Full text of Commercial and Financial Chronicle : June 24, 1922, Vol. 114, No. 2974

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nantidf

Dannercial$40
INCLUDING
Bank St Quotation Section
Railway Earnings Section
VOL. 114.

-

rontde

Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JUNE 24, 1922

Electric Railway Section
State and City Section
NO. 2974

one statement seems agreed and unshaken: that the
dead
workers were all killed after they ceased workPUBLISHED WEEKLY
ing and had "surrendered." The tales are enough to
Terms of Subscription—Payable in Advance
For One Year
110 00 stir the blood. Men shot down as they ran, after beFor Six Months
600
European Subscription (including postage)
13 50 ing tied together and bidden to run; men hanged to
European Subscription six months (including postage)
7 75
Canadian Subscription (including postage)
11 50 trees; some finished by knife thrusts when found to
NOTICE—On account of the fluctuations in the rates
of
exchange,
remittances for European subscriptions and advertisements
must be made be still breathing; young women and girls applaudin New York Fumds.
ing and urging on the slaughter—such fiendishness,
Subscription includes following Supplements—.
BANE AND QUOTATION (monthly) 1 RAILWAY & INDUSTRIAL(SOMI-RMUIRSy) recalling the
tales of butchery which burdened the
RAILWAY EARNINGS (monthly)
ELECTRIC RAILWAY (semi-annual
STATE AND CITY (semi-annually)
BANNERS'CONVENTION (yearly) ly)
news of the late war, is enough to make us consider
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where we are.
Transient display matter per agate line
45 cents
Contract and Card rates
A few of the injured are said to accuse those who
On request
Cinoecio OFFICE-19 South La Salle Street, Telephone State
5594.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. c).
hired them, one saying, "I don't so much blame the
WILLIAM B. DANA COMPANY, Publishers,
miners for attacking us, for we were unknowingly'
Front, Pine and Depeyster Streets, New York.
used as dupes to keep them from their jobs." PosPublished every Saturday morning by WILLIAM B.DANA COMPANY.
Presi- sibly not enough preparation tor trouble was
dent, Jacob Seibert Jr.; Vice-President, Arnold G.Dana;Business Manager, William
made
D. Riggs; Secretary, Herbert D. Seibert. Address of all, Moe of the Company.
by the operators, yet they may be excusable for under-estimating the proportions of any attack to be
expected, and allowance must be made for wounded
men who do not carefully weigh their words. The
We print to-day on subsequent pages our
finger
pointing to the place of responsibility is plain
customary Annual Report on the
acreage
enough. The outrage followed a declaration on Wedplanted to cotton the present season.
nesday by the Secretary-Treasurer of the United
Never have the facts summarized in these
Mine Workers that "the 680,000 striking coal miners
annual reviews had such deep
or such
are determined to fight it out if it takes all summer,"
world-wide interest. Never have they reand one by John J. Lewis, head of that organization,
vealed a more promising outlook should
that "representatives of our organization are justifuture weather prove favorable.
fied in treating this crowd as an outlaw organization
The report appears on pages 2765-2771.
and in viewing its members in the same light as they
would view any other common strike-breakers."
The union position is that when men exercise the
God-give
n right to quit work, the abandoned job reCLEARING HOUSE RETURNS.
mains "theirs," whoever attempts to take it is a comReturns of Bank Clearings heretofore given on mon
strike-breaker and outlaw, and any attack upon
this page will hereafter appear in a subsequent part him is justifiable self-defen
se. The right not to work
of this paper. They will be found to-day on pages involves the right to prevent
others from working,
2793 and 2794.
and whoever touches an abandoned job takes his own
risks and must divide between himself and the emTHE FINANCIAL SITUATION.
ployer the blame for consequences.
The mine war which broke out on Wednesday
It is for society to protect itself, or to disband and
night and continued through most of Thursday, at a return -to the ways of the cave-dweller.
Naturally,
"strip mine" in southern Illinois, may possibly prove one recalls President Cleveland
's declaration that if
to be, like the dastardly murder of Sir Henry Wilson carrying a postal card from New York
to Chicago rein London, the piece of madness which is the ending quired every soldier in the country
the card would be
of a bad cause. For convenience of speech, this is carried. But mails-carrying is a
distinct Federal
called a "war," and it is an act of war in being an un- function, while violence within a State
is primarily
provoked attack upon law, upon human life, and a matter for such State. Appointing
officers and
upon all the rights which civilized society assumes training State militia is left
to the States, but the
to protect. A band of union miners, on strike, num- United States is to protect a State
"against domestic
bering several thousand, fell upon working miners violence""on application of the
Legislature, or of the
and their inadequate guards, and the number of the Executive when the Legislature
cannot be convened."
slain is reported as from 20 to 40. The stories natThis case is before the State of Illinois, and ally
urally vary in some details, but out of the confusion excuses need to be carefully chosen.
If Illinois con-

Witt Thronicle




2754

THE CHRONICLE

[VOL. 114.

Hague in a much better position than she went to
Genoa." He explained why the Soviet Government
had refused to ratify the commercial agreement
which its delegates at Genoa had made with Italy.
He said that "the pact with Italy would have given
Italy even more privileges than Germany, which has
recognized us de jure, while Italy even refused to consider the Soviet representatives in Rome, the only
legal Russian representatives there."
Russia's position was still further set forth by
Radek in an issue of "Pravda," a paper published in
Moscow. According to the New York "Times" correspondent at that centre, "the article may be
summed up for definite statements as follows: "(1)
Russia can't and won't yield on the point of the principle of private ownership; (2) it is sheer suicide for
Russia to restore outright the metallurgical, coal and
oil industries which formerly were in the hands of
foreigners to their previous owners; (3) regarding
the national debts, Russia is in the position of a bankrupt anxious to make a deal with her creditors on the
basis of mutual advantage; (4) Russia is going to
The Hague to talk business with business men, not
politics with politicians."
In dispatches from The Hague Monday morning it
was stated that "President van Karnebeek, of the
In its preliminary sessions the conference at The Conference on Russian Problems, has decided to form
Hague appears to have decided upon a sensible gen- the three sub-commissions with only eleven members
eral course of procedure. It was, briefly, "not to each, as originally arranged, in the belief that the
undertake, prior to meeting the Russians, shaping of smaller number will bring quicker results. He hopes
a common attitude of the nations toward Russia, as the excluded countries will not object, first, because
had been intended." The New York "Times" corre- a majority of those excluded have a limited interest
spondent suggested that "to have done this would in Russian affairs, and,second, because the countries
have brought the two points of view, led by England represented on the sub-commissions will also protect
and France, into opposition, with results probably the interests of those excluded." The correspondent
most unhappy for the Conference." He said that "in- said that "a movement has been started among the
stead the British with support of the Dutch, pre- delegates to induce Jonkheer van Karnebeek to resented this formula: This is a meeting of experts main Chairman of the Central Commission, thus
and not statesmen. We are to deal with facts and avoiding inevitable rivalries arising through the senot principles. Inasmuch ag principles are not our lection of a president from among the other nationbusiness, we do not have to agree on principles. We alities."
should not get ready to discuss facts with the RusFollowing a conference in London all day Sunday
sians." The delegates decided also to "have one general Russian commission and three sub-commissions between Premier Poincare, of France, and "the
to deal respectively with debts, credits and private French representatives who came to London to deproperty. The five Powers which convened the cide upon the policy to be pursued at The Hague ConGenoa Conference and Holland will be represented ference," the New York "Tribune" representative at
on every commission, while the other places will be the British capital said that "the French Government has decided to continue to take part in the con• distributed."
at The Hague." He added that in London
ference
at
The attitude of the Russian Soviet Government
night, "in view of the news that France is
Sunday
pretty
been
have
to
The Hague Conference appears
clearly outlined by Maxim Litvinoff, Assistant For- ready to go on with The Hague Conference, the Briteign Minister, in an interview with foreign corre- ish are not inclined to accept such a gloomy interprespondents in Moscow. He expressed the belief that tation of the situation. It is felt that a meeting of
"at The Hague the first and most important ques- the two Premiers will give a more cheerful turn to the
tion would be as to what amounts the -bankers could prospects."
Official announcement was made by the French
supply to Russia as credit." He declared that "there
was no reason to worry about the security Russia Foreign Office Monday morning that "France will
could offer for loans, as she had ample for any sum." take part in the Conference at The Hague with the
M. Litvinoff was reported as being of the impression Russian delegates, beginning June 26. If political
that "the Allies at The Hague would not propose questions are introduced, however, the French delesending an investigating commission into Russia, as gates will promptly withdraw. French delegates
they already knew Russia's attitude towards such have received strict instructions to adhere to the
' propositions." According to the Assistant Foreign French policy as outlined at Genoa, that Soviet auMinister, "the policy of a collective agreement with thorities must recognize the principle of respecting
Russia was difficult of attainment. He thought Eng- foreign-owned private property and the payment of
land should go ahead without France and, together foreign debts." In a cablegram from The Hague
with other countries desiring relations with Russia, Tuesday morning it was said that "the French deletnake separate agreements. Russia, he concluded, gation announced at the meeting of The Hague Conwas getting stronger daily, and was going to The ference this [Monday] afternoon that it had received

fesses impotence, the larger power must intervene.
Property and labor must be protected, even if men
who have known war have to be called for the work.
Damage suits against the unions may lie, under recent decisions, but exemplary prison terms should
enforce individual responsibility. Meanwhile, mild
deprecation of violence from Mr. Gompers, and the
attempts of the Federation to set up what it calls a
Council of Defense against the courts appear incongruous. Organized labor will find itself very seriously on its defense before the American people if it
does not shift its attitude and change its methods.
In making this statement, we are speaking temperately, but we hope not the less effectively. If the
people of this country tolerate such heinous and desperately wicked acts as have disgraced the present
week—if the offenders are not ferreted out and prosecuted and punished to the utmost limit of the law;
without fear or favor—the blame will be as much
upon them as upon those guilty of the ineffable acts.
Let the community stir itself from one end of the
country to the other and see to it that none of the
guilty wretches escape their just deserts. If civilization is not to perish, the public must arouse itself
to the enormity of such offenses.




JUNIO 241922.]

THE CHRONICLE

instructions from its Government to take part in the
negotiations with the Russians under the reservation
that the French would quit the Conference any time
• they thought the attitude of the Russians justified
that action." The further assertion was made that
"the French Government has no expectation that the
Conference will lead to any satisfactory or worthwhile agreements with the Russians, but for reasons
of a general political nature cannot afford to have a
big European meeting held without being present."

2755

Premier Poincare of France spent the week-end in
London. On Monday he was the guest of honor at a.
luncheon given by Premier Lloyd George at the latter's official residence, 10 Downing Street. Most of
the members of the British Cabinet were present.
Seemingly a great effort was made to convey the impression that the French Premier's visit was not political in character. Special emphasis was placed on
the idea that he came to attend "the British celebration commemorating the defense of Verdun." Following the luncheon it was stated that "the two PreAnnouncement was made on Wednesday of the miers withdrew to the Cabinet room for a friendly
heads of the Central Commission of the Conference exchange of views." There were present also the
on Russian Affairs and of the three sub-commissions. "Earl of Balfour, the French Ambassador and exThe designations were as follows: "M. Patyn, Hol- perts from the Treasury and Foreign Office, as they
land, President of the Central Commission; M. Cat- were wanted." The New York "Times" representatier, of Belgium, Vice-President; Sir Philip Lloyd- tive in London said that "this exchange of views was
Graeme, Great Britain, Chairman of the Sub-Com- held rather to ascertain where each country stood in
mission on Property; M. Alphant, of France, Chair- regard to certain important questions than to come
man of the Sub-Commission on Debts; Baron Avez- to definite conclusions, but the meeting proved to be
zano, of Italy, Chairman of the Sub-Commission on of great importance. It was a full, frank discussion
Credits." It was thought that the Russian delegation which lasted from 3 to 5.30 p. m., and resulted in
might arrive yesterday, although the Conference was agreements of a significant character." This correstill without official information as to its personnel. spondent also stated that he learned from an "auA .dispatch from Riga Thursday morning stated thoritative source" that three major subjects were
that Maxim Litvinoff, Chairman of the Soviet dele- discussed: First, the ability of Germany to meet her
gation to The Hague, accompanied by M. Sokolni- reparations payments with the proposed international
koff, Assistant Commissar of Finance, had left the loan a failure. On this point it was decided that the
night before for the Conference. According to the Reparations Commission should investigate Gerdispatch, "Leonid Krassin and M. Rakovsky both many's ability to pay. It was added that "when the
have been delayed in Moscow. They intend to start report of the Reparation's Commission on this is refor Holland next week." M. Litvinoff was quoted as ceived further conversations will be held between the
saying that "he was hopeful that an understanding French and British Governments, and M. Poincare •
would be reached at The Hague." He asserted that has agreed to come over here again, probably towards
"this would be possible if the other side was willing the end of July, when the French Parliament will
to meet the Russian delegates half way and make no have adjourned, while the British Parliament will
attempt at insisting upon a change in the present still be in session. Meanwhile, pending the report of
Soviet regime. The Soviet still stood by its memo- the Reparations Commission and the further meeting
randum of May 11." As has been evident for a long of the Prime Ministers, no coercive measures are in
time, what the Russians want most from the other contemplation against Germany."
nations is money, or credit. Apparently they are
The second subject discussed was "The Hague comwilling to take extreme measures, if necessary, to get missions and their function. M. Poincare entirely
either. Litvinoff was also quoted at Riga as saying agreed with the view held by the British Government
that "the principal task confronting the Soviet dele- that the function of the experts at The Hague was to
gates at The Hague would be to find a group willing examine in conjunction with the Russians any practo grant Russia credits. If this problem was solved, tical means which might be suggested for solving the
a goodly portion of the purpose for which the Con- difficulties that arose at Genoa over the three quesference was called would have been accomplished. tions of debts, private property and credits." The
Litvinoff believed the stumbling block at The Hague, further explanation was made that "the experts were
as at Genoa, probably would be France."
to mak? recommendations to their respective Governments with regard to the possibility of arriving at
A meeting of the sub-commission of experts en satisfactory arrangements with Russia on these
trusted with discussion of the treatment of private points and the Government's would then be free to
property of foreigners in Russia met Thursday*morn- take what action they.pleased individually. There
ing at The Hague "and considered at great length the was complete agreement between the British Minisprocedure to be followed when the Russian delegates ters and M. Poincare to co-operate on these lines in
arrive." According to the Associated Press corre- the work of The Hague commissions." The correspondent, "it was finally agreed that no action must spondent stated that "finally the conversations
be taken which may appear to the Russians as an ef- turned to the question of the Near East. It was
fort to impose on them a fixed program either in the agreed that both the British and French Governprocedure or in the position of the various Govern- ments should expedite the appointment of a
commisments on vital questions. In other words, the dele- sion proposed by the British Government to inquire
gates hope to avoid the impression that they are sub- into statements made by American eye witnesses that
mitting anything like an ultimatum to the Russians Greeks are being marched into the interior of Anaupon their arrival. In fact, it was pointed out by tolia to perish by the way or be killed by oppressive
the experts it is the desire of the inviting Powers and labor when they get there."
their associates to call for suggestions from the RusThe New York "Herald" correspondent declared
sians as to how to meet the situation, rather than to that the two Premiers agreed upon the following
dictate a fixed policy to them."
three stipulations relative to The Hague Conference:
"First—That there shall be no politics. Seot•nd—




2756

THE CHRONICLE

That technical questions shall be adopted ad referendum. Third—That all nations represented at the
Conference shall maintain individual positions, the
same as at Genoa." In a cablegram Wednesday
morning the London correspondent of the "Tribune"
said that Premier Poincare intimated that Lloyd
George and he could not "agree on the Turk-Greek
controversy." He explained the relative positions of
the two nations as follows: "France is anxious to
end hostilities in Anatolia immediately, but Great
Britain apparently looks at the subject from a different angle. For a thousand years England has favored independence for the small nations composing
the Turkish Empire, while France has favored letting the Turk be master of them all. The British
policy is based on sentimentality and a desire to aid
any Christians suffering under the Turkish yoke,
whereas the French point of view is that the Turks
are a more friendly and desirable people than the
Christian minorities comprising their empire. This
opinion is held also by most persons who have lived
any length of time in the Orient." He added that "it
is difficult for France and England to reconcile these
fundamental differences of opinion, but European
harmony requires a cessation of belligerency in the
Near East. The fact that it is far removed from
European capitals makes it unlikely that that question will prevent continued amicable relations between Paris and London."
The French Premier returned to Paris on Wednesday "pleased with his visit to London and gratified
by his conversation with Lloyd George, but what satisfaction the French Premier feels is a result of the
resumption of not unfriendly relations rather than
any accord on large questions. The two chiefs of
Government discussed without coming to any agreement of principle the subjects of reparations, and
the Orient, particularly Turkey and Tangier." These
statements were made by the Paris correspondent of
the Philadelphia "Public Ledger." The London representative of "The Sun" of this city commented on
the interview between the two Premiers in part as
follows: "Premier Poincare was smiling when he
emerged from Downing Street yesterday. Those
who know him intimately know that this external
manifestation of feeling on the part of the French
Premier is so rare that the fact is given real importance by all who accompanied him to London. The reaction here to the conversation of the two Premiers
is one of intense relief. Admittedly Lloyd George
and Poincare, after a rapid review of the questions
that are pending, did little more than agree to disagree, but at least they learned the exact degree of
divergence between each other's views. They also
came to an understanding for an early Allied conference, when serious efforts will be made to reach a
definite agreement on the policy to be followed in regard to the outstanding problems."
The official counting of the ballots for a Free State
Parliament for South Ireland began at 9 o'clock Monday morning. The Associated Press correspondent
in Dublin said that the newspapers of that city
"treat the election results thus far recorded as conclusive evidence that the voters support the AngloIrish treaty." As the counting progressed this fact
became increasingly evident. As early as 10 o'clock
Tuesday night the figures showed "a majority of 47
for the treaty and Constitution in the new Dail Eireann, which meets July 1." At that time the line-up




[Vol,. 114.

of the parties was as follows: Pro-treaty Coalition,
50; Anti-treaty Coalition, 31; Labor, 14, and Independents 14." The New York "Times" correspondent in Dublin said that "the Laborites and Independents are all supporters of the treaty." He added that
"the total membership of the Dail is 128, leaving 21 seats still to be decided." Outlining still further the results as to individual candidates, the correspondent said: "Three of the six women in the last
Dail have already been defeated. Miss Mary MacSwiney of Cork and Mrs. O'Callaghan of Limerick
survive, but Countess Markievicz, Dr. Ada English
and Mrs. Clarke have been beaten in South Dublin
City, the National University and Mid-Dublin, respectively. Dublin City as a whole had five antitreaty members, now it has one, John T. O'Kelly, former Dail representative in Paris." Commenting
upon the significance of the results in a broad way,
he said: "The landslide has engulfed the de Valera
party in town and country. Even O'Kelly was the
last in his division. Absorbing interest is taken in
the results, thousands remaining at the polling stations until a late hour to-night. The success of treaty,
labor and independent candidates has been stupendous, but the victory was not so much for the classes
of the successful candidates as for the country as a
whole, being an absolute incontrovertible indication
of the national approval of the peace treaty." As to
the position of de Valera, the correspondent asserted
that "Eamon de Valera remains in the background
while his supporters gradually grow fewer. His expected statement on the Constitution draft may not
be Imade before the Dail reassembles. He may be disposed to regard the election decision as significant
enough and may spring a surprise by accepting it,
throwing his strength into the constructive work of
the new regime." On the other hand, he declared that
"the Collins party is enormously reinforced. The
Dail Ministry is intact so far, no member being unseated, though Labor Minister McGrath was run
close by an independent labor candidate." According to this observer,"Labor's progress in the country
proceeds. Count O'Byrne, anti-treaty, of Tipperary,
was unseated by Morrissey, independent labor. Labor also topped the poll in Wexford."
The complete results of the election promised to be
greatly delayed by the discovery on Wednesday that
the votes in North, West and South Cork had been
tampered with. It was said that the elections would
be invalidated. The following details of the affair
were given: "It was the papers of Michael Collins
which were the subject of depredation. They had
'been overnight in four sealed boxes. A scrutiny of
the third box showed that one hundred of the papers
had been tampered with by the altering of the figure
one to nine and four marks, thus changing the voters'
choice, and otherwise destroyed."
Eamon de Valera, defeated at the polls, issued a
manifesto "calling upon the Dail Eireann to refuse
to ratify the Irish Constitution." He declared that
the people of South Ireland supported Constitutional
candidates only because they feared "renewal of an
infamous war."
Quite a different spirit was shown by his opponents, Michael Collins and Arthur Griffith. The Dublin correspondent of the New York "Herald" said
yesterday morning that they interpret the overwhelming pro-treaty vote in the recent election as a
mandate to continue the fulfillment of the treaty and

JUNE 24 1922.]

THE CHRONICLE

to establish law and order throughout the country."
Both leaders were expected to be in Dublin yesterday,"when a formulation of a program for the new
Parliament will begin." The following are the latest
returns on the election for a Free State Parliament as
given in European cable advices: Pro-treaty Coalition, 55; Anti-treaty Coalition, 33; Labor, 15; Independents,6; Trinity College, 4; Farmers,6.
The whole Irish situation was further complicated
by the assassination of Field Marshal Sir Henry Wilson in front of his home in Eaton Place, London, on
Thursday. The natural assumption was that it was
the work of Sinn Feiners. In the House of Commons
yesterday the opponents of the Lloyd George Ministry launched a vigorous attack against it because of
the lamentable assassination. Fearing that a vote
would be called, the Premier's friends succeeded in
securing postponement of debate on the question until Monday. Austen Chamberlain, Government
leader, "stated that every step possible was being
taken for the protection of life in Ireland and England. Prime Minister Lloyd George, he asserted, was
now holding a conference on all the matters connected with the assassination of Marshal Wilson."
• As might have been expected, the personnel of the
triumvirate appointed to direct the affairs of the Soviet Government in Russia during the illness of Nikolai Lenin, did not meet with the approval of former
associates of the Premier. This was said to have
been notably true in the case of Leon Trotzky, Minister of War. The New York "Tribune" correspondent
at Berlin said that lie had heard also that Trotzky
was "angry because the Bolshevik Party refused to
name him successor to Lenin." The correspondent
also cabled that Trotzky "is expected to use the Red
Army in an effort to bolster up his declining influence."
Under date of June 16, Felix Klemperer, the noted
German physician, and others called to attend Nikolai Lenin, were said to have issued the following bulletin regarding his condition: "The sytmptoms affecting the stomach and bowel tract which continued
for ten days have for the present moment disappeared. All the inner organs are in complete order.
Temperature and pulse are normal. The symptoms
have smoothed down. The patient has left his bed
and feels well, but is impatient over the orders of the
doctors, who have prescribed inactivity." In a cablegram yesterday morning, the Moscow correspondent
of the New York "Times" said "Lenin is now reported
to be out of danger." He added that "his condition
is described as one of slow improvement, but he is not
expected to be able to resume work for several
months." According to his information "from an
authoritative source, the basic trouble is weakness
of the digestive and assimilative processes, with an
accompanying nervous breakdown, such as sometimes afflicts men past 50 years of age as a result of
strenuous business life without proper exercise and
attention to diet." In another dispatch from Moscow it was reported that "the Russian Council of
Commissars has granted Premier Lenin a leave of
absence until autumn on account of his illness.
Official discount rates at leading European centres
have not been changed from 5% in Berlin, Belgium,
France, Denmark and Sweden; 5% in Norway
andiMadrid (there having recently been a reduction




2757

from6 to 53/2% atjthe latter point); 6% in Rome;
432% in Holland, and 33/2% in London and Switzerland. In London the open market discount rate on
long and short bills was a shade firmer, being quoted
at 214%, as against 23@2%% last week. Call
money in London also moved up, to 2%,in comparison with 13
4% the previous quotation. In Paris
the open market discount rate remains at 43/
8%,and
in Switzerland 13/8%, unchanged.
A small loss in gold (£855) was shown by the Bank
of England in its return for the week ending June 22,
although on the other hand, total reserve, as a result
of a further decline of £585,000 in note circulation,
increased £584,000. In addition to this, the proportion of reserve to liabilities rose to 19.97%, thus
surpassing the previous high record for the year of
19.96%, established in the week of June 8 and comparing with 13.91% for the same week of 1921 and
15.40% the year preceding. The highest ratio in
1921 was 18.61% and the low 8.33. The lowest
touched in the current year was 11.04% on Jan. 5.
"Other" deposits expanded £3,016,000, but public
deposits declined £932,000. Loans on Government
securities were reduced £1,670,000, while loans on
other securities increased £3,196,000. The Bank's
stock of gold on hand now stands at £128,883,226,
which compares with £128,357,445 last year and
£117,815,415 in 1920. Total reserye aggregates
£25,961,000, as against £19,329,150 and £21,025,305
one and two years ago, respectively. Note circulation is down to £121,372,000, and this compares with
£127,477,995 a year ago and £115,240,110 in 1920,
while loans aggregate £76,801,000, in comparison
with £78,905,209 last year and £80,139,557 a year
earlier. No change has been made in the official
discount rate from 3
which went into effect a
week ago. Clearings through the Londqn banks for
the week amounted to £723,703,000. We append
a tabular statement of comparisons ofi;the Bank of
England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1919.
1918.
June 21.
June 22.
June 23.
June 25.
June 26.
121,372,000 127,477,995
Circulation
16.802,000 16,936,570
Public deposits
deposits
121,992,120
113,156,000
Other
Governm't securities 45,029,000 58,495,246
Other securities.. _ _ 76,801,000 78,905,209
Reserve notes & coin 25,961,000 19,329,150
Coin and bullion_ _128,883,2261 28,357,445
Proportion of reserve
19.97%
13.91%
to liabilities
Bank rate
3
6%

115,240,110
17,869,076
118,474,092
53,003,431
80,139,557
21,025,305
117,815,415

78,301,590
20,044,176
137,744,811
66,820,806
80.803,466
27,958,936
87,810,526

53,674,110
35,779,030
128,849,336
51,651,732
100,799,899
30,004,047
65,228,1,57

15.40%
7%

17.71%
5%

18.20%
5%

The Bank of France continues to report small gains
in its gold item, the increase this week being 279,000
francs. The Bank's gold holdings, therefore, now
aggregate 5,528,548,950 francs, comparing with
5,520,044,183 francs in 1921 and 5,587,869,840 francs
in 1920; of these amounts 1,948,367,056 francs were
held abroad in both1922 and 1921
francs in _1920. During the week silver gained
512,000 francs, while general deposits were augmenied by 1i,101,000 francs. Bills discounted, on the
other hand, fell off 151,987,000 francs, advances
decreased 25,323,000 francs, and Treasury deposits
were reduced 22,140,000 francs. A further contrr.:.
tion of 176,051,000 francs occurred in note circulation, bringing the amount outstanding down to
35,852,312,000 francs. This contrasts with 37,494,061,955 francs on the corresponding date last year
and, with 37,543,904,815 the year previcus:In
1914, just prior to the outbreak of war, the amouict

and 1,978,278,416

THE CHRONICLE

2758

was only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement
of last week and corresponding dates in both 1921
and 1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
June 22 1922. June 23 1921. June 24 1920.
for Week
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
Inc.
279,000 3,580,181,894 3,571,677,127 3,609,519,424
In France
No change 1,948,367,056 1,948,367,056 1,978,278,410
Abroad
279,000
Inc.
Total
512,000
Inc.
Silver
Bills discounted_ _Dec 151,987.000
Dec. 25,323,000
Advances
Note circulation_ Dec 176,051,000
Treasury deposits_ _Dec. 22,140,000
General deposits_ _ _Inc. 11,101,000

5,528,548,950
284,784,495
1,970,024,000
2,251,174,000
35,852,312,000
13,297,000
2,275,814,000

5,520,044,183 5,587,869,810
240,859,081
274,087,460
2,486,394,090 1,786,000,877
2,334,217,338 1,861,106,389
37,494,061,955 37,543,904,815
75,047,192
42,415,481
2,630,486,263 3,578,016,518

The Imperial Bank of Germany's statement, issued
as of June 15, once more reflected the abnormal
condition of that institution. Among the sensational
changes noted were an expansion in deposits amounting to 8,820,555,000 marks, while discount and
Treasury bills gained 7,861,926,000 marks. Treasury loan and association notes registered a gain of
3,181,726,000 marks. An almost equally heavy loss
was shown in "other assets," which fell 2,388,488,000
marks. Note circulation was again increased, but
not so strikingly as on several recent occasions, the
amount of the increase being 430,389,000 marks.
Other changes of lesser note included increases of
240;000 marks in total coin and bullion and 999,000
marks in gold. • Bills of exchange increased 435,384,000 marks and advances 9,481,000 marks. "Other
liabilities" were reduced 135,662,000 marks. Gold
holdings are reported as 1,003,861,000 marks, which
compares with 1,091,566,000 marks last year and
1,091,700,000 marks in 1920. Note circulation
established still another new high record, namely
155,345,277,000 marks, as against 71,883,613,000
marks in the corresponding week of 1921 and 50,-.
808,660,000 inarks a year earlier.
Higher reserve ratios, an addition to gold reserves
and a scaling down of discounting operations were
the features of the Federal Reserve Bank statement,
issued late on Thursday afternoon. The report
of the combined system indicated a gain in gold
of $12,000,000 and an increase in total bills on hand
of about $5,000,000. In the New York bank there
was an addition to gold holdings of $19,000,000,
while 'bill holdings were reduced $12,000,000, the
aggregate declining from $69,175,000 to $57,111,000. As to total earning assets, these fell off
both locally and nationally, $44,000,000 in the case
of the former, and $69,000,000 in the latter. Deposits were also sharply reduced, while the amount
of Federal Reserve notes in actual circulation showed
only a moderate increase, so that it was not difficult to account for the material gains in reserve
ratios. For the twelve reporting banks, the ratio
of reserve increased from 77.4 to 79.1%, but at the
localS institution the increase was far more pronounced, namely 3.5% to 87.9%.

[vol.. 114.

946,000 in Government deposits—a reduction in the
latter item of $21,356,000. In net time deposits,
however,there was a decline of $39,707,000. Cash in
own vaults of members of the Federal Reserve Bank
was reduced $3,276,000 to $58,584,000 (not counted
as reserve), while the reserves of State banks and
trust companies suffered slight decreases—$48,000
in own vaults and $124,000 in other depositories.
Surplus was substantially expanded, largely in consequence of the increase in member bank reserves at
the Reserve Bank, which, of course, served to offset
the addition to deposits, and a gain of $32,422,460
was reported, thus bringing the total of excess reserves up to $63,931,060, the largest amount in
quite some time. The above figures for surplus are
based on reserves above legal requirements of 13%
for member banks of the Federal Reserve System,
but not including cash in vault to the amount of
$58,584,000 held by these banks on Saturday last.
The Clearing House bank statements in more complete form will be found in a subsequent part of this
issue.
Money at this centre until yesterday was still
easier than it had been in recent weeks. With a
renewal rate on call loans of 24% and money freely
offered at that figure and at 3% there could be no,
queition about the money position here, and at other
important financial centres in this country for that
matter. There have been some upturns in call
money quotations, but special significance was not
attached to them. For instance, after renewing and
1% on Wednesday a quotation of 3%
loaning at 24
was reported in the afternoon. The next day the
renewal and loaning rate were the same until the
early afternoon, when there was an advance first to
3% and then to 332%. The rapid advance yesterday
afternoon from 3 to.5% was said to have been the
result of heavy calling of loans. The reduction in
the discount rate of the New York Federal Reserve
Bank from 43/ . to 4% was regarded as far more
significant and important than the advances in call
money from day to day. The reduction was the
result of a careful consideration of the position of the
New York banks and also of the country's general
money position. The changes in the call money
rates probably were due to local and technical conditions that are likely to be of brief duration. Local
bankers were disposed to agree with Secretary of the
Treasury Mellon that the action by the New York
institution was likely to be the forerunner of reductions by Reserve banks in the Far West where the
rate has in some instances been above the 432%
level that prevailed here until the change of this
week. Announcement was made yesterday of a
reduction in the rate of the Boston Federal Reserve
Bank from 432 to 4%. The Government withdrew
$21,000,000 from local institutions this week. Outside of the wild speculation in Mexican Petroleum
shares and the heavy trading in Studebaker stock
the character of the trading in stocks is not believed
to have been of a character to require large loans.
Financial institutions still talk favorably about the
future of the investment market. Both domestic
and foreign issues continue to be offered on a large
scale, and with good results, according to all reports.

The New York Clearing House bank statement,
issued last Saturday, presented some unusualfeatures,
chief of which was an expansion in demand deposits
of $123,183,000. Loans again increased, namely
$25,693,000, while member banks enlarged their
Referring to money rates in detail, call loans this
reserve at the Reserve Bank $47,379,000. As a
result,of the gain in net demand deposits, the total week ranged at 2%@5%,as compared with 2%@4%
is now $4,373,545,000, which is exclusive of $57,- last week. For the first part of the week—that is,




Jurrn 241922.]

THE CHRONICLE

2759

Monday, Tuesday and Wednesday—money on call
A succession of violent price changes has marked
renewed each day at 3%, which was the high, and dealings in sterling exchange and the week has been
23
4% low. On Thursday the renewal rate declined one of the most unsettled witnessed in several months.
to 29%,which was the lowest renewal basis recorded Somewhat to the discomfiture of those who have been
on the Stock Exchange since Oct. 11 1917. A sudden confidently predicting a steady continuation of the
advance to 5% took place on Friday, although the movement toward higher levels, sterling on Monday
ruling rate was 3%, which was also the minimum suffered a sensational break, which carried demand
for the day. Withdrawals of funds by interior banks bills down to 4 38, or a loss of 67
4cents from the closwas assigned as the cause for the flurry at the close. ing-rate on Friday last and 13 cents below the high
The figures here given are for both mixed collateral record figure touched in the week of June 11. It
and all-industrial loans alike. Fixed-date maturities was,rin fact, the lowest level since April 7. On the
have been in larger supply than for quite some time, day following (Tuesday) prices swung backward albut quotations remain at 4% for sixty days, 4@ most as sharply and there was a recovery of nearly
431% for ninety days, four and five months, and 6 cents, to 4 44 11-16. Subsequently,though quota431% for six months, unchanged. The market, tions again sagged and fluctuations were less spechowever, was quiet, with no important trades tacular, irregularity was in evidence, with alternate
reported.
fractional losses and gains and the close easy at
Mercantile paper was in fairly good demand, with 4 4031. In
keeping with the gyrations above noted,
both local and out-of-town banks in the market as trading was
intermittently active and on some days
buyers. Nevertheless, trading was not active, as a considerable volume
of business was transacted,
offerings continue very light. Quotations remain at with rates at
intervals wide apart.
4% for sixty and ninety days' endorsed bills receivWhile local interests participated quite actively in
able and six months' names of choice character, the the week's
operations, London was the dominating
same as last week, and 431% for names less well influence
in shaping the course of market sentiment.
known.
At the very outset, cable rates from the British cenBanks' and bankers' acceptances are easier and tre came
sharply lower and selling upon a liberal scale
fractional declines have taken place in prime eligible was
resumed. Unsettling rumors concerning the inbills for spot delivery, following the lowering of the ternational
political outlook were once more placed
Federal Reserve Bank rate. Acceptances came in in circulation
and served to intensify the prevailing
for only a moderate amount of business, with the depression.
Buyers consequently withdrew and the
supply of prime names still restricted. News from market
was unable to withstand the pressure of selling
Washington that a group of bank examiners have orders.
However, the weakness proved of comparareported to the Comptroller the existence of wide- tively
short duration, and announcement on Tuesday
spread abuse of-bankers' acceptances and improper of the
decision of the French and British Premiers to
interpretation of the term "staple" aroused some call
another general international conference early in
attention, though some claim that the extent of the July,
also that the Reparations Commission had conabuse has been exaggerated. For call loans against sented
to reconsider the German financial situation,
bankers' acceptances the posted rate of the American hadra
reassuring effect and the market executed a
Acceptance Council is now down to 23/2%, against
quick right-about-face, promptly recovering a sub3% last week. The Acceptance Council makes the
stantial part of the earlier losses, with good buying
discount rates on prime bankers' acceptances eligible
on the part of prominent bankers here. Speculative
for purchase by the Federal Reserve Bank 331% bid
operators played an important part in the week's
4% asked for bills running for 120 days;
and 31
trading.
3/@3% for .ninety days; 3M@3% for sixty days,
A variety of reasons are being assigned forrthe
and 3/@3% for thirty days.
totally unexpected drop in prices this week and there
are some who contend that the weakness was caused
The Federal Reserve banks of New York and Bosin large part by withdrawal of the support which
ton this week reduced their rediscount rates on all
has been holding up the market of late, due to the
classes of paper from 432% to 4%. The reduction
fact that British Government purchases incidental
by the New York Reserve Bank was announced on
June 21, to go into effect June 22, while the change in to interest payments have been completed. Others
the rate of the Boston Reserve Bank, made known hold the view that the recent cut in the Bankrof
on the 22d, became effective on the 23d. The Engalnd rate had the effect of bringing London
414% rate had prevailed in both instances since funds into the market with a consequent increase in
Nov. last. The following is the schedule of rates the supply of sterling bills, while still others claim it
now in effect for the various classes of paper at the was the efforts of certain interests to anticipate possidifferent Reserve Banks:
ble early action on the tariff question, also probable
. DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
broadening in the volume of our exports. The consenIN EFFECT JUNE 23 1022.
sus of opinion, however, seemed to be that the major
Discounted bills maturing
within 00 days (incl, mempart of the decline, and in some measure the rapid
ber banks' 15-day collateral Bankers'
Agriculnotes) secured by—
accepTrade tural and recovery, may be set down to the shifting of spcuFederal Reserte
tances
acre
live stock
Treasury Liberty
OtherBank of—
dise'ted
lances
paper
lative accounts in an attempt to make capital out
wise
notes and bonds
for
maturing maturing
and
certificate
secured member
within 0110 180 of current untoward happenings.
The Hague Conand
of indent- Victory
banks
90 days
days
notes unsecured
edness
ference, now in progress, has thus far had but little
Boston
4
4
4
4
4
4
effect on quotations, traders being of the opinion
New York
4
4
4
4
4
4
Philadelphia
4%
445
445
4%
4%
4%
Cleveland
that
445
even if some sort of arrangement can be con4%
45
4%
445
4%
Richmond
4%
445
4%
445
4%
4%
Atlanta
4%
4%
summated
4%
with Russia, nothing important in the
444
4%
4%
Chicago
445
43
41.5
4%
4%
4%
St. Louts
4%
4%
4%
4%
of
way
business
can be looked for from that quarter
4%
4%
Minneapolis
5
5
5
5
5
5
Kansas City
6
5
5
5
for
a
very
long
5
period. More liberal offerings of
5
Dallas
6
5
5
5
5
5
San Francisco
444
434
445
43
445
commercial bills are expected from now on, but
454
bankers generally maintain_ithat,4 barring some un


2760

THE CHRONICLE

[VoL. 114.

favorable development of a serious character, suf- foreign securities to relieve the immediate pressure
are said
ficient buying support should be forthcoming to on marks, while German industrial interests
that
Rumors
currencies.
foreign
buying
to be again
prevent any further serious break in rates.
granted
be
yet
may
loan
smaller
y
appreciabl
an
l
As to quotations in more complete detail, sterling Germany exercised a favorable sentimenta influence
has taken
recovery
Some
interests.
speculative
declining
on
a
exchange on Saturday last displayed
of
prospects
the
on
largely
kronen,
Austrian
to
in
place
down
marked
were
tendency and demand bills
the
with
issue
of
bank
453/i
new
a
for
Plans
help.
Allied
433@4
4
to
transfers
4 42%@4 449, cable
%; selling by London co-operation of Vienna banks and the prospect of a
and sixty days to 4 39%@4 413
to
was the feature of the day's dealings. On Monday French credit helped to bring about a recovery
0.0043.
of
level
low
week's
sensational weakness developed and prices broke 0.0065, against last
were
violently, dropping nearly 5 cents, to 4 38 for de- Greek exchange and the central European rates
other
the
in
weakness
the
by
affected
slightly
transfers
only
mand; the high was 4 41 3-16; while cable
ranged between 4 38%@4 41 9-16 and sixty days at Continental exchanges. An additional explanation
4 35%@4 38 3-16; heavy selling induced by un- of the weakness in French francs, it is asserted, is
settling news, both for foreign account and on the the prospect of an expansion in imports in the near
early
part of local speculative interests, was chiefly re- futute, owing to poor crop returns. In the
excited,
and
active
was
trading
week,
pponsible for the break. More reassuring cable part of the
relapsed
advices from abroad brought about a sharp rally on but later on interest subsided and the market
dulness.
into
39@
4
Tuesday, which carried demand up to
The London check rate in Paris finished at 51.75,
4 44 11-16, cable transfers to 4 39%@4 45 1-16, and
freer
comparison with 50.90 last week. In New York
in
Wednesday
sixty days to 4 36@4.4111-16.
8.49, against
offerings and profit. taking sales induced a slight sight bills on the French centre closed at
commercial
reaction downward, so that there.was a decline in 8.73; cable transfers at 8.50, against 8.74;
l sixty
commercia
and
quoted• rates from the• top of the previous day; sight at 8.47, against 8.81,
week.
preceding
the
in
8.75
demand . covered a _ range of 4 41%@4 43.11-16, days at 8.41, against
8.05
and
checks
for
8.04
at
finished
cable transfers, 4 423'@4 44 1-16, and sixty days Antwerp francs
8.26
and
8.25
with
compared
as
transfers,
cable
• 38%@4 40 11-16. Dulness featured Thursday's for
at
closed
and
weak
ks
turned
Reichsmar
week.
last
recession
dealings and there was a further fractional
s,
remittance
cable
for
%
0.301
and
checks
for
for
%
0.293
4174@4
433
to 4 41%@4 42% for demand, 4
Austrian
earlier.
s
/
a
7
%
week
0.313
and
0.3074
against
days.
sixty
for
39
4.383/2@4
cable transfers and
for
Friday's market was quiet and irregular. While kronen finished at 0.0064 for checks and 0.0069
Final
.
2
and
0.00523/
2
0.00573/
changes were relatively unimportant, the price level cable transfers, against
was again reduced, this time bringing demand to quotations for lire were 4.72 for backers' sight bills
2, cable transfers to 4 40%@4 4174 and and 4.73 for cable transfers. Last week the close was
4 40@4 413/
at
sixty days to 4 37@4 383/2. Closing quotations were 4.99 and 5.00. Exchange on Czechoslovakia closed
against
0.64,
at
Bucharest
2
on
;
1.923/
against
%
405
4
1.92,
and
demand
for
4 373 for sixty days, 4 403
on
for cable transfers. Commercial sight bills finished 0.66; on Poland at 0.00225 (unchanged), and
Greek
before.
week
the
at 4 3932, sixty days at 4 313/g, ninety days at 4 303/2, Finland at 2.25, against 2.18
documents for payment (sixty days) at 4 323/2 and exchange remained fixed at 4.28 for checks and
seven-day grain bills at 4 383/2. Cotton and grain 4.33 for cable transfers, unchanged.
for payment closed at 4 393/2.
In the exchanges on the former neutral centres
More gold arrived this week-50 boxes valued at
on;
declines occurred, which carried guilders down
sharp
Southampt
from
$1,600,000 on the Olympic
60* points, to 38.18 and the Scandinavian
some
point,
same
the
from
Berengaria
$2,300,000 on the
declined in varying degrees, from 20 to
II
Oscar
exchanges
the
on
bars
gold
Swedish
and $637,000
35 points. Swiss francs lost only a few points, ruling
from Christiania.
at close to 19.00, and the same is true of Spanish
Movements in the Continental exchanges were also pesetas. Trading continued dull and active by turns
of a radical nature and prices fluctuated wildly, with the undertone irregular.
Bankers' sight on Amsterdam finished at 38.35,
losses of from 10 to 15 points being in many instances
.
38.80; cable transfers 38.42, against 38.87;
against
pronounced
equally
almost
recoveries
followed by
In view of the fact that France is so vitally con- commercial sight 38.30, against 38.75, and commercerned in the never-ending Reparations problem, it cial sixty days 37.94, against 38.39 last week. Swiss
was not considered surprising that French francs francs closed at 18.93 for bankers' sight bills and
should display unusual susceptibility to current in- 18.95 for cable remittances. This compares with
fluences. Opening at 8.713/2 for demand, the rate 19.02 and 19.04 a week ago. Copenhagen checks
tumbled to 8.47, rallied later on 24 points to 8.71, finished at 21.31 and cable transfers at 21.36, against
then sagged off once ,more, to a low quotation of 21.66 and 21.71. Checks on Sweden closed at 25.58
8.473/2. Belgian currency moved along similar lines, and cable transfers at 25.63, as against 25.84 and
2. Italian lire 25.89, while checks on Norway finished at 16.45 and
with the extremes 8.02 and 8.263/
were heavy, declining to 4.75, although subsequently cable transfers at 16.50, against 17.06 and 17.11 the
recovering to 4.86; the opening price was 4.97. week previous. The closing rate for Spanish pesetas
Curiously enough, reichsmarks were relatively was 15.45 for checks and 15.50 for cable transfers.
steady and ruled within a small fraction of 0.31 Last week the close was 15.65 and 15.70.
With regard to South American exchange a weaker
throughout, although losing ground slightly at the
developed, in keeping with the other exchanges,
trend
decline
the
with
close. This strength, coupled
5
in the other currencies, and the unfavorable outlook and the check rate on Argentina declined to 35%,
in German affairs, aroused some comment. It is although there was a rally and the close was 36,•with
%, against 363. and 363
% a week
thought possible that the Reichsbank is unloading cable transfers 361



THE CHRONICLE

JUNE 24 1922.]

2761
scheme. These large credit balances,

Federal Reserve System's par collection
3 for checks the
howevet, show nothing as to the results of the Reserve Bank's operations with the
earlier. Brazil was also easier, at 13%
Clearing House Institutions. They represent only one side of the account, as checks
on the Reserve Bank itself are presented directly to the bank and never
and 13% for cable transfers, as compared with 13% drawn
go through the Clearing House.
is
exchange
Chilean
and 14.00 the week before.
still advancing and finished at 12%, against 123/ last
The following table indicates the amount of bulweek, but Peru was maintained at 4 12, the same 1 ion in the principal European banks:
as last week.
June 23 1921.
June 22 1922.
Far Eastern quotations were appreciably lower, Banks of
Total.
Gold.
Silrer.
Total.
Gold. I Siker.
following a decline in the price of silver. Hong Kong
£
£
£
Shanghai,
finished at 57%@58, against 58%@58%;
128,357,145
128,883,226 128,357,145
England _ 128,883,226
a _ 141,207,781 11,360,000152,567,781 142,867,08' 10,960,000 153,827,085
79M@79%, against 813@81M; Yokohama, 483.@ France_
529,950 55,108,150
855,800 50,917,280 54,578,200
Germany _ 50,061,480
Aug.-Hun. 10,944,000 2,369.000 13,313,000 10,944,000 2,369,000 13,313,000
483/2, against 48@483.1; Manila, 50@503 (un- Spain
100,909,000 25.628,000126 537,000 99,463,000 24,570,000 124,033,000
31,512,000 3,042,000 37,554,000 32,892,000 2,999,000 35,891,000
8@ Italy
/
%@52, against 523
changed); Singapore, 513
582,000 51,073,000 50,580,000 1,044,000 51,624,000
Netherl'd 50,491,000
1,658,000 12,321,000 10,662,000 1,511,000 12,173,000
Nat. Belg_ 10,663,00
21,754,000 4,432,000 26,186,000
%; Bombay, 2931@29N, against 29%@30, and Switz'Ian 21,680,000 4,300,000 25,980,000
525
15,639,000
15,226,000 15,639,000
Sweden...._ 15,226,000
against
205,000 12,847,000
29%@30.
,
12,642,000
12,908,000
293@29/
224,000
12,684,000
Denmark
_
Calcutta,
8,115,000
8,183,000 8,115,000
Norway

8,183,000

48,619,950637,113,380

Total wee 585,444,487 50,018,800635,463,287588,493,430
Pursuant to the requirements of Section 403 of the Prey. wee 587,445,681 50,093,800637,539,481 588,411,311 48,488,500636,899,811
Emergency Tariff Act of May 27 1921, the Federal a Gold holdings of the Bank of France this year are exclusive of £77,934,182
Reserve Bank is now certifying daily to the Secretary held abroad.
of the Treasury the buying rate for cable transfers on THE OLD DELUSION. AGAIN!--PAYING THE
the different countries of the world. We give below
SOLDIER BONUS WITH LEGAL TENDERS.
the record for the week just past:
Imagine manna falling from the skies until there
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
'is bread for every one without even the trouble of
JUNE 17 1922 TO JUNE 23 1922 INCLUSIVE.
baking! Imagine Cinderella in rags one moment and
Noon Buying Rate for Cable Transfers in New York.
in the next clothed in the fine raiment of a princess;
Value in United States Money.
airy and Monetary Unit.
June 17. June 19. June 20. June 21. June 22. June 23. and then every child, woman and man a Cinderella!
--$
$
EUROPEImagine, by some miraculous process known only to
.00006 .000069 .000068 .000069 .00007 .000066
Austria, krone
.0822
.0818
.0815
.0824
.0813
.0806
Belgium, frano
the movies,,every hut and house turned into a palace,
.007133 .007267 .007275 .007408 .007433
.0072
Bulgaria, lev
.019197 .019128 .019133 .019131 .019133 .019131 filled with rare works of art, dazzling jewels, and the
Czechoslovakia, krone
.2123
.2117
.2130
.2140
.2153
.2136
Denmark, krone
4.4371 4.3901 4.4236 4.4279 4.4215 4.4135
England, pound
dancing revels of the "idle rich." But reserve, as a
.021438 .021138 .021358 .021413 .021513 .021838
Finland, markka
.0865
.0864
.0851
.0857
.0850
.0867
France. franc
true test of your imaginary powers, the contempla.003144
.003022
.003041
.003019
.003031
Germany. reichsmark _ _ _ _ .003060
.0385
.0382
.0390
.0380
.0320
.0402
Greece, drachma
tion of that one famous day, "in all history," when
.3834
.3843
.3858
.3839
.3355
.3862
Holland. guilder
.001006 .001013 .001042 .001053 .001017 .001015
Hungary, krone
the kindly mails, by registered letters, shall bring to
.0489
.0482
.0486
.0472
.0482
.0194
Italy, lira
.003475 .003428 .003426 .003389 .003339 .003306
Jugoslavia, krone
four
millions and a half of ex-soldiers four and a half
.1652
.1677
.1667
.1668
.1649
.1710
Norway, krone
.000237 .000226 .000228 .000228 .000228 .000221
Poland, Polish mark
.0746
dollars of bright, new, crisp "legal tenders,"
billion
.0745
.0745
.0743
.0738
.0754
Portugal, °gouda
.006513 .006494 .006478 .006503 .006406
.0066
Rumania,lett
.013757
.013714
out of nothing at the conjuring genius of Sen.0135
.013357
.013271
.013886
created
dinar
Serbia,
.1555
.1552
.1560
.1556
.1558
.1566
Spain, peseta
.2552
.2553
.2569
.2556
of North Dakota, in payment of the "ad.2577
.2566
ator
Ladd
Sweden, krona
.1894
.1891
.1898
.1895
.1897
.1899
Switzerland, franc
or "bonus." Lowell wrote of
compensation"
justed
ASIA.8129
.8171
.8158
.8267
.8250
.8150
China. Moto° tael
.8104
.8096
.8100
.8100
.8267
.8183
come
perfect days," but he did not
June,"then if ever
" Hankow tael
.7805
.7832
.7839
.7825
.7848
.7929
" Shanghai tael
.8146
.8163
.8183
.8304
.8217
.8183
of this proposed June day
- Tientsin tael._ „
perfectness
the
of
dream
.5734
.5738
.5741
.5734
.5755
" Hong Kong dollar_ .5782
.5708
.5685
.5710
.5660
.5685
Mexican dollar..._ .5730
softly and the "earth is in
bend
skies
the
when
1922,
" Tientsin or Pelyang
.5775
.5850
.5775
.5779
.5808
.5775
dollar
of
Washington "do their
solons
the
-and
tune"
.5725
.5700
.5733
.5688
.5733
.5725
" Yuan dollar
.2865
.2874
.2864
.2897
.2867
.2865
India. rupee
!"
damnedest
.4770
.4787
4777
.4783
.4787
.4780
Japan, yen
.5133
.5121
.5125
.5108
.5125
.5100
Singapore. dollar
• Think of it-the sudden influx of four billions and
NORTH AMERICA.991014 .990625 .990347 .989910 .989797 .987306
Canada, dollar
.997969
half of "currency" into the channels of trade in a
a
.99825
.998188
.99825
.998188
.998063
Cuba, peso
.484844 .4845
.485875 .4860
.485781 .48375
Mexico, Pee°
Newfoundland, dollar__ .98875 .988438 .988203 .987578 .987422 .984063 single day by "registered letter"! If there ikr a dead
SOUTH AMERICA.8078
.8034
.8113
.8095
.8113
profiteer anywhere in the earth would he not inArgentina, Peso(OWL- .8163
.1366
.1356
.1373
.1364
.1356
.1364
Brazil, milrels
.8052
.8037
.8016
.7988
_
.8104
.8028
flown
stantly come to life at this trumpet call? If there is
a gas balloon anywhere in space would it not inThe New York Clearing House banks, in their stantly sink to earth and hide its ignominious head
operations with interior banking institutions, have in shame? If there is anywhere a believer in "better
gained $3,793,316 net in cash as a result of the cur- living conditions" would he not hold his sides with
rency movements for the week ending June 22. laughter when he took his hard-earned pay envelope
Their receipts from the Interior have aggregated to the corner grocery? And Justice or Freedom, or
$4,655,116, while the shipments have reached $861,whatever that old "Indian" is, that stands atop the
800, as per the following table:
dome
of the Capitol, would it not take on the halo of
AND
SIIIPMENTS
BY
BANKING
NEW YORK
CURRENCY RECEIPTS
INSTITUTIONS.
the "Great Stone Face"-never again to frown upon
Into
Gain or Loss
Out of
a people struggling in the adversities of war and the
Banks.
to Banks.
Banks.
Week ending June 22.
perplexities of legislation?
$4,655,116
$861,800 Gain $3,793,316
Banks' Interior movement
And this "currency," these "legal tenders" for all
As the Sub-Treasury was taken over by the Fed- debts public and private, convertible instanter, at
eral Reserve Bank on Dec. 6 1920, it is no longer the wish of the holder, into 3 per cent gold bonds,
possible to show the effect of Government opera- "good if the present gold bonds are good," what more
tions on the Clearing House institutions. The Fedor financial genius propose?
eral Reserve Bank of New York was creditor at the could the heart desire,
Mr.
Ford,
Edison, and Senator CapMr.
please,
Page,
as
day
each
follows:
Clearing House
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK per! Call in Lenin, the puerile; and stigmatize, once
AT CLEARING HOUSE,
for all, Russia, the incapable! Aye, call the roll of
Aggregate
and bankrupt countries, the world impoverished
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
21.
June
22. June 23.
for Week.
June 17. June 19. June 20. June
------and
show
them how, by a simple twist of the
over,
$
$
$
69,900,000 81,400,000 50.600,000 55,700,000 59,900,000 61,000,000 Cr. 378,500,000 new improved printing press, to fill with fat their
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 financial larders, and to banish hunger from the
s

rTostemet yr




3

s

$

2762

THE CHRONICLE

[VOL. 114.

body and trouble from the soul. And when the vast is, on the contrary, the result of a gradual growth,
benediction falls upon the storms of earth, behold without any centralized direction or control,
coverhow quickly the fluttering and wind-blown "ex- ing a period of more than a century and a quarter.
changes" will be "stabilized," and millennial har- Therelave been sporadic developments during each
vests of "prosperity" bloom in every vacant lot from war period, and the realization of final peace has alMain Street to Wall!
ways found the organization permanently expanded
How sweet are the uses of adversity, how uplifting in several directions. Prior to the inauguration of
the idealism of a "war to end war," that they shall President Harding, no President had ever considered
give rise in the aftermath to this plenitude of himself as the responsible head of the business
ad"money," issuing out of nothing, and to be "re- ministration of the Government Congress had aldeemed" out of bankers' profits not yet made and ways attempted to control—and still does, for that
may never be made. Surely now the Federal Reserve matter—the administration of the Government.
System may emulate the Arab, fold its tent and siThe method was to grant a bureau or an officer
lently steal away. Like the perpetual light of ra- authority to engage in a new activity and
then to
dium are the emanations from the mind of the Agri- hedge him about by writing into the appropriati
on
cultural Professor from North Dakota. If he would grant numerous administrative restrictions
. Imagine
but shed the light of his countenance once each year a board of directors of a business corporation
atupon the Mississippi Valley what bounteous harvests tempting to manage it by issuing specific administrawould follow without planting or reaping. Even the tive orders to individual officers and even employees
agricultural bloc might melt and resolve itself into the while the president looked on with indifference! The
dew. And how antiquated, obsolete and reactionary revenues would stop and the business would fail.
are taxes to support the Government and pay our But there is no such thing as a failure of the business
national debts, when so easy a process of "raising of the Government in this sense. Its revenues are
money" is at hand. Of what use to spend the hot assured, no matter how extravagantly or how uninsummer months quarreling over tariff schedules telligently its affairs are administered.
when "revenues" may be realized out of wood pulp, From the economic standpoint, the attempt of
and "protection" can be made actual by the applica- Congress to control administrative officers by legiscation of shin plasters? We waste our time with ex- lative fiat has proven an utter failure. Under this
perimental methods when a surety for all our ills is system—or lack of system—there has been developed
thus offered us.
in the Government service a large number of experts
And they tell us now that Aimerican enterprise, in statutory construction. It is nearly always possearching in the ruins of "Sardis, the ancient Lydian sible to find a loophole to permit the desired thing
to
capital of Asia Minor," has unearthed "thirty gold be done.
coins," the "coinage of Croesus, the last King of LyThis state of affairs, extending over so long a pedia," "minted some time between 561 B C
riod of time, has encouraged decentralization and inand 546, when he" (Croesus) "was captured by Cy- dividualism. Offices and bureaus grew up and have
rus." These thirty pieces of pure gold (the thirty become strongly entrenched, although the original
pieces of silver have never been found) are called grant of authority may have been comparatively in"staters," and they bear a lion's head on one side and significant. Certain bureaus have cultivated public
a bull's head on the other. Hope is held out that fif- opinion and are in a position to bring pressure to
teen of them may come to the Metropolitan Museum; bear from the outside upon both Congress and the
and it is averred that as "finds" or antiques they are executive branch of the Government.
absolutely priceless. We do not know whether this
The Government has by the process of accretion
Croesus, richest man of his time, had in mind the far- thus grown up into the largest business enterprise in
reaching vision of the "gold standard" of to-day when the world. There is no geographical limit to the field
he created this "priceless" money out of pure gold, of its operations, and it engages in an extremely
but he was a bungler in the presence of Senator Ladd, large variety of business activities. It is a matter of
who can create "priceless" money out of pure paper. common knowledge that its organization is disIt is a poor government, come to think of it, that joined and unwieldy and that there are numerous
can utterly and efficiently "control" labor and cap- conflicting jurisdictions, overlappings and duplicaital, and yet is unable to make "money" out of noth- tions.
ing. Perhaps we are hasty in saying this. There are
Bills for the reorganization of the Government bemany who believe that prior to the present mark and gan to be introduced in 1917 and since that time
there
ruble,"fiat" was a prerogative that deity alone could have been public discussions and investigations. In
exercise. It may be so. But as there is pretty nearly the Budget Act of 1921 the President is authorized
to
nothing now that "Government" cannot do or does use the Bureau of the Budget to study and report on
not do, this wholesale method of making money by this question. But even while the Budget Bill was
mere "fiat" ought not much to excite the willing. in process of enactment, Congress passed a Joint
citizen-onlooker. It is lamented that the present ad- Resolution creating a Joint Committee on Reorganijusted compensation bill gives to the soldier "a zation and later authorized the President to appoint
stone" when he asks for "bread." No such criticism a representative on it. The President appointed Mr.
applies to these "legal tenders," forced by registered Walter F. Brown, and for the past two years Mr.
letter into eager.hands, for they are neither "fish, Brown has been trying to arrive at a plan which
flesh, nor good red herring."
would meet the approval of all of the heads of the executive departments. He has found it impossible to
BUSINESS REORGANIZATION OF THE FED- do this. Certain departments were
not willing to
ERAL GOVERNMENT—FEDERAL
relinquish activities which should logically be underADMINISTRATIVE CODE.
taken by other departments. Nevertheless, he has
The organization of the Federal Government was made a report and recommended a plan of reorganinever based upon a definite well conceived plan. It zation and these are in the hands of the President.




JUNE 241922.]

THE CHRONICLE

2'763

he said, living at hone among homogeneous people,
cannot easily understand the temporary political influence of foreign and slowly assimilated people here,
sometimes believed to hold or perhaps holding the
balance of power between our parties in close elections; yet we are making progress, we are realizing
our partnership with the nations of the world, and
we are learning not only that united action of the two
countries makes for universal peace, but that it is almost necessary. Fundamental public opinion here is
the real governing factor, and he is sure that this will
always prevail in any real exigency. To the Associated Press he said that his chief business during his
few weeks' stay is to make a comprehensive study of
the English judicial system, whereby he may learn
something of value. He is particularly interested in •
observing the English way of expediting cases in the
courts of the first instance; the English courts have
abolished all distinction between law and equity and
have only one form of procedure, a step which he
would like to see taken here. This is, of course, for
lawyers rather than layme4 to consider, yet we can
rejoice over every calm and deliberate expression
which tends to deepen international friendships and
remove the hatreds and jealousies that form the soil
in which wars are bred.
Secretary Hughes was equally happy and timely
in declaring that a sound public opinion is essential
to the peaceful and diplomatic aims of the nation.
This opinion "must frown upon the constant efforts
to create suspicion, distrust and hatred, for there
can be no assurance of peace and few of the just and
necessary settlements which make for peace, in a
world of hate." Absolutely true, and well said is
this. It is also true that the chief enemies of peace
"are those who constantly indulge in abuse of foreign peoples and their Governments." Intercommunication has become so rapid that domestic discussions fly over the three-mile limit and are too readily
caught up as if individual utterances were certainly
expressive of basic public opinion; so the principal
difficulty now upon foreign affairs comes from "the
untruthful; prejudiced and inflammatory discussions" in which some persons and even some of our
newspapers permit themselves to indulge. If diplomacy is to be more open, there must be a keener sense
of responsibility as to international questions, for
"open diplomacy and blatant and injudicious utterances will not go well together."
All true and timely, and then Mr. Hughes urged
the indispensableness of having the people correctly
informed as necessary to reaching a wise judgment.
The initiative of the Executive in framing a foreign
policy, he said, has been abundantly confirmed by
practice, but the separateness of the Executive, unINTERNATIONAL FRIENDSHIP — SENSIBLE der our system, "has deprived the Executive of opADVICE FROM SECRETARY HUGHES
portunities open to parliamentary leaders." The
• AND CHIEF JUSTICE TAFT.
Secretary of State, he said, has no opportunity to exSpeaking at a dinner given in his honor in London plain or defend some important matter which may be
by the Pilgrims' Society, Chief Justice Taft has said in debate on the floor of the Senate, yet there are nusome things about international understandings and merous situations, especially upon foreign affairs,
friendships which concur in timeliness and good "in which an opportunity for the Executive, through
sense with an address on the same day by Secretary his departmental chiefs, to explain matters of policy
Hughes at the commencement exercises of the Uni- would be of the greatest aid towards an intelligent
versity of Michigan, where he received the degree of judgment." So Ile came to the.interesting suggestion
LL.D. Mr. Taft cited the long friendship between that Cabinet officers be given opportunity to be
his own and the mother country, and, as a citizen heard in person, offering this, however, as a private
without any official mandate, he begged his British and non-official opinion.
To give to these officers a vote would require a
bearers not to be misled by heated ebullitions of temper from one or another faction. A British subject, Constitutional amendment, and Mr. Hughes would

No details have yet been given out, but it has been
announced that the President will reach a decision
in the near future—perhaps within a few days—and
make positive recommendations to Congress. The
plan will then be considered by the Joint Committee
and later,by Congress.
The proposed Reorganization Act must be considered as supplementary to the Budget Act. It is not
possible to prepare a business-like Federal budget on
the basis of the existing organization. The two are
really parts of a single reform. In several of our
State Governments reorganization preceded the inauguration of the budget system.
In order to do a thorough job of house-cleaning it
will be necessary for the Government to go one step
further. There are thousands of administrative regulations, authorizations, prohibitions and restrictions relating to powers and duties of organization
units and of officers and employees of the Government. For example, there are more than two hundred separate pieces of legislation relating to operative and financial reports. These laws are scattered
through the various statute books. They have never
been considered as a whole by Congress. They were
largely enacted to meet particular occasions, and
many of them are now obsolete.
Congress recognized this situation in the Budget
Act by requesting the President to make recommendations as to these laws. This the President did last
December by pointing out the necessity of bringing
together all of the laws relating to the business administration of the Government and of revising and
codifying them to harmonize with the new principles
of fiscal responsibility and procedure set up under
the Budget Act. The President further said that he
proposed to have the Bureau of the Budget proceed
with the compilation of such a code. As pointed out
in our issue of last week, several States have already
adopted administrative codes embodying a reorganization of the Government.
An Administrative Code for the Federal Government should follow the main outlines of the Reorganization Act, and should contain only the basic
policies for the business management of the Government. It should give a much wider discretion to the
executive branch of the Government than at present
exists, because the President is now, under the
Budget Act and by his own volition, in full administrative control of his subordinates. Congress will,
when this code is presented, have an opportunity to
recognize fully the responsibility of the Executive
for executive management. This may seem a paradox to the business man, but to the Government it is
a goal yet to be realized.




2764

THE CHRONICLE

not favor that, nor should anybody else, for we have
already meddled too much and too unwisely with our
fundamental law. There is nothing in the Constitution, however, to debar personal appearances before
either branch of Congress. Each branch "may determine the rules of its proceedings," and upon invitation or permission anybody might make remarks during the session hours. The President is under mandate to communicate to Congress any information or
recommendation,as often as he chooses, and he is left
to either written or oral methods. One sensible custom has been started by inviting the Vice-President
to sit in Cabinet meetings, and there are also recent
precedents in the letters by the President and by Secretary Mellon to the Fordney committee concerning
the bonus, and in one or two personal appearances of
the latter before that committee, for answering any
questions that might be put. It is not likely that per,sonal appearance would become abused, and it would
comport with the more direct and responsible information which the budget scheme intended and produces; it is also in line with the better and more intelligent "team work," lacking heretofore, yet very
desirable, between the executive and legislative departments.

[Vor4. 114.

will be paid better than similar workers are in outside industries. Right here the sharpest wail is set
up, the men repeating the old demand to be constituted a preferred class, and a protest is entered
against allowing the roads to do what every other
employer does by hiring labor at current market
prices. The roads must reduce their rates, so that
business may revive; but they must not reduce their
expenses, because men have a right to live. From a
recent table comparing railway wages with similar
outside wages,in 17 lines of work,it appears that the
railway rate after July 1 will still be considerably
above that outside, and also (what is of special consequence), while the wage rate outside has from two
to twenty gradations, according to the worker's ability and efficiency, the roads must pay a "flat" rate,
a fact which recalls to mind the gross outrages perpetrated a few years ago by Governmental "classifications," whereby men were arbitrarily constituted
members of more expert lines and entitled to higher
pay and also several separate "workers" were required for the most ordinary repair jobs. This was
pointed out long ago, and it was just a part of a long
scheme of milking the roads for the benefit of "humanity," a beautiful idea, but the cow has been going
nearly dry under overimilking and scanty feeding.
THE PROPOSED STRIKE OF CERTAIN RAILThe Board is accused of going counter to law, and
ROAD WORKERS.
the letter says the Esch-Cummins Act requires for
The heads of some ten of the minor groups of rail- the most common labor "a living wage as the term is
way employees have served notice on the Labor ordinarily used," enough for support in comfort and
Board of their intention to order a strike if the vote decently; this was to be the bottom, and other emof the rank and file calls for one against the wage cut ployees should receive differentials upon this, acto take effect on July 1, and 90% of the vote is al- cording to skill, hazard and other factors. This is a
ready said to be for action. A letter to the Board, piece of fiction, for the Act contains no such thing.
signed by Mr. Jewell, head of the railway employees It does not attempt literal precision, but requires
department of the Federation of Labor and by the wages and conditions which "in the opinion of the
heads of these minor unions, indulges in a long whine Board are just and reasonable." In determining
and makes a number of misstatements as to facts. this, the Board must, "as far as applicable," take
The Board's decisions are declared to deny to a large into consideration, "among other relevant circumnumber of workers even the elementary right to live; stances," the factors of hazard, responsibility, train"men in America cannot be expected to work for pub- ing and kill required, character and regularity of
lic utilities only to see their children undernourished the employment, and "the relation between wages
and doomed to a premature death . . . you have and the cost of living." These are to be considered
given no heed to the cry of the.children. Humanity, "as far as applicable," but another factor to be consupported by enlightened public opinion, and by the sidered (and one which these wailers do not cite) is
statements of disinterested students and agencies "the scales of wages paid for similar kinds of work
who love and serve humanity, made its appeal in in other industries." So we are brought back to the
vain; you evidently considered it your function to absurdity of demanding that railroads shall be forput aside all such considerations and make sure that bidden, just because they are public utilities and for
the rates of pay of railroad workers of the lower the sake of humanity, to buy labor on the terms open
grades should be fixed to correspond to those estab- to other employers; and if they must pay more for
lished in private industry by the relentless, unham- labor they ought also to pay more for every one of the
pered and selfish forces of supply and demand."
thousand materials they consume, since all these are
And so on. This rodomontade forgets the many the product of labor somewhere.
classes of persons who received none or very trivial
The executives are not worrying, for the cry has
increases of income during the war and had to suffer been raised so often, and if the men should be so foolthe rise inliving costs, yet made no plaint; as usual, ish as to try to strike, the train-operating forces are
the most deserving made the least outcry, and the not involved; even if those were,it is necessary to say
pampered ones made the most. The letter also makes once more that there will never be a better time to
the bold assertion that "railroad labor costs have have the issue fought to a finish. Chairman Hooper
constantly declined during recent years," and Mr. of the Board not only takes up and refutes as "utGompers comes forward, with his customary inaccu- terly baseless" the specific assertions of the Jewell
racy, to say that railway workers "waited until July letter, but hopes the men will not take a course "that
1 of 1920 for an increase in wages," although living will surely prove disastrous to the organizations
and
costs, had been rising for four years, whereas the the men composing them." He thinks "the
whole
truth is that wages kept well up with those rising railroad question would be easy if it were not so hucosts, and the 1920 wage lift carried them past those; man," but all disputable subjects are human. Still,
further, as has been shown and published repeatedly, he seems to expect an abandonment of the contract
the present cuts leave the men better off in purchas- system, and if that becomes inconsistent with
good
ing power than they were in 1917; moreover, they business rules he may be gratified; otherwise
, prob-




JUNIO 241922.]

THE CHRONICLE

ably not. He predicts that "before long many of the
wrinkles will be ironed out of the railroad situation,"
and this may gradually come true, if (as he hopes)
"everybody will stop cussing" and when,"out of all
this agitation, the American people finally learn the
truth about the necessities of our great transportation system." Here is the most substantial hope:
that the people, who are both the users and the owners, will begin to study, to understand, to care for,
and to conserve their property.
The head of the Central of New Jersey has sent to
the men on that line a letter of friendly and reasonable remonstrance, urging them to keep calm and
stay loyal. The head of the New Haven system also
tells his men that neither employer nor employee,
whether on tie farm or in general industry, or on
railroads, "can hope to escape the inexorable effect
of economic law." This is as immovable and as fundamental as to say that nobody can hope to escape
being affected by the weather. He adds that a strike
against wage reductions would fail, through lack of
public sympathy. It certainly would. Only eight
months ago, Chief Lee of the Trainmen wrote a letter apropos of the strike fiasco in October, in which
he said he had no hesitation "in saying that,.in my
lifetime, I have never known of a more unanimous
feeling against us in the business and labor world
than now exists." Can anybody except a fool deny
that he correctly weighed the situation then, or imagine that it is one whit different now?
COTTON ACREAGE CONDITION
JUNE,1922.
As last year there was a general and pronounced
tendency to cut down the area devoted to cotton, so
the present year there has been virtually everywhere
a tendency in the other direction—that is, to reclaim
for cotton the land allowed last year to remain fallow or which was devoted to other crops. The extent
to which the movement towards increase has been
carried is the problem confronting the investigator
and it is a problem beset with unusual difficulties on
this occasion. We have been engaged in the task of
presenting these annual compilations for over half
a century and have never made light of the undertaking or presented the results with a feeling of entire confidence in their absolute accuracy. There
are always so many uncertainties involved in the collection and compilation of the returns, and as trained
observers we know only too well how future contingencies may intervene to impair the best directed
and most conscientious effort, rendering futile all
precautions against imperfections and deficiencies.
But the present year so many special factors exist,
enormously increasing the uncertainties and the difficulty of the work, that it would be folly to pretend
that at best our figures and statements are anything
more than estimates and approximations—approximations, to be sure, as close as it is possible to make
them by calling to our aid every source of information at command, but liable, nevertheless, to greater
or smaller modification as the uncertainties referred
to are resolved into actual facts, thereby removing
the elements of conjecture and doubt.
Drawbacks of one kind or another invariably exercise some influence to retard or advance planting
over parts of the Cotton Belt, but in this instance
there are controlling considerations of dominant importance affecting the entire area and upon the outcome of which depends both the ultimate extent of




2765

the planting and the amount of the production. First
of all, weather conditions have been everywhere adverse—to a degree and extent to which we can recall
no exact parallel in all our experience. In the second
place, the adverse weather has everywhere been of
the same type. In ordinary circumstances there will
be drouth in one section, excessive rainfall in another
and perhaps entirely normal conditions in still another part. Not so the current year. From one end
of the belt to the other and all over it almost without
exception there has been too much rain—eithmearly
in the season or in May or for the whole of the year
right up to June. In -other words, cotton growers
have suffered from one common cause. It is proverbial that the rain falls on the just and the unjust
alike, but in this instance the floodgates of heaven
seem to have been opened, with the result of causing
a veritable deluge over many of the biggest and best
cotton areas of the South. The usual train of circumstances followed, namely floods and washouts which
not only seriously interfered with farm work but in
not a few instances rendered it wholly out of the
question. Seeding, germination, growth, plowing and
the cutting out of grass and weeds suffered. The
farmer had to bide his time before he could go on
with his work. To make matters worse, temperatures have been below the normal, cool nights being
particularly complained of. Then, the lower Mississippi overflowed its banks and inundated large sections. Other rivers also overflowed, adding to the
difficulties and the tribulations of the farmers. Because of the terrific rains, whole counties were
washed out. On low lands this was necessarily a se-•
rious matter. There was nothing for the farmer to
do but to wait for the waters to recede or to drain
off, and this was delayed because of the continuation
of the rains. The remark applies not to one State or
section, but to many. The consequence is that even
at this late date numerous reports come to us from
all over the South saying that planting has not yet
been finished but remains in progress. Who can
measure with exactness the extent of the planting so
long as it is still under way?
The result is that the crop is everywhere late—all
the way from two to six weeks late—that the condition throughout nearly the entire cotton belt is low,
though not any more so than in other recent bad
years, and that cultivation is backward and weeds
and grass are present to a much greater extent than
is customarily the case. The importance of such
a state of things obviously should not be minimized.
At the same time,'it is easy to exaggerate its importance. The advent of favorable weather, namely the
cessation of rain and a rise in temperatures, would
effect a wonderful transformation within a very brief
period. The character of the weather during July
and August will determine the extent of the yield
and the size of the crop. This, of course, is always
the case, but it is most emphatically true in its application to the 1922 planting, since the crop is so late
and laboring under such considerable drawbacks.
The same may be said with reference to the possible
ravages of the boll weevil which is a factor that cannot be ignored. With dry, forcing weather, the maturity of the crop and the formation of bolls would
be so rapidly advanced that the possibility of harm
from the depredations of the pest would be reduced
to a minimum.
There are some very strong elements in the situation as well as the weak ones just recounted. Proper

2766

weather is the all-important desideratum, but, given
that, these favoring factors possess potentialities for
a large yield that it would be a mistake to ignore.
Not least important among these is the increase in
the area devoted to cotton. There can be no question
that planting the present season is substantially
larger than the reduced planting of last year. This
is so not only in one State, but in all the States-with
the possible exception of South Carolina, where the
best opinion leads to an estimate of acreage the same
as in 1921. There has been much to discourage
Southern farmers from adding to their planting in
the circumstances already narrated, but as against
this there has been the inducement of a very much
higher market price. This latter always proves potent beyond every other consideration. For this reason it seems desirable to indicate how striking the
contrast in the matter of price has been the present
season compared with the market prices of a year ago.
On March 1 last year middling upland spot cotton in
New York was quoted at 11.65 cents, on April 1 it
was quoted at 12.00 cents; on both May 1 and June 1
at 12.90 cents, and on July 1 at 12.00 cents. Note
now the difference in 1922: on March 1 1922 the middling upland spot price in New York was 18.70 cents;
on April 1 18.10 cents; on May 1 18.95 cents, and on
June 1 21.00 cents, with the quotation the present
week (June 20) up to 23.30 cents. As a matter of
record, we introduce here a table showing the New
York price for the first of each month for the last
eleven years:
•

PRICE OF MIDDLING UPLAND COTTON IN NEW YORK ON DATES
GIVEN AND AVERAGE FOR SEASON.
1921- 1920- 1919- 1918- 1917- 1916- 1915- 1914- 1913- 1912-19111922. 1921. 1920. 1919. 1918. 1917. 1916. 1915. 1911. 1913. 1912.

Averse°. season

,,,a2.2,9,...9,1
oc
i : I ,1
1 ...oso
1 c41,
:-.4.6t-:ocir:o5coo6.4 : 1 :
ci i

Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
Jan 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1

40.00 35.70 29.70 25.65 13.25 9.30 12.50 12.10 13.00 12.50
30.25 32.05 36.50 23.30 16.30 9.75 ____ 12.50 11.25 11.70
25.00 32.25 34.30 25.25 16.00 11.09 ____ 14.20 11.45 10.35
22.50 38.65 29.05 28.75 18.75 11.95 ____ 14.10 11.75 9.40
16.65 39.75 28.10 30.90 20.35 12.55 7.65 13.50 13.05 9.30
14.75 39.25 32.60 31.75 17.25 12.40 7.80 12.10 13.20 9.25
14.15 39.00 26.75 31.20 14.75 11.95 8.50 12.75 13.00 9.90
11.65 40.25 26.10 32.70 17.00 11.45 8.25 13.75 12.70 10.40
12.00 41.75 28.60 34.95 19.20 12.00 9.80 13.30 12.60 10.95
12.90 41.25 29.40 28.70 20.70 12.30 10.40 13.00 11.95 11.40
12.90 40.00 33.15 29.00 22.65 12.70 9.55 13.75 11.80 11.40
12.00 39.25 34.15 31.90 27.25 12.90 9.60 13.25 12.40 11.65
-----------------------17.89 38.25 31.04 29.65 19.12 11.98 8.97 13.30 12.30 10.83

The showing, however, is still more conclusive
when we take the farm price as the basis of our comparison-that is, the average price received by the
farmer for his product on his plantations. April 1
last year the farm price was only 9.4 cents; on May 1
it was the same; on June 1 it was 9.8 cents and on
July 1 9.6 cents. The present year, on the other hand,
the April 1 farm price was 16.0 cents; on May 1 15.9
cents, and on June 1 18.7 cents, as will be seen from
the following table covering the ,same eleven years
embraced in the table already given:
AVERAGE PRICE OF COTTON ON THE FARM.
1921- 1920- 1919- 1918- 1017- 1916- 1915- 1914- 1913- 1912- 19111922. 1921. 1920. 1919. 1918. 1917. 1916. 1915. 1914. 1913. 1912.
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
Jan. 1
Feb. 1
Mar. 1
April 1
May 1
June 1
July 1

[VoL. 114.

THE CHRONICLE

9.8
12.6
19.8
17.7
16.2
16.3
15.5
15.9
16.0
15.9
18.7

36.8
31.1
25.5
19.4
14.0
11.5
11.8
10.3
9.4
9.4
9.8
9.6

32.5
30.3
31.3
36.5
35.7
35.9
36.2
36.2
37.3
37.7
37.2
37.4

27.8
32.2
31.8
29.3
27.6
28.7
24.9
24.0
24.5
26.0
29.5
31.1

24.3
23.4
23.3
27.3
27.7
28.9
29.7
30.2
31.8
28.5
27.4
28.6

12.6
14.6
15.5
18.0
19.6
17.1
16.8
15.9
18.0
18.9
20.2
24.7

8.1 12.4 11.5 12.0 13.2
8.5 8.7 11.8 11.3 11.8
11.2 7.8 13.3 11.2 10.2
11.6 8.3 13.0 10.9 9.9
11.3 6.8 12.2 11.9 8.8
11.4 6.6 11.7 12.2 8.4
11.5 7.4 11.9 11.9 9.0
11.1 7.4 12.6 11.8 9.8
11.5 8.1 11.9 11.8 10.1
11.5 9.1 12.2 11.6 10.9
12.2 8.6 12.4 11.5 11.0
12.5 8.6 12.4 11.6 11.2

In some States the farm mice on June 1 the -oresent year was fully double that of last year on the
same date. Thus in Oklahoma the average the present year was 17.0 cents, against 7.8; in Arkansas,
18.6 cents against 9.5; in Texas, 18.7 cents against
9.9; and in Louisiana 17.5 cents against 9.6. East of
the Mississippi River, of course, the differences in favor of 1922 were also very striking, Georgia, for instance, showing an average farm price June 1 1922




of 19.3 cents as compared with only 10.5 cents on
June 1 1921. There was in this year's higher price a
compelling inducement to reclaim for cotton every
acre of land that could be made available, and this
same inducement still exists and will lead the planter
to bring under cultivation additional inundated land,
inasmuch as during the current month of June market prices for the staple, as already pointed out, have
been making even further strides upward. The situation, accordingly, is that while in 1921 no motive
whatever existed for adding to the size of the planted
area, but on the contrary, every instinct suggested
reducing the plantings since at the low prices then
current even the best situated and most fertile areas
had no chance of profitable results, the situation in
1.922 was the precise reverse of this, ti higher level
of values assuring the certainty of satis;actory financial returns, besides which the statistical situation
of cotton throughout the world is such that there is
a reasonable prospect of a ready market for every
bale of cotton that can be raised.
We now give in the following table our estimate of
the planting in all the different States and for the
country as a whole. In applying our percentages of
increase in area for the present year we use the final
revised figures of acreage for last season recently issued by the Department of Agriculture and prepared
in conjunction with the Census authorities. There
seems no reason why these figures should not be regarded as absolutely correct after the pains that have
been taken to make them so. The early estimate of
the Agricultural Department of last year's acreage,
when the tendency was so strongly to reduce acreage,
overstated the amount of the decrease, making it
28.4%. The final revised figures showed a reduction of
only 14.5%. The Department has indicated that the
overstatement followed from the fact that the appropriation allowed it by Congress was not sufficient to
enable it properly to verify the early returns. We are
not questioning the accuracy of this explanation
when we say that returns of correspondents made
early in the seAson are always apt to exaggerate the
importance of a change where the movement is very
strongly in one direction, as was the case in 1921, and
that allowance must be made for this proneness to
exaggerate. We ourselves undertook to allow for
such customary error of judgment in our estimates
of last year, and made the decrease only 24.75%, as
against the Department's decrease of 28.4%. But it
appears from the final census figures showing, as already noted, only 14.5% decrease, that we did not go
far enough in discounting the tendency to exaggerate. What probably happened was that the majority
of planters, after having solemnly resolved to reduce
acreage to the extent of 30 or 40%, slyly concluded
that they would not go asfar as this in their own case
but leave it to their neighbors to go to the full limit,
and thereby gain a little advantage for themselves.
States.
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Oklahoma
Missouri
California
Arizona
New Mexico, &c

Acreage Planted. Estimatefor 1922.
Increase.
1921.
34,000
1,417,000
2,623,000
4,346,000
70,000
2,269,000
2,667,000
1,192,000
11,193,000
2,418,000
640,000
2,536,000
104,000
*55,000
94,000
20,000

17
6 0
Unchanged
47
20°.
20
8
10
12
15
12
15
20
45
6
25 0

Acreage,
1922.
40,000
1,500,000
2,600,000
4,500,000
85,000
2,725,000
2,900,000
1,320,000
12,550,000
2,800,000
725,000
2,950,000
125,000
80,000
100,000
25,000

Total
31,678,000
35,025,000
10.50%
*Not including that portion of the Imperial Valley lying in Mexico,
embracing about 85,000 acres.

JUNE 241922.]

THE CHRONICLE

It will be seen thatexceptin So.Carolina we show an
increase in every State—the ratios of addition being
largest in the minor cotton growing States—and that
for the cotton belt as a whole we figure the percentage of increase at 10.5%. It has been our purpose to
be ultra-conservative, and if these figures err at all
they should err in being too small. The 10.5% increase brings the total area planted in the whole cotton belt up to 35,025,000 acres, which, while a large
total, is not quite as large as in some previous seasons. We add the following table to show what the
acreage put into cotton has been in each year back to
1910 and what the crop and the yield per acre have
been in each of the same years:
ACREAGE AND PRODUCTION OF COTTON IN UNITED STATES, 1910-22.
Production
Acreage
Average Yield
(Census)
Planted.
Picked.
per Acre.
5000.baie
(Acres)
(Ac)es)
Year—
(Pounds)
11,608,616
33,418,00032,403,000
170.7
1910
15,692,701
36,681,000
36,045,000
207.7
1911
13,703,421
34,766,000
34,283,000
190.9
1912
14,156,486
37,458,000
37,089,000
182.0
1913
16,134,930
37,406,000
36,832,000
209.2
1914
11,191,820
32,107,000
170.3
1915
31,412,000
11,449,930
36,052,000
34,985,000
156.6
1916
11,302,375
34,925,000
33,841,000
159.7
1917
12,040,532
37,207,000
1918
36,008,000
159.6
11,420,763
35,133,000
161.5
1919
33,566,000
13,439,601
37,043,000
178.4
1920
35,878,000
7,953,641
1921
124.5
31,678,00030,509,000
35,025,000
1922

(?)
(?)
(?)
It will be noted that while our estimate of the
planting for 1922 is 35,025,000 acres, this compares
with 37,043,000 acres in 1920, 37,207,000 acres in
1918, 37,406,000 acres in 1914, and 37,458,000 acres
in 1913.
Besides the increase in the extent of the planting
there are, however, a number of other factors of great
strength in the situation—we mean as promising a
large yield. Among these there is first of all the circumstance that everywhere there is an abundance
of moisture in the soil. This is full of promise should
weather conditions improve. There has been not a
trace of drouth anywhere and the present year no
cotton is going to be burnt up by reason of high temperatures and extreme heat. On the other hand, the
presence of sufficient moisture means added productiveness. In a State like Texas, which in the past
has so often suffered in that way, that is a circumstance of the greatest moment—and indeed it is alluded to as a great asset by the Agricultural Department, as will be seen by reference to our summary
for that State.
Then, also, the overflow of the Mississippi is going
to be of great benefit to the planters in the districts
which were inundated by the overflow and where it
has been possible to plant as the waters have receded.
The sediment remaining after the overflow has always in the past constituted a valuable fertilizing
material and, as a matter of fact, some of the richest
cotton land in the South is to be found in the regions
bordering on the Mississippi, where repeated overflows have tended to enrich the soil. The overflow
the present year of some other rivers—the Yazoo
River in Mississippi, for instance—is likely to carry
benefits in the same way.
Finally, one of the distinctive features of our returns the present year is that they show a greatly increased use of commercial or other fertilizers where
these are customarily used as aids to productiveness.
In 1921 the use of commercial fertilizers was perforce largely abandoned. The planter was too poor
to buy them or pay for them, and the low market
price of cotton removed every inducement to make
purchases, inasmuch as it seemed like throwing
money away while the opportunity to get a remunerative price for the cotton was absent. The higher
level of values now ruling has entirely altered the




2767

aspect of things in that respect,. and accordingly
planters have been purchasing and using fertilizing
materials with much greater freedom again. To appreciate the bearing and significance of this circumstance,it is necessary to recall that the great diminution in the size of the crop last season followed in only
small part from the diminution in acreage. Droutla
in one part of the country and decreased use of fertilizing material in another, together with the depredations of the boll weevil, were contributing elements
of much larger importance. The contraction in acreage according to the revised figures already referred
to was only 14.5%, while the decrease in the size of
the crop was fully 40%, the Census figures showing
a product of 13,439,603 bales for 1920 and only 7,953,641 bales for 1921. A comparison of the production
figures of the different States for a series of years is
still more enlightening on that point, and this we
append herewith:
PRODUCTION IN CHIEF COTTON-PRODUCING STATES—EAST OF THE
MISSISSIPPI.
In Bales of Gross Weight of 500 Pounds.
Year ofGrowth.
Alabama.
Georgia. Mississippi. No. Carolina. 'So. Carolina.
1,569,918
1918
1,226,051
897,761
800,622
2,122,405
830.293
1919
1,426,146
713,236
1,659,529
960.886
1,623,076
1920
924,761
662,699
895,312
1,415,129
580,222
1921
754,560
776,222
813,014
787,084
ACREAGE IN SAME STATES.
Acres.
Acres.
Acres.
Acres.
Acres.
2,600,000
3,040,000
3,160,000
1,615,000
5,425,000
2,900,000
1,525,000
2,900,000
5,404,000
3,000,000
3,000.000
2,898,000
1,603,000
3,100,000
5,000,000
2,623,000
2,269,000
1,417,000
4,346,000
2,667,000
PRODUCTION IN CHIEF COTTON-PRODUCING STATES—WEST OF THE
LOUISIANA.
INCLUDING
MISSISSIPPI,
In Bales of Gross Weight of 500 Pounds.
Year of
Whole U. S.;
Louisiana. incl.AllOthers.
Oklahoma.
Growth.
Arkansas.
Texas.
12,040,532
1918
587,717
576,886
2,696,561
987,340
11,420,763
1919
297,681
1,016,129
884,473
3,098,967
13,439,603
1920
387,663
1.214,448
1,336,298
4,345,282
1921
278,858
7,953,641
481,286
796,936
2,198,158
1918
1919
1920
1921

1918
1919
1920
1921

ACREAGE IN SAME STATES.
Acres.
Acres.
Acres.
Acres.
3,035,000
3,190,000
1,700,000
11,950,000
2,512,000
2,865,000
1,700,000
11,025,000
2,988,000
1,555,000
12,265,000
3,055,000
2,536,000
1,192,000
11,193,000
2,418,000

Acres.
37,207,000
35,133,000
37,043,000
31,678,000

Let the observer note that in Texas last year the
crop fell from 4,345,282 bales in 1920 to 2,198,158
bales in 1921; in Arkansas from 1,214,448 bales to
796,936 bales, and in Oklahoma from 1,336,298 bales
to 481,286 bales. Let him note, furthermore, that in
the tier of States on the Atlantic there was not only
a sharp decrease in 1921, but in several of the States
this decrease followed antecedent decreases of large
extent—reflecting in part the activity of the boll weevil, but in part also diminishing fertility of the soil
owing to the decreased use of fertilizers. In Georgia,
for example, where the production had been 2,122,405 bales in 1918, there was a reduction to 1,659,529
bales in 1919; to 1,415,129 bales in 1920 and a drop to
only 787,084 bales in 1921. In Mississippi, there was
a shrinkage in the three years from 1,226,151 bales in
1918 to 813,014 bales in 1921, while in South Carolina
the production was more than cut in two as between
1920 and 1921 alone, the crop of the last mentioned
year, according to the Census, having been only 754,560 bales, as against 1,623,076 bales in 1920.
So far as the decreased use of fertilizers was a factor in this great curtailment of yield in the different
States, an ameliorating circumstance exists in the
much greater freedom with whIch fertilizers have
been employed the present season. In some of the
States the consumption of fertilizers in 1922 has been
on an enormously greater scale. Take for illustration the State of Alabama. The tax tag sales for that
State indicate purchases of 293,541 tons in the eleven
months from July 1 1921 to June 1 1922, as against
only 178,705 tons in the corresponding months of the
preceding fiscal year. Of course, these purchases
represent the consumption of fertilizers not alone
for the benefit of cotton but in part also for the bene•

2768

THE CHRONICLE

fit of other crops; nevertheless, they indicate the general trend and there can be no question that a very
considerable portion of this fertilizing material always goes as an aid to cotton. While the contrast
between this year and last year in the purchase of
fertilizers has been especially striking in the case of
Alabama, a tendency towards increase is observable
all over the South. To bring out this fact we present
the following figures kindly furnished us by S. D.
Crenshaw, the Vice-President and Secretary of the
Virginia-Carolina Chemical Co. at Richmond. They
show the quantity of fertilizer consumed as indicated
by tax tag sales reported by the Commissioners of
Agriculture of the different States. In the use of the
figures it should be noted that while for the previous
two years the amounts cover the entire twelve months
of the fiscal year, for 1922, they cover merely the ten
/nonths from July 1 1921 to May 1 1922.
FERTILIZER TAX TAG SALES REPORTED BY THE COMMISSIONERS
OF AGRICULTURE.
July 1 1919 to July 1 1920 to July 1 1921 to
July 1 1920. July 1 1921. May 11922.
Alabama
Arkansas
Florida
Georgia
Louisiana _
Mississippi
North Carolina
South Carolina
Tennessee
Texas
Virginia

Tons.
394,943
87,898
282,270
1,095,617
95,758
178,144
1,241,157
1,258,065
115,201
60,000
505,801

Tons.
180,340
24,255
231,606
557,907
38,853
50,267
695,200
623,854
64,351
19,417
397,811

Tons.
291,440
32,980
289,841
519,801
62,647
125,857
x700,000
494,150
54,736
24,796
401,466

Totals

5,314,914
2,883,861
2,997.714
x The figures covering the entire period of 1921.22 for North Carolina are ,not
avollable at this time, so the tonnage given is an estimate.

In some States there has been a great increase also
in the use of home-made manures. We may refer particularly to the case of Georgia, where, as will be seen
by our report for that State, the Commissioner of
Agriculture reports a larger quantity of stable and
lot manure'and compost used than in many years.
We may sum up, therefore, by saying that all of the
constituent elements exist, and to a degree never before enjoyed,for a crop of large dimensions, provided
future weather conditions are favorable, the only
other element of uncertainty being the harm to result
from the pernicious activities of the boll weevil. And
hot weather from now on would render the weevil
largely innocuous. With an .average yield of only
124.5 lbs. per acre, as was the case in 1921, the prospect on the larger acreage of 1922 would be for a crop
of only 8,700,000 bales. On the other hand,if the yield
should run to 200 lbs. per acre, as in 1914 and 1911,
by reason of the abundance of moisture in the soil,
the increased use of fertilizers and the deposit of
sediment on adjoining lands by the overflow of the
Mississippi and other rivers, the prospect would be
of a crop of 14,000,000 bales. The weather and the
boll weevil are the all-controlling factors,. and yet
there are big possibilities in the other elements of
strength in the situation as set out in the foregoing.
Our summaries for the different States follow:
VIRGINIA.-This State does not raise much cotton, and
the area devoted to it is very small. Planting began much
earlier than in 1921, say about April 10, and was completed about June 1. The seed came up well, but, as over
the rest of the cotton belt, the weather has been too wet
and replanting to a limited extent was found necessary. A
good stand has been obtained, but fields are now grassy.
Indeed, one of our correspondents states that because of
excessive rains the plant is in critical condition with much
grass present, and that warm, dry weather is necessary at an
early date to prevent serious deterioration. In the absence
of favoring conditions, this correspondent fears complete
abandonment of some acreage on account of inability to get
plows in the fields. As to acreage, owing to the small extent
of land given over to cotton at any time, the addition of
only a few thousand acres means a relatively large percentage
of increase. The United States Department of agriculture
reports the area planted and picked last year at 34,000 acres.




[VOL. 114.

Our information leads us to believe that the area in cotton
the present year is about 40,000 acres, giving an increase of
somewhat over 17%. As to the use of fertilizers, no change
is noted by our correspondents in the application of homemade manures, but some increase in the use of commercial
fertilizers. Future weather will determine the size of the
product.
NORTH CAROLINA.-The generality of our correspondents report that planting in North Carolina began
April 20 and was completed about May 15. Some say,
however, that it commenced about April 1 and was prolonged to Juno 1. Wet and cool weather has been everywhere a drawback. Complaint is directed not so much to
the extent of the rainfall as to the fact that, as one of our
correspondents puts it, it has been raining constantly for
more than five months, thus interfering seriously with
plowing. Frosts in May are noted in several instances and
whatever replanting was found necessary was due, it
would seem, to that cause. A big hailstorm over part of
the State in May also made replanting necessary in certain
sections, owing to the damage done thereby. The seed
in nearly every case came up well and a good stand was
secured, but unfavorable weather conditions since then have
nullified any early advantages thus gained. While most of
our correspondents note the absence of cultivation and report
an overabundance of weeds and grass-one correspondent
saying "the weeds are a sight," and also that some bottom
lands have not yet been plowed, while another correspondent
sums up the situation in the statement that the fields are
in the worst condition he ever saw-this complaint is by no
means altogether common or uniform, and there are ,individual cases where fields are reported in very fine condition
and almost entirely clear of weeds and grass. Acreage is in
some few cases slightly smaller, owing to the difficulty of
carrying on farming operations in wet soil and under constant
rain, but such instances are rare and to be ascribed to the
personal lethargy of certain types of planters not too prone
to over-exertion in the best of circumstances. Generally
speaking, there seem to have been moderate increases, running from 4 to 7 or 8%. Probably 6% would not be an
over-statement of the extent of the increase. Fertilizers of
the commercial sort have been applied on a greater scale
and an unusual number of our reports stress the fact that
more have been used per acre. One of our representatives
qualifies his statement in that respect by saving ,that,
though the planter has purchased commercial fertilizers more
extensively than he did in 1921, a good part of the increase
has gone into the soil for the benefit of other crops. Unquestionably, however, planters have put in much larger
quantities to increase the productivity of cotton. At the
same time there has been no diminution in the application of
home-made manures.
SOUTH CAROLINA.-This is an important cottonproducing State and accounts are rather pessimistic, both as
regards the present condition of the plant and the outlook
for the future. South Carolina suffered severely last year
from the depredations of the boll-weevil and in those sections of the State whi h sustained most damage by reason of
the presence of the pest, there is evidence of much gloom and
discouragement. To make matters worse, the cool and wet
weather which South Carolina has suffered during the
present spring, in common with so many other Southern
States, has been favorable to the development of the weevil,
while retarding the growth of the cotton plant and consequently the early formation of the cotton bolls, thereby
presenting the possibility of even greater loss from the
activities of the pest than was sustained last year. Some
planters, therefore, have become thoroughly disheartened.
In these circumstances, it is no surprise to find the outlook
depicted in gloomy terms, and great emphasis laid on the cool
nights and the cold and wet weather generally experienced.
Planting, it seems, began anywhere between March 15 and
April 10,and in many cases was not completed until after the
middle of May. In some sections of the State the seed came
up well, in others poorly, and more or less replanting was
required-for the State as a whole perhaps 20%. With a
few exceptions the stand seems to be poor with the fields
grassy. The generally pessimistic character of the returns
is evident from the reply made by one of our correspondents
to our question, "Has a good stand been procured?", to
which he appends the laconic answer, "No; and never will."
Gloomy weather, no doubt, accounts for the gloomy views
and allowance must always be made for this in.estimating
the value to be given to statements made.in this frame of
mind. Bright sunshine will alter views, as it surely will alter
prospects, though the harm to be done by the boll-weevil
will remain present as a damper upon expectations until the
time for its activities has passed. Acreage is very difficult
to determine at this time. Some of our accounts speak of
decreases as compared with last year's planting of 10% or
more and one or two returns, with limited districts under
survey, estimate a decrease of 30%. But. these are not
typical, any more than are other returns which speak of an
increase of 300% and explain the extent of the addition by
saying that in their particular localities comparatively little
cotton was planted in the two previous seasons, owing to the
presence of the weevil. In the lack of sufficient data, it is
quite out of the question to attempt an exact and conclusive
estimate at thisstage of the season and in the circumstances

JUNIO 24 1922.]

THE CHRONICLE

2769

stable and lot manure and
the best course will be to take the acreage the same as that reports a larger quantity of
compost used than in many years.
planted last season.
FLORIDA.—Florida is not of any great consequence as
GEORGIA.—This is next to Texas the largest cottongrowing State in the South. Conditions here were much the a cotton producing State and whether the crop is a little
same as in other parts of the cotton belt, cool and wet weather larger or a little smaller will have only relatively trifling
interfering with planting and growth alike. However, effect on the general results. Planting the present season
accounts are by no means generally bad or unsatisfactory. started under favorable conditions and extended over the
As a matter of fact, except in a strip running across the period from April 1 to April 25—that is, about the usual
central part of the State, accounts are rather good and in time. A good stand was secured and everything went along
well until the last ten days in May when the weather became
some portions of the favored localities they are extremely
good. One correspondent with unusually keen powers of much too wet. The fields, too, were clear of weeds and
observation and possessing good judgment expresses the grass up to that time, after which they became somewhat
situation by saying that the only unusual development in grassy on account of the continuous rains. Furthermore,
the boll weevil then began appearing in large numbers and
Georgia the present year has been very severe and harmful
the with the weather so favorable for its increase the prospect
May rains, which in his estimation 'have destroyedgives
now is considered rather poor. A few days of dry weather,
best prospects that we have had in several years." He
as his reason for this conclusion that "a good clean crop has however, would suffice to dispose of grass and weeds and
been transformed into a grassy bog in a great many fields, doubtless also, if prolonged, would reduce the depredations
and in all others grass is using the strength of the fertilizer of the weevil to a minimum. Acreage in limited localities is
and stunting the growth of the cotton. Even if fields can double that of last year, but still below the normal in years
be cleaned, the growing crop will have received a very previous to 1916. For the State as a. whole we make the
area 20% larger than that planted in 1921, or say 85,000
severe baokset." In the southern part of the State, where
kind are
the outlook is best, planting began between the 12th and 15th acres. Very little commercial fertilizers of any employed
of used on any of the plantations, but where they are
of March and was completed about the 20th to the 25th of
as aids to productiveness more are being used than last year,
April, though some of our correspondents in that part
which
the State say that planting has only just been completed. though not as much as in normal times. The rains
been unThe seed planted early came up well, but the seed planted occurred the last week of May are said to have
late did poorly and there was need of two choppings. Lack precedented, such rains usually coming much later in the
of moisture is given as the cause of this, but that was early season.
in the season, and since about the middle of May there has
ALABAMA.—Planting in central Alabama as a rule
been too much rain even in the southern part of the State. began about March 20 and was completed about May 10,
A good stand is reported everywhere as having been obtained but in some cases did not commence until the latter part of
in that part of the State, but accounts are equally uniform April and had not been fully completed tbe early part of
in stating that fields now are very grassy, the wet weather June. In southern Alabama it began March 15 and was
having prevented cultivation. Some returns report the completed May 1 to May 10. Testimony is uniform that
grass as small, but say that if wet weather continues even a an unusually good stand has been secured except in counties
short time longer the grass will have a great many crops. in northern Alabama where the May rains have interfered
Generally, however, cotton in southern Georgia is lookirg and where indeed, as just stated, planting had not been fully
fine, and a period of high temperature with absence of rain completed even in the early days of Juno. In central
would serve to make prospects in that part of the State Alabama the seed germinated very well, but during a cold
decidedly encouraging; as one return puts it, "with four or spell in April some of the stands were injured and replanting
five days of dry weather they will be able to get the was found necessary, but not to a great extent. The main
grass out."
drawback has been that rain retarded planting in north
The central section of the State, however, must be set Alabama and that it was generally too wet during May, and
off from the rest. Here the start was poor and only a fair also too cold. The best accounts come from southern
stand was secured and no improvement has taken place Alabama where the fields on most plantations are reported
since; in fact, conditions have been getting worse under a fairly clear of weeds and grass, though further north grass
prolongation of cool weather, particularly at night, and an has become a drawback on account of May rains. In central
excess of moisture. The fields now are everywhere grassy Alabama most of the fields are reported rank with weeds and
with cultivation at a low ebb. Planters in this part of the grass, particularly on the bottom lands and stiff lands,
of South Carolina.
State are just as gloomy as those in mostup
inasmuch as it was too wet the latter part of May and the
the situation in early
One of our returns in its comment sums
days of June to permit much hoeing, while the plowing
these pessimistic words:"a deluge of water has fallen here for done has been negligible. Some complaints are noted
the past three months. All low lands have been flooded and regarding labor which is reported very utratisfaetory and
no cotton can be made on these lands. Crop has suffered hard to get, work outdoors being discouraging on account of
materially for lack of cultivation." We quote this utterance the adverse weather conditions. In southern Alabama also
not because we regard it as a true statement of the situation, there is complaint of the overflow on creek and river lands.
but as indicative of the gloomy feeling prevailing. It is Acreage is unquestionably much larger than that planted
plai y an extreme view and should be accepted with the in 1921. In southern Alabama increases are reported of as
qualification always attaching to statements of that kind much as 25% to 40%. In central Alabama the increases
which experience teaches are invariably exaggerated and run from 15 to 20%,and even in northern Alabama increases
certain to overestimate the actual injury sustained.
of from 7 to 15% are reported. It is beyond cavil that there
In the northern part of the State prospects are not as has been very considerable increase in many sections. For
good as in the southern part. Here planting did not begin the State as a whole, very dose study of the returns leads
until about April 10, having been delayed by cool and wet us to think that there will be an addition of 20% as compared
weather. In May also the weather was unseasonably cold with the area planted in 1921. The productivity of the
and there was too much rain. Nevertheless, fairly good soil, moreover, will be enlarged by a very noteworthy and
stands were secured and the main trouble is the grassy condi- striking expansion in the use of commercial fertilizers. Not
tion of the fields. In some exceptional cases as much as a single return shows a decrease and only one reports no
40% remains to be chopped out to stand. Hot, dry weather, change. All the rest show heavy increases. All this is
however, would quickly change the aspect of things and make significant as indicating a general tendency throughout the
the outlook good. This applies even to the boll weevil, State towards the greater use of these commercial aids to
which are reported in greater numbers in some sections than soil fertility. As a matter of fact, the increase reaches over
in others. Acreage changes vary greatly in different parts 60%. This would be almost incredible except that it is
of the State. In the southern part where, as already stated, supported by actual facts, for the Alabama Commissioner of
the state of things is most auspicious, there can be no doubt Agriculture reports to us that for the year up to June 1 the
about a substantial increase as compared with the reduced sales of fertilizer tags represented in 1921 an aggregate of
acreage of last year. Increases of 5 to 10% are very common 178,705 tons and for the same period in 1922 an aggregate
and oven increases running from 25 to 50% are not in- of no less than 293,541 tons.
frequent. In the central belt indications point to an area
MISSISSIPPI.—From Mississippi accounts are more
substantially unchanged from last year after allowing for
from any of the States thus far summarized.
individual instances where, because of the unfavorable assuring than
complaint is that the weather has been
weather and fear of the boll weevil,virtually no attempt will About the only
cool for the best results.. Planting
be made to raise cotton on the old scale. As an extreme "somewhat" too wet and
of April and continued during May.
instance of the latter kind, one of our returns says that the began the latter part lands
were inundated by back waters
normal acreage in cotton is 30,000 acres, but this year only In the lower delta the
and its tributFies, and here planting
2,000 acres will be given over to the staple. In the northern from the Yazoo Riverwater
and contmued into June. Some
part of the State also there are some reports of decreases, a followed the receding
first planting, while others were
few'running to largo figures, but these are not indicative of got perfect stands on theone to two extra plantings before
the general trend which is towards a moderate increase. obliged to make from many instances heavy rains were
In
For the State as a whole, from the best estimate we can getting a stand.
, but nearly all the returns say the
make, after a careful weighing of all the facts, we should damaging to germination
some speak in much stronger terms
and
good
are
now
stands
with
of
increase
an
4%
compared
as
been
has
judge there
very good and even excellent. Moreover,
the actual planting of last year. Fertilizers of the commercial ;ind say they are
generally clear of weeds and grass—
reported
are
fields
in
the
of
increase
the
the
part
southern
decided
sort show a
it is added that at the time of
though
clear,
90%
say
some
the
middle
changes
varied
belt
in
and
decrease
State, a big
was between the 5th and 7th of
which
returns,
the
making
though
returns
most
here
of
the
part,
in the northern
too much to keep them clear unless the
report decreases. What may be lacking, however, in June, it was raining
shortly. In a few instances in the ease
cease
should
rain
been
an
.good
made
by
has
increase
fertilizers
commercial
out the fields had not.
in the home-made kind, and the Commissioner of Agriculture of late plantings the task oflworking




2770

THE CHRONICLE

.

[voL. 114.

yet been entirely completed. Regarding acreage,' increases delayed planting, but the moisture is regarded as a great
are the rule almost without exception, though a very small asset in the future of the crop." Stands, it is noteworthy,
minority say the land in cotton is about the same as last are reported good where rains have not been exceptionally
year. The additions, too, are 'generally given as very heavy and continuous. Moreover, while
fields are
substantial, namely 10%, 15%, 20% and even 25%. It reported foul with weeds and grass because ofsome
too much rain,
is our best judgment from the information at hand that for yet statements that the fields are "fairly clean" come from
the entire State the increase must be somewhere between many returns otherwise extremely pessimistic in tone. In
8 and 10% and to be on the safe side we use the smaller northeastern Texas some counties make very favorable
figure. Commercial fertilizers are, of course, very little reports with scarcely a complaint of any kind, but contrariused in the delta region and in one or two other counties, wise a few others speak gloomily, though here too a common
but elsewhere the tendency has been to employ them much statement is that the fields are "reasonably clear." Acreage
more freely than last year and the increases have been very is unquestionably much larger than last year. In the
large too—some as high as 50%. Some returns speak of extreme west and northwest, where more or loss new land
nitrate of soda as the variety used.
is all the time being brought under cultivation, the increases
LOUISIANA.—In northern Louisiana there has been the run all the way from 10% to 100%. Even in northeastern
present season altogether too much rain, while in the southern Texas the increases range from unchanged to 30%. In
part of the State there has also been more than actually southeastern Texas additions to the planted area are more
needed, with an additional drawback in the overflow of the moderate and do not average more than 5 to 10%. A small
Mississippi River. One of our correspondents at Shreveport, minority of the returns speak of the acreage as probably
in the extreme northwestern part of the State, points out unchanged, while one correspondent in a county that was
that the weather records show a fall of 32 inches of rain washed out thinks there may be a decrease, inasmuch as
between Jan. 1 and June 1. The May rainfall was more planting had not yet been entirely completed because of the
moderate, having been 4 inches, the normal being 33/i inches. washout. Obviously, it would be foolish to make dogmatic
In that part of the State planting generally began about statements regarding the extent of the increase for the State
May 1, though in a. few instances as early as April 15, and as a whole in the case of a commonwealth of such huge
was completed about the 1st of June. The seed came up dimensions, especially when some further planting may still
well and replanting was not necessary to any great extent occur, but the best opinion seems to be that 12% ncrease
except in low undrained lands. In southern Louisiana would be in close conformity with the facts, though possibly
some cotton was being planted the first week of Juno because a slight under-estimate. Fertilizers claim very little attention
of the overflow of the Mississippi River; and the Commis- in Texas and hence there is no occasion to say anything on
sioner of Agriculture, writing from Baton Rouge under date that point.
of June 5, said that about 200,000 acres, comprising some
ARKANSAS.—Conditions in Arkansas on the 'whole are
of the richest cotton land in the State, was then still under quite good and particularly in the northern part of the State.
water, and he took rather a gloomy view of the outlook, Rain has been somewhat of an obstacle, but not to anywhere
saying that this area, even if eventually planted to cotton, near the same extent as in the States east of the Mississippi
could not make much of a crop. It seems to us, however, River. Planting in high ground in northern Arkansas began
that everything will depend upon future weather conditions, April 15 to April 25, and was finished about May 25, but in
and given hot, dry weather in July and August the yield the overflowed district bordering on the Mississippi did
might be up to the maximum,the sediment from the overflow begin until May 20, and has been in progress since not
serving as additional fertilizer to a naturally rich soil. It Not much success was had with the April plantings andthen.
conis worth noting that good stands of cotton are reported sequently much replanting was found necessary, but subseeverywhere in Louisiana where the fields have been properly quent operations proved unusually satisfactory. The Helena
worked and are free of water. Notwithstanding the excessive Board of Trade reports that about 20,000 acres in Phillips
rains fully 50% of the fields are said to be clear of weeds and County were inundated by the overflow of the Mississippi
grass and where there is complaint it is qualified by the and that the water did not recede until May 15, which destatement that labor is working well. Acreage is reported layed planting and farm work from four to five weeks in that
10 to 25% larger than last year's planting in northern section. The weather was too cold for cotton most of the
Louisiana and about 10% larger in the southern part of the time and the latter part of May too wet. However, our corState. We put the average increase for the whole State at respondents say that cotton scents to be healthy and improvonly 10% on account of the difficulty of determining how ing nevertheless. A favorable feature latterly in June has
much of the land still under water at latest -reports it will been that the rainfall has been light and temperatures high.
be found possible to reclaim in the end. The use of com- Stands are reported good in all sections of the State, with
the
mercial fertilizers in some portions of northern Louisiana fields clear of weeds and grass. The Board of Trade'at Helhas been increased fully 50%, as compared with last year.
ena makes the statement that about 80% of the entire acreTEXAS.—This is the largest cotton growing State in the age of the State is entirely clear, 10% slightly grassy and 10%
South, its cotton area being one-third that of the'rentire very much in grass. According to the statistician of the
Cotton Belt. The State is of such magnitude as to constitute U. S. Department of Agriculture at Little Ro3k, 82 to 90%
an empire by itself and conditions ordinarily vary consider- of the fields in the extreme northern zone are mostly clean,
ably in the different extremes. The present season the with the stands good, while in a limited middle zone condivariations do not seem to be as great as usual and there is tions are somewhat spotted, with the crop late in the overcommon complaint of temperatures having been too low flowed districts. In the extreme southern zone fields are
for good results and also of there having been too much grassy,and cultivation and chopping has been much delayed.
rainfall, the same as in other parts of the South. The plant In the matter of the acreage, this year's plantings for the State
is late everywhere and the boll weevil arc reported in quite will run from 14 to 16% larger than those of last year, and
a number of localities, but prospects are not devoid of we take 15% as a fair average. According to the Arkansas
promise in southern and western Texas. The outlook is Department of Agriculture, reports indicate a general reless satisfactory in central and northern Texas, and yet even sumption of the use of commercial fertilizers, and about 18%
here conditions are fair and a week or two of sunshine and of the land planted to cotton will receive aid of that kind in
forcing temperatures would be certain to bring a marvelous some form. The tenor of the reports of our own correspontransformation with the assurance of a large crop. In south- dents is to the same effect, only much more emphatic.
eastern Texas, which furnishes a largo portion of the total
OKLAHOMA.—In this State the outlook is quite good.
crop, planting began in a few instances in February and is As elsewhere, there was an
unusual amount of rain the
reported as not completed even yet. Rains wore excessive present spring, and all crops
late, but latterly weather
and floods common, some entire counties being washed out, conditions have improved andare
at the moment prospects are
making much replanting necessary. In a very few cases the decidedly bright. Planting began
returns from this part of Texas indicate that the weather to May 10, but in parts of southern generally about May 1
Oklahoma started April
was dry early in the season, but has been much too wet 15 to April 20. Rain
work and in not a few inrecently. On the other hand,a few returns speak of planting stances seed was not alldelayed
in by
1. While wet and cold,
having begun in March and been completed by April 20 and particularly cool nights, Juno
the general complaint, the
and the season as having been about as favorable as could different returns agree prettyare
well in saying that cotton has
be desired. An esteemed correspondent at 'Brenham, done well nevertheless—considering
the drawbacks referred
Texas, while noting that there has been too much rain at to. The reports agree pretty
well, too, in thinking that in
times, causing overflows and washouts that made replanting most fields a good stand has been
scoured, though a second
necessary, says the weather is favorable now and adds that planting :was necessary to that end in some
instances.
there is 'a good season lit the ground," with the plant healthy Weeds and grass have been pretty well eliminated,
this
and vigorous, but two to three weeks later than normal. having been done during the last 10 days of good
weather
This correspondent also finds the fields mostly clean and where it had not been done before. Acreage increases
are
well chopped. He seems to depict the situation correctly. reported, running, in some exceptional instances,
as high
Texas ordinarily suffers most from drought, but on the as 40%. This is in part explained by the circumstance
that
present occasion there is an excess of moisture reaching deep there is much new territory
different parts of the State
down into the ground and under a visitation of extreme and that consequently new in
are all the time being
farms
heat such as is frequently experienced in Texas in the hot established. In a few limited localities in south
Oklahoma
summer months, the prospect would be big with possibilities decreases in acreage are reported,in one instance
of a large crop. The'U. S. Department of Agriculture in of 30% and in another to the extent of 33 1-3%.to the extent
These are
its report of June 8 refers to this feature and lays emphasis wholly exceptional, however, and the reason given
is that
upon it as follows, saying: "The subsoil has an abundance boll weevils have appeared in such large numbers
that
of moisture and this is noticeable even on the plains of the planters have plowed up their cotton out of
fear of the
west and northwest, which are usually dry, as well as in the effects and planted the area to feed of some kind.Taking
south and southwest. The rains producing this moisture account of the new land brought under cultivation,
the




JUNE 24 1922.]

THE CHRONICLE

2771

collectively with
increase for the entire State will probably average in the the right to organize, or even to deal
neighborhood of 15%. Fertilizers of a commercial kind employers; what has been and must be resisted is the
are very little used in this State, being too expensive (as abuses of organization and the attempt to carry colone return says) by reason of freight rates; and in many
lective bargaining to such a centralizing that a few
parts of the State are really very little required.
TENNESSEE.—Our returns say that the spring of 1922 men who are not working for an employer shall inwas the dampest, and coldest in many years. Nevertheless
a hopeful view is taken of the outlook. Planting extended tervene and settle his difficulties with his men inover the period from about April 15 to May 25 and in the stead of leaving that to the parties directly cow
central part of the State several replantings were found
and never
necessary owing to the fact that the soil was not favorable cerned. This has never been submitted to,
e
considerabl
a
is
there
a
result
and inAs
ely"
n.
"collectiv
for germinatio
can be. Withholding patronage
irregularity in tha size and condition of the plants. The
primary
boycott,
the
means
fields are more or less grassy, but weather has latterly been ducing others to do so
favorable for working out the weeds. In portions of the and secondary, and the Danbury hatters' and other
southwestern part of the State conditions are reported to leading cases have disposed of that. An amendment
have been entirely favorable since growth began. Acreage
is reported as all the way from unchanged to an increase of on the La Follette line is proposed, whereby a two15 to 25%. We make the addition 12%. Commercial thirds vote may repass and make impregnable a statfertilizers have been used in much larger quantities than
ute which the Supreme Court has found to be uncona year ago.
but
cotton,
MISSOURI.—This State does not raise much
stitutional; making such a finding tantamount to the
the returns show a generally satisfactory state of things, Executive veto would make an analogy where none exnotwithstanding that excess of rains delayed the work of
preparing the soil. Floods and the overflow of rivers early ists, and is too wild to have any real prospect of sein the season had little effect one way or the other on the rious consideration, even in these excited times.
extent of the planting which generally began May 10 and
A law is demanded that shall make more clear the
was not completed in some instances until June o. Good
stands are reported virtually everywhere and also clean intention of Congress in Sections 6, 19 and 20 of the
fields—weeds and grass being noted only occasionally.
The objects
Acreage increases varying from 10 to 25% are reported, the Clayton law (the "labor" sections).
small extent oif the total area in cotton in the State making aimed at by these sections, it is claimed,"were manithe percentage of addition large. We think 20% increase
or over-ridden" in the various court
is about right for the State as a whole. Commercialfertilizers festly ignored
decisions as to "picketing" and other disorderly and
are not used to any extent.
CALIFORNIA.—Planting in the Imperial Valley of Cali- unlawful conduct by unions and as to responsibility
fornia suffered reduction last season, though not to the exliberal enough
tent first indicated, the low market price prevailing at that for damages thus.caused. Section 6,
time removing much of the inducement to its cultivation. in declaring the lawfulness of mutual labor or other
The present season the situation is changed under the great
no capital and not conducted
advance in the price of cotton. Accordingly the area de- organizations having
voted to the staple has again increased. The returns to us for profit, so long as they confine themselves to "lawmake the increase in acreage 50%, which of course would be fully carrying out the legitimate objects thereof,"
a prodigious addition except that California is not a large
cotton growing State and the increase applies to a relatively also makes the barren declaration that something
small total. We place the increase at about 45%,raising the which has been bought and sold from time immemoarea to 80,000 acres, but this does not include 85,000 acres
demanded that
of the Imperial Valley lying in Mexico. Planting began, rial is not "a commodity." It is now
according to our information, about March 1, but was not the intention of Congress shall be more explicitly decompleted until June 5. The seed came up poorly, it being
out, but that intention was to platoo cold for proper germination, and replanting had to be clared and carried
done to the extent of 50%. A good stand, however, has cate labor by inserting a bit of buncombe—the same
fields are clear of
been secured, and at least 75% of the
intention as caused Mr. Wilson to sign an appropriaweeds and grass. Fertilizers are not used.
to
have
not
excontend with
tion bill rider which his predecessor had vetoed, and
ARIZONA.—This State did
cessive rainfall, but the weather was too cool, the same as to do this because (although he pronounced it wrong
elsewhere. Planting began March 1 and extended to May
effect, inas15. The seed came up poorly, however, because of the cold in principle) it would have no practical
weather, and our advices are that it was necessary to plant much as there was other money available for the purabout one-half the entire area a second time. Conditions
ostensibly estopped.
have been favorable since the advent of warm weather. pose which the rider
The stand is good and the fields are in excellent shape, with
Sherman Act itself is now found inhuman and
The
no weeds or grass. The acreage does not appear to differ objectionable, and its repeal is demanded. It was invery greatly from last year's planting.
THE DEMANDS OF MR. GOMPERS AND THE
AMERICAN FEDERATION OF LABOR.
The Federation of Labor, in its recent convention, declined once more to declare for "one big
union," evidently for no other reason than that even
its denseness is unable to avoid seeing the hopelessness of any such centralizing, although the Federation has heretofore beckoned unsuccessfully to the
farmers and seems to be accomplishing a sort of alliance with the miners. The plunging steed which
Mr. Gompers thinks he is guiding is becoming almost
too violent for him, but he was again re-elected.
The rabidly radical propositions for additional
Constitutional tinkering were enthusiastically received as they came from committee. They would give
to Congress practically unlimited control over child
labor. They would prohibit enactment of any law
or making any judicial determination that would
deny the right of workers "to organize for the betterment of their conditions, to deal collectively with
their employers, to withhold collectively their labor
and patronage, and to induce others to do so." Nobody has ever sought or wished to deny or to restrict




tended to prevent trusts but by judicial perversion
and misinterpretation "has been repeatedly invoked
to deprive the toiling masses of their natural and
normal rights." That is, the language is found, at
last, to be general, applicable to every "person" as
well as every trust, and thus it is beginning to bite
somewhat. So away with it!
Mr. Taft is not approved, and the Federation's
Executive Council is to call conferences for assisting
in preparing the amendments and laws "and in the
education of public opinion for their support and
adoption." This educating—at least along the lines
demanded—is not likely to be rapid.

gurrent plods and

giscussions

WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Aggregate reductions of $74,100,000 in Government securities, largely Treasury certificates, and of $62,900;000 in Government deposits in connection with fiscal operations incident to the redemption of tax certificates matured on June
15 and the payment on that date of semi-annual interest on
First Liberty bonds and Victory notes, are shown in the Federal Reserve Board's weekly bank statement issued as at
close of business on June 21 1922, and which deals with the
results for the twelve Federal Reserve banks combined. Gold

2772

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[VoL. 114.

a.,

holdings of the Reserve banks increased by $12,200,000, while
other cash reserves show a decrease of about $1,000,000 for
the week. In addition to the large decrease in Government
deposits, reductions of $9,400,000 in members' reserve deposits and of $2,300,000 in other deposits are noted. Federal
Reserve note circulation increased by $3,700,000. The reserve ratio, in consequence of the above changes, shows a
rise from 77.4 to 79.1% After noting these facts the Federal
Reserve Board proceeds as follows:
Four of the Reserve banks, viz., those of New York, St. Louis. Minneapolis and Kansas City, report among their assets a total of $32.000.000
of special certificates to cover advances to the Treasury pending collection
of tax checks and of funds from depositary institutions. The reduction of
$61,700,000 in "other" certificates held represents largely the difference
between the amount of tax certificates redeemed for account of the Reserve
banks and the amount of special certificates held by them on the latest
report date.
Inter-bank shifting of credits in the gold settlement fund proceeded on a
much more moderate scale than the week before. Now York reports the
argest increase in gold reserves, viz., by $19,000,000, followed by Boston
and St. Louis with increases of $8,100,000 and $6,300,000, respectively.
Smaller increases totaling $3,600,000 are reported by the Philadelphia and
Kansas City banks. Decreases in gold reserves by $5,100,000 each are
shown for the Richmond and Cleveland banks, while the five remaining
banks show aggregate decreases of $14,600,000.
Holdings of paper secured by Government obligations show a slight
increase for the week from $140.600,000 to $140,700,000. Of the total
held, $114,500,000, or 81.4%, were secured by Liberty and other U. S.
bonds, $6.700,000, or 4.8%, by Victory notes, $11,700,000, or 8.3%.
by Treasury notes and $7.800,000, or 5.5%, by Treasury certificates,
compared with $116,100,000, $7,700,000, $10,800,000 and $6,000,000
reported the week before.

The statement in full in comparison with preceding weeks
and with the corresponding date last year, will be found on
subsequent pages, namely pages 2801 and 2802. A summary
of changes in the principal asset and liability items of tile
Reserve banks, as compared with a week and a year ago,
follows:
•
Increase (-I-) or Decrease (—)
Since
June 14 1922.
June 22 1921.
Total reserves
+$11,200,000
+$527.700,000
Gold reserves
+12,200,000
+569,500.000
Total earning assets
—68,700,000
—983,800,000
Discounted bills, total
+8,000,000 —1,332,400,000
Secured by U. S. Govt. obligations
+100.000
—517,300,000
Other bills discounted
+7,900,000
—815,100,000
Purchased bills
—2,500.000
+82,000,000
United States securities, total
—74,200,000
+266,600,000
Bonds and notes
—.-11,000,000
+193.700,000
Pittman certificates
—1,500.000
—148,400,000
Other Treasury certificates
—61,700,000
+221,300,000
Total deposits
—74,600,000
+157,200,000
Members' reserve deposits
—9,400,000
+164,300,000
Government deposits
—62.900,000
—7,500,000
Other deposits
—2,300,000
—400,000
Federal Reserve notes in circulation
+3,700,000
—513,000,000
F.R.Bank notes in circulation, net liability_
—300,000
—67,300,000

WEEKLY RETURN OF TUE MEMBER BANKS OF
THE
FEDERAL RESERVE SYSTEM.
A further increase of $24,000,000 in loans secured by
stocks
and bonds, together with increases of $37,000,000 in other,
1. e., largely commercial and industrial, loans and
discounts,
mainly in New York City, and of $57,000,000 in
investments
in United States bonds and notes, as against
reductions of
$20,000,000 in Treasury certificates and of $4,000,000 in
loans
secured by Government obligations, are shown in the
Federal
Reserve Boards' weekly statement of condition on June
14
of 800 member banks in leading cities. It should be noted
that the figures of these member banks are always a week
behind those for the Reserve banks themselves. Total loans
and investments show an increase of $91,000,000, of which
$75,000,000 represents an increase in New York City. Of the
total of $15,213,000,000 of loans and investments reported
as
of June 14 of the present year, the share of "other" loans was
46.7%, as against 53.1% about a year ago. On the other
hand, the share of investments in Government securities
shows an increase for the same period from 9.5 to 13.1%, and
the share of corporate securities owned and loans thereon—
an increase from 33.1 to 38.1%.
Government deposits show a reduction for the week of
$38,000,000, other demand deposits (net) increased by $183,000,000, mainly in anticipation of the income tax payments
due on the following day and customers' subscriptions to the
June 15 issues of Government securities. Time deposits
show a decline for the week of $24,000,000. For New York
City reductions of $13,000,000 in Government deposits and of
$40,000,000 in time deposits, as against an increase of $120,000,000 in net demand deposits, are noted.
Only a nominal change, from $117,000,000 to $116,000,000,
is shown in the total borrowings from Federal Reserve banks,
the ratio of these borrowings to the reporting banks' combined loans and investments continuing unchanged at 0.8%.




Reserve balances of the reporting banks declined about
$5.000,000, while their cash in vault increased by $2,000,000.
For member banks in New York City a reduction of $16,000,000 in total reserve balances and no change in cash on hand
are noted. On a subsequent page—that is, on page 2802—
we give the figures in full contained in this latest weekly return of the member banks of the Reserve System. In the
following is furnished a summary of the changes in the principal items, as compared with a week and a year ago:
Increase (4-) or Decrease (—)
Since
June 7 1922.
June 15 1921.
Loans and discounts—total
—945.000,000
+$57.000,000
Secured by U. S. Government obligations.. —4,000,000
—359.000,000
Secured by stocks and bonds
+499.000,000
+24.000.000
All other
+37.000.000 —1,085,000,000
Investments, total
+729,000,000
+35,000.000
U. S. bonds
+372.000,000
+38,000,000
Victory notes
—42.000,000
+19,000,000
U. S. Treasury notes
+275,000,000
Treasury certificates
—20.000,000
—71,000,000
Other stocks and bonds
—2,000,000
+195,000,000
Reserve balances with Federal Reserve banks —5.000,000
—49.000,000
Cash in vault
+2.000.000
—34,000,000
Government deposits
—160.000,000
—38,000,000
Net demand deposits
+814,000,000
+183.000.000
Time deposits
+339,000,000
—24,000.000
Total accommodation at Fed. Res. banks.... —1,000,000 —1,052,000,000

. NEW LOAN IN FRANCE.
Subscription books for a new loan of 3,200,000,000 francs
for reconstruction purposes of the devastated regions of
France will be opened on June 26. The new credit will
bear 6% interest. It will be issued at 99 3-5, and be payable
in 1934 at 103, with various optional maturities.
FRENCH FINANCIAL MISSION TO SAIL JULY 1.
The French financial mission, which is shortly to sail for
the United States to confer with the World War Foreign
Debt Commission, will, it is said, be prepared to supply
information only regarding the French war debt, without
submitting any proposals in behalf of the French Government as to terms of payment. Jean V. Parmentier, Administrator of the Ministry of Finance, who, as announced
in these columns last week (page 2661), will head the French
mission,is scheduled to sail from France July 1. Associated
Press advices from Paris Juno 19 stated:
His function, it would appear from what has been given out concerning
the approaching visit to the United States, will be limited to spreading
before the Commission the present balance sheet of France, from which.
It is assumed here, the French Government will attempt to convince the
Commission that it cannot really engage to pay definite sums at definite
times.

SOUTH AMERICA PROGRESSING TOWARD NORMAL
CONDITIONS, ACCORDING TO NORMAN C.
S7'ENNING.
Having passed the acute crisis which followed the abnormal
inflation in the prices of its products as the result of the war,
South America is now steadily progressing toward normal
conditions, in the opinion of Norman C. Storming, the new
agent of the Anglo-South American Bank, Ltd.,in New York.
Mr. Stenning, who has been with the bank for nearly twenty
years, recently arrived in the United States from South
America after eight years in the service of the bank in Argentina and Peru. So far as relations with the United States
are concerned, Mr. Stenning is of the opinion that there is
no reason why they should not continue to improve, and that
American exporters should be able to expand their business
with South American countries.
The prospects of the nitrate industry, of such vital importance to Chile, are good, as reflected by improved sales of the
commodity, and the possibility of its increased use as a fertilizer in this country is favorable to Chile, according to Mr.
Stenning. Latest advices from Argentina indicate that the
harvest is likely to be up to normal figures, and evidences of
renewed activity there are not lacking. Higher prices for
cotton and sugar, two of Peru's principal items of export,
have reacted favorably on the general prosperity.of that country. Copper mining and smelting have been running at a
fair percentage of capacity in spite of low prices for the metal,
according to Mr. Stenning, and an expansion in that industry is indicated by present conditions. The Anglo-South
American Bank and its affiliations maintain some forty
branches throughout South America.
NEW MEMBERS OF ASSOCIATION OF FOREIGN
SECURITY DEALERS.
At a meeting of the Board of Governors, held June 20 1922,
the following houses were elected to membership in the As-

JUNE 24 1922.]

T-FrE CHRONICLE

_
sociation of Foreign Security Dealers of America: Blythe,
Witter & Co., Kissel, Kinnicutt & Co. and Wood, Gundy &
Co.
PAYMENT BY GERMAN GOVERNMENT OF MONTHLY
REPARATIONS INSTALLMENT—NEW TERMS
FOR FACILITATING DELIVERING OF GOODS.
According to Associated Press advices from Paris June 16,
Germany on that date paid the regular monthly installment
of 50,000,000 gold marks for reparations. Deposits aggragating that amount, it is stated, were made in the designated
banks in Paris, London and Brussels.
In reporting the approval on the 16th inst. by the Allied
Reparations Commission of the revised terms of a convention
with the German Government for facilitating delivery of
German goods within the devastated regions for the account
of Germany's reparation bill, the New York "Times" in
a cablegram (copyright) from Paris June 16, stated that
it is expected that deliveries will begin very shortly. The
"Times" advices added:

2773

While bonds would be issued at par, it is probable that they would sell
considerably lower in the open market. This issue would not be supported
by a syndicate, as has been the case with the various war loan issues.
After November 1925, loan would be redeemable by purchase in the open
market, or by drawing at par of 23i% of number of outstanding bonds
each year. Germany would probably prefer purcttase in open market to
drawings, since it is anticipated bonds will sell considerably below par.
Basis of Assessment.
Estimated value of property on Erec. 31 1922 is taken as basis of ley,'
for forced loan. However, property is assessed as of April 28 1922.
Amount due on such valuation is payable before Nov. 1 1922. To prevent
unduly low assessments, bill provides that property shall be subject to a
tax amounting to from 40% to 70% of difference between owner's valuation
and final valuation to be made by Government assessors.
Various amendments have been proposed. Among the more important
are raising exemption from 100,000 to 300,000 marks in cases where annual
income does not exceed 30,000 marks, and exemption of property up to
1,000,000 marks, yielding less than 50,000 marks a year, when such property belongs to persons over sixty years old, or incapable of self-support.
It has also been proposed to make interest on loan 4% from 1925 on,instead
of waiting until 1930 before putting this rate into effect.

FOUR SUBCOMMISSIONS CREATED TO STUDY
SUBJECTS INCIDENT TO CONTROL OF GERMANY'S FINANCES.
The New York "Evening Post" on the 22d inst. printed
the following cablegram from Berlin, bearing the same date.

This revised convention is an improvement on the original Wiesbaden
plan made between M. Loucheur and Dr. Rathenau. Instead of passing
through a cumbersome official organization, orders for dwellers in the
devastated districts will be placed directly with German manufacturers who
Preliminary discussion by the representatives of the German Ministry
will be able to recover the price of the goods delivered from their Govern- and the members of the Allied Committee on Guarantees has resulted in
ment.
the creation of four subcommissions to investigate various subjects in
Under the terms for this year's payments by Germany, France has the connection with the financial control in Germany proposed by the Reparaworth
marks'
of
goods.
gold
of
Hitherto, on account
right to 950,000,000
tions Commission.
the opposition of French manufacturers and clumsey working of the official
The first subcommission is to investigate Germany's revenues and
machinery,little payment in kind has been made, but the need of the devas- expenditures, the second will deal with the "smuggling" of capital across
tated districts and the ease with which the new plan can be put into practice the Germany frontier, and the others will study the floating debt and
is expected to lead to large immediate importation.
official statistics bearing on exports and imports and industrial data
The Associated Press stated:
generally.
the
of
opinion that by the new agreement for
Reparations officials are
Regarding the proposed control of Germany's finances a
reparation in kind a great step has been made toward straightening out the
dispatch from Paris May 30,published in the New
press
reparations question, and that it may ease up cash payments. France
may deal direct with Germany without waiting ratification of the Wies- York "Commercial," stated:
Germany has consented to the creation of an Allied control commission
baden agreements.
The question of Germany's ratification of the agreement will come up to supervise German finances on condition it does not violate German
sovereignty, does not interrupt the administration of Government affairs
in the Reichstag for discussion next week,
and does not violate private business secrets, it was revealed this afternoon,
when the Reparations Commission made public the text of the German
ADDITIONAL PAY FOR ALLIED CONTROL
reparations note.
Germany, in her note, promised:
COMMISSION IN GERMANY.
1. Vigorous efforts to reduce the floating debt.
Associated
Press
4th
the
following
reported
On June
2. To prevent the exportation of capital.
3. To attempt to secure capital which may have been sent out of the
advices from Berlin:
• The members of the Entente Control Commissions assigned to duty in country.
4. To submit a legislative program before June 30,enforcing the demands
Germany have been voted special cash allowances, in addition to their
of the Reparations Commission.
salaries, for the four months beginning March 1, as follows:
As regards reduction of the floating debt. Germany says this is only
Chiefs of Commissions, 71,950 marks; Generals, Colonels and Lieutenantis granted.
Colonels, 53,025 marks; ranking Lieutenant-Colonels and Majors serving possible if an international loan
In executive capacities, 37,876 marks; Majors, 34,100 marks; Captains and
Lieutenants, 32,200 marks; non-commissioned officers, 17,600 marks:
GERMANY IN ARREARS ON COAL DELIVERIES.
privates, 10,600 marks. The allowances are to be paid on the basis of
foreign exchange.
The Reparations Commission, it is stated in press advices
Although the allowances were voted by the Council of Ambatsadors on
April 15, Gen. Maurice Nollett, chief of the French military mission, has from Berlin June 18, has notified the German Government
just advised the German Foreign Office of the increases.
that coal deliveries of late have been considerably in arrears

of Germany's obligations, especially during June. , These
GERMANY'S COMPULSORY LOAN.
dispatches also states:
The Government will discuss the situation with the Committee on GuarAnnouncement to the effect that the Reichstag Taxation
which is now on its way here.
Committee on June 22, favorably reported the bill for the antees
It is understood that it will be pointed out to the committee that German
compulsory
loan,
conbut with a joker rider, was
German
production has greatly decreased; that there is a shortage of coal for domestic
the high rate of exchange precludes the importation of
tained in a copyright cablegram from Berlin to the New York consumption; thatLabor
Ministry is at present negotiating with regard to the
coal, and that the
"Times", which also said:
question of overtime work in the mines..

This compulsory loan was originally intended by the Government to be
for 1,000.000,000 gold marks. On the motion of Herr Becker, acting leader
of the German People's Party, the Committee modified the bill by fixing the
loan at 60,000,000,000 paper marks. This action is symptomatic of Germany's siffening attitude toward reparations.

CHANCELLOR WIRTH OF GERMANY SAYS MEASURES
MUST BE ADOPTED TO STOP DECLINE OF MARK.
Reference to the fact that the compulsory loan bill had
The following (copyrighted) appeared in the New York
been passed by the Reichstag and the Reichsrath was made "Times" of June 21; it comes from Berlin under date of
in these columns April 8, page 1473 and May 27, page 2297, June 20:
Chancellor Wirth at his first meeting with the Guarantee Commission
respectively. From the "Wall Street Journal" of June 17
to-day is understood to have enunciated the proposition that effective
we take the following regarding the proposed forced loan:
must immediately be concerted to stem the further decline of the
Germany has taken steps toward meeting the Reparation Commission's
demand that she raise 40,000,000,000 marks by a forced loan during the
current year. Bill before Reichstag provided for raising of a loan of
1.000,000,000 gold marks or 60,000,000,000 paper, figured at 1 geld mark
to 60 paper marks. Reparation budget figures sums paid to Allies on basis
of 1 gold mark to 70 paper marks.
Bill estimates total German taxable property at 100,000,000,000 gold
marks, compared with 150.000,000,000 gold marks in 1913.
Subscriptions to the loan would be made on the following basis:
First 250,000 marks of taxable property, 2% or 5,000 marks.
Next 250,000 marks of taxable property, 4% or 10,000 marks.
Next 250,000 marks of taxable property, 6% or 15,000 marks.
Next 250,000 marks of taxable property, 8% or 20,000 marks.
Further amounts of taxable property, 10%.
A fortune of 1.000,000 marks would subscribe for 50,000 marks of
bonds, amounting to 5% of total fortune. Property of less than 100,000
marks is exempt from subscription to compulsory loan, while fortunes of
leas than 1,000,000 marks, taxable income from which does not exceed
40,000 marks, are likewise exempt.
How Loan Should Be Issued.
Subscribers to forced loan would receive bearer bonds in denominations
of from 1,000 to 100,000 marks. These bonds may be sold as soon as received. No interest would be paid until November 1925. After that
date, and until October 1930, bonds would pay 2 %. From 1930 on.
rate will be 4%. -




measures
mark unless all the plans for making reparations were to go by the board.
• The Chancellor, it is further understood, even hinted at the emergency
possibility of soon suspending gold reparation payments so that the Reichsbank could dump its accumulated foreign exchange reserves on the market
to check the mark's downward course.
This development cleared up the uncertainty which existed in the Government's own mind as well as in regard to what tactics should be adopted toward the Guarantee Commission.
According to an inspired source the Government,as well as financial circles, is almost pessimistic about the mark. These quarters affect to fear
a further sharp rise of the dollar and the inevitable collapse of the mark.
There is talk of the mark shortly dropping to 350 and even to 400 to the dollar in the near furture. Such a catastrophe, it is argued, would be fatal to
all the Government's finance plans, incidentally entailing immediate stoppage of reparation payments.
It is argued that if the mark drops to 350 or 400 a huge new wave of rapidly rising prices will swamp Germany, closely followed by a nation-wide
strike and a wage increase movement, to check which the Government
would have to speed up the paper money printi. g presses to record-smashing production.
Chancellor Wirth conferred with President Havenstein of the Reichsbank,
to-day, chiefly regarding this phase of the financial situation. It is an open
secret that the Reichsbank has tried to save the mark from declining by
throwing part of its foreign exchange holdings on the market, but this
tactical expedient cannot be continued longer without drawing upon the

2774

THE CHRONICLE

accumulated foreign exchange reserves held for the next reparation payments.
There is a movement therefore on the part of the Wirth Government to
leave it to the Guarantee Commission to suggest ways and means whereby
the decline of the mark can be checked and Germany put in the position of
continuing the reparation payment. The Wirth Cabinet will in all probability concern itself with this problem to-morrow.
Curiously the ultra reactionary Dr. Heifferich has enunciated much the
same idea as Dr. Wirth did to the Guarantee Commission, only in a much
more concrete form Speaking in the Reichstag's taxation committee discussion on the compulsory loan bill Dr. Helfferich told his fellow-members that
this measure should be put into force by the end of the year and demanded
that the Government take effective measures against depreciation of Germail money by having the Reichsbank suspend purchases of foreign
exchange for reparation purposes whenever the dollar mark exchange rate
passed a certain point to be fixed every six months. Provisionally he proposed a rate of 260 marks to the dollar.
This would mean that Germany would immediately suspend cash reparation payments and the Reichsbank buy no more dollars or equivalent
foreign exchange for reparation purposes until the mark had risen from
to-day's rate of 321 to beyond 260 marks to the dollar.

[VoL. 114.

or rather $485,000,000, if, as properly should be, the $125,000,000 of accumulated interest on War Savings Certificates
of the series of 1918 is taken into account. The appropriation bills for next year have not yet all been passed, and
many measures are pending in Congress which would greatly.
swell expenditures and still further increase the indicated
deficit. Nothing can be clearer, however, than that this
'Government owes it to itself and to the rest of the world to
keep its finances clean and balance its budget in 1923 as in
the three previous fiscal years, and that the only way to accomplish this is to reduce expenditures already estimated,
and avoid new avenues of expenditure to such an extent as
may be necessary to wipe out the indicated deficit."
Mr. Gilbert further stated in part:

This country came through the war with a gross public debt at the high
point, on August 31 1919, of $26,596,000,000, an increase of almost 25%
billion dollars during the war period. This war debt, however, stood
in quite a different position than the debt which resulted from the Civil
HER!? STINNES'S "SIX POINTS" AS CONDITION TO war, and from the outset it had been arranged, as to both maturities and
redemption
previleges, in such a way as to assure adequate control to the
REPARATIONS PAYMENTS.
Treasury over the refunding and liquidation of the debt. The war debt
In a copyright cablegram from Berlin June 14, the New at this stage included over 4 billions of Victory notes maturing within
about 4 years and redeemable at the end of 3 years; over 4 billion dollars
York "Times" said in part:
Of outstanding political interest to-day are "Germany's six points" as of Treasury certificates of indebtedness, all maturing within a year; almost
postulates to Germany's continuing to pay billions of reparations. These, a billion dollars of War Savings certificates maturing within 5 years, and
formulated by Stinnes,featured in Sthme's Deutsch Allgemeine Zeitung,are: over 16 billion dollars of Liberty bonds maturing at various dates from
First. Evacuation of Duisburg, Duesseldorf and Ruhrort and the 1928 to 1947, and redeemable at various dates from 1927 to 1933. With
the debt in this shape the Treasury was in a position to apply to the retireabolition of the 26% levy on exports.
Second. Evacuation of the occupied territory on the left bank of the ment of early maturing debt any surplus revenues that might accrue to
it, whether from salvage or taxation, as well as any surplus funds that it
Rhine.
might be able to make available through economies in the conduct of the
Third. Evacuation of Saare territory.
Fourth. Freedom of German commerce with Danzig and through the Treasury's balances. On August 31 1919, as it happened, the balance
in the general fund of the Treasury had been at a high figure in order to
Polish corridor.
prepare for early maturities of certificates of indebtedness and with the
Fifth. Revision of the Upper Silesian border.
gradual
reduction in the amount of loan certificates outstanding and the
Sixth. Revocation of the compulsory most-favored-nation clause.
This economic manifesto must be regarded as the duly deliberated plat- faling off in Government expenditures it became possible within the ensuform of Stianes and the allied coal, iron and steel barons. The six points ing year to reduce the average balances in the general fund and to run the
Treasury on a balance averaging about 400 million dollars, as compared
are "justified by the following comment:
"1. The most primitive sense of justice as particularly expressed by with the average balance of a billion dollars or more that had been necessEnglish public opinion, commands the revocation of these penalties as ary during the preceding period. By this factor alone the public debt
was reduced within a year by as much as 800 million dollars, while the
Germany bowed to the London ultimatum.
"2. Simultaneously to pay up billions of debts and feed foreign militarism total net reduction in the Treasury balance between August 31 1919, and
June
15 1922, amounted to about 1 billion dollars, which accounts for a
is impossible for Germany. The cost of the armies of occupation almost
equals the annual foreign trade balance before the war. Being thus bled corresponding reduction in the principal of the public debt within that
period. On June 15 1922, after taking into account the operations which
white must reduce us to bankruptcy. '
"3. The Versailles Treaty entrusted the Saare to the League of Nations, fell on that date, the total gross debt of the United States was about $22,till its return to Germany,despite which a purely French executive organiza- 950,000,000, a total reduction since the peak of over $3,600,000,000. The
tion is preparing the population for annexation by starving our and crowding. balance of this reduction after allowing for the 1 billion dollar item on
out industry. Unhampered commercial intercourse with an unenslaved account of the reduced balance in the general fund,represents first the appliSaareland and Germany's right to dispose of Saare coal would accelerate cation of about $200,000,000 of repayments by foreign governments to
the retirement of liberty bonds in accordance with the requirements of the •
a settlement of our war debts.
"4. Hampering our commerce with Danzig and through the Polish liberty bond Acts; second, the receipt of funds from salvage and other
corridor is merely designed to shut Germany off from its indispensable realization on assets remaining over from the war, aggregating about $1,400,000,000, and finally the application to debt retirement of about 1
granary. We are to work, but we may not eat.
"5. The senselessness of the arbitrary tearing apart of the Upper Silesian billion dollars of surplus tax receipts during the fiscal years 1920, 1921
economic unit in brutal violation of the treaty tore perhaps the strongest and 1922, chiefly through the sinking fund and other debt redemptions
member from ciur economic body. Who lops off a debtor's right hand which are chargeable against ordinary receipts.
From now on the liquidation of the debt will have to be accomplished
must no longer demand work and payment from him.
"6. The most-favored-nation yoke reduces German labor to an impotent chiefly from surplus revenue receipts, and particularly through the sinking
speculative object of foreign competition and therefore makes impossible fund and other similar accounts. The Treasury balance has already been
reduced to about as low a figure as is consistent with the proper conduct of
the convalescence of our economy to the point of being able to pay."
the Government's business, and there is little expectation of being able to
This Stinnes manifesto concludes:
"Only the fulfillment of at least these six points could put Germany in accomplish further debt reduction by cutting down the working balances
the position to pay off her reparation indebtedness. Without their ful- in depositaries. Some further realization on war assets may be expected
fillment Germany will sooner or later face her unpaid creditors as a bank- to a limited extent, through the sale of surplus supplies and equipment still
rupt or even a desperado, turning out her empty pockets and with a shrug held by the War Department, the Navy Department and the Shipping
of the shoulders declaring: 'Here I stand. I can't do anything else. Board, but for the most part from realization on the Government's investments in war emergency corporations, such as the War Finance CorporaHelp me.'"
tions and in securities of various classes, particularly those of Federal Land
Banks and the obligations of carriers acquired under the Railroad Control
HUNGARY PAYING REPARATIONS IN LIVESTOCK. Act and the Transportation Act. Of the war emergency corporations, the
War Finance Corporation is now the most substantial and since it is due to
According to a Budapest cablegram June 21, the first expire by limitation on May 311923, the Treasury should be able to count
deliveries of livestock on reparations account was made by on receiving within the next year or two the bulk of its remaining investHungary on the 20th inst., when 500 horses were turned ment in this corporation, amounting to about $250,000,000. A good part
of this sum is already taken up in the estimated ordinary receipts for 1923,
over to Greece at Szegedin, and 1,000 horses, and 1,000 but much of it ought to be applied in ordinary course to the reduction of the
head of cattle and sheep delivered to Jugoslavia at Szekes- public debt, since it is now reflected in the Treasury's borrowings. The
fund and other similar accounts must be relied on, however, to acfeher. The price paid for the animals, it is stated, totaled sinking
complish the most substantial retirements of debt in the years to como, and
500,000,000 crowns.
as to them, the Treasury has already established the proposition in the first
Budget which was submitted to Congress by the President in the fall of
1921, that expenditures on this account must be made out of ordinary reS. P. GILBERT, JR., ON REFUNDING OF WAR DEBT. ceipts and be included in the ordinary budget on that basis. This means
that
provision must be made for these items of expenditure before the budget
Discussing "The Refunding of the War Debt" before the
can balance, and a balanced'budget each year thus means a reasonable
Maine Bankers' Assocaition at Augusta on June 17, S. P. amount of debt retirement out of current revenues. To do other wise, of
Gilbert, Jr., Under Secretary of the Treasury, stated that course, would make a farCe of the sinking fund, for on any other basis purof obligations for retirement on this account would accomplish no
according to the present outlook the total current expendi- chases
debt retirement whatever, and would simply mean a shifting of borrowings
tures for the year will be less $3,900,000,000, or at least 500 from one form to another.
So much for the liquidation of the public debt which the Treasury is acmillion dollars less than the spending departments themcomplishing. It became clear early in this Administration, however, that
selves estimated would be necessary at the outset of the the gradual retirement
of the debt from year to year would hot suffice to
year." Mr. Gilbert's earlier observations on "The Treasury's provide for the maturities which fell duo within the next two years, and that
Current Problems" were set out in our issue of January 21 some program of orderly funding had to be adopted in order to put the shortdated debt in manageable shape and protect both the Treasury and the
1922 (page 251). In his address of Saturday last Mr. Gilbert financial markets of the country against undue concentration
of public debt
stated that "the Government has during the year now closing maturities. On March 311921,for example, the Treasury faced maturities
of debt within the next two years, or thereabouts, aggregating over $7,500,made that much progress in the gradual liquidation of its 000,000,
and of this amount over $4,000,000,000 was concentrated In the
war debt and with its budget definitely established on this Victory Liberty Loan, maturing on May 20 1923. The remainder consisted
basis it should look forward to substantially similar progress of about $2,750,000,000 in Treasury certificates of indebtedness maturing
within a year and about $750,000,000 in War Savings Certificates. It
each year in the years to come." As for the fiscal year 1923, was clear
that the great bulk of this early maturing debt would have to be
which opens on July 1 1922, the prospects, he said, "are not refunded, and the Secretary accordingly announced on April 30 1921 that
good, and according to the best estimates now available there It would be the Treasury's policy thereafter to vary its offerings of certificates of indebtedness from time to time with offerings of short-term notes
will be a budget deficit of perhaps as much as $360,000,000, at convenient intervals, with
maturities of from three to five years.




JUNE 24 1922.]

THE CHRONICLE

The object of this policy was to distribute the short-dated debt over
a longer period of years, chiefly between the maturity of the Victory loan
In 1923 and the maturity of the Third Liberty loan in 1928, and to do this
In such a way as to spread the maturities of debt over the period in manageable amounts that might be taken up to some extent at least out of surplus revenue receipts accruing to the Government in those years. Pursuant
to this program, five public offerings of Treasury notes have now been
made, two for cash, in June and September, 1921, one for cash and in
exchange for 484% Victory notes in February, 1922, and the other two
only in exchange for 434% Victory notes, in March and June, 1922. Every
offering of notes has met with a hearty response and the Treasury has been
able by this means to place about $2,200,000,000 of the early maturing
debt into more convenient maturities, and to reduce the Victory loan
to manageable proportions. At the same time it has taken advantage of
its right to call Victory notes for redemption before maturity, and by call8 % notes for redemption on June 15 it has entirely eliminated
ing all the 3%
that tax-exempt series. In connection with the June 15 offering of Treasury
notes, moreover, the Secretary has announced his intention of calling
for redemption on December 15 1922, a substantial amount of the 43%%
Victory notes still outstanding. In fact enough has already been accomplished to assure the success of the Treasury's plans for the refunding of
the short-dated debt and to relieve the country of the fear of disturbance
from spectacular refunding operations, unless by the imposition of new
burdens on the Treasury, present plans and policies should be disarranged.
The refunding already effected, after taking into account in round
figures the results of the June 15 operations, shows remarkable progress
as compared with the situation on April 30 1921. when the refunding program was first announced. Victory notes now autstanding amount to
only about 2 billion dollars as compared with over 4 billion dollars at that
time. Treasury certificates aggregate about $1,830.000,000 as compared
with about $2,750,000,000 and War Savings Certificates maturing or
to be redeemed within the year amount to about $650,000,000 as compared with about $750,000,000, when the program began to operate.
There are now outstanding, of course, about $2,200,000,000 of entirely
new obligations in the form of Treasury notes, but these mature at various
dates in the years 1924, 1925 and 1926, and the Treasury should, accordingly, bo able to frame its plans so as to take care of them at maturity out
of surplus revenues or through secondary refunding operations, if necessary, without undue strain to the financial markets.
There still remains outstanding, however, about $4,500,000,000 of
obligations maturing within less than a year, $2,000,000,000 of which is in
the form of Victory notes, and their refunding presents a problem that will
require the best attention of the Treasury for practically the whole of the
next fiscal year.
Related to this general refunding program is the problem of refunding the large maturity of War Savings Certificates which falls on January
1 1923. In this connection the Treasury has already offered to the public
a new issue of Treasury Savings Certificates in convenient form and denomination and yielding an attractive interest return, and it is hoped that by
this means among others it will be possible to refund a large part of the
War Savings maturity into obligations of the same general character and
with the same appeal to the needs of the small investor.
The budgets of many of the countries of Europe are still in chaos, and
this has led to corresponding disturbance in international financial relations
and instability in the foreign exchanges. This, in turn, has proved one of
the greatest obstacles to the re-establishment of normal relationships and
the reconstruction of international commerce.
As for this Government, its effort since the beginning of the war has been
to keep its own house in order, to maintain the gold standard unimpaired
and unrestricted, to finance the war on sound lines through taxation and
through the absorption of Government obligations out of savings, and
after the cessation of hostilities to balance its budget, current expenses
against current income, and, at the same time, to carry out a reasonable
program for the gradual liquidation and orderly funding of the war debt.
This policy the Government has persistently followed from the beginning
of the war to this date, and a's a result it has come through the greatest
war in history and through the exceedingly difficult period of readjustment
which followed the war, with its credits not only unimpaired but greatly
improved, with the dollar recognized as a standard of value throughout the
world and with its banking system in sound condition to meet the peacetime demands of business and industry. Thus there has been laid the
foundation for a healthful revival of business in this country on normal
levels. At the same time it is, I think, becoming more and more recognized
that the best hope for the gradual restoration of business and industry in
Europe lies not only in the maintenance of sound financial conditions in
this country, but also in the gradual adoption of similar principles by the
Government of Europe, many of which still persist in the policy of
budgetary deficits and currency inflation. Wit hthe financial markets in
this country able to absorb now issues of securities on reasonable terms,
the countries of Europe which are willing and able to put their own finances
in order are gradually finding themselves in a position to get the necessary
capital for their rehabilitation through the sale of obligations to investors
in this country. Through this means rather than by spectacular gold loans
or far-reaching inter-Governmental operations, this country may be
expected to contribute Its share to the reconstruction of Europe, just as in
the days after our Civil War, European investors through their investments in our railroads and industries, Contributed their share to the reconstruction of this country after that war and stimulated the great development of its resources which has followed.

OFFERING OF $5,000,000 STATE OF SANTA
CATHARINA (U. S. OF BRAZIL) BONDS.
Halsey, Stuart & Co., Inc. of Now York and Chicago;
Cassett & Co. of Philadelphia, and the Second Ward
Securities Co. of Milwaukee, offered on the 21st inst., an
issue of $5,000,000 State of Catharina, (United States of
Brazil) 25-year 8% external sinking fund gold bonds at a
price of 101 and interest to yield more than 7.90%. The
bonds are dated February 11922, are due February 11947,
and are non-callable for 10 years. Principal and interest are
payable in United States gold, free of all State of Santa
Catharina and Brazilian taxes. Interest is payable semiannually, February 1 and August 1, at the office of Halsey,
Stuart & Co., Inc., New York and Chicago, fiscal agents of
the loan. Principal is payable at the office of the trustee
in New York City. Application will be made to list the
bonds on the New York Stock Exchange. The bonds are




2775

in coupon form in interchangeable denominations of $1,000,
$500 and $100. It is stated that the proceeds of the loan
will be applicable to the retirement of the 85,000,000 6%
Securqd External Gold Bonds sold in this country in 1919
(which retirement has already been agreed to by the holders
of over 95% of the bonds) and, to the purchase in the
United States of materials necessary for the construction of
various Government improvennaents. The following relative
to the present offering is quoted from the prospectus:
The bonds are not callable until Feb. 1 1932, on which date and on
any interest date thereafter, on sixty days' published notice, the issue may
be called only as a whole at 110 and interest. An annual cumulative
sinking fund of $100,000 operating semi-annually is provided for to be
applied to the purchase in the market of bonds of this issue up to and
including par and interest, and any sinking fund moneys not so expended
shall either be held in trust or invested in securities to be mutually agreed
between Halsey, Stuart & Co., Inc.. and the State, which securities may
include bonds of this issue purchased at prices above par. Any securities
purchased for the account of the sinking fund must mature on or prior
to the date of maturityof this issue of bonds. All bonds of this issue
purchased for the sinking fund shall continue to draw interest. The interest
accruing on securities held in the sinking fund shall be similarly held in
trust or invested. All cash or securities that may be held in the sinking
fund at maturity shall be applied to the payment of this issue of bonds.
Security.
These bonds will be the direct and unconditional obligation of the State
of Santa Catharina and upon retirement of the $5,000,000 External Loan of
1919 (which retirement has already been agreed to by the holders of over
95% of the bonds), will, in the opinion of our counsel, be specifically secured
by certain taxes, the proceeds of which, in 1921, directly applicable to this
issue, were as follows: $582,664 computed at the present rate of exchange,
or $1,023.408 on the basis of the average exchange rate for the five years
1917-1921 or $1,518,627 at the normal rate of exchange, as compared with
the total annual service charge of this issue of $500,000. The State covenants that should the total annual income from the taxes now specifically
given as security for this loan ever be less than 125% of the annual service
charge, this issue shall then become a first charge on other taxes of the
State to an amount equal in each year to the difference between the proceeds
of the taxes now specifically securing these bonds and 125% of the total
annual service charge.
Revenue.
The total revenues of the State have increased steadily from $333,180
in 1912 to $1,080,000 in 1921 computed at the present rate of exchange, or
$552,832 to $1,792,000 on the basis of the average exchange rate for the
five years 1917-1921, or $799,632 to $2,592,000 at the normal rate of
exchange. During the last six years approximately $2,000,000 (at par of
exchange) has been spent by the State on public works, improvements, &c.
The principal sources of revenue are the "Industrial and Professional Tax,"
"Territorial Tax," "Capital Tax," "Export Tax," "Transfer of Property
Tax" and the "Stamp Tax," all of which specifically secure this loan.
Debt.
The total debt of the State, in round numbers as of Dec. 31 1921, and
when and if all the External Loan of 1919 has been retird and after giving
effect to the creation of this issue, is officially reported as $8,108,310 (at
par of exchange), or only about $13 50 per capita. This per capita indebtedness is exceptionally low in comparison with other important States
of Brazil, as, for example, State of Rio Grande do Sul about $18 and State
of San Paulo about $25. A large part of the total debt of the State represents money expended for roads, schools, bridges, hospitals, sewers and
other public works.

We also take from the circular the following regarding the
external loan of 1919.
The $5,000,000 External Loan of 1919, was sold to an American investment banking house in 1920. The entire issue was delivered to the banking
house, which in turn paid for the bonds by giving the State a credit on its
books for the purchase price of the issue. The State drew against this
credit for an amount of about $1,500,000 up to March 1921, at'which
time the banking house went into receivership. The State was then in a
position of having the entire issue of $5,000,000 outstanding, for which it
had only received actual benefit of about $1,500,000.
No general offering of the bonds was made and with the exception of a
small proportion sold at private sale the bonds were held as collateral b
the creditors of the banking house. Upon the receivership of the banking
house the State immediately took steps under the advice of counsel, to
protect its rights in the matter, and with this object and under the advice
of New York counsel, it refused to provide funds for the payment of the
June 11921, interest on the bonds. The State's refusal to pay the interest
on the bonds at this time was not due to its inability to pay, but solely to
a desire to assert the State's viewpoint as to the equity of the situation and
the protection of its rights. The State's contention was that the payment
of interest might be deemed a waiver of its rights, particularly in respect
to bonds still owned by the banking house, and that it wished to avoid the
risk of waiving any rights it might have, pending a satisfactory adjustment
of the whole situation.
The State has been desirous from the outset, of adjusting the situation
in order to remove beyond any question, all misunderstanding as to its
otherwise perfect financial record, and in view of this, has proposed a plan
for the retirement of the External Loan of 1919. which plan has already
been agreed to by the holders of over 95% of the bonds of that issue.

OFFERING OF 12,500,000 KRONER DEPOSIT CERTIFICATES OF KINGDOM OF NORWAY.
On Juno 21 Paine, Webber & Co. and F. J. LismanWCo.
announced an offering at 198 flat per 1,000 kroner of deposit certificates issued by the Guaranty Trust Company of
this city for 12,500,000 kroner Kingdom of Norway 6% internal loan of 1921-1931. The amount issued and outstanding, it is stated, is 200,000,000 kroner. They are free from
all Norwegian taxation. Principal and interest (April and
Oct. 1) are payable in Norway in Norwegian kroner. The
bonds are redeemable by Oct. 1 1931 in sixteen semi-annual •
installments, beginning April 1 1924, by drawings at par or
purchased in the open market if below 'par. The Govern-

2776

THE CHRONICLE

ment reserves the right to increase the rate of amortization
on and after Oct. 1 1926. The deposit certificates are in
coupon form in denominations of 1,000, 5,000 and 10,000
kroner. Interim certificates of the Guaranty Trust Co.
will be delivered pending preparation of the definitive deposit certificates. The official announcement says:
The holders of these certificates are provided with the benefit of certain
services and facilities of the Guaranty Trust Co. Instead of each individual
having to make his own arrangements for the collection abroad of principal
and interest or sell his matured bonds and coupons at the "coupon cashing"
rate of exchange, the bonds are grouped and one collective service arranged
for the benefit of all, saving the individual holders expense and inconvenience. It is contemplated that coupons and drawn or matured bonds
will be sent to Norway in time for collection on their due date. The proceeds will be deposited in kroner by the Guaranty Trust Co. in the Bank
of Norway.
The Guaranty Trust Co. is to disburse these funds on presentation of
corresponding interest warrants or certificates by its draft on the Bank of
Norway for the full amount of such interest warrants or certificates in
kroner or, at the option of the holder, in United States dollars at the then
current buying rate of exchange of the Guaranty Trust Co. for drafts on
Norway.
Certificates, unless previously drawn, are exchangeable for bonds at the
option of the holder except that on such exchanges made within 30 days
prior to any interest date the holder shall retain up to September 1931 the
next maturing interest warrant (to be collected by him in the usual manner)
and shall receive bonds minus the next maturing coupon.
•
The total debt of Norway Feb. 15 1922 was 1,240.800,000 kroner. equal
at par of exchange to $333,188,000, or $121 per capita, based on the present
officially estimated population of 2,750,000. As an offset to this debt,
the State owns properties, mostly revenue producing, valued at $201,000,000. The principal items of these properties are 1,721 miles of railways
out of 2,011 miles operated within the Kingdom, telephone and telegraph
lines and water power stations.
The amount of paper currency outstanding in Norway showed a very
satisfactory reduction in 1921. The high point of note issue was reached
in the early part of 1921 when 583,000,000 kroner was the total outstanding.
On Feb.28 1922 the total outstanding was 375,986,000 laoner,a reduction
of 4 2-3% since Jan. 8 1922, or 354% from the high point. On Feb. 28
1922 the gold reserve was 197,293,000 kroner, equal to 52% of the outstanding currency.
In view of the rapidly improving conditions in the Scandinavian countries
—the Swedish krone having already returned practically to par—it seems
logical to assume that Norwegian exchange will follow within a reasonable
period.

ADVANCES APPROVED BY WAR FINANCE CORPORATION.
The War Finance Corporation announced on June 19 that
from June 12 to June 17 1922, inclusive, it approved 51 advances, aggregating $959,000, for agricultural and live stock
purposes, as follows:
$14,000 in Alabama,
.45,000 in Arizona,
75,000 in Arkansas,
6,000 in Georgia.
17,000 in Idaho,
20,000 in Indiana,
32,000 in Iowa,
20,000 in Kentucky,
67,000 in Minnesota,
6,000 in Montana,
49,000 in Nebraska.

41,000 in New Mexico on live
stock in Ariz. & New Mex.
35,000 in New Mexico,
90,000 in North Carolina,
118,000 in North Dakota,
20,000 in Oklahoma,
40,000 in Oregon,
40,000 in South Carolina,
21,000 in South Dakota,
22,000 in Texas.
26,000 in Washington,
155,000 in Wisconsin.

[voi,. 114.

repayment of export advances amounted to $970,369, of which $454,000
was repaid by exporters, $423,969 by banking institutions, and $92,400
by co-operative marketing associations. Repayments on account of
agricultural and live stock advances aggregated $5,503,177, of which
$4,150,074 was repaid by banking and financing institutions, $713,195 by
live stock loan companies, and $639,908 by co-operative marketing
associations.
The repayments received by the Corporation from Jan. 1 to June 15 1922,
inclusive, on account of all loans total $92,290,572.

REPAYMENTS TO TVAR FINANCE CORPORATION OF
LOANS TO WHEAT GROWERS' ASSOCIATIONS.
Announcement was made on June 22 by Eugene Meyer
Jr., Managing Director of the War Finance Corporation,
that the loans made by the Corporation to the Wheat
Growers' Associations of Washington and Idaho have been
repaid in full.
TEXT OF NEWLY ENACTED BILLVEXTENDING
POWERS—OF WAR FINANCE—COliFORAPION.—
The bill extending the powers of the War Finance Corporwas
ation for one year from July 1 next, or until July 1 1923,
••
signed by Presidenalarding on Jiiire 10, as we noted in our
issue of a week ago, page 2666. Below we give the text of
the newly enacted bill:
ININC••••••

(S. 2775.)
AN ACT to extend for one year the powers of the War Finance Corporation
to make advances under the provisions of the Act entiCled "An Act to
amend the War Finance Corporation Act, approved April 5 1918, as
amended, to provide relief for producers of and dealers in agricultural
products, and for other purposes," approved Aug. 24 1921.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the time during which the War
Finance Corporation may make advances and purchase notes, drafts, bills
of exchange or other securities under the terms of Sections 21, 22, 23 and 24
of the War Finance Corporation Act, as amended, is hereby extended up to
and including May 31 1923: Provided, That if any application for an advance or for the purchase by the War Finance Corporation of notes, drafts,
bills of exchange, or other securities is received at the office of the Corporation in the District of Columbia on or before May 31, 1923, such application may be acted upon and approved, and the advance may be made or
the notes, drafts, bills of exchange, or other securities purchased at any
time prior to June 30 1923.
Sec. 2. That the second paragraph of Section 12 of Title 1 of the War
Finance Corporation Act, as amended, be further amended to read as follows:
"The power of the Corporation to issue notes or bonds may be exercised
at any time prior to January 31 1926, but no such notes or bonds shall mature later than June 30 1926."
Sec. 3. That Paragraph 3 of Section 15 of Title 1 of the War Finance
Corporation Act, as amended, be amended by striking out at the beginning
of said paragraph the words "beginning July 1 1922," and inserting in lieu
thereof the words "beginning July 1 1923."
That Paragraph 4 of said Section 15 be amended by striking out at the
beginning of said paragraph the words "After July 1 1922," and inserting
in lieu thereof the words "After July 1 1923."
Approved, June 10 1922.

AMENDMENT TO CONSTITUTION OF NEW YORK
STOCK EXCHANGE REQUIRES COMPARISON
OF SALES.
Secretary E. V. D. Cox, Secretary of the Now York Stock
WAR FINANCE CORPORATION APPROVED APPLICAExchange, announced on June 22 the adoption of an amendTION FOR ADVANCE ON ACCOUNT OF TOBACCO
ment to the constitution of the Exchange calling for a
GROWERS' CO-OPERATIVE ASSOCIATION.
comparison of sales by sellers at the office of buyers. The
Eugene Meyer Jr., Managing Director of the War Finance announcement follows:
Corporation, announced on June 22 that the Corporation
June 22 1922.
The following amendment to the constitution was adopted by the Governhas tentatively approved the application of the Tobacco
ing Committee on June 14 1922, and was submitted to the Exchange in
Growers Co-operative Association of Virginia, North Caro- accordance with the provisions of Article XXXVIII of the Constitution
lina and South Carolina for advances of not to exceed and not having been disapproved within one week by a majority vote of
$30,000,000 for the purpose of financing the orderly market- the entire membership, becomes law this day:
Article XXIV.
ing of tobacco in these States. The advances will be made
Sec. 2. It shall be the duty of the seller to compare, or to endeavor to
on the basis of 50% of a conservative valuation of the
compare, each transaction at the office of the buyer, not later than one
tobacco. Mr. Meyer also states:
hour and one-half after the closing of the Exchange. Nothing in this
It is expected that only a portion of the amount approved will be advanced
by the War Finance Corporation and that the banks in the interested
districts will do a considerable part of the financing for the association.

article shall be construed to justify a refusal to compare before the closing
of the Exchange.
E. V. D. .00X, Secretary.

REPAYMENT TO WAR FINANCE CORPORATION BY
CHICAGO ROCK ISLAND & PACIFIC RAILWAY.
Eugene Meyer Jr., Managing Director of the War Fin co
Corporation, made the following statement on June 21
regarding the repayment to it by the Chicago Rock Island
86 Pacific Co. of $5,550,600 on account of loans totaling
$10,430,000:

NEW AUTOMATIC TICKER SERVICE OF
STOCK EXCHANGE.
The New York Stock Exchange on Monday of this week,
June 19, put into operation for the first time an apparatus
for the automatic control ofits bond ticker service. Regarding the new system the New York 'Times" of the 20th inst.
said:

The War Finance Corporation has received a repayment of $5,500,000
on account of the loans, aggregating $10,430.000, made to the Chicago
Rock Island & Pacific Railway Co. under the war powers et the Corporation
in December 1918 and January 1919. It is expected that the balance now
outstanding, $4,930,000 will be repaid in the near future.

The speed with which the qotations are being delivered by the ticker
instruments has already noticeably increased, and after the various minor
defects have been done away with, the Exchange authorities hope to increase
the speed of the tickers from 15 to 18%.
The new system will be extended to include the stock tickers in about two
weeks. Subsequently, the transmitting keyboards will be transferred to the
floor of the Exchange from the separate operating room where they are now

REPAYMENTS TO WAR FINANCE CORPORATION.
On June 21 Eugene Moyer Jr., Managing Director of the
War Finance Corporation, made the following announcement:
The repayments received by the War Finance Corporation during the
first fifteen days of June total $14,195,284. Of this sum, $7,721,738 was
repa'd on loans made under the war powers of the Corporation. wh,le the




The machine is the invention of Allen B. Caldwell, a prominent electrical
engineer. Mr Caldwell dnd the Stock Exchange Committee on quotations
have worked two years on the new method, with the object of speeding up
quotatons and cutting down errors. The new method eliminates two steps
in the transaction of getting a report of a sale on the ticker. At present the
notice ofsales goes from the reporter to the senior,to the receiver,to the key-

JUNE 241922.]

THE CHRONICLE

from the
board. Under the new system the report of a sale goes directly
reporter to the keyboard.
an operating
Hitherto quotations have been transmitted telegraphically to
so-called keyboard
room where they were transcribed and placed before the
operator, who controlled the ticker system.
four different
As the quotations were being sent simultaneously from
possibly keep up
points on the Exchange trading floor, the one could not
manual
under
possible
with the traffic. Furthermore, it has never been
the limit.
operation to push the present ticker system to
there will be four, all
Under the new system, instead of one keyboard
concerned but so interlocked
working simultaneously so far as the operator is
other.
each
electrically that they cannot interfere with

2777

for Angelo T. Jennings and Leonard C. Cocheu, individually
and as co-partners.
McCALL, RILEY dc CO. (PHILADELPHIA AND NEW
YORK) IN HANDS OF RECEIVER.
An involuntary petition in bankruptcy was filed in the
Federal District Court on June 9 against the brokerage firm
of McCall, Riley & Co. of Philadelphia and New York.
The same day Judge John C. Knox named Henry H. Kaufman receiver under a bond of $15,000. The firm, which
was a member of the New York Consolidated Stock Exchange, consisted of Joseph A. McIntyre, William T. McCall, Walter R. Flaherty, Frank R. McCrahon and William
R. Sheerin. Mr. McIntyre was the floor member of the
Exchange. His suspension on account of the failure was
announced on June 9. The head office of the firm was in
Philadelphia and its New York office at 20 Broad Street.

INTO
INQUIRY OF NEW YORK STOCK EXCHANGE
MEXICAN PETROLEUM TRANSACTIONS.
The marked advance which has been witnessed in Mexican
Petroleum stock caused the Committee on Business Conduct
of the New York Stock Exchange to undertake an inquiry
into the matter. According to the "Times" of yesterday,
the Committee sent a message to each member-house,
asking that the position of the house on Mexican Petroleum
stock be reported as of the close of business last night ABUSE OF USE OF BANKERS' ACCEPTANCES CITED
IN REPORT TO COMPTROLLER OF THE CURRENCY.
[Thursday]. The "Times" also said:
will reveal
The information derdanded by the Committee of each house
A report in which it is stated that despite the compreThe
stock, and to what extent.
Just who is long and wno is short of the
hensive regulations issued by the Federal Reserve Board
Committee has adopted this procedure in several investigations.
stock
The investigation follows a series of spectacular advances in the
of bankers' acceptances covering export
[the governing the use
since last Thursday [the 15th], including an 8h-point jump yesterday
ns "there have been numerous and
transactio
import
and
Thursday.
with
compared
133
last
22d], which carried the price to 186,
battle is flagrant violations upon the part of the large as well as
The general opinion in the financial district is that a tremendous
being waged back of the market in Mexican Petroleum and that several the small banks," has been presented to Comptroller of the
million dollars have been lost and won in the stock in the week's trading.
by a group of chief examiners of national
All sorts of rumors have been flying about the financial district as to the Currency Crissinger
identity of the big traders whose speculative operations resulted in the banks in the East. The report is signed by D. C. Borden,
advance.
T. C. Thomas, H. W.Scott, and L. K. Roberts. Numerous
Pan-American Owns 73.4%.
abuses are cited in the report, which states that
The situation in Mexican Petroleum is not new or unusual marketwise. alleged
the situaEarlier in the year reports that the Mexican fields were rapidly going to "perhaps the most practical method of remedying
salt water encouraged speculators, who believed this story, to sell it for the tion is to have more attention paid by the bank examiners
decline. The floating supply of Mexican Petroleum is restricted, as most
acceptance activities." Above all it states,.
of its capital stock is represented in a single certificate locked in the safe to a bank's
the active
of the Pan-American Petroleum & Transport Co., which controls 73.4% "an earnest endeavor should be made to obtain
of the stock. Despite this small floating supply, large speculators have co-operation of the bank officials as regards the placing of
continued to sell it for the decline on every rally until an unwieldy short
national bank acceptances upon a correct basis." The.
interest was built up in the stock.
Developments of the last week have naturally made for improvement in report, as printed in the "Journal of Commerce" of this city
its price. First came the plans for the settlement of the Mexican financial
on June 19, follows.
second, a tentative agreement over future development work in

problem;
the char—
Your committee No. 1 submits its report Upon improvement of
Mexico; third, the annual report of the corporation made public yesterday
acceptances by national banks and a discussion of bad practices
morning showing that it earned $12,500,000, or more than $26 80 per share acter of
which have been found.
in 1921, the best in the corporation's history.
The new regulations which have been issued by the Federal Reservd
Shorts Continue To Bid for Stock.
Board in connection with the use of bankers' acceptances covering exports
These developments, following each other in sequence, have provided and import transactions, emphasize the necessity of more carefully considerenough news each day to bring fresh buyers into the stock with daily in- ing the basis upon which acceptance credits are being granted by the varicreasing pressure on those who had sold It for the decline.
ous member banks. In spite of the comprehensive regulations issued by
In the sharp market reactions which culminated,on Juno 12, the stock the Federal Reserve Board regarding this phase of banking practice, there
sold down to 13384, but the trapped shorts soon found themselves in diffi- have been numerous and flagrant violations upon the part of the large as
culties, and by June 17 Mex Pete had advanced to 145. The fireworks well as the small banks. The duty of strict supervision of the underlying
started on June 19, when the stock ran up 144 points to 160. On Tuesday principles upon which national banks grant their acceptance facilities doit recorded a further gain of 93 points. On Wednesday the advance was volves to a very great extent upon the national bank examiners, and special
534 points and yesterday's forward surge took it up another 8M points to attention should be paid to that part of the examination, to see that not
only the,letter but the spirit of the law is carried out. It might be helpful
186.
On each of those days from 20,000 to 35,000 shares of the stock were to point out some of the more common abuses of the acceptance privilege
traded in. The situation became so acute on Tuesday that odd-lot brokers which have been met with recently in the examination of national banks.
would not accept further sales for the decline. There have been reports
Perhaps the most frequent abuse in connection with granting acceptance
that there would be a private settlement by the shorts, but this did not facilities against import and export transactions is found in the continued
effort
to
an
bid
in
continued
for
they
the
yesterday
stock
and
materialize
renewals given by some banks to their customers,aggravated to a considerato cover. It has been possible ail along to borrow the stock, so there is no ble extent by the difficulties which have arisen in American foreign trade durcorner, but the shorts have been compelled to pay a stiff premium for stock ing the past two years. When the Federal Reserve Board announced its inborrowed for delivery.
tention of showing greater leniency toward rediscounting by the Federal Rein connection with transactions effected by the
It was stated yesterday that the reports were due to be serve banks of renewals,
worldwide depression in business, many banks took advantage of this to too
Street
"Wall
yesterday.
to
the
noon
According
at
filed
great and unintended an extent,and advances which were originally made by
Journal," some members did not receive the request for means of acceptance credits, but which should have long since been either
loan, were carried along by the banks
information until after the close of business Thursday, and liquidated or turned into a direct bank
by means of continued renewals of acceptances. A national bank should
to
get
noon.
their
by
able
in
reports
not
so were
not commit itself regarding renewals of acceptances at the time of the opening of the credit. Hach application for a renewal should be judged upon its
own merits at the maturity of the acceptance. It is found, however, that
SCHNEIDER dc CO. SUSPENDED FROM MEMBERSHIP some banks have agreed to one or more renewals at the time of the opening
of the credit. There have also been a number of cases where acceptances
IN NEW YORK CURB EXCHANGE.
have been renewed as many as five or six times against imports or exports
On June 21 the New York Curb Exchange announced the of both raw materials and finished products. The tendency in such cases
to concerns by means of acceptsuspension of Schneider & Co., 67 Exchange Place, from is for the bank to furnish working capital
credits rather than by making them a direct loan.
regular membership in the Exchange for failure to meet ance
to American exporter against
facilities
Some banks have granted acceptance
their engagements. The members of the suspended firm their foreign bills, which have been lodged with them for collection. This
method has in some cases been abused through the contirued renewals of
are A. L. Schneider and G. F. Meeks.
such acceptances in spite of the fact that the collections upon which they
were based had been dishonored,extended or returned because of non-payand a
E. L. McGUIGAN, COTTON BROKER OF THIS CITY, ment. All of these acceptances should have been retired at maturitydelay.
direct advance secured from the bank, if necessary, to finance the
FAILS.
payment
that
finding
after
There has even been one case of a bank, which
E. L. McGuigan, a cotton broker, doing business under was delayed on various exports bills which they had discounted for one of
Street,
their customers,requested him to put them in funds by drawing a ninety-day
Stone
24
L.
at
the firm name of E. McGuigan & Co.
bill on the bank, which was accepted and discounted, thus wiping out the
this city, filed a voluntary petition in bankruptcy in the debit in the direct advance account.
stated
were
on
Court
Liabilities
May
24.
In the recent Cuban crisis there were many instances of too liberal
Federal District
renewals of acceptances in connection with various sugar credits. In some
at $57,278 and assets at $34,883.
cases the credit was in force from the time that the sugar cane was growing
until long after the arrival of the refined sugar in America. The "dead seaTHIS
OF
son" financing has proved to be particularly objectionable. Practically
A. T. JENNINGS dc CO., COTTON BROKERS
all of the so-called "sugar credits," in which most of the large accepting
CITY, IN BANKRUPTCY.
banks participated, were subject to a considerable amount of criticism as
the
to the method by which the collateral was handled, particularly while the
A voluntary petition in bankruptcy was filed in
was in Cuba. There was no attempt made in connection with these
Federal District Court on June 17 against A. T. Jennings sugar
credits at the time of the various renewals to adequately reduce the amount
The
city.
88
at
this
Broad Street,
& Co., cotton brokers
of the acceptances outstanding to conform to the actual marketable value
petition was filed by George M. Curtis Jr., attorney, acting of the sugar held. Although the sugar was not really being financed by




2778

THE CHRONICLE

[VOL. 114.

means of acceptances for a speculative purpose,
still, the banks enabled the changes in the Reserve
Law which the new measure
large amounts of sugar to be kept off the market
while stocks that were
makes:
being held and which were not being financed by
the acceptance credits
were disposed of in the market.
There can be no great objection to the addition
of a single member to
Some member banks have not taken definite steps
the Board, particularly as it does not result in
in connection with
increasing the membership
granting acceptance facilities against export transactions
to an unwieldy number. There are certain
features of the amendment,
to assure themselves that there were actual and definite shipments
involved. They have however, which show an undesirable tendency in legislation of this characthought that it was sufficient to have a general understandi
ter. Section 10 of the Federal Reserve
Act provided that at least two
ng that the proceeds of an acceptance would be used for the financing
of shipments of mer- members appointed by the President should be "persons experienced in
chandize between any particular countries. Also
banking
or
finance."
This provision does not appear in the amended Act—
that it was quite in order
an omission due, of course,to the desire
to grant acceptance credits with continued renewal
to finance continuous
of the agricultural bloc to have a
shipments of raw materials imported into the United
States. This financing so-called "dirt" farmer appointed to the Board.
should more properly have been taken care of as
Another section of the new law requires the President
a direct borrowing proposito have "due
tion rather than by means of continuously renewed
regard to a fair representation of financial,
acceptances.
agricultural, industrial and
There have also been instances where acceptance
commercial
interests,
and
geographica
l divisions of the country." Thus
credits have not been
granted directly to the exporter or importer,
but to corporations which have the desire of the agricultural bloc would appear to ho that the Board should
used the funds thus obtained for the purpose of
financing the foreign busi- have at least one member directly representative of the agricultural interests
ness of their customers.
whether or not this results in a reduction of what
has previously been con-'
In a general way the abuses which have come
up in connection with the sidered a proper minimum representation of financial and banking ability.
granting of acceptance facilities against
The banking interests of this country
export and import transactions
have
no
desire to dominate the
apply in the case of credits governing domestic
acceptances. In these Federal Reserve Board for their own ends, and it has been conclusively
credits we again meet a number of cases
where there have been excessive shown more than once by official investigations and reports that the adminrenewals; where the banks have financed the
carrying of goods for a con- istration of the Federal Reserve system during the trying conditions which
siderable period of time if not for the speculative
holding at least for the have existed practically since its inception has been conspicuously fair
maintenance of prices above what would
otherwise be the real economic and impartial, particularly with regard to the agricultural interests.
value; and where little :ward has been paid in
It is difficult for bankers to speak in this
the case of renewals to the
connection without being accused
of a desire to advance their own interests,
depreciated value of the collateral against which
but it would seem fairly evident
the acceptances were made.
There have been instances where domestic acceptances
to
any impartial student of the subject that the
have been given
most logical and promiswith practically no attention paid to
ing
source
from
which
to draw the necessary financial ability to administer
the question of the accepting bank
being secured during the life of the acceptance.
the
country's
banking
system
would
be the group of men who have devoted
As an instance of this one
bank accepted drafts drawn against crude and refined
their lives to the study of exactly that subject.
oil in storage on their
This is not to say that it
Is not desirable to have commerce and
customer's property or in his pipe iines.
industry, including agriculture,
Domestic acceptance credits have also been used for the purpose of represented on the Federal Reserve Board by
men of ability. The efficient
securing continued finance. An example' may be mentioned
where a bank direction of any business, however, must, in greatest part, be done by
accepted time bills drawn upon them secured by warehouse receipts covering those who are best trained in that business and
this applies to banking
cotton in warehouses. Those receipts were
deposited by the bank with a as well as to any other activity.
correspondent in the town where the warehouse
was located with instructions to permit substitutions allowing their customers
to receive the REDUCTION IN
documents against trust receipt. This resulted
REDISCOUNT RATES BY FEDERAL
in the collateral being
continually changed so that the accommodation was really in the nature
RESERVE BANKS OF NEW YORK AND BOSTON.
of a permanent loan.
On June 21 Benjamin Strong, Governor of the Federal
In another case acceptances were made
for the account of a cotton
factor who at the time of the acceptance pledged and deposited warehouse Reserve Bank of New York, announced
the lowering of the
receipts and signed contracts of sale with a bank.
The amount of the rediscount rate on all classes of paper—the rate being
reacceptances included his profit on the transaction
and no definite time for duced•from
the taking up of the cotton by the purchaser
43 2% to 4%, effective June 22. Similar action
was agreed upon. As the
acceptances were renewed on a falling market for cotton no effort was was taken by the Federal Reserve Bank
of Boston on June
made to have the amount of the acceptances
conform to the real value 22, the 4% rate in that case becoming
effective on the
of the cotton.
23d
inst. The 43.% rate had been in force at both Reserve
In one instance a bank was accepting against a domestic shipment when
the goods were being transported across the city
by truck; a trip requiring Banks since last November. The following is Governor
about thirty minutes.
Strong's statement in the matter:
A flagrant misuse of acceptances may be mentioned
where a firm desired
The Federal Reserve Bank of New York sent to
to purchase some furs from another concern and
its member banks the
bank
wrote a letter to a
following announcement:
stating that it was holding the furs at their disposal
and induced the bank
You are advised that, effective from the opening of business
to accept their time draft on them. With the money secured from the
on Thursday,
discount of the bank's acceptance the furs were actually secured and June 22 1922, until further notice and superseding all existing rates, this
bank has established a rate of 4% for all rediscounts and
gradually sold during the life of the acceptance.
advances.
There have been instances of some misconceptions arising in connection
In a Washington dispatch June 22 the "Journal of Comwith the interpretation of the Federal ftoservo Boards definition of a
readily marketabie staple. One bank stretched this definition to include merce" stated:
The action of the New York Federal Reserve District in
bristles and brushes.
lowering the
In another case watch parts were construed as staples and in still another rediscount rate from 4
to 4% is not expected by the Secretary of the
Treasury to have any material effect upon trade or
case acceptances were executed against dolls' heads in storage.
speculation. Mr.
Another unwarranted abuse has been met where acceptances have been Mellon is of the opinion that the state of money of the
money market is
given for the purpose of securing overdrafts. Acceptances have also been such that the reduction of the rate will not bring about appreciably
changed
executed by the same bank for the financing of the building of a steamship conditions.
in the United States for foreign owners.
No expression was given as to the time when the
three middle west
The above is a summary of the most common abuses of acceptances found districts, which retain the 5% discount rate, might
be expected to lower
nin the recent examinations of national banks. In view of the excellent this figure. It was declared that there had been no
formal inquiries as
material which has been issued by the Federal Reserve Board and the to the attitude of the Federal Reserve Board on rate cuts,
except from the
American Acceptance Council on the correct method of financing domestic San Francisco district.
and foreign business by means of acceptances, it would be quite useless to
It was reported on the 15th inst. that the Federal Reserve
reiterate the clear and concise suggestions made by them. In fact, during
the past seven years there has not been a subject in banking practice which Bank of San Francisco had asked the Reserve Board for its
has received as much publicity as that of the acceptances. In spite of this, attitude on a possible reduction of its rediscount
rate from
scarcely an examination is made of one of the larger accepting banks without 43/i to 4%. The
Board, it was said, informed the San
finding some violations of the intent and purpose of the Federal Reserve
Act in connection with acceptances. It is very difficult for the Federal Francisco Bank that a reduction in its rediscount rate was a
Reserve banks to discriminate between acceptances which are drawn in matter for its own decision, which would be
agreeable to the
accordance with the law and which are not when member bank acceptances Board in either
event. While the question was under disare offered to them for rediscount. Furthermore, it is extremely awkward,
if not impossible, for them to make inquiries regarding the transaction cussion by the directors of the Bank at their semi-monthly
actually behind an acceptance when the bill is presented to them for re- meeting on the 15th, adjournment, it is
reported, was taken
discount through a third party, as it would necessarily have to be.
without definite action being taken at that time.
NP Perhaps the most practical method of remedying the situation is to
have more attention paid by the bank examiners to a bank's acceptance
activities. A study should be made by a fully qualified member of the STATE INSTITU
TIONS ADMITTED TO FEDERAL
bank examiner's force of each acceptance credit, and he should satisfy
RESERVE SYSTEM.
himself that the bank is entirely familiar with all of the details regarding
the business, and especially that the underlying transactions will liquidate
The following institutions were admitted to the Federal
the credits within a reasonable length of time. The examiner should assure
Reserve System during the week ending June 16 1922:
himself that there is a responsible officer in each bank who is thoroughly
conversant with the law and regulations governing acceptances and any
Total
District No. 3—
Capital.
Surplus.
changes therein. Particular inquiry should be made in the case of all
Resources
Provident
Trust
Co.,
Phila.,
Pa
$2,000,000
$5,000,000 $7,709,440
renewals to ascertain that the transaction is still alive and still forms a
District No. 4—
proper basis for being financed by means of acceptances. Above all, an
earnest endeavor should be made to obtain the active co-operation of the Beaver County Trust Co., New
Brighton Pa
400,000
bank officials as regards the placing of national bank acceptances upon a
160,000
1,284,275
District No. 7—
correct basis.
Auburn Park Trust & Savings Bank,
(Signed) D._C:Borden, T. C. Thomas, H. W. Scott, L. K. Roberts.
Chicago.
200,000
30,000
246,927

COMMENT ON BILL INCREASING MEMBERSHIP
OF FEDERAL RESERVE BOARD.
Inrour issue of Saturday last, page 2673, we gave the text
ofif the newly enacted bill amending the Federal Reserve
Act increasing the membership of the Federal Reserve
Board,—the additional member to represent agricultural
interests. The New York Trust Co., in its publication,
"The Index,",. makes the following comment on some of




SUBSCRIPTIONS TO U. S. TREASURY CERTIFICATES
OF INDEBTEDNESS TJ-1923.
Total subscriptions of $469,797,000 were received for the
334% U. S. Treasury Certificates of
Indebtedness, Series
TJ-1923, dated June 15 1922 and due June 15 1923. The
amount of subscriptions allotted was $273,000,000. The
offering of the issue, which was for $250,000,000 or there'abouts, was referred to in these columns June 10, page 2537,

JUNE 24 1922.]

THE CHRONICLE

2779

Senate immediately after the final
and June 17, page 2674. The allotment by Federal Reserve special business of the
The adoption of this motion came
on
vote
Bill.
the
Tariff
follows:
as
was
districts
Subscriptions
after the failure of an effort to bring the Bonus Bill before the
Allotted.
Received.
Federal Reserve District—
Senators indicated that they would con$21,650,000 Senate. Several
$26,230,000
Boston
107,800,000 tinue to press for action on the bonus ahead of the tariff.
188,426,000
New York
17,650.000 A move to upset the program of the Republican majority,
39,783,000
Philadelphia
22,650,000
39,677,000
tariff, was initiated by Senator
Cleveland
8,650,000 calling for action first on the
16,500,000
Richmond
7,300,000 Walsh, Democrat, Massachusetts, who moved that the
17,097,000
Atlanta
35,000.000 Tariff Bill be displaced by the bonus measure. Senator
60,861,000
Chicago
10,000,000
11,265,000
to lay this motion on
St. Louis
8.650,000 Watson, Republican, Indiana, moved
15,484,000
Minneapolis
10,000,000 the table and his motion prevailed, 51 to 22. Eight Demo10,237,000
Kansas City
6,000,000 crats supported the Watson motion and two Republicans
11,550,000
Dallas
17,650.000
32,655,000
San Francisco
voted against it. On June 21 Senator McCumber, Chair$273,000,000 man of the Finance Committee, indicated that if the Tariff
8469,797,000
Total
Bill occttpies the attention of the Senate for a much longer
probability that the
INSTITUTION AUTHORIZED BY FEDERAL RESERVE period than is now expected, there is a
before a final vote
upon
acted
be
will
measure
POWERS.
bonus
soldiers'
TRUST
EXERCISE
BOARD TO
on the tariff. Senator McCumber is also said to have exthe
to
permission
granted
has
Board
Reserve
The Federal
pressed the hope that both measures could be disposed of by
following institution to exercise trust powers:
Indiana.
City,
Aug. 15, and that he did not want one to block the other.
Columbia
of
Bank
The First National
The House soldier bonus bill (the provisions of which as
by that body were given in our issue of March 25,
passed
STATES
UNITED
TO
BOOKS
SUBSCRIPTION
page
was approved, in amended form by the Senate
1241),
22—VICJUNE
CLOSED
TREASURY NOTES
•
Finance Committee on May 31 by a vote of 9 to 4. The
TORY NOTE EXCHANGE.
salient features of the House bill, as summarized in press
Secretary of the Treasury Mellon called attention on advices on March 23, were indicated in these columns at the
subJune 21 to the fact that, as previously announced, the
time, as follows:
scription books for the now 4/8% Treasury notes of Series
As passed by the House, the Bonus bill would provide for immediate cash
The
22.
June
on
of
B-1925 would close at the close business
payments to veterans whose adjusted service pay would not exceed $50,and
4% Victory would give to the other veterans the options of these four plans:
new notes were offered only in exchange for 43
service certificates, with provisions authorizing loans by banks
notes. This offering of notes was announced on June 8 in Adjusted
the first three years after next Oct. 1, and by the Government therefull
1922, and the Treasury kept the books open for two
after: the certificates to run for twenty years and to have a face value at
4% Victory notes maturity of the amount of the adjusted service credit at the rate of $1 a
weeks in order to give holders of 43
day for domestic service and $1 25 a day for foreign service, increased by
throughout the country ample opportunity to make the 25%, plus
interest at the rate of 43i% compounded annually.
exchange. Previous reference to this offering of Treasury
Vocational training aid after Jan. 11923, at the rate of $1 75 a day, the
payments not to exceed, however, 140% of the adjusted service credit.
notes was made in these columns June 10, page 2536, and total
Farm and home aid, under which veterans purchase or improve farms or
from
June 17, page 2674. On June 22 press dispatches
homes, would be paid after July 1 1923 a sum equal to their adjusted
Washington said:
service credit increased by 25%•
exchanges
Preliminary reports to the Treasury indicate that the total
$325,000.000
of the now 4%% notes for 4%% Victory notes aggregate about
it was announced to-night by Secretary Mellon.
Victory notes
The new Treasury notes were offered in exchange for the
May 31
as part of the program for funding the short dated debt. On reduced
Victory notes outstanding aggregated $2,317,000,000, which, being
$2,000,000,000
than
less
leaves
by $325,000,000 through the new exchange,
as compared with the original amount issued of $4,495,000,000.

SOLDIER BONUS BILL TO FOLLOW TARIFF—FEATURES OF SENATE MEASURE—SENATOR
LADD'S PROPOSALS.
The Soldier Bonus Bill, which passed the House on
March 23, was this week made the special order of business
of the Smate, after the Tariff Bill has been disposed of.
On the 19th inst., the Senate Republicans in conference
decided, by a vote of 27 to 11, to defer consideration of the
Bonus Bill until action on the Tariff Bill is concluded by the
Senate—the Soldier Bonus Bill thereupon to be made the
unfinished business until finally disposed of. This vote
by the Republican conference came after it had rejected, by
a vote of 30 to 9, a motion by Senator McCumber to place
the Bonus Bill ahead of the tariff. The conclusions of the
conference were embodied in a resolution adopted as follows:
Whereas, At a conference of the Republican members of the Senate,
carried "that it is
held on the 18th day of April 1922, it was moved and
without further delay
the sense of the conference that the Senate proceed
the sense of this
is
it
of
the
that
Tariff
bill,
and
consideration
with the
conference that the Senate should at this session pass a soldiers' compensation bill and that the Finance Committee be required to report such a
bill within a reasonable time," and
Whereas, The amended Soldiers' Compensation bill was reported to the
1922, and Is now
Senate by the Finance Committee on the 8th day of June
on the Senate calendar for the action of the Senate, and
effect that the
the
to
been
circulated
made
have
and
Whereas, Reports
Soldier's Compensation bill might be abandoned at this session, and
Whereas, Such reports are without any foundation whatever, and the
day of April 1922
position taken by the Republican conference on the 18th
has been in no respect modified or changed,
Now, therefore, for the purpose of correcting such reports and to reassure
no change of
the country and the American soldier that there has been
purpose on the part of the Republican members of the Senate, be it
is
on the
vote
taken
the
that
conference
as
as
soon
Resolved by this
passage of the Tariff bill the Soldiers' Compensation bill shall be immediately taken up and made the unfinished business and its consideration
proceeded with to the exclusion of any other business, except when temporarily laid aside for matters of immediate exigency, and continued as the
unfinished business until it is finally dosposed of.
the said bills shall be pressed to their
IS And be it further resolved, that both
shall be no
final disposition as expeditiously as possible and that there
no
recess
until both these proopsed measures
adjournment of Congress or
are finally disposed of.

The vote of the Republican caucus on April 18 was referred to in these columns April 22, page 1725. Following
the action of the caucus of the 19th inst., the Senate, on the
20th inst., by a vote of 50 to 8, made the Bonus Bill the




Land settlement, under which lands would be reclaimed under the
supervision of a special board and farm units establLshed for sale to the
veterans at a price fixed by the board less the amount of the adjusted
service credit due the purchasers.
In only two important particulars does this measure differ from the one
passed by the House two years ago and that was shelved in the Senate
last July. The original cash bonus option was eliminated and the bank
loan provision of the adjusted service certificate title substituted.

With the approval of the amended bill by the Senate Finance Committee on May 31, it was stated that the more
important alterations made in the House measure were:
The changing of the effective date of the legislation from next Oct. 1 to
Jan. 1 1923.
Removal of the time limitation on the filing of applications by world war
veterans for adjusted service compensation.
Abandonment of the reclamation plan and the substitution of a provision
under which veterans would be given preference in making entry on public
or Indian lands when opened to entry.
Elimination of the forfeiture provision under which veterans failing to
certifirepay loans made by banks or the Government on adjusted service
cates would have forfeited their certificates. Under the amended bill such
maturity,
their
before
time
veterans could reclaim their certificates at any
20 years from the date of issue, upon payment of the sum they were in default, plus interest at 434% compounded annually.

Approval of the amended House measure was voted by
the committee after the rejection by a vote of 8 to 5 of.a measure offered by Senator Smoot of Utah, ranking committee
Republican, proposing paid-up life insurance in lieu of all
other forms of compensation. The report on the bill was
presented to the Senate on the 8th inst. by Chairman Mc
Cumber, who placed the probable cost of the bill to the Federal Government at $3,845,659,481, estimating that this will
be spread over a period of forty-three years from Jan. 1 next.
This is approximately $250,000,000 less than the estimate
under the House bill, which was $4,098,719,350, payable
over twenty years. The Associated Press advices of the
8th inst. stated:
The Senate bill estimate was prepared by Treasury experts and is based
on the theory that 75% of the 4,458.199 veterans who would be eligible for
compensation would elect the adjusted service certificate option: 22%%
farm, home and land settlement, aid, and 2M % vocational training aid.
With reference to financing the legislation, Chairman McCumber's report said It was hoped that the reduction in Governmental expenditures
plus the payment of interest on the refunded foreign obligation would be
sufficient to obviate the imposition of additional taxation.
"If it becomes necessary to impose additional taxes," the report continued, "it is believed we can better determine the amount of the necessary
levy and the methods of distributing such burdens for the future at a later
date when the future condition of the Treasury will be more accurately
established."
As to the refunded foreign obligations the hope was expressed that these
soon would be arranged and "that it will be possible for the foreign Governments to provide for the immediate payment of interest thereon, so that
such interest can be used toward defraying the expenses authorized under
this Act."
Senator McCumber explained that an attempt had been made to reduce
three
to a minimum actual cash payments under the bill during the next

2780

THE CHRONICLE

years, while the Treasury is engaged in refunding the
nearly $7,000,000,000
of maturing Government obligations. The estimated
cost of the bonus
for those three years was $242,000,000.
This measure differs somewhat from the House bill and
very widely from
the bonus bill that was reported to the Senate last
year and later sent
back to the Finance Committee at the request of
President Harding. The
most important change from the original measure
is the elimination of the
cash bonus and reclamation features. As now drafted
the bill would give
each veteran the right to select any of the following
plans:
Adjusted service pay, but only if his adjusted
service credit did not
exceed $50.
Adjusted service certificate, with bank and Governmen
t loan provisions.
Vocational training aid.
Farm and home aid.
Land settlement aid.
The estimated cost for each of these plans is
$16,000,000 for the cash
payments,$3,364,909,481 for the adjusted service certificates, $412,425,00
0
for farm, home and land settlement aid and
$52,325,000 for vocational
training. The expenses under vocational training and the
cash bonus would
end in 1925, under this estimate, and those for farm, home
and land settlement aid in 1929. Expenses under the certificate
plan would continue to
1966.
Chairman McCumber said in his report that the amount
of the adjusted
service credit would be at the rate of $1 a day for domestic
service and
$1 25 for foreign service, less the $60 bonus paid when the veterans were
discharged from the service. In no event, however, could
the total exceed
$500 in the case of those who had only domestic service
and $625 for those
who had both domestic and foreign service.
The adjusted service certificates, payable at the end
of 20 years from the
date of issue or sooner upon the death of the beneficiary,
would have a
face value of slightly more than three times the total
amount of the adjusted
service credit. Until Jan. 1 1926, banks would be authorized
to lend to
the veterans an amount equal to 50% of the adjusted
service credit, plus
interest at the rate of 434% compounded annually from
the date of the
certificate. After Jan. 1 1926, the Government would make loans
on the
certificates in varying amounts, according to the time
negotiated.
Chairman McCumber said that the Committee had recommended elimination of the reclamation provision of the House bill
for three reasons.
"Any reclamation scheme will be exceedingly expensive
and will in the
end necessitate the expenditure of millions of dollars, it will
be many years
before a veteran will be able to determine whether
he could secure any
rights under such plan and where the projects
will be located, and in
making an application for such aid the veteran would not
know anything
relative to the location, cost or advantage of the project."
As a land settlement provision in place of the reclamation
, veterans
would receive preference in making entry on any
public or Indian lands
opened to entry. To pay for these lands they would be entitled
to a sum
equal to the adjusted service credit increased by
25%•

[VOL. 144.

tinguished from the notes authorized under the subsequent"greenback
" acts
which qualified the notes issued under them so that they were
not acceptable
for interest on the public debt debt, or in payment of import duties.
This,
of course, caused them to deteriorate in value.
The money proposed to be issued under my amendment would be doubly
sound,in that provision is made whereby it can be converted into
gold bonds.
It is sound if the gold bonds are sound. It Is as sound as are the
Panama
bonds and, the consols that are giving the circulating privilege.
This issue will not cause inflation of credits, because no new debts
will
be credited to get it into circulation among the people, but
will have a tendency to help the country because ir will give the people the means
to pay
off some debts already created. It will give great opportunity
for general
business revival.
This is a way in which the soldiers can be paid with very little expense to
the Government. In other words we will pay the soldiers in about
as easy
a manner as we would raise interest to pay bankers who held any bonds we
might float to raise money with.which to pay the soldiers. My amendment
is for the interest of the people, with only sufficient regard for the bankers
to
recognize that they are entitled to only a fair profit for actual service performed, and that they are not a super-class to be defied.
I cannot see where the certificate plan is much more than a bread pill for
the soldiers. They have asked for meat and have been given a stone.

On the 21st inst. Senator Ladd ascribed opposition by
bankers to the payment of the soldier bonus to the fear of
control of the money situation in the United States. The
Senator is reported as saying:

It is my opinion that propaganda inspired by the bankers has had a great
deal of influence upon the whole subject instead of being so zealous of the
public interest and so fearful of the consequences upon the Federal treasury,
the bankers are more worried at this time lest there shall be some actual
cash distributed among the people, which would restore business. The
independence of labor, the marketing channels of the farmer, our entire.
internal and domestic conditions must be first subject to the bankers'
regulation before they intend to loosen the purse strings.
We have a small coterie of bankers that is patently more powerful than
the Government. They control the financial situation. They can say to
the Government how much of the Treasury obligations they will buy; they
can finance new railway enterprises and new industrial combinations that
meet the stamp of their approval; they can even finance foreign ventures
and the rate of exchange seems to affect them but tittle In so doing.
It is one of the greatest crimes of the age that we have not used the
strong arm of this Government to reach into the gold-laden coffers of these
war profiteers and compel them to divide, in an equitable manner, their
outrageous profits with the boys who suffered, sacrificed, bled, and who
have lost hope and business opportunity, and who re-entered domestic life
facing new conditions and were compelled to start all over again.
I, can point with pardonable pride to my own State, North Dakota.
Ex-Governor Frazier of that State was one of the first, if not the first, of
State Executives to include in his message to the Legislature a resolution
to take care of the soldiers. To the credit of our State let it be said that
Noah Dakota authotized the largest cash payment of any State in the
Union—notwithstanding the unholy efforts of the financial conspirators to
destroy the credit of the State.
While Congress continues to permit these banking condition to prevail
we shall be forced to tolerate inflation and deflation so timed and administered to benefit the bankers, financiers and speculators at the expense of
the producers, especially the farmers, laborets, small business men and
country bankers, until the farmers become serfs to pass with the land.

An amendment to the bonus measure was offered on the
9th inst. by Senator McNary, Republican, Oregon, proposing
the Smith-McNary $350,000,000 reclamation measure as a
land settlement feature. This bill already has been reported
to both the House and Senate, but as a part of the bonus
measure it would be changed, Senator McNary said, so that
veterans would be given preference in the purchase of land
in excess of thefarm unit and in the preference to homestead
public lands lying within a reclamation district. Under
In indicating that President Harding still adhered to his
another change the service of veterans would be utilized as
practicable in the construction of each reclamation project. previously announced views on the bonus question, the
On June 13 an amendment, whereby the soldier bonus "Journal of Commerce" in a, Washington dispatch June 5
would be paid in cash, the financing to be done by means stated:
President Harding, despite some reports to the contrary, will adhere to
of special taxes on banks and through use of interest on the
his original decision not to favor any bonus legislation that does not carry
foreign indebtedness was offered in the Senate by Senator with it its own provisions
for the raising of the money needed to pay the
Ladd, Republican, North Dakota. Under this amendment soldiers the adjusted compensation which it contemplates.
Word has been passed to the Republican leaders in the Senate that the
the Treasury would issue legal tender notes to the extent of President is
strongly of mind to exercise his veto power if the bonus bill
$2,500,000,000 or less which would be paid over to the in its present form is sent to him
for consideration.
This "message" was conveyed to the Republican Senators by an Adminisveterans. The notes would be retired over a period of 25
tration Senator who to-day talked to the President on the subject
at
years in equal annual installments. Senator Ladd, in considerable length. This
Senator states that the bill to be reported toexplanation, stated that the funds therefor 'would be derived morrow or next day by Chairman McCumber
of the Senate Finance Committee is wholly objectionable to Mr. Harding because it makes no provision
under his plan as follows:
for raising

the needed funds.
First, by taxing all banks, banking institutions, trust companies
"The President has not changed his position in the slightest," was the
and banking partnerships that are incorporated for or in excess of
$100,000 to the message that this Administration Senator brought back from the White
extent of 50% of their profits after making an allowance
of 12% for profits House. "lie would publicly announce a veto if it were not for his view
and deducting all other amounts paid in taxes. If the
revenue derived that the Executive is not justified in interfering with the legislative branch.
from this source should prove insufficient to retire any
annual installment, He feels that announcement of a veto would smack of intimidation
and
he provides:
would tend to remove responsibility from Congress, whore
he thinks reSecond, that the interest paid to the United States Governmen
t upon the sponsibility for all legislation should rest."
refunded foreign debt shall be used in paying such annual
installment.
Senator McCumber is said, however, to have expressed
Should these two sources prove insufficient, to provide for
any annual installment, he proposes,
the opinion on the 17th inst. that the President would affix
Third, to make an appropriation out of any moneys in the
Treasury not his signature to the bill.
otherwise appropriated.
The amendment also carries the provision that after twelve
months from
the passage of the Act any holder of $100 or more of the currency
issued PRESIDENT HARDING AGREES TO DELAY ON SHIP
under the Act may convert the same into 3% gold bonds, non
-tax-exempt;
SUBSIDY BILL UNTIL AFTER TARIFF BILL IS
provided, however, that not more than 20% of the total
amount of such
Treasury notes issued under the terms of the Act shall be retired
SENT TO CONFERENCE.
during any
one year.
President
Harding
has again declared his stand on the
The amendment also provides that the money shall be sent
the soldiers diquestion of action by Congress on the ship subsidy or merrect by registered United States mail.
Very few people would contend, in view of the present economic
condition chant marine bill, and while indicating himself in agreement
of the country, that banks, banking institutions, trust companies
or banking with the plans of Republica
n House leaders to defer action
partnerships should be allowed more than 12% interest
while the producers
of the nation are toiling and producing at less than the cost
of production. until after the tariff bill is sent to conference, he insists upon
If they make more than that it will be hard for any one to
maintain that they the bill being taken up at the present session. In a letter on
should not split such excess profits with a Government
that, by Act of Con- June 20
to Representative Mondell, the Republican leader,
gress, gives them a special monopoly on the issuance of
the money and credit
of this great country.
the President states that "If it were practical to secure final
The report of the Senate Committee on the Adjusted Compensati
on Act is action on a measure of such importance in the sixty actual
very optimistic over the payment at an early date of interest
on the refunded
working days of the short term of Congress, I would gladly
foreign debt. To what better use could that money be diverted
than to the
benefit of the soldiers who faced death that American
principles and the postpone action until after the general elections and ask a
American Republic might live?
renewed expression of the people at the polls." "UnfortuMy amendment is carefully drawn in view of the full
legal tender Act of
Secretary Chase which authorized $60,000,000 of full legal
tender notes. nately for such a program," he adds, "the national interests.
These notes maintained their value and circulated at par and
must be dis- will not admit of such postponement, and I should feel my-




JUNII 24 1922.]

THE CHRONICLE

2781

disgenius for business success is lacking, and our inefficient activities are
couraging and disheartening the few who have sought to establish shipping
lines on private account. There is no fault to be charged to the Shipping
Board as it is now organized. Losses aggregating $16,000,000 a month have
been reduced to substantially one-fourth that sum.
The reminder is not a criticism of what had developed out of war service
and war construction. Our first thought then was national survival.
There was war inflation and the excesses in commerce in the immediate
aftermath. Then there came to shipping a slump beyond all comparison
with other activities. Our ships, costing three billions, suddenly became
worth only a fraction thereof, and there was no market in which to sell at
any price. Profitable operation turned to shocking deficits, and only
drastic curtailment of activities saved us from the astounding losses which
were ensuing when the present board was organized.
We have, therefore, two outstanding problems which must be met, in the
solution of which Congress must share the responsibility, and regarding
which there can be but one opinion when our people are acquainted with the
facts. One is the handling of our shipping assets to the highest advantage,
without continued loss to the public Treasury. The other is the establishment of an efficient merchant marine, when opportunity is beckoning as
never before, as an agency of commerce and an avenue to influence in
further at the White House con- peace, and an
indispensable element of defense if we are again involved in
While the question will be considered
who
,
Rules
Committee
the
of
Campbell
war. No argument is needed on the last essential, other than the reminder
ferences next week, Chairman
declared to-night it was "morally that we builded our vast tonnage as a war necessity, and no one thought to
outlined the situation to the President,
the subsidy bill by the House until the complain of the excessive cost or the ultimate accounting.
certain no action will be taken on
the tariff."
of
on
The question is not to be prejudiced by the old and wornout cry against
Senate has concluded considerati
to be relieved that a solution of an subsidy. If there is insistent use of a term so long employed to awaken
Meanwhile party loaders professed
boon reached. It meant, they said, that public hostility, let it be known that we are subsidizing to-day by paying
admittedly vexatious problem had
bill be put to a vote prior to adjournment losses aggregating fifty millions a year for inadequate service of no permathe President's insistence that the
the part of some Republicans to hasty none while the pending measure contemplates no such outlay, and is paid
on
would be mot and opposition
only for specified service, which is the base of a merchant marine fit to comaction withdrawn.
ended its tariff fight no member pete with the maritime powers of the world. Moreover, the term subsidy,
How long it might be before the Senate
suggesthe
if
that
however,
Leaders declared,
implying bestowal upon special interests, can no longer be applied to a
of the House would 'predict.
was definitely accepted the public service where the aid is extended only until a normal earning is develtion laid before the President by Mr. Campbell
ely a
approximat
to
run
recesses
three-day
begin
could
1
oped,and must be returned after the earnings reach a 10% return on actual
House about July
tariff bill to conference,and
pending
month. *A quorum would be needed to send the
investment, certified under Government audits. All this the
once
bill,
the ship subsidy
measure provides.
with this out of the way these members believed
a
week.
within
or
defeated
The larger question is that of national policy in availing ourselves of our
before the House, could be passed
York
tonnage
and the present opportunity to establish a great American merchant
New
the
21,
June
y,
Wednesda
of
issue
In its
the
marine. If we are to think of only a self-contained republic, aloof from
"Times" said:
world, perhaps we may go on depending upon our competitors for our carour
debliberato riers by sea. But such a course challenges every aspiration and narrows
As matters stand, therefore, the Senate will proceed with its
expect to vision. No nation ever has maintained enduring prominence or abiding
discussion of the Tariff bill, which not even the most optimistic
in
time
August.
good fortune except in proportion to its eminence on the seas. It is the
see passed before some
Senate will unvarying story of national power and influence throughout all civilization.
After having sent the much-amended bill to conference, the
. .
The rare development of our own land in a century and a half of national life
take up the bonus bill unless it shall have been passed before. .
according to Is no contradiction, because we were boundless in our untouched resources
While the Senate is struggling with the bonus,the House will,
if that result until now,and even with them we felt the impetus of our sea-carrying power
program, take up the ship subsidy bill. When finally adopted
the Senate for until steam and oil superseded the sails which whitened the seas.
be achieved under Presidential pressure, the bill Will go to
In the new order of the world we shall no longer be self-contained, but in
consideration.
s to-day that if shipping we must become self-reliant. We ask no favors, but we do believe
The President let it be known again with much positivenes
issue
the
take
in American genius and capacity under equal opportunity. It does not
Congress adjourned without passing the subsidy bill, he would
become us to go on paying shipping tolls to the world when our righteous
to the country and call a special session to enact this legislation.
purposes in trade are better promoted by serving ourselves in making our
Mondell
ative
Represent
to
inst.
20th
the
of
letter
his
In
tenders in the marts of the world.
problems
ing
outstand
"two
have
we
At the risk of excessive length,let me point out what I believe to be a wellthe President declared
must
Congress
screened source of opposition to an outstanding and confident American
which must be met in the solution of which
power of the Old World
of our course in this matter. No well developed maritime
share the responsibility. . . . One is the handling
is craving the development of our shipping. We cannot complain thereat.
.
continued
always thinks of the
without
e
which
spirit,
highest
advantag
national
I confess an admiration for the
shipping assets to the
ment interests of the home-land first. I crave its manifestation here at home in
loss to the public Treasury. The other is the establish
an
solving this problem. Other nations know the value of sea-carrying as
beckis
ty
when
opportuni
marine,
merchant
of an efficient
adjunct of trade, and the individual discouragement abroad to our worthy
ave- aims—a discouragement often insidiously disseminated here—ought to
oning as never before, as an agency of commerce and an
of argue an American interest no longer to be ignored.
element
an
and
able
indiSpens
peace,
in
influence
to
detail. I
nue
I have not attempted to argue the merits of the pending bill in
's
President
in
The
war."
involved
industrial conagain
defense if we are
tlo hope to have members convey to agricultural, mining, and
to the mainstituencies the relation of future shipping and foreign trade
letter to Representative Mondell follows:
if ever,
tained good fortunes in their pursuits, and stress the fact that now,
place on
THE WHITE HOUSE.
with ships ready for cargoes and crews, our people must take their
price
whatever
Washington, June 20 1922.
the seas or surrender every such aspiration and liquidate, at
Even if we mistakenly assent to
My dear Mr. Mondell: You have been advised by those who have dis- is necessary, the assets at our command.
favoring policy contemplated in the
cussed the matter with me in personal interview that I am in complete liquidate, I am well persuaded that the
that bill will save hundreds of millions in that liquidation. The rightful course
accord with the opinion of leaders among the majority in the House
bill in the House might well concerns our immediate good fortune,and has infinitely more to do with the
the final consideration of the Merchant Marine
ely such time as House members will be called fortunes and the prestige of the greater republic which is ever in the making.
approximat
until
postponed
be
to
send the tariff bill to conference. I am writing to
Frankly, I feel deeply the responsibility. I think it a national calamity
in active attendance to
to express the satisfaction with which I con- fail in the waiting opportuinty, I cannot but believe • the American people
give formal confirmation and
immediate problem in the continutemplate haying this measure taken directly by members to their constitu- will be in accord. If they appraise the
deliberate ation of losing millions through our present operations, and sense the situaencies for such reaction as will enable them to translate the
return
tion as it relates to the American future, I believe Congressmen will
preference of the country into a national policy fixed by law.
at home, confident that the merchant
If it were practical to secure final action on a measure of such importance from the contact with the people
of the short term of Congress, I wiJuld gladly marine bill is no less appealing than relief to agriculture in distress, or to
In the sixty actual working days
expres- railroads in their necessity. It is not in my mind to appeal in behalf of a
postpone action until after the general elections, and ask a renewed
special interest in America.
sion of the people at the polls.
I confidently believe that if you and your associates will take the problem
Unfortunately for such a program, the national interests will not admit of
should feel myself remiss in a public duty ill did to the people at home you will encounter a very favorable reaction on a pattelI
and
nt
postponeme
such
of
otic interest which concerns all America, conspicuously to-day, and
not ask a decision before the present session is finally ended.
now greater consequence to our future.
There was an expression of the popular mind in 1920. The party
spoke in no uncertain terms about the "promoSincerely yours,
charged with responsibility,
American merchant marine." The question
WARREN G. HARDING.
tion and maintenance of an
but the pledge was convenanted, and it was well
was not made paramount,
tonnage
in
a
knew
vast
that
very
people
way
general
understood because the
lion. Frank W. Mondell, House of Representatives.
and
in shipping was a Government possession as the result of war activities,
The Administration's ship subsidy bill, redrafted by the
turn this one war asset to permanent, peacemust
t
Governmen
a practical
House Merchant Marine Committee, was introduced in the
time advantage.
war
Literally we have a merchant marine, poorly balanced, because the
House on June 14 by Chairman Greene of the Committee.
construction was emergency construction, building anything and everything
The bill was immediately referred to the Committee. On the
we could, at any cost, without serious thought of its possibilities in the sea
a record vote, rejected the
service of peace. Moreover, it is largely Government-owned, operated at a' 16th inst. the Committee, without
loss to the Government Treasury. In spite of every drive toward economy, Bankhead amendment providing that no Government aid
in spite of suspended service and the cancellation of contracts for operation
Edof radical reformation in the Govern- should be allowed ships on which liquor was sold. The
in the Government's behalf, in spite
by
sea
the
to
much
Law
lines
commercial
by
Volstead
g
sought
the
American
suspended
extendin
proposal
and
monds
activities
ment's
Interests, the plain, blunt truth is that Government shipping has cost the fining all ships of any registry touching American ports on
during
loss
clo.,ing.
now
0
the
year
Meal
$50,000,00
Treasury more than a
n or deterioration, running into millions which liquor selling was permitted, was not acted on and the
This does notinclude depreciatio
which cannot be ignored by either the Committee ordered the bill to be favorably reported by a
problem
practical
a
have
we
more,and
the Government or by the American
executive or legislative branch of
strict party vote of 9 to 4. It was seated on the 14th inst. that
supply
the Treasury funds.
must
people of every section, who
private
t
a
pursuit
of
to
be
ought
what
Governmen
the measure as then reintroduced was fundamentally the
Perhaps this venture In
(win a
y
business would be looked upon with complacenc if we were making
measure sponsored by the Administration in February
same
no.
slight degree of progress toward a permanent and efficient merchant mar
to in our issue of March 4, page 903), the new
(referred
I
an
of
element
private initiative
But we are not succeeding. The vital

self remiss in a public duty if I did not ask a decision before
our
the present session is finally ended." As we noted in
a
issue of Saturday last (page 2674), President Harding in
e
letter to Chairman Campbell of the House Rules Committe
involved
is
much
"so
that
declared
(made public June 13)
follow
and such a difficult and discouraging situation will
that
Bill
Marine
Merchant
the
sanction
to
If Congress fails
ely in
I should feel myself obliged to call Congress immedikt
went over
extraordinary session to especially consider it if it
A
term."
present
the
beyond
delay
through any neglect or
take up the ship
compromise plan, whereby the House would
the tariff
subsidy bill immediately after the Senate passed
by House Republibill, was suggested to President Harding
press dispatches from
can leaders on the 17th inst. The
this said:.
g
indicatin
in
Washington on the 17th




2782

THE CHRONICLE

draft, according to the "Journal of Commerce" contain
ing
hundreds of minor changes, but few important alterati
ons.
The same paper, in its reference to the bill as reintro
duced
June 14, said:
The outstanding change, which had not been called
to attention, was the
modification in the subsidy payment for the so-called industrial
ships, the
tankers belonging to the oil companies and the cargo carriers
owned by the
United States Steel Corp. The amended bill
eliminated the industrial
companies from those, who might seek a deduction in their
net income tax
amounting to 5% of the freight money paid to American
-flag carriers
engaged in the foreign trade.
It was further stipulated that "if the owner of the vessels
uses them in
whole or in part for the transportation of his own property
his gross income
attributable to the operations of the vessels in transport
ing such property
shall be considered to be such amount as is determined
by the board, and
certified by it to the Commissioner of Internal Revenue
as representing the
fair value of the services performed by the vessels in
transporting such
property.
This means that the industrial companies will not be permitted
to carry
their own products at such a low rate of compensation
that their earnings
would go low and thus escape returning back into the ship
subsidy fund half
of all profits in excess of 10%•
Eliminate Reserve Plan.
As previously reported, the section creating the merchant
marine naval
reserve section was eliminated. The immigration section,
entirely rewritten, merely stipulates "as nearly as practicable, one-half
of the total number of immigrants admitted to the United States in any
fiscal year shall be
transported in vessels registered, or enrolled and
licensed, under the laws of
the United States." However, it was further provided
that this section
should not take effect until President Harding fixed
the time by proclamation.

[Vol, 114.

must meet in building up out mercantile fleet,
is the fact that in overseas
carriage, other nations which are securely establish
ed in control of trade
routes have the volume of bnsiness and American
ships must undergo the
great initial expense of invading the field and
building up that volume.
"The Act alone will not give us our commerci
al marine, nor aid us in
disposing of our State-owned vessels," the
report concluded on this point.
"The siutation to-day is different from that
obtaining on any previous
occasion on which the question of aid to shipping
has arisen. In other days
if people decided that they did not wish
a merchant marine, such decision
settled the matter for the time. To-day it
is not a question of whether we
wish a merchant marine or not, for we have
a merchant marine. It is not
a question of subsidy or no subsidy, because
to meet the Government's
loss of $50,000,000 a year in the operation
of our merchant marine, the
people are being taxed far beyond what
would be needed were the ships
brought into efficient commercial operation.
"The question is, what shall we do with
the fleet that we have, so that
with the least cost to the taxpayers that fleet
may be made of the greatest
use to the country as a whole, both in peace
and war? The alternatives
are plain. Either make it possible for
private enterprise to take this
nucleus which we now have and add to it
until it becomes a great and
efficient entity, an American merchant marine,
or refuse the relatively
slight amount of aid necessary therefor
and continue at a great expense
the inefficient method of Government operation
until the ships are worn out.
Purpose of Operation.
"The purpose of Government operation
, as clearly outlined in the
Merchant Marine Act of 1920, was that the
Government might build up its
trade routes until purchasers could be found
ready to take over the ships
upon established routes and with that
necessary element, the good will
of the shippers.
"Unfortunately, this policy has to a great extent
worked to defeat its own
purpose, for in the upbuilding of those routes the
Government has operated
ships, and in the operation of the ships has driven
its potential customers off
the seas. When a private American shipowner is
competing with a private
British shipowner, with all the handicaps under which
the American owner
suffers, his competitor is at least bound by the
limitations of a finite capital.
"His resources are not endless and he cannot
forever compete in a losing
trade. When an American shipowner has to compete
with his own Government, however, he has not only the foreign competito
r, but at the same time
has In the field a competitor whose resources
are, comparatively speaking,
limitless.

Whenever the President is convinced that the section
or regulations are in
violation of any treaties, however, the President is empowere
d to proclaim
that the law is in effect after giving consideration to
the treaty obligations.
The basic rate of subsidy applies to ship having
a speed of twelve knots
and not up to 13 knots, as the original draft provided.
The vast majority of the other modifications have been
inserted for the
purpose of limiting the powers of the Shipping
Board and clarifying any
legislative difficulty which now exists.
Railroads would be permitted to own and operate ships
The result cannot be in doubt. Continuat
in foreign trada
ion of a marine, part Governother than foreign contiguous territory, and between
the United States and ment-owned and part privately owned, simply
means that the private
the Philippine Islands. The carriers cannot enter
the coastwise trade, but owners will be driven out of the business.
there would be no barrier imposed under the revised
bill upon a railroad"BY the extending of a moderate amount of national
aid the maintenance
owned ship, engaged in the foreign trade, passing
through the Panama of adequate American service under private ownershi
p can be insured and
Canal.
the Government's heavy loss can be ended. Only
by making private operaTo Work in Harmony.
•
tion profitable can the Government find a market
for its own tonnage.
The shipping Board and the Inter-State Commerc
"With such aid we can promptly dispose of our
e Commission will work
salable ships for private
more harmoniously in the enforcement of laws over
which there is a sort of operation, get rid of our worthless tonnage, end an annual operating
loss of
dual control if the proposed bill is passed. The Shipping
Board is given 350,000,000, give our people a better and more assured service on the seas
the power to regulate conferences and is placed in a
position where it might than America has ever enjoyed heretofore and successfully turn a
war-time
promptly enforce the preferential rail seation it it were
convinced that ade- and war-built enterprise into a great instrument of peace-time profit
and
quate services could be offered under the American
flag from the various peace insurance."
American ports to foreign territory.

In referring to the liquor agitation which had
arisen with
Three last minute amendments to the bill before
it was respect to the bill, a press dispatch from
Washington June
formally brought before the House on the 16th
inst. were 17, published in the New York "Tribun
e," said:
made by the Committee, it is learned from the "Journa
l of
The Republican steering committee and Republican members
of the Rules
Commerce" of the 17th inst., from which we quote
Committe
e had scarsely begun a joint meeting to-day to discuss the
the followsubsidy
situation when Mr. Campbell was hastily summoned
ing:
to the White House.

Returning to the Capitol, he explained that he had
The three additional amendments included in the revited
told the President of
bill as it was some opposition in the party to considera
tion of the bill without full oporreported to the House of Representatives to-day were:
tunity
for studying its provisions and before the country had
1. In considering the enforcement of the preferential rail section,
time to underit was stand it. There was a frank exchange of views
declared that this should apply without working a
and while the- President:
discrimination against insisted the bill should not go over
until
any American port.
the December session, leaders were
informed he would not object to a reasonable delay
2. Ships, to receive subsidy, after two years, must carry crews
provided a vote was
made up reached before the summer adjournment
of Congress.
at least of two-thirds of American citizens, with the other
one-third eligible
The President has been informed, leaders said, that
to become citizens.
injection "of the
liquor angle" had put a new phase on the situation. Represent
3. The third change was a mere technicality.
ative Mendell, the Republican leader, announced that the House
would be given an
opportunity to vote on the ship liquor question.
Lengthy report on
A most elaborate report consisting of seven typewritt
en pages accomChance for Amendments.
panied the revised draft. Somewhat elementary, it reviewed
the measure
"Enemies of the shipping bill at home and abroad are
endeavoring,"
in three parts: (1) General considerations; (2) Synopsis of
bill; (3) Discus- Mr. Mendell said in a statement, "to prejudice its
consideration by calling
sion of important features of bill.
attention to the fact that liquor is now being sold on
American ships on
In explaining the bill the committee frankly admitted that a
vast number the high seas. The fact is that the consideration of
the bill will afford an
of changes had been Made in the section relating to the joint
water and opportunity to prevent that practice, because the bill
will be considered
rail provisions.
with free opportunity for amendment and amendments
will be in order either
With the contemplated enforcement of Section 28 the
legislation would to prohibit the sale of liquor on American ships
or on all ships calling at
increase the powers of the Shipping Board and diminish
the authority of American ports."
the Inter-State Commerce Commission. For instance, the
bill would
compel any railroad having a contract with a foreign flagship
line, for the
preferential interchange of freight, to enter into agreemen
INCREASE IN RETAIL PRICES OF FOOD IN
ts of this nature
MAY.
with other carriers serving the same ports.
The retail food index issued by the U. S. Depart
Under the present law, the Inter-State Commerce Commissi
ment of
on has the
right to decide whether or not there is adequate services
under the Amreican Labor, through the Bureau of Labor Statistics, shows that
'flag to foreign ports before restricting the rights of
there
was an increase of 2-10 of 1% in the retail cost of food
railroads to grant
export rail rates on freight to be moved overseas in foreign
bottoms. The to the average family
in May as compared with April. The
bill takes away from the Inter-State Commerce Commission the
discretion
as to the suspension of the enforcement of this section and
leaves this up Bureau in making this known June 17 said:
to the Shipping Board. When the Board certifies that adequate
Prices of 43 food articles are reported to the Bureau of Labor
services
Statistics
are in effect, the Inter-State Commerce Commission has
no choice but each month by retail dealers in 51 important cities. In addition prices on
to order enforcement or suspension.
storage eggs are secured only for five months of the year. From
these
prices
The amendment also adds a paragraph providing that
whenever the average prices are made for each article. The average prices of the 43
articles
Board and the Commission are both of the opinion that putting
into effect on which prices are secured each month are then "weighted" according
to
or keeping in effect the provisions of the section will result
in materially the quantity of each article consumed, in the average workingman's
family.
changing the channels of transportation within the United
States, or in From January 1913 to December 1920 22 articles of food were used
in this
unduly congesting one or more ports of the United States,
the commission index, but from January 1921 43 articles are included in the index
number.
shall suspend the operation of the section, until such
time as the Commission and the Board reach a contrary conclusion, whereupo
Changes
in One Month.
n the Commission shall terminate the suspension upon thirty days'
During the month from April 15 1922 to May 15 1922 23 articles
notice, the report
on which
declared, in describing the intent of Section 607.
monthly prices are secured increase in price as follows:
Cabbage, 8%;
eggs, strictly fresh, 6%; sirloin steak, round steak, pork
chops and navy
Discusses Need for Aid.
beans, 4%; potatoes, 3%; rib roast, chuck roast, lamb and
•
prunes, 2%;
Discussing the need for aid to the merchant marine, the
Committee in and ham, lard, bread, rolled oats, macaroni, rice, coffee and oranges 1%.
the report declared that it had been believed the passage
of the Jones Act The price of bacon, crisco, tea and bananas increased less than 5-10 of 1%.
would result in the upbuilding of the merchant marine.
Fifteen articles decreased in price as follows: Onions, 29% ;
cheese, 4%;
"The lack of results from this Act shows clearly that the
mere possession corn meal, 3% ; fresh milk, 2% ; evaporated milk, butter, oleomargarine,
of a fleet of ships will not give a country a merchant
nut
margarine, cornflakes, canned corn, granulated sugar and raisins,
marine unless it is
1%.
made possible for private capital to take over and operate
efficiently such The price of hens, salmon, and cream of wheat decreased less than 5-10 of
fleet," the report says. "The greatest disadvantage,
outside of added 1%. Prices remained unchanged for plate beef, flour, baked beans, canned
capital charge and added wage and subsistence cost which American
owners peas and canned tomatoes.




JUNE 241922.]

2783

THE CHRONICLE

Comparing prices in May with those of a year ago, as measured by changesChanges in One Year.
in the index numbers, it is seen that the general level has increased 2%. The
For the year period May 15 1921 to May 15 1922 the percentage decrease greatest increase is shown for farm products, in which prices have risen nearly
in
in all articles of food combined was 4%. Twenty-eight articles decreased
12%. Fuel and lighting materials have increased 8% and clothing over 1%
price during the year as follows: Evaporated milk, 23%; raisins, 22%; since May of last year. In all other groups prices have declined, the decrease
15%;
salmon,
16%;
meal,
corn
21%;
corn flakes and granulated sugar,
ranging from less than 1% for foodstuffs to 15%.% for housefurnishing goods.
plate beef, fresh milk, cream of wheat, 13%; bread, oleomargarine, bananas
and rolled oats, 11%; chuck roast and baked beans, 10%; round steak, bamarcon and hens, 9%; rib roast, 8%; flour, 7%; sirloin steak, 6%; nut
EMPLOYMENT IN SELECTED INDUSTRIES /AT MAY.
garine, 5%; macaroni, 4%; canned corn and tea, 3%; pork chops and
In making public on June 20 the details of the reports concheese, 2%; and coffee, 1%.
The prices of the other 15 articles increased as follows: Onions, 75%; cerning the volume of employment in May 1922 from repre20%;
tomatoes,
• potatoes, 36%; oranges, 33%; navy beans, 23%; canned
in 12 manufacturing industries, the
lamb, 13%; prunes, 9%; rice, 8%; butter, 6%; ham, 5%; lard, crisco, sentative establishments
cabbage and canned peas, 2%; and eggs, strictly fresh, increased less than Bureau of Labor Statistics of the U. S. Department of Labor
5-10 of 1%.
states that comparing the figures of May 1922 with those for
Changes Since May 1913.
establishments for May 1921 it appears that in &
For the 9-year period May 15 1913 to May 15 1922 the increase in all identical
articles of food combined was 44%. The articles named showed increases as of the 12 industries there were increases in the number of
follows: Lamb, 102%; ham, 92%; potatoes, 88%; hens, 70%; pork chops, persons employed, while in 4 there were decreases. The larg65%; flour, 61%; bread, 57%; bacon, 48%; sirloin steak, 47%; round
24.6% in hosiery and underwear and
steak, 46%; fresh milk, 42%; cheese, 41%; rib roast, 40%; corn meal, est increases were
31%; eggs, strictly fresh, 27%; butter and tea, 25%; chuck roast, 24%; 23.4% in car building and repairing. Iron and steel shows a
granulated sugar, 22%; coffee, 20%; rice, 10%; lard, 8%; plate beef, 7%. decrease of 18% and leathera decrease of 17.3%. The comThe index numbers based on 1913 as 100, were 139 in April and 139 in
parative data for May 1922 and April 1922 show that in 7
May 1922.
Changes in Retail Prices of Food, by Cities.
industries there were increases in the number of persons on
During the month from April 15 to May 15 the average family expenditure the payroll in May as compared with April and in 5 defor food increased in 30 cities as follows: Little Rock and St. Paul, 3%;
statement says:
Denver and Richmond, 2%; Atlanta, Baltimore, Birmingham, Butte, Cincin- creases. The Bureau's
Six of the 12 industries show decreases in the total amount of payroll for
nati, Dallas, Houston, Memphis, Milwaukee, Minneapolis, Norfolk, PhiladelThe remaining 6 industries show dephia, Portland, Ore., St. Louis, Savannah, Seattle and Washington, D. C., May 1922 as compared with May 1921.
important increase, 25.6%, ap1%. In Chicago, Cleveland, Indianapolis, Jacksonville, Los Angeles, Louis- creases in the amount of payroll. The most
manufacturing and silk show respecville, Omaha, Peoria and Scranton, there was an increase of less than 5-10 of pears in hosiery and underwear. Cotton
1%. In 20 cities there were the following decreases: Buffalo and Newark, tive decreases of 33.9% and 32.9%.
; Boston, Charleston, Fall River, Kansas City, Manchester, New Haven, COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
Portland, Me., Providence, Rochester and San Francisco, 1%; Bridgeport,
IN MAY 1921 AND MAY 1922.
Columbus, Mobile, New Orleans, New York, Pittsburgh, Salt Lake City and
Springfield decreased less than 5-10 of 1%; In Detroit food prices remained
% of
Amount of Pay-Roll
Number on Pay- % of
•
the same.
inin May
InNo.of Period Roll in May
crease
For the year period May 15 1921 to May 15 1922 the following decreases
crease
of
&tabIndustryor
DeDeor
fish- Paywere shown: Bridgeport and Norfolk, 8%; Kansas City, Manchester, Provi1922. crease.
1921.
1921. 1922. crease.
ments Roll.
dence and Salt Lake City, 7%; Boston, Charleston, Columbus and Pittsburgh,
; Cleveland, New Haven, Peoria, Portland, Me., St. Louis, Savannah, 6%; Iron and steel. 106 3i mo.115,709 136,593 +18.0 85,869,704 $6,383.731 +8.8
Birmingham, Cincinnati, Denver, Fall River, Houston, Los Angeles, Newark. Automobiles__ 45 1 week 92,649 100,071 +8.0 3,188,07, 3,393,814 +6.5
San Francisco and Scranton, 4%; Baltimore, Dallas, Indianapolis, Jackson- Car building &
49,111 60,620 +23.4 3,256,501 3,505,492 +7.6
,
1,mo.
tepairing_ _ _ 62 ,
ville, Little Rock. Mobile, New York, Omaha and Springfield, 3%; Atlanta,
693,378 -33.9
Cotton mfg__ 62 1 week 60,864 45,355 -25.5 1,049,048
214,41: -21.6
273,334
Chicago, Detroit, Louisville, Philadelphia, Rochester and Washington, D. C., Cotton thils'g 17 1 week, 12,423 10,641 -14.3
; Buffalo, Memphis, New Orleans, Richmond, 1%; Butte and Minneapolis Hosiery and
531,993 +25.6
423,482
+24.6
32,168
25,814
underwear. 64 1 week
decreased less than 5-10 of 1%. The other three cities increased as follows:
552,241 -32.9
822,678
45 2 wks. 18,072 15,435 -14.6
Silk
592,548 -19.6
736,631
St. Paul and Seattle. 2%, and Portland, Ore, less than 6-10 of 1%.
Men's clothing 43 1 week, 24,609 24,628 +0.1
260,792 +10.0
cost
237,119
in
average
the
+17.3
the
in
12,327
year
food
1913, the cost of
35 1 week 10,507
As compared with
Leather
56,381 60,589 +7.5 1,310,2• 1 1,294,662 -1.2
May 1922 was 53% higher in Richmond, 49% in Washington, D. C., 46% in Boots & shoes 78 11 week
606,423 +12.7
537,926
+16.4
25,953
22,289
week
59
making
Paper
271,951 -15.1
320.477
Charleston and Scranton; 44% in Baltimore and Birmingham; 43% in Chi- Cigar mfg__ _ _ 54 1 week 16,690 15.215 --8.F
cago, 42% in Detroit, New Orleans, New York and Philadelphia; 41% in
April 1922 appear in the following taand
1922
May
for
data
Comparative
Milwaukee,
Cincinnati,
40%
Minneapolis and Providence;
Atlanta, Buffalo,
that in 7 industries there were increases in the number
in Dallas; 39% in Boston, Fall River and Omaha; 38% in Manchester and ble. The figures show
in May as compared with April, and in 5 decreases.
St. Louis; 36% in Kansas City and Little Rock; 35% in Jacksonville, Mem- of persons on the payroll
of 9, 7, 6, 6 and 4 are shown in the automophis, New Haven and Pittsburgh; 34% in Cleveland, Indianapolis, San Fran- Respcetive percentage increases
building and repairing industries. Men's ready-made
cisco and Seattle; 33% in Newark; 31% in Louisville and Los Angeles; 28% bile, paper and car
in Denver and Portland, Ore., and 20% in Salt Lake City. Prices were not clothing shows a decrease of 6.9%.
When comparing May 1922 with April 1922, all but two industries show
obtained from Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoto employees. Cigar making shows an,
ria, Portland, Me., Rochester St. Paul Savannah and Springfield, Ill., in' increases in the amount of money paid
increase of 14%. The two decreases.
1913 ;. hence no comparison for the 9-year period can be given for these cities. increase of 14.6% and automobiles an
are 2.6% in silk and 2.1% in boots and shoes.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENT
IN APRIL AND MAY 1922.

This revision consists of (1) a regrouping of the commodities and the addition of a considerable number of new articles, and (2) the use of the 1919
census data for weighting purposes in place of the 1909 census data formerly
employed.
Revised index numbers for the several commodity groups for May 1921 and
for April and May 1922 are as follows:
Revised Index Numbers of 1Vholesale Prices, by Groups of Commodities.
(1913=100.)
1922
1921
May
May
April
118
132
129
Farm products
139
138
137
Foods
173
175
171
Cloths and clothing
200
216
194
Fuel and lighting
138
products
119
113
Metals and metal
165
160
156
Building materials
134
122
124
Chemicals and drugs_.,
209
176
176
Housefurnishing goods
126
116
116
Miscellaneous
145
148
143
All commodities
In all groups of commodities except chemicals and drugs prices in May averaged higher than in April. Farm products rose over 2% above the level of
the month before. Foods and housefurnishing goods averaged slightly higher,
while substantial increases took place in the groups of cloths and clothing,
metals and metal products, and building materials. Fuel and lighting materials showed the largest increase of all, the rise in the May level being
2% in price
/
11 1-3%. Chemicals and drugs, on the other hand, decreased 11
2%
/
from April to May. All commodities, considered in the aggregate, were 31
higher in May than in April.
series,
price
for
which
or
two
for
the
data
commodities,
comparable
Of 404
months were obtained, increases were found to have occurred for 153 commodities and decreases for 94 commodities. In the case of 157 commodities
no change in average prices was reported.




Industry-

No.oftPeriod Number on PayRoll inEstab- of
fish- Paymental Roll. April May
1922. 1922.

Iron and steel.
Automobiles__
Car building &
'wailing_ _ _
Cotton m1g__
Cottonfintih'g
Hosiery and
underwear _
Silk
Men's clothing
Leather
13oots & shoes.
Paper making.
Clam. tnfa

103 34 mo.122,881 126,865
44 1 week 90,592 99,389
62 54 mo. 58,302 60,620
61 1 week 43,343 44,445
17 1 week 10,565 10,641
61
45
46
35
80
59
56

1 week
2 wks
1 week
1 week
1 week
1 week
1 week

30,810
16,077
27,317
12,557
62,633
24,581
14.999

30,588
15,435
25,437
12,327
61,203
25,953
15.542

% of Amount of Pay-Roll
inIncrease
May
April
or De1922.
1922.
crease.
++11111 +++ -1-10,;• mw
wato,-,*
;,..6Wboi.C5L, :46b l4k.

INCREASE IN WHOLESALE PRICES IN MAY-REVISION OF INDEX ,NUMBERS. •
In all groups of commodities except chemicals and drugs,
wholesale prices in May averaged higher than in April, according to the Bureau of Labor Statistics of the U. S. Department of Labor, which in making public on June 19 the May
price changes announces that it has made a revisioni of its
series of index numbers showing changes in the level of
wholesale prices. The Bureau says:

% of
InCrease
or Decrease.

$5,441,544 $5,874,369 +8.0
2,961,591 3,376,438 +14.0
+4.8
+3.6
+0.7

3,344,004
652,409
212,919

3,505,492
675,715
214,418

505,492
506,955
614,099
258,821
1,337,064
565,711
242,029

514,711 +1.8
552,241 -2.4
614,563 +0.1
260,792 +0.8
-2.1
1,308,72
606,423 +7.2
277.362 +14.6

Changes in Wage Rates and Per Capita Earnings.
During the period April 15 to May 15 1922 there were wage changes made
by some of the reporting establishments in 8 of the 12 industries.
inIron and steel: In one shop all employees were granted wage rate
an
creases; the tonnage men receiving an increase of 22% and all other labor
Increase of 10%. One establishment gave an increase of 18% to 56% of the
,
force. Ten plants reported wage increases of 8.8%, affecting all the employees
In all plants. An increase of 8.3% was received by 90% of the force in onea
reported
plants
Three
plant.
plant, and 33 1-3% of the force in another
decrease of 5%, affecting 60% of the employees in one plant and 40% in the
2 remaining plants. A decrease of 4% was reported by 2 concerns Weedily
40% in the first concern and 33 1-3% in the second concern. In one mill a
2% wage cut was made to 40% of the men. A 2% reduction in wages
/
21
in
was reported by 2 mills, affecting 33% of the men in one mill and 32%
the second mill. Increased operations and more time worked were reported
by many of the iron and steel mills, and the per capita earnings show an increase of 4.6% when compared with those for last month.
Automobiles: A wage increase of approximately 15% was granted to 20%
of the employees in one factory. Two establishments reported a 14% increase, affecting 10% of the forces, while another concern gave an increase of
8% to 20% of the employees. Production was increased during the period
reported and the per capita earnings for May were 3.9% higher than for
April.
Car building and repairing: A decrease of 5%, affecting 5% of the employees, was reported by one establishment. A slight increase, 0.8%, was
shown for per capita earnings when April and May payrolls were compared.
Cotton manufacturing: When per capita earnings for May were compared
with those for April, an increase of I% was noted.

2784

THE CHRONICLE

VoL. 114.

Cotton finishing: The per capita earnings for May were
the same as those
Difficult to Check List.
for April.
Checking the death list has proved almost impossible. The victims,
Hosiery and underwear: An increase of 2.6% in per capita
all
earnings was but
three of them imported workers, so far as is known, were found
shown when the April and May payrolls were compared.
scattered over an area within several miles of the mine. Some
Silk: When the April and May per capita earnings were
were lynched,
compared, an insome were burned when the mine was fired, others were beaten
crease of 1.5% appeared.
to death,
and the majority fell before the scores of bullets poured into
Men's ready-made clothing: A 15% wage decrease was
them.
reported by two
The scenes of death were gruesome as in a real war. Bodies
establishments, affecting all shop men. Three concerns reported
with limbs
a 10% re- shot away
lay along the roadside, or were strung from trees, men wounded
duction, affecting 84% of the force in one concern, 75%
of the force in the and
dying were stretched out on roads and in fields with none of the
second concern, and 67% of the force in the third concern.
hunOne establishment dreds of
passersby able to lend a helping hand. Attempts to assist the
made a wage reduction of 9% to 90% of the men. However,
an increase of wounded in
the early part of the day brought rebuffs from the spectators,
7.5% in the per capita earnings was shown when figures for
April and May backed in some
cases by drawn guns.
were compared.
Later the feeling quieted down and some of the wounded were
Leather: Decreases ranging from 5 to 10% were made to
taken to
40% of the em- hospitals.
ployees in one tannery. When per capita earnings for
May were compared
It is understood that'there will be no attempt to reopen any
with those for April an increase of 2.7% was noted.
of the mines
until the strike is settled.
Boots and shoes: One firm reported a wage decrease of 5%,
affecting 70%
When the attackers went over the top into the besieged mine this morning
of the employees. Per capita earnings for May increased
0.1% over those for there were some fifty
or sixty workers and guards there. What has become
April.
of
those not in the known dead and wounded list cannot be tpid. Some
Paper making: One mill gave an increase of 20%
of
to 60% of the em- them were seen to-day
in fields running with miner sympathizers pursuing
ployees. A wage decrease of 6%, affecting all employees,
was reported by an- them with guns. How
any escaped could not be told.
other establishment. An increase of 1.6% was noted for
May per capita earnC. K. McDowell, superintendent of the imported workers at the
ings over April figures.
mine.
was among the(had. It was said that he was the first selected to
Cigar manufacturing: Two factories reported a 12%%
be shot
wage cut. affecting after the mine was captured and
that he was given no opportunity to escape.
all of the employees in one factory and 5% of the
employees in the other factory. A wage reduction of approximately 10% affected
Urged on by Women.
80% of the men in
one concern. However, there was an increase in per capita
Young matrons and girls encouraged their mon in the slaying
earnings for May
of captive
'over April of 10.6%.
mine employees.
"Lot's make soap of them," one of the women suggested as six
men,
THE BITUMINOUS COAL STRIKE—OUTBREAKS IN banded together with a rope, wore shot down with one volley.
An examination showed that one of the six still breathed: an executioner
,
ILLINOIS ACCOMPANIED BY VIOLENCE AND
with a ready knife, completed what the bullets had left unfinished.
One of four men found under a tree in Harrison Woods, where the body
MURDER.
In Southern Illinois there was a violent outbreak on the of a fifth was suspended from a branch, offered a gold watch and $25 to his
when he saw all was over for him.
part of the strikers in the nation-wide strike in the bitu- tormentors
"You're a good scout," taunted one of his tormentors; "make a run
minous coal fields throughout the country. Properties on for it."
The fellow was shot down by the man who jeered at him.
which strike-breakers were working near Herrin, Ill., were
A few women ventured to take kodak pictures. The cameras were
attacked' by a band of armed union strikers, many being trampled under foot
and the women were roughly handled.
Hundreds of Men, women and little children, some as young as four
killed and scores injured. Included in the casualties were
years, surged through the morgue to-day to view the bodies, which lay side
five women.
by side on the floor with no attempt straighten them out. Most them
of
The outbreaks began on June 21, when 15 men were bore no identification marks. All towere
mangled.
Officials of Williamson County expressed deep regret over the affair, as
reported killed by a gang of strikers. The following day
many miners, but several of the latter told the correspondent that
there were recurrences of violence, 5,000 strikers raiding did
while it was regrettable, "no other course could have been taken."
the strip (surface) mines of the Southern Illinois Coal Co.
Most of the bodies of the mine war victims bore no marks of identification, the empty pockets indicating, county officials said, that the bodies
and firing with rifles on the strike-breakers.
had been looted. On one body was found an honorable discharge from the
The strikers, it said, ruthlessly shot down defenseless men, army,
while on another was a piece of paper which bore the name of an
after they had surrendered. The same day Governor ex-infantryman.
The substance of the statements by the wounded, who wore among the
Small ordered 1,000 State troops mobilized at once and held
besieged, was that not a mine worker was injured during the fighting, but
under arms for further orders. In a telegram addressed
that
the many killed were shot down in cold blood after they had surrento
the State Attorney of Williamson County, the Governor dered themselves and their arms. There was nothing from the union
miners
to contradict these claims.
demanded that the persons

guilty of the murders be brought
Philip Murray, International Vice-President of the
to justice. He asked whether the Circuit Court of the
county was now in sessima and if not what steps had been United Mine Workers, discussing the causes of the outbreaks
taken to convene a grand jury, investigate the crimes on June 22 said:
The United Mine Workers deny any responsibility in the Herrin troubles.
committed and return indictments.
In so far as President Lewis's message regarding the non-union shovelmen
The outbreaks among the striking miners followed publica- • is
concerned, it positively could not have had any bearing on the occurrence.
tion of a telegram from John L. Lewis, President of the
The miners' organization is going to make a thorough investigation
United Mine Workers of America, saying that the employees and ascertain the facts. Until then I can make no further statement on
this matter except to say that the officials of the United Mine Workers
of the Southern Illinois Coal Co., members of the Steam deplore
that this incident has occurred, for they believe in law and order.
Shovelmen's Union wore "common strikebreakers." Lewis's
telegram was in reply to one from State Senator Sneed, a
sub-district official of the miners' union, asking the status RAILROAD LABOR BOARD CUTS WAGES OF SIGNALMEN, CLERKS,STATIONARY FIREMEN, ETC.—
of the Shovelmen's Union. Senator Sneed's telegram to
MINORITY VIEWS.
Lewis is given as follows:

The expected order of the U. S. Railroad Labor Board,
snaking further cuts in the wages of railroad employees, in
addition to the two wage reduction orders of the preceding
weeks, was made public June 17. The latest edict affects
clerks, signalmen and stationary engineers and firemen, the
cuts ranging from 2 cents to 6 cents per hour and involving
an annual saving to the railroads of approximately $27,000,Mr. Lewis replied to the above as follows:
In reply to your wire of the 18th the Steam Shovelmen's
Union was 000. As we have before indicated ("Chronicle" June 3, page
suspended from affiliation with the American Federation
of Labor some 2432, and June 10, page 2541), the reduction
s in the case of
years ago. It was also ordered suspended from the Mining
Department
maintenance of way employees, announced on May 29, will
of the American Federation of Labor at the Atlantic City convention
.
We now find that this outlaw organization is permitting its
membership reduce the annual payroll to the extent of approximately
to act as strikebreakers in strip mines in Ohio.
$48,000,000, while the decision lowering the wages of railThis organization is furnishing steam shovel engineers to work
under
armed guard with strikebreakers.
way shopmen and freight carmen, made known June 6, will
It is not true that any agreement exists by and between this organizatio
n effect an annual reduction of $59,669,347—the total annual
and the Mining Department or any other branch of the American
Federation saving represent
ed in these three recent orders thus amountof Labor permitting it to work under such circumstances.
Two of our representatives have taken this question up with
officers of ing to approximately $135,000,000. All of these reductions
the Steam Shovelmen's Union and have failed to secure any satisfaction
.
are to go into effect July 1.
Representatives of our organization are justified in treating this
crowd
As in the case of the two other wage reduction orders, a
as an outlaw organization and in viewing its members in the same
light as
they would view any other common strikebreakers.
dissenting opinion by labor members of the Board—A. 0.
With regard to the outbreaks on the 22d dispatches to Wharton and Albert Phillips—was presented in the
latest
the Associated Press from Horrin had the following to say: decision, which also embraces a supporting opinion of
the
The death toll in the disaster last night and to-day, when 5,000 striking
majority to which we refer in another item. It is stated that
union miners attacked the Lester strip mine, being operated under guard
by
Imported workers, may run past the forty mark,it was said to-night
by those the fact that the dissenting views in this instance were not
in touch with the situation, although thus far only 27 positively are known signed
by the other labor member of the Board—W. L. Mcto be dead.
Menimin—is due to the fact that Ise was in the East, investiIn the Herrin Hospital are eight wounded men, only one a miner,
and
six of them are believed to be fatally injured. There were nine,
but one gating a contract case on the Boston & Albany RR. Altodied.
gether, approximately 1,200,000 railway employees, it is said,
A miner told the Associated Press correspondent that he had
seen fifteen
bodies thrown into a pond with rocks around their necks to-day.
are affected by the several reductions, the bulk of those inAbout
20 imported workers are missing.
volved in the latest order being 200,000 clerks and 100,000
Is there an agreement by the American Federation of Labor
that the
Steam Shovelmen's Union has the right to man shovels,
strip and load
coal? Some men here claim they have jurisdiction granted
by the Mining
Department of the American Federation of Labor. J. W.
Tracy of Chicago,
district representative of the Steam Shovelmen's Union, is
furnishing men
to load coal in this district. We do not believe such an
agreement exists.
Wire answer after investigation if agreement exists and
have the proper
authorities stop the steam shovel men scabbing of union coal
miners.




JUNE)24 19221

THE 'CHRONICLE

2785

station employees. Clerks are cut 3 cents and 4 cents an
General Observations.
The provisions of the Transportation Act, 1920, which govern
hour, according to classification, signalmen, 5 cents, and
and guide
firemen, 2 cents. Signalmen helpers have been subjected to the Labor Board in its deliberations upon the matters herein involved, are:
Sec.
307
(d)
.
.
.
In
the Justness and reasonableness
a cut of 6 cents an hour. Stationary engineers, firemen and of such wages and salaries ordetermining
working conditions the Board shall, so far
oilers, numbering 10,000, are reduced 2 cents an hour. Ac- applicable, take into consideration among other relevant circumstances:as
(I) The scales of Wages paid for similar kinds of work in other industries;
cording to the Board, clerks vill receive, under the new scale
(2) The relation between wages and the cost of living;
an average of 58.5 cents an jour, compared with 34.5 cents
(3) The hazards of the employment;
(4) The training and skill required;
in December 1917, when the Government took over the rail(5) The degree of responsibility;
roads. The stationary firennn and engine room oilers will
(0) The character. and regularity of the employment; and,
(7) Inequalities of increases in wages or of treatment, the result of
receive 49.6 cents an hour, conpared with 21.8 cents an hour previous
wage orders or adjustments.
in December 1917. Signalmin, maintainers and assistants
Besides the specific elements or factors above
the Act prowill receive 64.3 cents under ie reduced scale, as compared vides that the Board in determining wages shall mentioned,
consider "other relevant
with 32.8 cents-in December prr, while common labor will circumstances." Referring to this language, "other relevant circumstances." the Board in Decision No. 2 said:
be paid at the rate of 39.6 ce0 against 22.3 cents at the earThis, it understands, comprehends, among other things, the effect the
payls
whose
unaffected
Those
by
the
lier date.
present action
of this Board may have on other wages and industries, on production
wage cuts include signal foren3n, assistant foremen and in- generally, the relation of railroad wages to the aggregate of transportatTon
costs
spectors, the 5,000 train dispaters, dining car stewards and entireand requirements for betterments, together with the burden on the
peocle of railroad transportation charges.
culinary workers on ferry boat n San Francisco Harbor. It
The
consideration of all these matters presents, and has presented ever
tel
that
one switchboard operators
is specifically stated
since the Government handed the roads back to private management, the
(numbering, it is said, 75,000) re to be paid at the rate of most complex labor problem
ever imposed upon a public tribunal.
The artificial conditions that had been built up during tho war around
not less than $85 a month, with o reduction where the prosevery
business
and
industry
in
this country were particularly accentuated
ent rate of pay is higher. The oard in its decision states In the case of the railroads
by reason of their tremendous importance in
that it "has never adopted the ory that human labor is a the conduct of our country's military operations, which resulted in Federal
commodity to be bought and sol upon the market, and con- control. The difficult problems inherited from the war period by every
industry were enormously multiplied and magnified in ccinnection with
sequently to be reduced to star tion wages during periods railway
transportation. The labor problems of this industry were more
unemploymen
and
On the other hand, it is complicated than those of any other industry and
of depression
involved vastly more
Idle to contend that labor can l*ompletely freed from the to the public.
In this post-war period of readjustment, with its fluctuating conditions,
economic laws which likewise aft the earnings of capital." its inflated and profiteering
prices, its high cost of living, and its extravaThe Board also says: "That thearriers shall have a fair gance and wastefulness, tho readjustment of wages for two million men in
opportunity to profit by the reviv of business in order that the country's most essential industry has been a. task of appalling magnitude.
Add to these conditions the pressure of an unsettled, discontented.
they may expand their facilities absolutely indispensable and sometimes misinformed public sentiment, harassed by high freight
to their efficient service to the Aerican public." The fol- rates, the vigorous and insistent appeals of the railroads for financial help.
and the zealous desire of powerful labor organizat1oTE to protect what they
lowing are the findings of the marity members of the La- conceived
to be the rightful interests of the employees, and the task has
not been diminished.
bor Board:
' Surrounded by such abnormal conditions, the Labor Board ht. not been
permitted to deal with the question of what constitutes Just and reasonable
wages and working conditions in the same undisturbed and uncomplicated
manner as would have been possible in normal times. And, yet, the
covered
by
employees
wage readjustment of this wisdom and justice of settling these questions by adjudication rather than
The classes of
by industrial war hese been demnonstrated, both from the standpoint of
decision are as follows:
Forces.
the parties asd the public. While it can not be said that no mistakes have
Gratin I.---Clerical and Station
Group 11.—Stationary Engine (Steam) t Boller-Room EmploYees.
been made in the awards handed down by the Labor -Board, a substantial
Group III.—Signal Department Emplos.
degree of social and economic justice has been attained and that without
' Group IV.—Floating Equipment Emptes.
the enormous loss and suffering to the carriers, the employees, and the
Group V.—Train Dispatchers.
people at largo, necessarily resultant from settlements by force.
Group VI.—Dining •Oar and Restaurantnployees.
Tho extreme utterance of partisan bias to the effect that the Board
Group VII.—Miscollaneous. Employees.
does not give full consideration to the evidence submitted to it would be
.
were it not for knowledge of the fact that such utterances
discouraging
After careful consideration of the evidertetbmitted, the Labor Board
is of the opinion that the nature of the workl the responsibility of train evince merely a spasmodic relapse into the old system of bluff and bluster
dispatchers to the carriers and to the publirmpled with due considera- that entered so largely into the adjustment of railway labor disputes
before adjudication supplanted force.
i
tion
of tho other factors set out in the Trantatio
n
Act, are such as to
In 1920, by Decision No. 2, the Labor Board increased the wages of railwarrant the maintenance of the present rat, Of the 131 carriers covway
labor by an average of approximately 22%. This was just and overasking
redun in pay for the train disered by this decision only 26 are
due, for railroad labor had not profiteered during the war, as a portion of
patchers.
the public has been misled to believe.
There are only four carriers asking for a rttion in the compensation
In 1921, the Board rendered Decision No. 147; decreasing
wages an
of dining car stewards, and, after full consktion of the law and the
approximate
average of 12%. If nothing but the diminished cost of
evidence bearing on the matter, the Board bIncluded that the present
living
had
boon
considered,
that
not
should
reduced.'
decrease
carriers
be
been
could
have
reasonably
rate on these
For similar reasons, no reduction is made 'le pay of the employees made greater.
In
1922, by a series of decisions, the preeent among the number, the
represented by the Marine Culinary Workers'°dation of California.
In the case of the floating equipment emplo, disputes are before the Board has reduced the wages of certain classes of employees, has left
others
unmolested, and in one minor instance has made an adjustment
4
these
only
and
carriers,
from
Labor Board
affeily a portion of the entire
class. Presumably, the other carriers which 1 employees of this calss equivalent to an increase.
The
Labor Board cannot venture too far into the realms of economic
have reached a satisfactory wage agreement 'such employees. The
Board has, therefore, remanded these dispute the 4 carriers and the prophecy, but it is generally conceded to be fairly plain and certain that
our
country
has entered upsn an era of gradually increasing business
may
new",
question
further
in
order
that
employees in
be had and, prosperity which will
he liberally shared by the carriers. That the carriers
if possible, an agreement reached.
shall
have
a
fair
opportunity to profit by the revival of business in order
It will be noted that telephone switchboard ctm.a, previously shown
that
they
expand
their facilities is absolutely indispensable to their
may
in Section 5 of Article II, (Decisions Nos. 2 aTt7), are now placed in
a separate section. It was the continuation of'stake originating dur- efficient service to the American public. Their unpreparedness now to
cope
with any greatly increased traffic is notorious. Every facility of
ing Federal control which placed these envie in said section. AS
this mistaken location of telephone switchboarterators gave them a railway transportation has been skimped for the last several years, and, as
to
mileage,
there has been an actual decrease instead of an increase.
Decision
under
No.
2
and
a
increase
smaller
lallecrease under DecisThis statement, in the connection used, must not be misconstrued to
ion No. 147 than many of the clerks received, ttard has, to a certain
mean
that
the
employees should be called upon to boar the cost of railway
extent, created an offset by fixing the minimum, at $55 per month,
with the understanding that the wages of switchl operators that may rehabilitation, improved service and reduced rates. It simply moans that
it is only patriotic common sense and justice that every citizen, including
are
not
amount
to
be
reduced.
that
be higher than
the railway employee, should ca-operate in a cordial spirit, should bear
The reductions made for clerical employees are it than for some other
and forbear, until the carriers are back on their foot.
cia.sses, because this class suffered considerable Is a result of tasrtain
When this accomplishment :3 safely under way, it will tnen be possible
because
they have newn highly paid coinchanges in their rules and
for the Railroad Labor Board to give increased consideration to all the
pared with other classes. It w;11 be noted that later reduction has
been fixed by the Board for clerks with experion one year and Less intricate details incident to the scientific adjustment of the living and
saving wage, with enlarged freedom from the complications of the "relevant
than two, than for clerks with experience of two Yeamore. The reason
circumstances" of the abnormal period which is now approaching its end.
for this is that the majority of junior clerks are Ix
--,rs and apprentices
- many of them
and have not as yet assumed family responsibtlit,
nd
Labor Not a Commodity.
are still living with their parents. .
In this connection it should be said that the tabor Board has never
Common labor in and around stations, storeli and warehouses adopted the theory that human labor is a
commodity to be bought and
was reduced one cent less than similar labor in ttintenance of way sold upon the market, and, consequently, to be
reduced to starvation wages
department because a much greater percentage of lass live in large during periods of depression and unemployment.
On the other hand, it
towns and cities, and consequently incur a higher ,f, living. Moro- Is idle to contend that labor Can be completely
freed from the economic
over, many of the common laborers in the maintenal.way department laws which likewise affect the earnings of capital.
are furnished living quarters by the carriers free of ctn. at a low rate.
That the Board has never fixed wages upon a commodity basis has been In the list of all the facts the Labor Board is of t.
anion that there amply demonstrated (lupine the past year by the ease with which they
should be no reduation in the rates of the superviseltes of the signal carriers have obtained labor under the contract
system for latS tnagl tilt,
a_
department employees, but, that their duties and -sibilities
are of wage established by Decision No. 147.
such character as to warrant the present rates.
In this connection it must be remembered that the carriers are at liberty
In deciding upon the reduction of employees of tlial department to pay to any class of employaes a higher
wage than that fixed by thir;
covered by Sections 2, 3 and 4, Article IX of Decisic 147. duo con- Board whonsser the so-called labor market compels,
provided, as the Act
sideration was given to the similarity of these emp and the shop states, that such wase six.; eat result in increased
ruse to the puOlic.
crafts, but a smaller reduction was considered advisallie case of the
**The average hourly earnings and their purchasing power as applied to
,airmal department employees because their ru'e as to t ent of puni- certain classes of employees covered by this decision
are shown In the fola.
tive overtime Is much less favorable than that of the sapiay„
lowing tables:
ANALYSIS OF DECISION AS APPLY} TO VARIOUS CLASSES
OF EMPLOYEES COVET) HEREIN.




THE CHRONICLE

2786
g

Time for Which
Figures Are Shown
or Comparisons
Made.

Table Ifeadtngs

''.3
4 %,;

nff.'a
'

Average hourly rates

'

tJan. 1920
Percentage increase in average May 1920
hourly rates over Dec. 1917_1 July 1921
Under this decision

22.3c.
43.6c.
52.1c.
43.6c.
39.6c.

58.0%
95.7%
78.3%
69.6%

95.5%
133.6%
95.5%
77.6%

Percentage increase in purchasing power of present earnings compared with those under Decision No.2

iz

,
7i

32.8c.
64.3c.
77.3c.
69.3c.
64.3c.

21.80.
46.60.
59.60.
51.6c.
49.6c.

96.0% 113.8%
135.7% 173.4%
111.3%136.7%
96.0%127.5%

40.0%
52.0%
23.7%
17.2%

1

,
Decrease in hourly rates under present decision)
compared with Decision No.2

a

c)

34.5c
54.5c
67.5c
61.5c
58.5c

IJan. 1920
Increase in cost of living over May 1920
July 1921
December 1017
Mar. 1922*
Percentage increase In pur-1 IJan. 1920
chasing power of earnings May 1920
of subsequent dates corn- July 1921
pared with December 1917_ Under thisdecbion

th

.

,,-,; g
2

Dec. 1917
Jan. 1920
May 1920_ _ ---- July 1921
Under thisdecision

. 1
-

q
iZ $.
g;*
&Ii•
tQ ,
,,

12.9%
28.8%
40.7%
44.7%

39.6%
53.7%
54.3%
51.5%

40.0%1
55.1%1
66.8%1
67.2%

52.7%
79.9%
86.8%
94.1%

9.0c. 12.5c. 13.0c. 10.0c.

12.3% -1.4%

7.8%

7.9%

[vol.. 114.

Note.-For the specific classes of employees listed herein, for which no
decreases have been provided, reference to article and section numbers has
been omitted and no decrease shall be made by any of the carriers for said
classes of employees.
Group I.-Clerical and Station Forces.
Sec. 1. Storekeepers, assistant storekeepers, chief clerks, foremen, subforemen, and other clerical supervisor?' forces, 3 cents.
Sec. 2. (a) Clerks with an exporienceof two (2) or more years in railroad
clerical work,or clerical work of a simila• nature in other industries, or where
their cumulative experience in such cloical work is not less than two years,
3 cents.
(b) Clerks with an experience of ve year and less than two years in
railroad clerical work or clerical work(a similar nature in other industries,
or where their cumulative experience n such clerical work is not less than
one year, 4 cents.
Sec. 3. (a) Clarks whose experiene as above defined is less than one
'
year, 4 cents.
(b) Clerks without previous expoence hereafter entering the service
will be paid a monthly salary at theate of $60 per month for the first six
months and $70 per month for the wend six months.
Sec. 4. Train and engine crow clers, assistant station masters, train
announcers, gatemen, and baggage id parcel room employees (other than
clerks), 3 cents.
Sec. 5. Janitors, elevator operate, office, station and warehouse watchmen, and employees engaged in asirting way bills add tickets, operating
appliances or machines for perforsing, addressing envelopes, numbering
claims and other papers, gatherinand distributing mail, adjusting dictaphone cylinders, and other similawork, 4 cents.
Sec. 6. Office boys, messengerFchore boys, and other employees under
eighteen years of age filling similatositions, and station attendants,4 cents.
Sec. 7. Station, platform, wanouse, transfer, dock, pier, store-room,
stock-room, and team-track freht handlers or truckers, and others similarly employed, 4 cents.
Sec. 8. The following differends shall be maintained between truckers
and the classes named below:
(a) Sealers, scalers, and fruitid perishable inspectors, 1 cent per hour
above truckers' rates as establisd under Section 7.
(b) Stowers or stevedores, cats or loaders, locators and coopers, 2 cents
per hour above truckers' rates; established under Section 7.
The above shall not operate decrease any existing higher differentials.
Sec. 9. All common laborein and around stations, storehouses and
warehouses, not otherwise preied for, 4 cents.
Sec. 10. Telephone switchtxd operators will be paid at the rate of not
ess than $85 per month, with) reduction in higher existing rates.
Group II.-Stationary Eng (Steam) and Boiler-Room Employees.
Sec. 1. Stationary engineersteam), 2 cents.
Sec. 2. Stationary firemen d engine-room oilers, 2 cents.
Sec. 3. Boiler-room water dors and coal passers, 2 cents.
Department Employees.
Group
Sec. 1. Signal foremen, agant signal foremen, and signal inspectors,
no decreases.
Sec. 2. Leading maintain gang foremen, and leading signalmen, 5
cents.
Sec. 3. Signalmen, assistasignalmen, signal maintainers, and assistant
signal maintainers, 5 cents.
Sec. 4. Helpers, 6 cents.
Group IV.-oating Equipment Employees.
Such disputes as are bet the Board under this article are remanded
to the parties for further Orence'and attempt to make an agreement.

Latest available Government data.
-Decrease.
** Owing to the manner in which the carriers were required to render their reports
to the Inter-State Commerce Commission during December 1917, in which wage
data covering heterogeneous classes of employees were grouped rather than separated
In accordance with thr.ir duties, responsibilities, experience, dec., it is impossible to
obtain actual figures from which average hourly rates for the above classes could be
computed. The figures shown above for December, 1917, are therefore approximations, although assumed to be very close approximations. For this same reason
it is impossible to separate the average rates of clerks between those in Section 1 and
Section 2 (a), and the rates shown above are the averages for all clerks in these two
classes.
The average rate for common labor for December, 1917, is perhaps a little high,
due to the fact that the carriers reported all station service employees in one group,
and the rate shown herein for December, 1917, is the average for the group •
The foregoing table prepared by the statistical force of the Labor Board
is based on the cost-of-living figures issued by the United States Department of Labor.
These figures show that applying the wages fixed by this decision to the
present cost of living the purchasing power of the hourly wage of the respective classes here named has increased over the purchasing power of
the hourly wage of December 1917 (prior to Federal control) as follows:
44.7%
Clerks
51.5%
Common labor around stations, &c
67.2%
Signalmen (maintainers and assistants)
94.1%
Stationary firemen and engineroom oilers
power
purchasing
the
exception
shows
that
with
one
slight
The table also
of the hourly wage of each class of these employees is greater under the
present decision than it was under Decision No. 2, which granted the 22%
increase.
Budgets.
The Labor Board has given careful consideration to the testimony bearing upon family budgets and standards of living. That existing standards
will not be lowered by this decision is shown with substantial satisfaction
by the above statistics.
This matter of living standards constitutes an interesting and important
study, but much that is said on the subject is highly theoretical and of but
little value.
When the railway employees' department presents figures to show that
the sum of $2,636.97 is necessary for the minimum comfort budget of the
average family it has propounded an economic impossibility.
It is stated upon authority that the total income of the people of the
United States is now but little more than $40,000,000,000. If the 25,000,000 families of this country were expending for living costs the sum of $2,600
each, it would total $65,000,000,000, which would be $25,000,000,000
in excess of the country's total income.
Of course, living costs cannot be standardized any more than men can
be standardized. One man will consume his income and find himself
continually in debt while another man with the same income and under
Identical conditions will live in equal comfort and accuihulate savings.
In this connection it can hardly be considered a digression or a gratuitous
preachment to say that one of the principal troubles with the people of this
country to-day is the abandonment of the old-fashioned ideas of thirft
and economy and the indulgence in wastefulness and extravagance.
These loose habits of living were acquired during the inflated period
engendered by the war and, like many other ills of similar origin, are slow
to depart. Increased expenses do not always mean a higher standard of
living nor do diminished expenses necessarily mean a lower standard of
ilving.
In the settlement of these questions it is the profound desire of the Labor
Board to do justice to the parties directly concerned, placing the human and
social consideration above the purely economic, and, finally, to establish
wages and conditions that will largely meet the hopes and aspirations of
the employees, that will prove satisfactory to the carriers and that will
Impose no unnecessary burdens on the public. This is not a Utopian conception in America.
DECISION.
The Labor Board decides:
1. That each of the carriers party to this dispute shall make deductions
from the rates of wages heretofore established by the authority of the
United States Railroad Labor Board for the specific classes of its employees
named or referred to in Article If. in amounts hereinafter specified for
such classes In Article I.
2. That the scope of this decision is limited to the carriers named under
Article II., to such carriers as may be included hereafter by addenda, and
to the specific classes of employees named or referred to under each particular carrier.
3. That the reduction in wages hereby authorized shall be effective as
of July 11922, and shall be made in accordance with the following articles
which establish the schedule or deereaveo, designate tne carriers and employees affected, and prescribe the method of general application.

Dispatchers.
Sec. 1. Train dispatcheio decrease.
Group v1.-Ing-Car and Restaurant Employees.
Sec. 1. Dining-car stevs. no decrease.
Sec. 2. Culinary worker' ferry-boats in San Francisco Harbor, no
decrease.
Grouil.-Miscellaneous Employees,
Sec. 1. For miscellan classes of foremen and other employees, noy
specifically listed under section of the various groups, who are proporlt
before the Labor Boarid named in Article H. in connection with a
carrier affected by this sion, deduct an amount equal to the decreases
specified for the respecelasses to which the miscellaneous classes herein
referred to are analogo

In dissenting f- the majority decision the dissenting
opinion gives fivecific reasons therefor, viz,: That the
bases on which tVcision was made "are not in themselves
sufficient to Justthe action taken"; that the reasons offered for the curfar beyond the provision of the Transportation Act";p "!the wages as now fixed do not insure
continuance of Oils standards of living"; that the basing
of railroad wagpon rates paid in outside industries does
not provide reafor the reduction made by the Board at
this time; and . the new wages are such as "to condemn
these railway %ers to lives of extreme poverty." In part
the dissenting 's follow:

The undersign(sent from the majority decision for the following
specific reasons:
thich the decision rests are not in themselves sufficient
snutk
ta
ne
sea
tona
. T eb
en. The Labor Board has gone into considerations
justify
ies only indirectly, if at all, and has ventured linen
fencitnnthjo
gr
w hain
cn
hdafw
s a very free interpretation of the "other relevant
tna ae ,, sion in the Transportation Act. It has considered
.sions
upon wages in other industries. extending Its
of
effect
n
o
the
ir
wenu
,
c
ere ammo" beyond the transportation industry. It has
taken into contion that part of the duties of the Inter-State Commerce enninnwhich has to do with railway profits, and the need for
expai
,
It has considered the effect of rates charged shippers,
lw
r
aanid
tahyen deci hat wages should be paid the railway workers.
2. The realffered for the decisions not only go far beyond the
provisions of ransportation Act, but they also deny the validity of
one of the spprovisions contained in the Act. The cost of living is
brushed asidAuse the only basis upon which it can be computed is a
ARTICLE I.-SCHEDULE OF DECREASES.
more or les,thetical budget. If the introduction of external conitult to justify, then tho exclusion of a vital section of the
For the specific classes of employees listed herein and named or referred siderations
law under ,the Board operates is a matter calling for most expert
to in connection with a carrier affected by this decision, use the following
casuistry. mdemnation of the use of cost-of-living budgets amounts
schedule of decreases per hour:




JUNE 24 1922.]

THE CHRONICLE

2787

is
governmental agencies, sions became effective (depending upon available data). This method
to a rejection of a method found practical by other
of adopted in order to avoid duplication in the consideration of the loss in
nt
Departme
States
United
the
with
ent
and a fundamental disagreem
earnings of the employees' account of reductions in force.
Labor.
continuance of previous
Savings to Carriers.
3. The wages as now fixed do not insure the
constitute an improvestandards of living. The statement that the wages
•
then
standards
low
very
the
account
into
ment over 1917 does not take
Clerical and Signal De- Stationary
earlier and later periods. It
Total.
partment Firemen,
prevailing, nor the much higher standards of
Station
Cause of Wage Loss—
are available, puts the
selects the year which, of all those for which data
Employees. Oilers, &c.
Forces.
a 1917 figures to justify
workers' standard at the lowest point. The use
new reductions is neither just nor reasonable.
$56,789,890 $2,319,537 $1,493,280 $60,602.707
industries, one of the Decision No. 145
5,423,525
100,000
4. The basing of wages upon rates paid in outside
500,000
4,823,525
Transportation Act, does not Decisions 630-707-725..
the
in
to
referred
nces"
circumsta
551,955 26,420,700
"relevant
24.336,317 1,532,428
Board at this time. In so far *Present decision
provide reason for the reductions made by the
upon this point, especially Loss in earnings account
44,212,944
as any evidence was introduced into the hearings
39,422,376 4,790,568
reduction in force
of Article I, it seemed
with reference to employees covered in Group I
decrease.
a
than
increase
wage
a
for
rather to call
Total decrease in earnare such as to condemn
/ kqq e9 1 AA eq el RA AKA nw:
,
el Or q"70 1 AQ en id
5. The wages fixed by the majority decision
1716"1 nf attmleslreano
It is too much, perhaps,
these railway workers to lives of extreme poverty.
in
not
men
to
be
clear
should
action
February 1922.
this
and
of
1922
* Based on December 1921, January
to expect that the full meaning
asking too much to urge that
The actual wage reductions per annum resulting from the Labor Board's
close contact with the workers. It may be
the
among
tly
decisions Nos. 147, 630, 707 and 725, based on the number of employees in
human life is in a class by itself, not to be listed indifferen
be fairly and rightfully the service of the carriers as of December 1917. follows:
costs of transportation. But certainly it may
enough to induce a public body
expected that the social cost of poverty is
Savings to Carriers.
by which the workers
to proceed most cautiously in reducing the standards
some cases less
must live. The wages most recently determined are in
Maintenance
Stationary
Signal
Clerical and
than 50% of the amount needed for a fair standard of living.
Total.
"cordial"
Department Firemen
Station
Cause of Wage Loss—
and expansion costs of the railways must be paid, and with the
costs" of
Employees. and Oilers.
Forces.
and "patriotic" co-operation of the workers, the "maintenance
all.
at
d
the workers are considered "theoretical," when.they are considere
made.
b Decision No. 147_ _ _ - $61.779,992 $2,815,200 31.493.280 $66,088,472
Such is the basis for the series of wage decisions now being
returns
551,955 43,492,609
40,673,254 2,267,400
In promulgating a modified "laissez faire" policy, the majority chaos. c This decision
in
to the era when workers were unorganized and industry was
of
face
5 $109,581,081
the
in
l
$2,045,23
$120,453,246 35,082,600
If organized labor has been able to make substantia progress
5,423,525
100,000
a substitute r/Decisions 630-707-725
500,000
4,823,525
"economic laws," then the Railroad Labor Board, planned as
contemfor the strike, should and must function in the direction clearly
of
standards
ng decent
Total decrease in emplated by the law, in establishing and maintaini
ployees' earnings
living.
body,
ng
ntal
wage-fixi
no
Governme
account of wage
No wage-fixing body, and certainly
United
the
than
authority
statistical
and
or
rules decision_ 107,276.771 5,582.600 2,145,235 115,004,606
could ask for better economic
Reduced payroll ac•
States Department of Labor.
to-day
count of reduction in
On the basis of that budget, the cost of living in the United States now
44,212,944
. Under the decision
39,422,376 4.790,568
force
is $2.133 per year, as nearly as can be computed
will
II
I
of
Article
Group
under
s
employee
rendered, the highest-paid
paid in the group will
Total wage loss to
receive $357 less than that amount. The lowest
the Departthese classes of
receive $1,197 loss than enough to live on the scale outlined by
S148.690.147 1111.:17.1_1(IR 12_145.235 S159.217.550
employees
ment of Labor.
as
not
necessity
is
of
the
budget
that
With all due allowance for the fact
some of
b Wage Series Report No. 3, December 1917 basis.
precise as could be desired, it is still the result of careful study by
There is
c Based on number of employees December 1917.
the best trained investigators and sociologists of the country.
fixed
is
d Approximated by Board's Statistical Staff.
assuredly a margin of error to be allowed for, but when a wage rate
"health and
at only 44% of the amount necessary to keep a family in
between the
decency," there develops a radical difference of opinion
the majority of the Railroad SUPPORTING OPINION OF MAJORITY MEMBERS IN
United States Department of Labor and
e of
acceptanc
Labor Board. The minority sees no other course but the
WAGE CUT DECISION—MINORITY ACCUSED OF
the work of the Department of Labor.
eniployees
of
by
wages
which
amount
INCEIVDIARISM AND STRSE AGITATION.
the
showing
Below is a table
American
coming under Group I of Article I fall short of the cost of this
In answer to the dissenting views of the labor group of the
standard of living.
S. Railroad Labor Board, the majority members of the
U.
Health and
Comparison of Earnings Before and After Wage Cut with Cost of
Board, in a supporting opinion declare that "not only do the
Decency Budget in the United States as a Whole.
Annual
minority step down from the judicial position which they
Annual
Annual
of
Cost
Deficit
Earnings
Health and Earnings
occupy to advise a strike, but they obviously distort and misAfter
Annual
After
Before
Decency
Class of
e the language of the majority in order to provide the
constru
Cut.
Wage
Deficit.
Cut.
Cut.
Wage
Budget. Wage
Employees—
$357
$1,778
$282
ns which they pronounce a justification." The ma$1,851
conditio
$2,133
Clerks (a)
713
609
1,420
1,524
2,133
order cutting the wages of railroad clerks,
Clerks (b)
968 jority (whose
864
1,269
1,165
2,133
Clerks (c)
stationary firemen, and the opposing views
and
en
918
signalm
819
1,314
1,215
Mech. device Oper_ 2,133
also
1,099
999
1,134
1,034
of the minority, are given in another item in this issue)
2,133
Truckers
1,197
. 936
1,098
1,035
2,133
are sowing some of the tiny seeds
y
Common laborers
minorit
"the
that
assert
deeper
The decision rendered would operate to thrust the workers into accom- that have germinated and blossomed into industrial anarpoverty,and bring with it an intensification of the ills that always
chy." The supporting opinion of the majority follows:
pany an inadequate wage.
concurring in
It is not incumbent upon the six members of the Board
Changes in Purchasing Power of Railway Wages.
the minority into a partisan controversy which
follow
to
this
decision
the relation
than of
We must again enter an emphatic protest against the use of
of the characteristics of impassioned advocacy
the pres- Partakes more
between wages and living costs in December, 1917, as the basis for
calm adjudication.
decision
is
the
period
most
and
that
unfair,
Incendiarism.
ent wage decision. The use of
of that method of wage determmajority`
ignores conclusive evidence of the injustice
as the dissenting opinion distorts the sentiments of the
Insofar
n to do
ination.
from 1914 misquotes their language and reflects upon their desire and dispositio these
There can be no question as to the nature of wage movement
that
believe
They followed the same course as wage Justice, we will refrain from comment. We prefer to
by
drafted
to 1917, and from 1917 to 1921. '
was
which
document
1917 the improprieties crept into that part of the
movements during preceding business cycles. From 1914 to
Department
as at the employees in the headquarters of the Railway Employees'
1917,
In
wages
only
increased
slightly..
rapidly,
rose
the
living
by
d
cost of
e, wages of the American Federation of Labor, and that they were overlooke
the mid-year of every cycle for which wage figures are obtainabl
with which the
subsequently dissenting members. As an example of the looseness
had fallen far behind living costs. The wage increases made
were handled in the dissenting opinion, reference
decision
gave
the
of
s
but
costs,
statement
for
part
in
living
in
increases
workers
compensated the
in purchasing power suffered during might be made to the following quotation from the dissent:
no consideration to the great losses
Board announces
In this decision, as in the preceding ones, the Labor
industries.
1914 to 1917.
workers at the that"in its opinion" wages are still above those paid in outside
The year 1917 saw the standards of living of the railway
in this
that
states
contained
not
Is
The
majority
reached.
question
of
the
decision
in
over
statement
the
fact,
of
had
lowest point it
As a matter
because it does decision.
the wage now being established is "just and reasonable"
is so
which
standard
le
however,
,
back
to
the
indefensib
utterly
There is one feature of the dissenting argument
not quite throw the employees
prescribe 1914 or unusual that it should not be passed over without notice, and thtie us one
of that year. The absolute minimum of fairness would
date when the portion wherein the two dissenting members advise the employees to strike
1915 as the basis for wage fixing. The selection of the very
been forced,
against tile aecunon of the Boara.
workers were at the lowest depth to which they had ever
on the Board to
e.
It is quite natural for the representatives of Labor
was a most remarkable coincidenc
prior
"just
with the pollen
phrase
is
in
the
made
coincident
this
resist all reductions in wages. This course is in harmony
An attempt to explain
were in opera- of the organizations, and it was pursued in connection with the reductions
to Governmental control of the carriers." The railroads
being paid, food in the year 1921 as well as those of the present year.
tion, the workers were employed upon them, wages were
on, before
Board to i ;sue
It is something new, however, for labor members of the
was being bought, and labor controversies had been carried
a de. ,sion
in so far
control,
ntal
carriers."
Governme
incendiary arguments to employees in favor of striking against
Governmental "control of the
only in that
has heretofore be -on left
as it affected the matters now under consideration, was unique the work- of the Board. The giving of advice of this kind
s impered toy the
of
it introduced a sense of social responsibility for the condition the end of to outsiders, who were not under the official obligation
prevent railway
with
Transportation Act, the main purpose of which is to
ers. That condition is the ,,.sty factor that has changed
so far as this decision is concerned strikes and protect the public from their dire effects.
Governmental contret of the roads, in
One of the passages rJeered to is as follows:
Wage Loss.
for the strike such just and
of
classes
Transportation Act aimed to substitute
the
The
of
in
the
decrease
earnings
the
show
-e following tables
render resort to a strike unnecessary. If this
the Labor reasonable wages as would
of
a
as
decisions
result
of
decision
that under existing
this
admits
wages.
such
by
determine
employees covered
tribunal, created to
, the employees
reductions in force. circumsta
nces it can not fulfill this function, obviously
Board affecting rules and wages, also account of the
market, which is
labor
the
nfiuence
toi
the
have
upon
they
d
as
power
is
predicate
such
tables
use
different
the
must
The information as shown in
wages.
their
in
factor
1w
the time the deci- henceforth to be the detect/In/
number of employees of each class employed at or about




2788

THE CHRoNICLE

That is to say, if the Board makes
such admission, the employees must
strike.
Then the dissenting members proceed
to remove the "if" and to assert
that the Board has made the admissi
on which renders a strike necessary.
After quoting a statement from the
decision of the majority, which was
separated from the context for the purpose
, the dissenting opinion proceeds
as follows:
Such statement is an admission on the
part of the majority that they
have been unable to separate themsel
ves from the partisan struggle long
enough to perform the functio
ns for which they were appoint
ed and
sequently it tends to absolve the
employees from any limitations whichconexistence of a judicial board was intende
the
d to impose.
Not only do the minority step down
from the judicial position, which
they occupy, to advise a strike, but
they obviously distort and misconstrue
the language of the majority in order
to provide the conditions which they
pronounce a justification.
This is not the only place in the dissent
ing opinion where the suggestion
is made to the employees to strike.
No Injustice to Employees.
As a matter of fact, the entire
dissenting opinion constitutes a strained
and exaggerated effort to inflame the
employees by the belief that they
have been grossly outraged by this
decision.
A fair statement of the facts will
convince any disinterested man that
no injustice has been done to these
employees by the present decision, and
that the decrease in their wages is conserv
ative and is based upon the law
and the evidence.
The Relevant Circumstances.
In the decision, the majority quoted
from Decision No. 2 what the
Board said there in regard to the "releva
nt circumstances" referred to in
the Transportation Act. No detaile
d comment was made on the quoted
matter. The minority in their
dissent savagely attack the statements
so quoted from Decision No. 2, and,
in effect, over-estimate any consideration that the majority may have given
any portion of it. And yet, the
records of the Board show that the dissent
ing members voted for the
adoption of the decision containing the
language in regard to "relevant
circumstances," and they did not seek to exclude
it. This, be it remembered
was a decision increasing wages 22%
and the present minority were then
of the majority. It would, therefo
re, appear that the relevant circumstances mentioned were to be conside
red by the present dissenting members
n relation only to wage increases but
not decreases.

[VOL. 114.

Comparison of Living Costs and Wages of
Railway Clerks, 1915-1921, Showing
Changes in Standard of Living.
woll 144
Index
Cost of Standard
Average Number
Living of Living
Monthly Average
Index
Index
Earnings. Earnings. Num0er. Number.

PeriodYear 1915
Year 1916
Year 1917
Year 1918
December 1919
Fourth quarter 1920
Last six months 1921
Last six months 1921 at new derisinn rate.
* March 1922.

I

69.36
73.55
77.65
102.60
114.59
145.91
131.58

100.0
106.0
111.9
147.9
165.2
210.4
189.7

19n dc

17R

n

100.0
112.5
135.5
165.9
189.6
190.7
165.8

100.0
l 94.2
? 82.6
89.1

r
r87.1

110.3
114.4

tAiti

4,1AR R

119_i

This 12.1% increase in the standard of
living of clerks in the last 7 years,
based on an increase in wages of 78%
and an increase in living costs of 58.8%
indicates remarkable progress. This
class of employees should feel that
their official representatives have
rendered them notable service in the
effectuation of this result. It certain
ly affords grounds for satisfaction
and encouragement rather than for
inflammatory appeals for strikes.
There is no class of labor covered by this
decision to which the dissenting
discussion of pauperized labor with its
physical and social deterioration and
its propagation of crime has any applica
tion.

Theoretical Living Standards.
It appears that a portion of the employ
ees covered herein have presented
a family budget of $2,636 97 and others
have offered a family budget of
$2,133. The latter is presumably based
on the budget set out in the Dec.
1919 "Monthly Labor Review," publish
ed by the U. S. Bureau of Labor
Statistics, as the dissenting opinion quotes
at length from that publication
the Bureau of Labor's explanation
of the budget. This quotation is
prefaced by the statement: "It (the budget
) is described by the Bureau
of Labor Statistics as follows." With
this identification of the budget
used, we desire to quote another passage
from the same article as follows:
This report presents the results of a study
made by the United States
Bureau of Labor Statistics to determi
ne
the
cost of maintaining the family
of a Government employee in Washin
Purchasing Power of Wage.
gton at a level of health and decency.
The dissenting members criticise the
Let the significant fact be noted that the
tables offered by the majority
budget is for a Government
to show the trend of the purchasing
power of the wages of the em • employee in Washington and that, when Washington was the
most congested
ployees covered by this decision,
city in the United States with an abnorma
on the ground that the year 1917 is an
lly high cost of living, as a result
unfair year to adopt as a basis or startin
g point. The inference is rather of the great temporary increase in population resulting from the war
expanplainly drawn that the selection of
said year was the result of a deep and sion of all Governmental departments.
sinister design on the part of the majorit
Whether the budget of $2,133 is identical
y. This suggestion is far-fetched,
with
that
set
out
in
said Governas the dissenters are well aware that
the wage reports of this Board have ment publication as it purports on its face to be or whether It
is one of the
begun with the year 1917, and both of
them have twice concurred in this several other budgets heretofore submitted to the Board, the
figures are
arrangement. It was, therefore, a natural
course for the Board to make use practically the same as those in the Government publication,
the latter
of the wage series which it had prepared
being $2,288 25.
and published.
The minority suggest that either the
The dissenting members seem to have
year 1914 or 1915 should have been
temporarily abandoned their
adopted as the basic year for these
budgets of $2,636 97.
tables.
The year 1914 can not be safely
In the decision in this case, it was shown that
adopted, because the carriers then
this budget of $2,636 97
reported their clerical forces in groups
if
given .to every family impartially would require
and classes different from the method
a sum 25 billion dollars
since used, beginning with 1915.
The use of the year 1914 as the basic year in excess of the total income of all the individuals and industr
ies in the
would admittedly require the making
of an estimate, the accuracy of United States.
which would necessarily be doubtful.
The budget of$2,133 now relied upon is open
If the figures for the basic year were
to
the
same fatal criticism. '
doubtful, then those for all subsequ
If the country's 25,000,000 families were
ent years would be of uncertain accuguaranteed an income of $2,133,
racy and value. We will, therefore,
adopt 1915, the other year pronounced the total income of the entire country would be exceeded by
.the sum of
satisfactory by the minority, and will
demonstrate indisputably the changes $13,225,000,000.
that have taken place in the wages
In the face of this absurdity, page after
of these employees and in the purpage
of
the
dissenting opinion
chasing power thereof, based upon the
Bureau of Labor Statistics as to Is devoted to an attack on the Board's decision upon the ground
that the
living costs.
wages fixed for some of the employees
do not reach the amount of this
The following table was prepared by
the statistical force of this Board mythical, visionary budget. The advanced purchasing power
of the railway
at the request of the minority and furnish
ed to them, but does not seem employee's wage, the relative great increase of that wage, the improv
ed
to have suited their purpose, as it was not
used. The increase in purchas- social and economic condition of the employee are all ignored, and
a vitriolic
ng power of earnings under the Present
decision over 1915 are as follows: denunciation of the Board's decision is indulged in because every individ
ual
employee is not granted this impossible sum
Percentage of Increase in Purchasing Power
of money.
of Earnings under Present Decision
Let us see what would be the result
of adopting either of these budget
over 1915.
theorie
s on the railroads and requiring that no
(a) Employees in Group I.employee should receive less
than $2,133, according to one contention,
Supervisory clerks and clerks with experience
or less than $2,636 97, according
of two years or snore- _ 8.8% to the other.
Clerks with experience of one year and
The following table throws light on this questio
less than two years
n:
1.1% Total revenue
Clerks with less than one year experie
of roads 1921
nce
$5,509,035,259
4.2% Increase in
Train and engine crew callers, train announc
aggrega
te
pay
of
employ
ers, gatemen, baggage
ees if minimum wage
and parcel room employees
$2,636 97 paid on basis of Decision No.
147
15.0% Increase in
1,834,778,865
Office boys, messengers, chore boys and
aggregate pay of employees if minimum
others under eighteen years
wage
2.0%
Janitors, elevator operators, watchmen,
$2,133
were
paid
on
basis
of Decision No. 147
employees assorting way1,063,0
81,640
bills, &c
The net income of the carriers for two
1.4%
other years prior to the war was
Freight handlers and truckers
as follows:
17.5%
Sealers, scalers and fruit and perishable
inspectors
$673,611,19811915
20.2% 1914
Stowers, stevedores, callers or loaders, locator
$697,185,309
s or coopers
It is quite obvious that the net income of
22.9%
(b) Employees in Group II.the roads for tho years named,
and, it may be added, for any other year in
Stationary engineers (steam)
history, would have been con70.0% sumed by the recognition of either of the above budgets
Stationary firemen (steam)
, and the carriers
42.1% would have shown a loss of hundreds of millions of dollars each
Boiler-room water tenders
year. This
shortag
would
e
have
25.9%
had
to
be
paid
by
some form of taxation on the
Engine-room oilers
42.1% presumably,(might rates, which would have added to the burdens public,
Coal passers, boiler room
of every
25.9% individual in ti o country, rich and poor.
(c) Employees in Group III.
In this con.i ction, it is interesting to note
Leading maintainers, gang foremen and leading
that
the
dissent
ing
opinion
signalmen
5.0% finds fault win, the majority decision, because it states that "it
Signalmen, signal maintainers, assistant signalm
is idle to,
en and assistant sigcontend that ,hor can be completely freed from
nal maintainers
the economic laws which
6.5% likewise affect the earnings of capital."
Helpers
The soundn?.s of this axiomatic proposition
12.7%
The foregoing table is based on the flat
is right well exemplified by
daily rate.
the theory of toe minority above discussed that
no wage can be made so
high
as to constit ute an unbearable burden on an
Table Based on Actual Earnings.
industry. Because those
concurr
ing
in
the
decisio
n recognize the existence ofsome of the old-fas
There is a table in the dissenting opinion
hioned
, which gives the wage economic laws quite familia
r to the ordinary business man, those dissent
index number of clerks between 1914 and
ing
1921, cost of living index number affect to believe
that the majority place the consideration of profits
and standard of living index number'
above
. The Board's statistician reports the welfare of
the workers. This is a gratuitous assumption.
that he is unable to ascertain from what
This
Board
source the wage index numbers has never taken
the position that the claims of the employees for
were obtained, particularly in view of
a just
tho fact that in 1914 the carriers and reasonable
wage must await the prior demands for increas
reported only general office clerks in a groupin
ed profits,
g exclusive of other classes nor does it take such
position in this decision. It is a waste of time
of railroad employees.
to
make detailed defense to all these overdrawn
The statistician of the Board has worked
and imaginative assertions.
out a table based upon the
It
is
well
enough
to remember, however, that the time will never come
Inter-State Commerce Commission's reports
in
of the average monthly this country or any other
earnings of all clerks from the year 1915
country when the ordinary rules of common sense
to the last six months of 1921, and and business,
call them economic laws if you wish, can
has used hours worked by this class in the
be absolutely
last six months of 1921 to deter- ignored in the
conduct of any industry. The latest instance
mine a rate under the present decision.
in which these
This table is given below. It is laws have
been thrown overboard and replaced by fine-spun
also tied up with the cost of living index
socialistic
number in order to reflect a trend theories, both
in railway and other industries, is found in Russia,
of standard of living. From these figures it
and th•
will be seen that the standard result there is
not one that this country desires to emulate.
of living for all clerks under the rates prescri
bed by the present decision is
The -minority are sowing some of the tiny
12.1% above 1915:
seeds that have germinated
and blossomed into industrial anarchy in
Russia, when they make such




JUNE/ 24 1922.]

THE CHRONICLE

c laws) are simply a description of
statements as this: "They (the economi
has worked to date, and it has
the way in which business.and industry
worked out very badly for human life."
social and industrial system has
It will be readily conceded that our
but, upon the whole, it has demonresults,
perfect
produced
ly
invariab
not
ntal substitute that has been
strated its superiority to every experime
ed that this great industrial
offered. And the fact must not be overlook
of liberty, prosperity
degree
largest
its
with
labor
d
rewarde
republic has
its minor imperfections so close to
and happiness. It is well not to hold
the eye as to obscure its benefits.
Permission to Adjust Rates.
decision gives the carriers specific
The dissenting opinion stated that the
it says that the carriers are at liberty
permission to adjust rates, because
by the Labor Board.
to pay higher wages than those fixed
It gave the carriers no permission
The Board did nothing of the kind.
the Transportation Act that prevents
to adjust rates. There is nothing in
unless such higher rates would result in
a carrier from paying higher rates,
statute contemplates that the carrier
increased rates to the public. The
e into the acceptance of a higher
would not have to coerce the employe
Labor Board construes the Transporrate. This does not mean that the
may impose a lower rate on the emtation Act to mean that the carrier
higher rate on the carrier.
ployees or the employees impose a
the employees will take this as perTho suggestion by the minority that
as they can command is entirely
mission to "go out and got" such wages
would be the result of the minority's
it
so,
do
should
they
If
absurd.
of the decision.
suggestion and not of the language
majority, in arriving at this decision,
Finally, let it be reiterated that the
and provision of the Transportation
considered every phase of the evidence
upon the reasonableness and justice
Act, and that their minds rest easily
all the circumstances and conditions
of their conclusions, in the light of
shown to exist at this time.

2789

to
The people of this country do not wish the members of our organization
accept wages which are not adequate for the sustenance of their families.
minNeither do they wish the lawful organizations of those who work for the
meming and transportation industries to be destroyed and their individual
finanand
e
corporat
bers to be subjected to the selfish exploitation of large
cial interests.
with
When the public is enlightened as to the truth, it will not deal lightly
those who have striven for two years to bring about this condition of chaos
and degradation among the industrial workers.
actual
Pending the time when the public comes to a realization of the
no
facts, although we deplore the necessity of industrial warfare, we have
other recourse but to strike.

It was stated on the 21st inst. that further meetings to consider joint action were planned. The "Big Four" Brotherhoods did not, it is said, accept an invitation to participate
in the discussions of last Tuesday. In advices from Cincin
nati on June 16, the Associated Press said:

as a
Decision of the rail union leaders to ask the miners for a meeting came
last
climax to a series of conferences which they have been holding for the
few days at which plans for the threatened strike were discussed. The
ed by
meeting of the union leaders to discuss joint action also was consider
11. M. Jewell, head of the railway employees' department, and William
have
to
later
Green, Secretary Treasurer of the miners, was understood
agreed to join in the merting.
made by Mr.
Public announcement of the rail union leaders' decision was
on of Labor
n
Jewell during the afternoon session of the America Federati
ce with
in
accordan
held
convention. He said that the conference would be
mine
workers
the
between
nt"
agreeme
the provisions of the "co-operative
last February. He
and the railway organizations entered into at Chicago
subject other than •
said that "there would be presented no matter, no
nt."
thoso properly permissible undt r the terms of that agreeme
pledges closer co'The agreement between the miners and railroad men
ly protect the integrity
operation of the forces of each to "more effective
of those engaged in these esesntial and basic industries."
It further provides that:
of the associated or"When it becomes apparent that any one or group
attacks, or its integrity is
ganizations is made the victim of unwarranted
of each of the
tatives
represen
jeopardized, it will become the duty of the
the situation. Ways and
associated organizations to assemble to consider
cy."
emergen
the
meet
best
to
applied
means may then be considered and

FOR
THREATENED RAIL STRIKE—DISCUSSION
RS.
WORKE
RAIL
AND
COAL
BY
N
ACTIO
JOINT
reduction
Tho railroad strike movement incident to the
(and a
Board
Labor
ad
Railro
S.
U.
the
by
d
in wages ordere
the
enlist
to
has
sought
s),
progres
vote on which is now in
B. M.
support of the striking coal miners. A proposal by ment
On the 22d inst., the following, bearing on the strike vote,
Depart
Jewell, President of the Railway Employees
hes from Chicago:
g to dis- was contained in Associated Press dispatc
es are taking
of the American Federation of Labor, for a meetin
of one of the three issues on which railway employe
Removal
John
by
ement by the
their strike vote was in prospect to-day following an ann)unc
cuss joint action, was accepted on the 17th inst.
the contract
WorkLabor Board that hearings will open Monday on
L. Lewis, International President of the Unifed Mine indi- Railroadrsy
are charged with farming out work
roads
thirty
in
which
controve
Lewis
Mr.
by
ers of America, and a statement issued
contrary to the Board's orders.
by the unions have
Seventeen contract cases filed against various roads
cating the acceptance of the invitation, said:
I desire to
are expected soon.

United Mine Workers
been heard by the Board and decisions in these cases
"In behalf of the representatives of the
B. M. Jewell, in behalf of the In its decision in the case against the Indiana Harbor Belt RR. the Board
accept the invitation extended by Delegate
and
Labor
d that the same
of
on
n
Federati
America
ruled last month against the farming out system and indicate
Railway Employees' Department of the
of those organizations to general principles would be followed in future decisions on the question.
its associated organizations to attend a meeting
the
in
the possibility
the strike of the mine workers
Posting of the pending cases for an early hearing, brought
discuss the industrial situation affecting
of the United States Railroad that one of the chief grievances of the rail unions in the strike referendum
mining industry and the outrageous action
and unjustifiable roducions upon the would be wiped out before it can be made a real issue in a nation-wide
Labor Board imposing unwarrantable
rail war.
r tliway employees.
the American
place in this city at the Palace
B. M.Jewell, head of the railway employees department of
"A mooting has been arranged to take
that meeting consideration will be Federation of Labor, prepared to-day to assume active command of union
Hotel on next Tuesday night, and at
which should properly be con- headquarters, where the strike ballots are being tabulated as rapidly as
given to both industries in those mattets
the general committee
they are received,so the returns can be turned over to
si(iered at that time.
g this invitation the organized of ninety, which is expected to start the canvass of the vote Sunday.
"I may say in passing that in acceptin
belief that there will be no
their representatives, prescribed the
Railroad executives continued to express the
mine workers of the country, through
seek to afford that essential degree walkout next month, despite the declaration by union leaders that a susfollowing course of action which will
s,
industrie
of the rail unions favor a
working in those two
pension will be authorized if the rank and file
of justice which is necessary to the men
to the welfare of the strike and place the responsibility of it upon their leaders.
and at the same time give every proper consideration
es Department of the
the country."
John Scott, Secretary of the Railway Employe
organized working men and women of
balloting thus far appears
ati America
n Federation of Labor, declared that the
The question of joint action was discussed at Cincinn
a strike in protest against the
railroad to disclose strong sentiment in favor ofdecisions
by the Board.
on the 20th inst. between Mr. Lewis and chiefs of the
reduction and other
wage
,000
$136,000
t;
their ballots to Chicago
Union lead,ers to-day urged employees to rush
labor organizations which have threatened a walkou
the vote is
nce headquarters, as only four days remain before the canvass ofresult
of the
according to Associated Press advices, "the confere
e the
announc
to
intend
leaders
Union
start.
scheduled to
e
become
the date the wage reductions
ended without any announcement whether definit plans erff
einvdeum, if possible, by July
efee
rt

had been agreed on by the leaders of the two groups." These
advices stated:
had agreed on a

When the meeting broke up conferees declared they
the issuance of a joint
policy of silence which was maintained, except for
Employees' Departstatement by B. M. Jewell, President of the Railway
Lewis, indicating what
ment of the American Federation of Labor, and Mr.
discussing abstractly the
they termed the necessity of a railroad strike and
said they regarded
present industrial situation. Conferees, however, authorship.
the statement as important, and pointed out its dual

The joint statement said:

the signing of the
The railroad workers and the coal miners have since
nts and attacks.
armistice suffered a constant series of sinister harassme
adverse conditions.
They have had to resist these onslaughts under the most
patience and selfTheir losses have been heavy. The strain upon their matter of fact, in
a
restraint has, at times, been almost unendurable. As
point. The railthe case of the miners, it has twice reached the breaking
cannot longer accept
road employees have now reached a stage where they
the intolerable conditions which are placed upon them.
it is only naural
Finding themselves confronted with a common crisis,
y to protect their
that those workers should decide to do everything necessar
alternative but to cast
separate interests. The railroad workers have no
their lot with the miners by joining in a general strike.
that the 1,250.000
The accumulation of such a proposal would mean
out and joint the
railroad workers affected by wage reductions would walk
April 1 in a gigantic
680,000 coal miners that have been on strike since
protest against wage cuts.
and wholly selfish
There is no alternative but to strike. Relentless
s at peaceable and
economic forces must now be opposed. All attempt
with coal operators
orderly adjustments have been fruitless. Conferences
employees have
have been sought in vain by the mine workers. Railroad
Transportation Act.
faithfully compiled with the labor provisions of the
ent for collective
Railroal managements have disregarded its main requirem
provisions. The
bargaining and have attempted to emasculate its wage
workers in their
Railroad Labor Board has failed to protect the railroad
fundamental rights and guarantees under the law.
and deprive us of
Tho forces which would degrade our economic conditions
They have
our industrial rights have failed to consider the public interest.
the public
deceived
gone further and, by constant propaganda, have grossly
as to the real facts of the situation.




a Chicago
The New York "Evening Sun" of last night in
y EmRailwa
the
of
Scott
ry
Secreta
d
dispatch, reporte
that
fact
the
that
day
yester
ployees' Department as stating
one of
the Labor Board has scheduled thirty contract eases,
will
the three issues on which the strike vote is being taken,
Board's
have no bearing on the situation. Referring to•the
Belt RR. on
ruling last month against the Indiana Harbor
ing to the
accord
Scott,
Mr.
issue,
the "farming out" system
"Sun" said:
new hearings on similar cases

Neither the case already decided nor any
. We have been going along
will have any bearing on the present situation
has ruled contracting is
under protest now for two years. The Board . I can't see where any
question
Illegal and a strike ballot is out over that
the slightest.
future hearings can affect the situation in

Associated Press dispatch from Cincinnati June 17 said:

An
the Railroad Labor Board
Withdrawal of wage reductions ordered by
farming out shop work only
and the taking back by railroads of contracts
ately 1,000,000 workers on
can avert the threatened strike of approxim
July 1, rail union executives said to-night.
have been approved, and
Union leaders declared complete strike plans
its decision cutting wages and
unless the Railroad Labor Board revokes
strike will go into effect as
altering working conditions, the threatened
scheduled.
so far returned, was
unions,
The triple-barreled strike vote of seven
of a walk-out. However,
announced by union leaders as being 98% in favor
did not expect the final vote
leaders said this percentage Is high, and they
to reach more than 95%•
S
COMPTROLLER OF CURRENCY CRISSINGER WARN
S.
PRICE
CING
OF
ADVAN
T
EFFEC
ST
AGAIN
In warning against any tendency to what, he said, the
economists refer to as a secondary inflation, Comptroller of

2790

THE CHRONICLE

the Currency D. R. Crissinger on the 17th inst. describ
ed the
present as "one of those periods when it is perhap
s just as
well for us not to be too enthusiastically optimis
tic." The
Comptroller instanced the advancing price of wool,
and
stated that "we are not going to restore a feeling of
confidence among the people by presenting them, day by
day,
news of wage reductions in parallel column with announ
cement of advancing prices." "In an era like the present,"
he
argued, "the way to restore good times and good busines
s is
to cut out the wastes of production and distribution, to get
profits down to a basis of the utmost moderation consist
ent
with safety, and to invite the public into the market." The
Comptroller also allud'ed to the "single importation of gold
amounting to 38 million dollars" and declared that "there
is
an inevitable tendency in this expansion of the gold supply
to cause increases of prices without due regard to a corresponding increase in the ability of the people to pay
them."
In part the Comptroller's address, which was deliver
ed before the Maine Bankers' Association at Augusta, Me., on the
17th inst.., was as follows:

[VOL. 114.

It would be an egregious blunder to assume that such an
illustration as I
have just given was typical of a general tendency at this
time. Rather, I am
convinced that such cases are decidedly exceptional. I
think they ought to be
still more exceptional.
I appeal to and through you bankers of the sound and
conservative old
State of Maine, for policies of safety and moderation
in these matters. You
will be able to exercise, as you always do, a wide and
potent influence upon
the business development of the community. I cannot too
earnestly urge that
that influence be directed to establish and maintain such
relations between
production and consumption as will be honestly promotiv
e of both.
It is rather too easy for a country, situated as is ours, to
fall into the mistake of assuming that with our enormous wealth, tremendo
us producing capacity and wide range of natural resources we can safely
regard ourselves as
well-nigh self-contained, and therefore capable of standing
alone on our own
economic basis before the world. We are fortunate,
as a nation, in all these
regards; but we are not so completely self-contained, so
independent of the
rest of humankind that we can afford to set up standard
s complete
own regardless of the standards which prevail in other countries ly of our
.
The other day I noted the announcement of a single importat
ion of gold
amounting to thirty-eight million dollars, said to be
the largest amount of
bullion ever brought to this country in a single shipment
. It came, of course,
from Europe; it came from a Europe which already
has so little gold that it
is experiencing the utmost diffieulty in maintaining,
even in the most fortunate countries, a serious pretense of a gold monetary
standard. That gold
was brought for the purpose of paying balances to our
country. It was brought
to a country which already has more gold than is good
for it, and which ought
both in fairness to its own business and in intelligent treatmen
t of its customThere have been some signs of late that the national business
situation ers in other parts of the world, to desire a more equitable and logical distrimight improve a little too fast; manifestations of a tendency
to rising prices bution of the world's stock of gold. There is an inevitable tendency, in this
in directions where they could reasonably be considered a
bit premature. The expansion of the gold supply, to cause increases of prices without due regard
present is a good time to sound warning against any general
effort to put up to a corresponding increase in the ability of the people to pay them.
the prices of those necessaries that the mass of consumers must
The national situation as to employment of labor has
buy. Such a
been steadily improvmovement, I feel, would just at this juncture be likely to prove
untirhely, and ing. But we all know that in part this improvement has been due to the pato bring unfortunate consequences. I am quite familiar with
the fact that in triotic willingness of many employers to strain a point and give the utmost
general the tendency is to buy on a rising market and to sell
on a falling mar- employment for the sake of the general welfare. If these efforts are to be
ket. But that doesn't by any means assure that business
is bound to get good more or less negatived by reason of premature advances of prices and consewhen prices are getting higher, or get worse when prices
are getting lower. quent reduction of the public'p ability to buy, the benefits will be only temThe great buying and consuming public is not going to be brought
into the porary.
market by the cheerful program of asking it to pay higher
Particularly is there reason to urge an earnest effort
prices, when it has
against advance of the
already proved unable to pay lower ones.
consumer's price if that advance is not to be so distribut
ed as to give a fair
So I want to warn against any tendency to what I believe
share
of its benefits to the farmer. He has been going
the economists
through a hard and
refer to as secondary inflation. If I understand them, we
had a primary in- grueling experience, and with a crop just coming to the harvest he looks out
flation during and immediately after the war. I take
it that, in the realm of on a prospect of selling his yield at prices which will not make him at all
prices, they mean by primary inflation a general advance
in prices, in a time cheerful about paying more for the things he must buy. We want the new
when demand is greater than supply, the purpose being
to check the demand prosperity, which am confident is not very far ahead, to be distributed to
and therefore make the supplies go farther.
all the people. If it is not pretty fairly distributed;
especially, if any great
A secondary inflation, I take it, is quite a different affair;
a tendency to and essential sections of the population are denied their share, then we will
advance prices at a time when there is a surplus of producin
g capacity, but a see an unnecessary and inexcusable delay in the resumption of better business
deficit in buying and consuming capacity; the theory
being that as the public conditions.
tends to buy on a rising.market, the one effective way
In saying these things, I would not be understood
to make it buy is to
as picturing any general
make the market rise. Now, it occurs to me that there are
proper exceptions conditions which are working in the wrong direction. On the contrary, the
to all rules; and for myself, I do not believe that a public
great
mass
of
influence
s,
the
overwhel
which
finds itself
ming array of factors, are making
unable to buy at a lower price level is likely to
be better able to buy at a steadily for better conditions. There is every reason for assurance.
The
higher level, unless its income goes up at least a little
faster than prices ad- country, and I am very hopeful the world, have passed through the hardest
vance.
part of the post-war readjustment. We need only
to
hold
securely
to
every
I saw it announced the other day that owing to the advancin
g price of wool inch of ground we occupy on the upward way. If we do that, we will all be
there was likely to be a general. though for the moment
moderate, increase in ama2..id at the vista of assurance, solidity, safety and prosperity that will
the price of woolen clothing; that on account of the
condition of the cotton presently be unfolded to our vision.
market, we might anticipate some advance in the price
of cotton fabrics; and,
filially, that some factors in the metal market were
disposed to discourage
orders at this time, hoping thereby to secure better
WHAT ADVERTISING MEDIUMS BRING
prices later on.
BEST
I want to say quite frankly that I do not believe
that is the procedure by
RESULTS.
which to bring about a quick and permanent restorati
on of good times. The
strike of buyers, the unwillingness of a great mass of
Speaking before the New York State Bankers' conven
the people to go into the
tion
markets and make purchases, does not represent, and
must not be set down as at Lake Placid on Monday of the
present week, Arthur de
representing, a merely perverse state of the communi
ty mind. It represents
Bebian, Advertising and Publicity Director of the Equita
rather an adverse state of the community pocketbo
ok. You can generally
ble
count on your public to buy at least as freely as it can
afford to buy; and you Trust Company of New York, made the following interesting
can pretty safely assume that when as a whole your public
persists in wearing remarks on the above subject
its old clothe.; in putting a third pair of half-soles
:
on its old shoes, and in
The number of people who buy and read a publication determin
getting along without a large share of the things that
e the comwe commonly regard as mercial value
of the advertising space in that publication. Quality
luxuries, it is taking that attitude, not because it wants
of circuto hurt somebody lation and the location
of circulation are also factors of prime importance, but
else's feelings. not because it is animated by a desire to
make itself disagree- they are factors
which the advertiser must select according to his requireable, but Lecause it hasn't the money with which to buy the
things it wants. ments.
Then is no use telling me that the man who is too hard-up
to buy a new suit
The selection of the best and most suitable advertisi
at $25, is going to rush around to the shop and buy the
ng mediums becomes
same suit when he primarily a question
to be determined by the markets we wish to reach. Any
finds it has gone up to $35. That might be true of an
occasional individual organization about
to launch an advertising campaign, should, in my opinion,
with an income so big that the difference between $25
and $35 is rather aca- first determine its
most logical and profitable market, and then seek the
demic; but it is not true of whole communities, of the
meconsuming mass of diums best covering
that market. If we are, for instance, seeking business
people at a time when they have fallen more or less into
in
the habit of cutting Greater New York, or
in the Metropolitan District, the Metropolitan
the garment of expenditures in accordance with the cloth
dailies
of
should, in my opinion, claim at least two-thirds
My unalterable conviction on this point will perhaps income.
of our appropriations for
justify a word to space. If we are seeking
people who seen.1 to believe that the way to make good
national business, the better grade of general and
times again is to start banking magazines are
prices on the up-grade again. In my judgment, in
our
an era like the present, business for a bank doing logical mediums. I would not regard it as good
the way to restore good times and good business
a purely local business to advertise in a medium
is to cut out the wastes of whose circulation was
.scattered over the entire country. But should
production and distribution, to get profits down to
a bank
a basis of the utmost mod- be seeking new
connections of a national or international characte
eration consistent with safety, and to invite the
r there is
public into the market. That no medium more suitable
is the procedure by which we are going to get
than the better grade of financial or general
idle hands back to work, idle zine.
magacapital back to production, and striking buyers
back to buying.
In the general magazine field among publications
We are not going to restore a feeling of confiden
most frequently utilized
ce among the people by by banks and investme
presenting to them, day by day, news of wage
nt organizations, we find the cost per page of space
reductions in parallel column ranging from $1 69
to $4 86 per thousand of circulation.
with announcements of advancing prices. There
is no doubt that a good deal
In
the
newspaper field, taking
of wage adjustment is going to be necessary before
we will bring things back we find the cost per page ranging the New York City dailies, as an example,
to even an approximately normal basis. None
from $4 75 to $27 25 per thousand of circuthe less, we will not greatly lation.
improve the situation if we undertake to celebrate
the downward readjustment
Two-thirds of the important New York City newspapers,
of wages by announcing upward readjustment of
however, are under
prices. The best rule I know $6 per thousand
of circulation, and when we consider that the average display
to govern the broad kind of economic readjustment
that is required at this bank advertisement occupies
less than one-quarter page of space, we are purtime is the old law of supply and demand.
chasing adequate newspaper space at less than $1 50 per thousand
We cannot afford to forget that law. There have
. The rates
been some developments per thousand in Buffalo, Rocheste
lately which suggest, on the part of a few factors
r. Syracuse and Albany newspapers are
in the industrial situation. approximately the same.
the notion that the law of supply and demand
has been repealed, or at least
For the bank whose business is largely local, the local
suspended. I don't think it has been.
newspapers having
a concentrated circulation certainly appear to be the best
My attention was called not long ago to the
buy. Bill boards
case of a very considerable and car cards are excellent
mediums to round out a local campaign, for their
manufacturing concern which requires constant
supplies of certain basic ma- circulation is concentrated
terials. This manufacturing concern found
and they offer excellent display possibilities.
that the dominating interests in
I intend to dwell particularly upon the importance of follow-u
the market from which it was accustomed to
p work and
buy its raw materials, were in- personal solicitation,
for I believe that banking institutions, as a rule, do not
disposed to quote prices for delivery for several
months in the future on the attach sufficient importance
to this work. Good follow-up work and personal
ground that they had already taken all the orders
they could fill within that solicitation are just as essential
in a well-rounded advertising campaign, as
period. Nevertheless, the manufacturing company
found that it could quite the publications you utilize and
easily go into the market and buy all its
the copy you prepare.
requirements of the same basic maThe
advertisi
ng of booklets on timely topics is usually productive of inquiterial, from subsidiaries of the big interests
, provided it would pay an in- ries in good volume, whether
published in magazines or newspapers.
crease over the current price. I am not impresse
d that this represents sound
I cite as a good example of this, the advertising recently
business policy, and I want to raise my modest
placed by my orvoice against it.
ganization describing a very timely booklet, entitled, "Currenc
y Inflation and




JUNE 24 1922.]

THE

CHRONICLE

Public Debts." by Professor Seligman, with a prefatory note by our President, Alvin W. Krech. In advertising this booklet we utilized only a moderate amount of space in magazines and newspapers. We secured not less
than 4,000 inquiries for this booklet from widely diversified sources and from
very high types of firms and individuals.
These inquiries were carefully classified and assigned to our branch offices
according to the territories in which they originated.
The inquiries were then sent to each branch add correspondent office manager with a form letter to be utilized as a follow-up. A second follow-up letter was subsequently forwarded.
Inquiries originating in our Main Office territory were turned over to our
New Business and Bond Department representatives.
I have found that our Bond Department offers one of the best means of establishing contact with a prospect.
Probably the best way of illustrating this fact is through the citation of a
specific instance.
The prospect requested a copy of our booklet, "Currency Inflation and Public Debts," which was duly forwarded to him. About one week later he received from us a copy of our General Service booklet, outlining in a way easily comprehended by the layman, the many helpful services of a trust company.
The introductory paragraph of this booklet reads as follows:
"Many bank depositors both individuals and business firms fail to get the
most out of their banking connections because of their unfamiliarity with
banking services and terms. This booklet has been prepared to help you understand the various forms of trust company service in terms of your own
business and private affairs.
"We want you to look upon us not just as a big bank, but as a friend, sincerely interested in your success. We can help you develop your business, invest your savings safely and profitably, build your estate, relieve you of the
care of its management and, finally, take upon our shoulders the protection
of your estate for the benefit of your family.
"Our service is a very human thing. It lies beyond the teller's or loan
clerk's window—in the friendship and knowledge and experience of our officers; and their capacity and desire to help you will be limited only by the
extent to which you take them into your confidence."
Each important function of our bank is described in this booklet in a brief
and non-technical way.
This man read our booklet with interest, and later, when a representative
of our Bond Department called upon the man he was in a receptive mood, and
on the second call purchased $12,000 worth of bonds, not long afterward lie
himself suggested that we take care of his securities and mortgages under the
terms of our safekeeping service.
Recently this man opened a substantial account with us which he intends
to build up as a fund for the erection of a new building to house his business.
This instance shows the important part played by the follow-up work, and
it also illustrates well the importance of advertising some specific service to
attract the interest of the reader.

2791

The board declared the regular quarterly dividend of
5%, payable July -1 to stockholders of record June 22 1922.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
127 shares of National Bank of Commerce stock were
sold at the Stock Exchange and eight shares of Bryant Park
Bank stock were sold at auction this week. No sales of
trust company stock were made either at the Stock Exchange or at auction.
Stock Exchange.
Low. High. Close. Last previous sale.
Shares. Bank.
127 National Bank of Commerce__ 264 2643i 264i June 1922— 264
Auction.
150 150
150
8 Bryant Park Bank
Oct. 1917— 155

At a meeting of the Trustees of the New York Life Insurance & Trust Co. of. this city, and the Directors of the Bank
of New York, of this city, two of the oldest financial institutions in the United States, on June 19, the proposal to
merge these two institutions as the'Bank of New York &
Trust Co. was approved. A meeting of the stockholders
of the New York Life Insurance & Trust will be held on
Sept. 7 and a meeting of the stockholders of the Bank or
New York will be held on July 24 to ratify the plan. The
new institution will have a capital of $4,0000,000 surplus,
and undivided profits of approximately $12,000,000 and net
deposits in excess of $50,000,000. Edwin G. Merrill,
President of the New York Life Insurance & Trust Co., will
be President of the consolidated company, while Herbert
L. Griggs, President of the Bank of New York, will become
Chairman of the Board of Trustees. The Board of the.
Bank of New York & Trust Co. will consist of thirty members, with virtually all the present Trustees and Directors
of the two institutions to be included on the new Board..
The Bank of New York has $2,000,000 of Capital stock
outstanding, while that of the New York Life Insurance &
Trust amounts to $1,000,000. Under the terms of the
merger each institution is to declare a $50,000 stock dividend, the shareholders of the Bank of New York receiving
one and one-quarter shares of stock of the new company
for each share now held—a total of $2,500,000; the shareholders of the New York Life Insurance & Trust receiving
one and one-half shares of the consolidated company for
each share now held—a total of $1,500,000. The Bank
of New York is the oldest bank in New York City. It was
organized in 1784 by Alexander Hamilton, first Secretary
of the Treasury of the United States. It was founded as
a State bank, but in 1865 after the close of the Civil War,
it was converted into a National bank. The New York
Life Insurance & Trust was organized under special charter
in 1830 and was the first financial institution in this country
to start business with "trust company" as a part of its title.
The Trustees of the New York Life Insurance & Trust
Co. on June 20 declared a special dividend of $1 75 a
share covering the period from June 10, on which the semiannual dividend was paid, to July 1. This dividend will
he payable July 1 to holders of record June 29, and was de(dared in anticipation of the ratification of the merger
with the Bank of New York in order to make the dividend
dates of the two institutions the same.

A New York Stock Exchange membership was reported
posted for transfer for $100,000, the highest price in some
' Clarence E. Hunter of The New YorkiTrust Co. of this
time. Three other memberships were also reported posted city, has been elected an Assistant Treasurer of the company.
at $95,000 for one and $97,000 each for the other two.
At a meeting of the Executive Committee of the MetroIt was announced on June 21 that the Liberty Industrial politan Trust Co. of this city on June 16;JohniF. O'Meara
Corporation, all the common stock of which is owned by
was appointed an Assistant Secretary and Charles H.
the New York Trust Co., is to be liquidated. Notification Caldwell an Assistant Treasurer. Mr. O'Meara has been
that the $1,000,000 of preferred stock outstanding has been the personal secretary and assistant of GeneraliSamuel
called for redemption on July 1 at 105 and accrued dividend McRoberts, the President of the company, for some"years,
has been mailed to all preferred stockholders. The an- and Mr. Caldwell was promoted from the position of Chief
nouncement of the New York Trust Co. says:
Clerk.
The business of the corporation,as such, will be wound up in due course
and distribution of the remaining surplus made to the common stockholder.
Tho activities of the Liberty Industrial Corporation will not be discontinued,
but will be carried on by the industrial department of the New York Trust
Co., which will take over the work on hand as well as the staff and equipment of the present organization.
The Liberty Industrial Corporation was formed by a consolidation of
the Liberty Securities Corporation, formerly owned by the stockholders of
the Liberty National Bank and the industrial department of the bank, and
succeeded to the combined business of the former corporation and the industrial department at the time of the merger of the Liberty National Bank
and the New York Trust Co. on April 11921.
The corporation has been prosperous since its formation, having paid
8% dividends regularly on the preferred stock in addition to which it has
shown substantial earnings applicable to dividends on the common stock.
The corporation will be liquidated only because all the activities of the
corporation may be carried on as well by the New York Trust Co. itself
as by a subsidiary and a separate form of corporation organization is found
to be no longer necessary. The corporation has directed or participated
in many important reorganizations and is active in the field of industrial
investigations and reports.

The board of directors of the Bankers Trust Co. authorized on June 19 an increase in its surplus fund of $3,750,000
by a transfer of a like amount from undivided profits account.
The statement of the Bankers Trust Co., after this increase
in surplus and provision for the July quarterly dividend of
$1,000,000 has been made, will show as follows:
Capital -------------------------------------------------S20,000,000
Surplus fund-------------------------------------------- 15,000,000
Undivided profits---------------------------------------- 9,000 1)00
•




The directors of the Hanover National Bank of this city
have declared a quarterly dividendof 6% on new $5;000,000
capital, payable July 1 to stock of record June 21. This
compares with regular 8% quarterly dividend paid on old
capital of $3,000,000. Present distributionikwould be
equivalent to 10% on former capital. The recent increase
in the capital of the Hanover National was referred to in
our issues of May 6 and June 10.
A special meeting of the stockholdersjof the Mechanics
& Metals National Bank of this city will be held on July 20,
to vote upon the question of ratifying an agreement entered
into between the directors)of the Mechanics & Metals
National Bank and the directors;of the Lincoln National
Bank for the consolidation of these institutions. As stated
in our issue of Feb. 18,interests identified with the Mechanics
& Metals acquired controlling interest in the Lincoln Trust.
Co. on Feb. 17.
At a meeting of the stockholders of the Lincoln National
on June 19, the proposal to convert the institution from the
Lincoln Trust to the Lincoln National was ratified. Reference to the conversion appeared in our issue of June 10.

2792

THE CHRONICLE

The board of trustees of the United States Trust Co. of
New York has decided to pay the regular dividends of the
company at quarterly periods instead of semi-annual,• following the semi-annual dividend payable July 1 1922. In
this way the first quarterly payment will be made on Oct. 2
1922.

[VOL. 114.

timore has a capital of $4,000,000, with surplus and undivided profits of $2,311,477. With the addition of the approximately $3,000,000 of deposits of the Second National
Bank, the institution will have total deposits of about $45,000,000. Thomas Hildt is President. A special meeting of
the stockholders of the Second National Bank has been
called for July 24 to consider and approve the sale and liquiAt a meeting of the board of trustees of the Dollar Savings dation of
the institution.
Bank of the City of New York on June 2, William M. Kern,
heretofore Controller, was made First Vice-President.
The new home of the Citizens Union Nat. Bk. of LouisHowell T. Manson, Treasurer, was elected Controller, and
Joseph B. Hare, a trustee of the institution since 1914, was ville was formally opened on Monday, May 29. The public
was invited to personally conducted inspection tours throughelected Treasurer.
out the new building from 9 o'clock in the morning until 9
o-clock at night, and the handsome structure. was thronged
Julian W. Potter, Vice-President of the Italian Discount with
visitors. Hundreds of largo baskets of flowers came
& Trust Co., has had tho Order of the Cavaliere of the
from out of town and local financial institutions and from
Crown of Italy conferred upon him by the Italian Governold friends of the Citizens Union. There was only one hour
ment.
of set program. It was given over to what bank officials term:
"Dedication anew of the Citizens Union to the industrial
At special meetings of the stockholders of the Peoples
and commercial progress of the community." The First
Trust Co. and the Homestead Bank of Brooklyn, hold on
Vice-President, John R. Downing, presided in the absence,
.Friday, Juno 16, the proposed acquisition of the latter instibecause of illness in the family, of Jefferson D. Stewart, the
tution by the former was ratified, and on Monday, June 19,
President. Following Mr. Downing's address the Right
the Homestead Bank opened for business as the Homestead
Reverend Chas. E. Woodcock, Bishop of Louisville, delivBranch of the Peoples Trust Co., making the eighth branch
ered the invocation, which was followed by a spe3ch made by
of that institution. Effective Juno 16, the capital of the
the Mayor of the City, Huston Quin. The exercise conPeoples Trust Co. was increased from $1,500,000 to $1,cluded with a presentation of gold coins to the citizens of
600,000. The directors of the Peoples Trust Co. have deLouisville whose birthdays were simultaneous with the banks,
clared a quarterly dividend of 5%, payable June 30 to stockwhich were merged into the making of the Citizens Union.
holders of record Juno 29. This rate will place the stock of
A few weeks before the opening:; a large advertisement
the institution on a 20% per annum basis.
appeared in the four Louisville daily papers asking for
names and addresses of persons born on Dep. 11 1863,
• At a meeting of the board of directors of the City Bank &
when the Citizens Bank came into existence; on Oct. 2 1889,
Trust Co. of Hartford, Conn., on June 14, former Mayor
when the Union National first opened its doors and on
Frank A. Hagarty, of Hartford, was elected Vice-President
January 1 1919, when these two banks became the Citizens
and General Counsel of the bank. He will have charge
of Union. Only one citizen was found who was born simulits trust department, a new office created by the board
of taneously with the Citizens Bank and only three who saw
directors.
the light of day upon the occasion of the Union National
The Federal Reserve Board, in its weekly announcement entering the banking field.
The out-of-town visitors included Staughton B. Lynd,
of June 16 regarding the admission of new members,
states now President
of the Industrial Bank of Now York; who
that the Provident Life & Trust Co. of Philadelphia has
been
reorganized and its banking and trust company business served the Citizens Bank from. messenger to president,
transferred to a new corporation named the Provident Trust over a period of more than a third of a century before going
to New York City to become President of the Industrial
Co. of Philadelphia, which company has been admitted
to Bank.
Mr. Lynd is still a director of the Citizens Union.
membership in the Reserve System.
Another director with an enviable history who was present,
was H. Clifton Rodes, who served from messenger to presiNegotiations looking towards the absorption by the
Mer- dent
of the Citizens Bank and is still a director of the Citizens
chants' National Bank of Baltimore of the business and
as- Union.
James Ross Todd, who at 21 succeeded his father
sets of the Second National Bank of that city were
ratified in 1894 as a
director, was chairman of one of the reception
by the directors of both institutions on June 19. The deal
will committees. Mr.
Todd's father became a director of the
be consummated on July 1 1922, when the Merchant
s' National Bank of Baltimore will take possession of the build- old Citizens in 1870. Several officers whose connections
ing and business of the Second National Bank at the corner with the Citizens or with the Union National date back
of Broadway and Eastern Avenue and begin the liquidation many years, were in attendance. These included President
of the institution. In its liquidation an agent will be named Stewart; Second Vice-President W. R. Cobb, Cashier
by the Second National Bank to act in conjunction with the Joseph M. Zahner, Comptroller J. H. Mershon and Assistant Cashiers E. T. Meriwether, Webster Moore and E.
Merchants' National Bank of Baltimore. Under the plan
of
acquisition it is estimated the stockholders of the Second B. Danmont.
The Fidelity and Columbia Trust Company of Louisville,
National Bank will receive at least $350 per share for their
affiliated with the Citizens Union National Bank for the
stock, the par value of which is $100. The business
of the last three years under a
joint stock ownership, and which
Second National Bank, as far as the public is concerne
d, now occupies the Columbia Building
at 4th and Main Streets,
will be carried on in practically the same manner as
before will move to the new home
of the Citizens Union about
its acquisition. Daniel J. Emich, heretofore a Vice-Pres
i- October 1, after the quarters just
vacated by the Citizens
dent of the Second National Bank and its active manager
,
will become a Vice-President of the Merchants' National Union are remodeled to conform with the new quarters,
Bank of Baltimore, and all the employees will be retained giving to the two institutions on the first floor of the Inter.
When the liquidation of the assets has been accomplished, Southern Building at 5th and Jefferson Streets a space of
the Merchants' National Bank will establish an "Office" in 49,191 square feet. The Fidelity and Columbia Trust
the Second National Bank building, and Mr. Emich will con- Company has a capital of $2,000,000, a surplus of $1,000,000
tinue in charge as before. The Second National Bank was and resources in excess of $8,000,000. The trust estates
founded in 1832 and has been controlled since that time by managed by the Fidelity and Columbia now total, it is
the Homer family of Baltimore. Francis T. Homer was stated, in excess of $60,000,000. The Citizens Union
elected President (upon the death of his brother, Charles C. National Bank has $1,000,000 capital, $2,000,000 surplus
Homer, Jr.) on March 20 last, but as he resides in New and undivided profits and resources of $26,000,000. The
holders of the Trustees' Participation Certificates, coverYork/he has been obliged to leave the active management of ing
the stock of the Fidelity and Columbia Trust Company,
the bank largely to Mr. Emich. Shortly after the death of
and the Citizens Union National Bank, own in addition,
Charles 0. Homer, Jr., Willldm E. Wagner, a Vice-President
the Citizens Union Fourth Street Bank, which opened
at that time of the bank and its active manager for several
August 9 1919, with a capital of $100,000 and a surplus of
years, died also, and with the loss of these two directing offi$50,000 and which to-day has resources in excess of $3,cials and the new President unable to give the institution 000,000,
and also owns the Louisville Joint Stook 'Land
his full attention, the directors decided to liquidate. The
Bank, operated under the Federal Farm Lean Act, making
capital of the bank is $500,000, with surplus and undivided long-ter
m loans on the amortization plan on farm property.
profits of $1,515,559. The Merchants' National Bank of Bal- 'Me Louisvill
e Joint Stock Land Bank has offices in the new




JUNE 24 1922.]

THE CHRONICLE

2793

while the lack of movement in Eastern trade as an adverse factor to silver
has been to a large extent negatived.

building of the Citizens Union National Bank. The Citizens
Union Fourth Street Bank has a permanent location in
CURRENCY RETURNS.
INDIAN'
the heart of the retail district on Fourth Avenue near GuthIn Lacs of RupeesMay 15.
May 22.
May 31..
Notes in circulation
rie Street.
17106
17139
17239
Silver coin and bullion in India
7609
'8
7706
The now home of the Citizens Union National Bank, Silver coin and bullion
out of India------- --Gold coin and bullion in India
2432
2432
2432
and which is to be occupied jointly with the Fidelity and Gold coin and bullion out of India
Securities (Indian Government)
6509
i8irr
is815
Columbia Trust Company as soon as the adjoining vacated Securities
(British Government)
585
585
584
quarters are remodeled, is acknowledged to be one of the
The silver coinage during the week ending 31st ult. amounted to 5 lacs
handsomest banking rooms in the South or Middlewest.
of rupees. The stock in Shanghai on the 6th inst. consisted of about
---,,--25,600,000 ounces in sycee, and 827,000,000, as compared with 26,20 ,000
ounces In sycee,$29,500,000 and 120 silver bars on the 27th ult. ReinforceR. S. Hecht, President of the Hibernia Securities Co., ments of over two and three-quarter million ounces have been
shipped from
Inc., announces that the vacancy caused by the death of San Francisco to the Far East. the Shanghai exchange is quoted at 3s.6d
the
tael.
filled
by
was
the promotion
Vice-President P. H. Wilkinson
-Bar Silver per or. std.- Bar Gold
QuotationsTwo Months. per or. fine..
Cash.
of Alvin P. Howard, heretofore Treasury of the company, June
2
36%d.
36%d.
v2s. lid.
Mr.
Howard
-Presidency.
joined
the
staff
June 3
to the first Vice
35%d.
35%d.
June
6
35%d.
92s.
35Hd.
Id..
of the Hibernia Bank & Trust Co. when the New Orleans June 7
3531cl.
91s. 6d.355
%d.
8
91s. 6d..
35%d.
35%d.
National Bank was consolidated with it about three years June
Average
35.758.
92s. Od.
35.7d.
ago and has since that time served as Vice-President of the
The silver quotations to-day for cash and forward delivery are respec
executive
committee; when the tively %d. and %d. below those fixed a week ago.
bank and as a member of its
Hibernia Securities Co. was organized, he also became
Treasurer of that company. He will hereafter devote most of
ENGLISH FINANCIAL MARKETS----PER CABLE.
his time to the management of the Hibernia Securities Co.
The daily closing quotations for securities, &e.,at London,
but he will continue to serve as one of the vice-presidents as reported by cable, have been as follows the past week:
and member of the executive committee of the Hibernia
, London,
Sat.,
1Ved.
Mon. Tees.
Thurs. Fri.,
Week ending June 23.
June. 17.June 18. Jun3 20. June 21. June 22. June 23.
Bank. Joseph J. Farrell, who has been connected with
Sliver,
per
oz
3531
3531
d 30
3631
3631
3531
the Hibernia Securities Co. since its organization, and Geld, per fine ounce
92s. 3d. 93s. 6d. 94s. 5d. 93s. 3d. 93s. 34. 938. 44.
before that was connected with the bond department of the Consols, 231 per cents
563(
5631
5631
5631
5631
5631
100
9931
9931
9931
Hibernia Bank for many years, has been elected Treasurer British,5 per cents
9931
9934
British,
434
per
cents
9434
9434
0434
9431
9434
of the Securities Co. to succeed Mr. Howard. George H. French Rentes Paris)_fr_ 95
57.60
57.40
57.70
57.55
57.45
37.75
Nuslich, heretofore sales manager, and J. Albert Baudean, French War Loan (in
fr.. 77.25
77.5
77.15
77
76.85
76.90
until recently assistant sales manager of the Securities Co., Paris)
The price of silver in New York on the same day has been:
have been promoted to the assistant treasuryship and
Silverin N.Y., per oz.(eta.):
assistant secretaryship, respectively. Willis G. Wilmot has
Domestic
99%
99%
99%
99%
99%
9931
Foreign
also been elected an assistant secretary and will have charge of
71
7034
70%
7031
7031
7034
department.
paper
the commercial
COURSE OF BANK CLEARINGS.
Announcement was made on June 6 of the election of
Bank clearings again show a very satisfactory increase
Johp R. Lamb, Assistant General Manager of The Bank of over a year ago. Preliminary figures compiled by us, based
Toronto, of Toronto, Canada, as General Manager to suc- upon telegraphic advices from the chief cities of the country, •
ceed Thos. F. How, who retires from this position on July indicate that for the week ending Saturday, June 24, aggre1 after 46 years of service with the bank. H. B. Henwood, gate bank clearings for all the cities in the United States from
Manager of the Montreal branch, will succeed Mr. Lamb as which it is possible to obtain weekly returns will show an
Assistant General Manager. Mr. How entered the service picrease of 19.9% over the corresponding week last year.
of the Bank of Toronto in 1876. He was Manager of the The total stands at $7,651,709,316, against $6,379,991,060
Montreal Branch from 1894 to 1911 and came to Toronto for the same week in 1921. This is the fourteenth
successive
in the latter year to become General Manager. Mr. How week in which our weekly aggregates have shown an
improvewill continue to serve the bank on its board of directors to ment as contrasted with last year. Our
comparative sumwhich he was recently elected.
mary for the week is as follows:
-

Norman S. Stenning has been appointed agent at New
York of the Anglo-South American Bank, Ltd. Mr.
Stenning served the bank in South America for eight years,
four in Argentina and four in Peru. He has been associated
with the Anglo-South American Bank for nearly 20 years.
T. C. Harding, who has previously represented the bank
here, left for its Head Office last week.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 8 1922:

Clearings-Returns by Telegraph.
Week ending June 24.

1922.

1921.

Per
Cent.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

53,694.300.000
452,991,807
359,000,000
322,000,000
113,391,132
a
110,200,000
*109,000,000
140,848,704
64,258,262
44,997,531

$2,964,162,000
394,825,231
327,156,237
226,478,063
114,617,120
a
100,000,000
110,000,000
75,599,867
53,621,347
42,060,667

+24.6
+14.7
+9.7
+42.2
-1.1
a
+10.2
-0.9
+88.2
+19.8
+6.9

Ten cities, five days
Other cities, five days

88,410,987,436
965,436,994

84,408,520,532
908,138,685

+22.9
+6.3

Total all cities, five days
All cities, one day

86,376,424,430
1,275,234,886

$5,318,659,217 +19.9
1,063,331,843 +19.9
GOLD.
Total all cities for week
$7,651.709,316
$6379.991.060 +19.9
gold
reserve
England
of
against
Bank
its note issue is £127,060,935,
The
*. Estimated. a Refuses to furnish clearings.
as compared with £127,058,465 last woek. The price of gold yesterday and
to-daY-91s. Od.-is the lowest fixed for expot table gold since dealings in
Complete and exact details for the week covered by the
(Septemoer
resumed
1919), and includes a premium of only,
such gold were
foregoing will appear in our issue of next week. We cannot
of
Bank
pre-war
England
the
over
buying
77
/
5d.
price. Tho easement of
demand from India together with the firmness of the exchange with the furnish them to-day, inasmuch as the week ends on Satururiltz
. R.
United States has achieved this rsos
day and the Saturday figures will not be available until

For months past Chinese internal politics have been really the dominating
factor in the price of silver. The political contest for supremacy in the
State-more or less manifest since the collapse of tho Manchu Imperial
regime-has perhaps lose effect upon silver than have the changing seasons,
but actual operations of war-especially near the seat of governmentunsettle public confidence and injure the prospects of trade. The apparent
success of General Wu in the political arena as well as In that of war offers
some hope of a stable government; this desirable event, in course of time,
would reduce the tendency to hoard silver, for the Chinese is not a hoarder
by nature, and also remove hindrances to the movements of crops. The
news has already induced some Chinese speculators in exchange to reverse
tin( ir operations and to sell silver in this market; hence the fairly sharp
descent of &ices early in the week. The market has a somewhat uncertain
tendency owing to conflicting orders from China often receiNed on the same
day. The Indian Bazaars are only nibbling. America is holding off supplies and the Continent is but a poor seller. The Now York correspondent
of the "Times" cabled yesterday that silver to the value of $2,000,000 had
arrived from Antwerp. The large net imports of silver into India in 1921
(55,631,210 ounces) and into China this year, to which attention was
drawn last week, aro evidence of a reaction from the events of preceding
years. Hence it is not surprising if the price of silver remains for a while
at a level that, viewed from other points, might seem too high. Moan-




noon
to-day, while we go to press late Friday night. Accordingly
in the above the last day of the week has in all cases had to
be estimated. •
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous-the week ending June 17. For
that week the increase is 11%, the 1922 aggregate of the
clearings being $7,994,930,594 and the 1921 aggregate
$7,201,565,708. Outside of this city, however, the increase
is only 7.2%, the bank exchanges at this centre having
recorded a gain of 13.7%. We group the cities now according to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
the increase is 10.5%, in the New York Reserve District
(including this city) 13.7%, in the Richmond Reserve District 10% and in the Atlanta Reserve District 10.1%.
The Chicago Reserve District makes the best showing of

2794

THE CHRONICLE

all with a gain of 18.1%. On the other hand, in the Philadelphia Reserve District the increase is very small, namely
0.8%, while the Kansas City Reserve District has a decrease of 1.7% and the Cleveland Reserve District a decrease
of 4.6%. The Minneapolis Reserve District shows a falling
'off of 8.8%. The St. Louis Reserve District has a gain of
4.9%, the Dallas Reserve District a gain of 3.2% and the
San Francisco Reserve District a gain of 13.8%.
In the following we furnish a summary by Federal Reserve Districts:
SUMMARY OF BANK CLEARINGS.

Week ending June 17.

1922.

1921.

Inc.or
Dec.

1920.

1919.

Federal Reserve Districts
(1st) Boston
10 citie 356,016,337 322,059,101 +lox 460,180,563 432,181,226
(2nd) New York
9 " 4,851,189,998 4;267,248,598 +13.7 5,216,192,451 5,155,588,838
(3rd) Philadelphia
9 "
488,491,627 484,427,442 +0.8 597,626,580 512,337,462
(4th) Cleveland
9 "
339,375,742 355,744,815 -4.6 493,179,563 429,300554
(5th) Richmond
6 "
156,040,305 141,822,318 +10.0 196,216,644 176,474,426
12
(6th) Atlanta
152,484,644 138,453,813 +10.1 213,249,847 179,644,641
18 '.
(7th) Chicago
807,186,116 653,532,553 +18.1 926,607,447 807,762,435
(8th) St. Louis
7 "
59,754,360 56,945,479 +4.9 73,311,200 53,617,549
7
(9th) Minneapolis
112,369,004 123,225,178 -8.8 154,704,956 73,572,955
(10th) Kansas City
11 "
240,738,742 244,964,714 -1.7 367,176,891 335,342,979
(11th) Dallas
5 "
46,656,152 45,228,935 +3.2 72,591,389 62,285,879
(12th) San Francisco--15 "
384,627,567 337,912,762 +13.8 410,174,759 310,040,056
..

..

Grand total
118 citi
Outside New York City
Canada

7,994,930,594 7,201,565,708 +11.0 9,181,215,290 8,528,149,000
3,211,377,761 2,994,671,365 +7.2 4,042,958,438 3,434,852,384

28 citie

299,990,365 352,190,126 -14.8 399,031,218 334,018,862

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending June 17.

Clearings:at
1922.
First Federal
Me.-Bangor___ _
Portland
Mass.-Boeton _ _
, Fall River_ _ _ _
Holyoke
Lowell
Lynn
I New Bedford.._
Springfield _ _
r Worcester
Conn.-Hartford.
kNew Haven.._ _
R.I.-Providence
Total(10 cities)

1921.

inc. or
Dec.

$
$
%
Reserve Dist net-Boston
787,546
922,711 -14.6
3,170,509
2,500,000 +26.8
322,000,000 293,006,313 +9.9
2,089,963
1,516,765 +37.8
a
a
a
1,199,413
1,302,716 -7.9
a
a
a
1,686,360
1,734,377 -2.8
5,305,587
4,107,897 +29.2
4,188,000
3,516,000 +19.1
9,806,110
8,153,713 +20.3
5,782,849
5,298,609 +9.1
a
a
a
356,016,337

322,059,101 +10.5

1920.

1919.

8

6

895,597
2,800,000
423,923.217
2,503,365
a
1,630,750
a
2,440,319
5,540,438
4,966,034
9,729,973
5,750,870
a

727,239
2,700,000
402,914,999
2,178,927
a
1,075,562
a
1,674,634
3,815,335
3,837437
7,820,932
5,436,161
a

460,180,563

432,181,226

Second 'Feder al Reserve D istrict-New York5,173,197
N. Y.-Albany.._
3,253,906 +59.0
4,744,034
4,536,780
f1,028,242
Binghamton _
927,420 4-10.9
1,406,400
961,600
Buffalo
e41,670,723
38,337,004 +8.7
53,163,592
41,067,360
Elmira
662,136 Not included in total
Jamestown.._ _ _
d1,172,128
990,760 +18.3
New York..
1,783,552,833 4,206,894,343 +13.7 5,138,256,852 5,093,296,616
Rochester
10,337,783
9,381,283 +10.2
13,158,103
10,581,867
4,241,820
Syracuse
3,881,905 +9.3
4,600,000
4,700,000
d3,158,222
Conn.-Stamford
2,781,822 +13.5
855,050
N. J.-Montclah
800,155 +6.9
863,470
444,615
Total(9 cities). i,851,189,99: 4,267,248,598 +13.7 5,216,192,451 5,155,588,838
- Third Federal Reserve Dist rict-Philad elphia1,174,989
970,474 +21.1
Pa.-Altoona _ _ _
1,235,550
3,178,27.
2,510,808 +26.7
Bethlehem
3,726,388
a
a
a
a
Chester
2,236,534 +26.7
2,833,270
Lancaster
3.000,000
Philadelphia _ _ 466,000,000 462,946,646 +0.7 570,644,360
2,481,203 +20.9
3,001,276
Reading
3,351,301
d4,567,121
5,376,347 -15.1
Scranton
5,927,504
Wilkes-Barro_ _
2,763,095 -0.9
e2,738,409
3,109,898
1,374,721 -10.8
1,226,462
1,770,174
York
3,767,614 +0.1
3,771,824
4,861,405
N.J.-Trenton _ _
a
a
a
a
Del.-Wilmingtor
484,427,442

+0.8

1,047,655
a
2,400,000
494,227,948
2,413,782
4,644,139
2,838,483
1,276,195
3,489,260
a

597,620,580

512,337,462

Fourth Feder il Reserve D istrict--Clev eland-5,779,000 -2.7
13,335,000
e5,625,000
Ohio-Akron- _ _ _
4,503,798 +0.3
6,700,345
Canton
4,519,233
Cincinnati _ _ _ _
61,623,858 +1.1
62,329,605
81,270,642
Cleveland
e98,407,080 102,276,179 -3.8 173,218,686
Columbus
14,447,400
14,200,700 +1.7
15,401,400
a
a
a
Dayton
a
708,251
825,000 -14.2
Lima
952,993
Mansfield
c
c
C
c
_
Springfield_
a
a
a
a
a
a
a
Toledo
a
Youngstown _ _
c4,117,793
3,528,601 +16.7
'4,594,461
a
a
a
a
Pa -Erie
c
C
c
c
Greensburg
b143,272,725 158,312,403 -9.5 191,729,662
bPittsburgh
W.Va.-Whe'ling
5,948,656
4,695,276 +26.7
5,976,374

10,589,000
4.330,947
65,792,863
138,213,432
13,909,300
a
1,364,951
c
a
a
4,017,027
a
c
185,159,801
5,943,233

Total(9 cities)-

Total(9 cities)_

488,491,627

-4.6

493,179,563

429,300,551

Fifth Federal Reserve Dist rict-Richm ond2,149,876
1,990,422 +8.0
W.Va.-Hunt'n_
_
e7,507,139
Va.-Norfolk
6,922,485 +8.4
Richmond _ _ _ _
38,352,069 +18.1
45,310,581
e2,963,774
2,528,783 +17.2
B .C.-Charleston
Md.-Baltimore
78,104,817
73,489,980 +6.3
18,538,579 +7.9
D.c.-Wash'g'n.
20,004,118

1,872,832
10,374,341
59,035,080
5,000,000
100,529,383
19,405,008

10,760,961
56,652,416
2,800,000
87,195.952
19,065,097

141,822,318 +10.0

196,216,644

176,474,426

Sixth Federal Reserve Dist rict-Atlant aTenn.-ChatVga.
e5,688,854
4,876,998 +16.6
Knoxville
2,473,379
2,813,431 -12.1
Nashville
17,456,032
17,099,221 +2.1
_
40,833,485
40,143,713 +1.7
(]a.-Atlanta
1,510,678 +45.5
2,197,417
Augusta
Macon
*1,000,000 +15.3
1,152,740
a
a
a
Savannah
Fla-Jacksonv111(
10,803,106
10,091,233 +7.1
Ala.-Birming'm.
19,799,615 +9.1
21,605,290
1,875,987
1,471,793 +27.5
Mobile
698,961 +59.8
1,117,637
Mtss.-Jackson_
237,511 +43.4
340,556
Vicksburg
38,710,659 +21.3
46,490,361
La.-NewOrleans

10,061,428
3,566,375
24,107,536
66,592,136
3,700,131
*1,800,000
a
13,243,613
19,320,451
2,779,374
598,128
320,054
67,160,621

6,534,752
2,686,107
13,654,453
61,962,825
4,025,584
1,530,000
a
8,939,885
14,054,443
2,133,021
442,905
374,437
63,306,229

213,249,847

179,644,61.1

Total(6 cities)-

Total(12 cities)

339,375,742

156,040,305

152,484,644




355,744,815

138,453,813 +10.1

[VOL. 114.
Week ending June 17.

Clearings at
1922.

1921.

Inc. or
Dec.

1920.

$
$
%
$
Seventh Fede'al Reserve D !strict -Chi cagoMich.-Adrian _ .
212,735
180,000 +18.2
262,414
Ann Arbor _ _ _ .
c
c
c
c
Detroit
117,464,924 100,000,000 +17.5 168,022,174
Grand Rapids
6,859,097
6,523,154 +5.1
7,788,093
Lansing
2,225,000
1,769,000 +25.8
2,069,535
Ind.-Ft. Wayn 3
2,073,960
1,777,976 +16.6
2,103,223
Indianapolis.._ . e19,100,000
15,687,000 +21.8
19,522,000
South Bend.._
2,238,300
2,400,000 -6.7
2,100,000
Wis.-Milwauke
32,575,844
30,044,228 +8.4
36,250,957
Ia.-CedarRapid
2,164,907
2,030,801
+6.6
2,639,866
Des Moines.._ .
9,703,579
7,515,341 +29.1
12,472,824
Sioux City_ _ _ .
6,051,198
5,562,241 +8.8
10,104,785
Waterloo
1,300,000
1,245,749 +4.4
2,077,301
Ill.-13loomingto I
1,209,654
1,320,081 -8.4
2,182,200
Chicago
594,210,994 498,434,900 +19.2 646,757,755
Danville
a
a
a
a
Decatur
•
1,270,164
1,057,294 +19.0
1,459,745
Peoria
4,156,680
3,517,478 +18.2
5,500,000
Rockford
•
1,996,873
2,020,430 -1.5
2,599,958
Springfield_
•
2,372,207
2,430,880 -2.4
2,694,527
Total(18 cities
807,186,116 683,532,553 +18.1
Eighth Feder 1Reserve Dis trict-St. Lo uisInd.-Evansville
e4,456,320
4,167,884 +6.9
Mo.-St. Louis_
a
a
a
Ky.-Louisville
27,874,697
26,569,323 +4.9
_
_
Owensboro __
354,189
364,448 -2.8
Tenn.- Memphi 1
16,523,391
15,172,754 +8.9
Ark.-LittleRoc
8,822,364
9,069,014 -2.7
Ill.-Jacksonville
336,270
303,373 +10.8
Quincy
1,387,129
1,298,683 +6,8

1919.
$
98,874
c
118,726,281
5,592,877
1,326,375
1,618,546
15,439,000
1,800,000
33,599,397
2,545,206
11,085,968
10,311,537
1,812,640
1,519,098
592,232,965
a
1,225,954
4,527,812
2,050,269
2,249,636

926,607,447

807,762,435

4,840,869
a
31,169,438
429,137
22,646,752
12,129,828
522,081
1,573,095

4,677,273
a
17,481,702
937,924
19,666,773
8,960,806
519,604
1,373,467

Total(7 cities) •
59,754,360
56,945,479 +4.9
73,311,200
Ninth Fedora I Reserve Dis trict-Minn caponsMinn.-Duluth_ .
e6,100,052
7,324,435 -16.7
9,480,222
Minneapolis.._ .
66,260,088
69,090,878 -4.1
89,281,050
St. Paul
32,677,481
39,702,681 -17.7
48,707,306
No. Dak.-Farg 3
2,261,658
1,918,132 +17.9
2,600,000
S.D.-Aberdeen .
1,417,620
1,250,803 +13.3
1,632,089
571,976
Mont.-Billings .
715,532 -20.1
1,136,035
.
3,079,829
Helena
3,222,717 -4.1
1,808,254

53,617,549
7,961,857
37,356,602
20,418,064
3,068,412
1,701,404
1,197,778
1,868,838

Total(7 cities) . 112,369,004 123,225,178 -8.8 154,704,956
Tenth FederalI Reserve Dis trict- Kans as CityNeb.-Fremont._
e413,211
697,408 -40.7
757,732
Hastings
572,105
511,573 +11.8
675,716
Lincoln
4,408,486
3,201,994 +37.7
5,537,664
Omaha
41,439,527
39,515,968 +4.9
59,070,084
Kan.-Topeka
e2,697,875
2,889,425 -8.6
3,037,138
Wichita
e11,110,762
11,210,079 -0.9
14,028,722
Mo.-Kan. City_ 137,759,543 144,758,293 -4.8 247,374,376
St. Joseph_ _ _ _
a
a
a
a
a
Okla.-Muskogee
a
a
a
e21,368,933
Okla. City..
23,194,058 -7.9
13,402,421
a
Tulsa
a
a
a
1,184,045
Colo.-Col. Spgs.
990,292 +19.6
1,092,298
18,958,866
Denver 17,360,039 +9.2
21,032,166
f825,389
Pueblo
635,585 +29.9
1,138,596

73,572,955

Total(11 cities) 240,738,742 244,964,714 -1.7
Eleventh Fade al Reserve D istrict-Dall as1,680,564
Tex.-Austin_ _ _ _
1,305,827 +28.7
24,454,108
Dallas
22,746,533 +7.5
Fort Worth_ _ _ el0,047,000
10,782,836 -6.8
Galveston
6,388,300
6,682,888 -4.4
Houston
a
a
a
La.-Shreveport
4,086,182
3,711,051 +10.1
Total(5 cities)
46,656,152
45,228,935
Twelfth Fede al Reserve D istrict-San
Wash.-Seattle_
39,251,011
32,380,032
Spokane
a
a
a
Tacoma
a
Yakima
1,384,618
1,058,838
Ore -Portland.. _
33,988,829
34,291,997
Utah-S. L. City
12,496,111
12,097,652
a
Nev.-Reno
a
a
a
Ariz.-Phoenix_ _
e3,752,174
Cal.-Fresno.. _ _ _
3,257,180
Long Beach__ _
4,826,701
3,536,883
Los Angeles_ .._ 110,114,000
89,166,000
Oakland
14,148,306
10,270,547
Pasadena
4,225,647
3,566,040
e5,842,010
Sacramento
4,694.417
San Diego
3,090,995
3,021,327
San Francisco
140,100,000 134,000,000
San Jose
2,016,420
1,442,229
Santa Barbara_
998,845
760,520
e2,391,900
Stockton
4,371,100

730,064
623,094
4,891,998
58,670,109
3,291,409
12,625,196
223,763,758
a
a
10,115,481
a
1,009,780
18,911,471
710,619

367,176,891

335,342,979

1,300,000
37,374,169
22,110,640
6,483,054
a
5,326,526

2,800,000
33,081,483
15,814,530
6,816,052

+3.2
72,594,389
Franci sco+21.2
47,840,518
a
a
a
a
+31.0
1,829,152
-0.9
47,019,632
+3.3
16,942,616
a
a
a
a
+15.2
4,143,459
+38.5
2,645,215
+23.5
84,805,000
+37.8
11,346,264
+18.5
3,040,789
+24.4
5,012,762
+2.3
2,939,432
+9.0 172,700,000
+39.8
2,206,442
858,978
+31.3
-45.3
5.946,500

62,285,879

2;1
'
73,814

43,763,150
a
a
1,136,397
32,988,914
16,092,087
a
2,9
'
35,861
1,435,548
44,332,000
9,266,751
1,413,375
4,509,750
2,200,000
146,457,379
1,348,534
2,100,312

Total(15 cities) 384,827,567 337,912,762 +13.8 410,174,759 310,040,056
Grand total (118
cities)
7,994,930,5947,201,565,708 +11.0!9,181,215,290 8,523,149.000
Outside N. Y
3.211.377.76112.994.671.3E35
4-7.2'4 042 OAR 43R 3 aaa 052 364
Week ending June 15.

Clearings at
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William... _ _
New Westminster
Medicine Hat._
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert..
Moncton
Kingston

1922.
$

1921.
$

inc. or
Dec.
%

93,9519,382 122,950,617 -23.6
96,943,561 107,381,208 -9.7
36,475,413
46,674,001 -21.9
13,695,508
12,413,120 +10.3
7,584,447
9,352,865 -18.9
6,121,719
5,756,408 +6.3
3,629,814
3,532,996 +2.7
5,719,237
5,701,903 +0.3
2,883,751
2,723,286 +5.9
3,093,062
3,188,204 -2.4
5,177,846
6,512,505 -20.5
2,072,654
2,581,024 -19.1
4,385,851
4,640,484 -5.5
3,057,859
3,604,659 -15.2
557,891
685,434 -18.6
1,633,827
1,804,079 -9.4
980,167
1,213,671 -19.2
614,743
626,382 -1.9
1,083,754
1,176,231 -7.9
603,604
623,510 -3.2
712,710
011,259 +16.6
374,444
438,744 -14.7
733,780
844,423 -13.1
812,091
1,084,967 -23.7
1,177,428
1,065,580 +10.5
4,093,649
3,282,326 +24.7
307,637 Not incl. In total.
1,104,139
1,010,389 +9.3
708,254
789,845 -10.3

1920.
$
151,400,930
113,715,077
42,219,027
18,705,553
11,103,054
6,888,790
5,669,496
8,045,486
3,882,971
4,920,673
6,862,274
2,300,000
4,850,713
4,266,844
750,000
2,215,530
1,758,935
788,531
1,430,122
868,818
794,450
530,938
905,780
1,473,420
1,301,087
3,518,921

1919.
$
138,969,046
85,758,524
34,775,661
11,146,771
9,375,667
5,832,631
5,830,535
6,022,805
3,131,949
' 3,171,261
6,485,100
2,213,915
4,238,208
4,397,346
580,772
2,080,234
1,658,172
781,553
1,109,173
817,283
518,099
659,351
690,234
952,860
908,559
1,913,155

Total(28 cities) 299 pm 3RA 3A2 10n 190 --14. a 300 mu ate 'VIA niR 6119
a No longer report clearings or only give debits against Individual accounts, with
no comparative figures for previous years. b Report no clearings, but give comparative figures of debits; we apply to last year's clearings the same ratio of decrease
(or Increase) as shown by the debits. c Do not respond to requests for figures.
d Week ending June 14. a Week ending June 15. f Week ending June 16.
.1, Estimated.

gontinercial nu diklisceilLaneons

nut

New York City Banks and Trust Companies.
All prices dollars per share.
Ask
Ask Trust Co.'s Bid
Bid
Banks
Ask
Banks-N.Y. Bid
New York
America *__ _ 200 207 Imp & Traci_ _ 540 560
American.
135
125
_
Industrial*-.
Amer Exch. 255 265
Bankers Trust
- Irving Nat of
220
Atlantic
203 208 Central Union 375 380
NY
Battery Park_ 130 137
_ _ 316 322
Columbia
285
258
*430 450 Manhattan
Bowery e
405 Commercial _ _ 100 115
Broadway Cen 140 150 Mech & Met_ 395
295 305
_
_
Empire
500
Mutual*
Bronx Boro*. 125
160 Equitable Tr_ 285 290
Bronx Nat __ _ 150 160 Nat American 150 330 Farm L & Tr. 440 44,5
Bryant Park* 145 155 National City 325 135 Fidelity Inter. 205 210
Butch de Drov 130 135 New Neth*_ _ 125 560 Fulton
245 255
550
Cent Mercan_ 195 205 New York._ 300
- _ _ _ Guaranty Tr. 213 217
317 322 Pacific *
Chase
170 180
Hudson
414
Chat & Phen_ 264 28 Park
Law Tit & Tr 150 160
267
78 Public
Chelsea Exch* 68
290
280
Metropolitan.
292
285
_
SeaboardChemical _ _ _ 500 510
230 260 Mutual (West
Coal & Iron__ 190 200 Standard *_ _ _ 290
cheater) _ _ _ 115 130
300
State*
300
_
Colonial *._
N Y Life Ins
_
Columbia*.._ _ 175 185 Tradesmen's_ *_ 200
Re Trust _ _ _ 640
. _70
250 2
267 23d Ward*_
Commerce- - 26
Y Trust_ _ _ 340 345"
N
330
320
Exch.
Union
225
Com'nwealth* 215
Gu dr Tr 385 390
Title
170
160
States*
Continental_ _ 130 145 United II'ts * 325
S Mtg & Tr 300 310
_
Corn Exch*_ 407 415 Wash'n *
_
_
United
States 1000
420
Yorkville
85
Cosmon'tan... 76
East River_ _ _ 170
Brooklyn
Brooklyn
Fifth Avenue* 1000
160 ifd" Coney Island* 155 165 Brooklyn Tr_ 420
Fifth
250 260 Kings County 700
First
1060
First
100 115 Manufacturer 230
220 230 Mechanics'
Garfield
_
_
125
*_
320 335
People's
Montauk
185
180
Gotham
230 iio
Nassau
Greenwich *_ _ 250 265 People's
160
610
600
Hanover
Harriman_ _ _ _ 385 395
y Ex-rights.
*Banks marked with(5)are State banks. t New stock. x Ex-dividend

5E6 5E6

and Surety Companies.
New York CityAllRealty
prices dollars per share.

Bid
Alliance R'Ity 87
Amer Surety. 73
Bond& M G. 250
City Investing 60
85
Preferred

2795

THE CHRONICLE

JUNE 24 1922.]

Ask
95 Lawyers Mtge
76 Mtge Bond__
255 Nat Surety_
63 N Y Title &
Mortgage__
93

Ask Realty Assoc
Bid
160 170
(Brooklyn)_
100 105 U S CasualtyS Title Guar
205 .210
West & Bronx
154 157
Title & M 0

Bid
138
160
105

Ask
143

180

100

By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
16 First National Bank, Boston_ _312%
10 Merchants Nat. Bk., Bos_279-27934
2 Second National Bank,Boston _315
2 Old Colony Trust Co., Boston_250
27 Waltham Nat. Bank, Waltham,
110
Mass., par $75
20 Great Falls Manufacturing Co_ 8731
2-10 American Manufacturing Co.. 93-1
3 Naumkeag Steam Cotton Co_ _232%
20 Great Falls Manufacturing Co_ 8031
20 Connecticut Mills, 1st pref. cm
7231
dep
260
2 Bates Manufacturing Co
8131
11 American Mfg., pref
5 Massachusetts Cotton Mills.. _15434
110 rights North Boston Lighting
50c.-51c.
Properties

8 per sh.
Shares. Stocks.
83
4 Stony Brook Road
50
5 Sullivan Machinery Co
60
'1 State Theatre, pref
2 Electric Bond & Share Co., pref. 9531
1st pref_ 2931
10 Stollwerek Choc.
Co.,N. Y._ _ _405
1 Home Insurance Co.,
10 Plymouth Cordage Co
17231
1 Converse Rubber Shoe, pref_-. 90
38 Hood Rubber, preferred__ -9751-97%
Per Cent.
Bonds.
$500 Boston & Maine RR.6s, 1930_ 8434
$700 Eastern Mass. St. Ry.68,1929,
97
Series S. C
$4,000 Boston Elev. RR.48, 1935.. 81
$1,500 Boston Elec. Light 1st cons.
mtge. 5s, 1924
9931

By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stocks.
46
10 Mutual Trust, par $50
2834
100 Philadelphia Electric Co
4131
100 Pennsylvania RR
13 Real Estate Trust Co., pref _ _ _107
6531
10 Chesapeake & Ohio Ry
4134
50 Pennsylvania RR
15 Baldwin Locomotive Works_ _ _11534
120
10 American Telep. dr Teleg
14 State Bank of Phila., par $50._ 48
15 Notional Bank of Commerce_ _.12031
130
5 Wayne Title & Trust
50 Continental-Equitable Title dr
10631
Trust, par $50
10 Cobbs Crk. Title dr Tr.,par $50. 60
46
12 Mutual Trust, par $50
16 2d & 3d Sts. Pass. Ry._ _19231-1,92%
16 Balt. & Phila. Steamboat Co.,
25
par $20
28
18 Elizabeth & Trenton RR
4 Elizabeth & Trenton RR., pref_ 38
25
100 Castle Kid Co., pref
3
1 Library Co. of Philadelphia
14534-146
I5'West Phila. Pass Ry
100 Amer. Union Fire Ins., par $25.$1 lot
50 Ala. Tenn.& North. RR.Frei.$55 lot
10 Ala. Tenn. & North. RR____$15 lot

Price.
Shares. Stocks.
115 Peoples National Fire Ins. Co__ 25
13 Ridge Avenue Passenger Ry_ _ _190%
30 Germantown Passenger Ry____ 8434
220
4 Citizens Passenger Ry
6831
11 Green & Coates Sts. Pass. Ry
5 Philadelphia City Pass. Ry_ _111
187
15 13th dr 15th Sts. Pass Ry
4 Phila.& Grays Ferry Pass. Ry_ 65
3 Horn & Hardart Baking Co. of
325
Philadelphia
Per Cent.
Bonds.
$4,000 Wilkes-Barre Gas & Elec. 55,
93
1955
$1,000 Selma Lighting 54, 1932_ _ _ _ 66
$2,000 The Wilkes-Barre 5s, 1960.. 8431
$4.000 Leh. Val. RR.4s, 2003.8234-8231
$2.800 American Gas dr Electric 5s,
8631-8641
2007
$5,825 Elec.& Peop.Trac.48, 1945. 6631
$350 American Railwaj p 78, 1940... 77
$5,000 Hestonville Mantua & Fair9634
mount Pass. Ry.54, 1924
61
$5,000 Brus.. Electric 58, 1952
$3,000 Constantin Refining 54, 1923 9131
$10,000 Rockford Gas Light & Coke
72
54, 1959

National Banks.-The following information regarding
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange June 17to June 23,both inclusive, national banks is from the office of the Comptroller of the
Currency, Treasury Department:
.compiled from official sales lists.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Stocks-Par.Price. Low. High. Shares.
Am Wind Glass Mach_ _10
100
Preferred
Am Wind Glass Co, p1.100
com_10
Gas.
Nat
Arkansas
Barnsdall Corp, Class A.25
25
Class 13
Carnegie Lead dr Zinc_ _ _ _5
Consolidated Ice, pref__ -50
Indep Brewing, corn..._50
50
Preferred
25
Lone Star Gas
50
Mfrs Light & Heat
Nat Fireproofing, corn._50
50
Preferred
1
Ohio Fuel Oil
25
Ohio Fuel Supply
Oklahoma Natural Gas_ _25
Pittsburgh Brew,corn _50
50
Preferred
Pittsb & Mt Shasta Cop_ _1
5
Pittsburgh Oil& Gas
10
Salt Creek Cons
Superior Insurance Co..50
•
Tidal Osage
Union Natural Gas_ _ _100
100
U S Glass
West'house Air Brake _50
W'house El & Mfg,com-50
W Penn Tr & W P.com.100
BondsCent Dist Teleg 58_ _ _ _1943
Duquesne Traction 58
Pittsburgh Brew 65._ _1949
Pittsb Coal deb 5s___ _1931
* No par value.

APPLICATION TO ORGANIZE RECEIVED.

Range since Jan. 1.
Low.

High.

Juno

Bank of Garwood, N. J
15-The First National
DeWitt Van Buskirk, Bayonne, N. J.

Correspondent.
APPLICATIONS TO CONVERT APPROVED.
June 14-The First National Bank of Lamar, Ark
Conversion of the Bank of Lamar, Ark.
Correspondent, J. W. Hawkins, Lamar, Ark.
The Lincoln National Bank of New York,
17
June
Conversion of the Lincoln Trust Co., New York,
With three branches.
Correspondent, Alexander S. Webb, 204 Fifth Avenue,
New York, N. Y.

Capital.

$50,000

40 64% Jan 90 May
81% 81%
35 84
Jan 9131 June
91% 91%
May
121 97
Jan 103
102 103
103
8% Mar 12% Apr
10% 1031 10% 1,915
100 21
37
Feb 55% Apr
37
100 20
Jan 38% Apr
30
30
631 June
2% Jan
531 631 3,296
6
Feb
30
25
25
Jan
23
25
25
565
2% June
1% Jan
2% 2%
382
631 Feb 10% June
931 9%
115 20
Jan 3131 June
28% 2931
29
745 45
Jan 54 May.
52% 53
53
DIVIDENDS.
9% Apr
260
8% 8%
6% Jan
831
Apr
440 15
1
23
Jan 2
18% 19
the
Mayne
40 16
Dividends are grouped in two separate tables. Incur17% 18
Jan 55 Ji‘ui
395 44% Jan
5234 52% 52%
together all the dividends announced the
bring
we
first
Apr
23%
26%
23
1,235
19
3
Jan
23
second table, in which
Mar rent week. Then we follow with a
234 2%
50
1% Jan
mar we show the dividends previously announced, but which
June
8% 834
200
Feb
5
23c
83431c
20c
18,280 19c May
23c
9%
9
500
Feb 11% June have not yet been paid.
6
12% 12% 12% 3,625
831 Jan 14% May
The dividends announced this week are:
94
May
94
52 94
May 94
•
12% 14%
225 11
Jan 14% Apr
Books Closed.
When
Per
136 137
120 115% Jan 142 June
Days Inclusive.
Cent. Payable.
54
54
54
125 40
Jan 55 May
Name of Company.
93
93
10 80% Mar 100% Feb
5934 59% 59%
100 49% Jan 69% Apr
Railroads (Steam).
Aug. 15 *Holders of rec. July 5
*2
27
27
2734
320 18
Jan 28 June Central RR. of New Jersey (quar.)
July 15 *Holders of rec. July 5
*2
Special
June
334 Aug. 1 Holders of rec. June 30a
100 100
$2,000 9634 Jan 100
Great Northern
*131 July 3 *Holders of rec. June 20a
83
83
1,000 83 June 83 June Joliet & Chicago (quar.)
July 15 Holders of rec. June 30a
1
76
78
Jan 76 June Kansas City Southern, pref. (quar.)_ _ _ _
9.000 74
July 15 *Holders of rec. June 304
97
*$2
97
Jan 97% May Northern Central
2,000 95
July 1 June 24 to July 1
134
(quar.)
H.
N.
Northern RR.of
234 June 30 Holders of rec. June 14a
Providence & Worcester

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:
& Sons, New York:
By Messrs. Adrian H. Muller
Price.
Price. Shares. Stocks.

Shares. Stocks.
600 Carlton Investing Co., 2d
48 Newport News Light &
$10 lot
$10 per sh.
pref., $5 each
Water
(now) without
800 Penn.-Va. Coal dr Coke
Oil
Stanton
150,000
Corp., pref,. $10 each..$165 lot
guarantee as to genuine400 Penn.-Va. Coal de Coke
ness or transferability of
$65 lot
$20,000 lot
Corp., $10 each
the same
Corp.
Bond
66 Ludlow Typograph, pref. _ 1E200
Thrift
100 National
_ J lot
$12 lot
133 Ludlow Typograph
stock trust certif
Corp..,
..50c. per sh.
300 Haytian-Ambrican Co__.
200 Maibohm Motor.
corn.
shs.
I$15
pref..
150
with
Inc.,
pref.,
Expos.,
150 Bronx
_ _ -I lot
and 150 sits. founders_ _ _36 lot
1,500 Bronx Exposition, Inc_
15c. per sh.
80 Halmack Oil
Elec. IV--$25
1,028 Atlantic CoastBank_$150
per
sh.
300
Petroleum__._10c. per sh.
Etna
80 Bryant Park
$7 lot
1E55
200 Tintic Co., $3 each
1,169 Panola Cotton Mills
$2 lot
pref.' lot
10 Posterity Co., pref
300 Panola Cotton Mills,
Consol.
Vermillion
Guiana
500
The
British
35 Chic. Wilm. &
$10 lot
Corp., $5 each
Coal ctfs. of deposit...-$2 lot
20,000 Atwood Mines, $1 each -85 lot
1,000 Porto Rican American ToMines,
sh.
Per
Silver
$47
1,000
King Edward
bacco
$17 lot
$5 each
11 Auto-Strop Safety Razor,
Per Cent,
$30 per sh.
Bonds.
pref
Razor
$5,000 Colorado Midland RR. 1st
233 4-5 Auto-Strop Safety
48, 1947
$8 lot
$15 per sh.
$28 lot $5,000 Wladikowkas Ry.(Russian)
291 The Duratex Co
-$76 lot
4s, 1900, 1918 coupons attached_$75 lot
286 The Duratex Co.,
$2,000 Iron Steamboat Co. of N. J.
Co., 1st
600 Carlton Investing pref.41%
$15 lot
20 Lien Mtge. 4s due 1932
pref. $5 each

By Messrs. Wise, Hobbs & Arnold, Boston:

$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
3 Naumkeag Steam Cot.Mills.235
9831100
10 Ipswich Mills, pref
3 Southern N. E. Telephone...1
stk.
adj.
Ry.
St.
Mass.
East.
56
29
50 Atlantic Gulf 011
trustees cortif
6634 1,000 Mexican Cons. Mining &I
10 Commonw'th Gas & El., pi-122%
Ltd.
Smelting, par $10
Co.,
&
Baker
7 Walter
9931 10,000 Prov. Coal Mining, pat $5....}$600
2 American Manufacturing...216
50 Rlorden Co., Ltd., pref____ I lot
1 Gillette Safety Razor
15 Riorden Co., Ltd
934
5-10 American Manufacturing
500 Western Nevada Cop.,par25j
973-4
3 Hood Ruober, prof
Per Cent.
Bonds.
LightBoston
North
rights
55
500. $1,000 Danville Champaign & Deing Properties
catur Ry.& Light 5s, 1938
8831
5-10 American Manufacturing- _ - 931




N. Y

25,000

2,000,000
N. Y.

Street and Electric Railways.
lh July 1 Holders of rec. June 12
Cleveland Railway (quar.)
July 15 Holders of rec. June 30a
2
Consolidated Traction of New Jersey _ _ _ 2
July I Holders of rec. June 19a
Eastern Texas Elec. Co., coin.(quar.).- 3
July 1 Holders of rec. June 19a
Preferred
30 Holders of rec. June 13
Juno
(qu.)
pf.
131
.
1st
RR.,
&
Elmira Water, Lt.
30 Holders of rec. June 13
June
131
Second preferred (quar.)
July 1 Holders of rec. June 23a
(qu.)..
134
pref.
Rys.,
&
Power
Lt.,
Georgia
June 30 June 25 to June 30
2
Honolulu Rapid Transit de Land (guar-) 3734c. July 8 Holders of rec. June 26a
Monongahela Power & Ry., pref.(guar-)
Aug. 15 Holders of rec. July 31
I%
_
.)
(qu
Cons.
Pow.
at
Ht.
Lt.,
Montreal
75c. July 31 Holders of rec. July 1
Philadelphia Co., corn. (guar.)
$1.50t July 31 Holders of rec. July 15
Philadelphia Rapid Transit(quar.)
6234c July 15 *Holders of rec. June 30
_ _.
Philadelphia & Western. pref.(quar.)_
June 30 Holders of rec. June 21a
2
(qu.)
pf.
Public Service Corp. of N. J.,
July 15 Holders of rec. June 26a
1
Puget Sound Power & Light, corn
July 15 Holders of rec. June 26a
134
Preferred (guar.)
July 15 Holders of rec. June 26a
131
Prior preference (quar.)
July 1 Holders of rec. June 22a
Savannah El.&Pow.deb.stk ,ser.A(WI-) 2
July 1 *Holders of roe. June 30
$6
.
Phila.
Pass.,
Sts.
Thirteenth & Fifteenth
July 1 *Holders of rec. June 24
*50c.
Wash.Balt.& Annap.El. RR.,com.(qu) *75c. July 1 *Holders of rec. June 24
(quar.)
Preferred
3 June 24 to July 1
July
131
West India Electric Co.(quar)
I% July 1 Holders of rec. June 23
Winnipeg Electric BY-. Pref.(quar.)___ _ *50e.
July 15 *Holders of rec. July 5
(guar.)
corn.
Rys.,
York (Pa.)
*131 July 30 *Holders of rec. July 20
Preferred (quar.)
Banks.
Battery Park National
Bronx National
Bryant Park
Central Mercantile
Chemical National (bi-monthly)
Colonial (quar.)
Commonwealth
Caney Island, Bank of
Europe, Bank of
Fifth National (quar.)
• Garfield National (quar.)
Greenpoint National (Brooklyn)
Extra
Ilanover National (quar.)
Irving National (quar.)
Mechanics & Metals National (guar.)-Extra
Nassau National (Brooklyn)(quar.)_
New Netherland ((owl

3
5
3
4
4
3
5
4
6
234
3
3
2
6
3
5
2
3
9

July 1
July 1
July 1
June 30
July 1
July 1
July 15
July 1
July 1
July 1
June 30
July 1
July 1
July 1
July 1
July 1
July I
July 1
7,,,v

I

Holders of rec. June 22a
June 22 to June 30
Holders of rec. June 20a
June 29 to June 30
June 24 to June 30
Holders of rec. June 20a
July 6 to July 15
June 29 to June 30
Holders of rec. June 200
June 27' to June 30
Holders of rec. June 26a
June 22 to June 30
June 22 to June 30
June 22 to June 30
Holders of rec. June 23a
Holders of rec. June 24
Holders of rec. June 24
Holders of rec. June 29
unl,lers nf roe. June 240

2796
Name of Company.
Banks (Concluded)
Park, National(guar.)
Yorkville (guar.)

THE CHRONICLE
Per
When
Cent. Payable.
6
5

Books Closed.
1)ays 1nclusIre.

July 1 Holders of rec. June 23a
June 30 Holders of rec. June 21a

Name of Company.
Miscellaneous (Continued)
Federal Motor Truck
Federal 011, preferred (guar.)
Fiske & Co., Inc., pref. (guar.)
Foulds Milling, pref. (guar.)
French Bros. Bauer Co., pref. (quar.)_ _
Gardener Electric Light, common
Preferred
Garvin Machine, preferred
General Aluminum & Brass Mfg., pf.(qu)
General Fireproofing, common (quar.)_ _
Preferred (guar.)
Gibson Art, common (guar.)
Preferred (guar.)
Goodwins, Ltd., preferred (quar.)
Gray dc Dudley Co. (guar.)
Great Lakes Steamship (guar.)
Great Lakes Towing, common (guar.). _
Preferred (guar.)
Greelock Co., preferred (guar.)
Halle Bros. Co., 1st pref. (guar.)
E
Hamilton
Brown Shoe (guar.)

[Vol,. 114.
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

2
June 30 June 25 to July 1
2
July 1 Holders of rec. June 20a
2
July 1 Holders of rec. June 22a
2
July 10 Holders of rec. July in
5
July 1 Holders of rec. June 22a
134 July 1 June 21 to June 30
5% July 1 Holders of rec. June 22a
$4
July 15 Holders of rec. June 30
3
June 29 Holders of rec. June 24a
82.50 July 1 Holders of rec. June 23
1
June 29 Holders of rec. June 24a
334 June 30 June 27 to July 4
4
June 30 Holders of rec. Juno 23a
2
July 1 Holders of rec. June 17a
2% June 30 June 24 to June 30
*1
July 1 *Holders of rec. June 20
4
June 30 Holders of rec. June 23a
*134 July 1 *Holders of rec. June 20
131 July 1 Holders of rec. June 29a
234 June 30 June 21 to June 30
5
June 30 Juno 25 to June 30
13( June 30 June 21 to June 30
5
June 30 Holders of rec. June 29a
134 July 1 June 22 to July 2
4
June 30 Holders of rec. June 22
July 1 Holders of rec. June 26a
134
4
June 30 Holders of rec. June 22
2
July 1 June 21 to July 2
*4
July 1 *Holders of rec. June 26
'134 June 30 Juno 16 to June 30
131 July 1 June 16 to July 2
Fire Insurance.
134 July 1 Holders of rec. June 24
Continental
33
July 11 Holders of rec. June 29
July 31 July 25 to July 31
131
Fidelity-Phenix Fire
20
July 11 IIolders of rec. June 29
*1% July 1
*1
July 1
Miscellaneous..
Harrisburg Light dr Power, pref. (guar.) 134 June 30 Holders of rec. June 19
Harris Brothers, preferred (guar.)
4.134 Aug. 1 *Holders of rec. July 11
4.131 Sept. 1 +Holders of rec. Aug. 12
Acme Tea, 1st & 2d pref. (guar.)
Hartford City Gas Light, corn. (guar.). _
500. Juno 30 June 16 to June 30
Adirondack Power dr Light,7% pf.(qu.) 13
4 July 1 Holders of rec. June 20
Preferred (quar.)
50c. June 30 June 16 to June 30
Eight per cent preferred (guar.)
2
July 1 Holders of rec. June 20
Haverhill Gas Light (guar.)
I Holders of rec. June 21a
81.1234 Jl
Alabama Fuel & Iran (guar.)
134 July 1 June 21 to June 30
Heath (D. C.) & Co., pref. (guar.)
134 Juno 30 Holders of rec. June 26
Amer. Copper Produ As Corp., pf. (qu.) *I X July 1 *Holders of rec. June 24
Herring-Hall-Marvin Safe, corn. (guar.) 14 July 1 Holders of rec. June 24a
Amer. Cyanamid(guar.
.end.Mar.31 '22) 134 July 7 Holders of,rec. June 27a
Common (extra)
334 July 1 Holders of rec. June 24a
Quarterly, for guar. end. June 30 1922
134 July 7 Holders of rec. June 27a
Preferred (quar.)
131 July 1 Holders of rec. June 24a
American Hawaiian SS.(guar.) •
53734c July 1 *Holders of rec. June 21
Hillcrest Collieries, common (guar.)._ _ _
14 July 15 Holders of rec. June 30
American Lace Mfg, (guar.)
2
June 30 Holders of rec. June 15a
Preferred (guar.)
134 July 15 Holders of rec. June 30
Extra
2
June 30 Holders of rec. June 15a Holmes (D. H.) Co. (guar.)
334 July 1 Holders of rec. June 26
Extra payable in stock
e15
June 30 Holders of rec. June 15a Hooven, Owens, Rentschler Co., pf.(qu) 14 July 1 June 21 to June
30
American Multigraph, preferred (guar.)_
134 July 1 Holders of rec. June 20s Houston Gas & Fuel, preferred (quar.). _
134 June 30 Holders of rec. Juno 14
American Radiator,common (guar.)_ _ _ _ $1
Sept.30 Holders of rec. Sept. 15a Howe Scale, pref. (quar.)
13
% July 1
18 to July 2
Preferred (quar.)
131 Aug. 15 Holders of rec. Aug. in Huntington Devel. & Gas, pref. (guar.). 13-4 July 1 June
Holders of rec. June 19
Amer. Seeding Machine, com. (quar.)
134 July 15 Holders of rec. June 30
Independent Warehouses, Inc. (quar.)_ _
2
July 1 Holders of rec. Juno 22
Preferred (guar.)
134 July 15 Holders of rec. June 30
Indiana Pipe Line
Aug. 15 Holders of rec. July 18
82
American Surety (guar.)
*2% June 30 *Holders of rec. June 24
Indianapolis Water, pref. (guar.)
134 July 1 June 20 to June 30
American Telegraph dr Cable (quar.)--_ *1 X Sent• 1 *Holders of rec. Aug. 31
Interlake Steamship (guar.)
2
July 1 Holders of rec. Juno 17a
Arlington Mills (guar.)
2
July 1 Holders of rec. June 21
Extra
1
July 1 Holders of rec. June 17a
Art Metal Construction (guar.)
*25e. July 30 *Holders of rec. July 14
International Shoe, common (quar.)_ _ - _ *50c. July 1 *June 25 to July 2
Arundel Corporation, common (guar.)._ 8734e. July 6 Holders of rec. June 28
Jordan Motor Car, preferred (quar.)_ _
134 July 1 Holders of rec. June 15a
Common (payable in common stock) _ 16
June 27 Holders of rec. June 26
Kaufmann Dept. Stores, Inc., pref. (qu.) 134 July 1 Holders of rec. June 20
Preferred
334 July 6 Holders of rec. June 28
Kaynee Co.. preferred (quar.)
134 July 1 Holders of rec. June 20a
Asbestos Corp. of Canada, com. (guar.) * 134 July 15 *Holders of rec. July 1
Kelley Island Lime & Transport (quar.) _ 2
July 1 Juno 21 to July 1
*1x July 15 *Holders of rec. July I
Preferred (guar.)
Laurentide Company (guar.)
134 July 3 Holders of rec. June 26
Atlantic Terra Cotta, preferred (guar.). 1
June 28 Holders of rec. June.22
Liberty Steel, preferred (guar.)
lit July 1 Juno 21 to June 30
Auburn Automobile,common (guar.)_ _ _ $1
July 1 Holders of rec. June 20a Long Island Lighting, pref. (guar.)._
134 July 1 June 21 to July 1
Preferred (guar.)
131 July 1 Holders of rec. Juno 20a Manning, Maxwell & Moore (quar.)_ _ _ _
1
June 30 Holders of rec. June 30a
Austin, Nichols & Co., pref. (quar.)
*IX Aug. 1 *Holders of rec. July 15
Maple Leaf Milling, corn. (quar.)
*2
July 18 *Holders of rec. July 3
Babcock dr Wilcox Co.(guar.)
2
July 1 Holders of rec. June 20a
Preferred (guar.)
July 18 *Holders of rec. July 3
Barnet Leather, preferred (guar.)
131 July 1 Holders of rec. June 30
Marland 011(No. 1)
Sept. 30 *Holders of rec. Aug.31
411
Beach Royalties (monthly)
2
July 15 Holders of rec. June 29
Merchants dr Miners Transp. (guar.).- - 2
June 30 June 24 to June 30
Beacon Oil (monthly)
550e. June 29 *Holders of rec. June 23
Mexican Eagle 011, ordinary
15
Beech-Nut Packing, pref. B (quar.)____
1 n, July 15 Holders of rec. July in
Preference
15
' Bessemer Limestone & Cem., pref. (qu.) *I% July 1 *Holders of rec. June 20
Midland Securities (guar.)
234 June 30 IIolders of rec. June 2a
Billings dr Spencer Co., pref.(guar.)
2
July 1 Holders of rec. June 20a Midway Gas, common (guar.)
50c. July 15 Holders of rec. June 30
Bliss (E. W.) Co., common (quar.)____
July 1 *Holders of rec. June 22
Preferred guar.)
$1.40 July 15 Holders of rec. June 30
First preferred (guar.)
*81
July 1 *Holders of rec. June 22
Monatiquot Rubber Works, pref. (qu.)134 July 1 June 25 to June 30
Second preferred B (guar.)
515c. July 1 *Holders of rec. June 22
Moon Motor Car, corn. (qu.) (No. 1)._ 25c. Aug. 1 Holders of rec. July 15
Borden (Richard) Mfg. (guar.)
2
July 1 Holders of rec. June 22a
Preferred (guar.)
lit July 1 Holders of rec. June 26
Boston Consol. Gas (guar.)
June 29 *Holders of rec. June 23
Montreal Light, Heat & Power (guar.)_ _
2
Aug. 15 Holders of rec. July 31
Boston Sand dr Gravel, pref.(quar.)..
134 July 1 Holders of rec. June 22
Montreal Telegraph (guar.)
2
July 15 Holders of rec; June 30
First preferred (guar.)
2
July 1 Holders of rec. June 22
Mortgage-Bond Co. (guar.)
134 June 30 Holders of rec. June 23a
Brighton Mills, pref. (guar.)
134 June 30 June 22 to June 30
Murray Ohio Mfg., preferred (guar.)._ _
2
July 1 Holders of rec. June 20
British-American 011 (guar.)
50c. July 3 Holders of rec. June 28
Nash Motors, common
86
Aug. 1 Holders of rec. July 20
Brooklyn Borough Gas (guar.)
2
July 10 Holders of rec. June 30a
Preferred (guar.)
134 Aug. 1 Holders of rec. July 20
Burroughs Adding Machine (quar.)__ *2
June 30 *Holders of rec. June 20
Nashua Manufacturing, pref. (quar.)__ _
134 July 1 Holders of rec. June 24a
Cadet Knitting, 1st and 2d pref. (guar.) 2
July 1 Holders of rec. June 15a National Automatic Fire Alarm (guar.)234 July 1 Holders of rec. June 20
California Electric Ilium., pref. (quar.)_
134 July 1 Holders of rec. June 15
National Paper & Type,corn. & of. (g11.) 2
July 15 Holders of rec. June 300
Canada Cement, common (guar.)
134 July 15 Holders of rec. June 30a National Refining, preferred (quar.)_ _ _
2
July 1 Holders of roe. June 15
Canadian Cottons, Ltd.,common (guar.) 2
July 4 Holders of rec. June 23a Naumkeag Steam Cotton
5
July 1 Holders of rec. June 220
Preferred (guar.)
134 July 4 Holders of rec. June 23a
Extra
5
July 1 Holders of rec. June 22a
Canadian Explosives, common (quar.)_
134 July 30 Holders of rec. June 309 New England Coal & Coke
*5
Juno 29 *Holders of rec. June 23
Preferred (guar.)
134 July 15 Holders of rec. June 30a New England Fuel & Transp.(quar.)_ _ *1
June 20 *Holders of rec. June 23
Canadian Fairbanks-Morse, Ltd., pref._ 3
July 15 Holders of rec. June 30a New England Fuel Oil
5
July 1 Holders of rec. June 15a
Canadian Woollens, pref. (guar.)
131 July 3 Holders of rec. June 27a New Niquero Sugar, preferred
334 July 1 Holders of rec. June 26a
Canfield 011, common (quar.)
134 June 30 June 21 to July 4
Newton Steel, common
.0134 June 30 *Holders of rec. June 20
((Mar.)
134
June
30
4
July
Preferred
June 21 to
Preferred
Juno 30 *Holders of rec. June 20
Canton Company
3
July 1 Holders of rec. June 27a Now York Title & Mortgage (quar.)_ _ '134
t2
July 1 Holders of rec. June 23a
Extra
50c. July 1 Holders of rec. June 27a Northern States Power, com. (guar.)._ _
2
Aug. 1 Holders of rec. June 30
Carey (Philip) Mfg., pref. (guar.)
134 July 1 Holders of rec. June 200
Preferred (quar.)
134 July 20 Holders of rec. June 30
*131 July 31 *Holders of rec. July 15
Cartier, Inc., pref. (quar.)
Ogilvie Flour Mills (guar.)
3
July 3 Holders of rec. June 23
X Aug. 15 Holders of rec. July 31
Cedar Rapids Mfg.& Power (quar.).___
Pacific Gas & Electric, com.(quar.)_. _ _
134 July 15 Holders of rec. Juno 30a
Central Foundry, 1st pref. (guar.)
2
July 15 Holders of rec. June 30
Pennsylvania Solt & Mfg.(quar.)
234 July 15 Holders of rec. June 30a
Chalmers Oil & Gas, preferred (quar.)__
2
June 30 June 24 to June 30
Pick (Albert) dr Co., preferred (guar.).
lit July 1 June 23 to June 30
Champion Coated Paper, pref.(quar.)_
July
I
134
Holders of rec. June 20
Pilgrim Mills, pref. (quar.)
134 Juno 30 Holders of rec. June 24a
Chicago Morris Plan Bank (guar.)
134 July 1 Holders of rec. Juno 30a Pittsfield Lime & Stone, pref. (guar.)._
2
June 30 Holders of rec. June 25a
Cincinnati Union Stock Yards (quar.)
2
June 30 June 24 to June 30
Procter & Gamble, common (guar.)._ _ _ *5
Aug. 15 *Holders of rec. July 15
Chic. Junc.Rys. & U. S. Y., com.(qu.) 234 July 1 Holders of rec. June 15
Common (payable in com. stock). _ *.(4
Aug. 15 *Holders of rec. July 15
Preferred (guar.)
134 July 1 Holders of rec. June 15
Eight per cent preferred (guar.)
*2
July 15 *Holders of rec. June 15
Cities Service•
Price Brothers & Co., Ltd. (guar.)
1
July 2 Holders of rec. June 22
Common (monthly payable in scrip)_ *g34 Aug. 1 *Holders of rec. July 15
Richman 13rothers(guar.)
81
July 1 Holders of rec. June 24a
Common (payable in com.stock scrip) *9134 Aug. 1 *Holders of rec. July 15
Itich.-Sampliner, pref. (guar.)
134 July 1 Holders of rec. Juno 20a
Pref. & pref. B (mthly. pay'le in scrip) *g% Aug. 1 'Holders of rec. July 15
ilobbins & Myers, preferred (guar.)
_
131 July 1 Holders of rec. June 20
Citizens Gas Light (Quincy, Mass.)_
June 29 *Holders of rec. June 23
Safety Car Heating & Lighting (quar.)- 134 July 1 Holders of rec. June 15a
Chace Cotton Mills (guar.)
134 July 1 Holders of rec. June 22
Scott & Williams, Inc., pref. (quar.)__
134 July 1 Holders of rec. June 20
Cleveland Automatic Machine, pf. (.111.) 134 July 1 Holders of rec. June 23,i
Second preferred (quar.)
2
July 1 Holders of rec. June
Cleveland Union Stock Yards (quar.)- _
2
July 1 June 20 to July 2
Southern Canada Power, pref. (guar.)._ *13.4 July 15 *Holders of rec. June 20
30
Clifton Manufacturing
4
July 1 Holders of rec. June 30a
Stearns(F. P.) Co.(guar.)
50c. July 20 Holders of rec. June 30
Coca-Cola Co., pref. (guar.)
July
1 Holders of rec. June 29a Steel Co. of Canada, corn. & pref. (qu.) *1% Aug. 1 *Holders of rec. July 8
334
Colt's Patent Fire Arms Mfg. (guar.)._
50c. July 1 Holders of rec. July 17a Stetson (John B.), common
*10
July 15 *Holders of rec. July 1
*1% Aug.
Columbia Gas & Electric (guar.)
15 *Holders of rec. July 31
Preferred
*4
July 15 *Ilolders of rec. July 1
Columbia Petroleum (monthly)
1
July 1 Holders of rec. June 20
Stover Mfg. & Engine, corn. (quar.)..
*2
July I *Holders of rec. June 24
Columbus Manufacturing
4
July 1 June 16 to June 30
Sullivan Machinery (quar.)
*75c. July 15 *Holders of rec. July 1
Commonw'th Gas & Elec., pref. (guar.) $1.50 July 15 Holders of rec. July in Textile Banking (guar.)
*2
June
30 *Holders of rec. June 26
Consum.El. L.& P., New Orl., pf.(qu.)
134 June 30 June 10 to June 30
Tobacco Products Corp., corn. (quar.)_ 31.50 Aug. 15 Holders of rec. July 3
Consumers Gas of Toronto (guar.)
234 July 3 Holders of rec. June 15a Toledo Edison Co., prior pref. (quar.)_ _
2
July 1 Holders of rec. June 15a
Corn Products Refg., corn. (quar.)
*$1
July 20 *Holders of rec. July 3
Trumbull
prer Ile,Stetqul,
(guar.)
20e. July 1 June 21 to June 30
*134 July 15 i'llolders of rec. July 3
Preferred (guar.)
(quar.)
134 July 1 Juno 21 to Juno 30
Cornell Mills (guar.)
2
July 1 Holders of rec. June 20a United Utilities, preferred (guar.)
134 July 1 Holders of rec. June 21a
.Extra
3
July 1 Holders of rec. June 20a United Verde Extension Mining (guar.).
25c, Aug. 1 Holders of rec. July . 5a
Craddock-Terry Co., common (quar.)._
3
June 30 June 18 to June 30
U.S. Bobbin & Shuttle, corn.(guar.)... _
134 June 30 IIolders of rec. June 14a
First and second preferred
3
June 30 June 18 to • June 30
Preferred (quar.)
134 June 30 Holders of rec. June 14a
Preferred Class C
334 June 30 June 18 to June 30
U.S. Gauge, preferred
34 July 1 Holders of rec. June 20a
Creamery Package Mfg., corn. (quar.)__ *50c. July 10 *Holders of rec. July 1
U. S. Playing Card (quar.)
81
July 1 Holders of rec. Juno 20a
*134 July 10 *Holders of rec. July 1
Preferred (guar.)
Extra
50c. July I Holders of rec. June 20a
Dalton Adding Machine, pref. (quar.)_
134 July 1 June 21 to June 30
U. S. Printing dc Lithog., 1st pref. (qu.) 134 July 1 Ilolders of rec. June 20a
Damascus Brake Beam (guar.)
2
July 20 July 14 to July 19
Van Dorn Iron Works, pref. (quar.)_ _ _ _
134 July 1 holders of rec. June 22a
Detroit Creamery (guar.)
3
July 1 June 21 to July 1
Voile Motors Corp., 1st pref. (quar.)___
134 luly 1 June 16 to June 30
Detroit Brass & Malleable Wks.(mthly.)
ii July 1 Holders of reo. June 24
Victor Monaghan Co., pref. (quar.)_
134 July 1 June 21 to July 1
Dixie Terminal, preferred (quar.)
134 July 1 June 16 to June 30
Waring Hat Corporation, pref.(quar.)_ _
2
1 Holders of rec. Juno 22
,July
Dominion Linens, Ltd., preferred
334 July 15 Holders of rec. June 30a Washburn Wire Co. (quar.)
1,une 30 Holders of rec. June 20a
Dow Drug, preferred (guar.)
134 July 1 June 21 to July 4
Weber dr Hellbroner, common (guar.)._
50o. July 0 Holders of rec. June 29e
Drayton Mills, preferred
July
1
334
Weber Piano, preferred (guar.)
134 June 30 Holders of rec. June 20
Driver-Harris Co., preferred (quar.)
134 July 1 June 22 to June 30
Welsbach Co., common
June 30 Holders of rec. June 24
2
Eagle-Picher Lead, pref. (quar.)
I% July 15 July 6 to July 16
Preferred
June 30 Holders of rec. June 24
334
Eagle Storage & Warehouse
3
July 1 June 28 to July 2
Westchester Title & Mortgage
July
7 Holders of rec. June 30a
5
Edwards(Wm.) Co., preferred (quar.)__
134 July 1 Holders of rec. June 20
Stock dividend
July 7 Holders of rec. June 30a
e15
Electric Controller dr Mfg., corn. (guar.)
40c. July 1 Holders of rec. June 20a Western Power Corporation, pref. (qu.)
July 15 Holders of rec. June 30a
134
Preferred (guar.)
134 July 1 Holders of rec. June 20a Westinghouse Air Brake (guar.)
July Si Holders of rec. June 30a
SI
Elder Mfg. Co. of Missouri, 1st pref____ *$1.60 July 1 *Holders of rec. June 20
Westinghouse Elec. & Mfg., com.(qu.). 81
July 31 Holders of rec. June 30
Electrical Securities, com.(guar.)
2
Juno 30 Holders of rec. June 23a
Preferred (guar.)
July
I
'15 Holders of rec. June 30
Si
Preferred (guar.)
134 Aug. 1 Holders of rec. July 210 Westmoreland Coal (guar.)
234 July 1 Arne 21 to July 2
Emery'& Beers Co., Inc., preferred_ __ _
3
June 30
West Point Manufacturing
July 1 Holders of rec. June 15
3
Second preferred (guar.)
2
June 15
Wilson (C. R.) Body Co., pref.(quar.)_
134 July 1 June 21 to June 30
Rmnire Safe Deposit (guar.)
134 June 30 Holders of rec. June 24a Winnsboro Mills, gommon (guar.)
2
July 1 Holders of rec. June 23
t9
tolv I Holders of rec. lune 20a
Preferred (mar.)
134 July 1 Holders of rec. Juno 23
Trust Companies.
Bankers (guar.)
Central Union (quar.)
Empire (guar.)
Extra
Equitable (guar.)
Fidelity-International (guar.)
Metropolitan (guar.)
New York Life Ins. & Trust (extra)__ _ _
New York (guar.)
Peoples (Brooklyn)(quar.)
Title Guarantee & Trust (guar.)
Extra
U.S. Mortgage & Trust (guar.)




When
Per
Cent. Payable.

Name of Company.
Miscellaneous (Concluded)
Woods Manufacturing, pref.(guar.)- -Wrigley(Wm.)Co.,corn.(monthly)_
Common (monthly)
Common (monthly)
Common (monthly)
Common (monthly)
Common (monthly)
Young (J. S.) Co., common (guar.)*
Preferred (quay.)

14 July
*50c. Aug.
*50c. Sept.
*500. Oct.
*50c. Nov.
*500. Dec.
*500. Jan.
July
2
131 July

Books Closed.
Days Inclusive.

1 Holders of rec. June 28a
1 *Holders of rec. July 25
1 *Holders of rec. Aug. 25
1 *Holders of rec. Sept.25
1 *Holders of rec. Oct. 25
1 *Holders of rec. Nov. 25
1 *Holders of rec. Dec. 25
1 Holders of rec. June 23a
1 Holders of rec. June 23a

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
When
Per
Cent. Payable.

Name of Company.

Books Closed.
Days Inclusive.

/ Railroads (Steam).
334 June 29 Holders of rec. May 31
Alabama Great Southern, ordinary
334 Aug. 17 Holders of roe. July 13
Preferred
434 July 1 Holders'of rec. June 15a
Albany ,S: Susquehanna
_
234 Aug. 1 Holders of rec. June 30a
preferred_
Fe,
Santa
&
Topeka
Atch.
334 July 10 Holders of rec. June 24n
Atlantic Coast Line RR., common
50c. July 1 Holders of rec. June 15a
Beech Creek (quar.)
June 30 Holders of rec. May 31a
234
Boston 4: Albany (guar.)
to June 30
Buffalo & Susquehanna,common (quar.) 131 June 30 June 16
2
June 30 June 16 to June 30
Preferred
rec. June 30
of
Holders
1
Aug.
134
Canada Southern
234 June 30 Holders of rec. June la
Canadian Pacific, corn. (quar.)
June 30 Holders of rec. June 20
2
Chesapeake & Ohio
June 26 Holders of rec. JunedlOa
5
Chicago Burlington & Quincy
134 July 10 Holders of rec. June 30a
Chicago Indianp.,S: Louisville, common. 2
July 10 Holders of rec. June 303
Preferred
234 July 15 Holders of rec. June 15a
Chicago & North Western, common_ _
334
July 15 Holders of rec. June 150
Preferred
3
June 30 Holders of rec. June An
Chic. R. I. & Pacific 6% preferred
June 30 Holders of rec. June 9a
314
Seven percent preferred
234 Aug. 21 Holders of rec. Aug. la
Chic.St. Paul Minn.& Omaha,corn_ _ _ _
354
Aug. 21 Holders of rec. Aug. la
Preferred
June 26 Holders of rec. June 16a
3
One. New Orl. & Texas Pac., corn
334 June 28 Holders of roe. Juno 16a
Common (extra)
June 303
Cleve. Cln. Chic.& St. Louis, pref.(qu.) 131 July 20 Holders of rec. June 30
2
June 30 June 20 to
Colorado & Southern, 1st pref
3
July 15 Holders of rec. July 8a
Detroit River Tunnel
134 July 1 Holders of rec. June 28a
El Paso & Southwestern (quar.)
2
June 30 Holders of rec. June On
Hocking Valley
2
July 1 June 130 to July 4
stock
lines
leased
Illinois Central,
*1
July 1 *Holders of rec. June 715
Lackawanna RR. of N. J. (quar.)
8734c July 1 Holders of rec. June 17a
Lehigh Valley, common (quay.)
July
$1.25
1 Holders of rec. June 17a
Preferred (quar.)
$1.25 July 15 June 17 to July 16
Little Schuylkill Nay., RR.& Coal
334 Aug. 10 Holders of rec. July 17a
Louisville & Nashville
Aug. 1 Holders of rec. July 15a
35
Mahoning Coal 11R., common
515 July 1 Holders of rec. June 24a
Common (extra)
$1.25
July
1 Holders of rec. June 243
Preferred
4
July 29 Holders of rec. June 303
Michigan Central
June 30
2
July 1 June 1 to :
Mobile & Birmingham, preferred
334 July 1 Holders of rec. June 10a
Morris & Essex
151 Aug. 1 Holders of rec. June 303
New York Central RR
234 June 30 Holders of rec. June 193
N. Y. Chicago & St. Louts, common_ _ _
14 June 30 Holders of rec. June lfla
First preferred (quar.)
151 Sept.30 Holders of roe. Sept. 19a
First, preferred (guar.)
134 Dec. 30 Holders of rec. Dec 19,1
(quar.)
First preferred
131 June 30 Holders of rec. June 19a
Second preferred (quar.)
134 Sept.30 Holders of rec. Sept. 19a
Second preferred (guar.)
14
Dec. 30 Holders of rec. Dec. 19a
Second preferred (quar.)
32.50 July 1 Holders of rec. June 153
New York & Harlem, corn. & pref
134 July 1 Holders of rec. June 143
N. Y. Lack. Ar 1Veotern (guar.)
10 Holders of.rec. June 30a
1%
4
Northern Pacific (quar.)
July
June 27 to July 10
Northern Securities
July 1 Holders of rec. Junedi5a
Norwich & Worcester, preferred (quar.) d2
14
July
1
Holders of rec. June 10
Old Colony (quar.)
*$1.50 June 30
10 *Holders of rec. June 15
Phila. Baltimore & Washington
234 July 1 July 1 to July 11
Philadelphia dr Trenton quar.)
1 5.1 July 5 Holders of rec. June 10a
Pittsb. Ft. Wayne & Chic., corn. (qu _
151 July
Holders of rec. June 10a
Preferred(quar.)
$2.50
Aug. 1 Holders of rec. July 15a
Eric
Lake
Pittsburgh &
Youghiogheny
$1.50 July 10
1 Holders of rec. June 15a
Pittsburgh McKeesport &
Aug. 13 Holders of rec. July 18a
El50c. July
Reading Company,common (quar.)-50c.
Sept.
14
Holders of rec. Aug. 29a
First preferred (quar.)
1 Holders of rec. June 26a
Second preferred (quar.)
14
4
. I June 16 to July 2
Rensselaer & Saratoga
May 31a
24 July 1 Holders of rec, June
Southern Pacific C3. (quay.)
la
Holders of rec.
Union Pacific. common (guar.)
June 30
to
(quar.)..
21
Cos.
June
July
10
Canal
234
1
&
RR.
J.
United N.
21
June
rec.
of
1m July 1 *Holders
*2%
Valley Railroad
Holders of rec. June 19a
Western Pacific RR.Corp.. pref.(quar.)

Name of Company.
Banks. (Concluded.)
Amer. Exchange Securities, class A (qu.)
Atlantic National (quar.)
Extra
Chase National (quar.)
Chase Securities Corp. (quar.)
Chatham & Phenix National (quar.)_....
Coal & Iron National (quar.)
Columbia (quar.)
Commerce, Nat. Bank of (guar.)
East River National
Fifth Avenue (guar.)
Extra
First National (quar.)
Greenwich (quar.)
Importers & Traders National (guar.). _
Manhattan Co., Bank of the (quar.)-- -Mechanics Brooklyn (guar.)
Mutual (quar.)
National City (quar.)
National City Company (quar.)
Extra
New York, Bank of, N. B. A.(quar.)....
Extra
Public National (quar.)
Seaboard National (quar.)
Standard
Extra
State (quay.)
Union Exchange National
United States, Bank of (quar.)

.)_

Street and Electric Railways.
I% July 1 Holders of rec. June 16
Asheville Power & Light, pref. (quar.)_ _
54 Aug. 1 Holders of rec. July 15
Bangor Ry.& Electric, corn.(quar.)..__..
13.4 July 1 Iidlders of rec. June 15
Preferred (guar.)
(guar.)
$
corn.
July 1 Holders of rec. Juno 19a
Ry.,
Elevated
1.3734
Boston
$3.50 July 1 Holders of rec. June lfla
Preferred
July 1 lieldere of rec. June 20a
$4
First preferred
Sept. 1 Holders of rec. July 31
Brazilian Trac., Lt. & Pow., corn. (qu.) 1
134 July 1 fielders of rec. June 15
Brazilian Tr., L. & Pow., pref. (guar.) _ _
Capital Trutt., Washington, D. C.(qu.). 14 July 1 June 15 to June 36
rec. Juno 16
Carolina Power & Light, pref. (guar.)._ .
1% July 1 Holders of to
Juno 30
July 1 June 21
CM.& Hamilton Trac., corn. (quar.) -Juno 30
to
21
June
134
1
July
(quar.)
Preferred
134 July 1 June 16 to June 30
Cincinnati Street Ry.(quar.)
$3.50 July 1 June 21 to Juno 30
Citizens Pass. Ry., Philadelphia
Columbus Ry., P. & L., pref."A" (qtr.) 134 July 1 Holders of rec. June 15
June 30 Holders of rec. May 31a
Continental Passenger fly., Philadelphia $3
July 10 Holders of rec. July la
3
El Paso Electric Co., pre(
Pass.,
Phil.(qu.)
Southwark
$4.50 July 1 Juno 2 to Juno 20
Frankford &
134 July 1 Holders of roe. June 15
Illinois Traction, preferred (guar.)
June 303
Kentucky Securities Corp., prof.(quar.). 13.4 ruly 15 Holders of rec. June
1Pa
July 1 Holders of rec.
Manila Electric Corp., common (guar.). 2
10a
Market St Ry (San Fran) prior pref.(qu.) 114 July 1 Holders of rec. June
June
23a
rec.
of
Holders
pref
$6.25
July
1
Rys.,
State
York
Now
134 July 1 Holders of rec. June 15a
Northern Ohio Trac.& Lt., pref. (qu.).
1
July 3 Holders of rec. June 11
Ottawa Traction (quar.)
156 July 1 Holders of roe. June 21
Portland Ry., Lt.& Pow., tat pt.(go.).
14 July 1 Holders of rec. June 21
Prior preference (quar.)
151 July 2 Holders of rec. June 15
Porto Rico Rye., Ltd., pref. (quar.)...
Public Service Corp. of N. J., corn.(qu.) $1.50 June 30 Holders of rec. June 15a
*750. July 1 *June 17 to June 30
Reading Traction
Ridge Ave. PAM. Ry., Phila. (quat.). *33 ' July 1 *June 18 to Juno 29
$3
July 1 Holders of rec. June la
2d & 3d St. Pass., Phila.(quar.)
Springfield Ry. & Light, pref. (quar.)... 14 July 1 Holders of rec. Juno 15
(guar.)
.134
pref.
1 Holders of rec. Juno 20
July
Light,
&
Tr -City Ry.
2
July 1 Holders of rec. June 15a
Twin City Rap. Tran., Minneap., corn_ _
1314 July 1 Holders of rec. June I5a
Preferred (quar.)
$4.75 July 1 Holders of rec. June 15a
Union Passenger Ry., Philadelphia
3
July 1 Holders of rec. Juno 9a
Union Traction, Philadelphia
1
July 1 June 16 to Juno 22
United Electric Rys.(Providence)
_
(quar.)
pref.
134
July 1 Juno 11 to June 30
United Light & Rys., first
Washington water Pow., Spokane (qu.) 134 July 15 Holders of rec. June 23
_
(guar.)
pref.
P.,
Aug. 15 Holders of rec. Aug. 1
W.
134
&
Trac.
West I'enn
Preferred (account accum. dividends). 104r Aug. 15 Holders of rec. Aug. 1
$5
July 1 Holders of rec. June 15a
West Philadelphia 1'043901ga Ry
El
Juno 30 Holders of rec. June 5a
Wisconsin Edison
lJuly 1 Holders of rec. June 16
Yadkin River Power, pref.(quar.)
Banks.
America, Bank of (guar.)
American Exchange National (quar.)_,...




2797

THE CHRONICLE

JUNB 241922.]

3
(P)

July
July

1 Holders of rec. June 21
1 Holders of rec. June 21a

Trust Companies.
American (quar.)
Brooklyn (guar.)
Columbia (quar.)
Extra
Fulton
Guaranty (quar.)
Hudson (quar.)
Lawyers Title & Trust (guar.)
Extra
Manufacturers, Brooklyn (quar.)
United States

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

2
23-4
34
4
$1
4
3
4
3
6
6
20
10
3
6
$3
3
5
4
2
2
5
3
4
3
3
134
4
6
23-4

July 1
July 1
July 1
July 1
July 1
July 1
July 1
June 30
July I
Juned21
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
July 1
June 30
July 1
July 1
July 1
July 1
June 30
July 1

Holders of rec. June 17a
Holders of rec. June 30a
Holders of rec. June 30a
Holders of rec. June 19a
Holders of rec. June 19a
June 18 to June 30
Holders of rec. June 14
Holders of rec. June 20a
Holders of rec. June 18a
June 20 to June 30
Holders or rec. June 300
Holders of rec. June 300
Holders of rec. June 300
Holders of rec. June 20a
Holders of rec. June 22
Holders of rec. June 23a
Holders of rec. June 17
Holders of rec. June 24a
Holders of rec. June 17a
Holders of rec. June 17
Holders of rec. June 17
Holders of rec. June 113a
Holders of rec. June 16a
Holders of rec. June 23
Holders of rec. June 23a
June 16 to July 4
June 16 to July 4
Holders of rec. June 15a
June 21 to June 30
Holders of rec. June 20a

13.4
6
4
2
5
3
2%
134
2
3
25

July 1
July 1
June 30
June 30
July 1
June 30
June 30
July 1
July 1
July 1
July 1

Holders of rec. June 300
Holders of rec. June 24a
Holders of rec. June 20a
Holders of rec. June 200
Holders of rce. June 19
Holders of rec. June 16
June 16 to July 2
June 17 to July 2
June 17 to July 2
Holders of rec. June 20
June 18 to June 30

Miscellaneous.
Abitibi Power & Paper, Ltd., pref. (qu.) 14 July 3 Holders of rec. June 20
75e. July 1 Holders of rec. June 15a
Advauce-Rumely Co., pref.(guar.)
131 June 30 Holders of rec. June 20
Aeolian Company, pref.(guar.)
Alt Reduction (quar.)
July 15 Holders of rec. June 30
$1
All-America Cables (quay.
14 July 14 Holders of rec. June 300
Allied Chem.& Dye Corp., pref. ((Mar.) I% July 1 Holders of rec. June 150
Allis-Chalmers Mfg. Co., pref. (quar.)-- 154 July 15 Holders of rec. June 240
575, July 15 *Holders of rec. June 30
Amalgamated 011 (quar.)
Amer. Art Works,corn, & pref.(quar.)-- 134 July 15 Holders of rec. June 30
Amer. Bank Note, pref. (guar.)
75e. July 1 Holders of rec. June 120
1% July 1 Holders of rec. June 10a
Amer. Beet Sugar, pref. (guar.)
Amer. Brake Shoe & Fdy., corn. (guar.) El
June 30 Holders of rec. June 23a
14 June 30 Holders of rec. June 23a
Preferred (guar.)
14 July 1 Holders of rec. June 15a
American Can, pref. (quar.)
Amer. Car & Foundry, corn. (guar.).--- 3
July 1 Holders of rec. June 1193
Preferred (guar.)
134 July 1 Holders of rec. June 15a
American Cigar, preferred (guar.)
134 July 1 Holders of rec. June 15a
July 1 Holders of rec. June 15a
American Express (guar.)
$2
American Gas & Electric, corn.(quar3-- 234 July 1 Holders of rec. June 19
July 1 Holders of rec. June 19
Common (evtra payable boom,stock) f2
Preferred (guar.)
134 Aug. 1 Holders of rec. July 12
Amer. La France Fire Eng.,coin.(guar.) 2% Aug. 15 Holders of rec. Aug. la
14 July 1 Holders of rec. June 20a
Preferred (quar.)
134 June 30 Holders of rec. June 13a
tmerican Locomotive, corn. (quar.)---14 June 30 Holders of rec. June 130
Preferred (guar.)
151 July 1 June 17 to July 1
norican Mfg., pref. (Guar.)
lg Oct. 1 Sept. 17 to Oct. 1
Preferred (quar.)
134 Dec. 31 Dec. 17 to Dec. 30
Preferred (quar.)
American Power & Light, pref. (quar.)_ _
134 July 1 Holders of rec. June 19
July 1 Holders of rec. June 15a
imerican Public Service, pref. (quar.)-$1 June 30 Holders of rec. June 15a
Amer. Radiator, common (guar.)•
tmerican Rolling Mill, corn. (guar.)-- 50e. July 15 Holders of rec. June 30
14 July 15 Holders of rec. June 30
Preferred (quar.)
American Shipbuilding, preferred (quar.) 14 Aug. 1 Holders of rec. June 30a
134 July 1 June 13 to June 21
Amer. Smelters Secur., pref. A (guar.)._
14 July 1 June 13 to June 21
Preferred B (quar.)'
July 1 Holders of ree. June 144
3
American Snuff,common (guar.)
1% July 1 Holders of rec. June 14a
Preferred (quar.)
July 15 Holders of rec. July la
75c.
_
(guar.).
corn.
Foundries,
Amer. Steel
151 June 30 Holders of rec. June 150
Preferred (cfuar.)
41.75 July 1 *Holders of rec. June 20
American Stores, corn. (quar.)
14 July 3 Holders of rec. June la
American Sugar Refining, pref.(quar.)
234 July 15 Holders of rec. June 200
American Teiep. & Teleg. (mar.)
•1234c July 1 *May 16 to May 31
American Thread, preferred
134 July 1 Holders of rec. June 10a
American Tobacco, pref. (quar.)
July 15 Holders of rec. July 10a
1
American Type Founders, corn. (quar.)_
14 July 15 Holders of rec. July 10a
Preferred (guar.)
American Wholesale Corp., pref. (guar.) 131 July I Holders of rec. June 15a
Amer. Window Glass Mach., corn. (qu.) 134 July 1 Holders of rec. June 9
151 July 1 Holders ol rec. June 9
Preferred (quar.)
Amer. Woolen, corn, and pref. (quar.).... 134 July 15 June 16 to June 27
45e. July 15 Holders of coup. No. 23
Anglo-American 011, Ltd
•151 July 1 •Holders of rec. June 15
Armour & Co prof. (quar.)
88c July 1 Holders of rec. June 15a
Associated Gas & Elec., pref. (quar.)--134 July 25 Holders of rec. June 300
Associated Oil (guar.)
3% July 1 Holders of rec. June 36
Baldwin Locomotive, corn. & pref
234 July 1 Holders of rec. June 15a
Baltimore Electric, preferred
Barnhart Brothers & SpindlerFirst and second preferred (quar.).- 14 Aug. 1 Holders of rec. July 28a
2
July 15 Holders of ree. June 30a
Bayuk Bros., 1st & 2nd pref. (quar.)_
July 1 *Holders of rec. June 20
Beatrice Creamery, common (quar.)_- - 54
.14 July 1 *Holders of rec. June 20
Preferred (guar.)
July 15 Holders of rec. June 30a
2
(quar.)
Canada
of
Bell Telephone
134 July 1 Holders of rec. June 15a
Bethlehem Steel, common (guar.)
14 July 1 Holders of rec. June 15a
Common B (guar.)
July 1 Holders of rec. June 15a
2
8% cum. cony. pref. (guar.)
14 July 1 Holders of rec. June 16a
7% non-cum. pref. (guar.)
June 30 Holders of rec. June 12a
3
Boston Wharf
14 Dec. 1 Holders of rec. Nov. la
Brandrani-Henderson, Ltd., common
Brandram-Henderson, Ltd., pref. (qu.)- 14 July 1 Holders of rec. June la
July 2
to
14 July 1 June 21
Brier Hill Steel, preferred (guar.)
June 30 Holders of coup No.91m
Brit.-Amer. Tob.. ordinary (interim)._ _ 4
July 1 Holders of rec. June 19a
2
Brooklyn Union Gas
itrunswick-Balke-Collender, pref.(guar.) •134 July 1 *Holders of rec. June 20
14 July 1 Holders of rec. June 21
Bucyrus Company, preferred (quar.)_
June 30 Holders of rec. June 15
2
Buffalo General Electric (guar.)
i34 July 1 Holders of rec. June 23a
(guar.)
preferred
Brothers,
Burns
14 Aug. 1 Holders of rec. July 203
Prior preference (guar.)
23-4 July 3 Holders of rec. June 15
Burt (F. N.) Co., common (quar.)
134 July 3 Holders of rec. June 15
Preferred (guar.)
23-4 July 15 Holders of rec. July la
Bush Terminal, common
July 15 Holders of rec. July la
3
Preferred
13.4 July 1 Holders of rec. June 20a
Bush Terminal 13uildlngs, pref. (guar.).131 July 1 Holders of rec. June 200
California Petroleum, preferred (quar.)Canadian Converters', common (quar.). 131 Aug. 15 Holders of rec. July 31
Canadian General Elec., common (gu.). 134 July 1 Holders of rec. June 150
July 1 Holders of rec. June 200
Canadian Locomotive, common (quar.)_ 2
134 July 1 Holders of rec. June 20a
Preferred (guar.)
Case (J. I.) Thresh. Mach., pref. (guar.) 14 July 1 holders of rec. June 12a
134 June 30 Holders of rec. June 16
Celluloid Co., common (quar.)
31.50 July 1 Holders of rec. Juned20a
Central Aguirre Sugar (quar.)
134 July 15 Holders of rec. June 300
Central Coal & Coke, common (quar.)-134 July 15 Holders of rec. June 300
Preferred (quar.)
Cent. Illinois Pub. Say., pf. (quar.)._ - *134 July 15 *Holders of rec. June 30
Central States Electric Corp., pref. (qu.) 14 July 1 Holders of rec. June 10
Certain-teed Products Corp134 July 1 Holders of rec. June 200
First and second preferred (guar.)--

151

2798

THE CHRONICLE
Per
When
Cent. Payable.

[VOL. 114.

Books Closed.
Days Inclusive.

Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous
(Continued)Chandler Motor Car (guar.)
*$1.50 July 1 *Holders of rec. June 20
Kelly-Springfield Tire,6% pref.(guar.)._
14 July 1 Holders of rec. June 16a
•Chesebrough Mfg. Cons., corn. (quar.).
June 30 Holders of rec. June 10a Kelsey Wheel Co.,common (guar.)
154 July 1 Holders of rec. June 206
Preferred (guar.)
1% June 30 Holders of rec. June 10a Kerr Lake Mines (guar.)
124c. July 15 Holders of rec. July la
Chicago Mill & Lumber. pref. (guar.)._ *1 h July 1 *Holders of rec. June 23
Kolb Bakery, pref. (guar.)
131 July 1 Holders of rec. June 17a
'Cincinnati Gas & Electric (guar.)
1% July 1 June 15 to June 21
Kresge
(S.
S.)
Co.,
common
335 July 1 Holders of rec. June 16a
Cincinnati & Suburban Bell Telep.(qu.) 2
July 1 June 22 to June 30
Preferred (guar.).
131 July 1 Holders of rec. June 16a
'Cities ServiceKress (S. H.) Co., preferred (quer.)_ _- 131 July 1 Holders of rec. June 20a
Common (monthly, payable in scrip). *g% July 1 *Holders of rec. June 15
Lawyers
Mortgage Co. (guar.)
234 June 30 Holders of rec. June 21
Common (payable in corn. stock scrip) *g134 July 1 *Holders of rec. June 15
Lehigh Valley Coal Sales (guar.)
July 1 Holders of rec. June 15
$2
Pref. & pref. B (mthly. pay. in scrip). 4.gyi July 1 *Holders of rec. June 15
Library Bureau, corn.(guar.)
14 July 1 Holders of rec. June 20
‘City Investing Co.,common (quar.)_ _ _ 24 July 1 Holders of rec. June 27
Preferred (guar.)
2
July
1 Holders of rec. June 20
Preferred (guar.)
m, July 1 Holders of rec. June 27
Liggett & Myers Tobacco. pref. (quar.). 131 July 1 Holders of rec. June
15a
Cleveland Worsted Mills (guar.)
1
June 30 Holders of rec. June 15a Loft, Inc. (guar.)
25e. June 30 Holders of rec. June 19a
Cluett, Peabody & Co., pref. (guar.) _
July
1 Holders of rec. June 20a Lone Star Gas (guar.)
14
*14 June 30 *Holders of rec. June 20
Coca-Cola, common (guar.)
$1
July 1 Holders of rec. June 156 Long Island Safe Deposit
3
July 1 Holders of rec. June 24a
-Colonial Finance Corp., tom. (quar.)
25e. June 30 Holders of rec. June 1
Loose-Wiles Biscuit, let pref. (quar.)...
July 1 Holders of rec. June 19a
Preferred (guar.)
2
June 30 Holders of rec. June 1
Second preferred (guar.
Aug. 1 Holders of rec. July 18a
Computing-Tabulating-Record. (quar.)_ $1.50 July 10 Holders of rec. June 23a Lorillard
(P.)
Co.,
common (guar.)---- 3
July 1 Holders of rec. June lia
•Congoleum Co., common (guar.)
July 15 Holders of rec. June 306
$1
Preferred (guar.)
July
Holders of rec. June 17a
Connor (John T.) Co., corn. (guar.)_ _
25c. July 1 Holders of rec. June Ifla MacAndrews & Forbes, corn. (guar.)_ _ _ 24 July 151 Holders
of rec. June 30a
Preferred
335 July 1 Holders of rec. June 19a
Preferred (guar.)
14 July 15 Holders of rec. June 30a
Consolidated Gas, El. & P., Balt.(qu.). 2
July 1 Holders of rec. June 15
Mack Trucks. Inc., 1st & 2d pref.(cm.). 13/ July 1 Holders of rec. June 20a
-Consumers Gas, Toronto (guar.)
234 July 3 Holders of rec. Juno 15
Mackay
Companies,
corn.
(guar.)
July
134
1
Holders
of rec. June 7a
Consumers Power 6% pref.(guar.)
14 July 1 Holders of rec. June 15a
Preferred (guar.)
1
July 1 Holders of rec. June 70
7% preferred (guar.)
14 July 1 Holders of rec. June 15a Mager Car Corp., corn. (guar.)
25e. June 30 Holders of rec. June 266
-Continental Can, preferred (guar.)
1% July 1 Holders of rec. June 20a
Preferred
(guar.)
Juno
30 Holders of rec. June 26a
134
.Corona Typewriter, 1st pref. (quar.).. 2
July 1 June 16 to July 2
Mallinson(H.R.)& Co., Inc pref. (qu.) 131 July 1 Holders of rec. June 20a
Second preferred (guar.)
1% July 1 June 16 to July 2
Manatl Sugar, preferred (guar.)
131 July 1 Holders of rec. June 15a
•Cosden & Co., common (quar.)
624c Aug. 1 Holders of rec. July 3a Manhattan Electrical Supply,com.(qu.) *$1
July 1 *Holders of rec. June 20
-Cramp(Wm.)& Sons S.& E. Bldg.(qu.) $1
June 30 June 16 to June 30
Manhattan Shirt, pref. (guar.)
i'4 July 1 Holders of rec. June 19a
-Crucible Steel, preferred ((Plan)
1 X June 30 Holders of rec. June I5a Mfrs. Light & Heat, Pittsb. (guar.).
$1
July 15 Holders
,Cuban-American Sugar, pref. (quar.)_. 14 July 1 Holders of
rec. June 30a
rec. June 12a Massachusetts Lighting Cos., pref. (qu.) 14 July 15 Holders of
of rec. June 28
Davis Cotton Mills (quar.)
June 24 Holders of rec. June 10a
Eight per cent preferred (guar.)
July 15 Holders of rec. June 26
2
Davol Mills (guar.)
July 1 Holders of rec. June 24a Mathleson Alkali Works, pref. (guar.)._
131 July 1 Holders of rec. June 20a
Dayton Power & Light, common
2
July 1 Holders of rec. June 20a Maverick Mills, pref. (guar.)
14 July 1 Holders of rec. June 20a
Preferred (guar.)
134 July 1 Holders of rec. June 203 May Department Stores, corn. (guar.)_ _ 2
Sept. 1 Holders of rec. Aug. 15a
Detroit dz Cleveland Navigation (guar.)- 2
July 1 Holders of rec. June 15a
Common (guar.)
2
Dec. 1 Holders of rec. Nov. 15a
Detroit Edison (quar.)
2
July 15 Holders of rec. June 20a
Preferred (guar.)
134
July 1 Holders of rec. June 15a
.Detroit Motor Bus (guar.)
520e. July 15 *May 24 to May 31
Preferred (guar.)
134 Oct. 2 Holders of rec. Sept. 15a
Extra
510e. July 15 *May 24 to May 31
McCrory
Stores
Corp.,
pref. (guar.).--- 131 July 1 Holders of rec. June 20a
Dolores Esperanza Corp.(No. 1)
2% July 10 July 1 to July 9
Merchants Despatch Transp. (quar,).... 24 Juno 30 Holders of rec. June 26a
Dome Mines, Ltd. (guar.)
50c. July 20 Holders of rec. June 30
Mergenthaler Linotype (guar.).
234 June 30 Holders of roe. June 3a
Dominion Canners, Ltd., mei.(quar.).. P4 July 3 Holders of rec. Juno 17
Merrimac
Chemical (guar.)
$1.25 June 30 Holders of rec. June 16
Dominion Glass, corn. (guar.)
14 July 1 Holders of rec. June 15
Mexican Petroleum, common (guar.).-- 3
July 10 Holders of rec. June 15a
Preferred (guar.)
131 July 1 Holders of rec. June 15
Preferred (guar.)
2
July 1 Holders of rec. June 15a
Dominion Iron Or Steel, pref.(guar.). -- 1% July 1 Holders of roe. June 17a
Middle States 011 (guar.)
30c.
July
I Holders of rec. Juno 10a
Dominion Oil (guar.)
30c. July 1 Holders of rec. June 10
Middle West Utilities, preferred
Si
July 15 Holders of rec. June 30
Dominion Power & Transmission, pref.. 34 July 15 June 16 to June 30
Midwest Oil, com, and pref. (guar.)_ _ _ _ *40c. July 15 *Holders of rec. June 30
DominionTextile, corn. (guar.)
3
July 3 Holders of rec. Juno 15
Mississippi River Power, pref. (guar.)_ _
134 July 1 Holders of rec. June 20a
Preferred (guar.)
1% July 15 Holders of rec. June 30
Mohawk Mining
$1
July 15 Holders of rec. June 19a
Draper Corporation (guar.)
July 1 Holders of rec. June 3a Montana Power, common (guar.)
3
14 July 1 Holders of rect. June 14a
Duluth Edison Elec., pref. (quar.)
14 July 1 Holders of rec. June 21
Prefer.ed (guar.)
134 July 1 Holders of rec. June 14a
Dunham (James H.)& Co.,corn.((M.)
*135 July 1 *Holders of rec. June. 17
Mother
Lode
Coalition
Mines
Co.(No.
1)
50c. June 30 Holders of rec. June 10a
First preferred (guar.)
•134 July 1 *Holders of rec. Jun.' 17
Mountain Producers ((Plan)
20c. July 1 Holders of rec. May 31a
Second preferred (guar.)
134 July 1 *Holders of rec. Juno 17
National Biscuit, corn (guar.)
134 July 15 [folders of rec. June 30a
du Pont(E. I.) de Nem. & Co.
National
Breweries,
Canada,
corn. (au.) $1
July 1 Holders of rec. Juno 15
Debenture stock (guar.)
134 July 25 Holders of rec. July 10a
Preferred (guar.)
131 July 1 Holders of rec. June 15
Eastern Steamship Lines, pref
$1.75 July 1 Holders of rec. June 220 Nat Enameling & Stpg., pref. (guar.)._
I% June 30 Holders of rec. June 100
Eastman Kodak,common (guar.)
$1.25 July 1 Holders of reo. May 31a
Preferred (guar.)
131 Sept. 30 Holders of reo. Sept. 9a
Preferred (guar.)
1 4 July 1 Holders of roe. May 316
Preferred (guar.).
131 Dee 30 Holders of rec. Dec. cla
Edmunds Sc Jones Corp., common
50c. July 1 Holders of rec. June 20a National Fuel Gas(guar.)
24 July 15 Holders of rec. Juno 30
Preferred (guar.)
13( July 1 Holders of rec. June 20a National Grocer, preferred
3
July di Holders of rec. June 20a
Eisenlohr (Otto)& Bros.,Inc.,com.(qu.) 131 Aug. 15 Holders of rec. Aug. 1
National Lead. corn. (quar.)
154 June 30 Holders of rec. June 16a
Eisenlohr (Otto) dr Bros..me., pref.(qu.) 1% July 1 Holders of rec. June 20a
National Licorice,common
24 July 11 Holders of rec. June 23
Electric Light & Power Co. of Abington
Preferred (guar.)
135 June 30 Holders of rec. June 23
& Rockland
4
July 1 Holders of rec. June 153 National Sugar Refining (guar.)
134 July 3 Holders of rec. June 12
Electric Storage Battery, new corn.(qu.)
75c. July 1 Holders of rec. June 14a
National Surety (guar.)
July 1 Holders of rec. June 203
New preferred (guar.)
75c. July 1 Holders of rec. June 140 New England Telep.& Teleg.(guar.) _ 3
2
June 30 Holders of rec. June 16
Endlcott-Johnson Corp., corn. (quar.)
$1.25 July 1 Holders of rec. June 17a
New York Dock, preferred
254 July 15 Holders of rec. July 5a
Preferred ((Mar.)
131 July 1 Holders of rec. June 173 New York Transit
4
July 15 Holders of rec. June 20
Erie Lighting, preferred (guar.)
50c. July 1 Holders of rec. June 15
Niagara Falls Power, preferred (guar)- - $1.75 July 15 Holders of rec. June 30a
Famous Players-Lasky Corp.,corn. tqu.) 2
July 1 Holders of roe. June 15a Nipissing Mines(quar.)
3
July 20 July 1 to July 17
Famous Players-Lasky Corp.. Pf. (qu.)_ 2
Aug. 1 Holders of rec. July 15a North American Co., corn. (guar.)
131.25 July 1 Holders of rec. June So
Farr Alpaca (guar.)
2
June 30 June 21 to June 28
Preferred (guar.)
75e. July 1 Holders of rec. Juno 5a
Firestone-Apstey Rubber, preferred_
334 July 1 Holders of rec. June 27
Northern Pipe Line
5
July 1 Holders of rec. Juno 9
Fisher Body Ohio Corp., pref. (quar.).. 2
July 1 Holders of rec. June 21a Northwestern Telegraph
$1.50
July 1 June 16 to June 30
Prof. (acct. accumulated dividends)_ _ 58
July 1 Holders of rec. June 21a Ohio Bell Telephone, preferred (quar.)..
134 July 1 Holders of rec. Juno 20
Foster(W. C.) Company,common (qu.)
75e. July 1 Holders of rec. June 20a Ohio Fuel Supply, corn. (guar.)
24 July 15 Holders of rec. June 30a
Preferred (guar.)
$2.50 July 1 Holders of rec. June 20a
Common (extra payable in L.L. bds.) 12
July 15 Holders of rec. June 30a
Galena-Signal 011, preferred (guar.).
June 30 Holders of rec. May 31a Ohio 011 (guar.)
2
.31.25 June 30 *Holders of rec. May 31
Garfield Safe Deposit
4
June 27 June 15 to June 27
Extra
*75e, June 30 *Holders of rec. May 31
Garvin Machine, preferred
334 June 30 June 28 to July 4
Orpheum Circuit, Inc., pref. (guar.) _ _ 2
July 1 Holders of rec. June 15a
General Amer. Tank Car Corp., corn.. _ $1.50 July 1 Holders of rec. June
15a Otis Elevator, common (guar.)
2
July 15 Holders of rec. June 30a
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Preferred (guar.)
14
July
15 Holders of rec. June 30a
General Baking, common (guar.)
July 1 Holders of rec. June 22a Ottawa Car Manufacturing (quar.)_ _
2
1
July 3 Holders of rec. June 15
Preferred (guar.)
2
July 1 Holders of rec. June 22a Ottawa Light, Heat &
(quar.)... 14 July 1 Holders of rec. June 22
General Cigar debenture, pref. (quar.)
131 July 1 Holders of rec. June 24a Owens Bottle, commonPower
(guar.)
50o. July 1 Holders of rec. June 15a
General Electric (quar.)
2
July 15 Holders of rec. June 7a
Preferred (guar.)
134 July 1 • Holders of rec. June 15a
General Motors Corp., pref. (quar.)....
13i Aug. 1 Holders of rec. July 3a
J1
July 3 Holders of rec. June 15
• Six per cent debenture stock (quar.).. 14 Aug. 1 Holders of rec. July 3a Pacific-Burt Co., Ltd., common
Preferred (guar.)
j131 July 3 Holders of rec. June 15
Seven per cent debenture stock (guar.) 13 Aug. 1 Holders of rec. July 3a
Pacific 011
$1.60 July 20 Holders of roe. June 20a
General Railway Signal. pref. (guar.)-- 135 July 1 Holders of rec. June 20
Pacific Telep. & Teleg., pref. (quar.)... 134 July 15 Holders of rec. June
Gold dc Stock Telegraph (guar.)
30a
14 July ,1 Holders of rec. June 30a Partite-Detroit Motor,
pref. (guar.)
*131 July 1 *Holders of rec. June 15
Goodrich (13. F.) Co,. preferred (guar.). 134 July 1 Holders of rec. June 21a
Panama Power dr Light, pref.(quar.)... 131 July 1 Holders of rec.
Goulds Mfg.. common (guar.)
June
16
14 July 1 Holders of rec. June 20
Pan-Amer. Petrol. & Transp., corn.(qu.) $1.50 July 10 Holders of rec. June 156
Preferred (guar.)
134 July 1 Holders of rec. June 20
Common B (guar.)
Grasselli Chemical, common (guar.) _ _ _ 2
June 30 Holders of rec. June 15a Panhandle Prod. dz ROM., pref.(quar.)_ $1.50 July 10 Holders of rec. June 156
2
July 1 Holders of rec. June 20a
Preferred (guar.)
June 30 Holders of rec. June 15a Parke Davis & Co.(guar.)
$1
Juno 30 June 21 to June 29
Greenfield Tap dr Die Corp.. pref.(qu.). 2
July 1 Holders of rec. June 15
Extra
Juno 30 Juno 21 to June 29
$1
Guantanamo Sugar, preferred (quar.).. 2
July 1 Holders of rec. June 15a Patchogue-Plymouth Mills, corn. (qu.) $1
July 1 dJune 27 to June 30
Gulf States Steel, 1st pref.(guar.)
134 July 1 Holders of rec. June 15a
Peerless Truck & Motor ((par.)
75o. June 30 Holders of roe. June ra
Hanes(P. H.) Knitting, pref.(guar.)_ _
14 July 1 Holders of rec. June 20a Peerless Truck & Motor (guar.)
75o Sept. 30 Ho:dere of reo. Sept. la
Harbison-Walker Refrao., pref. (guar.)
July 20 Holders of rec. July 10a
Peerless Truck & Motor (guar.).--- ...75e Dee 31 Holders of rec. Dee. la
Hart, Schaffner & Marx, pref. (quar.).. 134 June 30 Holders of rec. June
Penney (J. C.) Co.. preferred (guar.)--June 30 Holders of rec. June 20a
Helme(George W.)Co.,common (guar.) 234 July 1 Holders of rec. June 20a
19a Penn Central Light & Power, pref.(cm.). 134
' Preferred (guar.)
134 July 1 Holders of rec. June I9a Pennsylvania Power & Light, pref. (qu.) $1 July 1 Holders of rec. June 10
131 July 1 Holders of rec. June 15
Hendee Manufacturing, Pref. (quar.).. 134 July 1 Holders of rec. June 20a
Pennsylvania
Water
&
Power
(guar.)
131
July 1 Holders of rec. June 16
Hercules Powder, common (guar.)
3
June 24 June 16 to June 23
Peoples Gas Lt. dr Coke (guar.)
134 July 17 Holders of rec. July 3a
Hibernia Securities, preferred (guar.)_ _ _
131 July 1 Holders of rec. Juno
Pettibone, Mulliken & Co.
Holt, Renfrew dr Co.. Ltd., pref. (guar.) 134 July 3 'Holders of rec. June 28
28
*1,‘
First
second
and
preferred
(quar.)_
_
July 1 *Holders of rec. June 21
Homestake Mining (monthly)
25c. June 26 Holders of rec. June 20
Phelps-Dodge Corporation (guar.)
Si
July 1 Holders of rec. Juno 206
Hood Rubber, common (guar.)
$1
Juno 30 Juno 21 to June 30
Phillips Petroleum (guar.)
50c. June 30 Holders of roe. June 15a
Hudson Motor Car(No. 1)(no par stock)
500. July 1 Holders of roe. June 203 Pittsburgh Plate Glass
*2
July 1 *Holders of roe. June 20
Ten dollar par value stock
$2.50 July 1 Holders of rec. June 200 Pittsburgh Rolls, pref.(guar.)
(guar.)
131 July 1 Holders of rec. June 250
Hupp Motor Car Corp., pref.(guar.)
131 July 1 Holders of rec. June 20
Pond Creek Coal (guar.)
374c July 1 Ilolders of rec. June 230
Illinois Bell Telephone (guar.)
2
June 30 Holders of rec. June 296 Prairie Oil & Gas(guar.)
*3
July 31 'Holders of rec. June 30
Illinois Pipe Line
6
June 30 Juno 3
to June 27
Extra
*2
Imperial Oil, common (guar.)
July 31 *Holders of rec. Juno 30
30e. July 1 Holders of rec. June 10
*3
Prairie Pipe Line (guar.)
July 31 *Holders of rec. June 30
Preferred (guar.)
20e. July 1 Holders of rec. June 10
Extra
*2
July 31 *Holders of rec. June 30
Imperial Tobacco, common (interim)
*1% Juno 28
Price Brothers (guar.)
Independent Pneumatic Tool (guar.)_
34 July 2 Holders of rec. June 22
*2
July 1 *Holders of rec. June 20
Providence Gas
July 1 Holders of rec. June 15
Ingersoll-Rand Co., preferred
3
July 1 Holders of rec. June 160 Provincial Paper Mills, corn.(quar.).... $1
135 July 3 Holders of rec. June 15
Intercolonlal Coal Mining, common___ _ 4
July 2 Holders of rec. June 24
Preferred (guar.)
131 July 3 Holders of rec. June 15
Preferred
34 July 2 IIolders of rec. June 24
Public Service Co. of Nor. III., pref.(qu.) '13-5 July 15 *Holders of rec. June 30
Internat. Buttonhole Mach.(quar.)___ 10c. July 1 Holders of rec. June 15
Pure 011, 8% preferred (guar.)
2
July 1 Holders of rec. June 15a
International Cement, common (quar.)_ 624e June 30 Holders of rec. June
15a
6% preferred (guar.)
14 July 1 Holders of rec. June 15a
Preferred (guar.)
131 Juno 30 Holders of rec. June 15a
531% preferred (guar.)
134
July
1 Holders of rec. June 15a
Internat. Harvester, common (quar.)_
134 July 15 Holders of rec. June 24a Quaker Oats, common (guar.)
2
July 15 Holders of rec. July in
Common(payable in common stock)_ _ 12
July 25 Holders of rec. June 24a
Preferred (guar.)
134 Aug. 31 Holders of rec. Aug. la
Internat. Mercantile Marine, pref
3
Aug. 1 Holders of rec. July 14
Railway Steel-Spring, common (quar.)..
International Paper, preferred (guar.)_ _ See no to (a)
June 30 Holders of rec. June 17a
Ranger Texas 011 (guar.)
30c. July 1 Holders of rec. June 10
International Salt (guar.)
134 July 1 Holders of rec.
3
International Silver. preferred (quar.).. 131 July 1 June 16 to June 15a Realty Associates
July 15 Holders of rec. July 5
June 30
Reece Buttonhole Machine (guar.)
30e. July 1 Holders of rec. June 15
Internat. Telephone & Teleg. (quar.).
134 July 15 Holders of rec. June 30
Reece Folding Machine (guar.)
10c. July 1 Holders of rec. June 15
Island Coal & Coke, common (guar.) - $2
July 1 Holders of rec. June 23a Reo Motor Car (guar.)
25e.
July 1 Holders o rec. June 15a
Common (extra)
$2
July 1 Holders of rec. June 23a Reynolds Spring, pref."A"(guar.)
131 June 30 Holders of rec. June 27
Preferred (guar.)
$1.50 July 1 Holders of rec. June 23a
Prof.
"B"
(in
full of all accum.(liv.) _ h14
Jones Bros.Tea, preferred (quar.)
Juno 30 Holders of rec. June 27
131 July 1 Holders of rec. June 213 Reynolds(R.J.)Tobac.,
corn.,A & B(qu.) 3
Kanawha dr Hocking Coal & Coke, pref. 34 July 1 Holders of rec. June
July 1 Holders of rec. June 17a
15a
Preferred (guar.)
131 July 1 Holders of rec. June 17a
Kansas Gas & Electric, preferred (guar.) 131 July 1 Holders of rec. June 21
Rogers(Wm. A.), preferred (guar.)_ _
1% July 3 Holders of rec. June 15
Kayser (Julius)& Co.,no par var. pf (qu.) $2
July 1 HoLers of rec. June 23
Rogers Milk Products, pref.(mom).ha* 10 Tioltinrct at roe .11inr 28
2
Name of Company.

••••




134
134
134

14
14

134

134

Name of Company.

Per When
Cent. Payable.

Books Closed.
Days Inclusive.

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 June 17. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.

Miscellaneous (Concluded)
June 30 Holders of rec. June 17a
2
Royal Baking Powder, common (quar.)
1,;6 June 30 Holders of rec. June 17a
Preferred (guar.)
June 30 Holders of rec. June 17a
1
(qu.)
St. L. Rocky Mt.& Pao. Co.,corn.
111 June 30 Holders of rec. June 17a
Preferred (guar.)
July 1 Holders of rec. June 20
1,1
pref.(quar.)
corn.&
Co.,
Sayers & Scoville
July 1 Holders of rec. June 15a
Sears. Roebuck & Co.. pref. (guar.)---- 1%
10 Holders of rec. June 23
july
14
Shawinigan Water & Power (guar.)
1% June 30 Holders of rec. June 20a
Shawmut Mills, corn. (guar.)
1,1 June 30 Holders of rec. June 20a
Preferred (guar.)
I 46 June 23 Holders of rec. June 15a
Sherwin-Williams Co. of Can., com.(qu.) 1% June 26 Holders ot rec. June 15a
Preferred (guar.)
July 1 Holders of rec. June 20
2
Shredded Wheat, common (quar.)
July 1 Holders of rec. June 20
1
Common (bonus)
July 1 Holders of rec. June 20
4i
I
Preferred (guar.)
Aug. 15 Holders of rec. July 15a
50c.
Sinclair Cons. 011 Corp., corn. (quar.)
*31.25 June 30 *June 16 to June 30
(quar.)
Manufacturing
Singer
30 June 13 to June 30
1%
June
South Penn 011 (ouar.)
July I Holders of rec. June 15a
2
South Porto Rico Sugar. pref. (guar.)
1 Holders of rec. June 19
July
Southeastern Express
July 1 Holders of rec. June 15
1
Southwest Pa. Pipe Lines (guar.)
34.6 July 3 Holders of rec. June 30
Standard Commercial Tobacco, pref
4
June 30 Holders of rec. June 24a
Standard Coupler
July 1 June 16 to July 2
$1
Standard 011 (Kentucky) (guar.)
July 1 Holders of rec. May 26a
3
(quar.)
common
(Ohio),
011
Standard
1
1 Holders of roe. May 260
July
Common (extra)
3
June 30 Holders of rec. Juned26a
Standard Safe Deposit (guar.)
1M
1 Holders of rec. June 15
July
_
(guar.)
B
&
A
pf.
Prod.,
Stand. Textile
151 July 1 Holders of rec. June 20a
Steel & Tube Co., pref.(quar.)
2
Sept. 1 Holders of rec. Aug. 15a
Stern Brothers, preferred (guar.)
2
Aug. 15 Holders of rec. Aug. 1
Superior Steel, 1st & 2d pref. (quar.)
2
July 1 Holders of rec. June 10a
Swift & Co. (guar.)
900 Aug. IS Holders of rec. July 15a
Swift International
3
July 1 Holders of rec. June 10
Texas Chief Oil (guar.)
75e. June 30 Holders of rec. June 2a
Texas Company (guar.)
250. June 30 Holders of rec. Juno 7a
Texas Pacific Coal & 011(guar.)
July 1 *Holders of rec. Juno 24
Thompson (J. R.) Co., common (guar.)_ 4.*50c
1 *Holders of rec. June 24
1 31 July
Preferred (guar.)
4
July 1 Holders of rec. June 20
Thompson-Starrett Co., common
q,
1
I Holders of rec. June 15a
July
_
(guar.).
pref.
Tobacco Products Corp.,
5
July 1 June 16 to June 21
Tonopah Belmont Devel. (guar.)
1 Holders of rec. June 10a
July
5
(guar.)
Mining
Extension
Tonopah
$1.25 July 1 Holders of rec. June 10a
Torrington Co., common (guar.)
n Common (payable in corn. stock)._ 1100 July 1 Holders of rec. June 12
50c. July 10 Holders of rec. July la
(guar.)
Forg.
Steel
Williams
Transue &
July 1 Holders of rec. June 24
'Traylor Engineering & Mfg., pref.(qu.)_ 2
1
July 10 July 1 to July 10
Trinidad Electric Co., Ltd.(guar.)
1
July 15 Holders of rec. June 30
(guar.)
Tuekett Tobacco, common
1,1 July 15 Holders of rec. June 30
Preferred (guar.)
I
June 20 Holders of roe. May 30
Turman 011 (monthly)
2
July 20 Holders of rec. June 30
Extra
Underwood Typewriter,common (guar.) 23 JUly 1 Holders of rec. June 3a
2%
Oct. 1 Holders of rec. Sept. 2a
Common (guar.)
1)i July 1 Holders of reo. June 3a
Preferred (quar.)
IX
1 Holders of rec. Sept. 2a
Oct.
(guar.)
Preferred
July 1 Holders of rec. June 7a
$1
Union Carbide & Carbon (guar.)
June 30 *Holders of rec. June 20
'Union Twist Drill, preferred (quar.)- _
50c. July 10 Holders of rec. June 260
United Alloy Steel (guar.)
1%
United Dyewood Corp., common (guar.) 1)1 July 1 Holders of rec. June 15a
July 1 Holders of rec. June 160
Preferred (guar.)
1)( Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
2
July 15 Holders of rec. June 20a
United Fruit(guar.)
50c. July 15 Holders of rec. June 30
United Gas Improvement, corn.(guar.)- 50c
. 5 Holders of rec. Aug. 31a
Sept
Preferred (guar.)
a
331o. July 1 Holders of rec. June
United Profit Sharing, (guar.)
3
June
25 Holders of roe. May 10
(monthly)
United Royalties
I
June 25 Holders of roe. May 10
Extra
50c. July 5 Holders of rec. June 20a
United Shoo Machinery, com. (guar.)
3734c July 5 Holders of rec. June 20a
Preferred (guar.)
4,1
June 30 *Holders of rec. June 15
U.S.Gypsum,common (quar.)
•1,i June 30 *Holders of roe. June 15
Preferred (guar.)
1(
July 15 Holders of rec. June 30a
(quar.)
pref.
Alcohol,
U. S. Industrial
131 July 16 Holders of rec. June 20
U.S.Printing & Lithog., 1st pref.(qu.)_ 1,1
June 29 May 30 to May 31
U.S.Steel Corp.,common (guar.)
75e. July 1 Holders of rec. June 19a
U.S.Tobacco,common (guar.)
14 July 1 Holders of rec. June 19a
Preferred (guar.)
July 1 Holders of rec. June 21a
Universal Leaf Tobacco, corn. (guar.)._ 3
2
July 1 Holders of rec. June 21a
Preferred (guar.)
50e. June 30 Holders of rec. June 16a
Utah Copper Co. (guar.)
1
July 1 Holders of rec. June 16
Utah Power & Light, preferred (quar.)_
1% June 27 Holders of rec. June 17
Utilities Securities Corp., pref. (guar.)_ _
2
July 1 Holders of rec. June 17a
Valvoline Oil, pref. (quar.)
10
July 15 July I to July .5
Victor Talking Machine, corn. (guar.)
1
July 15 July 1 to July 5
Preferred ((guar.)
2)5 July 1 Holders of rec. June 15a
Virginia Iron. Coal & Coke, pref
31
July 3 Holders Of rec. June 15a
(guar.)
common
Cotton,
Wabasso
50o. July 1 Holders of rec. June 2; a
Wahl Co., common (monthly)
50c. Aug. 1 Holders of rec. July 22a
Common (monthly)
50e. Sept. 1 Holders of rec. Aug. 23a
Common (monthly)
50c. Oct. 1 Holders of rec. Sept.22a
Common (monthly)
131 Oct. 1 Holders of rec. Sept. 22a
Preferred (quar.)
1,i July 1 Holders of rec. June 22v
Preferred (guar.)
50c. July 1 Holders of rec. June 20a
Waldorf System, corn. (guar.)
Preferred and let preferred (guar.)._ 20c. July 1 Holders of rec. June 20a
11i June 30 Holders of rec. June 20
Walworth Mfg., prof.(guar.)
750. July 1 Holders of rec. June 240
Warren Bros. Co., first pref.(quar.)_ _ _
871,6c July 1 Holders of rec. June 24a
Second preferred (guar.)
8
July 1 Holders of rec. June 20
Wediake-Lamson Co., Inc., pref
41.50 July 5 *Holders of rec. June 30
West Coast Oil Co.(guar.)
1K July 3 Holders of rec. June 23
West Kootenay Pow.& Lt., pref.(qu.)_
3
July 1 Holders of recs. June 15
West Point Manufacturing
$2.50 June 30 Holders of rec. Juno 16a
Western Electric, common (guar.)
1% June 30 Holders of roe. June 16a
• Preferred (guar.) (No. 1)
33.50 July dl Holders of tee. Juno 20a
Western Grocer, preferred
131 July 15 Holders of rec. June 24a
Western Union Telegraph (guar.)
50c. July 10 Holders of rec. June 30a
White Eagle Oil & Refining (guar.)
$1
(guar.)
June 30 Holders of rec. June 20a
Motor
White
July 1 Holders of rec. June 20a
Williams Tool Corporation, pref.(guar.) 2
July 1 Holders of rec. June 15a
Will & Baumer Candle, pref. (quar.)__ _ 2
1,1 July 1 Holders of rec. June a26
Wilson & Co., Inc., preferred (guar.)_
(quar.)
151 July 1 Holders of rec. June 10a
Woolworth (F. W.) Co., prof.
Worthington Pump & Mach'y,com.(cm) $1 July 15 Holders of ree. July 5a
1,1 July 1 Holders of rec. June 200
Preferred A (guar.)
1,i July 1 Holders of rec. June 20a
Preferred B (guar.)
_
5
(guar.)
July 1 Holders of rec. June 17
Manufacturing
Towne
&
Yale
60e. July 1 Holders of roe. June 200
Yellow Cab Mfg.(monthly)
50c. July 1 Holders of rec. June 20a
Youngstown Sheet & Tube, corn. (guar.)
1,1 July 1 Holders of roe. Juno 20a
Preferred (guar.)

NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousand, of dollars-that is, three ciphers (000) omitted
1 Nei
Resery
Ca vital.1Profits Loans,
Time
with
Net
Discount, Cash
Week ending
De- Circb.
Legal Demand
in
June 17 1922 Nat'l, May 5 InvestState, Mar.10 meats. Vault. Deposi- Deposits, posits. lotion.
tortes.
&c.
(000 omitted.) Tr.cos, Mar.10
Members of Fe d. Res. Bank. Average Average Away Average Average Ales
$
$
28,913 1,265 1,958
635 4,001
39,404
118,121 13,598
132,825 1,980 16,257
65i
150,459 3,492 -.
156,955 7,433 19,421
56,168 1,470
1,325 7,577
58,30
471,214 .7,606 67,017 *553,172 37,924 1,790
4
6 2
47
39
117,124 5,215
128,118 1,104 16,340
862 242
15,369
324 2,067
16,389
603
101
5,180
891 8,870 4,970
3,4
8814
102,214 1,070 13,633
316,902 12,895 _ _ _ _
359,295 1,061 41,40
297
55 18,94997
72
2:0
18
22,021755
12
21,629 1,085 3,39
5,700
116
140,285 5,226 16,126
100
105,770_ -_
454 13,534
119,005
4
34 18,73
7:16
20
163
174,874 6,005 23,45
2
50
579 4,199
34,208
136,421 3,736 5,459
776 17,92
164,525
50
11,159 1,85:
322 1,69
12,481
234,959 23,976 7,350
441 31,69
296,811
5,092 2,521
187,35
186,307 4,045 24,89
35
146 1,03
7,014
-5
8 29,793 1,00
90
13
4
318
343,552 6,165 42,6
20,720
- --648 2,7
21,718
484 1,1
8,350
50
1
92
73
4,4
18
433 2,024
15,057
249
661
14,466
287 1,94
15,363
67
092 1,611
1 1:700
70
73,384 1,068 9,84
64
415
593 1,546
15,00
362
394
17,698
589 2,36
16,581
3,39
31,15
856 4,36
34,396
*282,845 14,463
905 36,64
293,779
3,711
621 6,74
57,103
80
M2
780
1:04
4 23,508 _ _
367,798 1,352 50,52
618
366 2,56
19,267
7148,1416 6,20
884 9,81
80,873
43,389 1,415
1,323 4,45
43,87
15 5,900
75
0:6
25
14
523 19,95
155,648
374
430 2,971
21,362
1 1,406
45
20
3:6
13
3
469 4,49
37,096
50
68
463 1,36
15,321
19,162
519 14,62
133,033
27
7:8
88
0 1,157
82
592 3,631 *12
26,55
*238,160 5,822
190,83; 1,456 29,0

Bk of NY,NBA 2,000 7,683
Bk of Manhat'n 5,000 17,396
Medi& Met Nat 10,000 17,308
Bank of America 5,500 5,755
Nat City Bank_ 40,000 51,139
Chemical Nat_ 4,500 15,936
Atlantic Nat__ _ 1,000 1,093
242
500
Nat Butch & Dr
Amer Exch Nat 5,000 7,495
Nat Bk of Cornm 25,000 36,206
Pacific Bank.,_ 1,000 1,745
Chat& Mien Nat 10,500 9,969
Hanover Nat__ 3,000 21,824
Corn Exchange_ 8,250 10,339
Imp & Trad Nat 1,500 8,640
National Park__ 10,000 23,141
816
East River Nat_ 1,000
First National__ 10,000 43,928
Irving National 12,500 11,224
82
Continental__ __ 1,000
Chase National_ 20,000 21,84
500 2,42
Fifth Avenue__
86
400
Commonwealth
Garfield Nat... 1,000 1,57
939
Fifth National_ 1,200
Seaboard Nat__ 4,000 6,478
Coal & Iron Nat 1,500 1,352
Union Exch Nat 1,000 1,533
Bklyn Trust Co 1,500 2,971
Bankers Tr Co_ 20,000 22,413
U S Mtge & Tr_ 3,000 4,458
Guaranty Tr Co 25,000 17,400
Fidelity-It Tr_ 1,500 1,80
Columbia Trust 5,000 7.809
Peoples Trust__ 1,500 2,30
New York Trust 10,000 16,980
Lincoln Trust__ 2,000 1,300
Metropolitan Tr 2,000 3,711
Nassau Nat, Bk 1,000 1,550
Farmers Ln & Tr 5,000 14,184
Columbia Bank 2,000 1,773
Equitable Trust 12,000 15,851

•From unofficial sources. t The New York Stook Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for this dividend. b Less British income tax. d Correction
s Payable In stock. f Payable In common stock. g Payable in scrip. h On
account of accumulated dividends. i Payable In Liberty or Victory Loan bonds.
Payable in New York funds. k Payable In Canadian funds.
m All transfers received in order at London on or before June 13 will be in time
for payment of dividend to ransfers.
n Conditional upon increase in common capital stock to be voted on June 10 by
the stockholders.
o New York Stock Exchange has ruled that Illinois Central leased lines stock
shall be ex-dividend on June 14.
p At rate of 15% per annum for two months from May 1 to July 1,dividend period
being changed from Q-F to Q-J.
r One and one-quarter per cent of this in cash and the balance in 6% dividend
warrants in three installments of 3% each on Feb. 15 1923, Aug. 15 1923 and
Feb 15 1924.
a'rho dividend of tho International Paper Co. as published in previous issues,
payable July 1, was an error. The July dividend has not yet been declared.
t Made up of two quarterly dividends of 75 cents each.




2799

THE CHRONICLE

JUNE 24 1922.]

Tot.of averages_ 278,350-'414,250 4,612,97

62,724 582,084 c4,268,487 278,632 34,496

June 174,621,194 58,584626,5 c4,287,934269,920 34,687
,
Totals, actual condition 1
Totals, actual condition June 10 4,595,48 61,860 579,17 c4,143,584 309,77( 34,698
Totals, actual co ndition une 34,559,422 61 093567,10 c4,094,612280,8 34,508
State Banks Not Me mbers of Fed'I Res've Bank.
18,702
18,511 1,590 1,84
Greenwich Bank 1,000 2,033
20
291
4,827
593
5,074
844
250
Bowery Bank__
27,882 48,406
79,166 3,140 2,04
State Bank____ 2,500 4,586
Tot. of averages_ 3,750,I 7.4651 102,751 5,323 4,18
---'Totals, actual co ndltion June 171 102,895 5,350 1,18
Totals, actual condition June 10; 102,837 5,391 4,05
Totals, actual condition June 3; 102,692 5,393 4,02
Trust Companies Not Member,of Fed 'I Res'y e Bank
Title Guar & Tr 7,500 13,234; 53,247 1,258 4,3
834 1,81
Lawyers Ti & Tr 4,000 6,1631 25,973

51,411 48,476
51,309 48,539
51,65 48,395
51,662 48,317
37,099
17,22

1,082
385

Total of averages 11,500 19,3981

79,220

2,092

6,16

54,3191

1,467

Totals, actual condition June 17
Totals, actual condition June 10
Totals, actual condition June 3

79,656
79,733
78,016

2,041
2,048
2,12

6,111
6.36
6,15

54,302
55,128
54,259

1,469
1,464
1,498

4,312,217 328,575 34,496
+106,066-19,049 -12
-4,373,545 319,928 34,687
65,975836.850
aggr.,
17:4,803,745
June
cond'n
Gr'd
act'l
Comparison with prey. week _ ..1 +25,693 -3,3241+47255 +123,183-39,707 +89
1-Gr'd aggr., acricond'n June 104.778,052 69,299589,595 4,250,362 359,635 34,598
Gr'd aggr., act'l concrn June 34,741,030 68,6111577,286 4,200,533 330,657 34,508
Gr'd aggr., eatcond'n May 27 4,693,947 68,814569,140 4,202,852317,993 34,556
Gr'd aggr., acelcond'n May 20 4,684,841 68,1211554,009 4,187,671 319,053 34,714
.640 4,121,512314,812.34,6
Gr'd seer . nalronrrn May 134.587,307
pithe.-U. S. deposits deducted from net demand deposits in the genera totals
actual totals June 17,
$70,052,000;
for
as
Average
week
June
follows:
17,
were
ebove
357,946,000; June 10, $79,302,000; June 3, $83,985,000; May 27, 514,635,000;
May 20, $41,606,000. Bills payable, rediscounts, acceptances and other liabilities
average for the week: June 17, $311,944,000; actual totals June 17, 8317,286,000;
June 10, $310,580,000; June 3, $334,806,000; May 27, $314,957,000; May 20,
2296,352,000.
* Includes deposits in foreign branches not included in total footing as follows:
National City Bank,$104,456,000; Bankers Trust Co., 311.942,000; Guaranty Trust
Co., $91,557,000; Farmers' Loan & Trust Co., 2107,000; Equitable Trust Co.,
$25,945,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $28,359,000; Bankers Trust Co., $486,000;
Guaranty Trust Co., $31,110,000; Farmers' Loan & Trust Co.. $107,000; Equitable
Trust Co., $3,318,000. c Deposits in foreign branches not included.
70,139 592.43
Gr'd aggr., avge. 293,600 471,114 4,794,9
J. +47,343-1,05 -1-1722
:
Comparison with prey. week

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:
BANKS
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE
AND TRUST COMPANIES.
Averages.
Reserve
Cash
Total
I
in
Reserve
In Vault. Depositaries' Reserve.

a
Reserve
Required.

Surplus
Reserve.

$
$
$
1
$
$
582,084,000 582,084,000 555,202,270 26,881,730
251,020
5,323,000 4,182,000 9,505,000 9,253,980
112,150
2,092,000 6,168,0001 8,260,0001 8,147,850
---1------7,415,000 592,434,000599,849,000 572,604,100 27,244,900
Total June 17
7,578,000 575,208,000 582.786,000 559,411,190 23,374,810
Total June 10_ - _ _
7,525.000 560.574,000568.099,000.558,281,530 9,817,470
Total June 3
7.801.000 554,170,000 561.971.000555,133,850 6,837,150
Total May 27
* 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:
June 17, $8,358,960 June 10, $8,932,500; June 3, 18,142,240; May 27, $8,085,420.

Members Federal
Reserve banks_
State banks*
Trust companies_ _ _

2800

THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries

Total
Reserve.

Reserve
Required.

Surplus
Reserve.
Members Federal
$
$
Reserve banks_
626,554,000 626,554,000 562,929,020 63,624,980
State banks.
5,350,000 4,185,000 9,535,000 9,235,620
299,380
Trust companies_ ___
2,041,000 6,111,000 8,152,000 8,145,300
6,700
----Total June 17_ _ _ _
7,391,000 638,850,000 644,241,000 580,309,940 63,931.06
0
Total June 10---- 7,439,000 589,595,000 597,034,0
00 565,525,400 31,508,600
Total June 3____ 7,518,000 577,288,000 584,804,000
558,162,830 26,641,170
Total May 27_ _ _ _
7,702,000 569,140,000 576,842,000 558,218,560 18,623,440
• Not members of Federal Reserve Bank.
b Thls is the reserve required on net demand deposits
the case of State banks
and trust companies, but in the case of members of the in
Federal Reserve Bank includes also amount of reserve required on net time deposits,
which was as follows:
June 17, $8,097,600: June 10, $9,293.280; June 3,58,425,260; May
27, 58,045,460.

State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:

[Vol,. 114.

Boston Clearing House Weekly Returns.-In
following we furnish a summary of all the items in the the
Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS
June 21
1922.

Changes from
previous week.

Capital
59,350,000
Surplus and profits
86,327,000
Loans, disc'ts & investments_ 816,236,000 Dec.
Individual deposits,incl. U.S. 613,025,000 Dee.
Due to banks
123.343,000 Inc.
Time deposits
105,937,000 Inc.
United States deposits
15,544,000 Dec.
Exchanges for Clearing House 31,704,000 Inc.
Due from other banks
74.898,000 Inc.
Reserve In Fed. Res. Bank.. 70,461,000 Inc.
Cash in bank and F. R. Bank 8,649,000 Dec.
Reserve excess in bank anti
Federal Reserve Bank.
3.633,000 Inc.

June 14
1922.

June 7
1922.

$
50,350,000 59.350.000
86,327,000 86,298,000
5,486,000 821,722,000 804,008,000
4,941,000 617,971,000 604,740,000
5,640.000 117,703,000 119,269,000
2,342,000 103,595,000 92,483,000
4,378,000 19,922.000 21,558.000
4,068,000 27,636,000 25,600.000
3,149.000 71,547,000 71,152,000
3,000 70,458,000 69,829,000
794,000 9,443,000 9,557,000
558,000

3,075.000

3,627,000

• Philadelphia Banks.-The Philadelphia Clearing House

return for the week ending June 17, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPAN
IES IN GREATER for
the two weeks preceding, is given below.
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEM
ENT.
requirements for members of the Federal Reserve Reserve
(Figures Furnished by State Banking Department.)
System
Differences from are 10% on demand deposits and 3% on time deposits
, all
June 17.
Previous IVeek.
to
be
Loans and investments
kept
with
tho
Federal Reserve Bank. "Cash in
$664,227,800 Inc. $3,733,200
Gold
vaults"
5,626,200 Inc.
is
not
a
14,000
part
of legal reserve. For trust companies
Currency and bank notes
15,860,200 Dec.
583,600 not members of the Federal
Deposits with Federal Reserve Bank of New York
Reserve System the reserve
55,935,600 Inc. 2,008,000
Total deposits
required
is
697,377,0
10%
00
on
Inc.
demand
8,218,100
deposits and includes
Deposits, eliminating amounts due from reserve dewith legal depositaries" and "Cash in vaults." "Reserve
positaries and from other banks and trust companies in N. Y. City exchanges and U.S. deposits- 652,936,100
Inc. 6,543,000
Reserve on deposits
109,665,200 Inc. 2,654,900
Percentage of reserve, 20.1%.
Week ending June 17 1922.
RESERVE.
June 10
June 3
Two Ciphers (00) omitted. Membersof
Trust
-State Banks-- --Trust Companies-1922.
1922.
Cash in vault
F.R.System Companies
*$26,615,100 16.21%
Total.
350,806,900 13.79%
Deposits in banks and trust cos
7,665,800 4.61%
24,577.400 6.40% Capital
$35,175,0 34,500,0 $39,675,0 139,675,0 $39,675,(t
Surplus and profits
Total
94.743,0 13.832,0
$34,280,900 20.82%
375,384,300 20.19%
Loans, disc'ts & investmls 623,214,0 37,584.0 108,575,0 108,575,0 108,575,0
660.793,0 659,385,0 656,968,0
Exchanges for Clear.House 27,452,0
'Includes deposits with the Federal Reserve Bank of New
721,0 28,173.0 26,316,0 33,052,0
State banks and trust companies combined on June 17 were York, which for the Due from banks
95,717,0
15,0 95,732,0 90,212,0 92,936,0
$54,852,500.
Bank deposits
117,873,0
353,0 118,226,0 114,303,0 115,260,0
Individual deposits
508,886,0 23,832,0 532,718,0 528,178,0 529,422.0
Time deposits
16,031,0
496,0 16,527.0 16,585,0 16.716,0
Total
deposits
Banks and Trust Companies in New York City.-The U.S.deposits(not incl.)_ 642,790,0 24,681,0 667,471,0 657,046,0 861,398,0
10,001,0 10,001,0 18,250,0 14,255,0
averages of the New York City Clearing House banks and Res've with legal deposit's
3,335,0
3,335,0
3,258,0
3.853,0
Reseve with F. R. Bank_
54,095,0
trust companies combined with those for -the State banks Cash
54,095,0 52,414,0 52,488,0
In vault.
9,099,0
979,0 10,078,0
9,999,0
9,563.0
and trust companies in Greater New York City outside o Total reserve
and cash held 63.194,0
4,314,0 67,508,0 65,669,0 65,882,0
Reserve required
the Clearing House, are as follows:
52,735,0
3,541,0 56,276,0 55,838,0 55,954,0
Excess res. tic cash in vault_
10,459,0
773,0 11,232,0
9,831,0
9.928,0
COMBINED RESULTS OF BANKS AND TRUST
•
Cash
In
vaults
not
counted
as
reserve for Federal Reserve members.
COMPANIES IN
GREATER NEW YORK.
Loans and
Ine.stments.

Demand
Deposits.

*Total Cash
in Vaults.

Reserve in
Depositaries

Week endedMar. 4
Mar. 11
Mar. 18
Mar. 25
April 1
April 8
April 15
April 22
April 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17

'
3
$
$
$
4,984,481,800 4,425.726.900
92.174,900 598,610.50f
4,956,963.700 4,416,490,700
92,371,000 596,530,40(t
4,997,034.100 4,482.227.300
90.428.300 624,862,40,
5.021.059.300 4.445.139,800
90,739,300 588.300.10e
5,034.161,200 4,464.631,200
91,467,800 589.734.700
5,087.991.900 4,555,297.200
91,810.800 608,504.800
5.086.819.300 4.577.182.300
94.189.300 612.177.500
5,141,226,100 4,619,860.900
91,853,200 623,404.900
5,180.822.800 4,657,698,400
92.431,500 611,583.000
5.209.013,900 4.691,822,800
91.100.100
5,233.359,300 4,738.487,800 132,818,400 621.974,300
642,139.100
5,297,769.500 4.807,891,800
91.723.900 648.307.500
5.334,400,700 4,827,593.600
91,161.400 638.697.600
5,372,704,700 4,853,005,100
91,486.700 646.059,90
5,408.101,600 4,852,544,100 • 93,253,000 660,162,300
0
5.372.704.700 4.853.005.100
91.486.700 648.059.900
•This Rent includes gold, silver, legal tenders, national bank notes
and Federal
Reserve notes.

New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING
HOUSE.
(Stated In thousands of dollars-that is, three ciphers (0001
omitted.)

I

Loans,
DisReserve
Net
Net
Nat'l
counts Cash
with Demand Time Rank
Investin
Legal
DeDe- Circamerits, Vault, Deposi- posits. posits. lotion.
&c.
tortes.
- Average Average Average Average Average Average
$
$
$
$
$
1,221 9,193
160 1,172
6,982
266
199
813 10,668
249 1,618 11,255
827
1,19- 8.607
19
478
1,681 5,744
848 18,901
401 1,657
9,491 10,154

Net
CLEARING
apital, Profits.
NON-MEMBERS
Nat. bks. May 5
Week ending
tate bicsMar10
June 17 1922.
r. cos. May 5
Members of
Fed'l Res. Bank.
Battery Park Nat_
Mutual Bank _ _
Wit Grace& Co's_
Yorkville Bank__

1
1,500
201
50
200

Total

2,400 4,078 47,369
829 4,925
State Banks Not Me mbers of Fed.Res've Bank.
Bank of Wash. Hts
200
351 4,255
542
259
Colonial Bank_ _ _
801 1,647 17,293 2,201 1,288

29,409 16,791
4,317
18,309

265

1,547

22,626

265

Trust Companle Not Members of Fed Res've Bank.
Mech.Tr.,Bayonn
200
625 9,841
458
209

4,177

5,517

Total

Total

1,000

200

1,99: 21,548

625

2,743

9,641

458

Grand aggregate- - 3.600 6,702 78,558
Comparison with revious week ..-1,298

4,030
-80

Gr'd aggr. June 1
Gr'd aggr. Juno
Gr'd aggr. May 27
Gr'd aggr. May 2

4,110 6,653
4,007 6.794
4,022 6,672
4,042 6,849

3,600 6,656 79,856
3,600 6,656 79,321
3,800 6,856 78,943
3,600 6.956 78,566

209

4,177

22,699
22,305
21,458
20,757

a U. S. deposits deducted, 13407 000.
Bills payable, rediscounts, acceptances and other liabilities,
$334,000.
Excess reserve, $88,610 increase




.._ _

ResourcesGold and gold certificates
Gold settlement fund-F. R. Board__
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund

June 211022. June 14 1922. June 22 1921
$
$
$
210,531,081 208,424,994 231,748,000
133,538,102 115,101,240
71,043,000
344,069,186
804,346,598
6,212,767

323,526,235
804,540,898
,7,594,312

199
199
198
199
199

302,791,000
509,810,000
36,000,000

Total gold reserves
Legal tender notes, sliver, &a

1,154,628,552 1,135,661,446 848,601,000
29,907,619
29,663,483
85,081,000
Total reserves
1,184,536,172 1,165,324,929 933,682,000
Bills discounted: Secured by U. S. Government obligations-for members.18,327,382
25,798,978 153,538,000
For other F. R. banks
30,987,000
All other-For members
15,265,464
16,938,029 222,875,000
For other F. R. Banks
6,625,000
Bins bought In open market
23,518,322
26,438,159
10,600,000
Total bills on hand
57,111,169
69,175,167 424.625,000
U. S. bonds and notes
45,447,750
51,-146,550
1,070,000
U. S. certificates of indebtednessOne-year certificates (Pittman Act)... 19,500,000
19,500,000
54,276,000
All other
106,324,000 133,025,000
29,341,000
Total earning assets
228,382,919 273,146,717 509,312,000
Bank premises
8,655,136
8,470,572
5,252,000
5% redemp. fund eget. F. R. bank notes899,060
899,060
1,983,000
Uncollected items
124,608,284 139,577,742 121,100.000
All other resources
2,784,639
4,665,788
3,337,000
Total resources
1,540,866,213 1,592,084,810 1,574,666,000
L(abilitiesCapital paid in
27,570,100
27,480,100
26,896,000
Surplus
60,197,127
60,197,127
56,414,000
Reserved for Government Franchise Tax
83,944
229,202
16,665,000
Deposits:
Government
514,391
18,349,403
950,000
Member banks -Reserve account
718,106,381 732,834,973 665,764,000
All other
10,991,999
13,955,602
13,616,000
Total deposits
729.612,772 765.139,978 680,330,000
F. It. notes in actual circulation
616,158,682 675,424,000
F. It. bank notes In t•irctil'n-uet liability
15,593,200
14,094,200
26,142,000
Deferred availability items
94,493,588 104,408,371
85,681,000
All other liabilities
4,505,326
4,377,147
7,114,000
Total liabilities *
1,549,866,213 1,592,084,810 1,574,666,000
Ratio of total reserves to deposit and
F. It. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents

87.0%

84.4%

68.9%

12,774,735

12,757,585

41,449,158

5,517

6,681 e56,212 22,573
+28 -3(14 -128
a56,576
a56.818
a56,760
a56,990

199

Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 211922, in
comparison with the previous week and the corresponding
date last year:

CURRENT NOTICES.
-I3ankers Trust Co. has been appointed registrar of Prior Preference
Series "A" Stock of the Portland Hallway, Light & Power
Co.
-Bankers Trust Company has been appointed Registrar for the Preferred
and Common capital stock of the Empire Fuel Products Corporati
on.
-The New York TrustCo. has been appointed registrar of the
Capital
stock of the Minerals Separation North American Corporati
on.
•

•

2801

THE CHRONICLE

Jurin 24 1922.]

WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon June 23,and showing the condition
of the twelve Reserve Banks at the close of business the previous day. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 2771 being thefirst item in our department of "Current Events and Discussions."

COMBINED

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE

BANKS

AT THE CLOSE OF

BUSINESS JUNE 21 1922

June 21 1922. June 14 1922. June 7 1922. May 31 1922. May 24 1922. May 17 1922. May 10 1922. May 3 1922. June 22 1921
-RESOURCES.
Gold and gold certificates
Geld settlement, F. R. Board
Total gold 'nein by Danko
Gold with Federal Reserve agents
Cold redemption fund

326,412,000 325.816,000 327,387,000 326,381,000 315.472,000
482,937.000 473,506.000 444.752.000 441.261.000 400,841,000
— —
849,904,000 821,142,000 825,949,000 811,429.000 809,349.000 799,322,000 772,139,000 787,642,000 716,313,000
2,121,680,000 2,142,118,000 2,128,242,000 2,140,891,000 2,141.120,000 2,140,192,000 2,172.052,000 2,169,736,000 1,598,128,000
57,308.000 136,047,000
65.629.000 • 61,103,000
55,301,000
5.5,881.000
48,376,000
57,220,000
44,534.000

Total gold reserves
Legal tender notes, silver, dm

3,019,960,000 3,007,794.000 3,010,072.000 3,007,621,000 3,007.689,000 3,005,143,000 3,065.294.000 2,994,776.000 2,450,488,000
127,715,000 128,684,000 123,994,000 122,870,000 127,564,000 125.982.000 124.523.000 124,041.000 169,517,000

318,614,000
531,290,000

316,435,000
504,707,000

323,745,000
502,201,000

324,740,000
486,639,000

3,147,675,000 3,136,478,000 3,134,066.000 3,130,407,000
Total reserves
Bills discounted:
148,949,000 171.100,000
Secured by U. S. Govt. obligations._. 140,713,000 . 140,639,000 271,305,000
300,384,000
280,8.55,000 272,978,000
All other
121,467,000 123,975,000 136.183,000 118,182,000
BUIs bought in open market
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)-All other
Municipal warrants.

3,135.253,000 3,131.125,000 3,129,817,000 3.118,817.000 2,620,005,000
181.071,000
306.160,000
106,364)0 0

169,714,000
298.982.000
97,123,000

166,322.000
308,284,000
105,517,000

190,474,000 657,980,000
318,902,000 1.095,983,000
39,488,000
107.278.000

543,035,000
227,374,000

537,592,000
238,308,000

556,437,000
243,775,000

589,672,000
244,648,000

502,604,000
240,990,000

565.819.000
241.115.000

580,103,000
261.042.000

016.654.000 1.793,451,000
33,729,000
265.483,000

74,000,000
254,160,000

76,500,000
315,875,000

77,000,000
297.101,000

77,000,000
281,771,000

78,500,000
276,721.000

80.000,000
273.860,000

81,500,000
274.963.000

83,000,000
260.736.000

222,375,000
32,848,000

1,098,569,000 1.167,275,000 1,174,313,000 1,193,091,000 1,188.815,000 1,160,704,000 1.197.608.000 1,225.873.000 2,082,403,000
Total earning assets
24,717,000
39.809,000
39.903.000
40,872,000
40,994,000
40.326.000
41,368,000
40.650.000
41,074,000
Bank premises
10,194,000
7,604.000
7.602.000
7,580,000
7,518,000
7,878,000
7,605.000
7,565,000
7,639,000
notes
bank
6% redetnp. fund nest. F. R.
564,105,000
499.023,000
516,586,000
587.772,000
525.893,000
454,938,000 501.733.000
580,059,000 624,732,000
Unoollected items
14,404,000
19.961.000
19.978,000
20,084,000
20.400,000
15,672,000
20.035,000
20,303,000
20,829,000
resources
All other
4,891,808,000 4,998,027,000 4,903,468,000 4,847,208,000 4,804.350.000 4.347.730.000 4.894.814,000 4.928.667,000 5.315,828,000
Total resources

LIABILITIES.

105,070,000 104.879,000 104,359,000 104,729.000 104.695,000 104,656,000 104.608.000 104.531.000 102,177,000
Capital paid in
215,393,000 215,398,000 215,398,000 215,398,000 215,398.000 216,398,000 215.398.000 215,398.000 202,036,000
Surplus
40,400,000
1.839,000
2.071,000
2,124,000
2,207,060
2,236,000
2,290.000
2,231,000
2,231,000
Reserved for Govt. franchise tax
17,957,000
72.422,000
44.366,000
39.278.000
39.574,000
54,295,000
60.406,000
10,383,000
73,273,000
Deposits—Government
1,647,709,000
1,774.802,000
1,806.464.000
1,810,810,000
1,823,961,000
1,782,004,000
1,822,742,000
1,812,010,000
1,821,450,000
Member banks—reserve account__
31,581,000
45.108,000
38.382.000
33,455,000
35,957.000
33,854,000
32,006,000
34,028,000
34.313,000
All other
1,889,212.000 1,892.332,000 1,697.247,000
,
1,854,399,000 1,929,036,00011,896,990,000,1.870,1153,000 1.917,176,000
Total
2,126,304,000 2,122,610,000 2,141,631,000 2,141,184 000 2,128.230,000 2,148,656,000 2.159,186,000 2,173.436.000 2,639.319,000
F. R. notes in actual circulation
74,214.060
77.411.000 135,004,000
72.474,000
71,812,000
70,553,000
67,689,000
71,702,000
68,000,000
F.R.bank notes In circulation—not liab
500,049,000 535,464,000 450,497,000 423,217,000 435,114.000 501.283.000 430,601,000 444,775,000 467,928,000
Deferred availability items
31,717,000
18,945,000
19.524,000
19,798,000
19,094,000
20,174,000
19,754,000
20,859,000
20,409,000
All other liabilities
4,891,808,000 4,998,027,000 4,903,468,000 4,847,268,000 4,894,359,000 4.947.730.000 4,894,814,000 4.928.667.000 5,315,828,000
Total liabilities
Ratio of gold reserves to deposit and
56.5%
74.2%
73.6%
74.5%
74.9%
75.9%
74.5%
74.3%
72.4%
F. R. note liabilities combined
Ratio of total reserves to deposit and
60.4%
78.7%
77.3%
79.1%
77.6%
77.5%
78.0%
77.6%
77.4%
F. R. note liabilities combined
Distribution by Maturities1-16 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
18-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. EL certif. of indebtedness_
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
61-90 days bills bought in open market61-90 days bilis discounted
81-90 days U. S. certif. of indebtedness.
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness._ _

31,868,000
221,015,000
33,700,000
27,022,000
39,608,000
500,000
40,548,000
61,520,000
26,329,000
15,415,000
46,375,000
37,652,000
6,614,000
53,041,000
229,979,000

$
27,454,000
210,195,000
69,306,000
29.269,000
46,370,000
1,000,000
36,652,000
61,953.000
31,717,000
25,564,000
44,112,000
3,900,000
5,036.000
50,987,000
235,452,000

$
39,608,000
210,767,000
70,973.000
27,267.000
48,248,000
7.144,000
40,176.000
61,953.000
34,199,000
24.347.000
43.204,000
3,900,000
4,785,000
50.082,000
257,885,000

$
6
47,714,000
40,518,000
253,849,000 262,472.000
74,249.000
1,463.000
20,122,000
22,130.000
47,831,000
49,036,000
500,000
68,382,000
26,565,000
23.100,000
72,833,000
79,159,000
4,679,000
2,600,000
14.762,000
19,106,000
45,029,000
46.654.000
35.959,000
35,160,000
4,854,000
4,675.000
51,048,000 • 49,919,000
244,183,000 246.917,000

$
32,925,000
238,154,000
20,098,000
53,759,000
74.132,000
22.204.000
83,288,000
3,500,000
18,350,000
46.260,000
34.217,000
3,546,000
47,235.000
242,011,000

$
$
$
21,019,000
45,049.000
45.926.000
240,500.000 272,745.000 1,006,319,000
25,337,000
5.155.000
503.000
7,668.010
20.478.000
19,106,000
54.123,000 184,746,000
57,010.000
4,304,000
500.000
7,788.000
22.865,000
22,060.000
88,443.000 . 88.522,000 267,860,000
16,172,000
54.660,000
73,385,000
3,013,000
17.0.53.000
18.470.000
50.851.000 210,194,000
45,667,000
52,340,000
29,642.000
30,321.000
956,000
732,000
84,844,000
43.135,000
44,966.000
251,754,000 254,279,000 157,070,000

Federal Reserve Notes—
Outstanding
Held by banks

2,522,750,000 2,518,799,000 2,526,949.000 2,511,810,000 2,509,652,000 2,527.081,000 2,541,503.000 2,537,262,000 3,002,066,000
396,440,000 396,189,000 385,418,000 370,626.000 381,422,000 380,425,000 382,317.000 363,826.000 362,747,000

In actual circulation

2,126,304,000 2,122,810,000 2,141,531,000 2,141,184,000 2.128,230,000 2,146.656.000 2.159,188.000 2,173.436,000 2,639,319,000

3,326.403.000 3,807,463,000
Amount chargeable to Fed. Res. Agent 3,284,031,000 3,279,696,000 3,294.971,000 3,300,574,000 3,309.981,000 3,326,430,000 3,328.803.000
761,281,000 760,897,000 768,022,000 788,764,000 800,329,000 799.349,000 787,305,000 789.231.000 805,397,000
In hands of Federal Reserve Agent
2,522,750,000 2,518.799,000 2,526.940.0002,611,810,000 2,509,852,000 2,527.081.000 2,541,503,000 2.537,262.000 3,002,066,000
Issued to Federal Reserve banks
Flow Secured—
Sy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
Eligible paper delivered to F. It. Agent_

416,122,000 416,122,000 409,863,000 407,413,000 406.213,000 406,214.000 404,714,000 404,714.000 345,093,000
401,070,000 378,681,000 398,707,000 370,919.000 308,532,000 386.889,000 369,451.000 387.526.000 1,403,938,000
121,963,000 134,167,000 128,804.000 131,428,000 130.676.000 '138,738.000 125,141.000 132.924.000 128,760,000
1,583,595.000 1,591,829.000 1.589,575,000 1,602,050.000 1,604,231,000 1,597,242.009 1,642,197.000 1.632.098.000 1,124,275,000
2,522,750,000 2,518,799,000 2,526,949,000 2,511,810,00012,509,652.000 2,527,081,000 2,541.503.000 2,537.202.000 3,002,066,000
529,719.000

525,071.000

540,254,000' 566,077.0001 575,987.000

545.900,000

561,338.000

597.886.000 1.732,677,000

CLOSE OF BUSINESS JUNE 21 1922
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis Minneap. Kan.CUy. Dallas. San 17051.1 Total.
Federal Reserve Bank of—
$
$
RBSOCIRCRS.
13,471,0 210,531,0 5,531,0 13,303,0 3,152,0 5,615,0 23,975,0 4,269,0 7,374,0 2,406,0 9,536,0 19,361,01 318,614,0
Gold and gold certificates
8,215.0 32,958.01 531,290,0
Gold settlement fund—F. R. B'd 34,510,0 133,538,0 58,412,0 39,238,0 35,375,0 23,082,0 90,837.0 16,468,0 26,559,0 32,098,0
47,981,0
Total geld held by banks
Gold with F. R. agents------- 131,666.0
7,296,0
Gold redemption fund

344,039,0 63,943,0 52,541,0 38,527,0 28,697,0 114,812,0 20,737,0 33,933.0 34.594,0 17,751,0 52.319,0 849,904,0
804,348,0 153,440,0 189,191.0 55,487,0 101,328,0 357,724,0 57,940,0 30,752,0 49,614,0 19,506.0 190,686,0 2,121,680,0
48,378,0
6,213,0 7,172,0 4,659,0 4,327,0 1,453,0 8,281,0 1,706,0 1,832.0 1,373.0 1.034,0 2.940,0

186,943,0 1,154,628,0 224,555,0 226,391,0 98,341,0 131,478,0 480,817,0 80,473,0 66,517,0 85,581,0 38,291,0 245,945,0 3,019,960,0
Total gold reserves - --644,0 5,226,0 5,851,0 6.054,0 127,715,0
29,003,0 7,997,0 9,509,0 7,235,0 6,127,0 19,784,0 15,828,0
Legal tender notes, sliver,---- - 13,552,0
200,495,0 1,184,536,0 232,552,0 235,900,0 105,576,0 137,605,0 500,601,0 96,301,0 67,161,0 90,807,0 44,142,0 251,999,0 3,147,675.0
Total reserves
Bills discounted: Secured by
140,713,0
18,327,0 32,765,0 22.922,0 12,653,0 3,214,0 17,508,0 6,775,0 3,879,0 2,645.0 2.212.0 9,301
U. S. Govt. obligations-- 8,507,0
15,271,0
15,266,0 11,411,0 19,169,0 27,805,0 27.671,0 42,494,0 12,172,0 22,850,0 18,502.0 30.692,0 37,462,0 280.855,0
All other
121,467,0
14,598,0
2,189,0
5,0
22.130,0
9,597,0
834,0
15,788,0
865,0
14,446,0
market—.
23,518,0
17,497,0
Bills bought In oven
45,908,0
Total bills on hand
4,574,0
U. S. bonds and notes
U. S. cortlficates of indebtedness
5,450,0
(Pittman
Act).
One-year infs.
35,110,0
All other
Tow)earning meta




91,042.0

57,111,0 61,673,0 56,537,0 41,387,0 31,750,0 75,790,0 28,544.0 26,729,0 21,152,0 35,093,061,361,0
387,0 24,468,0 11,410,0 4,392,0 28,301,0 2,816.0 54,400,0
45,448,0 23,553,0 25,392,0 1,233,0

543,035,0
227,374,0

5,332,0
372,0

74.000,0
254,160,0

19,500,0
106,324,0

5,500,0 5,500,0
1,305,0 40,109,0

3,560.0

6,099,0 8,667,0 3,571,0
31,0 38,556,0 15,083,0

4,000,0 4,321,0
4.503,0 11,992,0

1,900.0
775.0

228,383,0 92,031,0 128,538,0 46,180.0 38,867,0 147,481,0 58,608.0 39,624.0 65,766,0 40.584.0 121,465.0 1.098.669,0

2802

THE CHRONICLE

RESOURCES (Concluded)Two ciphers (00) omitted.

Boston.
3
5,210,0

Bank premises
1% redemption fund against Fed422,0
eral Reserve bank notes
57,224,0
Jnoollected items
818,0
kll other resources

New York.

Phila.

$
8,655,0

$
600,0

[VOL. 114.

Cleveland Richmond Atlanta. Chicago. St. Louis Minneap. Kan. City Dallas. San Fran.
$
5,304,0

S.
2,571.0

3
1,415,0

$
7,552,0

$
928,0

3
914,0

$
4,975,0

$
2,093,0

$
1,151,0

899,0
700,0
539,0
188,0
487,0
684,0 2,023,0
302,0
916,0
146,0
279,0
124,608,0 50,243,0 57,346,0 47,683,0 22,967,0 75,635,0 32,341,0 15,095,0 37,973,0 20,975,0
38,889,0
2,785,0
479,0 1,022,0
405,0
, 183,0
862,0
578,0 1,338,0
724,0 1,832,0 4,870,0
355,009,0 1,549,866,0 378,605,0 428,649,0 202,583,0 201,484,0 732,815,0 190,779,0 124,432,0 201,161,0
109,772,0 418,653,0

Total resources
LIABILITIES.
7,981,0
;Unitai paid in
16,483,0
;unpins
277,0
iteserved for Govt. franchise tax..
138,0
Deposits: Government
Member bank-reserve acc't 123,618,0
603,0
All other
Total deposits
124,359,0
F. R. notes In actual circulation_ 153,239,0
notes in circulationnet liability
5,148,0
Deferred availability items
46,311,0
Ml other liabilities
1,211,0

r. R. bank

Total.
$
41,368,0
7,585,0
580,959,0
15,672,0

4,891,808,0
27,570,0 8,991,0 11,603,0 5,536,0 4,271,0 14,815,0 4,770,0 3,588,0 4,621‘0 4,193,0 7,360,0 105,079,0
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 7,488,0 9,046,0 7,394.0 15,199,0
215,398,0
84,0
251,0
417,0
406,0
363,0
293,0
2,231,0
140,0
514,0
425,0
729,0
771,0
995,0
717,0
448,0
805,0 1,088,0
10,383,0
810,0 2,943,0
718,106.0 108,256,0 141,485,0 55,095,0 49,736,0 249,273,0 71,085,0 45,224.0 80,884,0 44,238,0 125,010,0 1,812,010,0
10,993,0
956,0
939,0
290,0
429,0 1,868,0 1,082,0
295,0
790,0
182,0 13,579,0
32,006,0
729,613.0 109,637,0 143,153,0 58,156,0 51,160,0 251,858,0 72,615,0 48,324,0 82,762,0 45,230,0 141,532,0 1,854,399,0
617,810,0 178,472,0 195,532,0 83,820.0 114,714,0 383,850,0 68,239,0 49,254,0 58,020,0 26,229,0 217,525,0 2,126,304,0

15,593,0 5,138,0 4,934,0 2,834,0 4,820,0 7,978,0 3,404,0 3,261,0 8,485,0 2,682,0 3,414,0
67,889,0
94,494,0 55.001.0 49,192,0 42,085,0 16,152,0 61,732.0 31,443,0 31,120,0 38,467,0 22,301,0 31,751,0 500,049,0
4,505,0 1,170,0 1,728,0
905,0
847,0 3,959.0
920,0 1,074,0
867,0 1,743,0 1,732,0
20,659,0
355,009,0 1,549,866,0 376,605,0 428,649,0 202,583,0 201,484,0 732,815,0 190,779,0 124,432,0 201,161,0 109,772,0 418,653,0 4,891,808.0I*

Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Dontingent liability on bills put
,
sr...A Cr,. Cr,rofon enrrocknnnel.ta

72.2

87.9

80.7

89.7

75.5

83.0

81.3

68.4

70.3

n

12.775.0

2.756.0

2.824.0

1.688.0

1.240.0

4.099.0

1.619.0

930.0

2 All4

64.5
•
1.853.0

01.8

70.2

79.1

890.0

1.584,0

34,578,0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JUNE 21 1922.
•
Boston. New York Phila. Cleve. Richned Atlanta Chicago. St. L. Minn. IC .City. Dallas. San Pr. Total.
--Resources(In Thousands of Dollars)
3
$
3
$
s
$
s
3
S
3
3
5
3
Federal Reserve notes on hand
98,250 271,150 39,920 33,905 31,819 67,549
91,700 23,450 11,175 18,300 19,633 54,430 781,281
Federal Reserve notes outstanding
165,503 845,092 204,187 213,684 90,428 119,198 402,239 82,445 51,808 69,251 28.777 250,140 2,522,750
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
5,300 363,184
13,275
2,400
11,210 13,052
416,122
7,701
Gold redemption fund
8,366
40,182 12,051 10,918 2,692 4,928
16,079 3,930 1,700 3,254 1,805 16,080 121,963
Gold fund-Federal Reserve Board
118,000 401,000 141,389 145,000 52,795 94,000 341,845 42,800 18,000 48,380 10,000 174,008 1,583,595
Eligible paper t Amount required
33,837
40,746 50,747 44,493 34,939 17,870
44,515 24,505 21,056 19,637 9,271 59,454 401,070
JExcess amount held
12,071
13,550 1,794 11,939 5,825 13,725
31,235 4,035 5,363 1,513 25,777 1,852 128,879
Total
441,327 1,974,884 450.088 473,212 218,496 319,670 927,413 192,375 120,154 158,315 102,984 556,562 5,935,460
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
283,753 1,116,242 244,107 247,589 122,245 186,747 493,939 105,895 02,983 87,551 48,410 304,570 3,284,031
Collateral received from t Gold
131,086 804.346 153,440 169,191 55,487 101,328 357,724 57,940 30,752 49,614 19,506 190,888 2,121,680
Federal Reserve Bank J Eligible paper
45,908
54,298 52,541 • 58,432 40,784 31,595
75,750 28,540 20,419 21,150 35,048 61,308 529,749
Total
441,327 1,974,884 450,088 473,2'12 218,496 319,070 927,413 192,370 120,154 158,315 102,984 556,582 5,935,460
Federal Reserve notes outstanding
165,503 845,092 204,187 213,684 90,426 119,198 402,239 82,445 51,808 69,251 28,777 250,140 2,522,750
Federal Reserve notes held by banks
12,264 227,282 25,715 18,152 6,808 4,484
38,589 14,296 2,554 11,231 2,548 32,815 396,446
I
., e0.non 017•Oln'ino••i.res inn non CO non i in ,7IA ottO tern no non A n OKA ra non OA 000 017 ROA
9 190 -um
.
r
•
.
r
Federal Reserve Agent at-

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 800 Member Banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Dec.
14 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the
latest week appear in our Department of "Current Events and Discussions" on page 2771.
1. Data for all reporting member banks In each Federal Reserve District at close of business June 14 1922.
Three ciphers (000) omitted.
Federal Reserve District.

Boston. New York Philadei. Cleveland Maned. Atlanta. Chicago. St. Louis. Minneap Kern. Cityl Dallas. San Fran.I

Number of reporting banks
Loans and discounts, Including bills rediscounted with F. R. bank:
Loans sec. by U. S. Govt. obligations_
Loans secured by stocks and bonds_.
All other loans and discounts
Total loans and discounts
U.S. bonds
U. S. Victory notes
U. B. Treasury notes
U.S. certificates of Indebtedness
Other bonds, stocks and securities

49

107

57

84

81

42

109

37

3
$
3
$
$
$
S
16,083 108,381
22,939
32.389
12,297
8,255 56,356
229,222 1,672,174 219,546 329,809 111,879
56,311 495,006
559,7622,277.989 315,180 824.949 302,314 290,337 1.028,897

$
16,176
121,684
274,621

35

79'

52

68

Total.
-800

$
$
1
3
$
$
8,487
10,078
4,577
309,197
15,179
34,851
65.1911 43,385 146,802 3,525,859
199,305 354,214 186,821 690,587 7,108,941

805,067 4,058,524 557,671 987,147 426,491 354,90 -1,578,259 412,481 242,643 429,483 234,783
858,54810,043,907
82,805 518,652
54,814 142,446
58,81!
25,75
115,703
27,836
51,203 32,999 107,896 1,239,688
24,95:
5,718
78,193
11,440
8,220
796
1,348
11,310
2,422
286
1,934
4,893
9,686
138,248
13,988 275,310 .15,402
21,773
4,467
1,628
43,415
11,238
7,137
8,275
4,828
426,875
19,416
7,992 86,852
6,353
9,593
3,44
4,09:
21,501
8,297
6,02:
8,709
6,022 25,004
193,898
169,383 834,381 178,268 278,107
53,128
32,722 395,184
81,928
23,503
55,814
7,883 163,989 2,272,287

Total loans, disc'ts & investments. Incl.
bills rediscounted with F. R. Rank- 1.084.753 5,847,911 823,948 1,445,288 545,147
420,4532,165,372 544,201 304,555 555,4181 291,408 1,184,539 15,212,991
Reserve balance with F. R. Bank
88,139 671,318
68,044 99,659
33,423 29,98: 191.382
40,675
21,687
46,430
23,797
78,8911 1,393,433
Cash in vault
18,398
90,522
15,093
28,891
13,87
9,41
52,768
7,231
6,071
12,201
9,310
20,060, 283,829
Net demand deposits
808,4225,162,271 687,954 818,241 . 315,540 245,7701,421,955 318,100 191,876 425,538 209,548 613,420
11,198,444
Time deposits
219,732 601,241
50,324 482,221 144,682 149,33 672,508 160,508
77,638 114,144 04,420 544,876 3,281,607
Government deposits
20,884
82,925
25,722
18,499
7,393
6,799
36,166
9,414
8,804
8,056
5,714
20,108
250,484
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt. obligations__ _
924
13,216
9,587
9,538
5,801
210
5,252
2,658
225
402
90
1,264
49,007
All other
208
Bills rediscounted with F. R. Bank:
206
Secured by U. S. Govt. obligations
80
368
57
380
12
176
31
88
62
All other
1,252
71'17
ft 544
4_803
11.787
7.40
2.376
3.132
2.691
1.457
3.302
2.864
9.470
135.11.
3. Data of reporting member banks in Federal Reserve Bank and branch cities and all other
reporting banks.
Three ciphers (000) omitted.

New York City.

City of Chicago.

June 14. June 7. June 14. June 7.
Number of reporting banks
66
65
50
50
Loans and discounts, Incl. bills rediscounted with F. R. Bank:
$
g
$
$
Loans we. by U.8. Govt. oblig'nb
95,643 93,763
46,024
47,434
Loans secured by stocks & bonds. 1,504,682 1,493,244
373,291 356,727
All other loans and discounts-- 1,994,896 1,966,972 653,177 652,143
Total loans and discounts-- 3,595,2213,553.97 1,072,492
1,056,304
9
U. S. bonds
461,334 440,884 49,964
52.228
U. S. Victory notes
73,701
61,166
9,779
9,136
U. S. Treasury notes
264,371 261,790
24.792
23,196
U. S. certificates of Indebtedness-.
80,667
75,621
10,759
14.429
Other bonds, stocks and securities
Total loans & disc'ts & invest'ts, 640,374 647.189 178,671 182,103
Incl. bills redlsc'ted with F. R. Bk.6.115,6676,040,609 1,346,456 1,337,306
Reserve balance with F. It. Bank
621,477 837,268 131,664 138,326
Cash in vault
77,552
77,558 29,484
30,240
Net demand deposits
4,673,51:4,554,345 908,518 985,043
Time deposits
401,256
441,503
319,952
318,125
Government deposits
77,67:
90,881
20,516
30,075
Bills payable with F. R. Bank:
Sec'd by U. FL Govt. obligations_
4,915
4,038
730
1,105
All other
Bills rediscounted with F. R. Bank:
Sec'd by U.S. Govt.oblIgatiorm_
351
43
All other
3,950
3,381
750
2,931
Ratio of bills payable dr rediscounts
with F. R. Bank to total loans__
and I nvnatmanf la Aar A....Int
A 0
no
A 1
A 9
•




•

•

All F. R. Bank Cities. F. R. Branch Cities. AllOther Report.Bks.
June 14.

Total.

June 7. June 14. June 7. June 14. June 7. June14.'2 •• June 7.'22 June15.'21

273
272
211
211
316
801
318
799
817
g
3
3
3
$
3
$
$
$
216,872
214,701
50,321
50,889
44,175
309,197
45,344
313,105
668,545
2,614,172 2,588,483 482,498 485,096 429,189 428,443 3,525,859 3,502,022 3,028,528
4,440,382 4.420,915 1,381,146 1,381,262 1,278,413 1,270,148 7,108,941 7,072,325 8,193,853
7,278,255 7,228.271 1,913,96 1,197,247 1,751,777 1,743,935 10,943,097 10,887,452 11,888,926
723,493 696,648 262,841 255,368 253,354 200,035 1,239,68: 1,202,051
867,561
108,416
93,177
16,014
12,883
11,816
136,246
11,347
117,407
178,392
331,174
333,701
62,582 63,413
30,593
426.875
32,355
426,942
152,485
138,512
134,21
42,056
52,482
193,89:
17,827
23,455
214,429
265,099
1.260,755 1,289,141 601,929 599,621 409,603 405,277 2,272,287 2,274,038 2,078,908
9,838,83. 9,754,9212,899,387 2,900,994 2,474,770 2,468,404 15,212,991 15.122,319 15,429,371
1,022,231 1,035,385 211,221 208,986 159,982 154,081 1,339,433 1.398,452 1,442,890
154,093
153,381
58,31!
55,621
73,417
283,829
73,192
282,193 318.117
7,913,613 7,774,28 1,733,881 1,714,096 1,550,970 1,527,141 11,198,444 11,015,820 10,383,988
1,548,62 1,589,633 995,841 988,424 739,335 747,571 3,281,607 3,305,827 2,942.901
180,050
208,978
51,85'
59,781
18,575
21,501
250,484
288,25(1
410,608
17,279

18,497

15,55
206

19,891
212

18,178

13,597

49,007
206

51,985
212

321,826
2.882

930
33,940

1.034
31.363

272
9,35

372
10,158

5'
21,821

155
21,371

1,252
65,115

1,581
82,892

111,440
731.975

A A

A a

1 A

1 A

0R

0M

7•A

n

.

1

1

2803

THE CHRONICLE

JUNE 24 1922.]

Daily Record of Liberty Loan Prices. June 17 June 19 June 20 June 21 June 22 June 23

JBankers' Ciazeitt-

High
First Liberty Loan
334% bonds of 1932-47_ _ Low.
(First 334s)
Chase
Total sales in $1,000 units_ -.
Converted 4% bonds of IHigh
1932-47 (First 46)_ __ _ Low.
Close
Total sales in $1,000 units
Converted 4%% bondsIHigh
of 1932-47 (First 4%s) Low.
Close
Total sales in $1,000 units...
Second Converted 431%{High
bonds of 1932-47 (First Low.
Close
Second 431s)..
Total sales in $1,-(100 units ___
Second Liberty Loan
High
4% bonds of 1927-42_ _ 2Low.
Close
(Second 4s)
Total sales in $1,000 units...
Converted 431% bonds High
of 1927-42 (Second
Low.
431s)
Close
Total sales in $1,000 units...
Third Liberty Loan
High
44% bonds of 1928
Low
(Third 431s)
Close
Total sales in $1,000 units....
Fourth Liberty Loan
High
431% bonds of 1933-38 Low.
Close
(Fourth 431s)
Total sales in $1,000 units...
Victory Liberty Loan
1High
431% notes 01 1922-23 Low.
___ Close
(Victory 431s)

100.18
100.12
100.12
357
100.20
100.20
100.20
1
100.36
100.20
100.20
216
101.50
101.50
101.50

100.18 100.16 100.14 100.12
100.08 100.02 100.04 100.08
100.08 100.02 100.08 100.12
9
--------------------------____
_ _ __ ----- _ _
-----------__ __

100.12
100.08
100.10
259
100.10
100.10
100.10

Wall Street, Friday Night, June 23 1922.
Railroad and Miscellaneous Stocks.-The stock market
hasishown a decided tendency to hysteria during much of
s
the time this week. This condition was the result chiefly
100.28
100.26 100.26 100.24 100.20
100.18
100.12 100.10 100.12 100.14
of a sensational movement in Mexican Petroleum shares,
100.28
100.14 100.12 100.14 100.16
during which they fluctuated over a range of nearly 43 points.
83
101
316
73
38
-_ __ 101.00 101.00
All classes of stocks have, of course, been affected and in
101.00
especially
100.90
highest,
--the
101.00
near
101.00
are
figures
closing
many cases
___ _
43
- --- 101.00 101.00
101.00
in the railway group. New York Central sold to-day
2
1
&
3
Bait.
%,
Pacific
No.
100.06
99.90
100.06
99.90
-_-_
Monday;
99.94
on
than
points higher
___ - 99.90 99.90 100.00 100.00
99.94
Ohio 4 and several other prominent stocks are up from 2 to
-___ 99.90 99.90 100.00 100.06
99.94
wider
a
covered
usual,
as
6
have,
10
1
1
stocks
2
3 points. Industrial
100.00 100.04 100.04 100.06 100.10 100.14
range. Studebaker, for instance, showing 9% points
99.96 99.98 99.98 99.98 100.02 100.04
100.00 100.00 100.02 100.00 100.02 100.06
covered and Crucible about 6.
977
616 1.001
1,077
307 3,315
It is interesting to note, however, that during these
100.08 100.10 100.10 100.12 100.18 100.16
gyrations in stocks the bond market has been for the most
100.04 100.04 100.04 100.06 100.06 100.06
100.06 100.06 100.10 100.06 100.06 100.08
part steady, with former prices generally maintained and in
855
586
523
784
750
356
a few cases new high records have been made. In both
100.14 100.12 100.12 100.18 100.20 100.24
100.12
100.12
100.08
100.06
average.
has
100.08
the
been
above
business
100.04
of
markets,the volume
100.06 100.08 100.10 100.10 100.16 100.14
Among other events which attracted more or less atten1,091 2,035 1,275 1,051 1,566 1,851
Bank's
the
Reserve
Federal
was
100.58 100.62 100.66 100.70 100.58
week
100.56
this
tion in Wall Street
100.54 100.50 100.54 100.58 100.62 100.52
from
4%
to
4%
statea
and
rate
discount
reduction of its
100.56 100.56 100.62 100.66 100.64 100.56
769
/OA
401
1 'OA
1 acc
CA,
'Mini lila.. 4. el AAA ...4t•
ment to the effect that the steel output, including the independent companies, is now 70 to 75% of capacity.
coupon
of
sales
Note.-The above table includes only
The following are sales made at the Stock Exchange this
:were:
week of shares not represented in our detailed list on the bonds. Transactions in registered bonds
99.88 to 100.00
143
3d
100.10
to
1st
4318
99.98
334s
146
follow:
which
a es
99.90 to 100.10
99.86 to 100.02 186 4th 431s
28 1st 431s
Range for Week.
Range since Jan. 1.
Sales
for
Highest.
Lowest.
Lowest.
Highei.
Week.
-Par. Shares $ per share. $ per share. $ pet share. S per share.
Mar
Jan 70
100 60 June 19 60 June 19 54
Amer Tel & Cable _100
34 Jan 3 June
600 2%June 17 2%June 19
Assets Realization_ _ _ _10
19
140
June
120
22
June
June
140
Apr
132
400
100
Atlas Powder
23 2%June 22 2 June 234 June
Brooklyn Union Gas rts_ 5,000 2 June 19 91%June 19 89
4 Apr
May 927
100 91 %June
Brown Shoe, pref_ _ _100
Mar
813June 20 813( June 85
20
813/June
100
100
Buffalo & SIM
Feb 993( Apr
100 r953.June 23 z9531June 23 94
100
Burns Bros, pref..
96
June
19
19
83
May
June
08%
Feb
96
100
_100
C St PM & 0,pref_
Jan 963 June
10 96%June 19 96%June 19 85
Cluett,Peabody,pref_ 100
250 95 June 22 97 June 17, 95 June 973 June
Cosden & Co, pref.-100
%June 19
34 June
% June
%June 19
Consol Textllerights- 8,80
June 17 1333June 21 115
May z147 June
EI duPont deN & Co.100 1,800 130
17
20
8234June
June
80%June
80
June
85
700
100
Debenture 6s
22 72%June 17
May
Eastman Kodak, new..-* 1,300 71 %June 17 43 June 21 71% June 773 June
48
403June
June
4034
8,400
*
new_
Batt,
Stor
Electric
Feb 443 June
100 38 June 19 38 June 19 23
Emerson-Brant, pref _100
May 2031 June
800 1731June 17 19%June 21 15
Fairbanks Company_ _25
100 9734June 19 9734June 19 97 June 99 June
Gen Am Tank Car, pf100
300 127 June 19 127 June 19 102 June 127 June
*
General Baking
June 106 June
200 106 June 19 106 June 19 106
*
Preferred
%June 10
Hudson Motor Car__ --5 23,50 21%June 22 23 June 23 2134 June 2331 June
10734
1057 June 109 June
ill Cent, pref6% ser A w I 1,400 105%June 21
%June 23
34 June 1
%June 19
May
Illinois Central rights_- 2072171 2934June
19 2934June 23 2931 June 3031 June
300
Interboro Rap Trail w 1_
June 19 26%June 20 2231 June 2631 June
Inter & Grt North w I__ 2,100 24
Feb 1331 June
100 1,700 1034June 23 12%June 23 6
Iowa Central
5001 8434June 10 88 June 21 6231 Jan 88 June
Mallinson & Co, pref _100
200 1131June 19 12 June 19 1131 Jan 1431 May
100
M K & T, prof
100 28 June 21 26 June 21 26 June 2731 Juno
M K & T warr 2d asst pd
625J 24 June 21 2531June 22 24 June 2531 June
Preferred
1001 63 June 23 63 June 23 63 June 6331 Apr
MStP&SSM leas line 100
Apr
1 108 June 20 108 June 20 1003.4 Jan 108
Montana Power, prof 100
i271264 June 19 264%June 20 z264 June 272 June
Nat Bank of Comm.._100
Apr
mar 16
200 15 June 17 15 June 17 7
Nat Rys of M,Ist pf _100
6001 79 June 22 79 June 22 6131 Jan 9631 June
N Y C & St I., 1st pf _100
70 4231June 19 43 June 20 42 June 4931 June
Pigg Wigg Stores, Inc-*
1001 45 June 21 45 June 21 39
Jan 4731 May
Producers & Ref, prof SO
%June 21 131June 17
31 June 231 June
Punta Alegre Sugar rts- - 29,7001
100 109 June 23 109 June 23 lossi Jan 11531 Mar
Ry Steel Spring, pref _100
Reynolds Spring Co-* 5,500 473lJune 21 4934June 22 4434 June 5031 June
Apr
* 4,300 18 June 20 2031June 21 831 Jan 21
Robt Reis St Co
Apr
2001 90 June 17 9031June 20 8331 Jan 91
Standard Milling, pf _100
* 2,700 2131June 17 2331June 21 2134 June 2531 May
U S Hoffman MachWestern Electric, pf..100 300 109%June 19 109%June 19 109 June 112 June
100 7134June 19 7134June 191 65
Jan 73 May
WesVh'se E&M,1st pf 50
* No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
STOCKS.
Week ending June 23.

Week ending
June 23. 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
gachange.

Railroad,
Shares.

Par Value.

Bonds.

State, Man.
and Foreign
Bonds.

U.S.
Bonds.

411,500 $35,123,000
724,206 65,108,000
993,668 71,110,000
1,110,237 93,950,000
885,090 66,613,000
676,800 61,647,000

$3,031,000 $1,294,000 $2,625,900
5,591,000 1,813,000 8,136,350
6,150,500 2,597,000 1,614,250
6,787,500 1,829,500 3,579,000
6,021,000 1,444,000 4,917,050
7,975,000 1,009,000 4,877,000
_
4,801,501 5393,551,000 $35.556,000 $9,986,500 $28,742,550
Week ending June 23.
Jan. 110 AMC 23
1922.

1921.

1922.

1921.

4,801,501
4.779,083
91,801,717
132,556,343
Stocks-No. shares.. _ $393,551,000 $3304,350,679 $11,865,885,646 $6,714,077,900
. Par value
Bonds.
$920,061,840
$960,790,905
Government bonds._ - $28,749,550 $43,289,340
State, municipal, &e.,
9,986,500
5,019,000
140,320,600
311,302,500
bonds
35,556,000 15,806,000
432,652,000
998,218,000
RR.and misc. bonds.. _
Total bonds

$74,292,050 863,914,340 $2,270,311,405 $1,498,031.500

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston:
Week ending
June 23, 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Phtladelphia.

Baltimore.

Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
*HOLE DAY
35,350
10,810
56,250
9,559
33,700
15,043
63,600
10,657
57,000
9,138

3,928
6,538
10,723
9,575
6,781
5,349

854,000
53,200
38,550
144,400
86,200
32,600

$245,900

42,894

2408,950

55,207

* Holiday-Bunker Hill Day.




1,175
860
878,
1,469:
1,849,
1,4151

$51,000
46,700
77,000
49,600
21,000
36,060

7,6461 $281.300

99.48 to 99.50 456 Victory 4%s
99.70 to 99.96

6 2(1 4s
242 2d 43.1s

100.40 to 100.60

Quotations for U. S. Treas. Ctfs. of Indebtedness, Etc.
Maturity.
Aug.
Sept.
Sept.
June
Sept.
Dec.

1
15
15
15
15
15

1922____
1922__
1922_
1924-1924__
1922....

Int.
Rate.
531%
531%
434%
531%
534%
434(7,,

Bid. Asked
100%
100%
10034
103
102%
ionv.

100%
10034
100%
10374
4
103,
,6
1007

Maturity.
Mar.
Mar.
Mar.
June
Dec.

15
15
15
15
15

1925....
1926.......
1923.....
1923____
1025.... _

Int.
Rate.
434%
431%
411%
334%
431%

Bid.

Asked.

101(i nu
1021
1007
100
100%

102
1007
10031
100%

Foreign Exchange.-The sterling exchange market broke
sharply this week and prices sustained a sensational decline
of nearly 7 cents during the week, though recovering partially
before the close. Continental exchange moved irregularly
and the general tendency was toward materially lower levels.
To-day's (Friday's) actual rates for sterling exchange were 4 3704 383.4
for sixty days, 4 4004 4134 for checks and 4 40%04 41% for cables.
Commercial on banks. sight 4 39%04 4031, sixty days 4 303104 3231,
ninety days 4 30%04 31%, and documents for payment (sixty days)
4 32%a4 3334. Cotton for payment, 4 393404 4031, and grain for payment 4 39%04 40%.
To-day's (Friday's) actual rates for Paris bankers' francs were 8 39%0
8.46 for long and 8.455408.52 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
37.94037.98 for long and 38.30038.34 for short.
Exchange at Paris on London 51.75; week's range, 51.19 high and 51.75
low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days. Checks.
Sterling, Actual4 45%
4 4434
4 414
High for the week
4 38
4 35%
Low for the week
Paris Bankers' Francs8.7234
8.713.4
8.6331
High for the week
8.4831
8.4734
8.3931
Low for the week
Germany Bankers' Marks•
0.32
0.3134
High for the week
0.29
0.2934
Low for the week
Amsterdam Bankers' Guilders38.75
38.68
38.27
High for tho week
38.42
38.18
Low for the week37.94
$1,000
per
Domestic Exchange.-Chicago, par. St. Louis, 15025c.
discount. Boston, par. San Francisco, par. Montreal, $15 00 per
$1,000 premium. Cincinnati, par.

The Curb Market.-Business on the Curb Market this
week fell off considerably from recent totals, trading being
devoid of any active features. Prices moved with considerable irregularity, though the changes for the most part
were small. Cities Service was a feature; the announcement
of a plan for the resumption of cash dividends beginning
Sept. 1 caused sharp advances. The corn. stock, after
early loss of some 532 points to 218, ran up to 242 and reacted finally to 235. The pref. gained over six points to
72 and sold finally at 69. The oil shares as usual were the
most conspicuous, though less active. Standard Oil (Indiana) at first lost about three points to 106, then sold up to
112, reacted to 105 and closed to-day at 1053'. Standard
Oil (Kentucky) from 943/ eased off to 933, advanced to
97 and moved downward again. to 93%, with the final figure
3
Standard Oil of N. Y. gained about 36 points to
at 93%.
446, but broke to 428, with the close to-day at 429. Mexican Seaboard Oil continued active and advanced from 41%
3., the close to-day being at 463. Maracaibo Oil
to 47/
Exploration gained two- points to 21 and ends the week at
203/2. The industrial and miscellaneous list was a small
one with changes small. Dealing in Internat. Carbon was
fairly heavy, though price changes small. From 11% it
sank to 10%, but recovered finally to 12. Philip Morris Co.
4 and at 19% finally. Bonds were
sold up from 183/i to 201
without material change.
A complete record of Curb Market transactions for the
week will be found on page 2813.

C

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly

2804

OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.

HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
eaterday,
June 17.

Monday.
June 19.

Tuesday. 'Wednesday' Thursday.
June 20.
June 21. I June 22.

Friday.
June 23.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 11922.
On basis of 100-share lots

PER SHARE
Range for previous
year 1921

Highest
Lowest
Lowest
Highest
$ per share $ per share $ per share $ per share I $ per share $ per share Shares
Railroads
Par 8 per share
8
per
share
per
8
share
8
per Mere
*13
18 .13
18
*13
18 .13
18 .13
17
*13 18Ann Arbor
100 10 Jan 3 2078 Mar 6
8 Mar 1238 Feb
.38
43 .3814 40
*3818 40
384 3818 39
39 .38
40
200
Preferred
100 2878 Jan 26 5114 Mar 24
20 Apr 3214 Dee
9778 9814 9738 9818 9712 988 988 99
9814 984 987 99
4,000 Atch Topeka & Santa Fe 100 9114 Jan 3 102 Apr 20
7718 June 94 Dee
*91
9138 91
9114 91
9112 9112 9112 913 9134 91% 918 2,200
Do prat
•
100 8438 Jan 3 9134 Apr 22
754 Jan 88 Nei
3
314
3
314
34 34
314 334
314 334 *312 414 3,700 Atlanta Birm & Atlantic....100
512 Apr 17
84 Jan 14
1 Dee
718 Jan
*10112 103
101 10214 1027s 1027 10278 103
103 104 x10258 10312 2,000 Atlantic Coast Line RR_ _100 83 Jan 9 10512June 3
77 Apr 91 Nov
4614 4614 4534 4638 46
4738 4678 477
4634 4918 4778 4934 38,100 Baltimore de Ohio
100 3318 Jan 27 5112May 31
8048 Mar 428* May
.60
61
60 60
604 6034 6034 61
61
6118 .61
6212 1,900
Do prof
100 524 Jan 11 62 Juno 6
47 Mar 56% Nos
*6212 70
*6214 70
*6714 70
*6714 70 .6714 70
*68
70
Buffalo Roca & Pitts
100 130 Jan 4 68 May 25
4912 Deo 7234 MaI
2412 2538 237 2438 2358 .2412 24
2434 238 2434 25
257 19,100 Brooklyn Rapid Transit...100
6 Jan 4 2812May 31
6 Dec 1478 Jan
2134 22
21
2118 21
2112 2034 2112 2012 2114 2138 2212 8,000
Certificates of depoalt
o% Jan 11 2434May 31
34 Sept 10 Jan
135 13512 13512 13614 137 13712 13714 138
138 13812 138 138
6,990 Canadian Pacific
100 11918 Jan 6 145 Apr 17 101 June 12371 Nov
.
184 186 .184 188
186 188 .180 188 .180 188 *180 187
100 Central RR of N J
100 184 Mar 31 192 Feb 17 186
Oct 209 Mar
6214 6314 6214 62% • 6212 64
6414 6434 8412 6612 657 6634 11,000 Chesapeake & Ohio
100 54 Jan 10 6914May 29
46 June 6518 Ma,
93
93 1014
938
912 934
958 104
912 10
934 104 4,300 Chicago & Alton
100
I% Jan 24 1234May 26
4 Nov
814 Jan
1638 1612 1,513 1534. 16
1612 1634 174 17
17
1612 1612 1,500
Preferred
100
318 Jan 25 207sMay 25
64 Dec 12 Apr
' *35
354 347 35
3112 35
3434 35
3438 35
3412 35314 6,800 Chic & East Ill RR (new).....
1312 Dec 1678 No*
1238 Jan 26 397sMay 8
5012 51 .5012 52
51
5112 52
52
5134 52
53
.55 • 2,800
Do pref
32 Jan 30 59 Apr 28
3312 Dec 37 Nov
• 8
8
734 8
734 8121
84 812
818 814
3,200 Chicago Great Weatern_100
81s 83
614 Dee
538 Jan 11 1034May 27
94 Mal
1938 1938 1938 1933 1912 20
20
2018 194 2014 2038 2053 2,100
Do pref
100 144 Jan 31 2412'May 29
14 June 207* May
2414 2412 2412 25
2438 254 25
26
25
26
2558 2618 9,400 Chicago Mew & St Paul 100 1714 Jan 9 2934 Apr 18
1714 Dec 31
Jan
3812 39
3812 39
38
40
3912 4012 3934 4138 4012 4134 14,600
Do pret
100 29 Jan 10 47 . Apr 18
294 Dec 4818 Jan
724 7238 7114 72
7212 73
7314 7312 738 7433 74
7438 5,400 Chicago & North Western_100 59 Jan 9 7671 Apr 20
0018 Apr 71
Jan
.
110 113 *109 113 *110 113 .111 112 .111 112 .111 112
Do prof
100 100 Jan 9 113 May 18
95 July 110
Jan
39
394 3812 3914 39
4038 4038 404 398 4212 4112 43 24,800 Chic Rock Isl & Par
100 3014 Jan 11 484 Apr 20
22% Ma: .35 Sept
9212 9212 .92
94
03 93
924 924 93
94
94
94
700
7% preferred
100
8314
9812June
10
Jan
7
6814
Mar
8914
Dee
78
78 .78 7812 7814 7814 7814 7814 79
7912 .78
79
600
6% preferred'
100 7014 Jan 9 8438-June 6
5618 June 77 Dee
.63 6312 .63 65
*63
6512 64
64
.63 65
*63
65
100 Chic St P Minn & 0m
100 51 Jan 10 6812M18Y 6
50 June 63 Jan
68 68 .67 68
*67 6812 68 68
68 • 68
6912 70
900 Clay Cin Chic & St Louls 100 64 Jan 4 71 June 1
32
Juno 574 Dee
.8612 90 .8612 8934 .8612 8934 .8612 8034 *8612 894 *8634 894
Do prof
100 7214 Jan 3 90 Apr 18
60 Feb 75 Dec
*44
4412 444 4412 44
4412 .45
46
4512 4512 1,100 Colorado & Southern
4438 45
5312 Apr 24
10
100
Jan
88
27
Jan 46% Noe
.61
64
*61
64 .59
63 .59
63
.61
63 .61
63
Do let pre!
100 55 Jan 10 66 Mar 23
49 Jan 69 Dee
12278 123 .118 122
11912 11912 11914 120 .11934 122 .120 122
500 Delaware & Hudeon
100 10638 Jan 4 121 May 22
90 Apr 1104 Nov
122 122 .12134 12212 .12134 123
12134 12312 12312 125
12612 12834 2,700 Delaware Lack & Western- 50 108 Feb 14 12912May 22 98
Aug 249 May
.414 5
*4
5
*4
413 *414 434 *4
412 *4
44
Duluth S S & Atlantio____100
6 Apr 25
258 Jan 27
158 Mar
418 Jan
sia 812 .8
94 *8
812 .812 10
.814 912 .8
912
300
Do prat
100
334 Jan 7 1012 Apr 18
Nov
858
718 Jar
1338 1418 1313 14
1338 15
15
1538 144 1512 15
1512 22,300 Erie
100
7 Jan 9 1834May 23
10 Dec 1514 Mar 2114 2112 21
2112 2114 2212 2214 23
2134 23
2234 23
7,400
Do
1st
pref
100
9
Jan
1118
273
4May
'23' 154 Deo 2238 Mal
1518 1518 15
15 1 1614 1638 164 1614 16
1618 .16
1612 1,300
Do . 2d prat
100
718 Jan 10 2014May 231 10 Dec 1578 Jan
7518 7534 7538 76
7518 80
794 808 76
7838 797 8014 40,800 Great Northern prof
100 7014 Jan 10 8078June 211 60 June 7914 Dee
38 3812 3812 384 3858 394 384 3914 3814 3912 3.84 3812 9,700
Iron Ore prupertles_No par 311s Jan 6 4538 Apr 131 2638 June 3418 Nov
*15
16 .15
16
1534 157s 1512 1512 .16
17 .16
17
300 Gulf Mob & Nor tr etfs
100
5 Jan 4 19 May 22
438 Dec 1118 Mar
.37 3758 .37
3738 3734 38
3812 3812 .37
3812 .37
3834
600
Do pref
100 16 Jan 5 40 May 22
18 Dec 26 Feb
10318 1034 1038 1038 1037s 1037 10378 104
10312 10312 10412 10412 1,316 Illinois Central
100 9718 Jan 3 1097s Apr 18
8518 Mar 1004 Nos
112 113
11* 112
13
112
112 112
112 112
138 112 8,200 Interboro Cons Corp__No par
1 Jan 10
5 Apr 8
118 Dec
578 Jan
338 338
312 35s
314 312
3311 34
33
312
312 312 6,800
Do pref
100
314Ju11e 20 1234 Apr 8
314 Dec 16
Jan
2334 24
2318 2334 2334 2438 2334 2418 23% 2438 2334 2434 6,100 Kansas City Southern
180
0 g38
n lA N:4
4
4 Jan
2 Apr 25
2
:
1 Feb
018s787gfi:
n 2
a
o
5514 56
*5612 58 .57
*564 57
58
57
57
574 5718
500
Do pref
.9
10
.8
10
.9
10
.8
10
*8
10
.8
Keokuk & Des Moines____100
10
5 Jan 17
934June 6
412 Nov
812 May
32
338
3312 3312 3412 3412 34
3412 3412 3413 *34
1,600 Lake Erie & Western
35
100 10 Fel, 2 3978June 6
10 Mar 144 Jan
61
61
*61
63
61
61
61
8112 62
62
62
6214 2,400
Do pref
100 2618 Feb 8 6214June 3
1738 Aug 30 Dec
6112 61% 6112 62
8112 6314 6234 634 6212 63% 63
6438 10,400 Lehigh Valley
50 5638 Jan 3 673sMay 29
4718 June 6014 Des
*11612 118 .11612 113 .117 118
118 118
11738118
Louisville
1184
1,000
& Naahville
11738
100 108 Jan 9 12112 Apr 25
97
Apr 118 Jule
.47
49
45
48
47
4712 4718 4718 46
4712 4718 4718 2,2201 Manhattan Ry guar
100 38 Jan 6 557sMay 3
82 Dec 6818 Jan
*6
74
612 613 *612 7
*612 734 .6
712 .6
100 Market Street Ry
712
318 Jan 28 11 Mar 14
100
2% Dec
7 Ma/
32
32 .28
37 .2812 37 .32
35 .32
3412 .32 . 34
100
Preferred
100 17 Jan 9 5014 Apr 11
12 Aug 184 Map
58 58
58 58
5834 5834 5812 5812 5812 5834 .58 60
1,900
Prior preferred
100 354 Jan 7 67 Mar 14
27 Aug 6518 M.a7
.20
2312 224 24 .1812 2312 .20
2258 .20
2238 .20
2212
600
28 preferred
100
9
Jan
55
8
Apr
32
10
414 Aug
838May
1012 103
912 10% 10
1034 1012 1078 1014 108 11
12
5,200 Minneap & St L (new).__ _100
5 Jan 6 1412 Apr 29
518 Dec 1454 Map
.58 60 .58 60
59
59
59
59 .57
60 .57 60
200 Minn St P & S S Marle_100 59 June 13 7134 Feb 27
63 Aug 7418 Nov
11
11
1058 11
1038 108* 107 108 .11
12
.11
12
800 Missouri Kansas A Texas_100
14
16
Jan
8
May
3
23
1 Dec
318 Noe
167 17
1658 17
1612 17
1634 1738 1634' 17
167 1738 10,400 Mo Kan & Texas (new)
712 janti 1912May 22
8 Dec
978 Dee
• .3638 38
3638 37
3038 37
3738 38
38
38
38
3814 5,500
Preferred (new)
2412 Jan 27 4358 Apr 28
22% Dec 26% Dee
Part warr 1st asst paid
1014 Jan 30 2212 Apr 28
Preferred
"
J
Jan
n 10
6 2814May 22
1912 2018 1934 2014 1912 21
2018 2118 20381121
20121121
9,100 Missouri Pacific trust ctfe_100 16
058
2514 Apr 18
Mari -2-314 Map
5038 ",5112 5018 5118 5012 5234 53
535
52 k,54
5312 5414 11,000
Do prat trust etre
100 44 Jan 10 5934 Apr 17
834 Mar 4918 Nov
6 vir
534 618
57
534 58
6
538 6
512 538 9,900 Nat Rys of Max 2d pref
100
714May 27
3 Jan 28
24 Dec
Feb
638
.6212 65 .6238 6312 63 6512 657g 6712 66
69
6734 70
10,900 New Orl Tex & Max v t o_.100 54% Jan 10 70 Juno 23
46 June 7718 Feb
8833 8834 8814 8914 8912 9038 90
9034 90
9214 9112 9334 40,900 New York Central
100 725 Jan 4 92% Apr 17
644 June 76 Dee
74
7538 x7334 7334 7234 7334 73
737
72
73
7112 7312 1,500 N Y Chicago & St Louis_ _100 514 Jan 5 82 May 25
89 June 6138 Sept
077
79
.7834 82 .751. 79
79
79
*78
80 *78
80
100
Second preferred
100 6114 Jan 5 85 May 25
54 June 6818 Sept
27
278* 2634 273
27
2878 28
288 28
30
283411 3012 58,400 N Y N H & Hartford
100 1218 Jan 5 354May 20
12 Nov 2318 Jan
2358 2438 2414 2412 2512 2534 *2514 2534 244 2514 2512 2618 4,600 N Y
Ontario
Western__..100
&
Jan
195
10
Apr
2918
9
16 Mar 234 deal
.19
21
.1712 19 .18
173k 1734 .17
19
*18
19
18
200 Norfolk Southern
834 Jan 3 22I2Juno 6
100
84 Sept 1314 May
10512 10512 10434 15)5
105 10512 10512 10512 10512 106
10578 106
2,200 Norfolk & Western
100 9614 Jan 9 10834May 23
888* June 10478 Feb
.73
78
*73
i'8
7412 7412 75
75
*73
75
*73
75
1,000
Preferred
100 72 Jan 9 76 Apr 20
62 June 7438 Dee
74
7412 7334 74
74
7634 754 7612 7534 7614 757 77
11,800 Northern Pacific,
4June
19
733
824
100
Mar
15
6114 June 88
Jan
41
4114 404 41
4034 4114 4114 4112 4133 4138 4138 4214 17,400 Pennsylvania
50 3314 Jan 3 43 Apr 7
3214 June 4134 Jan
2118 i.2214 .21
22
22
2212 22
22
2114 2278 .224 23
1,900 Peoria & Eastern
100 1038 Jan 14 2478June 6
8 Nov
12 Jan
29
2914 29
2938 2838 304 297.8 3012 294 3034 301 s 3112 16,900 Pere Marquette v t e
100 19 Jan 10 347sMay 29
1514 Mar 2378 May
476
77
7534 7534 *75
77
*75
77
.75
77
77
77
300
Do prior pref v t c.__.100 63 Jan 17 781sJune 3
50
Apr 654 Dee
*6612 69
6612 6612 .6634 67
6634 67
671.1 6712 .6714 1684
500
Do pref v t 0..
100 5018 Jan 6 6912June 1
88 Jan 6614 Dec
3411 3538 3414 35
3518 3718 354 3738 3614 372 11,100 Pittsburgh dr West Va___ _100 23 Jan 27
3434 37
3914June 8
23 _ Oct 32
Jan
*871, 90 .87 8912 .8712 89 .87
89 *874 89 .8712 89
Do pref
100 76 Jan 13 901* Apr 25
70 Mar 80 Dec
12 1,.7258 717g 7314 7258 7314 7312 7312 7212 7312 7278 74 , 12,400 Reading
60 7118 Jan 8 8278May 29
6034 June 894 Jan
4912 ,4912 5212 5214 504 5018 .50
5112 *5012 5114 5114j 51341
700
Do 1st pref
50 43 Mar 27 57 May 31
3618 June 56 Feb
.52
53
5212 524 .5012 54
52
52
5018 51
5214 53
1,400
Do 28 pref
50 45 Jan 27 5912May 31
384 Aug 6714 Jan
.35
44 .36
44
45
4618 47
48
47
47
1,000 Rutland RR. pref
4938 47
100
1711
Feb
5314June
6
1
2512 2538 2513 2558 2513 2612 26
2614 2634 278 2678 2714 7,300 St Louis-San Fran tr afs...100 2038 Jan 15 3118 Apr 29 -111.18 Mar
- 2314 Aug
464 4614 *46
484 .47
49 .47
49
4812 4812 *47 • 49
200
Preferred A trust etfe_100 36 Feb 1 52 Apr 22
277 June 8918 Nov
*26
28
2518 26
251s 27
2634 27
2834 2738 2712 277
4,600 St Lolls Southwestern
100 20% Jan 3 3238May 22
194 June 804 Mal
42
42
417 424 414 4234 43
43
43
4312 4314 44
2,300
Do pref
100 328* Jan 10 5034 Mar 3
28 June 61
Jan
7
7
64 612
612 612
634 634
634 634
7
7
2,200 Seaboard Air Line
100 • 258 Jan 4 10 Apr 15
218 Oct
74 Mae
1014 1014
914 1014
10
10
1018 105
11
10 ' 1034 *10
1,000
Do prof
100
44 Jan 13 1434 Apr 15
8 Dec 124 May
8712 8838 8712 88
874 8912 88
8912 8818 898* 888 8978 28,400 Southern Pacific Co
100 7818 Jan 10 9338May 29
6718 June 101
Jan
22
2214 2113 2218 2178 2234 2238 23
2234 2312 23
2338 15,800 Southern Railway
100 1714 Jan 10 254 Apr 26
1738 June 2478 Jan
5258 53
5238 5238 5214 53
534 55
5434 5434 5412 55
4,200
Do pre!
100 46 Jan 10 593s Apr 24
42 June 60
Jan
2434 25
2438 2434 2434 27
2613 2714 2512 2712 2612 2714 8,200 Texas & Pacific
100 24 June 16 36 Apr 21
1618 Jan
2738 Dee
.2012 2112 .2012 2114 2014 2012 2012 2012 2012 2034 2034 2178 1,700 Third Avenue
100 14 Jan 5 2538 A pr 25
1218 Aug 2048 Mar
.5113 5212 .5112 5213 521: 5234 53
53
*5113 53
5213 53
400 Tol St L& West Series 13
14
24
Jan
53 June 21
*4912 5012 .49
4912 4913 50
50
50
488 4878 49
50
Preferred Series B
1,300
2212 Jan 20 5034Juno 15 ._ .....
*50
56 .50
55 .50
55
*50
55
*50
55 .50
5312
Twin City Rapid Transit...100 34 Jan 12 5612June 10
814 Dee 'lib]; Ape
1353
8 13678 13438 13534 13414 13614 136 13714 136 13712 137 137
13538
5,600 Union Pacific
100 125 Jan 10 14212May 31 111 June 131% Nov
.753476
7512 7534 7514 76
7538 753 *75
7538 76
76
Do prat
1,100
100
7
Jan
7114
7678
Apr
21
6214
July 7418 Dec
.11 ' 12
1114 1214 1112 1134 12
1234 12
12
1212 13
2.000 United Railways Invest_ 100
74 Jan 6 197 Apr 11
6 Aug 124 Mat
26 i 26
2514 26
2512 26
2512 2512 .26
28
26
27
2,900
Do prat
100 2014 Jan 9 3612 Apr 11
17 Aug '26 Mat
1118 1118 1034 1114 11
124 1134 1238 1214 1212 1214 1238 10,200 Wabash
100
6 Jan 80 1438May 28
018 Dec
9 Map
2738 OEN 2738 2818, 2734 2938 28% 2914 2812 2034 2918 3058 18,100
Do prat A
100 19 Jan 25 3438 Apr 17
18 Mar 244 Ma/
*1914 L20 .1914 20 1 .20
21
*20
21
20% 2038 *20
100
21
Do pref B
100 1234 Jan 25 24 May 26
1258 Mar 1578 Nov
104 1012 1012 1034 103s 1118 11
1138 11
1113 1112 1134 3,700 Western Maryland (new) 100
814 Jan 30 1312June 6
818 Dec 114 Mall
.18 I; 1818 *1712 1912 1912 1978 19
19
20
187i 193 *19
1,200
Do 2d pref
100 13 Jan 17 24 June 6
1414 Dec 21 Map
19 ,.., 49
1812 197
1812 1918 1918 1918 19
1914 1913 1934 2,500 Western Pacific
100 144 Jan 30 247 Apr 24
15 Dec 30% Ma)
.58
61
.5812 61
5712 5812 5712 59
58
58
*5712 58
800
Do pref
100 6158 Feb 1 6412 Apr 21
6118 Dec 7018 Jan
12341 13
124 1314
1238 1312 1314 137
1312 137
1314 14
14,200 Wheeling & Lake Erie Ry_100
6 Feb 2 1612June 7
014 Dec 1118 Map
2312 24
24
24
2312 25
25
2514 25
2512 2512 2.538 2,600
Do pref
100
914 Jan 4 2938June 7
1218 Dec 1918 Mar
.27
28 .27
28
274 2734 .27
28 .2712 2912 284 20
300 WIconsin Central
100 25 Jan 10 334 Mar 13
28
Oct 3718 Mae
; spoil.l. in
Industrial & Miscellaneous
6218 16238 *6112 624 62
6414 63
63 .e212 63 .62
400 Adams Express
63
100 48 Jan 12 69 Mar 29
2618 Jan 8354 Dec
*1612 1712 18
1838 .1734 18
18
1834 1734 177
18
18
1,500 Advance RumelY
100 107 Jan 19 2014June 6
1018 Dec 1914 Jan
.48
4812 .4814 50
4818 4818 .48
50 .48
4814 4814
50
200
Do prat
5038June
100
12
Jan
8
3118
Dec 624 Feb
3138
*5218 .53
52
5218 52
52
52
52
5234 53 .52
700 Air Reduction, me....No par 4518 Jan 3 5714 Mar 28
53
80 June 50 Dee
1412 4458 1412 153
1434 1538 15
1513 147 15
1412 1478 3,000 Ajax Rubber Inc
50 1318 Jan 16 1834 Apr 25
1514
Dec
3918 Jan
*4
%
.4
%
12
12
12
12
*12
58
12
58 1,400 Alaska Gold Mines
10
7sMay 10
14 Jan 13
118 Feb
4 Dec
.133 rf1112
114 138
14 13
114 114
114 14 .14 14 2,800 Alaska Juneau Gold Miteg 10
14 Jan 24
2 May 17
114 Feb
4 Oct
6658 6712 674 6734 67
6912 6838 6878 6714 6814 6734 6734 8,200 Allied Chem & Dye....No par 55% Jan 3 724May 24
84 Aug 6914 Dec
410734 109
108 108
10812 10812 .108 109
10818 10818 10838 10858
400
pref
Do
100
101
Juno
14
Jan
110
3
83
June 10338 Dec
.
4612 ,,4712 4714 4714 4712 4912 49
4938 49
50
498 4913 0,800 Allis-Chalmers Mfg
100 3734 Jan 4 52 Apr 22
2814 Aug 305 Dec
.96 r 07
9712 9712 97
97 .9612 9712 9734 9734 *9714 98
500
Do pref
100 864 Jan 8 100 Apr 21
6718 Aug 90 Dee
t, 38731 334 3834 387s 3938 40
3834 397
3838 39
39
Aaricultural Chem__100 2954 Jan 3 4278June 1
39
4.000
Amer
264 Aug 664 Jaa
65 ,11 6513 65 65
6578 657 *6514 657
65
65
*6212 65
500
Preferred
100 80 Jan 16 69 Mar 10
51 Aug 90
Jan
.(3T
68 *67 6812 *67 6812 .67 6812 .67
70 .67
American Bank Note....... _50 6818 Jan 7 774 Apr 7
69
4618 Jan 564 Dec
prl • Bid and asked prices: no sales on this day. t Ex-rights. Leas than 100 shares. a Ex-dividend and rights. z Ex-dividend. h F.x-rights (June
15) to subscribe
share for share to stock of Glen Alden Coal Co. at $5 per share and ex-dividend 100% In stook (Aug. 22).




Tri"

New York Stock Record-Continued-Page 2

2805

For sates during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICK-PER SHARE, NOT PER CENT
Friday,
Monday, I Tuerday, 'Wednesday. Thursday.
Saturday,
June 23.
June 22.
June 21.
June 20.
June 17.
June 10.

Sales
for
the

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jas. 1 1922
On basis of 100-share lots
Lowest

Highest

PER SHARE
Rasps for //rations
year 1921
Lowest

Higdon

per share $ per share $ per share
& Miscall.(Con.) Par $ per share
Per share 3 per share $ per share $ per share S per share $ per share Shares Indus.
4312 Jan 50/
1
4 Dee
54
Am Bank Note pref
*51
50 52 Jan 12 54 Mar 3
*5112 54
*5112 54
*5112 54
*51
53
*5112 54
49
June 9
241
/
4 Oct 51 Feb
3
/
1
4
Jan
31
American
Beet
Sugar
4512
2,400
100
4512
4514
45
4.514
45
*4212 43
42
4278 43 44
543 Dec 74/
1
4 Jan
Do pref
100 61 Jan 11 7534June 16
77
*7612 80
*76
80
*76
78
*75
78
*76
77
*75
291, Aug 6512 Map
42
1,100 Amer Bosch Magneto__No Dar 3114 Jan 31 49 Apr 11
*4112 4212 41
43
43 . 43
*41
42
4112 '4238 42
42
Jan 5632 Dee
x59
59
1,500 Am Brake Shoe di F...No par 51 Jan 4 8378 Apr 22
60
60
6014 61
63
*5914 61
6012 6012 61
8884 Jan 100 Dee
1
4 Jan 18 108 June 14
Preferred
100 98/
*108 112 *108 112,*108 112 '3108 112 *108 112 3108 112
513
4June
3
June
35/
1
4 Dee
2312
18,400
3214
Jan
5
American
Can
473
4
48
463
4
4512
100
4812
468
4512 4578 4512 4614' 4578 48
7684 June 97 Dee
Do pref
800
100 9314 Jan 3 105 M aY 17
103 103
104 104 1'3103 104 *103 10112 10418 10418'3104 10412
Jan 10 169 June 5 11514 June 15114 Dee
141
1,000
American
Car
164
163
&
*163
16212
Foundry_100
164
16212
162
•162
159
15912
16014'
159
1
4 Dee
1
4 Jan 6 12112June 6 108 May 116/
Do prof
325
100 115/
*11812 11912 *11812 11912 *11834 11912 1188 1188 11912 12112 121 121
612 Nov 29 Jan
7 Jan 27 14 May 5
American Chicle
No par
*912 1012
*912 1012 *912 1012 *912 1012 *912 1012 *912 10
3012May 31
4 Nov
1571
June
243
Jan
10
19
/
1
4
2,300
American
Cotton
100
28
253
4
26
011
27
258
26
27
257
26
2534 25341
*25
85/
1
4 July 87 Apt
100
Do prat
56
*5314 56
*53
100 41 Jan 11 61 May 31
56
*53
56
56 I *53
5412 5412 *53
8/
1
4 Jan
612 Jan 23
4 June
412 Jan 13
514 53
512 512 1,200 Amer Druggists Syndicate_ 10
58 512
*538 584
*538 58
58 55
200 American Express
100 126 June 23 •14312 Apr 22 114 July 137 Dee
*125 130 *12712 130 *126 130 *126 13212 *126 13212 126 128
1
4 Apr 13
8 Apr 16 Dee
300 American Hide & Leather_100 12 Jan 18 17/
14
*1378 1414
1414 1414 14
14
*1378 1414 14
*1334 14
4012 Feb 62/
1
4 Dee
Do pref
800
6712 69
6738 673
100 58 Jan 3 73 May 31
69
69
*6734 69
673 6738 *6712 69
22
11412
Mar
42
Jan 83.
8 Dec
12
Jan
3,200
American
Ice
107
100
78
*1063
4
10114
108
1067
si
1063
4
1077
8
10112
10314 1031 1 10314 105
57 Jan 7314 Nov
400
Do pref
89 *8673 89
87
87
100 72 Jan 13 9212May 26
*86
*85 8634 87 9012 *88 90
2June
2
2114 Aug 5332MAS
13,100 Amer International Corp_ _100 3812 Jan 5 503
4218 4334 42
43
4218 4112 4312 424 437
40% 41% 41
Vs Aug 1133 Apr
912 Jan 16 1378May 9
10
1212 1212 1253 1214 1212 1253 1234 1238 1214 2,300 American La France F. E
*12
12
12
17/
1
4 Aug 6211 Jan
100 29/
1
4 Jan 10 4034June 1
2,800 American Linseed
3418 3334 34
3314 3114 3I8 3434 34
34
34
33
33
397s Aug 93 Jan
Do pref
5412 5434 54
500
54
54
54
100 ' 54 June 22 6078June 1
55
*53
56
*50
56
*52
11738May
2
June 110 Dee
7312
5
Jan
American
Locomotive
5,700
11414
11212
113
102
100
11218
'
3112
113
11238
111
110 110
110 110
9814 June 115 Dee
Do pref
100 112 Jan 12 116 Mar 13
200
117 117
116 116 *115 117 *115 117 *116 117
*115 116
19
66
/
1
4
Jan 91 Nov
10314May
Radiator
9712
Jan
30
American
2,000
82
25
95
*9412
95
9712
948
9614
9438
9512
95
9512
95
8/
1
4 Apr 8
1
4 Aug 10 Jan
•3/
57
6,000 American Safety Razor__ 25
384 Jan 31
68
6
614 614
6
6
58
.558 6
(314 61 1
414 Aug 14 Jan
No par
1912 1734 1912 1834 2018 21,800 Am Ship & COMM
5/
1
4 Jan 3 2414May 31
1834 1938 1853 1914 18
18% 19
2953 Aug 6714 Des
5978 18,500 Amer Smelting - Refining_ 100 43ss Jan 6 6712May 19
57% 58% 577 608 5912 6034 5953 60% 5918 6014 59
634 Aug 90 Dee
Do prof.
99
1
4 Jan 4 99 May 23
100 86/
9812 9812 9834 *98
9712 9712 1,000
*9634 9734 0712 9814 98
63 Jan 88 Dee
92
100 Am Smelt Secur pref ear A-100 87 Feb 8 9338June 6
*9112 93
92
*9012 92
93
*91
*9112 93
*9112 92
95 Jan 11484 Dee
100 10912 Jan 3 138 Feb 16
600 American Snuff
13112 13112 134 13453 '131 13112'3131 133
*128 130 *127 132
18 Aug 35 Dee
3714 0,600 Am Steel Fdry tern ctfs_33 14 3084 Jan 26 4018 Apr 24
367 3714 37
3514 3512 353 3534 3533 35,2 3534 38
78 Aug 9538 Dee
Pref tern Ws
100 91 Feb 8 100 Apr 24
200
*95 100
9914 9914 9914 99,4
*9534 100
*9584 100
*9512 100
6738 Oct 96 MI
7
8114June
2
4
Refining_
_100
7914
Jan
American
Sugar
7712
7814
10,500
54
/
1
4
7853
7818
79
77
77
77
76
75% 7(3
1
4 Jan
1
4 Oct 107/
Do pref
100 84 Jan 3 107 June 2, 67/
108 106 *105 106
108 106
700
*105 106 *10412 10514 *10112 105
2812 Dec 88 Mai
1
4 Feb 14. 47 May 29
38
384 40
39
39
39% 3,100 Amer Sumatra Tobacco_ _ _100 23/
37% 371: 3712 38
36% 3512 • 63
Nov
9111
4 Feb
63
*6112
8
4
64
65
Jan
16
85
5212
Jan
27
71
*6112
*63
200
Preferred
100
66
*83
65
*63 (35
95/
1
4 Jan 11912 Nov
1
4 Jan 4 12412 Mar 14
120 12014 120 12053 120 12038 10,100 Amer Telephone & Teleg 100 114/
122% 12212 12214 12/12 311934 120
1
4 Des
13814 /31312 13938 13958 140 140% 140 14012 *138 140
1
4 Jan 5 14512May 29 1111:June 136/
100 129/
3,400 American Tobacco
13778 138
86 Aug 99/
1
4 Dee
/
4 Jan 3 103 May 23
Do prof (new)._ _ _100 961
500
102% 10238 1024 10134 *101 10/34 *102 10234 10112 10112,*101 1024
138 13812 *137 138% 1,100
Do common Claw B__ _100 126 Jan 3 14212May 31 110 Jan 13112 Dee
13718 13712 13738 13738 13853 139
*1351
/
4 137
•
612 Oct
4 Sept
6 Jan 7 1432June 6
*13
1334 *13
200 Am Wat Wks & Ely t 0-100
1334
1234 13
*1215 138. *1234 134 *1212 14
48 Sent 608 Dee
100 87 Jan 4 84 Apr 13
*80
82
82
82
100
let pref (7%) t c
82
*80
82
*80
82
*80
380 82
812 Sept 20 Del
1
4 Jan 4 35 June 7
3178 318 *31
Partle pref (6%) V t c___100 17/
600
33
3012 32
3114 3114
31
410
3134 31
67 Feb 831s Dee
8914 9078 89% 90
100 7814 Jan 10 9538 Apr 17
8834 8912 11,900 Amer Woolen
874 88% 8818 90
8712 88
98 Feb 1041s Dee
10712 109 *10712 110 *108 110
/
4 Jan 11 109 June 21
Do pref
400
100 1021
107 107
*106 109 *10534 107
20/
1
4 Aug 394 Jan
1
4 Jan 13 3718 Apr 15
300 Amer Writing Paper pref _100 22/
2918 29,8 2914 2914 2912 2912 2912 2912 2912 2912
31
*29
6/
1
4 Sept 145s Dee
167 1712
1878 1718 . 1678 167
/
4 Jan 3 2038June 1
1,600 Aner Zinc, Lead OC Smelt_ 25 121
*1618 17
1618 *1611 17
16
22/
1
4 Aug 4071 Dee
Do pref
25 36 Jan 18 4814MaY 19
200
44
4212 4212 4212 4434 4434 *42
*42
44
*42
44
*42
3154 Aug 607s Dee
5088 5114 5114 5134 18,500 Anaconda Copper Mining_ 50 47 Jan 31 57 May31
5112 5014 5112 5118 52
50
5012 61
24
Jan 5011 Dee
5238 5253 *52
53
53
700 Associated Dry Goods..._100 43 Jan 5 5712 Mar 17
*52
53
5214 5214 53
50
50
55/
1
4 Jan 7684 Dee
82
8153 *81
*79
81
Do let preferred
100 75 Jan 6 8312 Apr 19
100
81
*79
82 '380
81% 8134 *80
45 Jan 78 Dee
*82
1 86 May 9
84
na: 3
123
*82
Do 26 preferred
100 09
723264mjjJan7
100
82
8312 8214 8214
82 *81
*80
82
*80
91 Sept 10712 Mai
13512May 3
118 121 *118 120 *118 120
100
3,000 Associated Oil
11511, 11512 11412 120
*110 116
512 Apr 17
184 Oct
9 Jan
No par
38 314 7,900 Atlantic Fruit
3
338
318 38
3
314
3
3
312
3
29
38
18 June 76 Jan
4314May
3718
3712
37
.
3714
Atl
Gulf
&
W
ISO
Line__100
36
3712
10,800
358
395
368
36
3534
15s4 June ails Jan
26
2812
2612 26
100 18121War 6 3114May 29
2512 2512 27
Do pref
600
2612 *26
26
26
*25
Atlantic Refining
100 900 Mar 7 1145 May 1 a820 June 41125 Mall
*1000 1050 *1000 4050 *950 1050 *1000 1050 *1000 1050 *1000 1050
1
4 July 11312 Nov
100 113 Jan 9 117 Feb 28 103/
Preferred
100
*115 117 *11512 11612 111312 11612 *11612 ___ *11612 ___ *11614
1232 Dec 2Q Apr
No par
1312 Feb 28 2212May 4
300 Atlas Tack
1812 *1712 1812 *1712 1811 *1712 1812 1734 1734
18
*1812 19
81s June 1314 Jan
26
334 27
9/
1
4 Jan 5 3378June 8
8533 2612 '27
7,100 Austin Nichols & Co--.No par
2712 2712 2812 2714 2834 *8
27
2614 27
8538 8538
815033 Aug 70 Jam
100 68 Jan 9 90 June 1
Preferred
200
85
*83
88 '
85 *85
85
1
212 Sept
5/
1
4 Dee
7 Mar 17
Vz Jan 3
Auto Sales Corp
50
*312 412 *312 412 *312 417 *312 4 2 *312 412 *312 412
Jan
*1012 14
10 Apr 15
1.2
"1012 13
10 12 May 3 1512 Mar 16
Preferred
200
12
*11
13
13 *____ 12
*12
62/
1
4 June 10082 Deo
10978 11212 11114 11512 11214 116181 1123 11,13.1 11212 11418 83,700 Baldwin Locomotive Wks_100 9312 Jan 13 12014June 1
109 111
112
1
st105
Dec
112
11284
11412June
95
June
13
*11112
Jan
100
*11234
prof
600
116
104
Do
*113 115
"111 112 *11112 112
29 Jan 41 Aug
*53
5712 *5412 5712 *55
57
*54
No par 40 Jan 19 67 June 15
100 Barnet Leather
51
57
54
*5484 57
70 Jan 86 Dee
9334 9312 9312 93
9334 *91
96
Preferred
100 89 Apr 12 9612June 23
400
9334 9618
*91
9334 *91
35
362,
3312
35
34
20 Dec 27 May
35
3438
38
3512 3712 12,800 Barnsdall Corp, Class A-25 1982 Jan 16 5614 Apr 28
8512 37
1484 June 35 Jan
2914 2914 2912 3112 3012 3012 2,300
2812 30
25 1914 Jan 9 39 Apr 27
Class B
*2914 30
SO
30
12 Aug
1
Jan
114 13
*114
138 13
Ps Mar 23
133
133 138
12 Jan 14
_20
138 1% 1,700 Batopllas Mining
114
1
27 June 20 June
*41
48
45
*43
*41
No par 33 Apr 28 50 May 10
*41
48
100 Bayuk Bros
48
45
45
48
*41
89/
1
4 June 6212 Map
*7112 73
*7112 73
7012 73
71
600 Bethlehem Steel Corp__ __100 61 Jan 10 79 May 12
71
70
73
70
*72
4112 June 85 May
7538 7418 7678 7534 771k 7518 7612 75% 7638 16,500
Do Class 13 Common..100 5512 Jan 3 8214May 12
7234 7418 74
87 June 9314 Jan
99
98
98
98
100 9078 Mar 7 101 Apr 15
96
*9(314 98
96
Do prof
1,000
96
98
98
*95
90 June 112 Sept
114 114
11373 114 *11312 114
400
Do cum cony 8% pref-100 104 Jan 4 11638June 14
*11334 114 *11314 114
11418 11418
812
938 Feb 10
3 Aug
712 Dee
41
/
4 Jan 10
8
No par
738 838
8
8
812 '712 8
8
7% 778 2,100 Booth Fisheries
8/
12
12
1
4 Dec
9 Dee
12
1212 12
*1214 1212 1218 121z
812 Jan 9 1414June 6
*11
100
400 British Empire Steel
14
*10
55 Dec 58/
73
*72
*71
7414 72
n 72 72
1
4 Dee
100 58 Mar 2 7684 Apr 15
*7038 73
let preferred
200
74
*68
3412 3412 34
22 Dec 2382 Dee
34
33
100 1912 Mar 17 3612MaY 31
33
31
34
31
32
1;000 • 26 preferred
32
*29
88 Jan 101 Des
100 100 Jan 3 110 May 5
*105 10614 10618 10614 106 10634 10534 10.314 10638 10638 105% 1071z 1,500 Brooklyn Edison, Inc
51
Jan 7612 Nov
100 70 Jan 31 119 June 9
109 10912 10912 110 *109 110 *109 110
600 Brooklyn Union Gas
109% 10914
*110 112
33 Feb 46ss Nov
4834 *4814 49
47/3 4718 *46
100 42 Jan 16 5234.1une 1
*4614 48
100 Brown Shoe Inc
*4012 48
49
*47
2/
1
4 Aug
538.1une 6
378 4
*334 434 *334 5
514 Jan
212 Mar 3
*4
5
312 3% 1,30(1 Brunswick Term & Ry See_100
112 334
13012 13278 131 132 *129 13114 131 14 13114 2,500 Burns Bros
8114 Jan 12212 Do
100 11312 Jan 10 13912June 5
12912 13012 130 130
4514 43,2 4514 425 4414 4378 4378 .3,000
311
/
4 Dec 3314 Dee
424 42
42
2832 Jan 19 50 June 3
New class B cons
4134 43
*9334 06 '
*9334 96
*9334 96
*9512 97
/
4 Jan 3 9738May 1 r8718 Dec 90 Nov
Bush Term Bidgs, prof....100 871
96
94
*95% 97
vs
7
7
7
314 Aug
614 Dee
6% 678
814June 7
5 514 Mar 1
7
7
078 87
634 634 1,100 Butte Copper & Zinc Y to
2314
2312
223
4
23
1
4 Dec
1412 Jan 83/
100 22 June 16 34 Feb 3
*2334 25
800 13utterIck
2334 234
2214 2212 *2234 2312
2714 2718 2814 28
10/
1
4 June 22 Des
2834 2712 28
27
27
2712 278 2,200 Butte St Superior Mining__ 10 2082 Jan 4 3334May 18
27
*113
1112
4
Apr
15
784
Aug
1112
12
12
19
/
1
4
Apt '
15%
*1112
011&Ref
No
par
Jan
11
Central
1112
10
/
1
4
Caddo
12
12
800
*1112.
12
12
7612 7612 *77
75
75
75
1
4 Apr 25
5333 July 74 Nov
400 California Packing....No par 68 Jan 11 S0/
*7412 7(312 75
7712 7714 77,4
6634 6314 6614 6312 6538 55,700 California Petroleum
25 Jan 50/
/
4JuneS2
1
4 Dee
100 4812 Jan 10 711
59% 6018 5914 (31 18 5988 6134 63
*94
96
96
68/
1
4 Jan 88 Dee
96
97
/
4 Apr 17
*95
100 83 Jan 8 981
100
Do prof
97
*94
97
*94
*95
97
812 834
8% Aug
7/
1
4 Jan
15
4 1138May 27
8% 83:
8% 834
10 5751$44
9,900 Callahan Zino-Lead
8% 8%
818 83
8,4 812
6612June
1
4112
6178
61
61
61
Jan 60 Dee
61%
61
Apr
Mining..
Arizona
61
Calumet
-10
*6114
300
62
61
61
*57
11 Dec 1512 Nov
- - - - -11 Jan 3 163* mar 29
1
Carson Hill Gold
714
7
7 -4- --(f7;
912June 6
3 Nov 104 Ape
61 - 1(8
738
3 Mar 8
No par
8
0 - 72:644 Case (J 1) Plow
714 714
83 Dec 8582 Feb
*80 85 *80
85
85
*80
Case (31) Thresh M. pf ctf_100 68 Feb 21 88 May 1
85
*80
85
*80
85
*80
221s Aug 434 Jan
37% 38% 3714 3738 *3712 3778 5.000 Central Leather
100 29% Jan 10 4158May 31
3712 3634 38
3614 36% 37
5718 Aug 96
Jan
7112 7112 7034 71
100 83% Jan 6 7438Nlay 31
7018 7014 701.1 71
Do pref
71
800
70
*70
70
3634 36
3612 3512 36
23 Mar 86/
1
4 Dee
36
3512 3512 2,200 Cerro de Pasco Copper_ No par 3234 Jan 4 4078May 26
35% 351_ 35% 36
22 Aug 44
Jan
*47 .50
*47
4914 47
51
*48
100 ('ertaln-Toed Prod_ _ _Nn par 34 Feb 14 5318June 7
51
50
*48
50
*48
7412 72
8814 Oct 86 Apr
73% 6812 72
6834 7084 28,800 Chandler Motor Car...No par 4734 Jan 5 7914 Apr 6
72% 7212 73% 771
72
*6512 (3812 5.534 (3584 *6514 66
71 Apr 6
47 Aug 7014 Jan
613
40() Chicago Pneumatic Tool 100
66
67
67
*6614 67
1
4 Dee
9 Mar 16/
1512 Jan
n 4
15 . 2512Nlay 29
25 6°
10t8 1938 19% 1912 1938 20% 2014 2034 2018 2114 21
2112 32,000 Chile Copper
19/
1
4 Mar 291
/
4 Dee
2938 2818 2834 *2812 29
5 2512 Feb 21 3332June 31 861
4,800 Chino Copper
28 28% 2811 2838 28% 2918 29
54
/
4 June 621s Jan
54
1
4 Nab
300 (luau. Peabody & Co
100 43 Jan 11 60/
54
*81
5414 *54
55
54
*5314 5412 *5312 55
67
19 Feb 4312 Dee
65
6512 6734 651g 87
No par 41 Jan 5 7214May 31
65
6(314 6812 30,800 Coca Cola
62% 63% 63
30% 3034 *3014 3112 3012 3012 3012 3012 1,700 Colorado Fuel & Iron
1
4 Map
100 24 Jan 10 3678,May 19, 22 July 32/
2912 30
28% 29
83% 8312 83% 8411 84% 8584 8514 8534 853 88,4 86% 8778 11,500 Columbia Gas & Electric..100 6434 Jan 4 3978May 8 I 62 June 6724 De7
534June 5
2/
1
4 Aug 128s Jan
414 • 412
4,4 412
114 Jan 26
414 4% 9,400 Columbia Graphophone No par
414 438
4% 4%
453 412
8/
1
4 Dec'
17
6214 Feb
5 Feb 9 2053June 2
100
1714
Do pref
1(112 1718 16% 1638 1,600
*1634 17
*1.6%, 17
34 (137
534 65
6534 6478 654 *64% 6514 2,000 Comm]ting-Tab-Record No par 551
/
4 Jan 3 71134 Apr 26
2833 June 5872 Dee
65 65
63% 64
131, Dec 5918 Jan
3112 302 3112 3134 30
1
4 Feb 10 3312June 9
1,200 Consolidated Cigar__ _No Dar 18/
3118 *30
33
33 .
30
32
31
53 Dec 80 Feb
72% 7212 *70
75
100 47 Feb 27 7212June 20
200
Do pref.
*70
76
70
70
73
*70
'70
75
12
58
12 Sept 10 Mal
214 Mar 16
*12
34 1,000 Consol Distributors. IncNe par
14 Feb 17
34 .
34
34
12
%
%
11512 11814 117 118
77/
1
4 Jan 95 Nov
1
4 Jan 30 12312June 7
116 117
116 11714 17,400 Consolidated Gas (N Y)_.100 85/
1141 1 116
11514 116
11
12
113
153
8
Apr
19
1284
/
4 Jan
8
117
Aug 211
June
20
11
Textile_
_No
par
Consolidated
1114
1112
9,800
12
1118
113
8
1112
1114 11%
67
Jan
3482 Aug 66
69
6614 67 (38
67. 3,000 Continental Coo. Inc
100 4684 Jan 4 71 June 3
6712 6812 67
65
65
65
*76
583* Aug 73 Dee
*7534 80
80
25 66 Jan 20 35 June 23
300 Continental 1 neurance
80
78
85
85
81
*76
*7512 77
Mar
31
9914
Dee
1033
8
10814
59
June
10414
10512
4
Jan
.100
104%
/
4
Products
Refining..
104
911
10533
106
104% 105% 33,900 Corn
102
10034 102
98 June 112 Dee
100 111 Jan 10 11812June 23
116% 11812 *117 11812 11818 118%
Do pref
500
115% 11584 *11.514 118
*11412 118
22% Aug 4384 Apr
4712 4812 4734 4912 47% 4812 4712 4812 61,100 Coatien & Co
No par 3138 Jan 10 5314June 7
4614 4718 4812 48
69%
74%
7
49 Am: 10712 Jan
71%
75
71
49,900 Crucible Steel of America..100 5234Feb 27 77%May 13
7134 73
73
67% 7138 6914 71
90
90
77 June 91
Jan
*85
90
Do pref
100 80 Jan 17 95 May 2
100
*89
9012 *89
9012
.88 91
'88. 91
1934 Mar 16
1
4 Oct 24 Feb
5/
No par
181s 16% 1612 1678 1638 17% 16% 1678 8,700 Cuba Cane Sugar
1
4 Jan 11
3/
1614
15% 1614 18
6812 Dec 1814 Feb
3514 3414 353
3312 34,4 34
100 1514 Jan 3 4034 Mar 15
Do nref.
5,200
35
35
3312 31
23
34
10/
1
4 Oct 3334 Feb
2473 2334 2438 24
2414 15,200 Cuban- American Sugar- 10 1412 Jan 3 2712June 5
. 2314 23% 2312 2412 23% 2414 24
90 .8.5
90
68 Oct 95 Feb
100 7812 Jan 17 9412 Apr 18
90
Preferred
*85
200
90
90
90
'85
90
90
*85
4614 49
1
4 Apr 6
23 Mar 5938 Nov
44% 4534 4514 4714 4512 48
4312 4612 44% 45% 14,800 Dar Won Chemical v c_no par 43 June 13 65/
13/
1
4 June 21
Jan
20% 2138 2118 2188 2018 2118 2034 20% 2,700 De Beers Cons Mince_ N o par 1512 Jan 3 2838May 2
2114 20% 21
21
9312 Nov 100 Oct
1051 10584 *10512 106
100 10032 Jan 11 1087 Mar 21
200 Detroit Edison
•10714 108 *10634 10712 *10412 108 *105 106

g

• Bid a id asked prices; no sales on thikday. 4 Ex-dividend and rights. e Assessment paid. z Ex-rights. s Es-dividend. e Par value $10 per share.




New York Stock Record-Continued--Page 3

2806

For sales during the week of stocks usually inactive, see third page following.
NION AND LOW MLR PAION-PER SHARE, NOT PER CENT.
Saturday.
June 17.

Monday, I Tuesday
June 19.
June 20.

Wednerday.' Thursday.' Pridav,
June 21.
June 22.
June 23.

PER SHARE
Bale
sRang
STOOKS
Range since Jan. 1 1922
for
YORK STOCK
On basis of 100-sharels
ieoits
the
EXCHANGE
Week.
Lowest

NEW

III

PER MARE
bongo for prestour
year 1921

Lowest
ligohell
$ per share $ per share $ per share $ per share 5 per share 5 per share Shares Indus.& Miseell.(Con.) Par 5 per share
$ per share $ per share $ per chars
28 2818 2812 2812 2834 2834 29
29% 2914 29% 2912 3018 6,900 Dome Mines, Ltd
10 1813 Jan 4 301aJune 23
10% Jan 2134 Apr
_ ____ ____ ____ ____ ____ ____ ____ ____ ____ ------ Eastman 'Kodak
100 800 Jan 9 800 Apr 15 a596 Nov a690 Feb
Electric' Stor Battery
100 125 Jan 18 17934 Apr 15 12414 Dec 12438 Dec
-2;
2
- -ii- ;i2- ii- -iiiy -2-2-K3 -2234 ii- -21,14 -2-2-1-2 -i2
.- -2-2-- --1-ilif) Elk Horn Coal Corp
50 1414 Jan 25 2314June 14
16
Jan 2534 May
*8
11
*8
10
812 812 *812 11
*813 11
*814 11
100 Emerson-Branthagban
97g May
100
258 Jan 4 11.18June 5
218 Dee
7814 78% 78 78
7834 80
7934 80% 7813 78513 7914 7912 2,000 Endicott-Johnson
50 7614 Jan 10 8712 Apr 19
52
Jan 81 Dec
•11013 112
111 111 *110 11212 112 11212 *112 114
112 113
600
Do pref
100 104 Jan 5 113 June 23
87 Jan 10618 Dee
7814 7834 7834 8012 79
8138 7834 8034 79
80
7918 7934 16,900 Famous Players-Lasky_No par 751 Jan 10 8718May 29
44$3 July 8213 Apt
*93
9314 9314 9312 9334 9334 93
93 1 *91
93
93
900
93
Do preferred (8%)___.100 9113 Jan 28 99 Jan 14
7434 July 97 Dee
11
11
*11
14
*11
*11
14
14
*11
*11
14
14
200 Federal Mining & Smelting 100
9 Jan 3 1612May 17
518 June 1334 Dee
45
45
4612 4613 4634 4773 48
48
4814 4812 4812 4812 1,300
Do pref
21 Sept 431$ Dec
100 37% Mar 14 5334May 17
*110o4 115 *110 113
11253 11234 11258 11812 11612 118 *11712 11812 1,700 Fisher Body Corp __No par 75 Jan 5 l2712 Apr 20
75
June 90 Jan
*100 102
10012 10034 99
991s x8738 8853 8778 8878 8718 87% 1,400 Fisher Body Ohio, prof.....,100 7613 Jan 5 10314June 14
57 Sept 84 Dee
14713 151/3 15
1533 1514 16
1513 1512 15% 1534 1514 1534 8,900 Fisk Rubber
25 1153 Jan 10 191 Apr 25
83
4
Aug 1938 May
218 2212 22
23
224- 2314 23
24 1 2234 2313 2234 2338 22,700 Freeport Texas Co
No par 1214 Jan 24 2678June 3
918 Aug 2018 Jan
Gaston. W & W.Ine......No par
113 Mar 18
12 Jan 20
13 Oct
513 Jan
*58- 6212 60 60 *60 65
61
61 - *58 61
*58
61
200 Gen Am Tank Car____No par 4534 Jan 14 6778May 8
397s Oct 5913 Dee
5712 588 5814 6013 5973 6414 6234 6518 6212 6434 638 66 155,000 General Asphalt
100 551a Jan 26 68 June 1
89% Aug 78116 May
91
91
94
94
95
99
987 101 i 97
100 101
97
2,700
Do prof
100 90 Jan 10 105 June 1
77 Aug 11718 May
*74
75
76
75
75
75
75
77
76
7634 7834 76
2,000 General Cigar,Inc
100 65 Mar 3 7818June 3
54 Jan 7018 Deo
*100 10212 *100 102% *101 10213 101 101
101 101
400
x9914 102
Debenture pref
_100 94 Jan 4 10214 Jun 18
801s
Apr 951k Dec
*163% 16412 16414 16513 16413 165
165 16514 165 165
16534 166
2,300 General Electric
100 136 Jan 9 168 June 1 10913 Aug 14334 Dee
13% 14
1334 1414 137 144 14
1438 137 141
141s 52,900 General Motors Corp_No par
14
814 Jan 5 15 May 22
9% Aug 1614 Jan
*81
*81
82
82
81
81
81
81
8112 8112 *8112 82
400
Do prof
100 69 Jan 24 83 Juno 6
63 June 75 Dec
*81
83 *8012 8312 81
81
81
81
82
82
8138 813
900
Do Deb stock (8%).-100 6734 Mar 6 83 May 20
60 Aug 7318 Dec
*93 9413 *93
94
*9312 9412 94
94
9434 9434 94% 9412
300
Do Deb stock (7%).-100 7914 Mar 8 96 June 8
69 Aug 85 Dee
*15
1514 1438 1412 15
1513 15
1513 1518 154 *15
1512 1,900 Glidden Co
No par 1378May 9 1814June 2
3814 3834 39
39
38
391/3 39
40
38
3,200 Goodrich Co B F)
381a 3818 39
No par 3412 Jan 4 4473May 31 /GIs.-2t-in
-; -iff'
s -.1rtin
*86 90
8814 8814 89 89
29014 9034 *8534 89 *86
500
89
Do prof
100 8012 Jan 7 91 Apr 22
62% June 86 Dee
29
29
29
29
2912 2913 2812 2913 2812 2813 2914 294 1,400 Granby Cons M.Sm & Pow100 28 Apr 3 35 May 24
15 Aug 341p Nos
*1614 1612 1612 1612 *164 1714 17
1712 1734 18
*1773 1812
800 Gray & Davis Inc
No par 12 Jan 3 1978May 31
9% Jan
1634 Mar
3012 3012 3112 318 3113 32
32
32
30
30% .
1'30
3034 1,000 Greene Cananea Copper__100 2534 Feb 27 3458May 29
19 July 2912 Dee
1134 1134 *1134 1214 12
1214 *12
1312 1212 1213 1213 1212 1,200 Guantanamo Sugar
No a .
7 Feb 16 14% Mar 15
512 Dec 1678 Jan
7014 733
7312 77
74
7913 7814 8233 77 8013 7712 7914 41,900 Gulf States Steel tr ctfs__ _1
7
44 Jan 9 0013 Jan 20
25 June 5078 Dee
*134 2
134
134
134 154
134 134
134 134
134
134 1,000 HarbIshaw Elea Cab No p
34 Jan 20
378 Mar 16
12 Nov
1338 Jan
*2112 2312 *22
23. 23
24
*22
2313 *22
23
400 Hendee Manufacturing__ .10i 15 Jan 12 2612June 1
*21
23
13 June 2514 Apr
*68
*6812 71 .6814 71
71
*69
71
*69
71
*69
Homeetake Mining
7034
100 55 Jan 14 75 Apr 11
4913
Mar
01
Mar
73
7333 73
7512 74
7112 76
8114 76
7838 7634 7834 13,900 Houston 011 of Texas.
100 70 Jan 9 85 June 3
4012 Aug 86 May
1912 19/
1
4 1914 1912 197 2012 20
2034 1912 20
*1912 20
4.900 Hupp Motor Car Corp
10 107s Jan 8 2114May 17
1012 June 1634 May
1012 1012 10/
1
4 10% 1034 1134 11
1134 1014 11
1012 1012 15,200 Hydraulic Steel
No par
312 Feb 9 14 June 2
6 Dec 2034 Jan
414 414 *414 438
414 4141
414 414
414 414
414 414 1,200 Indlahoma Refining
5
314 Jan 27
514M ay 26
2 June
7% Jan
1014
*10
lois no
912 912 1018 101,3 *1013 1012 *1018 1012
200 Indian Refining
5 Jan 20 11513June 7
10
612 Dee 1514 Jan
3912 3912 3913 3953 3912 40 1 3914 4018 3912 3934 397 4014 3,700 Inspiration Cons
Copper- 20 3712 Feb 11 45 June 1
2953 Mar 4214 Doc
*1014 11
*1014 11
*1014 11
*1018 11
*1018 1118 *1018 11
Internal Agrloul Corp___ 100
768 Jan 6 1134May 4
0 Aug 1354 Jan
*39% 40
397 40% *3813 4012 *38
40
39
39
3913 391
800
Do pref
100 33 Jan 16 43 Mar 15
31 Dec 57
Jan
*3218 33
3215 3214 3213 3212 *3214 3234 3213 3214 *321s 3233
800 International Cement_No par 26 Jan 23 3834May 8
21
June 29 Nov
2314 2314 2214 2234 2214 2314; 23
2312 23% 2314 *2318 2312 2,000 Inter Combus Eng
No par 2258 Mar 3 2814 April
*100 104
102 102
102 103 I 104 106 *105 107
100 100 • 1,'700 Internal Harvester (new)_100 7988 Jan 3 10612June 1
iiiii Aug 1661; Feb
*11312
_ *11338 ..___ *11338 ____1*114
_ *114
_ *114
_
Do pref (new)
100 105% Feb 14 11312June 0
99% June 110 Jan
1712 -1-8 - 1714 1838 18
187si 1812 193-4 1812 1038 1934 -2-614 -16-,i00 Int Mercantile Marine
100 1314 Jan 4 2712May 3
718 Aug 1714 Jan
7118 7214 7034 7314 71
7371 7234 7512 7212 7512 7312 7512 21,990
Do pref
8738May 3
4
Jan
100
6214
36
Aug 6734 Dee
16
8
163
1638 163$ 1614 167
1612 167
6,400 International Nickel (The) 25 1114 Jan 9 1934 Apr 24
1612 167
1614 167
11% Aug 17 May
*771z 78
*77
83 *77
*77
83
83 *77
*77
84
83
Preferred
100
80 Jan 4 85 Jan 20
60 Dee 85 May
4534 46
4553 4614 46
48
4712 48% 4613 47
47
47
100 4312 mar 5 5414MaY 3
3,500 International Paper
3838 Aug 7354 May
6678 67
*6613 68 *67 68
416613 6812 67 67
*6612 67
600
Do stamped prof
100 59 Mar 9 71 Jan 5
67 Aug 7538 Nor
15
1534 15
16
15
16
1534 1612 1514 16 .15% 16
20,800 Invincible 011 Corp......„.... 50 127
51 Aug 28
,Jan 5 2014 Apr 17
Jan
2914 2914 30
3014 301.3 3012 3034 3112 30
32% 3114 32
5,200 Iron Products Corp____No par 24 Jan 19 3538June 7
2218 Sept 40 Jan
118
1
1
1
118
1
l's
I%
1
1
1
1
17,100 Island Oil& Transp v t a
3 Jan 25
10
53 Apr 6
2 Sept
484 Jan
17% 1714 17
17
17% 1714 *17
1712 18
1814 *1734 1814
800 Jewel Tea, Inc
100 10 Jan 4 2212May 2
4 Jan 1218 Dee
*66
69
*68 69
*68 69
*68 69
67
67
*6634 67
100
Do pref
100 3818 Jan 4 7312May 26
81s Jan 4634 Nor
4114 4214 42
421* 4213 4214 42
4233 4113 4212 42
42
3,700 Jones Bros Tea, Inc
100 3413 Feb 11 46 May 31
1411 Jan 3834 Do
438
4
433
4
4
414
4
414
412
4
54,3C10 Kansas 3, Gulf
432 5
712 Jan 3
10 4 June 16
4%
Oct
9 Nor
.
_5i _iiis _55i2 _iiii _55_ ..4.6,_z, _iois _if_ _55_ _g _ ..i.5._ _4_1_1_4 - 4_ :555 Kayser (Julius) & Co..... _100 81 . Jan 17 110 May 5 68 Mar
85 Dee
Kayser (J) Co. nevr____No par 34 May 1 4712May 8
---'105 105 *104 106
---106 108 *104 106 *104 108 *104 106
200
1st preferred new___.:No par 94 May 1 10612June 9 ------- ---- ---45 4512 4414 4538 4473 4634 4634 4734 4553 4812 4618 47% 20,900 Kelly-Springfield Tire
25 3414 Jan 4 5334May 5
3212 Aug 647aMay
*9812 102 *100 102 *100 10212 101 101
*99 102
101 101
200
Temporary 8% pref....._100 90% Jan 4 10734May 9
7014 May 94
Jan
*78
85
*78
*78
85
*78
85
84% *78
85
*78
83
6% preferred
7118 Jan 3 86 June 5
70 May 80 June
95% 953s 96
*9312 94
96
*9313 95
*9312 9512 *93
95
300 Kelsey Wheel Inc
Ano 61 Feb 9 III Apr 6
Mar
35
Nov
69
32% 33,4 3234 3312 3313 3414 337 343
32% 3413 3338 34
30,700 Kennecott Copper.._....No par 2518 Jan 4 3958May 31
16 Mar 2778 Dee
1412 15
141 147
1414 1614 1512 16% 1478 1534 15
15% 24,500 Keystone Tire & Rubber__ 10 1412June 17 2438May 4
814 Jan
1778 May
134 134
134 135
133 133
134 134
13412 13412 134 134
700 Kresge (S S) Co
100 110 Jan 10 I7234June 2 130 Jan 177 Dee
70
73
7134 7214 7212 7612 74
75
74
73
7334 73% 11,200 Lackawanna Steel
100 4418 Jan 4 81513May 16
82 June 5818 Jan
3
3
7734 78
*7612 79
77
7734 *77 7812 7734 77
78% 79%
900 Laclede Gas (St Lou110--.100 43 Jan 13 82 May 12
40 Jan 5713 M87
2878 2912 29
29
283, 2913 2912 3014 29
29% *29
3012 1,800 Lee Rubber & Tire_ _ No par 26% Jan 8 351a Mar 16
17% Jan 30 Dee
16734 16734 *168 175 *16912 275
170 170 *169 175 *169 175
200 Liggett & Myers Tobacco-100 153% Feb 18 17314June 6 13814 Jan 104 Dee
*115
*11434 ___ *11434 ___ *11434
*115 11814 *115 118
Do pref
100 108 Jan 10 11612June 14
975
8 Jan 110 Nov
111 113
10813 11034 10834 111
10934 1107s 108% 10913 *109 110
5,900 Lima Locona Wks Inc
100 91 Jan 3 11778May 24
64 Aug 102 Dec
*113 117
11312 11312 11314 11314 *113 113,2 113 113 *11213 113
300
Preferred
100 93 Jan 30 z117 May 26
Aug 10014 Dec
87%
*1412 15
*1453 15
1434 147
1412 1468 1412 1412 14% 1478 1,600 Loew's Incorporated.....No par 1114 Jan 28 1858 Apr 17
10 June 2118 Mar
12% 12% 21213 1212 1218 1213 1234 127
1253 125/3 12% 1238 1,100 Loft Incorporated
Jan O 1414MaY 3
No par
734 Aug 1234 Jan
*40
*41
43
43
*41
45
*41
*41
*41
45
45
45
Loose-Wiles Biscuit Or etfs..100 36 Jan 7 5114 Apr 15
80 Aug 42
Jan
*150 153 *150 153 *151 153
15212 15212 151 151
151 15114
400 Lorillard (P)
100 14714 Jan 6 15938May 20 136 Feb 164% Feb
*112
*11414 ___ *115 -___ *11378 --__ *11412
*115
_ -----preferred
100 109 Jan 13 115 Mar 16 100 Jan 111
Dee
*97 100
*97 10014 *90
*94 100
*95 100
9714 *90 100
100 Mackay Companies
100 72 Jan 5 98 June 8
591i Jan 72 Dec
*6614 68 *661k 8773 *6814 68
*6614 677s 56614 ars 6614 6614
Do pref
100 57 Jan 13 69 June 1
55 June 92 Dee
52
5234 5234 54
5218 538 5312 54
52
10,800 Mack Trucks, Inc
5314 50% 52
No par 2512 Jan 13 57:Wane 7
25%
Oct 42 May
*87 88
8714 89 *86
93 *87 8813 8714 8714 *87
900
88
Do 1st prof
100 8818 Feb 27 90 June 9
681s Oct 70
Jan
*79
82
8134 8134 *79
*80
82
82
82 *80 .82
*80
100
Do 2d pref
__.100 54 Jan 6 8373.1une 0
Oct 6418 Apr
54
2213 22% 23
237
2312 2638 2614 2714 26% 2712 2714 28,4 27,600 Maillioson(H R)a Co- _No pa
1513 Jan 16 2814June 23
10 Jan 18 Sept
*44
*43
46
45
*43
45
44
*45
4512 *45
46
46
500 Manati Sugar
100 30% Jan 3 62 Mar 13
Oct 8918 Feb
21
*74
80 *74
80
*74
80 *734 80
Preferred
*7314 80
*73
80
100 73% Al)? 3 80 Mar 21
92 Jan 93 Jan
.40
42
45
48
*46
48
*46
48
*4613 50
*47
600 Manhattan Elec Supply No par 41 Mar 13 69% Apr 24
50
35
35% 3714 38 *38
*36
40
1,300 Manhattan Shirt
38
3712 37% 37% *37
25 32 Mar 6 421a Feb 6
18 .-;;;; -i614 Dec
4418 4513 444 4633 4433 4512 4212 45
4213 4334 4318 44
99,700 Marland Oil
no par 2258 Jan 0 463s June 19
1218 Aug 30% Nov
*17
*17
18
18
*17
*16
18
16% 18
100 Marlin-Rockwell
1638 16%
No par
513 Mar 4 263 Mar 27
5 Oat 1912 Jan
*31
32
*31
3112 3112 3112 3113 3134 3012 31,2 30% 3l1
2,100 Martin-Parry Corp_ _ .... No par 2014 Jan 4 3614June 3
13 Sept 22 Dee
•3812 39
39
39
39% 44
43
4314 42
4412 43
4314 7,900 Mattiteson Alkali Works.... .110 22 Jan 11 4412.1une 21
II% Aug 24 Nov
6312 6512 6414 6538 65 6838 66
6612
66
6712 6812 9,300 Maxwell Mot Class A
6678
100 48 Mar 17 7434May 17
38 June 4518 Deo
23
2334 2212 2338 2214 24
23
2414 2234 2312 2334 24% 31,100 Maxwell Mot. class B....No par 11 Feb 15 2573June 8
8 June 153s Dec
*11213 117
11214 115
115 11634 116 116 *115 11612 *115 116
1,100 May Department Stores....100 101 Jan 3 12278May 3
6518 Jan 114 Dee
16
16
16
18
16
18
1512 16
1618 1613 1614 1614 3,100 McIntyre For Mines
1014 Jan 10 21% Mar 23
14413 148
146 16314 15812 171% 16712 179
17113 186
176 184 323,600 Mexican Petroleum
100 1065 Jan 10 186 June 22
84'p Aug bib; "iti;
94
.89
*89 94
*91
94
*91
9313 94
91
95
95
500
Preferred
100 7914 Jan 12 95 June 23
28% 2814 2814 2814 2814 2858 2814 2814 2814 2814 2818 2814 2,500 Miami Copper
2534 Feb 15 3133May It
1514 Jan 28 'We.;
1312 1334 1314 14
1373 1413 14
26,300 Middle States 011 Corp_
1412 13% 1413 13% 14
10 11513 Jan 11
16 Apr 17
10 July 1818 Nov
31% 33% 3278 3378 3314 344 3214 3413 33
33% 32% 3313 46,000 Midvale Steel & Ordnance_ 50 26% Jan 6 4514May 17
June 3318 Jan
22
•6812 6912 6938 6978 *69
70
69 6912 *69
69
70
6912
700 Montana Power_ ----- _ _100 83 Jan 4 75 May 15
48 Aug 8438 Dee
20% 20% 2034 21
20% 2114 21
21
2153 22
2112 ' 21
5,100 Mont Ward&CoIllsCorpNopar 1'2 Feb 11 2434May 22
1238 Deo 25 May
*25% 27
2514 2538 25
25% 2734 273
25
25
*2412 25
700 Mullins Body
No par 1912 Jan 7 34 Mar 31
1734 July 2878 Jan
•17
1712 17
17
1714 1714 18
1914 19
2014 *1914 20,4 3,300 National Acme
50 1038 Jan 9 2114 Apr 25
10% Dec 30 Jan
*143 145 *144 145
145 145
14513 14513 145 145 *14412 146
300 National Biscuit
100 12314 Jan 4 157 May 1 102 Jan 12818 Dec
*120 _ _ _ *120 ____ *120 ____ *120 ____ *120
*120
-----Do prof
100 11318 Jan 4 12114 Apr 28 105 Aug 120 Jan
44
*39
*39
40
*39
4012 *39
40
*39
40
3918 -31)1-8
National Cloak & Suit_ _100 26 Jan 17 44% Mar 1
15 Sept 3538 Jan
*234 3
*234 3
*234 3
*234 3
*234 3
500 Nat Conduit & Cable_No par
234 234
418 Apr 13
118 Jan 16
Jan
8
38 Sept
• 46
4634 47
4814 4814 4834 49
45
4933
4634 *4534 4634 4,100 Nat Enam'a & Statup'g_100 8034 Jan 11 5534June 3
26 Aug 65 Feb
9212 9213 9212 93
9013 91
93
9212 1,600 National Lead
9314 9212 9212 *90
100 85 Jan 12 965aMaY 31
6714 July 87 Dec
*110 113 *110 113
111 111
111 111 *110 112 *110 112
200
Do pref
100 108 Jan 10 11814 Feb 23 100 June 108 May
16% 16% 163 167
1678 17
17
171s 1673 1673 1613 1634 3,200 Navada Consol Copper
5 1314 Feb 16 1918June 1
9 Mar 1538 Dec
*72
74
74
747g 74
75
*74
*74
78
7412 *74
7412
700 New York Air Brake
4718 Aug 89 Feb
100 58 Jan 3 80 Apr 27
3614 3514 38
3814 3834 3834 3812 3938 3873 3938 3714 40
2,700 New York Dock
46 June 9
2038
Feb 39 May
*61
63
63 63
*61
63
*6012 61
61
62
61
62
1,000
Do pref
6812June 6
45
Jan 5718 May
*18
21
*19
20% *19
21
*19
2012 *19
21
*19
21
NY Shipbuilding
No par 13 Jan 3 25 Fob 28
13 Dec 83 Feb
*61
6212 6033 6112 6012 6234 6214 6214 6134 62% 62
62% 5,400 North American Co
60 4418 Jan 4 68 May 31
3214
Aug
46 Dec
*4238 42% 43
4314 42
43
4253 4214 4278 42% 4233 4273 1,200
Do pref
50 88 Jan 7 4178June 2
31% Aug A118 Nov
713 71
28 9
900
81
. 813
Rights
3% Jan 13 1012June 1
18 Dee
18 Dec
;55- 33 3234 33 -514 - 333124 343
*34
35
1,000 Nova Scotia Steel & Coal_ _100 2034 Feb 28 3834 Apr 12
4 ;51 35
2018 Nov 39 Mar
_
_
*10
11
*10
11
*10 11 *10 11
Nunnally Co.(The)__No par
913 Mar 6 1234 Mar 30
8% Mar
12% Jan
*9
12
10
10 9
10
9
934 934
9
*8
2,300 Ohio Body & Blow
9
No par
9 June 20 1414 Apr 17
714 Nov 1138 Dee
313 338
312 314
31,1 334
312 312 17,700 Oklahoma Prod & Ref of Am 5
31s 33$
314 312
214 Feb 24
438June 2
134 May
4 Jan
*758 7% *73
8
*73
8
*712 8
*112 8
753 818
700 Ontarlo.Stiver Mining
100
412 Jan
0,
2 Mar 25
6 May
3% Aug
1813 1812 .18
1873 183 19
19
1914 *18% 19
18
1818 1,000 Orpheum Circuit, Inc
' 12/
1
4 Jan 6 2113May 4
14 Dec 3038 Apt
*13014 139 *130 135 *130% 135 .132 135
130% 131
133 133
700 Otis Elevator
100 118 Jan 4 1433 Mar 30
87 Aug 148 May
12
12
1215 12% 1233 1213 *12
1212 1212 1212 1212 1213 1,200 Otis Steel
No par
9% Jan 7 1613 Apr 11
in
8 Nov
• Bid and asked prices; no sales on this day.
Less than 100 shares. a Ex-dividend and rights. x Ex-dividend. 41* Ex-rights.




IL° 121,'1.".r 1i

New York Stock Record-Concluded-Page 4

2807

For sales during the week of stocks uso:illy innetive. see fourth page preceding.
PER SHARE
PER SHARE
Range for pretiosu
sales
Range since Jan 1 1922
STOCKS
PRA rmyr
year 1921
HIGH AND LOW SALE PRICES-PER VIARM. NOT
On basis of 100-share lots
for
NEW YORK STOCK
.--she
EXCHANGE
Tueiday, Wednesday] Thursday, 1 Priam/
Ifighess
Monday,
Lowest
eaturday,
Highest
Lowest
Week.
23.
June
June 22.
June 21.
June 20.
June 10.
June 17.
-------------$ per share $ per 111011, $ vet share
share
per
Par
&
S
Indus.
Miscell.
(Con.)
Shares
share
per
share
$
per
13
I
share
2484 Nov 5438 an
$ per share 3 per share $ per share $ per 3614 3412 36
2,600 Owens Bottle
25 2178 Jan 27 387sJune 5
36
*35
3412 3512 31
4 Dec 1984 Jan
3514 358• 3412 35
612 Feb 21 14,8 Apr 27
500 Pacific Development
712 778
8
818, 8
8
84
8
4614 Jan 88 Dec
814 8313
June 23
74
814 838
30
Jan
60
100
&
Pacific
Gas
Electric
2,600
74
71
8
705
8
7058 7038 703
6978 70
8
Aug
3
1714 Jan
June
*6912 70
19
*6934 70
18
Jan
11
SS
Mail
5
800 Pacific
17
1614 *16
1612 1818 1618 *1614 1612, 15
*16
3712 Mar 5082 Dee
16
16
4438 Jan 10 693gMay 4
84,400 Pacific Oil
5938 577 59
Feb
23
38%
Aug
7938
8234June
568s 5734 5834 5938 5614 5378 5818 60141 5712
11
Jan
4878
&
Pet
Pan-Am
Trans
50
242,700
4
823
4
713
77
7518, 73
7378 70
344 Aug 7184 Jan
6814 6978 6834 7234 71
Do Class B
50 44 Jan 10 7712June 23
7012 7712 38,100
65 6838 1 6112 70
6 Aug 1312 Dee
6212 6334 634_ 6578 6512 67
1212 Jan 4
27
May
7
&
Prod
Panbandlo
6,500
Ref_
no
par
94
9
91.1
918
878 9%
014 914 *812 9
978 June 154 Apt
838 918
No par 1112 Jan 3 17 Apr 12
300 Parish & Bingham
13
13
14
1412 *13
1212 1234 *13
658 June 17
Jan
*1212 1412 *1234 14
1338May 24
638 Feb 27
37,100 Penn-Seaboard kin v t o No par
934 10
934 10
98 1034
958 104
978 10
3338 Jan 641, Des
1038
Apr 26
10
88
4
5984
Jan
&
L
0
C
People's
600
(Chic)._100
85
*83
8312
8312
83 831
82 82
Jan
3514
Aug
83 83
264
81
23
4012May
81
4
Jan
314
381.1 3818 3818 1,100 Pbiladelphia Co (l'ittig)).. 50
38
38
3712 Apr 1051 Dec
3712 .3712 3714 3714 3714 3734 38
No par 83 Jan 28 105% Jan 3,
300 Phillip-Jones Corp
. 85
*851
86
83
88
*84
86
86
June 3414 Dee
86
7
16
86 *80
•80
5914June
11
Jan
2814
Phillips
_
24,300
Petroleum_
_4Vo
par
8
537
5212
5278
5:338 5218 5412 5118
91 Aug 4214 Mar
5118 524 5138 5334 52
1938 12,500 Pierce-Arrow M Car__.No par 1318 Jan 5 243* Apr 25
1938 19
20 1 19
2014 1938 2014 19
Oct 88 Mat
21
1912 19
19
Do pref
3,700
100 277s Feb 8 49 Apr 15
38
3712 *37
514 Aug 14% Nov
12
3712 3812 3358 3914 3718 3812 37
Jan
3612 37
12
23
Feb
7
011
Pierce
.
Corporation.,.
25
32,700
812
8
818
8
812
8
814
8
78 Jan
Aug
3012
814
3
778 812
8
Jan
71
Do prof
100 39 Mar 2
4812 1,100
48 1 48
49 , 48
49
50
*47
52 July 66 Der
4734 48
4514 47
100 6872 Jan 30 63 June 6
*1218 6212 6,800 Pittsburgh Coal of Pa
63
6112 6118 6212 62 634 0253 532 624
61
828 Jan 93 Dee
Do pref
600
100 9012 Feb 3 98 June 10
*9512 97
97
97
97
9712 07
*943
1218 Mar 1812 Map
07
97
97 97
10 1414 Feb 2 2434June 22
2114 2312 2434 72334 2414 23,800 Pond Creek Coal
- -- -2134 2218 2112 2212 2112 2212 23
86 June 3
19
Apr
par
Cereal
8
Postum
653
No
2,500
79
78
77
77
4
773
7714
*74334 7712 7712 78
77
2
11118June
77
29
Apr
8%
10512
preferred
100
300
107 107 *10514 107
Aug
-1/6 - Jam
-108 • 108 ,'0107 10834'107 108
8
4
22
Apr
*107 108
4
1
/
83
500 Pressed Steel Car
100 63 Jan 12
77
7512 7512 7512 *7512 7712 *75
75 I 75
83 June 104 Jan
75
*7412 76
Do pref
100 91 Feb 14 1007gMay 9
200
99
99
99
*98
*9812 99
844 Dee
Oct
8
3
*9812 10012 *9812 0
20
2
99
99
June
50
10
7
Jan
&
2418
Producers
Refiners Corp- 50
4212 4514 54,900
44
42
43
4134 4038 4212 42
54
Jan 704 Map
393* 4018 40
8514 *85
700 Public Service Corp of N J_100 06 Jan 7 91 May 4
86
841: 35
84
85
8912 Aug 11414 Nos
24
85 8512 *83 8512 85
Apr
12914
8
Jan
Company
Pullman
1054
3,300
100
120
120
11918
120
4
1213
117 117181 1174 11712 11712 11734 120
2434 Oct 314 Jan
50 31 Jan 4 5314June 9
4838 4978 8,800 Punta Alegre Sugar
4912 4818 50
4778 48
4634 4712 47
4614 47
2112 Aug 60% Dee
25 29% Mar 9 383* Jan 3
12,300 Pure Oil (The)
3134 3038 3114 3012 31
3078 3118 3034 3138 31
3058 307
25
Apr
4
1023
28
Mar
8%
preferred
99
100
500
99
99
9914
9914
9912 9912
Yuji WI;iti;i
*9812 9912, 0912 9912 *99 100
67
31
4May
1048
1,0
Jan
Steel
Spring
100 94
900 Railway
101 102 *103 102
9912 9912 *9934 102
99
99 1 99
99
19 Apr 2684 Sent
No par 104 Jan 26 21358May 18
2634 1,600 Rand Mines Ltd
2433s 2314 2614 20
2312 *26
2612 *25
2634 *26
Mar 18 Ma;
*26
11
May
19
31
11
Feb
4
1
/
13
Consolidated
10
Ray
Copper_
4,700
1512
8
1634
163
1538
1634
. 1638 1612, 1612 1658 1612 1634 1638 3212
174 June 3884 Ma)
3814 3538 3634 7,30C Remington Typewriter v t 13100 24 Jan 8 42 Mar 14
33
3212 3212
32
34
3212! *32
*32
Nov 80 Jan
75 June 6
4738
12
Jan
c
t
v
preferred
1st
1(10
55
74
34
*70
*70
74
*70
74
*70
74
74 1 *70
*70
4784 Nov 75 May
2d preferred
6212 *60
100 5012 Feb 23 83 Mar 14
300
6212
*60
60
60
63
*60
*60 63
60 60
394 Jan
June
18
18
No par 254 Jan 3 3812May
31
3134 6,500 Replogio Steel_
3112 32
3134 3278 31.. 33
3034 32
35
.30
41% June 7314 Jan
100 4614 Feb 25 7812May 29
26,100 Republic, Iron dr Steel
7214 7012 71
7312 70
7238 70
664 6978 6838 7058 70
9614 Mar
Oct
2
7514
9512June
24
Feb
pref
Do
74
100
400
92
92
*91
92
92
9012 0012 *91
•89 92 I *87 92
5 Dec 244 Jan
412 Mar 2 1438June 2
1,900 Republic Motor Truck_No par
11
11
11
1118 11
1112 *114 1214, 11
11
11
11
24
Apr
4814
43
J)
Mar
(R
27
Tob
C113._
_25
Reynolds
5,600
46
4618
4534 4512 458 4534 4614
45
4484 45
447g 45
7% preferred
100 11118 April 114 June 12
300
I 112 112 *111 112
*112 113 *112 11234 112 112 *111 112
401, Oct 097k Wit;
1 6638May 3
6058 5958 6112 5812 6014 5938 6114 86,200 Royal Dutch Co(N Y shares). 4713 Feb 9
4
583
4
583
5734 5878 574
1012 Aug Ica Deo
1578May 4
Lead
Joseph
10 1258 Jan
St
300
15
15
*1412
1412
41
143
*1414
1414 1412 *1414 4412 1412 1412
.
54 Feb
114 Oct
21
Mar
614
10
Jan
par
Cecilia
t
v
112
0-No
Sugar
48 458 *412 434 1,200 San
412 4581
438 438
414 414
414 412
872 Oct 2382 JAB
100 1112 Jan 4 2472 Apr 1
Savage Arms Corp
1714
1714 *16
*1614 1741 *16
*1612 18
18
18 .17
17
.
4 Apr
1
6/
Oct
2
212
514June
23
Feb
118
par
Corp
Motor
No
Car
Saxon
2,800
4
418
4
4
4331
4
418 412
378 438
*334 4
5414 Dec 9884 Jan
100 6038 Jan 27 8012Nlay 29
75341 7418 7512 7478 7712 7,100 Sears, Roebuck & Co
7538 75
7412 7412 7334 7514 74
85 Nov 104 June
Preferred
100 91 Jan 5 10612May 23
113
113
*101
*104
113
*10314
113
•10314 113 *104 113 *10314
4 Mar 254 Nos
1
12/
No par 107s Feb 20 2314 Jan 3
1212 1212 1234 1234 1418 19,900 Seneca Copper
1218 12
12
12
12
1112 12
472 Jan
938 Dee
738 Feb 28 12 June 2
600 Shattuck Arizona Copper__ _10
1012 1012 1012
97s 9%
1018 *10
978 978 10
*978 10
3072 Oct 49 Map
4812MaY 3
30
5
35
&
Jan
8
Transp
Shell
_
£2
Trading__
1,500
4178
4212
4158
*40
4214
42
4112 4112 42
41
•4078 42
2834
May
9
1618
4June
Aug
383
10
Jan
1834
par
Sinclair
Cons
011
Corp_No
3278 3378 3338 3438 3318 3418 3278 34 110,000 Sloss-Sheffield
3234 34
Jan
3218 331 1
3212 June 56
Steel & Iron 100 34.12 Mar 7 5412Nla7 13
900
44
44
*4312 4114
44
4212 4278 4312 44
42
41
75 Nov
41
June
8814
24
7712May
21
Mar
pref.
68
Do
100
200
*75
7712
*75
7714
7614 7314 77
*75
77
Jan
80 *73
103
*73
Oct
28
3
Mar
5714
9
Jan
303 So Porto Rico Sugar------100 43
51
51
51
*50
51
51
*4812 51
49
49
•4812 51
No par 17 Apr 27 24 June 5
1,900 Spicer Mfg Co
20
20
2012 19% 20
2014 20
20
1934 20
20
*10
10
9212June
28
Apr
Preferred
100
84
100
90
*90
0114
9212 90
*89 9312 *9014 9312 *9014 9312 *90
88 Aug 119 DeC
4 Apr 27
1
Standard Milling
100 1101k Jan 28 125/
*116 120
*110 123 *119 124 *117 123 *110 124 *116 120
8784 June 984 Dee
25 9184 Jan 10 121 May 3
10514 1007s 23,100 Standard 011 of Cal
10.3 10938 105 107
1011s 10714 105 108
10358 105
June 19214 Des
1244
6
4June
1983
6
Jan
J
N
of
011
16914
25
Standard
7,900
185 *184 180
18312 185 18312 18534' 18412 18634 186 1874 185
, Jan 1144 Dee
Do prof non voting_ 100 11338 Jan 7 11632June 22 1051
3,300
116
11638
116
11614
11614
1154
1154
1154
8
1155
11514 11514 11514
Sept 854 Dm
88
25
May
90
10
Mar
88
&
of
Steel
Tube
prof.
Am
100
100
83
83
*75
*75
834'
*75
84
834 *78
83 83 *70
1
Sterling Products
No par 4513May 4 52 June 9
4912 4954 4934 4934 4878 4934 4953 4938 49 2 4934 4912 4934 5,100
81
Oct 119 Atm
4
May
106
3
Jan
Stern Bros pref (8%)
100 81
*97 102
*97 102
*97 102
*97 105 .97 102
*97 105
21 June 87
Am
4May 31
1
4258 4258 421 i 4214 4238 4212 1,700 Stewart-Warn Sp Corp-No par 2412 Jan 5 45/
4212 4218 43
46 Apr
4134 4194 42
Aug
12
Apr
2435
5938
5
Jan
35%
par
Stromberg
Carburetor_No
2,200
4812
4714
4912
4812 *4734
4712 4812 4712
4712 49
47
46
4215 Jan 934 API
5 13178June 21
124 12978 127 13178 12718 13012 12712 13012 154,600 Studebaker Corp (The)._ -100 791s Jan
1204 12234 12112 125
84 De
0,8
13
10
e 23
833
n une
1
8381u
1 118
17
b3
en
ja
312 F
•_100 100
1,800 Do pref
11778 118
11778 118
*115 11612 *116 11614 11612 11612 117 118
Jan
Oct
734 77s 11,800 Submarine Boat__ ....-No par
734 8
714 84
638 038
612 678
678 7
334 Aug 1314 Jan
5 Feb 20 1014June 7
5,300 Superior Oil
74
s
778
8
81s
77
4
*73
4
3
7
8
77
7%
8'
3
7
7% 75s
Jan
28 June 48
Apr 7
3912
3
Jan
Superior
Steel
26
500
100
*32
3314
3314
3314
*32
*32
3212
3312 32'2
32
33
. *31
5 Mar 14
332June 16
10
335 33s
338 312 2,100 Sweets Co of America No 2'00
314 33a
38 32
4 Jan
2 Dec 25'312 312 *338 334
514 Feb 1
4 Feb 11
1
1/
200 Temtor C & F P. cl A..No par
218
212
218
*2
212
*2
24
*2
214
214
*24 238
638 Aug 11 Dec
4May 19
1
4 Jan 13 12/
1
9/
1034 1078 1034 1034 2,000 Tenn Copp & C tr ctfs_No par
1078 11 ' 1034 11
11
11
11
11
29 June 48 Dee
4734 4914 4718 4812 4712 4814 87,400 Texas Company (The)____ 25 4214 Jan 10 5012May 4
4(338 4714 4678 4778 4738 48
Jan 4 52 June 5 23238 Dec 42% Dee
Texas
Gulf
384
11,800
10
Sulphur
4712
4812
48
4712
4712
48
484
47
4718
4434 4518 45
1584 Aug 3672 Jar
2738 2834 2634 284 27
2738 25,300 Texas Pacific Coal & Oil_ 10 23 Jan 9 3234June 3
2614 274 2612 2712 2718 28
4 Mar 17 13714May 4 119 Sept 175 May
1
400 Tidewater 011
100 109/
•
130
128
128 128
•128 130 *129 130 *12812 130 *12812 8314, 127
46 Mar 72 Bern
2 8314June 21
Mar
5714
100
23,300
Corp...
Tobacco
Products
8114
81
81
8212
8012
8218
7912
JIM
7734 7812 7878 81
7812 June 91
Do prof
100 88 Mar 2 10912June 9
600
109 109 1'1'108 109
10.512 10778
109 109 *108 109
*10412 107
8 Aug 13 AN
712 Mar 3 2018May 22
1534 32,600 Transcontinental Oil...No par
1534 1514 15341 1434 1512 15
1418 1538 15
1438 15
28 June 444 Apr
Jan 16 454 Apr 4
33
par
1,500
St_No
Transue
&
4212
41
Williams
4
*382
4112
41
4112
40
40
3914
*3912 4012 39
57 Sept 75 Jan
300 Union 13ag & Paper Corp..104) 55 Mar 25 713* Jan 5
62
62
64
6312 6312 *53
64
*63
6212 6212 *6112 65
154 Aug 2512 May
No Par 1714 Mar 4 25 June 3
2138 13,400 Union Oil
2114 2138 2138 2178 2078 2138 21
22
21
22
21
24
874
Apr
Sept 101 Mar
103
13
Jan
96
100
Union
Car
200,
Tank
99
1
9712
*97
*97
99
9712
98 98
*98 99
*98 99
Oct 104 Nor
92
2
sMay
1073
9
100 102 Feb
3001 Preferred
1034 10314 10612 10312 *103 1064
10612 10612 *10512 10514 *10512 10612
34 Jan
June
19
13
4114May
800 United Alloy Steel„--NO Dar 25 Jan 11
37
3714
*35
3712
37
37
3714
38
31
36
3558 3558
Jae
46 Sept 108
100 6072 Mar 3 81.2May 18
76
*74
76
*74
75
7512 1,100 United Drug
744 7412 7412 7412 74'2 75
47 Feb
July
9
4718June
3638
18
Feb
4112
400
1st preferred
50
46
47
45
45
*45
47
46
*45
4578 4512 4,3
*45
4 148 Apr 4 0684 June 207 Jan
Jan
4
1
/
119
1,200
United
100
Fruit
2
zI3714
1377
137
13634
13812
13812
4
1373
213751
138 138
137 137
200 United Paperboard Co._ 100 1438 Apr 21 1958May 3
1812 *17
1012 1734 *17
18
*17
18
19
.16
48-7; Aug 0214 May
6514 6018 0518 664 39,720 United Retail Stores__.No Vat 434 Feb 28 7114May 29
6412 6638 654 66
1112 Jan 19 Mar
6238 6338 6334 65
4,400
13 S Cast Iron Pipe & Fdy.100 11318 Jan 13 3884 Mar 15
303
8
29
2912
2914
29
3012
29'2
2912 2912
28
28
27
88
Aug 574 Nov
15
Apr
72
11
Jan
700
Do pref
100 50
68
68
6812 68 68
*68
70
*158
68 68
70
.66
7 Jan
5% June
884May 31
5 Feb 1
U S Express
100
7
,
..314
*614
7
7
*614
*6'2
7
*614
7
2714 Jan
Sept
812
*014' 7
3
Jan
104
8
Feb
4
1
/
2
8,100
100
El
Corp..
U
Food
Products
4
83
812
818
712
8
734
878 9%
9%
9
7412
Nov
8514
27
914 912
Mal,
59%Nlay
6
Jan
87
36,300 U S Industrial Alcohol.
100
5114 5012 5114 5138 5412 5412 5'378 5434 5734 5534 58
51
84 July 102 Mat
100
100 90 Jan 9 97 May 27
Do prof
06
*95
06
9134 *9534 9534 *95
*91
98
9712 *92
.92
Dee
634
Mar
26
414
7212May
3
Jan
56
6,800
&
S
U
Irnprovement100
Realty
6418
65
8
s
6378 65
645 654
6414 663
64 6578 64 65
4014 Aug 7984 Apr
100 5138 Jan 9 6712 Apr 17
6114 6234 60
62
6012 621 24,700 United States Rubber
59
5914 5838 5914 5838 62
74 Aug 10372 Jan
Feb 7 108 Apr 12
99
100
1,500
1st
prof
Do
10412
1054
106
4
10414
1053
*105
105
104
10434 10434 *10414 10438
28 Apr 384 Dee
1,400 US Smelting, Ref & M
50 33 Feb 27 4.534May 29
41
4012 4112 4118 4178 4012 4012 *40
41
41
*4014 42
37 Aug '444 Jan
100
50 4214 Feb 9 4712June 23
Do pref
4812 *47
4712 4712
4812 *47
48
4934 *47
*47
50
*46
7014 June 8612 May
101) 82 Jan 6 103%June 5
125,400
Corp
United
Steel
States
09
9912
8
10013a
987
4
993
8
1003*
985
8
983
974 9878 9734 9914
100 114% Jan 3 12018June 21 105 June 115 Dee
Do met
8 11978 12018, 1197 12018 120 120's 3,800
119 11912 11918 11938 11912 1197
614 Aug 13888 Dee
10 80% Jan 5 6914May 29
644 8,100 Utah Copper
(33
6234 6412 63 63141 6212 63
6218 6212 6212 63
7 Aug 125 Mar
97 Jan 18 197sMay 4
e
100
t
v
1,500
Utah
Securities
*154
4
163
163
4
1514
8
d
157
8
157
151
15
15
1434 1434 15
Jan
18
254 June 61
May
63
10
Jan
3014
No
20,000
par
Vanadium Corp
44
45% 4478 41121 4412 473s' 4412 46 1I 4514 4512
4312 45
72 Mar 884 Dec
Van Raalte 1st pref
100 92 Jan 17 9612June 7
98
*9.3
98
97
.96
1
*96
98
*96
98
*96
95
.
98
Jan
July
.424
2084
31'2 3112 31 '32
3058 30513 1,800 Virginia-Carolina Chem__100 2712 Jan 16 3672 Mar 13
3012 31
3034 31
*3034 31
4784 July 10284 Jan
100 6512June 21 82 Apr 10
800
Do pref
66
664
67
6812 6512 6512 .65
*06
67
6712 67
Jan
*66
96
Aug
59
18
Jan
944
27
Mar
100 43
500 Virginia Iron. C &0
49
4978 497 *4912 50
4914 49
49
*49
50
50
50
100 6(3 Mar 13 7212May 6
Preferred
*69
_ *69
*69 - - -- *69
_
-It;
24i
a
8
11
-May
4
114
iiii
6
Jan
612
VI
3,400
1218 1212 1238 1212
1212 12-1-2 1218 1212 1218 1214
1214 1238 *69%84 Jan 134 Oct
o parr 1084 Jan 16 17 Apr 24
No
000 Weber & Hellbroner__N
1318 1312 1312 1314 1314 13
13
.13
1312 1318 1318 13
4912 Jan 72 Jan
100 6614 Jan 4 8572 Feb 15
100 Wells Fargo Express
7518 754
78
*75
78
*75
77
*75
78
*75
78
.75
Aug 94 Apr
78
9
993*May
8
Feb
89
Telegraph_100
41002 09
9834 90
9812 99
79634 9634 1,200 Western Union
9734 98
*9718 98
8112 Sept 9672 Jan
200 Westinghouse Air Brake... 50 80 Mar 16 100 Feb 21
9212 9212
95
9312 9312 *93
95
93 *93
95
*92
.92
Apr
Aug 524 Dee
10
2
387
64
4
7
Jan
494
8,400
Elea
&
60
Mfg.
Westinghouse
5912
60
8
597
59
5012 5912 59
.5914 5912 58% 5934 583*
No par 2514May 4 2912June 7
2712 2634 2634 27
27
274 3,400 White Eagle 011
2512 2558 25% 264 264 27
m ny
34Jua
5 Iit",
e 2
7 June ii" Mayi
ao
1,600
White
Motor
*4812
49
4834
48
4
483
483
*4812
4
z48
48% 4858 4912 4912
July 17se Jan
6 6
In 30121
Ja
51 i
878 914 *831 92
8'4
812 834 18,300 White Oil Corporatton_No par 37
8
858 858
858 878
812 Nov 1884 Dee
2,000 Wickwire Spencer Steel... 5 1882 Mar 22 217sMay 12
17
17
17
1712 1734 1714 1712 174 1712 174 1712 17
1012 May
451 Nov
May 29
10
17
Feb
412
25
(The)
14,400
Willys-Overland
9
83
814
8
8
85
4
83
8'4
84
8
814
8
818
8
23 Aug 42 MAY
Do Preferred (new).-100 24 Feb 17 483*May 31
45
*40
44
45
4412 1,700
4212 4212 4278 431s 4312 4312 44
2712 Nov 47 Jan
Jan 4 4938 Apr 26
2738
to-No
v
par
Inc,
Co,
&
1,620
Wilson
39
41
41
3812
3912
3912
394
*40
41
41
43
*39
85 Oct 89% Feb
100 66 Jan 10 8712May 15
Preferred
87
86
*81
8534 .81
87 *81
*81
87
87 *81
*83
4 Deo
1
100 187 Jan 8 18734 Mar 27 105 Aug 139/
1,300 Woolworth Co (F W)
160 163
162 163 *13212 165
15934 15934 *158 160
•157 160
304 Aug 554 Mal
Jan 4 5578June 2
4372
3
3
0_100
t
v
M
&
p
1,900
50
Worthington
4918
4
*49
483
50
49
4812
49
4818 4834 4812 4878
Dee
94
85
May
Aug
4
704
31
Mar
83
100
Do
pref
94
A
*8614
*86
04
*80
93
*8614 94
*88 94
*88 94
54 Aug 70 Nov
100, 8484 Jan 91 79 May 9
Do pref B
*7112 76
*71
75
76
76
*71
*74
78
76 .74
as. N...
*74
.inn..
n,
91p MR/. 17
27'
Jan
6
l
pan
.No
Aeronautical__
Wright
812
814
84
*8
*814
812
812
84 *8
84 *8
*8
s Ex-dividend. e Reduced to bmia of $25 par,
Bid and asked pekes; no gales on tble day. I 14101 than 100 &wee. $ Ex-rights. a Ex-dividend and rights.




2808

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are
now--"and irUerest"—except for income and defaulted bonds.
.1'a
BONDS
12,
Price
Week's
• Range
'I
N. "Y
Y.STOCK EXCHANGE
prilday
BONDS
Price
Range or
Week's
Since
it!
g,I Range
4
al
Week ending June 23
June 23
N.
STOCK
Y.
EXCHANGE
Last Sale
Eridau
g t•
Range or
Jan.
1
gui ,
Saisnce1
....
...a. June 23
Week ending June 23
Last Sale
gh
U. S. Government.
Bid
Ask Loro
MO No. Low High
--__
first Liberty LoanBid
bow
Ask
High pfq. Low High
3 D 100.10 Sale 100.02 100.18 1897 04 84 100.18
854% 01 1932-194?
Roth & Pitts Con let q 6.1922J 0 10014 10034 100146fay'22 __
36-.
997 loot/
Cony 4% of 1932-1947
Canada Sou cons gu A 68_1962 A 0 9738 98
10010 100 20
J D
97
6 95 70 100 20
9814 ii 93 9884
Cony 43£% of 1932-1947
Dl)
i0
7
2
8
Kle
Canadian
100
10
100.36
North
1
deb a f 78.-1940 J D 11253 Sale 11258
827 98.04 100
1131s 47 10812 115
26 oonv 44i% of 1932-1947._ I D --------100 90 101.00
25-year a f deb 8148
1940 J .1 11134 Sale 110
9 96.82 101 00
112
61 10712 114
84msond Liberty LoanCanadian Pao Ry deb 49 stock_
J J 7734 Sale 77
77% 183 77
81
4% of 1947-1942
10
90
Car Clinch & Ohto lat 30-yr 69105i Fj DA 1080711,21
013 June'22.
M N------99.90 100.06 20 95.78 10006
n
169.'82
1
12
3
_4i5
511
_ 8
899
3
3%12 19
8
,
111
Cone 43(% of 1927-1942
Central of Ga 1st gold 58—D1945
M N O0.06 Sale 99.96 100.14 7293 95.32 100.14
Sale 100
Third Liberty Loan• Consol gold 514
43i% of 1928
M S 100.06 Sale 100.04 100.18 3854 96 74 100.18
10-year temp secur fis_June 19
92
78
45
9:
0M N 9
3 S
_9:9
.
1!
.
2
7.
100
fourth Liberty Loan78
99881%2 Jun9e'92522 2_! °
Chatt Div pur money g 48_1051 I15
74
412 81%
44i% of 1933-1938
Mao dr Nor Div 1st g 5s....-1946 .1 J 95 ---- 0012 Mar'22
A 0 100.14 Sale 10004 100.24 8869 95 86 100.24
93 9612
Victory Liberty Loan— .
Mid Oa & At! Divas
1947J J 95 ....... 9512 June'22 ___
95
9e1a
dal% Notes of 1922-1923
J D 100.56 Sale 10052 100.70 475 100.02 101.00
Cent RR & B of Oa coil g 59_1937 i
M
35j% Notes of 1922-1923
2 D ---- ---- 99 93 June'22 -- 99 96 100.30
Central of N J gen gold trai_ h_19
N
J 10
96
°738
e 1(
4 Salo
918
1714
s
,
87
7
10
9
7
1714
2
13
1
10
8
3
8
1
7
194
lis consol registered
10212 Apr'22
41930 Q .1
Registered
10214 10334
Q J 10634 110 10512 June'22 ____, 105 • 101
Si consol coupon
41930 Q 3 _-__ ---- 10314 Mar'22 --- 10314 10314
Am Dock & Impt gu 58____1921 J 2 107 ____ 107 Mar'22 _ 107 107
107
As registered
1925 Q F ---_ ---- 10518 Mar'22 ____ 105 106
j. 0
86
334 93
N Y & Long Br gen g 4s._-104 I M., S
112 ,
80
412 JA
uu
ng
e:2
22
1 Li_ 761; .68
..
ircoupon _
1925 Q F ____ — - 1051s Feb'22 — -- 1(14 10512
Ches & Ohio fund & Impt 58__1920
Panama Canal 10-30-yr 2s_../t19313 Q F ____ ---- 100 July'21 -1st consol gold 1Ss
1939 Al N 01,
11 101,4
101,4 - ii 9412 102
Panama Canal 314 g
1961 Q M 79
83 Dee'21
1939 M N -------Registered
—_ 100 May'22 _
100
100
Registered
1901 Q /44 .7918 --- 79 Feb'22 -- 79 7918
1992 al 8 8714 Sale 8718
General gold 434s
823s 8858
Foreign Government.
Registered
Nov
8
'
7
2ar_ ili
1992 M S
_l
_
Argentine (Oovt) 7s1927 F A 100 Sale 9934 10018 183 99 1021
20-year convertible 4 iis__ _1030 F A -ifs;
8714
88
4
-94' "iiiI2 lif
Argentine Internal 58 of 1909_ _ _ . al S 84 85
84%
8512 10 77 871.1
D
O
30-year cony secured 5s-1948 J
Sale
A
Belgium 25-yr ext e f 73-49 6_1945 J D 108 Sale 108
10812 122 10334 10912
8923
Big Sandy 1st 4s
8
9115
1Jun9
e3
224
2 !_..
7 8
70
4,14
2 84
1511
15-year 6% notes
Jan 1925 J J10212 Sale 102
0
940
10218 71 9412 1043a
4 J D 8114 84 82 Apr'22 - _ 78 9
Coal River By 1st gu 4s :
1945
20-year s f 8*a
1941 F A 10612 Sale 10612 107
48 10413 10838
J .1 8914 ____ 88% June'22 -_-___ 88% 82
Craig Valley let g 59
887
Bergen (Norway) 81 88
1945 DA N 109 Sale 109
10918 11 105 112
Petra Creek Brancb 1st 49_1940 ,
.
J J
Berne (City ons• 89
12
1
11114 112
1945 M N 10
31 106 114
8
78
312
R & A Div let con g 4a_.......1989
2 -8
.
73
4— 8
958 June'22 ----. 8
72
1,4 89
3%
Bolivia Republic of) 89
Sale 101
10114 322 101 101,2
1947 WI N
ma .1 J 8014 8112 S012 May'22 -_:-.... 755s 7
2ti cense! gold 49
80,2
Bordeaux (City of) 15-yr 68._1934 M N 8412 Sale 8334
8534 70 8012 1.10
Gre.enbrier Ry 1st gu g 48_1940 M N 80'9 ---- 69
Alg'211—_
Brasil, US external 8s1941 J D 1047
32
4 ga
tice 10412 105
204 103 108
—
8914
Warm Springs V let g 58
80%
Dec*211_
1941 61 8
. ---- —
Canada (Domtnlon of) g 59_1926 A 0 98
I
9834
99
56 98 101
Chic & Alton RR ref g 39........1949 A 0 5812 5978 5812
6934 38 5 8 6153
do
do
do 58_1931 A 0
Railway 1st ilen 344s
1950 3 J 4814 Sale 4712
4812 71 37,2 50%
10-year 6348
07
0:4
8
19
1929 F A 9714 9734 19
08
1 • 190 95
44 10
8118
Chic
823
00
4
Burl & Q—Ill Div 340_1049 J J
811s
8112 26 7714 85
Chile (Republic) ext s f 13s
3.„liec 10312 105 59 10018 1061:42
112 3:
02
0
17
1941 F A 1?)
Illinois Division 48
9034 32, 8712 9113
1949 J J 90 Sale 90
2
e 101
External 5-year 8 f 8s
10212 11.8 9812 1037s
1926 A 0
Nebraska Extension 49___ _1927 61 N 9573 ---- 9813 June'22 --- -11 93 961
2
25-year a f 88
i 10334 10538 83 100 10612
1948 M N 105
Registered
Chinese (Hukuang Ry) 5s 01 1911 2 D 2 5412 55
15
1514
0
31 44
57
General 4s
Christiania(OM 8 18*
1945 A 0 10814 109 10814
16
9
97
8 108 11213
10814
5287
1S
FIM N
A
S
980
9
8
/
2
1
SaleSale-9
0
9
0
0-1;
Temporary
°
;
5s
9
1.1
°
1:
1719 -96-13-il 1
.-1I -i
4t3
-(11
9 78
Copenhagen 25-year a f 5349_1944 J j 91 Stile 91
92
4
29
3 84
2 -9412
513
Chit, az E Ill ref & imp 44 g- _1965 J i ---- ---- 34'4 Dee.21 --11- - - - —
Cuba—External debt 5a 01 1904 M 8 96 Sale 95
96
3313 Jan'22 ____I 33,4 3312
U 8 Mtge & Tr Co etre of Sep.,,. -Eater debt of 68 1914 ser A.1949 F A 8912 ---- 8038
5
77
1934
903
A
::::10612
Wil
4
0
consol
89,2
1st
gold Os
10612 1 102 10012
External loan 444s •
80
8014 • 7 78 81
--------0638
General consol let 5s
Czechoslovak (Rep et)8a-1995491
054 9618 195
9512 10034
M14
-10333
U S Mtge A Tr Co ctfs ofid
9e
!
3; ----------Jau
A (1
4
Fal
9:
6
'
22
2:::..
!1118
0
90
3 2 10
:
9
s6
3
4
:
34
3
Danish Con Municipal8a "A"1946
F A 10912 110
3 10512 114
Stamped
---&flee B
°539
;2
2 110
1946 F A 10U91:422 Sale 10
4 105 113
Guar
105
Tr
Co
8118
Feb'22._
of
dePostt
---10434 105
Denmark external e 188
1945 A 0 10912 Sale 10912 11034 61 10712 11213 0& E III RR (new co) gen 58_1951 MN -7:
;
i
ii
:;:(377834 ,, 704 134 68
84
20-year 6s
1942 .1 2 98 Sale 9712
9812 139 9014 99%
Chicago Great West tat 49......1959 M 6 (10 Sale 80
8034 89 59 6412
Dominican Rep Cone Adm *1 68'58 F A 8934 9012 9012
1 8512 93
9912
Chic Ind & Loulsv—Ref t3s 1947 J. J 10434 106 10512 June'22
_ 101 107
Dutch East Indies ext 69_ _ _1947 I 2 9438 Sale 94
9458 216 94 97
.1
95
Refuhding gold 5s
96
96'2
9612
1947k.
1 8712 9612
40-year Os
9314
1962 IN 63 9
9412 2
39
48
1 99
314
4 19
Refunding 48 Series C..__ ._1946,J. .1 82 8912 7512 Jan'221____ 75
083
74
8113
French Republic 25-yr ext 89_1945 M $ 10312
412 86141
Sale 10314 104
J 7034 76
75
Ind & Louisv 1st go 4s
Jan'22 .. — 75
1958
112 78
64
20-year external loan 740_1941 J D 10058 Sale 10038 101
834
288 92 106
___
I
831t June'22 ____ 8612 85
Chic Ind & Sou 50-Year 4s
1956
Great Brit & Ireland (U K of)98 8912 June'22
Chit, L 611 & East 1st 454s.,,..1960 I D 89
88 90
20-year gold bond 554s........1937 F A 10334 Bale 103
10412 571 96 10412
Ch
&
St
M
P
gen
g
48
A81989
Ser
e
10-year cone 530
1 6
19248 F A 310712 $ate 1067
77
10812 291 9834 110
51s 6
70
558
% 6
71111
General gold 334a Set B__441989 J. .2
7 June'22 54 64
6934
3-year cone 544a
23
2;A 10712 10734 1067
92
9
,,,11.9
10814 399 100 110
General 444s Series C___e1989 J. j 8438 8512 84,s
85
,
8 16 79
/113
Italy (Kingdom of) Ser A 6 4
96 Sale 9534
98 1 21 9212 9613
O
6178
Gen
at
ref
Sale 034
Series
A 434s......a2014 A
_
02 1 222 54,2 68
Japanese Govt—£ loan 4348_1925 F A 2 9124 Sale 9118
92
159 8658 92
A 7312 Bale 73'z
Gen ref cone Ser B 5s____a2014
7412 88 62
76
Second aerie* 4349
1925 J J t 90% Salo 9014
D 8812 Sale 66,2
Convertible 434s
0812 212 60
1932
73
Sterling loan .is
9
77
13
14
2 3
10
°9
7, 8
763
24 9
78
14
D 7814 Sale 78
2
Permanent 4s
7812 170 6938 8134
1925
Lyons (City of) 15-year 69_1
M 19
1 t 874712 87133 8747
11
934
19
8558. 73 8012 90
J 8114 62 02
-year
26
debenture
62
49
J
1934
I 10 54
67
Marseilles (City of) 16-yr 69_1934 M N 8412 Sale 84
8534 39, 8011 90
Chic & Mo Riv Div 5e_,,,,1926 J. J 9418 9078 99 June'22 ____I; 89 97%
Mexico—Exter loan I fia 01 1899 C) J 238018 Sale 5934
6614 606 54 7012
CM & Puget 8d let gu 49_1949 .
7212, 27 6312 77
2 J 72 7212 72
Gold debt 4a of 1904
4812 Salt 4712
56 I 718 3934 82
I) 8434 ---- 8412 Mar'221..._ 8412 8412
Milvr le Nor 1st ext 444s......1934
Netherlands
therlands 9 f 8a
9712 382 94 98,4
10
97
52
4 .1111 I3 97 Rate 95
Cons
extended
J D • 8738 - ... 8578 May'22, ___ 85 8571
1934
440
Norway external s 18*
1940 A o 10934 Sale 10912 11058 48 10734 115
Chic & N'weet Ext 48 __1888-1028 1
.
„1. A 8738 --__ 9312 June'22 ___ 92% 96
Porto Alegre (City•of) 8s..
1961 J D 101 Sale 10012 10234 48 10214 105
Registered
1880-1926 11 A ___ ---- 9314 Apr'22 ____I 9314 9314
Queensland (State) ext a f 79_1941 A 0 109 Sale 10834 10912 52 10578 1113s
7612 7512June'22 ......! 72
General gold 3448
1.987 M N 78
81
68a 10114 Sale 100
25-year
0987
Q F __ ___ 70
102 I 511 99 103
Registered
Dec 21 ___I
,..,.,..
Rio Grande Do Sul 8s
It
zI
A
. 6 100 101 10012 10134 561 99 10514
General
4s
Rio de Janeiro 25-year s f 88.. _1948 A 0 10114 Sale 10114
10134
Stamped 49
2:2
2
ji51122 -gEra 85
85
3:2
1987 M N 83
2;
7
1
8
2
1
112
4
8
8
°3
511
9
10218
Sale
102
5°
4'10
1947 A 0
92
918 10
8°4
10238 8
51
7
General 5s stamped
104 I 35 9978 106
1987 M N 104 10434 104
Ban Paulo (City) s I 8s
101 102 101
1952 M
8_ 1_01.
10238 51 101 10638
Sinking fund 68
i 190
i l1Li 17
03
717011822 May'22
AA 0 l
1879-1929 A
FAeplib00(?or,20211::. . _i.
._ i.jo_,11.
:
1t0i902
11.2 ill600
03
60
1:42.
San Paulo (State) ext a f 88._1936 J S
.1 10214 Sale 102
10258 29 1001 106
Registered
,
01929
111.8
87
Seine (France) ext 78..1942 J J 92 Sale I 9134
9214 243 9012 98
Sinking fund 5s
Sweden 20-year 69
1939 J D 10134 Sale 10134 102
41 94 103
0
_
Registered
1879-1029 A
Swiss Confedeen 20-yr *1 89_1040 .2 j 11814 Sale ,11712 11812 99 112% 120%
Sinking fund deb 69
113
1933 M N 6631 S:117 9
Tokyo City 58 loan 01 1912
M S 70 71 1 70
7058
7 • 87
7811
Registered
9812 May'22 _ .. 9812 98,2
1933 M N -__ -,.-Uruguay Republic) ext 88____1948 F A 10434 105 10434 10578 19 10212 10838
93 J D 1083113-year secured 7a g
4 1073
;10612 1071s - 38 106 109
eurich (City of) s f 8a
Sale
1
11134 112
1945 A 0 112
171 106 11434
15-year secured (I)4s
110
M El 110 11034 110
38 106 110%
(These are prices on the basis of $5 to h
.
)
Des Plaines Val 1st gu 434s 1047 M 8 8738 -- 10112 021'19 __ jai; io7,4
State and City Securities. I
1
Frees Elk & Mo V 1st 89_1933 A O 10858 100 .10734 Mar'22 ......
N Y City-43.s Corp stock .1960 M 8 10012 1007s 10012 10012 141 98 103
Man GB&NW let 354s.19411 J 7514 ---- 70, Mar'21
• 4348 Corporate stock
1984 82 8 1023
031'48 102,4
12
4 1103
1(13 , 31 9712 10234
& 8 L 1st gu 3348_ _1941 J J 753s ---- 66'8 Aug'21
_
4348 Corporate 'stock
1968 A 0
10314' 4 , 99 10314
Mliw
L 8 & West imp g 58_1929 F A 9913 100 9912 June'22 -_-__ 19858 -69ti
4349 Corporate stock
1971 -- -- 10612 107 10714 May'22 --- 10338
Aahland Div 18t g 68...A925 M S 10078 .... 99 Mar'21 — /- 4128 Corporate etock.July 1907 J J 10612 107 10534 June'22 —. 10312 10814
-- - - - 1
Mich Div 1st gold 88. ___1924 J 1 10138 ---- 10114 Mar'22 ,,,-___ 10114
101%
444 Corporate stock .--1965 ./ D 10612 109 10512 June'22 __-- 103 107 2
Mil Spar & N W 1st gu 48._1047
10712
90 88
El 88
88
6 8514 90
4123 Corporate _neck
1883 al 8 10612 Sale 10612 10612
2 103 10712
Sale
St
102
L
Peo
&
1
NW
102
lst gu 56.. _1948 J
102
9 05 10234
4% Corporate Itock1959 111 N 992 100 9912
9912
2 9312 9912
Chic ft I & P—Flailway gen 49.1988
J 8238 83 82,2
8314 2.3 79
84
4% Corporate stock
1958 M N 9912 100 9912 June'22 ---- 9334 9912
Registered
J 8012 82 804 Apr'22 __ I 78
1988
8134
4% Corporate stock
1967 m N 9912 9978 9912 June'22 --- 9312 9912
Refunding gold 4s
1934 A O 81 Sale 8012
8112 287 . 7512 84
4% Corpoiate stock reg 1958 MN 9912
9514 Feb'22 --- 94
96
R I Ark & Louis tat 4348_1934 M 8 8012.
8
..0_1_4
New 4125
1057 al N 10614 1067s 10534 June'22 -103% 10734
Burl C & Nor 1st 5s
9
77
9:!1Jun8
1934 A 0 07
e°
70
22 22 8
9
°4 9
9
88
3
233
4
412% Corporate atook__ _1957 M N 101314 10714 106
100 I 15 10314 10712
CRIF&NW 1st gu 56_1921 A 0 —...---- 9714 Feb'19
8t4% Corporate stook__ _1954 M N 9012 ---- 90 May'22
---- 84% 90
Chic OkIa & Gulf cons 58_1952 111 N 9314 --- 9314 June'22
1961 m 8 ____ ..— 90
N Y State-4a
Dee'20,
9112
•
Keok
Des
90
--&
4
Moines
883
A
0
1st
90
58-1923
1 72
91
Canal Improvement 4s... _ _1061 .1 J
June'22 -- ioi - icTi St Paul & C Sh L let 44481941 F A 81
8112 8012
81 12 29 76
85
Highway Improv't 440...A963 M $ --------10912 Apr'22 —
—._ 10912 110
Chic St P M & 0 cons 8a
1930 .2 D 10858 107,2 10612 10612
5 10412 10714
Highway improv't .1 qe
1965,a1 S --------104's Apr'22 ---- 10412 10413
Cons 1511 reduced to 3449_1930 J D 90 ---- 87
9013
Apr'22 ____I 87
Railroad.
51
Debenture 5s
9512 9412
a 2114 2612
1930
9412
Ann Arbor 1st g4a6
8 Sale 6612
68
54 6814 80.
North Wisconsin 1st 6a......1930 .1 J --__ ---- 118 Nov'16 — -I ---- -Ateh Top & El Fe—Gen g 49_1995°
A Of 9012 Sale 89
9034 270 85 90,
Superior
Short
4
L 1st 5a g_ _61930 M 8 9434 --- 96 May'18
I ______
Registered
1995A 0 8814 -- - - 88 June'22 ---- 8714 8814
Chic T H & So East 1st 514
82
7934
1960 J 0 81
8015
9 7334 8612
Adjustment gold 4a
*1995 Nov 8278 83 83
83 I
5 7712 84
Chic & Weed Ind gen g 6*,.e1932 Q M 105 ---- 10414 May'22, __ __I 103 10411
Stampe
82% 84
k19913 Novd82
82 %!30 78% 84
Cense! 50-year As
7314 7238
1052 J 1 73
7338' 60 6712 76
Cony gold 48
___ __ __ Si June'22•---- 76 83
.
10
2
15-year a f 740
.
.
14 10214
1935 M S _10
..1_18_.
10212 30 9978 102%
Cone 4.44 issue of 1910
9738
9814 13 9114 101
11
9
38513
L) 8258 100
Gin & D 2d gold 4348
1937 J J 87,
8 90 87 May'22 __ 86 8912
East Okla Div lst g 4a......1928 I
9312 May'22 --- 9114 94
59 8 9358 94
C Find & Ft W 1st gu 491/ 1923 M N
Rocky Mtn Div 1st 4a.. _ _1966 J .1 8112 9234 8038 June'22 --- 78
Day & Mich 1st cons 4449_1931 J J 9114 --- 8
8314
98
1,4 JM
un
ar
e:2
12
71-Trans-Con Short L 1st 48:19S8' J 85 87 8412
--- 76ii WI;
8518
6 7934 86%
Cleve Cin Ch & St L gen 4s 1993 J D 81 81'2 8034
8112
g 7612 83
Cal-Ariz let & ref 4319-A" 19112 NI 8 9138 9212 92
02
2 861* 9234
20-year deb 4448
1931 J J 5814 89 8812
89
All Coast Line 1st gold 4s k1952 M 8 8834 897 883i
1 10 85 61
j 0 99t2 10012 100
8914
18
85
.90
General
Series
53
CI
1993
10058
864 loos
a
10-year secured 78
1930 FA N 10578 10612 10534 10812 10 10412 107
Ref & Impt Os Series A.
19'29
__ 997 100 9934 10053 78 95 10078
General unified 454s
8712 Sale 8712
8734, 16 8312 8834
Cairo Div 1st gold 49
8514 June'22 ____I 7934 87
1939 J J 8514 87
Ala Mid 1st guar gold 5a....11:13 It g 094 - -- - 100 May'22
—
983
4
1110
Chi
W
& M Div 1st g 48
1991 J J 7834 80 7812
7812
6 78
81,1s
Bruns & W 1st gu fold 49._1938 J J 7738 .80 8858 May'22
--- - 86 8858
Si L Div let coil tr g 49_ _1990 MN 7912 8212 8012 June'22!,.... 7712 8214
L & N coll gold 4s
a1952 MN 8133 Sale 8058
82
76 78 83
Spr & Col Div let g 4s____ 1940
Salt & Ohio prior 334a
1926 J I 9334 Sale 0314
9334 123 8834 94
M S
j 85
W W Val Div ist g 4a
2 8
21128 -gi173
1940 j
714 June'22 -----_-- -ii.14 -iiRegistered
k1925 Q 1 9153 93 92 May'22 _
91
92
C I St L & C lat g 48
*1938 Q F 881s -..-- 83 June'22 .___ 83 863a
1st 50.year gold 4a
*1948 A 0 803* Sale 80
8138 103 761s 83
Registered
k1938 Q F --------8638 May'22 _
8612
Registered •
8012
1-1948 44 J 7738 80 75
Jan'22
—. 75
75
Cin ar Cl cons 1st g 58_ —1928 J J 951s -- 9412 Apr'22 ____ 94
10-year cony 434s
9412
1933 ---_ 8238 Sale 8134
8278 197 74 84
CCC&Igenconsges__1934 J J 10
08
58
54
s .7
2 May
78
-0-1-2 17
53
Refund & gen &Serial A..1905 J 0 86
7
'
,
22 —
8 104 105,s
68614 85
8(114 87 77 88
Ind B & W 1st pref 4s
1940 A 0 8748 90
75 Nov'21 .......
Temporary 10-year 6s.
1929 J 1 100 Sale 0912 100
163 9412 100
Peoria & East 1st cons 49_1940 A 0
‘..
/(73
;76"
?June& M Div Ist g 830_1925 MN 91
92 91
9114
5 87
9338
Income 4a '
1990 Apr 33 Sale 35
30 , 42 22% 39
FLEA W Va Sys ref 4e......1941 M N 7734 78
77
7814 58 7234 8214
Cleve Short Line 1st gu 4349..1961 A 0 9518 ..--- 95
95141
7I 90 9512
Souttiw Div 1st gold 344a_ _1925 J J 9012 Sale 00 •
9034 33 86 92
Colorado & South 1st g 4a...1929 F A 9258 93 02
93
11' 8414 93%
Clem Lot & W con 1st g 59_1933 A 0 9714 9912 98 June'22
---I 92
99
Refunding & wen 43.4*. _ _1935 1111 N 8738 Sale 87
8712
Ohio River RR let g 5s___ _1936 .1 D 9634 99
i0 811s 8934
9638 May'22 .......1 98
08
Ft W & Den
g
_1961
512s
1st
J
0
1025
8
104
103
June'22
General gold 5s
--__
1937 A 0 0618 98
91338 May'22 -. _ _ 90 9634
Cuba RR 1st 50-year 6a 9-1962
85
,,, 1114 11758
Tot& Cin div 1st ref 4s A _ _1950 3 J 67 8712 6614
68
21
62%
70
1st ref 7349
1938 1
a5
le 184
2 D
11 100 1114
4 S8
i. 10
83
03
Buffalo R & P gen g 641
10314
1937 M $ 101 ---- 10014 June'22 --__ 9838 100,2
DL & W—M & ist gu 3340 2000 J D 7814 7938 79 June'22
_ _ _ I 77% 81
Gonsol 4048
1957 ni N 9034 Sale 1 9014
91
37 8812 91
N Y Lank & Western 5a, 1023
le 1 998834
(1
98
a9
9344Elo
A 1,& West let g 48 Ku
___1
.
2, 9811 10312
MR
84 ---- 8218 Mar'22 -- 8218 82111
Terminal& improve t 4.8.19241 ill NI
Clear 4, ‘iiato to. m, 9 No
June'22.... 97 994
10..8
I 9379
9012 79,1'22
yr,. 1.4. ref rai gate.
- - 004 0339
yam p
7558 MR 74,4 Ane22
7414 7418
•No price F.Iday; latest bid and asked. a Duo Jan. dDue ApriLe
Due May. °Due June. aDue July. *Due Aug. oDue Oct. pl.ue Nov. 'Due
Dec. sOption sale




eve-

--

--------102

M

5

9418

New York Bond Record -continued-Page 2
BONDS
N. Y. STOOK EXCHANGE
Week ending Juno 23

Pifcs
Fitting
June 23

2809

13
Week's •
Range or
Lan Sale

Rano
Since
Jan. 1

Week's
Jaa
innee
n
.gel
FPrilceu
Range or
June 23
Last Sal. rd
----....-----.-- ___
Bo
Ask Low
High No. Low High
Leh Val Coal Co lat gu g 158_1933 J I 100 10134 9058 Apr'22 --- 9038 987
105
Oct'13 ---Registered'
1933 I J
83% Oce21 ---let int reduond to 48
1933 J J
85
86
Leh & NY lst gu- 48
83 A P
pr'
.22 -----__ -'9i5
i118-2 -118
Long Isld lit cons go.. 58_51193
J 9812 -.-- 9741
362
1Q
M 8
346
90 I
7 8914 90
let oats°, gold 413
51931 Q J 90 -_- 8914
d352.
.1,•neral ,wia 45
2J
J1 D 80 ____ 81 June'22........ 77
1938
9934 Veb'221,-.. 9934 9934
Ferry gold 414e
50
1922 al 8
8212 May'221 ---- 8212 8212
4egold 4e
ned
do
trnlid
7814 May'22
1949 M S 7738 80
Debenture gold 5s
1934 J I)
9
7 78 8
9
77
2
8
9
79
7
11:2
4 S4
1:
: 8
9
78
3
15
41 10
9
3 7
8872
:4
4 8
7
:
979
3
48
20-year p m deb ba
Guar refunding gold 4s_ _1
M N
194
929
7 MS
9512 June'22
9512 9512
NYB&M 13 istoong 5a-1935 A 0 9512
Apr'21
_ _
1927 M S 9518 97 83
NY&RB let gold 5s
14.12 -9212
Nor Sh B let con g gu 5a_a1932 Q J 9258 9312 9212 May'22
90 'June'22
78
90
Loubdana & Ark 1st g 6s
1927 M S 8812 90
Louisville dt Nashv9934 102 102
102
3 9812 10212
Gold 5s
9114 34 871t 92
J
7 .1
51 N
19
93
40
98
914 90
1:4
5 99091s June'22 ---- 8
96
844 98
UnR1rea
033
111
ledisfeorledd
1940 J J 8
9712 55
collateral trust gold 5s
1931 M N 951s 9512 98
108
,, 10612 1094
10-year secured 78
N 10733 108 108
1930
10514
101 10514
let ref 5
A
mO
N 105 Sale 104
9534 ---- 9714 May'22 -- 9334 9712
L Cin & Lea gold 430-.1911
2
__-_ 10314 May'22 -- 102'1 10334
N 0 & M Let gold (is
1930 J .1 10514
9912 ___ 10318 June'22 --- 9812 10018
2d gold 6s
1930 1 J
_
91 12 June'22 --- 80
9112
Paducah & Mom Div 49_1948 F A 844 ._ .
6034
2 5
7%
9 8
67
2
St Louis Div 2d gold 3a......1980 P.1 S 608 Sale 6018
851s June'22 -85
87
Atl Knoxv & Cln Div 4s_ _1955 M N
Ad Knox & Nor let g 58.-1946 J D 103 ____ 99.4 May'22 ---- 0834 99,4
.
u uy
e:22 ------ 17
03 Jm
09
3.8 13
0,
Render Bdge lets I g (ts_ _1931 M S 1212 158 18
Kentucky Central gold 4e..1987 J J
- Lox at East bit 50-yr 58 gu_1965 A 0 9738 9812 9018 May'22 ---- 93 100
---- 9
7/12 8
90
312
8
L&N&M&Mistg430.1.945 MS 93 __-- 9212 May'22 ._
.
Feb
8.105 .2
87
i i6
96
1
8i
1. 8
L & N South M jount 48_ -1952 J J 7
Registered
51952 Q J
101 May'22 "............. 1-6612 10-11-1-2
N Fla & S 1st gli g 5s
1937 F A 8104
_ _ 89
Apr'22 _.
89 89
N & C Edge gen gu 414s
1945 J J
96 102
& N Ala cons gu g 513_ _1936 F A 101 jolty 101 June'22
9858
____
984
98.4
9
Ws 9912
Gen cons gu 50-yr 5a
1963 A 0
8214
La & Jet Edge Co gu g 4s
1945 1W S 80 81 8L4 June'22 --- 77
77 Mar'10 ..• --- .....
Mex Internal let cons g 4s-1977 M S
_ 75 Nov'10 -•
Stamped guaranteed
1977 M S
...3-•
i__
Midland Term-1st a f g 56_1925 J D
ia_ _1n j9111a9
5 Rif" iol
Minn St Louis Let 78
1927 I D
Z2 80
80
11 69% 83
let consol gold 5s___ _
1934 M N 79
Sale
le 45
46
28 31
50
let & refunding gold 4s_ _1949 111
46
4438
4:312
d 3() 5012
Ref & ext 5(1-yr 5a Set A __1962 Q F 45
53
5..,34 June'22 ---- 36
62
Des M & Et D 1st gu 4s_ __1935 J J 57
7
7914 16 70 834
Iowa Central 1st gold 50 1
D 79 Salo 77
19
1)38
4412 Sale 44
4514 39
Refunding gold 4s
1951 M
MSt P&SS M &lag 4sintgu_'38 I J
9
89
73
1 138.t8lejs 9
83'11
8
99
71,s
4 2g 9
86
852
14 130
05
let cons 6s
102
72 10
312
)12 15
"
03
10-year coil tr 634s
1931 F41; 10112 dale 10638
8812
1 8812 8812
let Chic Term s I 4e
1941 M N 8812 ____ 8812
95,
8
97
___
June'22
---- 9414 97
MSSM& A ist g 4s int gu-'26 J J
Mississippi Central let 5s_ -1949 J J 8638 Sale 8538 May'22 ---- 8234 8814
Sale
80
173 78
8318
F D
A
Mo Kan & Tea-let gold 4s;19
1990 I
_7_.-3-4
3
le 6
7'4
8
4
64
3 4838 6814
2d gold 4s
64
564 68 64
11 4812 68
Trust Co Ms of deposit ___
5514 May'22 ---- 35i2 551/
1
4
let ext gold
1944 ilia
i.3-4:-iii - 8614 Apr
8
'
4
22 ....-3
- 7
,8
3 84
8814
1st & refunding 4s
84
Trust Co cores of depos12
t9
..9
_4
_ M
6412
5 5214 6412
Gen sinking fund 434s_ __1936 1-3 ----- ....-- 6412
02% Apr'22 --- 5214 6714
Trust Co certfo of deposit_
44 June'22 -.-- 27
44
let Louis Div let ref 4s__-2001
76
;fi-- -.hi"
June'22 -_ 584 77
% secured notes "ext" _19l6
90.8 May'22 - 9052 95
80 9018
Dall & Waco let gu g 5s....-1940
Kan City & Pao let g 4s_-1990 F A 7638 ____ 7112 Jan'22 .-- 7012 715s
Mo K & E let gu g 5o
1942 A 0 ....... ....- _ 83 Mar'22 -- 77 83
93
7,1
%j
Mua
ne
y"2
22
2 _.....___ 77
388 _ _ 8
814 881s
M K & Okla let guar 5s__ _1942 I'd N
97%
MK&TofTlotgug5s__1942 MS ...._- .........
25
638 io
3 36
2 z,misayy:22211...,-- ......- . _
Sher Sh & So let gu g 5a___1942 J D 3
Texas & Okla tat gu g 5s__1943 M S
6
8
7
1
8
7
2
Sale
8214
6
101
'
76
714 361
'86
1
Mo K & T Ry-p I 513 Ser A__1962 J J
67,4 45 62 70%
1962 J J
40-year 4s Series B
9414 133 89 9752
1932 1 J 9414 Sale 931s
10-year 68 Series
Cum adjust Sc Series A_ _1967 J J
Missouri Pacific (reorg Co)6
88
512:
6
13 le 5
84
7:
1
8
68
6141 86
1221 8
44
33
14
2 6
89%
12
let & refundlng 5s Her A._1965 F A
10
11, 3
100
55s
00
53, 10
96
0114 ,
28
1, 6
90
74
1 100
lot & refunding be Ser B.a1923 F A 19
00$8
9103 266 98 100
28,2
let & refunding fis Ser 0_1926 F A
9918
Sale
1949 F A
Os, ser D
6334 169 5934 8714
6278 Sale 6214
1973 al
General 4s
____ 63
Oct'18
Missouri Pao 40 years 4s
1945 ._
80 May'22 --- 78% 82
1938 M N 80 ___
3d 7e extended at 4%
747
7418 7672 74,4 June'22 -__ 74
Cent Br P ist g 4s
m °•2
8985
734 96 June'22
22 ...._,
.
24 9
821
71
:
86
8 9
9
83
Pao R of Mo 1st ext g 48-1
19
93
48I
VA
D 9
1938 J
2d extended gold Se
9658
9638
97
963
4
37
9438
9838
513-1931
A
0
&
E3
gen
con
g
St L Ir M
Gen con stamp gu g 58_1931'A 0 --.. -- 102 Julr 14 ---- - . -8712 138 7878 8.9
J 8712 Bale , 8512
1929
Unified & ref gold 4s
8112 19 76% 8432
1933
N 8112 Sale 8034
Riv & G Div lets 4s_
,
- 93 Mar'22 ---- , 9038 93
Verdi V I & W lot g 5a.- 31
1
,
92
26
7Q
M S
J 9512 ,
10312 104 1037s June'22 ___. 101% 106
Mo
1927 J
ls
bt&exO
thglo
oln
dew
68gold 6s
BONDS
N. Y. STOCK EXCHANGE
Week ending June -23

• Astro
High No. Low 11591
Bid
Delaware & Hudson99% --- 9934 Apr'22
97
9914
1st lien equip g 434s
89
8978 89
8912 28 83
1st & ref 48
29
96
1.9
‘913
30-year cony 5s
V5
1 114
A il
o 9512 Sale 95
84 138
101 10112 10112 102
65 19
10112
13
0
1:2
2
5s
10912
8 1V 7
I 10918 ____ 109
10-year secured 7s
0
127 7 P
82 June'22 -- 76% 82
Alb & Swat cony 330
1946 A 0 8012 81
Renns & Saratoga 20-yr 68_1941 MN 10734
7812 53 .
/3 817a
Den & R Or-let cone g 4a_ _1936 j j 778 Sale 76%
8214
5
1930 j 3 8114 85 8114
Consol gold 4348
109 74
823
4
80
8214
81%
6:2
2 84
5
Improvement gold 513
1928 J 11
49 I 195 42 5212
1955 F A 4812 Salo 4612
let & refunding 5a
46 May'22
40,4 47
Trust Co certifs of deposit__
1 8012 89
89
89
Rio Or Juno let go 5s
1939 3--0 8814 8914 6114
1712
Apr'll
Rio Or Sou let gold 4e
1940 J 1
101s
40
Feb'22
10's lO'e
Guaranteed
1940 1 1
7734
79
79 7334 7912
Rio Or Weat let gold 48
1939 J 1 -7812 79
66
3 6218 70
Mtge.& coil true; 4s A_ _1949 A 0 6618 68 66
-- 74
78
Vet & Mack-let lien g 4s
1995 1 D 78 __-- 78 June'22
May'22 - - 67 67
Gold 48
1995 3 D Ws 74 67
87
8712
•
87%
3
874
100
958
82
8938
()et Riv Tor Tun 4318
1961 M N 9812 9914 988
June'22 - - -- 9538
Dul Missabe & Nor gen 5s
1941 J J
97 Muy'22 _
9514 10014
1Dul & Iron Range tel 511
1937 A 0 97 99% 10512
Mar'08 .1937 A 0
Registered
8138 8612 83% June'22
"834 87
DUI Sou Shore & Ati g 15s_
1937 J J 99
99
1 95 9934
99
Elgin Joliet & East let g 5s....1941 11.11 N 10414 10434
___- 10434 10514 50 10058 107
.Erie let mind gold 7$ ext_1930 M S
838
---June'22
8038 8378
N Y& Erie 1st ext g 4s
1947 MN 8418
s ---- 988
9838
1 9634 9912
3rd ext gold 430
1943 hi S 983
9638
951 1
6th ext gold Cis
1930 A 0 8238 ---- 0434 June'22 -- 9012 9514
Nov'15 -- 5th ext gold 48
1928 .1 D 102
.
9412 Aug'19
NY L E& W let 7s ext_1930 M S 6312 Sale 62
6312 40 5414 -6612
Erie 18t cons g 4e prior__1996 1 J
57
57
-- 57
Registered
1996 J J 54 gale 62 Mar'22
5418 201 39% 5612
let consol gen lien g 4a....1996 J J
-•
•
1996 J J 'Ws; _6572 3
Registered
93
1 JAulnig
e:2
67
22
1
79
3414 91
Penn coil trust gold 4s 1951 g A 5012 6-67
12
;
5038 60
1953 A 0 50 5012 49
50-year cony 4e Her A
4912
5912 52 32
5212
1953 A 0 5214 Salo 4938
do Series B
6324 79 3434 5712
1953 A 0 9114, 9414 91
Gen conv 48 Series D
9(0,
012 94
8
90
Ohio & Erie let gold Ss_ _1982 M N 92 9414 90% June'22
Cleve & Mahon Vail g lia_ _1938 J J 9118 944 91 1 Jan'22 1692
7812
9814
J
J
Erie ec JerHey 1st s I (is_ __.l955
01 Sale 91
91
3 793s 97
Genesee° River let a f Os...._1957 J I 10614 109 97
June'21.Long Dock consol g 6E1_1935 A 0 92
100
Apr'22
---100 100
Coal& RR let our gu 68_ _1922 M N 9212 ......
83% Doc'21 -1943 J J
Dock & Impt let ext 5s
89 -- -- 88 Feb'22 -- 88 '88 M
N
1946
Y & Green L gu g 5s
6712
5 54
6612 68 6712
7014
NY Susq & W 1st ref 56.-1937 .1 1 5218 56
52 May'22
47% 52
1937 F A 52
26 gold 434s
54
54
60
June'22
38%
-A
1940 E
General gold 58
861 - 86 May'22 -- 8312 86
Terminal let gold 55_1943 M N 89344 9414 9412 June'22 -- 93 9412
1940 A 0
Mid of N J 1st ext Ls
68
72 72 June'22 -- 53 73
Wilk & East let gu glis_......1942 J D 10512
-- 88 Apr'21 -1942 A 0
grans & T II 1st gen g 5a
6912 Apr'21
0
A
1923
Mt Vernon lot gold (111
6
88
912 Apr'21
,
Sul Co Branch let g 58......1930 A 0
14 8014 004
1959 J D 78
Florida E Coast let 430
_--66
Apr'21
Fort Stu D Co 1st g 4346_1941 .1 3 7914 --- 8234
85
June'22
78
VS Worth & Rio Or let g 4e__1928 J J 85
88
85
85
1 83 89%
Gal, Hous & Bend let 58_._1933 A 0 11318 Sale
7
11312
1 60812 10
4%
16
Grand Trunk of Can deb 711.._1940 A 0 103 Sale 112 e
102,2 103
77
15-year a f (is
1936 M S 10938 Sale 109
10934
298
110
10718
J
Great Nor Gen 78 ser A
1936 J
Sale 9112
92
30 88 9214
1961 1 J 92
1st & ref 434s Series A
8214
Registered
1961 J J i5113; &VW. 9912 Oct'21
1003
4
425
961 10034
1952 .1 J 931s
Temporary 5e
94
91 Mar'22
I 9014 91
St Paul M & Man 45
1933 J J
111 111
111
28 106% 111
1933 J .1 109
let consol g He
99 Sept'20
1933 J J
Registered
1 -6314
904
904
Reduced to gold 430_1933 J 1
_
95 Mar'22
96 95
1933 J J
Registered
913
9212
91%
9118
66
88 9118
1937 J I)
Mont ext let gold 4s
80 Mar'21
1937 J D
Registered
-8612 83 Mar'20
1940 J 1
Pacific ext guar 4s
4 ---- 89,
4
8934
11
It Minn Nor Div let g 4s_1948 A 0 8939912
--- 9934
9
8-9
5-34 -6
99
9.384
-4
I.
1922 3 1
Minn Union let g 6s
112 113 112 May'22-112
1091 112
40
1
1937
J
Mont C lot gu g (is
1937 J J
Registered
16f136
0414 J
2 10
Mua
nY66
e:
22
1937 J J
let guar gold 56
Will & S V 1st gold 5e_._1938 J D 100 _-__ 9918 Apr'22
75
-41
701s Apr'22
9
7:8.2 17
9966
01
3
Green Bay & W Deb Ws"A"____ Feb 67
12
17
84 12%
Feb 1112 Sale 1112
Debenture Ws"B"
7818
7814
7814
4
72
8113 87
7913
atilt & S I Ist ref & t g 158._b1952 J 1
Hooking Val let cons g 430_1999 J J 85'2 Sale
3 June
7854
85118
'
2
1999 J .1
2
Registered
78
1948 A 0 -tif" -841-2 8012 June'22
Col & H V let ext g 48
79
6112
.2
7812 1
1955 F A 80 ..-- 7912 Mar'22
Col & Toilet ext 4s
92
93
933
4
June'22
8934 96
.1
J
Houston Belt & Term let 56..1937
831s 95
Illinois Central let gold 411._ _1951 J J 9" 95
8
98
3% Ma
Setit;2
22
1
1951 J J
Registered
80% May'22
-16;1165i
1951 1 J
let gold 33is
84 Nov'16
1951 J J
Registered
79a::_:
72
0
Oet'21
A
1951
Extended let gold 3)1s
1951 A 0
Registered
73
.
12 80
1951 M S
---let gold 38 sterling
1952 PA B 82
Collateral trust gold 4a_
9
79
4
913 June'22 . . - :_ -_:_1 9
6.._ 18
.III 6
9
87
61
1952 A 0 -73711
11 1779
Registered
612
1038 M S 91151r 12:
General gold 48
8 Ws; 8
386
8%1'2 861)8
8V7
6138
134 1 33 2s 89
1955 M N
let refunding 413
Montgomery Div let g 5s....1947 F A
7814
7
77341
1952 3 J 7734 Sale 7712
Purchased lines 33is
J D 9012 9238 9138 May'22 __ , 8713 9134
6s
1927
St
Div
Louis
3
4
7
876
82 3
90
1931 J J 87 8712 88 June'22 ___ 81
L N 0& Texas gold 4s__1953 M N 8034 Sale 79
St L & Cairo guar g 4s.
68
100 ,
D8
eo
0
1953 M N
4
2 100
'
32
4
Registered
97 103
9
005
4
Nulty Chatt & St L let 5s..-1928 A 0 100 --_ 100
100
46
10014
1934 3 J
101
15-year secured 51413
fis_ _1923 J 3 10014 10012 10014
Branch
let
g
Jasper
99234i 111
3914 43 2118 45
11012 62 .95
15-year secured 64e g....-1936 J J 110 11012 110
Nat Rys of Mex pr lien 4348_1957 J J 3212 Sale 3212
8
4
8418
85
3
1
,
4
7
8418
8
76
33
_
4
D
33
___
2912
Feb'22
3
381
J
733
1
1950
6
8
June'22
2938
1977 A 0
Cairo Bridge Vold 45
Guaranteed general 45
6938 June'22 -Litchfield Div let gold 3s_1951 J J 6912
Nat of Mex prior lien 430-1926 J J 36 ___-.1 3138 Mar'22 _._28 82
June'22 -Loulay Div & Term g 3348_1953 J J 7518 7612
1951 A 0 26 ____I 3338 May'22 ___ -1 1 211s 3338
let consol 4s
6714
138
---673
4
A
9
7
92
4
9
8
9
3
121
8
9
2
9
14
%
9
8
3
9
:
673
F
914
1
4
36_1951
6
1 9
754
9
86
6734 - 3
Omaha Div let gold
NO & N'E tare & impt 43is A'52 J J
79
26 7012 80
1953 J J 79 794 78
St Louis Div & Term g as_ _1951 J J 6912 73 6714 Apr'22 -- 8358 6714
New Orleans Term let 4s
1951 J .1 7614 7634 7612 Mar'22 -- 7612 77
101
Gold 330
1925 J D
N 0 Tex & Mexico let 6s
877312
8
312
0
% Nov
8
'
3116
1961 J J
71 I 201 62 7214
2
2
Springf Div let g 334e
1935 A 0 71 Sale 70
Non-cum Income 5s A
85
10312 325 98 10412
1951 F A
82 85
Western Linea let g 48
N Y Cent RR cony deb 1313......1936 M N 10234 Sale 102
92 Nov'10 -10512 194 105 108
1951 F A
Registered
1930 M S 10514 Sale 10514
10-year coil tr 7s
993
4
-au
993
4
1
10014
9934 Apr'22
1923 J D
83,4 61 7838 84%
Bellev & Car let tla
1998 F A 83 Sale 8238
Consol 48 Series A
Carb & Shaw let gold 4a._1932 M S
Ref & Imp; 4
2013 A 0 851g 8614 8534 June'22 _ __ 8514 8812
"A"
05
14
18
10
73
2 May'22
1951 J D 18
99 10214
192 2
9434 6
. 91 9334 9612
2013 A 0 9412 Sale 1 94
Chic St L & N 0 gold 58
Ref & impt 58
1951 J D
99 Aug'21
Registered
New York Cent & Hud River1
7414
6534 Dec'21
7734 74 7412 78
Gold 84e
1997 .1 J 7714 77111 77
Mortgage 314s
94 ---9478 9438
76151
6612 97
3 75
9434
Joint let ref 5s Series Al
1997 J J 7618 7712 761s
Registered
7612
7834 82
8932 24 84 9034
Memph Div let g 45........1951 J D 7838 83 82 May'22
1934 M N 8938 Sale 8814
Debenture gold 4s
66%
June'20
1 72
N
St Louis Sou let gu g 4s_ _1931 M S 851s ---- 80 Sept'21
M
1934
747
Registered
8418
87
88
873
85
85
"io 85
86% June'22 _ _II 83
88
nd III & Iowa 1st g 4s
1942 J J
90
30-year deb 4s
j 10014 sale 100l4 10012 26 97 101
MN
7312
95911
7312
2 6914 76
Int & Great Nor let g ext 7a 1922
1998 F A 7312 75
Lake Shore coll g 354s
53 485 50,4 5512
1952 J J 5212 Sale 5138
Adjust 6s
1 72
1998 F A 7214 7512 72 May'22
Regiadered
747s
70
012 85
6
83
James Frank & Clear lot 45_ _1959 J D 8412 8512 84 May'22
Mich Cent eon gold 330_1998 F A 7312 7512 7312 June'22 ____ . 714 744
1
N apyr.'22.
70
8
7822 May'2A
862:
14
4
1 _6
72
1%1 6
...
. . _ii 7
48
864
Kansas City Sou let gold 3s 11160 A 0 6912 Sale 6838
403
14
2 68
Registered99F
1 D
A 798
78
4
211
0
A
1950
001.'09
Registered
- 78
Battle Cr & Stur let gu 35_119898
84 89
Ref & lmpt 5s
Apr 1950 J J 868 Sale 86
1936 J J
Beech Creek let gu g 4s
8574
212 -.2
11 708 84
Kansas City Term let 4a___1960 J J 817 83 8212
1936 J J
Reglstered
92
12 85 9214
*-$50714 -i
-i
-;
1- 17
0613
4 Mit
jul3A6
1 ------ ---- ---Lake Erie & West let g 51L.-1937 J J 92 9212 92
2d guar gold 58
1941 J J 85% 8812 8612 May'22 -- 77 8634
2d gold 15s
A 0
3 701s __-- 59 Juaell
Beech Cr Ext let g 3K5.31
1951
336 1
731s
75
0
A
74
58_1945
:hful2 ___-_ -82-1s 90
May'22
-North Ohio let guar g
19813 D 82 83 821
Cart & Ad 1st gu g 4s
J 9212 9712 951 May'22
5
9
74
8
2.
118
4 .v
9
76
8
5.
18
KaA&ORlstguglis_19353 I 9558 --- -Leh Yal N Y lot gu g 450_1940 3 J
93
80 July'21
1940 J
79 79
-7912 -Registered
la.
761
1997 3 D 78
Lake Shore gold 314s
%4 -IN
8234
Lehigh Val (Pa) eons g 4s.._ _2003 IN N 8212 8234 8212
9
1997 J D 7814 ____ 747 May'22 ____ 74711 7938
Registered
2003 M N 90 Sale 8912
93
93
105 85
General cons 430
944 47 894 9512
1928 M S 9414 Sale 94
Debenture gold 48
10134
981g 102
9234 130 8812 934
Leh V Term Ry let gu g 5s_. 1941 A 0 10134
1931 M N 9214 Sale 9112
26-year gold 4e
1941 A 0
113 Mar 12 ..
__ _- ____ 8512 July'21 ___,I.- --__
Registered
Registered
103
29
: 8212
M N 8312 8512 8212 Jan'22 .-.1 821
Leh Va HR to-yr coil 8e_.•1•211 -- 10234 103 10258
Mob & Mal let gu g 4a_ _-1
19
999 MS
• No price Friday; latest bid and asked this week. a Due Jan, 3 Due Feb. 9 Due JULIO. is Due July. n Due Sept. o Due Oct. 1 Option sale.
........ ...

.OW1.. ....

X

-Iowa

063 I VI




995s

m a, 1,

inot,11)315

2810

New York Bond Record-Continued-Page 3

3
4
:
nano.
Price
Week's
BONDS
Since
Range or
'41 Friday
N. 'Y. STOCK EXCHANGE
Jan, 1
Last Bale
June 23
Week ending Juno 23
-No.
Low High
High
Ask Low
• Bid
NT Cent & BR RR (Con)---90
Mahon C'I RR 1st So.__ 19343 3, 9734 -- 96 Mar'22 ___ • 90
1931, M S. 9838 -_ - _ 904 june'21
Michigan Central 156
9813 Nov'18
--1931,Q M! ---- -- Registered
8214 8812
19401.1 .1- 871s 8834 8812 May'22
45.
7414 Sept'20
,
194013 .11 Registered
- 3 L & El let gold 3346._ 1951M S 7678 - -- 6618 Mar'20
8014 May'22
7634 8012
1st gold 3120 _
1942115 N 784
43 8638 91
91
20-year debenture 4a___.1929.A 0 9012 90% 0012
NI J Juno RR guar lot 48_,1936;IF A 77. --- - 7034 Apr'2I -7838 7878
2000,M N 77 8 7978 7838 May'22
N Y & Harlem g 3348
---- 95 Deo'21 -rf Y & Northern let g 5s_1923!A 0
8334 June'22 -- 7712 84
N Y & Pu 1st cons gu g 46_1993a. 0 8134
11W &0con let ext 56._.111992 A 0 9978 ---- 99% June'22.-- -- 9913 9978
_ 1%. 8338 7834 Apr'22 -- •• 78 83
Rutland 1st con g 434s. 1941'J J 8_
7112
66
Og & L Cham let gu 46 g _ 1948 .1 .1' 1,-E8 80 70 Apr'22
1 1 8 ---- 60 Feb.211---Rut-Canada let gu g 48_1949 .1 J )
8912
8912
8914
May'22
8814
St Lawr & Adir let g 55-1996 J J
103 Nev'11.1
--1996.A O. 100
26 gold (la
9914 9912
9;2 -- 9913 Apr'22
n,
Utica & 131k Riv an g 4e... _1922 J J; 9
97 Apr'22
v7
97
Pitts & L Erie 268 5s_ .__a1928 A 0:
1ici- 1301a Jan'09
Nitta McK & Y let gu 69_1932,J J. 101.2 1934,J J -„-,;-_-- -,-... - 9514 June'20
26 guaranteed 13a
81%
83
7812 84 23611.1 J 'or
West Shore 1St 4s guar
2 7658 8012
80
Sale 80
236111 J ',.,
n u, °ale
- --_ •
N Y C Lines eel tr 5a___1920-22 M N ""'13 --- 9912 Feb'19
June'20
Equip trust 43ge_ _ _1920-1925 J J ---- - -- 6712
6 "82:3-4 '861;i
8834
89
N Y ilbIe & St T. 1st a 4s.....1937 A 0 8634 94
1937 A 0 ---- --- - 8612 June'22 14 8612 8612
Iteghnered
of)
8434
80
1931,M N 8418' 84% 8434
Debenture 4a
3 8112 89
89
N Y Connect 1st gu 434a A 1953IF A 8812 89 84/
N Y N H & Hartford6
52
6018 __ -- 60% May'22
4 6
45
1947.M
Non-conv deben 46
1947 FA S 50 5314 5314 June'22 ---;
Non-cony deben 334e
5512
3814
52
52
52
1954'A 0 -6f- 6778
Non-cony deben 3346
5714 June'221---- 4012 6018
1955.3 .1 5812 80
Non-cony deben 46
5614 June'22 10 41 60
1956 MI N
Non-cony deben 46
1
515
8
5214
_
5
11,2
5 12 13 37% 5318
.j
1956J J
Cony debenture 314e
57 85
19483 J 7818 80
Cony debenture(36
50
-Oet'17
1930 F A
Cone By non-cony 4s
1955,J J 508 5178 60
Non-cony deben 4e
_1 53 June'22
38'z 53
1956 J J
Non-cony deben 46
3 31
57
53
5012
32
1957 111 N 5012
6% debentures
7814 ____' 78% June'22
80
71
N
Harlem R-Pt Chea let 46._1954
70
73
59
69
May'22
Air Line let 48_ 1 1955 F A
B&N
6512 6638 65
5114 68
0534
Cent New Eng let gu 46-1961 J
Housatonic Ry cons g 56_1937 MN 8418 __ 80 Dec'21
653
4
__
87
July'14
N
1954
Naugatuck RR let 46
83 Aug'13
N Y Prov & Boston 4e___ _1942 A 0 7214
36 'al54
NY W'ehes& B let tier I 430'46 J J 54 Sale 5:3
-1945 J ) 85
New England cons 55
7414 _ __ 70 Rept'17
1945
.1
Consol 4a
56
53
501s
53
June'22
0
2
1
4
5
N
M
1957
4s
deb
Providence Secur
7134 _. • 88% Feb'18
Providence Term let 46_1956 1371
60 65
s 6812 65 May'22
J 643
1943
W & Con Eaat let 414e
12 69 77
74 sale 7214
74
N Y 0& W ref lot g 46_4;1992 M S
5912 Ney'20
-- - - -Reghaered $5.000 only_41992 M
0512 70
D -681-2 69 68% June'22
1955
General 46
6734 67 June'22
50 70
Norfolk Sou let & ref A 5s-1961 F A 65
794 8878
1941 114 N 9038 ____ 88 May'22
Norfolk & Sou lot gold 5e
10613 .Apr.22
10558 10778
1931 M N 108
Nod & West gen gold 6;
Jan'21
1934 F A 10812 ____ 103
Improvement & ext
10434 Mar'22
lois; 10514
1932 A 0 1075
New River lot gold
89% 67 847s 8978
N & W Ry Ist cone g 40_1996 A 0 8934 5;:fe- 884
74
Oct•20
1996 A 0
Registered
4 83'm 88
8712
88
Dly'l lat II & gen g 46-1944 J J
80 Feb'22
80 80
1932 J D
10-25-yc. cony 45
923
4
Apr'21
1932 M S
10-20-y ar cony Le
10-2,--• ear cony 430-1938 M S l002 _ _ _ _ 106 Apr'22 23 922 iot
10314 110
1929M S 10738 108 10712 108
cony 6s
10 y
8534 8614 86% June'22
8812
84
Pooah & C joint 48_ _1941 J
___
99
-.
uec•21
C & T 1st guar gold 5s 1922 J J
871; 86 June'22
834 87
Selo V & N E let gu g 49_1989 M N 86
ni
Northern Pacific prior lien rail
89
1997Q .1 8714 Sale 86
way & land grant g 4a
2
85
84
-.1
--1 -3
883
Jan'22
1997 Q J
Registered
60 64
;a,,s
6178
2 62 61
F -611
02047
General lien gold 35
82
02047 Q F
Registered
16
05
212 jun1Oe'52728 --201
-II1053
60 4 110
2047 J J 10578
Ref et 'rept 6a ser B
.3, 86 9014
87
87
J
2047
Ref & Imp 434s Ser A
5
8
e
l
a
S
3
8412 May'22 ----1 794 1 413
4
It Paul-Duluth Div g 4a_ _1996 J D
J 10512 Sale 10514 106 673 10413 109
N P-Glt Nor joint 634s... 1936
1923,17 A 10038 10078 10012 June'22 ---- 10014 101
St P & N P gen gold 66..
100 margi ---- _._ -.
Registered certificates_ _1923Q A
99'4 101 100 June'22 ---- 9912 100
St Paul & Duluth 1st fa...-19311Q
8
7
83
85
80 May'22'---, 8234 86
1968'J D
let consol gold 4e
Wash Cent let gold 4s.._1948 Q 8 83 8434 84 May'22 --- -1 82 854
1083
4
10838
June'22 ----: 107 10834
--J
65-19331
g
Pee
Nor
Term Co let
"i 8034 Sale 8018
8114 102 77
82
Oregon-Wash let & ref 4e_ _ _ _19611.1
1946 J D 8112 _ _ _ _ 7914 June'22 ----I 75 81
Pacific Coast Co let g 5a..
90
93
91
j
90
90
Apr'22----_,
Faducab & Ills let a f 4545_1955 J
8112 za5 8112 85
1958 F A 8014 8034 8038
Paris-Lyons-Med RR 6s
_ 9878 May'22 ---- 11634 09
Pennsylvania RR let g 4s_..1923 111 N 9878
99212:-, 982711:81901312
'
May
2
1
1
1
6
99
9
95
8914
1943 111 N
Consol gold 4s
9034 June'22 --_-_- 851 9112
1948;M N 87%
Consol gold 4s
1960F A 957 9512
Consol 414a
1 85 J D 92 Sale
General 434s
21 9
74
312 10
80
91%
2
10014 48
1968 J D 9978 Sale 9938
General be
1930 A 0 11
1:::: Sale 10812 10912 49 .10512 110
0
:
10-year secured 78
132
10914i
.103% 110
10814
Sale
15-year secured 614s
19461F A
8812
1 /16
8812
Alleg Val gen guar 4s_ __1942 RI S. 874 8914 8812
87
87 May'221 ---- 87
R RR & B'ge lat gu 4e g_1936 F A 8814
Pennsylvania Co-1
72 Nev'21I -- -- --------Guar 314e cull trust rea A-1937 M S 8038
,i2512
: '7,i5
:
8034
;i14 :
7612 JA
2i::
22
80134
_67
2_2
r:2
pe
un
Guar 334e coil trust tier B..1941 F A 807
4
Guar 3146 trust otfs C___ _1942 J D 8012 81370
Apr'211- --Guar 314s trust otfa D_ _ _1944 J D 7918 82
---- 91.12 June'22.---Guard 15-25-year gold 48_ _1931 A 0
- 85 June'22 ---- 80 802
40-year guar 4s oths Sor E.._1952 15 N 54.
g____1942 M N 84'4 8612 8678 May'22 ---- 8018 86%
Cin Leb & Nor gu
---- -N 91 --- 8812 Dec'21
CIA Mar 1st gu g 414s_
91 Nov'21
CI & P gen gu 414s Ser A__1942 J J 9314
104 Dec'15
_1942,A 0 9312
Series B
---- -9614 Feb'12
---- --- Int reduced to 3340..._19424 0 7112
9018 Deo'12
-- - --.
1948!74 N 7814
Series C 314s
Jan'21
.. .
1950,F A 78.4 -- 67
Series D 3.346
-----19401,J J 814 --- 85 Apr'20
Erie & Pitts gu g 314s B
7914 MSY.19
19401.7 J 8114
Series C
91
8834
1 Re
Gr at & I ex lat gu g 430_1941 j' j 8838____ 8834
98 June'22 --- 98 98
Pitts Y & Ash 1st eons 6&_l927 MN
94
8
May'22
923
94
----03
J
Tol W V & 0 gu 410 A__ _1931 J
82 Dee'20 ----1933 j
Series B 430
714 Bep9
75
9
14 ---0 8812 -9633
e521
1942M S 8014 _ _
Series C 48
F C C & St L gu 4346 A1940 A 0 95 95t2
95 June'22:--- 8838 95
1942A 0 9318
Series B 4348 guar
9138 Apr'22 ........ 8918 9158
1942 M N 0314
Series C 4 As guar
1945,M N 8738 ____ 8812 Apr'22 --- 844 9113
Series D 4a guar
8912 June'22 -..... 8912 8912
Series E 314s guar gold_1949 F A 89
9218
84
Berke F guar 4e gold__ 1933 J D 894 93 92 June'22
80 May'21
I957.M N 8618
Series CI 4s guar
8912 8912
8912 Feb'22
Series I cons guar 4lie 1983'}' A 8314
9613 12 90 98
197012 D 964 9634 964
General 5s Series A
99 10018
C St LA P ist eons g 56_1932 A 0 997 _ _ _ _ 100 May'22
92
8814
91
9112
May'22
90
M
W
&
_1943
Salt
4e__
g
N
1st
PhIla
8012 June'21 -----------N J RE & Can gen 45....1944 AI 8
6614 9534 96 27 -gil; -61 Pere Marquette let Ser A 55_1956 J J 95
1 75 82
81
81
1st Fierier} B 4s
1951313 J _7834 81
5114 26 4118 59
PhillIppine Ry 1st 30-yr of La 1927I2 J 01 Sale 51
Pitts au & L E let g Sue
1940 A 0 732 -- 100 Mar'22 ----I 9534 1C10
1943.9 J
738 --- 9714 Deo'17 -- --.- - --let consol gold 5a
-----

g44

BONDS
N. Y. STOCK EXCHANGE
Week ending June 23

'
1Z

Price
Friday
June 23

Week's
Range or
Last Sale

_
.
14 I
.1 i

ii

Range
Since
Jan. 1

Bega No. Low High
BM
Ask Low
8358 161 80 86
1997 1 J 8312 Sale 8253
Reading Co gen gold as
---, ' 82 82
Apr'22
82
1997
J J
Registered
8514I
1' 8113 88
Jersey Central coil g 4s.._ _1951 A 0 85 Sale 85
7514_ 1 6578 7514
1947 .1 J 7514 Sale 7514
St Jos & Grand lel 1st g 4s
St Louis de Han Fran (reorg Co)7212 402 68 7434
1950 J 3 7114 Sale 7012
Prior lien Set A 46
8513 83 82 8812
1950 J J 8513 Sale 8412
Prior lien Set B oa
costs
931.0 135 95
19423 J 9314 Sale 9212
514s
9878 71 9453 100
1928 J J 9812 9834 98
Prior lien Set C 13s
34
82
71
'
193
8
787
7612
Salo
78
51955 A 0
Cum adjust tier A Oa
6812 285 54 71%
6812 Sale 66
51960 Oct
Income Series A 66
St Louis dr San Fran gen 8e-1931 J 3 10312 ____ 10312 June'22 -- -, 10114 10312
1 95 991s
9734'
9734 973
1931 J J 97
General gold 5s
.
ER L de S F RR cons g 48_ -1996 J .1 7234 ---_ 6714 Oct'20i-- --I -'
9534
90 90
90
---____
Feb'22
0
A
Southw Div let g 5s .,.,A947
K C Ft S & M cons g 6s-1928 AI N 10314 ____ 10212 104 1 21 101 104
7858 30 7234 80%
K C Ft S & NI Ily ref g 48_193(3 A 0 7812 7834 7814
KC&MR&B 1st gu 5s 1929 A 0 9112 ___ _1 92 Apr'22'----I 8814 92
79 I
7 728 79
7858! 78
St L S W 1st g 4s bond Otis...1989 M N 78
70 ,o912 June'22 ---- 6418 70
2d g 45 income bond etfs.p1989 J J 68
2 6812 778
75 I 3_
1932.9 D 7412 75 7334
Consol gold 4s
2r,
4
793
84
71
let terminal & unifying 5s_1952 1 J 79 Sale 78
7612' 18 70 7912
19433 .1 7612 Sale 7514
S A de A Pass 1st gu g 46
1950 A 0 5814 ___- 64 June'22 --- I 5.0 64
Seaboard Air Line g 48
2
8712
48 61
_
5713 57
1950 A 0 57
Gold 4s stamped
25
2534 24
25341 09 1312 30
01949 F A
Adiumtment 50
77, 3118 46
42
1959 A 0 4112 4212 4114
Refunding 48
60
290 41
634
1945 81 S 59 Sale 5612
1st dr cons 68 Series A
1 5913 7512
6712
65
Atl & 13Irm 30-yr 1st g 40_81933 M S 6118 06
Caro Cent 1st con g 4s......1949 J J 6614 ____ ($3 Feb'22 ---- 63 63
90
Jan'22 ---- 96
Fla Cent de Pen ist ext 8s 1923 J .1 9714 ____ 96
89
1st land grant ext g 50_1930 J J 8813 9112. 89 Apr'22 -.-- 89
2, 8213 8918
8814
1943.9 J 8934 --- 8834
Consol gold 5a.
7038
Ga de Ala Sty 1st con Se..,, o1945 J J nig ___. 7658 June'22 ----.1 71
99731r:
1:: 1880
84
:8
1 :
8713,
Ga Car & No 1st gu g 56.-1929 J J 8718 ___ 8718
Seaboard & Roan let 5(1.-1026 J J 9118 ..-_ 95 May'22 --- 8434 95
Southern Pacific Co-8614 94 78
9412
Gold 48(Cent Pao coin_ _k1949 J D 8578 Sale 8458
9112
9138 129 gg
01929M S 9114 Sale 91
20-year cony 46
1
101
20-year cony 53......._1934 J D 10134 102 101
Cent Pao let ref ill a 4s.... A949 F. A 8814 Sale 8634
Mort guar gold 334s.._ ,.k1929 J D
14
Through St L let an 4s_ A954 A 0
2 -8
:8
77
892°
374' 8
8-5
):
2:
7
81'
.1 1 8°8;
18
2583 ----9-1
2
!
- 91 9
9
-5
74
88
GH&SAM&P1at5s....-1931MN 8
98
92
---May'22
94
97
95
.1
1931J
2d exten bs guar
9834 98 May'22 ---- 97 9811
Gila V 0& N let gu g 5a.,..1924 tel N 98
9412 May'22 ---- 94 9412
Hous E & W T 1st g ba_ _1933 M N 06 98
86 Mar'211---- __-- ---1933 M N 96 ..
let guar Si red
HA T C let g be int gu,, 1937 J J 98 ____ 9314 Apr'221---- 9334 9334
1041J J 075 - -- - 98 May'22 ---- 8634 98
A & N W 1st gn g bs
Apr'221---.... 60 10311
19384 0 103 ____ 101
No of Cal guar g 5e
9938 II 9514 100
Ore & Cal let guar g 5s.... 1927.3 .1 9912 ____ 9938
N 10178 10312 10012 May'22,---- 10012 10114
5s_.19371M
So Pee of Cal-Ou g
So Pao Coast let gu 46 g_1937..1 J 8934 0014. 90 May'22'---- 8812 921s
0112 90
9614 May'22 - --- 89 9614
Tex & N 0 con gold be._1943 J J 8712
8812 306 838 8875
8734 8712
1955,1 J
So Pac RR 1st ref 48
8312 .52
_ 80 841s
San Fran Terml 1st 46......1950 A 0 83 Sale 8212
3.. 9414
.
31f
1.
9514 120 8718 96%
..... .
19943 .1 .5
Southern-1st cons g 511
90 Apr'22 -;--- 8814 go
1994 J .1
Registered
9 7
1
2 :14
18
9 64
82
114 16
9
0814
Develop & gen 4e Set A._19/16 A 0 6612 Sale 661a
1956 A 0 9918 Sale 98%
Temporary 01411..
75 1
1 6014 7514,
75
19381M S 7314 75
Mob & Ohio coil It g 46
95 June'22 ---- ' 89 95
1996;1 J 9314 95
Menu Div 1st g 434s-be
81 1
5 73 89
1951,J J 81 Sale 8012
St Louis dist lot g 48
Ala Gt Sou let cone A 5a....1943.1 D 9634 ____ 97 Jgne'22 ---- 1 6412 97
90 Apr'22 ---- 87 904.
AU & Char' A L let A 410_1944J .3 8812 91
98 I 13 91 100
1944 J J 98 99 9714
1st 30-year be Ser B
7638 June'22 ----,1 72 78
1948J .1 7653 78
Atl & Dana; 1st g 46
J J 6018 06 06 June'22 ----" 60 8618
1948J
26 4s..
7584 82
All & Yad let g guar 4s-1949,A 01 7918 ____ 7612 June'22 ----1 9334
gm
E T Va de Cie Div g be___1930 J .11 9738 9814 9714 June'22 ---98193
3
9812
98
9812
____
411
M
1958
5s
Cons let gold
95
9414
----;
June'22
9312
9338
1938 111 S.
E Tenn reorg lien g 5s
1946 A 0 6253 ____ 6158 June'22 ---! 58 63
Oa Midland 1st le
Knoxv & Ohio let g 6s_.....1925 3 J; 10012 --- - 10012 May'22 ----; 9878 10012
Mob & Blr prior lien g 513_1945 J J; 90%-_ 75% Aug '21 ----;
-731; -7519463 Ji 75 ____• 7438 May'22 -Mortgage gold 48
.• 66 May'22 ---- 66 66
1948 M Nj 7418
Rich & Meek 1st g 5s
So Car & Ga lat.ext 534e-1929 131 NI
6212
'
0
8111 June
467
-4 9
4 9
----'-;
-1-5
638 _9
4 99
98
97
84
192,1 AI S 6
Virginia Mid tier E be
9512 98
1936 M N 9718 _ _ _, 9638 June'22
General 56
97
2003J J1
Va & Elo'w'n ist gu be
4 83
80
11 7
1121
25
8
112
25
25 -133-12 8
1958 A 0! 81
lot cons 50-year 55
718
913
2 7
774
9314 May'22 --...,' 941
W 0 & W 1st cy gu 4a__1924 F AI 11514 96
-.
---!
Mar'22
7718
...._
81
.1,
56____1955,3
g
let
Internet
Spokane
June'22
92
----;
96
4
943
____
8
923
Term Assn of St L let g 43.40 1939 A 01
1984-1944'F A, 9038 ..-- 90 May'22 ----' 8818 96
1st cons gold 68
81 1 31, 7612 8312.
1953,3 .1! 8034 Sale 8012
Gen refund a f g 46
St L M Bridge Ter gu g 5s-1930 A o; 9334 ____ 943 May'22 ----' 4312 9438
9 8712 s100
9434
2000,3 D1 9434 Salo : 93
Texas & pac let gold 5a
50
42000 Mar! 50 __ 50 Feb'221----1 50
26 gold Income 5s
19313 J, 8614 9012 90 May'22.---- 7918 90
La Div B L let g 5s
88
• W Min W & N W 'Mau ba.1930 F A 75 8212 88 Apr'22 ----, 88
9534
Tol & Ohio Cent 1st gu So.-1935,J .1 94% ---_ 9534 Apr'22'---- 91
95
1935A 0 9338 ____. 921 May'221--- 1
Western Div 1st g Ls
1, 8138 8758.
878
1935'.1 D 8738 ____. 8738
General gold be
----;
83
June'22
Ms
4
803
'
82
1990,A 0 8138
Kan & M 1st gu g 4s
9614
19273 J 9418 9434 96 June'22 --- -; 91
2d 20-year 5s
9012 June'22 ----' 84 9213
Tol St L & W pr lien g 334s-1925'J J 9014 91
18 56
71
7038 6934
7112
1950'A 0 70
50-year gold 4s
1917 F A _- .--- 1514 June'21
Coll trust 4e g Ser A
ii"
. _-__. ... 3138 Feb'22 ----1 -"3184.
Trust co ctfa of deposit _
85
8434
7718 85
--D 80% 85
Tor Hain & Buff 1st g 46. _k1.946,./
9114
Ulster & Del 1st cons g 5a____1928!.1 D 9114 _ ._ 9114
5
22
82 6
67 65 Apr'22 -,,,, 65
1952'4 0 63
let refunding g 4s
93
115 g6
93
1947.1 .1 9234 Sale 917
Union Pacific let g 46
90 June'22 -- ..,' 88 90
1947,J J
Registered
95
9438 8/ gg
19271J J 2432 Sale 94
20-year cony 45
87 1 159 8112 89
420081M 8 8378 Sale 8534
lot & refunding 46
10412
102
17
10312
10412
10138
Sale
.1
_1928.3
Os_
secured
10-year perm
9 , 8314 89
84) 1
Ore RR & Nay con g 4s___1946.1 D 8712 88 8712
997 Apr'22,-2:1 98 10014
Ore Short Line let g Os..._1922 F A
9612 810334
4
D°
1023
8'
1033;
1033
374
10
J
J
1946
let consol g 5a
11 1 3
9413
104
7 102
9612
7, 8
19
1048.9 J 10314 Sale 10238
Temporary be
91
D
-'
--19211,J
---4s
refund
Guar
86
3 994
6:8
96
1926;J J 9314 9934 9914 June'22 ----' 8
Utah & Nor gold lis
19333 J 9014 9378' 8612 leeb'22,---- 1
lot extended 48
Apr'22:---- 7814 8612
1955 F A 6512 ___ -I 86
Vandalia'cons g 48 Ser A
. 7213
19571M N 8512
Console 46 Series B
4714
i
1'
Jan'211:=d
1934 J J 3614 424 384 June'22
Vera Cruz de P 1st gu 412a
96 1 21 8814 9738
9578 95
1902 AI N 95
Virginian let 58 series A
s,
9734 16 937 98
1939 M N 9734 Sale 9714
Wabash tat gold lie
8614, 23 8112 4812.
1939,17 A 85 8612 8518
26 gold os
1954,3 .1 6814 ....- 62 Feb'21I-- -,
let lien 50-yr a term 46
Del & Cli Ext let g 55...._19411J J 96 _-_- 96 May'22 --.- cf".9014
Dee Moines Div lot g 4s....-19391J J 74 --- 74 May'22,-- 74 74
68 60% Dee'211-19411A 0 96
Om Div let g 334s
797g June'22 ---- 69
7978
19411M S 7614 80
Tel & Ch Div g 48
1945F A 79 86 80 June'22 -- 7238 81
Wash Terml 1st gu 3146
1945F A 88 --- 85 Feb'22 -.. 86 85
let 40-yr guar 45
64 1 109 5812 674
19021A U
West marylareu let g 413
1
19373
3
West N Y & Pa 1st g be
-1 2
'221.--5
e8
7521s 9
7212 Jun2
20
8
434 6
78
'
84 62
2672818
1
04
88
1943- A 0 77
Uen gold 48..
88 I 52 841s 8812
8712 Sale 873
,.. titlSetLI Pao let set A 66_1946 M El
9638 May'22 ----I 9212 9638
1926 A 0 9658 97
reeding & L E 1st Ft 55
1928 J J 9518 -- 9114 Jan'22 ....--11 8934 914
Wheel Div lot gold 56
9112
193110' A gils -___ 9112 June'22 --II 89
Exton & Impt gold 56
68 1 21' 52 6934.
66
68
Refunding 434e series 4-19136 M $ 66
7112' 2 ,, 62 76_
7112 70
1949 M S 70
RR let °onset 46

2

-.

2

•No price Friday; latest bid and asked this week. a Due Jan. bDue Feb. U Due June. hDue July. 1 Due Aug. oDuo Oct. pDue Nov, g Due Loc. $ Option sale.




2811

New York Bond Record—Concluded—Page 4
BONDS
N. Y. STOCK EXCHANGE
Week ending June 23

1- 1

Pries
Friday
June 23

Week's
longs or
Lass 8ale

Rasps
Since
Jan. 1

High No. Low High
Ask Low
Bid
Winuton-Salem S B let 48_1960 J J 7834 8134 7914 June'22 49 77 80
7412 82
8012
Wie Cent 50-yr let gen U.._ _1949 J J 6914 8014 80 June'22
7518 81
Sup & Dul div & term let 45'36 M N 7818 7912 79
Street Railway
60
10 31
6478
6034 60
Brooklyn Rapid Tran g 5s.. 1946 A 0 60
5714
60
5 3512 64
58
let refund cony gold 45-- -002 J J 5714 Sale
8118
8114 11 58 88
8114
11-yr 7% secured notes___k1921
8112
9 5812 87
8112 Sale 8012
.
_______
Certificates of deposit
78
31 54 837s
7612 7778 7714
Certfs of deposit stamped-83
85
6 75 8812
Bklyu Un El let g 4-56____1950 F--A 83 Sale
8278
3 7512 86
1956 F A 8212 83 8278
Stamped guar 4-be
76
73% 7178 June'22 ---- 64
Kings County E let g 48_1940 F A 7058 7212
7111 June'22 --- 88 7253
8
705
1949
A
F
Stamped guar 46
5114
June'22
---27
5114
51%
8
513
Nassau Elea guar gold 48_1951 1 J 8138 Sale 8012
8134 53 67 85
1927 F A
Obicago Rye 1st bs
7612
75
7612
75
2
---7612
J
19511
4He
Conn Ry & L 1st & ref g
1951 1 J 7918 ---- 73 Apr'22 ---- 7034 73
Stamped guar 4345
83
83 Sale, 818
24 6312 85
J
I
—1932
He_
4
g
cone
let
United
Det
75 ---- 58
Jan'20
In Smith Lt & Tr 1st g 5s
1936 M S 8234 Sale4 82
154 75 86's
83
1957 F A
Hurl & Manbat 56 ear A
164 4712 6613
63
4 Sale 62
623
_
1957
Adjust income ISs
9512
June'22
92 96
1932 F A
N Y & Jersey let be
2
12 ri;l7 1134
1212 - 127
interboro Metrop coil 4%8_1956 A 0 1212 Sale 12
1212
68
734 2
9
134
18
Certificates of deposit
68 Sale b6
68
486 54
7538
linterboro Rap Tran 1st 58___1986 J J 6634 67 6634
0718
2 5712 70
0
A
48-1990
Y)
g
cons
ktanhat Ry(N
6753 May'22 ---- 6712 6758
1990 A 0
Stamped tax exempt
20133 D "go- "G- 55 May'22 ---- 4834 57
254s
80 7712 Apr'22
78
6412 7712
S
M
58_1953
f
Lti
Manila Eke Ry &
8818 Sale 88
8812 "ioi 81
92
1924 m
Market St Ry let cons 58
9314
9314
5 0034 97
1924 A 0
5-year 6% notes
gRetropolitan Street RI—
6812 64
66
7 60 67
84
B'way dr 7th Av let e g 58-1943 J D 21
22
2078
21
15 1712 25
Col & Oth Av 1st gu g 58-1992 M
4318 4812 4314
4314
1 39 50
M
_1993
be_
g
tut
lst
F
Lex Av P
9714 7518 Sept'21 — Ry & Lt cons g 58_1920 F A 97
MIlw
8812
1
-8812
1931 J J 8812 -- 8812
Refunding & oaten 4Hs
86
8834 87
8614 23 83 90
Montreal Tram let & ref 56_1941 J .1 65 ---- 50
Feb'21
New On Ry & Lt gen 434e._1935 J J 58 .
34 Dee'21
Muni(*) Ry let e f 58 A_19136 J J
N
3912 16 -251-2 -44138 3912 3712
2
N Y Rye let R E & ref 4s-1942 J J 3812 39
3814
3812 22 24
44
Certificates of deposit
9
912 9
10
24
512 15
o1942 A 0
80-year adJ !no be
834 87s 858
858
1
434 1312
Certificates of deposit
6713 17 6112 72,8
67 6712 6612
Y State Rye 1st eons 4)0_1982 M-14
96
29
S
M
_1947
s
Light
&
Trac
Ohio
Nor
'22
9
81'2 8
98
7'2
eurtland Ry let & ref ha-----1930 M N -8-5f.; -kr 87 June'22
8612 87
87
88
40; 7812 90
reortland Ry Lt & P 1st ref Se 1942 F A 10378
10414
104
104
1:
106
102
N
M
—1948
Set
A_
let & refund 734e
-8812
8812
8812
2, 8812 8212
Portland Gen Elea let 58..1935 J .1 6312 6378
6312
6412 45, 56ts 68
1960 1 .1
Third Ave let ref 48
60
1241 4412 0234
a1960 A 0 5978 Sale 5812
Adj income 58
9318
93
04
4 88 96
1937 J J 93
third Ave Ry let g 5e
10318
100
34' 96 10034
Tri City Ry & Lt let !So.-1923 A 0 100 -- 100
73
Jan'22 ---- 73
73
1933 J J 76
Undergr of London 4348
6018 ---- 64 June'22 ---- 80 6418
1948
Income Os.
8478
76 - 85
20 76
8812
United Rye Inv 58 Pitts issue 1926 a-hi • 6038 61
0134
0134
4 8112 6134
1934 J J
lofted Rye St L let g 41
5812 58 May'22 — --I 58
58
1924 A 0 56
8t Linda Transit pi be
72 80,4
1934 J J 7914 7978 79 June'22 Va Ry Pow let & ref 50
Gas and Electric Light
95 Sale 9434
9512 19 8978 9512
Sklyn Edison Inc gen Os A...1949 1 J 100 103 10178
102
2 100 10312
1930 J J
General Os series 13
38
65
04
4 June'22 ....l.102 10712
1930 J J 10618 10612 110
General 7s series C
10714 b0 10612 10878
1940 J D 10612 10034
General 7e series D
9612
Sale
96
3 8712 97
9612:
Sklyn Un Gas let cons g Os.j945 M N 9612 Sale 96
9012 151 92 , 9734
Otnoin Gas & Elec 1st 6,ref be 1956 A 0 9434 95 9412
95 I 30' 8814 07
1927 J
Columbia & E let ba
941434,1 88
95,8
1927 J J 9434 Sale 9434
Stamped
- 75
8514
_
Columbus Gas let gold be.....1932 J J 115
Sale 1127s
11712 484 103 12212
1925 Q F
Coneol Ga.5-yr cony 78
9912
9912 15 93 9912
1923 J I
Detroit City Gas gold 58
08 99 98 June'22 - -I 93 9978
Detroit Edison let coil tr Os.. 1933 J
9412 Sale 9412
9478 14 8914 07
k1940 M
let & ref be sot A
10212 38 9912 104
111940 M 8 101 10134 101
let & ref 68 series B
Sale 10253 103
103
J
J
65 100 104
coil
&
1st
Lt
Duquesne
19353 J 10634 Sale 10812 107
76 10414 10734
Debenture 7 SO
9838 408 9818 9834
Empire Gas & Fuel 734s_ _ _ _1937 M N 9812 Sale 9812
1962 F A 8253-..... 0
9014, 3 7714 91
Havana Elea consol g bs
---88
N
87 Feb"22
M
37 Ao
8512 87
1949
Hudson Co Gas let g be
_ 98 June'22
9612
9134 98
Binge Co El L & P g bs
1997 A 0 11012 111 11012 111 I 14 10812 11112
Purchase money 88
03
18
514 m
1925 M S 10818
Apr'22
98 107
Convertible deb Os
--May'22
-1 81,8 8358
Ed El Ill Bkn let con g 40_1939 J J 8412 -9112
91
9112
1 86
9314
Lao Gas L of St L ref & ext 5e 1934 A 0 91
1927 M N 9212 ---- 9212
8 8712 9234,
9212
Milwaukee Gas L let 4s
Sale
109
0
A
10812
A.1941
10914
4
834s
ref
1053
&
78
let
11034
N Y Edison
9914! 26 9253 9934
19483 D 98 99 99
NYCIEL&P 68
1949 F A 8112 8214 8052
82 I
7,1 76 83,2
Purchase money g 4e
10018
10012
J
J
1995
10012
June'22
10138
Ed Eieofli 1st eons g be
1937 M N 9134 Salo 9012
9153 134 00 03
No Amer Edison Os
Pacific01 E Co—Cal0& E— I
4' 93 9858
19371M N 9534 ---- 0534
90
Corp unifying & ref Os_
91
44 87 9214
1942 J J 91 Sale 8913
Pacific0& E gen & ref 55
91
pi
13 8734 94
8934
Pao Pow dr Lt let as ref 20-yr be'30 F A 9018
_
104 May'22
10114 10412
Peop Gas & C let cons g 68_1943 A 0 104
1947 M S 8978 90.58 8978
85 92
8078
Refunding gold 5s
_ 95 May'22
89 05
Ch L Coke 1st gu g 56_1937 J J 95
92 May'22
92 92
Con G Co of Ch let gu 1;58_1936 J J 82 -___
_
7914
7812
7812/
3 7812 7812
Mu Fuel Gas let gu g 58._1947 M N
1944 F A 9634 9738 9678
9712 44 9612 9914
Philadelphia Co Os A
D 9514 9612 9514
192811
2 9212 9812
9514
8s..
s
cony
El
dc
Gas
Stand
9112
9112
I 85 9112
Syracuse Lighting 1st g Ss.1951 J D 9112 ._
84
8512 73 June'21
1949
t be
ren n
92
S
9478
M
156_1932
-0012 9414
g
lst
9314
P
May'22
&
--:-1
Lt
Union Eleo
J 9812 Salo 0812
9834 38 0314 9834
United Fuel Gas 1st s f 68-1936 .1
1944 F A 9018 91
27, 8712 9334
91
8958
Utah Power dc Lt let be
1957,) J 91 Sale 01
91
1 8434 91
Utica Gas & Elea ref 5o
Miscellaneous
1948 MB
Adams Ex coil Cr g 45
1925 MS
Alaska Gold M deb 88 A
1928 MS
Cony deb Os series B
1934 A0
be
Am Witt Wks & Elea
Armour & Co 1st real est 4Hs 1939 ID
J o
1934
A
78
deb
cony
Fruit
Atlantic
1931 M
Atlantic Refg deb 65411
A
'
Braden Cop M coil tr a f 65_1931
1952 A 0
Bush Terminal 1st 48
1955 J J
Consol 58
1960 AO
Building be guar tax ex
1931 J .1
Cerro do Pasco Cop 138
J J
Chia Un 8ta'n lst gu 4He A__1963 J
J
1963
1st Ser C 634e (otte)
MN
78_1923
Mlle Copper 10-yr cony
1932 * 0
Coll tr & cony (is ear A
Computing-Tab-Roo I 68-1941 J J
N
Granby Cone M 8& P cones A '28
1928 MN
Stamped
MN
1925
Cony sleben 85
1940 MN
Great Fails Pow lets f be_
Holland -American Line (13. _ _1947 MN
Inter Moreau Marine s f (ls.J941 A 0
1931•S
Invincible 01185
Marland Oils I 86 with warle 1931 A0
Mexican Petroleum s f &L....1936 MN
1943 J J
Montana Power let be A
1939 31
Morris at Co let e f 4He

I.
75
76
75 ; 7518
6 75
78
9
10
9 June'22 ____/ 9
1212
7
9
9
6
9
1078
7978 Sale 7912
8
1 70 8234
82%
8834 89 8814
26112 8
9 8
39
9071
02
941
3014
3312 39
8 32
10312 Sale 10338 10358 143 10258 106
98 Sale 9712
9814 66 93
9911
80
7 7714 8518
8234 80
81
8712 9012 89
89
4 8214 0258
90 Sale 89
9012 29 8614 92,2
118 Sale 11612 11814 55 110 12414
90
9012 go
914 43 8712 03
113 11314 112
113
36 1 1158 115
105 Sale 104
75 99 10758
105
9012 Sale 90
148' 84
91
92
0614 Sale 9018
9612
4 89
9758
8558 ---- 90 May'22 --- -1 87 90
90
95 94 June'22 --- -1 87 99
9712 98 98 June'22 --_- 86 102
971s Sale 97
9718
3 9412 98,2
8912 Sale 90
9012 31 9178 9114
9034 Sale 95
90
164 89 9912
98 Sale 98
9812 75 90
9858
123 Sale 120
126
04 8434 126
10712 16712 10718 10712 68 99 10712
9614 9612 90
9612
5 93
97
85 85'2 8512
8014
5 , 78
8734

BONDS
N. Y STOCK EXCHANGE
Week ending Juno 23

Pries
Friday
June 23

al‘r.

Week's
Rasps or
Loss Bale

BOW
Ra
!
.1
oul°
°
—.—

Ask Low
Bid
Ilia
7912 80
7912
80
N Y Dock 50-yr let g4.1
1951 FA
2 14
3
99
NO.
6w 1
17
20
Niagara Falls Power let be 1932 I J 9878 9934 99
9
1
6 10012 10434
Ref & gen 66
a1932 AO 10314 104 10334 10334
9534 ---- 95
Niag Lock & 0 Pow 1st St._1954 MN 9534 9638 9534
9534
Nor States Power 25-yr be A_1941 AO 91 Sale 9034
9114
8812 93
9618
Ontario Power N F 1st 5a_._1943 FA 9534 0618 9618
79
Jan'22
Ontario Transmission 55.._.1945 MN 8634
4
102 Sale 10112 102
16511 9
312 10
0
974
Pan-Amer P & T let 10-yr 78 1930
3
73
99
9912 13 9412 1025a
99
Pierce 011 e f 8s
1931 ID 99 100
Prod & Refining a 185
1931 ID 11212 114 11212 114
5s
0 99
81
13
4
78 11
85
Pub Berv Corp of N J gen 56_1959 A0 8434 Sale 84
10412 272 98 weal
Sinclair Con 011 cony 734e _1925 MN 104 Sale 104
9814 276 98 10018
1937 NA 977g Salo 9734
15-year 7s
9834 335 9912 9934,
Sinclair Crude Oil 534s
1952 AG 9812 Sale 98
145 10514 10712
106
a1931 P A 106 Sale 10434
Standard 011 of Cal 7s
100
9212 101
Tennessee Cop let cony 88_-1925 MN 100 ____ 100
1025s 53 100 10312
Tide Water 011 034e
1931 FA 10258 Sale 102
10312 30
1930 Fl 103 Sale 10214
Union Tank Car equip 7s
9 4 105
90%
4 10h3
9634
1939 II 0818 ____ 9684
Wash Wet Power s f be
9212 9314 9278
9314
1946 M
West Penn Power ser A be
10334 10334
5 103%
2
4
c1.948 F A 102 __
1st series D 7s
99 104
2
'
331'4
98
99 93 100
Wilson & Co 1st 25-yr a f 6s__1941 AO 98 Sale 97
9214 55 84
92 9012
1928 3D 91
10-year cony e f 88
957s.
84 9412 10712.
1931 FA 10258 Bale 10112 103
Temporary 734e
Manufacturing and Industrial
1936 3 ei
Ajax Rubber 8s
A CI
1i
918
11)
Am Aerie Chem let o 5a
let ref a f 7 He g
1931 lel N
Am Cot 011 debenture be_
ia
A 1
91
37
Am Elm at R let 30-yr be ser A 194
American Sugar Refining 8s 1937 .1 .7
Am Writ Paper a f 7-6a
1936 rAtlas Powder cony 7Ha g
1940 al N
Baldw Loco Works let 5s
1942 F A
Canada Gen Elec Co 6s
1931 A 0
Cent Foundry 1st s I (le _
1925 A 0
Cent Loather 20-year g bs
1931 M N
Corn Prod Refg s f g 58
1934 hi N
let 25-year a f be
eo
s_.-1930 J J
tarm
yadneebe
7s
aa
baanC
Saug
ed 8
pny
Cuc

10018 10012 100
In

1
_ait
11311_ _ 5714,381
3

98,71814 10n
12...
:
9933512
100

4:
12
23
9034
90
8912 91
9
92 Sale
its5)1782 ii 8612 11278.
se.,alee 1v1::
1u4
10034 201
i
f
1:4
lae3:1
1.0012 Eg
et 9712 101
,

102 10978
101 I
6,
10012 Sle 100
102
1.0178 20 102
------_ --101
994 1023
3 June'22 _ _
:
83_2 in3, N1
8 al 1314 U1
5
UV
'212
r4
8 ---7
.1 6
9514 --__ 95 Ap8
90
8 8
7
98
9918 100 9834 June'22
98 100
8514 Sale 84
8518' 39 541s 8914
8' 4
0112
28
2 10
8434 10
104
07
a
8
5:4 810551e34
4
08
0
112 11
07
0:1
4
Cuban Am Sugar let roll 8s_ _1931 iti-li 18
1078
Diamond Match a f deb 74e-1936
4518 591 33 5312
Distill Sec Cor cony let g 511_19n ;CO45 Sale 44
2 -.i50
e712
10
878 June'22
00
19
-I 8712 90
E I du Pont Powder 4 Hs_ ..19:.36
D 107
3018 Sale
---10318 1081z
MN
du Pont de Nemours& Co 7546'31 I
997
93:: Sale12 11
0514
78
3 10;
M 19
1941 j
Fisk Rubber 1st a t 8s
9812 45 9614 10214
Framerie Ind & Dev 20-yr 712s'42 3 3 9712 Sale 9814
Apr'22
General Baking 1st 25-year 861938
Jun
1(32 :
2-_ 8..-I 3
:
13
1(
2 1/
4
8
1I4.
1942 F A
Gen Electric deb g 3Hs
1952 M S 10058 Sale 9912 10114 36 95 102
Debenture Os
Feb 1940 F A 10534 Sale 10414 105 I 19 103 108 •
20-year deb 65
2 11512 140 11014 11612.
e4 11 14
A 1 14314 1li:
M N
'41 F
Goodyear Tire St Rub lets f 88
81931
(ni 4 Sale 101 1
114(rilai
10-year a I deb g 86
171ii g% 11214
lot Agile Corp let 20-yr be_ _1932 111 N
110 I 10 102 11412
Internet Cement cony 88-1926 J D 110 Sale 110
8712
51 88 881,,
1947 J .1 8512 8712 87
International Paper be
8618 76! 8314 877a.
1947 J J 8512 Sale 85,4
let dr ref 5s B
1942 F A 10334 Sale 10314 104 1 30 102 108
Kayser & Co 73
le 19088
08
a8
2 S9
7118
-61017
N 19
J
8 18912
1111 o
:2 _2
13
38
193
Kelly-Springfield Tire 88._1
June'22
Kinney Co734s9
11413 18 112
38 115
384
Liggett & Myers Tobao 76.-1944 A 0 11418 11434 114
9712 20 9178 9812
1951 1 A, 9612 Sale 96,2
St.
1944 A 0 11334 Sale 1134 114 I 28 112 116
Lorillard Co (P) 75
9414
9 9218 97
1951 F A 9412 95 9414
be_
974 89 9718 1003,.
1942 A 0 9734 Sale 97'8
Maw,Sugar 7 ilF/
-1 9212 97
Nat Enam At Stamm let be....1929 J D 9512 974 96 May'22
it6;4
.,
203.1
858 ke
092587811-890
;0b9.
-iill-ee- 1,0
158% ssa
0099
J 19
iw N.
Nat Starch 20-year deb 56—1930 J
NI
111
2
8
5
9
192
National Tube 1st be
97 10114
N Y Air Brake 1st cony ile.....
10758 23 98 1084.
Packard Motor Car 10-year 861931 A 01 10712 10734 107
7,2 19
3
34
08
,
4 934
4 10
_87.
12 16
314 _9
08
os
000
104
9994 1
1931 M NI 19
Porto Rican Am Tob 8.
Sharon Steel Hoop let 84 ear A1941 he Ell
25
98
9612
South Porto Rico Sugar 76-1941 J D 9712 98
97
23 98 9718
1930 pa Nt 9612 97 97
Standard Milling let be
134
4
,434
04
100
2 9
10
134 13
04
734 102
97
Steel & Tube gen a f 76 ear 0-1951 J .1 10 Sale 1
10212 22
J D
j 10214 Sale 102
1931 j
Tobacco Products a f 75
8812 1047s
Union Bag & Paper 1st 5a-1930
15
19
14
9%
13
4 3
18
04
97
92 112
4 104
15
z Sale 19
10Js
1941 J D; 1.9
United Drug cony 8s
US Realty & I cony deb g be_1924 J J
4 154
6 18
8 Sale
812 19
00
4%
8912.
001
2
8813 1023
sale 10214
8834
19233 D 1023
U El Rubber b-year sec 76
J
1947 J A
let & ref be series A
102318 Sale 10714 10814 13 104 10934
1930 F
10-year 7 He
1
5
102
10014 1015s
9512 10358
U 8 Smelt Ref & M cony 6s._1926 F A' 10012
100 1 54 93 10112
Va-Caro Chem let lb-yr 58_1923 J D 9934 9978 9958
95i
0,58
:
Aels 19
0
16
4 88
11
8;
9
95
2 19
o, 109
98
09012
A 0
el924 I
Cony deb Os
998758
8 2333
7s (when issued)
10514 1531 90': l052
12-year s I 7He
8
Sale
995
10014
100
40
N'
1 .1M D
332
194
1
Warner Sugar 78
West Electric let be_ _ _ _ Dec 1922 j j t0014 10038 10014 10012 231 99 10012
197 t. 64, 105 • 108
10658 Sale 10612
M
1931 ..24_
Westinghouse E & M 78
9812 Sale 9812
9858
81 97 10114
Wickwire Span Steel let 78_ _1935
Coal, Iron and Steel
1
I
3 9518 100
99
,
1921 1 1 99 99311 99
Beth Steel let ext 8 I 58
94
28 8912 9814
1942 1141 N 9334 Sale 9212
18t & ref be guar A
,907g
Sale
4
89
893
18
1
86 9434
J
1931%
20-yr p m & Impel be
A1 3.. 9
.
51 (32
3:
94
..
8 Au8
78
98
1„..63.. _9_8_
A 8
2513
F D
23
38
94
19
9914.
Os A
Buff & Susq Iron a I be
100
a1928 M 8 9914 --__ 100 Apr'22 _--Debenture be
F
Colo F AG I Co gen a f be
1943 F
.71114
Col Indus let & coll 56 gu_ _1934
87
12
.
.
4 86
.
....._ _ g11,
8918
.12 81de
Cons Coal of Md let & ref 60_1950 J D 93'2
May'22
9814 10214
1925 .1 D
Elk Horn Coal cony Os
9012
4
I
913
90
91
8
1940 A 0
Illinois Steel deb 434s
9934 91 1;13184
2 10112
1952 I'd N 9934 Sale 9912
Indiana Steel tat 58
9334 100
93A 0
Lackawanna Steel let g 58_ 19520
4le 9
19
88
9978 S
978
8931,4r 5
199
28 82 927a
Id 8 8914
1st cons 5s series A
Lehigh C & Nay a f 454s A_ 1954 J J 9158 _ ___ 94 June'22 ___- 90 94
8934 84 83 9234,
Midvale Steel & 0cony s f 5s 1936 M s 8812 Sale 8814
10118,
6, 9812 103
1941 F A 10012 101 100
Otis Steel 8s
1
9 97
80
_1 9
_0
112 Mar
2,_2
558
9'2
2 -58-1_4 94
14
4,
Pocah Con Colliers let et 58_1957 J J 90
T)112 111)7,
81ut2
4? I
1 2
1 it4
_1
A 0
ei_f .
pd
June'22
84
78
..--

In

1 riZ ca7, 3°01,22

321'24 2 .1?

11-gyerent5ze
littenEnuRbcocotatlrE311-31058

81963 MN
U 8 Steel Corplcoup
81963 MN
8 I 10-60-yr 58Ireg
Va Iron Coal & Coke 1st g 58_1949 MI El
Telegraph and Telephone
Am Telep & Teleg coil tr 4s__1929 1 J
Convertible 4s
20'.year cony 4He
31 r_id" i
9i
11946
_
30-year temp coil Cr St.....2
1925 F A
7-year convertible (Iii
1945 A 0
Bell Teleph of Pa a t 76 A
::
jl 1:1
Cent Diet Tel let 30-year 56._1943 t
Commercial Cable let g 48_2397
1937
Cumb T at T let & gen 5a
Mioh State Telepb let 5s. _1924 F A
N Y Telep let & gen s f 4)0_1939 M N
30-year deben a t Os_ _Feb 1949 F A
20-year refunding gold 86..1941 A 0
)f 1
Northwest'n Bell T 1st 78 A.M.
Pacific Tel & Tel let be
1952 M N
59
South Bell Tel & T 1st s I 56_1941
Western Union coil Cr cur 58_1938;
Fund & real estate g 4548_1950 1111 N
1936. _ _ __
10-year 6 l4a it

10314 288 9912 10414
10258 Sale 10134
--------101 June'22 - _ __I 8
9;4 ,
302
212
92
2
93
92
92
I
9014
91
164
9034 91
)_ 1z Sale
0
1
(
l(1144 1E82
1_
114 115 1114
10818 Sale 10712

103
9451324
1(8'
2 217
8014
11 8;1442
9111a
"
11478 66 108 11658
1081s 123 107 112

1E2 5'
3
4 19
-e3312 jung112
4 —5
2
f l
8
11' i
'67964
s 94
14
9 9434 99
9858
9858 99 9853
9414' 49 8814 95
9_418 Sale 9312
10412 Sale 104
105 1 56 10134 106
10458 Sale 104
10434 173 10178 1057s
4
1212 loos 85 10512 10834
11:(4,
97 I 19 917s 98
9238 Sale 9112
94 I 153 9112 95
9412 41 93 96
L:
311
9912
5 9034 100
90
9212 91
9212
1 8812 945
10958 10934 10914
68 10612 11011.
110

:ate

.31 gi2zralee .

*No peke Fridays latest bid and asked. aDue Jan. dDue April, eDue Mar. eDue May. oDue June. hDue July. kDue Aug. oDue Oct. eDue Dec. 8 Option sale.




2812

BOSTON STOCK EXCHANGE-Stock Record ser°17:...

HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
liglitsrday.
June 17.

Monday,
June 19.

Tuesday,
June 20.

Wednesday. Thursday,
June 21.
June 22.

Friday
June 23.

Sales
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Range sines Joe. 1.

!News fa Draftees
year 1921

Lowest

Lowest

Highest

Bohai

Railroads
Boston & Albany
100 13014 Jan 4 152 May 22 119 Apr 133 Sol
Boston Elevated
100 73 Feb 20 8458May 2
8173 Jan 79 Rev
Do pref
100 9414 Mar 1 104 June 14
Jan 100 Dec 78
Boston & Maine
100 14 Jan 10 3112May 20
1314 Dec 251, Feb
Do pref
1(0 20 Jan 9 37 Apr 8
164 Nov 30 Jac
Do Series A 1st pret..100 22 Jan 5 4413 Apr 26
19 Aug 33
Jan
Do Series B 1st pref..100 36 Jan 17 62 May 20
27 Nov 47 Feb
Do Series C let prof.. 100 30 Jan 9 54 May 25
24 Nov 40
Jan
Do Series D let pref_ 100 40 Jan 12 7712May .1
36 Nov 88
Jan
Boston & Providence
100 125 Jan 12 155 June 3 110 June 133 Jan
Bost & Wore Elec pref..No par
334 Jan 26
8 May 16
34 Jon
384 Feb
Chic June Ry & U Y___ 100 130 Jan 19 140 Juno 23 130 Feb 180 Feb
Do pref
100 804 Jan 9 9514May 11
8313 June 8213 Dee
Maine Central
100 2711 Jan 30 48 Apr 15
80 Dee 434 Feb
N Y N B & Hartford
100 1 14 Jan 3 3478May 22
12 Dec 2314 Jan
Northern New Hampshire _100 69 Jan 10 8312May 9
80 Apr 75 Feb
Norwich & Worcester prat _100 58 Jan 17 100 June 1
51 Nov 76
Jan
Old Colony
100 57 Jan 6 981 c M ay 23
50 Oct 75
Jan
R.utiand pref
100 15 Jan 20 5278June 5
15 Apr 21
Jan
Vermont & Massachusetts_100 78 Jan 23 98 June 1
89 Nov 78 Des
West End Street
50 4812 Jan 6 52 Mar 16
40 Jan 514 Dec
Do prof
50 57 Mar 1 6218May 5
40 Jan 61 Dee
Miscellaneous
Last Sale .05 Apr'22
Amer 011 Engineering
.02 Feb 8
10
.05 Jan 25
3 Jan
.04 Aug
--312 313 2k-s
IA;
314 33(6
599 Amer Pneumatic Service_ 25
312 312
234 Feb 4
414 Jan 27
2 Jan
534 Dec
*16 1012 10 , 1612 1012 -17
1612 1612 17
16
514
Do prof
ao 13 Feb 20 17 Jan 16 84 Jan 1538
Nov
12212 12272 120 12014 120 12012 120 12038 120
12012 2,030 Amer Telephone & Teleg_100 114h Jan 3 12434 Mar 14
1381a Jan 1194 Nov
114 114 110 112 114 114 114 114 113 11312
Animism Mfg
par 104 Jan 10 117 Jan 24
74 Jan 109 Dee
853 8512 *8514 ___ 8512 8558 '5851 ___ 8512 8512 315
113
No
Do prof
No pa 28013 Jan 17 8533June 21
73 Feb 8414 Dec
*15
*15
17
17
*15
17
2-Sale 15 May'22
Last
Art Metal Construe Inc__ 10 1412 Feb 20 201e2lity 19
12 Jan 16 Sept
184 1814 *18
1812 *18
19 '518
1812 *18
100 Atlas Tack Corporation No par 13 Jan 7 22 May 4
1812
1214 Dec 20 Apr
Last Sale .30 May'22
Beacon Chocolate
10 .25 Jan 20 .75 Feb 21
.15 Dec
4
Jan
-;.-2-5 .40
";.-16
Last Sate .25 June'22
Boston Max PetTrusteesNopor .15 Apt 27 .50 May. 4
.15 July
.95 Jac,
Last Sale'.10 June'22
Century Steel of Amer Inc.. 10
.05 Jan 20
.15 Apr 27 .0812 Oct
Jan
14
21-34
154 1134 • 2112 113-4 2134 2134
250 Connor tJol n T)
ins July 17% 'Don
10 1534 Jan 4 2312 Mar 3
*414 5
*4
*4
5
412 412
5
50 East Boston Land
3 Jan 4
10
0 Apr 21
3 Oct
41s Feb
114 114 *1114 1112 *11
1112 *11
1112 114 -_-ma Oct 23
45 Eastern Manufacturing_ 5
914 Jan 19 1414 Feb 10
1118
Jan
70
704 '70
71
7012 73
72
7334 70
73
390 Eastern SS Lines Inc
25 3813 Jan 4 7334June 22
16
Jan 42 Doe
*47 _ _ _ _
_
*47
__
Last Sale 47 May'22
Do pre!
50 42 Jan 7 4712 Apr IS
42 • Nov 48 Doc
17312 174
173 1731
- 2 173 173
- - 17312 17478 1747 175
337 Edison Electric Ilium
100 156 Mar 2 175 Apr 10 14214 Oct 1654 Dec
*11
*1014 11
12
1118 1118 *1034 11341 *1034 1134
100 Elder Corporation
No par
3 Mar 14 13 May 1X
8 Nov 17
Jan
*1134 1214 *1134 124 *1134 1214 *1134 1214 1214 1214
35 Gardner Motor
10 Jan 12 1614 Apr 6
9h Sept 234 Apt
Last Sale .50 May'22
Gorton-Pew Fisheries No p5
a0
r .30 Mar 21
1 Jan 19
1 Dec
Jan
8
20
2012 *20
22
2012 2078 2014 20341 2014 2058
581 Greenfield Tap & Dia.__ _ 25 19 Jan 26 2714 Feb 27
1914 Dec 29 Nov
3212 33
*3234 3312 *33
34
3258 3234 3218 33
257 Internat Cement Corp_No par 26 Jan 20 374May 13
19 July 287s Dec
*30
_ _ *30 ____ *30 __
Last Sale 30 June'22
Internat Cotton Mills
80 28 Mar 25 32 Jan 27
Dec 6118 Feb
32
*65 67
*63 67
*63
67
Last Sale 65 June'22
Do pref
100 6411 Apr 4 7812 Jan 6 • 74 Dee 86 Mar
*458 512 *412 512
434 6
434 434
195 Internat Products
No par
314 Jan 9
64 Mar 25
Sept 13 Jan
2
11
11
*1012 15
*1012 12
*1012 12
-II35
Do pref.
100
7 Jan 5 17 Apr 1
5 Nov 32 Jan
14s 114
I
1
*1
114 *1
114 *1
114
325 Island 011 & Transp Corp. 10 .02 Apr 15
3 Jan 24
2 Sept
47s Mat
912 912
934 10
934 10
912 10
94 97.s • 595 Libby, McNeill & Mb
10
158 Apr 24 1112June 3
518 Dec 13
Jan
9
91
*9
10
*9
914
912 012
9
9
309 Loew's Theatres
25
812 Jan 3 13 Jan 16
1814 Dee 18 June '
Last Sale 9712 May'22
McElwain (W H) 1st prof-100 81 Jan 24 9712May 1
73 June 9213 Feb
76
76
75
75
-r7512
75
7512 75
159 Massachusetts Gas Cos_ -100 63 Jan 3 77 June 14
7512
5334 Sept 88 Jan
66
66 •
60
6614 66
6014 66
6614 66
66
330
Do ore
100 62 Jan 3 69 Apr 8
584 Oct 84 May
150 153
150 150 *14712 150
150 150
150 150
40 Mergenthaler Linotype
100 130 Jan •3 156 May 10 117 Sept 138 Nov
2212 24
2212 2312 2212 2234 22
23
--570, Mexican Investment Inc
10 20 Mar 27 2612 Apr 12
184 Sept 854 Apt
22
24
22
22
2212 2212 2234 23
-2234 232831 Mississippi River Power...100 13 Jan 6 2512May 5
11 Sept 144 Mar
81 '79
81
81
*79
81
*79
81 '
5.79
81
5
Do stamped pref
100 7212 Jan 9 82 Feb 25
60 June 84 Apr
Monday814 834
858 858
834 834
812 878
441 National Leather
8 Jan 4 1158 Jan 21
10
214 Dec
94 Jen
234 234
234 234 *212 3
212
2
134 -2740 New England Oil Corp
2 June 22
5 Jan 28
Aug
8 Aug
Bunker
114 114
11412 11412 11412 11413 11512 11512 115 1151?
61 New England Telephone_11313 109 Jan 4 118 Apr 13
954 Jan 1124 Dec
'10
11
*912 11
*912 11
Last Sale 1238 May'22
Ohio Body & Blower___No par 11 May 18 14 Mar 16
7
July
1134
Dec
Hill
4118
*19
19
1934 19
19
1812 1812
120 Orpbeum Circuit Inc
1 13 Jan 10 2134May 3
1413 Dec
8014 Apr
'
166 166 *165 170
165 166 *165
n
148 Pacific Mills
x162 Apr 26 17412 Mar 11 148
Jan 171
Dee
Day.
_
Last Sale 82 May'22
Plant (Thos
pref
100 78 Feb 21 82 May 12
7814 Nov 87 Ilea
1414 1412 *1412 __
1512 1512 1412 1512 1512 1512
124 Reece Button Hole
124 Apr 14
10 1252 Apr 18 1512June 21
Jan
414 414 *4
412 *4
412 *4
412 *4
75 Simms Magneto
412
5 3 Feb 20 74 Apr 5 3 Dec 914 May
10014 10078 1004 101
10012 10134 1004 10158 10012 10112
755
Swift & Co
100 9214. Jan 3 l087s Feb 23
July 10834 Jan
884
*7814 7834 7834 7834 *7712 7834 784 7834
45 Torrington
25 60 Jan 3 8112June 5
47 June 61 Feb
*11
12
*11
12
*10
11
11
11
11
11
35 Union Twist Drill
8 Mar 29 1414 Feb 3
10 Dec 22 Jan
3718 3814 3714 3712 3712 3812 384 39
3812 387s 1,796 United Shoe Mach Corp.._ 25 34 Mar 3 45 Mar 24
83
Sept 394 Jo°
26
2614 z243
264. 26
26
26
2614 26
26
396
Do pref
25 26 Jan 3 27 Jan 21
2214 Apr 254 Dee
3058 3114 31
324 32
3318 32
33
32
3253 8,103 Ventura Consol Oil Fields_ 6 2178 Jan 27 3312June • 2
1614 July 244 Dee
294 30
29
294 2912 2958 2912 2912 2912 2912
521 Waldorf system Ina
10 264 Jan 4 3112June 2
1673 Jan 2971 Dee
9
10
9
10
958 *9
*912 10
10
10
380 Waltham Watch
100
7 Jan 3 1434 Apr 20
6 Dec 17 Jan
512
1214 12
12
*12
1214 12
1214 12
12
295 Walworth Manufacturing- 20
74 Feb 7 1234June 15
8 Sept 17 Feb
31
31
3112 3214 3112 3112 1531
32
31
341 Warren Bros
3214
ao 171a Jan 3 35 May 29 11 Apr 224 Apt
3712 3712 37
37
3734 3734 3712 3734 3712 3712
142
Do 1st prof
50 3012 Jan 4 3734June 14
17 Aug 3311 Dee
*41
*41
43
4434 *41
Last Sale 43 June'22
4434
Do 26 pref
50 334 Feb 18 44 May 29
16
Oct 3534 Dec
*1714 1734 *174 1734 *17
Last Sale 1712 June'22
1712
Wickwire Spencer Steel__
1384 Mar 27 21 May 13
8 JtUy 184 Jan
.80 .80 - - - 90 Wollaston Land.
6 .80 Juno 16
134 Jan 4
.35 Oct
154 Dee
Mining
*.65 .75 ..65 .73
.65 .65 .5.65 .73 41.65 .73
20 Adventure Conaolidated-- 25 .50 Jan 31
1 Apr 15
.4 Mar
.76 Mar
*61
64
62
62
61
*60 62
61
63
61
120 Aluneek
25 59 May 11 66 May 29
40 Aug 03 Dee
41.20 .50 '.20 .50 '.20 .50
Last Sale .20 May'22
Algomah Mining
25
20 Jan 13
.50 Ayr 17
.15 July
.50 Apr
*26
28
2512 2512 25
2612 *26 28 '525 26
41 Allow;
25 22 Jan 9 324 Jan 26
18
Apr 244 Nov
37
37
2
2
*312
37
3
312 334 *338 418 *353 4
130 Arcadian Consolidated
25
2 Mar 10
458May 23
14 Sent
3$4 Jan
94 94 *914 912 *914 912
220 Arizona Commercial
914 94
914 912
6
814 Feb 20 1012June 5
67a Jan 10 Apr
*15
1534 1512 1512 1512 1512 *15
1534 *15
1534
90 Bingham Mines
13
Jan 5 1614June
10
8 Mar 14 Oct
270 275
270 275
270 274
274 275 *271 274
85 Calumet & Recta
25 265 Jan 5 298 May 31 210 Apr 280 Dee
10
1012 1018 1138 1114 1134 1112 1134 1112 1218 4,165 Carson Hill Gold
1 10 June 19
1034 Mar 29
11 Dec 164 Jan
.10
11
*10
11
*10
11
Last Sale 10 June'22
Centennial
25
912 Jan 16 134 Feb 1
7 Jan 10 Jan
4312 44
4312 44
431z 4414 4312 43531 4358 44
236 Copper Range Co
25 3712 Jan 3 4634May 31
27 Jan 4014 Dec
Last Sale 134 June'22
Daly-West
20
1 Apr 5
234 Mar 7
1AS Nov
44 Jan
--ifs --Ili
712 -0- -712 8734 778 *712 8
600 Davis-Daly Copper
612 Jan 3
10
94 Jan 26
514 Mar
74 Jan
1012 1114 1034 114 1012 1012 1012 1058 *1058 11
East Butte Copper Mining. 10 10 Mar 27 1214 Jan 26
7
Aug 1114 Dec
232 238 *2 24 2 213 214 238 2 214 265 Franklin
25
1 Apr 11
378 Apr 15
1118
Apr
314 Jan
*3
312 *3
312 *3
312 *3
312
258 258
85 Hancock Consolidated- 25
2 Jan 13
34 Mar 16
14 Sept
312 Jan
*114 112 *.1 14 112 *14 14
Last Sale 114 June'22
Helvetia
1 June 14
25
24 Apr 17
1 June
27s Nov
11413 1154 115 116
11512 11658 115 116
111 11212 2,326 Island Creek Coal
1 8112 Jan 1 11638June 21
48
Jan Ws Dee
95
95
96
96
*93
94
9512 9512 9412 9412
33
Do pref
1 88 Feb 14 96 June 15
75 Jan 904 Dec
*2312 24
*2312 24
*23
24 '
24
23
23
23
20 Isle Royale Copper
25 2218 Feb 28 2034M11y 31
1614 Jan 244 Dec
*314 4
*314 4
*314 4
34 33* *314 4
10 Kerr Lake
3 Feb 8
5
478 Apr 17
233 Mar
Sept
212 212 *214 234 *214 238
212 234
370 Keweenaw Copper
214 212
25
1 Feb 24
578May 5
.98 Sept
2 Dee
412 412 *412 434
478 478
478 478 *412 5
113 Lake Copper Co
214 Feb 18
25
534Nlay 31
313 Dee
2 Jan
*112 134 *112 134 *112 134 *112 134
50 La Salle Copper
112
112
112 Feb 6
25
214 Apr 17
114 Jan
1114 Feb
*134 214 *178 218 '2
Last Sale 134 June'22
3
Mason Valley Mine
138 Jan 4
5
14 Jan
234NlaY 19
2 Sept
312 312 *318 314
34 314
3
312
312 312
278 Mass Consolidated
25
2 Mar 24
434 Apr 13
.85 Apr
lise Jan
43s 478
434 478 *412 5
434 434
435 Mayflower-Old Colony...._ 25
434 434
214 Jan 20
6 May 22
233 Aug
514 Jan
314 34
*2
,
4 3
*234 3
27s 373
182 Michigan
112 Jan 16
3ls May
25
7 Apr 13
114 Aug
'2
61'4 63
1112
4 62
6212 62
*6112 64
6212 62
63
130 Mohawk
25 5312 Jan 7 68 June 5
434 Jan 69 Dec
1838 1812 1812 1812 1812 1812 1814 1834 18
403 New Cornelia Copper
1814
5 17 Feb 21 2012June 2
1214 dent 1834 Dec
.25 .25
.25 .25
.25 .25
.20 .50
.25 .25 1,200 New Idrla Quicksilver
5 .25 June 16
218 Mar 23
.40 Nov
2 Dec
37
37
37
Last Sale 37 June'22
New River Company
100 37 Jan 8 40 Feb 0
ILO
Feb 57 May
*75
75
75
7712 *75
7712 *75
7712 *75
10
7712
Do pre!
100 78 Jan 7 7812 Apr 7
74 Dec 96 Mat
614
614
6
6'/,
612
6
*6
618 618
614
480 NIplaelng Mines
534 Jan 20
8
7 Jan 4
A July
84 Jan
1212 1212 1212 1234 1212 13
1214 1212 1238 1212
389 North Butte
15 11 Feb 15 15 May 29
8 Mar 1414 Dee
318 318 *234 314 *234 314
21 Ojibway Mining
314 314 *234 314
25
Jan
Apr
24
418
20
15
1
Aug
24 Dee
26
26
2614 2612 *26
2614 26
26
2614 2612
240 Old Dominion Co
25 23 Jan 4 27 Jan 25
1513 Jan 2534 Nov
*33
34
*33
*33
34
34
33
*3212 33
33
85 Oeceola.
25 303,2 Jan 5 38 May 31
21 Aug 354 Dec
*43
44
43
4312 45
45
43
44
44
44
111 Quincy
25 42 Feb 20 50 May 31
334 Aug 46 Dee
45
45
45
45
4512 4512 45
45
45
45
215 St Mary's Mlneral Land
25 4158 Jan 9 4812May 31
28 Jan 48 Dec
.80 1
.95 .95 '.85 .95 '.85 1
*.95
114
725 Shannon
10 .25 Mar 10
134MaY 18
.75 Jan 1% Dec
'.95 114 '.95 114 '.95
Last Sale 118 June'22
_
South Lake
25 .50 Jan 31
114May
18
.85 Nov
2 Jan
*4
414 *4
414 *4
Last Sale 4 June'22
414
Superior
25
2 Mar 29
411 Feb
418June 2
2 Sept
13s 15s
13s 138 *114 112
112 112
112 112
240 Superior & Boston Copper- 10
.90 Mar 31
15
Apr
2
1
214 Feb
June
114 *114 138 *114 1'3,
14 138 *114 138
114
280 Trinity Copper Corp
114June
5
5
34 Nov
Apr
318
13
,3
4
4
July
*.65 .75 '.65 .75 *.65 .70 '.65 .70
.65 .65 1,000 Toulumne Copper
5 .49 Mar 7 .92 May 22
.34 Aug
.88 Dee
5212 258
258 258
234 258
212 238
234 234
850 Utah-Apex Mining
5
24 Jan 19
4
Mar
22
Oct
Ps
34
Aug
3
*3
3
312 *3
3
312
3
*278 3
'255 Utah Consolidated
1
1 Feb 21
at2June 5
14 Nov
8 Jan
114
114 *1 /
118
34 114
118 *1
118 114
118 2,460 Utah Metal & Tunnel
1
1 Feb 15
Apr 13
212
.95
Jan
Jan
2X3
*112 2
*112 2
Last Sale 134 June'22
*112 2
Victoria
'
14
25
'
212 Jan 30
,Jan 5
.40 May
214 Feb
112 112
*6
*158 178
.
9
2
134 178 *158 178
189 Winona
25
.25 Jan 16
234 Apr 15
.80 Mat
.35 Jan
124 *12
*12
13
1212 1112 1112 *1134 12
15 Wolverine
25 10 Fob 10 16 May 31
14 Feb
818 July
Bid and wilted prIcea; no sales on thla day. s Ex-rights. 8 Ex-dividend and rights. z Ex-divldend.
*145
146 147
146 147
14618 14618 147 148 Sharf584
x82
82
82 83
83 83
8212 8234 82
272
8212
*9812 102
9812 100
*99
_ _ 99 100
100 100
64
*25
2012 25
26
2538 2534 2512 2612 2612 28
490
*27
2812 2812 2614 2614 *2714 30
30
29
30
365
36
36
36
35
3534 3012 36
3612
211
1550
54
49
*50
50
52
51
51
43
*45
51
*46
Last Sale 5112 June'22
*139
79
70 16- *69
- 70
70
30
*155
'160
*1(30
Last Sale 155 JutiOl22
Last Sale 7 June'22
*6
714
714 *6
714 *0
*140
_ _ *140
140 140
10
'92
Last-Site 95 June'22
__
;;15- 44 '40
45
*40 _ _
Last Sale 45 June'22
*274 2712 2713 2712 2818 2814 29
2978 2912 3014 1,597
*80
Last Sale 79 June'22
98
*96
96
_ _ ;oil
- 1-02-_ *96 10
94
94
*94
95
94 *9694
94
94
-438
*41
45
45
*45
45
40
47
47
49 -411-55
*96
98 '90
98
96 .
96
96
9812 00
96
21
---Last Sale 51 June'22
----.
Last Sale 61 June'22




Sales
Friday
Last Week's Range for
Week.
Sale.. Of Prices.
High.
Shares.
Stocks (Concluded) Par. Price. Low.

Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange June 17 to June 23, both inclusive:

Bonds-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.

Atl G & W I SS 5s..__1959 62
Chic Jet Ry & U S Y-5s '40 92%
Chippewa Power 6s_ _ _1947 9834
1938 98%
Hood Rubber 78
Internet Cement 8s_ _ _1926
K C Mem & Birm 5E1_1934 86
1998
Lake Shore 3%s
%
1931 903
Mass Gas 434s
Miss River Power 5s_ _1951 93
N E Telephone Ss__ _ _1952 9736
1932
58
1944
Swift & Co 5s
Warren Bros 734s_ _ _1932 109%
1925
WestPenn Co 6s, w 1_ _ ,..).
an
-_

Range since Jan. 1.
High.

Low.

62 $15,000 47
61
92% 92% 6,000 89%
98% 98% 5,000 98%
98% 32,000 95%
98
109 109% 4,000 101
5,000 79%
86
86
73% 73% 1,000 73%
9034 9034 3,000 86
22,500 88
93
92
9734 9734 8,000 97%
9734 9734 3,000 93
9734 9734 8,000 91
39,000 97%
109% 111
10,000 98
98
98
13.000 90
OR
an

May
Mar 65
Apr
Jan 94
June 98% June
Jan 99% Apr
June 114 May
Feb 88% May
June 7334 June
Jan 91% aune
Jan 9334 May
June 9734 June
May
Jan 99
3 June
Jan 974
Feb 115% May
June 98 June
May
Jan WI

90
Ga Caro & Nor let 58_1929 90
90
81
81
1949
Lexington Ry 5s
92% 93
Mary'd Elec Ry let 5s.1931
Monon Val Trac 5s_ _ _1942
8034 8034
78.
1923 98% 98% 98%
Penney W & P 5s
1940
9734 9734
74% 7531
United Ry & Elec 4s_ _1949 75
Income 4s
1949 5531 5531 5531
77
76
Funding 5s, small_ _1936
100 100
6% notes
1922
6s w I
100 101
1949 101
Wash Bait & Annap 5s 1941 81% 80% 8134

Sales
b'riclay
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.

25
American Radiator
American Shipbuilding_100 60
Armour & Co, pref_ _ _100 9734
15
Armour Leather
*
Booth Fisheries, new.
100 44%
Preferred
Case (J I)
*
Chic C&C Ry pt sh corn.*
7
Preferred
8
Chicago Elev Ry, pref _100
Chicago Itys part ctf ser 2_
Chicago Title & Trust_100
Commonwealth Edison 100 130%
7%
Continental Motors_ _ _ _10
*
3%
Earl Motors
*
Godchaux Sugar, corn
A00
D.._
&
D
Lakes
Great
631
IIolland-American Corp_*
i0
Hupp Motor
100
Illinois Brick
234
Libby, McNeill& Libby_10
Mid West Utilities, com100
100
Preferred
Mitchell Motor Co
National Leather, new._10
Pick (Albert) & Co
.Pigg Wigg Stores Inc "A"5 42
Pub Serv of N Ill, corn_100
100
Quaker Oats Co
100 97
Preferred
10 24%
Reo Motor
Sears-Roebuck, com_ _ _100 76%
Standard Gas dr Electric-50
50
Preferred
Stewart-Warner Sp,com100 4231
100 101
Swift dr Co
15 19%
Swift International
Thompson (J R), corn_ _25 4631
Union Carbide& Carbon 10 55%
8
United Iron Works v t e50
United Paper Bd, com_100
Vesta Battery
59
Wahl Co
Ward, Montg, dr Co, w 120 22
Western Knitting Mills_ •
Wrigley Jr, common _ _ _ _25 101
10
Yellow Mfg
144
Rights
Bonds-Booth Fisheries s Id 6s 1926
Chicago City Ry 58_1927
Chicago C&C Rys 58_1927
Chicago Railways 5s_ _1927
tuth Side Elev 430_1924

96
63
97%
12%
834
45%
43
6% 7%
1% 1%
6% 7
8
7
3
3
290 290
130% 13031
7% 7%
3% 3%
1751
15
89
88
6% 7%
19% 20%
72
72
2% 2%
43
42
75
75
6% 7
8% 8%
26%
26
41% 4331
98% 98%
176 176
96% 97
24% 24%
76% 76%
19% 1931
47% 48%
42 .43%
100 101
19% 20%
4634
46
5534 56%
931
8
15% 16
30
30
61
59
20% 22%
834
8
101 106%
207 220
120% 145
96
60
97
12%

84
80
49
79%
85

100
100
875
328
225
669
580
50
82
650
30
50
350
1,600
575
055
55
2,275
5,294
265
4,201
210
300
630
1,250
125
4,235
45
100
140
7,450
58
310
775
5,565
875
4,175
425
6,710
8,584
130
50
827
4,140
766
2,378
330
1,270

84
$1,000
8031 9,000
49% 7,000
79% 2,000
85
2,000

Range since Jan. 1.
High.

Low.
Jan
June
Jan
Feb
Jan
Mar
Jan
Jan
4% Jan
1% Jan
1% Jan
250
Feb
114% Feb
5
Feb
234 Jan
10
Feb
81% Jan
431 Jan
10% Jan
56
Feb
234 June
27
Jan
53
Jan
334 Feb
8% Jan
.19
Jan
23% Mar
8031 Jan
143
Jan
93% Mar
13% Jan
5934 Feb
13
Jan
42
Jan
24
Jan
91% Jan
17
Apr
40
Jan
43
Jan
Jan
13% Feb
27
Mar
50
Jan
12% Jan
5
Jan
97
Ma
132
Ma
120% June
83
60
91
12
5
34
3

79
67
49
67
77%

102
96
98%
12%

May
Mar
Mar
Feb
June
4534 June
9 June
Feb
9% Feb
May
12
Mar
6
200 June
132% Apr
Apr
9
Jan
6
Mar
18
Feb
108
June
21% May
75% June
734 Veb
5331 May
May
77
June
1134 Jan
28% Apr
54% May
Mar
101
Apr
180
97 June
27 May
80% May
20% June
48% June
45% May
108% Feb
23% Feb
5134 Apr
5934 Mar
9% Feb
18% May
Apr
40
71% Apr
24% May
10% May
110% Feb
Feb
216
145 June

Mar
Jan
Apr
Jan
Feb

84
84
53%
84%
88

2,000
1,000
5,000
1,000
16,500
6,000
24,000
6,000
700
13,000
43,000
30,000

Range since Jan. 1.
High.

Low.
8334
8034
86
75
95
92
6634
46
66
98
98%
78%

Mar 90 June
Jruae
May 81
Apr
Jan 94
Feb 82% Apr
Jan 99 May
Jan 99 May
Jan 7534 June
Jan 5834 May
Mar 7734 Apr
Jan 100% May
June
Apr 101
Mar 84
May

Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, June 17 to June 23, both
inclusive, compiled from official sales lists:

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange June 17 to June 23, both inclusive,
compiled from official sales lists.
Stocks-

2813

THE CHRONICLE ,

JUNE 24 1922.]

Stocks-

&ties
rrtaay
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.

34
34
American Cities, pref_ _100
6534 66
American Gas of N J__ _100 66
734 7%
10
American Milling
14
50
1534
American Railways
61
61
100
Preferred
* 122 z12134 12334
American Stores
40
40
50
Cambria Iron
43
41
Electric Storage Battery_ *
•
2534 2534
Erie Lighting, pref
5734 6531
100
General Asphalt
101 101
100
Preferred
3734 38
Insurance Co of N A _ _ _ _10 38
100
4134 43
J G Brill Co
38
37
Keystone Telep., pref_ _50
931 10
Lake Superior Corp_ _ _ _100 10
50
7234 74
Lehigh Navigation
50
6134 63
Lehigh Valley
50
77
77
Northern Central
80
80
North Pennsylvania_ _50
50 73% 7334 7334
Pennsylv Salt Mfg
50
4034 4134
Pennsylvania
38
3834
Phila Co, pref(cum 6%).50
Phila Electric of Penn_ _25 28% 2834 29
2934 3034
25 30
Preferred
Phila Rapid Transit_ _50 3331 3334 35
66
65
Philadelphia Traction_
4% 4%
Radio Corp of America 50-----73% 73%
50
Reading
19234 19234
2d & 3d Streets Pass Ry_50
190 190
13th & 15th Ste Pass_ _50
1%
134
14
Tono-Belmont Devel_ _ _ _1
134 134
1
Tonopah Mining
4034
39
UnionTrac, $1734 paid_50 39
100 198 z19734 200
United Cos of N J
50% 5134
United Gas Improv't_ _ _50 51
5334 54
50
Preferred
834 934
934
Warwick Iron & Steel__ _10
35
35
West Jersey & Sea Shore_50 35
50 2734 2734 28
York Railways
36
36
50
Preferred
Bonds87
87
Amer Gas& Elec 5s_ _ _2007
8654
83
small_ _ _ _2007
do
10034 10031
Baldwin Locom 1st 5s_1940
107% 108
Bell Tel of Pa 1st 7s._ _1945
6534 68
Eke & Prop tr Ws 45_1945 67
3734 3734
Lake Superior Corp 58.1924
100% 100%
Lehigh Val coil tr 6s_ _1923
7734 77%
Long Island RR 4s_ _ _1949
99
98
Phlla Electric 1st 5s_ _ _1966 98
99
99
small_ .._ _1966
do
1941 103% 10034 103%
65
9934
9934
99%
1947
534s
8234 8234
1997
Reading gen 4s
85
85
United Rvs Invest 5s_1926 85

Range since Jan. 1.
Low.

High,

250
90
250
630
17
1,005
40
432
25
1,003
100
239
26
72
605
314
251
30
10
50
2,940
270
1,981
3,489
11.171
36
200
110
5
5
1,185
650
1,336
223
2,036
591
866
55
1.384
20

34 May
Jan
47
534 Mar
Jan
4
Jan
26
Jan
83
3734 Apr
3734 Mar
2534 June
55% Jan
Mar
90
Jan
30
Mar
36
2734 Feb
634 Jan
6654 Feb
Jan
57
7334 Jan
Jan
73
6934 Jan
3334 Jan
Jan
36
Feb
23
2731 Jan
1734 Jan
Jan
58
434 June
Jan
72
192% June
190 June
134 Mar
154 Jan
Jan
34
Jan
177
Jan
38
Jan
38
734 Feb
2734 Jan
Jan
9
3134 Jan

34 May
75 May
734 June
17 June
63 June
12434 June
40 June
47 June
27 May
6734 June
June
101
3834 June
47 • Apr
39 June
1234 May
7734 Apr
67% May
77 June
8034 June
Apr
74
4334 Apr
3934 Mar
2934 Apr
3034 June
3554 June
6834 Apr
6% May
81% May
19234 June
190 June
11% June
Feb
2
43 May
200 June
54 June
54 June
93.4 June
3734 Apr
29 June
3734 May

$1,000
600
5,000
5,000
24,600
1,000
36.000
1.000
49,000
3,800
27,000
36,000
1,000
1,000

Jan
81
Jan
82
Jan
100
10734 Feb
Jan
64
Jan
30
10034 June
77% June
Jan
93
Feb
94
10034 Jan
99% June
80% Jan
7134 Mar

87 June
8654 June
10034 June
Feb
109
Apr
72
3934 June
Apt
103
7734 June
9934 May
100 May
104% May
100 May
8534 Apr
Apr
87

Pittsburgh Stock Exchange.-This week's record on
the Pittsburgh Stock Exchange will be found on page 2795.

June
Apr
Apr
Apr
Apr

New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from June 17 to
June 23, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
value.
par
No
*
Association on June 27 1921 transferred its activities
Market
Exchange.
-Record of transactions at from the Broad Street curb to its new building on Trinity
Baltimore Stock
June
17
to
Exchange,
June 23, both in- Place, and the Association is now issuing an official sheet
Baltimore Stock
clusive, compiled from official sales lists:
which forms the basis of the compilations below.
Stocks-

Sales
Friday
Last Week's Range for
of Prices
Sale.
IVeek.
Par. Price. Low. High. Shares.

Arundel Sand & Gravel_100 44
100 9334
Preferred
Baltimore Brick, prcf _ _100 30
_25
_
preferred_
(I),
Benesch
1
Celestine 011
C & P Tel of Bait, prof _100 107
_25
_
pt
Credit,
Commercial
25
Preferred B
Coneol Gas,EL & Pow.100 107%
114
100
Preferred
Consolidation Coal_ _ _ _100
5
Cosden dr Co, pref
Haus 011 met trust ctfs_100
Mfrs Finance, 2d pref _25
Mt V-Woodb M,pf v t r100
Norfolk Ry & Light_ ..100
50 -----Northern Central
Penney' Water dc Pow_.100 105
134
10
Pittsburgh 011, pref
United Ry & Electric_ _ _50 16
1731
_50
_
Annap_
Wash Bait &
50 ----Preferred
Bond.-Alabama Co gen Os__ _1938 87
Bait Elee stamped 5s_ _1947 -Central Ry cons 58_ _ _1932 9734
Char Con Ry, G & E 58 '99 ----Consolidated Gas 5s_ _1939 --1954
General 434s
Cone Gas, E L & P 434s'35 --8034
1945
734% notes
1922
7% notes
6% notes
1931
75
Consol'n Coal ref 5s_ _1950
1923
Convertible 6s
Cosden & Co 68
Elkhorn Coal Corp 88_1925
Fair & Clarks Tree 58.1938
Fla Cent & Pen cons 581943




16834

40% 44%
93% 9334
30
30
25% 2534
.50 .55
106% 107
26
26
27
27
106 107%
113% 114
85
85
4% 4%
89
90
26% 26%
50
50
21% 2131
76% 76%
105 106
1%
134
15% 16%
1731 18
33% 33%

Range since Jan. 1.
High.

Log.

1,209 26
247 86
15 22%
20 24
1,290
393 106
20 25
94 25%
530 91
457 105
11 80
100
4%
91 78
10 23
20 44
50 20
36 72
31 92%
134
100
1,842
9
125 1431
100 29

Jan
Mar
Apr
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Feb
May
Jan
Jar
Jar
Jan
Jar
Jan
Jan
Jan

87
85,500 80
94%
1,000 88
97% 2,000 9634
8431
1,000 81%
99% 3,000 93
89
21,000 81%
90
11,000 85%
los% 4,000
i00% 100% 5,000 106
99%
No 100
9,000 99%
105% 10531 34,000 10134
8734 8731 15,000 86
100% 100% 10.000 96%
104 104
3,000 98%
97
97
4,000 9431
89
89
1.000 87
9834 98% i.goo 9634

Mar
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Mar
Jan
Feb

87
94%
9731
81%
9931
8734
89
108%

44% June
9334 May
30 May
25% June
.74May
107 June
26% Feb
Apr
28
110 May
11634 June
May
87
4% Apr
91
June
27
May
6634 Apr
2134 May
78 June
108 June
134 May
18
May
Apr
19
34% Apr

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.

Week ending June 23.

Range since Jan. 1.

Stocks-

Low.

Industrial & Miscell.
1
Acme Coal Mining
10
Acme Packing
Aluminum Mfrs' corn_ _ _ _•
100
Preferred
Amalgam Leath. corn..-*
Amer Drug Stores classA__
10
Amer Hawaiian SS
Amer Metal Co Ltd wt__
Preferred w 1
Amer Pow & Lt, pref_ _100
Amer Writ Pap, corn_ _100
Atlantic Fruit Co, w 1
100
Beechnut Packing
Bradley Firepr'f Pr'd,corn 1
1
Preferred
Brit-Amer Tob ord bear_ £1
10
Brooklyn City RR
*
Buddy-Buds,Inc
Car Lighting & Power_ _25
100
Celluloid Co, corn
100
Preferred
86% June
95 June Chicago Nipple Mfg,el Al0
10
Class 13
99
May
100
85% May Cities Service corn
100
Preferred
100% Apr
10
Preferred II
88 May
90 May Cities Serv Bankers' eh_ _*
109% Apr Cleveland Automobile_ _ _•
100% Feb Clinchfield Coal Corp_ _100
10034 Jan Colombian Emerald Synd_
106
May Colombian Syndicate
89% June Comml Solvents Corp clA•
•
100% Juno Conley Tin Foil
10
107 June Continental Motors_ _10
•
1
w
Sui
ominican
9834 May Cuban-D
Jan Daniels Motor common_.*
91
98% May

131
1
13.i
47c 54c
52c
25
18
21
98
98
98
1034 10% 1054
1% 234
2
2734 2634 2734
4634 4431 47
105% 10434 105%
99
99
431 431
2
234
234
2734 30
29
29c 30c
35c 850
17
17
8% 84
4
134, 17
1%
75c 81c
9834 9834
104 105
431 631
531
331
3
218 242
233
72
6534
69
534 534
2334 2131 24
3131
30
30
24
24
73c 980
85c
4 18
1,
4
4434 3834 4531
13
13
731 7%
731
931 10%
10
11% 1234
12
21I.4

211.,

10,300
25,500
5,600
40
1,000
3,200
700
3,100
900
10
200
6,800
2,100
400
300
600
1.100
5,500
1,200
10
25
28,700
200
6,345
8,100
300
6,300
500
100
21,700
1,800
2,100
200
1,500
1,000
1,300
11111

High.

900 Mar
20o Mar
Jan
15
Mar
85
754 Feb
1% May
1934 Jan
44% June
103% June
Apr
88
Feb
3
2 June
2834 June
25c June
350 June
12% Feb
4% Jan
45c
Jan
550 Feb
90 June
Mar
104
13.4 Apr
1% May
158
Jan
51
Jan
434 Jan
Jan
17
Jan
20
24 June
50c Apr
PA June
3834 June
Feb
10
5% Feb
8 May
1034 May
CIS

1 on

134 Apr
731 Mar
25 June
98 June
14 34 Apr
234 May
34 June
5034 June
June
106
99 June
531 May
3 June
4134 Apr
1% June
134 Feb
18 May
934 May
214 Apr
194 May
May
107
111
May
5 June
334 May
242
May
72 June
Apr
6
2434 Apr
June
35
24 June
1% May
234 may
4534 June
15
Max
954 May
1234 /*lay
14)( June
get

Wall

2814
Stocks (Concluded)

THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.

Denver & Rio Or, pref-100
60e 60c
300
Dort Motor Car
1931 20
*
1,700
Dublier Condenser&Radio*
73( 831 16,800
831
Durant Motors, Inc
* 38
38
391,4 3,000
Durant Motors of Ind__ _ 10 1331
700
1331 1434
Federal Tel & Tel
5
6
634 1,500
Gardner Motor Co
* 1214 1111 1214
700
Gillette Safety Razor
* 215. 21231 216
770
Glen Alden Coal
51
*
5114
300
Goldwyn Pictures
*
734 83.1 9,800
731
Goodyear T & R com_ 100
12
1211
600
Preferred
100 3631 3631 3631
200
Prior preferred
100
200
7031 7031
Grant Motor Car
1
134
10
660
Griffith (D W) Co, ci A_ _* ------331 4
200
Hayes Wheel, when issued_
28
28X
2831 2,600
Heyden Chemical
•
1
134 2,700
Hudson Cos, pref
17
17
200
100
Hudson & Man RR com100 1234 1214 1331
700
Imp Tob of (it Br & Ire...£1
1331 1331
200
Intercontinental Rubb-100
1,400
734 8
73
Internat Carbon, w 1
12
25,500
1031 12
Internat Products, corn_ _.
__
7
7
100
Libby, McNeill & Libby. 10 ------234 234 2,500
Lincoln Motor Class A_ _50
23-4 334 4,700
Manhattan Transit
4,600
20 ------25C 60e
MercerMotors
•
3X
334 334 1,700
Voting trust ctfs
3
331 3,800
334
Moon Motor Car
* 1031
1031 1131 21,200
Morrie (Philip) Co, Ltd_10 19% 1831 21
2,600
Motor Wheel Corp,com..10 ____-- 14
14
100
National Leather, unstpd.
131 131
-200
Nat Motor Car & Vehiele_* ______
2
2
100
New Mex & Ariz Land__.1
____
214 215
200
N Y Transportation_ _ _ _10 ------30
30
100
North Amer Pulp dr Papers
214 231
300
234
Packard Motor Car corn.10 1434 1434 15/1 2,000
Preferred
89
87
385
100 89
Peerless Trk & Mot Corp 50 49
49
49
200
PennsylvaniaCoal&Coke50 ______
3334 34
200
Perfection Tire & Rubber.. ______
3g 4
560
Philadelphia Electric, pf_25 __-_ 29% 2931
100
Pub Serv Corp of NJ pf 100
104 106
4
1,500
Pyrene M anufacturing_ _ 10 ------10
11
1,000
Radio Corp of America_ ..*
43, 414 421 28,700
5
3746
Preferred
331 314 11,000
Reo Motor Car
10 2414 2331 2511 15,900
Republic Rubber
650 65c
100
* 650
Safety Car Heat & Ltg-10
69
_ --69
67
Schulte Retail Stores com.*
36
100
-------36
_
Southern Coal & Iron..._ _5 66e
60e 70e 17,700
Standard Motor Constr_10 -------431 4%
800
Swift International
934 1931
100
15
Term Elee Pow, corn, w 1._
1431 4,800
1434 11
2d pref, w 1
3811 3831
100
Tenn Ry,L & p com___100 ____
2A 3
1,400
Preferred
21
200
100 ------20
Tobacco Prod Corp w L ___
60
10,000
5734 55
Class A w I
8031
7731
7834
11,100
Tob Prod Exports Corp.._*
'
7
734 3.600
Todd Shipyards Corp_ _ _* ------71
71
100
Torbensen Axle Co, com_* 27
27
27
100
Triangle Film Corp v t e_5 26c
26e 26e
1,000
Union Carbide & Carbon.* ___-_
56
50
100
United Prof Sharing new_i ------734 8
700
Un Retail Stores Candy,*
X
754 3,800
616
U S Light & Heat com...10
134 9,400
134
I%
Preferred
19-4
114
10
1,800
U S Ship Corp
60
60
7.000
10
10
U S Steamship
70
90
se
5,000
Wayne Coal
5
131 234 5,600
194
60e 67e
West End Chemical
1 63e
6,500
Willys Corp, 1st pref_ _ _100
1514 1711
200
Certificates of deposit1434 1976
500
Rights
Skelly 011
Standard Oil
Subsidiaries
Anglo-American OIL __ ..£1
Buckeye Pipe Line
50
Crescent Pipe Line
50
Cumberland Pipe Line_100
Galena-Signal 011 corn 100
Illinois Pipe Line
100
Indiana Pipe Line
50
National Transit_ _12.50
-Northern Plpe Line_ ___100
Ohio 011
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
South Penn 011
100
Southern Pipe Line_ _ _ _100
Standard 011 (Ind)
25
Stand 011(Ky) new w 1_100
Stand Oil of N Y
100
Standard 011 (Ohio). 100
Swan & Finch
100
Vacuum 011
100

Sc

Sc

5,000

High.

38e
75o Apr
Jan
1914 June 2031 May
'714 June
931 May
2231 Jan 4031 June
831 Jan 1614 Apr
Apr
531 Mar
11
Jan
1631 Apr
169
Jan 223
Apr
Jan 5514 May
42
4
911 May
Jan
93-4 Jan 1531 May
24
Jan 40 June
67
Jan 7314 June
50e Feb
114 June
3U June
7% Jan
28
June 2831 June
80e Feb
Jan
131
May
734 Feb 21
331 Feb 1531 May
1031 Jan 1331 June
6
Jan 1134 Feb
1031 June 12 June
4
Feb
7
Mar
234 Apr
711 Mar
75o
831 Jan
Feb
25c Apr 60e June
131 Apr
534 May
2
Feb
431 May
10 June 1131 May
514 Jan 2231 June
1331 Apr
June
Jan
3
134 Juno
2 June
231 June
131 Feb
314 May
19
Mar 3114 May
2
Jan
334 Jan
514 Feb 1631 June
6331 Mar 9014 May
33U Feb 51 May
3334 June 34 June
2% Jan
Mar
2934 June 2931 June
99
Mar 10714 June
934 Feb 1434 May
231 Jan
634 Apr
2
Jan
334 May
1811 Jan 2734 May
20e Feb
1
May
69 June 76
May
33
Apr 40
May
580 June
Jan
Apr
6
331 Jan
1731 Apr 2314 Feb
10 June 1434 June
36
June 3834 June
1
Feb
3% June
10
Jan
June
24
55
June 62 June
7734 June 803-4 June
3
Jan
1031 May
6934 Apr 8031 Feb
2434 Apr 2931 June
160
Jan 500 may
44 -Jan 5914 Mar
5
Mar
9
May
431 Jan
831 May
750
Jan
294 Apr
96o Feb
114 Apr
40 Mar
lie
Jan
4e June lbo
Jan
85e Mar
254 May
60e June 87o
Jan
6
Mar 22 June
13
Apr 193-4 June

731

1431

414

23-4

4c

June

Sc

June

Former

Other 011 Stocks
Aetna Cons 011
Alcon 011 Corp
6
Allied 011
1
New
10
Amer Fuel Oil. pref
10
Arkansas Nat Gas, com_10
Atlantic Gulf 011
Atlantic Lobos 011 corn.'
Boone 011
5
Boston-Wyoming 011_1
Brazos Oil Corp
*
Carib Syndicate
Carib Trading
Columbia Petroleum
Creole Syndicate. _ . _ .6
Cushing Petroleum Corp_5
Dominion Oil
10
Engineers Petrol Co_ __I
Equity Petrol Corp, pref..,
Federal 011
6
Fensland 011
•
•
Gilliland 011, corn
Glenrock Oil
10
Harvey Crude 011
1
Hudson 011
1
Humble 011
Imperial 011 (Canada) coup
Internet Petrol
•
Keystone Ranger Devel_l
Kirby Petroleum...•
Lance Creek Royalties. _1
Livingston Petrol
•
Lyons Petroleum
Maracaibo Oil Explor____•
Marine 011
1
Marland 011
Marland Refining
5
Meridian Petroieum____10
Merritt Oil Coro
10




1934 2031 15,700
9315
92
145
25
3434 3431
130 135
135
35
5714 59
285
173
173 173
1G5
360
92
90
90
300
273-4 273-6
99
98
60
98
80
295 305
20
581 600
90
255 26015
255
105
217 225
94
80
95
94
10531 105 112 166,600
9334 9334 97
8,000
429
410 430
1,510
458 456
15
37
37
500
410 427
60
2031

1
1
1,400
43-4 714 18,100
4e 15,000
30
220 250
2,000
1
IA
1,000
1014
1034 1034
600
17
17
100
1015 1034 11
2,200
140 160 25,000
160
87e
82e 910 171,200
111 234
900
731 8
716
26,700
10
10
20
13
4 4,400
1
114
294
236 3,000
23-4
Sc
Sc
Sc
4,000
1034 1034
100
360 40e 25,500
370
1344 14
14
1,700
194
13-4 44,301,
1'14
1611 18
1714
2,906
5334
3,600
4
17
1%' 135 34,100
2c
4c
40
6,000
300
200 300 145,000
173
173 173
10
10934 122
115
4,570
2231 219-4 2414 60,900
790 940 37,800
94e
614 7
634
1.500
30
30
2,000
114
114 29,400
194
800
780 • 94e
11,900
2014
19
21
1,900
131
134 2,700
134
814
8
10
48.400
434 434
300
4e
4o
Sc 44,000
1014
1034 1134 2,400
134
734
40
25c

Friday
Sales
Last Week's Range for
Other Oil
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

1614 Jan
8414 Jan
28
Jan
115
Jan
40
Jan
181
Jan
84
Jan
27
Mar
90
Jan
257
Jan
520
Jan
224
Jan
173
Feb
77
Jan
8394 Jan
78
Apr
841
Jan
390
Jan
33 June
299
Jan
1 June
234 Apr
20
Jan
190
Jan
1
June
814 Feb
1534 dune
Jan
8
8e May
57e Mar
1
June
314 Jan
5 May
1 June
194 Jan
3e
Jan
8
Feb
320 May
1234 June
1
an
0
Mar
3h June
83o Feb
2c
Jan
70 Jan
173 June
9734 Mar
14
Mar
450 May
531 June
3e Jnue
lA Jan
58o
Jan
1834 Jan
1
Feb
1
Jan
2
Jan
40 May
814 Jan

25 June
100
Apr
3634 May
160
Jan
62 May
198. Apr
106
Mar
3131 Apr
May
110
332
May
648 June
270 June
249 June
May
104
12414 May
108 June
443 June
Aar
472
37 June
450 Juno
19
4 May
714 June
Jan
4c
25e June
Jan
3
Apr
13
17 June
1214 May
Jar
290
990 June
23.4 Feb
994 June
16
May
211 Mar
331 Apr
12e Mar
Apr
11
720 Jan
June
14
21,fe may
1934 June
914 Apr
194 June
Jan
9e
600 Mar
Mar
217
12734 May
2731 May
114 Jan
2634 Feb
Jan
100
13-4 Mat
114 June
2734 Mar
2
May
11) June
414 Juno
20o May
1414 May

[VOL. 114.

Mexican Eagle Oil
5
Mexican Panuco Oil- -10
Mextean Seaboard 011___*
Voting trust etfs
Mexico Oil Coro
10
Midwest 011, corn
1
Midwest Texas 011
1
Mountain & Gulf 011
I
Mountain Producers.__10
Mutual 011
National 011 of N J, corn 10
New England Fuel Oil__
New York Oil
Noble Oil & Gas
1
Noco Petroleum, corn_ _10
North American 011
5
Northwest 011
1
Ohio Ranger
1
Omar 011 & Gas
10
Pennock 011
10
rted Bank 011
Red Rock Oil& Gas
1
Ryan Consol
•
Salt Creek Consol 011
Salt Creek Produeers-__10
Sapulpa Refining
6
Savoy 011
Seaboard 011 dr Gas
5
Shell Union 011. pref w I __
Simms Petroleum
•
Skelly Oil
10
Southern 011 & Transp_ _10
South Petrol & Refin
Southwest 011
1
Speneer Petrol Corp_ ___10
Stanton 011
5
Texon 0111z Land
1
Tidal Osage 011
*
Non-voting stook
Turman 011
1
Venezuelan Petroleum_ _10
Ventura Cons 011 Fields_5
Victoria Oil
5
Western States Oil& Gas_l
Whelen 011
1
Wilcox 011 dr Gas
5
Woodburn 011Corp
*
Woodly Petrol
"Y" Oil & Gas
l

5

Cm
4431
131
3
8e
98e
1531
1031
5331
3131
27e

231
73-4

1231
17
414
131
96
834
10X
18e
231
37e
620
114
33

514
690
17e

1511 1531
.500
1
1
200
4114 4714 48,900
30,400
4134 45
131 2
13,600
3
3
200
8e
8e
1,000
98e 98e
100
1514 1714 4,800
10
1131 62,500
50e 60c
1,200
5334 5711 14,100
30
3334 2,900
27e 28e 25,000
334 334
300
114
100
134
25e 25e
1,000
6e
5.000
6e
134 3 233,400
534 731 12,700
21e 230 18,000
37e 370
1,000
8
831 1,500
2,100
1231 13
1631 18
4,800
334 414 11,100
31.1 334
200
114
400
134
96
96
500
831 931 11,000
10
1031 25,100
1
400
134
150 220 67,000
30
30
2,000
2
2,400
3
30c 400 47,000
590 650 68,600
14
1414 1,000
13
900
134
114
19
4 6,600
6U 614 2,500
32
34
400
50o 500
1,500
34e 350
3,000
500 65e
1,500
514 59-4 14,300
66o 690
600
1414 15
1,700
160 170 10,000

Range since Jan. 1.
Low.

High.

1431 Mar
1
June
2831 Feb
4111 June
114 Jan
214 Feb
80 June
70c
Jan
031 Jan
531 Jan
500 Apr
40
May
1134 Mar
130
Jan
1Y, Apr
131 Apr
15e
Jan
50
Jan
87e Mar
431 Jan
140 Apr
30o
Jan
414 Feb
10
Apr
1231 Jan
214 Feb
334 Mar
80e Mar
9334 May
8% June
431 Mar
1
Jan
15e June
le
Feb
75o Feb
3o
Jan
400 Jan
10
Jan
10
Apr
114 Apr
514 June
23
Jan
500 Apr
22e Mar
25e Mar
231 Jan
60c
Jan
1231 Apr
150 Feb

1931 Feb
214 May
4931 May
45 June
47
4 Mar
331 May
20e
Jan
111 June
1831 May
12 June
3
Feb
5714 June
38 June
35o Mar
5
Mar
211 Apr
35e May
12e Mar
3 June
731 June
35e
Jan
111 Apr
831 June
15
May
2014 May
5 June
5
Apr
131 May
9714 May
1231 Jan
1714 June
234 May
5
Jan
3e Apr
3 June
40o June
1
May
1431 June
14
May
1,0
4 Apr
714 May
34
June
114 May
50e May
70e June
57
4 June
1
Feb
16 June
38e
Jan

Mining Stocks
334
Alaska Brit Col Metals
I
331 434 2,600
131 Jan
531 May
Amer Corn M & M
60
60
1,000
5o
Apr 10o Apr
American Exploration _ __1
13-4 234 8,600
114 May
234
314 Apr
Angio-Am Corp of S At w 1 20
20
2014
306 1134 Apr
2414 Mar
Big Ledge Copper Co._..5 16e
160 180 40,000 I5o Mar 296
Jan
Boston & Montana Corp 25 76e
850 78e 103,600 650 Apr
5
Jan
Boston & Montana Dev5 16e
140 160 86.500 14o June 94o
Jan
Caledonia Mining
7o
1,000
7e
1
40 Feb
10e May
Calumet & Jerome Cop_l 160
16e 19e
5,006 13o
Jan
350 Feb
Canada Copper Co
5 360
300 370 16,000
90 Ma
650 Apr
Candalaria Silver
320 34e 13.100 190
1
Jar
35o May
Chief Consol Mining
4% 431
100
434 May
5 June
Consol Arizona
5o
5e
1,000
2o
Jar
10o Apr
Consol Cooper Mines___15 65e
45o 770 85,906 45o Juni
21f. Apr
Consol Nevada-Utah
40
4e
40
2.000
2c Feb
flo May
Cortez Silver
980
1
22,300 84o
I
1
Jai
1 June
Cresson Con Gold M & M 1
234 214i 1,400 214 Miry
215
3
Jan
Davis-Daly Min
10
10(,
734 714
Jan
83-4 June
(134
Divide Extension
1 16e
16o 16c
4,200 110 Mar
210
Jan
Dolores Esperanza
5
134 236 6,900 82o Fet
131
231 May
Dundee Arizona Copper_ _1 50c
500 50c
100 42e May 60e May
El Salvador Silver Mines.1
30
4e
5,000
2e Mat
80 Mar
Ely Consolidated
80
8o
2,000
lo Mar
10o June
Emma Silver.
le
20 47,000
I
lo Ma.
4o Mar
Eureka Croesus
250 370 429,000 I80
1 360
Jan
370 June
Gadsden Copper
90o
87o 90c
600 59e Mar
1.38 Apr
Galena Mining
200 28e
6,500 200 June 37e May
Golden State Mining
41e 43e
430
6,000 24e ,May 43c June
Goldfield Consol Mines_10
Sc
Cie
7o
8,000
3c 5 Jan
12e
Apr
Goldfield Florence
15e 170
4,000 16o
1
Jan
300 Apr
Goldlield Oro
lo
8,000
10
le June
ic June
Gold Zone Divide
90
9e
1,000
70 May
1
150 Apr
Hard Shell Mining
160 180
5,000 12c
1
Jan 480 Mar
HarmIll Divide
100 10o
8c 11e 26,000
70 June
Po May
Hecia Mining
63<4 Oh
1,900
614
250
43-4 Jan
634 Feb
Hollinger Cons 0 M
1,600
5
834 9
731 Jan
93-4 May
Howe Sound Co
3
314 3,500
214 Jan
1
314 May
Independence Lead Min. 61e
45e 63e 168,400
60
Jan
760 May
Iron Blossom
27e 290
10o 280
7,000 160 Mar 320
Jan
Jerome Verde Dervel.__ 1
511 334 4,400
314
29-4 Jan
5
Feb
Jim Butler Tonopah
5e
Sc
1
1,000
Sc June
10o Feb
Kerr Lake
314 33-4
300
6
8
Mar
434 Apr
Knox Divide
40
4e
6,000
100
3c
Jan
6o Mar
La Rose Consol Mines .5
330 33o
1,000 25e
Jan 63e Mar
Lone Star Consol
40
Sc
Sc 22,000
1
le
Jan
80 June
MacNamara Mining
70
8o
1
4,000
Sc
Jan
14e Mar
Magma Copper
29
30
b
1,700 2631 Jan 323-4 Feb
Marsh Mining
j 20e
190 240 105,000
40
Jan 310 May
Mason Valley Mines
b
211
IU 214 4,600
114 Jan
334 May
bicKlniey-Darragh-Sav_l 200
210 210 13,000
8o June
400 Apr
Mohican Copper
200
150 200
7,000 15e Mar 47e
Jan
AlorIngton Mines
14o
Ile 16c 16,200 10e May 16c June
Mother Lode Coalition...•
911
834 914 20,300
63-4 Jan
1031
May
Nabob Con Mining
go Ile
9,000
Sc
Apr
110 June
National Tin Corp
500 350
35e 400 26,000 270 Mar 670 May
Nevada Oohir
1 27e
250 30e 22,000 25o May 520 Mar
Nevada Sliver Hills
7e
Ile
8,000
20
140 May
Jan
New Cornelia
1814 19
200 1734 Jan 20
June
New Dominion Copper_
2% 294 2,700
2
Jan
234 Jan
New Jersey Zinc
142 142
1oil
35 142
Mar 14714 Mar
NiPlasing Mime
.6
634
6
811 2,900
514 Apr
631 Mar
Ohio Copper
10 10e
10e 10e
6,0013
7o Mar
140 Apr
Pacific Smelt & Mining
le
40
4,000
le June
40 June
Pitts & Mt Shasta
1 230
210 23e 12,000 210 June 290
Jan
Ray Hercules Inc
134 131 9,200
19.4
1
Feb
June
254
Red Hills Florence
20
20
20
1,000
2e
Jan
2c
Jan
Rex Consolidated Min___1
80
go 13,000
So Jan
120 May
Rochester Silver Corp
14e 140
1,000 12o June 210
Jan
Sheldon Mining
134 134 5,700
194
134 May
13,4 June
Sliver Dale Mining
25e 38e 20,000
38o
2o
Jan 50e June
Silver Horn M & D
100 11e 19,000
lle
50 May
12e June
Silver Peer Mining
17o 17e
1,000
7e May 15e Juno
Silver Pick Consol
170
16e
5,000
2e
Jan 28o Mar
ioutti Amer Gold & Plat-1
414 43-4 5,000
414 Apr
534 Jan
Spearhead
lie 110
1,000
lo May
lie June
1
newart Mining
80
Ile
90 14,000
2o
Jan
16o Apr
Success Mining
100 13e 25,000
13o
1
lo Mar
15o May
reek Hughes
41e 41e
4,000 200
Apr
Jan 62o
ronopah Belmont Dev.-1
i'-1e
114 I%
400
life Jan
13.4 June
ronopah Divide
770 820 15,900 46e Mar 860
1 82o
Jan
1
Noonan Extension
1114
194 11
2,300
114', Feb
134 June
Tonopah Midway
100 10e
1,000
5o Feb
Apr
14c
1
Tonopah Mining
134
144 1,100
19-1
17
4 Jan
194 June
Tonopah North Star
90 10e
1
4,000
2o Feb 12o June
l'r1 Bullion 8 & D
5
100 10o
1,000
60 Mar 260 May
Trinity
194
100
134
3
Jan
194 June
Tuolumne Copper
640 70o
1 63o
6,500 45o Mar
1
May
United Eastern Mining-1
1/4
134
134 18,200
194 Apr
231 Jan
United Verde Exten
50o
2734 2814
300 27
Mar 3014 Jan
US Continental Mines. new
37e 370
1,000 37e June 660
Jan

THE CHRONICLE

JUNE 24 1922.]
Sales
Friday
Last Week's Range for
Week.
Prices.
of
Sale.
Mining (Concluded) Par. Price. Lew. High. Shares.

Range since Jan. 1.
Low.

High.

5%

2815

Quotations for Sundry Securities.
All bonds prices are "and int., st" except where marked

91/
.
••f

Standard 011 Stock, Parl Bid. Ask Joint Stk, Land Bk. Bonds
5
Unity Gold Mines
2014 Chic Jt Stk Laud Bk 58_1939 9934 10014
Anglo-American Oil new. £1 .20
40c
'Volcano Mining
102 103
50 1951 opt 1931
110,1000 1050
Atlantic Refining
Cones!
West Dome
2
14
12 105
3,
Os 1952 opt 1932._
11612
Preferred
lOOi
4
1,
West End Consolidated_ _5
534e 1951 opt 1931
100 400 415
Borne Seryineer Co
West End Opetica
94
RR. Equipments-Per Ct Basis.
Buckeye Pipe Line Co_ _ _ 50 .92
_10c
White Caps Mining__
Chesebrough Mfg new._100 190 200 Atch Topeka dr Santa Fe Os_ 5 40 5.10
5
Yukon Gold Co
Allan Coast Line (Is & 6348 5.45 5.20
Preferred new
100 110 112
100 140 145 Baltimore & Ohio 4%e .k Os_ 5.63 5.20
Continental Oil
Bonds36
Roch dr Pitts 45 & 4348 5.20 4 90
.34
Buff
Apr
Pipe
Lino
Co
50
Crescent
90
•
Jan
59
823,00
83%
5.40 5.15
Allied Pack cony deb fle '39 83% 83
Equipment 138
May Cumberland Pipe Line_ 100 133 138
63% 6,000 50% Jan 65
63
Certificates of deposit_
04 Canadian Pacific 454s & (38_ _ 660 5.20
Eureka Pipe Line Co...._100 90
90% May
76
Feb
23,00
96
94%
5.50
6.00
Allied Pack Os Sec B w 1'39
_
5e_
Ohio
&
60
Clinclifield
58
y
10,
June
0A
Caro
Oil
corn.
Signal
_
_100
Galena
4
10
13,000 100% Jan
104
5 5
70
.4
0
15
5.2
Aluminum Mfrs 7a.._ _1925 103% 103% 105% 10,00 102% Feb
Preferred old
100 108 111 Central of Georgia 4%s____ 5.
105%
1933
78
Central RR of N J Os
99% Apr
Preferred new
100 100 104
93
Feb
1,000
98%
98%
0
0
1
.2
6
5
0
4
5
.
5
Amer Cotton 0116s_ _ _1924
Me
172
0
175
&
6s
Ohio
&
Cheaapeake
Line
100
Jan 107% May Illinole Pipe
106% 1065-6 27,000 98
Amer Light &'rrac 63_1925
91
50 .89
Equipment Os
May 10()% June Indiana Pipe Line Co
100% 100% 10,00 100
Without warrants__ _100
0 00 5 50
2212
4
,
•22
6s
Mar
Alton
&
Petrol
(no
Chicago
International
101
par)
99%
Jan
28,000
100%
5.40 5.10
Amer Tel & Tel Os_ _ _ _1922 100% 100% 101% 40,000 99% Jan
National Transit Co__12.50 02612 27,2 Chicago Burl & Quincy Bs
.1924 101% 101%
08
New York Transit Co__ _100 170 175 Chicago & Eastern Ill 5345... 6 00 5 40
102% 13,00() 101% Jan
5.60, 5.15
American Tobacco 7e .1923 10218 102% 103
98
100
4588.
Loulsv
&
Co_
Ind
_100
Line
Chicago
Pipe
Northern
35,000 10038 Jan
Anaconda Cop Min 78 1929 102% 102%
25'293 298
May
Chicago St Louts & NO 58- 5.35 5.15
Ohio 01lCo
020
431
;
.]IMAu
100% 51,000 913% Jan 11110
anpyer
6% notes Series A_ _1929 100% 99% 103%
5.25! 5.00
37
&
eb
n
NIy
W
N
43.4a
Chicago
F
Co
Fuel
Penn
Mex
6
4
,
10
Jan
16,000
102%
103%
Anglo-Amer Oil 7%s_ _1925
5.40; 5.15
100 585 595
Equipment Os & 63.8e....
Prairie Oil& Gas
101% 123,000 101% Jan 104% Apr
Armour & Co 7% notesI930 '104% 103%
257 Chic R I &Pac 4143, 58, 6e 5.65: 5.25
100
253
Line
Prairie
Pipe
Apr
58,001)
5734
62%
60%
All Gulf & W I SS L 55 1959 62
5 30
350
360
5.601
&
May
5e.
8s_
Colorado
Southern
100
Refining
Solar
10558
101%
Jan
57,000
100%
Bethlehem Steel 7s_ _ _1923 104% 101%
5 40 5.20
96 Delaware & Hudson 68
21 Apr Southern Pipe Line Co_ 100 94
13
33,000 100% Jan 10
102% 103
1935
Equipment 75
220 221 Erie 434e,5s dr 8s
5.90 5 20
100
Penn
Oil
South
105%
May
109
68,000
107
Bkiyn Union Gas 7s w 1 '32 107
5.40 1 5.20
84
y Southwest Pa Pipe Lines.100 60
e
inty
Great Northern Os
iNvilia
,j
5%4
,0
20.000 105
May 10
105 105
1947
68 w 1
Standard 011 (California) 25 •105 10512 Hocking Valley 4%s. 511 & Os 5.60, 5.30
May
90% 48,000 96
Canada SS Lines 7s w 11947 9618 913
*105 105,4 Illinois Central 434e, Oa & 811 5.15 5.20
Mar
25
110
(Indiana)._
Standard
011
1,00C
Feb
104%
108%
108%
Canadian Nat Rys 7s_1935
5.40 5.15
Mar Standard 011 (Kansas) _ _100 550 560
Equipment 7s & (3348
1926 9818 98% 98% 67,000 98% June 99% A
58 w I
95 Kanawha & Mich 434e, Cs
5 601 5 35
01% Janr Standard 011 (Kentucky) 25 •93
2,000 99% Jan 106
101% 101%
25
51 5
0
0
55.44
Canadian Pac fly 6s....1924
00
5..3
5a...... 5..
180 190
Na8hvIllo
&
Louisville
Oil
100
Standard
98
38,000
(Nebraska)
Feb
105%
101%
1941 105
Central Steel 8s
5 25
Equipment (is & 0%a_ _ _ _
1,000 02% Mar 99% Apr Standard 011 of New Jer_ 25 •184 186
95% 95%
1031
Charcoal Iron 85
116 116,8 Michigan Central a,6e_ _ _ _
June
100
100
99%
Preferred
35,000
June
100
99%
_A963
58_
6.2
5 5
Chic Union Stat
60
5
30
June Standard Oil of New Y'k.100 427 430 Minn St P & S 8 M 4%11 & 51) 5..5
1,000 100
Jan 135
135 135
Cities Serv deb 788er B '66
1% June Standard 011 (Ohio)_ __ _100 155 465
98
Equipment 8%8 & 78Feb 9
98% 10,000 87
94
Del) 7s, series C____1066 98
0
25
65
5 5
)0
5..17
•118 120
June
Missouri Kansas & Texas 5s 6
Preferred
85
12,000
Mar
100
91%
90
91%
-1966
D_
Deb 7s, Series
40 Missouri Pacific 5a
1% Jimmie Swan & Finch
100 35
10,000 101% June 10
49
8s when issued__ ._ _1966 101% 101% 101%
98
Equipment Os & O 54e_
Union 'rank Car Co_ ...._100 97
2,00
42
22% Jan
40
5
5.3
75 6
0
Col Graphophone 88_ _1925
5.8
25
106 107 Mobile & Ohio 4%s,58
MaY
29,000
00%
Preferred
100
90
May
90
90
00
0_1947
1
Com'ith Pow Corp
1,
423
427
Jan
101%
York Central 4% 5e- 5.25 5.00
New
7,000
Oil
Vacuum
101
1(X)
101
Feb
101
Consol Gas N Y 78.... A922
5.
5.45
.23
27
Equipment Os & 7s
7,00( 102% Jan 106% Juno
011
10
Washington
105%
105%
'31
78
Bait
EL&P
Cons CI
June
N Y Ontario & Western 4348 600 5.50
51,00
90% June 100
99% 100
1949 100
OsSerAwi
5 20 6.00
Ap
Norfolk & Western 434s
Other Oil Stocks
Feb 10034 June
1041 100% 100 100%, 41,000 94
Consol Textile Os
5.40 5.10
Apr Atlantic Lobos Oil (no par) *1012 11
7,000
Equipment Oa
102
102%
May
102%
102%
_1925
8s_
Copper Exp Assn
5.50 5.10
.40
45
Mar
7s
Pacific
53,000
Northern
103%
Preferred
1110:5:
Feb
0
50
notes___Feb 15 1925 104% 101% 104%
5.15
540
•116
118
A r
Pacific Fruit Express 7s_ _ _ _
Imperial Oil
25
1941 105% 105% 106% 10,000 102% Jan 107% June
Cuban Tel 1st 71.93
Magnolia Petroleum_ _ _ _100 180 190 Penneyiyanla RR 4s & 4;io_ 5.25 5.00
101% 101% 12,000 100% Jan
Cudahy Packing 7s_ _ _ 1923
5.25
0
5
6
.
6.
5
•1012
1034
May
(is
7,000
Equipment
Merritt 011 Corporation_ 10
95
Feb 102
99% 10018
1931 100
Deere & Co 7188
101% 183,000 9234 May 101% June Mexican Eagle 011
5 •1434 17 Pitteb & Lake Erie Os & 6%a
Empire Gas tic Fuel 68.1924 10118 101
5.25 5100
25
4,000
Co
Reading
May
100
100%
4%s
100%
May
100
Fed Land Bit 4%8 w L1942
5.80 6 20
Juno
89,000 10054 Apr 156
St Louis Iron Mt & Sou 5s
Tobacco Stocks
130 142
Freeport Texas Co 75_1937 135
0
100
2
55.0
15) 5.
5...3720
66
09 St Louis & San Francisco 5s_ 5
May
25,000
95
100
American
98%
Feb
Cigar
common.100
98
Gair (Robert) Co 7s__1937 9818
85 Seaboard Air Line 43.8isdc 58_ 0.10 565
Preferred
100 80
103% 101% 53,000 10034 Jan 104% June
Galena-Signal 011 7s_ _1930
Apr
Southern Pacific Co 4348
107
Amer Machine & Fdry_ _100 226 251
104% 15,000 102
Jan
101%
_l930
8e
Asphalt
General
131 133
Equipment 7s
96% Jan 101% June
101% 177,00
American Tobacco es;r1p___
Goodrich (B F) Co 7(1_1926 101% 100
5.75 535
1734 Southern Ry 4%8, 58 & fie
Mar
106
British-Amer Tobac ord. £1 .17
105% 21,000 102
Grand Trunk RY 01936 105% 105% 104% 33,000 102% Jan
1734 Toledo & Ohio Central 6a
•17
May
Jan
104%
Brit-Amer
£1
Tobac,
bearer
103%
104
193a
Gulf Oil Coro 78
0 5.3
35
0
10
3.6
5
11
*12
June
78
Pacific
11,00
Union
104
104
100%
Conley
Foil
Feb
(no
par)
(new)._
103
Hershey Chocolate 71.48 '30
6.80 6.25
ay
Apr
65,000 95
Virginian Ry fis
01
Udine (Geo W)Co,corn.100 141 148
Jan 100
Hood Rubber 7% notes '36 9818 97% 98%
109 112
Public
Utilities
7,000
Jan
Preferred
100
101%
99%
101%
Humble 011 & Ref 78_ _1923 101%
•131, 1334
May
Amer Gas & Elec. corn.. _ 50 *x140 144
Jan 05
Imperial Tot)of 0 B & Ire._
87% 90 187,000 72
Interb R T 8s J PM reels.. 90
"4212 4312
95
May
4,000 76
Preferred
98%
Jan 99
Johnson Tin Foil & Met_100 85
1921 98% 97%
7% notes
103 105 Amer Light & Trao. com.1050 134 137
95
Apr
14,000
9734
05
95%
dc
June
MacAndrews
Forbes_
_100
Kansas Gas & El65w 1 1925 95
08
95
June
Preferred
11,000
11)1%
90% Jam
Preferred
100
101% 101%
Kan City Term fly Os_1923
11212 115
33 Amer Power 6. Lt,com_ _10
104% 36.000 101% Jan 106% Apr
100 31
Mengel Co
Kennecott Copper 78_1930 101% 104% 99
89
99
7
8612
1 29
(
0
:
1,000 96% Mar
Preferred
99% May Porto Rican-Amer Tob_ _100 50 54
99
Kings Co Ltg 61.68 w 1_ _
*65
75
16
19
corn_
_100
UHL
50,000
Public)
Amer
100%
MaY
9434 Feb
Scrip
100 100
Laclede Gas Light•78
32
100 30
_,.._
.85
75
Preferred
33,000 98% Apr 101% Apr
99%
25
Reynold,
J)
(R
Tobacco_
98%
99
LibbyMcNeill&LibbY73'31
36
2
63
1,
70
4
•34
50 84
9
1,00(1
om
BlackstoneVaIG.&E.c
101
1AI
1K
307
;
0
1000
(no
Mar
Schulte
101
Stores
98%
par)
Ret.
Liggett-Winchester 78_1942
Juno
Universal Leal Tob corn _100 120 125 Carolina Pow & Lt,com _ 100
May 101
Magma Copper 7s w L1932 108% 108% 110% 45,000 106
100 1G1 Cities Service Co, com__100 233 236
96
17,000 89
May
100
95%
100
Jan
Preferred
06
..1941
7s_
Power
Manitoba
85
100 69,4
6,000 99% June
Preferred
100 100
100 80
Young (J 5) Co
Merch & Mfrs Ex 7s_1942
97 Colorado Power. co_ ....100 1512 7160corn.
104% 105% 8.000 102% Jan
Preferred
100 92
1930
Morris & Co 7%s
p_9_
86
100
Apr
98%
97
Preferred
31,000
96
92
Mar
96%
1931
71.48
Nat Acme Co
103% 103% 14,000 05
May
Jan
Rubber Stocks (Mod clad pr ices) Com'veth Pow,Ry & Lt_100 2512 ZS
Nat Cloak & Suit 88_ _1930
63
100 60
65
Preferred
Apr Firestone Tire& Rub,com_10 62
National Leather 8s__1925 9918 98% 09% 21,000 95% Jan 101
_ 93 Else Bond & Share, pref _100 9412 9512
June
40,000 68% Jan 100
99% 100
6% preferred
100
NY NH& Hart( 4s...1922 100
7
22
7
0
25
83 Federal Light de Trao__ _100
100 6
May
844 685,00(1 72% Apr 85
7% preferred
100 85
84% 82
500 franc bonds
Preferred
86
86% 16,800 77
Mar 92% May
Gen'l Tire & Rub,coma..100 225
1925 86
78 w I
4
211
214 8
29
7
00
00
100
1
92
Pow.com
My
Mississippi
May
78
73%
733,000
71
64%
100
Mar
Preferred
73%
500 Franc bonds
1212
Preferred
1041 103% 102% 103% 13,000 100% Jan 104% May Goodyear Tire & It, com.100 12
Piffle Electric Os
3612
First Mtge 58, 1951 J&J 9214 9314
100 35
June 09% May
Preferred
1047 90% 99% 99% 45,000 99
5388 w I
72
70
S f g deb 78 1935.... _M&N 100 102
100
Prior preferred
Phillips Petrol 7%s.._1931
11
85 Northern Ohio Elec.(no par) •10
102 102
4,000 09
Apr 104% May Goodyear Tdat of Can p1100 80
Without warrants
40
100 38
73
Feb
Preferred
10158 101% 3,000 101% Jan 102
100 73
Miller Rubber
Procter & Gamble 7s_ _1923
91
89
93
94'4
Pow,com.100
States
North'n
Apr
Preferred
Public Serv Corp 7s w 11941 101% 100% 101% 63,000 Da% Feb 104
- - -100 9112 9312
Preferred
82.000 104% June 110% June Mohawk Rubber
100
pants, Alegre Suit 7s w 1'37 105% 104% 106
93
29 Nor Texas Elea Co,com.100 90
98% 17,000 98
June 11)0% Apr Swinehart Tire & R,com_100 22
1042 98% 98
Saks & Co 5 f 7s
8.5
100 83
Preferred
Sears, Roebuck & Co 78 '22 100% 100% 100% 21,00(1 0834 Jan 101% Apr
0812
109 87
pre:
lst
El,
&
Gas
Apr
Pacific
101
101%
102
21,000
101%
97
Jan
1523
Oct
notes
serial
7%
49
4712
100
Lt
&
Pow
Apr
Sound
104
Puget
105
102%
29,000 101
Jan
Sbawsheen Mills 7s_ _ _1931 103%
83
100 80
6% preferred
1927 105% 105% 105% 32,000 102% Jan 10§, May
Sugar Stocks
Solvay & Cie 8s
17
100 102 104
50 •13
7% preferred
Caracas Sugar
Southw Bell Telep 7s_1925 102% 102% 102% 23.000 100% Jan 103% Apr
5
0,
75
3 14
07
0 14
10N
Oen M 7%a 1941___M&
Cent Aguirre Sugar corn_ 20 573
Stand Oil of N Y deb 6%8'33 107% 107 107% 39,000 105% Mar 108% Jan
19
112 Republic fly& Light_ _ _100 16
Apr Central Sugar Corp.(na Daol • 34
105 105
Jan 106
28,000 104
7% serial gold deb _1925 105
4
Jan
105%
100
2
6,000 104
Jan
Preferred
100
7% aerial gold deb_.1920 105% 10534
____
60 South Calif Edleoa,com.100 102 10312
May Cupey Sugar common__ _100: 40
10(3%
5,000 104% Feb 107
7% serial gold deb _1927 106% 106
.11168
70
Jan
Preferred
3
70
5,000 105
Feb 107
1001 5
Preferred
7% serial gold deb_.1028 100% 106% 106%
20
77
El
&
(Del).
Gas
Standard
Julie Fajardo Sugar100
Apr 109
9,000 100
7% serial gold deb....1930 107% 107% 109
50 *4712 112
Preferred
108% 109
4,000 107% Mar 110% Jan
Federal Sugar Ref, coin _100 102
7% serial gold deb_ _1931
102
253
100
113
May
107%
L&P,com.100
TennesiseeRy.
_1926
Jan
_
_
108%
36.000
8s_
100%
Preferred
Stewart Warner
25
100 20
16
100% 100% 31,000 98% Jan 101% May
Preferred
1931
..(no par) •14
Sun Co 78
57
78
June
United Lt & Rye,com__ _100, 54
1925 101')i 101% 102
8ug
100 74
28,001 100% Jan 102
P etZurxed
°dr
Swift & Co 7s
235
78
225
75
Apr
100
preferred
102%
1st
10334
102%
1931
Jan
corn.
1(X)
Rug,
Western
15
28,000 101
Great
Aug
7s
30
Preferred
100 105 110 Western Power Corp___ _100, 29
Texas Co 7% notes__ _1923 101% 101% 101% 86,000 101% June 102% Apr
16
Preferred
100% 101%
7,000 99% Jan 104% Apr
Holly Rug Corp,com(no par) •13
Tidal Osage 01178.....1931
Cecil
80
r
49
-ire
H
44
May
Securities
102
Term
100%
101
Short
June
100
Os_1942
47,000 100%
Preferred
Union Oil of Cal
99
Apr
Feb 110
99,001) 90
Juncos Central Sugar_ _ ..100 5() 100 Am Cot 01108 1924. _M&S2 9812
United Oil Produc Os_ _1931 105% 105 100
Apr
104
eaTie12
2e 1924_F&A 101 12 10134
olt&
ne
6 13
10(3% 45,000 100
Jan 108
National Sugar Refining_ 100 145 150 AmAT
United Rys of Hay '7%s'30 101
16
A&O 10012 10058
107%
Feb
Jan
100% 107% 12,000 100
1936
SantaCecillaSug Corp,pf.100 13
_
Vacuum Oil 78
10258
10214
42 Am Tob 7% notes '23.M&N
99
09%
May 100% May Savannah Bug,com-(110 Dar) 38
7,000 90
Valvoline01104 Ser A w 37
89 AnacondaCopMIM6s'29_J&J 10018 10038
100 87
127,000 103% Jan 100% Mar
Preferred
Western Elee cony 73.1925 108% 108% 109
J&J 10378 10418
100 101
7e 1929 Series Ei
West India Rug Fin,com.100 50 100
28,000 95% Mar 101% May
Wincn Repeat Arms7%s'41 101
55 Anglo-Amer Oil 7%8'25 A&O 10338 10358
100 47
Preferred
1037s 1011s
30J&J15
.
Arnfr&Co7sJuly15
neous
industrial&Miscella
Foreign Government
Deb Os J'ne 15'22_J&D15 100 I_ _
American Hardware.. _ _100 184 188
and Municipalities.
100
55
'23_J&D15
52
15
May
J'ne
Os
100%
Deb
100
99%
99%
97
Jan
76..1023
pefounders,com.100
Ty
183,000
Amer
Nation
Argentine
08
May
86% 80% 38,000 86% June 100
02
Deb Os J'ne 15'24_J&DI5 100
100 .
Preferred
Brazil(USof)Coffee7558'52 86
3112 Beth St 7% July 15'23J&J16 10-138 10458
80% 86% 6,000 86% June 98% May
Bliss(EW)Co. new_(no par) dU
7%s (L1.000) w 1_1952
02
Canadian Pat: Cs 1924.M&S2 10138 10158
92% 151,000 92
June 92% June
60 56
Preferred
Greater Prague 7%s w '52 92
40% 40% 5,000 37% Mar 43
Feb
Borden Gomoany.com 100 101 107 Federal Rug Ref Os'24_M&N 100,4 10012
Italian Govt cony 58
June 52% Apr
100 98 100 GoodrIel(13F)Co 78'25.A&O 10138 10158
Preferred
1945 4211 41% 48% 1011000 38
Mexico 45
13
15
100 95 100 Hocking Valley Os 1924.M&8 10058 10058
13
10,000 11% June 15% Apr
Celluloid Company
3s_
3 116
05
1938 23 230,000 17% June 23
Interboro 11 T 713 1921_M&S 05 j 98
June Chticie Co, corn
100 1 1
191,5
r 5s
107 K C Term Sty Os'23.M&N15 101 1 010112
97
97% 17,000 97
June 97% June
Preferred
Montevideo (City) 7s w 1'52 97
054
100
105%
105%
634e July 1931
June
2,000 103% Mar 107%
a vana Tobacco Co___ _100
Philippine Govt 5s_ _ _1952 105%
9391324
j 10
Laclede Gas 7s Jan '29 _Fn
100
Preferred
Russian Govt 0345._ _ _1911)
89 1 8934
'27..F&A
Pow
19
(im
Lehigh
18%
See
Apr
26%
Jan
1922_J&D
2,000
June
1st
1
55.
g
13%
Certificates
97
96
20
28
Apr
20
Aloft Shelf 8 & 1 Os '29_F&A
100 55
1,000 13% Jan
International Salt
1021
5185
18% 18% 10,000 1334 Jan 2(3% Apr
International Sliver, pref 100 •98 ioi Swift & Co 7% 1925.A&016 10158 10178
Certificates
102%
10.08
_
81
_
_
ttr
o
1
A
1931_
%o
e
15
g3
2
u
p
79
Coal
Sales.
50
Valley
Lehigh
Serbs, Croats and Slovenes
ki&fl 10118 10138
185 Texas
(Kingdom of) 8s w 1_1926 95% 9558 95% 173,000 95% June 9558 June Phelps Dodge Corp
04 110 U S Rubber 734e 1930.F&A 108 1108,2
00 1175
Royal Baking Pow. corn..1100
Switzerland Govt 51.is 1929 102% 102 102% 158,01)0 9531 Jan 107% Mar
It 100 10012
al&S
97
68'22.
See
Corp
Utah
94
100
Preferred
Listed on the Stock Exchange this week, where
West Else cony 781925.A&O 10812 109
95
Singer Mantes-.uring. _ _100 92
i• Odd lots. • No par value. I
E:*
New
o
z
found.
to
stock.
issued.
When
be
will
additional transactions
d Parch...a .160 pays accrued dividend. e New stook.
• Per chars.
dividend. y Ex-rights. z Ex -stock dividend. x Dollars per 1,000 lire, flat. § Dollars
Ex-rights. t Ex-stock di v.
/Flat price. k Last bale. n Nominal. x Ex-dly
Per 1,000 marks. g Marks. k Correction.




3% 3% 3,200
12,000
39c 43c
lie
4,000
lie
114 114 10,600
2,000
2c
2c
2,000
7c
7c
300
88c 92c

2%
39e
Ile
70e
2c
3c
80e

May
June
June
Feb
June
Feb
June

Feb
55e Mar
Apr
15e
1% Mar
Sc Mar
Apr
9c
19-4 June

1

2816

baestutent anJt glailraati intelliffentt.
RAILROAD GROSS EARNINGS

The following table shows the gross earnings of various STEAM roads from
which regular weekly or monthly returns
ean be obtained. The first two columns of figures give the gross earnings for
the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or
month. The returns of the electric railways
are brought together separately on a subsequent page.
ROADS.

Latest Gross Earnings.
Week or
Month.

Current
Year.

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

Latest Gross Earnings.

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Dat
Current
Year.

Previous
Year.

Akron Young & Y.._ April
171,639 118,018
673,140
384,451 Mo & North Arkan March
—810
Alabama & Vicksb_ April
56,734
—1,464
291,750
271,563 234.699 1,002.676 1,094.100 Missouri Kan & Tex_ April
2,469,358 2,556.630 9.191,440 10.717.955
Ann Arbor
2(1 wk June
99,654
99,210 2,159,446 2,071,661 Mo K & T By of Tex April
1,607,472 2,152.853 6,454.120 9,145,136
Atch Top & S Fe_ _ _ April
13828071 14725944 52,803,796 59,130,947
Total system__ April
4.193,086
4,893,581
Gulf Colo & S Fe_ April
16.125,487 20.662,211
1,617.406 2,119,234 6,448,483 9,120,159 Missouri l'acific____ Aril
2,683.921 8,297.362 31.227,457 35,165.199
Panhandle S Fe April
608,198 717,453 2,296,346 2,794,499 Mobile & Ohio
2d wk June 348,114 293,387 7,694,574 8,554,982
Atlanta Birrn & Atl_ April
313.436 182,614 1,199,788
990,157
Colum
&
Greens_
April
125.608
Atlanta & West Pt_ April
98,571
462.641
560.837
212,743 199,723
733.790
841,133 Monongahela
April
130.488 257,711 1,511,891 1,285,415
Atlantic City
April
321.693
.321 1.043,779 1.001,523 Monongahela Conn_ April
147,308
Atlantic Coast Line.. Aoril
62,590
498,019
256.606
6,736.137 6.474,610 25,138,509 26,401,114 Montour
April
15.652 123,608
Baltimore & Ohio__ April
305.986
443.499
16318711 15953279,64,236,892 64,192.189 Nashv Chatt & St L April
1,822,466 1,641,881 6,510.733 6,833,573
B & 0 Ch Term__ April
237.771
819.731 Nevada-Cal-Oregon 2d wk June
Bangor & Aroostook April
6,107
7,394
93,269
132,500
815,526 639,846 3,104,714 2,803,229 Nevada Northern
April
Bellefonte Central.._ March
32,975
22,391
92.396
176,717
8,283
6,874
21,856
20.949 Newburgh & Sou Sh April
Belt Ry of Chicago.. April
167,017
84.950
611.969
466.326
420.022 369.700 1,906,249 1,630.905 New On Great
Nor..
April
Bessemer & L Erie__ April
223.026
202,048
837,888
847,850
775.981 594.925 2,690,337 3,108.577 N 0 Texas & Mexico April
Bingham & Garfield April
205.180 213,170
889,780
993,152
12.121
14.559
42,784
82,205
Beaum S L & W.._ April
165.758 153.512
Boston Sz Maine__ April
701,976
834.482
6,221,930 6,137,309 24.779.893 24,431.147
St L Brownsv &M April
Bklyn E D Term_ __ April
454,427
515.249
1.879,026 2,151,303
128.353 117,052
540.02o
455.083 Now York Central._ April
2578711)0 25743776 102568750 103088335
Buff Roch & Pittsb_ 2d wk June 210,658 289,701 6,699.136
7,016,254
Ind Harbor Belt_ April
717,494 686,275 3,006,394 2.068,132
Buffalo & Susq
April
64,62.5 119.332
603.027
741.218
Lake Erie & West April
751 439 720 810 2 904.093 2,892,922
Canadian Nat Rys_ 2d wk Juno 1,883,417 1,972,145 46.810,561
53,653,566
Michigan Central April
6.100,326 5.772.997 23,473.567 22,267,474
Canadian Pacific.. 2d wk June 3,034,000 3,207,000 65,796.000 73.087,000
Cloy C & St L__ April
6,223,126 6,329,240 26,113.505 26.502,944
Caro Clinch & Ohio.. April
630.901 618.149 2.492.249 2,371.424
Cincinnati
North_ April
262,305 301.703 1,181,116 1,082,105
Central of Georgia.. _ April
1.758.493 1.808,558 6,895.052 7,402,062
Pitts
&
Lake Erie April
1,866,351 1.540,220 7,833.762 8,6116.040
Central RR of N J April
3,416.761 4,257.250 16,327.402 16,528,650
Tol & Ohio Cent.. April
381,201 751.866 2.924,446 3,164.493
Cent New England.. April
607.506 607,965 2,529,553 2,804,207
Kanawha & Mich April
165,530 373.307 1,164,780 1,366,541
Central Vermont
April
515,697 520,900 2,037,747 1,994,785 N Y Chic & St Louis April
2,254,898
2.230,890 9,103,162 8.718,637
Charleston & W Car April
308,072 338,720 1,147,213 1,187,184 N Y Connecting._ _ _ April
206,595 308,021
980,019 1,170.695
Ches & Ohio Lines.._ pril
6,942,944 6,535.995 27,645,427 25,300,526 NYNH& Hart?... April
9,670,060 9,213,041 37,174.506 35,858.829
Chicago & Alton
April
1,937.363 2,183,237
N Y Ont & Western April
868,916 968.278 3.815.583 3,950,318
Chic Burl & Quincy April
11435326 12639377 49,149.572 52,519,129 N Y Susq & West__ April
264,560 325.220 1,349.196 1,367,219
Chicago & East Ill_ April
1,607,955 1,972.447 8,044,187 8,765,327 Norfolk Southern.... April
793,917 707,793 2.727.288 2,620.690
Chicago Great West April
1,933.154 1,811,618 7,306,285 7,721,084 Norfolk & Wetern_
7,692.924 6.281,943 27,544.115 25.527.990
Chic Ind & Louisv
April
1,298.105 1,198,189 5,046,340 4,785,130 Northern Pacific_ _ _ April
April
6,787,062 6,732.651 26.242,587 25.981.458
Chicago Junction April
445,326 397,441 1,753,286 1,633.158 Northwestern Pac__ April
650,854 588,886 2,145,732 2.125,603
Chic Milw & St Paul April
10753572 10621048 45.393,430 44.356,630 Pennsylv RR & Co.. April
39237554 39948392 159266327 164543307
Chic & North West_ April
10666009 10576 218 42,236,374 45,376,245
Bait Chas & Atl_ _ April
115.596 114.894
Chic Peoria & St L.. April
374,319
435.248
153,324 147,793
765.737
Cinc Lob & Nor__ April
655.812
90.284
72,507
Chic R I & Pac
319,033
April
345,170
8,778,927 9,919.611 35,686,968 41,016,938
.Grand Rap & Ind April
736,162 754.489 2,707.783 2.786,148
Chic R I & Gulf.._ April
405.216 549.220 1,777,199 2,299,098
Long
Island
April
2,343,400 2,010.359 8,380,774 7,502.010
Chic St P M & Om_ April
2,084,029 2.087,078 8,382,637 8,974.547
Mary'd Del & Va.. April
87.547
89,446
Chic Ind & Western April
280,429
323,602
285.542 286,517 1,310,348 1,115,644
N Y Phila & Norf April
597,911 393.565 2,123.911 1,990,205
Colo & Southern_ _ _ 2d wk June 458,932 371.149 9,969.042
Tol Poor & West_ March
11,352,714
141.149
140,757
Ft W & Den City_ April
411,188
442,514
694,341 883,264 7,822,705 3,626.499
W
Jersey
&
Seash
April
1,051.873
873.626
3.555.660 3,366,948
Trin & Brazos Val April
192,440 233,916 1,275,512
Pitts C C & St L_ April
850,385
7,460.141.
Wichita Valley_ _ _ April
29,968.363 32,636,203
93,891 134,116
393.349
584.098 Penn System
April
52162280 52047251
'
Curnb Vail & Mart_ April
208495 314 215457030
51,662
99,704
345,368
Peoria
449.793
&
Pekin
Ult.
April
139.488
112.381
Delaware & Hudson April
630,590
584,013
2.745.809 3,713.352 14,086,692 15.004.670 Pere Marquette..
April
3,018.325 3,106.952 11,502.681 10,811.950
Del Lack & Western April
5.514,320 7,188,205 24.865.396 27,419.100 Perkiomen
April
98,782
Deny & Rio Grande April
93.652
362.105
444,841
2,280,326 2,225,979 9,294,618 9,991,686 Phila & Reading
April
5,756,860 6,974.219 27,251.610 28,097,219
Denver & Salt Lake April
35,137
95,299
477.112
662,744 Pittsb & Shawmut April
37,559
Detroit & Mackinac April
47,695
415.811
453.807
136,797 158,158
475,050
569,068 Pitts Shaw &
April
62,990 100,555
Detroit Tol & Iront_ April
378,852
399.464
861.016 563.194 2,683,788 1,425,628 Pittsb & WestNorth
Va....
April
175,559 134.442
Dot & Tol Shore L__ April
960,244
819.237
229.401 163.811 1,240,467
Port
772,259
Reading
April
109.774 193.079
Dui & Iron Range__ April
822.983
848,594
179.850 178,253
497,267
885,331 Quincy Om & K 0_ _ April
88,111
83,226
Dul Missabe & Nor.. April
336,073
415,224
187,350
565,160
848.796 Rich Fred & Potom_ April
996.200 1,044,271 3,436.497 3,745,137
Dui Sou Shore & MI 2d. wk June 106,350 237,145
82,980
1,703,925
2,069,250 Rutland
April
477,340 448.074 1.810.186 1.848.503
Duluth Winn & Pac April
144,069 193,702
626,398 1,131,021 St Jos & Grand Isl'd April
250.619 253,588 1.000.395 1.013.565
East St Louis Conn.. April
131,701 116,653
658,149
551,889 St Louis San Fran April
6,407.781
6,505,065 24,625,288 27,201.232
Eastern S S Lines_ _ March
269.843 200.298
739.608
Ft W & Rio Gran.. April
625.313
96.677 139,428
Elgin Joliet & East.. April
394,372
541,540
1.645,364 1,324,356 6.849.789 7,736,953
St L-S F of Texas.. April
124.775 132.336
El Paso & Sou West April
507,150
570,524
848,681 935,142 2.272,986 4.097,039 St Louis Southwest.. April
1,373,872 1,323,771 5,497,056 5,537,840
Erie Railroad
April
6.597,059 8,118,195 30,487,515 33.012.382 St Louis S W of Tx April
517,130
565.291
Chicago & Erie April
2,224,310 2,449,594
937,188 879,624 3.614.451 3,564.874
Total system _ _
2d wk June 462,063 462,989
NJ&NY RR___ April
124.488 123.601
478.891
463,983 St Louis Transfer.... April
45.222
84,875
Florida East Coast_ April
245,299
387,907
1,543.838 1,431.162 5.945.996 6,262.452 San Ant & Aran Pass April
435,121
443.721
1,606.347 1.798,298
Fonda Johns & Gloy May
107,698 113,308
582,627
557,666 San Ant Uvalde & 0 April
127,008
134,647
Ft Smith & Western April
342.607
391.085
116,004 176.075
460,484
658.144 Seaboard Air Line. _ April
3,814.345 3.551,336 14.936.710 15.752.133
Galveston Wharf__ April
125,222 181,514
497,050
819.878 Southern
Co May
21123915 21345 216 97,230,121 107204 136
Georgia Railroad...... April
432,108 476,474 1,529,037 1,815,523 Southern Pacific
Pacific Co April
19691271 21129044 76,106.206 85,858,919
Georgia & Florida__ April
103,246 120.063
422,300
462.026
Atlantic SS Lines.. April
886,052 964.781 3.702,9153,680,314
Grand Trunk Syst_ _ 2d wk June 2,076,191 1,868,537 41,364,814
43,283,745
Arizona Eastern_ April
268.001 256,430
Atl & St Lawrence April
884,891 1,209,278
142,729 189,8641 1.046,645 1,168.872
Galv Harris & S A April
1,717,457 1,092.147, 6,857,934 9.036.367
ChDetCan G TJct April
194,403 116,309
810,473
Hous & Tex Cent_ April
686.213
969,845 934,348 4,690,239 4,041.190
Dot0 H & Milw_ April
388,470 201,194, 1,449,393 1,148,080
lions
E
&
W
Tex_
April
223.812 222,326' 888,288
Grand Trk West.. April
901,022
1,066,765 1,179,513' 4.373,282 4,215,892
Louisiana Western April
345,977 310,987i 1.471.928 1,433,647
Great North System A pH'
6,640,386 6,926.485 25,797,692 26,139,940
Morg La & Texas April
637.785 682,080 2.586.798 2,985.183
Green Bay & West_ April
99.785 115,897
451.097
Texas
481,698
& New Orb.. April
711,844 651.905 2,992.547 2.890,501
Gulf Mobile & Nor.. April
410,491 343,04 1,427,792 1.414.481 Southern Railway__ 2d
wk Juno 3,373,707 3,104,084 73,141,407 74,888,051
Gulf & Ship Island.. April
236,137 220,286
910,817
930.500
Ala Great South_ April
808,026 771.367, 2.946.965 3,246.155
Hocking Valley__ _ April
926,221 1,021,213 4,152,793 3,557,271
Cin N 0& Tex P.. April
1,452,946 1,466,514 5.520.373 5.920.428
Illinois Central...... _ April
10343 282 11409154 45.335.698 46,453,346
Georgia Sou & Fla April
409,096 371,196 1,559,641 1;545.584
Total system
A pH!
11869380 13052995 51,216,499 53.433,503
New On & Nor E.. April
513,372 537,770 2,023,928 2,280,625
Internat & Grt Nor.. April
1,229.382 1,571,254 4,364,934 6,228,610
North'n Alabama. April
103,646
61,404
Internat Ry of Me_ _ April
377,737
316.594
276,820 225,961 1,143,442 1,292,528 Spokane Internat'l_ April
87,106 120,052
Kan City Alex & Or April
360,205
424,904
107,329 130.731
438,568
549.722
Spok
Portl
& Seattle April
534,315
KO Mex & 0 of Tex April
581,232
2,136,311
2,242,425
117,285 188,879
482,984
680.579 Staten Island 11 T.... April
206,246
Kansas City South.. April
200.122
734,284
1,392,758 1,690,792 5,703,233 0,701,213 Tennessee Central__ April
768.067
189,611 211.149
Texark & Ft Sm... April
758,619
808.230
148,861 175.143
627,502
770.366 Term ft R Assn ofStL April
358.447 345,025 1,519.247 1,469,395
Total system..___ May
1,678,578 1,827,980 8,008,813 9,275,519
St L Mer Bdge T_ April
236,587 288,625 1,221.6421,
Kansas City Term__ April
173.022
Texas,& Pacific_ _ _ _ 2(1 wk June 577,505 639,043
Kan Okla & Gulf...... April
12,920,564 16,427,977
220,383 158,369
867,768
850.252 Toledo St L & West_ April
773,967 693,300 3,080,599 2,870.768
Lake Sup & Ishpem_ April
5,082
3,622
11,471
Ulster
28,300
&
Delaware.._
April
128,533
Lake Terminal Ry_ _ April
138,963
427,968
407,485
89.355
98,652
362.059
502.649 Union Pacific
April
7,093,412 7,970,235 29.014.848 31,952.279
Lehigh & Ilud River April
182,471 268.259
884,158 1,064,187
OrUShort Line
April
2,597,748 2,578,571 10,897.312 10.526,561)
Lehigh & New Eng.. April
248.820
1.384.110
Total
system_
_
_
_
May
14544798
Lehigh Valley
14322096 68,537,240 72,208,458.
April
4,388.603 6.289.400 21,649.141 23,912,275
Ore- Wash RR &N April
1.943,021 2,332,268 8.157,921 8,761,352
Los Ang & Salt Lake April
1,508,055 1,682,339 5,922,361 6,646,161 Union RR (Penn)._
April
843,022 646,532 2.863,477 3,339,075
Louisiana & Arkan_ April
296.716 260.184 1,036,047 1.129,295 Utah
April
98,344
Louisiana Ry & Nav April
95,914
481,038
418.937
246,345 296,872 1,054.250 1,271,867 Vicks Shrev & Pac
324.337 327.980 1,203,084 1.363,502
Louisville & Nashv_ April
9,929.354 9,190.895 38,241.741 37.880,960 Virginian Railroad_ April
April
1,532.750 1,525.896 6.422,237 5,527.035
Louisv }lend & St L April
252.967 219,374
917.613
956,421
Wabash
RR
April
4.370.042 4.901.461 18.368.201 19,239.034
Maine Central
April
1,634.499 1,668.838 6,562,254 7,326,976 Western Maryland_ April
1,215,130 1,485.701 5.700.652 6,182,909
Midland Valley
April
382.576 391.091 1,405,467 1,576.032 Western Pacific_ _ _ _ April
846.818 920.465 3,159,489 3,626,658
Mineral Range
2d wk Juno
6,832
3,818
111,548
182,661
Western
Ry
of
Ala.._
March
201,085 206,916
Minneap & St Louis 2d wk June 327,529 339,413 6,955,409 7,102,067 Wheel
544.096
595,401
& Lake Erie. April
949,266 1.032.389 4,285,488 3,896,607
Minn St P & S S M.. April
3.193,367 3,421,82611,520.311 13.012,698 Wichita Falls &N W April
116.256 184.099
Mississippi Central_ April
479,928
799.121
116,904
73,6361 480,342
335,408 Yazoo & Miss Valley April
1,526.099 1,643,842 5,880,802 6,980,159.
•

•

••

•

•

•

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.

Current
Year.

1st week Apr (14 roads)____
2nd week Apr (14 roads)____
3d week April (13 roads)._-4th week April( 9 roads)...._
1st week May ( 9 roads)____
2d week May ( 9 roads)___.
3d week May /18 roads)......_
4th week May (15 roads)___1st week June (17 roads).._ _ _
2d' week June (18 roads)____

$
12,071,086
11.515.908
11,126.891
8,495.541
7,283.537
7.416.004
12,71:3,122
17,398,247
12,953,923
12.971.059




Previous
Year.

Increase or
Decrease.

%

$
$
12,971,053
—899,9671 6.94
12.587.585 —1,071.676 8.52
12.141.585 —1,014.694 8.36
9,732,254 —1,236.713 12.71
7,119.471
+164,066 2.30
7.157,170
—258,834 3.61
12,617.570
+95.552 0 76
16,502,052
+896,195 5.43
12,404,769
+549,1541 4.43
12.740.850
+230.2091 1.81

Monthly Summaries.
Mileage.
Curr.Yr.
July
230.991
August
233,815
September 235,155
October _......235.228
November —236,043
December-225.619
January _......235.395
February _ --235.625
March
234.986
April
234,955

Current
Year.

Previous
Year.

Increase or
Decrease.

%
Prev.Yr.
$
$
$
230,410 460,989.697 527,396.813 —66,407.116 12.59
233.067 504.599.664 554,718.882 —50.119,218 9.03
234,559 496,784,097 617,637,676 -120,753,579 19.55
234.686 534.332,833 640.255,263 —106922430 10.54
234,972 464,440,498 590,468,164 —128027666 21.34
224,784 406,864,055 527,480,047 -120,615.992 22.87
234.636 393.892,529 469.195.808 —75,303.279 16.05
234,880 400,430,580 405,203.414 —4.772,834 1.18
234,202 473,433,886 457.374.460 +16.059.426 3.51
234.338 416.240.237 432.106.647 —15.866.410 3.67

table which
Latest Gross Earnings by Weeks.-In the
the second week
follows we sum up separately the earnings for
shows 1.81%
of June. The table covers 18 roads and last year.
increase in the aggregate over the same week
Second Week of June.
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian National Railways_ _ _
Canadian Pacific
Colorado Southern
Duluth South Shore & Atlantic_
Grand Trunk of Canada
Grand Trunk Western
Detroit Grd Hay & Milw_ _ _
Canada Atlantic
Mineral Range
}
Minneapolis & St Louis
Iowa Central
Mobile & Ohio
Nevada California & Oregon_
St Louis Southwestern
Southern Railway
Texas & Pacific
Total (18 roads)
11 0101%

2817

THE CHRONICLE

JUNE 24 1922.]

1922.

1921.

Increase. Decrease.

$
$
99,210
99,654
289,701
210,658
1,883,417 1,972.145
3,034.000 3,207,000
371,149
458,932
82,980
106,350
2.076,191 1,868,537

$

$
444

87,783
23,370
207,654

3,818
339,413

3,014

293,387
348,114
7,394
6,107
462,989
462,063
3,373,707 3,104,084
639,043
577,505

54,727
_

6,832
327,529

12,971,059 12,740,850

79,043
88,728
173,000

___

269,623
646,615
9qn 9no

Net after
Taxes.

Fixed
Charges.

Balance,
Surglus.

20,915
15,146
b36,061
74,108
May '22
Philadelphia &
16,473
16,263
b32.736
72,553
'21
Western
61,114
75,693
b136,807
322,918
'22
May
31
end
mos
5
27.991
80,502
b108.493
322,270
'21
11,909
9,568
21,477
53.611
May '22
Pine Bluff Co
13,174
9,891
51,672
'21
197,653
118,585
316.238
792,785
12 mos end May 31 '22
164,191
109,435
273,626
792,136
'21
•
169,526
143,192
980,738 x312,718
May '22
United Gas &
153.498
141,485
913,383 x294,983
'21
Electric Corp
6 2,382.970
12 mos end May 31 '22 11,827,177 x4.105.736 1,722,763
4
1,659,48
87
1,638,90
x3,298,3
85
'21 11,294,2
25,706
14,558
x40,264
97.436
Yadkin River
May '22
17,973
15,275
x33,248
84,130
'21
Power
307.276
176.153
12 mos end May 31 '22 1,148,202 x483.429
245,195
179,981
982.844 x425,176
'21
b Net earnings here given are before deducting taxes.
x After allowing for other income received.

11,884
1,287
926
61,538
416,406

• 0
Latest Dates.-The table
Net Earnings Monthly tonet
earnings with charges and
following shows the gross and d and industrial companies
surplus of STEAM railroa
reported this week:
front Railway- -Net after Taxes-NI,. 4 r•

Gross
Earnings.

FINANCIAL REPORTS

Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
reports in to-day's "Chronicle."
Bold-faced figures indicate reports published at length.

Industrial Companies (Comma.- Page.
Page.
Steam Roads2584
2710 Crane Co
Ann Arbor RR
2474
Paper Co
Cushnoe
2354
Boston & Albany RR
2364
Co
Chemical
Davison
2716.
Cambria & Indiana RR
2575" Detroit & Cleveland Navig. Co_ _ _2475
Central RR. of New Jersey
2722
Inc
Motors,
Durant
2610
2575,
,
Chesapeake & Ohio Ry_2464
2712 Edison Electric Illuminating Co_ _ _ _2364
Chicago & Alton RR
-Grossfrom Railway- -Net
2722
Watch Co
1921.
1922.
1921.
1922.
1921.
Chic. Burl. & Quincy RR_ _ _ _2464, 2480 Elgin National
1922.
2475
Federal Motor Truck Co
_2710
RR_
eine. Indianapolis & Western
$
2714
on
Corporati
2716 Fisher Body
lleFonda Johnstown & Gloversvi
34,484 Cincinnati Traction)Co
37,973
40,059
43,748
2716 Great Atlantic & Pacific Tea Co_ _ _ _2723
113,308
Rys.
107,698
2475
May
152,100 Cleveland (Electric RR
216,470
179,975
245,345
2468 Greene Cananea Copper Co
557,666
582,627
Colorado & Southern
2715
From Jan 1
2468 Guanajuato Power & Electric Co
Elgin Joliet & Eastern RR
2723
Co
Sugar
Louis
St.
Kansas City Southern System2713
Holland
387,379
_2576,
RR_
303,667
471,565
tern
399,034
Paso & Southwes
El
1,827,980
2475
1,078,578
Co
Ball
May
2464, 2489 Hoover Steel
9 2,001,467 2,475,889 1,402,508 2,054,950 Erie Railroad Co
2723
Car Co
From Jan I_ 8,008,813 9,2V5,51
Motor
2577
Hudson
Ry
Coast
East
Florida
2585
2579 Hurley Machine Co
Southern Pacific System2,162,305 Fort Dodge Des M & So RR
3,831,305
3,308.184
5,415,124
6
2475
21,345,21
5
21,123,91
2604 Hydraulic Steel Co
May
2365
36 21,024,017 18,028,319 13,016,743 12,233,672 Great Northern Railway Co._2574,
2710, 2730 Indiana Pipe Line Co
From Jan 1_97,230,121 107204,1
Hocking Valley RR
2365
Co
-Rand
2717 Ingersoll
*Union Pacific System- 14,322,096 2,862,503 3,595,787 1,728,938 2,662,433 Illinois Central RR
2365
onal Cement Corp
2464
Internati
_
8
Co..
Ry.
14,544,70
Nor.
Great
&
onal
May
Co_2714
9 9,609,903 9,496,004 Internati
5
14,659,00
e
15,281,61
Marine
Mercantil
8
onal
72,208,45
2596
Internati
0
_2574,
_
From Jan 1 68,537,24
Kansas City Southern Ry_
2713
2718 International Nickel Co_
RR. figures for 1021 being revised to make, Manila Electric Corporation
4 Includes Los Angeles & Salt Lake
'
2728 Kellogg Toasted Corn Flake Co_ _ _ _2476
Michigan Central RR.Co__ _2710,_2465
2365
proper comparison.
Inc
Co.,
Kinney
R.)
_
_
(G.
Kansas & Texas Lines_
2585
Public Utility Net Earn- Missouri
Motors Co
2369
New York Central RR.Co__ _2353, 2485 Lafayette
Electric Railway and Other the
Co., Ltd_ _2476
Constr.
Sons
&
Lyall
2464,
(P.)
Co_2354,
RIC
of
returns
ELECT
gives
Northern Pacific Ry.
table
2356
ng
on
followi
Corporati
l
-Rockwel
-The
2575
ings.
Marlin
hia & Reading
2465
gross and net earnings with Philadelp
2711 McCrory Stores Corp.(N. Y.)
Pittsburgh & Lake Erie RR
railway and other public utility
2476
Co
Motors
2718
Mercer
week:
J.)
d this
Public Service Corp.(N.
2724
charges and surplus reporte
2574 Mexican Seaboard Oil Co
--Net Earnings-- Reading Company
-Gross Earnings
2354
2576 Mitchell Motors Co
Previous
Previous
Current
Seaboard Air Line Ry. Co
2714
Current
Co
Plow
2580
Moline
Year.
Year.
Gas& El. Co
Year.
Indiana
Southern
Year.
2368
Companies.
257.1,2589 Moon Motor Car Co
$
$
Southern Pacific Co
$
Co_ _2724
Mining
er
Quicksilv
Idris
Co_2711
New
RR.
201,099 Toledo St. Louis& Western
365,528
244,296
2355,2372
May 491,707
2712 Pacific Gas& Electric Co
Alabama Power Co
3 4,456,934 2,456,551 2,251,578 Ulster & Delaware RR
2477
2577 Panhandle Prod.& Ref. Co
June 1 '21 to May 31 '21._ 4,736,89
United Rys. Co. of St. Louis
Fixed
Balance,
Net after
2477
Gross
on
Corporati
011
2354
Pierce
Virginian Railway Co
Taxes.
Surglus.
2
Charges.
2713,273
_2367,
Earnings.
Inc
Piggly W iggly Stores,
S
2367
Co
Gas
&
Oil
Prairie
Electric Railways
74,638
2477
x126.280
51,642
2367,
241,152
Co
Line
Pipe
2467
'22
Prairie
Appalachian Power May
31,189 Berkshire Street Ry
2725
x87,227
56,038
205,036
'21
Provincial Paper Mills, Ltd
Co
621.492 Chicago Elev. Rys. Coll. Trust_ _ _2358
646,966
2356, 2466, 2493
2,690,001 x1,268,458
2359 Pure Oil Co
12 mos ond May 31 '22
2367
427,918 Connecticut Companys672,452
Co
Spring
'21 2,464,152 x1,100,370
Reynolds
Industrial Companie
Corp
22,597
• 2715
x27.799
5.202
74,211
Power dr Light Corp_ _ _2720 Root & Van Dervoort
2367
Asheville Power & May '22
Co
Oil
21,129 Adirondack
Consol.
z26,322
5,193
2472
Creek
69,860
Salt
'21
Light
2726
281,048 Alabama Power Co c Service Co_ _ _2582 Scovill Manufacturing Co
62,371
869,235 x343,419
12 mos end May 31 '22
2587
261,041 American Pneumati
x323315
62,274
2362 Simmons Co
841,504
Co
'21
Express
Railway
American
Co_2368
Tel.
&
e
Telephon
Bell
2472
Southern
28,037
z46,380
18.343
154,683
American Rolling Mill Co
2587
Corp
Carolina Power & May '22
e
Phosphat
23,231
x43,637
17.406
134.179
Ship & Commerce Corp._2357 Southern Utilities Co
'21
2587
Light
2472 Southern
442,683 American
5 x657.464
214,781
American Steel Foundries Co
2587
12 mos end May 31 '22 1,766.85
2721 Speiry Flour Co
423,636 Appalachian Power Co
211,607
'21 1.654,042 2635,243
2466
2362 Steel & Tube Co. of America
1,435,322 1,404,209
182,536 1,221,673 Arkansas Natural Gas Co
2478
or Co
Carburet
g
2473
Stromber
Cities Service Co May '22
984,164 Armour Leather Co
175,407
_2355
_
'21 1,198,110 1,159,571
merica.._
A
of
Co.
Car
2721
Motor
Stutz
12,926,119 12,474,532 2,150,922 10,323,610 Asbestos Corp. of Canada
2363 Taylor-Wharton Iron & Steel Co_ _ _ _2588
12 mos end May 31 '22
'21 21,235,767 20,577,866 1,974,094 18,603,772 Associated Dry Goods Corp 2472, 2577 Tennessee Eastern Electric Co
2368
Co
Fruit
Atlantic
18,487
2726
27,706
75,539
9,219
'22
Apr
2473 (John R.) Thompson Co
Citizens' Trac Co
11,605 Brier Hill Steel Co
2356
20,669
9,084
y Corp
77,192
Machiner
'21
Shoe
2363
United
ries
Subsidia
Co
&
Buckeye Pipe Line
198,687
_2479
307,718
Co..
926,634
Mach'y
109,031
Hoffman
'22
States
30
Apr
2714
United
12 mos end
164,604 Bash Terminal Co
267,926
103,322
'21 1,038,182
States Realty & Impt. CO.._2466
2363
United
Corp
m
Petroleu
a
2368
416,343 Californi Consol. Rubber Co.. Ltd_2721 Ventura Consol. 011 Fields
885,255
468,909
May '22 1,359,871
Columbia Gas &
2368
372,916 Canadian Converters Co., Ltd
2721 Vulcan Detinning Co
801.660
428,741
'21 1,197,410
Electric
2727
4 Canadian Gold Mining Co
& Mfg. Co
Electric
2,674,13
3
0
9
Wagner
2363
5,019,37
8,186,03
2,345,23
'22
31
May
end
Hill
5 mos
2368
Co
Refining
Sugar
Warner
2363
'21 6,805,110 4,603,059 2,148,066 2,454,999 Carson
Casein Co.of America(N.J.)
2368
2721 Weliman-Seaver-Morgan Co
189.389 Central Steel Co
482,587
'22 1,997,022
293,198
2727
Co
Detroit Edison Co May'
Power
&
Light
Western
2363
108,886
9
393.474
284,588
21 1,751,88
City Ice & Fuel Co
2378
2355,
_
Co
Mfg.
&
Elec.
se
2356, 2364 Westingh'
'22 10,912,386 3,220,948 1,500,674 1,720,274 Colorado Fuel & Iron Co
2588
5 mos end May 31 '21
2584 (Wm.) Wrigley Jr. Co
9,896,183 2,659,344 1,362,485 1,296.859 Consumers Power Co
2588
Co
Gold
Yukon
2722
5,052 Copper Range Co
45,264
13,356
8,304
Gas Apr '22

Eastern Shore
12,718
43,038
'21
& Elec & Subs Apr 30 '22
161,888
541,997
12 mos end
4
7:743
14
58
'21
131642141
22
Erie Lt Co & Subs Apr '21
82,069
28,696
404.531
'22 1,012,640
30
Apr
end
mos
12
401,384
'21 1,193,062
636.517
363.450
May '22
Great Western
591,093
'21
369,330
Power System
928,071
'22
424,957
May
ManHudson &
881,451
'21
341,005
hattan RR
4,618,889 2,080,539
22 4,343,18
5 mos end May 31 :21
6 1,760,469
124,409
22
47,321
Kentucky Trac & Apr''21
125,389
45,309
Terminal
'22 1,594,496
626,000
12 mos end Apr 30 '21 1.580,539
439,704
814,208 2185,241
May '22
Market St Ry
'21
'22 3,861,246 2791,504
5 mos end May 31 '21
218,567
'22
85,169
Municipal Service Apr '21
197.410
61.797
Co & Subs
2
2,493,50
899,102
'22
30
Apr
12 mos end
'21 2,589,570
671,160
759.099
x46,790
Apr' 22
New YorksItys
794,644
25,606
'21
7
7,765,59
237275
'22
31
Apr
10 mos end
'21 7,854.092 2-180,263
47.837
222,407
Palmetto Power & May '22
44,194
219.549
'21
Light •
576,566
2273,273
'22
31
May
end
12 mos
562,910 2261,045
'21
185,525
76,055
Apr '22
Penn Cent Lt &
190,856
70,394
'21
Power & Subs
7
2,394,90
956.557
'22
30
Apr
end
mos
12
766,073
'21 2,405,760
3.810,296 21,111.636
Philadelphia Rapid May '22 3.769,182 21,101,6
80
'21
Transit
48 25,195,343
17,593,0
'22
31
May
end
mos
5
'21 17,987,696 x4,925.901




7,698
98,417
84,379
13,910
15,509
183,561
181,585
212,449
200.403
340,715
336,966
1,702,542
1,686,510
23,893
21,161
278,037
250.264
62,803

315,070

5,020
Reading Company.
63,471
31,1142
Annual Report-Year ended Dec. 31 1921.)
(24th
21,404
24, reports in substance:
13,187
Pres. Agnew T. Dice, Phila. May
shows: Receipts,
Dec.
220,970
Results.-The income for year ended
expenses,
219,799
for year,
surplus
&c.,
151,001 Interest, taxes,
168926
Deduct:
was
The accumulated surplus on Dec.
Prof. stock
.84,242
during the year
(8%),
stock
- 4,039 a) Dividends paid
Common
00:
$1,680,0
00; 2d Prof. stock (4%),
377,996 45'), $1,120,0
sinking fund. $584.868; (c) miscellaneous ad5,600,000; (b) Gen'l Mtge. Balance
total surplus
73,958
and
604,
$24,805,
was
.
$206,510
s, Dr.,
23,428 justment
31 1921 334,352,239.
payments from the
24,148 Dec.
The directors have arranged for the following dividend
347,963 above surplus:(a) 4%,or $1.200,000, on the 1st Pref. stock. payable Q.-M.
of
1% was declared,
div.
y
quarterl
189,440 in 1921. (b) On the 2d Pref. stock, a
was set apart to make pro122,438 payable Jan. 12 1922, and the sum of *1,260.0s00upon
stock in 1921.
that
dividend
y
quarterl
g
vision for the remainin
of 2% was declared, paya476,434 (c) On the Common stock, a quarterly dividendin
May 1921.-Ed.j.
paid
was
amount
same
the
[and
1922
9
ble Feb.
on Jan. 13 1921 of the div. of 1%
Sinking Fund.-Prior to the payment
47,467
paid to the trustees of its General Mtge.
22,623 upon the 2d Pref. stock, company
sinking fund, which represented
the
for
required
amount
the
430,317 3584,868, being
mined during the calendar year 1920
238,334 5 cents per ton on all anthracite coal

37,702
39,174
468,785
432,826
23,490
23,300
19.397 -13,791
139,533
233,172
213,889 --394,152
4,321
18,086
1,642
17,907
60,193
213,080
52,877
208,168
46,395
29,660
40,809
29,585
598,590
357,967
429,375
336,698
294,104
817,532
284,737
816,943
4,094,897 1,100,446
824,847
4,100,554

31 1921
);
$144,051 (1920 $125,988
333): $6,218,602);
$16,066.54
$16,028,040 (1920 $6,337,3
$9,546,(1920
635 (1920 $9,721,743).
$33,996,983.
31 1921
1921. 38.400.000, viz.: 1st

l

& Reading Coal & Iron Co. and
from lands owned and controlled by Phila.of 3584,868 was also paid out of
pledged under the Gen. Mtge. This sum
to the purchase and cansurplus earnings and was applied by the trustee
bonds.
cellation of $725,000 Gen. Mtge. year
phia & Reading Ry.,
the
Philadel
Equipment.-During the past
nt was leased, performed all its oblito whom practically all of this equipme
ent of the equipment.
and
replacem
nce
maintena
the
gations in respect to
capacity or gross registered tonnage,
on the basis of tractive power, carryingthe
Co.
Reading
from
leases
several
the
in
as provided
Pacific typo locomotives and
The balance of 5 switching locomotives, 5
ted under Reading Co. Equip25 consolidation type locomotives, construc
1
have been delivered and are
1920,
Sept.
dated
"H,"
ment Trust, Series

phia & Reading Ry.
now in the service of the Philadel
d by the Director-General to the
The status of the equipment allocate
unchanged; no definite arrangement
remains
Ry.
Philadelphia & Reading
-General as to final payment or ownhaving been reached with the Director
used in the service of
ership of thi:: equipment. The equipment has been

2818

THE CHRONICLE

the Philadelphia & Reading Ry. and the
usual rental therefor has been set
aside pending the final settlement.
Funded Debt.-Funded debt was decrease
d $764,630 during the year, as
follows: Mortgages and ground rents
on real estate canceled, $39,630;
Gen. Mtge. bonds canceled through sinking
Of the authorized issue of$135,000,000 Gen.fund, $725,000.
Mtge. bonds, a total of$106,174.000 were issued to Dec.311921.
bonds outstanding were reduced,
however, by the $10,919,000 bonds The
heretofore purchased and canceled
through the operation of the Gen. Mtge.
fund, leaving outstanding
$95,255,000. The amount of the Gen. sinking
Mtge. bonds owned by Reading
Co. Dec. 31 1921 amounted to $2,361,000.
Reading Iron Co.-The balance sheet of the Reading
Iron Co. on Dec.
31 1921 showed assets of the value of $22,117,
ties amounted to $2,718,405. Company has226, while the current liabilino
funded
debt.
Equity Proceedings by the U. S.
nt.-In compliance with the decree
on mandate of the U. S. DistrictGovernme
Court for the Eastern District of Pennsylvania, entered Oct. 8 1920, the directors
trict Court at Philadelphia a plan for theon Feb. 14 1921 filed in the Dissegregation of the properties in
accordance with the opinion of the U. S. Supreme
Court rendered April 26
1920 (V. 112, p. 745). Argument on this
plan was had before the District
Court on May 2 1921, when Reading
Co.
was granted leave to file a modified
plan eliminating the payment which it had
to make to the General
Mortgage bondholders in consideration of proposed
certain releases.
A modified plan was thereupon filed in the
District Court on May 12 1921
(V. 112, p. 2084), which was approved
by the Court in an opinion handed
down on May 21 1921 (V.
p. 2306). On June 6 1921 a decree was entered by the District Court112,
making the modified plan effective
(V. 112, p.
2538).
On June 11 1921 the District
appointed Newton H. Fairbanks of
Springfield, Ohio, and Joseph B.Court
McCall
stock of Philadelphia & Reading Coal & of Philadelphia, as trustees of the
Iron Co., and 0. S. W. Packard of
Philadelphia and R. E. McCarty
Pittsburgh, Pa., as trustees of the Central Railroad Co. of New Jersey of
stock owned by Reading Co. (V. 112.
2643).
13•
On June 16 1921 the Continen
Insurance Co. and the Fidelity-Phenix
Fire Insurance Co. of New York,tal
holders of Common stock of Reading Co.,
filed an appeal to the U. S. Supreme Court
from the decree of the District
Court entered June 6 1921, contestin
right of the Preferred stockholders
to participate in any distribution ofg the
"rights"
under the modified plan of
segregation (V. 112, p. 2643). This appeal was
later followed by appeais
from the so-called Prosser committe
e, representing Common stockholders,
the Iselin committee, representing the
Preferred
stockholders and others
(V. 113, p. 629). These appeals, which were allowed.
by the District Court,
were heard by the U. S. Supreme Court
in Jan. 1922. In an opinion
handed down in June 1922 the original
the U. S. Supreme Court. Compare V.dissolution decree was modified by
114, p. 2431.1

[Volt:. 114.

BALANCE SHEET DEC. 31.
1921.
1920.
1921.
1920.
Assets$
Property sect__ _129,235,718128,319,306 Capital stock
42,481,70
0
42,481,70
0.
Impts. on leased_.
Funded debt
46,399,711 46,551,019
railway prop__..2l,833,339 21,875,969 Debt to MM.
cos.._ 451,968 1,146,457
Deposits in lieu_ _
Traffic, &c., bal.... 4,776,585 6,743,957
of property sold_
275
274
accts.& wages 5,654,681 9,186,040.
Misc. phys. prop__ 1,557,524 1,565.810 Aud.mat.
unpaid....
3,305
9,800'
Inv. in affil. cos__ 2,156,534 2,008,971 Int.
Misc, accts. pay 2,539,797
956,744
Other invest'ts___ 271,320
271,313 Fund. debt mat'd24,500
24,500
Cash
1,858,900 1,876.793 Unmat.Int. accr
204,471
204,520
Special deposits..
815
815 Unmat.rents acct._ 355,990
356,071
Loans & bills rec
16,789
16,789 Other current I lab_ 162,018 3,103,137
Traffic balances.... 3,222,327 2,436,953 Deferred
liabilities 36,889,834 36,484,971
Agts. & cond. bal_ 1,838,608 3,180,128 Unadj. credits_
_ _16,368,915 12,071,917
Mat'l & supplies 7,449,834 9,505,066 Add'ns to property
Misc. accts. rec...J9,077,812 3,601,081 through
income
Other curr. assets_
22,552 1,937,031 and surplus_ _ _57,798,802 53,593,538
Deferred assets__ _28,261,056 43,136,121 Profit and loss
4,628,047 10,113,114
Unadj. debits...... 1,936,924 3,295,066
Total
218,740,325 223027,486 Total
218,740,325 223027,488-V. 114, p. 2580, 2575.

Fonda Johnstown & Gloversville RR.
(51st Annual Report-Year ended Dec. 31 1921.)
President J. Ledlie Hees says in substance:

Results.-Gross revenues for the year were $1,355,6
59 and while showinga decrease of $75,903, compared with the
previous year, exceeded all prior
years except 1920.
Operating expenses amounted to $865,245 and were $55,635
less than
the previous year. Taxes continued to show an increase
and amounted
to $71,065. The increase was $17,168 or 32% over previous
year.
Miscellaneous operating income (Sacandaga) and non-operati
ng income
both showed increases for the year, aggregating $17,802.
The not income,
after depreciation reserves and fixed charges,
d to $101,122, a
decrease, compared with 1920, of only $10,454. amounte
redults were gratifying considering the general business depressioThese
n during the year. The
company's operating payroll, included in operatin
expenses
g
to $617,227, or 45% of gross revenue, a decrease of $45,307., amounted
Road & Equipment.-Oapital expendit
for the year have been confined
to paving in cities, required by statute, ures
and to the improvement of existing
property, primarily for increasing efficienc
The income account was published in V. 114, p.
y and economy of operation
2574.
There were charged to investment, road and
additions and betterment a total of 340644. equipment expenditures for
BALANCE SHEET DEC. 31.
One-Man Cars.-On the electric division, operation of "ono-man
1921.
1920.
cars"
1921.
1920.
was started on the Amsterdam "Local"
AssetsAug. 1 1921 and the "Belt"
3
esline in Gloversville Oct. 1. These cars line
Loeom.eng.&ears _ 51,082,533 50,631,121 1stLiabiliti
have also been operated on the
Pref.stock__ _ _28,000,000 28.000,000 Johnstown and Gloversvi
Sea tugs,barges,&c. 5,178,263 5,223,594 2d pref.
lle
"Local"
line since Nov. 1921. Their operation
stock_ _ _42,000,000 42,000,000 will reduce expenses
Real estate
approximately $25,000 per annum.
15,994,397 16,382,47 Common stock__ _70,000,0
00 70,000,000
Funded
Leased equipment-22,461,064 20,467,0639 Gen.
&c.-During the year $11,000 Cayadutta Electric RR.
M.loan-a_ _ _95,255,000 95,980,000 1st Mtge. Debt,
bonds
Uncompl'd equip_ 225,657
were
retired with funds received from sale of real estate.
24,074 Mtges.& gr'd rents 757,385
797,015 not used in operation of road. No securitie
Ferryboats
632,928
s have been issued since 1911
632,028 Del. Riv. Ter. bds. 500,000
500,000 and all additions to property since then amounti
Mtgs.&groundrent 1,013,522
253,0171
ng to $471,039, are subject
extens. bds_ 534,000
534,000 to capitalization and have been financed from surplus
Bonds P.& R.Ry_20,000,000 20,000,000 P.do
earnings.
&
R.
fly.
Co.
Bonds other cos.._ _24,169,494 24,589,62
ace.imp.toequlp. 2,542,354
INCOME ACCOUNT.
Stocks P.& R.Ry_42,481,700 42,481,7010 Wilm.
& No. P.R.
Stocks of P. & R.
1921.
1920.
1919.
1918.
stock trust Ws_ 1,295,000 1,295,000 Miles operated
Coal & Iron Co_ 8,000,000 8,000,000 Reading
88.77
88.77
88.77
88.77
Co -Jersey
Operating RevenueOther stocks (bOok
Cent,
coll.
bds_
_23,000,0
Freight
00
23,000,00
revenue
0
value)
$456,243
$484,323
54,170.941 53,582,435 RR.eq. ctfs."F"_ 3,000,000
$405,848
$354,233
3,600,000 Passenger,
Further invest. In
div'n_ _
43,087
57,907
48,232
39,420
RR.eq.ctfs."0".. 4,950,000 5,850,000 Passenger,steam
elec. division
P.&R.C.&I.Co.69,357,018 69,352,435 H.G.Lloy
806,870
828,761
749,807
675,477
deq."H" 2,371,250
Mail, express, &c
Special deposits_ _ _
49,460
60,572
59,320
49,762
59,040
54,004
Spec.
acct.
P.
R.
Adv.to affil. cos_ _11,682,851 11,383,9311 C.&
I. Co
Total operating rev_ $1,355,659 $1,431,562 $1,251,6
Cash
3,011,794 2,894,456 Mtge., new loco- 2,000,000 2,000,000
51 $1,123,137
Operating ExpensesNotes receivable
100,0001 motives,
1,200,000 1,200,000 MaInt. of way & struc_- $168,442
Central Tr. Co. of
$170,210
$143,973
$117,243
Contingent acct._ 5,190,479 b5,152,743 Maint. of equipment..__
N. Y., trustee__
122,663
136,997
4,920
• 106,560
97,339
4,393 Accr. int., taxes,
Traffic expenses
Accrued income__ 1,170,281 1,18,3941
8,399
6,426
7,422
7,444
&c.
(est.)
2,947,893 2,780,034 Power
P. ex It.. Ry. cur84,387
89,042
102,568
85,953
Sk.Fd.Gen. Mtge.
527
Transportation
495
rent assets
403,004
447,365
381,219
747,416 UnadJust. credits_ 277,085
327,167
193,676 General expenses
U.S. RR. Admin.. 1,398,579 1,394,102 Accounts
78,350
70,839
61,657
61,742
payable..
31,085
405,335
Miscellaneous _ _ _ _ 634,545
635,586 Bills payable
3,300,000 3,300,000
Total
expenses.... $865,245
Unadjusted debits
$920,880
7,026
$803,399
$696,889
3,821 Res've for replace_ 9,416,536 9,443,324 Net rev,oper.
from ry. oper_ _ $490,415
$510,683
$448,252
$426,248
Fund. debt ret.
Ry. tax accruals
71,065
53,896
64,584
55,523
through surplus.. 725,000
Profit and loss.. _ _ _34,352,239 33,996,983
Railway oper.income.. $419,350
$456,786
$383,668
$370,726
Miscella
neous
income
Total
_
11,569
333,645,834 330028,607 Total
6,691
7,938
4,540
333,645,834 330028,607 Non-operating income__
114, p. 2580, 2574.
53,350
40,425
36,729
33,371
Gross
income
$484,269
$503,903
Philadelphia & Reading Railway Co.
$428,336
$408,637
Deductions
383,147
392,327
372,550
393,701
Divs. on Prof. stock
(24th Annual Report-Year ended Dec. 311921.)
30,000
30,000
30,000
30,000
Pres. Agnew T. Dice, Phila. May 24, reports in
Balance to profit &
$71,122
$81,576
$25,787 def.$15,063
substan
ce:
Additions and Betterments.-The sum
GENERAL BALANCE SHEET DEC. 31.
$3,084,585 (of which $3,055,961
was charged to income) was expended oftho
company during 1921 in addi1921.
1920.
tions and betterments to its property,by
1921.
1920.
as
compare
d
with
Assets$2,718,6
47
in
the
$
previous year, an increase of $365,937.
Liabilities$
Inv,in rd.& equip 9,989,288 9,948,644 Common stock__
During the year ended Dec. 31 1920 improvements
2,500,000 2,500,000
property was charged and profit and loss was creditedon leased railway Impts. on leased ry
Preferred stock...... 500,000
500,000
property
with $2,542,345,
24,379
24,379 Funded debt
representing expenditures made by this company
6,980,000 7,000,000
to equipment leased from NIlscel. phys. prop 367,367
369,359 Loans & bills pay.. 110,280
Reading Co. during a period of years prior to
143,000
266,796 Accts. payable..
had been absorbed in operating expenses andJune 30 1917. These charges Inv.In Mill. cos.._ _ 274,727
02,706
155,591
were added to capital invest- Other investments 104,100
104,100 Accrued liabilities..
ment.
48,115
51,142
Cash
18,708
13,190 Deferred liabilities
During 1921 Reading Co. assumed this charge
10,
44
3,240
ment upon which these betterments were made as the owner of the equip- Loans & bills rec....
10,100 Unadjusted credits
18,891
16,736
Accts.
and
the
receivabl
charge
to the cape_
77,689
ital account of this company was eliminate
104,266 Accrued depree'n_ 362,135
341,493
d. By order of the I.-S. C. Com- Mans & supplies_ 102,995
125,152 Profit & loss-bal. 373,000
mission, the credit to profit and loss in 1920
301,752
was transferred to operating Defgred assets
30,690
36,011
expenses in 1921, the cancellation
this credit appearing as miscellaneous Unadjusted debits
932
adjustments in the determination of
7,752
of accumulated surplus.
Equipment.-The rolling stock and
floating equipment leased from ReadTotal
10,994,116
ing Co. in service on Dec. 31 1921
Total
10,994,116 11,009,759
as follows: Total rolling equipment, -V. 112. p 2083, 1399. 11,009,750
40,817 (against 42,282 in 1920); was
total floating equipment, 129 (against
134 in 1920).
Funded Debt.-The funded indebtedness was
Ann Arbor Railroad.
decreased $151,308 during 1921, as follows: Mortgages and ground
rents on real estate canceled,
(26d Annual Report-Year ended Dec. 31 1921.)
$1,308; City of Philadelphia subway loan bonds
canceled
,
$150,000. The
entire 32,782,000 Subway Mortgage bonds
Pres. Newman Erb, April 1, reports in substance:
of 1907-1957 issued by the
company to Doc. 31 1921 are in its treasury.
Settlement with U. S. Government.-The accounts between
Settlements Account Federal Control and Guaranty
the Federal RR.
Periods.-Settlements Administration and
with the U. S. RR. Administration and with the
company, as well as those with the I.-S. 0.
CommisU. S. Government for the sion covering the guarante
period of Federal control ended Mar. 1 1920
e period, were adjusted in Feb. 1922.
and
the
guaranty
period
ended
When property was returned by the Director-General, at the
Sept. 1 1920 had not been effected
the close of 1921. [The Commission period
end of the
early in June issued a final certificatat
of
Federal
control,
only
a
small
percentage of our freight cars were
stating the amount necessary to make on our own rails.
good this company's guarantee for etho
six months of 1J20 at $9,509,080, had been returned With the end of the calendar year most of this equipment
of which $1,656,060 was still to be paid.-Ed
undermaintained because these cars were widely scattered
.1
and only light running repairs sufficient to keep this equipmen
Valuation.-The physical valuation by the I.
t in operation
-S. C. Commission was con- had
tinued during 1921 at a cost to the company
made. in the settlement made with the
of $120,633. The total expen- partialbeen
eral
diture incurred by the company on
allowance for this undermaintenance was made, Director-Gen
account of the Fedt3ral valuation was allowanc
as well as some
es
$544,606 to Dec. 31 1921. These expenditures
for
many other items resulting in a credit, which, with the
have
been
included
in
oper- remits of operation for the year, increased the total
ating expenses.
corporate surplus from
$1,722,667 to $2,595,069, or an increase of $872,402
.
The usual comparative income account was publish
Government Loans.-On Feb. 1 last two loans were
ed
in
made through the
I.-S. C. Commission, one for $400,000, payable in quarterly
V. 114, p. 2575.
installments
of $20,000 each, running for a period of 5
and the other for $250,000,
to reimburse the company for additionsyears,
OPERATING STATISTICS FOR CALENDAR
and betterments already made
YEARS.
and
to
be
made,
which
loans
bear
6%
int.,
and are due 5 years after date.
1921.
1920.
1919.
1918.
It is intended to ask the Commission to refund
Mileage
the various obligations to
1,127
1,127
1,127
1,127 the Government [amounting to $1,927,8001
All tons, 2,000 lbs.for a period of 15 years from
the
date
Merchandise carried
terminat
of
ion
of
Federal
control.
18,695,337 29,716,679 26,074,519 30,918,225
Ar
The
Anthracite coal (revenue) 13,834,398 15,121,1
2-Year 6% Gold notes', due May last,
retired. The loan of
24 13,815,371 16,277,7
$150,000 made by the War Finance Corp. to were
Bituminous coal (rev.)
17,433,809 24,875,761 23,320,574 24,078,581
the company in 1919 was
96 reduced to $50,000.
Total tons all freight_ _ 49,963,544
69,713,564 63,210,464 71,274,602
Additions de. Betterments.-There was charged to depreciat
All freight 1 mile (000)
5,092,560
7,172,042
ion account
6,648,922
7,428,639 during the year $102,032, and additions
Av. rev, per ton per mile 1.367 cts.
and betterments were paid for
1.059 cts.
0.848 cts.
0.873 cts. from operating income amounti
Passengers carried
ng to $238,348.
25,678,351 31,556,953 29,922,290 27,291,2
44# al
68
Ref. & Ext. Bonds.-At the close of 1920 company
Pass. carried one mile.._ _409,500,145 500,549,
had
221 510,774,112 414,112,056 under hypothec
ing and
Rate per pass. per mile
ation with the U. S. RR. Administration, outstand
2.499 cts.
2.304 cts.
and as collateral
2.125 eta.
2.097 cts. to the 2-Year 6% Gold notes,
the entire $2,500,000 outstanding issue of




-

JUNE 241922.]

THE CHRONICLE

referred
With the retirement of the notescancelle
5% Ref. & Ext. Mtge. bonds. thereto,
d
the company retired and amount
to and release of the collateral
00, of which
$2,000,0
to
issue
the
reducing
$500,000 bonds,
l by the U. S
collatera
as
held
00
$1.705,0
$195,000' are in the treasury and War Finance Corp. It is intended to
Government, and $100,000 by the
bonds held as collateral thereto
retire the latter loan during 1922 whereby the
will be returned to the Treasury.
contract has been negotiated with the
Contract with Pennsylvania RR.-A of Ann Arbor's main tracks extending
Pennsylvania RR. for the use of one
Alexis, 4.37
of Penn. Co. at Toledo, to
from a connection with the tracksadditiona
l track for joint use which it is
miles, and the construction of an to both companies; the funds for such
benefit
believed will be of material
are to be provided for by the
ately
construction estimated to cost $560,000
it is estimated that approxim
Penn. Co., and beginning with 1923
of the company will be derived
charges
using
over one-third of the fixed interest
s
companie
several
the
from trackage and terminal rentals from
's
company
company's facilities.
the
that
believes
board
payment
Outlook for Divs. on Pref. Stock.-The
ent of its business justify the
financial condition and the developm
to be inaugurated
income
surplus
from
stock,
of dividends at least on its Pref.purpose of stabilizing such payments. and to
have
at an early date, and for the
ties, $100,000 1st Mtge. 4% bonds
guard against unforeseen eventuali
be used as a guarantee fund for
been purchased in the open market to
that purpose.
completed,
so far as the same has been
Vahtatton.-Federal valuation,1915
with the value of the additions and
ation of
concedes a value as of June 30
capitaliz
the
approximating
betterments since made of an amount
to land values and other items aggregat
it is
company. Differences with respect
and
by
company
protested
ing approximately $5,000,000 have been
value
the
n
by the Valuatio Board
believed that on a hearing soon to be had
ally increased.
thus far established will be substanti
ICS.
STATIST
OPERATING
1918.
1919.
1920.
1921.
Calendar Years299
299
294
292
Miles operated
731,668
777,714
729,014
562,664
Passengers carried
34 25,782,729 23,553,849
24,651,3
96
18,810,5
Pass. carried one mile_
2.41 cts.
2.788 cts.
2.915 cts.
3.357 cts.
Rate per pass. per mile
$1.17
$1.37
$1.83
$1.49
Pass. earn, per train mile 2,522,84
2,398,392
8
3
2,788,06
3.046,91
9
Tons carried (revenue)
915
351,790,
581
268
383,524,
439,375,
Tons carr. 1 mile (rev.) _371,835.054
0.69 cts.
0.81 cts.
0.98 cts.
cts.
Rate per ton per mile__ _ 1.149
$4.89
$7.62
$5.48
$8.56
Fgt. earns, per train mile
$15,057
$18,068
$17,489
Gross earnings per mile_
739
811
803
Avge. tons per train mile

was given in V. 114,
The comparative income account
p. 2710.
ER 31.

GENERAL BALANCE SHEET DECEMB
1921.
1920.
1921.
Liabilities$
$
Assetsstock
Capital
7,250,000
0
18,703,30
8,941,640
Inv.inroad&equip.1
8,675
9,381 Government grants
11,736
Misc. phys. prop__
Long term debt_ _ _ 7,031,140
Inv.in affil. cos.:
to
U.S.Gov.
()wig.
1,927,800
42,470
38,501
Stocks
236,600 Traffic de car serv.
290,000
Bonds
balances pay'le_ 217,682
79,939
65,338
Advances
425,620 Audited acc'ts and
277,529
Cash
wages Payable_ _ 569,910
1
ts
investmen
Other
83,962
100.676 Misc. acc'ts pay'le
78,579
Special deposits__ _
int. mat'd unpaid..
78,010
Traffic & car serv.
Funded debt ma100,307
receiv_
balances
_
Unpaid..
tured
2,000
16,002
Agts.& cond., bal. def185
39,383
854,864 Unmat. int. accr'd
Misc.accts.reedy. 176,873
def.liab.
U.S.Govt.
538
670,041
580,154
Material & sup!).
23,309
60,000 Other def'd I titbit _ _
Other curr. assets_ 135,000
223,698
1,050 Taxilability
1,050
Work, fund adv.Acer.depr.,equip. 629,829
U. S. Govt. det'd
75,997
908,522 Other unadj. eyed.
149
assets
Add'ns to property
Rents & ins. prem.
thro.Inc.& sure. 133,095
46,935
00,322
prepaid
164,128 Profit& loss, cr.bal 2,461,974
Other unadJ.debits

1920.
7,250,000
8,675
7,511,900
1,668,700
158,625
804,841
77,584
109,092
2,000
178,729
2,088,141
21,808
105,838
543,691
13,240

2819

INCOME ACCOUNT FOR CALENDAR YEARS.
(No Figures Available for 1919.)
1917.
1918(sic).
1920.
1921.
$4,512,650
Profit from operation._ 313,490.983 38,835.535 $7,332,308
0
1,916,56
2
3408,23
,4261
201
950.261
Deduct-Interest, &c_ _ _
1,797,637f
2,598,812
Depreciation,&c
(See below)1
1,000,000
900.000
Federal taxes, &c_ _
$2,596,090
$9,041,910 $5,836,472 $3,524,076
2,480,064
3,004,964
7.151,281
9,120,703
54
$18162,613 $12,987,753 $6,529,040 35,076,1
Total income
$274,426
$363,954
Bond & miscel. interest.
530,000
0
1,250,00
(See above).
Inc. & exc. prof. taxes__
735,000
720,311
z40,000
Pref. divs.(7%)approx.
1,067,160
3,117.852
z6,007,985 z6,008,000
Coin. divs., approx
(331%)
(10%)
(12%)
(12%)
Per cent_
do
Corn. Cl. B divs. (12%)
z2,411,910 z1,985.673
approximate
$2,469,568
$9,742,718 $4,954.080 31,076.923
Balance, surplus
2,540,595
5,010,164
15,560,971 16,159.192
Previous surplus
64
$5,010,1
87
$6,087,0
272
321.113,
$25,303.689
Total surplus
826,084
153,733
Investment adj.-Cr_
.385
(10)6378
Stock dividend
35.010.164
Profit & loss surplus_ _325,457,423 315,560,971 $6,087,087
z Approximation inserted by Editor.
CONSOLIDATED BALANCE SHEET DEC. 31.
1920.
1921.
1920.
1921.
$
Assets0
50,077,20
,077,450
stock_y50
Common
8
37,285,68
6
41,739,78
xProperties
Common stock B 20,099,250 20,099,250
Investmls-(see note)
Marine equipm't
Mex. Pet. Co. of
8,886,000 9,455,500
bonds
58,827,466 53,673,883
Del
763,383 1,631,237
Other companies 4,423,381 4,243,428 Accts. payable_
908,740 1,228.643 Purchase money 1,899,787 2,537,302
Accts. receivable
.....
obligations
1,390,259
Notes receivable
2,105,466 2,105,343
Divs. receivable 1,124,530 1,117,693 Divs. payable
1,924,049 1,654,831
Res. for taxes
453,770
Insur. claims_ _ _
3 15,560,971
25,457.42
Surplus
880,964
Liberty bonds_ _
2,174,916 1,627,571
Cash
50,055
60,444
_
_
s
Inventorie __
1,499,775 1,623,449
Deferred chgs
111,212,807 103,121,634
Total
111,212,807 103,121,634
Total
ion of $7,109,286
x Properties shown in table, after deducting depreciat
on. $38,017,286;
commissi
in
ps
steamshi
1921,
31
of
Dec.
as
in 1921 included
oil lands and development, $10.831,785.
of $50 each. $55,000,y Auth. capital stock: Common, 1,100.000 shares
each, $70,000,000: Preferred
000; Common Class B 1, 400.000 shares of $50 $25,000,
000.
7% cumulative. 250,000 shares of $100 each.
Petroleum Co. of Del.
1Vote.-Investments for 1921 include: (a) Mexican
par value;
common
000
$31,461.
and
$9,035,000 preferred par value,
$619,928 common par; (c)
(b) Caloric Co., $328,472 preferred par and£750,000
70; (d)
or
$2.923,8
stock
capital
Co.
m
British Mex. Petroleu
0) capital stock. $250,000.
Bankers & Shirrs Insurance Co. ($100,00
Mexican Petroleum Co..
of
bonds
gold
convert,
fund
sink.
8
-yr
15ea
The
ing Dec. 31 1921 (V. 112,
Ltd., of Del., o which $9,500,000 were outstand
t Co.p_. 1746) are guaranteed by Pan American Petroleum & Transpor
V. 113, p. 2077.
Net income
Other income

Mexican Petroleum Co., Ltd., of Delaware.
(Report for Fiscal Year ended Dec. 31 1921.)
in substance:
Pres. E. L. Doheny, New York June 1, says
was approximately

Earnings.-The volume of business done during 1921
from operations were
the same as during 1920, nevertheless the profits
$15,469,733 for 1920. The differ$22,449,427 for 1921 as compared with
following manner:
the
in
largely
for
d
accounte
is
amounts
ence in these
in
133,095 In 1920 a great many companies were producing large quantities of oilble
1,589.573 the Amatlan and other districts of which company purchased considera
at the
while
handled,
oil
the
of
cost
the
itself
to
g
quantities, thus increasin
As a result of the
same time conserving its own underground supply.
1920-21 and still conTotal
20,757,003 22,325,590 intensive campaign of development carried on inand
20,757,003 22,325,500
other fields waned
Amatlan
the
Total
from
on
tinuing, when the producti
1061.
was in a position to, and did
-V. 114, p. 2710, 1764, 1531,
as a result of partial exhaustion, company
was a substantial
result
-the
wells
own
its
from
ents
requirem
oil
supply its
saving.
ed contracts of former years
Likewise the expiration of some low-pric
British Empire Steel Corporation, Ltd.
somewhat higher than those
made die average prices obtained in 1921
profits, notwithstanding the facts
obtained in 1920 hence the increased
(Report and Statement-April 16 to Dec. 31 1921.)
were heavier during 1921
ent
Governm
Mexican
the
to
paid
taxes
that the
handicapped by a two
Wolvin, together with the and
that the earning power of the company was
The remarks of Pres. R. M.and
and August.
loss for the 8M months months' shutdown in July
$26,410,395 as comare
assets
t
-Curren
consolidated statement of profit
Position.
Cash
&
Quick Assets
Accounts receivable and
dated balance sheet as pared
with the current liabilities of $10.369,898.
ending Dec. 31 1921 and the consoli
compared with the accounts
as
000
$17,000,
over
to
amount
hand
under
Docufound
ts
cash-onand
"Repor
to stocKnolders of $6,800,000
of Dec. 31 1921, will be page of this
payable to outsiders plus dividends payable
sum of.the entire bond
issue.-V. 114, p. The
cash, and cash equivalent, is equal to the
ments," on a subsequent
s payable-in other words
dividend
and
accounts
the
plus
ness,
indebted
strong and is being
ally
exception
is
2237, 1894.
the cash position of the company
hand is now sufficient to
strengthened each month so that its cash-oning bond obligations
outstand
its
of
all
&
desires,
it
eum
Petrol
whenever
Transport Co.
enable it to call,
Pan American
es.
on the terms provided in the bond indentur
profits on operations the
the
from
g
deductin
ending
Year
.)
-After
Dec.
Taxes.
311921
&
Fiscal
s
Dividend
(Report for
charges, depreciation and depletion,
amount of the interest and amortization
net profit for the year is
1, wrote in substance:
the provision for income and other taxes,sthe
Pres. E. L. Doheny, JuneCo.
$6,199,950, being the $8 per
dividend
in
paid
was
There
-Company's holdings of stock of $12,540,684.
Petroleum
on all of the outstanding
Mexican
share
per
$12
in
and
Holdings
now represent 73.4% of the total outstanding stock share on the Preferred stock,
Mexican Petroleum Co.
year. Common stock.
compared with 71% hold at the beginning of the havo
ent amounted to
as
Governm
,
Mexican
company
the
to
paid
taxes
the
that
of
During the year
spread during last summer, we
Common
Notwithstanding the false reports
ing over $15 per share on the outstandingthe
U. S.
any of the Mexican Petroleum Co. stock; on the $6,700,000, represent
for taxes payable to
provide
to
aside
set
neither sold nor loaned
amount
The
stock.
l
's
Common
ing
the
on
outstand
share
per
$7
nearly
contrary, there was acquired an additiona 17,400 shares of that company
of
nt
Govt. is the equivale
the .
to
paid
d
taxes
combine
the
stock.
that
Common
weight tonnage of the vessels which make up stock. Thus it will be observed
$22 per share of Common stock outTonnage-The total deadengaged
in the transportation of petroleum for U. S. and Mexico is equivalent todistribut
s.
dividend
steamers
as
ders
to
tank
ed
stockhol
of
fleet
was
share
the
standing, whereas$12 per
and elsewhere amounts to 402,376 tons.
ately $13500,000 has been
our subsidiaries in Mexico
Expenditures.-During the year, approxim
for 1921 amounted to $18.162.613, after making
United States, South
the
Mexico,
in
ments
Earnings-Earnings ion,
improve
capital
on
, taxes and all other deductions allowed expended
in Mexico.
provision for depreciat withdepletion
$8,770,000 having been expendedconstruct
ion.
$12,987,753 earned in
and as compared America and elsewhere,ures,
$2,924,000 was on new pipe line extension
expendit
by law, as compared1919; an increase of 40% over1920,
s,
that for 1920, and an Of the aggregateoil
refinery
on
00
$2,125,0
ent
developm
well
with $6,591,422 for the earnings of 1919.
$1,750,000.on
America
South
States,
over
United
the
in
increase of 175% earnings for 1021 over those for previous years is prin- $3.625,000 on storage stations, &c.,
00 on buildings, storage
$2,326,0
and
&c.,
lands,
on
The increase in
$750,000
e,
elsewher
and
by the greater earnings from steamship operations,
cipally accounted for
, movable equipment, &c.
of oil which
earnings of the Mexican Petroleum Co.. Ltd., and its facilitiesAzul-Tote
co Pool.-In addition to the large amount
and the increased
Cerro
s. This is augmented by the greater proportion
Azul-Toteco pool,
other controlled companie
and which will yet be delivered from the Cerro
been
m Co , Ltd., which accrues to our has
Petroleu
an area
company
Mexican
by
drilled
the
already
of
wells
the
of the profits
there has been developed by
increased holdings in said company.
at least ten times as
company by reason of its is equivalent to $12 94 per share, or nearly 26% which is at least ten times as great and no doubt will be
seem incredible,
may
This
pool.
eco
Azul-Tot
Cerro
the
Not profit for the year
as
productive
outstanding.
of opinions that we have expressed in your annual
on the entire capital stock
the year 1921 dividends paid in cash but it is a true reiteration16
years.
Dividends cet Taxes.-During
reports during the past
12% upon the outstanding capital stock.
being
00,
$8,420,0
statistics show that the production of Mexico
-The
to
n.
amounted
Mexican Productio
accrued in respect of tho year 1921, including
predictions of
000 bbls.; in 1921, notwithstanding the587
Taxes paid during, and of the taxes paid by its controlle
163,540,
was
in
1920
s,
companie
d
and in the
on
was increased to 193,397,
amount
this
this company's proportiapproxim
experts,
to $5 84 salt water
equal
ately
rate of
is
00,
which
annual
the
$8,200,0
at
averaged
of
it
has
year
total
a
amounted to
months of the present
five
first
stock..
average
ing
capital
outstand
the
por share (11 7-10%) on -In respect of our California oil properties, 214,000,000 bbls.
from the fields
lines
pipe
our
of
capacity
-The
&c.
California Oil Properties.
Refining,
Pipe Lines,
per
from the operations thereof amounted to
in Nov. 1921, is approximately 130.000 bbls.
the operating profit derived
as they did in 1920. • During the year, to Tampico, completedour
refinery at Tampico, completed in Dec. 1921.
approximately the same in 1921
in the acquisition and development day. The capacity of petroleu
gasollne
expended
of
gals.
was
756,000
yields
00
which
m,
$3,000,0
crude
however, ever
wells
1921 our California company held in fee, Is 130,000 bbls. of
oil daily. The capacity of some of our new
of new properties. On Dec. 31
Oklahoma and Louisiana approximately and 110,000 bbls. of fuel
has not yet been provided at each
or under lease, in California, of
can only be estimated because there
a.
is
present
which
in
Californi
your
situated
of
000
yield
potential
the
25
that
over
but
g,
of
land,
31,000 acres
these fields makes the Pan American well facilities for measurin
no question.
The prospects for production from
to 800,000 bbls. per day, there can be
in importance among the oil companies wells is from 500,000
production or takings from our
Petroleum Co. rank as the fourth promises
During the last quarter of 1921 the actual
both
in
year
to
banner
during the
be
and
the
year
daily,
bbls.
present
200,00(1
in that State. The
amounted to over
American Petroleum Co. of California. companies' wells
rate. During
production and earnings for the Pan
this year the takings continued at the same
from
taken
business is entirely confined to first quarter offrom
oil
of
amount
the
1922
to
April
1921
Caloric Co-The Caloric Co., whose us
Oct.
pipe line
prospero during the year 1921 as during the six monthsapproxim
ately 100,000 bbls. per day more than our s.
South America, has not been as in
and the lower prices obtaining. our wells was
This
companie
various
to
and
delivered
sold
being
1920, because a the depression , business
excess
the
,
deducting depreciation and United capacity
completion of our pipe
•Its profits for 1921 were $146,000 after
largo production, which was made possible by the
States taxes, as compared with a net profit for 1920 of $470,000.




2820

THE CHRONICLE

[Vor.. 114.

lines and the outside deliveries, is more
any oil company in an equal period of than was ever before produced by at a refinery instead
of at our works simply because we had no other
bbls. of oil in 7 months. The wells time, amounting to over 45,000,000 way of getting the raw
material to work with. The information gained
already drilled make it possible to at this
continue the desired rate of producti
Boston
plant
was
not only satisfactory to us but was moat helpful
on
for
an
indefinit
e length of time, In demonstrating
not to be measured or even
approximated by any accepted means
advantages of Silica Gel to the experts
of large oil company the
determination.
of every
who visited It. We have recently built a
commercial
plant for absorption of gases and
Combined Taxes Paid Mex. Govt. on Co.'s Imports,
g moisture from the air and
Exports & Production 1921. it has been a signal success. Our removin
refrigerating machine has been'
Production taxes paid by Huasteca Petroleu
completed and is operating splendidlfirst
m Co., $5,510,000;
y. Improve
export taxes paid by Huasteca
will follow as we
m Co., $1,297,000_ $6,807,000 get more practical experience with this operation,ments
Production tax paid by other cos. Petroleu
but its present success
makes
refrigera
on
tion one of our most interesting fields.
them by the Huasteca Petroleumoils produced by & sold to
We are not selling an article
Co,
$1,495,0
00;
export
which
fluctuate
s in price with market
taxes paid by other cos. on oils produced
conditions but we are dealing with contracts
running 17 years, never to
by,the Huasteca Petroleum Co. $585,000 by & sold to them
be
and our problem has been not to make contract
2,080,000 bestchanged,
Additional taxes paid by Huasteca
s until the
results from Gel were obtained. In
'
Petroleu
m
&
Mexican
addition to refining gasoline,
Petroleum Cos.: (I) Bar dues, $159,000
lubricating oil, oenzol, &c., several times
(2) Port charges,
$402.000; (3) Import taxes, $418,500;;(4)
use, a much better product is obtained. cheaper than the process now in
Stamp
taxes,
$67,000
1,046,500
The consolidated general balance sheet as of Dec.
Total taxes paid & accruing to Mexico by reason
31 1921
was given in V. 114, p. 2364.
Petroleum Co.'s subsidiaries production & of Mexican
commerce,
1921
INCOME ACCOUNT FOR CALENDAR YEARS.
$9,933,500
In addition, company paid in Mexico
tions, permanent investment, &c in 1921, in wages, opera1921.
1920.
16,984,000 Gross trading profits_
1919.
U. S. Govt. Taxes -Estimates of company
1918.
_
$440,971 $1,848,784 Data not
's revenue payable to the
U. S. Government for 1921 are approxim
$904,994
Other Income
ately $3,900,000.
89,990
167,238 available.
Outlook.-As last year was the period of
135,459
carried on by our companies,so this year greatest activity in drilling ever
Gross income
promises to be the year of greatest
$530.961 $2,016,022 $1,119,417 $1,040,453
production and distribution of oil, and of
Administ
ration
expenses
greatest
net earnings, and again
253,540
286,333
we feel safe in assuring you of the wisdom
185,107
217,832
of your investments and continuing and increasing prosperit
Not profit
y of our companies.
$277,421 $1,729,689
$934,310
$822,621
Interest
and
discount
345,672
COMBINED INCOME ACCOUNT FOR
220,592
149,611
127,882
YEARS ENDING DEC. 31.
Net income
1921.
def.$68,251 $1,509,096
1920.
b1918.
1917.
$784,699
Gross earnings
$694,739
Reserve
for
depreciat
ion
$206,219
$204,697
Oper. exp., deprec., &c.. See below See below $26,320,546 $18,121,789 Reserve for contingencies $167,338
$185,304
51,8531,
12,482,203 11,906,309 Reserve
196,040
105,025
Mexican Govt. taxes_ _ _ See text
125,311
for Fed. taxes
a
1,917,542
Rev, of stocks, Cuba...._
276,381
Net earnings
Cuban mine non-op. exp
$22,449,427 $15,469,733 $11,920,801 $6,215,4
71,710
Other income
80 Depletion ore
31,408
225,481
Other deductions
21,380
7,854
93,149
48,963
Total net income
Dividends ($2)
$22,449,
427
$15,469,
733
$12
146,282
400,000
$6,215,4
Bond interest
80
125,668
608,460
Amortization
Surplus
expense}
6
47,966
190,839
def$411,938
260,293
$422,602
$381,917
Bond discount k
$335,161
60,877
Depreciation
6,260,776
3,606,246
Durham Hosiery Mills and Affiliated
Companies.
Balance
$15,540,685 $11,672,648 $11,699,444 $5,607,020
(Report for Period 15 Months Ending Dec. 31 1921.)
Inc. & excess profit taxes 3,000,00
0
1,898,750
5,000,000
621,000
President C. McD. Carr, May 10, says in substance:
Balance
$12,540,684 $9,773,898 $6,699,444 $4,986,0
Preferred dividends(89')
20
In keeping with present-day conditions, many operatin
960,000
960.000
g economies have
960,000
960,000 been effected, and plants
Common dividends_(12%)5,239,950 x(8)8817
are now being operated at
939(8)3,168,008(3)1,180,263 sary repairs
cost. Necesand replacements, however, have not minimum
been neglected, and all
Balance, surplus
plants
ara
in
excellent physical condition. Every known dollar of loss
$6,340,734 def.$4,040 $2,571,436 $2,845,757
from
Tot.sur. end prey. year_$18,810,787
$3,814,827 $18,426,639 $17,308,868 inventory shrinkage at all plants (including subsidiaries) has been written
Adjustments, deprec'n &
off; and as general conditions improve, the directors feel
that
the
affairs
of
operating expenses
the company will show a general improvement,.
4,531,182
1,727,986
Like most manufacturing concerns, your company has
boon
through
a
Balance
trying
period
during
$25,151,521 $3,810,787 $16,466,893 $18,426,
last two years, but through it all the high quality
639 of Durable-Durham the
Inv. in prop. & wkg. cap
Hosiery has been maintain
15,000,000 15,000,000
and we have kept also
our high standing with the trade. Business In alled,
textiles is now more nearly
Profit & loss stir. Dec.31$25,151,521
$18,810,787 $1,466,893 $18,426,639 approaching normal, however, than at any time in the past five years; and
we look forward confidently to the future.
a Taxes to the amount of $5,744,000 were
paid to the Mexican Govt.
in 1920. b No report was issued for
1919, but the bond offering in V. 112. SURPLUS ACCOUNT FOR PERIOD FROM SEPT.30 1920 TO DEC.31 1921
P. 1746. shows that the total
income for that year was $8,210,379, Balance, surplus, Sept. 30 1920
contrasting with $11,860.487 innet
$2,656,912
1920 and $11,920,801 in 1918, and net Deduct-Net deficit for periods after
after interest and Federal taxes was
deducting all known losses,
$6,980.440, as against $9,773,899 in
shrinkage in inventory values. Stc.•. (a) 3 mos.
1920 and $6,699,445 in 1918. x Dividend
ended
Dec.
31
s
for
1920, $66,966;(b) year ended Dec. 311921,$1,742.201; total
$4.735,299, and $4,082,640 in Common stock. 1920 were paid In cash,
1,809,170
Dividends paid In cash on pref. stock:
Note.-No figures available for 1919.
(1) quarter ended Dec. 31
1920.$50,925;(2) year ended Dec.311921,$203,700
;
total_
_
254,625
Dividends on Common "A" and Common "II" scrip
CONSOLIDATED BALANCE SHEET DEC.
78,771
31.
Discount on sale of Common "B" stock
1921.
Adjustin
g
1920.
book
value of investment in affiliated companies to 124,288
1921.
1920.
Assets$
agree with their net worth at Dec. 31 1921
Liabilitie
sOil lands & leases,
$
216,851
M.P.Co.(Del.):
wells, &c
70,277,371 65,978,597
Balance, surplus, Dec. 31 1921
Common stock.43,165,700 44,909,000
$173,208
Inv.In B.M.Petr.
Preferred
stock_12,
000,000
12,000,000
Co
2,923,870
CONSOLIDATED BALANCE SHEET.
M.P.Co.(Cal.)stk_
69,261
81,321
Miseell. Investm'ts 140,000
138,000 Bonded debt
0 1,009,000
Dee. 31'21. Sept. 30'20
Cash
5,148,695 2,570,988 Accounts payable_ 10,505,30
Dee. 31'21. Sept. 3020
5,320,160
Assets6,747,959
Accts. receivable_ _11,901,281 10,893,957 Divs.
$
Liabilities- •
$
pay. Jan. 1.. 1,534,806 1,587,048 Real est., Mo.,
Oil stocks
Preferred stock...._ 2,910,000 2,910,000
5,597,037 2,885,007 Reserve for taxes.
3,514,932
less
deprec'n_
2,000.000
6,349,544
__
7,482,274 Old pref. stk.called
Materials dc suppl_ 3,763,378 3,903,516 Profit
and
loss.._
_ _25,151,521 18,810,787 Cash
638,131
855,662
Deferred charges 1,510,045
for retirement.. _
15,000
15,000
775,048
Accounts receivle_ 1,117,521
809,899 Com .stk.Class"A" 1,250,000 1,250,000
Mdse.inventories_ 1,859,501 5,058,920 Com .stk .Class"13" 3,750,000
Total
101,261,681 87,145,115
3,750,000
Total
101,201,681 87,145,115 U. S. securities_ _ _
-V. 114, p. 744, 635.
1,167
Notes payable_ _ _ 1,946,000 3,400,000
Cap.stk. other cos.
26,000
Accounts payable:.
61,287
Cash to retire old
Accrued accounts..
987
64,007
The Davison Chemical Company.
pref. stock
17,550
17,550 Deferred scrip div.
Notes rec. & bonds
-commo
n
stock
78,771
(Annual Report for Year ended Dec. 311921.)
for sale of bldgs.
Mln'y int., affil.cos 530,844
545,698
and real estate... 636,492
Surplus
173,208 2,454,489
Pres. C. Wilbur Miller, May 30, reports in substance:
Sundry acc'ts rec_
22,231
21,995
Deferred charges....
Davison Chemical Co.-The many statements
47,959
142,893
manufacturing agricultural chemicals, showing of companies engaged in
enormous losses last year,
Total
make it unnecessary to explain why operatio
10,716,098 14,389,193
Total
10,716,098 14,389,193
ns of this company were not
more satisfactory. We feel very confiden
t
of
our future position. Our -V. 114, p. 1657.
surplus account is practically intact. Inventories
and
operatin
g costs are
back to normal.
Great Northern Iron Ore Properties.
The war left the country with over-productive capacity
and this condition
was made worse last year by the collapse
of
purchasi
ng power, for even a
(15th Annual Report-Year ended Dec. 311921.)
normal production. The farmer planted about
the most expensive crop
over put in and sold his harvest on one
of the lowest priced markets for
The Trustees, under date of St. Paul, May 31, wrote in
years. This year the planting
is one of the lowest and the market
for the crop to be produced willcost
on a basis considerably above normal. substance:
The farmer should be placed in abeposition
Report.-The report of the Trustees is, as
years and it will allow the paying of back where he has not been for two
e, in two divisions.
bills and his return to normal
The first division presents matters of theheretofor
or increased consumption. The future
trust proper; that is, in the
holds a much brighter picture. relation of the Trustees with the holders
Our plant has been kept in the best condition
of their Certificates of beneficial
and
Interest.
is
for
ready
full
protectio
n.
Davison Sulphur & Phosphate Co.-We found
The statements show the securities
it necessary to close down
by the Trustees, the receipts and
the Cuban mine owing to the difficult
y in getting the ore transported to disbursements of the trust proper forhold
the year 1921, and the receipts and
the pier at Cienfuegos. A suit was brought
in
Cincinna
against
ti
the disbursements of the trust from its formation to Dec. 31 1921.
Cienfuegos, Paimira & Cruces Electric By. &
The second division covers the business
of certain of their car equipment located Power Co. on an attachment
the proprietary' companies.
there. A judgment has been the shares of capital stock of which are holdofby
given us against the railway company
the Trustees. Under this
,(see V. 114, p. 2364.) A reorganiza- division, all business of a general
character is conducted in the name of the
tion of this railway company is pending
and when it is accomplished and Arthur Iron Mining Co., which company has been
the property completed, our Cuban mine
constituted, in all
should
matters
finance
of
produce
results
and
the
operation
we
, the agent of each of the other proprietary
have always hoped for. Our property Is entirely
produce at capacity when the ore can be moved.completed and ready to companies, excepting that the Leonard Iron Mining Co. and the North
Star Iron Co. of West Virginia have separate bank accounts
Bonds.-On March 1 1922 $1,122,000 of the $1896,0
.
00 bonds outstanding
Leases.-During 1921 the Jackson Iron Mining Co.
were exchanged by the holders for stock
leased to Orwell
of Davison Chemical Co., leaving Iron Co. of Clevelan
the present total debt of this company
d, Ohio, tho 834-81,v ys, of Section 21. N3i-NW
,
held
h of
by
the
public,
$774,000
.
Section
28 and NE34-NE5l of Section 29, all in Township
Silica Gel Corp.-In July 1921 this corporat
56 North,
ion was formed, assuming Range 24 West, Itasca
ownership and control of the property
County, Minn., now known
Orwell Mine.
and patents heretofore held by
A supplemental agreement was executed under as
Davison Chemical Co. as trustee. The stock
date of July 15 1921
was divided in proportion between the Arthur Mining Co.
to ownership as recorded in the trustee
and the Orwell Iron Co., for the purpose
t; namely, 49% to Davison of changing the royalty
Chemical Co. and 51% to the ownersagreemen
rates on Dunwoody Mine oro from a dock-delivery
of
the
patents.
corporat
This
ion
basis
to
'nine-del
a
has an authorized and issued capital of 600,000
ivery basis so as to place this agreement on the same
shares of no-par value stock, basis as all other leases.
400,000 shares divided in the proporti
on mentioned above and 200,000
Lease covering the Carmi Mine, which was being negotiat
shares held in the treasury of the company
ed at the
.
of last year between
Silica Gel is an indestructible material which, when
Tyler Iron Mining Co. and the Mead Ironclose
Co.
in use, becomes a and referred to in thethe
part of the equipment. It is not product
1920 report, has not yet been executed, but Is still
manufactured, sold and con- under considera
sumed. There are three types ofaapparatu
tion,
as exploratory operations have not yet been completed.
s
which
cover
its
many
uses;
Under
one for cleaning liquids, one for gases
Jan. 3 1921 the Grant Iron Mining
drying air, and one for refrigera- agreementdate
covering its interest In the Leetonia Mine,Co. entered into an
tion. Our first problem was to get andequipmen
giving the Leetonia
t giving the best results Mining Co. additiona
so that the savings effected would bethe
l time In which
remove the underground ore and
the
greatest
and
royalties
our
estab- Increasing the royalty rate from 36c. toto45c.
lished on a fair basis. All of this takes time,
per ton.
but in the long run will be
The Harrison Mining Co., together with othor fee owners
greatly to our advantage.
and John A.
Savage & Co. of Duluth,
We started with an oil refining plant in Boston to
were, at the close of the year, negotiating
develop the practical a lease of the E-SW4Minn.,
application for refining oils. This plant
of Section 10, Township 56 North, Range 23
demonstrated everything we West, St. Louis
claimed for Silica Gel as a refining agent
County, Minn., which will probably be known as Draper
its operation revealed the Annex Mine.
best method of application. The plant wasand
built entirely by the Silica Gel
(Signed, Louis W. Hill, James N. Hill, Edward
Corp.. was its own property and was used
T. Nichols, and Ralph
as a pilot plant. It was put Budd, Trustees.
]




1

JUNIg

24 1922.]

THE CHRONICLE

2821

(k) These items are in the nature of investments: some of the amounts have
Whether Held on Feehold or
already been greatly reduced by collections. (t) Represesent balances owing from
I. Developed Mines, Operated by Others, Showing (1)
by Trust.
Receivable
Royalties
also
Minimums;
and
lessees as reimbursement of amounts principally reported as mine expenditures in
Leasehold;(2) Shipments
c1922
Royarly
previous years. (z) Cerdit for payments of this character to the State of Minnesota
Number of Gross Tons
Minimum expires with the year for which made.
Trust,
to
Shipped.
Interest
MineTons.
Net.
'22.
Jan.
1921. To
of Trust.
(1) "Old Leases":
RECEIPTS-"OLD LEASES" AND ARTHUR MIN. CO.
303.020 31.183.326 2734c to 124c 300.000 IV. SHIPMENTS AND
Feehold
1 Mahoning
100,000
Great West -(2) Arthur M. Co.---(1) Under "Old Leases"
144,593 4,158,387 20c to 124e
do
2 Utica
Royalty 's
Tons
166,667
Tons
Re:
Re
450
7,500,513
170,788
do
3 Leetonla (4)
Net Inc.
incrd.
200,000
Shipped. Shipped.
20c to 1236c
11,755.261
Shipped.
Royalty.
59,524
do
4 Stevenson
4
41:62
137
270
1240
$406,229
to
20c
13.9940e.
1,846,174
1907
2,902,880
5 West Stevenson (4) do
443.611
360
14.9664c.
473.524
1909
2,964,051
6 North Stevenson OD do
75,000 1911
250
305.089 5.344,078
17.3525c.
407,682
1.758,182
226.739
do
7 Sweeney ())
336,203 6,008.074
18.4168c.
4
1915
1,825,519
$223.584
324,540
Lease
841,667
481,846
16.1540e.
2,982,821
904,664 57,625,067
Totals
544,994
617,287
ended
562,706
17.54570.
1916
3.207.091
(2) "New Leases":
955,274
1
539,409
'15.
Jan.
300,000
50.5,506
of
total}
15%
15.3908c.
3,284,469
Feehold
8 Ann (4)
1,468,155
633,913
Ore
392,680
14.3592c.
1,176.690
111187
133,663
,734,678
do
9 Patrick (4)
633,534
346,870
316,741
17,3603e.
209,498 2,365.362 15% tote! ore 150.000 1919
1.824,510
10 North Harrison(4). do
35,057
13,091
376,317
779.721 30% total ore 100.000 1920
15.5282e.
2,423,445
do
11 Harrison
a
ore
179,623
total
344
30%
25.4459e.
1921
705,900
do
_
_
12 Lamberton-Annex
10
51
90,762
(4),
Stevenson
Leetonia
Utica,
Note.-The "old leases" cover the Mahoning,
13 No.Uno G. N.(part) do
484,343 30% total orel
60,803
Leasehold
and Sweeney (4) mines (owned in fee by the controlled companies above named,
14 Kevin
less un'ly. roy.f
along with the other fee holds), and were made prior to March 1 1912. They are
75,000
75e
461,777
547
do
held by the several companies above mentioned.
15 Smith
73,590 50% of proceeds
Feehold
The "new leases" have been made to various interests (see above) in and since
16 L.& W.(4)
5100
1,109,620
6,265
do
9r1e3
tle
..
Eed."shipments" here excludes the proportions belonging to outside in
sts
Th
17 Mace No. 1 (4)
10,000
El 00
1,033,940
13,403
do
18 Mace No.2(4)
200,000
ore
15%
by the Arthnr
total
692,344
do
(4)
On account of leasing its operating properties, mining operations
19 Warren
$110, 95e, 650
do
Iron Mining Co., ceased as of June 30 1917, and all ore in stock piles has been dis20 Enterprise
85c
150,227 2,387,016
do
posed of.
21 Harold
$1 00, 70c
1,354,323
16,250
V. SHIPMENTS AND RECEIPTS UNDER "NEW LEASES."
22 No.Uno G. N.(part) do
$1 00. 90e
1,266,995
23 South Uno G. N.__ do
Total
Shipments.
750,000
70e
367,116
Mines
24 Thorne (90.61%).... do
Royalty.
Tons.
$1 15 to 70c
inaude.
4
25 Wab'n No.1(90.61%) do
5330.855 Dean and Mace No. 1 (int.)!
_ _ 420,988
1915_
52,923
No. 2(4 int.) Harrison.Nortb
Mace
also
2:
26 Wab'n No.2(90.61%) do
Above
9&4,968f
_
1916_
__1,215,776
5e
6,400
45c
781,592
Leasehold
L. de W.(4 int.).
and
int.),
(4
27 Fay
1 Harrison
70e. 40e
194,591 10,742.718
do
28 Leonard(4)
(All above; also Hill Annex, Kevin, Smith and Dun2,461
80e, 75e
do
Uno, G. N. Patrick (4
North
pit),
(open
29 Missabe Chief
woody
1,637,051(
_
_
1917_
_2,247,634
0(000
750
261,703 3,752,772
do
int.), Thorne (90.6% int.), Warren (34 int.).
30 Dean
750,000
65e, 35c
2,794,466
488,446
do
int.).
(4
1
Leonard
31 Dunwoody
85c
$1 00,
Feehold
32 Orwell
fAll above; also Lamberton Annex, Mississippi,
1,855,78910-0 400
Leasehold
33 Mississippi
1,819,207f Wabigon No. 2 (90.6% int.) and Wade (90-6%
307,000 1918____3,136,749
16,264 •
do
34 South Agnew
int.).
(
1,130,000
2,017,348
75e to 350
26,516
do
35 Hill-Annex
2,910,470 All above; also Fay and Harold.
60,000 1919_ _ _3.267,052
480,483 51 10 to 700
Feehold
N.
36 Wade (90.61%)
3,171,607 All above;also Hill,South Agnew,South Uno G.
250,000 1920.._ _4,066,154
proceeds
not
:1
Leasehold
37 Boeing
1.517,011 All above.
150,000 1921____1,681,661
7,003,451 51 10 to 60o
301,165
Feehold
38 Hill
85e to 60c )
1,167,410
CONSOLIDATED BALANCE SHEET DECEMBER 31.
39 North Star (90.61%) do
7.]
$1 10 to 60c ) 205,000
20
in proprietary
40 Trumbull (90.61%). do
[Trustees Great Northern Iron Ore Properties and their interests
85e to 60e J
1921.
41 Bingham (90.61%). do
Assets100,000
50c
70e,
do
8 $82,374,678
10
411:3 9
42 Bruce(4)
$80,860
Mineral and non-mineral lands and leases
3,086,939
None
40,180
43 Walker
Automobiles, furniture, office building, &c
16,943 Not leased
900
b
44 Miscellaneous
Advance royalty disbursements (leaseholds first class, 1,230,347
;807
4908
1.240
5192,500)
class,
$1,037,847; second
5,257.000
1,863,977 47,415,502
Totals
74,408
6,098.667 Advance account Walworth lease
2,768,641 105,040.569
Grand totals
Co., 5555,017;
Iron
Dean
contracts:
mining
under
Advance
& Steel Co.;(2) Crete Mining
Nos. 1 to 43 Operating Interests.-(1) Mahoning Ore
Butler Bros., $64,338; Orwell Iron Co., $973,472: InterMining Co.(Jones & Laughlin Steel Co.):
Co.(Pickands. Mather & Co.):(3) LectoniaSteel Co.(mines
national Harvester Co.,$40,000; Mesaba Cliffs Iron Minworked out); (7) Donora
1,980,604
1,771,182
(4) MeKinnet Steel Co.; (5-6) McKinney (8-15)
ing Co., $138,354
Butler Brothers; (16) Hanna Oro
74
900
5:0
96
40
1,386,711
Mining Co. (U. S. Steel Corporation);
Dec. 1918); (17-18) Mace Iron Mining Deferred accounts, chiefly royalty suspense
96,000
Q. Gen. M 48
&
B.
C.
Mining Co.(under contract, mine exhausted
00,000
Securities-Bonds--31
Co.):
(19) Mead Iron Co.
178,500
indebtedness
of
Co. (No. 17 exhausted during 1921);Dean Iron Co.(Tod (Tod-Stambaugh
U. S. Govt. certificates
3,244,281
-Stambaugh Co.): (31-32)
1,582,586
(20-29) Hanna Ore Mining Co.; (30)
Liberty Loan bonds
Brier Hill Steel Co.); (33-35) Inter-State
Orwell Iron Co. (Inland Steel Co. and(36) Cleveland-Cliffs
Bonds, Dean Iron Co., $140,000; Notes, Alexandria Iron
Struther
and
Iron
Co.
Co.);
s
Steel
Mesaba-Cliff
Laughlin
Iron Co.(Jones &
Co., $83,625; Butler Bros., 5400,000;
Harvester
Mining Co.; (42)
1,775,577
1,820,251
Furnace Co.; (37-41) Mamba Cliffs Ironmine was esplained International
Iron Mining Co.. 31,196,626
25,000
in report for 1919; (44)
25,000
Co.; (43) disposition of interest in this
Stock-Mace Iron Min. Co., $25.000:(total issue, 550,000)
3,203,242
1,576,966
_
_
_
lease).
31,346,419)
Idle (not now under
shown in this table, the proportions of Cash (trustees, 5230.548: proprietary cos.,
receivable, $340,792;
:wets
Total shipments and royalty rates are
$322,856:
receivable,
Royalties
is less than the whole.
1,031,615
731,337
the trustees being indicated where their interest
due on ore sales, 367,689; total (proprietary companies)_
1931.
83
95,228
(a) Lease to Butler Brothers provides for exhaustion of mine before June 30
Interest accrued, not due9,2
273,809
(b) Includes both feeholds and leaseholds.
pile
stock
in
ore
Royalty
for by lease of property to others.
(c) Minimum shipments for year 1922 called
$91,566,233 $95,745,149
Total assets
IL TRUSTEES' STATEMENT OF RECEIPTS AND DISBURSEMENTS.
1920.
$12,988,400
1918.
1921.
_$12,988,400
1919.
ReceiptsfromCapital stock (of proprietary cos, owned by the "trust..)_
5200.000
$200,000
$200,000
Leonard Iron Mining Co
[The Great Northern Iron Ore Properties, the "trust,"
5174,900
88,185
205,765
in176,370
beneficial
of
Co
Iron
North Star
has outstanding 1,500.000 certificates
1,260,000
3,369,000
1,940.000
1,062,000
Arthur Iron Mining Co
terest of no par value.]
1,057,692
570.000
350,000
358,560
64.000
150,000
Grant Iron Mining Co
Current liabilities (notably unpaid taxes. ext. $279,573)_ _ 3,115,680
1.611,460
443,000
448,000
655,000
770.000
Co
Mining
Iron
Harrison
(chiefly adv. royalty collected, $2,075,721)
1,748,000 Defer red acc'ts
961,000
215,000
1,433,000
Tyler Iron Mining Co
&c.:
earned,
in,
paid
Surplus
217,600
95,815
224,000
85.000
Van Buren Iron Mfg. Co
Paid in surplus at date of acquisition, 536,348,402; earned
2,110,000
544,000
138,500
1,940,000
Polk Iron Mining Co
surplus by development, $35,880,232: earned surplus
13,000
Fillmore Iron Mining Co
(non-mineral lands), $317,570; paid-in surplus (non- 72,740,545 74,179,573
292,000
Co
Mining
Iron
Jackson
mineral lands), $194,341
(c) Undivided surplus, proprietary companies, $2,165,- 2,363,049 5,908,023
56,070.000 $5,899,765 $5,816,370 $4,557,000
Total dividends received
575; undistributed receipts, trustees, $197,474
18,063
37,725
24,606
27,879
Interest,&c
28,446
$91,566,233 895.745,149
Federal taxes refunded
Total liabilities
represent the interests of the
This balance sheet shows only such amounts as
Iron Mining Co.
54,594.725
56,088.063
Leonard
55,952,817
the
in
35,844,249
holdings
Total receipts
of outside stock
$98,357
572,222 trustees after elimination
397,960
393,617
Expenses, &c
and the North Star Iron Co.-V. 113, p. 1893.
6,000,000
6,000,000
certificates.
6,000,000
trust
6,000,000
on
Dividends
($4)
($1)
($4)
(54)
Amount per share
Pierce Oil Corporation.
def310,294
f$1,477,196
def$145,143
period
def$249,368d
for
Report Year ending Dec. 31 1921.)
Balance
Annual
(8th
207,767
2,079,775
352,911
602,279
Balance brought forward
Clay Arthur Pierce, June 1, says in substance:
Pres.
$197,173
$601',279
$352,911
$207,767
to Nov. 1920, incl., corporation
Total surplus Dec. 31
Contracts Prove Unprofitable.-August
consisting principally of fuel oil having
S
OF MINING, &C.,OPERATIONS. made contracts to sell its products
very profitable prices, for
III. PROPRIETARY COMPANIE -RESULTS
a total value of approximately 37,000.000 atand to make delivery under
[Part of the disbursements are in the nature of investments. See footnotes.]
deliveries over the following several months,
oil at the then prevailing
crude
of
purchases
its
1921.
1918.
1920.
these contracts, it increased
1919.
Revenuefromduring the last quarter of 1920.
$179,623
$392,680 high prices and the output of its refineries
$376,317
$316,741
"Old leases," see table IV
which began in Nov. 1920,
values,
in
declines
ry
extraordina
the
1,468,155 Duo to
633,534
35,057
Arthur Iron M.Co. do
the first 9 months of 1921.
1,517,011
1,810,207 and continued with increasing severity through
2,910,470
3,171,607
value of these
"New leases," see table V
578,543
461,703 customers took delivery of only approximately $3.000.000 value of these
481,157
526.617
Interest received
$4,000,000
ly
approximate
take
to
failure
their
23,069 sales and
1,657,737
73,760
233,485
inventories
Advance royalty
its
in
increase
ng
correspondi
sales left the corporation with a
Refund of advance royalty:
370,015 at the close of the year.
141,776
on hand
Leaseholds, 1st class
inventories
normal
the
with
together
inventory,
35,000
112,210
This surplus
2d class
do
and labor, and
364,741 Dec. 31 1920, were produced with high-cost materialsforced
275,148
260,693
to dispose
To Keewatin M. Co
practically all others, was
like
,
38,125
corporation
53,546
y
64,914
consequentl
35,822
falling prices
To Dean Iron Co
deb.2,100 of high-cost inventories during the year 1921 at constantly
42,478
482,278
From sale of personal property
235.784 and in the face of a decreasing demand.
75,000
75,000
Divs. Mace Iron M. Co
-Notwithstanding these most unfavorable
$5,535,659.
18,982
40,995
Year
for
65,338
Loss
27,479
Miscellaneous
its business during
conditions, the corporation succeeded in conducting
inventory losses
$1,087,035 $5.178,895 $5.162,987 $5,240,781 the year at an operating profit of $1.093,696. It suffered
Total revenue
in market values)
shrinkage
to
completely
(due
control
no
had
It
over which
. $1,702,667.
depreciation
and
Deductionsdepletion
for
315,007
154,183 of $3,946,843. It wrote off
121,182
Cr.34,206
receivable, insurance premiums
Sundry expenses, dma
193,464
356,564 It established various reserves for accounts
10,538
130.841
charges were
interest
Its
Taxes on property, &c
$705.786.
to
amounting
,
146,713
89,760 and adjustments
653.007
233,625}
of 55.535.659.
Normal inc. and cap. stk. taxes.
$385.710. Leaving a loss, after all charges, corporation suffered through
Cr.7,841
War inc. and excess profit taxes. Cr.27,400
Bond Issue.-Owing to inventory losses the
Cr.59,173 Cr.29,550
Cr.44,275
were not favorable
Conditions
(It)Notes-Alexander Iron Co
capital.
working
2
28
11,642 1921 from shortage of
1.88
10.6
4
10,000
11,079
(x) Royaltes--State minimum
was done in Dec. 1921 through
63,750 to adequate financing, but partial financing
74,255
Cr.123,266
113, p. 2511).
(V.
bonds
(k) Advance royalties
Debenture
8%
-year
10
of
$2,000,000
0.125,000
55,000 Cr.110,000 Cr.125,000 the sale
by the close of
(k) Dean Iron Co. bonds
Inventory.-Inventory losses were completely writtenaoff
Cr.1,562
Cr.1,079
basis that should
(1) Mine development and plant
the year 1922 on
entered
corporation
the
that
so
1921
517
25,000
11,135
15,793
financing
Temp.adv. Alworth lease
satisfactory
of
ment
accomplish
the
and
Cr.279,243 Cr.176,186 permit of good results, working capital to insure maximum production
Mine operating expense
to provide the necessary
Dividends paid to trustee (as in
t of the corporation's
developmen
intensive
more
a
and
profits,
and
sales
6,070,000 5,899,765
5,816,370 4,557,000
preceding table)
209,135
18,118 valuable oil leases.
218,270
221,315
corporation to
To others
Drilling Operations.-During 1921 conditions obliged the
Cr.3,442
Cr.22,255
Cr.13.423
Cr.28,436
(I) Advances to Butler Bros.__
operations, but the drilling done was
Cr.100.000 Cr.100,000 Cr.100,000 Cr.100,000 materially curtail its oil drilling
wells on its
(I) Advances to Orwell Iron Co
10
it
year
drilled
the
During the early part of
the corporation
(0 Notes-Hanna 0. M.Co.... 0.200.000 Cr.200.000 Cr.200,000 Cr.200,000 successful.
United States leases-9of which were producers. In Mexico brought in on
532,300
687,000
(k) do Mesaba CliffsI.M •Co.
was
the
first
producers,
were
which
of
drilled 2 wells, both
Cr.150,000
550,000
(k) do Butler Bros
Field, at 80,000 bbls. per day, and the
Cr1,673,914
Cr.40,189
549,779 3,302,160 May 20 on Lot 189 in the Amatlanthe
(It) U. S. Liberty Loan
same field. at 30,000 bbls. per day,
53,500 Cr.750,000 second on Aug. 25 on Lot 224, in
(k) U. S. certifs of indebtedness- 0.303,500
both produced high-grade 19-21 Baume gravity oil.
transportation facilities prevented
obtaining
quickly
of
y
impossibilit
The
$6,849,141
$4,060,872
$6,755,120
$7,226,204
Totel net deduction
well until Aug. 25, but between
def$873,837d32,047,309d131,592,133df$1,608,360 exploiting the production of the 80,000 bbl.
Balance, surplus or deficit




12:

2822

THE CHRONICLE

[VOL. 114.

that date and Nov.-when water encroached in
and greatly reduced
production from these wells-a substantial this fieldof
Wide was taken
from them, 567,759 bbls. being taken to Dec.amount
311921. The two wells are
still producing a moderate amount of clean oil.
Acreage Acquired.-During the year corporation acquired 1.854 oil acreage
RAILROADS, INCLUDING ELECTRIC ROADS.
as follows: In the United States, 759 acres, in Mexico,
1,095 acres.
ACREAGE JAN. 11922, HELD UNDER LEASE AND OWNED IN FEE.
General Railroad and Electric Railway News.-The
Developed. Undevelopea.
Total. following table summarizes recent railroad and electric railIn the United States •
3,278
62,629
65,907
way news of a more or less general character, full details
In Mexico
858
9,048
9,906
Included in the acreage acquired in Mexico are 397 acres
in San Miguel, concerning which are commonly published on preceding
the new high-grade oil field, which are splendidly located
and
are
now
pages under the heading "Current Events and Discussions'
being developed by the corporation with promise of securing a large
production.
(if ,not in the "Editorial Department"), either in the week
Dividends.-Because of adverse conditions of practically all business
the directors deemed it advisable to defer the Pref. sdividend for the fourth the matter becomes public or shortly thereafter.
quarter of 1921. A Pref. div. was paid on Feb. 1 1922.
U. S. RR. Labor Board Orders $26,500,000 Cut in Wages of Clerical and
•
COMBINED INCOME & PROFIT & LOSS ACCOUNT FOR CAL. YEARS. Station Forces.-"Times" June 17, p. 1.
Railroads Had Coal Supply for 75 Days on Hand June 1.-"Times"
(Including Subsidiary Companies.)
June 21, p. 2.
I.-S. Cr. Commission's Hearings on Railroad Consolidations' Progress.1921.
1920.
1919.
1918.
Gross income
"Financial America" June 22, p. 1.
$8,362.540 $13,817,106 $10,263,464
Not
General expenses
Alternative Plan for Consolidation of Southeastern Roads Proposed by North
7,268,844
7,056,047 5,455,019 Reported
and Mississippi.-"Journal of Commerce"
Trading profits
21.
$1,093,696 $6,761,059 $4,808,445 $5,465,142 Carolina
Southern Pacific Co. Cuts Cotton Freight Rates 10%June
Other income
July 1 Between Gulf
96.130
552,319
609,683 and Atlantic Seaboards.-"Evening Post" Juno 22, p. 1.
Total income
$1,093.696 $6,851.189 $5,360,764 $6,074,825
President Harding Will Support U. S. RR. Labor Board Decisions in Event
Int. on floating debt_ __ _1
233,149
177,189
385,7105
314,639 of Strike.-"Evening Post" June 21, p. 1.
Int. on funded debt_ _ _ _ J
Voting on Strike Is Slow but Favorable.-"Times"
17.322
571,988
746,742
21, p. 8.
Bad debts
594,135
Association of Railway Executives to Consider NewJune
274,586
128,468
107,422
Express Contract.Other income charges
"Wall Street Journal" June 20, p. 2.
75,908
277,525
199,478
Depletion & depreciation 1,702,667
I. R. T. Tie-Up Caused by Lack of Proper Coal Supplies Owing to Strike.
1,351,405
1,149,261
1,108,810
Provision for Fed. taxes_
375,000
305,543
708,363 -"Times" June 20, p. 1.
Adjust. Federal taxes..
Wage Dispute on Berkshire Street Ry. (Mass.) to
Cr.1,093
Cr.5,118
Arbitrated.-Men
Preferred dividend__ _ _(4%)600,000(8)1,200,000 (4)600,000
demand 10% increase and company proposes 10% be
reduction. Boston
Inventory adjustment__ 3,946,843
'Financial News" p. 3.
1,000,000
Other adjustments
Canadian Railway Association Announces 10% Wage Cut July 10.100,000
Stock div.on corn stk 5%
Philadelphia"News Bureau" June 16, p. 2.
1,144.381
Car Loadings.-Loading of revenue freight during the week ended June 10
Balance,surplus_ _ _def.$6.135,659 $1,085,438 $2,151,884
$2,894,488 totaled 846,002 cars, compared with
750,645 cars during the previous week
CONSOLIDATED BALANCE SHEET DEC. 31.
of June 3, or an increase of 95,357 cars.
Principal changes compared with the week ended Juno 3 were: Coal,
1921. . 1920.
1921.
1920.
Assetstotal,
94,824
cars,
increase
Liabilities8.000; coke, 9,008 cars, increase 4,124; forest
Oil lands, leaseCommon stock_..x26,247,831 23,747,831 products, 62,355 cars, increase 11,329; ore, 46,372 cars, increase 16,463:
holds (a) pipe
merchandise and miscellaneous freight (which includes manufactured prod8% cum. cony.
• lines, &c
ucts),
24,922,068 24,121,345
563,640
cars, increase 93,988; grain and grain products, 40,035 cars,
pref. stock
15,000,000 15,000,000
Refineries, distribdecrease 905; live stock, 29,765 cars, increase 794 cars.
10-year 8% debs_ - 2,000,000
uting sta'ns,&c.11,044,287 10,886,242 Accounts payable
Idle Cars Further Decreased.-Freight cars idle on June 8 were 465,837,
Cash
1,171.001 1,139,374 & accr.liabilities
with 480,266 on May 31, or a decrease of 14,429 cars.
3,686,925 compared
Notes & accts.rec_ 3,073,801 4,326,328 Trade acceptances 3,092,733
Of the total, 284,189 were serviceable freight cars, decrease 21,009 com146,920
Inventories
7,366,316 12,504,219 Notes payable_ _ _ _ 2,180,395 3,504,946 pared with the total on May 31. The remaining 181,648 were in
bad order.
Int., ins. & prep'd 232,789
Surplus coal cars numbered 180,831, decrease 14,608; box cars
380,672 Federal taxes
346,089
65,161.
Misc. investments 166.559
201,908 Surplus
y4,227,536 12,463,195 decrease 4,553;coke cars,4,899,decrease 376;stockcars, 13,087, deer's°830.
Tankst'mrs & barg 1,404,755 1,438,927
Idle
Cars
or
on
About
1st
of
Month,
and
on
June
8
1922.
Tank cars
2,344,870 2,473,2o0
June 8. May 1. April 1. Mar. 1. Feb. 1. Jan. 1.
Stable & gar.equip 651,042
713,659
Good order
284,189 372,000 207,000 245,000 331,000 471,000
Iron bbls.& drums 392,119
387,031
Bad order
181,648 158,000 161,000 173,000 159,000 148,000
Drill tools & equip 125,811
176,030
Matters Covered in "Chronicle" June 17.-(a) Railroad gross and net
earnings
month
for
Total
of April, p. 2648; (b) rail union chiefs to comply with
52,895,416 58,748,984 Total
52,895,416 58,748,984
a Includes capital stock and advances to Mexican Fuel Co. and Midwest strike vote, p. 2679; (c) B. M. Jewell's reply to Chicago railroad heads
on wage reductions, p. 2679.
Producing Co. x Authorized Common stock 1,320,000
shares of $25 each.
$33,000,000, issued, 1,049,913 shares. There is also an
authorized issue
Atchison Topeka & Santa Fe Ry.-Sub. Co. Bonds.of $20.000,000 Class B Common stock, of which $15,000,000 is held against
The I.-S. C. Commission has authorized the Gulf & Northern By. to
the conversion of the Pref. shares and $5,000,000 that "is held uniss ued
issue not exceeding $326,000 1st Mtge. 5% gold bonds, to be delivered
available for general purposes."-V. 108, p. 2636, V. 109, p. 179, 483.
to
y Capital surplus ah at Dec.311920, $3.486,022,1ess discount on bonds and the Atchison Topeka & Santa Fe By. at par in satisfaction of a like amount
of indebtedness to that company.-V. 114, p. 2115, 1764, 1750.
stock issued during year. $2.100.000, balance $1,386.022,
add
profit
and
loss account as at Dec. 31 1921, $2.841,574, total, $4,227,526.
Baltimore & Ohio RR.-Guaranty.The claim of Mr. H.C.Pierce for $543,517 and 108.000 shares of Common
See Morgantown & Kentwood RR. below.--V. 114, p. 2578.
stock referred to in balance sheet of April 30 1919
has not yet been adjusted.
-V. 114, p. 2725, 2477.
Benton Harbor & St. Joseph (Mich.) Ry. & Ltg. Co.A dispatch from Indianapolis states that the company has been sold to
Craddock-Terry Company, Lynchburg, Va.
F. A. Bryan and a group of associates of the Indiana & Michigan
Electric
Co. of South Bend, for $1,000,000. The Michigan Co. will be affiliated
(Annual Report-Year ended Dec. 311921.)
with the South Bend Co. A $1,500,000 power plant will be built at King's
President John W. Craddock reports in substance:
Landing, Mich.
Charles Minary is new Pres.; F. A. Bryan, Pres. Indiana & Michigan,
Business.-Now operates one wholesale house and factories in Lynchbeen elected Vice-Pros.; C. B. Calvert, Sec.,
burg, one wholesale house and 3 factories in St. Louis,3
Leo Mason, Treas.
Mo., and one factory has
Directors include the officers and C. K. Chapin,and
at Louisiana, Mo., and the business recently acquired of
L. M. Chapin, H. K.
Harsh & Chapin and E. A. Saunders-V.
Chaplin° Shoe Co. Milwaukee, Wis., consisting of tannery,the
109, p. 1079.
shoe
factory
,
and wholesale distributing house. Also owns all of the Common stock of
Boston Elevated Ry.-Jury Reports on "El" Probe.the George D. Witt Shoe Co., Lynchburg, Va., operating exclusively as
a
wholesale shoe house.
The Suffolk Grand Jury, which has been
g the Boston EleInventories.-Inventories were taken at cost or market, whichever was vated Ry. Public Control Act, in a report to investigatin
District Attorney O'Brien, of
lowest, and fully represents declines which have taken place in the shoe Boston says in part:
and leather markets.
"While no evidence is disclosed in the present Grand Jury inquiry upon
Accounts Receivable.-All developed losses have been charged off and which the jurors could in good conscience base an indictment against any
liberal reductions made from receivables for doubtful accounts,
person or persons, the jurors do, however, take this occasion to call public
and in attention
addition, a substantial reserve is carried to cover possible future losses.
to and express their unanimous condemnati of indiscreet pracOperations.-Notwithstanding the generally adverse conditions prevailing tices indulged in by certain members of the General on
Court at a period of
the volume of business for 1921 in unit pairs was in excess of any previous time coincident with the passage of these highly important
legislative
year, which has enabled company to operate its factories at a constantly measures. We refer most particularly to loans made to members
of the
increasing production. With reduction of nearly 40%
the selling prices Legislature by the Fidelity Trust Co. and to investments made by legislaof its shoes, it has practically maintained its volume of in
tors
street
in
railway
stocks
at
time
a
so
closely
related to the passage of the
sales, as compared
with the previous year.
street railway legislation in question as to furnish a basis
for reasonable
Acquisition.-During the year, company acquired the business of Harsh suspicion in the public mind. In the language of the investigatin
g com& Chaplin° Shoe Co. at Milwaukee, Wis. Company
is enlarging its mittee of the General Court already referred to, a number of Senators and
Milwaukee plant by the erection of an addition which will increase
Representatives placed themselves in'a position in which they might readily
its
output
by about 50%. It has also rented, upon favorable
two modern find it difficult to render their constituents and the State that unbiased
factory buildings in Lynchburg, which will result in aterms,
like increase of its service to which both are entitled.'"-V. 114, p. 2716, 2578.
output there.
• Outlook.-The outlook for the ensuing year is encouraging, and promises
Bridgeton & Millville Traction Co.-Abandons Service.
most satisfactory results.
Owing to financial difficulties and inability to operate the road at a profit.
the company abandoned service June 16.-V. 114, p. 2239.
Operation and Distribution of Profits-Calendar Years.
GT033
Net
Previous Dividends zCar. to
Brooklyn Rapid Transit Co.-Reorganization May Be
'
Final
Income. Income. Surplus.
Paid.
Res.
Surplus.
1915
$5,482,082 $311,101 $231,218 $179,400 $24,000 $338,919 Expected Shortly-Report on Strike Expenditures.
continued improvement of earning power of B. It. T., by reason
1916
7,924,234 877,970 338,919
410.860 81,030 725,000 of"The
general reductions in operating costs and increases in gross
1917
9,380,976 1,041,978 725,000
225,000 286,336 1,255,641
receipts, appears
to warrant discharge of receiver before end of present calendar
1918
11,238,483 1,059,268 1,255,641 y559,896 490.440
year.
Earnings of the system as a whole are sufficient to meet full
1919
14,165,834 1,589,796 1,264,573 y472,000 484.759 1,264,573
interest on
1,897,610 funded debt;
1920
a surplus of $2,360,127 remained after allowance•for fixed
15,699,282 702,961 1,897,610 y820,107 50,000 1,730,464
1921
x15.747,943 1,141,021 1,730,464 Y1,023,913 148.570 1,699,003 charges for ten months' operation ended April 30 last, compared with a
deficit of $5,284,203 for corresponding ten months a year ago.
x Includes for 1921 net sales,$15,377,610, premium on Common,
$250,000
"Protective committees representing various security issues are engaged
and income from other sources, $120,333.
• y Includes extra dividends paid in Common stocks as follows: For 1918, independently in a study of the situation with a view to carrying through a
20%.1920, 25%,1021.25%,and for 1919, 10% paid in U. S. Liberty bonds. plan of reorganization which will enable the system,'with restored credit.
z Includes reserves for Federal income and excess profits taxes, and other again to resume operation as a solvent company.
items, and is after charging operating expenses with
"Before appointment of reorganization managers by respective comcost of all repairs mittees,
and renewals and a proper allowance for depreciationthe
which is believed to be planned, further development of several
of plant and equip- matters
ment.
of vital importance to Brooklyn Rapid Transit
must be
awaited. These are: (1) The plan of city-wide tractionsettlement
BALANCE SHEET DECEMBER 31.
unification which
Transit Commission has proposed; and (2) The $20,000,000
1921.
suit
1920.
1921.
1920.
New York Municipal Railway Corp. has instituted against the City ofwhich
Assets$
Now
Liabilitiesfor alleged defaults in subway contracts." (" Wall Street Journal.")
Cash
659,674
482,245 Common stock_ _ _ 3,000,000 2,000,000 York
A report of losses incurred by the strike of 1920 on the system transmitted
Accts. receivable 3,226,278 2,748,012 1st Pref.6% Cum.. 1,250,000
1,250,000 by the Transit Commission to Corporation
Notes receivable
Counsel
John
P. O'Brien showed
61,566
120,466 2d Pref.6% Cum- 1,063,300 1,025,900 that the total expenditure
s of the entire system on account of the strike
Trade acceptances
Cl. C Pf.
.7% Cum. 181,400
amount to 32,483,483.-V. 114, p. 2358, 1764.
(customers').
4,110
7,015 Subscrip.received_
3,277
600
Merch. inventories 3,905,984 4,077,334 Notes payable.... 1,913,270
Cambria & Indiana RR.-Bonds Authorized.2,570,468
Accts. receivable
91,473
57,647 Accts. payable_ _
376,214
249,021
The I.-S. C. Commission has authorized the company to issue not exInvestmentsAccrued acc'ts_.._ _
37,727
7,817
ceeding
$1,000,000 Gen. Mtge. 6% bonds, Series A, to be sold at not loss
Stks. of Mill. &
Excess profit & inthan 973(
t and interest, the proceeds to be used: (1) to pay the principal
other cos
479,912
523,952 come tax
163,962
50,000 of a 6% promissory note to the Secretary
Real estate
of the Treasury for $250,000; 2)
62,614
64,254 Res.for conting__ _ 150,000
122,000 to pay the principal of a 7% promissory note
Plant & equip.._ _ 1,310,880
to the order of the Franklin
883,146 Contingent
None
None
Securities Corp. (Phila.) for $500.000; and (3) to reimburse
Inv. of supp., dco-30,579
the treasury in
23,257 Res. for retire. of
part for expenditures for additions and betterments. Compare
Prepaid insurance,
offering in
Class C Pref.stk
10,570
V.
114,
p.
2716,
2467.
taxes, &c
15,652
12,922 Surplus
1,699,003 1,730,464
Central
Railroad
Co.
of
New
Jersey.
-Equip.
Total
Bonds.
9,848,723 9.006,270 Total
9,848,723 9,006,270
The I.-S. C. Commission has authorized the company to
--v. 113, p. 2823.
not exceeding
$2,000,000 6% Equipment Trust bonds, Series I, at not sell
less than 98 and




GENERAL INVESTMENT NEWS

2823

THE CHRONICLE

JUNE 24 1922.]

any part of said bonds, from
Interest, and to pledge and repledge all orcollateral
security for any note
time to time, until otherwise ordered, as
first obtained authorization
having
without
or notes that may be issued,
arrangements for disno
made
from the Commission. The company has to dispose of them as and when
posing of the bonds, but it desires authority2716.
p.
,
conditions may be favorable.—V. 11

Chicago Milwaukee & St. Paul Ry.—Equip. Trusts
at prices
Sold.—White, Weld & Co., New York, have sold
to yield from 5% to 5.40%;according to maturity, 085,000
"A," issued
Equipment Trust 5% Gold Certificates, Series
under the Philadelphia plan. (See advertising pages.)

Interoceanic Ry. of Mexico, Ltd.—Moratorium.--

See Mexican Southern Ry. below.—V. 114, P. 79.

Kansas City Mexico & Orient Ry.—

be
Receiver W. T. Kemper is reported as stating that the road mustalso
offered for sale as junk by July unless financial assisstance Is obtained;114,
.—V.
appeals to the employees to accept voluntarily a wage reduction
p. 1890.

& Oklahoma Ry.—To Issue Stock.—

Kansas
not to
The I.-S. C. Commission has authorized the company to issue of
conpurpose
exceed 14,000 shares of Common stock (par $100) for the$15,000
per mile.
tinuing construction of its road. at a cost of not to exceedauthorized
capital
an
with
1919
20
March
organized
The company was
ally guaranteed by company. Dated stock of $100,000, to construct a road between Liberal, Kan., and Forgan,
Principal and dividends uncondition
July 15 1923-1937, incl. Div. warrants Okla., with a branch line extending into Texas. The Texas project has
July 15 1922,due $539,000 annually(0).
through the
an
at
Metropolit
payable
Divs.
been abandoned and company is arranging to build westward
payable J. & J. Denom. 81,000
into Colorado. At the present
counties of Stevens and Morton, Kan.,
Trust Co., New York, trustee.
Kan.
Richfield
and
Liberal
between
standlien
new
first
a
on
by
on
carried
secured
being
be
is
to
time construction
Security.—These certificates are
$10,790,000, of which $2,705,000, or 25% It is proposed to complete approximately 93 miles of line besides sidings and
ard railway equipment costing
will have connections with the
as
ged
d
5Vo
t
z
o
n
e
m
ec
company
o
h
eluip
eirraT
ar
,
n
ir:
completion
company
Upon
the
switches.
of cost, is being paid by
Okla., Chicago Rock Island & Pacific
Missouri Kansas & Texas at Forgan.Topeka
& Santa Fe at Hugoton. Kan.
n
;
cars; 500 automobile 40-tonggo
rt
Ry. at Liberal, Kan., and Atchison
yeiogidsgfroLig'
srorstte
oViCie3,
dP
s
y have agreed to subscribe 86,000 per
right-of-wa
2578,
2240.
p.
the
114,
s.—V.
along
ies
locomotive
Municipalit
cars; 25 Mikado type
to these municipalities stock
issue
will
Company
mile of road completed.
These bonds will be sold
at par and will receive aid bonds in lieu thereof.
stern RR.—Settlement.-on Co.
Chicago & Northwe
Constructi
Liberal
the
to
paid
been
proceeds
has
the
t
at
S.
and
par
to the road from the U. Governmen
A payment of $3,723.520Commissio
n, in complete settlement of accounts
RR.—To Issue Notes.—
Western
authorized by the I.-S. C.
&
Erie
Lake
against
of
the
guaranty
out
arising
t
Governmen
company to issue and
between the carrier and
The I. S. C. Commission June 21 authorized the
of 1920. The total amount going to the
6% promissory notes for
operating losses during six months
Commission, is $16,533,520, all of which has deliver to New York Central RR. $1,300,000
company, according to the of the above amount authorized.—V. 114, p. the purpose of refunding 3800.000 of 514% demand notes and $200,000 of
indebtedness.
been paid with the exception
6% demand notes, and of funding $300,000 of 6% book
. 2716, 2003, 1764.
—"V. 114, p. 2116, 1890.

_osntetox

Chicago Rock Island & Pacific Ry.—Repays Government.

received a repayment of $5,500,000 on
The War Finance Corporation has
$10,430,000, made to the company. It
account of the loans, aggregating
outstanding, $4,930,000, will be repaid in
Is expected that the balance now
the near future.—V. 114, p. 2468.

Cleveland Cincinnati Chicago & St. Louis Railway.—

the company to construct a
The I.-S. C. Commission has authorized
the Cincinnati division at or near mile
cutoff extending from a point onDelaware
Ohio, In a northerly
County,
Township,
Brown
in
post 111
main-line track at or near mile
direction to a connection with its presentely
33. miles.—V. 114, p. 2716,
post 117 in Berlin Township, approximat
2468.

Columbus Electric & Power Co.—Bonds Offered.—
Estabrook & Co., Parkinson & Burr and Stone & Webster,
Inc., re offering at 97 and int., to yield about64%,$1,500,000 1st. & Ref. Mtge. 6% gold bonds, Series A.

Old
Dated Juno 1 1922. Due June 1 1947. Int. payable J. & D. at(c5).
Denom. $1,000, $500 and $100
Colony Trust Co., trustee, Boston.
incl.
after
and
June
1
date
to
int.
up
1932
any
on
part,
or
all
Callable,
decreasing 3i of 1% each year to 101 for
June 1 1937 at 105 and thereafter
100 thereafter (plus int.). Company agrees
year ending Juno 1 1945 and at
interest up to 2%. A sinking fund of
the
on
taxis
income
to pay Federal
amount of Series A bonds issued is provided,
2% per annum of the total
1923.
1
Nov.
payment
first
F. W. Wetterer, Boston, June 15 1922.
Data from Letter of Pres. C.
RR. Incorp. in Georgia; has acquired
Company.—Formerly ColumbusCo.
and the properties and all the capital
Power
the properties of Columbus
(per plan in V. 114, p. 1406).
Columbus
of
Co.
Light
stock of the Gas
power, street railway and gas business in
Does entire electric lighting and
vicinity and in the adjoining towns of Phenix
and
Ga.,
Columbus,
of
city
wholesale power business in West Point, Lanotte,
City and Girard, also the Trimble, Grantville, Moreland and Newnan.
Ladrango, Hogansvillo,estimated
at over 100,000.
served
population
Total
plants and one steam plant with
Property.—Company owns 3 water power
of 44,500 h.p., of which 32.500 hydro-electric
a total generating capacity
water
power
ed
sites controlled have an
'Undevelop
steam.
and 12,000
h.p. Street railway includes 26 miles of
ultimate capacity of over 50,000passenger
cars. Gas property consists of
48
equivalent single track and coal
and water gas plant having a 'combined
38.5 miles of mains with a
daily capacity of 555,000 cubic feet.
upon
Completion of This Financing.
Outstanding
ion
Capitalizat
Columbus Elec. & Power Co. 1st & Ref. M.Os, 1947 (this issuo)_$1,500,0003,625,000
(closed)
Columbus Power Co. 1st M.5s, 1936
2,0./0,000
First Pref. 7% Cumulative stock, Series A (par $100)
1,428,701
Second Pref. 7% Cumulative (par $100)
1,500,000
(par
stock
$100)
Common
Gross and Net Earnings of the Properties—Caleadar Years.
1918.
1919.
1920.
1917.
1916.
71,298
02
$1,309,281 $1,547,353 $1,189
Gross_ _ ..$881,354 $1,096,066 $1,181,413
614,100
675,605
612,055
582,363 1,009,229
530,121
Net
Earnings for 12 Months ending April 3(1 1922.
--________________________________$1,868,819
Gross earnings1.010,112
Net, after expenses and ______
Annual interest on bonds (including this issue)
Security.—Mortgage is a lien, subject only to $3,625,000 underlying
closed mortgage 5s, on all property, including power stations and transCo.; and is a first lien on the
mission lines acquired from Columbus Power
power distribution system and the railway properretail electric light andlien
on the entire capital stock of the Gas Co. Comties; and is also a first
pare V. 114, p. 1406.

Connecticut Co.—Discontinuance of Service Refused.—

U. Commission has denied the petition of the comThe Connecticut P.
the interurban trolley lines which serve
pany for permission to discontinue
—V. 114, p. 2717.
the cities of Rockville and Hartford.

dict Sustained.—
Erie RR.—VerCourt
of Errors has sustained

verdict awarded in
The Now Jersey Circuit Court to the Republicthe
of France against the
the Hudson county grow out of the damage
done to munition materials
road. The litigationthe
time of Black Tom explosion in Juno, 1916. The
at
in the Erie's yard
of which $22,919 is interest.—V. 114.
amount of the verdict is $122,566,
p. 2468. 2464.

Lake Shore Electric Ry.(Cleveland).—Earnings.—

1918.
1919.
1920.
1921.
Calendar Years—
$2,080,980 $2,699,341 $2,067,224 $2,198,325
Gross income
1,593,083
1,490,044
2,037,417
Oper. expenses and taxes 1,682.584
432,861
339.801
334.889
333,397
Interest paid
$163,381
$237,379
$327,035
$64,999
Balance, surplus
—V.112, p. 1740.

Los Angeles Gas & Elec. Corp.—Bond Application.—

The company has applied to the California RR.Commission for authority
less than
to issue $5,000,000 Gen. & Ref. Mtge. bonds Series "E" at not
Proceeds will be used for expenditures, &c.—V. 114, p. 1659.
924 and in

an Bridge (N. Y.) 3-Cent Line.—Franchise.--

Manhatt
As the result of the first declaratory judgment under the New Practice
Court,
Act, rendered April 15 by Justice Russell Benedict in the Supreme
The
the company has obtained an extension of its franchise for 15 years.
less
not
but
annual
earnings,
gross
its
of
company I^ to pay to the city 5%
than $7,000 a year.—V. 106, P. 1797.
Memphis Dallas & Gulf RR.—Sale.—

of
The road was scheduled for sale June 22 at Nashville, Ark., by order
114, p. 948.
the Federal Court

Southern Ry.—Extension of Moratorium.—

Mexican
and
Tho holders of first mortgage debenture stock were to vote June 21,
extension of the moratorium. A circular says: bankers' committee and
the
between
s
negotiation
that
hoped
is
While it
of a plan
the Mexican Minister of Finance may result in the adoption
a settlement of the
satisfactory both to Mexico and her creditors, including
in the
that
opinion
the
of
s,
nevertheles
are,
directors
the
railway claims,
extended. They have
circumstances the moratorium period shouldofbe
Mexico, to which railway
received a request from the Interoceanic Ry.
6 months, to be
the Mexican Southern Ry. is leased, for an extension for
they
increased, if necessary, to a date not later than May 29 1924, and
recommend you to give your consent thereto.
and
new
of
any
on
considerati
the
for
y
This will provide an opportunit
and the leasing company,
practicable agreement,acceptable to this company
the
with
settlement
an
early
when
and
if
desirable
found
be
which may
s of the
Mexican Government is arrived at. The debenture stockholder
an extension on this basis. A
Interoceanic Ry. have already agreed to to
the extension, similar in all
scheme of arrangement for giving effect prepared
accordingly. (Comrespects to that adopted in 1920, has been
pare also agreement on Mexican debt adjustment in V. 114, p. 2663.)—V.
114, p. 1890, 79.
New Comptroller.
Minneapolis St. Paul & S. S. Marie.—
..W. Gardner, Comptroller, has resigned and is succeeded by E. J.
BoOnd
by the I. S. C.
A payment of $592,467 to the road has been authorized
the Government and
Commission in final settlement of accounts between
operations
the company arising out of the guarantee against losses in railroad
in six months of 1920. The road has received $5,127,267 under the guarantee.—V. 114, p. 2718, 2360.

& North Arkansas Ry.—Resumes Operation.—

Missouri
all freight and
Officials of the company have announced restoration of June
18. This
passenger business from Helena to Neosha, Mo., effective
1
is the first operation of the line from Helena to Joplin since March 1920,
1534.
1651,
p.
114,
on
strike.—V.
went
employees
when the
Missouri Pacific RR.—Decision.—

See Texas & Pacific Ry. below.—V. 114. p. 2116, 2110.

Monongahela Power & Ry.—New Control.—

See West Penn Co. below.—V. 114, p. 2718.

Morgantown & Kingwood RR.—Equip. Trust Notes
Offered.—J. S. Wilson Jr. & Co., Baltimore; Freeman & Co.
and Hayden, Stone & Co., New York, are offering at prices
to yield from 5% to 5.75%,according to maturity,$1,502,800
6% Equip. Gold Notes, unconditionally guaranteed, principal and interest, by Baltimore & Ohio RR.

15 1923 to Jan.
Dated Jan. 15 1920. Maturing $115,600 annually Jan.
Denom.$1,000(c5).
15 1935 incl. Interest payable J. & J. in N. Y. City.notice
at 103 and int.
Red. as a whole only on any int. date on 60 days'
authorized the con pan y to abandon Guaranty Trust Co. of Now York, trustee.
The I.-S. 0. Commissio
trust agreements between Director-General,
of the Northland Branch, which branch extends
miles
equipment
under
Issued
6.1
rly
northweste
the
the station of Northland to a station called company and trustee. Through supplemental agreements, 33 1-3% of
e
a distance. of 14 miles from
the notes of each maturity originally issued are stamped as subordinat
Camp Ten.
in lien to the above prior lien notes.
ss on
indebtedne
lien
first
entire
the
n
Electric
constitute
Passed.—
nance
-Housto
notes
Co.—Ordi
These $1,502,800
Galveston
Tex., recently passed an ordinance equipment costing originally over $2,601.000. This equity, together with
The City Cominissioners of Galveston,
governinf Public utilities occupying the the two annual installments which have matured, give these notes a present
establishing rules and regulations
an selling electric light and power cash equity of over 42%.
streets of tho city, engaged in furnishing
coal cars.
Secured by a prior lien on 1,000 55-ton steel hopper
railways. The ordinance provides
to the city, and in the operation ofnstreet
and under agreement
reserve fund which shall be kept as a
The road was purchased by the B. & 0. in 1920
for the creation of a depreciatio
ity for the payresponsibil
assume
to
not be paid out in dividends nor for any other with the Director-General of Railroads
distinct fund and shallwhich
it was created. The ordinance also sets up ment of principal and interest of the Morgantown & Kingwood RR. Equip.
purpose than that for
its unconcaused
has
RR.
Ohio
&
Baltimore
the
and
1920,
determining the reasonableness of rates 6% Trust of Jan. 15
machinery for investigating
covering the payment of principal and interest
and fares, and for changing such rates and fares when deemed advisable. ditional written guarantee
1766.
p.
114,
trust
notes.—V.
equipment
these
of
each
June
on
17).—V.
be
placed
to
114,
P.
2011.
—("Electric Ey. Journal"

RR.—Branch
Escanaba & Lake Superior
n has

National Rys. of Mexico.—Agreement on Mexican Debt
Great Northern Ry.—Declares 3%% Semi-Annual Div.
nt Relates to Railway Debts Also—Roads to Be OperAdjustme
directors
ual
have
a
.—The
semi-ann
declared
—N w Director
Management as Before the Revolution.—
by
Private
ated
1
to
the
Aug.
Preferred
payable
on
stock,
2%
/
dividend of 31
See "Current Events" in "Chronicle' June 17, p. 2663, 2664.—V. 114.
30.
June
holders of record
p. 1408:
This declaration is the first to be made on a semi-annual dividend basis
New Orleans Railway & Light Co.—Reorganization
payments for the year (incl. the above)
instead of quarterly. Total dividend
having been paid in Feb. last.
he committee for the Gen. Mtge. 432% bonds,
Plan.—T
will be 531 %,a dividend of 131%did
divinot
quarterly
directors
usual
the
declare
Three months ago the
S. Hecht, Chairman, has approved and adopted the
dend, but announced that the dividend period had been changed from quar- R.
reorganization plan outlined below. The plan conforms in
terly to semi-annual (V. 114, p. 1143, 1171).
Albert P. Loring, President of the Pillsbury Milling 00., has been elected all respects to the terms of the agreement with the City of
pi director, succeeding E. 0. Lindley.—V. 114, p. 2'717.




2824

THE CHRONICLE

New Orleans, approved by ordinance of the City Council
and has the approval of committees representing securities
junior to the 4 2s, including the 5% Ref. & Gen. Lien.
gold bonds due 1949 and the 1-Year 7% notes, due 1919,
and the Chase National Bank, New York.

[Wt.114.

The difference between the rate
so determined and the aggregate of
the items mentioned shall be the base
par amount of Common stock to be so
issued.
Distributjon of New Securities[as Compiled by Editor].
(Compare also amounts of new securities to be issued as outlined above.]
Will Receive
Existing
OutDepositors of bonds are notified that unless they shall file with one of
Gen. Lien —8% Income Bonds—
Pref.
Securities standing.
depositaries a written notice of dissent from the plan on or before Julythe
Series A. Series B.
4[4s.
Stock.
Cash.
5,
Gon. 4 kis_ .S18,502,0003413.876,500
they shall be conclusively assumed to have assented thereto.
$4,625,500
Fa.
Holders of 434% bonds who have not yet deposited their bonds with the
75
25
committee, must deposit same on or before July 5. The committee also R. & G. 5s_
Series A_ 5,010,000
announced that the coupon due July 1 1922, on all bonds which remain on
$4,225,434
Ea. $100deposit with the committee, will be cashed as heretofore by any
81 31
of the
do Ser. B 7,475,292 fr
depositaries.
y$6,352,4
42
36
5fr
Ea.516 fr.
The depositories for the 43s are: Hibernia Bank & Trust Co., New
7% notes__ 3,525,000
Orleans; Canal Commercial Trust & Savings Bank, New
z$3,525,000
Orleans;
InterEa.
state Trust & Banking Co., New Orleans, and New York
100
Trust Co., Unsec.$100cred.
New York.
(?)
a(?)
Ea.
SI__ Capitalization of the Old Company Proper Outstanding.
$I
Pref. stock.. 9,904,770 Will receive pro rata Common stock to be issued
Preferred stock (over 87% owned or controlled by banks)
asabove.
$9,904,770
x Holders of 434% bonds assenting to the plan will also receive cash
Common stock
for the de.
19,911,295 faulted interest from July 1 1921,
4%% Gen. Mtge. bonds, due 1935
upon each of the bonds deposited and interest on
18,502,000
all overdue installments of interest thereon; the committee, however, to deduct
5% Ref. & Gen. Lien bonds, 1949 Series A, payable in U. S.
all
amounts previously advanced by it to its depositors on account
dollars
of such interest
5,01(1,000 together with
do. Series B, payable in French francs
the interest charges In respect of advances.
fr 7.475,292
y Or at the option of the holder of any of Series B bonds of the old company
1-Year 7% gold notes. due 1919
at
3,525,000 a date fixed not
later than date of confirmation of the
Underlying Bonds and Mortgages Outstanding (Not To Be Disturbed).
of the properties, $55
principal amount of 6% Income bonds, Series A, of thesale
New Orleans City RR. Gen. Mtge. 5s
new company; provided,
$3,200,000 however, than as to each 516 French francs principal amount
New Orleans City & Lake RR. Cons. Mtge. 5s
of Series B 5% bonds
2,324,500 of the old company so deposited with the 5% committee and assenting
New Orleans Power House Co., Ltd. 1st Mtge. 5s
to this plan
200,000 subsequent to the date of the confirmation of mild sale, the
New Orleans & Carrollton RR. 1st Mtge. 5s
5% committee will
1,674,500
deliver
555
principal
amount
of
6%
Income bonds, Series A, of the now company.
Canal & Claiborne RR. 1st Mtge. 6s
719,000
z
The 7% committee may sell, on such
Edison Electric Co. 1st Mtge. 58
as to it shall seem hest, any re2,124,000 maining shares of Preferred stock received bybasis
it, after reserving sufficient thereof to
Merchants Electric Light & Power Co. 1st Mtge. 5s
300,000 make distribution to holders of 7% notes hereafter
St. Charles St. RR. 1st Mtge. 4s
deposited with it, and out of such
375,000
cash
shall pay au i expenses and compensation of the committee,
Railways Realty Co. 1st Mtge. bonds
&c. Any cash
228.000 then remaining shall be distributed pro rata among
the
of 7% notes of the
Plan of Reorganization Dated June 12 1922.
old company deposited. lithe committee shall not so holders
sell the Preferred stock, it
To Foreclose Mortgage.—The mortgage securing the 434% bonds will be shall have the right to provide
that before any part thereof shall be distributed
foreclosed and the property bid in by one of the committees at such price each person to whom such
distribution would be made shall pay to the committee
as shall be mutually satisfactory.
a pro rata part of an amount sufficient to reimburse the committee for all
&
The bid at such sale shall be made to purchase the properties subject
Should the holders of any 7% notes fall to deposit the same withinexpenss,
time fixed
only to the lien of (1) Car Trust Certificates, if any, outstanding at date of the 7% committee
may extend the time for such deposits, provided that the time
confirmation of sale; (2) such underlying mortgages, if any, as may
shall
not
be
extended for more than 6 months after the date of the confirmation of
cover
any of the properties purchased; (3) taxes for the current year; and
(4) the sale. The 7% committee, unless otherwise agreed, shall when the right to
such obligations of the receiver and other obligations as are to be assumed
make deposits finally ceases. deriver to the new company as its property all shares
by the purchaser.
of 7% Preferred stock, together with all dividends, if any, paid thereon, of the new
If the bid shall be accepted, any 4%s, 5s or 7s deposited with the com- company which shall
not have been distributed, to holders of the 7% notes of the
mittees may be used in paying the purchase price.
old company who shall assent to the plan.
New Company.—New Orleans Public Service Corp. (or some appropriate
a Any of the Preferred stock so delivered to the Chase National Bank, New York,
name) will be tricorn. in Louisiana, in which will be vested the properties and not by it distributed within
one year after the confirmation of the sale to the
and a se s acquired it such sale,
holders the unsecured debt shall be delivered by it to the now company together
Obligations Placed Upon New Company.—New company will (a) Assume with allofdividends,
if
any,
paid
thereon to the bank, unless otherwise directed,
all the obligations as determined;(b) assume the payment of principal and whereupon the bank
shall be discharged from all liability with respect thereto.
interest of any car trust co-tificates outstanding at the date
of acquisition
Treatment of $958,000 Old 4%s Now Deposited as Collateral for 5s.
(e) provide the necessary cash in connection with the reorganization
$958,000 414% bonds of the old
together with certain cash for
and for extensions, betterments &c.,to rehabilitate the propertie ;expenses
(d) pro- accumulated interest thereon, are company,
held as collateral security by the trustee
vide for the 4%% committee cash equal to 25% of the principal amount
of
all 43, s, deposited with the committee and assenting to the plan, plus under the mortgage securing the 5% bonds of the old company. The 5%
the defaulted unpaid interest thereon from July 1 1921 to the date when committee will cause someone on its behalf to bid at the foreclosure sale
the new Gen. Lien 4%s of the new company shall commence to bear of the properties of the old company for said $958,000 454% bonds: the
price bid for said bonds to be such as shall be satisfactory to the 5% comInterest, together with interest upon all overdue instalments of interest
mittee. If the bid of the 5% committee therefor shall be accepted,
on the 4%s.
5%
committee will immediately, upon delivery of the $958,000 4%%the
bonds,
New Securities To Be Issued by New Company.
cause the same to be deposited with the 434% committee, and the 434%
(1) 1st cit Ref. Mtge. Bonds.—Not exceeding $100,000,000, secured
a committee shall receive the bonds and issue certificates of deposit therefor
first and refunding mortgage having a first lien on all or so much ofby
and make distribution with respect thereto on the basis provided above
property to be transferred (subject only to such underlying mortgagesthe
with respect to 434% bonds.
as
may cover any of such property, the car trust certificates, if any and
The 5% committee may use any securities deposited with it in paying
taxes for current year).
the purchase price for the $958,000 4345, and it may borrow any money
Amount To Be Presently Issued.—It is contemplated that it will be neces- for any purpose in connection with such
purchase, and to secure the paysary to have issued not less than $10,000,000 nor more than $15,000000 of ment of the same it may pledge any securities
and certificates of deposit
the 1st & Ref. Mtge. bonds to produce the cash which will be required.
at any time in its possession.
(2) Gen. Lien Bonds.—Gen. Lien 434s, maturing July 1 1935, secured by
The 5% committee may sell, for such consideration as to it shall seem
a closed mortgage on the same property as is covered or
best, all or any of the Gen. Lien 434s received from the 434% comshall
be
covered
by now 1st & Ref. Mtge. (subject only to such underlying moPtgages, mittee, or any of the 6% Income bonds of the now company
received.
car trust certificates, and taxes for the current year as that mortgage).
From any cash received the 5% committee shall pay all debts, expenses
Amount To Be Issued.—Amount to be issued equal to
of the and compensation of the committee, &c. All cash securities, if any, then
principal amount of 4%% bonds of the old company now 75%
or hereafter remaining in the hands of the 5% committee (after reserving sufficient
deposited with the committee and assenting to this plan.
thereof to make the distribution to the holders of 5% bonds of the old
(3) Income Bonds.-6% Cumulative Income bonds, maturing Nov. 1 company thereafter deposited with the 5% committee)
shall be distributed
1949, designated respectively Series A and Series B (Series A to be payable
pro rata among the holders of Series A and Series B 5% bonds then dein U. S. dollars and Series B payable, principal and interest, in French posited with the committee. For
the purpose of ascertaining what profrancs), secured by a closed mortgage on all or so much of the property
portionate part of such cash and securities shall be paid or delivered to the
to be transferred (subject only to such underlying mortgages, if any, as holders of Series B 5s of the old company,
are payable in French
may cover any of such property, the car trust certificates, any, the 1st francs, the value of such Series B bonds shall which
be computed in U. S. dollars
& Ref. Mtge. and the 4 % Gen. Lien Mtge. and taxes for If
current year.) on the basis of the rate of exchange (as determined under the plan).
Amount To Be Presently Issued.—The aggregate amount of each series
Should the holders of any 5% bonds, Series A or Series B, fall to deposit
to be determined as follows: (a) $84 34 principal amount of such Income
the same on or before any date fixed by the 5% committee, the committee
bonds. Series A, to be issued for each $100 principal amount
may. from time to time, extend the time for such deposits, provided tno
of
5%
bonds.
Series A, of the old company outstanding; (b) 435 French francs principal time shall not be extended more than 6 months after the date of
the conamount of such Income bonds, Series B, to be issued for each 516
French firmation of the sale of the properties.
francs principal amount of 5% Bonds, Series B, of the old
The 5% committee, unless otherwise agreed, shall, on the date when the
outstanding; or $55 principal amount of such Income bonds,company
right
make
deposits
to
with
the 5% committee finally ceases, deliver to
A, for
each 516 French francs principal amount of such 5% bonds.Series
Series B, of the new company as its property all Income bonds, Series A and Series 13,
the old company outstanding, as depositors of such Series B bonds with
the of the new company, with all coupons appertaining thereto duly attached,
5% committee shall, on or before the date of the confirmation of the
which
shall
not have been distributed.
sale.
respectively elect;(c) such additional Income bonds, Series A and Series
Acquisition of Certain Physical Properties.-1f practicable, the now comB,
as will equal in principal amount the Interest at the rate of 6% per annum
pany will endeavor to acquire, by consolidation or otherwise, upon such
on the principal amount of said income bonds, Series A and Series B
to be basis as its directors shall seem desirable, all of the physical properties of
Issued as above, provided from June 1 1922 to the date when interest upon
as many as possible of the following corporations:
City RR.,
said income bonds, Series A and Series B, of the new company shall re- New Orleans & Carrollton RR. Light & Power Now Orleans
Jefferson & Lake
spectively commence to accumulate; provided that any or all of the income Pontchartrain RR., St. Charles St. RR. OrleansCo.,
RR.,
Now
&
bonds in (c) may at the request of the 5% committee be Issued as Series Pontchartrain Ry., New Orleans Gas Light Co., Now OrleansOrleans
Lighting
A bonds on the basis of the rate of exchange provided for.
Co., Railways Realty Co.—V. 114, p. 2718, 2469.
(4) 7% Non-Voting Cum. Pref. Stock.-7% Nonlroting Cumul. Prof.
Stock (par $100) amount to be determined as follows:
Newport News & Hampton Ry., Gas & Electric Co.—
Amount To Be Issued.—(a) $112 19 thereof for each $100 of 7% Notes
of the old company outstanding plus such additional amount thereof as Pref. Stock Offered.—JohnNickerson Jr., New York, is offerwould be equivalent to the interest which would accrue upon such 7% notes ing at 93 and div. $1,200,000 7%
Cumul. Cony. Pref.
from June 1 1922 to the date when the dividends upon such
stock (a. & d.) stock. Divs. payable Q.-J. Red.
shall commence to accumulate;(b) such additional amount Preferred
all or part after
thereof as may
be necessary to pay all of the unsecured general claims against
years
from
3
issuance
on
any
div. date, on 30 days' notice,
the old
company which arose prior to the date of the appointment of J. D. O'Keefe
110
and
at
dividends
(see
'advertising
pages).
as receiver, Jan. 0 1919, provided such claims shall be allowed or admitted
to be due; such claims to be paid on the basis of $1 of such Pref. stock for
Listing.—Application will be made to list stock on N. Y.
each $1 due on account of such claims, plus the same proportion
of
accrued
Exchange.
Stock
interest thereon as provided for the 7% notes.
(5) Common Stock.—Conunon stock (par $100 each) amount to be deter- Data from Letter of Pres. J. N. Shannahan, Hampton, Va.,
May 20.
mined as follows:
Capttalization (After Present Financing)—
Authorized Outstanding
Amount To Be Issued.—Niles & Niles, Certified Public Accountants, Preferred
stock, 7% (Par $100)
$4,000,000
New York, shall certify the amount of the rate base concurrently
$1,500,000
with the Common stock (par $100)
4,000,000
2.800.000
acquisition by the new company of its property, in accordance with
the First & Ref Mtge 5s, 1944
7,500,000
3,743,500
terms and conditions of a certain ordinance of the City of Now Orleans,
Closed
1,071.000
passed April 18 1922, relating to the reorganization of the old company Predecessor companies' bonds
On
Dec
31 1921 there were $3,000,000 of 7% Prof. stock and $2,000,000
and the valuation of its properties. From the amount of such rate base
of Common stock authorized, of which $1,410,300 Prof. stock was outstandso determined and certified, there shall be deducted: (a) The aggregate
principal amount of underlying bonds M10,145,0001 then outstanding in ing and $1.275.000 of Common stock outstanding. Company recently
contracted for the sale of approximately $1,500,000 Common stock, the
the hands of the public less the cash or cash value of securities in the sinking
proceeds from tha sale of
will be used for the payment of the $643,000
funds of the underlying mortgages; (b) the aggregate principal amount
of 3-Year 7% notes due Julywhich
15 1922. at maturity, for the payment of floating
the 1st & Ref. Mtge. bonds of the now company (loss unamortized discount) necessary to provide for the cash requirements as above; (c) the indebtedness and for working capital.
aggregate principal amount of 4%% Gen. Lien bonds of the new company
Consolidated Income Statement, Calendar Years.
required as'above; (d) The aggregate principal amount
of 6% Income
1919.
bonds of the now company required; provided that
1920.
1918.
the purpose of Gross earnings_ x
$2,158
61,3
.97 $2,708,481 $2,732,740 $2,176,886
92
determining the aggregate principal amount of Incomefor
bonds, such of the Net earningsy
677.608
486.538
bonds as shall be payable in French francs shall be computed
635,941
614,229
U. S. Balance after fixed charges
333,967
dollars on the basis of the rate ofexchange between U. S. dollars andinFrench
145,634
330,297
358,924
Preferred stock dividends_ _ _
97,461 francs fixed by the Federal court (or approved by the
87,398
80,322
77,553
parties
hereto)
having jurisdiction of the foreclosure in connection with the determination
x Includes non-operating income.
by it of the amount in U. S. dollars owed by the old company on
account
y
After
operating
expenses,
taxes, maintenance and that part of depreof its Series B 5% bonds;(e) the aggregate par value of the 7% Cumulative
ciation charges ($77,042 in 1921) actually used and not that part ($147,399
Preferred stock as required above; (f) the principal
amount of the Car In 1921) credited to the reserve account.
Trust certificates, if any, then outstanding and
for
the
discharge
of
which
Company.—Org
anized in 1914 by the consolidation of three existing comcash has not been provided from the sale of 1st & Ref. Mtge.
bonds.
panies and furnishes, without competition, the entire electrical supply
for




JUNE 241922.]

THE CHRONICLE

transporta- 1
power and lighting, the entire gas supply, the electric railway
on the Virginia
tion service, and manufactures substantially all the ice used
Newport
including
at
60.090.
estimated
n
a
populatio
serving
,
Peninsula
News, Hilton, Hampton, Phoebus and Fortress Monroe.
electrical
an
station,
turbine
steam
w.
k.
15.000
a
comprises
Property
southern end
transmission and distribution system which covers the entire
22,000 volt line. 17.8 miles of
of the Peninsula comprising 9.23 miles of
miles of arc
85
and
pole
ing
line,
of
distribut
miles
292.7
line,
10,000 volt
Dec 31 1921.
circuit There were connected 10,201 electrical meters
gas sets with necesGas manufacturing plant consists of two 84 foot water
having a total
sary scrubbers. purifiers, &c., together with 3 gas holders
system comprises
storage cap Lefty of 390.000 Cu. ft. Gas distribution
mains System had
77 miles of mains, including 16 miles of high pressure
system consists
connected 7,081 gas meters Dec 31 1921. Electric railway of 84 passenger
of 51 miles or equiyajent single track. Equipment consists
truck trail cars and
cars of which 59 are double truck motor cars, 12 double
6 refrigerator cars
the balance single truck trail cars; also 31 service cars,
interest In the 3%-mile
and 2 freight • ars. Company also owns a one-third
Ice manuField.
Langley
and
g
Hampton
connectin
line
railway
electric
one in Hampton
facturing is conducted in 3 plants, one in Newport News,
and one in Phoebus.

2825

collateral for loans,
cation for authority to issue bonds to be deposited as
a loan to meet maturi$2.400,000 are to be issued dollar for dollar to cover
00 are to cover
$3,500,0
and
11923,
May
and
now
between
due
ties coming
a loan for additions and betterments.
Providence &
For the balance of 1922 there come due July 1 $750,009
Station debenture 5s,
Springfield RR. 1st 5s, and $100,000 New Haven
-V. 114. P.
ns.
obligatio
t
due Nov. 1 next, and there are some equipmen
2718. 2470.
on Buses.
N. V. & Queens County R.-Ask Stan
of the Steinway lines,
Slaughter W. Huff and Robert C. Lee, receivers
of a
operation
the
restrain
to
Court
Supreme
the
in
have started an action
was brought against Mayor
municipally supervised bus line. The action Estimate
.-V. 114. P. 2580,
nylon and the other members of the Board of
2360.

Rights To Subscribe for Common Stock.-

Stockholders
per share for
The stockholders of record June 27 may subscribe at $50
of their holdings. Sub15.250 shares of Common stock, costal to 57%
News,
Newport
in
company
the
of
at
the
office
scriptions must be delivered
Bros. & Co. 59
Va., or Alexander Brown & Sons. Baltimore, or Brown
Baltimore, or
News,
Newport
in
29,
or
on
Juno
before
York,
New
St.,
Wall
New York funds.
ion price free of
The entire offering has been underwritten at the subscript
commission.
be surrendered
must
ng
The Preferred and Common stock now outstandi d for new cortif cotes
on or before Aug. 15 to the company and exchange
the terms of
g
containin
ely,
respectiv
of Preferred and Common stock,
Stock may be surthe Preferred and Common stock as now existing.
2116.
Is.
-Y.
offices.
114,
above
of
the
any
rendered at

Railways.-New Wage Agreement.-

New York State
accept the
Trolleymen In Rochester, Syracuse and Utica have voted to
, which calls
contract offered to them by President James F. Hamilton
is 46 cents
for a reduction in wages of 3 cents an hour. The new wage scale
an hour for the first 3 months, 48 cents an hour for the next 9 months and
50 cents an hour thereafter.-V. 114, P. 2718.
Northern Pacific Rv.-Sional Improvement.-

of the
Construction work on the 3700.000 signal improvement contracts
automatic
company commenced June 19. The road this year will install
Division
blocs signals on the main line of two complete divisions: Fargo
on the Dakota
51.38 miles of single and 47.50 miles of double track, andtrack,
making a
Division 97.56 miles of single and 4.54 miles of double
total of 151.82 miles of single and 54.39 miles of double track.-V. 114.
p. 2464, 2354.

Pennsylvania-Ohio Electric Co.-Meraer.-

ania-Ohio
It is reported that negotiations for the merger of the Pennsylv
Northwestern
Electric Co., the Mercer County Light. Heat & Power and the
is for a
said,
is
it
plan.
proposed
The
way.
Is
under
Erie
of
Electric Co.
super system of high-powered transmission lines insuring continuous service
to all industries in Western Pennsylvania and Eastern Ohio.-V. 114, p.
2718.

New York Central Lines.-Equipment Trust Sold.
National City
J, P. Morgan & Co. First National Bank,
Philadelphia Rapid Transit Co.-Plan and Policy for'N. Y., and Harris, Forbes & Co.h-ve 1922
Co., Guaranty Co. of
-Results for 5 Months-Dividends Resumed, &c.-Presi
div.
and
to
96.92
div.
and
sold at prices ranging from par
T. E. Mitten in a circular to the stockholders June 19
dent
$27,y,
maturit
to
-g
accordi.
to yield from 5% to 5.30%,
says in brinf:
1922
of
Trust
Equip.
Lines
thus far, as evidenced by in645,000 New York Central
Res-ans.-The result of operation for 1922 shows
the ability of the men
account for 5 months ended May 31.
5% Equi-ment Trust Gold certificates. Issued under the come
g expenses to
stock.
and management to earn 6% on P. R. T..ive wageOperatin
dividend. The operPhiladel--,I)ia Titan.
co-operat
the
for
$250,000
Include
31
Due
May
Dated June 1 1922.

the full co-operating economies, as promised by the men, will provide for
establish higher
ative wage dividend, and will also enable the company to
public.
the
to
service
of
standards
of 3%,
dividends
declared
19
June
Dividend Payments.-The directors
of record July 15,
or $1 50 per share, payable July 31 1922 to stockholders
or 75c.
,
%
4
1
1922.
-March
Jan.
period
for
1,
No.
viz.: Quarterly dividend
April-June 1922, 1 4%,or
ner share: quarterly dividend No. 2, for period(per
Oct. 1916, $1;
share):
follows
as
Is
record
d
(Dividen
share.
per
75c.
Jan., 31 25.]
1917. $2 50; 1918, $2 50: 1919, 32 50. In 1920,
proceedings in fare
Pronerly Valuation.-P. R. T. property valuation
been in progress for over
have
on,
Commissi
8
P.
complaint, now before
appeal and judgafter
two years. Final determination can be reached only
e In comparable
ment of the courts, which will, in the light of experienc
7c.-4 tickpresent
the
e
Meantim
.._
perfect.
ication...
an oven longer
n
np7
consume
cases.
Wester
Rv.-4
RI
anna
New York Lackaw
assured of continuance.
employees has
-S. C. Commission for authority to ets for 25c. fare is-Co-oper
I.
surface
the
and
to
elevated
applied
of
has
ation
company
The
Service Increase.
bonds and 445.099,011 of additional
a higher
s In operation, which will be reflected inboth
Issue 330,009.000 5% 1st & Ref. Mtge.
sufLackawanna & Western RR. has asked effected marked economie
riders and P. R. T. have
Common stock. The Delaware
the bonds. See also V. 114, atan lard of service. Philadelphia car
The basis
.
guarantee
company
and
to
city
between
authority
for
on
warfare
the Commissi
fered because of continued
Bustiston
and
Elevated
d
of agreemsnt reached for operation of Frankfor
IL 1408, 1891.
ng between Mayor Moore. President
e3ident surface line includes an un ierstandi
by which the city governNew York New Haven & Hartford RR.-Pr
Weglein of City Council and President Mitten,
Reports.
Maine
&
Control
n
-Bosto
Mitten management when city and
with
e
co-operat
Haven
hereafter
New
will
ment
the
on
Pearson
mutual.
are
S.
some quarters as to U.
company interests
Frankford Elevated and
Owing to misunderstanding in effect
Transit Development.-P. R. T. will operatefor a period of five years.
that the New Haven Bustleton
surface line beginning Nov. 5 1922
Judge Maver's decision to theboard
ion cost of Frankford
construct
on
1923
during
of
Boston & Maine P. R. T. pays rental of 1%
until a maximum of 5% is
is entitled to 5 directors on the 28% ofthethe
Elevated; rental to be increased 1% annually
so as to terminate in
latter's stock rasachel.
This contract may he extended by the city
because the former road owns
V. 114, p. 2241.)
with the 1907 city agreement. (See
freight June 1
trolley
President Pearson has authorized the following statement 1057
ued
Freight Serrire.-MItten management discontin
c.arryn.
trucks, which have lately been tracks
on the situatio
1922 because of the inroads of motor the
trolley
that
or
RR.
Haven
New
the
reason
ania
the
Pennsylv
that
further
s
statement
for
paying freight, and
best
the
In regard to
ng
freight.
trolley
for
ads.
Tune
railro
used
Pe
trson
stated
President
be
not
over-burdene I with passenger traffic should
is seeking to control Newis England
ion with the city in Program
mtking no attemptato control the Bo;toe & M
Propertq Improvement.-Continued co-operat
21 that the New !I tven
construcof matters between the Boston
rebuilding upwards of 60 miles of track
interfere In any manner in the handling
require
will
repaving
of
res
it
which
serves.
in the territory
together with other necessary expenditu
This,
year.
the
during
& Maine and those of
tion
34.000,000.
is to promote policies and practice
Haven
ately
New
the
approxim
require
will
interest
ents,
only.
improvem
The
for renewals and
renewals;
and
England
nce
such
ion
New
toward
within
maintena
co-operat
for
interest
that are of mutual transportation as is brought about from time to time
Appropriations from earnings during 1922
of the amount so set aside, repwith respect to its
the same bast.; as in 1921. 33.000.000
to meet the 34,000.000
Stites and the public in regard to other matters of on
renewal of existing property, will help
resenting
by the New England
ing betterments
interest.
The remaining $1.000,000, represent
important but common
of the New Haven or of the construction budget.
from the renewal
financed
be
e,
heretofor
as
will,
Concerning the rumored attempt at control
property,
to
an 1 additions
the
ania
quoted
RR.,
Mr.
Pennsylv
the
by
Pearson
situation
Now England
of the Pennsylvania that there has boon no reserve.
capital requirements will be used until
statement of President Rea
This method of financing P. R. T.sufficient
10 years in the holdings of Now Haven stock by the
ly established to make its sechange during the past
R. T. dividend earning ability is
P.
attempt
0
no
37
of
the
but
that
and
ates
total,
city agreement, by which new
approxim
Pennsylvania which
salable under the terms of the 1907
sold at par, or by use of P. R.
been or are being made for securing control *of the curitiesmust
stock
hive
T.
rt.
ents
P.
arrangem
from
obtained
be
or
g its Capital steak. The only purpose of the capital
to make bonds issued for conNow Haven, or purchasin
T. guarantee, which must be sufficiently good
salable
Pennsylvania is to be helpful to the New England raliroisads and their
by struction purposes readily
-5 Mos. to May 31which
indicated
the
g
traffic
Mayexchange
facilities,
of
incrotsin
h
-Mont
by
Account
patrons
Income
the construction of the New York Connecting
1922.
the large expenditure for
1:696
27
of
98
049 3171.9
operation
:
2
23
59
.9
g of the Now York gateway, and the
1:182 *171
29
76
$3,810,297 531,9
Operating revenue
RR. for the unbottlin
2,699.573 12.611,473 13,253,787
2,742,067
joint through trains where required by the New England traffic.
Operation and taxes
ed
establish
long
of
and
those
expansion
tnce
continu
the
This means
09 $4,981,574 $4,733.910
and traffic relations of about 50 years between the Now
Operating Income__ _ _ $1,068,230 31,069.6
friendly business
191,492
213.768
and the populous territory served by the Pennsylvania RR. Non-oper
32,072
43,407
ating income__
England States railroads
traffic.
s
west
it
and
which
south
exchange
System and the
6 34,925.402
35,195,34
80
6
31.101,6
31,111,63
Gross income
4,100.555
President Pearson On Rail Situation.4,034,897
816.943
817,533
at length the Fixed charges
President E. J. Pearson in a circular to employees discussesBoard,
which
recently ordered by the Railroad Labor
s
$824,847
6
reduction
$1,100,44
$284,737
$294,104
wage
Net income
July 1. He said, in part:
goes into effect
employees on the New Haven system. If a strike is -V. 114, p. 2470, 2241.
"There are 39,09)
and
way
n Water
that the 17,000 employees of the maintenance of
Potomac Public Service Co.-Offer by America
called, it followseauipment departme
nts will have arrayed against thorn
maintenance of
at $30 per Share.
is exclusively served of about 4,000,000 people. Can a Works & Electric Co. To Acquire Common
which
public
the
such odds?
Co. has offered to the holders of
The American Water Works & Electric
strike be won against
ty to dispose of their
process of readjustment, the I.-S. 0. Commission orCommon stock of the company an opportuni
"In line with this
offer being conditional upon
in freight rates, effective July 1, which it Is estimated the
such
(par
$50),
per
share
reduction
cash
$30
at
holdings
a
dered
on or before July 12
of this company approximately $6,000,000 anrevenues
Baltimore
of
Co.
Trust
Fidelity
the
with the
will reduce
stock. It Is understood
of rules and reduction In rates so far awarded by the the deposit
least 70% of the total outstanding Common
nually. The revision
stock have already signified
together with all prospective reductions for other classes, of at the
of
amount
this
than
more
of
Board,
owners
that
Labor
made on the same percentage basis, will only offset about
assuming they are
the their acceptance of the offer.
with that of the Monongahela
loss In revenue. The reductions In rates were made Inthat
The acquisition of this property, together
one-half of this that
business as a whole was waiting for them in order
recently acquired by West Penn Co. (see below),
belief
and
hope
regarded as Power & Railway Co.,
be
some
upon
of
Works & Electric Co., will
might
basis
cost
which
Water
ahead
American
the
another subsidiary of
it might drive
of that company and its
t for some time to come.
increase the combined gross earnings
reasonably permanen
dividends on its stocks.-V. 114.
seeks in every way to avoid disputes with its employees. substantially
for
available
company
amount
the
and
es
"This
employees subsidiari
its
of
itself
general
interest
and
of
in
the
society
in
It believes that paid; but it also believes and knows that neither employer p. 1767.
should be well
Plan.they on the farm, In industry or on the railroad-can hope
Reading Co.-Petition to Modiru
nor employee-be
the U. S. District Court at Philadelinexorable effect of economic law."
The company has filed a petition in
to escape the
the bondholders' protective comIssue Bonds.phia, asking permission to consult with dissolutio
n plan in the Reading
Application to applied
to the I.-S. C. Conamtssion for authority to mittee for the presentation of a modified
has
of the U. S. Supreme Court.
decision
company
the recent
The
& Refunding 6% Mortgage bonds. due 1943. The case in conformity with
be filed and It will be acted on later.
petition
the
that
Issue $5.000,000 1st
directed
has
Treasury
the
the
Court
of
bonds
The
with the Secretary
to deposit
of the bondholders' committee to
company proposesfor
A petition also was filed by members
a.$2,400,000 loan from the Government.
Supreme Court decision. The petition
as lain collateral
Bureau," commenting on the above loan, says: Early Intervene in the case because of the
'the "Boston News
Court.
00.
the
by
$31.324.0
was allowed
applied to the Commission for a loan of
Co. asldng for leave to
In Feb. the New Havento pay off the European
A petition of the stockholders in the Reading
lo an and the balance for adincluding $26.258.000ts,
purchase of now equipment, and meeting of certain intervene was also filed and granted by the Court.
ditions and bettermen
loan
plan adopted for taking care of the European
Protective Committee.- of the protective committee (V. 114, p.
small maturities. The In cash and extension of the balance for three years
was the payment of 10% of meeting the cash payment, the Government
In connection with the formationYork,
and Drexel & Co., of Philadelphia,
& Co. of New
at 7%. For the purpose
Now Haven, but the Commission did not at the 2718), J. P. Morganies
for the General Mortgage bonds.-V.114. p. 2718.
advanced $2,758,000 to the
act as depositar
will
applipresent
the
In
road's
the
nts.
of
requireme
time act on the balance

Guaranty Trust Co.. New York, trustee.
inclusive. Donom. $1,000 and
$1.813,000 annually, June 1 1913 to 1937 of trustee.
$500 (c*). Divs. payable J. & D. at office
by the 1..8. 0. Commission.
tion
authoriza
to
subject
-Issue
Issuance.
of standard new equipSeettrity.--Certificates are for 75% of the cost
by the railroad companies.
ment, the remainder of the cost to be paid
00, and will consist
$35,860.0
ately
approxim
cost
will
The equipment
and 75 loeomotives.
of approximately 18.509 freight-train cars
ally covenant to pay rentals
sever
and
s
jointly
companie
following
The
dividend warrants as they mature:.
sufficient to pay tho certificates and Central RR., Cleveland Cincinnati
Now York Contra! RR., Michigan& Lake
h MeeesErie RR.,
K
Pittsburg
.
.
h
y
Pittsburg
R
Chicago & St. Lou's
Northern RR.-V. 111, p. 2325.
port & Youghiogheny RE., Cincinnati




2826

THE CHRONICLE

[VOL. 114.

Reid Newfoundland Co.—To Operate System.—
Details of an arrangement

notice at 103 and int. to June 15 1923, less 1%
for each year ending Juno 15
thereafter to maturity. Equitabl
e
Co., New York, trustee.
Sinking Fund.—A sinking fund to Trust
retire $100000 of debentures annually
(if purchasable at or below par
so purchased shall be canceled.and int.) will be provided for. Debentures
Listing.—Application will be made to list debentur
es ont Boston Stock
Exchange.
Data from Letter of President A. M. Lynn,
Pittsburgh, June 12.
Company.—The West Penn Co. (formerly West
Penn Traction & Water
Power Co.) was incorporated July 11 1911
Seaboard Air Line Ry.—Equipment.—
June 21 to change the name to West Penn in W. Va. Stockholders voted
Bids will be received by the company.until July 3 for
Co.
$2450,0
Equip.
00
Compan
y is the
Trust certificates. They will bear 6% mt. and mature
company for the West Penn System and owns
serially in 30 semi- the entire Common holding
annual installments.—V. 114, p. 2718.
stock of West Penn Rys., which in turn
owns the entire
Common capital stock of West Penn
companie
s and their various subsidiar Power Co. System includes these
South Side El. RR., Chicago.—Bonds Offered
Company operates in 9 counties ofies.
Wm. Hughes Clarke, Chicago, is offering a block of South .—
Side Elevated electric companies which are included Western Pennsylvania. Four other
RR. 1st Mtge. 4Y% bonds, duo July 11924, to yield
in the West Penn System operate in,
over 11% (present or are now extending into 10
quotations are 85 bid to 87 asked]. The analysis
counties of West Virginia, two counties Pennof this situation, the val- sylvania and one county
uations from official sources exceed twice the funded
of Maryland. These 5 companies servo atof
present
debt.
Net
earnings
a
total
of
412 cities, towns
were $895,952 in 1919, $831,808 in 1920 and $977,429
communities, located at distances of from
in 1921, or more 3 to 110 miles from Pittsburand
than twice the interest charges.—V. 107, p. 1005.
gh.
West Penn Rys. Co. owns directly and through
railways doing a passenger and freight business, stock ownership electric
Southern Pacific Co.—Relations with Union Pacific to ing
a total of about 341 miles (measured as singlelargely Interurban, covertrack), of which it has diRemain Friendly.—President William Sproule, June 20, in
rect ownership of approximately
192 miles, the remainder being owned
through the holding of the entire outstand
reply to the fear expressed by the Union Pacific Co. that the tric
ing capital stock of 9 other elecrailway companies. The lines serve more
than 250 cities, town and
friendly relations now existing between the companies might communities.
System comprises 16 electric generating stations,
be broken off, should the Central Pacific fall into unfriendly capacity
aggregate installed
141,580
k.
w.;
142 substanttons, transformer capacity 159,700
control, said:
k. w.; and about 658 pole miles of high-tens
transmission lines. Transmission system includes 44 miles of steel-towion
"The Southern Pacific and the Union Pacific have had
er linos constructed for 132,000
close and friendly volts. There is now being
connections from the time the overland route was
constructed at the
on the Ohio River
opened. They continue additiona
so at this time, and any competent managem
l generating capacity of 60.000 k. w., station
which should be la service
of the Southern Pacific early in 1923.
will continue those friendly relations because ent
aro to the self-interest
public..
Capitaliz
of both companies while to the advantage of they
ation After This Financing—
Authorized. Outstanding.
"
3-Year 6% Gold Debentures (this issue)
Mr. Sproule pointed out that the Southern the
$2,500,000 $2,500,000
not seeking, ownership of other lines, but Pacific has not sought, and is Preferred stock,6% cumulative (Par
$100)
asks that the Southern Common stock (par
Pacific lines as now in existence be allowed merely
value 100)
to remain unbroken; "that the
22,500,000 22,500,000
Purpose.—Proceeds will be
public may have the advantage of its unbroken
used
acquire a substantial controlling inpublic service as a common terest
in the Monongahela Power &toRailway
carrier rather than substitute for it a disrupted service
Co.
under
two
carriers.
"
Noting that the Supreme Court did not justify its recent
decision order Consol. Earns. West Penn Co. and Sub. Cos, 12 Mos. ended April 30 1922.
separating the Southern Pacific and Central
lines by any reference Gross income
to the Pacific Railroad acts, Mr. Sproule said Pacific
$14,758,299
that
the
Pacific
Railroad acts Operating expenses, incl. maintenance and all taxes
required simply that the line from Omaha to Ogden
8,912,983
and Ogden to San
Francisco should be operated as one continuous line
Net income
discrimination
of one road against another, no matter who operatedwithout
$5,845,316
Interest charges of sub. cos. and divs. on Pref. stock
them.
He
continue
d:
"That the Southern Pacific has at
of sub. cos.
held by public
times performed its duties and
obligations under the Pacific Railroadall
3.133,412
acts was acknowledged by Union Annual int, requirement of 32,500,0006% debs.(this
Pacific officials in their testimony in court."
issue)___ _
150,000
Calling attention to the fact that the Central Pacific
Balance
available for depreciation, amortization and divs_
"is and has been for
so many decades operated as part of the railroad system
_ - _ $2,561,904
—V.114, p. 2581.
of
the
Southern
Pacific that the whole operation has been a unit
built up to serve the
people of the Pacific Coast," Mr. Sproule continue
West Penn Tr. & Water Power Co.—Name Change
d:
"Every device suggested for tearing asunder this system
d.—
See West Penn Company above.—V. 114,
is in the nature
p. 2719.
of a mere makeshift. The fact is that if such were undertak
en it would be
necessary first for this company to get rid of the
York
(Pa.) Railways.—Initial Common Dividend.—
Pacific, with or
without a buyer. The Central Pacific would thenCentral
The directors have declared an initial quarterly
have to connect up its
dividend of 50 cents per
separate lines and rearrange its terminals in order
connect up its service. share on Common stock, payable July 15 to holders of record
The Southern Pacific would have to find means ofto
July 5.
connecting its separated The regular quarterly dividend of 1 % on Preferred stock has also
terminals and separated lines in order to complete its
been
declared payable July 30 to holders of record
service.
July 20.—V. 114, p. 2471.
"Both would involve expenditures from which the
no benefit. After it was all done they would have public would derive
no
better
service
than
before, but would have to deal with two lines
of one. Then, to run
INDUSTRIAL AND MISCELLANEOUS.
the roads now operating organizations wouldinstead
have to be created, for the
present operating divisions and train runs would
become misfits. The
General Industrial and Public Utility News.—The
breaking up of the lines would be without any relation
and train arrangements. This would seriously affect to present divisions following table summarizes
recent industrial and public
traltmon and undo for them much that has required the yard, engine and
years to achieve."— utility news of a general character,
V. 114, p. 2718. 2574.
such as is oommonly
under which the company will operate the
Newfoundland Railway until Nov. 15 next were
announced June 15. The
railway system and its allied steamship services
will be operated by Robert
C. Morgan of Winnipeg, an official of the Canadia
n Pacific Ry. on behalf
of the Government, and by Robert G. Reid, Vice-Pres
ident of
'the ReidNewfoundland Co., on behalf of the company, with
Mr. Morgan as General
Manager. The Government will meet the expenses
of operation, but all
revenues will be applied against operating costs.—V. 114,
p. 2360, 2242.

Texas & Pacific Ry.—Decision Upheld

.—
Recent advices from New Orleans
that the U. S. Circuit Court of
Appeals has upheld the decision ofstate
Judge
Foster
in
the U. S. District
Court, in the case of Missouri Pacific against
the Texas & Pacific Ry.,
which was in favor of the latter company
claim against Texas & Pacific Ry., claimed.20The Missouri Pacific, in its
years' accumulated interest
on $23,700,000 Texas & Pacific 2d Income 5s which,
roughly, amounted to
$25.000,060. The claim was dismissed, the
lower Court holding that the
interest was payable only if earned.
Another phase of the suit was question of tho
of between $4,000,000 and $5,000,000 notes issued by the Texas legality
& Pacific. The question
involved was as to whether the notes had been issued
for adequate consideration. This issue was previously decided
favor of Missouri Pacific and
according to the advices this phase of thein
decision was also upheld.
It is reported that definite steps
Pacific will shortly be taken.—V. 114,in a reorganization of the Texas &
P. 1653.

treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editor
Department"), either concurrently or as early as practic ial
able
after the matter becomes public.

Steel and Iron Production, Prices, &c.
The "Iron Age" of Juno 22 says in brief:
"The uncertainties of the coal situation figure more
largely in the steel
industry this week than at any time since April
1.
Out
increase of a few thousand tons of coal in a week
and the
starting of 350 Frick coke ovens in the Unionto
wn district is the net change
in the Connellsville situation, but it is not significa
tion maintains ingot output at 2 to 3 points abovent. The Steel Corporaall steel works operations in the Pittsburgh and 75%. The average of
Youngstown districts is
between 70 and 75%. More is heard of labor scarcity
at Central Western
steel plants and roiling mills, particularly
at sheet mills, where the shortage
is not only in common labor but in heaters
and
rollers.
Tr -City Railway & Light Co.—Wages.—
Prices.—"Some Central Western mills have fallen farther
behind on deUnder an agreement effective June 12 the present
wage scale of 55 cents liveries of bars, plates and shapes. There are indications that the minimum
an hour will remain in effect for one year.—V
of 1.60c., Pittsburgh, on bars, plates and shapes, and
. 114, p. 949.
that
only
on extended
deliveries, will be advanced to 1.70c. from July 1.
The cotton tie season
Twin States Gas & Electric Co.—Pref. Stock Offered
will open early in July, but the basis of prices has
.— A
not yet been announced.
The stockholders of record June 14 are given
5%
advance
is expected shortly in the prices of steel castings.
In the
to $2,000,000 7% Prior Lien stock at par($100). the right to subscribe extension of the American Sheet
be made at the company's office, 160 State St.,Subscriptions in full must to cover August and September & Tin Plate Co.'s current prices on sheets
as well as July, the expected has happened,
Boston, not later than In
June 30.
lino with the Steel Corporation's policy, as shown in
other products, to
The stockholders recently increased the authorized
capital stock from hold the situation in check. Lower prices and easier credit arrangements
$6,000,000 (consisting of $2,500,000 Common
, $2,500,000 5% Prof. and are diverting world business from the United States. An order for 1,500
$1,000,000 7% Prior Lien stock) to $8,000,000,
the increase being in Prior tons of steel bars was lost to Europe at a price delivered in Buenos Aires
Lien Stock.—V. 114, p. 2126.
$7 below the American quotation. Canadian purchase
s of Welsh tin plate
for four months are nearly three times those
of the American product,
Virginian Railway.—Bonds Authorized.—
quite reversing the ratio of pre-war times.
The I.-S. C. Commission has authorized (1) the Virginian
Demand.
—"Over
5,500 railroad car and car body purchases came to light
Terminal Ry.
to issue not exceeding $909,000 5% 1st Mtge. 50-Year
Gold bonds; to be in the past week and contracts were closed for the repairs to
cars.
delivered to the Virginian Railway in reimburs
ement of advances made by The week's business in fabricated steel was fully 30,000 tons 6,000
in sizeable
it to the Terminal Co. (2) The Virginian
projects,
not
including 18,000 tons
Ry. to Issue a temoil tanks for the Sinclair company.
porary bond for the amount, pending the Terminal
The May total proved larger thanfor
preparat
ion
of
expected
the
bonds
,
in
amounti
ng to 82% of the
definitive form. (3) The Virginian Railway
to assume obligation and country's capacity and greater than any May record.
liability, as guarantor, in respect of said
Buyers of foundry pig iron have been getting
bonds, and to pledge them with the
along on small shipments
trustee under its 1st Mtge. dated May 11912.
lately in view of the freight reductio
(4)
The
Virginian
n
of
July
Railway
1. The stiffening
to issue not exceeding $909,000 5% 1st Mtge.
prices
50-Year Gold bonds; all or continues, Philadelphia, Chicago and Buffalo reporting a 50-cent of
any part of said bonds to be pledged
advance
on very
with the Director-General of Railroad
business. Moro makers aro willing to do business
s ing into moderate
n connection with the funding of its indebted
reachfourth
quarter.
ness
Several
to
the
U.
thousand
for
S.
additions Scotch
tons of Middlesborough and
and betterments made during Federal control.
irons will arrive at Atlantic
—V. 114, p. 2361, 2354.
of French foundry iron is to folloW. ports this month and about 3.000 tons
Virginia Railway & Power Co.—Jitney Ordina
The tightening of the ferromanganese situation
nce.—
is indicated in the fact
The Common Council of Richmon
Va., on June 5 concurred in the that domestic makers have bought some of the British
action of the Board of Aldermen byd,passing
product and are
the new jitney regulating inquiring for additional quantities. Consumers also are buying
ordinance to become effective on Juno
in lots of
500
to
1,000
tons
and
24.
there
The
is
an
ordinanc
evident effort to got deliveries before
e, which was new high
signed by the Mayor on June 8, provides five
the
duty
goes into effect. In some cases sales of
routes, over which 515 Jitneys
operate.—V. 114, p. 2581.
foreign ferromanganese have been made with the stipulation
that the buyer pay any duty
that may be in effect at the time of delivery.
Wabash Ry.—Equip. Trusts Sold.—Kuhn,
British iron and steel exports for May were
272,437 gross tons, which
compares with an average of 268,890 tons
have purchased $4,245,000 5% Equip. Trust Loeb 4.4c Co. can
In the 4 preceding months. Ameriexports for the same 4 months averaged
certific
ates,
175,640
maturing in equal annual installments from Aug.
Steel rails have been booked by Great Britain for tons.
Victoria, 5,000 tons,
the Bengal-Nagpur RR.In India,
Aug. 1 1937, which have been placed privately. 1 1923 to for
tons, and for Slam, 10,000 tons.
The South Manchurian By. is again 8,500
in the market, this time for 40 miles
The company,according to Chicago dispatches,
100-1b. rails, or about 6,300 tons.
-foot ofLack
automobile box cars, 750 steel hopper car bodies has ordered 1,50040
of Opposition to Steel Merger—Attorney-General
and 2,050 composite coal
Daugherty invites
car bodies and 25 all-steel passenger cars—V.
"legitimate" argument against merger. "Times"
114, p. 2361.
Youngstown District Operations Approach NearerJune 22, p. 2.
West Penn Co.—Debentures Offered.—Halsey,
100%.—Only 3 mills
idle
of
the
113
in
district;
best condition since war boom. Phila. "News
Co., Inc., New York; Union Trust Co., PittsbuStuart & Bureau" June 21, p. 3.
rgh, and
W. A. Harriman & Co., New York, are offering at
Coal
Product
ion, Prices, &c.
98 and
The U.
int., to yield about 6.75%, $2,500,000 3-Year
Geological Survey on Juno 17 (the 11th week of the
strike)
6% Gold reported asS.follows
in brief:
Debentures (see advertising pages):
"Bituminous production reached the highest figure
since
the
strike
began
Dated June 15 1922. Due June 15 1925. Int.
during
the week June 10 (5,078,000 tons), but will do well
payable J. & D. 15 at 5,000,00
Halsey, Stuart & Co., New York and
0-ton mark this week. Anthracite output remains if it reahces the
without deduction for nor
practically zero.
mal income tax not in excess of 2%. Chicago,
"The
principal
reason
for the falling off In production during week ended
Company agrees to refund Penne4-mills tax. Denom. $1,000 and $500 (0).
June 17 was not any fresh gain by the strikers,
Red. all or part on 30 day
are steadily losing
ground in the border territories, but the dispositionwho
of the buyers to reduce




JUNE 24 1922.]

THE CHRONICLE

2827

of Act increasing Federal Reserve Board, p. 2673. (1) Subscripthe low freight rates become (k) Text
s of indebtedness TJ-1923 closed, p. 2674.
their purchases to the minimum until after
confidence in the tions to U. S. Treasury certificate
enough
have
apparently
They
1.
July
on
effective
ons to U. S. Treasury notes remain open until June 22, p.
introduced by Mr. Hoover (m) Subscripti
Notes redeemed to June 15, leaving
Victory
000
stability of the voluntary price control system
(n)
$140.000,
2674.
prices.
higher
by
arbito believe that procrastination will not be penalized
$240,000,000 outstanding, p. 2674. (o) Anthracite miners refuse to
Tons.
in
Net
p. 2678. (p) Government will
on
Production
strike,
taken
Slates
trate, referendum being
Estimated United
1921
not take action in coal strike, p. 2678.
1922
Week. Cal.Yr.toDate
Week. Cal.Yr.toDate.
BituminousAcme Tea Co., Inc.-To Redeem Preferred Stock.8,166,000 158,706,000
4,889,000 162,408,000
May 27
165,541,000
An the outstanding 1st and 2d Prof. stock have been called for redemption
6,835,000
0
167.114,00
4,616,000
June 3
0
173,551,00
1, the 1st Pref. stock at 110 and dim, and the 2d Prof. at 105 and
Sept.
8,010,000
0
5,078,000 172,192,00
June 10
divs.-V. 112, p. 471.
Anthracite38,355,000
1,988,000
0
22,821,00
9,000
May 27
39,928,000
Ajax Rubber Co., Inc.-Obituary.1,573,000
8,000 22,829,000
June 3
41,891,000
William G. Grieb, a director of the Max Rubber Co., died at Scarsdale.
1,963,000
13,000 22,842,000
Juno 10
Y., on June 14.-V. 114, p. 2118.
N.
Beehive Coke3,128,000
68,000
2,692,000
97.000
May 27
n Cynamid Co.-Two Dividends of1% Each.3,191,000
America
61,000
2,787,000
97,000
June 3
3,249,000
Two quarterly dividends of 13,6% each have been declared on the Prof.
58.000
2,885,000
98,000
June 10
market
on
ended March 31 1922 and June 30 1922, both payable
quarters
for
stock,
The "Coal Trade Journal" of June 21 reports the following
July 7 to holders of record June 27.-V. 114, p. 1893.
conditions:
preceding,
week
the
for
reported
those
with
"Comparing spot quotations
American Gas Co., Philadelphia.-Earnings.prices. Of these changes, 66.66%
changes are shown in 69.86% of the
reduction was 20 cents, while the averResults for Month and Five Months ending May 31.
represent reductions. The average
Kentucky
western
and
ton. Pier prices
1922-5 Mos.-1921.
1922-May-1921.
age advance was 22.94 cents permost
Hoover conference
the
since
sharply
$30,477
advanced
$22,741
$283,286
had
$45.389
all chgs_
which
after
Net earns,
quotations,
Net earnings for the 12 months ending May 31 1922 were $749,635.of last month, both broke. the anthracite situation except that buckwheat
p.
V.
2016.
114,
"There was no change in
the
was being made upon
had grown still more scarce and a steady pull
held their ground, but
Aluminum Co.rof America.-To Take Over Manufactures.
storage reserves of pea. Beehive coke operations
other hand, is increasing.
on
the
t
output,
By-produc
gains.
no
registered
See Aluminum Manufactures, Inc., below.-V. 114, p. 2720.
for 1920."
average
monthly
the
under
tons
28,000
May output was only
President Harding by Three
Joint Appeal to End Coal Strike Presented to
Aluminum Manufactures, Inc.-To Lease Properties,
and Jews.-"Times"
Representative Organizations of Protestants, Catholics
&c.-The stockholders will vote June 29 on the propositions
Strike
June 20, p. 21.
Fears
Executives
Chairman W. J. Tollerton of American Railway production is resumed outlined below:
Will Be More Disastrous Than Believed.-When
"Times" June 17, p. 4.
The Aluminum Co. of America has made a proposition to lease all the
railroads will be unable to cope with situation.
Aluminum Manu25 Base for West Pennsylvania real estate, buildings, machinery and equipment of the
Secretary of Commerce Hoover Names $3
Co., Inc., for the term of 25 years from July 1 1922. The Alumi5.
factures
p.
17,
Juno
Bureau"
Gas Coal.-Phila."News
of
the
benefits
Declares
Aluminum Manuthe
Committee,
obtain
to
also
Scale
is
America
of
Co.
num
IVage
Chairman Thomas Kennedy, Anthracite
factures Co. patents, trade name and trade marks during that period.
Strike.-"Times" June 22, p. 1.
Referendum Vote New Being Taken Is for
The proposition is also to purchase the entire inventory at market value
July 1 1922. and also to purchase the capital stock of the Aluminum DieOil Production, Prices, &c.
daily average gross pro- Casting Corp. and of the Aluminum Screw Machinery Products Co., owned
The American Petroleum Institute estimates
by the Aluminum Manufactures Co., for the sum of $321,200.
option to purchase not
duction as follows:
The Aluminum Co. of America is also given an
Daily Average Production.
res
$708,700 of the Preferred stock of the AluminumatManufactu
11
'21.
June
exceeding
'22.
3
June
'22.
June 17'22. June 10
1922, $65 and divs.
29
June
beginning
a
year,
within
time
any
In Barrelsat
Inc.,
Co.,
301,000
387.000
389,600
383,600
King.
Oklahoma
99,850
84,500
Further Data from Letter of President W. P.
85,000
84,200
Kansas
71,410
certificate of
50,450
50,550
If this transaction, including the proposition to amend the dividends
50,450
North Texas
on
133,800 incorporat
148.000
137,600
ion of the company, which will permit payment of
137,750
Texas
Central
the lease,
102,420
under
130,550
rental
the
made,
133,750
lease
the
and
out
carried
is
stock,
Common
No. Louisiana & Arkansas_ 131,200
company
112,320
109,950
this
place
n,
will
113,700
with other provisions of the propositio
113,100
Gulf Coast
123,000 together
111,500
112,000
a position to continue to pay the 7% dividends on the Preferred stock; to
112,500
Eastern
63,32,0 in
79,000
76,900
retire in each year, beginning 1922. at least 2,000 shares of the Preferred
82,900
Wyoming and Montana_ _ _
337,000
350,000
360,000
stock, and to pay dividends on the Common stock approximately as fol350,000
California
lows: In 1924, $1 a share: 1925, $1 50; and thereafter, during the remaining
1,344,120
1,450,950
1,459,100
term of the lease, at $2 a share.
1,445,700
Total
a
Gallon
Cents
Two
Gasoline
If the proposition of the Aluminum Co. of America is not accepted, diviof
Price
Independents in Oklahoma Advance
dends on the Preferred stock will have to be discontinued and dividends on
Post" June 16, p. 9.
Price Met by Larger Oil Cos.-"Evening1 and 2 Cents a Gallon (depending on the Common stock will be remote at best.
of
Gulf Coast Lubricating Oil Advanas 20, p. 5.
Shortly after formation in Nov. 1919, it was found that the condition
grade).-Boston "News Bureau" Juno20.-At office of Mexican Govern- Aluminum Castings Co., whose property and business were taken over by
Mexican Oil Conferences Begin June no official announcements obtain- Aluminum Manufactures, Inc., was not as prosperous as supposed. DurBroadway;
lost
ment's financial agency, 120
•
June 20, p. 25.
ing the first four months of 1920 the Aluminum Manufactures, Inc.,
able until end of negotiations. "Times"
Stightly.-Production week ended more than $750,000. Drastic efforts to stop this loss resulted in a profit
Mexican Light Oil Production Falls
$200,000.
tely
week.
from
approxima
of
previous
of
barrels
1920
months
four
the
second
during
42,000
June 10 totals 3,045,000, decrease
At the close of this four months' period, however, the general business
"Wall Street Journal" Juno 20, p. 8.
depression set In and it was impossible for the company to operate profitably
Matters.
last four
Prices, Wages and Other Trade
on the small amount of business obtainable, so that during the
cash prices in New York for week ended months of 1920 the company lost approximately $160,000. Conditions
Commodity Prices.-Wholesale
Wheat, June 22, 31 28;sugar, were improved and the rate of loss cut down during 1921, the lass for that
points:
high
following
the
of
June 22 reached
12.20c.; iron, Juno 21, 27.75c.• lead, June 22, year being slightly in excess of $250.000. During the first five monthsthe
June 22, 6.2c.; lard, June 19,
'
cotton, the current year the improvement in general business has permitted
tin, June 16 and 21. 31.37%c.;
5.75c.; copper, June 16, 13.62%c.;
None of the figures above given ineven.
break
about
just
to
company
June 20, 23.30c,
e Bros. advanced price 20 points to 6.25c. cludes any charge for depreciation, and the amounts for the last two perods
Sugar Price Advances.-Arbuckl
and Warner Sugar Refining Cos. and Edgar are arrived at by figuring metal costs at market prices.
a lb. American, Revere
and National Cos. all advanced to
nia
Pennsylva
Because of the foregoing facts, and ofthe fact that it takes nearly $350,000
McCahan,
Franklin,
shares
Refining advanced to 6.30c. a lb.
per annum to pay the dividends on the Preferred stock, and that 2,000
6.20c. a lb. Federal Sugar
-Gains 25c. per 100 lbs. to $6 75 (gain of Preferred stock must be retired each July. beginning July of this year,
Sugar Price Advances in Montreal.
ion of the company
incorporat
Sugar
,
have
of
Lawrence
Ltd.,
Refineries
certificate
St.
the
and
that
fact
the
Atlantic
of
view
in
and
so long as the
85c. in one week).market. Boston "Financial News" June 16, p.3.
prohibits the payment of a dividend upon the Common stock
withdrawn from
In Rhode Island all weavers of Penn- not assets of the company are not twice the par value of the outstanding
Developments in Textile Strike.-(a)
been exerthave
who
rs
to
Five
work
stockholde
returned
(b)
19.
June
Falls
those
to
Central
seemed
it
has
at
stock,
Co.
Preferred
sylvania Textile
Goddard Bros. have reopened. fe) Pawtuxet Valley ing every effort to improve the position of the company that some readjustplants controlled by54wage cut basis. (d) Blackstone Valley ment or reorganization should be effected.-V. 110, p. 972, 168.
hour-20%
on
returning
strikers
on 48-hour-20% wage cut basis. The Pawtuxot gains
strikers returningpropositio
of $4.n figures out equivalent to a 10% wage cut.
American Metal Co., Ltd.-Dividend the
are larger, since
old stock, payable
remains shut down waiting for better market con(Mass.)
A divdend of $4 per share has been declared on stated,
(e) Lawrence
will be the last
slow,
is
making
it
and
Nashua
progress
This.
Amoskeag
20.
June
Hampshire
record
Juno 23 to holders of
ditions. (f) New
into new shares
exchanged
at
Dover report less than half-a-dozen divdend paid on the old shares, which are to be
Pacific Mills
only noticeable gains.
quota of 1,800. (g) State Department of on the basis of 3 1-3 shares of new Common stock for each share of old stock
normal
with
compared
workers
announced no report on conditions would be held. Compare V. 114, p. 2582.
Labor and Industries (Mass.)
fall, pending thorough investigation in the State and the
made before the"Financial
Bds. Offered.
Juno 21, p. 4.
News"
American Paper Products Co., St. Louis.South. Boston
at 100 and int. $400,000
Spruce Lumber Price Advances from
Potter, Kauffman & Co., St. Louis, are offering
Royal Securities Corporation Reports
June 1 1922, due June 1 1937. Int.
Dated
Peet
bonds.
gold
Thousand
7%
Mtge.
1st
per
$2 to $5
0.-75,000 members bear $8,800,000 payable J. & D. at St. Louis Union Trust Co., St. Louis, Mo., trustee,
Typographical Strike Cost $8,800,00men
on strike from May 1921 to June without deduction for normal Federal income tax up to 29', Denom.
9,000
burden to attempt to maintain
the industry. "Wall Street Journal" $1,000 and $500 (c*). Auth., $600,000. Callable as a whole or by lot
for
results
positive
no
1922, with
there30 days' notice at 1073. during first year and
Juno 20, P. 6. Clothing Workers of America Walk Out.-Demand that on any int. date on decreasing
3ij of 1% for each full year until maturity.
after at a premium
Amalgamated
of the American Roll
on
continuati
to
out
shops.
only
let
a
be
Is
union
work
registered
Missouri.
in
contract
Incorp.
Company.manufacturers'
Factories located at St. Louis, Mo., and
"Times" Juno 22, p. 15.from 89,658,000,000 lbs. to 98,862,276,000 lbs. in Paper Co., organized in 1884.
solid fiber shipping cases.
Carthage, Ind. Manufactures corrugated and
Milk Production Rises
3.
p.
2,
311921, before deducting int., Federal
Sec.
Dec.
18,
ended
Juno
for 6 years
Earnings
1921.-"Times"
averaged $134,014.
have
-Department of Commerce shows gains taxes, depreciation and officers' bonuses,
Automobile Production Increases.
reported by 91 passenger-car and 82 truck-manuriation.in industry as follows as
-Approp
Co.
Service
ic
American Pneumat
facturing companies):
Appropriation Bill. This
March.
April.May.
President Harding has signed the Post Office
January. February.
mail tube service
pneumatic
of
1922n
resumptio
the
9
1
for
5
9
19
152:6
231,699 bill includes a provision
109,170
197,221
1,693
Passenger cars
not in excessof $18,500
24,603 in New York and Brooklyn at an annual expenditureunder
13,121
22,227
89344
,
28 miles in New
slightly
Trucks
has
Company
,
tubes.
13
Totals
double
production
c
Production
4,762.
of
-Domesti
mile
per
calls for $513, 911.
Ford Motor Co. May
7,170; Canadian plant, 6,519. "Phila. News York and Brooklyn. The appropriation therefor
plants,
foreign
2582.
6
121,073;
The bill is effective on passage.-V. 114, p. 2244,
Bureau" Juno 21, p. 2.
S.-Tire production in the United States has inMo.Tire Production in U.in
American Refrigerator Transit Co., St. Louis,
1910 to current rate of more than 30,000,000
2,400,000
from
creased
following table:
Trusts Sold.-Kuhn, Loeb & Co., New York. anEquip.
annually, as shown in the
_ _24,000,000 1916 _ _18,000,000 1913_ 6,000,000 nounce the sale at 1023/2 and div. (for equal amounts of all
1922 _*I6,000,000 1919 -26,000,0
00 1915 _ -12,000,000 1912__ 5,000,000
$4,662.1921 _ _26,000,000 1918
00 1914 -- 8,500,000 1911 __ 3,000,000 maturities, at which price average yield is 5.60%)of
1920_32,000,000 1917 -25,000.0
1910 -- 2,400.000 000 6% Serial Equip. Trust Certificates. (See adv. pages).
"
St
6.
Vali
p.
reet
20,
months."
Juno
Journa
1 1923 and $333.000
*Estimate for first six
Certificates mature as follows: $338,000 on July
Divs. payable J. & .1. at
Legal Matters, Legislation, Taxation, &c.
July 1 each year from 1924 to 1937, both incl.
than
Carry agency of trustee, New York, without deduction for any taxes (other
Fight
to
Statute
Them
Association
Requiring
Owners'
Allied Taxi
trustee may be required to pay
-"Times' June17,cp. 14.
Federal income taxes) which company or
any
of
or
S.
U.'
the
of
law
Accident Liability insurance.
future
or
present
of Labor PrRposes Giving 'Congress Power to Overrule or to retain therefrom under any
authority therein. Denom.
American FederationDecisions.
- Times' June 22, p. 19.
State, county, municipality or other taxing
U. S. Supreme Court Settling of Alien Enemy Property Claims.-"Times" $1,000
usly with the issuBill to Be Drafted for
Company has agreed to acquire and cancel, simultaneo
certificates of
June 21, P. 19.
"Chronicle" June 17.-(a) Further stops by N. Y. ance ofthe new Equipment Trust Certificates. the $338.000
Matters Covered in
1923.
1
July
and
,
maturing
solvency
p.
2645.
Sound trading (editorial)
the proposed issue
Stock Exchange to promoteto U.S. to confer on funding
Louis, June 13.
of war debt, p. 2661.
from I.etter of President H. B. Kooser, St.
(b) French mission coming
(1) $25,000,000 40-year 8% secured external Data
Jersey. All capital stock owned bv
New
in
d
(c) Offerings of foreign bonds:the
-Organize
Company.
in busiSerbs, Croats and Slovenes (Jugoslavia),
of
and Wabash By. For last 41 years engaged
gold loan of the Kingdom
8% sinking fund bonds of the Republic of Missouri Pacific RR.
for the transportarefrigerator cars to railroad companies
p. 2664; (2) 10,000.000 pesos
furnishing
of
ness
for the
on
on
Land
Pacific
Stock
organizati
Joint
organized
banks
freight. Maintains a soliciting
p. 2665. (d) Four
Chile, Gun
Portland and Salt Lake City), p. 2665. tion of all perishable
Coast
Francisco Los Angeles,
purpose of securing traffic.
property
of
Stock
Land
O.,
2666.
Bank
of
p.
payment
Joint
Dayton,
after
1921,
int
for
(e) Organization of Fl
Rerenne.-Companv's net revenue
to$495,000.
extended for one year, p. 2666.
fixed charges and depreciation, amounted
(f) War Finance Corporation powers
of War Finance Corporation, p. 2666. taxes, available for
repairs to cars were made. It is esti(g) Fred Starek made a director
During this year abnormally heavy
Trading
1922, withFinance
(i)
n,
p.
for
2666.
War
taxes,
Corporatio
by
after payment of property
(h) Advances approved
stopped on N. Y. Curb Market, p. 2669. mated that net revenue,
deliveries of which are
in North American Steel Co. stock
out attributing any earning value to the new cars,
27
Lowe,
N.
Y.
St.,
William
p.
2670.
City,
&
Leffler
Stillwell,
(j) Failure of




2828

THE CHRONICLE

[VOL. 114.

to begin in August, available for fixed charges and depreciation, will be apBrooklyn Borourh Gs Co.-Diriderd Increased.proximately $525,000. For 1923, giving full consideration to the
of
all of the new cars, it is estimated that net revenue, after payment ofuse
A quarterly dividend of 2% has been declared on the stock, payable
prop- July
erty taxes, available for fixed charges and depreciation, will be approxi10 to holders of record June 30. Three months ago a dividend of1U%
was declared.-V. 113, p. 1363.
mately $1,125,000.
Security, &c.-Certificates are to be issued by Commercial Trust Co. of
Callahan Zinc-Lead Co.-Additional Stock to Be OfferedPhiladelphia. trustee. TPle will be vested in trustee to new equipment
costing not less than $5.000,000, consisting of not less than 2,000 40-ton Strong Financial Condition.
-President John Borg, June 21,
capacity steel underframe refrigerator cars.
Company owns 5,400 additional steel underframe refrigerator cars in says in substance:
first-class condition. Against 2,500 of these cars, $234,000 equipment trust
The stockholders will vote July 24 on increasing the capitalization from
obligations are still outstanding, maturing on or before May 1 1923. Com- 500,000 to 1.000.000 shares.
purpose of the proposed increase is to
pany, however, has undertaken to deposit, at time of issue of new cert ifi- permit company to increase its The
holdings in other mining enterprises and to
cotes, the funds necessary to retire the above mentioned outstanding
expand its operations in general, although our present plans
contemplate
equipment obligations.
the sale of not more
20% of the new issue this year. Stockholders
Guaranty.-Principal and dividends unconditionally guaranteed by com- will be given the rightthan
to subscribe to part of the new issue at par from time
pany. See also V. 114, p. 2720.
to time as and when additional capital can be profitably
employed for
the above purposes.
American Sugar Refining Co.-Definitive Bonds Ready.
The company is in excellent financial condition, with sufficient cash
on
Definitive 15-year 6% gold bonds, duo Jan. 1 1937, are now ready for hand for more than three years' requirements on a basis of present maintenance operations. The company has no debt aside from current accounts
delivery In exchange for outstanding temporary bonds at the Chase National
Bank, 57 Broadway, N. Y. City. (See bond offering in V. 113, p. 2724). payable. During the past 7 years earnings from operations
enabled
the company to pay its stockholders a total of $17 25 per share have
-V. 114, p. 2118.
In dividends,
which Is equivalent to an average of about $2 50 per annum during
the
7-year
period.
During the same period our shares have fluctuated in this market
American Sumatra Tobacco Co.-Meeting Adjourned.The special meeting of shareholders to consider the sale of the company's from a high of $28 to a low of $4, with an average selling price of about
per
50
share
$13
over
the
7
-year period.-V. 114, p. 2583.
rights to subscribe to the Common stock of Consolidated Cigar Corp. and
to ratify approval of the offering has been adjourned to June 29. See V.
CanarliPn Cottons. Ltd.-Earnings.114, p. 2720, 951.
March 31 Years1921-22.
1920-21.
1919-20.
1918-19.
Total sales
$8.233,278 311,231.103 311.148.439 $10,828,326
American Thread Co.-New Director.Total income
x$668,571
$867,805 $1,838.443 $1,563,103
J. H. Crook has been elected a director to fill a vacancy. V. 113, p. 288. Bond interest,
&c
176.931
188,607
177,660
209,700
Pref. divs. (6%)
219,690
219.690
219,690
219,690
American Tobacco Co.-Case Adjourned.Common dividends_ _ _ _(8%)217.240(8%)217.240(6%)176
.508
162,930
The hearing in the Federal Trade Commission case against this company Depreciation
x
200,000
400.000
400,000
and P. Lorillard Co. before Judge John C. Knox in the Federal District. Res. for spec. replace't
409.000
200,000
Court, in which the Court directed that the defendants show cause why Other reserves
30,490
5.674
10.000
15.000
writs of mandamus should not be granted against them if the Commission s
orders that. they open all their books and documents for its inspect ion were
Balance, surplus
$24.218
$35,595
3454.586
$355,784
not complied with, has been adjourned until July 7.-V. 114, p. 2721, 1183,
x After expenses of operation, administration expenses,
Government
1173.
taxes, depreciation, &c.-V. 112, p. 2194.

American Water Works & El. Co.-Porposed Acquisition.

Canton Co. of Baltimore.-Extra Dividends.

See Potomac Public Service Co., under "Railroads" above.-V. 114,
An extra dividend of 50 cents per share has been declared on the stock in
p. 2016.
addition to the regulaf semi annual dividend of 13 per share,
both payable
July 1 to holders of record June 28.
Amoskeag Manufacturing Co.-A cquisilion.The outstanding stock consists of approximately 22.000 shares of no
See International Cotton Mills below.-V. 114, p. 2721.
specified par value, though $100 per share is generally recognized
as par.
V. 113, p. 74.

Arundel Corp., Baltimore.-Dividend Rate Increased on
Common Stock from 6 to 7% Per Annum-Declares An Extra
Dividend of 6%, Payable in Common Stock.-

Central Illinois Light Co.-Offer to Retire Bonds.-

The direcers have declared (a) a quarterly dividend of U% on the
Common stock, payable July 6 to holders of record June 28:(b) a 6% stock
dividend on the Common stock payable June 28 to holders
of record June
26:(c) the regular semi-annual dividend of 3%% on the Pref. stock, payable
July 6 to holders of record June 28.
Quarterly dividends of 1%% each were paid in Jan. and April last as
compared with 1% each in April. July and Oct. 1921.
Chairman Frank A. Furst states that the statement of operations shows
that net earnings for the first 6 months of this year, after setting aside
liberal amount for depreciation, will be about $400,000.--N. 114, p. 1411. a

Atlantic Fruit Co.-Re'diusfInert 01' Delo & C0rit01.-

A large majority of all the creditors have already consented to the Plan
of Reorganization of Juno 1 1922 (V. 114, p. 2582). The 9tockholders and
debenture bondholders, who have not depodted. are urged to deposit their
securities with Columbia Trust Co.. depositary. 60 Broadway, New York.
on or before July 1 1922. Thereafter deposits will .be received only upon
such terms as the committees may determine.-V. 114, p. 2721.

• Atlantic Refining Co.-Listino.-

The New York Stock Exchange has admitted to list $15,000,000 15-year
5% gold debentures, due July 1 1937, "when issued." See offering in
V. 114, p. 2721, 2583.

Atlas Portland Cement Co.-Retrial.-

Federal Judge Knox May 26, dismissed a jury in the "Cement
case, when unable to bring in verdict against the 19 corporations Trust"
44
individuals charged with violating Anti-Trust law. report neat. of and
Jus ice
has announced the retrial of the eastern group of the so-called cement
case has baen postponed until he Fall.
The case a 4*:a hist the cen ral group in the cement combination will come
to trial In Chicago, June 15.-V. 114, p. 2119.

Beaver Products Co., Inc.-Bonds Offered.-Central
Trust Co. of Ill., Federal Securities Corp. and Hambleton
& Co. Bait., are offering at 100 and int. $3,000,000 1st and
Ref. Mtge. 20-Year 73% Sinking Fund Gold Bonds.
Dated July 1 1922, due July 11942. Red. as a whole only except for
sinking fund purposes. on any int. date on 30 days' notice at 110
int.
Int. payable J. Sc J. in Chicago or New York without deduction and
for any
normal Federal income tax not in excess of 2%. Penna. 4 mill tax
and
present Maryland security tax refunded. Denom. $1,000. $500 and
$100 (0). Central Trust Co. of Illinois, trustee.
Sinking Fund.-Mortgage provides for redemption prior to maturity or
payment at matdrity of the entire issue at 110 and int. On
Jan. 1 1924
and on each semi-annual interest date thereafter, $100,000 must
be retired
at the above price through drawings by lot.
Data from Letter of Pres. Beverly L. Worden, Buffalo, June 19.
Company-Formed to acquire either directly or through stock ownership properties formerly owned and operated by Beaver Board Companies
and subsidiaries. Is one of the most important producers of building
mate-ial in the United States and Canada, ranking first in the manufacture
of fibre wallboard, second in the production of gypsum products and
occupying an important position in the roofing products trade.
will own and operate 17 manufacturing plants in the U. S., andCompany
through
subsidiaries 5 plants In Canada.
Security-Secured by direct first mortgage (subject to $868,250 underlying liens upon certain properties for the retirement of which provision
is made) upon all fixed assets in the United States of an appraised depreciated
sound value of $8.850,555 and by collateral deposit of approximate
ly 94%
of the Capital stock of the Canadian bolding company, whose fixed
assets
are appraised at a depreciated sound value of $4,458,763.
Purpose.-Proceeds will be used to pay indebtedness and to increase
working capital
Earnings.-Consoltdated statement of the earnings of properties
now
owned directly or through subsidiaries. after depreciation and
exhaustion
totaling $2.582,410. and after inventory adjustments, but before
Federal
and Canadian income and profits taxes, interest on underlying bonds
and
certain other interest charges no longer applicable to the present company,
are as follows:
Cal. Yrs. 1917.
1918.
1919.
1920.
1921.
Net earns_31.687,271 $1.227,213 $2,059.376 42,427.932
lossy$2,363,915
x After inventory reduction of 31.032,300. y After depreciation
and
exhaustion of $933,941, and inventory reduction to market
of $839,112.
-V. 114, p. 2583.

The company in a notice, June 22, to the holders of Peoria Gas & Electric
Co. 1st Mtge. 5s. due Jan. 11923, states that it has made arrangement
anticipate the payment at par and interest, should a bondholler desires to
to
obtain the amount of his bond at this time. Holders accepting the offer
should send their bonds to Hodenpyl, Hardy & Co., Inc., 14 Wall
St.,
N. Y.-V. 113, p. 1679.

Cities Service Co.-Plan To Pay Dividends in Cash on
Pref. and Preference Stock and Redeem Scrip Paid on These
Stoeks.-The directors June 21 authorized tho announcement
of a plan for the payment of dividends in cash on the Preferred
stock on Sept. 1 and the Preference stock on Oct. 1 and the
redemption of all scrip issued for dividends on these stocks.

It is proposed to give the holders of Preferred and Preference stocks,
or
the holders of the scrip issued in lieu of cash dividends on these
stocks,
either cash or, at their option, a snecial debenture
bond created solely
for this purpose. Some of the details of this special bond
will be that It
will bear 8% interest and will be convertible into 85% of Preference
stock
and 15% of Common stock, with the cumulative feature
on the Common
stock as in previous issues of debentures, and to carry
an
initial
call
price
of 115% of par.
The directors feel this bond will serve as a reward
through the high
call price and high interest rate will insure a m ninaumand
profit of 15% to the
stockholders who have temporarily foregone cash dividends
and that the
conversion feature Is such as to offer the probability
of a profit much in
excess of what is provided by the high interest rate of
8%
and
the high
call price.
The company has declared the regular monthly dividends of % of
1%
on the Common, Preferred and Preference "B" shares, payable
scrip;
and 1 % on the Common stock in Common stock scrip, all In
payable
Aug. 1 to stock of record July 15.
Statement by President Henry L. Doherty.
The action of the board is evidence of the improved earning power of
company and its subsidiaries. In the public utility divishn conditions
have improved considerably beyond estimates and earnings
at a rate
higher than they have ever been. At this season of the yearare
a decreased
demand for electrical energy Is expected, due to a smaller demand
for
electric lighting purposes. The increased demand for electrical
energy
by the industries In territories served by our subsidiary utility companies
has more than offset this seasonal decline.
It is evident that the corner has been turned and the future looks most
promising. Earnings of company have increased steadily
the early
part of last Fall. The increase in Cities Service earningssince
been consecutive, month by month, since July 1921. The earningshas
statement of
the company for the month of May not only showed decided improvement
over preceding months, but over Mai, 1921
Not to Common
and
rerves
es
earred last month totaled 812.844 and was the beststock
reported
since March 1921. When underlying conditions in the commodity
markets
and in basic industries give evidence of particular strength, the outlook
for
general business and for the business of Company.is necessarily
improved.
In spite of a record production of od, there is every reason
to believe
that no great time will intervene before demand for
petroleum
will again
far outrun the supply. The result is obvious,
company, through
Its subsidiaries, is one of the largest producers ofbecause
high grade refillable crude
oil in this country.-V. 114, p. 2363.

Commercial Cable Co.-.--Obituary.-

George Gray Ward. Vice-President and
Manager of the Commercial Cable Co.. died in N. Y. City, June General
16.-V. 114, p. 1412.

Commercial Solvents Corp.-Stock Sold.-Huntington
Jackson & Co. and Farnum, Winter & Co., New York, have
sold at $45 per share 40,000 shares Cumulative Convertible
Class A stock of no par value (see adv( rasing pares.)

The stock is preferred as to dividends and
Dividends payable
Q.-J. Class A stock is entitled to cumulative assets.
dividends at the rate of $4
per share per year and is convertible on any div.
Into Class B stock
snare for share. in event of liquidation. Class A date
stock Is entitled to $50
per share and divs. and is callable in whole or in part
at $50 per share and
divs. on any div. date upon 60 days' notice, but when
so called shareholders
may elect to convert upon notice given to the corporation
not less than 20
days before the date fixed for redemption.
Data from Letter of Pres. P. G. Mumford, New York,
June 15.
Company.-Manufactures solvents, particularly Butanol (butyl
alcohol)
and other alcohol products, under the Weizmann
processes,
for which
the corporation owns an exclusive license in the United
States
and
the
patents or rights throughout the rest of the world. Also
manufactures
acetone, ethyl alcohol and various important derivatives.
Booth Fisheries Co.-New Financing.Owns in fee
acres
81
in
Terre
Haute,
The stockholders will vote July 14 on authorizing an increase
Ind., on which are situated one large modern
in the fireproof plant, constructed
Capital stock to 625,000 shares and on authorizing an issue
steel and brick and one reserve plant of the
of $10,000,000 same character, with a totalof
refunding debenture 7s subordinate to present outstanding
floor space of about 1,000,000 sq. ft. Maindebentures,
tains
highly
equipped chemical and bacteriological laboratories
of which $3,500,000 will be sold and proceeds applied to reduction
where
of the extensive research in derivatives Is being conducted.
floating debt. See also V. 114, p. 1656, 2363, 2583.
Customers.-Eastman Kodak Co. and Du Pont de Nemours & Co.
are
under
long term contracts for their entire requirements. The Chemical
Boston & Wyoming Oil Co.-Time Extended.Branch of the U. S. Industrial Aicohol Co. purchases all
The directors of the Mutual Oil Co. have extended until July 7
its high grade
the
time
acetone
from
the
corporation.
for depositing stock of the Boston & Wyoming Co. to be
Practically all of the other film and lacquer
exchanged for manufacturers in the United States
Mutual Oil Co. stock.
and many of the European manufaoturers also secure their entire requirements from this corporation.




JUNE 24 1922.]

THE CHRONICLE

.

2829

Tire
including outing and athletic shoes. Through a subsidiary (Converse
tube.
Net Profits, Before Federal Taxes, Quarters Ended.
Co.), also manufactures a superior quality tire casing and inner
1922.
30
June
of
business.
volume
of
311922.
90%
over
Mar.
comprises
Dec. 311921.
Manufacture of rubber footwear
Sept. 30 1921.
*$140.181
$120,195
Earnings.-Company has operated at a substantial profit every year since
$77,109
$52,319
1909, net
organization. Volume of business has increased 1,500% since
* 6 weeks estimated.
Issued.
Authorized.
sales advancing from $400,000 in 1909 to $1,556,000 in 1915 and to over
Capitalization40,000 shs. $6,000,000 in 1921. Net earnings, applicable to interest charges, have inShs.
40,000
par)
(no
stock
A
Cumulative Class
80,000 shs. 40,009 shs. creased from $156,000 in 1915 to $983,318 for year ended April 30 1922.
Class"B"stock (no par)
and E. R. Stettinius are the
Present net earnings applicable to interest charges are running at the rate
[Interests identified with P. A. Rockefeller
of the corporation, of nearly nine times maximum interest rqeuirements on funded debt. At
stock
Common
B
Class
principal shareholders of the
present time unfilled orders will require maximum operation for practically
it is said.]
all remaining months of the year.
e
Co.
or
-Success
Co.
Service
Public
Conversion.-Bonds will be convertible until 1932 into 7% Cumulativ
Commonwealth
114, p. 632.
non-redeemable Pref. stock on basis of 100 for stock and 106 for the bonds,
See Mississippi Valley Power Co. below.-V.
with an adjustment of interest and dividend.
cash
$6
of
a
or
premium
Offered.- Purpose.-Proceeds will be used to anticipate the maturity of the 7%
Community Power & Light Co.-Bonds Co. and Serial
Coupon Notes due Dec. 1 1922 and Dec. 1 1923,aggregating $200,000;
Wm. L. Ross & Co., Inc., Chicago; Whitaker &
to reduce bank loans and increase working capital.-V.113, p. 2188,539.

offering at 100
Liberty Central Trust Co., St. Louis, are
IA% gold bonds,ser."A"
and int.$500,000 1st M.Coll. S.F.7Int.
payable A. & 0. at Liberty

11942.
Dated April 1 1922. Due April
trustee, or Central Trust Co. of Illinois,
Central Trust Co., St. Louis, normal Federal income tax not in excess of
for
deduction
Chicago, without
$100 (c*). Red., all or part, on 60 days'
2%. Denom. $1,000, $500 and
int. during 1927, redemption price therenotice on any int. date at 110 and
until it is 105, which rate prevails
ann.
per
after being reduced A %
until maturity.
M. Stone, St. Louis, June 1 1922.
F.
President
of
Letter
Data from
s serves without competition entire elecCompany.-Through subsidiarie
in 7 communities in Kansas and Arkansas;
tric light and power business
addition, 13,000 population in these communitotal population 30,000. In
heat service and 8,000 population water
ties is furnished gas and steam
service.
lien on all properties of subsidiaries
Mtge.
1st
by
Security.-Secured
Mtge. bonds.
through pledge of their 1st for
year ended May 31 1922 wero $91,221, or
Earnings.-Not earnings
interest charges of $37,500 on this issue.
nearly 2A times annual American
Light & Power Co.
Management.-North
$500,000.
Capitalization.-lst Mtge. bonds, $500,000; Common stock,

Corn Products Refining Co.-Usual Extra Dividend.-

An extra dividend of A of 1% has been declared on the Common stock,
In addition to the regular quarterly dividend of 1%, both payable July 20
to holders of record July 3. An extra of A of 1% has been paid quarterly
since Jan. 1920.-V. 114,p. 1895.

Cuba Cane Sugar Corp.--New Officers.-

G. A. Knapp, formerly Assistant Treasurer, has been elected Secretary,
both
and B. A. Lyman as Treasurer, succeeding H. F. Kroyer, who held
positions.-V. 114, p. 2722.

De

Consolidated Mines, Ltd.-Defers Dividends.

Beers
The directors state that although demand for diamonds has improved
they are unable to declare dividends either on Preference or Deferred shares.
-V. 112, p. 376.
Steel Co.-Listing.-

Donner
list $5,009,000
The New York Stock Exchange has admitted to the
Series "AA, due
1st Ref. Mtge. 20-Year 7% Sinking Fund gold bonds,
Jan. 1 1942, "when issued." See offering in V. 114, p. 2584.

Consolidated Copper Mines Co.-Reorganization Plan.below, at the request
The reorganization committee named
and creditors and a large
of a majority of the bondholders
number of the stockholders, has prepared a plan of reorganization which has received the approval of a large
majority in amount of the bonds and creditors and many
stockholders:

Durant Motors, Inc.-To Double Capital.-

capital
The stockholders will vote June 27 on increasing the authorized
par value).
from 1,000,000 shares (no par value) to 2,000,000 shares (no
brief:
in
says
10,
President W. C. Durant, New York, June
carry out in
"The proposed increase in the capital stock is necessary to
plan, prepared
full the development of the company's operations. Thethe
of the
stock
by the directors, embraces in its scope an exchange of
securities of this corporation.
several allied or divisional corporations for the
allied
such
rs
of
the
stockholde
of
This exchange can be made at the option
Aug. 11926, and will be
companies at any time between Aug. 1 1924 and Motors,
in
payable
Inc.,
Durant
for
share
per
$30
price of
able to pay the interest on its oonds for more based upon a allied
companies at the original issue prices of such stock.of
The company has not beenother
obligations, and all efforts to raise further stock of suchis designed
of its
the acquisition by this corporation
facilitate
to
than a year past, or any stockholder
plan
This
s or otherwise secure financial assistpurpose approximately
working capital from
large interests in the allied companies. For this
will be available
ance failed.
500,000 shares is required. The balance of the increase
p. 2722, 2584.
114,
-V.
Plan of Reorganization, Dated June 5 1922.
determine.
may
directors
for such use as the
proposes:
substance)
(in
plan
ion
The reorganizat
reorganirship.(1) Foreclose the mortgage and have tho property bid in by the
Elder Steel Steamship Co., Inc.-Receive
Court at New York,
zation committee.
Under bill of equity filed June 19 in U. S. Districtand
an
authorized
$8,000,000
with
of
capital
company
B. Johnston
John
(2) Organize a new
company was placed in hands of Arthur E. Mittnacht
placed at about $5,366,222. No assets were
(par $5).
of stock in the new company at as receivers. Liabilities were
shares
purpose of
740,000
the
for
is
ely
stated,
approximat
is
it
t of receivers,
(3) Issue
of all bonds, unpaid coupons, notes, accrued named. The appointmen -V. 112, p. 2195.
$5 per share for the face value
indebtedness if and as approved by the reorgani- reorganizing the company.
of
forms
all
and
interest
outstanding indebtedness is approximately
Elgin National Watch Co.-New Director.
zation committee. Total
$2,988,600 1st Mtge. 7% Cony. bonds,
Co., has been elected
$3,700,000 [consisting of about
Solomon A Smith, President of the Northern Tru,,t
Giroux Consolidated Mine.s Co. and unby
2722.
p.
114,
guaranteed
-V
Bartlett
C.
A.
notes
late
promissory
a director to succeed the
.
secured claims and obligations]
Dec. 31.Sheet
e
500,000 shares to present stockholders on the
-Balanc
Y.
N.
Co.,
ks
Fairban
(4) Offer approximately
$2 50 in cash for each share of the stock of the
1920.
1921.
basis of 2 shares of stock and
1920.
1921.
offered to stockholders has been underwritten.
new company. The stock
Assetsfor payment in cash, under the terms of
1,000,000
1.000,000
stock__
Pref.
First
The plan makes no provision
2,917,432
otherwise, to any holder of bonds foreclosed or Plant, equip.. &c.. 2,835,704
Preferred stock.._ _ 2,000,000 2,000,000
any bid at foreclosure or old company who do not participate in the plan. Contracts and good
the
to any shareholders ofwould
898,500 Common stock. _ _ 1,500,000 1,500,000
898,500
will
be deliverable under the plan to such bond500
500
Any securities which
1,415,173 1,463,909 Cuba Co.stock.. _ _
had they participated, may remain unissued or Cash
holders or shareholders,reorganizat
16,515,723{ 6,661,510 Accounts payable_ 742,156 2,167,514
ion committee for the purpose of the -Merchandise
6,702,000
_
_
_
6,625,000
payable..
Notes
be disposed of by the
1,124,952
Raw material_
402,925
32,024
reorganization.
Notes & accts. rec.. 2,681,247 5,387,049 Miscell. liabilities_
Deprec'n reserve. _ 1,278,906 1,112,523
Bases of Exchange for Existing Securities and Claims.
6,087
Misc. Investments_
23,607
22,617
at
_
stock
receive
of
taxes_
company
for
will
the
now
Reserve
ers
-Bondhold
Bondholders
Misc,accts.reedy. 151,773
84,478
of their bonds and of all unpaid Advances
82,095 Other reserves........ 241,800
35,220
par, to wit, $5 per share, for the face value
3,898,528
608,364
Surplus
100,000
11922.
Aug.
165,135
to
up
coupons
Sinking fund
256,628
Stockholders.-Stockholders will receive, for each 2 shares of the stock of Deterred charges..1 352,805
$2 50 paid in cash to the depositary, 1 share
the old company deposited andof
$5.
par
14,057,368 18,892,075
the
of
value
Total
company
now
the
14,057,368 18,892,075
Total
of stock in
for
receive
the
principal
will
amount thereof,
Noteholders.-Noteholders
of the new company at the par value -V. 114, p. 2722.
stock
11922,
Aug.
to
up
interest
and
Famous Players-Lasky Corp.-Lease, &c.of $5 per share.
of the old company,if claims are approved
Claim Holders.-Claim holders
See Prudence Co., Inc., below.-V. 114, p. 2723.
be
for
will
shall
receive,
ittee,
as
such
comn
amounts
the
by
and accepted
nd of 2%.Federal Motor Truck Co.-DivideJune
allowed or adjusted by the committee, stock of the new company at the
30 to holders of record
A dividend of 2% has been declared payable
par value of $5 perbeshare.
-The plan clears the new company
All
last.-V. 114, p. 2475.
Debts.
of
Dec.
Clear
in
paid
to
%
with
Company
compares
New
heavy burden of interest charges and pro- June 24. This
from debt with the consequent
shares, approximately $1,250,000 cash, in
Fensland Oil Co.-Acquisition.vides, besides 335,000 unissued
acres of leases
capital and future corporate purposes.
The company has acquired a one-half interest in 9,000
its treasury for working
Depositary.-The New York Trust Co. 100 Broadway, New York, wilt covering the North Geary Dome in Wyoming, lying between the Tea Pot
of,
stock
and
against,
and
all
bonds
claims
the
1657.
notes
p.
and
of
114,
-V.
depositary
Field.
Muddy
Dome and the Big
act as
the company.
Arrangements have been made to supply enough shares of the old comFord Motor Co. of Detroit.-Production.
an
be
may
depositing
whose
stockholder
totaled 134,762, a new
holdings
each
pany to permit
May production of cars and trucks at all plants
to purchase an additional share of the stock of
Domestic production was 121,073 vehicles, against
record.
uneven number of shares 50.
monthly
high
Bonds deposited must have Feb. 1 1921
of American
the old company for $1 attached.
109,187, best previous record, made in June 1921. Production
was 409,309 cars
and subsequent coupons
and foreign plants for the first five months of this year
Deposits of bonds, stock, notes and claims and cash payments will be and trucks, against 329,813 for the same period in 1921.-V. 114, p. 2723.
until July 14.
received by the depositary -Edwin
0. Holt., Chairman; Charles L.
Reorganization Committee.
1493 Broadway Corp., N. Y. City.-Bonds, &c.Hoffman, Joseph B. Cotton, Thomas A. Merritt, Herbert W. Morse,
Prudence Co., Inc., below.
See
with
Smith,
Secretary.
A.
D.
C.
Jr.,
Howard
Downing
Paskus,
Martin
-v. 112, p. 2310, 1981.
Fry Glass Co.-Bonds Offered.-Peoples Sav-

Consolidated Gas, Elec. Lt. & Pr. Co. of Bait.-

Secured Cony. gold notes, duo Aug. 1 1922,
All of the outstanding 7%
option of the holder any time before maturity
will be purchased at the
addition, interest on the notes at the rate of 1% per
at par and int. and inpurchase
to Aug. 1 1922. Payment will be made at
annum from date of
N. Y. City or at Alexander Brown & 8ons,
the Bank of the Manhattan Co.,
Baltimore.
ed Power Co. of Baltimore 5-Year 6%
Consolidat
g
outstandin
All of the
Aug. 11922. will be purchased at the option
secured gold notes, maturing
maturity at par and int. at the Bankers
of the holder, at any time wren)
Trust Co., N. Y. City, or at Alex. Brown & Sons, Batt.-V. 114, O. 2584.

Consolidated Textile Corp.-B. B. & R. Knight Mills.-

See that company below.-V. 114, p. 2722.

Converse Rubber Shoe Co., Malden, Mass.-Bonds
Sold.-Peusons-Taft Co., Chicago, have sold, at 100 and
int. $1,000,000 15-Year 7% Sinking Fund Cony. Gold
Bonds (see advertising pages). Dated July 1, 1922, due
July 1, 1937. Denom. $100, $500, $1,000.(c *)

Interest payable J.& J. at the First Trust & Savings Bank,Chicago, trustee,
of 2%.
without deduction for normal Federal income tax not in excess
e, all or part, at any time after
Penn. 4 mills tax refunded. Redeemabl
July 1 1932, upon 30 days' notice, at 106 and int. if called prior to Jan. 1
thereafter.
1933, less A of 1% for each six months
1925,
Sinking Fund.-Annual sinking fund is to be provided beginning
of bonds if obtainable at or below
equal to 10% of net earnings, for purchase
sinking fund equal to 15% of net
102 and int.; and, beginning 1932, a at
the redemption price.
earnings, to purchase bonds or by call
Data from Letter of Pres. M. M. Converse, Malden, Mass., June 10.
Plants
have a daily capacity of 18,000
1908.
Company.-Organized in
pairs ofrubber footwear. Manufactures a complete line of rubber footwear,




(H. C.)
ings & Trust Co. and First National Bank, Pittsburgh,
in Apr. offered at 9634% and int. $600,000 1st. (closed)
Mortgage 6% Gold Bonds.
M. & N. with-

Dated May 1 1922. Due May 1 1932. Int.topayable
2%,at Peoples Savings
tax up
out deduction for normal Federal Income
Denom. $1,000 (c*). Callable, all or
& Trust Co., Pittsburgh, trustee. any
at 103 and int. upon
date,
int.
on
purposes,
fund
sinking
for
part,
40 days' notice. Free of Pennsylvania 4 mill tax.
, Pa., April 15.
Rochester
Fry,
C.
H.
Pres.
of
Letter
Data from
more than 20 years.
Company.-Successful manufacturer of glass for
manufacturing lead
Pa.,
Rochester.
in
plants
Owns and operates large
oven glass for baking purposes,
blanks for the cut glass trade,the famous Fry
refined plate and needle
lenses,
picture
motion
and
parabola
glass,
cut
pumps, as well
etchings, stemware, table tumblers, cylinders for gasoline
as numerous other specialties.
after taxes
for
interest
available
profits
net
annual
Earnings.-Average
were approximately 5 times
during the 1034 years ending Jan. 1 1922,$600,000
bonds.
these
the $36,000 annual interest charges on
with a market value
Equity.-Followed by $1,200,000 Common Stock 10%
have been paid
of approximately $1,800,000. Cash div. averaging
div. of $900,000 was
stock
a
1913
in
and
1921
to
1908
from
ly
continuous
declared.
to plants in
Purpose.-Proceeds will fund money spent for additions
1920 and 1921 and provide additional working capital

Gair Co., Brooklyn, N. Y.-Definitive Bonds.-

(Robert)
N. Y. City, is now prepared
The Central Union Trust Co.,80 Broadway,upon
surrender of temporary
to deliver definitive 1st Mtge. 7% gold bondsp.
2620.-V. 114, p. 2019.
outstanding bonds. See offering in V.' 113,
Electric Co.-New Vice-Presidents.-

General
Vice-Presidents.
Allan H. Jackson and J. 0 Barry have been elected
-V. 114, p. 2585.

2830

THE CHRONICLE

[Vol,. 114.

Great Eastern Pape? Co., Ltd.-Bids ,for Bonds.-

miles of distribution lines, 108 miles of transmission lines and 50 miles
of gas mains.
CapitalizationAuthorized. Outstand'g.
1st Mtge. 6s, Series"A," due 1937
$25,000,000 $3,000,000
Preferred stock 7%
5,000,000
750,000
Common stock
3,334,000
1,000,000
Purpose.-Proceeds from sale of bonds and from sale of $750,000
Hamiltcn, Brown Shoe Co., St. Louis.-Extra Div.Pref.
stock
will
be
used
to refund bonds, of the acquisition of the properties of
An extra dividend of 1% has been declared on the outstanding $4.000.000
Capital stock, par $100, in addition to the regular quarterly dividend of the Leavenworth Light, Heat & Power Co. and Bonner Springs Electric
&
Manufacturing
Co.
and
for
the
building
of additions, extensions, Scc.
%, both payable July 1.-V. 114, p. 1540.
Earnings Year ended April 30 1922.
Hanover (Pa.) Power Co.-Bonds Sold.-West & Co. Gross earnings
$1,565,310
and Lewis & Snyder recently announced the sale of a block Operating expenses, taxes and interest on subsidiary bonds
1,097,831 ,
of 1st Mtge. Sinking Fund gold bonds. A circular shows:
Net earnings applicable to this issue
$467,479
Annual
interest
charges
on
this
issue
Dated Dec. 1 1921, due, Series A. June 11928: Series B and C, June 1
$180,000
1941. Int. payable J.& D. Authorized $3,500,000, outstanding $630,000.
Kansas & Gulf Co., Chicago.-Earnings.York Trust Co., York, Pa.. trustee. Denom. $1,000, $500, $100 (c*).
Net earnings for the first four months of this year are reported at $347,000.
Free of Penn. property tax and 2% normal Federal income tax. Callable
-V. 114, P. 1897.
•on any int, date on 60 days' notice on a 53 % basis.
Company.-Operates under a franchise considered perpetual. Serves with
Kings County Lighting Co.-Definitive Bonds Ready.electric light and power the boroughs of Hanover, McSherrytown, LittlesDefinitive 1st Ref. Mtge. 634% Gold bonds are now ready for delivery
town and New Oxford, and townships of Penn, Mount Pleasant, Conewago,
Union Germany and Oxford, Pa. Also supplies current to the Gettysburg at the Central Union Trust Co., N. Y., in exchange for outstanding temElectric Co. Through a subsidiary company operates a street railway porary bonds. (For offering, see V. 114, p. 85.)-V. 114, p. 1413.
line which serves practically the same territory as is served by the parent
(B. B. & R.) Knight, Inc.-To Sell Four Mills.light company. Company has a total of 6,515 h.p. Installed, and operates
The company will offer for sale at public auction on June 27 and 28
with an approximate peak load of 2.000 h.p. Owns approximately 10 miles
its
of transmission pole lines, 326 miles of electric distribution wire and 25 miles Reedville mill plant and its Manehang mills plant. The company has
decided to eoncontrate and develop all its cotton textile manufacturing
of railway distribution wire.
within a fewer number of plants. The Reedville plant at Hyde Park
Consolidated Earnings for Yearshas
1920.
1921.
a capacity of 20,000 spindles and the Marchang group
of 3 mills a capacity
Gross operating revenue
$209,106 75 $234,962 30 of 50,000 spindles.
Net after taxes
77,578 90 82,802 57
The "Boston News Bureau" says: "The B. B. & R. Knight, Inc., tho
Hope Co. and the Interlaken Mills, with plants in Pawtuxet 'Valley,
Hayes Wheel Co., Jackson, Mich.-Stock Sold.- will
I.,
receive $1,750,000 in lump sum from the city of Providence as it.
result
McClure, Jones & Reed, New York; John Burnham & Co., of a settlement
just reached between these corporations and Water Supply
Board
of
city
for
damages
which
grew
out
of city's interference with their
Chicago; and Otis & Co., Cleveland, have sold, at $27 50 water
rignts."-V. 114, p. 1413.
Tenders are invited for the purchase of 31.625.000 7% bonds, part of an
authorized issue of $2,000,000 due on Jan.6 1941. Tenders will be received
at the Head Office of the United Financial Corp., 112 St. James St.,
Montreal, up to July 4.-V. 112, p. 1871.

per share, 30,000 shares no par value Common Stock. A
circular shows:

CapitalizationAuthorized. Outstanding.
Common stock no par)
200,000 shs. 200,000 shs.
First Mtge. 10-Year 7s
There are also authorized 10 shares of Common Stock, par value $2g, to
comply with the Michigan Law.
Company.-Established in Jackson, Mich., in 1908. Manufactures complete automobile wheels and rims, and is the largest manufacturer of automobile wheels in the world. Customers include Buick, Chevrolet, Durant,
Earl, Ford, Gardner, Nash, Willys-Overland. Company is manufacturing
wheels at the rate of over 16.000 per day.
Earnings After All Charges, But Before Taxes.
1915-_-$364.60211917___$735,62811919___$1,501,56411922-__ $528,102
1916___ 480,64911918_ _ _ 553,29211920_ _ _ 624,74611922.._ _ x1,000.000
x Estimated, based upon actual net earnings for first five months.
Dividends.-Cash dividends have been paid in every year since 1912, and
have aggregated $877,330. Stock dividends have been as follows: May 13
1911, 100%; Aug. 6 1912, 125%; Oct. 9 1915, 166 2-3%; May 18 1922,
22.45%-V. 114, p. 2365.

Hawaiian Commercial & Sugar Co.-Resumes.Divs

The directors have declared a dividend of 10 cents per share, payable
July 5 to holders of record June 25. A dividend of 15 cents per share was
paid in Oct. 1921, none since.-V. 114, p. 2247.

Hollinger Consolidated Gold Mines, Ltd.--Acquisition.

It has been announced that the company has purchased the property of
the Shumacher Gold Mines, Ltd,. *hich adjoins their property on the east.
The Hollinger company has been given an option on the entire assets, plant
and undertaking of the Schumacher company for $1,650,000. See also the
Schumacher Gold Mines, Ltd., below.-V. 114, p. 1292.

Hudson Motor Car Co.-Sales.The company in May last sold 6,200 cars.-V. 114, p. 2723.

Hupp Motor Car Co.-Earnings.Gross profits for the six months ending May 31 1922 are reported as
$4,829,798; total income. $5,149,819; not after interest chargegs, expenses
and depreciation, but before taxes, $3,024623; surplus after dividends for
the six months, $2,024,623 (compared with approximately $434,834 for
the full year 1921). "Chicago Economist."-V. 114, p. 2020.

Illinois Bell Telephone Co.-Capital.The Illinois Commerce Commission has authorized the company to issue
$10,000,000 more stock, raising the capitalization to $60,000,000. The
new stock goes to present stockholders (Amer. Tel. & Tel, owns about
9834% of outstanding stock). No public offerings will be made, it is said.
It is reported that the company plans offering 7% Cumulative Preferred
stock at par to customers and employees.-V. 114, p. 2475.

International Cotton Mills.-Sale Approved.The stockholders on June 19 approved the sale, to the Amoskeag Mfg. Co,.
of the Stark Mills, at Manchester, N. H. See V. 114, p. 2724.

Interstate Electric Corp.-Bonds Offcred.-

Koppers Company, Pittsburgh.-Contract.-

,

The company is reported to have received a contract from the Rochester
Gas & Electric Co. for a 6,000,000-foot capacity Koppers Liquid Purification plant.-V. 113, p. 424.

Lafayette Motors Co.-Reorganization Approved.-

The shareholders June 20 approved the reorganization plan. See out.
line in V. 114, p. 2585.

(Wm. J.) Lemp Brewing Co., St. Louis.-Sale.-

The company will sell at auction on June 28 its plant at
Cherokee St. and Lamp Ave. The estimated value of the plant isBroadway,
$3,500,000
according to reports.

Lockwood, Greene & Co., Inc.-Preferred Stock Offered.
-Jackson & Curtis, Boston, are offering, at 100 and div.,
with a bonus of 15% in Class B stock, $1,000,000 7% Cum.
Prof. (a. & d.) Stock. A circular shows:
Dividends payable Q.-J. First quarterly dividend payable Oct. 1 1922.
Callable as a whole at $110 and dividends. National Shawmut
Bank of
Boston transfer agent.
Capitalization Authorized, Outstanding(Upon Completion ofPresent Financ'g).
Preferred Stock 7% Cumulative
$1,500,000
Common Stock (all held by directors)
1,740,000
Class B Stock
Company.-Business which started in 1832 is closely related 200,000
to the
textile industry and the building industry of the country. Primary business
of company and its subsidiaries is engineering and management for industrial plants, particularly in the textile field. In 1901 the business was incorporated and is now being reincorporated as a Massachusetts corporation
under above name.
Net Profits.-Earnings available for dividends for the last five calendar
years after all expenses and charges, including taxes, have averaged
$321,804, or three times dividend requirements on the pref. stock, and after
preferred dividend and sinking fund, are equivalent to 934% on the Common and Class B Stocks.

Mackay Companies.-New Trustee.-

Charles R. Hosmer of Montreal, a director of the Canadian Pacific
has been elected a trustee to succeed the late George G. Ward.-V. By.,
114.
p. 851.

Mack Trucks, Inc.-New Director.-

F. C. Dumaine, Treasurer of Amoskeag Mfg. Co., has been elected a director, succeeding E. R. Hewitt.-V. 114, p. 2477.

Magma Copper Co.-Bonds Taken.-

It is stated that the stockholders subscribed for the entire amount of
$3,600,000 10-Year 7s. Rights expired June 15.-V. 114, p. 1897, 2124.

Manufacturers Light & Heat Co.-Earnings.-

Quarter ended March 31Gross earnings
Operating expenses, taxes, &c

1922.
1921.
$3,590,110 $3,204,758
2,375,513. 2,349,569

A. E. Fitkin & Co. are offering this company's 1st Lien 6% Coll. Sinking
Net earnings
$1,214,597
Fund Gold bonds of 1913, due Mar. 1 1933. A circular shows:
$855,189
Other income
21,171
22,079
CapitalizationAuthorized. Outstanding.
Common stock
Gross income
$1.000,000 $1,000,000
$1,235,768
$877,268
Preferred stock(7%)
Profit
and
loss
1,500,000
debits
1,077,100
$1,052
$2,213
First Lien 6s (closed mortgage)
2,000,000 x1,930.000
3-Year 7% Gold Notes
Balance
1,000,000
293,300
$1,234,716
$875,055
Dividends
460,000
460,000
x$70,000 retired by skg. fd., $635,500 reserved to retire underlying bds.
Company.-Organized in 1913. Owns all of the outstanding stock of
Surplus
$774,716
$415,055
16 gas, electric light, ice, water and power companies in operating Pennp. 1069.
sylvania, Kansas, Texas and Missouri. The Commonwealth Light &
Power Co. has recently,acquired in excess of 74% of the Common stock and
Maple Leaf Milling Co.-Dividend Decreased.n excess of 66% of the Preferred stock of the Inter-State Electric Corp.
A quarterly dividend of 2% has been declared on the Common Stock.
Earnings of All Subsidiary Companies Owned, Year Ended April 30 1922. together with the regular quarterly of 1%% on the Preferred stock, both
payable July 18. This reduces the dividend rate on the Common stock from
Gross earnings
$955,532 12 to 8% per annum.-V.
114, p. 204.
Net earnings, after operating expenses (incl. taxes)
$343,725
Sub. cos.' bond, note and other int., pref. divs. & int. on this issue.. 163,635
Marland Oil Co.(Dela.).-Initial Dividend.The directors have declared a quarterly dividend of $1 per share on the
Balance
$180,090 Capital stock, no par value,
payable Sept. 30 to holders of record
-V. 114, p. 2476.
An official statement says in substance: "The directors have Aug. 31.
a
Kansas Electric Power Co.-Bonds Offered.-Bonbright resolution instructing the executive committee to declare and payadopted
quarterly
dividends until further instructed, at the rate of $1 per share, quarterly,
& Co., Inc., and W. C. Langley & Co., New York, are the
first dividend to be paid Sept. 30 to holders of record Aug. 31."
"This August date was fixed in order to afford the stockholders of Marland
offering at 97 and int., to yield about 6.30%, $3,000,000
Refining Co., Kay County Gas Co., Kenney-Cleary Oil Co., Tom Jamas
15-year non-callable 1st Mtge. 6%, series "A," gold bonds. 011
Co. and Francoma 011 Co. opportunity to complete the exchange of
their shares of stock for the stock of Marland Oil Co. under the existing of(See advertising pages.)
Dated June 11922. Due June 11937. Int. payable J. & D.at American fers for such exchange, all of which will be withdrawn after that date, and
Exchange National Bank, New York, trustee. Venom. $1,000, $500 and to give the warrant holders.on the bonds opportunity to exercise their war$100 (C &r5). Company will pay the Federal normal income tax to the rants."
An official states that the company's crude oil production is now at the
extent of 2%. Pennsylvania and Connecticut 4-mill tax refunded.
rate of 18 300 barrels gross daily, having recently boon increased by several
Issuance.-Bonds authorized by Kansas Public Utilities Commission.
I the Osage and Tonkawa districts of Oklahoma.
Data from Letter of President Albert Emanuel, New York, June 20. new wells In
Company.-Succeeds Kansas Electric Utilities Co. (V. 107, p. 1579),
Definitive Bonds Ready-Listing-Acquisitions.which was incorp. Sept. 16 1915 as a consolidation. There will be merged • The Guaranty Trust Co. of N. Y. Is now prepared to
with the company the properties of the Leavenworth Light, Heat & Power standing temporary,7j.% sinking fund gold bonds due exchange the outApril 11931, Series
Co. (V. 93, p. 1792) and Bonner Springs Electric & Mfg. Co. Company "13" for definitive bonds.
(See offering of bonds in V. 114, p.
also owns the entire capital stock (except directors' qualifying shares) of
The Now York Stock Exchange has authorized the listing of3120
(a) 9.523
Miami Valley Electric Co., Union City Electric Co. and the United Light- additional shares of its capital stock,
no par value, upon official notice of
ing Co. of Albion, Pa. Will do entire electric light and power business in Issuance in exchange for the capital stock
of tho Marland Refining Co.
Leavenworth, Emporia, Lawrence, Parsons and 14 other communities in and the Kay County Gas Co„ with authority
to add (b) 93.041 shares,
Kansas. Will also supply gas to Leavenworth. Electric light and power on official notice of issuance in exchange for
outstanding stocks of Kennyis furnishned 16 communities in Indiana, Pennslvania and Ohio
through Cleary Oil Co.. Tom James 011 Co., and Francoma 011 Co., with authority
subsidiaries. Estimated population served 100,000. Company will own to add (c) 75,000 shares,
on official notice of issuance to holders of stock
and operate electric light and power plants in Leavenworth, Parsons, Law- subscription
under the provisions of the 734% Sinking Fund gold
rence and Emporia with a total capacity of 15,365 k.w. There are 522 bonds, serieswarrants
13, each $1,000 bond of which carries a detachable warrant




JUNE 241922.]

2831

THE CHRONICLE

25 shares of stock on or before
entitling the holder thereof to subscribe tomaking
the total amount applied
April 11931, at the rate of $40 per share,
or par value.
for 1,131,610 shares without nominalthe
0 7%% Sinking
of
$3,000,00
listing
d
authorize
also
has
Exchange
The
April 1 1931, making a total
Fund gold coupon bonds, Series B maturing
0 Series B
$3,000,00
and
bonds
amount to be listed $3,785,000 Series A 8%
7%% bonds.
16-20
7,671
of
issuance
the
d
authorize
The directors on Jan. 26 1922
shares of the capital stock of the
shares of stock in exchange for 76.718
shares of the
20,400
for
stock
of
shares
1,020
and
Marland Refining Co.,
and to issue 832 3-20 shares of stock
capital stock of Kay County Gas Co.;
stock of Kay County Gas Co.,
In exchange for 16,643 shares of the capital
to employees in payment for
company
latter
which had been issued by the
salaries during the year 1921. authorized the President to submit to the
1922
28
Feb.
The directors
-Cleary 011 Co. and Francoma
stockholders of Tom James Oil Co.,ofKenny
its stock for the outstanding stocks
011 Co. a proposition for exchange
1 share of Marland Oil Co.
basis:
following
the
on
of these three companies
Co. for
Oil Co.; 3 shares of Marland Oil Co.
for 4 shares of stock of Tom JamesOil
for
Co.; 1 share of Marland Oil
1 share of stock of Kenny-ClearyOil Co.
Francoma
2% shares of stock of exchange provides that, until 75% of the outstanding
The proposition for
companies shall have been deposited for
stock of each of the three above
therefor.
011 Co. shall be issued in exchange
exchange, no stock of Mraland above
basis has been extended stockholders
Privilege to make exchange on
stockholders of Francoma
to
11922;
May
incl.
and
to
Co.
of Tom James Oil
to and incl. April 20 1922. The propoOil Co. and Kenny-Cleary Oil Co.
Co. may extend the period of time within
sition provides that Marland Oil above
-named companies may accept the
the
of
which the stockholders
exceeding.30 days from each of the
foregoing proposition for a period not
above dates.
has been appointed to accept for
York,
New
Metropolitan Trust Co.,
-Cleary Oil Co.; Bank of Commerce & Trust
exchange the stock of Kenny
to accept for exchange the stock
appointed
been
has
Tenn.,
Co., Memphis,
& Co. of St. Louis, Mo., have been
of Tom James Oil Co.; Francis Bros. of Franconia 011 Co.-V. 114, p.
appointed to accept for exchange stock
1772.

Balance Sheet Dec. 31 1921 (After This Financing).
LiabilitiesAssetsS5,100.000
$6,245.763 Capital stock
Land, bldg. & equip
2,000.000
Mtge. 6tis
1st
1,063.851
Good will
80.000
231,743 Notes paya le
Cash
131.818
Notes & accts. receivable_ 221,240 Accounts payable
15,
accounts
Accrued
1,149
Accrued income
51,000
884,196 Res. for Fed. taxes, &c_ __
Inventory
140.766
Res. for sack redemption_
Sundry notes, accts. &
99,944
47.927 Other reserves, &c
claims
1,285,109
60.070 Profit and loss-surplus
Sundry securities, &c.. _ _ _
148.203
Deferred charges
$8,904,145
Total
$8,904,145
Total
-V. 106, p. 605.

Moon Motor Car Co.-Initial Dividend-Earnings.-

An initial dividend of 25 cents per share has been declared on the out1
standing 154,213 shares of Common stock, no par value, payable Aug.
to holders of record July 15.
estipartly
June
year,
present
the
of
Earnings for the first six months
mated, amount to $225,648.-V. 114, p. 2586.

Lode Coalition Mines Co.-Production.-

Mother
March. February. January.
April.
May.
Month of- .
Copper produced (lbs.) 2,104,402 2,021,601 2,017,035 2,071.951 1.915,863
-V'. 114, p, 2177.
Municipal Gas Co., Texas.-New Name-Increase.-

See North Texas Gas Co. below.

Mutual Oil Co.-Boston & Wyoming Stock.-

See Boston & Wyoming 011 Co. above.-V. 114, p. 2724.

Co.-Common Dividend of $6.-

Nash Motors
outstanding 54,000
A dividend of $6 per share has been declared on the
Aug. 1 to holders of record
shares of Common stock, no par value, payable
compared with $6 in
July 20. In February last $10 per share was paid'
$6 in Aug.
Sheet.Aug. 1921, $10 in Feb. 1921, $6 in Aug. 1920, $10 in Feb. 1920.
50c. Stores, Inc.-Balancecash,
in Feb. 1918.Metropolitan 5 to sheet
$69,586; 1919, $10 in Feb. 1919, $15 in May 1018 and $6 per share
as of April 30 1922 shows
The company's balance
notes
,
V.
$23,819;
p.
114,
advances
receivable
2586.
and
Inventories, $2,069,059: accounts surplus supporting no par value common'
and accounts payable,$1,457,545;
National Brick Co.-New President.4.
and a director,
stock, $4,533,308.-V. 114, p. 2724,.212
The Hon. C. C. Ballantyne has been elected President
a member of
%.of
15
end
Ltd.--Divid
succeeding T. A. Trenholme. Mr. Trenholme will remain
Mexican Eagle Oil Co.,declared
on the Preference and Ordinary the board.-V. 113. D. 1161.
A dividend of 15% has beenDec. 311921.-V. 114, p. 2247.
shares for the 6 months ended
Natoma Land & Mining Co.-Bonds Called.due
Jan. 1 1927
-New President-Annual Report.
Twenty-seven of the outstanding 1st Mtge. 6% bonds
Mexican Petroleum Co.
e Trust
Mercantil
L.
the
at
int,
Edward
and
elected President, succeeding
have been called for payment July 1 at par
Herbert G. Wylie has been Chairman
the
2662.
of
p.
Board.
110.
-V.
Calif.
.
Francisco
San
elected
Co.,
been
Doheny, who has
page.
a
on
preceding
Reports"
l
For annual report see under "Financia
Natomas Co. of California.-Annual Report.
-V. 114, p. 744.
1919.
1920.
1921.
.Calendar Years$461,484
Mexican Seaboard Oil Co.-Production
$318,825
$286,399
Gold
dredging
1922.
3
June
June
10 1922.
not
property
Week endedon
Operation of dredges
781,376
774,579
12,990
12,011
Oil production (in barrels)
owned by company
77,995
177,484
Compare V. 114, p. 2724.
Rock crusher (plants leased)
12,095
14,608
235,282(
-E.
Offered.
York.
-Bonds
Water department
Miner-Edgar Co., New
277,980
228,762
s Crop & lease income from lands
129,801
117,179
Howard George & Co., Inc., Boston, and Ralph W. Voorhee
interest
eous
Miscellan
59,320
33,776
Miscellaneous
& Co., Inc., New York, are offering at) 99 and int., to yield
$902,647 $1,031,665
$521,681
Total
687,370
about 7.10%, $1,500,000 1st (Closed Mtge. 20-Year 7% Bond
633,478
445,690
interest
bonds.
Sinking Fund Cony. GoldOct.
& insur. on assets other than
78,884
15 1941. R3d. on 3 months' notice Taxes
82,852
90,874
& rock properties_ _ _ _
dredging
Dated Oct. 15 1921. Due exceeding
gold
15
Oct.
$100,000
ng
commenci
26,249
not
Improvements written off
serially in annual amounts0
trustee,
Bank
of
Now
National
Jersey,
at
6,187
&
A.
bond loss
1927. Int. payable
97,863
$1,000, $500 and $100 (c*). Callable all Liberty
104,563
120,766
General company expenses
New Brunswick, N. J. Denom.
on 30 days' notice prior to Oct. 15 1927 at 107% Profit on bonds redeemed & cancelled Cr.48,561 Cr.228,801
or part on any int. date
per
Sinking
x
to
annum
1%
of
maturity.
%
x
decreasing
231,4661
ion
and int., the premium
will retire entire issue by maturity. Convert- Depreciat
544.4761
n
fund beginning Oct. 15 1927,
Pref. stock on the basis of one share of Exhaustio
206,312
Cumul.
8%,
into
time
&c
any
sales,
at
land
on
bile
with adjustment of interest and dividends. Com- Loss
$167,548
$104,243
stock for 3100 of bonds,
lossi895.465
income tax up to 2%,and to refund Profit
5 in the balance sheet
pany agrees to pay the normal Federal
x In 1920 the company showed a deficit of$2,694,69
Pennsylvania 4 mill tax,
5 for exhaustion of dredging ground
$5,409,34
years
6
during
1.
M.
charging
May
after
Miner,
Henry
New
York,
t
Presiden
Date from Letter oflargest distributor of American paper clay to the and depreciation of plant.-V. 113, p. 1894.
Company.-Is the
in the U. S. Is the largest distributor
Dividend.book, news and wall paper trades York
Naumkeag Steam Cotton Co.-Extra
territory, and the second largest
on the stock, together with the
of denatured alcohol in theinNew
An extra dividend of5% has been declared
the country. Is one of the leading manuIto holders of record
distributor of wood alcohol
July
payable
both
5%.
of
for split and artifical leather and lacquer regular semi-annual dividend
Jan. and July
facturers of pyroxylin solutions
22. A like amount was paid extra in July 1919; in
trades. It is an important producer of acetates, formaldehyde and other June
2827.
p.
113,
1922.-V.
in
Jan.
1920, and
basic chemicals.
to repay the treasury for plant expendi-Bonds Called.Purpose.-To refund prior liens,
Nevada-California Electric Corp.
to provide additional working capital.
tures, to pay bank loands and applicable
"A' aggregating $50,000 have
to bond interest of all the comCertain 6% First Lien gold bonds, series
Earnings.-Total earnings been
the International Trust
at
int.
$1,587,892 during the last 7 years. been called for payment July 1 at 103 and
have
panies now consolidated tho
rate of $396,973 per annum or nearly 4 times Co. of Denver, Colo., trustee.-V.114, p. 1772.
Average earnings were at nts
of this issue.
annual interest requireme
New Jersey Tube Co.-Sale.
For first 4 months of 1922 earnings applicable to the bond interest were
N. J. ata receiver's sale on June 19.
Robert J. Metzler, Inc., of Newark,
$163,229, or at an annual rate of over 4% times interest requirements.N. J., for $280,100.-V. 114,
Harrison,
1)ought the company's plant at
Compare V. 114, p. 1294.
P. 2586; V. 113, p. 299.
l
.
-Annua
Canada
for.
of
Report
Corp.
Mining
d of 13/
2%.
$77,643;interest, exchange and
Newton Steel Co.-Initial Dividen
The annual report shows:Profit at mines,
declared on the $1,500,000 Comtotal, $139,303; expenses, $661,An initial dividend of 1%% has beenregular
vrofits on investment, $61,660; combined
of 154%
dividend
quarterly
the
with
mon stock, par $100, together
738; net loss for year, $522,434.-V. 112, p. 1746.
holders of record June 20.
the Preferred stock, both payable July 1 tosinking
the probonds,
-Takes Over Trans. System. onThe
fund
7%
Mississippi Valley Power Co.
$750,000
issued
recently
company
organized, is now operating about 60 .files of ceeds of
which will be used to pay for the construction of six additional
The company, recently
-volt transmission lines from Alma, Ark.,to Clarkesville sheet
2477.
p.
114,
-V.
mills.
33,000- and 13,200formerly
owned by the Commonwealth Public Service
and Paris, Ark.,
Co.-Report.in Feb. 1922.-V. 114, p. 632] and will assume
New York & Honduras Rosario Mining
Co.[sold at receiver's sale,
1919.
on July 1 1922. It will also acquire dis1920.
1921.
ownership of these properties
Calendar YearAltus,
5 $2,053,092
Dyer,
,
City,
Alma,
$1,511,73
Mulberry
Ozark,
at
Webb
$444,011
tributing systems
843,919
and Spadra, all located in Arkansas, and Operating income
319,041
def.126,871
expenses
after
Deneing, Aliz, Hartman,inLamar
income
Net
147,996
these towns at retail; Coal Hill and Clarksville
34.896
46.306
income
will serve the customers
Other
The
basis.
under
current
wholesale
company
purchases
$991,915
$353,936
def.S80,565
will be served on a
Total income
Fort Smith Light & 'Fraction Co. Compare
$233.776
$142.269
11103,855
a 25-year contract from the
Depreciation, taxes, &c
200,000
320.000
e0 e00
V. 114, p. 2366.
Dividends
der.a244,s20 def.S108.332sur $558,139
Missouri Portland Cement Co., St, Louis.-Bonds
Balance,surplus or deficit
1,403,204 2,657.455
1,606,526
and loss
Offered.-Smith, Moore & Co., Francis, Bro. & Co. and Profit114,
p. 1659.
Valley Trust Co., St. Louis, are offering at 100 -V.
Mississippi
) Mtge. Serial Gold 6
and int., $2,000,000 1st (Closed
i

Mississipp Valley Trust Co., St. Louts,trustee.
Interest payable J. & J. at$100
(0'). Normal Federal income tax not in
Denom. $1,000, $500 and
by comany. Red, on any interest date upon 60
excess of 2% assumed
Bonds
int.
are dated July 1 1922, and are due
and
105
days' notice at
serially, 1923 to 1937.
L.
H.
Pres.
Black St. Louis June 12.
of
Data from Letter
name
Company.-OrganIzed June 3 1891, as Union Sand Co. In 1906 again
Material
&
Co., and in 1917 name was
Sand
changed to Union
Portland Cement Co. Changes in name were due
changed to the Missouri
nt of field of business and operations by the
to growth, and the enlargeme
and by the purchase of cement
acquisition of a gravel plant in Memphis
City.
plants in St. Louis and in Kansas
St.
Louts Portland Cement Works located
the
(1)
of
consists
Property
and equipment in St. Louis, consisting of
in St. Louis; (2) other plants
the gravel plant at Drake, the sand hoisting
gravel plant at Jedburg and
and the several distributing yards in St.
River
i
Mississipp
plant on the
Portland Cement Works, and equipment located
Louis;(3) the Kansas City
and
plants
equipment at Memphis. Tenn.; (5) sand
(4)
near Kansas City;
(6) boats, barges, dredges, steam shovels, &c.
plant at East St. Louis, III.;
be used for retirement of $674,000 Union Sand &
Purpose.-Proceeds will6s,
which are to be called for payment Nov. 1:
Material Co. 1st & Ref.
remodeling cement plant at Prospect Hill, Mo., and for additional working
capital.
Deple. e% Obsolescence, but Before Interest &
Na Earns., after Deprec..
Income Taxes, Applicable to Int. on Bonds.
$656,632
$663,57011919
11489,49711916
1913
449,322
681,521 1920
350,704 1917
1914
593,725
513,387
1921
1918
214,688
1915




New York Steam Corporation.-Bonds Offered.-Nayield about
tional City Co. are offering at 94 and int., to
85,000,000 First Mtge. Gold Bonds, Series A, 6%,
6
due 1947. A circular shows:
Interest payable M. & N. at
Dated May 11922. Due May 1 1947.
without deduction of the normal
National City Bank, New York. trustee,
in Penn. refunded. Denom.
tax
mills
Four
Federal income tax up to 2%.
and $10.000. Red. on any int. date,
$500 and $1,000 c*&r* $1,000. $5.000
to Nov. 11936, inclusive:
1932
1
May
from
107%
at
notice,
upon 60 days'
and at 102% thereafter
at 105 from May 1 1937 to Nov. 1 1941, inclusive,
but prior to maturity.
on the New York
bonds
these
list
to
made
be
will
Listing.-Application
Stock Exchange.
in the downpurposes
heating
and
power
for
steam
s
-Supplie
Company.
extensive uptown commercial and residentown financial district and in anbuildings,
including some of the largest on
tial section, serving over 1,400
the Island of Manhattan.
at least 2% each year will be applied
Sinking Fund.-A sinking fund ofacquisitio
n of additional property, and
toward the purchase of bonds or the
for the maintenance and replacemortgage
the
in
provision will also be made
a
of
strong general reserve fund.
ment of the property through the operation
31 1922, gross earnings were
Earnings.-For the 12 months ended May
2% times annual bond
over
or
$753.765.
$3.246,088. and not earnings
interest charges.
on operates is entirely
the
corporati
which
under
franchise
Franchise.-The
without limit as to time, to lay mains and
satisfactory, and grants the right,Island
and to supply steam
n
of
Manhatta
the
on
streets
the
of
any
in
pipes
for power, heating and cooking.-V. 113, p. 767.

2832

THE CHRONICLE

Nipissing Mines Co.-Regular Dividend-Cash,

The regular quarterly dividend of 3% has been
declared on the outstanding $6,000,000 Capital stock, par
$5, payable July 20 to holders of
record June 30.
Financial Statement June 10 1922, Showing Total Cash, &c.,
$4,510,128.
Cash in bank, including Canadian war bonds, &c.._ June 10'22. Mar.18 '22.
$3,615,329
$3,395,046
Bullion and ore in transit and on hand, &c
892,948
During May the company mined ore, containing 894,799
274,604 ozs. of silver,
of an estimated value of $197,715 and shipped bullion
of an estimated net
value of $250,750. The value of the month's silver production
was estimated at 72c. per oz. Cobalt produced was 34,578 lbs.-V.
114, p. 1898.

(Chas. F.) Noble Oil & Gas Co.-New President.

T. B. Preston of Ionia, Mich., was recently elected President, succeeding
Chas. F. Noble.-V. 114, p. 2477.

•

North Adams Gas Light.-Additional Stock.

The Mass. Dept. of Public Utilities has
the issuance of 6,050
shares additional capital stock (par $100), approved
to
be
issued
at
of 3,820 shares are to be applied to the payment of an equal par. Proceeds
pon notes which mature in 1930 and 1931; the proceeds of amount of cou1,579 shares to
be applied to an equal amount of its so-called "open
acceunt" due Mass.
Lighting Companies, and the proceeds of 651 shares
cost ofadditions to plant made subsequent to Dec.31 to be applied to the
1921.-V.114, p.1415.

[VoL. 114.

Oceanic Steam Navigation Co., Ltd.-Earnings.-

Calendar Years.1921.
1920.
1919.
1918.
Profit for year
a£1,469,237 £1,059,864
Int.& divs. on invest.,&c abt160,800
312,294 £1,746,624 £1,341,542
Total income
£1,630,037 £1,372,158
Debenture interest
78,255
83,713
89,262
94,731
Income tax
266,755
222,460
298,365
324,738
Depreciation
438,967
388,112
397,521
317,793
Miscellaneous
1,500
1,500
Reserves
25,000
128,000
100,000
Dividends
(15%)750,000 (15)750,000 (20)750,000 (17)637,500
Balance,sem or def__ _sur.£69,560
£73,627 stir.£83,476def.£133,220
a Profit for the year after providingdef.
for excess profits duty and contingent
liabilities.
This company is known as the White Star Line. Its entire
£5,000,000
Capital stock is owned by the International
Mercantile Marine Co.
V. 112, p. 2419.

Peet Bros. Mfg. Co. (Soap, &c.).-Notes Called.-

All of the outstanding 5-Year 7% Sinking Fund Gold notes dated
July 1
1918 have been called for payment July at
101 and int. at the Illinois
Trust & Savings Bank, Chicago, Ill., and1 Lee,
Higginson & Co., Boston
and New York.-V. 111, P. 395.

Penn Seaboard
North American Steel Co.-Trading in Stock Suspended- Stock-Acquisition Steel Corp.-To Increase and Reclassify
of Carpenter Steel Co.-To Create New
Correspondence With Samuel Untermyer.Bond Issue and Retire Notes-To Change Name.-The stockSee "Current Events" in "Chronicle" June 17, p. 2669.-W
114, p. 2725, holders will vote July 7 on the following:
2586.
(a) On classifying the capital stock (provided the same shall have
been
North Boston Lighting Properties-Pref.Shares Offered. increased from 700,000 shares, no
par value, to 1,200,000 shares), so that
the stock

shall be divided into 500.000 shares "Class A Common stock"
The company is offering for subscription to its
s of record and 700,000 shares "Common
June 16, 18,060 additional Pref. shares at $85 pershareholder
stock." Holders of Class A shall be entitled
in the ratio of to receive non-cumulative
one new share for each 6 shares of either Common or share
at rate of $3 per share per annum bePreferred stock held. fore any dividend shall be dividends
Rights expire July 5.
paid on Common stock. Further dividend distributions shall he made ratably to the holders of Class A Common and ComThe purpose is to provide funds with which to pay for 4,761
shares of mon stock. In liquidation the assets shall
Malden Electric Co. stock and 6,179 shares of Malden & Melrose
be distributed ratably to the
Gas holders of Class A Common and Common stock.
Light Co. stock (both companies controlled by the
Boston company)
(b) On authorizing the creation and issuance of $5,000,000 7% bonds.
and also to retire $300,000 4-year 6% notes of theNorth
company, due Dec. 15.
(c) On approving the purchase or acquisition of all the property and
The new issue will bring the capitalization up to 87,704
asshares of Pref. and sets or the capital.stock
30,376 Common shares.
of Carpenter Steel Co. of New
(d) On authorizing the issuance of 250,000 shares
The company is a voluntary association owning or controlling the stock
of Jersey"
ClasS A Common
of stock in part payment for the property.
Malden & Melrose Gas Light; Malden Electric, Suburban Gas &
(e) On authorizing the issuance and sale of all or any part of the
Salem Electric Lighting, and Eastern Massachusetts Electric. Electric,
above
-V. 107, bonds for corporate purposes,
p. 1672.
including payment of providing funds to pay
in part for the property of Carpenter Steel
Co.,
and
the
use
of
so
much
of
the proceeds as may be necessary to redeem $1,600,000 3-Year
North Texas Gas Co.-New Name-Increase.7% Cony.
Notes.
The company has filed an amendment to its charter changing its name
(f)
On
changing the name of the corporation to "Carpenter Steel Corp."
to the Municipal Gas Co. and increasing its Capital stock from
$500,000 -V.114, p. 2248.
to $2,000,000, par $100.-V. 104, p. 2238.

Northwestern Leather Co.-Reorganization Plan.-The
stockholders will vote June 30 on the following plan:
Plan of June 12 1922.
New Corporation.-All the assets to be acquired by a new corporation
which shall authorize (1) $500,000 7% Cumulative Preferred
stock (par
$100), callable at 110 and divs.; (2) about 42,500 shares of Common
stock,
no par value: (3) such management stock as may be fixed. Old company
to be liquidated.
Debt.-Each creditor to receive in full payment of the amount due him
notes of the new corporation payable on or before one
from date, renewable at the option of the new corporation for further year
periods not exceeding in the aggregate one year, bearing interest at rate of
57 per annum,
of an aggregate par value equal to 75% of the amount so due him.
Present Preferred Stock-Each holder to have the following
(a)
Rights of purchase, on or before July 15 1922:(1) For each sharerights:
of present
Preferred stock to buy two-tenths of a share of new Preferred
stock and
eight-tenths of a share of new Common stock, paying for the block
$20.
(2) Subject to the foregoing, and subject in case of oversubscription to allotment by the committee to buy additional blocks at $20 each, such allotment to be approximately ratable to subscriptions for such additional
blocks.
In every case payment to be made either in full on or before
11922, or
at the option of the subscriber 50% on or before Aug. 1 1922 Aug.balance
on
or before Sept. 1 1922, with int. from Aug. 1 1922 to date and
of payment at
6% per annum. (b) The additional right to receive two-tenths of a share
of new Common stock for each share of present Preferred stock. This right
shall accrue to every holder of present Preferred stock, whether or not he
exercises a right of purchase.
Present Common Stock-To have the right, on or before July 15, to exercise the rights of purchase accorded to the holders of present Preferred
stock
above,so far as such rights are not exercised by such Preferred stockholder
s.
Allotments in case of oversubscription to be made approximately ratably
to subscriptions made.
Present Scrip.-2,500 shares of the Common stock of new corporation to
be delivered to the company and to be available for payment of holders of
scrip issued April 15 1921 for the Preferred stock dividend of that
date, so
far as said scrip holders are entitled thereto.
Underwriting.-Estabrook & Co. and Parkinson & Burr to underwrite
without compensation the receipt of an aggregate of $500,000 of new money
from holders of present Preferred and Common stock. The underwriter
s
agree to exercise all rights of purchase not exercised by holders of present
Preferred or Common stock.
Voting Rights of New Corporation.-Through the issue of nominal amount
of a new class of stock created for the purpose, or in such other manner,
including the creation of voting trusts of new Preferred stock or new
stock, voting rights to be vested for not longer than 10 years, as the committee determines, in such persons or in such stock as committee shall fix.
Committee.-Clifton H. Dwinnell, Vice-President First National Bank,
representing bank breditors; Charles F. Adams, and Philip L. Spalding
of
Estabrook & Co., representing underwriters.
Exercise of Purchase Rights.-Stockholders, Preferred and Common, desiring to exercise their rights of purchase under the plan should execute
return their subscription agreements on or before July 15 1922 to C.and
Dwinnell, First National Bank. Boston. Payments are due as above.H.

COMMOIll

Estabrook & Co. and Parkinson & Burr in a circular to
the stockholders say in brief:
The company owed the banks on June 1 some $3,409,000, all but $47,300
being on demand. The banks have agreed to reduce their present
debt
25%, will take notes for the balance (as above), and will lend $1,000,000
new money if and as needed, such new money to be a preferred claim over
the existing debt if $500,000 of new money is raised and put into the bustness as capital and present management is continued.
To carry out the plan, the affirmative vote of 80% of the Preferred
stock and 66 2-3% of Common stock is necessary.
If the consent of the holders of the requisite amount of stock, both Preferred and Common, is not obtained, there is grave danger that the banks
will call their notes and enforce their rights through a
. We
are of opinion that it is for the interest of the Preferred receivership
stockholders that
the opportunity offered by the banks should be taken advantage
of.
To this end Estabrook & Co. and Parkinson & Burr, the two firms
that
placed some $1,900,000 of the $2,500,000 of Preferred stock
other
$600,000 being issued in exchange for a stock retired), have agreed(the
to
underwrite, without compensation, the $500,000 of new capital, if the plan
is
adopted.
As an illustration of the way in which the plan will work out for the
Preferred stockholders, we give the following example:
On the basis of a holding of 5 shares of the present Preferred
(a) A
stockholder who subscribes his pro rata amount will pay $100 stock:
and will receive 1 share (par $100) 7% Preferred stock and 5 shares Common
(no par value). (b) A stockholder who does not subscribe will stock
receive
1 share Common stock (no par value).
The underwriters, taking the place of those stockholders who do not
subscribe, will receive,for each $100 of cash paid in: 1 share 7% Preferred
stock
and 4 shares Common stock (no par value).-V. 114, p. 2725.

Packard Motor Car Co.-Sales-Production.-

May retail sales, it is reported, amounted to approximately $6,900,000,
while production totaled 1,485 passenger cars, of
which 1,150 were single
xes.-V. 114, p. 2587.




Philips Petroleum Co.-Earnings-New Wells.-

Net earnings for May, after interest and taxes,
before depreciation,
amounted to $1,104,390. Not earnings for Juno but
before depreciation are
estimated at $1,250,000. Gross production at present
to 35,000
bbls. per day, and net production after royalties, &c., amounts
amounts to about
20,000 bbls. per day.
During May the corporation completed 25 new
which produced
during that month 15,9JJ bbls. The new wells arewells,
located in Oklahoma,
Kansas, Texas and Arkansas. By July 15 the company,
it
is stated, will
be producing 50,000 gallons of natural gasoline per
and its management now has under consideration the erection of anday
additional
make from 10,000 to 15,000 gallons of gasoline per day.-V.114, plant to
p. 2587.

Pierce Oil Corporation.-Retires $100,000 of Bonds.-

Vice-President Harold B. Thorne recently announced that arrangements
had been n ado to rethe $100,000 10-year sinking fund debenture
bonds on
June 15,-V. 114, p. 2725.

Piggly Wiggly Stores, Inc.-Earnings-No Financing.-

President Clarence Saunders states that net profits for May after all
charges and depreciation are $93,000, and that there is absolutely
no truth
in any rumors that the company is contemplating any
additional financing
at this time.-V. 114, p. 2713.

Pillsbury-Washburn Flour Mills Co.-Listing.-

The London Stock Exchange has granted an official
Ordinary shares of £2 10s. each.-V. 114, p. 2125. quotation to 283,620

Prairie Pipe Line Co.-Extra Dividend of $2.-

An extra dividend of $2 per share has been declared on the outstanding
$27,000,000 Capital stock, par $100, in addition to the regular quarterly
dividend of $3 per share, both payable July 31 to hold3rs of record June
30.
In April 1918 an extra of5% was paid; none extra since.-V.114, p.
2477.

Procter & Gamble Co.-Annual Stock Dividend.-

The directors have declared the regular quarterly cash dividend of
5%
on the Common stock and an extra stock dividend of 4%,
payable
Aug. 15 to holders of record July 15. Company has paidboth
a
4%
stock
dividend in August each year since 1913.-V. 114, p. 955.

Prudence Co., Inc.-Bonds Offered.-The Prudence
Co., Inc. New York are offering at par and int., $4,000,000
5M% Prudence bonds. Secured by the 1493 Broadway
Corp. building leased by Famous Players-Lasky - Corp.
Principal and interest guaranteed by endorsement by
Prudence Co., Inc.
The Manufacturers Trust Co. is participating in the sale
of this issue and will offer to the public its portion of these
securities on exactly the same basis.

Interest payable J. & J. at offices of Prudence Co., Inc.
Federal
income tax paid up to 2%. Denom. $1,000, $500 and $100Normal
(c*). Callable
at 103 and interest.
Security.-Bonds are secured by an absolute first mortgage on the 1493
Broadway Corp. building occupying tha block front on the west side of
Broadway from 43d to 44th streets, N. Y. City, and also
the group of
buildings in the rear of this 'property, on 43d and 44th streets.
Of the authorized issue of $5,500,000, $4,000,000 will be advanced at
this time on a first mortgage on the present improvements, consisting of
the 6-story store and office building known as the Putnam Building,
occupying the Broadway block front and the group of buildings fronting
on 43d and 44th Sts., known as Westover Court.
Guaranteed Rentals.-As additional security, a lease made by the
Players-Lasky Corp. will be assigned to Prudence Co., Inc. TheFamous
lease is
for a period of 21 years and guarantees a net rental of $600,000 annually,
which is more than sufficient to pay all amortization and interest charges.
Future Improvements.-An additional $1,500,00U will be advanced
completion of additional improvements to be made on the property upon
sisting of the erection of what will be the second largest theatre in conworld to be under the control of the Famous Corp.-V.:913, p. 858. the

Pueblo (Col.) Gas & Fuel Co.-Gas Rates.-

The Cities Scrvice Co has been advised that the Pueblo City Commissioners have asked the Pueblo Gas & Fuel Co to accept a rate of $1 40 per
1,000 cu ft. and a service charge of $1 as a compromise on the rate of $1 60
per 1,000 cu. ft. with a serriee charge of $1 25, which the company notified
the Comn issioners it would install.
The new rates are the result of a decree handed down in favor of the
Pueblo con pany by Judge Lewis in the Federal Court in Pueblo.
See
V. 114, p. 2587.

Puget Sound Power & Light Co.-Resumes Dividends.-

The directors have declared a dividend of $1 per share on the outstanding
Common stock, par $100, payable July 15 to holders of record June 26.
Quarterly dividends at the rate of4% per annum were paid on the Common
stock from April 1912 to July 1914, incl.; none since.- V. 114, p. 2116, 1892.

Pure Oil Co.-New Director.-

Colonel A. E. Humphreys has been elected a director, succeeding P. J.
Jones.-V. 114, P. 2466.

2833

THE CHRONICLE

JUNE 241922.]

Offered.—Jelke,
Racine Horseshoe Tire Co.—Bonds
n & Co. ChiJohnso
Francis
and
York,
New
Hood & Co.,
1 2% to
7/
from
yield
to
int.,
and
97
at
g
offerin
cago, are
1st (closed) Mtge.
00
$300,0
y,
maturit
to
ng
accordi
8.30%;
15-year 7% bonds.
Int. payable J. & D. at Bankers

Dated Juno 1 1922. Due June 11937.deduction for normal Federal in
Trust Co., New York, trustee, without
and $500 (c5). Red., all or part,
come tax up to 2%. Denom. $1,000
at 105 and int. after June 1928.
e, Racine, Wis., June 1.
Lawrenc
C.
Data from Letter of President J.
used for
a modern well equipped plant,
Company.—Owns and operates tires,
at Racine, Wis. Racine
located
le
the manufacture of automobi
and company has connections
1913
since
produced
been
horseshoe tires have
country.
rate
with distributors throughout the
net annual sales should be at the
Earnings.—It is estimated that
of Racine horseshoe tires by the predesales
net
of at least $2,000,000 (theyears 1918-21 incl. averaged over 33,000,000).
cessor company for the annual earnings available for int. on the 1st M.
.
It is also estimated that
10% of such net sales, or $200,000
bonds should equal at least
$300,000; capital stock, 1,000 shares of
Capitalization.—lst M. bonds,
Racine,
no par value.
Johnson, Pres. Mfrs.' National Bank,H.
WhitVoting Trustees.-0. W.
York; H.
F. R. Henderson & Co,. New
Wis.; H. J. Haigh, Treas.
L. Lyall, Pres. Brighton
W.
Inc.;
Co.,
Whitman
man, V.-Pres. Wm.
Mills, Passaic, N. J.

maturity.
Dated July 1 1922. Due July 1 1952. Not redeemable before
$1,000 (c5).
Interest payable J. & J. in New York and Stamford. Denom.
.
$800,000
ed,
Stamford Trust Co., Stamford, Conn., trustee. Authoriz
Presently outstanding. $400.000.
ioncompetit
without
and
directly
Serves
Company.—Incorp. in 1868.
discity of Stamford, Conn, and vicinity, and supplies water to local
tributing companies in neighboring communities.
be
to
reservoir
-gallon
0,000
Purpose.—Construction of a new 2,253,40
known as the Laurel Reservoir.
now owned,
Security.—An absolute first mortgage upon the property
acres
Including a reservoir at Trinity Lake and surrounding lands, 412
and sur(capacity 450,000,000 gallons); a reservoir at North Stamford
at
reservoir
a
gallons);
000
y
512,000,
(capacit
acres
320
lands,
rounding
Mead Pond and surrounding lands, 95 acres (capacity 88,000.000 gallons);
the new Laurel Reservoir about to be constructed (capacity 2,253,400,000
gallons); 74 miles of distributing mains, &c.
Earnings & Dividends.—Company's steady growth and thoroughly
s
established earning power are evidenced by the following table of dividend
paid upon its capital stock: 1878 to 1893 incl.. 5% P. a.; 1894 to 1896 incl..
6% p. a.; 1897 to date incl., 8% p. a.
Average net earnings during the 5 years ended Dec. 31 1921 were equal
to more than 5 times the annual interest requirements of the new issue of
bonds.

Sterling Coal Co., Ltd.—Annual Report.—

$6,788
The company shows a profit for the year ended March 31 1922 ofinterest
after deducting operating expenses, cost of management,. bond
Total profit
and reserves for replacement, depreciation and depletion
and loss surplus $200,572.—V. 114, p. 1899.

Mines, Ltd.—Interim Dividend of 20%.—

Rand (Gold)
depositary for the issuance of"American shares",
dividend
The Bankers Trust Co.,
declaration of dividend No. 38, an interimThe
divihas been advised of the one
shilling sterling per ordinary share.
of 20%, equivalent to
sterling per "American share," and will be paid
6d.
2s.
to
amount
dend will
an shares" will be
of
"Americ
Holders
11.
Aug.
about
In London on or
payment of their dividend by the Bankers
notified as to the date of thereceived for that purpose.—V. 114, p. 745.
Trust Co. as soon as funds are

g Products (Inc.).—Earnings.—

Sterlin
d to
Net earnings for the first quarter, after deducting taxes, amounte
$1,147,212.—V. 114, p. 2024.

er Co., N. Y.—Capital Increased.
Remington Cash Regist
certificate in Albany, N. Y., increasing its

The company has filed a
$5,000.000.
Capital stock from $3,000,000 to

Stern Bros. (Dry Goods), N. Y. City.—Obituary.—
Stewart-Warner Speedometer Corporation.—Sales.—

p. 1417.
Pres. Louis Stern died in Paris, France, on Juno 21.—V. 114,

over those for
Sales for the first ten days of Juno, it is stated, were 135%
over the first ten
the corresponding period a year ago, and a slight increase
2368.
p.
114,
V.
month.—
record
the
days of May 1922, which was

Boat Corp.—Unable to Pay for Ships.—

May gross business
over April.—V. 114, p. 2478.

Submarine
Chairman Lasker of the
A Washington dispatch June 23 states thatcompany
has informed the
the
U. S. Shipping Board has announced that
the 32 ships which it
for
pay
to
unable
be
would
it
that
Shipping Board
1899.
2126,
p.
114,
purchased from the Government.—V.

,178 129,450,364 100,099,883
Profit,after exp., taxes,&c (guilders).104,098
—V. 114, p. 2725, 2478.

Sweetwater
in San Diego
A report says that the company has sold its land holdings
1194.
County for a sum said to be around $1,000,000.—V. 110, p.

r Co., Youngstown,0.—Earnings.—
Republic Rubbe
totaled aproximately $550,000, an increase of 20%
Calendar Years.Royal Dutch Co.—Results for1921.
1919.
1920.
Typewriter Co., Inc.—Stock Increased.—

Royal
Voted to increase the authorized Common
The stockholders have: (a)
to 134.852 shares, no par value; and (b) authorized
stock from 42,493 shares shares
of Common stock, no par value, in liquidathe issuance of 92,358%dividends on the Preferred stock as of, and which
tion of the $2,308,972
1922, at the rate of one share of Common
17
July
on.
ted
accumula
would be
accumulated and unpaid dividends. See also
stock in place of each $25 of
2587.
2367,
p.
V. 114,

Paper Co.—Bond Issue Proposed.—
• Saguenay Pulp &
vote June 29 on authorizing an issue of $6,400,000

The stockholders will bonds.—V. 112, p. 1874, 1151.
6% Gold Collateral Trust

Barbara Telephone Co.—Bonds.--

Santa
in April last by Win. R. Staats & Co., San
The $100,000 bonds offered
was noted in V. 114, p. 2725.
Francisco, are 6%s. The offering
Saxon Motor Car Co.—To-Increase Common Stock.—

shortly on increasing the Common stock from
The stockholders will vote par value.—V. 112, p. 940.
200,000 to 400,000'shares, no

acher Gold Mines, Ltd.—Sale.---

Schum
June 30 on ratifying and confirming the action
The stockholders will voteoption
on the assets, plant, &c. to the Hollinger
the
of the directors in giving
$1,650,000, and to authorize the sale.
for
Ltd.,
Consol. Gold Mines,
is said to own about 1,280,000 shares of the
President F. W. Schumacher Stock,
par $1. About 570,000 shares were
$2,000,000 authorized Capital
has been closed down for about four
Issued to the public. The property
ated Gold Mines, Ltd,. above.
Consolid
years. See also the Hollinger

Scranton (Pa.) Electric Co.—Bonds Offered.—Harris,
Forbes & Co. are offering at 95 and int. $693,000 1st & Ref.
(now 1st) Mtge. 5s of 1907, due July 11937.

110 and int. Int. payable J. & J. in New
Callable on any int. date at Co.,
New York, trustee. Free of Penna.
York. U. S. Mtge. & Trust
normal Federal income tax, company pays the
State tax. Of presentthe
source.
at
e
deductibl
2% tax
_
Year ended
April 30 1922.
_
Earnings
_
$3,928,928
Gross earnings
„_ $1,325,803
taxes.
,
°xi;
Net, after oper.
00
Annual int. charges on 38,365,000 1st & lief. 5s and $1,000,0
398,250
_____________________
Secured 8s
927,553
Balance ---------------------------------------- ------.
__
—V. M.

. &c.—
Silica Gel Corp.—Status
s"
under

See Davison Chemical Co.

"Report

above.—V. 113, p. 1162.

Sinclair Pipe Line Co.—Output—Shipments, &c.—

reported, totaled 2,945,000 bbls., an increas,
Crude oil runs in May, it is1921;
deliveries, 1,127,000 bbls., an increase or
over May
of 1,319,500 bbls.
oil on hand May 31 1922 were 21,787,500
of
crude
stocks
66,000. Total
bbls.—V. 114, p. 1543.

Sperry Flour Co.—Bonds Called.—

ing 1st Mtge. 6% 15-year sinking fund bonds dated
All of the outstand
been called for payment Aug. 1 at 1023. and int. at the
Feb. 11919. haveTrust
Co.. San Francisco, Calif.—V. 114. p. 2587.
Anglo-California

Spicer Manufacturing Corp.—Merger Rumors Denied.—

Dana, in response to our inquiry regarding the rumor of
President C. A.Hydrauli
c Steel Co., says: "There is no proposed merger;
the
a merger with newspape
r gossip."—V. 114, p. 2023.
it is only idle

.—
(John P.) Squire & Co., Boston.—Bonds Offered
Jackson
Tucker, Bartholomew & Co., Hornblower & Weeks,
are offering at
& Curtis, and Old Colony Trust Co., Boston,Mtge.
25-Year
96M and interest, $1,750,000 1st (Closed)
53% Gold Bonds. The bankers state:
D. at

Water Corp., San. Diego, Calif.—Sale.—

o Products Corp.—Merger Assured.—

Tobacc
Products Corp.
Executives of the United Retail Stores and the Tobacco of
the proposed
have announced that all necessary proxies to assure success
2479.
p.
114,
.—V.
received
been
had
merger

Toledo Edison Co.—Bonds Offered.—Harris, Forbes &
Co. are offering at 91 and interest to yield about 5.63%
$768,000 1st Mtge. Gold bonds, 5%, Series, due 1947.

payable M. & S. in
Dated Sept. 11921. Due March 1 1947. Interest
Federal income tax not
New York without deduction for any normal
ania 4 mills tax.
Pennsylv
refund
to
agrees
y
exceeding 2%. Compan
1922, and thereafter on any
Callable at 107.38 and interest on Sept. 1which,
for redemption,
except
prices
at
notice
weeks'
4
on
date
interest
to maturity, plus interest.
would equal a 4 % yield basis if bonds were heldand
authorized multiples.
Denom. $1,000 and $500 (c* & r*), $1,000
ed by Ohio
Bankers Trust Co., New York, trustee. Issuance authoriz
P. U. Commission.
and power business in
Company.—Does entire commercial electric lightelectric
power at wholeToledo, Ohio, and certain suburbs. Also supplies
communities. Total populasale to companies serving other neighboring
gas distributing
artificial
does
addition,
In
310,000.
d,
estimate
tion,
business and a hot water heating business in Toledo.
1921.
1922.
Earnings—Years ended Aprii 30—
$6,173,243 $6,293,682
Gross earnings
2,568,823 2,177,236
Net, after oper. exp., maintenance and taxes
1,077,170
Annual bond interest
$1,491,654
Balance
Authorized. Outstanding.
Capitalization—
$15,000,000 $13,875.000
Common stock
1,500,000
4,000,000
A
Preferred stock, 7% Cumulative, Series
A2,475,000
Prior Pref. stock, 8% Cumulative, Series
Series,
7%
1st Mtge. bds.:5s Wits issue), $768,000;
13,500,000 14,268,000
due 1941 (V. 113, p. 1368)
Toledo Gas, Elec. & Heating Co. Consol. Mtge.
1,875,400
5s, due 1935 (closed)
—V. 114, p 2726; V. 113, p. 1683.

Trumbull Steel Co., Youngstown, 0.—Dividends.—

declared on the outstanding
A dividend of 20 cents per share has been
holders of record June 20. In
Common stock, par $25, payable July 1 toper
share each were paid.
cents
15
of
s
the last four quarters, dividend
than earned all its diviPresident Warner says of the company more V.
114. p. 637.
year..—
current
the
of
half
first
dends for the

s Falls Power 8x Electric Co.—Notes Called.—

Turner
7% gold coupon notes, dated
All of the outstanding $2,500,000 5-yearAug.
1 at 101% and interest at
Feb. 2 1920, have been called for payment
. 114, p. 2479.
Mass.—V
Boston,
Co..
Trust
the Old Colony
Alloy Steel Co.—Earnings.—

United
ion, in May was approxiNet profit; before Federal taxes and depreciat
April last.—V. 114, p. 2720.
mately $480,000, an increase of 30% over
Co., Boston.--Listing—Earnings.—

United Drug
York Stock Exchange for authority
The company,has applied to the Newstock,
to provide for conversion of
to list $5,000,000 additional Common
onal, Ltd., Inc., stock, which form
$5,000,000 Class" A" Liggett's Internati
Drug on share-for-share
United
into
le
convertib
is
1927
1
July
to
July 1 1922
basis.
1922.
31
March
Resultsfor Quarter Ending
$14,194,082
Sales (net)
,
$3,332,160.... 13,134,554
Cost of mdse.sold,$9,802,394;operating expenses
$1,059,528
Merchandise profit
2,025
Other income
53
31,061,5
Total operating profit
accounts reDepreciation, $175,306; taxes, $151,594; doubtful
349,408
ceivable, $22,508
$712,145
Net profit
a$936,618
Profit and loss surplus March 31 1922
d) of $856,435, and after deducta After adding previous surplus (adjuste
3.—V. 114, p.
ing interest charges, $332,479, and dividends paid, 3299,48
956, 944.

Due June 1 1947. Interest payable J. &
Dated June 1 1922. Boston, trustee,
without deduction for any Federal
Old Colony Trust Co,.
2%. Denom. $1,000 and $500 (c*). Callable,
to
up
tax
income
normal
on
any
fund,
interest date at 103 and interest
sinking
the
all or part, or for
upon 60 days' notice.
largest
Pref. Stock.—
Company.—Originally organized in 1850. Is the oldest andApproxiUnited Iron Works, Inc.—ToisRetire
industry in the New England States.
planning to retire its Preferred
establishment in the packing
President Cole states that the company
stock is owned by the Swift interests. Plant
present 7% Preferred
the
of
share
one
of
holder
each
to
mately 90% of the capital
giving
by
on one track of more than 20 acres, all owned stock
Holders of the
consists of 23 buildings located
of new Common stock of no par value.
shares
5
stock,
ge
Mass.
Cambrid
$50 par value will be
of
in fee in Somerville and years ending Dec. 31
trust certificates for Common stock for
the new Common
1921, average earnings present voting
share,
for
share
tes,
certifica
their
Earnings.—For the ten .have been as follows: (a)
After taxes, current asked to exchange trust will be terminated.—V. 112. p. 1290.
voting
available for bond interest before
depreciation, $387,078;(b) after taxes, stock and the
interest and maintenance but
ion.—
. Earnings for
and
nce
ion,
$285165
maintena
depreciat
Shoe Machinery Co.—Acquisit
interes,t
current
United
the
of
excess
at
a
are
in
y
1922
27
rate
materiall
May
purchased an interest in the F. W.
the five months ending
The company is reported to have
of Haverhill, and Maple
Co.
Heel
Wood
City
Slipper
above figures.—V. 80, p• 1239.
Co.,
Heel
Wood
Mears
g a commitment of less
Wood Heel Co., of Newburyport, Mass., involvin
Stamford (Conn.) Water Co.—Bonds Offered.—Watkins
than $100.000.—V. 114, p. 2479.
00
$400,0
g
int.,
and
at
103
offerin
are
York,
& Co. New
2836.
For other Investment News see page
5% Gold bonds. A circular shows:

1st Mtge.




2834

THE CHRONICLE

[VOL. 114.

ports and: pommel:dz.
BRITISH EMPIRE STEEL CORPORATION
LIMITED
REPORT AND STATEMENT 16TH APRIL TO 31ST
DECEMBER 1921.
To the Shareholders:
which had accrued upon 31st December, amounting
to
Your Directors beg to report that immediately upon the
$259,387 74, there remained to be carried over the sum of
ratification of the several Agreements made with respect
$755,926 53.
to the acquisition by this Corporation of the capital stocks
No dividends were paid upon the Second Preference or
of Dominion Steel Corporation, Limited, Nova Scotia Steel
Common Stocks.
& Coal Company, Limited, and Halifax Shipyards, Limitem, by the holders of the common stock of these Compan
BALANCE SHEET.
ies, the permanent organization of the Corporation was unThe Balance Sheet now presented is the first to be issued
dertaken and the provisional Directors and Officers having to shareholders since the Corporation assume
d definite form
resigned the Board was constituted by the election of
the and will form a basis for comparison with the Balance Sheets
following Directors: Messrs. J. W. Norcross, D. II. Mc- to be issued from time to time in the future.
Dougall, W. D. Ross, R. M. Wolvin, H. B. Smith, Galen
With respect to Cost of Properties it may be explained
L. Stone, Sir Wm. Mackenzie and Major-General Sir H.
M. that previous to the 16th April, 1921, when your Company's
Pellatt, C.V.O.
stocks were issued, the amount which formerly was carried
Mr. R. M. Wolvin was elected President and Mr. D. H. in the current accounts of the Nova Scotia
Steel & Coal
McDougall, Vice-President.
Company, Limited, in respect of payments on account of
The operations of the Constituent Companies have been the purchase of the stock of the Acadia Coal
Company, was
continued under the direct supervision of the Boards
of the transferred to Cost of Properties. Some other smaller items
several Companies.
were treated in the same way with the effect of reducing curTransfer Agents and Registrars were appointed at Mont- rent investments and increasing capital assets.
real, Toronto and New York.
No new expenditures of any kind were undertaken and
The relative amounts of the Cumulative 2nd Prefere
nce those made were confined to the completion and adjustment
and Common Stock to be exchanged for the Common Stocks of items which originated in a previous period.
These reof the Companies acquired under the Agreements in
that re- late chiefly to the new battery of 60 Coke Ovens for Dogard were issued and on the 16th April, 1921, certific
ates minion Iron & Steel Company, Limited, and to such general
thereafter were deposited with National Trust
Company, extensions as are inseparable from the operation of propLimited, and Eastern Trust Company for delivery to
the erties of the extent and importance of those in which your
parties entitled to receive them.
Company is interested.
Similar action was taken with regard to the issue
Your Directors after careful consideratimi decided that it
of the
Cumulative 7% Preference Stock, Series "B," of the Corpor- would be advisable to adjust the cost of some
important
ation to holders of preference and preferred stocks of
the items of property and equipment installed by Constituent
Companies included in the agreement in that regard
with Companies during the war period, when cost of construction
Prudential Trust Company, Limited.
was abnormal. To effect this the sum of $3,339,841 65
Arrangements were made to have the stocks of the Cor- has been deducted from Cost of Properties and
a correspondporation listed by the Stock Exchange in Montreal,
Toronto ing reduction has been made in the amount of the Consoliand New York.
dated Surplus.
Up to the present time certificates of this Corporation
Your Directors are glad to report that Bank Loans have
have been distributed for over 86 per cent of the total amount been reduced $2,542,197, and other
Current Liabilities
of the stocks issued and lodged with tho depositories for
dis_ $5,119,948, a total reduction of $7,662,145.
tribution to former holders of the common stocks of the three
The excess of Current and Working Assets over Current
Companies.
Liabilities at 31st December, 1921, was $14,364,860 18.
Holders of about 36 per cent of the preference and preDuring the year 1921 the Funded and Mortgage Debts
ferred stocks of the Companies have exchanged their hold- of the Companies were reduced $404,965 34
through the operings for First Preference Series "B" Stock of this
Corpora- ation of the various Sinking Funds.
tion.
The 6% Mortgage Debentures of the Nova Scotia Steel
Your Directors have made arrangements for the more
ef- & Coal Company, Limited, were increased by the issue of
fective operation of the properties of the several
Constitu- $478,000 in connection with the acquisition of the property
ent and Subsidiary Companies and for the disposal
of the and stock of the Acadia Coal Company, which as already
output of their Mines and Works, through which the
cost of noted was concluded previous to the date of the consolidaoperation will be reduced and the returns therefrom increas
ed. tion.
Your Directors have pleasure in submitting herewith
The amount at credit of accounts for Renewals, Taxes
the
Consolidated Profit and Loss Account for the period
and
Contingencies is $5,274,208 73. Included in this is
from
16th April to 31st December, 1921, and the Consoli
dated $2,500,000, part of amount received by Dominion Iron &
Balance Sheet of the Corporation and its Constituent
Com- Steel Company, Limited, as part payment of its claim for
panies as at the latter date.
damage due to the cancellation of the contract for the supply of Ship Plates to the Government of Canada.
PROFIT AND LOSS ACCOUNT.
Business conditions during the period covered by the stateThe earnings for the period were $4,416,450 65 after
de- ments submitted herewith have been for the most part unducting all expenses incident to operations, current
repairs, favorable. During the months of May to October a considtaxes, administrative and selling expenses and after
reserv- erable tonnage of coal was disposed of in the St. Lawren
ce
ing sufficient amounts to provide for shrinkage of invento
ries market, which for some years had been practically closed to
and other contingencies.
coal from Nova Scotia. During the same months the Steel
The sum of $1,501,178 11 was set aside for depreci
ation Works at Sydney and New Glasgow were moderately
emof Plant and Properties and to provide for Sinking
Funds ployed.
and $1,181,681 54 was deducted for Interest on Bonds
and
In the last7quarter of the year there was a marked declined
'Debenture Stock, leaving $1,733,591 00 net Profit
for the in the operations of all the Companies.
period. After payment of Dividends declared on the
First
For the Board of Directors,
Preference shares of the Corporation and the Prefere
nce
R. M. WOLVIN,
shares and Preferred stocks of the Constituent Compan
ies,
amounting to $718,276 73, and making provision for those
President.
Montreal, P. Q., 3rd May, 1922.



2835

THE CHRONICLE

JUNE 241922.]

1921.
CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31ST,
ASSETS.
Cost of Properties:
Buildings, Machinery and Equipment, etc., of the Constituent
Representing the Ore and Coal Properties, Plant,
Independent Appraisals (less Reserves for DepreciaCompanies, the aggregate value of which is supported by
the Special Appropriation of $3,339,841 65 from
tion and Exhaustion of Minerals and after deduction of
Surplus Account as at December 31, 1921)
Companies
Investment in Capital Stocks of, and advances to, other
s
Bondholder
for
of
Trustees
hands
in
Cash

$135,695,354 80
622,776 53
80,300 15
314,341 86.

Bonds purchased for Sinking Funds
Current Assets:
and Supplies, less Reserves
Inventories of Finished Products, Goods in Process and Materials
Trade Accounts and Bills Receivable, loss Reserves
Other Accounts Receivable
Investment in War Bonds, etc
Cash on hand and in Bank, and Call Loans

$15,061,416 21
5,637,530 30
722,260 84
514,880 13
1,080,673 43
23,016,760 91

Deferred Charges to Operation:
Development Expenditures, etc
Insurance and Other Expenses paid in advance

$387,495 49
409,551 50
797,046 99
$160,526,581 29
LIABILITIES.

Capital Stock of the British Empire Steel Corporation Limited:
8% Cumulative First Preference Stock Series "A"
7% Cumulative First Preference Stock Series "13"
7% Cumulative Second Preference Stock
7% Non-Cumulative Preference Stock
Common Stock

Issued.
Authorized.
$100,000,000 00
00
$6,888,920
00
40,000,000
135,000,000 00 57,350,000 00
15,000,000 00
210,000,000 00 24,450,000 00
$500,000,000 00 $83,688,920 00

Deduct—Held by Constituent Companies:
7% Cumulative Second Preference Stock
Common Stock

$7.419,925 00
3,156,600 00 10,576,525 00

$78,057,395 00r

First Preference Stock Series "B" $13,116,080 00 is
Note: Out of the total authorized issue of 7% Cumulative
Constituent Companies.
reserved for exchange of the outstanding Preference Stocks of
Preference Stocks of Constituent Companies outstanding:
Dominion Steel Corporation, Limited
Dominion Iron & Steel Company, Limited
Dominion Coal Company, Limited
Nova Scotia Steel & Coal Company, Limited
Eastern Car Company, Limited
Capital Stock of the Acadia Coal Company, Limited, Outstanding:
6% Non-Cumulative Second Preferred Stock
Ordinary Stock

4,877,900 00
4,036,900 00
2,837,200 00
856,900 00
335,800 00
12,944,700 00
$6,500 00
107,800 00
114,300 00
91,116,395 00

Capital Stock Reserve:
"B" reserved for exchange of the outstanding
Par Value of the 7% Cumulative First Preference Stock Series
$13,166,080 00
________________
Preference Stocks of Constituent Companies ________
12,944,700 00
outstanding
Loss—Par Value of the Preference Stocks of these Companies
Stock of Constituent Companies
Funded and Mortgage Debt, represented by Bonds and Debenture
Deferred Payments on Properties
Current Liabilities:
•
Bank Loans
other
and
Accrued Liabilities
Wages
Current Accounts Payable,
Accrued Interest on Bonds and Debenture Stock

4,682,024 16
3,471,647 75
498,228 82

Reserves:
Furnace Relining and other Operating Reserves
Reserve for Contingencies, including Taxes, etc
Empire Steel Corporation, Limited, and on the
Dividends accrued on the First Preference Stock of the British
outstanding Preference Stocks of the Constituent Companies

1,787,778 15
727,042 84

8,651,900 73

259,387 74

2,774,208 73
2,500,000 00
n of Contract for Ship Plates
Balance of amount received from the Dominion Government in respect of cancellatio
$25,124,711 97
s in respect of Inventories, etc
Adjustment
and
less
on,
on
Expenses
Organizati
Organizati
of
date
Surplus as at
3,339,841 65
war period
Deduct—Appropriation in reduction of Plant Values on account of high construction costs during the
as per Statement attached
Surplus for the period from April 16, 1921, to December 31, 1921,

171.380 00
31,167,899 98
1,604,000(0

5,274,208 73

21,784,870 32'
755,926 53
$160,526,581 29

its
Steel Corporation Limited and its Constituent Companies from the date of
We have examined the books and accounts of the British Empire
ns which we have required: and
explanatio
and
n
informatio
the
all
furnished
with
been
have
and
31,
to
1921,
December
view of'
organization on April 16, 1921,
at December 31, 1921, is properly drawn up so as to exhibit a true correct
we certify that in our opinion the above Consolidated Balance Sheet
and
Companies, according to the best of cur information and the explanations given to us
the state of the affairs of the Corporation and its Constituent
as shown by the books of the various Companies.
Auditors.
CO.,
&
PRICE, WATERHOUSE
Montreal, May 3, 1922.
FOR THE PERIOD.FROM APRIL 16, 1921, TO DECEMBER 31, 1921.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
ing. Selling and Administration Expenses, but before
Total Earnings of ';he Properties after deducting all Manufactur
$4,416,450 65
charging Sinking Funds, Depreciation and Interest
1,501,178 11
and
Funds
on
Depreciati
Deduct—Provision for Sinking
$2,915,272 54
1,181,681 54
Deduct also—Interest on Bonds and Debenture Stock
$1,733,59100
Net Profit for the period
$718,276 73
Less—Pre