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Bank Sc Quotation Section
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rot-nil&
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JUNE 2 1923
VOL. 116.
Thronicle.
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CLEARING HOUSE RETURNS:
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
2483 and 2484.
THE FINANCIAL SITUATION.
Still no definite progress can be reported towards
even a temporary truce, much less towards a permanent settlement, of the alignment and tie-up in the
building industry. The close of the week finds building loans and, to a very large extent, building work
itself halted, to wait for conditions to show more
present and promise more future stability. Contractors and employers seem agreed that the tax exemption laws are not fulfilling expectation as to low
costs and low rents, but have rather aggravated the
situation by increasing the amount of work undertaken and the exactions of labor, following upon
(and also increasing) the cost of materials. The
head of one of the largest construction companies
\ puts this view very distinctly. In March, he says, an
unexpected flood of plans appeared and in some 150
cities the permits filed went some 50% past any previous month, an especial rush being observed here,in
order to "assure a presumed advantage of tax exemption." This produced an unnatural and unreasonable increase in costs. Of the bricklayer in particular, continues this statement, the temporary advance to $12 and $14 increases the cost of his part of
construction at least 40%,far exceeding the tax-exemption advantage. The permits in April in this
city fell off 76% as compared with March. The bricklayer, according to this statement, sets the pace for
the other building trades, and if his boost to $12
Electric Railway Sectic2s.
State and City Secticr
NO. 3023
stands permanently it means close to a permanent
rise of 20% in building costs generally.
No responsible builder, continues this construction concern head, can feel safe now upon costs, for
he cannot tell what the workmen will produce or
what they will demand from week to week, nor can
he get stable and reasonable prices for materials or
for any parts of work which are sublet. The present
$10 for 3/
1
2 years, with a $2 bonus till January, he
deems the utmost that can be afforded, and he appeals to the malcontents to be reasonable, lest they
strike a blow at general prosperity that will react
upon themselves.
On Tuesday the carpenters, who are a very large
union, were said to have made a six months' agreement at another dollar laid upon the present $9
daily minimum, and the general sky-falling which
was threatened for yesterday has apparently been
deferred for a week,in order to give time for employers to become more impressed. But the bricklayer
seems to be close to the centre of the trouble. Meanwhile the brickmaker is also taking notice, for trouble is reported from a number of near-by plants
1
2 million
which have a weekly capacity of some 7/
bricks. One plant has been shut for some weeks by
lack of labor, and others are either stopped or crippled. There is a great shortage, says the head of one
brick supply concern, and yards ought to be doing
enough to supply the market until production begins
in the spring, for brick is not made after November
arrives. This recalls the statement, a few weeks ago,
that in sight from the window of one brick concern
were men unloading brick from barges at $25 a day,
and presumably not stressing themselves enough to
endanger their health. There must be many whitecollar men, working indoors, at less than this "brick"
wage.
The outsider is never long absent when an industrial tug-of-war is on. A "mediator" from the State
Industrial Commission arrived almost immediately,
and on Monday an emissary of the unions
called upon a committee of the builders with a plea
that the men do not want another term of depression,
for a building halt would be a public calamity, creating unemployment, keeping rents high,ruining many
contractors and injuring many more, to be "followed
by another violent upswing with sky-rocketing
costs." On the other hand, "a wise and temperate
postponement of certain non-essential construction"
and continuing the most necessary would smooth
out the troubles, and "stabilization is what we all.
need." So he suggests such distinguishing of essential from non-essential; also an investigation, in
2432
THE CHRONICLE
large cities, of municipal housing on a large scale;
also, priority orders for transportation of housing
materials; also, publication of details of the proportionate costs of materials,labor, profits, etc., in construction. He urges that the workers who receive
and demand apparently large wages per diem fall so
far under continuous employment that their yearly
earnings hardly exceed $2,000—the same plea, as will
be observed, that is made on behalf of mining labor.
Yet there does not appear any good reason to doubt
that one trouble is the same in the building trades as
in union labor generally: the assumption that emergency and a public necessity constitute opportunity
and that opportunity is never to be wasted.
For the second time this year the monthly report of
the foreign trade of the United States shows an excess of merchandise imports over merchandise exports. This is a very exceptional condition, for
prior to the present year there has not been an excess of merchandise imports since April 1914, and in
only seven years out of fifty-two of this country's
foreign trade have imports exceeded exports. The
April figures of merchandise imports have been
given out the present week, and it is these in conjunction with the merchandise exports for the same
month, previously reported, that form the basis of
our remarks. The value of merchandise imports during April amounted to $367,000,000 and the corrected figures for March (that month •having one
more business day than April, and four Sundays,
whereas in April there were five) are $398,075,083,
an average for each month of nearly $15,000,000 for
each business day. During April 1922 the value of
merchandise imports was only $217,023,142.
Merchandise exports during April this year were
valued at $326,000,000, so that the excess of imports
over exports for that month is $41,000,000. During
March, the excess of merchandise imports over exports amounted to $56,912,734, and for the two
months merchandise imports exceed in value the exports by about $98,000,000. For the two preceding
months this year, that is January and February, the
excess of exports over imports was only $9,500,000,
so that for the current calendar year to date, onethird of the year, the excess of merchandise imports
over exports has amounted to $88,500,000. A year
ago in April there was an excess of exports over imports in amount of $101,446,436. Reference has been
made several times in the "Chronicle" to the expansion in imports during the past six or eight months.
As noted above, the April report of imports this year
was practically on the same plane with March, and
the value of merchandise imports for the latter
month was greater than for any month since August
1920, at which time, and for several years prior
thereto, prices of all classes of merchandise were
so much higher than they have been since, as to make
comparisons with the present day practically valueless. For the ten months ending with April, merchandise imports amount to $3,091,733,386, while for
the ten months of the preceding fiscal year the import total was $2,094,800,856, an increase this year of
nearly a billion dollars, or 47.6%.
The detailed statement of imports for some of the
earlier months this year shows that the increase in
imports is largely from Europe, notably so from the
United Kingdom. For January the increase in imports from the United Kingdom was about 60%, and
for February more than 30%. There was also some
[VoL. 116.
increase from France and Germany; likewise from
Japan, Cuba, Canada, Mexico and China. From
Argentina the imports in January were more than
double those of the preceding year; from Chile more
than 800% increase. African countries sent us 300%
more in value in January 1923 than in the corresponding month of the preceding year. The importations for recent months show a considerable increase in crude materials and partly manufactured
articles for further use in manufacturing.
The first Government report on this year's cotton
crop was issued yesterday. Naturally, the information contained therein is for so early a period in the
growth of the plant that almost anything may happen later in the season to cause a complete change in
the condition of the crop for the better or for worse.
The outlook now is better than it was for last year's
crop at this time, and very much better than it was
at the corresponding dates in 1920 and 1921 for the
crops of those two years, but below the ten-year average. The Government report fixes the condition of
the plant on May 25 of this year at 71.0%. A year
ago the condition of the crop then planted was placed
at 69.6% and for the crops raised in the two preceding years the percentages were 66.0 for 1921 and 62.4
for 1920. The ten-year average is 73.6%. Last
year the yield was 9,761,817 bales and for the two
preceding years 7,953,641 bales in 1921 and 13,439,603 bales for 1920. The area planted in 1922 and
under cultivation at the end of June in that year was
34,016,000 acres and the area picked was 33,036,000
acres. The yield per acre throughout the cotton belt
was 141.3 lbs. of lint and varied in the different cotton growing States from 360 lbs. of lint per acre in
the comparatively restricted State, so far as cotton
acreage is concerned, of Missouri, to 100 lbs. of lint
per acre in Georgia, which is one of the more important cotton States. Texas, in which State the area
planted to cotton is very large—in fact it is nearly
one-third of the whole cotton acreage of the United
States—the yield per acre last year was 130 lbs. of
lint. The first Government estimate of the cotton
acreage planted this year will be included in the July
report issued a month hence.
As to the present condition in the different sections of the belt on this year's growth, there is noteworthy improvement in Texas, where the condition
on May 25 last is estimated at 77%, which is much
above any recent year—in fact, the ten-year average
is 73%. For a section where the acreage is as large
as it is in Texas this would mean an enormous difference in the yield should it be maintained. Oklahoma
and Arkansas, both adjacent States, report the condition on May 25 last as 63% and 66%, respectively.
In both instances these are considerably below the
two preceding years and below the ten-year average.
For Georgia the condition for May 25 this year is
low,65%;lower than last year at the corresponding
date, but above 1920, when the condition at the corresponding date was only 55%. Alabama and Mississippi both report a condition for May 25 this year of
70% and Louisiana 68%. In each instance this is below a year ago but above the preceding year. For
North Carolina the condition this year is 77% and
South Carolina 64%. All of these States are among
the leading States as to the yield of cotton. For Tennessee the condition is placed at 70% for this year,
which contrasts with 79% a year ago, and for Missouri this year only 54% against 90% at the corre-
JUNE 2 1923.]
THE CHRONICLE
2433
sponding date last year. Other States of lesser im- meeting that he was convinced there would be comportance are Virginia, 79%; Florida, 87%; Califor- plete party harmony within a short time." These
nia, 93%,and Arizona, 92%.
assertions were cabled Monday afternoon by the
London correspondent of the Associated Press. He
Stanley Baldwin, the new British Premier, has also stated that "it was soon after announced that
furnished several surprises in the selection of his Sir Laming Worthington-Evans, Secretary of War
Cabinet. That he should have asked Reginald Mc- in the Cabinet of David Lloyd George, had accepted
Kenna, Chairman of the London Joint City and Mid- the office of Postmaster-General under Prime Minisland Bank, to serve as Chancellor of the Exchequer ter Stanley Baldwin. Sir Laming was a member of
was the subject of much discussion in purely polit- the group, including Austen Chamberlain, which
ical circles. As a Liberal he held a Cabinet position went into 'the wilderness' at the time of the Conservaunder former Premier Asquith, and also served as tive split which gave Andrew Bonar Law the PreChancellor of the Exchequer in the first Coalition, miership." Commenting upon the first appearance of
"but was dropped by Lloyd George." The the new Premier in the House of Commons, the LonLondon correspondent of the New York "Times" don correspondent of the New York "Times" said:
observed that, "apart from immediate considera- "Stanley Baldwin, as he met the House of Commons
tions, the adhesion of Mr. McKenna to the new Cab- to-day for the first time as Prime Minister, was able
inet would be a notable fact." He added that "then to say that he was the head of a united Conservative
the fact that he is to join a definitely conservative Party. He had been elected unanimously it3 leader
Cabinet is quite unexpected." Because he is "recov- at a party meeting in the morning on motion of Lord
ering from a severe illness," Mr. McKenna is not Curzon, and with the endorsement of Lord Balfour,
expected to assume the duties of the Chancellorship he had received during the day an acceptance of the
for about two months. He is regarded as one of the office of Postmaster-General by Sir Laming Worthablest bankers and financiers in London.
ington-Evans, one of the Chamberlainite ex-MinisThe report that Austen Chamberlain called upon tets, while Austen Chamberlain,though he kept away
Premier Baldwin at Chequers Court naturally from the party meeting, emphasized in the House
caused considerable gossip and speculation in Brit- that he belongs to the Conservative Party." The New
ish political circles. It was observed by the New York "Hherald" representative described that situaYork "Times" correspondent that the new Prime tion in part as follows: "Stanley Baldwin, after
Minister "was willing to find a place in his Cabinet being unanimously selected leader of the Conservafor Mr.Chamberlain, but he discovered, says the Sun- tive Party, made his first appearance as Prime Minday 'Times' political correspondent, that three of ister in the House of Commons when Parliament
reMr. Bonar Law's Ministers would have resigned in assembled to-day, and received a spectacular welconsequence. Then, it is understood, the Premier come, principally from the Ministerial benches.
His
considered offering him a diplomatic appointment, poise for the time being forsook him. He was pergoing to the Washington Embassy in case Sir Auck- ceptibly nervous and his voice was hardly above
a
land Geddes had to retire. But Mr. Chamberlain whisper when he thanked the House." He added that
has no leaning toward a diplomatic career." This "the keynote of his speech at the Conservativ
e Party
phase of the British political situation was still fur- gathering held prior to the session was for party
ther confused by the publication of a letter said to unity; and he said he would place no faggots
on the
have been written by Mr. Chamberlain to his Bir- fire and hoped no one would do so. Austen Chambermingham constituents "in which he protests that he lain did not attend this meeting, though
two of his
was not consulted by Stanley Baldwin in the forma- Coalition Cabinet colleagues, Sir Robert
S. Horne
tion of the new Ministry and asserts that influences and Sir Laming Worthington-Evans—th
e latter havhave been at work to keep him and his friends in the ing accepted the Postmaster
-Generalship—were
wilderness." Seemingly the most significant para- there. The Government is now
complete. Mr. Chamgraphs of his letter are the following: "If my help berlain, however, was in the
House; and his brief
had been asked it would gladly have been given for speech caused a flutter in the
lobby afterward. Some
such an object, whether by personal co-operation in critics considered that he devoted
too much time to
the work of Government or by the use of such influ- Bonar Law and not enough to Baldwin;
and that his
ence as I may possess among my friends; and from references to the Prime Minister as
'the leader of my
my knowledge of their views I can say with confi- party' were an impertinence.
There were others,
dence that my colleagues in the late Government however, who regarded it as a manly,
generous declawere actuated by the same feeling, and that there ration and who believed that in time
Mr. Baldwin
was not one of them who would not have been will- would have Mr. Chamberlain on
the Treasury bench."
ing to sacrifice any personal claims which he might The New York
"Tribune" representative pointed out
possess in order to secure the complete reunion of that "a virtual vote of confidence
was given to Preour party. If that complete reunion has not been mier Baldwin's
Government this afternoon when the
established it has not been because of any unwilling. House of Commons passed
the Irish deportees' inness on our part to forget past differences or because demnity bill on
its second reading by 297 to 143. It
of any pretension on the part of any one of us that was Mr.
Baldwin's first appearance in Parliament
his inclusion in any new combination was essential. as Premier,
following his election this morning as
No opportunity was given to us to make our contribu- leader of the
Conservative Party in succession to
tion to party unity, and no communication from the Andrew Bonar
Law, and he received an ovation."
Prime Minister was made to me until he had formed
his Ministry."
Further looting has been reported in various important centres in the occupied area of the Ruhr.
"Prime Minister Baldwin was enthusiastically From Essen
came the report early in the week that
chosen leader of the Conservative Party this morn- "bands of
Communists have attacked and looted the
ing, to succeed Bonar Law, and he told the party warehouses
here and overrun the market place. Most
2434
THE CHRONICLE
of the stores throughout the city have been closed."
The strike of German workers continued to spread
early in the week,according to the cable advices from
Essen and other points. For instance, a special correspondent of the New York "Herald" cabled from
Gelsenkirchen that "dictatorship by a proletariat
now holds sway over two German cities—this place
and Bochum—which were captured by the Communist Centurii without a struggle, and the Reds are
hourly gaining strength throughout the entire Ruhr
Valley." He also asserted that "every one of the
23,000 employees in the Stinnes factory have struck,
bringing the total number on strike to 50,000 in the
Bochum area and more than 100,000 in the Ruhr."
From Duesseldorf came the announcement a week
ago this afternoon that "Albert Schlageter was executed by French troops to-day for sabotage on railroads in the occupied region and other offences. He
`was shot in a stone quarry near a cemetery and his
body was delivered forthwith to the cemetery authorities. This is the first execution in the occupied
zone." In further explanation of his execution it
was stated by the Associated Press correspondent
that "he admitted that he had blown up railroad
tracks and bridges. The French regarded him as a
chief of the murder gangs which have been carrying
on a campaign of terror against the occupation of the
Ruhr."
Apparently the strike spread rapidly. The Essen
representative of the Associated Press cabled under
date of May 26 that "the workers and Communists'
strike in the Ruhr continued spreading to-day and
German officials estimated that 300,000 men were
out. The strike was extended from the Dortmund
region, where many mines and metal works are
closed, into the Bochum mining district, where 31
shafts and 15 metal works are shut down and 70,000
men are idle. At the Union mine, between Dortmund
and Bochum,20,000 miners are striking." From Berlin came the report, also through the Associated
Press, that "the Communist Workers' Council has
decided to extend the strike movement in the occupied zone to the whole of Westphalia and the right
bank of the Rhine, says a dispatch from Duesseldorf.
The Council had the permission of the French authorities to hold the meeting at Essen at which this
action was taken."
On the evening of May 27 the Duesseldorf correspondent of the New York "Times" said that"a fresh
factor has been introduced in the Ruhr situation,
when what may be described as a bourgeois counterrevolutionary movement has begun in Bochum and
Gelsenkirchen. This resulted in fresh collisions, at
various points leading to bloodshed, the casualties
being 13 killed, so far as the figures can be definitely
obtained, besides a large number wounded. The centre of the movement appears to have been Bochum."
There was trouble in Dresden also. The Berlin
correspondent of the "Times" sent word that "according to late telegrams from Dresden, that city is
at the mercy of a Communist gang of terrorists,
many of whom have been for months out of employment. They have compelled nearly all shops and
restaurants in the centre of the town, and many in
the outskirts where wealthy people live, to close their
doors. If the proprietors refused to obey their places
were looted. Officials of the League of Unemployed
say they have decided on closing all stores, hoping
thereby to bring pressure on wholesale dealers to re-
[vol.. 116.
duce the prices of necessities!' The "Times" correspondent added that "the Dresden police maintain a
neutral attitude, declaring that it behooves them not
to interfere in this 'economic fight between producer
and consumer,' and the Saxon Ministry of the Interior is backing them in this attitude."
More encouraging news regarding the strike situation came from Bochum Wednesday morning. The
New York "Herald" orrespondent at that centre
cabled the evening before that "the counter revolution gained the ascendancy in Bochum to-night. The
municipal forces, aided by Fascista units wearing
white arm bands, assailed the Communist headquarters after it had been abandoned by all save a small
rear guard, and succeeded in liberating the city.
This evening there isn't a red arm band to be seen
anywhere in Bochum and White detachments convoyed by fire engines, are mopping up in outlying districts. A Communist reaction, however, is by no
means out of the question."
Going into greater detail about this situation, the
Duesseldorf correspondent of the New York "Times"
said in a dispatch dated May 30 that "the Communist rising in the Ruhr is virtually ended, not because
the Whites actually defeated the Reds in open battle,
but simply because the strikers have decided to return to work." He also stated that, "described by
sensationalists as a Bolshevist attempt to set up a
Soviet republic in Western Europe, the whole trouble
has been economic rather than political." Continuing, he said that "the struggle arose from the situation which rendered the purchasing power of the
mark insufficient even for the barest necessaries of
life. That situation is now temporarily relieved by
a general rise in wages, approximately 50%, but it is
necessary to point out that this relief can only be
temporary, that the actual factors which caused
bloodshed continue to exist and that therefore the
near future may well bring similar if not even more
serious disturbances." Relative to the extent of the
breaking up of the strike, he said that "the return to
work may be said to be almost general to-day, all the
500,000 having gone back or preparing to go. At
Dortmund only eight mines are still striking, while
at Gelsenkirchen, where the strike was most complete, all the workers returned this morning. The
same conditions obtain in Hoerde and Essen, where
everything is calm, while at Duisburg, Witton and
Bochum there is a general tendency to return."
The hope is still held out that the German Government will present a reparations plan that will prove
acceptable to the Allies, notably the French. On the
evening of May 26 the Associated Press representative in Berlin cabled that "the conference to-day between Chancellor Cuno and members of the Executive Directorate of the German League of Industrialists, marks a notable advance towards new reparations proposals which the Government intends to
make to the Allies, and it is taken as a reliable indication that 'big business' is definitely prepared to
give the Government tangible assurance of its readiness to assume guarantees for reparations payments." Continuing to outline this new development
in the reparations situation, the correspondent said:
"An informal draft of a memorial to this effect was
to-day handed to the Chancellor. It presents in outline the conclusions reached by the industrialists
relative to the Entente demand for gold securities
JUNE 2 1923.]
THE CHRONICLE
2435
spondent of the New York "Times" said in a cablegram the next morning that "there is no likelihood
of a Franco-Belgian conference to discuss the Ruhr
and reparations situation before the middle of next
month. No deliberate attempt has been made by the
French Premier to avoid this discussion, which is
proposed by the Belgians, but events have somewhat
favored an evident desire on the part of the French
to have it postponed." He further observed that "the
illness of the Belgian Foreign Minister, M. Jaspar,
prevented the meeting taking place at the week-end,
and during the coming week and next M. Poincare
will be too much taken up with the Parliamentary
situation to be able to go to Brussels, as the Belgians
desire that he should do. The French Premier has
also planned to be absent from Paris a few days of
that
this week to take part in the Pasteur celebration in
Subsequent Berlin cable advices indicated
progress toward a reparations plan was being made Alsace."
by the Cuno Government. It was stated in one of
Elaborating the plan of the Industrialists to help
the dispatches that "Chancellor Cuno's conferences the Government meet its reparations obligations,
with the Reichstag leaders and representatives of and which was roughly outlined in an earlier parafinance and industry are gradually showing results graph, the Berlin correspondent of the Chicago
and in all probability will have sufficiently crystal- "Tribune" cabled under date of May 28 that "signed
lized to enable the Government informally to indi- by the coal magnate, Hugo Stinnes; the iron magcate the character of its forthcoming reparations pro- nate, Fritz Thyssen; the sugar magnate, Herr Sieposal in the course of the next few days." According men, and countless others of the National Associato the Associated Press,"much consolation was had tion of German Industries, a memorandum to-day
from the offer of the Federation of German Indus- offers to help the Government pay reparations to the
trialists to give the requisite guarantees for inter- extent of 200,000,000 gold marks ($50,000,000) annational loans for reparations purposes, it being nually for 30 years, provided the Government accedes
looked upon as showing the willingness of Germany's to the conditions the Industrialists set. These conbusiness interests to stand back of the Government." ditions are considered far too great for the price
It was said also that "the deliberations are expected offered." The "Tribune" representative added that
to take up the greater part of the week, as the pro- "by mortgaging 50% of their real estate at to-day's
gram drafted by the Industrialists and their allied cash value the Industrialists can guarantee the 200,financial interests provides for far-flung hypotheca- 000,000 gold marks figure. In exchange they demand
tion of all productive properties and other economic a series of exemptions and privileges which the politassets, and also contains a demand that the Federal ical parties declare it is impossible to grant. Among
railway system be turned over to a private operating the most important of these is a revision of the
company which shall guarantee the Government a eight-hour day." He also declared that "the new Gerspecific return in gold earnings." Commenting upon man offer to the Allies will say that 15,000,000,000
the possible attitude of Premier Baldwin on the rep- gold marks ($3,750,000,000) shall be paid within 35
arations question, the London correspondent of the years. This sum will be guaranteed by the alcohol,
New York "Herald" cabled Sunday evening that tobacco and railway monopoly of Germany. The
"Prime Minister Baldwin, according to those in close rest, 30,000,000 gold marks ($7,500,000) must come
touch with the Government, will supplant Mr. Bonar from an international loan."
Law's 'tranquillity' policy with one of virile activity.
Apparently the New York "Times" representative
It is considered probable that if the next German was not correctly informed relative to the probabiloffer approximates what this Government believes ity of an early conference between Premier Poincare
sufficient grounds for an Allied discussion the Prime and the Belgian Prime Minister on the question of
Minister will urge France to enter upon negotia- reparations. The Paris representative of the Assotions."
ciated Press cabled Tuesday afternoon that "in accordance with the Belgian Government's wish, PreCabling from Paris May 28 the representative of mier Poincare to-day notified Foreign Minister Jas"The Sun" said that "preparing for the day when par that he would go to Brussels on Wednesday of
Germany yields to the pressure on the Ruhr, Belgium next week for further conversations on the Ruhr
has drafted a plan of settlement of the Reparations situation." He also stated that"the Government has
problem which is to be submitted to all the Allies asked the Chamber of Deputies to vote a credit of
and to which,it is hoped, they will adhere." He fur- 35,500,000 francs for the Ruhr occupation expenses
ther stated that "the first copy has just been pre- for the month of June. The cost of the occupation
sented to the French Government, which is invited of the Ruhr since the beginning is estimated at 267,to make suggestions in regard to points on which it 000,000 francs." According to an Associated Press
has different opinions from those expressed in the dispatch from Paris last evening, "the program for
Belgian text. It is thus expected that a project sat- next Wednesday's conference in Brussels between
isfactory to both nations will be elaborated. When the French and Belgian Premiers has been decided
France and Belgium reach an agreement the docu- upon. The subjects to be taken up include the proment will be submitted to Great Britain and Italy jected issue of new currency for the Ruhr and Rhinewith a request for their views, and it is anticipated land, the necessity for which appears more and more
that eventually a common project will be adopted." pressing in view of the further decline of the mark.
Commenting upon the situation, the Paris corre- The Premiers will also discuss ways of making prof-
and will constitute a basis for final negotiations between the Government and the Industrialists'
League. The Industrialists in their memorandum
inform the Government of the League's readiness to
assume 40% of the total amount of guarantees required to insure an annuity of sufficient proportions
to cover interest and sinking fund charges in connection with an international loan. The Industrialists'
program proposed a gold mortgage on all unencumbered real estate. Present computations estimate
receipts from this source alone at 600,000,000 gold
marks yearly for the first ten years, which sum
would eventually reach one billion, depending on the
promptness with which the Government is able to
remove housing restrictions and other impediments."
•
2436
THE CHRONICLE
[VOL. 116.
as follows: 500,000,000 gold marks annually by the
receipts of the German railways; 500,000,000 by private industry, agriculture, etc., the remainder by
customs receipts and the whiskey and tobacco monopolies. Germany will ask for a four-year moratorium, at the end of which time payment of the reparations annuities will begin. The entire previous
scheme of a series of international loans will thus be
dropped. The only loan that will be suggested will
be a small one to be devoted to the stabilization of
German currency."
The Paris correspondent of "The Sun" cabled last
evening that "an outline of the new German reparations note has been communicated to Premier Mussolini by the German Ambassador to Italy, according to Rome dispatches received here to-day. The
complete note will be sent to the Allies on Monday
or Tuseday and will be in the form of a memorandum,
omitting the questions of security, passive resistance
and the evacuation of the Ruhr. No precise reparations total will be mentioned. This is to be left to the
appreciation of an international commission of
financial experts, according to Secretary Hughes's
Referring to Belgium's reparations plan for Ger- suggestion. There also will be no question of an inmany the Paris correspondent of the New York "Her- ternational loan."
ald" asserted that "commercialization of Germany's
Fortunately, negotiations were not broken off at
debt to the Allies, on account of reparations, is the
gist of the plan which Belgium has offered France, the Near East Conference at Lausanne, as had been
and which it hopes to discuss at the next meeting of feared. Instead, there occurred an "eleventh-hour
the French and Belgian Premiers." Continuing, he agreement with the Turks on the reparations issue
said that "Belgium believes that it will be possible and Venizelos and Ismet Pasha shook hands to bind
for Germany, once it becomes stabilized, to pay a the bargain." The New York "Times" representative
minimum annuity of 2,400,000,000 gold marks and said that "by the terms of the settlement, which is
it believes that stabilization can be obtained within in three parts, it is agreed: (1) Greece.acknowla short time. This sum,considered as interest at 6% edges responsibility for the damage done, but in view
would give a total of 40,000,000,000 gold marks. Bel- of her financial situation Turkey will not demand
gium, however, does not consider this as a definite payment; (2) in return the Greeks agree that the
limit on the amount Germany can pay. Under the Turks shall have Karaghatch, across the Maritza
Belgian plan the amount would be raised through River from Adrianople, and the railroad line from
monopolies on railways, sugar, tobacco and alcohol, Lule Burgas, on the Bulgarian frontier, to Karawhich, it is estimated, would yield 1,900,000,000 gold ghatch; (3) there is to be mutual restitution of the
marks annually. Added to this would be 500,000,000 ships captured since the Mudros armistice in 1918."
obtained from coal, making the 2,400,000,000 total. The Associated Press correspondent declared that
The sale and exportation of the products, and the ex- "The'United States, through Joseph C. Grew,its Minploitation of the railways would be placed in the ister to Switzerland, played an important part in the
hands of international syndicates with the Allies lib- settlement. Mr..Grew's efforts for peace, which conerally represented. The Belgian plan also proposes tinued throughout the night and to-day are regarded
a participation of 25% in German industries that by the Conference delegates as having helped considerably in preparing the way for the agreement the
would afford supplementary payments."
In a cablegram dated May 30, the Berlin corre- European Powers have been seeking for a fortnight."
The feeling of relief over the agreement between
spondent of the New York "Tribune" made the positive assertion that "there will be no German note at the Turks and Greeks having been reached was someall in reply to the various Allied rejoinders to the what upset by the Bulgarians. A Lausanne dispatch
recent German reparations offer. Instead, Germany the very next day after the original announcement
will address a memorandum to England, Italy and relative to the agreement,stated that "Bulgaria is as
Japan, elucidating and modifying her last offer. much dissatisfied with the Greco-Turkish eleventhThis step was definitely decided upon to-day." He hour compromise of yesterday as the principals in
went into the alleged details of the new memorandum the agreement and the Allied Powers are pleased."
at considerable length and said in part: "A reply in Outlining this new development, the New York
the form of a memorandum was decided upon because "Times" representative said: "This afternoon, as
the Government holds it cannot possibly, in a direct the Allied diplomats were basking in the relief
manner, raise its recent offer of 30,000,000,000 gold brought by the compromise, the Bulgarian spokesmarks, since that sum was put forward by Ger- man here addressed to Sir Horace Rumbold, the
many as the maximum of her paying capacity. In chief British delegate, a protest against the ceding of
her memorandum Germany will offer to pay 36 an- Karaghatch to Turkey. After calling attention to
nual installments of 1,250,000,000 gold marks each, the fact that territory taken from Bulgaria at the
totaling at the present-day value, 30,000,000,000 gold end of the war is now ceded to one of her allies in
marks, but, according to Germany, amounting with that war, the note complains that the railroad which
interest at the end of the 36-year period, to 80,000,- will furnish Bulgaria's outlet to the sea will pass
is a
-000,000 gold marks. Payments will be guaranteed through the territory of two foreign Powers. It
itable the exploitation of the Ruhr and Rhineland
railways, and will take up the question of the German marks introduced into Belgium during the war."
Tuesday evening "in the Chamber of Deputies the
French Premier won a vote of confidence on his Ruhr
policy with 85% of the Deputies in favor, the vote
being 505 to 67. This vote came after a long and
lively debate with Andre Tardieu, representing the
Clemencist Party, questioning whether the Premier's
policy was the best one for exploiting the riches of
the Ruhr and obtaining payments from Germany."
It was added that "M.Poincare, sure of his position,
told the treaty negotiator that if he liked he could
have the task of trying to make a better job of the
Ruhr occupation, but Tardieu refused the challenge
and voted with the majority for granting credits,
which mean continued exploitation on the present
lines. The gist of the speech of Clemenceau's first
lieutenant was that 'political, military and economic
pressure on Germany should have for its result the
deprivation of Germany of her Ruhr products and
assurance of French security.'"
JUNE 2 1923.]
THE CHRONICLE
question, the note says, if this does not render entirely illusory Bulgaria's future access to the sea."
The correspondent added, however, that "Ismet Pasha said to-day [May 27] that he was confident that
the treaty would be signed within two weeks." That
correspondent added the following day that "evidently, too, others are beginning to believe that such
an outcome of the Conference is not impossible, for
the Secretariat has begun to make search for the
most suitable building in Lausanne in which to sign
the treaty." He likewise observed that "there are,
however, still some obstacles to be surmounted. To
the list of matters settled, or all but settled, was
added to-day that of reparations between the Allies
and the Turks. The Allies, knowing well that nothing else was to be obtained, have declared themselves
satisfied with £6,000,000 Turkish in gold already
seized in the Deutsche Bank in Berlin, and with the
$5,000,000 paid England on account of two battleships before the outbreak of the war and which were
never delivered. The acceptance of these figures
means a reduction of the Allied claim by £4,000,000
in Turkish gold, and the ticklish question of how the
Allies are to divide the money among themselves is
still to be settled."
The Associated Press representative at Lausanne
said in a cablegram Wednesday evening that "the
fight for judicial safeguards for foreign residents in
Turkey, which was lost to-day by the Allies, who accepted Ismet Pasha's proposal, is being continued by
Joseph C. Grew. The American Minister is seeking
additional Turkish assurances for the protection of
foreigners in Turkey, among whom are many Americans." It became known here yesterday morning,
through Washington dispatches, that "Secretary
Hughes, according to an announcement made Thursday evening at the State Department, had telegraphed to Minister Grew at Lausanne full powers
to negotiate a treaty or treaties of amity and commerce between the United States and Turkey covering the rights of American nationals in Turkey." The
New York "Times" correspondent added that "this
action, it was stated, was prompted by the fact that
the informal conversations which had been proceeding between Mr. Grew and Ismet Pasha for some time
had reached a point where negotiations of a more
formal nature might well be undertaken." In a Lausanne dispatch, also made available here yesterday
morning, it was stated that "Minister Grew had a
long conference with Ismet Pasha late to-night
[Thursday] and impressed upon him the desirability
of building up in the United States an atmosphere
of confidence in Turkey. He advanced several suggestions relative to the powers of the foreign legal
advisers." The Associated Press correspondent observed that "should Mr.. Grew's representations
bring about any widening in the scope of the authority of the advisers, other countries would benefit as
well as the United States."
The report came from London Tuesday morning
that "a British answer to the Russian note will be
given in the next day or two, probably to Leonid
Krassin." The New York "Times" correspondent in
the British capital said that "it will recognize the
conciliatory tone of the Soviet's reply to the British
ultimatum, and it will do nothing to make further negotiations impossible." Supplementing this dispatch, the London correspondent of the Chicago
2437
"Tribune" said that "while both sides refuse to make
public the text of the note, the 'Tribune' learns unofficially that Lord Curzon reiterates the British demands that the Russians stop their propaganda in
British possessions in the East. The British consider
that the Russians are trying to shelve the main issue
by proposing a conference which would give the Bolsheviki prestige amounting to recognition. According to the'Tribune's'informant, the British reiterate
their demands included in the original note." He
added that "the other points are less important."
According to this correspondent also, "although the
Russians declined to comment on the document, it is
learned indirectly that a Russian official said there
was no danger of a break."
As to the attitude of the Soviet Government toward the reply and the impression it made when received in Moscow, the New York "Times" representative there cabled on the evening of May 31: "England's 'last word' on the Anglo-Russian dispute,
which was received here to-day, has created a painful
impression. Whatever view of the situation the Soviet Government may take after further consideration of the document and detailed advices from Leonid Krassin as to the state of English public sentiment, the fact remains that the first reading has led
the Soviet officials to believe that England intends to
insist on her original ultimatum, with only a minor
concession in the shape of the 'transfer' of the Soviet
representatives in Persia and Afghanistan, instead
of the previous demand that they be publicly disavowed and withdrawn." In a cablegram last evening the Moscow correspondent of the Associated
Press said: "It is officially announced that the Soviet Government is being flooded with protests from
workmen's organizations, which declare that it must
yield no further; that already it has yielded too
much. This fact and the suspicion that Lord Curzon
desires definitely to break Russia's influence in the
East, it is believed, will have a strong bearing on the
Government's decision in the matter."
Negotiations and preparations for the forthcoming international loan of $130,000,000 to Austria
appear to be progressing satisfactorily both in Europe and the United States. The Associated Press
correspondent in Paris cabled Tuesday evening that
"preliminary arrangements for the American share
of the proposed $130,000,000 Austrian Government
loan had been completed that day at a meeting between the Austrian Loan Commission and Thomas
W.Lamont of J. P. Morgan & Co., who had had numerous discussions with the Commissioners since
his arrival here three weeks ago, Baron Franckenstein, Pierre L. Bark and F. H. Nixon representing
Austria." The correspondent added that "Mr. Lamont said that details as to the price of and interest
on the offering of $25,000,000 in America had not
yet been fully determined, but would probably be
made public in New York within a week or ten days.
It was thought that the American bonds would bear
7% coupons. Mr. Lamont left for London, and any
further conference, it was stated, that might be necessary between him and the Loan Commission would
take place there." Baron Franckenstein was quoted
as saying that "we have now completed our preliminary arrangements with all the national banking
groups planning to offer the new loan, with the exception of the Italian, with whom we expect to discuss the matter this week. We are not in a position
2438
THE CHRONICLE
to announce the amounts that will be offered in each
financial centre, as that has not in all cases been determined." He said, however, that "in Paris the
amount has been fixed at 150,000,000 francs. I am
permitted to say that the French Minister of Finance
has officially requested the largest French banks to
form a syndicate, which I am informed will include
the Banque de Paris et des Pays-Bas, Credit Lyonnais, Comptoir National d'Escompte de Paris, Societe Generale de Credit Industriel et Commercial,
Banque de l'Union Parisienne, Banque Nationale de
Credit, Credit Commercial de France, Credit Mobiller Francaise and the Banque des Pays-Bas de
PEurope Centrale. The Banque de Paris et des PaysBas has been designated as head of the syndicate.
The French offering, owing to the imminence of the
national credit issue, will be postponed until July."
[VoL. 116.
Free State. Labor and farmers' organizations already are active in holding public meetings in support of their candidates. There also has been one Republican gathering. This was in County Galway.
The business group and the old Nationalist Party
have not yet started campaigning, but it is believed
both will have candidates." Regarding the financial
situation, he said that "the financial situation, already acute, is complicated by the burden of the national debt, the extent of which is not yet known.
The deficit for the current year amounts to approximately £25,000,000, of which the Government is authorized by the Dail to borrow £15,000,000 of the
Bank of Ireland, the balance to be made through an
internal loan. Although attractive terms are being
contemplated in connection with the latter, the proverbial conservatism of Irish investors may make an
external loan necessary, although at present this is
not contemplated. Probably £50,000,000 will be
needed to make the Free State accounts balance
when all charges are accounted for. The source of
this vast sum is not visible, although it probably
could be obtained fairly easily in Ireland if an agreement were reached enabling all parties to work together for the country. With 12,000 prisoners still
in jail, however, and the number increasing daily,
such an agreement seems remote."
The news relative to Ireland has been more encouraging. Under date of May 28 the Dublin correspondent of the New York "Times" cabled that "definite
abandonment of the Republican campaign in arms
against the Free State Government is contained in
copies of captured documents issued by the Government this evening." Those documents disclosed that
on May 24 Eamon de Valera, as President, addressed
all ranks in a general order, in which he said that
"the republic can no longer be sustained successfully
There was still another important development.
by your arms. Further sacrifices on your part would
New York "Times" correspondent sent word that
The
in
now be in vain. The continuance of the struggle
arms is unwise in the national interest. Military "the Land Bill, the cost of operating which is $125,victory must be allowed to rest for the moment with 000,000, was introduced to-day [May 28] in the Dail
those who have destroyed the republic. Other means Eireann by Agriculture Minister Hogan. It is the
must be sought to safeguard the nation's right." It seventh land measure making for peasant proprietor• was stated also that "at the same time Frank Aitken, ship in Ireland and the first introduced in the Irish
Republican chief of staff, orders all ranks to dump Parliament. Its effect will.be to complete peasant
arms, because the foreign and domestic enemies of proprietorship and abolish tenancies. It affects 70,the republic have for the moment prevailed, but have 000 existing tenants representing an annual rent of
not won." The New York "Times" representative nearly $5,000,000, but while making them proprietors
asserted that "these orders mark the official end of .it aims also at establishing peasant proprietors on
the warfare against the Government."
the present untenanted land devoted to grazing catThe day before the chief political correspondent in tle and sheep." He further explained that "the land,
the United States of the New York "Tribune," who when necessary, will be compulsorily acquired by the
2%.
1
is now in Europe, in a cable dispatch from London Government, the owners being paid in bonds at 4/
said that "Ireland has turned squarely and safely The Government contributes 10% to the purchase
toward stability. It has done so in largely the same price, which with the present rents totals in about 15
way and for the same reason that most of the rest of years the purchase price. It is proposed to plant the
Europe is turning toward stability, namely in spite untenanted lands with farmers' sons and laborers.
of the leaders and statesmen, rather than through The bill has had a favorable reception, but will likely
them. In the south of Ireland the peasant farmer be resisted by the landowners in the debate stages.
and the elements of the population close to the The measure, however, has strong popular support."
farmer just plainly got tired of the discomforts of
According to a recent cablegram from London,
war and ceased to see either romance or material
Imperial Bank of India has reduced its rate of
the
and
fighters
leaders
of
the
the fightbenefit in the
ers." Continuing to outline the changes that he discount from 8% to 7%. Yesterday announcement
claimed had taken place, the "Tribune" correspond- was made of a further reduction to 6%. The previous
ent said: "Almost over night the heart went out of rate had been in effect since Jan. 11 last. The
the fighting. The people wanted their railroads run- Czechoslovakian Central Bank has also reduced its
ning and their markets back. In the towns the labor- bank rate to 432%,from 5%,the rate effective since
ers with families got tired of idleness and wanted an Jan. 15 1923. Aside from these changes, official
end to the paralysis that fighting has brought upon discount rates at leading European centres continue
trade. Within a week railroads that had been idle to be quoted at 18% in Berlin, 6% in Denmark and
for more than a year began to run on schedule. Norway, 53/2% in Belgium and Madrid, 5% in
Bridges that had been down and roads that had been France, 43/2% in Sweden, 4% in Holland and 3% in
barricaded were mended and trevelers went their London and Switzerland. The open market discount
4@1 15-16
way as if the fighting had never been. These things rate in London dropped yesterday to 17
months
three
bills
and
to
for
1
short
15-16(4)2%
for
were characterized by an air of unmistakable finalre1-16%,
2@2
and
with
comparison
23'%
in
bills,
ity." The Dublin representative of the same paper
call,
on
Money
the
close
week.
last
at
spectively,
declared that "events are shaping themselves toward
2%, as cornthe holding of an early general election in the Irish however, was firmer and advanced to
JI3Nla
21923.]
THE CHRONICLE
2439
pared with PA% a week ago, but dropped to 1.4
1 %
The Imperial Bank of Germany in its statement,
yesterday. Open market discounts at Paris and issued as of May 23, shows the usual sensational
Switzerland have not been changed from 41A% and increases and decreases. Bills of exchange and
4
7 %,respectively.
checks expanded 276,116,554,000 marks and discount
and Treasury bills 109,324,882,000 marks. DeA small loss in gold was shown by the Bank of posits declined 159,127,995,000 marks,
while note
England statement for the week ended May 31, circulation registered still another
huge increase,
namely £2,217, reducing gold holdings to £127,524,- namely 473,863,594
,000 marks, so that the Bank's
330, as compared with £128,881,009 at this time in outstanding note circulation is now well
on toward
1922 and £128,363,389 a year earlier. Total reserve, the eight-trillion mark. To be specific, it
has reached
however, was reduced £1,272,000, in consequence of 7,586,612,9
40,000 marks, which compares with 142,an expansion in Badk note circulation of £1,270,000. 756,767,000 marks last year and 69,724,433,
000 marks
Moreover, the proportion of reserve to liabilities in 1921. Other less striking changes were a
decline
fell to 19.06%, against 20.27% last week. In the of 6,917,020,000 marks in Treasury and loan
assosame week of 1922 it was 18% and the previous ciation notes, 277,756,000 marks in notes
of other
year 11.83%. There was a material addition to banks, and 113,063,000 marks in investments
. Total
public deposits, £8,177,000, but a decline of £7,377,- coin and bullion, including token money,
increased
000 in "other" deposits. Loans on Government 724,548,000 marks; advances, 377,757,000
marks;
securities increased £391,000, and loans on other other assets, 18,377,436,000 marks and other lial
securities £1,652,000. Total reserve now stands at bilities, 82,877,799,000 marks. Gold was reduced
£22,724,000, compared with £24,615,149 a year ago 8,996,000 marks and now totals 832,915,000 marks,
and £17,718,109 in 1921. Note circulation is £124,- as against 1,002,864,000 marks in 1922 and 1,091,550,000. A year ago it was £122,715,860 and the 571,000 marks a year earlier.
year before that £129,095,280, while loans stand at
£71,256,000, against £75,358,923 and £81,259,378
No particularly important changes are to be noted
one and two years ago, respectively. Clearings in the Federal Reserve Bank statement, issued
Thursthrough the London banks for the week totaled day afternoon, other than an increase in
gold for the
£618,218,000, as against £577,909,000 a week ago entire system of £15,000,000
. Locally and nationally
and £672,996,000 last year. The Bank's minimum moderate additions to bill holdings
were shown, while
discount rate continues at 3%. We append herewith the New York bank lost gold
to the amount of $4,comparisons of the principal items of the Bank of 000,000. A further analysis of the
combined stateEngland returns for a series of years:
ment reveals a decrease in open market purchases
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
of $13,000,000, but increases in Government-secured
1923.
1922.
1921.
1919. IM
1920.
May 31.
Mal/ 30.
June 1.
June 4.M. paper and
June 2.
"all other" of $30,600,000, so that total
Circulation
124,550,000 122.715,880 129,095,280 113.806,555 78.194,625
Public deposits
20.754.000 28,740,945 16,596.448 21,241.833 21,441,103 bill holdings increased $17,600,000 to $988,813,000,
Other deposits
98,428.000 101.480.533 133,169,634 127,322,131 127,532.038
Gov't securities__ 42,967,000 47.997,913 68.556.122 66.618,283 58,721,376 which compares with $589,672,000 a year ago.
Other securities_ ___ 71,2511,000 75,354.923 81.259,378 80,586.556 80,800,772
Reserve notes At coin 22.724.000 24.615,149 17.718,109 19,102.229 27,190.175 Earning assets remained almost stationary, but deCoin and bullion._ _127,524,330 128,881,009 128,383,389 114,458,784 86,934.800
Proportion of reserve
posits fell $35,000,000. At New York, re-discountto liabilities
19.06%
187
4%
11.83%
12.85%
18.20%
Bank rate
ing
of Government paper was reduced $5,300,000;
8%
4%
7%
5%
635%
rediscounts of "all other," however, advanced $13,The Bank of France in its weekly statement shows 100,000, while bills
purchased in the open market
a further small gain of 154,750 francs in the gold increased $1,900,000, the
net result being an addition
item this week. The Bank's aggregate gold holdings of $9,755,000 to total bills
on hand, to $246,624,000,
are thus brought up to 5,537,397,225 francs, com- in comparison with
$87,203,000 at this time last year.
paring with 5,527,811,053 francs last year at this There was a shrinkage
in earning assets of $3,000,000
time and with 5,519,002,305 francs the year before; and of $20,700,000 in
deposits. Increases were
of these amounts, 1,864,344,927 francs were held shown in the volume of Federal
Reserve notes in cirabroad in 1923 and 1,948,367,056 francs in both 1922 culation—$23,000,000
for the system and $6,000,000
and 1921. During the week increases were registered in New York. Quite
substantial reductions took
in the various other items as follows: Silver, 104,000 place in member
bank
reserve
accounts, there having
francs; advances, 20,337,000 francs; Treasury deposits, 35,105,000 francs, and general deposits been a contraction of $27,000,000 at New York and
393,477,000 francs. Bills discounted, on the other a decline of $56,000,000 for the twelve reporting
hand, fell off 41,743,000 francs. An expansion ot banks. In spite of these changes, reserve ratios re354,842,000 francs occurred in note circulation, mained practically the same. The combined statebringing the total outstanding up to 36,740,980,000 ment reported a gain of 0.5% to 76.1%, while at
the
francs. This contrasts with 35,892,101,545 francs local bank a gain of 0.6% was shown,
to
83.7%.
on the corresponding date last year and with 38,392,005,370 francs in 1921. Just prior to the outbreak
Last Saturday's statement of the New York Clearof war, in 1914, the amount was only 6,683,184,785
francs. Comparisons of the various items in this ing House banks and trust companies was featured
week's return with the statement of last week and by a heavy contraction in loans, the result of calling
corresponding dates in both 1922 and 1921 are in of loans by the banks preparatory to month-end
as follows:
settlements. The decrease totaled $59,910,000, while
BANK OF FRANCE'S COMPARATIVE STATEMENT.
net demand deposits were reduced $11,016,000 to
Status as of
Changes
for Week.
May 311923. June 11922. June 21921.
Gold Moldings—
$3,716,869,
000, which is exclusive of Government
Francs.
Francs.
Francs.
Francs.
In France
Inc.
154,750 3,673,052,298 3.579.443.997 3.570.635.249
Abroad
No change
1,864.344,927 1.948,367.058 1,948,387,056 deposits to the amount of $67,627,000—a decline
Total
Inc.
154,750 5,537.397.225 5,527.811.053 5,519,002.305 in the latter item for the week of no less than $81,Silver
Inc.
104.000
272.594.495
284,088.317
292,360.400
Bills discounted..-Dec. 41.743.000
Time deposits, on the other hand, ex2,371.523.000 2.449.806.764 2.845,595.298 175,000.
Advances
Inc. 20.337,000
Note rirculation„Inc. 354,842,000 2,142,718,000 2.366,046,683 2,188,122,000 panded
38,740,980.000
38,392.005.370
35.982.101.545
$5,919,000
to $502,021,000. Cash in own
Tretsury deposits.Inc. 35.105.000
88,839,000
20.592,127
45,250,000
General deposite—Ino. 393,477,000
2.566.362.000 2,382,610,014 2,871,138,000 vaults of members of the Federal Reserve Bank for
the first time in several weeks showed an increase,
2440
71TE CHRONICLE
namely $581,000, to $50,029,000, (not counted as
reserve). Reserves of State banks and trust companies in own vaults increased $216,000, but reserves of these institutions in other depositories fell
$122,000. Member banks drew down their reserve
credits at the Reserve Bank, $1,972,000 and this, in
spite of the cut in deposits, resulted'in reducing surplus reserves $654,640, which brought the total of
excess reserves to $10,065,770. The figures here
given for surplus are on the basis of reserves above
legal requirements of 13%, for member banks of the
Federal Reserve System, but not including cash to
the amount of $50,029,000 held by these banks in
their own vaults on Saturday last.
[VoL. 116.
levels previously current and here, too, a slackening
in the inquiry was noted, due chiefly to the firmness
in call loans. The turnover was light and neither
local or out of-town institutions exhibited much
interest in the market. For call loans against
bankers' acceptances the posted rate of the American
Acceptance Council is now 432%, against 4% last
week. The Acceptance Council makes the discount
rates on prime bankers' acceptances eligible for
purchase by the Federal Reserve banks 43/g% bid
and'4% asked for bills running for 30 days, 43%
bid antl 4/i% asked for bills running 60 and 90 days,
4%
4%% bid and 414% asked for 120 days and 43
bid and 432% asked for bills running for 150 days.
Open market quotations were as follows:
"SPOT DELIVERY.
In spite of further withdrawals by the Government
30 Days.
60 Days.
90 Days.
Federal
Reserve
4%ig4%
District,
this
43(ig4%
434543.4
from institutions in
Prime ell leb
FOR DELIVERY WITHIN THIRTY DAYS.
totaling $38,000,000, and also of the fact that
434 bid
banks
mber
for
Bible
good-sized
made
,
be
interest
to
preparaton had
434 bid
non-member banks
Ellgl
and dividend disbursements yesterday, the loc
money market was largely featureless. A 5% all
There have been no changes this week in Federal
d
money rate was not uncommon from day
Bank rates. The following is the schedule
Reserve
but this was regarded as normal, in view of'e bag of rates now in effect for the various classes of paper
conditions. That was the prevailing quotation in at the different Reserve Banks:
the time money market, which was largely nominal.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JUNE 1 1923.
Most authorities seem to look for a continuance of
easy money during the greater part of June. A flurry
Paper Maturing—
incidental to the meeting of Government maturities
After 90 After
but
Days, but
Within 6 Within 9
and preparation for large corporation disbursements
Within 90 Days.
Months. Months.
FEDERAL RESERVE
in July would be regarded as perfectly natural.
BANK.
Agricut.• A gricul.
Com'rcial &cur. by
and
and
A grieui
U. S. Bankers' Trade
In important banking circles in the Wall Street
AccepAccep- Livestock Livestock
&Linen Govt.
Payer. Obliga- tances. tances. Payer. Payer.
district the idea is rather general that the commercial
Koss.
SAJ.
banks have overdone the necessity of curtailing loans
5
434
494
4%
434
1
Boston
434
431
431
New York
to industry. Apparently the attitude of some bankers Philadelphia
434
431
434
4%
431
431
434
43'
43'
434
4%
has caused an unnecessary "scare" relative to the Cleveland
436
434
43‘
434
431
434
Richmond
434
431
431
434
434
434
Atlanta
immediate future of business in this country. The Chicago
434
4%
434
434
454
434
4%
434
434
434
434
Louis
latest advices are to the effect that the steel industry St.
434
435
434
434
4%
Minneapolis
41
434
431
434
434
434
City
Kansas
than
4%
494
is likely to go forward with less recession
434
434
4%
Dallas
4%
436
494
434
434
434
predicted ten days or two weeks ago. Preparations San Francisco
a
•Including bankers' acceptances drawn for an agr cultural purpose
for the Austrian loan appear to be progressing satis- by warehouse receipts. fee.
factorily. There may be other offerings of European
*thout
Sterling exchange moved aimlessly an
securities in this market in the near future.
,
week,
and
the
practically
throughout
trend
definite
the
Day
by
Memorial
celebration,
broken
Referring to money rates in detail, call loans have which was
ranged between 43'@53/2%, the same as a week proved to be the dullest in quite some time. Operago. On Monday and Tuesday the high was 5% ators were evidently unwilling to risk extensive comwith 432% the low and renewal figure each day. mitments over the holiday in the absence of satisWednesday was a holiday (Memorial Day). On factory news developments from abroad, and for the
Thursday rates stiffened and there was an advance first half of the week the market was absolutely
to 532% high, with 5% low and also the basis for stagnant. In keeping with this price fluctuations
renewals. A slightly easier undertone developed were exceedingly narrow. Demand opened at 4 623,
Friday, so that the range was 432@53'i%, and 53% sold down to 4 62, then recovered a fraction to
the renewal basis. The above figures apply to mixed 4 62%. When business was resumed on Thursday,
,collateral and all-industrial loans without differentia- a slight increase in activity developed. Dealers retion. In time money also the trend has been down- ported that transactions were fairly numerous, but
ward and sixty and ninety days and four months avindividual transfers were small, the actual volume
are now quoted at 4Visg5%, as against 5@53% of business put through was of moderate proportions.
a week ago. Six months' funds are obtainable at Toward the close the market steadied somewhat and
5%, which compares with 514% in the week preced- the final quotation was at the top.
That it will take something more than mere routine
ing. Fixed date money was in larger supply, while
to shake the sterling exchange market out of the
news
No
light.
very
was
large
loans
demand
were
the
reported. These quotations are for regular mixed rut into which it has fallen is becoming increasingly
evident. Dealers have to all appearances settled
collateral and all industrial money alike.
Commercial paper was quiet with sixty and ninety down for a long endurance test, as it were, to await
days' endorsed bills receivable and six months' names the end of the Ruhr struggle before resuming operaEven the speculative
of choice character at 5@531%,unchanged. Names tions on an important scale.
interest and is taklost
for
the
has
moment
element
not so well known still require 531%. There was
trading. Cable
part
little
in
day-to-day
the
very
little doing and the market was a dull affair. Country ing
America's
announcing
of
last
week
end
the
at
advices
banks continue the principal buyers.
of $25,extent
the
to
loan
new
the
Austrian
in
part
Banks' and bankers' acceptances remain at the
JUNE 2 1923.]
THE CHRONICLE
000,000, news thatGreatIBritainlhad:decidedInot to
break with Russia at this time, as well as intimations
that the Lausanne Conferences were proceeding
more smoothly, failed to cause as much as a ripple in
actual market quotations. Less talk was heard concerning the downward trend in sterling values, but
some bankers are calling attention to the fact that
sterling exchange price levels are apt to decline at
about this time of the year. Two years ago a similar
movement commenced which carried quotations
from $4 00 to $3 56. Bankers in general flout the
idea of an extensive outward movement of gold at
this time, intimating that Europe is in no condition
to draw gold from us now.
Referring to the day-to-day rates, sterling exchange on Saturday of the previous week was easier
and quotations declined to 4 62 5-16@4 621% for
demand; to 4 62 9-16@4 629 for cable transfers,
and to 4 60 3-16@4 603
% for sixty day bills. On
Monday, after early firmness, prices receded frac/g@4 62 9-16
tionally and the extremes were 4 621
for demand, 4 623
/
8@4 62 13-16 for cable transfers
and 4 60@4 60 7-16 for sixty days; trading was dull
and listless. Tuesday's market was a dull affair
with trading of a pre-holiday character; the undertone was a trifle easier and demand declined to
4 62@4 621
% cable transfers to 4 623@4 62/,
and sixty days to 4 59%@4 60. Wednesday was
a holiday (Memorial bay). Freer offerings and a
somewhat better demand marked Thursday's trading
and quotations covered a range of 4 621
/
8@4 621% for
demand, 4 62%@4 629 for table transfers and
4 60@4 603
% for sixty days. On Friday the market
relapsed into dulness, though the tone was firm, with
demand bills at 4 629/
8@4 62 15-16, cable transfers
at 4 62/
8@4 62 3-16, and sixty days at 4 NIA@
4 60 3-16.
So far as could be learned the only gold received
this week, other than the balance of the consignment of German gold marks, namely 30,000,000
marks (about $7,100,000) on the SS. Mount Clay
from Hamburg, was $5,250,000 on the Majestic from
England, which was consigned to order.
Dealings in the Continental exchanges were again
featured by a collapse in German reichsmarks.
Weakness was evident from the start, and, following
an initial quotation of 0.00183, there was a succession of sharp declines which carried the rate to
0.00165
%. With the resumption of business on
Thursday, after the Memorial Day holiday, the
market gave way completely and the mark broke to
the lowest level yet reached-0.00141%. Yesterday
there was a further slump to 0.00133
%. This, as
predicted in recent advices, brought German currency
to less than the value of Austrian kronen and well
below Polish marks. At current values it takes about
70,175 marks to make an American dollar, while
before the war, when the mark was at par, only a
little over 4 marks were required to the dollar.
There is nothing particularly new in the decline, which
is in line with general expectations and simply
illustrates the futility of the Reichsbank's attempted
stabilization plans. Trading in marks was of small
proportions locally and the pressure to sell continues
to be of foreign origin. London and Berlin were
both heavy sellers in a market almost bare of buyers.
Aside from the debacle in German currency,
Continental exchange was dull and inactive. French
francs maintained practically all of the gains of a
2441
week ago and displayed,a more cheerful undertone
up to the close when some weakness was noted.
On quiet trading, Paris checks hovered around 6.63
for checks until late in the week, when there was
a recession to 6.43. At the extreme close some of
the loss was recovered and the final quotation was
6.50. Lire showed an improving tendency for a time,
gaining a point or more, to 4.80 for checks, though
trading was not active, but before the close the
%, on unfavorable political
quotation broke to 4.653
news, and also on an increase in imports of wheat.
Greek drachma reacted slightly and moved down to
1.91, but recovered later on and shot up to 4.091%,
without any specific reason being given. In the
Central European currencies some irregularity was
reported and Polish marks, after ruling at 0.00193.1y
sagged off to 0.0018. Rumanian lei were easier,
while Czechoslovakian crowns lost 5 points to 2.933
%
and then recovered all of the decline and advanced
to 3.003..
.
The London check rate on Paris finished at 71.25,
which compares with 70.00 a week ago. In New
York sight bills on the French centre finished at
6.493., against 6.613; cable transfers at 6.5034,
%, against
against 6.62X; commercial sight.at 6.471
6.591%, and commercial sixty days at 6.441
4,
against 6.56X last week. Closing rates on Antwerp
francs were 5.5734 for checks and 5.583/i for cable
transfers, which compares with 5.693/2 and 5.701%
the previous week. Reichsmarks finished the week
at 0.0013 13-16 for both checks and cable transfers,
against 0.00185
%. Austrian kronen closed at
0.00143.1, unchanged from last week. Lire turned
weak and finished at 4.691% for bankers' sight bills
and 4.701% for cable transfers. Last week the close
was 4.79 and 4.80. Exchange on Czechoslovakia
closed at 3.003.1, against 2.9834; on Bucharest at
0.51, against 0.60; on Poland at 0.0018, against
0.00193.1, and on Finland at 2.771% (unchanged).
Greek exchange advanced more than 200 points and
finished at 3.9432 for checks and 3.95 for cable
transfers, against 1.931% and 1.94 a week earlier.
In the former neutral exchanges transactions were
limited to the daily routine and rate fluctuations,
although fairly well sustained, moved within narrow
limits. Guilders were a shade weaker, but Swiss
currency was steadier, Copenhagen checks moved up
some 50 points on a few light transactions, but subsequently declined. Swedish and Norwegian exchange
was held firmly, especially the latter, which recovered more than 40 points. Spanish pesetas
remained without alteration
Bankers' sight on "Amsterdam closed at 39.11,
against 39.05; cable transfers at 39.20, against
39.143/
2. commercial sight bills at 39.06, against
39.001%, and commercial sixty days at 38.81,
against 38.75 last week. Swiss francs finished at
18.041% for bankers' sight bills and 18.05 for cable
transfers. A week ago the close was 18.02 for checks
and 18.051% for cable transfers. Copenhagen checks
closed at 18.47 for checks and at 18.57 for cable
transfers, against 18.52 and 18.56 last week. Checks
on Sweden closed at 26.61 and cable transfers at
26.65, against 26.60 and 26.64, while checks on Norway left off at 16.88 and cable transfers at 16.92,
compared with 16.081% and 16.123/
2 last week.
As to South American quotations, there was
another sharp decline, with the check rate on Argentina down to 35.10, against 35.85 last week, and cable
[VoL. 116.
THE -CMIONIOLE
2442
however, reflect only a part of the Reserve Bank's operations with the Clearing
transfers 35.20, against 35.95. Quotations for Brazil House
Institutions, as only the Items payable in New York City are represented
in the daily balances. The large volume of checks on institutions located outside
accounted for In arriving at these balances, as such checks do
checks closed at 10.30 and cable transfers at 10.35 of New York are not
not pass through the Clearing House but are deposited with the Federal Reserve
(unchanged); Chilean exchange was firm, at 13.35, Bank for collection for the account of the local Clearing House banks.
against 133 a week earlier, but Peru remained
The following table indicates the amount of bulat 4 29.
in the principal European banks:
lion
Kong,
follows:
Hong
Far Eastern rates were as
39,
Shanghai,
7
33'©7
May 31 1923.
June 1 1922.
53%@543 (unchanged);
Banks of
Slicer.
Total.
Gold.
Total.
Gold.
Meer.
against 741
/
1@,7532; Yokohama, 49%@49% (unchanged); Manila, 49%@49% (unchanged); Singa- England__ 127,524,330
127,524,330128,881,009
128,881,009
France a__ 146,922,092 11,680,000 158,602,092143,177,760 IfIRT:666 154,537,760
4@54%, against 54%@54% (unchanged); Germany
pore, 50/
883,800 50,895,380
_ 41,645,800 63,475,400 45,121,200 50,011.580
Aus.-Hun_ 10,994,000 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
Bombay, 313/8@31/
38, against 31X@31U, and Spain
101,028,000 26,399,000 127,427,000100,891,000 25,669,000 126,560,000
3,036,000 37,443,000
35,439,000 3,024,000
Italy
Calcutta 3834(4)38 V2 against 31%@31%.
788,000 49,271,000 50,491,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different coun
tries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 26 1923 TO JUNE 1 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Unit
May 26. May 28. May 29. May 30.May 31. June 1.
S
$
$
$
EUROPE$
$
.000014 .000014 .000014
.000014 .000014
Austria, krone
.0569
.0571
.0567
.0562
Belgium, franc
.0555
.007957 .008014 .010029
Bulgaria, lev
.010814 .010632
.02985 .029855 .029861
Czechoslovakia, krone
.029855 .029908
.1855
.1846
.1849
.1850
Denmark. krone
.1850
4.6263
4.6223
4.6246 4.6289
England, pound sterling 4.6274
.027778 .027822 .027728
Finland, markka
.027738 .027772
.0661
.0663
.0660
Francs. franc
.0655
.0647
Germany, reichsmark..- .000017 .000016 .000017
.000014 .000013
.018967 .019356 .020213
Greece, drachma
.027371 .032057
guilder
.3914
.3914
.3913
Holland,
.3918
.3918
.000191 .000193 .000191
Hungary. krone
.000191 .000189
Italy, lire
.0478
.0480
.0477
.0473
.0467
.1607
Norway, krone
.1629
.1652
.1664
.1691
Poland, mark
.000019 .000019 .000018
.000018 .000018
Portugal. escudo
.0464
.0457
.0447
.0456
.0457
Rumania,lea
.005744 .005572 .005378
.005106 .005078
Spain, peseta
.1523
.1522
.1521
.1520
.1520
Sweden,krona
.2663
.2661
.2660
.2664
.2866
Switzerland, franc
.1802
.1802
.1803
.1805
.1805
Yugoslavia, dinar
.010533 .01053 .010628
.010925 .011565
ASIA11055China, Chefoo tadl
.7692
.7663
.7629
DAY
.7563
.7542
" Hankow tael
.7642
.7613
.7579
.7513
.7494
" Shanghai tadl
.7452
.7465
.7427
.7356
.7289
" Tientsin Mel
7750
.7721
.7688
.7621
.7800
Hongkong dollar
.5482
.5480
.5469
.5423
.5375
Mexican dollar
.5369
.5377
.5363
.5288
.5256
- Tientsin or Peiyang
dollar
.5408
.5413
.5413
.5333
.5338
" Yuan dollar
.5442
.5454
.5471
.5401)
.5363
.3102
India,rupee
.3103
.3099
.3101
.3102
.4891
Japan. yen
.4891
.4893
.4903
.4922
Singapore (S. S.) dollar..
.5404
.5400
.5379
.5396
.5396
NORTH AMERICACanada, dollar
.977422 .977617 .977086
.976484 .975078
Cuba, peso
.999563 .999625 .99950
.999688 .999813
Mexico, peso
.486458 .485313 .484167
.483594 .483906
Newfoundland, dollar
.974844 .974922 .974375
.974063 .972656
SOUTH AMERICAArgentina, peso (gold)
.8099
.8063
.7940
.7894
.7975
Brazil, mitre's
.1020
.1023
.1022
.1019
.1021
Chile, peso (paper)
.1303
.1313
.1311
.1308
.1312
Uruguay. peso
.7943
.8096
.8054
.8011
.7896
The New York Clearing House banks in their
operations with interior banking institutions have
gained $2,952,746 net in cash as a result of the currency movements for the week ending May 31.
Their receipts from the interior have aggregated
$4,464,846, while the shipments have reached $1,512,100, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending May 31.
Banks' Interior movement
I
Into
Banks.
Out of
Banks.
$4,464,846
$1,512,100 Gain 22,952,746
Gain or Loss
to Banks.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday. Monday,
May 26. May 28.
Tuesday, Wednesd'y, Thursday, Friday,
May 29. May 30. May 31.
June 1.
Aggregate
for Week.
58 000,000 71,000,000 54,000,000 Holiday 77,000.000 55,000,000 Cr. 315,000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. Then large credit balances,
Netherrds.
Nat. Bel&
Switeland.
Sweden_ _ _
Denmark _
Norway __
48,483,000
10,757,000
21,396,000
15,183,000
12.679,000
8,115,000
2,461,000 13,218,000 10,664,000
4,143,000 25,539,000 21,673,000
15,183,000 15,230,000
210,000 12,889,000 12,684,000
8,115,000 8,183,000
529,000 51,020,000
1,645.000 12.309,000
4,300,000 25,973,000
15,230.000
228,000 12,912,000
8,183,000
Total week 580,166,222 54,549,400634,715,622 587,237,349 50.019.800837,257,140
Prey. week 840,601,049 54,295,400634.896,449 587,213,542 49.675.900836,889.442
a Gold holdings of the Bank of France this year are exclusive ol £74,573,797 held
abroad. b It is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Reichsbank began including In its "Metal
Reserve" not only gold and silver but aluminum, nickel and Iron coin, as well. The
Bank still gives the gold holdings as a separate Item, but as under the new practice
the remainder of the metal reserve can no longer be eonsideled as being silver, there
Is now no way of arriving at the Bank's stock of silver, and we therefore carry It
along at the figure computed March 7 1923.
THE ROMANCE OF BUSINESS-THE DEAD
LEVEL OF SOCIALISM.
It is difficult to understand how the Socialist becomes enamored of the dull monotony of his enforced
equality. It is more difficult to picture a State in
which all men work under masters; and share and
share alike in the results of toil. But there is so
much of this preachment that the careless in thought
are wont to believe such a condition possible. Many
men of many minds Are to be made one in thought
and deed. Happiness is to be the universal heritage.
There will be no more poor, no more rich. Each will
own all-and, alas, all will own each. And in the
latter phrase, unheeded, lies the root of the riddle.
For Socialism is Slavery!
Perhaps if we look more intently on things as they
are we will see the fallacy of this theory. In order
to do so we must separate the motive from the effort.
Why do men devote their lives to trade-or, if you
wish to put it so, why do they expend a lifetime of
toil and thought for mere acquisition? In order to
answer we put aside the necessity of production for
sustenance. We choose to ignore the inborn desire
for the exercise of power. And we do not for the
time consider acquisitiveness. Why and how has
this great commercial civilization in which we live
come about? We reply that it is the natural result
of man's propensity for self-expression. And in this
the whole material environment in so far as touched
and created by man is the outward expression of his
inner soul. We must not seem to forget the abiding
motive of love of family-but we seek to unfold another motive for trade or business.
It will probably be accepted by all that there comes
a time in the development of a fortune when wealth
for its own sake becomes no longer an incentive to
action, when the management of enterprise becomes
a burden. Yet men go on. Why? Of late years it is
generally admitted that these great "captains of industry" become at this point in their careers imbued
with a higher sense of responsibility. They come to
regard themselves as administrators of a sacred
trust. Not only can they find no time or place to let
go, but they build the stronger material structures
that a larger spiritual influence on affairs may ensue. We know many will deny the truth of this and
paint pictures of driving avarice and cruel selfishness. These are the ones who berate capital and cap-
JUNE 2 1923.]
THE CHRONICLE
italists as the causes of all our sufferings. And if
they are not Socialists from the depth of an honest
nature actually believing the "capitalistic system"
wrong, they must answer to their own hate and envy
for their charges. But what else than spiritual helpfulness can make these who feel responsibility and
trusteeship continue to "roll up more wealth"?
And now having envisioned men glad to bear the
undoubted burden of great and ever-growing enterprise because they feel they are making their lives
worth the more to their fellows, may we not suggest
to the Socialist that in his scheme of State-enforced
equality of ownership and effort there is no place for
this type of man. May we not point out that he is
closing the avenues of helpfulness according to effort
and ability to his own child, and hopelessly imprisoning him in the four walls of a State and a Law that
has no heart and no soul? But no, one says: The
Socialistic State is the very essence of kindness, justice, protection, equality, helpfulness, since all give
themselves utterly and unselfishly to it. Even so
does all the vrtue go limn the man, and in and of
himself he becomes a manikin! It must be one thing
or the other. Either we are to continue to have men,
or we are to have only a composite man of unbridled
power in the State. Either there is to be
-room for
self-expression to the end of self-development or
there is to be none. The Socialistic State has.no responsibility of its own engendering. It cannot work,
think, or help. Are we mere plodders now that we think and
work as we please? The farmer—partner with
immutable law in production—thinking most
of the physical fields and harvests—but conscious somehow of a nearness to the Infinite!
The mechanic—master of the plane and square
—fashioning in wood and stone and steel, with
the pride of an artisan, what but the Home actuates him, where there is a hearth-fire burning, symbol of unity and peace and love! Would you have
such men mere puppets of organization, mere slaves
of a union wage-scale? Or, take the contractorbuilder, he who joins capital and labor together, to
lift in some million-windowed city the magnificent
structures that house their thousands, or bring forth
offices where thought moves trade and transportation, has he no vision save of the profits; is there no
pride in achievement? Or, again, take the manufacturer, adding plant after plant to his original
equipment, until he erects along the waters of these
pent Eastern States, as nowhere else, huge hives of
industry that give life and labor to tens of thousands
who have no responsibility save for a full day's work
for a fair day's wage! Is this man, and mind, toiling long after fortune is acquired, actuated by no
higher motive than power or wealth—he who knows,
as none of his employees knows, that he cannot let go
without relinquishing his dream, without turning
thousands loose to seek other work? Or yet again,
consider one who goes beyond the mere physical
equipment and product—the publisher—is he, as
some have carelessly said, selling mere paper, or is
he conscious of building in immaterial realms that
which outlasts steel and stone, that which flowers
into civic righteousness and social progress, enduring in the generations that flow over the earth long
after his own name and fame have perished—has
this man no thrill in the feeling that he is moulding
the future of his kind to nobler purpose and more
kindly deed and thought?
2443
But if this creator cannot be the master of himself,
if he cannot plan and initiate and carry forward his
personal vision, in a world free to individual achievement, will he build either in the material or spiritual
the splendor of an ever-ascending civilization? This
man is greater than any State. He must be preserved
at all hazards against the fantastic schemes of those,
though we grant them good-will, who are, notwithstanding, poisoned by the sight of suffering and
squalor. There are really no levels in nature. There
is the unlike everywhere. Even so the resistless enerygy of the man in business, though it multiply opportunity, must produce the unequal. There can be
no progress where a dead level of life is preordained
by a Socialistic State. The very law of profit is the
means of progress. Business is human life consecrated to increase of production, the corollary of
which is ever-widening possessions and uses for each
and all!
GOOD GOODS AND FAIR DEALING.
At a luncheon at the Hotel Astor, attended by 250
members of the New York Electrical League, Mr.
Charles L. Eidlitz, Commissioner of Electrical Constructive Industry, spoke as quoted in the New York
"Times" in part as follows:
"The junk put out to-day by some of the best
manufacturers is absolutely disgusting. A few years
ago it would have been unthinkable for reputable
houses to stoop to such methods, but to-day manufacturers freely admit that much of their output is
'rotten stuff,' but it sells, and that's 1923 salesmanship."
"Immorality in business has to-day come to such
a pass that orders are regarded as orders by the contractors only if the price goes their way; otherwise
they are cancellations. Orders used to be regarded
as business. Now they are too often mirages. But
we've got to get back to fair dealing. We need it the
worst possible way."
A statement of this kind we would suppose the
author would prefer to have regarded as somewhat
general in its nature. "Manufacturers" is a very
broad term and the word "much" does not tell us
how much. That "some" of the "best" should put out
"junk" is not so startling, nor damning, when the
qualifying words are taken in their proper connection. Our own knowledge of the matter is not sufficient to justify us in commenting on the extent to
which the implied criticism goes. That there has
been a falling off in quality, and a tendency to disregard the contractual side of an order, we do not
doubt. We might say "it is due to the war," rather
than to innate "immorality," but that would not help
us much. For the words of the speaker "we've got to
get back to fair dealing" are true in every line of
trade, are always true, when departure comes.
It is not in extenuation, therefore, but in exposition, we reflect, that the hurried and imperfect manufacturing of the war period was due to the turning
of plants into munition factories; and that it takes
time to reconvert them. We are brought to face another of the after-evils of war—that the displacement of normal manufacturing energy in production,
and the derangement of normal competition, destroys the good that we naturally do when we carry
on business according to natural laws. During the
war makeshifts were unavoidable. The raw material
could not be procured in amount and quality as before. Some of the partly manufactured materials
could not be procured at all. The nations theretofore
2444
THE CHRONICLE
relied on could not export, were in fact blockaded.
In other cases the parts used were themselves defective, out of which no perfected article could be made.
And,as we shall advert to later, the human part was
untrained in many instances and was subject to the
emotional excitement of the times.
We were told that "nothing would ever be the same
again." But it would be a despairing outlook to
think that the "morals" of business are gone forever.
Shoddy material and skimped work must give way to
normal competition when that shall come back to its
normal condition. That, as referred to before, we
must now "fight for." The best goods for the cheapest money will inevitably follow free initiative and
confident, free enterprise. Coddling this and that
industry by Government will never bring us back.
An "interference" with one industry is interference
with all. And allowing "labor" to dictate the price
of wages, allowing it to dictate hours and conditions
of work, will not bring us nearer good goods at fair
prices. For wage is only payment for service. And
when the employee is bent on getting the most for the
least in effort, the quality of the service must necessarily fall. One might think that when a bricklayer
lays six hundred bricks where formerly he laid sixteen hundred and gets twice as much pay, perfection
would follow. It is not so. The zest goes out of the
day's labor. Emulation dies. Excellence fails.
There is but one controlling thought in the service—
and that is the big pay for to-day and insurance that
there will needs be a to-morrow.
When it comes to the "order," here again the confusion of conditions tends to prevent a fulfillment
to the letter. There is so much at stake that the contractor is often forced to abandon his enterprise or
"go broke." He ought to "go broke" when he does so,
as far as the individual is concerned. But in either
case, he becomes the weak link in the chain and disaster to others follows. The resurgent needs of consumers are so great that they are compelled to use
the defective article. They will in time, when the
normalcy slowly comes back, hold the whip hand.
And it all sums up in a return to the former free ways
of making and selling. There was,to be sure,in wartime, the profiteer. And he is still in the land. But
when Government is relegated to its proper place,
and when "labor" comes to know that four million
workers cannot actually profit at the expense of
forty millions by "controlling" wage by coercion,
and when classes, such as the farmers, for instance,
cease to legislate for themselves by suborning the
laws of the land, then the natural law of supply and
demand will compel good goods and the fulfillment
of contracts. And the very fact of present interference tends to make the way of the immoral profiteer
easy.
When it comes to foreign trade, an inferior shipment of goods acts like the rotten apple in a barrel—
it taints all the rest. Here our oft-quoted example of
the principle of success "look out for the interest of
the other fellow in the trade" has peculiar meaning.
The foreign buyer does not make his purchases often.
He has a long memory. He speaks another language.
He is suspicious by nature. Or perhaps more properly, he is trusting and guileless. When he places his
order, and it does not bear good fruit, he is unlikely
to forgive. And while Government inspection at the
port of departure might do some good it is contrary
to the spirit of freedom in trade and quite impossible
as a complete cover—so that there is nothing left but
[VoL. 116.
the *fair dealing firm's laboriously built up reputation. This, by the way,is another confirmation that
foreign trade is of slow growth.
Be it foreign or domestic trade, we do not quite see
the remedy for such infractions as exist in trade save
the power of the valor and honor of merchant and
manufacturer. The evil will die, the good will live.
The profiteer and the shyster will speedily perish.
Even where buyers are driven to other fields for
goods the way is left open for "good goods at fair
prices" to other oncoming dealers. This is one hope
and a sure salvation—enterprise will seek opportunities—and, though men know it not, competition following the natural law of its being will make men
honest. The morale of trade increasingly grows better. We struggle out of every slough of despond—
because we love life. And there is, though concealed in the routine of trade, a good-feeling and a
good-will which -cannot fail.
RESPECT THE CONSTITUTION.
Speaking recently at the third annual conference
of the National American Council, President Harding quoted—and praised it as a complete and noble
statement of our nation's aspiration—the oft-quoted
yet very imperfectly appreciated "preamble" of our
Constitution. It declares the intent to be to establish a nation, tranquil and knit together, founded
upon justice, and thereby "to promote the general
welfare and secure the blessings of liberty" for the
people of 1787 and their posterity. He did not dwell
upon the present disposition to tamper needlessly
and hastily with our ancient charter, but respect for
it underlay his address. Speaking recently to a bankers' convention in his State, Governor Ritchie of
Maryland strongly urged that we stop tinkering with
it, making none but indisputably necessary changes,
and such, moreover, as do not impair or imperil
what rights still remain to the States. He would
also have (as, indeed, others have urged) that ratification of amendments should be only by Legislatures chosen after they are submitted to the country
and should then be passed along to a popular referendum.
No effective bar against change can be put into the
document itself, since what one body can do, in a democracy, the same body can afterwards undo or
alter. There may be one exception, academically
speaking at least, for Article V (relating to future
changes) contains a proviso that "no State, without
its consent, shall be deprived of its equal suffrage in
the Senate." Suppose an amendment wiping out
this proviso were unanimously ratified by the States,
a question might still be raised whether one elected
Legislature could commit a State finally to surrender of a "contract" once made and deemed valuable.
This "contract," and also ratification of amendments by Legislatures and choosing Senators by
them, were meant not only as a recognition of the
State as an entity but to secure deliberation in acting. A popular referendum would be of doubtful
wisdom, as is shown by the deplorably loose manner
of treating their own Constitutions by many of our
States.
The original document went into force in March
of 1789. In the last month of 1791 ten amendments
were added;in the first month of 1798 came another,
and in September of 1804 one more; all but the eleventh and twelfth were meant to cover points previ-
JUNE 2 1923.]
THE CHRONICLE
2445
ously overlooked, and the ninth and tenth were ex- opinion as an active political force which he found
pressly intended to secure to the States what "sov- in England in 1920. He naturally sought to know
ereignty" had not been originally surrendered. Then the reasons for it; and this led to an examination of
the country grew and throve until 1865, when the the formation of public opinion, its nature and its
three post-war amendments came, carrying us to limitations. From a discussion of the Formation of
1870. The 16th (income-tax) appeared in 1909 and Personal Opinion he passes to Collective Opinion,
was not ratified until early in 1913. The 17th (or then to Political Parties, their function and strucdirect election of Senators) appeared in May of 1912 ture; and eventually to Political Opinion, during the
and was rushed through in a few days more than a war, and as it exists to-day. The purpose of the book
single year. The 18th appeared in the last month of is to inquire how it is that people can with no feeling
1917 and was rushed through in 13 months; the 19th of doubt reach opposing convictions, and the relation
appeared in June of 1919 and went through within of this fact to the problem of popular government.
14 months.
An opinion, he defines, as the acceptance of one
This rapid sketch shows that the contentment among two or more different views which might be
which sufficed for 60 years to protect the Constitu- true. When only one view can be logically accepted
tion has passed and that we are now in a period of it becomes not an opinion, but a demonstration, as
threatening unrest in which our political founda- in mathematics or in purely logical reasoning from
tions are attacked. According to a computation admitted premises. The element of choice which enmade by one New York journal, some 80 amendment ters into the forming of opinion, may turn upon a vapropositions were offered in the late Congress. Lit- riety of considerations which the individual has in
tle note is taken of those which do not get beyond or mind and to which he attaches weight in various deas far as a vote in one branch, and so the estimate of gree. Preference or point of view may thus deteranother that some 2,000 have been abortively pro- mine the opinion. Meanwhile consequences which
posed in Congress since the country began may well are inevitable are frequently overlooked.
Change of opinion may follow from change of the
be within bounds; 19 of tlie 21 which went through
Congress having been ratified, the wildness of the direction of thought, as, for example, in auto-suggesother mass may be left to imagination. At the time of tion, in psychology and the modern conception of the
the Norris proposition to head off "lame ducks" (as structure of human society. Liberty, Equality and
Congressmen who had stood for and failed of re-elec- Fraternity were supposed to be equally obvious as
tion were dubbed) emotional foolishness ran so high desirable. In time Liberty was found inevitably to
as to suggest that those repudiated unfortunates impair Equality, and then Equality was exalted to
ought not only to be prevented from completing their the chief place. Napoleon declared that the meanelected terms but to be made ineligible for office ing of the French Revolution was that careers should
thereafter. If we cannot have sober first thought be open to talent; in other words, that there should
we should give opportunity for it to come in the sec- be inequality, recognized and rewarded, as based on
ond or some later thinking. Therefore every sym- difference of ability. Men now see that liberty of
pathy and aid should be given to—and seems clearly combination quickly involved loss of individual libneeded for—all the recent movements towards creat- erty, and public opinion changes its demand. The
ing respect for the Constitution by first studying it Bolsheviki, for example, find that they have to play
and then reflecting upon it. As for changing it, fast and loose with Liberty and Equality, as neither
much better wait until we have cooled off. Nearly a works out the expected logical result. Exceptions
century ago, John It.andolph said to a Virginia Con- compel change of public opinion until a general rule
breaks down. The particular case constantly diverts
stitutional Convention of amendment proposals:
public attention from the underlying principle. In
"The grievance must first be clearly specified and
fully proved. It must be vital, or, rather, deadly, in fact, progress is often reached in this way; principles
its effect; its magnitude must be such as will justify held absolute are discovered to require limitation,
prudent and reasonable men in taking the always which opens the way for new lines of action.
delicate and often dangerous step of making innovaMuch is made by some of Emotion as governing
tions in their fundamental law; and the remedy must opinion. It plays a leading part in politics and in
be reasonable, and adequate to the end in view."
appeals for money; but it is demoralizing as a substitute for calm, unprejudiced thought. NeverthePRESIDENT LOTVELL ON PUBLIC OPINION. less it often governs action, even unconsciously. It
There is no subject constantly referred to and of determines the direction and amount of attention
general concern about which, in its origin and real and so influences the judgment. Personal interest
structure, less is known, or indeed less is considered, in possible gain or loss, and even off-hand impresthan is Public Opinion.
sions have effect; the "pale cast of thought" for the
President Lowell's book about it, just issued by time takes the place of exact knowledge and reasoned
the Harvard University Press, deserves attention judgment, and we think or act accordingly. Impresboth because of the theme and of the author. sions which are the result of experience, or the habits
It is thorough and timely, but it is also singularly of thought which have shaped character are often
fresh and suggestive. It derives additional interest invaluable in moments requiring prompt decision.
by reason of the controversy in which Mr. Lowell has
Trial by jury,in its origin and its established rules
become involved with President Harding during the and method of action, rests upon the assumption that
last week with reference to the latter's attitude to- it represents for a particular case the opinion or
wards the League of Nations, the issue here raised "common sense" view of the public as that is habitubeing as much dependent upon a proper understand- ally formed amid the influences of daily life. It is
ing of the voice of the people as of the interpretation "applied psychology,"worked out,notfrom theory,but
of the President's own words.
as the result of long and slow experimentation. Jury
President Lowell was stirred to a study of the trial, with its single alternative of Yes, or No, Right,
subject by observing the strange "atrophy" of public or Wrong,is practically conclusive as to the method
2446
THE CHRONICLE
of formation of the opinions of the public, with its
innumerable alternatives and the larger field for the
play of motives. The minds of twelve jurors are a
cross section of the Public.
"Collective Opinion" as a distinct study introduces
some new elements which are the basis of "group.
psychology." Among these elements of influence are
suggestion, auto, and imitative, of which so much is
said to-day;"The Crowd and the Mob," which are af• fected by surroundings and may be divided into va• rious groups as casual or continued, large or small,
but always having certain definite traits; "The Influence of Leaders";"National Groups, and Personal
Religion"; and "The Dangers of the Group Spirit,"
which are small when the group is organized for a
beneficent end, and are serious when the mood is hostile and the aim purely selfish. For all of this ample illustration is given.
An important chapter is that on "Limiting Alternatives." It turns on a man's capacity to "throw his
mind into the common stock," and then by compromise to secure agreement and united action. The
lack of this training and its habit of shaping one's
views in the form of a "principle" from which there
can be no departure, explain in large part why revolution against autocratic government, as in France
in '93, Germany in '48, and Russia to-day so often
leads to violence or sterility. Compromise, despite
its ill-favor, and secrecy in settling disputes, has
immense value in avoiding that public controversy
which is sure to substitute other considerations for
the main issue which is lost sight of in the heat of
personal feeling and irrelevant debate. A minority
willing to push its convictions far enough can in
popular government render the majority ineffective.
A comfortable public is far too ready, in allegiance
to a leader or a party, to support a law which, whatever its real worth, they would not support if it requires courage and patience. In prosperous times,
especially, the average American is apt to say, "Oh,
give us a rest."
When we come to Public Opinion in War it is
pointed out that when a war affects the life of a nation, public opinion will generally be unanimous.
After a nation has become engaged in a war that
strains its resources the Government must assume
that there is no difference of opinion in its support
if it is to put forth its full strength. Our experience
justifies the statement that"to almost all Englishmen
and Americans the thought that a great war ought to
be fought and the country defended only by voluntary enlistment seems now as irrational as to maintain that the cost of war should be defrayed only by
persons who volunteer to pay taxes for the purpose.
In every future war, of such a character as to require the full national resources, it is probable that
conscription will be adopted as a matter of course."
After the late war, of the three chief Allies, France
is the one in which the forms of political life soonest
became normal. While the war lasted the commanders of the army submitted absolutely to the civil authorities, and afterwards no desire appeared to elect
prominent generals to high political office; and this
without attracting comment.
With us party politics resumed the accustomed
place, and, because the Opposition found itself with
no alternative to offer, the country in the election of
1920 drifted into a mere negative action, and things
fell back into the old ways. At this point, however,
it seems proper to inject the observation that we find
[VoL. 116.
it difficult to reconcile President Lowell's statement
of "negative action" in our election of 1920 with the
actual facts of the case. In our view there was nothing "negative" about the course of the voters in that
election. There was unquestionably much opposition to President Wilson and the Wilson policies
founded upon objections to Mr. Wilson personally.
This played its part in the result, but in an election
at which over 26 million votes were cast, that, after
all, can have been a matter of only minor consequence. In the controlling purpose of the electorate,
which was deep-seated hostility to "entangling alliances" with Europe in any form the action was emphatic and positive, even profound. And the feeling
to-day on that point is as strong as it was in 1920—so
much so that if the issue could be presented to the
voters in its naked form free from the action of political parties, with the single view of gauging public
sentiment accurately, we believe it would sweep the
country from end to end with not enough arrayed on
the other side to make a respectable minority as far
as numbers are concerned. Our remarks have reference to the public as a whole. In the intellectual
circles where President Lowell moves, as also in
financial circles, there iA no such unanimity of feeling against American commitments in Europe, but
among the masses, which in this country control
election results, the opposition is so strong as to
amount to a passion. And it is the failure to recognize this fact that doubtless explains why Mr. Lowell is inclined to dispute President Harding's assertion that the United States cannot enter the League
of Nations because "the Senate has so declared, the
Executive has so declared and the people have so declared." We believe the President is absolutely
right in this contention, whatever may have been Mr.
Lowell's own views of Mr. Harding's intentions
when just before the 1920 election he became one of
the Thirty-One Republicans who asked the country
to support Mr. Harding on their own interpretation
of what he might be expected to do in the event of his
InEn
election.
England President Lowell thinks results were
different from what they were in this country.
While the war lasted the people had no opportunity
of expressing opinion at the polls; the term of the
House of Commons was extended, and in it there was
no party division. The Government became a small
oligarchy having contest only among its members.
The choice of alternatives never came before Parliament and men in high position at the head of State
departments were not members of either House. The
Cabinet, ordinarily responsible to the House of Commons, ceased to be so in fact, and became definitely
personal; as was probably necessary and beneficial
under existing conditions. The break with the historic method was so great that, confirmed by the general election before an organized Opposition could
form, and when no great leader arose, what may be
called a state of atrophied public opinion grew up,
in which frequent reversals of the policy of the Government have taken place, but still with no definite
party of Opposition. The formation of public opinion has been far less active than is usual among English-speaking people. The absence of clear currents
of popular thought strong enough to give party control is notable.
The reason may in part lie in the lassitude occasioned by the long strain of war, but it is more probably due to the absence of sharply defined alterna-
Jura]2 1923.]
THE CHRONICLE
tives presented by political parties. The public is in
a position like that of a jury left without counsel to
present the case in systematic order on both sides.
Of course this condition will not last indefinitely,
but the immediate result is to bring threat of direct
action; which if it should occur, becomes a precedent,
leads to frequent repetition, and subverts orderly
government. Men disbanded from military discipline are apt to show diminished power of self-control; and in the same way the sacrifices so readily
made during war are often followed by selfish and
materialistic reaction afterwards. War is in fact
unfavorable to political and social reform. The Napoleonic Wars pushed aside political reform in England for more than a generation; and, with us, the
Tweed Ring rudely upset the expectation of moral
progress consequent upon the Civil War. The effort
to repair as speedily as possible the injuries caused
by war is sure to give place to depression, as was our
experience after 1865. Moral change is deeply involved in this with lassitude and the invitation of the
house that is "swept and garnished." This is a phase
of the changes which have constantly occurred in
parties and the shifting of public opinion, in which
on a question of governmental policy, for example,
the positions of Conservatives and Radicals are sometimes reversed.
New groups are continually forming, and each
generation seeks its own experience. The balance of
opinion shifts, and is not open to mathematical or
even statistical adjustment. Diversity of type is a
condition of progress, as it is in nature. If differences of disposition and Of race can be kept free from
selfish interest there is no inherent reason why they
may not be provocative of common good-will, and of
progress for all to share, at least there is no ground
for the thought that a sound public opinion may not
develop and rule among them all.
The upheaval of the war has not proved as radical
politically as was feared. Despite the weakening
of tradition and the enervating effect of disillusionment,the opportunity for real improvement appears.
Unusual conditions give a chance for good, or evil,
to those who know how to take advantage of them.
President Lowell closes his thought-provoking book
with a reference to the dark years that followed the
Revolutionary War, and the disorders amid which
the Constitution was framed and the nation created,
and the remark that "no one, whatever his creed,
would wish that its adoption had failed."
To-day after nearly 150 years, the Representative
Government created by it, in the close of the Session
of the Congress goes back to the people to receive the
judgment of the Public Opinion by which it stands
or falls.
THE PENNSYLVANIA,
'
AND THE RAILROAD
LABOR BOARD.
After declining to appear at the Chicago hearing
of the Labor Board in the matter of the complaint of
the Brotherhood of Railway and Steamship Clerks,
President Rea of the Pennsylvania decided that to
waive that declination would be the better policy.
He accordingly appeared on Monday and in a written
statement said the company will adhere to its refusal
to allow the names of this Brotherhood's members to
go on the ballot for election of representatives of the
company's employees. On petition of this union, the
Board had ordered a second election, averring that
the first was not properly representative, but Mr.
2447
Rea conceives it both the right and the duty of the'
management "to adopt a policy in dealing with its
employees which will, in its judgment, enable it to
operate efficiently and economically, even though
the Labor Board, in its advisory capacity, may not
approve the adoption of that policy."
This latest alignment between the Board and the
road is a continuation of a difference which goes back
to the question of jurisdiction raised nearly two
years ago over an election in the shop crafts. In
August of 1921 Mr. Rea said there were some 176,000 men on the Pennsylvania who were interested in
and touched by the rules upon working conditions
and that 117,176 (66.5%) of those had, by vote or
otherwise, as a result of conference, expressed a desire to negotiate through employee representatives;
later conferences with representatives of the several
crafts had brought out the fact of their satisfaction
with both the manner of choosing representatives and
with the rules and conditions embodied in the agreements. The matter went to the U. S. Supreme Court,
which upheld the Board's right to issue its ruling
although without power to enforce it. Mr. Rea said
on Monday that compliance with the Board's order
now "would mean repudiation of legal and binding
contracts with our employees" and would disturb the
increasingly friendly relations which are now greater
than at any time since prewar days.
Hardly any careful observer of events will deem
this last remark an overstatement, and there is no
road in the country where the esprit de corps and the
get-together have progressed farther than on the
Pennsylvania. A very recent instance of this is the
Employees' Provident and Loan Association, becoming effective on July 1, whereby officers and men will
have increased means and increased inducement for
thrift in saving and for loans for providing homes
and for temporary emergencies. This is a private
and family-like arrangement; should any outsider
regard it with disrespect?
As in 1921, the "Chronicle" feels that Mr. Rea's
virtual plea of ultra vires against the Board is sound.
For the clear intent of the Transportation Act was
not only to return the properties to their owners and
thereafter to intervene only to the irreducible minimum of necessity, but to promote direct s ,ttlements
of any differences upon wages and working conditions. It is distinctly provided that all parties concerned are bound to do all possible "to avoid any interruption of operations growing out of any dispute." All disputes are to be first disposed of, if
possible, by direct conference between the parties
thereto. One of the Adjustment Boards provided for
is to hear the case, as the next step, whenever direct
disposition has failed, and the Labor Board itself
comes in only as a virtual arbitrator of obstinate differences. That Board is thus practically appellate
only, without original jurisdiction, and the Act
grants it no authority to intervene unless in a dispute which may threaten the traffic interruption so
deprecated.
The trouble seems still to be in the disposition of
Chairman Hooper to enlarge his powers, as to which
he has repeatedly complained that the Act leaves the
Board able practically to do no more than make gestures, i. e. to "point a finger at" any recusant party.
And this notwithstanding he lately delivered a warning address against encroaching Socialism. He deprecated, as one of the present threatening factors,
"the increasing power of labor organizations," but
2448
THE CHRONICLE
he would best commend himself, and would render
the best public service, if he could bring himself to be
content with the clear spirit of the Act under which
he holds office and seek to compose differences instead of to aggravate and even to provoke them.
[VOL. 116.
lieves in sweating machines and not the men" and
therefore advocates, not a 6-hour day for industrial
plants, but a day of two 6-hour shifts. This prominent British employer, however,is not a steel-maker,
and he also recognizes the immovable fact that the
only means of gradually lightening the time and the
severity of human labor is by increasing its effectiveness. I want, he said, to reduce production cost
and at the same time increase wages, "but I can do
the latter only by increasing my output," and in reply to the question as to the industries in which a
6-hour day would be practicable, he said this:
THE STEEL INDUSTRY AND THE 12-HOUR
DAY.
The vexed question of the 12-hour day came before
the annual meeting on May 25 of the American Iron
& Steel Institute in the report of the committee appointed a year ago after the conference with Presi"Only to thqse industries where the overhead
dent Harding. In substance, the conclusion is that
are at least as much as the weekly wage bill.
charges
a part of iron and steel-making is necessarily con- Wherever the weekly wages exceed the overhead
tinuous; this being inherent in the case, the question charges, as in farming, the six-hour working day
is between two shifts of 12 hours each or three shifts cannot be applied, under present conditions, withof 8. Then two questions arise: is the former de- out increasing the cost of the product. The coal
mines of the United States, in my judgment, come
structive of the worker, and which does he prefer?
The men, says this report, "as a rule, prefer the under the classification where the six-hour shift is
output, and you create a fund
longer hours because it permits larger compensation impracticable. Double
out of which you can increase wages."
per day; it is asserted with confidence that there is
Nobody questions the intrinsic desirability of a
less physical work as a total per day and less fatigue
day, and perhaps the 12-hour plan will pass
shorter
from the work of the 12-hour day in the steel industry
long. Yet the wants and the consumption
ere
away
than pertains to the large majority of the 8-hour men;
increase from generation to generation,
mankind
of
this is because in the former case there are more rest
true hereafter—as it has been true to
be
must
it
and
periods during the 12 hours on duty." Union leaders
time—that
man can get release from
present
the
passionately deny this, and we refrain from arguing
his brawn by utilizing
his
aids
brain
as
only
labor
it; but it is undeniable that the wear upon the human
ratio of product to the
the
increasing
and
machinery
factor in production may depend less upon the number of hours nominally "on duty" than upon the time consumed. This is not agreeable truth to union
time demanded for tense and actual working. Fur- leaders, nor can they like the further remark of Lord
ther, most unprejudiced persons will agree with the Leverhulme (himself an exponent and user of profitopinion expressed in the report that there is prob- sharing) that the unions strongly object to all such
ably no important concern in the industry that would plans because they want to keep the inferior and the
urge or willingly permit employees to work to an in- superior worker on the same flat basis, nor will they
jurious stage, and that a desire to improve condi- agree to any two-shift plan, because they think "it
tions and promote the welfare of the men "has been would ultimately result in increased production and
a cardinal principle with the employers for many a decreased demand for labor." He was speaking of
years last past." Is this an unreasonable generaliza- his own country primarily, but like mis-teaching is
tion? Mr. Gompers may declaim, but he is known to the union habit here; increase in number of workers
greatly disapprove the get-together methods of U. S. and in the nominal wage, and (as a means to that
Steel; the head of the corporation also came up from imagined desirable end) decreased efficiency while
at work, shorter time at work and a sedulous restricthe ranks, and so did "Charlie" Schwab.
All nations, continues the report, are especially tion of product.
interested in "the largest reasonable production,"
which is necessary to bring about a restoration to LISTINGS ON THE NEW YORK STOCK EXCHANGE FOR THE YEAR 1922.
stability, progress and prosperity; the entire world
is more dependent than ever before upon large proIf the amount of securities listed on the New York
duction, at low cost, for sale at fair prices." So the Stock Exchange during the calendar year is to be
conclusion is that to abandon the 12-hour day at taken as a measure of business recovery in the United
present would increase production cost about an States, then the year 1922 must be regarded as havaverage 15% and require at least 60,000 more men, ing achieved notable distinction in that respect.
Following the severe business depression which
who are not now obtainable, partly because of the
late in 1920 and continued through 1921
to
occurred
immigration.
as
policy pursued
Yet, the report
concludes, there was a persistent and successful ef- into the early months of 1922,the year 1922 witnessed
fort, during the time when labor was more abundant, a rejuvenation of industrial activity throughout the
to reduce the number of 12-hour men, and now the length and breadth of the land with a corresponding
committee would favor entirely abolishing that 12- increase in the demand for new capital. This is
hour day, "provided labor should become sufficient clearly reflected in the amount of new listings on the
to permit it, and provided the purchasing public Exchange during the twelve months.
Among the principal features in connection with
would be satisfied with selling prices that justified
it, and further provided that the employees would the year's listings we observe the following: (1) The
consent and industry generally, including the farm- largest aggregate of listings for a period of its length
in the history of the exchange, the grand total
ers, would approve."
So speaks practical business, easily accused but amounting to $4,366,447,816, against approximately
not easily proven to be indifferent about what Mr. $1,800,000,000 in 1921, and far in excess of the recGompers calls "a thought of the souls of men." If ord of any previous twelve months. This total is exhe remembered, he might quote what Lord Lever- clusive of Government and municipal financing, both
hulme said here, in November of 1919, that he "be- foreign and domestic. (2) The large increase in the
JUNE 2 1923.]
THE CHRONICLE
output of railroad and miscellaneous securities for
new capital, the total, $1,849,545,938, being over
twice that for the preceding year and second to
the year 1920, when the total reached $1,520,000,000.
(3) A large increase in the amount of railroad securities listed. (4) A marked increase in the amount
of securities of public utility companies listed compared with 1921 and 1920,'thus evidencing a favorable trend to this class of securities by investors.
We also note (5) the numerous stock dividends declared; (6) the additional listing of securities of oil
companies, and (7) the further broadening of the
New York market for foreign securities. The list of
foreign Government bonds include Argentina, Bolivia, Brazil, Chile, Canada, the Netherlands, Norway, and various city issues.
The aggregate amount of stocks of miscellaneous
and industrial companies listed was $2,242,817,116,
compared with $974,704,191 in 1921,$2,044,400,673 in
1920 and $1,015,927,517 in 1919. As in late years, it
must be taken into account that in many cases the
shares listed in 1922 were of no par value and were
represented by more or less nominal figures. Although this practice has to a certain extent changed
the method of comparisons of the total amount of
stocks listed as expressed in dollars with previous
years, still the value of comparisons is in no way impaired, as the figures given represent the stated or
declared value of the shares as reported in the companies'latest balance sheets.
Railroad financing during the year showed a
marked increase over the previous year. Following
the expiration of the time limit on Mar.1 1922 of that
provision in the Transportation Act of 1920 (Vol.
110, pp. 715 to 723 and Vol. 110, p. 2250) which permitted the carriers to apply for loans from the Federal revolving fund, several roads which no doubt
would have obtained loans in this manner had to
seek the necessary capital elsewhere. This undoubtedly is accountable for the marked increase in the
amount of new railroad financing during 1922, as
the transactions of the roads with the Government
had no connection with listings applications and did
not appear in our compilations for 1920 and 1921.
As in previous years, our tabulation of new securities listed does not include new issues traded in on a
"when, as and if issued" basis. If these issues were
taken into account they would swell our totals considerably. Some of the securities traded in on a
"when, as and if issued" basis are Missouri-KansasTexas RR. $100,000,000 5% cumulative adjustment
bonds, Series "A";$52,942,800 Prior Lien Series "A"
5% bonds;$27,236,700 40-year 4% bonds, Series "B,"
and $12,894,700 10-year 6% Series "C" bonds; also
International-Great-Northern RR. First 6% bonds,
amounting to $17,250,000, and that road's Adjustment Mortgage 6% bonds of the like amount.
It was announced at the end of March last
that the new securities for the Missouri-Kansas-Texas RR. were ready for delivery and they will appear
in the 1923 listings. The $4,000,000 First & Refunding 7% bonds of the Paulista Railway (Brazil) are
not included in our compilation, for although this
issue has been authorized for the list, the bonds have
not as yet been admitted to trading on the Exchange.
Several large industrial stock issues are similarly
excluded from our totals. These were principally
issued as stock dividends late in December, but had
not begun to be traded in on the Exchange before the
close of 1922.
2449
The table of note issues not listed on the Exchange,
as compiled at the end of this article shows a large
decrease compared with 1921 and 1920. The total
for the year just past was $151,811,500, as compared
with $285,530,966 in 1921, $761,910,140 in 1920 and
$524,763,500 in 1919. This appreciable falling off is
explained by the ease with which companies were
able to do long term financing at relatively low rates
of interest against the high premiums demanded during the depression period.
Railroad bonds listed during the year total $669,344,650, as compared with 304 millions in 1921 and 233 millions in 1920. Chief
among the issues in this class are the $115,000,000
Great Northern General Mortgage 75, Series"A" and
$30,000,000 General Mortgage 5/
1
2s, Series "B," issued for conversion purposes, refunding of former
issues and for improvements; $87,531,900 Northern
Pacific Refunding and Improvement 6s, Series "B,"
issued for conversion purposes, and $8,702,300 Refunding & Improvement 5s, Series "C" of the same
road, issued for refunding purposes.
The following is our usual ten-year listing table:
LISTINGS ON NEW YORK STOCK E:XCHANGE.
Issues for New
Capital, &c.
Bonds.
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
867,634,961
525,652,059
388,708,500
211,074,311
100,148,400
1,349,686,350•
1,505,530,000*
451.854,514
361.770,667
447,815,200
Stocks.
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
981,900,977
368,715,110
1,131,237,916
565,615,760
160,688,267
616,957,245
479,263,618
319,506,950
130,383,000
264,714,115
Old Issues
ReplaeirtO
Now Listed. ,014 Securities.
$
15,979,350
44,055,900
4,564,300
41,795,500
33,959,500
64,445,000
25,925,600
40,539,000
5,000,900
25,000,000
Total.
698,808,139
226,202,119
45,621,906
68,132,729
93,527.800
212,702.200
300,751,000
48.798,786
122,222,333
175,250,900
$
1.582,422,450
795,910,078
438,894,706
321,002,540
227,631,700
1.626,853.550
1,829,186.000
541,192,300
488,993,000
648,066.100
535,061,650 1467,062,739
249,931,033 481.037,553
343,522,220 680,638,517
236,060,904 474,927,828
44,652,250 106,684,130
139,877,552 724,450,548
69,751,875 418,186,265
96,127,390 523,691,900
441,413,360
347,279,115
2,784,025,366
1,099,723.686
2,155,398.653
1,266,634,492
312,024,647
1,481,285,345
967,161,758
939,326.240
571,796,360
611,993,230
Note.—ApplIcatIons tor the listing of trust company
and of securities
marked "assented" (if preparatory to reorganization), receipts
or of securities stamped
"assumed" or "assessment pald"—the securities themselves
having previously
been listed—are not included in this table.
•Government loans are included in the above.
BONDS.
STOCKS.
Year.
Railroad. 'Electric By.
Aftscell.
Railroad. !Electric Ry. *
1
$
$
$
1922_ 669,344,650, 74,203,000 838,874,800 519,467,400 21,737,8502,242,820,116
1921._ 304,912,600 19,465.000 471,532,478 76,743,500 48,275,995.
974,704,191
1920.. 233,816,550
205,078,156 87,122,800 23,875,180 2,044,400,673
1919._ 205,251,700
115,750,840 250,240,250
466,725 1,015,927,517
1918_ 61,294,600 68,386,100 97,954,000 55,268,500
148,415 258,771,992
1917._ 525,320,250 17,897.000 447,636,300 623,807,060 31,951,365 825,526,920
1916._ 337,899,500 43,119,000 178,687,500 161,185,600 52,903,635 753.072.523
1915.- 325,655,100 23,810,000 191,727,200 367,827,670 140,403,200 431,095,370
1914_ 344,983,800 14,515,000 129,494,200 346,016,100 50.065,100 175,715,160
1913.. 281,291.100 183,631,000 183,144,000 242,809,650 12,139,000 357,044,580
Other notable bond issues by railroad companies
are the following: $85,000,000 New York Central
RR. Refunding & Improvement 5s, issued for corporate purposes, refunding, etc.; $40,000,000 ParisLyons-Mediterranean RR. 6s; $30,000,000 C. B. & Q.
First & Refunding 5s, issued for additions and betterments, and a like amount of Southern Railway
Development & General Mortgage 6Y2s, issued for
improvement and refunding purposes.
The street railway bond issues listed amounted
to $74,203,000. Principal among the issues were
$18,000,000 Tennessee Electric Power Co. First & Refunding 6s;$12,500,000 Milwaukee Electric Railway,
Light & Power Co. First Refunding 5s; $9,588,000
Northern Ohio Traction Light & Power Co. General
& Refunding 6s, and $12,471,000 Utah Light & Traction Co. First & Refunding 5s.
Miscellaneous bonds listed amounted to $838,874,000, against 471 millions in 1921 and 205 millions in
1920. Leading the list are $50,000,000 Sinclair Consolidated Oil Corp. First Lien 7s, issued for refunding and corporate purposes; $30,000,000 Sinclair
2450
THE CHRONICLE
2% notes and $25,000,000 Sinclair
1
Crude Oil Co. 5/
Pipe Line Co. 5s, issued for refunding of existing indebtedness, extensions, etc.; two issues of Goodyear
Tire & Rubber Co., $29,250,000 First Mortgage 8s
and $27,500,000 8% Debentures,issued in connection
with that company's refinancing plan; also two issues of Virginia-Carolina Chemical Co., $25,000,000
2s, issued to reFirst Mortgage 7s and $12,500,000 73/
working
provide
to
and
fund existing indebtedness
capital.
Other bond issues of miscellaneous companies are
$45,000,000 Empire Gas & Fuel Co. 7Y2s, issued for
working capital, etc.; $50,000,000 New York Telephone Co. 6s;$35,000,000 New England Telegraph &
Telephone Co. First 5s; $25,000,000 Pacific Tel. &
Tel. Co.1st 5s;$35,000,000 E. I. du Pont de Nemours
2s
& Co. 7½s; $30,000,000 New York Edison Co. 61/
61
2s,
all
h
/
Co.
issued
and $24,500,000 B. F. Goodric
either for refunding existing indebtedness or for
working capital, extensions, improvements, etc.
Prominent among the miscellaneous stock issues
added to the list are (a) $151,186,500 American Telephone & Telegraph Co. capital stock, issued for corporate purposes and conversion of bonds; (b) $63,378,300 common and $69,521,200 preferred stock of
the E. I. du Pont de Nemours & Co.; (c) $22,707,300
common,$7,639,200 first 7% preferred "B" and $52,949,100 second preferred stock of British Empire
Steel Corp., Ltd., issued in exchange for stocks of its
constituent companies; (d) $10,000,000 common
stock, $70,000,000 new Class "B" common and $20,000,000 7% preferred stock of R.J. Reynolds Co.;(e)
$24,679,600 preferred stock of Western Electric Co.,
issued for conversion of bonds; (f) $33,437,500 capital stock of Anaconda Copper Mining Co., issued for
acquisition of stock of American Brass Co.;(g) $22,008,500 Class "B" common and $6,940,600 7% non'cumulative preferred stock of Bethlehem Steel Corp.,
issued for acquisition of Lackawanna Steel Corp.
Other issues well worth noting are $20,000,000 6%
pref. stock and 8,000,000 shares of no par value corn.
stock of Shell Union Oil Corp., issued for working
capital and acquisition of the capital stock of its constituent companies; $25,924,500 common and $44,779,800 Class "A" stock of Tobacco Products Corp.,
issued in exchange for Class "A" shares of the corporation and Class "A" stock of U. R. Stores Corp.;
$38,463,200 common stock of Pan-American Petroleum & Transport Co., issued in exchange for common stock of Mexican Petroleum Co., Ltd., of Del.,
and as a stock dividend; $25,000,000 Pacific Tel. &
Tel. Co. 6% preferred stock, issued to pay for additions, etc.; $13,897,500 common stock and $10,000,000 Preferred stock of Pure Oil Co., issued for refunding purposes, acquisitions and for additional working capital, and $11,885,100 common stock and $14,789,800 preferred stock of the Packard Motor Car Co.
The principal stock issues without par value listed
during the year are: (a) 425,000 shares of Ajax
Rubber Co.; (b) 2,011,850 shares of Eastman Kodak
Co.; (c) 797,877 shares of Electric Storage Battery
Co.; (d) 138,578 shares of common stock and 88,158
shares of preferred stock of the General Baking Co.;
(e) 1,120,960 shares of Hudson Motor Car Co. (f)
100,261 shares of common and 55,724 shares of preferred stock of Julius Kayser & Co.; (g) 279,844
shares of common stock and 69,961 shares Class "B"
common stock of Virginia-Carolina Chemical CO.;
Co.;
(h) 1,200,000 shares of Timken Roller Bearing
Class
100,000
and
shares
(i) 200,000 shares common
[Vox,. 116.
A stock of New York Air Brake Co., and 1,760,816
shares of Continental Motor Corp.
Chief among the companies declaring stock dividends during the year are: (a) Standard Oil Co. of
New Jersey, 400%, or $397,929,700; (b) Standard
Milling Co., 60%, or $4,457,400; (c) Reynolds Tobacco Co., 33 1-3%, or $20,000,000; (d) IngersollRand Co., 100%, or $11,800,000; (e) Manhattan
2%, or $3,082,500; (f) General ElecShirt Co., 371/
tric Co., issued $2,580,300 common stock in stock
dividends and $8,718,300 special stock, also in stock
dividends. As stated above, owing to the fact that
several companies declared their stock dividends toward the end of December and the certificates issued
therefor were not traded in on the Exchange before
the close of the year, these do not appear in our compilations.
GOVERNMENT AND MUNICIPAL ISSUES LISTED AND AUTHORIZED TO BE LISTED DURING 1922.
$27.000,000
Argentine Nation, Government of, 5-year 75, 1927
24,000.000
Bolivia, Republic of. 25-year 8s, 1947
1952_
10,000.000
security),
Brazil, United States of. sterling 734s,(coffee
25,000,000
1952
78,
30-year
do
do
100,000.000
Canada, Dominion of, 30-year 5s, 1952
18,000.000
Chile, Republic of, 20-year 75, 1942
5,000,000
Colombia, Republic of, 5-year 634% notes, 1927
14,000.000
Czechoslovakia, Republic of, 8s, 1952
30,000,000
Denmark, Kingdom of, 20-year as, 1942
6,700,000
Dominican Republic 20-year 534s, 1942
40,000,000
Dutch East Indies, 20-year 6s, 1947
60.000,000
40-year 6s, 1952
do
16,000,000
Haiti. Republic of, 6s, 1952
30,000.000
Netherlands, Kingdom of, 50-year (is, 1972
18.000.000
Norway, Kingdom of, 30-year 6s, 1952
3,500,000
Porto Alegre, City of, Brazil, 40-year 8s, 1961
7,500,000
1952
City
of.
7345,
Prague, Greater
10,000,000
Queensland (Australia), State of. 20-year 6s, 1947
13,000,000
Rio de Janeiro. City of, 25-year 8s, 1947
9.800,000
Rio Grande do Sul, State of, Brazil, 20-year Be. 1946
4,000,000
1952
8s.
-year
San Paulo, City of, 30
1962
8s,
25,000,000
of,
40
-year
Kingdom
Slovenes,
&
Serbs, Croats
6,000,000
Soissons (France), City of, 15-year 6s, 1936
$502,500,000
Total
RAILROAD BONDS LISTED FIRST SIX MONTHS OF 1922.
Purpose of Issue.
Amount.
Company and Class of BondsAtch. Topeka & Santa Fe Calif.-Ariz.
$16,000 Exch. for sterling bonds
1st & Ref. 4345, 1962
Buffalo Rochester & Pittsburgh Cons.
3.949,000 Refunding; impts.
434s, 1957
27,000,000 Corpmate purposes
Can.Pac. By.4% Consol. Deb.stk..Chicago Indianapolis dr Louisville 1st
3,000,000 Exch. for series A.
& Gen.6s, series B, 1966
Cleve, Chin. Chic. & St. L. By. Ref.
1.052.600 Refunding
& Impt. as, serie3 C, 1941
7,500,000 Refunding;corp. purp.
Delaware & Hudson 15-yr. 534s, 1937
let
Ft. Worth & Denver City By.
7,309,000 (is of 1921 ext. at 534%
(Ext.) 5348. 1961
Grand Trunk By. of Can. 15-year
Refdg.;cap. expenditures
25,000,000
Deb.65. 1936
-115,000,000 Cony. of Joint 1334s
Great Northern Ry.Gen. 75, ser. A30,000,000 Refunding; impts.
Gen.530,ser. B
do
201.500 Exch. for Unified 4s
Long Island RR.Ref. 4s, 1949
2,150,000 Old bonds just listed
Louisiana & North West 1st 55, 193519,500 Issued under reorg. pins
Missouri Pacific Gen. 4$
Northern Pacific By. Ref. & Impt.
19.763.700 Cony. of Joint 634s
Os, series B, 2047
449,0001Exch. for debs. of Prov.
Hartford(
&
Haven
New
York
New
Sec. Co.
f
4% Debs., 1957
16,424,000 Refunding
Oregon Sh. L. RR. Consol. 1st as,'46
1st &
Ore. Wash. RR. & Na'. Co.
14,808,000 Add'ns, betterm'ts. &c
Ref. 45, series A, 1961
2,000,000 Refunding
'41
let
6s,
RR.
Saratoga
&
Rensselaer
Prior
St. Loula-San Francisco By.
6,932,000 Capital expends., &c.
Lien 5345, series D,1942
229,750 Issued under reorg. plat
Cum. Adj. ser. A as, 1955
do
Mtge.
Southern By. Devel. & Gen.
Impts., refunding
30.000,000
0348, series A. 1956
331,000 Add'ns, Impts., &c.
2008-Union Pacific let & Ref. 4s,
Pac. RR.1st 6s,ser. B. 1946 3,000,000 Refunding
es
Western
$316,135,050
Total
SIX MONTHS OF 1922.
RAILROAD BONDS LISTED SECOND
Purpose of Issue.
Amount.
Bondsof
Class
Company and
Calif.Atch. Topeka & Santa Fe,
16,000 Exch. for sterling bonds
Ariz. 1st & Ref. 434s. 1962
Buffalo Rochester & Pittsburgh By.
4,500.000
Refunding
Consol. 4345, 1957
stock.. 12,500,00) Corporate purposes
Can. Pac. By.4% Cons. Deb.
Ref. 5s, ser. A, 1971 30,000,000 Add'ns & betterments
C. B. Sz Q. 1st &
34.946,300 Issued under room pias
Chic. dr East. Ill. Gen. M.5s, 1951
5,500,000 Corporate purposes
Chicago R. I. & Pacific let Ref. 48
6,150,000 Construction
Chic. Union Sta. 1st 55. ser. B. 1963Fonda Johnstown & Gloversville 1st
5,150,000 Refunding; corp. pure.
Consol. Gen. Ref. 4345. 1952
2.500,000 Capital purposes
Ref. 6s
Minn. St. P. & S. S. M. 1st
6s. ser. D.'49 23,501,500 Refunding, corp. purp.
Mo. Pacific 1st & Ref.
& Impt. 5s,
New York Central Ref.
85,000,000 Refunding; corp. purp
series C.2013
6s,
Northern Pacific By. Ref.& Inapt.
87,531,900 Cony. of Joint 634s.
series B.2047
8,702,300 Refunding
do Ref. & Rapt. 58, ser. C. 2047_
JUNE 2 1923.]
THE CHRONICLE
Company and Class of Bonds—
Amount.
Purpose of Issue.
New York New Haven & Hartford) $279.000!Exch. for debs. of Prov.
1 Sec. Co.
4% Delos., 1957
Paris-Lyons--Med. RR.6s, 1958
40,000.000 Corporate purposes
St. L.-San Fran. Prior Lien 4s, ser. A 3.178.600 Issued under reorg. plan
Richmond Term. Ry. 1st gu. 5s. 1952 3,380.000 Funding; corp. purposes
Southern Pac. RR. 1st Ref. go. 45.'55
186,000 Old bonds just listed
Union Pacific 1st & Ref. 45, 2008---188,000 Additions, impts., &C.
Total
$353.209.600
ELECTRIC RAILWAY BONDS LISTED FIRST SIX MONTHS 1922.
Name of Company—
Purpose of Issue.
Amount.
Market St. Ry. 1st Cons. 58, 1980_-- $989,000 Issued under reorg. plan
MontrealTram.1st& Ref.55 Ser.A'41 4,750,000 Capital expenditures
Northern Ohio Traction & Light Co.
Gen. & Ref. 65. Series A,1947-- 9.378,000 Construction, refunding
Total
$15,117,000
ELECTRIC RAILWAY BONDS LISTED SECOND 6 MONTHS 1922.
Company and Class of Bonds—
Amount.
Purpose of Issue.
Havana El. Ry.,Lt.& P.Gen.5s,'54 $3,848.000 Corporate purposes
Market St. Ry. 1st Cons.58. 192457.000 Issued under reorg. plan
Mllw.El.Ry.,Lt.&Pow.lat& Ref.55 12,500.000 Refund'g. corp. purposes
N. Y. State Rys. 1st Consol. 6}is.
3,000.000 Refund'g, corp. purposes
Northern Ohio Tr.& Lt.Con.& Ref.Cs
210.000 Refunding
Portland Ry., Light & Power Co. 1st
& Ref. 6s, Series B,1947
2.500,000 Extensions, add'ns, &c.
Tennessee EI.Pow.Co.Ist&Ref.6s.'47 18.000.000 Acq. of constit. cos., &c.
Toledo Trac., Lt.& P.6% notes.'25_ 6.500,000 Refund'g, corp. purposes
Utah Light & Trac.Co. 1st& Ref.5s- 12.471,000 Acquisitions, &c.
2451
Purpose of Issue.
Amount.
Company and Clem of Bonds—
$22.0001Additions, extens., &c.
West Penn Pr. Co. 1st 6s, Ser.0,'58
do
1st 7s, Series , 1940....... 3,000.0001
Wilson & Co., Inc., 1st 6s, her. A,'41 5,484,000 Working capital
Winchester Repeating Arms Co. 1st
6.860.000 Pay bank loans & debt
730, 1941
Total
3489.102,300
RAILROAD STOCK LISTED FIRST SIX MONTHS OF 1922.
Amount.
Purpose of Issue.
Company and Class of Stock—
Atch. Top. Sr Santa Fe corn. stock —31.082.000 Conversion of bonds
Delaware Lack.& West. capital stock 42,277.000 Stock dividend.
109,504,200 Exchange for old certifs.
Illinois Central common
do
6% convertible preferred.. 10.721,400 Development, exten.,&c.
Missouri Pacific RR.5% Pref.stock- 71,800.100)Exchanged for trust cartificates.
82.839.500
do
Common stock
Pere Marquette By.5% Prior Prof... 11,200,0001 Exchanged for Voting
Trust Certificates.
12,429.000
do
5% Preferred stock
45.046.000,
do
Common stock
Seaboard Air Line By.common stock 12,371,100 Exchanged for trust cer8.886,4001 tificates.
do
4-2 Preferred stock
Wabash Ry.common
362.600 Exch.for5% Cony.Pref.
B already listed.
do
1,081,600
Profit-sharing Prof. A
Western Maryland common
214.900 Exch. of sec. of cons. cos.
Total
3409.815.800
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1922.
Purpose of Issue.
Company and Class of Stock—
Amount.
Atch. Top.& Santa Fe. corn. stock.... 3577.000 Conversion of bonds.
nsg.betternets.ac.
Bangor & Aroostook RR 707
efduitnid
oin
Ad
000 R
55
80
8:0
o Prof..
2..4
pref._
-- 13
%
Chesapeake & Ohio By.6
Chic. & Eastern Illinois By.,coin— 23,845,300IIssued under reorganiza.
do
6% preferred
22,051.100f zation plan.
Illinois Central common
208,200 Exchange for old certifs.
N. Y. Cent
Central RR. capital stock__. 20.056.000 Acq. of stock of "Big 4."
Norfolk & Western corn,stock
5.888.000 Conversion of bonds.
Tol
Toledo St. Louis & West. RR. corn._ 10.000.000 Exchange for certif. of
deposit already listed.
do
4% non-cum. preferred._ 10,000.000
Wabash By.common
Exch. for 5% Conv.Pref.
do
Prof. B. already listed.
Profit-sharing Prof. A_
459,500
Western Maryland corn
69.000 Exch.for sec,ofcons.Cos.
Total
$59.086.000
MISCELLANEOUS BONDS LISTED FIRST SIX MONTHS OF 1922.
Company and Class of Bonds—
Purpose of Issue.
Amount.
Max Rubber Co. 1st 15-Year fis. 1936 $3,000.000 Working capital
Atlas Powder Co. Cony. nis. 193&.. 3,898,300 Liquidate floating debt
Barnsdall Corp. Cony.88. Ser. A.'31 7.160,300IRefund. notes and notes
Cony.85, Ser, B,193h... 1,440,0001 pay., working capital
do
BethlanSteelCorp.Cons.6s,Ser.A.'48 4.172.000 Exch. 7% notes
Canadian Gen.Elec.,Ltcl.,Deb.6s.'42 5.000.000 Working capital
Commercial Cable Co. 1st 45, 2397- - 1,158,000 Exch. for reg. bonds
Total
Consolidation Coal 1st & Ref. 58, 1950 9.795,000 Capital expenditures
3109.651,600
Cuba Cane Sugar Debs.(stjod. es),'30
21,800 Exch. for '78 under plan
ELECTRIC RAILWAY STOCK LISTED FIRST SIX MOS. OF 1922.
Denver Gas &El.1st& Ref.58.1951- 8.424.000 Redg.; corpor•Pureases
(B.I.)duPontde Nem.&Co.7%8.'31- 35.000.000 Acquis., working capital
Company and Class of Stock—
Purpose of Issue.
Amount.
Duquesne Light 734% Cony. Debs
10,000,000 Acquis., corp. purposes Market Street Ry.common stock-__
323,600 Issued under reorganizeGoodyear Tire & Rubber 1st es, 1941- 29.250.0001Issued under refinancing
do
Preferred
plan of United
tion
80.900k
do
Debenture 88. 1931
27.500.000J plan
do
Prior preferred
806,2001 RR. of San Francisco.
Indiana Steel Co. 1st(ltd. 58, 1952_ _ 5,405.000 Exten.. betterments, &c.
do
Second preferred
161,800
Internat.Paper1st& Ref.5s er.A ,'47
701,000 Corporate purposes
Monongahela Pow.& Ry.Pref. stock
214,050 Exch for certifs. bearing
do
Series B. 1947
12.500.000 Reduce floating debt
name of Mon.V.Tr.Co.
(Julius) Kayser & Co. 1st 78,
..„. 4,000.000 Capital expend., &c.
Va. Ry.& Pow.Co.6% non-cum.pf.
23.700 Stock dividend.
(G. R.) Kinney Co., Inc.,
7M7
1942o
Cony. notes, 1936
2,500,000 Pay floating debt
Total
$1.610.250
Marland 011 Co. 734s, Ser. B, 193L.. 3,000,000 Pay bk. loans, wkg. cap.
ELECTRIC RAILWAY STOCKS LISTED SECOND SIX MOS.OF 1922.
Montana Pow.Ist& Ref.5s,Ser. A ,'43 1.000,000 Refunding
National Tube Co. 1st GUI. 5s. 1952_ 2,153.000 Extensions, &c.
Company and Class of Stock—
Amount.
Purpose of Issue.
N.Y.Edison 1stLien&Ret.6Yis,Eler.A 30.000.000 Capital expenditures
Detroit United By. capital stock__ .._
$2,500 Stock dividend.
N.Y.Teleph. Ref. 6s. Ser. A,1941— 50.000,000 Extensions, impts., &c. Market
Street
By.
common
under reorganize50.2001
Issued
Otis Steel Co. 1st 20-Year es, 194i_.... 5.000,000 Refunding, wkg. capital
do
Preferred
11,8001 tion plan of United
Pions.Co.lst Ref.& Coll.6s,Ser.A ,'44 15.874,100 Refunding,impts., &c.
do
Prior preferred
125.5001 RR. of San Francicso.
Pierce 011 Corp.8% Debentures, 1931 2.000,000 Working capital
do
Second preferred
23.1001
South Porto Rico Sugar 1st 78. 1941-- 6,0t,0,000 Red. bk.loans, wkg.cap. N.N.
& H.Ry.,G.& E.7% pref.stk 1.500,000 Pur. of achl'i prop.. &c.
Standard Milling Co. Ist 5s, 1930--445,000 Exch.sub. co. bonds
Public
Serv.
Corp.
N.
J.
8%
Pref..
General corporate purp.
18,414.500
Tobacco Products Corp. 10-Year 7%
notes. 1931
4.000.000 Pay scrip and bank debt
Total
$20,127.600
Toledo Edison Co. 1st 7s, 1941
13.500,000 Funding, working capital
United Drug Co.20-Year 88, 1941--- 12,25(1.000 Funding floating debt
MISCELLANEOUS STOCKS LISTED FIRST SIX MONTHS OF 1922.
U.S.Hoffman Mach.Corp.Deb.85,'32 2.500.000 Acquisition
Company and Class of Stock.
Amount.
Purpose of Issue.
Warner Sugar Refining 1st 7s, 1941-- 6,000,000 Pay current debt
Allied Chemical & Dye Corp.—
Western Union Teleg. 15-Yr.614s,'36 15,000,000 Additions, &c
Common (7,952 shares)
*39,7601Issued under consolidaWilson & Co., Inc., 10-Year Cony,
Preferred stock
318,5001 tion plan.
7145, 1931
Ajax Rubber Co. Common stock *10,000,000 Exch. for old shares of
10,125,000 Fund floating debt
(425,000 shares)
1$50 par value. CorporTotal
$349.772,500
ate purposes.
MISCELLANEOUS BONDS LISTED SECOND SIX MONTHS OF 1922. Amer. Brake Shoe & Fdy. Co. Corn-) *139,152fIssued under recapitalmon (1.784 shares)
ization plan.
Company and Class of Bonds—
American-La France Fire Engine Co.,
Purpose of Issue.
Amount.
Baragua Sugar Co. 1st 714s, 1937-- $4,500.000 Acq. of constit. company
Inc., Preferred stock
2,661,400 Old stock just listed.
Bethlehem Steel Corp. Cons. (is,
Am. Shipbuilding, Common stock- _ _ 6.770.500 Exch. for Prof. stock.
Series A
Am.Tel.& Tel. Co.capital stock...... 22,908,700 Cony,of bds.; work. cap.
4.220,000 Exch. 7% notes
Bidyn Union Gas 7'% Cony. Dote.'32 5,050.600 Corporate purposes
American Water Works& Elec. Co.—
do 1st Lien & Ref. 6s. Ser. A.'47 6.000.000 Acq.suc. ofsub. cos.. &c.
Common (v. t. c.)
465,700]
do 7% Cony. dohs., due 1929---- 2,000,000101d bonds Just listed
7% Cum.Preferred (v. t. c.)
233,300101d stocks just listed.
do 1st Ext. 5s, 1945
38.0001
Participating Prof.(v. t. c.)
209.100
Canada SS. Lines, 1st 78. 1942
6,000,000 Ref. bds.& pay bank lns. Anaconda Cop. Min. Co. cap.stock
33,437,500 Acq. Am. Brass Co. stock
Commonwealth Pr. Corp. Sec. 6s.'47 12,431,000 Pur, of sec.; corp. Pure. Atlas Powder Co. Common
stock just listed.
4,959.300101d
Crown Cork & Seal Co. 1st 6s. 1942.._ 4.000.000 Capital expends., &c.
do
6% Preferred
9,000,0001
(D.0.) Derry Corp. 1st 75. 19424.000.000 Retire curr. obligations; Barnsdall Corp. Class B stock
18.325 Exch. sub. co. stock.
British Empire Steel Corp. Common_ 21,498,4001
working capital
Dominion Iron & Steel Co., Ltd.,
do
1st 7% Prof.. Series B
7,394,600)Acquisition of stock of
Consol. 5s, 1939
do
4.645,000 hunts- additions, &c.
2d 7%
stock50.550,900 subsidiary companies.
Eastern Cuba Sugar Co., 754s. 1937- 10,000.000 Pay floating debt
Brooklyn Edison Co.capital stockExtensions, impts., &c.
8.656.800
Empire Gas & Fuel 1st& Ref.7 Xs.'37 45.000,000 Ref.notes:wkg.cap.,&c. Burns Bros. 7% Prior Preferred
1.292.100 Exch.for Burns Bros. pf.
Francisco Sugar Co. 1st 7145. 1942
do 7% Cumulative Preferred........ 2.947.0001Exch. for Wm. Farrell &
5,000.000 Refdg.; wkg. capital. &c.
(B. FO Goodrich Co. 1st6jis, 1947.... 24.500.000 Refunding 7% notes
do Class A Corn.(80,944 shs.)
*8,094.4001 Son, Inc., Pref, stock.
Gray & Davis, Inc., 1st Cony. 78,'32 1.000.000 Red.fitg. debt; wkg.cap.
do Class B Corn.(79,553 shs.)-- _
*650,000 Exchange for Burns Bros.
Kansas0.& E.Co.1st 6s, Ser. A.'52 10.000,000 Rettig.; wkg. cap., &c.
Common stock.
Kings Co. Ltg. Co. 1st Ref. 5s, 1954 2.428,000101d ixmds just listed
Bush Terminal Co. Common stock....
323.000 Stock dividend.
1st Ref. 614s, 1954
do
Callahan Zinc-Lead Co. capital stock
1.822.000J
Old
stock just listed.
360.010
Magma Copper Co. Cony. 75, 1932— 3.600,000 General corp. purposes
Certain-Teed Products, 1st Pf. stock_
540,000 Refund notes.
Manati Sugar Co. 1st 714s. 1942
8.000,000 Paybk.loans,extens.,&c. Chatham & Phenix Nat. Bk., N. Y
Additional capital.
3,500,000
Merck. & Manufacturers Exchange
Consolidated Textile Corp. capital
of N.Y.20-yr. 7s, 1942
2,750,000 Construction
stock (390,000 shares)
*11,712,000 Acq. constit. cos., &c.
Metropolitan Edison Co. 1st & Ref.
Corn Exch. Ilk., N.Y.,capital stock_
750,000 Additional capital.
6s, Series B, 1952
4,555,000 Refunding; wkg. capital
Cosden & Co. Corn. stock (67,604 sh.) *1,690,100 Acquisitions.
Mortgage Bond Co. of New York
do
7% Preferred stock
Acquisitions, exch. for
6,998,000
10-20-year 58, 1932
500,000 Additional wkg. capital
Prof. stock of$5 par.
New England Tel.& Tel. 1st 55. 1952 35,000.000 Red, current debt; con- Detroit Edison Co. capital stock---- 4,584,200 Cony, of dote.; Work.can
(E. I.) du Pont de Nemours & Co.—
struction, &c
N. Y. Steam Corp. 1st 6s, 1947
5,000,000 Refunding; corp. OurP•
Common
63.378.300101d stocks just listed.
No. Am. Edison Co. 6s, Ser. A, 1952 14,000,000 Fur, of securities, &c.
6% Debenture stock
69,521,200
Ohio Public Service Co. 1st & Ref.
Eastman Kodak Co.—
714s, Series A, 1946
Common (2,007,750 shares)
5,100.0001Acquisition of constit*20,077,500 Exch.for $100 par shares.
1st & Ref. 75, Ser. B. 1947 4.000.000/ uent companies
do
Electric Storage Battery Co. CornExchange for shares of
Otis Steel Co. 1st 7M s, Ser. B,1947
5,000,000 Now construction, &c.
mon (795,673 shares)
*19,891.825
$100 Par.
Pacific Tel.& Tel. Ref. 55, Ser. A.'52 25.000.000 Corporate purposes
Fisk Rubber Co. Corn. (35,761 shs.)
*321,849 Exchange for old stocks;
Cony.
Punta Alegre Sugar Co. 7%
do
7% 2d Preferred Stock...
2,633,200
acquisitions.
5,820.700 Working capital, &c.
Dabs., 1937
Freeport Texas Co. capital st
Remington Arms Co., Inc.. 1st O.%) 8,500,0001Acq.; working capital;
(111
1 ha
*782.817 Exchange for bonds.
I pay bank loans
General Amer. Tank Car 7% Pref.... 7,367,500 Working capital. &c.
1937
Robbins & Myers Co. 1st 7s, 1942--- 3,000.000 Refund notes & debt •
General Asphalt Co. Common stock_
31,200 Old stock just listed.
Rogers-Brown Iron Co. Gen. & Ref.
General Baking Co.—
4,000,000 Refdg.; corp. purposes
75. 1942
Common (138,578 shares)
*3.400.0001Exchange for Prof. and
Saks & Co. 20-year 7s, 1942
3,500.000 Construction, &c.
Preferred stock (88.158 shares)- - *8,815,8001 Corn. abs. of
Sinclair Consol. Oil Corp. 1st Lien 7s.
General Electric Co. capital stock— 2,580.300 Stock dividend.$100 Par•
50,000.090 Refdg.; corporate purP.
Glidden Co. cap. stk.(322.955 abs.).. *1.614,775 Old stock just listed.
1937
Fur.
Oil
Crude
514%
Sinclair
Co.
Granby Congo'. Min., Smelt. & Pow.
notes, Series A
30.000.000 Pay debt, porch. oil, &c.
Co.. Ltd., capital stock
2,944.300 Construction. &c.
Sinclair Pipe Line Co. 20-yr. 5s, 1942 25,000,000 Extensions, &c.
Guantanamo Sugar Co. Common] *33.750,0001Exch for existing Ws.:
Standard Milling Co. 1st 5s, 1930--776.000 Exch. sub. co. bonds
(375,000 shares)
working capital. &c.
11
Sugar Estate of Oriente, Inc., let
Guantanamo Sugar Co. Prof. stock.... 1,500,000f Redemption bank loans;
6,000,000 Red. debt of constit. cos.
7s, 1942
working capital. &c.
Union Bag & Paper 1st es. Ser. A,'42 6,500,000 Refunding; cap. expend. George W.) Helm Co. Conunon stk_ 2,000,000 Stock dividend.
Union Oil Co., alif.. 20-yr. 6s, 1942 10.000.000 Working capital
Hudson Motor Car Co.capital stock]
for $10 Par shs•
Mach.
5s,
Ser.
Ref.
A,
'47
U.S. Rubber 1st&
7.000.000 Refunding 5-yr. notes
(1.120,960 shares)
1*13.201,0001 & Essex Motors stock.
United SS. Co.. Ltd.. Copenhagen,
Hydraulic Steel Com.(100.000 abs.).. *500,000 Working capital.
5,000,000 Current bldg. program
15-year es, 1937
/Acquisition of constituInternationalCombustion Engineer-I
United Stores Realty Corp.(ltd. 6%
hog Corp.Corn.(202.626 shares)--f *5.187,1561 ent cos., &C.
6.000.000 Develop real estate
Dabs.. 1942
International Harvester (Ions, stock.. 1,882,3W Stock dividend.
Chem.
1st
7s,
1947
Virginia-Carolina
25.000,000IRefun&ng existing debt; Invincible Oil cap. stock (72,055 sbs.) *720,550 Acquis. corp. Purpose...
15-year Cony.7145, 1937- 12,500,0001 working capital
do
(S. S.) Kresge Co. Common stock.... 6,419.100 Stock dividend, &c.
2452
THE CHRONICLE
[VOL. 116.
Purpose of Issue.
Company and Class of StockAmount.
Purpose of Issue.
Amount.
Company and Class of StockOld stock listed, and
(Exch. for Prof. & Corn. (R. H.) Macy & Co:, Inc., Common
(Julius) Kayser & Co.(350,000 shares)
shs. (par $100) under
'$12,381.8541 general corporate purConunon v. t. c.(100,261 shares) )*$7,063,447
I recap. plan.; Wkg. cap. do 79 Cum.Prof.stock
10,000,0001 poses
Preferred v. t. c. (55,724 shares)_ _I
Magma Cop.Co.cap.stk.(40.000 sh.)_ *1,200,000 Exch.for share of $5 par.
523,900 Exch. for Pref. stock.
Lima Locomotive Works,Inc., Corn_
for stock tr. ctfs. Manhattan Shirt Co..Inc., Com.stk. 2,324,025 Stock dividends
jExch.
7,086,200
Loose-Wiles Biscuit, Cora. V. t. c---May Department Stores, Corn. stock 20,000,000 Exch.for shs. of $100 par
A extended to 1927.
lAcquisitions of constit
Metropolitan Edison Co. Prof. stock
McIntyre Porcupine Mines, Inc.,
Exch.
par
$1
of
stock
for
(39,849 shares)
cos. additions, &c.
*3,713,982
3.640.283
capital stock
Mack Trucks,Inc.,Com.(283.108sh.) *1,215,540}Exch. for ctfs. bearing Mex. Scab, Oil cap.stk.(441.291 shs.)1*6,283,491 Old sliares (and v. t, c.)
C.
Motor
t.
v.
Int.
of
listed
do
shares)_
name
(261,000
just
10,921,800
1
stock
1st 7% Prof.
do
Truck Corp.
Middle States Oil Corp.capital stock_ 1,478.450 Acq.ofstks.ofconst.cos.
5,331,700
... stock
,
2d Prof. 7°
do
Montana Power Co.7% Pref
758.475 Stock dividend
84,600 Exch.stk.Deer L.El.Co.
Manhattan Shirt Co.Common stockMoon Motor Car Corn.(154.218 shs.) *771.090 Exch. for shs. of $5 Par
Marland 011 Co. stock (106,533 shs.) *6,072,381 Acq. of constit. cos.
Mother Lode Coalition Mines Co.
Mexican Petroleum Co., Ltd., Corn.
listed
just
stock
capital stock (2,000,000 shares)._ *16,822,274 Old stock just listed
Old
5,285,000
stock
*510,000101d stock just listed
Middle States Oil Corp. cap. stock-- 7,707,440 Acq. stocks of sub. cos. Nash Motors Corn. (54,000 shares)_ _
7% Cum.Prof. stock_
do
3.500.0001
Montgomery Ward & Co., Inc.,
N.Y. Air Brake Corn.(200.000 abs.).'10,000,000 Exch,for shs. of$100 par
11,403,450 Exch.for no par shares
Common stock
Class A stk.(100.000 shs.) *5,000,000 Red, bk.loans; wkg.cap
do
North American Co. Common stock.. 2,233,350 Cap. requirements. &c.
3,176,600 Stk. div.; aca. of North Niagara Falls Power 7% Prof. stock_
555,900 Improvements, &c.
Preferred stock
do
American Edison Co.
North Amorican Co.,Common stock_ 3,522.150 Capital requirements
6% Prof. stock
do
893,800 Acq.Wis.Edison Co.stk.
Penn Seaboard Steel Co.stock v. t. c.1*1,063,075.1Exch. for v. t. c. expired
1 1921
1
Otis Stool Co. Corn. (329.344 shs.)_ _ *1,646,720 Constr., working capital
(212,615 shares)
3,375,000 Corporate purposes
Pacific Tel.dc Tel. Co.6% Prof.stk
25,000,000 Pay indebtedness, &c.
Pierce 011 Corp. Common stock
Packard Motor Car Co., Corn,stock- 11,885,100 Old stock just listed
,Ugly Wiggly Stores, Inc. Class A}*5,850,000!Acquisitions; working
'
1 capital, &c.
7% Preferred stock
do
14.789.800
Common (200,000 sharers;
Pan American Pet. & Transp. Co.
Exch. for Mex. Pet. Co.
Postum Cereal Co., Inc., Corn.
*1,000,0001Acquisition of constitClass B Common stock
stock dividend
38,463.200
(200,000 shares)
6,500,0001 uent companies
Penn Seaboard Steel Corp. stock
8% Preferred stock
do
13,897.500 Refdg.;acqs. & wkg. cap.
v. t. c.(163,318 shares)
*816,590 Exch.for v.t. c.exp'd '21
Pure 011 Co. Common stock
10,000,000 Working capital
Penna. Edison, Prof. (19,122 shs.)
*1912.200 Improvements, &c.
8%p Cumul. Prof. stock
do
Phillips Petroleum Co. capital stock
Reynolds Spring Co. Common stock
listed
just
stock
Old
*661,205
*1,675,250 Gen. corporate purposes
shares)
(33,505
(73,500 shares)
10,000,000)
Punta Alegre Sugar capital stock
4,862,500 Acq.stock of constit. cos.
(R. J.) Reynolds Tobacco Corn.stk
(R. J.) Reynolds Tobacco Co. new
New Class B Common_ _ _ 50.000.000001d stock Just listed
do
90,000.000J
Class B Common stock
20.000,000 Stock dividend
7% Preferred stock
do
Saxon Motor Car Corp. Common
Seneca Copper Corp. capital stock
500,000 Corporate purposes
stock (63.000 shares)
*315,000 Add'l work. capital, &c...
(100,000 shares)
Shell Union Oil Corn.(8,000,000shs.)*181.912,821 Acquis, constituent ma.
Sinclair Consol. 011 Corp. Common
*633,770 Old stock Just listed
6% Pref. stock, Series A. 20,000,000 Addlwkg.cap.,acq.,&c.
do
(126,754 shares)
Sinclair Consol, Oil Corp., Common
Spicer Mfg. Corp. Corn.(313.750 sh.) *7,375,000101d stock just listed
3,000,0001
stock (4.475,468 shares)
*22,377,340 Exch. for outstg. ctfs.
'do
89 Preferred stock
Preferred stock
do
19,999,500 Conversion of notes, Sm.
Standard Oil Co. N.J.7% Prof.stock 1,673,200 Acq. of constit. cos.
Sterling Products, Inc., stk. (502,735)*9,267,8001Exch. for shares of $100 Skelly Oil Co., capital stock
19.989,450 Old stock just listed. cor1 par; acquisition
porate purposes, &c.
shares)
(A. G.) Spalding & Bros.,7% Pref
Sweets Co. of America. capital stock_ 4,500,000 Old stock just listed
4.757.000 Old stock just listed,
cap.
working
Additional
900.000
working capital
Tobacco Products Corp. Corn, stock_
Standard Milling Co.,Common stock 4,457,400 60% stock dividend
U. S. Hoffman Machinery Co. Corn.
*2,876,155 Acq. of constit. cos.
Standard 011 Co.. Calif.,capital stock
v. t. C. (69.500 shares)
379.550 Offered to employees
U.S. Tobacco Co. Corn.(317,952sh.) *7,948,5201Exch.for ctfs. bear.name Standard Oil Co.. N.J., Corn. stock_397,929,700 400% stock dividend
7% Non-cum. Prof. stock 5,520,0001 of Weyman-Bruton Co. Timken Roller Bearing Co.,Common
do
Preferred
26
of
stock (1,200,000 shares)
Van Raalte C'o. 7% Preferred stock_ - 1,000,000 Cony.
*6,000,000 Exch,for shs. of $100 roar
5,000,000 Stock dividend
Tobacco Products Corp., Corn, stock 25,924,500 Exch. for Class A shares
Virginia Iron Coal & Coke Prof.stk
Class A stock
do
Western Elec. Co., Inc., Prof. stock_ 5,492,600 Cony. of Deb. bonds
44,779,8001 ofcorp.and Class A shs.
White Eagle Oil & Ref. Co. capital
of U. R. Stores Corp.
*7,615,788 Old stock just listed
Utah Securities Corp. capital stock
stock (294.042 shares)
30,775,100 Exch.for v. t. C.
White Oil Corp. Corn.(959,046 shs.)-*26,121,913 Exch. for exist. ctfs. & Van Raalte Co.. Inc ,Common stock
acq. of add'i properties
'
(80.000 shares)
*2.144.952 Old stock just listed
Va.-Caro. Chem. Corn,(279,844 sh.)1*27,984,400!Exch. for Corn, shares of
$755,414,511
Total
do Class B Coro.(69,961 shs.)__
1. $100 par
MISCELLANEOUS STOCKS LISTED SECOND SIX MONTHS OF 1922 Western Electric Co. 79'o Pref. stock_ 19.187,000 Conversion of bonds
Eagle Oil& Refining Co.,capiWhite
Issue.
of
Purpose
Amount.
Stockof
Class
and
Company
tal stock (105.958 shares)
*3.983,682 25% stock dividend, &c.
Air Reduction Corn.stock (15,000 shs) *660.000 Acq. of Davis-Bown. Co. Wickwire
Spencer Steel Corp., CornExch.for old ctfs.& Class
500.000 25% stock dividend
Alliance Realty Co. Capital stock _
stock
shares)
(434.800
mon
A Corn.shs.; acquis'ns.
*2.174,000
consol.plan
under
Issued
8,600
Allied Chemical & Dye Corp., Pref_
Co.,
Common
stockOld stocks just listed
1,100,100
Willys-Overland
17,000101d stock just listed
Am.La-France Fire Eng.Co.,Inc.,Cm
7% Preferred stock
do
8,878,700
41,600f
Preferred stock
do
Am.Metal Co., Con.(563,000 shs.)_*16.044,030 Old stock just listed.
Total
$1,487,405,605
5.000.000 Liq.curr. debt; wlat•eaP.
do
7% Preferred stock
*Indicates shares of no par value. The amounts given represent the
American Radiator Co. Corn. stock_ - 6,903.125 50% stock dividend
the declared or stated value.
309,000 Exch. for Prof. stock
American Shipbuilding Co. Corn_ _
Am. Tel.& Tel. Co. Capital stock.. _ _128,277,800 Corp. purp.. cony,of bds
PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1922.
721,000 Exch.for old Prderred
American Tobacco Co. Pref. stock..
Am,Wat. Wks.& El. Co Com.(vtc) 1,600,800 Exch. for extended v t c
Railroads oi Elec. Rys. Rate.
Amount.
Date.
faturity.
7% 1st Pref. (v. t. c.)__ _ 1,360,200 Acq.,exch.for ext. v.t.c. Canadian Northern Ry___ _5% Mar. 1 1922 Mar. 1 1925 $11,000,000
do
6% Particip. Pref.(v t c)
do
505.400 Exch. for Intend. V. t. c. Galesburg fly.. Ltg.& POW.7% NOV. 1 1921 Nov. 1 1926
300,000
Art Metal Construction Co. Cap. stk 1.606.300 Exch. for v. t. c.
Oalv.-Hous. Electric Co_..7% Feb. 1 1922 Aug. 1 1925
1.700.000
Atlas Powder Co. Corn,stock
3.241.400 Red. of bonds,corp. purp. Mimi, St.P.& S. S.M. Ry.5% June 28 1922 June 28 1924
3,000,000
Bank of New York Trust Co.Cap.stk 4,000,000(Merger of N.Y. Life Ins.
& Tr. Co.& Bk.ofNY
Total railroad and electric railway notes first six months_ _ _ _ $16,000,000
Beech-Nut Packing Co. Corn.stock__ 5,000,600 tk. div.. old stk.just list.
Miscellaneous Cos.Rate.
Amount.
Date.
Maturity.
Lackawanna Steel
Bethlehem Steel Corp. Cl."B"
Corn_ 22,608.500
Prof.Acq.of
$600,000
Birdsboro Steel F.& M.Co_6% June 1 1922 June 11032
do
7% Non-cum. ef. stock 6,940,600
300,000
May 1 1922 1923-1927
Carmen Mfg. Co
British Empire Steel Corp.Corn
1,208.900
Gold Min. Co_ _7% Mar. 1 1922 Mar. 1 1927
600,000
do
1st 7% Prof. Series"B"_ 244,600 J Acquisition of stock of Carson Hill Co
7% Jan. 1 1922 Jan. 1 1927
Consumers
3,000,000
do
2d 7% Pref.stock
2,398,200) subsidiary companies
Edison El. Ill. Co.of Bost--5% Jan. 16 1922 Jan. 15 1925 12,000,000
Brooklyn Edison Co. Capital stock
2,315,500 Exton., impts., &c.
do
5
4,000,000
do
Jan. 16 1922 Jan, 15 1923
do
Burns Bros.7% Prof.stock
41,000 Exch .for Wm. Farrell
500,000
Eureka Vacuum Clean. Co-8% Jan, 1 1922 Jan. 1 1937
& Sons stock
200,000
Bush Term. Bldgs.7% Cum. Gtd. Pf
Great Bend W.& El. Co---8% May 1 1922 May 1 1926
708,200 Old stock just listed
400,000
California Petroleum Corp. Com_
Apr. 1 1926
1,702,1C01Issued in exch. of West. Holston Corporation
200,000
54 1921
7
'
7% Cum.Pref
do
Hydros Co
1922-1923
1,691,9001 Ala. Oil Co. stock
900,000
Callahan Zinc-Lead Co. Cap. stock... 1.209.790 Additional working cap. indlahoma Refining Co-Jan. 1 1922 Jan, 1 1929
800,000
8% Oct. 1 1921 1922-1925
Indiana Power Co
(J. I.) Case Threshing Mach.Co.Corn 13,000,000 Old stock just listed
456,500
Metropol. 5-50c. Stores- _7% Apr. 1 1922 1923-1927
Coca-Cola Co. 7% Prof. stock
10,000,000 Old stock lust listed
7r4 Sept. 1 1921 Sept. 1 1926
500,000
Orpheum Circuit, Inc
Commercial Solvents Corp. Class A
800,000
Dec. 1 1921 Dec. 1 1931
stock (40,000 shares)
1*1,857,4891 Exch.for bds.& Pfd.stk. Rich Steal Products Co_ _ _
250.000
1 each.for Com.stock
do Class"B"stock (40.060 shs.)- J
San Angelo W.,L.& P. Co-8% Mar. 1 1921 Mar. 1 1931
200,000
Southern Cities Utilities C0.8% Dec. 1 1921 Dec. 1 1931
Conley Tin Foil Corp. Corn. stock
250,000
*994,820 Acq. of constituent cos. Standard Gas & Elec. Co_ -69 Oct. 1 1915 Oct. 1 1935
(198.964 shares)
200.000
Stearns Ltg. & Power CoConsolidated Cigar Corp. Corn. stock
Sept. 1 1921 Sept. 1 1931
3,150,000
7% June 1 1922 1924-1930
•1.028.550 Red. debt., work. cap.
Van Sweringen Co
(41.142 shires)
1.200,000
Wausau Sulphate Fibre Co-7% Apr. 15 1922 Apr. 15 1932
Consol. Gas Co., N. Y.. Corn. stock_ 22.388,300 Conversion of bonds
500.000
Western States G.& E.Co-6% Feb. 11917-Feb. 1 1927
Consolidated Textile Corp. Capital
Willys-Overland Co
7% June 1 1922 Dec. 1 1923 16.500,000
*11,607,420 Working capital
stock (386914 shares)
ContinentalMotors Corp. Corn. stk.
$47.506,500
Total miscellaneous company notes first six months
*17,608,450 Exch. for shs. of $10 par
(1.760.845 shares)
Total railroad, electric railway and mks,cos., first six mos.- $63,506,500
Cosden & Co. Corn. stock(164,419 shs)*4,274,894 Refunding bonds, &c
Crucible Steel Co.of Am.Corn,stock 5,000,000 Cash; working caipital
Dome Mines Co., Ltd., Capital stock 4,290,000 Exch. for shs. of $10 par PRINCIPAL NOTE ISSUES NOT LISTED SECOND SIX MOS. 1922.
1,967,800 Conv.of D.E.Co..wicg cap
Detroit Edison Co. Capital stock_
Amount.
Railroads & Elec. Rys.- Rate.
Maturity.
Date,
*41,000 Exch. for shares $100 par Unit. Rys.& El.Co.of Balt_6% Aug. 1 1922 Aug. 1 1927 $2,500,000
Eastman Kodak Co.Com.(4.100ihs)
Electric Storage Battery Co. Corn
Amount.
Miscellaneous
Cos.Rate.
Date.
Maturity.
*55,100 Exch.for shs.of $100 par
(2,204 shares)
7% Sept. 15 1922 Sept. 15 1937 $5,000,000
Booth Fisheries Co
Exchange Buffet Corp. Cap. stock
2,000,000
July 1 1922 July 1 1925
*3,787,122 Stk. div.,&c.,old stk.list. Central Indiana Power Co_7
(248.496 sirs.)
500,000
19
Fitchburg Gas & Elec. Co_ 5 o Nov.1
1922 Nov. 1 1925
Fidelity & Phenix Fire Ins. Co.,
11:000000:00000o
General Petroleum Corp__ _6.7
1927
New York.stock
5,000,000 Old stock just listed
Gas
Northern
5
6
-7°
Co-1
Nov.
1925
1
Nov.
1922
Ohio &
Freeport Texas Co. Capital stock
00
00000
500,0
:500000:
Nov. 1 1922 1925-1927
*833,903 Exch. for bonds
(119.129 shares)
Red River Lumber Co
7 o Nov. 1 1922 Nov. 1 1937
Gen. Amer. Tank Car Corp.Preferred 1,000,000 Additional work'g capital Renfrew Mfg. Co
1922 Nov. 1 1925
General Electric Co. Special stock_
8.718.300 Stock dividend
Salem Elec. & Lighting C0_59 Nov.
300,000
Secur. Cement & Lime Co--7% Sept. 1 1922 Sept. I 1927
Gimbel Bros. Inc., Corn, stock
1,500,000
Nov. 1 1922 Nov. 1 1932
*207,140 Old stock just listed
(71.528 shares)
(M.E.) Smith & Co
500,000
.Pref.
12,000,000 Consolof constit.cos.,&c. Springfield Gas & Light Co_24 Nov. 15 1922 Nov. 15 1925
IC,Stewart& Sons,Inc.79 July 1 1922 1923-1932
Goldwyn Pictures Corp. Common
5042
30
secp
5% O
.. 16
tt
2 Oct. 15 1932 50,0
1922
192
*11,536,940 Cony, of notes; old stock Swift & Co
v. t. c.(720,000 shs.)
Vermont Hydro-Elec. Corp.7%
Just listed
000
12,
4
.
0
6
_7
Gas
Co_
Light
3
6
2
Washington
2
9
Jan.
1
2
1
,
1
.19
1
P
n
2
9
e
a
1
S
J
1921
Min.
Consol.
Power
Smelt.&
Granby
52:050000:000000
Dec. 1 1922
1,049,560 Working capital
(J. R.) WatIdns Co
Co., Ltd., Capital stock
150,000
Power
Electric
1924
CoJuly
1
July
Corn.
1
1922
Inc.,
Davis,
Weber
(Exch.
&
(136,904
for
ctfs
old
Gray
1 192
e 15
t.
Oucn
922 Oct. 1 1937
*1,836,7311 working capital
West. States Gas & El. Co-6% j
shares)
1,500,00r,
Weyenberg Shoe Mfg.Co 7%
June 15 1937
Indiahoma Refining Co.Capital stock 5,000,000 Exch. for stock, par $5
Wi
stock
Common
Co.
11,800.000
ckwire pen. Steel Corp_7% Sept. 1 1922 Sept. 1 1932
Ingersoll-Rand
100% stock
, &c.
5:20
70
20
1.7
Mar. 15 1922 Mar. 15 1932
(David A.) Wright.Inc...
International Harvester Co. Corn.stk 1,919,900 Stock dividends
div•
433,400 Exch. for plain certifs.
International Paper Co. Stpd. Pf. stk
$85,805,000
miscellaneous
company
notes, second six monthsTotal
Invincible Oil Corp. Cap. stock
2,500,000
Total electric railway notes second six months
*9,831.525 Refunding; corp. purp.
(297,925 shares)
18.500,000
stk 25,709,510 Exch. for v. t. c.
Total railroad and electric railways for year
Island Oil& Transport Corp. Cap.
133,311,500
Total miscellaneous companies for year
(Exch. for shs. of $10 par;
Keystone Tire dc -Rubber Co. Corn.
Total railroad, electric railways and misc,cos.for year 1922- 151.811.500
*4,558,800 retire indebt.; wk.cap
stock (455,880 shares)
285,530,966
Total as reported for 1921
fill.) Kresge Co. Common stock- 1,756,500 Stock dividend
761,910.140
Total as reported for 1920
Locomotives Works,Inc., Corn.
524.763,500
for
reported
1919
as
Total
*4.304.025 Exch.for shs. of $100 par
(172,161 shares)
.71. Nia 2 1923.]
THE CHRONICLE
2453
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. country. Labor, enjoying a corner in the services which it
has to sell, is putting up prices to unheard of rates. These
Friday Night, June 1 1923.
Business halts in some directions partly owing to unfavor- wages are fantastic, but they are very real and they menace
able weather and partly from a conservative spirit which the well-being of society at large. Wages in the textile inpervades many avenues of American industry. It has been dustry have mounted to such a level that, finding it imposrather too cool in parts of the West and cool and rainy in sible to sell their product freely, many of the New England
large portions of the South, including the cotton belt east of cotton mills have recently been running on a 4-day week and
the Mississippi River. These conditions have indeed been in some cases have stopped work altogether from one to two
so inclement as to interfere with the cultivation of the cot- weeks. This, of course, means a reduction for the time beton crop, so that it is not making a very good showing. The ing in labor's wages. Labor cosbs have put up prices of
Government report to-day was of a condition of only 71%, everything. Yet labor forgets that there is a difference be2% better than a year ago preceding a crop fail- tween the rates of wages and wage values. It is all very
/
or barely 11
ure, and 2%% under the 10-year average. The weather has well to receive high wages, but if the act of getting high
been so rainy in many parts of the South that cotton planta- wages means high prices, high cost of living, it is evident
tions are clogged with grass and weeds and the weevil pest that the wage value of the workers' wages has declined. It
has appeared in limited districts. It is true that rains in is a good deal like a man trying to raise himself by his own
the Southwest have been favorable for the winter wheat boot-straps. This labor question is one of the menacing
crop, that the weather in Texas has been good for cotton things of the times. There is no disguising this fact. The
and that it now looks as though the South Atlantic States are 3% restriction law should be repealed or greatly modified
to have clear and probably warmer weather, which will at the earliest possible moment. High taxes also prey upon
inure to the benefit of agriculture and trade alike. The de- business to an extent that militates against the prosperity
mand for iron, steel and lumber has fallen off even more of the country.
Nevertheless, the tone of business in the United States is
noticeably than in recent weeks and prices, especially for
iron, have fallen. Coke and lumber have also declined in not despondent and with better weather business in many
various sections of the country. To be sure, deliveries of lines will no doubt improve. It is gratifying to notice signs
iron and steel continue on a large scale and cancellations of improvement in the business conditions in Europe. The
are rare. But taking business as a whole, it is inclined to fact that Austria has been granted a loan of $130,000,000 by
be quiet and declines in prices are far more numerous than international co-operation is of itself a hopeful augury. It
advances. Jobbing and retail trade has declined, though is regrettable ,of course, that the troubles in the Ruhr are
clear and warmer weather in the Southwest, notably in growing more acute, with serious riots and much violence
Texas, has helped retail business there. And in some of the and not a little loss of life. Also, it appears that the German
steel centres of Pennsylvania and the automobile districts mark is now of less value than the Austrian kronen. This
of Michigan, like Detroit, business has been more satisfac- state of things cannot continue indefinitely. Something may
tory than in other parts of the country. In the coal mining be done by a change of policy in the matter on the part of
districts, on the other hand, it has fallen off. As regards Great Britain with the acquiescence of Belgium. Russia
the automobile industry it continues active and it is believed meanwhile is said to be offering wheat in the markets of
western Europe and thb textile interests of France and
the May production may exceed any former record.
In some important centres prices for building materials Italy have recently shown signs of improvement. England's
have fallen and, as already intimated, these include lumber, business in cotton goods with the Far East, notably China,
not excepting the Pacific Coast, as a result of the recent has also increased.
Early in the week a deadlock was reported in the brickslowing down of building by reason of high costs. Wool has
been quiet, but in the main steady, though there layers' strike. It was said that unless a compromise was
has been some further business for export at Boston. Prices reached - within a few days all work on buildings
for hogs are down to the lowest seen since December 1921. being erected, at an estimated cost of $200,000,000, would be
And wheat and rye during the week dropped 7 to 7% cents. halted and the mechanics still at work, numbering some 50,Cotton, with better weather in the Southwest, hopes of bet- 000, would be thrown out of employment. Efforts were at
ter conditions in the Eastern belt, and the fact that June is once made to compose the trouble. The Department of Laapt to be a favorable month for the crop, has declined some bor took a hand. Meanwhile architects are laying off help.
$5 to $6 a bale net. The drop in the grain markets is at- A shortage of bricks is feared. And builders explain that
tributed largely to Government surveillance, although bet- strike or no strike there is a scarcity of bricklayers. There
ter weather and competition from India and Argentina have is work in New York City for 10,000 of them. The employcounted for a good deal. It has come to be an axiom among ers say that the three unions have only about half this numeconomists that interference on the part of Governments ber. The unions claim that they have about 7,000 in this
with business affairs of the people is apt to be more mis- city. Once they strike it is difficult to get them back again,
chievous than otherwise.- There was a time when the "mer- even when union leaders try to induce them to return. Some
cantile system" had the approval of all the Governments of of them did work on Memorial Day, but they got double pay
Europe with its teaching of "sell all you can and buy as lit- for a holiday. And as already intimated, there is a fear of
tle as possible," get all the gold you can and pay out as little a scarcity of bricks owing partly to serious labor troubles in
as possible. And just now this country is suffering from two large brick establishments supplying New York and
carping interference with this, that and the other trade. In nearby points in New Jersey. These plants have a weekly
addition to all this is the high tariff, which of itself has led output of 7,500,000 bricks. One plant with a capacity of
to sharp competition for labor and soaring wages, though 1,500,000 bricks per week has been shut down for a month
these are due largely, as is everywhere recognized, to the and a half because of labor trouble. Another plant with an
3% immigration restriction Act. That is a thorn in the estimated output of 1,000,000 a day has been idle for two
side of the nation which irritates more and more as time weeks, cutting down the output some 11,000,000 bricks. Brick
goes on. And the.farmer is made to suffer by interference employees are on strike at Sayreville, N. J., Glasgow, N. Y.,
with the complicated mechanism with future trading on the and at other places, some of them for six weeks past. Brick
grain exchanges. That mechanism may not be altogether is not made after November 1. Some of the brick employers
faultless, but it has been evolved by years of study and ex- say they will have nothing to do with unions.
perience and answers undoubted needs of the grain busiThe Building Trades Employers' Association has settled
ness. The utility of speculation itself, if not carried to with the carpenters' union numbering 26,000, on the basis
undue lengths, is recognized by all authorities on eco- of $1 a day "added compensation" until January 1 and also
nomics.
have made the same arrangement with 2,000 sheet metal
Meanwhile the country suffers from the high cost of get- men and 900 inside iron workers. If either wishes changes
ting anything done in a hundred lines of activity. Labor for 1924 conferences will be held in October and December,
conditions are threatening. The progress of building has respectively. The proposition will also be made to addibeen halted, although as a result of the Great War there is a tional crafts representing fully 15,000 men who have been
deficiency of housing, commercial and domestic, all over the unofficially reported as favorably inclined. Fifty thousand
2454,
THE CHRONICLE
[VOL. 116.
men have been signed up to date at these terms by the claim they are not needed and refuse to accede to the deBuilding Trades Employers' Association, according to the mands of the United Mine Workers.
Montgomery, Ward & Co.'s sales for May were $10,796,431,
Secretary. If the 15,000 are brought into the same arrangement, as it is believed they will be, it will mean a long an increase of $4,419,355. For the five months ending May
stride towards greater stability in the building trades here. 31 they were $52,825,016, an increase of $19,679,988. Sales
Outside, there is, it is said, a minority of about 15,000 for the month were the largest in the company's history.
men with whom settlement is not as yet perhaps an early The "Southern Pine Association Barometer" for the week
posssibility. Unfortunately, this minority contains the in- ending May 18 shows that orders received decreased 17.1%
surgent bricklayers, mustering 5,000 to 7,500, who have below the previous week; production decreased 2.8% and
shown little sign of receding from their demands that the shipments 3.3%. Reports from 138 mills show 65,223,662
Mason Builders' Asssociation pay them $1 50 an hour, equiv- feet ordered, 80,815,994 feet shipped and 77,579,871 feet proalent to $12 per day for the next two years. The stone cut- duced. Orders on hand end of last week were for 352,829,764
ters and the planer men have reached an agreement with the feet. The International Paper Co. officially announced that
New York Building Trades Employers' Association for a $1 its contract price for standard newsprint for the last half of
a day increase, raising the stone cutters to $10 and the 1923 will remain at 2.75 cents a pound, or $75 a ton.
The weather here has been more seasonable, rising to 78
planers to $9.
The National Industrial Conference Board here asserts degrees, though on Thursday it was cooler, with the temthat in the last six months about 100,000 negroes have left perature at 2 p. m. 60, a drop of 16 degrees from the day
the South for the North. The statement says: "Negroes before. It was cool, too, on that day in the Central West and
from Georgia and the Carolinas are drifting North to the in New England. In the far Southwest it has been warmer,
Atlantic seaboard States and New England; negroes from with temperatures in Texas up to 103 degrees. But east of
Alabama and Mississippi. and Tennessee moving northward the Mississippi River, in the cotton belt, it was cool and
In the Middle Western States and negroes from Louisiana, rainy, with some hail and high winds. To-day the weather
Tennessee and Arkansas finding new homes in the States here was clear and noticeably warmer.
further West. Labor agents are kept busy. Employers
have sent labor agents into the Southern States. The SouthFederal Reserve Board's Summary of Business
ern States have restricted the activities of these labor agents
Conditions.
by exacting large license fees and fining those who atWhile stating that production and trade continued in•
tempt to evade them. In other cases, agents attempting to large volume during April, the Federal Reserve Board reports
induce negroes to leave have been driven out and threat- that "there was some slackening of business activity in the
ened."
latter part of the month and during the early weeks of May,
III Fall River, Mass., following up the curtailment move- partly on account of seasonal influences." The Board's
ment started by the textile plants there some weeks ago, summary of general business and financial conditions throughthe Stratford, Ancona, Flint, Tecumseh, Troy, Laurel Lake out the several Federal Reserve districts, made public May 8,
and portions of the Barnard shut down on May 29 for the based upon statistics for the months of April and May, as
entire week and the American Printing Co., Cornell, Chace contained in the forthcoming issue of the FederalReserve
and Pilgrim shut down on May 29 for the rest of the week. "Bulletin" also said:
The American Linen, Kerr Thread and Fall River BleachProduction.
ery have been running on a 4-day schedule for the week. A
The Federal Reserve Board's index of production in basic industries
in April. Production of lumber, anthracite coal and
large number of cotton mills there are operating only part declined about 1% cotton
decreased, while there were increases in the outmill consumption of
of their machinery for a full week, certain departments be- put
petroleum. There was a further increase in the value
and
iron
pig
of
ing shut down in some cases. Mills with orders on habd are of building contracts awarded in April but the value of building permits
cities was 16% less than the record figures of March. The
operating their looms to full capacity. In Rhode Island the Issued in 168 due
chiefly to a curtailment of new projects in New York,
decrease was
Stillwater Worsted Mill at Harrisville, is preparing to close as the aggregate value of permits at other reporting cities showed an increase
and looms are now employed finishing up the warps. At of 12%. Car loadings continued to be much larger than in the correweeks of previous years, owing chiefly to heavy shipments of
New Bedford, Mass., on May 25 the first real steps toward sponding
manufactured goods. In spite of present heavy traffic, the shortage or
further curtailment were'taken. The Nonquitt Mills closed freight cars has largely disappeared.
Employment at industrial establishments continued to increase during
down its No. 1 and No. 2 mills for the rest of the week owing
April, although plants in Eastern States reported some reductions in their
to the smaller demand for fine combed yarns. It was said forces
and there was an increase in those States in the number of concerns
at the mill that the action so far as is now known would ap- working part time. Increases in wage rates were announced by many
ply only for that time, although it might be effective for a concerns, and average weekly earnings of factory workers increased
about 1%•
longer period if conditions warranted. The plant had been
Trade.
operating on a full time basis and until recently had been
Wholesale and retail trade were somewhat smaller in April than in
producing at 75 to 90% of capacity. It manufactures fine March, which is the customary trend at this season of the year. Both.
were well above the level of a year ago. Decreased Wes by department
combed yarns from 50s upward.
stores in April as compared with March were in part due to the fact that
Brockton, Mass., wired that efforts of the strike leaders Easter purchases were made in March and to unseasonably cold weatherMall order sales during April were 10% less than in
in the Old Colony shoe manufacturing district to extend the in many localities.larger
than a year ago.
March, but 32%
zone of the strike are meeting with increasing opposition.
Wholesale Prices.
to
leaders
strike
address
the workers at the
Attempts by the
Prices of certain basic commodities declined during April and the early
Emerson shoe factory in Rockland met with jeers and the part of May. The general index of wholesale prices of the Bureau of Labor
advice that they had better go home and get to work and Statistics, it is to be noted, showed no change between March and April.
of building materials, metals, cloths and clothing were higher in
cease to be "contract jumpers." The manufacturers have Pricesthan
in March, these advances being offset by declines in prices or
April
announced that they will not treat with any outside union fuel, and of farm products, especially live stock and dairy products.
Bank Credit.
and that they consider the outlook satisfactory. They deSince the middle of April the volume of bank credit in use has remained
clare that there are sufficient loyal operatives to make all
constant. Between April 11 and May 9 loans of member banks
the shoes for which the factories are likely to get orders in relatively
in leading cities showed an increase of nearly $100,000,000, a large part or
the near future, especially in view of the slowing up ten- which occurred in the Chicago district. These increases in loans were
which was
dency in the market. Three shops were closed late last accompanied by a somewhat larger liquidation of investments,
general throughout the country. Partly through the sale of these investweek and others more or less crippled, but employers said ments reporting member banks have met the demand for additional loans
that some of the men were returning. A strike of Buffalo, without obtaining increased accommodation at the Reserve banks. The
Reserve Bank credit has, consequently, continued to
N. Y., clothing workers has been declared for June 5. At volume of Federal
remain fairly steady at the level which has prevailed since the middle of
Shamokin, Pa., on May 26 3,000 miners were idle through January, and the volume of Federal Reserve notes in circulation has restrikes at the Burnside, Sterling, Henry Clay and Big Moun- mained practically unchanged.
Somewhat easier money conditions are indicated by slightly lower rates
tain collieries of the Reading Coal & Iron Co. All of the
on commercial paper and lower yields on outstanding Treasury certificates.
% notes, maturing
strikes were called because retail coal sales clerks refused The Treasury offering of approximately $400,000,000
was heavily oversubscribed', and the issue was subsequently
to join the United Mined Workers, contending they were March 1927,slight
premium in the open market.
a
confidential employees and not entitled to membership. Col- quoted at
liery union officials have ruled to the contrary. workmen
Decline in Wholesale Trade in Federal Reserve District
at the Glenbrook colliery, an independent operation, have
of New York.
been idle for 10 days. The company installed labor saving
of
issue
the "Monthly Review of Credit and
1
June
The
machinery on its refuse banks and notified four men their
Conditions" by the Federal Reserve Agent at
Business
The
needed.
colliery local officials
services would not be
New York says:
indicate
and District President Golden contend that at least two of
Reports received from representative dealers in ten commodities
The
retained.
coal
company officials a slightly smaller volume of wholesale trade in this diStriet in April than Inthe men should be
JUNE 2 1923.]
THE CHRONICLE
the two preceding months. This bank's index of dollar sales corrected for
seasonal changes shows a decline of 4% from the March index. April sales
were 19% above those of April last year, whereas the gains in January,
February and March were about 23%.
April sales of women's clothing were exceptionally large, particularly to
the Middle West and Far West. Retailers who underestimated their
spring requirements placed numerous re-orders for prompt shipment. Sales
of hardware were also good, reflecting building activity. Diamond sales
were almost twice as large as last year but were much smaller than in 1919
or 1920. Detailed figures follow:
Dollar Sales During April (in Percentages).
1919
1920
1921
412
469
160
Machine tools
Diamonds
534
301
75
293
312
118
Jewelry
122
Hardware
148
107
Clothing
107
123
93
(a) Men's
58
110
63
140
(b) Women's
132
114
Stationery
107
161
119
Groceries
141
106
158
Dry goods
96
147
124
98
100
Drugs
95
Shoes
188
214
116
1922
100
100
100
100
100
100
100
100
100
100
100
100
1923
344
191
145
132
131
99
153
123
115
115
115
113
2455
secure at least the $10 day for eight hours' work, accepted by
the carpenters; sheet metal workers, housesmiths and kindred trades.
Metal Lathers Get $1 Daily Wage Increase.
A settlement between members of the Building Trades
Employers' Association and the Metallic Furring and
Lathers' Association and the Master League of Cement
Workers was brought about on May 31, by which the metal
lathers will receive $1 increase, in addition to their present
wage of $9 a day. This is effective until Jan. 1, and negotiations may be opened for next year on Oct. 1. This agreement will affect about 1,00 metal lathers in this city.
Conferences were also held at the employers' headquarters
with the electrical workers and the composition roofers, but
action was deferred until next week.
Chicago Building Trades Grant 20% Wage Increase.
Suspension of Chicago's construction boom was averted
Total (weighted)
117
145
102
100
119 when an agreement was reached giving the 13 "open shop"
building trades' workers a 20% increase. The new wage
is.
effective immediately and increases the pay of the soFederal Reserve Bank of New York on Increasing
called "basic trades" to $1 25 an hour. Other workers will
Sales of Department Stores-Decline in Chain
receive wages ranging from $1 05 an hour for stone planer
Store Sales.
men to $1 3734 an hour for stone carvers.
April sales by department stores in this district were
2.1% above those of April a year ago. This gain is smaller
No Change to Be Made in Newsprint Paper During
than the year-to-year increase in sales reported by the stores
Next Six Months.
for some months past owing in part to unseasonably cold
Announcement that the contract price for newsprint for
weather and in part to the fact that Easter buying took place
largely in March, whereas a year ago many Easter purchases the second half of the present year,beginning July 1,would not
were made in April, according to an item on department be increased was made during the opening session of the annustore business appearing in the June 1 issue of the "Monthly al convention of the National Association of American Pulp
Review of Credit and Business Conditions" by the Federal and Paper Mill Superintendents at Springfield, Mass., on
May 31. A statement was issued saying that "notwithReserve Agent at New York. The "Review" says:
Sales by stores in Newark and Buffalo were relatively better than those of standing the general upward trend of prices and our increased
stores situated in New York and other cities of the district.
costs, particularly labor, we have decided to make no change
An increase of 11.5% in the average amount of each department store
sale from $2 52 in April last year to $2 81 this year is some indication of in our newsprint contract price for the last half of the calenthe change in prices since a year ago. The number of individual transac- dar year." A previous announcement a week ago to the same
tions this April was 8% less than a year ago.
Stocks of department stores on May 1, computed at the selling price, effect was reported as follows in the New York "Times" of
were about 4% above those held last year, but about 15% less than those May 26:
held in April 1920, a reduction due largely to lower prices. Stock turnover
for the first four months of 1923 was at the rate of 3.6 times a year compared
with 3.4 times for the first four months of 1922 and 3.1 times in 1920.
Sales by mail-order houses during April continued to show about the
same increases as have been reported since the first of the year.
Detailed figures follow:
The International Paper Co. yesterday officially announced thatlits con..
tract price for standard newsprint for the last half of 1923 will be unchanged
from the price now prevailing, namely, 3.75 cents a pound, or $75 a ton.
In announcing its policy for the last six months of the year, the company
said that the price mentioned is the "contract price for standard newsprint
from the regular newsprint mills of the company."
A price of $80 a ton is now being charged for newsprint sold from day to
day deliveries. This is $5 a ton above the contract prices, and in view of the
Net Sales During April.
Stock on Hand. May 1.
advance in the cost of producing nessrprint and other paper products.
steady
(In Percentages)
Percentages)
(In
rumors were circulated during recent weeks that the contract prices would be
1919. 1920. 1921. 1922. 1923. 1919. 1920. 1921. 1922. 1923. advanced to the spot price of $80 a ton, as of July 1. The announcement
of the price policy covering the last half of the year sets to rest these rumors.
AU Department Stereo 85 98
98 100 102
75 119 97 100 104
New York
It is understood that present costs of producing paper warrant an advance
88 100 98 100 101
74 119 96 100 103
Buffalo
83 101 111 100 113 82 113 100 100 104
in prices, but the opinion is expressed that the biggest factors in the producNewark
81 103 104 100 111
79 140 99 100 113
tion of newsprint are endeavoring to hold prices down to as low a level as
Rochester
76
91 102 100
96 83 142 108 100 98
possible and do not care to witness a repetition of the runaway markets
Syracuse
91 107 108 100 105 94 142 116 100 103
Bridgeport
95 112 100 100
100
100
witnessed in the inflation period of a few years ago.
97 85 122 101
Elsewhere ln 2d Dist 80 94 102 100 100 80 105 94 100 114
Apparel Stores
84 88
92 100 101
89 100 107
99
57
119 137 100 100 135 --- - --- --- - -Mail Order Rouses_ _
Wage Advances as Related to Domestic Trade.
As to chain store sales, the "Review" says:
A decline in sales by chain store systems during April as compared with
March probably was due also in part to the fact that Easter purchases were
made during March rather than April this year. Shoe stores reported
sales nearly 25% leas than in April a year ago. The number of pairs of
shoes sold was 20% less and the average price per pair declined 6%•
Reports this month include sales figures from 21 systems of chain grocery
firms which operate about 13,500 stores throughout the country. Detailed
figures follow:
April
1922.
Change in
Sales Per
Store,
April
pr.1922fin percentages).
1923. 1919. 1920. 1921. 1922. 1923. A pr. 1923
Grocery
Apparel
Drug
Ten-Cent
Cigar
Shoe
11,323
373
278
1,739
2,253
202
13,544
438
305
1,796
2,747
241
67 111
55
71
86
97
70 84
74 99
86
67
Total
16,168
19,071
68
Number of Stores.
Dollar Sales During April.
99
88 100 118
93 100 114
105 100 110
83 100 108
108 100 100
90 100 78
-1.5%
-2.7%
-0.2%
+2.4%
-17.8%
-36.6%
111
-5.8%
90
100
Carpenters Get $1 a Day Increase.
The Carpenters' Union,largest in the building trades, with
a membership of 26,000, made a six months' agreement,
May 28, with the Building Trades Employers' Association.
The 4,000 men employed by this body agreed to accept $1
"extra compensation" over the present daily rate of $9 from
June 1 to Jan. 1 next. The new $10 minimum accordingly
becomes for the period the basic arrangement for all carpenters in New York City, it was announced.
Five more crafts-steam-fitters, composition roofers and
waterproofers, electrical workers, elevator constructors and
tile layers-are conferring with their employers' groups to
A fresh wave of wage advances is the outstanding development in the domestic business situation, states the current
issue of "The Guaranty Survey," published on Monday by
the Guaranty Trust Co. of New York. The immediate reactions to it and the potentialities of it are being carefully
watched by business men throughout the country with increasing concern as to its possible effect on our existing and
future prosperity, the "Survey" points out. "The immediate problem is to preserve and promote the country's present
prosperity," the publication continues. "The reaction following over-reaching speculation in materials and the shortsighted policy of some workers in forcing wage rates to fantastic heights in the building industry, and the suspension
of operation by textile manufacturing plants because they
cannot be operated profitably under the new wage scales,
are examples of the inevitable penalty of such excesses.
Wage-earners and their leaders would do well to recognize more rally
the dependence of their own welfare upon continuous industry, rather than
upon alternating Intense activity and depression. The responsibility for
this fluctuation is not wholly theirs, but the prevalent attempts to press
wages to the limit, accompanied by relatively declining production per
worker, now represent perhaps the most serious menace to continued prosperity. It is from production alone that the workers can be paid, and only
by the creation of new wealth can labor expect to share more fully in the
wealth of the country. To undermine the industrial structure here and
there by forcing the payment of wage rates that inevitably result in suspension of production eventually injures those who receive wages as well a.
those who pay them.
The recent wage increases have been accompanied by a slight decline in
average wholesale commodity prices and a slackening in forward buying in
a number of trade lines.
The relationship between the wages of laborers and the Prices of the
products they help to produce requires that wages and Prices shall in general
move up or down together. There may be considerable lag in the adjust•
Z456
THE CHRONICLE
[VOL. 116.
ment of one to the other. It is not unusual for wage rates to continue their supply tends to depress the pay of those workers with whom they comadvance in a period of general expansion, even after prices have reached pete for employment. Accordingly, the net effect of an increase ha the
thcir peak; but a diversity of trend of wages and prices as a whole cannot number of workers upon the real wages—money wages measured by
be long sustained. A comparatively uniform relation between wage rates purchasing power—of the entire labor force may be negligible. But
and price levels is no less essential to a sound condition of business than is immigrant workers may be so distributed as either to correct or accentuate
a similar ratio of one commodity price to another, or one wage rate to relative inequalities between wages of particular groups of workers. The
another.
proper distribution of the immigrants, therefore, is necessary if they are
A number of prices have declined sufficiently in recent weeks to reduce to prove beneficial.
the general averages as reflected in indices of wholesale prices. This reacNor can the law, with or without revision, solve the problem of unemtion in prices may prove only a temporary halt in the upward movement. ployment. To some extent emigration
in periods of depression has helped
However, it has strengthened the belief that many of the recent wage to reduce the numbers of the
unemployed, but this is not a sufficient
advances were untimely.
regulator of the supply of labor to the demand for it. Countries from
which mobile laborers migrate in large numbers, as well as those which
Wages and Prices Not in Line.
The relative levels of wages and prices maintained before tht war may be receive them, are alike subject to alternating periods of prosperity and
depression.
This problem must be solved, if at all, by other means.
regarded as representing at least approximately normal relationships. The
Nevertheless, despite the inability of immigration to regulate advanavailable indices indicate that, in the great advances of the war and posttageously
the
rates of wages in general or to stabilize industry, some
war periods, industrial wages on the whole paralleled fairly closely the increases in commodity prices. Now they are more than double the pre-war effects of the existing law are clearly harmful. And the injury does not
fall primarily upon employers. Neither the good nor the evil resulting
rates, while wholesale prices are about 60% above the 1913 average.
The wage advances represent additional costs which must either be ab- from such a measure can be confined to a single economic group. Too
sorbed through a reduction of employers' profits, or else shifted to consum- much of the support of this type of legislation rests upon the assumption
ers in the form of higher prices. In most cases the former alternative Is not that the wage-earners as a whole can be permanently benefited at the
possible, if approximately the present scale of production is to continue. expense of other economic groups.
American industry can adjust itself to the absence of the customary
Accordingly, there is anxiety lest, at this stage of the business cycle, advances in prices may encounter a degree of resistance that would entail a inflow of workers from abroad. But it is obvious that the economic
development
of the country cannot proceed as rapidly without an adequate
pronounced slackening of production and trade.
labor supply as with it.
Buyers' Resistance Growing.
Ours is not an over-populated territory. Accordingly, to admit the soIncreased resistance to rising costs is appearing, particularly in the cially and economically competent from other lands is to facilitate the counbuilding industry. A large volume of contemplated construction has been try's progress. An emergency measure, adopted during a period of widedeferred in recent weeks, the avowed purpose being to await a more reason- spread unemployment and designed primarily to restrict the number of
able scale of costs. This reaction to mounting costs is not surprising. Immigrants. is not a suitable expression of a permanent immigration policy.
The law should be liberalized by providing for selection on the basis of
Successive advances have carried both prices and wages in the building
industry to extraordinarily high levels.
quality. If properly selected, as many immigrants as can be adequately
It is not certain that the rise in building costs will be promptly arrested distributed may be admitted without injury, but rather with distinct
by such resistance as is now apparent. Possibly advancing prices and benefit.
wages will be checked, however, without reducing the actual volume of
In discussing the reversal of our merchandise trade balbuilding operations.
Whatever may be the immediate effect of this reaction, the growing im- ance in March, "The Guaranty Survey" says: "This is
patience with excessive building costs is significant. If lower pric..s and probably not representative of the course of the country's
wag,s should follow in this major industry, drawing heavily for materials foreign trade in the immediate future. The reported excess
upon a variety of kindred Industries, the changes effected might prove an
important factor in the general movement of commodity prices. In any of imports, $60,838,000, the first adverse monthly balance
case, this expression of buyers' resistance is indicative of the opposition since August 1914, was surprising, perhaps, only in its magwhich consumers may be expected to exert in other lines when particular nitude. It offset the small
export balance for January and
prices advance too far.
February, leaving an indicated import balance of about
Ingualities in Wages.
On the whole, farm wages did not advance to as high a peak in 1920 as $51,000,000 for the quarter." Continuing, the "Survey"
did the pay of industrial workers, and they suffered a relatively greater said:
decline afterwards. Wages of farm laborers remain now much below the
With exports declining and imports increasing, it had been apparent
comparative levels of other wages. In April, as reported by the Bureau of that without a halt in these trends the excess of exports
would give way to
Agricultural Economics, they wert. 46% above the pre-war level, compared an excess of Imports. While our position as a creditor nation would seem
with a gain of more than 100% in the wages of industrial workers.
to make inevitable, sooner or later, a sustained excess of imports, it is not
The persistence of industrial wage scales which are exceptionally high probable that the definite passing of the export balance has been effected.
In comparison with average prices is sometimes cited in support of the conImport Balance Not Harmful.
tention that heretofore the wage earners have not obtained their rightful
Nor is there anything to fear from a so-called unfavorable balance of
share of the proceeds of industry. Current prices and wages, it is thought,
demonstrate the ability of employers to pay much higher wages than former- trade. There is gold to spare in this country, against the time when the
state of our trade with the remainder of the world will call for its export.
ly without encroaching unduly upon profits.
The case is not so simple as this view presupposes. It must be remem- Meanwhile, the marked increase in imports does not represent primarily
bered that in this comparison industrial wages are measured against average a reviving competition of foreign manufactures with our own in the home
prices. And the average includes many lowpriced commodities which ap- market, but rather the domestic demand for foreign raw materials. The
pear in the industries, if at all, as raw materials rather than as finished recent changes in the trade statistics reflect the intense activity in production
products. In other words, these groups of workers are benefited largely and distribution here, accompanied by rising prices, while in Europe, our
at the expense of other elements of the community. Not least among the best customer, the Ruhr situation in particular has reacted unfavorably
latter are their fellow workers in lines where prices are relatively depressed upon trade.
and where wages are correspondingly low. Barring temporary interference
with normal relationships, consumers ultimately pay the wage bill.
Federal Reserve Bank of New York on Building
Labor Supply Being Depleted.
Relative disparities in wages and in prices represent an unstable condition,
and, until a better balance is restored, prosperity cannot be adequately
diffused. The migration of rural workers to the industrial centres is the
outgrowth of the lack of balance in the wage scales. This movement is
depleting the labor supply of farms in nearly all sections of the country.
A significant feature of this shifting in the labor supply Is the exodus of
negro laborers from the South. Negroes are going in large numbers from
the farms and cities of the South to industrial centres in the North and West
where wage rates are higher. An earlier pronounced wave of negro migration appeared during the war. With the post-war readjustments of wage
scales that movement was checked, but the experience gained in the war
period has greatly stimulated the present movement.
The immediate effects of this movement of laborers from country to city
will accentuate the economic disadvantages experienced by the farmers.
As purchasers of Industrial products, they may gain somewhat through the
effects of a more abundant urban labor supply upon the prices of these
commodities, but as employers the farmers will feel even more promptly
the adverse effects of a reduced rural labor force and of higher costs in producing their crops. For the country as a whole the ultimate results should
be advantageous, contributing to a better ratio between the respective
values ef agricultural and of industrial products.
Effects of Immigration Law.
The rising costs of labor cannot fall to intensify interest in the effects
of the numerical restrictions upon immigration. In weighing the merits
of the law of May 1921, imposing these restrictions, judgments differ as
to its social effects as well as to the more immediate effects upon wages
and industry in general. There should be no quarrel with a method of
selecting immigrants which would admit only the types that experience
demonstrates may readily be assimilated. But the restrictions, in so
far as they limit the admissible numbers in the supposed interest of the
American standard of living, are not so clearly advantageous.
The removal of existing restrictions, however, would not provide a
comprehensive remedy for those wage rates which are proving excessive.
Additional workers in competition for employment would for a time at
least tend to reduce wage rates in the industries immediately affected,
but it does not follow that wages generally would be lower in consequence.
It is the productivity of the workers, not their numbers, which primarily
governs the rates of pay for their services.
Immigration Not a Cure-All.
Laborers are consumers as well as producers. In their capacity as
consumers they create demand for the products of other workers. And
this demand, in the case of new accessions to the labor force, as surely
tends to raise the wages paid other workers as their addition to the labor
Activity.
Projects for new building construction in the United
States,represented in permits granted in 158 cities, amounted
to $322,940,000 in April and were $46,000,000 less than
in March, says the June 1 number of the "Monthly Review"
of the Federal Reserve Bank of New York, which adds,
The decrease from March to April in New York City alone more than
accounts for the total decline. There were recessions in the Southwestern
and Pacific Coast States and continued increases in other sections of the
country. During the early weeks of May there were postponments of
several important building projects in this city, due, it was announced.
to rapidly advancing costs. Labor disputes were also a factor, both in
restricting new operations and retarding work under construction.
Notwithstanding the decline in the volume of building as compared
with March, activity continued at a high rate. This bank's index of the
volume of construction planned, in terms of normal, stood at 144 in April.
compared with 182 for March when it reached the highest point over
touched. Allowance is made in the index for both the usual seasonal
movement and for changes in the costs of construction.
The April index of construction costs, based on prices of building materials and wages in the building trades, was 3.1% above the March index
and about 20% below the highest levels reached in 1920. The recent
increase was duo to advances both in materials and wages. Basic wage
rates reached approximately the high points of 1920 and additional bonus
payments have become frequent.
Federal Reserve Bank of New York on Wages and
Employment.
According to the June 1 issue of the "Monthly Review"
of the Federal Reserve Bank of New York, "there were
about as many wage increases in industrial establishments
in the latter part of April and the early weeks of May as
in the preceding month." The "Review" continues:
A report by the National Industrial Conference Board shows 201 increases
and 1 decrease betvreen April 15 and May 14. Almost half of the increases
were in the textile and clothing industries.
Average weekly earnings of operatives in representative factories in
New York State were $27 in April, slightly above the March figure. April
earnings were $2 85. or 12% above the low point reached in April 1922,
due to increased working time and advances in wage scales.
JUNE 2 1923.]
THE CHRONICLE
Seasonal inactivity in the clothing and food-products industries caused
a slight degrease during April in the number of workers employed in New
York State factories, according to the New York State Department of
Labor. There were 18% more workers than in April 1922, however,
and 28% more than in August 1921. The United States Bureau of Labor
Statistics reported a slight increase in employment for the country as a
whole during April. About 85% of the factories reporting were operating
on full time.
Employment agencies in New York City report continued difficulty
in securing unskilled laborers, certain types of mechanics and stenographers.
One agency has mentioned the creation of 28 new classifications of office
workers as indicating greater division of work with increased business
activity. Wage rates for office workers and sales clerks have risen somewhat. Agencies dealing with farm labor in this district report that thus
far they have been able to meet the demand.
Employment in Commercial Lines.
Wholesale and retail dealers in this district which report their sales
to this bank each month have recently furnished additional figures showing
changes since a year ago in the number of employees. In representative
wholesale houses there has been an increase of 12% in the number of
employees as compared with an increase of about 20% in the dollar amount
of sales. Chain stores reported an increase of 11% in the number of
employees and an increase of 11% in sales. Department stores reported
a gain of 7% in the number of workers and an increase for the first four
months of 7% in sales. In all of these lines increases in the dollar amount
of sales are due in part to higher prices.
2457
plunging into a mad carnival of rising costs and super-normal building
volume which is sure to blow up in a few months and to be followed by two
or three years of ruinous prostration?
This attempt to prevent a giddy cost peak from which there will be no
way down but by a suicidal leap, is something new in what you might call
applied economics. It may not succeed and there may be untoward
developments, but we are convinced that nothing that may come from this
conscious effort to prevent disaster will be as bad as the disaster itself.
Doubtless the restrictive policy may work hardship on many industrial
plants and some workers, but of course in a general program of this kind,
it is impossible to do individual justice to thousands and tens of thousands
of cases involved. We can only hope to attain the general good, and that
present individual sacrifices will he more than offset in the compensating
benefits that will ensue. So far the appeal for the deferment of construction, wherever possible, has been genecally responded to. Hundreds of
millions of dollars of projects have been held up and the present prospect
is bright that we shall be able to flatten out the ominous impending peak.
Herbert Hoover Confers with American Construction
Council—Endorses Program to Stabilize Building
Industry.
Approval by Secretary of Commerce Herbert Hoover of
the plans of the American Construction Council to furnish
a weekly forecast of building conditions throughout the
United States was made.known in the following statement
Restriction of Building Operations in Accordance with issued by Mr. Hoover on May 31:
I have gone thoroughly over the plans of the American Construction
Stabilization Program of American
Council by which they propose to keep the general public constantly
Construction Council.
Informed of the situation as regards construction in the United States.
In view of the fact that the restriction of new building and they have my full endorsement and hearty approval. The Department of Commerce will gladly co-operate in this work with the American
operations in accordance with the stabilization program of Construction
Council in every way.
the American Construction Council is beginning to bring
Secretary Hoover's statement followed a conference which
inquiries from building material producers, contractors and he had
on Thursday with a special committee of the Council,
labor organizations, the National Lumber Manufacturers'
consisting of Edwin F. Gay, President of the New York
Association invited General R. C. Marshall Jr., General
Evening "Post,"Inc.; M.C.Rorty,President of the National
Manager of the Associated General Contractors of America,
Bureau of Economic Research; General R. C. Marshall Jr.,
to explain the reasons and objects of the restrictive program.
Contractors of
It is pointed out by lumber manufacturers that prices of General Manager of the Associated General
the
lumber at the saw-mills are 35% less than in 1920, and the America, and Noble Foster Hoggson, Chairman of
Council's
Executive
Committee.
lumber retailers have put out a statement showing that
The purpose of the conference was to develop a practical
lumber retail prices are about 34% less than in 1920. Similar
way to keep constantly before the public not only the present
statements have been made in regard to other building
actual conditions in regard to construction throughout the
materials, and it is maintained that building trade wages
have not yet generally attained to the levels of the latter United States, but to forecast from reports received from
many authoritative sources the probable conditions for sevpart of 1920. Gen. Marshall states that "to us who are
eral months ahead. It was the belief of the Council that the
so situated as to see the handwriting on the wall, there was
no other choice than to attempt consciously to check the present congested conditions in the construction industry
generally throughout the United States could be prevented
rise in building costs before they become prohibitive and in the future
if knowledge could be widely and constantly
destructive." Gen. Marshall says: "We calculate that if all disseminated as to the demand and supply of building materbuilding projects for speculative selling can be deferred for ials and labor, and other relevant matters affecting construca few months . . . we shall effect something of an equi- tion costs. It was felt that in this way those contemplating
librium between supply and demand in the construction building would delay their work when there seemed danger
of congestion and the inevitable skyrocketing of prices, or,
industry and will be able to stabilize costs at present, or if conditions permitted,
would take advantage of plentiful
possibly slightly lower levels." The following is Gen. supplies of material and availability of labor.
Marshall's statement:
The Council will publish a weekly forecast of the building
Considering the purchasing power of the dollar to-day, as compared industry for the entire country and local conditions for the
with 1913, building costs are not now prohibitive, but we are menaced by various sections similar to
the reports of the Weather Bureau.
dangerous inflation. According to our index figures the Cost of building
in the spring of 1920 was about 55 points higher than it is now (1913 taken Prospective builders will be informed whether "clear wet thee
as 100; 1920 was 255 and 1923 is 200) and building material prices were is forecast for the building industry, and they will also be
about 90 points higher—index figures on a 1913 basis of 100 being 300 appraised of "foul weather' in the industry by the "hoisting
for 1920 and 210 for 1923. While building trade wages are at the moment of storm signals." Headquarters have. been opened at 62
about 7.5 points higher than in 1913, they are not quite so high as they West 45th Street, and it is expected that the first forecast
were in the latter part of 1920 and first part of 1921. but as labor efficiency will be given to the public not later than June 15.
falls off with increasing wage rates, labor production costs are rapidly
In announcing the results of the meeting, Mr. Roosevelt
mounting. The trend is unmistakably toward heavy increase in the
said:
total of building costs. The building permits
March
in
issued in 200 cities
The plan developed and which has been approved by the Secretary of
amounted to 9397,000,000, an increase of about 50% over March 1922,
and the volume of building now in progress dwarfs any previous records Commerce, consists, broadly, in the gathering by a'special department of
In the history of the country, being almost 75% greater than at any other the Construction Council of a vast amount of data from the constructors
and material manufacturers, and adding them to special statistics obtained
time.
We are undertaking this enormous expansion of buildings with a sta- from Government sources through the co-operation of Mr. Hoover's
tionary if not shrinking labor supply, on account of the immigration department and from the Chambers of Commerce throughout the United
restriction law, and with the material industries of the country practically States. These figures, analyzed and simplified by experts appointed by
at the limit of their productive capacity. There can be only one outcome the Council, will form the basis of a weekly forecast of construction condiof such a situation if it is allowed to persist. The cost of materials and tions, so far as the demand and availability of material is concerned.
From the Department of Labor, which is in thorough accord with this
labor will presently rise to prohibitive levels, and our enormous construction
program will collapse with a crash. If history is a good guide, it will plan, we will receive information as to the availability of labor, skilled and
take two or throo years to recover, in spite of the fact that we are still unskilled, for construction purposes throughout the United States.
The forecast which we will issue will not be technical in its character.
at least a year's normal building behind the housing requirements of the
and while it will cover the entire country the information will be also segrecountry.
gated
into distinct districts, so that any one intending to build can not only
It is commonplace to say that all industry is vitally related to construction. If this industry tumbles from an extraordinary peak of activity see at a glance how conditions are nationally, but in his particular locality
to a depth of extraordinary depression, the general results will be reflected as well. In other words, we will follow largely the plan adopted by the
Weather Bureau in giving national conditions, and then conditions by
in all the country's industry and commerce.
locality immediately following. These general forecasts will be distributed
Stabilizing Building Costt.
throughout the public press Monday of each week. In addition, the
To us who are so situated as to see the hand-writing on the wall, there American Construction Council will publish at a nominal price a special
Was no other choice than to attempt consciously to check the rise in building weekly bulletin which will contain in greater detail the reports and data on
costs before they become prohibitive and destructive. We calculate that which the forecast is based. It will be the endeavor to make this bulletin
if all building projects for speculative selling can be deferred for a few of great practical service, not only to those whose business is concerned
months, and also all other large construction projects that are not of an with construction, but to all considering any construction work of con—
emergency nature, we shall effect something of an equilibrium between siderable magnitude.
supply and demand in the construction industry, and will be able to stabilize
I want at this time to emphasize that the principal object of this phase.
costs at present or, possibly, slightly lower levels. If we do this we think of the work of the Construction Council is to permanently prevent the •
that about 18 months of exceptional prosperity can be counted on hi the "peaks and valleys" in the construction industry, of which the present
construction trades, and that from then on the building industry will be situation is typical and which has resulted disastrously in the past, both to.
able to gradually and comfortably meet the new construction needs cf the those who build and supply building materials and those who erect struccountry. As we see it, the question simply is—Will the country "go easy" tures of all kinds. I also want to make clear that the American Construe-.
on new building for two or three months and thereby insure itself a Year tion Council is emphatic in its belief that if unnecessary building should be
and a half or more of exceptionally good business, without a terminal retarded for a short time, the work of necessary home building can go
explosion resulting in widespread ruin and distress; or will it insist on forward under reasonable conditions of cost.
2458
THE CHRONICLE
[Voi.. 116.
Current Events and Discussions
In connection mainly with the redemption of matured Victory notes
The Week with the Federal Reserve Banks.
net withdrawals for the week of Government deposits show a total of
Wednesday, May 30, being observed as a legal holiday $134,000,000. Other demand deposits (net) declined about $4,000,000,
while time deposits show an increase of $21.000,000. Corresponding
by most of the Federal Reserve banks and branches, the changes
at the New York City banks comprise net withdrawals of $53,weekly bank statement made public on the last of May 000,000 of Government deposits, as against increases of $15,000,000 in
shows the condition of the banks as at close of business on other demand deposits and of 57,000.000 in time deposits.
Borrowings of the reporting institutions from the Reserve banks show
Tuesday, May 29. The outstanding features of the state- a decrease
for the week from $445.000.000 to $436,000,000, or from 2.7
ment, which deals with the results for the twelve Federal to 2.6% of their aggregate loans and investments. For the New York
increase from $94,000,000 to $101,000,000 in the borReserve banks combined, are an increase of $30,700,000 City members an local
Reserve bank and from 1.8 to 1.9% in the ratio
from the
in discounted bills, offset by reductions of $13,000,000 in rowings
to total loans and investments is noted.
borrowings
of these
Reserve balances of the reporting banks show an increase of $5,000.000.
acceptances purchased in open market and of $17,700,000
in vault went up about $10.000,000. For Member banks
in Government securities, a reduction of $34,700,000 in while their cashCity
a reduction of $17,000,000 in reserve balances and an
In New York
deposit liabilities, as against an increase of $22,500,000 in increase of $2.000.000 in cash are shown.
a
of
and
gain
$7,700,000
circulation
note
Federal Reserve
On a subsequent page—that is, on page 2491—we give the
in cash reserves. In consequence of these changes the rein this latest weekly return of the
serve ratio shows a rise from 75.6 to 76.1%. After noting figures in full contained
System. In the following is
Reserve
the
of
banks
member
Board
Reserve
proceeds
follows:
as
these facts, the Federal
in the principal items
changes
the
of
summary
at
those
a
Cleveland.
furnished
and
except
Richmond
Chicago,
banks,
All the Reserve
show larger holdings of discounted paper than on the preceding Wednesday. as compared with a week and a year ago:
The largest increases in discounts held, amounting to $18,700,000 and
37.800,000. are shown for the Boston and New York banks. Liquidation
of Treasury certificates by the New York Reserve Bank accounts mainly
for the reduction shown in the holdings of Government securities.
Gold reserves show an increase for the week of $15,500,000 and stood at
$3,108,800,000, a new high total for the System. The inter-district movement of gold was away from Boston and New York, the Reserve banks
in these cities reporting decreases of $12,200,000 and of 34.000,000 in their
gold reserves since May 23. the preceding report date. Smaller decreases
in gold reserves, totaling 87.900,000. are shown for the St. Louis, Minneapolis, Kansas City and Dallas Reserve banks. Cleveland shows an increase of $13.800,000 in its gold reserves, Chicago an increase of $9,700,000.
Philadelphia an increase of $6,000,000 and the three remaining banks an
aggregate increase of $10,100,000.
Holdings of paper secured by Government obligations increased from
$366,800,000 to $371,500.000. Of the total held on May 29. $214,000,000,
or 57.6%. were secured by United States bonds. 8143,300.000, or 38.6%,
by Treasury notes and $14,200,000, or 3.8%, by Treasury certificates,
compared with $201.500,000. $148.300.000 and 17,000,000 shown the weak
before.
Increase(+)or Decrease(—)Since
May 24 1922.
May 16 1923.
—846.000,000 +$969.000.000
Loans and discounts—total
—56,000,000
—9.000,000
_
_
obligations_
Govt.
Secured by U. S.
+361,000,000
—19,000,000
Secured by stocks and bonds
+664,000.000
—18,000,000
All other
+595,000.000
—31,000,000
Investments, total
+201.000,000
—13.000,000
U. S. bonds
+496,000,000
—4,000.000
U.S. Victory notes and Treasury notes
+4,000,000
—9.000,000
Treasury certificates
—106,000,000
—5,000,000
Other stocks and bonds
+28.000.000
+5,000.000
Reserve balances with F. It. banks
+2,000.000
+10,000,000
Cash in vault
+150,000,000
—134,000.000
Government deposits
+263,000,000
—4,000,000
Net demand deposits
+744,000.000
+21.000.000
Time deposits
at
+270,000,000
banks
R.
F.
accomodation
—9.000,000
Total
The statement in full in comparison with preceding weeks
Invisible Exports of Great Britain, n25,000,000.
and with the corresponding date last year will be found on
"Invisible exports" of Great Britain in 1922 amounted to
subsequent pages, namely pages 2490 and 2491. A summary of the changes in the principal assets and liabilities £325,000,000, according to a new analysis of Great Britain's
of the Reserve banks, as compared with a week and year year-end trade position, made by the British Board of Trade.
The "invisible exports," representing income from overseas
ago, follows:
Increase (+) or Decrease (—) investments, from shipping services, commissions and other
Since
as calculated by the Board of Trade, amounted to
May 23 1923. May 311922. services,
Total reserves
+87.700,000 +565,000,000 £155,000.000 more than the balance which Great Britain
Gold reserves
+15.500,000 +101,100.000 owed abroad on her year's foreign trade as a result of her
Total earning assets
—14,900.000
exceeding her exports. The detailed figures of the
Discounted bills, total
+30,700,000 +259.500,000 Imports
Secured by Ti. S. Government obligations +4.700,000 +200,400.000 Board of Trade analysis as received by the Bankers Trust
Other bills discounted
+26,000.000
+59.100.000 Co. of New York from its English Information Service, giv—13,000,000 +139,600,000
Purchased bills
with other years, were made public April 16
—17,700,000 —414,100.000 ing comparisons
United States securities. total
Bonds and notes
+1.100,000 —92,600,000 as follows:
U. S. certificates of indebtedness
—18,800,000 —321.500,000
—34,700,000
+81,400,000
Total deposits
Members' reserve deposits
—56,400,000
+92,100,000
Government deposits
+35.100,000 —12,900,000
+2,200,000
—13,400,000
Other deposits
+22,500.000 +109.000,000
Federal Reserve notes in circulation
circulation—net
liability_
+100,000
in
—68,800,000
P.R. Bank notes
The Week with the Member Banks of the Federal
Reserve System.
Reductions by $46,000,000 in loans and by $31,000,000
in investments, nearly all outside of New York City, is
shown in the Federal Reserve Board's weekly consolidated
statement of condition on May 23 of 774 member banks in
leading cities. It should be noted that the figures for these
member banks are always a week behind those for the Reserve
banks themselves.
All classes of loans and discounts show smaller totals than
the week before; loans against Government securities by
$9,000,000; loans against corporate and other securities
by $19,000,000, and all other, largely commercial, loans and
discounts, by $18,000,000. Member banks in Now York
City report an increase of $11,000,000 in loans against corporate securities, compared with reductions of $9,000,000
in loans against Government securities and of $2,000,000
in all other loans and discounts. About $26,000,000 of the
total decrease in investments is shown for Government
securities, and $5,000,000 for corporate and other securities.
Member banks in New York City show but -a nominal
reduction in their holdings of Government securities, and a
decrease of $2,000,000 in their other investments. Further
comment regarding the changes shown by these member
banks is as follows:
1913.
1920.
1922.
British "Inrisible Exports"—
Net income overseas investments. £210,000,000 £200,000,000 £175,000,000
94.000.000 340,000,000 110,000.000
Net shipping income
Commissions
25,000,000 40,000,000
30.000,000
10.000,000
15,000,000
10,000,000
Other services
Total "invisible exports" on
balance
£339,000,000 £595,000,000 £325,000,000
Excess imports mdse. and bullion_ 158,000,000 343.000,000 170,000,000
Available for investment over/181,000,000 £252,000,000 £155,000.000
seas
The amount of recent British investments abroad is indicated by the following comparative figures of new overseas
securities offered in the respective years on the London
market: 1913, £198,000,000; 1920, £53,000,000; 1922, £135,000,000.
Great Britain's Payments to United States Account
• of Silver Purchases—Payments Applied to
Retirement of Liberty Bonds.
The Secretary of the Treasury announced on May 18
that the British Government had repaid to the United States
$18,300,000 on April 14 1923 and $12,200,000 on May 15
1923, making a total of $30,500,000 on account of the principal of its obligations to the United States deemed to have
been given on account of purchases of Pittman silver. In
accordance with the provisions of Section 3 of the Second
Liberty Bond Act, as amended, the Treasury is applying
these payments to the purchase and retirement of Third
Liberty Loan 434% bonds in the market, and has retired
$30,780,000 par amount of such bonds out of these repayments.
JUNE 2 1923.]
THE CHRONICLE
2459
in his own country and the steps that are being taken to
Preliminary Arrangements for Floating United States remedy them, he said in part:
W.
T.
by
Completed
Loan
Austrian
Portion of
"When the present Government of Austria came into power it was at
first confronted by a terrible economic chaos. It realized at once the
Lamont—Chancellor Seipel on Reconof antiquated measures. The League of Nations has given us a
futility
struction Work.
term of two years within which to carry out a program of reconstruction—
the task of such magnitude. Of the two years
According to Associated Press cablegrams from Paris a short term, indeed, forelapsed.
We have utilized this time to advantage
so far five months have
May 29, preliminary arrangements for that portion of the and done everything that could reasonably be expected—in some respects
proposed $130,000,000 loan of the Austrial Government, even more than Geneva originally demanded." Speaking in more specific
terms, the Chancellor said: "The Austrian crown has remained stable
which is to be floated in the United States, were completed during
this time; indeed, ours is the only stable standard in Central Europe.
at a meeting that day between the Austrian Loan Commis- which may be attributed to the fact that on the one hand the new bank of
sion and Thomas W. Lamont of J. P. Morgan & Co., who, issue has strictly adhered to its by-laws, while on the other hand the Govand National Assembly have become fully aware of the necessity
it is stated, has had numerous discussions with the Commis- ernment
of abstaining from stopping gaps in the budget by issuing notes without
sioners since his arrival in Paris three weeks ago. Baron limit." Continuing he said: "Another matter I should like to refer to is
Franckenstein, Pierre L. Bark and F. H. Nixon represented the problem of the civil service. We have planned to reduce the number
of State employees and governmental workers from about 250,000 to 150,Austria, it is reported in the cablegrams, which quoted Mr. 000.
Up to date we have dismissed some 40,000, and it was shown that the
Lamont to the following effect:
public, realizing our intentions, was willing to lend its support. Just now
Mr. Lamont said to-day that details as to the price of and interest on the
offering of $25,000,000 in America had not yet been fully determined, but
would probably be made public in New York within a week or ten days. It
is understood that the American bonds will bear 7% coupons. Mr. Lamont left for London this aftrenoon, and any further conference that may
be necessary between him and the Loan Commission will take place there.
we are about to effect a thoroughgoing reorganization of our railways and
to reconstruct traffic on a purely commercial basis. A similar course will
be followed in all other departments hitherto operated by the State. In
this manner we expect to combat the causes of the State deficit.
"These achievements have already rekindled confidence in the State and
its future. Even before receiving one cent of foreign money the Austrian
A statement as follows by Baron Franckenstein was also public supplied by its own means capital for the establishment of the new
bank of issue, and nearly every week other considerable amounts from
embodied in the Associated Press cablegram:
Austrian savings are contributed for national purposes.
We have now completed our preliminary arrangements with all the
"We have also succeeded in winning the confidence of European financial
national banking groups planning to offer the new loan, with the exception circles. This became manifest some weeks ago, when, even before the
We
week.
this
matter
the
discuss
to
expect
we
of' the Italian, with whom
subscription for the big League of Nations loan, we took up a provisional
are not in a position to announce the amounts that will be offered in each credit of £3,500,000, which experience was repeated with even greater sucfinancial centre, as that has not in all cases been determined.
cess on the occasion of our negotiations concerning the League of Nations
In Paris the amount has been fixed at 150.000,000 francs. I am per- credit.
requested
officially
of
Finance has
mitted to say that the French Minister
"We shall feel happy if likewise the confidence of the American public is
the largest French banks to form a syndicate, which I am informed will expressed by the greatest possible participation of the American public in
include the Banque de Paris et des Pays-Bas, Credit Lyonnais, Comptoir our loan. This is not considered by us as a mere question of money, but
National d'Escompte de Paris, Societe Generale de Credit Industriel et would besides be considered as a sign that our policy had been approved and
Commercial, Banque de l'Union Parisienne, Banque Nationale de Credit, regarded as worthy of support. All Europe would consider this a practical
Credit Commercial de France, Credit Mobiller Francaise and the Banque demonstration of the fact that a peaceful and constructive policy was
des Pays-Bas de l'Europe Centrele. The Banque de Paris et des Pays-Bas
productive of the best results, and in this manner the American public
has been designated as head of the syndicate.
teach Europe a useful and impressive lesson."
might
The French offering, owing to the imminence of the national credit issue,
will be postponed until July.
We are especially gratified at the notable response we have received from First National Bank of Boston to Open Branch in Cuba.
America, where we are informed by J. P. Morgan & Co. that they are
The following from Boston appeared in the "Wall Street
forming a country-wide syndicate to underwrite and offer the bonds. Our
satisfaction over this American participation is two-fold. It is based, first. Journal" of yesterday (June 1):
upon the fact that the American tankers have become satisfied that the
The First National Bank of Boston will open its new Cuban branch in
loan, as secured by the customs and the tobacco monopoly, and as guaran- Havana. Aug. 1, in charge of John G. Carriker, an American who ha. had
teed by the European Governments, is sound and can be recommended to eight years' experience in foreign and branch banking in LatIn-Ameiican
the American investment public.
countries. Associated with him will be members of the staff of the banks'
Second, in behalf of my Government and the Austrian people, I express Argentine branch who, like Mr. Carriker, speak Spanish and are familiar
our satisfaction that in this first notable effort at international co-operation with Latin-American banking.
directed toward economic reconstruction in Europe, the leadership in
vice-President Trafford of the First National Bank says: "We have been
America is being actively undertaken by some of the bankers and their looking into this Cuban proposition for four or five years. Cuba is the best
associates who were active in the Allied war financing, thus giving effective Latin-American customer of the United States; fully 75% of her purchases
evidence that the war animosities are at an end, and that the Austrian are from Uncle Sam.
people, now fortunately emerging from their economic difficulties, have
"Boston has large financial interests there, particularly in sugar, and
regained the hearty good-will and sympathy of America.
New England as a whole annually sends to the island millions of dollars
I cannot but consider this handsome American participation as a pre- worth of shoes, textiles, machinery, rubber goods, hardware, &c.„ and as we
cursor of better international understandings in other directions, for the receive directly and indirectly millions e dollars worth of her tobacco and
gratification that I express is directed not only toward America but to al sugar, we believe there is a very promising field for a branch of our instituthose nationalities and groups upon this side of the water who are so tion in Cuba. We shall do a general banking business.
loyally and helpfully co-operating with us, and who have shown us such
"In 1921 the exports to Cuba from the United States were $265,000,000.
unselfish good-will.
and they were still larger in 1922. That little country is growing very
Britain,
Great
are:
The guarantees upon the loan as now arranged
rapidly, and always has a balance of trade very much in its favor.
24 M %; France. 243'1; Czechoslovakia, 2434; Italy, 203.; Belgium, 2;
"Canada is doing only 5% of the foreign trade on the island, yet has three
Sweden, 2; Denmark, 1, and Holland, 1. Aside from these guarantees branches there, the largest being that of the Royal Bank of Canada. The
annually
I may point out that, while the service of the proposed loan calls
National City of New York has the second largest banking branch in
for not more than $15,000,000, the actual revenues upon the customs and Havana."
tobacco monopoly are already showing at a rate of practically $30,000,000.
The Boston "Transcript" of May 4 announced that ViceThe fiscal, economic, banking and taxation reforms laid down by the
Bank of
financial experts as conditions precedent to the undertaking of the present President R. W. Traffrod of the First National
loan have already been in a considerable measure fulfilled, and rapid Boston had left that day for Havana, Cuba, to select a
progress is being made in their completion. Further, our Finance Minister
for the branch which the bank planned to establish there.
informs me that wo are well within the estimated figures of outgo in our site
Permission to establish this branch, it was announced, had
budget plans.
On May 29 the New York "Times" said:
The offering price in this country of $25.000,000 of bonds as part of the
i130.000,000 Austrian reconstruction loan will be 90, it was stated yesterday. The bonds will boar 7% interest, the yield being around 8%. The
offering will be made, it is understood, within two weeks. The London
portion of the loan, it is reported, will be priced at 80 and bear 6% interest,
yie:ding 7 %. The difference in interest between New York and London
is due to the difference in rates in the two money markets. Money on the
London market is a little more than 2%. while in New York the rate is 5%•
been granted by the Federal Reserve Board.
Proposed Renewal of Argentine Loan in United States.
Regarding the expected early offering in the United States
of a $50,000,000 issue of Argentine notes to refund a loan to
that amount maturing Oct. 1, it was announced on May 26
that the reports published in the papers of that morning as
to the terms at which the renewal was to be effected, were
not correct. It was learned that the Government is considering a new note issue bearing either 532% or 6% coupons,
either of which would eventually be offered to the public
at about a 6% basis. Some of the reports had it that the
new issue would bear 6% and would be offered to yield
6.75%. Last week (page 2336) we referred to the possibility of the renewal of the maturing loan.
The early offering of the bonds in the United States by
a group of bankers headed by J. P. Morgan & Co. was
referred to in these columns last week, page 2335
By way of introduction to an interview which he secured
with Dr. Ignatius Seipel, Federal Chancellor of Austria,
the New York "Times" representative in Vienna (according
to a copyright cablegram to that paper May 29) said that
"he has, since his accession to power, shown high qualities
of statesmanship recognized by all the world. It is cerLondon Oversubscribes £2,500,000 Argentine Loan.
tainly a remarkable fact that a State which has begun its
In a cablegram from London yesterday the New York
independent political life under the influence of a strong "Evening Post" of last night (June 1) said:
Socialist Party should by force of circumstances have fallen
The new Argentine Government 5% loan of £2.500.000 offered to the
a flood of appliunder the leadership of a Roman Catholic priest." The public to-day was heavily oversubscribed. There was such
cations for allotments of the bonds, offered at 804, that the official list
Chancellor began by saying that "Of all the encouraging had to be
closed less than an hour after it had opened.
The attractiveness of the issue, which is redeemable in July 1949. brought
facts sustaining the hope that our work of reconstruction,
large
a
overnight demand from the banks, insurance houses and private
so auspiciously begaun, will lead to the desired result, one investors.
The number of subscribers makes it apparent that applicants
sympathy
important
appears
moral
to
most
the
be
of the
will get only a small proportion of what they requested. The loan was
we have found in the United States." Discussing conditions offered through Morgan, Grenfell & Co. and the banking house of Baring.
2460
THE CHRONICLE
Argentina Plans New Foreign Rail Loan.
The "Journal of Commerce" of May 31 announced the
following cablegram from Buenos Aires:
The executive branch of the Argentine Government is considering a
plan for the extension of the State-owned railways, involving an estimated
expenditure of 300,000,000 pesos. The proposed program would be completed in three or four years.
The Ministers of Public Works, Finance and Agriculture have discussed
the financial side of the project. It is said that the carrying out of the plan
will mean a foreign loan.
, Regarding probable railway financing in Argentina, the
"Wall Street Journal" of May 31 said:
Up to March last the Argentine Government was spending 60,000,000
pesos a year ($21,600,000) on administration and construction of State
railways. Executive decided that this sum was excessive in relation to
financial resources available. The board of directors was, therefore,
induced to reduce expenses to about 26,000,000 pesos ($9,360,000) until
such time as a general plan of railway construction is approved, and financed by an issue of 240,000.000 pesos in bonds ($86,400,000).
As reported in the "Wall Street Journal" of May 25, p. m.,the Argentine
Government has received offers from Europe and United States of over
2,000,000,000 pesos (8720,000,000) for public works. Railway construction has a prominent place in every South American government's program,
and though the railway loan has not yet come up to Congress for approval,
there is little doubt that some of these offers will be accepted as soon as the
loan to consolidate floating debt has been got out of the way.
State railways last year under construction for extension were 15, requiring a minimum expenditure of 2,950,335 pesos a month. Two of these
are transandine.
[vor„. 116.
purpose,just ashe served a useful,indeed a highly important national purpose,
in being the means of attracting and bringing European capital to America
in former years when conditions were reversed, and such capital was
nothing less than vital to the development of this country and the realization of its opportunities.
That transactions of this international nature which under any circumstances can amount to but a fraction of the American business of the
American banker, could unduly influence his attitude towards Europe or
affect his judgment and sentiments as an American citizen, is a supposition
as unfair as it is absurd. Even from the narrowest and crudest point of
view of sheer selfish consideration, such a supposition would be untenable.
The banker does not buy for the purpose of holding, but of distributing.
If the banker were to hold for his own account the securities which he
buys in the course of his business, his funds would very soon be exhausted
and he would find himself unable to undertake new business. The first
principle of correct banking is for the banker to keep his capital as liquid
as possible.
The bonds which he buys from a foreign government or corporation—or.
for that matter, from a domestic corporation—do not remain in his safe
deposit box, but find their way into the boxes of hundreds of thousands of
investors throughout the country. His financial obligation, his monetary
stake, are involved normally only for the length of the interval between his
purchase from a government or corporation and his disposing of the securities so purchased by an offering to the public.
His remaining obligation—and that is a continuing and weighty one—is
of a moral character, and consists in the requirement that he must have
used the best of dilgence, judgment and care in satisfying himself as to the
soundness and intrinsic value of the securities offered to the public under
his auspices.
The penalty for failure to fulfill this requirement is severe and inevitable
—consisting, as it does, in the loss of the confidence and patronage of his
clients, and without these assets no banking business can endure.
Referring to the Allied securities held in the United States
Otto H. Kahn Says "International Banker" Does Not
Mr. Kahn said:
Exist—Allied Securities Held in United States.
Allied Securities Held in America.
That "there is no such thing as an 'International Banker'
Incidentally, It is worth mentioning that the total of the amount of
in America, as the meaning of the term is generally under- securities, issued in this country and outstanding, of those Allied European
than is frestood" was the assertion made by Otto H. Kahn of Kuhn, nations who were engaged in the late war, is very much less
quently supposed. That total—apart,of course,from the Allied war debts
Loeb & Co., in an address on "The International Banker," de- to the American Government, and apart, also, from temporary bank loans
livered before the Rochester (N. Y.) Chamber of Commerce and similar trade accommodations—is not four to five billion dollars,
in Congress and is re-asserted from time to time in ceron May 23. According to Mr. Kahn "he [the "International as has been stated
tain organs of the press, but a great deal less than one billion. To be exact.
Banker"] exists in the imagination of people all too numer- It amounts at present to a maximum of $763,600,000. As a matter of fact.
ous, but he does not exist in the flesh." Mr. Kahn contends it is no doubt considerably less, because, according to common knowledge,
substantial portions of these loans have been re-purchased by European
that "you might just as well speak of the 'International investors,
carrying as they do materially higher rates of interest than are
Farmer' because the farmer sells a certain percentage of his obtainable by nationals of the respective countries from investments in
crops to Europe, or of the 'International Manufacturer' be- domestic Government loans.
t$75,000.000
Great Br1tain-53 % loan due August 1929
cause some of his products are exported to Europe, and some
144,000,000
5%% loan due February 1937
87.000,000
American manufacturers maintain branch establishments or France-74% loan due June 1941
90,000,000
8% loan due Sept. 15 1945
agents in Europe, or of the 'International Merchant' because
25,000,000
Department of Seine 7% loan due January 1942
he imports goods from Europe. The banker maintains, and
loan
due
November
1934
Bordeaux
6%
15,000,000
City of
15,000,000
can maintain, international contact, and conduct internaCity of Lyons 6% loan due November 1934
15,000,000
City of Marseilles 6% loan due November 1934
tional business only to the extent that American industry,
6.000.000
City of Soissons 6% loan due Nov. 14 1936
commerce and agriculture are international." "True," says
loan
due
Aug.
15
1968._
_
_
40,000,000
-Mediterranean
6%
Paris-Lyons
10,000,000
July
1942
due
7%%
loan
Feamerican
Mr. Kahn,"the banker must take within his purview continu44,000,000
loan due June 1945
ously the conditions of affairs and the currents of things Belgium-7%%
30,000,000
8% loan due February 1941
18,600,000
throughout the world, but so must the exporter, and so must
6% loan due July 1925
4,200,000
1925
January
6% loan due
the farmer take in account the prices and tendencies of the
9,900,000
loan due February 1925
Italy-8
world market in Liverpool." Mr. Kahn continued:
14,000.000
Czechoslovakia-8% loan due April 1951
The last annual report of the Department of Commerce states that
in one year the Department received 600,000 inquiries regarding foreign
markets, while 50,000 manufacturers and merchants called in person at
its offices in Washington to discuss export matters. The consummation
of every transaction with a foreign country requires banking services,
In one way or anothzr.
Some bankers entertain more active business relations in and with
Europe than others, but that is merely a difference in degree and not
in kind.
The American bankers' market is the home market. His success is
conditioned upon the capacity and willingness of the American investor
to absorb the securities which he offers. His very existence depends upon
the confidence and co-operation of the public and of his fellow-bankers—
and any banker whose activities would justly create the impression that
he was actuated by cosmopolitan rather than by American interests would
very soon lose that confidence and following.
Confidence is not a thing that can be bequeathed, nor can it be induced
by the influence of money. It is a voluntary bestowal, "during good
benavior." so to speak, and is subject to withdrawal without notice.
The vast bulk of the business of the American banker—with or without
International affiliations—originates and ends in this country. His
allegiance, his reputation, his self-interest, his capital, his aspirations,
the vast preponderance of his opportunities, are here.
The business which he does for his own account in. with, or for Europe,
Is insignificant as compared to the business he does in America. His
principal functions in relation to Europe are to provide the requisite banking
facilities for export and import, and for travelers.
That part of his functions which consists in financing loans of foreign
Governments or industries has hitherto been (with sporadic exceptions)
of relatively inconsiderable proportions as compared to the vastness of
the volume of his transactions in financing American industry, commerce
and enterprise.
In saying this, I do not mean to imply that there is anything that calls
for apology in the floating of foreign loans in America and in the loaning
of American funds to Europe, provided such loans are considered sound
as to security and are made for legitimate, constructive purposes. Indeed.
such loans ought to, and I believe will, be made in increasing measure,
when conditions in Europe will have become such as to warrant it.
It is both the duty and the advantage of a creditor nation, such as this
country has become, to place part of its available funds in foreign countries. It is manifest that the promotion of our export trade, including, of
course, the export of farm products, requires us, under the circumstances
as they now are and are likely to remain for some time,to aid the purchasing
power of ether nations by extending to them financial facilities to a reasonable extent.
It is the function of the banker to be instrumental in carrying out such
transactions. In doing so, he is the means of serving a useful national
City of Prague 7%% loan due May 1952
Yugoslavia-8% loan due May 1962
Russia-834% loan of 1916
6%% credit of 1916
Poland-4% loan of 1920, due 1940
7,500,000
15,000.000
25,000,000
50,000.000
23,400,000
$763,600,000
t This loan was originally $148,000,000, but the bonds issued under it
are convertible into Sterling bonds and it is safe to assume that at least
one-half have been so converted.
Agreement for Payment by Germany of United States
Rhine Army Occupation Costs.
The signing of an agreement at Paris on May 25 by representatives of the United States and the Allies for the payment by Germany to the United States of the cost of the
American Army of Occupation on the Rhine was announced
by Secretary of State Hughes at Washington in the following statement:
The Department has been advised by Mr. Eliot Wadsworth at Paris
that the agreement for the payment of American Rhine army costs was
signed to-day. In substance the agreement provides for the payment of the
costs of the American army out of the future cash payments by Germany in
twelve annual installments.
Any deficit in the first four years is to be distributed over the last eight
years. In the event that the plan of payment does not work out satisfactorily the United States Government has the right to abrogate.
A further announcement on May 25 by the State Department said that the "final figures of the total cost are not yet
available, since the final accounts of the American Army of
Occupation have not been made up, but, according to figures
supplied by the War Department the total gross cost up to
Jan. 31 1923 was $292,319,858 03, and, deducting $36,775,047 50 which represents the value in paper marks requisitioned up to the above date the net balance due to the United
States as of Jan.31 1923 Is $255,544,810 53." It is added that
"from this latter figure is to be deducted the value of the
armistice material, but no definite value has as yet been
JUNB 21923.]
THE CHRONICLE
placed upon this material. The agreement just signed provides that the value of this material shall be fixed by agreement between the Government of the United States and the
Reparations Commission." Pointing out early in the day on
the 25th that the agreement was in final shape and ready to
be signed, the Associated Press cablegrams from Paris noted
that the document was minus the clause to which the United
States objected, allowing the Allies to cancel the agreement
In case America proceeded to collect war damages direct
from Germany. Sir John Bradbury, the British representative, who had insisted that this clause be embodied in the
agreement, had received instructions from Prime Minister
Baldwin in London to withdraw his opposition to the elimination of this clause. It is stated that the point which the
British representatives thought to cover through this clause
Is regarded by the other Allies as sufficiently covered by the
Treaty of Versailles. According to a synopsis of the agreement, made public by the State Department, it is provided
In substance that the amount due to the 'United States shall
be paid in twelve annual installments out of future cash
payments credited to Germany, and it is estimated that the
annuities will amount to approximately $20,000,000 yearly.
The following is the synopsis of the agreement as published
In a copyright item appearing in the Washington (D. C.)
"Post" of May 26:
2461
Allied Powers who have a right to participate in the payments affected by
the said agreement.
ARTICLE I.
For the purpose of the following agreement the net amount due to the
Government of the United States for the costs of its Army of Occupation
will be reckoned as follows:
1. The total net costs as they are certified by the United States Government and as they will figure in the accounts of the Reparation Commission
after deducting the following sums if they have not already been deducted:
(a) Any amount already collected by the United States Government in
the form of the requisition of paper marks.
(b) The value of the armistice material and material abandoned by
Germany not possessing a military character.
2. The value in gold of the paper marks of the armistice material and the
abandoned material not possessing a military character shall be fixed by the
Reparation Commission,and theReparation Commission will agree with the
Government of the United States as to the amount thereof to be deducted
from the total net costs of the American Army of Occupation.
ARTICLE II.
First Payment Before December 31.
1. The net amount due to the United States will be paid in twelve equal
yearly installments, the first installment to be paid on or before the 31st
of December 1923.
2. No interest will be charged, however,if the Allied Governments should
decide at any time to charge interest from a fixed date for the unpaid costs
of their armies of occupation, the same rate of interest commencing from the
same date shall be allowed the Government of the United States for the
unpaid balance of its claim.
3. Each of the yearly installments referred to in Paragraph 1 of the present
article constitutes up to Dec. 31 1926 a first charge on the payments of all
kinds to be credited to Germany's reparation account (see Note A), exculding those specially excepted by Paragraph 41)010w, and,from Jan. t 1927,if
the payments of all kinds to be placed to the credit of the reparation account
are insufficient, a first charge in addition on all the payments to be placed to
Agreement in Synopsis.
the credit of the army of occupation account, exclusive of paper marks
The net amount due to the United States on army cost account is to be requisitioned to cover part
of the costs of these armies of occupation to meet
reckoned by taking the American figures of total gross costs and deduct- the needs of the armies of occupation for local currency during the year in
ing first, the value of paper marks requisitioned by the American army the course of
which the said yearly installments should be paid to the Govin Germany, and, second, the value of the material abandoned by Ger- ernment of the
United States. The charges established by the present paramany and coming into the hands of the American army when the American graph are applicable
whether these payments are made by Germany or for
troops were marching into Germany following the armistice of November the account of
Germany,or by and for the account of another country from
11 1919. Final figures of the total cost are not yet available, since the final whom a similar
payment may be exacted to any organization which has been
accounts of the American army of occupation have not been made up, and may be
designated to receive such payments and including the paybut according to figures supplied by the War Department the total gross ments
made directly to the interested Governments.
cost up to January 31 1923, was $292,319,858 03, and, deducting $36,775.047 50. which represents the value in paper marks requisitioned up
No Claim on Deliveries in Kind.
to the above date, the net balance due V) the United States as of January
4. For the purpose of the execution of present agreement, payments
31 1923, is $255,544,810 53.
by the German Government, subjected to the charges referred to in
From this latter figure is to be deducted the value of the armistice materParagraph 3 above, shall not include:
ial, as above stated, but no definite value has as yet been placed upon this
(a) Deliveries in kind intended to be used in the interior of receiving
material. The agreement just signed provides that the value of this
countries, their colonies and their dominions, made by virtue of the various
material shall be fixed by agreement between the Government of the United
annexes to Part VIII of the Peace Treaty of Versailles or of any other
States and the Reparations Commission.
procedure approved to date by the Reparation Commission (see Note R)
to the Allied countries having a credit on account of reparation.
To Be Paid in Twelve Years.
(b) The proceeds of the British Reparation Recovery Act or of any
It is provided, in substance, that the amount due to the United States other similar
legislation enacted or to be enacted by the other Allied
shall be paid in twelve annual installments out of future cash payments Governments in pursuance of
Paragraph 2 of the decision of the Allied
eredited.to Germany. It may be estimated, roughly, that the annuities Governments of March 3 1921.
will amount to approximately $20,000,000 yearly. Until the end of 1926
(c) The value of transfers and cessions of property rights and interests
the annuities are to constitute a first charge on payments credited to Ger- made in execution of the Treaty
of Versailles, unless such transfers (under
many's reparations account, excepting deliveries in kind, the proceeds of Articles 254 and 256, for example) result
in a payment for the credit of
the British reparation recovery act, or simillar legisation, and the value Germany's reparation account made by
Powers not entitled to reparations
of transfers and cessions of property under the Treaty of Versailles. After or unless such cessions of property rights
and interest (under Article 260,
January 1 1927, in case payments of the foregoing character placed to the for example) are liquidated or sold for cash by the
Reparation Commission
credit of the reparations account should prove to be insufficient, the annu- for the credit of Germany.
ities due to this Government shall in addition constitute a first charge
5. If in the course of one year (calendar year) between Jan. 1 1923 and
on all payments placed to the credit of army of occupation account, exclud- Dec. 31 1926, the amount of the sum
due to the Government of the United
ing requisitions of paper marks by the Allied armies of occupation.
States exceeds 25% of the total of the payments defined above made by
Until the end of 1926 the annuities due to the United States constitute a Germany or for the account of Germany
for the credit of her reparation
lien of 25% of the payments made by Germany, as defined above. It is
accounts (excluding the sums carried to the account of the armies of occuprovided that the sum to be remitted to the American Government up to pation) the amount of the payment to
be made to the United States shall
the end of 1926 is not to exceed 50% of the total balance paid in cash by
be reduced to a sum equivalent to 25% of such payment and one-eighth
Germany in the course of the year in question on reparation account, and of the sum deducted will be added to each
of the payments to be made
any deficits resulting from this provision shall be charged against the pay- in the course of the years 1927-34 inclusive.
ments in cash made by Germany in the course of the following years, up to
Allies to Collect in 0:her Ways.
and including 1926.
6. Nevertheless, for the purpose of the present agreement the European
Arrangement for Deficits.
Allied Governments, creditors on account of their armies of occupation,
One-eighth of any deficits that may be due to the United States at
each of the years 1923-1926 inclusive, by priority
the beginning of 1927 is to be added to each of the payments to be made undertake to apply during
to the payment of the current expenses for armies of occupation, in so
in the course of the years 1927-34 inclusive. Beginning with 1927 the
far as these have not been met by the requsiition of paper marks, the
annuities due to the United States constitute a first charge to the extent
value of the deliveries in kind referred to in Paragraph A above, the pro
of 100% on payments by Germany (with the exceptions above enumerated)
coeds of any Reparation Recover Act for the time being in force and replaced to the credit both of reparation and army cost accounts.
ferred to in Paragraph B above and the value of the transfer and cession
In case after 1926 there should still be deficits, the amount thereof
of property rights, and interests referred to in Paragraph 0 above in
will bear, simple interest at 434 %and is to be liquidated with priority
such a way as to be able to place as far as possible the value of the other
out of subsequent cash payments by Germany on army cost account.
payments which Germany will make to her credit on account of reparations.
The Allied Governments reserve their rights in any collections in occu7. If after the 1926 payments to the Government of the United States
pied territory through the intervention of any Allied authority.
in the course of any particular year are insufficient to satisfy the amount
due that Government in the course of that year, the arrears shall be covered
By Loan or Moratorium.
in a special account bearing simple interest in 434%,this account of arrears
It is further provided that in case any extraordinary payments should shall be liquidated as soon as the payments received from Germany in the
be made by Germany by means of the flotation of a loan or otherwise course of any year admit and these arrears shall have the same
priority as
the Allied Governments will discuss with the United States the participa- that given under Paragraph 3 of Article II of the present agreement to the.
tion of this Government in such extraordinary payments. Also, in the equal annual installments.
event of any moratorium being granted to Germany, the Allied Govern8. However, if in the course of one of the first four years it should prove
ments will communicate with the Government of the United States for necessary to utilize all or a part of the payments in cash made by Germany
the purpose of reaching an agreement that would not cause any prejudice to cover the costs of the armies of occupation of
the European Allies in the
to this Government.
course of that year, the American priority of 25% shall be calculated on
It is also provided in Article VI that in case the present agreement the total of the payments in cash
made by Germany in the course of that
does not work out satisfactorily, the Government of the United States year on reparation account and on the
account of the armies of occupation
shall have the right to abrogate it. In the event of abrogation, for any of the European Allied powers
exclusive of paper marks requisitioned to
reason whatsoever, it is provided that each of the respective Governments cover part of the costs of
these armies of occupation to meet the needs of
"reserves the right to maintain all its rights whatsoever may be their the armies of occupation
for local currency.
extent such as each deems them to exist at this date."
Inside Fifty Per Cent of Reparation Pay.
From the New York "Times of May 26 we take the text of
The sum to be remitted to the American Government in the course of one
of the first four years shall not, however, exceed 50% of the total balance
the agreement as given:
of the payments in cash made by Germany in the course of the year in
The following agreement is concluded between the Government of the question
on reparation account. If the American priority calculated as
United States of America of the one part, and the Governments of Great above for any particular
year cannot be met by the 50% payments calculated
Britain, France. Italy and Belgium, of the other part.
as above, the balance of this priority shall be chargeable against the payThe Governments of Great Britain, France, Italy and Belgium undertake ments in cash made by
Germany in the course of the following years up to
to use every effort to secure the adherence to this agreement of the other and including 1926
instead of being spread over the payments of the last
2462
THE CHRONICLE
eight years. At the beginning of 1927 the total deficit *which has accrued
shall be spread over the payracnts of the last eight years.
9. If at the end of the year 1927 or of any year following the arrears have
reached such an amount as might,in the opinion of the Government of the
United States, endanger the complete execution of the payments within
the period of twelve years. the Allied Governments will, upon the request
of the Government of the United States and in agreement with it, use their
best endeavors to make such modifications of the present agreement as
may seem necessary to ensure the complete execution of the payments
within the prescribed period of twelve years.
10. The Allied Governments, however, reserve their rights in respect
of the payments in kind and in cash which might be contained in occupied
territory through the intervention of any Allied authority.
ARTICLE III.
Provide for Anticipatory Payments.
The present agreement has been drawn up in contemplation of annual
payments to be made by Germany and with the recognition of the impossibility of foreseeing and determining at this moment the distribution
of any extraordinary payment which may be made by Germany in any
particular year.
If, however, a loan is floated or an anticipatory payment effected by
Germany in any particular manner, the Allied Governments will put
themselves in communication with the Government of the United States
for the purpose of discussing the participation of the United States in
such extraordinary payments.
If as a consequence of a loan floated either in America or elsewhere or of
any anticipatory payment made by Germany by any means whatever, a
moratorium were granted to Germany the Allied Governments will put
themselves into communication with the Government of the United States
for the purpose of reaching an agreement which would not cause any
prejudice to the Government of the United States.
No discount shall be allowed for any anticipatory payments.
[VoL. 116.
The American forces on the Rhine were withdrawn early
this year, the issuance of orders by President Harding for
their return having been referred to in these columns Jan.
13 1923, page 131. The American flag was lowered from the
famous fortress of Ehrenbreitstein at noon on Jan. 24, the
troops boarding trains bound for Antwerp, where they embarked on the transport St. Mihiel, leaving for the United
States on Jan. 25.
The official instructions to General Allen were as follows, according to advices printed in the New York "Times":
The President has decided to return to the United States immediately
all troops of your command, except Graves Registration Service.
The San Mihiel, making one trip only, will be dispatched from New York
about Jan. 12 to Bremen or Hamburg. Cable which you want.
You will utilize the maximum capacity of this vessel for carrying personnel
and all freight except officers' mounts. Excess supplies will be disposed of
in accordance with law and regulations. Excess personnel will be transported on commercial liner to New York, arrangements to be made by you.
Complete detailed instructions relative to movement were mailed to you
Jan. 9 1923, and are summarized as follows:
Approximate capacity of transport 80 first class, 40 second class. 980
troop class passengers: cargo capacity with troops, 1,600 measured tons.
Return voyage will be to Savannah, then Charleston, then New York.
Disembark at Savannah, Ga.; Headquarters and Service companies and
one battalion, Eighth Infantry, with authorized medical personnel for
station at Fort Screven, Ga.; four technical sergeants, one sergeant and
twenty-two privates, and privates, first class, Quartermaster Corps, for
station in Eighth Corps Area.
At Charleston, S. C.: One battalion and two battalion sections of headquarters and service companies with authorized medical personnel for staARTICLEIV.
at Fort Moultrie, 8. C.; three technical sergeants, Quartermaster
The Allied Governments which have approved the agreement of March tion
Corps, for station in Fourth Corps Area.
111922. declare that the charge upon the payments in cash to be received
At New York: All remaining troops, commissioned, warrant officers and
from Germany and set up by the last part of Article VIII of the Interenlisted men and all freight not pertaining to Eighth Infantry for distribuAllied Agreement of March 11 1922, in favor of the unpaid balance of
in First, Second. Third and Fifth Corps areas.
the costs of the British and French armies of occupation up to May 1 tion
Organizations will return with individual equipment, colors, authorized
1921 shall only apply to the balance if such there be of the German pay•
household effects and records only.
ments after payment of the sums due to the United States in execution of
Instructions furnished in letters March 6 and 27 1922, reference supplies
the present agreement. The fact that the Government of the United
to be returned, have been modified and arranged by priority in each branch
States has taken note of this declaration cannot, however, be interpreted
of Jan. 9 1923. Supplies to be returned are in general those direcas an expression of opinion of the Government of the United States with In letter
previous letters and instructions contained therein may be accepted
by
ted
regard to the agreement of March 111922.
as a basis until letter of Jan. 9 1923 is received.
No motor vehicles, paints, oils, greases, substance stores or public animals
ARTICLE V.
will be returned and only such authorized officers' mounts as are now
Deduction for Dye Stuffs.
ship.
If the Government of the United States should come to an agreement owned by officers desiring to
Surplus road-making machinery desired by Department of Agriculture
with the Reparation Commission to receive, in accordance with the protransferred to a Department representative in accordance with
be
may
visions of the Peace Treaty of Versailles or any supplementary agreement.
German dye stuffs, the value of these dye stuffs determined by agreement instructions of June 8 and 16 1922
The "Times" also stated at that time:
between the Government of the United States and the Reparations Commission shall be deducted from the annual payment due to the GovernThe American Army of Occupation now totals 1,188 persons, of which
ment of the United States under the present agreement in the course of
1.013 are enlisted men, 117 are oMcers, 4 army nurses and 10 warrant
the calendar year in which these dye stuffs shall have been received.
officers. Though the normal capacity of tho St. Mihiel is about 950 enIf in the course of any calendar year the value of the dye stuffs thus suplisted men and 50 officers, War Department officials believe the vessel will
plied to the United States exceed the annual sum due to the Government of
be able to accommodate the entire force when allowances are made for those
the United States the excess shall be utilized:
who must be left behind in the interest of the Graves Registration Service
(a) During the years from 1923 to 1926 to supplement so far as necessary
and the sale of Government property.
the payments already made so as to bring them for each year up to oneAccording to the New York "Times" of May 19, Lieutenant
twelfth of the American claim.
(b) During 1927 and the years following to liquidate the account of P. J. Davis, U. S. A., of the Division of Criminal Investigaarrears.
tion, who arrived on May 18 from Bremen on the President
If. when these operations have been completed, there still remains a balof the United States Lines, said there was only
ance, this should be regarded as an anticipatory payment of the annual Roosevelt
installments fixed.in accordance with Article II of the present agreement.
one man then left in Germany of the American Army of Occupation. The man left behind, Lieutenant Davis said, beARTICLE VI.
•
American Right to Abrogate.
longed to his division, but he declined to give his name. He
If at any time the arrears due to the United States reach a total such that had some details to clean up, the officer said.
the Government of the United States considers that there is a risk of its not
being paid within the prescribed period of twelve years, the Government of
the United States shall have the right to abrogate the present agreement if Comparative Figures of Condition of Canadian Banks.
within a period of three months from the date of a notification to that effect
In the following we compare the condition of the Canadian
the agreement has not been modified to its satisfaction.
In negotiating the present agreement, the respective Governments, with a banks under the April 1923 statement with the return
view to arriving at an agreement for the payment of the costs of the AmeriMarch 1923:
can army of occupation, have voluntarily avoided raising any question of the for
ASSETS. Apr. 30 1923. Mar.31 1923.
right of interpretation.
coin—
The respective Governments desire nevertheless to state that in case the Gold and subsidiary
58.842,766
58,394,063
Canada
In
present agreement should be abrogated for any reason whatsoever, each of
12.256,380
11,838,291
Elsewhere
them reserves the right to maintain all its rights, whatsoever may be their
extent,such as each deems them to exist at this date.
70.681,057
70,650.443
Total
The present agreement shall take effect aftersuch ratifications as may be
166.610,535 170,047.880
required in accordance with the constitutional methods of the respective
Minister
of
wi
tai
th
Finance
for
sew
Dpoepmoilitoedn
parties, and ratifications shall be exchanged in Paris as soon as possible.
6.458,456
6,454.339
curity of note circulation •
Note A—The "reparation" account of Germany includes all payments in
55,252,533
56,552.533
cash or kind which are devoted to making good the damages for which the Deposit of central gold reserves
114,152,259
121,560.255
banks
Allies have claimed compensation from Germany in accordance with the Due from
1,447,541,916 1,403,146.622
terms of the Treaty of Versailles. Accordingly there are excluded from the Loans and discounts
403,080.300 385.426,024
"reparation" account such items as the cost of the Reparations Commission, Bonds, securities', &c
94.021,385
89.467.352
the payments made through the clearing offices, and the cost of the *armies Call and short loans in Canada
211,109,821 202.863,109
Canada
Call and short loans elsewhere than in
of occupation.
107,580.6S0
111,921.543
assets
Note a—The procedure approved to date by the Reparations Commis- Other
sion are those of: (a) The Wiesbaden agreements signed on Oct. 6 and
2,685,201.831 2,609,386,221
Total
7 1921; (b) the Bemelmans-Cuntz agreement of June 2 1922; (see the
LIABILITIES.
Gillet-RupPel agreement of June 2 1922).
187,175,000 187,175.000
authorized
From the New York" "Times" of May 26 we take the fol- Capital subscribed
125.572,300 125,572.300
Capital
Paris
advices:
lowing
125,351.873 125,335,273
Capital paid up
130,675,000 130,675,000
Great satisfaction is expressed in French official circles Over the final Reserve fund
—
agreement on the method of reimbursing the United States for the expenses
166,255,125 173,258,362
Circulation
of maintaining its army of occupation in the Rhineland. The result was
65,423,567
deposits
78,447,634
particularly gratifying to Premier Poincare, coming at a time when ho is Government
856,427,984 789,786,950
Demand dePosIts
so busily occupied with internal matters of importance.
1,218,29.5,721
1,227,253.431
deposits
The French delegates feel that they are entitled to share in what is termed Time
56,874,147
52.584,175
to banks
the American diplomatic victory, since, under instructions from M. Polo- Due payable
8,999,652
9,808.611
Bills
care, they were always ready and eager to reach an agreement.
21,928.141
20,793.738
liabilities
While discreetly protecting the Allies and refraining from any indication Other
is
of the French policy, M. Tannery, it learned, was ready at any time to
Total not including capital or reserve fund_ 2,411,571,4J8 2,334,566,540
sign the agreement without the abrogation clause for which Sir John BradNote.—Owing to the omission of the cents in the official reports, the
fought
and
which
representative,
at
one
time
threatened
British
the
bury,
footings in the above do not exactly agree with the total given.
to bring a final break.
JUNE 2 1923.]
TEE CHRONICLE
2163
To aid Groat Britain
.
during the war, silver dollars were broken up untff
Offering on Monday Next of Illinois Midwest Joint
200,000,000 ounces of silver bullion were obtained, he said, and the money
Stock Land Bank Bonds.
paid by Great Britain was to be used in purchasing silver at $1 an ounce
Hoagland, Allum & Co., Inc., of New York and Chicago to replace it. All this silver has been purchased,he added,except 2,500,000
asserted that should the smelting companies be
ounces. Senator
will offer on Monday next (June 4) $1,000,000 5% Farm required to reducePittman
their tenders to the amounts they could support.by affiLoan bonds of the Illinois Midwest Joint Stock Land Bank. davits as of American production, several million ounces of silver would be
added to that, and continue the Pittman Act in operation for a month or
The bonds will bear date April 1 1923 and will become due two
longer. John G. Kirchen, President of the Nevada Mining Operators'
April 1 1953; they will be redeemable at par and accrued Association, also
was a witness before the committee. He protested against
interest on any interest date after April 11933. The bonds the Treasury regulation under which the smelting companies were permitted
will be in coupon form of $1,000 and $10,000 denomination, to offer silver bullion for future delivery.
On May 25 the Brooklyn "Eagle" printed a Washington
fully registerable. They will be offered at 103 and interest,
to yield over 4.62% to the optional date and 5% thereafter. dispatch saying:
The Treasury needs only 5,000,000 ounces of silver to complete its
These bonds are obligations of the Illinois Midwest Joint
chases
the terms of the Pittman Act, according to a statement by
Stock Land Bank of Edwardsville, Ill., which was chartered Directorunder
Scobey of the Mint. The amount the Treasury is required to buy
by the Federal Farm Loan Board on July 25 1922 under the under the act is being rapidly reduced and the prediction was made that the
IC
name of the Midwest Joint Stock Land Bank. It is stated remaining 5.000,000 ounces will have been bought by June 1.
With the purchase of the remainder, the Treasury will have restored to
that, while by its charter it is permitted to operate in the Its vaults
and the vaults of the mints the 200.000,000 ounces it sold to the
States of Illinois and Missouri, it is the present policy of British Government and with which the latter staved off a threatening crisis
in
India
during
the World War. Upon the passage of the Pittman Act.
the bank to make loans exclusively on farm lands in the a
British gunboat,
anchored in New York Harbor, rushed to India
State of Illinois. As of April 30 1923 the bank reported with $18,000,000 in then
silver aboard. That money it has been said, thwarted
German plans for revolution among the natives who had become dissatisfied
as follows:
Total applications received
$3,510,457
Loans closed
1,554,500
Loans awaiting closing
560,300
Loans awaiting approval
66,400
Loans rejected entirely
921,982
Reductions of amounts applied for
329,775
Loans awaiting appraisement
77,500
Appraised value of farms mortgaged
3,931.835
Amount of real estate pledged (acres)
27,532
Amount appraised per acre
121.42
Percentage of amount loaned to appraised value, real estate only 39.48%
Number of loans, 178: average loan
$8.733.15
- Earlier offerings this year of bonds of the bank were
referred to in these columns Jan. 27, page 363, and April 21,
page 1713.
Intermediate Credit Bank of Springfield, Massachusetts,
First to Make a Loan.
The Springfield "Republican" of May 25 stated that the
distinction of having been the first Federal Intermediate
Credit bank in the United States to make a loan under the
new Agricultural Credits Act, belongs to the Springfield
Intermediate Credit Bank, according to an official announcement by the Federal Farm Loan Board at Washington, D. C., on May 23. The "Republican" said:
The first loan was concluded yesterday to the Farmers Fund, Inc., of
Rochester, N. Y. The loan aggregated $50,000 and the money will be
supplied to farmers at 6% interest. Members of the Board said they
expected other loans to be pressed through to conclusion in all banks, now
that the machinery is actually in operation.
Suspension of Silver Purchases by United States
Treasury—Comments of Samuel Montagu & Co.
The Treasury Department announced on May 29 a suspension of silver purchases under the Pittman Act, until it
can be definitely determined whether the estimates of offers
already accepted exceed the 200,000,000 ounces which the
Aet authorizes the Government to buy. The suspension
was ordered, according to an announcement by Director of
the Mint &obey, "in order to avoid the possibility of accepting excessive tenders and at the same time to assure the
most equitable treatment to American producers of silver."
The statement further said:
The Director will, however, continue to receive tenders under the Act
until the close of business June 15 1923, filing such tenders in the order of
their receipt. All tenders in excess of the amount remaining to be purchased
will be rejected.
with paper currency as the circulating medium.
In our issue of April 7 (page 1484)'We referred to the prediction of Director Scobey that the Treasury requirements of
silver bullion to be purchased would be fulfilled by July 1,
and to Mr. Scobey's further statement that silver purchases
would terminate when the requirements were met. Senator
Key Pittman's protest against the proposal of Mr. Scohey
was dealt with in these columns April 28, page 1484 ard in
May 12, page 2073. From the May 16 letter of Samuel
Montagu & Co., we take the following:
About 12,000,000 ounces have still to be purchased under the Pittman
Act, and about 26,000,000 ounces of the total amount required are not
yet delivered.
The Director of the United States Mint announced ia March last:that
silver purchased by him could be delivered as late as Oct. 1 1924. but
we hoar, from private advices, that delivery might even be extended to
a later date if the sellers so desire.
We append interesting comments from the United States "Engineering
and Mining Journal-Press" relating to the working of the Act:
"On March 24 the Director announced officially that 167,557,068
ounces had been repurchased under the terms of the Act. As the total
amount of silver to be purchased has always been given as approximately
208,000,000, there remained apparently about 40,000,000 OUTICP.3 to
complete the purchases. . . .
"First. Pursuant to an opinion rendered by Federal legal advisers.
and in conformity with authority granted by the Pittman Act itself, the
Director has decided to deduct from the total amount authorized to be
purchased about 10.000,000 ounces, representing silver which was utilized
by the Government for the making of subsidiary coinage. Sec. 3 of the
Pittman Act says: 'The allocation of any silver to the Director of the
Mint for subsidiary coinage shall, for the purposes of this Act, be regarded
as a sale or resale.' It appears that the Director has just deckled to
take advantage of this provision of the Act on the ground of Government
economy, to the disadvantage of the silver producers. This decision
came as a distinct surprise to everybody concerned.
"Second. The other 10,000,000 ounces represent silver now in the
process of smelting and refining, which is subject to the Pittman Act
price and for which the smelters and refiners hold the necessary affidavits
SS to domestic origin from the mining companies• • • These
(smelting) companies are the vendors of 95% of the silver tendered to
the Mint, and the announcement of the Director followed a conference
in Washington with their representatives. . . .
"The reason that the Director has deducted it probably is because so
far as future mine production is concerned, this metal has precedence. It
seems to be the plan of the Director of the Mint to determine the salability
of a lot of silver by the date on which the ore or concentrate containing
It was delivered at the reduction works, rather than by the date on which
the marketable bullion is offered to the Director for purchase. In other
words, the miner of siliceous silver ore who produces marketable cyanide
bullion a week after his ore leaves the mine is to enjoy no advantage over
the producer of zinc-lead-silver ore whose silver is not ready for the market
for six months after it is mined. The approximate date of mining the
ore, not of marketing the bullion. is to control the precedence of purchases."
In referring to the Treasury Department's action, a
Washington dispatch published in the Philadelphia "Record" Brokers' Loans—Low Total About $1,720,000,000, Compared With $2,000,000,000 in February.
of May 30 said:
The following is from the "Wall Street Journal" of May 25:
The suspension was suggested by Assistant Secretary Gilbert after Senator
Pittman, Democrat, Nevada, author of the Act, had asserted that smelting
companies had tendered silver to the Government at $1 an ounce in such
quantities that unless further purchases were postponed for four days to
two weeks the benefits of the Act would be lost before there could be a
readjustment in the companies' accounts.
The Senate Gold and Silver Committee was told by Gilbert that he
thought it better to continue to receive tenders of silver to be filed in the
order of their receipt and held in suspense until June 15, when he thought
it would definitely be known whether the smelting companies had delivered
to the Government more silver than they had purchased from American
miners.
Could Not Guarantee United States Origin,
Assistant Secretary Gilbert appeared before the committee at the request
of Senator Pittman, who placed before him reports made by a committee
auditor showing, the Senator contended, that while the smelting and refining companies had been deducting from the miners 5% as the loss of silver
in smelting, they had been selling silver bullion to the Government on the
basis that there had been no such loss. The smelting companies, Senator
Pittman said, had been unaele to produce supporting affidavits to prove
that all the silver furnished the Government was of American production.
as required by the Pittman Act. Giloert asserted that in the final audit
of the accounts any surplus tenders by the smelting companies would be
rejected and that silver purchased from them would be limited to that which
they could prove was mined in this country.
Wa.1 Street brokers' loans have dropped to a new low level for the year.
approximately $1,720,000,000, compared with 81,750,000,000 o..1 May 1.
Peak of brokers' borro;rings was in February this year, about S2,000,000,000. Shrinkage has been about $280,000,000.
Present Wall Street loans compare approximately with the total Sept. 15
1922, when borrowings were about 81,700,000,000.
A year ago brokers were borrowing about. 81,450,000,000, or approximately $270,000,000 less than at present.
Following comparative table shows status of brokers' loans at various
periods from January, 1922, to date:
1922—Jan. 6
$650,000,00011922—Oct. 27
$1,790,000,000
Mar. 17
750,000,000
Nov. 13
1.950.000.000
April 18
1,110,000,000
Dec. 10
1,825,000,000
April 30
1,250,000,000
1.8,50,000,000
Dec. 30
June 5
1,800.000,000
1.450,000,000 1923—Jan. 25
July 29
2.000,000,000
1,550,000,000
Feb. 14
Sept. 1
1.850,000.000
1,600,000,000
Mar, 31
Sept. 15
1.800.000.000
1,700,000,000
April 23
Oct. 1
1,750,000,000
1.880,000.000
May 1
1.720.000.000
May 28
Decline in security prices accounts for the sharp drop in
the volume of
brokers' money demands. The "Street loan account" has shown a gradual
shrinkage over since February—the high point.
2464
THE CHRONICLE
[VOL. 116.
While commercial loans recently have been expanding rather extensively, fully explained to you. Try to realize the fact that this institution is one
at present they are sought less eagerly. It is quite likely, according to bank- of the greatest factors in the economic life of the United States to-day:
ers, that the slack in brokers' loans will soon be taken up by increased com- that it has a history of 130 years of growth and usefulness; that its Governors
and members are committed to the policy of service to the country and
mercial requirements.
to the people, and that anyone who does anything which is contrary to
that ethical standard set up by the Exchange is doing this institution a
New Officers Elected at Convention of National
grievous injury. If you will set up in your business-getting the standards
of the New York Stock Exchange, as enunciated in its Constitution, and
Association of Reserve City Bankers.
as enforced by its Governors and officers, you will find that you will do
At this week's annual meeting at French Lick, Ind., of a better and bigger business, and will have the satisfaction of knowing
the National Association of Reserve City Bankers, it was that you are promoting not merely the prosperity of this institution, but
of the people.
decided to hold next year's convention at Dallas. Craig B. theI prosperity
hope that we shall have many more of these meetings in the future,
Hazlewood, Vice-President of the Union Trust Co. of Chi- and I hope that everyone here will constitute himself a loyal agent of the
and in ridding
cago, was elected President of the Association at the final New York Stock Exchange in promoting clean business
the country of the crooks who masquerade in the guise of brokers.
session May 29; 0. Howard Wolfe, Cashier of the Philadelphia National Bank, Philadelphia, Pa., was elected VicePresident; John D. Gillespie, Vice-President of the Dallas
National Bank of Dallas, Tex., was chosen Secretary and
Treasurer; Richard C. Bean, President of the Louisville
National of Louisville, Ky., George V. Drew, Assistant
Secretary of the Equitable Trust, New York, and James
Ringold, President of the United States National Bank,
Denver. were elected directors.
Conference of Main and Branch Office Managers of
New York Stock Exchange—Seymour L. Cromwell
Urges Support of Better Business Bureaus.
A conference of main and branch office managers' and
customers' men of the New York Stock Exchange was held
at the Stock Exchange on Friday, May 25, the object of the
meeting being to afford an opportunity to office men who are
brought in personal contact with the public to become more
familiar with the operation of the machinery of the Exchange
so that they may be equipped to answer fully and accurately
the many questions constantly being raised by their customers. Several addresses featured the meeting, Seymour
L. Cromwell, President of the Exchange, bringing the day's
program to a close with an address, in which he reminded
those for whom the conference had been arranged that they
were part of the great organization of the Exchange, and
that it was their duty "to abide not merely by its written
rules and regulations, but by those unwritten rules of higher
ethics which it is the policy of the New York Stock Exchange
always to maintain." Mr. Cromwell urged that they "participate in the movement which is now well under way to
rid'the country of those thinly disguised thieves who utilize
the brokerage business for their own gain and for the robbery
of the people." He noted that the Exchange is backing
the Better Business Bureau of New York City, and urged
that that bureau be given hearty support. Mr. Cromwell's
address was as follows:
I feel very much like a clergyman who officiates at a wedding, and
who prays with his whole heart that the union will be a lasting one and
will bring happiness and prosperity and understanding to the parties.
But I am not going to pray. I am merely going to pronounce a blessing
and close the ceremony. I believe you have been made to realize that
the New York Stock Exchange stands with all advanced business in taking
the public into partnership in its affairs. As you travel through the country
to-day, you find the old-fashioned factory has given way to a building
of glass. As you pass a newspaper office you see exposed the great presses
in operation, printing the news to be distributed throughout the country.
You will find that all great business enterprises now print reports as a
duty and give the public a thorough understanding of their operations.
These business men who have taken the foremost position have done this
thing not only from altruistic motives, but with a keen realization that
this is the proper and only method. In the same way, the Stock Exchange
has laid bare its affairs to the world. If you men who are here to-day
find any department of the New York Stock Exchange which you feel
can be improved in its operation by constructive suggestion, you may be
sure such suggestion will be welcomed. But I demand from you that
loyal support which in many cases has not been given. You are a part
of this great organization, and it is your duty to abide not merely by its
7 rilten rules and regulations, but by those umeriVen rules of higher ethics
,
which it is the policy of the New York Stock Exchange always to maintain.
Loyalty to the Exchange does not consist merely in abiding by its rules
and regulations, but in serving to the fullest and greatest extent your
clients for whom you transact business on the Exchange. You must go
a step further and participate in the movement which is now well under
way to rid the country of those thinly disguised thieves who utilize the
brokerage business for their own gain and for the robbery of the people.
The New York Stock Exchange is backing the Better IllIsinCSS Bureau of
Now York City. which Bureau is doing magnificent work along these
lines. Wherever, in your section of the country, there is a Better Business
Bureau, you should give it your hearty support, and if there be no Better
BUSIDC&S Bureau there, you should co-operate with other intelligent and
patriotic citizens who are organized in the suppression of bucket shops,
stock swindlers and those crooks who bring odium on all legitimate brokers
by their utter disregard of the principles of common honesty.
Make an intensive study of the principles and practices of the New
York Stock Exchange and bear in mind that you can exert a material
Influence in presenting the Exchange as it really is to the people, and
bring about an understanding which will eliminate antagonisms which
have been fostered by those who attack the Exchange, either maliciously
or ignorantly. I refuse to permit representatives of the Stock Exchange
In any part of the country, in order to secure business, to misrepresent
the methods of the Exchange or to explain their own errors or their own
actions by false declarations concerning this institution. If you have
criticism to make, make it directly to the Exchange, and if the criticism
lit well founded it will be acted upon, and if it is not your error will be
Other features of the conference were a visit to the floor
of the Exchange accompanied by a member,a buffet luncheon
served in Governing Committee room, an address by John
G. Milburn, one on "Odd Lots" by E. H. H. Simmons, a
talk on "Specialists" by Erastus T. Tefft, an address on
"Delivery and Clearance of Stocks and Bonds and the
Necessity of Prompt Shipments" by Walter L. Johnson, and
"Dealing in Listed Bonds" by Richard Whitney.
Jones & Baker, New York Curb Brokers,in Bankruptcy.
Jones & Baker, 50 Broad Street, this city, generally reputed to be the largest brokerage house in the New York
Curb Market Association, was on Thursday of this week,
May 31, placed in involuntary bankruptcy in the Federal
District Court. The petition was filed by Joseph M.
Williams, Clyde W.Pope and Robert S. Dodge—all members
of the Curb, it is said—whose claims totaled only $3,400.
Later Judge Henry W. Goddard appointed Alfred C. Coxe,
Jr., receiver for the firm under a bond of $50,000. Mr.
Coxe immediately took charge of the offices and went into
conference with the partners with his attorney, Robert
Forsyth Little, who acted in the same capacity for the petitioners. This conference, it is said, was joined shortly by
Assistant District Attorneys Wintner and Unger, and by
John W. Dixon, of counsel for the firm. When the Assistant
District Attorneys emerged from the conference, Mr. Wintner
it is reported, said:
You must not draw any invidious conclusions from our visit. We have
been assured by everybody that none of the records will be permitted to
leave tae State, that all books and documents will remain in statu quo, and
that there will be no change in the personnel of the offices.
The failed firm, which had, it is said, over 9,000 customers, was composed of William R. Jones and Jackson B.
Sells. It maintained, in addition to its headquarters at
50 Broad Street, branches in this city at 225 and 505 Fifth
Avenue. The firm also had branches in Chicago, Boston,
Philadelphia, Pittsburgh, Detroit, Cleveland, Baltimore and
Kansas City. Immediately after the action of the Court
became known, it is said, the following statement was given
out by the firm:
A petition in involuntary bankruptcy has bee:, filed against our firm and a
receiver was appointed. The petition contains the allegation that wq are
insolvent. Such is not the fact. We believe that with a careful and
prompt liquidation of our assets none of our customers will suffer a loss and
that we will be able to pay 100 cents on the dollar. We sincerely hope that
our customers and creditors will defer action until they receive the report of
the result of a complete audit of our buSiness to be made inunediately, and
until the receiver is in a position to and does make a report of the condition
of affairs.
Automatic suspension of the firm from.the Now York Curb
Market followed the appointment of the receiver and called
forth the following statement from John W.Curtis, the President of the Exchange. He said:
Messrs. Joins and Baker have sent written notice to the New York Curb
Market of the appointment by Judge Goddard of a receiver for the firm.
Mr.Jones appeared before the Law Committee of this Exchange on Tuesday
of this week and again this morning (May 31) when he was notified that
accountants acting for the Law Committee would proceed to examine his
books at 1 p. m• to-day. Prior to this examination the appointment of the
receiver was made,and in accordance with the provisions of the Curb Market
constitution, the suspension of the firm has been announced.
The following special press dispatches to the New York
"Times" from Chicago and Philadelphia on the day of the
failure (May 31) and printed in its issue of June 1, reported
the closing of the branch offices of Jones & Baker in those
cities. The one from Chicago read:
The Chicago branch of Jones dc Baker at 29 South LaSalle Street, ceased
doing business to-day on brief telegraphic instructions from the firm's Now
York offices.
H. II. Taylor. local manager, said the bankruptcy proceedings filed In
New York were not understood hero; that the firm had been doing a good
business with as large a balance as usual and that there had been no indications of difficulties such as retrenchment policies or investigations.
Ile said he understood the firm had announced that it was solvent and
would pay off dollar for dollar, and said he felt certain the firm could meet
all obligations. The Chicago branch has about 1,500 customers and its
liabilities arc estimated at $2,000.
An investigation to learn if the "Blue Sky law" had been violated by Jones
& Baker was begun to-night by State's Attorney E. Crowe.
JuNn 21923.]
THE CHRONICLE
The Philadelphia dispatch read:
Jones & Baker had approximately 1,500 clients in this city. Emmett A.
Kirkwood, local manager, declined to state the exact number. Recently
there have been numerous withdrawals of accounts. About 25 customers
were in the office at 1.30 when the "flash" came from New York to cease
operations.
Mr. Kirkwood said the accountants would work all night to prepare a
statement of the firm's local assets and liabilities, which would be sent to
New York to-morrow, together with the books, unless he received instructions to the contrary. Ile said the receivership was a surprise to him.
The Philadelphia house, which traded only in New York Curb stocks,
had an established rule not to take any account from a woman.
The failed firm, it is said, was a member of the Salt Lake
Exchange in Salt Lake City, and of the Standard Stock and
Mining Exchange of Toronto.
B. Drummond Cannon of the Brokerage Firm of Cantey
& Cannon, New York, Expelled from New York
Consolidated Stock Exchange.
W.S. Silkworth, President of the New York Consolidated
Stock Exchange, on May 25 issued a statement announcing
the expulsion of B. Drummond Cannon of the brokerage
firm of Cantey & Cannon, 50 Broad Street, from that body.
The firm has held membership in the Exchange since 1919.
According to Mr. Silkworth, the expulsiqn was for violating
Section 14 of Article 3 of the constitution, it having been
found that "Cannon was guilty of dealing with a man not
a member of any exchange, who was furnishing names for
fictitious trades."
Since the expulsion of Mr. Cannon from the Consolidated
Exchange, an involuntary petition in bankruptcy has been
filed against the firm in the Federal District Court. The
petition stated, it is said, that there were less than twelve
creditors. No estimate of the assets and liabilities were
given, it is said. The failed firm consisted of B. Drummond
Cannon and S. M. Cantey.
S. Barton Lander, New York,.Bankrupt.
On May 17 an involuntary petition in bankruptcy was filed
in the Federal District Court against S. Barton Lander, stock
broker, 50 Broad Street, this city.
2465
relief to agriculture since these rediscounts are habitually applied for by
Reserve banks in those districts which are chiefly agricultural. They seek
aid from the banks in the Eastern districts owing to the greater strength and
larger scope of those latter institutions and their greater ability to tide the
Western and Southern borrowers over times of 'peak'demand.
"Undoubtedly the purpose of the new Agricultural Credit bill in its Federal Reserve provisions is not this, but is rather the purpose of providing
investment credit or resources for the farm population. It would seem.
therefore, that such action must be judged not on the basis of the farmers'
need for current credit but rather upon that of his desire to develop and exploit his land. The Agricultural Credits bill is undoubtedly a serious
menace to the integrity of the Reserve system and one which can be met and
offset only through the greatest courage and independence in the Federal
Reserve Board.
"Can and will that Board exhibit such courage? Can it do it in the face
of political pressure to cut rates, make easy terms of discount and please the
farm bloc? Undoubtedly the Reserve system is faced with a most serious
danger, in that political pressure may prevent it from doing its duty."
Arguments of Federal Reserve Banks of Atlanta and
Boston in Behalf of Cuban Agency.
The question of establishing a Cuban agency of the
Federal Reserve System, which has been before the Federal
Reserve Board for decision for over a month, is still apparently under deliberation by the Board. As was made known
in these columns May 5 (page 1958), opposition to the
proposed establishment of a branch in Cuba by the Federal
Reserve Bank of Boston was voiced early in May by J. K.
Ottley, a director of the Federal Reserve Bank of Atlanta on
the ground that it would infringe on the territory of the
Atlanta Reserve Bank. A hearing of the disputants was
held by the Federal Reserve Board in Washington on May 7,
the Board, in announcing on May 4 that a request for postponement of the hearing had been denied, saying:
The Federal Reserve Board to-day sent the following telegram to the
Chairman of the Board of Directors of the Federal Reserve Bank, Atlanta:
"Board has received a number of telegrams asking postponement of the
hearing on proposed Cuban agency scheduled for Monday next. You are
advised that the Board sees no occasion for postponement of hearing. This
hearing was called by the Board at the request of certain commercial banks
for the purpose of getting further and fuller information with respect to
certain questions in connection with proposed agency, more particularly
for the purpose of determining whether such an agency might result in
unfair competition with member banks dealing in Cuban exchange and, in
the event that an agency should be authorized, what should be the precise
scope of its operations in purchasing, collecting and selling exchange.
Several telegrams have been received by me from your district, from which
it appears the signers are suffering from a misapprehension as to the purpose of the hearing and from the fear that your bank may be deprived
of the benefits which have accrued to it from supplying a large volume of
Federal Reserve notes for circulation in Cuba. I can assure you that
Whatever is dono the Board will recognize the equity your bank now has in
the situation because of the substantial volume of notes it has supplied
to Cuba. This is also recognized by Governor Harding in his amended plan
for an agency and full provision will be made in case any agency is authorized
to insure that your bank shall be given facilities the same as those existing for the redemption of its unfit notes in Cuba and the placing into circulation of new and fit notes as may be required. I trust that this information will allay any misgivings as to the purpose and outcome of the hearing
to be held next Monday."
Dr. H. Parker Willis Sees Agricultural Credits Act
as Menace to Federal Reserve System.
The Agricultural Credits Act is seen as a "serious menace"
to the integrity of the Federal Reserve System by Dr. H.
Parker Willis, Professor of Banking, Columbia University,
and Editor of the "Journal of Commerce." Dr. Willis
thus expressed himself in an address on "Some Dangers to
the Federal Reserve System" before the Virginia Bankers'
Association at Richmond on May 25. From the "Journal
of Commerce" we quote the following relative to Dr. Willis's
Mr. Ottley in a telegram to Senator Harris, of Genrgia,
remarks:
on May 3, in protesting against the establishment of the
Dr. Willis advocated a housecleaning which will restore the financial prospective agency by the Boston Federal Reserve Bank,
structure to its original state and place the organization upon a basis of
said, according to the Atlanta "Constitution":
public service and unselfish support to the financial community.
Enumerates Dangers.
The Federal Reserve System, Dr. Willis said, is exposed at the present
time to the following dangers:
1. Perversion of original intent and purpose of the Reserve Act in
such a way as to make the system a plan of emergency relief instead of a
regularly functioning banking system.
2. Introduction of politics into appointments and methods within the
system and recognition of interest of classes or blocs.
3. Deterioration of personnel of Federal Reserve Board through appointment of political favorites or tools of various elements in Congress or
in the various political parties.
4. Increasing preponderance of influence of one or two banks in the
system as the Reserve Board declines in power and prestige.
5. Diversion of funds of system to unsound and uneconomic purposes
as seen in the recent Agricultural Credits Law as well as in previous
legislation.
System Impaired.
"We have gone far toward impairing our system of banking in its essential
essence," said Dr. Willis. "We have amended the Federal Reserve Act
according to my computation some 16 times. Not all of these amendments are of first-rate importance and not all have been directly enacted
as changes in the law itself. Some have been passed as portions of other
laws, affecting the Reserve Act only indirectly. But their influence is
present and is great. Even if we confine our attention to those pieces
of legislation which directly constitute changes in the Reserve Act itself,
we must realize the vast extent of the departure from its original intention.
"The fact thatrthe Federal Reserve System has not as yet abused its
powers save in so far perhaps as the results of war finance compelled it to do
so is not necessarily an indication, certainly not a proof, that it never will.
On the contrary our legislative history during the past two years has been
filled with effort to bring about a condition under which the Reserve system
would be driven to the application of its resources for the benefit of special
classes or groups in the community.
Farm Credit Menace.
"The most striking of these efforts is seen in the so-called Agricultural
Credits Law which contains provision for throwing wide open the doors of
Federal Reserve banks to long term and non-liquid paper. Certainly such
action cannot be detended on the ground that the Reserve system has heretofore been niggardly or unfair toward agriculture. On the contrary, it has
been most generous and I believe it is true that the system has never once
refused an inter-reserve bank rediscount. This is an important measure of its
• In 1920 the Atlanta Federal Reserve Bank on its own initiative began
furnishing its notes in Cuba. In 1921 the board here passed resolutions
asking the Federal Reserve Board at Washington that, should an agency
or branch in Cuba be established, it be under jurisdiction of Atlanta. Atlanta now has around forty million of circulation in Cuba. With approval
of then Governor Harding, through special Act of Congress has contracted
to and is spending four hundred thousand in Jacksonville for building, which
will make ample facilities for handling Cuban situation. Harding now is
asking Board at Washington to allow Boston to establish branch in Cuba.
A hearing was held last week in Washington and another is scheduled there
next Monday.
Impair Atlanta Bank.
It appears to me that Cuba is natural territory to Atlanta and that
to allow Boston to come in would'be promoting competition instead of cooperation in Federal Reserve system, infringing on our natural territory and
causing economic waste of public money at Jacksonville. It would also
impair usefulness and ability of Atlanta to serve her large agricultural territory by eliminating its circulation in Cuba, which helps its reserve by at
least 8%. This is a matter of utmost importance to the South and particularly the Federal Reserve District. If you concur in this opinion. I ask that
you get in touch with Southern Senators and especially those of the Sixth
District, with the view first of asking that this hearing be postponed until
the only Southern member of the Board takes his seat; second, if this cannot
be done,for the Southern Senators to be present at the hearing next Monday
looking to hold the situation where it now is. Please wire me.
The Southern member of the Board, referred to in the
above, appointed on April 28, is George R. James, of Memphis. His appointment was referred to in our issue of
May 5, page 1957. At the hearing on the Cuban agency,
held by the Board on May 7, argument in behalf of the
Boston Reserve Bank was submitted by its Governor
W. P. G. Harding. According to the "Journal of Commerce," he stated that it was the plan of the Boston Bank
to establish an agency in Cuba for the purpose only of
buying, selling and collecting exchange and handling cable
transfers and bankers' acceptanbes. It was contemplated
he explained, so the paper quoted said, that the agency would
have its offices and employees in Cuba and would put vaults
2466
THE CHRONICLE
[VOL. 116.
manufactured products which this country exports to Cuba originates,
made application.
Atlanta contested this, with the result that the compromise plan was
worked out, which, it is believed by officials here, will be satisfactory
to both institutions.
Says Atlanta Misunderstands.
The Cuban Government is studying a plan for the establishment of a
However, he asserted, the Atlanta bank was under a misapprehension as national banking system similar to the Federal Reserve in the United States.
be
precluded
to the Boston institution's plans, as by its application it would
Even If this legislation is finally adopted, it will not interfere in any way, it
from furnishing one dollar issue currency to Cuba.
is stated, with the agency of the American bank opened there for the handstated
Reserve
Bank,
Federal
Atlanta
the
of
director
a
John H. Ottley,
ling of business relations between the two countries.
that the Atlanta institution now furnishes $40,000,000 of currency to Cuba.
The national reserve of Cuba, if set up, would be for the handling of inHe argued that the Atlanta bank could serve Cuba more economically than ternal business and commercial transactions, it was explained here to-day
could
and
do
channels
everything
Boston through its already established
by officials familiar with the situation, and in fact would keep in close touch
for Cuba and do it better than the Boston bank could.
with the agency there of the American bank for handling trade relations
He contended that the Boston bank was five days from Cuba, while the between the two countries.
Jacksonville branch of the Atlanta bank was only six hours from Cuba.
Recognition by Cuba of the need for a modern banking system to take the
Former Senator Smith of Georgia made the point that the Atlanta bank place of the archaic system which has been in operation there for a long time
for
ago
estabto
authority
years
two
Board
had filed an application with the
past was keenly realized several years ago, when the financial crisis hit the
lish an agency in Cuba to conduct such business there as the Board would Republic. This problem has been under study and consideration ever
permit. He called attention to the fact that the Board had never granted since that time.
the Atlanta bank a hearing.
The Cuban Legislature at the present time has under discussion a measure
Board members evidenced considerable interest in the question of whether aimed to give the country a new system of banking, based on that of the
comwould
work
Cuba
in
in
established
branch
Bank
a Federal Reserve
United States.
petition with private banks already there and complained that it was
In our reference last week (page 2343) to the quarterly
difficult to obtain very clear expressions on that point.
in local banks in order that it might replace used currency
if the Board so desired. We also quote the following from
the "Journal of Commerce" of May 8:
Mitchell Sees Competition.
Nevertheless Charles E. Mitchell, President of the National City Bank of
New York, told the Board that he believed the establishment of a Reserve
Ito reported that the
agency in Cuba would result in unfair competition.
National City branch there had been realizing a profit of about $200,000
expressed the view that it was the
a year out of exchange transactions and
function of the Federal Reserve System to serve the banks, not to compete
meeting of the Federal Advisory Council of the Federal Reserve Board, we indicated that the Cuban Agency had been
taken up, but that there was no intimation as to when action
could be expected. ,
President Harding in Memorial Day Address Says We
Can Be Influential in Committing World to
J. H. Case, Deputy Governor of the Federal Reserve
Triumphs of Peace—Talks of Conscription of
Bank of New York, was also one of those who appeared
Capital and Wealth in Future Wars.
before the Board, and is said to have taken exception to the
in a Memorial Day address in Washington on
Declaring
move by the Boston Federal Reserve Bank. As to the Wednesday, May 30, that "we cannot guarantee, but we can
the
the
Board,
"Journal of
presentments of Mr. Case to
promote the peaceful adjustments of disputes," President
Commerce" said:
establishment
Wish them.
Mr. (lase read to the Board a letter written by Paul M. Warburg, of
New York, in which the former Vice-Governor protested against the
authorization of a Federal Reserve agency in a foreign country,and revealed
that the Board had opposed former President Wilson on that point in 1915.
He recounted that in 1915 former Secretary of the Treasury McAdoo
recommended to President Wilson that the Federal Reserve Board establish
agencies in certain of the South American countries. Although Mr. Wilson
approved the proposal. Mr. Warburg contended that the Board took issue
with the plan and was anxious to keep the Federal Reserve System within
the bounds of Continental United States.
Opposes Boston Plan.
Mr. Warburg further opposed the Boston plan on the ground that the
Board had no authority to establish what would in fact be a branch of a
Reserve bank in foreign territory, and characterized such a move as a "bold
step." He ,maintained that a Cuban agency would eventually have to
provide full rediscounting facilities and get itsel. "knee deep" in Cuban
banking business. Recognizing the fact that conditions in Cuba call for
help from this country, he held that it would be better for the Federal
Reserve System to operate through existing banks as agents.
In reply. Governor Harding took the position that the law was clear as
to the Board's powers to authorize the establishment of agencies in foreign
countries. He explained that the bank had not challenged the powers of
the Board to carry out the McAdoo proposal, but had questioned its
expediency. At that time, he said, the great war was in progress and the
violent exchange fluctuations and the incident uncertainty made it unwise
to establish reserve agencies in South American countries.
He contended that Mr. Warburg's argument was not pertinent to the
question at issue and recalled that after the war the Reserve System had
earmarked funds on deposit with the Bank of England, which was tantamount to a foreign agency.
Governor Harding declared that Cuba offers an inviting field for American
banking activities in the development of American trade and business. The
Boston bank's application, he asserted, is one to establish an agency in the
one foreign country where all business transactions are in the dollar currency
of the United States, which is under the quasi-legal authority of this country
The Boston Clearing House Association entered the dispute
on behalf of the Boston Federal Reserve Bank, having appointed on May 4 tho following committee to present to the
Reserve Board a petition in the interest of the latter bank:
Daniel G. Wing, President of the First National Bank;
Alfred L. Aiken, President of the National Shawmut Bank,
and Charles G. Bancroft, President of the International
Trust Co. of Boston. In indicating the possibility of a
compromise whereby both the Atlanta and Boston Reserve
banks might participate in the activities of the proposed
Cuban agency, the Boston "Herald," in a Washington
dispatch May 16, said in part:
While no formal announcement has been made by the Federal Reserve
Board, it was reported here to-night that the Boston and Atlanta Federal
Reserve banks will be permitted to share in the activities of a branch
bank to be established in Havana, Cuba. The Board held a conference
to-day and was said to have come to that decision.
It was indicated also to-day that the State Department was of the
opinion that the establishment of a branch of the Federal Reserve Bank
in Cuba would be a good thing. The Depaitment has taken no sides,
however, in the controversy between banking interests of different sections.
Information here to-day was to the effect that the Boston Reserve
Bank would be given control of buying exchange, bankers' acceptances
the Atlanta Bank would continue to supply
and similar transactions, while
American Federal Reserve bank notes and other
the currency for Cuba.
currency is used almost exclusively in Cuba, the Atlanta Reserve Bank
having employed in one year approximately 5400,000,000 of its money
there.
Although the greater part of the commercial transactions between the
New York, the Federal Reserve
United States and Cuba pass through
desire to establish a branch in Cuba and
Bank there did not indicate any
a very considerable part of the
territory
whose
so the Boston Bank in
Harding pointed out that "we can aid in the
of the agencies of peace, we can be influential in committing
the world to the triumphs of peace, and make hateful to
humankind the spoils of war." Referring to the fact that
"in all the wars of all time the conscienceless profiteer has
put the black blot of greed upon righteous sacrifice and
highly purposed conflict," the President averred that "if
conflict ever comes again we will not alone call to service
the youth of the land, which has in the main fought all our
wars, but we will draft every resource, every activity, all of
wealth, and make common cause of the nation's preservation." "God grant," said the President, "that no conflict
will come again, but if it does it shall be without profit to
the non-combatant participants, except as they share in the
triumphs of the nation." The President, whose address was
delivered in the Arlington Amphitheatre, spoke as follows:
Veterans of our armies:
This Is the special day of the nation's gratitude, most genuinely felt
and most gladly expressed. I do not believe republics are ungrateful.
They may sometimes have the seeming of ingratitude, but since republics
must be like the citizens who constitute them, we are bound to believe our
Republic full of the gratitude which animates our citizenship.
Sometimes we reasonably may ask what are the most becoming expressions
of genuine gratitude. I have seen it in individuals so deep and so engulfing
that it could not be expressed in words. Grateful souls are sometimes
silent, though inwardly vibrant with grateful appreciation.
On reflection I believe the gratitude of action ;vastly surpasses that of
words. It is good to have the spoken expression. The world needs more
of it. I wish we might have less condemnation of error and more commendation of right.
We ought to have much less of bitter criticism,of errors and more of
approval and appreciation for things well done. I am not thinking of
government so much as of the individual. When we do a helpful thing for
the individual, we help the whole community. And I like to think of the
individual citizen as a veteran of our contending forces in peace as well
as a defender in war, who deserves likewise the gratitude of his countrymen.
It little matters what war one served in. The supreme offering of life
on the altar of American patriotism was the same in every one. No man
could offer more. It calls for gratitude unlimited and unfailing.
The span of life of the Republic is yet so limited that veterans of the
Mexican War are still surviving, and widows of veterans of the War of 1812
are now on the Government's pension rolls. We rejoice that so many of
the Grand Army of the Republic survive to give us the very soul of the day
they originated, and we honor the participants in the Spanish-American
War, and with all the honored older veterans we gratefully include the
fallen of the great World War in the offering of memory.
Yes, we are met in memory of the fallen, but!can not escape tho thought
that the real compensation comes to the living. The fallen do not, can not
know of our remembrance of them, but the living may take to their breasts
the consolation that the Republic does love and revere, and comfort ourassosure a
selves In
present-day civilization endures, just so sure will the
Just
Americans of next year and the next century and the century after that be
meeting gratefully on Memorial Day to pay memory's tribute to the soldier
dead who had served the Republic. Veterans marching near the shadows,
but with heads erect and hearts all bravo; veterans of middle age, who look
back on marvelous achievement and to the future for still greater; veterans
of youth, with the seriousness of life mostly before them, starting with the
supreme experience—all may go on, assured of a becoming and grateful
remembrance, which is chief among the compensations of life.
I spoke a moment ago of the deeper gratitude expressed in action. My
thought was not of compensations or of pensions or of the Government's
care for the disabled. These are obligations, and their discharge is a national duty. There can be a gratitude of action which is a still finer and
.
s agn
thin
btlerwa
noI
Won grateful in action which followed the Civil War with
reconstruction, and strode forward to a concord of union
and
reunion
JUNE 2 1923.1
THE CHRONICLE
which did not exist prior to the war, revealed the mutuality of interest
essential to the nation expanding in influence and power. It was gratitude
of action to develop a union which has been proven to be worth preserving,
in spite of all the cost involved.
It was gratitude of action which led the republic to keep faith with the
ideals of liberty which led the veterans of 1898 to strike at oppression.
With• the expanded area of the flag has attended the expanded area of
liberty which we grant to others, precisely as we demand for ourselves.
It is the gratitude of action which has so zealously committed us to the
preservation of the civilization for which the World War veterans fought,
and the task is only a little less difficult than theirs.
Civilization can never be entrenched, it must battle in the open, ever
ready to march on. Entrench it and it dies. Its defense must be progressively offensive. In the inspiration of the example of you who have
thrice saved the republic, and firm in the belief of the righteousness of
American intent, and strong in the faith, we mean to carry on.
There is another gratitude of action which surpasses all expressed in the
others, which I hope to see recorded to glorify the last days of the Civil
War veterans and to add fulness to the lives of the World War veterans,
and tranquilize the lives of all America and the world. I devoutly
wish
the United States to do its full part toward making war unlikely if not
impossible.
While I would abhor a pacifist America, I would rejoice to have the
United States proven to be unafraid, and yet the most peace-loving and the
foremost peace-promoting nation in all the world. We have already proven
that we can have less of armament. Let us strive for the assurance that
we shall have none of war.
There comes into the lives of each and every one of us. sometime, a picture never to be effaced from memory. Veterans in the service have seen
the suffering and sacrifices and the thrilling heroisms which are never visible
except to those engaged in conflict. I have tried to visualize the carnage
and conflict and the horrors and suffering of war,softened by the comradery
of camp and the less perilous adventures of march and field, but I came
to
understand how imagination had failed me. when I stood at a Hoboken
pier.
among 5,000 dead, in their flag-draped coffins, two years ago. Here was
death in war's unheeding allotment, corridors of sorrow and sacrifice
so far
as the eye could see, and grief that no human soul could appraise. Under
the spell of the great sorrow which gripped my heart, I said then and repeat
now, "It must not be again. It must not be again."
But the saving is not enough. We must do the things which rational
thinking leads us to believe will tend to render war less likely. If we
ever
have the insanity to make conflict among ourselves we will deserve to sacrifice. But that must never be. Searching our own souls, believing In
our
own good intent, we can see no cloud on the horizon. We
are thinking
of no war for us, anywhere. But there was no cloud for
us in 1914, and yet
we were drawn into the very cataclysm of all wars.
It is not enough to seek assurance for ourselves. I believe
it a God-given
duty to give of our influence to establish the ways
of peace throughout the
world. We cannot guarantee, but we can promote the peaceful adjustment
of disputes, we can aid in the establishment of the agencies of peace, we can
be influential in committing the world to the triumphs
of peace and make
hateful to humankind the spoils of war. Americans have gloried in our
part as the exemplar of representative democracy
to aspiring peoples of the
world. If we have been successful as the exemplar
of democracy there is a
duty to perform in pointing the way and influencing
the adoption of democracy's peace.
This is a world relationship we cannot avoid
and will not avoid in the
spirit of the America of which we rejoice to boast. But there is one thing
which we may do among ourselves alone to make our own participation
less likely and banish much of war's hatefulness if national honor must call
us to arms.
Standing amid a group of veterans of North and South in glad reunion at
Gettysburg in 1913. I heard these sturdy warriors argue how they had been
drawn into the conflict by the wealth of North and South. That was well
enough to argue that kindred Americans had no reason to fight one another.
But they were far away from the great cause. Amid the conflicting ideas
and interests in the chaos of the great beginning an ambiguity was written
into the Constitution and it had to be wiped
out. The fathers bad not
settled the dispute in the making, and their descendants
had to fight it out
In the development of the nation. It has
brought us the needful concord
of union and the greater possibilities of
the nation.
The arguing veterans, fifty years after
Gettysburg, on the scene of the
world-famed combat, were thinking of
industrial greed In the North and
slave-owning greed in the South. But
in reality their prejudices had been
inspired by the hateful profiteering incident to
war.
In all the wars of all time the conscienceless
profiteer has put the black
blot of greed upon righteous sacrifice and
highly purposed conflict. In our
fuller understanding of to-day, in that
exalted consciousness that every
citizen has his duty to perform and that his
means, his honor and his life
are his country's in a time of national peril, in
the next war, if conflict ever
comes again, we will not alone call to service
the youth of the land, which
has, in the main, fought all our wars,
but we will draft every resource,
every activity, all of wealth and make common
cause of the nation's preservation.
God grant that no conflict will come again, but if
it does it shall be without
profit to the non-combatant participants except
as they share in the triumphs of the nation.
It will be a more grateful nation which
consecrates all to a common
cause, and there will bo more to share the gratitude bestowed. More, there
will be a finer conscience in our war commitments and
that sublimity of
spirit which makes a people invincible.
Oh, it is a glad privilege to-day to utter a special
love and reverence for
the Civil War veterans who still witness the progress
of the nation they
saved, and find new reason, from year to year, to glory in their achievement. Out of their example is undying inspiration, for their accomplishment is measureless gratitude.
Me to tell these aged veterans before me that long after they are gone
we will be gratefully remembering them and all succeeding generations
will sing their glory. And every time we meet to memorialize and honor
them, every time our successors meet to pay annual tribute, there will be
a patriotic resolution in every grateful heart to be worthy of the heritage
which those have left behind, each to do his part in the making of a greater
and a better republic, mindful of every obligation at home and unafraid
to play our part in the world in which we live.
President Harding Says We Have Lost Much of Wartime
Unity and Solidarity—Would Have Full Meaning
of Preamble to Constitution Set Before People.
Referring to "our national experience during the war,"
when there was afforded an "illustration of how a great
common purpose, intense and universal, would weld the
nation into a true unity," President Harding, in an address
2467
in Washington on May 24, stated that "as a people we have
not changed with the return of peace, but undeniably we
have lost much of the unity, the solidarity, the eagerness
I for simple service that marked our wartime attitude." The
statement was made by the President that "no one great
dominating and appealing cause has been visualized before
us to command our loyalty and devotion." "We need," he
continued, "to find such a commanding and dominating
national interest, and I believe it would be found if we
could contrive means to set before all the people the full
meaning and implication of that simple statement about
the aims and purposes of our Government, which is contained
in the preamble of the Constitution. In that preamble the
fathers of the Republic set forth the objective of this great
democracy; 'We, the people of the United States, in order
to form a more perfect union, establish justice, insure
domestic tranquillity, provide for the common defense,
promote the general welfare and secure the blessings of
liberty to ourselves and our posterity, do ordain and establish
this Constitution for the United States of America.'"
At the beginning of his remarks, which well) addressed to
the members of the National American Council, in third
annual convention, the President referred to the common
observation "altogether too easily and lightly made" that
"democracy is on trial." He stated that he had "some
misgivings about whether democracy is on trial," adding
"we will make no mistake if we confess that the attitude of
and conduct of many people who profess devotion to American institutions are on trial." The President pointed out
the need of educating "all of us to understand what the
fundamentals are, what they mean, and whether in the
process of their evolution we desire to build them everlastingly secure." The President's address follows:
It is not only a pleasure, but a great reassurance to greet this body of
I
earnest and intelligent men and women who have come together, so to
speak, as co-ordinators for a great group of organizations devoted to the
common purpose of bettering American citizenship. It is one of the
best signs of our times, that there exists a widespread realization of need
for organized and determined effort to recall the people to the high ideals
which inspired our republican institutions. It is a common observation
nowadays, sometimes. I think, altogether too easily and lightly made.
that democracy is on trial. I think we have need to make some distinction at this point. The unqualified and not infrequently pessimistic
declaration that democracy is on trial is calculated to suggest that perhaps
there is need to search for an alternative to those democractic-republican
institutions which we have erected in this country, and which nave spread
In the last century and a half to a great part of the world. I have some
misgivings about whether democracy is on trial, but I am very sure that
In these times it Is experiencing a good many trials. Further, we will
be quite safe in admitting that many of the institutions which have been
set up in the hope that through them the best aims of democracy might
be realized are on trial. We will make no mistake if we confess that the
attituted and conduct of many people who profess devotion to American
institutions are on trial. But all this may be admitted without Implying
that any important part of society is seeking an alternative to democracy. There Is much questioning of ways and means and institutions.
but as to the fundamentals it certainly can be said that never was our
country more firmly committed to the broad ideals and purposes of
democracy, and never before were so many other countries and peoples
seeking to establish like commitments.
Human society has never faced a more complex or difficult situation;
and it is therefore of first importance that all Americans be brought to
understand the underlying purposes of this commonwealth, and to fix
firmly in their hearts the determination to maintain institutions capable
of progressive evolution and development along the lines of our fundamental
principles.
To this end, the need is to educate all of us to understand what our
fundamentals are, what they mean. and whether. in the process of their
evolution, we desire to hold them everlastingly secure. In some ways.
Americans are a very conservative people; in others, quite the reverse.
Having been compelled for generations, more or less, to improvise institutions fitted to their needs, they have largely lost the fear of experimentalism, Some of them are quite too willing to experiment without
first stopping to think out clearly the procedure on which they would
enter. Conflicts among differing groups and opposing programs have
commonly prevented disastrous results; but there is danger in placing
too much reliance on this kind of protection. It is liable to deadlock
the whole mechanism of progress. That would be as great a disaster
as to give ourselves over to an era of ill-assorted, unthought
social and
economic experiments. Somewhere between these two undesirable courses,
our country has need to chart a route of sane, constructive,
genuine progress, which may command the sincere support of the
overhwleming
majority. Thus, and only thus. we shall assure continuing
institutional
evolution, without revolution; steady advancement, without
avulsion.
It seems fair to say that two conditions must be met if
our quorum of
democratic institutions are to continue improving and
adapting themselves
to the requirements of an increasingly complex social order. Every
governmental unit must be so nearly as possible a miniature
of the ideal State
which all hope to realize, capable of standing on its own
bottom and managing its affairs as may best serve the public welfare.
But, since such a
collection of independent, self-governing gotnnumities
does not form a
nation, there must be also some potent bonds
of sympathy, interest and
common purpose binding these communities into great united commona
wealth.
Our national experience during the war afforded illustration of how a
groat common purpose, intense and universal, would weld the nation into
a true unity. The inspiration to forget personal interests, for the sake of
the common cause; to sacrifice individual ambition. to work without stint
and without question, to give up if necessary even life itself—these enabled
us to achieve a consciousness of solidarity and of power that this nation
had not known before. It grandly demonstrated what magnificent results
a great people can achieve if they have a definite common objective which
all sincerely wish to attain.
2468
THE CHRONICLE
That great release of national energy was inspired by war. It showed
how far this people will go in service and sacrifice for the common good.
As a people we have not changed with the return of peace, but undeniably
we have lost much of the unity, the solidarity, the eagerness for simple
service that marked our war-time attitude. Plainly it is because we have
been somewhat confused by the complexity of our.time and situation. No
one great dominating and appealing cause has been visualized before us to
command our loyalty and devotion. We have not discovered any single,
all-absorbing enterprise capable of commanding the services of the whole
united community. We need to find such a commanding and dominating
national interest, and I believe it would be found if we could contrive means
to set before all the people the full meaning and implication of that simple
statement about the alms and purposes of our Government which is contained in the preamble of the Constitution. In that preamble the fathers
of the republic set forth the objective of this great democracy: "We, the
people of the United States,in order to form a more perfect union, establish
justice, insure domestic tranquillity, provide for the common defense,
promote the general welfare and secure the blessings of liberty to ourselves
and our posterity, do ordain and establish this Constitution for the United
States of America."
There is the complete statement of our nation's aspiration; and a noble
aspiration it is. There is the chart for our course. There is the inspiration to every effort to make one and all of us better citizens. Following
that statement of a general purpose the Constitution sets up a mechanism,
and the laws enacted by nation and States have added to that mechanism
from time to time. We should not, in contemplating the details and,
perhaps imperfections, of the machinery, allow ourselves to forget the
great underlying plan and purpose—the supreme objective of it all. There
is need to cultivate in every citizen a serse of responsibility, of personal
concern for the operation of this mechanism in a fashion harmonious with
the purposed of its founders. The nation at its best will not be better
than the aggregate of all its citizenship. The national ideal stated in the
preamble will be attained by us as a nation in no greater degree than we
shall attain it as an aggregate of individuals. To the extent that the
individual str:ves to realize the objective in his life and conduct, communities composed of these individuals may achieve them, but no further.
The preamble, then, defines the objectives and aims of training for citizenship.
No doubt the working implications of this thesis will be developed in
your discussions. But one brief suggestion may be offered. Consider
one phrase in the preamble: "To . . . establish justice." In our
mechanism of Government, we have set up an elaborate organization
to insure this: the Federal and State judicial systems. But the courts
cannot insure equal justice to all the community if some individuals shall
strive for special privileges for themselves, or seek to establish subtle
forms of injustice not specifically prohibited by the letter of law. The
task of the courts will be difficult, slow, sometimes impossible, unless
citizens subject to their jurisdiction are sincerely desirous to do justice
and to see it done in the affairs of day-by-day life. Thus the immediate
and continuing opportunity for every citizen to contribute toward the
achievement of this particular objective by the nation as a whole, lies
in so guiding one's personal affairs that they shall fall into confidence
with this injunction "to . . . establish justice." If we sincerely wish
to leave a better and greater nation to the next generation, to bequeath
institutions better adapted to achieve the great aim of social organizations,
we shall accomplish these things by adhering in our daily conduct to the
rule of seeking and doing justice. To this end, the Federal Government
has important contributions to make. Many of its agencies, such as the
Bureau of Education, the Federal Board for Vocational Education, the
Departments of Agriculture, Labor. War and Navy, indeed every Department, are actively engaged in efforts for the better training of citizens.
The Federal Council of Citizenship Training has been set up With the
purpose of helping to so co-ordinate these various functions that they
may be more effective. It has been studying the situation, charting the
work of Federal agencies, laying out the possible lines of communication
with the States and the people, preparing to co-operate with them in
every enterprise for the betterment of citizenship.
Along the same lines, the State and municipal governments have important duties. They directly control the educational establishments of the
country. Beyond them every citizen has a personal responsibility in this
business of training better citizens. The citizen is an example to all with
whom he comes in contact, a parent with direct responsibility for his
children. Without his fullest co-operation the utmost efforts of Federal.
State and local governments can at most be of small avail. So we may
well unite in inviting all citizens. all of the many organizations which look
to encourage better citizenship, to unite in this fine co-operation of effort.
With the preamble of the Constitution as a definition of our objective,
we will find that we have a common aim and purpose, quite as attractive
as any that has been set up before us under the urgencies of war. Here is
a sound platform on which to build democratic institutions. Toward the
realization of such aspirations as these, we may confidetftly place our
lives, our fortunes and our sacred honor.
The result of individual and collective effort to make this democratic
program a movirg force in our lives and conduct, will extend beyond our
own borders. The nation which knows the truth, and which, amid the
turmoil of this age, has discovered how to "insure domestic tranquillity"
can point the way to world peace: not by force of arms, but by living the
precepts of representative democracy's true platform in all its dealings
with mankind.
President Harding in Address to Daughters of American
Revolution Would Have America Preserve
Inspirations of Founders of Republic.
Addressing the annual congress of the Daughters of the
American Revolution in Washington on April 16 President
Harding observed that "never has mankind faced difficulties of such varied character or on so huge a scale as is now
propounded to it." "The very destiny of the race," he added,
"the future of civilization, seem to depend on our finding
answer, and on our sincere, generous, broad-minded acceptance of that answer when found. Until the new paths
are well revealed," he contended, "we must hold secure
those which we inherited." "I want America to preserve
the things that came to us," said the President, "and then in
the best conscience of the Republic to go on for ourselves
and to play our Just part in helping humanity forward
throughout the world."
[VOL. 116.
President Harding spoke as follows:
Daughters of the Revolution: It is a great pleasure to greet and join
In the welcome which the Nation gladly extends to the notable body of
enlightened and patriotic women who gather annually to renew their
pledges of highest national usefulness.
I am sure that Washington rejoices in the presence and profits by its
contact with an association wherein long ago you merged the finest aspirations for service and submerged every consideration of section, faction,
ancient division and merely selfish ambition. It has been the uniform
object of the Daughters of the Revolution to preserve and promote those
sentiments of civic duty,of broadly national concern, of genuine pat.lotism,
which constitute our richest inheritance from the fathers who laid the
foundation of our national estate.
Our country will have done well when ills assured of the full enlistment
of all the unselfish devotion of its womanhood in the supreme duty of
implanting sentiments of real Americanism in the hearts of all our citizens.
It is because your order has so long, so earnestly, so unswervingly led in
enlisting womanhood for this splendid service that these yearly conventions
are recognized as occasions of refreshment to the spiritual welfare and
reinforcement to the physical reserves on winch depend the national movement forward and upward. Yours is an unceasing, a self-perpetuating
crusade. You seek constantly to draw in new armies of recruits to the
forces which uphold the banners of exalted nationalism and of ennobling
citizenship. Your service to country finds its recruits in the youth of the
oncoming generation: it gains in strength through the training and discipline
of these; it seeks always to expand and Improve its ideals and aims through
its efforts to open a wider and a truer vision to those who will be the leaders
of to-morrow.
It is in this conception of your organization that. I think, we shall most
justly appraise its usefulness to our country. You have made it your
especial endeavor to train the rising generation in the ways of righteous
and useful citizenship. In your zeal for a better to-morrow you have
wrought greatly for a better to-day.
The Daughters of the Revolution have preserved for us all a lesson in
the desirability of forbearance, patience and tolerance. In the beginnings
of the nation there were wide divergences of judgment about institutions,
methods, directions, means and measures. There were conflicts of sentiment, section and fundamental social procedures.. Passions were often
inflamed, and jealousy often was threatened. These conflicts required to
be settled through mutual concessions, through generous recognition of
inevitable and yet perfectly honest differences. Fortunately for our
country's great experiment, there was a sufficient endowment of wisdom,
moderation and selfishness to make possible the adjustment of all the
differences. The great project of government of the people, for the people,
by the people was sent forth in the world because no group or faction or
narrow interest assumed to be or to represent all the people. No group
arrogated to itself all the political righteousness of the young republic.
Because it has ever been the aim and object of your organization to keep
this general attitude at the front among your policies, one is prompted to
note the striking coincidence between the complexities of those early days
in our history and the problems which the world confronts to-day.
Never has mankind faced difficulties of such varied character, or on so
huge a scale, as now propound to it the riddle of the Sphinx. The very
destiny of the race, the future of civilization, seem to depend on our finding
answer, and on our sincere, generous, broad-minded acceptance of that
answer when it is found. Until the new paths are well revealed, we must
hold secure those which we inherited. We shall not find an answer which
will be completely satisfactory to any State, or race or people. But if we
shall pursue our quest with open mind, and with purpose of achieving
the largest benefit for the greatest number, I believe we shall in the end
discover that we have attained also a large advantage for those who seemed
to be making something of sacrifice to the common welfare.
Such was the spirit in which the fathers of our country reached the
compromises which made this nation possible. It is the spirit which your
organization has sought to inculcate among all the elements of the community, and to whose nurture you have contributed so generously and well.
It is the spirit, I am sure, in which the world of to-day must attack the
problems that beset its way toward realization of the higher destiny we all
believe is in store for humanity.
It is good to recall the beginning. The war-torn world of to-day easily
might find a helpful lesson and cheering encouragement therein. In a
chaos of victory, prostrate in material fortunes, wrecked financially, with
interests conflicting and ideas opposing, the founding fathers found a way
to union and concerted effort to restoration and attainment. World
wonder, sometimes world envy, has attended the astounding development.
But there has come to us a glorious country, a cherished nationality, an
inheritance which it is an inspiration to preserve, and we have the prospect
of future advancement, for ourselves, and helpfulness to the world, ever to
impel America onward.
Departing from his set speech, the President said:
I can't resist telling it to you—it is only a few days since I had the
extraordinary fortunegto shake hands with a gentleman who told me his
father knew George Washington. Isn't that a wonderful thing—that
I could meet in 1923 an American whose father knew the founder of our
republic? It serves to remind you how brief is the span of time between
the immortal beginning and the wonderful now.
On numerous occasions I have met granddaughters and grandsons of
some of the immortal founders. I have met two granddaughters of
Alexander Hamilton. Only three generations between the beginning
and now—less than a century and a half. And yet here in America, with
when I think
so unpromising a beginning, we have come to the point
It is no unseemly boast to say that America is one of the Governmental
modeLs of the world—the highest type of democracy on earth.
was
It was the inspiration of the fathers—oh, I believe, the founding
inspired. Somehow there were laid broad principles, and there was given
a beginning upon which we Americans have builded, not for ourselves
alone, but we have furnished an asylum of hope to the oppressed peoples
d and given them the opportunity to drink in the inspiration
world,
w o
eer
thm
fA
of American freedom, to embrace the offering of American opportunity,to
stand exalted amid the rights and privileges of American citizenship.
now
We have never been remiss except in one thing. I speak of it
because I rejoice in your efforts to correct that remissness. We offered
to
much and we asked too little. It is not right for anybody on earth
of
have the fortunes, the privileges, the favors and the opportunities
obligation
every
American citizenship without assuming every duty and
satisthereof. No. I don't see how any American can escape a sense of
say
faction in contemplating this great plan, and if I had one word to
occasion to
on this happy occasion—and it is a very great and pleasing
then
and
me—I want America to preserve the things that came to us,
play
in the best conscience of the Republic to go on for ourselves and to
our just part in helping humanity forward throughout the world.
THE CHRONICLE
.Tuxr. 2 1923.]
President Harding Acknowledges Pleasing Reference to
His Father Made by Senator Harrison, "Chief
Trouble-Maker" in Senate.
as "a pleasing reference" to participation
terms
What he
by his father in the Confederate reunion in New Orleans is
acknowledged by President Harding in a letter which he
has addressed to Senator Harrison of Mississippi (Democrat), whom the President in a friendly way refers to as the
"chief party trouble-maker in the Senate." The President
in his letter said:
THE WHITE HOUSE.
Washington, May 12 1923.
My Dear Senator Harrison:
I have Just been reading the article which you contributed to the New
Orleans "Item" of May 5, in which you make a very pleasing reference to
the participation of my father in the Confederate reunion in New Orleans.
I am writing to thank you for the kindly things you have said concerning
him and his visit and the courteous reference you have made to the present
occupants of the White House.
In your capacity of chief party trouble-maker in the Senate, you have
said some things which have made me lay down my newspaper and turn
to a fresh pipe of tobacco for consolation. '1 his very generous and considerate article has antidoted all the things that have gone before. You
will be interested to know that my father was very greatly pleased by
the article, and that he had the time of his life in meeting the Confederate
veterans of New Orleans.
The visit of my fathor was a very simple thing to do. but if it has contributed in any way to the concord of union and the completeness of reunion, I am glad that he made the trip.
Very truly yours,
2469
President Harding Would Have Broader View in
Teaching of Modern History.
Stating that "our point of view regarding modern history
has been shifted greatly by the events of the last decade,"
President Harding in a letter to President Kenneth C. M.
Sills of Bowdoin College, commending plans of the college
for an institute of modern history to be held at Brunswick,
Me., from April 19 to May 1, added that "henceforward the
teaching of history will have to be conducted, if it is conducted wisely, on quite different lines than have marked it
In the past." President Harding points out that "there has
been too much disposition among both the writers and students of history to deal with the different nations of the
Western World, as it were, in separate compartments. Undoubtedly, he says, "we shall from this time forward have a
much more adequate conception of the essential unity of the
whole story of mankind and a keener realization of the fact
that all its factors must be weighed and appraised if any of
them are to be accurately estimated and understood." The
following is President Harding's letter made public March 9:
Washington, March 1 1923.
My dear Dr. Sills: I wish I had the time and opportunity to make something more than a perfunctory acknowledgment of your invitation of Feb. 24.
I am deeply interested in your plans to hold at Bowdoin an institute of modern history. I think you are inaugurating a fine piece of work, and I wish
I could be among those privileged to participate with you; which I am sorry
to say is not possible. There is need for a vast deal of this kind of work on
the part of educational institutions and learned societies, not only of this
WARREN G. HARDING.
country, but of the world.
I remember when I was a very young man hearing a political orator, in a
Hon. Pat. Harrison. United States Senator,
particularly fervid period, announce that "the whole history of the past must
Washington, D. O.
be changed." A good deal of fun was poked at this proposal, and I was
connection with it. Yet,
From the New York "Times" we take the following ac- among those who indulged in more or less humor inwhether
the orator Was SO
since the World War, I have sometimes wondered
article:
count of Senator Harrison's
hopelessly wrong as to justify all the hilarity.
Certainly our point of view regarding modern history has been shifted
References That Pleased Harding.
greatly by the events of the last decade. To fit into our histories the story
in
Harding
Dr.
Mrs.
President,
and
Harding
the
to
references
kindly
The
of the years from 1914 down to this time is requiring the most painstaking,
Senator Harrison's article, which "The New York Times" is permitted to thoughtful and analytical consideration of all the course and processes of
publish through the courtesy of the Twenty-first Century Press. are:
modern history. For one thing, it seems very clear to me that henceforward
"Incidents that may have seemed of little significance for the moment the teaching of history will have to be conducted, if it is conducted wisely,
North
the
in
factors
between
the
cementing
bonds
powerful
proved
have
on quite different lines than have marked it in the past.
and the South. Such an incident occurred during the Confederate reunion
There has been too much disposition among both the writers and students
In New Orleans a few days ago, an incident that is destined to rank in influ- of history to deal with the different nations of the Western World, as it were,
ence for mutual appreciation and understanding with Lamar's speech on in separate compartments; to assume that one may study and understand the
Charles Sumner, Henry Grady's wonderful speeches, the efforts of the lov- history of one nation without particularly devoting himself to the relations
able. martyred McKinley, and the ties of the Spanish-American and World of that particular nation to the others.
wars. I refer to the visit of Dr. George Harding to and the sentiments he
Undoubtedly, we shall from this time forward have a much more adequate
expressed at the Confederate reunion.
conception of the essential unity of the whole story of mankind and a keener
'The human, big-hearted, broad-minded father of a distinguished and realization of the fact that all its factors must be weighed and appraised if
thoroughly human son, by his atteadance upon the reunion of the survivors any of them are to be accurately estimated and understood. I feel strongly
of the 'Lost Cause.' and the whole-hearted, unrestrained manner in which that such a broader view of history, if it can be planted in the community's
he entered into the spirit of the occasion, left, I dare say, a splendid taste mind of the future through the efforts of educators and writers, will contribin the mouths of every visitor to New Orleans during the reunion and made ute gfeatly to uphold the hands and strengthen the efforts of those who will
a most pleasing impression on the country as a whole. His hosts and have to deal with the great problem of human destiny, particularly with that
feliow-visitors could not, of course, embrace his politics, but they could and of preserving peace and outlawing war.
did take him, the rugged American and bemired sire of a worthy son, into
It is because I entertain these views that I am so glad to know what you
their hearts for all time. I venture the thought that if the dear old doctor are undertaking at Bowdoin. I have felt that the work of the Institute of
diluted—for
become
tarried in those parts long enough his politics would
Politics at Williams College has represented one phase of a very useful serthe better, of course.
vice in the direction of illuminating current problems; and I feel that your
"Dr. Harding has endeared himself to the South, and there Is no doubt plan for an Institute of Modern History at Bowdoin represents another phase,
that every friendly sentiment he expressed during his visit to New Orleans just as useful and desirable, in behalf of a broader conception of the tremencame from the bottom of his heart.
dous task that the race confronts.
"And they do say—the press reports—that he 'shook a mean foot' at the
It is everlastingly true that on the whole the best guide to the future is to
dances. May he live long and grow younger. . . .
be found in a proper understanding of the lessons of the past. If some of Its
"While the people of the South in the aggregate are not in accord with the lessons have been misunderstood, as I think we all feel nowadays some of
political VieWri of the present occupant of the White House, they do like them have been, it is peculiarly necessary in times like these that every effort
him for his charming personality, his amiable qualities. They like his be made to correct whatever misapprehensions may have arisen. I recall the
human side. And they like Mrs. Harding.
great interest and even enthusiasm with which I discovered the work of
"The Confederate veterans of Mississippi have particular reason for liking Ferrero on Roman history, because it gave a new means and furnished new
Mrs. Harding and for spending many anxious hours during her severe applications of so many of the lessons of old Rome.
illness some months ago. Immediately following the Confederate reunion
I venture that in the light of the last decade's tremendous events there is
at Richmond last year, many of the old soldiers who had never been to now the possibility of a reshaping of our attitude toward modern history
Washington, although they got pretty close to it in the early 130's. took through such inspirations as you are seeking at Bowdoin, that may ultimately
advantage of the opportunity to visit the nation's capital.
have as great an effect upon our views of modern times as Ferrero's work had
"Of course, the veterans wanted to visit the White House and meet Presi- upon our attitude toward the story of the Roman Empire.
accomthem
from
them
of
of
200
many
Some
Mississippi.
dent Harding,
I do not believe it is a contradiction of what I have already said about the
panies by their wives, came to Washington and it was my great privilege essential unity of all history to add that in our own country it seems to me
and pleasure to escort them to the White House. The touching events of there is altogether too little knowledge of our national story, too little interthat visit will linger in their memories until they stack arms on 'God's est in and serious study of it. One has many times seen the high school stuEternal Camping Ground.'
dent who had completed his studies in an intermediate text book on American
"They will never forget, nor will I, the cordiality and sincerity of the
history promptly close the volume with the announcement that "He knew
President's greeting as he shook hands with each of them. They will not
about history." I fear that cheerful attitude is not by any means confined
forget the warmth of his expression, the way he Joked with them and his to
students of high school age.
posing to be photographed with them. His greeting and consideration
The business of living and of making a living so largely consumes the entouched their hearts, as was evidenced by the tears and cheers with which
ergies of most people that they find it all too easy to close the volumes which
they responded."
ought to be kept open to them. I am sure that the work you are undertaking
Were Americans First.
at Bowdoin will be an encouragement to such an attitude toward the study
proball
all
in
Democrats,
were
whom,
some
of
they
say,
to
Needless
they and analysis of history; and so I am sending my congratulations on the proability, had never seen a real. dyed-in-the-wool Republican before, but
gram you have undertaken.
were Americans first and were in the presence of their President. There
Most sincerely yours,
was no politics in that occasion. These tottering old soldiers were overWARREN G. HARDING.
come by patriotic sentiment, they could see only their President, humane,
considerate and even partial toward them.
"But as appreciative as they were of the generous greeting of President Convention Between U. S. and Canada to Safeguard
Harding and highly as they esteemed him, he was temporarily eclipsed and
Halibut Fish Industry.
forgotten when the "First Lady of the Land" came out to extend her
greetings and beam her smiles on them. Never was she more gracious,
On
2
March
was made at Washington of
announcement
warm-hearted and sympathetic. As one of those incidents that have made
the signing of a convention between the United States and
for the final obliteration of sectional feeling, it was little less memorable
Canada looking to the safeguarding of the halibut fish inthan the visit of Doctor Harding to the New Orleans reunion.
Due to circumstances, one caught the ear and quickened pulse of the dustry. According to a
Washington dispatch to the Balticountry more than the other, but they were both links in the chain of everCanada
lasting friendship and understanding that now holds the sections indivisible more "Sun," this was the first time in history that
entered into direct negotiations with the United States and
and Inseparable, and makes for the common advancement of all.
In the words of Lamar, "Lot us know one another better and we will a member of the
Canadian Ministry has signed a compact
love one another more."
I
2470
TTER CHRONICLE
[Vol.. 116.
along with the Secretary of State of the United States. The
announcement of the State Department said:
Greeks want "mutual renunciation" of War damage claims.
The Turks,
who declare the Greeks destroyed 21 cities, including
Smyrna, ask reimThe Secretary of State and Honorable Ernest Lapointe, Minister of Marine bursement,
PR
In consequence of reports of plots against the life of Ismet
and Fisheries of Canada, signed on March 2 1923 a convention designed to
Pasha, the
secure the preservation of the halibut fishery of the Northern Pacific Ocean, Swiss police strongly guard him when he goes to the sessions. The border
Is reported closed to Greeks and Armenians.
which is being rapidly depleted by overfishing.
The hotel housing the
By this convention a close season of the halibut fishery is established from Turkish, French and Japanese delegates is watched by an additional force
Nov. 16 to Feb. 15 of each year, and the United States and Canada agree to of detectives.
provide penalties for the punishment of their respective fishing vessels
and
inhabitants who violate this close season. The close season will continue from Great Britain's
New Cabinet—Reginal McKenna to
year to year until modified or suspended by joint agreement of the
United
Take Over Post of Chancellor of Exchequer
States and Canada or until the convention be abrogated by notice
of either
party. Such notice may be given after the close season shall have
Soon.
been in
force for five years.
The new Ministry of Britain under the Premiership 'of
The convention also makes provision for the appointment
of a joint commission of four members, two to be appointed by the United
States and two Stanley Baldwin is almost identical with that of Andrew
by Canada, who will be instructed to investigate the
halibut fishery of the Bona r Law, his predecessor, who, as noted
in these columns
North Pacific Ocean and make recommendations for a
permanent system for last week,
was obliged to retire because of failing health.
the preservation and development of this fishery.
The convention is the result of recommendations of the
American-Canadian The most important changes in the regime are that Mr. BaldFisheries Conference, 1918, and has been approved by the Secretary
of Com- win himself temporarily combines the office of
merce and the appropriate Canadian authorities. It is
Chancellor
understood that the
of the Exchequer with the Premiership, that Lord Robert Ceclose season which will be established by the convention
is desired by the
persons engaged in the halibut fishery industry.
cil is included as Lord of the Privy Seal, and
The Baltimore "Sun" states that the British
Ambassador
was present while the proceedings between
Minister Lapointe and Secretary Hughes were in progress, but
did not
sign the pact. It added:
For many years there has been agitation in Canada
for direct diplomatic
representation in the United States. This Government has
been willing all
the while to send a Minister to Ottawa, but would not
and could not discuss
the matter formally until Canada had made the
necessary arrangement with
the British Government in London.
In the present instance, however, the Canadians have
carried on their negotiations direct with the American Government, but
with the consent of the
British Government.
that J. C. C.
Davidson, who was Parliamentary Private Secretary to Mr.
Law, is Chancellor of the Duchy of Lancaster. These last
two offices, to which little mark is attached, were not filled
at all in the Bonar Law Administration. Mr. Baldwin plans
to retain the Chancellorship only two or three months, when
he will be succeeded by Reginald McKenna, the well-known
financier, who has agreed to join the Government as soon as
he has recovered from his recent serious illness. Premier
Baldwin issued on May 25, after a visit to the King, the following list of the members of his Government:
Prime Minister and First Lord of the Treasury, Leader
in the House of
Lausanne Conference Nearing Its
and Chancellor of the Exchequer—Stanley Baldwin.
End—Settlement Commons
Lord Privy Seal—Lord Robert Cecil.
of Greco-Turk Dispute.
Lord President of the Council—The Marquis of clalisburY.
After many weeks of discussions and
Lord High Chancellor—Viscount Cave.
deliberation, the
Secretary for Home Affairs—The Right Hon. W. C. Bridgeman.
second Near East Conference is reaching the
end of its laSecretary for Foreign Affairs and Leader in the House of Lords—The
bors, differences between the Allied Powers and
Marquis
of Curzon.
Turkey having been ironed out and a basis for a
Secretary for the Colonies—The Duke of Devonshire.
new treaty of peace
Secretary of State for War—The Earl of Derby.
having been reached to replace the discredite
d Treaty of
Secretary of State for India—Viscount Peel.
Sevres, which was one of the several
Secretary
of State for Air—The Right Hon. Sir Samuel Hoare.
treaties having for its
First Lord of the Admiralty—Right Hon. L. S. Amery.
purpose the settlement of problems growing
out of the World
President of the Board of Trade—Sir Philip Lloyd Graeme.
War, but failing completely in this
purpose. Ismet Pasha,
President of the Board of Health—Neville Chamberlain.
head of the Turkish delegation at
President of the Board of Agriculture—Right Hon. Sir Robert A.Sanders.
Lausanne, predicted on
Secretary for Scotland—Viscount Novar.
May 27 that peace would be signed
in 12 days from that
President of the Board of Education—Right Hon. E. F. L. Wood.
time. The prediction was made after,
Minister of Labor—Right Hon. Sir Montague Barlow.
with the aid of the
American Minister to Switzerland, Joseph
Financial Secretary of the Treasury—Sir William Joynson-Hicks.
G. Grew, settlement had been arrived at in the dispute
The foregoing constitute the Cabinet. Other members of
which not only
threatened the life of the Conference, but had
menacing the Government are as follows:
possibilities of bringing a new war in the Near East
Minister of Pensions—Right Hon. Major G. C. Tryon.
between
Chancellor of the Duchy of Lancaster—John Colin Campbell Davidson.
the Greeks and the Turks. This dispute, which
was ended
First Commissioner of Works—Right Hon. Sir John Baird.
by a compromise agreement on May 26, concerned
Attorney-General—Right Hon. Sir Douglas Hogg.
the reparations claims made by Turkey on Greece for war damages.
Solicitor-General—Sir T. W. H. Inskip.
Paymaster-General—Major Archibald Boyd Carponter.
The issue arose from the Turkish demand for reparation
s by
Lord Advocate for Scotland—William Watson.
Greece for the damage done in Anatolia, whereas
Solicitor-General for Scotland—F. 0. Thomson.
Greece
refused to pay any indemnity. The matter had stood
there
for ten days up to the meeting of the heads of the
delegations
President Lowell of Harvard University on Declarations
on May 26. The session started with many expectatio
ns of
of 31 Republicans—Takes Issue With President
a break; but after two hours M. Venizelos of the Greek
deleHarding's Statement that He Was
gation came out and said to the group of press
correspondOpposed to League.
ents: "Gentlemen, it is peace." The terms of
the settlement are in three parts: (1) Greece acknowledges
Exception
President
to
Harding's recent statement "that
responsibility for the damage done, but in view of her
campaign for the presidency he had declared himself
financial in his
situation Turkey will not demand payment; (2) in
return absolutely opposed to entering the League of Nations and
the Greeks agree that the Turks shall have
Karaghatch, that the people in the election had passed judgment on this
across the Maritza River from Adrianople, and the
railroad question," was taken by A. Lawrence Lowell, of Harvard
line from Lule Burgas, on the Bulgarian frontier,
to Kara- University, one of the thirty-one Republicans, who during
ghatch ; (3) there is to be mutual restitution of
the ships the campaign urged the support of Mr. Harding. President
Lowell in his discussion of the matter before the League of
captured since the Mudros armistice in 1918.
After reading the agreement General Pelle, head
Non-Partisan Association in Continental Memorial
of the Nations
French delegation, and Sir Horace Rumbold,
Washingto
n,on May 25,said in part:
Hall,
head of the
English delegation, are said to have paid tribute
The objection to the Court which seems to have most weight with opponto the wisents is the fact that it is associated with the League of Nations, coupled
dom of Venizelos and Ismet Pasha in getting
together, and with the fear that entering the Court will be a step toward entering the
stated that in the last week of difficult
negotiations both League. In his recent address to the newspaper men President Harding
men had shown a personal desire to avoid a
that we shall not enter the League by the back door,the side door or the
resumption of said
cellar door. In this he is certainly right. If, or when, the United States
the Greco-Turkish war. As an indication of how
serious the enters the League it will be by the front door. It will be because the public
Greco-Turk dispute over the reparations situation
country. irrespective of party, approves of so doing.
had be- opinion of the
come by MaY 22 and how near a rupture the
But when the President in his address to the newspaper men said that In
Conference ap- his campaign he had declared himself absolutely opposed to entering
the
peared, we quote the following from Associated
Press dis- League and that the people in the election passed judgnient on this question
patches of that date from Lausanne:
I think he Is going too far. Perhaps he only means that he declared himself
against entering the League without substantial changes; and that was what
The Greek delegates, M. Alexandris, Greek Foreign
Minister, told the thirty-one Republicans, of whom I was one, certainly understood him to
the foreign news correspondents, will be withdrawn from
the Near Eastern
conference this week if Turkey persists in her reparation
demands upon
Greece. He said the Greek army had been reorganized since
the overthrow of Constantine, and that "if the worst comes to the
worst, the
Greek army will be able to defend its honor."
"Turkey seems to feel that Greece was beaten in the war and
therefore
owes an indemnity," he asserted. "But this is a grave error, as Greece
was merely beaten in battle in Asia Minor and hostilities were suspended
by an armistice which Greece is trying to transform into peace."
mean. No one will for a moment suspect him of the least insincerity; but
an extremely busy man,burdened with the vast cares of a nation, may err in
recollection.
After referring to the Republican platform and Mr Harding's speech of
Aug. 28, the thirty-one Republicans, in the document which bears their
names, declared that:
The question accordingly is not between a league and no league, but is
whether certain provisions in the proposed league agreement shall be accepted unchanged or shall be changed."
JUNE 2 1923.]
THE CHRONICLE
2471
This statement they believed justified. In his Des Moines speech on Oct. the League "confine its political functions solely to being a
7 Mr.Harding had not proclaimed himself opposed to entering the League on
body to which any nation that feels itself aggrieved or menany terms, but after referring to "the stubborn insistence of President Wilson" that the League of Nations "must be ratified without dotting an T or aced or troubled, can carry its case, and which will examine
crossing a 't' said that the issue presented by the Democrats was not whether such case fearlessly and fairly and seek to find redress by
the American people should 'favor some form of association among the
of its good offices, the might of
Nations for the purpose of preserving international peace, but whether they no other means but the use
public opinion and the appeal of justice." "If the League
favor the particular league proposed by President Wilson."'
He went on to say,"I oppose the proposed league," and again,"he favors voluntarily stripned itself of every means of action but that
going into the Paris league and I favor staying out. . . . My position,I
think, has been made perfectly plain, but whether it has or not, his position of reliance upon public opinion," said Mr. Kahn,"then I for
is beyond cavil, and it is that we should go into the Paris League without one venture to think that America's just objection would be
modification or substantial qualification."
overcome and that she could take her place in a council of
On Ott. 16 the day after the statement of the thirty-one Republicans was
published, and doubtless with that in his mind, he declared in a speech at the nations." Mr. Kahn emphatically dissented from the
Indianapolis,"I have said repeatedly that, when elected, I will immediately frequently heard assertion that the unceasing turmoil and
summon the best minds in America, representing all American opinion, to
due to America's absence
consult and advise as to America's relationship to the present association ef dispeace in Europe are largely
nations,to modification of it, or substitutes for it:" and on Oct.22 he remark- Crqin the League"; he argued, however, that "the European
ed that foreign nations had "accepted the fact that there is no hope of unit- situation is, in the long run, an element in our own prosing Americans" . . . "on the proposal of accepting the Covenant as
perity and that from the point of view of self-Interest, huwritten."
Throughout the campaign, on Aug. 28, Oct. 17, Oct. 22 and Oct. 27, he manity and a due sense of the responsibility incumbent upon
pledged himself to try to bring about an association of nations; and in his America, we
cannot simply wash our hands of Europe and
final appeal to the voters from Marion on Oct. 31 he said:
"The issue as presented by the Democratic Administration and its repre- stand in sterile aloofness"; these he said,"are considerations
sentatives in this campaign is simply the question. 'Shall we enter the the weight of which has
come to be increasingly recognized,
Paris League of Nations assuming among other obligations the obligation
of Article X?' The answer to the Democratic group is, yes. The answer I believe, by the majority of the American people." Conof the Republican Party and its candidate is, no.
tinuing, Mr. Kahn said in part:
All this is far from a declaration against entering the present League of
Nations on any terms.
I strongly adhere to that viva. Personally, I should be glad to see
As one of the thirty-one Republicans, I believe now as I did then that the America go considerably further than our tlovernment has yet deemed
League of Nations was not the real issue on which the people passed judg- it well to go, in contemplation of the stako. moral and actual, which we
ment. Many voters heartily in favor of the League were determined to cast have in the welfare of Europe.
If. in spit,e of the strong and often-tested instinct for helpfulness which
their ballots against the Democratic candidatefor reasons wholly apartfrom
international questions. To treat it as the issue would, therefore, have been is inherent in the Am rican people, and of their growing recognition of
misleading, and have given the impression that the people in electing the America'd tangible interest in Europe, the controlling American attitude
Republican candidate, as they were certain to do, were expressing their has been One ranging from reserve, reluctance and reticence to complete
opinion about the League when expressing opinions on very different aloofness, one of the principal rmsons is to be found In the popular apprehendon lost we be dragged into undeterminable entanglements in the
matters.
I believe that party politics should stop at the water's edge, because for- nffinrs of Europe. That cpprehension finds its chief sustenance in the
eign policy which is not continuous is dangerous to a nation, and no policy existing prosisions of the League of Nations Covenant.*
I share the aversion to that Covenant, such as it was framed in Paris
can be continuous which is supported by one party and opposed by the other.
in 1919. I was opposed to it when I first became acquainted with its
Dr. Lowell concluded by saying:
No nation that is ever great allows the opinions of parties and factions to provisions, and I am equally opposed to it now.
interfere with its foreign policy. I see a decisive rise in favor of the League America's Absence from the League Not Responsible for Europe's Dispeace.
I will not take your time to go into the well-worn arguments for or
duo to a good many reasons. It must not be a party issue but what is in the
interest and duty of our great country.
against America's entrance into the League of Nations. While I admit
that in the clash of opinions on this subject, some of the adverse potenWith regard to the statement of the 31 Republicans, tialities inherent
in the Covenant have been overstated, on the other
Everett Colby, Chairman of the League of Nations Non- h md the claims put forward by many of its adherents appear to me to
Partisan Association, is quoted by the New York "Times" as b)lacking in due discrimination, to greatly exaggerate its actual benefits
potential virtues, and to be quite untenable in some respects. More
having stated on May 28 before the Westchester County or
p rticularly would I emphasize dissent from the frequently heard asserLeague of Women Voters:
tion that the unceasing turmoil and dispeace in Europe are largely dueThe question of the statement published by the famous thirty-one Repub- to America's absence from the League, an assertion wholly Without proof'
licans, whether justly or unjustly, has become a public scandal,declared Mr. and not susceptible of proof.
Colby. The thirty-one should be justified. The facts should be made
To my mind, the really originating motive of that allegation was the'
known and if possible it should be brought about that a thing like it'should desire to unload responsibility from the shoulders of those with whom it.
never occur again.
properly rests.
The Middle West, where I have recently been, is appalled, and the feeling
The fact is, I believe, that the turmoil and dispeace in Europe are, if
of Republicans who had voted for Harding upon the statements of the thirty- not wholly, yet preponderantly, the inevitable and easily to be foreseen
one, is bitter. I know personally many of the signers of the statement. I consequences of the gross faultiness of the peace treaties. On May 30 1919
have known President Faunce of Brown,for a very long time, as I attended that liberal and enlightened statesman, General Smuts, sent a letter, which
that University. I know President Hibben and President Lowell. I know unfortunately proved of no a'vail, to President Wilson, protesting against
the terms of the then pending peace treaty with Germany, on the ground
they would be as noble as men could be.
both of good faith and good sense, and urging modifications. The letter
Says West is Skeptical.
in full is published in Mr. Ray Stannard Baker's book, "Woodrow Wilson
The feeling out West was such that many did not attempt to restrain themand World Settlement." The following is its closing paragraph: "There
selves. They wouldn't believe these men again under oath. That is very
will be a terrible disillusion if the peoples come to think that we are not
unfair and very cruel and I think the facts should be known.
concluding a Wilson peace, that we are not keeping our promises to the
I have tried to find out what these facts were. I find that the Republicans
world or faith with the public. But if in so doing we appear also to break
Went On record in favor of an association of nations. That was the starting
the formal agreement deliberately entered into (as I think we do), we shall
point. Tremendous opposition immediately started. They realized that
be overwhelmed with the gravest discredit, and this peace may well become
something had to be done. Party leaders got together and devised a novel an
even greater disaster to the world than the war was."
plan of getting thirty-one of the most distinguished Republicans of the
There never was, there is not now, and there cannot be any power in
country to sign a statement, which I have learned on good authority, was the
League to modify any of the terms of these treaties. They can only
drafted by Elihu Root, that the purpose of the Republican Party was to get be
modified by the voluntary consent of each nation concerned.
us into the League of Nations with reservations, and that the candidate was
In the winter and spring of 1919, with the fresh recollection of America's
willing and ready to follow that course.
aid in winning the war, with the then prevailing lively anticipation of
Before it was given out every word was telegraphed to the candidate. He
Ameriea's
economic and financial aid in the immediate future and in spite
Was to know what they were going to say before it was published. It then
of the vast prestige attaching to him, President Wilson was not able to
went out through the country and had a tremendous effect. Many who had
obtain
a
peace
compatible with his "Fourteen Points," to which he and the
planned to veto for Cox because of his stand on the League question changed
to Harding, because they believed he too was committeed to the League with Allied Governments were solemnly pledged. What reason is there to think
that what America then failed to secure while the matter was elastic and
reservation. I was one of them.
The fact is that the Republican Party is pledged to an association of still in the state of negotiation, she could have secured through participation
in
the League of Nations after the thing had become rigid and fixed as an
nations. The fact is that the leaders are pledged to an association of nations, and the candidate himself is. Until that pledge is kept, the Re- unassailable legal right through being embodied in treaties? What valid
reason is there for the opinionated assertion that through participation in
publican Party, my party, is in default.
And what is the true explanation of this whole business? President the League we could have been effectively instrumental in settling that
Lowell of Harvard College, explains it by saying that the candidate has for- most troublous of all the provisions of ill-conceived treaties, the reparations
gotten what his views were before election. This is a generous explanation, question, a settlement which, whether we are in the League or out, is linked
but not all convincing. Professor Lindsey, of Columbia, says that the state- in the mind of European Governments with the question of America's
ment of the thirty-one might be called a prophecy. The trouble is not with practical co-operation by way of the treatment of Allied indebtedness to
Mr. Harding's memory, but with our political standards, which are not the this Government?
America did urge her views on this subject, sane and enlightened and
same as in business or in private life. No one believes for a minute that the
President was conscious of doing anything that was wrong. The thirty-one Practical views, at the Peace Conference in 1919. and reiterated them redid not intentionally participate in any trick to deceive the people, but the peatedly through her unofficial representative on the Reparations Comfact is that thousands of people were deceived. Thousands of their votes mission—only to have them disregarded and passed over. Eks-retary
Hughes gave public expression recently to his ideas as to how the reparawere actually stolen.
tions deadlock might and should be- resolved, but no heed
was paid to his
suggestions.
Otto H. Kahn
in Letter to Senator Moses Urges That
League Cut Out of Covenant Everything
Which Smacks of Compulsion.
Offering ft suggestion whereby objection to participation
by the United States in the League of Nations might be overcome, Otto H. Kahn, of Kuhn, Loeb & Co., of New York, in a
letter to Senator George H. Moses (made public May 28)
proposes that the League "cut out from the Covenant everything which smacks of compulsion." Mr. Kahn would have
* The following excerpt taken from a book recently published
by a
distinguished Dutch Jurist, Dr. A. H. Struycken,
is interesting in this
connection, particularly as emanating
from the citizen of a country which
is essentially neutral and has no axes to
grind:
"The membership of the League of Nations does not only give international rights but also involves international
obligations. The members
who, according to Article X of the
Treaty, have obligated
themselves to respect, and co-operatefundamental
in the maintenance of, the territorial
Integrity and political independence
can, in this
co-members,
of
their
way, against their own wishes, become involved in great international
disputes, in which their direct
stake and which drag
at
interests
are
not
them into political complications from which they would otherwise have
carefully held aloof."
2472
THE CHRONICLE
The League's Limited Usefulness.
The League has rendered service, though not always free from undue
pliancy, in certain matters which were specifically referred to it. as they
might have been referred, following not infrequent precedent, to a body
created "ad hoc"; It has usefully undertaken certain functions of s noncontroversial character: it has proved itself an appropriate instrumentality
for international ministrations such as in the matter of the control of the
trade in narcotics, the prevention of the "white slave traffic," Ste., and its
'gatherings at Geneva have been indicative of a praiseworthy spirit and
"endeavor on the part of the delegates, though not always on the part of the
'Governments they represented.
k But in matters where really far-reaching interests and real conflicts
'were involved in the case of nations who felt themselves strong enough to
vesort to force, the League has been found irresolute and impotent and
was coolly left aside by those concerned. • • •
[VOL. 116.
Let the League of Nations set the example of that repudiation of force
which constitutes the true underlying purpose and justification of such an
organziation. Let it cut out from the Covenant everything which smacks of
compulsion. Let it confine its political functions solely to being a body
to which any nation that feels itself aggrieved or menaced or troubled.
can carry its case and which will examine such case fearlessly and fairly
and seek to find redress by no other means but the use of its good offices,
the might of public opinion and the appeal of justice.*
Some of the devoted advocates of the League say that this is, in fact,
its platform and that it does not mean to avail itself of the power of coercion
conferred upon it by the Convenant, that, in fact, that power could not be
called into operation even if wanted. If that be so, then let the Covenant
say that this is its meaning. Let it formally and unmistakably eschew
all thought and potentiality of coercion.
Let the League reject every aid and instrumentality but that of rightly
informed public opinion. Let it rely upon that and that only to prevent
aggression, to deflect menaces and to right wrong. It needs no other
weapon. It can find none other as powerful for good.
This is not the talk of a sentumentalist. All history shows that the
mills of the gods do grind, and that the nation which defies the conscience
of the world, and scorns justice, will ultimately pay the penalty as Germany did in spite of all her seemingly invincible power.
If that were done, if the League voluntarily stripped itself of every
means of action but that of reliance upon public opinion, then I for one
venture to think that America's just objection would be overcome and
that she could take her place in a council of the nations. And I feel well
assured that such a council, in due course of time, would develop effectively into that blessed instrumentality for peace and righteousness among
the nations which is the hope and aim of all right-minded men.
An Unanswered Inyuirg.
ebave repeatedly addressed the following argument and questions to
:advocates of the mdsting League. I have addressed them lately to Lord
'Robert Cecil, for whose ability. highmindedness and sincerity I have the
utmost respect, and I have yet to hear an answer which, to my mind, meets
that argument and the questions based thereon:
'The makers of the peace treaties created a new Europe. In doing so,
-they disregarded or circumvented the wise and far-sighted 'Fourteen
Points' in spite of the solemn promise that these stipulations were to form
the basis on which the peace would rest. They determined new soverfrontiers, oblivious of the teachings and de.eignties, ruthless13 they drew
velopmmts of history, of the proven qualities or disqualities of races and
of economic realities and results. They imposed arbitrarily one-sided conditIons, they multiplied customs-barriers, they tore up highways and
* Such functions would not be In conflict with, or a substitute for, the
impeded channels or trade which had existed for generations, they intensi- Hague
Tribunal or the World Court. The scope of those bodies is exfied racial antagonisms. In the name of the doctrine of 'self-determina- elusively juridical and judicial, and they cannot be invoked except by the
Ron,' and in other instances in despite of that same doctrine, they tore common consent of two or more parties to a dispute. The scope of the
the weight of its pronouncements being
asunder ancient national structures and placed millions of people under League as I conceive its functioning,
purely moral. Is circumscribed only by the ethical code and by the dictates
•unnatural sovereignties. without plebiscite, without any ascertainment of good sense and good feeling and becoming restraint. It would have
whatever of their own choice."
"
,
"the friendly right" to express itself and to use Its good offices upon the
It must not occupy
And then they said: "This is the year one. From this day on as we three petition ofany one nation, always provided of course thataffairs
of nations,
the domestic
-men in our wisdom have determined it. so Europe. Asia and Africa shall itself with matters that are properly within
the
of
world,
disposed
thus
it
remain
have
shall
look and move. As we
•
forever."
Conflicting Government Figures of Cotton Stocks.
They had had pressed upon them by American idealism the fine project
of a League of all the Nations to strengthen international justice and
cotton trade has once more been confronted with a
The
and
the
diplomats
in
politicians engaged
'preserve peace. Most of their
in Government figures, the latest differences
discrepancy
Robert
some
Lord
as
exceptions
outstanding
such
negotiations—with
.Paris
-Cecil and General Smuts—had looked upon it with skepticism, some with relating to the size of the stocks held by consuming estaboutspoken aversion, but when they found that President Wilson had set
lishments and warehouses and compresses in this country,
:ids heart upon it beyond anything else, they used it skillfully for obtaining
his consent to peace conditions which otherwise he would never have sane- the figures of the CaLsus Bureau and the Department of
,tioned. And further, upon reflection they discerned in it a useful instru- Agriculture differing by some 264,000 bales. The discrep..ment to attach to the war settlement, and to guarantee the terms and ancy as to the figures of these stocks was dealt with in a
purport of the treaties. So they cheerfully embraced and designedly
elaborated the scheme of a League of Nations, a matter which ought to Washington dispatch to the "Journal of Commerce" May
•Jaave been one of growth and evolution and wholly separate and distinct 27, which said:
from the war settlement, and called upon that League to preserve and perFaced with a discrepancy oemore than 250,000 bales'in their estimates of
.petuate the structure of their peace treaties. And they declared through cotton stocks as of April 30. officials of the Departments of Agriculture
,the Covenant, in effect, that whoever touches that structure is to be conand Commerce to-night stood pat on the accuracy of their respective figures.
-sidered the common enemy of mankind. and all the nations shall unite
Explanation of the discrepancy was difficult to obtain from officials of
against him.
the Departments,as each was reluctant to criticize the statistics of the other.
But that structure does not warrant such sanctification. Some of its At the Census Bureau it was maintained that the report of cotton stocks
arrangements, such as that pitilessly truncated Austria, that despoiled
at the end of April, showing 1,889,218 bales In consuming establishments
.Hungary, that jagged eastern frontier of Germany. do not appear conform- and 1,966,441 bales in public storage and at compresses, represented an
able with elthcr equity or good sense, nor do they augur well for stability accurate account of the country's stores of cotton, while officers of the De,or assured peace.
partment of Agriculture contended that their indicated supply of 3,591.442
However ardent, vivid and righteous our sympathy with the peoples bales was based upon Census figures.
who heroically'defended their countries and the universal cause of right
However, Census Bureau officials suggested that the Agriculture Departagainst the monstrous assault of Germany and her allies, however unques- ment figures had not taken into account the arbitrary statistics utilized
tioned the right and indeed the duty of the victorious nations to assess under the description of "to balance distribution," to equalize the distribu-severe and exemplarily deterrent penalties for the cruel wrong and appalling tion of cotton with total consumption.
-.suffering Inflicted upon the m. however unassailable their warrant to obtain
Among the factors responsible for differences in figures of the total supply
-security for the future and reparation for the past, yet it has now become of cotton and the total distribution of the crop, It was explained, are four
-recognized by well-informed and fair-minded men everywhere that the chief items. The first of these, known as the "city crop," includes mainly
:peace treaties are affected with grave faults of spirit, judgment and intent, rebated samples; the lack of uniformity on the part of manufacturers and
But the League, even though 52 of its 53 members might desire and vote others in returning stocks is another factor to be taken Into consideration,
sto apply modifications or. at least, mitigations, cannot change one iota in and cognizance of understatement by sinners of the quantity of cotton prothose treaties. On the contrary, it rests upon them and is bound to maindue largely to their inability to make accurate estimates at the time
'fain and defend them. I do not mean to say that the League ought to of the last canvass of the quantity of cotton remaining to be ginned. A
'Stave power to altertr eaties. Indeed, that would be unthinkable. I merely fourth factor to be considered is the amount of American cotton returned
-register the tact, and its implications that, of course, it has no such power. from foreign countries, which Census officials said at the end of April
My questions are: How are you going to get away from the congenital amounted to 30,000 bales.
'taint of the League, which consists in its being inseparably attached to.
It is impossible to state with any degree of accuracy. Census Bureau ofand made the instrumentality of, the war settlements?
ficials declare, how much any onts'of these factors contributes to the differHowever right and sympathetic the theory and conception of a league. ence between distribution and supply of cotton. The amount due to each
"this League is sitting on a platform loaded down with, and made precarious varies in different seasons, but a considerable part of the difference between
%Y. the defects and obliquities of the peace treaties. It has no power to the figures for supply and those for distribution in any season is attributable
remove or modify any of these ill-conceived ordinations. Assuredly, no to the first named cause,'the "city crop."
disposition to do so has been shown by those who were meant to benefit
On its commercial route from a grower to its ultimate American destinefrom them. Who else will and can, and how? And unless they are re- tion; officials explained, a bale of cotton "is sampled" a number of times—
its
reconcile
League
the
can
how
action,
moved or modified by voluntary
that is, small quantities of the fiber are extracted from the bale by successive
'undertaking to preserve the world, as it has been established by the peace graders for use in determining its grade and value. These samples, with
treaties, with the moral purpose supposed to underlie its conception or other cotton from time to time separated from its original packages, are re▪
the practical attainment of a peace which shall be genuine and lasting baled and such bales are counted in the statistics of exports, consumption
because based upon enlightened justice and fair dealing among the nations? and stocks.
What, then, is the answer?
Statistics of supply based upon an enumeration of the bales at the ginAre the results of the handiwork of those who bungled the task of making nerles before any samples have 13,43n removed show P-erefore a smaller
a peace which should bring the dawn of a nobler day, so incorrigibly fatal number of bales than the statistics of exports consumption and stocks on
hut the high aspirations which antmated the peoples of the Allied Nations
hand combined although there is present in each case the same amount of
dantaz the war and steeled them to untold sacrifice and heroic endurance
lint cotton. The quantity of this rebated cotton varies in different seasons
are doomed to be frustrated?
with the size of the crop and because of other conditions.
Must the fine and universally acclaimed purpose to substitute fair dealInclusion of these factors of balancing distribution Census Bureau officials
ing and good-will among the nations for the hideous brutality of war, and asserted as applied to the Agriculture Department's indication of supply on
of
growths
sinister
fear,
International
the
under
ground
from
to cut the
April 30 should make up any discrepancy existing between the figures of
suspicion, covetousness and animosity;—muit that high purpose be once
that department and the reports of the Census Bureau.
more abandoned and the world, sullenly and hopelessly, confess itself
Agriculture Department officials recognize the possibility of arbitrary facImpotent to deal with its conflicts &her than by the horrors of armed tors resulting in a difference In the foreign figures but at the same time there
•conflict?
were some indications of a possibility of some of the Census Bureau's reports
Must America stand aloof and turn a deaf and callous ear to the plea containing future cotton counted as spot cotton. Accounts of instances of
views
and
us—our
upon
call
sentiments
unclouded
who
Europe
in
<a those
being reported as spot which in reality was future have reached
racial animosities nurtured through centuries— cotton
by'rear of anybody or by
Agriculture Department officials from entirely unofficial sources so that
judgment, our well-meaning intent, and our
to ;wing our disinterested
disincline d to discuss such a contingency freely.
the problems, the unsettled state of they are Department of
practical co-operation to bear upon
Agriculture considerable surprise was expressed at
At the
and
rancor?
turmoil
distress,
in
world
old
sesish keeps the
the difference between their figures on cotton stocks and those of the Census
A Suggested Answer.
Bureau as it is maintained they are usually extremely close together. A
to suggest the following as indicating difference of some 70,000 bales between the Department of Agriculture's
venture
I
diffidence,
With due
estimate of April imports and the actual figures was conceded, but this Mapproach to an answer to these questions:
imosas seems to me a line of
JUNE 2 1923.]
THE CHRONICLE
2473
world's consumption of both American and foreign cottons
ference was not considered sufficient to explain the full spread on more than "should the
continue at the same rate as for the previous eight months the world's supply
250,000 bales between the two reports.
1 will amount to about 4,369,500 bales."
Officials of both departments are understood to be carefully recheckfng of all kinds of cotton on August
be forth- As showing the significance of these figures the Department of Agriculture
their figures and it is expected that some official statemFnt will
by the Department of Commerce and referred to
coming shortly either reconciling the discrepancies e-isting or explaining gives the estimates issued
above on the world's supply of cotton on August 1 1922. i. e., 14.752.000
the apparent differences in the figures.
Supplementing the above, on May 29 the "Journal of bales.
It will be sesn that the Department of Commerce and the Departmeneof
Commerce" stated:
Agriculture, in reports Issued within two months of each other, differed to
difference
the
of
Pending the expected issuance of an official explanation
the extent of about 4,000,000 bales as to the amount of cotton in the world
of more than 250,000 bales between the cotton stock estimates of the De- on Aug. 1 1921,and about 3,000,000 bales as to the amount on Aug. 1 1922.
partment of Agriculture and the Department of Commerce, cotton brokers It will be seen also that the Department of Agriculture, in reports issued.
in this city were reluctant yesterday to make any comment on the figures, within about a month of each other, differed with itself to the extent of
although it was admitted that the Government reports are being studied about 2,500,000 bales as to the probable amount of cotton that will be carmore closely than heretofore in view of the many conflicts recently revealed ried over at the end of this season.
between the compilations of the various departments. One cause of these
Call Differences Inexcusable.
conflicting estimates, it was pointed out by the statistician of one of the
Cotton merchants who have discovered these differences frankly declare
large brokerage houses, is the lack of fixed bases of comparison.
there might be reason for
"While one department bases its figures on probabilities and another that they are entirely inexcusable. They say that
there will be in the world at
deals with actual totals of crops, ginnings, mill takings or exports, there differences of opinion as to how much cotton
the Government should
why
can be no more dependable basis of comparison, and when it comes to foreign some future date, but they cannot understand
as to how much cotton
statistics it is exceedingly difficult to get accurate figures of mill and ware- differ with itself to the extent of millions of bales
in the trade seems to be
house holdings; therefore, these must be more or less tentative, and should there was at definite times in the past. The opinion
that the figures of the Department of Commerce were more nearly accurate
be issued as such and accepted as such.
stocks last year and
the
"The various Government departments can undoubtedly furnish statis- than those of the Department of Agriculture as to
tics of great value to the industry if each will only keep in its proper province the year before.
The difference between the figures of the Department of Commerce and
and indicate clearly whether its figures are estimates or actual totals in
overlooked by many
every instance. Let the Census Bureau deal with ginnings, mill consump- the Depart= nt of Agriculture was strangely enough
report appo ared
tion and stocks, let the Department of Commerce report imports, exports members of the trade when the Department of Agriculture's
which had to do•
report
the
and the Department of Agriculture report crop conditions, acreage, indi- in April. Attention was centred on that part of
cated yields, &c., and give these figures out for what they are worth and with the intended plantings by the farmers.
there should not be any conflict.
"At present, however, there are serious discrepancies between the figures
Chicago Issued:
ofindependent bureaus as well as between those of the Government bureaus. Call for National Wheat Conference in
Rebaling of samples,lack of uniformity in reports of production and stocks,
by Western Governors.
returns of shipments of American cotton from foreign countries and differThe following joint call for a National Wheal Conference.
ences in bases of computation of consumption are the principal causes of
these discrepancies, and I don't think it unreasonable to expect that the to be held in Chicago on June 19 and 20 of this year was
Government statisticians should take the lead in fixing a definite basis of issued on May 26 by Governor Len Small of Illinois, Governor
comparison of production, stocks and consumption.
M. Hyde of
"In this connection, however, I think the issuance of such reports or Jonathan M. Davis of Kansas, Governor Arthur
statements as that given out by the Department of Agriculture in April Missouri, Governor A. V. Donahey of Ohio, Governor John.
purporting to show the intention of cotton growers to plant a much larger C. Walton of
Oklahoma, Governor R. A. Nestos of North.
acreage this year than they did last year is decidedly unwise and calculated
E.
0.
Dakota,
Bradfute, Farm Bureau Federation, Chicago,.
should
sort
this
of
thing
to cause unwarranted disturbance in the trade. A
not be permitted to happen again."
Senator Royal S. Copeland of New York, Hon. Geo. E.
Chamberlain, Senator Arthur Capper of Kansas and Aaron.
Sapiro.
of
Estimates
Revision of Agricultural Department's
Joint Callfor a National Wheat Conference. Chicago. June 19-20, 1923.
World Carry-Over of Cotton.
More than ten million men, women and children of the United States/
directly Interested in the production of wheat.
The latest estimates of the world carry-over of cotton is areThe
dissatisfied condition of a large portion of our agricultural population
placed at 4,369,500 bales on Aug. 1 in the weekly review of to-day Is very largely due to the price of wheat, which measured by the cost.
or by the purchasing value of the farmer's dollar, is lowerproduction
of
Agriof
the cotton market made public by the Department
to-day than it has been in half a century.
culture on May 28 From the "Journal of Commerce" of
Failure to bring relief to the farmer from his present situation will have a,
public,
May 29 we take the following dispatch from Washington serious effect upon every other industry and upon the consuming
for the permanent prosperity of the whole nation depends upon conditions
relative thereto:
being satisfactory upon the fields and farmsthat support the nation's physical
An echo of the 2,000.000-bale discrepancy in the estimated carryover of
cotton was sounded to-day, when the Department of Agriculture announced
that if the world consumption of cotton continues at the same rate as for the
eight months ended Mar. 31, there would be a world supply of all kinds of
cotton amounting to only 4,369,500 bales on Aug. 1.
On April 21 a group of economists, statisticians, business men and bankers, called into conference by Secretary Wallace, estimated that there would
be a carryover of 6,800.000 bales on this date, and a detailed statement,
put out under the direction of the Department, was issued interpreting the
statistics. The Department of Commerce on May 8 estimated that the
stocks of cotton as of April 1 amounted to 6,300.000 bales.
This discrepancy was noted and caused much excitement in the trade.
Later W. It. Meadows, Chief of the Cotton Division of the Department of
Agriculture, said there had been an error of about 2,000,000 bales.
In the official publication on weather, crops and markets, the Department of Agriculture in reviewing the cotton market for the week ended
May 19 stated:
"The Department of Commerce, working in co-operation with the Department of Agriculture, has completed * world cotton survey for the eight
months ended March 311923. The survey indicated that on April 1 1923
the world's supply of American cotton amounted to 6,039,000 bales, and of
all kinds, 12,000,000 bales, both 478-pound net bales. It is interesting to
note that should the world's consumption of both American and foreign
cotton continue at the same rate as for the previous eight months,the world's
supply of all kinds of cotton on Aug. 1 will amount to about 4,369.500 bales.
Figures issued by the Department of Commerce show that the world's
supply of cotton on Aug. 1 1922 amounted to 0,536,000 bales, and on Aug. 1
1921, 14,752,000 bales."
life. A fair price for the wheat crop means purchasing power to the farmer,.
smoking chimneys for American factories and a full dinner pail for American
workers.
The disparity between our land values, taxes and labor, our standards of
living and those of other wheat producing nations of the world makes it
impossible for us to sell our surplus wheat profitably in the open markets
of the world. It is not a market we need for our wheat, but a profitable
market. Realizing that higher prices for wheat can come only through
increased demand, an outlet for our surplus production must be found in
the United States by educating the public taste to consume more wheat
and the companion products of the farm which accompany wheat in
consumption.
To the end that we may find a satisfactory solution for the situation
which now confronts the United States, seriously imperilling the structure.
on which our prosperity is built, we call a national wheat conference to be
publicly held in Chicago June 19 and 20 1923. To said national wheat
conference we invite representatives of organizations of agriculture. commerce, elevators, railroads, millers, bakers, retailers. Also of educational
bodies and of all other industries related to the production, manufacture
and consumption of our wheat crop: together with individuals interested.
in the solution of economic questions affecting the nation.
Discussion of discrepancies in
cotton has induced cotton merchants of this city to analyze rather carefully
the figures issued by the Government in recent months, which analysis has
led to some rather startling discoveries, in addition to those already made.
It is disclosed that there are some serious discrepancies in the Government
figures, not only as regards the prospective carry-over at the end of the current season, but also as concerns the carryover of last year and the preceding year.
Last February the Department of COMIlleree published in "Commerce
Reports" a world survey of the cotton situation which contained the statement that the world stock of all kinds of cotton on August 1 1921. was 14,752.000 bales, that on August 1 1922, it was 9,536.000, and that the prospects were that the stock at the end of the cotton season on August 1 1923,
would be 6,621,000.
In April there appeared the special report of the Department of Agriculture, which is now being so severely criticised, this stating that the world
carryover of all cotton on August 1 1921, was 10,500,000 bales, that on
August 11922, it was 6,700,000 and that the outlook was that the carryover at the end of this season would be 13,800,000 bales.
a special dispatch from Regina to the Winnipeg "Tribune."
The dispatch says:
"Preparations, it was learned on high authority here to-day, are already
being made for a meeting of the Western section of the Council, to take
place in June, and officials of the organization are determined to havea pool established by harvest time.
"The scheme will be a voluntary co-operative affair, spreading over
Manitoba. Saskatchewan and Alberta, and will be handled by the Grain
Export Departments of the Saskatchewan Co-operative Elevator Co.
and the United Grain Growers, both of which organizations are represented
on the Council."
Voluntary Wheat Pool to Be Formed by Canadian
Council of Agriculture.
of May 28 printed the following
"Gazette"
The
Montreal
The conflicting figures were referred to at length in these
Winnipeg:
from
Press
advices
Canadian
columns last week, page 2347.
In the belief that there will be no wheat board formed by Saskatchewan
Commenting in its issue of May 28 on the conflicting and Alberta, and that the marketing legislation on the statute books of
become operative, the Canadian Council
figures of the Government, the "Journal of Commerce" these two Provinces will never
of Agriculture is making preliminary plans now for the organization or
had the following to say:
a gigantic grain pool to handle the 1923 crop of the three Provhioes, states
Government statistics on world stocks of
Conflict Emphasized.
Now,at this writing, the Department of Agriculture issues another statement in its publication, "Weather, Crops and Markets." to the effect that
Abolition of. I2-Hour Day in Steel Industry Declared
Not Feasible in Report Adopted by American Iron and Steel Institute.
The American Iron and Steel Institute, at its annual meeting in the Hotel Commodore in this city on May 25 adopted
unanimously a report submitted by Judge Elbert H. Gary,
as chairman of a committee appointed at the request of
2474
THJi CHRONICLE
President Harding, declaring inability to bring about at this
time complete abolition of the 12-hour working day in the
industry. The report makes it plain that under present conditions it is not possible to abandon the system. Both economically and physically, the report indicates, an attempt
to establish a shorter working day now would be unwise and
undesirable. The committee studied the industry more than
a year to determine the possibility of a change to eight hours.
The study was initiated after a dinner at the White House,
at which the heads of the principal companies were asked by
the President to make the change if practicable. One of the
difficulties in the way of the abolition of the 12-hour working day is that there is not a sufficient supply of labor in
this country to provide three working shifts and maintain
the present rate of production. A 15% increase in the cost
of iron and steel would follow the complete installation of
an eight-hour day, the committee finds. The report also indicates that the longer working day is not injurious, physically, mentally or morally, to the workers. The report also
contains a recommendation for the lifting of some of the restrictions on immigration in line with the views recently expressed by Mr. Gary to the effect that this country's labor
supply would be seriously affected if the present provisions
were continued. The report is signed by E. H. Gary, chairman of the committee; L. E. Block, J. A. Burden, J. A. Campbell, A. C. Dinkey, J. A. Farrell, E. G. Grace, W. L. King and
J. A. Topping. The following is the complete text of it:
REPORT OF THE AMERICAN IRON AND STEEL INSTITUTE
COMMITTEE ON PROPOSED TOTAL ELIMINATION OF
THE TWELVE-HOUR DAY.
Presented at the Annual Meeting May 25 1923.
Although the committee appointed by the President of the American
Iron and Steel Institute to consider the twelve-hour day work in the steel
industry and report conclusions and recommendations, has made a very
careful and painstaking study of the facts and figures developed, it is not
yet ready to make what it would designate a final report.
Apparently the underlying reason for the agitation which resulted in the
appointment of this committee was based on a sentiment (not created or
endorsed by the workmen themselves) that the twelve-hour day was an
unreasonable hardship upon the employees who were connected With it;
that it was physically injurious to a large percentage of the employees;
and that it interfered with family associations essential to the welfare of
the children; that for these reasons it was, in a sense, opposed to the public
interest.
Whatever will be said against the twelve-hour day in the steel industry,
investigation has convinced this committee that the same has not of itself
been an injury to the employees, physically, mentally or morally. Whether
or not, in the large majority of cases, twelve-hour men devote less time to
their families than the employees working less hours is perhaps questionable.
A part of the manufacturing of iron and steel is necessarily continuous.
Therefore, practically, there must be two shifts of twelve hours or three
shifts of eight hours. The workmen, as a rule, prefer the longer hours
because it permits larger compensation per day.
It is asserted with confidence that there is less physical work. as a total
per day, and less fatigue from the work of the twelve-hour day in the steel
industry, than pertains to the large majority of the eight-hour men. This
is because in the former case there are more rest periods during the twelve
hours on duty.
In the opinion of the members of the committee there is no concern of
importance connected with the iron and steel industry In the United States
that would urge or willingly permit employees to exert themselves to a
point where they would be injured physically. mentally or morally. Desire
and effort to improve the conditions and promote the welfare of employees
in the iron and steel industry of this country has been a cardinal principle
with the employers for many years last past. We think this will not be
contradicted by fair-minded, unprejudiced, well-informed persons.
But in the consideration of this subject there are many questions of high
Importance, not involving moral or social features. They are economic;
they affect the pecuniary interests of the great public, which includes, but
is not confined to, employers and employees. At the present time the
United States and all other nations are especially interested in large production, whether it is on the farms, in the mines, or in the manufactories.
The largest reasonable production is necessary to bring about a restoration
to stability, progress and prosperity; and large production at low cost,
for sale at fair prices, the entire world is more dependent upon at the present time than ever before.
Our investigation shows that if the twelve-hour day in the iron and steel
industry should be abandoned at present, It would increase the cost of production on the average about 15%; and there would be needed at least
60.000 additional employees. If labor were sufficiently plentiful to permit
the change, it would be necessary to add to the selling prices certainly as
much as the increase in cost.
But it would be impossible, under the existing conditions, to obtain a
sufficient number of men to operate the plants on a three-shift basis up to
capacity
a
which would supply the present necessities of the purchasing
public. There are not now, under a two-shift practice at the furnaces,
enough men to meet the demand for iron and steel.
To a material extent, the question of amount paid to employees, which
is a very large proportion of the cost of producing, and which must necessarily determine the selling prices, is one between the employees and the
purchasing public. Investors stand between these twO, and it is their responsibllity and their effort to decide fairly by both interests.
The responsibility for the numbers of employees is partly with the American Congress because affected by immigration. There should not be permitted too much immigration, and certainly there should be none of dangerous or injurious quality; but there ought to be enought to keep our production of foodstuffs, of metals and of manufactures up to the necessities of
the consuming public; and sufficient to meet the demands of the national
welfare, which embraces the export trade.
Therefore, under the present conditions, in view of the best interests of
both employees and employers, and of the general public, the members of
the committee cannot at this time report in favor of the total abolition of
the twelve-hour day.
[Vol,. 116.
was a consistent, persistent and successful effort during the time
labor was more plentiful to reduce the numbers of men employed twelve
hours per day. Although the percentages fluctuated, depending upon
circumstances, the percentage was gradually reduced, as stated publicly.
If labor should become sufficient to permit it, the members of this committee
would favor entirely abolishing the twelve-hour day, provided the purchasing public would be satisfied with selling prices that justified it, and provided further that the employees would consent,and that industry generally,
including the farmers, would approve.
(Signed) E. H. GARY, Chairman,
L. E. BLOCK
J. A. FARRELL
J. A. BURDEN
E. G. GRACE
J. A. CAMPBELL
W. L. KING
A. C. DINKEY
J. A. TOPPING
(This report was unanimously adopted at the annual meeting, May 25 1923.)
Samuel Gompers's Comment on
Report on Twelve-Hour
Day in Steel Industry.
Commenting on the report of the American Iron & Steel
Institute favoring maintenance of the 12-hour day in the
steel industry for the present, Samuel Gompers, President
of the American Federation of Labor, declared it indicated
an intention to sacrifice steel workers to "the interest of
prices and profits." He asserted that it was "a platitude
to shame even its authors" for the report to state that labor
supplies were insufficient to sustain an eight-hour program,
and insisted that the steel industry could "secure all workers
needed if it would pay sufficient wages." "I must believe,"
said Mr. Gompers, "that the 12-hour day is an institution
which the steel industry never intends to give up." Hugh
Frayne, organizer in New York of the American Federation
of Labor, said he was unwilling to believe that the abolishing
of the 12-hour day in the mills of the U. S. Steel Corporation
would add 15% to the cost of steel, as stated by Judge E. H.
Gary and the committee. Mr. Frayne said:
I base my opinion on the practice of other steel mills where an eight-hour
day prevails. I do not believe that the installing of the eight-hour day
would mean employing 60.000 additional men. I would like to have
the proofs in the form of facts on which the statement of Judge Gary
was based.
It's too bad the committee that took up the consideration of the question
of the 12-hour day did not recommend that it be anandoned. Eventually
they will decide against it.
Henry Ford and the Presidency—Oswald Garrison
Villard Sees Disaster in His Election—
W. R. Hearst Would Back Ford.
Coincident with an article in "The Nation" of May 28, in
which Oswald Garrison Villard, its editor, declares that
during the thirty years he has been observing and writing
about political conditions in the United States,"no candidate
has been suggested so absolutely unfit for the White House
as Henry Ford"; William R. Hearst has indicated that he
stands with Ford "in his great fight for recognition." Mr.
Hearst is quoted as follows in a special dispatch from New
Orleans to the New York "Times" May 28:
•
Henry Ford will have the backing of William Randolph Hearst for the
Presidency, the latter said to-day, when he declared that Mr. Ford would
be nominated for President if it was left to the people.
"If the Presidency of the United States were to be settled by popular
vote to-day," said Mr. Hearst,"Henry Ford would be President, and I am
with him because of this. He is the man that should have all the people's
support.
"But the only way that Henry Ford can ever run for the Presidency will
be to run as an independent candidate," Mr.Hearst went on. "I am a great
believer in independence, and for that reason want to stand with him in
his great fight for recognition.
"The political machinery of both the national parties, the Democratic
and Republican alike, is in the hands of the old-line reactionaries. They
control the delegates and the party.
"While they may not be able to nominate the man that they want at
their conventions, they can prevent the nomination of the man they don't
want,and that man.I have learned, is Henry Ford. This is because Henry
Ford has been clean and aboveboard and has come out and told what he
thinks of every one, and a man who has made himself by his thrift and
energy.
"I believe that the Republican Party will go down to one of the most
decisive defeats in its history in the coming Presidential election, and the socalled foreign policy of the Republican Party will be responsible for its defeat.
"I am unalterably opposed to the entry of the United States into the
League of Nations or the World Court, which is'toping but a stepping-stone
to the League of Nations, and I believe the great majority of Americans
are with me in this.
"When a fly gets one foot tangled up in the sticky flypaper, that fly is
pretty likely to end by having all its feet tangled up, and if America gets one
foot in the World Court, America will end by having all its feet tangled up in
the League of Nations.
"America has problems enough to settle at home without going out of her
way to try to settle the problems of the world. There need be no rigid policy
of 'splendid isolation' carried out to any absurd degree—which is what the
partisans of the World Court and League of Nations picture as the only
alternative to non-membership In those institutions. But there are American problems affecting Americans that are crying for solution and that will
demand the best constructive brains of America to work out."
Mr. Villard expresses the view that Mr. Ford's election
to the Presidency "might readily bring about the complete
collapse of our governmental machinery, which is steadily
sagging to the breaking point." We quote the article in full
from "The Nation" as follows:
JUNE 2 1923.]
THE CHRONICLE
24Th
"In my opinion he could realize his supreme ambition if he were to follow the reports are true, not until there was almost a mutiny on the ship as she
the example of a good shoemaker and stick to his last, that is, to the human neared Norway did he trouble to read the letters—only to find that they
and production problems in industry, and leave national;international, and were merely the most formal and polite expressions of good-will, such as
racial problems alone." Thus Dr. Samuel S. Marquis upon the political would have been forthcoming for any move for peace. One dreads to think
ambitions of Henry Ford. No one could know Mr. Ford better than the what a mind like this might do if intrusted with the handling of our foreign
man who has been for years his candid friend, his pastor and his employee. affairs.
For three y ears the head of the sociological department of the Ford Motor
To this a distinguished Republican Senator replied the other day that he
Company, Dr. Marquis has seen the inside of that amazing organization would be willing to take a chance on that because Henry Ford would suras have few others; and the results of his observation of Henry Ford the man, round himself with able men. But this was precisely the argument adthe manufacturer, and the employer he has set forth in a volume of collected vanced on behalf of Warren Harding when he was a candidate—and look
magazine studies, "Henry Ford. an Interpretation," just published by Lit- what we got. More than that, there are certain traits in Henry Ford which
tle, Brown ik Co. It is a book of especial significance at this time, but it were the worst traits developed by Woodrow Wilson during his sojourn in
is remarkable in itself for its extraordinary detachment and its refreshing the White House. He plays a lone hand. Dr. Marquis even goes so far
honesty,so rare in biographies of this type. Should Mr. Ford be nominated as to say that if Ford were President we should have a cheap administration
for the Presidency this book ought to be placed in the hands of every voter. because he would dispense with the Cabinet and a good many executives.
For on almost every page are convincing reasons why he should not be sent Just as Mr. Wilson secluded himself more and more, so Henry Ford has
to the White House.
said to an employee: "You know me too well; hereafter I am going to see
"I know of no study more absorbing than the Ford psychology," writes to it that no man comes to know me as intimately as you do." Of Mr.
Dr. Marquis. It is beyond question fascinating. No other man outside Wilson the same words have been written which Dr. Marquis uses in deof political life has so challenged the admiration and the Imagination of the scribing Henry Ford: "The isolation of Henry Ford's mind is about as near
American people, for no other man has risen as rapidly from poverty to the perfect as it is possible to make it. For this reason the confidence born in
point where he either is or'is about to be the richest man in the world. No him of success along one line never forsakes him when he enters other spheres
other personality has been so much in the public eye and is yet so little' of thought and action. Adverse criticism reaches him, of course, but it
understood—so rarely analyzed. "Tell us what manner of man is Henry does not penetrate." Elsewhere this biographer speaks of Ford's "one-way
Ford," is the demand most often flung at those who know him, or at the mind"--ominous reminiscence of a "one-track mind" in the White House.
newspaper men who are supposed to hold a key or two to this complex,
Again, both men have had a perfectly ruthless way of dealing with
paradoxical personality—Dr. Marquis calls him a "puzzling mixture of subordinates who have offended them. Dr. Marquis deplores and cannot
opposing natures." "There rages in him," this Boswell says. "an endless defend the fact that Ford has quarreled with and discharged all the,magconflict between ideals, emotions, and impulses as unlike as day and night nificent group of men who with him built his success. Every one of these
conflict that at times makes one feel that two personalities are striving men has been forced out of the company. Sometimes the quarrel was open
within him for mastery, with neither able to win a final decision over the and resulted in litigation; sometimes they were just dropped out. Someother." What wonder that Ford "stuff" is the best kind of material for times the subordinates have been thrown out under circumstances that
the padded pages of our Sunday newspapers? It is not only the puzzle reflect the utmost discredit upon Ford himself and reveal a side to his
of the man himself and his phenomenal rise; ever since the New York character that stamps him as at moments dangerously uncontrolled. Dr.
newspapers read the Ford Company's balance sheet for 1922. with its amaz- Marquis observes that in many cases in which gross injustice was done to
ing entry of "cash in bank $151,000,000," they have been calling him the employees, Henry Ford, when cognizant of the facts, refused to lift a finger
richest man on earth. That is enough to sell many a newspaper story, to right the wrong. One instance is worth going into at length—the sumbut even that is not all; his Presidential ambitions alone would entitle the mary discharge of a man whose task in the company "was a colossal one and
most advertised man in the world to endless additional free advertising.
greatly complicated by conditions which arose during the war." Dr.
For those are serious ambitions and they are not to be disregarded be- Marquis told Henry Ford that his treatment of this man was neither just
cause Mrs. Ford has stated to a reporter that "if Henry goes to the White nor humane, that it robbed him not only of his job, but of his reputation.
House he goes without me." Dr. Marquis feels the menace of that can- Mr. Ford professing a desire to reinstate the official, Dr. Marquis went at
didacy throughout his study of the man, precisely as he reveals his belief his request to a certain executive to discuss the case with him. What folin the unfitness of Henry Ford for the Presidency. Every detached observer lowed we give in Dr. Marquis's own words:
who has studied the career of Henry Ford and knows the requirements of
"I told this executive that I thought he had acted most unfairly M the
the greatest of offices at this juncture in the affairs of humanity must shud- discharge of this man. 'How do you know!did it?'he shot back. 'May be
der at the thought of this man being in control of our national destinies. you are barking up the wrong tree. How do you know the Chief did not
do it?' I
that I did not believe the Chief would be capable of
This is not because he is an uneducated man and has to sit with a dictionary doing such answered
a thing. While we were in the midst of a heated discussion Mr.
on his lap when he tries to read Emerson. There are unschooled men who Ford came into the office. He listened to what we were saying for a few
have natural aptitudes and good horse sense whom one would'trust in any minutes and then turning to me said,'I did it. I discharged that man and
what is more he is not coming back.' This witnin an hour after he had said
position. They have the inborn wisdom and patience of Lincoln; they for the second
time that he would be
back. 'What have you got to
have achieved an understanding of human nature; they have that divine say now?' said the official. 'I told taken
you that you were barking up the
sympathy which is the key to so many a human problem; and above all wrong tree.' I have to say,' I replied, 'just waat I have said before.
they are rooted in fixed principles. When such a man, be his name Jack- The discharge was not merited, and the manner in wnich it was done was
neither courteous nor fair.' Mr. Ford then said, 'Bring the man down to
son or Johnson or Lincoln, reaches high office we have the triumph of my office in the morning
and we will go over the whole matter with him.'
democracy; we have something to make every American a bit prouder, I did as requested. Mr. Ford failed to keep the appointment. That was
the end of tme case."
a bit taller, a bit straighter.
But Henry Ford is not one of these, despite his amazing successes. The
It is not surprising that Dr. Marquis adds: "It is sufficiently painful and
milk of human kindness is not within him though he may be charitable and humiliating to be brought face to face with unemployment and all that folphilanthropic. He is without the traits to offset the blanks in his scanty lows—loss of income and of savings, accumulation of debts, eviction and
education. He is without a quality for which I can find no better word hunger—without being kicked like a dog into it." Elsewhere he squarely
than the old-fashioned Yankee "gumption," which has helped so many places upon Mr. Ford's own shoulders the responsibility for this policy of
• a man over obstacles otherwise insuperable. He is without that patience "treat 'em rough" which seems to pervade the organization. More than
which is wisdom and beyond price. He has no philosophy of the universe eighty men in one department went home one evening without any intimaupon which to build. "He has." records Dr. Marquis."the not uncommon tion whatever that they were dismissed. "They came to work the next
conviction among mortals that he has a real message for the world, a real morning to find their desks and chairs taken from the room in which they
service to render mankind." He would like, so Mr. Ford himself has said. worked. They were left to find out as best they could that they had been
"to make the world a little better for having lived in it." Yet with that fired. The request to be permitted to tell men in a decent, gentlemanly
latIdable ambition he has not learned to control and subordinate his self, manner that the company no longer required their services met with reor to think things through, or to order his mind. Dr. Marquis is quite fusal." More than that, some employees came to work to find their desks
clear on the latter point: "He(Fordj has in him the makings of a great man, smashed with an ax—a kind of sadistic vengeance which in no wise suggests
the parts lying about in more or less disorder. If only Henry Ford were the self-control and sense of justice which surely are requisite in any one
properly assembled. If only ho would do in himself that which he has done who would guide the destinies of 115,000,000 of Americans. What if Henry
in his factory." There lies the reason for his intellectual failure and the Ford were President; if he became angry with some country whose methods
eminent danger of putting him in any position in which his mental processes he could perhaps not comprehend, would he not use our army and navy
would be compelled to make far-reaching decisions outside the realm of precisely as he turned to the ax to destroy his own property in the spirit
automobiles and factories and Multiple production. It is the reason why of an angry child or of a defective? More than that, he is the victim of
in my judgment it would be possible to stop at any one of the great factories great gusts of passion as "sudden and terrible as those which break over the
that line the New Haven Railroad between New York and New Haven tropics." What havoc would not such storms create in the Executive Manand pick out in each one some foreman earning $50 a week with no
better sion?
education than Henry Ford Who would be a far safer choice for the White
To my mind labor has gone strangely wrong in its attitude toward Henry
House than the richest man in the world.
Ford. True he gives a $6 a day minimum wage, but. as Dr. Marquis says,
Inevitably my mind goes back to the day when Henry Ford announced there was no excuse for a company in such a position not giving the original
his peace ship, not merely because I was with him and was the second man $5 a day. It is also true that he has a fine social philosophy as to the "down
to be asked to go on the Oscar II and the first to decline (on the spot), and out" and the ex-convict, that his theory of well-paid work as the salbut because that episode illustrates so clearly the weakness of the man's vation for most human shipwrecks is eminently sound. But these things
mental processes. I am quite of Dr. Marquis's opinion that the motive do not offset the absolute despotism of the Ford management, its bitter
behind tha.t venture "was a laudable one." Rightly handled it could have opposition to all unionism, its refusal to introduce co-operation, and its
been made an amazing publicity "stunt" on behalf of that peace which all working human beings at a terrific speed at such monotonous jobs as must
humanity desired, no one more so than the men in the trenches, which the Inevitably affect the mental and physical health of those who labor for hours
Governments of Europe were too rotten, too crooked, or too incompetent at one single, never-varying task. No, the American laboring men may
to make then or to make now. It was I who suggested that the slogan Mr. be spellbound by the success of this mechanic who toiled with his hands, but
Ford hit upon for his venture, "We'll get the boys home by Christmas," they will err,indeed. if by their votes they place him in the position of ruling
be toned down or abandoned. "Why?" demanded Mr. Ford with instant over the country's destinies.
Now, it would not be just, of course, to judge Mr. Ford solely upon the
suspicion. I pointed out that as the ship would not sail until Dec. 4, and
could not arrive in Holland before Dec. 15, the time left before Christmas acts set forth above. Beyond question he is a genius in his own field, and
was too short even to communicate with the belligerents and get their re- his desire to create more work in the world for human beings is altogether
plies before Dec. 25, to say nothing of the impossibility of physically getting to his credit. The fact that his companies continue to do well after the
the millions back to their home in ten days after his arrival. My efforts loss of all his earlier associates and executives shows that Mr. Ford is masproduced no Other change than the modification of the slogan to "We n. ter of his business. His ability to get on without going to the banks for
get the boys out of the trenches by Christmas," and that only when I aid when he was apparently in distress several years ago is another achievesuggested that a Christmas armistice might bring the men out on top of ment which reflects lustre upon his industrial generalship. He is the
only man I know who can do things that would ruin any other capitalist
their trenches.
. It was the mind of a suspicious child with which we had to deal; a mind and still "get away with it." There seems to be no limit to his power of
without the necessary background of history and human experience to think Industrial achievement; the whole South yearns to have him take over the
its way through the first essentials of such a vast human problem. The Muscle Shoals project, believing that with one wave of his fairy wand he
Instinct was sound; the necessary gumption lacking. So he and his guests will create new and unexampled prosperity for that section. For all the
went to sea in the Oscar II without his having even had the business sense efforts of the older railway men to break the effect of Ford's success in runto see for himself if those who had gotten him into the venture had any real ning his railroad, by attributing it entirely to the freight traffic which he is
assurances that their argosy would be welcomed by the neutral nations, to able to throw to it himself, there is no doubt that, coming to railroading
say nothing of the belligerents. One of the first questions the newspaper- with a fresh mind and freedom from red tape and dry-as-dust methods
men asked him when he announced that he had "got the ship, boys," was of the older railway corporations, he has blazed the way and gotten new life
what encouragement he had received from foreign Governments to under- and efficiency into what was a dead, or nearly dead, artery of traffic. His
take the venture. He assured them that there were invitations, but, if capture of the water power in St. Paul and Minneapolis, which ougs t to
2476
THE CHRONICLE
[Vol.. 116.
have been reserved for the public, is another instance of the ability of the and revived, but none equals it in continuous publication. The "Globe
man to affect the imaginations of his fellow-men. In anybody else this and Commercial Advertiser" has undergone mergers and changes of name,
would have been denounced as a grab and a steal deserving of the utmost but its career as an institution is uninterrupted for more than 129 years.
public condemnation.
Its first editor was Noah Webster, author and founder of another instituMr. Ford is beyond question philanthropic—he does give money away. tion that survives to this day, "Webster's Dictionary." Noah Webster
There is a hospital upon which he has lavished millions, and he has doubt- and George Dunce, partners in the newspaper enterprise, signed their
less done many private acts of generosity, though it seems to me he has by agreement on Sept. 2 1793, in Hartford, Conn., one of the chief cradles of
no means mastered either the art or the happiness of giving on a large scale. American journalism.
And here, too, his record is sullied. I am familiar with a case in which he
Noah [Vebster's Agreement.
publicly announced that he was going to give $10,000 to a certain cause,
The lexicographer under this agreement was to have a two-thirds interest
and then welshed because he did not like an interview given to the press by in the paper by furnishing not less
than $1,600 by Nov. 1. Dunce was
a single member of the group of men connected with the undertaking. to have one-third interest on payment
of $550 by Nov. 1 and $250 within
For this trivial reason he refused to reimburse the organization for expenses six months. This agreement, one
of the earliest relics of the capitalist
incurred after his public promise. There is a Western college which makes a press,
is in the manuscript division of the New York Public Library.
similar charge against him—again proof of his inability to control his feelWith a backing of $2,150 in cash and $250 in prospect, the publication,
ings. In no such case is there evidence that Mr. Ford ever has moments first called the "American
Minerva," was issued from "37 Wall Street,
of contrition and repentance. He, too, apparently feels that he can do no almost directly opposite the Tontine Coffee
House." The full title was
wrong; he, too, looks with suspicion and positive hatred upon anyone who "The American Minerva, Patroness of Peace,
Commerce and the Liberal
dares to oppose him or to thwart him.
Nor has Mr. Ford ever expressed any regret at his own lack of educational
"This paper will be published," announced Noah Webster In the initial
opportunities. He has all the readiness, as the peace-ship venture showed, issue,"everyday,Sundays excepted, at 4 o'clock in the
afternoon, or earlier
of the successful business man to consider himself fitted to deal with all If the arrival of the malls will permit, and delivered
to subscribers in the
sorts of questions withoat adequate preparation therefor. Imagine such • city at six dollars a year. This paper will contain the writer intelligence,
a man passing upon a question like that of the Chester concession. The collected from the most authentic sources, and will be open to advertisegeographical ignorance of Lloyd George and Wilson at Paris has been the ments and all valuable essays."
subject of many a jest and many an anecdote—Lloyd George could not at
After describing a special issue to be forthcoming every Wednesday,
first distinguish between Silesia and CI.licia—but those men are towers of recapitulating the news for the benefit of country subscribers, Webster conknowledge when compared with the master of the automobile industry. tinued:
Ignorance of geography can, of course, be supplied, when those ignorant are
"The editor will endeavor to preserve this paper chaste and impartial.
willing to surround themselves by others having knowledge, and then to Confidence, when secrecy is necessary or proper, will never be violated.
use that knowledge. But when it comes to the profound, deep-lying Personalities, if possible, will be avoided; and should it ever be deemed
economic issues of the day, one cannot so safely or so easily suck the brains proper to insert any remarks of a personal nature it will be held an indisof others without at least running the ri.k of bang deceived and impesed pensable condition that the name of the writer be previously left with the
upon. Take Henry Ford's crusade against the Jews. I attribute it to editor.
nothing else than utter ignorance. He fell for the long-since exploded and
"This paper will be the friend of Government, of freedom, of virtue and
overworked Protocols and every old slander—I have no doubt that if he every species of Improvement. In justice to their own views, the publishmurders
it
is only because he has not been ers cannot say less; and they presume more will not be necessary to ensure
does not believe in rituailstic
plausibly told about them. So in the matter of finance, Henry Ford is the patronage of an enlightened
and liberal public."
utterly unsound. He would be guided by the fiat-money views of his
- friend Thomas Edison rather than by the opinion of the most liberal and
Washington's Address Printed.
detached students of finance and economics. But even there one cannot
The last of the four pages of the first issue carried in full the address of
be certain. Dr. Marquis recurs several times to the "periodical convul- President George Washington delivered to Congress, six days before, an
sions- in the Ford company. Then, he says, "old policies are swept away. address in which our relations with Europe figured about as prominently
- New policies are set up. Departments are turned inside out and upside as they have in similar recent addresses.
eavoldill
down, or altogether done away with."
"I cannot recommend to your notice," said the President in this PhilaYet there is no doubt that the movement for Henry Ford is very strong, delphia dispatch, "measures for the fulfillment of our duties to the rest of
and in the face of Dr. Marquis's testimony to his former employer's tre- the world without pressing upon you the necessity of placing ourselves in
mendous political ambition, it is impossible to take seriously the interviews a condition of complete defense and exacting from them the fulfillment of
Which are beginning to appear setting forth that Ford is really not a
candi- their duties toward us."
date. Let anyone who is interested talk with the Ford agents; let
One of the four advertisements in the first issue was an anti-slavery
him
examine what is being done in certain States to nominate him in the Presi- Pamphlet.
dential primary; let him investigate the reports of the opening of Ford
Politics was the parent of most early American newspapers. Webster
headquarters in various cities, and then let him read the announcement
that was considered the New York spokesman of Alexander Hamilton. The
if the public wants Henry Ford for President it will have to draft
him. paper did well, but Webster. under the agreement, was heavily oppressed
One can then draw one's own conclusions. Wherever he travels,
East, by his duties, which were to "furnish matter for printing, compile a newsWest, North or South, the observer will find the appeal of Ford to the paper, assist in correcting the proofs and occasionally assist in keeping the
imagination. The plain people are convinced that he is just one of them books of the said company." Grievous errors by the printers naturally
who has broken the bank. who played the luckiest card over played by wounded the rectifier of American spelling and the first authority ontthe
any mortal and carried off the largest sweepstakes from the green-baize use of words.
table of fate. They believe that somehow or other, in some miraculous
"I have endured more drudgery," he wrote to a friend at Hartford,"and
way, he will make over the Government of the United States into that ef- suffered more anxiety on acct. of the bad execution of the paper:than perficient, up-to-date, smooth-working organization it ought to be, and if ho haps ever fell to the lot of man in the same time."
makes it over on the lines of his numerous properties nobody will object.
Webster bought out Bunco in 1796 and changed the name of the paper
They like him became, being rich, he still hates Wall Street and refuses to to "The Minerva and Mercantile Evening Advertiser." In 1797 the name
be drawn into it; that being enormously wealthy he refuses to go in for social was changed to "The Commercial Advertiser." In 1803 Webster sold out
ambitions and build himself a palace at Newport. They like him because to Zechariah Lewis. who conducted the paper for twenty years. The latter
his own private life is so exemplary, because he still holds to the wife of his made a noteworthy fight against declaring war in 1812 and 'discussed the
youth, and adores his most promising and able son. They don't mind
if declaration of war under the headline "Great Calamity. Our Rulers Have
he makes Fords and drives a Roils-Boyce,and that he lives in a big and par- Betrayed Their 'Trust."
ticularly ugly house. They are tired, supremely tired, of politicians of the
For long periods the 'Globe' under its earlier names held a commanding
Harding type and others of the college-president type. They want a suc- position in the evening newspaper field. It stood fourth in circulation incessful man of themselves to try his hand at the Governmental game and 1815. The circulation figures of the New York papers of that period, acbring them some relief. The farmers are crying outfor him. Ho gave them cording to Dr. James Melville Lee, historian of American journalism, were:
the tractor; they would like to see him try to solve their other problems.
"The Mercantile Advertiser," 2,000; '"Fhe Gazette," 1750: "The Evening
So that is why the best-informed political observers say that if Ford is Post," 1,600; "The Commercial Advertiser," 1,200; "Tho Courier." 920
nominated on the Democratic ticket he will sweep the country. That is "The Columbian," 870; "The National Advocate," —.
Why many of them think that even without the indorsement of either of the
From "The Herald" of yesterday (June 1) we take the
major parties he can run on a third ticket and be elected. If either contingency should come to pass, the result would be disastrous to Henry Ford following regarding the proposed combination of "The Sun"
and to the country; it might readily bring about the complete collapse of and "The Globe":
our Governmental machinery, which is steadily sagging to the breakingThe "Globe and Commercial Advertiser," the oldest daily newspaper in
point. It would be the triumph of the unfit; it would probably be the final
which was recently purchased by Mr. Munsey, will be conattempt in American political life to fill the Presidency on the theory that New York,
any American, no matter what his education, his experience, his talent, or solidated with "The Sun" next Monday. For the present the consolidated
will
be known as"The Sun and The Globe." This name will be
newspaper
his knowledge, is equal.to the job of solving the multitude of complex problems that sometimes make it questionable whether any man can be found modified when the amalgamation has been fully established with the public.
In his statement addres.sed to the readers of "Tho Sun" which appears
with all the qualities essential to a successful President of the United States.
I have been observing political conditions in the United States and writ- to-day in that newspaper Mr. Munsey says concerning the amalgamation:
The public press has recently told you of my purchase of the "Globe."
ing about them for the press for thirty years. It is my deliberate belief
that during that time no candidate has been suggested so absolutely unfit My object in buying this newspaper was to combine it with "Tho Sun." I
for the White House as Henry Ford. Almost anything conceivable might had no thought of continuing its publication as an independent entity,
though as newspapers go it is one of the great newspapers of New York,
happen to the Republic should he be elected.
with a circulation at the present time of close to 200,000.
Moreover, it is showing very good earnings, but in combination with
Purchase of "Globe and Commercial Advertiser" by "The Sun" it will show better earnings, quite as "Tho Sun" in combination
with the "Globe" will show increased earnings over its present income.
Frank A. Munsey.
The reason for this consolidation is found in the fact that with the two
Frank A. Munsey has added to his newspaper holdings papers
in combination we can make a bigger and better newspaper than
through the purchase of the "Globe and Commercial Adver- either has been.
Newspaper-making has come to call for so large a daily outlay in news
tiser" of this city. Announcement of the purchase was made
gathering, in salaries, in print paper, in the mechanical departments and in
by Mr. Munsey on May 26, and he has since made known his the delivery of papers, to say nothing of the investment in the newspaper
Intention to combine "The Sun" and "The Globe" next Mon- property, and the investment in the printing plant, that small units are
day, June 4. Mr. Munsey is the owner of "The Sun," "The uneconomic.
The same law of economics applies in the newspaper business that operates
Herald" and "The Evening Telegram" of this city. Regard- In all important business to-day. Small units in any line are no longer
factors in industry, in transportation, in commerce, in mercompetitive
ing the purchase of "The Globe and Commercial Advertiser,"
chandising and in banking.
May
27
said:
of
"Herald"
the
Newspapers that disregard this economic law are inviting disaster and are
Announcement was made yesterday that Frank A. Munsey had bought refixing a charge on the public for newspapers that could and wouldibe
Commercial
Advertiser."
The
details
of the purchase were reduced if we had fewer newspapers.
the "Globe and
not made public.
"The Sun" is one of the great evening newspapers of the country. In
The "Globe and Commercial Advertiser" Is the oldest daily newspaper respect of quality, in respect of circulation, in respect of importance and allin the United States, being in its 130th year. It has an unbroken record of round merit it has no equal in the evening field in New York, and save for
publication ednce Doc. 9 1793. Other papers started earlier, suspended the Chicago "Daily News" alone has no equal in all America.
JUNE 21923.]
TIIE CIITIONICLE
"The Sun" has achieved this great place in American journalism without
membership in the Associated Press, a very serious handicap. But in
combination with the "Globe"- It will have the Associated Press, as the
"Globe" is an Associated Press paper. This press service will be an enornous acquisition to "The Sun" and will make it structurally strong and
complete.
The combination between "The Sun" and the "Globe" will be in effect
next Monday, June 4. The name of the consolidated paper for the present
will be "The Sun and The Globe," but when the merger has become an
established fact with the public the name will be so modified as to better
suit an evening newspaper.
Bids Opened for United States Shipping Board Fleet—
Billion Offered But Not Bona Fide.
Twenty bids were received by the United States Shipping
Board and opened on May 28 for the Government's eighteen
consolidated trade routes, with an aggregate of about 375
vessels, to be "complete and of a definite nature." About
ten proposals were received, which may lead to firm bids
from ship owners and operators for the services. Albert M.
Lasker, Chairman of the Board, announced. One bid of a
billion dollars—a figure far in excess cf the actual worth of
the vessels—was received, but it was not bona fide. "The
Board received about twenty communications, some containing definite bids and other nebulous offers of negotiation," said Chairman Lasker. -Of the twenty communications, four or five appear to offer possibilities, four more
are in the twilight zone, and the remainder could not be
seriously considered by any body of men under any
circumstances."
Chairman Lasker made public the text of a letter received
by the Shipping Board from John W.Slack, President of the
Columbia Postal Supply Co. of Silver Creek, N. Y., offering
$1,051,000,000 for all the ships and property of the United
States Shipping Board. The bid will be investigated and
if it proves bona fide may be accepted by the Board. Chairman Lasker, however, pointed out that this is not the first
time the Government has been offered $1,000,000,000 for
Shipping Board vessels and that this particular offer was
more than three times the inventoried value of the Government merchant fleet based on present world market •prices
for ship tonnage. Chairman Lasker stated that the Board
knows nothing of the financial support that the maker of
this offer can command and that the bidder had not yet
disclosed his connections or the syndicate, he may represent.
Chairman Lasker to-day issued the following statement:
The only bid received for $1,000,000,000, as stated by a press association
late last night, was as per attached copy.
The bidder has not disclosed anything as to his connections or worth
save what is included in the letter. The Board constantly receives offers
similar to this, but because of their nature when investigated, nothing has
come of them.
Not one cent accompanied the offer. The $1,000,000 guaranteed to be
paid down represents one-tenth of 1% down payment, and it is asked that
we hold all our property intact and do nothing until next October, when
$60,000,000. or 5%, of the purchase price will be paid.
While, of course, the Board would like to sell its fleet for $1,000,000,000.
t should be said in passing that $1.000,000,000 is several times the highest
nventory value of the fleet the Government owns, based on present world
market prices, since this inventoried value does not exceed $300,000.000.
Of course it would be delightful, if on investigation the bid proves to be
bona fide. If so, there can be no doubt the Board will make the award
to the bidder.
Progress in Carrying Out Program of Railroads to Meet
Expected Record Volume of Freight Traffic.
A statement to the effect that definite progress has already been made by the railroads in carrying out the program to provide adequate transportation service in 1923 to
meet the anticipated increase in freight traffic, unanimeusly
adopted at a meeting of the carriers in New 'York in April
and that there is every reason to believe that it will be met
without difficulty, was made.by R. 11..Aisliton, President of
the American Railway Association, before the Inter-State
Commerce Commission on Monday of this week;May 28. Mr.
Aishton appeared as the first witness for the carriers in connection with the investigation started by the Commission
relative to the adequacy of locomotives and cars owned by
the railroads. Despite the fact that more cars are now being
loaded with revenue freight for this time of year than ever
before in history, the car shortage has been steadily reduced
until now it has practically disappeared, Mr. Aishton said.
From January 1 this year until May 12, inclusive, he added,
17,029,946 cars have been loaded with revenue freight, compared with 14,278,847 during the corresponding period last
year, and 13,311,555 during the same period in 1921. Freight
loading for the week of May 12, it was explained, was within
approximately 4% of the biggest loading for any one week in
history. Mr. Aishton said:
While the railroads have been accomplishing this heavy loading, they
have at the same time been bringing about a substantial relocation of closed
2477
equipment to the West and Northwest in anticipation of the crop movement
this fall, and a substantial relocation of open top equipment from the
West to the East, correcting the dislocation due to bad weather conditions
during the -winter and to the movement of coal by abnormal routes, as a
result of the coal strike. They have also increased the number of stored
serviceable locomotives from 576 on Jan. 1 to 1,326 on May 1.
One difficulty confronting the railroads at this moment and not peculiar
to the transportation industry, but common to all industries, is a shortage
of labor. Accompanying this and reflecting the shortage of labor reported
generally in other industry, there is a slowing up in deliveries of material
necessary for the maintenance and operation of the railroads. Notwithstanding this and other handicaps the railroads have confidence that the
"Program to Provide Adequate Transportation Service in 1923" will be
met and that other conditions being normal the interruptions and annoyances in the movement of traffic brought about by abnormal conditions
prevailing la the past twelve months will be in a large measure Overcome.
Failing to reach perfection has not necessarily been due to lack of efficiency on the part of the railroads or to lack of authority in the car service
organization. T-.vo outstanding situations occurred. The first was in
1920. when the Inter-State Commerce Commission was requested to
exercise its authority under the Transportation Act at the time of the'
strike of the outlaw switchmen, which materially and adversely affected
transportation for several months. The second was in 1922 when a somewhat similar condition occurred due to the; longest and most aeute stoppage
of coal production ever experienced in this country, caused by the miners'
strike, coupled with a nation-wide strike of railway shopmen, the first
nation-wide transportation strike ever occurring and which adversely
affected the condition of locomotives and cars and reduced the number
available for the conduct of transportation, and by its effect on ability to
produce railroad transportation made it impossible either for rules to
operate properly or for orders of any character to create power to perform
service. To put it another way, these major car shortages that have
occurred were prekded and caused by major labor disturbances which
made it difficult, if not impossible, to'prove all transportation demanded,
and this was responsible for the resulting condition, rather than any deficiencies in the rules or methods for car handling. It should not be forgotten, however, that notwithstanding these great difficulties an enormous
volume of traffic V1 as handled by the railroads during these periods. •
Mr. Aishton explained the provisions of the railroad program as agreed on in New York, and which calls for not only
a speeding up in the loading and unloading, as well as the
movement of freight ears. nut also that the number of locomotives in need of heavy repairs be reduced to 15% of the
number owned by October 1 next, and that the number of
freight cars in need of repairs be reduced to 5% of the total
equipment of the country within the same period. The program. Mr. Aisliton said, also calls upon the carriers to complete by September 1 the storage of coal needed for railroad
operation, and that every effort be made to induce consumers, wholesalers and retailers to lay in as much as possible of their .coal supply during the summer months. Mr.
Aishton testified that on May 1 this year the number of locomotives in need of' heavy repairs' had been reduced to
19.4%, while at the same time the number of freight cars
awaiting repairs had been reduced to 9.2%. Reports also
showed that up to May 14 last, 2,505.738 tons of -coal had
been dumped at Lake Erie ports for shipment by water, up
the Lakes, compared with 1,397,368 tons last year;.2,692,669
in 1921 and 864,523 tons in 1920. In anticipation of heavy
traffic this, year, Mr. Aishton testified that the railroads
from Jan. 1 1922 to May 1 1923 purchased 252,257 new freight
cars, of which number 136,501 have already been delivered,
while on May 1 a total of 115,756 were on order. From Mar.
15 1923 to May 1, reports show, according to Mr. Aishton,
that 28,613 cars have been ordered. During the 16 months'
period from Jan. 1 1922 to May 1 1923 the railroads purchased 4,463 new locomotives, of which 2,607 have already
been installed, while 1,956 were on order on May 1.
Tabulation of reports filed by the carriers show that in
1922 and 1923 the railroads have either actually expended or
authorized expenditures amounting to $1,540,214,419 for new
freight cars, locomotives, trackage and other facilities, according to Dr. J. H. Parmelee, Director of the Bureau of
Railway Economics, who followed Mr. Aishton; Of that
amount $923,020,201 or 60% was for equipment, while the
remaining $617,194,218 or 40%. applied to tracks and other
facilities. In 1922 alone, $431,542,115 were -expended for
new cars and locomotives, trackage and other facilities, of
which amount, the witness said, $246,502,929 or about 57%
represented additional equipment or improvements to equipment. In that year, approximately 72% of the $246,502,929
were expended for freight train cars alone. The total for all
purposes in 1923, Dr. Parthelee said, is approximately $1,108,672,304, of which amount 61% or $432,000,000 represented
improvements to road. Of the total authorization for equipment, he said, $415,000,000 or 61% was for freight train cars.
M. J. Gorniley, Chairman of the Car Service Division of
the American Railway Association, testified as to the organization and duties of that division and as to the advisory
committees of shippers that have been organized in various
Industrial districts to co-operate with the railroads. Testifying as to steps now being taken by the Car Service Division to prepare for the heavy crop movement that always
comes in the fall, Mr. Gormley. said:
2478
The Car Service Division now has in effect orders for movement of cars
from Eastern to Western lines. While no shortage exists at the present
time in the Western territory, this action was taken inasmuch as it was
believed necessary to anticipate the agricultural requirements in the Western
territory and relocate sufficient equipment to meet such requirements.
This order became effective April 16 and in the following 31 days there were
19,218 cars of Western ownership delivered by the Eastern to the Western
lines through the Chicago gateway alone. This movement is strictly
in line with car ownership.
It is believed that with the improved conditions in the New England
territory and the improvement in transportation generally that this program
will satisfactorily meet the situation in the West and without the necessity
for what is commonly known as "fleet" movements of equipment.
While on April 7 (page 1490) we gave in large part the details of the intensive working program agreed upon by the
American Railway Association and the Association of
Railway Executives on April 5 to enable the railroads to meet the growing transportation needs of the country, some additional features of the joint statement issued
in behalf of the respective associations, embodying the report
of the Car Service Division of the American Railway Association, were omitted by us at that time on account of pressure of other matters, and we hence refer further to the program at this time. The eight recommendations adopted by
the railroads "as a definite policy and working program" in
approving the report of the Car Service Division, were given
by us, in addition to which the recommendations embodied
the following:
In the event of a car shortage, reports to the Car Service Division should
be carefully reviewed by each railroad organization so that the report will
more nearly indicate the actual car shortage measured by the ability to
load daily rather than a cumulative shortage which does not reflect the daily
existing condition.
The railroads have already established and have in active and effective
operation a comprehensive organization in the Car Service Division for
the central control and distribution of freight cars which, during recent
periods of car shortage, has under difficult conditions secured to the public
the best possible use of available freight equipment. The Car Service
Division as a central agency, and through their district managers, together
with the district shippers' committees, which have been and are being
organized, will keep informed of traffic requirements with a view to the
equitable and timely distribution and handling of equipment.
The railroads pledge themselves to renewed and effective compliance
and co-operation with the directions of the Car Service Division, asserting
the belief that, with the new equipment on order and the program for rapid
conditioning of equipment requiring repairs, the freight equipment cf the
railroads will be handled and used in moving the commerce of the country
to the best possible advantage.
The co-operation of the public with the railroads and their officers and
employees generally is invited in order that by a better understanding and
united effort transportation may be facilitated and the needs of the country
more promptly and adequately provided for.
Resolved, Second, That individual roads give to the general public and
to the patrons of their respective lines information as to their program, and
also keep them currently advised of the progress made hereunder, including,
so far as the individual line is concerned, information as to the progress
made in its locomotive and car repairs and other improvements in transportation facilities.
We also take occasion to give here in full the report and
recommendations of the Car Service Division, presenting
figures of car loading, new equipment, repairs of equipment, &c.
March 25 1923.
Mr. R. H. Aisliton, President American Railway Association.
REPORT AND RECOMMENDATION OF THE CAR SERVICE
DIVISION.
Dear Sir -The Car Service Division has made a review of the conditions
It has faced and those which have confronted the railroads in the handling
of equipment during the past year and in the light of that review and their
previous experience wish to make the following report, together with certain recommendations:
1. Car Loading.-The loading during the year 1922 compared with the
years 1920 and 1921 is as follows:
1920.
1921.
1922.
1923.
Grain and grain products__ 1,843,018 2,292,779 2.467,358
Live stock
1,553,424 1.496,928 1,637,923
Coal
10,082,450 7,975,341 7,448,341
Coke
647•,704
318,289
490,864
Forest products
3,057,730 2,486,581 2,939,046
Ore
2,410,229
906,842 1,586,396
Merchandise-L.C.L
9,012.511 11,010,090 11,877,812
Miscellaneous
16,511,406 12,836,308 15,265,779
Total
•
45.118,472 39,323,158 43.713,519
Total Jan. 1 to March 17_ _ -- 8,869.209 7,666,196 8,242,088 9,474,662
This indicates, with the exception of coal, coke, ore, forest products and
miscellaneous, that the railroads handled a heavier business during 1922
than was handled in any previous year, in spite of the handicaps caused
by the strikes of the miners and the shop crafts. The increase is particularly noticeable in grain and grain products. The loading in the last
quarter of 1922 and in 1923 to date shows very marked increases over any
previous year.
Cars Revenue Freight Loaded 37 Weeks from July 1 1922 to March 17 1923.
1922.
1921.
1920.
1919.
1918.
37 weeks
32,939,789 28,879,325 31,312,945 31,668,856 30.819.593
Supply.
-There
was
reported
during
the
2. Car
first eight months of
1922 an average daily surplus of equipment of 270,750 cars. The severe
reported shortage began at 58.670 on Sept. 1 and reached a peak point of
179,239 cars on Oct. 31, since which time it has receded to 74,442 cars
on March 15 1923.
The demand for all classes of equipment continues without any indications of lessening at this date. There still remains considerable grain to
move from the country elevators and farms. and a very heavy fertilizer
movement is underway, particularly in the Southern territory.
Forest Products loading continues heavy with prospects good for sustained heavy movement.
[VOL. 116.
THE CHRONICLE
3. Prospective Business, 1923.-The loading since Jan. 1 1923 is running
well ahead of any of the three previous years. From the best information
obtainable by the Car Service DivIrilon from railroad and other sources.
there is every indication that there will be continued heavy business throughout the year. The chart attached !pamphlet report] shows loading for a
five-year period and the estimated loading during the year 1923. based
upon the assumption that business will continue to increase at the same
rate as shown by the first seven weeks of 1923 over the corresponding
period of the weekly average for the past four years.
NEW EQUIPMENT.
Freight Cars Put in Service Year 1922.
Box. Rens. Coal. Stock. Flat. Others. Total.
27,613 6,519 37,604 2,539 2,074 872 77.221
Railroad
Railroad-owned private
- 9,129
refr. companies_ __ Total
27,613 15.648 37,604 2,539 2,074
872 86,350
New Freight Cars Put in Service Jan. 1 to March 15 1923.
13,424 1,941 12,159 1,103
500 279 29,406
Railroad
Railroad-owned private
1,524
companies
- - -refr.
500
13,424 3,465 12,159 lill03
New Freight Cars on Order March 15 1923.
50,281 3,821 36,498 2,169 1,648
Railroad
Railroad-owned private
_
10.957
refr. companies
Total
Total
279 30530
962 95,379
10,957
50,281 14,778 36,498 2,169 1.648 962 106,336
Total Put in Service and on Order 1023.
63.705 18.243 48.657 3.272 2.148 1.241 137.266
NEW LOCOMOTIVES.
Locomotives put in service year 1922
Locomotives put in service Jan. 1 to March 15 1923
Locomotives on order March 15 1923
Locomotives put in service and on order 1923
1,379
727
2,113
9,840
RECOMMENDATIONS.
1. Repairs of Equipment.-The following indicates the percentage of
freight equipment awaiting repairs as of dates shOwn:
-All Freight Cars Awaiting RepairsTotal.
Heavy.
Light.
11.3%
2.4%
13.7%
Jan. 1 1922
11.6%
2.7%
14.3%
1
1922
July
7.2%
9.5%
2.3%
Jan. 1 1923
6.9%
2.3%
9.2%
Feb. 1 1923
2.6%
9.5%
6.9%
Mar. 1 1923
• 2.4%
9.3%
6.9%
Mar. 15 1923
serviceable
freight
cars
would
have
been
added
to
the
Note.-98,422
available supply if percentage of cars awaiting repairs was reduced to 5%
Instead of 9.3% as on March 15 1923.
We recommend there be a continuous campaign for the reduction of the
cars awaiting repairs, so that there will be on Oct. 1 1923 not in excess of
an average or 5% of the equipment of the entire country awaiting repairs.
This repair program should be prosecuted with a view to conditioning for
grain and grain products movement the largest possible number of box cars.
Awaiting Retirement.-As the present report of cars awaiting repairs includes some cars that will not be repaired, but are hold awaiting opportune
time for retirement, we recommend they be eliminated entirely from the
report and deducted from the ownership, or shown as a separate item, so
that the figures indicating the cars awaiting repairs will reflect the correct
situation in that respect.
Refrigerator Cars.-There is a continuously increasing demand for refriguator equipment over the entire country, and we recommend that
extraordinary measures be taken to reduce refrigerator car equipment
awaiting repairs to the lowest possible limit.
2. Locomotive Repairs.-The following shows the condition of power on
the dates indicated:
Awaiting Repairs
Heavy.
Light.
Total.
18.7%
5.1%
23.8%
Jan. 1 1922
4.8%
22.4%
17.6%
July 1 1922
21.1%
3.0%
24.1%
Jan. 1 1923
21.0%
2.9%
23.9%
Feb. 1 1923
3.0%
23.8%
20.8%
Mar. 1 1923
21.6%
2.6%
24.2%
Mar. 15 1923
Note.-4,244 serviceable locomotives would be added to the available
percentage
of
locomotives
was
reduced
awaiting
heavy
repairs
supply if
to 15% instead of 21.6% as on March 15 1923.
We recommend a program calling for a reduction of the locomotives
awaiting heavy repairs to a total average for the entire country of 15%
by Oct. 1 1923.
3. Storage Coal.-In the interest of making available the greatest possible
supply of equipment at the time of greatest peak transportation demand
In the fall months, we recommend that the railroads' peogram for coal
storage be so arranged as to complete this storage by Sept. 1.
4. Use of Equipment by Railroads.-It is recommended that there be a
very close supervision over equipment used by railroads to the end(a) That construction work be planned so that the 'equipment required
for commercial purposes in the fall, at time of peak demand, will not be
tied up in railroad construction work to a greater extent than is absolutely
necessary.
(b) That railroads require that in the loading of equipment with their
own material that full car capacity is utilltized with a view of reducing to
the minimum the number of cars in this service.
(c) That there be no unnecessary delay in the unloading of railroad material. There is a greater necessity for supervision over this than over the
unloading of commercial traffic.
5. Elimination of Railroad Delays.-We recommend that every practical
means be adopted to prevent unnecessarily tying up equipment by(a) Reducing the delays in the movement of loaded and empty equipment
and giving particular attention to the movement of refrigerator cars, the
demand for which is constantly increasing over the entire country.
If all cars owned by all Class 1 railroads had been moved at the rate of
30 miles per car per day during months of September, October and November 1922 instead of the average actually made of 25.9 miles per car per day.
It would have in effect resulted in adding 334,681 care to the ownership. •
(b) Embargoing promptly consignees delaying the unloading of equipment.
(c) Embargoing without delay receipt of traffic from connections beyond
the railroad's ability to accept and movec ars promptly.
JUNE 2 1923.1
THE CHRONICLE
(d) Line responsible for disability which makes an embargo necessary
should assume that responsibility and issue embargo promptly to prevent
congestion and without making it necessary for its connections to issue an
embargo on their own initiative due to another line's disability and its
failure to promptly embargo.
Eliminate entirely where practicable, or curtail to the greatest possible
extent, use of permits for traffic against an embargo, which practice tends
to defeat the purpose of an embargo, thus preventing the prompt clearing
of a congestion.
6. Co-operation with the Public.—We recommend that each railroad
conduct a campaign with its own shippers in the interest of continuing the
effective co-operation in conservation of equipment by impressing upon
them the necessity for—
(a) Loading equipment as near to its capacity as is practical with the
various classes of commodities, thereby reducing the number of cars required and likewise reducing empty mileage in the return of equipment to
producing districts.
If all the cars that were loaded drring September, October and November 1922 had been loaded to average of 30 tons per cars (a figure heretofore
attained), instead of the actual average of 27.7 tons per car, it would in
effect have added 188,357 cars to the ownership.
(b) Restricting so far as practicable the number of cars shipped under
"to order bills-of-lading," which invariably causes delays to the equipment at destination.
(a) Limiting the reconsignment of traffic to the greatest possible or
practicable extent.
(d) Unloading cars promptly as possible.
(e) Increasing storage facilities where necessary and practicable and
providing adequate siding capacity to facilitate loading and unloading,
thereby increasing the number of available cars.
(f) Not ordering cars beyond ability to load daily.
(0) Proceeding early in the season with programs for road and building
construction, coal storage by industries and public utilities, movement of
Lake coal to the Northwest and ore to lower Lake ports, the successful
carrying out of which plans should reduce the peak movement to considerable extent in the months of September, October and November.
7. Car Distribution.—We recommend that reports of cars ordered by
shippers be carefully reviewed with a view of preventing inflation in reports
made to the Car Service Division and which reports do not correctly reflect
the actual situation. Carrying out of the plan now under way for elimination of the inflation in coal mine ratings will go far toward giving a
correct indication of such coal car shortage as may exist. Similar action
with all classes of traffic not only is desirable but necessary. Car shortage
should represent only the actual number of cars a shipper has ability to
load and ship daily.
The Car Service Division, through its district managers with the assistance
of shippers' committees, will endeavor to keep informed of the traffic demands in the various territories with a view of anticipating the equipment
necessities in the various districts and planning in advance to meet such
demands.
We recommend that each railroad carry on a campaign with all the
shippers interested as recommended herein in the interest of a more complete co-operation to better meet the transportation needs.
Yours very truly,
CAR SERVICE DIVISION,
By M. J. GORMLEY,Chairman.
Senator La Follette's Conference on Railroad Valuation
—Mayor Hylan Advocates Government Ownership.
A two-day conference in Chicago on May 25 and 26, called
"to promote and protect public interest in the valuation of
railroad property" resulted in the organization of "The National Conference on Valuation of American Railroads."
Leaders of the so-called Progressive bloc in Congress, viz.
Senators La Follette, Ashurst, Frazier and Sheppard and
Representatives Cooper, Huddleston and Logan, were participants in the conference, which had been called by Senator La Follette, who was chosen its permanent chairman.
Mayor Hyman of New York City was the principal speaker on
May 25, and in arguing in favor of Government control of
the railroads he declared that "public regulation of privately
owned utilities has been a failure." The only solution of
the "transportation crisis," he asserted, was Government
ownership and operation, "with a scientific attempt toward
unification." Mayor Hyman, according to the Chicago "Tribune," spoke of "rivers of water" in rail valuation. That
paper says:
He opened the hydrants wider oven than Senator Brookhart of Iowa,
who was not present, but who insists that between five and seven billions
of water is there. nylon boosted it to ten billions.
"The grotesque part of it is," he said, "that the increased values of
railroad property created by the public in the form of reduced rates have
been made the instrument for opening the door of the railroads for additional
streams of water to be converted into rivers of gold for the railroad
magnate."
"Rivers of gold"—it was enough to make "Cross of Gold" Bryan flush
with professional jealousy.
2479
"The superiority asserted for private operation of the railroads in this
country has not been borne out by some recently disclosed facts," said
Mayor nylon. "Senator Copeland, former Commissioner of Health o
the City of New York, whose health inspectors were looking into the coal
situation, discovered that in the yards of the Lehigh Valley Railroad there
were recently 4,300 cars loaded with anthracite. These cars could not
be moved because most of the locomotives-71% to be exact—were out
of order. The same conditions obtained in the four other lines of the
principal coal carriers into this State—the Lackawanna,Delaware & Hudson
Central Railroad of New Jersey and the Pennsylvania.
"This condition of dilapidated equipment has been reported upon by
many others competent to pass judgment. The Brotherhood of Locomotive Engineers recently stated in its 'Journal' that it had on file in its
office a tabulation showing scores of engines which were out of order on
one of the railroads feeding New York City, and added that if the President
of the United States insisted upon a faithful observance of the locomotive
inspection laws there would be a complete tie-up of the transportation
system of the country within two months.
Tells of Bad Eotipment.
"We are told that there are almost so% more unserviceable freight cars
and over 25% more unserviceable freight locomotive at this time than there
were in 1920. These percentages are admitted by the railroad managers.
We have, too, the figures of the Inter-State Commerce Commission showing
that last year,in addition to a decrease in serviceable locomotives, more than
100,000 freight cars were taken out of service.
"Senator James Couzens, who proved that public ownership of the street
car lines of the City of Detroit could be made a paying proposition, stated in
the Senate that the present railway condition is undoubtedly alarming, and
that if the country is to live and not be stifled to death by lack of transportation to take care of its continued growth of population and the increased
needs of the people,something has got to be done and done quickly.
"But why all this defective equipment? The railroad operators will tell
you that one of the chief reasons is the regulation to which they have been
subjected for the past fifteen or sixteen years. They will not tell you that
in approximately the same time both the passenger and freight rates on the
railroads in this country have been practically doubled.
"Where have these swollen profits gone to? Why have they not gone into
the improvement of the equipment for the betterment of the service?
'Ask the New York bankers who control about 80% of the steam transportation lines in the United States. If they were truthful, they would
tell you that they are more interested in increasing profits, clamoring for
increased rates, spending many millions of dollars every year in maintaining expensive legislative lobbies and employing crafty legal talent, spies and
strong-arm men, as well as 'educating' public opinion, than they are in improving equipment or in rendering transportation service.
Criticises Railway Financing.
"There are everywhere indications of an unprecedented business boom
throughout the country. If this boom is not to be premitted to die in the
doldrums, the railroads must be ready. How do the railroad managers propose to get ready to take care of the heavy loading in order to prevent this
wave of national prosperity from receding?
"The bright thought has occurred to them to borrow and to spend during
the current year about $1,500,000.000 for equipment by the issuance of
bonds or equipment trust certificates. Instead of spending needed money
on the present equipment and operating such improved existing facilities
with an efficiency that would give service as well as profit, the companies
intend to mortgage the future to pay for maintenance and equipment that
should come out of operating revenues.
"The railroad managers intend to plunge their roads still further into
debt, and hold up the public for interest on these new debts plus that of the
existing capitalizations. Such a policy has been roundly condemned as
unwise and unsound, and one that gives no promise of improved service,
although it may provide substantial commissions for the banking houses
and large profits for the railway supply concerns that are as closely allied
with the railroads as are two peas in a pod.
"Public ownership and operation of the railroads appears to be the only
way out of the present situation. Action looking toward this end should
not be deferred until some giant locomotive blows up in a terminal and the
dead and dying are strewn about its wrecked station."
Mayor nylon contended at length that public regulation of private utility
corporations also had proved a failure, and argued that the Government
should be substituted for the private owners and the Inter-State Commerce
Commission.
Tells of Inflated Valuations Here.
The Mayor declared that the transit lines in New York City presented
inflated valuations based on reproduction costs, as shown by the city's invastigation a few years ago. Actual investment, he argued, should govern
the fixing of valuation estimates.
"The railroad situation," the Mayor added, "is rapidly approaching a
crisis. Some action looking to a solution of the problem should be taken
by this conference before the next meeting of Congress. That solution does
not lie with the present management of the railroads, which has proved
both wasteful and inefficient. The granting of more capital to the present
railroad managerial dictatorship is too small a plaster to cover the wound,
and carries with it no assurance of improved service.
"There should be Government ownership and operation, followed by a
scientific unification of all the railroads. The railroads do not belong to the
little clique of banking exploiters who dominate them. The highways
upon which they operate belong to the people. The physical properties of
the lines themselves belong to the holders of some $18,500,000,000 of stocks
and bonds. These holders are entitled to a fair return on their investment,
and are entitled to have their equity protected from bad management."
The purpose of the conference was set forth as follows by
From the New York "Times" we take the following account Senator La Follette:
of Mayor Hylan's address:
1. To promote and protect public interest in the valuation of railroad
Mayor nylon, in his plea for Goveriunent ownership and operation of
railroads, assailed the principle that valuation of public utilities should
be estimated on the basis of reproduction costs, and declared that if the
railroad properties are to be appraised on this basis "the public is in for
a sound drubbing." He declared the railroads had enjoyed "swollen
profits," had raised their rates and were wasting $1,000,000 a day through
mismanagement. Private ownership, he held, had resulted in "stock
jobbery, watering, exaction of tribute, robbery of the honest investing
public, lootings and wree.kings, breakdowns and industrial disturbances.
which from time out of mind have made private operation of the railroads
smell to the very heavens."
The Mayor weat on to say that if the Government owned all the railroads and had no further dealings with the private owners reasonable rates
of transportation would be assured to shippers and passegners would not
be overcharged for ordinary transportation and parlor car service. The I
Government. he said, would conduct the roads with some regard for the
health and comfort of the public,
property now being made by the Inter-State Commerce Commission, particularly for the purpose of preventing excessive appraisal of the properties
which will result in unreasonable charges for transportation.
2. To take steps through the Inter-State Commerce Commission and the
Courts and elsewhere to require the Commission to act in strict accordance
with the provisions of the Inter-State Commerce Act in determining the
valuations of the railroads.
It is stated that the conference was attended by over SOC
persons, including the heads of virtually every railroad labor
union. A speech by William Jennings Bryan, and a statement by J. P. Haynes, in behalf of Chicago business men and
large shippers in which the conference was denounced as "a
menace to public interest," are dealt with under separate
heads in this issue.
2480
THE CHRONICLE
'William Jennings Bryan Says Government Control of
Railroads Is Inevitable.
William Jennings Bryan, speaking at the concluding session on May 26 of the Chicago conference on railroad valuation, while indicating that he was not in sympathy with
Goverttment ownership of railroads, said its eventual adoption seemed inevitable. The Chicago "Tribune" of May 27
gives the following account of his remarks:
William J. Bryan adjured the railroads to print on all their stationery
the text "Remember now thy Creator in the days of thy youth," yesterday
In addressing the "National Conference on Valuation of American Rail-roads," child of Senator LaFollette of Wisconsin. The "Commoner" said
he preferred private ownership but fancied public ownership was coming.
"While I prefer private ownership of the railroads," he said, "I fear the
country Will be forced to Government ownership because private ownership
will not endure. A private monopoly is indefensible and intolerable, but
'while we have private ownership we want it regulated so far as possible."
Charges Roads .Change Front.
"Original cost" versus "reproduction cost" in fixing the valuation of
the railroads came in for long expositions by speakers at the session held
at the city hall. Mr. Bryan called attention to the change of front following the shift in price levels and said years ago the railroads called him a
"nihilist" for advocating wh...t they themselves are now urging—valuation
based on reproduction cost.
"Thirty years ago," he said, "I was saying that rates should be fixed to
yield a return on the actual cost of reproduction. A railroad organ at the
time called me a 'nihilist.' Now, because prices have gone up to higher
levels, the cost of reproduction is much greater than the original cost of
building. Where thirty years ago the roads called a reproduction cost basis
confiscatory, they now say it would be confiscatory to put it down at what it
cost to produce. Why? Because it now costs more to reproduce than it
did to build. It is the natural bias.
Bias Controls, Says Bryan.
"My own opinion is that when the figures finally come from the InterState Commerce Commission you can take the cost of reproduction and the
cost of building, and if the cost of reproduction is greater, every railroad
man will be for that basis of valuation and our side will be for original cost
of building.
"The bias of the human mind and heart is the greatest fact we have to
consider in Government. Bias may be a matter of education, inheritance,
or environment. But bias, conscious or unconscious, is the thing that controls."
In his journeyings up and down the world, Mr. Bryan said, he has disoovered a way of finding out a man's bias. He takes him off to one side
and tells him the story of Lazarus and Dives.
How It Affects Than.
"Then I wait for the reaction," said Bryan. "If he is a Democrat, he will
say: 'It's too bad anybody had to live on crumbs. More tables ought to
be arranged so that Lazarus would have a seat at table.' If he is an aristocrat he will say: 'What a lovely thing it was for Lazarus that there was
a Dives near from whose table he could get the crumbs.'
"One line is drawn through society, a line separating the man who is at
heart a democrat and the man who is an autocrat. The democrat believes
Government comes from the bottom; the autocrat believes society and Government should be suspended from the top. The democrat believes in the
masses and says make them prosperous first; the autocrat says legislate
for the well-to-do and then wait until prosperity leaks through to the
Mr. Bryan exhibited again his plant for a Government paper, a bulletin,
not a newspaper, in which space should be given for material written by
representatives of parties and factions.
The New York "Tribune" reports Mr. Bryan as having
said on May 26:
Wall Street was a pioneer in the formation of Congressional blocs, William
Jennings Bryan told members of the National Conference on Railway
Valuation at the city hall to-day. Mr. Bryan declared Congress had
blocs long before the "name" was coined to fit groups of lawmakers and will
continue to have them "until Wall Street has enough money to buy up every
'representative."
Chicago Conference on Railroad Valuation Described
as Menace to Public Interest.
Denunciation of the conference on railroad valuation held
last week in Chicago at the instance of Senator La Follette
was contained in a statement Issued in Chicago on May 25 by
-J. P. Haynes, Traffic Director of the Chicago Association of
Commerce. The statement, or questionnaire issued "in behalf of leading Chicago men and large shippers," cited the
-conference as a "menace to public interest," and asked if the
gathering was not "staged to prejudice the people against the
„railroads, and thus promote the political advantage of the
so-called 'Progressive' bloc." The statement challenged the.
'intimation that the public interest was not being properly
represented in the valuation proceedings before the InterState Commerce Commission, and that the values being
.reached were excessive in terms of actual investment. 'The
question was asked how extensions and betterments of rail
'facilities might be financed if "further restrictions should
make it altogether impossible to sell railroad stocks." The
New York "Times" of May 27 printed the questionnaire as
'follows:
To.7Senator Rt.bert M. La Follette and Associates:
I, Since this conference as announced in the press is a menace to all the
people, it Is important that an unequivocal statement of its plans and
purposes should be given to the public,in order that such steps may be taken
as circumstances seem to require. To elicit such a statement, we,representative shippers, more vitally concerned in good railroad service than politicians, who pay no freight bills, demand categorical answers to these
questions:
[Var.. 116.
1. You have alleged that the public is not represented in valuing the railroads. You must know that tentative valuations are made under direction
of the Inter-State Commerce Commission; that they must be submitted to
the Commission, to the Attorney-General of the United States and the
Governors and Public Utility Commissions of the States concerned for
approval or protest; that if protested tentative valuation must be revised.
If these governmental agencies do not represent the people, whom do they
represent?
2. Do you contend that the public interest would be better served in
some other way than by these governmental agencies?
Quotes La Follette on Valuation.
3. You, Senator La Follette, made the assertion in the Senate, May 31
1910 (Congressional Record, page 7140), that all the railroads in the United
States could be valued at an expense not exceeding $2,400.000, and that
such a valuation would save the country in transportation charges in twelve
months "more than 150 times the cost of making the valuation of the
physical property of the railroads."
Valuation has been proceeding for ten years, yet not one of the great
Eastern systems has been valued, even tentatively, while to June 30 1922
this work had cost the Government $23,058,000 and the railroads $62,885,000,a total of$85,945.000. One hundred and fifty times the amount,which
You said would be saved, would be $12,891,450,000, which is much more
than twice the aggregate gross earnings of all the railroads last year. Will
you kindly explain to the satisfaction of your fellow-citizens the remarkable
discrepancy between your promise and its fulfillment?
4. Since you failed so notably in increasing the cost and benefits of the
original valuation set, would the country be justified in undergoing the
period of agitation, uncertainty and business disturbance which would be
an inevitable concomitant of the revaluation you propose?
5. Valuation is a feature of the program of railroad regulation which includes the limitation of earnings, which is based on the hypothesis that railroads are "affected with a public interest"—that is, that they are a public
necessity. Food is more vitally necessary than transportation; for while
mankind existed for ages without railroads, no part of the race wer existed
without food. Is not food, therefore, "affected with a public interest," and
should not its production, the prices at which it is sold, the profits made
thereby, and the quantity which may be eaten at a meal also be regulated
bylaw?
Points to Private Railroad Capital.
6. Granting that the railroads are "affected with a public interest," is it
not equally true that they are also affected with a private interest? All
railroad capital consists of private funds voluntarily invested in the hope of
earning dividends. Owing to restrictions on railroad earnings and the
consequent uncertainty of dividends, it has become so difficult to sell railroad stocks that capital is now secured chiefly by borrowing. If further
restrictions should make it altogether impossible to sell railroad stocks, how
are extensions and betterments to be provided?
7. Lenders of money on farm mortgages receive 63i% interest or more.
Investments in railroad stocks are limited by law to 5(% and they may
receive nothing at all. If this discrimination is continued, are owners of
capital not likely to invest all their money in other enterprises to the total
exclusion of all railroads? If they do, how are railroads to be financed?
8. Assuming that there is no limit to the borrowing capacity of railroads
nor to the power of Congress to order railroad expenditures, will the time
not come when earnings will no longer be sufficient to pay interest, a contingency which would throw all railroads in the hands of receivers? What
have you to propose to avert such a contingency?
9. Frequent threats have been made by your coterie to precipitate Government ownership of railroads. It seems proper, therefore, to ask you to
explain why Canadian Government railroads have an annual deficit of
$100,000,000 to be made up by taxpayers, while the Canadian Pacific
Railway, under private ownership, built under far more difficult conditions
than the Government railroads, but out of reach of Congress, has never
failed to pay an annual dividend,and has paid 10% for years, while its stocks
sell at a higher price on the New York Stock Exchange than those of any
railroad in the United States.
10. You and your associates have asserted that freight rates are so high
that they amount to an embargo on the free movement of agricultural
products; that the economic life of the nation is stifled by exorbitant freight
rates. Nevertheless, these rates are low enough to enable farms on the
Pacific and Gulf coasts to market their products along the Northeastern
Atlantic Coast and in all the country intervening.
The process must be profitable because, according to Agricultural Department statistics, the value of farm property increased nearly fourfold, from
$20,439,901,000 to $77,924,100,000,in the twenty years from 1900 to 1920,
while the value of farm products—the value on the farm, not at terminal
market--increased correspondingly in the same period from $5,009,595,000
to $18,263,500,000. although rural population increased less than 14% in
that period. Can there be anything very seriously wrong with a transportation system which has made possible so great an increase in rural wealth?
11. Assuming that railroad valuation is too great by $7,000,000.000, as
Senator Brookheart alleges, rates based on a valuation reduced 87,000.000.000 would save the public less than 6% in freight and passenger rates on the
basis of present actual earnings, expenses and the taxes, or an average of
for himself. This fact
$.3 50 per capita per annum,as any one can ascertain
being indisputable, it is pertinent to ask if this conference is not in reality
a "press agent stunt," staged to prejudice the people against the railroads,
and thus promote the political advantages of the so-called "progressive"
bloc.
The questionnaire was submitted by the Chicago Association of Commerce, through Mr. Haynes, J. T. Pine, of Carson, Pine, Scott & Co.; T. H. Eddy, Vice-President of Marshall Field & Co.; J. Charles Maddison, Vice-President of
Montgomery Ward & Co.; F. W. Ellis, Vice-President of Armour & Co.; J. Harry Selz, President of Selz, Schwab & Co.,.,,
and J. J. Wait, executive of Hibbard, Spencer, Bartlett &
Co., all members of the association.
Western Railway Heads See Government Ownership as
Purpose Behind Chicago Conference on
Railroad Valuation.
According to a committee of Western railway presidents,
composed of the heads of six large systems, Government ownership was the real purpose behind the Chicago conference
on railroad valuation held last week. The statement, issued
In Chicago May 30, was signed by S. M. Felton, President of
JUNE 2 1923.]
THE CHRONICLE
the Chicago Great Western; Hale Holden, President of the
Chicago Burlington & Quincy; C. H. Markham, President of
the Illinois Central; H. E. Byram, President of the Chicago
Milwaukee & St. Paul; W. H. Finley, President of the Chicago & Northwestern, and J. E. Gorman, President of the
Chicago Rock Island & Pacific. It declared the real purpose
of the conference was to "make successful private management impossible and Government ownership unavoidable."
The six rail executives contended this was but a part of a
concerted plan to discourage capital from the rail field, hamper private ownership and operation and allow Government
ownership an inning. The statement said:
The call for this conference stated its ptupose was to bring about more
adequate representation of the public with respect to the work of valuation
of the railroads being done by the Inter-State Commerce Commission.
It is a notable fact, however, that almost every man who accepted the
invitation has been, or is now, an avowed advocate of Government ownership, and that most of those who delivered public addresses explicitly
advocated Government ownership.
Statements made at the conference were challenged by the
executives, one of them being that the roads are seeking and
the Inter-State Commerce Commission is considering giving
them a valuation of $10,000,000,000 in excess of what the
railroads are entitled to. This, the rail heads declared, was
without foundation, adding that the roads and the Commission were proceeding under the Valuation Law of 1913, the
author of which was Senator Robert M. La Follette, chairman of the valuation conference. The statement further
said:
The assertion of radicals that the actual value of railroads does not exceed
$13.000.000.000 is based entirely on calculations made by themselves
on market prices of railway stocks and bonds during a time when railway
securities have been selling at the lowest prices to which they have ever declined, due entirely to Government operation and unfair regulation.
Statements have been made that the railways are seeking a valuation of
$23,000,000,000. In the rate advance case of 1920 the railways sought
$20.400.000,000, this figure being based on the actual book cost of roads
and equipment. The tentative valuation made by the Commission at that
time was $1,500,000,000 less.
All that the railroads are seeking is that in making a valuation of their
properties the Inter-State Commerce Commission shall treat them in accordance with the provisions of the Constitution as interpreted by the
Courts.
To disregard these Constitutional provisions and the Court decisions
under them, as radical politicians demand, would involve such confiscation
of private property and investment made in good faith as has never occurred
In the history of this country.
Lehigh Valley Increases Clerks' Pay.
The Lehigh Valley RR. on May 29 announced a salary
increase for clerks on the entire system,effective as of May 1.
The advances are as follows: Four cents an hour for those who
have served from two to five years; two cents an hour for
those with the company from one to two years. Messengers, train callers, crew callers, and baggage clerks are given
increases of from one to three cents an hour based on length
of service.
Jersey Central Striking Shopmen Lose After
Eleven Months.
After waging a fight for eleven months, 1,200 strikers in
the Ashley (Pa.) shop of the Central Railroad of New Jersey
have virtually given up the struggle, their leaders admitting
defeat. President Besler has agreed to reinstate the strikers
as new men as soon as vacancies occur.
•
Shopmen's Wages Advanced on Virginian Railroad.
Wages of shop craftsmen employed by the Virginian
Railroad were raised 3 cents per hour June 1, 0. H. Hix,
Vice-President of the company, has announced. The raise,
Mr. Hix said, will amount to approximately $100,000 a year.
Labor Board Suspends Order to Abolish Piece Work
on New York Central.
The U. S. Railroad Labor Board has suspended for a
minimum period of 60 days its order of March 21, that the
New York Central RR. immediately abolish its piece work
system of payment affecting about 10,000 shop craft employees. An amended decision to that effect was made
public on May 31. Delay in making effective the Board's
order was voted to allow the carrier to petition the Board
for establishment of the piece work system. The amendment
further provided that the employees shall be compensated,
at a rate of pay, the average of which is not less than hourly
rates of pay established by the Board, during the 60 day
interim, or until the case is disposed of. The shop crafts
union filed the case May 17 1922, and it was heard June 9
and 10. Proof was offered that the carrier closed its car
shops in February 1921, and until about November of that
year contracted out the major portion of its repair work.
In November the carrier re-opened several of its shops.
2481
Union representatives contend that the carrier, in establishing the piece-work system of payment in its re-opened
shops, did so without conferences and negotiations required
by the Transportation Act.
Express Workers Receive Wage Increase in Chicago.
District—Telegraphers on Pennsylvania Get
Advance.
Thirty-two hundred drivers, chauffeurs and conductors-,employed by the American Railway Express Co. in the Chicago territory, on May 28 were granted an increase of 4 cents an hour, or $360,000 annually, by the United States Railroad Labor Board. This classification was represented.
by Benjamin F. Tansey, business agent of the Brotherhood'
of Railway Express Drivers, Chauffeurs and Conductors.
Another wage increase was disclosed involving 500 telegraph service men employed by the Philadelphia & Reading
Railroad Co., who have now reached an agreement with thecarrier on the question of increases ranging from 3 to 9 cents
an hour, or $100,000 annually.
Northern Pacific Grants Wage Increase to Maintenance
of Way Men.
The Northern Pacific Railroad has made private wagesettlement with 10,000 maintenance of way employees, involving an addition of about $3,000,000 annually to the payroll. This means withdrawal of the employees' application
to the Railroad Labor Board for a wage increase. Typical
prior wages and increases thereon include, says the "Wall
Street Journal": Carpenter foreman, $160 a month, increase $10; section foreman, $100 to $125 a month, increase
$6 84; bridge foreman,$120 to $125 a month, advance $6 84..
Carpenters were granted an advance of 3M cents from previous level of 573
% cents an hour; track watchmen with oneyear seniority were increased 2 cents an hour; crossing watchmen,flagmen and gatemen, 1 cent. Common laborers with
one year of service were advanced from 37 to 39 cents an
hour. As result of recent prior agreement all common
labor in this department this season will receive 39 cents an
hour, regardless of length of employment.
Home Rule for the Railroads.
Under the heading "Home Rule for the Railroads," Emil PI,
Albrecht, President of the Philadelphia Bourse, has made
public a statement in which he attacks the efforts of representatives of certain branches of organized labor to thwart
the orderly processes of railroad management by injecting
themselves into direct settlements of disputes between the
railroads and their respective employees. Mr. Albreches
statement concerns the case now pending before the Railroad
Labor Board at Chicago between the Pennsylvania Railroad
and the Brotherhood of Railway and Steamship Clerks. He
touches on the matter from the standpoint of the public'sinterest in the efficient management and operation of 'thee
carriers, upon which depend to a large extent the prosperity
and welfare of the country, and his statement, prepared
after going thoroughly into the points at issue, at the same
time giving close study to the provisions of the Transportation
Act,is in keeping with previous action taken by the Bourse hz
such matters of wide public interest. Appealing for less government in business, the statement of the Bourse President
reads as follows:
One might naturally suppose teat since the Railroad Labor Beartfi.
has so many questions before it for settlement, it would be glad to ha-me
as many disputes as possible settled directly between the roads and tht
employees, but apparently such is not the case, since the Board insists
upon President Rea of the Pennsylvania RR, going to Chicago in responso
to the demand of the Brotherhood of Railway & Steamship Clerks, presumably to explain why the Pennsylvania RR. and its employees are
settling disputes between themselves without calling in the union repro
sentatives.
It seems that in accordance with the provisions of the Transportation
Act of 1920 (under which the Railroad Labor Board was established>
the Pennsylvania RR. promptly appointed representatives of the reati."
and arranged for the employees in the various departments to elect the5r
representatives to form committees to which disputes would be rehired
for settlement. But, because the clerical and miscellaneous emptoyers
of the road elected representatives from among themselves, the nniou
feels aggrieved and complains to the Railroad Labor Board that the Pennsylvania RR. is not acting fairly, and that, in effect, the employees who
voted to elect these representatives from among their own number did
not know what they were doing, because they did not elect the union to
represent them.
The Act says that disputes shall be considered by representatives of
the carriers and of the employees "directly interested in the dispute" and
this is what the employees did, they selected men from among them—
selves; but the union officers think they know better what the employees
want or should want than do the employees themselves, even though they
are not in the employ of the road and not "directly interested in the
dispute."
In the "shop-crafts" esse the Railroad Labor Board decided that the
railroad in arranging for its employee-committees had no right to make
the one and only condition laid down for the selection of the representatives,
that is, that all men voted for must be employees of the road: a perfectly
2482
THE CHRONICLE
[VOL. 116.
Whether a new game law shall be enacted covering the Territory of Alaska
reasonable, sane and businesslike condition because only employees could
be "directly interested" in any disputes that might arise, but when the that will secure conservation of its wild-animal life.
Whether an allotment of a percentage of the revenue derived from the
District Court sustained the Pennsylvania's position and the matter was
carried up to the Supreme Court, that body upheld the Labor Board and Pribilof Islands located in Alaskan waters shall be made to the general
has thus given encouragement to other unions to act in a similar manner fund of the territory.
to defeat the desire of both the railroad and the majority of the employees
to settle any disputes "at home."
Of course, one is not supposed to criticize the highest legal tribunal of ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
the country, but it does seem strange that even that body should undertake
The members of the New York Coffee & Sugar Exchange
to decide what Congress intended when it says in its decision "Congress
must have iatended . . . to include the procedure for determining voted on May 28 to close the Exchange on Saturdays during
representatives of employees as a proper subject matter of dispute to be June, July and August.
considered by the Board under Section 307." The Act itself is full enough
to lead to the opinion that if Congress had "intended to include the proOn May 29 the stockholders of the East River National
cedure, &c.." it would have included the necessary verbiage to make such
the plans to increase the capital
Intention plain: and since as the decision also says that "the Act is to be Bank of this city ratified
liberally construed to effect the manifest effort of Congress to compose from $1,000,000 to $1,500,000. As we indicated in our
differences between railroad companies and their employees . . ." and issue of April 21 (page 1725) the new stock will be offered
as the Act itself in Section 301 says that all such disputes shall be considered,
and, if possible, decided in conference between representatives of the to present shareholders at $200 a share, the surplus being
carriers and of employees directly interested in the dispute, it would seem thereby increased from $600,000 to $1,100,000. We underplain to any business man that the intent of Congress was to avoid sending stand that the enlarged capital will not become effective
to the Labor Board anything that could be settled "at home."
Naturally the heads of the unions see in "home rule" on the railroads, until Jan. 2 1924.
In the settlement of disputes by conferences between management and
Horace M. Kilborn, who retired three years ago as Viceemployees without intervention of union officials, a menace to their positions, and if the Pennsylvania plan, which is working so satisfactorily, President of the National City Bank of New York, died at
shall be adopted in detail or in principle by other railroads and other indusfailure. Mr.
tries, their occupations will be largely gone. Hence their desire to try and his home in this city on May 29 of heart
force the issue and get the principle established that the unions or their Kilborn, who was born in Newburyport, Mass.,57 years ago,
officers shall be considered proper representatives of employees even came to New York when 16 years old. His first position
though they are not directly interested in the dispute.
Unfortunately every Board, every Commission established by Congress in the banking field was as runner for the Fifth Avenue
for control or regulation of the commerce and industries of the country Bank and two years later he entered the employ of the
seems to become immediately imbued with the idea that it is to take over
National City Bank as a clerk,from which post he eventually
and exercise every power not specifically forbidden in the Act creating it,
Instead of confining itself to the functions and authority plainly delegated rose through successive stages to the office of Vice-President.
to it, and the Railroad Labor Board in some ways seems to be like all the During the World War Mr. Kilborn was active in the Liberty
others.
Mr. Kilborn supervised the construction of
How long are we to wait for the fulfillment of President Harding's desire, Loan drives.
as expressed in his inaugural, for "less Government in business"? How the present National City Bank building at 55 Wall St.
long are we to wait for the railroads to be permitted to have home rule in He was a director of the Tennessee Copper & Chemical
their labor and other problems; to devote the time of their management to
the efficient operation of their properties for the benefit of the public and Corp. and the Federal Insurance Co.
for the good of the commerce and industry of the country, and for encouragement of their stockholders and of investors whose support alone can
The board of directors of the National Bank of Commerce
bring prosperity to this greatest of all industries and upon which the prosNew York has created the office of Chairman of the Board
in
perity and welfare of the nation so largely depend.
President Harding's Trip to Alaska, the Pacific Coast
and Porto Rico.
The plan of President Harding to visit Porto Rico, following his forthcoming trip to the Pacific Coast and Alaska,
was indicated on May 19, when Chairman Lasker of the
United States Shipping Board announced that the Board
had set apart a steamer for the President's Porto Rican trip.
According to the May 19 announcement, the President, on
returning from Alaska, will make two or three addresses on
the Pacific Coast and will then board the Shipping Board
steamer President Harrison at Los Angeles or San Diego
for the trip through the Canal. After the visit to Porto
Rico, he will go aboard another Shipping Board steamer,
the American Legion. He probably will disembark at New
York. The voyage from San Francisco to Alaska and
return will be made on the naval transport Henderson.
Some of the problems concerning Alaska on which the
President will seek light during his visit there were set
forth in a recent White House statement. A summary
of some of the problems which the President and Cabinet
members with him will study is thus given in the Statement:
Whether the complete jurisdiction over the whole of Alaska shall be
vested in a single department of the Government.
Whether a colonization and immigration plan shall be immediately put
Into effect to increase its population and begin the ultimate development
of its resources.
Whether there shall be built up a corps of trained men with headquarters
in Alaska to search out and report regularly upon the mineral resources of
the Territory.
Whether branch lines and spurs to the Alaska Railroad shall be constructed to bring it into fuller usefulness in meeting industrial needs.
Whether there shall be more liberal appropriations for the building of
roads and trails in the interior of Alaska, a regular appropriation a $1,500,000 annually being asked.
Whether the fishing industry, threatened with extinction by reckless exploitation, is to be wholly checked and regulated through the vesting of
supreme power to control it in the Department of Commerce instead of the
present divided authority permitting the State governments bordering upon
the continental coast to exercise jurisdiction.
Whether the Government is to eliminate the dangers of navigation along
the coast of Alaska by providing a sufficient number of lights and other warnings to navigators.
Whether steps are to be taken further to protect the seals which have
increased under Government regulation but are being destroyed by whales
and other sea animals through lack of proper protection.
Whether all law-enforcing agencies in the Territory shall be consolidated
under the Department of Justice.
Whether the Mining and land laws of Alaska shall be liberalized to meet
distinctive and divergent conditions in Alaska and to stimulate enterprise
and encourage settlement.
Whether improved facilities for travel and commerce to Alaska shall be
United States Shipping Board
Put into effect by putting vessels of the
Into the Alaskan service.
Territorial
administration
or
building
capitol shall be erected
Whether an
by the Government to house the various governmental officials and agencies.
Whether tourist roads shall be constructed into the National Parks of
Alaska, which include Mount McKinley Park and Mount Katmai Park,
In order to open them to the public.
of Directors and has elected to it James S. Alexander, heretofore President of the bank. Stevenson E. Ward, formerly
Vice-President of the institution, has been elected President
to succeed Mr. Alexander. Mr. Ward, who, prior to 1912,
was engaged in banking in Mansfield, Ohio, became associated with the National Bank of Commerce in New York in
that year as an Assistant Cashier. Later he was made
Cashier and he became Vice-President in 1915.
At a special meeting of the stockholders of the Equitable
Trust Co. of New York, held on May 29, the agreement
dated May 11 1923, providing for the merger of the Importers
ct-Traders Bank of New York into the Equitable Trust Co.
of New York was approved. The stockholders of the Equitable Trust Co. also on May 29 approved the proposal to
increase the capital of the company from $20,000,000 to
$23,000,000; this additional stock is to be issued to provide
for the exchange of the stock of the Importers & Traders
Bank. Holders of shares of Importers & Traders Bank stock
will receive two shares of Equitable Trust Co. stock and $400
in cash for each share of Importers & Traders stock. The
merger was also approved by the stockholders of the Importers & Traders Bank at a special meeting on May 29. The
proposed merger was referred to in these columns Feb. 24,
page 777; March 10, page 1014, and April 21, page 1725.
The Bank of America's market office moved yesterday
(June 1) to its new bank building at the southwest corner of
Flushing and Washington avenues, Brooklyn. The removal from the former location in 1001 Wallabout Market
was necessitated, it is stated, by the extensive increase in
the business of the office and the new quarters have three
times the floor area of the old. A number of Wallabout
Market merchants accepted the invitation of Edward C.
Delafield, President of the bank, to attend an informal
reception yesterday afternoon in the new offices. Wallabout Market was never in such a prosperous condition as
it is now, report the bank officials. Every inch of space is
occupied and business is very active. The new bank quarters give the market men greater convenience in the use of its
complete banking facilities.
Thomas Prince Beal, President of the Second National
Bank of Boston for more than 35 years, died suddenly
at his summer home at Beverly on May 24. Mr. Beal had
also been President of the Boston Clearing House Association
since 1910, and for many years he was a member of the
Clearing House Committee. Mr. Beal started his banking
career in 1872 with the Second National Bank (formerly
the Granite Bank), which had been incorporated as a national
JUNE 2 19231
bank in 1864, and of which his father was the President.
Thomas P. Beal was Vice-President when, his father resigned as President in 1888, and the son succeeded to the
Presidency, becoming an important factor in Boston financial
circles. Thomas P. Beal had been a Class "A" director,
representing the banks with large capital in the Boston
Federal Reserve District, ever since the Federal Reserve
Bank of Boston was organized on Oct. 1 1914 and from Nov.
12 1914 to Jan. 31 1918 Mr. Beal served as a Deputy
Governor, without pay. He was also President and Director
of the Hamilton Woolen Co., Director of the Bigelow
Hartford Carpet Co. and Director of the American Security
Co. of New York. Mr. Beal was 73 years of age. One of
his sons, Thomas P. Beal Jr., is Vice-President and Director
of the Second National Bank.
A consolidation which, when consummated, will give to
New England a bank with resources of approximately
$300,000,000 is now under way. We refer to the proposed
acquisition by the First National Bank of Boston of the
International Trust Co. of that city. On Monday (May 28)
at a special meeting of the full board of directors of the
• International Trust Co. it was unanimously voted to ratify
the action of the executive committee of the board for the
sale of the stock of the institution (consisting of 20,000
shares) to the First National Bank at $320 a share (par value
$100), one-half to be paid in cash and the other half in stock
of the First National Bank. This plan, it is understood,
will be made possible by some of the large stockholders
of the First National Bank ielinquishing 10,000 shares to
be sold at $320 per share. As a preliminary step in the
merging of the banks, it is necessary that the International
Trust,Co. become a national bank and at the special meeting
referred to above it was voted that application be made at
once to the Comptroller of the Currency to this'end. Under
the consolidation plan the First National Bank, which at
present has no local branches, will acquire not only, it is
said, the main office of the International Trust Co. at 45
Milk Street, but the following seven branches: 115 Summer
Street, Boston; Upham's Corner and Field's Corner, Dorchester; 309 Washington Street, Brighton; 1219 River Street,
Hyde Park;1 Belgrade Avenue,Roslindale,and 136 Brighton
Avenue, Allston. For many years past the First National
Bank has maintained a branch in Buenos Aires, Argentina,
and it is at the present time, it is said, erecting a large bank
and office building on one of the finest streets of that city
at a cost of $2,000,000.
American Can dropped from 102 to 973, American Locomotive from 141 to 138, Baldwin Locomotive from 13134 to
12734, Crucible Steel 72 to 70, Kelly Springfield 46 td 44,
Mack Trucks 81 to 79, Stewart 9234 to 8934, Studebaker
11334 to 11034 and Union Pacific 135 to 13334.
THE CURB MARKET.
Trading in the Curb Market this week was the quietest
for some time past. Prices held fairly well, a slightly easier
tendency being noted at the close, though changes were not
important. The Jones & Baker failure resulted in numerous
"under the rule" transactions, though prices here showed no
material changes from regular transactions. Oil stocks
continue to lead the market. Galena-Signal Oil corn.
advanced from 63 to 6534. N. Y. Transit sold up a point,
to 124, then down to 118, with the closing transaction at
119. Ohio Oil was off from 69 to 6634. Prairie Oil & Gas
declined from 214, recovered to 207 and reacted again,
dropping to 199 finally. South Penn Oil, after early gain
from 144 to 155, dropped to 145, the close to-day being at
149. Standard Oil (Indiana) lost almost three points, to
5834, the final figure to-day being 583's. Standard Oil of
N. Y. was down over two points, to 3834, the close to-day
being at 3834. Vacuum Oil sold up early from 4734 to 485,1,
then ran down to 4434. Gulf Oil of Pa. weakened from 5734
to 5434, with the final figure to-day 5434. Maracaibo Oil
Explor., after an advance'from 2434 to 2534, fell to 2334.
Changes in the industrial list were not important. Amer.
Locomotive, new stock, moved up from 6734 to 7134 but
reacted to-day to 6834. Durant Motors dropped from 5434
to 4834 and finished to-day at 4934. Glen Alden Coal
declined from 71 to 68 and ends the week at 6934.
A complete record of Curb Market transactions for the
week will be found on page 2504.
In the analysis of the seventeenth annual report of the
Sterling Bank of Canada, which appeared in last week's
issue of our paper (May 26), page 2357, the paid-up capital
of the institution was erroneously given as $500,000, whereas
it should have been $1,234,100.
THE WEEK ON THE NEW YORK STOCK EXCHANGE
Wall Street, Friday Night, June 1 1923.
The stock market on Saturday last continued its upward
course. Prominent in the price advance were American
Can, 534 points; Atlantic Refining Co., 334 points; Coco
Cola, 3 points, and Mexican Seaboard, 334 points.
Railroad shares developed considerable strength in
Monday's market, with N. Y. Central and Union Pacific
leading in the upward movement. Baldwin Locomotive
was also notable in the price advances. On the other hand,
California Petroleum dropped nearly 5 points, and Dupont 5
points. Republic Iron & Steel, American Can, Studebaker
and Bethlehem Steel were included in the price recessions.
In the upward swing in the midweek trading, considerable
interest was manifested in General Electric, which advanced
three points.
The tone of the stock market was firm as the session
opened on Thursday but trading was in restricted volume
due in part to the holiday of the preceding day. California
Petroleum was again conspicuous in the day's sales. Opeti/i it steadily forged ahead and closed at 116.
ing at 1127
Underwood Typewriter was also prominent in the price
advance, going to 180 in the closing hour. About midday
the market developed considerable irregularity due in a
measure to announcement of the filing of an involuntary
petition in bankruptcy against Jones & Baker, members
of the New York Curb Market Association. The market
was again weak at the opening on Friday. California
Petroleum and Marland Oil were caught in the downward
turn. The former declined 5 points and Marland Oil
2 points. In the last hour recessions were quite general.
2483
. ONICLE
THE CHB
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole show only a
trifling percentage of increase, which, however, is due
entirely to the large falling off at New York. 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 2) aggregate bank clearings
for all the cities in the United States from which it is possible
to obtain weekly returns will show an augmentation of
0.4% as compared with the corresponding week last year,
but as the margin is so small it is quite possible that when the
final figures are at hand this may be changed one way or
the other. The total stands at $6,946,465,947, against
$6,921,255,778 for the same week in 1922. At this centre
there is a falling of of 7.9%. Our comparative summary
for the week is as follows:
1923.
1922.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
BaltimoreNew Orleans
83,156,000.000
492,175,803
321,000,000
262,000,000
110,834,656
a
109,100,000
*93,000,000
93,503,369
69,074,204
41,077,136
13,428,746,204
462,450,931
323,000,000
222,000,000
88.147,122
a
95,200,000
*85,000,000
70,144,646
60,159,450
37,473,101
—7.9
+6.4
—01
+18.0
+25.7
a
+14.6
+9.4
+33.3
+14.8
+9.6
Ten cities, 5 days
Other cities, 5 days
$4,747,765,168
1,040,956,455
84,870,321,454
897,391,695
—2.5
+16.0
Total all cities, 5 days
All cities, 1 day
/5,718,721,623 $5,767,713,149
1,157,744,324. 1,153,542,629
+0.4
+0.4
36,921,255,778
+0.4
Clearings—Returns by Telegraph.
Week ending June 2.
$6,946,465,947
Total all cities for week
a No longer report clearings. •Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ending May 26. For
that week the increase is 3.8%, the 1923 aggregate of the
clearings being $7,453,158,343 and the 1922 aggregate
$7,181,154,966. Outside of this city, however, the increase
is 19.4%, the bank exchanges at this centre having fallen
off 6.5%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this
it appears that in the Boston Reserve District the gain is
22.5%, in the Philadelphia Reserve District 14.6%, while
the New York Reserve District (because of the falling off at
2484
this centre) shows a loss of 6.2%. The Cleveland Reserve
District shows 38.3% expansion, the Richmond Reserve
District 20.0% and the Atlanta Reserve District 20.4%.
In the Chicago Reserve District the improvement is 15.9%,
in the St. Louis Reserve District 8.4% and in the Minneapolis Reserve District 23.8%. In the Kansas City Reserve
District the addition is only 8.9% and in the Dallas Reserve
District no more than 5.2%, but in the San Francisco Reserve
District the gain is 22.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
West endow May 26 1923.
1923.
1922.
$
$
Federal Reserve Districts. '
11 cities 415,448,131 339,157,890
(Ds) Boston
10 - 4,117,054,397 4,386,955,255
(2nd) New York
515,411,626 449,799,319
(3rd) Philadelphia_ _ _ 10 385,854,398 278,993,135
9 "
(4th) Cleveland
167,200,328 139,397,126
(5th) Richmond
6 "
161,587,644 134,217,148
12 "
169,11) Atlanta
817,457,826 705,576,915
19 "
(.1.6) Chicago
63,791,215 58,860,677
7 "
(8th) St Louis
116,416,448 94,008,960
7 (9th) Minneapolis
225,389,529 206,985,692
(10th) Kanse,s city._ _11 5 ..
46,595,054 44,280,110
(11th) Dallas
420,951,747 342,922,739
(12th) San Francisco.. 16 "
Inc.or
Dec.
1921.
1920.
°Y
.
+22.5 290,333,814 421,809,061
-6.2 3,825,303,323 4,676,295,513
+14.6 389,393,650 500,819,569
+38.3 280,825,878 384,566,483
+20.0 131,681,783 186,340,036
+20.4 118,984,464 197,063,701
+15.9 611,019,776 807,923,693
+8.4 40,069,434 65,060,432
+23.8 94,461,733 131,522,481
+8.9 216,135,544 325,322,309
+5.2 40,672,714 63,546,260
+22.8 284,397,763 366,501,917
123 cities 7,453,158,343 7,181,154,966 +3.8 6,323,272,876 8,126,071,445
Grand total
407,564,285 2,854,754,966 +19.4 2,551,481,270 3,514,610,512
Outside New York City
Canada
29 cities 267,914,603 260,849,997 +2.7 305,427,023 329,479,051
We now add our detailed statement, showing last week's
figures for each city separately,.for the four years:
Week ending May 26.
Clearings at1923.
1922.
$
First Federal Reserve Dist rict-Boston
788,678
736,374
Me.-Bangor2,961,170
2,893,472
Portland
Mass.-Boston _ _ 369,000.000 300,000,000
1,854,596
2,279,245
Fall River
a
a
Holyoke
1,178.425
1,172,129
Lowell
a
a
Lynn
1,246,294
1,475.133
New Bedford
4,374.653
5.244,245
Springfield....
3,488,000
3,318,000
Worcester
8,727,743
9,864,449
Conn.-Hartford
5,115.331
7,273,084
New Haven_ _ _
12,022,000
R.I.-Providence
9,593.000
Total(11 cities)
[vol.. 116.
THE CHRONICLE
415,448,131
Inc.or
Dec.
1921.
Week ending Mao 26.
Clearings at1923.
-6.8
-2.3
+23.0
+22.9
a
-0.5
a
+18.4
+19.9
+5.1
+13.0
+42.2
+25:3
871,047
2,600,000
2.54,013,520
1,265,210
a
1,069,729
a
1,133,731
3,665,385
3,373,000
7,836,966
.5,556,126
8,942.100
952,918
2,900,000
371,049,041
3,526,722
a
1,325,000
a
2,055,475
5,402,866
4,407,252
10,207,996
6,487,791
13,494,000
339,157,890 +22.5
290,326,814
421,809,061
Inc.or
I Dec.
1921.
1920.
Seventh Feder al Reserve D 'strict-Chi cago178,896
.Mich.-Adrian_ _
182,897 -2.2
170,000
209,215
646,194
Ann Arbor.--467,217 +38.3
398.215
586,046
144,345,829 102,363,000 +41.0
Detroit
77,494,853 109,320,774
6,160,796
Grand Rapids.
5,185,042
6,512,857
5,876,036 +4.8
2,007,000
Lansing
1,762,000 +13.9
1,380,000
1,990,285
2,662,253
Ind.-Ft. Wayne
1,751,696
1,942,258 +37.1
1,846,413
19,209,000
Indianapolis16,472,000 +16.6
13,360,000
17,629,000
2,853,400
1,854,722
South Bend.__
2,182,600 +30.7
1,972,902
5,784,430 Not included in total
Terre Haute._
33,465,146
24,667,531
Wis.-Milwaukee
27,977,981 +19.6
30,838,984
2,405,989
Ia.-Cedar Rap_
1,891,194 +27.2
1,777,369
2,679,857
9,906,888
8.324,945 +19.0
7,152,164
Des Moines...
11,125,655
6,188,629
5,543,335 +11.6
4,812,187
Sioux City__ _
10,070,684
1,351,952
1,218,191 +11.0
1,109,862
Waterloo
1,745,928
1,273,488
965.298 +31.9
111.-Bloomington
1,204,360
1,509,958
575,263,457 520,585 939 +10.5 461.016,409 597,984,897
Chicago
a
a
a
a
Danville
a
929,574 +22.7
1,090,076
Decatur
1,597,981
1,140,396
3,875,220
3,166,122
3,274,406 +18.3
Peoria
5,553,901
2.288,580
1,632,548 +40.2
1,612,563
Rockford
2,331,676
2,234,753
1,985,496 +12.6
1,816,605
Springfield
2,416,680
705,576,915 +15.9
611,019,776
Eighth Feder al Reserve D'strict- St. Louis4,206.272 +25.1
Ind.-Dvansvllie_
d5,263,176
a
a
a
Mo.-St. Louis..
29,475,194
30,573,763 -3.6
Ky.-Louisville.
349,763
267,654 +30.7
Owensboro _ _
14,933,491 +11.1
Tenn.-Memplis
16,593,316
7,661,637 +37.0
Ark.-Little R'ck
10,493,612
111.-Jacksonville
324,180
203,323 +59.4
1,014,537 +27.3
1,291,974
Quincy
3,905,399
a
20,280.692
292,927
11,025.457
3,292,677
257,234
1,015,048
5,047,362
a
26,639,106
480,056
19,201,180
11,714,711
417,309.
1,560,708
Total(19 cities)
817,457,826
807,923,693
58,860.677
+8.4
40,069;434
65,060,432
Ninth Federal Reserve Dist riot-Minne
Minn.-Duluth.. d6,551,700
4,208,039
73.266,424
56,469,546
Minneapolis.
St. Paul
30,430,502
27,370,295
No. Dak.-Fargo
1,764,150
1,550,202
So. Dak.-Aberd'n
1,174,006
1,100,232
Mont.-Billings_
408,039
&gun
apolis
+55.7
+29.7
+11.2
+13.8
+6.7
-18.4
5,318,902
56,166,823
27,064,613
1,609,260
1,135,665
638,021
8,320,400
78,444,383
38,583,703
1,900,000
1.518,495
1,156.131
94,008,960 +23.8
94,461,733
131,522,481
Tenth Federal Reserve Dis Wet-Kens as City
Neb.-Fremont._
d112,352
328,515 -65.8
530,216
556,310 -4.7
Hastings
3,692,073
Lincoln
3,396,929 +8.7
41,719,336
Omaha
38,110,115 +15.5
Kan.-Topeka e2,694,070
2,128,320 +26.6
5,959.000
Wichita
10,116,841 -41.1
Mo.-Kan. City_ 130,125,537 114,645,413 +13.5
a
a
St. Joseph-a
a
Okla.-Muskogee
a
Oklahoma City d19,209,358
18,834,273 +2.0
Tulsa
1,250,444
Colo.-Col.Spgs735,705 +70.0
19,279,530
19,475,128 -1.0
Denver
e817,613
Pueblo
658,143 +24.2
414,995
481,128
2,941,769
32,281,025
2.253,166
10,344,792
126,876,852
a
a
20,209,248
a
748,278
18.810,935
773,358
732,284
854,595
4,937,410
51,451,570
3,330,700
12,285,147
217,071,579
a
a
12,276,483
a
900,000
20,495,264
987,277
Total(11 cities) 225,389,529 206,985,692 +8.9 216,135,544
Eleventh Fede ral Reserve District-Da Ilas-1,308,000
1,309,058 -0.1
934,715
Texas-Austin24,669,620
23,300,000 +5.9
19,876,271
Dallas
9,882,000 +2.8
9,915.817
Fort Worth... d10,181,902
6,077,160
5,319,241 +14.2
6,800.000
Galveston
a
a
a
a
Houston
4,378,372
4,469,811 -2.0
3,145,911
La -Shreveport.
325,322,309
Total(7 cities) _
Total(7 cities)_
1920.
1922.
63,791,215
116,418,448
1,100,000
York
32,352,037
+10.9
3,500,000
3,900,000
19,249,521
-0.5
972,900
1,229,900
6,452,362
+16.5
34,102,501
43,092,435
a
+47.5
4,692,340
-4.5
982.095
-6.5 3,771,791,606 4,611,460,933
46,595,054
44,280,110 +5.2
40,672,714
63,846;260
• Total(5 cities)+19.3
7,691,613
11,137,855
Twelfth Feder al Reserve D Istrict-San Franc'sea+39.8
3,533,675
4,800,876 Wash.-Seattle _
34,671,312
28,330,327 +22.4
25,610,314
39,324,031
+37.3
2,285,639
10,464,000
9,026,000 +15.9
8,491,389
10.500,000
Spokane
-8.9
443,294
673,514
a
a
a
a
a
Tacoma
1,027,593
1.204,301
-14.7
1,040,121
1,588,530
Yakima
Total(10 cities) 4,117,054,397 4,386,955,2.55 -6.2 3,825,303,323 4,676,295,513
30,653,812 +10.0
25,361,476
36,730,552
33.706,384
Ore.-Portland- 14,476,411
12,109,449 +19.5
10,165.105
15,966,039
Utah-S. L. City
Third Federal Reserve Dist rict-Philad elphia
a
a
a
a
Nev.-Reno
1,066,044 +41.7
1,510,351
915,824
Pa.-Altoona _
1,107,511 Ariz.-Phoenixa
a
a
a
3,032,181 +116.1
6,551.170
Bethlehem
2,854,389
c3,591,072
3.436,135
3,1
'
+4.5
32,012
5,833,860
-Fresno
Calif.
958,744
1,141,619
+19.1
Chester
874,156
1,698,749
8,064,682
4,087,712 +97.3
2,904,910
2,449,596
Long Beach...
2,320,978 +18.2
2,743,907
Lancaster
1,934,909
2,472,428
131,596,000
99,633,000 +32.1
Los Angeles.
74,480,000
71,742,000
486,000,000 429,000,000 +13.3 369,181,909 479,877,752
Philadelphia
16,177,163
12.380,742 +30.7
Oakland
9.519,270
9,620,450
2.359,553 +33.9
3,158,329
Reading
2,207,328
2,842,649
5,246,833
3,749.465 +39.9
2,610,432
1,739,957
Pasadena
3,801,974 +35.5
5,152,700
Scranton
4,816,033
4,846,643
d5,909,621
5,171,437
+14.3
4,979,546
Sacramento..
4,132,992
2,600,000 +31.6
d3,422,919
Wilkes-Barre- _
2,339,326
2.807,691
3,679,025
2.732,735 +34.6
2,015,661
2,304,758
San Diego- -1,182,079 +24.4
1,470,544
York
1,254,862
1,521,001
San Francisco. 146,800,000 126,100.000 +16.4 108,800,000 156,699,602
3,477,766 +22.5
4,260,087
3,014,914
N.3.-Trenton..
3,645,135
1,944.657
1,358,392 +43.2
1,358,393
1,830,796
SanJose
a
a
a
a
Del.-Wllmlon a
1,059.394
951.432 +11.3
Santa Barbara_
622,388
c2,537,600
1,997,800 +27.0
5,202,200
Stockton
4,153,300
+14.6
449,799,319
515,411,828
389,393,850 500,819.559
Total(10 cities)
Total(16 cities) 420,951,747 342,922,739 +22.8 284,397,763 366,501,917
Fourth Feder al Reserve D istrict-Ciev landGrand total (123
5,142,000 +57.6
6,404,000
Ohio-Akron..-. d8,105,000
11,850,000
7,453,158,343 7,181,154,966 +3.8 6,323,272,876 8,126,071,445
eine')
2,991,148 +65.0
4,934,304
3,176,156
Canton
4,396,625
52,025,645 +35.7
70,622,877
48,653,344 ' 64,587,409 Outside N.Y
Cincinnati
3,407,464,285
2,854,754,986 +19.4 2,551,481,270 3,514,610,512
78,454,514 +38.5
e108,641,267
77,518,912 120,335,186
Cleveland
13,981,400 -5.7
11,465,800
13,190,100
Columbus
12,887,500
West ending May 23.
a
a
a
a
a
Dayton
Clearings al
671,012 +16.9
784,391
723,241
Llma
746,540
+55.1
1,190,631
d1,846,208
1,164,053
Mansfield
1,681,244
1923.
1922.
1920.
Dec.
1921.
a
a
a
a
a
Springfield _-a
a
a
a
a
Toledo
8
$
$
$
Canada%
2,536,785 +14.2
2,947,977
Youngstown - d2,897,203
4,246,579 Montreal ------82.518,254
79.763.001 +3.5 100,952,363 124,369,506
a
a
a
Pa.-Erie
a
87,442,223
87,143,947
85,622,250
+2.1
91,055,462
Toronto
+43.3
122,000,000
128,772,395 163,835,400
174,833,048
Pittsburgh
47.613,417
40,516,442
39,806,492
36,206,823 +9.9
Winnipeg
b
W.Va.-Wheeling
14,920,818
11,465,966
10,970,475 +4.5
11,486,966
Vancouver
9,385,875
5,551,022
5,966,300
-7.0
6,996,263
Ottawa
278,993,135
+38.3
280,825,878 384,566,483
Total(9 eities)- 385,854,398
5,979,024
*6,200,000 -19.1
5,018,615
6,157,105
Quebec
4,507,164
2,252,146
2,510,491 -10.3
2,753,074
Halifax
Fifth Federal Reserve Dist rict-Richm ond6,378,684
5,043,281
4,931,721
4,457,238
+13.1
1,447,661 +38.6
2,007,019
1,561,760
W. Va.-Hung'n
1,846,885 Hamilton
6,402,679
3,465,348
6,736,118
4,095,631 -15.4
6,881,427 -0.7
Va.-Norfolk _
d6,830,915
6,352,569
8,964,707 Calgary ________
2,346,926
2,268,015
3,132,788
2,377,463 -1.3
37,797,031 +22.8
Richmond
__
48,427,000
34,350,373
56,167,253 St. John
2,188,013
1,677,034
1,896,393
2,676,192
-37.3
2,496,290 -5.7
d2,353,215
2,273,28.5
S. C.-Charlest'n
4,560,000 Victoria
3,321,950
2,584,901
2,250,664
2,648,750
+17.7
London
+21.4
72,196,344
Md.-Baltimore.
87,610,701
70,164,489
94,893,777 Edmonton
4.685,345
3,339,458
4,420,889
4,067,587
-17.9
18,578,373 +18.3
21,971,478
16,979,307
P.C.-Waahlon
19,107,414
3,533,039
2,598,550
2,116,452 +22.8
3,028,746
Regina
462,451
596,245
527,871
420,577 +10.0
Total(6 cities)_ 167,200,328 139,397,126 +20.0 131,681,783 185,340,036 Brandon
575,276
460,000
*
452,501
535,512
+1.7
Lethbridge
1,792,490
*1,200,000
1,404,694
1,177,485
+1.9
Easkatoon
a-rict-Atlant
Reserve
Dist
Federal
Sixth
848,934
1,328,317
752,630
1,012,575
+12.8
Jaw_
4,902,649 +55.3
Tenn.-Chatt 'go, d7,613,991
4,943.869
7,553,694 Moose
1,279,373
811,174
820,310 -1.1
1,015,768
2,223,298 +21.6
2,702,731
2,500,000
K4noxvIlle
2,753,490 Brantford
667,437
732,100
928,042 -28.1
648,641
WHilam_18,981,350
14,973,000 +26.8
14,319,444
Nashville
23,255,917 Fort Westminster
600,051
525,258
448,292
+17.2
503,419
New
38,794.513 +24.2
48,178,620
34,620,442
Ga.-Atlanta
57,586,974 Medicine
238,401
481,163
234,844 +1.5
377,467
Hat1,707.287
-25.3
1,275,596
1,518,483
4,498,159 Peterborough_.
Augusta
631,122
831,137
603,015 +4.7
766,728
973,961 +22.4
1,191,875
1,037,813
7,500,000 Sherbrooke
Macon
920,701
1,167,256
966,023
542,359 +69.8
a
a
a
a
a
Savannah
880,944
1,025,369
835,932
926,493 -4.9
10,283,166 +26.0
12,956,023
8,843,510
Fla.-Jacks'nvllle
11,567,734 Kitchener
3,466,486
2,625,000
2,832,394
2,601,897 +33.2
19,009,296 +12.5
21.379,234
15,116.498
20,000,005 Windsor
Ala.-Birm'gham
279,176
+13.0
_
_
247.053
Albert_
.
Prince
1,429,484
+28.2
1,833.228
1,506,287
2,242,280
Mobile
858,879
903,662
5.0
1,038,586
604,216 +36.0
821,629
391,227
598,575 Moncton
Miss.-Jackson
489,575
510,480 -4.1
1,100,000
322,046 -32.5
217,404
172,128
290,751 Kingston
Vicksburg --38,994,232 +14.0
44,437,963
34,016,783
59,218,122
La.-New Ornas_
Total(29 cities) 267,914,603 260.849,997 +2.7 305,427,023 329,479,051
a No longer report clearings. b Donut respond to requests for figures. c Week
Total(12 cities) 161,587,644 134,217,148 +20.4 118,984,464 197,063,701
ending May 23. d Week ending may 24. e Week ending May 25. * Estimated.
Second Feder al Reserve D lstrict-New
4,068,335
4,510.761
N. Y.-Albany..
e864,200
Binghamton_
868,500
d45,900,519
39,390,670
Buffalo
475,716
701,489
Elmira
1,047,548
1.096,533
Jamestown..-.
4,045,594,058 4,328,400,000
New York
8,395,431
10,012.919
Rochester
3,220,083
4,501,196
Syracuse
2,495,751
c3,425,772
Conn.-Stamford
544,236
495,935
N. J.-Montclair
•
JUNE 2 1923.1
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 16 1923:
GOLD.
The Bank of England gold reserve against its note issue on the 9th inst.
was £125,696,050, as compared with £125,693,415 on the previous Wednesday. Supplies of gold this week are plentiful, but as India is taking only a
small proportion, the bulk is likely to go to the United States.
The following were the United Kingdom imports and exports of gold
during the month of April 1923:
Imports.
Exports.
Netherlands
£19,725
Belgium
£460
France
28.300
Egypt
2,200
West Africa
90.924
3,399
Java and other Dutch possessions in the Indian seas
2.500
United States of America
517,912
243,110
Various South American countries
1.937
Rhodesia
168,235
Transvaal
3,716.759
British India
1,917,687
'506
Straits Settlements
2.508
Other countries
2,568
8.517
Total
£4,224,499 £2,502.748
The Transvaal gold output for April 1923 amounted to 743,651 fine
ounces, as compared with 761,586 fine ounces for March 1923 and 511.338
fine ounces for April 1922.
A new form of transit for gold is now in force. According to the "Press,'
gold bars valued at £100,000 were carried by aeroplane from London to
Holland on the 11th inst.
SILVER.
Prices were inclined to droop until Saturday, when fresh buying set in for
immediate shipment to Bombay, consignments by tho steamer leaving this
week being considered good for delivery this June settlement in that city.
The energy of these purchases, however, was not sustained at rising quotations, and prices receded, assisted by some China sales. India also sold
silver for forward delivery.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
April 22. April 30. May 7.
Notes in circulation
17416
17337
17300
Silver coin and bullion in India
8365
8326
8446
Silver coin and bullion out of India
_-_Gold coin and bullion in India
2 32
-2432
2432
Gold coin and bullion out of India
Securities (Indian Government)
5757
5755
5755
Securities (British Government)
585
585
585
Bills of exchange
200
200
200
The silver coinage during the week ending the 7th inst. amounted to
6 lace of rupees. The stock in Shanghai on the 12th inst. consisted of about
26.400,000 ounces in sycee, 43,500,000 dollars and 730 silver bars, as compared with 32.100,000 ounces in sycee, 44.000,000 dollars and 1,230 silver
bars on the 5th inst.
The Shanghai exchange is quoted at 3s. 250. the tael.
-Bar Silver, per Oz. Std.Bar Gold,
QuotationsCash,
per Oz. Fine
2 Mos.
May 10
3255d.
89s. 6d.
327-168.
11
327-168.
89s. 5d.
32.5jd.
12
3255d.
325-16d.
14
32 13-16d.
89s. 2d.
32 9-16d.
15
329-168.
88s. lid.
32 5-16d.
16
32 5-16d
88s. lid.
3255(1.
Average
89s. 2.2d.
32.562d.
32.333d.
The silver quotations to-day for cash and forward delivery are, respectively, 55'd. and 5-16d. below those fixed a week ago.
-4
2485
APPLICATIONS TO ORGANIZE RECEPIBD.
' Capital.
3100,000
Correspondent: Frederic L. Gallup, Ypsilanti, Mich.
,
May 22-The Frankfort National Bank. Frankfort, N. Y
50,000
Col..,,,spundent: F. B. Watson. Frankfort, N. Y.
May 24-The First National Bank of Tomahawk, Wis
50.000
Correspondent: V. E. Labbe, Tomahawk. Wis.
May 22-The Peoples National Bank of Ypsilanti. Mich
CHANGE OF TITLE.
May 21-11473 The Growers National Bank of Fresno. Calif., to "First
National Bank in Fresno."
VOLUNTARY LIQUIDATION.
Capital.
May 25-7912 The American National Bank of Sparta, Tenn _ 00.000
Effective May 22 1923. Liquidating committee: J. H.
E.
and
Tubb, Sparta, Tenn.
L.
Potter, J. E. Matlock
Absorbed by the Farmers & Merchants Bank of Nashville, Tenn.
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller &
New York:
Shares. Stocks.
Price. Shares. Stocks.
Price.
4 Home Telephone Co
Sea
Deep
5-100
Fisheries, Inc..
175
1
349 U. S. Indep. Telep. Co
corn. voting trust certifs_ _$51 lot
I
100 Sligo Iron & Steel Co
66 Freeport Texas Co__ _$1334 per alt,
)$20
86 Bartholomay Brewing Co
43 Jersey Coast Ferry Co.. Inc..
I lot
625 Corrigan Air Brake Co
common
$25 lot
1
20 Keokuk & D. M. Ry., prof.
500 Bellevue Theatre Co., cont.$50 lot
$1734 per eh. 400 D. G. Dery Corp., pref..-S100 lot
1001110 & Western Util. Co.7%
630 D.G.Dery Corp., wet_ _ _ _COO lot
cum. pref
$4031 per alt. 2,000 D.G.Dery CorP.,Pref____$500 lot
10 Ohio Utilities Co.7% cum.p1,
$25 lot
80 D.G.Day Corp., pref
PerCe,It.
84331 per eh. Bonds.
40 Roanoke Guano
$150 per do. $20,000 Handley Mfg.Co.6s,1926,
40 Roanoke Guano
$165 per sh. $5,000 each; $5,000 for 32.500;
40 Roanoke Guano
$170 per sh. $5,000 for $2,500: $5,000 for $2,40 Mutual Tire & Rubber CorP-$1 lot
550: $5,000 for $12.550.
sons,
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price. Shares. Stocks.
Price.
10 Ludlow Mfg Assoes, ex-div
146
48
20 New England Co common
6 Pepperell Mfg Co
142
4 Manchester Tr Lt & Pr Co
107
10 Oregon Electric Ry pref
82 25 lot 18 Plymouth Cordage Co
105%
4 Lawrence Gas Co
12234 5 Lawrence Gas Co
12234
43 Boston Belting Corp prat
26
6 American Glue Co common_ ___ 5734
23 Old Dominion Trust($22 pd in)- 20c
1 Library Bureau pref Class -A"_100
1 Greenfield Tap & Die Corp pref- 96
By Messrs. R. L. Day & Co., Boston:
.Shares. clocks.
Price. Shares. Mocks.
Price.
10 Nat Sbawmut Bk, Boston_20734
6 Plymouth Cordage Co
10534
2 Citizens National Bank,
2 Lawrence Gas Co
123
Tilton, N. H
119
4,000 Technicolor Mot Picture
34 Bates Mfg Co
12034
Corp par $1
22 Sanford Mills pre'
10434
200 Andrews Real Est Trust10 Massawippl Valley Rd
60
2,200 Simms hlagneto corn tr
2 Central Vermont Rd
25c
ctfs
100 Hood Rubber Co pref
10334 60,000 Petroleum Corp of Amer- $98,000
14 Montpelier & Barre Lt &
par $5
lot
Pr Co common
4
15,642 Carson Hill Gold Mining
868 Andrews Ill Est Trust._
Co par $1
14,928 Carson 11111 Gold Min$150,000 Petroleum Corp of Am
ins Co par $1
roll tr 75, 1929, lot Ws
1.500 Sierra Pac 13ec Co cons_ $110,000 $6,125 Note of Humboldt Corp
3,000 Technicolor Mot Picture
lot
Oct 13 1921
Corp par $I
$2,009 do dated Sept 22 1921
4.46471 do do Nov 10'24
500 Simms51agnetopftr cgs
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price. Shares. Stocks.
Price.
300 Tonopah Mining Co
17-16
8 Bank N.A.& Trust
28335
43 Indiana Serv cc, preferred
36
10 Mutual Trust
6134
$54 Indiana Service, pref. scrip_ _ 37
Bonds.
Price
192 Indiana Service, common
18 8459 Indiana Service scrip
60
$84 Indiana Service.common scrip_ 18 $100 Indiana Service 5e, scrip
82
10 John C. Winston, par $50
20 $3,500 Indiana Service 3-6%,2020_ 62%
3750 Bully Boy, par $1
$125 lot $3,000 Martinsburg & Charlestown
20 Philadelphia National Bank_ .39934
Gas & Water let 68, 1939
$300 lot
10 Corn Exchange Nat. Bank _420 $1,000 Spring Valley Utilities 65,'43 75
25 Tradesmens National Bank_ _ _288
$1,000 Reading Co.(Phila.& ReadENGLISH FINANCIAL MARKETS-PER CABLE.
25 Union National Bank
ing Coal & Iron Co.) 45, 1997).
230
5 First Nat. Bank of Phila
(certincate of deposit)
274
The daily closing quotations for securities, &c., at London,
8.5
1 Commonwealth Title, Insur5500 Gloucester City, N.J.,5s,'44-100
ance & Trust, par $50
as reported by cable, have been as follows the past week:
$1,000 Township of Chester, Pa.,
399
7 Progress Knitting Mills
1
455s, 1923
9755
London,
Sat.
Mon. Tues.
FM
Wed. Thurs.
2 Victory Insurance, par $50.... 9931 $1,000 City of Gloucester, N. J.,
Week ending June 1.
May 26. May 28. May 29. May 30. May 31. June I.
1 Fire Assn. of Phila., par $50_ _ _33531
58, 1930
9914
Silver, per oz
40 Atlantic Elevated, cum
d 32111s
75
31,000 Manufacturers Club of Phila.
3234
32
3255
314
329is
33 Philadelphia Bourse, pref
6s, 1940
25
Gold, per gine ounce
8055
89
89
89.1
89.2
89.2
89.1
5 Cambria Iron, par $50
$4,000 Atlantic City RR.5345,'29-100%
4134
Consols. 235 per cents
5834
6 Philadelphia & Camden Ferry_11634 $10,000 Burnrite Coal & Briquette
5934
593-4
5934
5834
British, 5 per cents
20
101
Phoenix
Trust
10155
101
10131
101%
88, 1932
4534
5034
British, 434 per cents
9834
9855
9834
9834
9834
French Rentos (in Paris) 1r.
57.75
57.80
57.80
57.75
67.85
FOREIGN TRADE OF NEW YORK-MONTHLY
French War Loan(in Paris)fr.
74.90
74.85
74.80
75.15
75.12
The price of silver in New York on the same day has been. STATEMENT.
Silver in N.Y., pores.(sts.):
Merchandise MOVerlieni at New York.
Domestic
Oustonss'Receipti
9934
9934
9934
lloilday 9934
9955
at New York.
Foreign
6755
6755
6635
Month.
6534
Holiday 66
Imports.
Exports.
1922-23,
MaInntercial and itt tscetialteonSBMO
National Banks.-The
following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
May 21-12377 The Commonwealth National Bank of Boston. capital.
Mass
1,500,000
Conversion of Commonwealth Trust Co. of Boston,
Mass., with main office and three branches located in
Boston, Mass.
President, George S. Mumford;Cashier, Arthur P.Stone.
May 22-12378 The Little Ferry National Bank, Little Ferry,
N. J
25,000
President: Oswald C. Mehrhof.
May 24-12379 The Central Islip National Bank, Central Islip,
N. Y
25.000
President, W. H. Ross; Cashier, Vern L. Furman.
May 26-12380 The Camp Hill National Bank, Camp Hill, Pa..- 50,000
President. Lewis H. Wible; Cashier, Warren A. Sellers.
May 26-12381 The National Bank of Honest Path, Hones, Path,
So. Caro
100.000
Cashier, C. C. Bweetenburg.
APPLICATION TO ORGANIZE APPROVED.
May 26-The National City Bank of Los Angeles, Calif
Correspondent: 1Kalcolm Crowe, 1049 So. Hill St.. Los1,000.000
Angeles, Calif.
1921-22. I 1922-23.
1921-22.
July
117,118,076 104,648,783 115,488,190 112,583.284
August _ _ _ 123,124,817 111,371,583 112,281,501 106,218,873
September 110,716,286 106,610,356108,291,707 110,338,972
October _ _ 161,418,649
98,153,764
November 135,057,828 117,798,726 112,652,804 96,618,132
December_ 133,407,596 113,117,989 121,562,054 98,422,349
January 152,885,893 100,106,930 115,926,692 06,097,239
1922-23.
1921-22.
21,433,606
24,206,605
33,110,469
22,085,528
24,148,678
21,594,980
28,583,026
13,443,167
18,237,808
15,203,273
15,657,373
17,078,066
16,799,063
19,322,717
Total__ _ 33,729,14 762.137,823794,437,832 27,432.613173,162,89 115,741.487
2
Movement
of gold
and silver for the seven months:
Gold Movement at New York.
Month.
July
August _ _ _
September
October _ _
November
December_
January _
Imports.
1922-23,
1921-22.
41,477,046
17,242,484
27,359,677
19,191,637
15,554,118
23,874,168
12.834,516
57,338,204
78,990,710
60.805,487
44,137,381
47,133,681
25,517,561
21,126,622
Total._ 157,533.646 335.049,626
Exports,
1922-23.
1921-22.
Silver-New York.
Imports.
Exports.
1922-23.
1922-23.
$
$
11,000 2,943,013 1,433,533 1,804,046
844,378
1,109,059
19,109
840,243
200 2,729,856
40,117
989,794
760,383
24,718 1,124,000
987,232 1,888,007
550,796
55,583 3,313,047 4,011,973
35,609
286,000 1,753,364 4,273,010
7,715,837
8,397,186
4,408,796 12,315.885 14,420,040
[Vol,. 116.
THE CHRONICLE
2486
DIVIDENDS.
Breadstuffs figures brought from page 2541.-The
Dividends are grouped in two separate tables. In the
statements below are prepared by us from figures collected by
the New York Produce Exchange: The receipts at Western first we bring together all the dividends announced the curake and river ports for the week ending last Saturday and rent week. Then we follow with a second table, in which
since Aug. 1 for each of the last three years have been:
we show the dividends previously announced, but which
not yet been paid.
have
Barley.
Rye.
Oats.
Corn.
TVheat.
Receipts at- I Flour.
The dividends announced this week are:
Chicago
Minneapolis_
Duluth
Milwaukee- _ _
Toledo
Detroit
IndianapolisSt. Louis__
Peoria
Kansas City_ _
Omaha
St. Joseph-
Is.1961bs.lrush. 6018s ash. 58188. bush. 32 Ws bush.481bs. bush.53tbs
968,000
96,000
24,000
408,000
250,000
165,000
81,000
131,000
105,000
67,000
1,150,000
13,000
69,000 283,000
724.000
228,000
95,000
11,000
39,000
47,000
7,0001
83.000
5,000
49,000
24,000
62,000
2,000
28,000
264,000
177,000
39.000
558,000
8,000
394,000
80,000. 508,000
9,000i
229,000
135,000
1,000
13,000
30,000
77,000
158,000
634,000
_
144,000
248,000
171,000
14,000
125,000
120,000
3,708,000
8,318,000
5,509,000
282,000
329,000
335,000
Total wk. '23
Same wk. '22
Same wk. '21
2,637,000
4,653,000
3,870,000
1,896,000
5,853,000
6,552,000
382,000 405,000
650,000 1,616,000
572,000 334,000
Since Aug.11922-23_ ___ 0,375,000373,542,000262,704,000 196.452,0014,308,00046,390,000
1 ,588,000
1921-22._ 118,107.000112,545,000,333,699,000 181,228,000 6,179,00012
1920-21 __ 3,357.006305,559.0001193,571,000 194,804,00025,140,00017,352.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday May 26 1923 follow:
Corn. I
Wheat.
Flour.
Receipts at-
Bushels.
Barrels.
190,000 1,862,000
New York_ _ _
54,000. 546,000
Philadelphia__
545,000
26,000
Baltimore_ _ _ _
3,000
N'Port News_
24,000
Norfolk
61,000
Mobile
73,000
69,000
New Orleans•
186,000
Galveston_
4,145,000
Montreal
48,000
16,000
Boston
Ry"
I Banat.
Oats.
Bushels. I Bushels. I Bushels. Bushels.
244,000, 112,000 227,000
69,000
72,000
48,000;
10,000;
22,0001
61,000
,
,
43,000
17,000
12,000;
21,000,
107,000;
I
I
472,0001
537,000; 208,000
57,000
95,000,
2,000;
26,000
732,000'
996,000' 320,000 414,000
Total wk. '23 419,000 5,729,000
Since Jan.1'2310,471,000 88,163.000 29,156,000; 14,654,000, 4,290,00015,791,000
i
500,000 5,490,000 3,304,000; 3,106,000, 618,000 986,000
Week 1922_ _ _
Since Jan.1'2210,092,000 69,499,000 79,323,000; 23,850,000; 6,030,000 9,957,000
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 26 1923, are shown .in the annexed
statement:
Exportsfrom-
Barley, Peas,
Corn, Flour,
Oats,
Wheat,
Rye,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels Bushels,
1,176,321
New York
48,000
Boston
252,000
Philadelphia
284,000
Baltimore
Norfolk
24,000
Newport News
Mobile
New Orleans_ _ _ _ 199,000
336,000
Galveston
1,878,000
Montreal
286,393 263,292
37,000 21,000
60,000 12,000
121,595
80,000
70,000
81,000
3,000
12,000 61,000
53,000 61,000
17,000
7,000
140,000
402,000
203,081 117,311
456,000
43,000
26,000
12,000 132,000
Total week 1923_ 4,297,321 448.393 561,292 778,595 740,081 249,311
3.982.678 1,791,326 314.609 1,644,645 1,262,393 435,153
Week 1922
The destination of these exports for the week and since
July 1 1922 is as below:
Flour.
Exports for Week
and Since
Week
Since
May 26 July 1
July Ito1923.
1922.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
BrIt.No.Am.ColsOther Countries__
Wheat.
Week
May 26
1923.
Corn.
Since
July 1
1922.
Week
May 26
1923.
Since
July 1
1922.
Barrels.
Bushels.
Bushels. Bushels. Bushels.
5,004,053 1,825,866 88,113,238 209,383 28,714,436
6,614,725 2,434,455 195,955,748 170,010 51,300,322
41,000
420,000
497,332
21,000
63,000 1,690,700
32,000
1,384,800
48,700
4,000
6,000
24,000
924,105
16.000 2,781,000
55.405
Barrels.
132,512
157,375
57,000
159.000
561.29214,429,015 4,297.321 287,302,816 448,393 81.819.158
314,609 13,190,562 3,982,678 249,910.784 2.791,326 133881596
Total 1923
Total 1922
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, May 25, and since July 1 1922 and 1921,
are shown in the following:
Corn.
Wheal.
Exports.
may5.
Wee1
1922-23.
1921-22.
1922-23.
Since
July 1.
Since
July 1.
Week
May 25.
1921-22.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
North Amer- 7,769,0 402,339,000 374,676,000 690,000 85,675,000143,664,000
6,819,000 4,416,000 390,000 6,157,000 13,522,000
Russ. de Den.
Argentina_ _ 3,512,000126,593,000 96,070.000 2,112,000 105,436,000105,497.000
Australia__ 1,088,00 43,836,000 104,328,000
712,000
720,0001 11,676,000
India
4,751,000 12,153,000
Oth. countr s
13,089,000 591,263,000580,202,000 3,192.000 02,019,000274,836,000
Total
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Maturity.
June 15
Sept.15
Mar. 15
Mar. 15
June 15
Dec. 15
Sept. 15
Int.
Bale.
1924...
1924_ _
1925....
1926__
1923._ _
1925._ _
1923...
Bid.
Asked.
10034
10134
100516
100hs
99151
9934
ouita,
100%
10114
10071,
100,14
100
9934
Maturity.
Sept. 15
June 15
Dec. 15
Dec. 15
Sept.15
Mar.15
Mar. 15
1926_ _ _
1925_
1927_
1923_ _ _
1923_
19241927.....
Int.
Rate,
Bid,
4,7(% 9874
474.7 99131.
434
9974
4%
997111
434% 100
414% 1011
4% 10044
41,
Asked.
9934
100
9974
100
10044
10014
10074
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
*474 July 1 *Holders of rec. June 15
Albany & Susquehanna
June 30 June 21 to July 1
3
Atlanta & West Point
•50e. July 2 *Holders of rec. June 15a
Beech Creek (quar.)
June 30 Holders of rec. May 31a
274
Boston & Albany(quar.)
June 25 Holders of rec. June 190
5
Chicago Burlington & Quincy
June
30 June 20 to July 1
2
preferred
1st
Southern,
&
Colorado
July 2 *Holders of rec. June 90
1
Lackawanna RR.of N.J.(quar.)
174 July 2 Holders of rec. June 15
Louisiana & Northwest (quar.)
*82.50 July 2 *Holders of rec. June 15a
New York & Harlem, corn. & pref
13,4 July 2 Holders of rec. June 14a
N. Y.Lackawanna .4 Western (quar.)_ _
Pittsb. Ft. Wayne & Chic., corn.(guar.) *134 July 2 *Holders of rec. June 11
July 3 *Holders of rec. June 11
Preferred (quar.)
*81.50 July 2 *Holders of rec. June 15a
Pittsb. MeKeesp. & Youghiogheny
WY 10 June 21 to June 30
274
(quar.)_
Cos.
Canal
&
RR.
J.
United N.
274 July 2 Holders of rec. June 210
Valley RR.(New York)
June 30 June 21 to July 1
3
Western Ry.of Alabama
Public Utilities.
134 July 2 Holders of rec. June 9
Bangor Ry. & Elec., pref.(guar.)
Holders of rec. June 208
Citizens Passenger Ry.,Phila.(quar.)... $3.50 July 1 Holders
of rec. June 30
74 July 16
Colorado Power, cons. (guar.)
of rec. May 31
Holders
15
June
13,4
Preferred (quar.)
174 June 1 Holders of rec. May 23a
Connecticut Power, preferred (quar.)
rev. June 15
Consolidated Gas of N. Y., pref.(qu.) *8774 c Aug. I *Holders of
*S3 June 3 *Holders of rec. May 31
Continental Pass. Ry., Philadelphia_
June 15 Holders of rec. June 8a
Equitable 111. Gas Light of Phila., pref -- 3
174 June 1 Holders of rec. May 15a
Federal Utilities, preferred (quar.)
1
Frankf.* Southwark Pass. Ry.(quar.)_ $4.50 July 1 June 2 to July
$1.31 July 3 Holders of rec. June 12a
Germantown Pass.Ry.,PhIla.(quar.)
11
June
rec.
of
Holders
2
July
174
Huntington Devel.de Gas,pref.(quar.)_
$2 June 15 Holders of rec. May 31
Kansas City Pow.Securities,corn.(qu.)
$1.25 July 2 Holders of rec. June 30
Preferred (quar.)
1
July 2 Holders of rec. June 200
Kentucky Securities Corp., common_
114 July 16 Holders of rec. June 296
Preferred (quar.)
1 Holders of rec. May 18a
June
Louisville Gas &Elec.of Del., pref.(qu.) 174
•2
July 2 *Holders of rec. June 18
Manila Electric Co.,common (guar.).
Holders of rec. June 9
2
July
174
171.(qu.)
SanFran.,
prior
Ry.,
Market St.
National Power Securities Corp.,com__ _ $3.50 June 5 Holders of rec. June 1
•$1.50 July 1 *Holders of rec. June 15
Northwestern Telephone
•1
June 15 *Holders of rec. June 1
Rochester & Syracuse, pref. (quar.)_
July 1 June 2 to July 1
Second & 3d Ste.Pass.Ry.,Phila.(qu.)_ $3
Tennessee Elec Power 7% 1st pf.(qu.). 134 July 2 Holders of rec. June 9
174 July 2 Holders of rec. June 9
Six per cent first preferred (quar.)_ _ _ _
174 July 2 Holders of rec. June 20a
Tr -City Sty.& Light, pref.(quar.)
•$4.75 July 2 *Holders of rec. June 15
Union Passenger My,Phila.- Aug. 1 *Holders of rec. July 15
United Light & Rys., common (guar.). _
•3,4 Aug. 1 Holders of rec. July 15
Common (extra)
Aug. 1 Holders of rec. July 15
6% first pref.(quar.)
July 2 Holders of rec. June 15
West Philadelphia Passenger Ry
Banks.
Commerce, National Bank of (guar.)._ _
3
July
3 Holders of rec. June 15a
Miscellaneous.
*75e. July 2 *Holders of rec. June 15
Advance-Rumely, pref. (guar.)
2 Holders of rec. June 15
Allied Chemical& Dye Corp.,prof.(qu.) 134 July 2
*Holders of rec. June 15
July
Amer. Car & Foundry,common (anat..). •3
*Holders of rec. June 15
2
July
'134
Preferred (:91an)
134 July 2 Holders of rec. June 13a
American Can, preferred (quar.)
of rec. June 30
*Holders
15
July
*50c.
(quar.)
corn.
Mill,
Rolling
Amer.
'134 July 1 *Holders of rec. June 15
Preferred (guar.)
174 July 2 Holders of rec. June 9a
American Tobacco, preferred (quar.)
13,4 June 15 Holders of rec. June la
Belding-Corticelli, Ltd.. pref.(guar.).- _
June 15 Holders of rec. June la
Boston Woven Hose & Rub., corn.(qu.) $1
June 15 Holders of rec. June la
3
(guar.)
Preferred
2
1 Holders of rec. May I40
June
Bristol Mfg.(quar.)
June 1 Holders of rec. May 14a
2
Extra
Holders of COUP. No.96n
30
June
4
_
_
_
ordinary_
Tobacco,
-American
British
174 July 2 Holders of rec. June 20
Bucyrus Company, preferred (quar.)/174 July 2 Holders of rec. June 20
Pref. (extra) (account accum. divs.)
174 June 1 May 22 to May 31
Buda Company, preferred (quar.)
174 July 2 Holders of rec. June 15
Canadian General Electric (quar.)
June 30 Holders of roe. June 15a
174
(quar.).
common
Company,
Celluloid
Aug. 15 Holders of rec. July 31a
2
Preferred (guar.)
Chicago Mill & Lumber. pref. (quar.)_ _ *13I July 2 *Holders of rec. June 23
•$1.75
(quar.)
coin.
Company,
Coca-Cola
rec. June 1
Colonial Finance Corp.,corn.(quar.)__ 250. July 2 Holders of
2
July 2 Holders of rec. June 1
Preferred (quar.)
Holders
rec. June 206
of
1
July
134
Continental Can, Inc., pref.((Mar.).
3774c. June 15 June 2 to June 15
Cooper Corporation,Class A (quar,)__
16 to July 2
*June
2
July
50c.
(guar.)...•
common
Typewriter,
Corona
July 2 *June 16 to July 2
*2
First preferred (guar.)
July 2 *June 16 to July 2
Second preferred (guar.)
30 June 16 to July 1
Bldg.
E.
June
(quar.)... 1
Cramp (William) S.&
of rec. June 150
Detroit & Cleveland Navigation(quar.)_ $1 July 2 Holders
2 Holders of rec. June 2
July
(quar.)
3
Corporation
Draper
rev. June 15
of
*Holders
*65c. July 1
Eaton Axle & Spring (No. 1)
174 July 2 Holders of rec. June 20
General Railway Signal, pre/.(guar.)_ •1%
roe. May 31
of
*Holders
10
une
Co.,
(guar.)._
common
Globe-Wernicke
June 10 Holders of rec. May 31a
Golden Cycle Mining & Reduction (qu.) 2
2
June 1 Holders of rev. May 25
Guffey-Gillespie Gas Prod., pref.(attar.)
Hanna Furnace, preferred (quar.)
2
June is June 6 to June 15
18
Hart, Schaffner & Marx, Inc., pt. 0111.7- •134 June 30 *Holders of rec. June
1
18 Holders of rec. May 31
June
Gold
Ltd
Mines,
11olUnger Consol.
•1y,i uly 16 *Holders of rec. ,June 25
Internat. Harvester, corn.(quar,)
uly 25 Holders of rec. June 10
Interstate Royalties Corp.(monthly)__. le
uly 2$ Holders of rec. June 10
le
Extra
•174 uly 2 *Holders of rec. June 15
Jones & Laughlin, pref. (quar.)
•1).‘
(qum.).
uly 2 *fielders of rec. June 15
Tobacco,
pref.
Liggett & Myers
'134 July 2 *Holders of rec. June 15
Monett Sugar, Pref. (guar.)
2 *Holders of rec. June 20
pref.
Works,
July
(au).....
Alkali
'134
Mathieson
Middle States 011 (quar.) (in swa)._ enc. July 1 Holders of rec. June 10
0100. July 1 Holders of rec. June 10
Extra (payable in stock)
June 20 Holders of rec. June 11
2
Motor Wheel Corporation (quar.)
July 1 *Holders of rec. June 20
*3
National Grocery, preferred
June 1
National Storm Corp., 1st pref.(qu.)._ _ 2
*274 July 16 *Holders of rec. July 6
New York Dock, pref
July 16 Holders of rec. July 7
Nova Scotia Steel & Coal, pref.(quar.)_ 2
1)....
Co.
(No.
Development
July 16 *Holders of rec. June 30
•100.
Oil Lease
Pierce-Arrow Motor Car, prior pret.(qu.) •$2 July 2 *Holders of rec. June 15
82 June 1 Holders of rec. may 19
Package Machinery. Common (quar.)_
174 Aug. 1 Holders of rec. July 20
Preferred (quar.)
*$1 June 30 *Holders of rec. June 20
Peerless Truck & Motor(quar,)
corn.
Mills,
(guar.)._
Paper
174 July 2 Holders of rec. June 15
Provincial
134 July 2 Holders of rec. June 15
Preferred (quar.)
(quar.)
Pref.
534%
Co.
1 74 July 1 Holders of rec. June 15
Pure 011
2
July 1 Holders of rec. June 15
8% preferred (guar.)
134 July 1 Holders of rec. June 15
6% preferred (quar.)
(guar.)._
stocks
B
&
A
174 July 1 Holders of rec. June 11
Reynolds Spring.
25c. Sept.20 Sept. 9 to Sept.20
St. Joseph liely±
250.
Sept.20 Sept. 0 to Sept.20
Extra
25c. Dec. 20 Dec. 0 to Dec. 20
Quarterly
25e. Dec. 20 Dec. 9 to Dec. 20
Extra
2
July 1 Holders of rec. June 158
Schulte Retail Stores, pref. (quar.)
131 July 1 Holders of rec. June 15
Sears, Roebuck & Co., pref. (quar,)
(guar.)...
pref.
Sugar,
Rico
2
July 2 Holders of rec. June 15
Porto
South
July 2 Holders of rec. June 15a
2
South West Pa. Pipe Lines (guar.)
Standard Oil (Kentucky)(guar.)
nt July 2 *June 16 to July 2
4.1,‘
JUNE 2 1923.]
Name of Company.
Miscellaneous (Concluded).
Sullivan Machinery (guar.)
Swift & Co. (quar.)
Texas Pacific Coal & OU (guar.)
Tuckett Tobacco, Ltd., common(qua
Preferred (guar.)
United Dyewood, common (guar.)...
Vesta Battery, Pref. (guar.)
Vulcan Detinning, Prof. dc Prof. A (qua_
Wanner Malleable Casting, Cl. A, corn_
Western Canada Flour Mills (guar.).Yale dr Towne Mfg.(quar.)
Youngstown Sheet az Tube,corn.(qu.)
Preferred (guar.)
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
a$1 July 16 *Holders of rec. June 30
July I Holders of rec. June 9
2
• 25c. June 30 Holders of rec. June 6
1
July 14 Holders of rec. June 30
134 July 14 Holders of rec. June 30
•34.6 July 2 *Holders of rec. June 15
134 June 1 Holders of rec. May 20a
'a% July 20 *Holders of rec. July 9
*6234c July 1 °Holders of rec. June 15
2
June 15 June 6 to June 15
$1
July 2 Holders of rec. June 10
*31.25 June 30 Holders of rec. June 150
13.4 June 30 Holders of rec. June 150
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week,these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days !nasals..
Railroads (Steam).
Alabama Great Southern, ordinary
314 June 28 Holders of rec. May 25
Preferred
3/4 Aug. 18 Holders of rec. July 13
Atlantic Coast Line RR.,common
334 July 10 Holders of rec. June lila
Buffalo dr Susquehanna,common(guar.) 134 June 30 June 18 to July 1
Common (extra)
234 June 30 June 16 to July 1
Preferred (guar.)
June 30 June 16 to July 1
2
Canadian Pacific. common (guar.)
234 June 30 Holders of rim. June 1
Chesapeake & Ohio, common
2
July 1 Holders of rec. June 80
Preferred
334 July 1 Holders of rec. June 80
Chestnut Hill (guar.)
75e. June 4 May 20 to June 3
Chicago Rock Island & Paz..6% pref.._ 3
June 30 Holders of rec. June 8a
7% preferred
334 June 30 Holders of rec. June 8a
Ctn. N.0.az Texas Pacific, corn
3
June 26 Holders of rec. June 80
Common (extra)
334 June 26 Holders of rec. June 8a
234 June 20 Holders of rec. May 28a
Delaware dr Hudson Co. (guar.)
Erie & Pittsburgh (quar.)
134 June 9 Holders of rec. May 31 a
134 June 15 Holders of rec. June ha
Fonda. Johnstown & Glov., pref.(qu.)_
2
Hocking Valley
June 30 Holders of rec. June 80
2
Illinois Central, leased lines
July 4
July 1 June 12 to
234 Aug. 10 Holders of roe. July his
Louisville & Nashville
Mobile dr Birmingham, preferred
2
July 2 June 2 to July 1
Monis & Essex
11.75 duly 2 June 8 to June 27
Norfolk & Western, corn. (quar.)
134 June 19 Holders of rec. MAY 31a
Phila. Germantown & Norristown (qua _ 3
June 4 May 20 to June 3
Reading Company, 1st pref.(quar.)
50o. June 14 Holders of rec. May 28a
Second preferred (guar.)
50o. July 12 Holders of rec. June 25a
St. Louis Southwestern, pro'.(quar.)..
_
134 July 2 Holders of rec. June 16a
Sharon Railway (semi-annual)
1.3734 Sept. 1 Aug. 22 to Aug. 31
Southern Pacific (guar.)
134 July 2 Holders of rec. May 31a
Union Pacific, corn. (guar.)
234 July 2 Holders of rec. June la
Public Utilities.
Amer. Telephone dr Telegraph (quar.).. 234 July 16 Holders of rec. June 20a
Associated Gas & Elec., Pref.(guar.)880. June 30 Holders of rec. June 15
Brooklyn Union Gas(guar.)
2
July 2 Helders of rec. June 140
Central Ill. Pub. Serv., pref. (quara--- 134 July 14 Holders of rec. June 30a
Columbus RY., Pow.& Lt., corn.(qua - 1% June 15 Holders of rec. May 31a
Common (guar.)
13.4 Sept. 1 Holders of rec. Aug. 16a
Common (guar.)
1
Dec. 1 Holders of rec. Nov.15a
Preferred, Series A (guar.)
134 July 2 Holders of rec. June 150
Preferred. Series A (guar.)
134 Oct. 1 Holders of rec. Sept.15a
Preferred, Series A (guar.)
134 Jan2'24 Holders of rec. Dec. 15a
Preferred, Series B
114 Aug. 1 Holders of rec. July 16a
Preferred, Series B
234 Nov. 1 Holders of rec. Oct. 160
Consul.Gas El. L.& P., Balt.,com.(41.1.) 2
July 2 Holders of rec. June 15a
Preferred Series A (guar.)
2
July 2 Holders of rec. June 15a
Preferred Series B (quar.)
154 July 2 Holders of rec. June 150
Consolidated Gas of N.Y.. corn.(guar.) 51.25 June 15 Holders of rec. May 10a
ConsumersPower(Mich.),7% pref.(qu.) 184 July 2 Holders of rec. June 15a
Six per cent preferred (Qum.)
134 July 2 Holders of rec. June 15o
aso Elec. Co.,cons.(quar.)
2% June 15 Holders of rec. June la
Illinois Bell Telephone (guar.)
June
off rec.jo
2
June 30 Holders o
Kansas City Pow.& Lt., 1st pt. A (qu.) 11( July 2 Holders
roe.
Laclede Gas Light, common (guar.) -- 134 June 15 Holders of rec. June la
Preferred
234 June 15 Holders of rec. June la
Mackay Companies, common (quiz.).. 1% July 2 Holders of rec. June 6a
Preferred (guar.)
1
July 2 Holders of rec. June 6a
Massachusetts Lighting Coe., com.(gu.) 35e. June 5 Holders of rec. May 22a
Middle West Utilities, prior lien (guar.)- 134 June 15 Holders of rec. May 31
Montana Power. common (guar.)
a
e Ho
ec:lune
of ;av
1
July 2 Ho
Holders of
Preferred (guar.)
114 July 2
New England Telep. & Teleg. ((Mar.)- 2
June 30 Holders of rec. June ha
Newport News & Hampton
Ky., Gas & Electric, pref.(guar.).
iSa
roe.
New York Telephone, pref.(guar.) - 134 1U11; 18
June
off rec. juenee
ers
e°
Ilci
el ger
Niagara Falls Power, common (quar.)_ _
134 June 15 Holders of rec. June 8
Preferred (guar.)
1/1., July 16 Holders of rec. June 30a
North Shore Gas. preferred (guar.)
- 1,1 July 1 Holders of rec. June 20
Preferred (guar.)
134 Oct. 1 Holders of roc. Sent.20
Northern Ohio Tr. dr Lt.6% pi.(qu.)_ _
134 July 2 Holders of rec. June 15
Seven per cent pref. (guar.)
131 July 2 Holders of rec. June 15
Ohio Bell Telephone, pref. (guar.)
134 July 1 Holders of rec. June 20a
Pennsylvania Water & Power (guar.)- 134 July 2 Holders of rec. June 15a
Philadelphia Electric, common (guar.)
50e, June 15 Holders of reo. May 184
Preferred (guar.)
50c. June 15 Holders of rec. May 150
San Joaquin L. dr P. Corp., Pref.(qua:) 134 June 15 Holders of rec.
May 31
Prior preferred (guar.)
134 June 15 Holders of rec. May 31
Standard Gas & Electric, corn.(NO. 1)... 82340 July 25 Holders of roe. June 30
Pref.(guar.)
2
Juno 15 Holders of rec. May 31
Tennessee Electric Power,8% prof.(qtr.) 134 July 2 Holders of rec. June 9
Seven per cent preferred (qWII.)
134 July 2 Holders of rec. June 9
United Gas Improvement, Prof. (guar.) 87340, June 15 Holders of rec. May 31a
United Light & Railway eParticipating preferred (extra)
34 July 2 Holders of rec. June 160
Participating preferred (extra)
34 Oct. 2 Holders of rec. Sept.150
Participating preferred (extra)
14 Jan2'24 Holders of rec. Dec. 16a
Virginia Ry.& Power, preferred
31
20
West Penn Co., common (guar.)
ee. iSa
.June
June
iu"f;r
of e.
uy
Holders
ft
West Penn RYs.. Prof. (guar.)
June 15 Holders of rec. June 1
Worcester Electric Light
$3
June 30 June 21 to July 1
Extra
$8
June 30 June 21 to July 1
134
Fire Insurance
North River (guar.)
The. June 15 June 10
to
June 15
Miscellaneous.
Acme Coal Mining (new 810 par stock).
Ahmeek Mining
Amalgamated Sugar, preferred
American Art Works,corn.& pref.(qua American Bakery, corn. Mara
Amer. Beet Sugar, pref. (guar.)
American Locomotive, corn.((Mara
Preferred (guar.)
American Machine & Foundry (qua:.)..
Quarterly
Quarterly
American Pneumatic Service, 2d prat
American Radiator. common (quar.).__
Amer. Sales Book, common
Preferred (quar.)
American Stores (payable in stock)
Amer. Sugar Refining, pref. (guar.)._
American Woolen,corn,and Prof.(guar.)
Anaconda Copper Mining (quar.)
Armour & Co. of Del., pref. (guar.).
200. June 5 Holders of rec. May 26
81.50 June 15 Holders of rec. May 2
$10 June
Holders of rec.dMay 3Ia
134 July lt Holders of rec. June 30a
14 LT; 15 Holders of rec. June 2
2 Holden of rec. June 9a
234 June 30 Holders of rec. June 8a
134 June 30 Holders of rec. June 8a
13,4 July 1 Holders of rec. June la
134 Oct. 1 Holders of rec. Sept. la
134 Jan 1'24 Holders of rec. Dec. is
600. June 30 Holders of rec. June 9
$I
June 30 Holders of rec. June 15a
July 3 Holders of roe. June 154
134 Aug. 1 Holders of rec. July 15a
e700 June 15 oNlay 29 to June 15
134 July 2 Holders of roe. June la
154 July 18 May 15 to May 18
The. July 23 Holders of rec. June 16
154 July 2 June 16 to July 1
Name of Company.
2487
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Continued).
134 July 2 June 16 to July 1
Armour & Co. of ill., pref. (guar.)
I
June 15 Modem of rec. May 21a
Atlantic Refining, coin.(guar.)
1
June 15 Holders of rec. June 5a
Atlantic Terra Cotta, pref. (guar.)
Atlas Powder,COM.(guar.)
3
June 11 Holders of rec. May 31a
2
June 15 Holders of rec. June 12a
Autocar Co., pref. (guar.)
75c. June 15 June 1 to June 10
Auto-Knitter Hosiery (guar.)
Baldwin Locomotive Works, conc. & pf. 3% July 2 Holders of rec. June 20
1% July 2 Holders of rec. June la
Bethlehem Steel, common (guar.)
Seven per cent cum. pref. (quiz.).... 1% July 2 Holders of rec. June 15a
Holders of rec. Sept. 156
Seven per cent cum. pref. (quar.).... 1% Oct.
2 Holders of roc. Dec. 15a
Seven per cent cum. pref. (quar.).... 154 Jan2'24
Holders of rec. June 15a
Seven per cent non-cum. pref. (qua:.) 154 July
Seven per cent non-cum. pref. (guar.) 114 JOcoot2..21 Holders of rec. Sept. 150
Holders of rec. Dec. 15a
Seven per cent non-cum. pref. (quar.)
34
July 2 Holders of rec. June 15a
Eight per cent preferred (guar.)
2
Oct. 1 Holders of res. Sept. 150
Eight per cent preferred (guar.)
une
2'2
15
4 Holders of rec. Dec. 150
Eight pet cent preferred (quar.)
Jan
2
1m j
Holders of rec. June 10
Borden Co.. preferred (guar.)
Bridgeport Machine Co. (guar.)
260. July 1 Holders of rec. June 20a
Quarterly
250.
25o. Oct. 1 Holders of rec. Sept. 20a
Quarterly
Jan 1'24 Holders of rec. Dec. 20a
250. Apr1'24 Holders of rec. Mar. 20a
5 Holders of rec. Apr. 21
Buckeye
a1.75 June 12
QuarterlyPipeLine (quar.)
Burroughs Adding Machine (quiz.).... 2
June30 Holders of rec. June 20
Holders of rec. June lEa
BushTerminal Bldgs., Prof.(guar.).- 114 July
California Packing Corp.(guar.)
uiye 12
5 Holders of rec. May 3I0
.50 Jtin
$1134
Holders of rec. June 20a
California Petroleum, pref. (quar.)- -Calumet az Arizona Mining (guar.)
9
$ 0 June 25 Holders cf rec. June Sa
Calumet & Heels Mining
15
1 Holders of rec. Apr. I4a
2
Holders of rec. June 22
Canadian Oil. preferred (guar.)
July
Carter (William) Co., met.(quar.)
1 Holders of rec. June 9a
l
fu
% June 15
Case (J. I.) Thresh. Mach. pref.(qu.)._
Holders of rec. June Ila
July
Holders of rem July 164
Checker Cab Mfg.. Class% (guar.)
21.25 Ag.
Class
Holders of rec. Oct. 15a
$1.25 Nov.
Class A(du
citiftr
ar..)
)
1%
.25 Febl'24 Holders of rec. Jan15•24a
$1
Chesebrough Mfg. corn. (quar.)
3% June 30 Holders of rec. June 9
Preferred (guar.)
June 30 Holders of rec. June 9
Chicago Yellow Cab (monthly)
33 I-3c July 1 *Holders of rec. June 20
Childs Co..common (guar.)
June 11 May 29 to June 11
2
Preferred (guar.)
134 June 11 May 29 to June 11
Chili Copper (guar.)
62.14c June 30 Holders Of reo. June 2
Cities ServiceCommon (monthly, pay. in cash scrip) Q34 July 1 Holders of roe. June 154
Common (pay.In corn. stock scrip)
134 July 1 Holders of rec. June 150
Preferred and pref. B (monthly)
% July 1 Holders of rec. JAW 156
City Investing,co mmon (guar.)
2% July 2 Holders of rec. June 27
Preferred (guar.)
1% July 2 Holders of rec. June 27
Cleveland Stone(quar.)
1% Sept. 1 Holders of rec. Aug. 15
Extra
% Sept. 1 Holders of rec. Aug. 15
Computing-Tabulating-Record. (guar - 1% July 10 Holders of rec. June 224
Congoleum Company, common
$4
July 16 Holders of rec. July 76
Connor (John T.) Co.,corn.(quar.)._.. 50c. July 2 Holders of rec. June 19
Preferred
3% July 2 Holders of rec. June 19
Continental Oil (guar.)
50c. June 15 May 26 to June 15
Crane Co.. corn. (guar.)
I
June 15 Holders of rec. June la
Preferred (guar.)
1% June 16 Holders of rec. June la
Crescent Pipe Line (guar.)
3734e. June 1 May 26 to June 15
Crucible Steel, preferred (guar.)
134 June 30 Holders of rec. June 1545
Cuban American Sugar, prof.(quiz.)... 134 July 2 Holders of rec. June 16a
Dalton Adding Machine, pref. (quar.).. 114 July 2 June 21 to July 1
Davis Mills (guar.)
1% June 28 Holders of rec. June 90
Davol Mills (quar.)
1% July 2 Holders of rec. June 26a
Dominion Glass, corn.& pref.(quara_ _ _
134 July 3 Holders of rec. June 16
Dominion Iron & Steel. pref.(guar.)-- 1% July 2 Holders of rec. June 15
Dominion Stores. Ltd., common
50e. Oct. 1 Holders of reo. Sept. 1
Douglas-Pectin Corp.(guar.)(No. 1).
25e. July 1 Holders of rec. June 156
du Pont(El.)de Nem.& Co..com.(qu.) 1% June 1 Holders of rec. June 56
Debenture stock (guar.)
134 July 25 Holders of rec. July 106
durPro
ofnorr
t(E
ed.1l
uar
ode
Powd,com.(qua 1% Aug.
Holders of rec. July 204
Holders of rec. Jug, 203
114 Aug.
Eastman Kodak,corn.(guar.)
Holders of rec. May 31a
$1.2 July
Cr
r.oof
mo,fr
mood
n (ex
foo
trar
Holders of rec. May 31a
a)
.)
750. July
Holders of rec. May 31
134 July
Elsenlohr (Otto) dr Bros.. pref.(qua:,).. 1,4 June 3 Holders of rec. June 206
Elk Horn Coal Corp., preferred
750. June I Holders of rec. June la
Famous Players-Lasky Corp..coin.(qua 2
July 2 Holders of rec. June 1545
Federal Mining dr Smelt, pref. (guar.)
134 June 1 Holders of rec. May 260
Fleishmann Co.. corn. (guar.)
50c. July 1 Holders of rec. June 15a
Common (extra)
*500. July 1
Common (quar.)
Holders of rec. Sept. 156
60o. Oct.
Common (extra)
*50c. Oct. 1
Common (guar.)
50o. Jan1'24 Holders of roe. Dec. 150
Foundation Co., common (guar.)
$1.50 June 1 Holders of rec. June 16
Preferred (guar.)
$1.7 June 15 Holders of rec. June 1
Galena-Signal Oil corn. (quar.)
June 3 Holders of rec. May 316
$1
Old and new pref.(guar.)
2
June 3 Holders of rec. May 316
General Cigar, debenture pref.(qua:.)._ 1% July
Holders of rec. JUDE 250
General Electric (guar.)
July 1 Holders of rec. June 6a
2
Special stock (guar.)
15e. July 1 Holders of rec. June 63
General Motors Corp., corn.(quiz.).... 30c, June 1 Holders of rec. May 210
Six per cent preferred (guar.)
Holders of rec. July 96
134 Aug.
Six per cent debenture stock (guar.)-- 1% Aug.
Holders of rec. July 9s
Seven per cent debenture stock (guar.) 1% Aug.
Holders of rec. July 9a
Glen Alden Coal
ae2
June 2 'Holders of rec. June 1
Globe Soap, corn. (guar.)
1
June I June I to June 15
First,second and special Prof• (quiz.). 134 June 1 June 1 to June 15
com
Goodftch
Sto
(e
.F
T3lear
oa..pp
hre
(q.
ua
(g
r.)
*Holders of rec. June 30
uar
81% July
Holders of rec. June 2I6
134 July
Gossard (H. W.) Co.. corn.(monthly)...
Holders of rec. June 20
25e. July
Common (monthly)
Holders of rec. July 20
250. Aug.
Common (monthly)
Holders of rec. Aug. 20
250. Sept.
Grasselli Chemical, corn. (quar.)
June 30 Holders of rec. June 1545
2
Preferred ((Mar.)
1% June 3 Holders of rec. June 15a
Great Atl. & Pacific Tea, corn.(quar.),. The. June 15 Holders of rec. June la
Great Western Sugar, corn.(guar.)
sei
'Holders of roe. June 15
July
Preferred (guar.)
*Holders of rec. June 15
•134 July
Greenfield Tap & Die, pref.(guar.)._ 2
July 2 Holders of rec. June 156
Guantanamo sugar. Prof. (guar.)
2
JU1Y 2 Holders of rec. June 156
Gulf States Steel, corn. (guar.)
July
Holders of rec. June 153
1
Firzt and tecond preferred (guar.)
1,4 July 2 Holders of rec. June 15a
First and second preferred (quar,)
114 Oct.
Holders of rec. Sept. 146
First and second preferred (quar.)
134 Jan2'24 Holders of rec. Dec. 144
Harblson-Walker Refract., pref.(guar.). 134 July 2 Holders of rec. July 106
Hayes Wheel (guar.)
75c. June 15 Holders of rec. May 310
Heels Mining (guar.)
50e. June 15 Holders of rec. May 16a
Holly Oil (No. 1)
$I
June 11 Holders of rec. May 31
Hudson Motor Cm (guar.)
50c. July 2 Holders of rec. June 224
Extra
250. July 2 Holders of rec. June 226
Humphreys 011 (guar.)
75c. June 15 Holders Of rec. May 310
Extra
260. June 15 Holders of roc. May 310
Illinois Pipe Line
8
June 30 June 1 to Juned28
inland Steel, pref.(guar.)(No. 1)
1% July 1 Holders of rec. June 156
Inspiration Cons. Copper (quar.)
50c, July 2 Holders of rec. June 140
Internat. Cement Corp.,common (quar.) 75c. June 30 Holders of rec. June 1545
Preferred (guar.)
1% June 30 Holders of rec. June 15a
International Salt (quar.)
1% July 1 Holders of rec. June 150
Intertype Corp., com.(In corn. stock)_ 110
Nov. 15 Holders of rec. Nov. la
Isle Royale Copper
60c. June 15 Holders of rec. may
Kennecott Copper (guar.)
760. July 2 Holders of rec. June 8
Kresge (S. S.) Co., corn. (guar.)
2
July 2 Holders of rec. June 154
Preferred (guar.)
1% July 2 Holders of rec. June 154
Lehigh Valley Coal Sales (guar.)
82
July 2 Holders of rec. June 14
Lindsay Light, preferred (guar.)
134 Aug. 10 Holders of rec. Aug. 76
Preferred
15( Nov. 8 Holders of roe. Nov.. 50
referred (qua:.)
134 Febll'24 Hold•rs of rec. Feb.7 240
gear.)
May Department Stores. corn.(gum.)
2% Sept. 1 Holders of rec. Aug. 153
Preferred (guar.)
114 July 2 Holders of rec. June 15a
Preferred (qua:.)
114 Oct. 1 Holders of rec. Sept. 150
McCord Radiator & Mfg., el. A (qua
75e. July 1 June 21 to July 2
Extra (for month of March)
25e. July I June 21 to July 2
Mergenthaler Linotype (guar.)
234 June 30 Holders of rec. June 6a
2488
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Midwest 011. pref. (guar.)
lig June 30 Holders of rec. June 9a
Mohawk Mining
June 14 Holders of rec. May 19
81
Montgomery Ward di Co. pref.(guar.) _ 1% July 1 Holders of rec. June 20a
Montreal Cottons, corn. (guar.)
I% June 15 Holders of rec. May 31
lig June 15 Holders of rec. May 31
Preferred (guar.)
Mother Lode Coalition Mining
50e. one 30 Holders of rec. June 80
Motor Car Corporation, pref.(goat.)
131 July 1 Holders of rec. June 200
Mutual 011 (quar.)
12%c June 15 Holders of rec. June 1
National Biscuit, common (guar.)
75e. July 14 Holders of rec. June 30a
Nat. Enamel.& Stamp., pref. (quar.).. 13e1 June 30 Holders of rec. June 90
Preferred (guar.)
131 Sept.29 Holders of rec. Sept. 100
Preferred (guar.)
131 Dec. 31 Holders of ref. Dec. lla
2
National Lead, common (guar.)
June 30 Holders of rec. June 150
lig June 15 Holders of rec. May 25a
Preferred (guard
National Sugar Refining (guar.)
134 July 2 Holders of rec. June ii
National Surety (dear.)
231 July 2 Holders of rec. June 20a
National Transit
50c. June 15 Holders of rec. May 310
New River Co., preferred
131 June 26 Holders of rec. June 16
New York Air Brake, pref., class A (qu.) $1
July 1 Holders of rec. June 80
North American Co., common (gust.).... 50c. July 2 Holders of rec. June ba
75c. July 2 Holders of rec. June 5a
Preferred (guar.)
b
July 1 Holders of rec. June 8
Northern Pipe Line
Ohio Oil (guar.)
.75e. June 30 *June 2 to June 24
June 15 Holders of rec. May 9
Osceola Consolidated mining
$1
Pacific Oil
July 20 Holders of rec. June 150
81
Packard Motor Car. pref. (guar.)
134 June 15 Holders of rec. May 310
*4% July 1
Pacolet Manufacturing, common
July I
Common (payable In common stock)._ .50
*3% July 1
Preferred
Paige-Detroit Motor Car, eons. (quar.)_ •35c. July 1 *Holders of rec. June 15
*I% July 1 *Holders of rec. June 15
Preferred (quar.)
10e June 25 Holders of rec. June 150
Pennok Oil (guar.)
10c. June 25 Holders of rec. June lba
Extra
60e. June 30 Holders of rec. June 15a
Phillips Petroleum (guar.)
June 30 Holders of roe. June 16a
41
Extra
e60
June 30 Holders of roe June I5a
Stock dividend
Pittsburgh Rolls Corp., pref. (guar.).- 131 July 1 Holders of rec. June 250
Procter & Gamble Co.6% pref. (guar.) 134 June 15 Holders of rec. May 25a
June 15 Holders of roe. June la
Producers& Refiners Corp.. corn.(guar.) $1
3
July 16 Holders of rec. July 2a
Quaker Oats, corn. (quar.)
134 Aug. 31 Holders of rec. Aug. la
Preferred (guar.)
2
June 30 Holders of rez,. June 16a
Railway Steel-Spring,common (quar.)
lig June 20 Holders of rec. June 7a
Preferred (guar.)
15e. July 2 June 1 to July 1
Reo Motor Car,common (guar.)
60e. July 2 June 1 to July 1
Common (extra)
July 2 June 1 to July 1
Common (payable in common stock)_ _ 10
lig July 2 Holders of rec. June 15a
Republic Iron & Steel, pref.(guar.)
July 2 Holders of rec. June lba
Pref. (acct. accumulated dividends).. 82
Schulte Retail Stores, oom.(In pref. stk.) m$2 Sept. 1 Holders of rec. Aug. lba
Common (payable In preferred mews, .$2
Dec. 1 Holders of rec. Nov. lba
Common (payable in preferred stock) .82
Mr.1'24 Hold,of rec. Feb. 15 '24a
3 1-3c July 2 Holders of rec. June 15a
Seaboard Oil& Gas (monthly)
Sherwin-Williams Co.. Can., coin. (gu.) 134 June 30 Holddre of rec. June lea
134 June 30 Holders of rec. June 16a
Preferred (guar.)
5
June 20 June 1 to June 10
Solar Refining Co
Southern States Oil (monthly)
100. June 20 Holders of rec. June 1
Stock dividend
10
July 20 Holders of rec. July 1
Standard Oil (California) (guar.)
60c. June 15 Holders of rec. May 21a
Standard 011 (Indiana) (quar.)
6234e. June 16 May 17 to June 14
Standard 011 (Kansas) (guar.)
60e June 15 Holders of rec. May 31a
Standard Oil (Nebraska)
5
June 20 May 20 to June 20
Standard Oil of N.J.,corn.,$100 par(qu.) 1
June 15 Holders of rec. May 260
Common,823 par (quar.)
25e. June 15 Holders of rec. May 264
Preferred (guar.)
131 June 15 Holders of rec. May zou
Standard Oil of New York (guar.)
35c. June 15 Holders of rec. May 21
Standard Oil (Ohio). common (quar.)
234 July 2 Holders of rec. May 25
Standard Steel Works
5
July 1 Holders of rec. June 30
Standard Textile Prod., pf. A & B (qu.). 134 July 1 Holders of rec. June lba
Stromberg Carburetor (quar.)
134 July 2 Holders of rec. June 80
Swift International
90e. Aug. 15 Holders of rec. July 16a
Texas Company (guar.)
75e. June 30 Holders of rec .June 8a
Texas Gull Sulphur (guar.)
$1.50 June 16 Holders of roe. June la
Timken Roller Bearing (quar.)
75e. June 6 Holders of rec. May 19a
Todd Shipyards Corporation (guar.).- $2
June 20 Holders of roe. June la
Tonopah Extension Mining (guar.)._ *5c. July 2 *Holders of rec. June 9
Underwood Typewriter, cons.(quar.)234 July 1 Holders of rec. June 2a
Preferred (quar.)
134 July 1 Holders of rec. June 2a
Union Carbide & Carbon (guar.)
$1 July 2 Holders of rec. June 7a
Union Sugar (guar.)
50c. June 5 Holders of rec. May 31a
United Cigar Stores. preferred (guar.).
131 June 16 Holders of roe. May 310
United Drug,common
134 Sept. 1 Holders of rec. Aug. 150
United Dyewood, preferred (guar.)
134 July 2 Holders of res. June 15u
Preferred (guar.)
Oct.134
1 Holders of rec. Sept. 15a
Preferred (guar.)
134 an2'24 Holders of reo. Dec. I5a
United Paperboard. prof
6
July 2 Holders of rec. 70 June
United Front-Sharing Corti
15c. July 2 Holders of rec. June 120
United Shoe Mach.,corn.(in corn. stk.). /40 June 18 Holders of rec. May 8260
U.S. Cast Iron Pipe & Fdy., pref.(m.) 131 June 15 Holders of rec. June Is
Preferred (guard
lig Sept. 16 Holders of rec. Sept. la
Preferred (guar.)
lig Doe. 15 Holders of rec. Dee. la
U.B. Gypsum,common (guar.)
1
June 30 June 16 to July 1
Preferred (guar.)
134 June 30 June 16 to July 1
U.S.Playing Card (guar.)($20 par).... 41
July 1 Holders of rec. June 20
Stock ($100 par)
5
July 1 Holders of rec. June 200
Extra ($20 par)
50e. July 1 Holders of rec. June 20
Stock ($100 par) (extra)
234 July 1 Holders of rec. June 200
yi July 1 5Holders of rec. June 20
U. S. Printing dr Lithograph., com.(qu.)
•1% July 1 5Holders of rec. June 20
First preferred (quar.)
•],A July I Holders of rec. June 20
Second pref.(num.)
U.S. Realty & Improvement,common.. 2
June 15 Holders el rec. June ba
Preferred (guar.)
lit Aug. I Holders of rec. July 200
United States Steel Corp corn (Oar.). lig lone 29 May 30 to Id ,v 31
U. B. Title Guaranty (guar.)
2
June 15 Holders of rec. May 310
Utah Apex Mining (guar.)
25e. June 15 Jan. 1 to June 14
Extra
226. June 15 June 1 to June 14
Utah Copper (guar.)
81
June 30 Holders of rec. June 8a
Vacuum 011
$1
June 20 Holders of rec. May 310
Valvoline Oil, common (guar.)
234 June 15 Holders of rec. June 120
Virginia Iron, Coal & Coke,corn
2
July 2 Holders of rec. June 160
Preferred
234 July 2 Holders of rec. June lea
Vivaudou (V.)(guar.)
60o. June 16 Holders of rec. June la
Wabasso Cotton (guar.)
$1
July 8 Holders of rec. June 15
Wahl Co., corn.(monthly)
60o. July 1 Holders of rec. June 23
Preferred (guar.)
134 July 1 Holders of rec. June 23
Waldorf System, corn. (guar.)
31 Sge July 2 Heide's of rec. June 20
First and second preferred (guar.).- 20e. July 2 Holders of rec. June 20
Walworth Mfg.,corn.(guar.)
326. June Li Holders of rec. June ba
Preferred (guar.)
75e. June 30 Holders of rec. June 20a
Wamsutta Mills (guar.)
lig June 16 Holders of roe. May 8
Warner Sugar Refining, pref. (guar.)- 131 June 15 Holders of rec. June 100
Weber & liellbroner. common (quar.).. 60o. June 29 Holders of rec. June lba
Wells. Fargo & Co
134 June 20 Holders of res. May 190
White Motor Co. (gust.)
81
June 30 Holders of roe. June 200
Worthington Pump & Mach., pt. A (qu.) 154 July 2 Holders of rec. June 200
(guar.)
Preferred B
134 July 2 Holders of rec. June 200
Wrigley (Wm.) Jr. Co.. corn. (mthly.). 50o. July 2 June 26 to July 1
*60c. July 1 *Holders of rec. June 20
Yellow Cab Mig. classI(monthly)
•From unofficial sources. t The New York Stock Exchange has ruled that stook
well not be quoted ex-dividend on this date and not until further notice.
The
New :York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not untll further notice.
a Transfer books not closed for the dividend. d Correction. e Payable in stock.
COMIDOLI stock. 0 Payable In scrip. S On account of accumulated
I Payable In Subject
to approval of stockholders. m Payable in preferred stock.
dividends. k
received in order in London on or before June 11 will be in time
transfers
a All
or payment of dividend to transferee.
ruled that Amer.Stores common Mock shall not
o Philadelphia Stock Exchange has
28 and not until further notice.
sell ex the stock dividend on May
that United Shoe Machinery corn, shall not
ruled
has
Exchange
Stock
Boston
on May 25 and not until June 15.
be quoted ex the stock dividend
[vol.. 116.
THE CHRONICLE
Weekly
Return
of
New
York
City
Clearing
House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending May 26.. The
figures for the separate banks are the averages of the daily
results. In the case of the grail totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated In thousands of dollars-that is, three ciphers 10001 omitted.)
New
Reserve
Capital.1 Profits. Loans,
with
Net
8C014714, Cash
Time Bank
Week ending
In
Legal Demand
De- CircaMay 26 1923. Nat'l, April 3 InvestState, M ar.27 menls, Vault. Deposi- Deposits. posits. lavkc.
tortes
Boa.
(000 omitted.) Tr.Cos,Mar.27
Members of Fed. Rest Bank.
SI $
Bank of N Y &
4,0001 11,813
Trust Co._ _
Bk of Manhat'n 10.0001 13,2
Mech &Met Na 10.000l 16,894
5.6001 4,676
Bank of Amen
Nat City Bank. 40.0001 50,362
Chem Nat Bank 4,5001 16,438
171
500
Nat Butch & D
Amer Exch Nat 6,000l 7.662
Nat Bk of Corn. 26.0001 37,511
Pacific Bank... 1,0001 1.729
Chat& Phen Nat 10,3001 9,092
Hanover Nat Bk 5,0001 21,082
Corn Exchange. 9,075 12,006
Imp & Trod Nat 1,500 8,511
National Park__ 10,000 23,291
001
843
East River Nat. 1,00
FirstNational__ 10.000 55,430
10,550
Irving lik-Col T 17,5
915
Continental Bk. 1,000
Chase National. 20,000 22.508
500 2,618
Fifth Avenue...
400
930
Commonwealth_
Garfield Nat... 1,000 1,585
982
Fifth National._ 1,200
Seaboard Nat.. 4,000- 7,109
Coal& Iron Nat 1,600' 1,300
Bankers Trust.. 20,000 22,781
US Mtge & Tr. 3,000 4,332
Guaranty Trust 25,000 18,289
Fidel-TnterTrust 2,000 1,910
N Y Trust Co_. 10,000 18,062
Metropolitan Tr 2,000 3,900
Farm Loan & Tr 5,000 15,607
Columbia Bank. 2.000 2,068
Equitable Trust 20,000 9,190
Average Average Average
8
783 6,275
64,02
127.407 2,351 14,004
156,621 4,399 -19,768
1,427 9,025
70.83
5,049 56,240
509,64
115,055 1,162 13,102
64
516
5,2
100,354 1,328 11,381
864 33.595
325,819
921; 3,598
24,826
150.483 5,109 17,156
313 13,484
116,744
179,954 4,945 20,848
515 3,657
34,586
749 15,881
158,445
379 1,815
15,244
478 23,146
302,695
268,773 4,724 34,861
149
867
7,974
331,553 4,321 39,476
696 2.833
21,643
483 1,267
9,399
434,1 2.386
16,044
208' 2,257
20.310
8411 10,089
80,404
6911 1,788
15,985
262,205 1,115 28,032
7871 6,052
53,032
366,479 1,350 36,871
335 2,504
21,877
508 15,076
139,978
5811 4,49,
37,836,
485 13,2
129,998i
678 3,742
34,3661
199,153 1,351 21,71
Average Average As'go
45,669 6,644
100.486 19,244
145,681 4,123
68,278 2,674
*556.466 63,372
96,023 6,753
3,547
17
83,421 7,899
256,597 14,592
24,624, 1,274
121,134' 23,330
101,812
156,486 24,257
26,41
58
120,62
7,079
12,52
2,772
171,286 29,276
264,631 15,180
389
6,212
289,384 32,507
21,556
8,859 "iii
15
15,499
818
17,048
75,884 1,879
939
13,4
*222,427 32,228
3,730
40.53
*350,88 58,953
1,268
18,47
112,412 15,133
. 33,529 2,75
*94,991 26,927
26.165 2,54
•194,417 28,864
998
2.153
344
299
4,965
6:156
100
7.893
50
7.497
1:67iE
397
248
69
414
Total cif averages 288,676435,4504,474,973 50,574491,014 3.631,251 37,942 2,584
Totals, aaual condition May 26 4,435,803 50,029491,813c3,610,208
Totals, actual condition May 194,495.820 49,448493,7'c3,622,117
Totals, actual condition May 124,462,046 51,507491,091 c3,618,222
State Banks Not M mbers of Fed'! Resive Bahk.
19,519
19,181 1,708 1,97
Greenwich Bank 1,000 2.214
2,81
43
360:
5,823
250
883
Bowery Bank__
1,989
29,758
3,640;
2,500
4,750
87,592,
Bank
State
Total of averages
3,750
7,847
112,5961
5.708
4,39
Totals, actual co ndltion May 28 112,7741 5,852 4,337
Totals, actual c nditIon May 19 112,8911 5,7454,472
Totals, actual condition May 12 112,509 5,546 4,089
Trust Companies Not Membe et of Fed 'I Res'y e Bank.
Title Guar & Tr 10,0001 13,201 55.053 1,586 3,736
938 1,873
28,045
4,954
LawYers Tit T 6.
43,594 32,577
37,745 2,573
50,26 32.207
26
2,09
53,820
52,092
-52,574
52,061
52,996
35,15
18,52
Total of averages 10,111 18,163
83,098! 2,524
5,609
53,679
Totals, actual c million May 26
Totals, actual c nditlon May 19
Totals, actual c ndition May 12
83,285! 2,554 5,721
83,0611 2,445 5,7 I:
80,093 2,424' 5,426
54,087
53,707
51,207
Gr'd aggr., aver.308,4251461,4624,670,6671 58,806501,022 3,737,022 496,38632.584
-1,079, +254-2,719 +12,02 -329 +206
Comparison with prey. week _
Gr'd aggr., curl cond'n May 264,631.582' 58.435 501,871 3,716,869 502,02132,577
+4
Comparison with prey. week - ,-59,915 +797-2,094 -11,016 +5,919
aegr., act'l cond'n May 194,601,772' 57,638 503,965! 8.727.885 96,102 32.573
aggr., °eel condin May 124,654.648 59,476500,606; 3,722,425 08,59332.207
aggr., act'l cond'n May 54,606,470 60,i57503,055 3,714.683 05,356 31,982
aggr., dal cond'n Apr. 284.710,807; 58,778502,758 3,726,710 95,18231,726
aggr., eel cond'n Apr. 21 4,674,432 68,528514,919 3,769,74 94,37321,863
92,96632.000
aggr- ate cond.!
'Apr. 14 4,694,202, 68,956504,870 3,721,847
Note.-U. S. deposits deducted from net demand deposits In the general tots
above were as follows: Average total May 26, 399,437.000; actual totals May 26.
867,627,000: May 19. $148,802,000; May 12, 181,355,000: May S. $90,392,000;
April 28, 695,578,000: Bills payable, rediscounts, acceptances and other liabilities.
average for week May 26, 8453,369,000: May 19. $457,910,000; May 12. $499.05E000: May 6, 3520,736,000: April 28, 5477,313,000. Actual totals May 26.
8456.461,000; May 19, 8441,269,000; May 12, 4473,614,000; May 5, 8423,027.000:
April 28, $537,199,000.
•Includes deposits in foreign branches not Included in total footings as follows:
National City Bank, $140,951,000: Bankers Trust Co., $15,562,000: Guaranty
Trust Co., $80,495,000: Farmers' Loan & Trust Co., $69.000; Equitable Trust Co..
$34,059,000. Balances carried in banks In foreign countries as reserve for such
deposits were: National City Bank, $25.817,000; Bankers Trust Co. $4,419,000:
Guaranty Trust Co. 46,981,000; Farmers' Loan & Trust Co., $69,000; Equitable
Trust Co., $2.785,0(10. c Deposits In foreign branches not included.
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
In Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust competitor
Total
Total
Total
Total
May
Mae
May
May
26._..
10....
l2...
5----
5,708,000
2,524.000
Total
Reserve.
a
Reserve
Requital.
491,014,000 491,014,000 485,200,890
4,399,000 10,107,000 9,376,560
5.609,000 8,133.000 8,051,850
Staples
Reserve.
5,813,110
730.440
81.160
8,232,000 501.022,000 509,254,000 602,629,300 6,624,700
8,019,000 503,741,000 511,760,000 501,067,000 10,692,960
8,110,000 501,515,000 509,625,000 499,849,080 9,775.920
7.904,000 506,129,000 514,033,000 504,385,200 9.647.800
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the Case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
May 26,813.138,260; May 19,813,150,980; May 12413,372,980; May 5, 513,351.230.
JUNE 2 19231
THE CHRONICLE
Actual Figures,
Cash
Reserve
In
Reserve
Vault. Depositaries
Reserve
Remised.
Total
Reserve.
Surplus
Reserve.
2489
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS
Members Federal
Reserve banks
State banks.
Trust companioa____
Total
Total
Total
Total
May
May
May
May
26_ _ __
19_ _
12---5----
$
$
$
3
491,813.000 491,813,000 482,634,860
.5,852.000 4,337,000 10,189,000 9,463,320
2,554.000 5,721,000 8,275,000 8.113,050
9,178,140
725,680
161,950
8,406.000 501,871,000 510,277,000 500,211,230 10.065,770
8,190,000 503,965,000 512,155,000 501,434,590 10,720,410
7,969,000 500,606,000 508,575,000 501,097,080 7,477,920
8,240,000 503,055,000 511,295,000 499,959,190 11,335.810
•Not members of Federal Reserve Bank.
la This Is the reserve required on net demand deposits in the case of State banks
and trust companies,but In the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: May 26,
513.307.820; May 19, $13,132,350; May 12, 513.507,890; May 5, 513,415,400.
May 30
1923.
Changes from
previous week.
May 23
1923.
May 16
1923.
$
2
8
Capital
60,000,000 Unchanged
60,000.000 60,000,000
Surplus and profits
82,985,000 Unchanged
82.985.000 82.985,000
Loans, disc'ts & investments. 855,925,000 Dec. 4,052,000 S59.977,000 858,181,000
Individual deposits, Incl. U.B 613,460,000 Dec. 4,660.000 618.120.000 623,699,000
Due to banks
113,087.000 Dec. 1,465,000 114,552.000 118,765,000
Time deposits
122,000 116,560.000 116,928,000
116,682,000 Inc.
United States deposits ____ 17,355,000 Dec. 6,974,000 24,329,000 13,004,000
48.000 23,968,000 26,942,000
Exchanges for Clearing House 24,016.000 Inc.
Due from other banks
65,214,000 Dec. 7,184,000 72,398,000 74,592,000
Res.in Fed. Res. Bank
255,000 69.914.000 70,364,000
70,169.000 Inc.
Cash in bank and F. R.Bank 8,724,000 Dec.
80,000 8,804,000 8,971,000
Reserve excess in bank and
Federal Reserve Bank
118,000 1,996.000 1,944,000
2,114,000 Inc.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.--The Philadelphia Clearing House
figures showing the condition of State banks and trust comp4nies in New York City not in the Clearing House as follows: return for the week ending May 26, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in
Differencefrom vaults" is
not a part of legal reserve. For trust companies
May 26.
previous week.
Loans and investments
2791,353.400 Dec. 54,495,700 not members of the Federal Reserve System the reserve
Gold
2,984,800 Dec.
49,700 required is 10%
on demand deposits and includes "Reserve
Currency and bank notes
19,419,000 Inc.
92.600
Deposits with Federal Reserve Bank of New York
67,102,300 Dec. 995,000 with legal depositaries" and "Cash in vaults."
Total
deposits
824,273,400 Dec. 10,951,800
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comWeek ending May 26 1923.
panies/a N.Y.City,exchanges and U.S. deposits 770,059.100 Dec. 7,555.000
Reserve on deposits
120,340,700 Dec. 2,984,400 Two Ciphers (00) omitted. Membersof
7'rust
Percentage of reserve, 20.3%.
.R.System Cemented Total.
RESERVE.
-Stale Banks
-Trust Companies- Capital
539,125,0 $5,000.0 244.125,0
Cash In vault
*$27.725,100 15.89%
361,781,000 14.85% Surplus and profits
104,538.0 14.713.0 119,251,0
Deposits in banks and trust cos-- 8.410,000 4.82%
22,424,600 5.39% Loans, disets & investm'ts 719,455,0 44,242,0, 763,697,0
Exchanges for Clear.House 28,165,0
460,0, 28,625,0
Total
$36,135.100 20.71%
$84,205,600 20.24% Due from banks
98,016.0
31,0: 98,047,0
Bank deposits
118,433,0
806,0 119,239.0
•Includes deposits with the Federal Reserve Bank of New York, which for the Individual deposits
539,637.0 29,004,0 568.641.0
State banks and trust companies combined on May 19 was $67,102.300.
Time deposits
60,685,0
885,0 51,750.0
Total deposits
708,935,0 30,695.0 739,630,0
U.S. deposits (not incl.)_ _
15,264.0
Reeve with legal deposit's
3,918.0
3,918,0
Reserve with F. R.Bank_ _ 56.751,0
56,751,0
Banks and Trust Companies in New York City.-The Cash
In vault.
9,893,0
1,474,0 11,367.0
averages of the New York City Clearing House banks and Total reserve and cash held 66,644,0 5,392,0 72,036,0
Reserve required
56.911,0
4,441,0 61.352.0
trust companies combined with those for the State banks Excess
res. & cash In vault
9,733,0
951,0 10,684.0
and trust companies in Greater New York City outside of •Cash in vault not counted as reserve for Federal Reserve
Meg 12
1923.
May 1$
1923.
$44,125.0
119.221.0
769.095,0
31 793,0
105.430.0
119.440,0
579,317,0
48,861,0
747,618.0
28.140,0
3,821,0
57.156,0
11,112.0
72.089,0
61.948,0
10.141.0
members.
$44,125,0
119,187,0
767,515,0
29,172,0
97,272.0
121,300,0
582,396,0
44.628,0
748,324,0
15,974,0
3,323,0
57.794,0
10,930,0
72,047,0
62,668,0
9,379,0
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week ended-Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
April 7
April 14_
April 21
April 28
May 6
May 12
May 19
May 26
Loans and
Investments.
Demand
Deposits.
$
5,532,381,800
5,496.199,200
5,492.303,000
5,483,962,900
5,513,445,100
5,475,408,000
5,479,843,100
5,512,494,700
5,537,333,300
5,570,620,000
6.493,107.700
5,468,632,300
5,460,114,300
5,510,009,400
5,463,426,500
5,467.695.100
5,462,020,400
$
4,731,427,200
4,718,679,400
4,722,504,900
4.715,552,100
4,733,493,300
4,644,941,800
4,823.173,900
4.545,082,400
4,607,057,500
4,567,506,400
4,512,461,300
4,512.747,600
4,509.913,200
4,519,156,700
4.490,698,500
4,502.613.100
4.507.081.100
'Total Cash
in Vaults.
Reserve in
Depositaries.
$
$
82,113,900 627,114,400
83.018,000 624,211,400
81,336,300 631,693,900
81,328,900 627.981,800
81,535,300 631,333.800
81,540,600 614,759.800
80.732,900 620,097.100
80,172,800 601,462,000
81.393.300 598.099,900
81,957,300 609,873,700
83,888,200 599.800,800
80,217.400 608.409,400
81,096.800 597.771,500
81,002.800 605,764.400
84,636,600 601.740,600
80,913,000 604.685,10e
81.209.800 598,955.905
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
=mug OF NON-MEMBER INSTITUTIONS OF NEW TORS CLEARING
HOUSE.
(Stated In thousands of dollars-that is, three ciphers MOM omitted.)
I
Total
$
1,50$
50'
2,110
Average AreraQel Average Atsrage Average Average
$
$
$
$
$
$
II
1,167 10,831
1761 1,187
7,755
507
199
1,447 10,193
1,938 6,867
201516
•
2,614 21,024
196 1,703
199
9,693 7,374
I
State/Banks Not item • vs of F ederal Reserv e Bank
Bank of Wash. Ht
2il
352 6,104
647
302
Colonial Bank_ _
8'' 2.017 21,067 2,634 1,321
5,046
21,690
1,281
1,623
26,736
1,281
Trust Company Not M.,. mbers of Fed. Reserve Bank
Mech.Tr.,Bayonn
5,,
348 9,900
393
246
4,108
5.610
4,108
5,610
Total
Total
1,t 1 o
.11
2,370 27,171
348
9,900
3,281
393
246
199
+1
°ea aggr.. May 1
3,886 3,687 a41.617
3,871 3,591 a40,875
3,796 3,425 a39,482
3.788 3445 sail 134.
198
198
197
197
58,165
58.137
57,702
58,666
14,007
14,527
15.159
15.933
a United States leposits deducted/ 3555 000.
Bills payable, rediscounts, acceptances and other liabilities, $1.375,000.
EXCeSS reserve. 260,180 increase.
402,512,069
637,799,970
7,590,582
405,635.839
637.891,070
8,404.982
341,719,000
798.785.000
10,000,000
Total gold reserves
Reserves other than gold
1,047,902,622 1,051,931,892 1.150,504,000
22,038,000
17,812,385
18,742,589
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U.B. Govt. obligations
All other
Bills bought in open market
1,065,715,007 1.070.674,481 1,172.542,00
7,325,881
10,384,873
-----127,710,819
43,414.023
75,499,917
133,016,619
30.299,686
73,552,034
24,263,000
18,893,000
44,047,000
246,624,759
7,384,550
236,868,388
5,541.060
87,203,000
48,605,000
5,841,500
20,609,000
21,000.000
123,185,000
259.850,809
Total earning aseets
Bank premises
12,062,990
6% redemp.fund Agit.F.R.bank notes_
119,439,102
Uncollected items
All other resources
1,819,906
263.018,438
12,062.145
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtednessOne-year certificated/ (Pittman Act)_
An other
1 466,213,696 1,486,644,268 1,563,842,000
Liabilities-.
Capital paid in
29,184,300
Surplus
59,799,523
DepositsGovernment
10,855.445
Member banks-Reserve account.... 680,127,761
All other
16.564,443
Total
707,547,651
F. R. notes in actual circulation
566,030,217
F.It, bank notes in eireu'n-net liability
Deferred availability item
99,684,199
All other liabllitiee
3,967,805
Total liabilities
128,945,956
1,558,372
279,993,000
8,454,000
931,000
97,503,000
4,419.000
29,168,950
59.799,523
27,394,000
60,197,000
875,248
707,626.404
19,767,795
14,942,000
720,343,000
11,618,000
728,269,448
559,876.371
746,903,000
625,246,000
16,799,000
82,716,000
4,587,000
105,666,749
3,833,216
I 468,213,696 1,486,644.268 1,563,842,000
83.1%
85.5%
7,848,413
13,527,201
CURRENT NOTICES.
3,870 3,572 a40,537 14,265
-16 -115 -1,080 +258
5,333
5,333
5.333
5,333
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Ratio of total reserves to deposit and
F. R. note liabilities combined
83.7%
Contingent liability on bills purchased
for foreign correepondents
8,326,767
•Not shown Separately prior to January 1923.
Grand aggregate-. 3,500 5.333 58,095
Comparison with revlous week - _
-70
3,.i I
Ged aggr., May 12 3.. s I
Ord aggr.. May 5 3,
Gr'd aggr.. Apr.' 3.50
May 29 1923. May 23 1923. May 31 1922.
Resources$
$
Gold and gold certificate,
173,977,308 180.082.326 215,652,000
Gold settlement fund-F. R. Board.- 228,534.760 225.553.512 126,067,000
Total resources
Net
Loans
CLEARING
Capital.Profits. DieReserve Net
Net
Nat'l
NON-MEMBE • •
Counts, Cash
With Demand Time Bank
Nat.bits.Apr. 3 Invest- Os
De- arcuLegal
DeWork ending State bkaMar27 meats, Vault. Deposi- posits. mutts. Janos.
May 26 1923. Tr. cos. Apr. 3 ctc.
tones.
Members of
Fed. Res. Bank.
Battery Park Nat_
W.R.Grace dt Co-
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business May 29 1923 in
comparison with the previous week and the corresponding
date last year:
-The Federal Sugar Refining Co. on Monday, May 28, moved into its
own twelve-story building at 82-88 Wall St., corner of Water St. The
firm of Smith & Schipper, which publishes "The Federal Reporter," a
weekly review of the sugar industry, moves into the same building. The
lease on the former quarters at 91 Wall St., where these firms were located
for many years, has expired. The building into which the Federal Company
moves has been owned by it for three years. The sugar firms will occupy
the tenth, eleventh and twelfth floors of the building, as well as the main
floor.
2490
THE CHRONICLE
IYOL /16.
Weekly Return of the Federal Reserve Board.
The following Is the return issued by the Federal Reserve Board Thursday afternoon, May 31,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 2458, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 29 1923
May 29 1923.1May 23 1923. May 16 1923. May 9 1923. May 2 1923. .4911125 1923. April 181923. Apr11111923. May 31 1922.
I
s
$
$
341.175,000 347.320,000 344,013,000
702,308,000 698.872,000 686,707,000
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Beard
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
a
s
323,062,000 317,740.000
706,261,000 693,564,000
$
323,822,000
695,630,000
$
326,375,000
659.887.000
$
324,630,000
657,410,000
a
324.740.000
486,689,000
. 1.043,483,000 1,046,192.000 1,030,750,000 1,029,323,000 1,011,304,000 1,019,452.000 986,262.000 982,040,000 811,429,000
2,011,734,000 1,093,724,000 1,999,818,000 2,005,066.000 2,005,998,000 2,007,555,000 2,036.490,000 2.041.509,000 2,140,891,000
53,545,000
53.379.000
63,277,000
57317.000
54,474,000
57,562.000
59.870.000
55,301,000
62,210,000
Total gold reserves
Reserves other than gold
3,108,762,000 3,693.295,000 3.087,885,000 3,088,863.000 3,080,579,000 3,034,569.000 3,082.622.000 3,085,759,000 3,007,62..000
86,735,000
94,488,000
94,473,000
93,166,000
93,809,000
95.920,000
92,557,000
98,680,000 122,876,000
. 3,195,497.000 3,187,783.000 3,131,051,000 3,181,420,000 3,174,388,000 3,179,042,000 3,178,542,000 3384.439,000 3,130,497,000
Total reserves
61,245,000 - 68,731,000
Won-reserve cash
70,891,000
61,642.000
66,642,000
67.225,000
67.728.000
.
Bills discounted:
66,258,000
Secured by 17. S. Govt. obligations._ 371,533,000 • 366,803,000 360,200,000 358,637.000 362,633.000 339,880,000 334,611,000 327,412,000 171,106,000
359,462,000 333,510,000 337,131,000 336,380.000 367,707.000 296.717,000 308.851.000 295,238.000 300,384,000
Other bills discounted
257,818,000 270 850,000 281,609,000 266,992,000 275,429.000 274.041.000 277,447,000 274.389.000 118,182,000
Bills bought In open market
Total bills on hand
U. S. bonds and notes
U.8 certificates of indebtedness
Other certificates
Municipal warrants
988,813,000
152,011,000
37,277,000
971,163,000
150,890,000
56,060,100
978,940,000
151,663,000
37,226,000
55,000
55,000
40,000
062,1109,000 1,005.769,000
148,960,000 147,993.000
36,779,000
36,854,000
40,000
910,638.000
157.030,000
36,780,000
920.909,000
158,910,000
.79.097,000
897.039,000
162,826,000
75,328,000
41,000
41.000
41,000
40,000
589,672,000
244,648,000
353,771,000
1,178,156,000 1,178.177,000 1,167,869,000 1,147,863,000 1,190,581,000 1,104,489,000 1,158,957,000 1,135,234,000 1.193,091,000
Total earning assets
.51,164,000
Bank premises
50.932,000
40,672,000
49,203.000
50,484,000
49,692,000
50,059,000
50,155,000
49,945,000
191,000
191,000
1% redemp. fund agst. F. R.bank notes
191,000
7,580,000
191.000
191,000
191,000
191,000
191,000
572,394,000 615,373,000 734,416.000 600,831,000 640,543,000 622,644.000 723,336,000 633.391.000 454,938,000
Uncollected Items
14,734,000
Oil other resources
20,490,000
14,366,000
13,627,000
14,057,000
13.811,000
14,199,000
13,871,000
14,065,000
5,073,381,000 5,115.553,030 5,214,710,000 5,061,997,000 5,131,603,000 5.041.067,000 5,191,814,000 5,087,348,000 4,847,268,000
Total resources
LIABILITIES.
Dapiral paid in
Surplus
Deposits-Government
Member bank--reserve account
Other deposits
109.348,000 109,278,000 109,273,000 109,029,000 108.822.000 108,857,000 108.649,000 108,683,000 104,729,000
218,369,000 218,369,000 218,369,000 218,369,000 218.369.000 218,369,000 218.369,000 218.369,000 215,398,000
41,439,000
54,295,000
6,332.000
45,218.000
56,057,000
49,083.000
22.616.000
34,692,000
44,936,000
1,874,106,000 1,930.519,100 1,907,893,000 1,888,455,000 1,894,651.000 1.853,935,000 1,924.525,000 1,876.414,000 1,782,004.000
36,041,000
33,854,000
49,429,110
20,499,000
29,741,000
40,114,000
28,599,000
19,916,000
21,540,000
Total deposits
1,951,586,000l,986,280,090 1,993,691,000 1,937,670,000 1,983,848,000 1,908,543,000 1,991,001,000 1,942.131,000 1,870,153,000
2,250,217,000 2,227,700,000 2,232,999,000 2,241,819.000 2.237,505,000 2,222,588.000 2,220.251,000 2,231,041,000 2,141,184,000
P. R. notes in actual circulation
1,752,000
P. R.bank notes In eirculation--net llab
1,653,000
70,553,000
1,878.000
2,065,000
2,299,000
2,472,000
2.443.000
2,287,000
Oeferred availability items
524,323,000 554,650,000 641,510,000 536,219,000 564.784,000 564.393.060 635.966.000 569,272.000 423,217,000
111 other liabilities
17,786,000
17,623,000
22,034,000
16,326,000
16,990,000
15,380.000
15,972,000
16,025.000
15,135,000
Total liabilities
5.073,381,000 5,115,553,000 5,214,710,000 5.061,097.000 5,131.603,000 5.041,067.000 5.191.814,000 5.087.348.000 4,847,268,000
Ratio of gold reserves to deposit and
.
F. R. note 1141411[1es combined
74.0%
73.4%
75.0%
73.06%
73.91%
72.98%
73.2%
73.9%
74.67%
gado of total reserves to deposit ant
F. R. note liabilities combined
76.1%
75.6%
75.3%
78.0%
75.2%
76.1%
76.3%
77.0%
75.5%
:1ontingent liability on bills purchased
for foreign correspondents.
29,245,000
28,768,000
34,349,000
28,677,000
33,615,000
33,235,000
33.085.000
--a8
Distribution by Maturates1-15 days D1118 bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants
6-30 days bills bought in open market.
6-30 days bills discounted
6-30 days U.S. certif. of Indebtedness
.6-30 days municipal warrants
11-60 days bills bought in open market
I1-60 days bills discounted
.1-60 days U. S. certif. of Indebtedness
2-60 days municipal warrants..... __ ..
.1-90 days bills bought In open market.
2-90 days bills discounted
1-90 days U. S. certif. of indebtedness
1-90 days municipal warrants
rver 90 days bills bought In open marke•
Tver 90 days bills discounted
)ver 90 days certif. of Indebtedness...
)ver 90 days municipal warrants
8
89,430,000
508,360,000
4,846,000
8
86,329,000
472,296,000
22,129,000
$
80,532,000
466,104,000
61,748,000
54,923,000
1,643,000
65,035,000
58,737,000
2,151,000
63,199,000
61,418.000
1.087,000
74,037,000
82,487,000
83,348,000
83.542,000
95,755,000
81,841,000
55,000
23,972,000
44,549,000
40,000
27.444,000
46,941,000
8,631,000
40,676,000
30,788,000
15,000
8,694,000
38,797,000
31,789,000
8
$
62.389,000
471,516,000
403,000
40,000
57,365,000
54,385,000
66.288.000
507,132.000
515.000
40.000
45.648.000
51.223,000
$
61,703,000
431,439,000
20,000
41,000
41,600,000
46.760,000
92.420,000
88.544.000
427,000
98,994.000
86,441.000
213.000
40,000
32,359,000
52,277,000
45,541,000
51,337,000
9,674,000
35,691,000
35,239,000
9,277,000
31,235,000
36,024.000
8
8
$
47,714,000
253,849,000
74,249,000
73.519.000
447.929.000
5,905,000
41,000
44,299.000
41,850.000
80,670,000
433,598,000
1,584.000
41,000
45.052,000
42,008,000
96.885.000
83,264,000
670,000
79,702.000
81,027,000
67,678.000
73,744.000
26,565,000
72,833,000
4,679,900
54,889,000
56,385.000
65,005.000
50,585,000
68,510,000
50,435,000
267,000
68,045,000
52,691.000
34.000
19,106,000
45,929,000
35,160,000
9.610,000
29,179.000
36,051.000
8,848,000
24,749,000
38.090,000
11,417,000
22.221,000
72,925,000
12,944,000
20.609.000
73.710,000
4,675,000
51,048,000
244,183,000
20,122,000
47,831,009
500,000
Federal Reserve Noteslutists':Wing
Feld by banks
2,615,206,000 2,607,238,000 2,595,925,000 2,599,266,000 2,509.440,000 2,601,820,000 2.595,432.000 2,613.072.000 2,511.810.000
364,989,000 379,538.000 362,926,000 357,447,000 361,935,000 379,232,000 375,181,000 382.031,000 370,626,000
I
In actual circulation
2,250,217,000,2,227,700.000 2,232,999,0(10 2.241,819,000 2,237.505,000 2,222,588.000 2,220,251,000 2,231,041.000 2,141,184,000
I
chargeable
to
Fed.
Res.
Amount
Agent 3,467,464,000 3,448.275.000 3,451.253,000 3,447,299.000 3,427,903.000 3.417.345,000 3,427,962,000 3.443,457,000 3,300,574.000
o hands of Federal Reserve Agent
852,258,000; 841,037,000 855,328,000 848.033.000 828.463.000 815,525.000 832,530,000 830.385,000 788,764,000
Issued to Federal Reserve banks.... 2.615,208.000'2.607.238.000 2.595,925.000 2,599.286.000 2.599,440,000 2,601,320,000 2,505,432,000 2.613.072.000 2,511,810,000
How &coredly gold and gold certificates
IY eligible paper
lold redemption fund
Pith Federal Reserve Board
314,899,000' 314,899,000 314,899,000 314,899.000 314,899.000 314,899.000 314,899.000 314.899,000 407,413,000
603,472,000 613,514.000 596,107,000 594.200,000 593.442,000 594,265.000 658,942,000 571.563.000 370,919,000
118,977,000 123,318,000 126,812,000 125,819,000 135.068.000 119,082.000 123.761.000 130.295.000 131,428,000
1,577,858,000 1,555,507,000 1,558,107,000 1,564,348.000 1.556,031.000 1,573,574.000 1,597,830,000 1,596,325,000 1,602,050,000
Total
8,615,206,000 2.607,238,000 2,595,925,000 2,599,266,000 2.599,440.000 2.601.820,000 2.595,432.000 2.813.072,000 2,511,810.000
11:1i2Ible non,dalfvprai en V it Arroyo
0,14 ego nnn
Goo eon on,,. non n,, fin,, Goo 711 non
082.877.100 .877_44a_n00 879.878.000 861.802.000 566.077.009
• Not shown separately prior to Jan. 1023.
WEEKLY STATEmENTOF RESOURCES AND
&T CLOSE OP BUSINESS MAY 29 1923_
LIABILITIES OF EACH OF THE 12 IPEDERAI. RESERVE R kbl
Two elPhera (00) omitted.
Boston Nem Y ork Ph
Total
Cleveland Richmond Atlanta Chico° St. Louts Mammy. Kos. Oily Dallas Sal has
Federal Reserve Bank ofRESOURCES.
Gold and gold certificates
17,274,0 173,977,0 24,965,0 12,536,0 8,692,0 5,947,0 51,489,0 3,429,0 8.055,0 3,174,0 10,694,0 20,943.0 341,175,0
Gold settlement fund--F.R.B'rd 57,420,0 228,535,0 31.878,0, 787140
,, 28,860,0 29,819,0,134,413,0 19.745,0 12,874,0 30,628,0 8,195,0 41,229,0 702,308,0
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
Total gold reserves
Reserves other than gold
74,694,0
175,235,0
10,333,0
402,512,0 56,841,01 91,250,0 37,552,0 35,766,0185,902,0 23.174,0 20.929,0 33,802.0 18,889.0 62,172,0 1,043,483,0
637,300,0 167,124,0 211,701,0 33,660,0 89,976,0389.601,0 60,323,0 47,919.0 31,815,0 11,840,0 174,841,0 2,011.734,0
7.591,0 4,808,0, 2,017,0 4.566,0 2,377,01 7,382,0 3.238,0 2,128,0 3,225,0 1,203,0 4,677,0
53,545,0
260,262.01,047,903,0 228.773,0 304,968,0 75,778,0 128,118,0 562,785,0 86,735,0 70,976,0 68,842,0 31,932,0 241,690,0 3,108,762,0
17,812,0 3,758,0, 4,769,0 6,019,01 7,528,0 11.853,0 17,010,0
6,352.0
86,735,0
697,0 3,288,0 4,164,0 3,482,0
266,614,0 1,5,715,0
06
Total reserves
232,531,0 309.737,0 81,797,0 135,646,0 574,643.0 103,745,0
10,418,0
7,326,0 4.167,0 4.380.0 1,843,0 7,748,0 6,748,0 3,938.0
Non-reserve cash
Bills discounted:
U.S.Govt.obliga'n.
26,586,0 127,711,0 44,378,0, 32,105,0 25,717,0 3,607,0 33,984,0 17,054,0
Secured by
30,256,0
43,414,0 25.705,0I 22,609,0 37.072,0 28,838,0 46,570,0 16,926,0
Other bills discounted
21.024,0
75,500,0 20.003,0: 37,553,0 2,170,0 23,998,0 29.859,0 9,719,0
Bills bought In open market_ _ _ _
77,868,0 246.625,0 90,086,0 92,267,0 64,959,0 56,343,0 110,413.0 43,699,0
Total hills on band
5,529,0
7,385,0 24,471,0 12,328,0 1,341,0
U.S. bonds and notes
553,0 6,681.0 14,879.0
5.0
5,841.0
348,0 7,141,0
55.0
(7.15. certificates of Indebtedness
7,0 18,573,0
55,0,
)lunkton) warrants
...irony saws
Total
_
83,400,0
71,673,0 72;128,0 36,096,0245,172,0 3,195,497,0
61,245,0
1,678,0 3,232,0 3,778.0 5,989,0
6.505,0 19,324,0 2,969,0 31,693,0
19,446,0 27,080.0 26,453,0 35,093.0
12.90 9,522,0 28,341,0
371,533.0
359,462,0
257,818,0
25.951,0 46,533,0 38,944,0 95,127,0
14,936,0 32,912,0 3,379,0 27,617,0
50,0
24,0
233,0 5,000.0
983,813.0
152.011.0
37.277
55,0
256,851,0 114.960,0111,736,0 66.300,0 56.903.0 135.667,0 58.633.0 40,937.0 79,678,0 47,823,0 122,768.0 1,1-78,1-56.0
JUNE 2 1923.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Bank premises
6% redemption fund
F. R. bank notes
Uncollected items
All other resources
Boston
New
$
4,434,0
against
Phila.
York
$
715,0
i
12,063,0
Cleveland'Richmond Atlanta
$
8,508,0
$
2,817,0
$
2,524,0
2491
Chicago Si. Louis Minima,. Ran. car
S
8,715,0
3
955.0
s
1,270,0
$
4,936,0
Dallas
San Fran.
$
s
1,942,01
2,485,9
Total
$
51,164,0
26,01
100,0
65,0
191,0
119,439,0 49,548,0 65,219,0 46,958,0 21.217,0 78,389.0 31,520,0 14,848,0 36,922,0 21,579,01 35,529,0 572.394,0
603,0
1,820,0
403,0
501,0
431,0
291,0 1,732,0 1,215,0 2.220,0; 4,486,0
893,0
14,734,0
:
416,433,0 1,466,214,0 402,420,0 500,183,0 199.918.0 224,469.0 805,120.0 199,082,0 131,938,0 198,211,0 112,964,0416,429,0 5.073,381,0
51,428,0
139,0
Total resources
LIABILITIES.
Capital paid in
8,066,0
Surplus
16,312,0
Deposits: Government
3,965,0
Member bank-reserve ace't_. 125,395,0
Other deposits!
906,0
29,184,0 9,764.0 12,085,0 5,724,0 4,414,0 15,014,0 4.933,0 3,558,0 4,597,0 4,197,0 7,812,0 109,348,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9,488,0 7,496,0 15,283,0 218,369,0
19,955,9 2,772,0 3,191,0 2,254,0 2,880,0 5,060.0 3,631,0 1,283,0 1,341,0 1,845,0 2,562,0
41,439.0
680,128,0 113,529,0 162,335,0 62,339.0 55,974,0 278,287,0 68,955,0 49,045,0 81,060,0 47,822,0 149,237,0 1,874,106,0
407.0 4.158,0
765,0
18,565,0 1,040,0 2,038.0
36,041,0
375,0 3,960,0 1,516,0 1,166,0 3,149,0
Total deposits
130,286,0 707,548,0 117.341,0 167,562,0 65.358,0 59,229,0 287.307,0 74,102,0 51,494,0 ,85,550,0 49,874,0 155,955,0 1,951.586,0
F.R.notes in actual circulation
F. R. bank notes in circulation- 211,291,0 566,030,0 206,755,0 233,232,0 77,243,0 133,656,0 402,403,0 75,455,0 54,367,0 59,915,0 26,768,0 203,102,0 2,250.217,0
net liability
384.0
743,0
1,752,0
625,0
Deferred availability items
49,695,0
99,684,0 48,556,0 82,245,0 39,466,0 17,260.0 67,699,0 33,908,0 13.883,0 37,054,0 22,281,0 32,592,0 524,323,0
AU other liabilities
803.0
839,0
3,988,0 1,255,0 1,564,0
17.788,0
864,0 1,964,0 1,705,0
988,0 1,674,0 1,019,0 1,163,0
Tota liabilities
416,433,0 1,466,214,0 402,420,0 500,183,0 199,918,0 224,489,0 805,120,0 199,082,0 131,938,0 198,211,0 112,694.0 416,429.015.073,381.0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
57.4
77.3
71.7
78.1
83.7
47.1
68.3
76.1
70.3
49.6
67.7
83.3
69.4
Contingent liability on bills purehased tor foreign correspond'ts 2,152,0
8,327,0 2.468,0 3,599,0 1,492.0 1,176.0 3.988.0 1,263,0
29,245,0
976,0 1,234,0 1,033,0 2,037,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAY 23 1923.
Federal Reserve Agent atBoston. New York Phila. Cievel'a Richni'd Atlanta Chicago St.Lonis Minn. K. Ch's Dalt= Sass Fr. fbial
Resources(In Thousands of Dollars)
$
$
S
$
S
s
s
s
$
$
s
S
$
Federal Reserve notes on hand
86,950 318,340 44,200 31,220 29.810 80,148 117,300 25,890 12,168 30,563 20,269 55,400 852,258
Federal Reserve notes outstanding
224,172 734,027 240,432 250,818 85,548 138.847 447,535 94,978 58.242 68,809 29,234 242.564 2,615.2013
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
25,300 235,531 7,000 13,275
314,899
6,461
2,400
11,880 13,052
Gold redemption fund
11,935
31,269 13,735 13,428 1,865 4,575
15,856 3,943 2,867 3,455 1,3791 14,672 118,977
Gold Fund-Federal Reserve Board
138,000 371,000 146,389 185,000 31,795 83,000 353,645 44,500 32,000 28,360 4.000 160,169 1,577,858
Eligible paperiAmount required
96,227 73,308 39,117 51,888 48,872
48,937
78,034 34,655 10,323 36,994 17,394 67,723 603.472
Excess amount held
28,929 130,415 2,679 52,510 10,828 7,328
32,334 8,780 15,294 9,529 21,505 26,249 346.360
Total
554,223 1,916,809 527,743 585,366 211,734 365,170 1,044.704 224,608 143,946 177,710 100,242 566,777 6,429.030
Lla/sUitteslg et amount of Federal Reserve notes received from
Comptroller of the Currency
311,122 1,052,367 284,632 282,038 115,358 218,995 584,835 120,868 70,410 99.372 49,503 297,964 3,467,464
Collateral received tronsiGold
175,235 637,800 187,124 211,701 33,660 89,975 369,501 60,323 47,919 31,815 11,840 174,841 2,011,734
Federal Reserve BanklEligible paper
77,886 226,642 75,987 91,627 82,716 56,200 110,388 43,415 25.617 48,523 38,899 93,9721 949,832
Total
584,223 1,916,809 527,743 585,366 211,734 385,170 1,044,704 224,606 143,946 177,710 100,242 566,777 6,429,030
Federal Reserve notes outstanding
224.172 734,027 240,432 250,818 85,548 138,847 447,535 94,978 58.242 68,809 29,234 242.5642,815.206
Federal Reserve notes held by banks
12,881 167.997 33,877 17.586 8.305 5.191
45,132 19,523 3,875 8,894 2,466 39,4621 384.989
Federal Reserve notes In actual circulation
211.291 566.030 206,755 233.232 77.243 133.656 402.403 75 455 .64 RA7 Ari 0115 26 768 2(13.102 2.250,217
Weekly Return for the Member Banks of the Federal Reserve System.
Following Is the weekly statement issued by the Federal Reserve Board, giving the principal
items of the resources and
liabilities of the 774 member banks,from which weekly returns are obtained. These figures
are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were
given in the statement of Oot. 18
1917, published in the "Chronicle" Dec.29 1917, page 2523. The comment of the Reserve Board
upon the figures for the latest
Reek appear in our Department of "Current Events and Discussions" on page 2458.
I. Data for all reporting menthes hanks he each Federal Reserve District at close of
business May 23 11123. Three c obeys (000) omitted.
Federal Reserve District.
Boston
Nov York
Number of reporting banks
Loans su3d discounts, groe.
Secured by U.8. Govt. •bligationt
Secured by stocks and bonds
Ail other loans and discounts---..
$
8
12,963
85,507
238,5831,680.933
624,154 2,482,059
Total loans and discounts
U. 8. pre-war bonds
U. B. Liberty Notes
U. S. Treasury Notes
U. S. Victory notes h Treas. notes_
U.S. Certificates of Indebtedness
Other bonds, stocks and securities
872,7004,228,499
12,567
48,535
78,380 429,846
5,315
31,313
29.112 556,233
4,264
35,831
174,836 711,039
46
109
Total loans &(Meta & investmla. 1,177,1746,041,096
Reserve balance with F. R. Banc...
85,514 637,891
Cash in vault
18,630
80,435
Net demand deposits
815.4944,722.163
Time deposits
255,128 907,696
Government demposits
23.735 108.420
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt.obligations
8,515 112,749
Mkt. Cisteland Btellisondl Atlanta I Memo Bt. Louts Iffiussalr.K.
Oh Dallas Ban Pram. IV"
,
55
77
82
106
36
774
29
66
52
77
$
$
$
$
$
s
s
$
$
$
$
33,143
10,788
17,688
7,795
41,685
16,120
262,006
14,779
8,015
5,526
7,997
257,382 394,633 125,251
83,308 588,480 135,001
52,043
46,790 166,640 3,804,359
78,317
343,873 688,503 328,839 335.9341,170,214 303,995 179,547 361,681
196,045 815,039 7,825,733
618,943 1,114,279 482,878 407,085 1,800,379 455,116 239,805 447,995 248,361 996,458 11,892,098
47,571
30,335
11,043
14,381
25,382
282,412
15,332
36,476
8,771
20,118
11,921
k
31,920
46,479 117,374
14,699
92,655
22,614
99,756 1.005.515
14,641
11,815
45,536
7,007
5,052
3.981
2,257
12,821
97.874
9,380
12,487
2,239
1,225
4,637
81,410
61,622
12,947
7,029 130,709
32,222
54,449 1,018,959
18.173
30,310
24,743
10.780
2,979
5,949
9,255
24,409
129,026
13,744
4.504
7.180
8,008
2,123
283.7301
51,012
183,712
38.707 353,088
87,739
9.079 154,931 2,132,751
29,224
57,674
931,709 1,642,151
70,450 115,184
32.112
16,383
694,088 926,217
97.480 558.014
21,903
21,039
598,923
33,995
13,086
324,384
158,201
9,965
24,701
14,692
18.780
snnen
le no,
no In,
491,4132,439,403
33.360 2.14.858
10,534
54.517
277.0631,519,635
169.166 786,296
10,026
38,384
1,320
20,713
626,887
44,673
8,308
363.094
184,047
12,899
323.073
23,204
6,205
196,486
84,298
5,061
600,514
48.976
12,605
432,798
128,444
5,618
7,183
5,030
17,857
319,791 1,368,301 18,558,435
23,252 100,586 1,431.523
283,080
21,349
8.916
219.452 725,296 11,218.130
75,821 582.402 3.986.993
282,141
18,615
6.476
1,889
25,725
259,134
3. Data of cavorting member banks in Federal Reserve Ranh and branch cities and
all other reportIna
New York City
All F. R. Bank Cities F.R. Branch Cities
Total
Other Selected atie
May 23
May 16 May 23 May 16 May 23 May 18 May 23'23,Afay 16'23,May 24'22
.
Number of reporting banks
6
2591
4
4
258
206
774
77
309
206
798
309
Loans and discounts, gross:
$ 61
*
$
3
s
$
$
s
$
$ 1
$
$
$
Secured by U.S. Govt.obligations
76,450, 84,91
171,800, 180,52
32,387 33,08
49,192 49,406
262,006 270.981 317.712
41,014 41.051
1 475,033'1,484,08 450,20 457,06 2,753,319'12,773,44 569
Bemired by stocks and bonds
,827
481,213 479,932 3.804,359.'3,823,59 3,442,848
2 188,8012,171,074 896.4
All other loans and discounts
703,331 4.854.234'4.872,17, 1.581,152 570,221 1,390,3471,394,308
7,825,7331.7.843,197 7.182.475
1,578,719
3,720,284 3,720,054 1,179,99 1,199,491 7,779,353, 7,826,14s 2,200,171
Total loans and discounts
2,196,3461,912,574 1,915,291 11,892,09811,937,777110,923,035
U. B. pre-war bonds
,
,
3,96
3,918
98.822
98,478
282,4121 280.95Sl
77,7801 78,882 105,810 105,6 i 1
U.S. Liberty bonds
366,419 374,34!
35,46
589,902 599.002 247,1771
38.461
251.143 168,436 189,323 1,005,51 1,019,468, 1,184.600
U. 8. Treasury bonds
21,87
5,591
22,326
50,409
5,853
50,374
25.1881 24,999 22,079 22,17:
97,67
97.5511
U.S. Victory notes & Treasury notes 519,095 503,071
79,10
784,281
86.8!t
182.174' 170,337 92,504 90,889 1,018,959 1,022,980 523,214
U.S. Certificates of Indebtedness_ 30,93: 40,023 8,262 9,286 61.123 761,754
73,70:
42.296' 40,425
129,0261 138,3721 125,496
25,807 24.239
Other bonds, stocks and secqritieS.. 511.303 513,453 175,12: 179,21 1 1.138.784 1.146.072 569,920
567.109 424,047 425,102 2,132.7511 2,138,3431 2.238.527
Total loans & dlec'ts & It test'ts. 5,207,793 5,211,161 1,499,64 1,914,92510,482,67410.555,528 3,32
4.70413.327,301 2,761,0572,752.62216,558.43510,635,44914,994,872
Reserve balance with F. R. Bank__588,88! 608,023 151,759 141,71: 1,024,7941 1.019.633
236.1211 239,748 170,808 186,786 1,431,523 1,428,1671 1,403,471
Cash in vault
65.578 83.725 29,11
28.38
138,599 61,206
.
57,650 79,416
78,831
____ .
283,080 273,080 280.842
Net demand deposits
4,217,051 4,201,8971,034,477 1.037.22 7.818,3
7,606.80: 1.927,934 1,929,718 1,671.811 1,684,049
11,216,13011,220,374 10,953,438
Time dePosits
843,407 636,624 376,086 375,47 2,011.4
1,997,6871,129,096
1,125,337
848.497
843,42
Government deposits..
3,986,993 3.966,448; 3,242,043
98,861 151,977
28,42
200,32
21,326
303.17
50,926
131,874
70,981
282,141' 416,368
30,887 42,211
Bills payable and rediscounts with
F. R. Bank:
1
Seed by U.£3. Govt.a Lligations_
89,345 83,871
I
3,793
158,729 151,71
2,382
72,584
82,830
71,253 39,575. 34,217 259,134 257,187;
All other
12,11
10,041
102,671
14,963 22.16
118,704
93,376
38,953' 38,546
187,8621
176,543
30,412
Ratty of bills payable & redlecoun
34,91
with F. It. Bank to total loans
1
I '
and investments. err cent.
1.9
.:
1.1
2.5.
.
3.1i
1.1
97
2
92
2.71
2A
Three ciphers (000) omitted.
May 23
• IteVIRM
May 16
Catt of Chicago
May 23 May 16
1
2492
THE CHRONICLE
Vaulters'
azette.
Wall Street, Friday Night, June 11923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2483.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
June 1 1923.
Railroad,
etc.,
Bonds.
Stocks.
Shares. I Par Value.
Saturday
Monday
TuesdaY
Wednesday
'Thursday
Friday
395,982
1,045,900
663,0111
I
714,700
971,000
State, Mun,
and Foreign
Bonds.
$2 770,000
7,122,500
4 708.000
HOLIDAY
4 613,000
75,800.000
6 272,000
93,000.000
U. S.
Bonds.
$802,000 $1,577,100
1,488,000 2.573,350
1,7.59,500 3,284,200
$59,700,000
100,900,000
61,600.000
1,920,000
1,280.000
2,762,250
2,052,000
W
* Total
3.990.593 5391.000.000 325,48.5,500 37,249,500 $13.248.900
Week ending June 1.
Salsa at
New York Stock
Exchange.
1923.
1922.
Jan. 1 to Atte 1.
1923.
1922.
6,037,469
3,990,593
108,463,182
Stocks-No. shwas_ _ _
114,949,932
to Par value
$391,000.000 5516.770,800 $10,023,641,500 $10,456,244,296
Bond*.
•
813,248,900 326,918,550
Government bonds
$353,641,4351 $869,379,425
State, mun.,&c., bonds
205,551,700,
275,984.000
25,485,500 32,794,000
RR.and miso.bonds_ _
728,595,400
888,796,100
Total bonds
345,983,900 368,352,050 $1,287,788,535 52,034.159,525
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boson
Week ending
June 1 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
PMladelphia
Baltimore
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
6,480
$36,700
3,322
311,500
2,071
10,861
26.350
7,353
40.700
1,245
11,971
47,000
7,750
28,100
715
Decorati on Day- Stock Ex change Closed.
8,424
18,650
11,186
13,800
1,153
10,463
24,000
4,633
33,500
562
362,000
23,200
36,000
20,000
29,600
48,199
$152,700
34,244
$127,600
5,746
$170,800
78,987
3200,230
60,690
$188.300
9.744
3184.300
',ow leecora ol u.6. BOW rrwes. may 30 may 38 may 38 may :Pi may
31
June 1
First Liberty Loan
1111gb 100was 1005532 100wn
10055n 100un
334% bonds of 1932-47_ Low. 1001522 100un 1005332
1005% 1002032
(First. 334,
Clow 1005on 10055n 100"n
)
10033n 10030n
Total sates in $1,000 units.
75
81
69
143
118
Converted 4% bonds of (High
--------------_ _
_ _ agn,
98",132-47
i,
(First 4s)._ Low_
-_-_
- _---__
pluin
Total sales in $1,000 units_ ,,,__
2
,-,08n,,
Converted 434% bonclilligh .a.8
-1'in
913",1 985%
98",of
1932-47 (First 4%s) Low_ 981432 985n
985n
98,22: 98933
Close 98123: 98232
9829:2
98.933 989s2
Total sales in $1,000 units__
79
69
74
101
60
Second Converted 44% High
____
____
.._ _ _
bonds.of 1932-47(First Low.
-----Second 4345)
_
---- ,--_ __
___
____
Total sales in 81,000 units__ _
------{Hi
g
h 98ust
Second Liberty Loan
_.__ •
--__
____ 98,0s:
____
____ HOLI4% bonds of 1927-42._ Low_ 982922
__ 95193:
Close 9825:2
____ DAY
.___
(Second 48)
--- 98%
5
Total sales in 51,000 units..
-_ _
-- ----3
Converted 435% bondrig-h 9829'n 98% 98,932
98993: 98,222
Low_ 982232 989:: 989::
of 1927-42 (Second
98133: 98222
Close 9855n 985n
43(s)
9815n
989132 98932
877 1,269
Total sales in $1,000 units.._
732
587
487
{High 99.00 98293: 9899:2
Third Liberty Loan
983,3: 9822,2
434% bonds of 1928_ _ Low_ 9892n 981%3 98"n
9855n 9821n
Close 98"ss 9855,1 9855n
(Third 445)
98uss 98%2
184
332
745
Total sales in $1,000 units_t_
691
347
illigh 9855n 9815n 98n,,
Fourth Liberty Loan
98",, 98"ss
44% bonds of 1933-38._ Low_ 9815n 985n
985n
' 9855st 98512
close ssrin 98112: 981932
(Fourth 434S)
9812:2 98,23:
241
564 1,489
Total sales in $1,000 units ___
1,095
750
Victory Liberty Loan . IfIgh
____
___
____
434% notes of 1922-23._ Low_
(Victory 4348)
___ _
_ .._
-- -Total sales in $1.000 units----_- _ _
{Hi
g
h 99322
997nsi 9925n
Treasury
99n
55
9855s:
99223:
99273
Low.
1947-52
99ust
434..
99"n
22
9914s,
99 n
99553
98",Close
9955st 98%
122
249
115
Mint ortips in xi nen Valhi_ _ _
"75
,
012
Note.-The above table includes only sales of
Transactions in registered bonds were:
coupon
bonds.
57 Ist 310
2 1st 48
47 2d 4348
10020n to 1002%140 3d 41121
972932 to 989n 58 4th cis
985st to 981ln 4 Treasury 434s
98•3: 10 98",,
town to 913541
9924n
The Curb Market.-The review of the Curb Market is
given this week on page 2483.
A complete record of Curb Market transactions for the
week will be found on page 2594.
Quotations for U. S. Treasury Notes and Certificates
of Indebtedness.-See page 2486.
Foreign Exchange.-The market for sterling exchange
ruled quiet and featureless, at practically unchanged levels.
In the Continental exchanges the feature of the week was
another sensational collapse in German marks which fell to
below Austrian kronen. Other currencies were weak, but
with no important changes.
To-day's (Friday's) actual rates for sterling exchange were 4 60%@
sixty days. 4 62%@4 62 1.5-16 for cheques and 4 62%@
Commercial on banks sight 4 623@4 62 11-16,
4 63 3-16 for cables.
sixty days 4 59%@4 59 15-16. ninety days 4 5834@4 59 1-16 and documents for payment (sixty days) 4 59%@4 60 746. Cotton for payment
for payment 4 594@4 59 15-16.
4 59%@4 59 15-16 and grain
To
-day's (Friday's) actual rates for Paris bankers' francs were 6.38@
Germany bankers' marks are not
6.45 for long and 6.41@6.48 for short.
4 60 13-16 for
[VoL. 116.
yet quoted for long and short bills. Amsterdam bankers' guilders were
38.80@38.8234 for long and 39.05@39.0734 for short.
Exchange at Paris on London, 71.25 francs; week's range, 69.75 francs
high and 71.25 francs low.
The range for foreign exchange for the week follows:
Sterling ActualHigh for the week
Low for the week
Paris Bankers' Francs
High for the week
Low for the week
Germany Bankers' Marks
High for the week
Low for the week
Amsterdam Bankers' GuildersHigh for the week
Low for the week
Sixty Days.
4 60 13-16
4 5934
Cheques.
4 62 15-16
4 62
Cables.
4 63 3-16
4 6234
6.58
6.38
6.63
6.43
6.64
6.44
0.001834
0.0013%
0.001834
0.0013%
38.82%
38.73
39.12%
39.03
39.21%
39.12
Domestic Exchange.-Chicago, par. St. Louis, 15©25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal. 324.375 per
$1.000 discount. Cincinnati, par.
The following are sales made at the Stook Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending June 1.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. 1,
Lowest..
Highest.
Par. Share $ per share. $ per share. $ per share.$ per share.
Railroads.
16%May 26 1834May 31 1534
Bklyn T warr 1st paid_ 5,2
100202 May 29202 May 2 196
Central RR of N J_ _ _100
C C C & St Louis--100 300 85 May 29 85 May 2 7534
95 May 26 95 May 26 95
1
100
Preferred
1
50 June 1 50 June 1 50
Colo dr South,2d pref 100
234
2%May 2
100 2
2%May 2
Duluth 85 & Atl
21 May 2 22%June 1 18
Int & Gt No RY(w 0.100 1.9
10 inimay 2 17%May 2 1734
Keokuk & Des M,pf-100
Manh Elev Mod Gtd.100, 3 42%May 2 43%MaY 31 39%
15%June 1 17%May 31 1534
Rapid Transit Corp-- -.I 8,6
100 2,100 44%June 1 46%May 31 4334
Preferred
57 May 2 57 may 2 57
Tol St L & W,Series B-1 1
100 2
51 May 2 51%May 29 3834
West Penn
100, 100 84 May 29 84 May 29 7534
Preferred
I
Industrial & MiscelTs.
23 May 2 23%May 29 22
Amer Chain, Class A-25 5
42 May 2 51 June 1 22
Amer Chicle. pref-100 1,3
51 May 2 Si May 2 51
Amer Teieg d3 Cable_100 1
Amer Woolen, pl. full pd 1,700102 May 20 102%May 31 10034
*1
13 May 2:- 13%May 26 12
Arnold Constable
99 June 1 99%June 26 97
Amer Roll Mill, pref-i00,
%June 1
yi
%June 1
Assets Realization.. -10, 1001
1%May 29 134
AU Fruit Col T ctf of dep 3001
'
9 1.4002334June 1 25%May 28 2254
Auto Knit
Barnet Leather, prof 100 200 96 May 31 96 May 31 96
Blumenthal, pref.-100, 200 97%May 2 98 May 2 97%
Brown Shoe, Inc, pf_100, 500 9451May 31 95 May 29 94
Burns Bros, pref_ -100 300108 May 2 108%May 2 105%
Calif Petroleum, new-25i 4,800 2751May 29 2934May 31 21%
• 500 3334June 1 35 May 2 32
Century Rib Mills
Columbia Gas & El w I.* 2,500 34%June 1 35 May 2 33%
800 4834June 1 49%May 2 48%
Columbian Carbon.- - Commercial Solvents, A• 100 28 May 2 28 May 26 25
* 500 18 May 31 1834May 29 15
B
Cosden & Co, pref_ --100 100102 May 0102 May 29,100
734May 20 834
Cuban Dominion sugar• 1,700 73'May 2
100 900 4734May 26 4934May 29 46
Preferred .
• 2,700 63 June 1 6534May 31 61%
Cuyamel Fruit
34
%May 26
%May 31
Detroit Edison,rights.- - 7,300
Durham Hosiery Mills 50 100 15 June 1 15 June 1 15
pmerson-Brant, prei-100 100 223(May 26 2234May 26 2234
* 4,100 44%June 1 4534May 28 3734
Fleiscbmann Co
• 3,100 67%May 26 71%May 31 66
Foundation Co
* 1,500 sii May 26 10%May 26 934
Gardner Motor
ay
' 200 79 May 26
General Baking Co--9
100 9934MaY 31 99%May 1 98
Gimbel Bros, pref., ._100
2134May
8 2034
2034May
26
332
Pictures,
new
•
Goldwyn
Goodyear Tire, pref _100 900 5434 June 1 55 May 28 50
Prior preferred-- -100 400 96 May 31 9634May 26 95%
Grt West Sugar, prof 100 200104%May 2 10534May 29 104%
' 100 1,100 82 May 2 84 May 31 80%
Hartman Co
Household Products• 3 4001 33%May 26 34 May 29 31%
Temporary- ctfs
Hydraulic Steel, pref 100 100 12 May 28 12 May 28 10
700 9 May 29 9%May 28 814
Independent Oil & Gas-100
6122 May 29 122 May 2911934
Ingersoll Rand
• 2,000 37%May 28 39%May 31 36
Inland Steel w I
300102 May 29102%June 1 102
Preferred w 1
International Shoe--• 600 6734May 1 68%May 28
111111 900 6834June 1 89%May 26 664
Int Tel & Tel
* 4,200 sosimsy 29 64 May 31 3534
Kinney Co
100 400 9534May 31 9534May 31 92
Preferred
Kress(S H)& Co, pf _100 100118 May 28118 May 28 117%
Lima Locomotive, P1100 100133%MaY 31 133.%May 31 113
I
Loose-Wiles Biscuit100 200106 May 29 106 May 29 106
1st preferred
• 600 31 June 1 34 May 28 22
Magma Copper
5295 May 2 295 May 29 290
Nat Bk of Comm_ __ -100
100 9434June 1 9434June 1 94
Nat Cloak & S. pref_100
• 400 3934May 2 40 May 29 3634
Nat Dept Stores
, New York Canner'....' 900; 313May 2 324June 1 304
'
9
100: 12 June 1 12 June 1 12
.N Y Shipbuilding
1020,800' 20%June 1 22 May 28 1834
North American
Ohio Fuel supply....251 34 32 Juno 1 32%June 28 3134
9434May 29 9434 May 29 94
1
Onyx Hosiery, pref _ _100
100 200 5334May 2 55%May 28 47
Otis Steel, pref
10
031 40 June 1 40 June 1 3934
Penn Coal & Coke..._
90%May 31 90%May 31 89
Phillips Jones Compf100 1
35%May 28 32
3 May
Phoenix Hosiery
4134June 1 41%June 1 4134
Phila Co,s% prof__
Pierce-Arrow prior pref.*(8434May 2 66 May 29 624
444June 1 45 May 31 44
Prod & Ref Corp,Pref-50
103%May 2 103%May 2810234
P S Corp of N J, pref 8%
46%May 2 4734May 28 45
P S of N J, new com • 4
300118%May 2 116%May 2811334
Ry Steel Spring, pref.1
• 2
1234June 1 14 May 26 12%
Reis(Robt)&Co
Schulte Retail Stores__ 1,400 89 June 1 90%May 28 88
9%June 1 12 May 26 934
Simms Petroleum -.1 4,3
• 3,
2934May 31 30%May 26 2434
Simmons Co
1
94 May 2 94 May 29 94
Sinclair 011, pref____1C
200107 May 26 107 May 26 104%
Tobacco Prod, pref_ I
35 May 28 30
Trans & Williams Steel_' 500 30 J
172 May 2:188 May 31 136
'Underwood Tynewet 100
103%June 1104 June 110234
US Realty & Im full pd_
534May 31 534May 31 54
Va-Carolina Chem B .
100_ j
40 June 1 40 June 1 3934
Van llaalte
113%May 26113%May 2611134
West Elee 7% cum TIL100
10
37 June 1 3834May 26 36%
Waldorf System
• 1,1
1834June 1 1934May 26 isit
New
100 74%May 31 74%May 31 72
West'se E & M,1st pf_50
Worthington, prof B.100 200 65 May 28 65 Mai 28 6334
Youngs Sheet & Tube....1 900 69 May 28 71 May 31 67%
No par value.
Ma 1834
Ma 231
Feb 92
May 95
June 55
May 334
May 2534
May 1734
Apr 4534
May 1834
Ap 49
May 66
Ap 5234
Ap 854
Apr
Feb
Mar
May
Jan
Feb
Feb
May
Apr
Apr
Apr
Jan
May
May 2534
Fe 51
May 58
May 10234
May 1834
Apr 10034
Jun
1
2%
Ja
Jan 2834
Ma 99
May 98
Ap 99
Ma 10834
May 2934
Mar 38%
Ma 37%
Ma 4934
Ap 46
Ap 27;5
Ma 109%
Ma 124
Ma 5834
Ma 69
Ma
ii
Jun 18
Ma 3034
Jan 4734
May 7134
May 1434
9634
May 10234
May 2134
Apr 6134
May 99
May 10834
May 95%
Mar
June
Feb
May
Apr
Jan
Jan
Feb
Feb
Mar
may
Jan
May
May
Apr
May
Apr
Feb
Feb
Mar
Mar
Apr
May
Jan
Feb
May
Apr
Apr
May
Feb
May
Apr
Feb
Mar
Jan
May 3934
Apr 34
May 1134
Apr124%
May 4634
may 105
73%
May 7134
Ap 64
Mar 96
Feb 118
Feb 131%
Mar
Jan
May
Apr
Apr
Apr
Jan
Apr
May
May
Feb
May
May
may
Apr
A1311106
May 36% Apr
May 309
Mar
Feb
May 104
Ap 4234 Apr
May 324 June
May 1534 Mar
May 2434 Apr
Mar
May 67
Apr
May 98
Jan 72% Mar
May 4334 Apr
Feb 96
Jan
May 5634 Mar
May 4534 Feb
May
4 Mar
May 4934 Mar
May 108% Feb
May 51% Apr
Feb 12134 Mar
Jun 19% Mar
May 91% May
Jan
May 16
Jan 3434 Mar
May soi Feb
Feb 113% Feb
Apr
Jun 40
Jan 183 May
May 108% Feb
May 1634 Feb
Feb
May 64
Ma um( Feb
Mar
May 47
June 20 May
Jan 78 ' Mar
May 7134 Mar
Jan
Ma 80
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2493
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see precedlaa page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
May 26.
Monday,
May 28.
Tuesday, 'Wednesday
May 29. ' May 30.
Thursday, I
May 31. I
•
Friday,
June 1.
Sates
for
the
Week.
per share S per share $ per share
$ per share
per share $ Per share Shards
36
3814 36
36
"34
38
3714
*36
400
3734 *34
9914 994 994 101
10038 10112
10012 10138 9912 10012 21,100
89 "88
8834 8834 89
89
500
8812 8812 8834 89
14 178 .2
24 *2
21s
24
900
218 24
2
•113 115
115 11614 11578 11614
116 11814 115 11614 3,800
48% 4878 4834 5018 4934 5014
4978 503s 4818 4934 31,300
*57 58
5753 5712 *5712 5778
400
5634 564 *5778 58
•14 178
138 15,
178 212
5,100
24 33g *214 3
*15s 2
112 134 *24 312
3
*218 3
600
3
15518
15418
15614
15412
15418 15458
11,500
15414 15514 :150 152
6738 66
6512 6512 66
6834
5.100
8614 6684 644 66
101 101
1014 10138 *10178 10214
400
*10178 10214 10218 1021
*24 214 *24 214
214 212
218 213 1.500
*218 214
*312 4
*334 4
4
4
100
*338 414 *34 414
*31
32
3112 3234 3238 323s
334 3312 3218 3213 1,900
*56
57
.57
57 *58 60
5812 5812 58 58
900
514 514
53
514 514 *5
5
5
900
518 Vs
11
11
1114 1153 111* 1112
1114 1.400
1112 1112 *11
21
21
21
2112 2112 2134
2112 4.700
2134 214 21
3434 3734 37
3673 37
373
3732 5,800
36
374 38
79
7914 7834 804 7918 7934
7912 7912 7712 7834 3,000
115 115 115 115 *115 117
•114 11612 .113 115
200
29
2914 2914 3012 2912 2978
2912 30 I 2818 2938 11,900
*8812 8912 *8812 8912 *88 89
600
87 i
87
88
88
*78 80 *79
8012 804 *79
80
200
7978 7978
80
*65
70
*65
70 *65
70
70 ' *65
70
.65
35
35 *35
36
.34
200
35
35
36 I •33
35
•11378 11414 z112 112 *112 11312
*112 11312, 11138 112
400
117 118 118 119
11812 119
1,800
11912 11912 119 119
104 11
1118 114 1138 1212
14,900
12
12381 1112 12
1678 1714 1753 18
19
18
19381 184 19
1934
12,200
•1134 1234 1114 1218 1234 134
1338 1338 13
1318 2,400
7212 7212 7214 7278 7158 72
72
7012 7218 4.300
72
294 291s 29
2914 2914 2912
2934 30
2.700
2853 30
•134 1312 1312 15
1512 1512
17
16
*14
16
600
*5218 53
5238 534 5312 54
54
53
*52
*52
800
*108 10934 110 11034 *11014 111
11012 11034 10912 11034 1.100
_
1714 Ili" 1784
4,1912 2011 1978
*524 5312 53,4
29
29 .27
*67
7112 *67
6278
6214 8212
8914 90
90
*54
5912 *54
18
18
2038 2014
5314 •52
29
29
7112 *67
6378 62%
9014 90
59 *5412
;15-
14
46
*41
45
7112 •70
72
31
*2514 32
7
738 73s
67
67 6712
41
*6934
*28
*634
*6634
14
41
71
31
7
8712
1213 -1178
*3514 3512
1438 1412
38
3914
*312 4
9338 93%
97 9712
*70
78
*80
87
1712 17%
*174 18
*124 15
•10734 10812
•77
78
72
72
4418 44,4
10
1012
4112
41
*68
71
*6312 85
4474 4538
*88
8912
7412 75
*504 51,2
51
SI
*29
30
22
22
*42
43
2934 2978
5834 58%
634 034
12
12
90 90
32% 3334
66
6614
*2212 23
14
14
67
87
1364 1364
*7314 74
•1278 14
3912 391
914 914
284 281
*1812 21
•11
1118
234 2312
16% 18%
5834 5912
818 818
*1412 1514
*29
31
7114
1312
*44
63
1118
8
20%
54
3018
69
8338
9012
5812
;ii- 11" ;ii-
*41
•70
*30
7
*66
1273 Yfi;
3512 3638
1412 151s
3914 3978
334 334
9412 9512
9712 9914
7034 7034
•80 87
1714 1812
•1712 18
*1212 15
10814 10914
*77
78
7234 7334
4378 4438
•11)12 13
4078 42
*88
71
•6312 6414
4512 4734
*8812 89
7514 7618
51
51
*5114 52
30
32
2178 224
*41
43
3014 31 •
59 .59%
•68.1 7
*12
1214
9014 91%
33% 3438
6814 6634
23
2378
*14
1434
6812 6834
13612 13838
7312 731:
13% 1412
40
42,2
9,4 914
2834 29%
*1812 21
1112 12
24
2438
*104 17
*5812 60
8
814
1474 1434
*304 32
-ii
20
*52
30
*67
6234
*90
*54
'41
20 1 1918
*52
54
30
30
68 *65
6312 6034
90
92
5834 *54
193
55
30
68
63
9014
5912
)4-
1178
41
70
33
7
68
45
70 • 70
*27
31
7
7
*65
68
41
70
*25
634
•64
1313
Stock
13s 1353 -13- 13
38
36
344 3412
3534 38
1434 1434 Exchange
1418 1414 *134 14
3912 3978
38
3818 39% 37
*312 334
.312 4
Cloied
9512 9512
-41 14-1-4
*9412 95
9814 9938 Decoration 9812 9938 9653 9878
75
79
7714
*72
76 •70
.80
87
87
87 •78
*SO
Day
17
18
17%
1738 1778 17
174 1712
•174 1712 •1718 171:
1312
•1212 15
13
•1312 15
109 10912
10712 1084
210834 109
7714 7714
77
77
77
77
7278 73
7172
7212 7314 71
4418 4414
4418 4438 4418 4432
11
11
11
12
11
•I1
41
4178
414 4238 4138 4234
7012 7012
73
*7012 73 •70
en'. 65
•63 64
*6312 65
4614 464
4412 4614 4412 45
*8812 89
*86
89
*8712 89
75
7614
75% 7314 74
75
5112 5112
*51
5112 5112 5134
5112 5112
*5114 5112 514 5112
*30
33
30
30
*30
32
2112 2178
2114 2134
2178 22
42
42
.40
4212
3078 3138
if
304 30%
5914 6138
13012 8012 5812 5812
078 678
612 634
67/4 678
12
1238
*1134 12
12
12
90% 9114
28834 8938 *874 874
3334 3418
34
3412 3212 344
6614 67
664
6712 66
67
2278 23
2212 2238 2014 2212
•14
15
14
14
15
"14
*67
8814
68
68 .67
'67
13714 13818
13758 13838 213318 135
73,2 7312
73
7331 72
73
1312 14
13
144 1414 13
4112 4158
40
41
4114 40
'94 934;
94 94
94 34
29
2938
2834 2912 2734 2834
•1912 22
•1812 21
•1812 21
1134 1178
1158 III, Ills 114
2414 2458
2458 25
2358 234
1634 17
17
1714 1634 174
5978 60
60
6012 *59
60
778 812
734 818
8
8
"15
1512
•14
1512 '1134 15
31
31
31
32
*29
*29
7212 *734 75
15
15 •13
47 .4312 47
86 65
85
1178 1178 12
28
12
.14
38
38
38
118 118
118 118
118 118
7212 734 7014 73
7112 7212
10938 10938 .10834 110
*10812 110
4234 4334 43
4312 44
43
*90
93
93 93 *90 93
2034 2138 2038 2138 1934 2078
4618 44
• 4234 4514 45
4414
82 *79
82
*81
*79
83
5312 •51
5312 "51
.51
5312
4112 4112 40
41
4012 "39
4112 4078 4078 40
41
4014
7412 7434 •75
7412 741
76
•108 1084 •108 10834 *108 10834
98 103% 10112 10418 10112 10338
*107 10912'108 10812 •108 10812
17138 17153 17111 17213 172 17234
*12012 12312 •120/44 1231: *121 12114
914
9
9
912
912 1034
•Bid and asked prices x Ex-dividend,
7114 7212
134 •13
46 *43
63 .6312
1153 11%
-134 )
-44, '1634 Mil - 3,600
1,700
100
700
3.700
1,800
200
200
1,000
300
4,800
1,800
5.000
5,600
100
1,700
74.350
300
11,700
200
200
1,300
400
3,800
7,200
800
20,200
100
4,800
9,400
1,100
600
600
2.100
4,100
3,700
500
500
14,300
62,800
3.800
2,900
200
900
13.900
1.800
1,300
2,100
2,000
14.400
3,700
4,100
2.600
700
2,000
100
100
500
7412 7412 7312 7333
400
*13
14
13
13
200
4312 431* 43
700
6414 65
*6234 65
1138 11; 114 1112 1,400
22,600
38
38
"14
38
1 18 1,700
1
1118
118
8,600
691: 71
71
73
200
•10812 110
1091: 1094
2,700
43
4112 43
43
200
93
*90
93
93
3,300
1912 20
1814 19
4212 4212 424 43
2,500
100
81
*81
83
81
52
"51
5312 *51
39
1,100
39
38
39
4113 4214 40
4014 1,600
75
800
75
*73
75
•108 10834 •108 10834
10184 103% 97 102% 267,800
•I08 1094 •108 1094
100
17212 17284 170 170
1,800
'121 12234 •12118 1225,
1014 1078 104 11
6,700
STOCKS
NEW YORK STOCK
EXCHANGE
I
FRB SHARE
/taws since Ian. 1 1923,
On basis of 100-share lots
Lowest
Railroads
P6r1 $ per share
100 324 Jan 10
Ann Arbor preferred
Atoll Topeka & Santa Fe 100 973sMay 22
Do prof__
100 874 Apr 30
14 Jan 3
Atlanta Sinn & A tlantle_100
Atlantic Coast Line RR__ 100 11014 Jan 17
100 4012 Jan 17
Baltimore & Ohio
100 5534May 7
Do pre/
112 Apr 14
Brooklyn Rapid Transit
100
100 144 Z Apr 11
Certificates of depoeit
Jan dian
Cana
Pacific
100 62 May 22
Chesapeake & Obio
100 10032May 23
Preferred 1
2 May 21
100
Chicago & Alton
Preferred
100
3/
1
4 Jan 12
Chic & East Ill RR (nes)... ___ 2618 Jan le
Do pie!.. -------------61 Jan 17
4 Jan 18
100
Chicago Great Weetern
100
Do met
84 Jan 18
Chicago Milw * St Paul_ 100 193gMay 2
Do pref
100 324 Jan 13
Chicago & North Western.100 7618May 2
Do pref.
100 113 May
Chic Rock Tel & Pao
100 26 May 22
100 85 may 1
7% preferred
100 754May 2
6% pre:erred
Chic St P Minn & Om.. _ 100 65 May 21
1(0 33 May 22
Colorado & Southern
Delaware & Hudson
1(0 10334May 2'
Delaware Lack & Western_ 50 11334May 2
101) I018May 2'
Erie
100 16 Jan 17
Do 1st pre!
103438ay 2
100
Do 2d pref
Great Northern prat... _ 100 6978May 2
2712May =
Iron Ore properties.Ne par
Gulf Mob & Nor tr etfs... i4)0 1234 Jan 1'
Do prat ............. 100 4472 Jan
Illinois Central .!.... _ 100 105 May 2"
Interbcro Cons.'Corp _No par
4 Jan 17
... .. 100
4 Mar 2
Do pref.. __
Intarboro Rap Trap w I...100 15 Jan 16
Kansas City Southern__ 100 184 Jan 12
100 61 May 7
Do pref
10t 29 May 21
Lake Erie & Waste!n
lOt
Do Pre:
Lehigh Valley
6 Nj
& 60
i:rn11
21
Louisville & Nashville
10( 851251aY 7
Manhattan Ry Lear
100 4234May 24
Eq Tr Coot N Y CU dep-100 3518 Jan 26
Market Street By
84 Jan 23
1041
Do pref
100 34 May 19
Do prior pref
100 6312May 22
Do 2d pref
100 214 Jan 31
minneap & St L (amp).--100
514 Jan 8
Minn St P & s 8 Marie._ _.100 6014 Jan 4
Missouri Kansas & Texas.. 100
814 :or 26
Mo Ran .8 Texas(new)
1114May 22
Do prof (new)
3258May 21
Missouri Par fie trust ctfa.100 13 May 22
Do pre! trust Mrs
100 354May 21
Nat Rys of!de'26 pref...100
238 Jan 17
New Orl Tex & Mex v t e_.100 84 Jan 16
New York Central
100 9012May 4
N Y Chicago & St Louie
104 68 May 22
Do 20 prat
100 764 Jan 2
N Y N II & Hartford
100 16
6718
41%
mla
a9 27
2
N Y Ontario & Western___100
Norfolk Southern
100 14 Feb 1
Norfolk & Western
190 1054May 22
Do Ore!
100 764 Mar 10
Northern PacifIe
100 6918May 22
Pennsylvania
50 4378May 22
Peoria & Eastern
10
0 mjaany
100 3
Pere Marquette
100
11
Do prior prof
100 4234June 1
Do pref
100 6212May 22
Pittsburgh & West Va.. 100 334 Jan 17
Do pref
100 87 AM 23
Reading
60 7112May 22
Do let prof
60 49 May 4
Do 2d pre!
60 4912May 22
Rutland RR pref
100 25 May 2
St Loula-Ban Fran tr ett8_100 1958May 22
Do pref A trust ctfe
100 324 Jan 8
St Louis Southwestern._ _100 2612May 22
Do prof
100 5512May 21
Seaboard Air Line
514 Jan 2
100
Do pre!
_100
85s Jan 18
Southern Pacifle Co
100 87 Jan 9
Southern Railway
100 2414 Jan 6
Do pref
100 64 May 22
Texas .8 Pacific
100 1934 Jan 16
Third Avenue
100 134 May 22
Twin City Rapid Transit_ _100 584 Jan 19
Union Pacific
100 132 May 4
Do pref
100 7114 Apr 21
United Railways Invest__.100 11+4 Jan 2
Do prof
100 264 Jan 17
Wabash
7 Mar 10
100
Do pref A
100 2314 Jan 17
Do pref B
104) 164 Jan 18
Western Maryland (nes) 100 1018May 21
Do 26 prof.
100 2012May 21
Western Pacific
100 15 May 1
Do pre!
100 63 May 7
Wheeling & Lake Erie R7-100
712May 7
Do pref
100 1234May 4
Wisconsin Central
100 26 Jan 10
Industrial & Miscellaneous
Adams Express
100
Advance Rumely
100
Do met
100
Air Reduction. Ino____No par
Antit Rubber, Inc
60
Alaska Gold Mines
10
Alaska Juneau Gold MID._ 10
Allied Chem & Dye__ _No oar
Do pref
100
Allia-Chalmers Mfg
100
Do pr .f
100
Amer Agricultural Cbero..100
Do pref
100
American Bank Note
60
Am Bank Note pref
54)
American Beet Sugar
100
Amer Bmch Magneto...No par
Am Brake Sboe & F._No mo
Do prof
100
American Can
100
Do pref
100
American Car di Foundry. 100
Do prof
100
American Chicle
No tor
63 Jan 2
1152May 22
43 May 8
5711 Jan 10
10 May 22
14 Jan 4
1 Feb 15
6234May 18
10838May 19
31312May 22
9112May 10
1514May 22
37 May 22
77 Jan 6
514 Apr 24
3512May 22
37 Jan 9
70 Jan 3
107 Apr 13
7312 Jan 2
107 Apr 13
165 May 21
11914 Mar 22
544 Jan 30
Highest
per share
45 Feb 23
10518 Mar 3
905a Mar 6
334 Feb 21
127 Feb 28
564 Mar 21
6078 Mar 21
164 Jan 2
13 Jan 12
160 Apr 18
764 Jan 30
10478 Feb 23
334 Feb 13
638 Feb 8
3834 Feb 13
6214 Mar 26
7 Feb 7
17 Feb 6
2638 Mar 6
4512Mar
88 Mar 6
11818Mar 21
3774 Mar 21
95 Feb 9
85 Mar 5
78 Mar 5
454 Feb 13
12412 Feb 13
1304 Feb 8
134 Feb 13
2056 Mar 21
15 Mar 5
80 Mar 5
36 Mar 19
20 Mar 5
6234 Feb 21
1174 Feb 21
Jan 4
78 Jan 6
2278 Mar 14
2414Mar 3
57% mar
34 yam 2
14
71; Feb 7
165 Feb 28
60 Apr 17
44 Feb 13
20 Mar 10
684 Mar 12
87 Mar 12
5614Mar 12
94 Feb 13
7312Mar 5
12 Feb 6
17 Feb 15
4512 Feb 14
1938 Feb 14
49 Feb 10
434 Feb 16
105 Mar 26
1004 Mar 6
84 Jan 29!
901s Feb 17
22
14 F
Jan
eb 3
10
3
1838 Feb 9
1174 Feb 9
78 Jan 29
8112Mar 6
4734 Jan 29
7
10
712NM
iay
ar 29
1
7634 Mar 6
7012 Jan 9
5058May 10
93 Jan 9
8118 Feb 7
5612 Feb 7
5634 Jan 30
3734 Jan 10
2678 Mar 6
50 Mar 6
3688 Feb 10
6378 Mar 21
74 Feb 10
134 Feb 14
954 Feb 21
3514 Mar 20
7074 Mar 22
2918 Mar 21
194 Feb 10
eas4may 28
14478 Feb 28
7612 JtIO 6
2178Mar
62 Mar 6
1112Mar 22
3418 Mar 22
2212 Mar 22
15 Feb 9
2634 Mar 22
2014 Mar 5
6338Mar 5
104 Feb 13
19 Feb 13
354 Feb 23
PER SHARI
11autle for Previous
Year 1922.
Lowest
Per share
274 Jan
91; Jan
8458 Jan
ad Jan
83 Jan
3313 Jan
5218 Jan
6 Jan
518 Jan
1194 Jan
54 Jan
1003% Dee
184 Jan
Ills Jan
1214 Jan
314 Jan
314 Dec
7 Dec
1714 Jan
29 Jan
69 Jan
100 Jan
304 Dec
8814 Jan
7014 Jan
51
Jan
38 Jan
10644 Jan
108 Feb
7 Jan
114 Jan
74 Jan
7014 Jan
284 Nov
6 Jan
16 Jan
974 Jan
Dee
18 Dee
1714 Dec
17 Nov
5214 Nov
10 Feb
2818 Feb
5633 Jan
103 Jan
35 Jan
444 Aug
318 Jan
17 Jan
36 Jan
54 Jan
6 Jan
aa June
Jan
718 Jan
2411 Jan
164 Nov
60 Nov
242 Nov
544 Jan
72z.: Jan
5118 Jan
6144 Jan
1212 Jan
1818 Dec
8; Jan
2614 JOB
72 Jan
73 Dec
334 Jan
1014 Jan
19 Jan
63 Jan
5018 Jan
23 Jan
76 Jan
7118 Jan
63 Mar
45 Jan
174 Feb
EN Dec
34114 Nov
2038 Jan
8252 Jan
258 Jan
tie Jan
784 Jan
1714 Jan
46 Jac
1814 Nov
134 Nov
34 Jan
125 Ian
7114 Jan
712 Jan
2014 Jan
6 Jan
19 Jan
1214 Jan
814 Jan
13 Jan
1334 Jan
5118 Mar
6 Feb
94 Jan
25 Jan
32 Mar 3
43 Jan
1912Mar
1078 Jan
5438 Jatr14
31; Jan
724 Mar 19
4518 Jan
1478 Mar 14
94 July
;Mar 9
la Dec
114 Mar 9
ss Jan
80 Jan 2
55; Jan
112 Mar 2 101
Jan
6114 Feb 16
3734 Jan
974 Jan 27
864 Jan
3678 Feb 21
274 Nov
6878 Feb 21
56 Jan
9112 Mar 7 68 Jan
55 Feb 7
61 July
4912 Feb 13
3114 Jan
311, Jan
60 Mar 6
Jan
61
83 Mar 21
110 Jan 14
9814 Jan
3214 Jan
106 Mar 6
9314 Jan
115 Feb 20
Jan
189 Mar 7 141
Jan
11512
12578 Jan 18
5 Nov
11 Apr 25
Highest
Per 13are
52 Aug
1084 Sept
9518 Aug
54 Apr
12472 Sept
6014 Aug
6614 Aug
29 June
2478 Jima
151; Aug
79 Aug
10558 Oct
124 May
2078 May
4334 Aug
04'i Aug
1034 May
2412May
363
, Aug
554 Sept
954 se24
125 Aug
50 Sem
105 Sept
95 Sept
90 Sept
6312 Apr
14118 Seta
143 Oct
184 May
3318 Aug
204 May
9572 Oct
4,612 AM
19 May
47 Oct
11534 Sept
6 Apr
1214 Ana
3214 Aug
3014 AC
:
8912 Apr
397a June
77 Sept
73 Sept
14478 Oct
68 Aug
654 Aug
11 mat
504 Apr
76 Nov
82 APT
1418 AM
7514 Oat
1514 Dee
194 Aug
484 Aug
2614 AD
,
6334 Sept
714 MAY
3711 Dee
10118 Oct
0112 Oct
93 Sect
38 Aug
3012 Apr
224 June
1254 Sept
Oct
9018 Aug
4914 Oct
2618 Al2(
4018 AIM
82 Aug
714 Aug
4115 Aug
95 Nov
8718 Oct
67 May
594 May
5314 JUDI
32.12 Aug
56 Aug
3678 Nov
5978 Nov
10 AP,
14/41 Apr
9614 Oct
2% Aug
71
Oat
86 Apr
21158 May
624 Sept
1544 Sept
80 Aug
1978 Apr
384 Apr
1438May
8518 Aug
2478 Aug
1714 Aug
2818 Dee
2478 Apr
84; Sept
164 June
294 Jinx
3814 MN
93 Oct
23 Aug
3012 Aug
66 OM
1814 Apr
78 May
May
9114 &Pt
11511 Se171
MN Seto
104 Sept
427s June
724 Sept
/1 Dee
554 Deg
49 Juba
69 Age
8318 Sept
118 Oct
7618 Nov
11378 Doe
201
Oct
12018 Nov
14 May
New Yopli Stock Record-Continued-Page 2
2494
Iron sales during the week of stocks usually inactive. see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
May 26.
Monday,
May 28.
Tuesday,
May 29.
Wednesday, Thursday, , Friday,
May 30.
May 31.
June 1.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranoe office Jan. 1 1923.
On Oasts of 100-shars lois
Lowest
1
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par 8 per share
7/
1
4 813
814 9
834 9
638May 18
8
838
100
738 734 3,100 American Cotton 011
*1612 1712 1812 1812 *16
1712 18
18
100 14 May 18
1712 1712
500
DO Wel
' *518 514
518 518 *518 514
5 May 22
518 51s
5
518 3,400 Amer Druggist* Synclicate_10
*118 122 *11814 121 *11814 121
11812 11812 *118 121
100 11514May 2
100 American Express
10
10
*10
11
858 858
9
9
358May 29
834 834 1,000 American Hide & Leath/3%100
49
50
4914 4934 4834 4834
47
*48
49
100 47 June 1
4712 1,000
Do prof
9734 9812 9612 98
99 102
97
9712 101
9912
100 90 May 21
5,300 American Ice
*82
8434 *82
84
8414 8414 *8214 85
82
82
100 82 528.5 22
200
1)0 prat
2512 2618 25
25
2512 2534 2572
2512 22
25
7,400 Amer International Corp .100 22 June 1
*1134 12
*1112 12
*1112 12
1138 1112 1178 1178
300 American La France F E_10 1114 Jan 17
2414 2434 2414 2478 *2434 26
2538 2612 2418 25
100 2034May 22
1,500 American Linseed
*4418 48
4412 4412 .*45
*4612 48
46
48
100 41 May 22
4634
Do prof
300
13612 137
14012 14334 13734 14112 75,700 American Locomotive _ _100 12034 Jan 17
13614 14214 14018 14312
*115 118
*116 118
117. 117 *116 118
11712 11712
_100 115 May 4
Do pre(
200
46
4612 4618 47
4512 4634 46
46
4512 46
4,800 Amer Metal temp ctts-No par1 441 gA1a5 22
*7912 8012 *8034 81
81
81
8012 8012
25 78 Jan 2
8112 81 12
300 American Radiator
*634 7
612 612
7
7
614June 1
634 634
61 1 612 2,000 American Safety Razor.__ _25
1478 15
*1412 1458 14
*1438 1434 1412 1412
1418
No par 14 Apr 23
600 Am Ship dz Comm
5918 6014 5812 60
6012 6158 5878 6114 25,700 Amer Smelting & Refining.100. 63 Jan 17
58
6118
98
98
9712 9712 93
*9712 98
98
98
98
100 7838 Jan 18
Do pref
400
*140 116 *133 145
14014 14014 *140 146 *140 146
100 135 May 22
103 American Snuff
3718 3712 36
3718 3738 37
3738 3738 3738
3738 3,300 Am Steel Fdry tern ctf8.33 1-3 3112May 22
*102 105 *102 105
*102 105 *102 105 *102 105
100 May 8
100
etre
pret
tern
Do
7478 7478 73%8 7338 4,300 A merican sugar Renteng 100 69 May 21
7538 7578 75
7534 75
7518
*10112 10512 *101 105
10414 10412 10112 105 *105 106
100 10114May 22
700
Do prof
*25
27
*2412 25
2458 25
27
2458 2458 *25
100 2414 Feb 1
509 Amer Sumatra Tobacco
*5018 5712 _ _ _
*5018 5712 *5018 5712 *5018 5712
100 5538 Jan 10
Do prof
12278 123
12214 12238 12214 12234 12212 12278
1234 123
5,700 Amer Telephone & 1'eleg-100 12114 Apr 3
14712 148
14614 14678 147 14714 146 147
14612 14712 2,600 American Tobacco
100 141 May 21
10212 10212 10212 10234
*102 10214 *102 10214 10214 10212
100 101 Mar 16
800
Du prat (new)
14738 14738 145 147
14514 14514 14534 14634 146 146
2,000
Do common Class 13_100 140 May 20
4112 42
3912 4018 4,000 Am Wat Wk8 dir El v t o ._ _100 2712 Jan 29
39
4212
4118 4234 42
40
*89
9014 *89
*89
9014
0014 *89
9014 *80
9014
Do 181 prof (7%) v t c_100 854 Jan 3
5914 6018 5412 59
603* 61
60
6012 6034 61
1,500
Do partici p1(0%) v to 100 4818 Jan 3
*90
95
95
*90
95
*00
*90
95
95
*90
100 9314 Jan 2
Amer Wholesale. prel
9218 9314 8918 9112 15,800 Amer Woolen
9178 9212 9138 9278 9134 93
100 8534May 22
10178 102
10134 10178 2,300
10178 10214 10178 10214 10178 10218
100 10134May 19
prof
Do
*2038 2212 2034 2034 1,100 Amer Writing Paper pre100
21
2134 2238 2238 *2112 2212
16 May 13
i
*1212 13 '1512 13
1312 1312
13
1418 1418 13
600 Amer Zino, Lead ak Scnelt___25 1018May 21
*45
*45
48
48
47
*45
47
*45
*45
47
25 48 Alas' 14
Do prat
45
4458 46
4612 4418 4538 17,700, Anaconda Copper Mining_50 4358Y.lay 18
4558 4618 4538 46
7612 7612 7,4
75
75
7612
7434 7514 *74
7538 1,9001 Associated Dry Goo11s
100 8214 Jan 5
*8212 85
8412
083
*83
85
84
*4212 85
*83
100 8212 Jan 18
Do 1s1 prof
*88
91
'*89
90
90
92
*84
*39
91
100 8818 Jan 9
93
100
Do 24 Prat
117 117
118 11838 118 118
1164 11614
*11634 118
100 101 May 7
600 Associated Oil
*218
214
*2
214 *218 214 *2
2
214
/
4 Jan 17
214
11
No par
500 Atlantis Fruit
1548 1734 1458 1612 1534 17
1634 1712 1634 1778 37,800 All Gulf & WI 88 L1ne___100 1458May 28
*1312 14[2 1358 14
1314 1314 131g 1358
1234 15
100 1234May 26
1,800
Do prof
12578 12578 12518 127
12334 124 *121 122
125 125
100 114 May 22
800 Atlantic) Refining
011512 116 *11534 116
*11534 116 *11512116 *11534 116
100 115 May 2
Do prat
1614
*16
1634 *16
16
1612 *18
1614 16
16
No par 13 May 17
400 Atlas Tack
2412 2434 2334 2412
2438 25
02312 2412 23
2312 4,000 Austin Nichols & Co
No par 1934May 22
082
8314 *82
082
8314
*8214 83
8314 *82
100 82 Ma' 4
8314
Do prat
13034 13312 131 13438 13314 135/
13334 13614 212612 13114 113,330 Baldwin Locomotive Wks_100 12338May 7
1
4
•112 115 *112 115 *112 115
*112 116 .10•2 115
100 112 Apr 23
Do prof
*42
49
*42
49
*42
49
*44
49
*44
49
No par 46 Apr 27
Barnet Leather
20
Stock
20
204 2014 204 20
2014 2014 *19
900 Barnsdall Corp, Class A____25 1878May 22
20
*15
16
*14
16
*15
17
1534 1534 *14
25 14 May 4
1512
B
100
Do Cla
3/1
313 Exchange
38
38
4
*38
14 Feb 26
20
14
14
/
1
4
14 2,200 Batupilas Mining
*51
56
5412 55
56
*51
No par 5012 Feb 71
*5114 5534 *5114 55
300 Bayur, Bros
69
70
6814 6934 Closed
6712 6934
*68
6914 67
20 51 Jan 2
6814 3.900 Beech Nut Packing
544 5578 5334 5478 54
5514
100 51 June 11
537s 5512 x51
5234 53,200 Bethlehem Steel Corp
_ Decoration __
Do Clam,B C00101011._.100 6014 Jan 16
01J4 111
4 ;51- -91'2
;i1U4 11-34 ;9
WO 9314 Feb l'
*9012 9112 *9012 9-112
Do pre/
*10412 10512 10438 10458 10458 10458
Day
*105 106 *106 107
200
Do cum cony 8% pret_100 1015834ay 23
9012Junc ii
*9013 9134 *9012 9134 *9012 9134
100
*9012 9112 9012 9012
Preferred new
100
418May 22
5
*412 512
578 *514 6
No par
512 512
514
514
1,100 Booth Fisheries
838 *778 848
7/
1
4 Mar 23
838 *8
*8
100
*8
8-3* *8
838
British Empire Steel
*66
68
70
*66
67
*66
100 6612 Feb 5
*66
67
*66
67
Do lot prof
2412 2412 *2212 2412 *2212 24
100 2018May 8
*2234 2334 *2234 2334
Do 20 pre.
100
10812 10812 *106 109
100 10114May 22
108 108
10712 10712
10778 108
600 Brooklyn Edison, Ina
110 110
110 110
100 1031211,1ay 11
109 109
*109 112 *108 112
500 Brooklyn Union Gas
100 5512May 19
5912 *57
*5712 5912 057
59
200 Brown Shoe Ina
*57
5812 5612 57
.112 2
*112 2
112May 17
*112 2
100
Sec
*112 2
*112 2
Brunswick Term 4t sty
100 43412may 21
013612 13712 *13612 1374 *13612 13712
13612 13612 13638 13638
200 Burns Bros
June 1
33
35
3514 3514 35
*3512 37
corn
B
Class
3514 3578 33
2,000
35
Do new
22
7
7
758 772
718 712
758 778 2,700 Butte Copper & Zinc v t c-5
778 778
.764MaV
*1514 16
May 3
400 16
16
16
*1514 16
16
1814 *1514 16
300 Butterick
2012May
Mining-10
24/
1
4 2512 254 2534 24 2522
24/
1
4 2478 2312 241
/
4 4,300 Butte rt Superior
4
4
414 412
312May 21
412 412
4
4
4
4
1.200 Caddo Central Oildritet No par
8212 8212
8212 8212 *8212 83
No par 7912 Jan 24
*8114 8212 *8012 8212
700 canto/711a Packing
1113
8
1133
8
115
100 6614 Jan 3
11234 11738 111 11734 166,300 California I'etroleum
114 11612 11113
108 109
100 9434 Jan 2
10814 10812
10812 10958 10713 109
109 110
Do pre/
3,700
7
742
74 712
728 742
6 May 22
10
74 714
634
7
6,300 Callahan Zinc-Lead
55
*54
55
*5312 5512 *54
*5412 55
*5312 55
Calumet Arizona Mining..__10 52 Jan 23
4514 778
5385lay 22
1
*534 614
6
6
614 678 *6
Gold
658
Hill
600 Carson
*212 3
*212 3
212May 3
No par
*212 3
*21
/
4 3
*212 3
Case 1.1 1) Plow
80
*75
80
*75
*75
1
4 Jan 4
80
80
1375
____ _ _Case (J 1) Thresh M. pf ctf 100 69/
100 25 May 19
29
2812 2812 2658 28
2878 2912 29
2812 29
5.000 Cantral Leather
633
100
4May 19
6834
6818
6818
6914 66
68
1
4 6838 8914
Do prof
1,500
*6814 68/
4234 43
44
4134 4214 3,100 Corrode Pasco Copper_No par 41 18May 21
4312 43%
44
4438 44
38
par
*30
*30
3214May
17
Prod.
-No
38
38
*30
-Teed
*30
38
38
*30
Certain
62
63
6134 6212
63
5914 6112 8,300 Chandler Motor Car__ No par 5914June 1
6253 6338 62
80
*79
80
*79
*7912 so
Chicago Pneumatic Tuol__100 76 May 19
*77
78
*7912 80
27
25 28181day 1
2712 22614 2638 10,100 Chile Copper
1
4
1
4 274 27/
27/
1
4 2734 2712 27/
2212 2278 22
6 2114May 22
2314 23/
2218 5,800 Chino Copper
1
4 234 2378 2234 234
*6512 6834 6512 8512
68/
1
4
1
4 *66
•66
69
06512 68/
100 Mott. Peabody & Co __100 64 May 21
7812 8012 7712 80
No par 73 May 4
8018 8214 7712 8058
7634 80
48,500 Coca Cola
3314 3538 3158 3538 50,800 Colorado Fuel dr Iron
100 2514 Jan 17
3414
2978 3134 3112 3334 33
10212 10334 10.3 10312 2,400 Columbia C111.9 & Electric_ 100 9014515y 21
10312 103/
1
4
10334 10334 1034 104
138
112
138May 24
14
112
138
las 112
13/ 112
112 2,500 Columbia Graphophone No par
100
6 May 29
6
6
*5
634 634
612 *5
614 614
500
612
Do prof
7378 74
74
72
74
7418 73/
7334 2,100 Computing-Tab-RecordNo par 69 Jan 8
1
4 7434 74
*27
28
2814 2838 2812 2878 26
26
2712
26
1,000 Cansullthted eigar.---NO par 24 May 22
*___ 70 .70
100 7314M3y 21
78
*70
78 *____ 78 *...._
79
Do prof
14 Mar 7
*lit
14
*1-8
14
*18
14
*18
14
vill
14
Consol Distributors,Ino .Vo par
100 120 Jan 2
Y)
(N
Gas
Consolidated
-No par 5958M3*y 21
62'8 -817-2 - 1-2
"627* -6
/1-2 -6214 -63e 61l2 6
6211 13:200
When issued
10
978May 22
No par
10
10
1018
1012 10
104 101
/
4 10
10
5,700 Consolidated Textile
_i8 _4_8_78_ _..iiii i_,2 _iti _ _672:666 Continentalvvhe
_4
_7
100 115 Jan 2
100
No par 4278May 7
-4
-6F8 f43-12 -iii.
4 'Ifii4 -iiis487iNo
Issued
25 92 Jan 6
*94
99
*94
*94
95
*94
95
96
*947s 95
Continental Insurance
814May 4
918 7,100 Continental Motors___No par
9
98 958
9/
1
4 934
91
/
4 934
914 94
13118 13212 12834 13112 12,300 Corn Products Refining-100 12312 Jan 16
130 13218 13014 1314
130/
1
4 132
*11612 119 *11614 119
100 11814MaY 8
*11612 118 *11614 11912 *11614 119
Do Prof
No par 4118Alay 22
4712 4878 .4618 4778 50,800 Cosden Si Co
4878 5038 4818 4914
4912 50
7134 7414 6834 7214 53,400 Cruciole Steel of Atnerica_100 6312M4y 21
6858 7034 6838 7034 6914 73
100 87 May 24
*8814 90
*9712 8812 *88
*88
89
89
pret
89
100
90
Do
Nepal
1438 1478 1418 1438 4,100 Cuba Cane Sugar
1238 Jan 17
/
4 1434 1514 *1412 15
154 151
100 3718 Jan 17
535* 5558 52
554 5334 5478
5338 18,400
Do pret
5434 5638 54
3212 3334 3178 3258 27,600 Culian-Ather1een Sugar ___10 2312 Jan 16
3378
3412 33
3312 3378 33
100 9514May 22
0912
9912 *96
twig 9912 *97
Du pret
100
*9512 9912
97
97
2414 2514 2278 2358 5
Chemical v t e_No par 2038May 21
2512
2538 2614 25
Davison,10
2538 26
*2538 2658 *2534 2612
200 De Beers Cons Mities__No par 2334 Jan 24
2638 26% *2512 2618 2534 2534
100 10112May 22
103114 10312 10312 10312
500 Detroit Edison
15103 10312 10378 113373 10378 104
10 3034515y 22
3414 3712 3438 35
3714
3734 37
9,000 Dome Mines, Ltd
37
3634 39
10614 107 *10638 107
1
4 Jan 2
2,100 Eastman Kodak Cu__ _Nov.:sr 89/
110 11038 10812 110
110 110
12612
"co
100
dr
1061
/
4 Jan 17
Nem
125
1263
4
de
12112
1247
8
Pont
1243
4
11,000 El du
12714 12914 12.3 129
100 8112 Apr 12
85
85
cumul preferred
854
*85
853
4
8%
300
*8412
8512
85
3
4
86
314
*8
BatteryNo
par
64
6112
Jan 17
Storage
6212
8,100
61
6112
Electric
6014
6112
6112
61
6112 62
50 1334 Apr 23
*1414 15
*1414 16
100 Elk Horn Coal Corp
1
4 *1434 15
1
4 14/
14/
•1414 16
31tMay
EmersonsBrantlngham
100
28
400
*3
3
/
1
4
3
/
1
4
31
/
4
3
4
333
314
31
/
4
*3
4
60 67 May 22
*7012 7114 *70
7058 2,500 Endloott-Johnson
7112 7034 71
7018 7038 70
100 111 May 2
*11434 115 *11404 115
Do prof
311434 115 *11112 11512 *11434 115
6"*
•Bid and asked prices; no sales on this day. 2 Ex-dividend.
Highest
?ISM MiAILS
Range for Presiou
Year 1922.
Lowest
Highest
$ per share $ Per Share 8 TOT 18470
1514 Nov 3012 Ma,
2034 Jan 4
3312 Nov 81 Ma,
3834 Jan 4
44 Jan
7/
1
4 Aug
738 Feb 23
Oct
14312Mar 2 128 June 162
1018 Dec 1738 Apt
1334 Mar 7
Jan 7434 Sept
58
7434Mar 7
11012 Mar 23
78 Jan 122 Sept
72
Jan 951
/
4 Alla
89 Feb 21
2458 Dee 5038 June
3278 Mar 21
94 Jan
14 July
13 Mar 1
28 Nov 4211 Oot
33 Mar 5
48 Nov 6412 Oct
59 Feb 15
Jan 13634 Oct
14334y.lay 31 103
Jan 12214 Dec
122 Feb 9 112
44 Sept 5314 Dee
5578 Mar 5
Oct
Jan 129
82
8812 Apr 19
334 Jan
918 Feb 19
874 0.0
518 Jan 2414 May
2138 Jan 5
43/
1
4 Jan 671k May
6912Mar 2
861c Jan 10412 Oct
10238Mar 6
15214 Feb 14 10911 Jan 159 Sept
4078 Mar 21
3034 Jan 461g Sept
91
Feb 10814 OM
10514 Feb 9
6412 Jan 8574 Aug
85 Feb 13
84
Jan 112 Aug
10834 Jan 3
2314 Feb 47 May
3638 Feb 14
Jan
5214 Feb 71
8534 Feb 13
12512 Mar 5 11412 Jan 12814 A ng
16134 Feb13 12918 Jan 16912 Beni
9612 Jan 10338 001
10718 Feb 2
Jan 10034 Sept
15934 Feb 9 126
6
Jan 3314 Nov
4434 Apr 26
Jan 9373 8693
67
93 Jan 16
Jan 55/4 Om
1714
26
Apr
6318
Jill)
Oct 95
86
9814 Jan 31
Oci
7814 Jan 105
10938Mar 21
Jan 11114 Dec
1111
/
4 Jan 3 102
2212 Jan 5514 Sept
32 Mar 8
1218 Jan 21 Sept
1914 Feb 16
Jan 67 Sept
361
5814 Feb 27
45 Nov 57 May
5312 Mar 6
Jan 7071 Dee
43
88 Mar 15
Oct
Jan 88
75
89 Feb 13
Jan 9112 Oct
76
9312 Feb 28
Jan 13512 Ma)
99
133 Jan 12
512 Apr
112 Dec
34 Feb 14
1958 Dec 4314 May
3314 Afar 17
15 Dec 3114 May
27 Mar 19
Oct
15312 Jan 10 1 17 Deo 1575
Jan 1194 Dec
120 Jan 18 113
2012 Feb 14
134 Feb 224 May
3512 Jan 12
914 Jan 4038 Sept
88 Jan 91 Sept
8912 Jan 23
14414 Mar 19
9312 Jan 14234 Oct
Oet
Jan 118
11634 Jan 4 104
Jan 672* Sept
40
55 Feb 16
35 Mar 23
19/
1
4 Jan 5614 Apr
Apr
17 Nov 30
22 Jan 2
14 Dec
12 Jan 2
1% Mar
33 Apr 65 Sept
6214 Apr 4
30 July 5338 Dee
8414 Mar 26
Jan 79 May
70 Mar 3
61
6512 Jan 83% Ma,
7178 Mar 3
9078 Mar 106 Nov
961e Jan 2
Jan 116/
1
4 June
11118 Feb 9 104
94 Noel 101 1 Oct
9712Mar 9
4 Nov 1012 Alia
718 Jan 18
84 ..an 15 Sept
978 Mar 2
58 Mar 7614 Apr
6912 Mar 13
1918 Mar 39 Sept
2612 Feb 20
Jan 134/
1
4 Aug
12112 Jan 9 100
Jan 1244 Noy
70
128 Feb 7
42 Jan 6474 Sent
8578 Apr 2
14 June
238 Jan 25
5/
1
4 June
14434 Mar 23 1134 Jan 147 Dec
43 Jan 2
2833 Jan 53
Oct
1134 Feb 14
514 Mar 104 Dee
2134 Jan 4
Feb
15 Nov 84
3778 mar 1
1
4 048
20/
1
4 Jan 85/
918 Feb 16
634 Dec 1518 Apr
87 Feb 9
68 Jan 864 Sept
11738May 31
4318 Jan 71711 Jan
11012May 23
83 Jan 984 Apt
/
4 May
514 Feb 111
1252 Feb 20
504 Nov 6612 June
66 Mar 1
678May 31
014 Dec 16/
1
4 Mar
434 Feb 21
3 Max
94 June
85 Apr 9
68 Feb 9314 Allil
404 Mar 7
7934 Mar 7
5012 Mar 28
45 Mar 14
76 Mar 14
9034 Mar 21
3038Mar 1
3178 Mar 2
7614 Mar 28
81 Jan 3
3558May 31
113/
1
4 Feb 15
278 Feb 8
1212 Jan 15
8312 Apr 9
3938 Jan 3
83 Feb 17
S4 Fob 20
137 Jan 26
6938 Feb 7
1412 Feb 9
13134 Jan 31
5012 Feb 19
1034 Feb 15
1314 Jan 19
13914 Feb 6
12238 Feb 24
6314 Feb 17
8438 Mar 8
9412Mar 2
20 Feb 13
6414 Mar 15
3738 Feb 13
106 Apr 5
3812 Mar 6
38 Mar 1
111 Mar 2
4418 Jan 4
115/
1
4 Apr 3
14812 Apr 28
8812 Feb 28
6718 Mar 21
2034 Jan 2
712 Feb 20
9414 Jan 2
118 Jan 3
29/
1
4 Jan
63/
1
4 Jan
3234 Jan
34 Feb
4734 Jan
130
Jan
1518 Jan
2214 Nov
43 Jan
41
Jan
24
Jan
63/
1
4 Jan
114 Jan
5 Feb
5.514 Jan
18/
1
4 Feb
47 Feb
14 Feb
854 Jan
577s Deo
9 July
4534 Jan
_-_- ---Jan
66
1114 Dec
9114 Jan
Jun
111
3138 Jan
5234 Feb
80 Jan
84 Jan
1514 Jan
1412 Jan
n
7818 Jan
2318 Nov
154 Jan
1003*
1812 Jan
70 July
105 Dee
80 Juno
4012June
1414 Jan
2/
1
4 Jan
7614 Jan
Jan
104
441/ Sent
8234 Sept
48/
1
4 Deo
5318 June
7914 Apr
892* Sept
2914 Nov
3338 June
7014 Dee
8234 Oct
37 Ma,
11438 Sept
534 June
21 June
7934 Apr
42/
1
4 OM
8714 Nov
214 Mar
145/
1
4 Sept
62/
1
4 Dec
15/
1
4 Apr
11514 Dee
--- ---93114 Aug
18/
1
4 Dec
134/
1
4 Oct
1
4 Nov
122/
54 Dec
98% Sept
100 Sept
1934 Mar
4178 July
28 Aug
11018211:
6658 Apr
2538 Sent
Aug
4611 Nov
9012 Dec
1691
/
4 Nov
904 Sept
5834 Dee
244 Dee
1118 June
9478 Dec
119 Dec
New York Stock Record-Continued-Page 3
2495
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
May 26.
Monday.
May 28.
Tuesdag.
May 29.
Wednesday. Thursday,
May 30.
May 31.
Friday,
June 1.
Sales
for
the
Week.
$ per share $ Per share
per share
per share
per share $ per share Shares
*25
27 •25
30 .25
28
*25
27
2511 251s
100
78 784 7812 80
78% 7911
791 15,600
79% 81
78
9034 9112 9112 9112 9114 9112
91% 9258 91
911
1,000
*7 . 8
*8
812 "8
812
8
*8
8
81
100
*45
4512 4518 4518 45. 4538
*4514 451
444 451
500
81, 814
9
83
9
934
9% 93
878 91 15,500
0150 160 •150 160
148 148
*145 155
150 150
200
.97
98
98
98
9812 981
*98
9912 .
98 9812
200
12
12
118 12 *114 12
114 1134 2,100
1112
1112
147 15
143 147
1414 141
1414 1414 14
14
3,300
*56 .58
55
5714 5634 567
57% 5734 5612 5612 1,600
4114 42
4058 417
3934 4.01
3912 401: 38
3912 8,300
•70
72
*6834 73 *0834 721
*6834 7213 70
100
70
8413 8.51385
8.5 *85
86
86
8612 85
8512 2.000
•107 1091 *107 1091 *107 1091
*107 10913 *107 10912
17414 17414 17312 1741 174 1761
17612 18014 175 177
6,800
1118 1114 114 111
107811
11
11
11
11
1,000
15
1533 1438 1513 1438 15
14% 14% 1438 151s 39.100
84 84
*8312 85 *84 85
8312 84
8312 8312
900
83 831
83 83
83 8338
8312 8334 8312 8312 1,200
•98 991 *98 99
9912 *9812 9912
99
9938
*98
200
.44
46 *43
46
45
45
*44
46
45 45
700
9
9
9
9
9
9
*812 9
600
*814 9
514 814
5% 5%
54 512
*514 5%
514 514 2,400
*32
33
32
32
3114 3173
304 3114 29% 3014 3,900
*894 9014 89,4 99'4 8912 8912
8934 90,4 *8914 90
400
2538 2578 2438 2438 *24% 25%
*2413 2512 *2312 251
600
1012 1012 *1014 1012 *1014 11
*1014 11
101
*10
100
•2312 25
2412 2412 2413 2412
.2314 25
24
24
300
834 84
84 9
9
834 8%
9
1,100
8312 8514 8334 8612
82 -8434 23.500
8334 881
*1
118
118 138
118 118
*1
118
1
1
900
374 38,4 3734 39
3812 3878
x38
387
3714 371
2,600
•_
1614 16
16 *15
*15
1614
151 . 300
1614 15
*i/03.4 63
63 63 *6034 6434
643
634 631 *84
200
61% 653 6412 68
84 6514
6412 651
651 14,100
61
26
261
25% 26% 2534 26
25% 257
257
25
3,700
*2258 23
2212 2278 22 22%
2214 221
211: 22
2,100
*212 234
*2% 27
212 21
•258 23
212 2%
500
812 83
*8
812
8
81
8
8
8
8
1,000
7
7
6% 6%
*634 714
*612 7
*613 634
700
3413 347
3418 32% 3313
34
3212 33
3112 3212 5,900
*512 6
518 01: 414 478 1,100
*512 57
512 51
1612 171
18
18
1638 164
17
17
1614 1,200
16
3813 3812 3812 3838 *374 381
37% 3733 3614 37
1,000
234 2334 2338 233
23 23
23
2314 2212 234 1,600
8412 0012 8412 841
8412 8234 8312 2,100
84
844 841
*10912 110 •10912 1101 •10912 11012
*10912 112 *11012 111
*814 8% *8
812 *8
812
8
8
7% 8
600
3012 32% 31
3114 .31
3114
301. 3013 2834 305 12,200
•1312 14
1334 14
1378 14
•1334 14
13% 14
1,700
•78
79
79
79
7812 79
*78
7913 •781s 79
300
4412 46
4512 4634 4614 4612
*44% 4512 •42
44
5,200
68% 6912 *69 6934 6912 6912
*68
691 *6812 70
800
1438 15
1438 15
14
1412
*14
1412 137 14a 6,600
45
45
45
45
45
45
.
4313 45 *42
45
1,000
8834
12.
88 Stock
12 2,200
34
:
1
12
19% 1934 1978 20
20
2033
*20
20
2012 *19
900
*72
73 •73
7338 74
7412 Exchange *74
76 *70
75
400
57% 58
5712 58
5738 5878
58% 5914 5814 59
4,400
O107% 108
1074 10778 108 10814 Closed
10818 10818 *10718 107%
400
*7
•7
3
1
1
1
•78 1
1
200
3214 33 *32
3234 3212 3212 Decoration 324 33
32
32
1,900
•96 100 .98 100 *98 100
*92 100 .92 100
47 48
4634 48
4614 47
Day
464 4714 44
46
14,100
*9712 105 *9712 105 *974 105
*9712 103
*97 103
*98 103 *100 1021 10212 1031
*100 102 .98 102
300
3712 38
3734 381
37% 3755
3712 3778 3534 3712 22,700
713 77
733 71
7
71
7
714
634 678 4,300
*227 230 230 232 *228 235
229 22912 225 225
400
*85
87
86 86
8613 87
*8612 87 z8534 8534
800
*2714 28
2728 271
26% 267
*2514 264 25
2512 1,400
195 195 •191% 205 •195 210
*195 210 *195 210
100
11378 1137 *113 114
114 114
114 114 *113 114
400
66 6614 6512 6733 6612 671
6614 6734 6438 6614 21,700
1678 1714 17
17
1678 17%
17
171
1718 3,000
17
714 712 *73j 734
73s 738
*738 712 *7311 71
400
.
471 49
4814 4814 *4712 49
4812
4812
4734
474
300
•156 159
157 157 *156 159
*155 160
153 155
500
108 108 *107 110
10913 110
*10712 112 *109 112
300
*6612 6712 .6612 6712 *6612 6912
*6611 6814 6634 663
100
7812 80
794 81
80
81
905s 9314 784 81
17,500
*92 924 9334 9378 93 93
*92
93
•9214
93
300
*8512 8612 .85 87 *86
87
•84
87 *85
87
.
634 64
6212 64
6278 627
6312 6334' *6112 63
1,200
3258 3334 3212 34
32% 33
3014 33% 2934 307 11,700
*58 61
60 60
60 60
*59
62 *55
60
200
•80 85 *80
85 *80
85
*80
85
*80
86
*52
54
5218 5218 52
5238
5312 54
*49
53
900
45
4412 4438 45
45
454
*4412 457
44
4412 1.600
48% 4958 4914 503s 48
4978
4518 4812 4312 4612 221,000
*7
10
*6% 10
*712 10
*812 10
*8
10
34% 347
3313 34% 3314 3314
3318 333
32
3334 3,500
4714 47% 47 4714 4714 471
48
49
48
4914 1,700
4778 4838 48 481
47% 48
485 503
47
48% 4,500
16% 1634 16
1614 161
17
16
17
1618 1612 5.000
7612 783
7712 781
7612 801
7934 8118 7812 8034 19.000
18% 1878 1814 18% 1814 1814
1834 1838 177 18
1,200
*240 272 *225 272 •_ -__ 280
•230 280 *230 280
•100 105 *100 105
•100 115 *100 105
2058 233 'Ws 2113
18 21
1914 2038 18% 192 107,800
18 2012 2012 231
21
19
194 2014 1714 1918 22,100
•2678 27 *2658 271
2878 26%
2638 2834 26
26,4
700
10% 10% 10% 10% 1012 1034
1018 1018 10
1014 21,300
2713 274 2712
271: 27% 27
27
275* 284 27
8.200
6612 67 *6612 6712
•6612 67
67 67 *66
8712
300
2112 2178 2114 2112 2112 2134
2112 2178 207 2218 5.600
264 2614 2614 26% 2814 2612
2634 2678 26
2678 5.000
934 10
9% 10
10
934 978
1018
934 10
9,000
*1812 20 *18 2014 20 20
•1934 20
19
19
300
97 97 "97 101
98 98
*98 102
9713 9814
700
*971
*9712 98
: 98
59712 98
*9712 98
*9713 98
14
14 *13
•13
•1212 14
14 •13
*1212 13
41% 4214 41% 42% 4113 42
4112 414 41% 4134 3,100
*117 120 •117 120
*117 120 *117 120 •117 120
56
56 •55% 66 *55
*55
*5514 551
55% 56
200
*4, 1
*12 1
•43 1
•13
78
*58 1
6553 6614 65 65%
64 651
6514 65% 64
6514 5.500
118% 124
118 119
117% 119
124 1243 *120 121
4,000
•10814 1091 108% 108%
*108 112 *108 112% *10814 10912
1418 13% 1418
1414 14% •14
14
14
1378 14
1.700
3634 3634 3613 37
3612 361
37% 371
36
36
600
48
48
4838 4838 47% 481
4858 • 4858 *4812 49
600
21
2134 2434
20
no
20
*22
237 *2114 24
800
45% 4553 49% 5012
4712 471
4934 501 *47
49
1,100
_
4413 iire
.
08
iii12 1512 4
44's 45
-1;ion
251
25% 25% •23
*2412 25
*2312 25
*2212 25
100
91
912 *9
*8
912 *8
*9
93
*9
912
*6
7
*6
612
*0
612
*13
7
*6
7
238 213
2
2%
238 238
214 21
218 2% 3,400
614
514 51
.5% 612 •514 01:
*514 613 *54
100
1834 19
1812 1834 1834 19
*1812 18% *1812 1834 1,800
•12312 1264 127 127 12512 126
•123 127
12412 12412
500
•Bld and &eked priced; no sales thls day. r Ex-dividend.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Indus.& Miscall.(Con.) Par
Exchange Buffet
No par
Famous Players-Lasky-No Dar
Do preferred (8%)____100
Federal Mining & Smelting 100
Do pref
100
Fifth Avenue Bus-----No par
Fisher Body Corp
No par
Fisher Body Ohio, peel-- __100
FIsk Rubber
No par
Freeport Texas Co
No par
Gen Am Tank Car
No par
General Asphalt
100
Do pref
100
General Cigar, Inc
100
Debenture pref
100
General Electric
100
Special
10
General Motors Corp__No par
Do pref
100
Do Deb stock (6%)100
Do Deb stook (7%)___100
Gimbel Bros
.No pa
Glidden Co
No par
Goldwyn Picture.
No pa
Goodrich Co(B F)
No pa
Do pref
100
Granby Cons M,Sm & Pow100
Gray & Davie the
No pa
Greene Cananea Copper__ 100
Guantanamo Sugar_ No Par
Gulf States Steel tr MU_ _100
Harbishaw Elea Cab No par
Hayes Wheel
100
Hendee Manufacturing-100
Homestake Mining
100
Houston 011 of Texas
100
Hudson Motor Car___No par
Hupp Motor Car Corp__
10
Hydraulic Steel
No par
Indlahoma Refining
5
Indian Refining
10
Inspiration Cons Carper 20
Internal Avian! Corp____100
Do pref
100
International Cement_ _No par
Inter Combos Hog
No par
Internal Harvester (new)__ 100
Do pref (new)
100
Int Mercantile Marine
100
Do prig
100
International Nickel (The) 25
Preferred
100
International Paper
100
Do stamped prat
100
Invincible Oil Corp
50
Iron Products Corp____No par
Island Oil & Transp v t o
10
Jewel Tea, Inc
100
Do pref
100
Jones Bros Tea, Inc,
100
Jones & Laughlin $t. Dtgl .1190
Kansas & Gulf
1
Kayser (J) Co. (Sew) _No Par
181 preferred (hew)__NODar
Kelly-Springfield Tire
25
Temporary 8% Pref.---100
Kelsey Wheel,Inc
100
Kennecott Copper
No Par
Keystone Tire & Rubber- 10
Kresge (95) Co
100
Laclede Gas (St Louls)„ 100
Lee Rubber & Tire_ ___No par
Liggett & Myers Tobacco_100
Do pref
100
Lima LocoWkstempotiallo Par
Loew's IncorporatedNo par
Loft Incorporated
No Par
Loose-Wiles Biscuit
100
Lorillard (P)
100
Mackay Companies
10
Do pref
100
Mack Truck/J, Inc
No par
Do 1st pre!
100
Do 26 pref
100
Macy
_NO Par
Mallinson(H R)& Co-_No par
Manati Sugar
100
Preferred
100
Manhattan Eleo Supply No par
Manhattan Shirt
25
Marland 011
No par
Marlin-Rockwell
No par
Martin-Parry Corp
No par
Mathleson Alkali Works__ 50
Maxwell Mot Class A
100
Maxwell Mot Class BNo Par
May Department Stores_ _100
McIntyre For Mines
Mexican Petroleum
100
Preferred
100
Mexican Seaboard Oh_ _No par
VoUng trust Me
J
Miami Copper
6
Middle States 011 Corp
10
Midvale Steel & Ordnance_ 50
Montana Power
MontWard & Collls Corp 100
10
Moon Motors
No par
Mother Lode Coalition-No par
Mullins Body
No par
Nash Motors Co
No par
Preferred A
100
National Acme
so
National Biscuit
100
Do prat
100
National Cloak & Bult
Nat Conduit & Cable__No 100
par
Nat Enam)2 & Stamr4
100
National Lead
100
Do pref
Nevada Consol Copper__ 100
5
N Y Air Brake
(new)--NO-Par
Class A
.No par
New York Dock
100
Do prat
100
North American Co
50
Do prof
50
Nova Scotia Steel & Coal_ _100
Normally Co (The)---No par
Ohio Body & BlowNo par
Oklahoma Prod & Ref of Am 5
Ontario Silver Mining
o0
Orpheum Circuit,Inc
1
Otis Elevator
100
$ per sitars
25 may 7
7314MaY 19
90 May 21
714May 4
44 Jan 23
7es Jae 17
145 May 23
9818 Jan 24
934May 21
1212May 2
5312MaY
37 May 22
7114May 2
8112May 2
10413 Jan 2
170,2May 21
1078 Mar 9
13% Jan 17
83 May 23
8234May 22
9678 Jan10
4112NJan
fl 13
7
Highest
PER SHARE
Range for Previous
Year 1922.
Lomat
I Highest_
$ per share
Per sharell per Shan
31 Jan 10
2612 Dec 314 Oct
93 Jan 2
7518 Jan 107 Sept
9934 Feb 14
914 Jan 10732 Sept
1234 Feb 16
9 Jan 1613 May
6012 Feb 13
3718 Mar 6214 Sept
1038 Jan 2
834 Dec 10% Dec
21214 Jan 11
75 Jan 218 Dee
10112 Feb 19
764 Jan 10314 June
1611 Feb 13
10% Nov 1912 Apr
22 Jan 13
1214 Jan 2714 Oat
7174 Feb 20
4534 Jan 80 Oet
54 Mar 7
3714 Nov 73% July
83 Mar 7
69 Nov 111 July
94% Mar 14
65 Mar 83% Dec
1 Feb 24 94 Jan 109 Oet
109,
190% Feb 2 130 Jan 190 Dec
12 Jan 2 1018 Oct 12 Sept
1712 Apr 18
814 Jan 1514 July
89 Apr 17
69 Jan 86 Sept
90' Apr 7
87,
4 Mar 9614 Oct
105 Apr 10
7914 Mai 100 Sent
5112 Apr 24
3818 Oct 451s Oct
9% Nov 1814 June
1238 Feb 9
478 Jan 2
434 Dec
778 Mar 9
84 Oct
30 May 21 4014 Mar 15
2812 Nov 4478 May
84 Jan 3 9213Mar 6
7912 Nov 91 Apr
2214May 22 33 Mar 23
22 Nov 35 May
914May 21 1558Mar
8 Nov
1978 May
2
71
7134m
2Ma
ay
y2
21
2 104
3453
18 M
mar
ar 26
22 Nov 8458May
1
738May 22 1413 Feb 14
7 Feb 14% Mar
44% Jai] 9478 Oct
%Mar 6
218 Jan 12
34 Jan
3% Mar
3414May 22 438 Apr 20
- _14 May 21 2334 Feb 10
Jan 28', Sept
la
60 May 23 7978 Jan 2 55 Jan 82 Nov
50 May 7 78 Feb 16
614 Nov 9134 Oct
2334May 4 3234 Mar 8
194 Aug 2638 Dee
2038May 22 3013 Apr 2
10% Jan 2618 Det
17 Apr 14
6% Jan 8
318 Feb 1413 June
7 May 23 19 Mar 19
15% Dee
314 Jan
j1
112
1 433
uan
3534J
ne248
Apr 6
12
4 mar
Jan 11% June
31 Nov 45 June
55 Dee 1184 May
3 May 16 11 Fob 20
1212May 18 397 Feb 23
2818 Nov 434 Mar
44 Mar 19
Jan
26 Jan 38% May
20 May 22 2718 Apr 6
204 June 3012 Sept
7914May 1
98% Feb 7
7938 Jan 11572 Aug
11
3
17
4
1
n
pe
r 2 116% Jan 4 10512 Feb 119 Sent
11% Feb 14
834 Dee 2712 May
2858June 1 47, Jan 5
4118 Dec biss May
1338May Z2 1614 Feb 16
1114 Jan 19% Apr
8934 Jan 4 79 May 10
60 Jan 85 Jan
3912May 21 5464 Mar 6
4312 Mar 63% Oct
e5l2may 21 75% Jan 5
59 Mar 804 Sept
1314May 22 1914Mar 7
1218 July 2014 Apr
3912May 22 5814 Mar 8
24 Jan 534 Oct
4 Jan 2
18 Feb 24
14 Nov
3 Jan
175* Jan 24 24 Mar 15
10 Jan 2212 May
66 May 18 82 Feb 26
384 Jan 7638 Dell
50 Jan 17 6338 Mar 16
3412 Feb 5778 Sept
UN 11l9 109 Feb 13 1371s Dee 1119% Del
14A1s2 21
boas 2.../ 43
13 i•be
Tte Aka
291sMay 221 4578 Feb 23
34 May 4818 Aug
98 Apr 20 104 Mar 23
94 May 10618 June
4214May 22 621& Mar 22
3414 Jan 53% May
9614May 17 108 Jan 18
9018 Jan 1075* May
95 May 8 114% Feb 20
61 Feb1154 Dee
3458May 22 4458 Mar 3
254 Jan 3918 May
6 May 4 1118 Mar 24
43 Nov 24% May
177 Mar 2 24812 Apr 26 110 Jan 1 8911 Nov
80 May 7 87 Feb 21
43 Jan 941s Aug
25 May 22 3134 Mar 22
2414 Nov 35% Mar
19034May 21 22234 Feb 9 15314 Feb235 Oct
11134 Apr 4 11818 Jan 8 108 Jan 12313 Nov
6838 Jan 17 7478 Mar 20
52 Nov1174 May
1412May 21 21 Feb 15
1018 Jan 235, Beet
714May 26 1134 Jan 5
9 Jan 1414 May
47 May 22 6314Mar 2
38 Jan 6778 Sent
151 May 21 1784 Feb 9 1474 Jan 180 Sent
103 May 23 121 Feb 6
72 Jan 117 Dee
6634 Apr 18 7012 Feb 16
57 Jan 70 Nov
88/
1
4 Jan 2 934 Apr 6
2518 Jan 6178 Sent
9118May 22 9914 Mar 12 68 Feb 9412 Dec
82 May 22 92 Mar 5
54 Jan 8734 Sept
6018May 22 7118 Jan 20
69 Nov 62 Dee
27 May 22 40 Jan 2
1518 Jan 40 Aug
434 Jan 17 7514 Mar 14
304 Jan 52 Mar
731 Apr 844 Sept
82 Feb 3 90 Feb 26
49 May 21 68 Mar 21
41 Mar 6934 Apr
4218May 22 4778 Jan 5
la Max 5884 Oet
223* Jan 46% June
2714 Jan 6 5958 Apr 2
54 Mar 2638 Mar
714May 22 16 Feb 20
204 Jan 3014 June
274 Jan 31 371 Apr 17
41 May 14 6412 Mar 14
22 Jan 54 Nov
414 Nov 704 may
41 May 4 634 Mar 8
11 Feb 2578 June
14 May 22 21 Apr 5
601, Dec 174% Dec
6753 Jan 5 8158May 31
1058 Jan 2158 Mar
1634Nlay 22 20 Mar 22
265 Mar 2 293 Jan 2 106% Jan 322 Dee
7914 Jan 108 Dec
10014 Feb 28 1054Mar 16
15 Oct 3412 July
1412May 22 2334Ma7 28
12 Oct 8218 July
I4May 22 2314May 28
25 Nov 315* May
2538May 22 3012 Feb 23
8I2May 22 1214 Jan 12
11 Nov16 Apr
2618 Dec 454 May
26 May 24 3334 Apr 18
62I2May 23 75 Mar 8
83 Jan 763e Sent
12 Feb253* Aug
1814May 22 26 Feb 13
17114 Jan 17 293* Mar 22
13 Aug 1938 Dec
958May 16 14 Feb 20
938 Nov 1214 Dee
1714 Dec 34 Mar
17 May 22 2974 Mar 15
7518 Jan 2 11412 Jan 12
70 Dec 525 July
9612 Apr 23 101% Jae 17 10112 Aug 108 Dee
11 Jan 30 18% Feb 19
Sle Nov 2114 Apr
38 Jan 5 4334 Mar 19
3674 Dec 270 Dec
11934May 16 125 Feb 2 11318 Jan 126
Oct
53 May 22 6714 Feb 21
26 Jan 6674 Sept
112 Feb 24
,
s May 23
418 Apr
1 Dec
5914May 22 73 Mar 14
3034 Jan 681, OM
111%may 22 13814 Mar 20
85 Jan 12914 Dec
10834June 1 114 Jan 4 108 Jan 117 Oct
1338May 22 1838 Mar 5
1314 Nov 19% June
261% Jan 2 41 Apr 25
2413 Nov 4158 Sept
46 Jan 9 5113 Feb 13
454 Nov 3114 001
1818May 24 2634 Mar 16
20 Nov 46 June
4218May 24 5112 Mar 15
48 Nov 6818 June
441$ Jan 10614 Dec
1001* Jan 16 11912 Feb 24
4434June 1 4812 Feb 14
38 Jan 474 Aug
2012May 2 2972 Mar 3 2084 Feb 40 Sept
914May 17 1018 Feb 9
8 July 1234 Mar
618May 11 1018 Jan 29
5 Nov 1414 Apr
Vs June
1% Dec
1% Jan 2
318 Feb 8
95g Mar
418 Jan
718May 4
5 Jan 6
1712 Jan 5 2118 Apr 26
1238 Jan 28 008
115 May 21 153 Feb 16 116 Jan 16834 Oct
New York Stock Record-Concluded-Page 4
2496
For sales during the week of stocks usually Inactive, see fourth page preceding.
PER SHARE
Range Mica Jan, 1 1923.
STOCKS
Sales
HIGH AND BOW SALE PRICE-PER SHARE, NOT PER CENT.
On Oasts of 100-s8are lots
for
NEW YORK STOCK
Frtday,
the
EXCHANGE
Saturday,
Tuesday, Wednesday Thursday,
Monday,
Lowest
Highest
June 1.
May 26.
Week.
May 22.
May 31.
May 29. 1 May 30.
per share $ per share
1014 1012 10/
4 1034
1
44
4412 44/
4 4478
1
78
78
34
34
7913 8012 *7812 8012
*914 10
*914 10
3718 3838 37/
4 39
1
1234 13
1212 13
74% 76
7434 7638
6878 7014
69 70
4 .4
1
4/
•4
412
10
10
10
10
453 5
434 5
9278 9312 93 94
4612 46/
4 464 4714
1
.6412 68 *641
4 68
/
54% 5534 5334 5553
11
1114 11
1138
.2212 26 .20
26
4
1
333 3/
313 Vs
34
.32
4 3214
1
32/
Per share $ per share $ per share Shares Indus.& Miscell.(Con.) Par $ Per share
NO par
77e Jan 4
104 104
934 1018 1,300 Otis Steel
25 3033 Jan 2
1,900 Owens Bottle
4334 4334 4212 43
Jan 2
34
4
1
/
*34
34 1,000 Pacific Development
100 7434May 4
80 .7812 7934 26,300 Pacific Oas & Electric
.79
8 May 21
Pacific Mall SS
10
'9
.834105
35 May 22
4 15,100 Pacific Oil
3718 3734 3618 371
/
4 Jan 8
/
10 101
12/
4 1278 7,000 Packard Motor Car
1
1278 13
60 6712May 22
4 69,500 Pan-Am Pet & Trans
1
4 7313 . 76/
1
7414 75/
60 6312May 22
7012 91,200
Do Class B
6834 694 68
334May 7
*4
Panhandle Prod & Rel_N. par
412 *313 412
to May 23
At -**
114 114 1,409 parish & 130egbana
1078 12
4 Jan 2
1
2/
4
4
1
4 4/
1
4/
412 24,600 Pena-Heaboard SVI v to No Pr:
9312 94
9112 9212 3,300 People's 0. 1. & C (C1310_101, 8712May 4
4 4678 48
1
46/
46
2,800 P011adelphla Co (Pittsb)_ 64. 4114 Jan 2
No Par 60 Apr 30
.64
65 .63 65
Philllp-Jones Corp
No pm 4634'May 21
5138 534 49
52 34,500 Phillips Petroleum
No pal
934NIay 22
"1012 11 .10
1012 2,000 Plerce-Arrow M Car
100 20 May 22
2612 .2312 24
25
Do prof
200
3 Mar 18
25
318 34 4,800 Pierce Oil Corporation
338 312
10( 30 May 23
600
Do 1nel
3112 3112 3913 3012
4 Jan 17
1
Pigg Wigg Styr Inc"5'lot, poi 65/
_
58 Jan 16
ita
632266
6512 6673 65
66 -6.13 - *6412 -id
4,900 Pittsburgh Coal of Pa
6634
98 Feb 7
Ira
'9834
.9834 9912 *9834 9912
100
*9834 9912. 9834 9814
Do Peel
114 Mar 1
I'
- -_ _ ,__ Pond Creek Coal
Is' 1/41 93347.laY 21
10411 103 fdiai 104 105
Hail far. iais 104
3,500 13081Ulb (,ei eel
10t Ulna Jan 3
'111 118 *111 113
*11134 113 .111 113
100 8% prererrea
6612 5612 36
56
56
55
5534 56
700 Preased bevel last..... __JOU 5112May 22
55 I .54
jut 811 Jan 32
8912 .88 90
.88
.88
*88 90
Do pre!
8912 *88
8912
4614, 14134 45 33,103 Pronneer3,34 !tenets Corp_ 51. 41138tay 21
45
4634 4733 461
4 47
/
4,534 4612
9218 9312 9412 9414 9414
92
94
9412 9314 9314 1,100 Public SerVice Corp of N J.1114, 91 May 22
12114 12114 1184 120
120 120 11934 12112 11934 12114
2,400 Pullman Company..... _106 1151231 ay 3
50 43 Jan 18
6258 6311
6311 5934 6134 14,800 Punta Alegre Sugar
62
4 6212 6353 6214 63
/
21 20 May 22
2411 2412 24
2473 2312 2418
224 234 22
2234 18,000 Pure Oil el be)
100 93 'May 21'
*96
200
97 *95 97 .96
97
9624 97 I .95
97
8% preferred
110 111
113 11312 108 11112 2,200 Railway Steel Spring__ _ 100 109 May 7;
110 11334 11314 114
No yes 3014 Mar 271
3134 3134 .32/
4 33
1
.30 :32
.500 Rand Mines Ltd
3118 3118 .311
4 3214
/
13
1333 1334 1334 1334 1313 1334
3.600 Ray Consolidated Copper_ 10 121,May 22
1318 13181 13
4 Jan 11.
1
38
*3612 38
600 Remington Typewriter v t 0100 83/
38 I 3512 3512
*36
38 3253 *36
100 100 Mar 5
11- _ _ _ 100 • __ 100 •___ _ 100
152 pr.:Timed v t o
100
100 84 Jan 3
*87
93
9314 .87
25 prea.rred
9314 •87
9341 .87
9314
87
.
No par 18 May 21
1912 2114 2014 21
2078, 1912 1934 4,400 Replogle Steel
20
2038 2034
100 4014May 22
51
5278 5058 5278 5034 52/
4
1
5114 53181 4838 0118 25.700 Republio Iron & Steel
.10G 89 Jan 9
prof
9434 9512 .9514 96 .9514 9512
Do
400
4 95341 954 9511
1
.95/
No par 1638 Jan 23
2213 221
22.4 2.8
4 2253
1
22/
900 Reynolds Spring
2314 .2112 22
23
6534 66
66
6513 6741 64
6512 '24,100 Reynolds(R .1) rob C113._ 20 47 Jan 10
6734 6714 6734
100 11478 Jan 19
11514 11612 111514 1164 *11512 11612
.
11612 11612.1154 118
7% preferred
49
4934 49 .4914 4734 49
4734 48141 474 474 5,800 kg 1881 Ducob Co (21 It shares). 4218 Jan 31
lo 18 Jan 2
19
19 .19
1914 19
1,500 St a atiepb Lead
4 184, 1844 19
1
1914
18/
2 Jan 17
212 234
218 2121 *212 2/
4
1
300 Sac Cecilia BUM V I o_No pat
- -100 1818 Jan 3
2212 24 .2112 -2312
.19
400 Savage Arms Corp
22 1 •11) 22
100 72 May 18
4 7878 7714 79
1
78/
7734 7734
4 75
1
7614 77/
77
3,700 Scar , Roebuck & Co
100 107 May 14
•102 10612 .102 10612 *102 10612
•IO2 10612 *105 10611
I Preferred
No par
738 Jan 17
813 814 .818 814
818 813
84 814
8
812 1,200 Seneca e...oPPer
7 May 7
100 Shattuck Arisen& Copper._ 10
712
714 712 *71
.
4 712 *714 712
/
7I8 718 *7
.3718 38
37 *374 3812
37
3658 3658 .36
364
200 Shell Traasp & Trading__ E2 3438 Jan 31
No par 1238 Jan 8
1838 1834 1814 1834 1734 1814
1712 1734 1714 171
4 24,700 Shell Union OH
/
3058 3114 3012 31
Stock
4 304 29
/
291
30 56.500 dinclalr Cons OD Corp_No pa, 2734May 22
3012 31
10
958 Jan 2
2611 27
2612 25
26
2514 254 2438 2534 12,100 Skelly 011 Co
4
1
26/
53 53
52 5212 .50
50 Exchange
51
51
4914 4914
900 Sloss-Sheffleld SUM &Iron 100 42 Jan 3
mo 68 Jan 13
85 *80 85 .80 85
'80
85 .80
.80
84
Do pref
65 55 .54 .56
100 40 Jan 13
55 56
Closed
*5412 56 .54
66
400 So Porto Rico Sulfa/
•1813 1814 181
4 1812 1758 1734
/
18
No Par 1512May 21
1814 1712 1712
700 Spicer Mlli Co
93 Decoration .88
100
4 88 .88 93 .91
1
.83/
93 *86
88
Preferred
100 7678MaY 4
80
80 .75 80 *75
•75
.75
80 .76
80
Standard Milling
25 4938 Apr 23
Day
4 5338
/
531 1 54
52
5412 5518 5853 5538 531
6312 118,400 Standard Oil of Cal
26 3378May 22
4 3718 3578 3614
/
3512 3612 3478 35/
4 3511
1
4 37/
1
36/
4 22,900 Standard 011 of NJ
1
11514 !Aar 31.
-100
4 116
1
11512 11578
voting_
1154 115/
4 1,900
1
118 116 115/
4 11514 115/
1
non
pref
Do
9638
*9412 9638 95
9633 .94 95 .95
.94
9514
200 Steel & Tube of Am pref__100 85 Jan 2
No par 5412M123,21
59
*57
4 5678
1
56/
5812 5873 58 5838 58 58
700 Sterling Products
100 10918 Jan 2
110 116 •110 116
.
.108 11514 .108 11514 .110 116
Stern Bros pre!(8%)
4 Jan 2
1
924 9438 8212 93 51,700 Stewart-Warn Sp Corp-No par 79/
8738 8914 874 9112
89
87
4 Jan 10
1
75
4 73
1
75/
75
7612 71
7273 7458 72
7514 9,100 Stromberg Carburetor.No par 62/
4 11078 11312
1
4 11073 113/
113 11434 110/
1
4 11358 169,900 Studebaker Corp (Tbe) 100 10618M12y 22
1
11214 113/
100 112 Jan 4
.114 11414 *114 11414
•114 116 *114 116 .114 115
Do pref
7 Jan 3
No par
1134 1214 1134 111
1114 114 114 124 12,200 Submarine Boat
4
/
1112 12
4 May 2
418 418 *4
No par
41s
418 418 .4
4
1
4/
413
*4
200 Superior Oil
4 Jan 3
1
100 29/
*294 3012 *2912 3012
31 .29 ____ *2912 3012
*29
Superior Steel
118May 22
10
112 .114 112
128 138
118 114 1,200 Sweets Co of America
.133 112 *114
934June 1
10
978 10
4 10
1
1014 1014 10/
94 9/
.10
4 1,400 Tenn Copp & 0 tr 008.Na par
1
4578 4618 4518 4534 16,700 Texas Company (The)._ 25 4:334May 22
4618 4612
4 4634 4614 47
1
46/
10 5712 Apr 12
4 6212 6314
1
4 62/
1
62/
8213 63
6212 63 25914 6034 5,700 Texas Gulf Sulphur
16
1712 1714 1714 1634 1678
17
1612 1534 16/
4 3,600 Texas Pacific Coal dc 011_ 10 1512May 22
1
116 May 21
100
123
119
120
119
120
123
123
120 120
120
.
200 Tidewater 011
4 Jan 2
1
4 3913 37/
1
38/
4 3812 3933
1
3812 39/
4 39
1
4 39
1
38/
14,400 Timken Roller Bearing_No par 33/
4 531
1
4 7,700 Tobacco Products Corp_ _.100 4912May 21
/
4 5418 53 5418 53 53
1
53/
4 5334 52/
1
52/
8218 811
82
8114 8112 8134
81
4 82
/
81
81
5,200
Do CIA (since July 15) 100 79 may 21
633May 22
4
1
74 812
812 8/
812 0
4
1
4 24,100 Transcontinental MIL__ No par
1
Vs 7/
813 8/
72
69
.
72
71 .70
71
71
•69
100 Union Bag & Paper C0r0-.100 84 Feb 5
18
•
18
is
18
par
No
la Jan 4
14
I814
Is
6,700 Union Oil
14
1s
.
too 81 Feb 1
94
*88 94 •86
94
90 .88 94 .8.8
86
.
Union Tank car
May 16
107
100
110
10918
108
108
*107
109
109
.108
Preferred
108 10912 1
.
No pal 3328 jail 5
4 35
1
3473
34/
35
36
35 .34
900 United Alloy Steel
35
35
35
Apr 12
4
1
/
77
100
84
83
83
8212
81
831.
4
823
4
.
4,200
821
United
Drag
8114 83
•4614 47
50 4614 Feb 14
*4614 47
47
47
let preferred
*4812 4712 .4614 48
100
4 Jan 17
1
171 171
100 162/
170 170
700 United Fruit
170 172 .17012 171
170 170 .
4 Feb 1
1
7734 7778 76
7714
7612 2,100 United Retail Stores-No par 64/
7734 77
77
7718 78
4May 22
1
*264 27
25
2618
27
4 2512 26
/
1,200 US Cast Iron Pipe & Fdy-100 22/
4 2578 251
1
25/
70
100
7114 6934 69/
6714 69
4 1,200
1
Do pref
*65 67 .65 67
7
ay 4
Ma
312M
358 334
600 US Food Products Corp_ _100 65
312 378 *312 3/
4
1
.
4
1
*358 3/
334 334
•1712 174
4 1712 1738 1712
/
700 USHoffmanMachCorp No par 17 May 22
1712 1712 171
22
4934May
5714
56
Alcohol„....100
54
8
567
58
Industrial
.56
55
34 5733
10,100 US
5612 5713
.9412 98 *96
100 98 Jan 2
*9412 98
99
99 •96 99
Do prof
.96
4
1
100. 10078 9818 100
9934 99/
4,200 1:18Realty &Improvement 100 8818 Jan 24
100 10018 9978 100
5214 5214 60
100 4911May 22
834 0312 5214 5312 5218 53
52
6,700 lJniteil States Rubber
100 10013 100 100
100 9914May 12
100 100
100 10018 100 100
Do let pref
1.100
3134 3134 .2934 31
4 3012 31
1
700, US Smelting. Rel ft M---- 50 29 May 16
3012 3073 3073 30/
4334 43/
50 4318June 1
4 431
1
4 43/
/
4 4318 4318
1
4
1
4 .43 43/
1
4 43/
1
43/
500.* Do prat
9718 9812 9534 9733 124,400 United States Steel Corp_100 95 May 22
4 x9714 9853
/
98 9913 9838 991
11634MaY 7
11712
100
11712
4
/
1171
11712
1174
118
1174
4
1
117/ 1.500
118 118
Do pref
6558 66
10 8214alay 21
4 66
1
64/
4 66 6614 6514 6512
1
66 66/
3,200 Utah Copper
.19
1534 Jan 26
100
1914 19
a
t
1918
19
v
Securities
1813 1812 1834 1938 19
1,400 Utah
3318 8,200 Vanadium Corn
No par 30 May 22
3312 3334 32
4 3314 3334
1
4 3334 32 33/
1
33/
8912May
31
8912 8912 90
100
8712
1.137
00
•86 90 •813 90
100 Van Raalte 1s1 pre;
8 May 18
10
912 958 1,900 Virginla-Carolina Chem... 100
1012
4 114 103s 1112
/
4 1211 111
/
111
274 2914 2712 28
100 2534May 19
2914 2914
4 31
1
29/
4 31
1
30/
Do prof
1,700
.6912 60 *59
100 5312 Jan 31
61 .5912 60
60
Virginia Iron.0.00
.59 61 .59
8- •80
.82
100 80 Jan 29
8.5
85 .80
80
82
85 .
Preferred
*80
20
No par 1614 Jan 17
20
x1918 1912 5,200 Vivuudou (V)
4 2018 194 2012 204 .2014
/
191
4 •13/
1
14/
14
1313 14
4 1438
1
*1334 14 .
14
300 Weber & ileilbroner___No par 1214 Jan 27
14
.41
41 May 28
100 104
45 .
*41
41
4318
41
41
45
100 Wells Fargo ExProolo
•4034 45
108 10878 108 1081
10714 10712 10814
4 1.300 Western Union Telegraph-100
/
4 107 10714
1
106/
8412
go,
4
1
/
85
83
50
Brake.85
May 22
Air
85
85
4
843
844
Westinghowe
8412 8412
1,300
5514 5738 5533 5658 18,400 WeatInghouse Elea & Mfg_
5278May 22
4 5538 5434 5.538
1
55 5514 54/
2758
2738
par
NO
4
1
/
24
2773
4
1
/
27
4
1
/
27
Jan 16
011
4
Eagle
264
283
2713
3,100
White
27
2638
5114 5312 511
ao 4858 Jan 3
4 53
/
3,900 White Motor
5134 5234 5114 5214 5134 52
258May 24
4 3
1
2/
4
1
234 2/
234 281 1,500 White Oil Corporation.No Par
4 3
1
234 234 .2/
914
858May 23
8
*9
914
9
9
100 Wickwire Spencer Steel
4 912 *9
/
912 *91
*9
718
7
25 46
21,23.j
2
y 22
an
la
653 7
658 678 2,000 Willys-Overland (The)
713 718
7
7
04
62
6514
-100
(nero)-64
Preferred
5813
6214
Do
15,300
65
65
6512 66
32
3012 3012 *29
30
30 .29
30
300 Wilson .0 Co,Ina, v t c_No par 2711May 21
32
sap
100 78 May 21
• - 7834 ▪
- 78
Preferred
4 •____ 784 *___ _ 7834
1
.____ 78/
4 Jan 24
/
230 230 226 2294 2,000 Woolworth CO (F W)- -.100 1991
229 22614 23014
4228 230 2n
.3212 3312 3212 3222
4
1
32/
31
400 Worthington P & 2.1•te-100 27587.iay 22
3158 3158 3112 3112 .
1012
Par
84
Aeronantical-No
Jan 17
1022
8
5
10
4
/
101
tota
Wright
1.100
un:
4
3
10
1034
•1034 11
•Ind and asked prices; no sales on this day. z Ex-dividend.
90..
111 111
$ per share
1012 1012
.44
45
34
34
.79
80
.813 10
3778
37
4
1
1234 12/
4
1
7412 75/
6858 694
412
*4
1012 1012
434 478
.93 9312
4634 47
*64 68
5413
53
1112
11
25
.20
31_ 33
32 3214
PER SHA RB
Range for Preototes
Year 1922.
Lowest
g Per share 8 per share
1434 Mar 21
6 Nov
4 Jan
/
241
5138Mar 28
4 Dec
1
/
2 4Mar 5
85 Jan 5 60 Jan
Jan
11
1213 Feb 8
4 Ian 4
1
48/
421s Nov
1518 Mar 22
10 Dec
9313 Feb 7
4 Jan
1
48/
86 Feb 7
4018 Feb
3 Dee
614 Apr 5
1513M ar 13
4 Nov
1
7/
6 Apr 4
238 Dec
9413 Jan 30 6916 Jan
50 Mar 15
4 Jan
/
311
80 Apr 4
4 Oct
1
73/
6958 Apr 6 2814 Jan
4 Jan 14
1
15/
8 July
3553 Jan 9
4 July
1
18/
6 Feb 13
4 Dec
1
3/
45 ,lan 4
32 Sept
124 Mar 20
39 Nov
4 Mar 7
1
67/
56 Nov
100 Apr 5
9018 Fob
4 Feb 15
1
47/
4 Feb
/
141
6513 Apr
134 Feb 6
11414 Jan 25 10513 Apr
8113 Jan 2
63 Jan
9914 Jau 6
91 Feb
6.413Mar 20
2415 JAB
66 Jan
104 Mar 21
134 Mar 8 1061s Jan
31' Jan
694 Apr 19
261s Nov
32 Feb 13
100 Mar 9 94 MILY
123 Mar 17 94 Jan
4 Jan
1
19/
3438 Feb 19
4 Nov
/
121
1714 Mar 1
24 Jan
4 Mar 6
/
481
55 Jan
104 Feb 13
4 Feb
1
50/
9114 Apr 24
3134 Feb 16. 21 Nov
4 Nov
1
664 Mar 211 68/
74 Feb
4 Mar 21
1
90/
1214 Nov
2812 Apr 27
43 Mar
6734May 28
118 Feb 9 1111s Apr
4 Jan
1
47/
.55 Feb le
4 Jan
1
12/
4 Mar 9
1
22/
4 Jan
/
11
6 Feb 14
10 Aug
30 Ain 6
9238 Feb 13 6938 Feb
108 May 18
91 Jan
Oct
1212Mar 8
1078 Mar 2
81a Nov
4Mar 7
/
411
3413 Dec
4 Apr 9
1
18/
1218 Dee
4 Mar 19
/
391
18114 Jan
84 Nov
35 Mar 31
60 Apr 26
4 Mar
/
341
90 Mar 16
06 Mar
644 Apr 19
33 Nov
2714 Feb 16
15 Nov
84 Apr
4 Dec
1
84/
91)13 Jan 23
4 Jan
/
4 Jan 21 911
1
123/
444 Mar 3 '3818 Dec
118 Feb21 11333 Jan
4 Jan 12! 68 Mar
1
107/
6758 Mar 2 45/
4 May
1
115 Jan 51 81 Jan
12312 Mar 23; 2418 Jan
9414 Mar 61 3514 Jan
12612 Mar 19' 79/
4 Jan
1
114 Apr 261 100 Fob
15 Apr 6
24 Jan
4 Feb 15
1
6/
4 Nov
26 Jan
34 Mar 22
274 Jan 12
4 Nov
/
11
Vs Nov
1234 Feb 21
42 Mar
Mrs Mar 20
3818 Jan
65 Jan 16
1818 Nov
24 Feb 17
144 mar 2 109/
4 May
1
45 Mar 8 2818 Sept
4914 Nov
6112 Apt 27
86 Mar 2
7678 Aug
144 Jan 5
714 Mar
55 Mar
4Mar 28
1
77/
flea
14 Jan 3
Dec
9934 Mar 19
112 Jan 19 102 Feb
4Mar 21
/
391
25 Jan
1073 Mar
85 Feb 23
4118 Feb
48 Mar 1
183 Mar 2 1194 Jan
4 Feb
1
43/
84 Mar 3
1018 Jan
3413 Mar 2
50 Jan
4 Fab
1
2/
3
ar 19
lan
23142 aj
76
4 Nov
/
181
25 Jan 27
37 Jan
7314 Mar 16
7213 Dec
101 Mar 28
106 Mar 5 66 Jan
6478 Mar 22
46 Nov
105 Jan 13
91 sent
4338Mar 2
83 Feb
4813 Jan 3 4214 Feb
10953 Mar 21
82 Jan
4 Feb
1
12313 Jan 15 113/
4 Mar 5
/
761
59 Nov
2438 Feb 16
978 Jan
44 Feb 10
3014 Jan
98 Jan 25
92 Jan
4 Feb 23
/
261
2314 Nov
69 Mar 15
68 July
68 Mar
43 Mar
85 Apr 23 06 Mar
23 Mar 22
4 Jan
/
61
4 Mar 8
1
15/
1011 Oat
p
%
m
4 Jan
/
661
89 Feb
7
a2
r?
Feab
F
120 M
80 Mar
6718 Feb 16
4918 Jan
3038 Mar 20
25 May
6078 Mar 19
85113 Jan
4 Feb 19
1
6/
218 Dec
4 Feb 17
1
13/
4 Nov
1
8/
4 Feb
/
41
78 apnr 6
54
69
5 24 Feb
4234Mar 7
2714 Jan
87 Jan 3 66 Jan
23912May 11 137 Jan
3934 Feb 17
4 Nov
1
26/
11 May 17
6 Jan
Fegket
per share
164 Apr
42.18 Sept
141e Apr
911s Sent
19 June
8938 May
21 Nair
10072 Dee
9534 Dec
1218 Jan
17 AIR
1381 May
99 Seat
4614 &PO
10434 Jan
5914 Juno
241e Aln.
49 Apr
12 Jan
71 Jan
5018 Dee
Me Sept
10013 Sept
41 Dee
120 Oct
4 Oct
1
112/
9534 IMP
108 San
51 Snit
100 Nov
13934 Dein
5314 June
3858 Jan
1024 Apr
1204 Sept
3012 Sept
19 May
42 Max
106 Dee
4 Dee
1
80/
3813 May
704 Mar
9584 May
503a June
8314 Nov
11814 Oct
87 June
2014 Sept
814 Mar
241e Apr
9414 Aug
113 Aug
2314 Jan
12 June
4818 Ma,
1314 Dec
3834 June
4 Oot
/
111
5412 May
80 Aug
4 Mar
1
57/
24 June
96 Sept
141 Sept
136 Oct
25018 Oat
11618 Nov
90 May
8344 Dee
109 Dee
79 Dee
71 Dee
14114 Dee
11814 Nov
874 Nov
1044 June
3912 Apr
5 Mar
1284 May
5214 Ooe
8714 N'.:v
3214 Jane
134 Oct
35 Oct
8414June
8912 Sept
20'.May
78 Set
25 June
13414 Des
113 Sept
414 May
85 Oct
4 Oct
1
51/
162 Oct
87/
4 Oct
1
39 Aug
78 Aug
1018 Jan
2574 May
7274 Oct
102 Oct
9278 Oct
671g Apr
107 July
4834 Oct
49 Aug
11118 Oct
123 Sept
4 Sept
1
71/
2318 Sept
4 Aug
1
53/
100 Oct
8618 Mar
83 Oct
9413 Jan
86 Oct
10 Dee
17 Apr
9834 Oct
12114 Aug
114 Dee
6518 Aug
4 Nov
1
33/
54 Sept
12 May
4 May
/
211
10 May
4914 July
51:14 Sept
91 Sept
223 Nov
5678 June
11 Lag
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jae. 1 190!1 the Sri:Pustule metro') or ~ring howls .as changed and prices are now-"and interest"--except for Imams and defaulted oese.
BONDS.
B. Y.STOCK EXCHANGE
Week ending June 1
Price
Friday
Ji.ne 1
Week's
Range or
Lace Sale
rIz'A
U.S. Government.
End
dal Low
High No
Meat Liberty LoanJ D 100141 Sale 002,,r2 100.3;1 485
34% of1932-1947
2
J D 98114 Sale 93114, 98'4:
(k8nv 4% of 1932-1947
J I) 98542 Sale 08541 035144 383
()env 44% of 1982-1947
24 conv 44% of 1932-1947._ 1 D 9815n 99 985h:May'23
Second Liberty LoanMN 98104 Sale 98142 981541
4% of 1927-1942
8
MN 9842 bale 98,44 9804 3938
Corn ax% of 1927-1942
Third liberty Loan44% of 1928
MS 98t144 Sale 48"s: 983112 2989
Fourth Liberty Loan44% of 1933-1938...- -. ...... A 0 913,54 Sale 9854 9844s2 4139
Victory Liberty LoanJ D
474% Notes of 1922-1923
100 May'23
Treasury Wei 1947-1952
A 0 990543 Sale 08142 99,
44 814
36 consul registered
sumo Q .1
1024 May'23
3.eensol coupe,:
41930 Q .1
10314 Mar'22
45 regletered
1925 Q F
10212 May'23
4,,,,tion_
1925 0 F
1031. 10312
Panama Canal 10.30-yr 21. _11936 0 F
100 July'21
Panama Canal 3e gold
1961 Q M 934 ----94l Apr'23
Registered
1961 Q M
9413 Apr'23
Rang
Since
Jan. 1
Low
High
BONDS
N. Y.STOCK EXCHANGE
Week ending June I
Price
Friday
June 1
2497
W.mt's
Range or I i1
Last Salo
kla
Range
Since
Jan. 1
Bid
Ask Low
High No. Lew High
I,
6712 6812 6812 MaY23 ---, 65 681
:
8318 84 85
85
1 8034 864
99 ---- 9834 ltlay23
9834 994
9014 9134 8934 May'23
88 9134
98 9912 98
M. 5 96 100
864 87 87
Win 98.70
874 39 824 89
10612
107
98.88
96244
10614
107
41 106 108
8514 8614 8.612
864
1 82 8954
814 Sale I 814
9714,99.18
8218 48 7612 83
7518 774 76
78 I
2 734 78
67 69 6878 May'23 --- 614 684
96344 99 18
7534 80 774 Feb'23
771s 774
99544100.32
9338 May'23
933s 954
980.4 1110.04
954
Sale
Salt
10214 1024
& Ohio prior 314.
95
9534 114 934 9714
1925 J3
9258 95 944 Apr'23
Registered
9312 944
*1925 Q
lot 50-year gold 4e
10312 10358
7834 56 7458 SO
e1948 AO 78 Sale 7712
754
82
7478 May'23 ---- 7418 7874
Registered
10318 IOW.
k1948 Q J
10-year cone 4941
8912 397 774 8212
1933 MS 80 Sale 7934
941, -68'Refund & gen 5e Series A...1995 3D 8112 Sale 8138
8218 42 7938 85
9312 9634
10-year 6s
10034 113 99 10178
1929 33 10058 Sale 10012
P June & M Div lat g 348_1925 MN 9434 954 94 May'23 91
944
Foreign Government
7514
Sale . 744
P L E & W Va Sys ref 44_1941 MN
754 37 73 7913
Argentine ,Govt) 78...__
_1927 F A 1024 Sale 102
1021. 128 lows 1034
9414 29 914 9412
Southw Div 1s4 gold 3141.._1925 3, 9378 Sale I 9334
Argentine Treasure Ls of 1909... 14 8 80 801 SO
807,
Tol & Clu Div let ref 4s A 1959 33 6478 6514 643s
8, 7712 82
65
15 ; 8134 6738
Belgium 25-er ext a f 714s g_ _1945 J 0 10234 Sale 1011, 10312 165 9114 10312 Battle Cr & Stur let gu 8a
1998 3D 5312 68 574 Apr'23
8 60
5-year 6% notes
31 93
9634 97 9634
97
Jan 19253
Ms Beech Creek 1st gu g 414
1936
; 864 894
J 88 914 894 Apr'23
20-year s f 35
78 93 10234
102
1941 F A 10134 Sale 10014
Registered
1938• J 4884 ---- 88 Feb13 ---- 86
6
86
Bergen (Norway) s I Sr
1945 M N 10914 110 10918 10918
26 guar gold be
-,134 May'16
1074 10913
1936'3 9412
16 10914 11314
Berne City of) o f So
110
1945 M N 10978 Sale 10914
Beech Cr Ext lat it 11/41----51951 £ 0 69%
60 July'22,--159
99
Bolivia (Republic of) fis
____ 10034 Oet'221---9118
aellev .4 Car let Si
8912 94
1947 rd N 9114 Sale 904
1923 3D
65 6914 83
Bordeaux (City of) 15-yr 61_1934 MN 8138 Sale 8014
82
Big Sandy 181 As
1944 3D 8018 84 84 APr'23
180
- 11
--e4
Brasil. 1) El external 80!
Et & N Y Mr Line 1st de
961. 167 9134 99
1941 .2 D 96 Sale 0558
751s 754
1955 FA 6212 67 754 Mar'23
35
it
19523 D 8214 Sale 8214
8234
80 8814 Bruns & W 1st gu gold 4a..
...- 89 89
1938
33
3 964 104
71,1a
1952 A 0 10138 Sale 10034 10138
Buffalo R & P eon gold 5a
---.100
100
May23
.
--,.
r
.
100
1937
MN
1014
Canada (Dominion of) g 58 1926 A 0 100 Sale 100
10012 21 9918 10134
Consol 411a
903; 55 87
1957 MN 904 91 1 90
9214
10038 38 99 102
do
do
do
Burl C R & Nor 1st 56
51 1931 A 0 100 Sale 100
1934 AO 97 98 974 May'23 --- I 9614 9914
10-year 5/41
1929 F A 10112 Sale 1011., 10134 75 100 1024
97 97,2 97
98
80
I
2 1 94 1004
9778 102
1952 M N 99 Bale 9834
Se
99
Canada Sou cons an A 5s____1962 £ 0
Chile (Republic) ext a f 8s-1941IF A 10314 Sale 103
10358 34 102 10414 Canadian North deb i 1 7s__ _1940 3D 11312 Sale 11312 114
16 1121s 115
1926A 0 10214 Sale 10214 10234 33 10118 10312
Retsrnal 5-yeat a I 84
25-year s I deb 611e
1946.7' 11234 Sale 11212 11334 43 11054 11334
78
1942 M N 9534 Sale 9534
9614 57 9354 9634 Canadian Pao By deb 45
_ ▪ J 7914 Sale I 794
7934 154 761s 8012
16 j0258 105
25-year s f 8a
1946 MN 104 Sale 1031. 104
Carb & Shaw 1st gold 4.
1932 MS 804 90 9218 Sept'22 .......1,„
Chinese rHulmang By) as 01 1911 3D 4534 Sale 4512
4618 35 45 5234 Caro Cent lit con g 45
71 May'23 --,.. 1-88 71
1949
'
3 7013 74
7 10734 11212 Car Clinch & Ohio lat 3-yr /58 1938 3D 9312 9378 93
Christiania (City) a f 88
1945 A 0 10978 Sale 10978 110
38 ' 8814 94
94
33 R84 95
Colombia Republic) 614_ _1927 A0 9412 Sale 9312
95
um 117;1 89 9828
6s
1952 J D 97 Sale 97
Copenbageu 25-year a /54s_ _1944.73 9158 Sale 9158
9238 51 8812 923s Cart & Ad 1s1 an g 4e
1981• 0 7814 834 814 Dec-22 ----'
Cuba 5e
1944 MS 9714 Sale 9878
974 17 904 971s Cent Br U P let g 4.
1948 3D 67 73 664 MaY23 --8
,667s -867s
5 8712 934
Eater debt of 581914 ear 4_1949
9014 Sale 9014
Tent New Sag let gu 41
9014
1961.73 5614 Sale 5434
5614 57 54 68
1 814 89
External loan 4148
1949 FA 8314 8.5 8314
Central Ohio 434s 1930
8314
1930 MS 9078 _...r 7.- 9334 Dee'22 --- ..-- ..-127
554/1
9914 Bale 8,9918
100
1953
Central
101
99
100
of
On
991e
let
____
9914
gold 56-__e1945 F A
May'23
100 102
Oseeboalorak (Repub or) 88..1951 A 0 954 Sale 954
Consol gold 5!
96 292 77 96
1945 MN 954 Sale 9514
964 17 924 984
Danish Con Municipal Sc"4"1946 F A 10758 Sale 10738 108
13 107 1994
10-year temp secur 6a_June 1929• D 10058 Sale 10058 10034 23 9955 101
Series B
6 107 1091
1946 F A 10758 Sale 10718 10814
Chatt Div pur money g 4a-1951• D 7334 ---- 7412 May'23 ---- 741
:
: 81
Denmark eternal If lis
1945 A 0 1094 Sale 10914 10978 67 10734 110
Mae & Nor Div let g 58_1946
'
3 93 -- - -1 9658 Sept'22 ----1- - .
20-year tla
19423 J 9812 Sale 9778
Mid Ga & All Div Si
1947
9858 134 9514 99
'
3 94 ---- 94 May'23 ---- -94 94
Dominican Rep Cons Adm if 56'58 F A asis 97 9618 May'23
Cent RR & B of Ga coil g 5(1_1937
9514 100
N 9218 9274 9314 May'23 ---. 924 9734
12 84 90
1942N 13 87 874 87
Central of N J gen gold 5a.._ _1987 33 10534 11/614 10534
106 , 12 10313 108
Dutch East Indies ext Els_ _ _1947 .1 J 97 Sale 9678
Registered
97151987 O 3 10418 19512 104 May'23 --__ 103 104
4 147 924 974
40- rear Cs
1962M 8 9618 Sale 9574
9814 350 9214 964 Cent Pao let ref gu g 4s
8612 13 7933 87114
1949 P A 854 Bale 854
511s trust rote
1963M El 9214 Hale 92
Mort guar gold 3341
923
, 319 8758 9238
#1929 3D 9012 Sale 9012
905s 30 90 914
/trench Republic 25-er ext 81-1945 M 8 10018 Sale 9912 10018 355 go 101
Tbrougb St L lit gu 4e_ _1954 AO 804 8112 8014 May'23 ----11 793s 84
20.veer external loan 710_1941 J D 9578 Sale 9512
Charleston & Savannah 78._ _1938 J
114 ...,- 1144 Oct'35 ---- ,
96 227 84 97
,•,,Great Brit ele Ireland(UK 00Ches & Ohio fund & kept /4_1929 J
954 97 I 954 May'23 ---- -WS -,,
9es
20-year gold bond 534s.._ _ _1937 F A 10334 Sale 10358 10378 51 1024 1044
let consol gold 56
1939 M N 10012 Sale 1094 100', 10 9734 10314
10-year oenv 546
87 118 116
Registered
1929 F' A 114 Sale 11334 114
1939 1.1 N
9834
981
5 974
Greater Prague 730
221
65 82
General gold 4115
8432 Sale 84
1942 MN 8S3oSale 8134
8234
19921W
854 92 I 804 8634
Raiff (Republic) Os
18 9334 98
1952 A 0 9434 Sale 9438
Registered
95
1992 M
8014 Apr'23 ---I- 8014 804
Italy (Kingdom of)See A 67461925 F A 9612 Sale 981.,
63 924 9714
20-year convertible 4141_1930 F A 874 Sale 87e4
97
8912 471 85 894
Japanese Govt-4 loan 04..1925 F Al 93 Sale 9278
30-year cone secured 5.-1946 A 0 894 dale 894
9318 29 92 9412
897
93 8812 964
detiond series 414e
Craig Valley lat g 5s
1925 J 3192', 9234 9218
9234 32 92 934
1940 J J 914 934 934 Apr'23 ---1 9014 95
Sterling loan 48_ _ _ .. _ _1931 J J 814 Sale 8018
8278
Potts Creek Branch let 45.19463 .1 764 797e 7814 May'23 ......„. 7814 7814
8112 56 so
Oriental Daveloptnent 6s_ _1953 MS 9234 Sale 924
R & A Dtv let con If 48
93 201 92 9312
1989 J J 754 SO I 8018
804
1 7012 8012
Lyons (City of) 13-pear fla_ _.1934 MN 8118 Sale 8,014
55 6914 83
2d cense! gold 4.8
82
1989 .1 J
7414 76
Marae flee (City of) 15-yr 68_1934 MN 8138 Sale 8018
Warm Springs V late 56_1941 N S 90 - -' 8034 Dec'21.... -I .......
8178 106 694 83
Mexican Irrigation 416a
Chic & Alton R11 ref g 31....„1949 A 0 524 Sale I 514
1943 MN 3914 42 40
8 3214 42
4112
5218 11 am, &3
Mexico-Extern loan i 6. of 1899 Q JO 57 Sale 5678
22
49
584
New York Tr Co Ms
5718
48 52 50,2 Feb'23 ----' 501
: 6012
Gold debt 48 of 1904
62 33 4134
1954
3712 Sale 3712
39
Stamped Oct '22 Int
_II ------------------ ---- -Montevideo 7e
10 85 914
1962 3D 91 Sale 9014
otamped Apr '23 int
91
4758 5112 465s Apr'23 --- 464 464
Netherlands Os Oat Price/0.-1972 IN 5 10012 Sale 9978 10018 237 97 1014
Railway 1st lien 334e
1950 33 27 Sale 2634
2712 1.54 254 291
:
Nor way external a the
1940 A 0 11012 Sale 11038 111
38 109 11234 Chic Burl & Q-Ill Div 330.1949 33 804 8114 81
8158 40 784 83
68
34 97 100
1952 A0 98 Sale 98
Illinois Division As
9812
873
4
8412
8838
1949
8818
24 854 9034
3'
Porto Alegre (Cite of) 814_1961 J II) 97 Sale 97
1 93 9912
Nebraska Extension 4e._ 1927 MN 9814 984 9614
97
97 I
61 954 97
Queensland (State) ext if 78_1941 A 0 10634 Sale 10634 10712 11 106 10918
Registered
1927 MN 9534 --- -, 9578 Apr'23,
I 9534 957e
25-year tla
1947 F A 1004 Sale 1004 10114 25 100 10234
General 4s
1958
8738 34 sa
B 8634 8714 8634
894
Rio Grande Do Sul 84
184 93 9914
1944 A0 98 Sale 9514
let & ref 58
983
4
1971 F A 994 Sale 9914
100 I 50 9618 1014
Blade Janeiro 25-year if 84..1946 A 0 9414 Sale 9334
38
90
97
Chic City & Conn By.ets_ _1927 A 0 525s 524 5658 May'23 ---,i 47
941:
86
24 9014 9712 Chicago dc East Illinois let 68_1934
1947 A 0 9334 Sale 9334
9414
10418
-_--104
7 104 1061
104 1
A0
:
Ban Paulo (City) I f 84
1952
991. Sale 991,
991
: 10 9514 9934 t.. & E Ill RR (nets co) eon 5e.1951 MN 80 Sale 79
80141 84 1 7734 814
San Paulo (State) ext O I Pe .1936 J J 9034 Sale 9938 100
37 954 100
Chia & Erie let gold Si
914 91 May'23---I 8734 974
1082 1.1 N 91
Seine (France) ext 7a
1942 J 3 8812 Sale 88
89 76 90
Chicago
89
Great
West
50
Sale 50
let 4a_ _ _1959 M S
5032 21 484 56
Serbs, Croats & Slovenes 83_1982 M N 7138 Hale 6512
7112 1129 5312 714
With Sept '24 coupons on......
46 Sale 434
46 I 24 4214 46
tees/eine (City) 68
1936 lot N 3214 Sale 8114
Chit, Ind et Louise-Ref
8214 47 661 85
111473 3 10614 1074 106 May'23 ----11044 107
Sweden 20-year 6s
1939
D 105 Stale 10'
104
1034
106
95
10534
95 I
Refunding gold 58
°
2 94 974
1947.7
Swiss i'onferern 2C-era f 84_1940
j 11514 Sale 1151, 116
30 115 11914
Refunding 4. Series C.._ _19473 .1 81
85 80 MaY23 --- -I 794 864
Tokyo City 5a loan of 1912
M 5 7618 771
Ws 7734
. 7614 May'23
General 5s A
8034
S 801-i 84
80341
1968 88 N 80 2 81
tlruguaY Republic ext Be._ _.1946 F A 1941
:Sale 10312 1044 25 103 107
General fls B
963e, 3 944 98
_41966 J J 9614 9671 954
eurich (City of) 8 1 88.... _ _1945 A 0 110 112 110
3 110 1137s
Ind & Louisville let gu 4a...1956 .1 3 72
11012
774 78
Jan'231.--- 78
78
-B
I $5=-Chic Ind & Sou 50-year 43._.1956 J J 814 ---- 814 May'23 -- - -1 81
844
•ento and City iteceetele.
Chic L S & East 1,1 474.
1963_
D 874 ---- 8614 Mar'23. - --I 86148654
N I City-44o Corp stock_1960 MO 994 10014 994
1 993,101
C
M
&
997
8
Puget
Eid
684
lat
gu 4e_ 19493 J 6312 Sale 63
4 6118
64 I
4140 Corporate stock
1964 MS 10014 10058 100 May'23
100 8 10278 ChM&5lpgeng4
,
7i 704 7434
73181
A_el98gJ J 7'258 734 73
434e Corporate Nook
1986 AO 10014 1004 10134 Mar'23
10134 1024
General gold 34e Ser B__41989 .1 .1 63 6412 63 May'23 --__ 62 85,4
448 Corporate Nock
11171 3D 10514 106 108
Jan'23
l0714
108
General 44s Series C__e1989J J 8111 Sale 8114
8 784 8374
82 i
416s Corporate Meek...July 1967.7, 10518 10538 10518 May'23
105 1074
Gen & ref Series A 4 a_ _ _42014 A 0 594 S.tie 5918
597s! 52 66 624
414. Corporate stock
1965 3D 10514 10538 1054 May'23
10518 10718
Gen ref cone Set B 50......a2014 F A 66 Sale 66
6612' 311 64
70
414e Corporate Nock
1963 MS 1051s Sale 10518 1051.
Convertible 434.
7 10478 1074
6514 Sale 1 6514
66
1 99 as as
1932.5
D
4% Corporate stock
1959 MN 964 971
1 964 10014
: 964
do
964
81 I 1271 76 84
19253 D 807k Sale . 8018
4% Corporate stock
964 9974
1958 MN 9634 974 9634 May'23
25
-year debenture 4s
614 141 54 6314
1934 .1 J 60 614 6074
4% Corporate stook
1957
9718 1004
N 9634 9712 974 May'23
Chic & Mo SUe Div 5!_.....1926 J J 974 Sale 974
II 96
4.2 rorro,.... stem. reg _1958 MN
974
974
9614 9714 974 Apr'23
974 991s Chic & N'weet Ext
9512
45___1886-1926 F A 9512 Sale 9514
2 944 96
44a Corporate stock
1957 MN 10458 1054 1044 1044
2 1041: 105
9514 96 I 938, Jan'23
Registered
..._1886-1926
F
A
9338 934
44% Corporate atock__1957 N 10458 10514 1044 May'23
---I
loos 1074
General gold 3As
73
Salo
73
73 1
1987 MN
2 7014 77
34% Corporate stock__ _1954 MN 8714 8814 8714 May'23
8714 91
Registered
151987 Q F 6678 ---- 784 Dec'22.-- -New York State-48
1981 MS -103 May 23
10114 1034
G.neral4a
8534
80': -IF1987 MN 85 8614 85
5'
Canal Improvement 4a_ _1961 3.7
10238 May'23
1024 10313
Stamped
4L,...
N 85 8614 85 May'23 ---I 8034 574
1987 MN
Higliway Improv't 474e_ __1963 MS
-10914 Apr'22
1034 1034 10334
General 5s stamped
104
I
3
MN
101
1987
Menem. Improv't 4 Ser a
1085 MS
10414 Apr'22
...•
Sinking fund Be. ....._1•479-1929 A 0 10112 104 10314 Mar'23'---- 10318 10512
Virginia 2-Is
1064
1991 J J 7158
7114 Oct'20
Registered
109-1929 A 0 ____ ---- 10178 Apr'22.-- -Sinking fund bs..
_1379-1929 A 0 98 9834 97 Aer'23 -- 97 jock
Railroad.
Registered
1879-1929 A 0 9614 -- 974 Mar'23 -- _- gm 9712
Ala (It Sou lot cons A 5a
1943
934 9534 924
Slinking fund deb as
9234 -1933 111 N 974 100 100 May'23 - - - - 9812 Int
Ala Mid let guar gold Si
99
1928 MN 993,102
94
2's
2 1014
36
9934 May'23- Registered
1933 111 N 9918 Sale 9918
Alb & Sloe con,834i
994
1946 A 0 8014 81
1 994 994
8114
81 May'23 -- -- eg
10
-year
secured 78 a
10712 31 10534 110
D 1074 Sale 107
19303
Aileg & Weert 1st g tia gu
1998 A 0 70 84 83 Mar'23
am
15-year seeured 64s ft_ _ _ _1934 M
83
108 Sale 108
10834 27 106 111
Alleg Vat con guar g 48
1942 MI 8 85 894 8914 May'23
8,84 90
Chic
RI
&
P
-Railway gen 411988.5 J 7912 Sale 794
Ann Arbor let g 44
803s 32 7684 82
£1905
J 62 6334 62
62
3 61 6558
Registered
j .1 7414 _ -7834 May'23 -- 784 8034
Atilt Top A Et Fe--eten g 48_1995 A 0 88 Sale 83
8914 99 8414 9018
Refunding gold 49_
Registered
794 127 7658 8312
1934 A 0 784 Sale 7318
1995 A0 831,86 83 May'23
Chic
St
L
& N 0 gold Lie
AiJIIPSMOOt gold 4a
19513 D 1004 1024 100 May23 -- 9734 101,2
81995 No
801i 8034 8018
8
75
112 L
Registered
S%
8034
99% 09%
Stamped__
J D
#1995 Nov 8034 81
Gold
80
801
3
4
334e
Cone geld 48 1909
78 ---- 7858 May'23 --- 7838 7913
1951
1955 D 81
82 81
34
2 768
6
18 82
81
Joint let ref Si Series
24
'
9512 18 9138 974
1963 J D 9458 9514 95
Cony 4s 1905
1961
£.134
_ _ 801
Memph DI, lit R
:May'23
81
834
A..- 1951
- 81 May'23 D 7734
Cone 48 issue 01 1910
1960 J D *1001.
7
33, 1(.4%
96
82
99
154 76
101
C St L & P let eons g 5e
9978 1004
1932 A 0 10012 ---- 10012 May'23
NAN Okla Div let g 4a__ _ _1928 M 8 9412 96
9434 May'23
Chle St PM & 0eon. At
10414 111718
5
10518
10518
Sale
39303
105
D
Rocky Mtn Div let 4s__1965 J J 80 SI
COOP OP reduced to tiNe...-1930
803; May'23 _ _ 7712 as
924 Mar'23 -D 89
S9213: 92l
Trans-Con Short L let 4a 1953 J
84 854 854.
8512 11 82 8634
Debenture 56
1930,M 8 954 96 9534
9
Cal-Arts let & ref 441"4" 1962 NI 8 92 9234 924
871,100
May'23
76
,
8 SI
10
78
Sili.O:VJ
774
0
Sale
774
"ice
"II " 8* ER
No prise Friday; latest bid and asked. a Due Jan. d Due April. e Due May. p
Due June. 10 Due July. k Due Aug. 0 Due Oct. eDue Nov- g Due Dee. s Option sale.
00142 101.00
975498 90
981244 99.10
97.00 9900
Atl & firm 30-yr 1st g 48_6_ _1933 M S
At Knoxv ,4 Cln Div 4a
1955 M N
At1Knox dc Nor lst g 5s
1946.7 D
At!& Chart A List A 410_1944 33
let 30-year 58 Ser 23
1844 33
&Li Coast Line lot gold 4s_e1952 MS
10-year secured 78
1930 ▪ N
General unified 410
1964 3D
L & N coil gold 4e
a1952 MS
551k Dane let g As
1948 3,
26 4le
1948 3,
All & Yad IN g guar 42
1949 A0
A & N W let gu g Se
1941 3.3
_-..
New York Bond Record-Continued-Page 2
2498
BONDS
N. V. STOCK EXCHANGE
Week ending1 une 1
CblcUnSta'nIstgu434sA.19631 J
19631 1
be B
1963.3 J
let Ber C 6365
Chic & West Ind gent 61_81932 QM
1952.3 J
Consol50-year 46
1935 M S
15-yeare 7385
1952 MN
Choc Okla & Gulf eons 56
0 Find & Ft W 1st gu 4a g__ _1923 M N
1937
J
CInH&D2dgoid4jfe
11936Q F
CIBtL&Clstgda
21936 Q F
Registered
1942 M N
Cin Leb & Nor gu 46 g
1928.3 .1
Cln S & CI cons let g 56
Clearf & Mah 1st fru g be
1943
3
Cleve Cn Chi & St L gen 4a _ _1993 J D
1931 .1 J
110-year deb 434s
1993.3 D
General be Series B
1929 J J
Bet &'met 65 Beriee A
1941.3 J
la 0
19393 .1
Cairo Div 1st gold 46
Cin W & M Div let g 4/1_1991 J
1990 MN
St L Div lst coil tr g 46_
1940 M S
Syr & Col Div 1st g 45
19401 J
W W Val Div let g 4e
1934.3 .7
COC&Igenconsg86
1933 A 0
Clay Lor & `ig con let g 55
1936 MN
01 & Mar lst au 4345
1938 J .1
Cleve & Mahon Vail g 5e
1942 J J
Of& P gen gu 4;is See A
1942 A 0
Series B
1942 A 0
Int reduced to 3365
1948 M N
Series C 3363
1950 F A
Series D 3368
Cleve Shot Line let gu 430_1961 A 0
1972 A 0
Olsts Union Term 5361/
19453 D
Coal River Ry 1st gu 4/1
Colorado & South let g 46_1929 F A
Refunding & exten 4365_1935 M N
1948 A 0
Col & H V lat ext g 46
1955 F A
Dol Tol 1st ext dB
Cuba RR let 60-year Se g......1952J J
1936 13
lat ref 7368
Day & Mich let eons 430-1931
Delaware & Hudaon-1943 M N
let le ref 48
1935 A 0
110-year cony ba
1937 M N
5348
1930 J D
71
secured
-year
10
011 RR & Bdgelat du de 1-1936 F A
cons g 48-1936 J J
Oen & R
1936
J
Consold gold 436e
19283 D
Improvement gold 58
A
F
1956
be
refunding
&
let
do Registered
Bks Tr stmp etts Feb '22 Int. -___
Farmers L&Tr recta Aug '55_
Bankers Tr We of deft
do Stamped
Am Ex Nat Bk Feb '22 Ws_
do Aug '22 Ws
19353 J
Dea M & Ft D lst gu 4s
Deg Plaines Val let gu 434i 1947 rt
Det & Mack-letIlen g 411_1995 J D
19953 D
0016 45
1961 Ri N
Bet Rio Tun 4345
Dal Mamba & Nor gen 156._ _1941 J J
1937 A 0
D111& Iron Range let ba
1937 A 0
Realstued
Dtd 8ou Shore es AD &L....1937 J J
E Minn Nor Dlv lst g 48......1948 A 0
1938 M S
Z Tenn reorg lien g 53
19301 J
E TVa&GaDivg56
1956 MN
Cons 151 gold 56
Elgin Joliet & East let g 56_1941 M N
Erb 1st consold gold 7sext_1930 M $
1998 J
let cons g ds prior
1996 J
Registered
let consol ten lien g 45_1996 J .3
1996.3 J
Registered
Penn coil trust gold 45_1951 F A
60-year cony 45 Ser A...1958 A 0
1953 A 0
do Series B
Oen cony 45 Series D.......1953 A 0
19653 J
Erie & Jersey let s fee
19403
Erie & Pitts gu it 3366 B
19401 J
Belles C
Evans & T H lst gen g 154/-1942 A 0
Elul Co Branch let g 56....-1930 A 0
1924 3
Via Cent & Pen let ext68- 1993 J J
.1 .3
511_-_1930
g
art
1st land grant
19433 .3
Consol gold be
Florida E Coast let 43411-1959 .1 D
1952 MN
Fonda J & Cloy 4368
Fort St U D Co lst g 4368_1941 J J
J
5368-1961
g
Ts W & Den C let
Ft Worth & Rio Gr 1st g 46_1926 J 1
A 0
1933
6s
let
V
Mo
&
Elk
Frem
GH&SA M &I' let 51-1931 1z1 16
1931 J .1
26 eaten Se guar
Galv Hone & Bend 1st 58_1933 A 0
1957 J
Genessee River 1st e f fis
Oa & Ala Ry let eon 5s_ -6-.1945 3 J
Ga Car & No let gu 511
1920
Ga Midland let 38
N
A0
4M
48
92
19
ahia V G & N let gu g 36-...1
1942 J 13
Gauv & Osewgatch be
1941 J 3
CDR & I ex lat gu g 4366
Grand Trunk of Can deb 78-1940 A 0
1938 M it
15-year f 66
D
1947
Grays Point Ter re
.1
1936
steer Nor Gen 75 der A
let & ref 43I6 Berke A.-1961 J J
1961 J J
Registered
19523 J
11116
Green Bay & W Deb ctfa "A"____ Pet
Fet
Debenture Ws "B"
Greenbrier Ry let gut de---_194(1 MN
.1elf & I 1st ref & t g 58..b1952
Harlem 8-Pr Ches 1st 4s____1954 M N
epcleIng Val let cons g 4j41999J J
1999.3 1
Registered
1937 J J
& T C 1st g 5aIntgn
Gouston 13/211 & Term 1st 56 1937 J .1
1933 M N
1st g 58
E10Ua E
1933 M N
let guar 54 red
MN
Housatonic Ry cone g
F A
1957
A
eer
5s
Manhat
Rad
1957 A 0
Adjust Income 51
J J
Moon)Central let gold 4s-1951
19513
Registered
1851 J
10 gold 3348
1951 J J
Registered
Extended lot gold 330-1951 A 0
1951 A 0
Registered
1951 M 6
let gold 33aterling
E
Collateral trust geld 431.--1952 M 0
A
1952
Regist*red
1965 M N
1st refunding de
•No price
Price
Friday
Ane 1
Week',
Range or
Last Sale
is
Bann.
Mace
Jas. 1
Hfgk No. Low High
Ask Low
1110
9112 58 87118 9248
90 Bale 90
3 9778 10012
99 9914 99
9914
113% 11412 114
4 11278 11514
11438
104% -- 105 Apr'23..- 10412 105
71% Sale 7118
7248 40 70 7578
10248
d 10112 10314
10212 Sale 10214
98 May'23 __I 9812 97
_ 88 Mar'17
-8638 8634 8714 Apr'23 ---- 8618 8934
8713 Apr'23
8738
8618 8634
_
9013 Oct'22
_ 8534 Mar'23
82%
8584 8534
9534 99 99 Aug'22 ._ 9012 Jan'22
9718
7914 19 78 82ls
7918 Sale 7918
71 9014 93i
92% 9312 92
92
97
.5 9612 100
9812 10012 97
10034 Sale 10018 10134 53 100 102
102
1 10012 102
_ 102
102
8018 88
8614 92 85 May'23
_ 7514 7838
7848 7813 77 May'23
4 7478 8138
7914
7914 Sale 7914
84 Apr'23
8148
8212 84
8148 May'23
8038 8155
10418 -- 105 May'23
10318 10638
9714
9714
1 97 98
97
9134 --__ 95 Jan'23 --- 95 93
93 Mar'23 ---- 93 94
9514 97 91 Nov'21
9514 97 104 Deo'15
_ 9612 Feb'12
---- -791s ---- 9018 Dee'12
---- -7918 _ _ 67 Jan'21
9212 9312 92 May'23
_ 90- 98
1033s Sale 10278 10334 28 101 106
8112
51 8112 85
8012 84 8112
93%
9 9034 9313
82 92,2 92
8534 17 8138 871,8
83% 84% 8418
8014 _ _ 8312 Nov'22
7918 _ _ 8012 May'23
WI; 7(74
8312 Sale 80
8418 16 80 8534
10312 104 10414 May'23
103 10513
911s Sale 911a
9118
1 91 9234
8738 Sale 87
88 103 833s 90
93 9334 9334
9418
8 9014 98
994l00 1 9934 100
4 98 10212
10712 Bale 10834 10834 22 105 11134
8848 ____ 87 May'22
7612 89 72
7448 Sale 7412
76'm
7914 sale 7814
so
10 7678 80
8612 Bale 8612
8612 11 82 88
54 4814 58
51
50 Sale 50
_
4912 Aug'20
48
4818 -3 46 7
,11;
45 54 50 May'23 -- 48 5314
4912 5512 50 May'23
50 50
46
50 4813 May'23
484 50
46 Mar'231.--- 46 46
--- 51
BONDS.
N.'Y. STOCK EXCHANGE
Week ending June I
Rasp
Maws
Jae. 1
Wesk's
Raison or
Lein dale
Ask Low
Bid
High No. Low High
Illinois Central (Concluded)
77118 79
1952 3 .1 77
7812 7838 May'23
Ptrobased lines 836e
15 7734 83
82
Collateral trust gold ILL_ _1953 M N 8012 Sale 8012
5 7814 7814
1953 MN 7814 Sale 7814
7814
Registered
1955 M N 9934 Sale 994 10038 138 9818 10034
Ref be interim eels
19343 J 10012 Sale 1004 10114 20 100 1027s
to-year secured 5365
8 10718 111
10938
1936 J J 10938 Sale 109
15-year secured 6366 g
8212 Mar'23 -- 8238 87
1950 J D 8034
Cairo Bridge gold de
Litchfield Div 1st gold 36._1951 .3 J 70 7212 69 Mar'23 ---- 894s 78
75 75
75
Loulsv Div & Term g 3366_1953 J J 73
3 7311 7978
68 May'23 ---- 68 6911
1951 F A 6778
Omaha Div let gold 3s
71 Feb'28 ---- 71
J
70%
71
3e_.19511
g
8914
Term
&
Div
Louie
St
75 May'23 -- 75 80
1951 I J 7038 79
Gold 334s
_ 7812 July'22 -(brine Die 1st g 334s
1951 J .7 7334
1 8083
83
Western Lines let g 4s_1951 F A 83 Sale 83
1951 F A 82 86 92 Nov'10 -Registered
8578 Mar'23
1940 A 0
;WI;
Ind B & W 1st pre: 4s
-1117
85788578 10 881$ 857s
19503 J 83% 86
end III dz Iowa lst g 46
19663 .1 9534 9812 9812 May'23 -- 95 100
Ind Union Ry 56A
4212 90 4018 4914
..nt & Great Nor 4.(0118268-1952 .1 J 41% Sale 4112
9134 89 8912 9738
1952 3 J 9134 Sale 9114
1st Mtge (is etfs
8814
1 68 781s •
89
89
89
D
1
1938
be
gold
let
Iowa Central
35
5 33 40
1951 M S 34 34% 3414
Refunding gold 45
83 May'23
lames Frank dc Clear let 41_ _1959 .1 D
1938.3 J
Ka A & G R let gu g 58
4
-fifi
1990 A 0 855g7612 -1H1Kan & M lat gu g 4e
1927.7 J 953 991 96$8 Feb'23
2d 20-year 5$
102
10212
10112
May'23
MN
1928
C Ft & M eons g Oa
7714
KCFtEl&MRyrefg48_1936 A 0 7612 7714 7612
KC&MR&B lstgu 56_1929 A 0 92 93 1 9418 Mar'23
67
(Canute City Sou let gold 3s 1950 A 0 6614 88% 6614
8612
Apr 19503 J 8512 Sale 8512
Ref & impt Se
8134
Kansas City Term let 48„...1960 J J 81 Sale 8048
83 82 May'23
Kentucky Central gold 48____1987 J J 81
Kook & Des Moines 1st 55_1923 A 0 7018 7212 75 May'23
797
19251 J 101
Knoxv & Ohio let gas
83
8
16
36
68
i
87
"fa- -57;
983s 97
10012 10234
7338 7912
9238 95
64 6878
83 8934
7648 8334
81
837s
65 92
10034 10148
7 9118 97
9412
94381 9412
Lake Erie & West let g 51,-.....1937 31 94
8114 86
1941 33 84 86 I 83 May'23 _2d gold 56
6 7238 7812
78
1997 3D 7634 78 7712
Lake Shore gold 3368
5
75
731j 75
75
78
7448
1997 3D
Registered
9518 74 92 96
1928 MS 9448 9434 9438
Debenture gold 48
49
9314
9212
Sale
8 9312
904
s
927
N
1931
25-year gold 48
- 8612 July 21 -1931 MN
Registered
IWLeh Val NY let tug 4362 1940.73 93 9412 9312 May'23
O() 90
90 Jan'23 _
1940 Ii Registered
5 7613 8113
7848
7712 7814 7814
Lehigh Val (Pa) coin g 43_2003
3 85 9214
89
2003 MN 88 89 89
General cons 43411
1 1007s 10214
Leh V Term Ry 1st tug 55_1941 A0 10112 ---- 10112 10214
178 A923
12
10
112 11212
1 4
1941 AO
Registered
10
Sale
1007/105
lO17e
Len Val RR 10-yr coil 65_51928 M
8338 8512
8714 84 Apr'23
Leh & N le let guar gold 4s1945 MS 78
992* 21 9718 9948
Lex & East let 50-yr Ss gu
1965 A 0 9914 100 99
81
81 May'23
81
1962 M N
Little Miami 45
10812 Nov'22
1935 * 0
Long Dock consol g Os
9
98
9712
May'23
4
903
85
603
Long Isld let cons gold 58_61931 Q J
9011$ 9214
_ 9214 May'23
51931 Q J 8914
let consol gold 4s
Sale 84
85
8312 8612
1938 J D
General gold 46
8118 gys
1932 3D 8118 _ 8112 Mar'23
Gold 43
78
7538 81
1949 MS 78 79 78
Unified gold del
92 94
1934 3D 8918 92 92 Mar'23
Debenture gold Se
8412
8314 8612
1937 N 8412 8434 8412
20-year pm deb 56
8 78 83
7712 78 7712
7812
Guar refunding gold 48_ __.1949 M
1 92 93
93
Nor Sh B 1st con g gu 68-_a19112 Q 1 93 Sale 93
9314 95 93 May'23
93 9412
1927 M
Louisiana & Ark 1st g 55
7912
7914
77 80
3234
May'23
MO
Lou & Jeff Bdge Co gu g 4s 1945
10112 Sale 10112 10112
9703103
Louisville & Nashville 58.......1937
3 8714 02
9012
1940 J J 9012 Sale 9012
Unified gold 49
9014 May'23
9014 9014
1940 3,
Registered_
9855 May'23
9738 10112
Collateral trust gold &L....1931 MN -9.811-a
108
108
109
4
10711
106
---N
1930
10-year secured 78._
12 10114 105
2003 *0 10312 10334 10312 104
1st ref 5366
10138 10154
3 104 10548 10134 Jan'23
'
1930
N 0& M 1st golden
9712 10112
10112 Feb'23
9848
1930 J
2d gold 68
84 84
88 84 Mar'23
Paducah & Mom Div 4s_1946 FA 84
571
63
593$
6114
8114
63
MS
1980
St Louis Div 26 gold 3s
23
Aapyr.2
93312 M
93 96
9:12 7
18.54
L&N&M&M1st84368_1945 MS .6
7
75 8084
777
L & N South joint M 48___ _1952 J , 76% 77% 77
7312 7312
J11952 Q
Registered
95 9712
9512 May'23
Loulev an A Lex gold 4)4e__1931 MN
4
-43142 /15
8614
9314 Sept'221.--8334 ___ 7538 Feb'23'---- 751 76'8
60 6334
- 6018 May'23
601s 65
88 / 63 85 9034
8734 8812 8712
9878 ___ 9814 Apr'23'...- 9814 99%
99
3 98% 10034
99 Sale 9812
9812 Jan'23
9812 9812
70 fi 75
75 -.- 75 80
84
89 Mar'23-- 88 90
9018 -6312
_- 9112 Mar'23
9112 9134
98 109 100
97 100
100
97 98 9714
9714
3 9613 9912
994 1004 99 May'23 -- 9748 10014
10348 10448 104 May'23
103 10434
.5634 Sale 5635
5812 01 6413 58%
- _ 57 Mar'22
"4913
46's Sale 4578
4834 474
_ 51 Aug'22
84 Sale 5313
i -a- 7E4
84
4912 44 411
4734 Sale 47
, 52
4712 Sale 45
88 4214 62
49
4978 taw 48
5958 179 4334 5412 Mahon CI RR let Se
1984 33
84 85 86 May'23 ---1 89
8978
Manila AR (Southern Lino0-1939 MN
8238 ____ 8334 Mar'23 ---- 8334 8334
Manitoba Colonization 56 1934 JD
8236 ____ 82 Apr'23
82 8314
Man B & N W let 3315„...1941 33
88 Apr'21
...Me:Internal let cons g 46_1977 MS
..-- 6912 Apr'21
Michigan Central 64
1981 M
---97
_ 9912 Dee'22
1931 QM
Registered
9938 _
9838 May'23 -46
loo
1940'.3
8814 jig 934 Amen _3
'
1940
Registered
923.7 ......91 Mar'23 -S
IL & Slat gold 8364
1951
8234 864 87
88
3, -8
65
f1-2 -s
let gold 330
lit-1952 N
89 6912 6918
6912
3' 85 79
20-year debenture de
1929 *0
vg
787s 8034 79 Apr'23
79
iefid of NJ 1st ext be
1940 40
9934 101 10012 Apr'23
L BA West 1069 t 58-1929 P A
9914 103
85 99 8741 Feb'23 -Ashland Div 1st g Os
1925 MS
81's
10734 10834 10734 May'23
851905 :
107
18
99
Mich Div let gold 68
10
1924
97 9714 9714 May'23
Milw dz Nor let ext 430
1934 3D
951y 9812 9512
9512
3 934 98
1934
Cons extended 4345
8612 8834 8834 15183'.23 -85148834 Mil Spar & N W lot gu 46-1947 MS
83 Sale 82
8338 60 82
Milw dz S L let gu 3365
1941 33
8012 82 80 May'23 ---58 Minn de St Louis 1st 78
4
1927
9078 9112 903s
903s
1
1st consol gold 58
1934 MN
61
6212 61 May'23 -- 6
034 6
9°
1949 MS
let & refunding gold 4s
94
12728
9914 9934 9914 Apr'23 -- 9914 9912
Ref & ext 50-yr 58 Sec A__ .1962 Q F
- -9538 _ .
88ERP&SSMcong4sintgul938 33
-----89,4
89 105ii 1938 33
1st cons fol
1
311 11212 115
1 312 114 11312 11412
1931 M
10-year coil trust 6301
104 1044 1038 10414 32 104
1946 33
68 A
84 ___ 1014 Apr'07
let Chicago Term s 1 4e._ _ _1941 MN
109 Sale 10838 10914 168 1061$ 11112 M EIS M &A let g 45lotgu-1926.3'
91
J
92 91
91
1949
7 87 9213 mtastotoppi Central 1st 58
82 Oct'22
MR & Okla 1st guar 54_1942 MN
100 Sale 9934 10038 89 ifra ill
Mo Kan & Tex-let gold 4&,.1990 3D
11 80 75
_
65 80
60
6% earth/ for notes ''ext".....
812 872 878
9
87s 1314 ado K & T Ry-Pri5sSerA_1962 3-3
1962 .1 3
85 ____ 69 Apr'21
40-year 4s Salem B
78 8012 79
17 78 841j
1932 J J
80
10-year 65 Series C
7813
1
721j
.0
_1967
A_
Series
May'23
8
733
7.5
Se
7338
Cum adjust
1 80 86
8334 Sale 8334
8324
Missouri Pacific (more (J0)P A
2 81
.4._1966
5813er
8112 Sale 81
8112
refunding
8112
1at &
9712 May'23
9738 _
95% 9734
let & refunding 13s Sec 0_1926 L A
9018 63- 904
9018
8934 92
1st de retUnding 05 0412 D__1949 P A
1975 MS
1 9.514 98
9514 98 98
98
General 45
2 98 98
9514 98 98
98
Missouri Pac1fic,4%
1938 MN
at
82 95 87 Mar'23
extended
87 87
3d 75
8034 Sale 8038
8114 96 7912 8474 Mob & Bir prior lien g 58____1945 .7 J
1946 .7 J
598 Sale .59,4
Mortgage gold 4e
6014 182 55 6438
8614 90 90 May'23 ---- 90 9218
Mobile & Ohio new gold 8s___1927 .1 D
111927 Q J
8318 Sept'21
-1st ext gold 135
1938 M II
7918 8038 78 May'23
General gold 46
7714 83
78 8012 80
Oct'22
Montgomery Div 1s8 g 5e._1947 F A
D
1927
83 Feb'23
79 81
63 83
St Louis Div be
1938 M S
78
Mob & Oblo coil tr g 4s
1991 M $
50 72 831-e Mar'22
Mob & Mal let gU g to
J
1987 J j
8412
844 3412
Mont C let got 65
-fier
1937
Registered.
9538 Sept'19
j
1937
4 8578
let guar gold 58
8634 17 82 8834
2 861851-
, ,8
Plies
Fifday
June 1
9954 Dee'22
9812 _
541g 71
63 8412 88 Apr'23
2 963a 9714
97
9634____ 97
82 May'23
82 82 ,
_-_- 77 Mar%)
00 Oct'22
WI; Mg
12 May'23
06034
_ars 8
_8
88 88
804
86 86
86
86 88 86
80 80
77 7912 80 Feb'23
7714 84
79 8012 7812 May'23
9212 26 8931 93
91311 924 92
87 87
87 8814 87 Apr'23
981s 100
9918
991s
10112 Nov'22
lOO7s 10038
10034 __-- 1007s Mar'23
8814 9212
88 901s 8914 May'23
89 9034
8512 9074 89 May'23
8578 867$ 86
8814 11 84 89
7434 55 8814 Aug'27 .
5 10014 101
101 103 10014 10014
76
75
10 68
75 Sale 7114
40
18 38
37
3634 38 3812
37
10 35 3934
Ms
3634 37
88 89 9012 May'23 --_ 1 841e 9013
98 100
9878
9878 Sale 9878
8 10014 106
103 10334 103
10334
10012 10114 10012 10012 25 9948 1051s
884a ____ 9212 Deo'22
9638 -9638
97 ____ 9618 Mar 23
8314 9055
8814 92 887s May'23
9134 94
9134 _ _ 9134 May'23
8014
7612 Sale 7514
71334 28 74
1,1234 83%
8234 Mar'23
7778 Sale 7734
7834 iiio 7611 8311
6.54 70 6234 6712
64 Sale 64
9512 91 9284 9884
94% Sale 944s
5312 1050 6112 63
5212 Sale 524
82 8214
9514 -913
9418 Sale
577 Sale
8214
8214
9512 May'23
9434
94
5834
577
2 82 8671
9514 9634
40 9212 99
37, 58 8814
791s 8134
8012 May'23
7978 81
951k Oct'22 ----------91
70 7314
72 -_-_ 70 May'23
10214 101 104 May'23 ____ 102 10411
1 10034 103%
1004 1024 10034 10034
1 1 724s 7812
7248
7238 Sale 721e
1 90 945
93
9038 93 93
94 9512
9318 94 9412 Apr'23
2 1 75 7812
75
7212 75 75
3 41235 8814
82
8218 86 8134
10912 Ill
101/12 11112 10912 May'23
13614, may'09
9938 10138
joas; 100 May'23
I
sale.
n
Oct.
Option
a
Due
o
Due
.
Sep
July.
Due
5
this week. a Due Jan. 5 Due Feb. c Due June.
Fedor latest bid and asked
New York Bond Record —Continued—Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending June 1
Price
Fildap
Jine 1
Week's 11
Range or
Last Soli
Range
Stews
Jan. 1
B14
Ask Low
High No. Low High
764 Sale 7534
7712 200 7434 78
9975 10284 100
100
5 98/
1
4 101
98
98 Apr'23
98 98
---- 31 Sept'22 —.32/
1
4 Sale 3219
3234 48 23 3234
3012 28
28
1 28 35
2618 Jan'23
2612 2612
BONDS
N. Y.STOCK EXCHANGE
Week ending June 1
2499
Price
Friar
June 1
West's
11.il Rasee
Range or
Since
Lass Sale
en.1
Jan. 1
Pennsylvania Co—
Ag Low High N...0
34,1
fi
gfg
i
Guar 3)4s coil trust reg A-1937 M S 83Is
831s 8818
8612 8442
83 Nov
83
'212
2
Guar 3315 coil Runt Ser B_1941 F A
1 8188
Guar 331e trust ctfe C.__1942 J D 8134 84/
1
4 8318 May'23 7H 80 8319
Guar 3348 trust ctfa D1944 J D 8
913
04
4 9
82
17
18
2 83
91112
2 Nov'
91212
2
Guar 15-25-year gold 45_1931 A 0
icis;
10-year guar Mare Ser E__1952 M N
5 8422 87
Peorla & East let cons 48_1940 A 0 83
7212 72
8812 8
72
5'8
14
8
725::
7012 73
Income
48
31
231s 2312 22/
1
4 May'23
2638 30 2912 May'23
21
30
2712 2912 Pere Marquette IstSer A56..1
956 A
1995
J INJ 95 Sale 95
96
9 9234 971e
1
let Series B 43
Nat RR Mex prior lien 430 _1926 J
80
Sale
1956
3
80
J
15
77 82l
80/
1
4
-, 3814 June 22 -Phila
Balt
&
W
ist
g 411
July coupon on
1943 M N 89498949;
:
8
999
AAppreo.2,34 :
449
4 May'23
6
_ 88'. 9214
.1-401.
4, -5-4— 44
44
4 -447
; 44
Philippine ily 1st 30-yr e 1 48 1937 J 3 4518 45/
do
off
1
4 4534
45/
1
4 10, 4514 497s
45 4438
44/
1
4
31 kes8 4452 P C C & St L gu
OM A
let conaol 48 (Oct On)___1951 A 0 - - --- 28 Apr'23
1940A 0 9412 95 94/
1
4 May'23
94 9714
27
28
Series
13 4 Ns guar
• April coupon on
95
1942 A 0
27
94 95
26 Feb'23 -- 2V8 2614
Series C 414s guar
do
off
1942 M N
23 30 2818
2818
94
3 26 2812
9414
Series
Naugatuck RR let 45
D
45
guar
9012 ---- 8934 Feb'23
1954 M N 6838 ---- 6818 May'23
8934 894
681
/
4 681a
Series E 314e guar gold--1
New England cone Si
49
5 MN
994
F A 89's
1945J J 8314
8412 8912
901
:Mar'23
89 9012
Series
F
Coneol4a
guar
4s
-------8
9
gold
May
ms2
9
152
:2
23
3: :: 89 91
19533 D
1946 J 1 7414 7514 7438 May'23
7438 74/
1
4
Series (I 48 guar
N J June RR guar let 40
1986 F A 76/
1
4 -- 82 Jan'23,_
8925 89/
1
4
82 82
Series I cone guar 411e
NO&NE1etref&imp4318A'52 J J 7814 Sale 7818
57MN
1963
F A
92/
1
4 E/4128
78121
3 77 8112
Series
3
New Orleans Term 1st 48_1953 J
4358
81
21,
9
-5
ce. 92
812
1964 M N 98
5
2 Ma
S5Y
9
r.
.
7
:2
/
4 Sale 7512
,
1
3
2
8
.J 761
92
/
1
4 9212
76181
5
73
79
/
1
4
3
4
General bs aeries A
N 0 Tessa & Mexico let 68_1925 J D 101 Sale 10034 1011
/
4
9 100 10112 Pitts & L Erie 2d
931/4 9911
Non-cum Income 15s A
g 5e_ _6_191
99 Noy'22
1 8
0 ft D
1935 A 0 78/
O 9538
1
4 Sale 7818
7812 40 7712 84
---Pitts McK & Y let irti 85193
N & C Bdge gen gu 434e
1
4 ---- 105 Deo'22
2 .1 J 102/
1945J J 8912 9012 May'23
---8914 9012
Ild guaranteed 65
N Y B & M B letcong5e
1001
/
4
_
95
/
1
4
JunV20
1934
J
.1
1935A 0 92
94 Apr'22
_ 94 94
PRO
eh
&
N Y Cent RR cony deb 6a
L
E
Mt
g
M
100
1940 A 0 100 Sale 100
5
1935 M N 10412 Sale 10418 105 I 439 101 10534
ieki"
let comma gold M.__ .___ _1943 J J 9612 ____ 100 Feb'23 -COnsol 45 Series A
1998 F A
81
SO
100 100
8218, 23 76/
8112
1
4 82/
1
4 ?Ma Y & Ash 1st cons be_
Ref & Impt 4318 "A"
. 1927 M N 9824 ____ 98 June'22
2013 A 0 8612 Sale 8612
8738 21 8414 88/
1
4
Providenc
e
Secur deb 48
Ref & impt to
40 38 May'23---- 38 Ws;
1957 PA N
2013A 0 96848210 9614
9718 455 9278 98/
1
4 Providence Term let M
N Y Central & Hudson River—
76
4% _gi.12
_ 8
4
s85
6,2
1956 M S 8
8 Feb'
87118
Reading Co gee gold 45
Mortgage 3318
28 327k 88
•
199
997
7ll
i
1997 .1 J 75 Sale 75
75121 36 72
7734
Registered
Registered
1997 J J ____ 7434 7112 May'23 _ _ 7112 7112
80/
1
4 8412
Certificates of deposit
Debenture gold le
-gL84 88
86 86
85,
2 Mar853423 12 79 81514
19345 N 8914 8934 8918
8912, 44 8612 91,
5
Jersey
Central coil g 42____1951 A 0 82 834 82
Registered
1
82
1934 M N
8912 Nov'22.____
80
86
(ten & Saratoga
10-year debenture 4m
1942J J 8612 8712 871
/
4
87141 10 84'2 9014 Rich & Dan 5a 20-pr 65 ___I941 1141 N us
Lake Shore roll gold 3Ne 1998 F A 72
9818 &Ye- 95l ..981.
4.
7272 72
1927
A
73
0
11V3;
6 6814 76
Kiel,
&
,i
esk
is, 4 Si
Registered
1998 F A 6934 Sale 6934
1
4 -- 72 Mar'23---- 72 72
1948 MN 67/
7078
3 698 73
Rich Ter be
Mich Cent coll gold 3318_1998 F A 711
/
4 7414 7212
1952 J J 9714 9012 97 May'23
7212. to 71144 77 .uo
97 100
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Registered
84
.
90 84
1998 F A
7
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%
19393
Apr'23:...__
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8
84 85
7012
75
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N 7 Chic & ER L let g Ae__1937 A 0 88t2 gide1940 3 J
8372 9014
ctegleterel
1937 A 0
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22
12
515
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8612 Jan'23'...._ 8812 8812 110 Gr
1940 3 .1 8
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Debenture 45
3 "fi- 78
1931 MN 86'2 87 85
1939,5 J 76 f67
76,2 -86 I 27
8 76
8885
Mtge & coil trust 45 A_
7468A BC
1931 M N 10014 Sale 9914 10034 52 98 10084 RI
6212 May'23 --- 6134 68
1949 A 0
Ark & Louis 1st 4318
N 7 Connect let go 431e A11/63,F A 87 8712 8714
64
5 Sa
83
1e2 7632
1934 Al S 4
7712 45 7534 81
8735 11 8412 8875 Rut-Canada
N Y & Erle lot ext g 58
lst gu g 43
1947 M N 80 93 87 July'22i..-1949 J J 65 7312 70
7'23
258
258 Jan
70 70
'Oland let con
Rd ext gold 44e
1923 FA S 96
- 95 May'23,
1941 J 1 7612 79 80 34
Aa
Py
r'23
80 8014
-1W- 9913 St Joe & Grand g 4 Ne
102 ext gold ba
Rd let g 4s___1947 J J 7215 7375
19301A 0 94 ---- 94 May'23
71/
1
4 7534
94
94
tt Lawr & Adlr let g 5a
bib ext gold 45
1928 J D 9112 ----9434 Nur16
Apr'23---- 91
1996,5 J 88 9212 91
9212
2d gold 6a
N Y & Green L gu 1 lig
1946M N
8612 Noy'22
1996
95
---A
0
95
35 9814
St LA: Cairo guar g 4s
N Y & Harlem g 3318
2090,M N 75 8412 7312 Mar'231
1931,9 J 908s 9012
May'23
7313 "Hie St L
87 90
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N Y Lack & Western.IS
19231F A 904 100 9934 May'23
1931 A 0 9614 968s 96's
9434 99/
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1
4
NYLE&Wlet7sext
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1930 M 5
- 103 111314 Apr'23
- _ 953410599264
0
10314 1031
/
4
Unified & ref gold 4a
Dock & Imp 5a
1943 3 J 9812 -_-- 9612 May'23
15
8
1 828 897s
59293 J goy Sale 7
87
4 2
8
612
7
96
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8
96
94 981
/
4
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Riv
&
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let
g 48
193211' A 9534 98 96 May'23
1933 M N 77,
2 7812
9434 9812 ER L M
76 86
N 'I & Long Br gen g 4e
Bridge Ter gag 5s_1930
1941M5
__-- 91 July'22' ___
9614 Sale
98
99
It Louie & San Fran (reorg Co)— A 0
N 7 N II& Hartford—
I
Prior
A0n-oonv deben 45
lien Ser A 4a
1947 M El 47 4812 48/
68
19503 J 6712 Bale 6732
1
4 May'23
102 65 70/
4734 49
1
4
Ron-cony deben 3Ne
Prior llen Ser B Ss
83
/
1947 M S 44 47 44 Apr'23
1
4
Sale
1950
3 J
43/
1
4 48
80 857e
Ron-cony deben 34e
5 Nii
gi7e
1954 A 0 39
40 40
9
83
341 54
1942 J J 90 91 9
12 87/
40
1
1
4 93
Plan-cony deben 48
Prior Ben Sor C do
43
1963'.;
4414 42
.3
Sale
99
1928
3
44
J
16
41
99
5112
47
33 97 100/
1
4
Non-cony deben 48
Cum adjust Ser A fie
1
4 45 42
1966 NI N 43/
A1955 A 0 7312 Sale 7318
74
117 7112 80
46
1 42 51
Cony debenture 3N2
Income Series A 61
40 40 May'23
196611 J 39
641 351 58 6614
51960 Oct 6414 Sale 6318
39 4612 at Louis & San Fran
Cony debenture 6e
1
4 64 6313
194E0J 1 63/
eon
68..1931
10214
64
3
J
72 811
23
36
1
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12
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108
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4 73/
102/
1
4
1
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1% debentures
1
4
General gold be
1957 M N 36
38 38
1931
38
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1 38 42/
1
4
91538 9914
St L & S F RR cone g 48_1996 3
is European Loan
1925 A 0 6614 Sale65
J J 8212
8212 Apr'23
6614 89 64 8134
8212 8312
Southw Div 1st g 5e.
7' Francs
1925A 0 6212 Sate 01
1947 A 0 87 --- 90 Fob'2
6234 321 60 702 St L Pco & N W
Cone By non-cony 48
lingo os
1939 F A
44 Apr'23 ____ 40/
1948 J J 10134 --- 10178
1
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1
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71;
1 103
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en g 48
4114 4778 5012 Deo'22
1954 J
1931 MS 86/
1
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_ _ ---- St I. S W let glet
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48
bond ctfe
--__
1955.1
45 Mar'23
1989 M N 77/
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2d g 4e Income bond
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4114 48 49 Deo'22
71
196611
7012
1
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9
3
N 7 & Northern lot g 5a____1927 A
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9982 ____ 9972 May'23
7712 Sale 8
78
778 idaY
782315 —Li 6
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73
9
12
75
8/
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151
14
N Y 0& W ref 1st g M.-019921M 0
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952
6638 26 64 7022 St Paul&
S 65 Sale 65
323 D
J 7572 sale 7578
7614 26 73/
1
4 82
/
1
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Registered 95.000 only_p1992 M 8
K C 812 L DRAM 1941 1
7734 11 7514 8118
59 Nov"20
F A 77 7734 77
4t
Paul
, General 48
M
&
Mantle
1956,9 D 5814 Sale 58
19333 J 91
93 911
5814
/
4 May'23 ---- 9116 98
9 bb
N Y Prov & 1108t40 48
let c
ento281229865
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1942 A 0 651
1933 1 J 10734 10914 108
108
1 10734 10914
N Y & Pu let cone gu g 48_1998 A
1
4 110 99 Sp .
/
4 85 82 May'23
1938 J J 106/
0 811
1
:0 --..
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4
Reduced
N 7 & R 13 let gold /Se
to
gold 414s
97 99 95 Apr'23 -- -- 95 95
19333 J 96/
1927
M
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1
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1937,9 J
54
9238
1938
54
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fd gold 4No
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5 "ail; 117
1937 F A 4214 45 45 May13 ____ 42 49/
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9
70
1
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'
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1940F A 4334 47 43
1937 1 D 89 91
43
5 42 49
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1940 J J 84
1943 Al N 84 86 84/
1
4 Mar'23
_ 84/
- 84 May'23
1
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8484
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ug48
19433 1 7312 74
41/
1
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7114 7514
N Wolk Sou let & ref A 55_1961
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1942 M S 9612 A 64 65 64/
1
4
65
5 611
/
4 71
97 99
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N Wolk & Sou let gold 5a1941IF
py 9218
1
4 90/
M N 8718 90/
1950 A 0
1
4 May'23
11
8878
9312
7812
8814
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Fla
& W 6e
Norf & West gen gold 68„....1931 PA N 106 1081z 106
1934 A 0 10634
2 196 10812
Mar'
106
10
5
0971 09
-- ,
7:2
4 INia
I:
107 107
so 2.2
23Y 223
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1934 F A 10678 ---- 110 Mar'23 --- 110 110
9934 -,'no
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N
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let
gu g 4e— _1
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1932 A 0 1071
998
39
May
4S
MD
N 86 8812
__.- 10634 107
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N& W Ry let cons 915_1996 A 0 88 Sale 88 May'23
1950 A 0 5514
885s1 18 8512 9314
63 58
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Registered
57 sale 855613
1996 A 0 8512 ____ 86 May'23 ____ 85 90
1950
57
A
1
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,
.
3
8
6
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62
58
Adjustment 543
DIv'l let lien & gene 48.19443 J 8612 90 86/
1
4
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87
6 82/
1
4 87
2234 3212
Refunding 4s
10-26 year cony 4148----193
111912 107 May'23 ---( 107 108
4514 116 gp 46
1959 A 0 45 Sale 44,2
8 32 2
let
&
cone
10-year cony 68
65
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67 205 59/
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667s Bale 6618
1
4 a
42 1071
/
4 1171
/
4 Seaboard & Roan
Poeab C & C Joint 48,.._1941 J D 86 87 86
19
94
97
25
63
97
9 8438 88/
87
M S 9714
11 9334 9734
1
4 Sher Sh & So let let be
North Ohio let guar g 6,
gu g 5s
1945 A 0 79 85 7912
3712 Apr'23 ----1 3713 3712
19433
II)
3614
79121
11
83
83
S
&
N Ala cone gu g ba
Northern Pacific prior lien rail9912 11)412 0078 100
1936
3 98 10114
Gen cons guar 50-yr 6e.1963 F A 9812 100 9912 Mar'23
way & land grant 540
1997 Q J 85 Sale 84/
1
4
A 0
8538!• 78, 8134 87
---- 96 997
So Pao 00-48 (Cent Pao
Tteglatered
1
4 85 8312
Sale 8152
1997 Q J 88/
col)
82
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8214
J
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83
7711 8.5
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41
9;
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8312
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9214 9138
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92/
1
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6034 76 59 6214
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S 91
1
4 Ms
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1004 Sale 190
02047 Q 6 5832 5934 60 Apr'23.--__ 5812 60
10014
4
100
102/
1
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of Cal—Gu g be
Ref &!mot 6e eer B
10814 Bale 108
2047 J
10112 -- 10114 Apr'231---- 10114 101/
108381 57 106 10934 So Pac Coast
1
4
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1st gu 4s g
1
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2047 J J 84/
Jan'23
8818 8878 891
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3
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8918
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ref 4a
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1
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199
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3 9514 Sale 993514
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1
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1
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90
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4
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_
89 Feb13,---- 80 82
May'23
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l
l
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et Paul & Duluth let be__ _1931 Q 6 99/
sptedt
red
gen 4e Ser A_1
6734
6834 108 66/
1
4 ---- 9812 Apr'23
67
/
1
4
Sale
1
9
9
981s 9812
94
56
'I
A
0
3
1
4 6912
Temporary 634e
let coneol gold 45
1968 J D 8012 ---- 84/
1
4 Jan'211
10114 Sale 192
01114 maly
02
23
190
00 19
8414 8414
07
2
Mem Div let g 4
N3r Pao Term Co 1st g Os_1933 1 3 109 109/
1
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8
108 110
.1098
1966 JJ
A D 9278 94,
St Louis div let g345-66_....
No of Cal guar g be
_ _ 81
48
1938A 0 100 -- 102 Jan'23 --__ 102 102
7714 May'23 ---- 75/
1
4 8034
So
Car
&
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Ga
let
ext
5
983s 9818
1980 1 J 10312 --... 118 Noir16
9811 15 97 9014
51 3
1929
MN
j
Spokane Internet let g45_1
83 May'23 ---- 82 8312
Staten Island Ry 431a 5a__1955 J J .
05& 1. Chem lst gu 456
19481 J 70 Sale 671z
80 uct 20 ---7;
;
57:
70
22 66 71
Sunbury
&
Ohio Conn Ry 4s
Lew
1943 M $ 8814 ---- 8614 Apr'23
818 N
y:
9
9492
mfa
4
2
118
2
8,::::
a9
8614 86'i. Superior Short L48
Ohio River RR ist g 5s
let 68 g
19361 D 91
96/
1
4 Mar'23
41
19
994
9512 9815 Term Assn
30
35 3 D
j
El
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of,
t L lst g 4)0_1939 M
1937 A 0 94 9512 96/
11 9212 95
9284 9414
1
4
A
0
Feb'23
9512
9512
1st
cone
Ore & Cal let guar g 55
gold 5e
9512 89 98 May'23
1927 J J 9938 Sale 9918
9938
96
8 9815 100
99
Gen refund
Ore RR & Nay con g 48
1946 J D 8634 871s 87
80
87
2 77 82
ir51
I I
10 8414 8712 Tex & N 0 e f g 4R
3;
s 7934 Sale 7934
Oro Short Linoeon gold 58
9
3
May'23
0
3
,
4
9014
90 9014
Texas &
151 csonsol g 58
1946 .1 J 1021
/
4 Sale 10212 10212
194 M
1 99 10412 Texas & Okla let gu g fia
Guar con bs
Pa- at gold
19461 J 10212 Sale 10134
:
20
19 3
.11 D
111212 13 9974 105
j 7F8
-i5C2 96
2c1 gold income Sc be
Guar eefund 45
1929 J D 91,
2 Sale 9112
534'2 May'23
82000 mar 54 60 9
92/
1
4 64 9038 9278
4012 54
La Div B L 1st g be
Oregon-Wash let & ref ite._ 1981 .1 J 791
/
4 Sale 791
8934 Sale 88,
8
/
4
1
4 82
89341
8014 33 75/
2 8838 92
Tol & Ohio Cent 1st en
11
3 .1
193
935
Western Div bit g be58_1
Palifle Coast Co let g 5e
1946 J D 7812 79
_7
.
1_
2
97
7812
911
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1935
A
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4
9
5
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0
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1
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77
M
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7911
7812
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4
9634
214 981
General gold Se
98/
Lac RE of Mo let ext g 4a-193 F A 83/
4
.
1
4 -.- 85 May'23
8712 91
84 86/
8738 Mar 23
1
4 Tol Peo & West
8732 89
2d extended gold be
4s
193 3 J 9314
9512 Mar'23
30 ---- 31
9511 97
Apr'23
30 32
Tot St L & W or Ileo g 3
Pa Moab & Ills islet 4398
195 .1 J 9012 9012 9034
No_ _19
33 D
993
21 3
3 901
: 91
.1 9314 95 95
9012
95
1 9314 95
Pals-Lyons-Med RR 6a
50-year gold 48
1958 F A 76(4 Sale 76
2 70 69,
93
A 0
50
1j
/
4 78
.2 68,
4 May'23
761 179 661
Tol W V & 0 gu 430 A
Teineylvania RR—
6632 75
.....1
9514 __-- 9518 Nov'22
Series B 431e
Consolgold 4a
1943 MN 9012 92 88/
1
4 May'23-- 88/
9514 9814 96/
1933 J
1
4
9314
1
4
May'23
-g4
1
Series
Consol gold 46
C
4s
_1948 MN 9012 911 90 •
2.
14 PS 8414 - - 867s Nov`22
90'21 6 8714 91
Tor Ham & Buff 1=t 8 42_4148
Is stamped
May 1 1908 MN
_
88 May'23 -- 85 90
7934 8314 82 Mar'23
consol4 N5
Ulster & Del lin cons g be
1900 F A 9554 96
9534
1928 J D 9414 95 9412 May'23 — 94 95/
96841 21 92/
1
4 98/
1
4
1
4
let refunding g
General 4 3511
19651 D 9114 Sale 91
913.0 167 88 92/
1952 A 0 62 67
1
4 Onion Pacific 1st 4s
70 Mar'23
66 70
General 5e
1968 J ID 10(1 Sale 100
45
1947 J
100781 90 98 101/
913
Sta
1
4
4
88
(J112
881
93
.
34
9188
10-year secured 75
Registere
d
1930 A 0 10815 Bale 1081
1947 .1
/
4 108141 34 10618 11034
812 May'23
8538 90 8
98
8812 92
15-year secured 0lis
30-yrar cony 5
1936 F A 10778 Sale 107/
1
9514 58 9414 9815
4 10814i 19 10638 11118
1927 3
95 Sale
let & reorlIng t,
8412 Bale 84,2
8434 15 8015 88
10-veer zwrm ipen red
g19
255
25
83
M
10212 10234 10238 103
26100 10534
V N J RR & Can gen 4468....
1044,8 8 90 ____ 90 May'23 ----11 90 9314
• No price Friday; latest Wei and asked thls week.
aDue Jan. 6 Due Feb. g Due June. 5 Due
July. 5 Due Aug. o Due Oct.
p Due Nov. g Due Dee. 'Option sale.
NI &Eltitgu85-18
2000 JD
Nitaloy Chatt & St L let 65 1928 AO
N Fla &I3 let gu g be
1937 FA
Nat Ry of M ex pr lien 43.1e _1967 J J
July coupon on
do off
General 48 (Oct On)
1977 A 0
April coupon on
off
do
I
New York Bond Record-Continued
2500 •
BONDS
N. Y.STOCK EXCHANGE
Week ending June 1
Price
Fridag
Ant I
tNnte
Since
Jan. 1
Wears
Range or
Last Sale
Page 4
BONDS.
N. Y.STOCK EXCHANGE
Week ending June 1
k
Price
/Friday
June 1
4
1
Wiet/
Reap or
Last 8ols
Bane.
Slues
Jae, I
tallow
MA N-o, Low High
Bid
Nigh No, Low High
det Low
1 90 96
BO
91
1953 P A 91 Sale 91
9912 9978 Orown Cork & Seal Os
9973 Ja n'23
71 8513 94
1926J J 9834
Utah & Nor gold 54
90
4 Sale 1584
/
3 891
'
Cane Sugar way 75 _1930
9112
taupe
91
9134
Apr'23
168 0014 9814
94%
See
let extended 46
9433
95'4
3J
8%._1930
stamped
Cony deben
or 22
84/
4 --- 88
i 881
1, A
955 3
Vandalla cons g 4a Ser A_ 1833
107% 104 1074 19818 24 106/
:
4 1081
1
Cuban Am Sugar let 0011913 103i M
83 87
85 May'23
1 91
1957 M N
921:
9414
Cons& 4/1 Series B
4 9Pz
1
4 92/
/
34 3712 0imb T & T 1st az can 5s__1937• J 911
- - 374 May'23
97•4
June'20
Vera Cruz az P 1st gu 4333._ _1934 J .1
1933 40
Oenve • Cons Tramy 50
34 45
30 Apr'23
35
16 8334 90
5 Sale 854
86
76
July coupon on
Den, Gaa dc EL let & ref af g 5s51 MN 8
5 55 09
73
72 73 72
July coupon off
1942 M
'23:7_- -9114 9814 mo, Corp D 0 7e
.
98 ifiga
6 9434 100/
9914
4
1
/
93
1926 M fl 96
4
1
/
9914
98
4
1
Verdi V I & W lst g de
1 98% 98
9818
4 Detroit g3dinon lot ooll tr 53_1933 Ii
,
1928 M S 9814 99 9818
170sinis Mid Ser E 53
00 98
81940
A
M
ser
5s
ref
Jk
1
let
974
93
977
s
- 974
's
3
34
3
10
8
Sale
1938 M N 974
10
104
4
181
'2
5136
101
General 84
B
MS
81940
let & re'6+ series
Mar'23
93 9314
8.314 10 82
84
VS & S0'a'n et gu 5a._ -2003 J 2 92 9418 93
45......11/32• J 83 834 824
1
Del United Is' gong a 4/
77,3
7538 81
7712 7713
68 1053s 10813
107
1958 A 0 76
• let cons 50-year ete
Diamond Match a f dab 7345_1936 MN 106 Sale 106
964 51 Ms 98
1982 M N 9578 Sale 951 1
49 64
Virginian let 5gg Series A
Cot cony let g 58_1927 40
See
36
1313111
4
1
/
974
94
99
961s
4
963
064
N
1939 M
2
2
21
8
8245°9:1 5 12, 8
4:3
5
57 49 64
2
Wabash 1st gold 511
8.578 23 83 9214
Trust certificates of deposit__
1939F A 85 Sale 85 May'23
24 Id
80 13513
Dominion Iron & Steel 55____I943 I"; 87 Sale
67
67 69
8 84 93
8714
8714 884
1st Ben 50-yr g term 4s_1954 J J 67 72 94 Mar'23
1942 J J
7s
Steel
Donner
94
9612
97
90
1941 J J
88 90 88 May'23
Det & Ch Ext lst g 5a
873
4 90
D
S
_1938
_
t.
433
Powder
Pont
El
du
7338
Jan'23
7314 7313
2 10634 10914
10714 Sale 1074 1074
Des Mollies 1.1v 1st g 44_1939 1 1 6638 79 63 May'23 --Pout de Nemours & C g 710'31 MN 10259
date 10258 103t: 42 101 10412
1941A 0 63 6612 7234 Apr'23 .-__ 63 6614 du
Om Div 1st g 3Ha
68._1949
3'
0011
&
lot
Lt
Juquesne
7234
727
3
76
:
S 701
194i MS
10712 18 1061
Tol & Cb Div g 421
4 10818
/
.1938 33 107 Sale 197
o1IV AZ
Debeng ore 734e
7413 ,
4
1
10234 dale 102/
4 156 94 1131
1
4 103/
1
2000 F A 70/
4
/
Warren lst ref gu g 3335
I5-yr s f g 7481937 M
8 May'23
745
"iic 80 East Cuba Suglet
113 May'23 -- 86 91
871: 150
1948 Q M 774 79 9758
Wash Cent let gold 413
g
J
con
48_1939
Ran
III
El
Ed
9753
May'23
9753
102
Apr'23
101)
1924 F A 9813 190
100
103
W 0& W 1st ey Ere 4e
1995 ii
764 May'23
This 7938 Ed Elec Ill let corm g 5s
9813 9713 May'23 -- 07 991
1945 F A 7634 79,3 845
:
Wash Term let go 333a
1925 Jo 417
8 Nov 22
Elk Horn Coal cony 6a
4/
A 811
4 Sale 92
/
921
9813
1945Flit
91
40-yearguar 4*
maybe Gas & Fuel 7341.-1937 MN 93 95 95 Mar'23
871: Mar'23
834 89
1930 F A 7658 85 6114
95 95
W Min W & N W 1st gu 5e
1932 MS
32
5.4
Light
0
617
Eel
4
3
60
Sale
85
4
613
16
1
107
0
10e
106
Sate
1952 A
104 10813
Weet ••aryla d lat g 4s
1941 MS
Fisk Ruboer let 86 8s
May'23
954 100
- 70/
70's Mar'23
7014
1937 J J 955s 9714 96
4 70Is
1
West N Y & Pa IR g 5s
75 May'23 _- 75 8312 ft Smith Lt & Tr 1st g 513_ _1936 MS 92 Sale 91.3
924 64 831
__1943 A 0 7334 76
4 9234
/
Gen gold 4s
'42
J
20-yr
Dev
42
1348
&
Ind
7912
79
Framed°
Sale
83
7812
7914
9
101141
10114 Sale 101
100
103
Western Pae 1st Ser A 5a_ _1946 1111 8 804 Sale 8018
N
1942
73411
39
8378 Francisco Sugar
8112
77
931s Mar'23
2361 J J
931s 9311
West Shore let 40 Mint
5 75 82
7838
ias A El of Berg Co cons g 68 .1949
783e
7518 79
3
2
100
J
101
2381
190
1110
100
9913 101
Registered
ID
88_1936
May'23
25-yr
1st
Baking
9712
99
General
99
4
3
98
97
1926A 0
Wheeling & L E 1st g 5s
763s 8013
1942 FA
99 Feb'23
Gen Electric deb g 3Hs
9838 09
1 9913
79'2 13
2 11)934
J
784
8031 4 l(10
• 10
103
Wheeling Div let gold 55_1928 I A
1952 MS
Debenture 53
0533 9553
9034 971s 95 Jan'22
6 9713 101
4
/
981
11534
1930 F
98 99
E:rten & Irript gold 55
A
P
1952
A
134
g
7
See
50
f
5
I
1st
:
49
491
62
GenRefr
li 49 50
Baia 10..ks 10148 33 9934 10134
Refunding 444e Series A-1966 M S
1947 J J 101134 Sale
64 60 May'23
651s Goodrich Co 634*
60
57
M
1949
117
53
1131
4
/
4
/
1171
11434 1177s
RR let coneol 45
4 50 • 60
54
Goodyear Tire & Rub 1st *18*'41 ▪ N 105 Sale 10-3/
132 99/
19422 D 5212 5112 5312
4 105
1
4 105
1
Wilk & East let gu g Cal
61931 FA
Jan'23
101
-year, f deb g 89
10
101 101
19331 J D
92 92t3
Will & S F lst gold 5s
'28
MN
Peon
65A
Apr'23
&
MS
78
Cons
Granby
79
80
811:
78
J
J
3
2
:
:2
r0
b
69
913 te
1
4
2/
84
9
92 92
Winston-Salem 13 B 1st 4a---1960
N
1928
13
764
7614
Sale
82
3
Stamped
767
74
97h 13 9613 100
4 Sale 97
1
Wig Cent 50-yr let gee 45..-_1949 .11 J 76 Sale 7573
1925 MN 9//
764 24 75 80/
Clonv debeu 8s
4
1
94 95 May'23 - --- 95 101
Sup & Del dIv & term let 49'36 M NJ 5434 .___ 65 May'22
1932 P A
Gray & Davis 711
19432
0 97 100
98,
4
984
Sale
4
983
W & Con East let 4311
f
let!
56
1940
MN.
Power
4reat Falls
May'23
8013 82
INDUSTRIALS
1952 33 8118 ---- 82
80 S014 80 Ma '23
80 8033 Hackensack Water 4s
87 94
84,8 84% 90
Adams Express coil tr g 48-1948 11 13 96
A
1952
•
6e
5
961:
coma)!
Elm
Bavaria
9912
9614
9513
9614
1936 J 131
4 22 81% 8514
843
84-s
Sale
8
,
84
Alex Rubber 85
2 5
els 5
5 1
5
8
Havana E Ry L P gen 5$ A-..'54 MS 904 Sale 117-2
9834 41 96 100
Alaska Gold M deb 6e A--1925 M B
713
1942
MN
May'23
5
fis-g
f
s
5
Ist
Choc
614
P
Hershey
13
192881
891s 85 87 92
Sale 8814
Cony deb 69 series 13
: 42 95 97/
951
4 Holland-Amer Line es (flar)_1947 MN 894 95
1
1933 A 0 95 9514 95
1 927s 9413
931:
v312
Amer Chain es
: 5 96 10912 Judson Co Gas let 5 5o.. ._1949 MN 9338 Sale
961
yog4 55 9714 99
1928 A 0 98I: Sale 9614
18
98
Am AgrIe Chem let 5a
.1932
Ii
5345
9914
Oil&
Refining
209
98
Humble
4
Sale
1043
4
963
99
31 88 9612
1941 F A
924
114
9213
s
9l3
1st ref s f 7348 g
1940
40
8 59 80/
4 Illinois Steel deb 43-4*
1
: 6634
:Sale 631
1 8011 solz
19
193I M N 631
1s 2
:
801
13 1,0
:
0
5.:
e 9
1 Sale
"
:
,,
130
Am Cot 011 debenture 5e
1936 MN 9
10578 Deo'22
Ind Nat 0 & 0 bs
19363 2
99 10113
Am Doak A 'minim tia
1952 MN
9012 17 80 "9073 Indiana Steel let 5$
4 9014
1
4 90/
1
1937 A 0 89/
'its
---.
'23
90
Amer Republics 68
: 126 84/
901
4 9234 Ingersoll Rand lot gold 55-1935 13
1
0 9013 Sale 8934
912 May'23
4 10
1
/
Am.Sm & a 1st30-yr 5e ser A 1947 A 0 1011
me
coil
434s_
A0
220
102
Metrop
102
amber°
101
4
1
/
99
Sale
4
/
1947 A
_ •
Apr'23
913
65 B
5
Certificates of deposit
4 104
1
4 Sale 0134 10214 132 100/
/
4 650
/
11
1 15
6,
American Sugar Refining 6a_1937 J .1 1021
4
1
23 1/
stamped_
92
18%
63
otts
Co
911:
Tr
9234
Guar
9073
Sale
92
J
J
6714 63 66
3
Am Telep & Teleg coil it la_ _1929
727
_1966
36
let
ege__
871:
Trap
Rap
3
nterboro
:
1036 M El 7973 88 871
67,4 84 65
• dole *6
65
Convertible 4e
4
1
72/
100
1021:
00
100
Stamped
102
-1
S
-FA
1933
cony
434e
20-year
03 73/
4
1
0
A
.1932
984
lie
9714
101
4
10
95
Sale
4
973
0
1946 J
7 594 9484
4 29
1114
e 11
98
6
614
u0
afte
114 tl
95
30-year temp coil tr 55
1932 K S 6
: 15 11334 1114
1141
Ts
:Sale 14
12 721
76
1925 F A 1141
7412 dale 7413
7-year convertible 65
4 8112
/
26 82 8614 tot Agri° Corp 1st 20-yr 58_1932 M 71 84.4
86
1934 A 0 86 Sale 844
8478 50 8212 9034
Sale 64
Am Wat Wks & Elea 51i
A
69_1941
0
Marines
7413
74
731:
Mercian
Inter
4
1
/
35
73
70
8512
12 83/
86
nn
1939 .1 J
85%
83.4
Am Writ Paper a f 7-65
4 8812
1
3
J
1947
974 248 96 98% International Paper as
31 83 8814
1953 F A 9714 Sale 97
85
a412
Anaconda Copper 65
19473 J 844 Sale 96
102 283 100 10434
let & ref 5a B.
1938 R a 10114 Sale 0114
June'17
1004
71
D
1926J
358
841:
at
85% 84 84 90
Jett Clear C
Sale
833s 241 76 a75
8418 dale 8338
krmour & Co let realest 431s 1939 J D 8513
39
4
/
,s4 371
30
14 4
83
1,
8 29 4013 Jurgens Wks 6s War grice)_1947 J J Ws dale 90
3
9512 12 93h 9614
Atlantic Fruit cony deb 74 A _1934 J ID :
1952 MI 8
24 29 394 Kan (11 & El 6s
39
3834
16 87 91
91
4
1
/
89
dale
2
,
89
Trust certificates of deposit__ -___ 3818 39 39 May'23
S
M
&L.-1952
44
Kansas City Pow & Lt
31
4
0
dale
19
21
4
5
5
.
:
10
stamped
106
jui,
do
0512 107
1942 F A
Kayser & Co 7s
22 107
1
19472 D 9534.... 98 Nov'22
108 Sale We
4 109/
1
/
Atlanta Gas Light be
4
1
N
81
114.___1931
Tire
13
99
eld
97 9934 Kelly-Springfl
.
1937 J J 98% Sale 981s
Atlantic Refit deb 54i
4 100 103
001St 55.___1935 J
101
Telep
101
0012
Sale
N
M
Keystone
_1940
_
9712
-iirs
5s_
1;
1st
-1;6
4
1
/
1
Works
97
Baldw Loco
99
4
901
0
1937
A
6*
P
&
1.
to
100
00
Co
1
Moos
101
103
:
4
1
/
1001
99
3
24
r,
'
16
astuy
10
144 M
Barnsdall Cori)a!cony8% A 193I J J
1997 AC 10978
1084 11312
1
Purchase money 68.
Bell Teleph of Pa
1925 M S 104
9734 119 95/
Convertible deb 65
4 9913
1
7014 May'23 ---- 70 "fi"
1948 J J 975s Sale 9714
70 71
ew
A
F
4a,,l949
g
let
E
11
County
99
4
1
/
:
98
Kluge
9734 991
1921
tos may
/6
1
1926 J .1 9858 Sale
7012 71
7014 76
Beth Steel lst ext 5 151
1949 F A
. 951, 19 91
Stameed guar 48
4
1
97/
1942 MN 9514 Sale 941
75 5234
1st & ref Esi guar A
27 87 93t2 Kings County Lighting 5e.--1954 J J 97 9/13 117 May'23 ---- 78 801.
89
1936 J J 89 Sale 8812
97
20-yr pm & imp 5 llie
101
115641
634s
9914 6696 100
15 99/
1948 F A 9858 Bale 981s
10113 Sage
4 1011
1
4
/
Si A
19362
92
4
/
4 937 Kinney Co 7348
/
69,1 891
1953 le A 9134 Sale 911
90 Sale
881:
9212
3548
196081
A
58
Steel
Mar'23
4
1
/
70
4
1
/
70
Lackawanna
4
1
---'1 70/
A 0
93
48
91L
°3
5
19
May'23
85
i:412
9214
96
Booth Fisheries deb al 6s._ 1926 F
0
A
99
27' 97/
4 100/
1
A 99 Sale 99
4 Lase Gas L of St L ref& ext 5s 1934
1
9014 911: 884 May 23 --88% 9113
Braden Cop M coil Ire f 6s-1931
95
4 9833 Lehigh C & Nav f 4 346 A-1954 J
/
9483 Sale 9433
911
0 99 10034
9938 9918
994
Brier Hill Steel 1st 534s .......1942 A 0 65 67 65 Ma '23 32 I 62
1933 J .1 99
89
Lehigh Valley Coal fa
---141
4
/
89
Oct
211-Sway az 7th Av let e g 50_1943 J D
: 4 , 8814 88
19332 J
851
4.5
1941 3 J 847s 8513 8514
45 44 Feb'23
Brooklyn City RR 58
9712 Sale 9714
Le: Av&PIrlatgug 58-1993 M
9734 15 947s 95
11632 1161z 11734 60 112 11714
Btlyn Edison Inc gee Sc •._1949 1 J 10212 Sale 102
10234 it 19042 10434 Liggett & Myers Tobao 7s..._1944 40 116
19303 J
9713i 41 93 9814
951:
Sale
96
General es series B
19.51 FA
106
5a
9 105 10814
1930 1 .1 105 Sale 105
4 25 1111
1
General 7s series C
4 11634
/
1944 A0 115 Sate 11435 115/
tOt
10814 ...._
ElaIe 11g31 mar
8 106 109
1940 2 0 .___
Lorillard Co (F) 78
9 9315 97/
3
96141
90
4
date
4
/
961
General 7e series D
4
1
_1951 FA
58
66
58
MN
4 11213 120
1
68_1941
117
•
116
Sate
Red
116
IlkIn Qu Co & Sub con
31)
7s__1932
g
oonv
10-yr
Nov'22
Cop
7912
---Magma
:
/301
.1
1941 J
24 9111
99
let fe
:102
1942 40 9814 Sale 9814
7345
: 7534 "IS
753e _--- 751
Sugar
Mototti
0
A
_11145
5s.._
g
Tran
6134
63
611
4
22
62
Rapid
erooklyn
591s 647a
7534
7534 Sale 751:
gianliat Ry(N r)cools 48-1991 *0 52
oU
5615 Apr'23 ---- 55/
4 68
1
Trust certificates
2019 ID
1 5
4
1
6412 13
4 6
5
854
3d 45
3
9
778
J 6412 - -- - 62/
9 9131
98 1
let refund cony gold 4&.,_..2002 J J 931: Sale 93
4 U811
/
1942 MN 97 98 97
9312 33 87 96
Mee 78
Manila
J
21
..._
may.33,
4
/
notee____819
811
8212 84
s-yr 7% secured
4 8474
/
811
danita Elea fty & Lt 3 I 53_1W M
93
Sale
9314
8513
9512
90
39
'
4
1
/
93
Sale
931:
931:
Certificates of deposit
4
1
96/
91
M
let
83
3
911 22 82 9513 gfarket St Ry
1011 51-.1924
4 8978 89
1
88/
4
/
97/
4' ..
1
3 9434 99
Certfs of deposit stamped__ _ .
1924 AO 971: 9714 951
1 39:04 85
82
82 831: 82
5-year 6% notes
1950 FA
133 141 13315 14018 00 109 1611
4
/
Bklyn 17n El 1st g 4-54
with
war'
nts
O
'31
S
188
0118
831:
8112
May'23
811- 8434 Marland
1950 F A 82
dale 10014
10618 15 l027s 10713
Stamped guar 4-58
9812 13 934 100
without warrant attached_ 40 10614
9553 Sale 9558
126 146 135 May'23 -- 102 159
Man Un Gas let cones 5s-1945 11 N
'23
A
P
Ma
1931
8
5
109
Ser
110
10914
108
11678
----'
710
N
193281
:101 10011 101 1 23 9134 10173
1001
Vs
: 10533
7, 102 10512
do without warrants
N 103 105 1041
4 98 9973
,
99
9734 99 98
let lien & ref 8 Series A ____1947 M
Merchants & Mfrs Each 75..1942
10734 117
1929 M N 10914 110 110 May'23
s 9614 99%
97
Sale 9614
9614
A
Is
Ser
es
g
B__.1952
IstAref
Aug'21
----79
:
Metr Ed
D 901
J
26
1932
10814
1011
Sale
fis
1
108
s
Iron
10614 10914
Sine
&
1
8
Bell
8s __193e
N
gilextean Petroleum
80 87
1952 A 0 78 8234 8234 May'23
6 99/
4 100
1
9914
Bush Terminal 1st 48
P A 9934 994 9934
9 82/
87
4 8913 Mich State Teleph 1st 5e._ ._1924
1
8712 44 86/
1955 J .1 87 Sale 864
87
Sale
87
um
4 9113
1
Comm!5s...._
con,
ef6s
0
M
&
33 83 93/
90
4 Midvale Steel
1
8973 Sale 8914
8863 87% Ws
3 8614 90
57
Building fag guar tax ex---_1960 A 0 9612 9714 9653
deposit
1936
of
6
8
Certificates
967
944
9814
MN
1937
4
1
99 --- 99 May'23 -- 98 99/
Cal0& E Corp 134
cons
g
1926
Lt
513
VA
az
Fty
51
99
Elec
981s
Sale
99
41Iw
94 99
tips 901
8 beg May'23 ---e 88Is 911
4
/
Camaguey Sue lets f g 7s. -1942 A 0
9412 10 921: 971:
Refunding A eaten 4hs_1931
z 88/
924
M N 94 95 94
921s Sale 92
4 92/
1
4
1
Canada SS Lines let oolls 1-75 1042
o
J
1951
1011:
101
Sale
A
:
10
100
Si
10313
Gen
1011
85 I 30 82 8913
Canada Gen Elec Coes
1961 1 JD 8414 dale 83e
9812
98 99 984
97 100
Ist 5s B
,, 927s 9412
„,2
94
9334 Sale 9344
Cent Dist Tel let 30-year 5a._11911
1927 MN 9814
9114
4
/
911
Gas L let 41
Sale
9118
Mi./nuke°
9914
87
0
0
A
1931
sage
964
9078 '''' 93 98114
Cent Foundry lets 16e
9814 40 9814 10014 idoouina Power 1st 511 A _ ___1943 I 1 89 Sale. SA
4
1
7 88/
89 1
1925 A 0 9834 dale 98/
4 91
1
Cent Leather 20-year g 5s
.1
132
39 12712 150
4ontreal Tram 181 & ref 56_1941
1931 3 3 12834 Sal. 128
8014 dale 79,1I
807s 35 77 8734
Cerro de Pasco Con 88
1931 J
4349
f
s
let
94
Co
97
&
May'23
9514
Morris
4
1
04
/
95
J
63
___
---Apellli-.
Ch GL & Coke let gu g 5a....1937 J A 801- 8034 801
198140
48
83%
764
Boud
81
4
/
30
Mortgage
1927 F
1 -1i11
93
93 93
3 -1)31
.
Chicago By. 1st 55
4
/
1932 40 92
9974
7, 9914 100%
1)8
1923 j D 100 Sale 9974
4 May'03,---/
: 901
93
941
Mono Tel 5e..
Mu Fuel Gas let au g 55.-1947 MN 9335 . ... 101h moth? ---- 8934 96
1
Chile Copper
MN
1941
Sale 100
4 88 96 10314 Mut Un gtd bds ext.5%
59 6034 62 May'23 ---- 58 8734
Coil tr & cony Os ser A.. _1932 A 0 10011 Sale 9738 1003
98
25 9618 99313 Nassau Elec gear gold 4s____1951 • J 971
4 ____ 97 Apr'23 ---- 97 97
/
Mein Oas& Elea let Screlrlis 1956 A 0 98
9814 16
1
89
08'e Nat Enam & Stameg let 6e__1929 ID 934 --_- 96 dept'24 ---1981 A 0 98 Sale 9734
eg-ss flier B due Jan I
89
Nat Starch 20-year deb 54_193e J .1 99 9913 984 100
29 "iti"
1943 F A 88 89 88
ColoF&ICogensf 5s
i951
MN
5s
let
Tube
25
7618
National
781
:
7714
4
1
77/
9
634
n
Sole 9
F A
69 95/
98
Sale 98%
4 100
1
Col Indus let & coil 58 go__ _1934
1.3 95 974 New England Tel & Tel Si - 1952 0 97%
97 Sale
J
J
1927
5/1
let
E
&
•- _ _ _
60
Feb'21
0
81
_--Columbia
: 97
On Ry & Lt gee 4345 193.5 JJ 1011
13 951s 97
1927 J J 9674 Sale 981
4 10134 ,
/
1011
4
/
1011
104
4
/
No
2
,
1
Stamped
cony
1st
13s___1923
Brake
May'23
20
lf
N Y Air
17
2 6
'
,,-• 7413 79
80
5 F
12
001 & 9th Av let Cu g 58--1993 M 1 ---1951 FA 7818 Salo 77
9212 .
92 93
N Y Dock 50-yr 1515 48
10913 ?,,
Sale OA
7 106/
4 1121
1
.
1094
Columbus Gas 1st gold 511_1932 J J 71
1941
4
40
ref
6345
&
Ist
72
701
:
Edison
754
May'23
70
NY
1
9858 “
. 9513 100
1-3
Commercial Cable 1st g 4s_2397 Q N
1948 Jo Osh 99 9812
: 27 A4
871
8914 NYGEL&Pg51
8714 Sale 87
4 311 791a 8314
/
811
Commonwealth Power 6s____1947 AI
A 811:Sale 81
1943
✓
4e
g
money
4
1
s
/
3
100
00
100
7
Purchase
100
981:
J
1014
.1
1937
76
7912 _-- 76 Jan'33 ----' 76
Comp A zu Bare 7335
9823
2 95
4 Feb
98
Y Miele By 1st s 58 4 196r II
9914
1941 3 J 9634 98 8
97
1 98
97 1
99
comjuiting-Tab-Rec I 1 flit
1930• A
NYIVIL&PIstg411
g4161 1951 1 J -------4
/
36
Sale 351
16
36
4
/
3013
381
3
•
ret
44_1947
&
E
R
Coon Ry 2, L let & ref
4
/
871
1st
4
1
/
80
84
77
ys
4
753
May'23
R Y
1961 J 3
3718
5 30
36
36 Sale 36
Stamped guar 4335
Certificates of deposit
871 -la 7
411 90
87
8314
4
& ref 5/..1950 1 D 8714 Sale 887
C: 80 4
8
4 Sale
01942 40
934
Inc
Cone Coal of Md let
93
53
all
90-yoar
98
5313
8913
951s
2
1
J
53_1986
4
1
4
7/
74 1 4
4
4 Sale
Certificates of deposit__
Con 0Co of Cb let gu 9
4
/
5 8413 921
8314
1952 M N 8835 Sale 88
8 61 69
04
Consumers Power
4 N Y State Rya let eons 4346 1962 1+1 N 64 Sale 64
1
I 981: 99/
1931 hl N 9812 1004 984 May'23
943
91
-...i
94
9713
May'23
4
4
1
/
92
N,
1962
M
Corn Prod Refs e f g 51
99
101
99
Sale
3, 98
613s
1934 M N 99
let 23-vemr a f Se
sOption sale.
a Due.13a. d Due April. e Due Mar. e Due May. g Due June. h Due July, I Due Aug. o Due Oct. g Due Dec.
•Dte rem Friday; lateenbid and asked.
_-_-
__-_
3':
JUNE 21923.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
BONDS
N. Y.STOCK EXCHANGE
Week ending June 1
a.
Pries
Friday
Sane 1
Week's
Range or
LasS
14
Banos
&nee
Jan. I
BM
Ask Low
MO No. Low NW
98
5 93
93
N Y Steam let 25-yr 688er A.1947 MN 93 94
93
N Y Teiep lit & gen if 6%8-1939 MN 9334 Sale 9312
938 43 908* 94
10612 54 10314 1085k
30-year deben s1 65._ _Feb 1949 FA 10614 Sale 10514
10412 55 10214 10714
20-year refunding gold 65 1941 AO 10414 Sale 104%
Niagara Falls Power 1st 50_1932 J J 9834 Sale 9834
4 9514 101
99
01932 AO 10212 Sale 102%
Ref & gen (is
4 10
06
113 105
04
8
1024
Niag Lock dc 0 Pow let 58_1954 MN 981e 10014 987 May'23
9312 Sale 13
No Amer Edison 65
1952 M
9312 27, 92 96
9212 94
NM Ohio Trac & Light 63_1947 M
9238 May'23
90
95
Nor States Power 25-yr 5e A_1941 * 0 9138 Sale 9012
91% 42 87% 93
let & ref 25-year 658er B._1941 *0 10012 Sale 10012
1003
78 2
16
1 198
04
7% 10
02
Northweern Bell T let 78 A-1941 FA 10778 Bale 1078
l07
NorthW T 1st fd g 445 gtd-1934"3 90 -__ 9113 May'23 _-1 911 913e
Ohio Public Service 745
1946 AO 105 gale 10334
105
9 101 108
75
12 100 10514
1947 P A 10214 951 10134
105
Ontario Power N F let 55
9512 27 924 965
'
A
11412 9514 9438
1943
931s 94
Ontario Transmission 6
94 May'23
93
96
1945 MY
Oils Steel 8s
995
9 97Is 10115
1941 P A 99% Sale 9914
Ist 25-yr f g 745 See B
94
22 9114. 947
1947 P A 932 Sale 9312
Faelfle G & El gen & ref 5s._1942
9l7s 44 89
9178 Sale 908
9314
Pao Pow & Lt lit & ref 20-yr
1 8975 94
9138 924 915
- 58'30 P A
9138
8 95is gni:
Pacific Tel & Tel let 55
9638
1937 3" 9658 Sale 9612
9112 Sale 9114
5.
92
35 88
9215
1952 MN
Pan-Amer P & T lit 10-yr 79_1930 P A 10212 Sale 10213 10212 12 102 105%
9138 - 04
Pat & Passaic G & Elcong g 65 1949 M
Jan'23 __-- 94
94
Peon Gas & C let eons g 68._1943 A0 105 108 105 May'23 _-- 105 108
15 87 94
91
894
90
Refunding gold 514
1947 MS 90
Philadelphia Co65k
10011 34 9838 10112
1944 Fe 10038 Sale 10014
78
328 737k 8238
Pierce-Arrow 8s
1943 MS 71 14 Sale 7612
96
16 94% 98
Pierce Oil f Se
1931 J O 95 Sale 95
Feb'23 ---- 89
90
Pleasant Val Coal let Rat 58_1928• J 8814 ---- 89
93
1 90 9458
Pocala Con Colliers leis t 55_1957 J J 9112 9338 93
9312 9513
9338 Apr'23
Portland Gen Elise let Ss _1935
'
3 8238 86
Portland fly lit & ref
1930 MN 8613 87 87 May'23 ---- 8414 88
837 Sale 8234
9 82
84
8678
Portland fly Lt& P let65_ref Si 1942 P A
65 B
9438
N 9458 Sale 948
1947
1 94
9612
104
3 10338 10714
18t & refund 74s Ser A _ _ _1946
N 104 106 104
10312
1 103 10512
Porto Rican Am Tob 8s
1931 MN 103 105 10318
126
13212
126 May'23 -- 123 133%
Prod & Ref 51 fis(with warnts).31 3D
without warrants attached_ ._ S D 1064 Sale 1064 10712 15 10813 10813
8414 53 8l's 86
Pub Serv Corp of N J gen 58_1959 AO 8312 Sale 8313
11634 96 105 124
'
3 114 Sale 11334
Punta Alegre Sugar 75
1937
7314 Sale 7314
7334 584 7038 74%
Rapid Tran Sec Os
1968
7 907* 96
Remington Arms 85
1937 MN 9312 Sale 93%
9434
93
9312
93%
1 89 9614
Repub I & el 10-30-yr 635 1_1941J * 0 92
908 Sale 9038
1953
54s
908 38 89 948
96%
96%
1 9612 99
Robbins & Myers 5 f 7s
1952 ID 9613 97
- - - 91
(torah & Pitts Coal& Iron 58..1946 MN 91
Jan'23
91
91
Rogers-Brown Iron Co 75._ _ _1942 MN 8838 8812 8814
883
, 7 8814 93
a Jos Ry,L. H & P 5s
77
1937 MN '7814 ---- 77 May'23 ____ 77
St Joseph Stk Yd3 1.1 g 440_1930 J ) 8514 - - 85% Deo'22
St L Rock Mt & 16,stmpel_ _1955 J J 83,2 Sale 8313
83,2
Si Louis Transit 5e
62 Mar'23 - 62 62
1924 *0
Saks Co 7e
102
02
102
3 10011 10238
1942 M
St Paul City Cable Si
924
1937 J J 92 Sale
3
11. 0
914
2 93
244
Ban Antonio Pub Ser 65
92
92
1952 .1.1 9314 99
9812 Sale 9812
ilharon Steel Hoot, let 8s ger A1941 M
9878
71 97 104
Sheffield Farms 64s
4 9738 10112
1942 AO 101 -___ 10112 101%
Sierra & San Fran Power 65....1949 P A 85
86
84
86
3 82% 87%
997
83 99 10112
Sinclair Cons 011 I5-year 75..1937 ▪ S 9934 Sale 9912
9832 87 0738 10034
Sinclair Crude 011 543._
1975 A 0 9814 Sale 9818
1671 975 9978
65
,99
Feb 1926 P A 985/1 Ash. 9838
anclair Pipe Line &
87°4 164 83 89%
1942 AO 8613 Sale 86,4
South Porto Rico Sugar 7e _ _1041 3D 101,4 Sale 101
8 9812 102
1011
South Yuba Water
_ 112 July'0 .,..j_
.1923 ▪ J 92
9414 Sale 9312
South Bell Tel & T juts f 5e 1941 J J
9414
5 905 97
OUthern Colo Tower (is
92
8912 May'23 ---• 89
91
1947 31 89
Stand Cue & El cony ii *s._ _1926• 13 9812 Sale 9812
9914
8 967s 997k
9714 97
9784
7i 96
Standard Milling Ist 56
9914
1930 MN 97
Standard Oil of Cal 7,7
10628 77 105 107
a1931 P A 10538 106 10558
, 28 100 107%
Steel A Tube gen s f 7s ear 0_1951 13 101% 102 102
1028
995
41 90
9934
Sugar Estates (Orient!) 7e...104 M
99,4 Sale 99
Syracuse Lighting 1st g 5s._ _1951
911j 9113
D 9038 --- 9112 Jan'23
8413 86
Light & Power Co col tr ef 56'54 3' 8414 85
848* Apr'23
99
5 9813 101
Tenn Coal! ge RR gen IS. _ .1951 J J 99 Sale 99
Tennessee Cop lit cons' Ce_1925 MN 100% 101 10034 May'23 -. 100 10111
Tennessee Elea Power 65_1947 3D 9412 Sale 9414
16 92 95
95
ChIrd Ave lit ref 45
1 5712 62
5742
'
3 57% .4etie 5758
1900
A dl income 53
6234
01960 A0 54 Sale 5358
5438 90 53
Third Ave fly let g fis
'
I 92,2 9278 9338 May'23---4 102
02 195
1987
0514
Title Water 011 64s
1031 P A 103% 1031 103
M 2
'I
Tobacco Products iI 7e. _ -1931
17 10234 105
105
D 10438 105 10434
Toledo Edison Ti
10614 Sale 10614
10613 10 10518 10738
1041 M
Tol Tree, L & P 65
1925 FA 98% 9835 9814
98% 19 97% 99%
Trenton G & El 1st g 5e
92 - - 95
1949 M
95 95
Jan'23
Undergr of London 00...A933• .1 85
9234 9238 May'23
'90% 9314
Income 65
85 - - 893s May'23 -- 8558 8814
1948 .1
Union Bag & Paper 65
99
1942 MN 97 Sale 96
97
8 96
Union Else Lt& P tat g Ss__ _1932 kf
9538 Sale 9552
1 95
9734
9538
14 8814 92
58
92
1933 MN 92 Sale 9053
Union Elev (Chic) 55
7312 86 Elept'22 -1945 AO 70
9534 16
Union 011 55
96
1 90 96
1931 33 95
es
9 99% 1025e
_1942 FA 101 Bale 10011
101
Union Tank Car equip 7e___1930 P A 104 Sale 10334
10214 104
104
United Drug eons'8s
1941 3D 11234 Sale 11234
11314 22 110 113%
'Jolted Fuel Gas 1st e 1 86_1936 J
953s Sale 9514
4 9414 98
9512
United Rye Inv 5s PHU issue 1926 MN
94
9338 9412 9312
23 87% 9712
United Rye St L let g
3' 62 Bale 61
621s 18 58% 631e
81114 90
Milted SS Co lot rots 13s
3 8613 93
8914
1937 MN
90
United Store'tls.
1942 AO 9914 9955 9913
9934 10 98% 10114
4 100% 10313
0 8 Hoffman Mach 8e
1932 3 .1 10212 103 102
102
U 8 Realty & / cony deb g 55 1924 3' 100 10038 9978
2 99 10013
10013
U S Rubber 1st & ref 55 ser A I947
8912
'
3 8734 Sale 87
86 85
88
10-year 74s
10712 15 10513 10913
1930 FA 10612 Sale 10612
10012 11 100 102
O El Smelt Ref & M cony 01..1926 P A 10014 Sale 10014
(7 8 Steel Corpleotiu
819(13 MN RD% Sale 102
102% 87 10034 104
_
1 100 10412
f 10-60-yr 5sireg
101%
41963 MN
10134
14 81% 91%
Utah Light & Traction 55._ _1044 * 0 83 Sale 8212
83
Utah Power & Lt let 51
28 8618 02
89 Sale 884
1044 P A
89,2
95 95 May'23
Utica Elec L & Pow lit Sf 55 _1950
95 95
9138 89 May'23
9214
Utica Use & Elea ref 65
89
1967 3, so
70
02
56 Nov'22 • -Victor Fuel Co lets I Se
1953 J
ea-Caro Chem let 15-yr 55_1923• D 1001s 10014 100 May'23
75
8534 98
1947 3D 86 Sale 86
867
'
3 7012 Sale 7012
1937
12-years t 7148
7314 112 7011 9413
3 71
9015
without warrants attached--- 31 7012 Sale 7112
72
Vi Iron Coal & Coke let g 5..1949 MB 92 951 93 May'23
92 95%
8512 861 8414
ira Ity Pow let & ref Ea
1934
87
8534 16 84
Vertlentes Sugar 75
98
99
1942 3D 9734 Sale 9734
9514
Warner Sugar 7s. _
1941 J 0 10314 10414 10234
10312 29 102 106
Wash Wat Powers 168
1939 33 9815 99
981e 9913
9813 May'23
Weetches Ltg C lae stinPri gter1 1950 J O 9312 9514 95
10 9414 9714
95
West Penn Power Sec A 5s _ _1946 MS 9112 Sale 90%
9112 12 8814 95
26 100 10213
let 40-year (is Series C_ _1958 3D 102 Sale 10114
102
4194e F A 10412 10434 10412
let series D 75
10412
10314 10712
97% 9812 973s
Western Union Coll tr our 55..1935
99%
98,2 10 96
91% Sale 91
Fund & real estate g 4lis._1950 MN
92%
9134 26 89
1928 P A 1087e Sale 10834
15-year 63-Es g
11 106 11175
109
Westinghouse, it A M 75
1931 MN 107 Sale 1065,5
26 10512 10812
107
943s Sale 93%
Wickwire Seen Steel lit 75 1935
94% 12 9233 98
Wilson & Co let 25-yr Ii 1 65 1941 * 0 97% Sale 9712
9918 73 96 102
1928 ▪ D 91 Sale 91
10-year cony s f 65
9178 12 9012 98
1931 FA 98 Sale 6754
Temporary 7345
9814 38 96% 105
Wineheeter Arms 7145
1941 *0 105 Sale 105
34 10013 106
106
jai
"iffi
_
-lig
"9638 1661-4
.53
•No price Friday; latest bid and asked. a Due Jan.4 Die Apr. c Dia Mar. e D
May. g Due June. h Due July. k Due Aug. o Die Oat, p la le 1)33. s 034Io2 sale.
2501
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked"?,'
Standard 011 Stocks POT Erld
Ask.
Anglo-American 011 new. El .1634 1634
Atlantic Refining new _100 121 122
Preferred
100 11534 116
Borne Scrymser Co
100 127 132
Buckeye Pipe Line Co.__ 50 •85
86
Chesebrough Mfg new..
_100 235 240
Preferred new
100 113 116
Continental 011 new.... 25 53912. 4012
Crescent Pipe Line Co
50 *1812 19,2
Cumberland Pipe Line new. 103 105
EurekaPipe Line Co
100 104 106
Galena Signal 011 com
100 63 65
Preferred old
100 112 114
Preferred new
100 106 108
Illinois Pipe Line
100 158 162
Indiana Pipe Line Co
98
50 4,96
International Petrol (no par *16% 16%
National Transit Co. 12.50 .2434 2514
New York Transit Co._ _100 118 121
Northern Pipe Line Co 100 103 105
Ohio 011 new
67
2 •66
Penn Mex Fuel Co
25 131612 1712
Prairie 011 & Gas new_100 198 201
Prairie Pipe Line new _ _100 105 106
Solar Refining
100 185 190
Southern Pipe Line Co..190 97
99
South Penn Oil
100 147 150
Southwest Pa Pipe Li ne3.10n 82
84
Standard Oil (California) 25 .
5218 5212
Standard 011 (Indiana) _ _ 25 .5834 59
Standard 011 (Kan) new 25 *4312 4412
Standard 011 (Kentucky) 25 .90
92
Standard Oil(Nebraska) 100 215 225
Standard 01101 New Jer_ 25 53435 3534
Preferred
100 31115 11512
Standard 011of New Y'k. 25 •381 39
Standard Oil (0131o) new... 283 288
Preferred
100 •116 117
Swan & Finch
35
100 32
Union Tank Car Co._100 86
94
Preferred
103 107 100
Vacuum 011 DOW
25 '4434 45
Washington 011
27
10 •25
Other 011 Stocks
414
Atlantic Lobos 011 (no Par) *4
18
Preferred
50 •12
Gulf 011 (new)
25 *5414 54%
Humble Oil & Ref new - 25 1331
32
Imperial 011
2' *2105 106
Magnolia Petroleum_ _1(X 138 142
7
Merritt 011 Corporation_ 10
9
7
$ 4,6
Mexican Eagle 011
Salt Creek Producer,.. _20 .19
191s
RR. Equipments-Per Cl.
Aden Coast Linea
Equipment 845
Baltimore & Ohio Os
Equip 435e& fas
Buff Roch & Pitts equip Os
Canadian Pacific 4S4s & Ca.
Central RR of N 3 tte
Chesapeake3t Ohio fie
Equipment 634s
Equipment Si
Chicago Burl & Quincy Os_
Chicago & Eastern Ill 634s..
Chicago & NW 445
Equipment 65
Equipment 6348
Chic R I & Par 445& 5._
Equipment els
Colorado & Southern 6s__
Delaware & Hudson Os
Erie 448 & 58
Equipment 65
Great Northern 68
Hocking Valley Os
Illinois Central 434s & 5e..
Equipment &
Equipment 75 & 6345
Kanawha & Michigan 6s
Equipment 445
Louisville & Nashville '31'...
Equipment6348
Michigan Central 55,
Minn St PASSM 4345 & 55
Equipment 645 &
Missouri Kansas & Texas e
Missouri Pacific 68 & 6145.Mobile Se Ohio 4144,58
New York Central 4,45. 58..
Equipment68
Equipment 7s
Norfolk & Western 448
Northern Pacific is
Pacific Fruit Express 78....
PennsylvaniaRit equip 6s_
Puts & Lake Erie 8348
Equipment68
Reading Co 448
St Louis & San Francisco Is.
Seaboard Aix Line 4348k 58.
Southern Pacific Co 4348.,.
Equipment78
Southern fly 445 & 56
Equipment Os
Toledo & Ohio Central 68
Union Pacific 75
MAL
5.70 5.35
5.50 5.20
5.85 .5.40
6.60 5.30
5.50 5.20
5.60 5.20
5.55 6,30
5.50 6.40
6.55 5.25
5.60 .5.25
6.5,5 5.30
6.10 5.50
5.45 5.20
5.75 540
5.50 520
5.60 .535
5.85 5.40
5.85 5.40
5.65 5.30
6.20 5.65
0.25 5.60
6.65 5.35
5.86 5.40
6.50 5.15
6.70 6.35
5,45 5.20
5.87 5.45
6.60 5.25
6.65 5.3.5
5.50 .5.25
6.50 6.25
6.85 5.45
5.85 5.50
5.85 6.35
6.80 5.40
5.75 6.30
5.50 6.25
5.70 5.40
5.55 5.25
5.35 5.00
5.50 5.25
5.60 5.25
5.50 5.20
5.50 5.30
5.80 5.40
5.35 5.00
5.85 5.35
6.25 5.75
5.40 5.10
5.50 5.20
5.65 5.25
5.85 550
6.85 545
5.45 520
1
Public Utilities
Amer Gas & Elec new...(t) •3814 3914
Tobacco Stocks
Preferred
50 .4012 42
American Cigar common.109 79 I 81
384 9454
Dell 682014
MAN
Preferred
100 8790
120
123
Amer Light& Tree.cow _100
Amer Machine & Fdrar_100
92
Preferred
100 90
British-Amer 'robe° ord.. £1 .22 I 23
Amer Power & Lt,com 100 166 170 Brit-Amer Tobac, bearer LI .22 23
Preferred
100 80 83 ffelme (G)!o W)Co.new. 25 *57 60
93
Deb 65 2016
M&E) 92
100 112 ,114
Preferred
40 imperial'Tot, of G &
Amer Public ULU, corn..100
*116 1 17
47 Int. Cie. Machleere
6% Preferred
100 -43
100 57 1 62
72 Johnson Tin Foil & Met_1041 80 1 90
BlackstoneVaIG&E,com 50 *70
65
Carolina Pow & Lt,conz _100 62
MacAndrews & Forbes...2O0 129 132
Cities Service Co. corn...100 152 154
Preferred
100 98 100
34
Preferred
100 6712 68
Mengel Co_
100 31
8,3
Cities Service BankereSharee *1512 16
Porto Rican-Amer Tob -100 74
.76
1-Colorado Power, corn_ _100 2112 2212
Scrip
94
Preferred
109 91
Universal Leaf TOO cOm_100 106 ,110
33
Com'w'th Pow,fly & Lt_100 31
100 95 3 99
Preferred
69
Com'w1h Pow.Corp.pref100 67
Young (3 5) Co
100 106 110
Consumers Power pref-100 85
88
100 104 109
Preferred
Elec Bond & Snare, pret_100 9714 9812
.60 62
an 515.")
Federal Light & Trac
Rubber
Firmtot
e
71
Preferred
101, 68
re S
erlfu
kb,co(Citn.l0
s
egel
-97
Lehigh Pow Sec__ (no par) •2214 2312
1
6% preferred
511.A9i881pplItiv Pow,com100 2212 2412
_100 90 .9312
7% preferred
Preferred
100 80 83 Gen'l 'Tire & Rub,eom.-50 ____ 170
99
92
First Mtge 58, 1951_ _J&J 91
Preferred
f g deb 73 1935_ _NI&N 100
- 141*
00
Goodyear Tire& R,eom.10°
55
53
Nat Pow & L. com.(no par) .53
55
Preferred
9312
Preferred
(no par) 48312 85 (loodv'r"1"3411 of Oftn nf-100)
1
6
5
Inc 75 1972
J&J 86 8712 Mason Tire & Rub coon._ 37 40
Northern Ohio Elec (no par) *12
14
Ireferred
80 95
Preferred
32 Miller dubber
1.81
100 30
_ 103%
North States Pow, com_100 94
96
100
Preferred
17
Preferred
9i2 93 Mohawk Rubber
1041 14
101
64
68
Nor Texas Elec Co.com_10(
71
74
Praforrwi
813
7
Preferred
72
75
10(
leberlIng Tire & Rub -Wm:
50 65
Pacific Gas& El, let pref 10( 881 8912
Preferred
15
Power Secur, com__(no par) .4
7 Sliettiereat tare.26....fau...
45
Second pre!
117
21
100
(no par) .
Preferred
Coll trust Os 1949 _ J&D 75
80
Sugar Stocks
19
.
17
Incomes June 1943__3'&A 147
53 Caracas Sugar
9713
Puget Sound Pow 4e Lt..lot
47
49 Cent Aguirre Sugar oom_ 20 .96
118
11512
6% preferred
1
83
109 80
Fajardo Sugar
72
7% preferred
100 0100 103 Federal Sugar Ref, com_100 67
Gen M 748 1941_ _ _M&N 104
100 90 105
Preferred
20
Republic Ry & Light
100 1514 1613 00(1ChaUX Sue, II10-(120 Par) •15
92
100 88
Preferred
44
Preferred
100 42
South Calif Edison,cora_100 10112 102% Great Western Sug now. 25 •75 80
.
30
40
Preferred
Corla.com.(nopar)
leyfS
err
uge0
100 115 117 Hoplr
87
Standard Gas & El (Del) 50 .28
100 80
29
110
125
Preferred
50 Juncos Central Sugar--100
50 •49
99
Tennessee Elec Pow (no par) *14
1514 National Sugar Refining.100 96
98 103
2d preferred
(no par) *45 49 New Nlquero Sugar
14
9
United Lt & Rya, corn..100 160 165 Santa(leenladuge...orp.pf.100
lst preferred (6%) _100 85
87 Savannah Sue,com _(no par) .57 60
84
Western Power Corp_ -100 30
,...100 82
32
Preferred._
96
Preferred
82 Sugar Estates Oriente pref. 91
100 80
40
Short Term Securities--Pe r Cent
Welt Iltdiastut Yluman-100
Am Cot 011 68 1924...M&S2 90
50
100 45
92
Preferred
Amer Tel & Tel(is 1924 _F&A 10013 10034 Ind u striaI84MIscellaneou
54
Anaconda Cop Min65'29J&J 10138 101% American Hardware_...l00 412
75 1929 Series B
80
3,53. 103 10314 Amer Typetounders.com.100 76
Anglo-Amer 0117 46'25 A&O 103 10314
100 98 101
Preferred
100 163 170
Arm'r&CoiSejne15'23164D15 100 Atlas Powder
Deb 63 rile 15'24..J&DI5 100
-- 111158(EW)Co. aew_Dio par) 2211 23
Beth St 7% July 15'233&315 boo
50 •60 65
Preferred
Canadian Pao 68 1924 M&S2
100,
1, Borden Company.Com-100 115 117
Federal Sufi Ref Eis'24..M&N
102 104
101%
Rocking Valley 68 1924 M&S 10014 10012 Celluloid Company
93
100 87
111
Interboro R T 8s I922.M&S 99 100
108
100
Preferred
K C Term,Ry tis'23 M&NI5 10014 10013 Childs Co,common
100 136 139
6145 July 1931
J.14.1 10313 10413
100 10615 108
Preferred
Lehigh Pow Sec 13s '27.F&A 93
94
100 103 108
Hercules Powder
Ross Shelf S & 168'29..F&A 97
9734
100 10313 105
Preferred.
U S Rubber 734s 1930..F&A 10612 10712 International Salt
100 81% 85
Joint Stk Land Bk Bonds
International Silver, p1._100 107 110
Chic it Stk Land Bk 58_1951 102 103 Lehigh Valley Coal Sales. 50 •79 81
55 1952 opt 1932
100 175 185
102 103 Phelps Dodge Corp
514s 1051 opt 1931
1041 10512 Royal Baking Tow.coin _100 130 140
99
41( 1952 on: 1932
1.00 97
10012 10112
Preferred
4128 1952 opt 1932
99 100 Singer Manufacturing__ AO( 114 116
divi•Per share. - No par value. b Basis. d Purchaser also pars accrued
dend. e New stock. /Flat price. k Last sale. n Nominal. z Ex-div. y Exrights. t Ex stock die. u Ex cash and stock dividends. o Canadian quotation.
40
60
100
16112
1003,
BONDS
BOSTON STOCK EXCHANGE-Stock Record s.. next paso
. 2502
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
May 26.
Monday,
May 28.
Tuesday,
May 29.
Wednesday,i Thursday,
May 31.
May 30.
149 150 150 150 *146 150
7912 79
79
79
78
7814
•96 97
96/
1
4 9634 *9634 97
•122
_ 123 123 *12212
101 fa 101 10113 10012 10112
Ms 1512 15
1512 1514 1512
25
20
25 "20
20 +20
2612 2613 26
26
26
27
3612 3634 3812 3612 *36
36
36
38
86
36
46
45
45 *44
45
45
• ._
_ 150 •___ 160 *140 150
28
28
-28 28 *23 30
+68
6812
68 68 *68 69
+57 59
*58 59
42
*38 42 *38
3811 38's
39
*3812 39
39
304 304
*1714 1734 184 -11;
3
17
*73 __ _ _
73
73
*73
Iff"
73
32
83
73
32
83
+214312
7713 78
9634 9834
*12212 -10012 10012
15N 1512
+20
25
2613 2612
36
36
•____ 36
*45
_
+140 150
2812 2812
6812 69
•____ 59
•____ 41
3813 3813
*31 --__
1713 1713
*73 ___.
;i5" "f6'83
85
Friday,
June 1.
Sales
for
the
Week.
STOCKS
BOSTON STOCR
EXCHANGE
Railroad.
8110/18
100
111 Boston & Albany
100
7710 78
170 Boston Elevated
Do pref
100
15
12213 12212
100
39
Do let pref
100
120
Do 2d pref
100
1827 Boston & Maine
100
Do pref
3
86
Do Series A let pref-.100
100
Do Series B 1st pref
61
Do Series0 1st pref _10
30
65
Do Series D 1st pref _100
100
Boston & Providence
12 East Mass Street Ry Co 100
100
Do 1st pref
50
100
Do pref 13
100
Do adjustment
192 East Mass St Ry (tr ctfs)_100
100
31
31
20 Maine Central
17 J 177s
100
188 N Y N H & Hartford
Northern New Hampahlre..100
Norwich & Worcester Pret..iOOj
75 1134 Old Colony
100
100
195 Rutland pref
3018 31
4 Vermont & Massachusetts.100
Range since Jan. 1 1923.
Lowest
1
143 Apr 3
774 June 1
954 May15
118 Jan 2
9912 Mar221
15 May19
20 May211
23 MaY19,
34 May22:
34 May24
44 May23
150 May14
18 Feb15
67 Feb21
53 Feb24
3412 Feb13
3412 Feb15
30 May5
1612 May5
71 Apr30
87 May12
71 May21
25 May14
83 May29
Highest
PER SHARE.
Range for Previous
Year 1922.
Lowest
Htgban
150 May28 13014 Jan 162 May
84
Jan 5
734 Feb 8912 Sep.
100 Mar 6
9414 Mar 105 Sept
123 May28 116 June 126 Sept
106 Mar 5 10113 Nov 109 Sept
2012 Mar 2
14 Jan 314 MaY
27 Feb13
20 Jan 37 Apr
3212 Mar 1
22 Jan 4413 Apr
48 Feb 6
36 Jan 62 May
42 Mar22
30 Jan 54 May
59 Feb 7
40 Jan 7711 Ma,
16012 Jan25 125
Jan 163 July
35 Mar22
18 July 2623 July
72 Jan16
68 Aug 77 Jul,
65 Mar19
61 July 80 Nor
46 Mar22
28 July 47 Aug
45 Mar21
29 July 47 Aug
43 Jan 2
2712 Jan 55 Oct
2212 Jan30
124 Jan 344 May
84 Feb 8
69 Jan 90 July
100 Jan 3 58 Jan 1084 Dec
81 Feb14
67 Jan 9814 Ma,
384 Feb20
16
Jan 5272 June
98 Swill
78 Jan too Au,
Miscellaneous
114 May 4
*14 214
25
313 Jan 9
250 Amer Pneumatic Service
134 IN
212 Dec
414 Jac
16
16
18
Do pref
50 16 Mar 7 20 Jan10
203
16
13 Feb 204 Aug
12234 123 1224 123
2,545 Amer Telephone & Teleg_100 12112 May 5 12534 Mar14 1144 Jan 128,
. At111
87 8713 8612 87
No par 8612June 1 112 Jan 5 104 Jan 121 Dee
97 Amoskeag Mfg
80 804 80
Do pref
No par 79 May 7 88 Jan 6
126
80
80 Nov
91 Aug
•14
16
Art Metal Construe Inc__ 10 15 Mar 1 1613 Mar14
14 Nov 204 may
*16
17
Atlas Tack Corp
No par 124 May16 204 Feb14
13 Jan 22 May
105 105
75 Boston Cons Gas Co, pref_100 105 Jan22 10812 Feb24 10484 Aug 107 Dee
*.08 .14
Boston Mex Pet Trus No par .10 Jan18 .30 Jan25
.50 MS,
.10 Sent
2213 2234 --;;7 340 Connor (John T)
10 20 JanI3 27 Mar19
1514 Jan 3072 Dee
*314 4
312 May10
100 East Boston Land
10
4 Jan 2
3 Jan
6'4 6'4
d
Apr
1013 1012 10
205 Eastern Manufacturing
1014
5
74 Jan25 1413 Mar 5
7 Deo 1414 Feb
105 105
185 Eastern SS Lines Inc
25 8112 Jan10 12712 Mar22
834 Jan 891/ Oct
1644 1644 1644 1-6412
100 162 May2 172 Jan 3 156 Mar 185 Sept
337 Edlaon Electric Ilium
6 .7
6
6
No par
513 Mar 5 104 Jan 2
490 Elder Corporation
3 Mar 13 Ma/
___ 17
10 Galveston-Houston Eleo_ _100 1513 May28 2913 Feb 5
28 Deo 39 Arts
*1012 11
No par 1033Jan 23 154 Mar 3
Gardner Motor
9 Nov 1614 Apr
1633 1613 16 1625
18 June 1 24 Feb10
455 Greenfield Tap .k Die
17 Dec 274 Fab
*57
5834 56
58
No part 54 Jan 8 6313 Mar13
544 De.
485 Hood Rubber
43 Ma
26 Jan 313s May
*38
39
---- ---- ______ Internat Cement Corp.No par 85 Jan 2 44 Mar19
•13
15
60 15 Anr12 22 Feb19
20 Nov 32 Jan
Internal Cotton Mills
50
50
-Lo- -51- ___ Ho
100 50 May31 7912 Jan10
Do pref
60 Aug 85 Dec
*2
3
____ ___ ______ International Produota-No par
2 Jan25, 3 Mar20
113 Dec
64 Mar
/12 Dec 17 Apr
1142 7-100
6 Feb271 8 Marla
Do pref
---- ---- ______
6
814
6
633
6 4pr23
211 Libby, McNeill & Libby__ 10
8 Apr 6
11
/
4 Apr 1112 June
*1012 1014 104 104
26
934 May23 11 Apr26
20 Loew's Theatres
8 'OILY 13 Jan
82
824 82N 82
381 Massachusetts Gas Coa_100 7812 May22 8713 Jan 2 63 Jan 904 Nov
*.z88
70
6734 6734
100 67 May23 73 Jan25 62 Jan 74 Oat
201
Do pref
155 1554 *150 15434
63 Mergenthaler Linotype-100 1474 May14 179 Jan 6 180 Jan 181 Oat
10
734 Jan311 1434 Feb19
5 Mexican Investment Inc
11 Deo 274 June
'
23
2 2
13
.1 -H14
014 -2
100 2212 May23, 2814 Jan31
226 Mississippi River Power
13 Jan 34 Aug
*80
81
100 80 Jie'
an 1 84 Feb14
--_- --10Do stamped pref
7213 Jan 854 Oct
533 532
5
54
10
5 June 1, 874 Feb13
282 National Leather
ON Dec 111
/
4 Jan
*.25 .50 .25 Feb 3: .97 Apr16
New England Oil Corp
.22 Dec
5 Jan
117 118
117 11734
179 New England Teleph000_100 114 May l0 122 Jan 3 109 Jan 126 Sept
1834 184 --------300 Orpheum Circuit Ina
1 174 Jan 61 2112 APr26
13 Jan 28 Oct
9112 91N 9034 9112
90 May2, 190 Jan 2 15434 Oct 192 Doe
515 Pacitio Mills
1612 164 1614 161310
154 Jan 4' 18 Mar14
70 Reece Button Hole
124 Apr 10 July
*213 273 ____ ____ ______ Reece Folding Mach
10
1 Jan111
314 Mar15
123 Dec
Mar
•.75 114 ---- -- -- ______ BIM= Magneto
6
1 Mayl2l
2 Feb20
.50 Nov
74 Ay/
104 10434 104 10414
100 10214 May 71 1094 Jan 6 924 Jan 1101/ Sept
505 Swift & Co
*47N 49
25 46 Jan 2 60 Mar 9 139 July 811/ June
10 Torrington
*9
10
6
712 Jan19 11 Mar 7
8 Mar 144 Feb
Union Twist Drill
4734 4834 -4733 11;
25 444 Jan 21 654 Mar 8
87 Jan 45 Mat
3
2.561 United Shoe Maeb Corp
2534 2534 254 26
Jan25 284 Janll
26 25
25 Jan 2712 July
Do prat
703
264 264 26
5 2434 May221 30 Jan 2
2173 Jan 334 June
2634 5,136 Ventura Consol 011 Fields
19
19
1872 19
473 Waldorf Sys Inc.New sh.Nopar 218 Jan10 22216 Mar19 21314. Jan 41912 Dee
8
9
8
9
6 Feb15 13 Mar17
24 Nov 1414 Apr
50 Waltham Watch clB comNoPar
19
19
100 154 Mar 6 2913 Marti) 11 Nov 49 Apr
Preferred trust otts
130
154 1514 "1813 1513
125 Walworth Manufacturing- 20 114 Jan 5 174 Feb17
74 Feb 13 Oct
3113 32
3134 3134
60 2512 Jan31 8413 Marla
920 Warren Bros
174 Jan 864 Sept
*34
35
3414 3414
60 33 Jan17 3913 Mar14
180
Do let prof
304 Jan 884 Oet
*36
40
60 36 Jan25 42 Mar15
Do 2d prof
70
31 Feb 444 July
*9
912
____
6 • 822 May24 124 Feb21
Wickwire Spencer Steel
84 Nov 21 May
Mining
'.35 .60
.50 .50
..85 .50 +1.40 .60 +.41) .60
1 Feb28
20 Adventure Consolidated- 26 .25 Feb16
.60 Jan
1 Apr
71
70
7012 7012 ---- -70
21
7012 7012 70
56 Jan27 87 Marl
136 Ahmeek
56 Nov 66 May
*AO .25 '
1.10 .25
26 .25 May 3 .50 Mar 2
..10 .25 *AO .25 •.10 .25
Algomall Mining
.03
.50
Apr
Sept
24
+23
24
24 24 +23
+22
23
25
25 19 Feb 5 34 Marl
.
23
10 Anon"
19 Dec 324 Jan
24 24 *2
214
2
213 *2
2 May18
214
25
*2
214
180 Arcadian Consolidated
44 Mar 6
2
Mar
en
May
1023 1034
1033 1032 1014 1014
1
4 11
738 Jan 6 1413 Mar 2
1034 1114 10/
650 Arbiona Commercial
0 Nov 104 June
•17
18
18
17
17 •17
*1614 18
18
10 1612 May22 19 Feb 19
449 Bingham Mines
17
18 Jan 1814 Sept
365 367 370 370
26 285 Jan 9 420 Marl 248 Nov 801 at/g
•2380 385 378 381 366 375
80 Calumet & Heels
014 014
.6
614 *6
614 7
613 612
1
514 May14
550 Carson Hill Gold
913Feb 13
57/ Nov 164 Mar
.912 11
*934 10
11*913 -•914 11
25
*9N 11
7 Jan18 16 Mar 1
Centennial
8 Nov 134 Feb
344 35
35 3513
33
25 33 June 1 464 Mar 1
34
Range Co
484
35N 3534 354 36
Copper
354
Dec 4634 May
.212 3
234 3
3
3
213 3
10
222 Jan 6
428 Davis-Daly Copper
*234 3
5 Feb28
213 Nov
94 Jan
712 712
714 74
714 714
7 May21 1112 Mar 1
733 722
870 East Butte Copper Mining- 10
714 74
1214 Jan
Nov
711
.35 .45
.50 .52
.37 .40 2,363 Franklin
.51 .60
25
2..45 .65
.30 May22
223 Mar 5
1 Apr
372 Agri
.
213 313 *212 312
Consolidated
26
*212 313 *212 313 '212 312
Hancock
24 Jan10
4 Mar 5
313 Mar
11/ Aug
294 3013 304 304 1.235 Hardy Coal Co
1 2434 Mar28 304 Aprl7
2914 2914 *2834 2912 2914 2934
+.40 .50 41.40 .50
25 .45 May25
1.40 .50 1..40 .50
Helvetia
+1.40 .50 '
14 Feb20
.60 Dec
10714
108
10712
10712
107
10712
107
10713
1 10112 Jan 4 11513 Apr 7
10634 107
766 Inland Creek Coal
814 Jan 118% June
+95
97
95
95
99
*9512 97
1 9312 Feb15 10013 Mar28
•96 99 •96
Do pref
3
88 Feb 9713 Nov
*22412 2513 2412 2412
1112244 2512 +z24
25 21 Janll 3314 Mar 3
2512 *22412 2512
20 Isle Royale Copper
16 Nov 2634 May
.213
•213
3
3
212 223
212 May18
•212 234
218 24
6
105 Kerr Lake
472 Apr
33
2
Jan
2
3 Feb
*J.12 2
I
1
+114 2
*113 2
4114 2
25
15 Keweenaw Conner
1 May31
24 Mar 5
312 Apr
1 Feb
214 3
*234 3
+234 313
+3
312
3
3
214 May31
. 25
49 Lake Copper Co
514 Mar 1
614 Map
24 Feb
•113 2
•112 2
*112 2
•14 2
*112 2
26
Ile Jan29
34 Mar 1
24 Apr
1 Nov
La Salle Copper
+112 2
113 123
112 June 1
2114 2
.134 212 *14 2
a
222 Mar27
200 Mason Valley Mine
234 may
14 Jan
2
2
*134 2
*IN 2
•134 2
25
14 2
112 Feb 1
25 Maas Consolidated
44 Mar 3
44 Apr
14 Dee
34 324
34 34
312 312
213 May15
334 334
334 334
64 Apr
7 Fob10
780 Mayflower-Old Colony__-- 26
Vs Dec
+134 213 *134 212
•114 21
*134 212
*14 2
14 Apr21
25
4 Mar17
7 Apr
.75 July
Michigan
5114 52 •5114 52
5212 524
52 53
53 54
25 49 May22 71 Mar 2
209 Mohawk
52 Nov 88 June
1834 1834 1812 1812
1814 1823
1834 194 184 19
6 1623 Jan 1 2413 Mar 2
1514 Deo 2013 June
325 New Cornelia Copper
5 .05 Mar23 .05 Mar23
24 Mar
.05 Deo
New ldria Quicksilver
*37
44 •37 42
100 35 Apr18 40 Apr27
44
37 Jan 40 Feb
New River Company
*8013 83
:g,T,t
2
*80
82-12
82 82 *3783 83
100 77 Mar 6 84 Marl6
f
78 Jan 85 Oct
Do
35
54 54 *313 384
5/
1
4 534
5
Os 533
512 Jan 4
•54 534
7 Jan
5 J1117
64 Feb20
90 Niplseing Mines
734 8
734 8
734 734
15
74 May24 1234 Mar 1
812 Oct 15 May
North Butte
590 590 *7
*1
112 *1
113 *1
118 7
25 .90 May31
112
13
44 Apr
14 Dec
1:
223 Mar 5
13 ()Away Milling
715
23
23
23
25 1812 Jan 6 324 Mar 1
23
O2312 2412 2212 2312 2212 2212
18 Nov 27 Jan
465 Old Dominion Co
34
*23313 35
3334 3334
100 Osceola
3412 3412 34
35
25 2912 Jius.27 48 Mar 1
34
3314 Aug
25 Nov
*Vs 34 *Vs • 34 *272 312
3 Jan 9
84 Nov
24 June
Park City Min & Smeiting..5
4 Mar 5
;3
2714
8 13
1312
318
3
3'8 3'8
111234 1314 1314 134 4113
100 Pd Creek Pocahontas Co no pox 124 May22 1614 Mar23
35
35
3334 3414
25 32 May21 60 Mar 2 16- NO; 60 May
3534 36
Quincy
4013
43 *40
•:
3
10 IP -‘
42 .40
*40
25 3713 May22 534 Mar 1
5
1g- -403-8'
130 St Mary's Mineral Land
87 Nov 4202 Ma,
•.70 .75
.70 .70
.70
10 .40
'
1.70 .75 '1.70 .75
113 Mar 5
Jan 9
IN May
.25 Mar
Stunner.
.35
*-----15
.40
25 .17 May29 .75 Feb20
.40
14 May
.26 Dec
Lake
a
South
212
:i
122
213 *2
24*2
213
25
214
14 Jan20
484 .1111.7
Vs Dec
Superior
Mar 8
84
122 14
1153
1% 112 1,585 Superior & Boston cooper. 10
24 Om
138 May22
•132 184
12 i
Ps 1,813
.90 Mar
341 Feb28
'.75 .85 '
Dee
1.75 .85
1.75 .80
34 Apr
6 50 May15
100 Trinity Copper Corp
.84 .8.4 •.75 .85 '
14 Feb15
+.32 .37 11.32 .33
.20 .33 5.32 .35 '1.32 .35
5
.30 May23 .65 Feb16
.92 May
.40 Nov
Toulumne CopPer
z4
434 44
414
412 44
4
4 Mar
6
414 3,160 Utah-Apex Mining
234 Jan 9
6 ADr13
438 44
Oct14
14 2
134 2
1
312 June
14 172 .134 2
112 Jan19
510 Utah Consolidated
3 Mar 6
1 Feb
•134 2
.90
..80
'
1.80
.90
.90
.81 .90 1,143 Utah Metal & Tunnel-- 1 .70 May28
212 Apr
.70
.80 Dec
.87 .87
14 Feb27
.1
112
113
*1
25
lls Feb 6
24 Jan
.75 Nov
24 Feb28
Victoria
*1
112
.
1
80
•
.75
1
3a4
Apr
1
:.175
26
IL
A
Jan
•.75
70
.65
Mar
5
.25
13
4
Jan22
Winona
2%75 1
*8
10
•8
a
9
712 712 *8
16
IS MI17
714 Nov
60 Wolverine
712 Jan30 13 Mar 1
*812 10
•Bid and asked prices; no sales on this day. s Es-rights. b Ex-dividend and r ghts. z Ex-dividend. I Ex el' .1 dividend. a Assessment paid.
0 Beginning with Thursday, May 24, trading has been in new sharee, of wh ch two now shares of no par value were given In exchange for one share of old stock of 411)
par value. In order to make possible comparisons with previous quotations, we have divided all these previous quotations by two.
* $g 24
134 134
134 IN
*16
1712
16
•16
1712 16
122 1224 12214 1225 12212 1224
8714 8714 •8714 88
*___ 89
80
'80'4---- *80
-.
16
16 •15
16 •14
*14
17
17 *16
*16
*Isis 17
107 107 10714 10714 10612 10712
'.08 .15 '1.08 .14 *.08 .14
2212 224 2212 23
23
23
*314 4
*314 4
*314 4
1014 1012 1012 1012 1012 1012
105 105
105 105 105 105
18412 16.5
1644 16412 164 165
834 8
.6
7
*8
7
1512 154 *
17 •____ 16
*1012 11 ;i6T2 11 •1012 11
2,8i2 1832 1633 1633
17
17
6734 58
58 5814 5833 59
39
39 •38
+38
•38 39
15
15 •13
1113
15
*13
52
52
53
.12.50
63 *2.53
*2
3
.2
3
*2 • 3
*412 7
*412 7
*412 7
*6
612
614
612
62s 6/
1
4
*1013 1014 *1018 1014 *1012 1014
8114 8114 8114 8112 8112 8212
68
68
*26712 68 *z6712 68
•154 -- 154 15413 155 155
94 914 *94 10
914 1034
.
23 2313
23
23N 2312 23
Stock
81
81
*80
8012 "80 81
512 1 512
*513
53
4
*512 54
2%25 .50 '.25 .50 *.25 .50 Exchange
118 118
118 118
117 117
Closed
*1834 19 •1834 19 *1834 19
9113
9112 91
91
9112 *91
1613 Decoratoin
1612 •I6
*16
1612 *16
•24 234 .213 24 +213 24
Day
2..75 114 *.75 14 21.75 14
10312 111413
10312 104
10334 104
48
48
.47
19
4812
2148
*9
10
*9
10
*814 10
4734 4812
4812 49
4913 50
2612
2614 2614 26 2613 26
2618 27
264 27
2612 27
19
1912 1923 19
1912 20
10
*9
1014 *9
94 10
21
*20
19
21
20
21
1312 154 1513 154 *1513 1534
314 3212 314 3172 3112 32
3314 34
*3312 35
•3312 35
38
36
*36
40
40
*36
10
913 *9
*9
912 *9
22
2
•
THE CHRONICLE
JUNE 2 1921]
Outside Stock Exchanges
Bonds-
Boston Bond Record.--Trausaetions in bonds at Boston
Stock Exchange May 26 to June 1, both inclusive:
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Price. Low. High. Amount
Bonds-
Range since Jan. 1.
High.
Low.
American Tel & Tel 55_1946
974 974 $1,000 9534
AtiG&WISSL5S..li)50 48
48
64,000 48
50
Carson Hill notes 7s.1927 97
97
97
1.000 97
Chic Jet dc Stk Yds 48_1940
794 79%
1,000 7834
E Mass St RR "A" 434s'48
3,000 69
69
70
Hood Rubber 75
1936 1014 101% 1014 15,000 10034
Miss River Power 58_ A957
91
914 7,500 89
New England Tel 55_1932 974 97
974 12,000 9634
Swift & Co 58
1944 94
94
944 8,500 91
Warren Bros 734s.....1037 108
108 1084 26.000 104
Western Tel Ls
1932 96
96
9635 5.000 94
Apr 9834 Feb
Mar
May 62
Feb
Mar 84
Feb
May 84
Jan
Jan 72
Jan 10234 Jan
Jan
Apr 95
Mar 9934 Jan
Jan
Apr 98
Mar
May 115
Feb
98
Ma
Baltimore Stock Exchange.-Reeord of transactions at
Baltimore Stock Exchange May 26 to June 1. both inclusive, compiled from official lists:
2503
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Price. Low. High. Amount
904
Amer Gas At Elec 59__ _2007 90% 85
66
Elea & Peep tr ctts 48.1945
64
48
Inter-State Rys coil 48.1943 48
48
91
91
Lehigh C & N cons 434854 91
Lehigh Valley annuity 65_ _ 118
118 118
Phila Co cons&stmp 551951
90
90
Phila Electric 1st 55_._1966 974 97% 100
534s
1004 101
1947 101
6s
1941 10434 10434 106
864 86%
Beading general 4s_ _1997
Schuylkill Riv ES 48_ 4925
9631 984
United Rys gold tr et!4s'49 57% 574 57%
United Rys invest 55_1926 9334 934 934
• No par value.
Range since Jan. 1
Low.
$8,300 85
6,600 61
3,000 47
2.000 91
1,000 118
1,000 90
37,800 98
14,000 99
18,200 1023.4
2.000 8334
1.000 9634
3,000 57
9,000 88
Jan
Mar
Mar
Feb
May
May
Apr
Apr
May
Apr
May
Jan
Jan
High.
9534
7134
49
94
118
934
103
103
1064
87
97
58
98%
Apr
Jan
Jan
Jan
May
Mar
Jan
Feb
Jan
May
Apr
Jan
Mar
Chicago Stock Exchange.- -Record of transaetions
Chicago Stock Exchange May 26 to June 1, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Weel's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Sates
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Per. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
nEELIBaPaRgg,t2W,f,;942,4 gc144gt4"4,4M4°474gggV42,4:144t,W,Itg4ggg
X,,:.gg XX
XSX
X X X
X XX X
X X
4XWX XXXXXX X X
-
-----
_fl
=.WW.WWwWW.NN0e.WWWW.5.2WW
.... ..
.............
R.P800080.2.0000920000800
08
x p _ oRR,,R*ggggs.goo8oo
oo
.
,,.
.4
W
.
N
IP
.N
.W14.
1.1.:00,s...4 .4wcz.wb.:moso.naw.ez .-,.w
cocavWW.w
W10.40CWWW0
W&.O.WW
0.WWWWWWWOJWW
WW
MW
Mar 97
Amer Pub Serv. prat__ _100 8734 86
110 86
Feb
88
Range since Jan. 1.
30 62
Jan
May 74
American Shipbuilding 10062
62
Amer Tel & Tel Co
58 1214 May 1234 Mar
123 123
123
High.
Low.
StocksMar 100
Armour & Co (Del) P1-100
90 90
Feb
91
914
452 7934 May 96
Armour & Co, pref_ _100 8031 8034 8134
Jan
454 Mar Armour Leather
Arundel Sand & Gravel 100
44
43
8
Apr 10
168
Jan
8
15
8
June
101
Preferred
101
101
100 101
Preferred
120 82 May 8734 Mar
8234
100
824
82
Feb Bassick-Alemite Corp_
25
23
Baltimore Tube
23
100
6,400 2734 Feb 3934 Mar
_ _. 344 3334 35
May Borg & Beck
112
Bartlett-Hayward, prof 100 112
112 112
6,270 224 May 324 Mar
2834 30
Mar Bridgeport Mach, corn_ • 29
35
344 3434
Benesch (1), corn
*
1,735 1334 May 164 May
_• 1534
18
15
284 Jan Central Pub Serv, pref _100
28
26
25
Preferred
Mar
May 90
207 85
87
85
.50 Jan Chic City & Con fly.25 .25
Celestine Oil
1
1094 110
11034 Mar
Ches & Po Tel of Balt..100 110
. 6
Feb
10
Mar
5
Part sh preferred
157
6
6
May
70
68
6734
25 674
Commercial Credit
May
May 129
Chicago Motor Coach_ _ _ _5 120
1,535 118
118 129
2534 Apr
25
25
254
Preferred
May
Preferred
85 May 88
14
85
88
88
26
2634
2731 Jar
Preferred 11
25
Apr
Chic Mill & Lumb Co. pref 102
25 10131 Apr 102
102
102
118
Mar
116 116
Consol Gas,E L & Pow 100 116
Jan 2434 Mar
Chicago Rys part ctf Ser 1_
100 10
15
15
Mar
108
105 1054
100
7% preferred
Jan
Commonwealth Edison 100 12834 12734 12834
259 12734 May 131
Jar
120
1174
118
100
8% preferred
Consumers
2
634 Jan
rs Co, com_ ..i00
534 May
6
6
Jar
98
Consolidation Coal_ _..i00 8334 8334 84
Feb
May 70
10 81
100
81
61
Mar
93
100
95
East Roll Mill 8% pref.100
Jan
Continental Motors__ _ _10
834 May 12
934 4,760
9
9
14434 Api
14134 142
50
Fidelity dr Deposit
Feb
Crane Co, preferred
55 10934 Ma 115
1094 110
Api
335
3274 32734
100
Fidelity Trust
Jan
644
Cudahy Pack Co, com.100 54
y
,.5
May
5
1,
4
54
54
Jar
1534 154
17
Finance Service Class A.10 154
82 A Jan
Daniel Boone Wool Mills25 2434 24
59
2834 11,645
Api
9
10
8
8
Preferred
8
Jaenb
74
n3.4
4 F
Deere & Co. prat
mua
n
13
05
0 68s J
100 68
Jar
Houston Oil pt tr ctfs_ _100 8934 874 8934
95
Jan
Diamond Match
100
110 r1.1034 May 121
816
10
834
m 1712934
Jar
Manufacturers Finance.25
52
5734
52
Earl Motors Co
I"
2d preferred
244 244
25
2634 Jar
30A May
Eaton Axle dr Spring Co_ _• 26
May
1,845 24
254 27
Jar }
Maryland Casualty Co_ _25 874 8734 8735
90
3i Apr
E
.a
didrycP
oa
rp(
erTC
he
o)
rp (The)....• 2974
11,595 2234 Apr 34,
2831 31
March & Min Transp_ _100 113
112 113
121
Al)]
Jan
106
Ja
10
160 100
:
32
6 10
100
32
83;
Monon Val Trac prat_ _ _25
1834 19
19
Mai
28% Apr
Gill Mfg Co
22
1,643 2034 Ma
2
114
,
2
13y,
8
Mt V-Woodb Mills v tr 100
13
194
Ma
13
26% Apr
Godschaux Sugar, corn_ __••
Ja
100 15
Preferred v t r
7334 Ma
100
56
58
Gossard (II IV), pref _ _ _1(10 3031, 3031 31
110 2434 Feb 3534 Apr
New Amsterd'm ('as Co100
384 3831
384 AP
9434
Fa
e3
1.:
0
44
, m
1% Feb 19
Great Lakes D & D_ _ _ _100
3
30
00 „
88
85
86
Northern Central
Jai
77
50
74
74
Hart, Schaf & M,com.100 109
108
109
Penna Water & Power_100
106 10634
1084 Ma
May 4331 Apr
Hayes Wheel Co
•
55 36
United fly & Electric_ _50
Jai
18
204
1834
2
,
6% MarJan
l! 6
1sF
"lib, Spear, Bart & Co _25
ia
6
24
1
65
65
Jai
US Fidelity & Guar_ ...50 155
184
15434 155
Hupp Motor „ref __ _ _ 100
25
9
2,4
52
10 21 34 22
1.34 22Z
3
Wash Balt & Ann pref _ _50 284 2834 2934
3134 Fel
Hydrox Corp.
9,850 1834 Jan 3234 Apr
BondsApr 9831 Jan
Illinois Brtck
85 60
100 78
75
76
Ja,
Consol Gas gen 434s..1954
88
87
87
May 5034 Mar
Inland Steel
195 36
Consol G,EL&P 4%5_1935 914 9134 9231
924 Ja
Apr 36
Slay8
III North Gill, prat_ _ _12
24 Mar
05
0 3854 3
88
5'4 839551
Ja
Series E 5348
100
974 98
1952 08
Inp
terrenta
et
rrLa
4
ed mp Corp__ _ _25
05 88
4,659
11y
9Se
10
Series A 65
1033e Ja
10231 103
1949
May 105
May
20 105
105
105 105
10834 Fe
Series C 7s
1931 1074 107 1074
Kup'heimer &Co(B), Inc
t ;onsol Coal ref 5s_ __ _1950 8734 87
Ja
90
8731
Preferred
100
92
92
Al
974
I Yavidson Sulphur 68_ _1027
96
96
Libby, McNeill & Libby 10
5% Apr
24 5
1\1
raY 98
38 96
459
634 sA
634
99% Ja
Elkhorn Coal Corp 6s_1925 974 974 974
Lindsay Light
2% May
44 Jan
200
34 334
9374 Jun
Fair & Clarks Trac 55-1938 9234 924 934
NA
lp
ar
314
,
Lyon & Healy, Inc, pref 19
A A pr 10
3L
1.97
,
0
3 9
984
99
91
Ma
Ga Car & Nor 1st 58_1929
91
91
McCord Bad Mfg Co...Co_ _ _ _• 364 34
3734
Ja
101
Houston Oil thy etts68'23-25
Apr
100 100
McQtuty-Norris Mfg w L. _• 2034 2034 22 A
315 1034 May 26
Ja
98
Lake Roland El gu 55_1942 964 9634 9834
Feb
Sliddle West Util, com_100 454 45
1,425 3631 Slay 53
48
5134 Fe
Macon Dub & Say 58_1947
5134 5134
Preferred
100 8234 824 824
275 8131 May 8614 Jan
964 Mr
Md Electric fly 1st 58_1931 9334 934 94
Prior lien preferred
Jan
May 104
97
29
Fe
Penns Writer & Pow 55 '40
9731
9634 9634
National Leather
5 June
831 Feb
72
United E L & I'446_1929 944 9431 9431
9534 ND
Philipsborn's, Inc, pref_ _1_9
May 38
12
Jan
1,87
_
97534 9
17
5
2
9
195
531
7434 Ja
United Ry & E 4s._ _1949
73
734
Pick (Albert) & Co
06
344 Mar
10 1206
1944
1 May 13
0-4
h.. 12
4
32
16
3 9
00
0 12
003
04
4
55
Ja
Income 46
1949
Pub Serv of N III, com____•
5234 524
(Is
T 98
Jo
1027
97
Pub Ser of N Ill, com_ _100 1004 10() 10031
9734
May 1034 Apr
103 100
60
1024 Jr
1049
1004 101
Preferred
Apr
100 9334 9334 934
20 914 May 99
Funding 55
y 774 Jf
1936 754 7531 7534
Jan
Quaker Oats Co
Mar 236
210
2,
100
100
220
210 220
'Wash Bait & Ann Is.. _1941 73% 73s 74
Y 774 Ft
Preferred
n lsig
1:13i
, Jan
flea Motor
• No par value.
May
1'N
Reynolds Spring Co,com-• 224 224 2214
100 2234 June 2674 Apr
Philadelphia Stock Exchange.-liecord of transactions Sears
Roebuck, com_ _100
S
77
77
Gas& Electric _50 2834 28
Jan 33
at Philadelphia Stock Exchange May 26 to June 1. both Stapnrdefaerrdred
43
10
9 7
2A Mar
17
731 lay9
2834
Mar
4
78
,
1 43
3
49
44
x 37:0
,
48
74 ,
inclusive, compiled from official sales lists:
,
Stweiw
fttd,
pr
Vac
rn0Speed,com_100
24
14
34 A9
Jan 15
59 89,4
Friday
100 104
Sales
1.38 102% Ma) 1093S Jan
10331 1017%
Swift International
Last Week's Range for
Feb 2134 Jan
Range gate Jan. 1.
15 184 18
1934 4,000 18
Thompson, J It. com_ _ _25 45
Sale.
of Prices.
Week.
200 4434 ?May 514 Jan
4534
45
StocksUnion Carbide & Carbon.10 5734 5731 5934 7,383 55si maY 6734 Jan
Par. Price. Low. High Shares.
Low.
United Iron Works v t c_50
Jan 134 Feb
6
300
Alliance Insurance
10
May
Jan 164
32
32
71
23
351 274 Jan 32 ^May United Lt & Rys,corn. _100 156
150
74 15674
First preferred
Amer Elec Power CO.._ _50 254 254 2634
Apr
Apr
Jan 94
275 75
Feb 30
2,060: 15
100 86
8534 S7
ig ipating prat__ _100 95% 9434 96
Preferred
Participating
Apr
100 6934 894 7034
Mai 994 Mar
110 90
Feb 78
70, 63
American Gas of NJ...100
804 83
2
Feb 834 May
May
24 May
172i 78
24 2,152
2
2
• 198
American Stores
19534 1974
May U El Gypsum
May 754Star
320 80
Jan 198
735: 163
May US Stores Corp. pref
2434 244 25
Div stock D W I
May
2,310 2434 June 25
Mar Vesta Battery Corp. corn.'
100
824
Brill(J G) Co
y
72
9
36
834 l‘
ls.itaar
Jan 91
150
99 922254
. 699
1,9851 49
97
20
6
254
7% 6
9
2654
25
Preferred
96
100
98
h1rty Wah l
695 44
eb
y 98i985
83
84
s iFebF1s
May 58% Jan
24
20
0
u 184
May Wanner SlallCastMfg Co.
Congoleum Co,Inc
• 231
231 234
300 26
May 31
Apr
• 48%
Jan Ward, Montg & Co, pf _100 1114 12
Elsenlobr (Otto)
100
23 9534 Feb 111% Mar
684 69
4
167
:34 12
4
197%
134
wes
Wthe
.
ern Issued
Jan
Preferred
99
100 09
99
Feb 100
2,730 184 may 254 Feb
80, 98
Mills..'20 20
204 22
1
Class "A"
Electric Storage Battery_ 5
Jan 6634 Mar
61
37' 93
6234
495 54
Jan 104% Apr
* 99
974 99
General Asphalt
404 4031
10 37
100
4
may 5334 Mar
May 1031 Mar
1,69
6
5
• 54
General Refractories
534 54
1,000 23
370 424 Feb 5934 Mar Wolff Mfg Corp
May 3534 Mar
• 234 234 2434
Apr Wrigley, Jr. corn
insurance Co of N A_ _ _ _10 4934 494 494
2' 100
93 4234 Jan 50
Jan 114
Apr
634 64
205
35 223
Lake Superior Corp..._100
534 Jan 1034 Feb Yellow Cab Mfg. Cl "B".2
18
98
7%
Apr
10
5 263
Jan 298
2
16
93
7 2
50 70
Lehigh Navigation
6931 70
Jan Yellow Taxi Co
May 75
18,43
113 68
95
9131 91
7034 Jan 9834 Apr
BondsLehigh Valley
634 6334
50
May 71
100 62
Feb
Feb Chicago City fly 58_ _ _1927
40
Jan 40
40
Leh Val Transit, Prof.. 50
804 8034 132,000 7631 Feb 8334 Mar
50 35
21
10
Feb 2234 Jan Chic City&.Con Rya 55 1927 58% 5631 58
21
Lit Brothers
47,000 47
70 20
Jan 8531 Mar
Feb Chicago Rys 45, Ser "1327 5034 5034 5034 10,000 47
514 514
Minehill & Schuyl Hav _50
Mar 53
9 50
Jan 854 Mar
Commonw
Jan
58
.8
58
Penn Cent Light & Pow.
Edison 58_ _1943 97
8 544 Apr 58
97
97
2,000 9534 May 10534 May
Cu
hidcac
hy
asPI
I
79 7931
North Pennsylvanla....50 79
C
Ist1s
StIL5
37 784 may 8134 Jan C
.3
47
:4_6 864 8634 8634
2,000 86
Apr87 May
Pennsylvania RR
44
50
444
1.292 434 May 474 Jan
93
93
3.000 93
MaY
May 93
Phila Co. Pt (cum 6%)-.50 414 414 4134
162 414 May 4534 Feb Mutual Fuel Gas 1st 5s1947
9234 9234
2,000 9234 May 924 May
05 284 284 2834
Phila Electric of Pa
3,806 2731 May 334 Jan
*
No
par
value.
z
Ex
-dividend.
304
Preferred
2931 304
25
772 294 May 33343 Jan
Warrants, when issued_ _
3
3
Apr
4
334 11,743
234 May
Pittsburgh Stock Exchange.-Record of transactionsat
31
0
31
14
Feb
Phila. Rapid Transit_ _ _50 314 60
Jan 33
255 30
Philadelphia Traction_ _50 80
Jan Pittsburgh Stock Exchange May 26 to June 1, both inMay 67
807 80
50
50
50
Feb clusive,
Readied Co, 2d pref.
May 55
8 50
compiled from official sales lists:
98
Scott Paper Co, pref._ _100
98
May
May 99
50 98
175 175
50
May
13th & 15th St Pass
100 175
May 175
Friday
Sales
T000-Belmont Hovel_ _ _ _1 13-18 13-16 15-16 1,400 13-18 May
134 Jan
Range since Jan. 1.
Last Week's Range for
1
Jan
TonoPall Mining
Sale.
Week.
of Prices.
50 39
Jan
234403
Union 'Fraction
38
Stocks1;
4
1 39
14
ay
4
49
15
5 38
May
High.
14
14 M
Par. Price.. Low. High. Shares.
Low.
195 195
100
Jan
United Cos of NJ
.10 19434 May 200
4934 5034
50 50
Apr Am Wind Glass Mach_ _100
United Gas Impt
1,163 474 May 58
Mar
Feb 95
105 79
81
81
50
Preferred
X5494 5534
80 z5431 May 5634 Feb
Preferred
May 10734 Mar
20 91
100
92
924
42
42
United Rys & Inv, pref-100
Mar Arkansas Nat Gas, com_ 10
May 55
1,200 42
Jan
May 10
1,060
84
7
631
35
35
West Jersey & Sea Shore_50
Mar Indep Brewing, corn_ _ _ _ 50
Jan 43
220 33
4
3;4 Jan
Jan
20
4
4
50
Westmoreland Coal
67
6734
50 8534 May 8834 Mar Lone Star Gas
May 27
Feb
1,158 23
25
25
25%
31
50
31
York itallwaYs
Apr 314 Jan
15 31
Mfrs Light & Heat_ __ _100
May 60
Feb
183 .51
53
53
795m ciLi in
Eg
2504
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
Bonds (Con.luded)
Nat Fireproofing, pre1_50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas_ _25
Pittsburgh Brew, coin 50
Preferred
50
Pittsburgh Coal, com_100
Pittsb & Mt Shasta Col).A
Pittsburgh Oil dr Gas_ _100
Pittsburgh Plate Glass_10
Salt Creek Consol 011__ _1
Stand San Mfg. com_ _ _100
Union National Bank_ A00
Union Natural Gas_
100
U S Glass
100
West-house Air Brake_ _ _50
W'house El & Mfg,com_50
West Penn Rys, pref
100
West Penn Tr & WP pf_100
New
York
Curb
14
3231
20
180
734
75
27
8514
5511
Range since Jan. 1.
Low.
$130 1634
1634 1631
210 12
14
14%
713 3131
32%
32
120 1811
20
20
134
300
2
2
66
534
531• 514
100 58%
6631 6611
180 190 11,000 16c
734
300
734 714
31 165
168 168
9
250
10
10
56 73
77
75
13 325
325 325
450 2331
2534 2531
430 2414
27
2714
787 83%
8434 86
270 54
55
5631
8414
60 77
83
10 7031
83
83
may
High.
21
Feb
1816 Feb
3611 Mar
May
Apr
May
May
211
May
Jan 6634
May 28c
June 1031
Jan 205
May 1734
Mar 8534
May 325
Feb 2714
Mar 28
Mar 120
May 6911
Apr 86
Jan 85
Jan
Mar
Mar
Jan
Feb
Jan
Apr
Apr
May
Mar
Feb
Feb
Mar
May
May
Market.-Below is a record of the
transactions in the New York Curb Market from May 26 to
June l
both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from tho Broad Street curb to its now building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Sales
Friday
Last Week's Range for
Week,
Sale.
of Prices.
Par. Price. Low. High. Shares.
Week ending June 1.
Stocks-
fvoz.116,
THE CHRONICLE
Indus. & Miscellaneous.
334 5
Acme Coal Mining new 10
10 190
16e 20c
Acme Packing
2231 2231
Aluminum Mfrs common-5
18
1834
Amalgam Leather, corn __. 18
134
134 134
Amer Drug Stores class AA
3734
•
I_
3831
new.
w
com.
G&E,
Am
41
50
4114
Preferred
American Hawaiian 9 8_10 1634 1614 1731
11101 118
Amer Lt & Trac. corn_ _100
Amer Locomotive new wl* 6831 6734 7131
American Stores new ___• 2431 2431 25
* 19434 19414 19611
Old stock
231 231
AmerWritingPaper.com100
36
36
Archer-Daniels Mid Co....* 36
91
Armour & Co of Del, pf.100
9131
174 134
•
Atlantic Fruit Co
11531116
Borden Co, common_ _ _100
Bridgeport machine Co....• 1531 1534 1614
Brit-Amer Tob ord bear_.£1 2334 2234 2334
Li 234 2234 2334
Ordinary
1214 1211
British Int Corp, Cl B......*
931 10
10
Brooklyn City RR
33
33
Bucyrus Company__ ..100
•
111
131 134
Buddy-Buds,Inc
10634 10634
Campbell Soup, pref _ _ _100
134 134
Car Lighting dr Power_ _25
90
91
100 90
Celluloid Co, corn
109 109
100
Preferred
111 134
Cent Teresa Sugar. com_10
1314
Centrifugal Cast Iron Pipe* 1314 13
Checker Cab Mfg, Class A• 5211 5014 5234
474
4
511
Chic Nipple Mfg Class A.10
211 234
234
10
Class B
111 234
234
Chicago Steel WheeLcom_5
4
514
414
10
Preferred
153 159
Cities Service, com____100 153
100 6734 6734 6731
Preferred
Cities Serv, bankers' sh_. 1531 1514 1611
40
90
Colombian Emerald Synd.
500
50e 500
Colombian Syndicate
Colorado Power, com-_100 2111 2134 2114
5
434
434 5
Cox's Cash Store::
734 711
Curtiss Aaron'& M.com_*
35
35
Preferred ctfs of den-Del Lack dr West Coal__50 854 8534 8634
Douglas-Pectin Corp____* 1314 131.4 1314
914 1034
934
DubIller Condenser & Rad*
531
5
534
Du Pont Motors, Inc__ ...•
• 4934 4834 54
Durant Motors. Inc
12
1214
Durant Motors of Ind ..._ _10 12
2534 27
Eaton Axle & Springitio * 26
35
3534
Edm'd.1 & Jones Corp corn*
97
Wee Bond & Share pref_100 97
97
186 190
Equitable Tr Co of NY-100
20
23
Fay Taxicab, Inc
474 5
Federal Tel & Tel
5
425 440
Ford Motor of Canada 100
275 - 277
Gillette Safety Razor_ _._.
Glen Alden Coal
* x6931 x68
71
14
1434
Goodyear Tire & R.com100 14
Hanes(PH)Knit com_ _10 1434 1434 1434
Hanna(MA)Co, pref.100 94
9314 94
Havana Tobacco, pref-See note below.
Hayden Chemical
2
•
134 234
Hudson Cris pref
,1434 1611
100 16
Hudson &Man RR.com 100
934 1031
Hydrox Corp. corn
•
2111 2311
Imperial Tob of G B & LEI 17
1614 17
Intercontinental Rubb-100
434 511
Internal Carbon
•
6
7.34
8
Kup'h•mer(B)& Co pf_100 90
90
90
Leader Production
114
134 331
Lehigh Power Securities_ •
2231 23
Lehigh Valley coal Sale6.50 80
7911 85
Lucey Mfg Class A
50
834
834 876
McCrory Stores Corp__100 166
165 166
New stock
4074 42
• 74c
550 800
Mercer Motors
•
834 934
Mesabi Iron Co
• 1511 1511 18
Midvale Co
2234 2234
MissisSIDIO RivPow com 100
100
98
98
Preferred
1034 1031
Motor Wheel Corp,com_10
* 41
41
42
Munsingwear, Inc
5611 60.11
Nat Surer Co(of Del)com 50 57
334
334 334
New Mex & Ariz Land__ _1
1091.4
10911
110
100
pret._
6H%
N Y Tel
1
1
Nor Amer Pulp & Paper_ -"
30
30
Northern Ont L & P pf_100 30
1
236
•
Oselda Corporation
Patterson Bros Tob cl A_ _* 124 1134 14
44
43
Peerless Truck & Motor_50 43
29
29
Philadelphia Elec, pref_ _25
54c 56e
Prima Radio Corporation.] 56c
931 931
PYrene Manufacturing_ _10
Range since Jan. 1.
Low.
High.
800
334
17,000 150
100 2134
600 1434
300 550
1,000 3234
800 41
300 153.4
20 111
16,500 6531
1,700 2331
60 183
2
100
loo 36
850 90
May
6 May
May 350 Jan
Feb 2231 Jan
Mar 1911 Apr
134 Apr
Mar
Feb 4614 Mar
May 4611 Feb
Jan 2534 Mar
Apr 140
Feb
May 713.1 May
May 25
May
May 19634 May
May
331 Apr
June 4031 May
Apr 9914 Feb
100 I% Jan
234 Feb
Mar 122
120 110
Jan
3,100 14 May 1631 May
6.900 1931 Jan 2334 June
2,100 1931 Jan 2331 June
100 1134 Apr 1834 May
731 Jan 1031 Mar
300
100 3034 Apr 33
Apr
9.500
111 May
131 Feb
200 106
Apr 10931 Feb
2,100 75e Mar
131 Jan
60 81 May 100
Feb
20 10634 May 1104 Mar
1,200
111 May
234 Mar
1,700 10
Jan 15
Feb
1,700 46
May 8634 Feb
231 Jan
11,600
511 Apr
211 May
1.600
334 Apr
4,700
131 May
331 Feb
4 June
26,700
934 Feb
959 153 May 195
Feb
1,300 6631 May 70
Mar
2,254 1431 May 1931 Feb
19,000
3c May 45e
Jan
100 50c June
131 Jan
20 21
Mar 2534 Mar
4,100
334 Feb
8
Mar
5
200
Jan
831 Mar
100 35 May 35 May
325 82
Jan 9034 Apr
1 800 1214 May 1414 Apr
4 200
434 Jan 1334 Apr
5 May
800
731 Apr
7.400 3734 May 84
Jan
210
931 May 2534 Jan
2,900 24 May 3034 May
50 24
Mar 3534 May
20 97 June 99
Mar
20 182 May 194
Mar
1,200 20 May 23 May
3,000
331 Apr
7
Jan
70 400
Jan 460
Mar
110 259
Jan 292
Apr
2 400 56
Jan 7511 Apr
2.000
934 Mar 1634 May
100 1434 June 1434 June
400 9231 May 102
Jan
14
3,500
2.000 13
.000
934
3.700 20
400 1634
1,800
431
900
5
100 90
2,600
134
700 18
100 78
100
7
30 162
200 4031
2,300
50c
200
834
600 12
10 224
32 82
100 1034
1,000 41
3 100 5034
100
294
450 1084
100
1
70 23
900
1
900 1134
700 3814
40 29
4.800 540
200
9
Jan
234
May 1734
May 1234
Jan 25
May 2134
Jan
634
May
834
June 9634
411
May
Jan 25
May 90
Mar 20
May 182
May 42
May
4
May 1231
Apr 2134
May 27
May 98
Jan 1331
May 4234
May 7031
Mar
4.4
May 112
Jan
111
Apr 30
May 15
May 1531
May 80
May 3131
1
May
Mar 11
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Radio Corp of Amer,corn•
5
Preferred
Ron Motor Car
10
Repettl, Inc
5
Southern Coal & Iron
5
Southwest Bell Telep pf 100
Stutz Motor Car
•
Swift dr Co
100
Swift International
15
Technical Products Comb
Tenn Ry, L & Pr, corn..100
Timken-Detrolt Axle_ _ _10
Tob Prod Exports Corp- •
Todd Shipyards Corp_ _ _•
United Bakeries, pref....100
United Profit snare. new.'
Un Retail Stores Candy-.
United Shoe Mach. com_25
US Light & Heat,com 10
10
Preferred
S Metal Cap & Seal. _10
Universal Pipe & Rad,w i•
100
Preferred
Wanner Malleable Cast_ •
5
Wayne Coal
Western Feed Mfrs.Inc WIllys Corp,1st pref.. _..100
1st pref ctfs of dep
YelloWTaxi Corp, N Y__ _"
Range since Jan. 1.
Low.
I
High.
3%
34 3% 7,700
331 Jan
414 Mar
334
334 37te 5,900
21,ni Jan
31,16 Apr
1534 1534 18% 5.900 1334 Feb 204 May
14
134 134 1,225
1
2
Jan
May
30c
25c 34c 23,000 20c, Ma) 50o MAY
10354 103 10334
200 10234 Apr 10334 Apr
1654 1634 1734 2,100 14% May 24% Jan
103 105
30 102 May 109
Feb
1834 1834
300 18
Feb 21
Feb
674
64 6%
631 May
800
94 Feb
2
100
234 Mar
Feb
1034 10% 11
515 10
Jan 13% Apr
331 411 4,100
331 May
6% Mar
x5231 5131 60
1,125 4934 May 60 IMay
8631 8631
100 83 May 93
Apr
5%
5% 6
4% Jan
3,300
7
Apr
53'
534 6
2,900
5
Jan
8
Mar
3334 3531
500 m3334 May 56
Mar
111 194 10,600
1
Jan
1% Apr
2%
231 3
1,100 90c
Jan
311 Apr
55c 55c
100 be Feb
1% Feb
15
1414 15
700 1231 May 20% Apr
61
62
300 5934 May 72
Apr
27
27
400 26
May 3154 Apr
191 131 1,600
134 may
231 Jan
411 674 14,900
431
414 Juno
634 May
7
734
7 may 1134 Jan
200
7
7
100
5% Mar 1034 Jan
130 133
133
1,500 100
Feb 1524 Apr
Former Standard Oil
Subsidiaries
Anglo-American OIL__ _ £1
Borne Scrymser dr Co_-100
50
Buckeye Pipe Line
25
Continental 011
Crescent Pipe Line
25
100
Eureka Pipe Line
Galena Signal Oil, com _100
Illinois Pipe Line
100
Indiana Pipe Line
50
National Transit.._ _ _12.50
100
New York Transit
Northern Pipe Line.. ._100
25
Ohio 011
25
Penn-Me: Fuel
100
Prairie Oil& Gas
100
Prairie Pine Line
100
Solar Refining
100
South Penn Oil
Southern Pipe Line_ _ _ _100
Standard Oil (Indlana)_25
Standard Oil (Kansas)_ _25
25
Standard 011(Ky)
Standard Oil (Neb)_ ......100
Standard 011 of N Y_ _ _25
Standard 011(0111o) COM 100
100
Swan & Finch
25
Vacuum 011
1534 1534 1631 2,825 1431 May
130
125 138
Jan
40 108
86
8514 85
195 80 'May
40% 41
300 3894 Feb
1814 1814 1834
10 1734 May
105 105
Jan
75 95
6514 63
6534
700 5714 Jan
162 170
445 162 may
96
96
Jan
98
190 95
25
25
Mar
2534
200 25
119
11834 124
125 116 May
10334 105
May
70 102
6631 6631 69
May
810 62
1614 18
5(10 16
May
199
199 214
May
1,045 197
105
105 10634
710 110334 May
190 190
Jan
20 180
149
144 150
May
640 130
98
99
60 96
May
5831 5834 al% 69,500 5431 May
44
44
4611
610 4131 Jan
9014 9034 9314 2,300 u80
Jan
220 220
Jan
10 186
3811 3814 4034 18,200 3534 Jan
289 289
Jan
10 274
31
31
Jan
20 21
443.1 4431 4831 10,400 4311 Jan
1934
150
94
50
26%
117
7931
171
103
29
138
110
8534
25
224
333
21214
196
116
6931
57
133
285
4911
317
39
5531
Jan
Mar
Jan
Feb
Feb
Apr
Mar
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Apr
Jan
Feb
Feb
Feb
Mar
Feb
Jan
Feb
Jan
Apr
Feb
Mar
Other Oil Stocks
1
Sc
60
Allied Oil
2,000
7
611 711 3,100
Ark Natural Gas, com_1(J
4
311 434 1,800
Atlantic Lobos Oil, corn_ _•
11
11
1111 5,300
Barrington Oil Co class A
18e
18e 180
7,000
Big Indian Oil dr Gas
1
1
700
Boston-Wyoming Oil_ _I
8
831
600
Cardinal Petroleum
5
5
534 9,505
Carib Syndicate
434
434 511 12,300
5
Creole Syndicate
134
400
134 134
Darby Petroleum
1431 1634 3,200
Derby Oil & Ref Corp.com*
8c 10c 34,000
Engineers Petroleum Co...1
1431 15H
1,000
Equity Petrol Corp, pref..- 15
58c 73c 58,500
5 58c
Federal 011
3531
400
General Petrol Corp com25 3434 34
4%
431 511 14,000
Gilliland 011, corn
82c 94e 12,900
10 82c
Glenrock 011
131 131
300
Granada Oil Corp, Cl A.10
25 5414 5411 5714 6,400
Gulf 011 Corp of Pa
1
1
200
Harris Consol Petrol Corp..
1 100
90 110 29,000
Hudson 011
32
33
1,200
Humble Oil& Refining_ ..25
35
3011 3134
200
Humphreys Oil
830
Imperial Oil(Can) coup_25 x10434 x10434 10915
International Petroleum...• 1611 1611 1834 28,700
1
95e
Die 4,200
Interstate Royalties Corp_l
16e
150 22c 79.500
Keystone Ranger Devel__
231 2%
100
Kirby Petroleum
234 211
800
Lafayette Oil Corporation..
20
2,000
2c
Lance Creek Royalties. _1
81c 81c
300
Livingston Petroleum..._.• 900
80c 80c
100
Lyons Petroleum
140 148
805
Magnolia Petroleum.....100 140
•
10
Mammoth Oil class A_
Maracaibo 011 Explor- -* 2334 2334 2531 18,640
331
231 434 12,200
Marland Oil
70e 750
600
Mexican Panuco Oil......10
10 84o
800 940 30,400
Mexico 011 Corp
1 19e
190 260 24.000
Midwest Texas 011
1
1% 111 1.400
Mountain & Gulf 011
Mountain Producers-10 1634 1631 1611 4,600
Mutual 011 vet trust Ws-. :1031 10% 1131 27 800
534
534 534 2.249
New Bradford 011w 1.„.5
500
Feb New England Fuel 011____ ------ 3611 39
1311 1331
400
Feb New York Oil
160 17e
8.000
Feb Noble(Chas F) Oil& Gas.1 100
10c 100
1
1,000
Northwest Oil
Mg
75e 83c 10,700
10 800
May Omar Ull & Gas
331
331 411
400
Jan Peer 011 Corporation
13
1431 14,700
10 13
May Peanok 011
131 114 5 700
136
Jan Pennsylvania-Beaver 011_1
_
33
33
36
1.500
May Phillips Petrol new w
431 511 5,400
5
Mar Royal Can 011 Syndicate..*
474
Corp..
411
434
-•
Petrol
600
Cons
Ryan
Jan
9%
9% 10
700
Jan Salt Creek Consol Oil
19
_10
19
Producers__
20
3,000
Creek
Salt
may
5
574
514 6
5,500
May Santa Fe Oil& Refining-5
334
3
311 12,450
Jan Sapulpa Refining
2%
231 211 14,400
Jan Seaboard oil & Gas
2c
2c
3c 23,000
Apr South Petrol & Refining_ _1
10
1 x1931 21834 2074 12,500
Feb Southern States 011
850
840 950 42 900
May Turman 011
1 200
20c 20c
1.000
Feb West States Oil & Land_ _5
7
6% 711 22,100
Gas
011,Sz
Wilcox
May '
1
70
7o lie 15,100
Mar 'Y" 011 & Gas
Apr
Jan
Apr
Mining Stocks
June
Jon
231
2
2% 3,600
Apr Alaska Brit Col Metals„..1
611
5% 6% 2,600
Jan Amal Lead, Zinc & Sm Cor
45e 50e 21.200
Feb Arizona Globe CoPPer---1 50c
10c
2c
2c
Jan Belcher Divide
1,000
40
4c
10c
5o 104,000
Jan Belcher Extension
Sc
Jan
531 May
214 May
1034 May
15o
Jan
87o may
6
Apr
431 Mar
2% Jan
1
Jan
13% MAY
8c
Apr
14%
. Feb
58e June
3331 May
3
Jan
81c May
131 Jan
5134 May
75c Apr
7c May
3034 May
29% May
99 May
15
May
95c May
150 May
134 Apr
1% Apr
lc May
Jan
75c
754 May
Mat
135
Apr
45
934 Jan
1% Jan
64e May
800
Jan
Sc
Jan
134 Jan
1431 May
1011 May
5 MAY
25
May
1234 May
15c May
10c
Jan
750 May
231 May
911 Jan
131 Apr
3231 May
414 May
4
Apr
911 May
1831 may
411 May
234 Jan
234 Jan
it May
1311 Jan
80o Mar
20c Juno
631 May
70 June
131
534
10c
2c
2c
May
May
Fe
Feb
Mar
17e Feb.
10
Mar
731 Jan
1131 May
30e Mar
134 Feb
811 Mar•
794 Apr
734 Apr
131 June
1S34 Apr
25e I Jan
1534 May
1
liJan
3811 Apr
7% May
2,u, Jan
3
Feb
6831 Mar
2111* Apr18c
Jan
4111 Mar
3934 May
123
Feb
2411 Feb
111, Ma)'
40c
Jan
4
Jan
234 Apr
4c Feb.
2% Mar
131 Jan
188
Jan
67
Apr •
2511 May .
431 June'
$3
Mar
2111. Mar
30o
Jan
131 Mar
2031 Feb
1534 Mar
511 May
52
Mar
21% Feb
30e
Jan
22e
Jan
1.11. Mar
13
Mar
1434 Apr
5
Mar
41% Apr
714 Mar
611 Mar •
14
Feb
2531 Feb
634 Mar
431 Mar
Apr
4
13e
Jan
2634 mar
131 Apr
30o Feb
1031 Jan
20o Mar
214
634
85e
7c
60
Mar
May
Feb
May'
Jan.
JUNI4 2 1923.]
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Mining (Concluded) Par. Price. Low. High. Shares.
THE CHRONICLE
Range since Am. 1.
Low.
'
High.
Bonds (Concluded)
3505
Friday
Last Week's Range Sates
of Prices.
Sale.
for
Price. Low. High Week.
Range sima Jan. 1.
Low.
High.
Jan 106
Feb
98
40
Jan Consol Textile fis
98% $5 000 98
1941 98
is Jan
10
lc
1,000
101% 1013( 10,000 98% Mar 10315 Feb
1931
16c 16e
8c Apr 160 May Deere dr Co 714s
3,000
90 Feb 288 May Detroit City Gas 65....1947 9915 9914 99% 6,000 99% Apr 101% Jan
12c 15c 16.000
Jan
101% 10231 6,000 101% May 104
_1952
300 35e
2,000 30: May 80e May Detroit Edison 138
Feb 9735 Apr
44,000 95
Apr Dunlop T&R of Am 78_1942 97
96% 97
134 234 6,300 90c Mar 83
99% 99% 2,000 9934 Apr 100% Jan
4
Mar Fed Lad Bank 435s_ _ _1942
100
2% May
234 2%
211 Jan Federal Sugar Os
1924 10111 10034 101% 15,000 10031 May 101% Apr
1% 1% 4,400
134 May
Jan
Os
1933 9834 98% 98% 47,000 98% Alm 98%IMaY
70 Apr 38c
80 100 153.000
100% 100% 1,000 9934 Mar 100% Apr
431 Mar Fisher Body Corp 613.. _1924
2% Mae
3% 311 4,300
99% 99% 20.000 9834 Apr 100% Feb
Jan
65
8c Feb 15c
1925
10C 100
2,000
Feb
5% Feb
96% 98% 11.000 9815 May 100
Os
4% Jan
1926
434 5
2,200
May 9935 Feb
Apr
1% Mar
68
1927 9715 9634 9711 29,000 96
65c 670 14,100 62c
Feb
Mar
9835
94%
112,000
Jan
9614
97%
June
15c
65
1928 9731
1c
10
lc
3,000
Apr 9934 Jan
Apr
3% Apr (lair (Robert) Co 78_1937
96% 96% 1,000 96
2
311 311, 1,600
104% 10515 7,000 103% mar 105% Mar
55c 58e
1,300 320 Feb 72e Apr Galena-Signal Oil 78..1930 105
Jan
431 Mar General Asphalt 85_ _ _1930 10015 100% 100% 1,000 100% June 105
100
234 Jan
334 3%
Apr
Jan General Petroleum 68.1928
9734 9715 11,000 97% Apr 98
60 May 13e
6.000
6c
6c
107
Jan
10331
10,000
May
105
Jan
104%
Apr
251
Grand
Trunk Ry 610_1936 105
134
151 1% 2,300
935 Feb Gulf Oil of Pa 58
7% Malt
500
1937 9534 94% 9531 30,000 9315 May 9735 Jan
7% 734
Mar 100% AM
Jan Hocking Vall RR 65..1924
4o
100% 10035 4,000 100
lo Apr
lc
lc
1,000
Jan
37e
Jan
Hood Rubber 7% notes.'36 10111 101 101% 11,000 10035 Jan 102
110 15c 25,000 10e Mar
5,000 95% Jan 100 May
100 100
20c 268 98,100 170 May 74c Jan Interb K T 8s j P M rcts
Jan
Jan 97c Mar Kansas City Term 6s_1923
10031 100% 2,000 10031 Apr 101
80c 80c
100 60c
Jan 10531 Jan
200 62e Feb 760 Apr Kennecott Copper 78.1930 10315 10314 103% 49,000 103
67c 670
8.000 9914 Jan 102% Jan
100 100
43c 46c 27,000 300 Feb 50e Mar Libby McNeill& Libby7s'31
May
3,000 10115 Mar 104
24e
Jan Liggett-Winchester 7s 1942
10335 104
70 AP
100 lie 37,000
Mar 91% Jan
Jan Loulsv One dr Elec 5s_ _1952
88% 45,000 88
88
4c Jan 34e
80
8c
1,000
Jan 102% Feb
9831 9831 3.000 95
430 45c 10,000 290 Jan 7130 Feb Manitoba Power 7s._ _1941
Mar 24915 May
Jan 570 Mar Maracaibo Oil Exp 78_1925 232
232 24935 15,000 105
4,000 35c
40e 41e
Apr 106% Jan
7,000 98
Jan
6c Jan Morris di Co 7%a
lc
2.000
lc
lc
1930 102% 102% 103
Apr 97% Mar
95
Jan
17,000
Jan
13c
Nat
Acme
Co 7358.. _ _1931
Sc 11,000
30
9534 98%
3e
Jan
Mar 102
3c May 10c Mar National Leather 8s__1925 10035 100 100% 17,000 100
Sc 15,000
30
8935 Mar
Jan
9% Apr New Orl Pub Serv 5s_ _1952 84% 83% 84% 40,000 82% AD
8
81
,
800
8
92
Jan
Apr
8411
Feb
Ohio Power 5.4
160 20c 37,000 15c Feb (160
88% 16,000
1952 8834 88
90% Jan
AD
lists Feb Penna P & L 5s B....1952 8835 88
13 000 86
1% Jan
171., 1% 3,800
89
Jan
105%
10211
Mar
Feb Phfla Electric Os
5.000
600 11% May 14
10435
1134 1134
104%
1941
74c Mar
5%8
500 580 Fe
650 65c
1947
10035 10014 1,000 98% AP 102% Jan
3% 335 3,600
2% Jan
4% Mar Phillips Petrol 754s...1931
25,000 99% May 103% Feb
Without warrants
30c 40c 79,000 300 Jan 48c Mar
9931 99% 100
Jan Public Fiery Corp 78_ _1941 102% 102 10234 28,000 101% May 104% Jan
30c 32c
9,500 28c Jan 38e
3% Feb Pub Serv Elec Pow 63_1948 9711 9735 9851 57,000 9735 Apr 9815 May
2% 2% 1.000 950 Apr
1% Apr Sears. Roebuck & Co 7s'23 100% 100% 100% 3,000 100% Apr 101% Jan
92c 97c
5.000 900 May
20c 250
3,000 20e June 70c Apr Shawaheen Mills 7s.._1931 104% 103% 104% 28,000 103% May 10534 Apr
Feb 98% Feb
2% 231
3% Jan Sloss-Sheffield S & Ills 1929
200
211 May
9735 97% 6,000 96
Mar 105% May
7c
Apr Solvay & Cie 88
2e
30
2,000
lc May
1927 104% 104% 105% 24,00 104
9714 Jan
Mar
87
30e 33e
2 000 230 Apr 40c Feb South Calif Edison 55_1944
18,000
89% 90%
3c
4c
3c Mar 100 Jan Stand 011 01 NY 6346_1933 10635 10634 106% 11,000 104% Apr 107% Jan
4,000
Apr 1055( Jan
52c 52c
5,000 52e June 52c June
7% serial gold deb _ _1926 104% 104 104% 8,00 103
Apr 107% Jan
7c Jan
30
3c
7% serial gold deb__1927 105
1,000
3c Apr
105 105% 10,00 103
14c 15c 20,000
7% serial gold deb_ _1930
60 Jan 150 Jan
3,000 Dm 31 Feb 10935 Jan
106 106
Feb
231 Mar
7% serial gold deb.-1931
134 231 1,300
135 Jan
10611 10631 6.000 10611 May 110
Mar
Jan 930 Apr Sun Co 7s
55e 64c 12,200 10c
1931 10234 102% 10211 4,000 101% Feb 103
Feb
94
320 Jan Swift & Co 5.4_ _Oct 15 1932 9135 91% 9134 60,000 89% Ma
11c 17c 27,300 lie Jun
18
18%
200 16% Jan 2435 Mar Tidal Osage 011 78. _ _1931
8,000 10231 Ma 104 May
104 104
4% Mar Union 011CoofCalif6sB'25 100% 99% 100% 20.000 99% May 100% Apr
3
3% 4 300
234 Jan
160 161%
155 160 May 180% Mar United Oil Prod tie 85..1931 102
101% 10234 24,000 96% Jan 106% Mar
Jan
550 68c
5.800 300 Jan 680 Apr United Rys of Hay 7154'36 105
105 10611 5.000 10434 Apr 107
8% Mar Vacuum 011 70
5% 531
700
1936
531 Jan
10615 106% 44,000 10635 May 10731 Jan
Jan 100 May Wayne Coal Os
Sc 10c 17,000
5315
Jan
3c
May
1937
68% 6835 1.000 61
Mar
50c 68c 40,200 370 Jan
4% Jan
3 May
3%
300
3
Sc May 110 Mar
8c
Foreign Government
Sc
1,000
331 Apr
and Municipalities
234 334 1,800
May
2% Mar
Fe
1
131 1% 8.800
Sc Mar Argentine Nation 7s-1923 100% 10014 100% 583.00 100
lc
2c
Jan Inn j..5 Jan
2.000
Is May
Sc Feb Mexico 4s
2c May
5,000
3635 Jan 4435 Mai
1945 43
3c
42% 44 135,00
30
6s 10-year Series A
14c 18e 10,000 100 May 29c Feb
35,000 5534 Mar 6315 May
62% 63
3c May 19e Feb Netherlands (Kingd)6813'72 10011 99% 10035 74,000 97% Ma 100% Feb
3c
Sc
7,000
Feb 100% Apr
1
114 9,500 80c May 1% May Peru (Republic) 85.. _1932
98% 9811 2.000 97
58c 80e
3,700 420 May 800 June Russian Govt 5%s ._1921
Mar
1% Apr
9
Mar 18
Certificates
1
1
1,000 50e Mar
1135 1115 20.000
Jan
Apr Switzerland Govt 5548.1929 10035 100% 10034 39,000 10031 May 104
4c May 25c
7c 100 11,200
100 140 26,000 100 May 40c Feb
ge
Jan
4c May
1,000
Sc
Sc
• No par value. k Correction. m Dollars per 1,000 lire flat. I Listed on the
28c 37e 12,000 28c May 500 Feb
8,000 210 Feb 500 Apr Stock Exchange this week, where additional transactions will be found. o New
300 31c
Apr
1
Apr
900
1
1.000
95c
234 May
435 Jan stock. a Ex 66 2-3% stock dividend. r Ex 100% stock dividend. t Ex 200%
100
3
3
4e Mar 14c May stock dividend. w When issued. SEX dividend. y Ex rights. z Ex stock divlie 120 33,000
Jan
16c
Feb idend.
3e
40
30
2,000
Jan 160 May
lo
3,000
90 10c
Ex-stock dividend of 40%.
1% May
Jan
134 135 20,000 Sic
Note.-Fifty shares of M.A. Hanna Co. pref. stock reported sold at 50e. last week
111s Jan
800 May
80c 98c 12.700
52c May 89c Mar was an error. Should have been Havana Tobacco preferred stock.
540 640 23,900
4
Mar
2
235 4,900
1% May
215 Jan
Iht Jan
115 1% 1,850
20005c May 16c Feb
80
80
35e 35c
1,000 300 May 670 Feb
2111 Feb
114 Jan
1% 211 24.300
New York City Banks and Trust Companies.
888 86c
800 600 Mar 89e Apr
32% 3435 1,000 26% Jan 38% Apr
AU prices donors pa share.
1% Apr
1
1
100 75c Feb
Apr 23c
Jan
17c 19e 20,000 130
Ask Trust Co.'s Mt AM
Bid
Banks
5% Mar danks-Ft.Y. BM
331 Jan
700
AAI
434 434
New York
535 May imerica _ _ 237 241 Harriman_ _ __ 335 350
5 Jun
554 1,500
5
American- --amer Exch._ 290 294 Imp & Trad__ 752
77c May
52e 600
3.200 52e Jen
Battery Park. 137 145 'Manhattan S. 145 148 Bank of N. Y. 460 467
Sc Mar a
3e
4c
lc Jan
6.000
& Trust
Mesh & Met_ 390 396
1% Jan
920 980 29,800
900 May
115 140 Mutual*
310 _ Bankers Trust 357 362
60 Jan BroadwayCen 444
lc
20 56,000
lc May
Union 454 458
Central
Bronx
145
Boro•_
125
135
iNat
America
,
55c
Feb
Jun
180 180
1,000 18c
115 130
10c 100
2,000
40 Mar 280 Apr Bronx Nat _ _ _ 150 --- National City 349 352 Commercial__ 315 320
Empire
Ittryant
140
Park*
157
130
Natio_
120
New
Jan
Jan
2c
2,000
70
70
191
188
'Tr_
Equitable
Butch
&
Drov
130
300
138
'Pacific •
Apr
31% 31%
100 1935 Mar 35
420 426 Farm L & Tr_ 521 527
211s Apr Cent Niercan. 195 205 :Park _ _
1% 1% 5,200 788 Jan
Chase_ _
345 349 Port Morris
150 160 Fidelity Inter 198 205
250 260
Chat & Phen. 252 256 Public
295 305 Fulton
Chelsea Ezell* 70
80 Seaboard.. - 358 362 Guaranty 'Tr_ 286 271
200
Hudson
98
Chemical
543
550 Seventh Ave. 88
Bonds
Coal & IrOn__ 217 223 standard .4_ 170 185 Irving Bank
5.... 375
231
ColumbfaTt
228
Colonial
330
315
State*
May
76%
Jan
Allied Pack cony deb 68'39
61
60%
$6,000 58
Law Tit & Tr_ 190 200
68
May 8434 Jan Columbia__ 235 245 Tradesmen's• 200
8s Series B
1939 68
68
3.00
68
Metropolitan_ 298 305
Jan Commerce... 295 297 23d Ward._ _ 270
Aluminum Mfrs 7s...1925
103% 103% 3,000 10235 Apr 104
Mutual(W
May 107
Mar Com'nwealth• 235 245 United Statees 163
7s
1933 105% 105% 105% 6,000 105
cheater)
120 130
Wash'n Ilts•_ 200
Feb 9631 Jan Continental.- 135
91
Amer Cotton Oil 613_1924
91
7,000 85
Dorn
N Y Trust-. 340 344
Exch..,.
425
800
_
_
Yorkville
•
432
98%
Mar
03%
Apr
Amer G & E deb 6s._ _2014 94% 9415 9435 23,000
366
Title
&
Cu
362
Cosmoplan...
105 115
Jan
May 110
Amer Lt&'Trao 6s_ _ _1925
106 106
1,000 106
U S Mtg & Tr 308 316
May 101% Feb East River.... 210
Without warrants_ _1925
100% 100% 5,000 leg
Fifth
1230
United
1210
States
1
Avenues
1
9
5
5
0
13
.
&F)
100%
Brookittn
Jan
Amer Rolling Mill 60._1930 9915 98% 9934 25,000 98% May
242 252 Coney Island* 155 165 Westches. Tr. 180
Amer Sumatra Tob 78_1938
100 100% 25,000 9534 Jan 100% May Fifth
First
droottya
320 355
1205 First
Amer Tel & Tel 6s....1924 100% 100% 100% 50,000 100% Mar 101% Jan Garfield
130 140 Brooklyn Tr_ 470
270 Mechanics'
Anaconda Cop Min 78_1929 103% 103 1034 7,000 10234 May 10411 Jan
Kings County 800
195 Mootauk •._ 170'
Apr 103% Feb Gotham
6% notes Series A..1920 10134 101% 101% 28,000 101
225 240 Manufacturer 260 270
2190
863
Nassau
Mar 103% Jan Greenwich"'- 2
Angio-Amer Oil 734s_ _1925 1034 102% 10311 44,000 102
395 415
675 iiE People's
People's
160
Armour & Coot Del51043 90% 90
88% Apr 96% Jan Hanover
90% 132,00
Mar
June
62
Atl Gulf & WI SS L 5s.1959 47
47
50
47
21,00
Beaver Board 8s
1933 8115 80
82
•Banal marked with (*) are State banks. I New stock. s Ex-dividend. IF
17,000 65% Feb 823,4 May
Jan 8135 Apr eights
Certificates of deposit_ _ _
79
79
1,000 68
Feb
Beth Steel equip 70_1935 _
10215 102% 47,000 102% Jan 104
Boston & Maine Os.._1933
90
90
5,000 87 May 95% Feb
Canadian Nat Rys 78_1935 107% 106% 107% 19,000 106% May 11035 Jan
99% Feb
1925
99% 99% 5,000 98% Ma
58
New York City Realty and Surety Companies.
100 10011 9,000 100
Canadian Pacific Os__ _1024 100
AP 101% Jan
1941 107% 107 107% 12,000 106
Feb 108% Apr
Central Steel 88
49 Mims (fakirs per share.
Mar
9434 95
Charcoal Iron of Am 881931
Jan 97
16.000 94
92
92
Cities Service 76,sec C 1966
2,000 90 May 96% Apr
Ask
Bid Aak
BidAsk Realty Assoc Bid
1966 91% 9034 9135 17,000 90
Apr 9331 Feb
78,Series D
(Brooklyn). 163 168
20
Jan Alliance ll'Ity 97 102 Lawyers Mtge 158 162
26
Colum Graphophone 13s '25
6,000 18 May 30
Jan Amer Surety_ 95
97 Mtge Bond.. 110 115 U S CasualtY. 135
Certificated of deposit... ------ 17% 1735 1,000 17% May 35
102% 103% 16,000 10034 AP 103% Jae Bond & M 0. 265 275 Nat Surety.. 164 166 U8TItleOUal 130 138
Cons G,E L &P Bait(is'49 103
Westchester
1931
68 N Y Title &
10615 107
78
AP 10831 Jan Olty laveatlas 65
7,000 105
Title & Tr,-1 200 220
Preferred.. 92
Mortgage,.. 190 200
1952 9835 98
Jan
98
Apr 100
5545 %
98% 10.000 97
Big Ledge Copper Co__ _5
Black Hawk Con Mines_ _1
Heston & Montana Dev--5 12e
Boundary Red Mr mbe1%
Butte & West Mtn Co_ _ _1
5
Calaveras Copper
1
1%
Canario Copper
1
60
Candalaria Silver
Consol Copper Minas_ .. 5
Consol Nevada Utah Corp- 100
3%
Continental Mines. Ltd-1 68e
Cortez Silver
Crackerjack Mining
lc
Cresson Con Gold M M.1
3111
550
Crown Reserve
10
Davis-Daly Mining
Divide Extension
1
60
111
Dolores Esperanza
1
East Butte
Emma Silver
Eureka Croesus
1 lle
Fortuna Cons Mining
25c
Gadsden Copper
1
Gold Coin Mines
Golden State Mining
Goldfield Deep Mines Co Sc 10e
Goldfield Development ___ ______
Goldfield Florence
1 43c
Goldfield Jackpot
1 40e
Goldfield Oro Mining
Hard Shell Mining
1
3c
Harmill Divide
100
Sc
Recta Mining
25e
Henrietta Silver
220
135
Hilltop-Nevada Mining _ _
Hollinger Con Gold Mines 5 12
Flomestake Eat Min Co _1
334
Howe Sound Co
1
Independence Lead Min...1 32c
Iron Blossom Cons Min 1
2%
Jerome Verde Developl_ _1
92c
Jib Com!Mining
Kelly Extension Mining__ 20c
5
Kerr Lake
10e
Knox Divide
5
La Rose Mines
Lone Star Consolidated_ _1
Lorrain Sliver SYnd lAd - 520
1
MacNamara Mining
14c
Marsh Mining
5
Mason Valley Mined
Mohican Copper
1 620
National Tin Corp
50e 110
New Cornelia
18
New Dominion Copper---5
3
New Jersey Zino
100 160
N Y Porcupine Mining-- 590
Nipiesing Mines
Nixon Nevada Mining Co.
70
OhioCopper
1 590
Park Utah Mining
1
Peterson Lake
Premier Gold
2%
Ray Hercules, Inc
5
Red Hills Florence
Rex Consolidated Mlning.1
30
Richmond Cop M & Day,.. 17c
RochesterSilver Corp_ ..1
St Croix Mines Corp
Salida Mines
80c
Silver King Consol
Silver King Mid° Reorg
8c
Silver Mines of America... 12e
Silver Pick Consol
5c
Silver Queen Mining Corp.
SimonSilver Lead
1 30e
Snow Storm Silver Lead... 95e
South Amer Gold & Plat.1
Spearhead
12c
Superstition Consol
Sutherland Divide
90
Took-Hughes
1
1%
Tonopah Belmont Dev__
83e
Tonopah Divide
1 56e
Tonopah Extension
1
2
Tonopah Mining
1
1%
Tri-Bullion S & D
5
Tuolumne Copper
1
United Eastern Mining _ _1
2
United Imperial Mined_ _.1
United Verde Extension-50 33%
United Zinc Smelt
1
U S Coot Mines
190
Unity Gold Minot
5
431
Valenciana Deep Mines__
535
Verde Min & Miffing
590
Vlotory Divide
10e
West End Consolidated. 5 940
West End Extension Min_
Western Utah Copper_ _1 180_
Wettlaufer Lorrain
White Caps Mining._ 100
Yukon-Alaska trust(emits_
Yukon Go:d Co
5
1%
2506
Znitestuunt
and failrout itUiene
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Akron Canton & Y. April
221,762 171,639
833,749
673,140 MinnStP&SSMCo April
2,151782 1.805.193 8,611,927 6,521,877
Alabama & Vicksb_ March
272 471 262,013
840,688
731,804 Minn StP&SSM Sys April
4,009,156 3,193,367 15,216.788 11,520,311
Amer Ry Express__ January
12696179 12836389 12,696.179 12.836.389 Mississippi Central_ April
130,497 116,904
480,342
599,790
Ann Arbor
96,195 1,843.838 1.884.677 Missouri -Kan & Tex April
3d wk May 113,975
2,737,297 2.585,614 11.225,465 9,671,368
Atch Top & S Fe_ _ _ April
16358057 13828071 63.529,198 52,803,796 Mo 1( & T Ry of Tex April
1,446,134 1,607,472 6.303.392 6,454,120
GulfColo & S Fe_ March
1,817.505 1.717,985 5,511.909 4.831.077
Total System_ _ _ April
4,183,431 4,193.086 17.528,856 16,125,488
Panhandle S Fe April
649.258 608,198 2.442,702 2,296.346 Missouri Pacific_ _ _ _ April
9,198,235 7.684,956 34.805,107 31,247,132
Atlanta Birm & Atl_ April
382,132 313.436 1,581,520 1,199.788 Mobile & Ohio
3d wk May 378,769 340,413 8,227,508 6,568,030
Atlanta & West Pt_ April
212,743
253.166
969,478
733,791)
Columbus & Gr.. March
130.204 120,181
376.293
337.033
Atlantic City
278,523 321,693 1.070,4171,043,779 Monongahela Conn_ April
April
228.428 147,308
854,551
498.019
7,250.514 6.736.137 30,011,673 25.138.509 Montour
Atlantic Coast Line_ April
April
215,158
15.652
658.790
305,986
Baltimore & Ohio April
21675358 16318711 69.845,803 52.067,416 Nashv Chatt & St L April
2,221,725 1.822.466 8,155,113 6,510,733
B & 0 Ch Term April
337.310 237,771 1.215.267
Nevada-Cal-Oregon 3d wk May
7,083
5,780
96,029 in 77,887
Bangor & Aroostook April
756,326 815,526 2,411.660 3.104,714 Nevada Northern March
74.016
23.151
183.142
59,421
13,922
8.283
Bellefonte Central. _ March
36.211
21,857 Newburgh & Sou Sh April
191,383 167,017
693,529 '611,989
598,856 420.022 2,396,605 1,906,249 New On Great Nor_ April
Belt Ry of Chicago_ April
229.628 223.206
921.362
837,888
1,285,885 775,649 4.619,604 2,689,140 NO Tex & Mex
Bessemer & L Erie.._ April
'Aprll
269,415 205,180 1,079,901
889,780
39,848
12.121
Bingham & Garfield April
143,130
Beaum S L & W April
42.784
184.384 165,758
751,923
701.976
7.600,997 6,222,497 27,300,482.24,833,466
Boston & Maine
April
StL Browns v &M April
435.144 454,427 1,689.014 1,879,626
155,344 128,353
Bkl
April
590,676
540,025 New York Central_ _'April
36698993 26287230 137347222 107110800
Buff Roth & Pittsb_ 3i1 wit May 475,963 219.094 7,867,036 5.043,012
Ind Harbor Belt_ March
.056,041 881.401 2,898,987 2,288.900
189,521
April
Buffalo & Susq
64,625
974.280
Michigan Central April
603.027
,400.024 6.100.326 31.590,552 23.473,567
Canadian Nat Rya_ 3d wk May 5,098,039 4,073,001 86.825,357 75,303,09
Cleve C C & St L. April
.002.914 6,223.126 31.768.780 6,113,505
Canadian Pacific_ _ _ 3d wk May 3,140,000 2,997,000 62,332,000 59,320,000
Cincinnati North_ April
480,371 262,305 1,816,401 1,181,116
861,128 630.901 3,043,563 2,492,249
Caro Clinch & Ohio_ April
Pitts Sz Lake Erie April
3,779,891 1,866,351 14,400,587 7.833,762
2,200,894 1.758.493 8,997,061 6.895,052 N Y Chic & St Louis April
Central of Georgia April
3,911,810 3,006,337 14,617,945 2,007,261
April
4,874.037
3,416,761
Central RR of N J
18,351,916 16,327.402 N Y Connecting
April
341.079 206.595 1.056,178
980,019
587.282 778,805 1.619,907 1,922,047 NYNH& Hartf April
Cent New England_ March
11518313 9.670.060 41.996,992 37.174,506
April
852,354 554,668 2,776,539 2,181,261 N Y Ontario & West April
Central Vermont_
1,060.066 868,916 4,001,539 3,815,583
352.392 308,072 1,379,770 1.147.213 N Y Susq & West April
Charleston & W Oar April
402.773 264,560 1,672,333 1,349,196
,243.341 6,942.914 30.685,219 27,645.427 Norfolk Southern April
Chesapeake & Ohio_ April
801.281 793.917 3,095,677 2,727.288
April
.675.303 1.937.363 10.881,008 9,689.807 Norfolk & Western_ April
Chicago & Alton_
7,602.924 29,112,264 27,544,115
7.844,989
4397445 1143532657.521,30349.149,572 Northern Pacific_ - _ April
Chic Burl as Quincy_ April
8.039,342 6,787,062 30.663,857 26,242,587
Chicago & East III.. April
2,371,3671,607.955 9,789,594 8,044,187 Northwestern Pac_ _ March
561,609 1.645.083 1.544.878
602.479
April
,162.9691.933,154 8,367,4111 7,306,285 Penna RR System.. April
Chicago Great West
64833984 2162280 241076727 208495314
.552,58711.298,105 5,956,496 5,046,340 Pennsylv RR & Co_ April
Chic Ind & LouLsv April
60819 156 8353466 226276895 195169464
4112364'10753572 55.720,572 45,393,430
Chic Milw & St Paul April
Ball Ches & AtL _ April
374,349
109.926 115.596
380.246
12621717 10666009 50,054,474142,236.374
Chic & North West_ April
April
Long Island
2,559.3382,343,400 9,453,817 8,380,774
107,835 218,293
Chic Peoria & St L. March
Mary Del & Va.. April
369,7061 612,413
80,782
87,647
280,429
273.707
March
672,192
Chic River & Ind_ _ _
Monongahela _ _ _ _ March
1.879.4981
452,843 574,735 1,240.625 1.381,403
Chic R I & Pac_ _ _ _ April
0191045,8.778.927 39,240.700 35,686,968
Tol Peer & West_ March
163.427 141,149
471.308
411.188
Gulf._ April
403.7221 405.216 1.669.545 1,777.199
W Jersey & Seash April
1,047,869
1,051,873 3,881.377 3,555.660
April
2.342,943 2,084,029 9,282,265 8.382.637
Chic St P M & Om_
Total system_ _ _ _ March
64270831159241
156333034
863
176242743
361,506 285,542 1,574,216 1.310.348 Peoria & Pekin Un_ April
Chic Ind & Western April
145,890 139.488
598,060
630,590
Colo & Southern_ _ _ April
985.954 964,124 4,008,129 3.920,957 Pere Marquette.... April
4,020.477 3,018.325 14,368.513 11,502,681
Ft W & Den City_ April
708,870 694.341 2.793.512 2.822,705 Perktomen
April
65.764
08,782336,306
362,105
Trim& Brazos Val April
106,579 192,440
526,275 1.275,512 Mina & Reading_ _ _ April
9,523,838 5,756,860 38,390,365 27,251,610
Wichita Valley_ _ _ April
104,114
93,891
410,920
393,349 Pittsb & Shawmut_ _ March
160.295 145.805
378,252
431,070
Delaware & Hudson April
4.050.695 2.747.239 14,091,001 14,085,480 Pitts Shaw & North April
116,505
62.990
378,852
546.494
Del Lack & Western Ap:il
6,922,323 5.514,320 27,360,754 24.865.396 Pittsb & West Va April
327.872
175,934
961.725
1,157,493
Deny & Rio Grande April
2,469,571 2,280,326 9,927.572 9,294,618 Port Reading
April
235,323 109.774 1,086,959
822.983
Denver & Salt Lake April
166,558
35.137
592.011
477.112 Pullman Company.February
,101.273 4,216.373 10,673,496 9,639,772
Detroit & Mackinac April
154.728 136,797
563.811
475,050 Quincy Om & K0 March
141.157
95.067
355,188
247.962
Detroit Tot & Iront_ April
862.589 861.016 3,239,550 2,683,788 Rich Fred & Potom_ March
.154.636 912.709 2.995.323 2,440,297
Del & Tot Shore L April
390.578 229,401 1,432.905 1.240,467 Rutland
April
582,461
477.340
2,159,783
1,810,186
Dul & Iron Range April
186,007 179.850' 772.007
497.267 St L-San Fran Co April
7.309.429 6,407.781 27,529.292 24,625,288
Dul Mis.sabe az Nor_ April
263,181 187,350
732,418
565,160
Ft W & Rio Grand April
96,677
105,097
420,688
394,372
Dul Sou Shore & All 3d wk May 112,385
75,962 2,625,895 1,385,434
St L-S F of Texas_ April
122,649 124,775
478,557
507,150
Duluth Winn as Pac March
284.035 165,902
727.392
482.329 St Louis Southwest_ April
,786,760 1,373,872 7.343,221 5,497,056
East St Louis Conn_ April
190.018 131,701
809.777
658.149
St
L
S
W
of
Tex
March
1.901,875
557.070
1,707,180
Elgin Joliet & East_ April
2.523,090 1.645.364 9,285,099 6,849,789
Total system.... 3d wk May 519.880 433.331 11,075,408 9,033,084
April
Erie Railroad
9.804,417 6.597.05939,830.170 30,487,515 St Louis Transfer.. April
45,222
290.529
245,299
67,454
Chicago & Erie April
1.234.075 937,188 4.390.905 3,614,451 San Ant& Aran Pass March
399.052 417.627 1,172.313 1.171.226
April
NJ&NY RR
128.286 124,488
505,876
478,891 San Ant Uvalde &0 March
244.309
215,599
87.045
EvansInd & Terre April
118,420
72,835
554.197
411,373 Seaboard Air Line.. April
.469.691 3,814.345 18,386,625 4,936,719
Florida East Coast_ March
2,013,106 1.749.473 5,235,496 4,402,158 Southern Pacific... April
1880033 19691 271 85,251,378 6,106,206
Fonda Johns k Glov April
131,580 109.541
540.099
474,929 Southern Pacific Co. April
5432525 13819472 59,052.143 51,525,231
Ft Smith & Western April
134.517 116,004
535.502
460,484
Arizona Eastern_ March
616,890
340,9321 233,938
919.599
Galveston Wharf... April
109,571 125,222
453.95
497.050
Atlantic S S Lines March
1.181.936 1.018.549 3.383,599 2,906,863
Georgia Railroad... April
522,356 432.108 1,967.379 1,529.037
Gals' Harris & S A March
1.855.038
5,140,477
1.863,123
5,431.438
May
Georgia & Florida 3d wit
28,800
24,000
661,752
493,390
Hous az Tex Cent_ March
1,072.968 1,216,165 3,276,162 3,720,394
Grand Trunk Syst 3d wk Mar 2,222.865 1.930.118 23,244.920 20.861,357
Hous E & W Tex_ March
664,476
265.536 236,369
703,352
Atl & St Lawrence March
342.951 303,666
969.627
903,916
LoulslanaWestern April
391,4941 345,977 1,557,236 1,471,928
ChDetCanGTJct April
312.300 194,403 1,088,047
810,473
Morg La & Texas April
682.131 637,785 3,011,168 2,586,798
Dot0 H & Milw_ March
580.737 415,640 1.443.390 1,060,923
Texas & New Orl_ April
719,350 711,844 2.871,719 2,992,547
Grand Trk West_ April
1,879,933 1,066,765 6.306,947 4,373.282 Southern Ry System 3c1 wit May 3,853,255
3,252.622 76,231,957 1,891,089
Great North System 3d wit May 2,137,700 1.753,454 38,979.748 30,951,866
Southern Ry Co.. April
12558776 10491106 48,914,459 9,766,977
Green Bay & West_ April
103,163
99,785
417,151
451,097
Ala Great South_ April
914,890
808,026 3,568,141 2,946.965
Gulf Mobile & Nor_ April
486,941 410,491 1,873,424 1,427.792
Cha N 0 & Tex P. April
2.024,163 1.452,946 7,727,473 5,520,374
Gulf & Ship Island_ April
268,536 236,137 1,033,183
910,917
Georgia Sou & Fla April
417.451
409,096 1,708,590 1,559,641
Hocking Valley _ _ April
1.394,690 926,221 5,084,112 4,152,793
New Orl & Nor E_ April
598,525 513.372 2,351,257 2,023,927
16214697 11869381 64,236,290 51,216,500
Ill Cent (Total Syst) April
Northern Ala_ _ _ March
135,755 106,104
274,091
403,458
Illinois Central Co April
14628471 10343282 57.540,725 45,335,678 'Spokane Internat.- March
125.322 102.133
273,009
317,659
1,586,226 1,526,099 6.695.565 5,880,802 Spok Portl & Seattle March
Yazoo & Miss Val April
665,995 582.701 1,820,839 1,601,996
Intern Ry Co of Me March
316,132 321.700
962.854
866.622 Staten Island R T.. April
224,927 206.246
734,284
742.407
.091.904 1.229.382 4.533,911 4,364,934 Tennessee Central.. April
Internat & Grt Nor_ April
276,151 18.5.944 1,015,727
740,764
Kan City Mex & Or April
143.801 107,329
494,863
438,568 Term RR Assn ofStL April
429.493 358,447 1,628,272 1,519,247
K 0 Meg &0 of Tex April
127,490 117,285
499,802
482,984
St L Mer Bdge P. April
408,398 236.587 1,721.712 1,221.642
.567,467 1,392,758 6,471,161 5,703,233 Texas & Pacific.... 3d wit May 549,341 547.118 11,750.392 1,003,620
Kansas City South_ April
Texark & Ft Sm March
221,491 134,309
634,085
478,141 Toledo St L & West_ April
1,066,504 773.9(37 4,359,236 3,080,599
Total system_ __ _ April
,779.758 1.541.618 7,318.537 6,330,235 Ulster & Delaware.. April
139,360 128.660
473,321
428,762
Kan Okla & Gulf__ _ April
219,665 220.383
956.337
April
867,768 UnionPacific Co
8,678.960 7,093,412 33.241,75829,014,848
Lake Sup & Ishpem_ March
10.719
3.402
29.944
Total system.... April
6,389
15550888 13142216 0.790.042 53,992,442
Lake Term Ry
April
89,366
97,597
345,199
362,059
Orwell Short Line April
2,897.755 2,597.758 11.646,782 10,897.312
Lehigh & Had River March
241.227 272.785
669.943
701,687
Ore-Wash RR &N April
2,140,330 1,943,021
Lehigh & New Eng. April
533,092 248.820 1.849.527 1.462,794
St Jos & Or IsId April
271.284 250.619 1,063.328 1,000,995
Lehigh Valley
April
6,518.075 4.432.038 22.545,620 1,705.388 Union RR (Penn)._ April
969.412, 843,022 3,584,296 2,863,477
Los Ang & Salt Lake April
1,933,842 1,508,055 7.147.466 5,922,361 Utah
April
90.322, 98,344
481,038
488.696
Louisiana & Arkan_ April
337,568 296,716 1,350,473 1,036,047 VIcks Shreve & Pao_ March
361,512 310,837 1.047.685
880,589
Louisiana Hy & Nay March
341 ,8119 318,7611 945.458
1,911,143 1,532,750 7,118,487 6,422,237
807,905 Virginian Railroad_ April
Louisville & Nashv_ April
11311 252 9,929,354 43,734,279 38,241,741 Wabash Railroad-. April
5,521.2784,370,042 20.604.288 18,368,201
Louisv Hand & St L April
283,679 252,967, 1.117.627
917,613 Western Maryland. 3d wk May 486,3611 283,214 8,946,488 6,550,293
Maine Central
April
April
1,986,982 1,634.499 6,729,823 6,562,254 Western Pact lc_
933,863, 846,818 3,501,405 3,159,489
Midland Valley_ _ _ _ April
254.6511 213,790
368.690 382.576
757,886
134,188
977,786
163,275 Western Ry of Ala April
Mineral Range
3d wk May
1,469,385 949,266 4.928,004 4,285,488
5,835
8,196
181,094
84.515 Wheel & Lake Erie_ April
Minneap 3: St Louis 3d wk May 317,402 291.837 6.530.162 5.966.146
1.855.375 1,388,175 6,564,863 4.998.434
Wisconsin Central April
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
IVeekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Curr.Yr. Prev.Yr.
Mileage.
235.310 234,588 472.383,903 460,47,081 +12,378.822 2.69
2d week Mar (20 roads)--- 15.578.825 14.49.356
+849.469 5.76 June
235.082 231.556 442.736.397 462,696.986 —19,960,589 4.31
15.491.516 14.719,456
3d week Mar (15 roads)_
1
July
+772.06
5.25
roads)____ 22,271.250
235.294 235.090 472.242.561 504,164.075-31.911,054 6.35
4th week Mar (16 roads)___
. ,
August
+1.788,591
8.73
18.152.238 15.489.168 +2,663.070 17.19 September —23.5.280 235.205 498.702.275
let week Apr (16
03 +1.723.772 0.33
.
233.872 232,882 545,759,206 532,684,914 —13.074,292 2.45
2d week Apr (16 roads)..... 20.002,867 16.279.045 +3,723 822 22.87 October
3d week Apr (16 roads)._ 18.538,264 14.746,074 +3.792.190 25.72 November —235.748 235,679 523,748.483 466,130.328 —57.618,155 12.35
4th week Apr (15 roads).... 20,371.901 16.434,746 +3.937,155 23.96 December.--235.290 236.121 512.433.733 434,698.1 43 —87.735.590 20.66
17.634,648 15,408.167 -F2,226,481 14.45 January _ _ -235.678 235.827 500,816.521 395.000,1
1st week May(16 roads)—70,803.472 21.00
18,506.156 15.790.656 +2.725.W 17.27 February.. _235.399 235,528 444,891,872 400,146,357
2nd week May (16 roads).41 —44,745.631 11.18
•118.003 +2,884.323 17.9
235.424 235,470 533.553,199 473. 4 ,
March
3d week May (16 roads)..... 19.002.326
—59,806,190 12.63
•nrand Rapids & Indiana and Pitts. Cin. Ohio. & St. Louts Included In Pennsylvania RR z Lake Erie & Western Included in New York Central.
ti Includes Grand Trunk System.
THE CHRONICLE
JUNE 2 1923.]
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of May. The table covers 16 roads and shows 17.9%
increase over the same week last year.
Third Week of May.
1923.
Ann Arbor
Buffalo Rochester & PittsburghCanadian National Railways-Canadian Pacific Railway Co___
Duluth South Shore & AtlanticGeorgia & Florida Ry
Great Northern
Mineral Range
Minneapolis & St Louis RR-__
Mobile & Ohio RR
Nevada-California-Oregon
St Louis-San Francisco Ry
St Louis Southwestern Ry
Southern Railway System
Texas & Pacific Railway
Western Maryland Ry
$
113.975
475,963
5,098,039
3,140.000
112.385
28,800
2,137,700
8,196
317,402
378,769
7,083
1.775,177
519,880
3.853,255
549,341
486,361
Total (16 roads)
Net increase (17 002:1
1922.
Increase. Decrease.
$
$
96,195
17,780
219,094 256.869
4.073,001 1,025,038
2,997,000 143,000
36,423
75,962
24,000
4,800
1,753.454 384,246
2,361
5.835
291,837
25.565
340,413
38.356
1,303
5.780
56,030
1.719,147
433,331
86.549
3,252,622 600.633
2,223
547.118
283,214 203,147
$
19,002,326 16,118,003 2,884.323
9 SRA 292
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
-Gross flora Raittoay- -Net from Railway- -Net ofier Taxes
1922.
1922.
1923.
1922.
1923.
1923.
$
Akron, Canton & YoungstownApril
62,403
71,490
76,123
91,423
223,762
171,639
Alabama & Vicksburg-673,140
From Jan 1_
270,392
326,182
833,749
268,178
304,265
Ann ArborApril
407,597
109.323
131,800
488,375
68,367
91,167
From Jan 1_ 1,532,855 1,549,499
43,141
312,905 -46,705
232.380
Atch Topeka & Santa FeApril
16,358,057 13,828,071 4,175.401 2,539,021 2,881,695 1,501.978
From Jan 1_63.529,198 52,803,796 18,196,636 10,345,023 13.163,760 6,264,434
Panhandle Santa FeApril
649,258
608,198
77,237
46,223
1.78
7
779
22,136
From Jan L 2,442,702 2,296,346
260,284
363,972
93,490
Atlanta Birm & AtlanticApril
382,132
313,436 -17,032 -27,710 -29,679 -47,166
From Jan 1_ 1,581,520 1,199,788
-143 -155,280 -54,131 -236,665
Atlanta az West Point,
April
253,166
212,743
60,552
41,981
47,533
58,181
From Jan 1_ 969,478
733.790
235,290
60.322
98,782
171,477
Atlantic CityApril
278,523
321,693 -61,845
24,798 -81,430 , 5,601
From Jan 1_ 1,070,417 1,043,779 -134,378
-4,120 -212,711 -86,690
Atlantic Coast LineApril
7,250,514 6,736,137 2.051.891 2,374.127 1,676.477 2.092,844
From Jan 1.30,011,673 25,138,509 9,930,818 7,898,079 8,477,603 6,833,774
Baltimore & OhioApril
21.675,358.16,318,711 5,166,905 3,841,040 4,333,683 3,091.671
From Jan L83,672,001 64,236,892 19,460,470 13,459,769 16,132,214 10,643,837
Bait & Ohio Ch TerminalApril
337,310
237.771
72,098
31,375 -30.161
21,236
From Jan 1_ 1,215,267
916,557
64,494
12,615 -115.318
182,463
Bangor & Aroostook
April
756,326
815,526
242,542
311,247
321,780
399,303
From Jan L 2.411,660 3,104,714
368,431 1,030,637
546,545 1,267,266
Belt Ry of ChicagoApril
598,856
95.399
179,309
420,022
216,561
128,777
From Jan 1_ 2,396,605 1,906,249
635,461
488,217
800,138
633,749
Roemer & Lake ErieApril
1,285,885
112,437
57,569
775,649
90,294
277,120
From Jan L 4,619,604 2,689,140
663,839 -90.407
916,138
40,623
Bingham & GarfieldApril
39,848
6.074 -20,445
12,121
13.658 -16,031
From Jan 1_
143,130
18,082 -105,788
42,784
47,601 -33,202
Boston & MaineAprIl
7,600,997 6,222,497 1,319,055
665.018
892,509 1,078,604
From Jan 1-27,300,482 24,833,466
766.806 3,244,938 -182,157 2,542,840
Brooklyn E TerminalApril
155,344
128,353
46,061
63.011
80,218
52,410
From Jan 1- 590,676
540,025
190,365
249.642
290,764
215,761
Canadian National RailwaysApril
21,056,312 15,268,968
2,221,674
From Jan 1_75,719,484 65,857,867
1,309,643 3,894,675
Canadian PacificApril
13,651,494 12,331,371
1,950.879 1,548.973
From Jan L51.546,136 48,820,665
5,146,113 5,107,244
Carolina Clinchtield & OhioApril
861,128
630,901
147.827
287,773
237,477
187,992
From Jan 1_ 3.043,563 2,492,249
913,387
843,678
804,029
712 913
Central of GeorgiaApril
2,200,894 1,758,493
455,143
278,488
354,188
363,210
From Jan 1_ 8,997,061 6,895,052 2,073,911 1,321,619 1,635,730
977,186
central RR of New JerseyApril
4,874,036 3,416,761 1,025,452
322,753
750,766
582,777
From Jan 118.351.916 16.327,402 2,802,553 3,056,947 1,613,908 2.017,134
Central VermontApril
852.354
50,836
554,668
187.522
167,030
68,411
From Jan 1_ 2,776,539 2.181,261
38,638
77,219
120,760
147,626
Charleston & West CarolinaApril _
352,392
308,072
106,234
82,379
93,744
95,103
From Jan 1 1,379,770 1,147,213
249,076
413,817
293,559
369,639
Chesapeake & Ohio-April
8,243,341 6,942,944 2,065,319 1,616,989 1:748:735 1,349,152
From Jan L30.685,219 27,645,427 6,630,249 8,442,995 5 400 752 5,369.477
Chicago & AltonApril
2,675,303 1,937,383
91,700
626,664
542,479
166,552
From Jan 110,881.008 9,689,807 2,272,792 2,041,286 1,932,757 1.742,779
Chicago Burlington & QuincyApril
14,397,445 11,435.326 3,533,034 2.294,476 2,610,395 1,383,592
From Jan 1 57,521,303 49,149,572 13.887,364 11,737,134 9,971,798 8,067,959
Chicago & Eastern Illinois2,371,387 1,607,955
April
220,480 -18,722
341,194
66,558
From Jan 1 9,789,594 8,044,187 1,500,333 1,414,656 1,056,721 1,072,540
Chicago Great WesternApril
2 162,969 1,933,154
33.1,371
257,983
155,398
76.510
From Jan L 8,367,411 7,306,285 1,309,903
417 655
989,537
750,146
Chicago Indianapolis & LouApril
1,552,587 1.298,105
245,151
402,562
320,291
313,793
From Jan 1_ 5,958,496 5,046,340 1,516,872 1,223,505 1,218,829
975.001
Chicago M11w & St Paul' 14,112,364 10,753,572 2,395,133 1,356,815 1,603,645
April
554,984
From Jan 155.720.572 45,393,430 10,121,978 4,628,437 6,957,056 1,415,887
Chicago Rock Island & PacificApril
10,191,045 8,778,927 1,817,146 1,296,054 1,312,941
759,877
From Jan 1 39,240,700 35,686,968 5,333,442 5,240.993 3,296,072 3,130,938
Chicago Ill & Gulf403,722
April
405,216
-7,781
20,051
51,372
40.396
From Jan 1 1,669.545 1,777,199
74,083
24,539
205,309
253,273
2507
-Grossfrom Railway- -Net from Reims,
- -Nei after Tares-1922.
1923.
1922.
1923.
1923.
1922.
Chicago & North WesternApril
12,621,717 10,666,009 1%708,782 1,735,484
951,904 1.004,704
From Jan 1_50,054,474 42.236,374 6,676,849 5.929,032 3,663,095 2,995,848
Chicago St Paul Minn & OmahaApril
452.926
372,226
2,342,943 2,084,029
317,011
244,393
From Jan 1 9,282,265 8,382,637 1,400,725 1,102,722
852,092
584,980
Cincinnati Ind & Western3,028
April
55,687
285,542
37,185 -10,324
361,506
256,862
99,383
From Jan 1 1,574,216 1,310,348
179,702
45,530
Colorado & SouthernApril
121,873
268,412
984,124
57,876
985,954
201,911
From Jan 1 4,008,129 3,920,957
81,070
898,537
337.932
633,072
Fort Worth & Denver City243,864
April
131,026
88,658
694,341
708,870
206,397
811,495
From Jan 1 2,793,512 2,822,705
478,584
646.071
661,618
Trinity & Brazos ValleyApril
-8,665 -12,899 -16,451 -19,899
106,579
192,440
191,250 -48,733
From Jan 1
526.275 1,275,512 -18,259
163,127
Wichita Valley25,611
29,313
April
31,359
24,164
104,114
93,891
100,546
92,004
From Jan 1
116,235
410,920
77,999
393,349
Delaware & HudsonApril
747,158
92,88.3
832,046
4.050,695 2,747,239
7,185.
From Jan 1_14,091,001 14,085,480
390.614 1,914,308
731,373 2,264,213
Delaware Lack & WesternApril
632,413
584.111
6,922,323 5,514,320 1.044,332 1,062,162
From Jan L27,360,754 24,885,396 3,207,886 5.589,546 1,559.984 3.681,013
Denver & Rio Grande92,059 1.6
April
18
9
344,619
3:499
2,469,571 2,280,326
962
2
259,950
177,772
FromJan L 9,927.572 9,294,618
851,880 2,314,296
Denver & Salt LakeApril
166,558
35,137 -25,640 -51,457 -34,682 -60,457
29,093 -177,530
From Jan 1_
-6.917
592,011
477,112 -141,429
Detroit & Mackinac4,248
April
13.382
154,728
136,797
13,759
-3.371
From Jan 1_ 563,811
13,279 -71.078 -29,346 -113.093
475,050
Detroit Toledo & Ironton315,947
April
238,927
253,827
862,589
328.517
861,016
950.704
759.981
From Jan 1_ 3,239,550 2,683,788 1.001,086
818,189
Detroit & Toledo Shore Line-203,769
77,175
April
390,578
229,401
685,923
615,315
From Jan 1- 1,432,905 1,240,467
Duluth & Iron RangeApril
186,007
179,850 -174,881 -96,657 -211,371 -107,195
FromJan L 772.007
497,267 -680,929 -545,994 -753,210 -577,310
Duluth Missabe & NorthernApril
263.181
187,350 --319,466 --306.621 --399,723 --s63.102
From Jan 1_ 732,418
565,160-1,354,149-1,066,357-1.653,879-1.286,490
East St Louis Connecting19,360
98,745
April
190,018
60,605
131,701
109,316
410.583
280.779
From Jan L 809,777
337,187
658,149
452,882
Elgin Joliet & Eastern496,204
773,168
April
2.523,090 1,645,364
576,577
892,499
From Jan L 9,285,099 6,849,789 3,065.422 2,808,737 2,721,339 2,480,845
El Paso & Southwestern298.319
160.221
April
1,162,350
256,229
848,748
409,482
561.264
From Jan 1- 4,181,917 3,274,847 1,135,557
773,140
945,640
Erie Railroad CoApril
9,804,417 6,597,059 2,121,538
676,101 1:
7
4'19
5:112 3:11s21
From Jan L39,830,170 30,487,515 5,727.893 4,225,020 4
Chicago & ErieApril
1,234,075
3081: 354
937,188 1,053,441831:5842::71g,111
412.165
ig.7
FromJan1 4,390,905 3,614,451
New Jersey & New York RR
24,438
April
27,725
27,650
128,286
124,488
31,057
From Jan 1_ 505,876
66,868
478,891
46.899
54.646
60,320
Evansville Ind & Terre Haute1,352 -11,562
April
118,420
1,883
From Jan 1_ 554,197
8,418
993
411.373
72,8355
97.073
114,
66
00
55
17
Fonda Johnstown & GloversvApril
41,314
38,577
131,580
44,352
109,541
49,154
201,497
189,424
From Jan 1_ 540,099
178,497
474,929
220,784
Ft Smith 4: Western25,4012,111
19,484
April
134,517
7,945
116,004
From Jan 1_ 535,502
2,209
69,306
25,560
460,484
92,812
Georgia RailroadApril _
116,167
522,356
84.767
432,108
From Jan 1_ 1,967,379 1,529,037
242,074
142,938
Georgia & Florida130,561
4,893
17,474
11.230
103,246
24,237
FromJan L 577,413
422,300
104.026
41.335
129,929
16.168
Grand Trunk SystemChic Bet Can Grd Trunk Jtmc-Aprll
312,300
100,161
194,403
180.209
187.824
107,408
From Jan 1 1,088,047
387.193
810,473
578,161
416,150
$47,683
Grand Trunk Western• April
1,879,933 1,066,765
704,517
124,608
644,589
61,605
From Jan 1 6.306.947 4.373,282 1,716,530
214.589
487,033 1,536,918
Great Northern systemApel
8,162,800 6,640,386
168,950
860,236 1,048,472
446,959
From Jan 1 32.998.730 25,797,692 3,516,268 3,074,805
770,793
793.486
Green Bay & WesternApril
103,163
99,785
17,891
9,875
1,875
417,151
From Jan 1
451.097
105;013
28
6.
.5
700
60,700
31
73,013
Gulf Mobile az Northern486,941
410,491
April
135,592
106,271
133,541
117,238
378,298
From Jan 1 1,873,424 1,427,792
497,493
297,966
309.406
Gulf & Ship IslandApril
268,536
59.384
236.137
48,229
From Jan 1 1,033,183
910,917
217,339
156,953
Hocking ValleyA pril _
350,062
1,394,690
253.057
926,221
968,388
162,386
From Jan 1 5,084,112 4,152,793
827,632 1,309.238
500,667
946.015.
Illinois Central (total system)Aprll
16,214,697 11,869,107 3,279,368 2,456,531 2,331,000 1,439,581
From Jan L64,236,290 51,216,500 13,997,990 11,831,152 10,095,340 7.432,165.
Illinois Central RRApril
14,628,471 10,343,282 3.246,644 2,310.587 2,409,423 1,412,348
From Jan 1 57.540,725 45,335,698 13,211,944 11,228,716 9,753.438 7,304,015
Yazoo & Mississippi ValleyApril
1,586,226 1,526,099
32,724
145,944 -78,423
2 ,232
From Jan 1 6,695,565 5.880,802
786.048
602.436
341.902
128.150
Internatl & Great NorthernApril
1,091,904 1,229,382
120,488
239,968
207.195
5
From Jan 1 4.533,911 4,364,934
632,457
612,351
5k17211
Kansas City Mexico & OrientApril
143.801
107,329
8,752 -22,139
From Jan 1
484,863
438,568 -56,298 -68,047 -85
3 7
10
31,46
353
7
1,54
206
Kansas City Mex & Orient of TexasApril
127,490
117,285 -36,945 -60,994 -43.153 .87,146
From Jan 1
499,802
482,984 -80,359 -163,196 -105.432-187.507
Kansas City Southern CoApr11
240,723
1,567,467 1.392,758
350.873
From Jan! 6.471,161 5,703,233 1.581,606
1,13?1;ll 1,001,557
Kansas Oklahoma & GulfApril
45,589
41,353
219,665
220.383
56.416
51,295
From Jan 1
189.065
174,657
956.337
214,349
227,475
867,768
Lake Terminal Ry-April
18,925
8,716
25,262
97,577
89.355
14,966
103.941
From Jan 1
-1,094
345,199
25,108
129.287
362,059
1,1O1:211
508
THE CHRONICLE
[Vol,. 116.
-Grossfrom Railway- -Net from Railway- -Net after Taxes
-Grossfrom Railway- -Net from Railway -Net after Taxes
1922.
1923.
1923.
1922.
1923.
1922.
1923.
1922.
1923.
1922
1923.
1922.
$
$ , , $
$
New EnglandPerldomen533.092
248,820
133,229
11,225
April
65,764
98,782
42,002
46,873
-130
6,603
an_-1- 1,849,527 1,462,794
310.408
57,505
From Jan 1_ 336,306
362,105
129,983
119,570
142,207
104,761
alleyPhiladelphia dr Reading6,518,075 4.432.038
April
785,362
9,523,838 5,756,860 3,575,045
6.988
579,498 -183,412
683,822
897,158 3,294,179
Jan E22,545,520 21,705,386 -107.354 2,967,709 --946.151 2,102,711
From Jan L36,390,365 27,251,610 12,049,131 6.632,848 10,977,060 5,833,305
Pittsburgh Shawmut & NorAngeles & Bait LakeApril
116,505
April
62,990
1,933,842 1.508,055
-9,929 -35,933 -12,561 -38,130
377,525
142,011
264,376
31,388
From Jan 1_ 7,147,466 5,922,361 1,152,880
From Jan 1_ 546,494
378,852
10,841 -61,903
692.433
937 -70,831
699,254
253,175
xPittsburgh a: West VirginiaLouisiana de ArkansasApril
327,872
175,559
78,410
April
39,399
13,730
36.353
337,568
296,716
128,551
95,733
97,054
76,323
From Jan 1_ 1,157,494
960,244
273,071
102,421
From Jan I_ 1,350,473 1,036,047
112,051
204,780
229,462
523,578
406,571
151,968
Port ReadingLouisville & NashvilleApril
235,323
109,774
123,924
12,811
27,564
110,706
April
11,311,252 9,929,354 2,653,938 1,883,039 2,130,132
From Jan 1_ 1,086,959
822,983
576,929
462,683
402,889
522,409
FromJan 1_43,734,279 38,241.741 8,627,799 5,524,339 1,765,942 1,579,615
4,309.646 RutlandLouisville Henderson dr St L582,461
April
477,340
115,398
73,282
87,062
52,957
AprIl
223.679
252,967
From Jan 1_ 2,159,783 1,810,186
76,525
67,122
62,310
299,981
147,538
67,774
211,183
66,030
From Jan I_ 1,117,627
917,613
308,176
202,714
256,206
167,684 St Louis-San Fran (Whole System)7,556,973 6,650,752 2,206,182 1,565,544
April
Maine CentralFrom Jan L28,507,395 25,610,823 7,735,213 6,135,571
April
1,986,982 1.634,499
596,914
225,379
498,434
126,025
From Jan!- 6,729,823 6.562,254
Francisco
609,392
Louis-San
CoSt
902,848
214 913
505,932
7.309,429 6,407,781 2,224,589 1,593,324 1,830,073 1,244,720
April
Minneapolis& St Louis1_27,529,292
From
24,625,288 7,750,605 6,227,133 6,444,157 4,946,612
Jan
April
1,351,570 1,054,989
155,384
24,605
85,838 -40,281
Ft Worth de Rio GrandeFromJan 1_ 5,612,507 5,111,030
825.846
730,904
556,307
480,609
105,097
96,677 -17,984 -25,740 -21,759 -29,296
April
Minn St P dc Sault Ste M (total system)394,372 -29,370 -95,582 -44,486 -111,464
From Jan 1_ 420,688
April
4,009,156 3,193,367
701,642
441,671
441,305
180,867
Tex
Fran
Louis
of
-San
St
FromJan 1_15,216,788 11,720,311 2,290,147
684,985 1,252,143 -320,081
124,775
122,649
-858
April
-2,168
-2,968
-4,080
Minn St P& Sault Ste M CoFrom Jan 1_ 478,557
507,150
17,541
19,828
11,199
9,540
April
2,153,782 1,805,193
251,862
183,891
89,171
4,373 St Louis Southwestern (System)From Jan 1_ 8,651,927 6.521.876 1,060,903
112,002
397,864 -567,165
April
2,366,399 1,891,001
265,420 .457,154 *234,811
542,603
Wisconsin Central Ry CoFrom Jan L 9,824,735 7.721,366 2,000,694 1,310,627 *1,693,479 .1,107,902
April
1,855,375 1,388.175
449,780
257,780
352,134
176,494 St Louis Southwestern CoFromJan 1_ 6,564,862 4,998.434 1,229,244
572,984
854,279
247,085
April
1,786,760 1,373,872
487,492
710,741
591,996
438,435
Mississippi CentralFrom Jan 1_ 7,343,221 5,497,056 2,786,917 1.893,513 2,436,171 1.669,220
April
116,904
130,49T
10,978
14,100
5,978
7,841 St Louis S W of TexasFrom Jan E 599,790
480,342
163,697
70,362
141,810
45,311
April
517,130 -168,139 -222,071 -195,686 -246,110
579,638
Missouri Kansas & Texas LinesFrom Jan 1 _ 2,481,513 2,224,310 -696,324 -582,806 -803,704 -679,050
April
4,183,431 4,193,086
876,328 1,427,174
686,578
1,168,723
Louis
Transfer
St
From Jan 1_17,528,856 16,125,488 3,067,368 4.659,855
2,272,411 3,782,751
67,454
April
21,349
45,222
21,618
6,618
5,518
Missouri Kansas & Texas92,143
From Jan E 290,529
51,294
52,993
93,226
245,299
2,737,297 2,585,614
April
648,802
966,311
503,830
759,240
From Jan 1_11,225,465 9,671,368 2,403,103 3,134,462 1,811,470 2,455,690 Seaboard Air LineApril
4,469,691 3,814,345
768,241
813,973
943.920
989,312
Nio Kan & Tex Ry of TexasFrom Jan 1 18,386,625 14,930,719 4,013,536 2,963.363 3,310,682 2,281,832
April
1,456,134 1.607,472
227,526
460,863
181,510
408,879
Southern Pacific SystemFromJan
6,303,392 6,454,120
664,265 1,525,394
445,033 1,318,815
21.880,033 19,691,271
April
3,517,295 2,526.709
Missouri PaolfloFrom Jan 1 85,251,378 76,106,206
12,210,028 8,391,759
April
9,198,235 1,684,956 1,442,968
042,448 1,102,608
589,929
Louisiana WesternFrom Jan 1_34,805,107 31,247,132 4,757,052 4,567,892 3,273,468 3,042,051
391,494
April
345,977
107,336
40,715
66,036
75,758
Mobile & OhioFrom Jan 1 1,557,236 1.471,928
203,184
314,247
381,128
436,141
April
1,707.955 1.484,177
383,373
399,957
286,029
345,766
Morgan's Louisiana & TexasFrom Jan 1- 7,087,815 5,567,257 1,686,590 1,221,317 1,316,470
983.115
682,131
April
637,785
48,635
37,714
6,541 -13,283
Nashv Chattanooga & St LFrom Jan 1 3,011.168 2,586,798
176,846 -39,407
147,434
360,160
April
2,221,725 1,822,466
509,855
296,470
448,551
261,384
Texas & New OrleansFrom Jan 1_ 8,155,113 6,510,733 1.463,048
472,743 1,220,138
331,808
719,350
711,844
April
53,203
54,735
24,299
77,050
Newburgh & South ShoreFrom Jan 1 2,871.719 2,992,547
152,489
355,372
449,436
37,527
April
191,383
167,017
48,865
54,818
35,636
43,086 Southern Pacific CoFrom Jan 1_ 693,529
611,969
117,363
203,229
66,460
154,914
15,432,525 13,819,472 4,426,936 3,794.462 3,222,249 2,195,395
April
New Orleans Great NorthernFrom Jan 1 59,052,143 51,525,231 15,629,927 11,633,501 10,574,207 6,208,637
April
229,628
223,206
66,932
89,924
50,246
74,759
CoRailway
Southern
From Jan 1_
921,362
837,888
315,447
174,257
248,393
113,987
12,558,776 10.491.106 3,202,310 2,382,885 2,614,655 1,898,817
April
New Orleans Texas & MexL48,914,459
39,786,977 11,905,629 7,884,996 9,785,534 6,077,246
From
Jan
APE'S
269,415
205,180
113,222
47,988
63,957
31,211
Fro m Jan 1- 1,079,901
Alabama Great Southern889,780
433,288
283,733
324,804
217,833
306,259
808,026
914,890
April
154,462
247,913
208,160
Beaumont Sour Lake & W013,512
681,750
From Jan 1_ 3,568,141 2,946,965 1.131,527
530,720
April
184,384
165,758
59,704
45,318
56,963
41,438
Pao-Mc New ON & Tex
From Jan I- 751,923
701,976
282.700
192,051
264,073
177,431
2,024,163 1,452,946
195.057
525,997
644,102 ,275,994
April
St Louis Brownsv & Me,x977,046
From Jan 1 7,727,474 5,520,373 2,433,662 1,227,410 2,021,260
April
435,144
454,427
125,965
165,277
125,287
149,007
Florida
Southern
Georgia
&
FromJan 1- 1,689,014 1,879.026
468.358
644,080
395,128
582,314
409,096
58,160
63,862
April
417,451
New York Central182,774
291,890
From Jan 1_ 1,708,590 1,559,641
April
38,698,993 26,287.230 10,411,735 5,798,929 8,111,850 4,039,306
New Orleans & NortheasternFrom Jan 1_137347222 107110,800 30,716,879 22,511,445 22,919,173
15,665,874
121,929
31,912
513,372
April
598,525
Cincinnati Northern131,104
416.804
From Jan 1 2,351,257 2,023,927
April
480,371
262,305
160,635
27,896
138,753
15,781 Tennessee CentralFrom Jan 1_ 1,816,401 1,181,116
589,841
494,353
346.271
270,211
37,492
60,414
41,495
185,944
276,151
65,503
April
Cleve Clneln Chic & St Louis106,729
220,695
122,820
241,506
From Jan 1 1,015,727
740,764
April
8,002,914 6,223,126 2,164,999 1,622,884 1,676,817 1,250,236
Term RR Assn of St LouisFrom Jan E31,768,780 26,113,505 7,855,104 6,637,854 6,109,108
5,104,585
April
125.968
151,378
358,447
429,493
88,234
89,809
Michigan CentralFrom Jan 1 1,628,272 1,519,247
344,960
265,698
549,018
519,775
April
8,400,024 6.100,326 2,960,210 1,580,099 2,423,420
1,259,247
St
Louis
From Jan 1_31,590,552 23,473.567 9,971,551 5,299,869 8,142,224
Mereh Bridge Term4,177,028
April
156,400
129,623
236,587
408,398
16,677
43,041
Pittsburgh & Lake ErieFrom Jan 1 1.721,712 1,221,642
287,000
469.608
368,038
578,772
April
3,779.891 1,866,351 1,339,403
920 1,081,575 -81,189
Texas & PacificFrom Jan 1-14.400.587 7,833,762 4,612,790 -301,322 3,727,836
-618,536
April
2,430,479 2,153,078
247,001
154,971
349,879
54.505
N Y Chicago & St LouisFrom Jan 1 10,168,108 9,425,083 1,194,054 1,171,089
695,157
784,889
April
3,911,810 3,006.337 1,116,476
800,349
926,637
633,120
From Jan 1_14,017,945 12,007,261 3,353,683 3,120,013 2,593,959 2,465,126 Toledo St Louis & Western1,066,504
Aprll
174,165
342,712
222,166
413,744
773,967
N Y ConnectingFrom Jan L 4,359,236 3.080,599 1,778,971
752,686
939,312 1488,047
341,079
April
206,595
279,474
134,016
241,674
95,870 Ulster & DelawareFrom Jan 1_ 1.056378
980,019
719,935
660,334
568,735
507,650
139,360
April
17,604
128,660
21,437
N Y New Haven & HartfordFrom Jan 1_ 473,321
428,762
--8,919
15.995
April
11,518,313 9,670,060 2,560,388 2,082,815 2,149,953 1,693,770
From Jan 1_41,996,992 37,174,506 6,434,290 8,034.469 4,760,234 6,484,341 Union Pacific Co8,678,960 7,093,412 2,548,180 1,735,334 1,981,955 1,166,308
AprIl
N Y Ontario & WesternFrom Jan 1_33,241,758 29,014,848 9.871,735 8,365,408 7,612.973 6,003,370
April
1,060,069
868,916
113,260
103,432
70,755
65,244
LineShort
Oregon
From Jan 1_ 4,001,539 3,815,583
827
507,729 -169,739
355,318
2,897.755 2,597.758
April
265,430
403,322
655,539
540,072
N Y Susquehanna & WesternJan 1_11,646,782 10,897,312 2,821,054 2,963,156 1,811,662 1,861,662
From
April
402,773
264,560
62,762 -12,639
31,386 -36,364
Oregon-Wash RR & NayFrom Jan 1_ 1,672,333 1,349,196
154,269
182,730
28,790
82,364
2,140,330 1,943,021
April
100,282 -110,995 -66,687 -292,298
Norfolk Southern398.145 -273,585 -327,181
393,500
From Jan L. 8,754.036 8,157,921
April
801,281
793,917
193,994
155,646
220,893
188,242
Grand
&
Joseph
Island
St
From Jan I_ 3,095,67T 2,727.288
715,320
510,121
561,692
394,099
271,284
250,619
63,698
20.762
50,509
38,476
April
Northern Pacific-175,550
122,822
176,041
From Jan 1_ 1,063,328 1,000,395
104,929
April
8,039,342 6,787.062 1,107,741 1,007,403
413,439
255,644 Union RR (Penn)From Jan L30,663,857 26,242.587
3.675,396 2,938,633
887,753 -75,905
969,412
117,435
231,889
228,435
843,022
218,059
April
Pennsylvania RR & Co551,581
599,664
604,411
713,664
From Jan 1_ 3,584,290 2,863,477
April
60,819.156 48,353,466 11,849,260 8,301 617 9,419.067 6,135,892
UtahFrom Jan 1 226276,895 195109.464
37,577,693 38,407,662 29,631,416 31,335,060
98,344
90,322
-4,100
13,401
20,991
1,044
April
Baltimore Cites & AU123,866
151,407
481,038
78,105
107,392
From Jan 1_ 488,696
April
109,926
115,596 -34,586 -18,425 -37,607 -21,320 Virginian RRFrom Jan 1_ 380.246
374,349 -130,718 -84,463 -132,107 -85,762
1,911,143 1.532,750
534.642
738,964
838,342
April
418,180
Long IslandFrom Jan 1.. 7,118,487 6,422,237 2,780,195 2,482,390 2,365,323 2,072,494
April
2,559,338 2,343,400
440,192540,430
434.715
331503
RR
Wabash
From Jan 1_ 9,453,817 8,380,774 1,185,559
1,274,281
5,521,278 4,370.042 1,336,122
947:108 1,038,249
April
318.365
509,520 1,146,903
Maryland Del & Virginia-From Jan 1_20,504,288 18,368,201 4,202,413 3,014,170 3,441,416 2,254,614
April
80,782
87,547 -29,207
-3,245 -30,367
-4,428 Western MarylandFrom Jan 1_ 273,707
280.429 -120,376 -68,728 -121,079 -69,457
2,065,390 1,215,518
267,309
April
307,309
396,300
481,300
West Jersey & SeashoreFromuni_ 7,513,114 5,695,589 1,601,155 1,415,967 1,316,155 1,225,967
1,047,869 1,051,873
April
131,093
165,483
74,873
111,528
TacitlcWestern
From Jan /_ 3,881,377 3,555,660
250,513
136,196
215,550
102,348
933,863
846,818
34,418
April
184,449
105,684
121,312
Pennsylvania SystemFrom Jan 1_ 3,501,405 3,159,489
293,034
502,567
195,997 -52,414
64,833,984 52.162,280 12,335,930 9,040,756 9,702,373 6,678,915
Apr$
FromJan 1_241076727 208495314 38.660.056 39.764,437 30,326,707 32,314,295 Western Ry of Alabama254,651
45,576
April
213,790
67,962
Peoria & Pekin Union80,674
From Jan 1_ 977.786
757,886
210,317
139,488
145,890
30,212
Apra
25,352
17,712
Lake
10,352
Erie
&
Wheeling
630,590
598,060
163,768
From Jan 1_
189,179
113,768
April
132,679
1,469,385
949,266
69,740
244,390
179,733
348,088
Pere MarqueRe-•
597,124
From Jan 1_ 4,928.004 4.285,488
419,244
820,366 1,028,222
4,020,477 3.018,325 1,122,151
649,352
April
993,140
496464
•This Is after allowing to iother railway operating laconic. x Revised figures.
From Jan 1-14,368,513 11,502,681 3,482,552 2,610,922 2,950,779 2,037,720
Deficit.
-
JUNE 2 1923.]
THE CHRONICLE
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Current Previous
Year.
Year.
Previous
Year.
Adirondack Pow & Lt April
564,028 438,075 2,321,752 1,799,899
Alabama Power Co__ April
629,689 417,607 2,282,803 1,639,897
Amer Elec Power Co_ April
1766,015 1562,407 7,253,691 6.313.805
Am Pr & Lt Co Subsid February 2684,341 2428,397 5,449.397 4.974,510
American Tel & Tel_ .1,nuarY
5992.693 5134.27e 5.992,693 5.134,270
mAm Wat Wks & Sub March
2852,414 1704.897 8,468,002 5,091,931
Appalachian Pow Co_ April
273,765 232.712 3,111,802 2,653.886
cArkansas Lt & Power March
143,550 129,917 *1.958.036 *1.719,880
Asheville Pow & Light March
76,649 72,682 *915,091 *863.042
Associated Gas & Elec March
241,276 141.221
314,202
520.373
Aug-Aiken Ry & Elec April
106,569 80,666 *1,198.846 *1.060,698
Bangor Ry & Electric March
131.048 122.156
369,155
397,297
kBarcelona Tr. L & P April
4264.756 3813,281 17.995,102 15,242,590
Baton Rouge Electric April
193,182
218,387
55.240 48,052
Beaver Valley Tree__ April
208,161
239,859
60.783 53,520
Binghamton L.H & P March
98.195 78,107
246.287
301.979
Blackstone Val G & E April
377,873 316,449 1,597,334 1,330,699
Boston "L" Railway_ March
3097.259 2868,518 8.798,633 8.237.027
j'Brazilian Tr Lt & Pr March 19 4750001 5238.000 55.876.000 44,743000
Eiklyn Rapid Transit_ April
3161,782 2929,931 r30177,803 x28378.916
Bklyn City RR (Rec) April
1031,546 1004.895 10,052,733 9,717.437
Birlyn Heights (Rec)_ February
12,838
13,752
7.237
6,530
BklynQ0&Sub(Rec) February
410,894
192,998 188,422
396,063
Coney I & Bkln (Rec) February
191,432 186,778
395.453
409,683
Coney Island & Grave February
10,460
4,298
4,954
8,800
Nassau Electric (Rec) February
750.494
824,584
386,978 356,197
N Y Consol (Rec)--_ February 1833,358 1747.393 3,900.564 3,657.531
South Brooklyn
89.276 72,736
147.448
February
189.790
Cape BretonElCo,Ltd April
193,519
224,666
55,116 50,155
Carolina Power & Lt_ March
174,922 152.230 *2,064,792 *1,724,888
Cent Miss Val El Co_ April
45,293 43,361
179,798
191,860
Cities Service Co_ __ _ April
1738,106 1377,836 6,517,391 5.172,814
City Gas Co, Norfolk March
87,324 85,251
266,350
255,340
OitizensTracCo &Sub March
80.754 65,562 *867,671 *756,382
Cleve Painesv & East March
55.498 53,555
165.239
156,769
Colorado Power Co April
88,358 80,888 *1,049,654 *960.391
Columbia Gas & Elec April
1849,678 1504,377 7,933,063 6,824.359
184,204 153,376
Columbus Electric_ April
635,287
755,012
Com'w'Ith Pow Corp
2442,336 2068,588 10,031,791 8,806,510
.- April
Com'w'lth Pr,Ry&Lt April
3092,394 2665,538 12,646,099 10.956,509
165,495 134,378
April
Conn Power Co
553,177
678,522
Consumers Power Co April
1339,917 1131,602 5.576.402 4,612,683
Cumberland Co P & L March
317,858 283,681
841,686
962.709
Co..
April
Edison
Detroit
2634,835 2079.769 11.091,236 8.896.501
Duquesne Lt Co Subs April
1648.275 1355,475 6,735,773 5.601.860
Eastern Mass St By._ March
1006.553 891,337 2,874.680 2.630.386
Eastern Penn Elec Co April
218.148 173,337 *2.365,04 2,35*9.795
Bast Sh G&E Co&Sub March
42,691 38,696
120,784
131,651
East Texas Elec Co April
170,425 145,275
565,388
653,123
Edis El Ill of Boston.. March
1553,224 1304.770 4,919,124 4,393,689
Edis El 111 of Brock'n_ April
133,686 109,144
466,268
570,597
El Paso Electric Co April
200,562 189,414
765,969
812,094
F.lec Lt & Pow Co of
Abington & Rockl'd April
34,729 27,502
119,747
145,228
Erie Ltg Co & Subs April
118,216 87,774
388,066
.517,999
Fall River Gas Works April
79,431 78,587
308,692
320,089
Federal Lt & Trac Co March
476,521 445,690 1,474,318 1,355,564
Fort Worth Pow & Lt February
249,990 200,361
412,920
509,693
Galv-Hous Elec Co April
269,761 276,152 1,064.100 1,069,143
Gen G & El & Sub Cos March
1253,367 1037.022 3,779,993 3367.904
Georgia Lt Pr & Rys_ February
154.837 138.669
282,791
317,512
Georgia Ry & Power_ March
1367,679 1241.883 4,190,741 3.744,016
Great West Pow Syst April
565,780 583,796 7,702,090 7,244,522
Havana Elec R,L&P_ March
1085,028 1079,249 3,299,279 3,297,194
Haverhill Gas Light April
175,610
49,586 44,402
190,712
Helena Lt & Rys Co_ March
33.547 34,845 *413.962 *390,987
Honolulu Rapid 'Fran April
315,627
313,355
80,590 78,678
Houghton Co Elec__ _ April
196,338
42,986 46,732
195,286
Hudson & Manhattan April
967.106 935,272 3,812.830 3.690,817
Hunting'n Dev & Gas March
296,754
363,541
120.962 99,578
Idaho Power Co
March
521,176
560,670
170,164 159,198
Inter Rapid Transit... February 4389,479 4171,667 9,329,634 8,846,059
Subway Division February 2947,812 2790,787 6,265,751 5.922,205
Elevated Division_ February 1441,667 1380.880 3,063.889 2,923.853
Kansas City Pr & Lt_ April
742,661 627,120 3,173,502 2,678.991
dHan Gas & Elec Co_ February
530,604 496.353 *5,178,731 *4,805.818
Keokuk Electric Co April
126,079
32.526
136,313
30221
Kentucky Trac Term. March
348.747
128,630 120,547
383.843
Keystone Telep Co April
148.338 137.122
552.933
580,863
Key West Electric
April
20.113 20,141
83,791
86,772
Lake Shore Electric.. _ March
242.311 186,172
540.630
657,361
Lorin 'n UtilCo&Sub March
230,452
53.546 76,369
259.803
Long Island Electric_ February
22.980 23,975
49.358
48,860
Los.Angeles Gas Co February 1395,572 1325,926
*11985117 '10429870
Loulsv Gas & El Co January
56.54.105 4931.795 5,654.105 4,931.795
Lowell El & Lt Corp_ April
158.266 101,964
433,129
601.559
Manhat 13dge 3c Line February
20.130 20,566
42.850
42.987
Manh & Queens(Rec) February
27.497 24,031
50,739
58,705
Manila Electric Corp.. March
287.568 284,576 *3,587,564 *3,659,574
Market Street Ry
April
807.039
3.181,478
Mass Lighting Co_ _ _ April
267,613 230.708 1,104,289
943,289
e Metroporn Edison_ March
604,657 507,524 1,856,729 1,540,097
n111w RIFT R'& 1,1011
nu•u7
19732'1698,255 1,973.1/10 1.698.:?.55
Miss River Power Co_ April
262,892 247,304
941,076
981,825
Mobile Electric Co_ _ _ January
830,746 771,662
771,662
830,746
Mountain StatemPrCe January
1152.932 998.044 1,152,932
998.044
Munic Serv Co & Subs March
434,185 216,170 1,335,064
662,682
Nebraska Power Co__ February
335,000 285.929
567,320
677,815
Nevada-Calif Electric April
279.953 274,874 1.223,289
948,472
New Bedf G & Edis Lt March
270,351 320.833
989,029
New Eng Power Sys_ February
595,239 466,719 1,204,336
975.931
New Jersey Pow & Lt March
67,792 53,079
163,824
216,244
Newpt News & Hamp
Ry, Gas & El Co__ March
168,219 154.382
484.621
500,834
New York Dock Co__ April
277,502 329,460 1,115.953 1,298,420
N Y Railways
February
648,466 653.534 1,396,729 1,379.487
Eighth Avenue-- February
84,897 87,747
186,985
183,011
Ninth Avenue
February
84,038
36,436 39,847
79,619
N Y & Queens (Rec)- February
201,803
49,424 95.446
106,958
Y & Harlem (Roc).. February
250,495
112,463 119.200
243,949
N Y & Long Island February
31,735 35,696
77.290
69,082
Nor Caro Public Serv March
116,279 101,343
308,758
348.790
Nor Ohio Elec Corp April
895.124 748,134 3,583,677 2,954,083
Nor'west Ohio Ry &P Mardi
43.557 33.272
80,778
60.505
North Texas El Co__ _ April
291,867 295,654
978,096 1,034,209
Ocean Electric
15,350 13,083
February
27,436
30,773
Pacific Power & Light February
233,292 235,827
490,211
489.794
Paducah Electric_ _ _ _ April
48,832 43,968
183,986
209,018
Penn Central Lt &
Power Co & Subs April
269,967 174,830 1,092,362
794,520
Pennsylvania Edison.. March
261,565 206,254
643.637
788,934
Phlla Co. & Subsidy
Gas
Cos April
Natural
1370,603 1117,190 6,299,010 5,220,759
Philadelphia Oil Co.._ April
42,153 70.804
166.517
354.377
Philadelphia & West.. April
72,105 70,090
248,810
269.843
Philo, Rapid Transit
3755,5743584,733 14,701,019 13,782.752
March
Pine Bluff Co
62.248 58,116
184.915
200.874
Coke_
February
Gas
&
Portland
304,090 282,455
600.062
603,565
Portland By, Lt & Pr March
923.961 860.631 2.727,285 2,518.731
6920,270 6131.410 28,371,892 25,903.908
Pub Serv Corp of N J April
Puget Sound Gas Co. January
171.329 168,816
168.816
171.329
Puget Sound Pr & Lt_ April
978.730 863,689 *11065101 10,069.294
Reading Transit & Lt March
274,349 237.852
700,754
769,202
Republic By & Lt Co_ April
796,416 647.710 3,290,687 2,641,551
Richm Lt & RR (Rec) February
56.705 52,702
111.739
122,134
Rutland Ry,Lt & Pr_ March
47.542 43,734
164.599
178,351
Latest Gross Earnings.
Name of Road
or Company.
Jan. 1 to Latest Date.
Current
Year.
2509
Month.
Jars. 1 to Latest Date.
Current Previous Current
Year.
Year.
Year.
Previous
Year.
San Diego Cons G&El January
3756,665 3866,576 3,718,665 3.866,576
Sandusky Gas & Elec March
82,745 66,694
187.779
216.406
Savannah Elec & Pow
130,516 130.496
536,353
535.363
Sayre Electric Co_
55,579
17,307 15,323
49.933
Second Avenue (roe).. February
149.475
69,734 67,773
140.988
17th St Incline Plane_ April
2,794
11,381
10.910
2,880
Sierra Pacific Electric April
330.119
79,945 74,882
296,209
Southern Calif Edison April
1578,201 1264.308 5,616,264 5,105,472
South Canada Power.. April
318,850
79,999 65,717
276,153
South Colo Power Co January
1338.666 1758.603 1,838,666 1.758,603
South N Y Pr & Ry.... March
48,491 45,386 *543,338 *528.517
Southern Utilities Co_ April
243,439 228,570 *2,510.382 *2,617.473
Southwestern Pr & Lt February
923,354 823,108 1,891,551 1.688,090
Tacoma Gas & Fuel.... January
577.227
455.053
455.053 577.227
Tampa Electric Co.._ April
621,518
744.193
178,302 144,828
h Tennessee Elec Pow March
2,320,749
800,087
Texas Electric Ry_ _ _ April
856,402
828,391
217,539 204,374
Texas Power &
848,482
968,938
469,164 418.420
February
Third Avenue Ry Co.. April
1198,796 1186,828 4.599,537 4501,867
Un Rys & El of Bait.. March
1436,169 1345,418 4.045.237 3.804,118
United Gas & El Corp April
1174,590 1018,839 4.802,284 4.143.235
UnitedLt&Rys&Subs April
1020,583 920,791 4,200,348 3,784,956
Utah Power & Light_ February
675,206 561,143 1,382,303 1.168,403
gUtah Securities Corp April
813.933 697,426 *9,285319 *8,440,408
Vermont Hydro-Elec_ March
134.886
186,787
59.095 38,571
Virginia Ry & Pr Co_ April
860,264 749,251 3.479,903 2,827,579
Western Union Tel Co February 8366,704 7357,540 17.518.589 15.224,283
West Penn Co & Sub_ March
1977,305 1244.531 5.864.195 3,721,008
Western Pow System_ March
589,171 598.499 1.859.849 1,822,866
Western States G & El January
2722.134 2553.993 2,722.134 2.553,993
Winnipeg Electric Ry April
467,479 443,327 1.933,015 1.899,114
nYadkin River Pr Co March
155,475 98,984 *1,371.076 *1,122,394
York Hay Wat& Pow March
195,652
213,922
77,967 72,264
York Utilities Co_ _ _ _ A ril
75,220
82,943
23.003 17,847
Young & Ohio Riv RR March
115.310
159,341
50,472 41,284
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental: therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. co-ipanies were formerly
leased to the New York Railways Co.. but these
were terminated
on July 1111119. since which date these
roads have been operated separately.
c Includes Pine Bluff Co. d Subsidiary
& Light Co.
Power
American
of
e Includes York Haven Water & Power Co.
.f Earnings given in milreis.
g Subsidiary companies only. h Includes
Nashville Ry. & Lt. Co. Includes both subway and elevated lines. I Of Abington & Rockland (Mass.).
k Given in pesetas. 1 These were the earnings from operation of the proe
ties of subsidiary companies. m Includes West Penn Co. 11 Includes mlmotto Power & Light Co. * Earnings for 12 mos. t Three mos. ending
Dec. 31. z Earnings for 10 mos. y Earnings for 11 mos.
Five mos.
ending Nov. 30. s Four mos. n Six mos.
April
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings--Net Batwings
Current . Previous
Previous
Current
Year.
Year.
Year.
Year.
a Barcelona Traction Lt &
Pr Co Ltd
Apr 4,264,756 3,813,281 2,725,656 2,276,208
4 mos ending Apr 30_ _ _ 17,945,102 15,242,590 9.291.843 9,638,614
Philadelphia Co & Subs Nat
Gas Cos
Apr 1.370,603 1.117,190
505,548
612.336
4 mos ending Apr 30._ _ 6,299,010 5,220,759 3,092.892 2,029,911
a Given in pesetas.
Balance.
Gross
Fixed
Net after
Earnings.
Surplus.
Charges.
Taxes.
Companies.
American Electric
Apr'23 1,766,015
150,822
Power Co
'22 1,562,407
80,517
4 mos ending Apr 30'23 7,253,691
750,053
'22 6.313,805
363.797
Brooklyn Rapid
Apr'23 3.161.782 *1,208,458
Transit Co
'22 2.929,931 *1,137,992
10 mos end Apr 30 '23 30,177,803*10,017.515
'22 28,378,916 *9,736,655
Commonwealth Pr Apr'23 2,442,336
962,969
Corp
'23 2,068,588
853,883
12 mos end Apr 30 '23 27,611.312 10,429,044
'22 25.188,114 9,592.948
Commonwealth Pr Apr'23 3,092,394 1,103,218
Ry & Lt Co
'22 2,665.538
976,145
12 mos end Apr 30 '23 34,870,257
11,625.875
22 32.056,027 10.699,962
Consumers Power
Apr '23 1,339,917
524
Co
22 .131,602
584..376
12 mos end Apr 30 '23 15,164,921
7,130,733
'22 13,220,355 5.963,538
Erie Lighting Co
Apr'23
55,643
118,216
& Subsidiaries
'22
37,672
87,774
12 mos end Apr 30 '23 1,305,086
549,444
'22 1,012,641
422,777
Honolulu R T Co
Apr 23
15,963
80,590
Ltd
16,562
78.678
4 mos ending Apr 30 22
23
.60,738
313,355
*79,268
22
315.627
MassLighting Co
Apr 23
60.854
267,613
22
57,514
230,708
4 mos ending Apr 30 23 1.104,289
247.875
222,989
'22
943.289
Nevada-California Apr'23
279.953 *151,347
Electric Corp
'22
274,874 *155.763
12 mos end Apr 30 '23
3,619,262 *2.046,167
'22 3.136,270 *1,697,381
Penn Central Lt
Apr'23
123,804
269.957
& Pr Co
'22
80,923
174,830
12 mos end Apr 30 '23
2,792,185 1,208,245
'22 2,277,051
997,317
Republic By & Lt
Apr'23
263.289
796,416
'22
232,314
647.710
4 mos ending Apr 30'23 3,290,687
1.092,525
'22 2,641.551 1.009.210
Southern California Apr'23 1,578.201
934,441
Edison Co
'22 1,264,308
772,633
12 mos end Apr 30 '23
17,493,019 10,113.162
'22 16,979,091 9.982,307
Third Ave By
Apr'23 1,198.796 *249,251
System
'22 1.186,828 *279,502
10 mos end Apr 30 '23 11,856.697
*2,417.250
'22 11.628.030 *2,306,793
United Lt & Rys
Apr '23 1,020,583
328,157
'22
920,791
283,985
12 mos end Apr 30 '23 12,246,495 3,977,107
'22 11.189.901 3,453.436
27,825
23,333
104,562
93.333
746,280
789.906
7,381.216
7,376.528
523,590
500,566
6,135,758
5,829,336
774,606
736,222
9.108,805
8,705,484
122,997
57,184
645,491
270,464
462,178
348.086
2,636,299
2,360,127
439,379
353,317
9.293,286
3,763,612
328.612
239,923
2,517,070
1,994,478
43
187
.00
384
84
11
3.3
88
6
20
188
2.920,424 4.710.309
2.430.483 3.533.055
41,977
13,666
23,761
13,911
383,175 •
166,269
239.216
183,561.
15.963
16.515
47
55,628
5.110
1,993
77.275
14.632
46,222
17.880
39,634
32,415
215,460
71,967
151,022
87,131
64,216
78.083
77.680
965,256 9,080,911
902,848
794,533
92,111
31.693
51,263
29,660
842.460
365.785
639.350
357,967
65,675
197.614
57.021
175,293
338.934
753,591
323,251
685.959
675,603
258,838
459.221
313,912
3.491.595 6.621.567
0
5,870.15
4,112,157
18,477
230.774
565,050
224,452
167.736
2,249,514
75,266
2,231,527
148,484
179,673.
122,204
161.781
1,033,975 2,043,132
1,941,607 9,511,829
THE CHRONICLE
2510
Gross
Earnings.
Apr'23
467,474
'Winnipeg Electric
443,327
'22
By Co
4 mos ending.pr 30'23 1.933,015
'22 1.899.114
*Allowing for other income.
Net after
Taxes.
120,918
107.809
502,044
506,004
Fixed
Charges.
$
65.800
60.974
248,403
242,549
Balance,
Surplus,
55,118
46,835
253,641
263.455
Gross'--Net after Taxes- -Sure.after Charges-1923.
1923.
1922.
1922.
1923.
1922.
companies$
Eaton Rouge Electric Co19,137
21,477
55,240
19,904
43,052
April
14,047
207,991
220,395
564,643
12 months. 610,309
182,702
156.998
Blackstone Valley Gas& Electric Co122,514
145,589
April
118,121
377,873
316,449
94,775
12 months_ 4,220,080 3,836,301 1,553,549 1,381,030 1,165,077 1,046,026
-Cape Breton Electric Co. Ltd.
8,796
April
•5,773
50,155
166
55,116
3,280
677,129
12 months_ 657,387
86,190
29,247
96,726
17,905
-Central Miss Valley Electric Co12,154
11,920
43,361
8,677
April
45.293
8,492
156,932
146,946
12 months_ 559,997
113,970
532,048
103,133
Columbus Electric & Power Co76,549
103,415
153,376
80,832
April
184,204
12 months_ 2,095,149 1,888,819 1,056,611 1.010,112
'Connecticut Power Co64,455
69,679
134,378
52,210
April
165.495
46,786
587,478
622,382
12 months_ 1,884.670 1,567.182
414,889
357.213
Eastern Texas Electric Co46,584
66,462
145,275
47,960
April
170.425
28,093
563,094
693,560
12 months_ 1,877,420 1,660,823
492,542
348,946
Brockton
'Edison Elec Ilium Co of
52,210
39,519
109,144
51,374
133,686
April
38,681
448,654
543,678
12 months_ 1,486,387 1,304,891
533,339
434,847
Co-El Paso Electrlo
75,354
189.414
73,805
200,562
58,449
April
58,878
384,951
719,441
12 months. 2,338,966 2,297,958
681,572
531,174
Else Lt dr Pow Co of Abington & Rockland27,502
2,773
4,490
34,729
2,082
April
3,856
71,340
358,419
65,683
12 mouths_ 407,757
63,566
57,432
Fall River Gas Works Co18,364
78,587
15,224
79,431
18,355
April
15,205
235,608
275,423
12 months_ 1,018,033 1,005,422
234,956
273,337
Galveston-Houston Electric Co276,152
55,452
269,761
April
57,646
14,578
21,157
667,886
12 months_ 3,312.538 3.509,746
845,776
191,774
409,976
-Haverhill Gas Light Co49,586
44,402
13,612
13,691
April
13,609
13,603
534,906
130,228
12 months_ 560.950
141,408
129,832
133,775
Houghton County Else Lt Co42,988
46,732
11,098
April
12,946
6,918
8,266
546,501
140,372
12 months_ 547,800
132,894
88,141
71,402
Keokuk Electric Co30,221
32,526
April
8,145
8,325
4,902
4,671
12 months_ 398,654
380,967
108,901
100,583
66,004
56.843
Key West Electric Co20,141
April
20,113
7,626
7,304
5,069
4,657
254,077
12 months_ 251,875
103,069
74.020
71,511
48,592
Lowell Electric Light Corp158,266
April
101.064
63,379
33,498
63,372
31,688
12 months_ 1,531,506 1,218,739
529,618
401,082
527,974
377,066
-14188 River Power Co
247,304
262,892
April
207,154
190,412
106,245
87,365
12 months_ 2,947,423 2,770,253 2,192,107 2,059,255
071,334
820,107
Northern Texas Electric Co241,867
245,654
85,221
April
85,539
58,338
60,453
12 months_ 3,013,403 3,311,444 1,013,547 1,179,058
712,795
876,978
Paducah Electric co48,832
43.968
Aprn
16,021
15,013
7,600
6,582
586,218
536,600
12 months
209.722
155,376
108,535
53,781
Puget Sound Power & Lt Co863,689
978,703
APril
378,428
387,426
237,887
235,298
12 months_11,065.101 10,069,294 4,495,179 4,251,215 2,741,470 2,493,542
Savannah Electric dr Power Co130,516
130,496
43,096
46,128
April
19,102
22,884
12 months_ 1.602,104
586,555
299,408
•
Sierra Pacific Elec CO74,882
79,945
40,250
35,551
37,000
April
31,253
895,999
446,586
12 months_ 944,289
415,203
387,627
340,970
Tampa Electric Co144,828
77,817
178.302
April
54,627
71,598
50,181
12 months_ 1,931,928 1,749,652
811,538
726,541
752,170
673,757
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the lass 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
May 25. Tho next will appear in that of June 29.
Union Pacific Railroad.
(26th Annual Report-Year Ending Dec. 31 1922.)
The text of the report, signed by Chairman Robert S.
Lovett, together with the corporate income accounts, comparative balance sheet, and other statistical tables, will be
found on subsequent pages of this issue.-V. 116, p. 2390,
2007.
Chicago Great Western Railroad.
(13th Annual Report-Year ended Dec. 31 1922.)
Results.-When the accounts were closed for 1922 and adjustments
had been made the net results were gratifying. The volume of freight
traffic increased 178,...,35,172 ton miles. or 11.53%, over 1921: but freight
revenue increased only $200,870, or 1.15%, because of reductions of
approcimately 10% in freight rates. Passenger revenue was less than
1921, due to increased use of motor busses and automobiles for local traffic,
and the falling off of travel during the summer because of strike conditions.
The effect of these conditions, not only upon the passenger revenue of
this road but upon other railroads in this territory also, is clearly indicated
by comparison of statistics of 1921 and 1922: The passenger revenue of
the Great Western in 1921 was $4.885,112, while in 1922 it was $4.343,268.
The passenger revenue of six of
a decrease of $541,844, or 11.09%.
territory served by the Great Western
the principal other lines in the in
it was $116,446,388. or 10.78%
was $130.524,044 in 1921. while in1922
railroad travel was general.
Ices, thus showing that the decline
less than the previous year.
$3,821
was
revenue
only
operating
Total
Numerous reductions in expenses were made: but, owing to increased
[vol.. 116.
costs of materials and extraordinary expenses due to the miners' and
shopmen's strikes, the total operating expenses decreased only $151.929.
or 0.71%.
Net revenue from railway operations increased $148,107. or 5.28%.
Taxes increased $67.895, or 7.49%. Net payments for equipment rents
increased $128.439. or 16.76%. because of necessary increased use of
foreign cars. Railway operating income was $44,801, or 14.45%, less
than last year.
Other income increased 31,580,589. due principally to the inclusion of a
partial settlement of the company's claim against the U. S. Government
growing out of operations during the six months ended Aug. 31 1920.
Interest on funded debt increased $27,970, or 2.30%. The major
portion of this increase consists of the interest on this company's bonds
which are to be issued in exchange for Mason City & Fort Dodge bonds.
This interest commenced to accrue Dec. 1. The interest on the Mason
City bonds will not thereafter be reflected in the system income account.
Other deductions increased $19,754. or 22.72%. due principally to increased
In rents of property. Net income increased $1,528,065.
Claims for Balance Due from Government.-On Sept. 21 1922 the company
settled with the U. S. Railroad Administration the accounts accruing
during the Federal control period. The settlement was an arbitrary one,
and no detailed information is available as to the allowances made by
the Railroad Administration for undermaintenance and other items embraced in the claims presented by the company. The total amount of
cash received by the company in net settlement was $1.600,000. This
together with adjustments of debits and credits in open accounts, resulted
in a total allowance of $1,889,360. The latter amount has been credited
to profit and loss in compliance with the order of the I.-S. C. Commission.
In addition to the sum paid in this settlement the Federal Administration
agreed to fund the cost of additions and betterments made during Federal
control. By this arrangement the company received a loan of $950.000
for which it issued its note payable March 1 1930 (secured by $2.000.000
let Mtgo. 4s).
The claim of the company under the provisions of the Transportation
Act, which provide that the U. S. Government should pay during the six
months ended Aug. 31 1920. an amount equal to one-half of the annual
standard return is still before the I.-9. C. Commission. An offer of
settlement has been made which the officers consider inadequate, and
negotiations are still in progress. An adjustment is hoped for in the
near future.
Wages.-Reductions in wages of maintenance-of-way forces, shop
crafts, clerks, signal men, stationary engineers, and a few other classes
were authorized by the U. S. Railroad Labor Board effective July 1 1922.
The decision admittedly left the wages of railroad employees above those
received for similar work in other industries. Effective Oct. 16 1922. the
Labor Board increased the wages of maintonanco-of-way forces and a few
other employees.
Shopmen's Strike.-On July 1 1922, the shop and roundhouse forces
struck under the orders of their labor organizations rather than accept
the rulings of the U. S. RR. Labor Board. By the aid and resourcefulness
of the loyal officers and employees the company's operations were successfully carried on during the period of the strike. The strikers, under
conditions dictated by your officers, returned to work on Oct. 5 1922 at
the same wages and under the same rules as those against which the strike
had been ordered.
Freight nates.-The tendency of freight rates throughout the year has
been downward. .On Sept. 22 1021 a temporary reduction of 20% in
rates on live stock was made as a result of a decision of the 1.-S. C. Commission. Effective Jan. 1 1922, in compliance with the order of the
Commission, rates on wheat and flour were reduced approximately 13%.
and rates on coarse grain and articles taking the same rates were reduced
approximately 22%. On Jan. 1 1922, the carriers voluntarily reduced
the rates on other farm products 10% for a period of six months. On
July 1 1922 all freight rates, including those oluntarily reduced, except
those that had already been reduced in greater proportion. were reduced
10% on orders of the Commission. In consequence of those reductions
the general level of rates for 1922 is something less than 90% of those in
effect in 1921. It is estimated that the loss to the company because of
these reductions has been approximately $1.600,000, an amount equal
almost to the full dividend on the Preferred stock.
Mason City & Fort Dodge RR.-The company settled with the committee
representing the holders of Mason City & Fort Dodge bonds as of Dec. 1
1922. Under the terms of the settlement it was agreed to Issue Great
Western securities on the basis of 75% of the company's 1st mtge. bonds
and 25% of the company's Pref. stock in exchange for IN% of Mason City
& Fort Dodge bonds. For the matured interest on the Mason City bonds
which had not been paid since Dec. 1 1920 the Mason City bondholders
receive 757, of Great Western bonds and 25% of Great Western Pref. stock.
All Great Western bonds thus issued will bear no interest prior to March 1
1924, but in lieu thereof Great Western bonds at par will be issued.
It has been felt that the consolidation of the two properties would be
advantageous to both companies. There is no question but that the operations of the Mason City property for some time past have been unremunerative. It is but fair to say, however, that the bondholders' committee
challenged this statement and a long and expensive litigation appeared to
In consequence
be in prospect in case a settlement could not be
acquire the Mason City
of the settlement the company ultimately will effected.
needed.
improvements
capital
many
with
forward
go
now
can
property and
out not heretofore made because there was no provision therefor in the lease.
When these needed improvements are made it will be possible to operate
the Mason City property more economically and to improve the service
to the public.
Under the plans agreed upon the fixed charges of the system as a whole
will be reduced: the security of the Great Western bonds will be improved
by bringing under that company's mortgage the Mason City property, and
thus provide for one single issue of bonds upon the entire system, as was
contemplated in the reorganization of the property in 1909. Another very
important advantage to the owners of the property is that if the plans of
the I.-S. 0. Commission for the consolidation of railroads are carried out
better terms can be secured for the larger system. The Mason City bonds
outstanding agrgregated 812.000,000. The basis of exchange provides for
a total issue of $10,206,000 of Great Western bonds and $3,240,000 of Great
Western Pref. stock. The settlement has the approval of the I.-S. C.
Commission. The exchange of securities was actively begun in March
1923, and when it is completed the bonded debt on the entire system will
the
be $25,593 per mile, as compared with $29,210 per mile in 1912. when
Mason City & Fort Dodge and Wisconsin Minnesota & Pacific railroads
were separately bonded. (See V. 116, p. 76. 1649.)
Leavenworth Terminal Ry. OB Bridge Co.-The mortgage of $600,000
Leavenworth Terminal Ry. & Bridge Co.. one of our subsidiaries, under
which bonds aggregating $560,000 were outstanding. matured Jan. 1 1923.
Although the Terminal company is the owner of a bridge across the Missouri
River and other valuable facilities in Leavenworth. Kan.. the market conditions wore such that the Terminal company could not refinance this
obligation. Therefore your company advanced funds to pay the mortgage,
and negotiations have now been completed for a new mortgage by the
Terminal company and the issuance of bonds aggregating $400.000. These
bonds will be guaranteed by the Great Western Co. and the proceeds from
the sale thereof will be used to reimburse the Great Western Co. as far as
may be for the advances made by it.
Settlements with Government, &c.-The year closing Dec. 31 1922. all
this company.
things considered, is the most eventful year in the history of the
settlement
Settlements of the greatest importance were made, including
growing out of Federal
with the Director-General of Railroads for all claims
podgebcnide
k,tg
witheslra
laonfheGreat
t:e Mason ?iylFot
icaespossigieeomleteconoi
operations'
properties: the payment of the mortgage of Leavenworth Terminal Ry. &
Bridgo Co.; the partial settlement with the 1.-S. C. Commission for operaoperaopera
tions during the six months following return of the roads to private
the
tion: securiflg. of a loan from the Government of $950.000 covering
of
settlemont
the
control;
Federal
and
betterments
during
of additions
including the
the shopmen's strike on terms prescribed by the company,
of
all
rights,
seniority
loyal
full
with
in
employees
service
the
all
of
retention
which is explained in this report in detail. These combined transactions
will be reflected. In the judgment of the board, in improved operations
during the coming year.
TRAFFIC STATISTICS, CALENDAR YEARS.
9.96
1911.4
1920.
496
..
12
192
1921.
operated__
road
of
Miles
5,962.507
3
16
79
1,4
3 6,067
76
99
1,4
5,427
5,853,531
eage_ _ _1729319.825 1550484,653 1663983.589 1640093.387
fe
eliue
Revenue
Re
1.025 eta.
1.131 cts. 0.961 cts. 0.887 cts.
onaip. mile
tunni
.n
t?
Av. rev. P
2,714.422
2,498,822
1,822,627
ge1.526,474
carriedieconemile. -126.292,278 140,340,567 190,126,076 221,637,486
Pass, carried
2.698 ets.
2.994615.
Av.rev. per pass. p. mile 3.439 eta, 3.481 eta.
THE CHRONICLE
JUNE 2 1923.]
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1922.
1921.
3
$
Non-Oper. Inc.'
$
Freight
17,730,271 17,529,400 Hire of equipment. 1,507,816
86,834
4,343,268 4,885,112 Joint Wit rent inc
Passenger
796,541 Misc. non-operat'g
Mall and express._ 076,411
Miscellaneous__
603,161
699,524
physical prop_ _ Dr.1,452
80,583
Incidental
285,214
322,451 Misc.rent Income.
14,818
Joint facility
286,463
25,580 Dividend income_ _
Inc.from fund.sec
88,333
Toal ry. op. rev_ _24,224,789 24,228,611 Inc.from unfunded
Oper.
35,506
.Expensessecurs. &
Malnt.way & str_ 3,640,961 3,727,094 Mitten.income_ _21,739,354
Malnt. of equip't_ 5,705,835 5,286,606
Traffic
761,051
779,082
Gross income__ 5,513,692
TransportationDeductionsRail line
10,334,247 10,741,462 Int. on fund. debt,
Misc. operations
189,331
C.G.W.RR_ _ 1,242,876
172,778
General
19,376
709,891 Int. on unfund.
668,667
Trans.for inv.-Cr
7,303 Rent acer.for leased
9,303
roads lint, on
Total oper. exp.21,274,235 21,426,165
fd. debt, Mason
Rent acer.for teased
Net rev, from railC.&Ft.D.RR) b440,000
way operations_ 2,950,553 2,802,446 Hire of equipment. 2,402,585
Joint facility rents. 888,779
Railway tax acerls 980,700
9,225
917,804 Rent for leased rds.
Uncoil,railway rev
46,039
2,954
1,753 Miscelfs rents__ _ _
1,691
Misc,tax accruals_
Amort. of disc, on
13,673
funded debt_ __ _
16,677
Misc.Inc. charges_
Oper. Revenue-
Ry. oper. inc.__ 1,961,900 1,882,889
Net income._ _ _
1921,
$
1,413,083
78,201
1,154
83,798
174,412
49,446
67,354
388
3,750,726
1,214,907
25,541
480.000
2,179,413
884,773
41,475
1,660
13,510
4,741
432,770dfl,Q95,295
a Amount stated under 1922 includes $1,738.400 of collections and credits
for allowances by U. S. Govt. under guaranty. b Retirement of M. C. &
Ft. D. RR. Co. bonds by exchange for C. G. W. securities being as of
Dec.1 1922,interest on the former bonds is here charged In 1922 for 11-12ths
of the year.
The profit and loss account as of Dec. 31 1922 shows: Balance at Jan. 1
1922, $4,399,022; credit balance transferred from income,$432,770; received
in final eettle nent witii U. S. Govt. of accounts and claims arising out of
Federal control and operations of company's property, $1,889,360; Less
sundry adjustments, net, $16,480; leaving balance carried to balance sheet
Dec. 31 1922. $6,704,672.
A comparative balance sheet as of Dec. 31 was published
in V. 116, p. 1639,
Seaboard Air Line Railway.
(Annual Report-Fiscal Year Ended Dec. 31 1922.)
Pres. S. Davies Warfield, Baltimore, May 14, wrote in
substance:
Funded Debt.-Seaboard-Bay Line Co. entered into a conditional sale
Equipment Trust Agreement with the Continental Trust Co., trustee, under
which has been issued $4,589,000 first series 6% equipment notes, maturing
$161,000 semi-annually on Aug. 15 1923, $157,000 each F.& A.from 1924
to 1936, both inclusive, and $346,000 Feb. 15 1937. There has also been
issued under this trust, to Dec. 31 1922, $906,400 second series equipment
notes payable on Feb. 15 1937, without interest before maturity, subject to
adjustment as provided in the trust indenture, and subject to the superior
rights of first series equipment notes, which have been pledged under the
company's first and consol. mtge. This equipment trust has been assumed
by the company as to the payment of principal and interest in consideration
for the equipment acquired.
In Aug. 1922, equipment trust agreement, Series "T," Philadelphia plan,
was entered into with Chase National Bank, New York, as trustee, under
which has been issued $2,450,000 equipment trust certificates. There has
also been issued under this trust, and acquired by the company, and Pledged
under its First and Consol. Mtge.,$559.980 deferred certificates, payable on
demand on or after Aug. 2 1937. without interest, and subject to superior
rights of the $2,450.000 equipment trust certificates (see V. 115, 13• 870)•
In Oct 1922 equipment trust agreement, Series "U," Philadelphia plan,
was entered into with the Chase National Bank. New York. as trustee,
underwhich has been issued $2,560,000 534% equipment trust certificates (see offering in V. 115. p. 1430).
(In March 1924 $6,600,000 6% Equip. Trust. Certificates, Series "V,"
were offered. See V. 116, p. 1276.)
Results.-It is gratifying to report the marked Improvement in operations
during the year. Gross revenues show an increase of approximately
$3,000,000. The 10% rate reductions became effective Jan. 1 1922 on certain commodities and effective July 1 1922 on all commodities. Operating
expenses were reduced $800,000. Maintenance of way and maintenance of equipment Increased $930,000, while transportation costs decreased
nearly $1,900,000. Net railway operating income (before fixed charges,
but after taxes and equipment rents) increased over 100%. While net
income shows a decrease of $934,023, last year's figures include an accrual
of $1,473,279, representing additional compensation applicable to the
period of Federal control, and $615,000 dividend Income against which a
corresponding amount is not included in the current year.
Effect of Shop-Crafts Strike.-The shop-crafts strike and the abnormal car
hire the company was compelled to pay prevented a substantial surplus
at the end of the year. The strike occurred at a time when the management was pursuing the largest and most comprehensive equipment program
In the history of the company, delaying the rebuilding of freight cars in the
company's shops and also the rebuilding of cars contracted with outside
plants, as well as the delivery of new cars for which contracts had been
made early in the year. All of the equipment, under normal conditions,
would have been delivered for the heavy fall traffic, whereas deliveries commenced too late to materially affect car hire payments; at Dec. 31 there
were still 3,978 cars for rebuilding undelivered.
During the strike the motive power was taxed to its capacity, and heavy
repairs to locomotives were necessarily deferred. For several weeks after
settlement of the strike It was necessary to operate the locomotive shops
both day and night in order to get back into service the required amount of
motive power.
It was obvious that the shop-crafts strike should be settled, and, after
failure in other directions, the lesident,of the company opened negotiations
with the shop-crafts' leaders with a view of finding a way by which the
strike could be adjusted. This resulted in the "Baltimore Agreement,"
under which the strike was settled on this and on many other railroads.
Business Attirities in South -The advance in price of cotton, resulting in
very large increase in purchasing power,is having favorable effect throughout the South and there are encouraging indications of a continuation of
business activities.
Methods are being tried and means sought to combat the destructive
activities of the boll-weevil. In the meantime farmers are diversifying
crops to a greater extent than ever before, and wisely so, as there is scarcely
a product of agriculture that cannot be successfully grown in the territory
served by this railway.
Settlement with Governmen1.-Reference to the company's claim for compensation and damage arising out of the seizure and use of the property
during Federal control and the failure on the part of the Director-General of
Railroads to return this railroad in like good order and condition as when
taken over, has been made in previous annual reports. This claim is now
before referees appointed by the I.-S. C. Commission under the Federal
Control Act. Counsel for the Director-General consumed 4% months in
riling a brief in reply to that of counsel In support of the Seaboard's claim.
A final disposition of the claim will be pressed as rapidly as the importance
of the subject will admit.
Final settlement on account of the guaranty and in reimbursement of the
deficit from operations during the six months guaranty period, under the
provisions of Section 209 of the Transportation Act. 1920, cannot be made
until annual compensation for the Federal control period has been fixed, as
one-half of such annual compensation would be included in the settlement.
New Steamers.-The two now steamers acquired by the Baltimore Steam
Packet Co., a subsidiary, are now In service, the State of Maryland in Jan.
1923 and the State of Virginia in March 1923. Those valuable additions
to its fleet enable that company to offer service that cannot he excelled.
2511
Loan from Government.-Company has just negotiated.a 10-year loan of
$6,759,000 at 6% from the 2.-S.C. Commission, $3,000,000 of which will be
used to retire $3,000,000 Florida Central & Peninsular RR. 1st Mtge. 6s.
maturing July 1 1923: $1,000,000 to retire $1,000,000 7% notes due Sept. 15
1923; and the balance to be used for certain additions and betterments to
the property. In this connection, it may be noted that maturing obligations of the Seaboard during the next ten years are small and can be readily
provided for. The outlook for the property is very satisfactory; the car
loadings have continued for some time the largest in the history of the
company.
Communication from President Warfield to Stockholders and
Security Owners on the Transportation Act and Consolidations.
The presidents of prominent railroads, in their annual reports, recently
called upon their stockholders to aid in requesting the next Congress to
preserve the Transportation Act of 1920 without amendment. This endorsement of th.. Act has particular reference to the ratemaking-revenue
and othe provisions that were initiated and laid before Congress by the
National Association of Owners of Railroad Securities, of which President
Warfield is also President. This recognition of the wisdom of the managemeat in supoorting the efforts of this association from the beginning should
be gratifying to the stockholders.
Railroad executives now urging endorsement of the Transportation Act
having opposed these fundamental provisions when originally laid before
Congress, evidence a broad conception of duty, and the stockholders of the
Seaboard Air Line are asked to co-operate with the security owners of those
and other railroads in impressing upon the new Congress the importance of
maintaining the Transportation Act, particularly in these essential features.
But while the co-operation of railroad stockholders is being requested in
opposing amendments to fundamental features of the Transportation Act,
tne responsibilities Congress imposed upon the railroads in that Act stould
not be lost sight of. The rate-making-revenue and other features of the
Act, now receiving the endorsement of the railroads referred to, were
granted by Congress in recognition of the relation that one railroad bears
to another, each a part of a national system of transportation compsed of
a large number of individual railroads, necessarily dependent upon each
other. Congress, therefore, in connection with the provisions named,
specifically provided in the Act that these inter-carrier relations must be
also recognized by the railroads by bringing about tile joint use of such
railroad equipment and facilities, without respect to ownership., as would
produce better service at reduced cost. The I.-S. C. Commission was,
accordingly authorized by the Ac., to provide for joint facility uses and was
empowered'
to name'the terms and conditions under vinicn they were to be
brought about in default of agreement among toe railroads.
Will not Congress, therefore, expect co-operatio i from the railroads in
Carrying out the Censtrlictive progra n required by the Act, of which the
rate-making-revenue and the other provisions referred to are only a part?
Can the railroads expect to continue in the enjoyment of the particular
provisions of the Act mentioned unless Congress can be assured of the
purpose a id offered the means to carry out the Intent of the other provisions? Can stocknolders ask Congress to p.eserve the legislative railroadstatus quo that is now being urged unless such assurances are given?
Many instances are before the country-only recently serious litigation
was begun between a number of the more important carriers-that give
evidence of the lack of those inter-relations among the railroads which
Congress expected the Transportation Act to establish, essential to their
own success and to economical and adequate transportation.
In asking co-operation to secure a fair trial of the Transportation Act as
it now stands, should the stockholders not be placed in position to satisfactorily answer Members of Congress as to whether there is an organization
of the railroads such as will bring about the joint facility uses Congress
has required in the same Act containing the provisions the carriers now ask
to be let alone.
Beint intimately associated with representations made befo.e Congress
when this legislation was advocated. your President feels that the railroads
cannot successfully ask for the !Yreservation of one Dart of the Act while
avoiding tile responsibilities entailed under the provisions of another part.
The stockholders have doubtless considered the questions involved in the
section of the Transportation Act that requires the I.-S. C. Commission to
make and promulgate a plan for the consolidation of all the railroads of the
country into a few (in contemplation 15) large systems, that thereafter no
railroad will be permitted to consolidate with another unless conforming
to the plan determined by the Commission.
This policy presents two fundamental questions which the public, as well
as stockholders and security owners of all railroads, should consider:
1. Should not railroads be permitted to consolidate from time to time
under such plans or conditions as are proven to be in the ptheic laterest
and such as would be approved by the I.-S. C. Commission without respect
to any particular plan that may have been or be promulgated by that body
or by any other body?
2. Are not the questions incident to the taking of property involved such
as lay invite long litigation should there be an attempted enforced consolidation of the railroads of the country Into a few very large systems limited to the Commission's present ideas, as anticipated under the ter ns of the
Act or as it may be hereafter amended?
Tots country was developed, In industry. in agriculture, and in every
pursuit of business, through the full play of incentive and initiative that has
made our rapid development the wonder of the world. When it is considered that two-thirds of the country's area yet awaits to be fully developed,
is it not well to carefully consider what would be the effectof tne proposed
curtailment of railroad effort and facilities upon further develop nent?
Great seaports, commercial, manufacturing, mining and agricultural centres
and communities have been built through the energy of the developers of
railroads, wherein they have located large undertakings in their constructive
plans; their shops and other facilities for the intense development of their
territory. What effect will follow the withdrawal of the policies-Incident
to the development of an individual
system of railroad-which have built
suipclegrraetaiotne.ommercial and manufacturing centres should have serious conPermissive consolidations should be encouraged and take place as necessity for them is proven, But the comnlete reversal of policy of development proposed under the new order should give pause, at least until the
opoortunity Is afforded to work out tile desired service and economies
through the establishment of the means to obtain more extended use of
exis
Tthin
e gco
siolliitda
fn
ae
lestir
, orced concentration.
oa
nthoefratlha
h!ir
ynf
sae
l tn
outnto
hebr
rin
ailgroaabds
orm
r",these
centrates the fachities of the hundreds of carriers t1h
larwgoeuladysfte
5at
systems into 157 "pools";ofcars, locomotives, terminals, freight yards and
other facilitias formerly owned and operated by the respective carriers.
The railroads could bring about these joint uses to a greater extent by
common agreement to pool freight cars and as to other joint uses than would
be attained through the enforced large consolidation of the railroad corporations, such as is now proposed, which in any event would mquire years
to consurtunate. These consolidations are to be based on the valuation
now proceeding by the Commission; and securities would be issued on that
valuation. The results hoped for could be largely and certainly more rapidly attained without impairing
the incentive and individual effort which
has been the main factor In developing
this country to an extent greater
than any other. We have been compared with England in her recent plans
of consolidation. The State of Texas alone has a greater area of territory
awaking development than the area of the entire British Isles; no comparison
can be nade. England's available lands are setcled, America's am not:
England Is developed, the United States is not.
There Is no insistent
for the proposed large consolidations exbenting from those who demand
unwillingness on the part of the taHroads to
fully co-operate with onefind
another and see no means to secure the ezonomic
results and service sought to be attained, other than through consolidation.
This is a tenable position and cannot be met otherwise than by establishing
such a raitroad agency as
would be empowered to bring about the joint
facility uses that are contemplated through corporate consolidation.
When the railroads agreed upon the universal adoption of the standard
gauge of track long ago, their isolation ended; therefore, the proposal to
more intensively anoly the relation of joint use of facilities is neitner novel
nor radical. The requirements
on an ordinary box car are as universal as
were those leading to the adoption
of the standard gauge for all tracks t,o
enable such cars to be operated in the
exchange of traffic between carriers.
Should ownership of such cars be permitted
to curtail' their equitable distribution through the proper agency in the promotion of service and
economy?
The railroad agency proposed should be established by Congress to bring
about such Inter-carrier relations as would make effective the co-ordination
of facilities, which from necessity should be the forerunner to any consolidations such as would be proven to be in the public interest. It is stated
that it would require from five to ten years to consummate the large consolidations Proposed: so seeh an agency in any event is necessary.
•
2512
•
THE CHRONICLE
[VQL. 116.
Those facts are presented in view of the critical conditions surrounding
United Railways Co. of St. Louis. transportation legislation. The country is on notice that Congress will
legislate in respect to the railroads at the coming session. Shall constructive
(23rd Annual Report-Year Ended Dec. 31 1922.) •
measures be suggested to Congress to fully carry out the purposes and intent
Receiver Rolla Wells reports in substance:
of the Transportation Act of 1920 as to Joint facility uses-consolidations to
be made permissive-and such as should lead to the retention of those fundaFunded Debt.-A total of $6,100,000 underlying bonds mature during
mental features in the Act for which the railroads now appeal; or shall the 1923 as follows:
railroads wait and see what happens?
Compton Heights, Union Depot & Merchants Terminal RR.
Your President believes that railroad executives would assume a great
1st Mtge. 5s, July 1
1986,000
personal responsibility in insisting upon a policy of watchful waiting in a Cass Ave. & Fair Grounds 1st Mtge. 6s. Oct. 1
1,640,000
legislative crisis. Such a policy would prove a serious menace to private Lindell By. 1st Mtge. 8s, Oct. 1
1,474.000
operation, and there would eventually be greater reasons for its reversal by St. Louis & Suburban Ry. Consol. 1st Mtge. 8s, Oct. 1
2,000.000
the executives than in the case of the reversal of their former opposition to
In addition, $4,500,000 St. Louis & Suburban By. Gen. Mtge.55 became
the fundamental provisions of the Transportation Act, to which allusion has due April 1 1923, and $4,200,000 Receiver's Certificates, Series "A,' 7%.
been made: but may not the time and opportunity have passed?
became due Oct. 1 1923, making a total of $14,800,000 obligations being
The Association of Security Owners has offered constructive suggestions due during 1923.
in the particulars discussed. A conference committee of eight has been
The $2.000,000 5% Consol. Mtge. bonds of St. Louis & Suburban By.,
appointed by the railroads to meet a conference committee appointed by the which were in default since Feb. 1 1921, were extended to Oct. 1 1923, with
Association of Security Owners. It is hoped that a satisfactory result may interest at 8% per annum from Feb. 1 1921 to Oct.-1 1923; and all past-due
be reached.
intere.st.coupons on the outstanding St. Louis & Suburban 57 Gen. Mtge.
bonds were paid. The $1,640,000 Cass Ave. & Fair Grounds Ry. 1st Mtge.
IIVOGME ACCOUNT FOR CALENDAR YEARS.
431s which matured July 1 1922, were extended to Oct. 1 1923 at6% int.
Combined.
Corporate
- fares.-Amount set up,during 1922, $1,877,069. Amount paid during
Federal.
1920.
1921.
1922, 31,808.692. Portion accruing to city and schools, $1,523,808. In
Operating Revenues-1919.
1922.
Freight
$25,211,829 132.480.707 $29,205,390 $31,998,052 addition to the above direct taxes, United Railways expended $477,993 for
9,754,522
Passenger
12,423.851 11.015,200
8,936.217 street paving, and furnished free transportation for the police and firemen
1,935,697
Mail
583,751
1.076,019
1,109,555 of St. Louis.
The total taxes and street paving costs for the year 1922 amounted to
1,758,914
1,420,636
1,130,680
Express
2,045,575
580,473
392,209
Other transportation
509,960
428,700 $2,355,061, or 0.823 cts, per revenue passenger, as compared with 0.791
cts.
per revenue passenger in 1921.
1.494,039
1,168,361
Other than transporten_ 1.151,256
1,160.949
Road and Equipment.-Net addition during the year amounted to $958,832
Rolling Stock.-The average number of passenger cars operated daily.
Total oper. revenues_ _$41.183,532 $49,265,030 $42.844,933 $45,679,048
including Sundays, throughout 1922, was 1,201, and the highest number
Operating Expenseoperated on one day was 1,437. The number of passenger cars owned at the
Maint. of way & struc__ $6.553.593 28,239,267 $5,003,620 25,358,092 end of 1922 was 1,579, of which 1,400 were motor cars and 179 trailer cars.
Rate Adjustments.-On June 30 1922 Missouri P. S. Commission issued
7,848,414
Maint. of equipment__ 8,934,648 11.467,254
8,424,973
761.440
1,267,681
1,460,462
Traffic
1,478.277 an order extending the present 7-cent fare to Aug. 11922; on Aug. 24 sup19,487,560
25.091,776
plemental
order was issued extending said fare to Dec. 311922; on Dec. 26
20,555,651
18,667,039
Transportation
340,254
475,691
392,493
Miscellaneous operations
378,041 1922 an order was issued extending the 7-cent rate of fare until such time as
1,580,200
1,971,495
1,776,284
General
1,945,711 the Commission should issue its order in the valuation Case.
Cr.361
Cr.16,436
Valuation.-The final hearings before Missouri P. S. Commission on the
Cr.12,123
Trans. for investment
Cr.29,249
valuation of the company were completed on Sept. 18 1922. The formal
Total oper. expenses-237.641,259 $48,512,802 $37,024,801 $36,222,884 brief for the United Railways was filed on Nov. 20 1922.
At the end of the year the brief of the Counsellor for the city had not
1752,227 $5,820,132 39,456.164 been filed, but that has since been filed, and the rejoinder by the attorneys
$3,542.274
Net oper. revenues
1.620,187
1,687,363
for
the receiver has also been filed; and it is expected that a tentative
1.862,057
Taxes
2,124,235
6,513
7,773
36,014
lJncollec. ry. revenues.3,776 valuation of the property will be handed down by the Missouri Public Service Commission before midsummer.
Operating income-- $1.915.573 Dr.$942,909 $3,922,061 $7,328,153
TRAFFIC STATISTICS FOR CALENDAR YEARS.
71,956
Oilier Income-Joint facility rent income
113,459
1919.
1920.
1922.
1921.
x1,474,579
Income from lease of road
1,278 Revenue passengers_ _ _ _286,076,475 282.447,190 287.405,837 263,221.899
644,037
Dividend income
49,409 Transfer passengers_ _ _152.261.868 150,562,354 154,464,735 145,788,430
securities
552,599
Income from funded
197,048
78.306
Income from unfunded securities & accounts.. _ _ _
88,096
Total passengers
441,870,572 409,010.329
Miscellaneous
177.447
153,244 Percentage of rev, pass.438,338,343 433,009,544
55.39
using transfers
53.22
53.31
53.74
36,920.985 $7,930,686 Average
Gross income
fare per pass.
31,735,730 32,991,975
Deductions-Hire of equip.-Dr. balance
4.03c.
(including transfers).4.49c.
4.49c.
4.55e.
195,915
Joint facility rents
219,068 Avge. fare per rev. pass_
6.25c.
6.89c.
6.89c.
7.00c.
Interest on funded debt
5,269.716
5,328,356 Passenger car miles
44,229,300 44.229.210 45,291,525 43,752,684
Interest on equipment obligations
180,580
249,192 Rev. pass. per car mile_ _
6.02
6.47
6.39
6.35
leased
road
for
Rent
59,364
58,865 Total pass. per car mile..
9.35
9.91
9.79
' 9.76
Miscellaneous
Cr,226,952
85,846
CONDENSED INCOME ACCOUNT FOR CALENDAR YEARS.
Net loss
3293,369 31,002,617
1922.
1921.
1919.
1920.
Interest on Adjustment Mortgage bonds
y Cr.208,333
319.740,118 319,498,946 $20.154,834 $16,497,932
Transportation
Annual allotment of discount on securities
139,171
155,613 Other ry. operations--..
223,438
94,747
159,605
112,895
Deficit for year
$224.207 $1,158,230
Gross oper. revenue_ _519,963,556 $19,658,551 $20,267,729 $16,592,679
x Includes $1,473.279 accrued additional compensation applicable to Oper. exp. & deprec_ _ 14,895,508 15.093,218 15.274,806 13,192,727
period of Federal control. y Reversal of Nov. and Dec. 1920 accrual.
$5,068,047 24,565,333 $4,992,923 $3,399,951
Net earnings
1,845,723
1,675,697
1,437.337
1,110,910
GENERAL BALANCE SHEET DEC. 31.
Taxes
1922.
1921.
1922.
1921.
$3,222,325 $2,889,635 $3.555,586 22,289,041
income
Net
Assets$
202,831
216.350
145,855
106,441
inv. in rd & eq.198,059,885 193,811,102 Common stock_ 37,019,400 37,010,400 Other income
177 Pref.4-2% stock 23,894,100 23,894,100
1,032
Sinking funds_ _
$3,425,155 33,105,985 $3,701,442 $2,395,482
income
Gross
Pt.6% cap.stk.
Dep. in lieu of
37,300
37,300
2,802,940
2,618,014
2,661.262
745,772 Equip. oblig'n.s_ 12,214,000 3,441,000 Interest, &c.,charges... 2,912,063
M. prop. sold 1,286,609
752,494 Mtge.bds. Prop.
746,919
Mise.phys.prop.
sur$513,092 sur3303,045sur$1083,428 deP2265.780
or
def
Bal.,
sur.
Inv.in affil.cos.:
companies _ _ 36,659,000 36,659,000
BA LANCE SHEET DEC. 31.
Stks., pledged 2,121,454 2,121,454 S. A.L. bonds__ 84,902,500 84,902,500
966,039
292,139 3-year notes_
Stks.,unpledg.
1921.
1922.
1921.
1922.
1,000,000 1,000,000
916,158
966,158 Sec. & Treas. of
Bds., pledged
$
Liabilities$
$
Assets223,552
273,552
Bds.,unpledg.
U.S.-Notes, 8,698,400 8,698,400 Road & equip_ _103,961,333 103.002,501 Pref. Wis. issued 16,383,000 16,383,000
498,999
505.102 Non-negot. debt
Notes
Corn.shs. issued 24,913,000 24,913,000
Investments in
to affil. cos__ _
Advances_ _ _ 2,868,249 2,504,610
474,013
299,481
affiliated cos_ 1,001,583 1,001,583 Funded debt.._ 50,690,000 50,890,000
313,087 1,155,506 L'ns & bills pay_
Other invest'ts_
187,500 1,042,500 U.S. Governm't
Rec. certificates 4,200,000 4.200,000,
2,664,710 2,455,188 Tref. & car serv,
Cash
obligations__ _ 4,168,409 3,424,409 Aud.vouch.,ace.
679,989
601,756
897,120
ba. payable__ 1,091,174
Special deposits_ 4,799,382
630,650
1.229,219 Material & sum). 1,057,692 1,207,486 Coupons due.,..
942.538
33,809
24,266 Aud. acc'ts and
Los & Mkt rec.
Bonds,&e., mat.
Deposit for inwages payable 5,039,139 4,400.118
Traf. & car serv.
not presented_
terest on bonds
73,948
3,079.
893,524 Misc.sects pay.
861,855
bal. receivable
384,363
16,825
16,625 Outstand.tickets
129,014
135,722
436,175
in escrow_ _ _ _
Int. mat'd unpd.
Net bal. reedy.
782,533
241,228
361,093 Miscellaneous _ _
799,965 Cash
174,006
148,576.
Div.
342,551
mat. unpd_
194,428
fr.agts.accond.
9
703,763
720,311 Accrued taxes..
9 Cash for coup.aze
475,245
410,179
994,267 Fund, debt mat.
Individ. & cos_ _ 1,410,943
Employees' Lib.
Notes,accounts,
unpaid
251,608
243,263
97,000
U.S. Govt
291,571
139,907
receivable
Loan subscrip.
97,000
32,696.
&c.,
2,900
Unmet.int.accr,
. 1,377,002 1,217,416 Del. charges and
Other companies
Employees' 0th,
116.751 Unmat.rts accr.
132,805
150,235
for claims__
104,537
120,394
238,772
deposits
millet). debits_
21,985
20,627
U.S.
4.101,904
RR.
Adm_ 7,505,000 7,505,000 Other assets_ ___
Mat'l & supplies 4,554,211
34,928
31,503 Accrued interest
819,071
909,117
665,618 0th. curr. liab's
8,879
Int. & dive. roe..
290,140
2,756
260,690 Special deposit_
8,373 Dep. reserve__ _ 4,544,465 3,916,298
8,168 U.S.RR.Adm.
5,201
7,169
Rents receivable
24,935
67,130 Working funds_
23,025 Mill tax (city)
2,396,322
2,396,322
410,837
U.S. RR.Adm_ 7,036.292 8,536.292 0th. def. nab'.
387,633 Agents and conOther reserves
2,118,462 1,857,174
526,669 Ry. tax accruals 1,021,367
0th. curr. assets
382,503
71,532
589,270
67,642 Profit & loss, incr. 3,377,774 2,779,910.
ductors' accts.
297,092 Over. reserves
Work. fd. advs..
287,776
1,264,656 1,197,864
IL S.RR.Adm. 4,887,705 5,851,442 Accr.dep.equip. 5,302,177 5,765,700
111,726,591 110,243,241
111,726,891 110,243,240.
Total
Total
676.028 Res.for outstdg.
0th. def. assets_
538,924
-V. 116, p. 2008, 1412.
Ins. prem. prepd.
25,285 stk. prop.cos.
33,181
19,526
19,726
Disc,on Id. debt 4,501,778 4,477,556 U.S.RR.Adm, 16,132,324 16,047,854
Steel & Tube Company of America.
389,772 0th. unad1.cred. 3,438,418 1,132,141
Claims in susp__
479,649
U.S.Govt
2,854,588 3,154,588 Add'n to prop'ty
(5th Annual Report-Fiscal Year ending Dec. 31 1922.)
through Inc.&
U.S. RR.Adm.. 5,576,812 5,532,498
Other unach.deb. 3,311,105 1,077,942
surplus
242,020
Pres. H. H. Springford, Chicago, May 1, wrote in brief:
183,337
Fund, debt ret'd
Early in 1922 there was a marked improvement in the demand for otuthrough inc.&
permitting the resumption of ore and coal mining operations, as
products,
surplus
3,896
3,896 well as increases in production of pig iron, steel and finished products.
Profit &loes sur. 4.408,728 5,763,508 This
improvement continued throughout the year, subject only to the bad
effects of the Lombined coal and railroad strikes, which during the period
Total
Total
254.008,229 244.217,725
254,008,229 244,217,725 of
their existence created very difficult operating conditions and also reNote.-Accumulated and unpaid interest on Adjustment Mortgage (in- sulted in a material increase in production costs. After the termination or
bonds
come)
amounting to $2.708,333 and payable out of future income these strikes in August. operations were rapidly brought back to normal
or otherwise, or at the maturity of the bonds; and the company's claim conditions, but production costs remained on a high level due to much
against the U.8. RR. Administration for final settlement for compensation higher coal prices and to an increase in labor rates approximating 20%
under-maintenance, materials and supplies, &c., arising out of Federal made effective Sept. 1. The advance of selling prices was slow, and it was
control, are not comprehended in the above balance sheet.
not until January 1923 that price levels permitted of normal profits.
The year's operations showed a profit of $472,420 compared with a lose
Guaranty.-The company is liable as a guarantor of the following:
for the year 1921 of 22,571,351, after charging during 1921 to contingency
$4.455,606 for shrinkage in inventory values and idle plant expenses.
Athens Terminal Co. 1st Mtge
reserve
$100,000
Birmingham Term.Co. 1st Mtge.-Seaboard proportion 1-6 of. 1,940,000 Charges made against contingency reserve for 1922 amounted to $464,680,
idle expenses during the first quarter and $206,092 for
Fruit Growers Express Co.-Payments
663,886 being $258,588 for items.
Jacksonville Term. Co. 1st M.-Seab. proportion 1-3 of
400,000 contingent expense
Jacksonv. Term. Co. 1st & Gen. M.-Seab. proportion 31 of.
Adequate depletion and depreciation charges were made, amounting to
100,000
Jacksonv. Term.Co. Ref. & Ext. M.-Seab. proportion 31 of:: 3,100,000 31,557,952, and 12.026,117 was expended for repairs, maintenance of
Macon Dublin & Savannah RR. 1st Mtge
1,529,000 plants and properties sufficient to keep all units in splendid operating conRaleigh & Charleston RR. Co. Prior Lien & Consol. IvItges___ _
550,000 dition. Repair charges for the year 1921 were $1,647,085. 21xpenditures
Richmond-Washington Co. Coll. Tr. M.-Seab. propor. 1-6 of. 10,000,000 during the year for additions, extensions, improvements to plant and equipSavannah & Statesboro By. Co. 1st Mtge
185,000 ment amounted to $522,059.
The company's funded debt was reduced during the year 21,296,702
Seaboard Equipment Co.-Payments
350,000
Southeastern Investment Co.-Note
150,000 through the retirement of mortgage bonds, notes and equipment trust
50,000 certificates. Earnings available for dividends for tho first quarter of 1923,
Tampa Northern RR. Co -Note
750,000 after all charges, including reserves for taxes, depreciation and depletion,
Tampa & Gulf Coast RR. Co. 1st Mtge
4.400,000 were $2,207,415.
The Seaboard Bay Line Co. notes to Sec. of Treas. of 13. S__
Mtge.-Seab.
Cons.
proper.
Co.
Mi
of_
The company is under contract to sell all its property and assets, includc•
217,000
Wilmington By. Bridge
ing its good-will, to Youngstown Sheet & Tubo Co.. and this transaction
-V. 116, p. 2287, 2258.
JUIsill 2 1923.]
THE CHRONICLE
4513
has heretofore been approved by the directors and stockholders-both
BALANCE SHEET DEC. 31.
Preferred and Common-at special meetings held to consider the matter.
Liabilities1921.
1922.
Assets1921.
1922.
The actual completion of the transaction now depends on the outcome of Land
$2,287,115 Capital stock_ _x111,000,023 51.000.00
&
buildings_52,330.998
litigation Instigated by the Allied Chemical & Dye Corp., which is under Goodwill
payable
Accounts
2,100,000
2,100.000
110,995
188,811
consideration by the Chancellor of the State of Delaware.
Cash
63,162 15-yr. 731% cony.
439,821
Notes receivable....
1,000.0011
250 debentures
CONSOLIDATED INCOME ACCOUNT FOR CAL. YEARS.
74.972 Notes payable..
Accts.receivable
150.000
219,189
Mdse. inventory... 1,619,158 1,890,609 Deprec.,&e.,res
617,862
1921.
473,623
1922.
Total sales
35,487
74,723
$41.734,122 $29,696.815 Miscellaneous_ _ _ _
2,443 Accrued accounts_
65,954
Gross profits after deducting all exp. incident to
Deferred charges
135,259 Surplus
4,122,395 4.777,704
228,700
operations. incl. repairs and maintenance
6,725,753 2,924,442
Add-Interest, discount, dirs.. royalties, &c
Total
$7,003,825 56,553,810
358,894
888,756
57,003,820 56,553,810 Total
Total income
x Authorized-263,000 shares of no nominal or par value, declared
$7,084,647 $.37137G
Deduct-Selling, general and admin. expense__ _ _
2,901,516 3,020.783 under the Stock Corporation Law of the State of New York at $5 Per
Minority stockholders' proper.ofsub.cos. profit
739,708 share, 51,315.000; less unissued (62.995 1-3 shares), 5314,976.-V. 116.
66.524
Miscellaneous special items
110.426
p. 2398. 306.
Interest on funded debt
1,628.331
1,536,431
Interest on bankers' loans
454,293
247,197 U. S. Realty & Improvement Co.-Geo. A. Fuller Co.
Prov.for deprec.of plants & exhaust,of minerals 1.543,037
748,531
Profit transferred to surplus
Previous surplus
Adjustments
$472,4201oss$2571352
6,278,178 11.002,283
Cr.18,720
Total surplus
Preferred dividends
Common dividends
$6,750,598 $8,449.651
1,205,144
1,154,818
966.330
Profit and loss surplus
$5.595,781 $6,278.178
CONSOLIDATED BALANCE SHEET DEC. 31.
1921.
1922,
1921.
1922.
AssetsProperty account_78,833,936
Inv. in adv. to affiliated oos
1,648,869
Sink,fund assets... 229,788
Inventories
n16,909,199
Customers' acc'ts
& notes receivie
(less reserves)__ 8,640,977
Amts. due from of:trials & empra. 191,967
Adv. payments on
ore contracts__
28,849
Investments (cost) 177,056
1,683,128
Cash
Deferred charges
183,210
78,256,254 Preferred stock_ _16,842,400 16,842,400
Common stock__ _x1,934,661 1,934,661
1,638,264 Capital surplus__ _29.727,608 29,727,608
140,437 Minority stkhirs.'
15,247,356 int.in cap.stock
& surp. of controlled sub. cos_ 407,721
348,697
5,381,493 Funded debt_ __ _22,011.000 22,977,000
Mtge. notes and
234,091 oblig'ns pay. on
prop.acquired_ _ 858,407 1,079,109
87,096 Equip, trust ctts__ 385,000
495,000
45,934 Def. bonus obliga.
1,146,413 to staff _ _ _
350,066
315,237
277,976 Notes payable __ 9,868,343 3,900,000
BondsdueJan.1'23 333,000
Acc'ts payable and
acced liabilities_ 5,247,850 4,646,112
Deferred ore pay'ts 384,275
267,290
Deprec., conting.,
amort., deple'n,
&c., reserves_ _y14,593,694 13,609,192
Total(eack side)_108,504,977 102455,314Surplu s
5,595,781 6,278,178
a Raw materials, work in process,finished stocks, stores, supplies. snares,
rolls, &c., at cost or estimated reproductive cost, or market, whichever
was the lower.
x Common stock is represented by,967,330?4 shares at $2 each.
y Consisting of: Deprec. of buildings, machinery, &c., $7,618,631;
amortization of excess cost of construction of mark plant, &c., $2,798,151;
mine depletion. $2,411,574; operating reserves, $685,625; contingencies,
51,079,714.
Note.-The company has contingent liabilities in respect of 25% of outstanding bonds of Elkhorn Piney Coal Mining Co., guaranteed by the Steel
& Tube Co. of America, $541.375, and in respect of notes receivable discounted. $137,908.-Y. 116, p. 1772, 1542.
Pure Oil Co., Columbus, Ohio.
(9th Annual Report-Year ended March 31 1923.)
President B. G. Dawes, Columbus, May 10, wrote in brief:
The principal changes in the balance sheet show increases in: Investments of $2,791,444; current assets of $3,038,989: property account.
34,055,638; current liabilities decreased slightly; there was a decrease of
37,033.000 in the funded debt. The Preferred stock increased $3.000,000.
the Common stock $11,796,725. Earnings, both gross and net, made very
satisfactory increases over last year, the increase in gross being $8,431,319
and in the net $3,914,451.
The company has large holdings in stocks of other oil companies. These
companies are earning largely in excess of their dividends and such earnings
are not reflected In the company's statement.
The daily average production of the company has increased as has the
business of the distributing division. The business of tho other departments has remained about stationary.
The year has been an uncertain one in the oil business and conditions at
this time are not entirely'stabilized,largely due to the heavy overproduction
of oil in California. Company,is preparing to handle a considerable quantity of this oil, thus neutralizing its effect.
The usual comparative income account was published in
V. 116, p. 2268.
BALANCE SHEET MARCH 31.
1923.
1922.
1922.
1923.
Assets$
$
LiabliUtes$
5
Nap.,equip.,Ate.126,193,898 122138,260 Preferred
_ _23,000,000 20,000,000
Other investm'ts.-19,310,460 16,519,016 Common stock_
_64,679,350 52,882,625
stock_
Stock in treasury
316,000
316,000 Preferred stock of
Marketable scour- 7,192,882 7,168,136
Moore 011 Co- _ _ 800.000
800.000
Cash
3,977,275 4,434,281 Funded debt
4,026,000 11,059.000
Accts.receivable 5,477,714 4,621,308 Accounts payable_ 2,557,741 2.234,859
Notes and tr. acNotes payable_ _11,392,509 11,565,360
ceptances recele- 3,887,860
687,273 Accrued taxes
384,020
391,086
Finished oil
7,836,759 7,401,699 Accrued interest
259,689
72,324
Crude oils
1,527,467 2,787,600 Customers' dep
286,441
302,779
Materials & sum). 2,255,851 2,016,521 Comp. Maur. res
91,080
60,827
Deferred charges 1,453,228 1,149.170 Depr.& depl'u res.27,340,478 23,261,708
Profit & loss. sur- _44,806,309 46,414,482
Total
179,429,394169,239,263
-V. 116, p. 2266. 1541.
Total
170,429,394169,239,263
Stutz Motor Car Co. of America, Inc.
(7th Annual Report-Year Ended Dec. 31 1922.)
Pres. Wm.N.Thompson, N.Y.,May 16,reports in subst.:
Although there is a steady and discriminating demand for a high-grade
four-cylinder car, such as this company has heretofore produced and is
still producing, the demand during the past year was not sufficient to
'enable the company to operate at a profit upon the basis of that model
exclusively. This condition is reflected in the operating loss.
In view of this condition, it was deemed best by the directors during
1922 to bring out a series of six-cylinder cars to supplement the fourcylinder series, and this result has been successfully accomplished. The
sh-cyllnder models were ready for the market on or about Jan. 1 1923,
and the production, as well as the demand, has steadily increased AIM
that date.
There were during the year extraordinary charges, principally items
resulting from the change in the company's manufacturing program.
The inventory account has been depreciated to such an extent that we
believe no further depreciation therein will be necessary.
The now six-cylinder models include a five-passenger open phaeton,
roadster, and a five-passenger sedan. Other models
a
two-par;V:
added during the year.
probi
will
The usual comparative income account was published in
T. 116, p. 2398.
(19th Consol. Annual Report-Year Ended Apra 30 1923.)
The remarks of President H. S. Black, together with the
income account and balance sheet as of April 30 1923, will be
found under "Reports and Documents" on subsequent pages.
STATISTICS OF GEORGE A.FULLER CO. FOR YEARS END. APRIL 30.
1920-21.
1921-22.
1919-20.
1922-23.
Unfinished business beginning of year
$14,569,256 519,185,214 $32,602,898 $24,972,520
New business
29,631,080 18,662,694 33.711,802 37.506,734
Total
Work executed
544.200,336 537,847.907 $66,314.700 $62,479,253
20.337,702 23,278,651 47.129,485 29,876,355
Unfinished business at
end of year
523.862,634 $14,569,256 $19,185.215 532,602,898
CONSOLIDATED INCOME ACCOUNT FOR YEAR ENDING APRIL 30.
(Incl. United States Realty Lk. Impt. Co. and George A. Fuller Co.)
1920-21.
1919-20.
1921-22.
1922-23.
Income from productive
real estate:
Net operating income_ $2,491,242 $2,511.032 51,998.563 51,449.272
Less interest on mortgages thereon
690,447
684.883
611,321
673,764
Netfrom said invest't. $1,879,921 $1.837.268 $1,313,682
5758.824
Other investments
503.205
544.902
711.374
546.706
Building, &c.,contracts.. 1,239,634
1,384.839
1.617.936 2,439,105
Real estate profits
416,060
Carrying charges on property sold
17.95T
13,117
Miscellaneous
8.881
355,407
40.468
220,448
Total income
54,602,395 54.235,474 54.356.115 $2,655,749
DeductionsInterest on loans, &c_ _ _
$74,813
544.072
I55,646
Exp. of unprod. real eat..
25,143
7,717
6,308
Deprec. of buildings. &c.
42,936
44.396
46,327
General & corp. expenses 5897288
1,019,265
975,791
1.183.772
Total deductions
$897,288 $1,034,073 $1,279,958 $1,162,157
Net income
$3,705,107 $3,201,401 $3,076,151 $1,493,593
Int.on debenture bonds_
369,416
596.500
496.750
588,354
Int. on Prof. stock subscriptions & expenses_
192,216
Common dividends.. _ _ _(3%)484.884
Surplus
$2.658,591 $2,704,651 52,487.803
5897.093
CONSOLIDATED BALANCE SHEET APRIL 30.
Assets1923.
1922.
Real estate and buildings
028,640.189 533,135,106
Less mortgages thereon
11.322,500 12,706.000
Less reserve for depreciation of buildings
See x
662.639
Balance
517.317.689 519,766.467
Other real estate investments represented by securities of or advances to controlled or affiliated cos.)$10,283,269J $7,372,241
receivable
861.271
Investments in other stocks and bonds
1,026,603 1,085,966
Total
$29,085,945
Less-Estimated shrinkage in value of the above 528.627.551
real estate as capital assets adjust., April 301917,
59,556,097 less items written off(net) $2,053,113
7,502.984
.
Total capital assets
521.582,961
528.627.551
Building, plant, equipment, materials, &c
$486.619
5328.648
Deferred oper. charges, unexpired insur. & taxes
47,525
63,681
Bills receivable
718,721
} 1,961,116j
Accounts receivable
769,167
"I
Interest and dividends accrued
120,256
Ca-sh at banks or on hand
2,973,386 2,147,883
Marketable securities (incl. 51,000.000 par value
U. S. Treasury certificates)
1.132,123
Charges against building contract accounts, less
payments received on account
1.360,693
130,831
Deficiency: Capital asset adjustment to cover estimated shrinkage in value deducted above
836.325
Other deferred assets
344,262
Total
536,431,041 $27,200,707
LiabilitiesPreferred stock issued (auth. $10,000.000)
$8,081,400
Common stock issued (auth. $30,000.000)
16,162.800 516,162,800
Debenture bonds
2.848,000 9,254,000
Accounts payable
411,669
481,929
Taxes and interest accrued
916.343
883.753
Estimated balance to complete subway contracts_
82,279
Rents received in advance, &c
51,948
5,755
Reserve for accident and plate glass insurance_
168,442
Miscellaneous
161.750
Reserve for possible losses or depreciation in value
of capital assets
4.794.760
Surplus
3,164,123
Total
$36,431,041 $27,200,707
x Real estate and buildings at cost, less reserve for depreciation of buildings and equipment therein.
Note.-Loans on mortgages, deducted from real estate. 5%% bonds of
Trinity Buildings Corporation of New York due June
1 1939: secured by
First Mtge.on Trinity and U. S. Realty buildings, 57.000.000;
reduction
by sinking fund retirement, 5776.000: leaving $6,224,000; less
deduct other
mortgages on real estate. 55.098,500, making loans on mortgages
$11,322.500.-Y. 116. p. 2286. 2019.
Producers & Refiners Corporation.
(5th Annual Report-Year ended Dec. 31 1922.)
Frank E. Kistler; Chairman, May 15, wrote in substance:
The statements for 1922 show the marked progress which has been made
from both a financial and earnings standpoint.
During the year activities
In the oil and gas production department were
substantially curtailed
awaiting development of the corporation's own transportation
and refining
facilities. In the meantime, however, it has been actively engaged in
pursuing the policy of adding to its holdings,large blocks of proven or probable oil and gas-producing lands.
The corporation during the year continued the extension of pipe-line
connections to its producing fields, and began the construction of a complete
modern refinery at Parco. Wyo., having 10.000 barrels daily capacity.
THE CHRONICLE
514
this
which plant Is now in partial operation. Within the next few months
refining
construction Wed will have been completed, and these additional
afford
Okla.,
Blackwell,
and
Tulsa
at
West
refineries
the
facilities will, with
the
a dail* rdllning capacity of 20.000 barrels of crude oil,- and will enable
It will
corporation to supply the growing demand for its refined products.
propgas
and
oil
producing
its
then also be possible to more fully develop
erties and the corporation will be in the enviable position, to even a greater
degree, of refining, transporting and marketing its own production.areAddicontional outlets for marketing its products direct to the consumer
stantly being obtained.
exbeing
are
systems
distribution
pipe-line
and
Natural gasoline plants
tended to take care of,and realize on, the enormous available gas production
in
been
several
have
installed
lines
distributing
Gas
properties.
of the
cities where subsidiary companies have obtained franchises. These systems will be enlarged and other communities entered from time to time.
During the year 1922 the corporation acquired interests in the Lyons
Petroleum Co. and the Fensland Oil Co., and since the first of this year
has acquired substantially all of their outstanding stock.
In Feb. 1923 the corporation issued to its shareholders 150,000 shares
of its Common stock at par. Application of the proceeds of this financing
program
to the completion of the present construction and development
will enable the corporation to realize in the best possible way the potential
earnings which are available in its properties, the full realization of which
cannot be expected until toward the close of the present year.
CONSOLIDATED INCOME ACC.FOR YEAR, JAN. 1 TO DEC. 31 1922.
$10,910.725
Gross sales and earnings from operations
6,783,106
Producing, operating, general and administrative expenses_ _
$4,127,620
249,438
Gross earnings from operations
Other income-Interest and dividends
•
$4,377,058
_ ___
Total earnings_
Deductions-Depreciation,$499,759;interest and bond expense,
1,112.374
$63,312
$549,304; Federal tax provision.
$3,264,684
12,991,360
Net income, before depletion
Previous surplus---------
----216,256,044
Total surplus--- ---203.413
-- - -- ,--------------- ---- -Preferred dividends-uctilon)
dopletioniled
5.395,128
--(subject
Surplus-Earned
10,657,503
From appreciation of developed leaseholds
$16,052.631
Total surplus Dec. 31 1922
CONSOLIDATED BALANCE SHEET.
Dee.31 /2.June30'22.
Dee.31'22. June30 '22.
Liabilities3
$
$
$
AssetsCommon
1,400 18,269,900
stock.._21,22
Properties, Plants
Preferred stock__ 2,846.350 2,854.350
& development x35.771,784 31,716,744
8.55,935 Int.of minor,stockGood-will
holders in subs_
140,527
Invest. in & adv,
1st M.(closed) 10to associat. cos_ 6,372,508 3,035.853
s.f.
yr.
bds_
8%
14.090
4,438,200
4,730,000
employees
to
Adv.
599,069 Constr.confect for
Deterred charges-- 523,289
an assoc. co_
1,826,937 1,501,541
658,006
Cash
188,783 6% tank car notes
116,719
38,906
188,783
securMarketable
5% lease purnotes
72,250
103,875
Accts. receivable,
current opera'ns 1,177,732 1,062,760 Adv. fr. It. owners
for constr. to be
54,730
Notes&accep. rec.. 109,528
46,097
repaid fr. °per_
234,687
Accept,receivable,
147,961
765.331 1,025.811 Def.oblig.for cr.oil
associated co's
680,734 Five line per.notes 168,000
545,556
Crude & ref. oils
856,598 Notes&accts. pay- 1.920.023 1,558,217
Materials & supp- 626,531
129,576
Accr.int., tax.,&c. 63,998
Res.Fed.tax.,&c. 383,116
219,677
x16,052,631 13,087,158
Surplus
VOL.
116.
since the distribution of
considerable extent from Winchester factories and Simmons
branch houses.
Winchester products could be directed through the
merger.
These were the considerations which led directly to thevertiCal
rather than
The merger is one in series rather than in parallel, in
of the past generIn horizontal, in tandem rather than in team. Mergerstwo
manufacturers.
ation were generally of the horizontal order, wherein combined
to create,
combined to create a larger manufacturer, or two jobbers
a jobber have coma larger jobber. In this instance a manufacturer and
and distributing serbined in order to provide an improved manufacturing
r
vice-in order to provide a more direct connection between manufacture
and consumer, and in order to bring about manufacturing and distributing
economies.
the manufacturing
Since the merger steps have been taken to consolidate
Winchester Repeating Arms Co.,
facilities of both companies under thethe
Simmons
Hardware
Associated
under
facilities
and their distribution
Arms Co.
Companies. By this arrangement the Winchester Repeating
& Color
Paint
City
Mound
the
Co.,
Y.)
Knife
(N.
Walden
the
has acquired
Spoke & Handle Co. The AssoCo. of St. Louis, and the Roanoke (Va.)have
acquired six additional disciated Simmons Hardware Companiessupplement
their existing facilities,
tributing branches suitably located to
at strategic points.
so that they now nave 13 branches locatedorganization
problems that have
The merger has presented many complex by the members
of both organbeen attacked with vigor and enthusiasm
the consolidated organizations, with the result that at the end of six months
s and
many
with
improvement
order
running
smooth
in
itself
ization finds
economies already effected.
a substantial increase in
Both Winchester and Simmons have enjoyed
This has resulted partly from
their volume of business since the merger.
conditions and partly from the benefits
an improvement in general business
merger.
the
of
out
each
accruing to
during the latter part of
The improvement in general business conditions
of 1923, with resulting increased
1922 has continued into the early months
an
improved earning situaand
activity
ng
manufacturi
volume of sales and
with both the retailer and the Jobber
tion. Stocks of merchandise are low
time to come.
some
for
demand
improved
an
for
is
outlook
and the
Arms Co. elsewhere.]
[See also annual report of Winchester Repeating
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
1920.
1921.
1922.
Calendar Years$18,146,201 $13,243,311 $18,042,247 $24,910,904
Sales
9,754,239 12,840,268
13,678,612
Cost ofsales
, 20 706,880.
3,704,7551 4,116,0631
Selling & general exps_ _ 3,110,385
1,020,8141
1,109,324
Interest
State
&
Reserve for Fed.
1,200,000.
taxes & other conting_
Propor,of prof.apply,to
stockholders of subs,
95,000
37.233
Cr.70.983
other than Winch. Co_
Propor. apply. to period
prior to Apr. 16 1919
(date of incorp. of the
• 819,335,
Winchester Co.)
(3 )341.415(7 )682.829(3 )341.414
1st Prof. dividends
00
0
0,
(3
)12
0)60,0006%
dividends
2d Prof.
$245,854 $1,748,274
$247,880df$1,566.929
Balance, surplus
arising
The consolidated statement of surplus shows: Capital surplus
deducting
through review of plant values by Ford, Bacon & Davis, after for excess
products
of
the
development
therefrom $3,596,489 expended in
of retlil
plant facilities, and $1,535.358 expenses in the establishment $82,271
stores. $8.505.952. Earned surplus, balance Doc. 31 1921,
-less.
$330.151
consolidated profit for year 1922, $247,860; total. in liquidating
losses incurred in operating stores now discontinued, and
policiee!
business
of
change
a
to
owing
which,
now
carried,
not
inventories
of ordinary operain the conduct of retail stores, are not considered partnet
surplus Dec. 31
tions, 8371.912: net deficit at Dec. 31 1922. $41,761;
1922. $8,464.190.
CONSOLIDATED BALANCE SHEET DEC. 31.
Co. and its subsidiaries and Winchester Repeating Arms Co.
[Winchester
x Includes oil and gas leaseholds (at cost), 218,258,676; appreciation In and subsidiaries.]
1921,
value of developed leaseholds, $10,657,503: lease and well equipment and
1922.
1921.
1922.
development, $4,039,186; refineries, pipe lines, tank cars, &C., $6,338,185*
Liabnities$
Assetsmiso3lfaneous properties, $619,642; total, $39,913,193: less reserve provided
9,754,700.
9,754,700.
stock__
Pt.
7%
lst
15,540,494
3
equip-x30,042,22
out of proceeds of donated stock. $2,670,605, and reserve for depreciation. Plant &
26 Pref. 6% nonstores-Cost
2,000,000 2,000,000
$1.470,804,leaving,as above.$35,771,784. y Including appreciation of de- Retail
cum.stock
of estab.,1nclud.
veloped leaseholds, $10.657.503, subject to deduction for depletion.
2,425,592 6,613.225 Common stock _.10,000,000 10,000,000.
est.
real
&
equip.
assofrom
on
exists
receivable
acceptances
liability
t
pay. 1,373,990 1,336,677
Note.-Contingen
notes
&
721,094
Acets
1,714,217
6,177,000 5,760,000.
loans
ciated companies discounted,amounting to 8521.788.-V. 116, p. 2266,2018 Cash
Acets & notes rec- 1,039,974 2,594,933 Bank
159,796
167,823
Accrued interest
Marketable securs.
204,876
_ _ 227,225
taxes..
Accrued
Winchester Company.
for
sec.
as
depos.
1.981,053
2,293.439
_
_
reserves_
Misc.
workmen's com137,594 1st M.20-yr. bds- 6,860,000 7,000,000.
137,594
(Report for Fiscal Year ending Dec. 31 1922.)
pensation
821,205
688.189
11,028,846 12,514,763 General reserve._
Inventories
in
part:
18,
says
April
Otterson,
136,250 Capital surplus._ 8,505,952
President J. E.
Inv,in other cos- 759,858
82,271
def41,761
(earned)_.
Surplus
842,227
858,052
_
items
the
year
during
the
from
standpoint
Deferred
development
Important
The most
the merger with Simmons Hardware Co., accomof distribution has been
48,006,356 39,100,579
Total
39,100,579
48,006,356
now
of
Co.,
which
owns
Winchester-Simmons
medium
the
Total
through
plished
less $7,642.of the Winchester Co. and also of the
the majority of the Common stock
x Land, buildings, machinery and equipment, 237.685,220;
Associated Simmons Hardware Companies.
997 for depreciation.-V.116, D. 1773.
Co.
and
octhe
Co.
Simmons
Hardware
Winchester
the
of
The merger
inquiries have been made as to the charcurred in June 1922. So many that
Winchester Repeating Arms Co.
it seems desirable to give you a brief
acter and purpose of the merger
up to it and the developments since.
outline of the conditions leading and
has been the largest hardware jobber
(Annual Report-Year ended Dec. 31 1922.)
The Simmons Hardware Co. is
E. C. Simmons in 1856 and conducted
ACCOUNT-YEARS ENDED DEC. 31.
in the world. It was founded by
business out of a single house in St. Louis CONSOLIDATED INCOME
a general hardware distributing
1922.
1921.
of the business and the development
growth
the
time
which
at
until 1905,
$16.176,650 811.835.050
establish
to
of
had
seven
which
branches,
desirable
of this country made ittime of the merger, located in Boston, Philadelphia. Sales of sales
8,706.693.
12,296,363
Cost
been created up to the
City, St. Louis and Wichita. The company
Toledo, Minneapolis, Sioux
$3,880,286 $3,128.357
time to time to the desirability of establishing
Gross earnings
_ 2.081,336
had given consideration from
2.743388
with their special branded merchandise. The Selling & general expenses, including depreciation
agencies in connection
925,393
1.048,617
loans
bank
and
bonds
plan
under
agency
the
brought
on
matter
Winchester
Interest
establishment of the
years.
last
three
the
during
n
consideratio
active
8750,333 loss$540.224
period
branded
of
goods
of
the
under
name
for
line
a
Profit
established
of
Simmons had
goods were mainly purchased from independent Deduct-Proportion applying to stockholders
55,120
"Keen Kutter." These
ng goods of high quality and in certain
subsidiaries other than Winchester Rep.ArmsCo.
factories capable of manufacturi
to
the
under
Simestablish
necessary
factories
instances it had been found view to more directly controlling the supply
loss$485,104
$750,333
Net profit
mons management with a
9;659,630 19,562.292
status of the Simmons Hardware Co. Previous surplus-Earned
71,503:
of certain articles. Such was the
x10,290,869
Capital
prior to the merger.
was
in
Co.
by
organized
Oliver
1866
Arms
Repeating
Winchester
The
519,148,691
820,700,832
s
the
famous
manufacture
Winchester
Total
F. Winchester. This company
9,000,000
its facilities were devoted exclusively Dividends--Storh
arms and ammunition, and unto 1914the
415.000
Cash
company undertook certain conto commercial production. In 1914
74,061
of
rifles
manufacture
and cartridges, Adjustments
tracts for foreign governments for theits plants at New
Later the
which necessitated the expansion ofto their capacity in Haven.
$20.700,832 89,659.630
surplus
the
our
of
interests
Balance,
employed
company's facilities were
about 3,250,000 sq. ft. of floor
Davis after
own Government. These plants include
s of the commercial
x Arising through review of plant values by Ford. Bacon & of
space. This is greatly in excess of the requirement
products
war. In order to utilize the facilities deducting therefrom 53,596.489 expended in the development
business of the company prior to the
the development of new lines of for exco.s plant facilities.
available, preliminary steps were taken in30
new
lines
have
about
been
developed.
31.
DEC.
SHEET
time
CONSOLIDATED BALANCE
products in 1919 and since that
new products directly to the
1921.
The management decided to distribute theseto
1921.
1922.
the time of the Simmons
S
Liabilitiesretail trade through exclusive retailers. Up
II
$
Assetsof
4,000
exclusive agencies, all
00 10,000.000
stock-__10,10900$22,0.
merger, the company had granted about
Common
3
15.365,805
&cs30,042,22
. In order to serve these agents Plants, equip.,
whom were Winchester stockholders
385,752 Accounts & notes
1,237,034
five
Cash
branch
established
disfor
houses
the
819,906
1,256,560
payable
more adequately, the company
New Haven, Atlanta., Chicago, Kansas Accts. & notes rec. 834,029 2,082,439
4,777,000 3,481,880.
tribution of Its products, located at
137,594 Bank loans
137,594
also purchased a number of smaller manufac- bMarketablesecur.10,083,221
159,755
167,623
Accrued interest_
11,161,768
City and San Yrancisco, and completing
Inventories
of
neceassry
the
lines
merchandise
199,381
5,899 Accrued taxes._ _ 221,985
6,350
turing plants with a view to
outside cos.
in
Inv.
the
of
status
of
the
was
Such
development
demand.
1,335,761
trade
1,289,521
the
d Miscell. reserve.
to supply
Inv. in and adv.to 1,877.914
the merger.
821.205
688,189
_
_
reserve.
Winchester up to the time of became
General
cos
affiliated
obvious to the management of both
3 661,655 let mortgage 20During the spring of 1922 it
of Simmons and the manufacturing Exp. for dev., ise-c1,014,222 (
7,000
companies that the selling facilities
749,124
505,313
supplemented each other-that what one Unamort, bd. cilso.1
,000
9
9r880
826
0;
_16
ar
yeplus-Capital
171,296 Sur
&c.f
facilities of Winchester exactly
int., ins..
Prep.
of
make
combination
the
a
two
would
that
and
-9,659,630
possessed,
_10,409,964
Earned
lacked the other of facilities in both a manufacturing and distributing sense
set
710
33,477,519
strongest
side)_45,961,
(each
the
Total
trade.
in the hardware it became apparent that through a merger of this kind very
Furthermore,
Plants,land and buildings, machinery and equjpment,&c.,$37,685.220,
effected by combining the administration
be
could
as security for
economies
substantial
reserve for depreciation of $7.642,997. Is Depositedagencies.
it
less
that
and
of
existing
use
facilities,
common
d Inmaking
compensation. c Cost of establishing selling
and sales forces and
in an immediate increase in the volume of business workmen's
2409.
result
116.
P.
-V.
subsidiaries.
of
in
furthermore
stockholders
interest
would
s would be supplied to a cluding
requirement
Simmons
the
since
of each company,
Total
47,907,977 41,592,647
Total
47,907,977 41,592,647
JUNE 2 19231
THE CHRONICLE
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Car Loadings.-Although car loadings for the week ended May 19 totaled
991,797, a new high record for this year and within 23% of the record
established on Oct. 14 1919,the report of the American Railway Association
shows a decrease in the cars of merchandise and miscellaneous freight
loaded amounting to 3,404 cars. This is the third decrease in as many weeks
In the merchandise and miscellaneous group, which is seen by many business
men as an indication of business conditions throughout the country.
The total cars loaded with revenue freight was not only the greatest number since late last fall, but exceeded the corresponding week in 1921 by
220.806 cars, and was far in excess of the corresponding weeks of 1918. 1919
and 1920. In comparison with the preceding week this year it was also an
Increase of 17.266 cars, increases over the week before being shown in all
=yelps excepting merchandise and miscellaneous loadings.
The loadings of merchandise and miscellaneous freight, which includes
manufactured products, amounted to 584,938 cars. While this was a decrease of 3,404 cars from the week before, it was an increase of 43.703 cars
over the corresponding week of last year and an increase of 123,870 cars
over the-corresponding week in 1921.
Reports of the car loadings for the past four weeks, compared with the
loadings of similar periods during the past three years were as follows:
1920.
1921.
1922.
1923.
May 19
862.030
770,991
780,953
991,797
May 12
843.155
751,186
767,094
974,531
May 5843,025
April 28
800.997
721,997
751.111
963,694
The principal increase over the week ended May 12 was in the loading of
ore, the total for which was 67,057 cars. This was not only an increase of
7.438 over the preceding week, but was an increase of 50.426 over the same
week last year. Forest products with total car loadings of 77.653 cars,
showed an increase of 3,229 over the week before and an increase of 16,479
over the corresponding week in 1922.
Coal loadings were 6,441 more than In the week ended May 12 and 100.143
more than in the corresponding week of 1922, when the total was brought
down by the coal strike. The total for the week ended May 19 was 181.599.
Loadings of grain and grain products totaled 33,806, an increase of 1.809
over the preceding week; live stock totaled 31.274 cars. 1.585 cars above the
previous week. Coke loadIngrs increased 168 cars to a total of 15,470 for
the week.
President Rea of Pennsylvania RR. Defies U. S. Railroad Labor Board.
Statement indicates that company will adhere to its position in refusing to
ailed Brotherhood names on ballot for election of employee representatives.
"Times" May 29, p. 6.
Western Railway Officials Assail Aim of La Folktie Meeting as Plan to
Aid Government Ownership Movement.-Statement signed by S. M. Felton.
President Chicago Great Western and by five chiefs of other roads, declare
main object of conference of La Follette's so-called Progressive group was
"to make successful private management impossible and Government
ownership unavoidable. "Times" May 31, p. 2.
Car Shortage and Surplus in Good Repair.-The following is authorized
by the Car Service Division of the American Railway Association:
"Despite the fact that loading of revenue freight for the week of May 19
attained a now high record for this time of year, being only 254% under
the greatest week in history, reports filed by the carriers show a still further
decrease in car shostage with an increase in the number of surplus freight
cars in good repair.
"The total shortage in freight cars on May 22 was 20,585, which was a
decrease of 3,176 since May 14. while the total surplus freight cars in good
repair was 22,700. or an increase of 4,281 within the same period.
"This is the first time since Sept. 1 1922 that the number of surplus
freight cars has exceeded the car shortage.
"Shortage in box ears on May 22 amounted to only 3,973, which was a
decrease since May 14 of 1,555, while shortage in coal cars totaled 14,620,
which was a decrease of 1,033 within the same period. Shortage in all other
classes of equipment has, however, entirely disappeared
"Surplus box cars in good repair and immediately available for service
totaled 9,084 on May 22, an increase of 2.807 in approximately a week,
while surplus coal cars totaled 2,775, which was only one car less than on
May 14.
"Reports also showed 4.821 surplus stock cars, an increase of 96 within
a week, while an increase of 1.219 surplus refrigerator cars was reported,
which brought the total to 4,796."
Matters Covered in "Chronicle" May 26.-(a) Another new high record for
railroad freight loading, p. 2330. (b.) Maintenance of way men ask wage
increases: same granted, p. 2350. (c) Signalmen seek wage increases on
75 roads, p. 2350. (d) Philadelphia & Reading telegraphers got wage increase, p. 2350. (e) All embargoes on New York New Haven & Hartford
removed, p. 2350. (f) Wages increased by Pennsylvania and other roads,
p. 2351. (g) U. S. Coal Commission to ask lower freight rates on anthracite, p. 2351. (h) Settlement of accounts with Director-General of Railroads, p. 2351. (I) Settlements with individual carriers, p. 2352. (j)
Shopmen's wages increased on Baltimore & Ohio, p. 2352.
Aberdeen (So. Dak.) RR.-Sale.-
The company has disposed of the last of its equipment and has been
replaced by the Motor Transit System. The citizens in Aberdeen voted
Oct. 20 last against the taking over by the city of the company's lines, which
had been idle since July 31 1922.-V. 115, p. 2157.
Baltimore 8c Ohio RR.-New Officers.-
251$
Forbes & CO. Boston, have sold at 98 and int. to yield
abolir 6U%, 83,000,000 6% 10-Year Gold bonds.
Dated ..tene 1 1923. Due June 1 1933. Int. payable J.& Din Boston'.
Denem. SI,000c4.&r.
Data from Letter of James F. Jackson, Chairman of the Board of
Public Trustees.
Company.-Owns and operates a system of rapid transit lines and surface
lines serving a territory comprising the cities of Boston, Cambridge,
Somerville, Malden, Everett and Medford, the towns of Brookline. Arlington, Watertown, and Belmont, and portions of the cities of Chelsea and
Newton, having a total combined estimated population of over 1,200,000.
Pursuant to an Act of the Legislature of Massachusetts, the company is
now under public management and operation, which will extend in any
event until June 30 1928.
Earnings & Expenses (Year ended April 30 1923)•
Gross earnings
$33.363,084
22,397,851
Operating expenses, taxes and miscellaneous charges
Rentals of subways, tunnels and leased roads
2,257,308
Ann, int. on funded debt (incl. $180,000 for this issue)
2,403,270
2,004.000,
Depreciation
$4,300.665.
Balance
Capitalization Outstanding After This Financing.
1st Preferred stock
$6,400,000 Prem. pd.In on can.stirs. $4.939,905.
2d Preferred stock
14.029.850 Boston El. By. bonds.
Preferred stock
including this issue_ _-x31.086,000.
3,000.000
Common stock
23,879,400 West End St. Ry bonds-x18.135,000.
x Equally secured.
Purpose.-Ot the procereLs of this issue of bonds, $700,000 will be used
to reimburse the company for money used to pay at maturity, on Jan. 1
1923, a like amount of West End Street By. Debenture 454% bonds.
The balance will be used to provide for extensions to the comgny s powerstation in South Boston, for new shops in Everett, and for the George•
St. storehouses in Somerville.-V. 116, p. 2387.
Buffalo Rochester & Pittsburgh Ry.-Definitive Bonds.
The Guaranty Trust Co.of N.Y.,will deliver definitive bondsin exchange.
for the outstanding temporary 5% Equip, gold bonds, Series'lb,- dated,
March 1 1923. (For offering see V. 116, p. 933)-V. 116, P. 1523•
Canadian National Railways.-Annual Report.Calendar YearsGross operating revenues
Net after taxes
Other income
Deductions
Fixed charges
192p.
1921.
1922.
$120.135,957 $126.691,456 $125,641,752'
'
def11,085.081 def17.677,931 def38.074.092
5,421,415.
4,439,888
5,567.639
1,653,138.
2.657.976
4,344.602
33.194,244
40,777,915
41.241.252
Balance. deficit
$51,103,297 $56,673.934 $67,505,059.
Note.-The foregoing figures are the combined results of the Canadian.
Northern Railway System, Canadian Government Railways and Grand.
Trunk System.-V.116,9. 1531.
Carolina 8c Yadkin River Ry.-Sale.-
The sale of the road by L. H. Hole, receiver, to 0. Arthur Kirkmail.
and associates of High Point, Thomasville and Denton, No. Caro., for'
$125,000, has been confirmed by the Superior Court at Lexington, No.
Caro. The line is 36 miles long,from High Point to High Rock, No. Caro..
connecting at the first-named place with the Southern By. and at the•
latter with the Winston-Salem Southbound By. A considerable sum, it
is stated, will be spent to rehabilitate the road.-V. 116.
p.
1759.
Charlottesville (Va.) 8c Albemarle Ry.-Dividends.-
The directors recently declared a dividend for the year on the 7% Cum.
Pref. stock, payable 114% on March 31, Juno 30, Sept. 30 and Dec. 21.
A quarterly dividend of 2% was paid on the Common stock March 3/'
last. This compares with 5% and 1% extra paid on the Common stock
Dec. 21 last. Compare V. 116. p. 175. 720.
Chesapeake & Ohio Ry.-Transfer Agent, &c.
On and after June 1 J. P. Morgan & Co., 23 Wail St., N. Y. City, will
act as transfer agents of the stocks, registrars of the transfers of the bonds.
also paying agents of the interest upon and principal of the funded debt
and of the dividends from time to time, payable on the stocks of this
company.
See Baltimore & Ohio RR. above.-V. 116, p. 2388.
Chicago Rys. Co.-Suit by Certificate Holders.-
The holders of Series I certificates have filed a suit against the company,
in the U. S. District Court at Chicago, seeking payment of dividends at
the annual rate of $8 a share with accruals on that basis from Aug. 11917.
The City of Chicago and Martin J. O'Brien, City Comptroller, are made
parties to the suit
use the latter failed to certify to bonds to which
the company was entitled for extensions of its street car system as required
by ordinances. It is alleged that under the plan for the reorganization
of the Chicago Railways Co. the Series I certificates were to receive
$8 a year cumulatively out of net earnings before the railways company
should build up any surplus or make other disposition of net earnings.
The payments, amounting to $240,000 a year, were made up until Aug.
I 1917 Since then the money has been used to build up a surplus, which
now aggregates about 52,000,000, it is alleged in the bill. The back dividends to Aug. 1 next amount to $48 a share, or about 51.400,000.
The bill also asks that the company be restrained from selling, transferring or encumbering any 1st Mtge. bonds which already have been
issued to it or to which the company is entitled by means of capital expenditures.-V. 116. p. 1892.
Cincinnati Lawrenceburg & Aurora El. Street Ry.-
0. W. Galloway, Vice-President In charge of operation and maintenance.
The Ohio State Senate recently passed the Lipp Bill, giving City Councils
announces the following appointments, effective June 1, incident to the power to fix rates of fare on elevated railroads- in excess of 5 cents. Resiresignation of R. N. Begien, General Manager at Cincinnati. to become dents of the western section of Cincinnati thus appear to be assured rapid
operating Vice-President of the Chesapeake & Ohio By.: H. B. Voorhees, transit service from Anderson's Ferry into the heart of the city within a
present General Manager New York terminal properties, is appointed few months. The measure is intended primarily to give the above comGeneral Manager Western lines, headquarters Crincnati, 0. vice Mr. pany the right to extend its tracks into the city. Residents of Delhi,
Begien, resigned: R. B. White, present General Superintendent' Maryland Sayler Park, Anderson's Ferry and Fernbank already have prepared to
district, is appointed General Manager New York Terminal properties
build the extension and the West End Terminal By. has been incorporated
headquarters Row York, vice Mr. Voorhees. promoted.-V. 116, p. 2255: by H. Lee Early. Morgan Wamsley, Milton Sayler, and others to finance
the project. It is estimated that the improvement will cost aproximatelY
Boston & Maine RR.-Committee of 1st Pref. & Pref. $750,000. The extension will be leased to the Cincinnati Lawrenceburg
Shares Asks for Deposit of More Stock with Voting Trustees-- & Aurora El. St. By. "Electric Ry. Journal."-V. 115. p. 182.
The committee repeosenting 1st Pref. and Pref. stockholders has sent
Cleveland Cincinnati Chicago & St. Louis Ry.-Promout a request for the deposit of stock with the voting trustees, Gordon
Abbott. Charles F. Adams, Philip Dexter, Allen Hollis, Walter M. Parker issory Notes, &c.
and Robert H. Gardiner Jr.
The 1.-S. C. Commission on May 19 further modified its order of Dec. 22
The committee, comprising E. Solder Welch, Chairman: Francis R. 1920 so that the issue of 53,822,000
6% Ref. & Impt. bonds, Series B, is
Bangs, T. Jefferson Coolidge, Cnarles P. Curtis, Reginald Foster, R. H. authorized in respect of actual expenditures.
and such expenditures approved
Gardiner Jr., Herbert M. Sears, Henry Wheeler and S. H. Walcott, says: as the purposes and uses
of the proceeds of a certain note.-V.116, p. 2128.
"About a year ago the committee, the members of which themselves 1892.
represent very large holdings of 1st Pref. and Pref. shares, recommended
to you the appointment of voting trustees and the deposit of your shares
Community Traction Co.-Tenders, &c.
for a reasonable period with these trustees. The support given to the
The Bankers Trust
16 Wall St., N. Y. City, will until June 21
committee's suggestions was sufficient to warrant the creation of the receive bids for the saleCo.,
to it of 1st Mtge.6% Gold bonds, dated Jan. 31
voting trust,'which was effected early this year.
1921, to an amount
"The holders of over 65,000 shares of 1st Pref. and Prof. stock have 104 and interest. sufficient to exhaust $120.761 at a price not exceeding
already deposited their shares and the voting trust certificates have been
J. M. Beauchamp succeeds D. B. Carson as Vice-President.
listed on the Boston Stock Exchange.
In a new wage contract which became effective on May 22. Platform
"The holders of many thousands of shares not yet deposited with the men will receive a wage increase
of approximately 10%. The new wage
trustees have intimated their intention to vote with the trustees. While scale is 50 cents an
hour for the first three months, 52 cents for the ensuing
this is helpful. it does not give your trustees so great an influence in the nine
and 55 cents an hour thereafter. The men had asked rates
councils of the company as they would have if clothed with fuller power of 60months,
and 65 cents. Shop men received a corresponding wage increase.
by those for whose interests they are working. It is important that the V.
116, P• 75.
voting trustees should represent not only a large amount of stock but also
a large number of shareholders. You can,therefore, be of real help whether
Cuba Company.-Registrar.Your holdings are largo or small.
The Central Union Trust Co. of N. Y. has been appointed registrar for
"Shares, endorsed in blank, should be sent to the Old Colony Trust
Co. 17 Court St.. Boston, which depositary will issue a voting trust the 1,000,000 shares of Common stock, no par value.-'V. 116.P.2125•2006*
receipt."-V. 116, p. 2255, 1759. 1525.
Cuba RR.-To Increase Capital.The stockholders will vote June 27 on increasing the authorized Common
Boston Elevated Ry.-Bonds Sold.-Merrill, Oldham stock
from 200,000 shares, par $100, to 1,000,000 shares, no par value.
& Co., lt. L. Day & Co., Estabrook &
Harris, V. 116, p. 2388.
Co. and
THE CHRONICLE
2516
[VOL. 116.
Commerce Act. Until such authority is secured the application to issue
Dubuque (Iowa) Electric Co.-Resignation.
makes it unnecessary to
0. H.Simonds recently resigned as Vice-President and General Manager capital stock must be denied. This conclusion
the proposed issue.
- consider in other respects the propriety of
of the company to become associated with the Electric Bond & Share Co.
proposes to acquire and
applicant
the
which
railroad
of
lines
the
"As
V. 116. p.2128.
operate were in operation in inter-State commerce prior to the effective
date of paragraph 18 of section 1 of the I.-S. Commerce Act, in our opinion.
Eastern Massachusetts Street Ry.-Bonds Paid.The $479,000 Lowell Lawrence & Haverhill 1st 5s due June 1 1923 are the proposals do not fall within prohibition of that paragraph. Proceedbeing paid off at the office of the American Trust Co.. Boston. No re- ings under the provisions of this section of the Act will accordingly be
funding operations will be made in connection with this retirement.-V.116, dismissed.
I On June 9 the I.-S. C. Commission will hear the argtmtent in connection
p. 1892. 1760.
with the issuance by the N. Y. Chicago & St. Louis of new securities in exfor those of the consolidated companies.1-V. 116, p. 2120, 2007.
change
Eastern Wisconsin Electric Co.-Pref. Stock Offered.-
Paine, Webber & Co. are offering at $93 and div., to yield
about 7.53%, $350,000 Cumul. 7% Pref. (a. & d.) stock.
Par $100. A circular shows:
Companv.-Incorporated in Wisconsin in 1917. Owns and operates
public utilfty properties, serving directly or indirectly 25 communities with
one or more classes of service, namely, electric light and power. gas. street
and interurban railways. The district centres around the cities of Sheboygan,
Fond du Lae and Oshkosh. Total population served estimated at 110.000.
The Sheboygan and Fond du Lac steam plants of the company are now
directly connected with the hydro-electric plant of the Wisconsin River
Power Co., through a 66,000-volt transmission line extending from Dane
through Columbus and Beaver Dam to Fond du Lac. Thisconnection
provides for the exchange of power facilities.
Authorized. Outstanding,
Capitalisation as of March 31 1925$5,000,000 41,360,000
7Cilumulative stock
Preferred 6
2,000,000
Common
b775,000
1,917,000
1st Lien & Ref. Mtge. 6s, Series A
1st & Ref. Mtge. 5s, div. bonds & car trust ctfs
e3,888,230
New York Consolidated RR.-Sale Postponed.-
See New York Municipal Ry. Corp. below.-V. 116, p. 2389.
New York Municipal Ry. Corp.-Sale Postponed.-
Owing to legal details the sale of the property of New 'York Municipal
Ry. Corp. and New York Consolidated RR. scheduled for May 29 has
been postponed until June 5.-V. 116, p. 2389.
N. Y. N. H. & Hartford RR.-Govt. Loan Extended.The I.-S. C. Commission has extended from July 1 1923 to
April 1 1924 the time within which the company shall repay
a Government loan of $7,400,000.
The Commission also extended from Jan. 1 1924 to July 1 1924 the time
within which expenditure for additions and betterments shall have been
made or definitely oblioted under the loan.
The Massachusetts Department of Public Utilities has approved the
acquisition by the company of 376 additional shares of Capital stock of the
Fruit Growers Express Co. at $100 per share.-V. 116, p. 2256.
Oregon Electric Ry.-Bond Interest Paid.
a Does not include $196,500 131edged treasury Pref. stock. b $375,000
additional Common stock has been recently authorized by the Wisconsin
RR. Commission. c Issuance of additional bonds limited by indenture.
d Divisional mortgages are closed. a Does not include $_,1 852,000 1st &
Ref. Mtge. 56 deposited as security for 1st Lien & Ref. Mtge. 6s.
Earnings Twelve Months Ended March 31 1923.
Gross earnings. $1,789,994; operating expenses, maintenance &
$554,264
taxes. $1,235,729; net earnings
335,966
Bond anti other interest deductions, &c
95,200
Annual dividend requirement on $1,360,000 Preferred stock__
All of the outstanding 1st Mtge. 5% gold bonds dated Oct. 1 1919, due
July 11924. Series A. and all of the outstanding 1st Mtge.6% gold bonds,
dated Oct. 1 1919. due July 1 1924, Series B, have been called for redemption June 1 1923 at par and int. at the State Street Trust Co., trustee,
Boston, Mass. See also V. 116, p. 2007.
-$123,098
Balance_- -------- --------------- - --- - is now controlled
Management.-Conapany
---- Middle West Utilities
Co.-V. 116. p. 1649.
Two hundred (200,000 francs) 6% bonds (foreign series 1956) were called
for payment June 1 at par and int. at the office of A. Iselin & Co., 36 Wall
St., New York City.-V. 115. p. 2478.
El Paso & Southwestern Co.-Annual Report.Calendar YearsRailway operating income
Railway operating expenses
$2.681,574
Railway operating income
Net revenue from mismil. operat'ns loss $15,027
1,588,112
Non-operating.income
Gross income
Deductions from gross income
$4.254,659
2,308,793
Net income
Div. approp. 01 net income
$1,945.866 $1,327.236
1,500.000
1,327,236
Balance to profit and loss
,-V. 116. P. 2007.
Paducah (Ky.) Electric Co.-Bonds Called.-
Paris-Orleans RR.-Bonds Called.-
Philadelphia Rapid Transit Co.-Wages Increased.
Wage increases for employees of the company, effective May 1, were
approved May 31 1923 at a meeting of the General Committees under the
co-operative plan. The increases are the result of a recent wage increase
of the Cleveland Ry. Co.
$2,429,779 +$1,232,822
Under the new scale the following rates an hour will be in effect: (1) Ele$1,084,251 -$104,059 vated conductors and surface motormen and conductors, 1st 3 months,
2,445
-1,609 590.; next 9 months, 62c.; thereafter, 64c. Operators of one-man cars
receive Sc. additional per hour. (2) Elevated motormen, 1st 3 months,
S1,343,084+$1,338,490 62c.; next 9 months, 65c.; thereafter. 67c. (3) Elevated guards, 1st 3
loss$26.185 +$11,158 months, 59c.; next 9 months. Mc.' thereafter, 620.
1,638,397 - 50,284
Wages of the regular hourly-rate employees of other departments are
increased 1%c. an hour and those of monthly employees $3 a month.
$2,955,295+$1.299,364 -V. 116, p. 1760.
1,628,059
+680.734
1922.
1921.
Inc. or Dec.
$11,389,665 $10,868,799 +$520.866
7,727,063
8,439,019 -711.956
Net revenue from ry. operations__ $3.662,601
$980,192
Railway tax accruals
Uncollectible railway revenue
835
Interest due May 1 1923 on the 1st Mtge. 5% Gold bonds, due 1983.
is now being paid.-See V. 116, p. 2007.
$445,866
Pittsburgh (Pa.) Rys.-Reorganization.-
+618.631
+172,764
+$445.866
Georgia & Florida Ry.-Valuation.-
It is stated that the proposed reorganization has been postponed from
June 1 to Sept. 1. The reason for the postponement is that the preliminary
proceedings are taking more time than had been estimated, it is announced.
-v. 118, p. 2389, 1412.
Rockford (III.) & Interurban Ry.-Pares Cut.-
Effective April 1, fares were reduced 33 1-3% to passengers riding daily
between Beloit and Janesville. A 50-ride ticket book good for one month
is now being sold for $14 as against $21 yoreviously charged. In addition,
the company announces a reduction of $2 50 in the purchase price of the
Harrisburg (Pa.) Rys.-Wage Increase.500-mile scrip book. Previously these mileage books cost $15, but under
Effective April 1 the company granted trainmen a wage Increase of the new tariff they sell for $12 50.-V. 116, p. 1893.
5 cents an hour. The present scale is as follows: 1st year men, 48 cents
an hour; 2d year men, 49 cents, and thereafter, 50 cents an hour.-V.
St. Albans (Vt.) & Swanton Traction Co.-Receiver.-110, p. 970.
The road is being operated under the direction of Receiver P.E. Sullivan.
-V. 110, p. 360.
The 1.-S. 0. Commission has placed a tentative valuation of $4,815,313
on the properties as of June 30 1918.-V. 115, p. 2378.
Hocking Valley Ry.-Transfer Agent, &c.
On and after June 1 J. P. Morgan & Co.. 23 Wall St., N. Y. City, will
act as transfer ageats of the stock, registrars of the transfers of the bonds,
also paying agents of the interest upon and principal of the funded debt
and of the dividendsfrom time to time payable on the stock of this company.
-V. 116, p. 2248.
St. Louis Southwestern Ry.-New Director.-
Harry B. Wallace. President of the Cupples Co. of St. Louis, has bees
elected a director.-V. 116. p. 2257.
San Diego Electric Ry.-Wage Increase.-
The company recently increased the wages of its street car employees
5 to 10 cents an hour, effective March 16 1923 The new wage scale
The City Council of Houston. Texas, on May 16, by a vote of 3 to 1, ranges from 40 cents an hour to 55 cents an hour. One-man car operators
abolished all jitney lines operating in the City of Houston, effective July 1. receive 4 cents an hour additional.-V. 116, p. 2390.
115, p. 2477.
Shore Line Electric Ry.-Norwich & Westerly Tr. Co.
Ironwood (Mich.) & Bessemer Ry. & Lt. Co.-Officers.
The work of dismantling the line of the Norwich & Westerly Traction
London, Conn., a distance of
W. T. Leander recently succeeded W. H. I'. Weston as Secretary and Co., running from Westerly, R. I., to New
Connecticut Power
about 22 miles. has been commenced by the Eastern
Treasurer.-V. 115. p. 1837.
of way from Robert W.
Co., which recently took over the private right
been
has
except for
line
the
discontinued
over
Traffic
receiver.
Perkins,
Lake Superior District Power Co.-New Officer.Ry. Journal.")W. T. Leander succeeds W. H. P. Weston as Sec. & Treas.-V. 116. p. a distance of about 3 miles at each end. ("Electric
1051.
p.
V. 116,
1649.
Houston (Texas) Electric Co.-Jitneys to be Abolished.-
Louisiana & Northwest RR.-Tenders-Dividend.-
Southern Cambria Ry. Johnstown, Pa.-New Officer.
Thomas Larimer recently succeeded Otis McCormick as Sec. & Auditor.
The company will receive bids up to July 2 for the sale to it of 1st Mtge.
-1r. 108. p. 880.
gold 5% bonds, due 1935, to an amount sufficient to exhaust $12,000.
The directors have declared the regular quarterly dividend of 1M %,paySouthern Pacific Co.-Government Seeks New Ruling.able July 2 to holders of record June 15.-V. 116. p. 935.
Further consideration by the U. S. Supreme Court of the Southern
Pacific-Central Pacific RR. merger was suggested by the Department of
Memphis (Tenn.) Street Ry.-Wage Increase.filed May 31 at St.Paul before the Federal Circuit Court.
The company recently increased the wages of its employees 4 cents an Justice ins brief
ordering the
In view of the conflict between the Supreme Court decision
hour. The new scale is as follows: 42c, an hour for the first year, 47c.
to release its hold on the Central Pacific and a later
for the second year and 52c. an hour for the third year. The men had Southern Pacific
the combination to
permitting
order
Commission
Commerce
-State
Inter
hour.
an
cents
-V. 116. P. 1649.
demanded a flat increase of 7
continue on the ground of public interest, the Government suggested that
highest Court should give new consideration to the whole matter.
New York Chicago & St. Louis RR.-Tentative Report theThe
brief presented at St. Paul by Solicitor-General Deck argued that
of Examiner Against Consolidation.although the I.-S. C. Commission was without power under the TransAct to override the Supreme Court decision and thus to an
1.-s.C.Commission Examiner Boles,according to Washington dispatches, portation
in a tentative report made to the Commission recommends that it dismiss extent nullify the Sherman anti-trust law, continuance of the railroad
the application of the N.Y.Chicago & St. Louis RR.in connection with the merger nevertheless might be wise.
The Commission's order for the continued lease of the Central Pacific
proposed consolidation on the ground that the proposed acquisition and
operation is not within the scope of paragraph 18 of section 1 of the I.-S. C. by the Southern Pacific. the Government's brief declared, "contains many
Commission Act; that the Commission deny the Nickel Plate's application constructive features of undoubted value.
"It may be true that the practical wisdom of that order is vindicated by
to issue $105,500,000 of capital stock to be used in connection with proposed
consolidation on the ground the issue is not for a lawful object, since no the very general satisfaction with which it has been apparently received
authority to consolidate the properties has been obtained under section 5 in the great section of the country through which the railroads pass. Upon
of the Inter-State Commerce Act.
the wisdom of the Commission's order we express no opinion. If it has the
In making the announcement the Commission stated that "this report legal power to substitute its judgment as to what the interests of that section
be
not
should
interpreted as reflecting tentative conclusions of the Com- and of the entire nation require for the judgment of the Supreme Court,
mission, of the Bureau of Finance or even of the Examiner. It was drawn then we do not question in this proceeding the constructive value ofits order.
"It may well be that the settlement proposed by the Commission, which
up solely for the purpose of eliciting expressions regarding legal questions
printed.'
has at least for the time being harmonized the long-standing differences of
Examiner Boles in his tentative report stated that: "It being, as we find, great transcontinental carriers, will better subserve the public interests
the intent of Congress that complete control of consolidations should be in than the absolute divorce which the Supreme Court, enforcing the Sherman
our hands, and Congress having prescribed the manner in which such con- law, has decreed.
"The question of power still remains, and that question involves the
solidations are to be effected, we are not at liberty to permit consolidations
of the true will of Congress."
in any other manner. The fact that the consolidation to be effectuated question
The Government's brief told the Circuit Court, however, that if it felt
through thn proposed issue of capital stock and the proposed acquisition
to proceed without further reference to the Supreme Court it
constituent
the
companies
by
of
liberty
the
properties
application
is in har- at
of the
order.
mony with our tentative plan, does not relieve us of the duty imposed by should enter a decree giving effect to the previous Supreme Courtinterest
the Southern Pacific to divest itself of all leases or
in
proceed
the
requiring
to
question
manner
in
prescribed.
provisions
and
the
Pacific.
Central
therefore,
find,
the
that
proposed issue of capital in the
"We conclude and
the consummation by the applicant and its
The Circuit Court was told that the proceedings concern the integrity of
stock is for an object, namely,
Court's judgment as well as the power of the Inter-State
constituent companies of the consolidation into one corporation for owner- the Supreme
ship. management and operation of properties heretofore in separate Commerce Commission in administration of the Transportation Act.
of this famous rule of public policy," the Governenforcement
which
operation,
cannot
the
be
and
propand
lawfully
management
in
"If
ownership,
provisions of section 5 of the I.-S. ment's brief declared, ''the action of the courts is subject to the revision
erly without our authority under the
JUNE 2 1923.]
THE CHRONICLE
2517
of the Inter-State Commerce Commission, then the Sherman Anti-Trust gether with a summary of similar news published in full
law, so far as the regulation of inter-State transportation is concerned, has
largely lost its efficacy, and there would seem to be little use in the future detail in last week's 'Chronicle" either under "Editorial
of any effort by the Government to enforce its provisions in the judicial Comment" or "Current Events and Discussions."
department of the Government when under the interpretation now sought
Steel and Iron Production, Prices, &c.
to be given to the Transportation Act the real court of last resort is an
administrative commission.
The "Iron Age" May 31 said:
policy
in
a
that
departure
Congress
intended
such a radical
"It may be
"In what is probably the quietest weeit of the year in cgspeCt to new
to which it has now tenaciously adhered for nearly 33 years, and it may also buying of finished steel, price developments have been meager. While
possibly be an act of wisdom to transfer the whole question of permissible new orders, as distinguished from specifications on old contracts, have
monopolies or restraints of trade in inter-State transportation from the fallen further below the total of shipments from mills, cancellations are
rigid enforcement of the Sherman anti-trust law to the more elastic discretion negligible and the tonnage on which deliveries have been held up is relatively
of an administrative tribunal.
small.
-"The Government,however,cannot assent to this view until the judiciary.
"Production in all districts is practically at the high rate of early May,
as the final interpreter of the will of Congress, shall so declare."
and in the Chicago district is called the greatest on record. Unusually
In the event of a decree by the Circuit Court without further reference cool weather has favored mill operations, and it is believed the showing
to the Supreme Court, the Government proposed that Southern Pacific for the month will fully equal or even exceed that for April.
104C1
interest in the Central Pacific should be terminated as of March 1 1923.
"Under such conditions, with most buyers able to get needed material
and the officers and stockholders of each company should be perpetually without paying premiums, the market for rolled steel may drift further
enjoined from activity or interest in the other. Sale of the Southern without definitely developing a new trend. Meanwhile easier deliveries
Pacific interest in the Central Pacific upon approval by the Court was in some lines have encouraged buyers to count on getting material as
proposed.
wanted, with due allowance for some curtailment at millsfrom summer heat.
The Government also suggested, however, joint use of many lines and
"With the disappearance of premiums on plates and sheets in the Central
terminal facilities under lease. The proposed decree would give the West, buyers of semi-finished steel have been looking for some readjustment
Central Pacific perpetual running rights over the Southern Pacific freight in slabs and sheet bars. In the latter better shipments are being made to
lines between Redwood and San Francisco, while the Central Pacific would sheet mills.
be required to serve the Southern Pacific at its shops at Sacramento,Oakland
"Independent sheet mills have come down to the prices recently estaband other California points for five years from March 1 1923.
clioshnetsions a .teei
aperd.byth Crpoation, and in one or two cases slight further
The Southern Pacific also would be authorized before March 1 1925. to
have
lease from the Central Pacific terminal lines and cut-offs leading to San
"Fabricated steel work is still lagging. The week's awards were only
Francisco Bay and also secure an exclusive lease of the Central Pacific 7,600 tons, While inquiries were less than 15,000 tons, substantially the
lines from Tetuan°, Cal., to a boundary connection with the Oregon and same as in two previous weeks. On large structural shapes Pittsburgh
California Railroad.
deliveries can be had within six weeks.
The lease of the Central Pacific lines by the Southern Pacific of a similar
"In the East some railroad equipment busbies.; is held UP for more
connection at Weed, Cal., and of the Dumbarton cut-off, from Newark to definite development of the price trend. Some Jersey City work of the
Redwood, also would be authorized -V. 116, p. 2258, 2248.
Lehigh Valley is also on the waiting list, and the first section of a Newark
Bay
idding.e for the Central of New Jersey. 22,000 tons. may come up for reTiffin & Fostoria Ry.-New President.b
C. F. M. Niles succeeds L. S. Sneath as President.-V. 116. p. 516.
"Of 1,347 new cars ordered, the largest number in three weeks, 1,000 are
Ford railroad. The Santa Fe has ordered 30 locomotives.
Trinidad Electric Transmission Railway & Gas Co.- for the iron
can be had now from some Eastern mills at 2.40c., Pittsburgh,
The company/ has asked the Colorado P. U. Commission for permission or"Bar
$2 a ton less than the usual price of recent weeks. Buying of soft steel
to abandon all local and interurban railway service. Certain city lines were bars
is
light
in comparison with that of the first quarter, and consumers
accordance
with a decision of the Commisabandoned in March 1922, in
no longer need to pay above 2.40c. Pittsburgh to get reasonably early
sion.-V. 114, p• 1065.
delivery.
"Reselling of pig iron at low prices. especially Southern grades, has been
United Light & Rys. Co.-Extra Dividend.The company has declared an extra cash dividend of Ili of 1% on the Com- more prominent and sales have been made as low as $25. Birmingham, but
on
selling by furnaces $25 50 is the minimum. In the Pittsburgh district
regular
addition
to
the
mon stock in
quarterly dividends of 1 %, both
Bessemer has declined 50c. and foundry and malleable $1. Weakness has
payable Aug. 1 to holders of record July 16. (Compare V. 116, P. 1179. also
developed in southern Ohio. In some centres a slight increase in
1051.)
Permanent Gold Debenture bonds, Series "A," 6%, due Jan. 1 1973, activity is noted and in eastern Pennsylvania prices are being well mainare now ready for delivery upon surrender of temporary bonds now out- tained. A large Eastern consumer of basic iron Is expected to buy shortly
standing, at the New York Trust Co., 100 Broadway, N. Y. City. (See for July delivery, about 20,000 tons.
"Since the first contracts for furnace coke for third quarter at $6 some
offering in V. 116. p. 177.)-V. 116. p. 2390.
business has been done at $5 75 and other furnaces are holding out for
a $5 50 basis.
United Railways Co. of St. Louis.-Valuation.'The shortage of labor on Lake Superior has caused some of the underThe committee for the St. Louis & Suburban gen. mtge. bondholders has
applied to the Missouri P. S. Commission for a separate valuation of the ground iron mines to go on one shift. The ore movement has made the
property covered by the lien of the mortgage which comprises about 36 poorest start in several years, but there is ample time to meet all requirements. Considerable ore is yet to be bought.
miles of track, known as the Hodiamont line.-V. 116, p. 2008, 1412.
"April steel exports were 177.000
against 164.000 tons In March.
Utah Power & Light Co.-Bonds Offered.-Harris, Rails were the largest item at 17,500tons.
tons, while for the ton months ended
with April they were 190,000 tons. Sheets
Forbes & Co. and Coffin & Burr, Inc., are offering at 99 last year's movement, Japan taking much have fallen off to one-third
less. The total for 10 months
and int., yielding about 6.10%, $3,500,000 1st Lien & Gen. has been 79,000 tons; is' the same period last
year it was 240.000 tons."
Coal Production, Prices, &c.
Mtge. Gold bonds, Series of "6s due 1944."
The U.S. Geological Survey May 26 1923 estimated production as follows
Dated Aug. 11921. Due Feb. 1 1944. Int. payable (F. & A.) without
"Preliminary estimates of production of soft coal during the week ended
deduction for anyhtormal Federal income tax not exceeding 2%. Penn. 4
mills tax refunded. Callable on the first day of any month on 4 weeks' May 19 indicate an increase of 10,293,000 net tons, a gain of 118.000 over
notice, in blocks of not less than $250,000. at 105 and int. to and incl. the revised estimate for the week preceding. Thus for two weeks an upFeb. 1 1927; at 104 and Int. thereafter to and incl. Feb. 11932; at 103 and ward tendency in production is shown. This tendency is further shown
Int. thereafter to and incl. Feb. 1 1937; and thereafter at a premium de- by early returns on car loadings during the present week (May 21-26).
creasing each year, being 1004 and int. during the last year prior to matur- which forecast an increase of 5 to 8% over last week,or a total of 10,700,000
to 11,000,000 tons.
ity. Denom. $1,000c*. Guaranty Trust Co., New York, Trustee.
"The trend of output for the last 6 weeks is shown in the following stateData From Letter of D. F. McGee, Vice-President of the Company.
Company.-Serves without competition, with electric light and power, ment of cars loaded daily:
April
April
April 30an extensive and steadily growing territory rich in agricultural and mineral
May
May
May
16-21.
23-28.
resources in Utah and southeastern Idaho. It also serves through its subMay 5.
7-12.
14-19.
21-26.
37.206
37.636
sidiary, Western Colorado Power Co.,an important section in southwestern Monday
38.694
36,109
38,750
36,493
28,396
30,941
Colorado. The business field embraces 153 communities including many Tuesday
26.416
31,297
33,552
29,812
29,740
cities and towns, among them Salt City and Ogden, Utah, as well as many Wednesday.._29,990
29.772
29.966
29,418
31,498
Thursday
30,432
28.922
rural districts. Population served 336,500.
27,837
27,937
29,078
28,579
The generating plants now operated have a total installed capacity of Friday
27.507
28,759
28,296
29.321
Saturday_ _ _ -24,437
24,316
166,787 kw., of which 149.337 kw. is hydro-electric.
24,698
23.844
25.705
Security.-The $6.000.000 let Lien & Gen. Mtge. bonds (incl. this issue)
"The cumulative production during the first 119 working days of the
will be secured by deposit with the trustee of an equal principal amount of present year was 210,025,000 net tons. The average of the production
the 1st Mtge. 5% bonds, due 1944. The let Mtge. 5% bonds are secured during the same periods of the active years 1917. 1918 and 1920 is 208.113,by a first mortgage on all the property, franchises and rights of the company 000 tons, and of the years of depression, 1919, 1921 and 1922. is 159.195,000
located in the States of Utah and Idaho and by a first lien, through the tons. Thus it is seen that in the production
of bituminous coal the year
deposit of securities, on the property located in Colorado.
1923 is nearly 1% ahead of recent years of activity and about 32% ahead
Earnings of Utah Pr. c% Lt. Co.,Incl. West.Col.Pr.Co , Year end. Apr.30 '23. of recent years of depression.
"Preliminary estimates based on railroad shipments place the total output
Gross earnings
$7,596.244 of soft coal, including
lignite and coal coked at the mines at 42,564,000 net
Net, after oper. exp., incl. maint., rentals & taxes
$3,890,007 tons, a decrease
of 9.1%, as compared with the production in March, and
Annual int. on mortgage bonds with public (incl. this issue)_ _ - 1.657,350 an
increase of 1% over the February production. The decrease in April
was due to the lesser number of working days than in March, as the average
Balance
$2,232.657 daily rate of production
showed a slight increase.
CapitalizationAuthorized. Outstanding.
"Production of anthracite in the week ended May 19 increased 7.5%
Common stock
135.000,000 $30,000.000 over the production in the week preceding. The nine
principal carriers of
Preferred 7% Cumulative stock
25,000,000J
anthracite reported loading 39,106 cars, from which it is estimated that the
Second Preferred 7% Cumulative stock
I 12,657,400a3,099,000 total output, including mine fuel, local sales
and the product of dredges and
Debenture bonds, Series A,6%.due2022a
5.000.000 washeries, was 2,045,000 net tons.
1st Mtge. 5s, due 1944
100,060,000 y25,847.000
"Preliminary reports of loadings in the first three days of the present
1st Lien & Gen. Mtge.,Series of"7s due 1941"-- I
x
500,000 (May 21-26) indicate a smaller output, principally on account of theweek
low
Series of "fis due 1944" (incl. this issue)f
do
5,500,000 rate of production on Whitmonday."
a A total of17,837.000 2d Pref.stock has been issued, of which 14.738,000
Estimated United States Production in Net Tons.
has ceased to be subordinated to, and has become, Preferred stock.
x Limited by the conservative restrictions of the indenture.
1923
Cal. Year
1922Cal. Year
Y $6,000,000 additional 1st Mtge. 5s. will be pledged under the mortgage
BituminousWeek.
securing the $6,000.000 1st Lien & Gen. Mtge. bonds.
Week.
to Date.
to Date.
Company guarantees as to principal and interest 113,872,000 bonds of the May 5
10,061.000
189,557,000
4,164.000
148,693,000
May 12
Utah Light & Traction Co.-V. 116. p. 722. 78.
10.175.000
199,732,000
4,433.000
153,126,000
May 19
10,293,000
210,025,000
4.4861;00000
0
157.607.000
Virginia Ry. & Power Co.-To Increase Fares.Anthracite35,615,000
2,021.000
The company has been authorized by Virginia Corporation Commission May
21,809,000
12
5
1903000
37,518,000
to increase its cash passenger fares on its Norfolk railway division from
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