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fitiattriat
The.
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 116.
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JUNE 9 1923
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CLEARING HOUSE RETURNS.
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on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
2600 to 2603, inclusive.
THE FINANCIAL SITUATION.
Except that we must have faith to believe that time
moves all human problems towards a just and lasting settlement, there is little encouraging as yet to
add to the subject of the current troubles in building
construction. Less is heard now of any general
strike, and on Saturday of last week came the announcement that the $10 a day plus $2 bonus, already
mentioned as the utmost which could be afforded,
had been offered to the bricklayers by the Mason
Builders' Association, this to stand through the
present calendar year, with a tacit undertaking that
the parties would meet in October next for discussing
"a new permanent basic scale." The trouble with the
layers of brick is heightened and added to by a shortage in the brick supply. Last year's product is said
to be exhausted,the eight barges arriving early in the
present week bringing only some 4,000,000 bricks,
"the last," and a trifle compared with the reported
ordinary weekly consumption of 60,000,000 in construction in this city. Some brick from Holland is said
to be in use on certain work, but some builders think
this cannot have much effect, because of transportation difficulties applying to all except the "common"
kinds, and breakage is a serious factor as to even
those. Some speak of the situation as a brick crisis,
saying there ought to be about a billion of bricks coming here this season. Enough of this year's product
to affect the case is not expected to come down the
Electric Railway Sectiar
State and City Sectim
NO. 3024
Hudson in less than another fortnight, and bricks
seem to present the sharpest place of trouble.
On Tuesday the Mayor had a public hearing to consider how men could be found to lay brick on delayed
school building construction, appealing to men to remember the children. The head of a union committee replied that most bricklayers are getting $14 and
up a day and it is impossible to convince them that
they should take less than the most they can get;
however, he said, if the contractors will agree to pay
$12 a day for two years "we would use our influence"
to get work done on school buildings; while another
suggested that the contractor add a dollar to the $12
and the city add another.
On Thursday came a letter addressed to employers
and employees by the head of a committee of the
Public Group of the Building Industry, suggesting
an agreement by employers and bricklayers on a
/
basis of $11 a day (or $1 371 2.an hour) until January 1 1926. This offer was still in consideration yesterday afternoon.
One quite unusual step was a manifesto against
the "snow-balling" of wages,this being said to be the
very first thing of the kind ever put into a union contract, when the Allied Building Metal Industries and
Local 52 of the Housesmiths' International Union
signed an agreement until next January. This document declares that the parties thereto will use their
utmost efforts to prevent the snowballing, either individually or collectively. This game is defined as
being the bidding, by employers, for labor by offering more than the agreed scale, or the acceptance of
such increased offer by the workers. This is denounced as demoralizing all around, encouraging
shifting about and producing mutual distrust. It is
clearly that, and the manifesto amounts, on its face,
to a promise to stand by agreements. Thus far, that
seems a step in progress, but the test questions are
how generally will any stand-pat undertaking become and for how long and under what tension will
it hold?
Time alone can answer. Yet the practice of making the most onerous contract which the emergency
can force and then of repudiating it when its benefits
have been attained or when the emergency has grown
still sharper, has been quite too generaL And while
not all employers are honorable and not all workmen
are tricky it is not unjust to say that the former have
stood better by their agreements than the latter have
_whether the more from principle or from policy is
unnecessary to discuss. Experience keeps a costly
school, and adversity is a stern teacher; yet all of us
must perforce attend the former, and only the latter
2562
THE CHRONICLE
seems to be able to beat a lasting lesson into us. We
do not enjoy it, and we cannot be expected to; yet we
can hold to faith that it will do us good and we shall
come to recognize it as having been salutary.
[Vol,. 116.
more default in May this year than last, but the defaulted indebtedness in May this year was much
larger than a year ago. In most of the manufacturing divisions insolvencies were not so numerous last
month as they were a year ago, neither were the
Insolvencies in mercantile lines are quite as nu- losses so heavy. This is especially true of clothing
merous as in the earlier months this year, and while manufacturing and millinery, manufacturers of lumthere is some reduction both as to the number and as ber and allied lines. The same thing is true of the
to the amountof theindebtedness involved in compari- large trading classes; failures last month continued
son with a year ago, at which time business defaults numerous among grocers, general stores, hotels and
were the largest on record, they exceed those of any restaurants, and dealers in dry goods, and the liapreceding year with the single exception of 1915, bilities reported amounted to large sums, as in May
the year following the outbreak of war in Europe. of last year, but the defaults were not so numerous,
The statement of mercantile defaults, compiled by neither was the defaulted indebtedness as heavy last
R. G. Dun & Co., for the month of May, was issued month. There were a few more failures in the drug
this week. It shows 1,530 commercial failures with trading line in May this year ;than last; also among
liabilities of $41,022,277. For the preceding month dealers in books and papers, but the difference was
there were 1,520 similar defaults with an indebted- not noteworthy. There were quite a number of deness of $52,491,941, and in May 1922 the correspond- faults among dealers in jewelry last month, and the
ing figures were respectively 1,960 defaults with $44,- indebtedness reported was fairly large but less, both
402,886 of liabilities. During the past three years in number and amount,than in May of last year. The
failures have been particularly numerous each defaults among agents were for a larger sum last
month, and with the exception of the early years of month than in May a year ago.
As to the larger failures (in size), some improvethe late war in Europe,have been far above the usual
monthly average. The disaster which threatened all ment appeared last month in contrast with some of
trade and industry during the early years of the war the earlier months. There were 51 insolvencies where
will readily accountfor the losses through insolvency the liabilities in each instance exceeded $100,000,
at that time,although even in those years the amount with a total defaulted indebtedness of $22,597,428.
of defaulted indebtedness then reported each month, For April the number was 58 and the amount $33,while considerably in excess of the monthly average 303,582. Considerably more than 50% of the liabilipreviously reported, was far below the monthly state- ties for these two months comprise losses sustained.
ment of the past three years. Naturally, losses were by less than 4% of the total number of defaults—in
heavy in 1915 and 1916, but the liabilities of commer- fact, in April it was more than 63%. It is the large
cial failures reported in 1915, which was the most indebtedness reported by these comparatively few
disastrous of those two years, were less than one-half failures that has been responsible for the large aggrethe amount reported in either 1921 or 1922, and the gate of defaulted indebtedness from month to month
figures for the current year bid fair to approach during the past two or three years. We say "comparthose of the two years last mentioned. The stress atively few failures"; the number in May last year
which followed the sudden slump in commodity val- was 77; in May 1921 it was 67; last month it was, as
ues from the peak reached in 1920, and the severe stated,51. Prior to 1921 and omitting the disastrous
deflation which succeeded the reckless period of in- years 1914 and 1915, the number of large defaults in
flation that culminated in that year, obviously ex- May seldom exceeded 20 or 25 and the amount inplain the mercantile losses through defaults which volved was perhaps six or eight million dollars. In
occurred in 1921 and 1922, but what is not so easy May 1921 it was $39,400,000; a year ago $21,560,000,
to understand is why these heavy losses should still and last month, as noted above, $22,600,000. The
be continuing,for certainly all departments of trade average amount of liabilities for each of the remainand industry have for the past six months or more ing 1,479 defaults reported last month, which may be
been quite free from disturbance of any kind. It is classed as "small"—that is where the amount of innot alone that the indebtedness is heavy, for in part debtedness in each instance was less sthan $100,000,
that can be accounted for by the occurrence of some was $12,460; for May 1922 it was $12,131; May 1920,
large failures, but that the number of defaults should $13,702, but in most of the earlier years back to 1905
also persist at large figures month after month while it seldom exceeded $6,000 to $7,500 for each of the
trade is so active and the money market is free from "smaller" defaults. Of the 51 larger defaults reported last month 21 were manufacturing concerns,
stringency.
The insolvencies last month were quite equally di- the total indebtedness being $10,832,944; 23 trading
vided, considering the relative importance of each, concerns for $7,295,474 and 7 classed as agents and
among the three different classes into which the fig- brokers having aggregate liabilities of $4,469,010. In
ures tabulated from R. G. Dun & Co.'s records are April there were 30 manufacturing concerns that beclassified, and this applies both as to number of fail- came insolvent, having an indebtedness of $27,011,ures and estimated losses. There were 401 manu- 978.
facturing defaults, with an indebtedness of $16,686,434;1,069 trading defaults involving $18,959,619, and
The grain crops in a general way have fairly well
60 failures of agents and brokers reporting liabilities held their own during the past month, according to
of $5,376,224. In the manufacturing division consid- the June crop report issued late yesterday afternoon
erable losses are again reported in the lines of ma- by the Department of Agriculture at Washington.
chinery and tools and in paints and oils the liabilities Winter wheat condition has declined 3.8 points durwere quite heavy. Among bakers, failures were ing the month of May, but the estimated yield per
nearly as numerous as in May of last year, but the acre is now a trifle larger than it was in the May reliabilities were very much less this year. In shoes port, so that the indicated crop of winter wheat is
and leather goods manufacturing, there was one now placed at nearly 3,000,000 bushels higher than
0
THE CHRONICLE
2563
it was then. The first spring wheat estimate is given, estimated a month ago, and 15.9 bushels per acre, the
crop of winter wheat
and while both the area and yield are placed below estimate on June 1 1922 for the
other grain harvested that year—in fact, the final estimate for
last year, a fair crop is promised. The
the winter wheat crop of 1922 was only,13.9 bushels.
crops also promise fairly well.
wheat. The June This year's crop of winter wheat, according to the
The important crop is spring
bushels—a
Goverenment report indicates an area this year June 1 report, is placed at 581,000,000
bushels, and
planted to spring wheat of 18,508,000 acres. This month ago it was placed at 578,287,000
last year was
contrasts with 19,103,000 acres planted to spring the final yield of the crop harvested
wheat in 1922, as shown by the June report issued a 586,204,000 bushels.
With both crops, winter and spring wheat toyear ago. The area planted to spring wheat this
year is placed at
year is the smallest since 1917, when it was 17,832,- gether, the June 1 condition this
with 84.3%, the condition of
000 acres. The yield of spring wheat in that year 79.9%, which contrasts
total yield
was 223,754,000 bushels. There was a considerable the 1922 wheat crop on June 1, and the
this year of both winter and spring wheat is placed
increase in the area the following year and for 1919
final yield of
it was 25,200,000 acres, but the crop of spring wheat at 817,000,000 bushels—for 1922 the
856,211,000 bushharvested in that year was only 207,602,000 bushels. both crops harvested that year was
Since 1919 a reduction in the area planted to spring els.
Oats promise a larger yield this year than was harwheat has been shown each year with a yield varywas pracing from 10.5 bushels per acre to 14.1 bushels per vested last year. The condition on June 1
85.6% on June
acre, the latter the final estimate of yield for last tically the same as it was a year ago,
the correyear, when the outturn was placed at 270,007,000 1 this year, contrasting with 85.5% for
planted to oats this
bushels. The yield of spring wheat this year is now sponding date in 1922. The area
was last year,
placed at 12.8 bushels per acre, which would make a year is, however,somewhat less than it
for the current year and 41,822,000
crop of 236,000,000 bushels. This is based on a con- 40,768,000 acres
the hardition for spring wheat on June 1 this year of 90.2%, acres in 1922, although this was reduced at
vest for the 1922 crop of oats to 40,693,000 acres. The
which contrasts with 90.7%, the estimated condition
at 30.8
for last year's spring wheat crop on June 1 1922, and yield for this year's crop is now estimated
bushels per acre—for last year's crop the final yield
a ten-year average of 92.8%. Of the four leading
the
States in which spring wheat is grown, three show a was 29.9 bushels per acre, and the oats crop for
year as two years contrasts as follows: 1923, 1,256,000,000
reduction in area and in estimated yield this
the
25
contrasted with a year ago. For North Dakota, bushels, against 1922-1, / ,496,000 bushels,
wheat,crop final yield of oats in that year. Rye has deteriorwhere last year 45% of the total spring
was harvested, the condition on June 1 this yeir is ated somewhat during the past month, the June 1
only 89%, as contrasted with 91% a year ago. The condition being 81.1%, whereas on May 1 this year it
area planted this year is 7,953,000 acres, against 8,- was 85.1%; likewise the hay crop, which in the June
87% a
749,000 last year, and the estimated yield 82,107,000 report is placed at 84.4%, as contrafAed with
rye crop
bushels, as contrasted with 123,234,000 bushels, the month ago. A year ago the condition of the
planted to
final outturn in 1922. For South Dakota the condi- was 92.5% and of hay 91.1%. The area
rye is less this year than it was in 1922 and the June
tion this year is 91%, a year ago it was 92%; the
area this year is 2,748,000 acres, against 2,893,000 report indicates a crop of only 72,000,000 bushels—
bushels. Of
last year, and the present indication of yield, 30,008,- the yield of rye last year was 95,467,000
the hay a crop of 99,000,000 tons is now indicated from
000 bushels, in contrast with 38,183,000 bushels
112,791,000
production in 1922. Minnesota shows a loss in con- this year's growth; in 1922 the yield was
92% on tons. For barley the June report shows a condition
dition this year to 88%, as contrasted with
June 1 1922; the area for the two years is respec- of 89.0%, which contrasts with 90.1% the condition
the
tively 1,628,000 acres this year and 1,850,000 acres in on,June 1 1922 of the crop harvested then, but
for this year, area planted to barley is larger this year than in
1922, and the yield 20,057,000 bushels
bushagainst 25,345,000 bushels in 1922. These are heavy any year since 1918, and a yield of 196,000,000
losses for single States on such an important crop as els is indicated, the largest since 1918.
spring wheat. Montana is an exception this year,
Germany has made another reparations offer. It
and the indications are for an increase in production
pay
there, so that that State, according to the present provides that, beginning with 1927, she would
also "proposes
outlook, will take second place this year in the yield 1,200,000,000 gold marks annually. It
of spring wheat. The condition for Montana, how- that the railroads shall be run for Allied profit,
ever, was only 89% on June 1, as contrasted with that a guarantee fund shall be arranged by
94% a year ago. The area planted to spring wheat German industry and agriculture to pledge an anthis year in that State is now placed at 2,713,000 nual revenue to the Allies, and that, finally, the alcoacres, as contrasted with 2,313,000 acres last year hol and tobacco monopolies shall be devoted to repand the yield 41,018,000 bushels, whereas in 1922 the arations. The note would leave to-an international
yield of spring wheat in Montana was 34,001,000 conference the determination of Germany's capacity
for payment, and asks for an international conferbushels.
The condition of winter wheat on June 1, accord- ence to arrange ways and means." No mention is
ing to the Government report issued yesterday, as made of Germany's intention to abandon passive renoted above, is slightly lower than it was a month sistance in the Ruhr. The early cable advices stated
ago, 76.3% for June 1 contrasting with 80.1% for that in all probability France would reject the new
May 1 last; on June 11922the condition of that year'4 terms, that in London and Washington they were
crop of winter wheat was 81.9%, and the ten-year regarded as a step nearer a solution of the reparaaverage for June 1 is 81.5%. The estimated yield tions problem. The Belgian Government was reto
per acre of winter wheat this year is now placed at ported to have taken much the same position, but
have regarded as an "insurmountable obstacle" the
14.6 bushels, in contrast with 14.5 bushels per acre,
2564
r4;
THE CHRONICLE
failure to make a definite pledge to end passive resistance. The situation, so far as France and Belgium are concerned, was outlined as follows last
evening by the Paris representative of the Associated Press: "Paris and Brussels are keeping in constant communication to-day discussing the advisability of making a reply to the new German reparations
note or of ignoring it entirely as not susceptible of
forming a basis for negotiation. In the event a decision is reached that a reply be made, the French
Government is reported to favor a curt dismissal of
Germany's latest proposition. Belgium, on the contrary, is said to be desirous of wording the acknowledgment in such a manner as might leave the way
open for a further parley."
[VOL. 116.
Belgium. That it should be communicated to the
other Allies for a general discussion if England and
Italy consider such discussion would be profitable."
That further efforts would be made to strengthen
the seemingly tottering Entente between Great Britain and France was indicated in a cablegram under
date of June 2 from the Paris representative of the
New York "Times." He said in part: "It is understood that Premier Baldwin of Great Britain will
come to Paris for an Allied conference, following the
conversations next week in Brussels between Premier Poincare of France and Premier Theunis of Belgium. It is possible that Premier Mussolini may
come from Rome and that then all the Allied Premiers may be here about the time the new German
reparations offer is expected." According to the
"Times" correspondent, also, "this is what Belgium
wishes, and French opinion is becoming much better
inclined toward Baldwin since he took power ten
days ago. It is thought he has shown a general disposition to arrange international difficulties, especially with France."
European cable advices have contained reports
again, after a lapse of some weeks, that Great Britain is wiling, under certain conditions, to consider
relieving other European Powers with respect to
their war debts to her. On this point the Paris correspondent of the New York "Herald" cabled that
"as the basis for a new reparations agreement and
another attempt to stabilize Europe the new British
Cabling from London on Monday, the representaGovernment is willing to waive its claims on France tive at that centre of "The Sun and Globe" asserted
and Italy and her 22% share of the present repara- he had been informed that "Premier Baldwin is waittions payments if the new agreement will cover her ing only for a favorable opportunity to make a deteron her interest and amortization charges on her Amer- mined effort to secure a permanent settlement of the
ican debt agreement." The correspondent also assert- problems of reparations and inter-Allied debts."
ed that"this is the statement which has been brought Continuing he said: "For more than a week he has
to Paris within the last few days by Belgian business been making inquiries in financial and diplomatic
men headed by Georges Barnich, Director of the Sol- circles on the soundness or otherwise of the Bonar
vey Institute, following conversations they had in Law scheme, which was rejected by France in JanuLondon." He observed also that "the plan which ary, and whether Great Britain, in view of the fact
would put an entirely new face on the reparations that she has now funded the American debt and that
question is now being discussed by the Belgians with France is already in occupation of the Ruhr, can afFrench financiers in the hope of getting them to ex- ford to continue in support of this plan. Baldwin
ert pressure on the Poincare Government to accept it has a mass of information on these points, but there
as the basis for consideration at the coming confer- is every indication that he will decide to support the
ence in Brussels." Under the terms of the plan, he Bonar Law scheme in a slightly modified form."
said, Germany would be required to agree to the folIn a cablegram dated June 4 the Paris correspondlowing stipulations: "First—To pay 30,000,000,000 ent of the New York "Times" was not very hopeful
marks,gold,to France, and 5,000,000,000 to Belgium, of definite results at the conference to be held in
these countries to pay their own pensions and devote Brussels two days later between Premiers Poincare
the money solely to reparations. Italy and the Bal- and Theunis on the question of reparations. He askan countries are to get nothing beyond the remis- serted that "little decisive action toward settlement
sion of their war debts. Second—Germany to pay of the reparations problem is to be expected from the
England 600,000,000 to 700,000,000 marks, gold, an- meeting of Premiers Poincare and Theunis in Brusnually to dover her debt to the 'United States. Third sels on Wednesday. However, it may be that the re—Germany to agree to pay whatever sum is necessary sult of the meeting will be to brighten the prospects
later on to cover France's debt to the United States, which would attend the meeting later of all the Althe idea being that at some future date the American lied Premiers." The cable dispatches from the leadGovernment,in the interest of world peace and busi- ing European capitals the following day a-ere-more
ness relations, will see the wisdom of not compelling reassuring on the whole question of reparations, as
the payment of the French debt to America,in which well as the Brussels Conference of Premiers. For
case Germany would benefit directly."
instance, the London correspondent of "The Sun and
Cabling from Paris under date of June 1, the New Globe" said that "despite official denials that PreYork "Tribune" representative at that centre de- mier Baldwin is desirous of paying a visit to Paris
clared he had learned that"a call from the Foreign to consult with Premier Poincare, the reports are
Relations Committee of the French Senate looking gathering substance here in diplomatic circles. It is
toward a general Allied discussion on the reparations believed that the new Premier of England desires to
problem faces Premier Poincare in preparing for
the return -to the former common policy and that he conBrussels conference next week. Decision to this ef- siders that the Franco-Belgian conference at Brusfect was taken at a secret session of the committee sels provides the opening of such a return. Informayesterday." He also said that "the committee's reso- tion from Brussels shows that the Belgians are symlution can be summed up in three points, as follows: pathetic to this trend of events. They are doing
That the French Government should not meet the everything possible to facilitate the development."
coming German reparations offer with a simple nega- The Paris representative of the New York "Tribune"
tive, but draw up a definite plan of its own. That added that "the declaration is expected to express
this plan should be worked out in agreement with also a willingness to discuss the whole reparations
JUNE 9 1923.1
THE CHRONICLE
problem with all the Allies in framing a joint reply
to the next German offer." From the Associated
Press representative at the French capital came further news that "the difference between the British
and French Governments over the Saar Valley administration, which has been acute for the past few
weeks and threatened to become a serious international question, has practically been settled, according to reliable information in League of Nations circles in Paris."
Wednesday morning the Berlin correspondents
stated that a new reparations note had been dispatched the day before to the Allied capitals. The
representative of the New York "Times" said that
"Foreign Office couriers left to-day for London,
Paris, Brussels and Rome with copies of a new note
on reparations, to be delivered on Thursday afternoon. The full text is expected to be published in
Germany on Friday morning." He also said that "it
is not regarded as a new offer, but rather as supplementary to the Government's first offer. Accordingly, it contains no increased figure for the total of
reparations to be paid, but stands on the first proposition." Commenting upon some of the principal
features as he understood them, the correspondent
said: "Reiterated and more strongly featured, however, is Geimany's willingness to have the total reparations figure, as well as the annual payments,
fixed by an international commission of experts,
which constitutes an acceptance of the so-called
Hughes plan,it being understood, however,that Germany is to have representation on such a commission
on terms of complete equality with the Allies. Amplification of the guarantee proposals is the most interesting part of the note. In this section the Cuno
Government goes on record as pledging legislation to
'draft' German resources and the German people for
compulsory reparations service to the utmost possible extent. The character of such special legislation is hinted at. Referring to the delicate Rhineland and Ruhr problems, the note, however, points
out that the possibility of the utmost reparations fulfillment depends on the maintenance of Germany's
political integrity and upon Germany's having all
possible freedom in the matter of export trade." The
"Times" correspondent asserted, furthermore, that
"this program has the approval of the Government
Coalition parties, the German People's Party, the
Centre Party and the Democrats. It is strongly opposed by the German National Party, which believes
that any offer whatever is useless and that these supplementary proposals go much too far and pledge too
much of Germany's wealth."
2565
be admitted on an equal basis. The brief document
makes no mention of the Political situation, the Ruhr
occupation, or the question of abandoning the passive resistance, and indulges in no recriminations.
Neither does it refer to the conditions under which
Germany is prepared to carry out the payment of the
annuities. It reaffirms Germany's readiness to meet
reparations and reasserts that the verdict of an impartial international body as to amount would be
accepted by the German Government. As a guarantee for the annuities, the German Government
pledges the Federal railway system, which would be
capitalized at 10,000,000,000 marks, yielding an annual bonded interest of 500,000,000 marks. A further 10,000,000,000 marks would be guaranteed by a
gold 5% mortgage, security for which would be furnished in physical holdings of industry, agriculture
and shipping, and the gold obligations assumed by
banking and commercial interest and private real
estate. This levy, it is estimated, would also yield
500,000,000 gold marks. The additional 200,000,000
of the annuity total would be raised by increased
customs duties on articles of luxury and the creation of a Government monopoly in tobacco and
spirits."
Premier Poincare arrived in Paris from Brussels
on Thursday,"having, it is declared, brought wavering Belgium to see the errors of her ways. It is said
he has persuaded the Belgian Ministers that salvation lies in strict adherence to French policy." These
statements were made by the Paris correspondent of
"The Sun and Globe." He added, "apparently the
question of a meeting with the other Allies is further
off than ever, Jaspar's desire for immediate conversations with Rome and London being overborne by
the views of Poincare and Theunis, who maintained
that it would be better to have a complete FrancoBelgian program first for the consideration of the
new German proposals before consulting with Italy
and England."
Following what was designated as a "long conference" by the Brussels correspondent of the New York
"Times," the day before, the following communique
was issued: "The Belgian and French Governments
continued to-day their study in common of the diverse questions which have arisen from the occupation of the Ruhr. They have maintained integrally
all their former decisions, especially as regards the
conditions under which the evacuation of the Ruhr
will take place after the payment of reparations and
as regards the necessity for Germany putting an end
to passive resistance before any proposals will be examined. The two Governments have agreed on a program of new measures which can be taken to accentuThursday's afternoon papers contained the text of ate the pressure and to force Germany to the rapid
the note which had been delivered to the Entente and execution of her obligations." The New York "HerUnited States Governments. The Berlin representa- ald" correspondent at Brussels cabled that "the Beltive of the Associated Press in his outline said that gian proposal was that England should be asked her
"Germany's amendatory note proposes a system of minimum requirements in the matter of these debts
annuities estimated to total 1,200,000,000 marks an- as a basis for a new agreement on claims upon Gernually if an international loan is not available for many; but in the French view that would be a sign of
immediate capital payments." Continuing to outline weakening. At least England must make the first
the principal features of the note, he said: "The an- move, and accept the principle of compensated debts
nuities would become effective in 1927, and their and the principle of continued occupation of the
number and amount would depend on the degree of Ruhr, before Premier Poincare will change his polGermany's economic recovery. The memorandum icy." He also said that "in face of this attitude of
declares an inevitable requisite to a practical solu- M. Poincare in to-day's conversations with the Beltion of the reparations problem is the early convoca- gian Premier, Theunis, who is also Minister of Fition of a general conference to which Germany would nance, the Belgian Government was forced to yield to
2566
THE CHRONICLE
[VoL. 116.
its bigger ally; but there is every sign of a widening
Still further progress has been made in the negodifference of opinion between the two nations en- tiations relative to the proposed internati
onal loan of
gaged in the occupation of the Ruhr. So great ap- $126,000,000 to Austria,
of which American bankers
peared the Belgian disappointment over the refusal will underwrite $25,000,00
0. Dr. Alfred Zimmerof the French to favor the plan for sounding Great man,CommissionerGeneral of the League of Nations
Britain that it is likely the Belgians may begin in- for Austria, in an interview
at the Bank of England
formal conversations of this kind themselves with on June 4 with
American newspaper correspondents,
the new British Cabinet."
outlined conditions in Austria and also the proposed
The New York "Tribune" representative in Berlin loan. He said that "the
reconstruction of Austria is
said that the hope was expressed by parliamentarians one of the
remarkable features of recent European
there that the note "will open the door to negotia- history. The situation
of the country has in the last
tions between the Allies and Germany on the prob- ten months undergon
e a complete change. New life
lems of the Ruhr and reparations." These opinions and new hope have
come to the Austrian people, and
were expressed before the receipt of the note by the the foundation of
new prosperity has been laid. The
Powers to which it was sent, and before its publica- scheme which is
at the basis of this resurrection is a
tion in Germany. The "Tribune" correspondent in very simple
one, but represents a form of construca cablegram made public here yesterday morning, tive internati
onal effort new in the history of the
asserted that "fierce resentment against the Cuno world." Announce
ment was made here Thursday
Government, accompanied'by threats of an uprising, morning
that the American group, headed by J. P.
swept the ranks of the Conservatives to-day [Thurs- Morgan & Co.,
would bring out its allotment of $25,day] when it became known the German memoran- 000,000
next Monday morning. It was stated that
dum delivered to the Allies to-day holds out the pos- "the American
bonds will bear 7% interest and be
sibility of a surrender of passive resistance in the priced
at 90 to yield 8%, according to present arRuhr." As a matter of fact, no mention is made of rangement
s. Some of the bonds offered abroad will
the subject of passive resistance. The attitude of bear
6% and be priced at 80."
Belgium, Great Britain and the United States toward the note was outlined as follows in dispatches
Notes between the British and Russian Soviet
respectively from Brussels, London and WashingGovernments are still being exchanged. In a diston: "Belgium holds the new offer is a decided step patch
Wednesday morning from the London correforward, but finds a seemingly insurmountable obspondent of the Chicago "Tribune," it was stated
stacle in Berlin's failure to pledge an end of Ruhr
that "Leonid Krassin, the Bolshevist representative
resistance. Guaranties are to be carefully examin London, who is trying to patch up the differences
ined. The offer is well received in Great Britain,
and between his country and Great Britain, has now rePremier Baldwin is believed prepared to take a firm
ceived the Russian reply to the latest English note
stand and attempt to bring about French consideraand has an appointment to meet Lord Curzon at the
tion. An Entente conference to consider terms
is Foreign Office on Thursday." Commenting upon the
considered probable within a fortnight. While the communication,
he said that "the note is said to meet
United States will not reply to the German note,
the British demands on all points except the one inWashington officials see in it a basis for negotiation, sisting that Russia
recognize the principle of comand hold America is included in the invitation for an pensation for all England's claims
for injuries to her
international commission to determine the Reich's nationals. This is declared
by the Russians to be a
ability to pay." The early advices from Paris indi- new demand, the original
relating only to damages
cated that the French Government would reject the in the Davison and Mrs.
Stan Harding cases, which
note. The late cable dispatches from Paris and Lon- they have agreed to
pay." He observed that "Rusdon last evening did not contain any definite infor- sia's attitude is that she
is willing to recognize the
mation as to what action would be taken.
general principle if England in turn recognizes her
liability toward Russians who have suffered loss or
President Millerand and Premier Poincare were injury at the hands of her
nationals." According to
the principal figures at a "solemn ceremonial" last an Associated Press
dispatch from London yesterSunday at Chaumont, France, to dedicate a monu- day, M.Krassin expected
to present the note to Lord
ment "in honor of General Pershing and his men." Curzon before night
or to-day. It seems that since he
In describing the event, the Paris correspondent of first received the
document it has undergone some
the New York "Times" said in part: "Here, in this revision.
pretty old town where General Pershing had his
Apparently the food situation in Russia has imheadquarters, France gave thanks to-day to her sister proved materially. In a dispatch
from Moscow WedRepublic for the effective part America played in
the nesday morning Colonel Haskell, who has had charge
winning of the victory over Germany five years
ago. of the distribution of American relief food supplies
She also told her regret that America
had not seen in that country, was quoted as saying that "the work
fit to contribute in like effective manner
to the con- of the American Relief Administration in Russia
solidation of peace, at the same time expressin
g satis- will be definitely wound up within the next six weeks
faction that America did not now criticise
France for and I expect the whole operation will be concluded
trying to reap the fruits of their victory
so dearly and the last American will have left the country by
bought by the common effort." American
Ambassa- the end of July." Commenting upon the food outdor Herrick said in part: "Here to-day,
with the look in Russia, the "Times" representative said that
mirage of battlefields strewn with our own
dead be- "it appears that while some small areas may be short
fore our eyes, we reverently participate in dedicating there will be more
than enough in the areas of surthis monument, not only to the tragic past, but to plus to cover all
prospective needs. The food probfuture unbroken friendship between the two nations lem for the coming
year,therefore, resolves itself into
in common service for human rights."
the question of internal distribution of the available
and more than adequate supplies. The surplus,
JusE 9 1923.]
THE CHRONICLE
2567
promising as it does a substantial expoKt balance, 1922 and 1921. During the week silver increased
places the Government in a strong position to secure 200,000 francs, while advances rose 91,583,000
francs. Bills discounted, on the other hand, fell off
foreign supplies of other materials."
42,509,000 francs, Treasury deposits diminished
The Imperial Bank of India, which two weeks ago 53,881,000 francs and general deposits were reduced
reduced its rate of discount from 8% to 7% and a 463,661,000 francs. Note circulation registered the
week ago reduced it to 6%, has now, according to further expansion of 204,142,000 francs, bringing the
London cable dispatches of yesterday, made a fur- total outstanding up to 36,945,122,000 francs.
ther reduction to 5%—a fortnight earlier than Lon- This contrasts with 36,317,805,560 francs at this
don expected. Official discount rates at leading Eu- time last year and with 38,375,243,000 francs the
ropean centres continue to be quoted at 18% in Ber- year before. In 1914, just prior to the outbreak of
2
1
/
lin, 6% in Denmark and Norway, 5 % in Belgium, war, the amount was only 6,683,184,785 francs.
5% in France,41 2% in Sweden,4% in Holland and Comparisons of the various items in this week's re/
3% in London and Switzerland. According to re- turn with the statement of last week and correspondcent mail advices, though not noted by cable, the ing dates in both 1922 and 1921 are as follows:
2
1
/
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Bank of Madrid lowered its discount rate from 5 %
Status as o
Changes
to 5% on Mar. 23 1923. In London the open market
June 7 1923. June 8 1922. June 9 1921.
for Week.
Francs.
Francs.
Francs.
Francs.
discount rate showed very slight change; short bills Gold Holdings—
93,075 3,673,145.373 3,579,598,997 3.571.049,249
Inc.
and In France
/
are now quoted at 2%, against 178@1 15-16%,
No change 1,864,344,927 1.948,367,056 1.948,367,056
Abroad
93.075 5,537,490,300 5,527,966.053 5.519,416,305
three months, 2@2 1-16%, against 1 15-16% a week Total
Inc.
272.975,495
284,242,858
292,560.400
200,000
Inc.
ago. Call money at the British centre closed un- Silver
42,509,000 2,329,014,000 2,138.372,145 2,573.821.298
BIlls discounted__ _Dec.
Inc. 91,583,000 2,234,301.000 2,330,553,177 2,237.935.000
/
changed at 114%. In paris the open market discount Advances
Note eIrculation Inc. 204,142,000 36,945.122,000 36,317.805,560 38,375.243.000
78%
25,765.000
and at / in Switzerland.
18,039,275
2
1
/
rate remains at 4 %
14,758,000
Treasury deposits_Dec. 53,881,000
General deposits Dec. 463.661,000 2,102.701,000 2,197,045.865 2.685.392,000
The Bank of England this week reported an inThe outstanding feature of the Imperial Bank
crease in gold of £2,847, while note circulation was
of Germany statement as of May 31 was a further
reduced £159,000, so that total reserve gained £162,circulation of nearly a trillion, or
000. There was, however, a further lowering in the increase in note
977,103,600,000, marks, to be exact, in comparison
proportion of reserve to liabilities, which fell to
previous high record
18.49%, as against 19.06% last week and 20.27% for with the week before. The
of April 1, when
the week of May 24. This was due largely to con- was disclosed in the statement
marks. Another
tinued expansion in deposits and reflects the strain the addition was 683,123,500,000
discounted
of June 1 disbursements. In public deposits there feature was an increase in Treasury bills
total holdings
the
was a decline of £9,205,000, but "other" deposits rose of 1,070,474,400,000 marks, making
8,021,904,840,000 marks. Commercial bills increased
£13,746,000. Loans on Government securities inwith foreign issuing
creased £7,666,000, although loans on other securities 464,246,257 marks. Gold lodged
marks. The steady
registered a contraction of £3,262,000. The banks decreased 22,000,000
for stabilizing the
bank's stock of gold stands at £127,527,177, as loss of gold by the Reichsbank
gold holdings to 757,900,000
against £128,886,129 last yeal• and £128,369,554 in mark has reduced the
832,900,000 the week
1921. The reserve aggregates £22,886,000, in com- marks, in comparison with
more than 1,000,000,000 marks
parison with £24,822,719 in 1922 and £18,539,419 a before and with
year earlier. Loans amount to £67,994,000. A year about April 15.
ago the total was £73,280,722 and £76,909,666 a year
The Federal Reserve Bank statement issued at the
earlier. Note circulation now is £124,391,000, as
showed no very strikcontrasted with £122,513,410 and £128,280,135 one close of business on Thursday
another small adand two years ago, respectively. No change has been ing changes. The System reported
($5,000,000), while New York
made in the official discount rate from 3%. Clear- dition to gold holdings
banks, this time to the
ings through the London banks for the week were again lost gold to interior
Rediscounting operations at
£797,211,000, which compares with £618,218,000 last amount of $10,000,000.
and total bill holdings exweek and £615,676,000 a year ago. We append here- the local bank were larger
panded $21,800,000, to $268,477,000, as against $77,with comparisons of the principal Items of the Bank
212,000 a year ago. The expansion was due entirely
of England returns for a series of years:
to rediscounts of Government secured paper. In "all
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1922.
1923.
1921.
other" a reduction of $2,400,000 was shown, and in
1920.
June 11.
June 8.
June 7.
June 6.
June 9.
open market purchases $1,400,000. Earning assets
124,391,000 122,513,410 128,280,135 114,367,090 78.008.175
Circulation
increased $29,700,000 and deposits $28,000,000. For
11,549,000 15.541,214 17,658,862 19,440.900 20.314,830
Public deposits
112,174,000 125,938,178 133,286,961 136,874,117 130.791,974 the twelve banks as a whole there was an increase of
Other deposits
Governm't securities 50,633.000 61.137.484 73,276,122 74,499,429 61,492,376
discounting of Government paper,
Other securities___ - 67,994,000 73,280.722 76,909.666 78,789,755 79,809.069 $12,500,000 in the
Reserve notes .fe coin 22,881,000 24,822,719 18.539,419 20,789,599 27,471.053 but a falling off in "all other" of $8,600,000, while
Coin and bullion...127,527,177 128,886.129 128,369,554 116,706,689 87,029,228
bills bought in the open market were reduced $9,500,Proportion of reserve
17.17%
13.30%
to Ilatillities
18.49%
12.28%
17.50%
bill
5% 000, and the net result was a decrease in total
4%
7%
3%
Bank rate
13%%
, which comholdings of $5,600,000, to $983,155,000
assets
The Bank of France continues to report small gains pares with $556,437,000 last year. Earning
fell $12,200,000, but deposits increased $24,400,000.
in its gold item, the increase this week being 93,075
Federal Refrancs. The Bank's gold holdings, therefore, now No change was noted in the volume of
serve notes in circulation for the system as a whole,
aggregate 5,537,490,300 francs, comparing with
showed an
5,527,966,053 francs on the corresponding date last but the New York Reserve Bank by itself
Member
year and with 5,519,416,305 francs the year previous; expansion of approximately $2,500,000.
increases.
material
of the foregoing amounts, 1,864,344,927 francs were bank reserve accounts showed
in both $21,500,000 for the combined system and $25,000,000
held abroad in 1923 and 1,948,367,056 francs
2568
THE CHRONICLE
[VOL. 116.
at New York. Change in the reserve ratio was light
Dealing with specific rates for money, the call loan
for the System as a whole, there being a lowering of market has
remained almost stationary throughout
0.4%, to 75.7%, but at the local bank the loss was the entire week,
with the range 432@5%, as against
appreciably larger-2.6%, to 81.1%.
4m@5wri last week. On Monday a
70
flat rate of
4%% prevailed, this being the high, the low and the
Last Saturday's statement of the New York Clear- ruling figure for the
day. Tuesday slight firmness
ing House banks and trust companies made a better set in and a
maximum of 5% was touched for a while,
showing than that of the previous week. The loan although renewals
were still made at 4%%, which
item expanded $22,776,000, while net demand depos- was the low for
the day. Call rates relaxed on
its increased $42,775,000, to $3,759,644,000. This to- Wednesday, so that
there was a decline to 41/2%;
tal is exclusive of $43,289,000 in Government depos- renewals, however,
continued at 44%,the maximum
3
its, a lowering in his account for the week of $24,- level. Thursday and
Friday 44% was the only
3
338,000. Time deposits, however, fell $6,983,000, to rate quoted and that at which
renewals were nego$495,038,000. Cash in own vaults of members of the tiated on both days. The figures
here given are for
Federal Reserve Bank was drawn down $1,215,000, both mixed collateral and all-ind
ustrial loans alike.
to $48,814,000 (not counted as reserve), and there For fixed-date maturities
the undertone was easy
were declines of $193,000 and $167,000, respectively, and funds were in ample
supply; the demand was
in the reserves of State banks and trust companies light,
however, and trading limited to small routine
in own vaults and the reserves kept in other deposito- transactio
ns. As a result quotations remained at
ries. Member banks added to their credits with the 4Y
(4)5% for sixty and ninety days and four months,
1
Reserve bank in amount of $23,701,000, and the re- unchanged
, and five and six months at 53%, the
sult was an addition to surplus of $17,995,170, not- same
as last week. The above rates are for regular
withstanding the expansion in deposits. Excess remixed collateral and all-industrial money.
serves now are $28,061,740, which compares with
Mercantile paper rates were slightly easier and the
$10,065,770 reported a week ago. The above figures
range for sixty and ninety days' endorsed bills receivfor surplus are based on 13% reserves above legal reable and six months' names of choice character is
quirements for member banks of the Federal Reserve
now 4%@5%, as against 5@531%, the previous
System, but do not include cash amounting to $48,level. It should be noted, however, that the 44%
3
814,000 held in vault by these banks on Saturday last.
rate is for New England mill paper only. Prime
names in the main are being put out at 5%. Names
For still another week the local money market has
not so well known range between 5@)54,compared
1
been devoid of special feature, except its continued
with 53% last week. Business was quiet and the
ease. It moved along in such an even way as to
turnover small.
evoke almost no discussion or comment even. No
Banks' and bankers' acceptances presented no new
special change is expected, except possibly as prepfeatures. A fair degree of activity was noted. Both
aration is made for the mid-month disbursements,
country institutions were in the market for
and more particularly for those on July 1, which or- city and
round amounts. For call loans against bankers' acdinarily are much larger. Perhaps 412@43
/
4% could ceptances, the posted rates of the American Acbe spoken of as the quotations at which most of the ceptance Council has been reduced to 4%% from
call loans were arranged. There was no change in 41 % last week. The Acceptance Council makes the
A
time money from 434% bid and 5% asked. The offer- discount rates on prime bankers' acceptances eligible
ings at the latter figure were said to have been good- for purchase by the Federal Reserve banks 41 % bid
A
1
sized in the aggregate, with the demand rather light. and 4% asked for bills running for 30 days;44% bid
1
8
%
No withdrawals of Government funds from this and 44% asked for 60 and 90 days; 4/ bid and
431% asked for bills running for 120 days, and 49'i%
Federal Reserve district were reported.
bid and 43'% asked for 150 days. Open market
Word came from Washington yesterday morning quotations follow:
that within a few days Secretary of the Treasury
SPOT DELIVERY.
90 Days.
30 Dar*.
60 Days.
Mellon would announce an offering of between $200,- Prime eligible bills
4%@4%
ag@4
4%@4%
FOR DELIVERY WITHIN THIRTY DAYS.
000,000 and $300,000,000 short-term securities to
Eligible member banks
bid
provide for Treasury certificates maturing this Eligible non-member banks
4% bid
month and also for heavy expenditures. While it
There have been no changes this week in Federal
was stated that the Treasury has not reached a deciReserve Bank rates. The following is the schedule
sion as to the rate on the new offering, the opinion
of rates now in effect for the various classes of paper
was said to prevail in Washington that it would be at the different Reserve Banks:
less than 434%. The official announcement, conDISCOLTNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JUNE 8 1923.
taining the details, and the outcome of the offering,
Paper Maturing—
will be watched with special interest in investment
After 90 After 6
and money market circles.
Days. but
but
Within 6 Within 9
Within 90 Days.
There is keen interest in the forthcoming Aus- FEDERAL RESERVE
Months. Months.
BANK.
trian loan, of which it is proposed to offer $25,000,ConCrcial Secur. by
Apricui.• A oricul.
A erten!. U S. Banker!' Trade
.
and
and
000 in the United States next Monday. Offerings of
&Livest'k Govt.
Accep- Livestock Livestock
AcceyPayer, Obliga- lances. tances. Payer. Paper.
domestic bonds have been in fairly large volume in
None.
the aggregate. The local bond market as a whole has Boston
434
a
454
4%
4%
New York
4%
434
been firm but quiet, with Liberty issues displaying Philadelphia
434
a
434
434
434
Cleveland
434
4%
434
4%
special strength. There appears to be no particular Richmond
4%
434
4%
4%
434
Atlanta
4%
434
4)4
4%
434
4%
4)4
change from week to week in the commercial demand Chicago
434
4%
4%
434
St. Louis
434
434
4%
4%
4%
434
434
Minneapolis
for money. Fewer pessimistic predictions regarding Kansas City
414
434
434
434
Dallas
434
4%
434
434
434
general business are heard in the financial district Ban FralICISCO
414
434
4%
434
than a week ago.
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, Oa.
Jumo 9 1923.]
THE CHRONICLE
2569
Movements in the sterling exchange market this 4 61%@4 62%, cable transfers to 4 62(0)4 62%,
week were not regarded as of particular significance and sixty days to 4 59%®4 603. On Friday the
and the day-to-day fluctuations continue narrow in undertone was irregularly weak and quotations
scope and without definite trend. The undertone ranged around 4 61 1-16@4 61%for demand,461 5-16
was relatively firm with the quotation for demand ®4 62 for cable transfers and 4 58 15-16@4 59%
bills maintained at not far from 4 6258, until yes- for sixty days. Closing quotations were 4 59 for
/
terday, when there was a decline to 4 61 1-16; but sixty days, 4 61A for demand, and 4 61% for cable
the volume of business passing was exceptionally light transfers. Commercial sight bills finished at 4 60%,
and trading dull and uninteresting. In the early sixty days at 4 58%, ninety days at 4 573, docudealings there was a fractional rise to 4 63 11-16, ments for payment (sixty days) at 4 58%, and
mainly on a small accumulation of bills over the seven-day grain bills at 4 601 . Cotton and grain
%
week-end. When these were disposed of, however, for payment closed at 4
603/s.
the market settled down again into a state of intertia,
No gold was received from England this week,
and the price sagged off.
except 27,000,000 gold marks on the steamship
There is very little new of importance to report Resolute from Hamburg, and no engagements for
regarding the European political situation. Ster- export reported. It was announced that gold marks
ling is evidently in neglect, with the feeling general to the amount of 46,000,000 are en route from Gerthat while no appreciable forward movement need be many on the steamer Mount Carroll, consigned to
looked for in the immediate future, sterling is likely the International Acceptance Bank, to be credited
to hold its ground well. It is recognized that any —it is believed—to Belgian reparations payments.
attempt to resume speculative operations on anything like an extensive scale would be inadvisable,
Irregular weakness featured dealings in Continental
not to say dangerous, at this time and dealers are exchange and the chief event of the week again proved
biding their time pending the outcome of the Ruhr to be spectacular weakness in mark quotations.
dispute. Nevertheless, a distinctly optimistic under- There has apparently been no letup in the pressure
tone persists and there is a well defined opinion that of selling from foreign sources,
and rates slumped to
the Franco-German situation—which, undoubtedly 0.00123' in the early dealings, recovered 4 points to
constitutes the pivotal point in international trade— 0.0016%, but subsequently
dropped back and scored
cannot continue much longer on its present basis. It another new low record
of 0.0012. Very little
is felt that both sides of the controversy are rapidly trading, speculative or
otherwise, was reported in
approaching a point where they will be compelled the local market; the professional element showed no
to agree to reasonable compromise terms. Accord- disposition to purchase
marks even at the sensaing to recent cable advices, affairs at Lausanne are tionally low levels reported.
Thursday's announceprogressing favorably, while great hope is expressed ment of Germany's new reparation terms had apthat under the skillful leadership of Premier Baldwin parently been previously discounted,
since actual
financial adjustments likely to prove satisfactory price levels were only slightly affected; partly because
to all will soon be forthcoming. Prospects in this bankers generally are practically out of the market for
respect are apparently much brighter than a few the time being, and partly because little hope is entermonths ago. In the meantime, the supply of com- tained of their being acceptable to the French aumercial bills at this time of the year is necessarily thorities. At the recent low record, marks have
small, and in the absence of a speculative inquiry, been selling at 80,000 marks to the dollar. The mark
inactively is unavoidable. In a word, bankers are is now less than one-third of its value a couple of
consistentljr adhering to their policy of "watchful months ago, and the situation is causing much conwaiting" until some sort of agreement has been reach- cern. Note circulation of the Reichsbank continues
ed which will put an end to the existing deadlock. to increase apace, the addition for the last week of
Publication on Thursday of the new German repara- May having been very close to a trillion marks—at
tions offer was well received, as being another step in the same time that gold reserves are declining steadthe direction of a peaceful solution of the difficulty, ily.
but had no effect on market price levels, since it is
While reichsmarks led in the weakness, sharp losses
regarded as highly improbable that they will prove took place in Italian lire, which broke to 4.593' for
acceptable to France.
awhile, a drop of more than 30 points from the levels
Dealing with quotations in greater detail, sterling ruling in recent weeks. Later on there was a recovexchange on Saturday last was firmer with demand ery to 4.69. In addition to political troubles in
up a fraction, to 4 62 11-16@4 63 1-16, cable trans- Italy, it is claimed that the lowering has come about
fers 4 62 15-16@4 63 5-16, and sixty days 4 60 9-16 because of summer purchases of wheat and the sen®4 60 15-16; very little activity was noted. On timental influence of the collapse in marks. French
Monday weakness set in and there was a decline exchange was easier and the quotation for checks did
to 4 62%@4 62 11-16 for demand,4 625
/®462 15-16 not get above 6.48,with the low 6.41%,against a high
for cable transfers and 4 603@4 60 9-16 for sixty point last week of 6.63. Trading was quiet
and the
days; the recession was due more to lack of demand weakness was explained by uneasiness concerning
the
than to any unfavorable foreign news. The trend German reparations offer
and depression over the
was still downward on Tuesday, so that demand prospects of issuance in
the near future of another
sold off to 4 623@4 62%, cable transfers to 4 623' Government loan for the
purpose of continuing re®4 62%,and sixty days to 4 601 8@4 603. Wednes- construction work in
/
the devastated regions. Belgian
day's market was quiet, but steady, with only exchange pursued a
similar course; but Austrian
slight changes; the day's range was 4 62 7-16® kronen, as usual,
remained at around 0.00143.
4 62% for demand, 4 62 11-16@4 627 for cable Exchange on the smaller
%
Central European countries
transfers and 4 60 546@4 60
for sixty days. was without important change. Greek drachmas
Dulness characterized Thursday's dealings and there opened strong and bounded upward early in the week
was a slight lowering; demand bills sagged off to to 4.19 for checks. The advance, however, was
2570
not maintained, so that in the latter part of the week
the quotation tumbled to 2.493/2. Trading in this
currency was quieter and bankers regarded the setback as a natural reaction from a too-rapid rise.
For a time heavy buying was recorded, chiefly for
speculative purposes. It is claimed that the sudden
change in exchange levels has had serious results in
Athens, although rumors of numerous bank failures
at that centre are not generally credited here. There
is said to have been a run on several banks which,
however, were aided by an advance of 400,000 drachmas from the National Bank of Greece.
The London check rate on Paris closed at 71.70,
against 71.25. In New York sight bills on the French
centre finished at 6.423, against 6.493; cable transfers at 6.43%, against 6.50%; commercial sight at
6.403, against 6.473, and Commercial sixty days at
6.37%, against 6.443 last week. Antwerp francs
closed at 5.54 for checks and 5.55 for cable transfers,
compared with 5.573 and 5.583 a week earlier.
Final quotations on Berlin marks were 0.0012% for
both checks and cable transfers. Last week the close
was 0.0013 13-16. Austrian kronen closed at 0.00143/s,
against 0.00143. Lire finished the week at 4.653/
for bankers' sight bills and 4.663/i for cable remittances. This compares With 4.693/ and 4.703/ the
preceding week. Exchange on Czechoslovakia closed
at 2.993/2, against 3.003'; on Bucharest at 0.5234,
against 0.51; on Poland at 0.0015 (a new low),
against 0.0018, and on Finland at 2.773/2, against
2.773/ on Friday of last week. Greek exchange
2
finished at 2.843 for checks and 2.85 for cable transfers, against 3.9432 and 3.95 a week ago.
Trading in the neutral exchanges, formerly so
called, was dull and listless and though price changes
were not especially large, the general tendency was
toward lower levels. Guilders were the exception
and ruled steady, closing at a slight advance. Swiss
francs were weak, also Scandinavian exchange, especially Norwegian and Danish currency, which each
lost from 30 to 40 points during the week.
Bankers' sight on Amsterdam finished at 39.12,
against 39.11: cable transfers at 39.21, against 39.20;
commercial sight bills at 39.07, against 39.06, and
commercial sixty days at 38.82, against 38.81 at the
close on Friday of last week. Closing rates for Swiss
francs were 18.013/ for bankers' sight bills and
18.023/ for cable transfers. Last week the close was
18.043 and 18.053/2. Copenhagen checks finished at
18.05 and cable transfers at 18.09, against 18.47 and
18.52. Checks on Sweden closed at 26.59 and cable
transfers at 26.63, against 26.61 and 26.65, while
checks on Norway finished at 16.69 aad cable transfers at 16.73, against 16.88 and 16.92 the previous
week. Spanish pesetas closed at 15.063/ for checks
and 15.073/ for cable transfers, in comparison with
15.22 and 15.23 the week before.
In South American exchange very little change has
taken place and rates on Argentina closed at 35.30 for
checks and 35.40 for cable transfers, as against 35.10
and 35.15, while for Brazil the quotation has not been
changed from 10.30 for checks and 10.35 for cable
transfers. Chilean exchange ruled strong and finished at 13.70, against 13.35, while Peru was quoted
at 4 30 against 4 29.
In the Far Eastern exchanges completion of silver
purchases under the Pittman Act brought about declines, particularly in rates on China. Hong Kong
/
finished at 5334@53M, against 5378®54%; Shang-
[Vor.. 116.
Tff1.47: CITRONTCLE
hai, 7334®733/2, against 733/®73%; Yokohama,
2
/
4934®49%, against 491 s@49%; Manila, 493/2@
/
49 8, against - 495s ®49%; Singapore, 5 @5434,
4
against 54IA@54 ; Bombay, 3134@313/2, against
/
/
311 g®3138, and Calcutta, 3134®313/2, against
31%@31%.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JUNE 2 1923 TO JUNE 8 1023, INCLUSIVE.
Noon Buying Rate for Cable Transfers in Nem York.
Value in United Slates Money.
_
f neta
Unit.
EUROPEt °stria, krone
Belgium, franc
Sulgaria, ley
Czechoslovakia, krone
Denmark, krone_ _ _ ....
England, pound sterling
Finland, markka
France, franc
Germany, reichamark
Greece, drachma
Holland, guilder
Hungary. krone
Italy, lire
Norway, krone
Poland, mark
Portugal, escudo
Rumania,len
Spain, peseta
3weden,krona
Switzerland. franc.
Yugoslavia, dinar
ASIA'bins, Chefoo tael
liankow tael
" Shanghai tael
" Tientsin tael
Hongkong dollar
•
Mexican dollar
••
" Tientsin or Peiyang
dollar
" YUan dollar
7ndia, rupee
Japan, yen
4ingspore (S. S.) dollar
NORTH AMERICA
Canada, dollar
Cuba, peso
Mexico, peso
Vetvfoundland. dollar
SOUTH AMERICA
Argentina, peso (gold)....„
Brasil, calireis
Chile, Peso HulPell
June 2. June 4. June 5. June 6. I June 7 June 8.
.
-8
$
$
$
8
S
.000014 .000014 .000014 .000014 .000014 .000014
.0555
.0556
.0581
.0558
.0555
.0557
.01085 .010786 .010907
.01055 .010414 .0107
.029949 .029998 .029955 .02993 .039929 .029873
.1828
.1831
.1833
.1840
.1809
.1851
4.6295 4.6278 4.6260 4.6281 4.6251 4.6166
.027533 .027767
.027761 .027775 .027767 .0277
.0650
.0644
.0645
.0643
.0643
.0648
.000013 .000014 .000015 .000013 .000O3 .000013
.02675 .026153 .027167
.040943 .033875 .0293
.3921
.3921
.3920
.3920
.3919
.3921
.000187 .000189 .000189 .000189 .000134 .000177
.0468
.0466
.0470
.0465
.0468
.0462
.1670
.1681
.1662
.1673
.1691
.1692
.000019 .000018 .000018 .000018 .000018 .000017
.0457
.0459
.0468
.0457
.0463
.0463
.00515 .005256 .005339 .00535 .005314 .005226
.1516
.1513
.1508
.1520
.1519
.1516
.2662
.2664
.2665
.2663
.2685
.2662
.1804
.1802
.1800
.1806
.1806
.1805
.01304 .012755 .012508 .01219 .011365 .011165
.7513
.7467
.7288
7571
.5388
.5269
.7463
.7413
.7248
.7521
.5341
.5203
.7454
.7404
.7220
.7513
.5311
.5215
.7379
.7396
.7246
.7504
.5345
.5243
.7463
.7413
.7239
.7521
.5338
.5233
.7454
.7421
.7221
.7546
.5316
.5229
.5308
.5333
.3102
.4916
.5400
.5240
.5307
.3099
.4917
.5388
.5271
.5304
.3101
.4917
.5396
.5323
.5390
.3102
.4914
.5396
.5292
.5350
.3100
.4913
.5392
.5258
.5333
.3099
.4911
.5392
.976710
.999625
.4850
.974531
.977422
.999688
.485417
.974922
.977422
.999688
.492969
.975078
.977832
.9790
.999688 .999813
.483958 .482969
.976328 1.975313
.8005
.1021
.1313
.8030
.1021
.1315
mil
.8022
.1019
.1328
.7962
.7977
.1016
.1337
.7942
70051
.8016
.1010
.1356
.7942
.977092
,.99975
.483958
.076016
.8021
.1019
.1360
.7953
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,741,225 net in cash as a result of the currency movements for the week ending June .7.
Their receipts from the interior have aggregated
$4,529,225, while the shipments have reached $788,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Wert ending June 7.
Banks'interior movement
Into
Banks.
84,529,225!
Out of
Banks.
(lain or Loss
to Banks.
$788,000 Gain 53,741,225
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,ITuesday, Wednesd'y,I Thursday, Friday,
June 4.
June 5.
June 8.
June O.
June 7.
June 2.
Aggregate
for Week.
8
8
1
- 8
$
I
78,000.000 79.000,000 58,000,000 57,000,000 55,000,600 61,000,000 Cr. 386.000,000
-The foregoing heavy credits reflect tbo huge mass of checks which come
Note.
.0 the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Rescrve Bank's operations with the clearing
House institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on Institutions located outside
of New York are not accounted for In arriving ttt these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
JUNE 9 1923.]
THE CHRONICLE
2571
individual weakness. No
The following table indicates the amount of bul- become the weapon of
seems, can stand alone, no individual preState, it
lion in the principal European banks:
fers to do so. Classes seek to conquer. Governments
June 8 1922,
June 7 1923.
men would transform into autocracies to control
Baas of—
Total.
Gold.
Total.
Siker. I
Gold.
themselves. The result is a weakened State and a
E
I 197 527,177 128,886,029
128,886,029 supine individualism.
England __ 127,527.17
154,543.960
143,183,96 11,360,
France a 146,925,815 11,680,000,158.605,815
50,877,880
866,3
50,011,5
b3,475,400' 45 121 2
Germany - 41,645.
But when we consider the individual a latent dec13,313,000 10,944,000 2,369,000 13,313,000
Aiis.-Hufl 10,944,
.
2 369,0001
25,669,000 126,560.000
26,577,000 127,606,00 100,891.00
101,029,
Spain
appear. For men are saying "things
37,443.000 adence seems to
3.036.
3,024,00 38,519.000 34.407,
35,495,
Italy
51,020,000
529.
809.000 49,292,000 50,491,00
Netherl'd - 48,483,00
again !"- and if we try to spe12,309,000 will never be the same
1,645,
10.664,0
2,482,000 13,239,0
Nat. Belg_ 10,757,0
26,080,000
4,300,
4,125,000 25,538,
21,780,
Switzeri'd_ 21,413,0
we find that it has the
15,230,000 cifically define this saying
15,230,0
15,181,
15,181,
Sweden
12,912,000
228,
12,684,
210,000 12.889,
Denmark _ 12,679,
meaning of a lost hope. No
8,183,000 tone of a moan and the
8,183.
8,115,
Norway.-- 8,115,0
the same again, or remain
Total week 580,194,792 54,751,400634,946,194 387.355,569 50,002,303637,357,869 one wants all things to be
9
Prey. week 80,166,222 54.549,400834.715.6p 587,237.349 50.019.800637.257.14
thoughtful men want a return
—
the same. But most
a Gold holdings of the Bank of France this year are exclusive oi E74.573,797 held
of the zest and confidence in personal enterprise, the
abroad. b It is no longer possible to tell the amount of sliver held by the Bank
"Metal
of Germany. On March 15 1923 the Reicasbank began including in its
Reserve" not only gold and sliver but aluminum, nickel and iron coin, as well. The thrill of achievement and the satisfaction of desired
Bank still gives the gold holdings as a separate item, but as under the new practice
the remainder of the metal reserve can no longer be considered as being silver, there accomplishment. This the masses do not possess as
is now no way of arriving at the Bank's stock of silver, and we therefore carry it
along at the figure computed March 7 1923.
formerly. Persistent classes are hammering at the
doors of legislation for the bestowal of favors,for the
DECADENCE—LOOKING FOR THE SUPER- prevention of asserted wrongful conditions, far the
establishment of fanciful helps and aids. Those who
MAN AND FOR SUPER-GOVERNMENT.
cannot.
Is the world suffering from the shell-shock of war? would are deterred by those who think they
who have won.
What is the matter with everything? What an ab- Those who want cry out against those
The
surd question, you say! "Everything!" There are Courage in life's chief undertakings diminishes.
free-for-all race
many things that are "right as rain." Our schools, fine co-operation of combination in a
churches, charities, laws, Governments are yet func- for success is lost. Universal competition in which
tioning for good; our commerce and business still every man, pursuing the same goal of personal comply the old works in the old ways; we have men petence and independence, sets himself fearlessly
among us of large mould; we have institutions that and unreservedly to his own task, is interfered with
embody the best in progress; we have a measure of by the activities of labor and farmer blocs, and simipeace and prosperity sufficient for ordinary mortals. lar selfish organizations. Despair dulls ambition.
Yet there is unrest and dissatisfaction. There is Life becomes a burden seemingly too great to be
even apprehension. All is not well with the world. borne. Like drowning men catching at straws those
Does anyone doubt that some kind of a canker gnaws hard pressed by circumstance catch at vain theories,
futile experiments and impotent remedies. The
at the heart of things?
If, then, even remotely, we are entering a period gross result is a weakening of the mental fibre—a
some future historian shall name The Decline and plodding endeavor devoid of pleasure and promise.
The reaction between man and his Government is
Fall of the United States it is well to attempt even a
feeble analysis. And as all things are related to hu- complete. Governments that do not protect the inman conduct, any brief review of conditions must dividual cannot be protected by the individual. When
begin with the man himself. Are we wrong in be- Government is supreme the man is serf. When the
lieving that the chief fault in collective human char- man is supreme Government is servant. Physical
acter to-day is a want of self-reliance? The State, as well-being is every man's necessary original goal.
a reflection of the people, would seem to indicate The material of toil and trade cannot be sacrificed
this. Throughout Europe there is a waiting for the to a theoretical state. It precedes and upholds the
tangled conditions of war to be straightened out. spiritual. Just as surely as industry and enterprise
There seems to be a cry for the United States to come are chained to the State will art and letters languish.
over and help. On this side there is an unmistakable We have by personal freedom of endeavor formuurge, in the presence of hesitancy, to take up the lated, erected and sustained the institutions that unworld's leadership. New States and old are unwill- leash and prosper the finer elements of culture. The
ing to pursue the path of intensive development. In- mad rush to control personal effort, the false promternationalism has become a fad. Problems that be- ises of aid to clan and class, the towering growth of
long to two States, that should be settled amicably Governmental prerogative, dwarf the spirit of indiand quickly by two States concerned, seem to wait vidual achievement. We lament the lack of leaders.
on foreign intervention. Some tell us even the United Why, save that men grow small as the State grows
States, imperial in its resources, cannot live alone. large. Dependence supplants independence. We
In Europe and America there is a yearning for, a pile the burdens of inequality on our own shoulders
leaning upon, Leagues and Associations of Nations. by denying to toil and trade the opportunity to lift
Though what is "everybody's business is nobody's every man to an equality with his fellows; and all bebusiness," the goal is a super Government. And ig- cause certain inequalities due to individual capacity
noring the truth that commerce, the great civilizer, and environal resource surround us.
At least, it is time to stop, look and listen. The
asks for freedom alone, there is desire for civic control of natural life in human affairs both as to Gov- danger stalks stealthily. Primarily nothing is but
ernments in their inter-relations and as to individu- the individual man. A Government by ballot is a
als in personal conduct. How far and away all this farce without sincere, courageous,free men. Schools
is from the self-reliance that once dominating the and institutions for human betterment are fine, are
individual dominated the State. We seem to have imperative, but men are indispensable to these,
become beggars at the open gates of Paradise. Men to Government, and to a succession of men.
and resources give us no courage to be and do for our- Confidence we must have, do have, but there is, faint
selves. Cringing before the supposed power of the though it be, decadence. To resolve anew, to think
State, the State cringes before the people. Law has and work anew, this is renaissance.
2572
THE CHRONICLE
[Vor.. 116.
aims and ends of peace. It kills the force of concenSPIRITUAL FORCES AS PEACE FACTORS.
tration on the blessings of peace to say in the same
Governor Coolidge,in an address,is quoted as say- breath that we must be prepared for war. When
ing "we want no more war"; and followed this with citizens and subjects have so builded in themselves
the statement that it would be a crime to the world to the resolve to think and love and will peace, Governleave the country unprepared. Can we continue to ments will not reach the precipice of declaring war.
condemn the use of force and continue to prepare to And if we cannot control other peoples by our own
use it? Can we ever come to depend on spiritual character building we will at least have served notice
forces while we still cling to the ultimate use of ma- on them that we do not stand ready to enter another
• terial force? What, pray, are we doing to eliminate contest upon the same terms as before—for if we
war by inculcation of high spiritual fervor, by re- fought to end war and establish democracy in the
solve to work unceasingly for peace. Lloyd George earth, it is little short of ingratitude that new and
only recently declared that Europe had not learned a old republics, saved and made by that heroic sacrilesson from the World War; that it was filled with fice, do not learn the lesson taught by that war and
new hates and enmities, while the old rivalries, racial its aftermath. Our duty subsequent thereto is plain
animosities, and Governmental schemings, were and clear—that we live in the spirit of self-abnegamore intense; that, in small States and large, wars tion that fosters peace; and that we firmly resolve
are even now brewing. Have we learned the lesson that our dead "have not died in vain," for by our nabetter than they? What are we doing to make anti. tional and popular character-building we now desire
militarism the dominating, fixed idea for America to be known as the foremost peace-loving nation
and for Europe. Talking preparedness is admitting upon earth.
In his Memorial Day address President Harding
that the need for arms will or may come.
"As a man thinketh in his heart so is he." The old said: "It is not enough to seek assurance for ouraphorism teaches us that we build character by the selves. I believe it a God-given duty to give of our
thought that obsesses us. If the economics of "pre- influence to establish the ways of peace throughout
paredness" were not desolating, the constant appre- the world. We cannot guarantee, but we can prohension of that which is to come would prevent the mote the peaceful adjustment of disputes, we can
calm of peace from growing in the heart. We do lit- aid in the establishment of the agencies of peace, we
tle enough to energize the spiritual forces at best. can be influential in committing the world to the triWe are too much engrossed in the materialism of en- umphs of peace and make hateful to human-kind the
deavor. We are a nervous people. We want to en- spoils of war." So say we all. And yet, when these
joy life to the full by buying satisfaction with hard solemn occasions pass we sink back upon the idea
work. We are pressed for time. Hanging from day that we cannot trust other nations to respect and
to day upon the stock market index of prosperity, we reverence our stand for peace; that, though void of
forget that the soul conquers all things by surveying offense,some day we will be attacked, will be "drawn
the "passing show" with equanimity. And for this in" by another engulfing conflict. Why be filled
reason we do not reason wisely on the enervation of with a nameless dread? Why fear the unknown?
an expectancy of war. When do we meet to consider Why express abhorrence for a pacifist people? Our
the true preparedness for peace? Memorial Day argument is that the mere coupling of "preparedcomes and we mourn the dead—often without a sol- ness" with peace tends to nullify the effect of our
emn dedication to the arts and thoughts of peace. teaching and prevent the fibers of pacific thought
No high resolve to supplicate the souffor concentra- from taking root that they may blossom into the fruit
tion and contemplation on a world at peace engages of unchanging character.
us. Necessary and beneficial as our business life
Perhaps there is thought-transference. There
may be, we hurry back to the scramble and search for may be a crowd-psychology. There seems to be growwealth, conscious mainly of the need to hurry before ing in democracies a class-consciousness. But a peowe shall hear the "creaking hinges of death." Our ple earnestly contemplating peace can by the sheer
children and "our children's children" are swept force of example arrest the attention of nations still
along to the tide—until there comes the time of war holding to the chance security of standing armies.
that lurks in our unregarded anticipation.
Put the whole matter this way: Another World
We bespeak no utter disregard of the possibilities War will send the peoples into such retrogression
—rather a more sacred devotion to the thought that that the downfall of civilization may ensue; therewar will never come to a world that preaches forgive- fore the conscious cultivation of pacifism as a means
ness and practices forbearance. • Yet even this is in- to an end cannot be a crime. The.word is unworthy
efficient. The sublime desire for peace must be ever the scorn of considerate men. We should not blow
with us. When we are conscious that peace is the hot and blow cold in the same breath. We should
goal of our personal and Governmental endeavor we make it unmistakable that our country and people
will make preparedness in a military sense the inci- are for peace, not as incidental to forecasted war, but
dental to our teaching of the crime of war. It was a for peace that contemplates only the expulsion of
futile and many thought a foolish crusade that went war—the war that is a crime against civilization.
forth "to bring the boys out of the trenches by Christmas," but unity of popular endeavor to make men BUSINESS INQUISITIONS—HARASSING COTTON MERCHANTS.
think long on peace, now that we are at peace, would
Cotton, once declared to be King,is now one of the
not be foolish or futile. You ask for a practical
method. We answer that we have none. Encourage- objectives of the investigating mania. After the Senment to peace societies in their work is well. The ate had originally assigned this inquiry to its own
pulpit and the press are divine agencies. But above Committee on Agriculture and Forestry, Senator
all, each has a part to play in educating his own soul Norris, head of that committee,.caused a resolution
by controlling his own thought that he may mould to be passed on January 31 substituting the Federal
and shape a human and worldly character to the Trade Commission and directing it to look into al-
JUNE 91923.]
THE CHRONICLE
leged violations of the anti-trust laws in operations
in cotton, including the conduct of cotton exchanges
"and operations upon such exchanges by corporations, partnerships and individuals, the effect, if
any, of such operations in future contracts on the
price of spot cotton . . . the relation to such antitrust law violations of the demand for cotton and
the supply and methods of marketing it in inter-State
and foreign commerce."
The resolution directs this to be done in pursuance of the powers granted by the Commission Act
of 1914. The grant is substantially confined to Sections 5 and 6. The former directs the Commission,
"when it shall have reason to believe" that "any unfair method of competition in commerce" is being
used by any person or corporation, to serve a complaint stating the charges and order a hearing, if the
Commission thinks such a proceeding "would be to
the interest of the public." Section 6 empowers the
Commission "to gather and compile information concerning, and to investigate from time to time the organization, business, conduct, practices and management of, any corporation engaged in commerce, excepting banks and common carriers, subject to the
Act to regulate commerce, and its relation to other
corporations and to individuals, associations and
partnerships." The Norris resolution especially
cites, as justification for the cotton inquiry, subdivision (d) of this section, which empowers the Commission, "upon the direction of the President or either
House of Congress, to investigate and report the
facts relating to any alleged violations of the antitrust Acts by any corporation." Subdivision (b) also
grants power to require of corporations engaged in
commerce (banks and common carriers excepted),
either annual or special reports or answers to specific questions "furnishing to the Commission such
information as it may require as to the organization,
business, conduct, practices, management and relation to other corporations, partnerships and individuals of the respective corporations."
The Commission is a fact-finding body solely, for
it can report to the courts and must then stop; as
most readers will remember, it has repeatedly complained of its lack of power to "do" anything or to
enforce its own convictions.
On May 23 the Commission sent to many cotton
merchants a letter-missive inclosing a string of 77
questions, which are multiplied by being made applicable to several past years. The probe as to assets
calls for cash on hand and in bank; bills and accounts receivable; inventory of cotton and other materials on hand; insurance premiums paid in advance; life insurance policies; Federal securities;
other investments; good-will, etc., etc. As to liabilities, 14 similarly minute items are dettanded, and
profit-and-loss is to be analyzed in 23, some of them
these: "profit and loss before charging or crediting
interest; interest received, interest paid; profit and
loss after charging and crediting interest; other
gains and losses; total net profit and loss; surplus
at beginning of year; dividends paid and withdrawn;
Federal income taxes; other surplus items; surplus
at end of year."
Literally speaking, all this and indefinitely more
might be demanded under Section 6, since personal
and household expenses of corporate officers might
be said to bear upon "conduct, practices and management," but there must be some limit to the relativity
of "facts relating to any alleged violations of the
2573
anti-trust Acts." No mercantile agency and no bank
would put such questions, impertinent in both the
common and the etymological meaning of that word,
some of those noted above being personal and private in the fullest degree. Suppose every question
answered to the minutest detail, the result could not
aid any legitimate purpose of any honest business;
further, the labor involved would be a burdensome
addition to what men, organized and unorganized,
now have to do.
The physical and bodily part of human life is
mainly on three lines: production, trade and exchange, consuniption. Persons engaged in either of
the three have troubles enough already, in a time
when foreseeing the morrow is harder than ever before, without harassing them needlessly. We have
all been looking longingly for the promised "more
business in Government," and it is only just to say
that some of that has been attained, which is a great
step won; but the fellow-promise of "less Government in business" is not less awaited. How soon
shall we see its beginning? Must the demand for it
be formulated first?
CAN A STATE PREVENT TEACHING OF A
FOREIGN LANGUAGE?
In cases brought from Nebraska, Ohio and Iowa,
the United States Supreme Court has just decided
that a State has no power to bar the teaching of German (or, inferentially, of any other foreign language) in the schools. The principal case came from
Nebraska, where the State's highest court had upheld the conviction of a parochial school teacher for
instructing a ten-year old child in German, contrary
to a statute forbidding teaching any but the English.
The majority opinion was by Justice McReynolds, with Justices Holmes and Sutherland in
dissent.
The question for determination, said the opinion,
is whether the guarantee of the 14th amendment that
no person shall be deprived "of life, liberty or property without due process of law" is infringed by this
restrictive statute. Complete lines of this "liberty"
have not yet been drawn, but it is established that it
may not be interfered with, "under guise of protecting the public interest, by legislative action which
is arbitrary or without reasonable relation to some
purpose within the competency of the State to effect." To this was added the remark that "determination by the Legislature of what constitutes proper
exercise of police power is not final or conclusive,
but is subject to supervision by the courts."
In defense of the statute it was urged that the intent was "to promote civic development by inhibiting
training in foreign tongues and ideals before children could learn English and acquire American
ideals and that English should become the mother
tongue of all children"; it was also urged that the
foreign-born element is large, "that certain communities commonly use foreign words, follow foreign
leaders, move in a foreign atmosphere, and the children are thereby hindered from becoming citizens of
the most useful type and the public safety is imperiled." But Justice McReynolds objects that liberty
in teachers and parents and also in children is restricted. The plaintiff teacher taught German in
school as a part of his regular avocation, and "his
right thus to teach and the right of parents to engage him so to instruct their children, we think, are
2574
THE CHRONICLE
[VOL. 116.
within the liberty of the amendment; evidently, the accused of seeking to legislate; but the contention
Legislature has attempted materially to interfere of the majority is merely that the attempted restricwith the calling of modern-language teachers, with tion tends to impair the constitutional right of indithe opportunities of pupils to acquire knowledge, and vidual selection.
with the power of parents to control the education
of their own." The power of the State, he said fur- THE NEW YORK STOCK EXCHANGE AND DEVELOPMENTS ON THE CONSOLIDATED.
ther, "to compel attendance at some school and to
make reasonable regulations for all schools, includA member of a firm here which deals in foreign exing a requirement that they shall give instruction in change expresses the belief that several billions have
English, is not questioned, nor has challenge been been sunk in this country in speculative buying of the
made of the State's power to prescribe a curriculum German mark. While that loss must remain conjecfor institutions which it supports." The last remark tural its total is doubtless large, though probably
is pertinent because the statute banned the teaching less than the losses of persons victimized by dealers
of any language except English in all schools, in wild cat "securities." The credulity of these perwhether public, parochial or private. Probably a sons (not all but probably the great majority of them
law requiring some teaching of English in all schools, living at a distance from New York) is marvelous,
or even prescribing its methods or its minimum, for while they might turn away from a mere gnat of
would not be held beyond the powers of a State or be gilded untruth they swallow a camel of it, and the
objected to by anybody; but this statute forliade in- bigger the promise the more eagerly they put faith
structing in any other tongue.
in it.
In dissent, Justice Holmes assumed it as admitIt must once more be said that no blue sky or other
tedly desirable that there should be a common tongue directly-aimed statute can keep a firm barrier bein this country; he seemed to consider the intent of tween these "fish" and the fisherman. Yet,for many
the statute that all should understand English, and reasons, every possible safeguard is due at once to
so could not bring himself to believe that in some cir- them, to the country which suffers by their folly, and
cumstances the statute before the Court might not be to the good name and substantial financial business
reasonable or even necessary; familiarity with a lan- of this city which unjustly suffer by it. Two weeks
guage is most easily established in childhood, and if ago President Cromwell of the Stock Exchange apthere are sections where a child would hear at home pealed to all branch managers and customers' men
only Polish or French or German he deemed it not in Exchange firms to heartily join the Better Busiunreasonable "to provide that in the early years he ness Bureau wherever there is one and where there is
shall hear and speak only English at school, and if none to join all good citizens who wish to suppress
this is reasonable it is not an undue restriction of bucket shops and all other crooked dealers. What is
liberty, either of teachers or of pupils." He con- needed is more public knowledge, and a clear duty to
cluded, however, by saying that he is unable to say aid this rests on bankers and sound merchants everywhether the Constitution forbids trying this experi- where. In this they will have the aid of the newsment of exclusive teaching.
papers, for public duty and intelligent self-interest
In comment upon the foregoing, it may be said that set every decent journal against a form of trading
probably most thoughtful persons regret the gather- which robs legitimate business, undermines confiing of foreigners into "colonies" or "quarters" in our dence, and retards the thrift that the country needs
cities, and also the disposition, much increased by to have develop.
the war, to flock into cities and shun the wider counWhile the Consolidated Stock Exchange is going
try; but there is no apparent power (even if a right through an investigation of itself by a committee,
be assumed) in legislation directly to halt the move- the head of the larger Exchange writes to the "Herment cityward ;similarly, there is no apparent power ald" in reply to that journal's criticism of it for not
in statute to directly check the gathering of persons keeping its ticker quotations away from use by the
of one nationality and tongue into spots and "clots." Consolidated. In May of 1909, says Mr. Cromwell,
After swallowing foreign material rapidly, we are the Exchange passed a resolution declaring that any
suffering from political indigestion, but trying to member having direct or indirect dealings with or
force assimilation by restrictive statutes may per- for a member of the other body shall be deemed to
haps aggravate rather than cure our pains.
have acted against the welfare of the Exchange. But
To "educate," as the etymology of the word shows, in 1913 the State enacted a law forbidding making
is not to put into a child's head a bunch of ascer- or enforcing any rule or by-law by any exchange
tained facts and observed phenomena, but to "lead against dealing at regular rates with or for members
out," that is, to develop mental power and character of any other, and forbidding enforcing any such rule
control. The State rightfully founds and maintains by penalty or discipline. Accordingly, the Stock Excommon schools, and attempts to compel attendance change, after vainly trying to prevent this enactment,
therein, because society must safeguard itself and it obeyed it by rescinding its resolution, says Mr. Cromis at once cheaper and more humane to provide a well. Over 30 years ago, he adds, the Exchange
start in education than to multiply policemen and sought to keep its quotations from the Consolidated,
criminal courts; the alternative to the school is the but a series of injunctions, which have never been
street. Yet when the State assumes to specify, in vacated, positively forbade this. The Exchange mainrespect to all schools alike, what shall be the curricu- tains that these are not applicable to quotations
lum, the question arises how far a majority, through gathered by itself instead of by the telegraph coman enacted statute, can dictate to the individual citi- panies, the latter method being in use when the inzen. Had Justice McReynolds uttered any such junctions were granted; but the Consolidated denies
obiter dictum as that German is an eminently useful this contention, and therefore the larger body could
tongue or that no education is complete which does not cut off the quotations without being obliged to
not include a working knowledge of at least one of make good its contention in court. Further, says Mr.
what we call "modern" tongues, he might have been Cromwell, if the quotations were wholly cut off and
JUNE 91923.]
THE CHRONICLE
the right to do so were successfully established, the
Exchange would Undoubtedly be accused of trying
to put a rival out of existence and the members of
that rival' body would apply anew to the Legislature.
There seems to be force in this latter contention.
The Stock Exchange has been accused of being dictatorial even in its watch over and discipline of its
own members, and would not attempt to make its
quotations exclusive set the "monopoly" cry going
again, with perhaps a renewal of the demand for incorporation and some outside regulation? As an unincorporated and voluntary association, the Exchange ought to be permitted, without attack upon it,
to make rules for its own government and to provide
business facilities of its own without obligation to
share them with any other body; some persons
doubt whether the Consolidated has any public service which justifies its existence and whether its
"small lots" trading could not be otherwise provided
for. This is open to differences of opinion, but while
the main Exchange must avoid as far as possible all
provocation even to unjust and prejudiced hostility,
its duty and its self-interest alike urge it to do all
possible towards confirming honest business lines
without as well as within its membership.
STABILITY IN BONDS REFLEX OF CAREFUL BUYING.
Contributed by W. Cameron Johnston, Portland, Me.
Had Cadmus lived in the present era, he would not have
said, "of the making of books there is no end"; he would
have exclaimed, without doubt, of the issuance of bonds
there can be no end.
If adequate funds for replacement and expansion are to
be provided for corporation and Government needs, bonds
will be ever in the making. From the construction of the
district school house to the re-payment of Government indebtedness there is but one vehicle, the bond; either in its
most primary form or its more attractive cousin, the Treasury note. While the cunning sagacity and mental acumen
of the financiers of each generation have endeavored to devise methods of borrowing less irksome than those of their
predecessors, the bond remains as the appointed "obligation
to pay," secured or otherwise, without regard to measures
for payment.
It is not the purpose of this article to review the various
types of bonds. The scale is limited and the subject hackneyed. Even the most unsophisticated bond buyer should
be able to discern between a well-protected security and one
that is merely related to protection.
The distribution ,of securities within the last decade has
evolved selling systems which would baffle solution by the
statistical economist; while the propaganda for financial
enlightenment of the "public" has not been overlooked by
the charlatan, quasi-banker, or legitimate bond dealer. The
methods employed represent varying degrees of honesty: the
pseudo and the real.
The rapid conversion of our non-buying masses to inv4toFs in Government bonds through the Liberty drives was
nothing short of phenomenal. The pathetic side was the
reaction. Where the buyer, wholly uneducated in bonds
had bought through pride and patriotism, sold his bond
often with the coupon attached; knowing not in the least
the nature of the security purchased. The result was the
belittling of Government bonds. Blazoned advertisements
of shop traders seeking sales and soliciting payment for
goods in Liberty bonds; promoters exchanging bonds for
worthless fortune-making shares; no scheme overlooked to
inveigle the small bond owner to part with his unprized
security.
From what heights had the mighty fallen! Bonds of distinctiveness had declined to the level of merchandise. The
public mind became skeptical of Government credit as each
new loan had met with increasing resistance. Relief was
obtained through the sale of Victory notes to institutions
and buyers versed in bond values. The instability of the
Liberty bond market was the net result of the untutored
2575
selling force; patriotic in motive but unskilled in distributing securities.
Originally the disposal of bonds by banking houses of
issue was through invitation, personal correspondence, or
by sale over the counter. Rarely would a banking house of
the old type sully its dignity to solicit. Many houses objected to typewritten letters lest the client would infer that
the need of selling was one of pressure. Letters were written in long-hand drawing attention to the bond offered and
were often signed by the senior partner. The entire operation was in itself a most dignified approach to the investor;
soliciting his consideration of the security and seeking an
interview at the banking rooms, where the nature of the
obligation could be more intimately discussed prior to purchase.
The morale of the strictest integrity was adhered to, lest
the confidence of the investor should be disturbed; the dominant thought being straightforwardness in bond dealings.
The bond passed from the dealer to the strong box of the
buyer, to be resold only in need of funds. Banking was a
well rated profession and was conducted upon the line of
unimpeachable respectability.
The financial requirements of growing corporations in
the development of the country at large made heavy inroads
upon the capital of the private banker. Fresh money could
only come from new customers, and gradually the mails and
public press were accepted as needful and necessary aids.
Then came personal solicitation.
The transitional period to the present rapid-fire, speed-up
sales program has occupied less than a decade. Where a
banking house had one representative the force was increased to five and the same proportion was followed by
some of the larger houses of distribution. Dignity was
thrown aside ,in the effort to close out an issue within the
hour.
The "Million a Minute" distribution plan has evolved the
so-called financial salesman, a distinct product, "Le Dernier
Cri" of finance, who recites, reiterates and imitates, but is
guilty of no such crime as thinking per se. This atypic creation bases his claim to salesmanship on results. Such is
pathetically true; for whether he represents a responsible
bond house or not, his net results can be defined as an agent
of destruction in the bond market. He produces through
selling to the unwary and leaves discord in his path. He
possesses uncanny selectiveness in clients who, once free
from the glamor of possession by purchase, immediately
seek a market for resale; the inevitable sequence, a falling
market from selling pressure.
We live in an age of specialism. Even the abortive attempts
to teach the principles of finance—minus experience—in
various academic channels has been narrowed by a process
of essential elimination until the student is brought to a
realization of the practical study of financing by a ground
work in the preparation of the bond itself. Possibly this
process of education may so shape itself that it will arrive
at that fundamental basis from which the bond man of 20
or 30 years ago started; namely intimate study of the
mortgage behind the bond.
The older type of men were compelled to know the deed
of trust, indenture or mortgage agreement before offering
the bond to a customer; and by virtue of this training a
special type of bond man was developed who maintained the
absolute confidence of the buyer.
The impossibility to create a bond salesman throng any
system of correspondence or institutional training is evidenced by the numerous failures. The novice flounders
through a series of mishaps and losses to himself and customers until arriving at a point of discernment. Those who
arrive are few.
Psychologically a sixth sense of values has subconsciously
been developed, and yet the development may not occur
until many years have been wasted; if, however, a financial
nidus exists in the brain the transition in development is
more speedy and thorough.
Unfortunately, the young aspirant becomes an imitation
of the more skilled and seasoned material; never possessing
that sense of values which is just as real and tangible in its
existence as the appreciation of tone and color. So keen is
the realization that this sense of value exists, that many
banking houses try out an infinite number of candidates;
well satisfied with the cost of so doing if one or two men are
proven material.
One skilled in handling securities, whether buying or sell,
ing 011 coming in contact with a new bond visualizes the
2576
THE CHRONICLE
offering. The complete concept is formed. Equity, safety,
yield, earnings and marketability pass quickly on the mental
screen—the sum total of constructive values. Whether accepted or rejected, the opinion will be valid, giving a brief
but analytic summary of the integral make-up of the security. Snap judgment is conspicuously absent in such a type
of man. It is a value sense that cannot be easily defined.
There is no truer saying than "a bond well sold is well
put." Every relational fact should be brought out prior to
the sale. Comparison of safety, yield and security of issue
should be thoroughly discussed from every angle. Many
bonds are strong in their own entity but weak from association. The man who speculates in bonds is usually a heavier
loser than he who gambles in stocks; bond markets recover
more slowly.
It is not in the province of the human mind to recite the
names or titles of bonds on the listed or unlisted market.
Their name is legion. Many issues have become obsolete,
either through default, conversion or reorganization; so that
lack of knowledge to answer every question does not imply
Ignorance of the subject on the part of the seller. The essential requirement is actual appreciation of the security
itself.
The average public buyer of to-day becomes skeptical of
his securities on noting the rise and fall of the general market; a natural action of market reflecting the cost or hire
of money. Once let the Great God Fear seize the buyer and
his securities are sacrificed at a loss to the house of issue,
the seller or representative, and the holder.
The seller should be thoroughly familiar with the basic
structure of the obligation itself and the buyer should do
mend such information. It is just as essential that he know
the basic points of security provided for protection of the
bond as it is the price at which the bond can be sold without
undue burden upon the corporate maker of the obligation.
This information cannot be obtained through a hurried interview. Hasty judgment in purchase is just as harmful as
discourteous reception; in both Instances the buyer deprives
himself of financial benefit.
Losses in institutional buying might be lessened through
the return of a custom once in vogue; namely the seller
was invited to appear before the executive committee and
discuss the virtue of the bonds offered. One question suggests another. It is the give and take of conversation that
discloses the weak spot and it is the weak spot which the
broker looks for in making the general market. This custom of open discussion before the boards in banks ceased
in many instances because of the time consumed. And time
written into the overhead in dollars and cents bulked large.
But let any banker take the bonds purchased by an institution since the departure from this custom and compare the
loss with that which was written off when each member of
the Board considered the seller and his security in the open.
The comparison is startling.
[voL. 116.
No buyer, large or small, can be too careful and no banking house of repute is disregardful of this buyer. Statistical
and analytical departments are maintained expressly for
this purpose. There is no lost energy in a house of this kind.
Each representative is expected to keep in constant touch
with the statistical end, just as a research worker consults a
library. It is in the buyer's province to educate himself by
most intimate discussion of securities either with the house
or representative. Ignorance is no excuse for mistakes in
bond buying any more than in law breaking. The penalty
is insolvency of the estate or conformance to the Bank Commissioner's blue penciled notation to write off and salvage
the security.
Return the old custom of purchasing securities. Let the
buyer and seller grant concessions in time to each other.
Purchases and sales thus made will automatically create a
stable market. Confidence in the value of the bond prevents
sudden outpouring on unreceptive markets. The "obligation
to pay" is retained for income, and money so derived is reinvested for the succeeding generations.
The investor schooled in values is a very small fraction of
the percentage of the whole. It is a matter of great misfortune that the average purchaser buys bonds in a haphazard
manner. If questioned why the investment was made, the
reply is "Mr. So-and-So sold them to me,and I guess he ought
to knoW." It is possible that the seller did know, but the
buyer is to learn the real truth on liquidation. Then the
weak spot in the market and the blind spot in the buyer
stand out as a loss.
Many of the large investors who specialize in bank stocks
will not buy the stock of a bank until they know the character of the bonds and methods of purchase pursued by the
bank. Commercial paper rarely defaults, but that may not
be the privilege of a bond.
A bank is in reality the highest type of public utility,
likewise the Investment department of an insurance company. They re-invest public money regardless of the nature
or the purpose of the organization. Safety of invested funds
Is of primary importance. The more interest exhibited in
the seller and his wares, the more satisfactory the purchase.
This is especially needful in country banks. Their isolation
often makes for loss because of the inability or lack of desire
on the part of their executive to study the value of bond offered or attempt to study the personal equation of the seller.
One man can always enlighten the other if temperaments are
adjusted. It is the public that suffers when loss occurs.
Dignity of approach, better and more intensive knowledge
of securities by the seller and exhibition of greater consideration on the part of the buyer will save in the end a loss of
money which, if put into figures, would not be credited.
Banking is a profession of the highest type and should bring
out the very best of man's ability, judgment and skill in values. He is handling the resultant product of human labor,
and the selling of securities is a profession of no mean merit.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, June 8 1923.
Owing to more seasonable weather, general trade in the
United States during the past week has increased somewhat,
especially in clothing. Jobbers and retailers have been
busier. It is true that some of the big industries are still
quiet, notably iron, steel and the textiles. There is considerable curtailment among the cotton mills of New England
and also, it appears, of the South, notably in North Carolina. That is to say, cotton mills in some instances have cut
off half a week in their operations, and even in some cases
recently from one to two weeks in New England. Night
work, to all appearances, has ceased as a rule in Southern
cotton mills. The cotton manufacturers North and South
thus cut down the very heavy overhead somewhat in the
matter of labor costs and high raw material and also prevent an undue accumulation of supplies on a dull market.
The consumer seems to be grumbling somewhat over the
high cost of goods. But summer goods are now selling
somewhat more freely, partly owing to the hot wave which
has latterly swept over the United States, although for a
couple of days past it has again become cooler. New York
has had the warmest weather seen here at this time of the
year for about 25 years. It has helped retail trade. Pig iron
output was on an unprecedented scale in May, but with the
coming of warm weather it will naturally decrease, especially as new buying is relatively small. Taking wholesale
trade the country over, it has been no more than moderate
and in many cases light. And prices in many instances have
declined. Flour prices have been down to the lowest seen
since just before the war. This big industry suffers so far
as export trade is concerned from foreign competition. Wheat
prices have declined partly because of vexatious Government interference with the trading on the grain exchanges
of the country and also largely because of competition from
Canada, Argentina and India, not to mention a rather better crori outlook. Cotton has advanced sharply owing to bad
weather over much of the belt, shrinking supplies and an
acute situation in the July delivery, in which there seems
to be a large short interest both for trade and speculativq
account, so much so that it sells at $18 a bale above the price
of October cotton, something which of itself looks at least
very suggestive. Business men hope that the Ruhr situation
will improve in the near future, and at times they have been
hopeful that it would. Those engaged in the cotton and
grain business have been watching the situation in the Ruhr
Valley quite as sharply as any one else. A settlement of
this vexed question, it is felt, would increase the sale of
JUNE 9.1923.]
THE- CHRONICLE
2577
American cotton and grain across the water. Meanwhile pension of the union rule that only three apprentice brickdeclines in prices of commodities are far more frequent than layers can be employed on one job and a longer working
advances. It is noteworthy, too, that there has been a fall- day with pay for overtime. A union leader asserted that
ing off in building. Figures for. April and May show the there are not bricklayers enough in New York City, despite
revolt of New York builders against the high cost of labor the fact that about 2,500 men have been attracted here by
and material, the'dearness of material being directly trace- the prevailing wages of $14, $16 and $18 a day, adding that
able to the artificial labor scarcity and high wages. In May, there won't be bricklayers enough for six months at least,
it is pointed out, the building permits at 130 cities showed a and that they are advertised for at $18 a day. The 3% imdecreased expenditure of 17% within a month and nearly migration law Dresses upon the industrial interests of the
25% as compared with March, while the gain over May at country with steadily increasing severity.
year was cut down to SY•%. Recently the comparison with
At Chicago, on June 5,.negotiations were opened by the
last year was very much more to the advantage of 1923. Federal Shop Crafts, representing an estimated 54,000 emThe policy of labor has changed all that.
ployees of the Chicago Milwaukee & St. Paul, the Chicago &
Meanwhile,- however, the output of automobiles and petro- North Western and the Southern Railway systems for an
leum, as well as pig iron, as already mentioned, has outdis- increase in wages and return of time and one-half for overtanced any previous records for May. It is a fact, too, that time and Sunday work. The union is seeking a restoration
although trade has recently fallen off in general merch,an- of the wages in. effect before the Labor Board's cut over
disc, the mail order business for five months of this year which the Federated Shop Crafts struck last year. Agreeshows a gain over the same period of 1922 of some 40%; meats reached so far have been at a 3
-cent-an-hour rate,
chain stores gained 20% in the same time, and retail trade bringing the wages to 73. cents an hour, 3 cents above the
in general more than 30%. Taking the country as a whole, Labor Board rate. Within a short time, it is said, union
the feeling is not uncheerful, especially after the touch of representatives were expected to open negotiations with the
more seasonable weather this week and its vivifying effect Northern Pacific and the Southern Pacific. The Southern
on jobbing and retail. trade. It is also worthy of note Pacific has increased the wages of its shopmen 5 cents an
that the stock market has at times shown no small strength. hour, while adding 2 cents to the pay of shop helpers.
Yarn mills in New England and the South are reported to
It is generally- regretted, however, that what looked like
progress a few days ago toward a settlement of the Ruhr be curtailing operations owing to the dulness of trade. It is
situation and the reparations question has met with a check said here that it is not unlikely that in July and August
from the French attitude towards the latest German offer there will be a curtailment of output among cotton mills of
and the stock market, to-day was rather unsettled, while 40% in New England and 25% at the South. The B. B. & R.
comment on the hitch was also heard in the grain and cotton Knight Mills in Massachusetts a.ndIthode Island will remain
markets. It is hoped, however, by the business community closed from Wednesday night until next Monday morning.
that a way out, will.. speedily be found at the instance of The Harmony Mills, Cohoes, N. Y., are curtailing operations
Great Britain and Belgium, with perhaps some new develop- in some departments, owing to dulness of the cloth markets.
meats which will bring France into line and that this run- The curtailment among fine combed yarn mills of Gaston
ning sore of Europe
be healed and the business corn- County. N. C., amounts, it is said, to about 1,000,000 lbs. per
immunity of two hemispheres will feel the currents of new life week, distributed over.98 mills. At Woonsocket, R. I., the
In its trade and commerce.
Nyanza Mill closed at noon on Thursday for the rest of the
A serious shortage of brick is still reported by building week. A rumor that 15 mills in Lincoln and Gaston Counmaterial dealers. .For a week or ten days the building in- ties, N. C., would close for Tuesday and Wednesday was dedustry hi New York City and vicinity will have to manage nied, but it persisted. Five mills spinning fine goods were
as best it may with the supplies on hand and what can be said to.have closed for two days,. to be followed by others.
rushed in by auto truck from nearby brick yards. The last At Lincoln, N. C., it became known later, the Arrow, Elmof the 1922 manufacture, it is said, has been used up. Not grove, Saxony Sninning and the Anderson mills closed on
for two weeks, it seems,
-can the first of the 1923 supply come Tuesday for this week. At Lowe, N. C., the Lowell Mills
down the Hudson River in some measure to relieve the short- have stooped night work, though others continue. The Gray
age. There are said to be about 3,000,0011 bricks on hand, or Sepaek Chain was idle the week. Curtailment among North
little more than enough for two large buildings. The whole- Carolina mills has attracted much attention here.
sale brick market has been cleaned up, partly by speculative
At Brockton, Mass., the strike situation in the shoe trade
builders for whom the striking bricklayers are now working is reported to be steadily improving. The manufacturers cleat $14 and $16 a day. Some say there has been a marked dare that about the normal complement for this season of
shortage since May 21 and that it will continue until June the year is under employment, with about 6,000 at work.
10. Meantime high-priced bricklayers will have nothing to The factories are notifying their old help .who are now out
do. Considerable foreign brick is being used, especially a that if they wish to retain their old positions they must rehigh grade brick from Holland, although other grades of for- turn within the next day or two. The output of autos still
eign brick coming over as ballast in both steamers and sail- keeps up well, though some seasonal decrease is expected
lug vessels are also being used. But this supply will not this month. Meanwhile, however, there is a great demand
make good the scarcity of domestic brick. On the 6th inst. for trucks. In the industry as a whole the production has
a move against snow-balling of wages took shape in a local been maintaining a steady percentage of monthly increase
union contract between the Allied Building Metal Industries over corresponding mouths last year. This has been one of
and Local 52 of the Housesmiths' International Union in an the interesting and suggestive facts in the 'general business
agreement to hold good until Jan. 1 1924. The announce- situation.
ment of the agreement was naturally received with gratifiRaw silk prices were 20 yen lower in Yokohama on Tuescation in trade circles and hope was expressed that it would day; 85% of the stores reporting from all parts of the counbe a step toward ,the stabilization of labor conditions. The try to the first sales barometer of the National Dry Goods
employers have consented to pay $1 additional to the iron Association, recorded gains in trade in May over the correworkers until Dec. 31 1923. This is in line with the extra sponding month last year.
compensation recently granted to 29 crafts of the 44 in the
Fires and floods have imperiled a wide area in the
old Building Trades Council. Conferences between employ- Northwest. Wisconsin towns have had to fight flames
ers and employees in other industries are being held,- and it heading in their direction. Valuable timber in Minnesota
is expected that similar wage increases will be granted in the and Michigan has been burned. On June 2 forest fires and
remaining crafts. Union officials reiterated their statement floods were Menacing various sections of the Northwest in
that it was difficult to get men who were being paid $14 and the United States and adjoining Provinces in
Canada. While
$16 a day on jobs by speculative builders to do work on rain is being vainly prayed for in the
forest fire areas, virschools paying $12. The Mayor of New York has been beg- tual cloudbursts caused distressing
conditions in Alberta.
ging the bricklayers not to delay work on the public schools One death due to the floods was
reported at Blairemore,
which are so sorely needed here. Leaders representing both Alta. In the Crow's Nest Pass
district and the Okotoks area
sides in the bricklayers' strike and a committee appointed by overflows flooded the town.
Trains were tied up and hunMayor Hylan to try to settle it conferred on June 5 at the dreds of automobiles
stalled in the southern part of the
City Hall and agreed on terms to be submitted to the brick- Province. More than 200 men on the 2d inst. were battling
layers' union and the Mason Builders' Association, which if to keep the flames
from entering Superior National Forest
accepted will end the strike in so far as it affects the build- in Minnesota. The
forest was completely surrounded by
ing of schools. The terms are a minimum wage of $12 a day fires. In Iron County, Wis., and across the State border in
($1 50 an hour.) for two years on all school work; the sus- Gogebic County, Michigan forest fires were sweeping on-
•
2578
THE CHRONICLE
ward, taking a heavy toll in timber, summer resorts and
lumber camps. At Upson, Wis., the entire population was
fighting to save the town. At Saranac Lake, N. Y., on June
5 heavy showers during the night greatly relieved the forest fire situation in that section of the Adirondacks.
The first hot wave of the season struck New York on June
2 with a temperature of 88, the highest on that date since
1893,followed by two days of 84 to 86 and then on June 6 by
88 again, with the temperature the highest for that date in
24 years. In Albany, N. Y., the mercury rose to 96, and in
Boston to 94. Even at Portland, Me., it was 92. At Chicago and Pittsburgh it was 90 on the 4th inst. and 88 on the
5th inst. The hot wave was finally broken on Thursday
afternoon by rains which sent the thermometer down to 65
at 6 p. m. and 63 at 9 p. m. Friday it was cool and
cloudy and 59 degrees at noon, with a forecast for fair and
still cooler weather overnight. It was cooler throughout the
country.
Federal Reserve Bank of Cleveland Describes Business
Pulse as Steadier.
An editorial in which it is stated that "the business pulse
is steadier—not weaker—as a result of the discriminating
attitude which people are adopting," appears in the "Monthly
Business Review," dated June 1, issued by D. C. Wills,
Chairman of the Board of the Federal Reserve Bank of
Cleveland. The editorial continues:
A well developed spirit of conservatism is now evident, which to us is
reassuring. 'I his is an indication that a continuation of sound prosperity
Is preferred to the "boom" variety which is frequently deceptive In its
Impetus.
' One of the principal reasons for this discriminating attitude is that pro-.
duction in various lines has risen somewhat over consumption; or at least
It is working a little ahead of the volume of business transactions. Restrictive buying sometimes indicates less consumption than is actually
going on.
Again, some business men do not want industry to travel so fast that it
will become travel-worn. The stone bruises of the past have been fairly well
cured, but the memory of them is still fresh. There is little evidence of
unwieldy inventories: there is evidence of a desire to keep bills paid up.
The average individual is able to buy for his needs; he has the chance to
indulge in extravagances, but he seems to prefer putting his money to more
substantial uses.
During our last experience with the undue expansion of business, with
definite knowledge of serious trouble ahead. "whistling in the dark" was
resorted to in order that all available profits could be gained before the break,
arrived. Now there is an absence of this condition.
The view of the ultimate future of the farming situation is clearing.
Many well-to-do people throughout the country are buying up farm securities, bonds of Federal Land banks and Joint Stock Land banks, and when
investors as a whole are willing to buy, it is a real indication of faith In
the stability of their purchase. This ready market for fram securities has a
reflex action upon the farmer himself since it proves to him that his industry
Is receiving increasing attention from conservative investors. The desire
for tax free investments must also be taken into consideration, but it is
doubtful if this would be sufficient to cause the general buying movement,
were it not for the belief that the farmer is gradually returning to a sound
position.
Slackening of Industrial Expansion in Federal Reserve
District of Philadelphia.
"The past few weeks have witnessed a definite slackening
in wholesale buying, further price recessions on many commodities, and to a certain extent a slowing down of industrial
operations," says Richard L. Austin, Chairman and Federal
Reserve Agent of the Federal Reserve Bank of Philadelphia,
in his June 1 summary of business conditions in the Philadelphia Reserve District. Mr. Austin also says in part:
Much of the change, it Is true, is of a seasonal nature, as a lull usually
occurs in April. But the curtailment of purchasing is probably in large
measure attributable to the unwillingness of buyers to meet the steadily
advancing prices. As a result of this resistance, the prices of many commodities that had reached new high levels in February and March have declined
substantially during April and May. Copper, tin and lead have declined
from one to four cents a pound since March, and even some of the iron and
steel products, which had been in excellent demand, have recently displayed
a trend toward lower levels. Bituminous coal has been falling in price
steadily for the past two months, and quotations on crude petroleum and
refined oils receded during May in spite of the record-breaking consumption
of petroleum products. Other commodities, including sugar and rubber,
have also declined in recent weeks, the latter being quoted on May 18 at
26 cents, or more than 30% below the 1923 peak.
This falling off in prices has naturally led to reduced ordering of manufactured goods,and in some instances to cancellation of orders or to requests
for postponement of shipments. Textile mills in this district, with the
exception of those making carpets and rugs, are busy on old orders, but are
receiving little new business, and in some cases note a few requests for
cancellations. Underwear manufacturers report dull business and a number of cancellations, but hosiery mills, especially full-fashioned mills, are
receiving a fair volume of business. Iron and steel plants are very active
In filling existing orders, but there have been few inquiries for future delivery, and some slight price concessions have been made. Building
material manufacturers, in general, are well supplied with orders and have
been especially active during the spring months. But in the case of certain materials, notably bricks and lumber, some firms report a falling
off in inquiries of late.
Industrial operations, on the whole, are still being maintained at a high
rate, and the recent decline in buying is not an unfavorable development,
of conservatism which should prevent anyas it reflects a healthy feeling
thing in the nature of a runaway market.
in the rate of industrial expansion is seen in
Evidence of a slackening
the employment reports received from representative manufacturing es-
[VoL. 116.
tablishments in this district. Employment increased from March to April,
It is true, but only by 8%,a smaller increase than In any previous month of
this year. In March, employment at the 502 establishments reporting
to this bank was 1.7% larger than in February, and in the latter month it
was 2.6% greater than in January. Furthermore, only 14 of the 31 industries included in our index contributed to the advance; in 11 industries
decreases were reported, and 6 showed no change. Many of the changes
however, were of a seasonal nature. Canneries reported the usual expansion in preparation for the busy summer season, and employment at cement
mills and petroleum refineries also increased seasonally. Foundries and •
machine shops, iron and steel plants, shipyards, paper mills and bakeries
all showed increases, while sugar refineries, most of the textile mills, and
glass plants reported smaller employment in April than in March. On
the whole, the changes in the other industries were inconsequential. The
accompanying tables show our revised index numbers of employment and
wages in 502 manufacturing establishments in the Third Federal Reserve
District.
General industrial employment in the district is now more than 5% greater
than in January and 20% larger than the 1922 average. It is significant
that the bigger establishments in the district have shown a greater percentage
increase in employment since 1922 than the smaller. Seventy-six of the
502 reporting establishments are large plants employing more than 500
workers. Employment at these plants is now 22% greater than the 1922
average, whereas the smaller plants, I. e., those employing less than 500.
have increased only 9%.
Compromise of $11 a Day Suggested to End Strike of
Bricklayers by Public Group.
A compromise was suggested on June 7 by the Committee
of the Public Group of the Building Industry to end the
strike of bricklayers on work of the Mason Builders Association by an agreement to set $1 373/ an hour, or $11 for a
day of eight hours' work,as the basic rate for bricklayers for
a period of two and a half years. No brick work has been
done on construction valued at $200,000,000 since.the bricklayers left work of the mason builders on May 21 after they
were refused an agreement to establish a $12 a day wage
rate for a period of two years. Richmond H. &limy°, of
Carrere & Hastings, architects, as Chairman of the public
group, in a statement sent to the New York executive committee of the bricklayers' unions and the emergency committee of the Mason Builders Association, declared that a
settlement on these terms was thought wise in order to
secure "a stable building situation on a reasonable basis for
the longest possible time."
"Snowballing" of Wages Banned in New Building
Trades Agreement.
For what is said to be the first time in the history of the
labor movement in the United States an agreement was
written into a labor union contract on June 6 condemning
the practice of "snowballing" wages in the building trades,
and pledging workmen and employers alike to combat this
practice. This precedent, it is stated, was established in
an agreement signed between the Allied Building Metal
Industries and Local No. 52 of the Housesmiths' International Union, which is to hold until Jan. 1 1924. The
"snowballing" clause provides that "it is agreed to exercise
the utmost discipline possible to prevent the members of
either side 'snowballing' wages," this term defined as "the
practice on the part of employers offering higher wages than
those provided for by agreement, in order to obtain workmen,and the practice on the part of workmen,individually or
collectively, of demanding, before accepting employment,
higher wages than those provided by agreement."
Bank of America on the Egg Market of Metropolitan
New York.
Metropolitan New York consumes 156,791,000 dozen eggs
a year, according to a survey made by Charles P. Junod and
issued on June 4 by the Bank of America, New York. Last
year the average price of eggs per dozen was 25.48 cents, the
lowest point it has reached in years. In 1921 the average
price was 29.31, in 1920 44.37, and in 1919 41.03. The
total value of the eggs produced last year was $500,008,000.
There is a great deal of popular misconception on the subject
of cold storage, the survey states, adding:
Eggs are not put into storage when it is possible to sell them at a reasonable price. However', under present conditions cold storage is the only
means by which the producer can avert loss when the price of eggs drops
below the cost of production, just as it is the only means which Insures an
even and continuous supply of eggs for the metropelLs during the winter.
On the other hand, storing eggs is no certain preventive of loss.
Forthcoming Treasury Financing.
Under date of June 7 the New York "Times" printed the
following from Washington:
It was indicated to-day at the Treasury that announcement of the June
financing program would be made within a few days. Officials declined to
discuss the probable amount that would be borrowed, but unofficial calculations placed it in the neighborhood of $200,000,000, the total of certificates
of indebtedness that mature on June 15.
The quarterly payment of income and profits taxes, due June 15, Is expected to supply enough funds to pay the Government's current expenses,
leaving only the maturing certificates to be cared for by the new issue.
JUNE 91923.]
THE CHRONICLE
2579
Current Events and Discussions
The Week with the Federal Reserve Banks.
Aggregate increases of $3,900,000 in discounted bills, as
against reductions of $9,600,000 in acceptances purchased
in open market and of 86,500,000 in Government security
holdings, accompanied by an increase of $24,400,000 in
deposit liabilities, are indicated in the Federal Reserve
Board's weekly bank statement issued as at close of business
on June 6 1923, and which deals with the results of the twelve
Federal Reserve banks combined. Federal Reserve note.
circulation remained practically unchanged, cash reserves
advanced $2,700,000, while the reserve ratio shows a decline
from 76.1 to 75.7%. After noting these facts, the Federal
• Reserve Board proceeds as follows:
Aggregate increases of $35 600,000 in the holdings of discounted paper
;
areshown for seven Reserve banks, the New York Reserve Bank reporting
an increase in these holdings of $23,300,000. Decreases in the holdings
of discounted paper, aggregating $31,700,000, are shown for five Reserve
banks, chiefly Boston and Cleveland, which report decreases of $14,700,000
and $8,600,000, respectively.
Gold reserves showed a further gain for the week of $4.900,000 and
stood at $3,113,700, an increase for the present year of $66,300,000, compared with an increase of $135,100,000 for the corresponding period of last
Year. The inter-district movement of gold, largely through the settlement
fund, has been away from New York City, also from St. Louis, the local
Reserve banks reporting decreases in their gold reserves of $10,400,000 and
57.000,000, respectively. Smaller reductions in gold reserves, totaling
slightly over $8,000,000, are shown for the Philadelphia, Cleveland and
Chicago banks. Boston reports an increase in its gold reserves of $13,_
900,000, San Francisco an increase of $4,100,000, Kansas City an increase
of about $4,000,000, and the four remaining banks a combined increase
of $8,300,000.
Holdings of paper secured by Government obligations increased during
the week from $371,500,000 to $384,100,000. Of the total held on June 6,
3190,200.000, or 49.5%. were secured by United States bonds,$178,800,000,
or 46.6%, by Treasury notes, and $15,100,000, or 3.9%, by Treasury
certificates, compared with $214,000,000, $143,300,000 and $14,200,000
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 2611 and 2612. A summary
of changes in the principal assets and liabilities of the Reserve banks, as compared with a week and a year ago,
follows:
Increase (+) or Decrease (—)
Since
May 291923. June 7 1922.
Total reserves
+$2.700,000 +564,200,000
Gold reserves
+4.900,000 +103,600,000
Total earning assets
—8,400,000
—12,200,000
Discounted bills, total
+3,900.000 +314,700,000
Secured by U. S. Government obligations +12,600,000 +235,200,000
Other bills discounted
+79,500.000
—8,700,000
Purchased bills
—9,600,000 +112,100,000
United States securities, total
—6,500,000 —435,100,000r
Bonds and notes
—10,100.000 —101,900.000
U. S. certificates of indebtedness
+3,600,000 —333,200,000
Total deposits
+79.000,000
+24,400,000
Members' reserve deposits
+71,600.000
+21.500.000
Government deposits
+11,300,000
+9,400,000
Other deposits
—3,900,000
—6,500,000
Federal Reserve notes in circulation
+108,700,000
F. R. bank notes in circulation—net liability- —100,000 —70,200,000
at the New York City banks comprise net withdrawals of $38,000,000 of
Government deposits and of 531,000,000 of net demand deposits, as against
an increase of $6,000,000 in time deposits.
Borrowings of the reporting institutions from the Reserve banks show
an increase for the week from $436,000,000 to $459,000,000, or from 2.6to 2.8% of their total loans and investments. For member banks in New
York City an increase from $101,000.000 to $106,000,000 and from 1.9 to
2.1% in the ratio of these borrowings to total loans and investments is noted.
Reserve balances of the reporting banks declined about $46,000,000, the
New York City banks reporting a reduction of $29,000,000 in this item.
Only nominal changes are shown for cash in vault.
On a subsequent page—that is, on page 2612—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 chaves in the principal items
as compared with a week and a year ago:
Increase (+) or Decrease(—)
Since
May 23 1923. May 31 1922.
Loans and discounts—total
—$52,000,000 +3934,000.000
Secured by U. S. Govt. obligations
+5,000,000
—50,000,000
Secured by stocks and bonds
—5.000,000
+311,000,000
All other
—52,000,000
+673.000,000
Investments, total
+543,000,000
—1,000,000
U. S. bonds
—6,000,000
+199.000,000
U. S. Victory notes and Treasury notes_ —27,000,000
+462.000,000
Treasury certificates
+6.000,000
+1.000,000
Other stocks and bonds
+31,000,000 —124,000,000
Reserve balances with F. R. banks
+21,000,000
—46,000,000
Cash in vault
+2,000.000
—1,000.000
Government deposits
+59.000.000
—90,000.000
-Net demand deposits
+123.000,000
—43,000,000
Time deposits
+772.000,000
+17,000,000
Total accommodation at F. R. banks
+302,000.000
+23,000,000
Floating of $25,000,000 Austrian Loan in United Stateit,It is understood that the $25,000,000 Austrian loan, to
be brought out in this country and to which reference was
made by us May 26, page 2335, and a week ago, page 2459,
will be floated the coming week by the syndicate headed by
J. P. Morgan & Co. In stating on June 4 that final arrangements for bringing out the American portion of the loan
were being made in London, ad-vices from that city, published in the "Journal of Commerce," added:
Thomas W. Lamont; of J. P. Morgan & Co., and Montage 0. Norman,
Governor of the Bank of England, to-day reviewed the latest first-hand
reports brought from Vienna by Dr. Zimmerman, League of Nations High
Commissioner for Austria.
Mr. Norman expressed the highest satisfaction with conditions in the
country and added: "The reconstruction of Austria becomes more and
more necessary as the Ruhr situation becomes mbre acute. The fact that
the Austrian currency has been the stablest in Europe since its stabilization
last September, is encouraging at the moment of launching this reconstruction loan, which is a form of international collaboration new in the world's
history."
Sees Austrian Recovery.
It was an extremely encouraging report Dr. Zimmerman had to make of
Austria's rapid rehabilitation. He said that during the past ten months
the country had undergone a complete change; new life and new hope had
come to the Austrian people and the foundations of a new prosperity had
been laid through a plan of constructive international effort new in the
World's history.
From information respecting the new loan which was
The Week With the Member Banks of the Federal made available this week, we quote the following:
Reserve System.
The Loan and Its Guarantees.
Further reductions of $52,000,000 in loans and discounts
The Austrian Government guaranteed loan 1923-1943 is to be an interItaly,
and of $32,000,000 in Government security holdings, as national loan to be issued in Great Britain, France, States Switzerland,
of
Belgium, Holland, Sweden, Austria and the United
against an increase of $31,000,000 in other investments, in bonds of various denominations and in various currencies for America,
amounts
are shown in the Federal Reserve Board's weekly consoli- sufficient to yield in the aggregate an effective sum equivalent to not
dated statement of condition on May 29-30 of 774 member exceeding 630,000,000 Austrian gold crowns, or about $126,000,000.
Of the total authorized loan, bonds to the amount required to yield
banks in leading cities. May 30 was observed as a legal an effective sum of not exceeding 585,000,00 Austrian gold crowns (of
holiday in most of the States and, accordingly, figures for which the present issue of guaranteed dollar bonds forms part) are guarredemption
banks in such States are shown as at close of business on anteed as to principal, interest andeach case, of payments by the'tindermentioned States, to the extent, in
the proportion stated:
Tuesday May 29. It should be noted t
Great Britain, to the extent of
ea
ihat the figures for
24%%
France, to the extent of
these member banks are always a week behind those for the
Czechoslovakia, to the extent of
Federal Reserve banks themselves.
Italy, to the extent of
24 %
2031%
Reduction in "all other," largely commercial, loans and Belgium, to the extent of
2%
Sweden, to the extent of
2%
discounts accounts for practically the entire reduction in
Denmark,to the extent of
1%
loans and discounts above shown, an increase of $5,000,000 Holland, to the extent of
1%
in loans secured by Government obligations being offset by
Total
100%
an equal decrease in loans secured by corporate and other
As part of the authorized amount of
loan, the Austrian Loan Comobligations. Member banks in New York City show an mission states that, through advances tothismade by the Swiss and Spanish
be
increase of $4,000,000 in loans on Government securities, as Governments, an additional amount of upwards of 45,000,000 Austrian
with
against reductions of $7,000,000 in loans on corporate gold crowns will be made available. This amount, togethercrownsthe
proceeds of the bonds
as
gold
securities and of $24,000,000 in other loans and discounts. above stated, will, it is to produce 585,000,000 Austrian Government's
now estimated, be sufficient for the
Further comment regarding the changes shown by these requirements. Such advances as above described will rank equally on
the pledged revenues, but will not have the Government guarantees.
member banks is as follows:
Before each
made, every guarantor
Net withdrawals of Government deposits from the reporting institutions
totaled $90,000,000, other demand deposits (net) show a decline of $431000,000, while time deposits went up $17,000,000, and for the first time are
shown in excess of $4,000.000,000. Corresponding changes for the week
issue forming part of the loan is
State will deposit with the National Bank of Switzerland, in the name of
the trustees for the loan, its own bonds of like tenor and currency to cover
the amount of its guaranty in respect of such issue
. Dollar
'
the service of the issue to be made in the United States of bonds securing
America. have
2580
THE CHRONICLE
been duly deposited with the National Bank of Switzerland in the name of
the trustees by the several guarantor States. Should funds for the payment of any coupons or of any sinking fund installments of the loan not be
in the hands of the trustees thirty days before the date due, these bonds
and coupons, to the extent necessary, are to be immediately collectible by
the Bank of Switzerland. without any further consent or authorization by
the guarantor States, and without any action by the bondholders.
The Austrian Government covenants to pay during the life of the loan
a fixed annual sum which, after deducting the annual interest on the bonds
at the time outstanding, is to be sufficient to redeem the entire loan in
annual installments by maturity. The quota available for amortization
of the American issue, increasing from about $600,000 in the first year to
about $2,200,000 in the last year, will be used in the redemption of bonds
of the American issue by lot at 100% and accrued interest, or.if the Austrian
Government shall so elect, in the purchase of bonds in the market, if
obtainable at less than 100% and accrued interest.
Security for the Loan.
In addition to being direct obligations, in respect of the payment of
principal, interest and sinking fund, of the Federal Republic of Austria, the
bonds of this loan are secured by a first charge on the gross receipts of the
customs and the tobacco monopoly of the Austrian Government. This
charge extends also to an existing advance from the Czeobo-Slovakian
Government of not exceeding 13.500.000 Austrian gold crowns and to
any loan which the Austrian Government may raise to provide for the
redemption. after June 1, 1934. of the outstanding balance of any particular
issue forming part of the loan now to be contracted. No further charge on
these revenues may be created ranking in priority to. or part passu with, the
above charges.
Offering of Austrian Loan in Great Britain.
On the 8th inst. the New York "Times" announced the
following from London:
The Bank of England is inviting subscriptions to approximately £11,000,000 of the £14,000,000 slice of the Austrian loan to be floated here.
The remaining £3,000,000 are being issued to the British Government in
satisfaction of amounts due from Austria. The loan is at 6%, issued at
SO and redeemable in 1943 by a cumulative sinking fund.
On the same date the New York "Commercial" stated
that it had been announced in a London cablegram that the
British portion of the Austrian loan had been quickly underwritten.
Austrian National Bank Appoints Foreign Adviser.
The following Associated Press correspondence from
.Vienna May 18 appeared in the "Journal of Commerce"
of June 7:
The National Assembly has approved the appointment of a foreign
adviser to the Austrian National Bank. There was considerable opposition
to the measure by the Social Democrats.
It is predicted that the coming of this foreigner will be followed by other
foreigners to take charge of the Federal railroads, the tobacco monopoly
and the departments of posts and telegraphs.
Great Britain to Pay Semi-Annual Interest on Debt to
United States.
Associated Press cablegrams from London June 7 state:
Sir William Joynson-Hicks. Financial Secretary of the Treasury, informed
a questioner in the House of Common to-day that it had been agreed to pay
the interest on the British war debt to America semi-annually on June 15
and Sept. 15. The installments on the principal of the debt will be payable
each December 15.
Huge Over-Subscription to Belgian Loan.
following press advices came from Brussels June 7:
The
Subscriptions to the last Belgian "billion franc"loan for the reconstruction
of the regions devastated in the war have reached a total of twenty billions.
Most of the large subscriptions have come from a consortium of banks.
Stock Exchange in Manila
The New York "Times" printed the following June 2:
A Stock Exchange, the first in the Philippines, will soon be in operation as
a result of a meeting in Manila yesterday, attended by Governor General
Leonard Wood,and representatives of all the Chambers of Commerce of the
archipelago, according to wOrd rec:ived here yesterday.
For.. 116.
According to the experts, the bank would be in a position, if Parliament
rejects the proposal for a further postponement of a return to a gold footing,
of seeing its paper notes higher in value than the corresponding number of
crowns in gold.
Germany's Latest Proposals to United States and Allies
Respecting Reparations.
Germany's latest proposals looking toward the adjustment of the reparations issue were conveyed in a note presented to the United States, Great Britain, France, Belgium,
Italy and Japan on June 7. The note supplements Germany's reparations offer of May 2, Herr Rosenberg, in
indicating this on the 7th inst., stating, with respect to the
present communication,"we limited ourselves to those points
which the answers of the Allies had in common, and we
answered in a form which is prima facie supplement unto
and explanatory of our note of May 2." He went on to
say: "The answers of the Allies made three principal complaints: first, the amount of the offer; second, the construction of our note; third, the insufficient detail of economic
guarantees offered by us." The reparations offer of May 2,
given in our issue of May 5, page 1951, proposed that "the
sum total of Germany's obligations as to payments in cash
and in kind by virtue of the Treaty of Versailles is to be fixed
at 30,000,000,000 gold marks, of which, by a bond issue at
normal rates on the international money market 20,000,009,000 are to be raised before July 1 1927, 5,000,000,000 before
July 1 1929 and 5,000,000,000 before July 1 1931." As
was noted in these columns May 5 (page 1952), the May 2
terms were found unacceptable by France; Great Britain's
reply which found the proposals "inadequate," and that of
Italy expressing disappointment over the proposals, were
referred to in our issue of May 19, page 2198. To quote
from a copyright Paris cablegram to the New York "Times,"
June 7, the supplementary note "proposes that the railroads
shall be run for Allied profit, that a guarantee fund shall be
arranged by German industry and agriculture to pledge an
annual revenue to the Allies, and that, finally, the alcohol
and tobacco monopolies shall be devoted to reparations, the
whole to yield between 1,200,000,000 and 1,500,000,000
gold marks, as from July 1 1927." We also quote as follows
from the Associated Press accounts from Berlin, June 7:
The document is brie land wholly devoted to elucidation of the moot
points on which the creditor nations had requested amplifying statements.
It makes no mention of the political situation. the Ruhr occupation or the
• question of abandoning the passive resistance, and indulges in no recriminations. Neither does it refer to the conditions under which Germany is
prepared to carry out the payment of the annuities.
The annuities would become effective in 1927. and their number and
amount would depend wholly on the degree of Germany'seconomicrecovery.
The memorandum declares an inevitable requisite to a practical solution of
the reparations problem Is the early convocation of a general conference to
which Germany would be admitted on an equal basis. On this point the
note says:
"Germany's capacity to pay depends on the character of the settlement as
a whole. A method of payment can only be arranged in direct consultation
with those who are to receive payment. The guarantees can only be worked
out in detail with the collaboration of those whom they are intended to
serve."
The memorandum reaffirms Germany's good will and readiness to meet
her reparations obligations, and asserts the conviction that the entire problem should be submitted to an impartial inquiry, the verdict of which, it
declares, would be accepted by the German Government.
As a guarantee for the annuities. the German Government pledges the
Federal railway system,which would be capitalized at 10.000,000.000 marks
yielding an annual bonded interest of 500.000,000 marks.
A further 10,000,000,000 marks would be guaranteed by a gold 5% mortgage,security for which would be furnished in physical holdings ofindustry,
agriculture and shipping, and the gold obligations assumed by banking and
commercial interests and private real estate. This levy, it is estimated.
would also yield 500,000.000 gold marks. The additional 200,000.000 of
the annuity total would be raised by increased customs duties on articles
ofluxury and the creation of a Government monopoly in tobacco and spirits.
The text of this week's note is given as follows in the
Associated Press advices from Berlin, June 7:
After full and careful consideration Germany has stated her sincere belief
Prussian Potash and Rye Loans Over-Subscribed,
to her capacity to make payment for reparations. The German GovernFrom Berlin, June 1, the "Journal of Connneree" an- as would not be actifig fairly and it would not bring the real solution any
ment
nearer if. for the sake of temporary alleviation of its political difficulties, it
nounced the following advices:
promise more than in its judgment the German people can, with the
The Prussian Government closed subscription lists to-day on two 5% were to
effort, perform.
State loans in real values after both issues had been several times over- utmost
Nevertheless, the question of Germany's capacity is one of fact on which
subscribed. One of the loans floated amounted to 100,000,000 kilograms
different opinions can be held,and the German Government admits the diffiof potash and the other to 400,000 centners of rye. The subscriptions to
culty of arriving at any secure estimate in the present conditions. For this
the former totaled 490,260,700 kilograms and to the latter 1,460,063
centaurs.
Swedish State Bank Sells Dollars to Maintain Exchange.
We take from the "Journal of Commerce" of yesterday
(June 8) the following Associated Press advices (dated
May 17) from Stockholm:
When the dollar began to rise in London recently, the Swedish State
Bank continued to sell dollars in order to keep the Swedish crown on par
with the American currency, but the dollar went up to 3.755 from 3.74.
The State Bank at the beginning of this year had a portfolio of foreign
currency amounting to 160.000,000 crowns, but this has now been redueed
to 63,000,000.
reason it has already offered to accept the decision of an impartial international body as to the amount and method of payment. Germany can give
no stronger proof than this of her determination to discharge reparation.
The German Government also Is ready to supply all available information necessary In forming a reliable judgment on Germany's capacity to
pay. It will. if it is wished, throw open to inspection all its financial records and furnish any details that may be desired concerning the resources
of German industry and business.
The German Government has made reference to the flotation of big loans
in order that large capital sums might accrue at the earliest possible moment to those powers to which reparation Is due. Should loans on a great
scale prove Impracticable for a time, it is ready to substitute a scheme of
annuities.
Sinoe the Allied Governments have attached importance to Germany's
furnishing forthwith precise indications as to the kind and mode of guaranties
JUNE 9 1923.]
TEM
CHRONICLE
which she is in position to offer the German Goverment proposes the following as part of a definite reparations settlement:
(a) The railway system of the Reich, with all its appurtenances, will
be detached from the other State property and held as a separate fund, the
accounts of which would be independent of the general financial administration and under its own control, and obligations will be issued up to the
amount of 10,000.000.000 gold marks with a direct first charge on the assets
of this administration and carrying interestat 5%. as from July 1, 1927.
thus securing an annual payment of 500.000,000 gold marks.
(6) To secure a further annual payment of 500.000,000 gold marks, as
from July 1 1927, the German Government will at once subject the entire
business, industry, banking, trade,traffic and agriculture of the country to a
guaranty in the form of a first mortgage of 10.000,000.000 gold marks on
the real estate, whether buildings, dwellings, land or forests. The annual dues of 500,000,000 gold marks will be levied either indirectly in the
form of a general tax on all classes of property or on the specific objects of
the mortgage.
(e) In addition the German Government will pledge as security the
customs on imports of consumable articles other than necessaries, the
excise on tobacco, beer, wine and sugar, and the receipts of the spirits
monopoly. On the average of the years preceding the war these customs
and excise receipts reached about 800.000.000 marks. Their yield in gold
marks has now fallen to one-quarter on account of the loss in territory and
population and reduced consumption. With the recovery of the economic
activity of Germany it will automatically increase.
In conclusion the German Government feels that it must lay emphasis
on the following: In a matter so vast and complicated, real progress cannot
be made by the exchange of written documents, but can only be achieved
by word of mouth at the conference table. Germany's capacity to pay depends on the character of the settlement as a whole. A method of payment can only be arranged in direct consultation with those who are to
receive payment. The guaranties can only be worked out in detail with the
collaboration of those whom they are intended to serve.
For the solution of all these questions, oral discussion is essential. Germany acknowledges her liability to make reparations. The German Government repeats its request that a conference be summoned to decide how
it may best discharge it.
The Berlin (copyright) advices to the New York "Times,"
June 7, report Herr Rosenberg's explanatory statement of
he 7th as follows:
Rosenberg's Statement
Chancellor Cuno was first slated to meet the foreign correspondents, but at
the last minute he sent Herr Rosenberg as the Chancellor was planning a trip
close to the Ruhr border at Muenster, Westphalia, to-morrow and Saturday, presumably to stiffen the Ruhr resistance.
Rosenberg, in greeting the coiTespondents. said:
The Government of the Reich has come to a decision on an undertaking
which, if successful, will prove fortunate for all Europe, but which, if unsuccessful, will have far-going and fatal consequences utterly unforeseeable.
You know, we received five answers to our note of May 2. Two of these
answers almost slammed the door which had opened, except for a small
crack. Three answers did not do so, though, to be sure, they did not invite
us to come into the parlor and sit down at the table of nations. But these
answers at least left possibility of spinning the discussion further.
Of these three notes the answer from the Far East (Japan) was for German
eyes relatively the most sympathetic to read.
After this statement Herr Rosenberg went to the point of the reparations
problems thus:
"For us what matters it to exploit the modest opportunity for making connections offered by those three answering notes?" (English. Italian and
Japanese). It might have laid near to us to limit our reply to these three
Powers, who in their answers requested us to make further proposals and who
in their answers placed themselves on the standpoint of a matter-of-fact,
businesslike discussion.
After long consideration, however, we decided to answer not only these
three but all six Powers who received our note of May 2. We made up our
minds to do this in order to do everything in our power, unperturbed by formalities or by Justified national feelings to contribute to the disentangling
of the Gordian knot.
"In our answer, however, we limited ourselves to those points which the
answers of the Allies had in common and we answered in a form which Is
prima fade supplement unto and explanatory of our note of May 2:
"The answers of the Allies made three principal complaints: First, the
amount of the offer; second, the construction of our note; third, the insufficient detail of economic guarantees offered by us.
"Our offer of May 2 was based on conscious and thorough study and
examination of the subject. It does not depend on what we might want to
do, It does not depend upon the degree of our willingness to pay, whether we
name a higher or lower figure. The German Government can and must
otter only that which after thoughtful deliberation it believes the German
people can pay.
Could Not Change May 2 Offer.
You will understand, therefore, why on June 7 we could come to no other
estimate of figures than on May 2. All answers demanded of us an honest,
fair offer, and to comply with this demand is in line with our own best
Interest. For this reason. too, we waived aside the passibility of making a
bridge between our offer of May 2 and the well-known proposals of Bonar
Law (the English January proposals).
"In any event the results would have been a higher, artificial, arithmetical
sample or example. One thing is true. There Is one point where the two
projects intersect. According to official utterances of the English Government, the present value of the Bonar Law proposal, with the most favorable
development of Germany, might amount to less than thirty billion gold
marks, while our proposal in case an international commission estimates
our ability to pay that high would at most amount to thirty billion gold
marks.
"And yet, the diference between the two proposals is tremendous. To
emphasize one, and that the principal point—our annual payments after
four years would begin with 1,200.000.000 gold marks and gradually increase
to 1,500,000,000 or 1,800,000,000, whereas the Bonar Law proposal, after
four years, begins with all of 2.000,000.000 gold marks, gradually rising to
2,500,000,000, and wily after this figure had been attained was an international commission to decide whether Germany was able to negotiate another
jump to 3,500,000,000 gold marks.
"But the kernel and heart of our offer of May 2 was not a specific figure.
but Germany's willingness to accept a correction of Its views at the hands
of a non-partisan and independent body. We at that time proposed to
submit the whole reparations problem to such a body.
"Everybody knows that this proposal is based on the idea, born of the
genius of Secretary Hughts. enunciated last December before the Historical
Society at New Haven, and the German Government has again and again
recurred on most diverse occasions to the great chances offered by and the
groat wisdom of this suggestion.
2581
"In the memorandum submitted in various capitals of the world, we recur
to re-emphasize this Hughes thought in a few words, but clearly and
unequivocally. It did not need many words, for, as we notice, the idea is
gaining ground.
Details of the Guarantees.
"In the matter of making more precise the details of the economic
guarantees we could make a long step forward. The most valuable property
which the Reich possesses, the State railroads, we offer as a guarantee.
They are not running at a profit to-day, but everybody knows what great
values are invested in German State railroads and how profitable they
were in normal times.
"It is obvious that if ever again Germany reaches a condition where
she is able to pay such huge reparations sums, the economic convalescence
and rehabilitation will be such that assuredly the State railroads will
profit thereby. That will be tht moment when the State railroads will
begin to show profit instead of loss.
"Our promise to draft all economic Germany into the service of reparations we make good in our memorandum of to-day. On all real estate.
all business and dwelling premises, in town and country and all agricultural
and other land, a mortgage of 10.000.000,000 gold marks will be imposed
as a guarantee in order to raise additional annual payment of 500,000.000
gold marks.
"Finally we offer and pledge the customs duty on articles other than
necessaries of life, and the duties on the whole series of necessaries of life.
These customs and excise taxes In normal times before the war amounted
on the average to 800,000,000 gold marks yearly. Because of Germany's
losses of territory and the decrease of consumption, these customs and
excise duties have dropped to one-fourth of this figure. But with the
progressive convalescence and rehabilitation of Germany's economic life
these items also will automatically rise.
"To avoid musunderstandings let me emphasize that these are the
guarantees and securities which we offer. We do not offer fixed annual
payments herewith. We offer securities and guarantees to cover the
annual payments. the amount on which we do not know.
"These are no mere vague promises, certainly so far as drawing upon
economic Germany is concerned. The drafting of German 'wirtschaft'
will assume the form of legislation. The preliminary work on drafts
of such laws is already under way and the Reichstag through the mouths
of its party leaders has informed us that we can count on the co-operation
of the political parties.
"In concluding our memorandum we express our conviction that in
such a complicated and involved question an exchange of notes will not
get anywhere. Think what an absurdity it would be if a simple matter
of a loan of money were attempted by an exchange of letters. Such complicated matters can only be adjusted and settled with satisfaction to all
when persons can look each other in the eye and talk together.
"Therefore we repeat at the end of our memorandum the request for a
speedy calling of a conference to agree on the details of a final definite
solution of the reparations problem."
in its cablegram from Berlin, June 7 (copyright), the
"Times" said:
The Foreign Minister also revealed that the new note was transmitted to
Toldo at the expense of the Japanese Ambassador because Germany could
.
not afford the cable tolls to send it herself. The cable rate to Japan to-day
Is about 75 cents per word. Estimating the German note, without punctuation marks, at about 700 words, the German Government's offering
1,200,000,000 gold marks yearly in reparations, with guarantees. and not
being able to afford $525 for cable tolls to send her note to Japan, seemed a
bit uncongruous. Herr Rosenberg was fullsomely grateful that the Japanese send it at their expense. The wireless had been broken down for the
last forty-eight hours, otherwise the Japanese might have picked up the note
at no expense.
France and Belgium Discussing German Reparations
Proposals Brussels Conference Relative to
Belgium's Proposals.
According to Associated Press cablegrams from Paris last
night (June 8), Paris and Brussels were in constant cornmunieation yesterday discussing the advisability of making
a reply to the new German reparations note or of ignoring it
entirely as not susceptible of forming a basis for negotiation.
It was further stated in the cablegrams:
In the event a decision is reached that a reply be made, the French Government is reported to favor a curt dismissal of Germany's latest proposition. Belgium, on the contrary, is said to be desirous of wording the
acknowledgment in such a manner as might leave the way open for a further
parley.
The French Foreign Office maintains an absolute official silence on the
subject, but the indications appear to be that a reply will be made and that
Germany will be requested to announce, once for all, whether she intends
to continue or abandon her passive resistance in the Ruhr.
The Belgian Cabinet strongly favors a common inter-Allied reply, but it
seems certain that a joint answer will be possible only if London agrees to
leave no doubt in the mind of the Berlin Government as to the absolute necessity of discontinuing the Ruhr resistance. Upon this point Belgium and
France are solidly agreed.
There has been no direct communication between London and Paris on
the subject, the British viewpoint being transmitted to the Quai d'Orsay
through Brussels.
The expectation here is that Great Britain will agree that Germany must
admit defeat in the Ruhr and that a joint note will be elaborated and dispatched to Berlin to-morrow.
Premier Poincare, upon reading the German reparations note is reported
to have declared it "ridiculous," and the newspapers, with the exception
of the extremist organs, take the same attitude. The six leading papers
of Paris apply to the memorandum such epithets as "inadmissible." "unacceptable," and "not needing a reply."
On the 7th inst. the Associated Press, in Paris cablegrams,
stated that it was declared in Government circles that night
that the reparations offer elaborated in this week's notes
remains entirely unacceptable to France. To quote further
from these dispatches:
It makes no appreciable advance over the previous offers. and France
cannot even discuss it with Germany, for, as was decided at Brussels yesterday, the passive resistance in the Ruhr must be abandoned before any
negotiations can begin.
The note was characterized as unsatisfactory for four main reasons:
2582
THE CHRONICLA
First--Because it makes no mention of abandoning the passive resisrtence,
Which is the first-of the Franco-Belgian conditions.
Second—Germany offers no definite sum as the total reparations.
Third—In suggesting an impartial international commission to fix the
reparations total, Germany ignores and seeks to 'violate the Versailles
Treaty, which created the Reparations Commission for exactly that purpose. The French see no reason why the Reparations Commission should
be supplanted.
Fourth—The suggestions for guarantees might be open to discussion if
Germany proposed their administration by the Allies, but if the Germans
administer the guarantees the French would expect no satisfactory result.
The French are still unconvinced, they say, when Germany pleads
inability to pay. They declare they have seen her living sumptuously and
that they knew she can meet her obligations.
Premier Poincare had a long conversation with President Millerand
this afternoon and gave him a report of his meeting with the Belgian statesmen at Brussels. The question of how the German note is to be answered,
it is said in official circles, depends upon the other allies. France would be
glad to Join in a collective answer, but the terms must agree with the
French views.
The Germans were careful not to ignore the Reparations Commission,
and delivered a copy of the note to the Commission to-day as they did when
the main proposals were made early last month.
[VOL. 116.
The plan gives 7,000,000,000 gold marks as the figure Belgium is prepared
to accept for her reparations share, this to be composed of 4,500,000,000
marks for the reparations account and about 2,500,000,000 for redemption
of the German paper marks gathered by the Belgian Government after the
German evacuation and now in the vaults of the Belgian National Bank.
According to the best information in semi-official circles the Belgian
Government has decided that the reparations question cannot be settled
without the participation of Great Britain and Italy. The Belgian plan
Is the result of many weeks of work by experts and is drafted in such a
manner that it can be presented to Great Britain for approval, along with
an invitation to attend the next Allied conference.
Grave fears had been voiced that the French and Belgian viewpoints
would prove irreconcilable, but after a private talk of more than an hour
between M.Poincare and M.Theunis and M.Jaspar, which was considered
the most important feature of the day, the official announcement was made
that "an understanding has been reached."
The meeting of "The Board of Directors of the Ruhr Occupation Company, Limited," as the French Premier described to-day's session, proved
to be a general discussion of the reparations question.
When the delegates met to-night at the French Embassy for dinner
M. Poincare and M. Jaspar decided that another meeting set for to-night
was unnecessary. M. Poincare. therefore, will ,return to Paris about
eight o'clock to-morrow morning.
As to the Belgium reparations plan, the "Wall Street
The Franco-Belgian Conference referred to above was held
at Brussels on the 6th inst., in part for the purpose of exam- Journal" of May 29 printed the following:
Belgium has proposed a reparations plan to France by which 2,400.000,000
ining and discussing the memoranda on reparations comgold marks (approximately $588.000,000) would be collected annually from
municated to the French Government last week by the Germany, the "Matin" revealed. France has the scheme under considBelgian Government. As to the conference the Associated eration.
The sum of 2.400,000,000 gold marks represents the minimum that
Press had the following to say in its cablegram from Brussels,
would be obtained yearly from Germany under the Belgian plan. This
June 7:
does not include the sums expected from proposed monopolies upon tobacco,
Belgian official circles are gratified that the French so readily accepted
the Belgian views expressed at the conference of Premiers here yesterday,
and it was announced officially at the Ministry of Foreign Affairs to-day
that the result had given entire satisfaction.
Premier Theunis's plan fixing the German debt at 40,000,000,000 gold
marks, 30,000,000.000 for France, 5,000,000,000 for Belgium and the
balance for Japan, Portugal, Rumania and Serbia, was received by Premier
Poincare in a spirit of conciliation,and the hope was freely expressed to-day
that a great step had been taken toward the solution of the reparations
problem.
The Belgian plan, it is pointed out here, is desirable for France and Belgium only in so far as Great Britain and Italy renounce their part in the
reparations. There is strong belief here that the Belgians made such a
proposal only after having made certain that Great Britain was willing to
abandon her share.
Premier Theunis and Foreign Minister Jaspar spoke freely to-day in
regard to the situation, without any attempt at evasion or the use of diplomatic language. While desirous of remaining beside France in the Ruhr
to obtain payment by all means possible, the Belgians made it clear during
yesterday's conversations that under no consideration were they willing
to risk becoming estranged from Britain.
It was apparently a great surprise to the Belgians to find M.Poincare so
amenable. M.Jaspar, in commenting on the result of the conference, said:
"Our accord is perfect. We arc headed toward prompt resumption of the
meetings of the Supreme Council, with all the Allies represented. To be
sure, we will not be assembled to-morrow or the next day with the British
and Italians around the conference table, but it cannot be delayed much
longer."
General Degoutte, Allied military commander in the Ruhr, had a long
talk with Premier Poincare last night and returned to Duesseldorf this
morning.
"My task is becoming much easier," he told the correspondent. "There
are signs that the passive resistance of the Germans is disintegrating. We
have the Ruhr well under control, and are prepared to enforce any decision
taken by the statesmen."
On the previous day (the 6th inst.) Brussels aclvices
(Associated Press), according to the "Journal of Commerce," said:
As to the Belgian repasatiors plan the "Wall Street Journal" of May
29, psinted the following
A solid and united Allied front by France, Belgium, Great Britain and
Italy on the question of German reparations, with France and Belgium
agreed on a policy with regard to the Ruhr, appears to be forecast in consequence of a meeting here to-day between Premier Poincare of France, and
Premier Theunis and Foreign Minister Jaspar of Belgium.
A striking feature of the session, according to both the French and
Belgians, was that a way was left open for Stanley Baldwin, the British
Prime Minister, to propose a solution should it prove impossible to arrange
a joint Allied reply to new proposals Germany is expected to make almost
immediately on the question of reparations.
The French, with the Belgians supporting their view, still held out for a
cessation of German passive resistance as an inflexible requirement before
Germany's new offer is examined, but M. Poincare's attitude on the whole,
nevertheless, is construed here as decidedly less uncompromising than
heretofore.
France and Belgium again at to-day's meeting reaffirmed their decision
to evacuate the Ruhr only when Germany paid.
The French expressed willingness to meet any reasonable German plan in a
spirit of conciliation, and, aside from insisting that payment from Germany
must be forthcoming before the French soldiers march out of the Ruhr, M.
Poincare declared he was ready and willing to entertain settlement suggestions from friendly quarters. It is asserted that when the French Premier
made this statement Mr. Baldwin was particularly in his mind.
Premier Poincare of France is understood to have accepted in principle the
new Belgian reparations plan, but asked that time be given for French
experts to examine and report upon it.
An official communique, issued after the conference session, reads:
Official Statement.
"The French and Belgian governments continued to-day their joint
study of various questions raised by the occupation of the Ruhr. They
maintained integrally their former decisions, notably in.what concerns the
conditions under which the evacuation of the Ruhr would take place after
also concerning the obligations for Germany
the payment of reparations and before there can
be any examination of her
to cease her passive resistance
PinTbn-ivo governments have laid down a program on new measures to
s
be taken in order to accentuate their pressure to coerce Germany into
complete fulfilment of her obligations.
When Premier Theunis and Foreign Minister Jaspar of Belgium went into
the conference to-day with Premier Poincare and French Finance Minister
de Lasteyrie. they took with them an elaborate reparations plan ready for
submission to the French statesmen.
alcohol, sugar and from other sources.
It was suggested by Belgium that:
1. Germany balance her budget by selling her foreign exchanges.
2. German railroads be exploited internationally for the benefit of the
Inter-Allied Reparations Commission, it being estimated that 1.900.000,000
gold marks could be realized annually in this way.
3. All profits from German coal mines to be turned over to the reparations fund, experts claiming this would bring in 500,000,000 gold marks
yearly.
4. Reparations Commission would take a quarter of the stock in all German corporations, obtaining one-quarter of the dividends.
AVAti
5. Reparations Commission would take over German Government
monopolies upon tobacco, alcohol and sugar.
6. Abolish the blockade to permit Germans themselves to exploit the
Rhineland and Ruhr for the benefit of the reparations account.
French and Belgianttroops:would remain in the Ruhr. under the Belgian
plan, but only:a4aNuaranty, notinterfering with the German administration.
Premier Poincare willygortoThrussels next week for a conference. The
Belgian offer will then be discussed at first band. It is understood that a
number of French economic experts will accompany the Premier.
New German Reparations Note Received at
Washington.
The New York "Times" reported the following special
advices from Washington June 7:
A copy of the new German note on reparations, addressed to the Allies,
was presented to-day to Secretary Hughes by the German Ambassador,
Dr. Otto Wiedfeldt.
No reply on the part of the United States Government is called for, the
presentation of the memorandum here being simply as a matter of information and courtesy. Consequently officials of the State Department declined to make any comment.
It is understood, however, the new communication is looked upon in
Administration circles as constituting a distinct advance bcyond anything
Germany has yet offered in previous communications. Both the more detailed offer of guarantees and the German suggestion for a direct conference for solution of the question of amount and mode of payment are looked
upon here as making it possible for the Allies to find in them a basis for
negotiations.
The German invitation for a conference in some respects is in line with the
suggestion made some time ago by the United States for an international
conference in an effort to fix the guarantees and reach a final and conclusive
settlement of the whole problem of reparations.
At the time the United States suggested the consideration of the question
of Germany's capacity and method of payment by an international conference,it was this Government's idea that the conferees should be outstanding
experts of the various Governments interested, who would report recommendations to the Governments entitled to reparations. Those Governments,
under the American plan, would not have teen bound in advance to accept
the recommendations of such an international commission.
The United States'‘Government indicated at the time that it would be
willing to be reprcsenied in such a conference if the other interested Powers
so desired. The German note makes reference not only to reparations but
to "those who are to receive payment." This might be taken to include the
United States, to which $250 000,000 is due as payment for the cost of the
American Army cf Occupation.
There was an indication of hopefulness here to-day that things are moving toward a point where differences are being narrowed, and there appears
to be a drawing together—even if only gradual—of the extreme views which
prevailed for some time before the occupation of the Ruhr.
Offering of Chicago Joint Stock Land Bank Bonds.
Kissel, Kinnicutt & Co. of New York and Chicago offered
on June 7 at low, and interest, to yield about 4.60% to 1933
4
and 41/ % thereafter $3,000,000 4%% farm loan bonds of the
Chicago Joint Stock Land Bank. The bonds are dated May
1 1923, are due Nov. 1 1963 and are redeemable at the option
of the bank at par and accrued interest on May 1 1933 or on
any interest date thereafter. The bonds are in coupon form
in denominations of $1,000 and $10,000, and are fully registerable and interchangeable. Principal and semi-annual
interest are payable May 1 and Nov. 1 at the bank of issue or
-1 UNE 9.1923.]
THE -CHRONICLE
at the Continental & Commercial National Bank in Chicago,
or at the Chase National Bank in New York City, at the holder's option. The bonds, issued under the Federal Farm Loan
Act, are exempt from all Federal, State, municipal and local
taxation. By Act of Congress these bonds, prepared and engraved by the Treasury • Department, are declared instrumentalities of the United States Government, legal investments for all fiduciary and trust funds under the jurisdiction of the Federal Government, acceptable at par as security for Postal Savings and may be accepted as security for
other deposits of Government funds. The Chicago Joint
Stock Land Bank operates in the States of Illinois and Iowa.
It has paid regular dividends, it is announced, since 1919,
and is now paying 10%. Guy Huston, the President, furnishes the following consolidated balance sheet of the bank
as at April 30 1923 as certified by Arthur Young & Co.:
Assets—
Gross loans secured by first mortgages on
farms lands
$49,901,275 00
Less—Amortization payments received on
principal
840.471 96
Net mortgage loans
Investments:
United States Liberty bonds at par
Joint Stock Land Bank bonds at par
Accounts receivable
Accrued Interest:
On first mortgage loans
On investments
Cash in banks
Furniture and fixtures
Premium on bonds purchased
Liabilities—
Capital stock, issued and outstanding
Reserves and undivided profits
Reserve for unearned interest
Farm loan bonds, issued and outstanding
Bills payable
Due borrowers
Accrued interest on bonds outstanding
Coupons due, not presented for payment
Advance Interest, May 1 installments
$49,060,803 04
$234,750 00
482,700 00
717,450 00
21,208 94
$1,202,150 23
12,887 44
1,215,037 67
2,084,396 85
15,050 93
1.65008
$53.115,597 51
2583
—-- --York. These affiliated banks are located in Charleston,
W. Va., and loan in Ohio and West Virginia. Their bonds
by an Act of Congress were created instrumentalities of the
United States Government, exempt from Federal, State, municipal and local taxation. In announcing the offering,
-Brooke, Stokes & Co. state:
The Virginian was the first Joint Stock Land Bank to actually make a
loan. In October 1922 the amount of its loans reached the limit permitted
by its capital stock and surplus, and it was receiving applications for
Innumerable additional loans which it was not in a position to make without
increasing its capital stock. This was not acceptable to two directors.
so it was harmoniously agreed that the other directors should organize
the Agricultural Joint Stock Land Bank under the same management and
operating in the same States. It will therefore be seen that in the course
of time the Agricultural Bank will probably become the larger of the two
banks. The Virginian Joint Stock Land Bank has an enviable record
as to earnings and has paid dividends regularly at an increasing rate since
the year 1918, the present rate being 12%•
An offering of $1,000,000 bonds of the Agricultural Joint
Stock Land Bank was noted in our issue of Jan. 9 1923,
page 26.
Offering of Illinois-Midwest Joint Stock Land Bank
Bonds.
The offering by Hoagland, Allum & Co. of New York and
Chicago of 5% farm loan bonds of the Illinois
-Midwest Joint
Stock Land Bank of Edwardsville, Ill. (details of which were
given by us last Saturday, page 2463), was made on Tuesday of this week, June 5. As stated in our item of a week
ago, the bonds, to the amount of $1,000,000, were offered at
103 and interest to yield over 4.62% to the optional date
(April 1 1933), and 5% thereafter.
$3,050,000 00
686,761 40
48,041 07 Offering of Southern Minnesota Joint Stock Land
45.500,000 00
Bank Bonds.
2,400,000 00
At 103 and accrued interest to net about 4%% to the op79,952 07
1,131.875 00 tional date and 5% thereafter to redemption, Dillon, Read
9,870 00 &
Co. of this city and the Northern Trust Co. of Chicago
209,097 97
$53,115,597 51
I hereby certify that the above statement is correct.
GUY HUSTON. President.
Two separate bond offerings of $2,500,000 each of the
Chicago Joint Stock Land Bank the present year were referred to in these columns April 3, page 880 and April 14,
page 1599.
Offering of Bonds of Ohio-Pennsylvania Joint Stock
Land Bank.
An issue of $1,000,000 Ohio-Pennsylvania Joint Stock
Land Bank 5% farm loan bonds was offered in Cleveland
on June 4 at 103 and interest, to yield 4.625% to 1933 and 5%
thereafter, by the Union Trust Co. of Cleveland, the United
Security Co., the Herrick Co. and the Cleveland Trust Co.
The organization of the Ohio-Pennsylvania Joint Stock Land
Bank was referred to in these columns Jan.20 1923, page 248.
The bonds are dated June 1 1923, are due June 1 1953 and
are redeemable at the option of the bank at par and accrued
interest on June 1 1933 or any interest date thereafter. Coupon bonds are in denominations of $500, $1,000, $5,000 and
$10,000 and registered bonds are in $1,000 and $10,000 denominations. Interest, June 1 and Dec. 1 is payable at the bank
of issue. The bonds are exempt from Federal, State, municipal and local taxation, excepting only inheritance taxes.
The Ohio-Pennsylvania Joint Stock Land Bank, in accordance with its charter granted under the provisions of the
Federal Farm Loan Act, operates exclusively in the two
States from which it takes its name.
offered on June 4 $1,000,000 Southern Minnesota Joint Stock
Land Bank 5% farm loan bonds. The bonds bear date May
1 1923, become due May 1 1953 and are redeemable as a
whole or in part by lot on May 1 1933 or any interest date
thereafter at par and interest. Principal and interest payable at the Southern Minnesota Joint Stock Land Bank, Redwood Falls, Minn.; and at the offices of Dillon, Read & Co.,
and at the Chase National Bank in New York City and the
Northern Trust Co., Chicago, Ill. Interest payable May 1
and Nov. 1. The bonds are coupon and fully registered and
interchangeable. They are in denominations of $1,000 and
$10,000, and are part of the issue offered in April, reference
to which appeared in these columns April 21, page 1712.
Offering of Bonds of North Carolina Joint Stock Land
Bank.
On June 4 Dillon, Read & Co. of this city and the Northern Trust Co. of Chicago offered $1,000,000 5% farm loan
bonds of the North Carolina Joint Stock Land Bank of Durham. The bonds were offered at 103 and accrued interest
to net about 4%% to the optional date and 5% thereafter to
redemption. The bonds, which we understand are part of
the issue offered in March (and referred to in these columns
Mar. 24, page 1237) are dated Mar. 1 1923, are due Mar. 1
1953 and are redeemable as a whole, or in part by lot, on
Mar. 1 1933 or any interest date thereafter at par and interest. Principal and interest are payable at Central Union
Trust Co. of New York and at the North Carolina Joint
Stock Land Bank at Durham, Durham, N. C. Interest is
payable Mar. 1 and Sept. 1 The bonds, coupon and fully
Offering of Bonds of Virginian Joint Stock Land Bank
iegistered and interchangeable, are in denominations of
and Agricultural Joint Stock Land Bank.
$1,000 and $10,000.
A simultaneous offering of $200,000 5% farm loan bonds
of the Virginian Joint Stock Land Bank and $500,000 5%
bonds of the Agricultural Joint Stock Land Bank was announced on June 9 by Brooke, Stokes & Co. of Philadelphia, Repayments Received by Wsr Finance Corporation.
The War Finance Corporation announced on June 2 that
Baltimore and Washington. The $700,000 of bonds were offrom May 16 to May 31, inclusive, the repayments received
fered at 102% and accrued interest, to yield 4.68% to 1933
by it on account of its advances for agricultural and live
and 5% thereafter to tile redeemable date. The bonds are
stock purposes totaled $3,679,957, as follows:
dated May 1 1923, are due May 1 1953 and are non-callable From banking
and financing institutions
$1,636.119
before May 1 1933. The bonds, coupon or fully registerable From live stock loan companies
1,012,896
From co-operative marketing associations
1,031.142
and interchangeable, are in denomination of $1,000 All
coupons are payable May 1 and Nov. 1 at Brooke, Stokes &
Total__________________________________________________13.679.957
Co., Philadelphia, and at the offices of the banks, CharlesThe repayments received by the Corporation from Jan. 1
ton, W. Va. The coupons of the Agricultural Joint Stock 1922 to May
31 1923, inclusive, on account of all loans
Land Bank are payable also at the Bankers Trust Co., New totaled
$235,321,347.
2584
THE CHRONICLE
Advances by War Finance Corporation Account of
Agricultural and Live Stock Purposes.
According to an announcement made by the War Finance
Corporation on June 2, from May 16 to May 31, inclusive,
the Corporation approved 37 advances,aggregating $695,000,
to financial institutions for agricultural and live stock
purposes.
Pierre Jay on Relation of Gold Imports and Exports to
Volume of Credit.
"The Relation of Gold Imports and Exports to the Volume
of Credit" formed the topic of an address delivered by Pierre
Jay, Chairman of the Federal Reserve Bank of New York,
before the Pennsylvania Bankers' Association at Atlantic
City, May 25. Besides discussing at length the effect upon
the volume of credit of gold imports and gold exports at
times of both active and inactive business, and furnishing
examples of the effect of gold imports and exports under the
Federal Reserve System during the past nine years, Mr. Jay
devoted a portion of his survey to present and future gold
movements. With the dollar still at a premium in practically
all of the foreign exchanges, says Mr. Jay, "conditions are
still favorable for a further inflow of gold, and while business continues active, for a further primary expansion of
credit, I. e., without further borrowing from the Reserve
banks." "On the other band," continued Mr. Jay, "should
business slacken and the gold inflow continue, the new gold
will presumably be used, as in 1921, to- reduce borrowings at
the Reserve banks. Should the gold inflow be reduced, or
cease altogether, and should business and the demand for
credit still continue active, it is quite within the power of
the business men and bankers of the country, by borrowing
at the Reserve banks, to continue, or even greatly to accelerate, the expansion of credit, since the $3,000,000,000 of gold
now held by the Reserve banks is capable of supporting a
volume of credit much larger than that of 1920. In other
words, we might superimpose upon the already primary expansion of credit, effected automatically by our gold imports,
a great secondary expansion of credit effected by borrowing
at the Reserve banks. But the understanding is growing
quite general that the higher the structure of credit, whether
primary or secondary, we let ourselves build upon this gold,
the sooner the gold will begin to flow out, the more it will
flow out and the greater restraint its flowing out will place
upon our prosperity."
We give herewith Mr. Jay's address in full:
In 1921, when the great tide of gold was flowing in to us, people used frequently to comment on the efficacy of the Federal Reserve System in absorbing it, and preventing it from creating excessive bank reserves, such as it
would have created before the System was formed. To-day one hears the
comment that there is no undue expansion because the member banks are not
calling on the Reserve banks for more credit. It seems clear from these
comments that the advent of the Federal Reserve System has somewhat obscured our understanding of the relation of gold imports or exports to the
volume of credit. The purpose of this discussion is to try to analyze and
clarify this important and fundamental relationship.
Some general reservations I should like to make at the outset. The relationship will be seen most clearly if reduced to its most naked terms. Therefore, no reference is made to minor tendencies or conditions which often accelerate, retard or obscure the effect of gold on the credit volume. Nor is
the relation of the credit volume to business discussed. The views expressed
are personal, not official, and any references to the present or future are
made to illustrate principles, not to give counsel on business or credit conditions.
GOLD IMPORTS BEFORE THE RESERVE SYSTEM.
Before 1914, when the Reserve System was organized, if international balances were favorable and gold flowed in to the United States from foreign
countries, the gold went directly into the vaults of the banks, where it constituted additional reserves. Upon these reserves the banks were permitted by
law to create additional deposits. The same was true if gold from domestic
mines found its way into bank vaults. An increase in bank deposits as a
rule involves an increase in the volume of hand-to-hand currency, and statistics show that we need a dollar of currency to every five or six dollars of
deposits. The additional gold provided the basis for both additional deposits
and additional currency.
GOLD EXPORTS BEFORE THE RESERVE SYSTEM.
On the other hand, if international balances turned, and gold began to flow
out to foreign countries in any considerable volume, the basis of our credit
structure was narrowed, and this sooner or later operated to reduce the credit
volume. (The same was true if undue amounts of gold were absorbed into the
arts.) For there were only two ways to get gold to export. One was to take
gold or gold certificates out of circulation, which might cause a shortage of
hand-to-hand currency; the other was to release reserves through reduction
of the volume of bank deposits and loans they supported, and export the gold
thus released.
This process worked automatically and promptly both ways, with these
exceptions, however: If the gold came in at a time of depressed business and
declining demand for credit, it did not expand credit immediately, but simply created large excess reserves which, however, in time, under the stress of
competition, usually led to expansion of credit. If the gold went out at a
time of depressed business and declining demand for credit, it did not immediately affect the volume of credit in use, unless the amount to be exported
exceeded the existing surplus reserves.
This, then, was the simple naked operation of imports or exports of gold
'
on our credit volume, before the Reserve System was established, though, of
course, the operation was often obscured, retarded or accelerated by other
[VOL 116.
factors in the current situation which it is not necessary to discuss here. We
used to understand the subject clearly, but since the advent of the Reserve
System one often hears the view expressed that the System has changed the
operation of gold movements. The fact is, however, that these phenomena
are unescapable, and the System does not change their operation. What it
does is to put an elastic link in the chain of circumstances; and so relieve to
some extent the excessive strains and impulses that movements of gold sometimes used to create, to the disadvantage of the steady course of business.
GOLD IMPORTS UNDER THE FEDERAL RESERVE SYSTEM.
Let us now trace the course of gold newly imported into this country under
the Federal Reserve System. As formerly, the gold goes into the banks, but
it no longer remains there. Instead, it passes promptly into the Reserve
banks because it is only there that under the law the member bank can count
it as reserve. When it reaches the Reserve bank it gives the member bank
an equivalent reserve balance.
Under the law every dollar of reserve balance in the Reserve bank will
serve the member bank as the basis for the creation of about ten dollars of
additional deposits. This expansion of ten to one does not occur entirely
through the individual bank which deposited the gold. It occurs, however,
and fairly promptly, if conditions are favorable, through the banks as a
whole, as a result of the rapid transfers of reserves which are constantly taking place between banks—but with this modification, that if at the same time
there is the demand for additional currency which ordinarily accompanies
the expansion of deposits, this ratio of ten dollars of deposits to one of reserves will be reduced to a ratio of more nearly four to one.
Primary Expansion.
Credit expansion on the basis of additional gold, then is almost exactly
the same under present conditions as the expansion which additional gold'
used formerly to create. The fact that the Reserve bank now holds the gold
whereas formerly the member bank held it does not alter the situation. On a
given amount of additional gold, whether held in a bank vault as formerly or
held as a balance in a Reserve bank as at present, a relative credit expansion occurs automatically, provided conditions are favorable to expansion.
This we may call "primary expansion."
Secondary Expansion.
The great change in our credit structure which the Reserve System has
created is the possibility that after primary expansion has taken place upon
a given amount of gold, a still further, or secondary, expansion may take
place upon the same gold. You have noted that primary expansion does not
affect the position of the Reserve bank. Gold is merely deposited with it
and an equivalent credit given. It is simply custodian of the gold. But
when secondary expansion begins the position of the Reserve bank is at once
affected. The member bank wishes to obtain additional reserves without depositing an equivalent amount of gold. This it can do by borrowing at the
Reserve bank on commercial paper or Government securities. Such borrowing increases the liabilities of the Reserve bank, in the shape of deposits or
notes, without increasing its gold. This at once reduces the ratio of its gold
to its liabilities. This secondary expansion, then, affects the position of the
Reserve banks. It also affects the position of the member banks, for it turns
them into borrowers. But the new reserves created without new gold under
secondary expansion have just the same potency to increase the loans and deposits of member banks as had the new gold itself under primary expansion.
GOLD EXPORTS UNDER THE FEDERAL RESERVE SYSTEM.
Just as gold imports tend to enlarge the base upon which the credit structure is built, so gold exports tend to narrow it Under the Reserve System,
as formerly, the effect of gold exports is not felt if at the time there are surplus gold reserves from which the gold may be drawn for export. Usually,
however, there are not surplus reserves except in the later stages of business
depression, when the demand for credit is diminishing. At other times the
gold is likely to be pretty fully employed, either during the process of building up business activity, or in maintaining it at a high pitch of prosperity,
or in supplying emergency credit in the early stages of a decline. At such
times a considerable outward flow of gold, by narrowing the base of credit,
will probably, under the Reserve Sy stem as before, tend eventually to restrain the growth or maintenance of business activity or hurry the process of
decline. But the elastic link in the chain which the System constitutes may
defer the incidence of the restraint and prevent tension. For, a member
bank may provide itself with gold to meet a demand for export by borrowing
at the Reserve bank. The reduction of loans which formerly had to be resorted to when gold for export was not otherwise available, can, under the
Reserve System, be postponed and spread over a long period, in accordance
with the willingness of banks to continue as borrowers at the Reserve bank.
The volume of credit will, in the long run, probably adjust itself to the volume of gold under the Reserve System just as before. But the process of
adjustment may, if the banks see fit, be very gradual, and the psychological
effects of gold exports, through the removal of the fear of sudden contraction,
should be radically different.
Diffusion of Effects Throughout the Country.
But the interior bank may well say, "I can understand how this affects the
banks through which the gold is imported or exported, but how does it affect
my deposits and my business?" The answer is that through the medinm of
bank deposits and bank checks and telegraphic transfers of funds, credit flows
so quickly and so easily from place to place that the effect of imports or exports of gold, occurring at the seaboard, becomes rapidly diffused throughout
the entire country. Perhaps this might be easiest comprehended if we were
to consider the twelve Federal Reserve districts as twelve separate countries.
Let us suppose that $5,000,000 of gold is imported at New York and is deposited in some New York bank for account of one of its customers, whose
deposit account is increased thereby. Let us suppose that this customer for
some reason has to send $1,000,000 to Kansas City, which he does by check.
This means that in settlement of this check the Reserve bank of the New
York district has to turn over $1,000,000 of gold to the Reserve bank of the
Kansas City district, where it will be placed to the credit of the Kansas City
member bank in which the $1,000,000 check was deposited. Thus there has
been an export of gold from the New York district and an import of gold into
the Kansas City district. The ability of the New York bank on which the
check was drawn to expand its deposits on the $1,000,000 of gold in the New
York Reserve Bank has been taken away and transferred to the Kansas City
bank which has the $1,000,000 of gold in the Kansas City Reserve Bank.
In turn the Kansas City concern which received the $1,000,000 check has
to send $500,000 to some concern in El Paso, in the Dallas Reserve district.
This check is settled for in the same manner and is equivalent to an export
of $500,000 of gold from the Kansas City district and an import of the same
amount into the Dallas district. It reduces the Kansas City bank's power to
expand deposits on the $500,000 of gold and transfers this power to a bank
in El Paso.
Thus the gold received at the seaboard is rapidly diffused throughout the
entire country, but wherever it goes it carries with it the some power of expanding deposits. It is very difficult, of course, to observe the operation of
individual imports of gold, as their identity so soon disappears. What we
must look at is not individual imports of gold and their effect on the deposits
JUNE 9 1923.]
THE CHRONICLE
of individual banks, but total imports of gold in their relation to the total
deposits of all banks, which constitute the aggregate volume of bank credit.
In this way only can we get a true picture of what is happening.
Exactly the reverse is true in the case of gold exports. If a bank at the
seaboard has a demand for gold for export it draws on its balance at the Reserve bank, borrowing therefor if necessary. Gradually, under the desire to
retire this loan, the bank on the seaboard will draw in its credits in various
parts of the country; those credits will in a measure be replaced by local
banks, and the local banks in turn will borrow more from their Reserve banks.
In this way the bank on the seaboard will be able to reduce its own borrowings at its Reserve bank and the burden of borrowing to provide for gold exports will be diffused over the estire country.
ACTUAL CASES OF IMMENSE GOLD IMPORTS OR EXPORTS.
Thus far we have been discussing the effect of gold imports and exports
academically. But since 1914, when the Federal Reserve System was established, we have experienced several of the greatest gold movements on record,
both into and out of the country. Let us examine these for a moment and
see what their effect was on the volume of credit.
Primary Expansion 1915-1916.
In the year 1915-1916 our immense exports of munitions created a great
trade balance in our favor. To pay for these munitions, between January
1915 and April 1917, about $1,000,000,000 of gold flowed in to us, scraped
together from the four corners of the earth. During these years the Reserve
System was in existence, but the general reduction of required reserves under
the Federal Reserve Act, together with the gold which flowed in, made it
unnecessary for the banks to borrow from the Reserve banks to create the
additional reserves required to support some $5,400,000,000 of additional
deposits. The gold, coming in at a period of intense business activity, expanded deposits automatically. This was a clear case of automatie primary
expansion of credit. The ratio of reserve to liabilities at the Reserve banks
was not lowered by the operation.
Secondary Expansion 1917-1920.
Immediately after our entrance into the war in April 1917 began inevitable
war-time pressure for further expansion of credit. As primary expansion of
credit on the geld previously imported had gone as far as was possible and
as gold ceased to flow in as soon as we entered the war, we had to resort to
secondary expansion of credit. This, as we have seen, means building a further structure of credit upon the gold held in the Reserve banks by means of
borrowing at the Reserve banks. In fact, from April 1917 to the maximum
of creidt expansion in 1920, the deposits of all banks increased by an amount
estimated at $8,300,000,000, the reserves against which were largely borrowed.
The member bank in order to get $1 additional reserve, deposited in the
Reserve bank not $1 of gold, but $1 of commercial paper or Government securities. This gave the member bank exactly the same ability to expand its
deposits as if it had deposited gold, but it had, as we have already said, a
very different effect on the Reserve bank. There it created additional liabilities without the deposit of additional gold and RO lowered the ratio of gold
to liabilities. In April 1917 the ratio of the Reserve System's gold
to liabilities was 85%. Toward the close of 1920 it was only 42%. This gives a
most graphic illustration of what the System in fact is organized to permit
when necessity demands it, namely the reduction of the gold cover behind the
Federal Reserve deposit dollar and the Federal Reserve note dollar. It is
what we mean by elasticity. Sometimes the Federal Reserve dollar has been
85% gold, sometimes 65% gold, sometimes 45% gold—all in accordance
with the varying intensity of the pressure for credit.
The Gold Outflow of 1919-1920.
On top of this great secondary expansion of credit there began in June
1919 the only substantial gold outflow which has occurred since the Reserve
System was established. In ten months $400,000,000 of gold was exported
to countries whose exchanges with us were at a premium. This occurred at a
time when due to the necessities of war finance, the borrowings of member
banks at the Reserve banks were already so immense that the effect of the
additional borrowings necessary to acquire the $400,000,000 of gold to export
was not clearly realized or distinguished at the time. The gold had to be
obtained by such borrowings, for there was no other way, in that period of
expanding credit, to get it But the withdrawal of this amount of gold from
the reserves of the System accelerated very considerably the rapid decline in
the reserve atio from around 50% when it began, to the low point of 42% in
1920, and the accompanying high rates for credit which prevailed in 1920.
The Gold Inflow of 1921.
In late 1920 the exchanges of the countries above referred to declined and
the dollar went to a premium in every country in the world. Gold then began to flow in again. In 1921, $667,000,000 of gold flowed in, mainly
to
purchase goods or to pay debts here. This was the time when people began
to remark on the efficacy of the Federal Reserve System in absorbing this
vast flood of gold in such a way that no inflationary effects were felt
from it.
But as we now know, the simple fact was not that the Reserve
System had
any magic power to deflect or prevent the operation of natural laws; but
merely that the country was in the midst of a great commercial liquidation
and needed, not more credit but less, day by day and month by month. Consequently, as the banks were heavily indebted to the system, they used the
additional reserves, which the,incoming gold created for them at the Reserve
banks, to extinguish or reduce their debts to these banks. By this process,
and by the reduction in the volume of Federal Reserve notes, the gold cover
of the Federal Reserve dollar, which had declined from 85% to 42%, was increased to around 75%, where it has now stood for over a year.
The Gold Inflow of 1922-1923.
In the 16 months since January 1922, $284,000,000 more of gold flowed
in, but under an entirely different set of conditions in business and banking.
By February 1922 member banks owed relatively little to the Reserve banks,
and wholesale prices and the volume of production in basic industries; were
rising. So much of the imported gold as was not used still further to reduce
debt or to increase the volume of currency, served as the basis for a further
primary expansion of bank deposits. The net imports of gold in 1922 and
the first four months of 1923 were $284,000,000; the increase in the deposits of all banks is estimated at $4,000,000,000, while the use of Federal
Reserve credit has not increased at all.
.
PRESENT AND FUTURE GOLD MOVEMENTS.
Now having discussed the effect upon the volume of credit of gold imports
and gold exports at times of both active and inactive business, and having
given examples of the effect of gold imports and exports under the Federal
Reserve System during the past nine years, inay we not in closing take a
little look both at the present, which is still a period of gold imports, and at
the future in which everyone expects that, sooner or later, substantial gold
exports will occur.
With the dollar still at a premium in practically all of the foreign exchanges, conditions are still favorable for a further inflow of gold; and while
business continues active, for a further primary expansion of credit,
2585
without further borrowing from the Reserve banks. On the other hand,
should business slacken and the gold inflow continue, the new gold will presumably be used, as in 1921, to reduce borrowings at the Reserve banks_
Should the gold inflow be reduced or cease altogether, and should business
and the demand for credit still continue active, it is quite within the power
of the business nieu and bankers of the country, by borrowing at the Reserve
banks, to continue or even greatly to accelerate the expansion of credit, since
the $3,000,000,000 of gold now held by the Reserve banks is capable of supporting a volume of credit much larger than that of 1920.
In other words, we might superimpose upon the already considerable primary expansion of credit, effected automatically by our gold imports, a great
secondary expansion of credit effected by borrowing at the Reserve banks.
But the understanding is growing quite general that the higher the structure
of credit, whether primary or secondary, we let ourselves build upon this
gold, the sooner the gold will begin to flow out, the more it will flow out
and the greater restraint its flowing out will place upon our prosperity.
The Federal Reserve Board in its April 1923 "Bulletin," said: "Large
gold reserves . . . have increased the lending power of the Federal Reserve banks far beyond present domestic credit needs." In view of the wellknown tendency of gold which is in excess of a country's needs to find its
way to other countries, various suggestions have been made to assist in solving the problem which the possession of this excess gold creates for the country. Some suggest that we should actually, and others that we should mentally, set aside a round amount of our gold as a reserve against future exports. Others suggest that we should put the excess gold into general circulation. Either of these courses, if followed, would lessen the likelihood of a
secondary expansion occurring through borrowing at the Reserve banks, but
neither would reduce or affect the primary expansion which has already occurred on the gold which it is now suggested we should pay out or set aside.
Others have suggested that we should make large loans of gold to foreign
countries and so assist in stabilizing their currencies. But it should be remembered that, except under special arrangements, gold will not flow from
the United States to any country whose exchange is at a discount with the
dollar. As long as its exchange remains at a discount, a foreign country having credits in the United States will presumably withdraw them in goods
rather than in gold; while our importers will not pay gold for goods as long
as depreciated exchange is a cheaper medium of payment. But just as soon
as a country, by the shipment to us of goods or gold, or by establishing
credits here, brings its exchange back to a premium against the dollar, gold
will naturally flow out to it.
Again, others express the view that what, under pre-war conditions, would'
have been a very large gold export movement, could now take place without
much, if any, disturbance to business conditions. With that idea I can agree,
but with this reservation: that the larger the movement the more prompt and
the more well defined would be its effects. As we have already seen, gold
for export can be obtained in only two ways: first, through the release of reserves and currency which would accompany reduced credit volume or reduced business activity; and, second, through borrowing at the Reserve bank.
These two alternatives illustrate exactly the difference which the establishment of the Federal Reserve System has made in the ability of American
business men and bankers to face an outward flow of gold. Under former
conditions, unless reserves were already excessive, the volume of credit was
reduced without over-much regard to the needs of borrowers, and sometimes
to the serious disturbance of busineas. Under present conditions, a small
outward flow might well pass unnoticed, and a large flow could be regarded
with far less concern than formerly. The ability of member banks to borrow
gold places an elastic link in the chain, and while in course of time the
banks are likely so to readjust themselves as to reduce their loans at the Reserve banks, the process would be so gradual as to permit business to adapt
itself to the changed conditions.
These principles which I have discussed with you are old, but they wear a
new aspect because of the existence of the Federal Reserve System. The System, however, has no power to change the ultimate course of economic forces,
such as those we have discussed; yet it can do something, perhape in time
much, to mitigate their adverse effects and to conserve their benefits.
I have ventured to take so much of your time to-day in the hope that I
might bring to you a clearer understanding of the relation of gold movements'
to credit volume, and of the relation of the Reserve System to gold movemer!ts ; so that as these economic phenomena occur one may more easily appraise their immediate or future effects on credit and business.
Francis H. Sisson on Vital Effect of Advertising on
Production.
In discussing on June 5 "Public Relations and the Advertising Man," Francis H. Sisson, Vice-President of the Guaranty Trust Company of New York, declared that "advertising through its primary function of facilitating distribution
has a vital effect on many phases of production." The
statement was also made by Mr. Sisson that "advertising
has long been hampered in its use by precedent, tradition,
conventions and prejudices, which, under analysis and experience, find little to warrant their existence." He continued:
Gradually the falsity of their claims is being proved. We were told for
many years that it was undignified for a bank or fiduciary institution to
advertise, and this edict, born of some superstition of the past, was accepted without question until finally it was intelligently challenged andrit
was discovered under analysis that there was no sufficient reason for Its
support. The inevitable conclusion of logic is that, whatever is of genuine
use to human beings, whether it be goods or services, can, with truth and
dignity, be advertised and sold, and that it is just as proper to merchandise
forms of service as various kinds of commodities. The next logical stejs
will be that the use of advertising in merchandising ideas isquite as proper
as its use in the sale of goods and services.
In the logical development of this new understanding of the power of
advertising during the last decade, we have seen many of our banking,
fiduciary and investment institutions actively employing the sales value of
advertising in the marketing of their services. In this intelligent use of
publicity they are not only increa.sing their own immediate business return.
but they are helping to spread a better understanding of financial service
and economic fact and theory upon which sound business relations can be
built.
Mr. Sisson also said in part:
There are thousands of products of unquestioned merit of which the general public knows little or nothing because the manufacturers of such products are content to practice principles of more or less primitive barter,
apparently unconscious of the fact that by educating the general public to
an appreciation of the worth of their particular products they would not only
profit themselves but would preform a distinctly valuable economic service
2586
THE CHRONICLE
to the country. In other words, they lack the vision which is the especial
genius of this nhtion:
But there are other and bigger problems for advertising to help,solve
through dispelling ignorance. Consider for a moment-what we may expect
in default of proper public understanding of the vital economic questions
pending before this nation to-day. Recall how near we came to authorizing by popular vote a debased currency during the free silver campaign:
how long we temporized with our critical -banking problem; how foolishly
we have hampered and shakled our large industrial institutions in their
legitimate expansion and beneficial economicfunctions; how we have overregulated and strangled our railroads; how we have blundered in our
taxation.
All these and many More similar situations demand the light of fact and
reason to dispel the shadows they cast upon us. The-inevitable harvest of
ignorance is industrial and social disaster. Public sentiment must be informed and guided if it is to find expression in proper action.
It is certain that never in the history of this country was a knowledge of
economic facts more imperatively needed. New and large business problems confront us. The civilized world is undergoing an economic readjustment. The nation which best understands the facts and -the principles
underlying them will profit most largely, and the nation which takes the
most intelligent advantage of advertising, in its manifold forms, both as a
medium of education and as a potent factor in building the business of the
future, will prosper most. . . •
The war hasopened up many new fields for advertising service. Financial
and advertising geniuses are invited to devise plans through which to meet
the investing needs of the nation, to distribute sound securities, to inculcate thrift. Within a few years our investing class has sprung from three
hundred thousand to twenty millions. Economic and social fallacies
crowd upon us; industrial problems rise on every side. Only through
created only
understanding can they be solved, and understanding can be
through publicity. Legislative action rises out of public opinion; public
opinion is based upon current information and popular prejudice. These
can be met most effectively through such public mediums as advertising
commands. In meeting them you are serving not only the ends of good
citizenship and social progress, but business advantage, which can be secured only in an established social order based upon sound economicthinking.
A well-equipped advertising man in institutions whose public relation
problems are important should be able not only to interpret the public's
mind on matters pertaining to the business of his institution, but to its
officers. In this two-fold capacity he should first of all boa sound, practical
psychologist, and the importance of this capacity for accurate psychological analysis as a chief factor in advertising service is becoming increasingly
understood. The complexity of human thought and feeling presents a
real problem to such an analysis, but the measure of his success will be very
largely the measure of his ability to interpret and direct these motive
forces of human action. He must understood the value and place of emo-tional appeal. as well as the logical argument. Neither by itself carries a
-complete message. Ile must understand the varying appeals to the sexes.
and to the classes with whom he must deal, in terms of display, color,
Argument and feeling. He must always stand aloof from his problem and
have a detached point of view, which will give him perspective and an
angle of accurate appraisal which he could not otherwise have. He should
understand economics and politics, production and finance, as well as
distribution, for in all of these fields there are factors operating which affect
his message. To mix a metaphor, he should be both the mouthpiece of
business to the public, and the mirror of the public mind to busienss.
He should have the contacts in the business morld which enable him to
understand its problems and the public contacts which provide a hearing
for his suggested solutions.
The competent advertising man of to-day must know not only how to sell
his product on a basis immediately productive. but also how to establish
good-will values for trademarks and ideas which Will be reflected in future
profits. For in the final analysis, in any modern business that is organized
for profit, only those efforts which are reflected sooner or later upon the
right side of the balance sheet can be justified, and that end must never be
lost sight of. But underneath all our efforts, either direct or general,
there should be the appreciation that business must rest upon a basis of
public understanding for its final stimuli and ultimate profits, and that
business can prosper permanently only upon a basis of sound economics,
some of the obvious elements of which may briefly be mentioned as a sound
monetary and banking system, adequate transportation, a respect for the
constitutional rights of private property and the freedom of initiative.
[VOL. 116.
udder fire." If the committee of five which Is investigating the various
failures should demand his immediate resignation, the situation would be
entirely changed.
The New York "Evening Post" in its issue of June 7 stated
that on that day (Thursday) Mr. Silkworth had said "that
he thought the best interest of the Exchange would be served
if he'resigned, to take effect on Monday next at the close of
the',141.7ktk- Avlifn his present term of office expires." In
this, however, he is reported as saying he would be influenced by the opinion of his attorneys, Sullivan & Cromwell, with whom he would confer during the day. The
"Post," moreover, reported Mr. Silkworth as saying that he
felt that he had not been given the proper backing by the
members of the Board of Governors during his Presidency.
"I have done the best in my power to conserve the interests
and reputation of the Exchange, but I cannot fight alone.
If I do 'resign be sure that I shall use every effort to clear
my name. My resignation is for no other purpose than to
protect'the Exchange as far as I can against further attack."
According to the New York "Times" of yesterday (June 8)
Mr. Silkworth was questioned for four hours on the preceding
day in the District Attorney's office about a fund of $102,000
subscribed by 18 members of the Exchange in February
1922, in an attempt to prevent the failure of the brokerage
firm of R. H. MacMasters & Co. The questioning, it is
said, was done by District Attorney Banton, Chief Assistant
District Attorney Pecora, and Assistant District Attorney
McKenna. The latter, it is said, investigated the failure of
the above-mentioned firm in the spring of last year, resulting
in indictments being returned by the Grand Jury for alleged
grand larceny and "bucketing" against the heads of the failed
firm, Roy H. MacMasters and his step-father, J. F. MacMasters. At the close of the examination of Mr. Silkworth,
it is said, at 7:30 Thursday evening, Assistant District
Attorneys Pecora and MoKenna issued a statement in
which they intimated that the formation of the fund would
be the subject of a Grand Jury investigation and that Mr.
Silkworth would be called as a witness before that body.
Shortly after Mr. Silkworth entered the Criminal Courts
Building on Thursday, it is said, the names of the firms which
contributed to the $102,000 fund became known. Eleven
of the firms on the list, it is said, have been forced into
bankruptcy since the MacMasters failure. The names of
these firms and the amounts they subscribed, as printed in
the "Times" of June 8, are as follows:
Raynor, Nicholas & Truesdell, $10,000; E. M. Fuller & Co., $10,000;
E. & J. W.
Kohler, Bremer & Co., $5.000; Scott & Stumpf, $5,000; M.
W. H. McKenna
de Aguera & Co., $5,000; J. C. Rabiner & Co., $5,000;
& Co., $.5,000; S. S. Ruskay & Co., $5,000; Howell & Wales. $5,000;
$2,500.
Walter J. Schmidt & CO., $5,000, and Mosher & Wallace,
The list also showed,according to the "Times" that $10,000
was subscribed by Stanis J. Decry, who was declared in
default in the Federal Court on Wednesday for failing to
appear as a witness at the bankruptcy investigation of
Raynor, Nicholas & Truesdell before Referee Harold P.
Coffin. Mr. Silkworth, it is said, at the Fuller & Co.
bankruptcy hearing before the same referee, described
Decry as "the father of the fund." Just before Mr. SilkW. S. Silkworth to Resign Presidency of
Consolidated Stock Exchange.
worth arrived at the District Attorney's office, it is said,
statement:
to statements appearing in the New York daily Mr. Banton gave out the following on the Consolidated Stock
According
In every case where there has been a failure give us all the information
S. Silkworth will resign as Presipapers of June 7, William
Exchange Mr. Silkworth has come forward to
dent of the New York Consolidated Stock Exchange within in his possession. Whenever he learned that members of the Exchange
investigation and sent us a report. In
the near future. The New York "Times," in its issue of the were crossing orders he made anmaking this statement. Ho has given us
fairness to Mr. Silkworth, I am
not have proceeded
above date, said with regard to the matter:
valuable information, and without his aid we could
As a result of the many recent investigations into brokerage failures and In a number of cases.
because of the assertions that officials of the Exchange and their associates
According to the New York "Journal of Commerce" of
were involved in these smashes, many rumors have been circulated to the
Governors of the Exchange would demand the yesterday (June 8), a new Board of Governors for the New
effect that the Board of
resignation of Silkworth. It was also reported that sentiment on the floor York Consolidated Stock Exchange has been chosen and
of the Consolidated Exchange was anti-Silkworth. The announcement
announced for the first time on Thursday,
made by the Board of Governors of the Exchange of the appointment of their names
a committee of five members, giving them broad powers of investigating June 7. They are: Henry B. Bultman, Roger Dunscombe,
not only the members of the Exchange but the act of any "official or com- Benjamin C. Shapiro, John C. Henderson and Chester I.
mittee of the Exchange which has been subject to just public criticism."
Laurence Tweedy, it is said, will become First
gave rise to further reports that this committee was gunning for President Crowell.
Silkworth and that his resignation would be demanded immediately.
Vice-President, replacing Mortimer H. Wagar. A complete
While close friends of Silkworth yesterday admitted that he would resign reorganization of the executive forces of the Exchange is
within the near future, they were emphatic in their opinions that the resigMonday next, when
nation would not be demanded, and that doubt was expressed if the com- scheduled, it is said, to take place on
mittee would find anything in the acts of the President to warrant such a Mr. Silkworth is expected to resign.
demand. One official of the Exchange said yesterday that the questions
Involved in the recent exposures have been responsible for much criticism
on the part of members of the Exchange, and many of these problems have
been discussed upon the floor between groups of brokers, some of the
criticism coming from the closest friends of Silkworth. It was said that the
resignation might be requested "for the good of the Exchange." on the
ground that the public appears to be impressed with the fact that certain
unethical acts had been committed. Whether Sllkworth is innocent or
of the opinion that his resignation should be
guilty, some members are
submitted immediately.
A friend of Silkworth said yesterday that his resignation could be expected
shortly after the completion of the hearings into the E. M. Fuller & Co.
and other bankruptcies. Slikworth, it is stated, wants to see these investiaations through to the end before resigning, as he has no desire to "quit
Board of Governors of Consolidated Stock Exchange
Announce Appointment of Committee to Inquire
Into Administration of the Exchange.
That an investigation into the administration of the New
York Consolidated Stock Exchange during the last few years
is in progress was publicly announced by the Board of Governors of that body on Wednesday of this week (June 6),
in the following statement to the press. The announcement
read:
JUNE 91923.1
THE CHRONICLE -
The Board o4gpvernors of the Consolidated Stock Exchange deems it
appropriate at this time to make public amieuncement of the appointment
by the Board on May 16 last of five members of the Exchange to inquire
into the administration of the Exchange during the past few years, particularly with reference to disclosures which have been made in recent
bankruptcy hearings of former Consolidated members.
Mindful of the fact that its first duty is to the public, the Board, through
the committee of five, is making an exhaustive inquiry into all phases affecting the Exchange or the conduct of its members, officials or committees
in connection with such failures as thht of E. M. Fuller & Co., Kardos &
Burke and Ruskay & Co., that occurred a year ago or more, and in which
former members of the Exchange were involved.
The committee of five has been holding meetings almost daily and
will continue to do so until its investigation is completed and it is in a
position to report back to the board. The acts of any member, official or
committee of the Exchange which have been subject to just public criticism
will be thoroughly reviewed. The Committee in its investigation has the
authority to employ counsel and to incur any expense which may be
necessary.
The Board desires to emphasize the fact that all of the acts for which
the Exchange or its officials have been criticized were committed before
July of last year, since which time the Exchange has inaugurated numerous
reforms which would make impossible a repetition of such acts to-day.
During this interval the Exchange has taken drastic steps, such as controlling the participation of members in promotions, exacting from its
commission house members quarterly questionnaires, establishing its own
Bureau of Audlting and Accounting, as well as the removal of upward of
300 tickers from outside houses which were not members of the Exchange
and cutting off wire connections with many other similar houses, for the
further protection of the public.
In the criticism that has been directed against the Exchange, the board
hopes that the public will not lose sight of the fact that more than 93% of
our membership, the bulwark of the Exchange, was not touched by the
plague of imcketing that some thirty members—men who joined the.Exchange under abnormal conditions in two brief years—apparently carried on.
It is permissible, therefore, to point out that there has not been a failure
on the Consolidated Exchange since September, save Cantey & Cannon,
who failed following their expulsion by the Exchange.
The committee of five consists of Ogden D. Budd,former President of the
Exchange; Clarence R. West, William E. Power, Leopold Spingarn and
Harry I. Luber. Whatever remedies or changes this committee recommends, based on Its findings, for further safeguarding the interest of the
public, the public may feel assured the board will carry out and the disciplinary powers of the board will be invoked to punish any member,official
• or committee found to be guilty of any act or acts detrimental to the interests of the public or the Exchange.
Increase in Depositi of National Banks and State
Bank Members of Federal Reserve System
During Year.
The Comptroller of the Currency in a statement issued
June 6 indicates that since March of last year an increase
of $3,000,000,000 in deposits has occurred in the deposits
of national banks and State banks and trust companies
members of the Federal Reserve System. We quote herewith the statement:
Reports of condition received by the Comptroller of the Currency from
national banks and by the Federal Reserve Board from State bank and
trust company members of the Federal Reserve System as of April 3 1923
show that there has been an increase in loans and discounts of all member
banks since Dec. 29 1922, the date of the last previous call. of $492,000.000
and of $1,407,000,000 since March 10 1922. Holdings of U. S. securities
Increased only $95,000,000 during the period between the last two calls
as compared with an increase of $1,128,000,000 since March 10 1922.
Demand deposits went down in both New York and Chicago, and increased
somewhat in Reserve city and country banks, the substantial decline for
New York being due largely to the fact that deposits of such banks on
Dec. 29 were very materially inflated because of the large amount of ex..
changes for the clearing house held on that date. The amount of such
exchanges held by New York banks on Dec. 29 was $1,019,819,000, as
compared with $614.326,000 on April 3 1923.
It is noteworthy that during the year or since March 10 1922, demand
and time deposits have increased about $1,500,000,000 each, the increase
In demand deposits in the aggregate being slightly in excess of the increase
in time deposits, although in New York City the increase in time deposits
amounted to $259,000,000 and the increase in demand deposits to only
$136.000,000. This increase of about $3,000,000,000 in demand and time
deposits compares with an increase of about $2,900,000,000 in loans, discounts and investments.
While reports indicate that there was an increase of $68,000,000 in the
loans and discounts of national banks and of $424,000,000 in the loans and
discounts of State bank and trust company members since Dec. 29. the
figures are somewhat misleading, since one of the larger national banks
of New York City, with loans, discounts and investments and deposits of
approximately $200,000,000, surrendered its national charter and joined
the System as a State bank between the dates of the last two calls. Had
it not been for this fact the increase in loans and discounts for national
banks and for State banks and trust company members of the System
during the period between the last two calls would have been approximately
the same, or about 3250,000,000.
Leaving New York City out of account, an increase in loans and investments is shown for banks in each Federal Reserve district, the smallest
increases occurring in the Boston, Minneapolis, Kansas City and Richmond districts and the largest increases in the San Francisco. Philadelphia
and Now York (exclusive of Kew York City) districts.
Borrowings on bills payable and rediscounts by all member banks increased $89,000,000 between Dec. 29 1922 and April 3 1923 and stood at
8967,000,000 as compared with their peak of $3,194,000,000 reported for
Nov. 15 1920. New York City banks increased their borrowings by
$82,000,000 (between Dec. 29 1922 and April 3 1923), Chicago banks by
$31,000,000. and Reserve city banks by $23,000,000; while country bank
borrowings fell off $47,000,000. This same trend is manifest in the figures
for the past year, the banks in New York City increasing their borrowings
by $202,000,000, those in Chicago by $49,000,000 and those in Reserve
cities by $92,000,000; while the country banks reduced their borrowings
by 8216.000.000. Reductions in borrowings since March 10 1922 have
occurred in the Atlanta, Richmond, Dallas, Cleveland, Minneapolis,
Kansas City, San Francisco and St. Louis districts; while four districts,
1. e., New York, Boston, Chicago and Philadelphia, show increased borrowings. The increase in the New York district was $216,000,000 compared
with an aggregate increase of $68,000,000 for the Boston. Chicago and
2587
Philadelphia- districts and a decrease of $156,000,000 for the eight other
districts. The aggregate amounts of the principal asset and liability items
of all member banks as of April 3 1923, together with the changes since
December 29 1922 and March 10 1922, are shown in the following table:
Increase( -I-) or Decrease)±(Since
Amount.
Dec. 29 1922. March 10 1922.
818,553,000,000 +$492,000.000 +$1,407,000,000
Loans and discounts
U. S. Govt. securities
3,883,000,000 +95,000,000 +1,128,000.000
Other bonds, stocks, se3,877.000.000 —22,000,000
+374.000.000
curities,&c
Total loans and investm'ts 26,313.000,000 +565,000,000 +2,909.000,000
14,526,000,000 —290.000,000 +1.576,000,000
Demand deposits
8,143,000,000 +498,000,000 +1.481.000.000
Time deposits
Total deposits
27.182,000,000 —90.000,000 +3,541,000.000
Bills payable & rediscounts
967,000,000 +89.000.000 (g128.000,000
33,852,000,000 —30,000,000 +3.916,000,000
Total resources
Curb Brokerage Firm of L. L. Winkelman & Co. Fails..
Yesterday (June 8) L. L. Winkelman & Co., Curb brokers
of 62 Broad Street, this city, were petitioned into involuntary
bankruptcy in the United States District Court and automatically were suspended from trading on the New York
Curb Market Exchange. The firm's liabilities were estimated at $1,750,000 and assets at $1,500,000. Later,
Judge William Bondy, of the Federal Ccurt, appointed
Charles L. Livingston receiver under a bond of $50,000.
The failed firm, which, it is said, specialized in oil stocks,
was composed of Angus X. Nicholson and Louis L. Winkelman. It maintained branch offices in Akron; Baltimore;
Chicago; Findlay, 0.; Marietta, 0.; Parkersburg, W. Va.;
Philadelphia, Pittsburgh, Uniontown, Pa.; Zanesville, 0.,
and Wheeling W. Va. President J. W. Curtis of the New
York Curb Market Association issued the following statement
in regard to the failed firm:
On Wednesday, June 5, the Law Committee of the New York Curb
Market directed the examination of the books of L. L. Winkelman & Co.
by the accountants of the Committee whereupon the Exchange was informed that the books of the L. L.Winkelman & Co. had been subpoenaed
by the office of the Attorney-General of New York. The examination
had, therefore, to be postponed.
According to the New York "Evening Post" of June 8,
within a few minutes of the announcement of the failure,
Richard H. Gibbs, Assistant District Attorney, under orders
of Mr. Banton, appeared, it is said, at the Winkelman offices
and tried to procure the books of the firm. He was informed,
it is said, that several large packages had been taken out of
the office shortly before his arrival and placed in a taxicab.
Mr. Gibbs then hurried to a telephone and telephoned Mr.
Banton, it is said, the license number of the taxi, asking him
to direct the police to try to find it and learn where the driver
had taken the packages presumably containing records of the
firm, so that he could make an effort to get them and take
them to the District Attorney's office.
George Gordon Battle, the attorney retained by L. L.
Winkelman & Co., denied, it is said, that the books had
disappeared, and said that his information was to the effect
that the books were being very carefully conserved in the
building at 62 Broad St.
Mr. Battle issued the following statement regarding
the bankruptcy petition:
I have just been retained to represent L. L. Winkelman & Co. My
clients assure me they are solvent and have instructed me to deny and
Contest the claim of insolvency. In the meantime, Messrs. L. L. Winkel..
man & Co. intend to co-operate to the fullest extent with their customers
and the receiver for their customers' protection.
Pennsylvania Bankers' Association Records Its
Opposition to Branch Banking.
Opposition to branch banking was voiced by the Pennsylvania Bankers' Association at its recent annual convention
in Atlantic City, when on May 25 it expressed itself "as
viewing with alarm" the proposal to legalize branch banking
in Pennsylvania, and stated it was opposed to House Bill
No. 1330 and Senate Bill No. 631, introduced at the current
session of the Legislature, which would authorize such institutions. This is learned from the Philadelphia "Ledger",
which reports the resolution .as saying: "We regard branch
banking as antagonistic to basic American principles and
potent with harm, not only to banking interests but to the
welfare of business generally." The "Ledger" of May 26
said further:
Little opposition was expressed to the resolution, but Charles S. Colwell.
President of the Corn Exchange National Bank of Philadelphia. who was
elected to head the Association for the next year, after the resolution was
adopted, admonished the opponents of branch banking carefully to consider
the question from all points of view. He pointed out that branch banking
exists in Philadelphia, fifteen trust companies having additional offices.
and he asked the bankers if it would be fair to stop them from conducting
such offices.
The resolution was sponsored by the Pennsylvania Association Opposed to
Branch Banking,of which William G. McNary of Bellevue is Chairman,and
was drawn up by a committee of twenty-eight bankers, the majority of
whom were from the western part of the State, where opposition to the
2588
THE CHRONICLE
establishment of branches is the most extensive. Philadelphia bankers
generally are in favor of the establishment of branches and will probably
continue to establish additional offices where they consider it good business.
Missouri Bankers' Association Declares Itself Against
Branch Banking.
The establishment of branch banking institutions was condemned in a resolution adopted by the MiSouri Bankers'
Association at its annual convention which was brought to a
close on May 23 after a two days' session at St. Joseph, Mo.
According to the "Globe-Democrat" the resolution contends
that to permit branch banks would create too much of a
monopoly. The same paper states that other resolutions
adopted at the meeting condemned Government control
signing by members of the Association of recommendations
of paroles for bank robbers, and voiced protest against further
disproportionate taxation on the banking business.
Kansas Bankers Association Opposes Branch Banking
System as Monopolistic—Crop Diversification
Urged.
A resolution opposing the branch banking system as
monopolistic was adopted by the Kansas Bankers' Association at the closing session on May 25 of its annual convention at Hutchinson. Other resolutions passed, according
to the Topeka "Capital," deplore the disregard of some
bankers in making excess loans; pledge all possible encouragement of diversified farming in Kansas; recommend the
formation of calf clubs, pig clubs, corn clubs and the like
by boys and girls; pledge best endeavors to protect people
against worthless and questionable securities; demand that
bank officials guilty of wrecking banks be compelled to
serve full time when convicted, and not paroled or pardoned;
'urge the storage of winter coal during the summer; the
loading of cars to full capacity, and prompt loading to relieve
the car shortage situation. President T. C. Carver, in his
annual address as President of the Association, on May 25
urged the bankers to bend every effort to get the State
away from the "one crop" idea. The "Capital" quotes him
as saying:
[VOL. 116.
Repeal of Bank Guaranty Law in Oklahoma Commended by Thomas B. Paton—Uniform
Bank Laws Urged.
Banking legislation enacted by the States and Congress
was dealt with in an address before the Oklahoma Bankers'
Association at Oklahoma City on May 30 by Thomas B.
Paton, of the Americzn Bankers' Association, who, it is
learned from the Dallas "News," made a plea for uniform
banking laws so that Courts could follow them clearly. A
condition now obtains, he said, that leaves the banker in
considerable confusion, not knowing exactly where he stands
in the legal phases of banking legislation. The "News" also
states:
Mr. Paton believed the repeal of the Guaranty law in Oklahoma was a
good thing, explaining that the National Association has opposed anything
looking toward compulsory protection in this way. It was observed that
only the States of North and South Dakota, Nebraska and Texas now have
such laws, with Kansas a non-compulsory statute. The matter of responsibility of banks in the leasing of safety deposit boxes is becoming important,
It was explained, because some cases had been decided against the banks,
Mr. Paton believed banks should urge their customers not to deposit valuable papers in these boxes.
Walker Bill Taxing Bank Shares and Moneyed Capital
in New York Signed by Governor Smith—Sheridan
Bill Validating Bank Tax Vetoed.
Attention has been drawn by Henry M. Goldfogle, President of the Board of Taxes and Assessments of this city, to
the newly enacted Walker bill, passed by the New York
Legislature and signed by Governor Smith on June 1, levying
a tax of 1% on bank stock and moneyed capital of individuals
and corporations coming into competition with banks.
From the "Journal of Commerce" of June 7 we quote the
following regarding his notice in the matter:
In a statement issued yesterday Henry M. Goldfogle, President of the
Commission on Taxes and Assessments, called the attention of bankers
and investment housks to the important changes that have been made in
the law as affecting taxation on moneyed capital owned by private and
individual bankers and investors operating with moneyed capital coming
Into competition with the business of national banks, and on shares of
national and State bank stock. It is contained in what is now Chapter 897
of the Laws of 1923.
The Commissioner said that the new law meets the difficulties which
arose out of the decision of the Court of Appeals, which held that taxation
on bank shares was invalid under the General Tax Law because of what
that Court had determined was a discriminatory tax rate on national
bank shares, prohibited by Federal statutes, and duo to a defect in the State
Ninety per cent, of us depend upon agricultural production and con- Income Tax law, which the Court declared operated as between tax imposed
ditions for our success. The county in which I live depends on agriculture
on bank shares and tax imposed on other moneyed capital coming into
entirely.
competition with bank business.
For the past, we have been a great "one crop" producing community.
Faced Twofold Loss.
If we have good crops, things are flourishing: if we have poor crops, they
"As a consequence," said President Goldfogle, "the city was threatened
are depressed. We ought to manage our affairs so that we are not detwofold loss, namely: That of approximately twenty million dolpendent entirely on any one crop—that means diversified farming. The with a
refunded of past taxes and also all future tax, which would
State as a whole depends too much on the wheat crop. I realize that in lars to be
approximate five and one-half million dollars annually, so far as this city
the central third of the State it is a more substantial crop. but I feel that
Is concerned, or a total or over double that amount spread throughout
as a State we would be far better off if we raised less wheat and more varied
the different localities of the State.
crops and llvestock.
"To meet this serious situation it became necessary for the various
We should use all of our energies to get results from the cow. sow and
localities, especially New York City, to seek legislative relief. In
hen, wheat. kaffir, corn, alfalfa, sudan grass, feterita and other crops. taxing
far as past taxes were concerned an agreement has been reached to settle
Instead of having one pay check a year, we should have a pay check every so
with the banks on a 50% basis: but in so far as-future taxation is concerned
day in the year.
it was necessary, so as to overcome the objections which the Court of
Recently I saw a statement from a country where diversified farming
Appeals sustained, to secure legislation placing all corporations, associations
to practiced that there had been but two bank failures there in 19 years.
and persons, bankers and investors dealing with such moneyed capital as
competes with the banks, on a common and equal basis. This, after numerous hearings before Congressional and State legislative committees, was
accomplished.
Remarks of Edward Elliott Before California Bankers/
"The result is the passage of the Walker bill which provides:
"Returns to be made under oath of the actual value of such moneyed
Association on Rural Credits Act.
capital on the first day of preceding May. These returns confidential.
"Penalty for non-return.
In an address on the newly created Rural Credits Act
"Rate a 1% same as bank shares.
before the California Bankers' Association, whose convention
so often resorted to
"No deductions for debts. This will prevent devices
at Los Angeles closed on May 26, Edward Elliott, Vice- under the personal tax law to escape taxation.
"Department stores having banking branches are subject to law.
President of the Security Trust & Savings Bank of Los An"Hundreds of small bankers all over the State and investment concerns
geles, stated that "one of the most serious considerations
subject to law.
in connection with this legislation has to do not with the are
Penalties Incurred.
merit of the legislation itself or the highly desirable purpose
"With the numerous exceptions and various exemptions which from year
been made through legislative Acts in favor of special interest,
which it seeks to accomplish, but rather with the general o year havethe city sources of revenue that once were available, the heavy
taking from
consideration that another elaborate governmental machine burden of taxation has fallen mainly on real estate. In the last analysis
has been set up, comparable in scope and purpose with the this burden falls upon rent payers and serves unfortunately in many cases
rent
sw e s.
Federal Reserve System and the Federal Land Banks, to enhanceTb
just passed will at least compel banks and bankers and those
having an intimate contact with the agricultural population others ewlwhose usiness competes with banks to pay into the treasury their
tp
of the country." Mr. Elliott, according to the Los Angeles fair share of taxation. To some extent it will aid in lessening the burden
tax pa ted
on otb taxpayers.
nnot her estimny
lcast
now t ea
"Times," added:
at this time what sums will flow into the
many of our farmers and livestock growers are men of high intelli- Treasury as a result of this recent legislation. Applying past experience,
While
gence and standing, a large percentage of them are not well grounded in we may safely count on five and one-half millions annually from National
the fundamentals of business and finance. What the farmer really wants and State banks. How much will come from private and individual
to accomplish through the credit facilities established is to secure a higher bankers and other investors who are subject to the law is of course difficult
return for his products. Laudable as is his desire,it cannot be accomplished at this time to state. But it ought to run high into the millions.
by legislation alone, and the danger lies in the fact that if his ultimate per"Those who come under the provisions of this new law are safe from
pose not accomplished political pressure will doubtless result in additional dislocation of their business and financial affairs because returns under
legislation to secure that purpose,
the law are declared to be confidential—their contents not to be revealed
Bankers. Perhaps above all others, should devote no inconsiderable except by order of a court of competent jurisdiction. Employees of the
to a development in their communities of sound Department violating the confidence are guilty of a misdemeanor."
portion of their time
thinking with respect to fundamental economic and financial problems.
Dates of Assessment.
When there is overproduction of any commodity it is not possible, except
President Goldfogle added that on May 1 the date is set qn which the
for a brief space of time, to sustain by law the price of the product. The
of assessable money capital is determinable. June 1 in
adjustment most desired in our economic life to-day is one which will bring fixed amount
the date on which returns must be made. Aug. 1 the tentative
the price of raw materials, of labor and of the finished product into a more each year is
assessment will be made up. Dec. 15 the assessment roll will be corn-.
normal relationship.
JUNE 9 1923.]
THE CHRONICLE
pleted and notices given to those assessed and a certified copy of the assessment roll sent to the Receiver of Taxes. Dec. 31 is the last day on which
to pay the tax. This applies to the bank tax and to other institutions
doing a banking business.
The Sheridan bill, which was introduced at the request
of New York City officials for the purpose of validating
taxes levied upon State and national banks in 1920. 1921
and 1922, and which have been held invalid by the Court
of Appeals, was vetoed by Gov. Smith on June 3. In his
veto message the Governor said he had been informed that
the various parties interested had reached an understanding
• whereby the State and national banks in the City of New
York would adjust th3 taxes for the years 1920, 1921 and
1922 on the basis of a payment of 50% of the principal by
the national banks for those three years and by the State
banks of 50% payment for 1920 and 1921 and 100% for
1922. The terms of settlement, Gov. Smith said, had been
communicated to all its members for the purpose of informing all municipalities and banks affected. The settlement, it was pointed out, was contingent on the veto of
the bill.
Under-Secretary Gilbert's Letter to Senator Pittman
Regarding Suspension of Silver Purchases.
Under-Secretary of the Treasury S. P. Gilbert, Jr., in
a letter to Senator Kay Pittman, made public this week,
defends the course of the Treasury Department in deciding
to suspend silver purchases under the Pittman Act. The
termination of purchases under the Act, says Mr. Gilbert,
"will doubtless cause some disturbance to the silver industry, but that is always the result of maintaining an artificial
condition, and the hardships incident to returning to normal
are inherent in the situation and cannot be overcome by
any action of the Government." "The Treasury, of course,"
continues Mr. Gilbert, "has to consider the interests of the
people as a whole, and not merely the special interests of the
silver producers, and it would be manifestly improper for it
to throw an additional burden of $5,000,000 or more on the
taxpayers of the country in order to help producers of silver
by making purchases of silver at the artificial price of $1
per ounce, 1,000 fine, beyond what is needed under the
Act." The letter, although bearing date May 31, was not
made public until June 6. We give it herewith:
2589
fectly well settled that in making purchases of silver for subsidiary coinage
the Government pays only the market price. The difference between the
price paid and the face value of the subsidiary silver coined therefrom constitutes seigniorage, and this, as you know, accrues to the Government by
virtue of its sovereign power to coin money and maintain its circulation.
It does not result from any intrinsic merit of silver, and there is no reason
why the Government, in buying silver for purposes of coinage, should pay
any more for the silver than anyone else would have to pay in the markets
of the world. Silver, as you know, is not the standard of value. It is a
commodity, and like other commodities must respond to market conditions.
Silver producers stand in this respect on the same basis as producers of other
commodities and have no just cause for complaint against the Government
if their product falls in the market to a price lower than the cost of production.
The fact is, of course, that the Pittman Act has had the effect for about
three years or giving American producers of silver a bonus equivalent to
the difference between the world market price and the fixed price o'Si per
ounce, 1,000 fine. This has amounted, on an average, to over 30 cents an
ounce, and the effect has been to rive an artificial stimulus to the production of silver. The termination of purchases under the Act will doubtless
cause some disturbance to the silver industry, but that is always the result
of maintaining an artificial condition and the hardships incident to returning
to normal are inherent in the situation and cannot be overcome by any
action of the Government. The Treasury,on its part,has been doing everything possible to assure equitable treatment to American producers in making final purchases under the Act, and has promulgated appropriate regulations to that end, but beyond that it cannot go. The Treasury, of course,
has to consider the interests of the people as a whole, and not merely the
special interests of the silver producers, and it would be manifestly improper
for it to throw an additional burden of 550)0,000 or more on the taxpayers
of the country in order to help producers of silver by making purchases of
silver at the artificial price of $1 per ounce, 1,000fine, beyond what is needed
under the Act.
Very truly yours,
S. P. GILBERT, JR.. Under Secretary.
Hon. Key Pittman, Vice-Chairman,Senate Commission of
Gold and Silver Inquiry, U. S. Senate, Washington, D. C.
In our issue of a week ago (page 2463) we referred to the
announcement of Director of the Mint Scobey that he would
continue to receive tenders under the Pittman Act until the
close of business June 15, filing such tenders in the order of
their receipt. We give herewith this announcement in full:
The Directors of the Mint announces that tenders of silver under the
Act approved April 23 1918, sometimes known as the Pittman Act, have
to-day amounted to over 1,000,000 ounces, thus reducing the total amount
remaining to be purchased under the Act to about 1,350,000 ounces.
In order to avoid any possibility of accepting excessive tenders and at
the same time assure the most equitable treatment to American producers
of silver, the Director of the Mint will not accept any further tenders
until a sufficient examination has been made of the tenders already received
to indicate the precise amount of silver remaining to be purchased. The
Director of the Mint will, however, continue to receive tenders under the
Act until the close of business June 15 1923, filing such tenders in the
order of their receipt, and as soon as the amount remaining to be purchased has been definitely determined, will accept tenders up to such
amount in the order of their receipt, in accordance with the regulations
May 31 1923.
heretofore prescribed. All tenders in excess of the amount remaining
My dear Senator:—I received your letter of May 14 1923 with further
be purchased will be rejected.
reference to the allocation of silver for subsidiary coinage under thc Act to
approved April 23 1918. I have already stated the Treasury's position
Yesterday (June 8) the "Journal of Commerce" had the
with respect to the cancellation of these allocations in my letter of May following to say regarding the Government's silver purchases:
9 1923 and have called your particular attention to the decision of the
The Government will receive up to June 15 tenders for the remaining
Comptroller-General of the United States in the matter, given under date
one million ounces of silver it must buy under the requirements of the
of Nov. 29 1922.
Pittman Act. The Treasury Department is taking the Silver now at the
The Comptroller-General's decision Is conclusive and binding upon
or non-Pittman Act price of about 66c. As soon as the exact
the Secretary of the Treasury, and the Treasury Department accordingly foreign
silver accepted from each producer and offerer is determined the
proceeded forthwith to revoke the allocations covered -by the decision. amount of
the present figure and the dollar price specified in the
amounting in the aggregate to 10.247.976.52 fine ounces. Your letter, difference between
seller by the Mint Bureau.
I notice, SCAMS to involve some misunderstanding of the decision, for it Act will be paid to the
states toward the end that "the opinion of the Comptroller-General upon
The New York "Times" of June 6 observed that the
which the Treasury Department depends expressly states that the matter
resulting from the suspension of silver
of revocation or non-revocation is entirely within the discretion of the "principle losses
Treasury Department." What the Comptroller-General said was that:
purchases by the Government will be sustained by the
the matter of coinage into standard silver dollars of bullion . . • copper companies." We quote herewith what it had to
which was allocated and charged to the subsidiary silver account and
which allocations are authorized to be revoked and recharged to the standard say in the matter:
silver dollar bullion account, is for administrative consideration."
Silver was quoted yesterday at 65 cents an ounce in the New York
This clearly means that the revocation of the allocations is authorized, market, a decline of h cent as compared with the closing quotation on
and that the question of recoinage into dollars would be one for adminis- Monday. Interest in the market is high at present because the United
trative determination by the Secretary. That determination has been States Government has withdrawn its artificial peg which kept the price
reached, and the recoinage of the silver into standard silver dollars is of domestic silver at 99% to 994,depending upon the location of the mint
% cent representing
proceeding in accordance with the decision.
to which the shipment was being sent, the additional
What you say about profit to the Government through revoking the the cost of expressing silver the greatest distance.
allocations of silver for subsidiary coin shows a further misunderstanding
The current price, while 34% cents an ounce below the most recent
of the situation. Take, for example, the 10,247,976.52 ounces of bullion Government quotation, is somewhat higher than the current prices in
once allocated and since revoked. This bullion, or its equivalent, has been London, yesterday's quotation there having been 3111-16 pence, or 633
1
In the vaults all along and is not needed for subsidiary coinage. Restoring cents in terms of American money, a difference of 174 cents an ounce.
it to the standard silver dollar bullion account does not make a cent of The American price on silver in the open market (including only silver of
Act for the purchase
profit to the Government. It simply puts the silver back where it was foreign origin because of the provision in the Pittman
before, and when it has been recoined into standard silver dollars the of American-mined silver at mint price) has been higher in London all
Government will be restored to its former position, the recoined standard along. A comparison of figures shows the high point of silver in London
silver dollars filling the place of the standard silver dollars originally at 33 3-16 pence, or 66% cents, reached on April 30, as against the high in
broken up and melted. To do as you recommend, on the other band, the open market here of 68% cents,reached on March 27. The low for the
would involve a serious loss. In the first place, it would mean buying year in London was 30;4 pence, or 61 cents, reached on Feb. 3, as against
silver at the artificial price of $1 per ounce. 1,000 line, to take the place 63% cents here on the same date.
The Director of the Mint suspended purchases of silver under the Pittman
of silver which never left the Government's own vaults and does not in
any proper sense need to be replaced. This of itself would be a futile Act on June 1. [Director Scobey's announcement indicated that the
thing, and it would be a most unusual construction of the law to require it. Treasury requirements of silver purchases under the Pittman Act would
If it were done, moreover, the result would be that the Government would be completed by July 1.—Ed.1 Whether more purchases will need to be
have 10.247.976.52 ounces of silver bullion on hand that it would not be made before the full allowance is met is a question which Government
able to use, and this bullion would have been purchased at a price exceeding officials cannot answer until their purchases have been added and checked.
by more than 30 cents an ounce the regular market price for silver. It If further purchases are made they will be in a relatively small amount.
would not be needed for any purpose for a long time to come,and it would, With the filling of the complement, it is believed the Government will
therefore, have to lie idle in the vaults of the Treasury at a constant expense withdraw from the silver market for a long time. Sufficient silver is notv
on hand to take care of the requirements for a considerable period, it is
to the Government.
A similar misunderstanding apparently underlies your comments about stated, and it is assumed that further purchases will not be made until the
the purchase of silver for subsidiary coinage. There is nothing in the silver market is in a position which will not result in confusion in case the
Pittman Act that requires the Treasury at any time to buy silver for sub- Government should become a buyer.
Principal losses resulting from the suspension or silver purchases by the
sidiary coinage at the artificial price of $1 per ounce. The Act simply
requires the purchase of silver at the fixed price to replace the standard silver Government will be sustained by the copper companies, whose ores carry a
metals. There
dollars broken up and actually used,and this will be done in accordance with substantial quantity of silver along with copper and other
will be affected
the terms of the law and the regulations of the Director of the Mint pre- are also a number of individual miners, and prospectors who
action to improve
scribed thereunder. The purchase of silver for subsidiary coinage, on the by the lower price. Silver producers are contemplating
consideration is that
other hand, depends entirely upon the demands of business, and it is per- the silver market. One suggestion which is receiving
2590
THE CHRONICLE
of forming an organization similar to the Copper Export Association, whose
purpose would be to study market conditions, to regulate production and to
stimulate consumption. Pending such a measure it Is expected that considerable irregularity will be shown in silver quotations in the open market,
the market facing a period of readjustment to new conditions before it will
becomle settled like the copper, brass and other metal markets.
Our various previous references to this subject have
appeared as follows, April 7, page 1484; April 28, page 1857;
May 12, page 2073, and June 2, page 2463.
E. Lobdell Praises Agricultural Credits Act,
Although Regrets Government is Becoming
Owner of a Chain of Banks.
Charles E. Lobdell, Federal Farm Loan Commissioner,
addressing the Pennsylvania Bankers' Association at its
annual convention at Atlantic City on May 24, referred to
the problems of the farmer as of vital interest to the nation
and of greater importance than the railroad situation. The
Philadelphia "Ledger" reports him as stating that the
recently enacted Agricultural Credits Act will materially
aid in stabilizing the industry, and his further remarks are
taken as follows from the "Ledger":
Charles
[VOL. 116.
•
Willis J. Fowler to the deputyship formerly held by Thomas
P. Kane. In reporting this the "Washington Post" of June 7
said:
With the recent appointment of Col. Joseph W. McIntosh as Deputy
Comptroller in charge of National Agricultural associations, the offices of
the three Deputy Comptrollers provided for by law are now filled. It is
expected Mr. Mellon will approve the recommendation in favor of Mr.
Collins.
Mr. Collins is a lawyer and well-known student and writer on financial
questions. He took a leading part in the movement to establish a national
budget system and is toe author of a book and a number of articles and
documents on that subject. He acted as legal adviser to both Chairman
Good and Chairman McCormick of the House and Senate select committees
on budget, which drafted the budget bill. Upon the inauguration of the
budget system, Mr. Collins was appointed counsel for the Bureau of the
Budget, which position he now holds.
Mr. Collins is expected to take office July 1.
Chief Justice Taft in Dedicating Monument to Salmon
P. Chase, Defends United States Supreme Court.
Defending the United States Supreme Court against attacks by "radical Republicans" during the incumbency of
former Chief Justice Salmon P. Chase, the present Chief
Justice, William H. Taft, speaking in Cincinnati on May 30
Pointing out the serious effect that would result to the economic structure
of the country through a decrease in the purchasing power of the farmer if at the unveiling of a monument to Mr. Chase, stated that
the farming industry should fail, the speaker said the investment in agricul- "it is convincing evidence of the sound sense of the
American
ture is 878.000.000 in excess of the total investment of three other great
people in the long run and their love of civil liberty and its
industries in the United States,including railroads and steel manufacture.
Mr. Lobdell said the banking and credit facilities afforded the farmer by constitutional guarantees that in spite of hostility thus
the 1923 Agricultural Act should have been assigned to the Federal Reserve frequently ehgendered, the court has lived with its
powers
Board for operation. He called upon the bankers to accept it as a permaunimpaired until the present day." "While mistakes,"
nent fixture of the financial structure of the country.
said Mr. Taft, "were made by the court in those days,
New Credit Bank Praised.
"The establishment of the intermediate credit bank," he said. "means as at other times, for it was and is a human institution, one
another line of country bank—a small bank of rediscount. The farmer who cannot see, in looking back to that decade, that there is
grasps it will benefit, as will the country banker who awakens to its impor- anything in the
constitutional law as it was handed on to
tance. This new rediscount bank is the problem of the country banker. It
the next generation which is to be condemned." The verdict
will come either with his co-operation or opposition."
Mr. Lodbell said three principal objections had been raised to the passage of the country in retrospect as between the fever heat of the
of laws to improve the credit facilities of farmers. These were paternalism,
radical Republicans in those tempestuous times against
class legislation and that the measures were unnecessary. He answered
these objections, although in discussing the first named he
said he regretted constitutional hindrance on the one hand, and the restrainseeing the Government becoming the owner of a chain of banks, but added: ing decisions of the court, on the other, is with the
court.
discussing paternalism it is all a question of who is benefited by it.
There was no opposition a short time ago when the doors of the Treasury Justice Taft further said, "the people now are glad that the
Department were opened to deposit funds to save the financial structure guarantees of personal liberty were maintained by the court
of the United States."
against the partisan zeal of the then majority." Justice
"Sound judgment and patriotism have made the American farmer the
anchor of our ship of state," Mr Lobdell, who is a former president of the Taft's remarks, as given in the Cincinnati "Enquirer," are
Kansas Bankers' Association,continued. "He will not desert us now. But quoted in part as follows:
nevertheless, it is discouraging to him to find, after his hard work of
harvesting his crop, that his dollar is worth only sixty cents when measured by the
things he must buy.
"The farmer asks for no favors; he seeks only a square deal. He Is not
opposed to big business; but, on the contrary, realizes that, properly regulated, it is a vital factor in our industrial and financial systems. Given a
square deal, agriculture will continue our chief industry, with the farmer the
cornerstone of our economic structure."
Charles E. Lobdell Resigns as Federal Head of Farm
Loan Board—L. J. Pettyjohn Named as Successcr.
The "Journal of Commerce" announced the following from
Washington, June 4:
The resignation of Charles E. Lobdell as head of the Farm Loan Board
was accepted to-day by President Harding, who simultaneously announced
the appointment of L.J. Pettyjohn. of Dodge City. Kan., as Mr. Lobdell's
successor. The change will take place June 30, when the retiring commissioner will enter private business in NSW York.
Mr. Lobdell's decision to retire was not unexpected since it had been
known that he desired to return to private business after eight years of
public service. He was appointed to the Loan Board from Great Bend,
Kan., as one of the original members, and, several years later, upon the
resignation of Commissioner Morris, he was designated as the executive
of the Board.
The retention of the post by Mr. Lobdell during the last several months
was due in a large measure to his desire to see the intermediate farm credit
machinery placed in operation before leaving the Government service.
During his term as a member and later as the Commissioner of the Board,
the farm credit system has been developed to the point where more than
5750,000,000 of Federal funds is out on land loans through the Farm
Loan banks and an additional $350,000.000 has been handled through
Joint Stock Land banks.
Willis J. Fowler Succeeds the Late Thomas P. Kane as
Deputy Comptroller of the Currency.
Willis J. Fowler was appointed Deputy Comptroller of
the Currency, succeeding the late Thomas P. Kane, on May
15. Mr. Fowler has been in the service of the Currency
Bureau since 1886. With his appointment last month it
was stated that Col. Joseph W. McIntosh had been
recommended as Deputy Comptroller of the Currency in
charge of the National Agricultural Credit Corporation, by
Comptroller of the Currency Dawes.
Charles W. Collins Recommended for Post of Deputy
Comptroller of Currency.
Comptroller of the Currency Henry M. Dawes has recommended to the Secretary of the Treasury the appointment of
Charles Wallace Collins of Chicago as Deputy Comptroller
of the Currency, to fill a vacancy caused by the promotion of
When Mr. Chase was called to the bench, he had been out of the practice
of the law for more than 20 years, but he had been in executive or legislative office almost constantly. He had been a student of the constitution
and its application to practical government. He had come to be intimately acquainted with departmental organization and methods, and he
entered the Court better advised than any other member of that body as to
Government law, that law which grows and shapes itself by the practice
of those who administer it. This made him most valuable in conference
on such questions which were to crowd upon the Court while he was at
its head.
Mr. Chase wished to be Chief Justice—had told Mr. Lincoln so early in
his Cabinet experience. He had confidence that he could accomplish much
public good by an interpretation of the Constitution making for a safe
blanace between the national and the State powers. He had a laudable ambition to become a second Marshall in the constitutional reconstruction of
the Government at its second birth. It is to be doubted, however, whether
when he had tested the opportunities the great place afforded him, he was
satisfied. He found that he bad to carry a load of work which for him
was the heavier because his familiarity with the principles of general law
had faded some in his political life. He grew impatient with cases between
individuals In which the governing principles were not constitutional and
were not of public concern. Nor could he in such work separate himself
from intense interest in the political questions which were occupying the
statesmen of the day, and be longed to be at the helm. This did not interfere with the excellence of his judicial work, but it added to the strain on him.
Chief Justice Chase wrote many able opinions, opinions that have
come down and established the law. His decision in the case of Texas vs.
White, where he defined with wonderful clearness the status of the seceded States, is a landmark in constitutional law in this country. Another
is his concurring opinion in esparto Milligan, in which he has added to the
substance of the law by his definition of. and distinction between, military
law,military government and martial law. The subject has always been a
difficult one, and it remained for him to clarify it so far as it has been clarified.
The course of the legal tender decisions gave rise to the great bitterness
of feeling. The Chief Justice was charged with inconsistency duo to
Political bias, in that he supported the legal tender acts as Secretary of
the Treasury and then as Chief Justice hold them to be Invalid. He did
not favor giving a legal tender character to the greenbacks. but he was
forced into acquiescence in that feature of the law in order to secure what
he regarded as indispensable to the safety of the country. It is only fair
to take his own statement of the fact as the true one, namely, that as
Judge he conscientiously believed, after the fullest consideration, that
Congress had not the power to impart to notes issued by it as currency
the character of the legal tender attaching to gold and silver coin.
The Chief Justice was a most dignified presiding officer. He had a
strong sense of responsibility for the Court. His capacity to meet the
requirements of a great occasion was shown when under the Constitution
ho had to preside at the trial of the impeachment of President Johnson.
The fear that he might exercise influence to save Mr. Johnson led to efforts
by the majority to restrain him as presiding officer, but he ignored them,
asserted the full power of his position and ruled with conspicuous impartiality, clearness and force on all the questions arising. It was a painful
and difficult duty, which fortunately no other Chief Justice has ever
had to discharge.
Popular Feeling Aroused.
During the incumbency of Chief Justice Chase, popular feeling was
strongly aroused against the Court. From time to time, by reason of its
Jurisdiction and its proper exercise, the Court cannot help becoming the
stormy petrel of polities. It is the head of the system of Federal Courts
JUNE 9 1923.]
THE • CHRONICLE
established avowedly to avoid the local prejudices which non-residents
may encounter in State courts, a function often likely to ruffle the sensibilities of the communities, the possibility of whose prejudice is thus
recognized and avoided. More than this, the Court's duty to ignore the
Acts of Congress or of the State Legislatures, if out of line with the fundamental law of the nation. inevitably throws It as an obstruction across
the path of the then majority, which has enacted the invalid legislation.
The stronger the majority, and the more intense its part Lsan feeling, the less
likely is it to regard cons it utional limhations upon its power, and the more
likely is it to enact laws of questionable validity. It is convincing evidence
of the sound sense of the American people in the long run and their love of
civil liberty and its constitutional guaranties, that,in spite of hostility thus
frequently engendered, the Court has lived with its powers unimpaired
until the present day.
The assassination of Mr. Lincoln stirred the passion of the Northern
people and threw power into the hands of the radical element of the Republican Party in Congress. Conflict with Mr. Lincoln's successor quickly
ensued and a policy of radical reconstruction followed, which we can be
reasonably sure would have been spared the South had Mr. Lincoln lived.
With a two-thirds majority in each House. the Republican Party leaders
brooked no opposition, and when that which had been done in due course
came before the Court for consideration of its validity, the attitude of
those leaders toward the Court became one of suspicion and resentment.
Until one refreshes his recollection of that period, he can hardly realize
how far the radical Republicans in Congress went in their effort to oust
the Court of its jurisdiction. They were afraid that the Court would
pronounce their reconstruction measures nvalid. They were stirred to
this fear by the decision in ex parte Milligan, in which the Court refused
to recognize the power of the President in time of war to direct a Military Commission to try for treason a: d sentence to death a civilian in a
State not invaded by the enemy and wh re the civil Courts were functioning. For fear that the Court might hold invalid the work of such Commissions when organized under the reconstruction acts by Military Governors in the Southern States, Congress took the case of McArdle, presenting
the question, from the Court's consideration, abruptly, after it bad been
argued and submitted, by repeal of Its jurisdiction. In the heat of the feeling against the Court, bits were proposed limiting its power to declare
laws invalid by a majority and there were serious proposals made to abolish this power of the Court altogether. The personal attacks made upon
the Court by the party press were severe and unmeasured. This was the
atmosphere in which Chief Justice Chase lived during his judicial service.
"Mistakes Were Made."
While mistakes were made by the Court in those days, as at other times.
for it was and is a human institution, one can not see, in looking back to
that decade, that there is anything in the constitutional law as it was
handed on to the next generation which is to be condemned. The result in
the Legal Tender cases is still a matter of discussion by historians, students
of constitutional law and poll ical economics. The decision In the slaughterhouse cases, which awakened great protest, certainly served to maintain a
wise balance between the national and the State powers. The Milligan
case, which called out the bitterest criticism, nevertheless laid down the
principles of the maintenance of constitutional right during war, for which
we are now grateful.
The verdict of the country in retrospect as between the fever heat ot
the Radical Republicans in those tempestuous times against constitutional hindrance, on the one hand, and the restraining decisions of the
Court, on the other, Is with the Court. The people now are glad that the
guaranties of personal liberty were maintained by the Court against the
partisan zeal of the then majority. The Court survived the inimitable
attacks upon its jurisdiction then, as it had survived them so many times
before. The storm during Chief Justice Chase's term was succeeded by
a judicial calm of 25 years till we neared another war. This result speaks
on the whole for the wisdom of the conclusions of the Court over which
the Chief Justice presided.
Mr. Chase was a groat man. He has had the disadvantage in history
of comparison with Mr. Lincoln. Next to Mr. Lincoln, he stands out as a
great civil figure of the decade of the Ci% II War. He was actuated by
moral force. He had the defects of his attributes, but among those attributes were devotion to principle, courage of conviction. indefati ;able
Industry, and a profound pitrlitic desire to achieve, in the public interest.
2591
is one thing; secret conspiracy is quite another. This meeting to-day Is
In ennobled fraternity.
One must recognize that fraternity has Its abuses. Abused fraternity
is no more avoidable than the hypocrisy which teaches hew beautifully
worth while is honest religion. But fraternity deals v ith realities and cures
its own abuses.
A President would not be ethical if he related fraternal appeals to which
he must turn a deaf ear. I will have said enough if I suggest that men lose
their right of fraternal hearing when they transgress the law of the land.
The abuse I had in mind is the imposition upon fraternal relationship
to promote selfish ends. Perhaps a recital of a home-town experience will
Illustrate my point. There came to our town two br thers to engage in a
,
mercantile enterprise. One joined the Methodist Church and the other
the Presbyttulan. Still business failed to move with a whirl. Then one
joined the Masons and the other the Knights of Pythias. They picked
out the churches with the larger congregations, and the fraternities with the
larger membership.
Some local observer wondered at these divergent inclinations in two
brothers and there was comment about it. Here was fraternity being
played for selfish ends. We had another fraternity, rare in kind and transitory in existence, which dealt with men's idlosyniTacies and foibles and
imperfections. It was a fraternal playground, which sometimes witnessed
rough play, performed many a surgery in character. So the lure of membership in the Ancient and Honorable Order of Haymakers was held out to the
joining merchants, and they fell for it. The fee was very modest and the
treasurer spent all the funds at each meeting of the order, but the initiation
was imposing, revealing and never forgotten.
When the two merchants came to receive their degree, their first revelation came to them while locked in a little six-by-el Tht antechamber, *between which and the lodge room there was a partition only eight feet
high, with a great open space above through wlach could be heard all
that was said among the Haymakers In solemn session. The eliibiltty
and desirability' of the candidates were discussed f r an hour. and I fe: r,
alas, the candidates heard every word. Their jot log proclivity was
emphasized, and I suspect objections were urged that were not wholly
justified.
In a bit of cheating, which must have been for:tiven ere this, the ministers
of the two churches were impersonated, though the impersonators sometimes fell short of clerical terms of speech. The Haymakers. with rare
facility, turned tanners, and did a wonderful job of it. Manifestations
of restlessness in the ante-room were ignored and after the alleged pastors
had retired to their homes the degree was given, and given without stint.
All went well until the next day when the two brothers st,rted old to
Interview the ministers who had spoken. It was difficult for the innocent ministers to understand, but the two joiners soon came to understand
and the Haymakers lost two members, the town lost its new mercantile
establishment within a week and two strangers who donned the cloak of
fraternity for commercial gain saw themselves as others appraised them.
There is an honest and righteous and ins fraternal life 'n America.
It embraces millions of our men and women, and a hundred fraternal
organizations extend their Influence into more than a third of American
homes and make ours a better Republic for their Influence.
Fraternity is inherent in man, it is manifest in the beasts of the field
and the birds in the air. It is our obligation to make the most of it for
human betterment. It more than enters our daily life and ministers ten
thousand daily charities and fraternal reliefs. In the lodge room there
is molded what becomes public opinion and contributes to the moving
forces of developing civilization.
It matters not what is said of human selfishness, it matters not what
seeming lack of sympathy and fellowship is sometimes encountered, every
man worth while has in him the yearning to he worth while, to do that
which gives him title to the activities of human brotherhood. It is the
business of organized fraternalism to turn these natural mita to highest
helpfulness. In every worthy order the principles of civil and religious
liberty, justice and equality are taught in lecture and ohli ration. A respect
for the rights of others, the very as.sence of fraternity, is stressed everywhere
until the rule of justice is the guarantee of righteous fraternal relationship.
I wish somehow we could have fraternity among nations. as it is taught
In America among men. I do not mean to employ sign, grip and password, which afford an appealing mystery to our relationsl ip. but the
insistent demand for just dealing, the respect. of right of others, and the
ideals of brotherhood recited in the Golden Buie, and the ri thteous fellowPresident Harding in Address to Mystic Shriners relationship which every man knows his God approves. 'Under such a
reign of fraternity cruel human warfare will ne er come again.
,
Expresses Wish for Fraternity Among Nations.
I like the highly purposed fraternity because Ills or assurance against
Addressing the Imperial Council, Ancient Arabic Order of menacing organization. In the very naturalness of association men band
Nobles of the Mystic Shrine, in convention at Washington together for mischief, to exert misguided zeal, to vent unreasoning malice,
to undermine our
This isn't fraternity, this is conspiracy.
on June 5, President Harding expressed the wish that "some- This isn't associatedinstitutions.organized destruction. This is nnt brotheruplift, it is
hood, It Is the discord of disloyalty and a danger to the Republic. But so
how we could have fraternity among nations, as it is taught
in America among men." "I do not mean," he said, "to long as 20.000.000 or Americans are teaching loyalty to the flag. the cherishment of our inherited institutions
constitutional authordue
employ sign, grip and password, which afford an appealing ity, and the love of liberty under and law,regard for assured the future is
we may be
the
mystery to our relationship, but the insistent demand for secure.
There is no
just dealing, the respect of rights of others, and the ideals fraternalism. misconstruing the aims and purposes of our loftier American
For the great brotherhood there Is the patriotic appriasal
of brotherhood recited in the Golden Rule, and the righteous of the heritage of the Republic. Here is representative democracy, wrought
fellow-relationship which every man knows his God approves. in sacrifice and toil, amid liberty's highest aspirations. and no force or
violence, no alien purpose, no social madness shall be permitted to destroy It.
Under such a reign of fraternity cruel human warfare will
I think I know the very soul of Masonry, out of which the Shrine has
never come again." At another point in his address Presi- come to lighten our burdens and add cheer to our daily lives. There is
both quantity and quality in the nobility of the Shrine. It is more than
dent Harding said: "Fraternities must be just if they are to a mere
Masonic playground. Conceived in
survive. And they must be just to appeal to men in their more than play, though need more of playcheer the order hungered for
in our daily lives.
we
It craved to be helpful, and It is aglow in noble achievement. Its
fellow-relationships. Secret fraternity is one thing, secret
initiates have been schooled in patriotism and welcomed new commitment
conspiracy is quite another. This meeting to-day is in to home
and country. I
that this
ennobled fraternity." The following is the President's Year the Imperial Councillike to think there is special sitenirleanceShrine to
has come to Washington, bringing the
the monumental shrine of the great father of the nation, to pledge afresh
address in full:
love for the Republic, loyalty to its institutions and an exalted brotherhood
I like the atmosphere of fraternity. I rejoice in the knowledge that I am
for those who consecrate life and sacred honor to
addressing a body where every heart
its preservation.
-boat is loyally American, where every
impulse is American, where every commitment and consecration is to the
Republic and Its free Institutions.
President Harding's Trip to Alaska and the Pacific
Sometimes there are false impressions about fraternal organizations. No
man ever took oaths and subscribed to the obligations with greater watchCoast.
fulness and care than I exercised In receiving the various rites of Masonry;
It was made known at Washington on June 5 that Presiand I say it with due dliberation and without fear of breaking faith. I have dent
Harding is scheduled to make nineteen addresses on
never encountered a lesson, tuner witnessed an example, never heard an
his forthcoming trip to the Pacific Coast and Alaska, referobligation uttered which could not be opehly proclaimed to the world.
Mare, if the lessons taught were heeded, the obligations read were ence to which appeared in our issue of Saturday last, page
assutned, if the relationships urged were adopted, men would be infinitely 2482.
The first address will be delivered in St. Louis on
better In their human relationships.
Fraternities must be just if the, are to survive. And they must be June 21. In giving the list of cities which he will visit,
Just to appeal to men in their fellow-relationships. Secret fraternity press dispatches from Washington state:
2592
THE CHRONICLE
The addresses en route to the Coast will be made in cities on dates as
follows: St. Louis, June 21, evening; Kansas City, June 22, evening; Hutchinson, Kan., June 23, afternoon; Denver, Jane 25. morning; Cheyenne.
Wyo.,June 25, afternoon; Salt Lake City. June 26, evening; Pocatello, Ida.,
June 28, morning; Idaho Falls, Ida., June 28, afternoon; Butte, Mont.,
June 29, morning; Helena, Mont., June 29. evening; Spokane, Wash.,
July 2, evening; Meacham. Ore., July 3; Portland, Ore., July 4, afternoon;
and Tacoma, July 5, morning.
Returning from Alaska the President will speak at Vancouver, British
Columbia. July 26, evening; Seattle, July 27, evening; San Francisco.
July 31, evening; Los Angeles, Aug. 1, evening; and San Diego, Aug. 4,
afternoon.
Announcement also was made tk a tan the trip to the Coast the President
would make brief visits to Zion and Yellowstone National parks, and on the
trip down the Pacific Coast would stop at Yosemite National Park. The
address at Meacham, Ore., will be in connection with the Oregon train
anniversary celebration.
Final details of the itinerary with respect to addresses were worked out
to-day by the President in conference with Walter F. Brown, Chairman of
the Commission on Reorganization of Government Departments, and an
adviser of the Exemtive. Mr. Brown left Washington to-night to confer
with local committees on details of the President's visit to each of the
nineteen cities.
The itinerary for the visit of the Presidential party to Alaska has been
only tentatively worked out, as the trip will largely be dependent upon the
President's desires on reaching the territory and also upon transportation
facilities. The itinerary announced at the White House, however, shows
that the Executive will spend about two weeks in Alaska with about five
days to be consumed in the voyage from Tacoma to the territory and the
same or somewhat less time for the return trip to Vancouver.
Details of the return trip by way of the Panama Canal and Porto Rico
likewise remain in a tentative state, although it has been announced that
the President would sail from San Diego on the Shipping Board steamer
President Harrison. Only a day or two will be spent in the Canal Zone
and the Presidential party will continue on the President Harrison to San
Juan where, after a short stay, its members will embark upon another
Shinning Board vessel, the American Legion, for New York.
[Vol,. 116.
America, it is dedicated to the enlightenment and advancement of our
efforts for home-making; and beyond that—I am sure I hardly need to tell
you this—the movement represents the organized women of America.
those who are always at last responsible for making the home. It is not
so much the problem of housing as it is the problem of increasing the home
comforts, of devising new conveniences, of expanding that understanding
of domestic science which must make for the improvement of American
homes. We have devoted much thought to the improvement in production,
transportation and to a thousand things that make for the advancement of
civilization.
We have too often overlooked the fact that, after all, the greatest single
industry in America is the management of the American home, where
20,000,000 women toil every day of the year, 18,000,000 of these women
doing their own work without help. There is no other activity or industry
comparable to this, in the numbers employed, the effort devoted to it, or
the importance of its products, nor in the significance of the spiritual forces
that envelop it.
The home is at last not merely the centre, but truly the aim, the object
and the purpose of all human organization. We do not seek to improve
society in order that,from better homes, we may bring forth better servants
of the State, more efficient cannon fodder for its armed forces; rather we
seek to make better homes in order that we may avoid the necessity for
conflict and turmoil in our world. The home is the apex and the aim, the
end rather than the means, of our whole social system. So far as this world
knows or can vision there is no attainment more desirable than the happy
and contented home.
It is the purpose of the Better Home Movement to make possible a like
advance in the status of womankind. We are going to have such advancement in the mechanical appurtenances of the home as will represent a real
emancipation for women. With that emancipation we shall see women
taking a new,larger and vastly more significant part in those great determining activities of life which henceforward must mark our way toward releasing
the best ambitions of social organization. This movement is concerned
with all the problems which confront the spirit of family life.
The men and women responsible for this movement have sensed a need;
and the reality of that need may be measured by the response of the American people to their call. That response is interpreted not only by this
occasion, but by the fact that in several thousand communities of America
the organized women are to-day conducting demonstrations presenting
living examples of better homes.
The movement is not confined to our own country. Since it came into
being two years ago it has spread far beyond our borders. Canada
Australia, the Philippines and several other nations to-day have delegates
in America studying this national movement, this great demonstration.
Because they have been leaders of such a wide and significant interest, we
wish to congratulate all of the devoted men and women who have contributed to this movement.
President Harding in Proposing Adherence to World
Court Is Desirous of Avoiding Surrender of
Advantages and Independence of Nation.
In a communication addressed to Bishop Thomas F. Gallon
head of the National Council of the Protestant Episcopal
Church, with reference to adherence by the United States
to the Permanent Court of International Justice, President
Harding expresses himself as "keenly desirous that the right Federal Council of Churches of Christ in America
course shall be found whereby our favored country may make
Urges Support of President Harding's Proposal
its largest feasible contribution to the stabilization of civilizaThat United States Join World Court.
tion, while at the same time surrendering nothing of the
An appeal to the congregations affiliated with it to support
advantages and independence which we enjoy." The letter, President Harding's proposal that the United States identify
made public at Washington June 1 follows:
itself with the Permanent Court of International Justice
THE WHITE HOUSE.
was issued at Washington on May 31 by the Federal Council
Washington, June 11923.
.Itly Dear Bishop Gailor—It is a great satisfaction to have received your of the Churches of Christ in America. In its plea the
note of May 25th. You know we are all human enough to have the feeling Council calls attention to the fact that in May 1922 it
that the man who agrees with us is the broad minded and really intelligent presented to the
President a memorial urging our entrance
person.
Not many days ago I made the observation to my newspaper callers that into the Court as "not only the fruitition and consummation
I did not believe any man could confront the responsibility of a President of many decades of American discussions, plans and desires
of the United States and yet adhere to the idea that it was possible for for
international peace through justice based on law, but also
our country to maintain an attitude of isolation and aloofness in the world.
It is my concern first that there shall be an effective recognition of this the promise of a larger and truer righteousness and justice
fact, and that those who, because of their positions, are earliest compelled among the nations, a step forward in the establishment of
to realize this situation, may be assured the understanding and sympathetic
the Kingdom of God among men." Details of the call
support of the great intelligent public opinion of our country.
Beyond that I am keenly desirous that the right course shall be found, issued last week (May 31) are given as follows in a Washingwhereby our favored country may make its largest feasible contribution ton dispatch appearing in the New York" Times":
stabilization of civilization, while at the same time
surrendering
to the
"During the next nine months the American people must decide whether
nothing of the advantages and independence which we enjoy.
study and conference, I reached the conclusion or not the United States shall follow the proposal of the President and the
After much of thought,
Secretary of State and associate itself definitely with the Permanent Court
that our adherence to the program of the International Court represented of International Justice at The
Hague.
a compliance with these conditions. It is a longer step than some would
"The issue which the World Court presents is not a new one. It emwish us to take in this direction. On the other hand, it is a less advance
bodies the age-long conflict between law and force.
than some others would wish us to take, but to me it seems to meet the
"In the earliest times each man, an absolute sovereign, remained a law
requirements of our peculiar situation, and permits us to say to the world
unto himself. Disputes were settled by an immediate appeal to force. But
that we are ready for our part in furthering peace and stability, without
gradually this changed for the people could not stand the havoc of hate and
entanglement or surrender of cherished policy to which we are long and
conflict and destruction which such a system involved. Within the family.
strongly committed.
the tribe, then the State, arbiters arose. No longer were individuals
I am much gratified to know.that in taking this attitude I have seemed to then
allowed to settle at will with their opponents in the ancient primitive way.
You to deserve the commendation you have so cordially extended.
"Slowly a system of laws took shape governing the decisions of these
Most sincerely yours,
judges. The very progress of mankind can be marked by law's slow conWARREN G. HARDING.
force. But nations, the last of the absolute sovereigns, resisted
Right Rev. Thomas F. Gaiter, 281 Fourth Avenue, New York City, N. Y. quest over
this change, and even up to yesterday asserted the right to be a law unto
themselves. As a result came the World War.
President Harding in Dedicating Better Homes Model
Cites the Home as Aim, Object and Purpose of
Human Organization.
At the dedication in Washington on June 4 of the "Home,
Sweet Home House," erected by the General Federation of
Women's Clubs in furtherance of the campaign for better
homes in America, President Harding congratulated "all of
the devoted men and women who have contributed to this
movement." He pointed out that the home is "not merely
the centre but truly the aim, the object and purpose of all
human organization" and that "we seek to make better
homes in order that we may avoid the necessity for conflict
and turmoil in our world." In part, the President's remarks
were as follows:
The movement for better homes in America, as we all know, is a movement for a better America. This house which we are dedicating is modeled
after the much-beloved cottage on Long Island which was the home of
. Sweet
John Howard Payne and inspired his immortal song, "Home
Home." Erected by the sponsors of the Better Homes Movement of
ailed as a Great Advance
"To-day around the earth the people know that if nations are to survive
they too must subject their individual wills to established processes of law,
their individual interest to the welfare of all mankind. All that the Christian Church itself has built up in the hearts and minds of the people through
centuries of effort hangs in the balance.
"For war in the future, aided by the powers of science, simply means selfdestruction. This appeal to the sword can be abolished by only one means
—the means already found effective within the State—by building up an
appeal to law instead. That is exactly the purpose of the Permanent Court
of International Justice. In it we see a great advance in the long struggle
of man to civilize himself.
"The Christian forces of this land for many years have advocated the settlement of international disputes by courts of arbitration rather than by
resort to force. Indeed to them belongs no small responsibility for the leadership taken by the United States in behalf of such a program before the
World War, and since 1918 denomination after denomination has officially
requested the leaders of our Government to take such steps as will lead
us to active participation in the new Permanent Court of International
Justice.
"In May 1922 the Federal Council of Churches,representing united Protestant feeling as it came from its constituent bodies, presented to the President a memorial urging our entrance into the Court as "not only the fruition
and consummation of many decades of American discussions, plans and
JUNE 9 1923.]
THE CHRONICLE
desires for international peace through justice based on law, but also the
promise of a larger and truer righteousness and justice among the nations,
a step forward in the establishment of the Kingdom of God among men."
day of great decision for our country and the world has now arrived,a
day long sought by the Christian people of our land. There will be strong
forces at work opposing the action recommended by the President. Some
will conjure up dangers to frighten doubtful minds. Others may oppose
It because it does not go all the way in outlawing war. Although this is
true, the establishment of the Court is a most important practical step in
this direction.
Surely we should not hesitate to take the first step because it is not a complete solution all at once. Concerted, vigorous and continuous effort in
support of the Court is imperative on the part of all who see in the principle
of the supremacy oflaw the only hope for the nations."
Opened to All World.
Continuing, the call gives the following "salient facts":
"The new Permanent Court of International Justice should not be confused with the old Hague Permanent Court of Arbitration. The latter,
established in 1899. is in reality not a court but a panel of 135 names from
which nations may choose judges to arbitrate questions. It is not a permanently sitting court of permanent judges. Because of this it cannot as
effectively build up a body of international law.
"In 1907 Secretary of State Ellhu Root instructed the American delegates'to bring about a development of the Hague Tribunal into a permanent
tribunal composed of judges who are judicial officers and nothing else,
who are paid adequate salaries, who have no other occupation, and who will
devote their entire time to the trial and decision of international cases by
judicial methods and under a sense of judicial responsibility.' Later Senator Knox took up a similar plan and sought to have it adopted, but the
outbreak of the war in 1914 caused its postponement.
"At the end of the war the Covenant of the League of Nations embodied
In Article XIV this statement: 'The Council shall formulate and submit
to the members of the League for adoption plans for the establishment
of a Permanent Court for International Justice.'
"The Council at once asked a number of eminent jurists, Elihu Root
being one, to draft a plan. On Dec. 13 1920 its proposal was unanimously
approved, with modifications, by representatives of the 48 States sitting
In the Assembly. A special independent treaty was drawn up, wholly
distinct from the Covenant of the League, and as such it now has been
signed by 46 States, of which 35 have completed their formal ratifications.
"The Court is composed of 11 regular and four deputy judges. The
judges of the Permanent Court are elected for a term of nine years by a
majority vote of the League's Assembly and Council acting independently.
They are to give their full and continuous time to this work. Sessions
are held at least once a year, beginning June 15.
"Already the Court has rendered three opinions deciding controversies
concerning the activities of the labor organization of the League, in which
questions organized labor in Western Europe was vitally interested. On
Feb. 7 1923, it rendered a decision on a controversy between France and
Great Britain over the application of nationality laws in Tunis and Morocco.
At thd present time three important cases are already upon its docket
for the coming session.
"The Court is not a 'private' Court of the League of Nations. By a
decision of the Council of the League on May 12 1922, it has been opened
to all the world. In most cases each party to a dispute must consent
before the Court can deal with the dispute. An optional clause in the
treaty establishing the Court has now been ratified, in most cases upon
condition of reciprocity, by 18 States, giving the Court jurisdiction of
every dispute between these States in which is involved any question of
international law, of interpretation of a treaty or of a breach of an international obligation.
Force in Moral Power.
"By Articles XIII and XVI, members of the League agree to accept
and support decisions of the Court. States not members of the League
are not bound in this way. For them and, in the last analysis, for all
nations, the ultimate force behind the decisions of the Court must be
the moral power of the united public opinion of the world.
"President Harding now proposes that the United States join the Court,
With reservations providing that:
"1. No legal relation to the League is involved.
"2. The United States may participate in the election of the judges
on an equality with the other States.
"3. The United States will pay its proper share of the expenses of the
Court, the expenditure in every case to be approved by Congress.
"4. The statute of the Court shall not be amended without the consent
of the United States."
Under the head of"What to Do," these requests are made in the call:
"1. In the regular services of public worship, pray and speak for the
extension of the sway of law over force and for a whole-hearted readiness
on the part of our nation to play its part in bringing this about.
"2. Write to President Harding assuring him of your full support.
"3. Write to your United States Senators, expressing your strong desire
that the Senate should approve promptly the recommendation of the
President.
"4. Arrange for a forum or other meeting for a discussion of the principles at stake in the Court and of America's responsibility in its development."
W.G. McAdoo Would Have Peace Divorced from Politics
—Says Europe Would Be Restored to Solvency in
Generation if There Were No Great Armies.
Declaring that he wanted to see "peace divorced from politics, and to see some honest expression of American opinion
on it, free of bias, former Secretary of the Treasury McAdoo,
in addressing Chattanooga business men on May 25, added
that "I know that when such an expression is taken it will
overwhelmingly favor reduction of armament, peace, and
that America take her proper part in the solution of world
problems." Mr. McAdoo noted that "the world is bankrupt," and observing that we are the only solvent nation in it,
"if we do nothing toward helping others to get solvent, we
too will be insolvent some day." Referring to the fact that
Europe owes $200,000,000,000, Mr. McAdoo stated that "if
the seas were made really free, and the man-power now being
put unproductively in the armed forces . . . were conserved and put to productive employment, Europe would
be restored to solvency in a generation. Then the United
2593
States would get back the interest on the billions loaned
Europe, and by long-term funding could recover the principal." From the Chattanooga "News" we take in part as
follows Mr. McAdoo's remarks:
There are more complex and difficult problems in the world to-day than
ever before in its history. These aren't all the result of the World War;
many of them arose just from the growth of the world, and its increasing
complexity. Then, too, many of them come from the selfish actions of
nations, which are seeking their own ends in opposition to the good of the
world as a whole.
Such conditions as these can't be met with partisan politics. Why should
peace for the world and prevention of wars in the world be a matter of party
politics? Why should the Democrats be for peace and the Republicans
against it? I am just as much interested in saving the lives of Republicans
as Democrats; not because they are Republicans or Democrats, but because
they are human beings. It is a question of humanity.
I want to see peace divorced from politics and to see some honest expression of American opinion on it, free of bias, and I know that when such an.
expression Is taken. it will overwhelmingly favor reduction of armament,
peace, and that America take ha Proper part in the solution of world
problems.
Nothing Impossible.
Impossible? So they say, and whoever says that to me I mark his name
off my list. 'I hey have said that nearly everything that has ever accomplished has been "Impossible." They said that of electric lights, of the
wireless, the automobile. In my own experience, when I started to build
the Hudson River tunnel they said that was "impossible." It had been
tried twenty years before, and had failed, and they had written opinions
from engineers which said it coaldn't. Some New Yorkers thought 1 was
a fit candidate for the guardhouse or the insane asylum. But I bailt it.
and it has performed indispensable service to the millions who live in New
Jersey and New York.
World peace is not impossible. War prevention, an indispensable corollary, is not impossible. Because the world has not yet been so organized
that it has attained these things is no reason why it cannot be done. If we
could denude the question of peace and disarmament from party politics
so that the United States, without entangling alliances, could participate
in the organization of the world for these ends,it would accomplish splendid
things.
All Business Affected.
Some day we shall do it, and will do it. Connected with this question of
the peace of the world and consequences which affect all business men
everywhere in this country. We must all try to find an intelligent solution.
tased on facts and reason, and not on passion and prejudice.
The world is bankrupt, staggering under the load of debt from this war
and those of the past. We are the only solvent nation in it, and if we do
nothing toward helping the others get solvent, we too will be insolvent some
day. We ourselves are staggering under the load.
Europe owes $200,000,000,000. Yet if there were no great armies in
Europe—and the question of land armament is much harder to commit
to relativi y. so to speak, than naval—and if the seas were made really
free, and the man-power now being put unproductively in the armed forces,
drawing on the civil populations for sustenance, were conserved and put to
productive employment, Europe would be restored to solvency in a generation. Then the United States could get back the interest on the billions
loaned Europe, and by long term funding, could recover the principal.
Even as important, if not more. Europe, with peace and prosperity, and
productivity, and lower taxes could buy our products, and we would then
get, nottheephemeral prosperity which Ifear we are now enjoying—you can't
have any real prosperity so long as the agricultural element is In such bad
shape—but a real prosperity.
All the talk of the last three years about aiding the farmer thus far has.
produced nothing. In the West, and large parts of the East, his condition,
Is tragic, and worse, with no prospect of any immediate improvement until:
the nation pursues rational policies which will gain for us our share of the
markets of the world.
Opposes Floundering.
I am opposed to this floundering; there is no leadership and no progress.
I am not saying this in a partisan spirit,for I don't like Democratic floundering any better than Republican. The world is still on fire, and it will never
be put out until an intelligent study of problems is made, and that party
supported which seeks to apply the best remedy to them. I don't care which
party. What do we care whether it is Democratic or Republican Party?
Parties after all are only instrumentalities of service in carrying out the
popular will. We must put the same sense and acumen into choosing these
instrumentalities that we do in choosing tools for our business.
The bankruptcy of Europe burdens America; it touches the pockets of
everyone of us. If the tax burden could be reduced,it would be a very welcome achievement, I am sure, to us all. The great curse of business is high
taxes, and inadequate transportation. Transportation costs too much, and
hasn't the service ready when it is most needed.
With the endless propaganda which has been put out regarding the twelve
months that I ran the railroads and the fourteen months Mr. Hines ran
them, I am sure that if you read it all, you are convinced that the control
under us was frightful, But if you read the real facts about it, it won't take
you long to be convinced to the contrary. This again is an economic problem, and must be removed from the political arena. The solution of the
railroad problem must be based on facts, not prejudices. We must use our
parties as instrumentalities to this end, and be sure we pick the right instrumentality.
Federal Reserve System.
As an instance, I have the Federal Reserve System. Before it was inaugurated,our currency was based on only $750,000,000 of Government bonds.
and it was inadequate, inelastic and unscientific. The Federal Reserve Act
was our idea to remedy that. It was an economic, not a political, problem.
Yet it had the misfortune to be treated as a political one, and all the RepubBean Senators voted against it except John W. Weeks. It happened that
the Democrats controlled that Congress and had a Democratic President
who signed it. But suppose it had been otherwise? We would likely
still have the same inelastic currency system of 1910.
Agricultural Department's Complete Official Report
on Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture last night (June 8) made public its
forecasts and estimates of grain crops of the United Statee
as of June 1, based on reports of its correspondents and field
statisticians, as follows:
2594
THE CHRONICLE
Condition.
Acreage 1923.
For United States.
V. Crop.
Per Cent.
of 1922.
Winter wheat..- _
Spring wheat_
All wheat.-- Oats
'Barley
Rye
Hay, all_
Pastures__ -Apples
Peaches
94.4
94.7
94.5
101.1
108.0
84.3
98.7
June 1,
-Year June 1
10
Average. 1922.
. Acres.
39.750,000
18.503,000
58.253,000
40.768.000
7.980.000
5.234,000
76,031,000
_
May 1
1923.
80.1
81.9
90.7
84.3
85.5
90.1
92.5
91.1
93.8
72.8
77.1
82.3
92.3
85.5
89.0
10.0
89.2
89.0
91.0
69.3
62.2
June 1
1923.
76.3
90.2
79.9
85.6
89.0
81.1
84.4
84.8
75.5
66.7
i
87.0
77.0
Production indicated by the condition of crops on June 1
1923, and comparisons with final figures in preceding years,
.follow:
Total Production In
Sfi2lions of Bushels.
Whole
United States.
19171921
Average
Crops.
Winter wheat__ _
590
Spring wheat
- 245
All wheat
835
Oats
1,378
Barley
192
Rye
70
Nay,all
599
Apples,totalcrop
160
43
Peaches
Yield
Per Acre.
1917- , 1922
1923
1922
1921 I Dec.
ForeDec.
Est. cast(a). Average Est.
586
270
856
1,216
186
95
5113
201
57
581
236
817
1,256
196
72
599
Price per Bushel
June 1.
1923
(a)
1922
1923
Bush. Bush. Bush. Cents. Cents.
14.9
13.9
14.6
11.6
14.1
12.8
13.8
14.0
14.0 116.5 106.6
31.9
29.9
30 8
38.4
44.9
23.6 I 25.2
21.8
60.9
57.7
13.6
15.4
15.8
88.0
66.3
51.36 51.46 b1.36 c$12.65 412.95
_
213.4 173.9
Formats Increase or decrease with changa Interpreted from condition reports
ing conditions during the season. b Tons. c Per ton.
Details for important crops in principal States follow:
[Vol.. 116.
OATS.
-Previous June 1 forecasts were 5 times above final yields, range
4% to 32%, average 12.4%; 6 times below. range 3% to 22%, average
10.3%. Average of last 11 years sarre as final.
BARLEY.
-Previous June 1 forecasts were 6 times above final yields,
range 3% to 18%. average 9.5%; 3 times below, range 2% to 17%. average
11.3%. Two years the same as final. Average oflast 11 years,2.1% above.
RYE.-Previous June 1 forecasts were all above final yields, range 2%
to 36%, average 10.6%: much higher average yields in earlier years made
yields indicated by conditions too high in recent years.
Note.
-Durum wheat acreage this year in Minnesota, the Dakotas and
Montana is estimated at 4.632.000 or 30.8% of the total of 15,042,000 acres
of spring wheat in the four States. This compares with 5.622.000 acres
of durum, or 35.6% of the total spring wheat in these States in 1922 and
an average of 4.367,000 acres of durum, or 25.6% of the total spring wheat
in these States for the five years 1918-1922.
to Confer with English and French
at Washington June 11 on World
Standards.
More than twenty leading American cotton men have
been invited by Secretary of Agriculture Henry C. Wallace
to meet with representatives of the Liverpool Cotton Exchange and members of the English and French cotton
trade to consider the use of American cotton standards in
international trade. The conference is called for June 11
at Washington, D. C. Representatives of the Liverpool
Exchange are already in New York and members of the
Manchester and Havre Exchanges 'are en route to the
United States. The American cotton men invited to Washington include prominent members of both the domestic
and export trade, together with officials of the leading
spot and future cotton exchanges.
Cotton Men
Interests
WINTER WHEAT.
Condition.
State.
Production
Comparisons.
Forecast
1923 Production.
Farm prices
Bushels,
June 1.
Five-Year
1922
From
J'ne1
From
Average, (December
May 1
June 1 1922.1923.
10-yr J'ne
Avec. 1923 1917-1921. Estimated), Condition. Condition.
Bushels.
Bushels.
Bushels.
Bushels. Cents Cents
%
%
New York_ _
Pen asylv'a Maryland
__
Ohio
Indiana_
Illinois
Michigan...
Iowa
Missouri...
Nebraska
Kansas _
Kentucky
Texas
Oklahoma
Montana_ ....
oColorado
Idaho
Washington
'Oregon
'California _ _
U.S
88
89
87
88
86
82
80
81
85
78
34
77
84
76
76
80
87
92
88
93
78
83
8,381,000 8,678,000 8,157,000 8,129,000 125
83 24,080,001 25,234,000 21,109,0001 21,630,000 125
84
10,042,001 9,537,000 8,156,000 8,300,000 131
83
11,869,001 10,375,000 9,945,000 9,946,000 138
71
40,238.000 35,224,000 31,300,000 32,207,000 123
80 34.608,001 29,754,000 30,293,
32,406,000 121
80 46,892.061 53,025,000 52.751.0001 56,485,000 116
76
14,739,000 14,196,000 15,488,0
15,302,000 122
85
9,112,000 15,847,000 15.179,000 14,974,000 109
83 43,140,000 38,750,000 43,086,000 44,423,000 115
68 42.245,000 57,159,000 33,671,000 35,972,000 105
65 115,697,000 122,737,000115,087,000 104,625,000 118
85
8,625,000 7,475,000 7,092,000 7,378,000 136
70 21,353.000 9,992,000121,733,000 18,224,000 119
71 4,20 ,000 31,350,000 42,293,(100 41, 61,003 103
78
8,039,000 6,369,000 5,153,000 5,439,000 119
68
13,097,000 16,406,000 13,741,000 15,094,000 99
96
8,051.000 8,658,000j 8.677,000 9,243,000 98
92 23,368,000 23,244,000 33,468,000 35,753,000 115
97
15,024,000 16,880,00 18,800,000 19,527,000 105
91
10.043,000 15 308,0001 13,691,000 14,635,000 124
.
133
123
124
131
122
120
112
120
102
111
97
100
130
110
103
100
100
110
105
115
124
82.3 76.3 589,859,000588,204,000 578,287,000580.541,000 -
WINTER WHEAT -previous June 1 forecasts were 6 titres sbove final
yields. range 4% to 21%, average 9.5%;5 times below. range 3% to 11%.
Average 6.0%. Average of last 11 years, 2.5% above.
Acreage,
1923.
STATES.
Condition,
June I.
Production
Comparisons.
Forecast Farm Prices
1923
per Bush.
Produc'n, June 1.
Per
5
-Year
1922
from
Cent Acres 10Average, (December June 1
(*) Year 1923. 1917-21.
of
EstiCondi- 1922 1923.
Aver.
Final,
1922.
mated).
Lion.
Spring Wheat.
1,628
Minnesota _ _ 83
7,953
North Dakota_ 91
2,748
Dakota. 95
South
2,713
100
Montana
1,060
Washington- -_ 106
Total U. 6.. 94.9 18,503
Oats1,038
93
New York_
1,189
Pennsylvania.. 98
1,590
108
Ohio
1,644
120
Indiana
3,937
102
Illinois
1.528
102
Michigan
2.539
Wisconsin _--- 103
4,016
Minnesota
101
5,417
Iowa
98
1,285
Missouri
115
2,507
North Dakota. 105
2,448
South Dakota. 102
2,601
Nebraska
108
1,345
90
Kansas
1,557
107
Texas
75
1,125
Oklahoma _
612
102
Montana
_
Total U. B__ 101.1 40,768
Barley
105
465
Wisconsin _
926
102
Minnesota
1,361
North Dakota_ 135
1,000
South Dakota_ 105
1,085
101
Kansas
182
98
Colorado
1,094
95
California
Total U. S.. 108.0 7,980
Eye
518
Michigan ..... 80
391
Wisconsin _ _ 80
1,027
Minnesota-_ 89
1,217
North Dakota_ 77
307
70
South Dakota. -_
ass 5 234
TotalU. 8...
%
94
90
98
90
91
%
88
89
91
89
92
92.3 90.2
90
91
86
86
87
88
94
94
94
83
90
95
03
82
76
76
90
85
86
76
83
87
80
84
88
90
78
88
91
92
70
84
63
91
Bush.*
Bush.*
Bush.. Cis. Cts.
41,511
25,345
20,057 130 104
77,088 123,234
82,107 125
95
36,954
38,188
30,0 i8 109
94
17,948
34,001
41,018 119 100
16,673
9.200
17,066 115 105
244,943
270,007
236,039 ____ _ _
37,010
41,274
60,907
69,747
171,843
49.380
92,015
118.369
217,244
50,189
49,103
68,663
78,938
.53,967
40,769
39,547
12,806
31,770
41,241
39,744
28,770
110,010
49,434
101,558
142,746
222,851
17,872
78,801
74,400
56,106
28,386
33,465
30,000
19,200
31,763
38,346
50,753
53,489
142,146
46,451
89,149
128,652
192,575
31,673
59,566
73,513
78,966
29,658
49,046
22,538
18,657
53
51
38
35
32
40
43
30
31
31
31
27
29
41
44
41
52
89.0 85.6 1,377,963 1,215,496 1,258,456 38.
93
94
90
95
84
93
81
85
90
90
92
84
93
91
90.0 89.0
88
90
89
86
92
82
84
78
78
75
16.969
26,416
21,818
26,454
11,965
4,379
31.714
14,220
24,062
25,704
21,896
19,332
3,534
36,864
191,974
186,118
8.480
6,705
8,757
13,219
5,368
8,294
7,139
21,926
24,506
7,902
13,043
22,085
25,723
23.460
20,962
5,078
35,342
58
47
43
43
47
45
81
56
55
53
45
44
46
46
35
38
53
31
33
41
52
57
61
51
44.9
62
49
43
45
56
75
80
96,110 57.7 60.9
6,986
6,142
16,261
13,764
4,168
90
89
86
87
81
70
68
81
55
55
Governor Smith Makes Plea for State Sovereignty in
Signing Bill Repealing Mullan-Gage Law
Would Amend Volstead Law.
As was announced in our issue of last week, page 2547,
Governor Smith, after a month's deliberation and public
hearings at Albany, on June 1 signed the Cuvillier bill
repealing the so-called Mullan-Gage law, which latter had
for its purpose the reinforcement of the Federal Government
in its efforts to carry out the provisions of the Eighteenth
Amendment and the Volstead Prohibition Enforcement Law.
In signing the repeal measure the Governor filed a memorandum in which he reviewed at length the position of the
State with respect to enforcement of Federal legislation and
giving expression to various views on the subject of the
Prohibition Law and means for its effective application.
The Governor made it clear that his act was not intended
to be one of nullification, and he served notice on State
officials that there could be no let-up in the full enforcement
of all law.
The two outstanding features of his memorandum were a
suggestion that the Volstead law be modified, giving each
State greater latitude in determination of an intoxicating
beverage, and the reassertion of State sovereignty. In
respect to enforcement of the Federal prohibition measure
the Governor expressed a view somewhat at variance with
recent utterances on the subject by President Harding.
Declaring that he was not discussing the wisdom or unwisdom of prohibition, the Governor said: "The question is,
rather, whether all vestige of the rights of the States guaranteed by the Federal Constitution is to be driven from our
political theory of government. With all respect for the
President of the United States, I must here reassert this
principle against his challenge and as the chief executive of
the greatest sovereignty in the 'Union, it is my duty to
declare and maintain that sovereignty in exact accordance
with the guaranties of the Constitution." "This does not
mean that a State has any right or power to enact any law
that in any way infringes upon a Constitutional Act of Congress, but it does mean that the Federal Governmcet has no
right to impose upon the State any obligation to pass any
statute affirmatively embodying any Federal statute. The
whole treatment of this question, and I speak only from
history, has been marked by hypocrisy. There should be
no such thing as carrying water on both shoulders. What
the country is looking for to-day, if I read the signs of the
times aright, is a constructive, forward-looking suggestion
that disregards entirely the fanatical wets and the fanatical
drys."
The full text of Governor Smith's memorandum on the
the Mulli,n-Gage law follows:
repeal
bill under consideration proposes to repeal Article 113 of the penal
law, which enacted into the statute laws of the State substantially the
iecauseoftefarreacing
provisions of the Volstead Act.
interest in this bill displayed by all classes
70,324
95.497
89.2 81.1
72.473 55.11 66.1
of our people. I have given nearly one month of solid and careful thought
bushels: 1. e., 000 omitted.
•In thousands of
to its final disposition. I deem it wise to go into some detail in order
-Previous June 1 forecasts were 7 times above final to clear up misunderstanding on the part of a great many of the people
SPRING WHEAT.
36.6%;4 times below, range 6%
yields, range 4% to 85%, average above. (Crops in several yearsto 23%. who have written or spoken to me about it and to make clear the reasons for
proved
.Average of last 11 years, 18.3%
the action I am taking.
failures.)
near
JUNE 91923.]
THE CHRONTCLE
It is furtherest from my thoughts to question the motives of the men
and women of integrity throughout the State who, with an eye single to
the right and the just, have arrayed themselves on different sides of the
question presented. Some seem to think that my approval will mean
the preservation of American institutions. Many others. impelled by
equally patriotic motives, seem to feel that my approval will be destructive of American 'government. Obviously, both cannot be right, and
I have, therefore, given careful study to the question involved and the
arguments submitted in order that my final disposition of it may be in
full and complete accord with what my conscience dictates.
Question Under Review.
A brief review at this time of the entire question at issue so far as the
State of New York is concerned would be helpful. The Eighteenth Amendment to the Federal Constitution was ratified by the Legislature of this
State at the session of 1919. In 1920 the same Senate and Assembly.
presided over and directed by the same leaders, enacted the co-called
2.75% beer and wine bill. This bill I approved. It was afterward held
unconstitutional and the United States Supreme Court declared in rendering its decision that the word "concurrent" in the Eighteenth Amendment
referred only to concurrence in legislation which Congress passed to execute
the provisions of the Eighteenth Amendment and did not permit the States
to adopt a definition of an intoxicating beverage inconsistent with the definition contained in the Federal law. In short, the State is, therefore,
limited in defining an intoxicating beverage to one containing not more
than j. of I% of alcohol.
In 1922 the Democratic Convention inserted in its platform a plank
favoring an amendment to the Volstead Act which would permit the States
under certain restrictions and after popular referendum to permit traffic
in light wines and beer not regarded as intoxicating beverages. That
platform and the candidates who ran upon it received the overwhelming
support of the people of this State at the last election. I cite all this
merely as indicating by history the attitude of a majority of the people of
this State toward this whole question. Nevertheless, it is a fact that the
Eighteenth Amendment is the law of the land and no one suggests, least
of all the Legislature of this State or myself, that it should be violated.
In 1921 there was enacted in this State what has come to be known as
the Mullan-Gage law. It put into the penal statutes substantially all of
the provisions of the Volstead Act, but accompanied them by even more
rigorous provisions as to search and seizure.
I make no criticism of this action on the part of the Legislature, but I
am entirely unwilling to admit the contention that there was put upon the
State, either by the Eighteenth Amendment, the Volstead Act or the
United States Supreme Court decision, any obligation to pass any law
adopting into the State law the provisions of the Volstead Act. Learned
jurists who have given the best years of their lives to judicial service in
this State have so advised me. Leading members of the bar of other
States concur fully in this belief. Advising the electorate of the State of
Massachusetts, every living former Attorney-General of that commonwealth, as well as many of her distinguished lawyers, said:
"The Eighteenth Amendment gives to Congress and to each of the
forty-eight States the concurrent right to enforce the Amendment. This
Is not a command, but an option. It does not create a duty."
I have read thousands of letters and I have listened to the fullest discussion, and no one has pointed out to me any provision of the Constitution
or of the statutes or any decision of' the United States Supreme Court
which imposes upon our State any constitutional duty to maintain a State
enforcement Act, and I am satisfied that as a matter of law this contention
does not admit of doubt.
Deals With Three Classes.
I am dealing with three classes of people, the radical drys, the radical
wets and those who hold moderate views on this subject. The drys seem
to see a moral duty on the part of the State to maintain an enforcement Act.
They aro undoubtedly led to this conclusion by their own frame of mind,
because they do not suggest that the State maintain an Act merely enforcing
the Eighteenth Amendment in accordance with the wishes of the majority
of the people of the State, but they insist that three be a State enforcement
Act exactly paralleling the Volstead Act.
Congress made its determination as to what constituted an intoxicant.
This State decidedly disagreed with that determination. After all is said
and done, whatever may be the interpretation of the Eighteenth Amendment by any class or group of our citizens, under our form of government
we look to the courts for the interpretation which we must all follow. While
legislative bodies make the laws, the courts must construe them and we are
bound by the construction put upon them by our judicial tribunals. The
United States Supreme Court said: "The power confined to Congress by
the Eighteenth Amendment is in no wise dependent upon or affected by
action or inaction on the part of the several States or any of them."
Holds Congress Responsible.
If the right of Congress is paramount, its responsibility must be paramount.
-General of
Expanding this idea, the statement signed by the Attorneys
Massachusetts adds:
"Nullification, as defined by the highest authority, is the action of a
State intended to abrogate within its limits the operation of a Federal law."
This no one proposes to do. The mere omission to maintain a State
statute in no way abrogates a Federal statute. It seems to me that effectually disposes of the loose talk about the nullification of the Constitution
by refusal of any of the States to enact separate statutes.
Inasmuch as it would be physically impossible for me to make answer
to all of the communications received by me from citizens of our own State
as well as from other States who have sought to guide and advise me in
this mattes, I would like, as a mark of my appreciation of their efforts, to
deal here with tho considerations urged by them, as well as with considerations urged in one or all arguments made at the hearing.
Let me first say that the repeal of the Mullan-Gage law will not do.
Its repeal will not make legal a single act which Was illegal during the
period of the existence of the statute.
Many communications I have received and arguments that have been
made to me indicate a belief that its repeal will make possible the manufacture, sale and distribution of light wines and beer. So far as that is
concerned it will still be under the control it is to-day, subject to the provisions of the Volstead Act. Repeal of the Mullen-Gage Law will not bring
back light wines and beer.
The Supreme Court of the United State said:
"The Constitution, laws and treaties of the United States are as much
the part of the law of every State as its own local laws and constitution."
That means that after repeal there will still rest upon the peace officers
of this State the sacred responsibility of sustaining the Volstead Act with
as much force and as much vigor as they would enforce any State law
or local ordinance, and I shall expect the discharge of that duty in She fullest measure by every peace officer in the State. The only difference
after repeal is that to-day the police officer may take the offender for
prosecution to the State court, to the Federal court or to both. After
2595
the repel of the Mullan-Gage law the prosecution must be where it belongs—
in the Federal court. In law and in fact there is no more lawlessness in
repealing the Mullan-Gage law than there is in the failure of the State to
pass statutes making it a State crime to violate any other Federal penal
statute.
Must Enforce Volstead Act.
Let it be understood at once and for all that this repeal does not in the
slightest degree lessen the obligation of peace officers of the State to enforce
in its strictest letter the Volstead Act, and warning to that effect is herein
contained as coming from the Chief Executive of the State of New York.
At this point, with all the earnestness that I am able to bring to my
command, let me assure the thousands of people who wrote to me on
this subject and the citizens of the State, generally, that the repeal of
the Mullan-Gage law will not and can not by any possible stretch of the
imagination bring into existence the saloon, which is and ought to be a
defunct institution in this country, and any attempt at its re-establishment
by a misconstruction of the executive attitude on this bill will be forcefully and vigorously suppressed.
What Repeal Will Do.
Let me now say what the repeal of the Mullan-Gage law will do.
Its repeal will do away entirely with the possibility of double jeopardy
for violation of the law enforcing the Eighteenth Amendment. By that
we mean that no citizen shall be twice punished for the one offense. Under
the United States Supreme Court derision in the Lansea case, a citizen is
to-day subjected to double trial and even to double punishment for a single
offense, because such alleged offense is a violation of both the State and the
Federal law. This is an unwarranted and indefensible exception to the
fundamental constitutional guaranty contained in both the Federal and State
constitutions, that no person shall be twice tried or punished for the same
offense.
The repeal of the Mullan-Gage law will put the State in harmony with
the recent decision by United States District Judge Knox, declaring a portion of the Volstead Act to be in contravention of the Eighteenth Amendment. By that derision the United States District Court in New York
has laid down the principle that the prohibition contained in the Eighteenth
Amendment does not apply to the necessary and proper prescription of
alcoholic liquors for medicinal purposes and that the Federal Government '
gains no power under the Volstead Act except to prohibit traffic in alcoholic
liquors for beverage purposes as distinct from medicinal purposes. Provisions of the Mullan-Gage law, if left in force, would still maintain in the
law of this State the limitations contained in the Volstead Act, which the
great bmiy of the medical profession in our State seems practically unanimous in denouncing as an interference with the necemaily requirements of
their profession.
The repeal of the Mullan-Gage law will mean that violations of the Vol
stead Act will hereafter be prosecuted in the Federal Courts. This, to my
mind, seems to be desirable, as it will fix in the minds of offenders the
thought that they have violated a Federal statute intended to effectuate an
amendment to the Constitution of the United States rather than have them
harbor the thought that they are simply standing against what a great
many of them may be led to believe is merely local legislation.
The burden imposed on the State to prosecute traffickers in liquor as
violators of a State statute is a wasteful and futile one because of the
refusal of grand juries to indict and of petit juries to convict.
Let us apply to this question the principles of pied business, good judgment and common sense. I promised myself that I would not consider
this subject solely from the standpoint of constitutional law or political
expediency and I have labored to make my study of it practical. While
there will be no let-up on the part of the police officials of this State in the
enforcement of the Volstead Act, I cannot help thinking and saying, as I
owe it to the people of this State to say, that the real solution of proper
enforcement rests primarily with the Federal Government.
The practical side of this question, to my way of thinking ,indicates that
little if any of the liquor consumed in this State is manufactured here.
It is imported from foreign countries. The Federal Government is the
one agency that can attack the base of supply. It is infinitely easier to
stop the smuggling in of five hundred cases of liquor before bulk is broken
than to trace the same five hundred after they find their way into different parts of the State in small quantities.
Blames Divided Responsibility.
The division of responsibility for primary execution of the enforcement law may in part explain the failure of Federal enforcement officials to stop the smuggling of liquor in bulk into this State, which has
certainly raised a serious question as to the efficiency and in some cases
the earnestness of Federal enforcement agencies. Whenever the ultimate
responsibility is. divided there is a tendency for each authority or agency.
upon whom it rests to rely upon the other. The State in the nature of
things cannot guard her frontiers of land and water against this smuggling
as well as the Federal authorities should be able to do it. If we place
squarely upon the Federal authorities the primary duty and obligation to
from foreign ceuntries
an
end te the enormous smuggling of liquor
put
into this State it will be where it rightfully belongs, and we will have taken
a long step forward to the re-establishment of respect for and enforcement
of law.
Over and beyond all this, I believe the approval of this repeal will reawaken in the public mind the fundamental conception of the law of the
land and re-establish beyond doubt what constitutes the essentials of the
relation between the Federal Government and the sovereign States of the
Union.
Replies to Harding Letter.
Recently the President of the United States, in reply to a letter from
citizen of this State who had suggested to the President that the repeal
of this act bore the color of treason, said. Without disclaiming this particular
suggestion, "with much that you say I am fully in accord."
I yield to no man in this country when it comes to respect for the utterances of the Chief Executive of the United States, but it is impossible
for me to be unmindful of the fact that I am the Chief Executive of a sovereign State and I am entirely in accord with a statment put forth in the course
of this discussion and singed by former Judge Willard Bartlett, Almet
F. Jenks, E. Henry Lacombe and Austen G.Fox, which dealt with the letter
of the President and which in part said:
"It would be a calamity to permit such fundamental misconceptions of
the relations between the States and the Federal Government as may seem
to be suggested by Portions of the President's letter to pass unchallenged."
The children in our public schools have been taught to believe that our
Government rests upon the foundation that the States are sovereign with
respect to all powers not expressly delegated by them to the Federal Government, and that while the laws of Congress are paramount within the
delegated power, the States are sovereign within the reserved power. History gives us the reason for this. In the formation of the Union our forefathers in their wisdom understood that with our vast area and its heterogeneous populations, with their varying local interests, what may be
sound local policy in one community may be entirely inappropriate to the
2596
THE CHRONICLE
needs of another. To any student of our Government I think it must
be apparent that one of the great elements in the strength of our democracy is the supremacy of the Federal Government in its own sphere and
the sovereignty of the several States in theirs.
Vigilance Liberty's Price.
We have been taught that eternal vigilance is the price of liberty, and
how far we may wander from the thoughts and ideals of the founders
of our Government is well illustrated by the suggestions in the President's
letter that because the States have a larger police force than the Federal
Government has, and because the Federal Government has at this time
what the President describes as an inadequate machinery for the enforcement of the Vostead Act, therefore, the States are obliged severally to
enact statutes duplicating the Volstead Act. I am unable to understand
from what source he believes this obligation to be derived and he does
not disclose it. The President might with equal force suggest that at
any time Congress in its wisdom saw fit to withhold adequate appropriation for the enforcement of any Federal law, there immediately devolved
a duty upon each State to enact that Federal law into a State statute
and make every offense against Federal law not enforced a duty upon the
States to punish it as a State offense and at State expense.
I am not here discussing the wisdom or unwisdom of prohibition. The
question is rather whether all vestige of the rights of the States guaranteed
by the Federal Constitution is to be driven from our political theory of
government. With all respect for the President of the United States. I
must here re-assert this principle against his challenge and as the Chief
Executive of the greatest sovereignty in the Union it is my duty to declare
and maintain that sovereignty in exact accordance with the guaranties of
the Constitution. This does not mean that a State has any right or power
to enact any law that in any way infringes upon a Constitutional Act of
Congress, but it does mean that the Federal Government has no right to
Impose upon the State any obligation to pass any statute affirmatively
embodying any Federal statute.
The whole treatment of this question. and I speak only from history, has
been marked by hypocrisy. There should be no such thing as carrying
water on both shoulders. What the country is looking for to-day, if I
read the signs of the times might, is a constructive, forward-looking suggestion that disregards entirely the fanatical wets and the fanatical drys.
[VOL. 116.
ster, whose remarks were made at a convention of Assistant
Treasurers of companies managed by Stone & Webster,
stated that "there has been one fundamental change in the
general public utility situation which in my opinion gives a
new and much more substantial stability to the industry as
a whole." Mr. Webster went on to say in part:
Up to the time of the Great War,the development of the art had been such
that rates in electric light and power companies, gas companies and street
railway companies had had a continuing downward tendency. New
methods and increased efficiency in operation had enabled the companies,
in spite of increasing basic costs, to give their service at decreasing rates.
A short time before the war,operating costs were gradually rising with the
result that many of the companies were in the embarrassing situation of
selling their service for a fixed sum with no provision for taking care of the
increased cost of production. At that time it was almost impossible to
make the moderate increase in rates necessary, partly on account of the fact
that a large proportion of the utilities were owned by a comparatively
small number of people and it was impossible to get the sympathy of the
public in general to any such increase. Then came the Great War with
the tremendous increase of cost which made a revision of the public utility
rates absolutely necessary. The economic changes at that time were so
great that the companies had no difficulty in proving before any fair
tribumal the absolute necessity of a revision of rates; they also made a clearer
appreciation that the development ofany locality and the public utility are so
closely associated that neither can succeed without the other.
With this improved understanding of the utility situation by the public
in general, came an almost unlooked for advantage. Investors in the localities where the utilities were located began to see that their securities were
desirable investments. Companies all over the country have successfully
offered stocks, notes, and bonds to their customers and to local investors
which has had the most desirable result of getting customers interested in
the companies selling them service and it also opened up a new source of
capital for extensions.
The publicity campaigns carried on by the public utilities have shown
the bankers and business men,as well as the small investors and salaried men
in the communities served by the utilities, that our business is a perfectly
open business; that it is a stable one and that it ought to be backed up by
the community. The result has been a very general demand for investment in small lots of public utility securities. This has been stimulated
in many localities, by local securities campaigns and, in my opinion, these,
together with the policy of keeping the public advised of the affairs of the
local companies, have produced results which have been very gratifying in
practically every locality served.
I think that the type of security which the public utilities can sell to best
advantage, both to themselves and to their customers, is a Preferred stock,
because this represents a permanent investment. Before the war it was
almost impossible for the small investor to buy such Preferred stocks because when these were issued by the companies they were taken up through
the bankers and brokerage houses and sold mostly in large lots in the Eastern financial markets. The demand from these large investors was so great
that the stock sold at a rate to yield an interest return much lower than the
ordinary interest rate of the locality in which the utility itself was located.
Even in cases where the stock was sold locally at the start of an enterprise, most of it found its way back to the Eastern markets as it increased
in value because the local investors took the opportunity of selling at a
profit. The Federal Reserve System of banks tended to bring interest
rates to the practically same level in all parts of the country and this increased the demand for securities in sections other than the East.
The Liberty Loan campaigns did much to educate people who had never
invested in stocks or bonds, and a large part of the millions of people who
bought Liberty bonds during the war will continue to be investors in securities. This, together with the local campaigns by the utility companies for
the purpose of selling securities will strengthen the market considerably
and may be expected to cause an upward tendency of these stocks.
Many of the large investors are now willing to sell their Preferred stocks
on account of the surtax which they have to pay under the Federal tax law,
and men with large incomes are in many cases investing in Liberty bonds
or some such tax exempt bonds which yield a net income larger than that
produced by stocks which are subject to State and Federal taxes. The man
of moderate means, on the other hand, can get a good return on these stocks
because he does not have to pay a heavy surtax. He has an exceptional opportunity now for buying safe preferred stocks at prices yielding unusually
good returns.
The improved condition of the public utility industry together with the
increasing publicity which is being given to the affairs of the companies,
will produce a constantly growing demand for public utility stocks and I
believe that this will gradually increase the value of the present stocks
and prove them to be profitable, as well as safe investments.
The companies should continue to use every effort to have a financial
interest taken in their affairs by first, their employees bcause they aro
part of the public and are essentially interested in the company: second,
their customers because they know about the company and have business
with it, and third, by the public in general. This will help in the matter of
public relations and fair rates and will assist in the broad development
of the utilities and add to the stability of the business.
Urges Volstead Amendment.
I yield to no man in my reverence and respect for the Constitution of the
advocate nothing which will infringe upon the proUnited States, and I
visions of the Eighteenth Amendment. It is nevertheless a fact that the
definition of an intoxicating beverage contained in the Volstead Act is not
an honest or a common-sense one. It is impossible to divorce from the
public mind the impression that the definition of an intoxicating beverage
,
as containing not more than 36 of 1% of alcohol was written by the fanatical
drys in defiance of the general experience of mankind and of actual fact.
It seems to me that common sense, backed up by good medical opinion.
can find a more scientific definition of what constitutes an intoxicating
beverage. Such a definition should be adopted by Congress as a proper
and reasonable amendment of the Volstead Act, and a maximum alcoholic
content should be prescribed by Congress, which would limit all States to
the traffic in liquors which are in fact non-intoxicating within the meaning
of the Eighteenth Amendment. Subject to that limitation, each State
should thereafter be left free to determine for itself what would constitute
an intoxicating beverage.
States which then wished to limit traffic to beverages containing not
more than one-half of I% of alcohol would be free to do so and those which
desired to extend the traffic to the maximum limitation allowed by Federal
statute would be equally free to do so. There could be, within the limitations of the maximum, many differences of degree, extending even to the
complete prohibition by some States of traffic in liquor containing any alcohol whatever.
Offers Idea to Nation.
This would be in keeping with the freedom and liberty of different
States with differing local conditions to legislate for themselves, subject
always to the maximum limitation enacted by Congress, which would be
paramount.
I offer this as a constructive suggestion which will relieve the Country
from the stress of this perplexing question which affords such a widespread
difference of opinion, and thus give our people a chance to turn their minds
to other and greater questions that are pressing for solution.
Much has been said in the public prints with respect to the effect of my
action on this bill may have upon my own political future. I have no political future that I am willing to attain by the sacrifice of any principle or
any conviction of what in my mind is for the welfare and the benefit of this
State and nation.
To Uphold Democracy.
Because I believe there is nothing to be gained either for the nation or
for the State by the retention of this statute, while on the other hand, I
believe that its repeal is of distinct benefit in the preseravtion of the rights
of our people; because I believe that the repeal of this statute in no way
nullifies the enforcement of the Volstead Act; because I believe that the fastening of the primary responsibility for prosecution for violations of the laws
enforcing the Eighteenth Amendment should be upon the Federal authorities, and because I believe finally and most of all that the preservation of
American democracy requires the maintenance of that balance between
State and nation which is guaranteed by the Constitution of the United
Incidentally, from a summary of the Stone & Webster acStates and that the reassertion of that principle is to-day of vital conseMontreal,
quence to the preservation of the democratic form of government guaranteed tivities, prepared for "The Financial Times" of
to us by the Constitution, and being mindful of the responsibility placed on we quote the following:
me by the electorate of this State, grateful for their overwhelming vote of
Edwin S. Webster is President of Stone & Webster, Inc., of Boston,
confidence, devoted as I am to the welfare of the country and to the happiness and the prosperity of the State. I have after careful thought arrived at Mass., an organization which manages about 60 public utility companies
the conclusion that the bill before me should receive executive approval, in the United States, Nova Scotia and Porto Rico. These companies
operate in 18 different Statesfrom the Atlantic to the Pacific and from Michand I therefore approve the bill.
igan to Florida. They furnish electric light and power, gas and street
railway service to about 4,000,000 people. Their gross revenue in 1922
was about $46,500,000 and in that year alone the street cars which they
Public Utility Industry, According to E. S. Webster, operated carried 241,000,000 passengers, a number equal to twice the population of the United States.
Stronger and More Substantial Than Ever Before—
Stone & Webster also design and construct physical properties, both
Activities of Stone & Webster, Inc.
for the companies managed and for outside clients. The company has
In treating of business conditions with particular refer- designed and built properties valued at over $600,000,000. The engineering department has appraised property to thelamount of over13.500.000.000
ence to his own public utility industry, Edwin S. Webster,
In 1886, the year following their graduation from the Massachusetts
President of Stone & Webster, Inc., in an address at the City Institute of Technology, Charles A. Stone and Edwin S. Webster formed
a partnership to do a general engineering business and to investigate and
Club, Boston, on May 15, stated that the position of the report on the operations of public utility companies. The new firm, howwhole public utility industry is very much stronger and ever, soon began to assume the management of such companies for private
more substantial than it has ever been, and that "we can owners. The electrical industry was in its infancy, many companies had
expanded too rapidly, and this, together with the financial panic of 1863,
look forward with optimism to the future and expect a sat- produced an unstable condition in many of the companies. In a number
development of the industry." Mr. Web- of cases Stone & Webster were retained to suggest methods of improving
isfactory and solid
JUNE 9 1923.]
THE CHRONICLE
companies
conditions and as a consequence the owners placed many of the
gas plants
under Stone & Webster management. Subsequently, various
River
and hydroelectric developments, notably that of the Mississippi
Fewer Company with its great dam across the Mississippi at Keokuk,
as well as a number of industrial enterIowa. were placed in their hands,
prises. including coal mines, chemical works and lumbering operations.
The companies managed by Stone & Webster retain their corporate
Independence but possess all the advantages of centralized management,
insuring proper and uniform accounting, good engineering, economical
financing, the benefit of purchasing supplies in large quantities, and the
availability of trained men for special problems and operating work.
Stone & Webster in addition to its construction and engineering work
and its management of public utilities, engages in the underwriting, wholesaling and retailing of investment securities, the services of the Securities
Division being available to the companies under the general management of
the organization.
There are about 950 employees in the home office in Boston. The companies managed by Stone & Webster employ about 10,000 men and the
number of men on construction work for the organization varies from 10,000
to 15,000.
Consumers Urged to Store Winter Coal Stocks by
September.
F. It. Wadleigh, Federal Fuel Distributer. in a statement
issued June 4, says:
acceptable to the American people unless coal is transported with reasonable
railroads
promptness and in the most efficient manner. It is the task of the
by
to furnish this transportation. This task has been rendered difficult
Comcertain feature characterizing the production of coal which your
of the problem are
mission thoroughly understands and which all students
endeavoring to eliminate.
of
It is clear that if some method could be devised whereby the amount
the year in
coal which the country demands could be removed throughout
would be
fairly constant quantities, so that heavy seasonal movements
equipped to take care
avoided, the railroads of the country are sufficiently
allowance
of the demands upon them in a satisfactory manner. Even if
heaviest
is made for an increased demand for coal during the period of
without serisituation
domestic consumption, the railroads could meet the
not feel that they are propous cause for complaint. But the railroads do
on
erly censurable for not being able to meet all the demands for transportati
for a
In years when strikes in the coal industry have stopped production
into a
a year's business
considerable period, making it necessary to crowd
movement
few months, and that, too, at a time when there is the heaviest
of other seasonal commodities.
upon them
Of course, the undertaking of the railroads to meet demands
facilities as
must depend upon the ability of the railroads to increase their
cannot be procured
the business of the country increases. These facilities
the investing
Without the expenditure of new capital, which must come from
securities
public. It is clear that capital will not be attracted to railroad
is safe. This
unless there is a reasonable assurance that the investment
the American
assurance can come only through the adoption of a policy by
at least,
people which will make it certain that the railroads, for a time
to
will be free from the menace of hostile legislation and will be permitted
a confiswork out their problems 'without fear of action which would be of
catory nature.
fundamental
These considerations lead us to suggest that there are two
of distributconditions which the public must establish before the problem
the railroads,
ing coal will be solved. These are, first, fair treatment to
value of
under which they will be permitted to earn a fair return upon the
strikes, both
their property fairly ascertained; and secona, freedom from
essential businesses may
in the coal and railroad industry, so that these two
function without disturbing interruptions.
The Secretary of Commerce,in two letters recently sent out to all national
and State trade associations, requested their co-operation in the direction
of advance storage of coal for winter consumption: that is, from now
until Sept. 1.
A letter addressed to the National Association of Purchasing Agents, by
the Federal Fuel Distributor, read at their annual convention at Cleveland.
members
May 18, urges upon the Association as a body and on its individual
the storage of coal to capacity during the next three months, so that the
1 stocks of coal sufficiently large to assist the
country may have on Sept.
transportation Interests in handling the greatest volume of traffic in their
history, which they will in all probability be called upon to do this fall.
In agreement with the recommendations, the Association passed, among
others, a resolution to the effect that:
1Vhereas, The maximum demand upon the railroads comes during the
months of &Member. October and November, each year; be it recomResoleed, That the National Association of Purchasing Agents
mends to its members that they endeavor to purchase their annual coal
requirements on contract calling for maximum deliveries during the summer
months, and minimum deliveries during the months of September, October
and November or storing coal during the summer months.
The three great public utility associations, acting on the recommendation
of the Federal Fuel Distributor, have also sent out letters to their individual
members, recommending the purchase and storage of coal during the summer months, while the railways of the country, through their associations,
have committed themselves to a program calling for their storage requirements to be completed by Sept. 1, so that after that date the equipment
and other facilities may be used to the greatest extent for commercial
necessities.
The American Railway Association and the Association of Railway
ed
Executives, as a part of their program for meeting the unprecedent
to
demand for transportation facilities which now exists and promises
comcontinue throughout the year. have recommended that the railroads
plete their storage of coal by Sept. 1 in order to make available the greatest
transportation
possible supply of equipment at the time of greatest peak
demand in the fall months.
of the
The United States Chamber of Commerce, at the suggestion
coal situation
Secretary of Commerce, has recently issued a statement on the
transportation
as of May 1 1923, which, after reviewing the general coal and
coal and that
situation, suggests the immediate purchase and storage of
purchases, as far as possible, should be made through regular channels in
'
The
order to avoid duplication of orders and prevent a runaway market.
that they
suggestions are made to the business man and the householder
easily handled, and
secure their winter coal during a period when it cad be
as an added precaution against transportation difficulties at a later date.
consumers are
Reports have been received which indicate that many
of the United
delaying their purchases of coal in the belief that the work
States Coal Commission will result in reductions in prices.
immense collection of
While constructive recommendations based on an
Comdata will undoubtedly be made in the report of the United States Coal
until Conmission, it is pointed out that no legislative action can be taken
gress meets in December.
of the positive
Considering the general situation to-day, and in view
and the great narecommendations made by the Secretary of Commerce
difficult to see
tional trade, transportation and public utility bodies, it is
following
how the consumer with ordinary prudence and foresight can avoid
for domestic or
the advice given, that his winter supply of coal, whether
summer months.
industrial use, be purchased and stored during the
The report calls attention to over-development in the bituexminous coal industry. In 1921 there were 8,038 mines,
clusive of wagon mines, in operation, an increase of 38%
over the number in 1910, while there was no increase in
railproduction. "This means," said the report, "that the
equipment and other transroads were called upon to divide
portation facilities among 2,221 more mines than would have
been necessary had the average production per mine been
maintained on the 1910 basis." In 1920, according to the report, bituminous coal mines ordered 16,357,514 cars, which on
the basis of an average loading of 50 tons per car would have
transported 817,876,000 tons. Actual production of the
mines was 568,667,000 tons. The tonnage for which cars
were ordered, the report points out, was therefore in excess
of the tonnage actually produced by 249,209,000 tons or by
44%. To provide facilities to move the peak demands as indicated by car orders of producers generally following
strikes in the mining industry, according to the report, the
railways in 1920, for instance, would have been forced to
invest not less than $2,000,000,000 in equipment and other
necessary facilities. "The economic effect of providing
railroad equipment to meet the peak demand of production
in the bituminous coal industry would be over-development
in the railway industry," says the report. "In other words,
the irregular conditions in the bituminous coal industry,
which have been largely responsible for the increased price
of coal, would spread to the railway industry and would
impose an unnecessary burden on the public in the form of
increased freight rates to carry the excess surplus investment and labor costs."
The report says that there has been a general increase in
efficiency on the part of the railroads in freight transportation in recent years. In 1922, the report said, Class 1 railroads handled 19.2% more revenue freight, measured in net
ton miles, with 9 % less freight train miles than in 1914.
2
1
/
In 1921 the performance was 7.7% more freight traffic than
in 1914 with 13 % less train miles.
2
1
/
with
Report Filed by American Railway Association
Policy
United States Coal Commission Urges
Which Will Insure Fair Treatment to Roads.
The adoption of a policy by the American people which
will insure the railroads of this country fair treatment and
enable them to work out their problems without fear of action "of a confiscatory nature." for a time at least. was urged
in a report filed on June 2 with the U. S. Coal Commission
by a special committee appointed by the American Railway
Association to render such assistance as possible to the factfinding commission. The report supplements a preliminary
one flied five months ago by the special committee of which
J. E. Roberts of Albany, N. Y.. Superintendent of Transportation of the Delaware & Hudson Co., is chairman. In coneluding its report as to the causes of the fuel situation and
possible remedies, the report said:
There can be no doubt that the railroads of the United States are vitally
Interested in the work of your Commission. It has been said that the principal problem of the coal industry is the problem of distribution. Without
committing ourselves to the absolute correctness of this statement, we are
sensible of the fact that the coal industry cannot be put upon a sound basis
2597
Type
Government's Plan for Certifying Quality and
of Coal Exported.
American coal producers are co-operating with Government departments in an endeavor to set up a voluntary plan
of certifying quality and type of coal shipped in export. F.
R. Wadleigh, Federal Distributer, on June 2 issued a general
letter to producers and distributers of coal outlining the basis upon which the new plan will operate. As a preliminary,
coal exporters have been asked to raise $25,000 to meet the
expenses of operating the plan. Inspectors will be stationed
at Norfolk, Baltimore, Philadelphia and Charleston, who will
view coal as it is loaded into ships for export. The shipper
will then receive a certificate as to the origin of the coal and
its character. After the system is put in operation a small
fee, based on the tonnage of coal certified, will be charged
for the certificate and will pay the cost of making the examination.
'111,
2598
TILE CHRONICLE
Shopmen on Three Railroads Ask Restoration of PreStrike Wage Levels.
Negotiations have been opened by the Federated Shop
Crafts representing an estimated 54,000 employees of the
Chicago Milwaukee & St. Paul, the Chicago & North Western
and the Southern Railway systems for an increase in wages
and return of time and one-half pay for overtime and Sunday
work, John Scott, Secretary of the Railway Employees' Department of the American Federation of Labor, announced
on June 5. The union is seeking a restoration of the wages
in effect before the Labor Board's cut over which the Federated Shop Crafts struck, last year, Mr. Scott said. Agreements reached so far have been at a 3-cent-an-hour rate,
bringing the wages to 73 cents an hour, 3 cents above the
Labor Board rate.
Within a short time, Mr. Scott stated, union representatives were expected to open negotiations with the Northern
Pacific and the Southern Pacific.
Chesapeake & Ohio Shopmen Get Wage Increase.
Shopmen of the Chesapeake Sr Ohio Railroad received a
wage increase of 2 cents an hour by negotiations completed
at Chicago on June 5.
Shopmen on Southern Pacific Get Wage Increase.
An increase in pay of 5 cents an hour to 13,000 shoperaft
employees of the Southern Pacific Co.,equivalent to $750,000
additional a year, was announced on June 2 by J. H. Dyer,
general manager of the railroad. An increase of 2 cents
an hour was granted to all helpers.
More Railroads Increase Wages.
Further announcements of voluntary wage increases were
made on June 8 by the Rock Island, Wabash and Philadelphia & Reading railroads, according to Chicago news dispatches as follows:
The Rock Island is increasing the rate of mechanics, helpers
and apprentices 2 cents an hour, effective June 16. This increase is estimated
at $100,000 annually.
An increase of 4 cents an hour at an annual cost of $17,940
has been
granted 940 signal men by the Philadelphia & Reading.
An agreement was reported between maintenance
of way employees
and the Wabash system, whereby approximately 3,500 workers
receive
Increases of 3. cent to 9 cents an hour.
[VoL. 116.
Deplor.s Prefudue in Paula.
There has been a vast propaganda against my railroad administration.
have no doubt but that most of you think that it was terrible. Bub_if
you get the facts, you will quickly be convinced otherwise.
Income Tax Returns for 1921 Showing Reduction of
Four Billion Dollars in Net Income Reported—
Incomes of Over a Million Drop to Twenty-one.
In giving on June 6 preliminary figures of returns of income for the calendar year 1921, the Bureau of Internal
Revenue announces that the total amount of net income
reported, at $19,577,212,528, represents a reduction of
$4,158,416,655 as compared with 1920. According to the
Bureau, only 21 returns of incomes of $1,000,000 and over
were received for the calendar year 1921 as compared with
33 in 1920, 65 in 1919, and 206 in 1916. We give herewith
the Bureau's announcement of this week:
A preliminary report of statistics of income Issued by the Bureau of
Internal Revenue shows that the number of personal returns filed for the
calendar year 1921 was 6.662.176. The total amount of net Income
reported by these returns was $19.577.212.528. and the tax (normal and
surtax) amounted to $719.387.106. As compared with 1920, the above
figures show a falling off of 597,768 in the number of returns filed, a reduction in the total net income reported amounting to 34.158,416,655, and a
decrease in the total tax of 5355.666.580.
The average net income per return for 1921 was 52.938 56, the average
amount of tax $107 98. and the average tax 3.67%•
The proportion of the population filing, according to the population
reported by the fourteenth census (1920). upon which all the tables are
based, was 6.28%. The per capita net income reported was $184 65 and
the per capita tax was 36 79. For the preceding year the proportion of
the population filing returns was 6.85%. the per capita income reported
was $223 87 and the per capita tax was 510 14.
There were received 21 returns of Incomes of 51,000.000 and over for the
calendar year 1921 63 of income from $500.000 to 31.000.000. 162 of income
from $300.000 to 3500.000, 739 of income from 3150.000 to $300,000.
1,367 of income from $100,000 to 5150.000 and 8.717 of income from
550.000 to $100,000. Fluctuations in incomes of a million and over are
shown in a table (page 16) which gives for the year 1920 the number of
such incomes as 33: 65 in 1919. 67 in 1918. 141 in 1917. 206 in 1916, 120 in
1915 and 60 in 1914.
The largest number of returns was from New York, 1.066,637. or 16.01%
of the total, the tax amounting to $210.768.379. or 29.30% of the total.
Pennsylvania was next, the number of returns received being 621,103, or
9.32% of the total, and the tax 584,660.220, or 11.76% of the total. Illinois
was third, the number of returns being 611,558. or 9.18% of the total, and
the tax $68,574,351. or 9.53% of the total. The number of husbands and
wives, with or without dependent children, and of husbands whose wives,
though living with them, flied separate returns. was 3,477,592. The
number of wives making separate returns from husbands was 89,634. The
number of men filing returns as heads of families was 401,662, and the
number of women filing returns as heads of families, 115,356. The number
of returns from all other men was 1,945,009 and from all other women
'608.829.
The amount of net income reported from dividends, and therefore not
subjeot to the normal tax, was $2,476,952,399. Net income exempt from
normal tax because of personal exemption and credit for dependents
amounted to 514.191,855.700 and from intnrest on Government obligations
not wholly exempt from tax to 546,994.406.
Income from personal service—salaries, wages, commissions, bonuses,
directors' fees. &c.—amounted to 313.813.169,165; from business, trade,
commerce, partnerships, farming and profits from incidental sales of real
estate, stocks, bonds and other property, and income from fiduciaries to
54.170,363,591. Income from property—rents, royalties, interest on
bonds. notes. &c., and dividends—amounted to $5,345,249,176.
W. G. McAdoo Says He Is Not Committed to Government Ownership of Railroads.
Answering reports that he favored Government ownership
of railroads, William G. McAdoo, former Director-General
of Railroads and also formerly Secretary of the Treasury,
in an address before the Civilian Club at Chattanooga on
May 27 made a statement to the effect that "I have never
been, and am not now, committed to the theory of public
ownership of railroads." The New York "Times" of May 28 Tariff Commission's Statements
as to Reported Differreports him as saying further in his Chattanooga address:
ences of Opinion.—President Harding Reconciles
Nobody is satisfied with the Esch-Cummins Law now governing the
Divergent Views on Flexible Tariff Provisions.
railroads. It has some good features, but it is a bad law. The problem
of efficient transportation is one of the greatest that now faces us. and
Reports of differences between members of the U. S. Tariff
,
it has yet to be solved. 1 have nev r been committed to the theory of
the public ownership of tne railroads. I believe we should exhaust all Commission respecting work under tile flexible tariff provithe possibilities of private ownership and if that fails to bring about a sions of the Fordney-McCumber Tariff Act, prompted the
solution of the transportation problem then we can consider the other issuance by the Commission
on April 23 of the following
solution. In other words. I feel that private capital Is entitled to still
statement:
another chance and we should not turn to Government ownership
until.
with careful and competent Federal regulation and supervision, it is
certain
that private ownership cannot accomplish the desired results.
At the same time when the railroads were nost essential to the prosecution of the war they broke down utterly and failed to discharge
the
duties required of them by law. The Government took them over
and
saved them from bankruptcy. We paid them 5960.000.000 of the people's
money and later met an additional deficit of something over
$200,000,000.
but that was a low cost for the transportation we absolutely had to
have.
Our boys were in the trenches over there and It was necessary to
back
them up to the uttermrst. Do you think the Government could
stand
back on a matter of expense when our soldiers ne ded food and supplies?
it has been charged that I debauched labor when in control of the railroads. Let's see about that. The railroads were in (strernities.
Their
labor was underpaid. their mechanics and other employees, absolutely
necessary to run the trains, were being drawn away from them by
the
thousands to the munitions factories, the shipyards and the industries
paying ,onuses for war work. It was just as patriotic to work in a shipyard or a munition factory as on a railroad, and so we had to compete
with the other industries to hold our men. We had to raise their gages
to hold them.
A special wage commission made a careful survey of the situation and
recommended an increase In wages, to be met by an increase in rates.
My administration increased the wages of railway employees 5700.000.
Later Mr. Hines, who was Director for 14 months following my 12 months,
and who did many of the things for which I have been criticized, raised
the men an additional $10.J.000.000. Afterward the Railway Labor
Board had a hearing on the subject and in 1920 this Board increased the
wages of railwa) employees 5700,000,000 on top of the increase Mr. Hues
and myseif had granted. This was after a close study of the economic
situation, and if the Labor Board felt justified in doing that why should
we be criticized for what we did?
For a period of two months past the press has given unwarranted emphasis
to reported differences of opinion in the Tariff Commission with respect to
the Commission's powers and method of procedure. The statement issued
April 21 1923 from the 'White House was complete and final and received the
unanimous approval of the Commission. The Commission considers that
statement a definite expression of the conclusions reached at the conference
of the Oommission with the President, and as not constituting either a victory or a defeat for divergent views previously held. The Commission is not,
as has been frequently suggested, and has not been divided into groups, but
each Commissioner has acted throughout the Commission's deliberations independently and on his own responsibility.
The White House statement of April 21, referred to above,
followed a conference between President Harding and members of the Commission to reconcile the divergent views, and
In referring to the White House statement. it was pointed
out In Washington advices to the New York "Times" that
the President has directed the Commission to make a full,
rather than a limited, application of the flexible features of
the Fordney-McCumber Tariff Act, which entrusts to the
Executive the responsibility of revising rates on commodities
up to 50% change in duties. The following is the White
House statement:
At a conference Friday afternoon at the White House President Harding
considered with'the Tariff Commission a program to put into effective operation the flexible provisions of the Tariff Act of Sept. 21 1922. The President
laid stress upon the usefulness of this statute to the public, the producer and
the consumer, and indicated a strong claire to see it fully applied.
JUNE
91923.]
T HE CHRONICLE
Petitions and applications for increase or reduction in rates are to be considered by the Commission in accordance with the Executive Order of Oct. 7
to determine whether formal investigations are warranted. If the nature of
the subject so requires, the Commission will exercise the power to limit the
inquiry or broaden it to include related subjects.
In cases where no petitions have been filed, whenever a preliminary inquiry
or survey discloses sufficient grounds, under the law, the Commission, after
conference with the President, will order such formal investigations under
Section 315 as the facts may warrant and the public interest require.
Each formal investigation, however instituted, will begin with an order
giving public notice to all interested parties.
2599
permitted to subscribe for more than one share of stock.
The price per share is $150, payable either in cash with
application, or on the partial payment plan. The subscription price will be divided as follows:
Capital
Surplus
Organization
$100
40
10
$150
Previous reference to the proposed bank was made in our
issue of April 21, page 714.
In making known under date of March 19 that an investiIt was officially announced this week that the United
gation would be undertaken by it regarding the rates of duty
on 17 commodities, in pursuance of request for relief under Finance Corporation of Montreal,one of the largest of the Canthe flexible provisions of the Tariff Act of last year, the adian investment banking houses, has been combined with the
Canadian corporation of the National City Co., the merged
Tariff Commission said:
Since the enactment of the tariff law on the 21st of September last the institution to be known as the National City Co., Ltd.
United States Tariff Commission has received upwards of 140 applications The New York "Times" account (June 7) of the merger,
for relief under the so-called "flexible" provisions of that Act. All applications have been carefully considered by the Commission. Some of the ap- which we quote herewith, is, we are informed, a correct one.
plications reveal the fact that there was some misapprehension as to the pur- The merger greatly enlarges the scope of the National City
pose of the Act and as to the powers conferred upon the President and the
Co.'s operations in Canada and places at the head of the
Tariff Commission.
In other cases the relief sought came clearly under the jurisdiction of the institution 13 Canadian financiers rated among the foremost
Treasury Department in the administration of the customs laws and not un- in the Dominion.
der that of the Tariff Commission. Other applications asked for things
which the Commission was powerless to consider, for example, the changing
of an article from the dutiable list to the free list or from the free list to the
dutiable list. And in still other cases, upon preliminary inquiry, it was
found to be impracticable at the present time to secure data upon which a
recommendation could be made to the President. In a number of other cases
preliminary inquiries are still being conducted for the purpose of ascertaining whether investigations are warranted by the law and the public interest.
The Commission has, however, proceeded so far as to announce, from its
offices in Washington, that it has ordered investigations on a number of articles affected by the Tariff Act of 1922, concerning which applications have
been made. These investigations will be conducted under the provisions of
Section 315 of Title III of the Act and are designed to aid the President in
exercising the power given him to modify any particular existing rate of
duty where the findings with respect to the differences between foreign and
domestic costs of production warrant it. In each case the authority of the
President is predicated upon the finding, after an investigation by the United
States Tariff Commission, that the rate of duty upon a particular article as
fixed by the law does not equalize the cost of production of competing articles
as produced in the United States and in foreign countries. The purpose of
the Tariff Commission in the investigations now ordered will be to determine
whether any such difference exists in the case of the articles in question and,
if so, precisely what it is.
Some of the investigations ordered are based upon applications for increases and others upon applications for decreases in the present rates of
duty. But a finding either way can be made upon any application, as the
facts developed may warrant.
Under the Commission's rules of procedure formal notice of investigation
Into each article will be published and opportunity afforded to all persons
interested to appear, present evidence, and be heard in person or by a representative. Applications relative to other articles are still pending before
the Commission and will be acted upon in due order.
The articles upon which investigations have been ordered are as follows:
Oxalic acid (Par. 1); diethyl barbituric acid and derivatives thereof (Par.
5); barium dioxide (Par. 12); casein (Par. 19); logwood extract (Par. 39);
potassium chlorate (Par. 80); sodium nitrite (Par. 83); mirror plates (Par.
223); pig lion (Par. 301) ; Swiss pattern files (Par. 362); paint brush handles (Par. 410); sugar (Par. 501); cotton warp-knit fabric (Par. 914):
cotton gloves made of warp-knit fabric (Par. 915 and 1430) ; cotton hosiery
for infants (Par. 916); wall pockets (Par. 1313); artificial or ornamental
fruits, vegetables, grains, leaves, flowers and stems or parts thereof (Par.
1419).
Lord Shaughnessy will remain as Chairman of the Advisory Board of
the National City Co., Ltd. He is Chairman of the Canadian Pacific
RR. Co. and director of the Bank of Montreal. Five additions to the
board, consisting of officials of the old United Finance Corp., are:
A. J. Brown, Vice-President of the Royal Bank. director of the Steel
Co. of Canada and an official of other Canadian industries and trust
companies; Sir Charles B. Gordon, Vice-President of the Bank of Montreal,
President of the Dominion Textile Co., Penmans, Ltd., and Dominion
Glass Co.; Charles R. Hosmer, director of the Bank of Montreal and
of the Canadian Pacific Ry. and five other important corporations; J. M.
Wilson, director of La Banque Hochelaga and of the Montreal Tram Co.
who replaces as a representative French-Canadian Marshal Chevalier,
now residing in France, and F. W.Molson, President of the Molson Bank
and director of the Canadian Pacific By. and Canadian Steamship lines.
In addition to Lord Shaughnessy members of the Advisory Board,
representing the old Canadian corporation of the National City Co. who
will continue in the same capacity in the merged institution, include Sir
John Aird, Vice-President and General Manager of the Bank of Commerce:
Sir Lomer Gouin, director of the Bank of Montreal, the City & District
Savings Bank and the Laurentide Power Co.; Wilmot L. Matthews of
Toronto. director of the Dominion Bank, President of the Canada Malting
Co.,and,among other concerns, a director of the Canadian General Electric
Co.; Lieut.-Col. Herbert Molson. director of the Bank of Montreal, and
of the Royal Trust Co.; Sir August Nanton of Winnipeg, director of the
Canadian Pacific By. and President of the Winnipeg Electric By. Co.:
Edson L. Pease, director of the Royal Bank and of the Montreal Trust
Co., and W. N. Tilley, director of the Canadian Pacific Ry. Co.
The board of directors of both the Bank of America and
the Battery Park National Bank of this city have approved
plans whereby the former institution will absorb the latter
and operate it as an additional branch. Before the merger
of the institutions can be consummated it will be necessary
for the Battery Park Nat.Bank to become a State bank and
already arrangements have been completed it is said to
this end. The Battery Park National Bank at 8 Broadway
was organized about twenty years ago and to-day has a capital of $1 500,000 with surplus and undivided profits of $1,167,400. It makes a specialty ot the business of grain dealers. Its officers are E. A. De Lima, President; F. E. Hasler,
Activities of Air Mail Service in United States.
Sola, Vice-PresThe Post Office Department at Washington issued the R. C. Corner, E. R. Carhart and J. C. De
idents; and A. H. Merry, Cashier. The Bank of America,
following statement April 18:
Five million miles through the air; this is the sum total of the activities whose main office is at 44 Wall.Street, when the proposed
of the Air Mall Service of the Post Office Department since its inauguration merger is consummated will have eight offices in New York
May 15 1918 to Dec. 31 1922. At the present time the Air Mail Service and
Brooklyn. According to its last report, it has a capital
Is flying on a schedule estimated to require nearly 2.000.000 miles a year,
estimated that the postal planes are rapidly winging their way to the of $5,500,000 with surplus and undivided profits of $4,676,as it is
6,000,000-mile mark.
800, deposits of more than $130,000,000 and total resources
The consolidated statement for five years of operation of the Air Mail
in excess of $150,000,000. Its officers are Edward D. Dela,
Service just issued by Postmaster-General New also reveals that the percentage performance during the whole period is 90.39, a relatively high field, President: Walter M. Bennet, First Vice-President;
figure. Of the 5,281.823 miles flown up to Dec. 31, a total of 4,623.115 Clarence M. Fincke, Edward K. Cherrill, Thornton Gerrish,
miles was traveled with mall.
William J. Montgomery and Charles F. Jnnod, Vice-PresiThe Air Mail Service since its installation has cost, the report shows,
$4,295,967 69. Much of this expense has been for permanent improve- dents, and Charles E. Curtis, Vice-President and Cashier.
ments, such as repair shops, development of landing fields, and the creation In July of last year the institution took over the Atlantic
of a reserve ship supply. In their flights running into millions of miles, the
National Bank of this city as reported in our issue of July 15,
mail pilots have carried 160,473.600 letters. That this number will increase rapidly is indicated by the fact that for last year alone planes carried pages 272 and 273.
more than 60,000.000 of that total.
In addition to the trans-continental route, air mall service is now maintained between Havana, Cuba, and Key West, New Orleans and Pilottown,
and Seattle and Vancouver. The New York-Washington route was maintained until May 1921. St. Lou's to Ch'cago and Ch'eago to Minneapol's
runs were started In 1920. but they also were discontinued in 1921, leaving only the transcontinental service, New York. Chicago. San Francisco,
which was established Sept. 8 1920, in operation over land. The transcontinental route is maintained directly by the Post Office Department,
while the Seattle. New Orleans and Key West services are operated under
contract.
The Chemical National Ban- k of New York announces the
appointment of Jens K. Nickelsen as Manager of the Foreign
Department, succeeding Robert B. Raymond, who resigned
to become associated with the United States Mortgage &
Trust Co. of New York City as Manager of the Foreign
Department.
William R. Edringtonhas been elected a Vice-President
and director of the Hamilton National Bank of New York.
Mr. Edrington is a Vice-President of the Farmers & Mechanics Bank and President of the Edrington Investment Co.,
both of Fort Worth, Tex. He is also Vice-President of the
Columbia Mortgage Co. of New York and President and
Treasurer of the Earl Carroll Realty Corporation.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The proposed bank which is to be established in New York
byaW. C. Durant, President of the Durant Motors, Inc.,
is to be formed under the name of the Liberty National Bank
in New York. It will be located on West 57th St., near
Broadway, and, it is announced, will be open for business
Rudolph Keppler, formerly for five years President of
on Sept. 1. An invitation to become shareholders is being
extended to 300,000 individuals, none of whom will be the New York Stock Exchange and for thirty-two years a
2600
THE CHRONICLE
member of its Board of Governors, died at his home in this
city on June 4. He was in his eighty-first year. Mr. Keppler was born in Constanz, Germany, but came to New York
at an early age. He joined the Exchange in 1873 and was
a member for forty-four years. He served as President
from 1898 to 1902. For several years Mr. Keppler was a
member of the Arbitration and Law Committees of the Exchange. His firm, originally Keppler Bros., later became
Keppler & Sanoton, and finally Rudolph Keppler Co. At
the time of his retirement, in 1917, he transferred his membership to his son, Emil A. C. Keppler, who is now a member of the firm of Keppler & Co., with offices at 25 Broad
Street, New York City.
Frank J. Parsons, Vice-President of the United States
Mortgage & Trust Co. of New York, has returned from a
five weeks' business trip to the Pacific Coast.
At the regular meeting of the Board of Directors of the
Bank of Charleston N. B. A., Charleston, S. C., on
May 15,it was unanimously decided,in view of the increasing
scope of the bank's business, to advance E. H. Pringle, the
President of the bank, to a position to bs newly created,
namely, that of Chairman of the.Board of Directors, and
promote Robert S. Small, the Senior Vice-President, to the
Presidency in lieu of Mr. Pringle. Later, in his new capacity
as Chairman of the Board. Mr. Pringle gave out the following
announcement to the press. It read:
The growth of the bank and the increased volume of business handled,
haa made it apparent for some time that it would be necessary to remodel
the banking offices in order to properly handle the business of the bank,
and at the same time to furnish adequate and suitable quarters for the
convenience of the bank's customers.
The work of doing this has been going on for some months, and it has
been practically completed, and these new offices have to-day (May
15)
been opened for occupancy, and the Board of Directors has held its first
meeting in their new quarters.
It seemed fitting and appropriate at this meeting, and on this occasion,
to evidence the appreciation by the Board of the services of the President
and Senior Vice-President of the bank by the promotion of Mr. E. H.
Pringle to the position of Chairman of the Board and Mr. R. S. Small
to the position of President, made vacant by Mr. Pringle's elevation to
the Chairmanship of the Board.
For my own account and as his immediate chief, I want to review briefly
the career of Robert Scott Small. We came to the Bank of Charleston
officially on the same day, although unofficially he was on trial for a few
days before I entered the bank's service on Dec.1 1906.
From out
-door clerk or runner through the various positions in the
bank, he has endeared himself to us all, and won not only our affection
and regard, but our respect and admiration for his developing ability as
a banker and financier. I think that every member of the organization
of the Bank of Charleston will rejoice at Mr. Small's advancement, even
as do
to whom it represents the successful fruition of a plan made several
years ago. Not quite 32 years of age, he has employed his time well and
industriously in faithful service, and it is a delight to his friends to feel
that he has a conspicuous reward.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The feature of the stock market the present week has
been the strength of the railroad shares. Prominent
among these has been New York Central, which yesterday
moved up to 1013/, the highest point in some years on the
2
company's very favorable statement of earnings for April
and a repetition of the rumor of a probable increase in the
dividend rate. Another stock that reached its highest
point of the year was Pere Marquette common, which yesterday touched 463/2 on the annouhcement of the beginning
of dividends on these shares. After some weakness on
Saturday, the price movement was more or less irregular on
Monday, few of the standard securities showing more than
fractional advances or declines. Tuesday's session was dull
and inactive; in fact, the sales were the smallest since last
July. Prices were irregular, although a somewhat stronger
tone developed. On the whole, the net advances and declines about evenly balanced. Increased activity was apparent as the Exchange opened on Wednesday, and a much
stronger tone was noticeable throughout the day. Advances of 1 to 3 points were recorded as the day's trading
proceeded, including American Locomotive, which went up
to 1453/2, Baldwin Locomotive 131% to 1333/2, Du Pont
1263/2 to 128, &c.
The upward swing continued in the opening hour of
Thursday's session, but as the day advanced fractional
declines were noticeable in many of the securities that were
prominent in the previous upward movement. American
Locomotive declined to 1443, California Petroleum receded
to 11234, Baldwin Locomotive dropped to 132. Recessions in several of the standard securities were apparent as
the market opened on Friday. American Locomotive receded to 141, California Petroleum to 1073 and United
States Steel to 969/2. On the whole, the market was fairly
steady, the advances and declines being largely fractional,
with the exception of California Petroleum, which dropped
four points.
[VOL. 116.
THE CURB MARKET.
Trading in the Curb Market this week was on an extremely
small scale, the trend of prices, if anything, being to a lower
level. The failure of L. L. Winkelman & Co. this week
adversely affected the market and like last week resulted in
numerous "under the rule" sales. Standard Oil (Indiana)
was one of the most active of the oil group, and after a gain
of about two points to 60, reacted to 5834, the close being
at 589/2. Eureka Pipe Line declined from 1043/2 to 102 and
Illinois Pipe Line from 162 to 159, the close to-day for the
latter being at 15934. New York Transit sold down from
119 to 108 and recovered finally to 111. Prairie Oil dr Gas,
after fluctuating between 198 and 201 during the week, sold
down to 194 to-day and closed at 1953/2. Standard Oil of
New York advanced from 383/2 to 403, but reacted finally
to 39. Vacuum Oil rose from 443/2 to 479/2 and to-day fell
back to 459. Gilliland Oil common improved from 49/2 to
6 and ends the week at 53
,. Mammoth Oil, Class A stock,
on few transactions sold up from 503/2 to 56. Maracaibo
Oil Exploration improved at first from 23 to 443/2, but subsequently fell to 213/2, the close to-day being at 22%. There
was little of interest to the industrial list. Chicago Nipple
Mfg. Class A stock was active and advanced from 49 to
59., the close to-day being at 59/2. Amer. Locomotive, new
stock, rose from 68 to 723/2, with the final transaction to-day
at 71. Checker Cab Mfg., Class A, after early loss from
52% to 513/2, moved up to 54 and sold back finally to 523/2,
Durant Motors gained over five points to 543/2 but reacted
to 50. Nat. Supply Co. common advanced from 57 to 61
and ends the week at 603/2.
A complete record of Curb Market transactions for the
week will be found on page 2625.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending June 8d
Silver, per oz
Gold. per fine ounce
Consols, 2% per cents
British, 5 per cents
British. 4% per cents
French Rentes (In Paris) fr_
French War Loan(In Paris),fr
June 2.
Sat.
31%
39.1
____
_
June 4. June 5. June 6. June 7 June 8.
.
Mon,
Fri.
Tues,
Wed. Thurs
31 11-16 31 11-16 31%
31 0-18 32%
86
89.2
89.2
90
89.1
59
5911
59
,
59%
593(
ioi
101
ioi
1013i
101%
95)4
98%
981i
9834
9834
57.65
57.70
57.45
57.75
57.60
75.15
75.10
74.80
74.70
74.75
The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(eta.):
9934
Domestic
8534
Foreign
994
9934
9934
851i
651i
65%
6634
65
64
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole again show only
a trifling percentage of increase, due, however, as in previous
weeks, entirely to the large falling off at New York. Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ending to-day (Saturday. June 9) aggregate bank
clearings for all the cities in the United States from which it
is possible to obtain weekly returns will show an augmentation of 1.8% as compared with the corresponding week last
year, and as the margin is so small it is quite possible that
when the final figures are at hand this may be changed one
way or the other. The total stands at $7,070,003,442,
against $6,945,694,187 for the same week in 1922. At this
centre there is a falling off of 5.5%. Our comparative summary for the week is as follows:
Cleartngs-Relarns be Telegraph.
Week ending June 9,
1922.
Per
Cent.
New York __________________________ $3,150,000,000
Chicago ____________________________
497,621,799
303,000,000
Philadelphia
313,000,000
Boston
123,287,121
Kansas City
a
St. Louis
127,100,000
San Francisco
133,647,431
Pittsburgh
101.073,968
Detroit ____________________________
80,884,528
Baltimore
45,368,093
New Orleans
3,333,200,000
462,508,908
350,000,000
263,000,000
104,545,904
a
117,600.000
*100,200,000
79,220,080
61,144,990
39,273,487
-5.5
+7.6
+12.3
+19.0
+17.9
a
+8.1
+33.4
+27.6
+32.3
+15.5
Ten cities, five days
Other cities, five days
84,984,982,940
926,686,595
64,910.693,369
877,385,120
+1.1
+5.6
Total all cities, five days
All cities, one day _
85,891,669,535
1,178,333,907
55,788,078,489
1,157,615,698
+1.8
+1.8
$6,945,604,187
+1.8
1923.
67.070.003,442
Total all cities for week
a No longer report clearings. • Estimated.
I
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day ,
of the week has in all eases had to be estimated.
2601
THE CHRONICLE
JUNE 91923.]
Five Months.
Month of May.
In the elaborate detailed statement, however, which we
Description.
1922.
1923.
1922.
1923.
further below, we are able to give final and complete
present
112,023,173
112,106,698
28,921,124
23,155.730
results for the week previous-the week ending June 2. For Stock)No.of shares
$2,532,995,600 $10,353,641,500 $10,213,588,996
1Par value
that week the increase is only 1.4%, the 1923 aggregate of Railroad bonds__ $2,205,641,500 188,185,000
858,158,100
755,159,400
139,298,000
139,494,424
855,916,875
361,604,175
96.054,330
$7,135,900,557 and the 1922 aggregate 1J. S. Govt. bonds_
the clearings being
271,405,000
213,050,900
49,744,000
34,577,500
State.for'n,&c.,bds
$7,039,937,657. Outside of this city, however, the increase
Total par Value. $2,475,571,330 $2,910,419.024 $11,683,455,975 $12,199,068.971
is 14.7%, the bank exchanges at this centre having fallen
The volume of transactions in share properties on the New
off 7.0%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this it York Stock Exchange each month since Jan. 1 in 1923 and
appears that in the Boston Reserve District the increase is 1922 is indicated in the following:
21.7%,in the Philadelphia Reserve District only 3.8%, while
• 1922.
1923.
the New York Reserve District (because of the falling off at
No. Shares. Par Values. No. Shares. Par Values.
Reserve
,this centre) shows a loss of 6.8%. The Cleveland
19,914,827 $1,771,578.000 16,472,377 31.494.639,000
District records an improvement of 24.3%, the Richmond Month of January
22,979,489 2,082,280,000 16.175,095 1,413,196,925
February
Reserve District of 13.1%, and the Atlanta Reserve District
25,964,666 2.360.008.000 22.820,173 2,013,907,820
March
of 30.3%. In the Chicago Reserve District the gain is
68,858,982 $6,213,866,000 55,467,645 $4.921,743.745
Total first quarter
10.2%, in the St. Louis Reserve District 17.5% and in the
20.091,986 $1,934,142,000 30,634,353 $2,733,531,850
Month of Apr(
Minneapolis Reserve District 13.2%. The Kansas City
23.155,730 2,205,641,500 28,921.124 2,532,995,600
May
last year,
Reserve District has added 10.2% to its totals of
The following compilation covers the clearings by months
the Dallas Reserve District 9.2%, and the San Francisco since Jan. 1 in 1923 and 1922:
Reserve District 24.4%.
•
MONTHLY CLEARINGS.
In the following we furnish a summary by Federal Reserve
Clearings Outside New York.
Clearings. Total AIL
districts:
SUMMARY OF BANK CLEARINGS.
Month.
inc.or
Dec.
1920.,
1921.
1922.
1923.
Week ending June 2 1923.
X
$
I
Federal Reserve Districts.
11 eitte5 398,681,061 327,697,533 +21.7 285,517,750 385,297,775
(1,2) Boston
4,077,921,527 4,375,610,089 -6.8 3,651,763,701 4,430,573,434
9 "
(2nd) New York
443,062,40 426,877,868 +3.8 361,726,638 483,555,343
(3rd) Philadelphia.......19 "
317,631,349 255,486,817 +24.3 255,152,606 337,369,633
9 "
(4th) Cleveland
162,673,896 143,798,894 +13.1 124,829,491 168,625,146
6 "
(5th) Rtchmond
149,652,490 114,821,215 +303 105,062,190 166,473,903
12 "
0101) Atlanta
801,729,66 727,765,516 +10.2 597,132,292 732,061,606
"
18
(ah) Chicago
56,267,609 47,896,724 +17.5 37,876,155 62,005,249
7 "
(8th) St. Louis
104,413,404
„ +13.2 99,800,899 118,874,070
filttl Nlinne9.00118____ 7 "
209,220,677 189,805,949 +10.2 190,506,925 294,002,613
(10th) Kansas City____11 "
41,076,228 37,609,830 +9.2 37,068,586 51,421,707
5 "
(11th) Dallas
373,570,24 300,303,889 +24.4 279,911,564 336,676,816
16 "
With) San Francisco
121 cities 7,135,930,557 7,039,937,657 +1.4 6,026,348,797 7,569,937,295
Grand total
3,121,449,3042,721,098,032 +14.7 2,430,542,438 3,200,063,927
outside New York City
29 cities 328,400,274 328,773,338 +0.5 354,364,811 329,644,610
(snarls
We also add comparative figures for May and the five
months:
Flee Months.
May.
1923.
1922.
inc.or
Dec.
1923.
Fed'I Reserve Dists.
let Boston_ _13 cities 1,948,635,269 1,580,794,655 +23.3 9,373,557,023
2nd NewY'rk12 " 19,552,426,97919,498,579,352 +0 95,130,710,151
3rd Philade1.14 " 2,396,160,509 2,000,569,81 +19.8 11,315,327,
4th Cleverd_16 " 1,715,073,854 1,240,624,377 +38.2, 8,168,839,974
810,466,221 683,230,97 +18.61 3,908,223,65
5th Richm'd 10
799,639,962 656,796,046 +21.7 4,088,257,233
6th Atlanta .16
7th Chicago _27
3,982,338,563 3,417,085,704 +16.5 18,808,502,390
8th St. Louis 9
296,988,171 258,454,460 +14.9 1,600,364,973
614 538 429 465,103,647 +17.1 2,605,584,
9th Minneap 13
10th Kan.City15
1,155,002,471 1,049,050,8771+10.2 5,757,242,
11th Dallas _.i2
361,032,41 329,602,414+9.5 1,982,707,851
12th San Fran 26
1,979,368,078, 1,613,732,5841 +22.7 9,394,744,
1,525,793,
Inc.or
Dec.
$
7,275,397,31 +28.9
90,637,833,463 +5.0
9,410,797,907 +20.2
6,273,879,099 +30.2
3,664,078,57 +27.6
3,121,726,33 +31.0
15,44,730,77 +23.3
1,236,957,955 +29.4
2,181,148,57 +19.5
5,137,502,063 +12.1
1,685,241,483 +17.7
+23.8
7,599,050,
+8.4172,134,062,0
+20.3 78,681,615,
+12.6
+23.7
1,496,964,7641 +2.0 6,399,432,601 6,558,010,
-2.4
Total
183 WI 38,542,669,726132,793,624,
Outside N. Y. City...16,330,914,584113,578,812,
Cans.la
1922.
1922.
1923.
1922.
1923.
$
$
$
36.285,247.515 29.931,564,280 +21.2 16,506,887,916 12.635.500.446 +30.6
Jan
Feb. 30.408,880,129 26.521,051.368 +14.7 13,624.881,685 11.180.598.385 +21.9
March 36,159,954,710 32,111,576,705 +12.6 16,391.674,714 13,392,003,753 +22.4
1st on. 102854,062,354 88,584,192.353 +16.1 46,523.444,315 37,208.102,584 +25.0
April__ 33,737,329.935 31,520.867,019 +7.0 15.727,256.984 12,761,822,664 +23.2
May._ 35,542,669,726 32,793,624.900 +8.4 16,330,914.584 13,578.812.046 +20.3
The course of bank clearings at leading cities of the
country for the month of May and since Jan. 1 in each
of the last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to May 3
May
1E22. 1921. 1920.
(000,000 omitted). 1923. 1922. 1921. 1920. 1923.
$
$
$
$
S
$
$
$
19,215 15,847 19,741 93,552 89,330 81,167 105,229
19,212
New York
2,811 2,498 2,130 2.619 13,415 11,097 10,980 13,768
Chicago
1,718 1,385 1,15.5 1,646 8.288 6,353 5,860 8,112
Boston
8.475 10,295
2,176 1,828 1.610 2,089 10,334 8.641
Philadelphia
a
a
a
a
a
a
II
9
St. Louis
3,456
2,547 3,109
665 3,419
.548
466
723
Pittsburgh
2,737 3,330
653 3,308 2,847
.510
601
678
San Francisco
1,489
1,194
1,184
1,482
285
210
243
297
Cincinnati
1,655 1,939
1,495
363 1,985
314
346
423
Baltimore
2,917 2,704 3.224 5,159
928
570
529
576
Kansas City
1.733 2.175 2,761
2,297
531
362
363
497
Cleveland
1,480
929
919
1,129
271
172
190
215
New Orleans
1,353
1.322
1,242
1,481
345
250
282
312
Minneapolis
433
509
534
675
126
95
116
133
Louisville
1,817 2,498
1,953
2,701
484
382
438
593
Detroit
732
603
623
771
152
113
132
163
Milwaukee
1,573
1,709
318 2,759 2,001
324
439
600
Los Angeles
304
217
224
265
62
42
44
55
Providence
1,524
820
778
938
287
150
169
188
Omaha
917
762
774
958
182
147
187
205
Buffalo
634
691
602
727
179
125
128
148
St. Paul
394
303
343
427
78
62
79
93
Indianapolis
788
430
559
639
174
72
126
140
Denver
1,346
871
852
1,066
245
152
180
207
Richmond
607
312
365
477
92
56
72
82
Memphis
918
610
660
782
176
115
130
160
Seattle
219
192
198
237
43
36
41
46
Hartford
375
274
245
304
69
54
48
64
Salt Lake City__ _ _
32,515 30,241 25,603 32,835 157,333 140,803 132,947 171,633
3,028 2.553 2,038 3,349 14,801 12,076 10.817 17.581
Total
Other cities
32,794 27,641 36,184 172,134 152,879 143,764 189,214
35.543
Total all
Our usual monthly detailed statement of transactions on Outside New York_16,331 13,579 11,794 16,443 78,582 63,549 82,597 83,985
the New York Stock Exchange is appended. The results for
We now add our detailed statement, showing the figures
the rive months of 1923 and 1922 are given below:
for each city separately, for the four years:
CLEARINGS FOR MAY SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 2.
Week ending June 2 1923.
Five Months.
Month of May.
Clearings at
1923.
1922.
Zero,
Dec.
1923.
1922.
Inc. or
Dec.
$
$
%
$
,o
$'''
First Federal Rese rve District- Boston
-Bangor
3,471,705
Me.
3,474,869 -0.1
Portland
14,940,683
14,800,417 +0.9
-Boston
Mass.
1,718,000,000 1,385,000.000 +24.0
Fall River
8,588,554 +41.9
12,183,985
3.538,914 +22.9
4,348,973
Holyoke
5,982,549
Lowell
5,052,263 +18.4
a
a
a
Lynn
6,530,313
New Bedford
6,20,319 +5.2
23.516,051
20,315,611 +15.8
Springfield
17,627,000
Worcester
15,840,000 +11.3
46,495,800
-Hartford
Conn.
41.255,037 +12.7
31,681.810
New Haven
24,283,171 +30.5
8,411.900
Waterbury
8,298,600 +1.4
55,444.500
R. I.
-Providence...
44,137,900 +25.6
15.786.138
68.928.259
8,288.000,000
51,884,431
20,779,601
28,555,130
a
32,197,501
111.145.537
79,310,619
237,402,789
137,384,218
39.389,900
264,792,900
16,031,454
62,983.707
6.353,000,000
36,144,525
17.263,179
23.187,798
a
30,015.397
89,042,347
73,894,275
197,921,154
116,116,779
35.538,400
224,278,300
1,948.635,269 1,580,794,655 +23.3
9,373,557,023
7,275,397,315 +28.9
Total(13 cities)._ _ _
-1.5
+6.3
+30.5
+43.5
+20.4
+23.2
a
+7.3
+24.8
+7.3
+20.0
+18.3
+10.8
+18.1
1923.
$
1922.
Inc. or
Da.
,c
$''''
745.387
804,007
2,902,239
3,010,439
356,000,000 288,000,001
1,661.819
1,761.318
a
a
1,011,960
1,160.953
a
a
1,318.147
1,390,296
4,222,079
4,775,668
3.426.629
3,446,000
9,555,962
9,123,179
5.095,311
6,057,801
1921.
1920.
s
$
849,949
+7.9
825.000
2,500,000
+3.8
2.700.000
+23.6 249.000,000 341,946,054
1.287,793
+6.0
2,407,572
a
a
a
+14.7
926,539
1,115,778
a
a
a
1.262.678
+5.5
1,828,943
+13.1
5,507,734
4,377,61
+0.6
4,101,905
3,182,290
-4.5
9,522,148
7.831.223
6.252.041
.5,333,267
+18.9
11,151,400
'9.758,000 +14.3
8,966.400
12,090,600
398,681.061
327,697,533 +21.7
285,517.750
388.297,775
Second Federal Re serve District -New York 4,336,705
98.180,119 +12.9
110,820,517
4,583,029
4.680,335 -0.4
-Albany
N. Y.
24.030,506
4,659,332
21,269,391 +13.0
1.050,000
21,138,984 +11.7
23,608,761
98.5,500 -17.5
777,000
Binghamton
4,868,700
812,900
4,602,800 +5.8
36.887.755
773,743,992 +23.8 d38,102,048
957,556,429
30,133.508
30,878,018 +23.4
Buffalo
204.958.700
166.869.096 +22.8
11,380,692 +3.5.0
15,366,875
3.577,841
Elmira
686,991 Not included in total
2,554,112 +40.1
707,853
21,205,863 +14.3
24,235,350
5,268,306
777,808 +12.4
Jamestown
c873,891
4,623,677 +13.9
New York
19.211.755,142 19,214,812.854 -0.02 93,552.446,132 89.329,946.978 +4.7 4,014.451.253 4,318.839.625 -7.0 3,595,806.359 4,369,873,368
19.999,479 +6.3
21.262.503
3,931.983
Niagara Falls
4,269,863 -7.9
13,061,418
192,381.553 +19.6
230,070,834
12.163,185
49,704.918
Rochester
12,368,359 -4.8
11,770,594
41,793,799 +18.9
4,500,004)
5,045.926
88,981,195 +11.8
99,468.302
21,523,209
4.235,383 -4.3
4,051,623
Syracuse
18,588,355 +15.8
1,835,201
51,009.984 +25.1
63.822,083
_
15.643,167
+18.3
-Stamford
2.168.471
c2,564,778
12,455,28 +25.6
Conn.
864.188
711.640
8,654,244 +14.7
9.927,840
2,506,558
676,590 -6.1
635.108
2,306,48
+8.7
N. J.-Montelair
347.102.178 Not incl. in total.
80,012,260 Not incl. In to [al.
Newark
21,210,380 +4.3
22,124,545
4,657,949
Oranges
4,433,63
+5.1
-19,552,420,979 19,498,579.352 +0.3 95,130.710.151 90,637,833,463 +5.0 4,077,921.527 4,375,610,089 -6.8 3,651,763,701 4,430,573,434
Total (12 ettles)._
2602
THE CHRONICLE
[VoL. 116.
CLEARINGS
-(Continued).
Month of May.
Clearings at-
Five Months.
Week ending June 2 1923.
1923.
1922.
Inc. or
Dec.
1923.
$
$
7.
$
Third Federal Res erve District -- Philadelph IaPa.-Altoona
4,567,627 +55.5
29,707,657
7,104,300
Bethlehem
13.019,508 +96.5
90,305,866
25,578,544
Chester
4,450.765 +30.9
26,753,669
5,835,807
Harrisburg
10.795.489 +22.6
87,692,085
19,358.385
11,167,117 +13.6
76.452,395
Lancaster
12,688.200
Lebanon
2,260,390 +14.7
11,926.506
2,602,686
Norristown
3,259,499 +45.5
19.516,601
4,743,525
Philadelphia
2,175,836,000 1,828.183,000 +19.0 10,334.316.000
Reading
12,270.525 +33.5
72.919,205
16,385,625
10,233.492 +28.7
Scranton
24,750,369
126.374,431
12,024.879 +28.6
15,458,171
70.666.409
Wilkes-Barre
York
5,589,868 +35.3
7,565.649
33.322,136
nv Jersey-Camden
.50.000.000 +11.0
236,831,423
55.487,947
18,729,560 +21.5
Trenton
98,543,022
22,765.301
a
a
4.
a
a
-Wilmington
2,396.160.509 2,000,569,814 +19.8 11,315,327,405
Total (14 cities). __ _
1922.
Inc. or
Dec.
1923.
1922.
Into,'
Dec.
1921.
$
7.
$
$
%
$
20,523,924
59,598,183
19,696.034
83,230.001
61.631,334
11,188,356
14,507,206
8,641,345.000
55,689,418
96.554,543
59,287,156
27.487.047
180,531.956
79,527,749
a
+44.7
+51.5
+35.8
+5.4
+24.0
+6.6
+34.5
+19.6
+30.9
+30.9
+19.2
+21.2
+31.2
+23.9
a
1,066.971 +27.9
3,472.779 +28.0
847,088 +36.2
782,921
3,032.729
728.424
1,512,773
2.539,036
2.520,637
+2.7
2,034.436
2,813,409
417.000.000
3.306,102
4,015,124
d2.506,701
1,531,128
404.000.000
2,825,827
3,281,865
2,100,000
1,307,754
+2.7
+17.0
+49.8
+19.4
+17.1
342,075.559
2,325,604
4.078,736
2,281,302
1.200,089
460,226,298
5,900,671
4,406,766
2,606,460
1,435,917
3,454,947 +23.0
a
a
3.186,838
a
3,511,360
a
+3.8
361,726,638
483,555,343
6,000,000
3,221,176
42,303,030
73.118.410
11,120,700
a
11,531,000
4,619.387
59,115.224
108,963,957
12,493,800
a
4,249,645
a
443,062,407
+14.8
+59.9
+25.2
+32.6
+15.9
a
+23.8
-18.8
+31.2
+47.1
a
d5,520,000
4.350,192
54,507,611
04,004,185
12,966,200
a
5,229,000
+5.7
4,165,243 +4.4
48,541,211 +12.3
72,919,793 +28.9
11,720,200 +10.6
a
a
1,246,921
674,774 +84.8
835.426
909,162
d1,542,724
a
a
d3,293,439
978,936 +57.6
a
a
1,078,086
a
a
2,892,609
1,569,624
a
a
3,282,743
74,314,740
12,684.27
a
6.724,271
27,613,734
2,546,738,237
41,270,896
98,904,178
1,715,073,854 1,240,624,377i +38.2
8,168,839.974
6,273,879,099 +30.2
+34.8
a
-2.4
+15.3
a
+27.9
a
-9.1
+54.4
+22.4
+3.0
+28.6
+16.2
44,502,584
a
161,289,634
1,065.564,567
a
47,233,251
a
54,185,507
65,923.433
1,985.072,213
8.994,639
16,818.397
458.639,434
30,919,046
a
143,922,185
852,068,276
a
32.601,245
a
52,372,411
42,461,284
1,495,163,395
8,469,068
13.229,711
392,871.906
683,230,970 +18.6
3,908,223,659
3,064,078,576 +27.6
162,673,896
141,477,258
106,116,605 +33.3
63,826,482
+8.2
59,007,863
422.826,106
358,344,738 +18.0
1,141,549,270
831,866,642 +37.2
45.899.508
35,668.393 +28.7
19,360,686
14,974,13,1 +29.3
31,599,898
23,038,338 +37.2
a
a
a
292,298,479
218.306,610 +33.0
71,376,867
53.008.760 +34.7
596,119.221
396.411.591 +50.4
43,481.730
36,458,190 +19.3
37.899.190
27.493.191 +37.8
21,1011,889
17.434.233 +25.7
21,997,787
17,248.824 +27.5
7,771,555
7.143,749 +8.8
35,761.178 Not Incl, in to tat.
1,128,861,307
919.204,478 +22.8
4,911,309
2,837,653
17,346.803
42,728,712
1,435,000
Total(10 cities) _ _ _ _
810.465,221
Sixth Federal Rase rye District- Atlanta
nn -Chattanooga _
30,701,311
20,917,198 +46.8
Knoxville
13,452,436
11.635,295 +15.6
Nashville
71.167,097 +27.6
90,800,350
Os.-Atlanta
223.694;204
176.276,175 +26.9
4ugusta
7,792,458
8,300,218 -6.1
Columbus
3,801,005
3,259,536 +16.6
Vlacon
6.698,241
5,141,157 +30.3
Savannah
a
a
a
61,532,513
L.-Jacksonville __ ..
48,494,990 +26.9
Tampa
16,653.804
11,633,891 +43.2
103,755,546
A I.-Birmingham
88,817.435 +16.8
9,199.540
11oblie
7,584,422 +21.3
11ontgomerY
,
6,849,165
5,505.426 +24.4
Mi55.
4,152,250
-Jackson
2,903,294 +38.7
4,648,460
geridian
3.788,489 +22.8
1.269,080
iickshurg
1,518,566 -16.4
6,826,723 Not incl. In to MI.
Hattiesburg
La.-New Orleans,,.
214,639,599
189,762,857 +13.1
Total (16 cities) _
799,639,962
_
656,796,046 +21.7
4,088,257,233
121,078,000
68.033.312
1,183,582.296
1,733.152,357
206,575.200
a
14.260.719
16,322.150
5,809.624
26,815,101
a
a
a
+20.5
+271.6
a
+8.8
+18.9
+34.2
+35.1
-0.1
+43.9
a
+12.1
+25.1
a
+44.9
a
+3.5
+55.3
+32.8
+8.2
+27.1
+16.7
3,121,726,339 +31.0
;even th Federal R °serve Distric t-ChicagoMlcb.-Adrian
952,626
998,671
+4.8
+2.9
4.789.168
4,652,372
3,750,788
tan Arbor
2,760,317 +35.9
16,698,174
14,542.565 +14.8
593,431,782
437.631,851 +35.6 2,701,206,704 1,953.192,318 +38.3
3etrolt
8.811,299
7.813,317 +12.8
rlInt
42,682,337
33.167,499 +28.7
28,025.970 +7.4
30.102.055
Irand Rapids
140,399,251
127,249,805 +10.3
5,828.302 +33.9
7,806.829
'ackson
37.081,667
25,481,864 +45.5
7,271.000 +44.2
Awing
10,485,000
46,967.961
34,909.123 +34.2
In 1.-Fort Wayne_ _ ..
11,814.071
8,670,876 +36.3
49.222,956
33.529.022 +27.8
lary
21,724.961
10.820.000 +100.8
77,840,071
40,876,595 +90.4
78,575.000 +18.7
93.245,000
ndlanapolis
427 458,000
342 740.000 +24.7
South Bend
9.391,000 +26.9
11,918,000
51,231,612
38,734,257 +32.3
Terre Haute
27,576,500 Not included in total
128,823,944 Not included in total
WI°. Milwaukee.,.,_
163,114,107
132.496,608 +23.1
771,208,948
623,498.365 +23.7
>shkosh
3,553,851
2,587,068 +37.4
15 892,782
12,780,970 +24.4
vIadison
13,226,031 Not included in total
Jo ra-Cedar Rapids_
9,089.233 +21.4
11,036,687
54,798,459
43,050.640 +27.3
3ave500rt
+7.9
47,295,560 +8.0
51.094,366
215,336.577
232,385,110
)ea Moines
42,126.323 +14.5
48,239,705
201.643.210 +15.3
232,583,381
'owa City
2,842,319 +3.8
2,950,664
12,434,910 +12.1
13,942,238
Hawn City
2,477,423 +7.4
2,661.960
10,503,659 +18.3
12.426,478
iloux City
27,181,844 +4.7
28,457,604
117,605,197 +24.0
146,886,520
Vaterloo
5,669,972 +17.0
6,635.420
28,265,812 +14.2
32,289,996
-Aurora
5,536,912
4.193,925 +32.0
19,431,117 +28.1
24,896,547
Sloomington
6,162,202
4,967.832 +24.0
28,282,130 +22.2
34,569,448
nicago
2,810,821,722 2,497,785,292 +12.5 13,415,065.841 11,096,824,720 +20.9
3anville
a
a
a
a
a
a
3ocatur
5,699.058
4,507.941 +26.4
22,328,470 +21.8
27.190,342
'eon's
19,460,836
81,569,831 +17.2
18,180.222
95,585,789
+7.0
Lockford
11,542,355
38,427.201 +23.7
8,183,746 +41.0
47.531,243
lprIngfield
11,282,655
9.760,137 +15.6
48,544,531 +14.7
55,671,367
rota!(27 clties)
otal (9 cities)
296.088,171
258,454,460 +14.9
93,115,880
3,372,959
a
a
675,460,708
11,672,196
58,024,401
476.940.201
240,323,103
7,932,458
33,523,064
1,600,3 4,97.,
426,877,868
•
a
a
a
140,191,077
a
2,403,660 +37.0
108.854.000 +28.8
b
2,030,714
d1,081,006
42,434,000
255,486,817 +24.3
1.750,946 +16.0
6.310.292
38,595.694
114,583.169
-3.6
+9.9
a
134,884,731
b
b
b
b
317,631,349
a
a
255,152,606
337,360,633
1,650,898
1,747,409
6.085,578
31.889.060
9.323,811
40,162,529
'
d 1,977,358
2,573,000 -23.2
1,700,000
3,586,137
89,148,844
74,663.439 +19.4
65,595,509
86,212,094
21.001,974
+5.5
17,907,546
18,593.166
143,796,894 +13.1
124.829,491
168,625,146
+37.6
+27.6
+58.7
+47.7
-15.9
4,013.554
2,800,000
10,871.735
29,549.404
1,516,483
7.110,838
3,240,313
17.556,809
43.969,062
2,906,729
1,191,306
a
11,390,817
1,247,020 -4.5
a
a
7,718,475 +47.6
*1,000,000
a
7,976.941
6,000,000
a
8,491.615
d21,870.1300
1,831,400
17,154.000 +27.5
1,462.132 +25.3
14,500,000
1,350,000
16,555.207
2,175,247
944,000
604,216 +56.2
391,227
687,490
278,378
226,322 +23.0
234,822
387,354
+9.8
30,858.024
52,393,239
149,652,400
114,821.215 +30.3
105,062,190
166,473.903
175.947
834,921
115.306,626
192,224 -8.5
437,874 +90.7
85,884.757 +34.3
180.000
205,094
76,653,200
241,840
580,489
96.231,357
42,887,112
19.903,523
3,569.099
2,223,298
10.929.100
28,934.914
1,707.287
39.045,352
5,641,587
6,060,654
-6.0
4.745,113
6,936.856
2,316 868
2,750.188
1.572.000 +47.4
1,703,159 +61.5
1,548,000
1.714.037
1,684,423
1,773,251
d15.985.000
15,350,000 +4.0
b
b
b
4,659,425 Not Incl. In total.
27,406,751 +17.8
32,279,600
12.023,000
b
16.553,000
b
23,559,782
30,135,432
2,588,544
2,325,478 +11.3
2.050,920
3.128,725
9,397,489
8,735,313
+7.0
8,198,281
12,399,736
5.156,221
1,241,257
5.307,675
1,285,463
-2.9
-3.4
4,929,025
981,735
9,291,938
2,147,659
1,296,430
598,183,689
a
1,171,341
4,009,295
2,256,205
1.068.454
1,335,499 -2.9
+6.3
562,716,185
a
a
+2.1
1,146.802
3,274.406 +25.2
1,727,287 +30.6
1.303.899 -18.1
1,264,789
450,819,990
a
1,185.456
3,381,899
1.805,707
1.886.264
1.802.252
536,929,333
a
1,-198,233
5,476,106
2,531,860
2,819,122
801,729,662
727,765.516 +10.2
597,132,292
732.061,606
+18.7
+30.8
a
a
+26.5
+7.4
+53.4
+30.8
+36.2
+26.7
+23.1
d4,403,066
3,775.479 +16.6
3,395,883
4,685,952
1.236,057,955 +29.1
3,932,338,563 3,417.085,704 +16.5 18,808.502,390 15.254,730,778 +23.3
.ightli Federal Re serve District -St. Louis
14,752,952
18.364,525 -10.7
In liana-Evansville_
738,927
641.183 +15.2
Iew Albany
,
a
a
a
MIssouri-St. Louis_
a
a
ipringlield
a
132,890,869
115,696,016 +14.9
ntucky-Louisville
Ke
1,830.127
1,347,275 +35.8
iwensboro
14, 70.741
6,169,372 +132.9
'aducah
81,702,899
71.808,253 +13.8
inessee--Memphis
42,306,491
37,425,880 +13.0
Ar ,ansas--Little Rock
1,534,304 +18.2
1,813,136
1111 iols--Jacksonville_
6.582,029
5,467,652 +20.4
!uincY
1,141,689
9,410,797,007 +20.2
138,996.000
108,795.525
1,481,980,823
2,297,469,293
343.706.800
a
18.373.796
13,250,028
7,619,710
39,458,069
a
a
89,533,531
16,187,928
a
7.314,043
32.833,080
3,418,783,257
55,749,622
98,787,569
Fifth Federal Rase rye District-- Richmond 0.198,745
. Va.-1Iuntington
6,822,073
aa
.-Newport News
30.912,980
Norfolk
31.677,962
Richmond
207,290,249
179,836,284
-Asheville._ _ _
aa
N. C.
Raleigh
8,976,016
7,019,231
Wilmington
aa
-Charleston....
10,358,006
0. C.
11,396,766
Columbia
13,386,711
8.069,279
1.
-Baltimore
423,465,049
345,922,336
Frederick
1,734,442
1,785,640
Hagerstown
3,683,643
2,865,434
C.
-Washington
101,408,088
87,287,163
$
1,364,884
4.446,130
1.153.657
Fourth Federal Re serve District -Cleveland- 0 10
26.941.000 +25.7
33,874,000
-Akron
13,042,493 +74.0
22,691,298
Canton
242,560,047 +22.6
297.427,619
Cincinnati
363.286,414 +36.8
496.850.620
Cleveland
68,242.900
Columbus
62,103,600 +9.9
aa
a
Dayton
2,798.487
1,961,959 +42.6
Hamilton
2,910,933
3,605,415 -19.3
Lima
1,232,554 +35.3
1.667.495
Lorain
8,595,324
5,837,701 +47.2
Mansfield
a
aa
Springfield
Toledo
aa
a
17.078,264
14,368,217 +18.9
Youngstown
3,663,278
2,688,708 +36.2
F' .-Beaver CountyErie
a
aa
1,546,719
1,540,014
Franklin
+0.4
6,935,317
5,324,746 +30.2
Greensburg
723.210,909
466,000,000 +55.2
Pittsburgh
7.460,351
;ntucky-Lexington
6,297,872 +18.5
20,120,340
. Va.-Wheeling.23,833,6371 -15.6
Total (16 cities) _
1920.
78,476,683
2,578,850
a
a
533.831,538
10,464,838
36,621,671
364.625.999
176,447,660
6,260.894
27,242,410
a
a
a
a
a
25,453.284
333,239
22,898.941 +11.2
284,787 +17.0
19,435,187
327.844
26,622,485
540,598
15 391.070
9,062,120
317,185
1,307,645
12.907,024 +19.2
6.476.140 +39.9
309,415
+2.5
1.244.938 +5.0
10,070.778
3,254,390
297,371
1.094.702
18,252,767
9,672,092
716.257
1,515,098
56,267,609
47,896,724 +17.5
37,876,155
62.005,249
THE CHRONICLE
JUNE 9 1923.]
2603
CLEARINGS
-(Concluded).
Month of May.
Week ending June 2 1923.
Five Months.
Clearings at1923.
1922.
jnc. or
Dec.
$
3
%
Ninth Federal Res erre District -Minneapoli alinnesota-Duluth.28,105,874
22,907,965 +22.7
312,064.501
261,679,553 +19.3
Minneapolis
2,333,791
Rochester
1.821,081 +28.2
148,108,407
127,781,937 +15.9
St. Paul
8,806,993
lorth Dakota-Fargo
7,766,128 +13.4
Grand Forks
4,185,000 +15.4
4,831,000
Minot
1,104,654
1.162,716 -5.0
0. Dak.-Aberdeen.
5,540,952
5,208,505 +6.4
Sioux Falls
13,825,705
12,581,400 +9.9
lontana-BillIngs
2,483,127 -13.2
2,154,403
Great Falls
3.855.491
3.195,493 +20.7
Helena
13,084,872
13,170,629 -0.7
Lewistown
1,160,113 -37.8
721,786
Total(13 cities)_ ---
544.538,429
465,103,647 +17.1
Tenth Federal Res erve District -Kansas Cit yTeb.-Fremont
1,602,297
1,664,428 -3.7
Hastings
2,679,526 -10.2
2,406,026
Lincoln
19,970,614
18,434.798 +8.3
Omaha
187,642,160
168,636,447 +11.3
Can.
-Kansas City
17,744,591 +21.6
21,584,119
Lawrence
a
a
a
a
Pittsburgh
a
a
Topeka
11,126,148 +19.9
13,339,527
Wichita
46.567.364 -10.0
41,913.920
.1o.
-Joplin
5,444,000 +21.3
6.601.000
Kansas City
428,614,511
+8.9
575,646,135
St. Joseph
a
8
2
)kla.-Lawton
a
a
a
McAlester
*1,200,000 +29.6
1.555,357
a
a
Muskogee
a
Oklahoma City
95. .
8 456 442 +18.9
0. .
662 727
38,779.375
Tulsa
32,742,077 +18.4
5,504.236
)olo.-Colorado Spgs.
4,111,656 +33.9
139.815,834
Denver
126,429.389 +10.6
3,979.143
Pueblo
3,199,500 +24.4
Total(15 citles)
1,156,002,470 1,049,050,877 +10.2
Total (12 cities)
361,032,221
329,602,414
-4.3
+29.1
+18.4
5.2
+2.4
+15.5
+7.9
+77.5
+31.2
-4.5
+16.4
-2.9
m
Eleventh Federal Reserve Distr ict-Dallas0ex.-Austin
6,368,094
6,654,127
Beaumont
5,544.652
4,295.171
Dallas
113.472,503
95,846,390
El Paso
21.943,210
23.143,360
Fort Worth
45,338,457
44.291.580
Galveston
27.078,906
23.438.307
Houston
97,804.786
90,629,675
Port Arthur
2.980,749
1,679,562
Texarkana
2,331,674
1,777,668
Waco
8.434,753
8,834,956
Wichita Falls
9.445,712
8,116,219
1La.
-Shreveport
20,288,725
20,895,399
1922.
1923.
1923.
$.7
10
$
1922.
Inc. or
Dec.
1921.
$
Inc. or
Dec.
$
%
$
1920.
3
123,915,019
1,481,177,099
9,152,145
726,855,995
41,556.076
21,795,300
5,587,619
25,672,693
69,097,372
12,804,667
17.751,653
66,118,502
4,100,297
92,918,021
1,241,832,465
8,160,230
601,798,509
36,459,955
P 21,146,000
5,428,436
22,916,882
55,362,037
13,091,397
15,132,284
60,781,333
6,121,021
+33.4
+19.3
+12.2
+20.8
+14.0
+3.1
+2.9
+12.0
+24.8
-2.2
+17.3
+8.8
-33.0
65,243,653
64,431,795
4,198,783 +24.9
54,313,404 +18.6
3,221,176
63,464,694
6,398,443'
70,441,400-
29,017,343
61,717,911
27,835,132 +4.2
1.504,241 +14.2
26.820,325
1,528,300
35,589,060'
2,000,000
2,605,584,437
9,938,059
11,898.553
95,174,834
938,280,493
110,169,140
a
a
71,131,624
214,737,611
32,716,000
2,916,842,984
a
a
7,890,750
a
476,457,480
188,023,640
28,498,003
638,9i7,455
18,565,909
7,847,183
11.845,100
80,346,788
778,073,848
84,504,297
a
a
57.038,525
226,759,721
24,969,000
2,703.501,235
a
a
6,870,516
a
410.309,948
150,285.896
21,007,585
556,977,867
15,464,525
5,757,242,533
1,982,707,851
1.079.656
519,088 -19.7
687,620
1,236,850
2,540,021
2,873.264 -11.6
2,999,128
1,540,047
2,181,148,570 +19.5
39.986,224
29,496,347
657,872,714
113,107,473
224,425.009
164,963,677
524,752,171
13,027,054
11,347,170
51.037.270
44,606,199
108,086,543
+2.4
416,862
104,413,404
92,265,333 +13.2
99,800,899
118,874,070
+26.6
+0.4
+18.5
+20.6
+30.4
a
a
+24.7
-5.3
+31.0
+7.9
a
a
+14.8
a
+16.1
+25.1
+26.1
+14.3
+20.1
6257,528
525,486
3,785.537
36,021,129
299,205 -13.9
398,544 +31.9
3.588,218 +5.5
34,420,765 +4.7
453,590
545,138
3.099.471
24,778,421
845,330
1,134 954
5.450,027
50,557.280
62.019,609
67,567,831
1.903,289 +6.1
8,992,408 -15.8
2,126.831
9,799,951
2,673,716
11,338,524
117,107,442
a
107,772,152
a
+8.7
a
113,919,806
a
189,725,32p
a
a
621,899,204
a
404.098
18.903,421
e729,392
a
15.569,485
a
596,610
15,616,329
648,944
a
+40.7
a
-32.3
+21.0
+12.4
a
19,740.744
a
623,103
14.700,709
719,131
a
10,464,346
a
964,723
19,950,598
897,794
5,137,802,053 +12.1
209,220,677
189,805,949 +10.2
190,506,925
294,002,613
33,835,624
23.256,265
502.007,025
103,010.310
225,064,142
136,551,698
469,372.187
8.124,118
8,901,284
46,364,176
36,198.680
92,555,774
1,021,401
1.045,819
1,668.270
-4.9
1,167,545
1,000,000
621,700,000
19,294,000 +12.5
17,569,623
27,028,189
8,005,768
6,009,739
a
9,821,083 -18.5
3,979,984 +51.0
a
a
9,984,706
5,538,027
a
13,176,461
5,035,614
a
1,220,000
+18.2
+26.8
+31.0
+9.8
-0.3
+20.8
+11.8
+60.4
+27.5
+10.1
+23.2
+16.8
4,140.719
1,685,241,483 +17.7
41,076,226
1,282,368
3,232,395 +28.1
37,609,830
+9.2
2,808,685
5,181,443
37,068,586
51,421,707
Total(21 cities).
M6;..
++++++++++,.++,,,,IE++ 1 ++41 +++g
mo.
Twelfth Federal R eserve Distric t
-San Franc
Wash.
-Bellingham_ _
13,378.556 +12.5
15,098,000
3,497,000
2,795,651
Seattle
660,153.021 +18.5
32,389,993
782,204,274
28,053,701 +15.5
159,719,811
130,410,733
26,910,674
Spokane
227,884,000
*212,000,000
+7.5
8,963,000
46,565,000
8,063.000 +11.2
*42,000,000
9,022.824
Tacoma
a
a
a
a
a
a
a
a
a
Yakima
29,578,922 -8.3
1,100,453
27.117,763
5,747,484
5,364,187
1,172,998 -6.2
929,876
Idaho
19,306,812
18,670,103 +3.4
I
4,511,158
*4,300,000
Oregon-Eugene
5,749,802 +37.6
7,912,318
1,960,052
1,264.095
Portland
607,913.757 +17.5
28,120,376
714.467.877
158,524,240
24,199,401 +16.2
126.209.541
23,318,767
Utah-Ogden
27.450.502 -4.7
26,167,000
5,169,000
5.576,000
Salt Lake City
245.356.015 +23.7
12,767,217
303.546.235
63,595,745
53,874,713
10,303,445 +23.9
10,294,725
13,536.574
11,419,000 +18.5
a
Nev.-Reno
a
2,923,788
*2.500,000
a
a
a
a
36,979,950 Not Incl. In total,
Ariz.-Phoenlx
8,192,594 Not incl. In to
a
a
22.220.723
21,816.545 +1.9
Calif.-Bakersfield..._
4,482,642
4,213,662
88,236,183
78,258,931 +12.8
Berkeley
17.311,132
*16,500.000
86,779,752
Fresno
67,366,190 +28.8
c2,553.912
16,739,153
2.837,664 -10.0
16,306,993
2,692.332
Long Beach
86,381.833 +99.1
172,011,036
6,951,838
36,806.212
18,670,720
3,802,786 +82.8
3,187.521
Los Angeles
2,759.240.000 2,000.699,000 +37.9
116,764,000
599,795.000
438,772.000
80,150,000 +45.7
72,200.000
Modesto
14,778,728
14,159.778 +4.4
2,994,244
2,870,802
57,430,518__
Oakland
323,923,380
263,654,059 +22.9
13,159,596
70,481,150
11,339,997 +16.1
8,606,445
Pasadena
111,923,118
80.873.412 +38.4
23,782,088
4,499,010
i
17,683,381
3,054,771 +47.3
2,844,073
Riverside
15,753,496
12,884.742 +22.3
3.375,201
3
2,914,380
Sacramento
133,211.750
116,046,091 +14.8
28,970,876
)
65,037,579
24,784,145
3.794.918
4,109,583 +22.6
San Diego
79,103,875
62,730.107 +26.1
16,586.344
3,081.567
13,162,220
)
2,139,888
2,468,780 +24.8
San Francisco
678,000,000
3 3,306,361,000 2,846.800,000 +16.2
601,100,000
133,600,000 116,500,000 +14.7 108,800.000
San Jose
50,958,473
9,961.205
41,895,158 +21.6
a
8.539,693
1,881,327
1,812,312
1,296.638
+3.8
Santa Barbara
24.463,490
5,210,098
19,346,681 +26.4
4,386,636
3
940,481
942,251 -0.2
646,483
Santa Rosa
11.932,929
2.377.132
8.666,331 +37.7
1,901,532
)
Stockton
10.934,600
54,605,600
45,802,200 +19.2
)
9,518,700
c1,759,900
3,226,400
1,493.200 +17.9
1.979,368,078 1,613,732,584 +22.7
9,394,744,386
7,599,050.735 +23.6
373.570,249
300,303,889 +24.4
279,911.564
36,249,579
13,133,509
a
1,578,013
34.539,672
14,761,683
a
a
3,870.278
2,759.175
64,367,000
10,015.506
1,814,696
5.722,201
2,583,349
138,500,000
1,803,855
4,978.300
336,676,816
Grand total(182 cities) 3 542.669.72632,793.624,900 +8.4 172.134,082,015152,878.644.273 +12.6 7.135,900.5577.039,937,657 +1.46,026.348.7977.569.937.295
5.
Outside New York
16,330,914,584 13,578,812,046 +20.3 78,581,615,883 63,548,697.295 +23.7 3.121,449,304 2.721.098,032 +14.7 2,430.542,438 3,200,063,927
CANADIAN CLEARINGS FOR MAY SINCE JANUARY 1, AND FOR WEEK ENDING MAY 31.
Month of May.
Fite Months.
Clearings at1923.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_-_
Medicine Hat
Peterborough
SherbrookeKitchener
Windsor
Prince Albert
Moncton
Kingston
Total(29 cities)
1922.
$
494,794,559
455,473,511
243,987,265
64,373,051
40,009,412
26,871,787
15,541,569
27,424.550
19,336.041
12,342,922
8,647,727
15,050,853
21,495.208
13,857,314
2,482.567
2,051,631
6,039,096
4,461.760
4,641.742
3,672,717
2,749,117
1,215,235
3,736,954
4,317,149
4.930,125
16,325,102
1.542,027
5,495,848
2,926,438
Int. or
Dec.
1922.
1923.
iVeek ending May 31.
Inc. or
Dec.
1923,
1922.
$
510,078,122
451,495,337
210,225,322
57,530,861
44,547,372
23.918,642
13,869.133
25,385,703
22,263,230
14,208,802
9,430,004
13,598.701
21,428.244
12.088,052
2,434.721
2,219,655
6,938,882
4,531,694
4,614,494
3,559,706
2,435,541
1,376,363
3,427,853
4,186,286
4,920.530
15,297.212
1,411,930
5,545,490
2,996,888
%
-3.0
+0.9
+16.1
+11.9
-10.2
+12.3
+12.1
+8.0
-13.1
-13.1
-8.3
+10.7
+0.3
+14.6
+2.0
-7.6
-13.0
-1.5
+0.6
+3.2
+12.9
-11.7
+9.0
+3.1
+0.2
+6.7
+9.2
-0.9
-2.3
8
2,053.632,688
2,070,919,585
861,572.942
290.623.042
141,125.139
110,961,215
60,792.006
115,291,635
94.510.285
56,165,970
40,177,294
60,702,562
87,708,032
65,491,882
10,745,131
10.9 6.482
29,787.087
21,924,829
20,146.036
15.663,759
11,271,552
6,269,749
15,320,799
17,503,129
21,011,508
66,903,662
7,118,686
22,455,405
12,660,510
$
2,180.473,507
2,066,378,676
894.357,913
269.017.174
153,325.263
107,682.039
64,144,227
109,803,944
104,256,449
57,588.278
42,430,028
61.153,363
90.714,414
62,416,838
11.413,794
11,326.545
32.447,074
22,782.060
21,112.576
15.793,798
10,376.672
6.703.602
15,170,321
17,579,131
21,063.062
64,851.467
6,799.832
22,798,698
14,049.908
%
-5.8
+0.2
-3.7
+8.0
-8.0
+3.0
-5.2
+5.0
-9.3
-2.5
-5.3
-0.7
-3.3
+4.9
-5.9
-3.1
-8.2
-3.3
-4.6
-0.8
+8.6
-6.5
+1.0
-0.4
-0.2
+3.2
+4.7
-1.5
-9.9
$
97.563.011
107,780,486
50,104,599
14,485,031
6,075,075
5,779,954
3,925,174
6 019 136
4,114,988
2,752,856
1,933.953
3,169,956
7.998,129
3,100,762
501,086
351,066
1,291,697
851,024
986,680
964.353
654,337
264.392
800,811
989,488
1.086,518
*2,900,000
312.903
1,026,887
615,922
$
101,394,355
109.847.524
46,391,998
12,515,906
6,948,440
4,749,285
3,166,507
5,471,322
4,877,144
3,079.185
2,310,327
3.357.000
5.360,388
2,905,335
548.818
469.500
1,554,914
1,032,566
998.528
656,008
633,604
283,649
774,211
1,063.051
972,197
3,021,594
322,808
1,472,411
594.745
1,525,793,277 1, 95.964,764
4
+2.0
6.399.432.601
6.558.010.653
-2.4
328,400.274
326.773.320
a No longer report clearings.
b Do not respond to requests for figures.
c Week ending May 30.
Inc. OT
Dec.
1921.
$
%
-3.8 119,302,362
-1.9 103.796,224
+8.0
53,323,680
+15.7
13,091.664
-12.6
7,847,424
+21.7
6.156,817
+24.0
3,786.261
+10.0
7,158,716
-15.6
7,502,512
-10.6
2,773,513
-16.3
2,326,889
-5.6
3,588.549
+49.2
4,5419,067
+6.7
3.577,628
-8.7
725.688
-25.2
722.212
-16.9
1,650.680
-17.6
1.198.299
-1.2
1,308,558
+47.0
815.488
+3.3
666.870
-6.8
430.553
879,629
+3.4
1.053,701
-6.9
1,020,569
+11.8
3,267.882
-4.0
-3.1
1.113,726
-30.3
712,650
+3.6
+0.5
354,364,611
6 Week ending May 31. a Week ending June 1.
1920.
8
122,904.160
90,444.806
38,672,153
14,296,054
8.937,370
4,027,439
4,863,636
6,830,174
6,392,347
3,651.046
2,398,082
3,625,453
5,075,931
3,907,887
744.152
650,000
1,873,489
1.377,413
1,334,926
891,131
679,257
500.000
851.805
1,012,846
1.103.051
2,600.000
329,644.610
* Estimated
2604
[VoL. 116.
THE CHRONICLE
Condition of National Banks April 3.—The statement of conditions of the national banks under the Comptroller's
call of April 3 1923 has been issued and is summarized below. For purpose of comparison, like details for previous calls
back to and including March 10 1922 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES MARCH 10, MAY 5, JUNE 90, SEPT. 15
AND DEC. 29 1922 AND APRIL 3 1923 (in Thousands of Dollars)
Mar. 10 1922 May 5 1922 June 30 1922 Sept. 15 1922 Dec291922. Apr.31923,
8,197 banks. 8,230 banks. 8,249 banks. 8,240 banks. 8,225 banks. 8,229 banks.
$•
11,282.579
11.295
169,887
2,031,564
2,086,596
440.296
57,598
1,124,707
312.900
336,065
987.816
248.578
481.368
38.207
41.205
36,507
163,234
Total
5
11,184,116
10,227
168.935
2,124.691
2,162,587
444,368
62,531
1,150,885
330.917
334.504
974.375
244.707
681.269
45,215
44.053
36,823
176,445
$
11.248.214
9,198
176.238
2.285,459
2,277,866
452,434
64.383
1,151.605
355.666
326,181
974.975
267.050
767.096
63.394
64,928
36.767
184.556
$
11,236,025
12,141
171,190
2.402.492
2,289,782
459,020
67,789
1.232,104
418,923
331,951
1.063,695
299,541
614.771
54,623
63,112
36.656
172.284
11,519,668
13,045
208.465
2.656,560
2,347.479
470,644
75,178
1,220,847
455,792
391.840
1,065,820
316.956
777,572
70,088
62,221
36,825
205,947
3
11,667,959
11,662
202,826
2,694,207
2,346,915
479,580
82,139
1,179,500
424,620
359,147
1,033,749
300.990
526.224
57.396
53,942
36,895
154,962
19,850,402
Resources—
Loans and discounts (including rediscounts)_a
Overdrafts
Customers'liability account of acceptances
United States Government securities owned
Other bonds,stocks, securities. &a
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
Amount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from U. S. Treasurer
Other assets
20.176,648
20.706,010
20.926,099
21,974,957
21.612.713
1,296,220
1,040,249
522,658
720.984
21.213
936,399
1,657.409
190.877
193.763
8,707.201
3.918.282
141,844
15,766,988
46,225
3.058
1,307,216
1,048,806
492,434
725,748
19,852
916,740
1,565.459
205.682
245,091
9.152.415
4,111.951
103,374
16,320,564
42.475
2,897
1.307.122
1,042,197
539,047
726.789
26,472
1,031,648
1,582,444
164,4?.7
208,991
9,270.378
4,169,220
145.182
16,598,762
38,164
2,990
1,317.010
1.075,545
528.924
723,819
28,109
1,035,961
1.691.307
218,464
287.733
9.535.995
4,318,736
304.176
17,420,481
34,615
2,948
1,319,144
1,067,652
486,172
728,076
26,517
1,015,525
1,644,488
148,477
176,155
9,180,624
4,580,216
264,279
17,036,281
34,080
4,161
•
Liabilities—
1.289.528
Capital stock paid in
1,036,184
Surplus fund - __ -- _ ------------_--,..
----508,560
Undivided profits. less expenses and taxes ---719,570
National bank notes outstanding
17,641
Due to Federal Reserve banks
962,140
Amount due to national banks..
1,560.920
Amount due to other banks, bankers and trust companies
174.469
Oertified checks outstanding
175,632
Cashier's checks outstanding
8,446.530
Demand deposits
3,837,759
Time deposits (including postal savings)
215,347
United States deposits
15,390,438
Total deposits
53,722
United States Government securities borroweci_
6,103
Bends and securities (other than United States) borrowed
Bills payable (including all obligations representing borrowea money other
275.089
than rediscounts)
Notes and bills rediscounted (including acceptances ofother banks and for323,737
eign bills of exchange or drafts sold with indorsement)
4,719
Letters of credit and travelers' checks outstanding
Acceptances executed for customers and to furnish dollar exchange less
171,332
those purchased or discounted
13,869
Acceptances executed by other banks
57.551
Liabilities other than those stated above
228.481
181,765
310.781
370.165
280.271
8.256
247,559
6,639
262.421
4,889
290,467
5,542
170,132
14,748
55,715
172,887
16,494
59.481
165,715
17,654
51.756
199,844
23.631
70,049
200,873
26,144
43,956
19.850,402
Total
248,681
285,940
5,050
20.176.648
20,706,010
20,926.099
21,974.957
21,612.713
37,360
36,182
25
262.498
38,371
35,153
12
260,968
38,797
34.885
5
252,494
38,031
34,341
7
259.572
34.098
37.265
108
320,369
36,898
34,868
182
287,199
7,893,698
273,920
143,619
44.202
1,229
89,862
8.126.199
263.501
189.682
44,217
1.513
82.089
8,504.104
275.087
221.876
44,713
34,936
71.699
8,537.059
271.278
360.541
42.921
1,779
56,800
8.794,316
284.375
339.736
40.026
6,580
70,962
8,347.871
264,783
454,837
43,061
8,418
61,654
999.339
22,571
30,653
2,785,196
1,029,785
28.113
34.052
2,826.332
1,080.828
36,886
32,943
2,961.294
11.081,933
55,765
33,416
2.998,106
1.074.099
56.279
42.069
3,146.289
1,127,148
78.941
41,825
3.332,302
13.45%
c
10.27%
11.85
7.51
9.91%
13.74%
10.46%
12.08%
7.477
12.76%
10.30%
11.52
7.51
9.76%
15.11%
10.03%
12.36%
7.59%
10.24%
13.38%
10.267
s
11.69%
7.72%
9.90%
/3.28
10.38
11.62%
7.47
9.674
Details of Cash in Vault—
Gold coin and certificates
Silver and minor coin and certificates
Clearing House certificates
Paper currency
Details of Demand Deposits—
Individual subject to check
Certificates duo in less than 30 days
State and municipal
Deposits subject to less than 30 days' notice
Dividends unpaid
Other demand deposits
Details of Time Deposits—
Certificates due on or about 30 days
State and municipal
Postal savings
Other time deposits
?ercentages of Reserve—
Central Reserve cities
Other Reserve cities
All Reserve cities
banks
Country ban
Total United States
a Includes customers' liability under letters of credit.
Preliminary Debt Statement of U. S. May 31 1923.
The preliminary statement of the public debt of the
United States for May 31 1923, as made up on the basis of
the daily Treasury statements, is as follows:
Bonds—
Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
$599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
49,800,000 00
28,894,500 00
11,800,20000
1,951,768,300 00
3,267,711,550 00
3,408,341,500 00
6.329,110,65000
14.956.932,000 00
763,954,300 00
Treasury bonds of 1947-1952
Total bonds
Notes—
Treasury notes—
Series A-1924, maturing June 15 1924
Series 13-1924, maturing Sept. 15 1924
Series A-1925, maturing Mar. 15 1925
Series 13-1925, maturing Dec. 15 1925
Series C-1925, maturing June 15 1925
Series A-1926, maturing Mar. 15 1926
Series B-1926, maturing Sept. 15 1926
Series A-1927, maturing Dec. 15 1927
Series B-1927, maturing Mar. 15 1927
Treasury Certificates—
Tax—
Series TJ-1923, maturing June 15 1923
-1923, maturing Sept. 15 1923
Series TS
Series TS2-1923, maturing Sept. 15 1923__
Series TD-1923, maturing Dec. 15 1923......
Series TM-1924, maturing Mar. 15 1924._
316,604,556,530 00
War Savings Certificates:
Series 1919 a
Series 19200
Series 1921 a
Treasury Savings Certificates:
Series 1921, Issue of Dec. 15 1921 b
Series 1922, Issue of Dec. 15 1921 b
Series 1922, Issue of Sept.30 1922
Series 1923, Issue of Sept. 30 19225
Thrift and Treasury Savings Stamps, Unclassified sales, dm
Total interest-bearing debt
$346,681,016 00
152.979,02563
3193.701,99037
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency— -
48,916,006 50
2,050,494 18
244,668,491 05
c200,512,430 28
$22,630,229,172 43
Total gross debt
cm a Net cash receipts. b Net redemption value of certificates outstanding.
redemption
eludes $39,067,000 principal amount of 44% Victory notes called for
May 20 1923.
Dec. 15 1922 and $157,335,800 principal amount matured
TREASURY MONEY HOLDINGS.—The following
compilation made up from the daily Government statements
shows the money holdings of the Treasury at the beginning
of business on the first of March, April, May and Juno 1923.
Holdings in
U. S. Tleattity.
$311.088,600 00
390,681,100 00
598,356,20000
330,341.30000
449,213,20000
616,769,700 00
449,040,100 00
366,981,500 00
663,699,20000
Mar. 11923. April 1 1923 May 1 1923. June 1 1923.
s
$
$
i
Net gold coin and bullion.
Net silver coin and bullion
850,746,386 93
22,347,259 33
13,575,716 53
1,912,431 20
105,824,114 25
18,706,875 91
112,995,172 47
4,838,864 50
330,946,821 12
$22,185,048,251 12
350,532,045
37,598,051
1,890,728
15,540,844
2,171,383
467,707
12,467,170
9,007,988
336,283,604
38,181,929
1,378,626
12,305,456
1,739,415
330,683
12,302,962
5,332,250
437,039,003
152,979,026
440,975,268
152,979.026
429,675,916
152.979,026
408,854 927
152,979,026
Cash balance In Treasury.
Dep. In spec. depositories:
Acct. certs. of indebt__
Dep. in Fedi Res. banks_
Dep. In national banks:
To credit Treas. U. S__
To credit dish. officers_
Cash in Philippine Islands
Deposits In foreign depts.
284,059,977
287,996,242
276,696,890
255,875,899
126,273,000
56,861,723
412,350,000
103,824,049
306,656,000
67,808,300
247,800,000
44,980,905
8,643,353
21,249,643
1,141,828
217,085
8,863,075
20,390,793
917,322
494.535
7,934,104
21,807,019
1,321,632
439,318
8,819,296
20.800.550
6
1,217,58
876,994
498,446,609
306,196,136
834,836,016
304,711,717
682,661.263
289,538.309
278,487,323
Available cash balance.
1,073,374,000 00
367,219,795
36,110.394
2,127,624
15,326.703
2,217,546
565,790
12,370,959
5,036,457
Net cash in Treasury
and in banks
Deduct current liabilities.
209,716,000 00
191,058,000 00
154.170,50000
197,233,590 00
321,196,000 00
Net United States notes__
Net national bank notes__
Net Fed'I Reserve notes ...
Net Ped'i Res. bank noteS
Net subsidiary silver
Minor coin, Szc
356,037.986
37,497,380
3,692.509
16,791.999
2,856,398
543,549
12,530,193
7,088,989
Total cash in Treasury_
Less gold reserve fund__
4.176,170,90000
Treasury (War) Savings Securities—
Debt Bearing No Interest—
United States notes
Less gold reserve
Debt on which interest has ceased
3883,670,230 00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan 01 1928
Fourth Liberty Loan of 1933-1938
10.044
192.250.473
530.124.298
393.122.954
301.883,908
580.371.230
minor coins
•Includes June 1, $21,374,577 silver bullion and $2,952,116 05
&c,. not Included In statement "Stock of Money."
2605
THE CHRONICLE
-Completed Return
Public Debt of United States
Showing Net Debt as of March 31 1923.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued Mar. 31
1923, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1922.
-The amount to the credit of disbursing officers and agencies to-day was
Note.
$793,452,276. Book credits for which obligations of foreign Governments are
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned as part of the public debt. The amount of such obligations
to-day was 848,916,006 05.
$1.145,980 in Federal Reserve notes, $298.683 In Federal Reserve bank notes and
$13,063,431 in national bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Mar. 31 1923. Mar. 31 1922.
$530.124,298 1371,401,788
Balance end month by daily statement, dm
-Excess or deficiency of receipts over
Add or Deduct
-5,627.538
-4,051,970
or under disbursements on belated items
$526.072,328
Total
$365,774.250
$3,429,791
58,990,992
70,832,009
70,459,763
$3,700,210
62,035,394
73,311,103
122,559,186
$203,712,555
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
$261,605,893
+S322,359.773 +$104,168,357
Balance, deficit(-) or surplus(+)
INTEREST-BEARING DEBT OUTSTANDING.
Interest Mar. 31 1923. Mar. 31 1922.
$
$
Payable.
Title of Loan599,724,050
-J. 599,724,050
Q.
28, Consols of 1930
118,489,900
-F. 118,489,900
Q.
Sti. Loan of 1925
48,954,180
48,954.180
-F.
Q.
2s of 1916-36
25.947,400
25,947,400
-F.
Q.
28 of 1918-38
50,000,000
49,800,000
-M.
Q.
35 of 1961
28,894.500
28,894,500
-J.
Q.
1946-47
38, Conversion bonds of
.1.-.1. 1,109,284,700 1,559,052,000
Certificates of indebtedness
89,000,000
Certificates of Indebtedness under Pittman Act...J.-.1. 1.409.999,550 1,410,043,050
-J.
J.
3s.First Liberty Loan, 1932-47
13,494,350
10,482.000
.7 -D.
45, First Liberty Loan, converted
524,895,300
.1 -I). 527,827,100
Loan. converted
{Hs, First Liberty
3,492,150
3,492,150
J.-D.
4X8, First Liberty Loan, second converted
59,130,150
45,299.300
-N.
M.
lis Second Liberty Loan, 1927-42
3,222,774,600 3,252,614,650
converted
4Ms, Second Liberty Loan,
M.-8. 3,439,483,650 3,566.726,500
43js. Third Liberty Loan of 1928
A.-0. 6.329,611,300 6,346,886,000
43is, Fourth Liberty Loan of 1933-38
295,741,950
-D.
J.
3504 Victory Liberty Loan of 1922-23
763,954,300
Oda, Treasury bonds of 1947-52
-D, 800,600,550 2,325,671,000
J.
Loan of 1922-23
AHs, Victory Liberty
659,967,973
Mat. 320,613,290
aa, War Savings and Thrift Stamps
11,830,440
11,860,200
.1.4.
Ms, Postal Savings bonds
.1 -D. 3,522,462,850 1,913.222,150
IMe to Ms. Treitiftlty notes
22,389,555,570 22,904,177,693
Aggregate of interest-bearing debt
225,266,358
249,233.033
Bearing no interest
15.562,430
a83,978,730
Matured. Interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
TRADE AND TRAFFIC MOVEMENTS.
-ShipLAKE SUPERIOR IRON ORE SHIPMENTS.
ments of iron ore from Lake Superior ports during the month
of May 1923 aggregated 6,671,705 tons, as against only
1,585,305 tons during the same month last year. The movement for the season to June 1 1923 stands at 6,685,889 tons
as compared with but 1,721,466 tons for the corresponding
period last year.
Shipments by ports for May 1923, 1922 and 1921 and for
the respective seasons to June 1 were as follows:
e22,722.767.333 23,145.006,481
+322,359,773 +104,168,357
d22,400,407,560 23.040,838,124
Net debt
a Includes $77,112,900 Victory 351% and 4H% called notes.
statements
c The total gross debt Mar. 31 1923 on the basis of daily Treasury
was $22,722,603,333 19. and the net amount of public debt redemption and receipts
in transit, erc., was $163,999 81.
governments or
d No deduction is made on account of obligations of foreign
other investments.
bonds not included in the
-Issues of Soldiers' and Sailors' Civic Rel'ef
NOTE.
been retired.
above, total Lade to Mar.31, 1923 was $195,500 of which $189,800 has
PortEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
1923.
tons_ 929,960
288,668
747,104
1 793,025
2 027,300
885,648
Season to June 1
May
1921.
1922.
.
.
72,048
72,048 944,144 217,938
177,719
13,985
70.125
13,985 288,668
70,125
272,134 208,390 747,104 296,689 217,539
669,297 730,708 1,793.025 721.684 842,556
217,062 1,199,457 2,027,300 236.062 1,226,888
178,968 369,439 885,648 178,968 397,222
6671,705 1.585,305 2,594.027 6,685.889 1,721,466 2,770.238
Total
(Anuntercial nndR1tsce!UncoilsB,etm
^•
-The
Breadstuffs figures brought from page 2670.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at- I
Flour.
Corn.
Wheat.
I
Barley, I
Oats.
Rye.
bts.1981bs. bush.60 lbs. bush.56 lbs.lbush. 32lbs. busk.481bs.lbush.581b5.
22,000
514.000,994.000,
289,000
158,000
Chicago
88.000
.
109,000 172,000,
117,000
1,507,
Minneapolis_ _
7,000 107,000 217.000
1,00
744,
Duluth
25,000
107,0001 109,0001
56,000,
30.
10,
Milwaukee _
143,000
20.000
37,000/
325,00
Toledo
52,000
24,
Detroit
.
24 0001
190.000
241,0(1),
184,
Indianapolis_
6.000
522,000
494,0001
460,
86,
St. Louts_ _ _
6,000
115,000
15,000
31,0
187,000,
Peoria
71,000
291000'
838,0
Kansas City_
130.000
401,000/
206,
Omaha
28,000
163,
144.0001
St. Joseph
Total wk. '23
Same wk. '22
Same wk. '21
285,
307,
336
2,507,0001
8,568,000
10,201,000
4,785,
5,758,
7.162,
Since Aug.1
1922-23..- - 20,660,000378,327,
2,346
4.565,
5,273.
265,211,000 198,798,00034,806,1i, 46.897.000
342,267,0001185,793,00026.924,00022,128,000
1921-22____ 18,414,000118,303,
Treasury Cash and Current Liabilities.
88 000
113,775.000200.077.00025,595.00017,7 .
1920-21_ _ 23,693,000312,721,
Government as the items stood
The cash holdings of the
Total receipts of flour and grain at the seaboard ports for
May 31 1923 are set out in the following. The figures are the week ended Saturday Ju ae 2 1923 follow:
taken entirely from the daily statement of the United States
Rye.
Treasury for May 31 1923,
Oats. I Barley. I
Corn. I
-I Flour. I Wheat, I
Receipts at
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets
Gold coin
Gold bullion
316,315,817 82 Gold certifs. Outstand'g_ 725,150,459 00
3,029,783,19085 Gold fund F. R. Board
(Act of Dec. 23'13, as
amended June 21'17)-2,284,664,945 65
152,979,025 63
Gold reserve
Gold In general fund- 183.304,578 39
New York._.
PhiladelphiaBaltimore_ _ _.
Newp't News_
New Orleans•
Galveston..__
Montreal_ _ _ _
Boston
Barrels, I Bushels.
160,000 2,321.111
795,11,
46,000
433,000
18,000,
5,000,
133,11
75,000,
154,11,
60,0001 5,054.111
50,
15,0001
Bushels. I Bushels.
Bushels.
196.000
429,000
15,000
90,000
25,000
173.000
185,000
138,000
1,
Bushels.
435,000
6,000
1
956,000
34,000
47,000
3,000
48.5,000
40,
3,346,099,008 67 Total wk. '23 379.000 8,940,111 1,016,
3 346,099,008 67
1,232,000
TotaL
Total
276 00
15,886.000 4,330,00016, .0
-Reserved against $346,681,016 of U. S. notes and $1.463.583 of Treasury Since Janr2310,850,000 97,103,111 30.172,
Note.
notes of 1890 outstanding. Treasury notes of 1890 are also secured by sliver
2,461,000 342.000. 1.259.000
2,881,0
3,935,
in the Treasury.
Week 1922 _
383,000/
dollars
26.311.000 6.372.00011.216.00$
SILVER DOLLARS.
Since Jan.1'22i10,475.0001 73,424.011 82,204,
for foreign Purls
Liabilities-Assets•Receipts do not include grain passing t nrough New Orleans
424,390,106 00 Silver certifs. outstand'g 406,119,172 00
Silver dollars
1.463,583 00 through bills of lading.
Treas. notes of 1890 out,
Silver dollars in gen.Pad 16.807.351 00
The exports from the several seaboard ports for the wee.
in the anne
424,390.106 00
Total
424,390.106 00 ending Saturday, June 21 1923, are shown
statement:
GENERAL FUND.
Liabilities
AMU
Rye, lBariev. Peas,
Oats,
5,144,505 05
183,304,578 39 Treasurer's checks outst.
Corn, I Flour,
I Wheat,
Gold (see above)
Exportsfrom- I Bushels. Bushels. Barrels. Bushels. Bushels. IBushels. Bushels.
Silver dollars (see above) 16,807,351 00 Depos. of Govt. officers:
1'. 0. Department..
21,104,490 40
1,378.626 00
United States notes....
Board of trustees,
1,739,415 00
85,753 94,9091 80,282 :54,479
New York
Federal Reserve notes
1,455,378
330,683,00
Postal Say. System,
Boston
34,000
Fed. Res. bank notes
5% reserve, law13.305,456 00
17,000 3 0001
' 921,000
National bank notes_
.
Philadelphia
6,579,022 80 Baltimore
ful money_
12,302,961 76
518,000
43,000 3,000
Subsidiary silver coin
168,890 33 Newport News_ _1 546,000
Other deposits
2,952,116 05
/ 5.0001
Minor coin
Comptroller of the
21,374,577 39
1,000 8,000:
Mobile
1,000
t
Sliver bullion
Currency, agent for
New -Orleans_ -..1 178.000 130,000 87,000'
Unclassified (unsorted
5.0001 145,000,
creditors of insolv2,380,135 77
Galveston
currency. &c.)
284,000
1
2,647,254 54 Montreal
ent banks
9,000 68,000
132.000 16,0001 395,000
In F. It. banks_ _ 44,980,905 00
4,238,000
Devoe.
Postmasters, clerks of
Depos. In special deposicourts, disbursing
Total 19
408,753 330,9091 480.282 726,479 68,000
taries account of HMOS
33.385.471 24 Week week1923- 7,657,378
officers, &c
4.601.2443,149.582 297.9672,808,63'1.919,917359,463
of Treasury notes_ _ _ 247,800,000 00 Deposits for
Depos. In foreign dePos.:
Redemption of
116,353 67
The destination of these exports forlthe/week and since
To credit Treas. U.13Fed. Reserve notes
To credit of other
(5% fund, gold). 171,013,780 72 July 1 1922 is as below:
760,640 55
Government officers
F. R. bank notes
Depos.In nat'l banks:
(5% fund, law8,819,295 81
Corn.
To credit Treas. U.S.
Wheat.
Flour.
190,796 55
ful money)
To credit of other
Exports for Week
Nat.banknotes(5%
Since
20,800,549 82
Government officers
and Since
Week
Week I Since
33,415,970 99
fd., lawful money)
July 1
Depos. In Philippine
Wee.12
July 1 to
ily
L 1 1 IJune
June 2
June 21 July 1
Retirement of addi1922.
Treasury:
1 1923.
1922.
1923.
1922.
1923.
tional circulating
1.217.585 16
To credit Treas. U.S.
notes. Act of May
Bushels. I Bushels. Bushels.
Bushels.
Barrels.I Barrels.
19,380 00
301903
United Kingdom_ 119,429 5,123.482 2,256,392 90,369,630 118,850 28,833,286
Exch'ges of currency,
167,510 6,782,235 5,251,986 201,207.7341 253,903 51.554,225
4,817.760 24 Continent
coin, &c
41,000
420,000,
So.& Cent. Amer- 1,000
498.332
33.0001 36.000 1,726.700
1,000
27,000 1,411,8001
278.487,322 86 West Indies
48,700
4,000
301,883,90751 Brit.No.Am.Cols.
Net balance
24.000
Other Countries_ 15,970
940,0751 148,000 2,929.8301
580,371,230 37
Total
580,371.230 37
Total
7.657.378 294,960.194 408.753 82.227.911
Total 1923
330.909 14.759,9251
Total 1922
297,967 13,488,529. 4.601,244 254.512.028 3.149.582 137031178
• Includes receipts from miscellaneous sources credited direct to appropriations.
Total
2606
THE CHRONTGLE
[VOL. 116.
The world's shipment of wheat and corn, as furnished by
Auction Sales.
-Among other securities, the following,
Broomhall to the New York Produce Exchange for the week
ending Friday, June 1, and since July 1 1922 and 1921, not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
are shown in the following:
By Messrs. Adrian H. Muller & Sons, New York:
Wheat.
Exports,
1922-23.
Week I
June 1.
Since
July 1.
Corn.
1921-22.
Since
July 1.
1922-23.
Week
June 1.
J 1921-22.
Since I
Since
Ju:y I.
July 1.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 9,660,000411.999,000381,666000 555.006 Bushels.
86.230,000146,718,000
Russ.&Den.
4 006 6,859.000, 4,504,000
136,000 6,293,000 13,981,000
Argentina.... 3,190,000 129,783,000' 99,515.000 2,944,006108,380,00010
8,819.000
Australia _ .592,000 44,428,000107,144,00
India
848,000 12,524.000
712,000
0th. countr'
4,751,000 12,278.000
Total
14,330.000605,593,000593,535,000 3.635.000205,654.000281,796.000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, June 2, was as follows:
GRAIN STOCKS.
Wheat
Corn,
Oats,
Barley,
Rye,
bush.
bush.
bush.
bush.
bush.
445.000
134,000
562,000
278.000
71,000
5,000
9,000
33.000
2.000
433,000
62,000
978,000
17,000
2,000
212,000
302,000
132,000
354.000
40.000
915,000
178,000
171,000
69.000
7,000
767,000
87,000
1.009.000
658,000
298,000 1,446.000
263.000
137,000
147,000
45,000
476,000
83,000
267,000
11,000
90.000
14,000
24,000
39,000
11.000
2,446.000 3,842.000 2,819,000
912,000
162,00
368,000
74,000
262.000
41,000
16.000
96.000
44,000
373,000
80.000
34.000
7,164,000
2,000
584.000 8,517,000
326,000
697,000
96,000
61,000
1.000
4.000
12,257.000
20.000 5,780.000 3,970.000
288.000
393.000
144,000
223.000
120.000
2,000
3,107.000
218.000
295,000
147,000
16,000
57,000
94,000
321.000
77,000
1,322,000
120.000
503,000
78,000
8.000
414,000
102.000
119,000
285,000
257,000
Total June 2 1923____32.980.000 6,734,000 13.514,000
Total May 26 1923-34,191,000 9.394.000 14.485.000 16.545,000 1,273,000
Total June 3 1922_ _ _ _26,341,000 27.046.000 47.952,000 16.694,000 1.402.000
4.358.000 1,302.000
Note.
-Bonded grain not included above: Oats, New York, 115,000 bushels: Baltimore, 37.000: Duluth, 67.000: total, 219.000 bushels, against 1.077,000 bushels
in
1922. Barley. New York. 465.000 bushels; Buffalo, 113,000: Buffalo afloat,
Duluth, 151,000: On Lakes. 124,000: total, 977,000 bushels, against 514.000124,000:
In 1922. Wheat. New York. 73.000 hushels; Boston, 76.000; Philadelphia bushels
, 169,000:
Baltimore, 238,000: Buffalo, 416,000: Buffalo, afloat, 437,000;
Toledo, 27,000: Chicago, 259,000: On Lakes, 641,000; total, Duluth, 317 000*
7,653,000 bushels,
against 4.319,000 bushels In 1922.
Canadian
Montreal
3.259.000
949,000 1,006,000
612.000
474.000
Ft. William & Ft. Arthur_21.648.000
4.792,000
3,790.000
Other Canadian
2,088,000
1,187,000
471.000
fetal June 2 1923.___26.995,000
949,000
612.300 4,735.000
Total May 26 1923.___32.651,000 1,115.000 6,985,000
397.000 4,368.000
Total June 3 1922----26,348,000 1,707.000 6.863,000
5.447.000
571.000 1,738,000
Summary
American
32,980.000 6,734.000 13,514.000 16,545.000 1.24.000
Canadian
26,995,000
949,000 6,985,000
612,000 4,735,000
Total June 2 1923
59,975.000 7,683,000 20,495.000
Total May 26 1923._ 68.842,t00 10,509.000 21,348,000 17,157,000 6,008,000
Total June 3 1922-52,689,000 28,753,000 53,399,000 17,091.000 5,770.000
4,923,000 3,040,000
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
Sioux City
Milwaukee
Duluth
Bt. Joseph, Mo
Minneapolis
St. Louis
Kansas
Peoria
Incllanapolis
Omaha
On Lakes
On Canal and River
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE APPROVED.
Capital.
-The Riverside National Bank of Buffalo. New YorkMay 29
4200,000
Correspondent, Charles G. Barth, 710 Erie Co.
Bank
Building. Buffalo, N. Y.
APPLICATIONS TO CONVERT RECEIVED.
May 31-The Bridgeport National Bank, Bridgeport, Texas
Conversion of the Bridgeport State Bank, Bridgeport 825,000
,
Texas.
June 1-The Safe Deposit National Bank of New Bedford, Mass_
350,000
Conversion of the New Bedford Safe Deposit & Trust Co.
June 1
-The First National Bank of Paradise. Texas
Conversion of the Paradise State Bank,Paradise,Texas. 25,000
CHARTERS ISSUED.
May 28-12382 The Leonard National Bank, Leonard, Texas-Conversion of the First State Bank of Leonard, Texas, $50,000
President, 0. S. Ferguson; Cashier, H. S. Melton,
May 28-12383 National Bank of America in Paterson, N. J
President, W. E. Walter; Cashier, F. P. Hofmayer, 300.000
May 29-12384 The First National Bank of Hope. Kansas
Conversion of the Peoples State Bank Hope, Kansas, 25,000
President, B. A. Flack; Cashier, E. 'I'. Nelson.
May 29-12385 Pasadena National Bank, Pasadena, Calif
President, Doane Merrill; Cashier. Walter B. Lower, 100,000
May 29-12386 The First National Bank of Riverside. III
President, Joseph Harrington; Cashier. J. R.Osterberg. 50,000
June 1-12387 The Merchants & Miners National Bank of Ironwood, Mich
Conversion of the Merchants & Miners State Bank, 100,000
Ironwood, Mich,
Cashier, F. J. Jeppesen.
Shares. Stocks.
Price, Shares. Stocks.
Price.
100 American Paper Goods, com5 Central States Electric Corp.
mon
8103 per share
7% cum. pref
$68 per share
5.000 Captive Inca Mining
$1 lot
Bonds.
Price.
5130 Insular Lumber, common_5500 lot $1,500 American Title & Trust 5%
10 Exchange Bank of Savannah,
certificates
813 lot
Ga
$150 per share $1,000 Oregon Electric Ky.5s, 1933_47%
150 Interstate Electric Corp. 7%
$1,000 Northw. Ohio Lt.55, 1955.9134%
cumulative pref .825 per share
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price.
30 Second National Bank, Boston_330M
9 Nat. Shawmut Bank, Boston__213
5 American Trust Co., Boston-33534
5 Commonw. Trust Co., Boston_19334
10 York Manufacturing Co
12234
5 Ludlow Mfg. Associates
146
9 Converse Rubber Shoe, pref._ 87
3 rights Cambridge Elec. Seeur
934
3 W.L.Douglas Shoe, pref_ _ _ _9618-97
Shares. Stocks.
Price.
30 Hood Rubber, preferred_10315-34
30 Boston Woven Hose & Rubber,
common
8534
15 Charlestown Gas& El.. par 850 131
29 rights Cambridge Elec. Secur_934-34
1 Plymouth Cordage
10515
125 Carr Fastener Co., par $25
32
1,680 Direct Importing Co. let pf_$10 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price.
1 Nat. Shawmut Bank, Boston 212
4 Ludlow Mfg. Associates
146
6 Pepperell Mfg. Co
140-13934
2 Tremont & Suffolk Mills
13914
Shares. Stocks,
Price.
5 Boston Wharf Co
108
10 American Glue, common
5434
12 Commonw. Gas & El.,common_ 234
5 Commonw. Gas & El., pref
70
By Messrs. Barnes & Lofland, Philadelphia:
St
Stocks.
Price
27 Mine Hill 5; Schuylkill Hay RR. 514 10 Abbots Alderney Dairies, 1st pf 95
20 United Gas Improvem't, corn... 50
10 Hare & Chase, pref
100
4 Philadelphia Bourse, common_ 1434
5 Hare & Chase, coin
15
6 Philadelphia Bourse, common_ 1434
Bonds.
Price.
5 Philadelphia Bourse, pref
2414 5129,000 Cienfuegos Paimim & Cm6 Corn Exchange National 13ank_420
cee Electric Ry.& Power 65
34
2 Corn Exchange National Bank _420
$1,000 Cleve.& Erie Ky.59, 1929._ 2
3 52d St. State Bank, par $50.- 50
31,000 Wilkes-Barre & Hazleton
68 Philadelphia National Bank-400
RR.58, 1951
85
1 First Nat. Bk. of Philadelphla.270
53,000 American Purchase Sales
37 Fourth St. National hank.
Corp. Fie, 1926
...34034
8100 lot
10 Middle City Bank. par $50.... 57
51,000 Coca-Cola Bolt. & Dis. 85,
10 Broad St. Trust Co.. par 550-- 70
1931
9034
10 Penna. Co. for Ins. on Lives &
$500 Springileld Water Co. 5s, 1926 9434
Granting Annuities
580
51,000 Hotel Traymore of Atlantic
10 Mutual Trust Co., par $50---- 62
.City, N. J., 6s, 1927
100
27 Glenskie Trust Co., par $50.__ 5834 530.000
Birmingham Ry.. Lt. &
95 Northwestern Trust. par S50326
Power 41513, 1954
11 Fidelity Trust Co
507.4 $15.000 Spokane de Inland Empire 73
10 Smith, Kline & French, pref.1 Lot
RR. 54,
10 Smith, Kline & French, corn.J51,700 525.000 1926, certif. of deposit__ 4234
Twin Falls Oakley Land &
3 Fire Association
33834
Water Co as, 1946, certif. of dep. 634
2 Southwestern Nat
140
532,500 Atlantic City & Shore Co.
5 Camden Fire Ins. Ass'n, par $5 1134
48, 1940
11
7 Janney & Burrough, 1st pref._ 1
IRMO Beneficial Loan Soc.63, 1939 90
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously' announced, but which
have not yet been paid.
The dividends announced this week are:
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
Atchison Topeka & Santa Fe, preferred_ _ 234 Aug. 1 Holders of rec. June
29a
Bangor & Aroostook. pref. (guar.)
114 July 1 Holders of rec. June 15
Chicago Indianapolis & Louisville,corn_ _
134 July 10 Holders of rec. June 30
Preferred
2
July 10 Holders of ree. June 30
Chicago & North Western, corn
214 July 16 Holders of rec. June 156
Preferred
334 July 16 Holders Of rec. June 15a
Chic. St. Paul Minn.& Omaha,coin_
234 Aug. 20 Holders of rec. Aug. la
Preferred
314 Aug. 20 Holders of rec. Aug. la
Lehigh Valley, common (guar.)
8715c July 2 Holders of rec. June 16
Preferred (guar.)
51.25 July 2 Holders of rec. June 18
Little Schuylkill Nay., RR.dr Coal
*31.25 July 14 *June 19 to July 15
Pere Marquette, corn. (guar.) (No. 1)._
1
July 2 Holders of rec. June 16a
Prior preference (guar.)
114 Aug. 1 Holders of rec. July 14a
Preferred (guar.)
114 Aug. 1 Holders of rec. July 14a
Rensselaer & Saratoga
4
July 2 June 18 to July 1
Western Pacific, preferred (guar.)
•114 July 2 *Holders of rec. June 20
Public Utilities.
All-America Cables (guar.)
*115 July 14 *Holders of rec. June 30
American Public Service, pref. (gusal_ _ •114 July 2 *Holders of rec. June 15
Brazilian Trac., L. & Pow.. pref.(guar.) 115 July 2 Holders of rec. June 15
Central States Electric Corp., pref.(qu.) 134 June 30 Holders of rec. June 9
Cincinnati & Sub. Bell TeleP.(guar.).-- •
81
July 2 *June 22 to June 29
Cleveland Railway (guar.)
•114 June 30 *Holders of rec. June 13
Columbus Elec.& Power,corn.(quar.)_
July 2 Holders of rec. June 11
2
First preferred, Series A (guar.)
114 July 2 Holders of rec. June 11
Second preferred (guar.)
134 July 2 Holders of rec. June 11
Dayton Power & Light, corn
•2
July 1 *Holders of rec. June 20
Preferred (guar.)
*114 July 1 *Folders of rec. June 20
Detroit Edison (guar.)
2
July 16 Holders of rec. June 200
Duluth-Superior Traction, pref.(guar.) r2
July 2 Holders of rec. June 15
Electric Light & Power of Abington &
Rockland (Qua.)
2
July 2 Holders of rec. June 22a
El Paso Electric Co., preferred
3
July 9 Holders of rec. June 20a
Federal Light & Traction, common
75c. July 2 Holders of rec. June 150
Common (payable In preferred stock) m75e. July 2 Holders of roc. June 150
General Gas fir Elec. Corp., pref. A (qu ) 52
July 2 Holders of rec. June 15
Manufacturers L.& Heat. Pittsb.(guar) *2
July 14 *Holders of rec. June 14
Mississippi River l'ower, pref. (guar.)._
I 14 July 2 Holders of rec. June 15
Monongahela-West Penn. Pub.Serv., pf *37340 July 7 *Holders of
June
VOLUNTARY LIQUIDATIONS.
Penn. Central Light & Pow., corn. (qu.) •37150 July 1 *Holders of rec. June 15
rec.
15
Extra
May 28-11568 The Guaranty National Bank of Porum, Okla
•10c. July 1 *Holders of rec. June 15
825,000
Effective April 28 1923.
Preferred (guar.)
.21
July 1 *Holders of rec. June 15
Liquidating Agent, J. <D. Rhodes. Porum, Okla.
Preferred (extra)
•10c. July 1 *Holders of rec. June 15
Absorbed by the American State Bank of Perm,
Public Service Corp., common (guar.). _ II
June 30 Holders of rec. June 15
Okla
Eight per cent preferred (quar,)
May 31- 9751 The Citizens National Bank of Corinth, Miss_
2
June 30 Holders of rec. June 15
50,000
Effective May 25 1923. Liquidating Agents,
Seven per cent preferred (guar.)
114 June 30 Holders of rec. June 15
First
National Bank of Corinth, Miss. Absorbed by
Reading Traction
•75c. July 2 *June 13 to July
the
1
Shawinigan Water ,tc Power (guar.).
First National Bank of Corinth, No.9094. Liability
134 July 10 Holders
Southern Canada Power, pref. (qua:.).. •115 July 15 *Holders of rec. June 22
for circulation will not be assumed _under Section
of rec. June
Springfield Ky.& Light. pref. (quar.)__ _
5223, U. S. R. 8.
114 July 2 Holders of rec. June 30
150
Toledo Edison Co., preferred (guar.).-- .2
June 1-11481 The Southwest National Bank of Oklahoma City,
July 1 *Holders of rec. June 15
Twin City Bata. Trail., Minneap.,
Okla -- ---- --------------------3
July 2 Holders of rec. Juno 16
Effective June 11923. Liquidating Committee-0. H. 250 000
Preferred (guar.)
,
lg July 2 Holders of rec. June 16
Union Traction, Philadelphia
Wright, G. A. Nichols, J. B. Klein and D.Replogle,
81.50 July 1 Holders
United Light & Rys., panic. pref.(qu.). 134 July 2 Holders of rec. June 9
Oklahoma City. Okla.
Utilities Securities, preferred (guar.)._ •134 June 27 *Holders of rec. June 150
Absorbed by First National Bank in Oklahoma City,
of rec. June 16
York Railways, common (guar.)
(Ada., No. 4862. The liquidating bank has no
*50c. July 16 *Holders of rec. July 5a
Preferred (guar.)
circulation.
*6234c July 31 *Holders of rec. July 21.
NE 9 1923.]
I Company.
.olebnks.
(guar.)
. Corp., cl. A (111.)
ouar.)
orp. (guar.)
National (quar.)
h.
ici
uit
nue
141%a
1
uar.)
Co.,Bank of the (quar.)
National City (guar.)
National City Company(guar.)
Extra
Public National (guar.)
Seaboard National (guar.)
Extra
State (guar.)
TRE CHRONICLE
Per
When
Cent. Payable.
*3
2
4
Si
4
5
6
20
3
1
4
2
2
4
3
2
*4
Trust Companies.
Bankers (guar.)
5
Bank of New York &Trust Co.(guar.)._ 5
Guaranty.(guar.)
3
United States (guar.)
*124
Fire Insurance.
Ross% Insurance of America
Books Closed.
Days Inclusive.
Name of Company.
July 1 *Holders of rec. June 30
July 1 Holders of rec. June 18
July 2 Holders of rec. June I8a
July 2 Holders of rec. June 18a
July 2 June 17 to July 1
June 30 Holders of rec. June 20
July 2 Holders of rec. June 303
July 2 Holders of rec. June 303
July 2 Holders of rec. June 223
July 2 Holders of rec. June 225
July 2 Holders of rec. June 18
July 2 Holders of rec. June 18
July 2 Holders of rec. June 18
June 30 Holders of rec. June 23
July 2 ,Holders of rec. June 25
July 2 Holders of rec. June 25
July 2 *Holders of rec. June 18
July
July
June
July
'51.50 July
2 Holders of rec. June
2 Holders of rec. June
30 Holders of rec. June
2 *Holders of rec. June
15a
15
15
21
2 *Fielders of rec. June 15
Miscellaneous.
Adams Express (guar.)
*S1.25 June 30 *Holders of rec. June 15
Allis-Chalmers Mfg., pref. (guar.)
July 16 *Holders of rec. June 23
American Bank Note, preferred
75c. July 2 Holders cis rec. June 153
Car & Fdy., com.(quar.)
(quar.)Ameicn
July 2 Holders of Rec. June 15
3
Preferred (quar.)
July 2 Holders of rec. June 15
American Cigar, preferred (guar.)
July 2 Holders of rec. June 150
American Express (guar.)
*S1.50 July 2 *Holders of rec. June 14
American Fork & Hoe, com.
154 June 15 Holders of rec. June 5
American Lace Manufacturing (quar.).. 2
June 30 Holders of rec. June 15
American Snuff. common (guar.)
3
July 2 Holders of rec. June 150
Preferred (guar.)
July 2 Holders of rec. June 15a
American Steel Foundries, com.(guar.)- *75c. July 14 *Holders of rec. July 2
fi June 30 *Holders of rec. June
Preferred (guar)
h July 1 *Holders of rec. June 15
Amer. Wholesale Corp., pref.(quar.)_
20
Associated Oil (guar.)
*14 July 25 *Holders of rec. June 30
Bassick-Alemite Corp., com. (quar.).- *50c.
•Ilo.ders of rec. June 20
Borden Company,common
4
Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
14 Sept.15 Holders of rec. Sept. la
Preferred (guar.)
14 Dec. 15 Holders of rec. Dec. la
Butte & Superior Malay (guar.)
*500. June 30 *Holders of rec. June 15
Canadian Connec't Cot. Mills, pf. (qu.) 2
July 2 Holders of rec. June 15
Central Coal & Coke, corn.((PIRO
*14 July 15 *Holders of rec. June 30
Preferred (guar)
*14 July 15 *Holders of rec. June 30
Certain-teed Products, 1st & 2d pf.(qu.) •14 July 1 *Holders of rec. June
19
Chandler Motor Car (guar.)
*S1.50 July 2 *Holders of rec. June 20
Chicago Nipple Mfg., Class A
200. July 1 Holders of rec. June 10
Cluett, Peabody & Co., Inc., pref.(au) 13,4 July 2 Holders
of rec. June 20
Coca-Cola Co., preferred
34 July 1 Holders of rec. June 153
Cuyamel Fruit(No.1)
*S1
June 28 *Holders of rec. June 15
Dominion Oil (guar.)
*200. July 1 *Holders of rec. June 10
Dominion Textile, common (guar.)
El
July 3 Holders of rec. June 15
Preferred (guar.)
14 July 18 Holders of rec. June 30
Dunham (James IL) Co.,corn.(quar.)._ •1A July
2 *Holders of rec. June 18
First preferred (gear.)
July 2 *Holders of rec. June 18
Second preferred (guar.)
y134 July 2 *Holders
of rec. June 18
Elec. Storage Battery, com. & pt.(qu.). El
r
July 2 Holders of rec. June 16
Elliott-Fisher Co.,corn.(guar)
SI
July 2 Holders of rec. June 15a
Common,series B (guar.)
July 2 Holders of rec. June 15a
Preferred (guar.)
154 July
Endicott-Johnson Corp., corn. (guar.).- $1.25 July 2 Holders of rec. June 160
2 Holders of rec. June 16
Preferred (guar.)
14 July 2 Holders of rec. June 18
Equity Petroleum Corp., pref.(guar.). _
3
July 10 Holders of rec. June 30
Fisher Body, Ohio Corp.. Pref. (quar.)- 2
July 1 Holders of rec. June 15
General Amer. Tank Car, common
*S1.50 July 1 *Holders of rec. June 15
Preferred (guar-)
*14 July 1 *Holders of rec. June 15
General Baking. coin. (guar.)
June 30 Holders of rec. June 200
El
Preferred (guar.)
June 30 Holders of rec. June 200
2
Goodyear Tire & Rubber, prior pf (au.). *2
.
July
Great Lakes Towing. common (quar.)-- *14 June 2 *Holders of rec. June 15
30 *Holders of rec. June 15
Preferred (guar.)
•14 June 30 *Holders of rec. June
Greenfield Tap & Die.8% pref.(guar.). *14 July 2 *Holders of rec. June 15
15
Eight per cent pref (guar.)
*2
July 2 *Holders of rec. June 15
Gulf 00(guar.)
*374c July
Hanes(F.H.) Knitting Co., pref.(guar.) 14 July 1 *Holders of rec. June 20
2 Holders of rec. June 20
Ilehne (George W.) Co., corn. (quar.)
3
July 2 Holders of rec. June 18
Preferred (guar.)
14 July 2 Holders of rec. June 18
Hercules Powder, com.(guar)
154 June 25 June 18 to June 24
Homestake Mining (monthly)
500. June 25 Holders of rec. June 20
Hood Rubber, com.(quar.)
*Sl
June 30 *June 21 to July 1
Imperial Oil, common (guar.)
*260. July 1 *Holders of rec. June 10
Preferred (guar.)
.20c. July 1 *Holders of rec. June 10
Indian Head Mills of Alabama
5
June 15 Holders of rec. June 12a
Ingersoll-Rand Co., preferred
*3
International Shoe, common (quar.)... *75c. July 2 *Holders of rec. June 16
July 1 *Holders of rec. June 15
Preferred (guar.)
I
ll
July 1 *Holders of rec. June 15
Internat. Silver, Pref.(guar.)
14 July 1 June 18 to July 1
Preferred (acct. accum. diva.)
54 July 1 June 18 to July 1
Intertype Corp., 1st pref. (attar)
*2
July 2 *Holders of rec. June 15
Second preferred
*3
July 2 *Holders of rec. June 15
Jordan Motor Car, preferred (quar.)
14 July 2 Holders of rec. June 15
Kelly Springfield Tire, pref. (quar.)
14 July 2 Holders of rec. June 15
Kelsey Wheel. corn. (guar)
134 July 2 Holders of rec. June 20
King Philip Mills(quar.)
•14 July 2 *Holders of rec. June 20
Kreas(S. H.) Co., pref. (guar.)
•1% July 2
*Holders of rec. June 20
LIggetts International,corn. A.& 11.(qu)
Sept. 1 *Holders of rec. Aug. 15
Lone Star Gas (guar.)
•14 June 3 *Holders of rec. June 20
Extra
*4 June 30 *Holders of rec. June 20
Loose-Wiles 131scult, 1st pref. (gum.).
- I% July 1 Holders of rec. June 160
Second preferred (acct. accum. dlys.)_ 57
Aug. 1 Holders of rec. July 180
Lorillard (P.) Co., common
3
July 2 Holders of rec. June 16
(quar.)_Pefd
(QUM%)
1
July 2 Holders of rec. June 16
Mack Trucks, common (guar)
El
July 2 Holders of rec. June 20
First and second preferred (QUar.).-14 July
Magor Car Corporation, corn. (quar.). 250. June 2 Holders of rec. June 20
30 Holders of rec. June 20
Preferred (guar.)
134 June 30 Holders of rec. June 20
11/n111r:won (H.It)& Co., Inc., pf.(qu.).
14 July 2 Holders of rec. June 20
Manhattan Electric Supply (flu.)
El
July 2 Holders of rec. June 200
Manhattan Shirt, preferred (guar.)---134 July 2 Holders of rec. June 18
Marland Oil (guar.)
*El
July 1 *Holders of rec. June 20
Merck & Co., preferred (guar.)
*2
July
Metropolitan Brick, preferred (quar.)„ 14 July 2 *Holders of rec. June 18
2 Holders of rec. June 15
Mexican Petroleum, common
(guar./
July 20 *Holders of rec. June 30
- *4
Preferred (guar)
*2
July 20 *Holders of rec. June 30
Mountain Producers Corp.(guar.)
200. July 2 Holders of rec. June 153
Extra
10c. July 2 Holders of rec. June 153
National Breweries, common
El
(gual%)
July 2 Holders of rec. June 15
Preferred (guar.)
134 July 2 Holders of rec. June 15
National Supply Co. of Del., pf.
*14 June 30 *Holders of rec. June 20
011 (guar)
(qu.)Newblock
*50c• July 1 *Holders of rec. June 15
New York Steam Corp., pref. (ansix)_
14 July 2 Holders
of rec. June 15
New York Transit(quar)
2
July 14 Holders of rec. June 20
NIpissing Mines Co., Ltd.(guar)
*3
July 20 *July 1 to July 17
Orpheum Circuit, preferred (guar)
2
July 1 Holders of rec. June 15a
Owens Bottle, common Bluer.)
.75e• July I *Holders of rec. June 15
Preferred (guar.)
14 July 1 *Holders of rec. June 15
•
Pacific-Burt Co.,common (guar.)
14 July 3 Holders
June 15
Preferred (guar)
14 July 3 Holders of rec. June 15
of rec.
Pan-Am. Petrol. & Transp., COM.(qu.)_ *S2
July 20 *Holders of rec. June 30
COMMOn class B (quar)
*E2
July 20 *Holders of rec. June 30
Parke, Davis & Co. (gilar.)
.50c. June 30 *Holders of rec. June 20
Extra
*75c. June
Penney (J. C.) Co.. Preferred (quar.).-- •1,‘ June 30 *Holders of rec June 20
30 *Holders of rec. June 20 I
Pettibone-Mulliken Co., 1st & 2d pf.(qu) •11
.
4 July
2 *Holders of rec. June 21
2607
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Postum Cereal, common (guar.)
*75c. Aug. I *Holders of rec. July)
Common (payable In common stock)_ - *1100 June 19 *Holders of rec. June 20
18
Preferred (guar.)
*2
Aug. I *Holders of rec. July 20
Ranger Texas Oil (guar.)
*2c. July 1 *Holders of rec. June 10
Reynolds(R.J.) Tob., coin. A.& B(qu.) •750. July 2 *Holders of rec. June 18
Preferred (guar)
*14 July 2 *Holders of rec. June 18
Royal /busing Powder, common (guar-)- *2
June 30 *Holders os rec. June 15
Preferred (guar.)
*14 June 30 *Holders of nyc. June 15
Royal Dutch Co
*164
St. Joseph Lead (guar.)
250. June 20 June 10 to June 20
Extra
25c. June 20 June 10 to June 20
St. Louis Rocky Mt.& Pac., corn.(qu.)
1
June 30 Holders of rec. June 16a
Preferred (guar.)
14 June 20 Holders of rec. June lea
Sayers & Scoville Co., com.
•14 July 2 *Holders of rec. June 20
Common (extra)
*4 July 2 *Holders of rec. June 20
Preferred (guar.)
*14 July 2 *Holders of rec. June 20
Shell Union Oil, common(Bar
25c. June 30 Holders of rec. June 14
)
Simmons Company, common (guar.)
-*25c. July 2 *Holders of rec. June 15
Tecumseh Mills (guar.)
.14 July 2 *Holders of rec. June 20
Tennessee Copper & Chemical (guar.)
25c. July 16 Holders of rec. June 311a
Thompson-Starrett Co., common
July 2 Holders of rec. June 20
4
Texas Chief 011
*20c. July 1 *Holders of rec. June 10
United States Tobacco,common(guar)- 75c. July 2 Holders of rec. June
18
Preferred (guar.)
154 July 2 Holders of rec. June 18
Universal Leaf Tobacco, common
July 2 Holders of rec. June 20
3
Preferred
July 2 Holders of rec. June 20
2
U. S. Worsted, let pref
*031.50 July 1 *Holders of rec. June 15
Vulcan Detinning, preferred (guar)
*14 July 20 *Holders of rec. July 9
New 7% cumulative preferred (quar.). *14 July 20 *Holders of rec. July 9
Ward's(Edgar T.) Sons Co., pref. (an.).. 154 June 30 Holders of rec. June 20
West Point Manufacturing
July 2 Holders of rec. June 15
4
Western Electric, common (guar.)
52.50 June 29 Holders of rec. June 270
Preferred (guar.)
,
14 June 30 Holder of rec. June 15a
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week, these being given in the preceding table.
Name of Company.
Per
When
COQ. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Mabama Great Southern, ordinary
34 June 28 Holders of rec. May 25
Preferred
34 Aug. 18 Holders of rec. July 13
Albany dr Susquehanna
4% July 1 Holders of rec. June 150
Atlanta & West Point
3
June 30 June 21 to July 1
Atlantic Coast Line RR.,common
34 July 10 Holders of rec. June 183
Beech Creek (guar)
50c. July 2 Holders of rec. June 150
Boston &Albany(guar.)
24
Buffalo & Susquehanna,common(guar.) 14 June 30 Holders of rec. May 310
June 30 June 18 te JUM
,
Common (extra)
24 June 30 June 18 to July 1
Preferred (guar.)
2
June 30 June 16 to July 1
Canadisa Patille. common (guar.)
2)4 June 30 Holders of rec. June 1
Chesapeake & Ohio, common
2
July I Holders of rec. June 80
Preferred
34 July 1 Holders of rec. June 80
Chicago Burlington & Quincy
5
June 25 Holders of reo. June 190
Chicago Rock Island & Pao.,8% pref._ 3
June 30 Holders of rec. June 8a
7% preferred
34 June 30 Holders of rec. June 8a
CM. N.0.& Texas Pacific, corn
3
June 29 Holders of rec. June 80
Common (extra)
3% June 26 Holders of rec. June 80
Colorado & Southern. let preferred
2
June 30 June 20 to JulY 1
I mlaware & Hudson Co. (guar)
24 June 20 Holders of rec. May 280
Erie & Pittsburgh (guar-)
1% June 9 Holders of rec. May 310
Fonda.Johnstown & Gloy., pref.(qu.)._
14 June 15 Holders of rec. June 110
Hocking Valley
2
June 30 Holders of rec. June 83
Illinois Central, leased lines
2
July 1 June 12 to
July 4
Lackawanna RR.of N.J.(guar.)
1
July 2 *Holders of rec. June 90
Louisville & Nashville
24 Aug. 10 Holders 01 rec. July 170
Louisiana & Northwest (guar.)
14 July 2 Holders of rec. June 15
Mobile & Birmingham, preferred
2
July 2 June 2 to July I
Mortis & Essex
$1.75 July
June 8 to June 27
New York & Harlem, corn. & pref
$2.50 July 2 Holders of rec. June 150
N.Y. Lackawanna Sc Western (guar.)._ 14
July
Holders of rec. June I40
Norfolk & Wesiern, coin. (guar./
1% June
Holders of roe. May 310
Pfttsb. Ft. Wayne & Chic.. corn.(Qum) 1% July 1
2 Holders of rec. June 110
Preferred (guar-)
1% July
Holders of rec. June lla
Pfttab. McKeesp. & Youghiogheny
51.50 July
Holders of rec. June 150
Reading Company, 1st pref.(quar.)
50c. June 1 Holders of rec. May 280
Second preferred (guar.)
500. July 12 Holders of rec. June 250
St. Louis Southwestern, pref. (quar.)
14 July 2 Holders of rec. June 160
Sharon Railway (semi-annual)
1.374 Sept. 1 Aug. 22 to Aug. 31
Southern Pacific (quar)
14 July 2 Holders of rec. May 310
Union Pacific. eons. (guar.)
,
Holders of rec. June lc
254 July
United N.J. RR.& Canal Cos.(guar.). 24 July 2
10 June 21 to June 30
Valley RR.(New York)
24 July 2 Holders of rec. June 210
Western Ry.of Alabama
3
June 30 June 21 to July 1
Public Utilities.
Amer. Telephone & Telegraph (quar.)-- 24 July
16 Holders of rec. June 206
Associated Gas & Elec., pref.(quar.)
880. June 30 Holders of rec. June 15
Bangor Ry.& Elec., pre/.(guar.)
14 July 2 Holders of rec. June 9
Frooklyn Union Gas(guar)
2
July 2 Hclders of rec. June I40
Central III. Pub. Serv.. pref. (guar.)
14 July 14 Holders of rec. June 300
Citizens Passenger Ry., Phila.(quar.).. E3.50 July 1 Holders of rec. June 206
Colorado Power, com.(guar)
4 July 18 Holders of rec. June 30
Preferred (guar.)
1% June 15 Holders of rec. May 31
Columbus Ry., Pow.& Lt., corn.(qu.). 1% June 15 Holders of rec. May 31a
Common (quar.)
14 Sept. 1 Holders of rec. Aug. 18a
Common (quar.)
1
Dec. 1 Holders of rec. Nov. 150
Preferred, Series A (guar.)
14 July 2 Holders of rec. June 15a
Preferred, Series A (guar-)
14 Oct. 1 Holders of rec. Sept. lba
Preferred, Series A (guar.)
14 Jan2 24 Holders of rec. Dec. 15a
.
Preferred, Series B
14 Aug. 1 Holders of rec. July 18a
Preferred, Series B
24 Nov. 1 Holders of rec. Oct. 18a
Consul.Gas El. L.& P., Balt.,com.(qu.) 2
July 2 Holders of rec. June lfm
Preferred Series A (guar.)
2
July 2 Holders of rec. June 15a
Preferred Series B (guar.)
1% July 2 Holders of
Consolidated Gas of N. Y coin.(guar.) $1 .25 June 15 Holders of rec. June 15a
rec. May 10a
Preferred (guar.)
*874c Aug. 1 *Holders
Consumers Power(Mich.).7% pref.(qu.) 1% July 2 Holders of rec. June 15
of rec. June 15a
Six per Cent preferred (guar.)
14 July 2 Holders of rec. June 15a
El Paso Elec. Co.. com.(guar.)
24 June 1
Holders of rec. June la
Equitable Ill. Gas Light of Phila., prof _ _
3
June 1 Holders of rec. June 86
Frankf. & Southwark Pass. Ry.(guar.)
$4.50 July
June 2 to July 1
Germantown Pass.Ry Phila.(guar.). - $1.31 July
Holders of rec. June 120
Huntington Devel.& Gas. pref.(quar.) - 14 July
Holders Of rec. June 11
Illinois Bell Telephone (quar.)
2
June 30 Holders of rec. June 296
Kansas City Pow. & Lt., 1st pf. A
1% July
Kansas City Pow.Securities, cons. (qu.) 52 June 2 Holders of rec. June 18a
15 Holders of rec. May 31
(go).
Preferred (guar.)
51.25 July 2 Holders of rec. June 80
Kentucky Securities Corp., common.__
1
July 2 Holders of rec. June 204
Preferred (guar-)
14 July 18 Holders of rec. June 204
Laclede Gas Light, common
1% June 15 Holuers of rec. June la
(quar.).Pre!
erred
24 June 15 Holders of rec. June 1/1
Mackay Companies, common (guar.).
- 1% July 2 Holders of rec. June 84
Preferred (guar.)
1
July 2 Holders of rec. June 80
Manila Electric Co..common
(guar).
July 2 Holders of rec. June 18
Market St. Ry., SanFran., prior pi.(qu.) 2
14 July 2 Holders of rec. June 90
Middle West UtIllifee, prior lien
(Quer.). 1% June 15 holders of rm. May 31
Montana Power,common
(guar)
1
July 2 Holders of rec. JULIO 130
Preferred (guar.)
1% July 2 Holders of rec. June 130
New England Tele!). & Teleg.
2
June 30 Holders of reo. June lla
Newport News & Hampton (guar.)._
Ry., Gas & Electric, pref.
1% July 2 Holders of rec. June 160
(quar)
New York Telephone, pref.(guar.)
1% July 16 Holders of rec. June 20a
Niagara Falls Power, common
(quar.)14 June 15 Holders of rec. June 8
Preferred (guar.)
14 July 16 Holders of rec. Juno 300
North Shure Gas. preferred (quar.)..,...
14 July 1 Holders of rec. June 20
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.20
Name of Company.
[Vol,. 116.
THE CHRONICLE
2608
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
3731o. June 15 May 26 to June 15 n:'1
Crescent Pipe Line (quar.)
131 June 30 Holders of rec. June 150 '
Crucible Steel, preferred (quar.)
IX July 2 IIolders of rec. June 16a
Cuban American Sugar, pref. (quar.)
131 July 2 June 21 to July 1
Dalton Adding Machine, pref. (guar.)._
134 June 28 Holders of reo. June 90
Davis Mills (guar.)
134 July 2 Holders of rec. June 230
Davol Mills (guar.)
July 2 Holders of rec. June 150
Detroit & Cleveland Navigation (quar.)_ $1
131 July, 3 Holders of rec. June lb
Dominion Class, com.& pref.(quar.)
IX July 2 Holders of rec. June 15
Dominion Iron & Steel, pref. (quar.)
50o. Oct. 1 Holders of roe. Sept. 1
Dominion Stores, Ltd.!. common
Douglas-Pectln Corp.(guar.)(NO.1)._. 25c. July 1 Holders of rec. June 150
July 2 Holders of rec. June 2
3
Draper Corporation (guar.)
do Pout(El.) de Nem.dz Co.,com.(qu.) 134 June 15 Holders of rec. June 50
131 July 25 Holders of rec. July 100
Debenture stock (guar.)
du Pont(El.)de Nem..Powd,com.(qu.) 131 Aug. 1 Holders of rec. July 200
1 X Aug. 1 Holders of rec. Any 200
Ireferred (guar.)
81.25 July 2 Holders of rec. May Ma
Eastman Kodak, com.(guar.)
75c. July 2 Holders of rec. May 31a
Common (extra)
IX July 2 Holders of rec. May 31
Preferred (guar.)
65e. July 1 Holders of rec. June 15
Eaton Axle & Spring (No. 1)
134 June 30 Holders of rec. June 200
Eisealohr (Otto)& tiros.. pref.(guar.)
75c. June 11 Holders of rec. June la
Elk Horn Coal Corp., Preferred
July 2 Holders of rec. June 15a
Players-Lasky Corp.,corn.(qu.) 2
Famous
131 June 15 Holders of rec. May 26a
Federal Mining & Smelt. pref. (guar.)
50c. July 1 Holders of rec. June 150
Flelshmann Co., corn. (guar.)
50c. July 1 Holders of rec. June 15a
Common (extra)
50c. Oct. 1 Holders of rec. Sept. 15a
Common (guar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Common (extra)
50o. Jan1'24 Holders of rec. Dec. 154
Common (guar.)
81.50 June 15 Holders of rec. June la
Foundation Co.. common (quar.)
$1.75 June 15 Holders of rec. June 1
Preferred (quar.)
June 30 Holders of roc. May 310
Si
Galena-Signal Oil corn. (guar.)
June 30 Holders of rec. May 3I0
2
Old and new pref. (guar.)
Banks.
131 July 2 Holders of rec. Juno 25a
uly 3 Holders of rec. June 150 General Cigar, debenture pref. (quar.)
National Bank of (quar.)___ 3
Commerce,
2
July 14 Holders of roc. June Oa
General Electric (quar.)
15c, July 14 Holders of rec. June 60
Special stock (guar.)
Fire Insurance
30e. June 12 Holders of rec. May 210
75e. une 15 June 10 to June 15
General Motors Corp., corn. (guar.).
North River (guar.)
131 Aug. 1 Holders of rec. July 90
Six per cent preferred (guar.)
Six per cent debenture stock (quar.)_. 131 Aug. 1 Holders of rec. July 9a
Miscellaneous.
9a
uly 2 *Holders of rec. June 15
.75c.
Seven per cent debenture stock (guar.) 154 Aug. 1 Holders of rec. July 20
(guar.)
Advance-Rumely, pref.
131 July 2 Holders of rec. June
$1.50 one 15 Holders of rec. May 2
General Railway Signal, pref.(quar.)...
Ahmeek Mining
June 20 *Holders of rec. June 1
*32
1},} uly 2 Holders of rec. June 15a Glen Alden Coal
Dye Corp.,Pref.(qu.)
Allied Chemical&
June 15 June 1 to June 15
1
$10
one 15 Holders of ree.dMay 310 Globe Soap, corn. (guar.)
Amalgamated Sugar, preferred
15
1X
First,second and special pref.(luar.)- 131 June 15 June 1 to June 31
WY I Holders of rec. June 303
American Art Works,corn.& pref.(qu.)_
i31 June 10 *Holders of rec. May
Globe-Wernicke Co., common (guar.)._
one 15 Holders of rec. June 2
coin. (guar.)
American Bakery,
*131 July 2 *Holders of rec. June 30
90 Gold & Stock Telegraph (guar.)
uly 2 Holders of rec. June
Amer. Beet Sugar, pref. (guar.)
June 10 Holders of rec. May 31a
(quar.)_
uly 2 Holders of rec. June 15a Golden Cycle Mining & Reduction (qu.) 2
Amer. Car & Foundry,common
131 July 2 Holders of rec. June 21a
uly 2 Holders of rec. June I5a Goodrich (B. F.) Co., pref.(guar.)
Preferred (guar.)
25c, July 1 Holders of rec. June 20
uly 2 Holders of rec. June 130 Coward (H. W.) Co., corn. (monthly)..
American Can, preferred (guar.)
25c. Aug. I Holders of rec. July 20
Common (monthly)
June 30 Holders of rec. June oa
American Locomotive, com.(quar.)...
230. Sept. 1 Holders of reo. Aug. 20
(monthly)
June 30 Holders of rec. June 80
Common
Preferred (guar.)
June 30 Holders of rec. June I5a
2
July 1 Holders of rec. June la Grasselli Chemical, corn. (guar.)
American Machine & Foundry (quar.)
131 Juiie 30 Holders of roe. June 150
Oct. 1 Holders of rec. Sept. la
Preferred (guar.)
Quarterly
75e. June 15 Holders of rec. June la
Jan1'24 Holders of rec. Dec. la Great AU.& Pacific Tea,com.(quar.)
Quarterly
July 2 Holders of rec. June 15a
Si
Great Western Sugar. corn.(guar.)
June 30 Holders of rec. June 9
American Pneumatic service. 2.3 pref_
131 July 2 Holders of rec. June 150
roe. June 15a
June 30 Holders of
Preferred (guar.)
American Radiator, common (quar.)
July 2 Holders of reo. June 15a
2
July 15 *Holders of rec. June 30
Greenfield Tap & Die, prof.(guar.)._
Amer. Rolling Mill, con). (guar.)
July 2 Holders of roc. June 15a
2
July 1 Holders of rec. June 15a Guantanamo Sugar, prof. (guar.)
Preferred (guar.)
July 2 Holders of rec. June 15a
1
July 3 Holders of rec. June 150 Gulf States Steel, conc. (guar.)
Amer. Sales Book, common
134 July 2 Holders of rec. June 150
Aug. 1 Holders of rec. July I5a
Fa•-,t and .:econd preferred (guar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 144
and second preferred (quar.)
15 oMay 29 to June 16
in stock)
First
June
American Stores (payable
131 an2'24 Holders of roe. Dec. 140
July 2 Holders of roe. June la
First and second preferred (guar.)
Amer Sugar Refining, pref. (gnarl_
2 . June 15 June 6 to June 15
July 2 Holders of rec. June 90 Hanna Furnace, preferred (guar.)
American Tobacco, preferred (quar.)_
Harbison-Walker Refract.. pref.(guar.). 134 July 20 Holders of rec. July 100
July 16 May 15 to May 18
American Woolen,com,and pref.(guar)
Hart, Schaffner & Marx. Inc., pr.(qu.)_ •131 June 30 *Holders of rec. June 18
July 23 Holders of rec. June 16
Anaconda Copper Mining (guar.)
75e. June 15 Holders of rec. May 31a
Hayes Wheel (guar.)
July 2 June 16 to July 1
(quar.).....
Armour & Co. of Del.. prel.
50c. June 15 Holders of rec. May 155
Hecht Mining (guar.)
July 2 June 16 to July I
Armour dr Co. of III., pref. (guar.)
June 18 Holders of roc. May 31
1
June 15 Hoslers of reo. May 2Ia Hollinger Consol. Gold Mines, Ltd
Atlantic Refilling, coin.(guar.)
June 11 Holderi of rec. May 31
31
(NO. 1)
June 15 Holders of rec. June 50 Holly
Atlantic Terra Cotta, pref. (guar.)
50e. July 2 Holders of rec. June 220
3
June 11 Holders of rec. May 31a Hudson Motor Car (guar.)
Atlas Powder,coin.(guar.)
25c. July 2 holders of rec. June 220
2
June 15 Holders of rec. June 120
Extra
Autocar Co., Pref. (guar.)
75e. June 15 Holders of rec. May 310
754. June 15 June 1 to June 10
Humphreys Oil (guar.)
Auto-Knitter Hosiery (guar.)
230. June 15 Holders of rec. May 310
July 2 Holders of rec. June 2a
Extra
Baldwin Locomotive Works, com. & pf.
8
June 30 June 1 to June 28
Belding-Corticoid. Ltd., pref. (quar.)..,.., 1X June 15 Holders of rec. June la Illinois Pipe Line
134 July 1 Holders of rec. June 15a
1X July 2 Holders of rec. June la Inland Steel, pref.(guar.)(No. 1)
Bethlehem Steel, common (guar.)
50c. July 2 Holders of rec. June 14a
cum. pref. (quar.)._.
13 July 2 Holders of roe. June 15a Inspiration Cons. Copper (guar.)
Seven per cent
June 15a
1X Oct. 1 Holders of rec. Sept. 15a
Internat. Cement Corp.,common (guar.) 75c. June 30 Holders of rec. June 153
Seven per cent cum. pref. (quar.)
131 June 30 Holders of rec.
IX
an2'24 Holders of rec. Dec. 15a
Preferred (quar.)
Seven per cent cum. pref. (quar.)
134 July 16 Holders of rec. June 25
(guar.) 1X July 2 Holders of rec. June 15a Internat. Harvester, corn.(guar.)
Seven per cent non-cum. pref.
131 July 1 Holders of rec. June lha
International Salt (guar.)
Seven per cent non-cum. pref. (guar.) 13d Oct. 1 Holders of rec. Sept. 15a
It July 25 Holders of rec. June 10
fan 2'24 Holders of roe. Dec. 154 Interstate Royalties Corp.(monthly)Seven per cent non-cum. pref. (guar.)
Sc July 25 Iloiders of rec. June 10
2
July 2 Holders of rec. June 154
Extra
Eight per cent preferred (guar.)
Nov. 15 Holders of rec. Nov. la
2
Oct. 1 Holders of roe. Sept. 154 Intertype Corp., com.(In com. stock)._ 110
Eight per cent preferred (guar.)
50c. June 15 Holders of roe. May 9
2
150 Isle Royale Copper
an2'24 Holders of reo. Dec.
Eight per cent preferred (guar.)
131 July 2 Holders of rec. June 150
1X June 15 Holders of rec. June la Jones a, Laughlin, pref. (ouar.)
Borden Co. .preferred (guar.)
75c. July 2 Holders of rec. June 8
June 15 Holders of rec. June la Kennecott Copper (guar.)
Boston Woven Hose & Rub., corn. (qu.) $1
July 2 Holders of rec. June 150
2
corn. (guar.)
3
June 15 Holders of rec. June la Kresge (S. S.) Co.,
Preferred (guar.)
134 July 2 }folders of rec. June 150
25e. July 1 Holders of rec. June 295
Preferred (guar.)
Bridgeport Machine Co. (guar.)
July 2 Holders of rec. June 14
82
25e. Oct. 1 Holders of rec. Sept. 204
Valley Coal Sales (guar.)
Lehigh
Quarterly
25c.
an1'24 Holders of rec. Dec. 201
Liggett & Myers Tobacco, pref.(Auer.). 131 July 2 Holders of rec. June I5a
Quarterly
1X Aug. 10 Holders of rec. Aug. g
230. Aprl'24 Holders of rec. Mar. 201
Lindsay Light, preferred (ouar.)
Quarterly
IX Nov. 8 Holders of roe. Nov. 50
4
June 30 Holders of coup.No.96a
Preferred (guar.)
British-American Tobacco, ordinary
IX Febli'24 Hold're of rec. Feb.7240
$1.75 June 15 Holders of rec. Apr 21
Preferred (guar.)
Buckeye Pipe Line (quar)
Sugar, pref. (guar.)
131 July 2 Holders of rec. June 15
(qUar.)--- 1X July 2 Holders of rec. June 20
Mental
Bucyrus Company, preferred
Mathieson Alkali Works, pref.(qu.)_ _ _ _ *134 July 2 *Holders of rec. Juno 20
July 2 Holders of rec. June 20
Pref. (extra) (account accum. diva.)-- 2
2% Sept. 1 Holders of rec. Aug. 153
June 30 Holders of rec. June zu
Machine (Qiar.)-May Department Stores corn. (quar.)
Burroughs Adding
131 July 2 Holders of rec. June 150
1X
(guar.)
rreferr
Bush Terminal 1.11dgs.. pref. (quar.)-- -- $1.50 July 2 Holders of rec. June 183
131 Oct. 1 Holders of rec. Sept. 150
June 15 Holders of rec. May 31a
Preferred (Ouan)
California Packing Corp. (guar.)
131 July 2 Holders of rec. June 20a McCord Radiator & Mfg., cl. A (qIL)._ 75c. July 1 June 21 to July 2
California Petroleum, pref. (guar.)
25e. July 1 Juno 21 to July 2
$1
June 25 Holders cf rec. June 83
Extra (for month of March)
Calumet & Arizona Mining (guar.)
$10 June 15 Holders of rec. Apr. 140 Morgenthaler Linotype (guar.)
234 June30 Holders of roc. June 60
Calumet & Heels Mining
e30c. July 1 Holders of rec. June 10
Oil (guar.) (in stock)
114 July 2 Holders of rec. June 15
Middle States
Canadian General Electric (guar.)
elOc. July 1 Holders of rec. June 10
2
Extra (payable in stock)
July 1 Holders of rec. June 22
Preferred (guar.)
Canadian Oil.
131 June 30 Holders of roe. June 90
IX June 15 Holders of rec. June 93 Midwest Oil, prof. (guar.)
Carter (William) Co., pref. (quar.)
Juno 14 Holders of roe. May 19
$1
Mohawk Mining
Case (J. I.) Thresh. Mach. pref. (qu.).. IX July 1 Holders of rec. June Ila
131 July 1 Holders of rec. June 20a
1X June 30 Holders of roc. June 15a Montgomery Ward & Co. pref.(guar.) common (quar.)...
Celluloid Company,
134 June 15 Holders of rec. May 31
2
Cottons, corn. (guar.)
Aug. 15 Holders of rec. July 310 Montreal
Preferred (quar.)
131 June 15 holders of rec. May 31
$1.25 Aug. 1 Holders of rec. July 16a
Preferred ((luar.)
Checker Cab Mfg., Class A (guar.)
50c. June 30 Holders of rec. June 80
$1.25 Nov. 1 Holders of rec. Oct. 150 Mother Lode Coalition Mining
Class A (guar.)
131 July 1 Holders of rec. June 20a
$1.25 Febl'24 Holders of rec. Jan15'24a
Motor Car Corporation. pref.(guar.)
Class A (guar.)
June 20 Holders of rec. June 11
3X June 30 Holders of rec. June 9
Motor Wheel Corporation (guar.)
Chesebrough Mfg. corn. (guar-)
12%c Juno 15 June 2 to June 15
(guar.)
1X June 30 Holders of rec. June 9
Mutual Oil
Preferred (guar.)
75e. July 14 Holders of rec. June 300
National Biscuit, common (guar.)
Chicago Miii & Lumber, Pref. (quar.). *1X July 2 *Holders of rec. June 23
131 June 30 Holders of rec. June 90
• 33 1-3c July 1 *Holders of rec. June 20
Nat. Enamel. & Stamp., pref. (quar.)__
Chicago Yellow Cab (monthly)
131 Sept. 29 Holders of rec. Sept. 10a
2
June 11 May 29 to June 11
Preferred (guar.)
Childs Co.,common (guar.)
131 Dec. 31 Holders of rec. Dec. Ila
131 June 11 May 29 to June 11
Preferred (guar.)
Preferred (guar.)
July 1 *Holders of rec. June 20
•3
Grocery, preferred
62Xc. June 30 Holders of rec. June 2
National
Chill Copper (guar.)
Juno 30 llolders of rec. June 150
National Lead, common (guar.)
Cities Service
131 June 15 Holders of rec. May 250
Preferred (guar.)
scrip)
July 1 Holders of rec. J,
Ine 150
Common (monthly, pay. in cash
131 July 2 Holders of rec. June 11
National Sugar Refining (ouar.)
131 July 1 Holders of rec. I one 150
Common (pay. In corn, stock scrip)
2}:} July 2 'folders of rec. June 200
July 1 Holders of rec. June 15a National Surety (guar.)
Preferred and pref. B (monthly)
50c. June 15 Holders of rec. May 310
July 2 Holders of rec. June 27
National Transit
City Investing, common (guar.)
131 June 26 Holders of rec. June 16
July 2 Holders of rec. June 27
New River Co., preferred
Preferred (guar.)
July 1 Holders of rec. June 8a
Sept. 1 Holders of rec. Aug. 15
New York Air Brake, pref., class A (qu.) SI
Cleveland Stone(guar.)
231 July 16 Holders of rec. July 6
Sept. 1 Holders of rec. Aug. 15
New York Dock, pref
Extra
June 53
July 1 Holders of rec. June 150 North American Co.. common (quar.)_ _ 50c. July 2 Holders of rec.
Company, common (quar.)
Coca-Cola
730. July 2 Holders of rec. June 50
July 2 Holders of rec. June 1
Preferred (guar.)
Colonial Finance Corp., com.(quar.)_
July 1 IIolders of rec. June 8
5
Northern Pipe Line
July 2 Holders of rec. June 1
Preferred (guar.)
July 16 Ilolders of rec. July 7
2
July 10 Holders of rec. June 22a Nova Scotia Steel & Coal, pref. (quar.)_
Computing-Tabulating-Record. (oust.)75e. June 30 June 2 to June 24
July 16 Holders of rec. July 7a Ohio Oil (guar.)
Congoleum Company, common
10c. July 16 Holders of rec. June 300
July 2 Holders of rec. June 19
011 Lease Development Co.(No. 1)
T.) Co., corn.(quar.)
Connor (John
June 15 Holders of rec. May 9
$1
Osceola Consolidated Mining
July 2 Holders of rec. June 19
Preferred
$1
July 20 Holders of rec. June 150
July 1 Holders of rec. June 203 Pacific 011
Continental Can, Inc., Pref.(guar.).
131 Aug. 1 Holders of rec. July 20
Machinery, preferred (guar.)
15 May 26 to June 15
Package
June
Continental 011 (guar.)
1% June 15 Holders of rec. May 310
(guar.)
Packard Motor Car, pref.
June 15 June 2 to June 15
Cooper Corporation,Class A (quar.)_
d4
June 30 June 21 to June 30
July 2 June 16 to July 2
(quar.)
Pacolet Manufacturing, common
Corona Typewriter', common
July 1
Common (payable in common stock)_ _ *50
July 2 June 16 to July 2
June 30
First preferred (guar.)
•
3% June 30 Juno 21
July 2 June 16 to July 2
Preferred
June 15
Second preferred (guar.)
-Detroit Motor Car, corn. (quar.). •35c. July 1 *Holders of roc. June 15
1
(guar.)._
June 30 June 16 to July 1
Paige
Cramp (William) S.& E.Bldg.
•1X July I *Holders of rec.
June 15 Holders of rec. June la
1
Preferred (quar.)
Crane Co. com. ((War.)
June 30 Holders of rec. June 20
Si
1 X June 15 Holders of rec. June la Peerless Truck & Motor (guar.)
Preferred (guar.)
Public Utilities (Concluded).
Northern Ohio Tr. & Lt.6% pf. (qu.)... 1% July 2 Holders of rec. June 15
1X July 2 Holders of rec. June 15
Seven per cent pref. (guar.)
$1.50 July 1 June 16 to July 1
Northwestern Telegraph
1X July 1 Holders of rec. June 20a
Ohio Bell Telephone, pref. (guar.)
Pennsylvania Water & Power (quar.)... 1X July 2 Holders of rec. June 150
50c. June 15 Holders of rec. May 180
common (guar.)
Philadelphia Electric,
50c. June 15 Holders of ree. May 18a
Preferred (guar.)
June 15 *Holders of rec. June 1
Rochester & Syracuse, pref. (quar.)_ _ _ _ Si
San Joaquin L.& P. Corp., pref.(guar.) 1X June 15 Holders of rec. May 31
June 15 Holders of rec. May 31
Prior preferred (guar.)
July 1 June 2 to July 1
Second & 3d Sts.Pass. Ry.,Phila.(qu.). $3
62Xc July 25 Howlers of rec. June 30
Standard Gas & Electric, com.(No. 1)
June 15 Holders of rec. May 31
2
Pref.(guar.)
July 2 Holders of rec. June 9
Tennessee Electric Power,6% Pref.(qu.)
July 2 Holders of rec. June 9
Seven per cent preferred (guar.)
July 2 Holders of rec. June 200
Tr -City Ry.& Light, pref.(guar.)
$4.75 July 2 Holders of rec. June 15
I
Union Passenger Ry., Phila. _
United Gas Improvement, pref. (quar.) 87Xo. June 15 Holders of rec. May 31a
United Light & RallwtosX July 2 Holders of rec. June 15a
Participating preferred (extra)
X Oct. 2 Holders of rec. Sept.15a
Participating preferred (extra)
X Jan2'24 Holders of ree. Dec. 15a
Participating Preferred (extra)
of
United Light & Rys., common (guar.)- - 1 X Aug. 1 Holders of rec. Julyd16a
X Aug 1 Holders
rec. Julyddla
Common (extra)
di/Ay 2 Holders of rec dJune 150
6% first pref.(guar.)
3
July 20 Holders of rec. Dec. 31
Ry. & Power, preferred
Virginia
X June 30 Holders of ree.dJune 15a
West Penn Co., common (guar.)
13d June 15 Holders of rec. June 1
West Penn Rye.. pref. (guar}
185 July 2 Holders of rec. June 15
Passenger Ry
West Philadelphia
June 30 June 21 to July 1
$3
Worcester Electric Light
June 30 June 21 to July 1
88
Extra
Name of Company.
2609
THE CHRONICLE
JUNE 9 1923.]
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 2. 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).
10c. June 25 Holders of rec. June I50
Pennok 011 (guar.)
10c. June 25 Holders of rec. June 150
Extra
50e. June 30 Holders of rec. June 15a
Phillips Petroleum (guar.)
June 30 Holders of rec. June 150
$1
Extra
June 30 Holders of rec. June 150
050
Stock dividend
Pierce-Arrow Motor Car, prior pref.(qu.) 52 July 2 Holders of rec. June 15
Pittsburgh Rolls Corp., pref. (quar.)
114 July 1 Holders of rec. June 250
Procter & Gamble Co.6% pref. (guar.) 114 June 15 Holders of rec. May 250
Producers& Refiners Corp.,corn.(guar.) 31
June 15 Holders of rec. June la
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Provincial Paper Mills, cone.(quar.)_ _ _
134 July 2 Holders of rec. June 15
(Stated in thousands of dollars-that is, three ciphers (0001 omitted.)
Preferred (guar.)
131 July 2 Holders of rec. June 15
New 1
15( July 1 Holders of rec. June 15a
Pure 011 Co.614% pref.(quar.)
Reserve
Capital Profits. Loans,
8% preferred (guar.)
July 1 Holders of rec. June 15a
2
with
Net
Time , Bask
scount, Cash
Week ending
6% preferred (guar.)
1% July 1 Holders of rec. June 15
Legal Demand
in
De- CircaJune 2 1923. Nat'l, April 3 nvestQuaker Oats, corn. (guar.)
July 16 Holders of rec. July 2a
3
tate, Mar.27 ments, Vault. Dcpost Deposits. posits. la134 Aug. 31 Holders of rec. Aug. la
Preferred (guar.)
tortes.
BOW.
&c.
(000 omitted.) Tr.Cos,Mar 27
Railway Steel-Spring,common (guar.)._
June 30 Holders of rea. June 16a
2
Preferred (guar.)
114 June 20 Holders of rec. June 7a
'go.
Members of Fed. Res. Bank. Average Average Average Average Averaged,
Reo Motor Car, common (guar.)
15e. July 2 June 1 to July 1
8
$
88
Bank of N Y AL
$
Common (extra)
60c. July 2 June 1 to July 1
45,244 6,397:
6,148
77
62,771
Trust Co_ _ _ _ 4,000 11,813
Common (payable in common stock)-- 10
July 2 June 1 to July 1
101,446 19,289
Republic Iron & Steel, pref.(guar.)
114 July 2 Holders of rec. June 150 Bk of Manhat'n 10,000 13,288 128,453 2,362 13,837
145,069 3,938
999
Pref. (acct. accumulated dividends)._ h2
July 2 Holders of rec. June 150 Mech& Alec Nat 10,000 16.894 154,637 4,630 19,73
68,335 2,681
69,717 1,304 9,093
Bank of Americ
5,500 4,676
Reynolds Spring, A & B stocks (quar.)
14 July 1 Holders of rec. June 11
550,596 63.404 2,154
Nat City Bank- 40,000 .50,362 502.586 4,823 55,776
St. Joseph Lead Co.(guar.)
250. Sept.20 Sept. 9 to Sept.20
96,148 6,435 342
Chem Nat Bank 4,500 16,438 113,833. 1,137 13,169
Extra
25e. Sept.20 Sept. 9 to Sept.20
3.497
528
72
17
299
5,147
171
Nat Butch & D
500
25c. Dec. 20 Dec. 9 to Dec. 20
Quarterly
82,164 7,643 4,969
97,649 1,137 10,92
Amer Each Nat 5.000 7,662
Extra
25c. Dec. 20 Dec. 9 to Dec. 20
251.185 13.608
_
975 33,33
Aug. 150 Nat Bk of Corn- 25.000 37,511 317,553
Sept. 1 Holders of rec.
Schulte Retail Stores, corn.(in pref.stk.) m$2
24.800 1.271
974 3,62
24.564
Dec. 1 Holders of rec. Nov. 150 Pacific Bank.,, 1,000 1.729
Common (payable In preferred stock), w$2
120,554 23,312 6,102
Mr.i'24 Hold,of rec. Feb. 15'240 Chat& Phen Nat 10,500 9,092 150,337 5.022 17,477
m32
Common (payable in preferred stock)101.074
, 100
332 13,34
July 1 Holders of rec. June 150 Hanover Nat Bk 5,000 21,082 115,503
•2
Preferred (guar.)
152.197 24,309
3 1-3c July 2 Holders of rec. June 150 Corn Exchange_ 9,075 12,006 177,097 5,346 21,837
Seaboard 011 dr Gas (monthly)
25,346
3,32
se
33,449
June 150 Imp & Trad Nat 1,5
8.511
5261
114 July 1 Holders of rec.
Sears, Roebuck & Co., pref. (quar.)
120.811 7,1181 7,898
857 15,886
Sherwin-Williams Co., Can., corn.(qu.) 114 June 30 Holders of rec. June 15a National Park__ 10,000 23,291 160,283
12,553 2,797
.50
3161 1,74
15,2111
843
114 June 30 Holders of rec. June 15a East River Nat_ 1,000
Preferred (guar.)
174,503 29.358 7.517
478 23,711
First National__ 10,000 55,430 298,423
June 20 June 1 to June 10
5
Solar Refining Co
259,116 15,912
10,550 264,034' 4,846 .34,678
July 2 Holders of rec. June 15a Irving Bk-ColT 17,5
South Porto Rico Sugar, pref.(quar.)._ - 2
5.979
79
389 __ _ _
138
8,062
July 2 Holders of rec. June 15a Continental Bk.. 1,000
2
915
South West Pa. Pipe Lines (guar.)
291,801 34,616 1,097
10c June 20 Holders of rec. June 1
Chase National_ 20,000 22,508' 330,5661 4,408 39,855
Southern States Oil (monthly)
21,219
645 2,78
21.7901
500 2,618
Fifth Avenue__
July 20 Holders of rec. July 1
10
Stock dividend
501
8,61
400
499 1,1411
9,326;
930
50e. June 15 Holders of rec. May 21a Commonwealth_
Standard 011 (California) (quar.)
15,13
15, 398
4001 1,96
15,932:
Garfield Nat.__ 1,000 1,585
6214o. June 15 May 17 to June 14
Standard 011 (Indiana) (guar.)
791. 249
16,623
20,159
982
210' 2.215
50c. June 15 Holders of rec. May 310 Fifth National__ 1,200
Standard 011 (Kansas) (guar.)
•51,
75.079 1,866
69
9,882
79.5011
July 2 *June 16 to July 2
Seaboard Nat__ 4,000 7,109
Standard Oil (Kentucky)(guar.)
414
938
13.203
717 1,758
1,500 1,300
15,7271
Coal & Iron Na
June 20 May 20 to June 20
5
Standard Oil (Nebraska)
_
June 15 Holders of rec. May 260 Bankers Trust__ 20,000 22,781 265,959, 1,045, 28,551 *222,909 33.380
Standard Oil of N.J.,corn.,$100 par(qu.) 1
46,137 3.733,
7751 6.198
51,813,
250. June 15 Holders of rec. May 260 U S Mtge & Tr_ 3,000 4,332
Common, 525 par (guar.)
15 Holders of rec. May 200 Guaranty Trus 25,000 18,289 374,424! 1,448 38,672 *357.014 59,064
Preferred (guar.)
151 June
18,719 1,280
386 2,475
22,3861
Fidel-InterTrust 2,000 1,910
35e. June 15 Holders of rec. May 21
Standard Oil of New York (guar.)
115,728 15,133
515 15,113
234 July 2 Holders of rec. May 25
N Y Trust Co__ 10,000 18,062 140,859'
Standard Oil (Ohio). common (quar.)_
34,247 2,792
576 4.506
38,609
2,000 3.900
Metropolitan T
Standard Steel Works
July 1 Holders of rec. June 30
5
*90,863 26,672
500 12,871
.
5,000 15,607 128,2531
Standard Textile Prod., pf. A & B (qu.)- 134 July 1 Holders of rec. June 150 Farm Loan dr T
2.540
25,42
710 3,763
151 July 2 Holders of rec. June 8a Columbia Bank_ 2,000 2,066 34,0411
Stromberg Carburetor (guar.)
*197,301 29,093
Sullivan Machinery (guar.)
July 16 *Holders of rec. June 30
Equitable Trust 20,000 9.1901 202,110, 1,307 22,53
*51
Swift & Co. (guar.)
2
July 1 Holders of rec. June 9
Swift International
90e. Aug. 15 Holders of rec. July 160 Total of averages 288.676435,450 4,450.7691 50.985493,211 c3,624,73 440,350,32,657
Texas Company (guar.)
750. June 30 Holders of rec .June 8a
--1
1
,4,459,7351 48,814 515,514 c3,653,266 436,593 32,713
Texas Gulf Sulphur (guar.)
41.50 June 15 Holders of rec. June la Totals, actual condition June 2
Texas Pacific Coal & Oil (guar.)
25e. June 30 Holders of rec. June 6a Totals, actual co ndition May 26.4.435,8031 50.029 491,813c3,610,208443,594 32,577
Todd Shipyards Corporation (guar.).
June 20 Holders of me. June la Totals, actual co ndition May 194,495.820 49,448493.78.5 c3.622,117 437,745 32,573
$2
Tonopah Extension Mining (guar.)._ _ *5c. July 2 *Holders of roe. June 9
Stare Banks Not Members of Fed'l 1Res've Bank.
19,062 1,724, 1.873
34!
19,410
Tuckett Tobacco, Ltd., common (qu.)._
July 14 Holders of rec. June 30
1
Greenwich Bank 1,000 2,214
371
5,8371
883'
409
250
2,85: 2,0881
Bowery Bank__
Preferred (guar.)
134 July 14 Holders of rec. June 30
2,500 4,7501 87,655, 3,624, 1 9301
30,182 53,8741
Underwood Typewriter, corn.(guar.)
214 July 1 Holders of rec. June 20 Stue Bank
.
Preferred (quar.)
134 July 1 Holders of rec. June 20
Union Carbide & Carbon (quar.)
3,750 7,8471 112,5541 5,7191 4.221
52.450 55,9961 ---$1 July 2 Holders cf rec. June 7a Total of average
United Cigar Stores, Preferred (quar.)
151 June 15 Holders of rec. May 310
United Drug.common
52,573 55,9741 134 Sept. 1 Holders of rec. Aug. 150 Totals, actual c ndltIon June 21 112,441 5,740 4,036
150 Totals, actual co ndition May 26, 112,774 5,852 4,337
United Dyewood, common (guar.)
134 July 2 Holders of rec. June
52,574 55,990 ---52,061 55,534! ---Preferred (guar.)
134 July 2 Holders of rec. June 15a Totals, actual co ndition May 19' 112,891' 5,745 4,472
Preferred (guar)
114 Oct. 1 Holders of rec. Sept. 150 Trust Companies Not Members of Fed''t Res'ie Bank
55,572 1,596, 3,930
134 Jan2'24 Holders of rec. Dec. 150 Title Guar Sr Tr 10,000 13,208
36,602 1.7261 -Preferred (guar.)
7171
United Paperboard, pref
July 2 Holders of rec. 70 June
6
18,2
Lawyers Tit & T 6,000 4,954, 27,753,
902, 1,900
Uulted Profit-Sharing Corp
150. July 2 Holders of rec. June 120
United Shoe Mach., com.(In com. stk.)_ 140
54.892 2,443
June 18 Holders of rec. May 5260 Total of average 16,000 18,1631 83,3251 2,4981, 5,836
U.S. Cast Iron Pipe & Fdy., pref. (qu.) 1% June 15 Holders of rec. June la
2,471
:1
Preferred (guar.)
53,
131 Sept. 15 Holders of rec. Sept. la Totals, actual co ndition June 21 82,4291 2,467, 5,855
Preferred (guar.)
2,43
1M Dec. 15 Holders of rec. Dec. la Totals, actual co ndition May 26, 83.285' 2,554 5,721
54,08
U.S. Gypsum,common (guar.)
June 30 June 16 to July 1
1
53,707 2,523
Totals, actual c ndition May 19, 83,0611 2,445, 5,7001
Preferred (quar.)
134 June 30 June 16 to July 1
U.S.Playing Card (guar.)($20 par)..,, El
Gr'd aggr.. aver.308,425461,462 4,646,648' 59.202503.262 13,732,079498.78932,657
July 1 Holders of roe. June 20
Stock ($100 par)
+73
July 1 Holders of rec. June 200 Comparison wit[h prey. week _ _1-24,019, +396+2,240 -4.943 +2,40
5
Extra ($20 par)
50c. July 1 Holders of rec. June 20
Stock ($100 par) (extra)
,
cond'n June 214,654,638' 57,027 525,405 Q3.759,644495 038132,713
234 July 1 Holders of rec. June 2014 Gr'd aggr.,
U.S. Printing a, Lithograph., com.(qu.) 154 July 1 Holders of rec. June 200 Comparison with prey. week - -1 +22,776-1.4O8+23534 +42,775-6,9 +136
First preferred (guar.)
114 July 1 Holders of rec. June 200
Second pref.(guar.)
134 July 1 Holders of rec. June 20
Gr'd aggr., act' cond'n May 26 4,631,862 58,435501,871 3.716.869502,021132.577
U.S. Realty Sr Improvement,common_
2
June 15 Holders cf rec. June 5a Gr'd aggr., act' ,cond'n May 19 4,691,772 57,638503,965 3,727,885 496.10 32,573
Preferred (guar.)
151 Aug. 1 Holders of rec. July 200 Gr'd aggr., act''cond'n May 124,654,648' 59.476500.606 3.722,4251508.593,32.207
United States Steel Corp .corn.(guar.). 151 June 29 May 30 to MAY 31 Gr'd aggr.. acel cond'n May 54.696.470 60.157503,055 3.714.6801505.356(31,982
U. S. Title Guaranty (guar.)
2
June 15 Holders of rec. May 31a Gr'd aggr., aa'l cond'n Apr. 284.710,807, 58,778502,758 3,726,710495,182131,726
Utah Apex Mining (guar.)
250. June 15 Jan. 1 to June 14
Gr'd aggr., acPleond'n Apr. 214.674,432, 58,526514,919 3,769.745494,37 21,863
Extra
25c. June 15 June 1 to June 14
Utah Copper (guar.)
Note.
-U. S. deposits deducted from net demand deposits In the general tots
June 30 Holders of rec. June 8a
$1
Vacuum Oil
June 20 Holders of rec. May 310 above were as follows: Average total June 2, 557,755,000; actual totals June 2
81
Valvoline 011, common (guar.)
of roc. June I20 543,289,000; May 26, 567,627,000; May 19, 5148,802,000: May 12. 581.355.000
234 June 15 'folders
Virginia Iron, Coal & Coke,com
2
July 2 Holders of rec. June 160 May 5, $90,392,000. Bills payable ,rediscounts, acceptances and other liabilities,
Preferred
231 July 2 Holders of rec. June 160 average for week June 2,5474,919,000; May 26, $453,369,000: May 19,$457,910,000:
Vivaudou (V.) (guar.)
500. June 15 Holders of roe. June la
May 12, $499,051,000; May 5, $520,736,000. Actual totals June 2, 8473.867.000:
Vulcan Dctinning, pref. & pref. A(MO - 151 July 20 Holders of rec. July 9a May 26, 5456,461,000; May 19, $441,269,000; May 12, 1473,614,000; May 5, 1523,Wabasso Cotton (quar.)
El
July 3 Holders of rec. June 15
027,000.
Wahl Co., corn. (monthly)
50c. July 1 Holders of rec. June 23
• Includes deposits in foreign branches not included in total footings as follow'
Preferred (guar.)
134 July 1 Holders of rec. June 23
National City Bank, $139,657,000: Bankers Trust Co.. 514.061,000; Guarantl
Waldorf System, corn. (guar.)
3151c July 2 Holders of rec. June 200 Trust Co., $78,228,000; Farmers' Loan & Trust Co., 575,000; Equitable Trust Co.,
First and second preferred (guar.)- - 20c. Ally 2 Holders of rec. June 20
533,922,000. Balances carried in banks In foreign countries as reserve for such
Walworth Mfg.,corn.(guar.)
35e. June 15 Holders of rec. June 50 deposits were: National City Bank. $22,511,000; Bankers Trust Co., 82.804.000:
Preferred (guar.)
75e. June 30 Holders of rec. June 200 Guaranty Trust Co., $5,685,000; Farmers' Loan Sr Trust Co., 175,000; Equitable
Wamsutta Mills (guar.)
134 June 15 Holders of rec. May 0
Trust Co., $3,321,000. c Deposits in foreign branches not included.
Wanner Malleable Casting, Cl. A, corn_ •6234c July 1 *Holders of rec. June 15
Warner Sugar Refining, pref. (guar.) _
134 June 15 Holders of rec. June 180
The reserve position of the different groups of institutions
Weber & Ileilbroner, common (guar.)
50e. June 29 Holders of rec. June 150
Wells. Fargo dr Co
131 June 20 Holders of rec. May 190 on the basis of both the averages for the week and the actual
Western Canada Flour Mills (quar.)_
2
June 15 June 6 to June 15
condition at the end of the week is shown M the following two
White Motor Co. (guar.)
$1
June 30 Holders of ref. June 200
Worthington Pump & Mach., pt. A (qu.) 151 July 2 Holders of rec. June 200 tables..
Preferred 13 (guar.)
155 July 2 Holders of rec. June 200 STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Wrigley (Wm.) Jr. Co., corn. (mthly.)_ 50c. July 2 June 26 to July 1
AND TRUST COMPANIES.
Yale & Towne Mfg. (quar.)
31
July 1. Holders of rec. June d9
Yellow Cab Mfg. clam B (monthly)..... •50c. July 1 *Holders of rec. June 20
Averages.
Youngstown Sheet de Tube, corn.(qtr.)
- 81.25 June 30 Holders of rec. June 152
Preferred (guar.)
134 June 30 Holders of rec. June 15a
Reserve
Cash
a
• From unofficial sources. f The New York Stock Exchange has ruled that stock
Reserve
in
Total
Surplus
Reserve
will not he quoted ex-dividend on this date and not until further notice.
The
in Vault. Depositaries Reserve.
Reserve.
Required.
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
Members Federal
$
a Transfer books not closed for this dividend. d
Reserve banks_
Payable in stock.
493,211,000 493,211,000 484,426,310 8,784,690
Correct ion.
499,000
I Payable in common stock. g Payable in scrip. It On account of accumulated State banks*
5,719,000 4,221,000 9,940,000 9,441,000
94,200
dividends. k Subject to approval of stockholders. m Payable in preferred stock. Trust companies.2,498,000 5,830,000 8,328,000 .8.233,800
n All transfers received in order In London on or
before June 11 will be in time
Total June 2...._. 8,217,000 503,262,000 511,479,000 502,101.110 9,377,890
or payment of dividend to transferee.
Total May 28..
8,232,000 501,022,000 509,254,000 502,629,300 6,624.700
o Philadelphia Stock Exchange has ruled that Amer. Stores common stock shall not
Total May 19_ _
8,019,000 503,741,000 511,760,000 501.067.000 10,692,960
sell ex the stock dividend on May 28 and not until further notice.
Total May 12
8,110,000 501,515,000 509,625,000 499,849,080 9,775,920
r For quarters ending Mar. 31 and June 30, 1923
*Not members of Federal Reserve Bank.
Boston Stock Exchange has ruled that United Shoe Machinery com, shall not
o
a This is the reserve required on net demand deposits in the case of State ',ante
be quoted ex the stock dividend on May 25 and not until June 15.
and trust companies, but in the case of members of the Federal Reserve Bank
To cover first and second Installments of 1922 income tax a deduction of 60c. is includes also amount in reserve required on net time deposits, which was as follovrs:
to be made from the Union Passenger Ry, dividend and 63e. from the West Phila. June 2, 613,210,500; May 26, $13,138,260; May 19, 513,150,980; May 12, $13,372,Pass. fly.
980.
kl
•
2610
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Total
Total
Total
Total
Surplus
Reserve.
Reserve
Bemired.
Total
Re
-serve.
-
I
$
$
$
515,514,000 515,514,000 488,022,370 27,491,630
318.860
5,746,000 4,036.000 9,782,000 9.463,140
251.250
2,467,000 5,855,000 8,322,000 8,070.750
June
May 26___ May 19____
May 12____
8,213,000 525,405,000 533,618,000 505,556,260 28,061,740
8.406.000 501,871,000 510.277,000500.211.230 10,065.770
8,190,000 503,965,000 512,155,000 501,434,590 10,720,410
7,969,000 500,606,000 508,575,000 501,097,080 7,477,920
Members Federal
Reserve banks_
State banks.
Trust companies-
[VOL. 116.
THE CHRONICLE
•Not members of Federal Reserve Bank.
e This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: June 2,
$13,097,790; May 26, $13,307,820: May 19, $13,132,350; May 12, $13,507,890.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS
ne 6
1923.
Changes from
previous week.
May 23
1923.
May 30
1923.
$
$
$
$
Capital
60.000,000 Unchanged
60.000.000 60.000,000
82,985,000 Unchanged
Surplus and profits
82,985.000 82,985,000
Loans, disc'ts & investments_ 851,256,000 Dec. 4,669.000 855,925.000 859,977,000
Individual deposits, Incl. U.S 615,861,000 Inc. 2,401,000 613,460,000 618,120,000
117.253,000 Inc. 4,166.000 11.3,087,000 114,552,000
Due to banks
116,702,000 Inc.
Time deposits
20.000 116.682,000 116,560.000
United States deposits ____ 12,082,000 Dec. 5,273,000 17,355.000 24,329,000
Exchanges for Clearing House 28,820,000 Inc. 4,804.000 24,016.000 23.968,000
Due from other banks
71,240,000 Inc. 6,026,000 65,214,000 72,398,000
70,354,000 Inc.
Res.In Fed. Res. Bank
185,000 70.169.000 69,914,000
593,0001 8,724,000 8,804,006
Cash In bank and F. R. Bank 9,317.000 Inc.
Reserve excess in bank and
I
2,669,000 Inc.
555,0001 2,114,000 1,996,000
Federal Reserve Bank ___
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust comreturn for the week ending Juno 2, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished by State Banking Department.)
Differencefrom
vaults" is not a part of legal.reserve. For trust companies
June 2.
previous week.
Loans and investments
$792,862,100 Inc. $1,508.700 not members of the Federal Reserve System the reserve
Gold
2,948,300 Dec.
36.500 required is 10% on demand deposits and includes "Reserve
Currency and bank notes
19,411,800 Dec.
7,200
Deposits with Federal Reserve Bank of New York
234,800 with legal depositaries" and "Cash in vaults."
67,337,100 Inc.
Total deposits
826,298,700 Inc. 2,025.300
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.car,exchanges and U.S. deposits 776,837,300 Inc. 6,778.200
Reserve on deposits
120,536,300 Inc.
195,600
Percentage of reserve, 20.2%.
RESERVE.
—Trust Companies—
—State Banks—
Cash in vault
4128,364,100 16.09%
S61,333,100 14.60%
Deposits in banks and trust cos____ 8,245,700 4.67%
22,593,400
5.38%
Total
$83,926,500
$36,609,800 20.76%
19.98%
•Includes deposits with the Federal Reserve Dank of New York, which for the
State banks and trust companies combined on May 19 was $67,337,100.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Imes:menu.
Week ended—
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
April 7
April 14
April 21
April 28
May 5
May 12
May 19
May 26
June 2
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
3
5,496,199,200
5,492,303,000
5,483,962,900
5,513,445,100
5,475,408.000
5,479,843,100
5,512,494,700
5,537,333,300
5,570,520,000
5,493.107,700
5,468,632,300
5.460,114,300
5,510.009,400
5.463.426,500
5,467.535.100
5362,020.400
5,439,510,100
S
4,718,679,400
4,722,504,900
4.715,552,100
4,733,493,300
4,644,941,800
4,623,173.900
4,545,082.400
4,507,057,500
4,567,506.400
4,512,461,300
4,612,747,600
4,509.913,200
4,519,156,700
4,490,698,600
4,502.613.100
4.507.081,100
4,508,916,300
$
83,018,000
81,336.300
81,328,900
81,535,300
81,540,500
80.732.900
80,172,800
81,393,300
81,957.300
83.888.200
80,217.400
81.096.800
81,002,800
84.636,600
80,913.000
81,209,800
81.562.100
$
624,211,400
631.693,900
627,981,800
631,333,500
614,759,800
620.097.100
601,462.000
596.099,900
609,873.700
599,800,800
608,409.400
597,771,500
605.751400
601,740.600
604,685.100
598,958,900
601 438 2nn
New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Loans
Net
Reserve
Net
CLEARING
Capital.Proffir • DieNet
Nall
counts Cash
with Demand Time
NON-MEMBERS
Bank
Legal
Nat.bks.Apr. 3 Invest- in
DeDeCireuWeek ending StatebksMar27 meets, Vault. Deposi- posits, posits. latton
tortes.
1923.
3 rte.
June 2
. cos. Apr.
Total
$
1.500
500
Average Average Average Average Average Average
$
$
$
$
$
$
$
156 1,114
1,167 10,901
7,439
508
198
52:
19
1,447 10.323
1,943 7,090
_ .... _
2,000
2,614 21,224
176
1,642
State Banks Not Members of Federal Reserve Ban
687
316
200
352 6,070
Bank of Wash.Hts
800 2,017 21,000 2,492 1,293
Colonial Bank
5,272
20.850
7,598
198
1,609
26,122
1,290
4,131
5.603
$5,000.0
14,713.0
45,015,0
746,0
31,0
836,0
30,423,0
882,0
32.141,0
1
1
$44,125,0
119,251.0
761,754.0
32,258,0
101,541.0
122,859.0
671,466,0
62,071,0
749:986.
639 1.
0
4,348,0
:0
m:068 0
4 343
1.459,0
5,807.0
4,616,0
1,191,0
56,963,0
9,792,0
66.755,0
56.878,0
9.877,0
May 19
1923.
$44.125,0
119,251,0
763,697,0
28,625,0
98,047,0
119,239,0
568,641,0
51,750.0
739,630,0
16,264,0
3,918.0
56,751,0
11.367,0
72,036,0
61,352.0
10,684,0
544,125,0
119,221.0
769,095.0
31,793,0
105,430,0
119.440,0
579,317,0
48,861,0
747,618,0
28,140,0
3,821.0
57,156,0
11,112,0
72.089,0
61,948,0
10,141,0
11,251,0
72.562,0
61,494,0
11.068,0
•Cash in vault not counted as reserve for Federal Reserve members.
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 6 1923 in
comparison with the previous week and the corresponding
date last year:
June 7 1922.
Resources—
Gold and gold certificates
Gold settlement fund—F. R. Board_
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Reserves other than gold
June 13 1923. May 29 1923.
$
180,231,057 173,977,308
212,572.140 228,534.760
$
215,127,000
149,420,006
402,512.069
637,799.970
7,590,582
364,547,000
798,570,000
8,882,000
392,803,198
637,699,370
7,013,632
1,037,516,201 1,047,902,622 1,171,999.000
24,297,006
17,812,385
20,105,636
1 057,621,837 1,065,715,007 1,196,296.000
Total reserves
10,980,805
7,325,881
•Non-reserve cash
Bills discounted:
23,274,000
Secured by U. S. Govt. obligations... 153,420,934 127,710,819
16,028,000
40,998,267
43.414,023
All other
37,910,000
74,058.094
75,499,917
open market
Bills bought In
268,477,296
Total bills on hand
6,965,250
U. S. bonds and notes
U. S. certificates of indebtedness—
One-year certificates' (Pittman Act)...
14,182,500
All other
246,624,759
7,384,550
77,212,000
47,927,000
5,841,600
21,000,000
122,902,000.
289,625.046
Total earning Meets
12,066,080
Bank premises
redemp.fund agst. F.R.bank notes.
6%
122,826,874
Uncollected items
1,377.894
All other resources
259,850,809
12,002,990
119.439,102
1,819,906
269,041,000
8,470,000
946,000
104,754.000
4,504,000
1,494,498,538 1.466,213,696 1,584,011,000
Liabilities—
Capital paid In
Surplus
Deposits—
Government
Member banks—Reserve account
All other
29,186.100
59,799,523
29,184.300
59,799,623
27,483,000
60,197,000
14,722,762
704,989,760
16,127.605
10,865,445
680,127,761
16,564,443
18,601,000
743,189,000
11,337,000
735,840,118
Total
5138,598,454
F. R. notes In actual circulation
F. R. bank notes in circu'n—net liabilitY _ . .
97,100,248
Deferred availability Items
3,914,093
All other liabilities
707,547,651
566,030,217
773,127,000
620,153.000
17,395,000
81,240,000
4,416,000
Total liabilities
99,684,109
3,967,805
,
1,494,498,538 1,466,213,696 1,584,011,000
83.7%
8,326,767
85.9%
13,816,314
5,603
4,131
$39,125,0
104.538,0
716,739,0
31,512.0
101.510.0
122.023.0
541.043.0
51.189.0
714,255,0
May 26
1923.
Total.
Ratio of total reeerves to deposit and
81.1%
F. R. note liabilities combined
Contingent liability on bills purchased
7,899,167
foreign correspondents
for
• Not shown separately prior to Jarmarv 1.44
1,290
['rust Company Not Members of Fed. Reserve Bank
370
500
348 9,877
289
Mech.Tr.,Bayonn
Total
1,000
2,370 27,070
3,179
9,382
Capital
Surplus and profits
Loans, dlafts & Investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not incl.)_
Res've with legal deposit's
Reserve with F. R. Bank__
Cash In vault.
Total reserve and cash held
Reserve required
Excess res. & cash in vault
Total resources
(Stated in thousands of dollars—that is, three ciphers [000] omitted.)
Members of
Fed. Res. Bank.
Battery Park Nat_
W.R.Grace dr Co.
Week ending June 2 1923.
Trust
Two Ciphers (00) omitted Membersof
F.R.System Companies
CURRENT NOTICES.
Total
600
348
9.877
370
289
---
3,500 5,333 58,171
3caad aggregate
+713
lomparison with previous week. _
3,724
—146
3,540 a39.634 14,491
—32
—903 +226
198
—1
58.095
58.165
58.137
57.702
3.870
3.886'
3,871
3.790
3,672
3,687
3,591
3.425
199
18
198
197
led aggr.. May 26
It'd agar., May 19
)r'daggr., Slay 12
3rd sear May 5
3,500
3,500
3,500
3.500
5,333
5.333
5.333
5.313
a40,53
a41,617
a40,875
a30,482
14.2115
14.007
14,527
15,159
a United States deposits deducted. $462.000,
Bills payable, rediscounts, acceptauces and other liabilities. $1,239,003.
Excess reserve, $16,070 decrease.
—Merrill, Lynch & Co. have Issued a comprehensive analysis of F. W.
Woolworth Common stock, which is the third of their 1923 series of analyses
of chain store securities. Copies will be furnished upon request.
—The Chatham & Phenix National Bank, New York, has been appointed transfer agent for 1,000,000 shares of Common stock of the Roamer
Motor Car Co. of Kalamazoo, Mich.
—Kissel, Kinnicutt & Co. announce that George M. Shepherd has become associated with their New York office, In charge of the sales depart'
ment.
JUNE 9 1923.]
THE CHRONICLE
2611
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 7, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present, the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 2579, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE
1
June 6 1923. May 29 1923.1May 23 1923. May 16 1923. May 9 1923. May 2 1923. A prU 25 1923.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. It. Board
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
$
346,800,000
677,179,000
1
$
$
341,175,0001 347,320,000
702,308,000! 698,872,000
3
344,043,000
686,707,000
$
323,062,000
706,261.000
S
317,740,000
693,564,000
323,822.000
695,630.000
6 1923
pr1218 1923.IJune 7 1922.
$
326.375.000
659.887.000
323,745,000
502,204,000
1,023,979.000 1,043,483,000 1.046,192.000 1,030,750,000 1,029.323,000 1.011,304,000 1.019,452,000 986.262.000 825.949,000
2,031,421,000 2,011,734.000 1,993.724,000 1,999,818,000 2.005,066.000 2,005,998,000 2,007,555,000 2.036.490.000 2.128,242.000
53,545,000
57,317,000
53,379.000
57.562.000
59.870.000
58,266,000
54,474,000
55,881,000
63.277.000
1
3,113,666.000 3,108.762,000 3,093.295.000'3,087,885.000 3,088.863,000 3,080,579,000 3.084.569.000 3.082.622 000 3,010,072,000
86,735,000, 94,488.000
93.166,000
95.920,000 123,994,000
84,552,000
94,473.000
92,557.000
93.809,000
Total gold reserves
Reserves other than gold
Total reserves
3,198,218,000 3,195,497,000 3,187,783,000 3,181.051,000 3,181,420,000 3,174.383.000 3,179,042.000 3,178,542.00013,134,066,000
°Non-reserve cash
61,245,000i 68,731,000
67.225,000
71,908,000
66,642,000
70,691.000
67.726,000
61.642,000
(*)
Bills discounted:
Secured by U. S. Govt. obligationa_ _ 384,131,000 371,533,000, 366,803,000 360,200.000 358.637,000 362,633,000 339,880,000 334,611.000 148,949.000
350,790,000 359,462,000 333,510.000 337.131.000 336,380.000 367.707,000 296,717,000 308.851.000 271,305,000
Other bills discounted
248,234,000 257,818.000, 270 850,000 281,609,000 266.992,000 275.129.000 274.041,000 277.447.000 136,183,000
Bills bought in open market
1
983,155,000
141,877,000
40,874,000
Total bills on hand
U. 8. bonds and notes
U. S. certificates of indebtedness
Other certificates
Municipal warrants
1
55,000
988.813.000' 971,163,000
152,011,000, 150,890,000
37,277,0001
56,069.1.00
55,000!
978,940.000
151,663.000
37,226,000
55,000
40,000
962,009.000 1,005.769.000
148,960.000 147,993.000
36,854,000
36,779.000
40,000
40.000
910,638,000
157.030.000
36,780.000
920.909,000
155.910,000
79.097.000
41.000
41.000
556,437.000
243.775,000
374,101,000
1,165,961,000 1,178,156,000 1,178,177,000 1,167,869.000 1,147,863,000 1,190.581.000 1,104.489.000 1.158.957.000 1,174,313,000
Total earning assets
51,251,000
51,164,000
50,484,000
49.692.000
50,932.000
50,155,000
40,994.000
50.059.000
49.915.000
flank premises
7,518.000
191,0001
191.000
191.000
191,000
191.000
191.000
191,000
191.000
redemp. fund agst. F. R. bank notes
5%
609,959,000 572,394,000 615.373,000 734.416.000 600,831.000 640,543,010 622.644.000 723.336.000 525,893,000
Uncollected items
20.684,000
14,734,000, 14,366,000
13.871.000
14,216,000
14.065.000
14,057,000
13,811.000
14,199,000
All other resources
5,111,704,000 5,073.381,000 5,115,553.000 5,214.710,000 5,061.997,000 5,131,603.000 5,041,067.000 5.191,814,000 4,903,468,000
Total resources
LIABILITIES.
Capital paid In
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
109,363,000 109,348,000' 109,278,000 109,273,000 109,029,000 108,822.000 108.857.000 108.649.000 104,859,000
218,369,000 218,309,000 218,369,000 218.369.000 218.369,000 218,369.000 218,309,000 218.369.000 215,398,000
39,574,000
50,870,000
22,616,000
6.332,000
41,439,000
56.057,000
49,033.000
44.936.000
34,692.000
1,895,629.000 1,874,106,000 1,930.519.000 1,907,893,000 1.886.455,000 1,894.651.000 1,853,935.000 1.924,525.000 1,823,961,000
33,455,000
29.530,000
49,4290.0
28,599,000
36,041,000
29,741,000
40,114,000
19,918,000
21.540.000
Total deposits
1,976,029,000 1,951,580,000 1,986,280.000 1,993,691,000 1,937,670,000 1,983,848,000 1,908,543.000 1.991.001.000 1,896.990,000
F. It. notes in actual circulation
2.250.213.0002,250.217.000 2,227,700,000 2,232,999.000 2,241,810.000 2.237.505,000 2,222.588.000 2.220.251.000 2,141,531,000
F. R.bank notes in circulation-net ilab
71.812.000
1,628,000
1,653.000
2,065.000
1,752.000
1,878.000
2.299,000
2.443.000
2.287.000
Deferred availability Items
537,938,000 524,323,000 554.650.000 641,510,000 5313,219,000 5134.78 .000 5134,398,000 635.966,000 450,497,000
l'other liabilities
22,381,000
18,164,000
17,623,000
17,786,000
16.990.001
16,826,000
15,972.000
15.135.000
16.025.000
Total liabilities
5,111,704,000 5.073,381,000 5,115,553.000 5,214,700,000 5,061.997,000 5.131,603,000 5,041,067.000 5.191.814.000 4,903.468,000
ot gold reserves to deposit and
0. It. note liabilities combined
73.7%
73.4%
74.5%
73.91%
72.98%
73.06%
74.0%
73.2%
74.67%
Ratio of total reserves to deposit and
F. R. note liabllities combined
75.7%
76.1%
76.1%
77.6%
75.6%
75.3%
75.2%
77.0%
75.5%
Contingent liability on bills purchased
for foreign correspondents.
28.766.000
34,556,000
29,243,000
29,245,000
23,677,000
33,615,000
33,235.000
33.085.000
Distribution by Maturities
1-15 days bills bought in open market
1-15 days bills discounted
1-16 days 17. S. certif. of indebtedness.
1-15 days municipal warrants
18-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
81-60 days bills bought in open market.
81-60 days bills discounted
81-60 days U. S. certif. of Indebtedness_
81-60 days municipal warrants
61-90 days bills bought In open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness....
Over 110 days municipal warrants
$
98,320.000
508.613,000
11,103,000
$
89,430,000
508,360.000
4,846,000
57,945,000
51,960,000
s
s
$
80,532,000
466,104,000
61,748,000
54,923,000
1,643.000
$
86,329,000
472.296,000
22,129,000
a
65.035,000
58,737,000
2.151,000
40,000
57,045,000
83,421,000
74,037,000
82,487,000
83,348.000
83,542,000
95,755,000
81,841.000
92.420,000
M424 0
547:0
0
08,994.000
86, 13 000
2 1:0 0
4
0
98.385.000
83,264,000
670.000
79.702.000
81.027.000
15,000
28,686,000
47,569,000
55.000
23,972,000
44,549,000
40,000
27,444,000
46,941.000
40.000
32,359.000
52,277.000
45,541,000
51,337,000
54,889,000
56.365.000
65,005.000
50.585,000
11:t12:: ,IMg:ge:
3,900,000
267,000
8,631,000
40,676,000
30.788,000
15.000
8,694,000
38,797,000
31.789,000
9,674,000
35.691.000
35.239.000
9,277.000
31,235,000
36,024,000
9,610.000
29,179.000
36,051,006
8.848.000
24,749.000
36.090.000
11,417.000
22,221.000
72,925.000
6,238,000
43,358,000
29,771,000
63,199,000
61.418,000
1.987,000
62,389,000
66,288,000
471,516.000 507.132.000
4_03.. 00
10 0 0
00
515.000
40.000
57,365,000
45,648.000
54,385,000
51,223.000
08
$
$
5
61.703,000
431,439,000 :4/,
'
70,9 3, 0
20.000
90 ,00
5
41,000
15 2;::":i(21
27,267,000
44.299.000
41,600.000
48,248,000
41,850,000
46,760,000
7,144,000
40,176,000
61,953,000
34,199,000
4,785,000
50,082,000
257.885,000
Federal Reserve Notes
Outstanding
Held by banks
2,835,228,000 2,615,206,000 2,607,238,000 2,595,925,000 2,599,266,000 2,599.440,000 2,601.820,000 2.595.432,000 2,526,949,000
385,015,000 364,989,000 379.538,000 362,926,000 357,447,000 361.935.000 379,232,000 375.181.000 385,418,000
In actual circulation
2,250,213,000 2,250.217,000 2.227.700,000 2.232,999,000 2.241,819,000 2,237.505.0(10 2.222.588.0)0 2,220.251,000 2,141.531,000
Amount chargeable to Fed. Res. A gent 3,472.137,000 3,467.464,000 3,448.275.000 3,451,253,000 3,447.299,000 3,427,903.000 3,417.345,000 3.427.962,000 3,294,971.000
In hands of Federal Reserve Agent
836,909.000 852.258.000 841.037,000 855,328.000 848,0:33.000 828.463.000 815.525.000 832.530,000 768,022,000
Issued to Federal Reserve banks____. 2,635,228,000 2,615,206.000 2.607,238.000 2,595,925,000 2.599,266.000 2,599.440.000 2.601.820.000 2.595.432,000 2.526,949,000
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
1
314.899,000 314,899,000 314.899.000 314,899,000 314,899.000 314,899.000 314,899.000 314,899.000 409.863,000
603,807,000 603,472,000' 613.514,000 598,107,000 594,200.000 593,442,000i 594.2(15.000 558.942.000 398,707,000
128,937,000 118,977.000 123,318.000 126.812,000 125,819,000 135.068.0001 119.1)82.000 123,761.000 128,804,000
1,587,585,000 1,577,858,000 1,555.507.000 1.558,107,000 1,564.348,000 1,556.031,000 1,573,574,000 1.597,830.000 1,589,575,000
2,635,228.000 2,615,206,000 2,607,238,000 2,595,925,000 2,599,266,000 2,599,440,000,2,601.820.00t 2,595,432,000 2,526,949,000
946,785.000
Eligible paper delivered to F Bharm(
• Not shown separately VIM to Jan. 1923.
949,832,000
929.895.000
939,942.000
927,711,000
962,877.000
877.446,000
879,878.000
540,254,000
WEEKLY STATEmENToy RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS JUNE 6 1923
Two ciphers win outlaw
Boston Ness York Phila. Cleveland Richmond .4115,90 Chtcapo
St Louis I Minnow) liran elly Dallas San Fran
Federal Reserve Bank of-Total
I
IS
S
RESOURCES.
$
S
1
E
$
E
$
$
I
S
17,211,0 180,231.0 25.225,0 12,783.0 8.855.0 5,973,0 50.201,0
gold certificates
Gold and
3,512,0 8.073,0 3.166,0 10.760,0 20,810,0 346,800,0
Gold settlement fund-F.R.Wrd 71,815,0 212,572,0 23,346,0 73.240,0 29,534.0 28.899,0 124,336.0 19,211,0 14,225,0 35.100,0 11.520,0 33.372,0 677.179,0
I
89.026.0 392,803,0 48,571.0 88.023,0 38.389,0 34.872,0 174,537,0
Total gold held by banks
22,723.0 22.298,0 38.256.0 22.289.0 54,182.0 1,023,979.0
173,973,0 637.699,0 173,346,0 212,232,0 32,612,0 94.384,0
Gold with F. R. Agents
2.031,421,0
11,184,0
7.014,0, 5,275,0 2,644,0 4,812,0 2,553,0 375,210.0 52,851,0 47.919,0 30.995,0 12,113.0 188 087,0
Gold redemption fund
58,266.0
10.671,0 4,146,0 1,772,0 3,555,0 1.072,0 3.568.0
1
274.183,0 1,037,516,0 227.192.0300.8119,0 75,813,0
Total gold reserves
3,113,666,0
5,063,0
20.106,01 4,574,0 4,455,0 5.217,0 131.8011.0560.4180' 79,720,0 71,989,0 72.816.0 35.474.0 245.837,0
Reserves other than gold
6,276,0 10,675,0 15,968,0
579.0 3.052,0 4.477,0 3.210,0, 84,552.0
1
,
'
280.146,0 1,057,622,0 231.766.0 305.354,0 81.030,0 138,035.0
Total reserves
571.093.0 95,688.0 72.568,0 75,868.0 39.951,0249,047.0 3,198,218.0
14,916,0
10,981.0 4,155,0 4,153,0 1,970.0 6,909,0 7,223,0
Non-reserve cash
5,271,0 2,118,0 3,497,0 3,536,0 7.179,0, 71%908,0
Bills discounted:
20,802,01 153,421.0, 42,106,0 24.584.0I
1
26.177,0 3.950.0 39,193.0 16,025,01 4.810,0i 17.954.0 3.890.0 31.219,01 384.131.0
Secured by U.S.Govt.obliga'nv
21,320,0
40,998,0 22,317,0 21,510.0 36.674.0 29.760.0 43,602.0
Other bills discounted
27.422.0 36.723.0 350.790,0
19,818,0
74,058,0 20,462.0 35,181,0 1.945,0 20.573,0 23,343,0 23,524,0 18,760.0 28,180,0 12.642.0 25,262.0 248,234,0
bought in open market
Bills
129,0
9,821,0
1
Total bills on hand
U. S. bonds and notes
(7.8. certificates of indebtedness
Municipal warrants
Total earning assets
_
61,940.0 268,477,0 84,885.0 81,275,0 64.7911.0 54,283,0 1 11,138.0 49.370,0
23.570.0 46.263.0 43.954.0 93.204.0 983.155,0
3,637,0
6.966,0 24,446,0 12.653,0 1,341,0
488,0 6.653,0 11,552,0 15,129.0 28,015,0 3,380.0 27,617.0 141,877.0
126,0
14,182,0
348.0 7,143,0
1,0 18.804,0
24,0
40,874,0
243,0
3,0
55,01
,
I
55,0
I
I
,
65.703.0
239.625,0 109,734,0 101,071,0 66.137,0 54,772,0 136,595.0 60.922,0 38,702,0 74,521,0 47.334,0 120.845,0 1,165.961.0
[Vol.. 116.
THE CHRONICLE
2612
RESOURCES (Concluded)Two ciphers (00) omitted.
lank premises
,% redemption fund
F. It. bank notes
Incollected items
III other resources
Bosses
against
8
4,434,0
New
Phila.
York
S
2,617,0
S
8,550,0
S
2,548,0
S
8,715,0
S
955.0
3
1,273,0
SanFran.
Dallas
Chicago Si. Louts Minneap. Ran. City
Cleveland Richmond Atlanta
S
719,0
S
12,066,0
3
2,496,0
S
1,942,0
3
4,936,0
Mat
$
51,251,0
191,0
26,0 - -- 100,0
65,0
122,827,0 51,608.0 62.743,0 56,276,0 24,339,0 84,039,0 37,394,0 14,981,0 37,229,0 25.526,0 37:308:0 609,959,0
14,216,0
179.0 1.782,0 1,115,0 2,134,0 4,564,0
930.0
478,0
606.0
401,0
537,0
1,378,0
120.449,0 421,439,0 5,111,704,0
421.000.0 1,494,499,0 398,519,0 482,477,0 208,431,0 227,131,0 808,660,0 200,409,0 131,424,0 197,266,0
55,689,0
112,0
Total resources
LIABILITIES.
Yapital paid In
kuplus
)eposlts: Government
Member bank-reserve acc't
Other deposits
Total deposits
'. R.notes in actual circulation-.
'. R. bank notes 111 circulation
-
net liability
)eferred availability Items
tll other liabilities
8,066,0
16,312,0
3,603,0
124,333,0
509,0
128,445,0
214,846,0
52.523,0
808,0
7,812,0
29,186,0 9,764,0 12,085,0 5,725,0 4,415,0 15,024,0 4,933,0 3,558,0 4,597,0 4,198,0 15,263,0 109,363,0
218,369,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398.0 9,665,0 7,473,0 9,488,0 7,498,0
50,870,0
945,0 1,637,0 15,861,0 2,616,0 1.938.0 1,380,0 1,704,0 2,138,0
2,667,0 1,658.0
14,723,0
704,990,0 116,403,0 159,558.0 61.073,0 58,487,0 276,940,0 70,029,0 46,773.0 79.287,0 48,827,0 148,929,0 1,895,629,0
29.530,0
324,0 4,076.0
839,0 1,562,0
893,0
459,0
809,0 1,596,0
357,0 1,979,0
16,127.0
735,840,0 119,879,0 162,812,0 62,477,0 60.481,0 294,780,0 73,538,0 49.550,0 82,229,0 50,855,0 155,143,0 1,976,029,0
568,599,0 202,694.0 227.403,0 77,997,0 133,502,0 401.993,0 74,900,0 54,936,0 60.432,0 28,045,0 204,866,0 2,250,213,0
385.0
490,0
1.828,0
753.0
958,0 63,903,0 36,349.0 14.761,0 39,095,0 27,454,0 36,577,0 537,938,0
97,160.0 46,093,0 55,125,0 50,065,0
935,0 2,016.0 1,778,0
18,164,0
879,0 18,833.0 1,809.0 1,024,0 1,146,0
3.914,0 1,340,0 1,557,0
Tote liabilities
421,000,0 1,494,499,0 398,519,0 482,477,0 208,431,0 227,131.0 808,660.0 200,409.0 131,424,0 197,266,0
Memoranda.
Lath) of total reserves to deposit
and F. R. note liabilities com53.2
69.5
64.5
82.0
71.2
78.3
81.1
57.7
71.8
81.6
bined, per cent
lontingent liability on bills pur995.0 1 259 0
1 C99 n 1 900 n 4 0700 1 2RR n
'1 109 n
9 Al st n
7 OM n
9.100 n
.....0
.......,............-.-
120.449,0 421,439,0 5,111.704,0
50.8
69.2
75.7
1.054.0
2.079.0
29.242.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JUNE 6 1923.
Federal
Reserve
Agent at
CkveVel!UMW('Atlanta Chicago St.Louit Minn. K. COY Dana Sea Fr
Boston. New York
(In Thousands of Dollars)
Resources81,350
Federal Reserve notes on hand
228,510
outstanding
Federal Reserve notes
Collateral security for Federal Reserve notes outstanding
25,300
Gold and gold certificates
20,673
Gold redemption fund
128,000
Gold Fund-Federal Reserve Board
54,537
Eligible paper!Amount required
7,403
I Excess amount held
318,840 40,200 31,220.
738,540 243,153 251,549;
1
235,531 7,000 13,275
31,168 12,457 13,9571
371,000 153,889 185,000'
100,841 69,807
39,3171
147,5841 2,477 41,481
Taal
29,450 79,040
85,821 138,463
117,300 25,890 10,982 33,563 18,574 50,100 836,909
449,897 93,506 59,427 68,589 30,702 247,071 2,635,228
2,400
3,817 3,984
28,795 88,000
53,209 44,079
9,984 10,065
8,481
314,899
11,880 13,052
11,565 3,471 2,867 2:S5'S 1,652 20,691 128,937
363,845 37,500 32,000 28,360 4,000 167,396 1,587,585
74,687 40,655 11,508 37,594 18,589 58,084 603,807
36,447 8,490 11,863 8,661 25,287 33.438 342,978
6,450,343
545,773 1,943,004528,983 575,799211,076 366,931 1,053,541 221,392 141,499 179,402 105,265 577,678
Total
Liabilities
Net amount of Federal Reserve notes received from
3,472.137
309,880 1,056,880 283.353 282,7691 115,271 218,403 567.197 119.396 70,409 102,152 49,276 297,171 2,031,421
Comptroller of the Currency
173,973 637,699 173,346 212,232, 32,612 94,384 375,210 52,851 47,919 30,995 12.113 188,087 946,785
Collateral received fromfGold
61.940 248,425 72,284 80,798, 83,193 54,144 111,134 49,145 23,171 46,255 43,876 92,420
Reserve BanklEligible paper
Federal
6,450,343
545,773 1,943,004 528,983 575,799 211,078 366.931 1,053,541 221,392 141,499 179,402 105,265 577,678
Total
93,506, 59,427 68,589 30,702 247,071 2,635,228
228,510 738.540243.153 251,549, 85,821 138,463 449,897
Federal Reserve notes outstanding
42,205, 385,015
13,664 169,9411 40,459, 24,1461 7,824! 4,9611 47,904 18,6061 4,4911 8,157, 2,657
Federal Reserve notes held by banks
Federal Rceerve notes in actual circulation
214,846
568.599 202,694 227,403 77.997 133,502
401.993 74,900 54,936 60,432 28,045 204,866 2,250,213
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 774 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dec. 29 1917, inee 2523. The comment af the Reserve Board upon the figures for the latest
Irma appear in our Department of "Current Events and Discussions" on page 2579.
•
omitted.
I. Data for all reporting member banks in each Federal Reserve District at close of business Slay 27-39 PUS. Three c pliers (NI)
Federal Reserve District.
Boston 'New Yuri Phila.
Cleveland Richmond Atlanta
77
52
11,091
121,065
327,174
41.429
7,820
62,612 584.887
335,798 1,156,000
14,473
135.116
305.967
11.256
54.522
174,319
7.455
78,979
360.456
$
5,400
46,927
195,820
774
• 66
$
266,535
14,960
173,040 3,7E9,544
809,822 7,773.756
459,330
30,331
31.877
4,598
11,288
3.002
50,742
406,230 1,782.316
25,165
12,880
91,861
14,484
12,711
2.119
7,175 126,509
23,628
8.387
35,633 358,607
455,546
15,332
21.702
9,024
23,257
7.854
104.611
240,097
8,786
11.817
1.225
29,271
2.973
29,219
446.890
11.921
44,1)12
4,912
24,019
7.856
60,335
248,147
20,118
14.545
2,239
17,113
6,567
9,036
997,822 11.839,835
279.391
35,329
104,307 1.001,686
98,410
13,641
991,751
47,437
129,732
14.976
158,663 2,164,264
928,408 1,853,8251 591,168
71,075, 108.595
37,551
15,9091
29,740; 13,287
692.3811 926,2111 327,578
98.009 561,869, 156,853
6,940
13,495
14,1711
486,908 2,420,797
32,462 203.569
55.505
9,822
276,062 1.516.121
171.881 785,341
3 661
6,5991 3 .
637.416
39,501
8,352
358.883
183,678
11.022
323,388
23.227
5,904
205,822
84.249
3,512
600,845
49.725
12,566
431,957
131.807
3.566
317,765 1,369,175 16,505.062
24,147 101,474 1,385,551
281,879
22,385
8,837
220,570 723,698 11.172,706
73,667 586,569 4,004,052
191,646
11,831
3,077
21.376
22,744
9,170
9.484
5,630
5,595
17,598
14.681
82
77
32,559
404,809
692,362
861,392 4,197,061 615,274 1,129,730
12,899, 48,485
11,033
47.112
78,4951 427,802
46,481 116.312
31,485
5.780
3,972
6,724
30,298 557,233
60,185
57,966
4,149
32,270
6.865
11,405
174,936 713,108 184,798 284,576
19,818
20.524
20,923
17,546
I. Data of reportfna member banks in Federal
New York City
Total
29
Total loans and discounts
U. S. pre-war bonds
U. B. Liberty Notes
U. S. Treasury Notes
Cr. S. Victory notes & Tress' notes.
U.S. Certificates of Indebtedness..
Other bonds, stocks and securities..
Three ciphers (ODD omitted
Ban Fran.
Dallas
36
48
109
55
$
1
1
13.173
88,703' 18,216
240,381 1,648,2041 249,002
607,838 2,460.1541 348,056
Total loans & Ma:Is& investmls, 1,167,929 6,007,444
83,888 610,337
Reserve balance with F. R. Rank._
18,232
81,340
Cash in vault
804.888 4,688,737
Net demand dermeits
255,636 914.493
Time deposits
67.196
16,576
Government demposits
Bills payable and rediscounts with
1
Federal Reserve Bank:
12,187 106,230
Secured by Si.S. Govt.obligations
34,583
23,192
All other
Chicago Si. Louis bliruisap. Kos. City
108
Number of reporting banks
Lyans and discounts, gross
Secured by U.S. Govt. abligations
Secured by stocks and bonds
All other loans and discounts
16,184
10,391
Reserve
City of Chicago
May 29 May 23 May 29 1 May 23
39
1,4811
10,981
I
1,239
6,245
26,612
15,717
258,448
200,683
Bank and branch cities and an other reporting banks.
Total
All F. R. Bank Cities F.R. Branch Cities Other Selected Mies
'23,May 31 '22
29 May 23 May 29 1 May 23 May 29 I May 23 May 29'23May 23
May
798
774
774
30
309
206
208
259
Number of reporting banks
259
48
48
6
65
$
s
1
,
2
2
Loans and discounts, gross:
316,816
262.008
266,53
41,014
171,800 49.066 49,192 40.399
Secured by U.S. Govt.obligation:
177,07
76.45
32,413 32,367
80,07
3,488,765
Secured by stocks and bonds.... 1,488.2101,475,033 447,605 450.20 2.750,786 2,753.319 589.609 560,82 479.1491 481,213 3,799,54 3,804,359 7,100,636
All other loans and discounts.._ _ 2,144,50l2,168,801 686,538 696,494 4.804,414 4,854,234 1.570.033,1,581,l52 1.390,3091,390,347 7,773,7561 7,825,733
'
Total loans and discounts_.- 3.892,7893,720,284 1,166,5561,170,089 7,732,27 7,779,353 2,197.7082,200,171 1,909,857 1,912,574 11,839,835 11,892,09810,906,217
106,118 105,810 279,31 282,412
75,2901 77.78
98,822
1J. S. pre-war bonds
97,983
37.3,063834
37.884
3.983
187,523 168.436 1.001,68 1,005,615 11,180,570
8. Liberty, bonds
588.518 589,902 245,644 247,17
U.
35,465
365,261 386,419
34,861
97,674
98,410
,
22,114
22,079
25.437! 25 18
50.409
50,8591
22.12
5.653
U. S. Treasury bonds
21.87
5.576
991,7511 1,018,959 *530,464
89,538 92,504
764,281 153,913 162,17
,
748,297
78,103
74.798
U.S. Victory notes & Treasury note 520,269 519,09
123,681
129,7321 129,026
'
'
.
25,607
.
.
tee of Indebtedness_
61,123
' 27,381
61,635
8,262
30,93
7,849
U. S. Certifies
2,132,751 2,287,779
Other bonds, stocks and rcettrities__ 514.06 511,303 179,937 175,128 1369,861 1.138,784 570,233; 569,92 424,170 424.047 2,164,2641
rest'ts 6.170,7235,207,793 1,473.5601,485,64310,440,423 10,482,674 3.311.2143,324.70412,744.431 2,751,05716.505.068 16,558,435 15,028,711
Total loans & disc'ts &
1,364.418
560,2561 588.869
,070 151,759, 976,874 1,024,794 235,329, 236,121 173,348 170,608 1,385,551 1,431,5231 279,827
Reserve balance with 1 R.:4ank_
283,0801
281,879
79.416
142.468 60,183:61,206 77,701
66,903 65,578 30.072
144,015
29,104
Cash in vault
4
11,172,70611,216,13011,049, 81
4,185,6274,217.051 1,029,031 1,034,477; 7,575,287 7,616,385 ,921,697 1,927,9341.675,7221,671,811
Net demand deposits._ .. .
649,844 643.40 375,673 376.086 2,026,190 2,011,400 1,134,382 1,129.096 843,480 846,497 4,004,052 3,986.993 3,231,920
21326,
Time deposits
132,271
282,141
......
34,2251 50.926 21,955
191,646
30,887
61,15
200,328
98,86
19,011
. 1 135.466
Government deposits
aunts witi
Bills Payable and reclltt
,
1
F. R. Bank:
68.445
259,134
39.575 258.44
84,095 89.345
;
IltaatIons.
158,729 sipg _gun 46,453
2,823
157.329
2.382
88,337
See'd bv Ti. S. Govt. a
176,543
200,68
34,293
41.0Th
34,910
22,63
12,110
102,671
13,972
125,315
14,963
411 other
,
Ratio of bills payable & rediscount.
Bank to total loam
with F. R.
1.0
2.6
2,81
3.1
2.9
2.7
1.9
2.5
2.1
1.1
2.7
1.11
and Investments 'sr reet
• Includes Victory notes.
tankers' PJ azetteWall Street, Friday Night, June 8, 1923.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2483.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
June 8 1923.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad,
tits.,
Bonds.
Par Value.
402,500 839,800,000
579,226 58,000,000
481,400 47,500,000
667,015 68,700,000
579,136 56,000,000
State, Mon.
and Foreign
Bonds.
U. S.
Bonds.
$745,000 $1,131,900
2,211,000 2,147,050
1,783,000 1,626,000
2,184,000 3,388,450
3,187,000 3,163,150
1,972,000 4,035,000
32 328,500
3 985,000
3 894,500
5 475,500
4373,500
5,272,000
3 37n 877 833n nix) nnn 52a 320 non 512_082.000 515.491.550
Sales at
New York Stock
Exchange.
Jan. 1 to June 8.
Week ending June 8.
1922.
1923.
1922.
1923.
120,950,607
111,833,8591
Stocks
-No. shares__ _
6,000,675
3,370.677
6
Par value
$336,000,000 $465,642,750 510,359,641,5001510,921,887,04
Bonds.
$369,132,9851 $897,649,155
Government bonds _ 315,491,550 $28,269,730
288,545,000
217,633,7001
State, mun., &c., bds_
12,082,000 12,561,000
926,135,000
754,924,400
RR.and misc. bonds
26,329,000 37,339,000
553,902,5501 $78,169,730 $1,341,691,085 $2,112,329,155
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore
Philadelphia
Boston
Week ending
June 8 1923.
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
514,500
30,100
16,100
46,800
40,500
41,300
Total
Prey, week revised
6,524
6,925
7,552
13,474
12,594
10.679
319,900
23,200
40.900
42,000
17,400
14,000
5,488
7,065
5,768
8,170
6,589
7,378
$13,000
37.850
32,300
76,700
93,600
25,000
189
612
356
933
1,081
852
57,748
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
$157,400
40,458
$278,450
4,023
$189,300
48.294
5156.050
35.423
5285,6001
5.750
$165,000
Daily Record of U. S. Bond Prices. June 2. June 4. June 5. June ti.. June 7. June 8.
High 1002fri 100un 1002532 1009482 100":2 101922
First Liberty Loan
334% bonds of 1932-47_ _ i Low. 100": 100"rt 100"ri 100ffri 10093,2 100.00
(First 3}(s)
Mei 10094 1002%, 100f2ir 100"ri 100"it 100.00
174
107
313
289
173
124
Total sales in $1,000 units..
Converted 4% bonds of {High
-- ------ -- - ---- - 98fri
_
____
989
,2
1932-47 (First 4.9)..... Low.
____
- --_-_ _
Total sales in $1,000 untts___
---98w32
Converted 44% bonds{High
of 1932-47 (First 4148) Low_
98 rt
(
Claw 98932
Total sales in $1,000 units__
12
Second Converted 431% High
bon& of 1932-47 (First Low.
____
Second 4148)
Total sales in 31,000 units_ _ _
---Second Liberty Loan
{High
____
a% bonds of 1927-42
Low_
(Second 4s)
Total sales in $1,000 units__
- --Converted 454% bondrigh 98Ilis
of 1927-42 (Second
Low_
989
,2
Close 9810ri
434)
Total sales in $1,000 units_ _
.
242
Third Liberty Loan
{High 98t7n
44% bonds of 1928_ _ _ Low_
9899,2
(Third 4%s)
Close 98"rt
Total sales in $1,000 units...
349
Fourth Liberty Loan
High
981lis
454% bonds of 1933-38_ Low. 989022
(Fourth 43(s)
Close 9893,,
Total sales in 31,000 units
387
Victory Liberty Loan
Mal
_ _ __
4%% notes of 1922-23_ Low_
.
(Victory 43(5)
Total sales in $1,000 units_
Treasury
(High 999%2
44s, 1947-52
Low_
9994
2
(Close995s2
Total sales in 51.000 units__ _
57
---Nu.,
98in
981 n
26
------pgu,
pgitu
984, 989n
9812,2
9810i
56
88
--pgir,,
98"n
9839,2
83
11
egn,
t
9859,1
98on
27
- ---
----
----
----
-- --
---____
-- -_---
-- - -- --
-------
- --989,1
9892,
---981lis
919s,
98fit
503
9811
:2
9899,2
98ffi
677
98"si
98o,
981
*1
539
--- 9811n
984,
982it
461
981111
9894,2
98ifri
285
9814,2
98w,,
9811,2
442
--- 9811n
989n
98un
727
98",,
9829,2
981fit
968
9899,2
981%
98",
1007
---98",,
9839,2
981412
1204
9824,
989411
98",2
4472
9819,2
9814,2
98"ii
810
I
98"c
98",
,
9899p
1581
98"p
98,131
98"c
60!
98"21
981%;
98"p
941
9922rt
9999,2
99on
186
991ln
99n
99
999922
999922
991031
99213t
9999n
991431
9999n
99994
99244
99292
107
Alft
176
ial
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
952,to 98 5ii
100Pfsi to 1002
1 46 3d 4%s
26 1st 3341
111 4th 434s
98iri
1 1st 454s
981ii to 9899
,2
114 2d 4345
9898, to 9899,2
-The review of the Curb Market is
The Curb Market.
given this week on page 2000.
A complete record of Curb Market transactions for the
week will be found on page 2625.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
June 15
Sept. 15
Mar.15
Mar. 15
June 15
Dec. 15
Sept.15
1924_
1924...
1925__
I926___
1923___
1925___
1923._
2613
THE CHRONICLE
JUNE 9 1923.]
Int.
Rate.
Bid.
Asked.
334%
54%
434%
43.4%
34%
434%
34%
1014
10134
1003.4
100(4
99ois
9954
9919,9
10134
101%
100%
100%
100
994
gip%
Maturity.
Sept. 15
June 15
Dec. 15
Dec. 15
Sept.15
Mar. 15
Mar. 15
1926_ _ _
1925_
19271923._
1923_ _ _
1924_.
1927_
Rate.
Bid.
44% 98%
434% 99"
44% 99%
9999,2
4%
434% 100
434% 100
44% 100%
Asked.
99%
100
99%
100
100ho
100%
100%
-Sterling exchange fluctuated within
Foreign Exchange.
narrow limits at comparatively stable levels. The Continental exchanges, however, moved irregularly, with marks
again the weakest feature.
To-day's (Friday's) actual rates for sterling exchange were 4 58 15-16®
4 59N for sixty days. 401 1-16(0)4 6134 for checks and 4 61 5-16(8(462
for cables. Commercial on banks. sight. 460 13-16(8(461(4. sixty days
774, and documents for pay4 58 i-i6@4 5834, ninety days 4 57 3-161414 5
ment (sixty days) 4 58 *-16(8(4 594. Cotton for payment, 4 60 13-16®
4 614.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.36%
@6.3834 for long and 6.39%@6.41% for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers guilders
were 38.79(4)38.84 for long and 39.0438(39.09 for short.
Exchanges at Paris on London, 71.70 fr; week's range, 71.50 fr. high
and 71.90 fr. 1cttv.
The range for foreign exchange for the week follows:
Sixty Days.
Checks.
Cables.
Sterling Actual463 5-16
480 15-16
4 63 1-16
High for the week
4 58 15-16
4 61 1-16
4 61 5-16
Low for the week
Paris Bankers' Francs
6.50%
6.49%
6.44%
High for the week
6.39
6.40
6.3634
Low for the week
Germany Bankers' Marks
0.0016%
0.0016%
High for the week
0.0012
0.0012
Low for the week
Amsterdam Bankers' Guilders
39.14
39.23
38.84%
High for the week
39.09
39.18
38.79
Low for the week
-Chicago, par. St. Louis. 15(4)25c. per 81.000
Domestic Exchange.
discount. Boston. par. San Francisco. par. Montreal, $20.186 per
$1,000 discount. Cincinnati. par.
Sales made at the Stock Exchange this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 8.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest
Highest,
Par. Share 5 per share. $ per share. $ per share.$ per share.
Railroads.
800 16% June 2 17% June 4 154 May 1834 Apr
Bklyn Rap Tr warrants_
68 14 Jan
June 7 614 A
64
June
Buff Roch&Pittsb.,AOOI
lii 64
Mar
June 7 8934 June 8 7534 Feb 92
C CC & St Louis.10
6001 86
May 231
June 8,196
Feb
June 6 205
Central RR of N J_ _ _1
575200
June 2 69 Jun 70
Apr
June 2 69
Cleve dr Pittsburgh--50
200 69
95
Ma 99
Apr
98% June
Ch St PM & 0, pref _100
100 984 June
June 6 48 Jun 55
Jan
June 6 48
Col & Sou 2d pref_ _ _100
100 48
Mayl 2534 Feb
Int& Grt Nor(w i)_ _1001 100 22% June 5 2234 June 5 18
Manh Elev modif gtd 100 1,400 424 June 2 434 June 4 3974 Apil 453.4 Apr
Jan
Mail 78
June 7 76
76
June
50 76
Morris & Essex
50j
974 June 4 974 May100% Jan
NY Lack & West_ _ _100
26 974 June
Mar
2134 June 5 2154 June 25
10 213.4 June
PacCoastColstpfd.JOOI
16% June 4 154 Mayl 1834 Apr
Rapid Transit Corp* 1,800 1634 June
Apr
4434 June 4 4334 Ap1 49
Preferred
100 1,600 4354 June
Feb 100 June
June 7 90
June 7100
Twin City It T, prefJOOl 100 100
June 61 3834 Apr 52% May
51
500 49% June
West Penn
1
June 6 874 June 7 754 ApIl 8754 June
Preferred
1001 1.400 85
Industrial & Miscel.
Jan
All Amer Cables_ _100
10010334 June 6103(4 June 6 10034 Apr106
May
Apr105
June 6 95
98
June
100 96
Amal Sugar, 1st pref _100
May 2534 Mar
2334 June 5 22
June
400 23
Amer Chain. Class A_ _25
Feb 51
June
49% June 4 22
Amer Chicle, pref_ _ _100
100 4952 June
Amer Woolen, pf full pd 1,4001024 June 210234 June 4 10034 May 10234 May
May; 18% Apr
600 13% June 5 1434 June 6 12
Arnold Constable
*
Apr
Apr177
June 5 175(4 June 7 150
800163
Atlas Powder
100
Jan
Apr,100
June 5 9934 June 6 97
Am Rolling Mill, pfd 10300 99
Jan
34 June' 1
4 June 2
34 June 8
Assets Realization_ _10
I:)
f
200
Atlantic Fruit CoJune 5 134 Jan 2% Feb
Colum Tr Co etfs dep_ 1.600 134 June 2 2
Auto Knit
1,500 2334 June 2 2434 June I 2234 Jan' 284 Feb
May
June 8 944 June 51 93 June 98
Blumenthal, pref •
200 93
Atlas Powder 6% rump
100 sasi June 7 864 June 7. 8634 Feb 9054 Jan
June 7108% June 8 10554 May10834 May
Burns Bros. pref_ _ _ .100 1.100 108
Bush Term Bldg, pre1100
100 92% June 7 9234 June 71 9254 Apr 9534 Apr
Calif Petroleum new._25 3.200 2
734 June 8 2854 June 21 21% May 2994 May
Mar 3634 May
June 8, 32
Century Rib Mills
*
200 334 June 6 34
Feb
June 71! 79 June 88
June 6 80
Cert-Teed Prod 1st pf100
200 79
June 4. 9254 Jan 99 June
June 4 99
Coca-Cola, pref
100 1.300 96
June I 484 May 4954 May
900 48% June 7 49
Columbia Carbon
*
June 5 3424 June 7. 3334 May 37(4 Apr
Columbia Gas & El w L* 3,500 34
Cont Can Inc pref _ _100
300 1024 June 7 107% June 7102(4 June 1104 Feb
May 1094 Feb.
June 2 100
June 2 102
Cosden & Co pref_ _ _ _100
1001102
Cuban Dom Sugar__ _ _*
600J 734 June 8 754 June 5 654 May 1234 Mar
May 5834 Mar
June 8 484 June 2 46
400, 47
Preferred
100
June 2 7054 June 7 61% May 7054 June
Cuyamel Fruit
• 2,0001 69
4 May
34 June 5
Detroit Edison rights_ _ 14.300,
4 June 2
34 May
Feb
June 7 834 June 7 8 June 13
200, 8
Fairbanks Co (The).
.25
June 7 3734 Jan 4734 May
Fleischmann Co
• 3,600, 4434 June 4 45
May 7134 Apr
June 2 7034 June 7 66
• 1,100 69
Foundation Co
Ma 1034 Mar
June 6 100
June 6 98
100 100
GenAmTkCar7% pf _100
Feb
Gen Cigar Inc pref_ _100
100,1084 June 2 1084 June 2,10434 Jan 110
May1024 Feb
Gimbel Bros pref__ _ _100
100 99% June 8 99% June 8 98
400 214 June 4' 224 June 5 203.4 Mayl 2234 June
Goldwyn Pictures new.*
Apr!6134 Apr
Goodyear Tire pref_ _100 1,800 5334 June 5 543.4 June 7, 50
Feb
June 5 9754 June 7. 9534 May 99
Prior preferred__ _100 2,400 96
June 8 10434 May 10854 Mar
400105(4 June 8 106
Great West Sugar pf 100
June 5 8934 June 7, 80% May 9534 Jan
Hartman Corporation100 3,900 84
Household Pr tem etfs_* 2,300 3354 June 0 344 June 71 3154 May 3914 Mar
700 834 June 8 9 June 4, 834 Mayj 114 May
Independent Oil & Gas_
M.4854 Apr
June 4 36
900 3654 June 6' 39
Inland Steel w i
0
Apr
June 4 101 Jung105
June 6 102
700101
Preferred w 1
June 4 6534 Jan: 73% Jab
June 4 69
400 69
International Shoe__ _ _*
Int Tel & Tel
June 4 664 May 7134 Apr
1,2001 6734 June 6, 69
100
Intertype Corp
June 4, 28 • June 4 2734 Apr 4034 MaY
• 100 28
May 444 May
Iron Products etre
100 4334 June 2! 4334 June 2 39
9234 :Star
844 J
priogf 6% Pt-101) 100 8734 June .5i 87% June
cn
I
May
4
2,100 604 June 2. 63 June 8 354 Apr!6
Kinney
JuneM 100
June 8 92
Preferred
5100
June
100 1,400 97
.
Liggett a: Myers Toba:
Series B
•19951 Arne 2(19034 Ap 1931 Feb
300 199
June 2
100
54 June
34 Ju
!garland Oil rights 100*141800
34 June 6
4 June 5:
Ma 36% Apr
8 22
4
Magma opper
8
8
7002 0 j ne 28;28384
7 3 % Ju
Nat Bank of Comm _
June 1290
Nat Cloak &Suit pf _ _100
923.1
300 9214 June 8! 934 June
rr3654 Apr 4214 I
Nat Dept Stores
June
640 3834 June 4 39
*
Preferred
100
200 9434 June 5i 9434 June 7 9354 May 97%
N Y Canners
June
3034 May 324 June
8
18 888 30.4 June 5 32
•.11, 00 22
Apr
2434 Mar
North American
June 2 2134 June 4 1835 May 67
Ohio Fuel Supply__ _ _25 1,900 32
8 30
June 5 83 4 June
Apr
May
9431 .12lay 98
31
Onyx Hosiery pref._ .100 100 9454
993,‘ Apr•10034 June
Otis Elevator pret_ _ _100
100 10054 June 5 1004 June
Jan' 724 Mar
Otis Steel pref
June 4 47
1
1
54
June 4 54
Jan 805% Mar
Pacific Tel d, Tel__ _ _10 1,
June 6 80% June 6 67
8034
9134 Jan 94 JunePreferred
June
1
June 5 94
.14
I
Feb
Packard Motor pref.1
200 901, June 5 914 June 2 904 Jung 99
Jan
Panhandle prof
100
100 5736 June 8 5752 June 8 5734 Junel 68
Feb.
Penn Edison pref
June 2 98 June106
*
1
98
June 2 98
2
Penney (.1 C) Co pref.1
10010434 June 6 10434 June 6 101 5 JanI104% June.
Penn Coal & Coke_._ .50
300 3934 Jun 5 393, June 5 3934 May! 43% Apr
June
Pettibone Mull & Co _1
June 5 30 Jun 30
1
30
June 5 30
Phillips Jones pref.._ _1
Jan
Fehl 96
Jun 2 89
June 2 90
200 90
Philip Morris
I 3,20 1434 June 7 1534 June 2 1454 Jun 19 54 Mar
Phoenix Hosiery
Ma 564 M r
5
200 3454 June 4 343, June 4 32
Phila Co6% Prof
June 7 4134 Ma 45% F,
200 4154 June 6 42
501
Pierce-Arrow prior pre_• 100 6534 June 8 6534 June 8 6234 May 7234 Nip.•
Prod & Ref Corp pref-50
Ma 494 Mar
June 71 44
7 45
June
100 45
P 8 Corp of NJ pf 13%
4
,
June 7 103(4 June 610234 Ma 1089 Feb
300 103
P 8 of N J new com
.1 7,800 4634 June 4 48% June 8 45
May, 5134 Apr
7% Prior
'
May11024 Apr
June 100
June 5100
RY Steel Spring pref.1OOI
June 4 11336 Feb12134 Mar
June 4 118
100 118
Feb
Reis(Robt)&Co1,tpfln
100 7354 June 4 734 June 4 7334 une3 82
13031, 89
SohulteRetaiiStores ,
Mayl 953, June
June 6 9534 June 8 88
Simms Petroleum_ _ _ _IOI 3,100 934 June 2 IOU June 4 94 Ma 16
Jan
Slmmons Co
* 4,2oo 294 June 5 30% June 4 2434 Jan 3454 Mar.
Preferred
. 100
800 9934 June 6 9934 June 6 8734 Apr 101% Mar
Shell Un 011 Co pref-100 1,000 91% June 7 92
Ma cOP2 Apr
June 5 91
Sinclair Oil Pre(
MaY1 9934 Feb
100 1,800 94
June 5 954 June 8 94
Standard Milling pref100
Mar
MaYI 97
June 4 89
50 92
June 4 92
Tex Par Land Trust _100
Jan 24 June
June 7 300
June 7324
100 324
Apr
Transue & Will Steel._ _*
100 3034 June 8 30% June 8 30 Jun 40
May
Underwood Type
Jan 183
June 2 136
2,3001714 June 6 183
Rights
3,100 134 June 6 2
June .5 134 June 2 JuneFeb
US Tobacco
400 53
*
June 7, 53 Jun 69
June 7 54
17 S Realty & Imp full pd 1.500 103% June 2 105
June 610234 Ma 1084 Feb
Mar
0
Vulcan Dalin, pref__ 100
AD
June 2 72% June 6 64
3001 70
June 7 1114 marn 4 r'i Feb.
West Elee 7% ern 191_100
June 7 114
300114
May
Waldorf System
10
50o: ::634 June 2 364 June 2 3634 May 47
May
New
* 3,700! 65;1 June 8 18% June 2 17% June 20
17
Worthington pf B_.,l00
June 4 6334 May 71% Mar
June 4 654
1001
Youngstown Sheet & T_*
June 8 6734 Ma)" 80 June
200 70
June 4 71
*No par value.
3tt, 41 1,M
iöol
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2614
For aalan during
the
OCCUPYING FOUR PAGES
week of wtnekm urcnatly Inactive
see
Preceding
0300
rnn OH AItic
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT. i Sales
for
Saturday, 1 Monday, 1 Tuesday,
Wednesday Thursday,
Friday,
the
June 7.
June 2. ' June 4,
June G.
June 8.
June 5.
Week.
I
s
$ Per share 5 per share ' $ per share I 5 per share $ per share S per share Shar,
3714
3613 361. *36
37
3714
3714 *36
40
*34
38 .36
300
10014 10112 10034 10138 101 10212 19,200
9918 9912 100 10012 10012 191
4 88
8834 2,600
885 885
8
8 8814 8812 8812 8812 8812 8812 8812 883
2
2
218 218 2,300
1s 2
218 214
218 212
214
*2
1153 11614 116 11612 118 11912 0,000
8
11412 11412 *11412 115
11412 115
4 493 5013 29,100
4812 495
8 498 493
50
8
49
473 4812 4814 49
4
8
58
a
8 577 577 *5714 58
58
8
8
*574 577 *5714 577 *5714 577
200
2
2 18 *2
218 210
214 214
4 24
3
213
23
214 214
1,100
21*
23
8 23
218
8 *2
278 2 8
7
3
212
*2
*2
3
300
4
8
4
150 1507 15112 1523 152 1527 15218 15234 15238 1523 152 15212 5,000
8
6512 6518 6512 x63
4 65 65 18 6518 6518 65
6414 2,200
6418 643
8
102 102 "10214 1023 10214 10212 *10214 10212 *10214 10212 x9912 9912
500
23
214 214
23
8
*214 212 *214 212 .218 212
212 2% 3,500
414 414
*33
4 4
414 414
4
4
*33
4 414
412 5
1,600
5 3312 *32
3312 *3212 3312 *3212 33
4
*3212 324 323 3312 33
1,900
59
59
60
*58
*59
60
59
59
*58
*5812 60
60
200
51
514
5
518 518 *5
538 538
5
5 14
514 514
800
1112 11 12 *1114 12
113 12
4
1118 1118 *1114 12
12
127
8 2,000
2113 21
2113 *228* 228* 8,700
21
213
4 21
2114
21 ' 2114 21
373
4 378* 38
373
8 37
36
363
4 37
36
36
37% 39
14,400
7712 79 . 79
4 7714 7714
703
8 3,600
7914 79
763 773
4
773
76
•112 116 *113 116 *112 116 *112 116 *114 116
118 116
200
293
8 2912 2978 2913 303 11,700
29.% 29
4
8 29
2818 2812 283 293
4
8812 83 4 89 I 89
3
88
*8712 88
89
88
88
*8712 88
1,100
"79
80 I 80
8
8
80
8012 8012 795 797 *7914 80
37712 7712
600
6812 *6713 6813 6812 70
6312 *65
6712 6712 *65
*65
70
1,100
3434 3414 3414 *34
3413 *34
*34
35
*335 34
3
3414 345
8
400
112 11313 *112 114
111 11112 *11012 112
*110 111
112 112
1,400
118 119 1 11912 11913 ____
117 11714 110 119 *117 119
__
900
1112 II% *1112 113
1112 113
4 1112 12
4; 11% 1218 12% 123 02,200
8
8 1814 1812, 183 1834 1858 1914 2,200
8
8 1838 187
18
183
8 18% 187
13
1314 *1212 1314 *1212 133
*1214 13
*1212 13
8 1312 14
500
72t
4
8 703 7112 7112 7134 72
70
7012 7012 705
7212 723
7212
4 4,400
4
4 2813 29
29
29
283 2918 2812 2824 283 283
4
288* 285
1,700
*15
1713 *14
18
17
17
*14
17
*15
17
*14
18
100
52
*5314 54
52
5314 5314 52
52
54
*52
*51
53
300
10812 10812 109 109 *108 10913 *109 10912 110 11012
*109 110
600
___---_ ____ __-- ____ ____ ___ ___ ____
164
1938
"52
*2914
*65
*61
90
*54
---*12
*35
6814
*25
*612
*65
1612 17
195 *1914
8
*52
54
'
1
30 '29
*65
68
6112 6134
90
90
5912 *54
---- ---14% .12
*35
44
6814 *6812
*25
30
7
718
*63
67
1714
20
54
30
68
6412
90
5912
-- - 14
45
71
33
714
68
8
1214 1212 123 12%
8
332 3312 333 31
135 1378
8
.1312 14
3714 38
364 37
0312 4
33
33
4
9212 9212 *93
9312
967 9713 9714 08
8
*70
79
*70
79
*78
87
87
*78
1714 1818
167 17
8
1713 171L
17
17
4123 15
4
*123 15
4
108 108 *10712 108
77l, 7712 7712
*77
72
70% 7118 72
4414 4438 443
44
*11
13
11
11
4 42% 44
418 423
73
*70
73
*70
*6312 64
*6313 63
4412 46
*4413 45
8812 8812 8812
'86
7314 7313 74
743
4
52
5214
5113 52
52
.5013 51% 52
29
*26
*263 28
4
*21
2112 2112 2112
*4113 43
41
41
29
2912 294 3038
59713 60
59
59
6'4 612
*614 612
4
114 113
*113 12
4
873 8814 8812 8838
8
4
4 323 3312
3218 323
6614 6612 *6614 67
8 2112 2112
205 205
8
4
4 133 14
133 133
4
6614 6614
.66
67
13418 13534
13338 134
8
*717 722
72
72
*12% 14
*12
14
*3812 3912
*38
40
9
9
g
9
27
2713 2713 28%
*1812 2112
*1813 21
1118 1118 1118 1118
4
4
235 2414 233 233
8
.1612 173 *165s 1712
4
4
583 583 *583 60
4
4
814 814
8
8
*1313 15
*14
15
.28
.28
31
31
*163 1712
4
192 193o
*52
54
*29
30
*65
68
6314 6.414
90
90
*54
5912
---- ---*12
1413
*41
41
*6712 71
*25
35
7% 714
*65
67
1232
333
4
14
3714
313
94
973
4
*70
*82
128
3
347
14
3714
312
94
99
79
87
173 1813
4
1718 1718
13
13
10612 10612
*77
78
713 7214
4
4118 4412
11
11
43
443
4
.73
73
*63
84
453 4612
4
89
"87
743 •743
8
8
52
52
*5012 5218
*26% 30
2114 2112
.4113 42
4
30bi 303
*5912 6012
612 612
*115 12
8
88% 8914
33% 337
8
667 6678
22
2212
4
133 133
4
*663 68
8
13,514 13538
8
727
*72
*1214 1412
39
39
9
9 14
8
285 293
8
.1912 2112
1118 11 14
*2312 2412
174 173
8
*563 60
4
.8
84
14
14
30
31%
*16
17
163 173
4
8
1914 1938 193 20
4
*52
54
*52
55
*29
3018 .29
30%
*65
63
05
6514
63
6314 63
633
8
90
91118 901.2 91 12
*54
5912 *54
53
---- ---- ---- ---*12
14
*12
14
*38
4.1
*40
45
*09
70
70
70
*27
34
*26
32
*63
4 712
7
7
*653 6712 *65
4
08
-,,,
_-- -,,,
123 1212 123 1314
8
4
34% 3414 3414 34%
14
144 13713 14
3
3718 37
3712 38
334
*3
38* 382
94
9514 95
95
238 10014 993 10014
4
99
*72
*72
79
70
*82
85
*82
86
3 1814 18
17
1818
1712 1712 1714 1724
*13
15
*123 15
4
108 108
10814 10814
*77
78
*77
7712
72
7214 7212 7234
4418 443
8 443 4413
*11
13
*11
13
4112 4412 4418 453
*72
7412 *72
7413
64
64
*60
641.3
4538 4612 46
46
*87
89 'Si
89
74
7318 7,512 763
4
52
52
52
52
52% .53
*5213 53
30
30
31'2 3112
21
4
2138 213 22
41
4134 43
43
3038 3112 3114 32
593 61
4
604 6112
614 614
614 612
*11
*115s 12
12
89
8914 89
3 3418 333 8912
33
3414
6612 67
67
6714
2214 223
4 2218 227
8
1*314 14
1312 1313
67
'. 6812 7284 75
13.514 13538 13514 13513
*7214 72% .
7214 73
*13% 1413 133 1414
4
*3713 3012 *39
3912
9
918
87
s 2
28% 2912 2914 2913
*1912 2112 *1813 22
"11 14 1138 1112 117
8
2414 2412 243 247
4
8
*174 1713 1713 178
*57
60
*58
60
84 03*
*8
84
*1412 1514 15% 1612
317 *3012 313
8
31
4
*165 1712 1,000
8
2012 207
8 1, 00
2
"53
55
*29
301s
*65
68
200
6218 63
3,100
--------1,400
545 545
8
8 1,000
____ ____
.12
14
*38
44
x70
400
70
*2.5 . 32
7
714
900
*65
63
------6,100
343 3512 2,800
4
2,400
131
4 147
378 3812 2,800
*314 334
400
943 95
4
1,500
100 10114 100.100
*72
79
*82
87
173 1818 12,600
4
*17
1712
700
-_
100
10814 1083
- 8
700
.77
100
7712
723 73
8
3,000
4414 4412 5,100
11
11
700
45% 4012 129,800
73
73
300
6338 6338
200
4512 46
2,800
.87
89
100
755 7612 12,800
52
523
8 3,500
*53
700
5312
32
32
500
22
227
8 4,600
433 45
4
1,400
32
3314 7,300
61
613
4 5,000
612 68* 2,200
1158 12
800
8914 90
11,100
3418 35
71,000
4
663 6718 3,500
211 2314 2,100
*13
14
800
73
76
4,700
13514 136
6,600
73
7314
700
1414 1413
500
40
4212
700
918 912 4,700
2914 3012 22,300
20
20
100
1134 1212 4,300
25
26
2,200
173 1814 1,800
4
"5814 60
200
4,100
9
9
16
16
500
.31
32
1,200
STOCKS
NEW YORK STOCK
EXCHANGE
1
Railroads
Par $ Per share 1 $ per share
100 3212 Jan 10. 45 Feb 23
Ann Arbor preferred
8NIay 22 10518 Mar 3
A tch Topeka dc Santa Fe_100 973
100 8712 Apr 30 905 Mar 6
8
Do prat_
112 Jan 3
Atlanta Sirm & Atlantio 100
314 Feb 21
100 1104 Jan 17 127 Feb 28
Atlantic Coast Line 11R
100 4018 Jan 17 5618 Mar 21
Baltimore & Ohio
100 553
4May 7 807fi Mar 21
Do pre/
1% Apr 13 1614 Jan 2
100
Brooklyn Rapid Tranalt
138 Apr 16 13 Jan 12
Certificates of deposit
100 14014 Jan 17 160 Apr 18
Canadian Pacific
100 62 May 22 763 Jan 30
8
Chwapeake & Ohio
100 9012.June 8 1047 Feb 23
8
Preferred 1
2 May 21
100
33 Feb 13
4
Chicago dc Alton
33 Jan 12
100
6% Feb 8
Preferred
2618 Jan 16 3884 Feb 13
Chic & East III RR (Sew)
51 Jan 17 6214, Mar 26
Do pref
4 Jan 18
7 Feb 7
Chicago Great Western___100
812 Jan 18 17 Feb 6
100
Do pref
8
Chicago Mllw & St Paul 100 19%May 22 263 Mar 5
100 3212 Jan 13 4513 Mar 5
Do pre!
Chicago & North Westent_100 76 June 2 88 Mar 5
1001 113 May 5 11818Mar 21
Do prof
100 26 May 22 37% Mar 21
Chic Rock 2s1 & Pao
100 85 May 1 95 Feb 9
7% preferred
100 7514May 22 85 Mar 5
6% preterred
Chic St P Minn & Om.... 100 65 May 21 78 Mar 5
100 33 May 22 4513 Feb 13
Colorado & Southern
Delaware & 'Judson
100 103 Jan 11 12412 Feb 13
4May 22 13013 Feb 8
Delaware Lack & IS astern_ 50 1133
100 1018NIay 22 1312 Feb 13
Erie
100 15 Jan 17 208* Mar 21
Do 1st prof
4May 21 15 Mar 5
Do 2d pref
100 103
8Way 21 80 Mar 5
100 697
Great Northern pref
Iron Ore proPerties-NO Par 2712May 22 36 Mar 19
4
Cult Mob & Nor tr etfe
100 123 Jan 12 20 Mar 5
100 447 Jan 2 en Feb 21
Do prof
Illinois Central
100 105 May 22 11713 Fob 21
38 Jan 4
Is Jan 17
Interboro Cons Corp No Dar
7 Jan 5
8
14 Mar 2
Do prof
100
Interboro Rap 'Fran w I
100 15 Jan 16 2278 Mar 14
8
Kansas City Southern___ _100 1818 Jan 12 247 Mar 21
51 May 7 573 Mar 5
10*
Do prof
287
8May 22 34 Jun 2
10(
Lake Erle & Western
65 June 7 74 Mar 26
101
Do pref
60 May 21
Lehigh Valley
51
713 Feb 7
s
8512May 7 155 Feb 26
Louisville & Nashville____ 101
101
423
4May 24 60 Apr 17
Manhattan Ry ear
Eq Tr CO of N Y Ott dep_101
3518 Jan 25 44 Feb 13
814 Jan 23 22 Mar 12
. 10
Market Street By
34 May 19 6813Mar 12
101
Do pre1
10
6312N1ay 22 87 Mar 12
Do prior pref
2113 Jun 31 56% Mar 12
101
Do 2d prof
55g Jan 8
912 Feb 13
Slinneap & St L (nets)._ 101
6014 Jan 4 7312 Mar 5
101
Minn St P & S 8 Marie
814 Apr 26 12 Feb 6
Missouri Kan:418 & Team 104
114May 22 17 Feb 15
Mo Kan & Texa8 (nee()
325
8May 21
451I Feb 14
Do wet (tlete)
13 May 22 193 Feb 14
8
Missouri Pao tic trust etfs_100
3518May 21 49 Feb 10
10t
Do poet trust ctfs
43 Feb 15
238 Jan 17
4
Nat Rye of Mex 24 pref__. 10(
84 Jan 16 105 Mar 26
New On Tex & Meg v t 0..10
9012May 4 10114June 8
118
New York Central
68 Slay 22 84 Jan 29
101
N 'y Chicago & St Loule
7613 Jan 2 9013 Feb 17
10C
Do 2d pref
100 1614May 7 2212 Jan 30
N Y N 11 & Hartford
1ay 22 215 Feb 13
8
N Y Ontario & Western.....100 16385
100 13 Juno 5 18% Feb 9
Norfolk Southern
100 10514May 22 1175 Feb 0
8
Norfolk & 'Pt et3tern
101. 70-4510! 10 78 Jan 20
Do prof
100 6918May 22 8112 Mar 5
Northern Pac1110
sMay 22 477 Apr 4
8
51, 437
Pennsylvania
100 10 May 7 17 Mar 21
Peoria & Eastern
100 36 Jan 11 4612June 3
Pere Marquette
100 7012May 29 763 Mar 6
4
Do prior prof
100 6212May 22 7021 Jan 9
Do prof
8May 10
Pittsburgh & West Ya__101, 334 J24117 5(13
101 87 Apr 23 93 Jan 1)
Do pref
50 7112May 22 81% Feb 7
Reading
50 40 May 4 6613 Feb 7
1st pref
Do
50 4912May 22 563 Jan 30
4
Do 2d prof
100 25 Slay 2 371 Jan 10
Rutland RR pref
8May 22 27 Mar 21
St Loula-San Fran tr at12., _ 100 195
100 3213 Jan 3 50 Mar 6
Do pre! A trust etfa
100 2612May 22 363 Feb 10
8
St Louis Soutbwestern
100 5312May 21 635 Mar 21
Do prof
100
514 Jan 2
712 Feb 10
Seaboard Air Line
100
8% Jan 18 1314 Mar 23
Do prat
.
100 87 Jan 9 9514 Feb 21
Southern Pacific Co
100 243 Jan (1 35 8 Mar 21
4
3
Southern RallwaY
100 64 May 22 707 Mar 22
Do prof •
19% Jan 16 2913 Mar 21
40
Texas & Pacific
100 1314May 22
1914 Feb 10
Third Avenue
ywin City flaold Transit-101
6814 Jan Bo 76 Juno 8
WO 132 May 4 1447 Feb 26
Union Pacific
100 714 Apr 21
7613 Jan 6
Do Pre
8May 22 2118 Mar 6
Wilted Railways Invest__ _100 115
106 2613 Jan II 62 Mar 5
Do pre!
7 Mar 10 1113 Mar 22
100
Wabash
100 234 Jan 17 3418 Mar 22
Do pref A
16% Jan 18 22121)1441.22
100
Do prat 13
15 Feb 9
101sMay 21
Western Maryland (5eir)...100
263 Mar 22
4
100 2012May 21
Do 2d prof
10. 13 May I
2014 Mar 6
Western Pacific
8
100 53 May 7 633 Mar 5
Do Prat
712May 7 1013 Feb 13
wheeling & Lake Erie Ry_10‘.
4Nlay 4 19 Feb 13
123
101
Do Pre!
1(81 26 Jan 10 3511 Feb 23
Wisconsin Central
Industrial & Mlicellaneou.
7318 7318 7212 7212 75
7413 *73% 7512 *7318 74
100
601.1.',dams Express
7514
13
13
1213 1212 *12
14
*13
*1212 1312 *1213 14
100
123
4
400 Advance RumelY
42
42
42
*41
43
43
*43
4312 43
42
4114 4114
Do pref..100
500
65
653 65% 6514 6514
63
*6413 65
4
*623 65
65
*64
300 Air Reduction, Inc.„-No par
11
4
UN 107
8 1012 104 *103 11
1114 11
11
50
107 107
8
1,300 Ajax Rubber. Inc
.3
8
*3
8
12
10
12
*3
8
18
*3
8
12
"8
12
tlaska Gold Mines
*8
8
12
1
118
118
118 114 *118
118
118
118
114
*118
114 2,200 Alaska Juneau Gold Mln_. 10
i 71' 718
703 7058
2
70
71
69
70
8
8 6,700 Allied Chem & Dye_ _No par
- s • -4 705 717
7013711.10912 10012 *10812 110 *10812 110
100
'1084 110 *10813 110 *109 110
Do Pre
100
*40
41
41
41
41
41
393 41
4
40% 41
100
4114 41 14 2,600 Allis-Chalmers Mfa
9213 93
*92
93
93
*01
93
*90
*90
93
100
*93
Do pr f
9434
200
183 1918 *1812 183
4
19
1
19
19
*18
183
8 18
4 88
1818
000 Amer Agricultural Chem 100
447 45
8
455 46
8
*43
423 46
4
44
42
100
42
Do pref
42
2.800
42
803 *78
4
803 "79
4
803 .78
4
*78
803 *73
4
803 *79
4
50
American Bank Note
803
4
52
*51
52
52
52
*51
52
52
*51
*51
52
*51
50
100 Am Bank Note pref
37 1 3712 *3712 39
,
.37
38
37
37
39
*37
39 .37
200 American Beet Sugar-----100
40
40
*393 403e 39
8
3742 3838 40
40
4012 39
393
4 1,400 Amer Bo,cb Magneto_No par
*73
70
75 .73
75% 75% 731. 7312 .7312 75
75
*73
200 Am Brake Shoe & F.....No par
4
4
4
IOU
4
.108 1084 0108 1083 *108 1083 *108 1083 *108 1083 1083 1084
Do prof
100
4
8 9918 100/8 100 1017
5
100
0612 9914 973 1004 98 8 997
8 9914 1005 149.100 American Can
8
110 110
110 110 *110 114
110 110
100
1,200
Do pref
1091* 110 *108 111 .169 172
17012 1723 1717 172
4
8
17012 17012
17
012 17012 1,000 American Car & Foundry_ 100
170 170
*121 12214 *121 12214 *121 1224
4
100
Do prat
1211 4 12114 *131 122, .121 1224
N. no
,
an,, ....,A... Chlele
4
4
8 *93 1014 *93 101, .ol. in
..,',. ms.. to, 11132 1014 103
*72
'Bid and asked prima
x Ex-dividend.
1 Range since Jan. 11923.
I On hinds of 100
-share lots
1
jLowest
Highest
68 Jan X
115
8May 22
411.4June 8
6718 Jan 10
10 Ma) 22
14 Jan 4
1 Feb 16
623
4May 18
1085
8May 19
381231ay 22
91 12Nlay 16
1514May 22
37 May 22
77 Jan 6
5112 Apr 24
3512Nlay 22
37 2 Ail 9
70 Jan 3
10612 Jan 25
73.1 Jan 2
1063
49ur 28
165 May 21
11914 Mar 22
33. Jae an
82 Mar 3
1913 Mar 6
5438 Jan 14
723 Mar 19
8
14% Mar 14
52 Mar 9
124 Mar 9
80 Jan 2
112 Mar 2
5114 Feb 16
9713 Jan 27
367 Feb 21
8
887 Feb 21
8
9113Mar 7
55 Feb 7
49% Feb 13
8314 Fob 16
83 Mar 21
110 Jan 14
106 Mar 6
115 Feb 20
189 mar 7
1257 Jan 18
8
ii An,22
rtGIS ZHAXII
Range for Previous
Year 1922.
Lowest
HOLM
3 per share 3 per glare
277 Jar., 52 Aug
g
913 Jan 10812 Sept
4
845g Jan 9212 Aug
51j Apr
s4 Jan
83 Jan 1247 Sent
3
3312 Jan 6014 Aug
5212 Jan 0814 Aug
6
Jan 29 June
3
55 Jan 247 June
8
11918 Jan 1515 Aug
a
54
Jan 79 Aug
1005 Dec 1058 Oct
8
*
1% Jan 123 May
4
3% Jan 207 MaY
s
1214 Jan 43 4 Aug
1
3118 Jan 5413 Aug
3 4 Dee 10% May
1
7 Deo 24121May
1714 Jan 36t1 Aug
20
Jan 5514 S•mt
59
Jan 9538 Bap,
100
Jan 125 Aug
3013 De* 60 Sept
834 Jan 105 Begs
7014 Jan 95 SePt
61
Jan 90 Sept
38 Jan 5313 Apr
106% Jan 14113 Sept
108 Fob 143
Oat
7 Jan 1888 May
111 Jan 284 Aug
71 Jan 2014 May
7014 Jan 957 002
4
53
2818 Nov 45 Apr
5 Jan 19 frIly
16
Jan 47 Oat
9711 Jan 11514 Hot
6 Apr
18 Dec
4
3 Dec 123 API
8
17% Dee 324 Aug
17 Nov 301 AP
4
5911 Apr
5214 Nov
3
10 Feb 897 June
2618 Feb 77 Sept
56541 Jan1 72 Sept
1
Jan 1447 Oct
108
35
JanI 58 Aug
4412 Aug 551 Aug
3% Jun II Mar
17
Jan 5014 Apr
35
Jan 76 Nov
53 Jan 33 Apr
8
5
Jan 1412 Apr
3
55 June 75 4 Oat
se Jan 1514 Dee
71j Jan 19 4 Aug
3
242, Jan 48% alla
1511 Nov 2514 Apr
40 Nov 634 Seal
714 May
21 Nov
8
g
547 Jan 8738 Dec
7234 Jan 10118 Oat
5118 Jan 9113 Oct
6184 Jan 03 Sept
1213 Jan 39 Aug
1812 Dec 301 Apt
,
8114 Jan 11313 June
9614 Jan 12513 Sept
Oat
72
Jan 82
73 Dec 90% Aug
4
3314, Jan 493 Oct
1034 Jan 26% Aug
8
19
Jan 405 Aug
63 Jan 82 Aug
5012 Jan 741 Aug
4
23
Jan
4138 Aug
76
Jan 95 Nov
71 23 Jan 87% Oct
43 Mar 57 may
46
Jan 5912 map
1713 Feb 5314 June
2014 Dee 323 Aug
3
341 Nov 56 Aug
4
203 Jan 36% Nov
8
333 Jan 69% Nov
8
35 Jan
10 Apt
3
413 Jan 1488 Apr
7818 Jan 9614 Oct
3
1714 Jan 28 2 Aug
71
Oct
46
Jan
36 Apr
183 Nov
4
2532 May
1g
1) Nov
34
Jan 6211 Sept
125
Jan 15438 Sept
714 Jan 81) Aug
,
711 Jan 197 Apr
2014 Jan 3813 Apr
6
Jan 14% May
Jan 3512 Aug
19
8
1214 Jan 347 Aug
1714 Aug
314 Jan
13
Jan 2812 Dec
133 Jan 3473 Apr
4
g
5112 Mar 647 Sept
6 Feb 1613 June
8
914 Jan 295 June
Jan 3314 Mal
25
48
Jun
101 Jan
3
313 Jan
8
45% Jan
glj July
la Dee
3 Jan
2
55% Jun
101
Jan
373 Jan
4
864 Jan
2714 Nov
56
Jan
58
Jau
61 July
31% Jan
3114 Jan
Jan
51
9814 Jan
3214 Jan
9314 Jan
Jan
141
11512 Jan
t Nov
83
Oct
23 Aug
5012 Aug
66
Oot
183 Apr
4
1 Ma,
3
2 MAY
91pt
% Se
11512 Sept
4
591 Sept
104 Sept
3
427 Juno
7214 Sept
Dec
)1
6513 Doe
49 June
Apr
49
8812 Sept
Oct
113
7615 Nov
11318 Datt
201
Oot
12618 Nov
14 MAV
New York Stock Record-Continued-Page 2
Foe sales during the week of stocks usually Inactive. see second parte 0re ..11,
,
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday, • Monday,
Tuesday,
June 2. I June 4. 1 June 5.
Wednesday. Thursduy,
June 6.
June 7.
Friday,
June 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranoe since Jan. 1 1923.
Ora basis of 100
-share loft
2615
PER SHARE
Range for P/IIVSOIS
Year 1922.
Lowest
fliohalf
Lowest
Ht064.1
$ per share 3 per share 3 per share $ per share $ per share $ per share Sher s Indus. &
MIseell. (Lon.) tar $ per share $ per share $ per *Dan $ Per Shan
8
9
9% 918
87
8 934
8
8
712 8
714 73
4 5,100 American Cotton Oil. _JOG
65
2May 18 20 4 Jan 4
1514 Nov 3013 May
5
19
195 *19
183
18
20
*17
1912 *17
1912 *16
800
1912
Do pref.
.
14 May 18 383 Jan 4
4
33% Nov 61 May
*5
514 *5
514
514 53
4 *5
514
5% 518
500 Amer Druggists Syndicate__10
518 514
413 Jan
752 Feb 23
5 May 22
758 Aug
11612 118 *1165 121
*116 120
8
104 112
101 1063
4 97 10014 69,500 A merlean Express
,
100 97 June 8 1431 Mar 2 126 June 1132
Oct
.9
912
812 8
/
1
4
8
8 12
8
8
*814 91
1,000 American Hide & Leather_100
*8
9
8 June 5 1334 Mar 7
101k Dec 175k Apr
46
44
46
45
4014 43
4018 43
43
43
43
43
4,800
Do pref
4012June 6 74% Mar 7
10
Jan 743, Sept
58
/ 98
1
4
*98
96
9912 99 10112 100 100
99 101
9814 981
2,300 American Ice
100 90 May 21 11112 Apr 2
78 Jan 122 Sept
4
*823 853 *8212 853, *8212 853 •8212 853 *82% 841
*8212 86
Do pref.
8
100 82 May 22 89 Feb 21
72 Jan 9614 Aug
228 2314 2214 2314 23
24
23
2378 2212 231
2214 221
7.300 Amer International Corp_ _10
22 June 1 3312 Mar 28
2454 Deo 504 June
45112 12
*1112 12 , *1112 12
*1112 12
5
*11, 12
*115 12
8
American La France F E__1
1114 Jan 17 13 Mar 1
9% Jan 14 July
*24
26
24
255 *2312 251 *23
8
25
*24
251 •24
1,200 American Linseed
25
' Mar 5
3
100 20 4May 22
28 .Nov 424 Oot
*45
*44
47
48
*14
48
1343
47
*43
*43
47
47
Do pref.
41 May 22 59 Feb 15
48 Nov 6413 Oct
13714 13914 13914 14112 110 143
142 14558 14418 1463 x141 1421 68.200 American Locomotive ___. 100
8
8June 7 102
10 12018 Jan 17 1463
Jan 13654 Oct
11612 11612 *116 119 •118 119 *116 119 *116 119 *115 119
100
Do pref --------100 115 May 4 122 Feb 9 112
Jan 12214 Dee
46
458 458 46
*/312 46
46 46 1 *4512 46
4618 461
800 Amer Metal temp etfe__No pa
44%May 22 55% Alar 5
44 Sept 6334 Dec
*81
83
823 823 *8112 83
4
4
*8112 83
823 823
400 American Radiator. ------5 76 Jan 2 8812 Apr 19
4 83
4
83
82
Jan 129
Oct
612 68 *64 67
/
1
8
63
4 67
,88 6%
5
638 63
614 61
4
3,100 American eatett Razor.
_2
814June 1
9% Feb 19
3 4 Jan
8
8s Oct
7
14% 14% •14
1414 1418 1414 14
14
14
14
133 14
4
1,900 Am Ship & Comm
21% Jan 5
4June
No pa
5% Jan 2414 May
583 597
8
5918 603
4 60
631 22,100 Amer Smelting & Refining_100 133
60
/ 603 62
1
4
613 623
4 618
4
,
1
63 Jan 17 6912 Mar 2
635 Jan 67 May
8
9 7 977 I *97% 98
7
3
9714 974 *973 97
4
*9734 98
977
300
Do prat
100 783 Jan lb 102%Mar 6
8
8618 Jar, 104Ip Oct
.138 146 *138 146 13138 142 .13818 144 8 3142 143 *142 8 977
144
American Snuff
108. 135 May 22 15214 Feb 14 10912 Jan 159 Sept
3612 3612 36% 363
4 3612 374 3612 37
37% 3718 371
37
2,800 Am Steel Fdry tern 0218_33 1-- 341251,13
,22 407 Mar 21
301 Jan 4614 Sept
8
4
•102 105 3102 105 I 102 102 *100 105 *101 105
*101 105
100
Do prat tern etfs
101 100 May 8 1054 Feb 9
Feb 1081 Oct
91
4
70
73
72
72 I 72
72
72
73
73
73
3
73
4,500 American Sugar Refining_ _ 100 69 May 21 85 Feb 13
73
7
5412 Jan 857 Aug
4
103 103
10212 1021 *102 10414 *102 104 *102 104
4
1013 102
400
Do pref._. _ ... ......10( 1013
4June
Jan 112 Aug
84
1083 Jan 3
4
*245 25
8
25
25
25
25
2514 26
28
26
•26
27
700 Amer Sumatra Tobacco._ .1013 2414 Feb 1 36% Feb 14
2314 Feb 47 May
*504 5712 *50% 5712 *3018 5712 *5018 5712 *5018 571 •50% 571
Do prat_
100 55% Jan 16 65% Feb 13
5214 Feb 71
Jan
1224 12318 123 12358 1233, 1238 12334 124
/
1
1233 124 4 123% 1241
4
9,900 Amer Telephone & Tele8--10 12114 Apr 3 12512 Mar 5 1144 Jan 12814 Aug
146 146 13146 148 *14614 147% 1473 147
8
4
147 147
/ 1477 148
700 American Tobacco
1
4
10 141 May 21 161% Feb 13 12912 Jan 1691 Sept
,
*10214 10212 10212 10212 10212 1023 103 103
4
102% 103 21011 1017
1,200
/
4
Do pre/ (nte)
9611 JEW 1083 Oct
10 101 Mar 16 105% Mar 3
4
14412 145
146 146
1443 1443 146 146
4
4
146 14/
147 147
1,100
Do common Class IL_ _100 140 May 20 1593 Feb 9 128
Jan 16E44 Sept
4
39
39
4918 4018 4012 4314 42
4114 411
4313 4212 43
3,300 Am Wat Wks & El v t a_ .100 2712 Jan 29 44% Apr 26
6
Jan 334 Nov
3189
9014 8914 8914 *8914 9014 8912 8912 *90
9014 9014 901
400
Do 1st pre((7%) v t 0.100 85% Jan 3 93 Jan 16
Jan '937 Sept
67
3
.•59
60
59
/ 593
1
4
4 60
617
8 62
62
/ 6212 6212 6154 61% 27.500
1
4
On pa,tie pf(8%)V t0 100 48% Jan 3 6318 Apr 26
1714 Jan 5514 Oct
*90
95
*90
95 I 1390
*90
95
*90
95
*90
95
95
Amer Wholesale, prof
100 9314 Jan 2 9814 Jan 31
Jan
Oct 95
86
8814 90
8912 9134 89
/ 9014 9058 9138 91 12 9214 9112 921 12,000
1
4
100 85% Mae 22 1098,53 ar 21
Oct
7814 Jan 105
10112 1011 10134 1013 1018 1017 10112 1017 1O18 1013 101 12 101% 3,000 Amer Woolen
/
4
4
8
4
• Do Wel
100 10118June 7 III% Jan 3 102
Jan 11134 Dec
208 2054 .19
*1812 20
20
20
•1'./
20
193 *1812 193
200 Amer Writing Paper prat_.200 lti May 18
4
2212 Jan 5514 Sept
Mar 7
1112 1214 1214 12% *1214 12
/ *11
1
4
*11
13
*11
13
13
600 Amer Zinc, Lead & Smelt...26 1018May 21 34
1914 Feb 16 I 12% Jan 21 Sept
447 448 *45
47
11145
47 •___ 47 •____ 48
45
45
300
Do prey
25 417
8June 2 5814 Feb 27 . 36
Jan 57 Bela
44
443
8 4434 45 1 445 45% 447 4358 4514 453
8 4318 45% 22,900 Anaconda Copper Mining__ 50 433
8May
724 73 1 75
75 1 75
77
76 1 76
71
7714 7712 7914 4,800 Associated Dry Goode..,.. O° 8214 Jan 18 5312Mar 6 ' 65 Nov 57 May
5 89 Mar 19
43 Jan 70% Dee
*8212 84
*83
84
*83
84
84
*84
84
*84
86
86
200
Do 151 pref
s212 Jan 18 89 Feb 121 78 Jan 86
101
Oct
*88
89
*8812 91
.88% 91
4
*883 90
*88
/ 90 .8812 90
1
4
Do 24) pre!
10(
8818 Jan 9 9312 Feb 26
Jan 9114 Oct
76
114 1143 *114 118 *114 116 *114 117
/
1
4
4
114 114
115 115
600 Asyociated 011
100 104 May 7 133 Jan 12i 99 Jani 1351
1MaY
*2
214
2
2
11117
2
8 2
*17
•17
17
8 2
400 Atlantic Fruit
* 14
No par
154 Jan 17
113 Dec
3%
54 Am
1718 173
165s 1918 1718 1778 1714 18
1712 1834
10,200 Atl Gulf & W 158 Line...100 14 8May 28 34 Fen 14
1734 18
5
1954 Dec 4314 May
Mar 19
1334 13
/ 1314 14
1
4
14% 1412 1414 1414 133 133 •13114 1414 23,500
4
4
Do prof
100 12%May 26 27 Mar 191
15 De& 314 May
3117 125 *119 127 *119 122 *119 122 *119 127
119 119
200 Atlantic Refining
100 114 May 22 153% Jan 10 117 Dec 1575
Oct
'11534 116 *1153 116 *11524116
4
116 116 *115 1564'
100
Do pref
115 117
106 115 hlay 2 120 Jan 11 113
.15
Jain 1194 Dec
1614 *1512 1614 .1312 1614 15% 1512 .15
1614
1614 *15
100 Atlas Tack
No pa, 13 May 17 2012 Feb 14
225 223
1312 Feb l 2212 May
8
4 227 23
8
24
*2258 2412 *23
24
238 23121 *23
1,100 Austin Nichols & Co-No par
193
4May 22 3512 Jan 12
•82
4034 Sept
8314 *82
914 Jai
8312 *32
•82
8412
82
100
Do prat
4 82
8314
126 129
Jan 91 Sept
68
12712 1303 1285 1323 1304 1337 1313 1337 131 13214 92,400 Baldwin Locomotive Wks 100 80 Ma 16 89% Jan 23
4
/
1
8
4,
8
4
100 1233
8May 7 144% Mar 191 9312 Jan 1 1423 Oct
*108 113 *107 113 ,•110 113 *110 114 *110 114 1'110 113
4
Do prey
100 111 Apr 21 1163 Jan 4 104
4
*44
Oct
49 .42
Jan: 118
49
*42
49 •___ 49
49
49 1 .35
Barnet Leather
No Par 46 Apr 27 55 Feb
*19
Jan; 6758 Sent
40
2012 *19
20I *19
1319
20
131912 2018 •1914 20
20
Barnedall Corp. Class A....25 18'8May 22 35 Mar 16
7
23, 1954 Jan 5614 Apr
*14
16
14
14
14
14
*12
4112
15
16
16 1 *12
200
Do Clam B
25 14 May 4 22 Jan 2: 17 Nov
Apr
*14
119
3
8
14
14,
14
*14
*14
3
3
14
3
8
3
8
3
8 1 500 Batoptiae Mining
20
14 Feb 26
12 Jan 21
*5114 55
',Dec
14 Mar
*5114 55
*5114 55
5112 5112 •5112 55 -------100 Bay uk Bros
No par 50% Feb 7 62% Apr 4
6512 66
Apr 65 Bent
33
67
67 I *67
6712 6712 6712 67
67
/ 67
900 Beech Nut Packing
1
4
67
20 51 Jan 2 84% Mar 26, 30 July 53% Dee
50% 5212 5134 52 4 51% 53% 5218 5312 528 537
3
/
1
8i 524 533 31,200 Bethlehem Steel Corp
100 51 June 1 70 • Mar
51
Jan 79 May
Do Class B common_-100 6014 Jan 16 711 Mar
8
31, 5,512 Jan 8214 May
Do pre!
100 93% Feb 1 9612 Jan
'la" 106 jai" 166
907 Mar 106 Nov
8
116 - •::106 ioi" 105 *10434 106
400
Do cum cony 8% prof 100 104 June 7 11114 Mar 21
12 104
Jan 116% June
*9012 9114 90
9014 9014 90
90% 901, 89
60n
90
/ 90 1 90
1
4
Preferred new
108
893 tine 7 9713 Mar tl
42
*514 6%
94 Nov 101
Or t
51
At%
512 *514 5
700 .sooth glatattiee
54 514
04 *514
514 514
43
No Pa.
2May 22
7% Jan lb
10% Aug
6 Nov
*712 83, *8
07% 838 •7I2 812 *712 8%
83, *712 8% .
British Empire Steel
100
712 mar 23
9% Mar 2
.66
812 ..an 15 Sept
67
*66
6
/
1
4
67
36
•66
66
67 /
66
100
Do lei prof
67
36
1
4
100 66 June 8 6912 Mar 13
68 Ma: 7614 Apr
*22% 2412 •22% 24l *2212 2412 *2212 2312 132212 2412 •20
Do 24) pre
2412
106 2018May 8 2612 Feb 20
39 Sept
19% Mar
10712 10712 *10712 10812 10718 108
10812 108% 108 108
108 108
1,500 Brooklyn Edison, Intl
100 10414May 22 121% Jan 9 100
•108 112 *106 109
Jan 124% AUE
1093 110
4
10912 10912 *110 112
300 Brooklyn Union Gas
110 110
106 10312MaY 11 128 Feb 7
70
415634 58
Jan 1244 Nov
57
*5612. 5712 56% 5612 •56
57
500 arown Shoe Inc
57
557 56
106 5512May 19 65% Apr 2
62
1111% 2
2
Jan 647 Sept
..112 2 .112e 2 *Ds 2 4112 2
13
100 Brunswick Term & Ry Sec 100
8
13
8
112May 17
2% Jan 25
532 June
*134 136
112 June
13512 13614 136 13614 .13514 13812 *135 13612 *135 13612
400 Burns Bros
101: 13412May 21 1443 Mar 23 11312 Jan 147 Dec
345 36
353 357
4
8 35% 35% 35% 35% 353 353
Do new Clam B cony
4 353 35
4
4
/ 1,900
1
4
33 June 1 43 Jan 2
*vs 72
4
Oct
7418 74
28% Jan 53
8
7% 7%
7
/ 73
1
4
4
7
/ 73
1
4
4
61 758 3.600 Butte Copper & Zinc v 1 02..5
/
4
614May 22 1144 Feb 14
1012 Dec
*1514 16
514 Mat
*1514 16
*1514 16
•1514 1712 •1514 1712 *1514 ..,•E
But&crick
100 16 May 3 21% Jail 4
227 2314 2212 23
Feb
15 Nov 34
*
22% 223
4 223 2312 24
4
24
/ 4.400 Butte & Superior Mining..
1
4
8 24
247
.10 2012May 22 371
8Mar 1
*4
43
20% Jan 3614 Oat
43
412
37
8 27
37
4
8 414
4%
3% 33
4 2,500 caddo Central 011&Rel No par
312MaY 21
9 8 Feb 16
,
*8014 81
64 Dec 154 Ala
82
81
81
81
8212 81
SO(3 California Packing
81
7912 8018
81
No vat 7912 Jab 24 87 Feb 9
111% 11534 1133 1184 III%
68 Jan 864 Sept
111 114
11114 11312 10612 1113 149,301) California Petroleum
4
116
10u 6614 Jan 3 1173
8May 31
107 108
43% Jan 71% Jan
10734 1084 106 10814 1073 107 4 10712 10712 106 101312 2.100
4
3
Do pre!
463
100 94% Jan 2 11012May 23
7
714 712
83 Jan 9812 Apr
714
6% 7
8
4,100 Callahan Zino-Lead
714
714
7
7
10
6 May 22
*53
54
514 Feb 11% May
*5234 53
523 5518 *524 54
*52
4
300 Calumet Arizona MInlng.....10 62 Jan 23 12% Feb 20
*51
5212
68 Max I
*6
NA Nov 66% June
4814 612
65
8
6
612 612
6
*53
600 Carson Hill Gold
4 65 *514 62
5 2May 22
1
3
132% 3
9 Feb 19
52
*1
6% Dec lass Mar
.212 3
*I
3
3
•1
*1
3
3
Lase (.1 I) Plow
No per
212May 3
79
4 4 Feb 21
1
79
a Mar 912 June
1379
80
80
7712 7712 75
*78
*74
80
75
300 ( ace(21) Thresh M.Di tlf 10
4
0 693 Jan 4 85 Apr 9
68 Feb 9314 Aug
27
27
267 27% 2514 26% 2414 2612 2514 2612 2514 257
8
8 8,800 Central Leather
2414June 6 4012 Mar 7
1th
*6514 66 /
29% Jan eve Sept
1
4
3514 67
6014 63 4 62
6212 65
,
63% 63 6314 5.000
Do pref
lts
6014June 6 79 4Mar 7
6354 Jan 83 4 Sept
3
4112 42
3
4212 424, 4212 4212 4318 431
433 434 4212 42
8
/ 1,400 Cerro de Paco CopPer-No Pn
1
4
411aMay 21 5012M ar 28
3254 Jan 464 Dee
*30
38
•30
*30
38
38 •30
38
3212 3212 *3212 387
100 Certaln-Teed Prod...
8
.?lo
3214May 17 45 Mar 14
84 Feb 52114 June
59% 6012 59% 6012 80% 6114 603 617
4
6012 6114 6012 60% 6,200 Chandler Motor Car_ _No pu
583
8May 22 78 Mar 14
77
67 4 Jan 794 Apr
5
77
783 783
4 71/3 80
4
s
793 80
4 7912 793
4
7912 804 1,5011 Chicago Pneumatic Tool_JUt
76 May 19 90 4 Mar 21
3
Jan 89 Sept
60
.
6
2618 26% 26% 263
8 2612 2678 2612 261_ 26% 2734 263 27
5.500 Chile Copper
4
2.
2618MaY
303 Mar 1
8
154 Jan 2914 Nov
21% 22
22
22
22
22
224 22
/ 224 2318 23. 23 8 3,100 Chino Copper
1
4
/
1
3
2114May 22 31% Mar 2
22% Nov 3334 June
6512 6512 68
/ 70
1
4
68
68
6912 70
/ 7012 70% 70
1
4
1,400 Cluett, Peabody & Co.. .101
70
. 64 May 21 784 Mar 28
43 Jan 7014 Dee
773 7814 77% 80
4
80
SO's 8012 834 82
/ 7912 80
1
4
834 26,700 Coca Cola
No p,
73 May 4 83 8June 8
Jan 8234 Oct
3
3114 3314 33% 3412 33
41
/ 334 32% 33
1
4
3314 32
323 35% 24,501) Colorado Fuel & Iron
4
105
2514 Jan 17 35 sMay 31
31103 10312 1013 102
24
Jan 37 May
3
4
/ 102 102 *1024 103
1
4
10212 103 *101 103
2.800 Columbia Gas &
63st Jan 114% Sept
1
1% 112
114
9914May 21 114 Feb 14
1
14
I
1
118
14
8,900 Columbia Grapbophone No pa
1
118
1 June 4
11 Jan
4
27 Feb 6
2
6% June
*5
612 *
414 414
414 5
*47
5
514
414 5
600
5
Do pref
SIX
412June 5 1212 Jan lb
6 Feb 21 June
711 711 713 713
/
4
/
4
4
73
733 74
4 73
4
731 747
8 74
7414 2,600 Computing-Tab-RecordNo
69 Jan 8 8312 Apr 9
26
554 Jan 794 Apr
26
24
23
26
26% 26
25
/ 287 27
1
4
*25
2612 1.800 Consolidated Cigar__ __No pw
24 May 22 39% Jab 3
*70
185 Feb 4214 Oct
3
78
*70
78
*71
76
*70
3
77
60
78
*60
75
Do pie!
IOU 7314May 21 83 eeb 17, 47 Feb 871 Nov
4.18
14
18
*18
18 *---14 .
,
18
14
14
400 Consul Distributore,Ino No pas
4 *-- %June 6
1 Jan 30
8
Feb
24 Mar
e0128011duted Utut (N Y). 10u 120 Jan 2 137 Jae 26
85% Jan 543% Sept
ifil; 81's 6234 6134
-this
-633e - . 6334 6- 7:5615 When lamed
22
No par 593
8May 21 69% Feb 7
1014 10
10
57 4 Dec 62 4 Dec
7
10% 10
10% 10
10% 10
3
6,600 Consolidated fauna__.No per
973 10
101e
97
8May 22 1412 Feb 9
9 July 15% Apr
Continental Can. Inc
100 115 Jan 2 1313 Jan 31
4
48s 47
45% Jan 11514 Dec
- 3- 46 • 16 4 461 47
41 4
1
46
12,800
47
When issued
164
No yew 427
8May 7 80% Feb 19
•94
96
•95 100
395 100
*95 100
*95
98
•95 100
Continental Insurance
9
2/ 92 Jan 6 104 Jan 31
9
9
0
834 87
86
Jan 9354 Aug
8
/ 83
1
4
4
88 9
8% 912 9,100 Contluental Motors...No par
8 May 22 1214 Jan 19
*1291 13012 130 1313 13014 1307 131/4 1
/
4
1114 Dec 1853 Dec
8
/ 323, 13154 133
1
8
13118 1324 16,300 Corn Products Refining-10u 122% Apr 3 13914 Feb 6
/
1
•11612 119 *11614 119 •11814 119
118 118 *117 119 *117 119
911 Jaw 13454 Oot
4
Do pref
500
101. 11..04May 8 12234 Feb 24 111
4634 4712 46% 43
8 4712 4918 477 49
4712 477
Jan 12354 Nov
473 484 4,100 uoaden & Co
No pa
4418May 22 6314 Feb 17
6918 7112 70% 723
,
4 723 733
4 713 723
4
31% Jan 54 Dec
7218 737
8 713 7258 34,300 Crucible Steel of America_100 6312May 21 8412 Mar 21
4
.8812 90
90
90 .89
91
89
89
*8e
91
5211 Fe
490
4
91
98 3 Sept
1
Do pref
200
100 87 May 24 94% Mar 2
137 1418 1414 1412 144 1414 14
8
80
1412 1414 1414 1312 1418 3.400 Cuba Cane Sugar
Jan 100 Bern
No par
125 Jan 17 20 Feb 13
2
523
4 5214 5254 51
5112 5214 52
534 523 533
84 Jan 19 4 Mar
/
1
5
Do pre!
4
4 4978 5218 8.500
100 371s Jan 17 6414 Mar 15
3123 3214 317 3212 32
32% 32
151 Jan El% Jule
33% 321 3312 3118 33
4
16,500 Cuban-American Sugar...
.10 23% Jan 16 373 Feb 13
*9512 99% 964 9714 •96
8
9912 *9614 9912 98
1413 Jan 28 Aug
Do prat
98
300
*96
9913
100 9514May 22 106 Apr 5
234 244 • 2412 29
2814 3012 28
3014 29% 3014 2712 2912 26,000 Davison Chemical v
784 Jan 1024 Dec
t c_Ne Dar
8May 21 3813 Mat
255 255 .2512 26
203
8
8
4
*253 26
owl Apr
*2612 28
23% No
*254
2512 2512
700 De Beers Cons Mines_.No par
23% Jan 24 28 Mar 1
1023 10314 *1023 10314 1023 26
4
*1021 10433 103 103
4
4
1511 Jan 25% Sept
4 1023 10334 103%
900 Detrolt Edison
4
14 2
100 10112May 22 Ill Mar 2 100 s Jail Os% Aug
3512 3612 364 37
39
38
81E 38% 38
3
3812 3714 3812 7,100 Dome Mines, Ltd
10 30 4May 22 4413 Jan 4
3
*106 107 *10614 10712 10712 107
/ 10712 10712 10712 1071
1
4
18% Jan 66% Nov
400 Eastman Kodak Co_ _ _ No
/
4
2'
110M 1071
12412 129
12518 127
12214 124
126 128
70 July 90% Dec
127 12912 126 12612 11,700 E I du Pont de Nem & Co- pa' 89% Jan 2 115114 Apr 3
-100 10814 Jan 17 14812 Apr 28 105 Dec 16044 Nov
85
8512 *8412 87
85
•83
consul preferred.
200
86
6%
..,iOo 8113 Apr 12
6134 *; 117:
/ *61
1
4
8112 61
13
901 8,91
6034 60
4 .1
2
80 Jun
14
61
2,200 Electric Storage BatteryNo par 54 Jan 17 8914 Apr 10
*1412 1612 *145e 1612 *143 1612 *144
6013JIM
58 4 Dell
*1414 16
5
4
6718 Mar
1612 *1414 15%
Elk Horn Coal Corp
el, 315 *3
3% .3 8 34 *3
ao 1334 Apr 23 203 hill 21 1414 Jae 244 Dee
,
2
4
4 34 *3
3141 .
3318 34
100 Emereon-BrantInghato...._ 100
114 June
318.1une 2
71, Feb 20
/ 7014 *69
1
4
69
70
70
69
68
2 4 Jan
5
69% 69
/ 7014 2,600 Endicott-Johnson
1
4
60 67 May 22 944 Jan 2
2
*11434_115 *1143 11512 *1143 11558'1145 11512 *11518 70 1 69
4
4
764 Jan 947 Dee
4
11512 *115 11512
Do met_
100 111 May 21 118 Jan 3 104
Jan 119 Deli
•Bid and asked prices; no sales on this day. z Exdleidend.
48,2 Zs, gi3
New York Stock Record-Continued-Page 3
2616
Per gales tiering the week of atocka usually Inactive. see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
Tune 2.
Monday.
June 4.
Tuesday,
June 5.
Wednesday. Thursday, . Friday,
June 8.
June 7.
June 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
I
MAUI
PER MARA
Range for Previous
Year 1922.
LOWS,
MOM
per share
share
7 share 2 Per Share $ per share $ per share I $ per share 3 per share Shaw Indus.&Miscall.(Con.) Par 2 perMay I $ per share $ per share i 314 001
NO par 25
7. 31 Jan 10
261: Dec
25 25
27
200 Exchange Buffet
*25
27
*25
27
27
*25
*24
27
754 Jan 107 Sept
7834 794 7918 7914 5,600 Famous Players-Lasky_No par 7314May 19 93 Jan 2
4
783 7912 7812 79
7814 7938 7812 79
914 Jan 1074 Sept
Do preferred (8%)----100 90 May 21. 9934 Feb 14
900
8
8
4 913 013 *9213 94
9212 9134 913
91
92
*91
924 *91
5 June 5 124 Feb 18
9 Jan 1612 MaY
1,100 Federal mining h Smelthu 100
6
6
6
712 712
6
*612 8
a
*7
7
8
100 3114June 4 6013 Feb 13
4
374 Mar 621 Sept
Do pref
4 3934 3934 7,000
403
8 3614 414 40
363
4334 3414 394 35
38
74 Jan 17 1038 Jan 2
No par
8
4
83 Dec 103 Dee
918
9
918 912
94 10,000 Fifth Avenue Bus
918 *9
918
834 938
838 834
No par 145 May 23 21214 Jan 11
75 Jan 218 Dee
162 16378 16318 164
153 16312 159 163
2,600 Fisher Body Corp
150 150
13150 160
764 Jan 1034 June
9812 984 9812 *9818 9812 9812 9814
400 Fisher Body Ohio. prat _ _100 9618 Jan 24 10112 Feb 19
9:11,2 98 98 "98
*98
4May 211 1612 Feb 13
93
No Far
1053 Nov 194 Apr
1118 3,000
1114 3531 1138 1138 1114 1112 1118 1114 1118 1138 11
1214 Jan 2714 Oat
:51aY 22 22 Jan 13
No par 121
4,500 Freeport Texas Co
1338 137
4
/ 133 14
1338 134 1378 137
8
133 1378 *1312 14
No par 53 May 12 717 Feb 20
4514 Jan 80 Oct
57
Am Tank Car
*55
*55
57
5414 5514
5618
600 Gen
5612 55
5612 *54
*54
43une 6 64 Mar 7
100 313
3714 Nov 73 4 July
1
4
313 3312 3212 33 45,600 General Asphalt
344 3512 3134 35
334 39
377 39
100 6712June 4 83 Mar 7
69 Nov 111 July
Do prof
6978 1.700
8 6712 6712 .68
697
70 *67
71
70
71
6712 71
100 8412May 23 9438 Mar 14
85 Mar 31314 Dec
4
86 *853 8634 8612 8712 1,700 General Cigar. Inc
86
86
*8518 8612 85
85 *85
100 10412 Jan 2 110 Apr 2
94 Jan 109 Oct
Debenture prof
*1074 10912 *10718 10912 *105 109 *105 109 *105 109 *105 109
100 17012May 21 1901s Feb 2 136 Jan 190 Dee
175 178 *176 17734 2,600 General Electric
17514 1754 17514 17512 176 176 x17412 175
10 1012June 6 12 Jan 2
1011 Oct 12 Sept
z1012 103
8 1072 1078 3,200
4 10% 103
Special
7
*10 8 11
3
1078 107 *1078 11
814 Jan 1614 July
--No 9017 1318 Jan 17 1712 Apr 18
1478 15
24,900 General Motors Coll)
3
147 15
4
143 15
1412 1438 144 1514 1438 15
100 83 May 23 89 Ain 17
69 Jan 86 Sept
85 *84
8334 8378 *84
Do prof
83
500
4
*823 84 *83 85 '83 85
(8%) 100 8234May 221 90 Apr 7
8738 Mal 9014 Oct
Do Bob stock
85
700
8314 8314 8334 8414 844 85 .84
83 83
83 83
8
7914 Mai 100 Sept
Do Deb 8toek (7%).--100 967 Jan jul 106 Apr 10
99
99
200
9812 9812
99 *98 99
1398 99 *98
1098 99
884 Oct 4618 Oct
No par 41 Jan 3 514 Apr 24
*44
45
Gimbel Bros
4412 *44
45 *42
4412
45 *43
*43
444 *43
718June 8 123 Feb 9
934 Nov 184 June
8
No par
714 8
.112 814
8114
8
718 73
4 2,100 (4lidden Co
*8
84 *$.12 9
47 Jan 21
778 Mar 9
434 Dec
812 Oct
No par
54 518 4.700 Goldwyn Pictures
518 314
2
518 53
514 512
1
54 514
54 Ws
284 Nov 447 MaY
8
No par 30 May 21 4118 Mar 22
F)
304 31
*3114 32
30 30
1,800 Goodrich Co(B
31
30 304 '30
30 30
794 Nov 91 Apr
102 84 Jan 3 924 Mar 6
Do pre/
90
90 90 "89
8934 *89
200
9012
*89 90 *89
8914 8914
22 Nov 35 May
Granby COIlef M .131:11 It 1"013101) 2214May 22 33 Mar 23
23
2314 23
2318 2334 24
2,400
24
23 2312 23
*234 24
8 Nov 197 May
914May 21i 1538 Mar 7
8
No par
.912 11
4
93 10
--------400 Gray h Davis Inc
914 94
10
"912 1012 "9
22 Nov 3438 May
4May 22 3418Mar 6
2312 2312 *23
24
24
25 *23
*23
24
100 Greene Cananea CoPper_100 213
•23 25 *23
7 Feb
1438 Mar
7381.1ay 22 1412 Feb 14
500 Guantanamo sum__ „No par
814 812 *818 87
9
*84 87
8 84 *812 9
81
8 *8
8
447 Jan 947 Oct
8
8438 8312 8512 8314 8412 13,100 Gulf States Steel tr otfo_.100 7712May 211 10438Mar 21
8034 8338 8132 8314 83
8014 82
37 Mat
4
3 Jan
212 Jan 12
4
3 Mar 5
112 *114 138
BOO Harbisbaw Elea Cab No par
138 132
118 14 "1
Ils
118 "1
"1
3414May 22, 44 Apr 19
100
3714 3714 3714 3814 3738 38
37
3,800 Hayed Wheel
37
37
s
367 3714 37
15 Jan 2814 Sept
400 Hendee Manufacturing__100 14 May 211 234 Feb IS
1614 1614 1614 1534 1614
1614 *15
1614 *15
1614 *15
*15
100 60 May 23 797 Jan 2 55 Jan 82 Noe
66 *644 65 *65
209 flomestake Mining
6534 *65 66
634 85 "64
064 65
4
614 Nov 913 Oet
100 60 May 71 78 Feb 16
6214 6353 6212 65
8 9.800 Houston 01101 Texas
63311 647
684 614 594 6234 6112 63
191: Aug 2638 Dee
4
4May 4 323 Mar 3
_No par 233
2472 2538 2514 2512 253 2578 2,500 Hudson Motor Car
25
25
2434 25
24% 25
261s Dec
1078 Jac
:
8May 22 301 Apr 2
10 201
--4 2112 2112 2112 2112 2118 2112 1,400 Hupp Motor Car Corp_....
214 2112 214 213
22
22
34 Feb 1418 June
64 Jan 8
8
17 Apr 14
No par
24 24 *238 234 *212 23
21: 212
8 1,300 Hydraulic Steel
4
214 23
*212 234
814 Jan
154 Dee
5
7 May 23 19 Mar 19
3
74 73
71s 7 8
8 "7
8
8
8
500 Indiaborua Refining
*7
812 137
"7
6 Jar. 1138 June
84 Apr 6
3
5 4 Jan 24
10
*612 7
"7
*612 7
8
200 Indian Refining
*612 7
•612 7
"612 7
31 Nov 45 June
3214 32
3312 32
4 4,000 Inspiration Cons Corner- 20 3112,Iune 1 4334 Mar 1
324 324 3214 3214 32
323
32
32
Ps Dee 1114 Ma,
3 May 16 11 Feb 20
100
434 *4
44 *4
412
412 *4
434 *4
400 internat Agnelli Corp
44 412 *4
7g
284 Nov 431s Mar
..
._
Do pre! ._.. _100 1212May 18 39 Feb 23
1534 1534 *1434 1578 *143 157
157
500
1478
4
8 14
18 "15
*15
26 Jan 384 May
pal 3412 Jan 2 44 Mar
3712 3712 373 38
4
37 37
3738 373
1,600 International Cement-No ow 20 May 22 274 Apr 19
4 37
37
37
3678
No
8
2018 June 304 Sept
23 *22
23 *22
23
1,000 Inter Combos Eng
23
23
23 *22
221z 2212 *22
7 9812
s
794 Jan 1157 Au&
3
7438 7634 17,000 internal Harvester (siew)...100 7512June 8 11814 Feb 7
7512 78
794 8112 78 4 8138 7612 79
814 82
Jan 4 1051, Feb 119 Sept
100 10912June
Do pref (new)
11012 11012 *____ 112 110 112 "110 112
400
10912 110
3111012 112
8
4
83 Dec 274 May
612June 4 113 Feb 14
m am.___100
612 74
als 714
4 714
63
7
714
714 714
714 74 5.400 in, Me-ea.,411*
4June 1 47 Jan 5
8
413 Dec 874 May
101 261
4
28
29
18,700
273 2874 2814 283
8 263 29
4
Do pref
4 2814 29
28% 297
1338May 22 164 Feb 16
1114 Jan 1934 Apr
14
14
14
1514 1438 1514 15
1334 14
1
4 147 153 33.800 Internati...nal Nickel (The) 26 603 Jan 4 823
153
8
4June 7
60 Jan 85 Jan
4
100
Preferred
*774 7912 7912 7912 804 8012 8212 8234 823 823
700
4
4
784 79
3
8
4311 Mat 637 Oct
106 3918MaY 21 68.8Mar 6
43
4312 "4312 44
4338 44
4412 1312 433
4318 4318 44
4 1,000 International Paper
69 Mar 804 Sept
100 6512May 21 7618 Jan 5
2
Do stamped pref
600
70
61112 6812 6812 6812 6912 69' "6912 70
'
691 s 694 70
12% July 2014 Apr
50 1314May 22 i914 Mar 7
14
14
137 14
137 14
14
14
4,900 Invincible Oil Corp
138s 14
14
14
24 Jan 5318 Oct
*4358 45 *44
100 Iron Products Corp.__No par 3912May 22 5814 Mar b
44
45 *44
*4218 44
*4314 44
4412 44
88 Feb 24
3 Jan
4 No%
4 Jan 2
17
%
%
53
8
3
12
os
5
3
% 3,500 Island Oil& Tramp v t r__ IC
8
3
8
3
8
3
10 Jar, 224 Ma)
8
IN- 173 Jan 24 24 Mar 15
1914 194 '19
20 "1934 20
20 *19
1,500 Jewel Tea, Inn
194 197
1912 20
884 Jan 764 Dee
100 66 -flay IS 82 Feb 126
74 "70
75 *70
Do prof
1370
75
75 .70
75 *70
75 *70
344 Feb 577 Sept
100 511 Jan 17 6334 Mar 10
59
584 584 69
59
59
58
5912 5812 .5812 5814 5814 1,200 Jones Brea Tea, Inc
6 1094 Mar 22 MN Der 1094 Doe
7
8
*10712 107 8 1077 107 s '1073 108 10412 10412 108 108'
7
8
200 Jones h Laughlin St. pre 100 10112June 6
108 1084
1% ,...e..
74 ,as.
312 Jan 12
12June
1
*2
lb
4
3
4
3
4
3
8
7
8
8
*5
12
8
*5
5
4 2.500 Kansas & Gulf
3
4
3
34 May 484 Aug
457 Feb
324 3312 33
3134 32
34
3,800 Kayser (J) Co. Woo __No par 291/May 22 104 8 Mar 23
4
333 333
4 333 354 *335 3
8 5
4
23
94 May 10618 June
(sew)_.No par 98 Apr 10
98
let preferred
*90 98 "90
98
"90 100 "90 98 "94 98 "94
3
344 Jan 63 4 34a7
25 4214May 22 624 Mar 22
444 4514 44
4514 4638 4514 453 11,400 Kelly-Springfield Tire
4338 45
4 43$4 447
443
4
904 Jan 1074 May
*9713 103 "8712 103
Temporary 8% prel____100 9614May 17 108 Jan 18
'97 103 "95 103 *974 103 "9712 103
81 Feb 11518 Dec
100 95 May 8 11711 Mar 6
97 97 *100 102 .98 100 "95 100 "95 100
"98 102
100 Kelsey Wheel. Inc
8May 22 45 Mar 1 e 254 Jan 394 May
No par 343
3612 35 4 361s 3614 363
3
36
g
354 36
4
4 367 373 x3614 3612 15,000 Kennecott Connor
44 Nov 24% May
6 May 4 Ills Mar 21
6781
678 7
638
638 68
64 7
6% 7
4
3,200 Keystone Tire & Rubber- 10
638 63
100 177 Mar 2 24812 Apr 26 110 Jan 1 804 Nov
Kresge (9 8) Co
*220 230 *210 230 '215 230 "215 230 *215 225 r220 230
43 Jan 941i Aug
85
900 Laclede Gas(St Louis)._ _100 80 May 7 87 Feb 21
84 84
834 833
s 8338 84
84% 84% *834 84 '82
2414 Nov 354 Mar
4e4ar 22
8June 1 313
7
24
24
25
1,700 Lee Rubber & TIre____No par 237
8
2414 2412 23 g 2438 237 244 24
247 *24
4
4May 21 2223 *Feb 9 16314 Feb 236 Oct
100 Liggett & Myers Tobacco-100 1903
20014 20014 "195 209 '199 209 *199 209 '199 209 31195 208
100 11134 Apr 4 11818 Jan 8 108 Jan 1234 NO,
1137g 114 *11314 114 *11314 114 .113 114
114 *113 114
200 Do pref
*113
7
52 NOV 117 8 Mar
8
3
6412 65 4 65 6638 6512 6612 65
3
6514 9,900 Llma LocoWkstempotfoNo par 584 Jan 17 747 Mar 20
4 63 4 65
3
63 4 643
4
1053 Jan 283 Sept
167 17
17
8 17
168 17
168 167
167 167
8 1,500 Locw's Incorporated._ _No par 1412May 21 2111 Feb 14
17
17
9 Jan 1414 MAY
714May 26 II% Jan 5
No par
*738 73
4
7311 7311 *714 752 *74 712 *74 712
738 74
200 Loft Incorporated
8
36 Jan 677 Sept
100 4612June 7 6314 Mar 2
*4612 48 "4611 4712 461. 4612 1346
47
47
48
4712
200 Loose-Wiles Biscuit
•47
100 151 May 21 178% Feb 9 11714 Jan 180 OOPS
15514 15514 *155 160 1015514 160 '150 158
100 Lorillard(P)
*152 155 •153 155
72 Jan 117 Dee
100 103 May 23 121 Feb 6
*105 115 '105 115 *105 115 *105 113
Mackay ComPanles
*108 112 *108 112
57 Jan 70 NOY
100 6512June 8 701s Feb 16
*136
67 *6512 67
6513 6512
*6612 68 *6612 6814 .6612 68
100 Do pref.
254 Jan 617 Sept
79
No par 5818 Jan 2 934 Apr 6
81
8018 8138 794 8012 14,100 Mack Trucks,Ine
77
7918 79 8138 7812 80
100 914May 22 9914 Mar 12
94 94 *93
68 lab 944 Dee
94 94
94 "92
94
400 Do 1st Drat
93 *90 92
93
3183
87
64 Jan 87% Sept
87
8714 *83
100 82 May 22 92 Mar 5
87
8714 *83
8714
100 D
87 *80
26 prof
'36
69 Nov 62 Dee
No par 6018May 22 7112 Jan 20
8212 643
6218 6218 6212 6212 63 6312 .
62
8 61
700 Mao;
*6112 64
154 Jan 40 Aug
4 3114 314 3114 3212 32
323
4,300 Mallinson (II It)&CO-No par 27 May 22 40 Jan 2
4 304 32
304 313
294 30
3014 Jan 62 Mar
*55
60 *58 .59
61
10() 4312 Jan 17 754 Mar 14
58
*55 60 .55
5812
400 Manati Sugar
65
*55
734 Apr 8414 Sent
85 '81
85 "80
100 8114June 8 90 Feb 26
8434 8114 8114
85 "80
100 Preferred
*80
86
*80
41 Mar 6914 Apr
*49
54 "52
52
49
534 '5212 5334
53
400 Maobattau Elea EMMY No par 49 May 21 66 Mar 21
53 *48
'48
25 4218May 22 4778 Jan 5
32 Mar 6101 Oct
3 457 4612 *4534 46
8
5,500 Manhattan Shirt
4338 4338 4414 4414 4412 4412 444 463
5
No par 2714 Jan 6 6938 Apr 2
1
223 Jan 464 JIM
4214 4314 42
8 4112 427
43
4
413 423 148,300 Marland Oil
8
4218 433
45
43
54 Mar 264 Mar
No par
714May 22 16 Feb 28
8 10
2
1
/ 93
9
2
1
/
1018 1012 124 1.000 Marlin-Rockwell
.84 9
10
*8
8
8
33
2014 Jan 3614 Jime
*3212 33 *3214 33
Martin-Parry Corp.. No par 274 Jan 31 374 Apr 17
3212 3114 3112 .31
500
*3134
32
32
22 Jan 64 NO,
*464 49
47
48
47 "4612 47
*47
700 Mathleeon Alkali Works_ 60 41 May 14 644 Mar 14
47
474 47
47
4
4114 Nov 744 MAY
4712 48
100 41 May 4 634 Mar 8
4 47
484 473 4814 2.300 Maxwell Mot Clam A
8
4712 4634 463
4612 47
46
7
,
11 Feb 26 June
16
16
Clam B__No per 14 May 22 21 Apr 5
16
16
16
1614 16
151: 1534 1,900 Maxwell Mot
16 •16
16
054 Dec 17484 Dee
4 8412 86
8212 824 853
82
84
4
803 83
8412 23,400 May Department Stores-100 6758 Jan 5 80 June 7
7812 80
1038 Jan 21% Mar
1634May 22 2012May 1
184 1938 1812 187
4,900 McIntyre Per Mines
*1734 181, 1734 1734 •174 1818 174 177
100 285 Mar 2 293 Jan 2 10634 Jan 822 Dee
Mexican Petroleum
*250 275 250 280 225 270 "240 285 *240 280 0240 270
7914 Jan 108 Dee
100 1004 Feb 28 10514Mar 16
Preferred
100 105 .100 105 *100 105 *100 108
100 105
0100 108
Oct 344 July
15
4May *8
:
4
153 1814 163 171, 167 174 26,000 Mexican flatboat° 011-No par 141 May 22 233
s
184 1853 1838 187
1812 19
12 Oct 3218 July
14May 22 2314May 28
144 174 15l4 1814 1578 1614 11,900
Voting trust °tie
4
173 18
18
18
184 18
25 Nov 3153 Ma/
5 2611June 4 304 Feb 23
2514 254 254 2512 *2512 2612 *2514 2544 1,200 Miami Copper
2514 2514
2512 26
16 Apr
11 Nov
812klay 22 1214 Jan 12
8 2'834 94 44,300 Middle Matto Oil Corp__ 10
8
93
9
918 93
953 913
9
94
94 9
333 Apr 18
261g Dec 4514 May
4
263 2712 26% 2712 2712 2712 27
27
2,600 Midvale Steel & Ordnance- 60 26 May 24
2653 2634 2678 27
63 Jan 7653 Sept
Power
100 621:May 23 75 Mar 8
66
*8512 67
6634 *66
6712 66
66
300 Montana
*66 674 •66
67
12 Feb 25114 Aug
4
4 2238 2278 23
4
204 2113 218 217, 213 223
233
8 234 237 30,600 MontWard #11# CollisCorp_ 10 1814May 22 26 Feb 13
3
13 Aug 194 Dee
No par 174 Jan 17 294 Mar 22
8
3
26
2614 2612 2712 25 4 263 *21314 2812 2814 2678 2,500 Moon Motors
26
26
1214 Dee
94 Nov
911May 22 14 Feb 20
97
10
10
10
Coalltion_No pat
8
97
97 10
1038 z934 9 4 5,000 Mother Lode
07s 10
3
1714 Dec 34 mar
No Par 17 May 22 29% Mar 15
4
2014 '20
2014 *193 2014 20
19
19
1019
24
204 *19
500 Mullins Body
70 Dec 526 July
No par 754 Jan 2 1144 Jan 12
67 67 *93
97 *93
6712 *934 9712 97
Motors Co
97 "95
300 Naas
97
100 981: ,pr 23 101% Jan 17 1014 Aug 108 Dal
98
*9712 98 *9712 98
98
Preferred A
98
98 98 •9712 98
984 1.300
94 Nov 214 Apr
61) 11 Jan 30 1818 Feb 19
8
8
123 123 •1212 13
124 127
124 125 •124 13
*124 13
8
500 National Acme
8
3678 Dec 270 Dee
4334 Mar 19
Biscuit
100 8
4 42
4112 42
4112
42
4 414 424 4155 4134 413
4138 413
4,200 National
Oct
100 11934May 16 125 Feb 2 1134 Jan 126
11934 11934
3117 120 *11734 120 *11734 120 "11734 120 *11734 120
100
Do Pre
26 Jan BB% fleet
564 55
*55
55
58
100 National Cloak h Suit.. 101) 53 May 22 6714 Feb 21
*55
*5514 58 '5514 58 *55
5612
418 Apr
1 Dec
14 Feb 24
4 May 31
5
...12 1
34
4
4 I
3
8 1
7
4
4
3
4 1,100 Nat Conduit e Cable__No :nu
3
8014 Jan 6818 001
100 5914May 22 73 Mar 14
66
2,600 Nat &meg & Stainoli
65 6512 .65
6334 644 64 644 64 6514 651e 66
4Mar 20
(00 11114May 22 1363
85 Jan 1294 Dee
119 1204 12014 12014 12012 12012 *12112 12314 '122 12312 12133 12153 1,000 National Lead
Oct
100 1083/June 4 114 Jan 4 108 Jan 117
8
Do pref
200
0108 110 1083 10838 •108 112 •108 112 11112 11112 *10812 1124
134 Nov 194 June
8May 22 184Mar 5
141s 14
14
8
137 14
1418 133 133
14
14
4
4 1,800 Nevada COMO!Coppe# _ _ _ 6 133
14
14
244 Nov 415. Sept
41 Apr 25
354 3518 '35
8 3518 3514 364 37
357
35
1.100 N Y Alr Drake (nes#).-No Dar 265 Jan 2
354 354 35
4518 Nov 514 Oct
No par 46 Jan 9 5153 Feb 13
4919 4978 *4712 4812
*4813 4912 4812 49
49
CIMI A
600
4
*473 4814 *48
20 Nov 46 June
100 1818May 24 27 Apr 2
2114 2114 *20
2112 "20
*2114 24 •2114 24
100 New York Dock
2112
*2114 24
46 Nov 610s June
100 4214May 24, 5112 Mar 15
51
*49
5014 •49
51
*49
Do pre
5012
100
484 484 1049
49
1348
444 Jan 1064 Dec
60 10012 Jan 161 1194 Feb24
_ _ 58 4
_ .. _ 43
5
3
pmerican Co
_i_ _ 4
Lo
.
4 _ ___ ioo North A mt
i 4 ... . 4
_ i...._ ..4ai3 _ _ _ ...4312 _ _ _ _43 _,. _5_ _4
:
. _ _12 .,,11
_iii 4 _ _44
38 Jan 474 Aug
2June 7 484 Feb 14
1
/
50 43
204 Feb 40 Sept
25
25 *22
*2212 25
_ ...... Nova Scotia Steel & Coal IOU 2011May 2 29% Mar 8
25 "20
25 '20
*22
-.No par
8 July 12% Mar
112
9'a May 17 10's Feb 9
Co (The)
912 '9
912 *9
...5
912
Nunnally
912 "9
94 *9
*9
5 Nov 144 Apr
57
8June 8 1018 Jan 29
57
553
400 013Io Body & Blow__ _No par
6
6
's *512 64
6
613
6
6
*
7
3113
44 June
14 Dec
31s Feb 8
178 Jan 2
2
2
2
2
2
2,700 Oklahoma Prod di Ref of Am 5
2
8
,
24 2
24 24
24 218
9% Mar
44 Jan
778May 7
6 Jan 6
100 Ontario Sliver Mining____100
512 512 .512 612
612
"514 612 '514 612 *512 614 *514 18
2
1
/
12 Jan 28 Oat
8
1 171: Jan 6 213 Apr 26
1818 19
19
184 18
2,500 Orpheum Circuit. Inc
19
1734 *18
1812 1734
18
100 115 May 21 153 Feb 16 116 Jan 1684 Oet
125 12512 *12512 130
12512 12512
300 OtLs Elevator
1122 127 *1211: 127 "12312 127
241
• Bid and asked prices; no sales this day. 7 Ex-dividend.
New York Stock Record-Concluded-Page 4
Fos sales during the week of stocks usually Inactive, see fourth page preceding.
PER SHARE
Range sines Jan. 1 1923.
HIGH AND LOW SALE PRICE
Sales
-PER SHARE, NOT PER CENT.
STOCKS
On Oasis of 100-share lots
NEW YORK STOCK
for
the
Saturday,
Monday,
Tuesday, Wednesday. Thursday.
Friday,
EXCHANGE
Htcheal
Lowest
June 2.
June 4.
June 8.
Week.
June 5.
June 6.
June 7.
per share $ Per share
Indus.&Miscall.(Con.) Par
Otis Steel
Nova?
7% Jan 4 1434 Mar 21
Owens Bottle
8
25 865 Jan 2 5234 Apr 2
214 Mar 6
Pacific Development
Is Jan 2
Pacific Gas & Electric
100 7434May 4 85 Jan 5
4
8 may 21 123 Mar 14
Pacific Mall SS
6
Pacific Oil
35 May 22 4878 Jan 4
Paelutrd Motor Car
10 1013 Jan 8 1512 Mar 22
/
1
Pan-Am Pet & Trans
50 6712May 22 934 Feb 7
Do Class B
50 6312may 22 86 Feb 7
814 Apr 5
33
4May 7
Panhandle Prod & Rel_No vat
Parish & Bingham
9 May 23 1512Mar 13
No par
6 Apr 4
Penn-Seaboard St'l v t a Nova:
212 Jan 2
People's G. L & C (Chic)__100 86 Apr 27 9412 Jan 80
Philadelphia Co (Pittsb)__ 50 4114 Jan 2 6014 Mar 19
Phillip-Jones Corp
No pox 60 Apr 30 80 Apr 4
Phillips Petroleum
4May 21 6958 Apr 5
No par 463
Pierce-Arrow M Car. -No Pa?
934May 22 1514 Jan 14
Do pre
100 20 May 22 355s Jan 9
Pierce 011 Corporation
6 Feb 13
3 May 18
25
Do pref
100 30 May 23 45 Jan 4
Inc"A"No par 55 Jan 17 124 Mar 20
Piga W1gg Stor
/
1
4
*6412 66 . - 65 ;1 I12 65
Pitteburgh Coal of Pa
100 58 Jan 16 8778Mar 7
66 -65 65
"0
1,-6412 6413 *65
Do pref
*9812 9912 9812 984 "984 99 *9812 99
100 98 Feb 7 100 Apr 5
98 99 99 99
Pond Creek Coal
10
914Mar 1'4778 Feb 15
,
102-84 104
. No par 931 ay 21 134 Feb 6
- 2
fa 104'8 10413 104 105 *19432 1(18.1- 10484 105 -1- K1 Poetum cereal
451
8% preferred
*111 113 *111 11212 *109 113 '109 113 *11012 11214 *11114 11214
100 110 May 14 11414 Jan 25
*53
8 9,200 Preened Steel Car
55
82
100 5112May 22 8112 Jan 2
6612 6412 883
553 64
62 62
62 82
4
Do prig
200
*88
*88
894
8912 8912 8912 *8712 8914 *8712 8914 89
89
100 86 Jan 22 9934 Jan 6
42
4314 4154 4218 26,200 Producers & Refiners Corp- 50 4112May 21 58% Mar 20
4314 4212 4314 42
424 42 4314 42
963
4 1,700 Public Service Corp of N J_100 91 May 22 104 Mar 21
*9214 93
94
9418 95
9318 94
9312 9312 94 94
700 Pullman Company
11914 11914
*117 120 *11812 120
120 120
100 11512May 3 134 Mar 8
119 1193 120 120
4
50 43 Jan 18 6914 Apr 19
603
4 5612 6014 2,100 Punta Alegre Sugar
5912 60
5978 6018 5912 8018 58 803
4 59
22
25 1938June 7 32 Feb 13
2212 22
4 1934 2038 1958 20 49,400 Pure 011 (The)
4 2214 2278 1958 218
223
8% preferred
97
97 *95
*95 98 *95 974 *95
100 93 May 21 100 Mar 9
*95 97 *95
97
400 Railway Steel Spring
112 112
"107 110 *108 112 *10812 112
100 109 May 7 123 Mar 17
109 10914 *11014 112
100 Rand Mines Ltd
4
4
3212 3212 *3214 33
Nova, 304 Mar 27 3438 Feb 19
*3178 33 "3214 3238 .313 324 *313 34
13
1314 1,300 Ray Consolidated Copper- 10 1212May 22 174 Mar 1
1318 1318 *13
13
13
4
1318 123 123
4 1278 13
3712 3914 373 373
4
4 1,800 Remington Typewriter VI e100 3315 Jan 11 48%Mar
35
36
36
36
35
35
355 *34
8
let prele‘red v t o
100 100 Mar 5 104 Feb 13
*--__ 100 "____ 100 •__ _ 100 *____ 100 "____ 100 • _ 100
2d pre.erred
93
*87
92 "87
100 89 Jan 3 9114 Apr 24
93 ;130
95 *87
95
*87
95 *87
1,100 Replogle Steel
19
No Dar 18 May 21 3134 Feb 16
19
19
19
*1834 20
193
4 19
1918 19
1912 19
51
4814 4912 4834 504 4958 5112 5018 52
/
1
5214 5014 5138 15,100 Republic Iron & Steel
100 464May 22 6634 Mar 21
200
Do prof
100 89 Jan 9 9678 Mar 21
9514 *9434 9514 "944 9512 *9478 9514
*943 9514 *95
4
9514 95
1,900 Reynolds Spring
22
No par 1658 Jan 23 29% Apr 17
22
2212 *2138 2158 22
22
*214 22
22
2184 213
4
6413 6534 6438 843 10,800 Reynolds(R J) Tob 01 B__ 25 47 Jan 10 67 4May 28
4
66
8
6418 6434 6412 643 65 653 65
3
4
7% preferred
100 114 8 Jan 19 118 Feb 9
7
*11512 118 *11534 118 *11512 118 *116 118 *118 118 "116 118
8,5001 Royal Dutch Co(N Y shares). 42 Jan 31 55is Feb 19
/
1
4
4873 4734 48
4734 48
4814 481z 4814 4838 4878 4953 48
10 18 Jan 2 2258Mar 9
1934 *194 1934 1912 1912 21912 1912 1,400 8 J
187 192 1912 1912 *18
8
00 San Cecilia Sugar v I o_No par
211 212 *2
2 Jan 17
*212 258 *212 25
2
2
24
8 *212 234
6 Feb 14
2218 2212
700 Savage Arms Corp
100 1813 Jan 3 30 Apr 5
22
22
22
2178 22
193 193 *20 22 *20
4
4
7712 7712 2,800 Sears, Roebuck & Co
100 72 May 18 9238 Feb 13
754 76
76
7414 741
7484 75
7714 774 78
200
Preferred
100 10612June 4 11312June 12
4
*105 1081 10812 10612 *106 1083 *108 1064 10612 10812 "1068 1073
4
4
1,100 Seneca Copper
No par
7 Jan 17 1213 Mar 3
/
1
4
9
*8
9
8
83
4 834 *8
814 814
812 87
838 853
Shattuck Arizona Copper__ 10
7 May 7 10 8Mar 2
7
712 *7
712 *7
74 *7
712
*7
7 12 *7
74 *7
700 Shell Tramp & Trading_ £2 34% Jan 31 4114 Mar 7
36
36
8
37
374
*3838 37 *363 37
3778 *3612 3712 "38
17
No par 123 Jan 8 1914May 23
8
1712 17
174 1712 1778 1714 1714 22,300 Shell Union Oil
1712 17
177
8 17
35,600 Sinclair Cons 011 Corp_No par 273
4May 22 3931 Mar 19
8
285 2958 2878 2938 2878 29
8
2834 2938 2858 2912 285 29
12,300 Skelly Oil Co
10
9% Jan 2 35 Mar 31
4
2414 25
24 2514 2438 2412 244 254 2414 2412 233 24
700 Sloes-Sheffield Steel & Iron 100 42 Jan 3 60 Apr 26
50
*49
50
50
50
50
5012 5012 5012 5012 *5012 52
480
83
100
Do prof
*80
100 68 Jan 13 90 Mar 16
84 •80
84 *80
82
84 *80
80 80
500 So Porto Rice Sugar
51
*53
54 *52
100 40 Jan 13 643 Apr 19
48
53
55
55 "52
4
52
524 *50
1714 1714 •124 18
-No Vat 1512May 21 27 Feb 16
17
1718 1714 174 1712 1712 *1714 1818 1,300 Spicer Mfg Co
/
1
4
.
89
300
Preferred
93 *88 93
100 90 Jan 3 97 8 Feb 2
93 *85 93
7
93 93 *85
93 *85
Standard Milling
.75
80
100 7678May 4 9013 Jan 23
80 *75
80 *75
80 *75
80 •75
80 *75
5212 5278 52
26 494 Apr 23 12312 Jan 2
4
5334 523 5312 9,600 Standard 011 of Cal
53
523 5312 5212 5318 53
8
38,800 Standard Oil of N .1
25 3312June 7 4414 Mar 3
345 35
8
33 8 35
7
337 3438 3418 35
3
3312 348
4 33/2 34
Do prof non voting-J0° 115 June 2 118 Feb 21
115 115
11514 118
11512 11512 11512 11512 11512 1153 116 11834 2,200
4
70148 1033
4 5,400 Steel & Tube of Am pref 100 85 Jan 2 10771 Jan 12
"9514 9838 *95% 983
8 9514 9514 *96
983
8 964 98
400 Sterling Products
*554 57
No par 5412May 21 6758Mar 2
5712 5712
5612 564 *5858 59
5858 5858 57
57
100 Stern Bros pref(8%)
*110 116
100 10913 Jan 2 115 Jan 5
113 113 *110 116 *108 116 *108 116 "108 116
88 90
-Warn Sp CorD_No par 7914 Jan 2 12412 Apr 17
8913 9114 8912 91
9034 9312 9273 9412 9112 93 40,400 Stewart
6912 72
/
1
4
7138 7212 73 73
8 4,000 Stromberg Carburetor_No pox 62 Jan 10 9414 Mar 6
74
75
745 754 z7114 717
8
11014 11214 1103 1124 11112 1128 11214 1137 1124
8
.__100 10618May 22 12614 Mar 21
4
4
8
8 •11214 1123 118,300 Studebaker Corp (The)
*114 11414 *114 115 *114 115 11414 11414 114 1137 "114 116
Do prof
400
100 118 Jan 4 114 Apr 26
114
11
1114 1038 1138 11
No par
7 Jan 3 15 Apr 6
105 103
8
4 7,700 Submarine Boat
1118 10
1112 11
11
*4
418
4
No Dar
4
33
4June 7
3
634 Feb 15
3 4 3 4 1,000 Superior Oil
3
37g 37
8 *33
4 4
33
4 38
7
*2912 30 *29
*2912 30 •2912 30 *2912 30
100 Superior Steel
30
2912 2912
100 2914 Jan 3 34 Mar 22
112 112
1
1
114 5,600 Sweets Coot America
112
118 138
1 June 4
10
1
118
114 13
2% Jan 12
8
97 10
8
94 97
8 *97 10
8
900 Tenn Copp & C tr ctfs-No Par
10
10
*934 10
9 4June 1 12% Feb 21
3
97g
4518 454 4514 454 4514 4538 4514 4534 4512 10 24412 4478 13,800 Texas Company (The)
25 433
4May 22 52% Mar 20
453 60
4
*594 8014 593 60
6012 2,500 Texas Gulf Sulphur
4
60 60
10 5718 Apr 12 65 Jan 15
804 60 3 604 607
7
8
16
16
1534 153
1412 9,700 Texas Pacific Coal & Oil
4 1514 1534 z1338 1518 14
10 133
8June 6 2414 Feb 2
141
4 14
120 120 *118 122 *119 122 *115 121 "118 121'
100 Tidewater OH
118 121
100 116 May 21 144 Mar 2
3712 3814 3758 384 38 383
8 38
39
3818 3838 8.600 Timken Roller Bearing-No par 831s Jan 2 45 Mar 8
3812 39
5214 523 •5213 53
4
5212 5314 53 5414
8 3,000 Tobacco Products Corp..
.100 4912May 21 6113 Api 27
5438 543
8114 814 8114 8114 8114 8112 814 8112 5418 5412 82
Do CIA (since July 15) 100 79 May 21 85 Mar 2
8218 1,800
8134 8214
74 74
714 74
718 738 18,000 Transcontinental 011-__No par
7
78
3
7
714
638May 22 1411 Jan 5
718 74
*69
71
*69
71
*88
71
200 Union Bag & Paper Corp--100 64 Feb 5 771Mar 28
*68
68
68
71
/
4
*68
71
*18
14
*18
18
14
18
*4
18
1
rtg
141
4001 Union 011
14
14 Jan 8
No par
18 Jan 4
•86
94 *86
94 *88 90 *88
Union Tank Car
94
100 81 Feb I 9934 Mar 19
9218
921 "86
*107 109 *107 109 *108 10878 •108 10878 *88 1087 *109 109181
100
Preferred
100 107 May 16 112 Jan 19
10878
*33
3478 *33
3478 *33
347 *34
8
United Alloy Steel
35
No par 33% Jan 6 3912 Mar 21
*34 • 35
*34
35
*81
8178 82
82 *81
83
813 8212 8112 515
4
4
/
1
4
8114 8214 1,300 United Drug
100 77 Apr 12 853 Feb 26
*4814 48 *47
*4614 471z *463 48 *46
1st preferred
484 "4614 48
48
60 464 Feb 14 48 Mar 1
/
1
4
*185 172 *167 173 18934 1893 170 170
4
60 United Fruit to7
300 United
0
8
100 152 Jan 17 183 Mar 2
170 170 *170 1707
/
1
4
77 476
75
7512 .743 76
4
*7478 7612 7614 7614
Retail 8 res._.No par 8438 Feb I 8418 Apr 17
78'4
25
25
254 27
27
28
5,900 US Cast Iron Pipe & Fdy-100 2258May 22 344 Mar 2
2758 273
28
4 2712 273 *27
4
"88
71
7038 7012 703 71
*7014 7118 7014 7014 "70
600
4
Do pre/
72
100 65 May 7 7234 Jan 3
*312 374
38, 32,
358 354
34 314 2,800 US Food Products Corp 100
34 34
312 313
812 Mar 19
31sJune 4
*1714 173 *1714 174 1714 1738 1714 1712 1714 184 18
4
1,500 CISHoffmanMachCorp No Dar 17 May 22 25 Jan 27
18
534 5414 533 5434 56
4
5678 56
5634 7,900 US Industrial A1cohol-100 4934May 22 734 Mar 10
5612 5638 57/4 58
"9412 98 *9412 98 *9412 98 *9413 98 *9412 08 *9478 103
Do pref
100 98 Jan 2 101 Mar 28
9812 9812 100 10012 29818 9812 99
/
4
9912 991 9942 99
/ 9912 3,600 US Realty &Improvement 100 8813 Jan 24 106 Mar 5
1
4
4974 5058 504 5114 4934 503
4 5012 51l2 5114 52
100 4914May 22 8478 Mar 22
513 5214 12,000 Unileg States Rubber
4
9958 9958 9912 9912 9912 993 *98
800
4
Do let pref
9912 *98 100
100 9814May 12 105 Jan 13
99 10014
*30
4
*2912 313 *2912 32
100 17 S Smelting. Ref & hi
3012 *293 32
60 29 May 18 4388 Mar 2
*31
31% 357 307
s
s
•4318 4412 .434 4412 "4318 441 *4314 444 438 4378 4418 441/4
200
Do pref
50 4318J une 1 481g Jan 3
9812 97
9434 953
4 9514 9818
98
9734 9684 98
9634 97 100,800 United States Steel Corp 100 9431June 2 10953 Mar 21
11738 11712 11712 11712 1173 1173 11734 118
4
4
Do prof
2,900
100 11634May 7 12313 Jan 15
11734 11734 11734 118
64
6414 843 85
4
8414 6414 6414 6433
10 8214Niay 21 7612Mar 5
163 2 4 198 7 % 2 5°0
1834 1978 1914 2058 1934 20 *193 1912 69 4 6 : "4 1934 6,00 Utah Securities v t 0
02
6
4
4
0
8
es
100 163 Jan 26 24% Feb 16
4
3114 3212 3158 3212 3218 3214 3212 33
-No par 30 May 22 4458 Mar 20
333
4 8,100 Vanadium Corp
3318 34
33
4.8812 90
*8812 94 *89
100 Van Raalte let prat
90
100 8912May 31 98 Jan 26
90
92 *89
"89 94
91
978 978 10
8 May 18 27 Feb 20
1012 *958 1012 49
918 918 3,100 Virglnia-Carollna Chem-100
8 10
2818 284 278 2912 *2712 29
2,900
Do pref
2712 2773 2518 2712 2412 25
100 2412June 8 69 Mar 15
4
59
594 *59
59
60
300 Virginia Iron,0&0
100 5312 Jan 31 68 Mar
60 *59
59
60
*59
60 *59
"80
82 *80
*80
85
Preferred
85
100 80 Jan 29 85 Apr 23
380
85 "80
83 *80
85
194 1918 1914 1918 *19
1912 1914 1938 1938 1958 1913 193
/
1
No par 154 Jan 17 23 Mar 22
8 1,800 Pivatidou (V)
1438 *1314 1413 •1312 1414 •1358 1412 "1312 1412 1412 143
*14
200 Weber & Hellbroner
No par 1214 Jan 27 1538 mar 8
4
45 *41
41
*41
4312 41
400 Wells Fargo Express
403 40 4 *40
4
100 40 June 8 105 Mar 2
3
4313 40 40
108 108 *106 108
10812 10612 *10714 109
1,100 Weetern Union Telegraph_100 104 May 21 11912 Feb 20
108 10814 108 108
8412 8412 844 844 •8412 8512 *84
800 Westinghouse Air Brake
85 •8414 85
50 83 May 22 120 Feb 17
85
85,
55 554 553 5818 5578 5814 56
8
7 58
14,000 Westinghouse Elea & Mfg- 50 527
5614 58
4May 22 874 Feb 16
585
8 55
%
264 2718 2878 2714 2614 2714 27
1,800 White Eagle Oil
27
No par 2478 Jan 16 303 Mar 20
2638 2738 Ms 27
8
521 "5214 53
52
5118 514 52
1,800 White Motor
52
527 53
8
53
53
60 484 Jan 3 607a Mar 19
258 23
2 4 27
3
23
4 23
4
4
8 *258 284
1,700 White Q11 Corporation_No par
57 Feb 19
278 278
212 23
4
212.1nne 8
9
9 *834 9 *834 913 9 9/ 884 9 1,600 Wickwire Spencer Steel__ _ 6 81
9
9
1
4
/
4May 23 14 Feb 13
65
8 65
8
85
8 83
4
812 684
654 83
4
63
4 87
4
858 64 2,200 Willys-Overland (The)
25
612May 22
8 Jan 6
/
1
4
81
6238 6012 627
62
63
5814 64
Do Preferred (ners)
8 6212 644 "62 63 11.200
100 4212 Jan 2 697 Apr 6
*28
28
30
28
30
31 •
*29
28
1,900 Wilson de Co,Inc, v t o_No par 2534June 8 AA Mar 7
26
28
2584 26
• __ 70 *____ 77 *____ 77
.._
Preferred
78 May 21 89 Feb 8
224 227 "---- 22714 " -6- 22712 22° 232
22614 75 2 -12 7° '18 7
"226 2264 •22612 229
4,900 Woolworth Co(F W)_
6
8
5
-2
100 19918 Jan 24 23912May 11
32 *3012 33
*31
31
•30
31
32
700 Worthington P & IA v t'3..100 275
3112 32
31
31
8May 22 404 Feb 15
• 4 1012 103 105 *1014 1012 1014 104 1014 1014 *10
4
8
103
104 1,100 Wright Aeronautical._.No par
,
8 Jan 17 11 MSS 17
/
1
4
•Bid and asked prices; no sales on this day. z Ex-dividend.
h per share $ Per share $ per share
9l
91
"912 978
10
10
427 4273 43 43
2
4478 4478
3
4
3
4
3
4
3
4
3
4
3
4
*7812 80 "7812 80
*7834 80
*912 10
83
4 88 *812 9
3714 3734 367g 373
3 3658 37
1214 123
4 123 123
4
4
4 123 1318
7414 7818 7434 7612 744 7512
69
70
8914 7012 8858 693
4
.31, 414
*312 412
4
4
1112 1178 *1112 1178 "1158 1134
4
414
378 414
4
414
*91
9212 9218 924 *91
9212
*4512 46
46
464 4584 453
4
6312 68
*63 654 62 6214
49
5138 4812 5112 4884 50
•10
11
1114
11
114 11
*2112 26
*2112 26
24
24
318 312
34 318
34 318
3014 304 30
*3012 33
30
$ per share $ per share $ per share
912 05
8
914 914
93
8 94
443
4
44
4478 4412 4412 *44
*4
4
7
8
3
4
3
4
*3
4
7
8
7912
7938 *79
793 7983 *79
8
*858 9
858 85
8 *812 9
4
3858 3718 363 37
363 37
8
1258 123
4
1278 13
1284 13
4
7414 7514 7434 753 *7438 743
4
6858 8978 8912 7014 "694 6938
418
*33
4 414 *34 414 *
•
1158 1184 "1158 118 *1111 12
4
4
44
418 414
418 414
9234 93
9212 9212 93 93
45 4 483
3
4 4678 4714 4634 4812
68 "83 68
"64
66 *63
4878 5012 4938 505g 49 4912
1012
1114 *1012 1114 10
11
24
22
28
2614 *2412 26
3
318
34 341
314 34
3112 3112 *3018 32
*3012 32
Shares
1,400
1,100
800
100
300
11,300
2.700
38,300
57,200
100
300
14,500
500
7,000
300
34,400
3,500
600
3.100
300
----400
60
2617
PER SHARE
Range for Presious
Year 1922.
Loma
Highest
Der share per share
/
1
6 Nov 164 Apr
24% Jan 4238 Sept
Ii Dec 1418 Apr
/
4
60 Jan 911 Sept
11 Jan 19 June
4213 Nov 69% May
10 Dec 21 Nov
8
487 Jan 1007 Dee
8
4.013 Feb 95% Dee
3- Dec 124 Jan
/
1
/
1
4
7 Nov 17 Apr
8
258 Dec 133 May
69 4 Jan 99 Sent
3
/
1
4
31% Jan 45 Sent
7314 Oct 105% Jan
2814 Jan 5914 June
/
1
4
8 July 24 Apr
18 3 July 49 Apr
7
Jan
878 Dec 12
Jan
32 Sept 71
89 Nov 59% Dec
55 Nov 72% Sent
9018 Feb 10012 Sept
1414 Feb 41 Dee
6558 Apr 120 Oat
105 Apr 112
/
1
4
/ Oct
1
4
1
63 Jan 95 4 Sent
91 Feb 108 Sept
2418 Jan 51 Sept
66 Jan 100 Nov
4
105% Jan 1398 Sept
31 Jan 5314 June
26 Nov 385 Jan
/
1
4
8
94 July 10284 Apr
94 Jan 1264 Sept
1912 Jan 3613 SePt
1218 Nov 19 May
24 Jan 42 Mar
55 Jan 105 Dee
3
50% Feb 80 4 Des
21 Nov 38z May
43% Nov 713% Mar
74 Feb 95st May
1214 Nov 50s4 Jima
4
43 Mar 531 Nov
4
11118 AIR 1183 001
471 Jan 87 June
8
12% Jan 2014 Sent
61 Mar
/
4
1% Jan
10 Aug 24% Apr
1
69se Feb 947 Aug
Jan 112 Aug
91
/
1
4
6 Oct 23 Jan
6% Nov 12 June
3413 Dec 48% MAY
/
1
4
1218 Dec 13 Dee
4
183 Jan 381 Juno
4
11% Oct
8% No
34% Mar 5412 May
66 Mar 80 Aug
5714 Mar
33 No
24 June
15 No
84 Apr 98 SePt
84% Dec 141 Bent
Oct
91% Jan 135
/
1
4
3813 Dec 250 Oe
113% Jan 11611 Noy
68 Mar 90 May
45% May 63% Dee
81 Jan 109 Dec
24111 Jan 79 Dec
351 Jan 71 Dee
4
7914 Jan 141% Dee
4
100 Feb 1181 Nov
eta Nov
34 Jan
4 Nov 1014 June
/
1
4
26 Jan 89 Apr
5 Mar
11 Nov
/
4
838 Nov 1234 May
/ 0,34
1
4
42 Mar 52
1
381s Jan 6718 15 v
18% Nov 323.4 June
109 4 May 154 Oct
3
2812 Sept 35 Oct
/
4
49 Nov 841 June
/
1
4
767 Aug 8913 Sept
8
7 Mar 2014 May
/
1
4
65 Mar 78 Sep
Dec 25 June
4
Dec 1343 Dec
102 Feb 113 Sept
25 Jan 414 May
co% Mar 85 Oct
4110 Feb
5178 Oct
111534 Jan 162 Oct
4313 Feb 8712 Oct
1618 Jan 89 Aug
60 Jan 78 Aug
2% Feb 10% Jan
1812 Nov 2578 May
37 Jan 7214 Oct
72% Dec 102 Oct
56 Jan 92% Oet
46 Nov 67% Apr
91 Sent 107 July
33 Feb 4834 Oct
424 Feb 49 Aug
/
1
82 Jan 111% Oct
11338 Feb 123 Sept
69 Nov 71% Sent
9 8 Jan 2318 Sept
7
304 Jan 53% Aug
/
1
92 Jan 100 Oct
23 Nov 387s Mar
/
1
4
68 July 89 Oct
43 Mar 943, dab
Oct
66 Mar 84$
6% Jan 16 Dec
10 Oct 17 Ala'
/
1
4
3
6814 Jan 98 4 Oct
89 Feb 12114 Aug
80 Mar 114 Deo
/
4
4918 Jan 681 Aug
/
1
4
25 May 33 Nov
54 Sept
354 Jan
24 Dec 12 May
8 Nov 21% Mal
/
1
4
4 Feb 10 May
/
1
4
24 Feb 491y July
271 Jan 50% Sept
4
66 Jan 91 Sept
137 Jan 223 Nov
1
26% Nov 557 June
6 Jan 11 Ana
2618
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
I
BONDS.
Y. STOCK EX ell A NOE
Week ending June 8
'ends',',, C41111100
..net4n.1 .1
Int
cr,
Price
Friday
J
8
14 eel's
Range ur
Last Sail
_51
••
Hang
Since
Jan 1
•••
•
,
'n.
InfereAr•
Cr , I., Income eIn0 ae.f0011ed 'ends
BONDS
N. Y. STOCK EXCHANGE
Week ending June 8
1 ir
1
Price
F,taay
June 8
Week's
Range or
Law Sato
Range
52
05(5
Since
Jan. 1
BM
AM Low
Mon No. Low Mak
Illok No. Lew IngL
Ask Low
514
Li. S. csovernment
First Liberty Loan
1 65
6812
1t1 & Birrn 30-yr 1st g 4a_e_1933 M 8 6712 6812 68
68
101 2 1°SO 100 10190
J D 100 Sale 100
of 1932-1947_
334%
84
4
4
3 803 8612
84
1956 M N 833 85
983, 011 973,2 8891) At Knoxv & CM Div 40
in 98222 Sale 93322
onv 4, of 1932-1947_
2
1948 J D 9914 -___ 9834 May'23 ---- 983 99 2
4
All Knox & Nor hit g 5s
,
'
it) 98.51, Sale 98122 98,322 92 96132, 99 10
4
Cony 4, % of 1982.1947
4
4
913
4
MI dr Char! A L let A 4;0_1944 .1 2 9014 913 893 May'23 --__ 88
09 98.22 Nlay'231 -- -- 97 00 69 00
• D 98
2d cony 4)4% of 1932-1947
1 96 100
lot 30
-year be tier B
9814
1944 J 1 9
814 Sale I 9814
Second Lberty Loan
8
9 825 89
8738
all Coast Line lot gold 48_01952 M S 87113 8712 8714
983231,,„1 9071,2 98 70
MN 98322 Sale 93322
4% 8f 1927-1942
98,1/42 98.2,, v1.0 982,,, 98.88
10712 17 106 108
10-year secured 76
1030 M N 10714 10712 107
MN 08,322 saw
Cony 414% of 1927-1942
8612 13 82
1964 .1 D 86 Sale 86
General unified 414e
8
895
Third Itherty Loan
0
97 2,09 IS
,
4
a1952 M 5 8153 813 81
4 17 7612 83
813
I, Olt N coil gold 45
MS 98on Sale 9322,2 9822
4)4 % 01 1928.
8
1948.7 2 7518 7712 76 May'23 ---- 737 78
AU & Dany let g 4s
Fourth Libert3 Loan
41 9822,
/
9301
514225 97211 99 04 .
8
687 May'23 _..L 8118 687
2d 48
1940,1 .1 6353 68
8
AO 982on sale
4 h % M1933-1938
7718 Feb'23 ----1 771a 7718
• Atl & Yad 1st g guar 48
1949 A 0 7558 80
Victory Liberty Lone
100 Nlay'2317;;- 98 20 100 32 A & N W lot gu g 56
8
5 933 9512
9418
1941 J J *9114 ---- 9418
1 D
434% Votes of 1922-1923
A 0 O0°s, Sale 99,722 9913,2 35 980122 '80.04
Treasury 4142 1947-1952
951., 118 93h 9714
0210 & Ohio prior 314s
1921.7 J 9514 Sale 95
10212 May'23 ---- 10212 102,2
41930 24 I
38 ronaol reglefered
8
9418 Apr'23 -- -- 9312 9412
Registered
01925 Q J 925 95
10314 Niar'22
•1
41930
38 Ninsol coupon
4
7734' 57 7438 80
10212 Nlay'23 ---- 10312 1033
let 50-year gold 4s
01948 A 0 773 Sale 7714
8
1925 0 F
4a -erristcred
7513 76
8
747 May'23 -- 7418 7878
Regletered
01948 Q .1
10312 May'23 ---- 10318 1031.
49 •tit)1/POII
1926• F
1933 m s 795 Sale 793
8
4 65 7718 8212
813
8
-year cony 414e
10
1,Ir'211- -81936• F ::-_-_ -- 100
Panama Canal 10-30-yr 28...
e N18
2
,
Refund & gen be Series A 199.5 J 0 _81 12t
1961 034 9312 ____ 9412 Apr'231---- -9412 95.
Panama •''r ral 3e gold
9304 9458 9412 410 03 ---- 1 93' 963
2
-year (63
1929.1 J um
4
1,r2 4.
10
'2 '
196 • QM
Registered
4
943 9512 94 May'23 ---- 91
P June & M Dfy 1st g 3349_1925 NI N
1
3
943
e N17:
I
7
P L E & W Va Sys ref 4s
1941 MN .).8 t
p11142 . 3 6 ,22 69
-reign Government
v.
7 7
1, 911 171
13
.
Southw Div hit gold 3he_ _1925 J 1
'
F A 10178 Sale 10178
123 10104 10318
Argentine Llovt) 7s..
6514.
4
8034 .
rot& CM Div 1st ref 43 A_ _1959 .1 1 643 6514 6518
54 7712 82 I
Argentine Treaaury 5e of 19 1927 M S 8014 Sale 7813
-69_
_57_1_ .
.
4
/
103 i 373 911 10312 ' Settle Cr & Stur Ist gu 3e____1998 3 D 5312 - - -- 5718 Apr'23 ---- . 8 _60 .
8
Belgium 45-yr ext 9 f 7146 g_ 1045 J D 1025 Sale 10238
4
8
Beech Creek 1st gu g 4s____ _1938 J J 88, 9114 8912 A pr'23 — __ 8638 8912
4
9(438
41 73 93
97,
1925 .11 3 46.7 Sale 963
Jan
5-year (1% notee
8
86
.
Feb 23 --__ 86
1936.7 j 865 --- 86
10212 111 93 10234
Registered
12
,
1941 F A
20
-year a f 8e.
1936 3 j 9514 ---- 34 Mal.'18 -0
9 14 1a14.12
12
10912
4
„ 10712 10912
1995 M N 10238 810 12
2d guar geld 53
Bergen Norway)5 7 82
8
8
, leech Cr Ext let g 3148__81951 A 0 697 __-- 60 July'22
8
1103 . •6 10914 1131
1945 M N 11038 Sale 1097
Berne City of) s f 86
04
6
,
A 11: 3
0
,
904 91 12 Sale 9114
308 9912 94 : iellev & Car lot 68
92 0
1923 1 D *80 -8 _ 8 18 0 22 ..:::
Bolivia Republic of) 88..._ .. 1947 M h
2 Si
-g6I- - 8
1944 J D
'
'
834, 13 6914 8312 Big Sandy 1st 4s
63..1034 MN 817 Sale
Bordeaux (City of) 15-yr
8
9 '', 268 913 99 , IA N Y Air Line 1st 4e
7512 Mar'23 ---- 7512 7512
4
A 6212 77
1) 973 Sale 96
F
1941 J
4
„„
11rath. •.• 13 external 8e
Feb 23
89
89
8718 18912 89
8334 .„. RO
0
Bruns & W let gu gold 9s
8614
11993585,
19523 D 8312 Sale 8218
76 .
4
101 14
I 10
0 10148
0053 101 12 ‘,11 983 104 1 Buffalo R dr P gen gold 53_ _19371M N 101, 102 10114
4
.
1952 A 0 101 101
7he .
9214
8 34 87
907
3
8
8
1003
Consol ithe
4
f.,9 18113 1013
1957 MN 90 Sale , 897
Canaria .'Dominlon of) 058 1926 A 0 1003 Sale 100
4
99, 9712 May'23 ..-- 9614 9912
8 ?1, 99 102 , Burl C R & Nor 1st be
1013
1934 A 0 96
58... 1931 A 0 10018 Sale 100
do
do
do
8
10112 Sale 1013
1013 . 100 102121
4
8
1929,
10
-year 10411
97 . ' (1[' 94 Dxn,
8
8
, 977 102 , Canada Sou cons gu A 58__1962 A 0 967 Sale 1 96
Ism 6, N
62
17 11212 115
114
9
9
9878
994 6,!,'
1033 382 102 10418' Canadian North deb or 78.__ 1940 J 0 11314 Salle . 11314
9 6
19411F A 103 Sale 1 103
4
Chile (Republic) ext. 6 1 86
4
1123 Sale 1123
,
1
17312
8
10214 Sale 10214
2 j
1021* .‘ 1101 ,
25-year 13 I deb 634s
1 10312
19261 A 0
Ext-real 5-year a f 811
2
109 1795812 180 4
113
13'12
96 1 71 9384 90
951, Salo 95
4 Canadian Pac Ry deb 48 stock, _ 2 2 7914 Sale 79
1942 M N
7s
_04
. —
_g - _g
9
94
1932
90 9252 Se1) ', -_1 _ : It
74
7012
00 8
7 22
8
,
3
, 10258 105 , .'arb az Shaw 1st gold 49
1946 M N 103 10334 10312 104
25-year s f 83
4812 , 45
5234 • Caro Cent 1st con g 422
(3'
Chinese oukuang Ry) be of 1911 J D 1 47 Sale 45
4 le
14
9312
11012! 12 10-34 11212 Car Clinch & Ohio 1st 3-yr 58 1938 J D 931 :.1.1e 2
1945 A 0 110 Sale 1097
',
8
Chrlstlania (CRY) e f 8
8
9712 72 89
1
983
613_ _
'
31
9414 „ 8812 05
1952 J D
11-1
Colombia Republic) 6.14e_. _1927 A 0 94 Sale 94
1981 2 12
8312 8112 Dece22 ----1 - - ----79
9238 00 8812 923
3 '..lart & Ad 1st gu g 4.0
Copenhagen 25-year a f6 he__1094 J J 9214 Sale 9112
128 9014 08
98
8
73
667 May'23 ----' 667 66s
8
Cent Br 1.1 P 1st g 4s
3 97 Sale 97
J I) 67
NI 1
1948
1944
Cuba 5s
,
58
8 54
5612
91 Sale 907
1961 .1 J
67
5514 5 8 5512
8
9112 284 87 2 931/4I •on,New Eng let gu 4s
Exter debt 01681914 fler A_1949 F A
4
Central Ohio 414s 1930
1930 M 9 01 ---- 933 Dee'22 ----' ---- ---1949 F A 8314 Sale 8314
7 8118 89
8314
External loan 4144
9912 Central of (12, lot gold 521_p1995 I A 100 102. 100 May'23 ---- 100 102
33 99
0914
19533 J
9919 Sale 9914
515e
Consol gold 5
_1945 i D
9612 221 77
,
961 2
Czecho loyal (Repot of) 8,2..1951 A 0 98 sale 9512
8
7 92 3 98
8
1(7 : 37 9958 10113
95 Sale 954
10-year temp secur(le_June 1929 r‘i" 100% Sale 100
.,3?, 107 10912
3 10814
861 Sale 1073
Danish Con Municipal 88"A"I946 F A 10
3
7313 79 4 7412 May'23 -- 7412 81
Chatt Div pur money g 42_1951 j D
3
108 1 .107 10912
8
8
1946 F A 1077 Sale 1073
Series A
22 1073 110
I 963 Sept'22
8
Mac & Nor Div lot g 50_ _ _1946 2 2 031s
4
1945IA 0 110 Sale 10938
110 I ,
Denmark external e I 88
94
8
925 — -I 94 May'23 ----1 94
3
9838 OW 9514 gg
Mid Ga & AU Div 5s
19-17 .1 .1
1942 J J 983 Sale 9814
-year es
20
8
8
4
Cent RR & 0 of Gs coll g 53_1937 M N 9218 927 9314 May'23 --1 923 973
4
8
Dominican Ref/ Cone dam Elf 56'58 F A 96, 97 I 96, May'23 --_-,- 9514 100
8
l
6 10312 108
10538
8
central of N J gen gold 5s,. 1987 t j 1055 Sale 1055
8912 0 of, 84
00
8 89 Sale 87 4
,
1042,M
5348
105 10514 105
1 103 105
105 1
Registered
` 9214 9814
9804 ''7
Dutch East Indies ext 88_19471.1 J 9753 Sale 97
44 795 87 4
4
853 9314 853
86
8
8
,
1949 F A
9712 1.,2”3.9 9214 9712 Cent Poe /et ref gu g 40
1962 M 8 9718 Sale 9618
40- -at es
,
33
op:
,
4 i )14 i
y2, tri, nzl: may 28 ......! p438 :11
Mort guar gold 33-4
11829.7 D
,..., 8758 9414
4
9414 ,
4
8
,
514s trust rcte
1953 M 8 3 933 •rsle 92,
Through 80 I. 1st Rol 4,3____1954 A 0
10012 ''''' 90 101 1
French Republic 25-yr ext 88_1945 NI S 10014 Sale 100e58
U .1
'
Charleston & Savannah 7s__1936 J J 114, - - --111412 00 35 --__1'____ ____
97
9614 514, 84
'20-rear external loan 7145_1941 1 D 96 Hale 1 9512
12
7 943a 987a
97 i
Ones & •thlo fund & Impt 56_1929 J 2 0. Sale 1 9514
Great Brit & Ireland (UK 00—
1939 Ai N 10012 1003 10012
4
4
8 973 10314
101
let consol gold be
8 104 I ., 6 1023 1043
4
113„,
8
-year gold bond 514a..... 1937 F A 104 Sale 1035
20
la12 May'23 ---- 0714 9812
1939 NI N
Registered
8
8
1137 Sale 1137
11414 ;24' 113 116
1929 F A
-year conv 5 he
10
3
'
It1112
85 1 36 807 863
4
4
General gold 4446
1902 M 8 . 8 Sale
8
817 Sale 8114
4
8212 " 65
8212
1942 M N
Greater Prague 7 he
83 8014 Apr'23 —
8014 8012
1992 M S 78
94 Sale 9312
Registered
4 .„. 9312 98 •
040
.
. _ _ _.
haiti '
88 Sale 871
6
891s
3814 51 85
0,
9638 „ 9212 9714
20-year convertible 4146_1930,F A
9614 Sale 9614
Italy (Kingdom of) Ser A 6;431925 F A
90 Sale 8918
90 I 142 8612 961a
YO
9314
-year cony secured 50_1946 A 0
80
9412
,.,,,,, 92
Japanese Govt—£ loan 4148_1925 F A 1 93 Sale 93
8
19403 J 913 9312 9312 Apr'23 --- 9014 95
9234 -1.' 92
Craig Valley 1st g be
1
3
93 3
19253 J I 9212 sale 9212
Second series 414s
8
4
763 797 7814 May'23 ---- ' 7814 7814
4
156 80
82
Potts Creek Branch lot 40_194813 J
13331 .1 .1 1 814 813 81
8
827
Sterling loan NI..
7553 80
8018 May'23 ---- , 763 8012
8
8 150
927 ,„ 92
8
4
R & A lity lot con g 43_1989!) J
9312
Oriental Development 6s_ _1953 M 8 923 Sale 923
19894 2 7414 ---- 75 May'23---- I 7414 76
14
3
2d consol gold 48
3
`.10 6914 833
8 0
833 '
Lyons (Clty of) lo-y,.../ na_ _1934 54 N 817 Sale 81
3
Warm Springs V let g 523_1041 M 8 9063 - --- 80 4 Dee'21 ---, - — - _ __
8
8312 `". 6912 8312
Marse Heti (C!tr on 15-yr 80 1239 M N 8218 Sale 81,
53 I 11 50122 53
40 May'23 --,7- 3212 42 , Chic & Alton RR ref g 38____1949 A 0 5212 Sale 5214
1943 M N 3812 40
Mexican Irrigation 434s
4818 62
4814
1 4814 5012
4814
57 I 00 49 ,13,
56
New York Tr Co ctfs
3
:55 4 57
i
, 2
r. 8 12
.
Mex1co—Extern loan i 56 of 1899(3 J
8
473 51
3
Stamped Oct '22 int
3712
10143 D 1 3712 Sale 3714
debt 46 of 1904
•old
467a 5112 -i1;6 Apr'23 ..- 1:;;' -4.511 3
. iai
91 Sale 90
int
stamped Apr '23
91 i 27 85
913s
Montevideo 7e _,.. ..
_.. ...1962 1 D 3
8
3012 192 2518 3012
10112 203 97 101,
1950 J J 3014 Sale 273
Railway let lien 3 A
2
8
„
Netherlands 63 (flat y71020_1972 M 8 10114 Sale 10012
8
8
805
s
I 787 83
8
4
8 f,!? 109 11234 Chic Burl & (3—Ill Div 310_1049 J J 8014 807 805
1107
0 1103 Sale 110
Nor • ay external ft t be. _ .... 199(1A
4
4 73 8512 903
873
4
4
1049 J j 873 Sale 863
8
[Wools Division 40.
983
8 .? 97 100 •
_ .1952 A 0 983 Sale 9814
es
8 17 9512 97
967
4
98, 9612 9614
Nebraska Extension 4o_..1927 M N
9912'
0
97 1 ,4 93
/981..11 D 9612 9712 97
Porto Alegre (CRY OP Ss__
8
a
8
4
1927 al N 957 - _ 957 Apr'23 - --- 953 957
12 Sale 107
Registered
10712' ., 106 10912
4„.
Queensland (State) art et 78_1941 A 0 107
1958 m s SA Sale 8612
8724 10 83
8913
General 43
4
0
10112 , 100 1023 .
°33
1947 F A 10114 Sale 101
.
993 Sale 9918
8
8 40 98324 10113
993
_ _.1971
110 A ref 59 ..
9712 0",, 93
19413 A 0 9012 Sale £612
•3
9914 ,
Rio Grande Do Sul fia
4
504
66
4 10 47
563
9412 t?' 90
97 ; Chic City & Conn Rye 56____1927 A 0 553 58
-years f 8a_ _ 1940 A el 94 Sale 94
Rio de Janeiro 25
8
1 104 10612
10418
a
4
9414 . 9014 9712 Chicago 22 East Illinois let 66_1934 A 0 1043 ___- 10418
0
89 ...
_ ____ /947 A 0 943 Sate 933
,22
3
79 4 Sale 7914
7 4
80 I 64 8r4 N1
3
3
191 954 99 4 A: & 0. III RR (new to) gen Se..1951 MN
San Paulo (City) of 8s
1932 7 j 1«112 t
1962 M N 01 Sale
e 9912
90'4
9914 019 951s 101) ' Chic & Erie let gold So.
100
,0
San Paulo (State) ext e f 8s. 1930
gJe 30 481a 56
j1
j j 8914 Sale 88%
90 I Chicago Great West 1st 48_1959 M S 50 Sale 50
.,
,
4 ,ty,,, 76
893
1941
Seine !France) ext 7e
2
4438 45
,
9 4214 46
4512
4412
78,2,4042 53 2 78, .
es
3
777 Sale 71
'
L24 n
With Sezt eeico_upon 0
Serbs, Croats & Slovenes 8a_ _1962 M N
4
a
R I 4_11447 ./ J 10614 1073 106 May'23 __-- 1047 107
8112
8302 541 8612 85 1 Chlr 1 01
cloievone (City) lo
98
95 June'23 — -1 94
1939 j 1 1057 Sale 105313
971s
-4,
i , '218
2
1947 .1 j 95
Refunding gold 66
195-34
4 96, 10312 106
1053
-year (10
Sweden 20
1939
80 May'23 --I 7902 8653
11512 67; 115 11914 ,
Refunding 48 Series C____1947 .1 )
Swiss 'onforern 20-yr 3 f 813_ _1940 j j 115 Sale 115
18 8
7 8014 84
s 761 77
8
,
1966 M N 1 5 SaPe 8953
General 38 A
7612
8
718 773 .
,1
07
77
4
Tokyo(Ity be loan of 1912_ _ - Li
4
9 9412 98
9618
c1966 J 2 953 9618 9512
General Os 13
105
tt 9914 107
Uruguay Republic ext 8e__194(1 F A 105 Sale 9914
3
777 78
78
Jan'23 --. 1 78
i ii
1945 A (-,, 11012 Sale 110
I. 110 1137
Ind & LoulevIlle let gu 43.-1956 .1 2 72
8
' 1ty
Zurich, of) 9 f 89
8
50 81
83
8412
& Sou 50-year 48_ _1956 J j 827 8353 8212
Chic Ind
4
21 863 90
00
8
1969 2 D 885 90 I 8812
Chic L S & East lot 454a
"ate •nd Citx Securities
25 6118 0818
8'
63
15 963 nil
c NI & Puget Sd 1st gu 4s___ _1949 .1 2 6214 627 6212
4
N 'X City-4 he Corp stock i960 111 e 100 Sale 100
1003a
3
4
6 701 74 8
7312
May'23
8 Ch M & St P gen g 4a Ser A.e1989 .1 j 723 Sale I 7214
10018 1021
414e Corporate stock
65
6312 53 May'23 —.11 62
General gold 314s Set B__e1989 J j 63
,
4
1013 1021
4 he Corporate stock
1984 M F 100I8 ISIF814
8214 22 7811 8 :
'7
3
General &ha Series C___81989 j j 804 Salo 811s
10714 108
4 he Corporate stook
Gen & ref Series A 4346....(22014 A CI 5014 Sale 59
4 he Corporate Mock_ _July1967 J J 105 10512. 10514
„ 105 10711
10514
28 M 81
U84
I
7
,
67 4 Sale 66
Gen ref cony Ser 13 56.___172014 F A
105 10512 105
4(4,, Corporate stock
8
1053
? 105 1071s
1965 J I/
68
6614 129 63
Convertible 4103
1932 J 0 6019 Sale 65
4
8
s
1047s 1073
106
'
414s Corporate stock..
1983 M 2 1047 1053 105
84
2
4
813 208 76
1025 1 n 81, Sale 8012
3
431, Corporate stock
45
8
9714 10 965 10014
1959 M A o 963 9714 97,4
3
6112 38 54
debenture 49
1934.7 1 61 Sale 603
6311
1959 A4 p,
8
965 97
4% Corporate stock
9684 May'23
25-year
8
4
963 997
90 1
I 16
971a
4
13
963 9714 9712 May'23
Chic & Nio Riv Div 5s ,.192C J .1 953 973 96
_ 1957 m r,
8
4% Corporate 82eek
9712 10014
3
Sale 9512
1 943 96
9612
4% Corpnrato atnn, reg......1956 M 2
97
9718 Apr'23
9716 9912 Chic& N'west Ext 18_1886-1926 F A 9512
, 96
14
9512 - - -- r,2
Registered ... ...__1886-1926 F A
412a Corporate stock
8
105
, 10412 105
_1957 M IV 1015 10514 105
,11
4
1
31
;
“ 3
75 4 1
1987 m N
8
73 8 75
71
General gold 3144 4 r4% Coroorat, dtocIt___ 1957 M r. 104 8 10514 1045
,
1r 10412 10712
8
8
1043
7318 Dee'22 ----II-- - - _
y1987 Q F 6914 74
Registered
4
31 % Corporate stock
88
87
8714
-1954 M N
10 8013 -87 811
1987 MN 86 Sale 8512
7 -- - 1961 M 2
General 40
New York State___48
, C1
10214 M113 3 --16 . IFI:4 I01 12
:
„
2
0
1 80 4 8714
3
85
87
85
1987 1,4 N
85
Stamped 4s
Canal Improvement 48..._. 1961 2 J •
10212
8
- 1023 10312
5 101 105 2
103
,
General 55starnrei-___. _ _1987 M N 103 Sale 103
Highway Improv't 414s_. _1993 NI 6
------10911 Apr'22 ---- --- --Sinking fund 66.____1879-1929 A 0 101 12 105 10314 Mar'23 ____I 10318 10614
grighwat Itrunov't 4,
48
10n, M o - - - - -.. 10412 Apr 22 --- - ___. —
1
8
3
Registered _. ..___1879-1(129 A 0 99, -_-- 1017 A or'22
2-3s
Virginia
1991 J 1 7153 ---- 7114 Oct'20 ---- -------7,1 97 10012
100
4
4
Sinking fund 68------1979-1929 A 0 9718 983 983
1879-1929 A 0 9614 ___ 9712 Mar'23 --.11 971s 9712
Registered
Railroad
5 9812 101
100
100 Sale 100
deb 56
4, 953 93 4
1933 PA N
Sinking fund
3
4
4
933
Ala GO Sou let cons A 58_1943 J 0 933
1 9212 06
97 100 1 99, May'23---.1 991s 9914
8
193301 N
993 May'23 19211 M is 100 102
4
Registered
8
993 10138
Ala Mid 1st guar gold Es
4
10712 10 1053 110
1930 .1 0 10712 Sale 107
1946 A G 8014 Sale 80
10-year secured 78 g
8112
6 78
4
80,
Alb A Soso cony 3145
8 106 111
4
1083
8312 83 Mar'23'---- 83
15-year secured 6 ki fl g__._1936 161 8 10414 - - -- 108
1998 AC 82
83
Alice dr West 1st g 48 gu
4
8 38 763 82
803
4
1 37
s
1042 M 2 883 90
87 . 87
Chic R I & P—Rallway gen 481088 .1 -1 379 Sale 1 793
90
gen guar R 46
Alleg Val
3
6582
6314 633 627r,
1 .1 7618 . . 7812 May'23 ___ .1 7812 80 4
8 11 01
637
4
Registered
01095 Q .1
Ann Arbor let g 48
89
8
140 8454 9018
7812 109 765a 8312
1934 A 0 78, Sale 78
Refunding gold 90
Top & 8 Fe—nen g 4a. 19614 o 8814 Sale 88
Atch
,
1051 1 D 10012 10212 100 May'23 -- 9734 101 2
86 Sale 86
2 81
N 0 gold 13
199.5 A b
86
,3 Chic St 1. &
883
Registered3
8
— 1 I 997 997
3
79 4 80 8 8014
.1 D 9612 . ___, 99 Aug'21
.01995 No,
5
Registered
8012
2 . 7512 8',
Aljustment gold 4s
3
1951 1 D 78 ---- 78% May'23 .....- 785a 7912
01996 No, 80 4 Sale 8014
3
80 4 91 71114 4274
Gold 314/
3
Stan)Ped74 91,18 9712
Series A
8218 827 813
9514
1963 J D 95
9514 9912
4
s
10 70
82
10515 .1 r
821,1
Joint It ref 5A
Cattv gold 46 1909
7
1 80
1951 J D .
82
11165.7 D 1.218
8212 17 76
8212 •
hleruph Div 1st g 4,
Cony 412 19115
7614 _ _ _ _ 99 May'23 ---- 97 1, ' C St I & P lot cons g 5.
1932 A 0 1003 ---- 10012 May'23 ____1' 9073 10011
4
1960 1 2
414
Cony 45 Issue of 1910
I 10414 10718
8
1053
3
9412 96
1930 J D 105 8 Sale 1053s
3
947
8
947
5 933 061,1 Chic St P NI A Gras'fie 4
East Okla Div lot g 4e.... 1928 IM 2
9212
9211 Mar'23 __-_Ii 9211
4
783 _ _ _
803 May'23 --__ • 7712 83
8
Cons SP reduced to 3342_1930 1 D 8918 92
Rocky Mtn Div 1st 40 . 1965 1 .1
,
1 ' 92% 98 4
9612
1930 M 8 9112 9514 9012
85
8512 May'23 ---- ' R2
Debenture bs_
13814
Trans-Con Short 1 10 4)1 1958 .1 / 8312 93
5 7634 81
77
79 '
IMO J D 7314 79
92
he 1 ri & So East 120 58
9
8712 100
Ist A re'4 he "A"1069 ne S 92
Cal-A ris
Due Aug. 0 Duo Oct. y Due Nov. e Dunes. 8 Option
•No price Friday; latest bld and asked. a Due Jan, d Due April. e Due May. 11 Due June. 11 Due July, 1
1
8 99
1,v,',4 ig 7:8 a.
-- --
7 7 8°31
70
8
1Tg: i° IN:4
WI 'n12
------10258
New York Bond Record-Continued Page 2
BONDS
N.Y.STOCK EXCHANGE
Week ending Juno 8
ih
,
Prtce
Friday
June 8
Weirs
Ramo or
Lan Sale
1M.
42
Kano
Stage
Jan. 1
.
844
Ask Lots
E11.05 No Lutr FRO5
91 i
9 87% 923*
ObloUn Sta'n let gU 4748A-1963 1 .1 9014 Sale 1 9012
12 977 10013
994
1963 2 J 99 9914 9812
B
Si
19413.3 J 11414 Sale 11312
11413 14 1127 1154
*
lit Bar C 6348
Apr'23 ____ 10412 105
onio & West Ind gong 615-81932 Q M 1045 ____ 105
723
4 34 70
1952.3 .1 72 Sale 72
Conito150-year 4e
757k
103 i
4 1014 10314
14
193553 5 10214 14272 10214
-year e!7 NB
Choo Okla & Gulf eons 58.___1952 M N 967 ____I 98 May'23 ---- 9512 97
0 Find & Ft W let gu 45 g__-1923 MN88 Mar'17
1937 .7 J 868 8634 8714 Apr'23 ---,, 884 894
Oln H & I) 2d gold 45411
4
GIERL&Clet441
,
51938 Q F 871* ____1 874 Apr'23 ____11 8.618 863
Registered
51936 Q F 8312 .___ 9012 oct'22 ____114_
1942 M N 823 _
8
85 4 Mar'23 ____1 b R5 4 85 4
3
3
3
Olo Lo & Nor gu 44111
1928 J .7 953 9712 9
4
Cin 13 & CI cons 1st 2 56
9
99 I
1 99
99
1943 J J 974 .. _ _ _ 9013 Jan'12 __ _.__ . .
dean & Mab let gu g 58
7914
Cleve On CM & St L gen 66_1993 J D 7814 7912 794
6 76
8215
2 9014 9312
-year deb 4344
928
1931.1 .7 9212 9312 923*
20
General 58 Series B
19933 D 983* 10012 97 May'23
964 100
3
10112 58.100 102
Ref & Inapt Os Serie' A___1020 J 1 10112 Sale l00 4
102 ,
4 10012 102
fie 0
1941 J .T 101 __. _ 102
Cairo Div let gold 48
1939 .1 J 8614 9012 85 May'23 ...._ 804 88
/
1
Cin W & M Div lot a da___1991 J J 763* 7813 77 May'23 -... 754 784
6 7478 813*
80
81 1 7914
St L DPI lat coil IT g 4a____19170 MN 79
Apr'23 ---- 6215 44
Syr & Col Div let g 4e
1940,M 11 82 ____ 84
W W Val Div lit g 49
1940.2 J 8114 82 ' 811* May'23 ---- 803* 815g
8
OCC&Igenconeg8a
1934.1 J 10414 10612 105 May'23 __-- 1034 1063
98
Clev Lor & W con 1st g 58--1933 A 0 97 ---_ 97% May'23 ---- 97
Jan 13 ---- 95
95
CIA Mar let gu g 4Na
1936M N 921
93 Mar'23 .--- 93 94
Cleve & Mahon Vail g 6a
1938,1
9514 97
Ci & P gen zu 4 Ns Ser A
19421 11
Series B
19421 0 9514 97 104 Deo'16
1942A
---- 9612 Feb'12
Int reduced to 3Ne
A 0
Series C 3748
1948,M N 7918 -- 90Is Dec'12
1950 F A 794
Series D 334*
9212
4
5 90
98
Cleve Shor Line let gu 470-1961 A 0 018 9312 9212
4
20 101 106
1972 A 0 103 Sale 1023 106.2
'Wave Union Term 5345
8112 May'23 --- 8112 85
D 8012 84
1945.3
Coal River Ry let au 49
3
948 12 90 4 9312
Colorado & Soutb let g 41_A929 F A 923 Sale 92
818 130 613* 8718
4
Refunding & exten 4He....-1935 M N 84 Sale 834
1948 A 0 804 -___ 8312 Nov'22
COI& 13 V let est a 4e
8012 6)15
4
1955 F A 7914 ___ 8012 May'23
Col& Tol ist ext 4a
8 02 52 80 8612
-year 53 11_1952 J .1 8612 Sale 84
Cuba RR let 60
10312
4 103 106%
19363 D 114313 Sale 10312
let ref 748
91
923
4
Day & Mtn let cons 4758-1931 J J 91 Sale 91% June'23
Delaware & Hudson
8
8712 27 833* 90
1943 M N 873 Salo 8613
let & ref 48
93 12 20 9014 98
1935 A 0 9314 Sale 93
-year now? 58
80
3
3
100
38 98 10212
_
_
1937 M N 99 4 Sale 99 4
• 6345
4
10714 27 105 1113
4
1930.3 D 1003 1083* 10614
-year secured 78
10
87 May 22 --D R RR& Bdgelst gulleg_1936 F A 89
74 8 28 72
7313
Oen & R Or-let cone g 48 1938J 2 74% Sale- I 7312
797 7914
79,
4
2 767 80
8
00neol r gold 4 ta a
1986 .1 J 78
Ril
4 82
38
8(02
. Improvement gold 5*e
1928 J 0 85
864
53
232 48% 58
1955 F A 5214 Sale 50
let & refunding 55
I 4934 So '20
do Registered
Wig :_ _ _ 48 May'23 ---- ii 54
Bke Tr situp otts Feb '22 Int.
.12
4812 514 50 May'23 .-- 4g
Farmers L&Tr reels Aug '55_
5314
49% 55)2 50 May'23 ---, 50
Bankers Tr Ws of dot'
50
47
51
40
4818
3 46
50
do Stamped
45
61
46
46
1 46
46
Am Ex Nat Ilk Feb '22 etre_
do Aug '22 ctfs
43144
-45;Dee M & Ft D let gu ta
1935.7 j - 4 44 - .- --liDee Plaines Val let gu 4 Ail _1947 M 8 8
64 ---_ 9314 fiept'22 -- -, _
5
Det & Mack-let lien g 4a
1995 1 D 657 ___ 751a Feb'23 __ _1 7518 7i15
Gold 3
63 4 604 May'23 ---- 8018 135
3
19953 D 60
1961 MN 873* 88
88 May'23 ---- 85
Dot Riv Tun 434a
904
984 Apr'23 ---- 9$14 993*
Dui Missabe & Nor gin 5a-1941 J J 99 ...
8
812 9914 99 June'43 -- 983 1003
4
Dal & Iron Range lit lis
1987 A 0 9
9812 Jan 23 ---- 9812 9812
Registered
1037 A 0 9018
75
1 75
SO
75
75
4
DUI Sou Shore & Atl g 65_1937 1 .1 7
Oil
K Minn Nor Div let C 4s
1948 A 0 8534 ._ __ 89 Mar'23 -- 88
4
Z Tenn reorg lien g 5a
1938 Si 8 9012 93% 9113 Mar'23 ---- 9112 913
97 100
Z T Va & Ga Div g 521
39303 J 99 100 109 May'23
5 9414 owlz
97)%
3
Cons let gold 58_____
1956 M N 903 Sale I 913
1 973* 10114
9918
Vida Joliet & East let g :1_1941 M N 9018 1004 994
8 23 103 1044
4
31* 11737 1035
8 1037
Erie let oonsold gold 7e ext-1930 M S 10
7
0 64% 5. 8
573a 4
let cone g 48 prior
1996 .1 .7 57 Sloe 5.512
.... .-.
Registered
, _1998 J .1 -, - 541 I 57 Mar'22
4618 206 43 4713
43
4 4014
let oonsol gen lien g 421 _1996 ./ J 484 Sale 46%
1996 j j 47 _ _
4714 12
43
Registered
8534 103 82
853
4
Penn coil trust gold 48_1951 F A 854 g575 84
4934 33 ills 52
-year cony 45 Set A_1953 A 0 46.2 4104 43
60
do Series B
49.4 74 4214 62
4
1953 A 0 4612 493 473*
Gen eonv 45 Series 0,.,,,1953A 0 514 Sale 4914
517 353 434 5412
8
1 84
897
8
Erie & Jersey let s 1 08
64
84
1955.3 J 8418 86
• Crie & Pitts au 2 3 Ne B
4
4
1940 .1 1 828 .-__ 833 Mar'23 ---- 835 834
5
8314
Apr'23 ---- 82
19403 j 823* ___ 82
__-- ---.
Evans & T H let gang 5a-__1942 A 0
A pr'21 i
.4- 88
gni ,-, Arena?) let a 58 _ BM • 0
0
8913 461- 20.-- I- ---'
.
,
ergo& Sou 62
1924.7 J 97%:- 9912 Dec'22 993 .
4
fla 12601 a Peu Let all tie
it/23 J
983* May'23 --- 984 11111
94% 982 9312 An '22 - ...
8
let land grant ext g fe
•
1930 1
93
1 . 91
93
Consol gold Si
19433 l 9
34
93
86
Florida E Coast let 41.4e_....1989 .1 ri Mt
10 854 89
87
80
79
Fonda .7 & Glov 4)4*
09
69
I 65
1952 MN 6913 70
Fort at U D Co 1st g 474a--1941 / j 81 ---- 803
4
80 4
3
1 79 0
9974
71W & Den C lat a 5148
11931 .1 0 9153 101 100.5 A: :
4
o 7
r 3
81-86
Ft Wortb & Rio Or let g 44..19284
99
87% Feb 23 --- i•11 110
14 1 4 %
1
1
4
3
irSOM Elk & Mo V let 8a
1933'A 0 1078 10334 1677
/ v948
1
4
9812 971
1. 95
GH&SAM&Plet5s.. 1931 Si N 97
/
4
9/11
/
4
58 goat
193.2daxten
9511 9612 9512 May'43....... 934 98
Eroue& Head let 58.„.1933 A 0 87 81 bet
8,1 854 883*
81*Oily
8841
Geneesee River let s f Be
1957 J
---- 83
83
83
8: 82
3
8012 82
Oa & Ala Ry let con 5a_ __o1945 1
80 May'23 ----11 7913 81,
9112
/
1
3
Ga Car & No Ist gu g 5e
1929.3 J 904 9112 90 3 May'23,--- 911
6212 61 MaY'43 -- 60% 04%
Ga Midland let 3e
1946 A 0 61
99.,
8 9914 owls
9914 993 9914
Gila II Ci & N lit go g 55___1924 M .4
Gouv & Osewgatch 58
1942.7 D 9812 994 .... _
92
9018
6 89
90 4 90
3
0
Or H & lox lit Bug 4))4e.._ 1.941 J J 9
22 11212 (15
Grand Trunk of Can deb 71_1940 A 0 1134 Sale 11314
114
10414 40 1023 1195
4
16-year 2 I 82
1936 m s 11)4 bale 10312
_ 10i is .4.4"07
Grays Point Ter 5s
1947.3 0 84
1938 4 2 109 Sale 10258
109
143 1061 111 12
/
4
West Nor 4010 78 ner A
9212
1 87
/
4
9112
let & ref 4128 aeries A
19131 1 J 9012 9112 911
Registered
1961 .1 J ,•
82
n 22
i172%
6 3
/
1
4
1952 1 J 100 Sale 993*
-10014 153
60
75
Moen Bay & W Deb otfe "A".__ Fit 60 65
60 May'23
Debenture °Us "B"
Fel
9 Sale
812
9
10 812 134
Greenbrier fly let itu g 4a___.1940 M N
85 ____ 69
Apr'21
Gulf & 51 1 let ref & t g 551_61952 J 1 7914 80
79
7914
8 78 • )44
75
76
4 724 7812
Harlem R-Pr 01,e8 let 4.4____1954
75
75
.u1
86
Hooking Val 1st cons g 4348_1999 J 1 8312 8512 83'2
8e'2
Registered
81
8112
1999 J 1 7
614 ---_ 8112 June 23
H & T C let g 5e Int gu
11).37 2 J 9712 - 9712 Ntay'13
95% 5184
Houston Belt & Term let 58.1937 1 1 140 8 93
8
9013
90%
5 894 92
185% 98
HOUSE & W T let g 5s
1933 M N
9514 98
98 May'23
..
1933 M N
let guar 5s red.
9513 97
98 May'23 ---HoUrsatonle Ry cone g 5e____1937 M N
8215 95
87
87 Mar'23 -. I 87
s
3
Bud & Manhat 55 eer A
1967 f A 80 4 sale 80
3
3
80% 10 7013 847
Adjust Income 5e
1957 A 0 595 Sale 59
5
6058 204 55 645
Illinois Central let gold 48
1951 1 , 87
90
90 May'23 ---- 90
9215
Registered
1951 .1 J
8315 84495'21
-ha
1851 1 1
711¼ 8058 78 May'23
let gold 3)
771 83
;
Registered
1951 J .7 78
SU% 80
.6.12
79
Extended ILO gold 8454_1951 A Li
al
.i - -ii .
63
Feb'23
Registered
1951 A 0 78
80 .......
.. .
.
1951 Si F 51
72
let gold 34 sterling
8312 Mar 22
Conarerai trust gold 48__1952 Si a 84
84
11 80
8
4% 83%
85%
1962 A 0 7814 Regist 'ad
554 Sept'19
8614 665 861,
1955 Ng hi
8
let refunding 415
865
8 16 82 88 4
3
•_
I
--i -ii-
Si
2s.
0 No price Friday: latest bid and asked this week. a Due Jan
BONUS
N. Y. al'Ora EXCHANGE
Week ending June 8
2619
3
Dlinois Central (Concluded)
Pu nasso lines 4 ,32
.,,l952 J3
, ,11 0era/ (rust gold 45-1953 61 N
1063 N.4 14
-,512tered
Ref 5s .n:erim Ors
1955 M N
j
.. ,»40 secured ass..
15654
1.5-year secured 6345 g____1936 J J
Cairo Bridge gold 45
1950 i0
Litchfield Div let gold 35_ _1951
J
11,(5102v itiv & Term g 3145_1953 ii
'
,
Inaba Div let gold 35___ _1951 7*
St Louis Div & Term g 3e 1951 1
(bid 3345
,
1951
J
Boring, Div let g 374*
1951
.1
veatern Lines let g 48
1951 FA
Registered
1951 FA
(nd B & W let peer 48
1940 * 0
g vii 4. lows lot a 45
1
1961)
Ind Union Ry 515 A
1965 J
•
.
butes . Do, I
1st Mtge Sc Ma
1952.33
Iowa (leutrai let gold 5e
1938 i0
Refunding gold 4s
1951 MS
lames Frank & Clear 1st 4a
1959 ID
Pttce
Fiirmy
JW1S 8
West's
Rano or
Lass Bahl
1=1.
2
4:
Jan, 1
77%
78
7812 781 May'23
8
81
8012
1 7714
80
504
78.4 80
7814 June'13 ---- 784
99 4 Sale 99%
8
Hl
997k 237 9818 1o13
:
8
;
100 8 1011 Mut
7
/
4
10114 24 WU 1027
s
10912 Sale 109
110
11 1071s 111
83 _
1424 Mar'23
82 s 87
3
704 7'212 71
71 I
5 89% 73
73% 75
75 May'23'.-__ 734 7972
/
1
677 Sale 67 8
8
7
677
4
1 en 6932
6914 7014 1)
Feb'23 ----, 71
71
75 May'23 ----. 75
757 79
8
80
784 1 .5iy 22
-80- 73 -8 - 83 515y:22
83
/ -5
1
4
83
92 Nov'10
84
82
8334
8575 Mar'23
8414 --- 8313 85 4
834 86
8414
7
9612
9012
7 95 100
97 99
42 sale 4112
4212 116 40% 494
91% dale Oils
913
, 72
9 12
7 4
7
3
40
15
,
3
387
6 4. 34 33
4
6 0 0 6414
34
814 12 3
68 12
89
834
/
1
83
May'23
83
87
.. _ . 4-...
Ka A & G R let gu g 68
1938 .1
7612
2 75
7972
RIM& M 18t) gu g 42
1991) * 0 7612 7714 7612
8
24 20
9512 9712 kine2 Feb'23 ---. 953 97
-year 515
1927 J
1 10012 102 2
K C Ft S & M cone g ea
1013
3
1928
Zi 10113 10212 1014
K C Ft El & M Ry ref g 48- -1936 40 70.4 0)4)e 7614
7614
3 73% 7912
9210 95
KC&MR&BistguSe
1929 AC 9215 834 941p Mar'23 • _
(anent City Sou let gold 35. 1951 * 0 6115s bit% 663
667
8 04 84 634
1
Ref & impt 58..._ ._ Apr 1950 J J 8518 Sale 851s
86
33 83 89 *
3
teams City Term 1st 4a..„.1961 1 .1 804 Sale 80,4
/
1
4
814 52 76% 83
81
Kentucky Central gold Cs _1987
82 May'23 .537
a
1 8212 63
02
Kook & Dee Moines lat 52_1923 A0 72 Sale 70
65 65
75
1 100% 1017
k
1017
8
Kooky & Ohio let 265
101 1017 0117
8
8
1925 J
1.ake Erie& West let g 5a__...1937 J J
211 gold 58.
1941 • J
Lase Shore gold 3)4*
1997 .719
Registered
1997 IL
Debenture gold 45
1926 M
25
-year gold 45
1931 MN
Registered
1931 MN
L 45 Val NY let gu g 44e
1944 J
Keelstered
J
1940
able, val (Pa) cone a 4s__ _2003 MN
t..6eral oone 4 148
•.200. MN
Leh V - t) Ry let gti g 5s___ 194 110
,,
Registered
1941 40
to 10-yr call fle..s1929 M
Lab & N Y let guar g Id 45..194 MS
4. 4 Fsal lit 841-yr Se go,,., 96 • n
Little Miami 42
196 MN
Long i luck ,108801 g os
193 * 0
Long lsid 1st cons gold 59,111931 34.3
let eonsol gold 415
6193 Q J
General gold 415
'
19
1938
Gold 45,
1932• D
Unified gold 4s
194 M
Debenture gold 5e
193 3D
20
-year p m deb Se
193 MN
Guar refunding gold 48_ 194 MS
Nor lib b 151 con g gu 58._a193 Q J
Louisiana & Ark let g 551 _192 M
Lou & Jeff Bdge CO go g 48_194 MS
Louisville * Nashville 5*
115.17 MN
Unified {rola 48
1940 J
.Regtstered
1940 .1 .1
Collateral trust gold 5s
193 MN
10
-year secured 7e__ __ _193( MN
In ref 534e
200: A0
N 0 & M 1st gold 68 ...... 193( J J
211 gold fla
193( • J
Natural) & Men) Div 4a..._194 FA
St L01112 Div 26 gold as .198) ▪ 5
L&N&M&M late 4149.1945 M
t & N South Mint M 48.... .195'4 3
Registered_ .
. 41962 Q J
Louts,' CID & Lax gold 470_1931 MN
7 9118 97
94
94
83 May'23 _ -, 81% 56
0 79
% Pk
7612
7611
:3 9 12
73
5
4 19 7
75 May'23 __,., 9
9,4 41 92
3
96
9415
93
3512 inly'21--i.
/ 97
1
4
9312 May'23 --_-' 92
90
Jan'23 ..„ 9u
90
733
4 31 7615 8113
78 anle 77%
83 89
89 May'23 ---- 85 924
2
10112 _„- 10114 May'22 ---- 1007 102
14
190901%8 1
974 1212
: 19
9
19238 A119923 - ..,: 112 19 68
1'23
13 8532 8512
1112
ze 814 44,223 _, 1011% 105
102 8 ,s 104
7
b
9412 96 I
85
4612
LA 7/12
745 78
94% $ale
931a Sloe I
99 4
,
-1
9341 94
81
81
May'23
101, :::: 11912
84 4
5
r
-97 - --- .9712 May'23
-.11 Ws 9i(
894 --.
9214 May'23 -, 901g 9214
84
85 84
84
1I 502 604
851a
78
7812 7112 14 g' s
-2 151 8112
1
12
78i3
1 1: 2
94
8 / 84 Mar23 ___„1. 92
.4 2
3
93 9
.
4
88227'8
7, 8312 85
12
844
83
78
21 78
77% Seat 773*
93
913* 94 I 93 June'43 ---, 92
91 I
3 93 944
84
9
0 9
n25143 6901
101 12 ___ 10112 June3 1
'
8 23--,, 97% 105.
1 77 83
92a8.....0 iv&
9048 10 54714 93
902 -- -- 9014 May 13 ---- 904 9
04
Os's 9.31.1 93 15 Maje23 --,„ 9738 R15.2
3
1073 840) 107
4
109
103 1 15
10384 saw 10312
1034 40 10114 105
1044 1051* 1018 Jan 23i
101% 1013
4
4
98%
.01 12 Feb'23 ---1 9712 10112
84
84
88
84 Mar' 1.._. 84
23
5912 61
502
5812
3 5312 63
92.5 9312 93 May 23 -,„„ 93 98
775
7714 7i7 774
22 75 80 4
3
734
7313 %Pr 23 ---- 7312 734
95
973 9512 May'23 ---- 95 974
4
I,
9855 • _
99 4 Dec'221--, --- - - 4
106
M mon CI RR let 54 . .
_1984 J 3
viunila RR (Southern Lines) 11)39 Si N
Manitoba Colonizal Ion 5.9., A934 1 D 883 8/ 4 ' May4111 ...! 93155 is 797
96 4 941 91
82
'3
5
i
4
Nap (.3 It A N 84 181 3)4*,,.,,1941 1 .1 81 Is ---. 82 May'23' -- 82
82
' Internal let cons g 48
4fix
17 Mar 101
'
1977 M 5
al a biganred
em ur w(lentral 61
. '22
•
Si El 9814 992 00
10012 May'23 __-- -9 12 10;2
.7 1931 Q Si 971a
fe
b4 051*
11(401 J
4
1
1 :
85
48
-" 8834 6 ,54: 2 :::: 8
8 14 0 8483 23
-55
Reglatered
1040.7 1
40
1 LAS len gold 3tie
de
b'el,'22
1951 M S 7714 79% ill
794 8012 8014
let gold 3'i
8 774 8
4
80141
9118
3 .103* 9
3
20
-year debenture 4s
M 0 9215 _ __ 92
II O
A N
87
- 87
A Dx23 -416 of NJ lit est Sc.__ _199425)921
47
19
Milw L S & Yeeet imp g 59-1929 F A
1,94 10934 9918 May'23 --- 9812 100 .
01)3
Astiland Div ist a ge
1926 Si 8 b0'
Its,',Its,',_._. 0071 Mar'23 :..: 1007* 1007*
1
4
Mich Div 15t gold 651
8915
2 8814 9212
5111w & Nor let ext 414s
9012 49
9 .1 i
34
1 924 .1 D 59
8512 90 15 42 May'23 ---- 89
,
9084
Cone extended 414e
89
853* 59,12 80 May'23 ---- 44
Nil Spar & NW let gu 4a,,__1947
-ASIA t.ol I ---Milw & S L let gu 8Na
1941.3 J ' 7.1.4 4,
102 ____ 1004 may 23 --10014 101
Minn
Min & St Louis 1st 75
ii',I
76
1st 0055501 gold Its
2 68
,
,
ps
.1 1 Z 7114 O..e 704
19
1
1902.4
intau3L
40
5 36
3/3 Sam 3 14
5
3712
let & refunding gold 4a_ _14149 Si
3,8 da.e 37
4
37 7
2 36
393*
Ref & ext 50-yr Sei Eler A
8/13 8$ 5 89
7
89
5 84% 9012
%.1 Eit P & El 8 M oon g 48
19 6
10105 dam 10015
luOls
2 gg mg%
let eons 58_
In-year coil trust 614s_ _ 193 1 M .11
08$.11 4
(3 8 10318 1:1 3.2
102
4 1
1937
4
6 99 054
68 A
1946J J 10 : 1.01, 10 4 May'23 ---- 199 4 198
tilt4 ..
9212 Dee'22 ...., ..
lot Chicago Term 5 14"194) M N
-97
- 97
97 I
5 96% 97
1S8M & A letg4eintau.__1926.1 1
5
885 May'23 ---- 8105 905*
missiarepel Central 1st Ss__ 1949.3 1 88% 92
924 ---- 9l4 May'23 --__ 9184 94
M K & Okla let guar 5s _1922 M N
4
7614 41 74
Mo Kan & ent-tst gold 4a .19903 D 753 Sale 751
801
4
a% cents for notes "ext". .
8234 Mar'23 --- 82 4 $34
5
Mo K & r Sly-Pr 15a Set A_1982 1 1 -78 - dale 77551
78 1 135 7612 333*
40
-year 42 Series B
63 4 ,.... 6312
3
54
104 624 674
10
-year 621.1.glee C
951.2 140 921, OAS,
i 1 95)2 dale 1545*
1
Cu m adjust Is Series A _ A 7
5313 552 5112 63
7 53 Sale 5114
Missouri Paelfie (more Co) 962
lei A refunding 52 Sat A___11505 F A
82 824 8214 May'22 -- __ 82
857
8
lot & refundlnu 52 See C
963 96
4
954
95 4
3
5 9514 9 8
63
1926 F A
lat & n4.01,11147 138 Ser D 1949 F A
948 Sale 94
4
944
4 49 92 9
/ 9
1
4
General 4,
58 1 81 66 6104
1975 Si 15 5714 Sale 57
Miseouri Paolfle3d 7s extended at 4%
13
%
80
82
8012 May'23 -_-- 79 81
Mob & Rh prior lien g 68.....1945 41 914
9512 ... '22 -1938 81 h
Mortgage gold 4a __
1946 2 J 71la .__- 70 May' -- -- 70
23
102 10412
Mobt 2x2 3 110 06W gold 68....1927 J 0 103 Sale 103
li ile 45 1
( 0
103
1003 l037
4
0
4
51927 Q J --- ---- 1003 May'23
General gold 4a
73
75
723* June'22 -- 72% 784
941
4
Montgomery Div lit g 58_1939 F A 9014 93 I 93 May'23 -- 90
1947 M ll
9512
2 94
St Louts Div 5.
91. 8
3
94
1027.3 D 9114 95
7812
76
6 75
Mob & Ohio ooll tr a 4,5
702 75
1938 M S 75
88 2
1
Mob & Mal let gu g as
1991 M I 8213 ____ 82 May 23
,„
1
guilt C le4 88 g OS
1 10913 Ill
1937 J J 10 , 0 10913 , 10912
1937 2 J
" gold fe
la guar
istsred
81937 2 J -81;4 10112 100 May'23
---) al
I
Due Feb. c Due June. 5 Due July. n Due Sept. 0 Due Oct. 501
11100 sale.
Si`1,
-fig;
"is*,1013*
New York Bond Record-Continued-Page 3
2620
BONDS
N. Y.STOCK EXCHANGE
Week ending June 8
1
411.
Price
Friday
June 8
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending June 8
tt
p.
Price
Friday
June 8
Week's
Rana. or
Last Sale
Range
Sine.
Jas, 1
Pennsylvania Co
Rid
Ask Low
High NO Low Hig5
Guar 3338 coil trust rag A.1937 M S 8312 8612 8413 Nov'22
24 813 83l
4
83
4
Guar 334s coil trust Set B1941 F A 823 Sale 82%
4
Guar 310 trust offs C___1942 J D 813 8414 8318 May'23
80 834
Guar 3348 trust ctfo D____1944 J D 81% 8214 8312 Nov'22
_
Guar 15
-25-year gold 401931 A 0 90% 9112 9112 May'23
.
"ff
-year guar 45 offs See E_ _1952 MN 8314 86 85% May'23
40
85 87
7218 17 7012 78
Peoria & East 1st cone 4s_ _1940 A 0 71% 71% 7178
3 21
Income 48
2312
1990 Apr, 2312 Sale 2318
30
isjiz Pere Marquette let See A 58.._1956 J 1 9512 Sale 954 9512 15 9234 97%
2614 30 29l May'23
lot Series B 4e
1956 J 1 77% 8012 8012
77 8212
8012
Mills Balt & W 1st g 45
3814 June'22
4
1943 MN 8918 903 894 May'23
____ ____
8814 924
Nat RR Mex prior lien 434s _1926.0 J
3 4514 4975
4512
28
44
Philippine By let 30-yr. 1 48 1937 J J 4514 453 4514
4
4318 447 44 May'23
July coupon on
44% May'23
4438 4418 P CC & St L gu 434s A
1940 A 0 9412 95 944 May'23
94 9714
do
off
95
27 28
Series B4348 guar
9518 17 94 9515
1942 A 0 9412
let consol 48 (Oct on)_1951 A 0 _ -- 28 Apr'23
9414 Apr'23
Series C 434. guar
26 Feb'23
1942 MN
2412 264
94 9414
2814 30
April coupon on
4
Series D 45 guar
893 Feb'23
1945 MN 90%
26 2812
3
89% 89 4
--- 2818 May'23
do
off
684 May'23
684 684
Serlea E 3)4s guar gold__ _1949 F A 89% -- 8412 Apr'23 _
8412 8912.
4
1954 M N 680
.Naugatuck RR lot 48
4
D 000 -- 91 May'23
Series F guar 48 gold
1953
89 9013
89 91
- -- 994 Mar'23
1945.0 J
New England cons be
0
1957 M N 90 8 -- 89% Mar'23
74% 7514
Series GI 48 guar
7511
89% 89%
4
1945.0 J 744 753 7514
Oonsol4s
8
9212 Apr'23
Series I cons guar 4348_ _ _1963 F A 927 94
82 82
9212 94%
1986 F A 7714 ---- 82 Jan'23
N'Juno RR guar lat 48
9212 May'23
Series J 4348
9214 9218
1964 M N 9212
77 8112
J J 7812 8912 7818 June'23
NO&NEIstref&imp4348A'52
13 93% 9915
97
General 55 Series A
1970 D 96% &;fe 96%
7318 79 4
3
7714
1953 J 1 76
New Orleans Term lst 441
9512
99 Nov'22
23 100 10112 Pitts de L Erie 2d g 50___a_1928 A 0
N 0 Texati & Maxlco Ist 65_1925 J D 10034 Sale 10034 101
105 Dee'22
Pitts McK & Y 181 gu 6s
1932 J J 10278
78
7818 26 7714 84
Non-corn income 68 A__1935 A 0 8912 Sale 7714
4. 9514 June'20
2 1001
1934
2d guaranteed 68
904 May'23
8914 9012
1945.0 1
N & C Bdge gen gu 4148
94 Apr'22
1940 A 0 9818 16015 100 June'23
94 94
PItte Elh & L E 1st g 58
92
NYB&MBlatcong 68_1935 A 0 104% Sale 1044 10511 446 101 105$4
J 9613 -- 100 Feb'23
1943
let consol gold 58
N Y Cent RR cony deb 68.-1936 M N
_ 98 June'22
8
23 7618 8218 Pitt. Y de Ash lot cons 55
1927 M N 987
81
1998 F A 81 Sale 8012
Consol 48 Series A.
41 8414 887
87
s Providence Secur deb 48
1957 M N 35 40 38 May'23
8618 Sale 86
2013 A 0
Ref & impt 4)15 "A"
74% --_. 88% Feb'18
425 927 983
1956 M S
96%
4 Providence Term lot 48
2013 A 0 9612 Sale 96
Ref & lmpt tis
86% 94 827a 88
1997 J .1 86 Sale 86
Reading Co gen gold 48
N Y Central& Hudaon River
86 May'23
5918 5412
75
4
743
23 72 773
1997.3 J 8412 86
4
4
Registered
1997.0 J 743 75
Mortgage 3318
8512 854 8512
4 25 79 853
853
7112 7112
4
4
Certificates of deposit
1997 J .1 7314 743 7112 May'23
Registered
7 80 86
8218
4 8612 9118
8912
8914 90 8914
Jersey Central colic 48_ _ _1951 A 0 82 83 824
1934 ai N
Debenture gold 40
Rens.Jr Saratoga 20-yr 64 -1941 M N 1084 --__ --- _
1934 M N --__ -- 8912 Nov'22
Registered
1
;
4
WI;
8
1927 A 0 973 9814 71
8714 10 844 904 Rich & Dan 55
4
1942 J J 863 Sale 863
SO-year debenture 4s
72 Mar'23
72 72
18 6812 76
73
Rich & Meek lot 4 Se
1948 MN 68
Lake Shore coil gold 3341 1998 F A 7218 Sale 72
97 100
1952 .1 J 96% 98% 97 May'23
Rich Ter 68
694 73
1998 F A 6912 79 69% June'23
Registered
84 85
7212 30 7114 77
tt10 Or Juno lot gu 58
1939 J D 85 90 84 May'23
Mich Cent coil gold 3%8_1998 F A 7114 7414 71%
II
1012 Dee'22
9
1940.0 1
Etlo Or Sou 1st gold 45
7013 76
1998 F A 70% -- 70 Apr'23
Registered
1018 Feb'22
88
1940 J 1 1218
Guaranteed_
83% 9014
N Y Chic & St L 10 g la--1937 A 0 8812 Sale 88
76% 11 "fi 78
884 Jan'23
1939.0 J 7412 Sale 7412
8812 8613 filo Or West lot gold 411
1937 A 0
Rsektered
63% 30 6138 68
83% 88%
Mtge & coil trust 48 A.__ _1949 A 0 63 Sale 62%
1931 M N 8612 87 85 May'23
Debenture 40
7712 11 754 81
4 10012 58 98 1007
1934 M S 76% Sate 76%
3 RI Ark & Louis lot 434s
10014 Sale 993
1931 M N
2d6sA BC
Jan'23
74
70
70
70
1949.0 1 65
87% 25 844 887
3 Rut-Canada let gu g 48
NY Connect let gu 4345 A_1953 F A .67 87% 8718
RO 8013
80 Apr'23
1941.0 J 764 79
Rutland 1st con g 434s
_-N X & Erle 1st ext g 48
1947 M N 80 93 87 July'22
5 71% 75 4
7214
3
1 7214 Sale 7214
May'23
95
95 994 Si Jos & Grand Id lot g 4&.._l9472
Ird ext gold 4340
1923 M S
_ 91
9212
Apr'23
1996 J J 88% 9212 91
it Lawr & Adit lot g bs
94 94
OUO eat gold 51
1930 A 0 94 _ _ 94 May'23
1 95 3 9814
9718
3
974
1996 A 0 9712 99
---2d gold 88
911. 93 9434 Nov'16
15t0 ext gold 48
1928 J D
4
883 May'23
87 90
8612 Nov'22
1931.0 1 90 s..- St L & Cairo guar g 48
N Y & Green L gu g 58
1948 M N 7514
9612
943 9913
63
9
4
734 -i74 ER L Ir M & S gen con g 56-.1931 A 0 OS% - _ 9612
2000 M N 754 8412 734 Mar'23
NY&Harlemg334o
102 July'14
1931 A 0
4
993 May'23
Gen con stamp gu g 5s
4
4
993 100
N Y Lack & Weetern 511
1923 F A 993 100
8612 18
897;
1929J 1 8612 Sale 8614
103
03
Unified de ref gold 45
103 10312
1930M1 103
NYLE&WIst78ext
4 22 76 86
783
1933 M N 7814 Sale 78
9612 May'23
Riv &0Div let g 45
94 9814
Dock & Imp bs
1943.0 J 9812 -99 9614 June'23
99
96
944 9815 St L M Bridge Ter gu g 5e- _1930 A 0 96
N Y & Jersey 10 tis
1932 F A 9418 97 96 May'23
91 Julr22
N Y & Long Br gen g 48
....... ---- St Louis de San Fran (reorg Co)1941 M S
4
673 134 65 7075
1950 1 J 67% Sale 674
N TN H & Hartford
Prior lien Ser A 48
45 80 85 1
83
7
19501 J 8278 Sale 81%
474 49
.
Prior lien Bar B iis
Non-cony deben 4s
1947 M 13 4618 481 48% May'23
0012 10 8734 93
J J 9014 Sale 90
4312 48
Non-conv deben 3148
61.4s
1947 M S 44 47 44 Apr'23
9914 Sale 99
0912 40 97 10018
1928 J 1
38% 10 38 47
Non-conv deben 3148
Prior lien Set C do
1954 A 0 39 40 38
234 7112 80
Sale 734
74%
45
10 42 514
81955 A 0 7414
Non-cony deben 48
4
Cum adjust Ser A fin
1955 J J 44 453 4414
8
677 493 58 67%
1 42 51
45
45
51960 Oct 6718 Sale 6418
Non-cony deben 4.
Income Series Ads
1956 M N 45 46
024 103%
2 39 4612 8L Louis & San Fran gen 6o._1931 1 .1 1034 -- 103% Apr'23
3918
Cony debenture 3.1-56
1956 J J 3918 4412 3918
9718
9712
9533 993
4
1931.0 J
65% 78 6118 7314
Cony debenture 68
J 6534 Sale 64
General gold 5s
1948 J
524 9218
8212 -_-- 8212 Apr'23
4% debentures
et L & El F RR cone g 48_ _.1996 J .1 87_ 90 Feb'22
4
1957 M N 37 38 38 May'23
423
36
67% 58 64 813
fe European Loan
4
Southw Div lot g 58____ 1947 A 0 101 i6112 10112
1925 A 0 6712 Sale 6612
4
1013
NS"
4
643 438 60 7113 St L Pea dr NW let On 5s...._1948 J 1
76 Francs
1925 A 0 6412 Sale 63
8612 Oct'22
44 Apr'23
1931 M S 8714
Cons Ry 90EFIXIIIV all
4014 464 St Louis Sou let gu g 45
1930 F A
7712 i; 7254 "iii;
7712 Sale 76%
"iffs 5012 Dee'22
Non-conv 48
1964 J J
W lot g 4s bond offs__ _1989 M N 69% 70% 6918
---- ---- St L 13
7012 87 69 7012
45 Mar'23
Non-conv deben de
1955.0 J
44 44
2d g is income bond ctfo_p1989 J J 763 Sale 76%
7712 60 734 7818
4
49 Dee'22
Non-cony deben de
1956.0 J
Consol gold 45
7512
7714 1
734 824
3 7612 Sale
N T & Northern iota Se___ 1927 A 0 99 8 _ _ 9978 May'23
ISSS 3 1
99%
99%
It terminal &unifying 5a
7 7614 814
77%
7612 773 77
8
66
N Y 0& W ref 1st g 43.. _ _51992 M S 6408 Sale 64%
70% St Paul& K CEO L lot 4)48 1941 F A 91
64
May'23
914 93
93 91%
50 Nov'20
Registered $5,000 only___91992 M El
1933 J J
I
- li _ -i.63; 6t Paul M & Man 45
4
1073 10914
J 1 107% 108 108 May'23
General4s
1955 1 D 5712 5914 5814 June'23
1st conool g 68
110
_ 83 Aug'13
N Y Prov & Boston ds
1942 A 0 6518
1933 J J 10612 Sale 99 Sept'20
Registered
9612
3
;
964
9614
ili WI;
N Y & Pu 1st cona en g 0_1998 A 0 81% 85 82 May'23
8234
8012
Reduced to gold 41411
1933 J 3 92% -- 97 Aug'22
N Y dr R B lat gold 6s
1927 M S 97 99 95 Apr'23
1933 J
1933J
95 95
Registered
89l 93
9012
55
1937.0 1 55 56 54%
NY Sum & W 1st ref 68
1937 J D 9012 9112 9015 Mar'21
61 60
Mont ext lot gold 48
80
424 45 45 May'13
1937 F A
Id gold 43411
1937 J D 89 91
42 49%
Registered
84 May'23 -- 8484
84
1940 F A 4314 45 43 May'22
General gold 58
42 49
1940 .1 1 7318 -- 7318
Pacific ext guar dm
4
Sale
748, 23 7118 751
1943 M N 84 86 84% Mar'23
Terminal let gild 151
8
84% 933
1943 J J
RegistrdS
A & A Pats lot gu g 4s
- 97 99
May'23
3
42
55 3812 5014 Santa Fe Pres & Ph 55
N YW'olles& B Lat Ser I 4348_'46 J J 42 Sale 40 4
1942 M S 96% Sale 97
8134 14 7812 &314
81
6614 17 6113 71
Norfolk Sou lot & ref A 56_1961 F A 65 Sale 6418
1950 A 0 81
San Fran 'fermi let 4a
,
4
107 Mar'23 -- 107 107
e
887 9312 Say Fla dr W lis
1941 MN 8714 9034 903 May'23
N'orfolk & Sou Ist gold 58
1934 A 0 107
- 100 Nov'22 -10812
5 106 10815
3
Norf & West gen gold 6e,.,1931 MN 10614 116 107
1934 A 0 99
58
8755
107
110 Mar'23
88
1934
Improvement & extg
110 110
N 86 4- 12 8515 May'23 -acio V & NE lot gu g 403._ _1089 M
53 58
3- 07 May'23
4
1063 107
1932 A 0 1071
New River lot gold
1960 A 0 5312.. 554 May'23
3 62 58
57
57
88% 31 854 934 Seaboard Air Line g 48
N & W Ry 1st cons g 4s__ _1996 A 0 8812 §Tde 88
1950 A 0 56 Sale 57
Gold 48 stamped
30% 92 224 3212
30
30%
1998 A 0 8314 97 86 May'23
Registered
01949 F A
85 90
Adjustment S.
4512 134 39 46
Dirt let lien & gene 111_1944 J J 8514 90 87 May'23
8238 87
1959 A 0 45 Sale 4412
Refunding la
3
4
663 111 58 4 08
10-25 year cony 4145.......1938 M S 111 _ 10912 07 May'23
107 108
1945 M 4 66% Sale 6618
1st & cons 6s Sallee A
4
4
8 Ll 933 975
Sale 10912 111
970
9714 --. 9718
5 10714 1173
1929 M S
4 Seaboard & Roan let 58
-year cony 130
10
1926.0 1
12
374 Apr'23 - -- 374 37
86
4
84% 88% Sher Sh & So 1st gu g 58
Pocah C & C Joint 411_1941 J D 86 8714 86
1943.' D
- 98 10114
12
79 May'23
991s 10T- on May'23
_1945 A 0 79 85
1936 F A
83 83
North Ohio let guar g Ea_
El & N Ala cone cu ii 6s
9618 9978
100
Northern Pacific prior lien railGen cons guar 150-yr 58___ _1963 A 0 981 1 Sale 9912 Mar'23 49 7711 85
8214
'
84% 62 8134 87
1997 Q 1 8412 Sale 8412
way & land grant g 4s
So Pac Co-48(Cent Pao cob 21949 j D 81% Sale 812 s
4 95 904 92%
913
9112
9112
82% 84 83
4 81
83
1997 Q 1
834
Registered
21929 M 8
-year cony 48
20
3 100 1024
10014
00
6012 31 59 6214
a2047 Q F 6038 Sale 60
1934 J 1./ 100 101
General lien gold 38
-year cony Ear
20
_ 60 Apr'23
a2047 Q F 5612
584 60
1937 M N 10112 -- 0114 Apr'23 -- 1014 1014
Registered
So Pao of Cal-One 55
2
10812 58 106 1093
2047.0 J 10814 Sale 108
1937 J J 88's 887. 8915 Jan'23 -- 8913 8914
4 So Par Coast lot gu 46 g
Bei&'motes fler B
9n 83 884
Sale
87
9
8284 90
2047 J J 84% 88 88 May'23
1955.3 1 8612 Sale 8612
Ref & imp 4)4s SerA
So Pao RR lot ref 4.
la 92% 98 4
90
9518
,
9614 96
4 024 100
96
.2047 1 J 96
1994.0 J 06
58 C
Southern-lot CORO g 5s
.- 93 May'23 ---- 9014 93Ie
96% 199 924 9914
2047J J 95% Sale 95%
1994.0 1
Registered
ils D
684 137 6614 6911
6812 bale 67%
89 Feb'23 _• 89 89
1996 J 0
It Paul-Duluth Div g ‘s_.
Develop & gen 48 Set A_ _1956 A 0 101% dale
11
41,,,i 92 100 102
8,2
1
8,13
9812 Apr'23
984 9812
195(1 A 0 927 94% 1041: 10
St Paul & Duluth lot be__ _1931 Q F 99%
Temporary 6 Pis
8
90 97
8414 Jan'23
1968 J D 7914
8414 8414
lot consol gold 48
Mom Div lot e 4)48-58_ _ _1996 J .1
7514 81
109 1094 109 May'23
J
1951 1
108 110
Nor Pao Term Co 1st g 68_1933 J J
St Louis div lot g 45
3 97
Sale
98
4
993
102
Jan'23 _• 102 102
1938 A 0
Woof Cal guar g 58
So Car & Gs let ext 6SO_ _1929 MN -835ii- - j 83 May'23.- 82 8313
98
_ 118 Nov'16 •_
lot g 68_ _ _ _1955 J .1
1930.0 J 103%
North Wisconsin let68
Spokane Internal
oct'20 ---8
727 - --- 80
Staten Island By 4145
:___ 92 May'22 ---70 June'23
67 70
Mg . 1
71
1948 J
66
04& L Cbam lat gu 48 g
Sunbury & Lew 4s
; . 95 May'18 ---7
8614 Apr'23
1
8614 8634 Superior Short L let /So g_._ _ 411930 M t -96
1943 MS
Ohio Conn By 4s
3.
y 4
1
38
28 pec 23 -- 9212 95
9355 1147,8 kla,'32 iii5 _9_64 _a___
96% Mar'23
954 9818 Term Assn of -IL 1,1 g 41i5_1939 A 0 93
1936 ID 91
Ohio River RR late 58
99 96 May'23 ---2 96 99
1044 F A
954 9512
1937 AO 94 ig 9513 Feb'23
General gold 5a
1st cons gold 55
0 77 82
8012
80 82 80
Sale 994
9912 10 98% 100
5 f g 45 __ ...1953 J J
Gen
1927 JJ 9912
Ore & Cal 1st guar g 68
8
4
4 8434 874 Tex & refund.. 1943.0 1 9038 ___.: 900 May'23 -- 90 90%
86%
N 0 con gold Se
1946 JD 86% Sale 863
Ore RR & Nay con g de
1943 M S
Texas & Okla 1st gu R 158_
Ore Short Line
631- iile 3
10134 10218 10212 June'23
29003 D - 2 Sale 9
99 10412 Texas & Pa , at gold 58
1940
lot consol g 88
103 Sale 10212 103
10 99% 105
52000 Mar 54 60 54 May'23 -.- - 4012 54
1946
Guar con 58
2d gold Income 55
92 Sale 9112
9214 34 90% 92%
1931.0 .) 8855 8914 89% June'23 -- -- 8855 92
1929
Guar refund 48
La Div B L 1st g 58
0742
..
3
9712 93 May'23 -_ --2 964 98 4
7918 Sale 79
7912 60 7512 62
Oregon-Wash lot & ref 48._ 1061
Tol & Ohio Cent let gu 58.....1935 J J 97 __ .._
9214 96
1935 A 0 917
g 65
western Div let
0
87 8 Mar 23 ---- 8718 89
7812 Sale 7812
19353 D 8818 91
7812 14 77
General gold 55
Pacific Coast Co lot g 58„_1946
7933
32
Apr'23 ---- 30
1917 J J 30 -- 31
8512-- 85 May'23
8618 Tol Peo & West 48
84
Tee RR of Mo lat ext g da_1938
9313 95
9312 -- 9512 Mar'23
To( sz L & W pr lien g 310._1925 J J 9314 95 95 May'23 ---- 6e% 76
9513 97
1938
2d extended gold tal
5
8
70
38
3
00 4 May'23
1950 A 0 69 Sale 693
9012 _
-year gold 48_ _ _ _
9013 9150
Paducah & Ills lot. I 4340._ _1955
1031 J .1 9514 9612 954°Nov'22 -A 7714 Sale 7618
7812 347 6614 7812
1958
Vol W V & 0 gu 430 A
Paris-Lyons-Med RR (is
4
1933 J J 9514 9814 961a May'23 ---- -15S1- Ili
Series B 4345
Feansylvania
1942 M. 5 8414 ____ 854 Nov'22 ---2 8855 934
1943
N 9012 - - 9012
904
C 45
Series
Consolgold 43
71
"ir
1
79 82 82 Mar'23 ---- -18;
9112
89 9f12 9112
1 8714 914 Tor Ham & Buff let 1 40.....81946 J I)
1948 MN
Conool gold 45
96 944 May'23 -• -- 94 9512
88 May'23
- _
May 1 1908 I N
85 90
dieter & Del 1St cone g 611-- _1928 J D 9414
45 stamped
1952 A C
6 9234 98%
9612
1960 ' A 9618 96% 95%
1st refunding g 48
1
Consol4)48
98 7
8
1
9
Sale 9108 ivia1 3-4- 5- 6414 9 4
9
7
1
9 12
1947 .1 J 9708 87
9112 138 88 927
1965 JD 91 Sale 90%
Union Pacific lot a 41
92
General 4340
1947J .1 8508 90 8813 May'23 ---- 8812
1968 JO 99% Sale 99% 10014 45 98 1013
4ered 8
Ryeirearistco
20.
9513 61
General 58
9514 Sale 95
1927 J .1
cony
4 71 10613 11034
1930 AO 10778 Sale 107% 1083
8412 21 80's 88
-year secured Ts
10
8455 8312
32008 M S 84
4 10818 63 106% 11113
4
1936 PA 1073 Sale 1073
lot & refunding 40
4
1
10312 77 100 1053
-year secures; 6340
15
-year perm ramrod 88_1028 J J 10312 Salo 10218 May'23 .--- I 90
10
9314
---- 90
1944M El 00
V N J RR & Can gen 68
Option sale.
July. 8 Due Aug. 0 Due Oct. p Due Nov. g Due Dec. s
• No price Friclay;lit eat bid and asked this week. aDue Jan. 5 Due Feb. g Due June. 8 Due
2000J
M&Elatgu3)4s
Naaby Chatt & St L 1st 68_1928 A
1937 F
NFla&S latgug 5s
NatRy of Max pr Ilan 434s 1957 J
July coupon on
de off
1977A
General 48 (Oct on)
April coupon on
off
do
High No, Low High
Ask Low
Bid
2 743 78
4
7614
D 7614 7718 7614
1 9818101
101
0 101 Sale 101
98 98
98 Apr'23
A
31 Sept'22
J
3218
"Sfi; 32 3114 May'23- 3 "ii" iii4
28 35
3118 28
2614 2613
2613 Jan'23
0
-a;
-o;
New York Bond Record-Continued
BONDS
N. Y. STOCK EXCHANGE
Week ending June 8
24 _
Plitt
Friday
Ji.ne 8
Ware
Range or
Last Sall
Rants
Shwa
Jan. 1
2621.
Page 4
BONDS.
N.Y.STOCK EXCHANGE
Week ending June 8
Prise
Friday
June 8
Weirs
Range or
Last &Se
Ranee
Moue
Jas, 1
High No Low Mob
dsklose
BUS
911
High No. Low Mob
Ad Low
9114
8 90
95
1943 F A 9118 Sale 91
9912 997
8 Crown Cork & Seal 6s.
997 Jan'23
8
1926.3 J 99
Utah & Nor gold bs
89 4 64 8513 94
3
4
893 Sale 89
8
9134 Cuba Cane Sugar cony 75. _1930
J
91
1933.3 J 884 ____ 9112 Apr'23
let extended 45
9412 Bale 9314
9412 73 9014 9814
Cony deben Mewed 8%._1930 J
.or'22
_ _ -- -86
1955 F A
vendetta cone a 45 Set A
1073 108 1074 1084 17 1064 10812
4
Cuban Am Sugar lot coil 88_1931 M
87
85
85 May'23
1957 M N
Coneol 40 Series B
8 91
921z
9414
3712 Cumb T & T let & gen be__._1937• J 9212 Sale 91
36
34
36
J
Vera Crus & P lst gu 432e_ 1934
9712 June'29
Denver Cons Train Y 55
1933 A0
45
Apr'23
-361- 381- 38
34
4
July coupon on
85 4 15 -i113- 76'3
85 8 Sale 844
3
4
Dent Gas & E L 1st & ref sf g 68'51 MN
July coupon off
7414 18 55
72
99
4 9814 Dery Corp D 0 is
MS 7414 Sale 98 4
98 Mar'23
1926M S 96
Verdi V I & W 1st g be
3
9914
943 10012
4
9818 May'23
9
33
9818 983
4 Detroit Edison let eon tr be_1942 J J 984 Sale 954
1926 M 8 9814 99
Virginia Mid Ser E 53
9714 69 90
s 9612 Sale
98
97 8
977
8
151 & ref 55 set A
1 93
11940 MS
974
General 5e
1938 M N 9718
75 101 104
103
104
let & ref Os series B
934
92
MS 10314 Sale
9412 93 Mar'23
2(703 .1 .1
93
Vs & So'w'n et gu be__
83 4 30 82
3
84
Get United let cons g 4 As_ _1933 J J 8314 Sale 8314
777
8
897
8 39 7538 81
-year 55
let cone 50
1958 * 0
106
10614 37 105 8 1084
3
Diamond Match s f deb 745_1936
N 10818 Sale 81)
967
8 34 90i2 98
Virginian 1st 5s Series A
1962 MN 064 Sale 96
5014 23 49
64
50
Dlitill See Cor cony let g bs.1927 A0 4912 53
8
5 944 99
0
gold be
MN 955 Sale 95 s
5
Wabash let
1939
964
7 49
50 Sale 4942
7 83
64
924
trust certificates of deposit__
85
1939 P A 844 8512 85
2d gold 50
7 80
8212
821z Sale 8114
8512
Dominion Iron & Steel be____1943
89
let lien 50-yr g term 4s
1964'.3 6712 72 67 May'23 ---- 67
5 84
4
873
4
8712 Sale _863
93
9612 Donner Steel 7s
9312 94 Mar'23
94
1942ii
Oct & Ch Ext let &a
1141 J J 90
88 May'23
87 4 90
3
8 El du Pout Powder 47-2e_ _1936 J D
733 Jan'23 -_-_-_-_ 7314 738
8
Dee Moines Iii, 1st a 4e._ _1939 .1 J 6638 79
41 1063 10914
107
10712
4
63 May'23 ____ 63 6614 du Pont de Nemours & Co 7%s'31 MN 1074 Sale
1941 A0 63 65
Om Div let g 334e
JuattesneuLe 7 h st coil(4_ _1949.3, 10234 Sale 10212 10314 34 101 10412
De en t r t Ist i
4
723 Apr'23 ___. 723 724
4
71 18 75
Tol & Ch Div g 46
1941 M
11)7
10714 75 10614 10818
Worren let ref gu a 844s
7418 Nov'22 705
8
1938 J J 107 10718
2900 P A
2 74
7712 79
East Cuba Bug 15-yr et g 74441937 MS 10212 Bale 10312 1034 86 94 11314
7
Wash Cent let gold 40
79
5s 80
1948 QM
May'23
8712 8812 86
86
91
5 975s 9312 Ed El III Bkn let con g 45
9812
Pi 0 & W let cy gu 4e
1924 P A 9814 933 9812
4
1939 J
100 103
0 Apr'23
768
4 791
7612 May'23 - -- 7612 794 Ed Elec III lot cons g be
Wash Term let gu 34s
1995 J J 97 102 10
1945 P A
97
97
9812 9712 May'23
9912
_
Elk Horn Coal cony 85
845 Nov'22 ---8
815
let 40
8
1925 J O
-year guar 45
1945 FA
93
933 180 91
4
9812
impire Gas & Fuel 74s
8 89
8712 Mar'23 -- 831 Mln W & N W let gu be_1930 FA
1937 ▪ N 934 Sale 9318
765 85
8
1 934 95
9318
934 Sale
3
6214 3 60 85 4 Eq 0 Light 5.4
614 Sale 8153
West aryla d 1st g 4s
6
7
1932 MS
1952 S o
106
10612 12 104 1084
961.
Fisk Rubber 1st s f 88
9512 100
3
West N Y & Pa 1st g bs
1941 MS 10614 Sale 704 Mar'23
1937 ii 9534 Sale 95 4
7018 704
8312 4 Smith Lt & Tr lot g em_ _1936 ▪ S 784 -'t
75 May'23 ____ 75
76
Gen gold 48
.1943 * 0 74
9314 47 83
9214 Sale 9112
14 934
Framerle Ind & Dev 20-yr 742s '42 J
4
7912 51 7812 85
Western Pao let See A 5e....1948 MS 7914 Sale 783
29 100 103
102
101
1 77
1337
8 FraD018030 Sugar 74e
SI
81
Nest Shore let Is guar
2381 ii 8012 81
1942 MN 101 Sale 93la Mar'23
9313 9311
783 May'23 --- 75
8
Gas & El of Berg Co cons g 5e .1949 J D 91 ____
82
774 79
Registered
2361 JJ
994 101
General Baking let 25-yr 6s 19322 J D 100 19012 100 May'23
9712 May'23 __-- 97
99
4
wheeling & L E let 13 be
1926 A0 983 99
9495
6
7912 May'
23
763 8012
s
7912 81
Feb'23 --. 9338 99
Gen Electric deb g 34s
99
Wheeling Div let gold St. 1028 I .1
P A
28
100 1003 100
4
Jan'22 ... 9558 955
8
Debenture Se
90 4 9718 95
15514 15 9912 103
3
Exten & Impt gold be
1930 P A
MS
9913
9712 101
GenRefr let a f g Os Ser A-19 7 1A 9812 Sale 9812
62
50 4 16 49
3
Refunding 44e Series A._..1968 MS 4918 5514 5012
1 52
4
51 9 4 1014
101
9
60 May'23 ____ 57
8518 Goodrich Co 6144
64
S 61
117 4 sale 10012
RR lot consol 45
1949
.1.3 1003 sale 1167
8
1174 85 11414 117%
5413
Goodyear Tire & Rub let s f 8s '41 MN
1 50 60
RIM & East let gu g be
1942 JD 5212 5412 5412
58 99 e 106
10412
10.5
3
Jan'23
19
-year 5 f deb g 8s
Will & SF let gold be
1938 J D 0918 -.-- 101
01931 FA 10434 sale
16 92
92
92
924
8112 Granby Cons M 8& P eon 6s A '28 MN 8812
Apr'23 2:: 171 19
9
6
76
80
Winston-Salem S B let 4s._ 1960
J 79
92
82
763
4 14 74
Stamped
8
WIG Cent 50-yr let gen 4e___1949 J J 7612 765 754
1928 MN 92 ____ 92 Feb'23 42 92
974
6 75
9618 100
8058
Cony deben Se
7612
7714
1925 MN 97 Sale 97
guy & Dui dlv & term let 40'86 MN 7612 77
95 101
95 95 May'2
____ Gray & Davis 79
65 May'22 ......
4
1043
'3 543 .
W & Con East let 44e
_1932 P A
it 97 100
_
984
99
ireat Falls Power let a 1 56_1940 MN
INDUSTRIALS
804 82
8118 83 82 May'2
8058 Hackensack Water 4e
80
5 80
_1948 MS 80 Sale 80
44aras Express coil tr g 4e._
1952 .1
2 87
92
9512 9912 davana Elm consol g be__ _1952 FA
9Q'4___ 92
94
3
4
963
8
I93f JO 95 4 Sale 953
Cat Rubber 8s
843
4 94 814 854
2 5
5
4
5
5
7
Havana E Ry L & P gen be A__'54 MS 843 Sale 8418
1926 M
8
Alaska Gold M deb 68 A
4
98
7_ 98 100
_7
5
612 5 May'23 _1920 MS
5
64 Hershey Choc tot of g Os
Cony deb 65 seriee B
1942 MN 98 Sale 973
8914
9032 iv 87
9512 62 95
974 Holland-Amer Line de
92
1933 * 0 9514 Sale 95
Amer Chain 60
MN 904 Sale
9312 May' 3 -- 927 94 1
/
2
,
9612 963 9612
8
4
am Agile Chem let be
9612
8 96 10012 Hudson Co Gas Iota be
1928 A
1949 MN 933 95
8
984 52 9714 99
4
4 Humble Oil& Refining 514e _1932• J 98 Sale 977
9912 223 964 1043
lotrefef7l48g
1941 FA 9918 Sale 983
27 88 9612
92
84)4 (Mole Steel deb 4%e
6312 14 59
63 Sale 60
Am Cot 011 debenture 14_...1931 M
1940 AO 9112 Sale 9112
8012 June'23 -- 8012 8012
km Dock & Impt gu 6e
Ind Nat 0 & 0 be
_ 1057 Dere22
8
1936 • y 1064
1936 MN
8
190181 39 99 10112
9078 Indiana Steel let be
891 89
8912 15 89
Amer Republics 85
1937 AO 89
1952 MN 100 Sale 997
90 100
90 Nov'22 -915 179 8418 924 Ingersoll Rand let gold bs
8
rn.Bni & R let 30-yr be ser A 1947 Al) 91 Sale 9014
1935 J J
8
912 May'23
10114 134 998 102
Interboro Metrop coil 4%8_19513 A0
65 B
Fs
- "ir
1947 Al) 10118 Sale 1007
8
Apr'23--.- 5
-zrz
10212 107 10012 104
94)
Certificates of deposit
American Sugar Refining Ss...1937 J J 10212 Sale 102
114 gT,18917 Sale 917
8
114
14 141
Guar Tr Co ctfe 16% stamped.
12 13
4
9218 140 9078 923
km Telep & Teleg coil tr 4s 1929 .1
5
8
6558 dale 8518
6812 501 65% 724
Incernoru Rap Tran let 6e__1966
90
88
Convertible 4s
2 86
874
1936 MS .8714 88
65 sale 65
65 4 66i 65
3
80 100 10212
102
-year cony 441e
721z
20
Stamped
1933 MS 102 Sale 100
8 63 734
0
63 4 Sale 6314
3
6512
98
11.1--year (is
198 95 101
30-year temp Coll tr be__ _ 1948 J o 9713 Sale 9718
1932 AO
,
1161. 46 11334 11712
9114 121 8914 94 4
7-year convertible 68
3
7
1925 P A 11612 Sale 11414
1932 M,S 9013 Sale 9012
72
7312 12 72 8112
8612 Int0
8
8613
km Wat Wks & Elec 50
Agric Corp let 20-yr 58_1932 MN
1934 AO 86 Sale 845
82
731z 29 70
8
843
4 ss 8212 90 4
8512 Inter Merean Marine s I 62 1941 AO 837 Sale 825
8
737 7 'z 70
8 4
Am Writ Paper f 7-8e
3
1939
5 8314 8812
973 435 96
8
86
9878 International Paper 6s
974 Sale 97
Anaconda Copper 64
1953 P A
1947.3, 8514 854 8514
52 83 88 4
86
lot & ref 58 B
1013 405 100 1044
4
.
7e
3
1926 J J 851s Sale 8412
47
1938 P A 1011 Bale 101 18
95 June'17
857
Jeff Clear C & I Ss
8 49 84
8
90
Armour & Co lat realest 4Se 1939 J D 8414 857 84,
S D 10312
8412 86 8
404 JUrgens Wks 50 (flat pr6ce)_1947 J J 8418 sale 8314
38
2 29
38
ftiAtlantic Fruit cony deb 75 A.1934 JO 355 40
95 4 28 93 9614
95 Sale 95
3
3912 !In 0 dr
3714 Sale 3714
2P_ 29
6
12
39
Trast certificates of deposit.
19521952 M
31 87
90 Sale 8914
9
90
44
City Pow & Lt 55
El l
91
3512 38
371,,
384 13 31
do
stamped
M S
4 1034 107
4
1043
4
3
Kayser & Co 7s
98 Nov'22 Atlanta Gas Light be
1942 P A 10318 105 1043
1947 J D 95
9
4
4
1083
4 30 10712 1093
-97 - - 3- Kelly-SprIngfleld Tire 8s
9 4
8
985
Atlantic Refg deb be
9812 984 983
8
4
1937 J
1931 MN 1083 Sale 1073
9412 Juir21
um 103
101
Keystone Telep Co 1st 5s
Baldw Loco Works let 5s
1935 ii
1940 MN 10014 10112 100
23 9912 103
961, 99
9712
9712
fringe Co El L & P g 5s
100
Barnsclall Corp is f cony 8% A.1931 J J 9912 Sale 9912
119997 AO 9712 99
37
Purchase money 6s
s
1084 11311
Beal Teleph of Pa
A0 1097 ---- 11114 May'23
971. Bale 9712
10514 Apr'22
973 1611 95% 9918
4
Convertible deb Ss
be
1925 MS 104
1948 J
13 9734 9912 Kings County E let a 4s_ _..1949 P A
71
71
704 71
"70 74
5
Beth Steel let ext e 1 be
985
8
99
1928• J 98 8 99
5 7014 76
7012
7012 Sale 7012
9718
9514 32 91
Stamped guar 48
let & ref be guar A
1949 P A
N 9512 Sale 9419
1942
75 8
3
7514 801e
12 King.
84 12 g g 12
9;
71
20-yr pm & Imp f 5e
12:.1 I 7514 823 7514
Lighting be
4
1936'.3 8914 Sale 8812
97
97 101
60 A
9712 97 May'23
9
1948 F A 99 Sale 9812
4 9914 102
102
5 894 937
0
s Kinney Co 748
92
535e
1953 P A 9134 Sale 9112
1936 J O 10114 102 10114
9 8812 9212
893
4
90
8 Lackawanna AteelSs A
Booth Fisheries deb a 6s_
8
80
70 8 Mar'23 ---- 703 703
3
1926 AO
1950 ▪ S 8914 90
5 92
99 8 37 977 10014 Lac Gass Lot St L ref & ext be 1934
8
9314
Braden Cop M eoll trot 69_1931 FA
96
99
993 99
8
AO 9314 Sale 92
8812 9112
8 Lehigh C & Nay at 44e A
Brier Hill Steel tat 64e
8
9412 44 9158 983
_1942 * 0 9412 Sale 94
1953 J J 883 9112 8812 May'23
94
3
99 100 4
a'way & 7th Av let c g 58_.1943 J o 64
89
3
Lehigh Valley Coal be
4 25 62
67 663
995s 9918 May 23
4
663
.1.3 98
3 8514 88
831* Oct'21
Brooklyn City RR be
8512
4e
1941 J J 84-s 8510 854
1933 .1 J
22 9478 98
44
Feb'23
Hirlyn Edison Inc gen be A 1949 J
W44
983 Sale 975
8
8
99
Lex AV et P F let gu g 6a.. .1993 MS 33
45
4 lows 1044 Liggett & Myers Tobao 711
8 1164 18 112 117
General 68series B
8
14
1930'.3 10318 Sale 102
10318
1944 AO 1165 Sale 1163
1 61
9612 12 93
General 7e series C
9814
be
4 105 10814
1930'.3 10514 Sale 105
10614
9 FA 96 Sale 96
15 106 109
115
General 7s series D
1117 1163
s
113 11512 115
4
Lorillard Co (P) 7e
1940 J O 109 Sale 108
109
1944 A0
12 9318 974
96
96
Skin Qu Co & Sub con gt4 56_1941 MN ---- --_I 66 Mar'23 ---; 58
511
66
P A 9412 96
6 11212 120
116
8012 -_-_ 794 Nov'22 --'
let 5.1
1941 J J
vlagma Cop 10-yr cony g 7s. _1932 J D 115 117 116
19 1
5
Brooklyn Rapid Tran Si._l945 AC 7614 78
9814 34 9612 102
7512 May'23 ------55 -fi- Manati Sugar 744e
1942 * 0 9814 Sale 974
7614 sale 7614
6212 40 591 647
Il 54
1
8
Trust certificates
8
7614
+(mallet Ry(NY)eons g 48_1990 A0 623 Sale 6112
79
557 66
8
s
let refund cony gold 44.__2002 ii 6312 65
557 Apr'23
56
2d 4e
6412
6412
21904123 J D 52
9612 9812
93'
97 3
2 33 8
s
9312 Sale 93
11-yr 7% secured [lotto_ ___11921
5 97 65
4
98
Manila Elec 7s
8
MN 964 973 97
8212
8212 10 813 847
933
4 86 8512 9512 cianila Else Ry & Lt is 1 58_1953 M
4
931 Sale 93
2
.
Certificates of deposit
825 833
8
4
28 91
94
9312
89 Sale 8818
Cents of deposit stamped....
964
3
38 82
954 Market St Ry let cone 14
89
192 MS 93 4 Sale
8 23 94 4 99
8112 8212 8114
975
9714
3
!Myra Un El let g 4-5e
6
-year 6% notes
8
1950 -A
83
9 804 8
5
192 A0 975 Sale 1203
26 109 1614
8112 8318 82
132
4
Stamped guar 4-5e
11. 8112 844 Marland 011 of 85 with waente '3 A0 124 sale
1950 F
83
95
10658 21 1027 10713
2 9312 100
95
Erklyn Un Gas let cone g bs...1948 MN
965 95
8
8
without warrant attached___ A0 106 Bale 10512
37 102 159
131
121
2 108 1167
11
Ye
1932 MN 109 10912 10914
734s Ser 11
10914
193 P A 114 131 100
67 914 1017
101
100 Sale
let lien dr ref6 Series A
8
I947 MN 10212 10318 1024 1032 102 10512
do without warrants
1 95
98
99 8
7s
Merchants & Mfrs Ezell 78_1942
98
1929 MN 109 10938 109
99 98
4
10912 211 1073 117
7
2 9614 997
97
97
.
Buff & Swig Iron s f be
1932 J D 9012 ___- 79 Aug'21
b4eeitricEallpstet&rroeiefug6.6s6Sier860_____-11993562 I. A 9614 9718 108
24 1064 10914
108
87 4
4
Sash Terminal let is
1952 A0 7812 823 823 blay'23
50
MN 108k Sale
5 99 100
3
3
99 4
/
1
4
Comm!be
4
8814 80
1955'.3 87
82
/ 894 Mich State Teleph let be_ ___1924 P A 993 Sale 99 4
1
4
87
28 8812 9111
873
8
4
3
897
Building be guar tax ax.
8 23 85 93 4 Midvale Steel &0cony il I 511_1938 MS 874 Sale 87
1960 AO 897 Sale 893
7 8814 90
8714
9718 Sale 97
873
s
9412 9814
8714 873
4
Cal0& E Corp 5e
Certificates of deposit
1937 MN
9712
1936
23 94
99
Allw Elee Ry & Lt cons g 614.1928
99
Camaguey Sug lst s g 78
9912 99 May'23'
99
1942 A0 9812 Sale 9812
98
9914
94
93
Canada SS Linea let coil at 7e 1942 MN 93
907 8912 May'23 -- 885s 9112
8
Refunding &(Wen 448_1931 J J 89
9412 17 9212 974
9112
9112
8
4 887 921s
Gen 5e A
Canada Gen Elec Co Os
1942 P A 1003 101 100
8
10112 11 100 10311
1951 J O 9112 Sale 844
85 4 81 82
3
I 97 100
98
99 99
let 50 B
4
-year 65_.1943 J
99
Cent Dist Tel lst 30
8918
1981 J D 853 Sale 94
9914 Milwaukee Gas L let
1 927 9412
6 87
94
1931 AO 91 Sale 91
Cent Foundry let e f
8
9118
4e
1927 MN 94 Sale 9614
9712 28 93
983 118 9818 10018 Montana Power 1st be A
4
8
97 Sale
.11)26 * 0 9858 Sale 983
-year g Se...
Cent Leather 20
98 4
3
1943 J
893
e
1931 ii 13038 Sale 12814
9 8812 91
Cerro de Pasco Cop 85
Kontreal Tram lot & ref 54_1941 J J 8914 Sale 89
0
130 4 27, 12712 15
3
94
95
8014 25 77
7912 Sale 7914
94 May'23 --- -. 9514 963
Ch L& Coke let gu 52_1937 .1
4 Morris & Co let.1 4388
873
4
J
79 Sale 79
83 Apr'14
..Mleago Rye let be
1927 P A
8058 58 7618 8378 Mortgage Bond 4a
AO
93 May'23 -- 914 9312
Chicago Tel bs
1923 J D 9978 100 100 June'23 - - - 9912 1004
AO
- I
Mlle Copper
Mr
u
l4Fuel Gas let cu g 5e
9412 904 May'03
894 95
1947 MN 93
99933669
2
Coll tr & cony Os eer A
1932 AO 100 Sale 100
3
_ 10112 24E4'17
10012 98 96 10314 Mut Un etc! bds ext 5%.
MN 93 8
9 9618 99 8 Nassau Elec guar
5 58
3
Oinein Gas& Elec let & ref be 1956 * 0 994 - - - - 9812
6014
9918
603 6014
4
674
gold 481941 J J 60
5
8
3 97 9713
b4sSer 11 due Jan 1
1961 AO 975 9918 973
4
9712
9814 33 9612 9812 Nat Enam & Stampe let 58_ _1929 J D 9712 .2--- 9712
S712 8812 8712
5 8512 8912 Nat Starch 20
871
Colo F & I Co gen I 5s
14/43• A
_ 95 &DV=
-year deb Se_ 1930.3' 934
79 Sale 7778
14 98 10111
Col Indus let dr coll fe gu._.1934• A
791_ 47 7618 7912 National Tube let be
100
993 99
4
MN 99
15 95
Columbia0& E let be
1027'.3 963 97
39 9558 wo
9712 New England Tel & Tel 54 _1952 JO 98 Sale 973
4
965
8
4
97
98
1952
20 9518 97
.•1 97 Sale 96
1927
Stamped
Yaw On Ry & Lt gen
97
60 Feb*21
430_1935'.3 61 _ _
2 100 104
15 14
1712 15
Col & 9th Av let gu g 513_1993 Si S
20
15
NY Air Brake let cony 641-1928 MN 10112 1013 1013
4
1013
4
4
2 92
3 7412 79
Columbus Gee let gold be__ _1932 J J 92 8 ._. 9258
5
93
N Y Dock 50-yr let g 4s
9258
7812
FA 7812 Sale 78
13 70
7014 Sale 7018
Commercial Cable let g 4e
2397 Q
754 N Y Edison let &ref 64e A_19 1 A0 10914 Sale 109
71
10912 108! 1065s 11212
194
5
29, 9512 100
Oemmonwealth Power OIL...1947 MN 87
873 865
8
8914 4YGEL&Pgbs
8
s
99
8738 20 84
4
1948 J O 983 Sale 983
23. 794 8314
1 100 1003 99
1937
8
Comp Am u Bare 7558
82
Purchase money g 4e
1904 14 9432 19112
8
1949 P A 815 sale 8112
5! 78
82
18c f Os__ _1911 J
964 Sale 963
Computing-Tab-1
994 N Y MUnIc Ry let s I 55 A_1966'.3 833 _
82
5 95
98
82
4
8
1! 96
.1 753 - __ _ 84
4
99
84
875
s N Y Q El L & P lot g 43
Feb'23
Conn Ry L let & ref g 4348 1951
96%
96%
P A 964 98
5, 304 3818
75 4 80
3
1961 J J
Stamped guar 410
775 May'23
8
3613
N Y B. let R E it ref 4e-193 J J 3514 363 3618
4
92
49
30
371s
88 Sale 8718
8 18 "
:
38
3512
Cons Coal of Md let & ref 55_1950 J
3514 36
Certificates of deposit
5512 ""iil 77 3 VI
10, 3 4 8
4 8913 9513
3
93
4
98
4
93
93
Oon G Co of Ch let gu 5(1_1936 J
33
30
4 5
-year sc11 Inc bs
(31942 A 0
384
41a 14' 3 4 77
3
8i, 10 844 924
a
8
1952 MN 877 8812 877
Consumers Power
4
Certificates of deposit
4
1 1 61
64
69
1931112 N 9812 10014 9818 may= __ _ _ 9812 9934 N Y State Rye let cone 445_1962 MN 63
64
So
Corn Prod Edge
4 65
91
9712
991.
5128
1934 M N 98. 991- 9912
4 98 101
9412 May'23
-year e 58
let 25
95 2 99
,
1982M N
•No price Friday; latest bid and asked. a Due Jan. d Due April e Due Mar. e Due May. g Due June. 5 Due July. k Due Aug. o Due pct.p Due Dec. i Option sale.
- 2
2622
New York Bond Record-Concluded-Page 5
BONDS
IC Y.STOCK EXCHANGE
Week ending June 8
Bridal;
J ne 8
Week's
Bongs or
GUI Me
!A
z -
Rani
Strwe
J. 1
High NO Low High
Ask Low
Bid
T Steam let 25 yr(fader A.1947 sir'.
93
93.8
11
93 94
94
8
Telep let & gene I 945_1934 '48 93% Sale 933
70
10038 36 11)34 1044%
80
-year deben 8 f 68.. _Fob 1941. FA 100 Sale 10512
99(315 998
105
20
-year refunding gold 88_ 194_
64 10214 10714
40 105 Sale 10414
Niagara Falls Power let 58_ _1931 j
25 9514 101
4
99
95 8 Sale 953
7
103
15 101 12 105
Ref & gen 68
01932 • 0 10212 103 103
NIag Lock & 0 Pow let 55..1954 '.4,4
8
9818 993 9878 May'23
98
9878
No Amer Edison 65
9319 Sale 93
93 14
58 92
96
1952 M
Nor Ohio Trac & Light 63_7_1947 616 9212 93
94
10 90
922
95
Nor States Power 25-yr Est A.1941 80 91 Sale 90%
908 49 87.8 93
8
8
3
1011
5 9818 102
lst & ref 25
-year 6s Ser B 1941 *0 10114 1013 100 4
111758 Sale 1075,
108
Northwearn Bell T let 78 A 1941 F
71 1071 11)8
.
9038 _
913 May'23 __._ 913 911
8
North W T let hi 414s gtd__ ion J 1
8
8
Ohio Public Service 74e.
105,
4
4 101 108
19441 At) 1041s Sate 10419
7s
10318
5 100 10514
1947 FA 10212 Sale 10212
941 Sale 9414
0173
7 923 963
Oistariu Power N F let 6e_ _ .1943
4
9
94
9412 94
9412
10 93
Ontario Transmission 55_7_194:
96
0115 Steel 86
9712
99 8
5
10 9712 101 12
9914 RIO
A
1941
9312 Sale 9312
9312 38 9114 947
let 25-yrs f g745Ser B.__1947 P A
s
92 Sac
9112
Pacific0& El gen & ref fie__ _1942
92
40 89
J
9314
Pao Pow & Lt 1st & ref 20-yr 55'30 P A
913 9214 915,
4
91.4
3 897 94
8
91,14 9612 9014
9612
Pacific Tel & Tel let 5e
11 9514 9912
1937 J J
9178 Sale 9118
017
3 42 88
5s
1952 M
92%
103 Sale 10212
103
Pan-Amer P & T 1st 10-yr 75.1931 F
13 102 10518
fan 23 ____ 04
Pat 3. Passaic 0.4 Elcons g 58 1949 MS 913 915, 94
8
94
Poop Gas & C 1st cone if 6s 1943 * 0 105 10772 105 May'23
1115 108
s
89 9
7
2 87
94
Refunding gold 59
1947 685 8912 897 8912
100 813ak 10014
3
10012 35 985 10112
Philadelphia Co Se A
8
194
4
71 41a1.
76 2
,
773
8 53 737 82 4
Plerce-Arrow 8a
11
3
1943 M
3 94 12 98
95
Pierce 011 e f 85
_ 1931 J t! ---- 9512 95
4812
- 49
Fe18•23
89
90
Pleasant Val Coal let g ef 159.1928
92
92
1 90
9012 91
Poesh Con Colliers 1s1 a 1 58_1957 J
9455
8
9213
- 93 4 Apr 23
_ 9312 9512
Portland Gen Elec let 58_1936 J
87
90
87 May'23 .7-- 84.4 88
Portland Ry let & ref 5e....._193o MN
833 84
4
Poe!lond Ftv Lt & P let ref fis 194,
83 8
,
94
9519 94
94 12
611 B
1947
6 9474 107
96::
104 11)0
04
1114
8378
154 a Eolum.. • :is 3er A.. _194.
6 103
1 82
8678
1002
1 103 111512
0312
Porto Rican Am Tob 88.. ..1931 IAI • 10312 104
123 13312
Prod & Ref s f 8a(with warnte)'81 J I. 12,1 13212 126 May'23
4
107.4
20 10t 12 10912
without warrants attached. • D 10,33 107.4 l0,,4
84.4 Sao
8312
8412 21 81% 86
Pub Serv Corp of N J gen 54.1951.
11212 Salt
12
11412 242 10.5 124 Punta Alegre Sugar . - .1937
7
723 Sale
4
725
9
733 374 703 Mit
s
Rapid Tran See 68
9
1968
9414 9412 9.13
4
Remington Arms fie
1937 MN
94 12 27 90/5 96
9312 93
9111,
933
4
16 89
Repub 1 & 5 10-30.yr 13s f..1941,• (. 93
91112
20 80
945,
54s_
90 4
3
1953 •
9612 97
Robbins & Myers s 175
9612 May' 3
9612 99
1962
2
111
_
91
Jan'23
noel & Pitts Coal & Iron 5e 1946 MN
91
91
583 89
8
Rogers
-Brown Iron Co 75___.1942 MN
8818
'59.2
1 Mit 04
:
78.4 ..
77 May'23 .
IR Joe Ry.
& P tie
77
77
1937 MN
8514
857 Dee 2.,
8
St Joseph Stk Yds 1st g 44e mat
895 83
8
St L Rock Mt & P59 strop& _195,
805
8
8018
2 8018 9412
St Louie Transit 5e
•
60 --__ 60
1929 * 0
62
•
c5r. 7.
101.4 10/12 102
102
1942 M
6 10012 1023
4
94
924 933
S Paul City Cable 531
t
4
i937 J J
93 __I 92
44
933
4
Ban Anundo Pub Ber es
9312 95
92 May'23
1 932 J
1 57
2 91 12 94%
98, Sam 9812
2
,t
eer 90
,5
28-A
13. 97 104
Sheffield I arms 6.5s
1042 A0 101 Sale 101
103
5 997 103
8
84
Sierra & San Fran Power 55. 1949 CA
85
84
5512
5 8212 4712
Sinclair Cone 01115
-year 7,_ 1937 MS 9914 Sate 9914
10014 253 99 101 10
10
9.513
Sinclair Crude Oil 548
9518
90
73 187.5 10014
9co4
64
Feb 1926 P A
1/814
01.09
90 973 997
4
8
Simian Pipe Line 58
194. * 0 802 Sale 8., 2
,
87
13 83
8912
South Porto Rico Sugar 7s_ _194,
4
L) Its.13 Sale 010,
2
10212
8 9812 10212
South Yuba Water 69
98 _ 112 Jul) 04
1
1tt
'02:1 •
19
1 0
Boort Sell Tel n
1,14 Sal<
9312
9414
44 903 97
4
outbern 1 olo rower es
1947 J J 89 ' 92
89
89
92
I 89
9812 99
Htnou
r..1ZOUr It I On.. as,
987
8
7 9072 997a
91
,
Standard Milling 1,1 6,
9712 97
1931 111;. 97
97
1 96
99,4
P A 111613 Sme 19512
Standard Oil of Cal 71!
a193
10614
69 105 10
911Pel .4 Tube gen 8 1 7s tier C_1951 1 1 103 Sam 102
104
37 100 10711
9912 O3.
4
Sugar Estates (Orienti) 78
194. ,
99
9912 46 96
9,4
11
1111
Illyracune Lighting let g 5s ..195
9212 9112 Jan13
9112 91 10
84
80
S45 Apr23
Light & Power Co col tr s f 58'54 J
9
J
9918 100
9914
Tenn Coal I dr RR gen 5a_.„1951 J
844 101
9912
98 2 88
4
Tennessee Cot 1 t cony etc.__ 192. '4 9, 100. 101 100.4 PIay•28 _ _1100 R11 12
1.1412 Sale 9119
Tennessee Eire Bowe: 68_7_1947 ID
9412 5; 92
95
.1
5,12
Third Ave. let ref O.
5712
575
8
7 5712 62
s
0 535 Sale 53
Ad)income 513
9196
1911,
537 124 53
9
625
4
1 1 9212 9284 9212
Third Ave RY let,5e
1937
9212
2 111292 109561.
103 103.4 111315
193. F
Ilde Water 011 645
10.02
9
9
D 1047 53,1.1 11104
Tobacco Products
75
193)
1116
14 102% 105
,
1941 MS 106 4 107 10612
Toledo Edison 75
10/14
16 111518 1075,
A
9
8
985, 95.8
1925
985,
Tol Tree. L & P 8e
1 91
12 99%
01 3
96
1941
Trenton 0 & El let 858
Ian 13
8612 923 925, klay'43
4
undvrizr of London 4 e_
193
907 9314
5
8o5 May'23
194 8 ) 86,8
9
Income fie.
% 881
.
9034 Sale 9312
1942 ▪ N
9,12
Union Bag & Parlor 69
96
99
•-• ISIS is. ,„
9,13
4
95 4
rde. 1,,
3
•
3 05
97.4
91 Sude 91
MN
1933
94
59
8 8814 92
70
7312 86 Sept 22
1946 A
Union Elev (Chic) 6e
95
95 4 11512
3
9512
--------------1931
U 90 -96
Union OH
WI Sum 19018
101
58
9034 11125,
A 104 Sale 111.118
104
Onion Tani. Car equip 78___1931
10 10214 104
1123 Sac 12234
4
t
18 Ill) 1133
194
11314
Snited Drug cony 8 1
/
4
95
9518
United Fuel Gas let, I 68_ -193.
20 9414
9.3% Sale 93 4
•••
3
85114
9 4
4
United Rya Inv 58 Pitts issue 192.
71 8714 9712
61, 02
4
01,
4
.19363
United Rye Bt 1.. 1st g
25 5812 635
Ou 8:1,e 81.13
4
91
193 MN
United BB Co lot rote es
11 8612 93
9
993
4
194. * 0 9918 83,e 9113
United ;bore*. fle
17 981s 11114
10318 1013 103
4
Itt3,
•1932 J
113 13 Hoffman Maoh Se
1 100% 1031,
997 10012 997
8
e
w S."." • I con' 'eh g 19 1924 1
100
31 99 11/012
873 sal.
4
8718
167 45
88
S Rubber 1st & ref 53ser A.1947 I .1
Vint
4
10712 75 10512 109i
:
111-3 ens 1,45.
1934 CA 111..3 Saw 10612
111014 Sale 100
BAN
S Smelt Ref at M cony fie_ .192r F
31 100 1112
10212 Sale 102
10212 13 111118, 104
M
13 Steel Corp'°out)
_
10
N
if 10-60-yr 50 reg
May'23
119
19
V
1011 111412
8314 Sale 8314
8419
Utah Light A Traction 55_ _ _194,
11 8152 91.4
89 dale 99
Utah Power & Lt 1st 55
8912 29 RAIs 92
1944
9..18
9618
Utica Elec L & Pow let a f 58.1951
1 95
9114
9514
89
915 89 May'23
Utica Gas & Elec ref 55
195
89
93 4
,
65
75
66
NOV 2L
Victor Fuel Co let, f 5s
1953
10109 10014 100
100
-Caro Chem 1st 15-yr 5e...1923
17a
ii
8214 Salt
8012
8614 240 8012 O.
Is
19E
6612 &de 66
-year f 7146
1937114 235 6,1
12
9412
16
6/
72
without warrant, attached...
9 01
92
93
93 hlay'43
Fa Iron Coal & Coke let g 58_1999
112
9512
3 May'23
8414 85
85 4
Vs Hy Pow 151.4 ref 68
84
87
9712 sale 9712
4
98
1°34
92
Fertientes Sugar 78
18 96
99
1023 Sale 1023
4
4
104
194,
13 102 106
Warner Sugar 75.
9812 May'23
193!
1 9318 9913
Wash Wat Power 9155
933 115
4
94
94
97,
4
Weetchee Ltg g &tamed gUi _195494
9212 Sale 91,
9
,
9212 42 881, 95
1414
West Penn Power Ser A 555
10214
10178 Sal, 10178
_195r
12 11111 10210
40-year es Series C_
1st
104.8 Sac U218
_ dee,
1045, 12 111219 10712
let series D 79_
9;2 9812 904
4
.
9/02
11 191
994
Western Union coil tr cur Se 193'
913 91
4
91
913
4
3 89
estates 4 £4e 1951
9212
Fund & real
10914 6.st• 109
110
30 ice III%
16
-year 6.411
1(1/18 •;,1
I) 53
3
193'
11 9 1
10718 28 10518 10819
Westinghouse E & M 79
9 #I2 Sale 94,
-1
95
10 1421s 98
Wickwire Seen Steel 1St 79 193.
963 Sale 904
4
98
50 96 102
Wileon & Co let 25-yr 5 f 68. 194.
91 Sale 91
110921.
9132 14 9012 98
10-ye cony 5 f 69
10
-year
973
4
903
4
98
81 0(13 1 115
4
Tempornr.
105 Sale 105
105
1991
15 10018 106
Winchester Arms 7141
•
MN
io
_1942
gokt 1664
VIJ'7
AJr. e Oxo
a • .J e
• No price Friday. latest bid 4 cl 44/te ,/ Ole 1.1 I. d
May. g Due June. 14 Dae July, A Die Atlg. 01)19 OJt. p Gas Ow. 0.).1o5 441a
For,. 116.
THE CHRONICLE
Quotations for Sundry Securities
All bond price, are "and Interest” except where marked"( •
.405, RR. Equipments.
Standard 011 Stocks 'Pa/ Stel
-Pr Cl. DUO.
new £11 1
.1513 1512 Arlan Coate Line 6a
tuglo American
5.70 5.35
%Bantle Refining new ..100 117 119
5.50 5.20
Equipment 549
5.86 540
1001 115 117
Preferred
Baltimore & f)hlo Se
100 127 132
dome Serpa:13er Co
5.60 5.30
Equip 4 %a & Is
85
84
Buckeye Pipe Line Co___ 50 "
Huff Roeh & Pitts equip Se__ 5 50 5 20
'hesehrough Mfg new 1(14) s135 240 Canadian Pacific 449.4 5!. 5.50 520
0
Preferred new
10 z112 115
5.55 6.30
Central RR of N J 65
25 .
!out Inental OH new..
3913 4012 Chesapeake & Ohl008
5.80 5.40
19
18
Crescent Pipe line Co. Mi
5 55 6 30
Equipment 6 45
Cumberland Pipe Line new. 100 104
5.60 5.25
Equipment 5s
1(11) 101 103
5.55 530
Eureka Pipe Line Co
Chicago Hurl & Quincy Si
65
100 62
Chleaso & Eastern 111545_ 6.10 5 50
Galena Signal 011mm
645 520
Preferred old
100 112 114
Chicago & N W 4145
100 106 108
5 75 5 40
Preferred new
Equipment lis
6511525
100 159 162
Illinois Pipe Line
Equipment 6',e
97
Chic R 1 & Par 44s& 5s___
660 535
Indiana Pipe Line Co__ 511 *95
9
6 85 5 40
international Petrol (no par) •I67 1718
Equipment 68
6.85 5.90
Colorado & Southern Ile__
National Transit Co. _12.50 231z 25
565 530
100 110 114
trelsware & Hudson es
New York Transit Co
Elle 448 & 59
6.20 5.65
Northern Pipe Line Co 100 299 101
67
25 .65
Equipment tia
6 25 5.60
Ohio 011 new .
17
25 •16
Great Northern 6s
6.65 536
Penn Met Fuel Co
Bolting Valley es
6.85 5.45
Prairie 011 & Gas new 100 194 198
Prairie Pipe lane new -100 •1115 10512 Illinois Central 448 & 5e.... 550 5 15
6.70 6 35
Equipment 6s
100 185 190
Solar Refining
2
Equipment 78 & 011ie__ 546 5 - 5
lid
Southern Pipe 1.1ne Co. 100 26
100 143 146
Kanawha & Michigan es_ 5.87 5 45
South Penn ()II
49
83
6.60 526
Equipment 91
.
Southwest Pa Pipe lanes 1191
6 65 IS 36
Standard 011 (('alifornia) 25 *534 5312 1 oul5yille & Nashville Sc
4
_____ 5.50 5.25
EQUIpment 64s
itandard OH (Indiana). 215 '5812 583
44
25
Miettigan Central 5a, 68____ 6 SO ,
Standard 011 (Kan) new 25 *43
4tandard 011 (Kentucky) 25 *9012 9112 Mine St P & SS M 4 149 & 55 5.85 5.4.5
5.85 545
Equipment n tge & 7s
Standard Oil (Nebraska) 101) 2211 230 I
8
Standard ()Hof New Jer 25 3355 337 Mtswetri Kansa. & Texas 55 6 85 5 35
o 80 540
10)1 118,1 11718 Missouri Paeltiv 15,1.4 6%8._
Preferred
5 75i 5 30
Standard Oil of New Y'k 25 '39 I 304 Moron.* Ohio 340, 58
'25
280 285
New York central 4.46.158- 6 50. .
4tandard 011 (Ohio) new.
5.70 540
Equipment lis
100 •1111 1 117
.
Preferred
Equipment 75. ..........._ 5.55, 530
100 32 1 35
iwan & Finch
5.35, 500
100 8.1 1 9218 Norfolk & western 444s..
“nion Tank e'er CO
5 50 5 45
091s Northern Paeille 79 . .
1011 109
Preferred
6 50 5 25
.
4
25 .4534 46, Pacific Frult Entre,* 7
Vacuum 1111 new
5 65 5 20
Pennsylvania RH eq 53 & 6
24 , 27
vashingron nti
5.50 5.30
Pitts A Lake Erie 64.
Other OR Stocks
5.80 5.40
53 4 4
3
Equipment Ils
Mantic Lobos 011 (no par)
co 93
13
Reeling(4, I -45.. -' .. __-15.35 5.00
Preferred
.
25 55 4 553 St I 4011840 San Franclace 59- 685 5 35
'
4
Jul/ 011 (new)
625 575
Seaboard Al, Llne 4 £...s& 59
26 "3012 31
Humble 011 & Ref flew
25 • 03.2 10112 Southern Pacific co 4 48_, 640 5.10
imperial 011.
Equipment 75
Magnolia Petroleum.. _ _10e 140 142
5.65 5.25
elnUthern its 44e&15a
Merritt (11I Corporation. 10
5.85, .5 50
'6
7
I.,,,iiptuent 69
Mexican Eagle OH
*7I 18111 1 r‘ww,& onto Centre? Si
9
586 5-5
1 'IS
Salt Creek Producers
5 45 5 20
i nlw! Partin 78
,
Public
.38
3812
robacco Stocks
.mer Oas & Pb. new....
81
01. £00 79
.. 50 *41 I 44.2 ,wer. ... , war -Preferred
4
90
94 4
3
Preferren
100 86
MAN
Deb 6 2014
“ner Mavhine A Fdry 100 135 - .ruer I (gill A rra...15.11, 11•0 120 122
90
92
British-Amer Totten: urd El *2212 2312
Preferred
iirit-Arner l'obae, hearer el *2212 2312
:
,mer Power & Lt. cow Nal. 167 169
53
.telme ((leo .V. Co new. 25 •
imla00 51
8
- 69
Preferred
„, iii 115
91
93
Preferred
Deb Si 2016
imperial lot, of 0 Is A lre' ", 1512 1712
;
core..104
118
.0
35 70 Iot.,, IMachirry _ _ t ni 8858 1 65
4
75
80
42
8
,Ih ro ,t sle_.
in h,, g
21 ..
6% Preferred
ska, kdoneV al Oh E.com
65
MaeAtairews A Forbes.100 127 .
,3/
Lt,torn 100 63
'aniline Pow &
.100, 97 100
Preferred
itles Servlee rn. eorn 101. 153 155
6/3 0/04 dengel Co . . _. .. -1001 ,,1 I 33
4
3
o
0r,,
Preferred
... . 101
•15 4 11,14 Porto Ru•ao-Amer TOD..100 .‘,
3
,
os.
'it lett Serviee HankeraShare
,
302
24
:0
241
1
01111.1010 Power, corn_ lig
.
5"1"
- -I
Ilniv.r.al Leaf'fob corn. 100
• - - .10
4
Preferred
100 95 1 99
Preferred
Ottre•teth now Re 4. II ICS
100 103 110
70
'oust (1 13) Co
C70rnNerh Pow orl,,t,r51104) 68
100 104 109
88
, Preferred
ref
,1,
011
,1111Inere Power ,,re( 1 0 56
93
97
I
Share, pref lo
61 12
t *60
1.Ight & Tree
Federal
US
i0
"Ireetonb rlt erlfub ' gI Ik4768)
ll u ebe r
k .cr 111ai P
. w.10T
104
Preferred
*2212 2312
.15 preferred .... .. .100 9 ,---i
.
(no Par
..ehig), Pow Sec...
100 li0 ,-14;14
ii 10 . 221 2*',
4
7% preferred
l)
(,
vilasleslopt My Pow.rom I 11.
81
53 , din'l l'Ire dt Rub, corn. -60 170 173
Preferred
91 14 9214.
Preferred.... . .
100 Mtge 5e. 1981
First
'. 109 1 -- 7 -1 modyear l'Ire A It coin 1001
.
(g deb 78 £93 ...M&1
100 52
21 1
54
oreferred
'fat Pow 1¢ 1., corn ((Li pa
parfl
Preferred
8612 8712 Mason Tire & Rub com... 4
JA
"_111-.
C 9.
°
41
Inc 7s 1972
35
37
I re'er.'.d
ilf
,
Vorthern Ohio Else (no Da,. •10 1 12
30,311 ,„ ,
80 -Preferred
94
100 102 104
91 1
10
Oreferren
gorth Slates Pow, corn. 10
.,, 12
16
Preferred
71
74
18
4or Texas Klee Co. nom 1 0
821 18 _93_ _ . 81.n ne:if 1nr i' ..& Rub corn. 1607,2 176
978
eili ,g:T I.
p 7
"re
1.
Preferred
6
155
6
10
9
8
_
60
65
Hi, 084 di PI 1st prpt 1,
(co par) .
4
1-0 Pwl och.t Tir. &13: - ona--Power Recur, eorn..
i
IS ---24 1
.100 40
50
r te
Seeond ore?
..too par) *20
1
'new Stock.
Coil 'road FIR 1949 JAI)
4. •16
,
16
63
81
18
townie* 41,0* 144.r. _F&A /58
inatur
,.....s
I
14
1•1
5311 :ent Aguirre Sugar emu. 20 *99
Puget 6011101
991
.
6% preferred
sd,l) ItS1 'arsl ,411,/tiRef. nom.100
fr,Njer lu 8
aj ' '
114 1085214
1914
lix),
.
2 19
(referred...
.
e
100 90 105
0 n M .y r d 1410i._.
19 P"."f r e: .0r _ .M& )
1444 2 1142414 .ior1 .h urrx d . on.
10
.2
18
10
0rere u e snn..1
.
(no par) •16
!Owl hl le
;12
jai"
41
1 }Mtn Wetitern SUg DeW.. 121
'bulb faed Edloon.corn 100
oPreferrl if
33
lolly Aug £ orp.eotti ,noparo '30
100 114 118
Preferred
.28
81
8215
29
le
Preferred.
.e.,Eier
o
tg iard Gas& l(1nol
49
iuneos Central Sustir.01- 1.6° '7b87 125
,,
54) 48
. 100 110
Preferred
00
8902
99
•143 1512 ‘'..,10.-.., • '' "..Ing 100 96
4
Pow
.....
98 103
•45
49
New Niglio,o Sugar
21 preferred
9
14
150 155
, „
.....
63
:
avaiiiinn sew •..., TM oar) .60
6 Im 1111
Is preferred(.'
'InitA41 t aRY4 % .::(
s1
84
2
83
86
9
8d '
31
Nest ern Power 1
96
81
1044 79
Sugar Estates(menu, pref. 91
Preferred
40
80
• 1..
.0. IOU
• .... .
45
50
Preferretl.
Term Securltles--Pr Cent
Short
lodustrIel&MIscellaneo i
l
l
54
km rot 01165 1924..M&S2 9012 9113 .nierican Hardware... 160 352
79
100 2 . 1 s
.11
1 .13
4
vru r yr
kmer Tel & Tel tie 1924.F&A 1. .3 1 10 3 t tuer fer dfounderoeorn-100 77
100 (id 100
(
naeonda 'op Min 6829J&J
100 174 177
103 104
k thin Powder
71+
23 1:1338 , pre erro81'0, new.
4 1 4 ,4 411tst tt thO
,
:
toglo-Anier (1117%8'25 A&t
(no oar) *21 1 23
July 1523.1.841
ieth St
3aittetll0i Par 6.1924 MASI 0/11 ,00.,. norden I'on111101Y• Pow. - 101' :
1015 1 :1005
:1 16 :1614
1 844 1
1
100
:
Federal Sug Ref 6.'24 MAN 101
114 1 15113 epr ferr71.Umpany
1 /1
)
s P ii:If Irt ,
lir " 0
,
100
Flocking Valley 68 1924 MA:. 19
Interboro R -r an 1922 M.48
100
1111,181 'I,,
E C Term By 6- '23 M&N1
.1,51 IWO: 11(11%
6.48 July 1031...
ma
17 13979 13993
1
3
91 'fervid.. Powder .
Lehigh Pow Sc,- 65 '27 FAA
0 11 11 1
1, 0 2 0
9
97
971t
Preferred
Slow Sherfrt & as'29 FAA
I
'1'4
U 14 Rutiber 748 1930 FAA II:: 111 2 international Salt...
11
8
.
l n te ic rila llny(, 7 p
i „h irti v oe ie 1 e41 17 ,4.if 1r 10712 1826
,
si1 81
10 78
loint Srk Lend Ilk Bond
Ha 103
Chle J1 1411 Land 111£ 55_041
192 103
Phelps limige I 'ore
100 176 195
58 1962 opt 1032..
19412 111612 Royal Baking Pow .`0111 1011 125 135
6 48 loM op, 1031._
98 100
1032
1 1/1112 1 11 1 13
Preferred
eN 1062
9 100
9
"
1 141
S111.11•11 . 1 teents0111.1113 .1 " 115 117
412a 1952 not 1932
ized
I. lia
19211 f*rift
20
.
• Per share. . No par value. 9 lias P. d Purchaser Mao pays accrued diviEx-dIv. 9 Exsale. nissloroloal.
dend, a New stoek. / Flat priee. k
lights. I El stock dly. u Ex cash and stock dividends. e &auadiafl quotation.
BOSTON STOCK EXCHANGE-Stock Record
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
June 2.
Monday,
June 4.
Tuesday,
June 5.
Wednesday, Thursday,
June 7.
June 6.
Frtday,
June 8.
Sales
for
the
Week.
2623
"111. 4.1.40
•
STOCKS
BOSTON STOCK
EXCHANGE
Shares
Railroads
17 Boston & Albany
__ *z14612 __ 147 147
100
145 145 14612 14612 4414612 __
ed
203 Beaten Elevat
100
7912 794
7812 7812 70 /9
7712 78 '414612.7712 78
78
78
97
66
9612 9612 9612 9654 9658 9658 9912 9912 97
Do pref
100
*9612 97
20
Do lot pref
100
.12212 _ _ 12212 123 *12212 -_ _ 12214 12214 •
12212 -----------9912 10012 100 100 100 101
9912 9912 10014 10014
160
Do 2d pref
100
101 101
15
1512 15
1512 1554 *1512 16
250 Boston & Maine
1512 1512
100
151s 15% *15
25
20 *20
*20
100
25 *20
20
_-__ _-__
1
Do pref
25
25
*20
24
*2412 26
254 --------141
Do Series A 1st pref-100
*2612--- 2612 2612 2512 26
36
34 *34
34
34
29
34
34 .34
Do Series II lit pref.. 100
36
_ _ _ ____
*34 • ___ 36 •__-_ 36 •__ __ 36 *____ 35 *_ _ _ 35
_-__ ---- ...._
Do Series C Ist pref_100
44
44 *43
45 *43
454 •___ 45
50
-45
Do Series]) 1st pref_100
45
---- - _
148 fso
50 Boston & Providence
0140 150 •1411 150 *140 150 *140 149 *140 150
100
•____ 29 *.__ _ 29 *._ _ _ 2812 2812 29
312 East Mass Street By Co_100
2712 2812 -------71
*69
*69
71
*69
71
80
69
*69
69
Do let pref
69
69
71
100
5812 5812 •____ 59 *____ 59 •_ __ _ .59
Do prelB
45
59
59
--_- ---100
*_ _ 41 •_ __ _ 41
____
___ •____ 41
___ ___
Do adjustment
__ ___
100
38
*374 3812 3712 38
____38
38
38 38
341 East Man St Ry (tr etfs).100
38 - 4
38
383
*30
_- •30 •
- *30
•30
_ - *30
__ ___
31
____
Maine Central
100
*1634 - -1714 1712 -18
18
18 1814 18 - 18
177, 1814
18
494 N Y N H & Hartford
100
1 Northern New Hampshire_100
84
84
83 83
14 Norwich & Worcester pre!_100
ii ii ii IS *73 75 *73 75 ii 100
28 Old Colony
71
i5 ii
3012 31
210 Rutland prof
3112 3112 32
33
100
•83- 85
1,83 83 85 *83
83
84 *81
83
_ _ ___ _
6 Vermont & Massaehusetta_100
Range slim Jas. 1 1923.
Lovett
143 Apr 3
7718June 1
9578 May15
118 Jan 2
9912 Mar22
15 Ilay19
20 May21
23 May19
34 May22
34 May2
44 May23
148 June 8
18 Feb15
67 Feb24
53 Feb24
3412 Feb13
3412 Feb15
30 May5
1618 M0y5
71 Apr30
83 June 6
71 May21
25 May14
83 May29
!ROWS
1
Range for Protons
Year 1922.
1
Lotoett
1
Highest
150 May20 1304 Jan 152 may
84
Jan 5
73% Feb 8912 Sept
100 mar 6
9414 Mar 105 Sept
123 May28 118 June 126 Sept
106 Mar 6 10112 Nov 109 Sept
2012 Mar 2
14 Jan 3112 May
27 Feb13
20 Jan 87 Apr
3212 Mar 1
22 Jan 4412 Apr
48 Feb 6
36 Jan 62 May
42 Mar22
30 Jan 54 May
40 Jan 774 MaY
59 Feb 7
16012 Jan25 125 Jan 163 July
18 July 264 July
35 Mar22
66 Aug 77 July
72 Janie
65 Mar19
51 July 60 Nov
46 Mar22
28 July 47 Aug
45 Mar21
29 July 47 Aug
43 Jan 2
2712 Jan 53 001
124 Jan 34% May
2212 Jan30
69 Jan 96 Jul,
84 Feb 3
58 Jan 1038: Dee
100 Jan 3
57 Jan 98,4 May
81 Feb14
15 Jan 524 June
3812 Feb20
78 Jan 100 Aug
98 Janll
Miscellaneous
112 2
-•134 214
*112 2
*112 2
*112 2
45 Amer Pneumatic Service_ 25
_ _ __ ____
34 Dec
312 Jan 9
114 May 4
44 Jan
16
1512 1554 1512 1612 16
16
Do pre
16 *1512 16
13 Feb 2014 Aug
33
50 1512 June 4 20 Jan10
1227 1234 12318 12338 12314 124
124 1244 124 12412 3,104 Amer Telephone & Teleg_100 12112 May 5 12534 Mar14 1143 Jan 12814 Aug
12334 124
s
e
85 86
84 84
82
80
80
81
82
83
85
85
No par 80 June 5 112 Jan 5 104 Jan 121 Dec
225 Amoskeag Mfg
80 80
80 80
*77
80
80 *77
80
80
21
____ ____
Do pref
80 Nov
No par 79 May 7 88 Jan 5
91 Aug
15
16
15 *14
*14
16
15
15 *16
____ ____
17
14 Nov 2012 May
66 Art Metal Construe Inc__ 10 16 Mar 1 1612 Mar14
*1512 17 *1512 17 *1512 17 *15
*1512 17
16
____
___ ____ _ _ Atlas Tack Corp
13 Jan 22 May
8
No par 123 May16 2018 Feb14
106 106 106 106
--------105 106
--------106 106
54 Boston Cons Gas Co. pref..100 105 Jan22 10812 Feb24 1043 Aug 107 J3ee
4
.08 .14 •.08 .14 .
•.08 .14 •
0.08 .14 *.08 .14 ____
_ _
Boston Me:Pet Trus_No par .10 Jan18 .30 Jan25
.10 Sept
50 May
2238 22
2138 _-2234 223
22
4 223 223
4
22
4 2214 2214 22
1,016 Connor (John T)
153 Jan 304 Dec
4
10 20 Jan13 27 Mar19
*314 33
*314 31
4 *314 3 4 *314 3 4
50 East Boston Land
3
*314 31
3
8 Jan
34 311
4 Jan 2
34 May10
0 Apr
10
912 912
10
*914 93
*934 10
10
10
10
10
10
225 Eastern Manufacturing- 5
7 Dec 1414 Feb
712 Jan25 1418 Mar 5
9978 103 *99 100
*102 103
99
99 *100- 102
100 101
287 Eastern SS Lines Inc
25 8118 JanI0 12712 Mar22
3812 Jan 8912 Oct
164 16414 16414 1647 164% 165
16312 16414 16312 164
16434 1643
8
100 162 May2 172 Jan 3 156 Mar 185 Sept
4
405 Edison Electric Ilium
*84 7
6
*512 7
6
*512 7
*512 7
60 Elder Corporation
___- ---3 Mar 13 Ma,
512 Mar 5 107, Jan 2
No par
*
_ 17 • - 17 • io_ 17 *_
*la_ 17 • _ 17 ____ ___.
Galveston-Houston Elee_100 1512 May26 2912 Feb 6
28 Dec 89 Ana
11
11 ;io 11 ____ ____
;in 11 ;Ho 11 i
Gardner Motor
9 Nov 164 Apr
No par 104 Jan 23 1638 Mar 3
1612 16
1614 16% 16% *16
1614 16
16
16
25 16 June 1 24 Feb10
385 Greenfield Tap & Die
16
161
17 Dec 274 Feb
ive par gg
Jan 8
6312 Mar13
57
57
5812 58
57
58 *57
58
*56
57
58% 57
349 Hood Rubber
43 M212 5/38 Dec
.364 3712 .37 38 *361s 38 .37
38 *37
10 Internat Cement Corp-No par 35 Jan 2 44 Mang
38
26 Jan 302 May
3712 3712
15 *13
15 •13
15 •13
15 •13
.13
15
.. _
Internat Cotton Mills__ 50 15 Apr12 22 Feb19
_- ____
20 NOT 32 Jan
52 52 •50
55
*50
5252
50 50
52
73
_- -52
52
100 50 May31 7912 Jan10
Do pref
60 Aug 8s Dec
14 14 *Ill 21
2
2
*2
3
112 June 5
3 Mar20
*14 3 --------200 International Products-No par
118 Dec
612 Mar
*412 7
*412 7
*212 6
*212 6
*212 6
.100
____
5 Feb27
-- ___ -,512 Dec 17 Apr
8 Mar15
Do Prof
eg
64
58.2
58
512
54
512 51
88
4 6
52 -4 6
194 Libby, McNeill & Libby_ 10
512June 5
8 Apr 6
138 Apr 1112 June
101 *10
•1018 1014 10
1014 10
101 *10
327 Leese,/ Theatres
1014 *10
9 4 May23 11 Apr26
3
1014
25
8 July 13 Jan
8214 8214 82 82
8214 8214 8212 8284 8234 84
100 7812 May22 8712 Jan 2
-8414 8611 2,312 Massaebusette Gaa Coa
63 Jan 904 Nov
68 68
68 68
68 6814 68
100 67 May23 73 Jan25
68
120
Do pref
6912
69
68
69
62 Jan 74 Oct
•150 156
150 152 .150 155 .4150 155
27 Mergenthaler Linotype...100 147 8 May14 179 Jan 6 130 Jan 181
7
1514 15112 152 152
Oct
812 812
*8
94
3
97 105
2
7% Jan31 1434 Feb19
*9
1012 10
101
10
870 Mexican Investment Ina
4 10
1011
11 Dec 2:3 June
11
*2314 2312 2312 231
2338 233
139 Mississippi River Power_10
2212 May23 2814 Jan31
8 2312 23'2 23
2312 23 23
13 Jan 34 Aus
81
81
81
83 *81
83
Do stamped prof
83 83
100 80 Jan16 84 Feb14
65
*81
82
83
83
7212 Jan 8512 Oct
50,
48
5
514
5
5
5
438 June 8
1,090 National Leather
5
10
5
8% Feb13
5 , 514
5
83 Dec
4
111. Jai]
'.30 .50 *1.30 .50
.50 .50 *.30 .5 •
3 Now England 011 Corp
.25 Feb 8 .97 Apr16
.30 .50 -------.22 Dec
5 Jam
117 11712 11712 11712 118 118 118 118
245 New England Telephone_100 114 May10 122 Jan 3 109 Jan 125 Bepi
11612 11712 117 118
18
18 •18
1812 *18
1812 *18
Orpheum Circuit Inc
1812 *175 184 --------50_
1 1712 Jan 8 214 Apr26
4
13 Jan 28 Oat
91
9112 9112 9112 9112 9112 9112 9112 •91
206 Pacific Mills
90 May2 190 Jan 2 1843 Oct 192 Dee
9114 9054 1
4
•16
1612 1612 1612 *16
10, 1512 Jan 4 18 Mar14
1612 *16
1614 --------105 Reese Button Hole
1612 16
1212 Apr 16 Jul)
Reece Folding Mach
*212 278 *212 278 *212 278 *212 278 *212 278 _ _ _ ____
10' 2 Janll
34 Mar15
158 Dec
Ma
sI
13.75 114 *.75 14 *75 114 •
1 May12
.75 114 ---- --- .75 114 •
2 Feb20.
Simms Magnate
.50 Nov
712 API
482 Swift & Co
10414 10434 10414 105 10414 10434 10414 10454 10412 105 21024 103
100 1024 May 71 1094 Jan 61 924 Jan 1104 IMP
4784 47% •47
4814 48 48
25 48 Jan 2 50 Mar 9 139 July 8112 Jun
48
4812 4712 4712 --------56 Torrington
0
*9
10
9
918 *9
5
10
74 Jan19
9
9 --------12 Union Twist Drill
9
*8
I Mar 7
8 Mar 1414 Pal
4718 4712 4714 48
928 United Shoe Mach Corp... 25 447 Jan 2 5511 Mar 8
4734
47% 4814 4712 4818 48
2
4814 47
37 Jan 55 Ma
111
Do pref
2612
*2534 26
26
25 25 Jan25 2814 Janll
26
25% 26
26
26
253 25% 126
4
25 Jan 37 Jail
12
28 2611 2618 2658 261s 27
5 2434 May22 30 Jan 2
2712 2778 8,361 Ventura Comet 011 Fields
26 4 2775 2712 28
3
217 Jan 8312 Jun,
2
534 Waldorf Sys Ine.Newsh.Nopar 173
18
18
0u112 8 2224 Mar19
18
1812 18
171. 18
1812 18
18
1814 18
61314 Jan e1912 De
g
9
94 94 .914 10
94 94
914 94 --------297 Waltham Watch el/3 comNopar
5 Feb15 13 Mar17
24 Nov 14% Ap,
22
4120
Preferred trust etfe
21
*20
100 1512 Mar 6 2912 Mar19
21
20
-------20
21
21
*20
21
11 Nov 49 Ap
*1514 1512 *1514 1512 215
60 Walwortit Manufacturing- 20 114 Jan 5 1712 Feb17
15 •s15
1512 3
415
1512 154 512
712 Feb 13 Oa
4,470 Warren Bros
31% 3112 *31
3112 31
3212 32
32% 3114 32
33
32
60 254 Jan31 3412 Mar14
1712 Jan 85 4 SW
3
•34
35
3312 3312 333 35
197
_
____
Do 181 prof
60 33 Jan17 3912 Mar14
2
35
35
3512 3.5
8013 Jan 3814 Oa
37 37
36
3512 3512 37
Do 20 pref
37
37
37 _-*37
39
38
60 3512 June 4 42 Mar15
*37
31 Feb 4444 Jail
•8 4 914 *84 94 *83
3
120 Wickwire Spencer Steel
4 94 .8 4 914
5
8% May24 1212 Feb21
9
3
9
9
9
811 Nov 21 Mal
Mining
.35 .35 •
10 Adventure Consolidated_ 26 .25 Feb1.13
.40 .60 •.40 .60 *.40 .60 •.40 .60 *40 60
.50 Jan
1 Feb28
I Age
11468
70 *s68
71 •s69
Ahmeek
65
70 *469
70-- - ---71
2E 66 Jan27 87 Marl
70
66 Nov 66 Mal
.25 .25 '.15 .25 *10 .25 *.10 .25 *.10 .25 *.10 .25
11
200 Algomah Mining
25 .25 May 3 .50 Mar 2
.03 Sept
.50 AD
*22
23 ... _ 23 *__
54 Allow
23 •-2212 2212
23 •__
23
25 19 Feb 5 34 Marl
19 Dec 8211 Jai
112 2
*112
*lig 2
15
s 1,090 Arcadian Consolidated
lii 13
11
13
13
4
4
26
112 June 2
ii2
414 Mar 5
2 Mar
41. Ma:
1014 10% --------1014 1014 10
1014 1014 1014 --------355 Arizona Commercial
7% Jan 6 1412 Mar 2,
6 Nov 104 Jun
*1612 18
1612 612 *164 18
50 Bingham Mince
1612 164 *164 18
-------10 1612 May22 19 Feb 191 13 Jan 185 Sep
4
370 375 371 380 380 381
150 Calumet & Heels
375 38014 374 374
-------25 385 Jan 9 420 Mar 1 248 Nov 301 Au'
8
6
612 612 *612 63
4
6% 64 *534 612 --------400 Carson HUI Gold
I
514 May14Feb
4
Fa Nov 165 Ma
1
*9% 11
*934 11
*93 11
4
*934 11
Centennial
,1,9% 11
*9 4 10
3
25
7 JanI8 15 Mar 1
8 Noy 134 Fel
32% 3334 33
33
33
3312 3311 3311 3314 34
770 Copper Range Co
334 3312
25 323 June 4 46% Mar 1
4
8518 Dec 6634 Mal
*234 3
27
*234 3
3
*3
315 Davis-Daly Copper
314 37
4 37
31. 31.
4
10
211 Jan 5
212 Nov
5 Feb231
94 Jai
74 714 *74 712
74 74
714 7
/ .714 7
1
4
,
714 714
380 East Butte Copper Mining- 10
712 Nov 1214 Jai
7 May21 114 Mar 11
.34 .37
.30 .40
.30 .35
.30 .40
.33 .40
.38 .40 1,811 Franklin
25
1 Apr
258 Mar 51
.30 May22
37 AR
8
*212 312 *212 3
*211 3
*212 3
Hancock Consolidated_ __ _ 25
_ ___
___
3
4 Mar 5' 14 Aug
214 Jan10
34 Mn
3012 31
303g 31
3054 31
31
3211 *212-3254 -- - 3,014 Hardy Coal Co
3314
3212 3358
1 2434 Mar28 335s June 7
•.40 .50 *.40 .50 •.40 .50 •.40 .50 •
.40 .50 ..
__ ___ -,- Helvetia
25 .45 May25
.50 14 Feb20
Deo 21 Ap
4
10634 107
10712 10712 107 108
10712 1074 10734 1073 id- 110
780 Island Creek Coal
-1 10112 Jan 4 1154 Apr 7 814 JAM 116% Jun,
*96
97
97
97
98 08
98
98 •98
45
Do pref
99
___ ---1 934 Feb15 1004 Mar28
88 Feb 9712 NO,
2412 24 24 •z23
*s23
24 *z23
24
35 Isle Royale Copper
2312 231 -_ _ _ _ _ __
25 21
18 Nov 26 4 Ma:
Jarill 3314 Mar 3
3
*212 234 *24 28
*212 23
4
23
4 3
*212 3
__ 195 Kerr Lake
212 May16
5
8 Feb
311 Jan 2
472 Ay
*114 2
*114 2
*114 2
1
1 Keweenuw Copper
1
*114 2
-___ _ -214 Mar 5
25
1 Feb
1 May31
312 Ap
*212 31. •23
4 312
3
3
212 212
168 Lake Copper Co
24 23 -.212 3
26
214 May31 ' 514 Mar 1
214 Feb
54 MA:
*112 2
*112 2
*112 2
*112 2
10 La Salle Copper
*112 2
112 112
30g Mar 1
25
1 No,
118 Jan29
24 Ap
*112 13 •14 14 *112 2
*112 2
*112 2
____ ___- ____ 7,- Mason 'Valley Mine
112June 1
211 Mar271
5
1% Jan
2% Ma;
*134 2
*13
4 2
*134 2
1% 13
25 Mass ConaolIclated
4
*13
4
2__ _26
414 Mar 3
14 Feb 1
112 Dee
4 4 Ap
3
312 31
*314 3 4
3
312 31
318 312 *312 311 - 324
643 Mayflower-Old Colony__ 26
334
24 May15
7 Feb10,
24 Dec
gts Ap
12
5 15
8 •112 2
*112 2
*15
4 24 *154 21
10 Michigan
- _ ... __
4 Mar171
114 Apr21
25
.75 July
7 AD
5114 5114 5112 5112 *249
51
49
49
109 Mohawk
51
*50 5012
51
25 49 May22 71 Mar 21 82 Nov 68 Jun
18
18
18
17% 18
18
18
18
18
181
1814 1814
665 New Cornelia Copper
Jan 1 2412 Mar 2
5 16's J
1514 Dec 3012 Jun
__ ____ ____ ____ ____ ____ ____ ____ _
____ ____
New Idris Qulakediver--- 6 .05 Mar23 .05 Mar23
.05 Dec
24 Ms
44 *37
*37
44 *37
44 *37
44 I *37
29 New River CompanyCompany100 85 Apr18 40 Apr27
44
3713 .3712
87 Jan 50 Fe
*8012 85 '80285 *801283 *8012 85 *8012 85
Do pre:
_ __ - - ___ --100 77 Mar 5 84 Mar16
73 Jan 85 Oe
534 53
*512 534 *512 53
*5'2
120 NiPlesing Mlnee
53
4
538
558
558 -Ps 6
654 Feb20
512 Jan 4
6 July
7 Ja
*712 8
718 784
711 711
755 North Butte
711 7%
73
8 7
%
712 734
15
718 May24 1234 Mar 1
84 Oct15 Ma
113
•1
11
.
1,1
112 *1
112 14
1
1
.00 14
146 Ofibway Mining
26 .90 May31
25 Mar 6
14 Dec
44 AO
*2212 231 *2212 23
2212 2212 *2212 2312 •2224 23
*2212 231
50 Old Dominion Co
23 1812 Jan 5 821± Mar 1
16 Nov27 Ja
33
3112 3112 32
32
3314 31
32 *4212 34
202 Osceola
33
33
25 2912 Jan27 46 Mar 1
25 Nov
234 23
384 AU
314 31
3% 3%
*314 314
826 Park t.ity Mln & Smelting__5
314 314
234 June 2
4 Mar 6
218 Jun
8 4 No
5
*123 14 *12% 133 .13
4
131
4
1314 1312 *13
50 Pd Creek Poe
-shouter!COso par 1284 May22 1614 Mar23
__
14
- ---3212 321 *31
,
33
304 311 *31
32
292 Quincy
3112 32
-5" 32
23 3014 June 6 50 Mar
.
039
40 *384 40
*384 40 .3314 40
30 St Marra Mineral Land_ 28 8712 May22 5312 Mar 2 16- 'KO; 1(1 m1
3912 3912 40
40
1
37 Nov 402 551
3
1 .70 .7
.
*10 .75 •.70 .75 •.70 .75
.
250 Shannox
.70 *.65 .70
10 .40 Jan 9
112 Mar 6
.25 Mar
13 Mu
4
*__ _
.1
.10 .10 _
.25 *._
.25
.12 .12 •____ .25
200 South Lake
25 .10 June 4 .75 Feb20
114 Ma
.26 Dec
*i
21
*2
214 .2
214 *2
214 *2
Superior
212 *2
212
25
11. Jan20
34 Mar 3
4% Jul
112 Dec
114 1% •112 14
1% 1,1
112 14 *I% 14
885 Superior & Boston Copper 10
1%
1% May22
211 Cre
3% Feb23
.90 Mar
.75 .75
•..75 .80
.85 .8
.75 .75 *.75 .85 1% .80
.75
610 Trinity Copper Corp
6 .60 May15
84 Al)
112 Feb15
1.1iDeo
11
•.32 .40 ..30 .40
.38 .38 *.35 .40
*.30 .
.33 2,300 Toulumne Copper
.31
.92 Ma:
AO Nov
60 May23 .65 Feb16
378 4
6 .
.
3% 4
414 41
37
3% 33
37
4
1,498 Utah-Apex !kilning
4
334
6
4
21. Jan 9
4 Mu
6 Apr13 ,11 2 Oct
24 24
134 1,
1% 134
4
112
11
/ 1% 1%
4
134 134 1,195 Utah Consolidated
14 Jan19
34 Jun
1
1 Feb
3 Mar 5
*.80 .90 •
.80 .90 •.80 .90 *1.80 .90
.90
_
212 Ap
1 .70 May28
.80 Dee
152 Feb27
el
14 *1
112 *1
114 *1
112 *1 .90 .1 -112 200 Utah Metal & Tunnel
112
Victoria
21 Jal
1
25
.75 Nov
Ns Feb 6
115 *JO
2% Feb28
.80 .80 *SO
14
.80 .80 •.80
18o moons
2% AP
.25 Jan
35 .65- Jan22
18* Mar 5
7% 78
*712 812 *712 8
8
74 712
8
•'7T2 - 8 70 Wolverine
714 Nov 16 Ma
7 Jan30 18 Mar 1
12
• - 26
•Bid and asked prices: no sales on thls day. s Ex-rights. b Ex-dividend and rights.
Ex-dividend. q
•Ic dividend. a Assessment paid.
e Beginning with Thursday. May 24, trading has been in new shares, of which two new &aro of no par
value were given in exchange for one share of old stock of $10
Pat value. In order to make possible comparisons with previous quotations, we have divided all these previous quotations
by two.
(Vol,. 116.
THE CHRONICLE
2624
Sales
Prides.,
Last Week's Range for
Week.
Sale. of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange June 2 to June 8, both inclusive:
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High. Amount
Bonds
-
Range since Jan. 1.
Low.
4835 17,000 48
Atl G & W IBS L 58__1950 48% 48
9,000 88%
8831 90
Chic Jet & US Yds 58_1940
100 71%
71% 71%
E Mass St RR ser B 58.1948
101% 101% 12,000 100%
Hood Rubber 75
1936
KCM &Bine 5s_1934
8531 85% 4,000 85
Mass Gas 4%s
1931 91% 91% 91% 2.000 89
9131 91% 7,000 89
Miss River Power 5s_ _1957
9,000 9635
New England Tel Ls_ A932 97% 97% 98
94% 12,000 91
Swift & Co 5s
1944 94.31 94
33,000 104
Warren Bros 7Hs_ _ _ _1937 107% 107% 110
95% 96% 14.000 94
Western Tel is
1932
High.
May 62
Mar
May 95
Mar
June 77% Jan
Jan 102% Jan
Apr 8834 Jan
Apr 92
Jan
Apr 95
Jan
Mar 99% Jan
Apr 98
Jan
Mar
May 115
Mar 98
Feb
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange June 2 to June 8, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Par Price. Low. High. Shares.
86
4331
103
114%
2%
109%
8534
24
61
106%
18
153
2831
Low.
High.
82
Jan
9431 May
40
Jan
94% Jan
112% June
110 June
3231 Jan
.20June
2K Jan
234 June
108% Jan
48
Jan
Jan
25
26
Mar
108
Apr
10331 May
115% Feb
82% May
8531 June
16331 June
8334 May
5134 June
2331 May
Jan
83
Feb
55
May
111
Feb
18
10 May
54
Jan
ssg Jan
74 May
105% Mar
1731 May
Jan
147
2834 June
90
Apr
98
Feb
45% Mar
103 June
127
Mar
112 May
35
Mar
.50 Jan
431 Feb
2% June
11034 Mar
70 May
25% Apr
2731 Jan
Mar
118
Mar
108
Jan
120
Jan
98
14431 Apr
Apr
335
Jan
95
57% Jan
2634 Jan
Jan
90
57 June
Apr
121
19 May
1931 Mar
7331 Mar
383-4 June
Jan
77
10851 Mar
2034 Jan
Jan
164
3131 Feb
$1,000 90% Mar
5,000 8934 Jan
Apr
1,000 88
2,000 9931 May
9931
3,000 86 May
7,000 8731 Feb
99
10,000 97 May
103%
17,500 10031 Apr
Jan
18,000 106
8,000 9731 Apr
9731
2,000 9235 Mar
2,000 8031 May
1,000 90% Feb
Feb
1,000 87
2,000 9234 May
80
10,000 80 May
Mar
3.000 88
9631
1,000 9634 Apr
99
2,000 9834 Apr
1.000 9831 Feb
73
38,000 7131 May
52H
11.000 52 May
75g 75% 1,100 7334 May
97% 97H 3,500 96% May
101
10054 101
26,000 9931 May
7331 7331 4,000 7334 June
61% 61% 61% 21100 R11,4 Jan4
92
92
93
93
90
90
9934 9931
87
87
92
92
99
99
103 10331
10734 108
9734 9731
94
94
8131 8131
92
92
88% 8834
93% 94
80
80
88
8831
9631 9631
99
99
9994 9931
73
7331
523.1 52%
93
93
90
101
88
92%
100
103%
10834
9934
94
8231
92
88%
9831
86
89%
9831
99
901
7434
55
7734
98
102%
7734
al 7.6
Jan
May
May
Jan
Jan
Jan
Jan
Jan
Feb
Jan
June
Feb
June
May
Mar
Jan
Jan
Jan
June
MaY
Jan
Jan
Jan
Jan
Jan
Feb
Inna
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange June 2 to June 8, both
from official sales lists:
inclusive, compiled
Stocks-
r rzaay
Last Week's Range
of Prices.
Sale.
Par. Price. Low. High.
Mtn
for
Week.
Shares.
Range since Jan. 1.
Low.
Feb
Jan
Jan
Apr
Feb
Jan
Jan
?any
4531
33%
3334
4
33
67
36%
on
•No par value.
88
873-4
59
59
12431 12431
91
92
80
8131
8
8
8234 8231
3434 3691
4
4
2834 3131
1531 16
931 10
2% 234
87
85
531 8
101 101%
119 120
90
88
31
31
12734 128%
5% 6
62
62
831 9%
108H 108%
55
54
2431 273.4
90
90
70
68
11031 111%
35
31
2531 28
2934 30
102 102%
21% 2234
17
14
3031 31
84
863-4
84% 86
110 11031
3631 3734
2131 2131
20
2334
75
77
373.4 38
8% 10
2534 2531
534 (331
3% 4%
98% 9834
35
36
20% 2135
45
4594
82
823-4
96
9834
%
31
4% 5
12% 13
1934 20%
9% 1034
9934 10031
9931 10031
9234 93
219 220
99
95
15H 15%
77
75
28%
28
48
4834
8854 9431
103 105
1834 1954
443-4 52
5731 5934
631 7
145 156
85
86
95
92
2K
2
15% 15%
8831 88%
97% 9734
4531 4631
2031 23%
9831 99
5
534
27
27
23
2334
106 107
222 275
91
97
100
80
79
50
97
02
100
80
80
50
98
0214
-:— 46.5.4,C
m 9.. CO
May
May
May
May
Jan
May
May
Malt
Amer Pub Serv, pref_ _ _100 87
American Shipbldg_ _ _ _100 59
Amer Tel & Tel Co
12434
Armour & Co(Del) pf. _100 9134
_
Armour & Co, pref__ _ _100 8031
15
Armour Leather
Preferred
100
Bassick-Alemite Corp_ __ _* 36
Beaver Board
•
Borg & Beck
• 2934
* 16
Bridgeport Mach com
10
9%
Itunte Bros
*
Case (ii)
Central Pub Serv pref_100
Chic C&C Ry pt sh wet •
Chic Mill & Lumber pref__
Chic Motor Coach corp_ _5
Preferred
Chic Rys part ctf series 4_ _ ______
Commonwealth Edison 100 127%
Consumers Co com_ _100
100
Preferred
Continental Motors_ _ _ _10
8%
Crane Co pref
Cudahy Pack Co com _ _100 55
Daniel Boone Wool Mills 25 2631
Decker(A)&Cohn,Inc pf100
100 68
Deere & Co pref
100 111
Diamond Match
•
Earl Motors Co
Eaton Axle & Spring Co_ _• 25%
Eddy Paper Corp (The)- •
100 10234
Fair Corp (The)
•
Gill Mfg Co
•
Godchaux Sugar com_
Gossard (H W) pref___100 31
Lakes D & D_ _100
Great
Hartman Corporation_ _100
Hart,Schaff&Marx corn 100
Hayes Wheel
10
HuPp Motor Co* 2I%
• 21
Hydrox Corp corn
100
Illinois Brick
25
Inland Steel
Internat Lamp Corp_ _ _ _25 10
Kup'h'm'r&Co(B)Inc,com5 25%
531
Libby, McN & L. new__10
10
4
Lindsay Light
Lyon & Healy, Inc., met. 9854
•
McCord Had Mfg Co_
McQuay-Norris Mfg w L• 20%
Mid West Utilities corn 100 45%
100
Preferred
9631
Prior lien preferred
Mitchell Motor Co
*
31
4%
National Leather, new....
phillpsborn's, Inc, com_..5 12%
10
Pick (Albert) & Co
Rights
Pub Serv.of Nor III corn..* 9991
Pub Serv of Nor III com.100 10031
100
Preferred
Quaker Oats Co-_ -- -100
100 9854
Preferred
10
Reo Motor
Sears-Roebuck. com_ -100
Standard Gas& Electric_50
Preferred
50 4831
.100 9131
Stew-War Speed, corn.
_100 103
Swift & Co
Swift International- _15 19
Thompson (J R),com__ _25 4951
10 5734
Union Carb & Carb
United Iron Works v t 0_50
United Lt& Rya,com_ _100 145
100 85
1st preferred
100 9335
Partic preferred
2
Rights
United Paper Bd, com_100
20
U S GYPannl
US Stores Corp. prof
• 46
Wahl Co
Ward(M)ds CO, w I--- _20 23%
• 99
Class "A"
531
Western Knitting Mills •
• 27
Wilson & Co, corn
• 23%
Wolff Mfg Corp
25
Wrigley Jr, corn
Yellow Cab Mfg,CI"B" 10 274
9634
Yellow Taxi Co
Bonds
Beaver Prod ist ref 7315'42
Chicago City Ry 5s_ _ -1927
1927
Chicago Rys 58
1927
4s, Series "B"
Commonw Edison 58- -1943
.......... am.Flay 4 4414 1024
...
,_,
May
Apr
Apr
May
May
May
Mar
May
Jan
Jan
May
Jan
Jan
Mar
Mar
Mar
Apr
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Apr
Jan
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. shares.
,4
..
•No Par value.
High.
Jan 32
Feb 30
Feb 78
Feb 83%
Jan 198
June 25
Jan 91
Feb 98
Jan 5434
Jan 45
Feb 240
May 85
Feb 100
Jari 663.1
June 5331
Feb 5931
Jan 50
Feb
8%
Jan 1031
May 75
May 71
Jan 40
Feb 2234
Feb 42
May 8134
Jan 93%
May 4731
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange June 2 to June 8, both inclusive,
compiled from official sales lists:
..4...cicio;
w.
v
30
32
10
375 2735
Alliance Insurance
American Elec Pow Co_50 2431 2431 2531 2,056 15
72
70
67 63
100
Preferred
81
80
393 78
American Gas of NJ___100 80
193 195
* 193
350 163
American Stores
24
2434 3,731 24
Debenture stock D w 1.. 24
77% 7734
110 49
100
Brill (J G) Co
98
98
13 88%
100
Preferred
51
51
50 4231
Buff&Sus Corp pf v t 0_100
4134 42
147 40
Cambria Iron
50 42
22931 231
605 143
Congoleum Co Inc
• 230
25 6831
69
69
Kisenlohr (Otto)
100
36 98
9834 9831
Preferred
100
488 54
6034 6131
Electric Storage Battery-*
34% 3631
230 34%
General Asphalt
100
53
54
402 4231
General Refractories
• 54
4931
274 4231
49
Insurance Co of N A__ __10 49
100
7
7
7
Keystone Telephone_ ._ _50
7
6
6% 1,800
531
Lake Superior Corp_ _ __100
6
6931 7031
280 68
50 70
Lehigh Navigation
24 62
63
50
63
Lehigh Valley
39
25 35
39
Lehigh Val Trans pref_ _50
21
30 20
21
10
Lit Brothers
42
42
5 42
50
Little Schuylkill
79
79
5 7835
North Pennsylvanla___ _ 50 79
10 82
87% 8734
pennsylvania Salt Mfg...50
4435 4434 3,593 43%
50
Pennsylvania RR
Philadelphia Co (Pitta)
42
42
16 4134
Preferred (cumul6%)-50
25 28% 283.4 2834 3,281 2731
Phila Electric of Pa
29% 30H
901 2931
25 30
Preferred
231 3% 14,955
2%
231
Warrants when issued__
3031 3135
475 30
phlia Rapid Transit__ _ _50 31
60
6031
419 60
Traction _50 60
.
Philadelphia
34% 34%
15 3431
Phila & Western pref..-S0
125 AR
AR
00
Jan
Jan
Jan
Jan
Apr
Feb
Mar
Feb
Mar
Jan 9534 Apr
85,400 85
Jan
4,000 9631 May 99
1,000 76 June 8231 Jan
Mar 7131 Jan
13,700 61
Jan
Apr 80
1,000 70
1,000 9031 June 90% June
1,000 83 June 83 June
1.000 96 June 96 June
Jan
1,000 65 June 73
1,000 99% May 10034 Apr
1,000 99% June 10131 Mar
6,000 90 May 9335 Mar
Mar
3,000 9035 May 92
Jan
Apr 103
120,300 96
500 98 Jr ne 10031 Jan
Feb
Apr 103
26,000 99
26,700 10234 May 106% Jan
3,000 8331 Apr 87 May
1,000 99% May 10031 Jan
Jan
Jan 58
7,000 57
2,300 9831 June 9931 Jan
Jan
1,000 87% May 92
,
0!.
100V.
N.402,
000V , ,
O C6P0.0. 000000000.00.400NOMWOW.
00
00
10000. 00 9.0. .00MOMMONNO0N.O.M00104: 0 1.0,
0
01,
1, ,
4000.00,
.
,0 000000
1
0010010010Muv.hmaop10100000NoNct.micloON..C...NN.D.0.4.WC10511.0MNMNO=N0000WV0000MV.M.V..00VOMmo.hpvitgankoNM.N!...M,IWN 0pp-000
NO.MOM.
OMV.VMVMV... ..W OCOONMO MMaDV
-ONO ONV.V
.000
.
0.0C
.
NW.IN..oNC.N
L.
MO. O NM
...VNVN N NV
.
.
. .;
to
.et
CO
O
N
.i
c)
CO
117
5
5
368
30
200
20
25
28
225
100
34
66
160
57
282
12
102
15
120
202
42
60
90
30
8
20
26
6
233
50
10
93
875
10
70
High.
Range since Jan. 1.
Low.
High.
,
2531
86
86
96
96
43%
43
103 103
112% ing
110 110
3431 35
.20 .20
3
3
2% 231
109% 11035
67% 6834
25% 2531
2631 2631
11534 11631
10535 1053£
117 118
84
8434
8531 85%
16331 16331
88
8934
5131 52
24
2434
8734 8731
57
57
113 113
1834 19
1131 1131
61
56
3831 3831
74
74
10631 107
18
18
153 154
2831 28%
5531 5531
39
39
831
35% 35%
86% 9031
97% 9731
76
76
85
61
72
72
90% 9031
83
83
96
96
65
65
99% 9931
99% 9931
9031 91
91% 9131
9731 100
98
98
10131 101%
104 105
863i 8631
100 100
57% 57%
98% 9931
87% 87%
Low.
1%
600 13-16 May
235
1% May
975
665 37% June 40%
52 194 June 200
1,597 4731 May 56
25 25431 May 5631
200 39 June 55
9
Jan
8
45
Jan 43
25 33
13-1613-16
131 1%
3731 39
194 195
I
Alabama Co, 1st pref_ _100
Amer Wholesale, pref100
Arundel Sand & Gravel_100
100
Preferred
Atlan Coast L(Conn)_100
Bartlett-Hayward, pf_ _100
•
Boesch (1), corn
1
Celestine 011
Cent Teresa Sugar, pref_10
Chalmers Oil & Gas, prof _5
Chas & Pot Tel of Balt_100
Commercial Credit
25
25
Preferred
25
Preferred B
Consol Gas,E L & Pow.100
100
7% preferred
100
8% preferred
Consolidation Coal_
100
50
Fidelity & Deposit
Fidelity Trust
100
Houston 011 pref tr ctfs_100
Manufacturers Finance_25
25
2d preferred
Maryland Casualty Co_ _25
Maryland Motor Insur_ _50
Merck & Min Trans Co.100
Moon Val Trac,pref_ _ _25
Mt V-Wood Mills v t r_100
Preferred v t r
100
New Amsterd'm Cas Co100
Northern Central
so
Peoria Water & Power_100
United Ry & Electric._50
U S Fidelity & Guar_ __ _50
Wash Bali & Annap, pf_50
Bonds
Alabama Cow C & I 581933
Alabama Co gen 6s_ _1933
13alt Sparr Pt& C 4%51953
Consolidated Gas 58_1939
General 4318
1954
Consol G. E L & P 4%s'35
Series E 5318
1952
Series A (is
1949
Series C 75
1931
Elkhorn Coal Corp 68_1925
Fla Cent & Pen cons 581943
Georgia & Ala cons 55_1945
Ga Caro & Nor 1st 55_1929
Lexington (KY) St 58_1949
Maryland Mee Ry 1st 53'31
Monon Vail Trac 55_ _1942
Norf & Ports Trac 5s_ _1936
North Bait Trac 5s_ 1942
Petersburg Class A 55_1926
Raleigh & Augusta 68_1926
United Ry & Klee 4s__1949
Income 45
1949
Funding 55
1936
65
1927
1949
6s
Wash Balt & Annap 55 1941
Western Maryland 45_1952
Range since Jan. 1.
Tono-Belmont Devel_ .. _1
Tonopah Mining
1
Union TractIon..,.
50 3735
United Cos of N J
100 194
United Gas Inapt
50 50
Preferred
50 5531
United Rys Invest pref_100
Warwick Iron & Steel__ _10
831
West Jersey dc Sea Shore_50
Bonds
Amer Gas & Fllec 5s...2007 9031
Bell Tel 1st ref 5s_ ___1948 97%
Cons Trac of N J 5s_ _1932 76
Elec&Peoples tr ctfs 451945 63
Keystone Tel 1st 58_ _1935
Lehigh Val Transit 1st 58'35
Market St Elev 1st 45_1955
North Penna RR 3.308.'53
Peoples Pass tr ctfs 48_1943
Pulls Co 18t 58
1949
Stamped 58
1949
Consol & stamped 55 '51
Consol Ss
1951 9131
Phila Elec 1st 58
1966 98
Small 55
1966
1947
5345
65
1941 10431
Reading general 48.-1997
Spanish-Am Iron 68_ _1927
Unit Rye gold tr ctfs 48'49 57%
Welsbach Co 58
1930
York Rys 1st 5s
1937
Range since Jan 1.
Feb
97
Jan
74
12431 June
Feb
100
Jan
96
Jan
10
87% Mar
3931 Mar
435 Jan
32% Mar
1631 May
Mar
11
4% Feb
Mar
90
Mar
10
Apr
102
129 May
90 June
34 Feb
Jan
131
8% Jan
70
Feb
Jan
12
Feb
115
6491 Jan
6235 Jan
92 May
7434 Jan
121
Jan
134 Feb
30% May
3431 Apr
106
Jan
2834 Apr
2631 Apr
3554 Apr
9454 Feb
9534 Jan
11031 June
4331 Apr
2931 Mar
32% Apr
96% Jan
5054 Mar
32
AIR
Mar
30
8% Apr
43( Jan
10131 Mar
Apr
39
Apr
26
Feb
53
8614 Jan
Jan
104
231 Feb
894 Feb
Jan
38
36% Mar
Mar
12
10331 Apr
10391 Apr
Apr
99
Jan
236
Jan
100
20 May
93
Feb
32% Mar
5134 Apr
124% Apr
10931 Jan
2131' Jan
52 June
67% Jan
1354 Feb
164 May
94
Apr
995-4 Mar
231 MaY
I834 Apr
7534 Mar
9831 May
58% Jan
2531 Feb
10431 Apr
1031 Mar
27 June
3531 Mar
Apr
114
Apr
296
9831 Apr
9%
9931
9931
9134
210
95
1131
75
17%
48
79
10231
18
44%
5531
6
71
75
90
2
1531
60
9234
44
1834
93
4
27
23
100
222
7031
Mar
June
May
Mar
May
Apr
May
Feb
May
May
May
Apr
May
May
Feb
June
May
May
Feb
May
May
May
May
June
May
May
Jan
June
May
May
May
Apr
Jan
May
June
Feb
Feb
May
Jan
May
May
Jan
Apr
May
May
June
June
May
Apr
Apr
May
May
May
June
Apr
June
May
June
June
May
June
May
Mar
June
Jan
June
Jan
Mar
Jan
May
Feb
June
May
Jan
Jan
Jan
May
May
June
May
May
May
May
Jan
May
June
May
Jan
June
Jan
100
7631
77
47
9554
8814
June 100
Feb 8331
Jan 8294
Jan 6531
May 10531
Feb 9231
86
59
12131
90
7934
8
82
2731
3%
2234
13%
931
2%
85
5
101
118
85
34
1273-4
534
61
834
10831
54
193.4
70
68
11034
31
24
2231
100
2031
14
2434
8131
81
98
38
21
1834
60
36
8
2534
531
231
98
3234
1031
36%
8154
96
31
434
12
log
June
Mar
Mar
Mar
May
Mar
UTE CHRONICLE
.1 UNE 9 1923.]
-'--Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange June 2 to June 8, both inclusive, compiled from official sales lists:
3231
1954
11c
76
2531
____
85
_ Bondsurg
rew lie.
.
44x4 r4 4
2434
5334
654
1634
High.
Low.
14.
.'C'"4,
4Zt46.i.-p.44444a,
1V,4g4L144'grgh
Ignt%ro4g.V44,
*S.g
8334
634
10
731 734
81
350
8334
634 674 1,445
4034 4034
185
177 177
52
4
4
100
35
834 834
85
10834 10834
2434 2534
905
5334
53
175
85
634 654
1531 1831
895
13
1331
310
32
33
745
1934 2034
840
2
2
300
534 531
472
99
15
99
10c 210 89,500
25
167 167
610
934 931
134
76
75
285
2534 2534
3,250
2734 29
769
8534
85
137
5534 56
372
82
8334
.400005W•1 0.0
.W.. 0t*0
...1*.W.WW=00.40.00.070 .
0 0000.4000.4
Am Vitrified Prod com_ _25
Am Wind Glass Mach _ _100
Arkansas Nat Gas corn_ _10
Citizens Traction
50
Duquesne Nat Bank_ .100
Indep Brewing common_50
Preferred
50
Jones-Laughlin Steel pref_
Lone Star Gas
25
lairs' Light 6, Heat 5s_ _100
Nat Fireproofing corn _ _ _50
Preferred
50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas_25
Pittsburgh Brew com_50
Preferred
50
Pittsburgh Coal pref
Pittsb & Mt Shasta Cop_i
Pittsburgh Plate Glass_ _10
Salt Creek Consol 011_ _1
Standard San Mfg com_100
Union Natural Gas_ _100
_
U S Glass
100
Wearhouse Air Brake__ -50
W'house El 6, Mfg com_50
West Penn Rys pref_ _100
Range sirw,e Jan. 1.
834
95
10
4031
177
4
934
10934
27
60
834
21
1834
3834
27
234
8
100
28c
205
1774
8531
2734
29
120
6954
88
Apr
Mar
Jan
June
June
Jan
Jan
Mar
Feb
Feb
Feb
Feb
Feb
Mar
Jac
Jan
Mar
Max
Jar
Jar
Apr
API
Mal
June
Pet
Mal
Ma3
0
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from June 2 to
June 8, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
email
Ames
Last 1Veek's Range for
of Prices.
Safe,
Week.
Par. Price. Low. High. Shares.
Week ending June 8.
High.
MXX
:gXX
Vs.gft4P.44g 6WWWWg2.4g2g
0
XX:::XX
olgtir05.3112tatg2216ZaragaZ7iA§T,P,ZdzzAmyqvmomR=dp..-...comm.,.,.
.
A2gg
.4.s.
m g!!
.__
.p.422mp.r.,42.4...12;
. . .._. _. - -- .....
A,•,..v...m,-h-e....
4411
..2.,g44
z g.46 4.4.42WW ,
-b
334 5
900
331 May
150 200
7,000 150 May
200 2134 Feb
2234 23
1634 1734
400 1434 Mar
58
58
200 4874 Jan
101 10134
400 9934 Mar
134 134
300 550 Mar
3831
38
300 3234 Feb
42
42
100 41
May
16
16
100 1534 Jan
121 121
10 111
Apr
7234 22,000 6534 May
88
900 2331 May
2354 2434
32
3.534 1,800 32 June
Apr
9131 2,900 90
91
134 174 1,300
114 Jan
35
35
100 3034 May
Mar
95 110
11634 11934
1.300 14 May
1534 18
2334 2334 6,200 1944 Jan
2331 2334
100 1934 Jan
100 1431 Apr
1634 1834
300 1134 Apr
1234 1234
600
931 10
734 Jan
100 3034 Apr
38
38
11,6 Jun
Pis 13.4 6,300
800 75c Mar
134 2
91
91
20 81 May
15 10634 May
10834 10834
Jan
1,700 10
1334 15
May
5134 54
2,300 46
434 534 29,200
234 Jan
231 234 3,400
234 May
154
134
200
134 may
4
4 June
434 6,600
152 155
1.740 152 June
8734 8734
700 8854 May
1534 1534
400 1434 May
9431 9434
40 7934 Apr
30 2034 Jun
2034 2234
32
32
10 30
Mar
229 232
125 114
Jan
5,150
331 5
331 Feb
38
3874 5.900 38 June
734 8
200
5
Jan
2731 30
300 2734 June
8631 9131
450 82
Jan
700 1234 May
1334 1354
831 934 2,300
43.4 Jan
5.34 534
5 May
100
4834 5434 8.200 3734 May
12
1234
400
034 May
20
19
300 18
Mar
25
2534 1,900 24 May
9731 9731
20 97 June
190 191
20 182 May
23
2434
300 20 May
474 5
4,500
334 Apr
8534 8534
50 8534 June
430 430
10 400
Jan
93
93
50 9134 Apr
274 279
425 259
Jan
8834 7036 1,100 56
Jan
14
1434 2,300
93.4 Mar
94
9434
200 9234 May
174 231 3,600
134 Jan
2
234
200
134 Jan
15
1634 1,000 13 May
934 1031 1.300
931 May
21
2334 2,700 20
Jan
1534 17
2,400 3.634 may
474 534 1,800
4% Jan
644 834
100
5 Map
90
92
200 90 Juni
134
1
1 Juni
300
23
23
300 18
Jar
534 534
534 Juni
100
_8
_34 8%
100
7
Mai
la
Jar
1,200 13
16
172 172
15 162 Ma)
42
42
100 4034 Ma1
50
_0 80c
5.300
50c Ma)
834
8 Juni
300
0
15% 16
1,200 12
--AP
•••
•
•
.1,700
__
Low.
=
X
= XXX
X=XXXX XXX
0000.M0NWwW0.vMr.V0000..t..000M00MMmt.-N0.CW0.00
=XXX
0000NVm.c
0M00N.0000000MNOMOMMt-WOW.N0
MM
00 0
W
0
000V. .m.
..0,4
000Mt...0
0 m
MM.. WNNMOON
0..0
Ot ..OMMM m
,
Mm.00 VVNVE..N.00 .N.mm...m
Stocks-Indus. & Miscellaneous.
4
Acme Coal Mining new 10
Acme Packing
10 150
Aluminum Mfrs common•
Amalgam Leather. corn •
Preferred
58
Amer Cotton Fabric, pf.100
Amer Drug Stores class 16.1
131
Am G&E,corn. new, w I__• 38
Preferred
50
American Hawaiian 85.10
Amer Lt & Tram, com__100
Amer Locomotive new wi* 71
American Stores new ___• 24
Archer-Daniels Mid Co..' 34
Armour & Co of Del. P1.100 9134
Atlantic Fruit Co
•
174
Busslek-Alendte Corp_ •
Borden Co, common__100 11731
Bridgeport Machine Co..' 18
Brit-Amer Tob ord bear-£1
£1
Ordinary
British Int Corp,class A _•
Class B
•
Brooklyn City RR
10
Bucyrus Company_ __100
Buddy-Buds,Inc
llie
•
Car Lighting & Power--.25
134
Celluloid Co, coin
100
100
Preferred
Centrifugal Cast Iron Pipe* 15
Checker Cab Mfg, Class A* 5231
Chic Nipple Mfg Class A.10
534
Class 11
10
274
Chicago Steel Wheel.com..5
10
4
Preferred
Cities Service, coma.--100 15331
100
Preferred
Cities Serv, bankers' sh__* 1534
Cleve Automobile, pf _ _100
Colorado Power, com -100
Com'w'th P Ry & L,cm100
Congoleum Co, com _ _ _100 229
Cox's Cash Stores
334
5
3734
Cuba Company
Curtiss Aeropl & M,com.•
Davies(Wm A) Co Inc_ _• 2734
Del Lack & West Coal...50 9031
Douglas
-Pectin Corp....' 1334
834
Dubiller Condenser & Rad*
Du Pont Motors, Inc_ _ _ _•
534
• 50
Durant Motors. Inc
Durant Motors of 1nd-10
Eastern Steel Casting,cm.* 20
Eaton Axle & Spring tio_• 2531
Elec Bond & Share pref_100
Equitable Tr Co of NY_100 190
Fay Taxicab, Inc
•
Federal Tel & Tel
5
Firestone T & IL 7% p1.100
Ford Motor of Canada_100
Foundation Co, prat
•
Gillette Safety Razor_ •
• 8934
Glen Alden Coal
Goodyear Tire & 11,com100 14
Hanna(MA)Co. pref _100 9434
•
Hoyden Chemical
131
Hocking Valley Products 10
Hudson Coe prof
100
Hudson &Man RR,com 100
Hydrox Corp. corn
• 2134
Imperial Tob of G B & LEI
Intercontinental Rubb_100
474
Internat Carbon
•
Kup'h'mer(3)& Co pf-100
Leader Production
Lehigh Power Securities_ •
Libby, McNeil & Libby_10
534
Lucey Mfg Class A
50
Lupton (I' Si) Pub, cl A_•
McCrory Stores Corp_100 172
42
New stock
Mara& Motors
: 7°C,,,,
Mesabi Iron Co
°Pa
Midvale Co
__
.
- --: ••s
Range since Jan. 1.
2625
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
National Leather
10
Nat Supp Co(of Del)com 50
New Mex & Ariz Land___1
N Y Tel 6Si% Pref.- 100
Northern Ont L & P Pf_100
Patterson Bros Tob cl A.
.•
Peerless Truck & Motor-50
Perfection Tire & Rubber.'
Prima Radio Corporation-1
Pyrene Manufacturing 10
Radio Corp of Amer.corn•
Preferred
5
Boo Motor Car
10
Repent. Inc
5
Republic By & Lt com_100
Rosenb'm Gr Corp, pf_ _ 50
Southern Coal &
Standard Gas & El,com_50
Stutz Motor Car
•
Swift & Co
100
Swift International
15
Tennessee Elm Pow,corn.*
Timken-Detrolt Axle.. 10
Tob Prod Exports Corp..*
Todd Shipyards Corp_ •
Triangle Film Corp, v t
Underwood Typewriter, w i
United Profit Shar'g, new.1
Un Retail Stores Candy..'
Founders' shares
United Shoe Mach,com_25
135 Light & Heat,com_ _10
Preferred
10
Universal Pipe & Bad w I.
Preferred
100
Wanner Malleable Cast..'
Waring Hat Mfg
•
Wayne Coal
5
Western Feed Mfrs,Inc-.
White Rock Mineral Spgs_
Yellow Taxi Corp, N Y_ •
6034
110
40%
500
3%
3%
131
15
30e
1831
102
1534
334
4434
534
534
3434
11116
3
1531
134
3%
Range :MCC Jan. 1.
Low.
High.,
5
5 June
500
5
834 Feb
5734 81
2.000 5034 May 7034 Mar
474 Apr
300
234 Mar
334 334
275 10834 Mar 112
10934 110
Jan
70 23
Apr 30 June
30
30
June 1534 Apr
200 11
11
1234
4131
400 3834 May 80
Jan
40
100 65c May
134 Jan
750 750
4,200 500 June
1
Jan
500 56c
9
400
Mar ii
Jan
934 1034
334 334 10,600
334 Jan
434 Mar
211is Jan
31116 Apr
334 5,800
33
1534 1534 3,300 1334 Feb 2034 May
Jan
2
May
1
900
134 134
40 15 June 15 June
15
15
400 4834 May 5434 Mar
4874 50
200 30e 41,000 20o MA3 50e May
100 2131 Feb 27 June
27
27
1,300 1434 May 2434 Jan
1834 17
45 102 May 109
Feb
102 104
Feb 21
100 18
Feb
1834 1834
300 1434 June 19
Mar
1434 1534
Jan 1334 Apr
100 10
10% 1031
434 4,100
331 May
634 Mar
33
325 4934 May 80
May
53
52
80 Jan 38c Apr
2,000
100 100
4334 4434 3,900 4334 June 4434 June
Apr
7
434 Jan
800
,
4
5% 53
Jan
Mar
8
5
5,400
534 6
Mar
9
314 Jan
100
431 434
mar
600 n3331 May 58
3531
34
Jan
1
231 June
1016 231 14,400
1,800 900 Jan
334. Apr
231 3
500 1231 May 2034 Apr
1554 1534
Apr
200 5934 May 72
62
62
400 26
May 3134 Apr
2634 2831
100 1736 June 2254 Apr
1734 1734
274 Jan
114 may
134 134 4.400
334 June
014 may
334 434 8,100
300 37 June 40 JUDO
37
40
Feb 15231 Are
138 14234 2,3001 100
Former Standard Oil
Subsidiaries
1
Anglo-American Oil_._.Cl 15
15
1834 13,000i 1434 May
Buckeye Pipe Line
50
84
85
155i 80 May
Continental Oil
25
40
41
110, 3834 Feb
Crescent Pipe Line
25
18% 19
140' 1734 May
Cumberland Pipe LIne_100
102 102
Jan
10 r85
Eureka Pipe Line
100
102 10436
Jan
55 95
Galena SISCOM 011, Corn-100 6431 64
13431
820. 5731 Jan
Illinois Pipe Line
100 15931 159 182
250 159 June
Indiana Pipe Line
so 9531 93 97
820 93 June
National Transit_ _ _ _12.50 2434 2434 2431
300 243.4 June
New York Transit
100
108 117
130 108 June
Northern Pipe Una_ -100
103 104
May
80 102
65
85
67
1,212 62 May
Penn-Mex Fuel
15% 1531 16
25
400 1534 June
Prairie Oil& Gas
100 19534 194 201
350 194 June
Prairie Pipe Line
100 105
104 10534 1,281 110334 May
South Penn Oil
100 144
144 145
50 130 May
Southern Pipe Line. _100
96
9731
285 98
May
South West Pa Pipe L_ _100
81
81
20 61331 Jan
Standard 011 (Indiana)_25 58% 58
60
71,400 5434 May
Standard Oil (Kansas)-25 43% 43
44
850 4131 Jan
Standard Oil(Ky)
25 91
8934 91
2,411 u80
Jan
Standard Oil (Neb)_ _100
220 220
Jan
32 188
Standard Oil of N Y
39
3854 4034 8,700 3531 Jan
Standard 011(Ohio)corn 100
280 285
50 274
Jan
Vacuum 011
25 45% 4435 4734 8,100 4334 Jan
Washington Oil
10 25
25
25
Mar
50 23
Other 011 Stocks
1934
94
50
2631
188
117
7914
171
103
29
138
110
853,4
25
224
333
198
118
8834
6934
57
133
285
4934
317
5534
28
Ark Natural Gas, com_10
Atlantic Lobos Oil, corn..'
Barrington Oil Co class A
Big Indian 011 & Gas
Boston-Wyoming Oil- _ _1
Carib Syndicate
Columbia Petroleum
1
Creole Syndicate
5
Derby 011 & Ref Corp,com•
Engineers Petroleum Co__1
Equity Petrol Corp. prof..
Federal Oil
5
General Petrol Corn com25
Gilliland Oil, corn
•
Glenrock Oil
10
Granada Oil Corp, Ci A_10
Gulf 011 Corp of Pa
25
Harris Consol Petrol Corp.
Hudson Oil
1
Humble Oil& Refining--25
Humphreys 011
35
Imperial Oil(Can) coup_25
International Petroleum..'
Interstate Royalties Corp_l
Keystone Ranger Devel--1
•
Kirby Petroleum
Lafayette Oil Corporation_
Livingston Petroleum....'
Lowry Oil Corp
5
Lyons Petroleum
1
Magnolia Petroleum---100
Mammoth Oil class A_ •
Maracaibo 011 Explor
•
klargay Oil Corp
•
Mariand 011
1
Mexican Panne° 011
10
Mexico Oil Corp
10
Mountain & Gulf 011
1
Mountain Producers_
10
Mutual Oil vot trust otter_
New Bradford 011w I_ _5
New England Fuel Oil_ _
New York Oil
25
Noble(Chas F)Oil & Gas.1
Northwest Oil
1
Oinar OH& Gas
10
Peer 011 Corporation
•
Permok Oil
10
Pennsylvanla-Beaver 011_1
Phillips Petrol new w L..•
Red Bank Oil
Royal Can OH Syndicates
Ryan Cons Petrol Corp_ •
Salt Creek Consol 011.-10
Salt Creek Producers.
..10
Santa Fe 0116, Refining._5
Sapulpa Refining
5
Seaboard Oil & Gas
5
South Petrol & Reflning._1
Southern States 011
10
Tex-Ken 011 Corp
5
Turman 011
1
Ventura Cons Oil Fields_ _5
West States Oil & Land.
-1
Wilcox 011 & Gas
5
'Y"OIl&Oaa
1
Mar
10
734 Jan
1134 May
300 Mar
131 Feb
734 Apr
Apr
80c
734 Apr
1854 Apr
250
Jan
1531 May
Jan
1
3834 AM
754 MaY
2116 Jan
3
Feb
6834 Mar
211is Apr
Jan
180
4154 Mar
3931 May
Feb
123
2431 Feb
134 June
Jan
40c
Jan
4
2% Apr
254 Mar
134 Feb
IN Jan
188
Jan
57
Apr
2534 May
134 Jan
431 June
may
£3
21116 Mar
131 Mar
2034 Feb
153.4 Mar
534 may
Mar
52
2154 Feb
30c Jan
22c Jan
Mar
13
Mar
1434 Apr
Apr
5
4134 Apr
20c Mar
734 Mar
634 Mar
Feb
14
2534 Feb
6_14 _Mar
4A
Apr
4
130 Jan
2834 Mar
750 Apr
134 Apr
Jan
30
30c Feb
1034 Jan
20e Mar
631
3%
1031
1
4%
434
7c
15%
57c
3334
534
82c
134
5531
9c
3034
28
104
17
Xi ii,
130
2
850
22%
3%
70e
74c
15
11%
5
30
160
75c
3
13
1%
434
17%
531
,
331
234
2c
1831
850
7%
1354 834
331 4
1034 1134
10c 16c
1
920
431 5
70c 700
434 434
1531
15
7c
80
1534 1554
57c 680
3334 34
434 6
80c 900
I% 154
55% 5534
1
1
Sc 100
3034 31
30
28
103 106%
1634 1754
131
1
12c 170
231 231
174 231
850 910
70c 700
70c 750
140 140
50
56
2174 2434
80c 800
254 4
800 80e
740 850
1'16 134
16
15
1034 1134
531
5
30
30
12
12
150 180
100 100
700 850
3
4
1331
13
134
1
33
32
Sc
7c
334 5
434 43.4
936
9
1734 19
534 534
3
3%
2% 231
3c
2c
1734 2031
65e 650
80c 92e
2734 2731
204 204
7% 734
90
7c
1,500
800
6,000
3,000
4,300
3,700
100
10,200
600
41.000
500
7,500
200
7,900
5,000
1,400
5,000
200
31,000
700
400
2,040
11,900
5.200
88.000
700
1.800
2,400
400
1,600
20
330
18,900
1,000
7,700
4,300
9,900
7.100
8,700
25.200
12,413
100
134
7.000
1.000
8.400
3.200
3.700
3.400
2,100
600
8,00
400
400
3.900
8.300
1.800
14,800
30,000
8,300
300
7,000
100
1.000
18,700
5,000
534 May
2% May
1054 May
100 June
87c May
454 Mar
850 Jan
234 Jan
1354 May
7c June
143.4 Feb
57c June
3334 May
Jan
3
80o June
134 Jan
5134 May
750 Apr
7c May
3031 May
28 June
99 May
15 Msy
950 May
12c June
1% Apr
1% AP1'
750 Jan
62c Mar
70c June
Mar
135
Apr
45
931 Jan
750 May
174 Jan
60o Jun
74c June
134 Jan
1454 May
10% May
5 May
25 :May
12 June
15c May
10e
Jan
70e June
231 May
934 Jan
June
1
32 June
7c June
334 June
Apr
4
9 June
1731 June
434 May
234 Jan
234 Jan
Sc May
1334 Jan
550 Feb
80e Mar
2531 Apr
206 June
sg May
70 June
Jan
Jan
Feb
Feb
Jan
Apr
Mar
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Apr
Jan
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Apr
Mar
Jan
Mining Stocks.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Law. High Shares.
Alaska Brit Col Metakt_ _I
Alvarado Min & Mill_ _ _20
Amal Lead, Zinc & Sm Cot
6%
Arizona Globe Copper__ A 49c
4c
Belcher Extension
10e
Black Hawk Con Mines__ 1
Boston dc Montana Dev__5
Boundary Red Mt Min
Butte & West Min Co_ _ _ _1 --Calumet&JeromeCopper.1
1
Canario Copper
70
1
Candalaria Silver
Comstock Tunnel
3
Consol Copper Mines. - _5
Consol Nevada Utah Corp
5
Continental Mines. Ltd_ __
Cortez Silver
1 67c
Crackerjack Mining
Cresson Con Gold M & 111.1
Crown Reserve
10
Davis-Daly Mining
1
Divide Extension
1
Dolores Esperanza
1
Emma Silver
1 100
Eureka Croesus
First National Copper__ _5
240
Fortuna Cons Mining
1 330
Forty-nine Mining
Golden State Mining
Goldfield Consol Mines_10
9c
Goldfield Deep Mines Co 5c
6c
Goldfield Development1 41e
Goldfleld Florence
1 38c
Goldneld Jackpot
Gold Zone Divide
1
Hard Shell Mining
100
Harmill Divide
25e
Hecla Mining
19c
Henrietta Sliver
1
Hilltop-Nevada Mining-Hollinger Con Gold Mines 5 12%
Min Co_ _1 65e
Home,take BM
3%
Howe Sound Co
Independence Lead Min 1 330
Iron Blossom Cons Min_l
Jerome Verde Develop't_ _1
1
Jumbo Ext Mining
5
Kerr Lake
80c
Keystone Mining
Lone Star. Consolidated_.1
54e
Lorrain Silver Synd Ltd__ _
MacNamara CrescentDevi
Marsh Mining
5
Mason Valley Mines
(140
Mohican Copper
Morington Mining
Motherlode Copper Mines
we 12e
National Tin Corp
lc
Nevada Silver Horn
18
New Cornelia
3
New Dominion Copper_„5
New Jersey Zino
100 160
610
N Y Porcupine Mining.....
NIpissing Mines
5
Nixon Nevada Mining Co_
80
Ohio Copper
1 000
Park Utah Mining
1
Peterson Lake
Premier Gold
Prince Con M & S
Ray Hercules. Inc
5
Red Hills Florence
Reorg Divide Ann
30
Rex Consolidated Mining.1
16e
Richmond Cop M & Day__
Rochester Silver Corp_ _ _1
St. Anthony Gold Mining_
520
St Croix Mines Corp
Pus
Salida Mines
98e
Sandstorm Kendall
20
San Toy Mining
1
Sheldon Mining Co
6e
Silver King Divide Reorg-Sliver Mines of America... 120
Silver Pick Consol
3e
Silver Queen Mining Corp_ 350
Simon Silver Lead
1 34e
Snow Storm Silver Lead___
Spearhead
120
Standard-Silver Lead- _ __I 220
22c
Stewart Mining
1
Success Mining
1
Sutherland Divide
Teak-Hughes
1'i,
1
Tonopah Belmont Dev
1 870
Tonopah Divide
1 520
Tonopah Extension
1 xl1Its
Tonopah Mining
1
'Fri-Bullion S & D
5
Tuolumne Copper
1 32c
United Eastern Mining..
113ii
.1
United Imperial Mines -1
United Verde Extension_50
U S Cent Mines
220
Unity Gold Mines,
5
Utah Apex •
Valenciana Deep Mines Verde Mm n & Milling _ __ _
Vlotory Divide
100
West End Consolidated_ _5 95c
West End Extension Min_ _
Wettlaufer Lorrain
White Caps Alining____100
Sc
Yukon-Alaska trust Ms_
30
Yukon God Co
5
2
• 2% 3,600
200
6% 6%
5% 6% 2,200
450 50e 20,400
50 184,000
4c
2.000
160 160
4,000
140 150
30e 11,000
20
1% 1% 2,900
1,000
120 120
1716 1% 2,200
70 69,200
6c
1,000
230 230
3% 7,100
3
6,000
80 100
4% 5% 6,000
650 680 20,900
20
2,000
20
2% 3% 2,100
1,900
520 550
200
2% 2%
70
8,000
Sc
1,100
111/
lc
lc
5,000
100 120 37,000
50c
500 ,
400
20c 25c 92,000
1,1)00
330 330
40e 45e
3,000
7c
70
7.000
8c lie 89,000
70
130
8,000
40e 450 31,000
380 400 14,000
30
30
3,000
40
4c
2,000
40
2c
7,000
7% 7%
500
180 260 48,000
1
134 6,800
11% 12% 1,100
630 650
600
3% 3% 1.750
21e 330 99,000
29e 30c
5.000
2% 234 1.661
50
Sc
1,000
2% 2%
900
75c 850
2,800
3c
40 33,000
640 54c
600
3e
20
7.000
14c 14c 14,000
1% 1%
300
56c 64c
6,800
lc
le
2,000
2
2
100
11c 140 41,000
lc
to
8.000
17% 18%
600
3% 5,600
3
158 160
30
59e 680 10,400
5% 5% 2,300
60
9,000
8c
55e 67e 27,000
3%
3
200
8c
8c
3,000
274 3
500
70
70
1.000
1% 1% 48,100
Sc
4e
9,000
30
3c
1.000
30
3c 14,300
120 16e 10,000
Sc
Etc
1,000
500 55e
1,500
ills I% 10,300
78e
1
8,200
lc
be
1,000
lc
2c 10,000
50c 50c
100
60
80 51,500
12c 150 34.000
30
50
3,000
5,000
35e 39c
7,200
30c 34c
98c
1
800
110 120 61,000
5,000
20c 22e
3,000
40
4c
4,100
45c 460
3,000
8e
5c
134 1515 5,400
800
780 8.50
50e 560 16,200
4,450
Pa 2
1% low 1,700
2,000
70
70
6,300
220 36e
7,600
134 2
1,200
830 860
600
3334 34
9,000
180 220
2,200
4%
500
3% 3%
300
5
5
1,100
50e 530
2,000
30
30
8,900
1
920
le 10,000
lc
90
2,000
90
70
7,000
50
100
30
30
low 1% 1,400
Low.
1% May
2% Jan
5% May
10e Feb
2c Mar
80 Apr
9e Feb
20c June
900 Mar
10c May
I% May
6c June
15c Mar
2)g May
Sc Feb
434 Jan
62c Apr
Sc June
Apr
2
320 Feb
2)4 Jan
Sc June
1% Apr
lc Apr
10e Mar
45c Apr
170 May
6c Jan
30c Feb
6c Apr
70 Apr
40 Jan
290 Jan
35c
Jan
3e June
3c Jan
20 June
7)4 June
15c Feb
1 June
11% May
580 Feb
2% Jan
21c Jan
28c Jan
950 Apr
50 Jan
2% June
70c May
30 Mar
52c June
lc Mar
60 Jan
111 Jan
10c. Jan
lc Jan
1% Mar
ho, June
Jan
lc
16% Jan
2% Jan
158 June
300 Jan
5% Jan
3c
Jan
37c
Jan
3 may
8c May
2% May
7e June
Feb
1
lo May
30 June
2e May
10a May
3c May
46e Mar
800 May
42e may
Sc Apr
lc June
50e June
4c May
150 May
30 June
28c may
210 Feb
90c Apr
4e Mar
200 June
4c May
390 Apr
lc
Jan
810 Jan
780 June
50c June
1% May
11
.4 Jan
50 May
30c May
1% Jan
60e Mar
2034 Jan
13o
Apr
3% Jan
3
Feb
5 June
50.5 June
be
Jan
90o May
lc May
4e Mar
2c Jan
19% Mar
750 Jan
High.
2%
634
6%
850
Mar
Mar
May
Feb
164 May
6
0
y
23c May
SOc May
$3
Apr
22e Feb
2)1 Jan
38c
Jan
30c May
4% Mar
15c Jan
5% Feb
134 Mar
150 Jan
3% Apr
720 Apr
4% Mar
130 Jan
234 Jan
Jan
4e
37o
Jan
80e Mar
740 Jan
50c Mar
50e Mar
lle
Jan
240 Jan
34e
Jan
760 Feb
57c Mar
11c Feb
130 Jan
100 Mar
9% Apr
660 Feb
lull Feb
14
Feb
740 Mar
4% Mar
480 Mar
38c
Jan
3% Feb
10e
Jan
3% Jan
85e June
Jan
10e
520 June
Jan
6c
15e
Jan
254 Mar
93c Apr
4c Jan
2 June
320 Jan
2c Jan
24% Mar
4% Mar
180% Mar
680 Apr
6% Mar
10e May
Pts Mar
4% Jan
lie Mar
334 Apr
120 Apr
2% Mar
Sc Mar
7c Apr
8c Feb
29c Feb
190 Feb
680 Apr
1% May
June
1
Sc
Jan
4o Feb
1% Mar
25e Apr
400 Feb
9c
Jan
500 Feb
500 Apr
1401
May
280 Feb
80 Jan
Jan
68e
60 May
1% May
99*is Marar
1, Jan
Mar
Jan
Feb
Feb
Feb
Apr
Apr
jai
,
54 Mar
634 Apr
%
77c Niay
5 Ma
Mar
Jail
Jan
Apr
Jan
Apr
Apr
76%
61 $14,000 58
60
May
60
68
69% 6,000 68
May 84
96
103% 10334 103% 18,000 102% Apr 104
105% 106
5,000 105
May 107
92% 90% 93
62,000 85
Feb
9434 48,000 9334 Apr 98%
94
94
Jan
100% 100%
99
99%
10034 100%
101% 101%
103 103%
101% 101%
102% 103
90% 90%
50
47
82
81
82%
98
98
102% 102% 102%
100 100
89
89
107% 107% 107%
99% 9934
3,000 101) May
9,000 98% May
24,000 10034 Mar
1,000 10134 May
7,000 102% May
24,000 101
Apr
10,000 102
Mar
42,000 88% Apr
6,000 47 June
16,000 6534 Feb
3,000 97 May
45,000 10234 Jan
14,000 100 June
6,000 87 May
14,000 10634 May
6,000. 98% Mar
Bonds (Concizeded)
Canadian Pacific 65_ _ _1924
1941
Central Steel 8s
Charcoal Iron of Am 881931
Cities Service 78,ser C 1966
1966
7s,Series D
Cons G.E L & P Bait 68'40
1931
is
1952
534s
1941
Comm! Textile 85
Cuban Telephone 7)01941
1931
Deere & Co 734s
Detroit City Gas 68- _1947
Detroit Edison 6s____1952
DunlopT& Rot Am 75_1942
1924
Federal Sugar 65
1933
65
.1924
Fisher Body Corp 6s.
1925
65
1926
6s
1927
68
1928
65
Gail* (Robert) Co 75..1937
Galena-Signal 011 75_ _1930
General Asphalt Fa__ _1930
General Petroleum 68_1928
Grand Trunk Ry 6348_1936
1937
Gulf 011 of Pa 58
Hocking Vail RR 68.. _1924
Hood Rubber 7% note:3.'36
Interb It T 8.8 J P M rots
Kennecott Copper 78_1930
LibbyMeNellid:Libby 76'31
Liggett
-Winchester 75 1942
Loulay Gas& Elea 58.. _1952
Manitoba Power 7s.._1941
Maracaibo 011 Exp 76_1925
Morris & Co 7)4s
1930
Nat Acme Co 7348_...1931
National Leather 88_1925
New On Pub Serv 5s_ _1952
1952
Ohio Power Ea
Penns P & L 55 B.._1952
1941
Phila Electric 68
1947
5345
Phillips Petrol 7%5.-1931
Without warrants
Public Serv Corp 7s__1941
Pub Serv Flee Pow 65_1948
Sears. Roebuck & Co 713'23
Shawsheen Mills 7s._ _1931
1927
Solvay & Cie 85
South Calif Edison 55_1944
Stand 011 of N Y 645.1933
7% serial gold deb- _1925
7% serial gold deb_ _1926
7% serial gold deb_ _1927
7% serial gold deb_ _1928
7% serial gold deb_ _1929
.1931
7% serial gold deb.
1931
Sun Co 75
1929
6s
Swift & Co 55_ _Oct 15 1932
Tidal Osage Oil 7s. _ _ _ 1931
Union 011CoofCallf6sB'25
United (iii Produc 8s._1931
United Rys of Hay 7349'36
1936
Vacuum 011 713
1937
Valvoline 011 65
i4arn
Jan
Jan
Mar
101% Feb
100% Jan
101% Jan
103% Mar
10434 Jan
103% Feb
103% Jan
96% Jan
Mar
62
8234 June
Apr
103
Feb
104
10534 Jan
9534 Feb
110% Jan
99% Feb
94%
91
103
98%
98
99)4
10234
97
98%
99
99
97%
96%
105%
95)g
103%
100 100%
10731 10734
94
9431
91
92%
91
91%
102% 103
107 108
98
99
98
9834
106 106
101% 101%
9934 995%
101% 10234
96% 97%
101% 101%
98% 98%
99
99
100 100%
99
99
97% 9734
97% 9774
96% 96%
105 105
100 101%
97)1 9734
104 106
9434 95%
100)4 100%
101% 101%
100 100
103% 103%
9974 100%
103 104
88)1 85% 85%
9934 99%
220 238
223
100% 100% 102%
95% 96%
96
100 100
83% 8434
88%
88
88% 88%
104% 104 10414
100% 10014
$3,000
11,000
13,000
23,000
8,000
12,000
26,000
12,000
20,000
1,000
9,000
52,000
8,000
93,000
2,01)0
67,000
4,000
5,000
5,000
24,000
45,000
4,000
2.000
13,000
10,000
18,000
3,000
2,000
16,000
8,000
34,000
15,000
19,000
9,000
6.000
7,000
13.000
20.000
2,000
15,000
12,000
7,000
13,000
6,000
Range since Jan. 1.
Low.
High.
Apr
100
106
Feb
Jan
94
90 May
Apr
90
100% Apr
Apr
105
Apr
97
Jan
98
Jan
105
9834 Mar
99% Apr
101% May
Feb
95
100% May
98)4 Apr
99% Mar
98% Apr
9634 May
96
May
94% Mar
96
Apr
103% Mar
100 June
97% Apr
10334 May
9334 May
100
Mar
wog Jan
95% Jan
103
Jan
99% Jan
101)4 Mar
86
Mar
95
Jan
105
Mar
Apr
98
Apr
95
Mar
100
82% Apr
8434 Apr
Apr
86
10234 Mar
98% Apr
101)1 Jan
105% Apr
97
Mar
96% Apr
93'% Feb
103% Jan
108% Jan
Jan
100
106
Feb
107
Jan
103% Feb
101% Jan
104
Jan
97% Apr
10174 Apr
9834 May
100% Apr
100% Feb
100
Feb
99% Feb
9834 Feb
99(4 Jan
105% Mar
105
Jan
98
Apr
107
Jan
97)1 Jan
10034 Apr
102
Jan
100 May
10534 Jan
102% Jan
104
May
91% Jan
102% Feb
249% May
106% Jan
973.4 Mar
102
Jan
89% Mar
92
Jan
90% Jan
10634 Jan
102% Jan
99% 99% 100% 21,000 9934 May
102% 10234 10234 37,000 10131 May
97% 97% 97% 76,000 97% Apr
100% 100% 10014 15,000 1005 Apr
1
104% 104 104% 19,000 103% May
Mar
104% 104% 4,000 104
90
Mar
90
2,000 87
107
106% 107
39,000 10434 Apr
10234 102% 103
3,000 1024 Mar
Apr
10534 10434 105% 19,000 103
105 105
Apr
5,000 103
106 106
4,000 104% Apr
106 106
2,000 104
Apr
107 107% 4,000 108% May
102% 102% 11,000 101% Feb
97% 9734 1,000 97
Mar
92% 91% 92% 88,000 8934 May
104 104
6,000 102% Mar
100% 100% 6.000 99% May
100% 100 101% 27,000 9611 Jan
10634 10634 5.000 10411 Apr
106% 10634 14,000 106% May
10211 102% 2,000 102% Jan
103%
104%
9811
101%
105)1
105%
9711
10791
106)1
105%
10734
107%
110%
110
103
98%
94
104
100%
106%
107
1074(
10334
Feb
Jan
May
Jan
Apr
May
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Feb
May
Apr
Mar
Jan
Jan
Mar
Jan
Argentine Nation 7,1_1923 100% 10011 100% $33,000 100
5,000 48)g Mar
50
50
French Govt Victory 55 '31
40% 42)4 25,000 36% Jan
1945
Mexico 48
6134 61% 6234 9,000 55% Mar
-year Series A
65 10
Netherlands(Kingd)6513'72 101% 100% 102 143,000 97% Mar
Feb
97% 98)4 12,000 97
(Republic) 85_1932
Peru
9% Jan
18,000
12)4 13
Russian Govt 8)45- _ _1919 13
9
Jan
35,000
11% 12
12
Certificates
9% Jan
35,000
12
Russian Govt5%5 _- -1921 10% 10
9
Mar
5,000
12
12
12
Certificates
45,000 100% May
100% 101
Switzerland Govt 51j141929
100%
50
44%
63%
102
100%
16)1
16%
16
16
104
Jan
June
May
May
June
Apr
Feb
Feb
Feb
Mar
Jan
Foreign Government
and Municipalities
'No par value. k Correction. m Dollars per 1.000 lire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. u Ex 66 2-3% stock dividend. r Ex 100% stock dividend. LEx 200%
stock dividend. w When issued. z Ex dividend. VEX rights. z Ex stock dividend.
n Ex-stock dividend of 40%.
New York City Banks and Trust Companies.
All arias slaws per share.
nel;lica-N.Y.
2%
4
160
670
2114
89c
23 1
38:
Sc
144
tic
28e
12e
35
2 16
,
100%
101%
103
101%
102%
90%
Friday
Last Week's Range Soles
Sale.
of Prices.
for
Price. Law. High. Week.
Range since Jan. 1.
Bonds
Allied Pack cony deb 6s'39
its Series B
1939
Aluminum Mfrs 78_ _ _1925
1933
75
Amer Cotton 0116s-..1924
Amer G & E deb 68_ _ _2014
Amer Lt & Trac 65 without
1925
warrants
Amer Rolling Mill 68..1938
Amer Tel dc Tel 65____1924
American Thread 68.A928
Anaconda Cop Min 75_1929
6% notes Series A--1929
Anglo-Amer 011 7348. _1925
Armour & Coot Del 5%5'43
Atl Gulf & W 1 SS L 55.1959
1933
Beaver Board 88
Beaver Products 730_1942
Beth Steel equip 75_1935
1923
78
Boston as Maine 68-1933
Nat Rye 75-1935
Canadian
1925
55
[VOL. 116.
THE CHRONICLE
2626
inter Exch
Battery Park_
Bowery*
BroadwayCen
Bronx Boro•Bronx NatBryant Park'
Butch & Drov
chaCentseMercan-
37
2
3°
292
137
444
115
125
150
157
130
3194,5
Banks
Ask
241 Harriman.
297 Imp & Trad_
145 Manhattan *Mach dr Met_
iio Mutual*
Nat American
National City
New Nett's
jai Pacific •
205
353 Port Morris
259 Public
80 Seaboard
550 Seventh Ave.
223 Standard s_
State*
245 Tradesmen's•
29s
3d Ward' _ _
_
245 United States*
Wash'n Fits*.
432 Yorkville•
115
Bea
335
752
347
196
Ask Trust Co.'s BM
350 BAankmertocat nN.. k
Nem Tor y.
.
!
PP)
O
& Trust C. 460
Bankers Trust 358
Central Union 405
Commercial_ 112
Empire
315
15
Tr_ 193
P arm L & Tr_ 521
Fidelity Inter 195
Fulton
250
Chat & Then., 254
Guaranty Tr_ 26(1
Chelsea Each* 70
200
Hudson
543
Chemical _
Irving Bank
Coal dr Iron__ 217
ColumbIaTr 226
375
Colonial *324)
2
00
_ Law Tit & Tr_ 190
235
Columbia
Metropolitan_ 298
270
commerce- 296
163 - Mutual (Watt .
Com'nwealth* 235
cheater) ..- 120
200
135
Continental
341
N Y 'Fuld
800
22 5
1600
,-E1
Corn 0 xc1_ --- 42085
Title On dc Tr 358
U Mtg de Tr 308
East eidv ---tuili Rl
United States 1210
Brooklyn
142
5
Fifth Avenue* 12 0 1250
252 Cones'Island* 155 105 Westehes. Tr. 180
Brooklyn
320 855
1195 1205 First
270 Mechanic,' s_ 130 140 Brooklyn Tr_ 470
Kings County 800
Gotham -----I 186 191 Montauk _ 170
Nassau
225 240 Manufacturer 260
Greenwich*. 290
395
People's
100
680 690 People's
Hanover
state basks.
New stock. x Ex-dividend.
• Banks marked w lb 06 are
rights.
310
135
349
130
300
318
45
0
150
295
368
88
170
___
145
352
140
425
160
305
362
98
185
Aek
487
362
130
820
196
527
206
260
271
_
230
200
305
130
346
364
316
1230
270
415
V El-
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
alliance IrIty 97
Amer Surety.. 95
285
Eiond & M
City Investing 65
92
Preferred -
Ask
102
97
275
68
98
iBid
Lawyers Mtgel 153
Mtge Bond__ 110
Nat Surety__ 162
N T Title &
mortgage_ 190
Ask lRealty Assoc
162 II (Brooklyn)
115El Casualty-,
165 U Title Guar'
Westchester
200 II Title &
Bid
163
135
130
Ask
170
290
220
138
2627
Invrestment and Sailroatl intelligence.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
Week or
Current
Month. I Year.
Previous
Year.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
ROADS.
Current
Year.
Previous
Year.
3
$
673,140
833,749
Akron Canton & Y_ April
223.7621 171,639
Alabama & Vicksb_ April
281,034 270,011 1.121.722 1,001,815
Amer Railway Exp_'April
12635584 12827074 25,331,764 25.663,463
4th wkMay 140,799 133,313 1,984,637 1,977,990
Ann Arbor
Gulf Colo & S Fe_ April
1,720,821 1,617,406 7,232,730 6.448,483
,Gulf Colo & S Fe_ March
1,817.5051.717.985 5,511,900 4.831.077
Panhandle S Fe_ _'April
649.258 608,198 2.442,702 2.296,346
Atlanta Birm & Atl_ April
382,132 313,436 1.581.520 1,199.788
Atlanta & West Pt.. April
733,790
253,166 212,743
969.478
!April
Atlantic City
278,523 321,693 1,070.417 1,043.779
Atlantic Coast Line_April
7,250.514 6.736.137 30,011.673 25.138,509
Baltimore & Ohio_ -IA prIl
21675358 16318711 69.845,803 52.067,416
B & 0 Ch Term_ _ 1 April
916,557
337,310 237,771 1,215,267
Bangor & Aroostook April
756,326, 815,526 2,411,660 3,104.714
Bellefonte Central. _1March
21.857
13.922j
8.283
36,211
'April
Belt Ry of Chicago.
598,856 420,022 2,396,605 1,906,249
Bessemer & L Erie_'April
1,285.885 775,649 4,619,604 2.689,140
Bingham & Garfield April
42,784
39,848
12.121
143.130
Boston & Maine_ _ _ April
7,600,997 6.222,497 27,300,482 24,833.466
Bklyn E D Term_ _ _'April
540.025
155,344' 128,353
590,676
Buff Roch & Pittsb_ 4th stkMay 683,9811 312,991 8.551,017 5,356,003
April
603.027
Buffalo & Sum
189.5211 64.625
974,280
Canadian Nat Rys_ 4th wkMay 6,741.169 5,533.267 93,566,526 80.722,729
Canadian Pacific_ _ _ 4th wkMay 4,542,000 4,478,000 63.824,000 60,891.000
861.128 630,901 3,043,563 2,492,249
Caro Clinch & Ohio.. April
2,200,894 1.758,493 8,997,061 6.895.052
Central of Georgia.._'April
4,874,037 3,416,761 18,351,916 16,327.402
Central RR of N J.._ April
603,549 607,506 2,223,456 2,529,553
Cent New England.. April
852,354 554,668 2,776,539 2,181.261
Central Vermont_ April
352,392 308.072
Charleston & W Car April
. .
.
Chesapeake & Ohio_ April
8.243,341 6.942,944 30,685,219 27.645.427
...._ AprIl
2,675.303 1.937,363 10,881,008 9,689.807
14397445 11435326 57,521,303 49,149.572
Chic Burl & Quincy_ April
Chicago & East Ill April
2,371,367.1,607,955 9,789.594 8.044,187
Chicago Great West April
2.162.9691,933,154 8,367,4111 7,306.285
Chic Ind & Louisv April
1.552.58711,298.105 5,956,4961 5,046,340
Chic Milw & St Paul April
14112364,10753572 55,720,572 45.393.430
Chic & North West_ April
12621717 10666009 50.054,474.42,236,374
Chic Peoria & St L.. April
107,887 153,324
477,593. 765,737
Chic River & Ind__ _ April
623,060
2,502,558'
Chic R I & Pac____ April
10191045 8,778,927 39.240.700 35,686,968
Chic R I & Gulf... April
403,722 405.216 1,669,545, 1,777.199
Chic St PM & Om.April
2,342,943 2,084,029 9,282,265, 8.382,637
Chic Ind & Western April
361,506 285,542 1.574,216 1,310.348
Colo & Southern__ April
985,954 964,124 4,008,129 3,920.957
Ft W & Den City_ April
708,870 694.341 2,793,5121 2,822.705
Trio & Brazos Val April
106,579 192,440
526.275 1,275.512
Wichita Valley.. _ _ April
393.349
104,114
93,891
410,920
Delaware & Hudson April
4,050,695 2.747,239 14.091,001114,085,480
Del Lack & Western Atizil
6,922,323 5,514,320 27,360,754.24.865.396
Deny & Rio Grande April
2,469.571 2,280.326 9,927,5721 9.294,618
Denver & Salt Lake April '
477.112
166.558
35.137
592,011
Detroit & Mackinac April
563,811, 475,050
154,728 136,797
Detroit Tol & Iront_ April
862,589 861,016 3,239,5501 2.683,788
Det & Tol Shore L.._ April
390,578 229.401 1,432,905 1,240,467
Dul & Iron Range__ April
497,287
772,007
186,007 179,850
Dul Missabe & Nor.. April
565,160
732,418
263,181 187,350
Dul Sou Shore & Atl 4th wkMay 196,756 128,092 2,222,651 1,513,526
626,398
938.791
Duluth Winn & Pac April
211,399 144,069
East St Louis Conn_ April
190,018 131,701
Elgin Joliet & East.. April
2,523,090 1.645.364 9,285,099 6.849,789
April
Erie Railroad
9,804.417 6,597,059 39,830.170 30.487.515
Chicago & Erie April
1,234,075 937,188 4,390.905 3.614,451
505,876
478.891
NJ &N ir RR
April
128,286 124,488
411.373
EvansInd & Terre April
554.197
118,420
72.835
Florida East Coast_ April
1,623,079 1,543.838 6.858.575 5.945,996
474.929
Fonda Johns & Gloy April
540.099
131,580 109,541
460,484
Pt Smith & Western April
535,502
134,517 116.004
Galveston Wharf.. April
497.050
453.951
109,571 125,222
Georgia Railroad..April
522,356 432,108 1,967,379 1,529,037
Florida::_
Georgia &_ 4th wkMay
527,054
707,913
42,000
33,664
Grand Trunk Syst 3d wk Mar 2,222.865 1.930.118 23,244.920 20.861.357
Atl & St Lawrence April
318.268 142,729 1,287,895 1.046,645
ChDetCanGTJct April
810.473
312,300 194.403 1,088,047
• Det0 H & Milw_ April
588,873 388,470 2.032,272 1.449.393
Grand Trk West_ April
1,879,933 1,066.785 6.306,947 4.373,282
Great North System 4th wkMay 2,958.635 2,545,932 42,095,791 33,497.798
Green Day & West_ April
103,163
451,097
417,151
99.785
Gulf Mobile & Nor_ April
486,941 410.491 1,873.424 1.427,792
Gulf & Ship Island_ April
268,536 236.137 1,033,183
910 917
Hocking Valley.... April
1,394.690 926,221 5,084,112 4.152.793
16214697 11869381 64,236,290 51.216.500
Ill Cent (Total Syst) April
Illinois Central Co April
14628471 10343282 57,540.725 45,335,678
Yazoo & Miss Val April
1,586,226 1,526.099 6.695,565 5,880,802
Internat. Ry of Me April
296,012
.820 1,258,866 1.143,442
Internat & Grt Nor_ April
1,091.904 1,229.382 4,533,911 4,364.934
143,801 107,329
Kan City Mex & Or April
438,568
494.863
127,490 117,285
KC Mex &0 of Tex April
499,802
482.984
1,567,467 1,392.758 6,471.161 5,703,233
Kansas City South_ April
212,291 148,861
Texark & Ft Elm_ _ April
846.376
627,002
1.779.758 1.541,618 7.318.537 6,330.235
Total system_ _ _ _ April
219,665 220,383
956,337
867.768
Kan Okla & Gulf__ _ April
9,514
5.082
39,458
11,471
Lake Sup & Ishpem_ April
April
97,597
89,355
345.199
362.059
Lake Term By
236,439 182,471
906,382
884.158
Lehigh dc Hud River April
533,092 248,820 1,849,527 1,462,794
Lehigh St Now Eng.. April
6,518,075 4.432,038 22,545,620 21,705,386
April
Lehigh Valley
1,933,842 1,508.055 7,147,466 5.922.361
Los Ang & Salt Lake April
337,588 296.718 1,350,473 1.036.047
Louisiana & Arkan_ April
339,696 246,345 1.325,154 1,054,250
Louisiana By & Nay April
11311252 9,929,354 43,734,279 38.241,741
Louisville & Nashv_ April
917,613
283.679 252,967 1.117.627
Louisv Hend & St L April
1,986,982 1,634.499 6,729,823 6,562,254
Maine Central
134,188
368,690 382.576
163,275
Midland Valley- _ .. April
205.304
98,095
13,580
24,210
4th wkMay
Mineral Range
Minneap & St Louis. 4th wkMay 291,274 271,301 6,857,058 6,237,447
2,153,782 1.805.193 8,651,927 6.521,877
Minn StP&8SMOo April
Current
Year.
Week or
Month.
Previous
Year.
Jan. 1 to Latest Date.
Curren( 1 Previous
Year.
Year.
$
$
1
Minn StP&SSMSys April
4,009,156 3.191,367 15.216,788 11.520,311
1,855,37511,388.175 6,564,863, 4.998.434
Wisconsin Central April
599,7901 480,342
130.4971 116,904
Mississippi Central_ April
2.737,2972.585,614 11.225.465 9,671.368
tMissouri Kan &Tex April
Mo K & T Ry of Tex April
1.446,134 1,607,472 6.303,392 6.454.120
4,183,431 4.193,086 17.528.856 16.125.488
Total System_ t__ April
478,651
Mo & North Arkan_ April
1
Missouri Pacific_ _ _ _ April
9.198.235 7,684,956 34.805,107 31,247,132
473.621 8,794,045 7.042,651
Mobile & Ohio
4th wkMay
490,608
462,641
Colum & Greenv_ April
114,315 125,608
854.551
498,019
Monongahela Conn_ April
228.428 147,308
305,986
658.790
15.652
Montour
April
215,158
Nashv Chatt & St L April
2,221,725 1,822,466 8,155,113 6.510,733
77.887
96,028
5,780
Nevada..Cal- Oregon 4th wkMay
7,083
92,396
254.1451
32,975
Nevada Northern April
71,003
693,529
611.969
Newburgh & Sou Sh April
191,383 167,017
921.362
837.888
New Orl Great Nor_ April
229,628 223.206
N 0 Tex & Mex
April
269.415 205,180 1,079.9011 889,780
751.923
701.976
Beaum S L & W.... April
184,384' 165.75
8
StL Browns v & M April
435,144 454.427 1,689,014 1,879.626
New York Central.... April
36698993 26287230 137347222 107110800
Ind Harbor Belt_ April
974,369 717,49 3,873,356 3.006,394
Michigan Central April
8,400.024 6.100,32 31,590.552 23.473.567
Cleve C C & St L_ April
8,002.914 6,223,12 31.768,78026.113.505
Cincinnati North.. April
480,371 262,30 1,816,401 1,181,116
Pitts & Lake Erie April
3.779,891 1,866.35 14.400.587 7.833,762
NY Chic & St Louis April
3.911,810 3,006.33 14.617.945 12,007,261
980,019
N Y Connecting__ April
341.079 206,59 1,056.178
NYNH& Hartf__ April
11518313 9,670,060 41,996,992 37.174,506
NY Ontario & West April
1.060.066 868.916 4.001,539 3,815,583
N Y Susq & West__ April
402,773 264,560 1,672,333 1.349,196
Norfolk Southern__ April
801,281 793,917 3,095,677 2,727,288
Norfolk & Western_ April
7.844.989 7,692,924 29,112.264127,544,115
Northern Pacific...... April
8.039,342 6,787.062 30.663,857,28.242.587
Northwestern Pac__ April
554.501 600,854 2.200,484 2.145,732
Penne RR System__ April
64833984 52162280 241076727 208495314
Pennsylv RR & Co- April
60819 15648353466 226278895 195169464
374.349
Bait Ches & All.... April
380,246
109,926 115.596
Long Island
April
2,559.338 2,343,400 9,453,817 8,380,774
280,429
Mary Del & Va.... April
273,707
80.782
87.547
Monongahela _ _ _ _ April
496,537 130.488 1,737,162 1.511,891
522,640
Tol Peoria & West April
606.358
135,050 111,452
W Jersey Sz Seash April
1,047.869 1,051,873 3.881.377 3,555.660
Total system_ _ _.. March
64270834 59241 863 176242743 156333034
Peoria & Pekin Un_ April
630.590
145,890 139,488
598.060
Pere Marquette........ April
4,020,477 3,018,325 14,368.513 11,502.681
Perkiomen
April
362,105
65,764
98,782
336.306
Phila & Reading
April
9,523,838 5,756.860 36,390,365 27,251.610
Pittsb & Shawmut April
415,811
91,188
522.258
37.559
Pitts Shaw & North April
116,505
378.852
62.99
546.494
Pittsb & West Va April
961.725
327,872 175,934 1,157,493
Port Reading
April
235,323 109,774 1,086,959
822.983
Pullman Co
April
5,574,904 4.995.646 22,017,434 19.785.574
Quincy Om & K C April
107,265
336,073
88,111
462.453
Rich Fred & Potom_ April
1,236.969 996.200 4,232,292 3.436.497
Rutland
April
582,461 477.340 2.159,783 1,810,186
St Louis San Fran 4th wkMay 2.528,4972,501.618 36,187.688 33.089.888
Ft W & Rio Grand April
394.372
105,097
96,677
420,688
St L-S F of Texas_ April
122,649 124.775
507.150
478.557
St Louis Southwest_ 4th wkMay 716.700 672,131 8,059,921 6.169,187
St L S W of Texas April
579,638 517,130 2.481,513 2.224,310
Total system...... 3d wk May 519,880 433,331 11,075,408 9.033,084
St Louis Transfer.... April
245,299
67.454
290.529
45.222
San Ant & Aran Pass April
381.879 435,12 1.554,192 1.606,347
San Ant Uvalde &0 April
342,607
324,820
80,511 127.008
Seaboard Air Line__ April
4.469,691 3.814.345 18,386,625 14.936,719
Southern Pacific__ _ April
21880033 19691271 85,251.37876,106.206
Southern Pacific Co. April
15432525 13819472 59;0 52;1 43 51,525.231
Arizona Eastern_ April
884,891
289,908 268,0
Atlantic S S Lines March
1.181.936 1.018,549 3.383.599 2.906,863
Galv Harris & $ A April
1,820,298 1.717,457 7.251.736 6,857,934
Hous & Tex Cent.. April
1,019,757 969.845 4.295,919 4,690,239
bons E & W Tex.. April
888,288
940,677
237.325 223,812
LouisianaWestern April
391,494 345.977 1,557.236 1.471,928
Morg La & Texas April
682,131 637,785 3.011,168 2.586,798
Texas & New Orb.. April
719,350 711,844 2.871.719 2.992,547
Southern Ry Syst'm 4th wkMay 5.480,395 4,965,004 81.911,682 66.856,093
Southern Ry Co__ April
12558776 10491106 48,914,459 39,766,977
Ala Great South. April
914,890 808,026 3,568,141 2,946,965
Cin N 0 & Tex P_ April
2.024.163 1,452,946 7.727,473 5.520.374
Georgia Sou & Fla April
417.451 409,096 1,708,590 1.559.641
New On & Nor E_ April
598.525 513.372 2.351,257 2,023.927
377,737
North'n Alabama. April
545,614
142,156 103,646
360,205
Spokane Internat'l_ April
410.506
87,106
92,847
Spok Portl & Seattle April
648,283 534,315 2.469,122 2.136,311
Staten Island R T April
742.407
734.284
224,927 206.246
Tennessee Central_ April
740,764
276,151 185.944 1,015,727
Term RR Assn ofStL April
429,493 358,447 1,628,272 1.519,247
St L Men Bdge T_ April
408,398 236.587 1,721,712 1,221,642
Texas & Pacific_ _ _ _ 4th wkMay 758,604 716.864 12,560,158 11.803,964
Toledo St L & West.. April
1,066.504 773,967 4,359,236 3,080.599
Ulster & Delaware__ April
473.312
139,360 128,660
428,762
Union Pacific Co__ April
8,678,960 7,093.412 33.241,758 29,014,848
Total system_ _ _ _ April
15650888 13142246 60.790 042 53.992,442
Oregon Short Line April
2,897,755 2.597.758 11.646,782 10,897,312
Ore-Wash RR &N April
2.140,330 1,943,021 8.754.036 8.157.921
St Jos & Gr Isld__ April
271,284 250.619 1,063,328 1,000,995
Union RR (Penn)__ April
969,412 843,022 3,584,296 2,863,477
Utah
90.322
98.344
April
488.696
481.038
Vicks Shreve & Pac_ April
369,008 324,830 1,416.693 1,205,419
Virginian Railroad.. April
1.911,143 1,532,750 7,118,487 6,422,237
Wabash Railroad April
5,521,278 4.370.042 20,504,288 18,368,201
Western Maryland_ 3c1 wk May 697.216 422.175 9,643,704 6,972,468
Western Pacific..._..April
933.863 846,818 3401,405 3,159,489
Western Ry of Ala April
254,651
757.886
Wheel & Lake Erie_ April
1,469.385 949.266 4.928,004 4,285,488
Wisconsin Central April
1.855,375 1,388.175 6,564,863 4,998.434
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
Current
' Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
I
en
Currt
Year.
Previous
Year.
Increase or
Decrease.
%
S
Mileage.
Curr.Yr. Prev.Yr.
$
$
$
$
$
+772,06'l 5.25 June
235.310 234.568 472.383.903 460.007 081 +12,376.82 2.69
2
3d week Mar (15 roads).— 15.491.516 14.719.456
235,082 234,556 442,736,397 462,696,986 —19,960.589 4.31
4th week Mar (16 roads)_.._ 22,271,250 20,482.659 +1,788,591 8.73 July
235,294 235,090 472.242.561 504.154,075 —31.911,054 8.85
1st week Apr (16 roads) __.- 18.152.238 15.489,168 -I-2.663.070 17.19 August
.
.702.275 496.978.503 +1.723.772 OM
2c1 week Apr (16 roads)...... 20,002,897 10,279,045 +3.723 822 22.87 September —235,280
233.872 232,882 545.759 206 532 684 914 +13.074,292 2.45
3d week Apr (16 roads)--- 18,538.264 14,746.074 +3,792,190 25.72 October
+57,618.155 12.35
.
4th week Apr (15 roads)-- 20,371,901 16,434,746 +3,937,155 23.96 November -.235.748 235,679 523.748 483 466'130,328 +87.735,59020.66
+2,226,481
December434.698.143
1st week May(16 roads)...-- 17,634.648 15,408,167 +2.725.500 14.45 January --235.290 236,121 512.433.733'
17.27
235.678 235,827 50081652i 395:000.157 +70,803,472 21.00
2nd week May (16 roads)---- 18,506.156 15.790,656
+44,745,531
3d week May (16 roads)_ _ _ 19,002.326 10.118,003 +2.884.323 17.90 February .. _ _235.399 235,528 44491,872 400.146,341 +59,806,190 11.18
12.63
MaY (16 roads)_ _ _ _ 26,363,118 23,207,333 +3,155,785 13.60 March
235.424 235.470 533.553.199 473.747.009
4th week
pate Gin Gala & St Laws Included In Pennsylvania RR z Lake Erie & Western Included In New York Central.
.
•Grand Rapids & Indiana and
V Includes Grand Trunk System. f Includes Wichita Falls & Northwestern.
2628
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth week
of May. The table covers 16 roads and shows 13.6%
increase over the same week last year.
[VoL. 116.
-Grossfrom Railway- -Net from Railway- -Net after Tares
1923.
1922.
1923.
1922.
1922.
1923.
Pullman CoApril
5,574,904 4,995,646 1121,735 T-92,016
332,810 -362,588
From Jan 1_22,017.434 19,785,574 11,421,227 t-160;738 1,712,371-1,248,360
Quincy Omaha & Kansas CRY
April
107.265
88 111 -33.046
-4,289
-341 -40,857
From Jan n 462,453
Fourth Week of May.
Increase. Decrease.
1922.
33.3,073 -42,066 -31,444 -60,904 -47,166
1923.
Richmond Fred & Potomac
April
1,236.969
996,200
516,796
322,805
385.586
448,072
Ann Arbor
133.313
7,486
140,799
From Jan 1_ 4,232,292 3,436,497 1,534,205 1,147,777 1,307,015
961,866
312.991 370,990
Buffalo Rochester & Pittsburgh
683,981
San Antonio & Aransas Pass
Canadian National Rys
6,741,169 5,533,267 1,207,902
April
Canadian Pacific Ry
64,000
4,542,000 4,478,000
381,879
435,121 -47,529 -27,694 -62,704 -42,020
From Jan 1_ 1,554,192 1,608,347 -216,521 -194,432 -278,922 -251,155
Duluth South Shore & Atlantic
128,092
68,664
196,756
Georgia & Florida Ry
33,664
8,336
42,000
San Antonio Uvalde & GulfGreat Northern
2,958,635 2,545,932 412,703
AprIl
80,511
127,008
920
41,743
-2,295
38,867
Mineral Range RR
24,210
13,580
10,630
From Jan 1_ 324.820
342,607
23,131
66,776
10,413
54.996
271,301
291,274
Minneapolis & St Louis RR_ -- 19,973
Mobile & Ohio RR
473,621
553,799
80,178
Southern Railway System
Nevada-California-Oregon
5,780
7,083
1,303
'Georgia Southern & Florida
St. Louis
-San Francisco Ry2,528,497 2.501,618
N6.879
April
417,452
409,096
82,900
77,801
63,862
58,160
St Louis Southwestern Ry
672,131
716.700
From Jan 1_ 1.708,591 1,559,641
44,569
372,795
245,584
291,890
182.474
Southern Railway System
5.480,395 4,965.004 515,391
*New Orleans & Northeastern
Texas & Pacific Ry
758.604
716.864
41.740
April
598,526
513,372
173,875
68,462
121,929
31,913
Western Maryland. Ry
697,216
422,175 275,041
From Jan 1_ 2,351,258 2.023,928
624,725
291,505
416,804
Northern Alabama
26,363.118 23,207,333 3,155,785
Total (16 roads)
April
142,156
103,646
58,589
42,705
49,617
38,658
Net increase (13.6%)
3,155,785
From Jan 1_ 545,614
377.737
212,717
133,329
188,818
117.090
Net Earnings Monthly to Latest Dates.
-The table Southern Pacific System
Arizona Eastern
April
289,908
268,001
97,068
122,586
72,655
99,790
following shows the gross and net earnings with charges and
From Jan 1_ 1.209,507
884,891
467,783
312,246
360,500
216,555
surplus of STEAM railroad and industrial companies
Galveston Harris dz San Ant
April
1,820,298 1,717,457
233,330
173,165
157,728
208;288
reported this week:
From Jan 1- 7,251.736 6,8.57,934
858,626
922,048
614,156
715,775
-Grossfrom Railway- -Net from Railway- -Net after Taxes
Houston East dr West Texas
1923.
1922.
1922.
1923.
1923.
1922.
April
237,325
15,284
30,257
6,916
223,812
22,466
$
$
$
$
$
$
From Jan 1_ 940.677
20,402
54,669
62,002
37,819
888,288
*Alabama & Vicksburg
Houston dr Texas Central
270,011
57,639
281,034
54,433
April
23,202
32,573
April
1.019,757
7,091
67,463 -47,071
23,480
969,845
242,721
171.939
From Jan I _ 1,121,722 1,001,815
135,467
89.479
From Jan 1_ 4,295,919 4,690,239
153,753
759,629
937,082
370,050
American Railway Express
287,805
289.701
February _ _12,635,584 12,827,074
121,058
112,103 Spokane International
April
92,847
14,735
87,106
13,449
571,329
7.926
20,577
From Jan 1_25,331,764 25,663,463
569,717
222.928
206.013
From Jan 1_ 410,506
98,962
72.204
360,205
122,205
94.215
Topeka & Santa Fe
Atchison
Spokane Portland & Seattle
Gulf Colorado & Santa FeApril
648,283
1,720,821 1,617,406
151,393
79,845
534,315
177.539
226,414
164,001
Aprll
203,020
97,430
126,896
From Jan 1_ 2,469,122 2,136,311
536,365
340,656
677,483
900,936
836,802
From Jan 1_ 7,232.730 6,448,483
234,206
575,814
-1.904
Ulster & Delaware
Buffalo Rochester & Pitts
April
139.360
128,660
21,437
17.604
27,439
23,620
1,656,300
885,822
60,202 -100,981
April
25,182 -136,370
From Jan 1_ 473,312
428,762
15,995
-8,919
40.017
15,123
841,944
From Jan 1_ 8,009,836 5,105,726
702,207
701,731
558,122
Vicksburg Shreveport & Pacific
Central New England
April
369,008
324,830
118,874
80,463
65,874
45,037
607,506
603,549
171,099
April
188,551
147,001
166,261
From Jan 1_ 1,416,693 1,205,419
411,775
295,793
149.076
226,085
From Jan L. 2,223,456 2,529,553
300,065
906,566
204,355
817,841 *Western Ry of Alabama
Chicago Peoria & St Louts
254,651
213.790
April
87,790
55,682
67,962
45,576
107,887
April
153,324
-3,483 -35,379 -12,983 -44.882
From Jan 1_ 977,786
757,886
273,725
210,317
80,674
110,955
477,593
765,737 -27.077 -16,516 -65.161 -54.549
From Jan 1_
* Revised figures. t Including auxiliary operations.
Chicago River & Indiana
623,060
April
244,475
207,157
From Jan 1_ 2,502,558
948,460
795,795
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
*Detroit & Toledo Shore Line-April
390,578
229,401
222,069
91,201
203,769
77,175
Latest Gross Earnings.
Jan. 1 to Latest Date.
From Jan 1_ 1,432,905 1,240,467
759,123
671,356
685,923
615,315
Name of Road
Duluth So Shore & Atlantic
Current Previous Current
Previous
or Company.
484,163
April
321,310
84,825
3,441
56,821 -29,587
Month.
Year.
Year.
Year.
Year.
From Jan 1_ 1,716,018 1,165,188
168,442 -118,357
50,419 -238,621
$
$
$
$
Duluth Winnipeg & Paciflo564,028 438,075 2.321,752 1,799.899
Adirondack Pow & Lt April
April_
211,399
144,069
22,574
7,241
815
-3,695 Alabama Power Co__ April
629,689 417,607 2.282,803 1.639,897
From Jan 1_ 938,791
626,398
194,296
26,202
102,604
-8,768
1766,015 1562,407 7,253.691 6,313,805
Amer El& Power Co.. April
Florida East Coast
2546,680 2322,583 7,996,077 7.297,093
Am Pr & Lt Co Subsid March
1,623,079 1,543,838
April
777,509
5992.693 5134.270 5.992.693 5,134,270
737,551
662,255
686,655 American Tel & Tel_ _ January
From Jan 1_ 6,858,575 5,945,996 3,234,464 2,533,827 2,893,621 2,294,239 mAm Wat Wks & Sub April
2874,924 1668,055 11,342.926 6,759,986
273,765 232.712 3,111,802 2.653.886
Appalachian Pow Co_ April
'Georgia
143,550 129.917 *1,958,036 *1,719.880
eArkansas Lt & Power March
522,356
432,108
April
122,851
92,333
116,167
84,767 Asheville Pow & Light March
76,649 72,682 *915.091 *863.042
From Jan 1.. 1,967,379 1,529,037
368.154
171,661
342,074
142,938 Associated Gas & Elec April
244,321 146,917
764,694
461,119
106.569 80,666 *1.198,846 *1.060,698
Grand Trunk
Aug-Aiken Ry & Elec April
131.048 122.156
397,297
Atlantic dr St Lawrence
369.155
Bangor By & Electric March
142,729
4264,756 3813,281 17,945,102 15,242,590
318,268
April
77,032 -79,877
61,882 -96,777 kBarcelona Tr. L & P April
55.240 48,052
From Jan 1_ 1,287,895 1,046,645 -91,126
218,387
193,182
106,774 -151,779
39,130 Baton Rouge Electric April
239,859
60,783 53,520
208.161
Detroit Grand Haven & 8311w
Beaver Valley Trac__ April
93,417 82.519
395,396
328,806
Binghamton I, H & P April
588,873
388,470
April
165,381
84,536
160,367
77,617
April
377,873 316,449 1,547,334 1,330,699
382,696
From Jan 1_ 2.032,272 1,449,393
217,810
361,728
189,552 Blackstone Val G & E March
3097,259 2868.518 8.798,633 8.237,027
Boston "II' Railway_
*Gulf & Ship Island
19727000 15413000 75,603.000 60,156,000
Tr Lt & Pr April
r Brazilian
236,137
83,270
268,536
April
65,886
59,384
48,229 Bklyn Rapid Transit.. April
3161,782 2929,931 z30177,803 x28378.916
315,473
910,817
From Jan I_ 1,033,183
228,332
217,339
156,953 Bklyn City RR (Rec) April
1031,546 1004,895 10,052,733 9,717,437
International Ry Co of Me
7,237
6,530
13,752
12,838
Bklyn Heights (Rec)_ February
276,820
82.042
296,012
April
85,620
67,042
192,998 188.422
410.894
69,620 BklynQ C&Sub(Rec) February
396.063
305,166
248,010
From Jan 1_ 1,258,866 1.143,442
191,432 186,778
245,166
184,010 Coney I & Bkln (Rec) February
409.683
395,453
February
4,298
4.954
10,460
8,800
Kansas City Southern
Coney Island & Grave
386,978 356,197
824,584
750.494
Texarkana & Fort Smith
Nassau Electric (Rec) February
148,861
100,892
212,291
34,492
April
89,507
23,337 g Y Consol (Rec)-_ February 1833,358 1747,393 3,900,564 3.657.531
89,276 72,736
February
189,790
627,002
398,573
147.448
From Jan 1_ 846,376
198,186
352.675
155,322 South Brooklyn
55.116 50,155
224,666
193.519
Dape BretonElCo,Ltd April
Lake Superior dr Ishpeming
174,922 152,230 *2,064,792 "1,724.888
Darolina Power & Lt_ March
5,082 -42,298 -32.995 -46,765 -38,481
April
9,514
45,293 43,361
191,860
179.798
Dent Miss Val El Co.. April
11,471 -157,417 -151,065 -186,609 -173,009
From Jan 1_
39.458
240,718 282.315 "3.095,150 "3,238,434
D.entral Pow & Light_ March
Lehigh & Hudson River
April
1738,106 1377,836 6,517,391 5,172,814
Dities Service Co
182,471
72,121
April
35,197
236,439
59,621
18,919 Dity Gas Co, Norfolk March
87,324 85,251
266,350
255,340
250,071
From Jan 1_ 906,382
884,158
236,810
205,571
77,335 61,030 *883,976 "755.670
189,998 DitizensTrac Co& Sub April
55,498 53,555
165,239
*Lehigh & New England
156,769
Cleve Painesv & East March
April
155.672
88,358 80,888 "1,049,654 *960,391
248,820
17,870
533,092
133,229
11,225 Dolorado Power Co April
From Jan 1_ 1,849,527 1,462,794
374,937
1849.678 1504,377 7.933,063 6,824.359
107,086
310,408
57,505 Dolumbia Gas & Elec April
184,204 153.376
755,012
635,287
Dolumbus Electric_ _ April
Louisiana Ry & Navigation
2442.336 2068,588 10,031,791 8,806,510
April
43,909
-5,317
246,345
339,696
26.581 -21,338 Dom'w'lth Pow Corp April
3092,394 2665,538 12,646,099 10,956.509
Dom'w'lth Pr,Ry&Lt April
From Jan 1- 1.325,154 1,054.250
205,219
132,794
135,109
67,949
April
165,495 134,378
678,522
553.177
Donn Power Co
Missouri & North Arkansas
1339,917 1131,602 5,576,402 4.612,683
Donsumers Power Co April
April
-2,255
22,938
127,755
18,651
-3,255
962,709
317,858 283,681
841,686
Dumberland Co P & L March
From Jan I_ 478,651
69,818
-2,255
53.175
-3.255
April
2634.8352079.769 11,091,236 8,896.501
Detroit Edison Co
Mobile & Ohio
1648,275 1355,475 6,735,773 5,601,8613
Duquesne Lt Co Subs April
Columbus & Greenville
-
April
114,315
702
22,315
125,608
-1,874
From Jan 1_ 490,608
56,417
58,331
462,641
65,234
Nevada Northern
April
71,003
32,975
33,710
9,799
27,110
From Jan 1_ 254,145
117,175
92,396
1,515
90,776
New York Central
Indiana Harbor Belt
974,369
717,404
312,032
261,511
April
275,487
From Jan 1_ 3,873,356 3,006,394 1,043,014 1,078,094
948,252
Northwestern Pacific
102,294
600,854
554,501
164,208
53,237
April
305,383
410,456
From Jan 1.. 2,200,484 2,145,732
108.953
Pennsylvania SystemMonongahela
176.524
130.488
4,688
496,537
166,574
April
528,468
748,293
488,668
From Jan 1_ 1,737,162 1,511.891
Toledo Peoria & Western
111,452 -25,003
-2,870 -36,003
135,050
April
522,640 -49,536 -18,817 -93,629
From Jan 1_ 606,358
Pittsburgh & Shawmut91,188
37,559 -19.497 -51,747 -19,629
April
13,387
415,811
12,252
12,806
From Jan_ 522,258
16,792
41,416
3,685
-22.946
224,983
931,591
118,353
229,123
-3,312
716,293
-14.149
-63,194
-51,88.5
11,744
tastern Mass St By.... March
tastern Penn Elec Co April
fast St Louis & Sub_ _ April
fast Sh G&E Co&Sub April
fast Texas Elec Co April
DIN El Ill of Boston_ March
f.dis El Ill of Brock'n_ April
II Paso Electric Co April
nee Lt & Pow Co of
Abington & Rockl'd April
grie Ltg Co & Subs-- April
rall River Gas Works April
rederal Lt & Trac Co April
1Ft Worth Pow & Lt_ April
lalv-Hous Elec Co April
Son 0& L & Sub Cos April
1eorgia Lt Pr & Rys.. February
leorgia Ry & Power.. March
Ireat West Pow Syst April
lanover Pr Co & Sub April
Ittvana Elec R,L&P- March
laverhill Gas Light.. _ April
lelena Lt & Rys Co.. March
lonolulu Rapid Trap April
1006,553 891,337 2,874.680 2.630,386
218.148 173,337 *2,365,048 2,35'9,795
377,548 270.999
42,815 38.482
174,466
159,266
170.425 145.275
653.123
565,388
1553,224 1304,770 4,919.124 4,393,689
133,686 109,144
570,597
466,268
200,562 189,414
765,969
812,094
34,729 27.502
118,216 87,774
79,431 78,587
454,345 411,684
247,681 205,871
269,761 276,152
1267.726 1074,406
154,837 138.669
1367,679 1241,883
565.780 583,796
27,542 23,793
1085.028 1079.249
49,586 44,402
33.547 34.845
80.590 78.678
145,228
517,999
320.089
1,928,663
757.374
1.064,100
5,047,719
317,512
4.190.741
7.702,090
*318,194
3,299,279
190,712
*413.962
313.355
119,747
388,066
308,692
1.767,248
618,791
1,069,143
4,242.310
282,791
3.744.016
7.244.522
'256,724
3,297,194
175,610
*390,987
315,627
Latest Gross Earnings.
Name of Road
or Company.
2629
THE CHRONICLE
JUNE 9 1923.]
Month.
Houghton Co Elec.__ April
Hudson & Manhattan April
Hunting'n Dev & Gas March
March
Idaho Power Co
Inter Rapid Transit February
Subway Division February
Elevated Division_ February
Kansas City Pr & Lt.. April
dKan Gas & Elec Co.. March
Keokuk Electric Co.._ April
Kentucky Trac Term. March
Keystone Telep Co April
Key West ElectricApril
Lake Shore Electric March
Lexing'n UtilCo&Sub March
Long Island Electric_ February
Los Angeles Gas Co February
Louisv Gas & El CO January
Lowell El & Lt Corp_ April
Manhat Bdge 3c Line February
Manh & Queens(Bee) February
Manila Electric Corp_ March
Market Street Ry...._ April
Mass Lighting Co .. April
e Metropol'n Edison_ April
Milw Elec Ry & Light April
Miss River Power Co.. April
Mobile Electric Co_
January
Mountain StatesPrCo January
Munic Serv Co & Subs March
dNebraska Power Co_ April
Nevada-Calif Electric April
New Bedf G & Edis Lt April
New Eng Power Sys_ February
New Jersey Pow & Lt April
Newpt News SE 1Flamp
By, Gas & El Co April
New York Dock Co April
February
N Y Railways
Eighth Avenue.... February
February
Ninth Avenue
N Y & Queens (Ree)_ February
NY & Harlem (Ree)_ February
NY & Long Island February
Nor Caro Public Serv April
Nor Ohio Elec Corp April
Nor'west Ohio Ry & P April
.
North Texas El Co...... April
February
Ocean Electric
dPacific Power & Lt March
Paducah Electric_ _ _ _ April
Penn Central 14 &
Power Co & Subs April
Pennsylvania Edison_ April
Phila Co. & Subsid'y
Natural Gas Cos.._ April
Philadelphia Oil Co._ April
Philadelphia & West_ April
Phila. Rapid Transit April
Pine Bluff Co
March
dPortland Gas & Coke March
Portland By, Lt & Pr March
Pub Serv Corp of NJ April
Puget Sound Gas Co. January
Puget Sound Pr & Lt._ April
Reading Transit & Lt April
Republic By & Lt Co_ April
Richm Lt & RR (Rec) February
Rutland By,Lt & Pr.. April
San Diego Cons G&E1 January
Sandusky Gas & Elec April
Savannah Elec & Pow April
Sayre Electric Co_ _ _ _ April
Second Avenue (ree)_ February
17th St Incline Plane.. April
Sierra Pacific Electric April
Southern Calif Edison April
South Canada Power_ April
South Colo Power Co January
South N Y Pr & Ry March
Southern Utilities Co_ April
Southwestern Pr & Lt March
Tacoma Gas & Fuel January
Tampa Electric Co.._ April
S Tennessee Elec Pow March
Texas Electric Ry
April
oTexas Power & Light March
Third Avenue Ry Co_ April
lin Rys & El of Balt_ March
United Gas & El Corp April
UnitedLt&Rys&Subs April
Utah Power & Liight_ February
°Utah Securities Corp April
Vermont Ilydro-Elec_ April
Virginia By & Pr Co.. April
Western Union Tel Co February
West Penn Co & Sub.. April
Western Pow System.. March
Western States G & El January
Winnipeg Electric By April
nYadkin River Pr Co March
York Hay Wat& Pow April
York Utilities Co........ April
'Femme & Ohio Ely RR March
Jan. 1 to Lateit Date,
Current Previous Current
Year.
Year.
Year.
Previous
Year.
$
$
$
$
196,338
195,286
42,986 46,732
967,106 935,272 3,812,830 3,690,817
296,754
363,541
120.962 99,578
521.176
560,670
170,164 159,198
4389,479 4171.667 9,329,634 8,846,059
2947,812 2790,787 6,265.751 5,922.205
1441.667 1380,880 3.063.884 2,923,853
742,661 627,120 3,173,502 2,678.991
518,898 470.967 *5.226,662 *4,872,599
126,079
136,313
32,526
30221
348,747
383.843
128,630 120,547
552,933
580,863
146.338 137,122
83.791
86,772
20.113 20,141
540.630
657,361
242,311 186,172
230,452
259,803
53,546 76.369
49,358
48,860
22,980 23,975
1395,572 1325,926 *11985117 *10429870
5854.1054931.795 5.654.105 4.931,795
433.129
601,559
158,266 101,964
42.850
42,987
20,130 20,566
50.739
58.705
27,497 24,031
287,568 284,576 *3,587,564 *3,659.574
3.181.478
807,039
943,289
267,613 230.708 1,104.289
642.105 532,054 2,498,834 2,072,151
1858,413 1575,281 *20699408 *18570361
941,076
981,825
262,892 247,304
771,662
830.746
830,746 771,662
998,044
1152.932 998.044 1.152.932
662,682
434.185 216,170 1,335,064
840,35$
974,814
296,999 273,038
948,472
279,953 274.874 1.223.289
245,386 312.461 1,301,49
595,239 466.719 1.204,336
975.931
216,882
286,235
69,991 53,059
167,409
277,502
648,466
84,897
36,436
49,424
112,463
31,735
117,846
895,124
46,361
241,867
15,350
222,005
48,832
645,451
688,243
160,835
329,460 1,115,953 1,298,42(
653,534 1,396.729 1,379,481
186,981
183,011
87.747
84.031
79,619
39,847
201 80::
106,958
95,446
250,491
243,949
119,200
77.291
69,082
35,696
407.621
466,636
98,863
748.134 3,583,677 2,954,081
95,86
,
127,139
35.059
978.096 1.034,201
245,654
27.431
30,773
13,083
710,711
706,799
220,499
183,981
209.018
43,968
269,987 174,830 1,092,362
252,286 214,246 1,041,220
-Net Earnings
-Gross Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
x Brazilian Tr Lt & Pr __Apr 19,727,000 15,413,000 11,546,000 9,560,000,
4 mos ending Apr 30-75,603,000 60,156,000 45,106,000 36.013,000
*84.751
*87,360
282,315
Central Power & Lt Co_ _Mar 240,718
12 mos ending Mar 31-- 3.095,150 3,238,434 *935,146 *941,523
78.729
107.296
270.999
East St Louis & Sub__ „Apr 377,548
Companies.
General Gas & Electric Co
subsidiaries
Apr 1,267,726
12 mos ending Apr 30- _ -14,302,147
27,542
Hanover Pr Co & Subs_ _Apr
12 mos ending Apr 30_ _ 318,194
Metro Ed Co & Subs_ _ _ _Apr 642,105
12 mos ending Apr 30_ _ - 7,070.944
NJ Pr & Lt Co & Subs_ _Apr
69,991
12 mos ending Apr 30_ __ 780,694
Northwestern Ohio Ry & Pr
Co
46.361
Apr
12 mos ending Apr 30_ _ _ 524,509
Pennsylvania Edison Co_Apr 252,286
1 mos ending Apr 30_ __ 2,835,334
Reading Transit & Light Co
'& Subs
Apr 249,436
12 mos ending Apr 30_ -- 3,018,292
Rutland By Lt & Pr Co_ _Apr
47,519
12 mos ending Apr 30_ -- 575,991
Sandusky Gas & Elec Co _ Apr
84,127
12 mos ending Apr 30_ _ - 827,556
Sayre Electric Co
Apr
17,273
12 mos ending Apr 30--- 192,438
Southwestern Power & Light
Co Subs
Mar 881594
12 mos ending Mar 31....1o,188:062
Vermont Hydro-El Corp_Apr
55,932
12 mos ending Aprao_ _ _ 653.457
York Haven W & Pr Co Apr
79.865
12 mos ending Apr 30-- 826,032
794,521
857,881
1370,603 1117,190 6,299,010 5,220,751
354,37'
42,153 70.80
166,517
248,811
72,105 70,090
269,843
3755,574 3584,733 14,701,019 13,782,751
184,911
200.874
62,248 58.116
887,67:
896.959
293,394 287.611
923.961 860,631 2.727.285 2,518.73
6920.270 6131,410 28,371,892 25,903,90
168.811
171.329
171.329 168.816
978,730 863,689 *11065101 10,069,29.
943.57
249,436 242.825 1,018,638
796,416 647,710 3,290.687 2,641.551
9
111,73
122,134
56.705 52.702
208,878
225,870
47,519 44,279
3756,665 3866.576 3.756.665 3 586 571
. .
255,57
300,533
84,127 67,800
3
536.35
535,363
130,516 130,496
65,447
72.852
17,273 15,514
8
140.98
149.475
69,734 67.773
11.38
10,910
2.794
2,880
296,20
330.119
79,945 74,882
1578,201 1264,308 5,616,264 5,105,47
276.15
318,850
79,999 65,717
1838.666 1758.603 1.838.666 1.758.60
48,491 45,386 *543.338 *528,517
243,439 228,570 *2,510.382 *2,617.47
881,594 785,125 2,773,145 2,473,215
577,227
455.053
455.05.3 577.227
621,518
744.193
178,302 144,828
2.320,749
800,087
828.391
856,402
217.539 204,374
435,870 396,936 1,404,808 1,245,418
1198,7961186,828 4,599,537 4.501,867
1436,169 1345,418 4,045,237 3.804,118
1174,590 1018,839 4,802.284 4,143.235
1020,583 920,791 4,200.348 3,784.956
675,206 561.143 1382,303 1.168,40
813.933 697,426 *9,285,119 *8.440.408
172,173
55,932 37.287
242,719
860,264 749,251 3,479.903 2,827.579
8366,704 7357.540 17.518.589 15.224.28
1908,701 1199,895 7,772,896 4,920,903
589,171 598,499 1,859.849 1.822,86
2722,134 2553,993 2,722134 2,553,99
467,474 443,327 1,933:01 1,899,114
5
4
155,475 98,984 *1,371,076 *1,122,39
267,525
79,865 71,873
293,787
75,22
23.003 17.847
82.943
115.31
1 cO'n.1.1
50.472 41 _2114.
a Thu Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth /Avenue RR. co-npanies were formerly
leased to the New York Railways Co., but these . Res were terminated
on July 111919,since which date these roads have been operated separately.
C Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
e Includes York Haven Water & Power Co. f Earnings given in milrels.
p Subsidiary companies only. h Includes Nashville By. & Lt. Co. i Includes both subway and elevated lines. I Of Abington & Rockland (Mass.).
k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. m Includes West Penn Co. n Includes Palmetto Power & Light Co. o Subsidiary of'Southwestern Power & Light Co.
* Earnings for 12 mos. t Three mos. ending Dec. 31. x Earnings for 10
mos. yEarnings for 11 mos. z Five mos. ending Nov. 30. s Four
mos.
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Year.
Companies.
Year.
Year.
Year.
$
$
$
$
920,819
American Pr & Lt Co_ _ _Mar 2,546,680 2,322,583
931,730
ending Mar 31.._29,417,607 27.534,568 11,920,694 11,199,833
12 mos
Binghamton Light Heat &
Apr
93,417
Power Co
*29,431
*23.535
82,519
954,099 a302,998 a246,802
12 mos ending Apr 30--- 1,086,246
1,074,406
23.793
256,724
532,054
6,184.052
53,059
561.019
*377.367 *359,728
a4,023,501
*10,745
*11.603
a131,399 al00,524
*227,009 *222,196
a2,343,234 a2,350,888
*17,222
*20,641
175,986
a246,337
35,059
457,832
214,246
2,467,20
*4,894
a80,982
*86,497
a943,329
*5,908
a74,835
*87,649
a831,422
242,825
2,971,761
44,279
560,267
67.800
707.336
15,514
186,351
v
a3.1383
*36,956
a377.077
*11.274
0158,102
*19,514
al70.173
*3,035
a47.629
*11.102
a148,019
*19,554
a208,005
*3.679
a39,115
351.654
369,818
785,125
9,787,293 4,814,365 4,618.142
*16.867
:gal al58,733
5E,g(11 .313
*37,012
a327.708
4
7B17 0;204
* Net, after taxes. a Net, after taxes, and allowing for other income.
x Given in milrets.
Balance,
Fixed
Gross
Net after
Surplus.
Charges.
Earnings.
Taxes.
American Water Works &
269.658
Elec Co & Subsids Apr'23 2.874,924 *1,299.207 1,029.549
105,211
(incl West Penn Co) '22 1,668.055 *756,522
651,311
12 mos ending Apr 30 '23 28.934,123'12,690,098 10,356,258 2.333,840
'22 19,855,195 *8,708,723 7,303,480 1,405.243
34,007
Associated Gas &
Apr '23
244,321
91,254
57,247
20,469
ElectricCo
22
35,678
146,917
56,147
322.499
12 mos ending Apr 30 '23 2,769,416
616,712
939,211
240,958
'22 1.931,664
598.759
357,801
Cities Service
Apr '23 1,738,106 1,690,189
231,173 1.459.016
Company
'22 1,377,836 1.338,250
177,003 1,161,247
12 mos ending Apr 30 '23 16,003.548 15,528,247 2,539.240 12,989.007
'22 12,688,908 12.229,894 2,143,792 10,086,102
Citizens Traction
28.023
Apr '23
9,823
77,335
37,846
Co & Subsidiaries
'22
, 0
27.782
12 mos ending Apr 30 '23
11g.877
9 3
18
883,976
371,349
'22
755.670
308,778
1
Eastern Shore Gas Apr '23
6,872
42,815
15.497
& Elec Co & Subs
6,189
'22
38.482
13,856
72,396
12 mos ending Apr 3()'23
66275
517,204
78,
380
172,776
1006
81,670
'22
84,060
467,024
165,730
Federal Light &
lsgfi
Apr '23
71.631
454,345
174,503
Traction Co
4 mos ending Apr 30 II 1,928,663
'
7
5 69
3 34
81 2
'22 1,767,248
22P50
:
218 R
602,199
Fort Worth Power Mar '23
247,681 *110,409
& Light Co
: 1,
12 mos ending Mar 31 :2 2,301,71ii .1,AV:263
22
3
s
*
iiilli 1 41.8A.1
2
'22 2,499,004 *1,279,202
106.000
Kansas Gas &
69,164
Mar '23
518,898 *175.164
99.277
Electric Co
76,877
'22
470,967 *176,154
970.122
12 mos ending Mar 31 '23 5,226,662 *1.776,556
$06.
434
842.572
759,874
'22 4.872.599 *1,602,446
319,057
Milwaukee Elec
192,060
Apr :2,1 1,858,413 *511,117
281,846
Ry & Light Co
199,349
:67 :01 *481,195
5 9 28
9
5 8
12 mos ending Apr 30 :2,3_ 201
*5,883,701 2,377,906 3,505,795
3,077.365
2 18,570,361 *5,547,870 2.470,505
2
69,569
Nebraska
55,171
Mar '23
296,999 *124,740
60.191
Power Co
871,877
634129
6
12 mos ending Mar 31 :ii 3,631,221 *1,t06
,76
7
* 1
645,983
4126
2
New Bedford Gas Apr: 3 3, 1 6 2 *L24° 6 1
5 : 37,672
22 3 :,4
82. 4
17
* '9
11 :1
72.210
49,820
& Edison Lt Co
'22
245,386 *122,030
681,361
598,639
12 mos ending Apr 30 '23 3,554,311 *1.280,000
22
27,797
20,620
Newport News &
*48,417
Apr '23
167,409
28,448
28,272
Ilamp By, G & El '22
*56,720
160,835
84,769
82,585
4 mos ending Apr 30 '23
668,243 *167,354
96.523
112,787
'22
645,456 *209,310
14.944
21,987
North Carolina
36,931
Apr '23
117,846
14,406
11,856
Public Service Co
26,262
'22
98,863
190,261
176,953
12 mos ending Apr 30 '23 1,293,002
367,214
157,777
168.355
326,132
'22 1,170,555
54.261
37,522
Pacific Power
*91.783
Mar '23
222,005
56.819
32,292
& Light Co
*89,111
220.499
'22
660,343
767,614
12 mos ending Mar 31 '23 3.003,147 *1.427.957
678,090
670,601
*1,348,691
'22 ,
33,820
63,275
Portland Gas
*97,095
Mar '23
293,394
36,035
& Coke Co
50,715
*86,750
287,611
'22
431,899
807,734
12 mos ending Mar 31 '23 3,402,557 *1,239,633
454,806
515,778
'22 3,372,327 *970,584
Texas Power
58.534
92,144
Mar '23
435,870 *150,678
& Light Co
88,082
61,505
396,936 *149.587
'22
12 mos ending Mar 31 '23 5,077,538 *2.069,135
755,570 1,313.565
756,604 1.102.560
*1,859,164
'22 4,776,432
West Penn Co
241.082
468,449
Apr '23 1,908,701 *709,531
& Subsidiaries
117.718
311,998
'22 1,199,895 *429,716
12 mos ending Apr 30 '23 20,175,084 *7.224,112 4,956,816 2,267.296
*4,768,029 3,252,962 1,515,067
'22 14,191,205
*Allowing for other income.
?83iri
17,:f
2
IN:882
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
May 25. The next will appear in that of June 29.
2630
Kansas City Southern Railway Co.
(Report for Fiscal Year Ended Dec. 31 1922.)
The remarks of President J. A. Edson will be found under
"Reports and Documents" on a subsequent page.
The usual comparative tables of income account, balance
sheet, and general traffic statistics were published in V. 116,
p. 1526.-V. 116, p. 1760.
Ulster & Delaware Railroad Co.
(Report for Fiscal Year Ended Dec. 31 1922.)
President Edward Coykendall reports in substance:
Volume of Traffic.
-Owing to the coal strike in the anthracite fields which
became effective on April 1, the volume of coal tonnage was adversely
affected. In addition to the excessive burden, both direct and indirect, to
operating expenses, owing to the shopmen's strike, which took effect July 1,
summer resort passenger traffic to the mountains was unquestionably
decreased.
-Final settlement of company's claim under SecGovernment Settlements.
tion 209 of the Transportation Act. 1920,for the guaranty period, was made
with the Bureau of Finance of the I.
-S. C. Commission on April 8 1922.
The necessary adjustments on account of this settlement have been made
through the income account but do not materially affect the income for the
year. the net credit being something less than $10,000.
Maintenance.
-A considerable gain was made during the year in connection with maintenance of way and structures to bring them to what was'
considered more normal condition prior to the period of Federal control.
In this connection something over 7 miles ofrail were replaced,laying heavier
rail.
-The net charge to investment in road and
Additions and Betterments.
equipment due to additions and betterments, less property retired and not
replaced, is $25,257.
In addition,there was expended during the year and charged to suspended
investment pending completion, an amount of 576.908 in connection with
an addition to the locomotive repair shops at Rondout. This improvement
has also entailed changed in the power plant located at Rondout, and, at
the close of the year, an amount of $13,231 had been expended.
OPERATING RESULTS FOR CALENDAR YEARS.
Corporate -Combined
Federal
1922.
1921.
1919.
1920.
Freight revenue
$766.874
$747,431
5880,137
$659.782
Passenger revenue
482,066
537.429
422,277
321,370
Mail, express, &c
403,865
330,122
234,657
316,904
Operating revenue_ -51,652,803 51,747,687 $1,486,612 81.215.809
Maint.of way and struc-- 8280.897
$93,986
$423,585
$200.693
Maint. of equipment
283.835
225.302
230.878
348.471
Transportation expenses_ 874,964
917,265
794.873
1,054,081
Traffic expenses
35.333
35.389
33.333
18,589
General
100,213
100,225
93.279
53.699
Miscellaneous
5,338
7.534
7.646
5.594
Operating expenses_
81.580.579 31.379,815 $1,960.282 $1.304,324
Net operating revenue
$72,224
$367,872 def$473.670 def888,515
GENERAL BALANCE SHEET DECEMBER 31.
Assets1922.
1921.
1922.
Liabilities1921.
Road & equipm1_85,929,176 $5,903,920 Capital stock
81,900,000 $1,900,000
Misc. phys.Prop_ _
6,000
6,000 1st Cons. M.bonds 2,000,000 2,000,000
Other Investments. 1,250,100 1,250,100 1st Ref. M.bonds_ 1,000,000 1,000,000
Cash
283,915
343,899 Current liabilities_ 336,823
287,027
Special deposits__ _
4.755
2,895 Deferred liabilities
276
143
Materials & slum_ 250,458
247,782 Tax liability
13,216
13,054
Loans & bills rec
750
131.824 Accr. depr.-equip 549,271
512,759
Misc, accounts reOther unadj. creel_
48,685
53,691
ceivable
96,495
79,654 Addles to property
64,810
64,810
Deferred assets
24,513
24,513 Sink,fund reserve_ 1,250,000 1,250,000
Unadjusted debits. 115,376
74,673 Profit and loss_ _ _
798,455
983,774
Total
57,961,538 $8,065,259
Total
$7,961,538 $8,065,259
-V. 114. p. 2712.
Chicago & Eastern Illinois Railway Co.
(14 Annual Report-Year ended Dec. 311922.)
Pres. W. J. Jackson May 15 wrote in substance:
Results.
-Company took possession of its property and commenced
railroad operations Jan. 1 1922. and the results of its operations were
as follows:
Railway operating revenues, $24,737,347; railway operating expenses, $21,134,733; net revenue from railway operations_ _ _83,596.815
Railway tax accruals and tmcollectible railway revenues
1.160,738
Railway operating income'
$2,435,876
Equipment and joint facility rents
-net credit
285,593
Miscellaneousincome
393.788
Gross income
53.115,257
Interest, rentals, miscellaneous and sinking fund charges
2,512,581
Surplus for the year
$602,676
The year 1922 presented most unusual conditions. The volume of
freight traffic carried during the year was less than for 1921, there being
a decrease of 8.22% in tons of revenue freight. Freight revenue decreased
10%, the result of the business depression, the strike of the coal miners,
the strike of the railway mechanical crafts, the reduction in freight rates
and a decrease in miles of road operated. The following statement indicates the tonnage of coal and other freight handled compared with 1921.
1922 Tons.
1921 Tons.
Coal freight handled
5,984,380
7.528,220
Other freight handled
5,774,855
5,284.478
All freight handled
11. ,
759 235
12,812,698
-The general business depression which prevailed throughout
Strikes, &c.
1921 continued during the first three months of 1922, and, although the
shut
-down of the mines served by this company was expected on April 1
with the expiration of the wage agreement, the coal tonnage moved during
January, February and March was below the average for the same months
of other years when the wage agreements of the miners expired March 31.
On April 1 all of the mines discontinued operation and did not resume
until Aug. 23, practically five months, as it required some days after the
date the settlement became effective for the mines to get back to tonnage
production. For 1921 bituminous coal was 58.57% of all freight handled,
while for 1922 it was 50.9%. The difference represents a decrease of
1,543.840 tons.
On July 1 the mechanical crafts left the service in protest against a
decision of the U. S. Railroad Labor Board. They bad no particular
grievance against this company. More than 50% of the supervising
foremen joined the mechanics in the strike. Traffic was light, the result
of the coal strike and the general depression in business. This company's
equipment was in good condition, 39% of the coal cars and 34 locomotives
being stored on the road ready for service when the mines resumed work.
The officers, therefore, decided not to make an effort to fill the strikers'
places but to await developments. The handling of locomotives at terminals and the inspection and making of light repairs to cars was taken
care of by the official classes of the mechanical department and by volunteers
from other departments.
Early in July it became apparent that the company could not permit
any of the foremen and many of the men on strike to re-enter the service
on account of their interference with employees who had refused to join
them in the strike and their efforts to damage this company's property.
On Aug. 1. upon advice from the coal operators that the resumption of
mining was imminent, this company began employing men to take the
places of the strikers-both skilled mechanics and young men who were
anxious to learn the mechanical trade but under tho restrictions placed
by the old organization could not do so-and continued this policy until
a full force was recruited. Acting under the instructions of the U. S.
Railroad Labor Board, these forces have organized company unions to
handle their affairs.
[VOL. 116.
THE CHRONICLE
Rates.
-During the summer and fall of 1921, the I.
-S. C. Commission
was besieged with requests for reduction in rates, and on Nov. 23 1921
instituted a general rate Investigation. On Jan. 1 1922 the carriers made
a voluntary reduction on all products of the farm, range and orchard.
On May 24 1922 the Commission announced its opinion in the general
rate investigation, finding that freight rates and charges would be unreasonable on and after July 1 1922 to the extent that they exceeded the
rates in effect Aug. 25 1920 by specified percentages. The effect was a
reduction of 10% in this company's freight rates on farm products, Jan. 1
1922, and approximately 10% on other freight, July 1 1922.
Chicago ot Indiana Coal Ry.-This company did not acquire the Chicago
& Indiana Coal By., and, as a result, the miles of road operated decreased
185.68 or 16.42%.
•
Passenger Revenues -Passenger revenues decreased 9.30%, passengers
carried one mile decreased 10.88%, and passenger train miles decreased
9.92%. Passenger revenue per mile of road increased 8.49% the result
of the discontinuance of the operation of the Chicago & Indian Coal Ry.
-The decrease in the expenditures for maintenance of equipExpenses.
ment was the result of working reduced forces short time during the first
six months of the year on account of the business conditions, and to the
strike of the mechanical crafts during the last six months. The decrease
in transportation expenses was the result of less business handled.
Transportation expenses were materially affected by the purchase of
coal for locomotive use during the last two months of the coal miners'
strike. Sufficient coal to operate for three months was stored prior to
the strike, it being the opinion that the strike would not last until July 1.
During the latter part of June it became necessary to purchase coal in
Kentucky, paying a high price per ton and freight charges. This resulted
in an increase of 5401,000 to transportation expenses.
-Equipment changes during the year consisted of the
Equipment.
purchase of 10 new Mikado locomotives, which were placed in
service during November and December, at a cost of
5471,330
Two second-hand service cars at a cost of
3,500
Betterments to existing equipment at a cost of
185,104
Total
Less retirement during the year of 142 units valued at
$659,934
101.760
Leaving net additions and betterments to equipment
$558,174
-During the year there were a total of 11 new industries
New Industries.
located on this company's line, representing an investment for the industries of $193,500. It is expected that these industries will furnish employ-bound traffic of about 1,750
ment for 255 men and will produce in and out
Cars annually.
GENERAL STATISTICS FOR CALENDAR YEARS.
1919.
1922.
1920.
1921.
Miles operated
1,131
1.131
1,131
945
Operations
Pass. carried
4,886,226
5,432,806
4,520,652
3.530,503
Pass. carried 1 mile_ _ _ _148,323,149 166,433,222 207,377,221 200,535,777
2.44 cts.
Rate per pass. per mile
3.09 cts.
2.62 cts.
3.05 cts.
Revenue freight (tons)-- 11.759.235 12,812,698 17,248,283 13,878,842
Rev.freight(tons 1 mile)1871349417 1970340812 2788153778 2194912974
0.82 eta.
Rate per ton per mile__ - 0.98 eta.
0.82 eta.
1.03 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
-Corporate- -Receivers and Federal Combined
1922.
1921.
1919.
1920.
$18,257,138 520.282,431 $22,827,420 $18,019,273
4,580,655
5,051,669
5,435,822
4,883,307
111,810,851 b1,462,778 e2,650,692
1,593,684
282,704
302,269
393.514
298,917
Operating RevenueFreight
Passenger
Mail, express. &c
Other than trans
Total over. revenue-424.731.348 $27,099,146 $31,307,448 $24,795,181
Maint. of way & struc- - 2,782,201
2.772.461
3,873,651
3.663,392
8.572,405 10,655,190
Maint. of equipment_ -- 6,567,570
8,974.253
Traffic expenses
508,835
441,522
334,186
254.553
Transportation
10,354,312 11,163,435 13,714,699 10,438,988
129.706
Miscell. operations. &c_
155.927
162,601
93,558
792,109
838,654
General expenses
1,023,123
682,205
Total open expenses_ -521,134,733 $23,944,405 529,763,451 524,106.949
3,596,615
3,154,741
1,543.997
688,232
Net earnings
1,160,739
1,216,060
Taxes, &c...
1,125,407
909.900
Operating income_ -- - $2,435,876 $1,938,681
$418,590 def$221,668
906,099
926,115
2,406,274
188.575
Hire of equip. (credit)..Joint facility rent income Dr.820,505 Dr.711,214 Dr.696,650 Dr.551.799
393,789
780,295
257,160
204,263
Other income
Total income
Interest
Rents
Miscellaneous
$3,115,258 52,933,878 52.385,374 def$380,629
$2,297,018
$801.272
$868,774
$944,460
5.797
6,714
7,661
10,736
25.099
9,179
4,596
4,313
52,327,914
$817,165
Total charges
$881,031
$959,508
787,344 a2,116,713
Balance
1,504,342 df1,340,138
Inc. applic. to sinking &
184,668
other reserve funds_ -Accrued int. not paid.... _
x2,947,504 x2,947,504 x2,947,504
Balance
sur$602.676 def$830,791 df$1.443,162df$4.287,642
a Includes $119.976 Federal lap-over charges which were excluded before
transferring to profit and loss. b Includes $96,185 additional mall revenue
earned in prior years. c Includes $599,319 additional mail revenue
earned during Federal control period. x The accrued interest not paid,
aggregating 52.947,504 for years 1919, 1920 and 1921, includes the following
items, viz.: Ref. Ss Impt. Mtge. 4s, $639,840; Gen. Consol. & 1st Mtge. 58,
51,067,150; Chicago & Indiana Coal Ry. 1st Mtge. 5s. 8231,300: Evansville & Terre Haute RR. Co. Ref. Mtge. 54. $.56,707; Evansville & Terre
Haute RR. Co. 1st Consol. Mtge. 55, $157,250: Evansville & Terre Haute
RR. Co., Sullivan County Coal Branch, Mtge. 54, $22,500; and miscellaneous, including interest on receiver's certificates, $750,256.
CONDENSED GENERAL BALANCE SHEET.
Dec.3I '22 Jan. 1 '22
Dec. 31 '22 Jan. 1 '22
Liabilities
Assets-$
inv.in rd.lc equip-79,731,781 78,750,852 Common stock._ _23,845,300 23.845,300
Preferred stock._ _22,046,100 22,046,100
Impts. on leased
23,818
23,818 Fd. debt unamt'd_43.937.938 44,538,236
property
Traf. & car serv.
75
Sinking funds__
Deposits in lieu of
balances payable 377,139
396,252
72,659
mortgaged PropAudited accts. &
wages payable__ 2,060,060 1,756,780
Misc. phys. prop-- 1,236.592 1,257,392
Misc, accts. pay- - 321,631
322,004
Inv. in attn. cos.:
1,263,000 1.263,000 Int. mat'd unpaid.
54,852
12,141
Stocks
1,447,000 1.421.000 Funded debt mat'd
Bonds
1,025,460
Advances
unoald
987,730
1,000
Unmet. int. accr
456,039
447,441
Secs. Iss., Duren.in
antic of sk. fd.
Unmet.rents acerb_ 193.268
190,438
49,404
requirements0th. curr. !labile__ 166,401
289,626
859.225 Def. liabilities- _
87,734
Other investments 5,168.371
89,156
1,069,708 3,131,300 Tax liability
Cash
1,146,946 1,186,592
2,500
Demand ins. Ss dep
7,500 Ins. & cas. res.-- _
18,295
14,906
Special deposits-- 161,307 1,791.127 Operating reserves
20.510
Loans & bills rec
14,667 Accr. depr., equip
545,926
Tref. & car service
0th. unadj. credits 471,760
909,609
balances rec.-- 852,323
855,840 Add'ns to prop.
thr. inc. & surp_
Net bal. rec. due
17,819
143,239 Sink, fund reserves 303,001
fr. agts. & cond. 416,026
Misc. accts. rec..- 877.317 1.089,460 Prof.& loss-bal.. 522,211
Mat'is & supplies. 2,293,883 3.223,706
56,546
Int. & dive. rec-..
4,571
14,362
Rents receivable__
117,319
0th. curr. assets-. 245.916
24.684
Working fund adv
18,535
82.667
88.288
Other def. assets.Rents & ins. prams.
10,342
prepaid
14,651
500,000
U.S.guar.earns
0th. unadj. debits 458,587
490,959
96,584,330 96,054.179
Total
-V.118.9. 74.
Total
96,684,330 96,054,179
THE CHRONICLE
JUNE 91923.]
Carolina Clirichfield & Ohio Ry.
(12th Annual Report-Year Ended Dec. 31 1922.)
President N. S. Meldrum, New York, May 1, reports in
substance:
Resuits.-Operation for 1922 resulted in an income of $1,137,366 being
carried to profit and loss.
Financial.
-In Dec. 1922 a mortgage and deed of trust, dated Dec. 15
1922, of all of the properties of the company was made to Equitable Trust
Co., New York, as trustee, providing for an authorized issue of $50,000,000
let & Consol. Mtge. Gold bonds. These bonds are issuable from time to
time in series, and may have such dates and maturities (not later than Dec.
15 2072), bear such rate or rates of interest, and contain such provisions
as to redemption, convertibility, exchangeability and otherwise, as the
directors may from time to time determine.
Of the 1st & Consol. Mtge. bonds so authorized, the following amounts
were set aside for the purposes specified:
$9,500,000 6% Series A. bonds, dated Dec. 15 1922, payable Dec. 15
1952, redeemable all or part up to Dec. 15 1937 at 10734 and at
less
during each 12 months' period thereafter, to be presently issued.
-Year
$15,000,000 for refunding an equal amount el' 1st Mtge. 5% 30
Gold bonds maturing June 1 1938.
refundin
$200,000 for
-Year Gold
an equal amount of 1st Mtge. 530
bonds of Lick Creek &
e Erie RR. maturing Jan. 1 1933.
$1,500,000 for refunding an equal amount of 5% Realty & Collateral
Trust Cony. notes of Holston Corp.. maturing Apr. 1 1926.
$4,923,200 for refunding 80% of the face amount of various issues of
Equipment Trust obligations, aggregating $6,154,000.
The balance for reimbursing the company for capital expenditures subsequent to Dec. 15 1922. Bonds are aGo required to be set aside and reserved from time to time for the refunding of prior liens on properties purchased with the piroceects of these bonds.
On Dec.29 1922, under authority from the 1.-S.C. Commission, 88,000,000 Series A 1st & Consol. Mtge. Gold bonds were sold for cash, and the
proceeds, together with other moneys in the treasury, were used to repay
10r. S. Government l-Year 6% Secured loans for $1,000,000 and $5,000,000,
-Year 6% Secured
respectively, due Dec. 31 1922, and U. S. Government 10
loan for $2,000,000, due July 9 1930.
Upon the repayment of these loans, there were surrendered to the company the securities pledged as collateral, consisting of $1,000,000 1st Mtge.
5% 30-Year Gold bonds dated June 1 1908: $6,000,000 5% Elkhorn 1st
Mtge. Gold notes, extended, and $5,000,000 10-Year 5% Mtge. Gold notes.
extended.
The 5% Elkhorn 1st Mtge. Gold notes, extended, and the 10
-Year 5%
Mtge. Gold notes, extended, have been canceled and the mortgages under
which they were issued have been satisfied and released.
The I.
-S. C. Commission has also authorized the issuance and sale
of $1,500,000 additional Series A bonds, upon the same terms, for the purpose of reimbursing the treasury for installments of Equipment fIYust
obligations paid during the period of Jan. 1 1921 to Oct. 1 1922, and disbursements for road and equipment during the same period.
Payments aggregating $700,000 were made during the year on account
of principal of Equipment Trust obligations.
General.
-An agreement was entered into with the Southern Railway Co.
(lessee of the Virginia & Southwestern Ry.), whereby the Carolina Clinchfield & Ohio Ry. was granted the right to use, jointly with the Southern
Railway, its tracks from Frisco. Tenn., to Albert Yard, Va., a distance
of 13.60 miles.
On July 1, following a decision of the U. S. Railroad Labor Board, making reductions in the wages of shoperafts. a general strike of shopmen was
called, in response toWhich practically all shopmen left the company's service. This strike continued until Nov. 9.
34%
TRAFFIC 'STATISTICS FOR YEARS ENDED DECEMBER 31.
1922.
1921.
1920.
1919Average miles of road operated.291
299
291
291
Number of passengers
648,485
574,121
729.370
643,569
do
do
one nine-- 13,689,866 14,782,565 17,432,414 15,039,868
Avge. receipts per pass. per Idle_
2.93 eta.
3.52 eta.
3.13 cts.
3.54 eta.
Pass. train rev, per train mile_ _ _
$1.5223
81.8921
51.7290
51.7928
Tons of coal carried (revenue).- 3,823,222 3,320,264 4,261.427
3,877.502
do
one mile
do -652,123,327 620,794,859 689,740,836 617,424,116
Average receipts per ton mile.... 0.68 eta,
0.63 eta.
0.65 eta.
0.65 eta.
Tons of revenue mdse. carried __ _ 1,767.493
1,495,177
1,628,709
1,561.726
do
do
one mile
202,392,726 197.167,511 215,025,243 174,145,264
Average receipts per ton per mile. 1.26 cts.
1.04 cts.
1.10 eta.
1.40 eta.
Tons of revenue freight carried_ 5,590.715
4,887,990 5,890,136 5,372.679
do
do
one mile
854,516,053 817,962,370 904,765,779 791,569,380
Avge. received per ton per mile
0.72 eta.
0.76 eta.
0.82 eta.
0.83 cta.
Grose oper. rev, per mile of road_
$25,981
$21,572
$25,439
$25,649
Net oper. rev, per mile of road.__
$5,413
$5,393
$8,669
$7.367
SUMMARY OF OPERATING REVENUES FOR TEN YEARS 1913 TO 1922 INCL,
Years Ended
Coal
Merchandise
Mail et Miscel- Tot. Oper'
Dec. 31-Freight.
Freight, Passenger. Express. gaseous.
Revenues.
1913
$1,693,459 $831,591 $224,117 $25,876 $30,279 $2,805,322
1914
1,364,330
736.467 203,674
26,185 27,964 2,358,621
1915
1,483,576
784,470
25,853 2.515,071
194,157 27,016
1915
1,783,739 1,147,917
253,985
53,125 3.276,487
37,721
1917
2,217,198 1,639,312 322,119 46.554 60.207 4,285,390
1918
2,972,225 1,508,955
441,727 36,588 62,890 5,022,385
1919
3,906,669 1,815,700
440,684 45,022 69,752 6,277,826
1920
4,478,865 2,371,384 546,480 97,692 66,458
7.560.880
1921
4,024,728 2,765,419 522,693 83,000 68,272
7,464,112
1922
4,414,683 2,558,360 482,369 100,746
52.445
7,608,602
SUMMARY OF OPERATING EXPENSES FOR TEN YEARS 1913 TO 1922 INCL.
Years Ended
Maint. of Maim. of
xTotal Oper.
TramperDec. 31- Way db Struc. Eguip't.
Traffic.
lemon.
Expenses.
11913
$194.337 $301,330 $100,792 $504,822 $122,783 $1,224,066
914
193,738
307,661
102.685
1,193,185
469,694
126,509
1915
286,890
303,090
113,005
467,423
1,284,731
126,669
1916
289,720
447,318 221,017
647.025
1,742.278
147,773
1917
426,170
635.480 227.980
986,370
179,023 2,450,310
1918
684,515 1,171,405
110,363 1,621,288
163,390 3,748,030
1919
966,414 1,524,824
70.045 1.966,366
176,507 4,702,571
I 050,185 1,915,918
1920
221.020 2,546,886
259,762 5,991,271
1921
979,799 1,740,747
269,116 2.084,818 250,255 5,320.171
1922
890,359 1,621,632 263,707 2,011,720
231,823 5,015,787
2631
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
Liabilities(Con.).
Assets$
$
15
-year 6% cum.
Investment in:
income debens.... 5,000,000
(a) Road
49,246,847 43,545,414
(b) Elkhorn Ext.
5,491,159 U. S. Govt. 10-yr.
loan
(c) Equipment _15,336.372 15.373,874
U. S. Govt. 1-year
let M.bonds, C.C.
loans
&0.By,, S. C. 3,000,000 3,000,000
Miscellaneous ____ 4,364,513 4,383,813 Equipment trusts_ 772,000
Cash
2,320,494 2,554,363 U. S. RR. equip't
trust notes
5,382,000
Other curr. assets_ 1,155,593 1,546.778
xDeferred assets
902,813 Interest accrued.- 406,295
1.074,765
Traffic & car serv,
Int.on bds. owned:
balance payable. 317,624
C. C. & 0. By.
of B. C
1,437,500 1,662,500 Audited ace'ts and
wages payable
389,047
Black Mtn. By.
4,375
4,688
852,941 C. C.& 0. By. of
Unadjusted debits 936,891
S.C.dep.acct.76,/
89
938
Total
78,877,349 79,318,344 Other curr.
Accr. depr., equip_ 2,229,355
Common stock_25,000,000 25,000.000 Other unac11. cred_ 399,476
Preferred stock_ _y11,500,000 11,500,000 Add'ns to property
thro. Inc. & surp
53,816
1st M. bonds,'38z13,950,000 13,950,000
L. C.& L. E.RR_
195,000
195,000 Profit & loss. bal.,. 5.204,969
Elkhorn gold notes
96,000
let & Cons. M.gold
78,877.349
Total
bonds (ser.) A
8,000,000
1921.
5,000.000
2,000,000
6,000,000
1,058,000
5.796,000
823,619
199,545.
520,838
390,829
8,429
1,815,601
248,639
35,663
4,680,680
79,318,344
x Deferred assets in 1922: Holston Corp. advances, $750,350; Black Mountain
By. Co. advances, $233,832; Erwin Electric Light & Power Co. advances, $35,948:
working fund advances, $2,869: insurance paid In advance, $2,988: value of rail
leased to Industries, $30,425; Southport Harbor Co., $12,756; Clinch!. Nor. By. of
Ky. advances, $5,597. y Preferred stock, $13,500,000: less amount In treasury.
$2,000,000. a After deducting amount held in treasury, 51,050,000.-V. 115, p.
2255.
Colorado &Southern Railway Co.
(24th Annual Report
-Year ended Dec. 31 1922.)
This company is controlled by the Chicago Burlington &
Quincy RR. by ownership of $23,657,500 of the $31,000,000
Common stock, and the corporate income statement for the
years 1920 to 1922,_taken from the report of that company,
was given in "Chronicle" of May 5, p. 2006.
President Hale Holden, Chicago, Jan. 1, said in substance:
-There was a considerable decrease in gross and neS
General Remarks.
earnings of the companies in 1922 as compared with previous year. Pro;
'
longed drought In Texas and New Mexico not only reduced the tonnage at
agricultural products, but also limited the purchasing power of the 1014
,
cultural population, and curtailed the inbound movement of merchandise
implements and miscellaneous traffic, and restricted passenger travel on
the lines materially.
There was also a marked drop In the price of oil, which retarded drilling
of wells and development of this industry, which has for several years been
an important factor, particularly on the Fort Worth & Denver City By.
Metal mining in Colorado and operation of the steel plants there were also
on a low schedule throughout the year. Very consicierable reductions in
rates were made effective during the year by orders of the Inter-State
and State Gommlesions. The strike of mechanical department employees
on July 1 curtailed operations and increased expenses to a considerable
extent.
The net balance of income of the combined lines after appropriation for
Preferred dividends by Colorado & Southern By. was $1,056,724. A dividend on the Common stock of Colorado & Southern By. of 3% was therefore appropriated from accumulated surplus and paid to stockholders as of
record Dec. 16 1922, payable Dec. 30 1922.
It is expected that tile valuation of the properties of these companies by
-S. C. Commission will be practically completed during the coming
the I.
year. Total amount expended by these companies on this work to Dec. 31
1922 was $655,358.
-Operating results for the year compared with those of the preResults.
vious year show the following: '
Change in
Operating0perating
E'expenses.
Net Rev.
Revenues.
Colorado & Southern Ry.Co_ _ _ _Dec. $26,983 Inc. $370,775 $397,758
831,605
Ft. Worth & Dev. City By. Co__Dec. 1,617,921 Dec. 786,315
145,940
The Wichita Valley By. Co
Dec. 307,622 Dec. 161,682
1921.
Percentages of Oper. Rev. Required for Oper. Expenses1922.
Colorado & Southern By. Co
82457 79.59%
Ft. Worth & Denver City By. Co
69.22lo 66.27
The Wichita Valley By. Co
o
63.
Funded Debt.
6
-During the year the following changes have been made in
the long-term debt of these companies:
Equipment
(1) The Colorado & Southern Hy. issued $1,425.000 534
Trust Gold certificates dated May 1 1922. due $95,000 annually to May 1
1937, covering approximately 75% of the cost of the following equipment,
leaving approximately 25% to be paid in cash: 1,000 50-ton capacity all-door drop-bottom gondola coal cars, and 200 30-ton capacity
steel 16
steel underframe refrigerator cars. Company also retired $70,000 Equip.
Trust No. 19, U. S. ER. A.
(2) Fort Worth & Denver City By. issued $750,000 534% Equipment
Trust Gold certificates dated May 1 1922, due $50,000 annually to May 1
1937, covering approximately 75% of the cost of the following equipment,
-ton capacity steel
leaving approximately 25% to be paid in cash: 500 40
underframe box cars, and 100 30
-ton capacity steel uuderframe refrigerator
cars. Company also retired the following equipment installments:(a) Note
$17,200: (b) Note
No, 2, Equip. Trust Agreement No. 20, U. S. RR.
A..
No. 17, Equip. Trust Agreement No.20, U. S. RR.A.,$16,700;(c) deferred
Agreement, Series "C," $112,003.
rentals under Equip. Trust
Capital Expenaitures.-in accordance with a general and systematic plan,
physical Improvements and developments of the system, including new
lines and extensions and additions and betterments to way, structures and
equipment have been continued during the year. There were changes in
road and equipment accounts of the several companies covered by this report, including leased lines, as follows:
Cot. ee Sou. Ft.W. ge D.C. IF. V.
Description$184,118
$130,847
Structures and machinery
110,113
24,357
18 : 11
12733
9 0
Bridges
dr.18,886
40,479
128,802
TracKs
dr.28,092
1,519
Land
F..)1:6360659
8
1
Tie plates applied
1020,.L'"5
3
18
Other additions and betterments_
112,34
224
6
1,949,218
Equipment
1,638,422
537
x After allowing for transportation for investment, a credit item.
RATIO OF EACH CLASS OF OPER. EXPENSES TO TOTAL OPER. REVENUES.
.1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922.
Maintenance of way
and structures- 6.93 8.22 11.41 8.84 9.95 13.63 15.39 13.89 13.13 11.70
Total
$2,325,535 81,856,795
$364,398
Maint, of equiv....10.74 13.04 12.05 13.65 14.83 23.32 24.28 25.34 23.32 21.31
Denver & Interurban ER.
-The total outstanding mortgage and other
Traffic
3.59 4.35 4.49 6.75 5.32 2.20 1.11 2.92 3.61 3.47
Transportation ___ _18.00 19.92 18.58 19.75 23.01 32.28 31.32 33.68 27.93 26.44 long-term indebtedness is owned by Colorado & 3outitkrn By., and the
General
4.37 6.36 5.04 4.51 4.18 3.25 2.81 3.44 3.35 3.05 Interest on bonds and notes, included in deducticms from gross income below, although accrued, has not been paid.
Operation over the
of the Denver City Tramway Co. was disTotal
43.63 50.59 51.08 53.18 57.18 74.63 74.91 79.21 71.28 65.92
continued, effective Sept. 24 1922, from which date trains have been operSUMMARY OF INCOME ACCOUNT FOR TEN YEARS, 1913 TO 1922, INCL. ated from the new Interurban Station adjacent to the property of Denver
Union Terminal By. Arrangements were made for the use of the Terminal
Years Ended Net Oper. Non-Oper.
Gross
Fixed
Co.'s waiting room, ticket office, concourse and subways for accommodaDec.31- Revenues. Revenues. Income,
Surplus. tion of passengers and access to the new
Taxes.
Charges.
Interurban Station.
1913
81.581,256 $338 360 $1:
:
,5
8115,978
$87 , 76
Sur 1
This new method of operation will be
through the city
1914
„
•
317,357 streets and, it is hoped, will increase the cheaper than Denver & Inter934,083
161,322
business of the
1,230,340
222,166 1,452,507
1915
164,267 1,058.003
209,886 urban, or at least overcome losses due to development of automobile travel
1,534,208
398,684 1,932,892
1916
155,280 1,189,893
587,719 between Denver and northern Colorado territory, where the line operates.
567,436 2,402,517
1,835,080
1917
899,794
226,877 1,275,846
Colorado Springs & Cripple Creek District Ay. Co.
-The entire property
1,274,355
229,648 1,503,696
1918*
208,458
of this company was sold under decree of foreclosure on Oct. 16 1922 for
1,575,255
132,298 1.707,553
1919*
226,523
$370.000, Which amount it is understood is on deposit with the District
1,569,609 1,167,933 2,737,543
1920*
748,518 Court of the United
370,750 1,618,274
States for the District of Colorado. Final distribution
2,143.942
877,206 3,021,148
1921
986,428 of this amount,
ti105:000 1,594,720
receiver, has not been
together
2.592,816
963,122 3,555,937
1922
1,553,570 1,437,367 made, but will probably with other funds held by theyear and the receiverbe made during the coming
terminated.
* Data for 1018, 1919 and January and February 192()furnished by U.S. Railroad ship indicated in
,
As
last year's annual report, the amount received from the
Administration.
sale of this property will be insufficient to take care of the outstanding
-The annual compensation received from the Government during Federal bonds and other Indebtedness, so that there is no likelihood of Colorado &
Note.
Southern By. receiving any payment to apply against the capital stock
control was at the rate of $1,804,970 per annum.
i vs g
l
2632
THE CHRONICLE
owned, the value of which was written out of the accounts in the previous
Year.
Trinity & Brazos Valley Ry.-The property has been operated by a receiver during the entire year. Owing to the bringing in of the Mexia oil
field, the results of operation during 1921 showed a substantial increase.
Due to the installing of pipe lines to the Melds oil field and to the prolonged drought conditionsln north Texas, the business of this companywas
materially decreased under that of the preceding year:
OPERATING STATISTICS FOR CALENDAR YEARS.
1920.
1919.
1921.
1922.
Revenue freight (tons)__ 5.143,844 4,753,055 6,789,747 5,697,261
Rev.freight (tons) miles 739,338,919 620,377,330 882,016.336 805,616 645
Av.fgt. rev. per train m.
$6.88
86.16
$6.22
$k.15
Av.rev, per ton offreight
$2.082
$1.77
$1.70
31.967
Passengers carried
1.146.221
1,103,450
807.085
668,584
Pass.carried per mile_ _ _ 56,292.701 63.864,868 95.127.825 86,760,584
Av.pass.rev. per tr. mile
$2.29
$2.86
$2.28
$2.18
Avge. rev, per passenger
$2.28
$2.97
$2.64
$3.04
OPERATING STATEMENT OF COLORADO & SOUTHERN RAILWAY
(1,099 MILES) FOR CALENDAR YEARS.
Combined. -Corporate-Federal.
Operating Revenues1920.
1921.
1922.
1919.
Freight
39,701.857 $11,934,164 $9,897,761 310,121,548
Passenger
2,510,935 3.023.812 2,394,205 2,032,090
Mail, express, &c
763,852
1,265.978
931,255
1,042,599
Total oper. revenues_$12,976,644 $16.223,954 813,223,220 $13,196,237
Maint. of way & struc__ $2,092.587 $2.587,479 $1,993,464 $1,966,385
Maint. of equipment_ _ - 3,108.389 3,427,673 2,981,257
3,090,819
Traffic
104,019
145.867
146,129
157,518
Transportation
4,855,575 5,678.460 4,703,027 5,038,957
General
462.155
609,599
603.157
522,214
Miscellaneous
123,429
96.855
118.773
88,792
Operating expenses_ --$10,711,517 812,572,507 $10,523,890 $10,894,665
:Net revenue
32.265.127 $3,651,447 32,699,330 32,301,572
Tax accruals. &c
882,921
766,615
833,514
572,220
[Vol,. 116.
BALANCE SHEET DEC. 31 1922 (Compare V. 115. p. 429)•
AssetsCol.&So.Ry. F. W.&D.C. Wich.V.Ry.
Investment in road and equipment_ 481,591,197 $29,518,061 $1,925,514
Deposited in lieu of mtge. property._
2,958
35.284
Miscellaneous physical property_ ___
4,660
205.928
160,860
Investments in affiliated companies__ 17,732,799
564,172
Other investments
6,073,821
722,079
344,299
Cash
1,514,853
1,121.088
150.194
Time drafts and deposits
1,400,000 3,000.000
13,304
Agents and conductors
159,970
42.339
66,690
Materials and supplies
1,744,119
1,026,615
Other current assets
4.914
9,068
13.198
Special deposits
1,297.319
25.148
Traffic, &c., balance receivable
449,656
21,892
274.189
Miscellaneous accounts receivable ..
31,534
603.154
407,823
Interest and dividends receivable-1,369
21,000
22,949
6
Deferred assets
71,369
12,898
Unadjusted debits
1.323,060
1,952,830
160.997
Total
5113.667.495 539.276,109 52,881,573
Liabilities
Common stock
331.000.000 59,243,800 31,020.000
Preferred stock
17,000.000
Government grants
19,134
769.000
50,713.900 9,646.700
Funded debt
Non-negotiable debt to affiliated cos_
299,918
48,060
253.045
232,162
Traffic, &c., balances
690.006
158,427
Audited accounts & wages payable_ _ 1,717,873
Miscellaneous accounts
61,770
46.305
11.795
34.566
7.003
Interest matured unpaid
418
715,165
Dividends,&c., matured unpaid
578,763
62,308
46,822
Unmatured interest, &c., accrued.. _ _
8,911
3,684
1,654
U.S. Government deferred liabilities_
54,073
132,594
Other deferred liabilities
5,868,015 2.875.427
2,004
Accrued depreciation, &c
297,451
805,154
11,696
Tax liability
119.380
199,497
260.147
Operating reserves
41,656
151,504
23,297
Unadjusted credits
12.207
223,308 6.707.232
Add'ns to prop. through Inc. & surp_
500.000
Appropriated surplus
396.430
3.891,025 8.861.892
Profit and loss
$113,667,495 339.276,109 32.881,573
Total
-V. 116, p. 2006.
Operating income_ - _ 31,692.906 $2.768,526 $1,932,714 $1,468.058
Non-operating Income
Rent from equipment
$159,614
$264,720
Joint facility rent income
24,110
30,671
El Paso & Southern Co.
Income from lease ofroad
35,728
34,873
Miscellaneous rent income
34.254
24,560
-Year ended Dec. 31 1922.)
(9111 Annual Report
Miscellaneous non-operating physical property-3.036
Dividend income
1,119.914
President T. M. Schumacher, May 1, wrote in substance:
915,893
Income from funded securities
617,376
620.988
-Company's claims against the GovFederal Control Period Settlements.
Income from unfunded securities and accounts
288.580 ernment for the Federal control period for account of the Morenci Southern
386,259
Miscellaneous income
308 By. and the Arizona & New Mexico By. under the provisions of Section
1,587
-S.
204 of the Transportation Act, 1920, are now pending before the I.
Gross income
$4.212,266 33,750,979 C. Commission, and it is expected settlement will be made within the next
Deductions
few months.
Hire of freight cars (dr. bal.)
$319,810
$48,056
Guaranty Period Settlement.-Company's claim versus the Government for
Rent for equipment
183,973 the guaranty period was presented for settlement early in 1922. The claim
183,184
Joint facility rents
93,071
86,123 amounted to a total of $2,143,699. Partial payment in the sum of $500.
Rent for leased roads
112,236
112,949 000 was received from the treasurer of the United States on March 24
Interest on funded and unfunded debt
2,139,128 2,145,373 1922,in accordance with certificate of the I. C. Commission dated March
-S.
Amortization, &c
61,240 20 1922. and check for the balance, amounting to $691,408 in full settle-,
80,074
Miscellaneous
6.362
6,754 was received on June 26 1922.
Claims for the guaranty period for account of the Morenci Southern
Net income
$1,550,156
$834,759 By. and the Arizona & New Mexico By. are now pending, and settlement
First Preferred dividend (4%)
340,000
340,000 of them is expected within the next 60 days.
Second Preferred dividend (4%)
-S. C.
340,000
340.000
-The valuation of the properties by the I.
Federal Valuation.
Common dividend (3%)
930,000
930.000 Commission, which has been progressing for some time past under an Act
of Congress dated March 1 1913. is about completed. Preliminary acDeficit
-S.
$59,844
$775,240 counting, engineering and land reports have been received from the I.
Profit and loss surplus
$5,027.545 33.891.025 C. Commission and our exceptions filed to correct omissions and errors
OPERATING STATEMENT OF FORT WOR7'H & DENVER CITY RY. therein.
Company has expended to date on account of Federal Valuation the
(454 MILES) FOR CALENDAR YEARS.
sum of $49,443.
Federal.
Combined. -corporate
-On Feb. 14 and
Recovery Under Section 15a, Inter-State Commerce Act.
1919.
1920.
1921.
1922.
-S. C. Commission issued orders in the matter of
March 16 1922, the I.
Freight revenue
$7,112,886 $8,337,901 $8,027,522 $6,852,575 recovery and payment of excess railway operating income under Section
Passenger revenue
3,615,777 4,083,553 2,725,418 2,266,750
15a of the Inter-State Commerce Act,and in accordance therewith company
Mail, express, &c
433,639
727,794
582,018
597.714 filed reports for the last quarter of the year 1920 and for the calendar year
1921, which showed no excess for accounting with the Government.
Total oper. revenue:
-$11,162,302 313,149,248 $11,334,958 $9_,717,038
-The proposed change of the El Paso & SouthwestCapital Stock Change.
Maint. of way & struc-- 81,100,557 32.052,406 61,190,946
1859,452
stock was approved by the
to
Maint. of equipment_ - 2.188,479 2,939,397 2,096,848 2,124,649 ern Co. stock of $100 par value 18 no par value
1921. Certificate has been filed with
I.
-S. C. Commission on July
Traffic
54,669
96.794
136,825
136,184 the Secretary of State in New Jersey, but no action has as yet been taken
Transportation
4,068.432 5,891,300 3,590,665 3,124,086
board to make the exchange.
General
316.952
437,086
426,904
417,219 by the
-In order to refund outstanding mortgage obligaChange In Mortgage.
Miscellaneous
38.265
80,289
70,217
-S.
64,301 tions,the El Paso & Southwestern RR.applied on Mar. 17 1923, to the I.
C. Commission for authority to issue 55,055.000 5% let & Ref. Mtge.
Operating expenses..-- $7,767.354 $11,497,273 $7.512,206 $6,725,890
securities to refund an equal amount of First Mortgage Bonds
Net revenue
$3.394,948 81,651,976 $3,822,752 $2.991,147 bonds, these 1903, of that Company, due Jan. 1 1923. Approval of this
dated Jan. 1
Tax accruals, &c
259,048
389,769
387,763
439,053 application by the Commission was given on April 23 1923.
Acquisition Of Arizona &New Mexico14.-EffectIve as of Jan. 11922,the
Operating income.._ -- $3,135,900 61,262,207 $3,434,990 $2,552,094
Arizona & New Mexico By. (by the acquisition of its stock and bonds
Non-operating Income
from Phelps Dodge Corp.) has been operated as the Clifton,Branch, WestHire of freight cars (cr. bal.)
$26,709
Division, of the System lines.
Rent from equipment
120,715
131,578 ern
Abandonment Morenci Southern Ry.-While the operations of the Morenci
Joint facility rent income
13,920
11,561 Southern By. were entirely separate and apart from the lines comprising
Miscellaneous rent income
6,337
7,072
El Paso & Southwestern system, it would seem proper to record herein
Income from funded securities
31,165
31,165 the facts concerning its abandonment.
Income from unfunded securities and accounts_ _ _
133,271
173,401 the
-S. C. ConunisApplication to abandon the line was duly made to the I.
Miscellaneous income
60,001
510 sion and the Arizona Corporation Commission, and permission granted
by these Commissions on May 4 1922 and Feb. 9 1922, respectively, and
Gross income
33,827.107 $2,907,381 effective May 4 1922. all operations ceased.
Deductions
The entire line, with the exception of that portion from a point 600 yds.
Hire of freight cars (dr. bal.)
$182,467 south of Shannon Junction to and Including Morenci, has been dismantled.
equipment
Rent for
$125.901
61,154 the excepted section having been sold to Phelps Dodge Corp. for operation
Joint facility rents
13.558 In connection with their mines located in that district.
13,319
Rent for leased roads
18,000
18,000
-On July 1 1922, the Federated Shop
Strike Of Shop Craft Employes.
Interest on funded debt
508,741 Crafts employes on the lines, in common with all those on other railroads,
536,141
Interest on unfunded debt
1,289 went on strike as a protest against the wage award, of the U. S. Railroad
21,449
Amortization, &c
117,900 Labor Board. Nearly all employes in the shops discontinued work on that
120,751
day, but subsequently new men were employed and former employes reNet income
$2.991,546 82,004,272 turn to work, and forces were gradually up to normal.
Dividend appropriations
916,466
916,466
After several conferences between operation officials and the local officers
Federated Shop
Union, an agreement was entered into, dated
Income balance transferred to profit and loss_ - $2,075,079 31,087,806 of the 1922; since thenCrafts
the forces have been working on an efficient basis.
Oct. 1
-A new contract was negotiated with the Pullman
Pullman Contract.
OPERATING STATEMENT OF WICHITA VALLEY RY. CO. (256 Co. and entered into between that company and the railroad companies
MILES) FOR CALENDAR YEARS.
forming the El Paso & Southwestern System, under date of Dec. 1 1922,for
-Combined
-Corporal
a period of 15 years to Nov.30 1937.
1920.
1919.
-New contract between the American Railway Express
Express Contract.
1921.
1922.
Total railway oper. rev.. 81,227,501 $1,838,145 $1,723,110 $1,415,488 Co.and our company was entered into,effective March 11923,and expiring
Total railway oper. exp_
912.423
1.452.036
1.097,987
936,304 Feb. 29 1928, with proviso that it may be terminated at midnignt on
to the other.
Net rev.from ry. oper. $315.078
$386,110
$625,123
$479,184 August 31 1925. by the giving of written notice by either party
The new contract provides that your company shall receive 85% of
Railway tax accruals.. _ _
$60,307
$70,870
$70,121
869,761
carload revenue from express business and shall have more voice in deUncoilec. railway rev--423
79
352
179
termining the expenses to be incurred by the Express company in handling
Railway oper.income_ $254.348
$315.160
$554,650
8409,245 this business also, if profits of the Express company exceed 6% on its
:
Non-operating income
30,787
36,356 property investment the excess up to 8% shall be divided equally between
the two companies. If the profits exceed 8%, 75% of the excess over
Gross income
$445.600 that figure shall accrue to your Company.
$585,437
Deductions from gross income
$407,315
$427.441
-Order was placed in May 1922 with the Pullman Co.
New Equipment.
-ton
-ton capacity steel underframe refrigerator cars with 40
-ft. 30
for 20 40
Net income transferred to profit and loss
$178,122
$18,159 capacity trucks, at a total cost of $54,000. Order completed and delivery
made in August 1922.
INCOME ACCOUNT CALENDAR YEARS.
passenger
In Dec. 1922, order was placed wit('the Pullman
-Denver & Interur.- Trin. & Bray. Vail. Ry. coaches at $24,612 each, and 2 steel baggage and Co.for 2 steel 518.929
express cars at
1921.
1922.
1922.
1921.
each, or an aggregate of $87,082. Delivery of those passenger train cars
3276,889
3285.557 $2.777,179 $3,501,010 is expected before July 1.
Operating revenues
223.007
257.014 2,272.449 2.789.266
Operating expenses
OPERATING STATISTICS FOR CALENDAR YEARS.
$53.882
828,542
$711,744
$504.730
rev,from ry. oper.
Net
1919.
1922.
1920.
1921.
8,645
9,019
accruals_ _ _
81,472
89.547
Railway tax
4,591,031
Revenue freight, tons--- 3.393,712 2.469,474 4.692,401
$45.236
319,524
$415,184
5630.271 Rev.fgt. 1 mile. tons...-642,416,129 501,163,146 878,102.702 792.338,339
Railway oper.income..
2,560
2.194
1.26 cts.
Non-operating income_ _
1.28 cts.
1.59 eta.
Avge.rev. per ton per m. 1.37 cts.
454,697
$47.431
496.845
322.084
264,947
347,657
8630,271 Passengers carried
8415,184
Gross income
113.292
108.257
429,041
Bic_ _ _
342.205 Pass.carried one mile_ _ _ 48.389,709 56,229,726 76,950,286 69,081,830
Deduc.from gross
3.18 cts.
3.51 cts.
3.94 cts.
4.04 cts.
def.$65.861 def.$86,173 def.$13,857
5288.066 Av.rev. per pass. per nt_
Net income
THE CHRONICLE
;rum 9 1923.]
INCOME ACCOUNT FOR CAL. YEARS[Federal & Corporate Combined].
1919.
1920.
1922.
1921.
1.028
1.028
1,139
Mileage
1,028
$8,782,801 $7,946,710 $11,212,405 $9,983.205
Freight revenue
2,196,838
2,705.267
1,905,895
Passenger revenue
2,270.721
400,239
731,963
536.079
Mail. express, &c
523,003
181,108
159.412
222,978
Incidental revenue
169,652
Operating revenues__ 311,384.185 $10,910,087 $14,872,614 $12,761,391
Maint. of way & struc
$1,817,892 $1,920,360 $2,835,948 $2,290,443
2,528,666
Maint. of equipment_ _ _ 1,882,164
2,843,758
2,236,117
120,726
Traffic expenses
241,017
354,066
330,605
3,542,638
Transportation expenses 3,006,954
4,219,057
3,299,908
95.245
Miscellaneous operations
122,194
97,586
109130
309,643
General expenses
543,957
582,492
594,000
Cr.919
Transport'n for invest't_
387
Cr.69,447
Operating expenses_
$7,741,154 $8,420,674 $10,806,319 $8,886,443
3,874,948
Net revenue
4,066,295
3,643,031
2,489,413
$724,181
Railway tax accruals_ _ _
$980,264 $1,083,644 $1,252,953
778
Uncollectible ry.revenue
741
843
2,629
Railway oper.income_ $2,661,924 $1,403,141 Dr$2812,601 $3.149,989
Cr.64,793
Net hire of equipment
Dr.77,439 Dr.129,711 Dr.152,418
Net joint facilities
Dr.99.339 Dr.107,741
Cr.73,739 Dr.89.587
2,194
Net muscat. income_
Cr.18,726
Cr.10,623
Cr.6,218
Net ry. oper. income.. $2,491,364 $1.176.313 $2.910.006 $2,993.415
The corporate income account was given in V. 116, p. 2516.
BALANCE SHEET DECEMBER 31.
1922.
1922.
1921.
1921.
2633
Pacific Gas & Electric Company.
(17th Annual Report-Year ended Dec. 31 1922.)
The remarks of President W. E. Creed are cited fully on
subsequent pages, together with the comparative income
account, blance sheet and numerous statistical tables. A
comparative balance sheet was given in V. 116, p. 1770-V.
116, p. 2397, 2139.
Pacific Oil Co.
(2d Annual Report-Year ended Dec. 31 1922.)
The remarks of Pres. Paul Shoup,together with the income
account and balance sheet as of Dec. 31 1922, will be found
under "Reports and Documents" below.
INCOME ACCOUNT YEAR ENDED DEC. 31.
1922,
1921.
1921.
1922.
$
3
Depr. & depl. res.. 3,094,975 3,153,111
Gross earns, from
800,000
operations
21,422,004 30,853,257 Res.for Fed.taxes 509,306
Oper. expenses.__ 7,222,671 11,204,604 Divs.($3 per sh.)_10,500,000 10,500,000
Loss on retired
Taxes (excl. Fed.
430,095
89,873
physical prop__ _
Income taxes)_ _
990,152
822,507
29,873
Miscell. charges__
Total over. exp.
Balance, surplus 1,202,353 5.331,198
dr taxes
8,212,823 12,027,111
49.217
Previous surplus.... 5,384,534
Net profit from
operations
13,209,182 18,826,146 Profit on physical
4,119
19,880
property
Other income
2,217,198 1,388,257
AS3e1SLiabilities
$
$
Inv. in road & eq_a7,415,448 7,415,063 Capital stock
P.& L. surplus.. 6,606.767 5,384,534
Gross income_ _15,426,380 20,214,403
BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
$
$
LiabililiesAssets$
$
Capital stock__ x52,500,000 52,500,000
011 lands. & stk. of
394,338
718,456
Assoc.011 Co.... _32,214,973 32,287,638 Accts. &c., pay__
3,501,715
Inv. in & adv. to
Misc. accts. psi'....
.•
attn.companies_10,277,926 8,177,482 Divs. mat'd unpd
Unmet. dividends
Oil lands & leases
5,250,000 5,250.000
declared
acquired, field
231,710
impts. & equIp_23,422,467 21,274,115 Other curr. liabils
135,659
.
3,899,775
790,818 Def. liab. ASSOC.
Cash
1,360,833
Pipe L. Co.stk.
3,793,242
Special deposits_
1,809,624
30,539
owners
Call loans
1,400,000
126,375
4,831
2,000,000 Deterred habil&
Demand deposits.
60,891
855.478
649,791
Marketable sees.. 6,131,967 .808,698 Tax liability
3,244
Accts.&c.,rec_ _ 3,273,685 3,388.724 Federal taxes and
10,511
976,533
contingencies..
Mat'l & supplies.... 242,060 2,071,734
1,641,999
33,893
73,274
Ins.& cas.reserves
Crude oil on hand,
26,206
199,739 0th. lined). credits .
438,386
&c..
Total
53.705,623 54.902,565
53,705,623 54,902,565
Total
Deprec. & deplet.
Int. accr. on loans
.
15,191,408%12,963,749
reserve
90,245
& bills rec
a This item represents El Paso & Southwestern Co. only.
-V. 116, Wkg. fund adv_ _
154,554 Profit and loss
p.2516. 2007.
6,606,767 5,384.534
balance
Rents 6c ins. prems.
16,160
648,728
paid
Tot.(each side)_ 81,996,767 81,157,051
46,800
103,903
0th. unadi. debits
Inv.in affill. cos.:
Stocks
27,859,840
Bonds
6,410,940
Notes
69,000
Advances
5,302,207
Other investments 1.026,814
Cash
1,756,655
120,340
Special deposit& ._
Tref.,d/c.,bal.rec _
374,651
Bal. from agents &
203,142
conductors
Mlee. accts.receiv. 1,015,447
Materials & Burp- 1,478,556
126,375
Int.& div.rec._ _ _
61,411
Other curr. assets_
3,044
Work, fund adv_ _
Other def. assets_ _
855
Unadjusted debits 480,899
27,859,840
6,410,940
69,000
5,186,585
1,403,990
1,056,874
101,684
249,451
25,000,000 25,000,000
3,500,000
Loans & bills PayTraffic & car ser253,524
vice bal. payable 415,891
Audited acets and
wages payable_ 1,265,119 1,126,202
Misc. accts. pay_ _ 4,785,094 3,915,586
375,000
Divs. mat'd unpaid 375,000
Liab. or provident
24,742
20,271
funds
61,215
24,900
Other def.!lab__ _ _
379,250
Tax liability
382,049
Acer. depr.,equip_ 2,659,123 2,321,992
Other unadj. cred_ 1,670,437 1,474,524
Appropr. surp. not
specifically in6,205,258 6,205,258
vested
Profit and loss. _ _10,902,479 10,265,270
Duluth & Iron Range Railroad.
(Report for Fiscal Year ending Dec. 31 1922.)
-V.
x Capital stock authorized and issued, 3,500,000 shares of no par value.
116, p. 2397, 2139.
The Federal Steel Co., a subsidiary company of the U. S. Steel Corp.,
owns the Capital stock of the Duluth & Iron Range RR. See "Railway
& Industrial Section.'
International Mercantile Marine Co.
(Advance Statement for Year Ended Dec. 31 1922.)
Pres. P. A. S. Franklin at the annual meeting of stockholders, June 4, reported in substance:
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1922.
1919.
1921.
1920.
Freight carried iron ore-Annual Results.
-Owing to unavoidable delays abroad the completed
gross tons
6,524,681
6,027,359
3,287,650 9,338,345
Misc, freight-net tons_
1,151,916 accounts for the year ended Dec. 31 1922 will not be ready until the latter
571,454
917.749
1,008,808
part of June. Pending such issue, we give below estimated results for the
Iron ore carried one mile
inserted
-gross tons
420,850,121 241,301,954 660,596,096 447,561.559 year 1922, with certain comparisons for 1921 11920 and 1919
Misc, freight
-net tons_ 36,192,776 53,234,409 62,493,316 54.842,044 by editor].
Av.rev, per ton per mile:
SUBSIDIARY COS.
RESULTS OF OPERATING INT. M. M. CO. AND
Iron ore-gross tons... 1.252 cts.
1.374 cts.
1.342 cts.
1.294 cts.
Misc.fght.-net tons_ 2.125 cts. 2.113 cts.
1.757 cts. (Incl. American, Red Star, White Star,'Atlantic Transp. & Leyland Lines.)
1.694 cts.
1919.
1920.
1922.
1921.
266,608
Passengers carried
288190
159,298
201,577
Actual
Actual.
Estimated.
Actual.
9,241,030
Pass.carried one mile_ _ 6,264.157
9,985,533
7,564,044
Av.rev.per pass.per mice.
2.942 cts. Net earns.,incl.ins,fund
3.353 cts. 3.427 cts. 3.024 cts.
surplus for 1922, after
deduct.op.& gen.exp.
INCOME ACCOUNT FOR CALENDAR YEAR.
inc. & excess profits
Corporate
taxes and int. on deb.
Federal.
Combined.
bonds ofsub.cos
$6,971,131 314,069,053 $17.484,015 $24,597,808
1922.
1919.
1921.
1920.
2,309,232
2,231,680
Freight revenue
2,153.725
$7,114,957 $9,927,608 $4,247,788 $6,037,527 Int. on I. M. M. bond.s_ 2,256,254
5,225.663
5,346.376
Passenger revenue
6,117,981
210.098 Depreciation on steamers 5,984,661
259,223
271,884
302,067
Mail, express. &c
109,242
105,176
104,793
111,364
Incidental
result
def.$1,269,784 $5,797,347 39,905.959 $17,062,912
Net
460,783
468,365
359,653
733,929
Joint facility-Cr
1,005
1,226
1,056
984
x For proper comparison with results of previous years the earnings of the
Total oper. revenue
$7,961,606 $11,075,952 $4,972,513 $6,818.657 British companies have been converted at $485 per g sterling.
Operating ExpensesThe foregoing statement represents earnings of the Int. M. M. Co.,
Maint. of way & struc
$1,050,529 $1,460,624 $1,095,754 $1,096,678 together with total net earnings of the owned subsidiary companies.
Maint. of equipment.-- 1,195,559
The Int. M. M. Co. can secure the earnings of the subsidiary companies
1,309,873
1,515,095
1,141,195
Traffic expenses
5,810
14,249 only through the dividends which they declare from time to time.
12,813
14,207
Transportation
From the foregoing figures it will be seen that the actual operation of all
2,141,178
2,004,926
3,118,080
1,887,633
General
175,893
219,863 the steamers and business of company and its subsidiaries for 1922 resulted
280,063
222,273
Miscellaneous operations
4,217
3,577 in a profit of$4,714,877 after deducting all expenses,taxes and bond interest
9,653
8,482
Transp. for invest.-Cr_
305 However, against this profit must be charged the full depreciation on the
30
1,770
steamers, amounting to $5,984,661, after which the estimated net result
Total oper. expenses.. _ $4,573,155 $6,394,559 $4.369,544 $4,648.861 shows a loss of $1,269,784 for the year.
Net rev,from ry. oper
The company from the dividends received from its subsidiary companies
$3,388.451 $4,681,393
$602,969 $2,169,795
Railway tax accruals_ _ _
518,524 out of their earnings for 1922 and prior thereto and from the operation ofthe
298,852
Uncollectible ry.revenue
402 steamers it owns directly, shows an estimated profit, as below, amounting
329
to $3,699,749 for 1922 after deducting all expenses, bond interest and
Net operating income_
3303,787 31,650,869 depreciation on the steamers directly owned.
Total non-oper. income_
479,981
376,197
NET EARNINGS FROM STEAMERS DIRECTLY OPERATED BY
Not comparable
I. M. M.CO., PLUS MISC. EARNS. & DIVS. FROM SUB. COS.
Gross income
$679,985 $2,130,850
1920.
1921.
1919.
407,550
1922.
Interest on funded debt..
407,550
Actual.
Actual.
Estimated.
Actual.
35,048
Int.on unfunded debt,&c
25,261
Misc,income charges.._..
183,069 Total net earns. of I. M.
102,497
M.Co. plus divs,from
sub. cos., after taxes
Net income
$144,676 $1,505,183
1,300,000
and general expenses_x$6,354,838 x$8,329,309 $11,307,442 $15,193,831
Dividends paid
975,000
Deduct M.M.bd.int_ 2,256,254
2.153,725
2,231,680
2.309,232
Balance transf. to profit and loss
def.$830,324 surS205,183 Depreciation on steamers
directly owned
998,835
660,405
768,479
398,835
GENERAL BALANCE S
IIEET DECEMBER 31.
$3,699,750 $5,176,749 38,307,284 312,224,194
1922.
1121.
Assets
-
1922.
1921.
MablUtles-
Road & equip't_ _ _30,558,213 30,435,408 Capita,stock
6,500,000 6.500,000
Misc. phi's, prop- 2,015,066 1,980,482 Grants in aid of
Llberty bonds......_ 4,818,320 4,763,044
construction _ _ 2,071,382 2,071,382
Cash
2.151,425 1,797.979 Funded debt
8.151,000 8,151,000
4,075 3.764,653 Current liabilities_
Spenial deposits-279,263
333,409
Material & mud__
993,126 1.338,213 U.S Govt.del Mao
326
328
52.017 Other det'd liabil's
49,962
Acc'ts receivatile__ 4,458.334
50,033
.
48,724
21,018 Accrued tax liaoll_
Agents & conduct
165,158
411,779
11,784
6,606 Prem.on fund.debt
Miscellaneous __ _ _
45,368
45.469
& incur. reserve.
Interest receive NC
320,175
318,199
3,526
3,526 Equiv.& dock rept_ 5,946,342 5,600,459
Work fund adv._ Deprec.,insur.,&e_ 1,132,685
983.238 Other timid). accts. 1,678,818 1,680,874
376,319 Capital amort. Id_ 8,854.494 8,671,425
Land department. 349,300
2 Approp. surplus_ _ 6,298,071 6,301,823
U.S.Gov.defassets
47,051 Swamp land grant. 711,481
53,822
783,659
Other unadi. debit.
Profit and loss_ __ 5.318,431 5,039,519
Total
4b,643,769 45,615,026
-v. 115, p. 302.
Total
46,643,769 45,615,026
x Dividends received from foreign subsidiary companies have been converted at the market rate of exchange on date received.
The marked decrease in the consolidated earnings for 1922, as compared
with 1921, was largely caused by the decrease in the movement of thirdclass passengers, both east and westbound, due to the immigration laws and
the unsettled conditions in Europe, which heavy loss of business was only
slightly compensated for by a very moderate increase in the movement of
first and second-class passengers.
In addition to this unfavorable pa.ssenger situation, the freight business
has been exceedingly bad, there having been a reduction in the volume of
general traffic moving all over the world, but particularly between the
United States and the United Kingdom and Continent of Europe, and also
more active competition including that of Government-owned steamers
with a consequent reduction in freight rates to a point where in many cases
the actual cost of loading and discharging the cargo was hardly covered.
It has unfortunately been impossible to materially reduce the cost of
operating the steamers, largely due to the cost of fuel and the high cost of
labor, both afloat and ashore.
Outlook.
-We regret exceedingly to inform you that the business for the
first four months of 1923 shows even less satisfactory results than for the
2634
THE CHRONICLE
corresponding period of 1922, due to the continuation of the same conditions as outlined above, and a supply of tonnage far in excess of the present
requirements of either the passenger or the freight business moving. We
feel that it must be recognized that until the political situation In Europe
materially improves and the present serious economic difficulties are remedied, business cannot be expected to begin to approach a normal condition,
and until that is accomplished the movement of both passengers and freight
will be seriously interfered with, which is most prejudicial to the business
of your company.
We are holding our full share of traffic in the important trades in which
we are established and our steamers are all being maintained in excellent
condition so that we are in strong position to take advantage of any improvement when it comes.
-V. 115, p. 2800.
-Burns Bros., New York.
Burns Bros., New Jersey
(Report for Fiscal Year Ended March 31 1923.)
CONSOLIDATED INCOME ACCOUNT (INCL. N. Y. AND N. J. COS.,
AND OPERATIONS OF WM.FARRELL & SON, INC., FROM
NOV. 30 1921).
1921-22.
March 31 Years1922-23.
1920-21.
1919-20.
Net sales
$29,432,808 $31.373,520 $29,475,299 $21,286.870
Cast of sales (incl. open
exp. and deprec'n)_-- 26.799.944 28,145,518 26.232,953 19.006,789
Gen.exp.,incl. allow.for
doubtful accts.& taxes 1,909,782 1,851,869
1,711,424
1,386,013
Net profits
$723,081 $1,376,134 $1,530,921
$894,068
Other income
416,948
324,275
231,867
242,374
$1.140,029 81,700,409 $1,762,788 $1,136,442
Total income
AddBal. beginning of year.._ $2,684,300 $2,347,239 $1,757.759 $1,951,335
Appreciation of prop
768,935
Wm.Farrell & Son sur-223,260
Sur. ext. through retire95,000
ment ofstock
791,400
281,756
Cancel, of res. not req
$4,201,085 $5,062.309 $3,520,547 83.856,712
Total
Deduct Dividends
8210,000
New Preferred (7%)
$52,064
90,447
Prior Preference (7%)
22.612
809,159
Common Class"A"($10)
202,233
161,828
Class"B"($2)
40,381
Old Preferred(7%)
157,500
$99,290
$106,435
Common (old)
606.568 (10)808,518 0)719,407
Stock
(15)362,100
Liberty bonds
5)344,357
134,553
Retire pref. stock (net)97,388
,
85000
85,000
217,936
Chges. not appl. to open
1,199.262
180 501
45.593
Surplus
$2,577,163 $2,684,300 $2,347,239 $2.193,819
CONSOLIDATED BALANCE SHEET MARCH 31.
1923.
1922.
1923.
1922.
$
AssetsSi
Liabilities$
$
Real est.,equip.,&c. 5,258.036 5,802,467 Preferred stock... 3,000.000 2,975,100
22,771
22,704 Prior pref. stock__ 1,113,600 1,208,600
Outside real estate
2,746,545 2,133,027 Claes "A" CornCash
82,126
64,771
Notes receivable
mon stock
:8,094,400 8,094,400
Accts. receivable
Class "B" Cornices allowance). .5,794,777 6,438,687
mon stock
3647,520
,
647,520
551,510 Accounts payable_ 3,026,663
U.S.Govt.secure. 399.953
1,227,801 2,190,648 Accrued accounts_ 149,066 3,426,525
Coal supplies
106,913
Inv.In other cos
492,710
705,129 Notes payable__
725,000
Mortgages
98,180
118,349 Pur. money oblig's 166,000
476,000
Sundry claims rec.
36,036
31,129 Res. for Fed. taxes 180,000 1,300,000
Adv.& accts. rec..
46,889
45,812 Reserve oper. exp_ 220,949
363,702
Sec. with State
Res. for conting__ 900,000
Ins. DePta
64,285
Dividend payable_
52,500
52,064
Wm. Farrell &
Surplus approp'ns. 360,395
333,851
Sons, Inc
5,640,000 5,640,000 Surplus unapprop_
Leases, g'd-will,&c. 4,957,133 4,957,133 Surplus-Wm.Far- 2,577,163 2,684,300
Prepaid Items.... 134,698
207,012 rell ,S, Sons, Inc_ 6,513,681 6,514,402
Total
27,001,937 28,908,377 Total
27,001,937 28,908,377
x Class "A" Common stock, 8% cumulative, no par
at
$100 per share (authorized 100,000 shares), $10,000,000, value, statedunless amount
issued 51,905,600. y Class "B" Common stock, no par value, stated at
$8 per share (authorized 100,000 shares), $800,000, less amount unissued,
$152,480.-V. 116, p. 2519, 2392.
[VOL. 116.
BALANCE SHEET DEC. 31-COMPANY PROPER, ALSO INCL. SUBS.
(Bush Terminal Co.& Sub. Cos.,and eliminating inter-company Items.1
-Bush Terminal Co.- -Consolidated
Assets1922.
1921.
1922.
1921.
Real estate
$9,039,775 $9,198,910 $12,476,078 $12,612,985
Warehouses, piers and
other improvements-- 7,045.198 7,067,254 18,944,594 20,014,976
Expenses during and incident to construction.
1,351.236
1,278,185
Good-will
3,000,000 3,000,000
3,000,000 3,000,000
Capital stock and inventory, subsidiaries--- 3,290,567
1,399.184 2,292,072
21.504
Equipment
725,611
667,965
756,201
800,844
Furniture and fixtures
71,620
71,336
415,096
385,888
Constr.adv.t. B.T AR_
348,879
347,316
Due from U. S. Govt__ _
259,670
156,248
259,670
156,248
Cash
1,185,293
648,625
1,637,949
940,583
Accounts receivable- --572,652 3,335.897
747,479
605,756
Promotion expenditures_
141.741
144,822
Other investments
15.000
15,000
Accrued storage & labor_
48,293
82,935
62,459
82,935
Work.adv.to B.T.RR_
70,084
88,538
Material, supplies & fuel
152,876
156,254
302,046
389,436
Merchandise inventory.
72.892
77,085
72,892
756,892
Liberty bonds
1,600
1,600
1,600
1,600
Miscellaneous
646,798
346,809
851,901
612,016
Total
$26,531,808 $26,645.957 $43,128,677 $42,019,010
LiabilitiesPref.stitin hands of pub. $2,300,000 82,300,000 $2.300,000 $2,300,000
do guar. by B.T Co
6,610.400 4,784,300
Com.stk.in hands of pub. 6,889.986 6,722,200 6,889.986 6722,211
First mortgage 4s
2,812.000
2.839.000 2,812.000 2,839,000
Consol. mortgage Ss__
6,629,000 6.629,000 6,629,000 6,629,000
Bond & mtge. guar. by
B.T.Co
1,337,500 1,387,500
First mtge. s. f. guar. by
Bush Terminal Co_
8,407,000 8,549,000
Accrued common stock
div., payable January
168,111
168,111
Accounts payable
214,494
240,727 1,414,501
788.784
Expenses not paid
18.296
15,222
8.465
19,234
Bills payable
10,000
50,000
U. S. Government
30,332
30,378
30,378
30,332
Accrued interest & taxes 1,102.200
1.919,362 1,399,707
817,501
Pref. div.of B.T.Co_ _ _
69,000
69,000
69.000
150,800
Common dividend
167,786
172.009
167,786
172,009
Reserves, &c
1,219,561
957,603
1.433,311
835,290
Profit and loss
5.079,899 5,246,350 4,253,375 4,436,057
Miscellaneous
4,814
13,868
9,405
4,307
Total
$26,531,808 $26,645,957 $43,128,677 $42,019,010
The total assets of the Bush Terminal Buildings Co. as of Dec. 31 1922
were $17,946,490, offset by 51.000,000 Common (all owned by Bush Term.
Co. and pledged as collateral) and $6,610,400 Prof. stock: first mortgage
sinking fund 5s guaranteed by Bush Terminal Co.. $8,407.000:current,&c.,
liabilities, $818.828: miscellaneous items of $40.554, and profit and loss.
surplus, $1,069,708. The total assets and liabilities of the Bush Terminal
RR. as of Dec. 31 1922 were 8357,863.-V. 115, p. 71.
Exchange Buffet Corporation.
(10th Annual Report-Year ended April 30
1923.)
President Henry de Jongh, N. Y., June 4, wrote in brief:
-Sales did not increase to the extent expected, but the corporation
Sales.
closed its year with a surplus of $37,325 after dividend payments as compared with $84,674 for 1922. A better showing is anticipated for the
current fiscal year.
-There was charged out of the profits for the year ended
Federal Taxes.
April 30 1923 the sum of $70,000, representing the provision for taxes for
the fiscal year under the Revenue Act of 1921. There also remains on the
of
books of the corporation a credit, $71,813 in the account "provision for
Federal income and profits taxes.'
Following an examination of the Federal tax returns for the years 1917
to 1920 inclusive, the Department of Internal Revenue has recommended
the assessment of additional taxes for each of the years covered on the basis
of an interpretation of the laws, the correctness of which the corporation
does not admit. If this interpretation should be maintained and applied
to the years since 1920 also, the corporation would be forced to provide
for additional taxes to an amount nearly equal to its present surplus. If
Bush Terminal Co., New York,
the assessment is made it will be vigorously contested.
Including Bush Terminal Buildings Co. and Subsidiaries.]
Capital.
-On Sept. 14 1922 the directors authorized the issuance and sale
of the authorized but unissued shares of the capital stock outstanding at
(Annual Report, Fiscal Year Ended Dec. 311922.)
the Ci0E0 of business Sept. 23 1922 for the purpose of (1) providing funds
for the redemption of the outstanding 8% gold notes and (2) providing
President Irving T. Bush, May 4, wrote in brief:
additional working capital. As a result of this action, there were sold
The earnings for all departments of the company were maintained upon a 14,997 shares for the net sum of $384,298.
The capital of the corporation was further increased by $103.866, represatisfactory basis with the exception of the warehouse department, which has
been affected by the general withdrawal of merchandise front storage due senting the completed payments by employees on subscriptions for stock in
to the return of prosperity to the country. This, we anticipate, will be the corporation under the plans of June 15 1921 and June 21 1922.
Dividends.-Divldends wore maintained for the year at the annual rate
only for a temporary period as It is usual at the end of a period of depression
and always in the past has resulted in a restoration of normal stocks in the of $2 per share in quarterly payments of 50 cents per share.
Employees.-Pollowing is a statement of results as of April 30 1923 under
warehouse after supplies have caught up witn suddenly increased demand.
Earnings of the buildings company are substantially better.
the stock subscription plan of June 15 1921:
After a period of dispute with the trunk line railroads as to the compen- 5,272 shares originally subscribed for at $22 50 per share (equivashould be paid to the railroad department of the terminal comsation which
lent of $90 for old stock)
$118.620
pany, an agreement has been reached which will increase the earnings of Cancellation of 808 shares at $22 50 per share
18,180
that department above those recorded for 1922, depending, of course, upon
the tonnage handled. This agreement was finally reached in March 1923,
Balance
$100,440
Completed payments for 4,456 shares (fiscal year 2,420 shares
but will be retroactive.
for $54.450)
100,260
-BUSH TERM. CO. PROPER FOR CAL. YEARS,
INCOME ACCOUNT
1922.
1921.
Subscriptions for 8 shares still in force
1920.
$180
1919.
Gross earnings from storA similar offering of stock to officers and employees was made on June 21
age, &c., & net income
1922 at a price of $24 per share, with the following maths
1923:
$2,537,251 $2,945.196 $2,731,142 $2,124,458 3,686 shares originally subscribed for at $24 per share as of April 30
from railroad dept
$88,464
704.307 1,015,810 1.053,367
Operating expenses
5,136
595,590 Cancellation of 214 shares at $24 per share
Net earnings
$1,832,945 81,929,386 $1.677,775 81,528,868
Balance
$83,328
Other income
72,251
232,712
49.416
281,221
248,362 Completed payments for 2,059 shares
Total netincome
$1,905,196 $2.162,098 81.958,997 $1,777,230
Subscriptions for 1,413 shares still in force
$33,912
Deduct
A third offering is under consideration.
Interest on bonds
444,778
535,534
585.537
Group insurance for officers and employees, effected Oct. 1 1918, has
492,441
Taxes
590,105
606,287
472,435
449.747 been maintained. During the fiscal year two deaths occurred Involving
Depreciation
28,230
28,580
28,970
29,345 payments to the beneficiaries of $1,400. making a total of 18 deaths in the
Preferred dividends (6
138.000
138,000
138,000
138,000 personnel with payments aggregating $11,300 since this insurance was
Common dividends (5
331.490
344,000
315.540
300,385 written.
Losses
299.292
585,019
382,341
-The balance of $270,000 8% Serial Gold Notes out12,667
Note Redemption.
Reserve income tax
47,918
60,537
Cr.12,117 standing April 30 1922 has been paid. Corporation has no outstanding
funded debt, bank loans or notes payable.
Balance, surplus
$253 def$110,730
-On Aug. 17 1922 a 21-year lease was made of a portion of
$36,173
Extensions.
$366,760
Previous surplus
5.246.350 5,750.320 6,060.308 6,028,510 the ground floor and basement of the Bowling Green Bldg., 11 BroadwayProfit on sale of property_
Cr.82,756
5 Greenwich St.. and on Jan. 2 1923 the 36th restaurant and the 43d and
44th cigar stands wore opened at
location with very satisfactory results
Total
$5,246.603 85.639,590 $6,179.237 $6,395,270 for the 4 months of operation. this
Deduct
On Sept. 15 1922 a lease was made of the store and basement of premises
Reserve for bad debts_ _ -- $30,000
44 Cortlandt St. for a period of 21 years from May 1 1923. At the same
Common stock div.(5%)
332,122
lain
l
300,886 time the existing leases covering premises 40 Cortiandt St. and 55 Dey St.
Miscellaneous
136,704
61,119
62,799
34,077 were extended to a common termination with this new lease. A portion
of the ground floor has been sub-let on advantageous term, the bitiance
Profit & loss, surplus_ _$5,079,899 $5,246,350 $5,750,319 $6,060.307 thereof and the entire basement now being combined with the existing
EARNINGS OF BUSH TERMINAL BUILDINGS CO. FOR CAL. YEARS. restaurant on the concourse level.
INCOME ACCOUNT FOR YEARS ENDED APRIL 30.
Other
Net after
Rentals
Bond
Cal.
Pref.Divs. Balance,
Taxes.
Income. Interest.
Year. Received.
7%.
1922.
Surplus.
1923.
1922 --$2,605,944 $1,159,005 $184,184 $427.095 $408,532 $507,562 Gross profits
$815,753
$732,953
990.974 131,295 443,141
1921 - _ 2,456,611
$89,375
334,901 344,228 Deduct-Depreciation
$93,412
96,316 458.570 292,303 161.493
816,050
1920 -_ 2,224,602
30,948
Interest
39,280
830.489
14.599 450.758 185,033 209.297
Amortization of debt discount and expense
1919 _- 2,066.765
7,172
7,731
4.637 432,503 175,000
735,157
Provision for Federal income tax
1918 -_ 1,909,838
150,000
132.291
70,000
6,638 356.242 175,000
620,637
Dividends
1917 __ 1,480,939
(82)485,205 ($6 ki)453,584
86.033
7.804 353,908 175.000 100.918
622.022
1916 -- 1,230,931
3,726 360.726 175.000 128.963
660,963
1915_ 1,100,830
Net profit
$37,325
$84,674
JUNE 9 1923.]
THE CHRONICLE
2635
highways are built in the interior of the territory to feed the railroad with
CONDENSED BALANCE SHEET APRIL 30.
additional traffic.
1922.
1922.
Liabilities1923.
1923.
AssetsConstruction of the Alaska Railroad was started in 1915 and as portions
Good-will&leaseh's52,551,175 52,551,175 Capital stock
54,164,268 $3,702,762
Equip. & fixtures_x1,210,014 1,062,814 8% serial notes_270,000 of the road bed were completed operation was inaugurated and continued.
212,317 Parts of the line, therefore, have been in actical operation for 7 years.
141,813
Federal taxes
17-23 John St. real
609,084 Accounts payable_ 332,441
292,789 For this period the operating expenses up to Dec. 31 1922 amounted to
estate equity-- y600,278
15,750 $9,536.294 and the total operating revenues were $2,481,070. making a
Interest accrued_
75 Malden Lane
total deficit of 57,055,224.-V. 116. p. 2254.
234,020 Reserve for inCorp. 2d M.6s.. 215,220
15.000
15,000 surance
100,000
100.000
U.S.Linerty bonds
16,155
Atchison Topeka & Santa Fe Ry.-All But $526,000
319,682
29,353 Surplus
330,294
Employ. subscrip_
83.812
Inventory at cost_ 117,545
of Convertible 4s Converted into Common Stock.
-The
2,546
975
Sundry debtors_ - _
"Chronicle" has been officially informed that all of the
263,730
295,248
Cash
45.635
63,336 Total (each side) $5,068.816 $4,913,300 Convertible 4s, due 1960, except $526,000, had been conDeferred charges
x Equipment and fixtures of restaurants and cigar stands at cost, $1,908,838; less reserve for depreciation, $698,824; balance, $1,210,014.
y 17-23 John St., real estate equity: Land at cost, $631,283; building at
cost, $440,277; loss reserve for depreciation, $21,283; total, $1,058,278; less
mortgage thereon at6% due Nov. 1 1924, not assumed by Exchange Buffet
Corporation, $450.000. leaving, as above shown. $600,278.
z Capital stock authorized, 250,000 shares of no par value and of a declared value of $5 per share; issued, $248,232 shares, $4,130,176; subscribed
for (by employees) or unissued. 1.421 shares (per contra), $34,092; total,
249.653 shares, of 54,164,268.-V. 116, p. 2520.
GENERAL INVESTMENT NEWS
• RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest whicla were published in full detail in last weeks'
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
-Missouri
New Repair Shop.
-Kansas & Texas RR. is building a new
locomotive erecting and repair shop at Waco, Texas, to cost $2,000,000
and to employ 700 persons. "Philadelphia News Bureau" June 4, p. 3.
-Chesapeake & Ohio shopment receive increase of
Wage Adjustments.
2 cents per hour. "Times" June 6, p. 33.
Southern Pacific Co. shop men receive increase of 5 cents per hour and
-"Philadelphia News Bureau"
their helpers an increase of 2 cents per hour.
June 4, p. 3.
Northern Pacific grants increases to 10.000 maintenance of way men
ranging from $6 84 to $10 per month, and from 1 cent to 39 cents per hour
-"Wall Street Journal"
according to class of work and period of service.
June 1 n. 9.
Philadelphia & Reading grants increase of 4 cents an hour to Its 940
-"Times" June 8. p. 21.
signalmen.
Chicago Rock Island & Pacific and Chicago Rock Island & Gulf roads
grant shopmen increase of 2 cents an hour, effective June 16.
-"Times"
June 8, p.21.
Wabash System grants 3.500 way men increases ranging from ;1 to 9
-"Times" June 8, p. 21.
cents per hour.
-Reports file& by the carriers with the car service
Freight Car Repair.
division show that on May 15, 210,243 freight cars were in need of repair,
a decrease of 262 compared with the number on May 1.
The number in need of repair on May 15 represented 9.3% of the total
number of cars on line, compared with 9.2% on May 1. This increase in
the percentage on May 15 in the face of a reduction in the number of cars
actually in need of repair was due to the fact that on the later date there
were approximately 24,000 fewer freight cars on the lines of the Class 1
railroads of this country than there we.e at the beginning of the month.
This was due to an increase In the number of freight cars not only on
Canadian lines but also on other than Class 1 railroads of the United States.
Freight cars in need of light repair totaled 54,982 on May 15, a decrease
compared with May 1 of 4,088 cars. There were also 155,261 freight
cars in need of heavy repair, which was an increase, however, of 3,826
within the same period.
Car Loadings.
-A total of 1,014,029 cars were loaded with revenue freight
during the week which ended on May 26. This total is not only by far the
largest loading ever reported for any one week at this season of the year,
but has only been surpassed twice before for any week in any year in history, both of which were in the fall when traffic is always heaviest, due to
crop movement. Loading for the week of May 26 was only 4,510 cars
below the total for the week of Oct. 14 1920, when 1,018,539 cars were reloaded, the largest number for any week on record. The second largest
week was that of Oct. 28 1922, when 1,014.480 cars were loaded, only 451
more, however, than during the week of May 26 this year. Prior to the
week of May 26 the million car-loading mark has only been exceeded
7 times, as follows:
Week ended- Cars.
Week ended- Cars. I Week ended- Cars.
Aug. 26 1920 _1,001,308 Oct. 14 1920 _1,018,539 Oct. 21
Sept.23 1920 _1,008,109 Oct. 21 1920 -1,008,818 Oct. 28 1922 -1,003,759
1922.1,014.480
Oct. 7 1920 -1,011.666
Compared with the corresponding week last year, the total for the week
of May 26 was an increase of 207,152 cars, while it also was an increase of
218,694 cars over the total for the corresponding week in 1921 and an increase of 22,232 cars over the preceding week this year, increases being
reported in the loading of all commodities except coke.
.incipal changes compared with the previous ween were: Merchandise
and miscellaneous freight, which includes manufactured products, 590.180
cars, increase 5,242; grain and grain products, 35,522 cars, increase 1,716
livestock, 31,777 cars. increase 503; coal, 192,092 cars, increase 10,493
forest products, 79,339 cars, increase 1,686; ore, 70,119. Increase 3,062
coke, 15.000, decrease 470.
Compared by districts, increases in the total loading of all commodities
over the week before were reported in all districts, while all except the
Pocahontas, which showed a slight decrease, reported increases over the
corresponding week last year. All districts except the Southwestern also
reported increases over the corresponding week in 1921. Loading of freight
cars this year to date, compared with those of the two previous years,follows
Month of1923.
1921.
1922.
January
3.380,296
2,823,759
2,785,119
February
3.366,965
2.739.234
3,027,886
March
4.583,162
3,452,941
4,088,132
April
3,763,963
2,822,713
2,863,116
Week ended
May 5
961,029
721,722
747,200
May 12
974,531
751,186
767,094
May 19
991,797
770,991
780.953
May 26
1,014,029
795,335
806,877
Total for year to date
19,035.772 15.866,677 14.877,881
Matters Covered in "Chronicle" June 2.-(e) The Pennsylvania RR. and
the Railroad Labor Board, p. 2447. (b) William Jennings Bryan says
Government ownership of railroads is inevitable, p. 2480. (c) Chicago
conference on railroad valuation described as menace to public interest,
p. 2480. (d) Western railway heads see Government ownership as purpose
behind Chicago conference on railroad valuation, p. 2480. (e) Lehigh
Valley RR. increases clerks' pay. p. 2481. (f) Jersey central shoinzien
lose after an 11-month strike, p. 2481. (g) Shopmen's wages advanced
2481. al) Labor Board suspends order to abolish
on Virginian road,
Piece work on N. Y. Central, p. 2481. (i) Express workers receive wage
Increase In Chicago district; telegraphers on Pennsylvania get advance,
P• 2481. (1) Northern Pacific grants wage increase to maintenance of
way men. p. 2481. (k) Home rule for railroads, p. 2481.
Alaska Government Roads.
-Results for 1922
-Outlook.
The Department of the Interior announces that operating expenses of
the Alaska Railroad totaled $1,772,376 for the year ending Dec. 31 1922
-month
and the operating revenue $718.921. making a deficit for the 12
period of $1,053.455.
During the calendar year 1923 it is anticipated that the operating expenses
will be reduced by some $100,000 and that the operating revenues will be
increased by $200.000. leaving a deficit of only $700,000. A further
Improvement in revenues upon the road are expected in the future when
branches and spurs to the line are constructed and a system of public
verted into Common stock at the close of business May 31
last, when the conversion privilege expired. This brings the
total of this issue converted up to 843,160,000.-V. 116, p.
2387, 2248.
-Sale of Fox River Division.
Aurora Elgin 8c Chicago RR.
The U. S. Circuit Court has entered an order for the sale of the Aurora
& Elgin city lines and interurban lines operating in the Fox River Valley.
The order was issued on application of holders of 1.546.000 Elgin Aurora
& Southern Traction loonds,from which the Aurora Elgin & Chicago company
developed. The sale, it is expected, will result in a refinancing of the
lines, which have just been voted new 20-year franchises in Aurora and
Elgin. The above line was formerly a part of the Aurora Elgin & Chicago
RR., but in the reorganization in 1922 (Y. 114, p. 736. 1177) was not
included, as the reorganization managers then regarded the equity of the
bonds in this division as of small value.
-V. 115, p. 2476.
Bangor & Aroostook RR.
-Equip. Trust, Series "I."
-
The I.-S. C. Commission on May 21.autnerized the company to issue
$360,000 511% Equipment Trust notes, Series "I. The company does not
intend to sell the trust notes now but to pledge them as collateral security
for certain promissory note or notes aggregating an equal amount, which
it proposes to issue under Paragraph 9 of Section 20a of the Inter-State Commerce Act, and to deliver to the depositors of the 5360.000 fund. The
promissory notes are to contain certain stipulations regarding the conditions under which the payee is to hold as collateral security therefor the
Equipment Trust notes, and will provide that the company may redeem
the pledge of the trust notes by paying the promissory note or notes before
the maturity thereof, and accrued interest.
-V. 116, p. 1642, 1274.
Barnegat RR.
-Abandonment.
-
The I.
-S. C. Commission on May 28 issued a certificate authorizing
the abandonment, as to inter-State and foreign commerce,of the company's
line of railroad, which extends from Barnegat City Jct. to Barnegat City,
a distance of 8.12 miles, all in Ocean County, N. J. The New Jersey
P. U. Commission has also entered an order authorizing the company to
abandon its road.
-See V. 116. p. 2387.
Boston & Maine RR.
-Decree Modified-New Haven to
Get its Stock in Boston & Maine Back-Trusteeship to End.
See New York New Haven & Hartford RR.below.
-Y.116, p.2515. 2255.
Brooklyn Rapid Transit Co.
-Reorganization Plan Approved by Transit Commission.
-The New York Transit Commission on June 4 formally approved the reorganization plan
for the'company (V. 116, p. 1646). The Commission also
approved the merger of the New York Municipal Ry. Corp.
into the New York Consolidated RR. The latter Company
operates the B. R. T.lines. The New York Municipal Railway Corp., the stock of which is owned by the New York
Consolidated, was organized in 1912 to conduct contractual
relations with New York City in its lease of subways. The
merger of the two companies is part of the reorganization
plan (V. 116, p. 2130).
The new company to succeed the old B. R. T. Co. as a holding company
will be known as the Brooklyn-Manhattan Transit Corp., which was recently incorporated in New York. The name of the new company to be
formed by the merger of the new York Municipal Ry. Corp. and New York
Consolidated RR. Corp. has not been made public. Notice was filed at
Albany June 5 merging the New York Municipal Railway Corp. with
New York Consolidated Railroad Co.
The reorganization committee on June 5 purchased the properties of these
companies for the sum of $26.500,000 when offered for sale. Approval of
the purchase by the U. S. District Court was given on June 7.
Corporation Counsel George P. Nicholson criticized the action of the
Commission, declaring that it never should have permitted the continuation of a holding company over which the Commission would have no
Jurisdiction. Mr. Nicholson also predicted that the company would again
be thrown into receivership. He said:
"If the new system is held to its contract and franchise obligations, it
will be thrown back into a receivership in a very short time unless it is exceptionally fortunate in the decline of operating expenses. Under the best
of circumstances, however, the most that the public can expect, even if
operating costs decline materially, is a continuous struggle by the company
to meet the fixed charges. There will be a constant skimping of service,
a saving of maintenance and replacements, and the public will pay the cost
through inconvenience endured until the expiration of the contracts or the
recapture of the rapid transit properties by the city."
In approving the reorganization, Commissioner Le Roy
T. Harkness in an opinion concurred in by the other Commissioners, said in part:
The capitslizition of the B. It. T. system at present, including bonds,
stocks. notes, certificates of indebtedness and accrued interest, amounts
to $271,447,435, on which there are annual charges of $10,242,271.
Under the reorganization it is proposed to issue $92,697.207 of new 6%
bonds and to reinstate and assume $46,512.000 of existing underlying bonds.
This would make a total funded debt of 5139.209.207. with an annual interest charge of $7,679,402. This annual cost will be increased by sinking
fund charges on the new 6% bonds, to begin not later than Jan. 1 1927,
which will add in the neighborhood of $600,000 a year.
The proposed capital stock Issues are to consist of $23.955.407 of nonpar value cumulative Preferred stock (with the right in liquidation to participate to the extent of $100 per share), and 766 530 shares of no-par-value
Common stock. There must also be consideredunless and until exchanged
for new securities) 51.085.809 stock of New York Consolidated, Nassau
Electric and Coney Island & Brooklyn Railroad companies now held by
the public.
This would make a total of funded debt and Preferred stock of
250,423, and in addition 766,530 shares of no-par-value Common $164,stock.
The plan contemplates an eventual issne of not to exceed 850,000 shares
of no-par-value Common stock, but present necessity has been shown for
only 766,530 shares, and further issues up to the total of 850,000 shares
will be decided upon specific future applications. Similarly, consideration
is given only to issues of other stock and bonds presently to be issued and
leaves further issues to future consideration.
The advantages of the plan are set forth as follows by Commissioner Harkness:
1. Termination of receiverships. It does not
to show that
while at times receiverships are necessary, their need argumentfraught with
continuance
loss to all concerned. And in the case of public utilities,is
this loss falls
heavily on the public itself because not only is the service bound to be impaired by insolvency, but improvements and additions must be curtailed
or prevented. By extreme efforts, $18,000,000 of receiver's certificates
were floated to finance improvements. But this was only part of what was
needed on an intensively operated railroad system serving a rapidly growing
population. As a specific illustration,
Commission has been embarrassed for months through the inability the
of the receiver to finance the purchase of more cars. The simple truth of the matter was that the money
wasn't on hand and couldn't be raised. Under the reorganization $5.000,000
cash and a $50,000.000 prior lien mortgage to take care of future needs are
provided for rapid transit capital expenditures.
2636
THE CHRONICLE
[VOL. 116.
I
2. Long-Time Financing.
-The whole B. R. T. subway financing was of Edward T. Jeffery in a suit brought against Jeffery and the estate of
based upon the issuance of nearly $60,000,000 six-year 6% notes, which George J. Gould and others for an accounting of the affairs of the Denver
during the war were replaced by 3
-year 7% notes. A company with such & Rio Grande Railroad Co. The committee alleged that $200,000,000 was
a disproportionate issue of short-time securities outstanding is bound to last to the railroad company on account of mismanagement of certain propbe in a precarious position. This condition is remedied and the situation erties.
The attorneys in the case state that all of the facts concerning the alleged
safeguarded by refunding these notes into long-term bonds carrying 6%
elimination of Preferred and Common stocks in the amount of $89,000,000
interest.
3. Payment of Debts. (a) Receiver's Certificates and Accrued Interest. owned by the Denver & Rio Grande stockholders, will be disclosed during
-Receiver's certificates aggregating $12,000,000 and now carrying 8% the examination when Jeffery will be asked why the first mortgage of the
interest are paid off. Unpaid and accrued interest amounting to $27,000,- Western Pacific was foreclosed and why directors of the Denver & Rio
000 is paid in part and the balance adjusted, thus clearing the way to pay- Grand without the consent of the stockholders refrained from interposing
--Claims of an answer in the foreclosure proceedings.
ing current bond interest. (h) Tort and Contract Creditors
The Bankers Trust Co. has been appointed coupon paying agent in New
tort creditors estimated at $2,200,000 are to be paid in cash in full. Claims
York for the receivers' certificates.
of general contract creditors amounting to $1,600,000 are to be adjusted.
-V. 116, p. 1049.
One of the striking features of this reorganization is the payment in full of
Dubuque Electric Co.
the tort creditors, most of them sufferers from the Malbone Street catas-Bonds Offered.
-Baker, Young
trophe. Under the usual application of the law,tort creditors are wiped out & Co. Blodget & Co. and Arthur Perry & Co. are offering
in foreclosures and full loss thrown on a class of the community/ usually
least able to bear it. It is not so in this case they are to be paid in full. at 984 and int., to net about 6.15%, $3,000,000 1st Mtge.
That is a fine, human application of the power of a Federal Judge in a re- 6% Gold bonds.(See advertising pages.)
ceivership, and full credit therefor must go to Judge Mayer for his initial
Dated April 2 1923, due April 1
Int. payable A. & 0. In
insistence on this course, and to the several prior lien committees which York or Boston, without deduction1942.the normal Federal incomeNew
for
tax
acquiesced and co-operated.
up to 2%. Denom. $500 and $1,000 c*. Callable all or part by lot at
-As already pointed out, stockholders are to 107. and int. during 1923: with reduction of premium li of 1% each
4.Provision of New Money
4
1
the purposes of the reorganization, of year thereafter through 1935: thereafter on any date nor
supply $26,000,000 of new money for
to
which $5,000,000 is to go for rapid transit needs,and the balance, after pay- 101 and int. Present Mass. and Now Hampshire income taxesmaturity at
and present
ing claims and expenses, to provide additional working capital. This, with Penn. and Conn. 4
-mills property taxes refunded. International Trust
the new $50,000,000 Prior lAen Mortgage, should put the new company Co., Boston. trustee.
in a strong financial condition, especially on the rapid transit side.
Data from Letter of President Albert Emanuel May 11 1923.
-A voting trust agreement, put in evidence.
5. Public Participation
Company.-Incorp. June 3 1916, to take over all properties and franchises
provides for three representatives of the public on the board of directors.
This is valuable as affording the presentation of the public point of view of the Union Electric Co., which was chartered in 1900 as a consolidation
directly to the directorate and thereby increasing public confidence in the of three companies covering the entire electric light and power and street
railway properties in Dubuque, Ia.
company and its policies.
Company does the entire lighting, power and street railway business in
-This readjustment and the settlement of the
6. Further Readjustment
legal questions that have abounded during the receivership paves the way Dubuque, Ia., and East Dubuque, Ill., besides wholesaling to the Eastern
for pressing to a conclusion the Commission's plan for the readjustment of Iowa Electric Co. current for the demands of 7 communities near by and
of farm residents along the high-tension distributing lines. Population
all the transit lines in the city.
-Over and above all, served is about 55,000. Company's generating station has capacity of
7. Bettered Service and Restoration of Transfers
from the standpoint of the riding public, is the opportunity the reorganiza- 12,675 h.p. Power generated in 1922 totaled 20.622,500 k.w.h.
The street railway operates over 20 miles of track, employing about 85
tion gives for bettered service and the restoration of transfers as and when
net earnings increase. . . . The strength of the new company under cars of approved type. Passengers carried in 1922 were 5,341.863.
Capitalization after this financing-Authorized. Outstanding
wise management should steadily increase, and as it increases its'Dower and
$30,000,000 $3,000,000
that of the Commission to insure improvements in service will likewise in- 1st Mtge. 6% Gold bonds
6% Preferred stock
2,000,000
800,900
crease.
-V. 116, p. 2387, 2128.
Common stock (par $100)
2,000,000
682,000
-Equipment Trusts.
Cambria & Indiana RR.
Earnings for Calendar Years.
-S. C. Commission on May 23 authorized the company to assume
The I.
1920.
1921.
1922.
Apr.30 '23.
obligation and liability in respect of $1,700,000 5%% Equipment Trust Total gross revenue_ _ _ _
$997,075 $1,067,171 31,103,952
$874,976
-See offering in V. 116, p. 1759, 2255.
certificates, Series "G,"
Oper. exp. & taxes
662,767
695,244
711,839
735,719
212,209
Net earnings
301,831
355,332
368.234
Canada Southern Ry.-New Director.
Valuation.
-As a basis for rates to be charged by the Dubuque Electric
George F. Baker has been elected a director to succeed the late William
Rockefeller.
-V. 108, P. 2432.
Co., the city of Dubuque in 1920 established the going concern value of
the
Central New England Ry.-Advance to Hartford & Con- and property for rate-making purposes at $5,879,832, to which additions
enlargements subsequently made have added about $500,000, making
the total valuation more than $6,300,000.
necticut Western 14'.
Renewal Reserve -Company covenants to expend or set aside for main-V. 113, p. 2719.
See Hartford & Connecticut Western By. below.
tenance, renewals or replacements 8% of the gross operating revenue.
Franchises.
-All franchises are favorable and all extend to 1947, about
-Equip. Bonds Auth.Central RR. Co. of New Jersey.
-S. C. Commission on May 21 authorized the company to issue 6 years beyond the maturity of the bonds.
Tbe I.
Purpose.
-To discharge all present funded debt and for other corporate
$3.750.000 5% Equipment bonds, series "J," dated March 15 1923, due
$375,000 annually, March 15 1924 to 1933, to be sold at not less than purposes. [Company has at present outstanding $2,445,000 1st Mtge. 3s,
96 and interest and the proceeds to be used in the procurement of the due June 1 1925, and 3111,000 8% notes, due Sept. 1 1923.)
-V. 116, p. 2516. 2128.
-Albert Emanuel Co., Inc.
Management.
following equipment:
DescriptionUnits. Unit Price, Approx. Cost.
-Clears Up Back Divs.Duluth-Superior Traction Co.
8
-wheel switching locomotives
10
$42.500
$425,000
Two dividends of 1% each have been declared on the 4% Cumul. Pref.
6
-wheel switching locomotives
39,100
5
195,000
Suburban-type locomotives
6
37,770
226,620 stock for the quarters ending March 3. 1923 and June 30 1923, both payable
Pacific-type locomotives
5
55,275
276,375 July 2 to holders of record June 15. In April last two dividends or 1%
-V. 116, p. 2007, 1049.
Mikado-type freight locomotives
20
59,000
1.180,000 each were paid.
Steel passenger cars
55
20,354
1,119,505
-Tenders.
Easton & South Bethlehem Transit Co.
"
Steel passenger cars
45
20.486
921,893 - The Girard Trust Co.. trustee, Philadelphia, Pa., will, until June 9,
Steel combination pass. & baggage cars
5
18,788
93,942
Steel baggage cars
10
16,981
169,813 receive bids for the sale to it of First Mtge.5% gold bonds, due July 11936,
3
Steel combination baggage & mail cars_
25.304
75,914 to an amount sufficient to exhaust $5,822 at a price not exceeding 105 and
-V. 104, p. 2553.
The company represents that no contract, underwriting, or other interest.
arrangement has been made for the sale of the bonds but they are to be
-Equip. Trust Series "JJ" Authorized.
Erie RR.
-V. 116, p. 2255.
sold at 96 or better.
The I.
-S. C. Commission on May 28 authorized the company to assume
obligation and liability in respect of $7,860,000 6% Equip. Trust certifiChicago Burlington & Quincy RR.
-Guar. Settlement. cates. Series "JJ"; see offering in V. 116, p. 2128, 2255.
The I.
-S. C. Commission on June 6 authorized payment to the road
of $4,638,000 on account of the guaranty period. The payment closes
-Stock Dividend, &c.
Federal Light & Traction Co.
the account with the road, which, with the above payment, will have
Quarterly dividends of 75c. a share in cash and of.75c. a share in 6%
received from the Government $12,288,000.-V. 116, p. 2001, 2006.
Cumul. Pref. stock have been declared on the outstanding 47,500 shares
of Common stock, no par value, both payable July 1 to holders of record
- June
Chicago & Eastern Illinois Ry.-New Director, &c.
of like amounts were paid on the Common
Initial
Frank D. Stout has been elected a director succeeding M. A. Traylor. stock 15. 2 last.
-V. 116, P. 2255, 1892.
April
G. A. Burget, Chief Clerk of the President, has been elected Secretary.
V. 116, p. 74.
-Wins Fare Case.
Georgia Railway & Power Co.
near Atlanta, Ga.,
Decatur
The towns
Chicago Milwaukee & St. Paul Ry.-Equip. Trusts Auth. lost two cases of the U. S.and College Park, compel the companyon June 4
Supreme Court to
to run its
in
The I.
-S. C. Commission on May 28 authorized the company to assume
-cent fare into new territory added to the towns,
the
obligation and liability in respect of $13,500,000 5% Equipment Trust cars for a 5 Court held was an impairment of the obligation ofwhichcontheir
U. S. Supreme
certificates. Series"C." (See offering in V.116, p. 2006.)
-V. 116, p. 1893, 1532.
the company.
Ia., has been elected a director to flll a tracts with
C. II. McNeider, of Mason City,
vacancy.
-V. 116, p. 2122.
Great Northern Ry.-New Dock at Superior, Wis.in service one
most
The company has just completed,_ and
- modern and up-to-date ore docks sit theplaced of the Lakes. of thedock,
Cincinnati Indianapolis & Western RR. Co.
head
This
which is known as Dock No. 2. is one of four docks owned by this company
Annual Report.
Increase.
1921.
Calendar Years
1922.
on Allouez Bay,in Allouez, a suburb of Superior, Wis. (See article entitled
$647,121 "Great Northern Builds New Dock at Superior," together with maps and
Railway operating revenue_
$4,363.693 $3,716,572
4,148,136 Dec.373,440 illustrations, in the "Railway Ago" of June 2. pages 1311 to 1314.)-V. 116,
Railway operating expenses
3,774,696
p. 2255.
Net operating revenues
$588,998 del$431,564 $1,020,561
Hartford & Connecticut Western Ry.-Central New
44,447
Railway tax accruals
198,744
154,297
Dec.59 England Offers to Advance Loan to Pay Off 10% of Hartford &
59
Uncollectible railway revenues
Net operating income
Total non-operating income
$976,173
$390,253 def$585,920
855,909 Dec.793,459
62.450
Connecticut Western $700,000 Bonds.
The Central New England Ry. has offered to advance a loan to the
Hartford & Connecticut Western By., a leased line, sufficient to pay off
10% of the $700,000 4)% 1st Mtge. bonds, maturing July 1, provided
Gross income
the holders will consent to an extension of the balance for 10 years at 6%.
Deductions from gross income
The directors and officers of the Hartford & Connecticut Western are
$72,719
$20,466 recommending to bondholders the acceptance of this offer as the best that
$52,253
146,271
12,521 can be obtained. The bonds were originally issued under a mortgage
Interest accrued on 1st Mtge. bonds133,750
30,160
Interest accrued on equip. trust oblig_
24,667
Dec.5,490 dated June 13 1883, payable July 1 1903, but were extended for 20 years
Interest accrued on bills payable- --30.604
30,604 to July 1 1923. As the company has no funds with which to meet the maturity, an extension again becomes necessary.
$128,823
Net deficit
$111,654
A communication to the bondholders from President c.im. Sheafe
$17,169
says: "It seems to be commonly supposed by bondholders that in some way
-V. 116, p• 1176.
the Central New England Ry. or the New York New Haven & Hartford
-Dividend.
Continental Passenger Railway Co.
has become responsible for the payment of the $700,000 mortgaged debt.
,
The Philadelphia Stock Exchange on June 2 announced the declaration Unfortunately for us, this is not the fact. An examination of the lease will
of the semi-annual dividend of $3 per share, payable June 30 to holders of disclose that Central New England By. is bound only to pay the interest
record May 31, less 38 cents per share to cover first and second quarterly on the bonds as part of the rental. There is no agreement, express or im-V. 115, p. 2579.
plied. for meeting the principal. The New Haven bean; no relationship
installments of the 1922 income tax.
whatever to the Hartford & Connecticut Western except as a stockholder.
-The mileage of the company is substantially 122 miles. Its early
Cuba Co.
-To Offer Stock.
value stock of the company, a holding company of history was involved with great financial difficulties, and there were numerThe new no-par
railroad and sugar properties in Cuba, it is understood, will be offered ous bankruptcies among the underlying corporations. Its location for
to investors soon, probably next week. The price, it Is said, will be $39 railroad purposes is unfortunate, the line generally running through a
a share. This is the equivalent of $158,500 a share for the old stock, sparsely settled country with almost prohibitive grades and curves. Except
par value of which was $50,000 a share. The banking group in charge at a few points, such as Winsted. Canaan and on the northerly side of the
of the underwriting includes W. A. Harriman & Co., Dominick & Dominick city of Hartford, there is not sufficient business to justify the existence o I
-V. 116, p. 2515, 2128.
a railroad. Whatever value the property has for railroad purposes has been
and C. D. Barney & Co.
created for it, and is being maintained, by the New York New Haven &
Cumberland Traction Co., Bridgeton, N. J.
-Stock.
- Hartford, the principal stockholder. which owns 17,482 shares: and also by
al New England Ry., which Was formed in June 1907 by the conThe New Jersy P. U. Commission has authorized the company to
issue $24,800 Preferred stock and $17,200 Common stock to be used for the solidation of various struggling railroads and has since operated our railacquisition of certain property formerly owned by the Bridgeton & Millville road, paid the rental al:Tye referred to, taxes, &c., and has considerably
developed the property.'-V. 83, p. 1290.
-V. 116, p. 1411.
Traction Co.
$452,703
379,985
$269,990
217,737
$182,714
162,248
-Examination, etc.
Denver & Rio Grande RR.
Supreme Court Justice John Ford has granted an application of the
protective committee for the stockholders for an examination before trial
Houston Belt & Terminal Ry. Co.
-Tenders.-
The Central Union Trust Co.. trustee, 80 Broadway, N. Y. City, up to
June 8 received bids for the sale to it of 1st Mtge. bonds, due July 1 1937. to
JuNFI 91923.]
THE CHRONICLE
an amount sufficient to exhaust $50.145 and at prices not exceeding 105
and int.—V. 107, p. 802.
Illinois Power & Light Corp.—Merger Completed.—
The corporation has completed taking over the properties of the Illinois
Traction Co. and the Southern Illinois Light & Power Co. The legalities
incident to the formation of the new company and the taking over of the
above properties have been finished and the Illinois Power & Light
Corp.
is now a going concern. A group of prominent investment houses recently
-Year
offered $30,000,000 Illinois Power & Light Corp. Ref. Mtge. 30
-Year 7% Debenbonds, Series "A," and $10,000,000 Sinking Fund 30
6%
tures, the proceeds to retire more than $50,000,000 securities of companies formerly constituting the Illinois Traction Co.system and to provide
additional working capital. Compare V. 116, p. 1532. 2015, 2388.
Inter-State Public Service Co.—Acquisition.---
The company recently announced that it had purchased the properties
and franchs of the Jeffersonville Water, Light & Heat Co. for $250,000.
—V. 116, p. 1760.
Kansas Oklahoma 8c Gulf Ry.—Eguip.Trust Series "A."
The I.
-S. C. Commission has authorized the company to assume obligation and liability in respect of $150,0006% Equip. Trust certificates, Series
"A." to be issued by Seaboard National Bank, New York. under an agreement to be dated April 1 1923. and sold at not less than 97 in connection
with the procurement of 300 50
-ton steel flat-bottom gondola cars. rebuilt
during 1921 and 1922.at a unit price of$750, making a total cost of$225.000.
The certificates are to be sold to Estabrook & Co., N.Y. City, at 97 and
divs. On that basis the annual cast to the applicant will be approximately
7%.—V. 115, p. 869.
Keokuk & Des Moines Ry.—Bondholders' Committee.—
A committee for the protection of the interests of holders of the 5% 1st
Mtge. bonds due Oct. 1 1923, has been in existence for some time. Its
present members include F. J. Lisman, F. J. Lisman & Co., (Chairman)
New York; Frank W. Matteson, Providence; Samuel Sloan, Vice-Pres.,
Farmers' Loan & Trust Co.; Reginald B. Lanier, Winslow, Lanier dr Co.,
New York. The members of the Committee represent large holdings of the
bonds. The Committee will watch the bondholders' interests and, when
advisable, will call for the deposit of bonds.—V. 116,P. 1893.
Knoxville & Carolina RR.—Bonds Authorized.—
The I.
-S. C. Commission on May 25 authorized the company to issue
not exceeding 5100,000 6% 1st Mtge. bonds. $25,000 to be delivered at
.
par to S. B. Luttrell and T° A. Wright in reimbursement for advances heretofore made by them to the company: $24,000 to be delivered at par to
S. B. Luttrell, T. A. Wright, L. C. Gunter and W. B. Townsend, upon
and in respect of the discharge and satisfaction by them of loans heretofore
negotiated by the company from the Union National Bank, Knoxville,
Tenn., and $51,000 to be sold at not less than par and the proceeds used tor
making improvements to the property.
The company now operates approximately 29 miles of railroad, including
branches and appurtenances, located in Knox and Sevier Counties, Tenn.
This railroad property was formerly owned and operated by the Knoxville
Sevierville & Eastern Ry.—V. 115, p• 436.
Lake Shore Electric Ry.—Wages Increased.—
The company announces a wage increase of 5 cents an hour for workmen
in all departments, effective June 16.—V. 116, p. 2255.
Louisiana & Arkansas Ry.—Equipment Trusts.—
The Guaranty Trust Co. of New York, has been appointed trustee of
$120,000 equipment trust certificates Series "J." dated May 15 1923. and
due $6,000 semi-annually Dec. 15 1923 to April 15 1933,inclusive.—V. 115,
P. 1837.
Marion & Rye Valley RR.—Sale.—
The road was sold at receiver's sale on April 25 to Mrs. Minnie Knight of
Lynchburgh, as a committee of the bondholders. Injunction proceedings
are being brought by the Virginia Corporation Commission to prevent the
purchaser from scrapping the road.—V. 112, p.653.
Memphis Street Ry.—Out of Receivership, &c.
The property of the company, which had been in receivership since
Jan. 20 1919, was turned back to its owners on April 11 last by order of
Federal Judge ROM. The company at time of receivership was controlled
by the American Cities Co., but is now controlled by the Memphis Power &
Light Co.(in turn controlled by the National Power & Light Co., successor
to American Cities Co. per reorganization plan in V. 114,P.79)• The sale
of the railway company's power plant to the Memphis Power & Light Co.
(for a sum said to be $1,568,000) has been approved by the Tennessee
P. U.Commission.
The present outstanding capitalization of the railway company is as follows:(1) Corn stock, $2,500,000:(2)5% Cum.Pref. stock. $2,500,000;(3)
5% consolidated (now first) mortgage bonds, due 1945 (authorized, $10,
000,000, of which $577,000 held alive in sinking funds). $9,423,000;(4)6%
Equipment trusts, $24,000 (due $12,000 Oct. 1 1923 and $12,000 Oct. 1
1924). The General Mortgage bonds have been canceled. As to payment
of notes, see V. 116, ro. 1649.
The directors are: H. C. Abel, F. B. Odium, C. E. Groesbeck, T. H.
Tutwiler (Pres.), E. W. Ford, W. W. Mallory. C. W. Butler, F. S• E
A. L. Parker, J. M. Walker. L. Le May (Sec.-Treas.).—V. 116, p. 2516.
1649.
2637
committee whereby he agreed to purchase the property and to pay in cash
therefor the sum which the committee had expended in acquiring it, namely.
$90,000, plus $113,468. being 75% of all claims due it for materials and
supplies, a total of $203,468.
In addition the committee was to receive Preferred stock to the extent
of 25% of its claims for materials and supplies in a securities company
which was to be organized for the purpose of holding the securities of a
new railroad company,which would operate the properties,and also approximately $60,000 of such Preferred stock in liquidation of certain claims for
loss and damage. Steele agreed to assume any operating deficits incurred
subsequent to the sale by foreclosure.
On March 31 1922 Steele entered into a contract with the company to
convey to it the properties acquired by him under the contract of Nov. 26
1921 in exchange for the following securities to be issued by the applicant:
(1) Stock, $2,500,000; 1st Mtge. bonds, $1,500,000: income bonds. $1,500,000.
In addition the company was to reimburse Steele for certain expenditures,
estimated at $195.170, as of March 31 1922 as follows: Advances on
account of operating deficits from Nov. 26 1921. $70,170: expense of
issuing securities. $25,000: temporary financing expense. $25,000; legal
fees and expenses, $15,000; syndicate organization expense, $60,000.
The company was to retain in its treasury $1.500,000 of its 1st Mtge.
bonds.
Steele was to convey all of the stock and income bonds of the company
and $1,100,000 of its 1st Mtge. bonds to the securities company above
referred to, retaining $400.000 of the let Mtge. bonds on the basis of 85
and int., to reimburse him for the following items, a number of which
In the preceding paragraph: Receiver's creditors' committee.
68: commissions paid for securing loans. $25,000: legal services and
expenses paid, $6.738: legal services due but unpaid. $2,500; syndicate
espenses Sept. 1 1919 to Nov. 26 1921. $64,332; interest on loans, $8,950:
office expenses, clerk hire, consulting engineers, &c., $32,516; ciipenses of
traveling representative, $4.481: company organization expense, $1.000.
All charges and expenses in excess of $340,000. or 85% of the let Mtge.
bonds so retained, were to be borne by the company.
The securities company was to bold in its treasury all of the stock and
income bonds of the company which were to be delivered to it by Steele.
Of the 51,100.000 of 1st Mtge. bonds also to be delivered to it. $1,000,000
were to be sold at 85 and int. and the piwveds used to rehabilitate the
railway property and to provide funds for the expenses of the securities
company. Under a proposed plan the bonds were first to be offered to
the holders of the reorganization-syndicate-and-participating receipts, for
whom Fisher had purchased the road at foreclosure sale, and who had
subscribed $1.250,000 to enable the receiver to retire $995.000 of receiver's
certificates and to furnish him with additional funds. For each $100 of
bonds to which these parties subscribed, they were to receive $145 of 8%
Pref. stock and $95 of Com. stock of the securities company. Should
they not subscribe to the bonds in proportion to their holdings of participating receipts, they were to receive but 40% of the face value of such holdings
In the Pref. stock of the securities company.
The company has since agreed that this plan shall be amended so that
none of the isonds are to be turned over to the securities company. Under
the new plan, $400,000 of the bonds will go to Mr. Steele in the manner
above referred to. $600,000 are to be sold at 85 and hat., and the remaining
$500,000 are to be held in the treasury. The company represents that
,
proceeds from the sale of the $600,000 of bonds, less $50.000, which is to
1345 paid to the securities company to take care of expenditures of the bondholders' committee amounting to $35,000 for attorney's fees and trustees
expenses, and legal expenses of the securities company amounting to
$15,000 are to be used by it for the purpose of paying for certain necessary
additions and betterments in rehabilitating the property and for equipment
amounting to $460,000.
The plan has been further modified so that the income bonds are to
be eliminated.
The Gulf Florida & Alabama Ry., the predecessor, at the time it went
into receivership had outstanding $4,660,000 Capital stock and 54.410.000
funded debt.
The company represents that the investment in this company's properties
amounted at the time of foreclosure sale to $9,171,493. It claims, at the
present time, a valuation in road and equipment of $7.000,000. The
ovst
present setgwoulrreult in amiueicoof $5.07.00214capitltidararrainfxrrge i
to360o
ram20,500
V. 114, p. 1891; V. 116. p. 721
;38;1
m
New York Central Lines.—Definitive Certificates.—
The Guaranty Trust Co. of N. Y. are now prepared to deliver definitive
4 4% Equipment Trust certificates of 1922, with warrants due Sept. 1 1923,
and subsequent attached, in exchange for outstanding temporary certificates. See offering in V. 116, p. 176. 2130. 2256.
New York New Haven & Hartford RR.—Decree Modified—Company to Get Back Boston & Maine Stock—Trusteeship
to End.—Federal Judge Mayer in the U. S. District Court for
the Southern District of New York June 4, modified the
decree of Oct. 17 1914, by which the New Haven was required
to dispose of the New England Street Railway System and
of holdings in the Boston & Maine RR. The modification
restores to the New Haven its investment in the B. & M.
By virtue of the decree the New Haven will have restored its investmentin
the Boston dr Maine, which represents 2834% of the voting rights in that
company, as distinguished from 52% at time of the decree of Oct. 17 1914.
the New Haven having changed from the majority to the minority by reason
Midland Terminal Ry.—Tenders.—
The Farmers' Loan & Trust Co., trustee, 16-22 William St.. N. Y. My, of an increase of the capitalization of the Boston & Maine incident to its
will, until June 21, receive bids for the sale to it of First Mtge.5% shaidng reorganization during Federal control. The stock of the Boston & Maine is
held by
fund gold bonds, due Dec. 1 1925, to an amount sufficient to exhaust certain Boston Railroad Holding Co. and cannot be disposed of witout
obligations to the Commonwealth of Massachusetts.
$16.380.—V. 111, p. 2423.
The decree also terminates the trust so far as Boston & Maine stock and
holdings in lines
&
Missouri-Kansas-Texas RR.—April Income Applicable New Haven Haven about the leased to BostonlastMaine are concerned.to
The New
petitioned the court
middle of April
to Interest Amounted to $721,800.—The statement of opera- have the stock returned, basing its contention on the ground that the prois no longer a
tions of the Katy for April, the first month of the re- portion of stock of the Boston & Maine ownedoutstanding as amajority.
being reduced to only 28li% of the total stock
result of
organized company, is now available:
the reorganization of the Boston & Maine; that the business of the Boston
Notwithstanding that mileage was reduced from 3,737 to 3,272, a & Maine is not in essential competition with that of the New Haven, and
decrease of 12.45%, the gross showed the nominal decrease of $9,600. that the Transportation Act has radically changed the policy of the United
The net income applicable to interest amounted to $721,800, and the States toward railroad consolidation. Under the plan to consolidate the
fixed interest charges under the reorganization amounted to $38 . . railroads of the country into a limited number of systems, the policy with
9 700
leaving a balance of $332,100 applicable to interest on Adjustment bonds. respect to disposition of the New England carriers is St lb to be determined.
The months' proportion of interest on Adjustment bonds required $231,300,
Equip. Notes Authorized.—
leaving a final surplus of $100.800.
The I.
-S. C.
23 authorized the company to issue
In the month under review the company spent $489,000 more in main- $1,192,000 6% Commission on May connection with the procurement of
Equipment notes in
equipment than in April of last year.
tenance of
12 electric locomotives, for use on the electrified zone between New York
For the four months ending April 30 the net income applicable to interest and New Haven, from the Westinghouse Electric & Mfg. Co., at a total
amounted to $2,808,500, and the fixed charge interest to $1,5
83,700, cost of $1,589,700, of which $397,700 is to be paid in cash and the remainder
leaving a balance of $1,224,800 applicable to interest on the Adjustment covered by the proposed
notes.
bonds; the proportion of interest for the four months on the Adjustment
These notes will be issued pursuant to a proposed agreement of conleaving a final balance of $299,500.
bonds required $925,300,
ditional sale between
Title to
During the four months ending April 30 there was spent $2,315,400 motives will remain inthe vendor and the company. all the the locothe
more than in the corresponding period of last year on maintenance of of the applicant in respect vendor or its assicnee until notes obligations
of the proposed Equipment
and under
equipment, as it is the settled policy of the management to catch up as the agreement of conditional
sale have been compiled with and performed.
rapidly as possible with arrears of maintenance on equipment due to last Upon such compliance
and performance, the title will pass to and vest
year's strike.—V. 116. p. 2256.
in the applicant.
The notes will be dated June 1
due $149.000 each six months
Muscle Shoals Birmingham & Pensacola Ry.— commencing Dec. 1 1923 and ending 1923; 1 1927.—V. 116, p. 2516. 2256.
June
Securities Authorized.—
The I.
-S. C. Commission on May 29 authorized the company to issue
$2,500,000 Common stock and $1,500,000 1st Mtge. 6% Gold bonds;
said stock and $400,000 of said bonds to be used for the purpose of purchasing certain railroad properties, $600,000 of said bonds to be sold at not
less than 85 and int. and the proceeds used for the rehabilitation of said
properties and to pay certain expenses connected with the reorganization.
and $500,000 of said bonds to be held in the treasury.
Digest of Report of the Commission.
The company was organized on March 30 1922 for the purpose of taking
and operating the railroad properties formerly owned by the Gulf
over
Florida & Alabama Ry., extending from Pensacola. Fla., to Kimbrotigh, Ala.
In pursuance of a decree of the U. S. District Court for the Northern
District of Florida, these properties were sold, on Nov. 26, 1921 to William
Fisher, representing the receivers' creditors' committee, for $90,000.
Fisher then transferred the interest of the committee in the properties to
John T. Steele, who, upon the same date, entered into a contract with the
New York State Rys.—Wages Increased.—
President Hamilton announces that a wage increase of 5 cents an hour to
motormen and conductors on the Rochester, Syracuse and Utica lines has
been granted. This represents a 10% increase over the present maximum
scale of 50 cents an hour.—V. 116, p. 2389.
Northern Massachusetts Street Ry.—Sale.—
The power house and car house in Templeton, Mass., together with the
land upon which they are situated, was offered for sale last April at public
auction at the office of Tax Collector Carleton A. Fletcher in Baldwinville
far k it aa er.—t. taxes.. 516 re being no bids for the property. the town
roa non-p vymenvofl16, p Th.
e
Paducah (Ky.) Railway.—Fare Plea Upheld.
The U. S. Supreme Court recently handed down a decision upholding a
ruling of the U. S. D strict Court for the Western District of Kentucky,
which held that the City of Paducah could not arbitrarily declare by ordin.
• 2638
THE CHRONICLE
ance a 5
-cent fare and that the company's franchise contained no such right.
The decree of the lower court, however, was modified so as to protect the
-V.113, p. 293.
city's rights in the event conditions change in the future.
Paulista Ry.-Admitted to List.
The New York Stock Exchange has admitted to trading 84,000,000
1st & Ref. Mtge. 7% Sinking Fund Gold bonds, Series "A, duo March
15 1942.-V. 116, p. 1050.
-Wage Increase.
Pennsylvania-Ohio Electric Co.
A wage agreement between the motormen and conductors in New Castle,
Youngstown and Sharon and the company was reached June 1, whereby
the men will receive an increase of5 cents an hour. The new scale, effective
-men cars, 48, 51 and 57 cents an hour;
for one year, is as follows: Two
-V.115,P. 1732.
one-man cars, 53, 513 and 62 cents an hour.
Pere Marquette Ry.-Initial Common Dividend.
An initial quarterly dividend of 1% has been declared on the outstanding
$45,046,000 Common stock, iplar $100, payable July 2 to holders of record
June 15.-V. 116, p. 2256, 2120.
-Dividends.
Public Service Corp. of New Jersey.
The directors have declared a dividend of 2% on the 8% Cumul. Pref.
stock, a dividend of 1%% on the 7% Cumul. Pref. stock, and a dividend of
1923,
$1 per share on the Common stock, for the quarter ending June 30 at the
all payable to stockholders of record June 15. The latter dividend is
rate of $4 per annum on the new or no-par Common stock, and is equal to
$8 per annum on the old Common stock, par $100, on which 2% quarterly
-V. 116, p• 2007.
was paid in Dec. 1922 and March last.
Seaboard Air Line Ry.-Equipment Trusts and Bonds.
The I.
-S. C. Commission on May 29 authorized the company to assume
Trust
obligation and liability in respect of $7.737,998 6% Equip.of NewcertifiYork,
cates, Series "V," to be issued by the Chase National Bank
under an agreement to be dated April 2 1923:$6,600,000 of said certificates
(see offering in V. 116, p. 1276) and $1.137,to be sold at not less than 953
998 of deferred certificates to be sold at par, in connection with the procurement of certain equipment.
The deferred certificates are to be issued as follows; Class A, $177,998:
Class B,$390.000; Class C.$570,000; and as to Class D.the amount thereof
will not be ascertained until all the cars to be rebuilt have been delivered.
All of such certificates are to be payable on demand after April 2 1935, and
will not be entitled to dividends nor to have the applicant's guaranty indorsed thereon.
The deferred certificates will be subordinate in all respects to the $6,600.all the
000 Series 'V" certificates, and in addition to being a junior hen on rebuilt
new equipment, will also have junior liens on specific units of the
1
1 he f.- .
el 11Pin nt C. Commission has also authorized the company to pledge
security for
$2,725,000 1st & Consol. Mtge., Series "A,"6% Gold bonds as
a loan from the United States under Section 210 of the Transportation Act
-V. 116. p. 2511, 2387.
amended.
of 1920, as
-Larger Dividend.
Twin City Rapid Transit Co.
The directors have declared a semi-annual dividend of3% on the Common
stock, payable July 2 to holders of record June 15. Semi-annual dividends
.
.of 2% were paid on the Common stock on July 1 and Dec. 30 1922.V. 116, P• 1757
'
-Dividend.
Union Passenger Railway Co.
A semi-annual dividend of $4 75 per share has been declared on the stock,
payable July 2 to holders of record June 15, less first and second quarterly
Installments of the 1922 income tax, amounting to 60 cents per share.
V. 115, p. 2687.
-Time Extended.
United Gas & Electric Corp.
The committee in charge of plan of readjustment, announces that twothirds of United Gas & Electric stock and practically all of Berkshire stock
has been deposited in accordance with the plan. The committee further
announces that in order to give stockholders further opportunity to deposit
their stock, the time for making such deposit has been extended to and including June 23.-V. 116, p. 1761, 2258.
United Rys. Co. of St. Louis.- Valuation.
The Missouri P.8 Commission has fixed the valuation of the company's
properties in St. Louis, for rate-making purposes, at $51,761,348. The
Commission also announced that no increase would be made in the fare
In St. Louis at this time. On the other hand, it declared that fares could
not be reduced, as the present earning of the railway is at the rate of
6.4% on the valuation announced. The city of St. Louis had contended
that the valuation for rate-making purposes was $29,805,957. The
railway had contended that it should be permitted to earn on a valuation
of $70,000,000.
It is expected that the receiver and officials of the company will appeal
-V. 116, p. 2512, 2517.
the decision of the Commission.
-April 1 1921 Interest.
United RRs. of Yucatan.
Coupon due April 1 1921 on the 5% 1st Mtge. Redeemable Gold bonds.
thereon at
will be paid on and after July 2 1923. together with interestLadenburg,
office of
5% per annum from April 1 1921 to July 1 1923, at thep. 1211.
-V. 115,
Thalmann & Co , 25 Broad St., N.Y. City.
•
West Philadelphia Passenger Ry.-Dividend.--
A semi-annual dividend of $5 per share has been declared on the stock
payable July 2 to holders of record June 15, less first and second quarterly
Installments of the 1922 income tax, amounting to 63 cents per share.
V. 115,p. 2687.
-J. S.
Western Maryland Ry.-Equip. Trusts Sold.
ew
Wilson, Jr., & Co., Baltimore, and Freeman &
Co.,d.05%,
York, have sold at prices to yield from 532% to
according to maturity, $1,500,000 6% Equip. Trust certificates, to be issued under the Phila. Plan. Unconditionally
guaranteed by company (se9 adv. plges).
Philadelphia, trustee. Dated
Bank of North America & Trust Co.,
Dec. 15 1923 to June 15
June 15 1923. Payable $75.000 semi-annually,
.
$1,000c5 Dividends payable J. & D. Not callable
1933 incl. Denom.
prior to maturity.
standard
-These certificates are to be issued in part payment for coal cars,
Security.
-ton
railway equipment consisting of 2,000 rebuilt 50 & steel hopper will have
Davis, Inc.,
which, according to the appraisal of Ford. Bacon an initial equity in this
a present minimum valuation of $2,600,000, giving
trust of over 42%.
-S. Commerce Commission.
-Subject to approval by the I.
Issuance.
-Since Government control of the railroads ended on Sept. 1
Earnings.
month,
1920, the company has earned its fixed charges each consecutive cost of
in the
also the company has made an especially favorable showingconsumed only
for the year 1922 having
conducting transportation, this item
35.8% of the total operating revenue. year 1923(which is usually the less
the
It• On the basis of the first 4 months of
favorable revenue period), the company has operated on the basis of gross
revenue exceeding $23,180,000. The fixed charges on the present basis
The
will be only approximately 13% of the gross income for the year.
railroad is, upon this basis, earning at the rate of 135% times its fixed
p. 2008, 2002.
-V. 116.
charges.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
said:
The "Iron Ago" June 7
pronounced development in the steel market, interest centres
"With no
blast furnaces in May.
remarkable performance of the country's of
In the
3,867,694 gross tons,
made, with an output
Another high record wasagainst 3,549,736 tons in April, which established
as
or 124,764 tons a day, 118,324 tons a day.
of
the previous record
[VOL. 116.
"The gain last month was almost entirely in the pig iron outPut of steel
companies. Of the total increase of 6,440 tons a day, they contributed
5,884 tons, and the merchant furnaces only 556 tons.
"Fourteen blast furnaces went in in May and three blew out. The
capacity of the 321 furnaces active on June 1 is estimated at 125,100 tons
a day, as against 119,500 tons a day for the 310 furnaces in blast on May 1.
Thus, as the month opened, the country was producing pig iron at an
annual rate far beyond precedent
-something more than 45% million
tons (including the relatively small amount of charcoal iron). This is
nearly 16% above the record of 39.434,000 tons in 1916.
"Full statistics for steel are not yet in, but it is known that the May
output was as remarkable as that of pig iron. A number of steel companies outdid their best previous performance, not only in steel ingots,
but in various forms of finished material. The great Gary plant, in
making the largest mill shipments in its history, had not a little company.
"Here and there producers report an increase in sales as compared with
the second half of May; but orders on the books are so large that a now
buying movement is not expected pending a better appraisal of consumption
as compared with the present surprising production.
"The unusual heat of the past week brings up the possibility of some
reduction in mill rollings, but this is not a factor as yet.
"The more common price on steel bars is now 2.40c., and bar deliveries
are better, in common with those for plates and shapes.
"There are lower quotations on fabricated steel than were to be had
In April before the halt in building.
"At Chicago and in the Central West bar iron, rail steel reinforcing
bars, and blue annealed and black sheets show some concessions. While
3.85c. is the Steel Corporation contract price for black sheets, some mills
have shipped from excess stocks at 3.70c.
"An easier situation has developed in nuts and bolts.
"Can companies are not getting full deliveries on their tin plate contracts. Evidently 1923 will set a new record in production and consumption
of tin plate.
"The New York Central has not made its awards, but the expected
distribution of its 150,000 tons of rails is 84,000 tons to Bethlehem, 56,000
tons to the Steel Corporation and 10,000 tons to Inland. The Pennsylvania
RR. buying may reach 50,000 to 60,000 tons, but actual orders are still
withheld.
"Including 2,000 for the Seaboard Air Line, 2,475 cars have just been
bought; the American Locomotive Co. reports sales of 48 locomoties,
44 to the Canadian National Railways, and inquiries have appeared for
30 electric locomotives, 50 motor coaches and a fair volume of car repair
work.
"Of 12.500 tons of fabricated steel awards, over half was for New York
subway work. Not counting the 40,000 tons and more expected to go
Into Philadelphia subways, there are fresh inquiries for nearly 17,000
tons, two-thirds of which is for public and public service undertakings
with relatively little for private enterprises or for railroads.
"The trend of pig iron prices is dcrwnward in nearly all centres. Eastern
Pennsylvania furnaces which had long resisted buyers' efforts to obtain
concessions have reduced their quotations on basic and foundry grades
$2 per ton. Sales of 20,000 tons of basic have been made at Philadelphia
at the reduced price, but little foundry iron business has developed there.
In the immediate Chicago district, furnaces continue recent quotations.
but sellers at distant points report having lost business, especially in
malleable, to Chicago competitors. Transactions in Southern iron are
limited and are mostly re-sales.
"Tho contract coke market has eased off further and some blast furnace
companies have been able to buy ahead at $5 50 at oven, as against $5 75
last week and at $6 earlier in May."
Coal Production, Prices, &c.
The United States Geological Survey June 2 1923 estimated production
as follows:
"The total soft coal raised during the week ended May 26 (including
coal coked, lignite and mine fuel) is estimated at 11,046,000 net tons.
This is a gain of 776,000 tons over the revised estimate for the week preceding. Early returns on car loadings during the present week (May 28
June 2) show 39,688 cars on Monday, and 33,826 cars on Tuesday, which
are larger numbers than loaded on the same days of the previous week.
Loadings on Wednesday, Memorial Day, fell to 10,620 tons, and it appears
that the holiday amounted to approximately one-third of a normal day.
On this basis the average dally loadings for the present week are forecasted
at about the same level as last week. The present rate of soft coal production is high and has been exceeded at this season only under war stimulation
in 1918.
"Production during the first 125 working days of 1923 was 221.048,000
net tons. In the corresponding periods of the 6 years preceding it was
as follows (in net tons):
Years of Depression
Years of Activity219,912.000
1917
162,309,000
223,337,000 1921
1918
162,496,000
212,746,000 1922
1920
"Production of anthracite in the week ended May 26 was 3% less than
in the week preceding. The 9 principal carriers of anthracite reported
loading 37,394 cars, from which it is estimated that the total putput,
including mine fuel, local sales and the product of dredges and washeries,
was 1,956,000 net tons. The decrease was chiefly due to a low rate of
production on Monday May 21. On the other days of the week the output
averaged more than 6,200 cars daily.
-June 2)
"Preliminary reports of car loadings in the present week (May 28
show 5.935 cars on Monday, 6,038 on Tuesday and none on Wednesday
(Memorial Day). On account of the holiday the total output for the
week will be much lower than in recent weeks."
Estimated United States Production in Net Tons.
19221923
Cal.yr.to date.
Bituminous-Week. Cal.yr.to date.
Week
10,175,000 199,732,000
May 12
4,433.000 153,126,000
May 19
10,270,000 210,002,000
4,481,000.157,607,000
May 26
11,046,000 221,048,000
4,889,000 162,496,000
Anthracite
May 12
1,903,000 37,518.000
7.000 21,816,000
May 19
2,045,000 39,583.000
8,000 21,824,000
May 26
10,000 21,834,000
1,956,000 41,519,000
Beehive Coke
May 12
2,493,000
401,000
97.000
7,225,000
2,592,000
May 19
411,000
99,000
7.636,000
May 26
2,689,000
97,000
8,051,000
415.000
The "Coal Trade Journal" June 6 reviewed market conditions as follows:
"The turn of the month brought no fundamental changes in conditions in
the bituminous coal industry. Demand for coal, which has been on a
substantial scale for several months, has broadened still farther in the past
fortnight.
"The business. however, Is by no moans evenly distributed over the
various producing fields of the country. Judging from current market
reports, the major share of the increase is going to the East, particularly the
smokeless areas of West Virginia and those districts that have first call upon
the swelling Lake trade. Outside of those sections little complaint is heard
of transportation deficiencies, and where such complaint is made it is
generaly coupled with the admission that a heavier run of cars would
mean the dumping of distress tonnage on the market.
"This situation is frankly acknowledged by thelllinois-Indiana operators,
who are striving to steady conditions in their territory by keeping down
running time to something comparable with immediate demand for coal.
It is also recognized farther West. It is noticeable, too, in the East,that a
good run of cars in some of the districts that have been complaining is followed by an easing up in prices in the spot market. Where the strength in
prices lies is in the Lake trade, which is absorbing largo tonnages.
"Cargo dumpings of bituminous coal at the lower Lake ports for the week
ended May 27 declined from 1,014,846 net tons to 979,743 tons. The
dumpings for the season to that date, however, sore 4,403,729 tons,as
compared with 1,991,200 tons last year,4,669,352 tons in 1921 and 1,497,304
tons in 1920.
"Price fluctuations continue, but the net result of the various changes
week by week is small. For example, comparing the bet figures on the
bituminous coals listed below for last week with those in effect for the week
ended May 26, it is found that 53.7% of the figures were changed. Of
these changes 61.1% represented reductions ranging from 5 to 60 cents and
averaging 22.5 cents per ton. The advances ranged between 5 and 40 centa
and averaged 22.9 cents. The straight average minimum for the week was
$2 18, or a drop of 4 cents, from the minimum for the preceding week, while
the straight average maximum advanced 3 cents to 82 67 per ton. A year
ago the averages were $3 02 and $3 53, respectively.
"The passing weeks bring little change in the anthracite situation. The
fact that output decreased during the past fortnight will not lessen the
JUNE 91923.]
THE CHRONICLE
pressure for domestic deliveries. On the contrary, unless the weather
should be so warm that the thought of coal becomes anathema to the
householder, this demand may be expected to grow more clamorous as the
date for the expiration of the present wage agreement draws near. This is
particularly true of the East. In the West, where the use of other fuels for
domestic consumption is more general, the pressure has already lightened.
The demand as a whole, however, is strong enough to support independent
mine prices as high as $12 per ton for the larger domestics and $8 to $8 50
for pea. Lake shipments from Buffalo last week aggregated 81.800 tons.
"Coke production continues far ahead of last year as the result of the iron
and steel boom, but the latent weakness in that situation has been reflected
in current market prices in the ConeHaynie field. Spot offerings have been
so much below third quarter contracts that some readjustments in base
figures have been demanded."
Oil Production, Prices, esc.
The American Petroleum Institute estimates the daily average
crude oil production in the United States for the week ended June gross
2 as
follows:
(In Barrels)June 2 '23. May 26 '23. May 19 '23. June 3 '22.
Oklahoma
494,550
493,200
387.000
481,500
Kansas
83,050
82,500
84,500
81,650
North Texas
73,050
71 900
71,05050,450
Central Texas
139,600
148,000
130,650
129.450
North Louisiana
67.650
66,800
66,900
93,550
Arkansas
116,100
105,900
37,000
112,750
Gulf Coast
96,350
96.400
95.100
109,950
Eastern
109.000
109.000
109,000
111,500
Wyoming and Montana_
130.600
128,850
126,300
79,000
California
725,000
710,000
685.000
350,000
Total
2,034,950
2,002.050 1,951,850
1,450.950
Prices, Wages & Other Trade Matters.
Automobile Price Reduced.
-Haynes Automobile Co. reduced open
model $100, to $1,495. "Boston News Bureau" June 8, p. 4.
Flour Price Drops to Pre
-War Level.
-New low is $6 25 a barrel. "SunGlobe" June 6. p. 30.
Strawberries Lowest in Ten Years in New York City.
-Heavy shipments
cause price recession. In some parts of city berries were peddled from
wagons at 10c. a quart, while berries of finest quality were sold in markets
at 15c. a quart or 25c. for two quarts. "Times" June 3, Sec. 2, p. 3.
Tin Plate Workers Get Wage Advance.
-Agreement made granting tinmill workers 11% advance, and tin-house workers 10% advance and
placing both under same conditions governing sheet
-mill workers' wages.
"Iron Trade" May 31. p. 1627.
Printers in Sioux City Strike.
-Demand $44 a week for day and $47
for night work. Publishers offer $42 50 and $45, respectively. Contract
expired June 1. Publishers declare open-shop. "Times" June 8, p. 4.
Gasoline Price Again Advaneed.-Midcontinent gasoline advanced
31 cent to 133i cents a gallon. "Times" June 2, p. 18.
Export Petroleum Advanced.
-Refined quoted at 15.90c.; water white,
16.915c.; gasoline in cases, 28.65c. "Financial America" June 4.
Indiana Oil Companies Assume Half of State Gasoline Tax.
Oil of Indiana and independents are willing to pay half of 2
-cent a gallon
State tax on gasoline since virtually entire iproceeds
road
improvements. "Wall Street Journal" June 5, p. 16. are used for
West India Oil Co. Charged with Defrauding Argentine Customs.-ArgenUna Government, through Federal Judge Zavalia, condemns company, a
Standard Oil concern, to pay full value of imports for five years in addition
to cost of court and duties, charging that company did not report imports
in their true quality. Grades of gasoline, kerosene and other h*hly
taxed derivatives were brought in in mixtures declared as "fuel" or "crude"
oil and by means of rapid process converted into grades which would
have been heavily taxed. Officials of the company, in
state case will be carried to higher court. "Times" June 4.general denial,
p.
U. S. Supreme Court Rules Against Linseed "Association'17-Finds it
opposed to Sherman Anti
-Trust Act. "Times" June 5. p. 14.
Government Withdraws Charges Against Textile Alliance, Inc.
-Clears
principal in alleged plot to control German dye patents. "Times"June 8.p.5
Matters Covered in "Chronicle" June 2.-(a) The steel industry and the
12
-hour day, p. 2448.
(b) Listings on the New York Stock Exchange for the year
1922, P.
2448-2452.
(c) Carpenters get $1 a day increase, p. 2455. (d) Metal lathers get $1
daily wage increase, p. 2455. (e) Chicago building trades grant 20%
wage increase, p. 2455. (f) No change to be made in newsprint price during
next 6 months, p. 2455. (g) Wage advances as related to domestic trade,
p. 2455.
(h) Building operations: restriction in accordance with stabilization
program of American Construction Council, p. 2457; Herbert Hoover
confers with American Construction Council, p. 2457.
(i) Jones & Baker,50 Broad St., New York ((3urb brokers), in bankruptcy
p. 2464. (j) B. D. Cannon, of brokerage firm of Cantey & Cannon, New
York, expelled from N. Y. Stock Exchange; firm in bankruptcy, p. 2465.
(k) S. Barton Lander, 50 Broad St., New York. in bankruptcy, is. 2465.%
(I) Abolition of 12
-hour day in steel industry declared not feasible in
report adopted by American Iron & Steel Institute,
2473. (m) Samuel
Gompers' comment on report on 12
-hour day in steel industry, p. 2474.
p*
Adams Express Co.
-Dividend Increased.-
•
A quarterly dividend of 1 3 % has been
the outstanding
$10,000.000 Capital stock, par $100, payabledeclared on holders of record
June 30 to
June 15. This compares with quarterly dividends
of 1% each paid from
Dec. 1922 to March 1923. inclusive.
-V. 116, p. 718.
Alabama Power Co., Birmingham,
-Revaluation.
-
Ala.
The Alabama P. S. Commission has placed a valuation for rate-maldng
purposes of 829.000.000 on the company's properties
as of June 30 1920.
This is a reduction of $4,843,252 from the
valuation placed
commissioners. The new valuation is about $15.000.000 lessby the former
than the final
valuation placed by Hagenah & Erickson, engineers, who made an inventory and appraisal of the property for the
Commission after the valuation
case was docketed in 1920.-V. 116, p. 2391.
Alaska Goldfields Ltd.-Capital
Decreased.The reduction of capital from £67,500 to £30,000
'
was confirmed by the
High Court of Justice (Chancery Division) on April 17
1923, and registered
by the Registrar of Joint Stock Companies on
(London
24
"Stock Exchange Weekly Official Intelligence.") April107, 1923.
-V.
p. 403.
All-America Cables, Inc.
-Rates Reduced.
-
The company anneu ces tl e following reductions in rates, now effective:
,
San Jose, Guatemala; La Libertad, Salvador;
Costa Rica. all 35 cents a word. The rate to allSan Jose and Port Limon,
other places in Guatemala,
Salvador, Nicaragua and Spanish Honduras is 40 cents and to all other
places in Costa Rica 42 cents a word.
-V. 116, p. 1180.
Amalgamated Oil Co., Calif.
-Exchange of Stock.
-
See Associated Oil Co. below.
-V. 113, p. 1576.
Amalgamated Sugar Co.
-New Directors.
-
James E. Pickett and Royal Eccles of Ogden. Utah, have been elected
directors.
-V. 116, p. 2259.
American Beet Sugar Co.
-New Vice-President.
R. Walter Leigh has been elected Vice
-President to succeed the late
Henry T. Oxnard.
-V. 116. p. 2391.
American Bosch Magneto Corp.
-Earnings,
profits
Net profits after all charges for April were between
Gross sales for April totaled over $1,200,000, compared$55.000 and 860.000.
with over $2,700,000
in the first quarter of this year. Compare V. 116,
p. 2133. 1895.
American Express Co.
-Div. Reduced-Annual Report.
-
The company has declared a quarterly dividend of $1
able July 2 to holders of record June 14. This compares50 per share. paywith $2 per share
paid cniarterly since Jan. 1921.
Elms Calendar Years- 1922.
1921.
1919.
1920.
Gross income
$7,335.014 88,449.946 814.812,728 $9,444,301
Operating expenses
5,821,069
6,891.962
7,613.461
8,750.887
Taxes and other charges
513.666
480.580
734.460
4,171.754
Dividends
1,439,996
1,440,000
1.032,366
1,158,969
Direct charge to surplus_
1,052,876
Balance, sur, or def__defS439.717df$1,415.472 sur$731,118 sur$64,014
2639
Balance Sheet
1921.
1922.
Assets$
$
Real est. & equip_ 6,144,927 6,111,052
Stocks and bonds_21,997,352 22,297,906
Mortgages
749,485
616,200
Other Investments. 298,786
431,387
Current & guaranty receivables_ _28.402,557 21,727,402
Cash
4,153,135 7,497.600
Deterred items
1,573,578 1,922.411
Total
63,186,535 60,737,243
December 31.
1922.
Liabilities$
Capital stock
18,101,471
Accounts payable_ 4,321,698
Money orders, &cx32,870,419
Depreciation and
insur. reserve__ _ 1,055,761
Taxes accrued and
miscellaneous_
1,629,471
5,207,725
Surplus
Total
1921.
$
18,101,471)
4,458.049
30,934,607
641,851
953,824
5,647,442
63,186,535 60,737,243
x Includes travelers' checks, drafts and other financial paper issued, not
presented for payment.
-V. 116, p. 298.
American Gas & Electric Co.
-Acquisition.
The company. It is stated, is negotiating for the purchase of the West
Virginia Water & Electric Co., Charleston,'W. Va., and its subsidiaries. the
St. Albans(W. Va.) Power & Light Co., and the Dunbar(W. Va.) Light &
Power Co.
-V. 116, p. 2010.
American Glue Co.
-Common Dividend Omitted.
-The
directors have voted to omit the quarterly dividend of $1
per share on the Common stock due June 15. Quarterly
dividends of $1 per share were paid on the Common stock in
Sept. and Dec. 1922 and in March last. Pres. Lyman says:
The sales for the four months ending April 30 were 28% more than the
corresponding period of 1922. The earnings for the first four months of
this year were more than sufficient to cover Common dividends after depreciation, Preferred dividends and reserve for taxes, but, due to the close
margin of profit in certain branches of the business and a claim for a substantial amount of back taxes by the U. S. Government, the directors feel
that it is for the best interests of the Common stockholders to forego dividends until this claim is disposed of, which we anticipate will be in the
near future. This claim for additional Federal income taxes is not, in the
opinion of our counsel and auditors, warranted.
-V. 116, p, 1535.
American International Corp.-Vice.-Pres. Resigns.
-
See Shnms Petroleum Co. below.
-V. 116, p. 2133.
American Linseed Co.
-Supreme Court Rules Agreement
of Open-Price Associations Against Sherman Act.
The U.S. Supreme Court,in an opinion delivered by Justice McReynolds
on June 4, held that open price associations between linseed crushers were
a violation of the Sherman Act. The decision follows that against the
Hardwood Lumber Association, made some time ago, when the Court
ruled such an agreement outside the law. The District Court for the
Northern District of Illinois had held that
combination of the linseed
crushers ws lawful and had dismissed a billthe complaint brought by the
of
Government, but the Supreme Court on June 4 overthrew the decision of
the lower Court.
The defendants were the American Linseed Oil Co. et al., comprising
12 corporations, in six different States. which manufacture and distribute
linseed oil cake and meal, and Julian Armstrong, who operates at Chicago
under the name of Armstrong Bureau of Related Industries. (See also
N. Y."Times" June 5, page 14.)-V. 116. p. 1763, 1652.
American Locomotive Co.
-Locomotive Orders.
-
The company has received orders for 44 locomotives from the
National Rye., to be used on State lines as follows: Central Canadian
Vermont,
sixteen 113
-ton consolidations and eight 100
-ton switchers;
Trunk
Western, ten 150-ton Mikados, five 140-ton Pacifies and Grand100
five
switchers. The Tennessee Central RR. has also placed an order with-ton
the
company for four 137-ton Mikados.
-V. 116. p. 2259.
American Radiator Co., Buffalo, N. Y.
-Acquisition.
-
The company has acquired the plant and property of the
Radiator Co., Ltd., Toronto, Canada, for a branch factory. Dominion
-V. 116, p.
2391.
American Smelting & Refining Co.
-To C'ose Plant.
The company, it is stated, will close its tin plate plant at Perth Amboy.
because of inability to receive Bolivian tin concentrates.
-V.116, P. 1896.
1535.
American Tobacco Co.
-Complaint.
-
Complaints have been issued by the Federal Trade Commission naming
the Wholesale Tobacco Dealers of Phoenix, Arizona, the American Tobacco
Co.. Liggett & Myers Tobacco Co. and P. Lorillard Co. as respondents.
The respondents are charged in the complaint with co-operatively fixing
standard prices at which certain tobacco products sold by them shall be
resold. The Commission alleges that the respondents in an effort to
substantially lessen competition among themselves and other tobacco
dealers have sold only to such dealers as would agree to abide by their
standard price list and have refused to sell to dealers who would not do so.
Members of the Wholesale Tobacco Dealers of Phoenix who are named
as parties to the complaint are: Baswitz Cigar Co., Hall-Pollock Co.,
Haas, Baruch & Co. and the Melczer Co. All of the respondents will be
allowed 30 days in which to answer the charges before the Commission sets
a day for further hearing of the case.
The Conference of Wholesale Tobacco Dealers of Oregon, a voluntary
unincorporated trade organization composed of tobacco wholesalers and
Jobbers. is also named with the American Tobacco Co., the Liggett &
Myers Tobacco Co.,and others as respondents in complaints recently issued
by the Federal Trade Commission.
-V. 116, p. 2133.
American Wholesale Corp.
-Mau Sales.
-
1923
-May
-1922.
81.701,846 81.750,257
-V. 116, p. 2133, 1051.
Decreased 1923-5 Mos.-1922.
Increase.
$48,411$12,636,214 811,021,761 $1.614,453
American Writing Paper Co.
-Resignation.
-
Henry Evans has resigned as Vice-President and a director.
-V. 116.
P. 2518.
American Zinc, Lead4t Smelting Co.
-Guaranty, dm
For guaranty of Silver Dyke Mining Co.7% debentures,see that company.
Earnings for 4 Months Ended April 30 1923,
Profit Jan. 1-April 30 1923
$192,121
Surplus (adjusted) Dec. 31 1922
2.036,668
Total
$2,228,790
Depletion and depreciation reserve
140,085
Balance. suriilus, April 30 1923
82,088.705
Balance Sheet as of April 30 1923 (After Giving Effect to Sale of Silver Dyke
Mining Co. Notes).
AssetsLiabilities
Property account
$12,845,362 Preferred stock
$2.414,000
Investments
1,554,891 Common stock
4.828,000
Cash in sk.fd.for bonds_
105,862 Granby Mg.& Sm.bonds 1,256,800
Ore stocks
6.449,029
751,842 Deple.,deprec., &c..
Speller, pig lead,&c.,stks. 184,591 Accounts payable res_
307.778
Inventories
23,683
773,850 Interest accrued
Cash
16,809
257,745 Taxes accrued
Notes receivable
105,107
78.543 Drafts in transit
Accounts receivable
2,088.704
713.177 Surplus
Adv. to Wisc. Zinc Co _
20,000
Deferred chargft..
117.489,912
204.048
Total (each side)
-V.116. p 1896.
.
Anaconda Copper Mining Co.
-New Mill.
The American Brass Co., a subsidiary, is reported to have started work
on a new mill (estimated to cost approximately $600,000) at the Kenosha.
Wis., branch for the production of copper and brass wire.
-V. 116, P. 2518.
THE CHRONICLE
2640
-1t Pref. Stock Increased.
Appalachian Power Co.
The stockholders on April 19 increased the authorized 1st Preferred
stock from $3,500,000 to $7.500.000, pa; $100. Of the increase, 25,000
-year 7s, due Aug 1. 1936, or
shares will be reserved for exchange for the 15
may be sold and proceeds applied to the purchase of said bonds. The'7%
-V.116, p. 1653.
stocks remain unchanged.
Cumul. Pref. and the Common
-To Resume Hearnings.Armour & Co.
}Learning° on the acquisition of Morris & Co. by Armour & Co. will be
resumed at Chicago on June 18,Secretary ofAgriculture Wallace announced.
Kansas City. St. Louis
This is a continuation of the hearings already held atin Washington will be
and Omaha. The date of the hearing to be heldAnnouncement has also
announced by the Secretary in the near future. of Chicago to assist the
been made of the employment of Walter L. Fisher
-V. 116. p. 2259, 1415.
Government in the case.
-Proposed Capital Increase.
Associated Oil Co.
In connection with the proposed capital increase from $40.000,000 to
voted
$60,000,000. and reduction of par from $100 to $25, which is to be
on on July 19, the company issued the following statement:
purpose of affording opportunity for
"The increase is primarily for the
stock of the
the exchange ofstocks of its subsidiary companiesfor Co. stock Associated.
for that of
Oil
"The question of exchange of Amalgamated stockholders of the Amalof
Associated has been brought up by a number value of the two companies
recently. A review of all elements of
gamated
shares of
leads to the conclusion that an equitable exchange would be 154 share of
one
the present Associated stock, or 454 shares of the new stock,for
Amalgamated.
to the exchange until after
"No final action can be taken with respect meantime the Amalgamated
the
the meeting of Associated stockholders. In arranging with the Associated
opportunity of
stockholders will have the
subject to the final action referred to, if
for the exchange of their
Amalgamated stockstock'
they so desire. The facts will be presented to each for himself if he dedetermine
holder for his review and he will, of course,
sires to make the exchange.
basis of ex"There has been no consideration or discussion as to the-V.116. la•
change of stock for any of the other subsidiary corporations."
2392.
-Notes Called.
Simmons Hardware Co.'s.
Associated
-year 7% secured gold notes due May
All of the outstanding $7,456,500 5
July 1 at 101 and int. at the Con1 1925, have been called for redemption Bank, trustee, Chicago. Ill. See
Commercial Trust & Savings
tinental &
-year 1334% secured gold notes in V. 116.
10
also offering of $10,000.000
p. 2518.
-Tenders.
City Gas Co.
Atlantic
Phila. Pa., up to May 23 received bids
The Girard Trust Co., trustee,
fund gold bonds, due 1960, to an
for the sale to it of 1st Mtge. 5% sinking
not exceeding 105 and int.amount sufficient to exhaust $100,000 at prices
V. 113, p.2822.
-Oil Contract, etc.
Atlantic Refining Co.
2
-year agreement with the General
The company has entered into a the former company of 12,000 barrels
by
Petroleum Corp. for the purchaseprice which affords a profit over the field
California crude oil daily at a
of
price and cost of transportation. has purchased two tankers, the Marcy
It is reported that the company
United
Williams from the Calvert Navigation Co., and the Jerldon at a
-V. 116.p. 2518.
States Marshal's sale.
-May Sales.
Atlas Powder Co.
Sales for May, it is stated, were approximately $1,900,000.
p. 2392.
V. 116,
-Business,
Austin, Nichols & Co., Inc., N. Y.
Compare
Business of the company for the first four months of this year,it is stated,
shows an increase of about 14% over last year.
The directors have authorized the purchase of from 5.000 to 10,000
-V.116, p. 2134.
shares of stock to be offered to employees.
-Capital Increased.
Automatic Refrigerating Co., Inc.
The stockholders have increased the authorized capital stock from $750.$100. Of the new stock, $125,000 was issued to
000 to $1.000,000, par May 1 in the proportion of one share for each six
stockholders of record
shares now held. Rights expired May 21
Stockholders of record Aug. 1 will have the right to subscribe at par for
Rights to
one share of new stock for each seven shares of stock then held. for in full
subscribe will expire Aug. 20 and such new stock must be paid
4.-V. 116, p. 2259.
on or before Sept.
[Von. 116.
-Company will own 15,000 acres of freehold timber lands
Timber Limits.
and control under lease from the Province of Quebec 1,800 sq. miles of leasehold timber limits on the St. Maurice River and tributaries, estimated by
engineers to contain over 6,000.000 cords of spruce and balsam pulpwood,
sufficient, without benefit of regrowth or reforestation, for 40 years' operations at the increased capacity. In addition, there are large supplies of
pine and other wood suitable for lumber operations.
Net Earnings After Maintenance and Repairs, Available for Bond Interest.
Depreciation and Income Taxes.
Net Earnings Equal to Int.
Output
on Present
(Rate per
(Rate per
Issue Earned.
Annum.)
Annum).
Period4fiscal years ended Aug.31 1922-65.303 tons $1,742,570 Over 334 times
8 months of current fiscal yearj65.303 to
1,989,054 Over 4 times
(Sept. 1922 to Apr. 1923,incl.)190,000 tons
-Under perpetually renewable contract, 14,000 hydraulic
Water Power.
the mills is secured from Shawinigan Water &
h. p. for the operation of
Power Co. In addition, such electrical power as is required is purchased
from Shawinigan Water & Power Co. under long-term and renewable contract.
Authorized,
Issued,
li
Capitalization gter Present Financing
$10,000.000 88,000,000
First Mortgage 6 0 Sinking Fund Gold bonds
erred shares
5,000,000 4,000,000
7% Cumulative
8,500,000 8,500,000
Common shares
-The trust deed will provide for an annual cumulative
Sinking Fund.
sinking fund, commencing July 1 1924, equal to 2% for the first five years.
and 3% for the years commencing July 1 1929 to maturity, of all the issued
1st Mtge. 6% Sinking Fund Gold bonds, together with an amount equivalent to the annual interest on all bonds redeemed. These moneys are to
be used for the purchase in the open market of 1st Mtge. bonds at or below
the then redemption price, but failing such purchase, shall be used by the
trustee for the redemption by lot of 1st Mtge. bonds at the then redemption
price and accrued interest.
Balance Sheet April 30 1923 (After Giving Effect to This Financing).
Liabilities
Assets
7% Preferred stock
$4.000,000
Real estate, plant, build8,500,000
ings & forest limits__ - _$18,390,191 Common stock
8,000,000
16,727 First Mortgage 6s
Cash on hand and at mill
6,669
254,570 Sundry int. & dividends_
Cash in bank
747,449
164,515 Acc'ts pay.. deposits, &c.
Bills receivable
2,744
818,308 Bills payable
Accounts receivable
174,393
2,054,244 Exchange logs
Inventories
Accrued charges
70,643
Deferred charges to oper53.857 Provision for damages at
ation
73.479
Cyprus Creek
164,002
Contingent reserve
12,832
$21,752,413 Res,for accidents, &c_ .._
Total (each side)
-Sale to New Interests.
Belgo Paper Co., Ltd.
The shareholders will vote June 19(1)on authorizing the sale and transfer
of all the assets, undertakings and business of the company as a going
concern to the Beige Canadian Paper Co., Ltd.: (2) authorizing the distribution of the purchase price received for the sale of the assets and undertaking among the shareholders of the company, after providing for the payment of expenses. [Control of the company was recently acquired from
Belgian interests by Canadian interests, who have formed the new com-V. 115, p. 1841.
pany.]
Bethlehem Shipbuilding Corp.-Bal. Sheet Dec. 31.
[As filed with the Massachusetts Commissioner of Corporations.]
1921.
1922.
1921.
1922.
$
s
Liabilities$
$
Assets20,910,000 20,910,000
Real est.,mach.,&c25,406.086 26,035.838 Capital stock
6,817,801 5 666,005 Accts.& notes pay.17,744,336 22,294,331
Merchandise
Cash dr debts rec.- 6,459,072 8,708,572 Mtges.dr bonds_-- 5,220,391 5,442,392
957,275 1,114,899
5,139,200 3,622,700 Reserves
Investments
2,858,149
558,404
Surplus
Special funds In
hands of trustee. 3,692,662 6,078,000
208,911
Deferred charges_.. 173,330
Total
-V. 115,
47,688.151 50,320,026
Total
47,688,151 50,320,026
p. 2162.
Blanchard-Zanesville Mining Co.-Pref. Stock Sold.
The Ebdy-Hemphill Co., Pittsburgh, have sold at 100 and div.,$150,000
7% Cumul. Pref. (a. & d.) stock. Red. at $110 on any div. date upon
60 days' notice.
-Preferred Stock, 7% Cumul. (par $100), $150,000.
Capitalization.
Common Stock (par $100). $300,000.
C mpany.-Incorporated in Pennsylvania to engage in the production of
-Receivership.
Automobile Tire Co., N. Y. City.
coal, foundry sands, loam, potters clay and other minerals. Company
See Beacon Tire Co. below.
owns in fee approximately 1,000 acres of surface lands with mineral rights
thereto at Ellis, Ohio. The principal value of the property lies in the
-Dividend No. 2.Bassick-Alemite Corp.
underlying Ohio No. 6 or middle Mttanning seam of coal which at this
a share
A quarterly dividend of 50c.payablehas been declared on the outstanding point is so situated as to be ideally adapted to recovery by the stripping
July 1 to holders of record June 20.
stock, no par value,
Common
heavy deposits of the well-known Zanesville
was paid on the Common stock on April method. Also containspotters clay
An Initial dividend of like amount
which will also be produced in quantity
foundry sands loam and
-V. 116. P. 1897.
1 last.
by the striiIng process. Initial plant now being installed.
Purpose.- undlng of machinery and equipment purchases and working
-Receivership.Beacon (N. Y.) Tire Co. Inc.
the capital.
David Costuma has been appointed receiver for this company and
-Registrar.
(H. C.) Bohack Co., Brooklyn, N. Y.
Automobile Tire Co. N. Y. City, by Judge Goddard upon the application
a
' creditor.
The Lawyers'Title & Tr. Co.has been appointed Registrar of $3.000,000
of De Mattia Bros..
The hill alleges that the Beacon Tire Co., Inc., has a stock issue out- 1st Preferred stock and $1,850.000 Common stock.
plant at Beacon,
standing of $262,800: has a and stocks of tires N. Y., worth $298,000:
-Initial Div.
Bridgeport Machine Co. Wichita Kan.
accounts receivable, $21,914, of $400,000, while on hand worth $79,377.
the liabilities amount to
'
assets aggregate in excess Co. owns a mjority of the Beacon stock
An initial dividend of 25 cents per share has been declared on the 150,000
The
shares of Common stock, no oar value, payable July 1 to holders of record
$128,367. The Automobile Tire the Beacon tires.
for
June 20. For offering of Common and Preferred stocks, see V. 116,
and is the distributing agent
-Resumes Operations.
Steel Co.
Becker
taken over by the Government during the war
This company, which was
resumed operations last month at its plant
and which has since been closed,F. H. Schoenfuss, General Manager, anin South Charleston, W. Va.
the plant will continue to operate regularly with an increase
nounces that
is reached.
-V. 116, p. 2134.
In activities until capacity production
-Bonds Offered.
Belgo Canadian Paper Co., Ltd.
Guaranty Co. of New York and Wood, Gundy & Co., Inc.,
New York, and Wood, Gundy de Co. in Canada, are offer-Year 6% Sinking Fund Gold
ing $8,000,000 1st Mtge. 20
bonds to mature July 1 1943 at 97 and int., to yield more
than 63,4%. This financing, of which $4,000,000 is being
offered in New York and $4,000,000 in Canada, is set up for
an international market, principal and interest being payable
in United States or Canadian dollars or in sterling at parity
of exchange at the option of the holder. (See adv. pages.)
Dated July 1 1923. Due July 1 1943. Prin. and int.'payable at the
holder's option in U. S. gold coin at the agency of Royal Bank of Canada,
New York,or in Canadian gold coin at any branch of Royal Bank of Canada,
of Canada, London,
In Canada, or in sterling at Royal Bank Int. payable J. de Eng., at the
J. Denom.
fixed rate of &I 86 2-3 to the g sterling.
$1,000 or multiples. Red. all or part on any
c* $1,000 and $500, and r* at 105 and int., less % of 1% for each year or
on 30 days' notice
int. date
of the bonds, but in no case at less than
part of a year of the expired term trustee.
Co.,
102 and int. Montreal Trust
President H. Bierman*, Montreal, June 1.
Data From Letter of
CoMpany.-Is being incorporated under the laws of Province of Quebec
Ltd.(V. 115, p.
properties and business of Belgo Paper
to acquire the
Co.,
of the largest and lowest-cost newsprint producers in
1841), which Is one operating at Shawinigan Falls, '. Q., an efficient and
Canada, owning and
with present capacity of
90,000
well-balanced newsprint paper mill process of being increasedover115.000
to
annum, now in
tons newsprint per
annum.
tons per
with Belgian capital and commenced operaThe business was founded groundwood pulp. The production of newsof
tions with the manufacture
begun in 1904, with an annual output of 7,500 tons. Comprint paper was
in continuous and successful operation for
pany's predecessors have been
the past 20 years.
1536, 1653.
merican Tobacco Co.
-Interim Dividends.
P. Brts
The directors on May 29 decided to pay an interim dividend of 4%,free
of British income tax on the Ordinary shares on June 30, to holders ofrecord
-V.116, p.725.
June 11. Coupon No.96 must be used for the dividend.
-Coal Output.
British Empire Steel Corp.
Coal output for May 1923 was 475,125 tons, as compared with 308,439
tons in May 1922. The total output of the corporation for the five months
ended May 31 1923 was 2,309,143 tons, compared with an output of
1.381.551 tons to May 31 1922.-V. 116. p. 1757.
-Back Dividends.
Brompton Pulp & Paper Co., Ltd.
The directors have declared another payment on account of arrears of
Preferred dividends, making 4% in two months and reducing the arrears
to 8%. The current payment of 2% is for the quarter ended April 30
1922, the payment made a month ago being for the preceding quarter.
.
-V. 116, P. 1898
-Suit Against New $1 Gas.
Brooklyn Borough Gas Co.
-V. 116, p. 2260, 2134.
See Consolidated Gas Co. below.
Brooklyn Union Gas Co.
-Suit Against $1 Gas Law.
-V. 110, p. 2253. 619.
See Consolidated Gas Co. below.
-Bonds Called.
Brown Bros. Lumber Co.
The company has called for payment $70,000 bonds, due Jan. 1 and July
1 1925, at 102 and int. See offering of bonds in V. 114, p. 1184.
--Sales.
Brunswick-Balke-Collender Co.
the first quarter of 1923 were $7,695,000, an increase of $1,695.Sales
000, or 25%. compared with the corresponding quarter a year ago.
p. 2011.
V. 116,
-95% of Proxies In.
Burns Brothers.
It Is stated that holders of95% of the four issues of Burns Brothers stock
have sent in proxies approving the recapitalization plan recommended
by a special committee of directors. This assures favorable action on the
plan June 14.-V. 116. p. 2392, 2519.
-Capital Increase, itc.
Butler Mill, New Bedford, Mass.
The stockholders on June 1 increased the authorized capital stock from
$2.000,000 (all outstanding) to $2,300,000, par $100. The stockholder_
also authorized the company to acquire the Nemasket Mill of Taunton'
JUNE 91923.]
THE CHRONICLE
Mass. Stockholders of the latter company will receive in exchange for
their holdings, one share of Butler stock for each share of Nemasket Common
stock held and $100 in cash for each share of Preferred stock held. The Neraasket Mills capital stock consists of $300,000 Common and $100,000
-V. 111, P. 496.
Preferred.
Callahan Zinc-Lead Co.
-Shipments.
-
May 1923. April 1923. Mar. 1923. Feb. 1923.
Month ofZinc concentrates (lbs.)_ 5,040,000 3,656.000 3,900,000 3,380,000
Lead concentrates (lbs.) 2,050,000
1,756.000
1,940,000
2,130.000
Silver (ozs.)
19,475
16,682
20.550
18,430
-V.116, p. 2393, 2134.
Calumet & Arizona Mining Co.
-Production.
--Month ofMay 1923. April 1923. Mar. 1923. Feb. 1923.
Cooper production (lbs.) 2.868,000
3,520.000 3,506,000 2.998,000
116, p. 2392. 2134.
Calumet & Hecla Mining Co.
-Capital Increase, &c.
The stockholders on June 4 voted to increase the Capital stock from 100,000 shares to 800,000 shares, par $25. The new stock will be distributed
to shareholders in the ratio of 8 new shares for 1 of the old stock. Th
exchange of the new stock for the old will be to stock of record June 23.
It was voted also to declare the present stock (of which $12 a share has
been paid in) fully paid, and the new shares were declared fully paid. See
also V. 116, p. 2134.
Canada Steamship Lines, Ltd.
-New Director.
-
Sir Henry Thornton, President of the Canadian National Railways, has
been elected a director.
-V. 116, p. 1272.
Central Indiana Gas Co.
-To Issue Bonds.
-
The company has applied to the Indiana P. S. Commission for authority
to issue $29,000 bonds at 75 and int., or to pledge them as security for
obligations maturing in less than one year.
-V.114. p.202.
Central Foundry Co.
-Time Extended.
-
Citizens Gas Co.(of Indianapolis).
-Gas Rate Cut.
-
Effective May 1 1923, the rate charged for gas in Indianapolis was
recued 5 cents to $1 15 per 1,000 cu. ft. The new rate, which is temporary, will continue until further order of the Indiana P. S. Commission
or until the Commission completes a revaluation of the company's property,
owned and leased.
See Indianapolis Water CO. below.
-V. 116. p. 2012.
Cleveland Automobile Co.
-Shipments.
-
The company. In the first five months of 1923, shipped 6,800 cars, an
Increase of over 50% as compared with the corresponding period of 1922.
-V. 116, p. 2261. V. 115 p. 649.
Colts Patent Fire Amrs Mfg. Co., Hartford, Conn.
The company's Meriden (Comm.) plant has been sold to George H.
Wilcox, President of the International Silver Co. The price was reported
to be $150,000.-V. 116. p. 1280.
Columbia Gas & Electric Co.
-Listing.
-
The Pittsburgh Stock Exchange has placed on the list 1,500.060 new
shares of no par value of the capital stock, and has stricken from the list
500,000 shares (par $100) of the capital stock of the company.
-V.116,P.
2261.
See Iron Products Corp. below.
-V.116, P. 1653.
Central States Electric Corp.
-Notes Offered.
-Dillon,
Read & Co., re offering, at 100 and interest, $4,000,000
2
-Year 7% gecured Gold Notes (with stock purchase warrants).
Dated June 1 1923. Due June 1'1925. Int. payable J. & D. in New
York. Denom. $1,000 c*. Red. as a whole or in part by lot on 30 days'
notice at 101 and interest, to and including June 1 1924, and 100li and int.
thereafter. Central Union Trust Co. of New York, trustee.
Sinking Fund.
-A sinking fund is provided available semi-annually to
retire each year by purchase $250,000 of these notes accompanied with stock
purchase warrants if obtainable at or below 100 and interest, any unex
pended balance reverting to the company.
Data from Letter of L. E. Kilmarx, Pres. Central States Elec. Corp.
Security.-DIrect obligation of corporation and secured by pledge with
the trustee of 400.000 shares of common stock of North American Co.
having a present market value of more than 200% of the principal amount
of these notes.
The North American Co. common stock pledged as security for tnese
notes may be withdrawn upon paymen.. to the trustee of $10 per share, together with the prevailing redemption premium on an equal principal
amount of these notes (a) In cash to be used exclusively for retirement of
notes of this issue, or (b) in notes at their prevaling redemption price, for
cancellation.
Assets.
-Net tangible assets of Central States Electric Corp., adjusted to
give effect to this financing, consist almost entirely of cash and securities
listed and actively trailed in upon the New York Stock Exchange, having a
market value June 1 1923 in excess of $10,000.000, or at the rate of over
$2,500 for each $1,000 note of this issue.
Purchase Warrants.
-Each note will bear a detachable warrant entitling
the holder to buy from the Corporation 20 shares of North American Co.
common stock (par $10) on or before June 11925. at prices determined by
the order in which warrants are exercised; the holders ot the first one-fourth
exercised paying $23 per share, of the second one-fourth exercised $25 per
share, of the third one-fourth exercised $27 per share, and the remainder
$29 per share.
Income.
-Net income of Central States Electric Corp., before interest
charges, but after deducting all other expenses including Federal taxes,
during recent calendar years has been as follows:
1918.
1919.
x1923.
1921.
1922.
1920.
$548,394
.1798,146
$695,964
$711,303
$682,023
$677.671
x 12 months ended Apri 30. •Includes 9,292 shares North American
com. stock received as a dividend April 2 1923. at $20 per share, at which
price such dividend stock was underwritten.
Net 111COMO for the 12 months ended April 30 1923 was nearly throe times
the maximum interest requirements of $280,000 on this issue of notes.
Since April 1922, when the corporation disposed of the common stock of
Cleveland Electric Illuminating Co. theretofore held, its principal assets
have consisted of securities of North American Co. This change in holdings
has resulted in a very substantial increase in income as indicated.
-V. 114.
p. 2583.
-Transfer Agent.
Centrifugal Cast Iron Pipe Co.
-
The Bankers Trust Co. has been appointed transfer agent for the
Preferred and Common stocks.
-See offering in V. 116, p. 300.
Chemical Foundation, Inc.
-Hearings on Govt. Suit.
-
The trial of the long-waited suit by the Government to recover patents
and chemical formulas valued by the Government at over $100.000,000,
and bought by the Foundation for 5250.000 from the Allen Property
Custodian, were begun in the U. S. District Court at Wilmington June 4
before Judge Morris. Hearings are expected to last a month.
-V. 115.
P• 2050.
Chesapeake 8c Potomac Telephone Co.
-New Building.
A site has been purchased at the corner of St. Paul and Pleasant Sts.,
Baltimore, Md., on which the company proposes to erect a 20
-story office
building, which will cost from $2,000,000 to $3,000.000. Construction
Is expected to begin early oust spring and it is understood that consideration
Is being given to the removal of the executive offices from Washington
to the now Baltimore building.
-V. 115, p. 1214.
-Resumes Dividends.
Chicago Nipple Mfg. Co.
-
President Dixon U. Williams in a letter to stockholders in connection with
the resumption of dividends on the Class "A" stock with the payment of
2% to be made on July 1 to holders of record Juno 10, says in part:
,
'As a result of conserving cash the company has been able to buy a
pipe fabricating plant at about 50% of its value, which is now making satisfactory profits. The Richmond, Va., plant has been removed to Baltimore
and its capacity has been doubled.
"We do not owe a dollar of funded debt or bank debts, nor any other
debts except current debts necessary in the conduct of the business.
"The net earnings for the 4 months ending April 30 were about $125,000
and sufficient orders are on hand to insure operation of all our plants to
full capacity for the next 4 or 5 months. I believe we can afford to commence quarterly payments of 2% on our "A" stock July 1 next, and pay
this much, or more, quarterly until the accumulated dividends have been
liquidated, and unless very bad conditions overtelp us thereafter, to.pay
Indefinitely the regular quarterly dividend or more.
See V. 116. p• 2261.
2641
The complaint recites that the company on March 1 1922 delivered to
the United States Shipping Board Emergency Fleet Corp. two poromissory
notes, one for $82,753 and $100,000, respectively. In Oct. 1922 a total
of $18,275 was paid. Since then, charges the complaint, "the company
Is and for some months past has been hopelessly insolvent."
The complaint charges that aside from its indebtedness to the Government the company is indebted to more than 200 other creditors in an
aggregate amount exceeding $900,000.
Libels already filed against the company include the vessels Nanking,
China and Nile. The complaint charges that the combined creditors of
the three vessels exceed 200 and the combined indebtedness of the vessels
exceeds 32.000,000.-V. 113, p. 74.
Columbian Carbon Co.
-Earns.3 mos. end. Mar. 31 '23.
Gross income, $2,243,909: oper. exp. & charges, 3824,901: net
income ______________________ $1,419,007
Deprec. & depl.. $285,132; res. for income taxes, $140,000_ - __
425.132
Dividend paid ($1 per shire).
410.131
Credit to surplus______________________________________
V. 116, p. 2393. 1272.
S591.745
Computing-Tabulating-Recording Co.
-Patent Suit.
-
The decree of the U. S. Supreme Court awarding damages for infringe-ment of patents against the Toledo Scale Co. in favor of the Computing
company has been settled in full by the former company. The Computing
company has received a certified check for $513.818, representing the
amount of damages awarded, plus interest to date. An additional sum.
estimated at about $40,000, will be paid by the Toledo Scale Co. under
order of the Court on account of costs as soon as the total costs have been
ascertained. The sum of this judgment represents about 13 60 a share
on Computing company's 150,688 outstanding shares of stock and brings
the book value of the compay's stock up to $136 per share.
-V. 116. p.
2135. 2012.
Consolidated Coke Co., Pittsburgh, Pa.
-Bonds Offered.
-McLaughlin, MacAfee & Co. and Schibener, Boenning & Co., Pittsburgh, are offering at 100 and int. $1,100,000 lst(closed) Mtge.7% S. F.gold bonds. (See adv. pages.)
Dated June 1 1923. Due June
1 1933. Int. payable
& D. without
deduction of normal Federal income tax up to 2% at officeJ. the trustee or
of
at the Guaranty Trust Co.. N.Y.City. Tax free in Pennsylvania. Callable, all or part, on any int. date upon 60 days' notice
bit.
Pennsylvania Co. for Ins. on Lives & Granting Annuities,at 105 and
Phila., trustee.
Data from Letter of President George Whyel, May 28 1923.
Company.-Incorp. in Pennsylvania Sept. 28 1914.
acquired the entire outstanding capital stock of the Pioneer Has recently Co.
Coal &
Owns in fee simple 775 acres of unmined coal of the Pittsburgh Coke and
vein
253 acres of surface, located in Fayette County. Pa.. on the east bank of
the Monongahela River in what Is known as the lower Connellsville region.
The National Transportation Co., controlled
Consolidated Coke Co.
Interests, owns 3 steam boats and a fleet of 60 by
barges, and the car supply
is supplemented by the ability of the company to take advantage of cheap
water transportation in shipping coal and coke to
large consumers along the Monongahela and Ohio Riversthe numerous Industrial
in the great
district centering at Pittsburgh.
E. V. d'Invilliers of Philadelphia, mining engineer and geologist, estimates that the property contains 8.292,500 tons of recoverable coal. Company operates,, plants known as Mt. Sterling, Donald No. 2 and Donald
No. 3. Owns and operates at the mines 862
beehive coke ovens
having an annual capacity of 500,000 tons ofstandard
coke.
Purpose.
-To pay for the capital stock of the Pioneer Coal & Coke Co.,
recently acquired, to retire present outstanding bonds and to provide
additional working capital.
CapitalizationAhorized. Outstanding.
ut
First Mortgage 79' bonds (this issue)
S1.100,000
$1.100.000
7% Preferred stock
350,000
1,000,000
Common stock
Sinking Fund.-Company agrees to deposit with the trusteesemi-a=1;311
l-M
beginning Dec. 1 1923 an amount equal to 25 cents per ton of
mined
during the preceding 6 months with minimum annual paymentscoal
as follows:
$75.000 per annum during first 2 years, $100,000 per annum during next
5 years, $150,000 per annum during
next 3 years. Sinking fund is to be
used to retire bonds by purchase or redemption at not more than 105 & int.
Earnings.
-The earnings
the period of
6 years and 3 months endedstatement shows net sales for or an average
$21,979.993,
March
of $3,516,798 per annum. In the 31 1923 of net earnings after charges
same period
of $497,253 for depletion, but
before interest, Federal taxes and depreciation, were $2,826,947.
annual rate
or nearly 6 times annualThis was at the average this issue. of $452.311.
For the first
interest requirements on
3 months of 1923 net sales were $920,684, and net earnings, after depletion
but before interest, Federal taxes and depreciation, 5161.691, or at the
annual rate of $646,764, equivalent to over 8 times interest charges on
this issue.
Directors.
-George Whyel (Pres.), Charles F. Colbert Jr. (V.-Pres. &
Gen. Mgr.), A. A. Potts (Sec. &
Treas.), C. S. Newhall. R. E. Umbel,
D. J. McLaughlin.
Condensed Balancsets tS teet March 31
Ase .
1923 (After Present Financing).
Liabilities.
Current assets
$487,472 Current liabilities
$220.144
Other assets
248,331 Due affiliated companies_ _198,999
1.100030
Permanent assets
3.061,511 1st Mtge. 7s, 1933
Deferred charges
117.281 Reserves
354.793
7% Preferred stock
350.000
Common stock
1,000.000
Total (each side)
$3,914,595 Surplus
690,657
Consolidated Gas Co. of New York.
-Injunctions
Against New $1 Gas Rate.
Following the
signing
Gas Bill." fbdng $1 per by Governor Smith on June 2 of the Walker "Dollar
1,000 cu. ft. as the maximum price for illuminating
gas in New York City and
P. S. Commission on June a gas standard of 650 B. T. U.. the New York
4 adopted the following order In connection with
the new gas law:
Chicoutimi (Quebec) Pulp Co.
-Capital Decreased.
The company has reduced its Common stock from $4.100,000 to $400.000 of"Ordered that each and every gas corporation engaged in the business
manufacturing. furnishing or selling illuminating gas in the City of
purposes. The Saguenay Pulp & Power Co. owns the company
for tax
New York be and
-V. 116, p. 519.
through stock ownership.
and be and herebyhereby is required forthwith to comply with such statute
is authorized to file and publish new schedule ofrates for
gas effective forthwith in
Real Estate Co., N. Y.
Childs
-Bonds Called.
"Further ordereel that accordance with said statute.
eronevv y such
Fifty-eight, Series "A," and 20 Series "B." Investment Gold bonds. order
serve by mail forthwith copy of this
on
dated Sept. 11909. have been called for redemption Sept. 1 at 110 and int.
corporation."
As a result of the above
at the Empire Trust Co.. 120 Broadway, N.Y. City.
new gas law and the Commission's order to com-V. 114;p. 2721.
ly with its terms, all the
York City took
Immediate steps to obtain leading gas companies in New
China Mail Steamship Co.
-Suit.
injunctions in the Federal courts against the
r' An action seeking recovery of promissory notes totaling 3164,478 27 from enforcement a the law.
Judge William Bondy in the Federal Circuit Court in Manhattan on
the company and an order for the immediate appointment of a receiver
for the concern were filed in the Federal Court at San Francisco May 29 June 7, on the motion of counsel for the Consolidated Gas Co., granted
for the Government by Assistant United States Attorney J. Fred McDonald. restraining orders in the suits of the Bronx Gas tt Electric Co. and the New
York ct Queens Gas Co., which challenge the constitutionality of the $1
p
s
2642
[VoL. 116.
THE CHRONICLE
Gas Law. Judge Bondy also granted the Consolidated Gas Co., a
temporary injuntion on June 8
The orders signed by Judge Bondy require the Public Service Commission
and Carl Sherman, State Attorney-General, not to interfere with the rates
that were in effect before the signing of the $1 Gas Bill. At the same time.
Judge Bondy signed an order to show cause, directing the State officials to
appear in Statutory Court June 18. to answer a motion for a preliminary
inJunction. Until that motion is disposed of, the order says, the old gas
rate is to be continued.
Judge Marcus B. Campbell in the Federal District Court at Brooklyn,
• also has granted temporary restraining orders to the Brooklyn Union Gas
Co. and its five subsidiaries, Brooklyn Borough Gas Co. Kings County
Lighting Co.. against the new $1 gas law. The present rates and standard
remain in force pending a hearing on June 18 before the statutory court.
V. 116, p. 2519, 1182.
-Tenders.
Connecticut River Power Co.
The Old Colony Trust Co., trustee, 17 Court St., Boston, Mass., will
-Year
until June 11 receive bids for the sale to it of 1st Mtge. 5% 30
Sinking Fund Gold bonds, due June 1 1937, to an amount sufficient to
107, p. 1749.
exhaust $45,291.-V.
-Selling Agents' Accounts.
Consolidated Textile Corp.
Converse & Co., selling agents for the Consolidated Textile Corp. and
B. B. & R. Knight. Inc., ended its fiscal year on May 31. A preliminary
statement recently issued said that on May 1 only 6% of the accounts
receivable were overdue and of these 80% were less than 30 days in arrears.
-V. 116. p. 2261.
-New Directors.
-Earnings
Consumers Co. of Chicago.
The surplus profits after preferred dividends for the first quarter of 1923.
it is stated, were 2242,000, compared with a loss in the corresponding period
of 1922 of 2104.000.
A. D.Lasker, D.F. Kelly and D.S. Boynton have been elected directors.
-V. 116, p. 2135.
-Year 1st Mtge. 6% bonds, to be retired at the rate of $25,000 the
10
first year, 250,000 the second and third years, $75,000 the fourth year,
-V. 114,
and 225,000 each for the following six years. ("Iron Age.")
p. 1185.
-Pays City 16592,333.
Denver Gas & Electric Light Co.
The company on May 29 paid the city of Denver $592,333. being onehalf of an aggregate debt of $1.184,666 due for excess gas charges since
1918. The balance will be paid in eight quarterly installments bearing 6%
interest from the time of the agreement.
In return for the payment, made by the gas company, City Auditor
George D. Begole will release $537,000 in warrants payable to the company
for street and municipal building lighting, which have been held up for the
past year pending a settlement of other differences between the company
-V. 116, p. 1537.
and the city.
Depew & Lancaster Light, Power & Conduit Co.
The East Aurora Electric Light Co., Aurora, N. Y., has merged with
-V. 116. p. 520.
the above company.
Dome Mines Co., Ltd.
-Change in Stock-Output.
The stockholders will vote June 12 on splitting the stock into four for one.
The proposed by-law will empower the directors to transfer all the assets
to the new corporation subject to the provision that "out of the rights.
assets, credits and effects of tills company there shall be reserved from said
sale and transfer aforesaid cash and liquid securities to amount not exceeding $2,000,000, which shall be retained by this company and paid and
distributed from time to time as the directors of the new corporation shall
decide in the same manner and proportions as dividends would be payable
to shareholders of new corporation.'
May '23. Apr.'23. Mar.'23. Feb.'23.
Month of$355,532 $160,111 $259,866 $366.415
Gold production (value)
-V. 116, p. 2135.
-$1 Dividend.
Dominion Textile Co., Ltd.
-Stock Sold.
Consumers Gas Co., Toronto.
A dividend of $1 per share has been declared on the Common stock, no
par value, payable July 3 to holders of record June 15. A like amount
-V. 116, p. 941.
was paid April 2 last.
-Dividend Outlook.
Continental Motors Corp.
The stockholders on June 4 increased the authorized capital stock by
$275.000.000, to consist of 2150,000.000 1st Pref. stock and $125.000.000
Partic. (2d) Pref. stock. The authorized, $25,000.000 Common stock
remains unchanged. For details see V. 116, p. 1537. 2519.
The company recently sold 1,389 shares of capital stock at about $154 60
a share, to the Canada Permanent Mortgage Co. This was the unsold
balance of stock offered in February last to stockholders at $135 per share.
-gee V. 116, p. 520.
Vice-President W. R. Angell says: "The corporation does not contemplate immediate resumption of dividends although business is of record
proportions. Our volume of business the past six months has exceeded
any other six months in the history of the company. Several new models
have been brought into production, necessitating unusual expense and
consequently profits will be somewhat reduced until the 'get ready'expense
of producing these new models has been absorbed.
"We feel sanguine that the present rate of production will be maintained
to a very large extent throughout the year, as our truck motor schedule
Indicates a growing demand for this class of work. From present indica,
tions monthly profits the balance of the fiscal year will be considerably
-V. 116, p.718.
in excess of what they have been up to date."
-Bonds Called.
Continental Portland Cement Co.
All of the outstanding 2350,000 1st Mtge. 8% Serial Gold bonds, and
$300.000 2d Mtge. 8% Serial Gold bonds, dated Jan. 1 1921, have been
called for redemption July 1 at 102 and int. and 100 and int., respectively,
at the Liberty Central Trust Co., trustee, Broadway and Olive St., St.
Louis, Mo.-V. 115. p. 2797.
-Capital Increased.
Duquesne Light Co., Pittsburgh.
-Rate Controversy Ended.
East Ohio Gas Co.
-year rate dispute between the City Council of Cleveland. Ohio.
The 3
and the company, which reached a point some time ago when it appeared
certain the company would withdraw from Cleveland, has been settled by
the enactment of a compromise bill in council. The Marshall ordinance was.
repealed. The Council in Feb. last enacted a 40-cent rate measure, while
the company demanded 50 cents. The compromise places the initial rate
at 45 cents. The new ordinance will remain in force until May 1 1928.V. 116, p. 1057.
-Listing.
Eastman Kodak Co.
The London Stock Exchange has granted an official quotation to 13,350
shams of Common stuck, no par value, making total Common stock
-V. 116. p. 2262.
listed at May 22 1922 2,016.350 shares.
-Dividend No. 2.
Electric Auto-Lite Co.
Continental Utilities Co.
-Bonds Called.
The directors have declared a dividend of $1 per share on the Common
,
stock, no par value, payable July 2 to holders of record June 15. An initial
dividend of like amount was paid on the Common stock on April 2 last.
V. 116, p. 2519, 1899.
Cosden & Co.(Dela.).-Capital Increase, &c.
Co.,
A quarterly dividend of $1 a share has been declared on both the Common
and Class "B" Common stocks, both payable July 2 to holders of record
June 15. On April 2 last a quarterly dividend of 50c. per share was paid on
both classes of Common stock. See V. 116, p. 1057.
All of the outstanding 1st Mtge.6% gold bonds. dated Jan. 2 1913 have
been called for redemption July 2 at 105 and int. at the Security Trust Co.,
-V.116, p. 1766.
trustee, Detroit, Mich.
The .stockholders on Jure 6 increased the authorized Common stock from
1,400,000 shares to 3,000.000 shares, no par value. It is reported that the
purpose of the increase is to have stock available in case the directors decide
to declare a stock dividend later on.
A lease, involving 9,200 acres, located in Greenwood, Kan., has been
closed by the company. The Atlantic Petroleum Co., a subsidiary, has
-V. 116, p. 2519.
an interest in tne new acreage.
-Initial Dividend.
Cuyamel Fruit Co., New Orleans.
An initial dividend of $1 per share has been declared on the outstanding
250,000 shares of capital stock, no par value, payable June 28 to holders
of record June 15. See offering in V. 116, p.415. 1899.
Darling & Co., Inc., Chicago, 111.-Bonds Offered.
George H. Burr & Co. are offering at 97 and int., to yield
over 63%, $1,250,000 1st (Closed) Mtge. 20-Year 63'%
Sinking Fund Gold bonds.
Dated June 1 1923, due June 1 1943. Int. payable J. & D. in Chicago
and New York without deduction of normal Federal income tax not in
excess of2%:Penn. and Conn.4 mills tax and Mass, income tax not exceeding 6% refunded. Denom. $1,000, $500 and $100 c*. Red. all or part
on any int. date prior to June 11933, at 102 and int., and on any int, date
thereafter prior to June 1 1938 at 101 and int., and on any int. date thereafter until June 1 1942 at 100% and int., and thereafter at par and int.
National Bank of Republic of Chicago, trustee.
Data from Letter of Pres. C. A. Ailing, Chicago, May 29.
-Successor to the firm of Ira C. Darling & Co.,a co-partnership
Company.
which was organized in 1882 for the Inwpose of rendering fats for soap
manufacture, and the manufacture of other by-products. In 1891 the
company. as Darling & Co., was incorp. in Illinois. Company operates
4 plants in Chicago and one in East St. Louis, Ill. Plants cover an area
of more than 5% acres.
The company's largest customers include Procter & Gamble Co., Palmolive Co., Colgate & Co., Kirkman & Co., the N. K. Fairbank Co., and it
also exports largely to Crusellas & Co. and Sabates S. en C. who are the
largest manufacturers of soap on the Island of Cuba.
Net Sales & Net Profit Availablefor Interest, Deprec. & Federal Taxes Cal. Yrs.
Net Sales. Net Profit.
Net Sales. Net Profit.
$370,346
1915
$10,815,114
23,743,009
$540,734 1920
1916
73,114
4,356,794
6.656,685
753,037 1921
1917
372,140
8,600,529
5.581,714
1,066,664 1922
1918
91,838
8,178,850
552.085 '23 (2 mos.) 1,197,649
1919
12.066,066
1.145,809
Dividends, &c.
-Company has paid cash dividends of $1,140,000, Federa
taxes amounting to 2962,196, and has set up a depreciation reserve o
$885,066 during this period. Owing to the nature of the business, there
is no accumulation of inventory except in one small department, comprising
less than 14% of company's sales.
Sinking Fund.
-An annual sinking fund, payable semi-annually, commences Dec. 31 1923. and will provide a sum equal to 15% of the net
earnings for the then preceding calendar year, but not less than $37,500.
-Proceeds are to be used to reimburse treasury for capital
Purpose.
expenditures including the construction of 2 modern plants completed
in 1922.
Consolidated Balance Sheet March 3 1923 (After This Financing).
AssetsLiabilities
Inventories
$1,309,322 Notes payable
$288,500
315,237 Trade acceptances payable
Accounts receivable
3.330
26,891 Accounts payable
214,013
Notes & trade accept. rec..
124,409 Due to empl. (loan accts.)
6,100
Cash
43.689
Ld., bldgs., mach.& equip 4,029,606 Accr. taxes, int. & wages_
16,549 1st Mtge. 20
-year 6%s_ _ 1,260,000
Investments
Insurance reserve
33,826
Deferred charges
Capital stock
4,000.000
$5,973,088 Surplus
133,629
Total (each side)
-New President.
Davis (Cotton) Mills, Fall River.
Elliot Fisher
-Larger Dividends.New York.
-Foreign Business.
Famous Players-Lasky Corp.
The following statement is understood by the 'Chronicle" to be substantially correct:
Gross revenue from film rentals in countries outside of the United Status
in 1922 aggregated nearly $8,000,000, as compared with only $600,000.
in 1916, the year of the company's incorporation. Of last year's total
film rental revenue of $34,400,000, about $26,500,000 came from American
sources and the balance from foreign countries. Great Britain is the
corporation's biggest customer, contributing $3,560,000. with Australia
$1,270,000 and Canada $1,000,000, the balance coming from other nations,
-V. 116, p. 2520.
including Japan and China.
-Bonds Called.
Ford Collieries Co.
,
July 1
AU of the outstanding 1st Mtge. 5% gold coupon bonds. dated at the
interest
1909, have been called for redemption July 1 at 102 and-V.
90. p.773.
(y
Melt Title & Trust Co.,341 Fourth Ave.,Pittsburgh,Pa.
-Special Dividend of 5%.Motor Co., Detroit.
Ford
A special dividend of 5% has been declared in addition to the regular
semi-annual dividend of 3%, both payable June 30 to employee investment
certificate holders. In 1921 and 1922 dividends totaling 12% per annum
were paid, while in 1920 16% was distributed.
38.473
The company. in the first four months of this year, produced
-V. 116, p. 2520, 2263.
Fordson tractors, as against 15,467 last year.
-Production.
Co. of Canada.
Ford Motor
Production for the first eight months of the current fiscal year which
with approxiends July 31, totaled 37,421 cars and trucks. This comparesJuly 31 1922.
mately 45,000 cars and trucks produced for the year ended
-V. 116, p. 417.
-Bonds Called.
Foster Creek Lumber & Mfg. Co.
at
The company has called for payment 245,000 bonds, due Jan. 11926.
101j and int. See offering of bonds in V. 115,p. 188.
-Building Contract Closed.Foundation Co. N. Y.
the New
'
The company has closed the contract for the construction of
St.. N. Y. City. Work
York Telephone Co.'s new building on Washington be pushed to completion
to commence during the current month and is to
is
-V. 116. p. 2520.
as rapidly as possible.
Motor Truck Corp. of Canada, Ltd.
Gary
and of
Shareholders of the Gary Motor Truck Corp. of Canada. Ltd., will do
what they
Chase Tractors Corp., Ltd., will meet June 11 to decide
J. Y.
when a committee, consisting of R. J. duff,on the
with their property,
Murdoch, F. Russill, D. M. Sanson and T. D. Wardlaw will report
agreed to
company. About 18 months ago Chase T8actors Corp., Ltd., not either
company did
sell out to Gary Motor Truck Corp., but the Truck V. 113. p. 2189.
Compare
get into business or meet with success.
-Sales of General Motors Cars.
Motors Corp.
General
Preliminary combined sales of American and Canadian passenger and
totaled
commercial car manufacturing divisions of General Motors for May
74,500 cars and trucks; this compares as follows:
Trucks Sold.
Number of Cars and
1923.
Month of
1922.
1923.
Month of49,162 16,088 April
January
5,
.
*74,500 lg.711?
55,560 20,869 May
February
71,598 34,074 June
March
preliminary figure includes Buick, Cadillac, Chevrolet, Oakland.
* This
-V. 116, p.
Oldsmobile passenger and commercial cars and GMO trucks.
2394, 2136.
,11114i
-Oil Contract.
General Petroleum Corp.
-V. 116, p. 2014.
See Atlantic Refining Co. above.
-Rights.
-To Increase Stock
General Refractories Co.
Jonathan Thayer Lincoln has been elected President and director of
authorized capital
succeed the late Leontine Lincoln.
The stockholders will vote July 7 on increasing the
-V.
shares, no par value.
the Davis and Lincoln mills to
stock from 180,000 shares, no par value, to 225,000
112, p. 474.
is authorized, stockholders of record June 23 will be entitled
If the increase
of the increased
-Reorganization.
to subscribe to such increase in the lyroportion of one share
Defiance (Ohio) Machine Works.
for each four shares held, at 2,.% per share, payable in cash on or before
A plan to refinance the company has been worked out by Receiver E. M. stock 19. See also V. 116, p. 2014.
Hummer, and authority will be sought in Federal Court to issue $600,000 July
;TUNE 91923.]
THE CHRONICLE.
Gorton Pew Fisheries Co.
-Time Extended.
v. L. Putnam, one of the largest stockholders of the company, who has
drawn up a reorganization plan, which has the approval of the directors and
the Preferred shareholders committee, notifies stockholders who have not
deposited their shares that the time for making subscriptions has been
extended to June 20. Compare V. 116, p. 2394.
International Mercantile Marine Co.
-To Defer Pre-Annual Report.
-Following the meeting of
ferred Dividends
the directors held June 5, President P. A. S. Franklin said:
Grant Motor Car Corporation.
-Sale of Plant.
Joseph Hostetler, receiver, announced, May 31, that the plant of the
company at Cleveland had been sold to the Lincoln Electric Co.for $425.000.
With the exception of the sale of the personal property, including parts,
machinery,&c., this sale will mean the windup of the affairs of the company.
Mr. Hostetler says that while all of the liabilities are not yet listed, they
will run considerably in excess of 52,000,000. Of the $425,000 received by
the plant sale, $177,000 must be applied on the unpaid balance due on a
land contract.
The company was incorporated Feb. 23 1916 in Richmond, Va. The
capitalization was $1,250,000 7% cumulative preferred stock, and $3,250.000 common. Of the pref., $1,035,000 was outstanding. V.115, 2800.
P.
Great Western Sugar Co.
-New Director.
-
See Utah-Idaho Sugar Co. below.
-V. 116, p. 2014.
Guerin Mills, Inc., Woonsocket, R. 1.
-Acquisition.
-
As was intimated at the stockholders' meeting June 4, the directors have
decided that current earnings and the outlook at present do not justify
the declaration of the dividend on the Preferred stock usually paid on Aug. 1.
[The company on Feb. 1 last, paid a dividend of 134% on the Pref. stock
compared with 3% paid Aug, 1 1922. See. V. 115, p. 2800. Unpaid
Preferred amount to approximately 4336%.)
The general economic conditions in Europe and particularly the situation
In the Ituhr, must improve before trade and commerce can be expected to
resume anything like normal conditions. In view of the general situation
and of the many factors which have discouraged travel and traffic, among
them being the restriction of immigration, continued vexatious passport
regulations and increased competition, including that of Government owned
ships, it is felt that the company has done well to have earned during 1922
Its expenses, taxes and bond interest, and in addition a substantial part of
the yearly depreciation on its fleet.
It should be borne in mind that the fleet has been maintained at a high
standard of efficiency and that with the approach of normal conditions we
shall be in position to take immediate advantage of any increase in business.
[For annual report see under "Financial Reports" above.
-V.115, p.2800.
The company has pluvhased the plant
tne erench River
Textile Co. at Mechanicsville, Conn. and interests ofbe known as the
The mill will
Beechmont worsted mills and will be operated in the manufacture of worsted
goods, employing about 450 workers.
-V. 114. D.633.
Harper Brothers, New
York.
The stockholders on June 1 Increased -Capital Increased.
to $4,010,000. par VOL by creating the capital stock from $3,000.000
6%
Pref. stock and an issue of $500,000 8% an issue of $510,000 The Cumul.
Cumul.
000 6% Non-Cumul. Pref. stock will remain in Prof. stock. will$1,000.be subexistence
ordinate to both classes of new stock. The $2,000,000 but
Common stock,
all outstanding, remains unchanged.
-V.97, p.525.
-Annual Report.
International Nickel Co.
March 31 Years1922-23.
Earnings of all properties
(mfg. and selling exp.,
dkc. deducted)
$1,153,322
OtherIncome
128,950
Hartford Electric Light Co.
-New Subsidiary.
-
The Electric Transportation Co., Inc., of llartford, has been organized in
Connecticut with an authorized capital stock of $200,000. par 525, of which
the Hartford Electric Light Co. will own 383,800 of the $84,000 to be
presently issued.
The new corporation will take over the business of the battery and vehicle
department of the Hartford Electric Light Co., which includes the rental
and repair of batteries and the operation of vehicle service. Directors of the
new corporation are: Samuel Ferguson, Chairman: W. M. Thayer, Pres.;
E. S. Nutting, Sec. & Treas.; A. D. Colvin, R.
M. Yale,
D.
D. C. Perkins and Grant U. Kierstead.-V. 116. p. Cutler, C.
417.
Hartman Corp., Chicago.
-May Sales.
-
1923
-May-1922,
$1.865.251 $1,345,519
-V. 116, p. 2136.
Increase.' 1923-5 Mos.-1922.
5519,732158,587.734 $5,701,405
2643
Increase.
$2,886,329
Total income
$1.282,272
General expenses
370,328
Federal, franchise. &c.,
taxes (estimated)
64,854
Depreciation of plants__ _
394,728
Mineral exhaustion
Shut
-down expenses
389,191
Foreign cos. not included_
15,000
Preferred dive. (6%) --- 534,756
-
1921-22.
1920-21.
1919-20.
$373,086 54,059.607 56.064.762
234,267
1,106.973
300,710
$607,353 $5,166,581 $6,365,472
487.351
442,075
565,848
81,674
437,721
491,380
1.577,313
569,838
912,565
1.592,583
533,743
428.631
15,000
534,756
11,000
534.756
15.000
534.756
Balance.sun or der_ _ _def$486,586dal.332,503sill.494,943sr$2,210.979
The profit and loss surplus March 31 1923 stood at 510.036.667.-V. 116.
p. 728. 622.
-Accumulated Pref. Dividends.
International Silver Co.
The company has declared a dividend of 31 of 1% on account of deferred
,
cumulative dividends and the regular quarterly dividend of 1 X% on the
Preferred stock, both payable July 1 to holders of record June 15. Like
amounts were paid April 2 last.
-V.116. p. 943, 829.
See also Colt's Patent Firearms Mfg. Co. above.
-Time Extended.
Iron Products Corp.
-
The committee in charge of the plan with respect to the business and
properties of Iron Products Corp. and Central Foundry Co.and subsidiaries
79' bonds, series "A" dated July 11921, aggregat- ahnounces that sufficient stock of Iron Products Corp. and of Central
ing 5109,000, have been called for redemption July I, at par and int., at the Foundry Co. has been deposited to permit of the plan being carried out
Old Colony Trust Co., trustee, 17 Court
St., Boston, Mass.
-V. 116. P. when declared operative. The committee has decided, however, to extend
1902.
to remaining stockholders who have not deposited their stock the opportunity to participate in the benefits of the plan. Accordingly, the comHendee Manufacturing Co.
mittee has extended the time within which deposits may be received to and
Shipments in April totaled 1.939 -Shipments.
March, 1.118 in February and 1.078 machines, compared with 1,634 in inclusive of July 11923.-V. 116, p. 1655, 2136, 2263.
in January.
-V. 116, p. 2015.
Havana Docks Corp.
-Bonds Called.
Certain let Coll. Lien
-Bonds Offered.
Jefferson Union Co., Lexington, Mass.
-Stanley & Bissell, Chicago, are offering, at par and int.,
$300,000 First (closed) Mtge. 7% Gold Bonds. A circular
Hotel Hollenden Co., Cleveland.
-Bonds Offered.Hyncy, Emerson & Co. Chicago, and the Guardian Savings shows: May 11923. Due May 1 1933. Int. payable M.& N.at Union
Dated
& Trust Co. Cleveland are offering, at 100 and int., $2,- Trust Co., Cleveland. without deduction for the Federal income tax up to
,
Penn.4-mill tax
First (closed) Mtge. Leasehold OM Serial Gold 29'. on Nov. 1 1923 at refunded. Denom.51.000, $500, $100. c*. Call105 and int. and thereafter on any interest date at a
able
Bonds. A circular shows:
price decreasing at the rate of 34 of 1% for each 12 months or part thereof
Authorized
Honolulu Consolidated Oil
Co.
-Oil Contract.
See Standard 011 Co. of California
below.
-V. 116, p. 82.
and to be issued, 52,000,000. Denom. $1,000, $500 and
$100 c*. Dated June 11923. Due serially from
June 1 1925 to June 1
1938, inclusive. Int. payable J. & D. at Guardian
Savings & Trust Co..
trustee, Cleveland, or at the State Bank of Chicago. Redeemable, all or
part. on any interest date on 30 days' notice at 106 and interest up to and
including Juno 11926, and thereafter at 106 and interest less 34 of 1% for
each year, or fraction thereof, remaining
1 1926 and date of
redemption. Fran from normal Federalbetween Junenot exceeding 2%.
The Hollenden, one of the best known income tax
States, is
hotels
situated in the heart of the downtown business in the United district of
and financial
Cleveland. The Hotel Hollenden Co. recently incorporated in Ohio, has
been organized by Herman
and
.
purpose of purchasing the hotel property. Mackhotel associates for theentire
The
block 1258
buildings face an
feet) on East Sixth St.. 173 feet on
Superior Ave., and 177 feet on Vincent
St., and over half of the hotel
property
structure 13 stories in height completed consists of a comparatively new
furnished throughout and in addition to in 1916. Tne hotel is excellently
and
public parlors, contains 657 guest rooms spacious lobbies, restaurants, and
and the largest hotel ball-room
banquet halls in Ohio. Occupying
age offices and several stores and the ground floor are banking and brokershops, and plans are under consideration
for converting the entire Superior
Ave.
store space, which will add substantially frontage into additional rentable
to
The proceeds of this bond issue, which the income from the propertY.
or
mortgage indebtedness of any nature on the will constitute the only lienfor
property, will provide funds
completing the acquisition of The Holienden Fy
a new ownership and for
the cost of various alterations and
improvements.
plus interest. Union Trust Co., Cleveland, and W. H. Kinsey, Cleveland,
trustees.
Company.
-The largest manufacturer of unions in the world. Was established in 1905 and incorporated in Massachusetts. Is engaged in the
manufacture and sale of malleable iron pipe unions under the trade name
"Jefferson." The "Jefferson unions" are sold to over 650 of the most representative jobbers and dealers throughout the United States and Canada.
Company also has a large foreign business. Company operates three wellequipped plants at Lexington, Mass..Providence, R.I.,and Lockport. N.V.
Capacity. 19,000 unions per day.
-Proceeds are to be used for additional working capital and the
Purpose.
reduction of current liabilities.
-Company is required to deposit monthly, in advance.
Sinking Fund.
with the trustee, one-sixth of the next interest payment. Beginning
March 1 1924, company is required each year to use 25%, of net earnings
of the preceding calendar year to purchase bonds of this issue in the open
market at the lowest obtainable price or to call by lot those not so obtainable at the call figure.
Capitalization.
-First Prof. stock, $200,000: second pref. stock. $100,000:
common stock, $200,000; first mtge. bonds, $300.000.
Gross Sales and Net Earnings Availablefor Int. Charges & Deprec..Cal. Years.
1922.
1918.
1921.
1920.
1919.
Gross sales_ _ 3864.574
3423,481 51.103.233
$666,503 51,405.830
Net earnings_ _ 111,986
131.185
74.039 Lags 45,671
74.651
Jeffersonville (Ind.) Water, Light & Power Co.
-
Household Products, Inc.
See Inter-State Public Service Co. under 'Railroads" above.
-V.90. P.
1681.
Humble Oil & Refining Co.
-Oil
Consolidated Earnings (Corporation and Subsidiaries) for April 1923.
Gross earnings
$2,797,845
Operating expenses, including taxes and maintenance
1.639,027
-Sales
-Earnings,
sales and earnings in May.it is stated.
Now machinery will be installed late this were 109' in excess of May 1922.
year, which will double potential
capacity of the plant.
-V. 116. p. 1902.
Contract.
The company last month received a contract from
Government
the
for 1.000,000 bbls. of grade "A"fuel oil at a price of $1 U. S. -V. 116.
67 a bbl.
P• 1768.
Hydrox Corp., Chicago.
-Capital Increase-Acquisition.
The
stockholders on May 22 increased the authorized Common stock from
100.000 no par value shares to 200,000 no par value shares. The Preferred
stock remains the same, viz.: $2,000,000 auth. and 51,250,000 outstandhrt.
Of the increased Common stock 10,000 shares have been issued in connection with the recent acquisition of the Shrever's Ice Cream Co. of New
York -V. 116. p. 1768.
Imperial Paper Mills, Ltd.
-Listing.
-
Thelondon Stock Exchange has granted an official quotation to 800,000
5% Cumul. Preference shares of 10s. each, fully paid.
-V. 112. p. 263.
Imperial Tobacco Co. of Great Britain & Ireland.
To Increase Capital Stock-Stock Dividend
The shareholders will vote June 19: (a) on increasing the capital to
.C50,000,000 by the creation of 5,000.000 now Ordinary shares of Ll each,
ranking in all respects part passu with the existing Ordinary shares: and (6)
on capitalizing the sum of C7.490,886, viz.: £6,404,554 of the general reserve
account and 41.086,332 of the share premium account, such sum to be
applied in making payment in full at par of 7,490,886 Ordinary shares of Ll
each, to be distributed among the holders of Ordinary shares registered on
Juno 19 1923, at the rate of one such Ordinary share of El for every three
Ordinary shares of LI each held.
-V. 116, p. 2395.
Independent Breweries Co. St. Louis, Mo.-Tenders.
The American Trust Co., St. Louis, Mo., will, until June 19. receive
'
has for the sale to it of 6% gold bonds. dated June 2 1913, to an amount
,officient to exhaust $75,965 at prices not exceeding 110 and interest.
V. 115. P. 189
.
Indianapolis Water Co.
-New Officer.
-
Carleton E. Davis, who has been General Manager of the Philadelphia
water works, has been elected Vice-President, and General Manager, succeeding Clarence L. Kirk, who has been elected General Manager and
-V. 116. p. 1282.
Secretary of the Citizens' Gas Co.
Jersey Central Power & Light Corp.
-Earnings.
-
Net earnings51.158.818
The corporation is a recent consolidation of several public utilities operating in central New Jersey. All of the companies included in the new corporation have shown satisfactory results over a period of years.
Growth of Business.
-The business of the companies has practically
doubled in the past five years, as shown by the followintino
Kf
CusCalendar
Gross *Net Earnings
gu
watt
im' Miles
Yearstamers.
after Taxes.
Earnings.
Hours. Dis.Lines
1918
$403,376
15,756
51,370,057
22.436,676
563.1
1919
17,892
548.357
1,820,324
26,998,788
685.4
1921
920
660,977
20,903
2.180,694
31.991.294
725.4
25,653
787,312
2,538,256
38.636.034
798.7
1922
1,101,636
29,294
2.681.932
43,924,637
901.6
1923 x
2.797,845
,
1,158,817
9 1.
,
A 9
x 12 months ended April 30.
Dividend Record of Subsidiaries.
-M1 of the controlled companies have
been paying dividends annually on their respective Common stocks.
1rr.
7 Year Average.
Last 89
Morris & Somerset Electric Co
Commonwealth Electric Co.. Summit_,
9..71:
6237
Lakewood & Coast Electric Co
8%
9.43%
Lakewood Water Co
6%
5.03%
Toms River Electric Co
8%
Tide Water Power Co
7%
%
The securities of t1w1 r;. 2a r3 r
NE he6ii py co po2,ation have recently been underwritten
,..
w neo..
by a group of banking concerns which included A. 0. Allyn & Co., A. B.
& ee Si Cm.a .
L . coo pl
. e
5 incks Bros. & Co. and A. E. Fitkin
H.
2l
Kennecott Copper Co.
-Now Owns 75% of Utah Stock.
The company now owns about 75% of the capital stock of the Utah
Copper Co.,according to a statement made June 7, based upon a compilation
of the returns made to the Kennecott Co.. under its recent offer to take over
the shares of the Utah Co. Kennecott's offer called for the issuance of
15 shares of its own capital stock in exchange for each share of Utah.
Stock 6 lpers of. 213atter company were given until May 31 to accept.y 1 1ho d 22 the 17
.
o
THE CHRONICLE
2644
Maxwell Motor Corporation.
-Notes Paid Off.
1923. were
Kings County Lighting Co.
-Suit Against Gas Law.
See Cons9lidated Gas Co. above.
-V. 115, p. 2164.
-Business.
-Sales
(G. R.) Kinney Co., Inc., N. Y.
President E. H. KrOM Says:
Our sales are going ahead oflast year in both the stores and factories;from
present indications May store sales will be about 20% ahead. If present
rate of increase in earnings, stores and factories, can be maintained for the
whole year, the net earnings should be about 40% higher than they were in
1922. Present indications are good and plans are being perfected to make
this the best year the company has ever had in both sales and earnings.
The company operates 131 shoe stores.
-V.116. P. 1769.
(S. S.) Kresge Co.
-May Sales.-
Increase.i1925 Mos.-1922- Increase.
1923
-May
-192236.369,522 $4,903,106 $1,466,4161$29.126,281 $21,953,273 $7,173,008
-V. 116. p. 2137, 1539.
-May Sales.
(S. H.) Kress & Co.
1923
-May
-1922
$2,887,289 $2,510,967
- 116, p. 2521. 2137.
V.
Increased 1923-5 Mos.-1922 Increase.
$376,322 I $12,101,631 $10,507,494 $1,594,137
(Vox,116.
All of the outstanding Series "B" 7% gold notes, due June 1
paid off at maturity.
-V. 116. p. 2521.
Middle States Oil Corp.
-Sub. Cos. Declare Dividends.
The following subsidiaries have declared regular quarterly dividends as
follows: Imperial Oil Preferred, 2%; Imperial Oil Common, 2) %;
,
5
Ranger Texas Oil, 2%; Texas Chief Oil, 2%; Dominion Oil, 2%;all payable
July 1 to holders of record June 10. Extras were paid by these companies
on April! last (V. 116,P.830).-V. 116. p. 2521.
Midwest Sugar Refining Co.
-Par Value Changed.
-
The company has filed a certificate changing its authorized Capital stock
from 10,000 shares, par $100. to 60,000 shares, no par value, and changing
the location of the business to Riverdale,
116. p. 1657.
Mountain Producers Corp.
-Extra Dividend of 1%.
-
The directors have declared an extra dividend of 1% (10c. a share) and
the usual quarterly dividend of 2% (20c. a share). both payable July 2 to
holders of record June 15. Like amounts were paid April 2 last.
-V.
116, p. 2138, 1060.
Narragansett Electric Lighting Co.
-To Pay Off Notes.
-year 79 Cony, gold coupon notes, dated July 1 1920, are due
The 3
and payable on July 2 1923. These notes may be converted into Capital
stock on July 2 1923, upon presentation and surrender in negotiable form
The stockholders on Juno 6 authorized an increase in the capital stock at the office of the Treasurer, Turks Head Bldg.. Providence, R. I. providso
from 150,000 shares of no par value to 300,000 shares. John J. Watson Jr., ing intention do to do is given the company on or before June 15 1923.
not wish to convert their notes into stock may _present
Holders who
Chairman, said:
65.000 shares of increased capital to acquire same at the above office for payment on or before July 2 1923.-V. 116.
"The corporation will issue
p. 1060.
the assets of the Republic Rubber Co. The balance of the stock will
remain in the treasury. There will be no minority interest of Republic
National Conduit & Cable Co., Inc.
-Over 70% of
Rubber Co. outstanding. In acquiring the Republic Rubber CO.. the
-The Committee for
Lee corporation is acquiring a plant with approximately three times its 1st Mtge. Bonds Deposited Under Offer.
own capacity for less than 50% of the formerly outstanding stock of the the 1st Mtge. 6% 10-year sinking fund gold bonds (Charles
Lee company. At the present time. Lee and Republic are each doing
about the same volume of annual business, 86,000,0100 annually. In the E. Mitchell) Chairman states:
past,Republic has done an annual business upwards of $18,000,000 and
Over 70% of the outstanding bonds have been deposited under the offer
the Lee plant is working at capacity. The combined plants are pro- of 700 on the dollar of principal, without interest, payable on or before June
ducing 3,500 tires daily. The acquisition of the Republic Rubber Co. 20 1923. (See V. 116, p. 2396.)
-V. 116, p. 2395.
will add greatly to the asset value of the Lee stock."
The reirchaser has now agreed to accept and pay for at the same price
which may be deposited under
all
- up additional bonds June 18. Holders of any such the terms of the offer
Liggett's International, Ltd., Inc.-Divs. Resumed.
additional bonds who
to and including
The directors have declared a dividend of 1;4% on the Class "A" and desire to accept this offer should, therefore, deposit with the National City
Class "B" Common stocks, payable Sept. 1 to holders of record Aug. 15. Bank,65 Wall St., New York,on or before June 18, either their certificates
these issues since July 1 1921, when quarterly of deposits representing bonds heretofore deposited under the Bondholdere
This is the first distribution on
-V. 114. p. 2123.
dividends of 2% were paid.
Protective Agreement of April 1 1921, or ,in the case of bonds not heretofore deposited under said agreement, the bonds themselves with the coupon
-Complaint.
Liggett & Myers Tobacco Co.
due Oct. 1 1921, and all subsequent coupons attached.
-V. 116, p. 1185.
See American Tobacco Co. above.
The Committee is about to terminate the bondholders' Protective agreement of April 1 1921, and, as a provision for its expenses, will fix a sum of
-New President.Lincoln Mfg. Co., Fall River.
approximately, but not exceeding $10 per bond, payable upon withdrawal
-V. 115, p. 2912.
See Davis (Cotton( Mills above.
of the same; but in order that the above mentioned offer may be net to the
depositing bondholders who accept it, the committee has arranged to col-Extra Dividend-Earnings.
-Lone Star Gas Co.
purchaser the amount necessary to cover such payment in
of 1% has been declared on the stock in addition lect from the bonds.
An extra dividend of
respect of their
to the regular quarterly dividend of 1 3i %,both payable June 30 to holders
Stockholders' Protective Committee Opposed to Offer to Bondof record June 20. Like amounts were paid March 31 last.
Net earnings for April were $208,363, after all charges, compared with
-Charles R. Meston, Chairman of the Stockholders'
$198,112 for April 1922. Net earnings for the 4 months ended April 30 holders.
were $1,044,352, compared with $766,961 in the corresponding period of Protective Committee, in a notice to minority bondholders
1922.-V. 116, p. 1420.
inviting them to join with the Stockholders' Protective Com-
-Capital Increase-Acquisition
Lee Rubber & Tire Corp.
•
of Republic Rubber Co.-
Loose-Wiles Biscuit Co.
-Accumulated Dividends.
A dividend of 7% on account of back dividends covering period from
Feb. 1 1920 to Feb. 1 1921 has been declared on the 2d Prof. stock. payable
Aug. 1 to holders of record July 18. Like amounts were paid on this issue
Feb. 1 and May 1 last.
The directors also declared the regular quarterly dividend of 131% on
the 1st Prof. stock, payable July 1 to holders of record June 16.-V. 116,
p. 1058.
-Complaint.
(P.) Lorillard Co.
-V. 116. p. 929.
See American Tobacco Co. above.
(H. R.) Mallinson & Co. Inc.-Earnings, &c.'
Earnings six months ended April 301923
Surplus, balance Nov. 1 1922
Less dividends paid
$1,005,540
2,491.548
90,545
Profit and loss surplus April 30 1923
$3,406.543
Balance Sheet (Including Erie Silk Mills and Pussy Willow Co., Inc.).
'22
Apr.80'23 Oct. 31
LiabilitiesApr.30'23 Oct. 31 '22
AssetsPref.stock,7% _ _ y$2,705,000 $2,705,000
Real estate, equipx$2,952,975 $3,109,316 Common stock (no
ment, &c
223,290
258,113
par value)
z500,000
500,000
Cash
127,654 Notes payable
1,440,000 1,290,000
Notes receivable__ 118,505
3.573,141 3.283,160 Accts. pay., accr.
Inventories
payrolls, Ac____ 964,457
396,983
Accts. receivable 2,027,589 1,687,318
7,563 Foreign drafts,Ste_
1,064,148
Securities
21,847 Federal taxes, esti23,797
Insur., sur. value38,150
mated
37.873
90,000
Investments
39,375 Surplus
24,007
3,406,543 2,491,548
Deferred charges__
$9,015.999 $8,537.679 Total
$9,015,999 $8,537,679
Total
x Real estate and mill buildings, machinery and equipment, $3,638.394:
leaving $2,860.591; to which is added equity
less depreciation, $777,864,
in apartment houses, $92,384. y Authorized issue of Preferred stock.
$10,000,000; unissued, $7,000,000; outstanding, 83.000,000; acquired for
sinking fund, held in treasury, $295,000. z 200,000 shares, no par value.
-V. 116, p. 2396, 830.
-Stockholders Rights.
Marland Oil Co.
mittee to work out a reorganization "to save a reasonable
value for your bonds and if possible some equity for the
stock," says:
This stockholders' committee made an offer in Jan. 1923, to the bondholders' committee which would have given securities and cash of a face
value of $1.105 per bond, being principal and interest in full to Jan. 1 1923.
These securities while having a face value of $1,105 would in the opinion
of the Stockholders' Committee have had a present cash value of something
over $900. You are now asked to sell your bonds for $700 per bond.
The last printed report (V. 116. p. 830) shows net quick assets of over
$2.000,000 on Jan. 1 1923. The plant according to this report, has a book
value of over $6,000,000. In order to realize only $700 per bond, this
plant would have to be sold at about $1,000,000, which would appear to
be an extremely low price. On the basis of this statement if the plant sold
for from $1,500,000 to $2,000,000, the bonds would pay from $800 to about
about $950 per 1,000.
We ask the minority bondholders to join us in taking steps to see that a
reasonable bid is made for the plant if it is put on sale so that their interests
will be protected and if possible some equity obtained for the stockholders.
The plan under consideration by the stockholders' protective committee
provides:
(a) Acquisition at foreclosure sale of the plant by a new company to
be capitalized substantially as follows: (1)32.000,0007% 1st Mtge. bonds;
(2)$2.000,0007% Preferred stock. and (3)300,000 shares of Common stock.
(b) An exchange by the present minority bondholders of their present
bonds with coupons attached for new 7% let Mtge. bonds of equal amount,
and an underwriting of any bonds not taken by the minority bondholders.
(c) An issue of 7% Preferred stock to provide working capital, and an
underwriting of the issue.
(d) An issue of new Common stock share for share to the present Common.stockholders on the payment of $2 per share, cash subscription, and
an underwriting of any Common stock not taken by the present stockholders:
This business is normally a profitable business. From its organization
until 1917, it grew from an original investment of $3,000 to a cash sale price
of $8.000,000. Even under the adverse conditions of the 1920 business
depression the default on the bonds was merely technical. At the time of
receivership, the company reported over $500,000 cash and only nominal
-V. 116, D. 2396.
liabilities.
-Interest on Income Bonds.
National Power & Light Co.
The stockholders of record June 20 will be given the right to subscribe
The directors have declared the regular 3)4% semi-annual distribution of
for about 235,000 additional shares at $40 per share up to 25% of their interest on the ($5,589,710) 50-Year 7% Income bonds for payment July 2
Present holdings. The stock subscribed for may be paid for in full on July to holders of record April 30.
20 or $15 a share on or before that date and $25 on or before Sept. 1
Description of Income Bonds, &c.
-A circular dated May 1
A laart of the proceeds of the new stock will be used to reimburse the treaury for capital expenditures in added facilities such as additional pipe lines, affords the following:
storage tanks and terminal facilities which have been necessitated by the
-Year 7% Income Bonds are dated Jan. 1 1922. Interest payable
The 50
big increase in production and accompanying large sales commitments.
holders of
A part of the new money will also be used to retire the 8% participating J. & J. to part at record on Oct. 31 and Apri130, respectively. Redeemany time at 105 and interest. Denom. $100. $300.
-v, 116. p. able all or 310,000 c.P. All bonds are registered and are transferable at the
bonds now outstanding in the amount of about $3,500,0(j0,
$1.000 and
2264, 1656.
office of Central Union Trust Co., New York, trustee, or at the office of
New Orleans, La.
Marlin Firearms Corp., New Haven.
-Receivership Interstate Trust & Banking Co., the only funded debt of the company.
The Income Bonds constitute
Order Vacated.
They take precedence as to earnings and assets over both prof. and com.stk.
A sinking fund for the retirement of the bonds is provided, equal to 1%
An order vacating the appointment of a receiver for the company was
issued May 29 by Judge Thomas in the U.S. District Court at New Haven. for each calendar year of the maximum amount of bonds outstanding during
Judge Thomas appointed Louis 11. Strouse receiver on May 22 on applica- such year, and no dividends may be paid unless the sinking fund payments
tion of two stockholders. On further hearing he vacated the first order.
-V. for all prior years have been made.
Interest on the Income Bonds is cumulative and if the payment for any
113, p. 1778.
six months' period or any portion thereof is not made at the end thereof the
amount not so paid shall be first paid from the surplus income of subsequent
Massachusetts Oil Refining Co.
-Bondholders Nego- periods and at the rate of % per annum. Interest at the full rate of 7%
tiating with Bidders.
per annum has been paid to date and the first sinking fund payment has
Charles E. Ober. Chairman of the bondholders protective commiteee, 13een met.
-Owns all, or substantially all, the common stock (and in some
Company.
regarding the present situation between that committee and the bidders
Instances substantial amounts of bonds and preferred stock) of Hluston
for the property, says:
"We have been negotiating with Mr. Leach as to the time and method Lighting & Power Co.. Knoxville Power & Light Co., Arkansas Central
when payment should be made of the bid which Mr. Ray, as the repre- Power Co.and Memphis Power & Light Co.(the latter controlling, through
sentative of A. B. Leach tz Co., Inc., and associates, made at the fore- stock ownership, Memphis Street By. Co., and is also financially interested
closure sale of the property on May 12. We have reached a tentative in Birmingham Railway, Light & Power Co.).
Capitalizationagreement with Mr. Leach and his associates, the terms of which are in
Authorized. Outstanding.
substance satisfactory to us. We have every expectation that a full Cumul. Pref. stock, $7 per share per annum,
red. at 110 (initial dir• of$1 75 paid April 16
agreement will be arrived at promptly and carried out. In that event, our
1923)---- ----------------------------125,000 shs.
x39.562 shs.
only application to the court will be for the authority necessary to carry
-V. 116, p. 2396. 2264, 2016.
Common stock
375,000 shs. y122,930.5 shs.
out that agreement."
48,706.745
-Year 7% Income Bonds, due Jan. 1 1972 $20,000,000
50
-Preferred Dividends Resumed.
Merck & Co.
a Includes 548.5 shares in treasury.y Includes 770.5 shares in treasury.
The directors have declared a dividend of 2% on the 8% Cumul. Prof.
stock, payable July 2 to holders ofrecord June 16. This is the first dividend z Includes 3117.035 in treasury of the -Income Bonds; $96,700 additional
have been retired by sinking fund.
July 1 1921.-V. 116, p. 1283.
on this issue since
JUNE 9 1923.]
THE CHRONICLE
Aggregate Gross and Net Earnings of All Operating Companies in Which
National Power & Light Co. Is Interested.
Calendar Years1922.
1921.
Gross earnings
$18.889,550 $18,261.962
Net earnings
6,025,027
5,467,114
The gross earnings for 1922, as shown above, were derived from various
classes of business as follows: Electric power and light, 44.8%; railway.
44%; artificial gas, 10.3%; miscellaneous, 0.9%.
Property and Service of Operating Companies.
The operating companies in which National Power & Light Co. is interested, either directly or through controlled companies, serve a total of 45
communities. They supply electric power and light service to 42 communities. street railway service to 20 communities and artificial gas service to 4
communities. The total population served is in excess of 735,000.
Houston Lighting & Power Co.supplies electric power and light to Houston
and 16 adjacent communities, including 2 served at wholesale.
Knoxville Power & Light Co. supplies electric power and light to Knoxville
and 5 adjacent communities, and street railway service also to 3 of these
communities.
Arkansas Central Power Co.supplies Little Rock Ark., with electric power
and light and street railway service and, directly or indirectly, 2 other .
communities with electric power and light at wholesale, one of which is also
served with street railway.
Memphis Power & Light Co. does the entire central station power and light
and gas business in the city of Memphis, Tenn. and certain suburbs.
Memphis Street Railway supplies the entire street railway service to the
city of Memphis, Tenn., and to 2 adjacent communities.
Birmingham Railway, Light & Power Co. supplies Birmingham, Ala., with
electric power and light, gas and street railway service and also supplles
directly or indirectly electric power and light to 14 other communities,street
railway service to 10 other communities and artificial gas to 2 other communities.
Supervision.
-Electric Bond & Share Co. supervises the operations of
properties in which the National Power & Light Co. is interested.
-V.116,
p. 1284.
2645
Company owns in fee over 300 miles of private right-of-way. It is now
acquiring a right-of-way in fee from Gardenville, just east of Buffalo.
to the city of Olean. Upon its rights-of
-way are located upwards of 696
miles of transmission lines, in the main steel-tower construction, carrying
936 miles of high-tension circuits. Further, the company owns a hydroelectric plant located on the Salmon River, with an installed capacity of
35.000 h. p.; steam plants located at Lyons, N. Y., and Olean, N. Y.,
having an installed capacity of approximately 50,000 h. p. It leases a
hydro-electric plant on the Oswego River, near the city of Oswego. having
an installed capacity of 12,000 h. p.; and it purchases from the Niagara
Falls Power Co. and Ontario Power Co., under long-term contracts.
100,000 hydro-electric h. p., which will soon be increased to 130,000 h. p.,
giving company a total available capacity of 225.000 h. p. for delivering to
its transmission and distributing systems.
During 1922 company acquired and now owns all of the issued and
outstanding capital stock, except directors' shares, of the following companies: (a) Western New York Electric Co., (b) Bradford Electric Co..
(c) Livingston-Niagara Power Co.
Growth of Business.
-The growth of the company's business is indicated
as follows:
K. W. II.
H. P.
K. W. II.
H.P.
Delivered.
Sold.
Delivered.
Sold.
443,576,297 113,078
1908
96,575,110 25,500 1920
484,877.202 138,960
1910
177.722,627
44,834 1922
1915
250.778,898 62,466 1923 (4 mos.)_199,275,179 158,228
-Years ended Dec. 31.
Earnings
x1922.
1921.
1920.
Sales of electric energy
$2,899,548 $2.763,918 $4,158,994
Cost of energy & operating expenses_ 1,710.187
1,325.692
2.111,824
Income from other sources
Cr.69,811
Cr.46.476
Cr.139,379
Taxes, rentals, &c., deductions
393,535
502.270
379,709
Interest on funded debt
771,452
656,231
614.295
Balance
$334,736
$458,271
$819,924
x These earnings include the earnings of the three subsidiary companies
National Department Stores, Inc.
-Sales Month of April from the date on which their respective operations were taken over by this
company.
April1923.
1922
Purpose.
-Proceeds from the sale of these notes will be used for:
Net sales
$3,368,603 $2,976,085 (a)
Acquisition of70 miles ofright-of-way and construction thereon
-V. 116. P. 2138
. 1857
'
of double circuit 110,000 volt transmission line from Gardenville (near Buffalo) to the city of Olean
$825,000
Newaygo (Mich.) Portland Cement Co.
-Bonds Offered.
-Wm. L. Ross & Co., Inc., Chicago, A. E. Kusterer (b) Sub-station at Olean with 15,000 K.V.A.transformer capacity
and 10000 K. V. A.. 25 to 60 cycle frequency changer
& Co. Grand Rapids, and Fenton, Davis & Boyle, Detroit,
300f)00
double-circuit 11-0.66.5 volt transmission line, Lockport
are offering at 963/ and int., to yield about 63/8%,$1,500,000 (c) New Mortimer, 58 miles
to
1st Mtge. and 1st Mtge. Coll. 15-Year S. F. 63% gold (d) New double-circuit 110.000 volt transmission line. Throop 599.000
Junction to Solvay, 193i miles
201,000
bonds. (See advertising pages.)
(e) New double-circuit 110,000 volt transmission line, Amherst
Dated June 1 1923. Due June 1 1938. Denom. $1,000, $500 and
Tonawanda Town Line, to Lake Shore tap at Lackawanna,
$100 c*. Int. payable J. & D. at office of First Trust & Savings Bank.
20 miles__
242,000
Chicago,trustee, or Grand Rapids Trust Co.,co-trustee, without deduction (I) Re-insulation
_________
for Federal income taxes not exceeding 2%. Red. on any int, date on 30
timer.58 miles, branch lines Oakfield to Batavia, Weedspoft
days' notice at 105 for first 5 years from date and thereafter at a premium
to Auburn; installation of increased capacity of distributing
of J4% for each unexpired year or fraction thereof prior to maturity.
systems of the company's throe subsidiaries and miscelSinking Fund.
-Mortgage provides that the company shall annually,
laneous switching structures and circuit breakers for
beginning with 1924, devote 30% of its net earnings as therein defined to
interconnection with all new circuits
the redemption of these bonds by purchase at not exceeding the call
The Guaranty Trust
5
or by call. This sinking fund is estimated to retire the whole issue price received bids for the sale Co., 140 Broadway, N. Y. City, up to May 28.
prior
to it, of 1st Mtge.5% 50
-year gold bonds due Nov.
to maturity.
1 1954,to an amount sufficient to exhaust $43,302 and at a price not exceedData from Letter of Clay H. Hollister.President of Company.
ing 1213 and int.-V. 116, P. 1188.
Company.
-Owns and operates a Portland cement plant completed in
1901 at Newaygo, Mich, recently enlarged to a rated production capacity
Nipissing Mines Co., Ltd.
-Dividend, Cash, &c.of 3,000 barrels per day. It has its own stone quarries at Charlevoix and
The directors have declared the usual quarterly dividemd of 3% on the
Ellsworth, Mich.
outstanding $6,000,000 capital stock,
Purpose.
-Present bond issue and sale of stock finances another plant of of record June 30. A like amount waspar $5, payable July 20 to holders
paid April 20 last.
3,000 barrels rated daily capacity to be built at once at Manitowoc, Wis.,
Financial Statement June 2 1923, Showing Total Cash, dc.,14,676.196.
by a subsidiary-Manitowoc Portland Cement Co.
-the
In Wisconsin. Strong Wisconsin interests have joined only cement plant
June 2 1923. Mar.19 1923
in this enterprise.
Security.
$3,977,343 $3.941,873
-Direct 1st Mtge. uon the Newaygo plant and by pledge of Cash in bank, incl. Canadian war bonds, &c
all the 1st Mtge. bond issue of 1,500,000 of the Manitowoc Portland Ce- Bullion and ore in transit and on hand
633.784
698,853
ment Co., the Wisconsin subsidiary, together with all the capital stock -V. 116, p. 2138, 1770.
(other than directors'qualifying shares)andlother securities of that company.
North Shaker Boulevard Co.,Cleveland.
-Receiver.-Earnings.-Average annual net earnings of the combined properties are
On petition of the Harriman National Bank, New York, Judge Samuel
conservatively estimated in excess of $600,000, or over 6 times maximum E.
Kramer has appointed E.0.Peck receiver. The petition for a receiver
interest charges on this issue. Net profits from operation of the Newaygo states:
plant before enlargement, without taking into account profits from sale
"On May 20 1922 this company took a first mortgage on the North
of assets and extraordinary income, for the past 6 years have averaged
Shaker Boulevard Co., calling for the issuance of 6% Serial Gold bonds
$152,772 available for interest, depreciation, income taxes and dividends, to a total of
$3,000,000. We were to be paid interest twice yearly. Jan. 1
or over 1 yi times interest on this issue. In the past 10 years the company and
July 1. The mortglige was made and executed to the Hazriman
has paid $772,271 in cash and $64,416 in stock dividends from earnings
Bank, New York, and was to constitute a 'trust estate.'
and $500,000 stock dividends from capital surplus.
"The first deed was filed May 26 1922 and $1,309.500 in bonds were
and delivered to the Shaker Boulevard
New Bedford Gas & Edison Light Co.
-Bids Invited.
- Issued bonds were bought by various people.' Co. by the Harriman Bank.
These
The company invites sealed proposals for the purchase
$1,145,000 1st
NItge.5% bonds, due Jan. 1 1938, and alternate proposals of a like amount
for
Northern Indiana Gas & Electric Co.
-New Control.
of similar bonds bearing interest at the rate of 514% per annum. These
Interests connected with the Samuel
utility properties have
bonds will be secured equally with $3,434,000
Mtge. bonds now out- obtained control of the company fromInsull publicGas Improvement Co.
the United
standing. All proposals must be received at the1st
office of the
693 Purchase St., New Bedford, Mass., before Wednesday,company, No. Philadelphia. The company will be operated by the Insull interests alJune 20.-V. though the United Gas Improvement Co. will retain an interest in the prop116, p. 1284.
erty.
-V. 115, p. 2694.
New Cornelia Cover Co.
-Production.-
Month ofy 1923. April 1923.March 1923.
Copper production (lbs.) 3%31,906 3,155,615
3,181,928
-V. 116, p. 2138, 1540.
Feb. 1923.
2,666,557
New England Power Co.
-New Financing.
-
The Mass. Dept. of Public Utilities has approved the sale by the company
at 95.25 of $1,800,000 1st Mtge. 5% bonds recently awarded after competitive bidding to a syndicate headed by Baker, Young & Co.. Blodget
At Co., Coffin & Burr, Inc., Arthur Perry & Co. and Tucker,
Anthony
-V.116, p. 2396.
& Co.
New York Transit Co.
-Quarterly Dividends of 2
A quarterly dividend of 2% has been declared on the outstanding $5,000.000 Capital stock, par $100, payable July 14 to holders of record June 20.
This compares with quarterly dividends of3% each paid Jan. 15 and April 14
last. On Dec. 30 1922 the company paid a special cash dividend of 80%.
President D. S. Bushnell says:
The present situation in the production
of crude oil in this country as a whole, and the consequent unsettled conditions in the oil industry which affect transportation of oil by this company.
have materially curtailed its operations. Therefore, the directors have
found it necessary to reduce the dividend."
-V.116, p. 1060.
Niagara Lockport & Ontario Power Co.
-Notes
-Blair & Co.,Inc., New York, and Schoelkopf, Hutton
Sold.
& Pomeroy, Inc., Buffalo, have sold at 100 and int.
-Year 6% Cony. Gold notes (see adv. pages).
$3,000,000 3
Oklahoma Gas & Electric Co.
-Bon-Bonds Offered.
bright & Co., E. H. Rollins & Sons, Spencer Trask & Co.,
Federal Securities Corp. and H. M. Byllesby & Co., are
offering, at 9434 and int., to yield about 634%, $1,000,000
First & Ref. Mtge. Gold Bonds 6% Series "B," dated Feb. 1
1921, due Feb. 1 1941 (see description in V. 115, p. 552).
Data from Letter of J. J. 0 Brien, Vice-President, Chicago, June 2.
Company.
-Company's system comprises modern and efficient electric
generating plants and distributes electricity and natural gas. serving Oklahoma City, Muskogee. Sapulpa, El Reno, Enid, Drumright and other
has recently acquired, through stock ownership, properties centering around
Shawnee and Ada,
which are being inter-connected with its main
transmission systems (see V. 116. p. 2138).
Okla..
Purpose of Issue.
-Proceeds will provide funds for the payment offloating
debt incurred for extensions and additions to the property.
Security.
-Secured by a first lien on the entire property of the system,
subject only to the lien of a closed mortgage on the property, securing
82,788,000 bonds outstanding in the hands of the public and also $1,800,000
of bonds pledged as additional security for First & Ref. Mtge. bonds.
Gross
Earnings for the Twelve Months Ended April 30 1923.
earnings
$5,693,398
Operating expenses, maintenance and taxes (excl. depreciation)_ - 4,064,508
Annual interest charges on` First & Ref. Mtge. bonds (including
this issue) and First Mtge. bonds require
795.650
Balance
$833240
,
Capitalization Outstanding April 30 1923 Giving Immediate Effect to Present
Financing.
First & Ref.6%, Series "B", due Feb. 1 1941 (incl this issue) $2.50O.000
do 7%.Series "A," due Feb. 1 1941
6.750.000
First Mortgage 5% Bonds, due Oct. 1 1929
x2.788,000
Bond-S
8% Convertible Gold Notes, due Feb. 1 1931y2,301.100
Common Stock
4.500,000
Preferred Stock.7% Cumulative
5.896.000
There are $1,125.000 6% notes due April
Oklahoma General Power Co., over 90% of1 1927 outstanding, owned bY
whose capital stock is owned
by the company.
x 51,800,000 additional First Mtge. 54, due Oct. 1 1929, are issued and
pledged (es additional security) under the mortgage securing the First &
Ref. Mtge. bonds. y In addition
$3,451,7043 Gen. Mtge. bonds* due
Feb. 1 1931, are issued and pledged to secure
the $2,301,100 Bond-Secured
8% Convertible Gold Notes.
-V. 116, p. 2138, 1658.
Dated June 1 1923. Due June 1 1926. Interest payable J. & D. at
Buffalo Trust Co., Buffalo, N. Y., trustee, and Blair & Co., N. Y. City,
without deduction of Federal income tax not in excess of 2%. Redeemable
all or part in lots of not less than $100,000 on June 1 1924 at 102 and int.;
on Dec. 1 1924 at 1013 and int.; on June 1 1925 at 101 and int.; on Dec.
1 1925 at 100% and int. Denom. $1,000. $500 and $100c5
.
Issuance.
-Subject to approval by the New York P. S. Commission.
Conversion.
-Notes are convertible, after June 1 1924, into 7% Cumul.
Pref. stock on the basis of 10 shares of stock (par $100) for each $1,000
of notes. Company shall not be required to convert notes in excess of
$1,000,000 (exclusive of notes called for redemption) prior to June 1 1925,
and not in excess of $2.000,000 (exclusive of notes called for redemption)
prior to Jan. 1 1926. Company may waive these limits. In the event
that notes are called for redemption, they may be converted before the
date set for redemption.
Date from Letter of Pres. Fred D. Corey, Buffalo, June 6 1928.
-Is engaged in the production and distribution of electric
Company.
energy, principally hydro-electric energy, in Western and Central New
Owens Bottle Co. Toledo, O.
-Div. Rate Increased.York. Serves a highly developed and rapidly growing industrial territory
The directors have declared a quarterly dividend of 3% on the outstandextending from Niagara River to and beyond the city of Syracuse. The ing Common stock, par $25, payable
July 1 to holders of record June 15.
service eir the company extends into 16 counties and the territory reached
On April 1 last an extra
ce ystolk
.
the Cornanon ic6.
17, was paid
and supplied in whole or in part by the company embraces a population In addition to the regulardividend ofdisbursement on 2%•
of
quarterly
of more than 1,700,000.
p. 524.)-V. 116. p. 2017.
2646
THE CHRONICLE
[Vol.. 116.
The directors have declared a 100% stock dividend on the Common stock,
payable June 19 to holders of record June 18.
The directors have also declared a quarterly dividend of 75c. per share
on the Common stock and the regular quarterly dividend of $2 per share
on the Preferred stock, both payable Aug. 1 to holders of record July 20.
The stockholders on June 6 increased the authorized Common stock from
-V. 116,
shares (all outstanding) to 400,000 shares, no par value.
Dated June 1 1923; due serially. 1925-1938. Int. payable without de- 200,000 2397.
p. 2522.
duction for Federal income tax not in excess of 4% per annum. Penna.
and Conn.4
-mills tax, Maryland 4%-mills securities tax and Mass, income
-Capital Increase.
Public Service Corp. of Quebec.
tax of6% per annum refunded. Callable at 105 and int. Denom.$1,000,
The stockholders on May 29 created a new issue of $2,600,000 Pref.
$600 and $100 Cs. Irving Bank-Columbia Trust Co., New York, trustee. stock, of which $1,400.000 is to be presently issued. The present capital
-Secured by direct closed first mortgage on the land at the Is approximately as follows;
Security.
southeast corner of 58th St. and 6th Ave., N. Y. City, being 95 ft. on 58th
Issued.
Authorized.
-story non-housekeeping Preferred stock
St. by 75 ft. 5 in. on 6th Ave., together with a 17
$1.400,000
$2,500,000
apartment building to be erected thereon, the total being valued at $1,420, Common stock
1,600,000
3,000,000
500,000
2,000,000
Bonds
Income and Operating Costs (as Estimated by Douglas L. Elliman it Co.)
It is stated that part of the new Pref. Issue will be issued to retire the
-V. 112.
bonds now held by the Shawinigan Water & Power Co.
$268,250 $500,000
Gross annual rental, apartments (298 rooms) and stores
89,615 p. 2544.
Expenses, taxes, allowance for vacancies, &c
-Bonds Offered.
Park Chambers, Inc., N. Y. City.
Puritan Mortgage Corp. and Hambleton & Co. are offering
at 100 and int. $800,000 1st (closed) Mtge. 6% Serial Gold
bonds. (See ad ertising p ges).
$178,635
Net annual income
$48,000
Maximum annual interest charge on this issue
Net estimated income will be. therefore, over 3M times the maximum
interest requirement on this Issue and nearly 23i times the maximum
interest and amortization requirement.
-Extra Dividend of 3%.
Parke, Davis & Co.
-Plans to Reduce Dividend on Common
Pure Oil Co.
-At the annual meeting of stockholders on
Stock-Earnings.
June 5 President B. G. Dawes stated that it is his intention
at the next dividend period for the Common stock to recommend to the board of directors a change in the dividend rate
from 8 to 6% per annum. President Dawes further says in
•
substance:
An extra dividend of3% has been declared on the Capital stock, par $25.
In addition to a quarterly dividend of 2%, both payable June 30to holders
of record June 20. An extra of 5% was paid in March last, in addition to
For the first 4 months of the year 1923 the company shows a decided inthe quarterly of 2%. On Jan. 2 last a quarterly div. of 4%,together with
an extra of 4%, was paid on the old capitalization outstanding before crease in earnings as compared with the same period in the last two preceddividend. (Compare V. 115, ing years. In addition to this the company's proportion of earnings of
payment on Dec. 30 1922 of the 100% stock
companies in which it is interested (exclusive of subsidiaries) is growing
i)• 2695.1-V. 116, p. 1188.
each year until at the present time the earnings accruing to the Pure Oil Co.
from such companies, and not paid in dividends, are equivalent to at least
-New President.
Parker Mills of Fall River.
Co.
President and a director to succeed the 434% on the Common stock of the Pure Oil
Israel Brayton has been elected
"For the last 2 years in gradually increasing degree there have been unlate Leontine Lincoln.
-V. 114, p. 636.
favorable predictions as to the earnings of the company. Whether
-Bonds Offered. these predictions have been from ulterior motives or notis of no consequence.
Paterson (N. J.) Parchment Paper Co.
Nevertheless they have brought forth inquiries from a large number of
rate of
-Spencer Trask & Co., Townsend, Whelen & Co. and stockholders as to the ability of the Pure Oil Co. to continue its highregular
dividends. Attention is called to the fact that during the last week
Edward B. Smith & Co. are offering at 96 and int., to yield dividend No. 38 was paid on the Common stock.
over 6.40%,$1,500,000 1st Mtge. 6% Sinking Fund Gold
"We have paid our stockholders in the last 10 years more than $43,500.000
In cash dividends, a larger dividend with but few exceptions than any of the
Bonds, Series A (see advertising pages).
As President of the company
great oil companies
Dated June 11923. due June 1 1938. Int. payable J. & D. at National since its inception I of the United States. the next 10 years the dividends
fully believe that during
Bank of Commerce. New York,or Passaic National Bank & Trust Co.. Pas- will be regular as they have
as
been in the last 10 years. This belief is foundsaic. N. J.. trustee, without deduction for normal Federal income tax, not
will be continuous and increasexceeding 2%. Penn. 4 mills tax and Conn. personal property tax not ed on the theory that the requirements for oilis basically as well founded as
ing and the knowledge that your company
exceeding 4 mills per $1 per annum refunded. Denom.$500 and $1,000 c* any of the great oil companies in the world.
Red. all or part by lot on any int, date upon 60 days' notice as follows:
are at the present time 28,000 Common stockholders and 9.000
On or before June 1 1926 at 105 and int., after June 1 1926 and on or before
so diversified that
June 1 1929 at 104 and int., after June 1 1929 and on or before June 1 1932 Preferred stockholders.toThe stockholders have become
arrive at any consensus of opinion as to dividends.
before June 1 1935 at 102 and It seems impossible now
at 103 and int., after June 1 1932 and on or
Therefore, it is my intention at the next dividend period for the Common
int., after June 1 1935 and on or before June 1 1937 at 101 and int., after stock to recommend to the
board of directors a change in the dividend rate
June 1 1937 at 100 and int.
-The mortgage provides for a sinking fund which will from 8 to 6% per annum."
Sinking Fund.
The following board of directors was elected for the ensuing year: W.F.
retire, by purchase or call, $100,000 of the bonds of series A annually Burdell, J. L. Bushnell, H. N.
Cole. B. G. Dawes, W.C. Fairbanks, F. S.
beginning 1925.
Heath, A. E. Humphreys, W. E. Hutton, R. W. McIlvain, W. W. Mills
Data from Letter of Wm. F. Brunner, June 5.
-V. 116. p. 2523, 2513.
and N. H. Weber.
Company.
-Was established at Paterson, N. J., in 1885, when it intro-New Directors.
Republic Motor Truck Co., Inc.
duced into America the manufacture of genuine vegetable parchment.
Company was incorp. in New Jersey in 1891. Paterson vegetable parchM. N. Buckner. Chairman of the board of directors of the New York
ment is a clean, sanitary material made specially for wrapping moist Trust Co. of N. Y., has been elected Chairman of the board. Other
food products, such as butter, meats, fish, cheese, lard, ice cream, &c. members of the board are J. A. Bowers, Vice-President of the New York
It is used extensively throughout the United States and Canada and in Trust Co.: Maurice Rothschild, of Chicago; George W. Morgan, of Breed.
Central and South America, China, India, Japan. Australia, New Zealand Abbott & Morgan. of N. Y., and PresideLt 0. W. Hayes.
and South Africa. Company has always maintained its leadership in the
The company, it is stated, is the largest exclusive truck manufacturer
Industry and to-day it produces about 60% of all the vegetable parchment in the world, with over 70.000 trucks in service. The plant at Alma.
manufactured in the United States.
Mich., with 600.000 feet of floor space, has a monthly capacity of 3,250
Company owns a paper mill at Modena, Pa., where the paper is manu- trucks.
-V. 116. D. 2523.
factured, and a parchmentizing and printing plant at Passaic, N. J.,
where the parchment is finished. Both plants are equipped throughout
-Sale.
Republic Rubber Corporation.
With the most modern machinery and appliances and have excellent transA. A. Garthwaite, V.-Pres, of the Lee Rubber & Tire Corp., on June 7
portation facilities. The combined floor area of the two plants is over 6 bought the Republic Rubber Corp. at public auction at Youngstown, 0.
acres. Company now has under construction near Bristol, Pa., at tide- The nominal purchase price was $5,523,410. representing creditors' claims,
water, a paper plant with a floor area of nearly 5 acres, which will cost plus $11.100 cash and assumption of *2,000.000 in receiver's obligations.
approximately $2,000,000. It is estimated that when this new paper Mr. Garthwaite announced that he was buying for a new company, the
plant is in operation, the company will be in a position to nearly double its Republic- Rubber Co. of Ohio, now in process of incorporation. See also
output of parchment.
Lee Rubber & Tire Corp. above, and V. 116, p. 2397.
Authorized. Outstanding.
Capitalization after this financing$3.000,000 $1.500,000
let Mtge. Sinking Fund Gold bonds
Richland Coal Co.
-Bonds Offered.-Cassatt & Co.,
5,000,000 3,000,000
Capital stock (par value $100)
Otis & Co. and Graham, Parsons & Co. are offering at prices
-Proceeds will be used to defray part of the cost of building
Purpose.
the new paper plant now under construction at'Bristol, Pa., to cost approxi- to yield from 63' to 7%, according to maturity, $1,200,000
mately $2,000,000, the balance to be furnished by the company from its 1st (closed) Mtge.6%% Serial Gold bonds.
accumulated earnings.
Dated Juno 1 1923. Due $60,000 annually June 1 1924 to 1943 incl.
-mills
Net Earnings Available for the Payment of Interest. After Depreciation for the Int. payable J. & D. at Philadelphia Trust Co.. trustee. Penna. 4
Past 15 Calendar Years.
tax refunded. Company agrees to pay normal Federal income tax not to
*180,3301 1919
$270.217 exceed 2%. Denom.$1,000c*. Red,as a whole at 102, or In part at 10234
$221,348 1914
1908
27l.975h920
807,084 and int. on any int. date.
197.871 1915
1909
569,106
758,710 1921
208,573 1916
1910
Data From Letter of Pres. J. C. McKinley, Dated June 2 1923.
460,801 1922
878,779
177,424 1917
1911
-The property on which these bonds will be secured by a closed
Security.
283,871 1923(4 mos.)_- 300,831
170,236 1918
1912
first mortgage has been appraised by E. V. d'Invilliors at $2,738.224, with165.195
1913
value to the leased coal.
since its incorporation in 1891, t e company has operated out assigning any
In the 32 years
-Proceeds are to reimburse the company for capital expendiPurpose.
at a profit every year.
tures and to provide additional working capital.
Sinking Fund.
Condensed Balance Sheet April 30 1923 (After This Financing).
-Mortgage will provide a sinking fund of 10 cents per ton
Liabilities
on all coal mined from the property in which the company owns the mineral
Assets
$1.146,054 Accounts payable
$198,560 rights in fee. An additional sinking fund will be created if in any year net
Cash
600,602 Accrued taxes
141,237 earnings, after depletion, depreciation, royalties, interest and Federal taxes,
Marketable securities_ __ _
670,884 Dividends payable
75,000 exceed 8600,000.
Accounts receivable
-Property of company is located in Ohio and Brooke counties,
Property.
576.059 1st Mtge. 68
1,500,000
Inventories
en24,383 Capital stock
3.000,000 W. Va., and consists of 7.951 acres of unmined coal lands, of which the unDeferred charges
615,182 tire mineral rights of 4.920 acres are owned in fee, and the balance held
Plants, mach. & equip__ _ 2,511.998 Surplus
der favorable lease Property is developed by four drift mine plants having
Total
$5,529,981
$5.529,981 a mining capacity in excess of 750.000 tons per annum. For the last five
Total
years the average annual output has been 485,000 tons, not including the
Clifton plant, which operates solely on leased coal. The recoverable coal
Light & Power Co.
-Extra Dividend.
Penn Central
recovery,
The company has declared the usual quarterly dividend of $1 and an from the mortgaged property owned in fee, based on 70% average property,
the entire
extra dividend of 10c. per share on the Preferred stock, both payable July 2 has been estimated to be 29,500,000 tons, and from average annual proincluding leaseholds, 49,800,000 tons. Based on an
to holders of record June 15.-V. 116. p. 1770.
duction of 600,000 tons, the estimated life of the property, including leaseholds, would be approximately 80 years, and that production would not
Phoenix Mfg. Co., Eau Claire, Wis.-New Receiver.
Joseph G. Worker, Vice-President and General Manager, who was ap- exhaust the fee property for 50 years.
-Net earnings available for depreciation depletion, interest
Earnings.
pointed receiver upon voluntary bankruptcy proceedings several months
have
ago, has resigned. John B. Fleming has been appointed receiver to succeed and Federal taxes for the five years ended Dec. 31 1922 times averaged
the max$406,298. These average net earnings are in excess of five
Mr. Worker.
-V. 112. p. 1624.
imum annual interest charges on this issue and approximately three times
maximum annual interest charges and annual principal
-Merger the total of the
Philadelphia Suburban Gas & Electric Co.
payments.
-
Plans.
Application has been made to the Pennsylvania P. S. Commission for
authority to merge the following companies: Philadelphia Suburban
Gas & Electric Co., East Pennsylvania Gas & Electric Co., Berks County
Electric Co., Towanerien Electric Co., Plumstead Township Bucks Electric
Co. Dublin Borough Bucks Electric Co., and Bedminster Township
-V.116. p. 1061. •
Bucks Electric Co.
-Hearing AdPorto Rican American Tobacco Co.
journed.to show cause why the
injunction should not
The hearing on the order
the recapitalization plan, obtained by
be Issued preventing action on before Vice
-Chancellor Badces at Newark
Phillip Grausman,a shareholder,The hearing on a
similar order was set for
has been adjourned to June 19.
-Chancellor Bentley. It wa expected the company
yesterday before Vice
-V. 116, p. 2522.
for the consolidation of the two actions.
would ask
-100% Stock Dividend
Postum Cereal Co., Inc.
Dividends on New Common Stock on $3 Annual Basis
Capital Increase.
-2% Cash Div.Rickenbacker Motor Co. Detroit.
The directors have declared a 27; cash dividend on the Capital stock,
par $10, payable July 15 to holders of record June 30. A like amount was
paid April 15 last. See V. 116, p. 1062.
Royal Dutch Co.
-Dividend of 26%for 1922.
The Equitable Trust Co. has received the following cable from the
company: "The board will propose to the general meeting of shareholders
in
to be held June 29. to fix the dividend for 1922 at 263%. of whichanJanuary last an interim dividend of 10% has been paid." Further
as to the rate of dividend and date of payment will be given
nouncement
-V. 116, p.421.
by the Equitable Trust Co. at a later date.
-Omits Dividend.
Russell Mfg. Co., Middletown, Conn.
The directors have voted to omit payment of Um dividend usually paid
---V. 110. p. 2298.
about the middle of May.
-Sub. Co. Stock Reduced.
Saguenay Pulp & Power Co.
see Chicoutimi Pulp Co. abet/v.-V. 116, p. 1062.
JUNE 9 1923.]
THE CHRONICLE
Sapulpa Refining Co. of Oklahoma.
-Annual Report.
Income and Profit and Loss Statement for Calendar Years.
1922.
1921.
1922.
1921.
Net sales
$3,638,883 $3,846,523 Deprec. & depin- - $100,000 $400.000
Net prof. on sales- 251,780
289,993 Balance, surplus-- $155,579 $153,549
Gross income
438,594
842,940 Previous surplus_ _ 642,710
804,446
Int. on fund. debt_
96,800
42,733 Credits
42,948
36,062
Int. on unfunded
debt
46,368
58,942
Total surplus_ _ _ $841,236 $994,057
Cash discount on
Stock dividend_ _
150,000
sales
32,734 Cash dividend..
75.000
Miscellaneous
39,847
154,982 Other charges_ __ _
45,633
126,347
Net Income_ _ _ _ $255,579
-V.116. p. 1906.
$553,549
P. & L. surplus_ $795,604
$642,710
Scott-Powell-Daries, Inc.
-New Control, &c.
See United States Dairy Products
Corp. below.
-V. 111, P. 1478.
Seneca Copper Corp.
-New Financing.
The company has
authorized $1,500,000 1st Mtge. Sinking
10
-Year bonds convertible into stock at $15 per share, of Fund 7%
$500,000 bonds will remain In Its treasury to retire the $500.000which issue
8% Debentures due in October 1925. Of the remaining
$1,000.000. $500.000 will
be offered to stockholders at 98 and any bonds not taken
taken by a syndicate of bankers who have underwritten by them will be
the issue, with
an option on the remaining $500,000 bonds.
On account of the purchase of the
property, there remains to
be paid in December 1924 $410,000. Gratiot note covering this
payment
carries no interest, the directors haveAs the
$500,000 bonds to meet this obligation. decided to reserve the remaining
The stockholders will be asked to increase the capital
by 100,000
to 450.000 shares to provide stock to take care of the conversion of the shares
bonds.
The management, it is said, plans to begin production on a commercial
basis early in July and it estimates that an output of 15.000,000 pounds
can be made in 1924, with a gradual increase to 30,000,000 pounds annually
at a cost estimated at not over 10M cents.
With all payments for property and equipment
the directors are confident that production-even on thus provided for,
a
will more than take care of development costs and thatmoderate scale
this is the final
financing.
-V. 116. p. 947.
Shell Transport & Trading Co., Ltd.
-Dividend.
-
The Equitable Trust Co. has received information from its London office
that the "Shell" Transport & Trading Co., Ltd., has announced a
of 2s. 6d. per British Ordinary share, payable in London on Julydividend
5 1923.
This is equivalent to 5s. per "American share."
Further notice of the rate and date of payment of the dividend in New
York will be given out by the Equitable Trust Co. at a later date.
-V.116.
p. 188.
Silver Dyke Mining Co.
-Guaranteed Debentures So'd.
-E. M. Hamlin & Co., Boston, have sold at 100 and int.
$600,000 5-year 7% Sinking Fund Debentures. Guaranteed, principal, interest and sinking fund, by the American
Zinc, Lead & Smelting Co., which company owns a
ling stock interest in the Silver Dyke Mining Co. controlDated June
1 1923. Due June 1928.
Mining Co. stock at $5 per share. 1Denom.Exchangeable for Silver Dyke
$1,000
payable J. & D. without deduction for the normal and $500 c. Interest
Federal income tax not
exceeding 2%. Red, all or part, on any hit, date
upon 60 days' notice
at 105 and int. National Shavrmut Bank,
Boston, trustee.
Sinking Fund.-Sinldrgfund beginning Sept. 1
to be deposited with trustee to purchase notes at 1923 of $10,000 per month
or for redemption by lot on any int. date on 60 not exceeding 105 and int.,
days'
Right to exchange notes for stock continues until notice at 105 and int.
redemption date.
Data from Letter of William A. Ogg,
President, Boston, June 1.
Company.-Incorp. in 1921 to take over the silver-lead-copper
property,
located near Neihart. Mont.. known as
the Silver Dyke Mine. It was
developed during 1920 and 1921 by the American Zinc,
Lead & Smelting
Co.. which company now owns 344,412 shares
outstanding capitalization of 500,000 shares. of its total authorized and
The property comprises 6 patented mining
and 17
mining claims, covering an area of approximate claims acres. unpatented
ly 300
In addition,
it owns in part one other mining claim, and
has options upon 6 other claims
aggregating approximately 100 acres. A mill with a rated
capacity of 450
tons per day has been built upon the property
and is now in operation.
The mine has been fully equipped and proper
housing facilities for the employees have been provided.
Purpose.
-Proceeds will be used
to it by the American Zinc, Lead by the company to repay advances made
the mill, developing the property& Smelting Co.for the purpose of erecting
and providing it with working capital.
Earnings.
-The report made to the
Lindberg, consulting mining engineer, company in July 1922 by C. 0
indicated 500.000 tons of ore, from
which he estimated the operating profit
earned during a period of 5 years. Since would be over $1,000,000 to be
have indicated 500,000 tons additional this report further developments
ore of a higher grade than that
reported on by Mr. Lindberg
ably add to these reserves. in 1922, and further developments will probIrrespective of the expected earnings from
the Silver Dyke property, the
American Zinc. Lead & Smelting
at the rate of about $600,000 per Co. earned for the first quarter of 1923
tion and depletion, and the priceannum after all charges, except depreciaof the
company at the present time indicate aProf. and Common stocks of the
market value of approximately
$7.000,000. The American Zinc company's
June 1 1923 other than the $600,000 guaranty only fixed obligation as of
152,600 Granby Mining & Smelting Co. 5% of these notes is that of $1.bonds,
Listing.
-Application will be made to list debentures due June 1 1926.
on Boston Stk,Exch,
CapitalizationAuthorized, Outstanding.
Five-Year 7% Cony. Deb. notes (this issue)-$603.000
$600.000
Capital stock
500,000 shs. 500.000 she.
2647
Data from Letter of Vice-President Paul It. Johnson, June 4
1923.
Capitalization After This Financing.
First Mtge.8% Sinking Fund Gold Bonds, Series "A," Convertible, due Nov. 1 1936
z$824,500
First Lien Coll. Cony.77 Gold Notes, due June 1
8-10% Profit-Sharing Preferred Stock (par $100) 1926 (closed) 1.700.000
500.000
Second Preferred Stock (par $100)
760,000
Common Stock (without par value)
50,000 she.
x As of June 11923.$851.100 of these bonds are outstanding, but
cash has been deposited with the trustee for the sinking fund and $26,672
tenders
of bonds have been requested to exhaust this amount
Company.
-Incorporated in 1921 in Delaware. Company and its predecessor has been engaged since 1915 in the production, purchase, pipe line
transportation and sale of gas. Supplies wholesale and retail consumers in
the communities of Independence, Cherryvale, Elk City, Sycamore and
surrounding territory in Southeastern Kansas,and through pipeline connections to the Fredonia Gas Co. and the Union Gas & Fuel Co., which serve
Fredonia, Yates Center, Burlington, Neodesha and other communities.
Distribution is carried on by means of a pipe line system 256 miles in length
connected with 265 producing gas wells, either owned or under gas'purchase
contracts, with an aggregate open flow capacity of over 200,000,000 Cu. ft.
of gas per day. The system includes three compressor stations, together
with all necessary accessories and equipment.
In addition to the natural gas produced by the company, it also owns oil
rights underlying 33.106 acres in Kansas and Oklahoma, from which the
company is taking oil at the rate of 40,000 bbls. per year.
The company serves public utility companies, including electric light
plants. street railway power plants, ice plants and municipal water plants.
For 1921, 4.275:791,00o cu, ft. of gas were delivered and for 1922, 4.494.463,000 Cu,ft. of gas were delivered. Deliveries for the first quarter of 1923
were 1,401.854.000 Cu.ft., and the managementestimates that total deliveries for 1923 will be in excess of 6,000,000.000 Cu. ft.
Company will control, through stock ownership, gas and oil rights
underlying 50,000 acres in the Viking gas field of Northern Alberta, Can.,
located about 80 miles from the city of Edmonton. The Viking gas field
covers 200 square miles. The gas and oil rights owned cover over 77
sq.
miles and 27 miles of this area are proven territory. The property has
already 9 producing wells with an open flow capacity of 36.000,000 Cu. ft.
per day. Showings of oil in certain of these wells indicate future oil production.
Conversion.
-Notes are convertible at any time prior to maturity, or if
called for redemption, up to the redemption date, into the bonds deposited
as collateral security at the rate of $1,000 First Mtge.7 bond and 2shares
common stock of Canadian Utilities, Ltd.,for each $1,111 note.
Security.
-Subject to $824,500 First Mtge. bonds, the notes are a first
lien, by deposit with the trustee, of $2,000,000 First Mtge. 7% Sinking
Fund Gold Bonds due 1938 of the Northwestern Utilities, Ltd. Further
secured by a deposit of the majotity of the Common stock of the Canadian
Utilities, ltd. This company will own the entire capital stock of Northwestern Utilities, Ltd., and Princeton Petroleum Co.,
Ltd.(which will own
50.000 acres of oil leases in the same territory), and guarantees the payment
of principal and interest of the $2,000,000 bonds. These $2,000,000 First
Mtge.7% Bonds of the Northwestern Utilities, Ltd., are part of an authorized issue of $4,000,000, of which
been sold and will be a
first mortgage on property valued $3,250,000 haveCommission of Alberta,
by the Utilities
upon completion a the construction program, at $4,181,406. The remaining $750,003 of First Mtge.7% Bonds can be issued only for new property
acquisitions, additions or betterments and only to the extent of 80% of
the
cost thereof.
Earnings.
-Total income and net earnings available for interest, sinking
fund, taxes and reserves, are as follows.
Calendar Years
$8921 36
115 9
,.
$99 , .
1 4288 1923(4 Mos)
527
$374,829
Total income
Nete nings
168.738
ar
262.734
Net earnings for 1923, available for interest, sinking fund, ta3 Z
nx .56.
reserves, estimated by the management, will be over $350.000. and esnd
will be
further increased by the income at the annual rate of $140,000 from the
$2,000,000 First Mtge.7% Bonds deposited as collateral -V.115, p 2695.
Spanish-American Iron Co.
-Bonds Called.
One hundred thirty-seven ($137,000) 1st
-year sinking fund
gold coupon bonds, due 1927, have been called Mtge. 20
for redemption July I at par
and int,at the Girard Trust Co., trustee, Philadelphia, Pa.
The following bonds remain upaid. Called for July 1922: Nos.
1
159.
4435, 4520, 4728; Jan. 11923, Nos. 171, 174, 334, 1290. 2033, 2134. 2984,
2998, 3078. 3171, 3894, 4031, 4600.-V. 115, p. 2592.
Spicer Mfg. Corp.
-Bonds Called.
-
Certain 10
-Year 8% Gold bonds dated
1921, aggregatIng $71.200.
have been called for redemption July 2 atJuly 1 and int.
10734
at the Commercial
Trust Co., trustee, Philadelphia, Pa.
-V. 116, p. 1772.
Standard Oil Co. of California.
-Oil Contract.
-
The company has contracted to purchase
Consolidated Oil Co. The output was the entire output ofthe Honolulu
formerly sold to the General
Petroleum Corp.
-V.116, p. 2125.
Standard Oil Co. of Louisiana.
-Valuatio
n Reduced.
The Louisiana P. S. Commission has reduced the valuation
of the company's pipe line properties, on which tariffs
$21,000.000 to $12,500,000 and prescribed 7are based, from approximately
cents
charge and 25 cents as a maximum transportationas a maximum gathering
rate
Louisiana. The company, however, admitted itself within the State of
a common carrier
before the Commission could hold a
for a hearing on the Commission's hearing and declare it such. The date
case to declare
Rouge refinery a public utility has not been fixed. the company's Baton
-V.116, Ir. 2018.
StandardOil Co.(N. J.).
-Oil Tar Evasion Denied.-
The company_on June 4 issued a statement saying
Argentine
subsidiary, thc West India Oil Co., had in no way evadedthat itsobligations
its tax
with the South American Republic, as reported in a dispatch fromfBuene
s
Aires. F. D. Asche, Vice-Pres. in charge of foreign properties, said
the
company had not "committed any irregular act or defrauded the
Government," and it was said that the charges against the company were
Southern Canada Power Co., Ltd.
-To Increase Capital. upon a decision of the lower courts and that an appeal would be takenbased
The shareholders will vote June 14 on increasing
from
the capital stock. It is this decision. Mr. Asche's statement said In part:
proposed to change the common stock from
"Briefly summarized, the charges are:
$5,000,000 par value to 100.000
shares of no par value, and to increase the
preferred
"(1)
$5.000,000. It is understood that the proceeds of the from $1,500,000 to tween With respect to the West India Oil Co., that during the period be1917 and 1922 it has imported as fuel oil, which would be duty free.
increased capitalization, as well as of a proposed issue of bonds,
installation of three units at Hemmings Falls will be used to finance the a Mexican crude oil which contains light products that are dutiable. The
West India Oil Co. denies it has committed any irregular act or
to develop 30,000 h. p.
V. 115. p. 2804.
defrauded
the Government in these transactions.
"(2) With respect to the Compania Nacional de Parolees.
Southern New England Telephone Co.
has obtained a greater amount of kerosene and naphtha from Ltd., that it
-Increase.
the crude o 1
The stockholders will vote June 25 on increasing
Imported than would ordinarily be
the
stock from $20,000,000 ($18,000,000 outstanding) to authorized capital processes of refining, and therefore, obtained from crude oil by the usual
that the crude thus imported was not a
$40,000,000 and on
authorizing the directors to issue additional capital
straight natural crude oil. All of the crude oil thus referred
to came from
Pres. James T. Moran states that the directors stock up to $30,000,000. the Texas and Louisiana fields in the United
will probably in the fall
States, and from Peru. Mr.
of this year offer $3,000.000 of stock for
Asche states that on every barrel of this crude oil imported
subscription to stockholders, the
payable in full on Jan. 3 1924, or in two
import duty fixed by the Argentine law was paid andInto Argentina
installments
that this was
50% on Jan. 3 1924 and the balance on April 3 1924. , viz., not less than natural crude oil as produced
and did not contain any admixture of kerosene
The proceeds will be or
used to pay off bank loans incurred for new construction
naphtha."
-V. 116, p. 2398.
.-V.116, la• 731.
Southwestern Utilities Co., Independence, Kan.
Notes Offered.
-Chandler & Co., Inc., New York; Lumbermans Trust Co.
-Bank, Seattle; Freeman, Smith & Camp Co.,
San Francisco, and Mark C. Steinberg & Co. St. Louis, are
offering, at 98% and interest, yielding over 74%,
81,700,000
First (Closed) Lien Coll. Cony. 7% Gold Notes (see advertising pages).
Standard Parts Co., Cleveland.
-Another Plant Sold.
The Cincinnati plant of the company
has been sold at auction for $136.000
to Albert J. Mayer. Cincinnati
realtor.
offered by Frank A. Scott, receiver. TheThe plant in its entirety was
plant was the Hess Spring &
Axle division of the company.
-V.116, p. 2523.
Studebaker Corp.
-Sale of Cars on Weekly Payments.
The company's Newark,
plan for Studebaker cars. N. J., agency announces a $10 weekly payment
In general the plan is similar to the Ford $5
weekly payment plan, announced
Dated June 11923. Due June 1 1926.
a car by small weekly payments in April last, which securer purchase of
Callable,
deposited through the dealer at the local
notice at 105 and interest during first year, 103 andall or part, on 30 days' bank. The Studebaker
int.
Corp.it is stated, has not officially adopted
101 and int. thereafter to maturity. Denom.$1,000 and second year, and the $10 plan although it
$.500c5 Interest -V.
.
has been under consideration for some time.
D. in New York and Portland, Ore.,
payable J. &
116, p. 2398.
without deduction for
Federal normal income tax not in excess of 2%. Corporation
agrees to
refund Penn. 4 mills tax, Mass. income tax on interest
Suffolk Anthracite Collieries, Scranton, Pa.
not exceeding 6%.
-Bonds
New York income tax on interest not exceeding 3% per annum,
and
-Warren A. Tyson & Co., Phila., are offering at
Income tax on interest that may be imposed by the States of California any Offered.
and
Oregon, not exceeding in either case 2% per annum. Empire
Trust Co.. 100 and int. $1,000,000 1st (closed) Mtge. 7% Sinking Fund
New York, trustee; Lumbermens Trust Co., Portland,
Ore., paying agent. Gold bonds
(see advertising pages).
THE CHRONICLE
2648
Dated June 1 1923. Due June 1 1938. Denom. $1,000 and $500 c*.
Callable, all or part, on any int. date on 60 days' notice at 107% and int.
Int. payable J. dz D. without deduction of normal Federal income tax not
exceeding 2%. Free of Penna. personal property tax. Pennsylvania Co.
for Ins. on Lives & Granting Annuities, and George M.Clarke, trustees.
Data From Letter of Pres. J. E. Crass Jr., Scranton, Pa., May 24.
Business.
-Suffolk Anthracite Collieries, which is being organized in
Pennsylvania for the purpose of acquiring the property and assets of the
Suffolk Coal Co., will own and control the operation of approximately 525
acres of anthracite coal lands, a part of which is owned in fee, the balance
under perpetual leases on advantageous royalty. The colliery, modern in
every respect, is electrically equipped and comprises breaker, separator,
washery, power house, machine shop, electric locomotives, narrow-gauge
railway lines, pumps, compressors, &c. The property is located in the
counties of Lackawanna and Luzerne at Avoca, near Scranton. Is shipping
at present at the rate of over 300.000 tons annually. Charles Enzian,
C.E M.Sc., mining engineer, estimates that the property contains a total
of more than 6.400.000 tons of recoverable anthracite coal.
Sinking Fund.
-Mortgage will provide for the payment to the trustee of
a sum equal to 30c. per ton en all coal mined and shipped, with minimum
payments at the rate of $16,750 every 3 months, to be used to retire bonds
quarterly at not to exceed 1073 and int. Bonds will be callable all or part
on any int, date on 60 days' notice at not to exceed 1073 and int.
-Proceeds of this issue and of the two classes of capital stock will
*Purpose.
provide funds for the purchase of the property, the installation of improvements to the mining plant, and adequate working capital.
Issued.
Authorized.
Capitalization After Financing1st Mtge.Sinking Fund 7% Gold bonds (this issue) $1,000,000 $1,000,000
750.000
1,000,000
8% Cumulative Preferred stock (par $100)
10,000 shs. 10,000 shs.
Common stock (no par value)
-The report upon the operations of the properties for the three
Earnings.
rears and four months ended April 30 1923. made by Price, Waterhouse
& Co., public accountants,indicated that net earnings for this period, before
provision for depreciation. depletion. Federal income and profits taxes,
were at the annual rate of considerably more than three times the sinking
fund and maximum interest requirements of this issue.
Contract.
-The Coal Sales Co. of Scranton, Pa., has contracted to purchase the entire output of the company for a period of 10 years at a price
based upon the average price received by five of the largest independent
anthracite mining companies in the district.
-Registrar.
Sugar Estates of Oriente, Inc.
The Guaranty Trust Co. has been appointed registrar for the 50,000
Shares of Pref. stock, par $100.-V. 116. p. 1907.
-Capital Increased.
Syracuse Lighting Co.
The stockholders on June 4 increased the authorized capital from 30,000
shares Pref. (par $100) and 30,000 shares Common (par $100) to 100,000
shares Pref. and 100,000 shares Common, par of both $100. All the present
Common is outstanding and $1,500.000 Pref. Of the increased stock,
-V. 116, p. 2399.
31.500.000 will be offered to the public.
Tennessee Copper & Chemical Co.
-Obituary.
Horace M.Kilborn, a director, died May 31.-V. 116, p. 1907.
Thompson-Starrett
-Dividend.
IFThe company has declared a Co., New$4York. on the Common stock.
dividend of a share
payable July 2 to holders of record June 20. A dividend of like amount
was paid on July 1 1922.-V. 112, p. 2421.
[Vor.. 116.
-Notes and Pref.
United States Dairy Products Corp.
-Chandler & Co., Inc., in January last offered
Stock Offered.
at 904 and int. $550,000 10-Year Cony.04% Sinking Fund
Gold notes, Series "A."
Dated Jan. 1 1923. Due Jan. 1 1933. Int. payable J. & J. at American
Trust Co., New York, trustee, without deduction for the Federal normal
income tax up to 2%. Denom. $1,000 and $500 c*. Red. all or part on
any int. date on 30 days' notice at 110 and int. up to and incl. Dec. 31 1923,
and decreasing thereafter by 1% for each year of expired life of the notes.
-mills tax, Mass. Income tax on int, not exceeding 6% per annum
Penna. 4
and New York income tax on int, not exceeding 3% per annum refunded.
-Notes will be retired by a sinking fund of 10% of the net
Sinking Fund.
profits after deduction of reserve for depreciation, amortization, taxes and
Interest; but with a minimum payment equal to 3% of the greatest amount
of notes of this Series "A" at any time outstanding.
-Notes will be convertible at any time prior to maConversion Privilege.
turity, or if called, then prior to the redemption date, into the 7% Cony.
1st Pref. Cumulative stock in the ratio of 10 shares of stock for each $1,000
note; and into the 8% Cony, 2d Prof. Cumulative stock on the same basis.
The notes are also convertible into the Class "A" or Class "B" Common
stock in the ratio of 15 shares of Class "A" or Class"B" Common stock for
each $1,000 note.
-The same bankers offered at 95
Offering of Pref. Stock.
and div. $600,000 7% Convertible 1st Pref.(a. & d.) Cumulative stock, par $100.
Transfer agents, Metropolitan Trust Co., New York, and Girard Trust
Co., Philadelphia. Registrars, Empire Trust Co.. New York, and Frank-M. Convertible at
lin Trust CO., Philadelphia. Dividends payable Q.
any time prior to Dec. 1 1932 into 8% Cony. 2d Pref. Cumul. stock, share
for share, or into either Class "A" or Class "B" Common stock in the ratio
of 1% shares of Common for 1 share of Pref. stock. Red. on 60 days'
notice at 1123 and dim
Data From Letter of Harry W. Scott, Vice-President of the Company.
Company.-Incorp. in Maryland. Has acquired control of the ScottPowell Dairies, Inc.. which company is the consolidation of the business
This
founded by the Scott family in 1835 and by R. E. Powell in 1875. vicincompany* serves milk and kindred dairy products in Philadelphia and
ity and is one of the largest dairy companies operating in Philadelphia.
[Tinder date of June 4 the "Chronicle" was informed that the corporation
owned stock in the following companies: (a) Scott-Powell Dairies, Inc.,
100% of Common,75% of 1st Pref. and 100% of 2d Pref.:(b) Kelly-Lester
Milk Co.. Common, 100%; 1st Pref., 60%; 2d Prof.. 100%; (c) Stanton
Park Dairies, 100% owned.]
Issued.
Authorized.
Capitalization3600,000
55,000,000
7% Cony, 1st Prof. Cum.stock, par $100
5,000,000
Prof. Cumul. stock, par $100
8% Cony. 2d
206.006 shs. 25.000 iihs.
x Common stock, Class"A"and "B"
8550.000
-Year Cony. 63i% Sk. Fd. notes, Series "A --- -$2,500.000
10
each year
x Class"A" Common stock is entitled to receive $6 per share in dividends
payment of dividends on the Preferred stocks, before any
after
shall be paid in that year on Class "B" Common stock, the balance of earnings after such payment being applicable to Class "B" Common stock.
Class "A" Common stock may be converted into Class"B"Common stock.
share for share, at any time prior to Dec. 1 1932.-V. 116, p. 1191.
-Resignation.
United States Rubber Co.
- J. N. Gunn has resigned his positions both as Vice-President of the
Tonopah Extension Mining Co.
-No Extra Dividend.
The regular quarterly dividend of 5% has been declared payable July 2 United States Rubber Co. and as President of the United States Tire
to holders of record June 9. On Jan. 2 and April 2 last, extra of 5% were Co., a subsidiary.
-V. 116, p. 1907.
paid in addition to the regular quarterly dividend of5%.-V.116, p. 2523
-Initial Dividend.
United States Worsted Co.
Tonopah Mining Co.
-Acquisition.
A quarterly dividend of $1 50 a share has been declared on (ST 1st Pref.
The shareholders of the King Kirkland Gold Mines. Ltd., recently stock, payable in 6% scrip July 1 to holders of record June 15. Dividends
ratified an agreement with the Tonopah Mining Co., under the terms of are not cumulative on the Preferred stock until Jan. 1 1925. This company
which the latter company will operate the property.
-V.116. p. 1772.
was recently reorganized (see plan in V. 115, p. 2696).-V. 116. p.732,306.
-
United Verde Extension Mining Co.-Produdion.-
-Earnings.
Transue & Williams Steel Forging Corp.
May 1923. April 1923. Mar. 1923. Feb. 1923.
Month ofThe following has been pronounced substantially correct for the "Chron3,759,012 3,759,160 3.621,074 3,220,306
icle": Actual net earnings in the 4 months ended April 30 last were in Copper output (lbs.) _
-p. 2156. 2019.
excess of dividend requirements for the entire year. The company's plants -V. 116,
are operating 100%. The company has a large amount of business on its
-Annual Report.
United Zinc Smelting Corp.
books and operations will continue at a high rate for some months.
1921.
2
Calendar YearsV. 116, p. 626.
$765.208
31.738.965
192.
Total sales
$153,914 loss $45.862
Operating profit after costs and expenses
Directors.
Tuckett Tobacco Co., Ltd.
-New
Gray-Miller and James M. Dixon. both of New York. have been elected -V.114. p. 2836.
-New President, &c.
directors.
-V. 116, p. 2399.
Universal Leaf Tobacco Co., Inc.
succeeding W. A.
Oscar C. Gregory has been elected a Vice-President Thomas B. Wile,
-Leh-Stock Sold.
Underwood Typewriter Company.
has been elected President, succeeding
Willlngham. who
-V. 115. p. 1953.
man Brothers, Goldman, Sachs & Co. and Hallgarten & Mr. Yuille will remain as a director.
Co. have sold when, as and if issued, a block of new Common
stock at $45 a share.
The company has called a meeting of its stockholders for June 12, at which
meeting the stockholders will be asked to authorize the change in the par
value of the Common stock from $100 to 325 per share and authorize the
creation and issue of an additional $1,000.000 Common stock (the otter of
which stock to existing stockholders has been underwritten by the above-named bankers). Subject to approval by stockholders, the company will
have outstanding $3 700 000 7% Preferred stock (par $100) and $10,000.000
Common stock (par $25).
In a letter to the bankers. President John T. Underwood calls attention to
the fact that since the organization of the company in 1910. the gross sales
0
have increased considerably over 100q and the company has, in no year
failed to earn a substantial profit. The sales for the first four months of
1923 are reported to be over 20% in excess of sales for the corresponding
period of last year, and earnings on the Preferred and Common stocks for
the first four months of 1923, after all charges, depreciation and taxes, including Federal taxes, are estimated to be approximately $975,000.
Mr. Underwood further states that it is his expectation that the new $25
-V. 116,
stock will be placed on a $3 per share per annum dividend basis.
p. 2523.
.-Earnings (Incl. Subs.)
United Gas & Electric Corp.
PeriodGross earnings
Oper. exp., maintenance
& taxes
12 Mos.end. Apr.30April
1922.
1923.
1922.
1923.
$1,174,590 81,018,840 $13,135.644 811,751.184
$766,974
$669,237 $8,647.019 $7,752.317
$407,617
11,055
$349,602 $4,488,625 $3,998.867
89,135
109,094
7,104
Total gross income_ _ _
Interest on funded debt_
Other fixed charges
Res, for renewals & replacements
Add-Def. ded. above_
Less-Inter-co. divs_ _ _ _
$418.672
5100.833
43,096
$356,707 $4.597,719 $44,088,002
$104,274 $1.223,691 $1,225,164
495.895
487,096
41,060
avail, for divs_ _
Propor. not appl. to
holding oorapanies
1197,295
Holding cos.'s proper_
258, 17
61.
-V.116, P. 2
$156,462
Net earnings
Non-oper. income
76,135
59.868
790.312
1.312
1,312
19,214
340.833
621,712
Cr3,320
19,214
$150,194 32.077,406 51.729,337
$35,030
5465.084
$406,477
$115,164 $1,612,322 81,322,861
-Extra Dividend.
United Oil Co. of California.
has been declared on the outAn extra dividend of 3 cents per share
divithe regular
standing $2,000,000 capital stock, in addition to holders ofquarterly 9.
record June
per share, both payable July 15 to
dend of 2 cents
-V.108, p.85.
-New Director.
Utah-Idaho Sugar Co.
Augustus S. Cobb, of New York, has been elected a director. succeeding
B. A. Tompkins, of New York, who has been elected a director of the
-V. 116. P. 1908.
Great Western Sugar Co.
-Bonds Called.
Virginia Coal & Iron Co.
Five (85,000) 1st Ref. 5% Sinking Fund Gold bonds dated July 1 1909
have been called for redemption July 1 at par and int. at the Bank of
-V. 115, p. 2697.
America. trustee, 46 Wall St., N. Y. City.
-May Sale8.Waldorf System, Inc.
Increase.
Increase.I 1923-5 Mos.-1922.
1923-May-1922.
.252 I 35.676.148 34.773.784 $902.364
$1.208,599 31.026,347 $182
a year ago.
The number of stores now in operation total 107, against 95
-V. 116, p. 2532.
-Dividend Increased.
Point (Ga.) Mfg. Co.
West
A semi-annual dividend of4% has been declared, payable July 2 to holders
of record June 15. In January last a dividend of 3% was paid -V.116.9.
307, 86.
-Sale.
West Virginia Water & Electric Co.
-V.115, p. 1110.
See American Gas & Electric Co. above.
-Book Value of
Westinghouse Electric & Mfg. Co.
-The book value of the Common stock,
Common Stock.
based upon the annual report for year ended March 31 1923,
is $84 28 per share of $50 par, against $79 88 per share on
March 311922. The figures are arrived at as follows:
$50,055,473
Factory buildings, real estate. machinery, &c
16,174.468
Investments in securities of other companies
Cash, accounts and notes receivable and inventories, in excess
90,286,743
of all current indebtedness
5,574,845
Patents, franchises and insurance and taxes paid in advance
Amounting to a total of
Leas reserves
$162,091,529
2,477,737
$159.613,792
Leaving a net value of
The bondholders, secured by this value, have loaned the com36,247,000
pany a total of
$123,366,792
Leaving a balance of
The preferred stockholders, who are secured by this value, have
3,998,700
put into the company
$119,368,092'
Leaving available to the common stockholders
The common stockholders had paid into the company on
70.813,950
March 31 1923
Leaving over and above all indebtedness and the invest348.554,142
ments of the bond and stockholders, a surplus of
To which the common stockholders have pro rata claim equally
on
$34 28
for each share over full par value
The stockholders directors to take the necessary steps to distribute the
50 00
Par value of each share is
and authorized the on a pro rata basis. See V. 116, p. 2286.
assets to stockholders
$84 28
Making a present book value per share of
-Admitted to List.
Co.
United Shoe Machinery added to the list 554,723 additional -v. 116. P. 2409, 2386.
has
The Boston Stock Exchange the total number listed to 1,941,529 shares
shares ofcommon stock, bringing
For other Investment News, see page 2662.
p. 2387, 2399.
.-V. 116,
(par $25)
Corp.
-Votes to Dissolve.
United Retail Storesapproved the dissolution of thecompany
Juno 7
JUNE 9 1923.]
THE CHRONICLE
2649
Smarts anti Poicuntents.
THE KANSAS CITY SOUTHERN RAILWAY COMPANY
TWENTY-THIRD ANNUAL REPORT
-FOR THE FISCAL YEAR ENDED DECEMBER 31 1922.
Kansas City, Mo., May 25 1923.
To the Stockholders of
The Kansas City Southern Railway Company:
The twenty-third annual report of the affairs of your Company, being for the year ended December 31 1922, is herewith
presented.
SUMMARY OF OPERATIONS.
That portion of the system lying within the State of Texas,
the mileage of which is included in the operated mileage of
your Company, is operated separately by its owner, the Tex-
arkana & Fort Smith Railway Company, which maintains
its own general offices and books of account at Texarkana.
Texas, in accordance with the State law. The reports of that
company are, however, combined with those of the parent
Company in so far as necessary to enable a comprehensive
survey of operations for the entire line from Kansas City
to the Gulf.
The succeeding statement shows the results of operation
for the year, compared with such results for the preceding
year:
1922.
Mileage Operated
Increase.
1921.
841.55
Operating Revenues:
Freight
Passenger
Excess Baggage
Mail
Express
Other Passenger-train
Switching
Special Service Train
Other Freight-train
Incidental and Joint Facility
816,336,124 86
2.201.623 92
20.461 68
217.124 56
441,599 16
3,282 58
755.715 12
5.88460
3,372 38
375,990 73
Gross Revenues
$20.361,179 59
80.23% $17,674,399 84
10.81
2,477,395 17
.10
20,676 69
1.07 •
282.033 82
2.17
303.835 10
.02
6,706 52
3.71
854.373 62
.03
8,947 34
.02
2.76863
1.84
137,003 65
100.00% 921,768,140 38
Decrease.
841.64
Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment--Cr
Total Operating Expenses
Net Revenue
Taxes
Uncollectible Revenues
Total Taxes and Uncollectible Revenues
Operating Income
$2,562,345 79
4,100,872 45
502.350 45
7.023.098 56
5.120 72
902,220 32
12,548 48
515,083,459 81
$3.033.548 17
3,899,867 16
519.999 95
7,673,980 95
991,033 35
14,437 37
81.19%
11.38
.10
1.30
1.40
.03
3.92
.04
.01
.63
5137,764 06
603 75
238.987 08
51,406.960 79
100.00%
13.94%
17.92
2.39
35.25
4.55
.07
51.338,27498
275.771 25
215 01
64.90926
3.423 94
98,658 50
3,06274
5471.202 38
$201.005 29
17.649 50
650,882 39
5,120 72
74.08% $16,103,992 21
73.98%
$5.277.719 78
25.92%
$5,664,148 17
51,315.676 19
5.52356
6.46%
.03
$1,072,693 39
10.405 17
4.93%
.05
$242,982 80
51.321.199 75
6.49%
$1.083,098 56
4.98%
3238.101 19
19.43%
14,581.049 61
88.813 03
1,888 89
26.02%
$3,956.520 03
Ratio of Operating Expenses and Taxes to Gross Revenues_
OPERATING REVENUES.
General reductions were made in freight rates by order
of the Interstate Commerce Commission, as follows:
I. C. C. Docket No. 12929, dated November 21 1921 and
effective January 1 1922 reducing rates on wheat, hay, straw
and articles taking the same rates, approximately 13 per
cent; on corn, approximately 21.5 per cent; on rice and rice
products, fruits, melons, vegetables, cotton, cotton linters
and cotton seed, approximately 10 per cent; and rates on
live stock less than 50 cents per cwt., approximately 10 per
cent.
I. C. C. Docket No. 12995, dated January 16 1922, reducing
rates on hardwood lumber approximately 6 per cent., effective April 13 1922; and on yellow pine lumber when destined to certain points in the States of Illinois, Indiana, Kentucky, Michigan, New York, Ohio, West Virginia and Wisconsin, approximately 6 per cent., effective May 16 1922.
I. C. C. Docket No. 13293. dated June 9 1922, and effective
July 1 1922, reducing rates. including switching rates, on all
other classes of freight not previously covered, approximately 10 per cent. This order also increased to 10 per cent
the reductions made under Docket No. 12995.
In addition to the general reductions made pursuant to
the above-mentioned orders, there were many reductions in
specific rates which materially affected the revenues of your
.
Company.
The estimated changes in gross revenues, produced by
these rate adjustments and other causes, are set forth below:
DECREASES IN GROSS REVENUES
.
Freight Revenue:
Due to reduction in rates
Net increase due to less long haul traffic, prin-51.555,66631
cipally wheat and pine lumber, and more
short haul traffic yielding higher rates.._ _
217,391 83
$1.338,27498
Passenger Revenue:
Due to decline in traffic caused by general
business depression during the early part of the year
275.771 25
Mail Revenue:
Due principally to credit allowed in the previous year
for services applicable prior to Jan. 1 1918
64,909 26
Switching Revenue:
Due to reduction in rates
Due mainly to decline in switching under 540.117 63
contract at Kansas City
58,540 87
98,658 50
Miscellaneous net decreases
6,097 94
12.58%
20.14
2.47
34.49
.03
4.43
06
.09
80.5411,
$1,020,532 40
5386.428 39
54.881 61
21.04%
78 el ot.
$624.529 58
1 nqr7-
Express Revenue:
Increase due to more traffic and greater proportion
of
earnings accruing to the Company under express contract
Incidental and Joint Facility:
Increase due to including in the revenues of the Company,
as a joint owner, a proportion of the gross revenues of the
Kansas City Terminal By.
for the current and
previous year. by direction of Co. Inter-State Commerce
the
Commission
Net decrease In Gross Revenues
137,764 06
238,987 08
51.406.960 79
OPERATING EXPENSES.
The decrease of $1,020,532 40 in Operating Expenses resulted from the following causes:
DECREASE IN OPERATING EXPENSES.
Maintenance of Way and Structures:
Due to fewer cross ties used in renewals. made passible by improved conditions resulting from
the use of treated ties
Due to lower price of cross ties_ _5136.939 74
Net increase due to credit in the 77.66806
previous year on account of an
adjustment in the value of cross
ties on hand
74,304 38
$140,303 42
Due to decrease in the cost of track labor
52,328 96
Due to heavy repairs of telegraph lines in the
previous year
Due mainly to heavy repairs to wooden trestles 23,003 32
in the previous year
98.879 23
Due to decrease in rail and other track material.
by reason of heavy rail renewals in the previous year
Due to decrease in track labor on account of 68,168 04
heavy rail renewals in the previous year and
decrease in number of cross ties placed
112,115 29
Miscellaneous net decreases
Increase due to including in the operating ex- 8.106 42
penses of the Company, as a joint owner, a
proportion of the expenses of the Kansas City
Terminal By. Co.. by direction of the InterState Commerce Commission
31,702 30
8471,202 38
Maintenance of Equipment:
Increase due to miscellaneous expenses incurred
by reason of the shopmen's strike
$547,472.55
Increased cost of locomotive repairs on account
of conditions growing out of the strike
Increase due to including in the operating ex- 143,782 29
penses of the Company, as a Joint owner, a
proportion of the expenses of the Kansas City
Terminal Ry. Co., 133 direction of the Inter,
State Commerce Commission
39,661.94
Miscellaneous net increases
Due to shortage oflabor following the strike, viz.: 4,866 37
Freight car repairmen
482,975 87
Passenger car repairmen
51,801 99
201,005 29
Traffic:
Due to expenditures in the previous year for the
reIssuance of tariffs following rate adjustments
in 1920
$12.766 17
Due to rearraagement of soliciting forces
12777 65
es
Miscellaneous net increase
1:89 32
4
17.649 50
Transportation:
Due to reduction in wages and curtailment of
station seriice during the early part of the
$133,547 24
year
58,803 65
Due to curtailment of yard service
104.936 74
Due to curtailment of train service
Due to decrease in the price offuel_$416,185 36
Net increase due to greater consumption offuel brought about by
conditions growing out of the
161,811 68
shopmen's strike
254,373 68
151,943 10
Due to decrease in casualties
35,007 96
Due to decrease in cost of insurance
7.96907
Miscellaneous net decreases
to including in the operating exIncrease due
penses of the Company, as a joint owner, a
proportion of the expenses of the Kansas City
Terminal Ry. Co., by direction of the Inter95,699 05
State Qommerce Commission
Miscellaneous Operations:
Increase due to including in the operating expenses of the
Company, as a joint owner, a proportion of the expenses
of the Kansas City Terminal Ry. Co., by direction of
the Inter-State Commerce Commission
t
General:
Due to lower wages and reduction of general
$64.881 85
office forces
35,432 48
Due to decrease in valuation expenses
Increase due to including in the operating expenses of the Company, as a joint owner a
proportion of the expenses of the Kansas City
Terminal Ry. Co., by direction of the Inter
8,381 85
State Oommerce Commission
3,119 45
Miscellaneous net increases
Transportation for Investment-Cr.:
Due to decrease in material conveyed In revenue trains for
construction purposes
Net decrease in Operating Expenses
650,882 39
88,813 03
1,888 89
$1,020,532 40
TAXES.
Following is a statement of charges on account of taxes,
compared with the preceding year:
1922.
State, county and municipal taxes $917,402 28
Federal income and excess profits
taxes
379.773 91
Federal capital stock tax
18.50000
1921.
$919,941 16
wages effective July 1 1922, of clerical and station forces,
stationary engine and boiler room employees, and employees
in the signal department, amounting approximately to 5.17
per cent. It is estimated that this decision, as applied on
your lines, reduced the pay rolls for the year to the extent
of $22,140 00.
COST OF SUPPLIES.
There was a continued recession in the prices of supplies
consumed in operation and of materials used in construction
and maintenance. The price of coal underwent a decline of
3.17 per cent., while that of fuel oil declined 27.41 per cent.
The appended exhibit shows the approximate average
changes in the costs of principal materials in comparison
with the preceding year:
DESCRIPTION OF MATERIAL.
Maintenance of Equipment
(Continued)
5,120 72
The regulations of the Interstate Commerce Commission,
in effect July 1 1914, require that when men or materials employed in construction are conveyed in revenue trains, the
estimated cost of their transportation shall be credited to
operating expenses and charged to the appropriate investment account. No revenue charge was made by the companies against material used in their own operations.
Totals
FoL. 116.
THE CHRONICLE
2650
Increase.
$2,538 88
135,992 23 243,781 68
1.74000
16,760 00
$1.315,676 19 81,072.693 39 8242,982 80
Maintenance of Way and
Decrease.
Structures11.6%
Angle Bars
-Rail
Anti-Creepers
11.9
-Treated Track
Bolts
7.5
-Steel
Cattle Guards
13.7
-White Oak
Cross Ties
Frogs, Crossings and Switch
5.1
Material
5.2
Hand Cars
28.0
Lumber-White Oak
20.0
Lumber-Yellow Pine
-Bridge and Metal_ _ _ _12.1
Paint
1.3
-Depot and Building
Paint
5.2
Push Cars
Rail-Standard Open Hearth_13.2
11.9
-Texaco
Roofing
24.5
-Cypress
Shingles
-Track
Shovels
13.8
-Track
Spikes
.4
Tie Plates
28.5
-Roadway
Tools
10.2
Wire-Barbed
8.5
-Woven
Wire
Decrease.
6.6
Brick-Fire
16.4
Brooms
*6.6
Brushes
Car & Locomotive Replacers_ 7.5
25.5
-Grey Iron
Castings
Castings-Malleable Iron-- - - 5.6
15.4
-Steel
Castings
9.4
Copper-Sheet
25.8
Copper Ferrules
16.9
Couplers
11.0
Flues
13.8
Iron-Merchants Bar
20.0
Iron--Staybolt
9.7
Journal Boxes
28.1
Lumber-White Oak
20.0
Lumber-Yellow Pine
21.4
-Common Wire
Nails
12.2
-Hot Pressed
Nuts
9.5
-Freight Car
Paint
-Merchants Black Steel_ 5.0
Pipe
2.0
Rivets
Roofing-Galvanized Car__ _ _ 5.7
10.5
-EllipticalSprings
Maintenance of Equipment
17.6
-Helical
22.6'l Springs
Air Brake Hose
5.8
Steel-Fire Box Sheet
22.6
Air Brake Material
20.6
-Tank Sheet
Steel
Magnesia Materia1.39.4
Asbestos &
-Locomotive Driving_ _12.6
Tires
18.8
-Engine
Axles
8.0
Tools
-Shop
.1
Babbitt
7.5
12.0
Upholstering Material
Belting-Leather
Waste-Cotton Colored No. 1.24.7
15.7
-Machine
Bolts
1.9
-Cast
Wheels
-Metal. Freght.17.6
Beams
Brake
* Increase.
CONDITION OF EQUIPMENT.
The program for the rehabilitation of freight car equipment mentioned in the preceding annual report was carried
forward. Although this work was interrupted by the strike
of mechanical department employees on July 1 1922, within
the year 1,108 cars were put into good condition, while 80
were retired and their value was written out of the property
The increase in Federal income, and excess profits taxes
consists of additional accruals for the year amounting to account.
The condition of the passenger and freight car equipment
$104.327 77, and charges made on account of adjustments in
was on December 31 1922 substantially as good as on July 1,
assessments for previous years aggregating $139,453 91.
but in the locomotive equipment it is estimated there remains some $110,000 00 of deferred maintenance, which will
REVENUE TONNAGE.
be taken care of as the engines come in for general repairs
The revenue tonnage movement for the year, as compared
and will be entirely overcome by October 1 1923.
with that of the year preceding, was as follows:
The use of water-treating plants installed on the first disFor the year ended Dec. 31 1921:
trict between Kansas City and Pittsburg the previous year.
804,342,048
Tons one mile-North
Revenue
749.166.553
Revenue Tons one mile-South
and the heavy firebox repair work done in the first half
1,553,508,601
year, were of inestimable value in locomotive and train
For the year ended Dec. 31 1922:
883,332.642
Revenue Tons one mile-North
operation during the strike period.
Revenue Tons one mile-South
Decrease in Revenue Tons one mile
624.382,886
1,507.715,528
.15,793.073
WAGE ADJUSTMENTS.
Decisions ordering adjustments in wages were rendered
by the United States Railroad Labor Board, as below stated:
On May 25 1923, Decision No. 1028, covering a decrease in
wages effective July 1 1922, of maintenance of way and
structures mechanics and helpers (except those coming
within the scope of shop craft agreements), track laborers,
other maintenance of way and structures employees and
shop laborers, amounting on the average approximately to
12.72 per cent. The decreases ordered under this decision
were restored in part, however, by Decision No. 1267, issued
on October 21 1922, effective October 16 1922, ordering an increase in wages of track and other maintenance of way and
structures laborers, amounting on the average approximately
to 6.14 per cent. It is estimated that, due to these two decisions, the pay rolls of your Company for the year were reduced to the extent of $61,268 00.
On June 5 1922, Decision No. 1036, covering a decrease in
wages effective July 1 1922, applicable to all mechanical department craftsmen. This decrease amounted approximately
of the resultant decrease in
to 11.28 per cent., and the extent
at $195,276 00 per anyour Company's Pay rolls is estimated
This decision was not accepted by mechanical departnum.
nation-wide strike of those
ment employees, resulting in a
in this report.
employees which is mentioned elsewhere
1922, Decision No. 1074, covering a decrease in
On Jane 10
MILES OF RAILROAD.
The track mileage of your Company at the end of the year
was as below stated:
Main Line
Kansas City, Mo., to Belt Junction. Mo
Grandview, Mo., to Port Arthur, Tex
12.01
765.05 777.06 int as
Second Track
Between Second and Wyandotte Streets. Kansas City,
5.41
Mo., and Air Line Junction, Mo
1.32
Pittsburg Yards
8.45
Between DeQueen, Ark., and Neal Springs, Ark
15.18 "
Branches
Spiro, Okla., to Fort Smith. Ark
Ark., to Bonanza Mine
Jenson,
Lockport Junction, La., to Lockport, La
DeQuincy, La., to Lake Charles, La
Asbury, Mo., to Lawton, Kan
16.44
2.83
4.03
22.59
5.10
51.05 "
Yard, Terminal and Side Tracks
North of Belt Junction, Mo.,and in and about Kansas
85.95
City---------- 348.82
All other Yard. Terminal and Side Tracks
434.77 "
Total owned or controlled
Operated Under Trackage Rights
Tracks cf the St. Louis-San Francisco Railway Co.,
between Belt Junction, Mo., and Grandview. Mo..
used under contract:
Main Line
Side Tracks
Tracks of the Kansas City Terminal Railway Co.,
between Union Station at Kansas City, Mo., and
Sheffield, Mo., used under joint contract:
First Main Track
Second Main Track
Tracks of the Missouri Pacific Railroad Co., between
Troost Avenue and Santa Fe Street, Kansas City,
Mo., used under contract
Total in System
1,278.06 miles
10.90
2.33
5.31
5.11
1.55
25.26
1,303.32 miles
2651
THE CHRONICLE
JUNE 9 1923.]
MILEAGE BY STATES.
Owned by the K.C. S. By. Co. and Subsidiary
Companies.
State.
Under
Trackage Total
Rights. Mileage
Main
Line.
Second
Main
Track.
Missouri-.Kansas -_ ArkansasOklahoma_
Louisiana _
Texas
174.58
18.38
152.92
127.64
222.46
81.08
5.41
1.32
8.45
------_
3.29
1.87
4.23
15.04
26.62
--__
122.37
52.95
51.06
48.94
89.01
70.44
25.26
---___ _
330.91
74.52
216.66
191.62
338.09
151.52
Totals_ _
777.06
15.18
51.05
434.77
25.26
1,303.32
Yard
Track c'i
Branches. Sidings.
The total track mileage of the system was reduced from
1,307.83 to 1,303.32, making a net change of 4.51 miles, which
consists of the following Items:
Deductions
Yards, Terminal and Side Tracks (net)
67 miles
Account relocation of headblock, Second Main Track between
Mile Posts 159 and 163
.03 "
Account retirement of old Main Line between Mile Posts 159
and 163
3.81 "
Total decrease
4 51 miles
EQUIPMENT.
The Rolling Equipment owned or otherwise controlled on
December 31 1922 consisted of:
Locomotive.sPassenger
Freight
Switching
Totals
Passenger-Train Cars
Coaches
Chair Cars
Coach and Baggage
Coach and Mall
Baggage
Baggage, Coach and Mail
Express and Mail
Totals
Freight
-Train Cars
In Commercial Service:
Box Oars
Furniture
Stock
Tank
Coal
Flat
Vinegar Tank
Totals
In Work Service:
Box Cars
Coal
Flat
Ballast
Convertible Coal and Ballast
Totals
Cabooses
Work Equipment
Business Oars
Wrecker Bunk
Outfit Coaches
Derricks
Steam Shovels
Slope Levelers
Ditchers
Pile Drivers
Licigerwoods
". Totals
Owned.
24
110
29
163
-
Under
Trust.
3
15
5
Total.
27
125
34
23
_
186
29
25
2
1
17
1
10
_
85
_
29
25
2
1
17
1
10
85
ADDITIONS AND BETTERMENTS.
Net expenditures were made from current funds for Additions and Betterments to road and equipment in the
amounts following:
For Road
For Equipment
For Miscellaneous
$739,907 09
193,561 69
874 17 5934.342 95
A classified schedule of such expenditures is presented in
the statistical section of this [pamphlet] report.
The bridges, trestles and culverts of your road were improved by reducing the length of trestles from 64,443 feet to
64,092 feet; increasing the number of cast iron pipe culverts
from 607 to 609, and by increasing the number of concrete
pipe culverts from 149 to 164. A table showing the progressive improvements made in bridges and culverts from June
30 1900 to December 31 1922 appears in the statistical section [pamphlet report].
The ballasting was reinforced in various locations at a
cost of $19,427 02. The condition of your main line with respect to ballast at the end of the year is shown by the succeeding tabulation.
697.76 miles
79.30 "
Section of 6 inches or more under ties
Section of less than 6 inches under ties
777.06 miles
Total main line mileage owned
Rail was laid in substitution for lighter sections, viz: between Air Line Junction and Belt Junction, Missouri, laid
with new 85-pound rail to replace 80-pound steel, 6.42 miles;
at Shreveport, Louisiana, laid with 85-pound rail to replace
60-pound steel, £2 mile. The weights of rail in your
4,314 main line at the end of the year are shown by the succeeding
tabulation:
1,758
100
1.858
211
96
307
____
272
272
225225
102
1,i§o
1.292
358
161
197
_
2
2
2,729
294
1
82
40
195
1,585
-
294
1
82
40
195
612
78
78
739.41 miles
34.18 "
3.47 "
Rail weighing 85 pounds per yard
Rail weighing 80 pounds per yard
Rail weolghing less than 80 pounds per yard
Total main line mileage owned
777.06 Mlles
612
4
1
8
10
2
2
2
2
3
10
2
2
2
2
3
34
34
4
1
8
7=
In addition to this railroad property, its rights of way,
real estate, buildings, equipment and appurtenances, the
Company controls by virtue of its ownership of securities, all
the property of the following corporations, viz:
THE ARKANSAS WESTERN RAILWAY COMPANY.
A standard-gauge line from Heavener, Oklahoma, to Waldron, Arkansas, 32.33 miles, together with rights of way,
buildings and appurtenances; controlled by your Company
through ownership of all the capital stock and bonds.
THE POTEAU VALLEY RAILROAD COMPANY.
A standard-gauge line from Shady Point, Oklahoma, to
Calhoun, Oklahoma, 6.67 miles, together with rights of way,
buildings and appurtenances; controlled by your Company
through ownership of all the capital stock. No bonds have
been issued or authorized.
THE KANSAS CITY, SHREVEPORT & GULF TERMINAL
COMPANY.
Union depot property at Shreveport, Louisiana, including
its real estate, buildings and 1.66 miles of yard and terminal
track; controlled by your Company through ownership of all
the capital stock and $24,000 00 face amount of bonds.
PORT ARTHUR CANAL & DOCK COMPANY.
Lands, slips, docks, wharves, warehouses, one grain elevator (capacity 500,000 bushels), etc., all at Port Arthur,
Texas; controlled by your Company through ownership of
all the capital stock and bonds.
THE K. C. S. ELEVATOR COMPANY.
One grain elevator, of capacity 650,000 bushels, situated at
Kansas City, Missouri; controlled by your Company through
ownership of all the capital stock. No bonds have been issued or authorized.
During the year work was commenced on the construction
of additional storage tanks of 420,000 bushels capacity, estimated to cost $123.036 40, increasing the total capacity to
1,070,000 bushels. The construction is to be financed by the
lessee of the elevator, and refund will be made as earnings
accrue from the business handled. which is expected to increase considerably.
Work upon the schedule for the reinforcement of track
through the application of tie plates, with a view to stability,
permanence and economy of maintenance, was continued, the
sum expended for this purpose being $44,961 66.
New station buildings, required by public authority or
made necessary by the demands of traffic, have been erected
at the following locations. The expenditures for these facilities were as below stated:
Worland, Mo
Neosho. Mo
Noel, Mo
Plorien, La
Pickering, La
$53 31
23,519 56
13.646 96
6,54971
4,969 75
$48.739 29
The shop improvements at Pittsburg, Kansas, mentioned
In the preceding annual report, were carried forward, the
expenditures for these improved facilities being as below
stated.
Land for enlarged facilities
Improvements to power plant, including new 350 $32 115 24
'
FI.P. boiler, coal-pulverizing equipment, 500
K.W.generator,aircompressor,founclations.&c. 85,013 92
New machinery and tools
9.773 F
949 ig
Extension to machine shop
Extension to blacksmith shop
4,760 44
New buildings for Bridges and Buildings and
Road Departments
1,317 96
Additional tracks i shop rs
1,774 49
Sewers
13925 *135,84424
The expenditures for additions and betterments include
the cost of a number of new sidings to serve industries not
heretofore reached by your tracks, and to accommodate new
Industries in process of establishment.
The following is a list of such industry tracks, some of
which have been completed, and others are in course of construction:
NEW TRACKS TO SERVE NEW INDUSTRIES.
Completed:
Singer Commission Co
Kansas City, Mo.
George J. Miller and others
Kansas City, Mo.
Nichols Wire & Sheet Co
Joplin, Mo.
Sevier County Growers'Co-operative Marketing
Associations
DeQueen, Ark.
R. A. Gibson
Neal Springs, Ark.
The Texas Co
Texarkana, Tex.
Caddo Parish
Mile 518.
D'Artois Refining Co
Cedar Grove, La.
Various Industries
Beaumont, Tex.
Uncompleted:
Kansas City Cold Storage & Warehouse Co
Kansas City, Mo.
Mechanics' Lumber Co
Fort Smith, Ark.
Ferd Brenner Lumber Co
Mile 632.
THE CHRONICLE
2652
NEW TRACKS TO SERVE EXISTING INDUSTRIES.
Completed:
Centropolls Fuel, Iron & Metal Co
Kansas City, Mo.
Hoyland Flour Mills Co
Kansas City, Mo.
N. & S. Coal Co
Mile 78.
Mulberry Coal Co
Ardath, Mo.
Bates Smokeless Coal Co
Bates, Ark.
Red River Stave Co
Christman Spur. Ark.
City Ice & Storage Co
Sheffield, Mo.
In addition to the foregoing, these new industries have located on existing tracks of the Company:
Producers Coal Co
Harlan & Harlan Machine Works
Adams Transfer Co
U. S. Rubber Co
Missouri Walnut Lumber Co
Raven Block Coal Co
Crane Co
Twin City Glass Co
Hatfield Lumber & Mill Co
H. P. Greer
Nichols Wire & Sheet Co
Cumberland Telephone & Telegraph Co
0. F. Moore
Shreveport Mill & Elevator Co
Kansas City, Mo.
Kansas City, Mo.
Kansas City, Mo.
Kansas City, Mo.
Kansas City, Mo.
Mulberry, Mo.
Fort Smith, Ark.
Fort Smith, Ark.
Hatfield, Ark.
Neal Springs, Ark.
Texarkana, Tex.
Shreveport, La.
Noble, La.
DeRidder, La.
[VoL. 116.
WITHDRAWALS.
Payments for New Equipment:
From June 1 1916 to Dec. 31 1921
$391,530 60
Improvements to Existing Equipment:
From June 1 1916 to Dec. 31
1921
$120.440 29
From Jan. 1 1922 to Dec. 31
1922
302,396 38
422,836 67
Shop Improvements:
From Jan. 1 1922 to Dec.31 1922
103,82211
Balance Dec. 31 1922
918,189 38
$502,958 66
The above statement excludes the depreciation reserve
created by the Federal management through charges to
maintenance during Federal control. That reserve at the
termination of Federal control, including adjustments to
December 31 1922, was as below stated:
Steam Locomotives
Freight
-train Cars
Passenger-train Cars
Work Equipment
$184.674 38
151,397 30
18,115 84
8,935 05
$363,122 57
The following new industries included in the above list,
This amount stands in the corporate accounts as a charge
are worthy of special mention:
against the Railroad Administration.
Singer Commission Company, Kansas City, Missouri:
The Commission Company erected a modern cold storage building
80 x 100 feet, five stories and basement, upon the property it owns
at Second Street and Grand Avenue. The building will accommodate
250 carloads, and it is estimated that the total business will amount to
1,000 cars per year. The industry track which was installed will hold
4 cars.
Kansas City Cold Storage & Warehouse Company, Kansas City, Missouri:
The Cold Storage Company purchased a piece of property one block
wide by a block and a half long in the vicinity of Third and Oak Streets
on your tracks, at a cost approximating $250,000. Upon this property
it has erected the first unit of the plant, at a cost of about $1,500,000.
The location was selected after a most careful consideration of all avail_
able sites in the city.
The first unit has a capacity of 30,000,000 pounds, or 4,000,000 cubic
feet. Incident to the cold storage process, the company has an ice plant
of 100,000 tons capacity per year and ice storage of 11,000 tons. The
building is eight stories high, and all floors are refrigerated. The capacity
of your tracks serving the plant is 18 cars. The docks of the plant will
accommodate 50 teams at one time. The new plant was opened for
business November 23 1922.
Improvements to existing equipment, made at a cost of
$55,214 87, consisted mainly in the following:
Locomotives—Application of piston valve cylinders, superheaters, universal value chests and cabs for front brakemen.
Freight
-train Cars—Application of metal draft arms, metal =lines, improved draft gear and end reinforcement.
Passenger-train Cars—Application of steel underframes and rolled steel
wheels.
Work Cars—Heavier bolsters and improved draft gear.
REFUNDING AND IMPROVEMENT MORTGAGE BONDS.
There was no change in the situation with respect to the
Refunding and Improvement Mortgage Bonds authorized by
the stockholders June 29 1909. The status in that regard at
the end of the year was as follows:
Total authorized issue
Issued and sold
$21,000,000 00
18,000,000 00
Unissued December 31 1922
$3.000.000 00
EQUIPMENT TRUSTS.
The aggregate face amount of Equipment Trust Notes outstanding December 31 1922 was as below set forth:
Series "13," dated December 15 1912.
Balance last reported
Paid during the year
8372,000 00
124,000 00
Trust No. 34, dated January 15 1920.
Balance last reported
Paid during the year
$890,400 00
63,600 00
$248,000 00
826,800 00
Total
$1,074,800 00
DEPRECIATION RESERVE FUND.
Moneys equalling the amount of charges to operating expenses, representing the so-called depreciation of equipment,
and for the amortization of equipment retired and of property abandoned in connection with improvements, together
with proceeds from the sale of obsolete equipment, are deposited in a special fund set aside for additions to and betterments of your property. The total amount so deposited,
and withdrawals therefrom, are shown by the statement following:
DEPOSITS.
Charges for Depreciation of Equipment:
From June 1 1916 to Dec. 31 1917
From Mar. 1 1920 to Dec. 31 1921
From Jan. 1 1922 to Dec. 31 1922
$215,923 27
400,086 09
229,550 67
Charges for Amortization of Retired Equipment:
From Mar. 1 1920 to Dec. 31 1921
$7
From Jan. 1 1922 to Dec. 31 1922
5824 n
Charges for Amortization of Abandoned Property:
$164.987 90
From Mar. 1 1920 to Dec. 31 1921
89,993 40
From Jan. 1 1922 to Dec. 31 1922
Proceeds from Sale of Obsolete Equipment
Interest on Bank Balances and Loans from Fund:
$9.681 33
From June 1 1916 to Dec. 31 1921
5.789 68
From Jan. 1 1922 to Dec. 31 1922
Total
$845.560 03
SHOPMEN'S STRIKE.
During the period of Federal control, the Director-General
of Railroads actively promoted the organization of the employees into labor unions, and negotiated contracts with them
covering wages and rules governing working conditions.
In the shops these organizations included:
International Association of Machinists;
International Brotherhood of Boilermakers, Iron Ship Builders and Helpers.
of America;
International Brotherhood of Blacksmiths and Helpers;
Amalgamated Sheet Metal Workers' International Alliance;
International Brotherhood of Electrical Workers;
Brotherhood of Railway Carmen of America.
These were associated as the Railway Employees' Department of the American Federation of Labor, with Mr. A. O.
Wharton as President. Upon Mr. Wharton's appointment
as a member of the United States Railroad Labor Board, he
was succeeded by Mr. B. M. Jewell.
The agreements providing for rules governing working
conditions were entered into on September 20 1919. These
expired with the return of the roads, but the Labor Board
ordered their continuance until it could look into the matter;
and finally, on November 29 1921, the Board approved 186
rules, including substantially all provisions of the original
agreements the number being slightly reduced by some consolidations.
At the time the roads were returned, the Director-General
was in negotiation with these organizations upon the question of wages, and they immediately brought the matter before the Labor Board, which, on July 20 1920 handed down
its decision increasing their wages approximately 20 per
cent, retroactive to May 1 1920.
In the spring of 1921, business having sharply fallen off
and there being a general decline in wages and prices of maL
terial, the railroads filed petitions with the Labor Board
for a general reduction in wages, and on June 1 1921 the
Board rendered a decision reducing wages about 10.6 per
cent. The decline continuing, further applications were
made in the latter part of 1921, which the Labor Board decided to hear at intervals, dividing the employees into three
groups and taking up first the shop crafts. After preliminary hearing, it rendered its decision on June 5 1922, effective July 1 1922, reducing wages about 10 per cent, whereupon these labor organizations served the following notice
on the Labor Board:
Your decisions have been submitted to a strike vote of our members
and we are awaiting the results of their action. Should our members
decide not to accept your decision, or, in other words, to strike, we shall
sanction their action, and advise you accordingly.
The Railroad Labor Board called a public hearing on June
29 1922 and cited to appear thereat Mr. Jewell and the Presidents of the Shop Crafts' organizations, as well as the Presidents of various railroads. Mr. Jewell refused to respond
to this citation and at the hearing Governor Hooper, Chairman of the Board, stated as follows
So far as Mr. Jewell Is concerned, let his blood be on his own head.
Mr. Jewell has flouted a Government tribunal, charged with the duty and
responsibility to investigate this matter, not only in the interests of the
public, but in the interests of his own organizations, and the interests of
the carriers of the railway transportation system of this country. He has
shouldered the responsibility of his own volition, and the Board desires
to pursue the matter no further.
At 10.00 a. m., on July 1 1922, without notice to this Company, the shopmen quit its service. Subsequently, on July 3
1922, the Labor Board adopted a resolution in which it
stated:
Now, therefore, be it resolved, that it be communicated to the carriers
and the employees remaining in the service and the new employees succeeding those who have left the service to take steps as soon as practicable
to perfect on each carrier such organizations as may be deemed necessary
139,209 70 for the purposes above mentioned (to function in the representation of said
employees before the Railroad Labor Board, in order that the effectiveness
of the Transportation Act may be maintained); and
Be it further resolved, that, on any carrier, where either of the above
named organizations, by reason of its membership severing their connection
254,981 30 with the carriers, ceases to represent its class the employees, procedure
of
similar to that above suggested in the ease of
shop crafts is recom165.926 00 mended: and resolved,
that the employees remaining in the service and
Be it further
the new ones entering same be accorded the application and benefit of the
outstanding wage and rule decisions of the Railroad Labor Board, until
15,471 01 they are amended or modified by agreements with said employees. arrived
at in conformity with the Transportation Act, or by decision of this Board;
$1.421,148 04 and
JUNE 9 1923.]
THE CHRONICLE
Be it further resolved, that, if it be assumed that the employees who
leave the service of the carrier because of their dissatisfaction with any
decisions of the Labor Board are within their rights in so doing, it must
likewise be conceded that the men who remain in the service and those who
enter it anew are within their rights in accepting such employment, that
they are not strikebreakers seeking to impose the arbitrary will of an employer on employees: that they have the moral as well as the legal right to
engage in such service of the American
to avoid interruption of
indispensable railway transportation, and that they are entitled to the
protection of every department and branch of the Government, State
and National.
On July 11 1922 President Harding issued a proclamation
in which he said:
Whereas, The United States Railroad Labor Board is an agency of the
Government, created by law and charged with the duty of adjusting disputes between railroad operators and employees engaged in inter-State
commerce: and
Now. Therefore, I, Warren G. Harding, President of the United States,
Do hereby make proclamation, directing all persons to refrain from all
interference with the lawful efforts to maintain inter-State transportation
and the carrying of the United States mails.
These activities and the maintained supremacy of the law are the first
obligation of the Government and all the citizens of our country. Therefore, I invite the co-operation of all public authorities, State and municipal,
and the aid of all good citizens to uphold the laws and to preserve the public
peace, and to facilitate those operations in safety which are essential to
life and liberty, and the security of property and our common public welfare.
There were prior to July 1 1922 on the Company's rolls in
these occupations 61 foremen and 1,098 men. Of these 41
foremen and 11 men remained loyal and continued in the
service. Other shop employees, numbering approximately
240, belonging to organizations which did not call a strike,
also left the service on July 1 on a sympathetic strike. The
vacancies were filled as rapidly as possible and by November 15 1922 a full quota of men had been engaged.
The strike was accompanied by the usual turbulence and
violence, it being necessary for their protection to house the
men in temporary barracks, similar to those used by the
troops being assembled for the late war, and located within
the shop grounds. The police force of the Company was
largely augmented and supplemented by United States Marshals. In connection with his application of September 1
1922 for an injunction restraining these organizations and
their members from illegal acts, the Attorney-General alleged:
Since the commencement of the present railroad strike acts of depredation have been committed in practically every State and judicial district
in the United States. The efforts of the perpetrators are concentrated
upon two ends-destruction and intimidation. The means
ends are almost indescribable. In fact, one must believe to attain these
that anything
suggested to the imagination of the vandals or their conspirators was
immediately put into effect.
The venom of the participants in the strike has not ceased with
ordinary
assaults, bombing, dynamiting, wrecking of trains or minor
but has been in many instances satisfied only with taking of depredations,
human life.
At least twenty-five murders have been reported. Many have
met their death or been fatally injured through strike causes, indirectly
and these
results were not confined solely to those opposing the views of
now on strike. Many were men, women and children whose the shopmen
only purpose
was to travel from one point to another, sometimes because
of necessity
and sometimes for pleasure, but always with no thought
the controversy. . . . Dynamiting, bombing, setting of entering into
fire to rallroau
property and bridges are a few of the most dangerous means adopted
against
the railroad companies.
Many derailments have occurred. The general scheme adopted
has
been to remove spikes from the tracxs, often on
spread when subject to the pressure of a train. curves, causing them to
The throwing of sticks of dynamite and
daily occurrences. At least 100 sticksofbombs has come to be more than
dynamite
over thirty bombs thrown. Many of these were not have been used and
destined for
property, some being thrown at workers and others have explodedrailroad
on and
about their homes and sleeping quarters.
Switches have been tampered with several times, with a clear track
showing, trains have run into cars on sidings, blocking tracks and causing
considerable damage.
It would be almost impossible to
various assaults which
have been perpetrated. Whippings enumerate the to
were resorted
in practically every
instance where strikers were able to lay their
hands upon those whom the
railroads have secured to take their places. When they could not
be
apprehended stones were thrown at them. Pepper
was sometimes thrown
in the faces of women accompanying them.
Shots were fired and other
acts, equally as detestable, were
included in the list, and in many indulged in. Tarring and feathering are
cases men have
into machines, taken a long distance from town, been kidnapped, forced
stripped of their clothing
and left in outlying points.
These acts were not committed against workers
alone. Their families
have suffered with them.
2653
relations with the Company are concerned, their annual loss
in wages may be put at $1,800,000 00. Some have found
employment with other railroads; some are employed in
other occupations, generally at greatly reduced wages; and
some are still out of employment. No prudent man would
have put so much at hazard for so small a gain, but the
lamentable fact is that the organization which these men
sought to build up, for what they were led to believe to be
necessary protection, had grown into a Frankenstein that
had passed out of their control, and had become their master. Its salaried officers had created a political machine, in
which a small inner group, under conditions of voting that
made no discrimination between the employee of long service and high technical skill, and the mere apprentice, that
afforded no protection to the voter through secrecy of the
ballot, nor the protection of a supervised count to secure its
accurate determination, had fastened themselves as inexorably upon their followers as had the "Old Man of the Sea"
upon the neck of Sinbad the Sailor.
From conditions such as these, it seems impossible that
the members of these organizations can now, through their
unaided efforts, free themselves. The Company, due to the
loss which it has sustained, and the Government, due to the
breaches of the law which it has endured, as well as because
of the duties that the one owes to its employees, and the
other to its citizens, are alike interested in bringing about a
more healthy and tolerable condition. The Company has always been willing to consider applications for employment
from men who left the service, on the merits of their individual character and craftsmanship. Men entering the service must, as a matter of equity,find their place in the logical
order of their employment.
This Company has never in any way objected to the principle of collective bargaining, but has been perfectly willing,
acting upon the recommendation of the United States Railroad Labor Board of July 3 1922, posted immediately after
the strike, at all times to meet with its employees, either in
Individual or organized capacity, in promoting the organization of its new employees in their craft occupations. It negotiated with these organizations agreements covering wages
and rules governing working conditions and filed them with
the Labor Board, and business is being conducted thereunder.
It is the fixed purpose of the Company to promote in every
way possible the permanent employment of its new employees, and their convenience and comfort in their working
relations.
FEDERAL CONTROL.
Final certification of the standard return in compensation
for the use of your property during Federal control is yet deferred. A hearing was had before Division 4 of the Interstate Commerce Commission relative to certain questions of
accounting, but the issues have not been definitely settled.
The annual standard return for the properties owned or
controlled by the Company, as tentatively certified by the
Commission, has been stated in previous reports but is here
repeated for convenience:
The Kansas City Southern Railway Co
$3,216,697 65
Texarkan & Fort Smith Railway Co
The Kansas City Shreveport & Gulf Terminal Co 318,729 68
6,01466
Glenn-Pool Tank Lino Co
$11.592 22
IPSS accrued to Midland Valley
Railroad Co
2,898 05
8,694 17
$3,550.136 16
The Poteau Valley Railroad Co
Deficit
$3,232 19
The Arkansas Western Railway Co
6,676 61
••
Port Arthur Canal & Dock Co
36,049 44
45,667 14
Total
$3.504,279 02
The consolidated account of your Company and the TexThe following table gives the estimated increased cost to arkana & Fort Smith Railway Company with the United
the Company in carrying on its business under these trying States Railroad Administration stood thus at December 31
circumstances from the beginning of the strike on July 1 1922:
CORPORATION DR.
1922 to December 31 1922:
Expenses and wages of watchmen, guards and secret
service..-$157,402 36
Legal expenses
3,0
Advertising
10.419 26
Wages of men in employment offices
6,894 27
Expenses of employment offices
4,409 75
Tickets for new employees over foreign lines
8,251 75
Traveling time allowed new employees
2,105 19
Expenses of commissary, including personal supplies and clothing furnished
251,012 18
Temporary barracks
40,000 00
Traveling expenses
7,423 64
Entertainment
3,000 62
Maintenance of quarters
10,993 54
Rental of tourist cars
7,647 50
Proportion of store and shop expenses
24:475 30
Bonus __________________________________________________ 52,500 00
Total______________________ ___________________________$594,797 40
Liabilities Dec. 31 1917 paid_ _ _ _$2,771,845 19
Additions and Betterments
1,909,374 50
Cash Advanced:
For Interest payments
983.856 28
For dividend payments
420,000 00
For payment of Liberty Loan
Bonds and Treasury Certificates of Indebtedness
360,840 11
Expenses Prior to Jan. 1 1918
.
658,995 68
Agents and Conductors balances,
Federal, Feb. 29 1920
Cr.
366 02
Material and Supplies, Federal,
Feb. 29 1920
1,816,933 72
Leased Rail and Fixtures, Federal,
Feb. 29 1920
11,63833
Miscellaneous Debits
106,647 34
$9.039,765 13
Cash advanced from Washington:
For Interest payments
$3,105,800 00
For Dividend payments
For Equipment Trust pay- 1,260,000 00
ments
178,850 00
For Miscellaneous payments
213,35000
4.768,00000
$13.707.765 13
CORPORATION CR.
Cash on hand and in transit Dec. 31 191
7.-31,950.666 36
Material and Supplies Dec. 31 1917
1.146,290 11
Assets Dec. 31 1917
1,254,736 33
Agents and Conductors balances Dec.
31 1917_
338,631 18
Equipment retired
492,202 44
Revenues Prior to Jan. 1 1918
147,361 10
Accrued Depreciation--Equipment
363,122 57
5,693.309 09
Balance in favor of U. S. Railroad Administration (Standard Return omitted)
$8.104.456 04
As against these losses there are to be set off the reduction
In wages ordered by the Labor Board, effective July 1 1922,
which will amount annually to about $178,500.00, and the
greatly increased efficiency of the forces due to the improved disciplinary control and the avoidance of union devices having for their object the limitation of output, the
making of jobs, etc., which added largely to the expense. A
rough estimate of these total savings indicates that they will
amount to about $165,000 00 annually, which, together with
the saving in wages, amounts to a total saving of $343,500 00.
It is with great regret that we contemplate the condition
of our former employees, many of whom had been with the
property during a long service and with whom our relations
The above
generally bad been cordial and satisfactory. So far as their twenty-six statement excludes the standard return for the
months of Federal control due from the Railroad
2654
THE CHRONICLE
(VoL. 116.
COST OF FEDERAL VALUATION.
Administration and amounting (as tentatively certified) to
Prior to
$7,660,092 54, interest due to or by the companies on open
Total.
1922.
1922.
account balances, interest due the companies on additions Field work
$68,824 72
$68,824 72
Valuation orders, Inter-State Comand betterments completed subsequent to January 1 1918,
merce Commission
and the value of roadway property retired without replace- Contributions to Presidents' Confer- 39,543 09 $10,442 46 49,985 55
ence Committee
2,52687
215 70
2,311 17
ment. The account is also subject to revision with respect
22,024 88
22,02488_
. to the quantity of material and supplies returned by the Appraisal of real estate
General and miscellaneous
6- -232,638 30 - ,05025 241,688 55
Director-General as compared with that delivered to him at
Totals
$365,342 16 $19,708 41 $385,050 57
the beginning of Federal control.
As heretofore stated, your management contends that the
CONSOLIDATION OF RAILROADS.
standard return of the several companies for the Federal
The Transportation Act, 1920, amended the Interstate
control period should be measured by the railway operating
by adding the following as paragraph (4) to
income, not of the test period, but of the year ended Decem- Commerce Act
ber 31 1917. The aggregate standard return, if ascertained Section 5 of the Act:
as
The
prepare and adopt a plan
in accordance with this contention, including interest on ad- for theCommission shall thesoon as practicable of the continental United
consolidation of
railway properties
ditions and betterments completed subsequent to January 1 States into a limited number of systems. In the division of such railways
into
preserved as
1918 and including an adjustment for war taxes, would fully such systems under such plan, competition shall be and channels
as possible and wherever practicable the existing routes
of trade and commerce shall be maintained. Subject to the foregoing
amount to $9,606,037 96.
requirements,
of
There has been no important development in the status of transportation the several systems shall be so arranged that the costthe
as between competitive systems and as related to
the claim on account of Federal control since the last annual values of the properties through which the service is rendered shall be
the same, so far as practicable, so that these
uniform
report. Due to the great number of such claims and the time rates in the movement of competitive traffic systems can employ manageand under efficient
required for investigation, the claim of your Company has ment earn substantially the same rate of return upon the value of their
respective railway properties.
not been reached.
In pursuance of this legislation, the Commission, on August
• GUARANTY PERIOD.
3 1921, issued its tentative plan for the consolidation of the
Settlement of the claim filed with the Interstate Commerce railroads into a limited number of systems, and placed the
Commission on account of the Guaranty period, under Sec- lines of your Company in System No. 19, which is termed the
tion 209 of the Transportation Act, 1920, has been delayed Chicago-Missouri Pacific System and is made up of the folpending determination of the standard return. It is under- lowing carriers:
stood that, when the standard compensation has been defiChicago St Eastern Illinois Railway Company.
Missouri Pacific Railroad Company.
nitely fixed, there will be no further cause for delay in neThe Kansas City Southern Railway Company.
to a settlement.
gotiation looking
Kansas City, Mexico & Orient Railroad Company.
Kansas, Oklahoma & Gulf Railway Company.
FEDERAL VALUATION.
The Texas & Pacific Railway Company.
Fort Smith & Western Railroad Company.
There is no change in the status, as reported last year, of
Louisiana & Arkansas Railway Company.
Gulf Coast Lines.
valuation by the Interstate Commerce Commission of
the
International-Great Northern Railway Company.
Company's property. The matter is still awaiting the
your
Hearings are being held with regard to this tentative plan
decision, by the Interstate Commerce Commission, of our
protest against the tentative final valuation. During the of the Connnission. It is the purpose of your Company to
year, however, Congress amended the Valuation Act by pro- oppose the inclusion of Its lines in the above system, and in
viding that it was not incumbent upon the Commission to fact, to oppose any plan for consolidation such as that set
ascertain and state separately the excess cost of acquisition forth in the Commission's tentative plan. Your Company
of lands, by purchase or condemnation, over and above the Intends to show that the plan will not accomplish its main
so-called present value of lands. The amendment was purpose of securing systems of substantially equal strength
passed, at the request of the Commission, on account of the and earning power, but on the contrary that there will be
decision of the Supreme Court in the mandamus suit brought practically as wide variations in the earning power of these
by your Company to compel the Commission to ascertain such various systems as there is at present between that of the
excess cost of acquisition, and which was fully explained in different railroad companies.
Your management is of opinion that the plan now prothe Company's Twenty-Second Annual Report, at page 18.
Notwithstanding this change in the Valuation Act, the ques- posed will, in many communities, entirely destroy railroad
tion still remains to be settled by the courts as to whether, competition, and in others will very substantially reduce it;
if the value of property is based in whole or in part on the that it will disrupt long established transportation relationcost of reproduction, this excess cost of acquisition can be ships between various communities, and that it involves questions of fully as great importance to the country as to the
excluded.
A vigorous protest is being made against the effort of the railroads. The scheme is so socialistic and so revolutionary,
Bureau of Valuation to base the value of railway property and may involve such grave consequences to investors in
substantially upon cost of reproduction less depreciation. railroad securities, to shippers and to the general public,
This formula wholly ignores intangible values, made up of that it is extremely doubtful whether any ready-made plan
certain elements, such as good-will, going concern value, ap- of consolidation should be adopted, or in fact, any consoligradually worked out in the
preciation, etc., which are ordinarily reflected in the earning dations, except those which are
transportation systems.
capacity of a property. Every one knows that a large pro- natural development of
OTHER LEGAL MATTERS.
portion of the wealth of the country consists of intangible
values, and yet it is proposed to omit them from railroad
Mention was made in the last two annual reports of a
valuations. Good-will is defined as "the favor which the question pending before the Commissioner of Internal Revemanagement of a business wins from the public and the prob- nue, with regard to the liability of the Company for excess
ability that old customers will continue their patronage." profits taxes under its income tax return for the year 1917.
It is a valuable asset, and may be mortgaged, sold or leased This matter was adjusted upon what appeared to be a fair
in connection with the business, or may descend by the laws basis, and the additional tax has been paid.
of inheritance. The established reputation of a common
The Company has been engaged for some time in contestcarrier for efficient and satisfactory service is no less a part ing, especially in the State of Arkansas, very heavy disof its value than its equipment and fixed property. Going criminatory assessments against it, as compared with other
concern value arises in part from the combination and use property owners, for the construction of roads, levees and
of units of property into an organized whole in successful other public improvements. In some cases, more than 50
operation. With respect to railroad property it means that per cent of the cost of the public improvement was assessed
its valuation is not limited to the mere value of the items of against your Company, although it was very questionable
property considered separately, but may include also the spe- whether your Company would receive any direct benefit
cial value attributable to their organic relation to the entire from the improvement, and in any event, the benefit was
system. It is the system, therefore, that should be valued, very small. In the case of The Kansas City Southern Railrather than its separate units. Appreciation includes the way Company vs. Road Improvement District No. 6, 256
increase in value due to impact, adaptation and solidifica- U. S. 658, the Supreme Court of the United States held such
tion of roadbed. Every one knows, also, that a seasoned an assessment void on account of the discrimination against
roadbed is more valuable than one newly constructed. The your Company. Other cases involving similar questions are
expense of maintenance is less, and trains may be operated pending in the courts.
safely with greater tonnage and at a higher speed.
During the shopmen's strike, your Company found it necNone of these elements of intangible value is included in essary to file injunction suits against the striking shopmen
a valuation based upon cost of reproduction less deprecia- in the States of Missouri, Arkansas, Oklahoma and Louisition, and yet they are "private property" within the meaning ana, in order to prevent them from interfering with the
o'f the Fifth Amendment to the Constitution, and cannot operations of the Company and to protect its new employees
rightfully be taken for public use without just compensa- and property from violence.
tion. The protection of the Amendment is not limited to
(An address delivered by Chairman L. F. Loree before the
physical property, but extends to intangible as well as tangi- Knife and Fork Club at Kansas City on March 8 1923, and
ble property.
appearing in this report at this juncture, is omitted.)
A vigorous protest is also being made against the Bureau's
The appended balance sheets and statistical statements
practice of deducting so-called depreciation from cost of re- give full detailed information concerning expenditures for
production new in determining value. We contend that in improvements, and the results of operation.
determining the physical value of a composite railroad propA report, including balance sheet, income account and
erty, no deduction for depreciation should be made from its other pertinent matter, in form prescribed by the Interstate
reproduction new, where the loss of service life of its Commerce Commission, has been filed with that body at
cost of
Individual units or members is constantly made good by cur- Washington.
rent repairs and renewals, so that, considered as a transporBy order of the Board of Directors.
tation plant, its efficiency is at all times 100 per cent.
J. A. EDSON, Preaident.
JUNE 91923.1
THE CHRONICLE
2655
PACIFIC GAS AND ELECTRIC COMPANY
SEVENTEENTH ANNUAL REPORT
-FOR THE FISCAL YEAR ENDED DECEMBER 31 19=
San. Francisco, Cal., April 1 1923.
To the Stockholders:
Your Board of Directors submits herewith a statement of
the affairs of the Company for the year 1922. Operations of
the Mt. Shasta Power Corporation, all of whose capital stock
Is owned, are included.
ers have had the benefit of four reductions, ranging in the
aggregate from 17 cents to 25 cents per thousand cubic feet,
depending upon the locality, and gas rates at this time are
well below pre-war levels. This arrangement insures fair
rates to our customers, and gives a very desirable stability
to the net returns to the Company from its gas business.
The following tables extend over a five year period the
CONSOLIDATED INCOME ACCOUNT.
1922.
Increase. Decrease. comparison of gross revenues by departments and of sales of
1921.
electric power to the various industrial groups.
Gross Operating Revenue
38,593,562 36,939,474 1,654,088
Deduct Operating Expenses
Operating and Administrative
Expenses
1.099,448
15,946,068 17,045,516
Taxes
3,690,213 3,265.895 424,318
Maintenance
320,142
3,117,531 3,437,673
Uncollectible Accounts and Carsunities Reserves
530,000 133,064
663,064
Total Deductions
862,208
23,416,876 24,279.084
Net Earnings from Operation _15,176,686 12.660,390 2.516,296
Add-Miscellaneous Income..
570,232
611,043
40,811
Total
Bond and Other Interest
Gain In5years12,914,438 5,090,156 307,409 254,710 213,468 18,780.181
15,787,729 13,230,622 2,557,107
5,148.614 4,797.782 350,832
SALES OF ELECTRIC POWER-FIVE YEAR COMPARISON.
Industry Supplied
-Power Sales
- -Increasewith PowerAmount. PerCt.
1917.
1922.
Agriculture
$661,117 $1,304,619 197.3
$1.965,736
Mining
18.8
159,567
849,775
1.009,342
Transportation
867,8911,668,987 192.3
2,536,878
Manufacturing
1.700,139 78.9
3.852,975 2,152,836
Commercial and Miscellaneous
Power
919,856 143.2
1,562.431 -642,575
Balance
10,639,115 8,432,840 2,206,275
Bond Discount and Expense--- 449.757
394,532
55,225
Balance
Reserve for Depreciation
GROSS OPERATING REVENUE
-FIVE YEAR COMPARISON.
Sources of Gross Operating RevenueYearElectricity.
Steam.
St. Ry. Water
Total.
Gas.
$
1917
10,859,785 7,771,
058 491,021 475,333 216,184 19,813,381
1918
12,384,499 8,923,484 534,068 509.273 244,193 22,595,517
1919
14,474,884 9.933,334 671,105 540,607 318,442 25,938,372
1920
21,577,909 11,161,682 753,028 638,336 351,005 34.481.960
1921
22,502,192 12,570,042 779,009 699.198 389.033 36.939.474
1922
23.774.223 12,861,214 798,430 730,043 429,652 38,593,562
10.189,358 8.038.308 2,151.050
3.602,199 3.069,078 533.121
Surplus
6.587.159 4,969,230 1,617,929
Dividends Paid on Preferred
Stock
2,574,157 2,132,283 441,874
$10,927,362 15,174,194 15.753.168 111.2
Balance
4,013,002 2,836.947 1,176.055
Dividends Paid on Common
Stock (53(% in cash and 2%
(3) OPERATING AND ADMINISTRATIVE EXPENSES, (4) TAXES, (5)
in stock in 1922)
2,500,407 1,700,883 799,524
MAINTENANCE, AND (6) UNCOLLECTIBLE ACCOUNTS AND
Balance
1,512.595 1,136,064 376,531
CASUALTIES RESERVE.
Income and Surplus Accounts and Balance Sheet certified by Messrs.
These items aggregating $23,416,876, and showing a net
Price, Waterhouse & Co. appear on a subsequent page.
CUSTOMERS.
The total number of customers at the close of 1922 was
645,410. Of these 316,268 were users of Gas, 311,615 of
Electricity and 17,527 of Water and Steam. The net gain
during the year of 46,297 was the largest in any single year
of the Company's history. During the past 15 years the net
addition of customers to the Company's distribution system
was 462,795 (253%) as shown by the following summary:
No. of Customers at Dec. 31.
Net Gain.
1907.
1921.
Gas Customers
Electric Customers
Water Customers
Steam Customers
122,304
54,772
5,539
297,270
285,206
16,162
475
316,268
311,615
16,985
542
18.998
26,409
823
67
193,964
256,843
11,446
542
Total Customers
182,615
599,113 1 645,410
46,297
462.795
1922. /n 1922. /n15Yrs.
ANALYSIS OF INCOME ACCOUNT.
(1) GROSS OPERATING REVENUE.
Gross operating revenue, the money measure of the volume
of the Company's business, reached a new peak of $38,593,562 in 1922, an increase of $1,654,088 or 4.5% in comparison
with 1921. Other measures of growth bearing directly on
gross revenues were an increase of 46,297, or 7.7% in the
number of customers, an increase of 76,301,870 kilowatthours, or 7.47%, in the sales of electric energy, and 870,297,900 cu. ft., or 7.58%, in sales of gas. These results were attained in the face of somewhat depressed general business
conditions in the earlier months followed, however, by a
steady improvement which continued to the close of the year,
and was characterized chiefly by an increasingly large volume of building construction. Building activity has held its
accelerated pace into the current year, with a correspondingly increasing demand for gas and electric services.
Gas and electric sales, measured in physical units, show a
somewhat greater increase than the money return. This is
accounted for by rate revisions. In the Electric Department,
rate schedules remained practically unchanged throughout
the year, but the average rate per k.w.hr. was less in 1922
than for the entire year 1921. In the Gas Department a surcharge of 2 cents per thousand ouble feet, the final fraction
of the emergency rates granted during the war, was removed as of May 24. Following cuts in the price of crude
oil, two additional reductions in gas rates, averaging 5.22
cents per thousand cubic feet each, became effective on
• August 15 and 25, respectively, this being in accordance with
the plan instituted by the Railroad Commission under which
gas rates are automatically adjusted either upward or downward to conform to the cost of oil to the Company. Since
this plan was adopted about sixteen months ago, our custom-
decrease of $862,208 compared with 1921, constitute the direct expenses of conducting the business, and are exclusive
of depreciation reserves or interest and dividends paid on
the capital employed. These costs absorbed 60 cents of every
dollar of gross operating revenue in 1922, as against 65.7
cents in 1921.
In the following table is presented an analysis of the major
influences on operating costs in 1922, as compared with 1921
:
LABOR EMPLOYED IN MAINTENANCE AND OPERATION.
The increase in this item, amounting to 6.2%, was due to
the growth of business as indicated by the net addition of 46,297, or 7.7%, in the number of customers, and by other measures of growth already referred to. The average monthly
wage per employee in 1922 was $139 32, or 55% above the
pre-war level. The average rate in 1921 was $139 35.
OIL USED IN GAS PLANTS, STEAM ELECTTRIC STATIONS, ETC.
Compared with 1921, the average cost of oil in 1922 decreased by 54 cents per barrel, or about 30%,and the present
outlook favors the expectation of the continuance of a reasonable price level for oil. California has produced crude
oil in large quantities for more than thirty-five years, and
the State's output has risen steadily from 678,572 barrels in
1887, to 138,236,490 barrels in 1922. New fields of unprecedented richness and with a thickness of oil sand hitherto
unknown, have been opened up within the year, and future
production promises to run far ahead of past performances,
with large areas still awaiting development.
During the past year 1,270,660 barrels of oil were used for
the production of electric energy in steam stations. Owing
to the large additional amount of hydro-electric energy now
available from Pit River Plant No. 1, with an installed capacity of 93,834 H.P., this item of expense will undoubtedly
show a large reduction in the coming year.
CURRENT PURCHASED FROM OTHER COMPANIES.
During 1922, 14.5% of the entire input of electric energy
Into the system was purchased from other companies. While
this policy has been advantageous to the Company from the
standpoint of cost, convenient points of delivery, saving of
investment, and in other respects, and will be continued to
the extent that the Company's interest can best be served,
there will, nevertheless, be a substantial reduction in this
Item during the coming year owing to the larger amount of
hydro-electric energy now available from its own plants on
the Pit River.
RENTAL OF LEASED PROPERTIES.
The leased properties, the entire revenues from which
accrue to the Company were operated at a profit during the
past year.
THE CHRONICLE
2656
[VOL. 116.
OTHER EXPENSES, CHIEFLY MATERIALS AND SUPPLIES, OTHER
THAN OIL.
ing these two classes of net revenue, the total sum available
for the payment of fixed charges and depreciation was $15,The Company's index number of material costs shows an 787,729, an increase of
$2,557,107 over 1921.
average decline of 12.3% in prices during the year, the aver(11) BOND INTEREST.
age price level being, however, still 52.2% above pre-war
Bond interest chargeable to operating account was $5,148,levels. The completion, in the early part of 1922, of the valuation of the Company's properties upon which a large force 614, and was earned three and one-tenth times. The increase
had been engaged for almost three years, also stopped a very of $350,832 in this item may be contrasted with the increase
of $2,557,107 in net revenues available for its payment. In
considerable expense.
TAXES.
the ten years to December 31 1922 interest expense was
This item comprises $868,487 of Federal taxes, $12,676,412 earned ea average of 2.47 times, and whereas 61% of net
of State taxes; and $145,314 of other taxes. Federal taxes was required for the payment of interest on all outstanding
are based on a percentage of net taxable income, and State bonds in 1912, only 38% was required in 1922. These comtaxes on percentages of gross operating revenues from all parisons are indicative of the exceptionally strong position
except water and non-operative properties, which are as- now held by the Company's secured obligations.
sessed on an ad valorem basis. The increase in taxes is ex(13) BOND DISCOUNT AND EXPENSE.
plainable to the extent of 92% by the larger gross and net
This item of $499,757 is the portion of our 1922 net income
revenues of the Company during 1922.
permanently re-invested or retained in the business for the
(5) MAINTENANCE AND (15) DEPRECIATION.
purpose of restoring the parity between the cost of assets
The term "Maintenance," as used in our accounting prac- created from the proceeds of bonds sold for less than par
tice, covers, broadly speaking, repairs to the physical prop- and the par value at which such bonds must be paid at maerties short of the renewal or replacement of a complete unit turity. It constitutes part of the cost of funds secured from
of plant or equipment. "Depreciation" covers the cost of the sale of bonds. In the ten years to December 31 1922 the
renewing or replacing entire units, which may be an entire total so re-invested was $2,779,999.
plant or individual pieces of machinery, apparatus, etc.,
(16) SURPLUS. (17) AND (19) DIVIDENDS.
when ordinary repairs no longer suffice or are too costly to
Surplus available for the payment of dividends, after proin economical operating condition, or when the
keep them
advance of the art or the demands of the service have ren- viding from current revenues for all expenses, taxes, interdered them inadequate or uneconomical. Both the immedi- est and discount, and reserves for depreciation and other
ate expense of maintenance and the deferred expense of de- purposes, was $6,587,159, an increase of $1,017,929, or 32.6%.
preciation must be adequately provided for from current Of this amount, preferred stock dividends paid at the rate
earnings if the best possible service is to be given to the of 6% absorbed $2,574,157, leaving a balance or protective
public, and sound values under the Company's securities are margin of $4,013,002. Dividends on the preferred stock were
to be maintained. That the Company has pursued a con- earned more than two and one-half times, and required less
sistently sound policy in this respect for many years may be than 40% of the surplus against which they constitute a
first charge. The increase in these dividends of $441,873
inferred from the following statements:
Maintenance Depreciation Total Upkeep % of Oper- was due to additional preferred stock sold directly to our
Year—
Expenditures.
Reserve.
Provision
ating Gross. customers and others during the year. The
proceeds from
1917
$1.207,121
82,250,000
83,457,121
17.4
1918
1,170,841
2.700.000
3,870.841
17.1
the sale of this stock were devoted to the construction of
1919
1.748.483
2,500,000
4,248.483
16.3
1920
2.740,639
2,788,302
additional income producing facilities necessary to meet the
5,528,941
16.0
1921
3,437.673
3,069,078
6,506,751
17.6
1922
growth of business.
3,117,530
3.602,199
6.719,729
17.4 0
The balance remaining for the payment of dividends on
More than fifty-nine and one-quarter millions of dollars
have been expended for maintenance or appropriated for common stock was $4,013,002, an increase of 29.3% over 1921
depreciation in the past seventeen years, as indicated by the and equivalent to 11.5% on all common stock outstanding
December 31 1922. Cash dividends were paid on the common
following table:
Expended for Maintenance
525.502,170 stock at the rate of $1 25 per share for each of the first three
Appropriated for Depreciation
33,767,088 quarters, and $150 per share for the fourth quarter,
the latTotal
$59.269,258 ter rate establishing the cash dividends on this stock on a
Average Per year
53.486,427
6% basis. Following similar action in 1921, the Board de(g) NET EARNINGS FROM OPERATION. (9) MISCELLANEOUS
clared an additional 2% dividend for the fourth quarter payINCOME.
The sum of these two items is the net revenue against able in common stock issued at par. The dividends paid in
which bond interest is the first charge and, as set up in the 1922, aggregating 7%,absorbed $2,500,407 of the surplus,
Income Account, conforms to the California Bank Act gov- leaving a balance of $1,512,595.
erning the bond investments of California savings banks, and
CONSERVATION OF ASSETS.
also to the terms of the indentures securing the Company's
Of the aggregate gross revenue of $341,652,765 received in
bond issues. Net earnings from the operation of our public the past seventeen years, as shown in the first of the two
utility properties were $15,176,686 in 1922, an increase of following tables,
$80,083,009 represents the balance remaining
$2,516,296, or 19.8%, compared with 1921. Miscellaneous after the payment of
interest charges. Of this amount $28,income, made up of. profits on merchandise sales, income 511,000, or about 36%, was paid out in cash dividends, the
from investments, rentals from non-operative properties, remainder being retained in the business as indicated In the
etc., amounted to $611,043, an increase of $40,811. Combin- second of the tables given below:
Year.
1906------------------------------------------1907------------------------------------------1908------------------------------------------1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
Gross Revenue,
Including
Miscellaneous
Income.
Ma ntenance.
Operating
Expenses and
RESCTOGI.
$8,947,162
11,342,140
12.657,305
13,491,288
14.044,596
14,604,609
14.651,786
16,094,514
17.100.534
18.778,446
18.941.427
20,118,990
22,870,194
26.309,671
34,985,791
37,509,707
39,204,605
$4.139,233
5,978,967
6,517,930
7,211,517
7,538.461
7,697,370
7,808,592
8.655.044
8.170,874
8,356.148
8,586,318
10,351.452
11,247,391
14,287,089
20,898,531
21,013.190
19,726,663
Taxes.
$283,886
247,262
274,789
320.059
382,880
516,702
622,969
676,163
743,047
849,445
972,565
1,253,239
1,782,939
1,962,038
2,559,109
3,265,895
3.690,213
Net Earnings
Before
Depreciation.
$4.524,043
5.115,911
5,864,586
5,959.712
6,123,255
6,390,537
6.220,225
6,763,307
8,186.613
9,572,853
9,382,544
8,514,299
9,839,864
10,060,544
11,528,151
13,230,622
15,787,729
Interest
$2,784,908
2,854,264 •
3,021,722
2.988,521
3,006,256
3,254,133
3,476,078
3,794,222
4,071,432
3,819,676
3,660,976
3.898,169
3,881,542
4.012,240
4,511,251
4,797,782
5,148,614
Balance.
$1.739,135
2.261,647
2.842,864
2,971,191
3,116,999
3,136,404
2,744,147
2,969,085
4,155.181
5.753,177
5,721.568
4.616,130
5,958,322
6,048.304
7,016,900
8,432,840
10,639,115
1341.652.788
1175.1R4.770
$20.403.200
214R nu 70/S
162.051.758
150.053.000
----------To Retire Bonds- _ --- _ -------114.685.000
+ Increase
Reinvested in Property fpiirpius and -----------Description of Reserves— Dec. 311922. Dec. 31 1921.
--18,421,000
— Decrease.
For Replacements and ehabilltatton
For Depreciation
$13,049.320 57 $11,048,954 15 +12,000.366 42
Cash Dividends------------------------------------------ 2 .7517 000 Insw.and Casualty Funds_
18 51.0 0°
+168,706 88
341.410 88
172,704 00
Other ParPoses------------------------------------------ 1.709,000 Uncollectible Acc'ts Reserve
+30.12464
191,875 10
161,750 46
Res,for Earn in Litigation_ 1.820,13409 1,820,134 09
Total ------------------------------------------------180.083.000 Reserve for Northern California Power Company
RESERVES.
Consolidated Plant Adjustments and Accrued
Depreciation
Reserves at December 31 1922, after charging off realized
+128 79
1,648,265 73 1,648,136 94
losses, stood as follows, compared with December 31 1921:
$17,051,006 37 814.851,679 64 +12.199,326 73
2657
THE CHRONICLE
JUNE 9 1923.]
2
1912-192
Net Cost of Additions to Plants and Properties, after deduction
$83.740.560
of all realized depreciation,
6.925.007
Increase in Net Current Assets
NOTES ON BALANCE SHEET.
PLANTS AN PROPERTIES.
This account, which stood at $200,250,877 54 at the close of
the year, covers the cost of the Company's lands, reservoirs,
water rights, power houses, gas plants, transmission and
distribution systems, buildings and other tangible assets.
For many years it has been the policy of the Company to
provide from its current revenues, through the medium of its
depreciation reserves, for the cost of all renewals and replacements and to eliminate from its property schedules all
obsolete, abandoned and unused plant, the net amount so
written off from the plants and properties account since
1906 being $16,757,000. This account, therefore, includes
only properties in actual operation or of undoubted present
day worth and places a conservative value on the Company's
properties. Based upon an exhaustive appraisal, it would
cost to-day to purchase its real estate and reproduce its
structures and equipment largely in excess of $240,000,000.
The first stage of the Company's major construction program in the Pit River region, upon which it had been actively
engaged for a period of two and one-half years, culminated
with the placing in operation on September 30 1922 of Pit
Plant No. 1, with an installed capacity of 93,834 H. P. This
plant, the third of the Pit River series, was the largest hydroelectric unit installed in the United States in the year 1922,
and the thirty-third water power plant built by the Company
or its predecessors. Our total installed capacity in this
watershed is now 127,346 H. P., with more than three times
this amount still available for future development. Coincident with the completion of Pit Plant No. 1, there was also
placed in service a comprehensive system of steel tower
transmission lines and substations of large capacity and of
the most permanent character of construction to convey this
additional power and make it available for distribution in
the large commercial and industrial centres served by the
Company. Other items of important construction work are
referred to on page 23 [pamphlet report].
There was expended for construction during the year in all
departments and for all purposes, including the ordinary
extensions of facilities necessary to supply service to 46,297
new customers, the net sum of $17,554,860 06.
Total Increase in Net Tangible Assets
Increase in par value of Funded Debt
890.665.567
35,801.900
Excess of Cost of Added Tangible Assets over increase in par
854.863,667
value of Funded Debt
41.215,273
Increase in par value of Preferred Stock
Excess of Cost of Added Tangible Assets over increase in par
$13.648,394
value of Funded Debt and Preferred Stock
2.685.284
Increase in par value of Common Stock
Excess of Cost of Added Tangible Assets over increase in par
value of Total Capitalization. created through reinvest810.963.110
ment of Surplus and Reserves
With respect to the relationship between revenues and interest and dividends the following comparisons covering the
past ten years indicate an even sounder condition now than
existed at the beginning of this period:
Increase in
Ten Years.
1912.
1922.
Net Income available for Bond Inter$15,787,730 $6,220.226 89.567.504
est
5,148,614 3,476,079 1.672.535
Bond Interest Expense
210,639,116 $2,744,147 $7.894,969
Margin over Bond Interest
Per Cent earned on all Bonds outstanding at close of respective
5.9%
8.2%
14.1%
'years
Net Income available for Preferred
Stock Dividends, after depreciation $6,587,159 $1,216,276 25.370.883
600.000
1.974.157
2,574.157
Preferred Stock Dividends paid
Margin over Preferred Stock Divi$4,013,002
dends
Per Cent earned on all Preferred
stock outstanding at close of re12.9%
spective years
Net Income available for Common
Stock Dividends, after depreciation $4,013,002
Per Cent earned on all Common
Stock outstanding at close of respective years
11.5%
Per Cent earned on Total Capitalization outstanding at close of
respective years, before deprecia8.0%
tion
$616,276 $3.396.726
12.2%
.7%
$616.276 $3.396,726
1.9%
9.6%
5.3%
2.7%
In conformity with its policy of maintaining a well balanced financial structure, conducive to securing capital
funds at the lowest cost, a large proportion of the new capital required during the past ten years has been obtained
through the sale of stock. This has resulted in reducing the
ratio of funded debt to gross capitalization from 64.38% at
the end of 1912 to 56.53% at December 31 1922, while in the
same period the annual interest on all bonds outstanding has
been teduced from 25.9% of gross revenue to 15.3%, and
from 61.0% of net income to 38.0%. In 1912 bond interest
The Plants and Properties Account, at the close of the pre$182,696,017 48 expense was earned 1.79 times and in 1922, 3.07 times. The
vious fiscal year,stood at
Gross Expenditures for additions, betterfollowing tabulation, condensed for the sake of brevity into
and improvementsduring the
r m
year$19,092,172 23
1922 amounted
tive year periods, epitomizes the steady improvement in the
which there was charged to Operating ExOf
status of the Company's secured obligations:
penses through the medium of Depreciation Reserve
1,537,312 17
Leaving Balance carried to Plants and Properties Account_ The total of which at December 31 1922 stood at
17,554,860 06
$200,250,877 54
Year.
Total Bonds Per Cent of
Total
Outstanding
with Public. Capitalization.
Annual Interest on AU No. of 7111161
Outstandi .p Bonds. Bond Interest
Expense
Earned.
Per Cent Per Cent
Net.
Gross.
In the seventeen years since its organization, at which
1.79
I 61.0
25.9
64.38
275.989,800
time the Company took ever extensive properties already in 1912
2.18
46.6
19.7
57.43
79,403.800
1917
existence, it has increased its plant account by $127,471,- 1922
3.07
38.0i
56.53 0
15.3%
111,700,700
04382 through construction and the acquisition of additional
FUNDED DEBT.
properties. Detailed statement by years follows:
Improved conditions in the money market made it possible
Other Properties
Total.
YearConstruction.
Acquired.
to call for redemption at 101 on May 1 1922 our entire out83.860,243 84 213.820,125 00 $17,680,368 84
1906
-year
3,722,335 86 standing issue of $10,000,000 par value of 7% secured 5
3.674.474 69
1907
47,861 17
2,099.996 91
2.099,996 91 Gold Notes due May 1 1925, and to finance this operation
1908
10
1.746,70564
1,837,338
90,632 46
1909
2,879,158 45
3,472,924 74 through the sale of a like amount of First and Refunding
1910
593,766 29
2,248.521 31
7,017,470 62 Mortgage Series "B" 6% Bonds, with a resultant saving in
1911
4,768.949 31
7,495,763 69
7,900,048 84 Interest and the
1912
404,285 15
elimination of all short term obligations.
7,406.415 80
7,795.624 16
1913
389,208 36
2,733,949 35
2,738,130 85
The large cash balance carried over from 1921, supple1914
4,181 50
2,089.447 17
2.209,925 61
1915
120,478 44
throughout the
3,658,426 33
3,671,107 64 mented by the sale of First Preferred Stock
12,681 31
1916
2,778.535 82
4,578,591 58 year, enabled the Company to carry on its extensive 1922
1917
1,800.055 76
1,555.578 93
1.812.298 41 construction program without the issuance of additional
1918
256,719 48
3,106.667 71
14,738,20860
1919
11,631.540 89
10,600,208 89
10,601,419 49 bonds. Bonds of the par value of $1,795,000, including the
1.210 60
1920
18,040,060 51
333 00
18,040.393 51 entire amount of three small issues aggregating $41,500,
1221
16,422,278 07
17,554,860 06
1.132,581 99
1922
were paid at maturity or retired through the operation of
$92,396,433 11 $35,074,610 71 8127.471.043 82 sinking funds, resulting in an equivalent decrease in the
Total
CAPITALIZATION.
total of bonds outstanding.
This item covers the Company's stock and bond issues,
CAPITAL STOCK.
aggregating $197,600,107 at the close of 1922, and owned on
The policy of the direct sale of stock to local investors is
that date by upwards of 58,000 investors, of whom more than becoming increasingly popular. In 1922 your Company dis40,000 resided in California.
posed of $10,038,700 par value of its First Preferred 6%
Increasing capitalization is the inevitable accompaniment Stock to 9,314 purchasers, constituting a record both with
business growth, or more widespread and adequate service respect to the number and volume of sales. Approximately
of
to the public and, as in the case of the major portion of the one-third of these sales were "repeat orders" from previous
large capital expenditures made by your Company within purchasers.
recent years, of the creation of facilities for production and
In the eight and one-half years since its initiation of the
distribution on a large and economical scale. It evidences "customer-ownership" plan, your Company has made 26,344
greater security to the stockholders and individual sales of First Preferred Stock, representing $35,sobnd progress and
bondholders if the result is to better the relationship between 956,300 par value. The record of sales by years follows, the
property values and the amount of securities outstanding: table also showing the number of stockholders at the close of
and between interest and dividends, constituting the cost of each year, eliminating all duplications due to the ownership
the capital employed in the business, and the net income of more than one class of stock by the same individual:
available for their payment. In the last ten years, as shown
No. of
No. of
Par Value of Stockholders
in the following table, the net cost of additions to your Com- YearDec. 31.
Stack Sold.
Sales.
pany's properties, after writing off $12,542,168 for aban- 1914
4.128
$8.801,300
3.739
7.226
3785,100
1,712
doned and obsolete units, amounted to $83,740,560. Cash and 1915
7,880
1916
1'123.100
617
other net working assets during the same period increased 1917
8.141
890.000
650
8.242
$6,925,007, making the total increase in net tangible assets 1918
War 156,000
192
8.813
52 Period 35.900
$90,065,567. In these ten years the amount of outstanding 1919
14.020
1920
3.634,650
3,669
18,204
7.491,550
securities, without deducting stock discounts or $5,734.200 1921
6.399
25,265
10,038.700
9.314
of bond discount still to be amortized out of future earnings, 1922
$35.956,300
Total
increased by only $79,702,457.
26,344
2658
THE CHRONICLE
Particular satisfaction is felt over the very moderate expense incurred in disposing of this large volume of securities.
The average cost of selling approximately $36,000,000 worth
of stock in the entire period covered by the above tabulation
was 85.5 cents per share, and last year amounted to only 72
cents per share. This compares with an average selling
cost in 1922, as reported by 74 utilities operating in all parts
of the United States, of $442 per share, or six times the expense incurred by your Company. In this connection, it
should be emphasized that your management has never
deemed it desirable nor expedient to endeavor to increase the
amount of its sales by means either of high pressure sales
methods, extravagant advertising, or the payment of large
commissions. The stock has been sold solely on its merits
as a safe medium of investment and at a price yielding a return to the investor commensurate with the exceptional
quality of the security. Credit for the economical dissemination of this stock among thousands of local investors is
in a substantial measure due to the loyal and enthusiastic
support accorded your management by the Company's employees, thousands of whom are also stockholders.
An excellent distribution of ownership has been achieved,
11,017 stockholders, or 42.55% of the total owning less than
10 shares each; and 24,180 individuals, or 93.39% owning
less than 100 shares each. Over eighty per cent of all stockholders reside in the Company's field of operations.
During the year $10,500 par value of Original Preferred
Stock was exchanged for First Preferred Stock, leaving only
$37,100 of the former still outstanding, and $679,976 par
value of Common Stock was issued to stockholders at par
by way of a 2% stock dividend in addition to the 51
4% cash
dividend paid on this issue in 1922. The following table
shows the status of stock outstanding in the hands of the
public at December 31:
Dec. 31
Dec. 31 Increase(+)or
Capital Stock1922.
1921.
Decrease(-).
First Preferred Stock,6% Cumulative
*$51,178,273 *841,128.810 +810,049.463
Original Preferred Stock, 6%
Cumulative
37.100
47.600
-10,500
Common Stock
34,684.034 34,004,058
+679,976
Total
S85.899.407 875,180,468 +810.718.939
* Includes stock subscribed for but not fully paid.
SINKING FUNDS.
[VOL. 116.
Dec. 31
Dec. 31
Inc. +)or
(
1922.
1921. Decrease (-).
Current Assets'
Materials and Supplies
$3,709,041 $4,092,745 -$383.704
Bills and Accounts Receivable
(Less Reserve for Uncollectible
Accounts)
3,881.792 3,642,551
+239,241
Due on First Preferred Stock Subscriptions
1,155.696
512,170
+643,526
Underlying Bonds bought in advance for Sinking Funds
541.500
605,500
-64.000
General and Refunding 5%, Bonds
issued against Construction_
1,000,000 1,000,000
Cash
5,300,716 8,044,270 -2.743,554
Due on Employees' Liberty Loan
Subscriptions
6,543
--6,543
Interest Accrued on Investments_
6,143
-3,634
9,777
Liberty Loan Bonds and Certificates of Indebtedness
129,400
-129,400
Other Investments
1,680,344
1,840,278
-159,934
Funds Available for Construction_
383,496 2.446,432 -2,062,936
Advances to Construction Account
including Construction Materials and Supplies
6.956.589
1,868.062 +5,088,527
Total Assets
$24,615,317 $24,197,728 +$417,589
Current Liabilities:
Accounts Payable
$1,886.076 $2,076,619 -$189,643
Drafts Outstanding
592,011
643,545
-51,534
Meter and Line Deposits
699,092
751,206
-52,114
Unpaid Coupons
303,265
201,630+101,635
Interest Accrued, out not due_ _ _ _ 1,600,106 1,672,729
-72,623
Taxes Accrued, but not due
2,101,630 1,796.363
+305.267
Dividends Declared
520,208
425,222
+94.986
Total Liabilities
$7.703,288 $7,567,314 +8135,974
Net Working Assets
$16,912,029 816,630,414 +$281,615
OPERATING DEPARTMENTS.
Matters relating to the operating departments are more
fully dealt with in the following abstract of report presented
at the annual meeting of stockholders by Mr. John A. Britton, First Vice-President and General Manager.
REPORT OF FIRST VICE-PRESIDENT AND GENERAL
MANAGER.
Following are some of the more important items of new
construction completed and placed in operation during the
year:
March 1 1922
-As of this date Company acquired a one-half interest in
Universal Electric & Gas Company, San Francisco.
April 20 1922-A third unit of 16,756 horsepower capacity placed in
service in Drum Power House, increasing the total installation to 50,268
horsepower.
June 4 1922-A 12,500 K. V. A.synchronous condenser placed in service
in Newark Substation.
August 5 1922
-New Martin Substation with a capacity of 30,000
K. V. A. placed in service.
September 22 1922
-New Vans-Dixon Substation, with two synchronous
condensers and three banks of 220 K. V. transformers having a capacity
of 45.000 K. V. A., placed in service.
September 28 1922
-New 6,000,000 cubic foot gas holder at Gas Station
"B," Oakland. completed and placed in operation.
oeptember 30 1922-Firs., unit of Pit Power House No. 1 placed in
operation and electric energy transmitted to Vans-Dixon Substation over
a 220,000 volt double circuit steel tower line 202 miles long.
September 30 1922
-Corte Madera supplled with gas through high pressure distribution system from San Rafael, a distance of four miles.
-Additional 12,500 K. V. A. synchronous condenser
October 11 1922
placed in service in Newark Substation.
-New 110.000 volt steel tower line completed between
October 23 1922
Vans-Dixon Substation and Claremont Substation; also a 110,000 volt
steel tower line loop between Vans-Dixon Substation and the Drum-Cordella
line, having a length of 48 and 184 miles, respectively.
-Claremont Substation with an installed capacity of
Octobe: 23 1922
50,000 K. V. A. placed hi service.
-New transformer bank with a capacity of 20,000
October 23 1922
K. V. A. placed in service at South Tower Substation.
-Mill Valley and Sausalito supplied with gas through
December 15 1922
high pressure distribution system from San Rafael, a distance of six miles.
and eleven miles, respectively.
Bonds of underlying issues aggregating $1,784,500 were
purchased during the year for sinking fund investments at
a cost of $36,648 less than their redemption price at maturity.
The $364,400 par value of Liberty Loan Bonds in sinking
funds at the close of 1921 were sold during the year, underlying bonds of the Company being purchased with the proceeds and deposited in lieu thereof. These Liberty Loan
Bonds constituted the remainder of $935,000 par value of
United States Government issues purchasd during the war,
all of which have now been disposed of at a small net profit
to the Company.
As in preceding years, all payments into sinking funds during the year have been treated as a part of the Company's
depreciation reserve, and are included in the revenue deducELECTRIC DEPARTMENT.
tion made for that purpose. The condition of sinking funds
Your Company last year ranked second in the United
is summarized in the following table:
States in its output of hydro-electric energy and fourth in
Character of Sinking Fund
Dec. 31
Dec. 31
the output of power generated in both hydro-electric and
Additions
Assets1922.
1921.
During 1922. steam electric stations. It now operates 28 hydro-electric
Bonds of Company
-at par_ _$17,028,290 00 815,343,290 00 $1,685,000 00 plants with a combined capacity of 417,829 horsepower, and
Liberty Loan Bonds
-at par..
364,400 00 *364,400 00 4 modern steam electric generating plants with an installed
Cash and Accured Interest
capacity of 173,592 horsepower, the aggregate installed canot yet invested
128.903 37
114.457 54
14,445 83
pacity of all plants, as detailed in the following table, being
Total Assets
$17,157.193 37 $15,822,147 54 *1,335,045 83 591,421 horsepower:
HYDRO PLANTS.
H.P.
Alta. Placer County
16,756
2.681 Halsey, Placer County
Centerville, Butte County_
8,043
Tehama County..
Of the $17,028,290 par value of bonds held in sinking funds Coal Canyon, Butte County.. 8,579 Inskip, Shasta County _- 4,021
1.340 Kilarc,
1,207
at the close of 1922, only $493,000 were acquired in exchange Coleman,Shasta County.__ _ 20,107 *La Grange, Stanislaus Co
20.878 Lime Saddle, Butte County.. 2,681
for other bonds, the funded debt having thus been reduced Colgate. Yuba County
Cow Creek, Shasta County
2,011 *Phoenix, Tuolumne County 2,513
by $16,535,290 par value, against which no additional bonds De Sabla, Butte County__ _ 17,426 Pit No. 1, Shasta County...... 93,834
Deer Creek, Nevada County_ 7,373 South, Tehama County
5,362
have been issued. $15,494,090 of the bonds held in sinking Drum, Placer County
50,268 Spaulding No. 1, Nevada Co- 5,027
funds were purchased from the Company's revenues and Electra, Amador County..--- 26,810 Spaulding No.2, Nevada Co- 1,340
Fall River Mills. Shasta Co.. 1,274
10,054
$1,041,200 from the proceeds of sale of Common Stock, as Folsom,Sacramento County.. 4,022 *Spring Gap, Tuolumne Co..- 45,576
*Stanislaus, Tuolumne Co......
shown by the following table:
Hat Creek No. 1, Shasta Co_ 16,756 Volta, Shasta County
8,378
Hat Creek No.2. Shasta Co- 16,756 Wise, Placer County
16,756
Purchased from Revenues
$15,404,000
Acquired in exchange for overlying bonds
Total Hydro
417,829
493,000
Purchased from proceeds of sale of Common Stock
1,041.200
STEAM PLANTS.
Total
H.P.
H.P.
S17,028,290
6,702
San Francisco
85.791!Sacramento
Oakland
44,906 *North Beach
36,193
ASSETS AND LIABILITIES.
CURRENT
Total Steam
173,592
The Company's business was conducted on a cash basis
throughout the year, and a saving of $50,550 in cash disTotal Hydro and Steam
591,421
r Leased properties.
counts effected by the prompt payment of bills. At
Net Annual Interest Saving
$821,926 50
$769,423 50
$52,503 00
• Decrease.
the close
of the year there were no unpaid obligations except current
liabilities.
The cash balance at December 31 1922, including $383,496
held by the Trustee under the First and Refunding Mortgage and available for construction expenditures, was $5,684,212. Net working assets, computed on the basis indicated in the following table, amounted to $16,912,029. Against
these assets there was a contingent liability representing
revenues involved in rate litigation which has been pending
for several years, against which a reserve of $1,820,134 has
been set up. It is anticipated that this litigation will be
finally disposed of during 1923.
In its electrical business the Company serves 89 incorporated cities, 142 villages and towns and a suburban area of
35,000 square miles, with a population in excess of a million
and a half, occuping approximately 278,000 houses, of which
less than 2,000 are unwired. In this territory there are 1,500
manufacturing and industrial plants, virtually all of which
are operated by electric power. During 1922 the Company
supplied 296,054 residential and commercial lighting consumers with a total connected load of 402,063 horsepower, an
increase of 34,900 horsepower of connected load during the
year. In 1922 the Company extended service to more than
1,000 new agricultural consumers, with a total of 7,586
.1 UNE 9 1923.]
THE CHRONICLE
horsepower of connected load, and during the year supplied
service to a total of 12,500 agricultural consumers, with a
total connected load of 150,814 horsepower, using 108,000,000
kilowatt hours of electric energy. This service to the agriz
cultural industry has involved the construction and operation of a total of 2,400 miles of electric distribution circuits,
of which 136 miles were installed in the year 1922, and has
contributed largely to a marked increase in agricultural productiveness and profit and the development and reclamation
of lands that could not otherwise be profitably cultivated.
The Company's electric distribution facilities for supplying the 311,015 consumers connected to the system include
770 miles of 110,000 volt line, 1,956 miles of 60,000 volt line
and 228 miles of 24,000 volt line, or a total of 2,954 miles of
high tension lines. There are 7,356 miles of overhead distribution lines of less than 20,000 volt capacity and 148.89
miles of underground distribution. The number of transformers connected with the distribution system is 36,889,
having an aggregate capacity of 602,806 horsepower. These
are supplied from 1,038,645 horsepower in transformers installed in primary sub-stations.
The total output of electric energy during 1922 was 1,608,940,735 kilowatt hours, an increase over 1921 of about 120,000,000 kilowatt hours. Of this, 69.9 per cent represents the
output of the Company's hydro-electric plants, 15.6 per cent
was produced in steam electric plants, and 14.5 per cent represents power purchased from other concerns. The following table gives the connected load as of December 31 1922:
Commercial and Residential lighting
Street lighting
Cooking and Heating
Other electric corporations
Mining motors
Agricultural motors
Electric railway motors
Manufacturing motors
Miscellaneous power
Total 1922
Total 1921
Increase
Total H.P.
376,322
6,842
25,741
70,005
36,996
156,814
104,375
229,873
103,711
1,110,679
1.044,217
66.462
2659
Sales in Cubic Feel'
-Territory Served.
Plant
3
6,422,408, 3
10 cities and suburbs
San Francisco, 2 plants
10 cities and suburbs
3,724.198.10.
Oakland
477,837,90„"
3 cities and suburbs
San Jose
5111:m0
12
137:689 20u
Fresno
Fresno
S
7 cities and suburbs
an Rafael
0
151,509,50
3 cities and suburbs
Santa Rosa
41,996,600
Napa
Napa
116,941,900
Vallejo
Vallejo
51,187,400
Chico and suburbs _ _Chico
21,996,700
2 cities and suburbs
Grass Valley
557,789,000
3 cities and suburbs
Sacramento
52,966,800
2 cities and suburbs
Marysville
17.616,600
Colusa
Colusa
23,692,400
,,
Oroville
Oroville
12.060,700
Red Bluff
Red Bluff
16,780,200
Redding
Redding
16.056,700
Willows
Willows
Total Sales in Cubic Feet 1922
ENLARGED SALES ACTIVITIES.
12,353.849,000
During the year the Company's commercial and new business activities were consolidated into a Sales Department
under the direction of a vice-president. This significant development of administrative policy has already demonstrated
its value and its still greater possibilities of future usefulness in the expansion of electric and gas sales. The new
department immediately began an active campaign of cooperation and education among present and prospective consumers of both gas and electricity, this work being carried
on through a personal advisory service staff made up of sales
engineers, trained and experienced in their particular fields.
Coincident with the widening of the scope of the Company's Sales Department and effectively supplementing the
activities of its service and sales staffs, a systematic advertising campaign was inaugurated and carried out vigorously
throughout the year through the medium of 175 newspapers
and other publications issued in the territory served by the
Company. Eighty-six pieces of regular copy were prepared
by advertising experts and published throughout the territory and over 200 special advertisements were prepared and
published in trade papers and other mediums. A large part
of this sales advertising was designed to develop and encourage the greater uses of current and gas-consuming devices
operating at off-peak times, thus serving to fill up the valleys in our load curve and making for better plant operation
and better service. The results obtained during the year
through this centrally directed and more vigorous and effective sales policy have fully come up to expectations, and still
greater results are anticipated in the future.
GAS DEPARTMENT.
The most important forward step of the year in our gas
manufacturing processes was the installation at our principal gas works of liquid purification plants, the first of the
kind to be installed in the West. These installations, rangNEW CONSTRUCTION IN 1923.
ing from a capacity of three to thirty million cubic feet per
The most important single item of new construction to be
day, have either been completed, or were well under way at
the close of the year, in San Francisco, Oakland, Sacramento undertaken during the coming year is Pit Power House No.
and Fresno, with plans completed for an installation at San 3, with an installed capacity exceeding 100,000 horsepower.
Jose. This improved process will result in better operating This plant will be completed during 1925. Its entire output
conditions, in lengthening the life of mains, services and will be brought to our consuming centres over the new double
meters, and giving our customers an even cleaner and better circuit steel tower transmission line already built and in
operation from Pit Power House No. 1 to the Vaca-Dixon
gas than heretofore.
Progress was also made during the year in the execution Substation, and over the high tension transmission lines
of the policy of centralizing the manufacture of gas at our radiating from that substation to the Claremont and Newark
larger and, therefore, more economical plants, discontinuing Substations, the former being located on the immediate outsmaller and less efficient plants, and supplying the territory skirts of the City of Oakland, from which point, by means of
served from these plants by means of high-pressure mains underground cables, it is made available for distribution in
from the central plants. Reference was made in last year's all of the cities embraced in the Company's East Bay Divireport to the dismantling of small gas works at Los Gatos sion. From Newark, a double circuit steel tower transmisand Woodland. These cities and intervening territory have sion line will be built on the west side of San Francisco Bay
since then been successfully served from San Jose and Sacra- to Martin Station, enabling us to bring into the City of San
mento. respectively. This year work was begun on the en- Francisco a very much larger volume of hydro-electric enlargement and conversion into a central plant of the existing ergy from the Pit River and other plants than has heretofore
gas works at San Rafael, and of the construction of an eight- been possible, and this entirely by means of land lines, ininch high-pressure main from San Rafael to Petaluma, a dis- stead of adding to the submarine cable capacity across San
tance of approximately twenty-three miles, to connect with Francisco Bay.
Another important piece of work to be undertaken in the
an existing four-inch high pressure main from Santa Rosa to
Petaluma. This will permit of the abandonment of the coming year is the raising of the present dam at Lake Forpresent generating plant at Santa Rosa to make San Rafael dyce, one of the upper reservoirs in the South Yuba-Bear
the central point for the manufacture and distribution of River system. This will increase the water storage at that
gas in a territory extending eleven miles south to Sausalito point by 26,700 acre feet, and by increasing the canal and
and forty miles north to Santa Rosa. Plans have also been penstock capacity supplying Drum Power House, and by
made for the extension of a high-pressure line from Vallejo making other alterations below this power house on Bear
to Napa, a distance of seventeen miles, which will permit of River, will add more than 13,000 horsepower of electrical
closing down the small plant at Napa. These changes will energy to the present capacity of tile system. When this
result in higher operating efficiencies and better service to work has been completed, the twenty-one lakes and storage
our customers and -will also, to an even greater extent than reservoirs embraced in our South Yuba-Bear River developheretofore, bring the advantages of metropolitan gas service ments will have a total capacity of 142,593 acre feet of water,
which will be utilized five times in the operation of 90,147
to many suburban and rural communities.
From a commercial standpoint, the outstanding feature of horsepower of installed generating units in our Drum, Halthe year was the constantly enlarging demand for gas for sey, Wise and Spaulding No. 1 and No. 2 power houses and
house-heating and industrial purposes. The industrial in. will thereafter be available to a large extent for irrigation.
Property was purchased during the year at the southeast
stallations of the year ranged from single customers using
as high as twelve million cubic feet per annum, downward. corner of Beale and Market Streets, San Francisco, which
At the present time industrial installations definitely in will be followed in 1923 by the erection of a seventeen-story
prospect approximate 580,000,000 cubic feet. Service was general office building, having an effective floor space of
extended during the year to Campbell, Corte Madera, May- 183,985 square feet. The present general office building of
field. Mill Valley and Sausalito, with a total population of the Company will be retained as headquarters for the local
7,678. Aside from the gain of 18,998 gas customers during organization of the San Francisco Division. A new eightthe year, the satisfactory activity in this department, stimu- story office building in Oakland, now under construction,
93.
lated by intelligent and effective sales effort on the part of will be completed in 19
EMPLOYEES AND WELFARE WORK.
the Commercial Department, may be judged from the fact
The total amount expended for labor during the year in
that during the year approximately 15,000 cabinet gas
ranges, 12,000 tank water heaters, 7,000 automatic water both the operating and construction departments was $14,averheaters and 2,000 warm air furnaces for the heating of homes 368,541 43, an increase over 1921 of $1,163,103 54. The
age number of employees was 8,595. There are now 1,083
and buildings were sold in the Company's territory.
Eighteen gas plants are now in service with a total daily employees of the Company in possession of service badges.
fourgenerating capacity of 73,410,000 cubic feet. The location of 523 of these having been with the Company from ten to
plants, the territory served, and sales of cubic feet teen years, 327 from fifteen to nineteen years, 113 from
these
to twentyfrom each during the year are shown in the following table: twenty to twenty-four years, 48 from twenty-five
2660
THE CHRONICLE
nine years, 51 from thirty to thirty-four years, 13 from
thirty-five to thirty-nine years, and 8 over forty years.
The welfare of the Company's employees has received continued consideration, largely through the agency of the Employees' Welfare Committee, composed of executives of the
Company and members representing the employees. The
Pacific Service Employees' Association, a social, educational
and beneficial organization, now numbering approximately
5,500 employees as members, receives the active support and
co-operation of the management. The educational activities
of this Association among its members are especially worthy
of commendation. The various classes organized by the
Association and devoted to the study of subjects bearing
directlyiupon the daily work of its members have an aggregate enrollment of 611 students.
The Company's first pension plan was adopted on June 1
1913. A more formal plan was adopted on February 1 1916,
and this plan was further revised and liberalized on October
1 1921, since which date It has stood without modification.
In the nine and one-half years since the pension system was
adopted, ninety-four employees have been pensioned, and of
these, sixty-six, with an average age of seventy years, were
on the roll at the close of 1922. The amount of pensions paid
in 1922 was $42,795 29, an average per pensioner for the year
of $676 07. Payments made from the beginning aggregate
$224,548 83, an average $55364 per pensioner per annum.
The average pension period of those on the roll at the close
of the year was four years and five months.
The Personnel Department, whose business it is to keep a
record of all the employees of the Company, showing the special training, fitness and adaptability of each, has continued
to prove itself a most efficient method of finding those employees entitled to promotion and bringing about transfers
of employees to positions to which they are best adapted.
New club houses for employees were completed at our
Electra, Drum and Pit Power Houses. Cottages for employees were erected at Hat Creek Power House No. 1 and at our
South Tower. Dixon and Newark Substations.
[Vol,. 116.
ACCOUNTANTS' CERTIFICATES.
Messrs. Price, Waterhouse & Co., certified public accountants, have made the usual audit of the Company's books and
their certified statements covering Income and Surplus Accounts for the year 1922 and Balance Sheet at December 31
1922 follow:
PACIFIC GAS AND ELECTRIC COMPANY AND MOUNT
SHASTA POWER CORPORATION.
CONSOLIDATED INCOME ACCOUNT—YEAR ENDING
DEC. 31 1922.
Gross Revenue
$38,593,562 28
Deduct:
Maintenance
$3,117,530 45
Operating, Distribution and Administration
Expenses
16,609,132 17
Taxes
3,690,213 10
Depreciation
3,602,199 23
27.019,074 95
$11,574,487 33
Add:
Miscellaneous Income
611.042 98
312.185,530 31
Deduct:
Interest on Bonds Outstanding
Miscellaneous Interest Payable
$6,149,331 52
32,279 76
$6,181,611 28
Less:
Interest charged to Construction
1,032,997 27
$5,148,614 01
Proportion for year 1922 of Discount and
449.756 95
Expenses on Funded Debt
5,598,37096
Net Income carried down
36,587,159 35
SURPLUS ACCOUNT.
Balance Jan. 1 1922
$7,946,336 11
$6,587,159 35
Net Income from above
Deduct—Miscellaneous Adjustments:
Premium and Unamortized
Discount on 7% Gold Notes
retired before maturity
$456,574 82
Expense of Exploration for
Natural Gas
250,400 17
Other Adjustments(Net)
158.568 44
865,543 43
5.721,61592
PUBLIC RELATIONS.
Reflecting in a large decree the cumulative effort of many
years of frank and fair dealing with the public and its patrons, our public relations during the year have continued to
be most satisfactory. Concrete evidence of this is the fact
that 96%, or 126,455 columnar inches, of all the references
made during the year to the Company and its activities in
the newspapers published within its territory, were of a favorable character. Informal complaint to the State Railroad Commission alleging unsatisfactory service have almost reached the vanishing point. As a matter of fact, only
two such complaints were filed during the last three months
of the year, which is worthy of note when account is taken
of the fact that at the close of 1922 the Company had 645,410
active service connections.
It is a pleasure to me again to express my sincere appreciation of the loyal and effective work rendered by all officers and employees during the year.
For the Board of Directors,
W. E. CREED,President.
Deduct—Dividends:
On Preferred Stocks (6%)
On Common Stock:
5 % paid in Cash
2 0 paid in Stock
513,667,95203
$2.574,156 66
31.820,431 41
679.976 00
2,500,407 41
5,074,563 97
Balance to Balance Sheet
Represented by—
Amount invested in Sinking Funds
Balance Unappropriated
$38,593,388 06
31.077,914 26
7.515,473 80
38.593,38806
We have audited the books of the Pacific Gas and Electric
Company and Mount Shasta Power Corporation for the year
ending December 31 1922, and certify that in our opinion the
above income account and surplus account are fair and correct statements of the operations of the companies for the
year.
PRICE, WATERHOUSE & CO.
San Francisco, Cal., March 31 1923.
CONSOLIDATED BALANCE SHEET DEC. 31 1922.
LIABILITIES.
Capital Stock of Pacific Gas & Electric Company:
Capital-Assets:
Common—Issued
$66.380,900 66
Plants and Properties
$200,250,877 54
Less—Owned by Subsidiary Companies— 31,696.866 66
Discount and Expenses on Capital Stock Issued
8,326,097 24
Investments
1,680,343 53
334,684.034 00
Trustees of Sinking Funds:
First Preferred
**51,178,272 50
Cash
$60,747 28
Original Preferred
accrued on Bonds held In Sinking
37,100 00
Interest
$85,899.406 50
Funds
115,323 59
176,070 87 Capital Stock of Subsidiary Companies not held by the
Gas and Electric Company and Unpaid Dividends
Pacific
Cash in Hands of Trustees—For redemption of Pacific
thereon
20,583 54
Gas & Electric Company 5 year 7% Collateral Trust
Convertible Gold Notes
78,780 00 Funded Debt:
Pacific Gas and Electric Company Bonds-366,542,000 00
Current Assets:
Bonds of Subsidiary Companies
45,158.700 00
Materials and Supplies on hand and In
111.700.700 00
transit
$33,709,041 49
Current Liabilities:
Installments receivable from Subscribers
Accounts Payable and Unaudited Bills___ 31,886,276 17
to First Preferred Stock
1,155,695 66
Drafts Outstanding
592.011 19
$268.472 16
Bills receivable
Meter and Line Deposits
699,091 40
3,805,194 71
Accounts receivable
Unpaid Coupons
303,265 00
Interest accrued but not Due
1,600,105 98
$44,073,666 87
Taxes accrued but not Due
2.101.629 88
Less—Reservefor bad Debts 191,875 10
Dividends Declared
520,20805
3.881,791 77
7.703.287 67
Cash
5,300,715 85
Reserves:
Construction Funds in hands of trustees
of First and Refunding Mortgage
For Northern California Power Company
383,496 20
Consolidated Plant Adjustments and
Interest accrued on Investments
6,14346
accrued Depreciation
31.648,265 73
14,436,884 43
Depreciation
Deferred Charges:
13,049,320 57
Insurance and Casualty Funds
Discount and expenses on Funded Debt.._ $5,734.200 25
341.410 88
Reserve for amounts charged during 1913,
Unexpired Taxes and Undistributed Suspense Items
1914. 1915. 1916 and 1917 to Con93,243 18
sumers in excess of rates allowed by
5,827,44343
Treasury Bonds,not included in Assets or Liabilities:
City Ordinances
,
I
General and Refunding Bonds
16,859,131 27
*325,462,000 00
Bonds of Subsidiary Companies
Surplus:
541,500 00
Invested in Sinking Funds
31,077,914 26
Balance Unappropriated
7,515.473 80
326,003.500 00
8,593,388 08
ASSETS.
$230,776,497 04
3230,776,49704
* 3875,000 00 General and Refunding Bonds pledged in San Francisco Rate Cases.
$300,000 00 pledged as Collateral under P. G. & E. Co., 5 vear 7% Collateral Trust Convertible Gold Notes, Trust Agreement and Mortgage.
324,162.000 00 deposited with Trustee of First and Refunding Mortgage.
** Includes stock subscribed for but not fully paid and issued.
We have audited the books of the Pacific Gas and Electric true financial position of the companies at December 31
Company and Mount Shasta Power Corporation for the year 1922.
PRICE, WATERHOUSE & CO.
ending December 31 1922, and certify that in our opinion the
San Francisco, Cal., March 31 1923.
above Balance Sheet is properly drawn up so as to show the
2661
THE CHRONICLE
JUNE 9 1923.]
PACIFIC OIL COMPANY
AND AFFILIATED COMPANIES
SECOND ANNUAL REPORT—YEAR ENDED DECEMBER 31 1922.
REPORT OF THE BOARD OF DIRECTORS.
To the Stockholders of the Pacific Oil Company:
Your directors submit herewith the annual report of the
Pacific Oil Company and its affiliated companies, for the
year ended December 31 1922.
The books and accounts of your Company have been audited by Price, Waterhouse & Company, a public accounting
firm of the highest repute, whose certification of the correctness of the accounts appears below.
Below appears a statement of the General Balance Sheet
and also a statement of the Income Account together with a
statement of the Profit and Loss Account, showing a net
profit for the year of $11,792,225 84 (equivalent to $3 37
per share of stock of your Company issued and outstanding).
Dividends on the capital stock of your Company were
declared during the year, payable as follows:
(No. 3) $1 50 per share, paid July 20 1922
(No. 4) $1 50 per share, payable January 20 1923
$5,250,000 00
5,250,000 00
$10,500,000 00
EARNINGS.
The decrease in gross earnings is due to the reduction in
the market price of oil. The base field price for oil at the
wells of gravity ranging from 14 degrees to 17.9 degrees
Baume,is now and was during the last part of 1922,60 cents
per barrel, against a price of $1 60 per barrel in May 1921.
This reduction in price is not the result of decrease in business, but of large overproduction in California arising from
the intensive drilling under town-lot conditions of three new
Southern California fields, viz.: Santa Fe Springs, Long
Beach and Huntington,Beach. The result was an increase
of 21.65% in production in 1922 as compared with 1921.
During this period of overproduction, your management
has deemed it wise to restrict its production of oil, so far as
possible, to the quantity necessary to meet the market
demands, at the same time guarding its properties from any
depletion by adjoining owners.
OPERATING EXPENSES.
The decrease in operating expenses is due chiefly to curtailment of general drilling program, and also production
costs.
ADDITIONAL INVESTMENTS.
In Texas and .Alaska during the year your Company has
acquired an interest in a number of oil leases equally with the
Associated Oil Company. No drilling is being undertaken
in Texas. One well is being drilled for joint account in
Alaska.
A concrete storage reservoir, 750,000 barrels capacity, is
being constructed at Tracy, Calif., for storage purposes in
connection with supply of fuel oil to the Southern Pacific
Company.
On July 1 1922 your Company acquired a one-half interest
in the Associated Supply Company from the Associated Oil
Company (the other one-half being owned by that Company) by the purchase for $250,000 of 2,500 shares of stock
of the Associated Supply Company, at par ($100 per share),
each of the two equal owners supplying other funds to the
Associated Supply Company as needed, for working capital.
The Associated Supply Company in addition to caring for
the needs of the Pacific Oil and'
Associated Oil Companies
and their subsidiaries, in large past, also engaged in extensive
merchandise business in general oil well supplies.
The Associated Supply Company has on hand 541,465
barrels of fuel oil in storage in the Kern River fields, your
Company having a beneficial one-halfi interest therein as
stockholder of the Associated Supply Company.
OIL WELLS AND FIELD IMPROVEMENTS.
There were 739 wells in operation on December 31 1922; 18
new wells were being drilled., and 7 wells were being redrilled
on that date.
During the year 1922 your Company expended in construction of field improvements, principally new wells,
$3,724,933 32. Of this amount $1,910,823 78 were charged
to income, and $1,814,109 54 to investment accounts.
PRODUCTION.
The total production for the year 1922 amounted to
12,838,466 barrels, compared with 14,047,293 barrels for the
year 1921. The decrease is due to the shut-down of a number of wells producing heavy fuel oil, this policy having been
dictated by the large and steady increase in fuel oil s• ocks
resulting from the heavy production of crude oil in Southern
California fields. Detail of production follows:
Barrels
1921.
1922.
1,322,142 2.072,050
376,995
412,227
315,864
370,528
10,733,569 11,282.384
Field—
Coalinga
Kern River
McRittrick
Sunset
+ Increase
—Decrease
—749,908
+35,232
+54.664
—548,815
12,838.466 14,047,293 —1,208,827
Total
The production of your Company in chiefly light oil
having a considerable value for refining purposes, which is
sold to other companies, payment being made in fuel oil,
which in turn is disposed of to the Southern Pacific Company
and .other consumers. In these exchanges, the Company
earns a premium, also received in fuel oil.
SALES.
Sales during 1922, of fuel oil, totaled 16,250,002 barrels,
against 15,345,666 barrels in 1921, an increase of 904,336
barrels. The increase was due to the additional requirements of the Southern Pacific Company.
Oil on hand and due from other companies as of December 31 1922 amounted to 3,332,563 barrels, compared with
1,294,941 barrels on hand as of December 31 1921, reflecting an increase of 2,037,622 barrels.
GENERAL.
The demand for both crude and fuel oil is materially increasing. At the same time the production is Southern California from the new fields has not as yet passed its peak.
Your Company's holdings are situated in the San Joaquin
Valley, but it is interested in Southern California through its
ownership in the Associated Oil Company, which in turn
also owns major interests in subsidiary companies operating
In that field. These companies have very substantial holdings in Southern California.
Your Company, as of December 31 1922, owned interests
in affiliated enterprises as shown in the following schedule:
Affiliated
Companies
Par
Value
per Share
Capitalization
Authorized
Outstanding
Owned by
Pacific Oa
Company
Associated Oil Co.. $100.00 840.000,000 00 539,755.723 50 523,032,000 00
Associated Pipe
Line Company_ _ 100.00 10,500,000 00 *10,500.000001 3,500,000 00
Associated Supply
Company
100.00
250.000 00
500,000 00
x500,000 00
* Associated Oil Company owns 33 1-3% of outstanding capital stock.
x Associated 011 Company owns 50% of outstanding capital stock.
The Board announces with sorrow the death on September 24 1922 of Mr. Burns D. Caldwell, a Director of your
Company from shortly after its organization in December
1920. A copy of the resolution adopted by the Board, and
entered in its minutes, as a tribute to the memory of Mr.
Caldwell, is appended to this pamphlet report.
The annual report of the Associated Oil Company and proprietary and affiliated companies is reproduced as Appendix A to this pamphlet report,for your further information.
• By order of the Board of Directors,
PAUL SHOUP, President.
May 21 1923.
PACIFIC OIL COMPANY.
GENERAL BALANCE SHEET—DECEMBER 31 1922.
ASSETS.
Capital Assets—
Original purchase of oil lands and 200,690
shares of capital stock of Associated Oil
Company
$32,214,972 79
Other investments in and advances to affiliated companies
10,277,926 18
Oil lands and leases acquired since organization, field improvements, equipment and
organization expenses
23,422,467
23$65915,366 20
Current Assets—
Inventories at cost:
Crude oil on hand
*5411,680 60
Exchange oil receivable
**26,705 98
Materials and supplies
242.059 78
$680,446 36
Accounts andmotes receivable
3,273,684 69
Marketable securities
6,131,966 54
Call loan
1,400,000 00
Cash in bank ______________
3,899.775 47
15.385,873 06
Deferred Charges to Operations—
Prepaid taxes ______
648,728 48
Miscellaneous -----------------------------46,799 62
695.528 08
* Barrels 3,018.248.11
** Barrels 314,314.88.
$81,996,767 34
LIABILITIES.
Capital Stock—
Authorized and issued-3,500,000 shares of no par value_ --552.500.00000
Deferred Liability—
To co-owners of stock of Associated Pipe Line Company___
30,538 84
Current Liabilities—
Accounts payable
$718,45600
Accrued taxes
649,791 10
Dividend declared payable January 20 1923
5.250.00000
6.618,247 10
Reserves—
For depreciation and depletion
$15,191,408 29
For insurance
73,273 50
For possible Federal taxes and contingencies
976.532 66
16.241,214 45
6.606,766 95
Profit and loss, as per annexed statement
$81,996,767 34
2662
THE CHRONICLE
INCOME ACCOITNT—YEAR ENDED DECEMBER 311922.
Gross earnings from operations
$21,422.003 94
Deduct—
Operating expenses
$7,222,670 50
Taxes
990.151 73
8.212.822 23
Net earnings from operations
$13.209,181 71
Add Other Income— '
Dividend.s from affiliated companies
51,431,920 00
Interest earned
532,470 95
Royalties and rentals
188,387 60
Miscellaneous
64,419 44
2,217,197 99
Total income
515.426.379 70
Deduct miscellaneous charges
29.872 94
Net profit before providing for depreciation and depletion
and possible Federal income taxes
$15,396.506 76
Deduct—
Provision for depreciation and depletion
$3,094,974 79
Provision for passible Federal income taxes-509,306 13
3.604,280 92
Net profit carried to profit and loss account
$11,792,225 84
PROFIT AND LOSS ACCOUNT.
Balance at December 31 1921
Income for year ended December 31 1922, as above
85,384,534 16
11.792,225 84
Add—Net profit on properties and securities sold
517.176,760 00
19,879 96
Deduct—Loss on properties abandoned
$17,196,639 96
89,873 01
Deduct—Dividends declared
317.106.766 95
10,500,000 00
Balance at Dec.31 1922,carried to general balance sheet-. $6,606,766 95
PRICE, WATERHOUSE & CO.,
United States, Canada, Mexico, Great Britain.
56 Pine Street, New York, May 1 1923.
To the Stockholders of the Pacific Oil Company:
We have examined the books and accounts of the Pacific
Oil Company for the year ending December 31 1922, and
certify that the general balance sheet at that date and the
relative profit and loss account and income account are
correctly prepared therefrom.
The properties acquired from the Southern Pacific Land
Company have been dealt with on the basis of the consideration actually paid in'respect thereof, which was substantially
less than the full value of the properties. We have satisfied
ourselves that the additions to the property account comprise only proper charges thereto, and that adequate provision has been made for the amortization of the property
account through depreciation and depletion charges.
Provision has been made for all ascertained liabilities
a reserve for Federal taxes has been provided, although and
allowances for invested capital and depletion have not the
yet
been finally determined by the Internal Revenue Department.
We certify that on the foregoing basis the general balance
sheet and relative profit and loss and income account, in
our opinion, fairly set forth the financial position of the
company on December 31 1922 and the results of the operations for the year ending on that date.
PRICE, WATERHOUSE & CO.
Western States Gas & Electric Co. of Calif.—Bonds
Sold.—Blyth, Witter & Co., H. M. Byllesby & Co. and
Cyrus Peirce & Co. have sold at 96 and int., to yield over
6.30%,$2,000,000 additional 1st & Unified Mtge. Gold bonds
6% Series "A." Dated Mar, 1 1922. Due Mar. 1 1947.
(See advertising pages and compare V. 114, p. 1073.)
Data From Letter of Vice-President J. J. 0 Brien of Byllesby Engineering & Management Corp., Chicago, June 4.
Company.—Incorp. in California in 1910 and acquired electric
utilities in Central and Northern California, some of which had and gas
been in
existence since 1888. Company is at present serving 34 communities,
with principal centres at Stockton, Richmond and Eureka.
estimated 111.000. Company operates 2 hydro-electric plantsPopulation
combined installed capacity of 6,500 lt. w., located on the American of a Trinand
ity rivers, and modern steam turbine plants of a combined installed capacity
of 4.250 k. w.. located in Stockton and Eureka. Artificial
operated in Stockton and Eureka. operations in Stockton gas plants are
being in conjunction with natural gas wells.
Construction is now nearing completion of a hydro-electric plant on
South Fork of the American River, with an initial capacity of 20.000 k.the
w.
This additional capacity will enable the company to provide for immediate
and future power demands and to replace the prower purchased from other
companies, amounting in 1922 to about 60% of the company's total output
during that year.
Capitalization Outstanding Upon Completion of Present Financing.
First and Refunding (now First) Mortgage 55. 1941 (closed) _ _ _x$4,308,800
First & Unified Mtge. bonds. 6% Series "A" (incl. this issue)._ 7,000,000
15
-Year 6% Gold notes, Series "A"
5,000,000
7% Cumulative stock--------------------------------3,248,000
Common stock
3,231,500
x Additional 1st & Ref. Mtge. 55 amounting to $1,724,000
as additional security for the 1st & Unified Mtge. bonds. are deposited
Earnings for Calendar Years.
Gross
Over. Exps.,
Net
Total Actual
Year—
Earnings.
Maint. & Tax.
Earnings.
Int. Chgs
1914
5594,039
31.117.867
5523,828
3275,600
1916
637.708
1,239,337
601,629
292.144
1918
1,628.995
979.380
649.615
357.488
1919
1.901,303
1,115.555
785.748
378,860
1921
2.547.164
1,685,981
861,183
420.376
2,697,383
1922
1,775,853
921,530
464,706
Sinking Fund.—Present sinking fund of the 1st & Ref. Mtge. 5s requires
cash payments of approximately $260,000 annually, and will practically
retire those bonds by maturity: this cash sinking fund being over 2% of
the total bonds outstanding, including the new issue.
The First & Unified Mtge. provides for an annual sinking fund commencing March 1 1928 in an amount equal to 2% of the total outstanding bonds,
including the underlying bonds, as provided in the mortgage, which sinking fund will be credited vrith the cash payments to the sinking fund of the
1st dr Ref. Mtge. bonds.
Cash deposited for the sinking fund of the 1st & Unified Mtge. bonds may
be withdrawn by the company for permanent extensions and additions, for
which no bonds may be issued, or for the redemption of bonds.
Purpose.—To provide funds which, together with cash now on special
deposit, will be used to complete the 20,000 k. w. hydro-electric plant,
[VOL. 116.
together with adequate reservoir and canal capacity, in the construction ox
a new transmission line and for normal expenditures for additions and betterments to the existing property. 16.
[The Girard Trust Co., trustee, Philadelphia. Pa..
receive bids for the sale to it of 1st & Ref. Mtge. 5% will until July 5
Gold bonds, due
June 1 1941, to an amount sufficient to exhaust $134,964 and at a price
not exceeding 105 and intA—V. 116. p. 838.
White Rock Mineral Springs Co., N. Y.—Rights, &c.—
Chairman R. A. C. Smith, New York, June 2, in a notice to stockholders and holders of Voting Trust certificates therefor, says:
The company has acquired $1,750,000 5% 2d Pref. stock (being entire
issue) for the sum of $875,000. Of this amount, $750.000 will be held in
the treasury and the remaining $1.000,000 is offered to the stockholders
of record June 11 at the cost price ($50 per share), to the extent of 16
of their holdings. Rights expire June 20 and payment for the stock 2-3%
must
be made on or before July 10.
The 2d Pref. stock is entitled to receive dividends at the rate of 5%
per annum, after 7% per annum has been paid or set aside on the 1st
Pref. stock. After payment of 5% dividends on the Common stock. the
2d Pref. stock participates with the Common stock ratably in any further
dividends. Company has set aside and carries in its reserves the 7%
dividend requirements on its 1st Prof. stock for 1923.
Dividends on the 2d Prof. stock for the quarters ended Jan. 31 and
April 30 have been paid and the board has set aside and placed in its
reserves the amount necessary to pay the 2d Pref. dividends payable
July 31 and Oct. 31.
The net earnings for the fiscal year ending Dec. 31 1922. after payment
of Federal taxes, were $677,746.
Balance Sheet as of April 30 1923.
Assets—
Liabilities—
Property investment
57,311,767 1st Preferred stock
$2,000,000
Cash
99,210 2d Preferred stock
1,750,000
Investment securities_ _
649,297 Common stock
4,000,000
Accounts receivable
283.962 Current liabilities
18,491
Other current assets
21.195 Reserves (incl. dividend). 200.829
Stock in warehouse
r 87,942 Surplus
586,812
Raw materials
97,524
Deferred charges
Total (each side)
5.234
$8,556,133
(C. H.) Wills Co.—Sale Postponed.—
The receiver's sale scheduled for June 6 has been postponed to June 20.—
V. 116, p. 2156.
Winton Co., Cleveland.—Approves Merger.—
The stockholders on June 4 approved the plan to merge the company with
the Haynes Automobile Co. and Dorris Motor Co. under the name of
Consolidated Motors Corp
The Winton Co.. it is said, will receive $1,000.000 for its automobile
plant and equipment in cash and $250,000 of debentures and 93.000 shares
of common stock, the cash to be used in liquidating present indebtedness,
leaving the debentures and securities to be disposed of in some way to be
determined in due time. Present capitalization consists of 51.350,000 7%
cum. pref. stock and 31,000.000 common stock.—V. 116, p. 2532.
(F. W.) Woolworth Co.—May Sales.—Lea8e.-
1923—May-1922.
Increase.
Increase.
1923-5 Mos.-1922.
$14.798,615 512.880,654 S1.917.961$66.788.524 357.781.360 59.007.164
Of the increase of $1.917,960. or 14.89%. for May. stores operating one
year or more were responsible for $1.635.607, which was 12.70% over sales
for the same stores in May 1922. In the five months' period old stores
were responsible for $7,626,464 of the gain or 13.30% gain over sales for
the same stores in the first five months of 1922.
The company has leased from Aaron Kuhn: Chairman of the Board of
Directors of the Spokane & Eastern Trust Co. of Spokane, Wash., the
Kuhn Bldg.. 711 to 719 Riverside Ave.. Spokane, for a period of 50 years
and 7 months, at a total rental of 51.382.083. In addition the tenant will
pay the taxes, insurance premiums, &c. The rental is at the rate of
$25.000 for the first 18 years and 7 months, $27.500 for the next 17 years
and 330.000 a year for the remaining 15 years.
Although the lease becomes effective June 1 of this year, the company
will not be able to secure possession of the ground floor until 1928 on
account of existing leases.—V. 116, p. 2156, 166..
Wright AeronauticalCorp.—Earnings.—
Quarter Ended March 31—
1923.
1922.
Net sales
$419,721
Net earnings after taxes
41,578
$173.177
The earnings for the quarter are somewhat below the average experienced
during prior periods, due to the fact that during this period the corporation's
factory was changing over to the production of its new 12
-cylinder 600 h.p.
motor, and that a substantial volume of unusual charges of a non-operating
and non-recurring nature happened to fall in the same period.—X. 116,
p. 2409, 2286.
Yadkin River Power Co.—Acquisitions.—
The company has taken over tile municipal plant at Dillon, S. C. The
municipal plant at Rowland, N. C., has already been taken over by the
Yadkin company, and the municipal plant at Latta, S. C. it is stated, vril
be acquired as soon as the transmission line, now being built between Maxl
ton, N. C., and Marion, S. C., is completed to that point.—V. 116, p. 526CURRENT NOTICES.
—Melvin J. Woodworth, who recently became a director and Chairman
of the New York News Bureau Association, publisher of the "Daily Financial America." has been elected President and a director of the Chicago
News Bureau. The Chicago News Bureau is the Western correspondent of
the New York News Bureau. Joseph A. Flynn. formerly of the "Wall
Street Journal." has been appointed resident General Manager of the
Chicago News Bureau. Mr. Flynn has been associated with newspaper
work in Wall Street for the past twenty years.
—A survey of "rails" is contained in the weekly market review of Carden,
Green & Co. The companies includetrin the analysis are Atchison. Northwest, Great Northern, Illinois Central, New York Central, Northern
Pacific, Pennsylvania, Pere Marquette, Reading, Southern Pacific, Southern Railway and Union Pacific.
—In a special analysis of the Studebaker Corp., Lamborn. Hutchings
& Co. estimate earnings this year will exceed $25 per share on the Common
stock and point out that the substantial amount carried to surplus every
year insures continuance of the current dividend rate.
—John L. Couturier, formerly Assistant Cashier and Trust Officer of the
Whitney-Central Trust & Savings Bank, has been elected Vice-President
and Secretary of the firm of Sutherlin, Barry & Co. of New Orleans.
—Day & Heaton, 42 Broadway, New York, members of the New York
Stock Exchange, announce the readmission of James If. Waterbury to
their firm.
—Guaranty Trust Company of New York has been appointed registrar
for the preferred stock of Sugar Estates of Oriente, Inc., consisting of
50.000 shares, par value $100.
—C. G. Robinson & Co., public accountants and auditors, have moved
Into tilieir new offices in the Cotton Exchange Building. 80 Beaver St.,
New York.
—The Equitable Trust Co, of New York has been appointed registrar
of the preferred stock of the Electric Truck Transportation Corporation.
Montgomery Rehlil, formerly with Lamport, Barker & Jennings.
is now associated with Lege & Co. in their bond department.
—Bankers Trust Company has been appointed transfer agent for the
preferred and common stock of the Centrifugal Cast Iron Pipe Co.
—Arthur Young & Co..82 Beaver St., New York, announce the opening
of an office in the Central tank 'Building, Dallas, Texas.an
2663
T-FrE CHRONICLE
JUNE 9 1923.]
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-METALS-DRY GOODS-WOOL
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper, immediately following the
editorial matter, in the department headed "INDICATIONS OF
BUSINESS ACTIVITY.1
Friday Night, June 8 1923.
COFFEE on the spot in moderate demand and steady;
No. 7, Rio 113 c.; No. 4 Santos 14 M©15c.; fair to good
A
Cucuta 15M ©153 c. Futures fell here with Brazilian prices
A
despite bullish statistics Laneuville estimated the woild's
visible on June 1 at 5,442,000 bags, representing a decrease
of 662,000 bags during May. According to G. Dinning &
Zoon the decrease for May was 662,000 bags The New
York Coffee & Sugar Exchange figures indicated a decrease
in the world's visible on June 1 as compared with May 1 of
653,477 bags Duuring reported the arrival in Europe of
all kinds of coffee during May as 698,000 bags with total
deliveries of 580,000 bags in that month and made the total
European stock on June 1, 2,018,000. It mattered little,
however, what the statistics showed. Speculation was
quiet. Wall St. selling struck an unwilling market. Prices
fell on the 4th inst. after some early advance on the monthly
figures and pretty good early cables. Later the demand
died out. Liquidation then told. There was a rise on the
5th inst. after an early decline. Trade buying braced up
the price. Santos advanced 50 to 225 reis if Rio dropped
70 to 200. There is said to be a very large short interest here
in July far beyond the available supply at present. To-day
futures declined 8 to 10 points net in a dull market. Rio
advanced, it is true, 100 to 200 ries, but Santos was unchanged to 150 reis lower. The dollar rate was 80 reis lower.
No. 7 Rio was said to have sold for June shipment at
103/2.0 e.&f., or a drop recently of Mc. Spot trade was slow.
Brazilian receipts are light, those at Santos thus far this
month being only 51,000 bags, and at Rio 36,000 bags or
only about half he permissible rate per day. Closing
prices show a decline for the week of 12 points.
Elpot(unofficial)_113 4%1July
A
9.55C9 9.59 December.... 8.150 8.16
1September 8.580 8.89 March
8.0910 8.10
SUGAR.
-Cuban raws sold early in the week at 614c.
c. & f. from operators' hands. Others asked 6Mc. Refiners were supposed to be carrying considerable stocks of
refined and disinclined to buy much raw until their product
should sell better. The season of large consumption is just
ahead. At the opening of the week London reported business
dull in the United Kingdom with a resale of a part of a cargo
of Cuba in port at 31s. c. i. f. United Kingdom equal to
about 6.25c. f. o. b. Cuba. British granulated was is.
lower for prompt and June delivery at 36s. 103/2d.; July
delivery fell 6d., due, it is said, to the competition of a
New York refiner who was said to be offering granulated to
the United Kingdom and France at a price about equivalent
to the English basis. Refiners on the 5th inst. paid 614c.
for Cuba June shipment. About 30,000 bags of sugar are
reported to have been taken by a refiner at 634c. on the
5th inst. and Cuban connections bought about 2,000 tons of
December. Some contend that whether or not the boycott
on sugar is reflected in the sugar market, continuous talk and
publicity have driven many traders out of the market. It is
argued in some quarters that what the "futures" market
chiefly lacks is not incentive, but interest in outside professional circles.
On Tuesday the sales, including Cubas and Porto Ricos
on the 614c. c.&f. basis, it figured out later, were up to about
150,000 bags. In other words, the market showed unmistakable signs of waking up. The hot wave indicated
the approach of a large popular consumption of sugar as
usual in the summer months. On the 6th inst. trade interests bought futures freely. Cuban raws moved up Mc.,
25,000 bags being sold at 6Mc. Outside speculative interest,
however, was rather small. Cuba later on was quoted at
63 c., though the market was not entirely indifferent to
%
the fact that English refiners cut prices sharply, namely
prompt 2s., August is. 9d. and September 3s. 3d. This
was the way they tried to trump the fact that several cargoes
of American sugar have been shipped to England to take
advantage of the lower import duty. This unsettled the
English markets. Raw sugar was not quoted there on the
7th inst. There is keen competition among American,
Canadian and British refiners in English markets. Some
exporters here, it is intimated, have shown some disposition
.
to cancel their purchases in consequence of the state of
affairs across the water. One refinery offered to-day to
sell granulated for account of whom it may concern at 9Mc.
Regular prices for granulated were 9.75 to 9.90c. To-day
prices declined 30 points on futures, the loss being partly
attributable to a rather unsettled spot market for raws.
It was hinted that Wic. would be shaded to 6 5-16c. and
perhaps to 614c. from operators, though importers were
supposed to be maintaining prices on the basis of 6Nc.
San Domingos for prompt shipment have latterly sold at
614c. c.i.f., Montreal. Final prices for futures show a
decline for the week of 23 to 26 points. Pricesfollow:
Spot (unofficial)__ _6 WISeptember 6.0510 6.061March ___- 4.20@nom.
4.25@nom.
July
5.98(0;C 5.991 December - 5.5010 5.521M8y
LARD firmer; prime western, 12.10@12. 0c.; refined to
2
Continent, 13c.; South America, 13.25c.; Brazil in kegs,
14.25c., Futures declined with big receipts and lower prices
for hogs, cables irregular, a sharp decrease in exports and
domestic and foreign demand small. Now and then, when
corn rallied and hedge selling proved to be small, lard prices
turned upward, spurred by short covering for the time.
But early in the week the tone was not confident on the
buying side. The effect of lower quotations for hogs was
somewhat neutralized by the largest May reduction in
Western stocks of meat since 1915, and later on prices advanced. At one time this week there was some selling of
July by the larger carriers. Europe bought ribs. Clearances of lard were still small. Stocks of lard tend to increase rapidly from now on. To-day futures dropped 15
to 20 points. The cash trade has been slow. Hog news
has favored shorts. The cables have latterly been rather
weak. It is true there has been considerable covering
in July and September. And on the 7th inst. New York
cleared 5,250,000 lbs. of lard. But in general export and
domestic trade has been light and latterly the Ruhr news
has been less favorable, all of which for the time being
neutralized the effect of the smallness of supplies on this side
of the water. Last prices show a rise or the week, however,
of 7 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
set.
Mon. Tues.
Wed. Thurs. Fri.
July delivery
cts_11.22 11.12 11.25
11.35 11.47 11.27
September delivery_ _ _ -11.47
11.35
11.47
11.55 11.67 11.52
PORK dull; mess, $26 to $26 50;family, $30 to $32; short
clear, $23 50 to $26. Beef quiet; mess, $15; packet, $15 to
$15 50; family, $16 50 to $18; extra India mess, $28 to $30;
No. 1 canned roast beef, $2 35; No. 2, $4 05; 6 lbs., $15;
sweet pickled tongues, $55 to $65 nom. per bbl. Cut meats
quiet; pickled hams, 10 to 24 lbs., 14M to 171 0.; pickled
4
bellies, 6 to 12 lbs. 14c. Butter, creamery seconds to high
scoring, 36 to 394c. Cheese, flats, 20 to 293.4c. Eggs,
fresh-gathered trade eggs to extra, 21 to 30c.
OILS.
-Linseed has been lifeless. Business has been
largely of a hand-to-mouth character. Offerings of foreign
oil have been rather more liberal. A carload of English oil
was reported to have been offered at 98c. per gallon.
Most importers are asking around $1 03 to $1 04 per gallon.
Later it was said a distressed carload of English oil sold
at 95c. Here spot carloads were quoted at $1 14; tanks,
$1 09; less than carloads, $1 17; less than 5 bbls., $1 20;
boiled tanks, $1 11; carloads $1 16; 5 bbl. lots, $1 19; less
than 5 bbls., $1 22; refined'
bbls., car lots, $1 18; varnish
type bbls., $1 18. Cocoanut oil, Ceylon, bbls., 9M ©9Mc.
Cochin, 103 c. Corn, crude, tanks, mills, 9M to 93 04
/
4
/
spot N. Y., 1214c.; refined, 100 bbl. lots, 123 0. Olive,
/
$1 15. Lard, strained winter, New York, 1230.; extra,
123/2c. Codlidomestic 68 to 70c. Newfoundland, 71 to
74c. Spirits of turpentine $1 04 to $1 05. Rosin, $5 90
to $7 50. Cottonseed oil stiles to-day, 5,900 bbls., including
switches; crude, S. E.. 10.00c. Prices closed as follows:
Suge
Jp t
July
8 85 8:90
o
r
... _0 septem _ _ - :
11.0 1c2 0_ lAugustber II 44111gINecerabe: 9: 79 12
.5
5
Dovember
24
11.55
11.65 October_ - _10.06
10.08 January
8.S3®8.90
PETROLEUM.-Gasoline is in only fair demand and
prices are described as easier. Stocks of gasoline are very
large. Export business is very light. Kerosene dull and
weak. Bunker oil steady at $1 70 per barrel f. o. b. New
York Harbor refinery. New York prices: Gasoline, cases,
cargo lots, 28.65c.; U. S. Navy specifications, bulk, per
gallon, 15c.; export naphtha in cargo lots, 17.50c.; 63-66
degrees, 19.50c.; 66-68 degrees, 20.50c.; kerosene, cargo lots,
cases, 15.90c.; petroleum, refined, tank wagon to store, 14c.;
motor gasoline, garages (steel barrels), 21Mc. Receipts of
crude oil by pipe lines of Oklahoma and Kansas during April
according to the Oil City "Derrick" were 16,455,610 barrels,
an increase of 337,046 barrels, as compared with the previous
month. Deliveries by the same lines amounted to 15,286,289 barrels, a decrease of 583,157 barrels. Stocks of crude
oil held by the pipe lines of Oklahoma, Kansas and Illinois
and the territory east of the Mississippi River at the close of
April amounted to 108,508,066 barrels, an increase of
1,317,732 barrels during April.
Penn_.
$3 25
Corning
1 85
Cabal!
1 91
Somerset
1 75
Somerset. light --- 2 10
Ragland
Wooster
Lima
IndianaPrinceton
81 00 Illinois---------$ Currie
? 997
1
97
1 45
2 00
1 35
i60
are
RUBBER declined in sympathy with Memiaaction in London. Business is very quiet here. Factory interests are
2664
THE CHRONICLE
still out of the market. Smoked ribbed sheets and first latex
%
crepe, spot and June, 283c.• July, 283c.; July-September,
A
28Hic.; October-December, 2b3 c. Lower grades of plantation are dull and lower in sympathy with standards. UpRiver Para lower, fine being quoted at 28%c. On June 4
rubber advanced in London on better speculative demand,
based partly on a further reduction of 862 tons in the stock,
to-day's return being 53,627 tons, against 54,489 tons last
week, 70,621 tons last year and 70,563 tons two years ago,
at the corresponding time. For plantation standard on the
spot 148d. was paid, an advance of Hd. In London on
June 5 rubber rose Md. to 15Md.for plantation standard on
the spot; on the 7th it was back to 14 Md.
HIDES were dull and lower. Bogotas were quoted at
21c. for interior. Reports from the River Plate section
stated that frigorifico steers fell. A sale was reported
of 2,000 Swift Montevideo steers at $44 25, or equal to
17X$3. c. & f. United States buyers are not buying frigorificos ahead. Domestic hides were dull. The drift of prices
seemed to be unmistakably downward. Savanilla later
were about 193o.; Santa Marta, 200.; 5,000 Swift La Plata
sold at $33, or 130. o. & f., a decline. Chicago was dull.
Branded bulls were nominally 10c. Skins dull. Bids are
below the market. City calf were 18c. asked. Side leather
in only moderate demand at 15 to 16c. for boarded stock.
Later 25,000 salted Chicago city calf sold at 16c., a drop of
2c. Good buff weights of hides were 11 to 120.
OCEAN FREIGHTS have been quiet and rather weak,
with tonnage plentiful.
CHARTERS included grain from Montreal to Bordeaux-Hamburg range.
13c. June: from Montreal to Greece, 21%c. June 10; coal from .Atlantic
range to Sfax. $2 60 June 12; from Atlantic range to Antwerp. $2 prompt;
lumber from Gulf to River Plate, $16 July; one round trip in West India
-ton steamer, $1 60 June; ore from Huelva to New York, Philatrade, 850
delphia or Baltimore, 115. prompt:ore from Lulea to Baltimore,11s. prompt;
coal from Hampton Roads to West Italy, $3 June; coal from Virginia to
Rio Janeiro. 3.3 10 June; from Atlantic range to west Italy, $3 10 prompt;
-West India trade, 1,184-ton steamer.
nine months' time charter in Gulf
$1 80 June; grain from Montreal to west Italy,48. June; grain from Montreal
,
to Antwerp. 2s. 10d.: option oats, 2s. 736d. June; coal from Virginia to
Santos, 33 30 June; coal from Atlantic range to west Italy. $3 25 June:
coal from Virginia to Rio Janeiro. 33 June: sugar from West Indies to New
York or Philadelphia, 16c., Boston, 18c., Montreal, 22Mc. prompt: coal
from Virginia to Barbados,$2 prompt; nine months'time charter, 1,401-ton
-ton steamsteamer,in West India trade,$I 30 prompt;one round trip, 1.922
er, 85c. prompt: grain from Montreal to Antwerp, 14e. June; grain from
North Pacific to United Kingdom or Continent.37s.6d.September: 125.000
cases of oil from Port Arthur to Far East, basis 26c. June; nitrate from Chile
to Jacksonville-Boston range. $4 50 June; phosphate from Curacao to
Denmark. 248. 6d. June: 4,500 tons of coal from Atlantic range to west
Italy. 33 25 prompt; coal from Baltimore to Dunkirk,$2 25 June: coal from
Atlantic range to Antwerp-Hamburg range. $2 15 prompt: grain from Montreal to Antwerp or Rotterdam, 28. 103id.; option oats, 2s. 734d. June:
grain from Montreal to Continent. 14c. June; grain from Montreal o
Mediterranean, 35. 10.0. June; grain from Montreal to United Kingdom,
2s. 9d.03s. June; oil from Gulf to North Atlantic port, 50c. prompt:
-ton
kainit from Hamburg to Jacksonville. $3 prompt: one round trip, 1,867
-west coast South America trade, 90c. June; one
steamer. In United States
-ton steamer, 80c. prompt.
round trip in West Indies trade, 2,084
TOBACCO has been in somewhat better demand, though
actual business has reached only a fair amount in any instance. For the most part, indeed, buyers continued to
pursue a waiting policy so that really important trading is
out of the question. •Yet for both wrappers and fillers there
is some demand, whereas recently there seemed to be scarcely
any. And prices have been in the main reported steady.
COAL trade was hit by a hot wave. Prices fell on Hampton Roads high volatiles to below $5, even, it was said, to
$4 75. Pool 12,$2 45; Pool 9 at tide water,$5 35; Pool 10,
$5. The better grades of bituminous were rather firmer early
in the week, especially on pools 1, 7 and 9. Later Pool 1,
$6 50; Pool 2, $6 25. Coke was depressed. Best standard
grades of Connellsville in cars at Pittsburgh were $6 00 for
best foundry, with $5 50 for best furnace early in the week.,
Heating coke,$4. Contract coke for third quarter was something above spot prices. Anthracite was firm, with most of
the independent domestic sizes $10 50 to $11 50, though
some of the largest companies were selling at as low as $9 00.
Later Hampton Roads coals were slow, with New England
doing little. Pool 1 was quoted at $6 50 to $6 75, and
Pool 2 at $6 25 to $6 40. High volatiles were inclined to
sag with it seems some distress coal offered. Prices were
$485 to 85.
-A rather better business is being done and
COPPER.
prices are firmer. Sales ranging up to 500 lots have been
made recently. And export business has improved. The
Copper Export Association, it is said, has begun selling
again and is quoting 153c. c.i.f. European ports. Less than
a fortnight ago independent exporters were shading the
Association's price by as much as Mc. France has taken
most of the copper shipped, while a fair quantity is going to
Great Britain and Germany. July and August delivery
meet with the most demand, while for June delivery there is
a fair inquiry. Consumers of unwrought copper show more
inclination to buy now, owing, it is said, to the belief that
the bottom has been reached. Their supplies are very small.
Imports of copper in March totaled about 54,000,000 lbs.,
against 40,000,000 lbs. in February and 37,000,000 in January. Exports were 63,000,000 lbs., against 52,000,000 lbs.
in February and 77,000,000 lbs.in January. Boston, Mass.,
wired June 2 that compared with shipments of copper to
foreign countries in the last quarter of 1922, the exports for
the first quarter of this year show an increase of 30,748,480
lbs.
Tin quiet and easy. For Straits 42c. is quoted and 41%
:
for futures. These prices it is said, however, could be shaded. There are some inquiries from can makers for tin plate,
but deliveries in time for the canning season cannot be promised. Recent hot weather has curtailed production. The
(VOL. 116.
total visible supply at the end of May was 22,187 tons against
22,116 tons in the previous month. During the previous
month there had been a decline of 2,506 tons. The U. S.
visible supply amounted to 11,305 tons consisting of 2,282
tons in warehouses, 850 tons landing and 8,173 tons afloat.
Total shipments in May to all countries were 8,157 tons,of
which 5,535 tons were Straits, of which 3,150 tons came to
the U. S. Business in tin remained very quiet. Only
450 tons changed hands in London and the only recorded
sale here was 25 tons of June-July shipments from the Straits.
The visible supply increased 71 tons whereas a decrease of
about 1,000 tons had been expected.
LEAD rather quiet and slightly lower. Spot, New York,
7.25(4)7.30c.; East St. Louis, 7@7.05c.
ZINC quiet and rather easier of late. Spot, New York,
6.70(4)6.75c.; East St. Louis, 6.35@6.40c. Stocks of slab
zinc are mounting. London has latterly declined. Belgian
smelters are placing new contracts for zinc concentrates,
which has naturally kept the price down. Production in
Belgium will soon be curtailed, it is said, owing to the lowness of prices. Consumption in Great Britain and the
Continent has recently fallen off.
STEEL has been quiet and sheet prices, it is said, have
been shaded at Pittsburgh. The output is still very large,
although, owing to the hot weather, the production of sheet
and tin plate has latterly fallen off. In the Mahoning
Valley there is said to be a decrease of 10%,. owing to the
weather. The structural requirements are said to be large,
for school work in New York City, pipe work at Cleveland
and oil and gas lines in different parts of the country, as
well as freight vessels for the Great Lakes. Quite a good
business is reported in merchant pipe at Pittsburgh. Billet
and sheet bars there are reported down to about $42 50 base,
with billets, slabs and bars for the third quarter also $42 50.
Buyers are very cautious. It is believed that the steel ingot
output in May was something beyond precedent. But with
the advent of hot weather, a decrease in production is naturally expected. At the same time there is a disposition among
buyers to purchase on a conservative scale. The Pennsylvania RR. has, it is stated, ordered 20,000 tons of steel
rails. The Carnegie Steel Co. will roll half of the rails
called for in the order, while the other half has been granted
to an independent company. Several other Eastern roads
it is reported, are feeling out the market for delivery before
long.
PIG IRON output is large but the demand is even smaller
than recently. The May total reached the peak for tire year.
Hot weather is now cutting down the production. The total
for May, however, was 3,867,694 gross tons, or 124,764 tons
a day, as against 3,549,736 tons in April, or 118,324 tons a
day. The hot wave for the past week has had its natural
effect at the mills. Not improbably the June total will show
a decrease compared with May. New business is slow.
Eastern Pennsylvania iron is quoted as a rule on a basis of
shaded
329, though some believe that this price would be Massaon a good-sized order. But foundry iron sold to a
chusetts consumer at $29. That was a decline of $2from the
recent price. Virginia and Buffalo iron are said to be selling
at $28 furnace base. Furnace coke has been quoted at $4 50
to $5 spot and $5 50 to $6 contract; foundry coke, $6 and
upward.
WOOL has recently been quite here and prices have been
falling generally, not excepting domestic, but especially on
foreign clothing wool. Mills hold aloof, fearing a further
decline, especially as woolens sell rather slowly. There is
some business in Western domestic stocks in Arizona and
Texas. A supers scoured basis from $1 22 to $1 26; fine
10 months' Texas wools, clean basis, $1 38 to $1 43. It is
said that prices in some cases have been reduced 3c. or more.
Many wool dealers, it is stated, have found mills unwilling
to pay the high prices asked and have been forced to sell
some of their holdings. Also there is to be borne in mind the
reduced consumption in April compared with March and
the tendency of some woolen goods mills to lessen their
output. Some are predicting lower prices for wool on a
larger clip than the last one. Prices are considered 65 to
150% higher than in 1913.
At Brisbane, Australia, on May 31, prices ended firm with
the exception of good greasy merino, which declined. France
and Germany were the chief buyers. Bradford held aloof.
At Wanganui, N. Z., 7,200 bales of wool were offered on
June 1, but only 4,400 bales sold. Selection good in crossbreds, but demand was not satisfactory. Prices were about
the same as at the sales of March 20. At Auckland, N. Z.,
2,600 bales were offered on June 1 and 1,600 sold. It was
mostly of inferior wools. Prices fell slightly. The Boston
"Commercial Bulletin" in its issue of Saturday, June 9, will
say:
for the
A sluiggLsh, irregular market prevails in wool and prices, except
finer staple qualities, are on the easy side. Further shipments of low
wools are being made to Europe, which offers a better market for some
types than does the home trade. At the mills the situation has changed
g f
lirtle ettheing
a teIn , it
West
anY. the dealers have lowered their limits in many sections and
some wool at the lower levels. Wool is moving rather more
briskly in some of the bright wool States.
Bradford reports a decline of a penny a pound for tops grading 46s. and
above for the week. Prices are down fully 10% in the Liverpool, East
India sales. The Continental markets aro steady, however: offerings from
the River Platte show no easing. Mohair is in light demand here but firm.
The rail and water shipments of wool from Boston from Jan. 1 1923 to
June 27 1923, inclusive, were 69.200,000. The rail and water shipments of
wool from Boston from Jan. 1 1923 to June 7 1923, inclusive, wore 272.873,100 pounds, against 171,174.150 pounds for the same period last year.
JUNE 9 1923.]
THE CHRONICLE
On Shipboard, Not Cleared for
COTTON.
Friday Night, June 8 1923.._
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given'below. For
the week ending this evening, the total receipts have reached
25,060 bales, against 28,322 bales last week and 36,894 bales
the previous week, making the total receipts since the 1st
of August, 1922, 5,546,798 bales, against 5,701,833P1
for the same period of 1921-22, showing a decrease since
Aug. 1 1922 of 155,035 bales.
Sat.
Galveston
Texas City
Houston
New Orleans__ -Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Totals this week_
5,100
Mon. I Tues. I Wed.
2,257
614
Thurs.
1,149
556
22
584
1
804
1.410
2,907
2
831
57
498
471
428
619
290
21!
548
10
629
315
30.
206
234
163
33
105
554
365
27
10
I
363
72
3,783
2,124
Total.
Fri.
411
2.0191
2,113
6,494
9,014
1
1.914
5,965
64
2,404
2,027
306
1.903
481
981
2,564
1
504
1,092
64
366
63
138
536
118
5,446 25,060
The following tables shows the week's total receipts, the
total since Aug. 1 1922 and stock to-night, compared with
the last year:
1922-23.
Receipts to
June 8.
1921-22.
This Since Aug This Since Aug
Week. I 1922. Week. 1 1921.
Stock.
1923.
Galveston
9,014 2,295,894 30,844 2,401,743
61,561
Texas City
I
69,796
887
30,248
117
Houston
1,914 718,823 10,750 454,091
Port Arthur,&c------10,305
New Orleans
5,965 1,324,791 27,536 1,169,555
89,768
Gulfport
8,123
Mobile
64
86,027 3,418 149,279
1,086
Pensacola
8,820
3,350
Jacksonville
9,153
83
3,760
2,667
Savannah
2.404 416,670 8,210 700,381
20,285
Brunswick
28,020
740
27,491
152
Charleston
2,027 124,478 4,242 142,113
37,612
Georgetown
Wilmington
306
90,644 2,199 101,645
11,553
Norfolk
1.903 269,656 4,428 339,935
34.931
N'port News, &c_
583
New York
481
8,360
109
30,283
89,047
Boston
981
73,330
564
41,311
8,692
Baltimore
17,394
560
58,163
2,139
Philadelphia
4,942
29.476
4,341
Totals
25.060 5,546.798 94.570 5.701.833 363.951
1922.
197,251
3,348
182,988
4,817
1,427
77,452
1,819
71,000
29,077
58.105
213,201
7,405
3,196
4,362
855.448
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at
-
1923.
Galveston_ _ _ _
Houston, &c_
New Orleans_
Mobile
Savannah_
Brunswick _
Charleston _ _ _
Wilmington -_
Norfolk
Wport N., &c.
All others.. _ _ _
9,014
1,914
5,965
64
2.404
Tot. this week
25,060
2,027
306
1,903
1,483
1922.
1921. I
30,844
887
27,536
3,418
8.210
740
4,242
2,199
4,428
1920.
1919.
1918.
50,686
932
27,145
1.707
14,087
1,095
1,568
ir 2,419
5.950
26
12,086
4,044
7,557
2,775
16,356
1,452
4.426
62,752
3,447
33.649
4,765
41,347
12,973
623
17,607
765
11,187
1,538
26
1,088
28
4,031
7,730
5,622
2.727
67
3,206
451
86
1,517
94,570
39.277
165,339
A
109,659
•3835
49,044
Since Aug. I..- 5,546.798 5,701,833 6,015,085
6.600,301 5,230.645 5,577,464
The exports for the week ending this evening reach a total
cif 40,002 bales, of which 4,102 were to Great Britain, 3,422
to France and 32,478 to other destinations. Below are the
exports for the week and since Aug. 1 1922 are as follows:
Week ending June 8 1923.
Exported toExports
from
Galveston_ _
Houston _ _
Texas CityNew Orlean
Mobile
Jacksonville
Pensacola _ _
Savannah _ _
Brunswick
Charleston _
Wilmington.
Norfolk .H
New York _
Boston
Baltimore _ _
phIladelphla
Los Angeles
San Fran_ _
Seattle
From Aug. 1 1922 to June 1 1923.
Exported to
-
Great
Great
Britain. France. Other. Total. Britain. France,
Other.
Total.
12,382 12,38
1,914 1,91
387
22
3,42
5,994
5,863
108
3.3
185
100
Total.
- 4102
5,423
40
417,819 304,3661,124,61 1,846.804
234.63 150,82 330,586 716,048
3.765
3.785
9,80
192,95
79,184 472,665 744,808
22 23,821
4,74
29,029 57,595
75
6
675
7,96
861
8,820
5,86
127,71
4,41
126,121 258,249
21,36
6,6 I
28,015
30,42
1,094 84,67: 66,198
11,6
82,400
8,72
100,904
923 43,953 145,780
6
56,37
42,628 139,044 238,048
10
3,733
4,747
8,480
1,479
167
1,646
215
1,604
1.819
12,99
3,925 18,899
1,977
2
68,537
68,33
9,282
9,282
32,478 40.0021,243,865 590,5712,471,43 4,305.866
Total'21-'22 41,160
42,782 83,996 1,566,22 680,4523,117,611 5,364,288
Total'20-'21 19,734 10,258 70,983 100,975 1,542,926 503,734 2,629,0534,675,713
NOTE.-Ezports to Canada.
-It has never been our practice to include In the
above table exports of cotton to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and It Is Impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous Inquiries we are receiving regarding the matter, we will say that for
the crop year from Aug. 1 to Apr.3J (no later returns are as yet available) the exports
to the Dominion the present season have been 169,614 bales. In the corresponding
PeriodAof the preceding season the exports were about 155,000 bale&
--
Ini„addition to above exports, our telegrams to-night also
give bus the following amounts of cotton on shipboard, not
cleared, at the ports named.
2665
Other CoastGerGreat
June 23 at
- Britain. France. many. Cont'nt. wise.
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports*
Total.
Leaving
Stock.
3:866 5,000
56.611
67,600
19,985
37.612
750
34,630
96,208
Total 1923
14,223 3,667 10.875 19,897
Total 1922
49,997 13,049 29,104 43.189
Total 1921._ 67.048 2,915 31,819 53.357
1,892 50.554 313,397
4,183 139,522 715,926
6.525 161,664 1,453.405
250 1,300 1,300 1.100 1.000 4,950
492 22,168
467 5,775 13,797
1,637
SOO
----------------300
_ _ __
336
300
-i66
200
22.500
12.000inttO
* Estimated.
Speculation in cotton for future delivery though quiet at
the beginning of the week broadened later and prices ran up
some 100 to 130 points, the latter on July. A further rise
followed. July went to 320 points over October. June on
the 6th inst. suddenly ran up 145 points, reaching a premium
over July of 110 points, as against 30 points nominally in
the previous very occasional trading. Back of the rise has
been a large short interest, a scarcity of contracts, difficulty of getting the desired grades of spot cotton, and, in a
word, dwindling supplies at home and abroad after what
had been to all intents and purposes two Crop failures in
succession. The stock of American cotton in Liverpool in
eight weeks has fallen off 143,000 bales. This despite the
fact that Liverpool has plainly been using less American
cotton than usual. But of late it has suddenly woke up.
Early in the week its spot sales were 14,000 bales on a single
day. And following that came daily sales of 10,000 bales.
It was understood that the Continent was buying there.
That might have been true enough, but if Manchester was
also buying it would be nothing surprising. It has bought
very little for some time past, and now its trade is looking
up. At any rate, there is a better demand. It is true that
the bids from China are not always workable. Many of
them, indeed, are not. But there is plainly more interest in
British cotton goods in the Far East with more or less demand,Including some inquiry from India. Spot prices at the
South advanced with a better demand. There has been a
larger inquiry for short cotton, both at home and abroad.
Liverpool dispatches have mentioned it. Southern dispatches have dwelt on the fact from time to time. And it
has been hard to get the grades wanted. On the 7th inst. 4,000
bales of June cotton were bought here by a shipper as being
the cheapest market.
Meanwhile crop reports from the section east of the Mississippi River have been for the most part bad. It is true
that the weekly Government report on Wednesday was in
some respects more favorable. At least it stated in general
that the weather for the week previous had been better in
much of the belt than for several preceding weeks. Less
frequent rains and moderate temperatures were favorable
In Louisiana, Arkansas, Tennessee and Mississippi. Some
of the Louisiana reports were also very good. Excellent
progress has been made in chopping and cleaning the fields
there and the condition is mostly satisfactory. In Texas,
too, progress and condition of the early planted cotton are
described as mostly fair to very good. The fact is not disguised that the late planted got a poor start because of dry
weather and cut worms, also there is weevil at the southern
and eastern part of Texas. But of late chopping and cultivation have made very good progress. Texas complains, however, of cut worms, web worms, grasshoppers and fleas. And
over other great tracts of cotton country the outlook is far
from satisfactory. Recently cotton in Oklahoma has not
only made slow progress, but in some sections it has deteriorated. Its condition In the main is very poor. Much replanting is necessary in that State. In Georgia the condition and progress are both generally poor. In the northern
part of the State the plant has deteriorated. In Alabama
the plants are generally small. In Mississippi the growth is
poor, and planting is not yet completed in the extreme northeastern part of the State; cultivation is backward. In Tennessee the condition is irregular. Cultivation and planting
are delayed and some fields have been abandoned, though
from some parts of the State come cheerful reports. In
other words, the crop as a whole is not getting a good start,
even allowing for quite a favorable outlook in much of
Texas. Liverpool, American trade interests, Wall Street,
the West and uptown interests have all been buying. The
Idea of not a few keen watchers of the trading is that there
is a large short interest in the new crop. There are those
who think there may be interesting developments in July,
possibly of a piece with the sudden rise in June the other
day, when nobody was expecting it. Contracts have latterly
been scarce. This, combined with disappearing stocks of the
actual cotton, has strengthened not a few in the conviction
that the price must move upward. Stocks cannot be replenished on any very considerable scale for about four months
to come. Meantime the July delivery is sharply watched, as
July shorts have been nervous. Large interests are said to
control the July situation. There is supposed to be a large
July short interest for trade account.
On the other hand, the textile trades of this country.
are
not in the best imaginable shape. Worth Street, Fall River
and New Bedford have been dull. There have been reports
[Vol,. 116.
THE CHRONICLE
2666
of curtailment by 15 different North Carolina mills. Yarn
mills are cutting down their output in different parts of the
country, it is said. For many weeks past Fall River's business has been poor. Whether this means that a silent buyers' strike is in progress, or whether trade has been held up
by a backward spring, is in the last resort immaterial. The
trade has suffered noticeably. And now the South is also
beginning to feel dulness of trade. There are even intimations that unless business improves greatly there will be a
very general curtailment in output among the Southern mills
by July 1. And as regards Manchester, it is not forgotten
that although the inquiry has undoubtedly been larger, it is
openly questioned whether its actual business has very
greatly improved. Oriental bids have often been below the
admissible limits. And as regards the crop, June is apt to be
a favorable month. In 1920, for instance, although the May
25 condition was only 62.4%, that of June 25 showed a rise
of 8.3% and the condition kept on improving, so that the
crop in that season surprised everybody by considerably exceeding 13,090,000 bales. That was an extreme case. It
does not happen very often, to say the least. But June often
does see a noteworthy improvement in the condition of the
crop. That is matter of cotton history. If it occurs this
year it is reasoned that it may easily have a noticeable effect
on prices, especially if general trade in this country should
continue quiet. And for the most part speculation here is
not of a broad universal character; far from it. The gigantic swings of prices since the middle of March have to a
very great extent eliminated the small trader whose transactions in the aggregate are wont to make up the really big
trading. In any case not a few look upon it as a trading
market largely under the domination of the weather. Today prices declined, with the cables a trifle weak, or at any
rate, disappointing, the weather somewhat better, stocks
and exchange lower, a big curb failure-said to be for $1,750,000, after a recent one of $3,000,000 to $4,000,000
-less
favorable Ruhr news and a tendency in any case to react
after the recent sharp advance. Profit taking was very general. The technical position, too, had been weakened somewhat. But prices for the week show a rise of 140 points on
June, 167 on July, and 40 to 90 on the rest of the list, the
latter on October. Spot cotton closed at 28.85c., a rise of 130
points since last Friday.
The following averages of the differences between grades,
asfig ured from the June 7 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on June 14.
Middling fair
.92 on
Strict good middling
.69 on
Good middling
48 on
Strict middling
.26 on
Strictlow middling
.27 off
Low middling
66 off
*Strict good ordinary
1.16 off
*Good ordinary
1.70 off
*Strict good mid."yellow" tinged .40 on
Good middling "yellow" tinged
Even
Strict middling "yellow" tinged .38 off
Middling "yellow" tinged
93 off
*Strict low mid."yellow" tinged_1.38 off
*Low middling "yellow" tinged_ _1.88 off
Good middling "yellow" stained_ .66 off
*Strict mid."yellow" stained__ _1.24 off
*Middling "yellow" stained
1 71 off
*Good middling "blue" stained__ .95 off
*Strict middling "blue" stained_ _1.33 off
*Middling "blue" stained
1 73 off
•These ten grades are not deliverable
upon future contracts.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
June 8Stock at Liverpool
Stock at London
Stock at Manchester
1923.
bales_ 553,000
1,000
52,000
1920.
1922.
1921.
862.000 1,019,000 1,136,000
11,000
1,000
2,000
52,000
93,000 175,000
606,000
15,000
60,000
80,000
1,0,000
70,000
17,000
15,000
3,000
915,000 1,114,000 1,322,000
27,000
33,000
80,000
243,000 195,000
159,000 144,000 304,000
12,000
9,000
87,000
90,000 125,000
18,000 121,000
19,000
35,000
12,000
2,000
270,000
567,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
Total European stocks
India cotton afloat for Europe
American cotton afloat for Europe
Egypt,Brazil,&c.,afloat for Eur'e
Stock in Alexandria, Egypt
Stock in Bombay,India
Stock in U. S. ports
Stock in U. S. interior towns
U.S. exports to-day
556,000
592.000'
876,000 1,482,000 1,670,000 1,914,000
35,000 1.12,000
86.000
78,000
82,000 373,000 302,902 247,203
60,000
55,000
54,000
80,000
199,000 267,000 277,000 100,000
709,000 1,156,000 1,231,000 1,280,000
363.951 855,448 1,615,069 980,460
419,670 666,798 1,423,858 1,025,745
5,993
4.996
1.430
2,787,621 4,967.676 6,613,825 5,720,401
Total visible supply
Of the above, totals of American and other descriptions are as follows
American
bales_ 250,000 500,000 623,000 848,000
Liverpool stock
77.000 154,000
37,000
31,000
Manchester stock
181.000 477,000 471,000 524,000
Continental stock
82,000 373,000 302,902 247,203
American afloat for Europe
363,951 855,448 1,615,069 980,460
U.S. port stocks
419,670 666,798 1,423,858 1,025,745
U.S. interior stocks
5.993
4,996
1.430
U. S. exports to-day
_i
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
1.327,621 2,910,676 4,514,825 3,785,401
303,000 362,000 396,000 288,000
11,000
2,000
1,000
1,000
21,000
19,000
15,000
21.000
68,000
85,000
90,000
89,000
mow 86,000 35,000 112,000
55,000
54,000
60,000
80,000
199.000 267,000 277,000 100,000
709,000 1,156,000 1,231,000 1,280,000
Total East India, &c
Total American
1.460,000 2,057,000 2,099,000 1,935,000
1,327,621 2,910,676 4,514,825 3,785,401
Total American
East Indian, Brazil, ac.
Liverpool stock
Total visible supply
2,787,621 4,967.676 6,613,825 5,720.,401
Middling uplands, Liverpool
16.33d. Holiday
7.754. 2736d.
Middling uplands, New York _ - 28.85c.
22.55c. 12.50c. 40.004,
Egypt, good sakel, Liverpool_ - _ - 27.80d. 21.50d. 18.00d. 74.50d.
Peruvian, rough good. Liverpool.. 18.75d. 13.00d. 11.50d. 48.00d.
12.50d.
11.30d.
7.70d. 21.35d.
Broach fine, Liverpool
Tinnevelly, good, Liverpool
13.65d.
12.200.
8.20d. 21.60d.
Continental imports for past week have been 6?,,000 bales.
The above figures for 1923 show a decrease from last week
of 179,493 bales, a loss of 2,180,055 from 1922, a decline
of 3,826,204 bales from 1921 and a falling off of 2,932,780
bales from 1920.
-that is,
AT THE INTERIOR TOWNS the movement
and since
The official quotation for middling upland cotton in the the receipts for the weekto-nit, Aug. 1, the shipments for
and the same items for the
the week and the stocks
New York market each day for the past week has been:
corresponding periods of the previous year-is set out in
June 6 to June 8Sat. Mon. Tues, Wed, Thurs, Fri.
Middling uplands
27.40 27.25 28.00 28.45 29.05 28.85
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 8 for each of the past 32 years have been as follows:
3
1922
1921
1920
1919
1918
1917
1916
28.85c.
22.05c,
12.80c.
40.00c.
32.75c.
30.05c.
23.40c.
12.85c.
1915
1914
1913
1912
1911
1910
1909
1908
.98c.
13.65c.
12.10c.
11.65c.
15.85c.
15.20c.
11.35c,
11.40c.
1907
1906
1905
1904
1903
1902
1901
1900
13.25c.
11.20c.
8.504.
11.70c.
11.90c.
9.38e.
8.38c.
8.81c,
1899
1898
1897
1896
1895
1894
1893
1892
6.31c.
6.50c.
7.69c.
7.75c.
7.25c,
7.38c.
7.88c.
7.75c.
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
• ..
Saturday, Monday, Tuesday, IVed'day, Thursd'y, Friday,
June 2. June 4. June 5. June 6. June 7. June 8.
Week.
June
28.50 -28.50-.55 28.67-.85 28.50-.85
Range
26.20 -26.30 -27.05 -28.25 -28.85 -28.70 -Closing
juju__
Range
25.39-.95 25.65415 26.02-.80 26.47-225 27.15-.87 27.50-.90 25.39490
Closing
25.90-.95 26.00,07 26.75-.80 27.15-.19 27.78-.82 27.62-.65
August
Range
25.22-.40 25.65420 26.35-.80 26.00,50 24.75-180
24.75-.80
Closing
_ 25.06 -25.10 -- 25.75 -26.20 -26.50 -26.40 - September
Range
23.70 -- 23.80-205 23.90-420 24.42-.50 24.83
23.70-M3
Closing
23.86 -23.65 -- 24.52 -24.95 -25.25 -24.85 October
Range
22.75-127 22.70-130 23.08-.91 23.65-240 24.17-.65 23.93-140 22.70-465
Closing
23.25-.27 23.06-.08 23.87-.91 24.28-.33 24.60-.63 24.15-.17
November
Range
Closing
_ 23.08
22.92
23.71
24.08
24.35 -- 2.82
December
Range
22.33-.94 22.40-.90 22.80-155 23.55-.89 23.71-114 23.35-.88 22.33414
Closing -- 22.92-.94 22.77-.79 23.55 -23.89-.93 24.11-.12 23.50-.53
January
22.10-.63 22.14-.55 22.56-133 23.05-.70 23.42-84 22.89-145 22.BV484
Range
Closing ---- 22.60-.63 22.47 -- 23 26- 33 23 62- 65 23.76-.77 23.03-.08
FebrualleRange
22.57 722.45 :
-2 23.20 ::23.55
Closing
23.72 -- 23.01
-17
March
22.08-.80 22.10-.49 22.50-/15 22.97-154 23.40-.75 22.85-135 22.08-175
Range
22.55-.60 22.42 -23.15 -23.49-.50 23.69 -23.00 Closing April______
Range
2.TO
23.58
22.55 -22.40 -23.05
22.90 L:=
Closing
.-
May
-
22.40 -- 22.00-.20 22.38-.57 22.80-.95 23.35-.51 23.01-.15 22.00-151
Range
1
22.57 -- 22.35 -23.00 -23.30 -23.48 -22.80-.00- Closing
k1 23c. ./26c. t24e. 127e. /24.00. 127.00,
detail below:
Movement to June 8 1923.
Towns.
Receipts.
Week. I Season.
Ala.,Birming'm
71 41,241
8,337'
Eufauia
2 60,298
Montgomery.
6 54,290
Selma
___
34,496
Ark., Helena
107 170,5221
Little Rock
Pine Bluff- 1,098 132,543
--6,255
Ga., Albany_
128 45,131
Athens
727 272,037
Atlanta
1,7481 288,967
Augusta
41 123,869
Columbus
21
56,352
Macon
1,25
46,917
Rome
40
74.000
La. Shreveport
Miss.,Columbus
'
I 24,706
Clarksdale_
2431 128,477
Greenwood- _
481 106.411
Meridian__
ii 34,041
Natchez
I 32,422
Vicksburg___
28 23.133
28,129
Yazoo City- _
4,4
691,8971
Mo., St. Louis- _126 105,277
N.C..Gre'nsboro
11,148
Raleigh
1 102,728
Okla., Altus__ _
Chickasha_
81,377
41
Oklahoma__
78,12
S.C.,Greenville 1,243 169,1951
8,1
Greenwood- - -Tenn.,Memphis 5,4671,086,781
Nashville__
291
45,79
Texas, Abilene_
12
Brenham_--..
18,478
Austin2 35,591
20 84,089
i
Dallas
Honey Grov
Houston--- 3.3042,661,786
71,639
Paris
41,159
San Antonio_
153 63,553
Fort Worth-
rm..'
41
townsi 21.187 7.140 Aft7
Movement to June 9 1922.
Shill- Stocks,
Receipts.
ments June
8.
Week.
Week. Season,
ShipMelia
.
Week.
631 4,330
0
123 31,90:- 1,162
1
____
5,96
____
3,230
1,674
62 7,686
48,12
411
23' 40.12
1,437
524
444
31,53
27
8,742
581 18,430
786 181,12. 4,348
45 29,158
436 124,546 2,319
1
2,101
6,964 1,113
72
75 15,362
95,084 1,970
6,724 28,038 2,761 228,27. 3,651
56: 20,572 9,811 373,27 10,490
135 4,625 2,846 56,803 1,070
69
7•
57 10,366
36,352
29
1,4271 5,416
450
30,682
4001
6'' 62,213 3,900
300
4. .20,6
505
1,165
2,443 24,258
53 133,621 2,30
1.286
296 , 90,94
1,318 20,769
62 2,422
1.461
22.
33,07
385
31,896
8
69 3,684
469 4,374
618
26,67.
5
395 9,107
775
123 30,411
4,905 12,387 10,98: 777,892 12,601
59,531 1,952
1,465 20,099 1,69
12,51
374
205
400
1,283
185 83,36
77, 1,594
47
60,693 1,053
720
2491
6431 62,943 1,348
2,885
167,592 5,098
4,285 34,133 5,32
75 6,480
--14,04
---7,131 67,502 13:014 897,17' 21,232
82
362
34
41
____
186
__._I 81,179
234
2151 13,674
18 3,887
2
388
-- --
28,0
__
6451 2,748
44 167,25. 3,342
___
19 7o.
___
.
110
9,7601 38,587 27,071 2,557,456 39,823
244
97
2081 52,302
208
146
156 50,343
47
909
810 1,891
484 64,702
AR 1 1 J. Ala
win
R9 'wort Rol
on
Stocks
June
9.'
4,370
2,620
15,510
3,515
9,895
34,463
40,149
1,517
23,627
24,708
92,800
.
8,234
8,599
15,400
867
19,670
17,526
4,477
5,943
3,918
7,307
22,327
13,629
218
3,075
2,813
8.553
31,702
0.230
97,007
568
279
2,970
234
12,073
11,403
91,907
2,634
623
3,549
120.765666.798
The above total shows that the interior stocks have decreased during the week 24,927 bales and are to-night 247,128
bales less than at the same time last year. The receipts at
all
- towns have been 60,883 bales less than the same week
last year.
2667
THE CHRONICLE
JUNE 9 1923.1
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph from the South this evening indicate that
generally the weather has been much more favorable for
cotton except in the Southwestern portion of the cotton
belt, where there have been heavy rains and temperatures
somewhat too low.
SALES.
Spot.
Futures
Mobile.
-The weather has been more favorable and the
Market
Market
Closed.
Spot. Contr't. Total. plants are improving. Good progress has been made in
Closed.
fighting grass. Labor is in demand.
Saturday___ Quiet, 15 pts. dec__ Firm
Monday ___ Quiet, 15 pts. dee_ _ Steady
Texas.
-Progress and condition of early planted cotton is
Tuesday ___ Steady,75 pts. adv_ Firm
Wednesday.. Steady,45 pts. adv.. Steady
fair to very good. Late planted cotton has had a poor start,
Thursday __ Steady,60 pts. adv_ Firm
due to the previous drought. Cut worms and weevil have
iQuiet, 20 pts. dee-- Very Steady
Friday
been reported in South and East, but the damage so far is
Nil
Total_
Nil
I
Nil
slight. Very good progress has been made in chopping
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the and cultivation.
Thermometer
Rain. Rainfall.
overland movement for the week and since Aug. 1, as made Galveston, Texas
high 86 lovt 76 mean 81
dry
up from telegraphic reports Friday night. The results for Abilene
"days 0.56 in. high 94 low 62 mean 78
high 91 low 69 mean 80
dry
the week and since Aug. 1 in the last two years are as follows: Brenham
Brownsville
high 90 low 74 mean 82
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
164.491
434,672
----1921-2'---nce
Week. Aug. 1.
12,601 764,319
5,760 350,261
7,955
37
78,156
1.517
4,109 235,548
15,422 398,824
25.493 1,576.537
39,446 1,835,003
----1922-23---Since
Week. Aug. 1.
4,905 683,747
2,040 231.248
June 8ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-7,726
ifs3 54.653
3,368
14,780
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
1,233
502
10,116
164,213
26,232
362,200
596,056
11,851
552,645
980,481
27,595 1,282,358
1,462
532
3,313
104,446
25,701
465,909
5.307
20,186
Total to be deducted
Leaving total net overland*
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 20,186 bales, against 11,851 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 301,877 bales.
In Sight and Spinners'
Takings.
Receipts at ports to June 8
Net overland to June 8
South'n consump'n to June 8 a
Total marketed
Interior stocks in excess
Since
Week.
Aug. 1.
25,060 5,546,798
20,186
980,481
95,000 3,741,000
1921-22
Since
Week.
Aug. 1.
94,570 5,701,833
27.595 1,282,358
72.000 3,130,000
140,246 10,268,279 194,165 10.114,191
*24,927
65,906 *48,803 *449,971
Came into sight during week
Total in sight June 8
115,319
145,362
9.664.220
- 10,334,185
North. spinn's' takings to June 8_ 22,183 2,219,224 35,905 2,024,609
* Decrease during week and season. a These figures are consumption;
takings not available.
Movement into sight in previous years:
Week1921-June 10
1920
-June 11
1919
-June 13
Bales.
171,198
123,413
203,438
Bales.
10,368,119
11,503,712
10,571,331
Since A g. 11920-21
1919-20
1918-19
Corpuschristi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore. Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
Shreveport
Okolona. Miss
Columbus
Greenwood
Vicksburg
Mobile. Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston,8.0
Greenwood
Columbia
Conway
Charlotte, N. C
Newborn
Weldon
ilyersburg, Tenn
emphis
2 days
2 days
1 day
2 days
1 day
1 day
2 days
1 day
2 days
6 days
5 days
2 days
2 days
4 days
2 days
2 days
3 days
1 day
3 days
4 days
1 day
1 day
3 days
2 days
4 days
7 days
5 days
4 days
3 days
4 days
5 days
2 days
2 days
4 days
1 day
3 days
2 days
4 days
3 days
dry
dry
3.64 in.
1.25 In.
0.34 in.
0.56 in.
1.05 in.
dry
dry
0.08 in.
1.98 in.
0.02 in.
dry
1.3810.
2.49 in.
3.461n.
0.87 in.
1.71 in.
3.84 in.
1.03 in.
0.18 in.
1.35 in.
1.05 in.
dry
1.07 in.
2.34 in.
dry
dry
0.01 in.
0.19 In.
2.13 in.
2.08 in.
1.90 In.
3.65 in.
2.43 in.
0.59 in.
0.28 in.
1.43 In.
1.40 in.
0.02 in.
0.53 in.
2.64 in.
0.28 in.
0.15 in.
0.12 in.
dry
1.10 in.
0.71 in.
high 88 low 76
high 91 low 64
high 95 low 62
high 93 low 60
high 94 low 62
high 93 low 68
high 96 low 69
high 95 low 63
high 92 low 68
high 95 low 63
high 96 low 70
high.... low 70
high 90 low 61
high 90 low 63
high 96 low 58
high 92 low 63
high 88 low 62
high 92 low 64
high 95 low 67
high 89 low 67
high 92 low 67
high 93 low 67
high 90 low 61
high 94 low 66
high 82 low 63
high 89 low 50
high 94 low 6
4
high 91 low 67
high 90 low 68
high 88 low 61
high 86 low 64
high 88 low 60
high 88 low 65
high 88 low 62
high 87 low 64
high 86 low 57
high 87 low 60
high 89 low 62
high 84 low 65
high 82 low 60
high.. low 62
high 88 low 57
high 89 low 61
high 93 low 58
high 95 low 57
high 88 low 65
high 88. low 67
mean 82
mean 76
mean 79
mean 77
mean 78
mean 81
mean 83
mean 79
mean 80
mean 79
mean 83
mean....
mean 76
mean 77
mean 77
mean 78
mean 75
mean 78
mean 81
mean 78
mean 80
mean 80
mean 76
mean 80
mean 73
mean 70
mean 79
mean 79
mean 78
mean 75
mean 75
mean 75
mean 77
mean 75
mean 77
mean 72
mean 74
mean 76
mean 75
mean 77
mean
mean 73
mean 76
mean 76
mean 76
mean 77
mean 78
The following statement we have also received by telegraph, showing the height of rivers at the points named
NEW YORK COTTON EXCHANGE.
-Annual Election. at 8 a. m. of the dates given:
-At the annual meeting of the New York Cotton Exchange,
June 8 1923. June 9 1922.
Feet.
Feet.
held Monday, June 4, Edward E. Bartlett Jr., who was New Orleans
Above zero of gauge_
17.2
14.4
Above zero of gauge_
Vice-President, succeeded George M. Shutt as President. Memphis
19.2
21.5
Nashville
Above zero of gauge..
12.0
107
Henry H. Royce was elected Vice-President and Clayton Shreveport
Above zero of gauge..
17.0
23.2
E. Rich was elected one of the Managers. With these Vicksburg
Aobve zero of gauge
36.9
„
42.0
exceptions, the Board remains the same as last year, and is
RECEIPTS FROM THE PLANTATIONS.
-The folas follows:
lowing table indicates the actual movement each week from
President. Edward E. Bartlett Jr.
the plantations. The figures do not include overland reVice-President, Henry H. Royce.
ceipts nor Southern consumption; they are simply a stateTreasurer, James F. Maury.
Managers: Herman B. Baruch, Louis Brooks, Thomas F. Cahill, ment of the weekly movement from the plantations of that
Max Greeven. Ralph H. Hubbard, William H.Judson,Leon B.Lowenstein, part of the crop
which finally reaches the market through the
Leigh M.Pearsall, Paul PfHeger, Clayton E. Rich, James Riordan, Harold
A. Sands, William N. Schill. George M.Shutt. Edward M.Weld.
outports.
Trustee of the Gratuity Fund,to serve three years, Robert P.McDougall.
Inspectors of Elections: William A. Boger, T. Lurelle Guild, J. Victor
Week I
di Zerega.
etultn
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
June 8.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. IVed'day. Thursd'y. Friday.
Galveston
27.30
New Orleans.. 27.50
Mobile
27.00
Savannah
27.00
Norfolk
,26.50
Baltimore
Augusuta
27.60
Memphis
.27.50
Houston
27.00
Little Rock
26.75
Dallas
26.30
Fort Worth..
27.30
28.05
27.88
27.50
27.38
27.00
Holiday 27.75
27.38
26.63
26.50
26.75
28.25
27.63
27.50
27.50
Holiday 27.75
27.00
26.75
27.15
26.45
27.15
26.40
28.50
28.25
27.75
28.20
27.88
27.50
28.63
27.75
28.25
27.25
27.60
27.55
29.10
28.75
28.25
28.90
28.90
28.00
29.00
28.25
28.90
28.00
28.30
28.20
28.90
29 00
28.25
28.75
28.38
28.75
28.88
28.25
28.70
27.75
28.15
28.05
Receipts at Ports.
1923.
Mar.
16__
23_
30_
April
6...
13..
20.._
27_ _
May
4_ _
11_
18..
25_
June
1922. 1921.
Stock.. at Interior Towns.
1923.
I
1922.
1
ReungtefromPlaraations
1923. 1922. 1921.
1
82.005123.593 75. 1,800,6781.261.5911,697.13!47,50 65.467 89.858
8
68.644 102,691 72,89 775,517 1,230,152 1,666,59 43,543 71,259 42,352
62,634 90,932 92,96 742,9951,203,182 1,663,791 30,115 63.962 90.169
63.854 115,100 103,281 690,62511,145,06811,646,8
11,481.1 56,986 88,080
34,990114,106 95.43 665.834 1.096,5171,623.8- 10.199 65,555 72,586
54,681101.999 99,80 631,756 1,043,0891.609,71
67, 48,571 85,832
35,743, 86.760 117,9
604,34511,008,857,1,588.71 10,436 52,528 78,986
28,5891 94.458133.2471 572,6601 965 8 11 545 2
1 51,484109,731
35,332 124,013 138,041
0,812 898,2181,543,401 5,420 56,348136,247
26,647 106,558 131,551 508.43.5 838,3601,519,729
1 47,588107,874
36,894 109,273 119.852 471,972 782,1951,496,657 1,983 53,109 96,780
1
28,3221113,44E118.803 447,224 715,1921,458,790 5,568 48,4441 76,536
8.... 25,060 94,5701109,659 49,670 666,79811,423,858
133 45,7671 76,727
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 5,107,287 bales;
in 1922 were 5,154,738 bales, and in 1921 were 6,839,665
NEW ORLEANS CONTRACT MARKET.
-The closing bales. (2) That
quotations for leading contracts in the New Orleans cotton past week were although the receipts at the outports the
25,060 bales, the actual movement from
markets for the past week have been as follows:
plantations was 133 bales, stocks at interior towns having
decreased 24,927 bales during the week. Last year receipts
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
from the plantations for the week were 45,767 bales and
June 4.
June 2.
June 5.
June 6.
June 7.
Jun* 8.
for 1921 they were 76,727 bales.
26.54 -257327.2928.19 bid 25.65 bid 28.43 bid
June
26.14-26.16 26.33-28.34 26.89-26.95 27.44-27.48 27.90-27.93 27:8-27.71
July
WORLD'S SUPPLY AND TAKINGS OF COTTON.
October-- 22.58-22.60 22.52-22.54 23.28-23.31 23.74-23.77 23.98-24.02 23.50-23.54
December. 22.30-22.32 22.24-22.30 23.00-23.03 23.40-23.41 23.5623.00- The following brief but comprehensive statement indicates
23.23 bld 23.41-23.45 22.80 bid at a glance the world's supply of cotton for the week and
January_ 22.25 -122.14-22.20 22.8322.70 bid 23.1022.15 MI22.05March_
23.27-23.28 22.70 bid since Aug. 1 for the
last two seasons, from all sources from
ToneSteady
Steady I Steady
Quiet
Spot _
which statistics are obtainable; also the takings, or amounts
Firm
Steady
Steady
Steady
Steady
Options_
Steady
Steady
Steady
gone out of sight, for the like period.
2668
THE CHRONICLE
Cotton Takings.
Week and Season.
1922-23.
Week.
1921-22.
Season.
Week.
Season.
Visible supply June 1
Visible supply Aug. 1
American in sight to June
Bombay receipts to June 7
Other India shipls to June 7
Alexandria receipts to June 6
Other supply to June 6 *b
2,967,114
Total supply
Deduct
Visible supply June 8
3.154,433 19,499,985 5,339,542 20,126,970
5,108,680
3,760,450
115,319 10.334.185
55,000 3,428,000
7.000
301.550
1,000 1,327,800
9,000
348,000
6,111,250
145,362 9,664,220
72,000 3,130,000
1.000
205.000
4,500
676,500
8,000
340.000
2,787,621 2,787,621 4,967.676 4,967.676
Total takings to June 8 a
366,812 16,712,364 371,866 15,159.294
Of which American
219,812 10.970,814 235,366 10,827,774
Of which other
147.000 5.741,550 136,500 4,331.520
Europe from Brazil, Smyrna, West Indies, &c.
* Embraces receipts in
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 3,741,000 bales in 1922-23 and 3,130,000 bales in 1921-22
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 12.971.364 bales in 1922-23 and 12,029,294 bales in
bales and 7,697,774 bales American.
1921-22, of which 7,229.814
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
[VOL. 116.
SHIPPING NEWS.
-Shipments in detail:
Total Bales.
NEW YORK
-To Liverpool-June 1-Cedric, 90
90
To Antwerp-June 2-Morcier,300
300
To Manchester-June 4-Raeburn, 95
95
To Bremen-June 5
-President Fillmore, 200
200
GALVESTON-To Vera Cruz
-May 30
-Mexican Lady, 500--500
To Copenhagen-June 1-Norling, 2,050
2,050
To Genoa-June 2-Aldecoa, 1.150
1,150
To Barcelona-June 2-Aldecoa, 4,282
4,282
To Japan-June 2-Hoyeisan Maru, 4.400
4,400
NEW ORLEANS
-To Liverpool
-June 1-West Wauna, 387
387
To Port Barrios
-June 1-Saramacca, 100
100
To Bremen-June 1-Sacanappa, 3,553
3,553
To Gothenburg
-June 1-Brahehohn, 100
100
To Barcelona-June 2-Jamar, 100
100
To Genoa-June 2-Guistconck, 2,141
2,141
To Havre-June 6
-Montana, 3,422
3,422
BOSTON-To Liverpool
-May 26
-Scythia, 100
100
BRUNSWICK
-To -Liverpool-June 7-Nortonian, 108
108
HOUSTON-To Bremen-June 7-Sancon, 1,310___Nord Friesland, 504
1,814
To Rotterdam-June 7-Sancon, 100
100
MOBILE-To Liverpool
-June 1-Antinous, 22
22
NORFOLK
-To Liverpool
-June 6
-West Anow, 2,900
2,900
To Manchester-June 6
-West Cobalt, 400
400
To Bremen-June 6
-Emden, 5,125
5,125
To Rotterdam-June 6-Bergerdljk, 300
300
PORT TOWNSEND-To Japan-May 29
-Arizona Maru, 400_
400
SAVANNAH-To Bremen-June 2-Sachsenwald. 2,961; Springfield, 2
2,963
To Japan-June 2
-Hague Maru, 2,900
2,900
40,002
1922-23.
June 7.
Receipts at
-
Week.
1921-22.
Since
Aug. 1.
920-21.
Since
Aug. 1.
Week.
Week.
Since
Aug. 1.
55,000 3.428,000 72,000 ,130,000 48,000 2,364,000
Bombay
For the Week.
Since August 1.
Great
Great Conti- Japan&
13eitatn. nen!. I China. Total, Britain,
Exports.
Bombay--
11,0001 34,000 51,000
27,000, 22,000 49,000
2,000' 67,000 69,000
1922-23_
1921-22_ _
1920-21_
Other Ind!
1922-23_ _
1921-22_ _
1920-21_ _
1,0001
1,000
7,000
1,000
Total all-1922-23_ _ 12.000 12,0001 34,000 58,000
28,000 22,000 50,000
1921-22_ _
2,000 67,000 69,000
1920-21_ _
Cons!
nest.
Japan &
China.
Total.
120,000 590,500 1,854,500 2,565,000
31,000 441,000 1,551,000 2,023,000
22,000 459,000 1,048,000 1,529,000
71,000
10,000
21,000
230,550
177,000
175,000
301,550
18,000 205,000
27,000 223,000
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
maw 18. May 25. June 1. June 8.
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
17,000 bales. Exports from all India ports record a gain of
8,000 bales during the week, and since Aug. 1 show an increase of 638,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
14,000
5,000
3.000
27,000
611,000
302,000
6,000
5,000
92,000
10,000
38,000
19,000
3,000
52,000
592,000
277,000
38.000
4,000
59,000
7,000
56.000
32,000
7,000
57,000
553,000
250,000
16,000
6,000
75,000
5,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Monday.
Market, (
12:15 {
P.M. i
Tuesday. Wednesday. Thursday.
Good
demand,
Saturday.
Spot.
191,000 821,050 1,854,500 2,866,550
41,000 618,0001,569,000 2,228,000
43,000 634,0001.075,000 1,752,000
25,000
11.000
4,000
38,000
632,000
314,000
27,000
4,000
86,000
12,000
Good
demand.
Firm.
Hardening.
Friday.
Hardening
15.67
HOLIDAY.
15.52
15.89
16.01
16.33
14,000
Mici.Upl'
Sales
10,000
10,000
10,000
8.000
Steady at Quiet but Quiet but Quiet but Steady, 13
21 to 31 st'y, 5 to 9 St'y,28to32 St'y,19to24 pts. adv. to
pts. den. pts. adv, pts. adv. pts. adv. 1 5 pts. dec.
Futures. (
Market f
opened
3
Barely st'y Barely st'y Barely sty Very st'dy, Near firm,
Market, (
444 57 14 to 17 16 to 22 29 to 38 , 7 to 20 pts.
to
ots. adv. pts. adv. pts. adv. '
P. M. 1
ots. dec
dec.
Prices of futures at Liverpool for each day are given below:
Sat.
1922-23.
Recoils (cantars)This week
Since Aug. 1
1921-22.
5,000
6,6465,34
32.000
5,140,098
Since
Since
Week. Aug. 1. Week. Aug. 1.
Exports (bales)
-
1920-21.
Mon.
Tues.
Wed.
Thurs.
Fri.
45,000
4,353,696
Since
Week. Aug. 1.
To Liverpool
222.522
To Manchester, &c
5,000 166,699
To Continent and India _ 5,000 297.479
____ 206,968
To America
____ 156,490
____ 130,666
4,750 205,773
_ 161,323
____ 103,342
____ 79,397
3,500 130,897
44,513
10.000 893.668
4.750654.252
3.500 358.140
Total experts
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending June 7 were
5,000 cantars and the foreign shipments 10,000 bales.
June 2
to
1254 1234 1254 4:00 1234 4:00 1234 4:00 1234 4:01 1234 4:00
June 8.
Alexandria, Egypt,
June 7.
p. m.p. m. p. m. p. m. p. m. p. m. p. m.p. m.p. m. p. m. p. m. p. m.
d.
June
July ......
August
September..._
October
November.._
December
January
February
March
April
May
d.
HOLIDAY.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
14.62 14.39 14.47 14.56 14.84 14.72 14.96 15.10 15.23 15.19
14.35 14.11 14.20 14.28 14.56 14.4544.68 14.82 14.9514.89
13.94 13.69 13.76 13.83 14.13 14.02 14.24 14.38 14.50 14.45
13.49 13.21 13.28 13.35 13.64 13.53 13.75 13.86 13.92 13.86
12.91 13.64 12.71 13.78 13.08 13.0013.19 13.33 13.36 13.21
12.61 12.3512.41 12.49 12.7912.70 12.89 13.02 13.03 12.88
12.49 12.23 12.31 12.39 12.6912.59 12.78 12.92 12.9012.76
12.37 12.11 12.19 12.2712.57 12.47 12.66 12.77 12.74 12.60
12.27 12.01 12.1012.18 12.4812.3912.58 12.68 12.64 12.50
12.17 11.93 12.01 12.10 12.41 12.31 12.50 12.60 12.5512.441
12.08 11.8511.92 12.0112.3312.'23 12.42 12.5212.4712.32
11.99 11.78 11.83 11.9312.2512.15 12.3412.44 12.3912.25
BREADSTUFFS
MANCHESTER MARKET.
-Our report received by
Friday Nigkt, June 8 1923.
cable to-night from Manchester states that the market in
Flour has been for the most part dull and more or less deand yarns is quiet. Demand for both yarn and
both cloths
cloth is poor. We give prices to-day below and leave those pressed. It is true that at one time there was a small increase in the business at $6 for spring patents. Mills as a
for previous weeks of this and last year for comparison:
1922-23.
Mar, d.
23 23%
29 23%
Apr.
6 23%
13 23%
20 22%
27 22%
May
4 22%
11 21%
18 21%
25 21%
June
1 22%
8 22%
-SO COCO CPS* CO
Twist.
834 lbs. Skirtings, Common Mid.
UN's,
to Finest.
Coen'
32: Cop
s.d. d.
it.
d. 5. d.
24% 17 1 @176
16.08 17
24% 17 1 @176
14.80 17%
24%
24%
23%
24%
170
170
17 0
170
@176
@174
18174
@174
15.88 17%
15.95 17%
15.18 17%
15.46 17%
2354
22%
22%
22%
16 6
16 0
16 0
16 0
@172
@184
18164
@164
14.76 17%
14.081834
14.74 19%
15.60 195(
23% 16 3
24% 16 3
@169
(6,17 0
15.96119 0
16.33'19 0
18
18
CO COOV COCC
32s Cop
1921-22.
834 lbs. Shirt- Coen
trigs, Common Mid.
to Finest.
UPI's
d. s. d.
s. d. d.
18% 15 4%016 3
10.69
18% 15 4%016 3 10.69
18%
18%
185(
1854
15 43418163 10.45
15 45484 16 3
10.23
15 450016 03-4 10.11
10.21
15 4%016 0
19%
19%
20%
20%
15 10%0166
16 15418169
16 1540
,16
11.00
11.58
11.98
11.69
20% 16 15418169
20% 16 134 0.16 9
12.03
12.30
15 734(8163
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. and.
Liverpool____20c. 320.
Manchester_ _20e. 32c.
223C.353C.
Antwerp
Ghent
22c.37540.
Havre
Rotterdam _22Yic.3734c.
30c. 3554c.
Genoa
Christiania 3754c.60o.
High Stand,
Density. aid.
Stockholm __50c.
TrieSte
500.
Fiume
50c.
Lisbon
50c.
Oporto
75c.
Barcelona
400.
Japan
50c.
65c.
65c.
65c.
65c.
900.
55c.
65c.
Shane:W-50e. 65c.
High
Stand-
Density. aril.
Bombay
500. 65o.
Vladivostok_ --Gothenburg_50o. 650.
Bremen
200. 30o.
Hamburg_ ___20o. 300.
Piraeus
600. 750.
Salonica
60e. 750.
rule balked at a further decline, and this halted business, as
wheat continued to fall and buyers were afraid to go on.
Mills want business badly enough, however. Some shading
of prices on certain brands was reported to a point below
replacement costs. The situation of the trade, as can readily be imagined, is far from satisfactory. The foreign demand has been poor. Europe holds aloof when wheat declines. There seems no prospect of much foreign business
unless wheat should advance sharply and hold the rise, say,
5 cents a bushel. Otherwise the foreign outlet will remain
practically closed. Later the tone became firmer, when
wheat advanced and some quoted prices 10 to 15c. higher.
The sales increased somewhat. But export trade remained
poor. At Minneapolis on June 5 flour prices dropped to the
lowest in six years, when one of the largest mills there cut
the price 15c. The new low was $625 a bbl. when sold in
car lots in 98-lb. cotton sacks for the highest grade of family
patents. Milling officials said the price has not been so low
since before the war. Weakness in wheat was the cause.
Wheat declined early in the week, with the weather good,
Liverpool weak, export business light and the Grain Trading Act a source of annoyance, notwithstanding smooth explanations from Washington. "Helping the grain trading"
is not brought about by inquisitorial prying into the contents of the books of commission houses. Speculation naturally goes with trade. Agitation against speculation tends
JUNE 9 1923.]
THE
CHRONICLE
to put prices down. It drives away the speculative buyer.
The farmer's situation is rendered worse. He is in a position to echo the old sentiment, "Save me from my friends"—
if the Washington officials pose as his friends. Meantime
it is a matter of widespread comment that there is a lack of
buying power. But for the Grain Act some other things
might have told favorably on the market, especially a report
by the International Institute of Agriculture, which declared
that the world's demand for wheat is outrunning the supply,
and that even if Russia offers wheat it will all be wanted.
A leading crop expert estimated the spring wheat yield in
Canada at 300,000,000 bushels, or nearly 75,000,000 under
last year's big crop and said that the June forecast for all of
North America is about 123,000,000 bushels less than last
year. There were complaintsof hessian fly in the winter wheat
belt. The visible supply decreased last week 1,211,000 bushels, against an actual increase last year of 509,000 bushels.
The total is now 32,980,000 bushels, against 2,634,000 bushels last year. An official announcement stated that commission houses must notify the Secretary of Agriculture when
any account is long or short 1,000,000 bushels or more. It
was suggested that this announcement implied that accounts
under 1,000,000 bushels would be unobjectionable. The general judgment is that fooling with the intricate mechanism
of the system of trading in futures is sure to do more harm
than good. It will drive out the speculator who wishes to
buy. And since when has it been considered a sound business proposition to drive away a buyer—the speculator—and
elect to sell to only one man,the consumer? There are in the
last resort only these two buyers. There is no bar on buying
a house or a lot on speculation or in buying of iron, steel, or
anything else. To many it looks at once invidious and unwise to single out the grain exchanges for an offensive surveillance when so many other branches of trade are not hampered in this way. The decline of 2c. on the 4th inst. was
largely due to hedge selling, favorable prospects of harvesting Texas wheat this week, fears of Washington interference with trading, large primary receipts taking the edge off
a big decrease in the visible supply, a rise in corn and estimates that the total crop of wheat in North America this
season would be 125,000,000 bushels less than last year.
Meantime foreign demand was light. Trading has been restricted by the interference of Government officials in the
trading. A Chicago dispatch quoted a letter from Dr. Duval, Government Grain Exchange Supervisor, as follows:
"From returns received as a result of our inquiry, the opinion seems to prevail in some instances that the Grain Futures
Act places a limit on trading in futures. This is not the case.
The purpose of the Act and our administration aim is to
build up and improve our marketing system and not to destroy it." A Chicago authority, commenting on the letter,
said: "The bulletin from Dr. Duval harmonizes with what
those who have been in touch with the situation have been
saying rather than with the scare stuff which others have
been putting out without sufficient basis of actual information. If trade in general will get back to normal and trade
as though no reports were being called for, the whole market will be benefited as well as those whom the market
serves. Any sane Administration would have to be constructive rather than destructive." Others simply ask to be
let alone. But there came a rise of 2 to 212c. on Tuesday on
/
covering due largely to the jump of nearly 3c. in corn. All
the bearish points were for the time forgotten. Corn led
the way and wheat followed. London cabled Winnipeg:
"World demand for wheat is outrunning the supply, according to a preliminary report on consumption by the International Institute of Agriculture. The report- indicates that
even if Russia re-enters the market this year Canadian
wheat growers may look with confidence to the future. The
consumption statistics cover only European countries, but
the conclusions are reinforced by the general law of diminishing returns which is in operation in Canada, the United
States and Argentina. Twenty European countries are
shown to have a prospective yield of 23,000,000 tons and eating 45,000,000 tons, leaving a deficit of 22,000,000 tons." Export sales recently have apparently been small, though more
is being done, it is believed, than is reported. The foreign
business has been stated at some 300,000 to 500,000 bushels
daily, mostly Manitoba. On the 5th inst. the export buying
included 160,000 bushels new crop winter via the Gulf at 10c.
over July. Canada, India and Argentina stand in the way
of the United States in the European market, it was insisted. It would appear, however, that some exporters had
been buying under a pledge of temporary secrecy from the
sellers. An advance came on the 6th inst., when it was found
that the export business on the 5th inst. had reached some
1,000,000 bushels, to say nothing of 800,000 bushels on the
6th inst. And while most of this was Manitoba wheat, a
gratifying circumstance was that exporters were buying the
new crop wheat of the United States more freely, I. e. to the
amount of some 250,000 to 300,000 bushels via the Gulf of
Mexico. Also, 150,000 bushels of durum were,sold, with the
price situation strong. Current premiums suggested that
prominent interests were in control of the Northwestern supply, and some exporters, it is suspected, are not covered on
their engagements. To-day prices showed little net change,
declining early, but rallying later, and ending at a small net
decline, with Ruhr news considered less favorable and trading light. Final prices show a rise for the week of about
/
14c. on July and a decline of 73c. on September.
/
2669
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
2 red
cts_1418% 141 1418% 1418% 141 1414
No.
WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
cts-110q 1011 1098% 111 11 1108%
July delivery in elevator
1087
4
109 109 109
September delivery in elevator----110 108
111
111
1118%
December delivery in elevator---_112 110 111
Indian corn advanced early in the week on good buying
coincident with a sharp fall in the supply in Chicago and a
decrease in the visible supply in the United States last week
of 2,660,000 bushels. It has decreased very sharply in recent
weeks. It is now down to only 6,734,000 bushels, or about a
quarter of the total of a year ago, when it was 27,046,000
bushels. The decrease in the corresponding week of 1922
was only 921,000 bushels. The decrease in three weeks is
some 8,500,000 bushels, against 4,850,000 bushels in the same
time in 1922. Evidently corn is passing with noteworthy
rapidity into consumption. The strength of the statistical
position impresses not a few. The old crop has been bought
more freely. On the 5th inst. prices advanced nearly 3c. on
light receipts, falling stocks and a strong cash situation.
But later in the week corn failed to move up with other
grain, that is an advance encountered heavy sales to secure
profits and then came a reaction. Wet weather, tending to
delay planting, had little effect. The country seemed rather
more disposed to sell. Also, the short interest had been reduced to a point that sensibly weakened the technical position. To-day prices advanced 1 to 11
4c., the latter on July,
,6
with further covering of shorts and primary receipts small.
But there has been quite a little selling of corn during the
week against purchases of other grain. Some think that
corn is relatively too high in contrast with some other items
on the list, notably rye. Last prices for corn show an advance for the week, however, of 2c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
103 102 102
.
%
et
8 993{ 1018 100
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 79ig 808% 8214 82% 80% 81
July delivery in elevator
September delivery in elevator_- 76
768% 788% 78% 77% 77
December delivery in elevator_ -- - 665
668% 67
678% 668% 664
Oats acted steadier early in the week and later advanced
more noticeably, without, however, any evidence of an important demand. The American visible supply decreased
only 97,000 bushels last week, against 1,445,000 last year.
But the total is now down to 13,514,000 bushels, against 47,952,000 a year ago. The market, to put it mildly, lacked
striking features. On the 5th inst. prices advanced with
those for corn and on covering of shorts. Some bought later
on a fear that the marketing of the new crop may be backward after a late season. July advanced 11
4c. on Wednesday with a good demand from the shorts. Later prices
wavered somewhat when corn weakened, even though July
shorts in oats continued to buy quite freely. But July did
stand up better than other months, even if it could not advance more than a small fraction, for instance on the 7th
inst., with so much selling going on. Hesitancy in the wheat
market also affected oats. To-day prices were lower at one
time, but rallied somewhat in the later trading and ended
with very slight net changes. For the week there is an advance, however, of 2c. on July and 16c. on September. There
2
has been quite a good deal of covering in July oats during
the week, as already intimated. This feature, indeed, has
stood out very clearly against the background of listless
trading in other deliveries. There have been no striking
features in the cash situation. Oats for the most part simply follow other grain, whether upward or downward. But
the technical position for nearby delivery has plainly improved within a short time, owing to the fact that there was
too great a tendency to sell the market. It naturally caused
a considerable increase in the short interest.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. There. Fri.
No.2 white
58
56
56
cts_ 54
54
55
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
42
428% 42
cts 404 4011 41
September delivery in elevator_ _ 38
39
38
38
38
38
December delivery in elevator_--- 39
408% 4034 4034
40
39
Rye declined for a time on the distant months, though
July stood up very well. The cash market took on a steadier
tone, even though no great amount of business was done.
There seemed to be some foreign inquiry. For Hamburg
freight room was taken for 300,000 bushels. The American
visible supply decreased last week 149,000 bushels, against
a decrease last year of 436,000 bushels. The total is still
16,545,000 bushels, however, against 4,338,000 a year ago.
The low price of rye is attributed in some quarters largely
to the liquidation of a line of May and July, said to have
been held for German account, that at the maximum exceeded 10,000,000 bushels. The French invasion of the Ruhr
caused the holders to start to sell out, and with speculative
interest at a minimum, rye •has gone to a very sharp discount under wheat. The cheapness of a competing grain like
rye has in turn affected wheat. On Tuesday came an advance, but it was mostly a mere reflex of the rise in other
grain and not a complete reflex, at that. Minneapolis wired
that the reports on the rye crop are discouraging, that complaints are of heading out six inches and a foot high; too
thin to harvest and many sections plowing it up; North Dakota seems worse than other sections. There was export
business later to the amount of 300.000 bushels, including a
cargo for Norway. A rise of 1 to 11
4c. on the 6th inst. was
THE CHRONICLE
2670
partly due to an advance in other grain, but also to growing
hopes of a Ruhr settlement, which it is supposed would help
the American grain trade. To-day prices advanced about
lhe. Not a few people all through the week have been buying rye against sales of corn. To-night the changes for the
4
week are seen to be a rise of 24/ c. on July and 2%c. on September.
DAILY CLOSING PRICES OF RYE FUTURES IN
Sat. Mon. Tues. Wed.
cts 69A 69g, 69% 70%
July delivery in elevator
September delivery in elevator..___ 70% 705% 715% 725%
-- --- 74%
December delivery in elevator_ _ _ _ _
CHICAGO.
Thurs Fri.
.
71
72
735% 735%
753(
The following are closing quotations:
GRAIN
Oats—
No. 2 white
56
No.3 white
545%
Barley—
Feeding
1 02
'Nom.
Malting
82
795%@805%
FLOUR
$6 00@$6 50 Barley goods—
Spring patents
No. 1, 1-0. 2-0
$575
5 55(4 5 85
Winter straights. soft
Nos. 2,3 and 4 pearl_ 6 50
5 65§ 6 00
Hard winter straights
Nos. 3-0
5 90
5 00 5 75
First spring clears
Nos. 4-0 and 5-0475
600
4 25
Ryeflour
Oats goods—carload:
Corn goods, 100 lbs.:
Spot delivery
267% ®277%
2 10(4 220
Yellow meal
2 15® 2 20
Corn flour
For other tables usually given here, see page 2605.
Wheat—
No.2 red
No. 2 hard winter
Corn—
No. 2 yellow
Rye—No.2
$1 415%
1 285%
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREALS, &c.—Complete Official Report.—The Crop Reporting Board of the United States Department of Agriculture last night (June 8) made public its forecasts and estimates of the grain crops of the United States as of June 1,
based on reports of its correspondents and field statisticians.
The report was issued at a very late hour, and it will be
found in nearly complete form on an earlier page in our
department of "Current Events and Discussions."
WEATHER BULLETIN FOR THE WEEK ENDING
JUNE 6.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ending June 6,is asfollows:
The weather for the week ended June 5 was characterized by wide vani
ation in precipitation and in temperature conditions in different sections
of the country. It was unseasonably warm from the Ohio and lower
Missouri Valleys northward, and high temperatures prevailed in the Middle
Atlantic coast section the last half of the week.
On the other hand, it was too cool and wet for warm weather crops in
the Southeast, and unseasonably cool weather prevailed in nearly all sections west of the Rocky Mountains. Frost was reported locally in exposed
places in some interior northwestern sections, and at many places in the
more Western States. There was some damage from frost in western
Colorado,locally in Utah, parts of Washington and many places in Nevada.
It continued too wet for field work in much of the Southeast, espe ially
in Georgia and Florida, but less rainfall than during the preceding week
was favorable in the lower Mississippi Valley which permitted much needed
cultivation of raw crops. Showers in Texas, where it had been too dry,
were very helpful in many localities, while general and beneficial rains
occurred between the Western Lake region and the Rocky Mountains.
The week was especially favorable in Northern and Northwestern Great
Plains. but dry weather was needed in the Central Plains area. Rainfall
was particularly timely and favorable in the Northwestern States,especially
in Idaho and eastern Washington and Oregon and the northern portion of
Nevada and Utah.
COTTON.—In general the weather during the week was more favorable
in much of the cotton belt than for several preceding weeks, although it
continued decidedly unfavorable in some sections. Beneficial showers
occurred in Texas and less rainfall was helpful in the central portion of belt
which permitted of better progress in field work. Frequent and heavy
rains continued, however, in the more southwestern districts, which, together with the cool weather, gave unfavorable conditions for cotton.
Progress and condition of early planted cotton in Texas were mostly fair
to very good, but the late planted got a poor start because of drouth and
cut worms; chopping and cultivation made very good progress. In Oklahoma rainfall was again general and moderately to excessive and crop either
made slow progress or deteriorated, with much replanting necessary; there
was considerable hail damage in the west central and southwestern portions.
Less frequent rain and moderate temperature were more favorable in
Arkansas. Louisiana, Tennessee and Mississippi. Cotton showed some
improvement in Arkansas, but continued in very poor to poor condition
except in some favored localities. Very good progress was reported in
Louisiana. and the fair weather the latter part of the week permitted of
much needed cultivation in Tennessee. Growth continued slow in Mississippi and progress varied greatly in Alabama,ranging from fair to deteriorating. The week was cool, cloudy and wet in Georgia, where growth and
condition of cotton were poor with deterioration in the northern portion.
where plants were still small, yellow and many died. Conditions were
better in the south portion. Frequent heavy rains were unfavorable in
Florida and some cotton had been abandoned. The weather was somewhat
more favorable in South Carolina, but the advance of cotton continued
mostly unsatisfactory and backward because of previous wet weather.
In North Carolina conditions were mostly favoralole; fields were green,
but plants rather small and late. as far
north as Pennsylvania, western
--Wheat was heading
WHEAT.
Illinois and Nebraska. This crop made fair to very good progress during
the week in most Ohio Valley localities, but was reported as heading short
in much of Ohio and northern Illinois. The crop made excellent progress
in Missouri, where it was heading out generally and much in bloom, while
growth was mostly satisfactory in Iowa.
Wheat showed improvement in Nebraska. Conditions continued favorable in Kansas. but much fly and chinch bug damage in that State. Small
grains made satisfactory progress from the Rocky Mountains westward,
generous rains being especially beneficial in Idaho, Washington, Oregon
and much of Nevada and Utah, while the cool weather promoted satisfactory
filling in California. The weather was favorable for grain harvest in Texas,
but this work was interrupted by frequent rains in much of the Southwest.
Generous rains fell in much of the spring wheat belt and that crop made
good to excellent advance in all sections, although it was rather warm for
best stooling conditions in the western portion of the belt. The stands were
reported as rather thin in Wisconsin and the weather was particularly
favorable for spring wheat in the Dakotas and Montana.
OATS.—Oats showed considerable improvement in Kentucky, but continued to grow rather slowly in Ohio and to vary in condition in Illinois,
though mostly good. More moisture was badly needed for this crop in
southern Michigan and rains would be beneficial in the Middle Atlantic
coast area. The crop was in fair condition, though rather short in Iowa,
but making fine growth in the Northern Great Plains and the Northwest.
The week was mostly favorable for rye, though the crop was only fair in
the extreme upper Mississippi Valley, where it was heading short in many
places. Flax made fine growth in South Dakota and the early sown came
was
up well in'North Dakota, while the cropwas in satisfactory condition in
well along in the Southern
Montana. Planting of grain sorghums
Great Plains.
CORN.—Good corn weather prevailed in the Central and Northern
States east of the Rocky Mountains, and the crop showed general improvecondition. Planting was nearly
ment with the more favorable temperature Iowa
cultivation of early planted
completed in the Ohio Valley States,and in
progressed. The condition of the crop continued generally poor, however,
little cultivation has been possible because ofslow growth,and
In Iowa,and
weedy fields.
grew
there was considerable complaint ofbut is becomingThe crop some fast in
grassy in
wetter
Missouri, where it has a good color,
[VoL. 116.
districts. Fields were grassy also I n Arkansas and Oklahoma, but the
progress and condition of the crop were mostly fair to very good in those
States. Growth was rapid in Kansas, but cultivation was needed, as continued rains have interrupted field work. Early planted corn came up
,
nicely in the more Northern Plains States, but the weather was too cool
for this crop west of the Rocky Mountains.
THE DRY GOODS TRADE
Friday Night, June 8 1923.
Quietness continued to prevail in textile markets during
the past week, and rising prices appear to be well checked.
Merchants are striving to move out all seasonable merchandise and have been helped to some extent in this direction
by the warmer weather throughout the country. They are
also naming attractive prices on many summer lines in order
to enable them to reduce stocks. In regard to cotton goods,
the strength of the raw material market during the past
week failed to stimulate new buying, and did not appear to
prevent further slipping in prices on some unfinished goods.
New demand generally was light and scattered, and few buyers showed any real urge for merchandise. The labor troubles in connection with new building is disturbing some of
the cotton goods merchants who had been looking for a continued full business in lines wanted when buildng construction is active. Although it will probably be many weeks before any real curtailment of orders takes place from this
cause, many are of the opinion that it is already having an
appreciable effect. The absence of demand for goods to be
made is a troublesome factor for the mills, but on the other
hand, so long as goods are not accumulated freely for mill
accounts, merchants refuse to be greatly disturbed. It is
not out of the ordinary for markets to rule quiet during
June, and it usually happens on such occasions that fall
trade develops activity in the late summer and remains in a
healthy condition throughout the remainder of the year.
This year the unusual element has been the uncertainty of
cotton values, together with the continued unsettlement
abroad.
DOMESTIC COTTON GOODS: Absence of active new
buying has caused a slightly easier undertone in markets for
domestic cottons during the past week. Offerings from second bands and jobbers have been on a more liberal scale,
and prices in a number of directions have softened. However, while many merchants are complaining and many corporation staples are stagnant, the fact remains that some
specialties in fine ginghams, voiles and other summer fabrics are selling steadily to retailers. Sheetings continued
quiet. A few jobbing lots have been reported sold to Southwestern buyers who were cautious in their early fall buying,
but, generally speaking, demand has been inactive. Bag
goods ruled very irregular, some stocks of popular numbers
having accumulated. According to reports, prices on heavy
sheetings are now becoming attractive again to some Levant
buyers, though no firm bids are heard of. Buyers of finished goods in all lines continue hopeful that a turn in
weather conditions will so stimulate wash fabrics distribution that it will enable dealers and others to feel more secure
about placing future gray goods business. Although there
have been some cancellations of retail orders for some of the
staples booked for advance delivery, strictly fall goods continue in demand. The heavy end of the industry, such as
duck, tire fabrics, wide cloth for manufacturing, etc., remains dull. Mills continue to curtail production. Speculators in cotton markets will fight out the worth of the staple
In their own way, but whatever they do it will not stimulate
large buying of the manufactured products which will await
the needs of buyers. At present the needs of the latter do
not appear to be pressing. Print cloths, 28
-Inch, 64 x 64's
construction, are quoted at 7%c., and the 27-inch, 64 x 60's,
at 7c. Gray goods in the 39-inch, 68 x 72's, are quoted at
11%c., and the 39-inch, 80 x 80's, at 18c.
WOOLEN GOODS: Despite the fact that markets for
woolens and worsteds failed to develop any renewed activity
during the week, mills continued to be very busy on overcoatings, cloakings and a number of other fall lines. Dealers in
general do not appear to be much concerned about the mill
curtailment which is taking place in isolated places, and are
still confident that the delayed spring retail trade in clothing will still be made up. In the women's wear division,
trade has not been very active of late, but the attention given
to keeping stocks of made-up goods clean tends to create
confidence among the important factors in the business.
Furthermore, the constant drift of fill-in orders in general
does much to maintain optimism in the trade. Although orders in most cases are confined to small lots, they offset to
a large extent cancellations which were more or less numerous a month ago, but which now appear to have almost disappeared.
FOREIGN DRY GOODS: Linens have ruled quiet.
There has been a general absence of out-of-town buyers in
the market of late, while the mails are said to have contained but few orders. Prices, however, maintain a steady
undertone, due to the fact that values are very close. Should
warm weather develop throughout the country and continue
for a reasonable length of time, it would no doubt stimulate
buying. Therefore, merchants, despite the present dulness,
are more or less optimistic in regard to the near future.
Burlaps have been more active and firm. Strength of the
Calcutta market stimulated buying by domestic consumers,
who found holders less willing to sell. Light weights are
quoted at 5.50 to 5.60c., and heavies at 7.20 to 7.25c.
JUNE 9 1923.]
THE CHRONICLE
ffitate mut Tidy gitpartinent
MUNICIPAL BOND SALES IN MAY.
The aggregate of bonds disposed of by States and municipalities throughout the United States during May was
considerably larger than during April. But when comparison is made with May of last year it is seen that the
tendency towards more moderate totals, noticeable the past
few months, is still in evidence. The disposals in May were
$91,873,006, in April $78,131,220 and in May 1922 $106,878,872.
The State of Illinois made the largest contribution toward
the month's total in the form of two issues of bonds aggregating $17,000,000. One block, issued to raise funds for
payment of a bonus to war veterans, was in the amount of
$10,000,000, bearing 432%, and was awarded at 100.08, a
basis of about 4.492%, to a syndicate headed by the Guaranty Co. of New York, and including the Equitable Trust
Co., Bankers Trust Co., Estabrook & Co., Remick, Hodges
& Co., all of New York; R. L. Day & Co., Boston; Ames,
Emerich & Co., Chicago; Stacy & Braun, Eldredge & Co.,
Kountze Bros., Lehman Bros., all of New York; First
National Co., Detroit; Northern Trust Co., A. G. Becker
& Co., both of Chicago; Keane, Higbie & Co., Detroit;
National Bank of Commerce, St. Louis; Hannahs, Bailin
& Lee, F. E. Calkin & Co., both of New York; Detroit
Trust Co., Detroit; Kaufmann-Smith-Emert & Co., Inc.,
St. Louis; Minton, Lampert & Co., Union Trust Co. and the
National Bank of the Republic, all of Chicago. The other
block, $7,000,000 4s, issued for road purpose, went to the
same syndicate, the price being 97, a basis of about 4.41%.
There were also a number of issues ranging in amount
from $4,000,000 down to $2,000,000 placed during the
month. They included: Atlanta, Ga., bonds, $4,000,000
in amount, comprising $1,400,000 for water works, $2,101,000 for schools, $324,000 for sewers and $175,000 for a viaduct, all bearing 5%,awarded to J. H. Hilsman & Co. of Atlanta and Stacy & Braun of Toledo at 104.44, a basis of about
4.59%; $4,000,000 5% bonds of Harris County Navigation
District, Tex., which went to the National Bank of Commerce of Houston at 100.75; an issue of $2,730,000 5s of
Miami, Fla., awarded to a group of New York, Cincinnati
and Toledo bankers at 98 and interest; seven issues of Winston-Salem, No. Caro., bonds, aggregating $2,465,000,
awarded to Harris, Forbes & Co., Bankers Trust Co.,
National City Co., E. le Rollins & Sons, Chas. D. Barney
& Co., all of New York, on a bid of par for $1,120,000 53/2s,
$445,000 5s and $900,000 Ois; Kansas City, Mo., water
works 43's, $2,500,000 in amount, taken by a syndicate
composed of Blodget & Co., Barr Bros. & Co., Inc., Dillon,
Read & Co., Curtis & Sanger, and Taylor, Ewart & Co.,
Inc., all of New York, and the Fidelity National Bank &
Trust Co. of Kansas City and the National Bank of Commerce of St. Louis, at 102.089, a basis of about 4.34%;
and $2,000,000 5% sea-wall and breakwater construction
bonds of Corpus Christi, Tex., purchased by J. L. Arlitt
& Co. of Austin. Other large issues of the month included
$1,970,000 4s of Cleveland, Ohio, awarded to Otis & Co.,
of Cleveland, and Blake Bros. & Co., of Boston, at 100.28,
a basis of about 4.46%; $1,900,000 5% bonds of the School
District of Oklahoma City, purchased by A. J. McMahon
and C. Edgar Honnold, of Oklahoma City, at 102.06; nine
issues of 4Y% bonds of Flint, Mich., amounting to $1,875,075, awarded to Seipp, Prince11 & Co., of Chicago, at
100.01, a basis of about 4.49%;$1,500,000 St. Louis County,
Mimi., road 5s, awarded to a syndicate composed of Redmond & Co., Kissel, Kinnicutt & Co. and Hamilton A. Gill
& Co., of New York, and the Metropolitan National Bank,
of Minneapolis, at 101.40, a basis of about 4.78%; two issues
%
of Multnomah County, Ore., School District No. 1, 43 s,
amounting to $1,424,000, which went to Clark, Kendall
& Co., of Portland, Halsey, Stuart & Co. and the William
•R. Compton Co. at 100.18; and $1,000,000 43j% road and
bridge bonds of Ramsey County, Minn., awarded to Estabrook & Co. and Hannahs, Bailin & Lee of New York,
the Northern Trust Co. of Chicago, and the Minnesota
Loan & Trust Co. of Minneapolis, at 101.44, a basis of
about 4.60%.
There was a total of $16,265,987 municipal bonds offered
:
but not sold during May Included in this figure are $5,000,000 State of California 4Xs, $3,700,000 State of North
Dakota 5s and $3,000,000 434s of Alabama. The California
bonds are being re-offered on June 14 and the North Dakota
bonds on June 28.
2671
In addition to the long term securities disposed of during
May, various municipalities engaged in temporary borrowings to an aggregate of no less than $27,205,000. This
includes $17,540,000 short term securities placed by New
York City.
The municipality of Manati, Porto Rico, issued a block
of $135,000 53s to John Nuveen & Co. of Chicago, at
103.67, a basis of about 5.12%. This is the third disposal
made by the U. S. Possessions this year. The total of this
class of bonds placed on the market to date is only $381,000,
compared with $5,250,000 sold during the same period
last year.
Canadian provinces and municipalities found a market
for $5,914,650 long term bonds during May. This includes
$1,575,000 5348 placed by Victoria, B. C., and $1,000,000
5s by Winnipeg, Man. A block of $10,000,000 5% 6 months
Treasury bills was issued by the Province of Ontario.
In the following table we publish a comparison of all
the various forms of obligations put out in May for the
last five years:
1920.
1921.
1923.
1919.
1922.
$
Permanent loans(U.S.) 91,873,006 106,878,872 63,442,294 37,280,635 46,319,625
*Temporary loans(US) 27,205,000 15,435,000 78,162,000 18,492,000 8,913,000
Canadian ins(pernft)—
Placed In Canada_ _ _ 4,914,650 10,675,337 16,099,286 9,630,526 7,071,649
Placed In U. S
1,000,000 6,234,000 2,000,000 5,800,000 4,500,000
Bonds of U.S.Poss'ns
135,000
None
None
None
None
Gen.Fund bds. N.Y.0
None
None
None 5,500.000 5,000.000
Total
12 .127,655 139,223,209 165,203,580176,203,161 66,804,274
5
•Including temporary securities Issued by New York ;City, $17,540,000 in
May 1923, $3,950,000 in May 1922, $67,622,000 In May 1921, 811,735,000 In May
1920 and 83,190,000 In May 1919.
The number of municipalities emitting permanent bonds
and the number of separate issues made during May 1923
were 541 and 373, respectively. This contrasts with 448
and 632 for April 1923 and with 647 and 868 for May 1922.
For comparative purposes, we add the following table,
showing the aggregates of long term issues for May and the
five months for a series of years:
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
Month of
For the
May.
Five Months.
891,873,006 $413,543,077 1907
106,878,872
536,116,865 1906
63,442,294 356,003,428 1905
37,280,635 277,548,512 1904
46,319,625 205,272,378 1903
33,814,730 123,945,201 1902
23,743,493
193,068,268 1901
29,006,488 235,908,881 1900
42,691,129
213,952,380 1899
34,166,614
303,153,440 1898
83,234,579
179,493,010 1897
98,852,064
196,803,486 1896
33,765,245
195,791,550 1895
18,767,754
143,476,335 1894
27,597,869
145,000,867 1893
25,280,431
137,476,515 1892
Month of
May.
815,722,336
14,895,937
16,569,066
55,110,016
14,846,227
20,956,404
14,562,340
9,623,264
7,897,642
7,036,926
8,258,927
10,712,538
11,587,766
14,349,410
4,093,969
7,856,860
For the
Five Months.
$93,957,403
80,651,623
92,706,300
113,443,246
62,649,815
59,211,223
47,754,962
58,273,539
33,996,634
34,373,622
56,890,312
30,384,656
41,084,172
50,067,615
30,774,180
36,844,291
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
New York State.—Legal Investments for Savings Banks.—
The State Banking Department has compiled a new list of
bonds, considered legal investments for savings bank funds,
this new list being of date Jan. 1 1923. Some municipalities
whose bonds were considered eligible for investment on
Jan. 1 1922 are missing from the new list, but this, it is
pointed out by the Superintendent of Banks, may be due to
the failure of these municipalities to file reports of their
financial condition with the Department.
We again call attention to the fact that the absence of the
names of suburbs and annexed districts of the different
cities is not necessarily an indication of the illegality of their
obligations for investment. A statement by the Superintendent of Banks, which accompanies the list, follows:
STATE BANKING DEPARTMENT
Albany, N. Y.
The following list of securities considered legal investments for savings
banks on the first day of January, 1923, has been prepared in accordance
with the provisions of
section 52 of the flanking Law, and I think
sary to call attention to the purpose of the list as therein stated. it necesThe conditions under which municipal and railroad bonds are legal
investments for savings banks are contained in section 239 of the Banking
Law.
The provisions with reference to
these investments are in some cases quite
complicated and the legality of the investments, of course, depends entirely
upon the condition of the corporation or municipality issuing
under consideration which may vary so greatly from time to the bonds
time that a
bond which was a legal investment
on a fixed dtae may not be a legal investment upon the following day.
No one can state positively that a particular
bond is a leagl investment on a certain date, unless he has
exact
of the facts on the day with reference to which the statement is knowledge
made, and,
in these days of rapidly changing conditions, it will be obviously
improper
for the trustees of a savings bank
upon this list, the list being
to rely solely
issued only for their protection and not with the Intent that they shall place
their sole reliance upon it.
As stated, the list is prepared
for the protection of trustees of savings
banks and should not be considered a guide by executors, administrators
or trustees generally; neither is it designed for the use of dealers in securities.
As the cost of preparing and printing the list is assessed upon the savings
banks, sufficient copies have not
to enable us to make a general distribution of the pamphlets been printed
containing it. Notwithstanding the care
that has been exercised In its preparation, it is not to be assumed that it
is entirely free from error. It is quite possible, as a result of changed
conditions since the last statistics with reference to municipalities were
obtained, that bonds believed to be legal investments at the time the
was prepared may not be legal investments even at the present time, list
on the other hand, bonds which were not legal investments at that time and.
may
2672
THE CHRONICLE
[VoL. 116.
Erie, Pa.
Pawtucket, R. 1.
[Montour County, Burlington, Vt.
Bristol, Vt.
Erie County, Pa.
Providence, R. I.
Pa.]
Calais, Vt.
Scituate, R. I.
[Forest County.
New Castle. Pa.
Pa.]
Cambridge, Vt.
Northumberland
Smithfield, R. I.
Danville, Vt.
[Fulton County,
Tiverton, R.I.
County, Pa.
Pa.]
Essex County, NC
Warren, 8.1.
Philadelphia, Pa.
Harrisburg, Pa.
[Groton, Vt.]
Warwick, It. I.
Pittsburgh, Pa.
[Guildhall, Vt.]
Johnstown, Pa.
Pottsvi.le, Pa.
[West Warwick,
Manchester, Vt.
[Juniata County, Potter County, Pa.
R. 1.]
Pa.]
Middlebury, Vt.
Scranton, Pa.
TVesterly, R. I.
La •Icawanna County [Washington Coun- Montpelier, Vt.
[Adams County,
Pa.
Pa.]
[Newport, Vt.I_
ty, Pa.]
[Armstrong County Lancaster, Pa.
[Feachatn. Vt.]
Westmoreland
Pa.]
[Lancaster County, County, Pa.
Pittsfard. Vt.
Pa.]
Blair County, Pa.
[Williamsport.Pa.] Rutland. Vt.
Lebanon County, Pa. 1Vilkes-Barre, Pa.
Bucks County, Pa.
[Rutland County.
York, Pa.
Cambria County. Pa. Lock Haven, Pa.
Vt.3
Carbon County, Pa. Lycoming County, Pa. Addison County,Vt. Si. Albans City, Vt.
Lehigh County, Pa. [Albany Village,
Coatesville, Pa.
[St. Johnsbury,
Vt.]
(Lucerne County,
Connqlsvills, Pa.
Vt.]
Alburg, Vt.
Crawford County, Pa. Pa.]
EVershlre, Vt.]
[Dauphin County, [McKean County, Bennington, Vt.
[Washington ConnPa.]
Pa.]
[Bennington Conn- ty Vt.]
ty, Vt.]
[Wilmington, Vt.]
[Delaware County, Mifflin County, Pa.
[Monroe County, Brattleboro, Vt.
The complete list, as compiled by the Superintendent, is
Pa.]
Woodstock, Vt.
Pa.]
added to the list since last year are [Easton. Pa.]
given below. The bonds
Sub-division 5b. Certain stocks and bonds of other cities, as follows:
which do not appear this year are
italicized while the issues
Duluth, Minn.
Manchester. N. II. *Seattle, Wash.
Akron, Ohio.
placed in black-faced brackets:
El Paso, Texas.
Milwaukee, Wis.
Sioux City, Iowa.
Baltimore, Md.
Evansville, Ind.
Minneapods, Minn. South Bend, Ind.
Bay City, Mich.
Securities Considered Legal Investments for Savings Banks Jan. 1
Oakland, Calif.
Flint. Mich.
Spokane, Wash.
[Canton, Ohio.]
under Sub-divisions of Section 239 of the Banking
1923
Springfield, Ill.
Cedar Its olds, lo. Grand Rapids,1511ch. [Omaha, Neb.]
Law as Numbered.
Huntington, W. Va. [Pasadena, Calif.] Springfield, Ohio.
Chicago, lit.
interest-bearing obligations of the United States or
Sub-division I. All
[Indlanapolia,Ind.] Portland, Maine.
Tacoma, Wash.
Cincinnati, Ohio.
those for which the faith of the United States is pledged to provide pay- Cleveland. Ohio.
Racine, Wis.
Jackson, Mich.
Topeka, Kans.
ment of interest and principal, including bonds of the District of Columbia. Columbus, Ohio.
Rockford. Ill.
Terre Haute, Ind.
[Kalamazoo,
Sub-division 2. All Interest-bearing obligations of New York State.
Saginaw, Mich.
Toledo, Ohio.
Mich.]
Covington, Ky.
Sub-division 3. Certain interest-bearing obligations of the following Dallas, Texas.
Wichita, Kans.
Kansas City, Mo. St. Louis. Mo.
Territories:
States and
St. Paul, Minn.
1Vheeling, IF. Va.
Davenport, Iowa. Lansing, Mich.
Montana,
Indiana.
San Antonio, Tex.
[WIlmington,Del.]
Rhode Island.
Alabama,
Lincoln, Neb.
Ohio.
Dayton,
Nebrassa,
Iowa,
South Carolina,
Youngstown, Ohio.
Arizona,
Des Moines, Iowa. Los Angeles, Calif. San Diego, Calif.
Kansas,
Nevada,
South Dakota,
[Louisville, Ky.] San Francisco, Cal.
Arkansas,
Detroit, Mich.
Kentucky,
New Hampshire,
Tennessee,
California.
* Bonds of Seattle, Wash., having been dropped in the compilation of
Louisiana,
New Jersey,
Texas,
Colorado,
Jan. 1923, again became legal on May 2 1923.
New Mexico,
Maine.
Utah,
Connecticut.
Sub-division 7, Railroad boncts:
Maryland,
North Carolina,
Vermont,
Delaware,
Chicago St. Paul Minneapolis & Omaha
Albany & Susquehanna skit.North Dakota,
Massachusetts,
Virginia,
Florida,
Railway
lot mtge. 3545, 1946.
Michigan,
Ohio,
Washington,
Georgia,
Chicago St. Paul Minn. & Omaha lip.
Atchison Topeka Sr Santa Fe Ry.Minnesota,
Oklahoma,
West Virginia,
Hawaii,
cons. 3548 and 68. 1930.
Oen 4s, 1995.
Mississippi,
Oregon.
Wisconsin,
Idaho
North Wisconsin Ity. 1st 68. 1930.
Chicago Santa Fe & California Ry.
Missouri.
Pennsylvania,
Wyoming
Illinois,
Delaware & Hudson Co.151 58, 1937.
-division 4. All interest-bearing obligations or revenue notes sold at Atlantic Coast Line RR.First and refunding 45, 1943.
Sub
Adirondack Ity. lot 4545. 1942.
a discount, of any city, county, town, village, school district, union free
1st Cons. 4s, 1952.
Schenectady & Ouanesburg lot 6s.'24.
school district, or poor district in New York State. provided that they were
Petersburg RR. let 55, 1926,"A."
Delaware Lackawanna & West. Railroad.
issued pursuant to law and that the faith and credit of the Municipality
Petersburg RR. 2d 6s, 1926,"B."
or district that issued theist is pledged for their payment.
Bangor & Portland Ry, let 6s, 1030.
Norfolk & Carolina RR. rift 55, 1939.
Warren RR. lit 355s, 2000.
Sub-division Ea. Certain stocks and bonds of the following incorporated
Norfolk & CarolinaRR. 2d is. 1916.
cities counties, villar es and towns in adjoining States:
Morris Sr Essex RR. ref. 354s, 2000.
Wilmington & Weldon RR. gen. lit
[Ashfield. Mass.] Maynard, Mass.
Fonda Johnstown & Gloversville Illt.45 and 5s, 1935.
Ansonia, Conn.
Wellesley, Mass.
Consolidated 65, 1923.
Barnstable, Mass. Medway, Mass.
Wilmington & New Bern lit 4s, 1047.
West Springfield,
Berlin, Conn.
Barnstable County, Melrose, Mass.
Consolidated ref .455s,1947.
Atlantic Coast Line of South Carolina
Bloomfield. Conn.
Mass.
General ref. 4s, 1950.
Conn.] Mass.
Gen. 1st 4s, 1948.
[Branford,
Middlesex County, [Weymouth,
Cons, general ref. 4348, 1952.
Northeastern RR. Cons. 65, 1933.
Mass.
Bridgeport, Conn. Berkshire County,
Mass.]
Mass.
311 ford, Mass.
Richmond & Petersburg Cons. 4545. Genesee & Wyoming RR. 1st 58. 1929.
[Bristol, Conn.]
Williamstown,Mass.
Great Northern lty.[Bozrab, Conn.] Beverly, Mass.
1940.
Milton, Mass.
Wrentham, Mass.
First and refunding 45.1s, 1961.
Boston, Mass.
Alabama Midland 1st 55. 1928.
Canton, Conn.
Allilville, Mass.
[Whatley, Mass.]
St. Paul Minn. & Manitoba consol. 4s,
Brunswick & Western lit 48.1938.
[Cheater, Conn.] Boxford. Mass.
[Millbury, Mass.] Woreester, Mass.
455s and 65, 1933.
Charleston & Savannah Gen. 7s, 1936.
Colchester, Conti. [Boxborough,
[Monroe. Mass.] Worcester County,
St. Paul Minn & Manitoba, Montana
[Cromwell, Conn.] Mass.]
Savannah Florida & Western Cons. Is
Natick, Mass.
Mass.
Ext., lot 9s, 19:37.
[Cornwall, Conn.] Boylston, Mass.
New Bedford, Mass. Winchester, Mass.
& C0. 1934.
St. Paul Minn & Manitoba, Pacific
Brockton Mass
Baltimore & Ohio RR.[New Salem,
Danbury. Conn.
[Woburn, Mass.]
Ext., 1st 4s. 1940.
Bristol County,
Refunding & General M.Is, 1995.
Darien, Conn.
Mass.]
Yarmouth, Mass.
Eastern By. of Minn. 45. 1948,
Convertible 454e, 1933.
Mass.
[Dunham, Conn.]
[Newburyport,
Atlantic County,
Montana Central lot Is & 6s, 1937.
Eastford. Conn.
N. J.
Prior Lien 355s, 1925.
(Brookfield,Mass.] Mass.]
Wilmar & Sioux Fails lit Is. 1938.
East Hampton, Conn. Brookline, Mass.
[Norfolk, Mass.] A tlantia City, N. J.
First Mortgage 4s, 1948.
Spokane Falls & Nor. Ist6s, 1939.
Central Ohio tat 454e, 1930.
Newton, Mass.
E. Hartford, Conn. [Bellingham,
Bayonne, N . J.
East 1Vindsor, Conn. Mass.]
[Norwood, Mass.] Bergen County, N. .1.
Cleve. Lorain & Wh. Cons. 58, 1933. Greenwich & Johnsonville By. lot 48.'24.
Illinois Central RR.
[Berlin, Mass.]
General 58, 1936.
Ellington, Conn.
North Brookield. Bloomfield, N. J.
Refunding 45, 1955.
Braintree, Mass.
Cons. & Ref. 4548, 1930.
Enfield, Cann.
Mass.
Burlington County,
First mtge. 38. 3545 & 48, 1950-51.
Terminal & Valley 1st 4s, 1995.
Canton. Mass.
Northbridge, Mass.
Cleve.
Essex, Conn.
N. J.
Trust 334e, 1950.
Glastonbury, Conn. [Concord, Mass.] North Attleborough, Canuien„V. J.
Ohio River 1st 55, 1936.
Springfield Div., refund. 3558, 1951.
[Greenwich, Ct.] Clarksburg, Mass.
General Is. 1937.
Mass.
Camden County,
Litchfield Div. 1st 38. 1951.
Chicopee, Mass.
[Northborough,
N. J.
Pittsb. Jet.& Mid. Div. 1st 3>48.1025.
II .rtford, Cons.
Cairo Bridge Co. 1st 4s, 1950.
Cambridge, Mass.
Mass.]
Pittab. Lake E.& W. Va.Sys. 48, 1941.
Cape May, N J
[Kent, Conn.]
St. L. Div.& Term.3s& 354s, 1951.
Vs. & Pittsburgh 1st 45, 1990.
Mass.]
[Carver.
Orleans, Mass.
Cape May County,
Killingly, Conn.
West
1952,
ch
Chelsea, Mass.
Palmer, Maas.
N. J.
Buffalo Creek RR.Cons. Is. 1941.
Ledyard, Conn.
.
3
Lehigh Valley RIt 5.
h
Clinton, Mass.
[Provincetown,
Cumberland County,
Buffalo Rochester & Pittsburgh Ry.Lisbon, Conn.
First mortgage 48. 1948.
Chatham, Mass.
Mass.]
Litchfield, cons.
N. J.
Gen. mtge. Is. 1937.
Louisville & Nashville RR.
Cummington, Mass. [Peperel., Mao.] Elizabeth, N. J.
Cons. kitge. 4555. 1987
[Meriden City,
Louisville Cincin. & Lexington Ry,
[Darvers, Mass.] Petersham, Mass. [Englewood, N.J.]
Conn.]
Lincoln Park & Charlotte RR. lit Is
gen. 412s 1931.
Dedham, Mass.
Plymouth, Mass.
Essex County, N. J.
Middlesex County.
1939.
Louisville & Nashville RR. unified 45,
Deerfield, Mass.
[Plainville, Mass.] Gloucester C01471111
Conn.
Central RR.of New Jersey Gen.Is, 1987.
.
1940.
Pittsfield, Mass.
Middletown City, Dennis, Mass.
N. J.
Chicago Burlington & Quincy Ry.Louisville& Nash.RR.gen.68.1930.
Dudley, Mass.
Quincy, Mass.
Hackensack, N. J.
Conn.
Gen. 45, 1958.
Louisville & Nashville RR.1st Is. 1937.
[Rutland, Mass.] Harrison, N. J.
Illinois Div. 354s and 4s, 1949.
Middletown Town, Dukes County,
Maine Central System
Mass.
Reading, Mass.
Nebraska Extension 4s, 1927.
Conn.
Hunterdon County,
Dexter & Piscataquis let 4s, 1929.
[Revere, Mass.]
Conn.] Dana. Mass.
N J
Chicago Milwaukee de St. Paul Ry.European & North Amer. 1st 4s, 1933,
East Brookfield,
Randolph, Mass.
General Mtge. 3315.45 and 4545. 1989,
Jersey City, N. J.
Montville Conn.
Hereford Ry. lit 45, 1930.
[Raynham, Mass.] Kearney. N. J.
Chicago & Missouri River Div. 1st 5e.
New Hartford.5 onn. Mass.
Maine Shore Line RR. lit 6s, 1923.
[Rowe. Mass.]
[Long Branch,
1926.
New Britain, Conn. [Essex, Mass.]
Somerset Ry. cons. 48, 1050.
N. J.]
Fargo & Southern lot 6s. 1924.
New Haven, Conn. Easthampton,Mass. Salem, Mass,
Upper Coos RR, lit 45. 1930,
Courtly. [Easton, Mass.] Sandwich, Mass.
Mercer County, N. J.
Milwaukee & Northern 1st 454s, 1934.
New Haven
Upper Coos RR. let ext. 4548, 1930.
Scituate, Mass.
Milwaukee & Nor. Consol. 4348, 1934
Everett, Mass.
Middlesex County,
Conn.
Washington Co. Ry, lot 3548, 1954.
[Fair Haven,
[Seekonk, Mass.]
N. J.
Chicago killw. & Pug. Sd. lit 48. 1919.
Norwalk, Conn.
[Manhattan Railway.-]
[Shelburne, Mass.] Attila:11e, N. J.
Maas.]
General and refunding 455s and 15s,
Newington, Conn.
[Cons. 4s. 10001
Sheffield, Mass.
2014.
New London, Conn. Fall River, Mass.
Monmouth County,
Michigan Central ltit. Co.
Fitchburg, Mass.
Somerset, Mass.
Debenture 4s. 1934.
N. J.
Newton, Conn.
First mortgage 3545, 1952,
Somerville, Mass, Morris County, N. J.
Florida, Mass.
Debenture 48, 1925 (European Loan).
Norfolk, Conn.
Bay City & Battle Creek lot 3s. 1989.
Freetown, Mass.
Southwick, Mass.
Convertible 45413. 1932.
North Canaan,
Morristown, N. J.
Detroit dt Bay City 1st 50, 1931.
Georgetown, Mass. South Hadley.Mass, Newark, N. J.
Conn.
Chicago & North Western Rif.Kalamazoo & South Haven 1st Is, '39.
General 3545, 4s and 55. 1987.
Spencer, MASS.
North Stoning/on,
Gardner. Mass.
North 1Vildwood,
Michigan Air Line let 4s, 1040.
Conn.
Gloucester, Mass. Springfield, Mass.
North West. jot & ref. 68, 2037
J.
N.
Chic. &
Jackson Lansing & Saginaw 1st 354s,
[Sunderland,
Ocean City, N. J.
[Plymouth,Conn.] Granby, Mass.
Chicago & North West. deb. 55, 1933.
1951.
Putnam, Conn.
Mass.]
Boyer Valley Ry. lit 3348, 1923.
Great Barrington,
Orange, N. J.
Grand River Valley lot 4s, 1959,
Salem, Conn.
Mass.
[Sudbury, Mass.] Passaic, N. J.
Des Plaines Valley 155 4345, 1947.
Scotland, Conn,
Fremont, Elkhorn & Mo. Valley RR. Minneapolis St. Paul & Sault Ste.
Greenfield Town,
[Southampton,
[Passaic County.
Marie Ry.Seymour,Conn,
Mass.]
Mass.
N. J.]
cons. 68, 1933.
1st cons. 45 and 54. 1938.
Simsbury, Conn.
[Gill, Mass.]
[Shirley, Mass.] Paterson, N. J.
Iowa. Minn. & Northwestern Ity. 1st
Minn. & Pacific Ry. 1st 48, 1936.
[Shelton, Conn.] Hawley, Mass.
Taunton, Mass,
3348. 1935.
Plainfield, N.J.
Minn. Sault Ste. Marie & Atlantic RV.
Southington, Conn. Hamilton, Mass.
Tolland, Mass.
Manitowoc Green Bay &North WestSalem, N. J.
South Windsor,
1st 45. 1926.
Hampden Co. Mass. Townsend, Mass.
Salem County, N. J.
ern 1st 3555, 1941.
Conn.
Haverhill, Mass.
Mankato & New Ulm Ry. 1st 351s, Mobile & Ohio RR. Co. lit Si. 6s, 1927.
[TempletonMairs.] South Granite, N. J.
Montgomery & Erie RR,lit M.53. 1926.
[Salisbury, Conn.] Hampshire County, Tewksbury, Mass. Summit, N. J.
1929.
Stcmington, Conn.
Maas.
[Truro, Mass.]
Trenton, N. J.
1111w. Lake Shore & West.-kfich. Div. Nashville Chattanooga dr St. Louis Ry.[Sprague, Conn.] [Hanover. Mass.] [Tyringharn,
Consol. mtge. •Its and 55, 1928.
Union County. N. J •
lit 65, 1924.
Thomaston, Conn.
1st M.(Jasper Branch) 6s, 1923.
Hingham, Mass.
-Ashland
killw. Lake Shore & West.
Mass.]
[West New York,
[Torrington. Ct.] Holyoke, Mass.
let M. (Centervillo Branch) Cs, 1923.
lot Cs, 1925.
Div.
[Uxbridge, Mass.] N.J.]
Union, Conn.
Lancaster, Mass.
West TIsbury,Mass. Westfield, N. J.
Milw. Lake Shore & West. Ext.& Imp. New York & Harlem RR.ref. 3348,2000.
Waterbury, Conn.
Lawrence, Mass.
New York Ontario & Western.
Ware, Mass.
West Hoboken, N. J.
Is, 1929.
Watertown, Conn. [Leverett, Mass.] [Westhampton,
Utica Clinton & Bing. lot Is, 1939.
Milwaukee & State Line 1st 3.54s, 1941.
[Woodbury, N. J.]
Westbrook, Conn.
Ludlow, Mass.
Milwaukee Sparta & North Western Norfolk Sr Western Ry.Mass.]
Bristol, R. I.
West Hartford, Conn. [Lowell, Maria.]
First consol. 4s, 1096.
Wakefield, Mass.
Central Falls, E. I.
1st 4s, 1047.
West Haven, Conn. Ludlow, Mass.
Walpole, Mass.
General 6s, 1931,
Cranstm, R. I.
Minn. &Iowa Ry. 1st 355s, 1924.
Lunenburg, Mass. Westwood, Mass,
Westport, Cont..
New River Div. 1st 68, 1932.
Cumberland. R. I.
Minn. & South Dakota By. tat 3545,
Willimantic, Conn. Lynn, Mass.
[Wales, Mass.]
Improvement & extension 68, 1934.
East Providence, R. I.
1935.
Mar,borough, Mass. Warren. Mass. ' Lincoln, R. I.
Winchester, Conn.
Scioto Valley & New Eng. 1st 45, 1989.
Peoria Sigorthwest.ity. lot 354s. 1926.
[Monterey, Mass.] [Washington,
Windsor, Conn.
Little Compton,R.I.
Princeton & Northwestern Ry. let Northern Pacific Ry.[klarshfield,Mass.]
Mass.]
Wolcott, Conn.
Prior Lien Ry. dr Land Grant 4s, 1997.
3348, 1926.
Newport, IL 1.
Methuen. Mass.
Watertown, Mass. Narragansett, R.I.
Abington, Mass.
St. Paul & Nor. Pac. con 65. 1923.
St. Louis Peoria & North Western lot
[Mashpee, Mass.] [Webster, Mass.] North Kingstown,
Adams, Mass.
Refund. & impt. 434s & 65, 2047.
Is. 1948.
[Manchester,
[Westford, Mass.] R. I.
Agawam. Maas.
General lien 3s, 2047.
St. Paul & Eastern Grand Trunk Ry.
Mass.]
West Boylston,
North Providence,
Wash. & Columbia Riv. 1st 45, 1935.
!Athol, Masai
let 4358, 1947.
Marblehead. Mass.
Mass.
R. I.
St. Paul-Duluth Div. 45, 1996.
Ayer, Mass.
Sioux City & Pacific RR. 1st 354s.
Marion, Maas.
[West Brookfield. North Smithfield,
St. Paul & Duluth 1st 55. 1931.
1936.
Ashby. Mass.]
R. 1.
Wisconsin Northern Ry. let 45, 1931.
St. Paul & Duluth copse!. 45, 1968.
Amesbury,Maas.] Mattapolsett, Mass. Mass.]
have since become legal investments. It is believed, however, that the
list is substantially correct, although, as has been already intimated, it
does not relieve the trustees of savings banks from the duty of making a
careful investigation of their own in every doubtful case, thereby supplementing the work of the Department.
In arranging the list, the numbering of the different subdivisions of section 239 of the Banking Law has been followed, specific issues being expressly named only when this course is made necessary by the phraseology
used in the statute.
The omission from this list of several municipalities may not be duo to
their illegality, but to the failure of such municipalities to respond to the
several communications that have been sent to them by this Department,
asking for the necessary information relative to their indebtedness. However, wherever this information could be obtained from a reliable source,
regardless of the fact that no answer was received to our questionnaire,
we have availed ourselves of same and included the municipalities in the
accompanying list.
This list is prepared after a thorough investigation and exhaustive examination into the legality of the bonds: listed herein, and reliable supporting
information in all cases is on file with this Department.
If your are desirous of any information, communicate with this Department.
GEORGE V. MeLAUGHLIN, Superintendent of Banks.
(,Ilford,
JUNE 9 1923.]
2673
TITTI CHRONTCLE
BERNALILLO COUNTY SCHOOL DISTRICT NO. 61 (P. 0. Los
-Bide will be received until June
Padillos), N. Mex.-BOND OFFERING.
11 for the purchase of 54,000 6% school-building bonds. Denom. $500.
Due June 1 1933. A certified check for $1,000 reDate June 1 1923.
quired. These bonds were voted at the election held on May 24 (V. 116,
p.2040).
-BONDS VOTED.
BESSEMER CITY, Gaston County, No. Caro.
At a special election held on May 29 a bond issue of $150,000 for school
purposes carried by a vote of 251 "for" to 199 "against."
BISMARCK, Burleigh County, No. Dak.-BOND OFFERING.
M.H. Atkinson, City Auditor, will receive sealed bids until 8 p.m.June 11
for the following coupon bonds:
$225,000 5% water works bonds. Due $11,250 in 1 to 20 years.
475,000 6% water main and water works bonds. Due $23,750 in 1 to
20 years.
Denom. *1.000. A certified check for $2,500. payable to A.P. Lenhart,
President of Board of City Commissioners, required.
-At the
-BONDS VOTED.
BLACKFOOT, Bingham County, Idaho.
election held on May 29 (V. 116, p. 2040), the proposition to issue $6,000
city improvement bonds carried.
-BONDS
BOULDER COUNTY SCHOOL DISTRICT NO. 46, Colo.
VOTED.
-At a recent election $15,000 534% serial school bonds were
voted. These bonds were awarded to the International Trust Co. of
Denver, subject to being voted. Notice of the election and sale was given
in V. 116, p. 2420.
-The
-BOND SALE.
BRANCH COUNTY (P. 0. Coldwater). Mich.
following bids were received for $65,000 of 5% Covert Road bonds of the
county of Branch:
Price.
Premium.$26o
o100.04
First State Savings Bank
At 594% the bids were:
t17 50
100.15
Detroit Trust Co. and Stacy & Braun
10.6
100.09
9
0
3
7 050
Sidney Spitzer & Co
Rumpus, Hull & Co
State Savings Bank, Hillsdale.
The bands were awarded to First
-At an
-BONDS VOTED.
BRANSON, Las Animas County, Colo.
election held on May 26 $35,000 water bonds were voted.
-An issue of 5100.217 11
-BOND SALE.
BREA,Orange County,Calif.
Quirk Brothers of
1915 Act improvement
The list of bonds considered legal investments on Jan. 1 Los Angeles. Denom. bonds has been purchased by
$1,000 and $500. Date April 17 1923. Int.
1922 will be found on pages 2503 and 2504 of the "Chronicle" J. 2. Due $10,027 11 yearly on July 2 from 1924 to 1933 inc.I.
-J.
-On
-TEMPORARY LOAN.
of June 3 1922.
BROCKTON,Plymouth County, Mass.
of 5200.000,
-Nego- June 7 a temporary revenue loanS. Moseley &dated June 8 and maturing
-New County Being Formed.
Montana (State of).
Co. of Boston on a 4.17%
Jan. 8 1924. was awarded to F.
tiations are now under way for the organization of a new discount basis.
-BOND OFFERcounty, to be formed from territory taken from Flathead and
BROWARD COUNTY (P.O. Fort Lauderdale), Fla.
-Frank A.Bryan, Clerk Board of County Commissioners, will receive
Missoula counties. The name of the proposed county will ING. bids until 11 a. m.July 3 for $200.000 6% highway bonds. Denom.
sealed
be Lake. An adjustment of the indebtedness of the three $1.000. Date Jan. 11922. Prin. and semi-ann. int. (J. & J.) payable in
1936 incl.;
Jan. 1 as follows: $5,000
counties is to be made by a commission of three to be ap- gold in New York. Due onand $20,000 1942 to 19461932 toLegality to
incl.
515,000 1937 to 1941 had..
pointed by Governor Dixon.
be approved by Chester B. Masslich. N. Y. City. Bonds will be prepared
under the supervision of the U. S. Mtge. Sr Trust Co., N. Y. City, which
will certify as to the genuineness of the signatures of the officials and the
seal impressed thereon.
-The
-BONDS NOT SOLD.
BROWNWOOD, Brown County, Tex.
following 2 issues of 5% school bonds offered on May 29 (V. 116, p. 2299)
DISTRICT (P. 0, Abington), Montgomery wero not sold:
ABINGTON SCHOOL
-The $350,000 4%% coupon school bonds $41,000 school bonds. Denom. $1,000. Date June 1 1921. Due on
-BOND SALE.
County, Pa.
-were awarded to Janney & Co.of Phila.
June 1 as follows: $8.000, 1941. 1946, 1951 and 1956. and $9,000.
offered on June 4-V.116, p. 2419
.Y
at 102.596, a basis of about 4.05%. Date June 1 1924. Due on June 1
1961: payable at the Hanover National Bank, N V. City.
as follows: $50,000, 1933; $60,000, 1938; $70,000, 1943; $80,000, 1948.
60,000 school bonds. Date June 1 1923. Denom. 51.000 and 52,000.
bidders were:
Due on June 1 as follows: $1,000, 1924 to 1943,incl.. and 52.000.
and $90,000, 1953. Other
101.61
Jenklntown Bank & Trust Co_101.571111ddle 8: Henry
1944 to 1963,inclusive.
101.686
R.Glendenning & Co
102.24 IStroud & Co
-The following 4% bonds were issued
-BOND SALE.
BUFFALO,N. Y.
M.M.Freeman & Co
101.791
by the city during the month of
Purchaser.
-Sealed bids Amount.
Due.
-BOND OFFERING.
Date.
ADAMS, Jefferson County, N. Y.
Purpose.
will be received by Donald Kenyon, Village Clerk, until 7:30 p. m. June 11 $64,00000 grade cross.ellrn.May 1 1923 May 1'24-'43 Teachers'nen.fd.
May 15 1923 May 15 1924 Sinking Fund
for $8100 6% registered refunding bonds. Denom.$500 and 1 for $1,000.
1,873 68 local work
DateJuly 11923. Prin. and semi-ann. int.(J. & J.), payable at the Village
BUFFALO COUNTY SCHOOL DISTRICT NO.83(P.O. Elnacreek),
Treasurer's office. Due yearly on July 1 as follows: $500. 1927 to 1942. Nebr.-BOND ELECTION.
-An election will be held on June 11. at which
incl., and $100, 1943. Each bid must be accompanied by a certified check time a proposition to issue $3,500 school bldg. bonds will be submitted to
for $300, payable to the order of the Village Treasurer.
a vote of the people.
-The two Issues of
-BOND SALE.
ADRIAN, Lenawee County, Mich.
-BOND SALE.
CALCASIEU PARISH (P. 0. Lake Charles), La.
44% bonds, aggregating $58.500. offered on May 28 (V. 116. p. 2419) The 52,750.000 navigation channel bonds offered on June 11 (V. 116, p. 2169)
were awarded to the Security Trust Co. of Detroit at 103.87, a basis of were awarded to Sutherlin, Barry & Co., Inc. of New Orleans. and Caldas follows:
about 4.68%. They are described
premium of 516,500. equal
$45,000 paving bonds. Due $5.000 yearly on Juno 1 from 1937 to 1945 incl. well & Co. of Nashville, jointly. as 594s. at a 1 1922. Due on Oct. 1 as
Date Oct.
to 100.60, a basis
13,500 armory site bonds. Due $2,000 yearly on June 1 from 1924 to follows: 510.000. of about 5.45%. 1924; 525.000. 1925: 540,000, 1926:
1923; 515.000,
June 1 1931.
1930 Ind excepting the year 1926, and $1,500
1930 and 1931:
This item was incorrectly reported under the caption of "Adrian School 550,000, 1927: 555.000. 1928; $60,000. 1929;
570.000. 1932; $75.000, 1933 and 1934; 580.000. 1935: 585,000, 1936:
District" in last week's issue, on page 2547.
590.000. 1937: 595.000, 1938 and 1939:1100.000. 1940; $105,000. 1941:
-It is unofficially reported $110.000. 1942; 5115.000. 1943: 5120.000. 1944: $125,000 1945: 5130.000.
ALABAMA (State of).
-BIDS REJECTED.
that all bids received for the $33.000,000 434% Series "B" highway-con- 1946: 5135.000, 1947: 5140.000. 1948: 1145,000. 1949; 1150,000. 1950:
-were rejected.
struction bonds offered on May 31-V. 116, p. 1923
5160.000, 1951, and 5165,000, 1952.
-OFFERED.
-RE
-The $55,000 5%
ALCOA, Blount County, Tenn.
CALIFORNIA (State of).
-BOND SALE.
-BONDS NOT SOLD
coupon (registerable as to principal only) school bonds offered on June 1- The 55.000.000 434% highway bonds offered on May 31-V. 116. p.
-were awarded to the Hanchott Bond Co , Inc.. of Chicago 1683
V. 116, p. 2299
-were not sold. The bonds will be re-offered on June 14. Charles
for $53,780 (97.98). a basis of about 5.24%. Date June 1 1923. Due on Johnson, State Treasurer (P. 0. Sacramento).
June 1 as follows: $2,000, 1924 to 1928, incl., and $3,000, 1929 to 1943,incl.
-BOND OFFERING.
CANAJOHARIE, Montgomery County, N. Y.
AMADAR VALLEY JOINT UNION HIGH SCHOOL DISTRICT Willis Bullock, Village President, will receive bids until 4 p. m. June 19 for
Alameda County, Calif.
-The $110,000 the purchase at not less than par of$10.000 5% street impt. bonds. Denom.
(P.O.Oakland),
-BOND SALE.
-were awarded to $500. Date July 1 1923. Int. payable annually. Due $2,000 Yearly on
5% school bonds offered on May 28-V. 116. p. 2420
Wm. Cavalier & Co. of Los Angeles and the American National Bank July 1 from 1924 to 1928, inclusive.
jointly. Date May 1 1923. Due on May 1 as follows: $3,000. 1929 to
CANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Canton),
1958 incl., and $4,000. 1959 to 1963 incl.
-It is reported that at a
-BONDS VOTED.
Van ZandtrCounty, Texas.
ANDERSON COUNTY ROAD DISTRICT NO. 8 (P. 0. Palestine), recent election 525.000 bonds for school buildings were voted.
-Sealed bids will be received until 2 p. m.
-BOND OFFERING.
Tex.
-Sealed bids
-BOND OFFERING.
County, Ohio.
CAREY, Wyandot
June 12 by W. C. Quick, County Judge, for $266,000 5% road bonds.
until 12 m. July 2 for the
Denom. $1,000. Date April 10 1923. Prin. and semi-ann. int. (A.-0.) will be received by John Stoody, Village Clerk, of 56.000 5% coupon lire
at not less than par and accrued int.
payable at the Hanover National Bank, N. Y. City. Due on April 10 as purchase
authority of Sec. 3939 of the
follows: 59,000, 1924 to 1953 incl., and $5,000, 1954. A certified check appartus purchase bonds. Issued under the
1923. Prin. and semi-ann. int.
for $5,000 required. The official notice of offering states that Anderson Gen. Code. Denom. $500. Date July 1 Co. of Carey. There will be 12
Banking
County has never defaulted in payment of principal or interest. There is (J. & J.), payable at the Peoples'
follows: $500 yearly on July 1 from 1925 to
no litigation or controversy pending or threatened affecting this issue of payments on these bonds as months from Jan. 1 1928 to Jan. 11932. incl.
1927, incl., and $500 each 6
bonds.
All bids must be accompanied by a cert. check for 10% of the amount bid.
-On payable to H. H. Heck, Village Treasurer. Purchaser to call and pay for
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND SALE.
May 22 an issue of $31,000 434% sewage bonds was awarded to J. A. W. bonds within 10 days from date of award.
Iglehart & Co. of Baltimore at 102.4517. Denom. $1,000. Date June 1
-BOND SALE.
-On May
CASS COUNTY (P.O. Logansport), Ind.
1923. Int. J. & D. Due serially until June 1 1948.
24 two iSSUOS of bonds were sold. The Meyer-Kiser Bank was awarded
BENTON COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Prosser), 519.800 Duffey road bonds for 519.958 30, equal to 100.70. and Breed.
--The $7,000 school bonds offered on May 26 (V. Elliott & Harrison were awarded $339,000 Gordon road bonds for $39,253.
-BOND SALE.
Wash.
166, p 2169) were awarded to the Western Bond & Mtge Co. of Portland. equal to 100.60. Both of the purchasers are located in Indianapolis.
as5its at 101 009. a basis of about 5,13%. Date June 1 1923. Due $1,000
CHAMBERS COUNTY ROAD DISTRICT NO. 1 (P. 0. Anahuac),
yearly on June 1 from 1932 to 1938. inclusive.
Texas.
-An election will be held on June 16 to vote
-BOND ELECTION.
BERNALILLO COUNTY SCHOOL DISTRICT NO.4 (P. 0. Rancos on the question ofissuing $15,000 594% road bonds. Joe F. Wilson,County
will be received Judge.
de Albuquerque), N. Mex.-BOND OFFERING.
-Bids
-Sealed
CHARDON, Geauga County Ohlo.-BOND OFFERING.
-building bonds. Denom. $500. Date
until June 11 for $6,000 6% school
June 1 1923. Due June 1 1933. A certified check for $100 required. bids will be received until 12 m. July 5 by Robert S. Parks, Village Clerk,
These bonds were voted at the election held on May 24 (V. 116, p. 2040). for the purchase at not less than par and accrued interest of 55.294 534%
coupon "Water
under the authorBERNALILLO COUNTY SCHOOL DISTRICT NO.9(P.O. Rancho ity of Sec. 3914 Street Special Assessment bonds." issued
of the Gen. Code. Denom. $500 and $294. Date June 1
-Until June 11 bids will be 1923. Prin. and semi-ann. int.(M. & S. ), payable at the First National
de Atrisco), N. Mex.-BOND OFFERING.
6% school-building bonds. Denom. $500. Date Bank of Chardon.
received for $8,500
Due $500 yearly on Sept. 1 from 1924 to 1928, incl.:
June 1 1923. Due June 1 1933. A certified check for $1,000 required
$1.000. 1929: 5500. 1930 to 1932, incl., and $294. Sept. 11932. Each bid
These bonds were voted at the election held on May 24 (V. 116, p. 2040).
must be accompanied by a cert, check for 10% of the amount bid for. P84'
BERNALILLO COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Paja- able to the Village Treasurer.
-Until June 11 bids will be received
rito), N. Mex.-BOND OFFERING.
CHARLESTON SCHOOL DISTRICT (P. 0. Charleston), Charlesfor the purchase of $88,000 6% school-building bonds. Date June 11923. ton County, So. Caro.
-The 5100.000 5% school bonds
-BOND SALE.
Hanchett Bond
Denom. $500. A certified check for $1,000 required. These bonds were offered on May 26-V. 116. P._2300
-were awarded to the
of C y m 1, 8.
e 3ulhicago 1 103.33. a basis of about 4.76%. Date July 15
voted at the election held on May 24 (V. 116. p. 2040).
BERNALILLO COUNTY SCHOOL DISTRICT NO. 22 (P. 0. Los 1923.
-BOND ELECTION.
CHATTANNOGA, Hamilton County, Tenn.
--The proposition to issue
Griejos), N. Mex.-BONDS DEFEATED.
question of issuing 5750,000
37,000 school bldg. bonds submitted to a vote of the people at the election On July 10 an election will be held to vote on the
school and $175,000 hospital frapt. bonds.
(V. 116, p. 2040) failed to carry.
held on May 24
Pennsylvania Railroad Co.
N. Y. Central RR.Co.
General 5s, 1968.
Carthage & Adirondack Ry. 1st 48
General Mtge. 445. 1965.
1981.
Consol. Mtge. 34s, 48. 445 & 58 of
Carthage Watertown & Sacketts Har1873.
bor cons. 55, 1931.
Allegheny Valley Ry. Gen. 45, 1942.
Chicago Indiana & So. let 4s, 1956.
Cambria & Clearfield let 51, 1941.
Cleveland Short Line 1st 448, 1961.
Cambria & Clearfield Gen. 48, 1955.
let Mtge. on Spuyten Duyvil & Port
Clearfield & Jefferson let 65, 1927.
Morris 345, 1959.
Cleveland & Pittsburgh RR. gen. 34s
Gouverneur & Oswegatchle RR.let 55,
and 445. 1042-1950.
1942.
Delaware River RR. & Bridge Co.
Indiana Illinois & Iowa 1st 45, 1950.
1st 45, 1936.
Frank. & Cl. 1st 45, 1959
Jamestown
Erie & Pittsburgh RR.gen.348. 1940
Kalamazoo & White Pigeon let 58,'40.
Harrisburg Portsmouth Mt. Joy &
Lake Shore & M.S. Ry. 1st 34s. 1997
Lancaster 181 9s, 1943.
Lake Shore & Michigan Southern Deb.
Hollidayab. Bedf.& Cum. 1st 4s, 1951
4s, 1928.
Lake Shore & Michigan Southern Deb. Junction RR. Gen. 3345. 1930.
Penn. & N. W. RR. gen. As. 1930.
4s, 1931.
Penn. RR.,real estate 4s. 1923.
Lake Shore collateral 34s, 1998.
Plttab. Va. & Cnarleston let 45, 1943.
Little Falls & Dolgeville let 3s, 1932.
Sunbury & Lewistown let 45, 1936.
Mahoning Coal RR. let 55, 1934.
Michigan Central collateral 3.4s, 1998. Sunbury Has.& Wilkes-B. 1st 55, 1928.
-B. 2d 65, 1938.
Sunbury Has.& Wilkes
Mohawk & Malone Ry. 1st 4s, 1991.
Western Penna. Cons. 45, 1928.
Mohawk & Malone Ry. eons. 348
Phila. bait. & Washington RR.
2002.
First mtge.4s, 1943.
N. Y. Central & Hudson River RR
Phila. Wilm.& Halt. deb. 48, 1923-37.
1st 3145. 1997.
New York Central az Hudson Rivet Rensselaer & Saratoga RR:let (is, 1941.
Schobarle Valley Ry. 1st M.5s, 1929.
Ref. & Imp. 4%a & As. 2013.
N. Y. Central Deb. 4s, 1934 and 1942. Southern Pacific RR. Co.
First & refdg. 4e, 1955.
N. Y. CentrP1 cons. series A 4s, 1998.
First consol. As, 1937.
N.Y.& Northern Ry. 1st 55, 1957
Southern Pacific Branch 1st 65. 1937
N.Y.& Putnam RR. cons. 4s. 1993.
Northern Ry. Consol. 58. 1938.
Pine Creek Ry. 1st 65, 1932.
Northern California 1st 58, 1929.
& St. Louts 1st 3s„ 1989
Sturgis Goshen
Union Pacific RR. Co.
Oregon Short Lino RR.
First Uen & refdg. 4s, 2008.
151 cons. 58, 1946.
lst M. railway & land grant 45, 1947
Utah & Northern Ry. ext. 45, 1933.
United New Jersey RR.& Canal Co.
Utah & Northern Ry. cons. 58, 1926
Gen. M.34s & 45. 1923-1951.
Pitts. & Lake Erie Hit. 1st M.65, 1928
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
s65,000.
2674
TITE CITI-RONITTEE
[VOL. 116.
CHICAGO SANITARY DISTRICT. III.
-BOND OFFERING.
DONORA
-Sealed
proposals will be received by Harry E. Wallace. Clerk of the Finance Com- County, Pa. SCHOOL DISTRICT (P. 0. Donors), Washington
-BOND OFFERING.
-Sealed bids will be revived by R. E.
mittee, until 12 m. June 21 for the purchase at not less than par and accrued Koehler, Secretary Board of
Directors, until 7 p. m. (Standard time)
int. of 65,000,000 4% bonds (registered as to prin. at option of the owner) June 15 for $25,000
% coupon
to defray part of the cost of permanent impts. Denom. $1,000. Date July 11022. Due yearly on July school bonds. Denom. $1,000. Date
1 as follows: $3.000 1933 to 1935. incl.:
July 1 1923. Prin, and semi-ann. int. (J. & J.). payable at the District
1936, $4,000 1938 and 83.000 1939 and 1940. Each bid to be
Treasure's office. Due yearly on July 1 as follows: $263.000, 1925 to $6,000
accompanied by a certified check for $1,000.
1942, incl.. and $266.000, 1943. The district may award all or any part
DOYLESTOVVN, Bucks County, Pa.
of the issue. Each bid must be accompanied by a cert. check for 3% of the
-BOND SALE.
-The $40.000
amount bid for, drawn on some Chicago bank. An opinion by Wood & 4Y % (free State tax) coupon or registered bonds offered on June 4-V. 116.
-were awarded to Mackie, Crouse & Co., of Philadelphia. at
p. 2549
Oakley will be furnished certifying the legality of this issue.
102.073, a basis of about 4.11%. Date April 11923. Due April 11943.
Financial Statement.
Equalized value of property. 1922
81.784,486,31500
DUBOIS COUNTY (P. 0. Jasper), Ind.
-BOND OFFERING.
Authorized indebtedness, 3%
53.533,989 45 will be received by John J. Mehue, County Treasurer, until 2 p. m. -Bids
June 15
Outstanding bonds. July 1 1923
29,929,000 00 for the purchase at not less than par and accrued Interest of
$34.000 4!i%
Amount of present issue
5,000,000 00 J. H. Heiler's et al. county unit coupon road bonds. Denom. $1.700.
Total bonded debt,including present issue
34.929,000 on Date June 15 1922. Interest M.& N. 15. Due $1,700 each
six months
Fixed contract liabilities
3.264.000 00 from May 15 1924 to Nov. 15 1933, inclusive.
Total
EAST WHITTIER SCHOOL DISTRICT, Los Angeles County,
S38.193,000 00
-BOND OFFERING.
Unetercised debt incurring power
-L. E. Lampton, County Clerk (P. 0. Las
$15,340,989 45 Calif.
Angeles), will receive sealed bids until 11 a. m. June
$30,000 5%
CHICOPEF., Hampden County, Mass.
-BOND SALE.
-The two school bonds. Denom. $1.000. Date June 1 1923. 11 for and
Prin.
issues of 4% coupon bonds offered on June 4-V. 116, D. 2545
interest
-were payable at the County Treasury. Due on June 1 as follows:
$2.000 1924
awarded to the Old Colony Trust Co. of Boston at 101.517, a basis of to 1933 incl.. and $1.000
1934 to 1943 incl. A cert. check for 3% of issue,
about 4.16%. They are described as follows:
$18,000 water main extension bonds. Denom. $1,000 and $500. Payable payable to the Chairman Board of Supervisors, required.
ELWOOD,Madison County.Ind.
$4,000 June 1 1924, $3.500 June 1 1925 to 1928 inclusive.
-BONDS NOT SOLD -The $15,000
175.000 permanent paying bonds. Denom. $500 and $1,000. Payable 5% refunding bonds offered on June 1 (V. 116. p. 2300) were not sold
$17,500 June 1 1924 to 1933 inclusive.
ENGLISH, Crawford County, Ind.
-BOND SALE.
-The $4.000 5%
Date June 1 1923. Other bidders were:
park purchase and improvement bonds, the notice of the offering of which
Nam,Bid. I Nam ,
Bid.
was inadvertently placed under the caption "Crawford County," In V. 116,
R. L. Day ts Co.. Boston_ _ Aoi.nn !Blodgett & Co., Boston
101.26
D. 2422, were awarded on June 2 to the Crawford County State Bank, of
Arthur Perry A; Co.. Boston_101.3511Curtis & Sanger, Boston_ __ _101.21
English. Date May 11923. Due $200 each six months from July 1 1924
Esterbrook & Co..Boston _ _ _101.31 !Merrill, Oldham & Co., Bos_ 101.079 to Jan. 11934, inclusive.
Harris, Forbes & Co., Bost--101.27 1
ERIE COUNTY (P.O. Buffalo), N. Y.
-BOND SALE.
-The $930.000
CLARE, Clare County, Mich.
-BOND SALE.
-The $41,000 paving 4% coupon penitentiary bonds, Series "A," offreed on June 5 (V. 116. p.
and sewer bonds voted at a special election held on April 20 were awarded
& Co. and the Buffalo Trust Co.,
on May 20 to the Citizens State Bank of Clare as 53%s. The bonds are 2549) were awarded to O'Brian. Potter the issue to
both
investors at prices to
In coupon form of $1,000 each. Date May 1 1923. Int. M. & S. Due Yield of Buffalo. who are now offering
3.90%. Date May 1 1923. Due $93,000 yearly on May 1 from
-on May 1 from 1924 to 1928 inclusive.
1943 to 1952 incl.
Financial Statement.
CLARK COUNTY (P. 0. Jeffersonville), Ind.
-BONDS SOLD IN
PART.
-Of the two issues of 4I-4% coupon road bonds offered on June 1 Assessed valuation
$848,6093,976
(V. 116, p. 2421), the $10.000 James Belzer road in Oregon Twp. bonds Total bonded debt (including this Issue)
2,957,000
Population. 634.638.
were awarded to .1. F. Wild & Co. of Indianapolis at 101.11, a basis of
about 4.27%. Date May 71923. Due $500 each six months from May 15
FAIRMONT, Robeson County, No. Caro.
-BOND OFFERING.
1924 to Nov. 15 1933 incl.
J. It. Bracy, Town Clerk, will
The $18,000 Harry H. Bean road issue was not sold, as no bids were re- $30,000 6% water and sewer receive sealed bids until 8 n. m. June 29 for
bonds. Denom. $1.000. Date July 11923.
ceived.
Prin.and semi-ann.int. payable in New York. Due $1.000 yearly on July 1
CLAY AND CICERO (TOWNS) UNION FREE SCHOOL DISTRICT from 1926 to 1950 incl. A cert. check for 2% of bonds bid for, payable to
the Town Treasurer. required. Legal proceedings and preparation and
NO. 12P. 0. North Syracuse), Onondaga County, N. Y.
-BOND sale of bonds under
-Sealed bids will be received by the Board of Education
OFFERING.
the supervision of Bruce Craven of Trinity.
until 1 p. m. June 9 (to-day) for the purchase of $78,000 414% school
FALLON COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Baker),
bonds. Denom. $1.000 Date July 1 1923. Prin. and semi-ann. int. Mont.
-BOND OFFERING.
-Bids will be received by It. A. Lyman.
payable In New York exchange at the Salt Springs National Bank. Due Clerk Board of
Trustees, until 2 p. m. June 14 for $8,000 coupon school
yearly on Jan. 1 as follows: $1,000, 1926 and 1927: $2,000. 1926
bonds to bear int, at a rate not to exceed 6%. Denom.
moo. Due
incl.; $3,000. 1939 to 1942 incl.: $4,000, 1943 to 1950 incl.. and to 1938 in 20 years; optional after
$5,000,
10
1051 and 1952. Bidders are required to deposit a certified check for to the above official, required.years. A certified check for $400, payable
10% of the amount bid for with each bid.
FALLS COUNTY (P. 0. Marlin), Tex.-TV/MEANT SALE.
CLEARWATER. Pinellas County, Fla.
-The
-BOND OFFERING.
-S. R.
Thomas, City Auditor, will receive sealed bids for $20,0006% park improve- Marlin National Bank of Marlin, has purchased $22,000 tick eradication
warrants at par.
ment bonds until 5:30 D. m. July 6. Prin. and semi-aim'. Int. payable at
FLINT, Genesee
the Mechanics & Metals National Bank, N. Y. City. Due in
-BIDDERS.
-Following is a com30 years. plete list of the bidsCounty. Mich.
A cert. check for 5% of amount of bid required.
received for the nine issues of bonds
S1.875,075 which were awarded to Seipp, Princell & Co. of aggregating
COLFAX COUNTY SCHOOL DISTRICT NO. 42 (P.
Chicago at
0. Raton), 100.01. a basis of about 4.49%, notice of which was given in the "ChronN. Mex.-BOND SALE NOT COMPLETED.
-The sale of the $20,000 6% icle" of June 2, page 2549: •
10 -year (opt.) school building bonds to the International Trust
-30
Co. of Seipp, Princell & Co
$952.600 (184 X%
Denver. which was reported in V. 116. p. 2422. was not
Bal. of 892,475 X04%
the disapproval by the attorneys for the purchasers, ascompleted, due to
to the legality of
X 1515%
Plt!? premium $30000
the bonds.
Lamport, Barker & Jennings 982,600 04 %
'
2.06346
COLUMBIA SCHOOL DISTRICT (P. O. Colunihia),
692,475 (514%
" " 15,261 32
Richland
County, So. Caro.
1982,600 04 %
-BIDS.
-The following is a let of the bids received
884 38
Eldredge & Co
for the $150,000 5% school bonds on May 28:
382,475 04 %
1510.000 (184'.4%
Lewis S. Rosenstiel &
!Provident Say. Bk., Cln-$151,950 00
80323
892,475 04 %
Harris, Small & Lawson
Co.. Cincinnati
$154.521 501Hanchett Bond Co., Inc.,
" "
7,950 00
3
982,600 044%
Prudden & Co.. Toledo
153,100 201 Chicago
" " 18,575 00
151,890 00
(932,600 0434%
Palmetto Tr. Co.. Colum 153,015 001Fifth-Third Nat.Bk.,Cin
" "
1,12000
151,710 00 Keane, Higbie & Co
I 173.500 (184)4%
Robinson-Humphrey Co.,
!Taylor, Ewart & Co..
1715.975 1543(%
Atlanta
" " 1,120 00
152,475 001 Chicago
151,584 00 Industrial Sayings Bank
1,875,075 04X%
" " 11,044 00
Well. Roth & Irving Co.,
1Stifel-Nicolaus & Co.,
First National Bank of Detroit 892.475 04 %
Cincinnati
152.440 001 St. Louis
151,545 00
982,500 r84y,%
" " 2,947 80
Lowry Bk.&'Fr. Co., Atl 152,422 50!Stacy & Braun. Toledo_ _ 151,356 00
Wattling. Lerchen & Co
982.600 04 %
" " 24.600 00
152,310 00 1 Keane,Bigble & Co., Det
N. S. Hill & Co.. Cin
*All bids at par.
Lewis S. Rosensteil & Co. were the successful bidders, as151.465 00
stated in
V. 116, p. 2549.
FLORENCE, Lauderdale County, Ala.
-BOND OFFERING.-17ntil
June 12 sealed bids will be received by the City Clerk for $124,000 6%
CORSICANA, Navarro County, Tex.
-BOND SALE.
National Bank and the Corsicana National Bank of Corsicana. -The State !rapt. bonds. Date June 1 1923. Due June 11933. optional $12,400 on
were awarded
the $600,000 5% school bonds offered on June 5 (V. 116. p. 2422) at a Pre- June 1 from 1924 to 1933 incl.
mium of $16,500 equal to 102.75 (with banking arrangement). Date Feb.
FLOYDADA INDEPENDENT SCHOOL DISTRICT (P. 0.
11923. Due as follows: $25,000. Feb. 1 1928 and from $6,000 to $50,000 Floydada). Floyd County, Tex.
-The Brown-Crummer
-BOND SALE.
being due each year thereafter until 1963.
Co. of Wichita, has purchased $90,000 high school building bonds at par.
CROWLEY DRAINAGE DISTRICT (P.0.Crowley), Crowley CounFRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
ty, Colo.
-BOND ELECTION.
-An election will beheld on June 16 to vote
Bank
on the question of issuing $100.000 6% drainage bonds. A like amount The First National June of Boston was awarded the temporary loan of
4-V. 116, p. 2549.
$250.000 offered on
-on a 4.23% discount basis,
was voted during March.
-V.116. p. 1327.
maturing $150,000 Dec. 5 and $100,000 Dec. 17 1923.
CUSTER COUNTY HIGH SCHOOL DISTRICT NO. 1 (P. 0. West
FULTON, Whiteside County, Ill.
-BOND FOFFERING.-Proposais
Cliff), Colo.
-BOND ELECTION.
-BOND SALE.
-Subject to
at a new election to be held soon, $25.000 5% school building being voted will be received until 2 p. m. June 20 by M. F. Johnson, Secretary of
bonds have
again been awarded to the International Trust Co. of Denver. These Board of Managers. for $40,000 5% coupon community hall bonds.
bonds were voted and awarded to the same company during May,as stated Denom. $500 and up, to suit purchaser. Date July 1 1923. Int. ann.
1. Due ann. to July 1 1941. Certified check for $500, payable
In V. 116. p. 2170, but owing to legal technicalities the sale
was not com- July
to the Secretary, required. Bonded debt, this issue only. Assessed
pleted and the bonds have to be revoted upon.
valuation, 81,858,235.
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
-BOND OFFERING.
-Sealed bids will be received by A. J. Hieber. Clerk Board of County ComFULTON COUNTY (P. 0. Rochester), Ind.
-NO BIDS RECEIVED.
missioners, until 11 a. m.(Eastern standard time) June 23 for the purchase -The three issues of 414% road bonds. aggregating $22.900 offered on
at not less than par and accrued interest of $20.000 5%
-were not sold, as no bids were received.
coupon bonds, June 1-V. 116, p. 2423
issued in anticipation of special assessments to be levied against
FULTON COUNTY (P. 0. Wauseon). Ohio.
the prop-BOND OFFERING.
erty specially benefited in Sewer District No. 1, and
of Section 6602-20 of the General Code. Denom. under the authority Sealed bids will be received by 0. L. Watkins, County Auditor, until
p. m. June 22 for the purchase at not less than par and accrued interest of
1923. Prin, and semi-ann. int. (A. & 0.) payable $1,000. Date July 1
urer's office. Due $1,000 yearly on Oct. 1 from at the County Treas- $17,000 514% Inter-County Highway No. 301 Section "E" Archbold1924 to 1943 incl. All Fayette Road bonds, issued under the authority of Section 1223
bids shall be accompanied by a certified
of the
than the one making the bid, payable tocheck on some solYent bank other General Code. Denom. $1,000. Principal and semi-annual interest
the
the amount of the bonds bid for, the purchaserCounty Treasurer, for 1% of (M.& S.), payable at the County Treasurer's office. Due yearly on Sept. 1
to pay for bonds at the office as follows: $4,000. 1924 and 1925. and $3,000. 1926 to 1928.
of the County Treasurer within ten days from
Inclusive.
or as soon thereafter as notice is given that and after the time of the award Each bid must be accompanied by a certified check for 5% of the amount
bonds are ready for delivery.
bid for. A complete certified transcript of all the proceedings, evidencing
BOND SALE-The 2 issues of5% coupon
p. 2422) were awarded to Hayden Miller & bonds offered on June 2(V.116, the regularity and validity of the issuance of said bonds, will be furnished
Co. of Cleveland, as follows:
the successful bidder.
$23,972 40 assessment Snow road in Parma Township
GAINESVILLE, Alachua County, Fla.
-BOND OFFERING.
equal to 100.329. a basis of about 4.93%. bonds for $24,051 40,
-DrayDue yearly on Oct. 1 ton Auera, Secretary Board of Directors, will receive sealed bids
as follows: $1.972 40, 1924; $2,000.
1925* $3,000,.1926 to 1930, 3 p. m. July 12 for $300,000 5% impt. bonds. Denom. $1,000. until
incl.; 82,000, 1931, and $3.000, 1932.
Date
July 1 1923. Prin. and semi-ann. int. payable at the City Treasurer's
County's share Snow road in Parma
71.917 17
Township bonds for $72.- office. Due as follows: $10,000. 1932: *20.000, 1933 and
15417, equal to 100.329, a basis of about
1934 and 1936;
4.93%. Due yearly $10.000. 1948 to 1956 incl., and $20,000, 1960 to 1965 Incl.
on Oct. 1 as follows: $7,917 17, 1924.
Legality apand $8,000, 1925 to 1932, proved by John C. Thomson, N. Y. City. A certified
Inclusive.
check for 3% of
bid required.
Date June 11923.
GALLATIN AND BROADWATER COUNTIES JOINT SCHOOL
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT
NO.6 (P.
NO. 24 (P. 0. Three Forks), Mont.
-BOND OFFERING.
Miami, Fla.
-BONDS NOT SOLD
-Chas. M. Fisher, Secretary Board 0. DISTRICT
of NEW ELECTION TO BE CALLED.
-The $30,000 6% school bldg. bonds
Public Instruction, until 12 m. June 12 will receive sealed bids for
$17.000
on May 28-V. 116, p.
6% school bonds. Denom. $1.000. Date June 1 1923. Prin. and semi- offered says: "Proceedings not 2171-were not sold. /. M.Dolan, District
Clerk,
correct. New election will be called."
payable at the Chase National Bank, N.
ann. int. (.1. & D.)
Y. City. Due
GENEVA INDEPENDENT SCHOOL DISTRICT, Sabine County,
June 11943. A cert, check for 2% of amount bid for, payable to the Board
-BONDS REGISTERED.
Tex.
-On June 1 the State Comptroller of Texas
of Public Instruction, required.
-20
registered $4,000 6% 10 -year school bonds.
DANNEMORA (Town), Clinton County, N. Y.
-BOND SALE.
-An
GIBSON COUNTY (P. 0. Princeton), Ind.
Issue of*8,0005% road bonds has been sold to Geo. B. Gibbons & Co. of N.
-The
-BOND SALE.
Y.. at 101.21. a basis of about 4.73%. Denom. $.500. Date Feb. 11923. $2,100 5% coupon Clark Read et al, road bonds, offered on May 29-were awarded to the Peoples American National Dank
Int. annually Feb. 1. Due $1,000 yearly on Feb. 1 from 1925 to 1932, incl. V. 116. p. 2423
of Princeton at par plus a premium of 21.
DECATUR, Dekalb County. Ga.-BOND SALE.
-J. H. Hilsman & 4.99%. Date May 15 1923. Due $105equal to 100.04. a basis of about
each six months from May 15
Co. of Atlanta have purchased $150,000 water and sewer bonds.
1924 to Nov. 15 1933 inclusive.
JUNE 9 1923.]
THE CHRONICLE
2675
-BOND SALE.
HUMBOLDT COUNTY (P.O. Winnimucca), Nevada.
-The $16,000 5% coupon J. E.Joyce et al. road in Pagola
BOND SALE.
1
-were awarded to -The $30,000 69 highway bonds offered on May 26(V. 116, P. 2424)were
Township bonds, offered on June 2-y. 116. p. 2423
Wild & Co. of Indianapolis for $16.160. equal to 100.10, a basis of awarded to the Nevada Industrial Commission at 101.66. Denom. $500.
J. F.
about 4.99%. Date May 15 1923. Due $800 each six months from Int. J. & J. Due serially.
May 15 1924 to Nov. 15 1933 inclusive.
HUNTINGDON SPECIAL SCHOOL DISTRICT (P. 0. Hunting-At the election held
-BONDS VOTED.
- don), Carroll County, Tenn.
GRAND FORKS, Grand Forks County, No. Dak.-NO BIDS.
bids received for the refunding bonds amounting to not less on May 29-V. 116, p. 2301-the 350,000 school bond issue carried by a
There were no
than $105,000 nor more than $125,000, offered on May 31-V.116, p.2423. vote of 216 "for" to 49 "against."
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
-BOND OFFERING.GRAND JUNCTION, Mesa County, Colo.
-Sealed
-BOND OFFERING.
Bids will be received by Fred A. Peck, City Auditor, until June 20 for Huntington), Suffolk County, N. Y.
36.750 Combination Sewer District No. 1 bonds. Date July 1 1923. bids wilt be received by Walter E. Bryan. District Clerk, until 2 p. m.
(daylight saving time) June 18 for $475.000 434% coupon or registered
Interest rate not to exceed 6%.
-At the same time the above City Auditor will also school bonds. Denom. $1,000. Date Jan. 1 1923. Prin. and semi-ann.
BOND OFFERING.
receive bids for $95,000 Paving District No.8 bonds, to bear interest at a int. (J. & J.) payable at the Huntington Station Bank of Huntington.
Due $19,000 yearly on Jan. 1 from 1928 to 1952 incl. Each bid must be
not to exceed 6%. A certified check for 2% of bid required.
rate
accompanied by a certified check for 2% of the amount bid for, payable
GRANDVIEW HEIGHTS (P. 0. Columbus), Franklin County
to the district. The bonds will be prepared under the supervision of the
-BOND OFFERING.
Ohio.
-Elmer A. J. Gross, Village Clerk. will U. S Mtge. & Trust Co. of N. Y., which will certify as to the genuineness
receive sealed proposals at 36 West Gay St., Columbus, until 12 m of the signatures of the officials and the seal impressed thereon. Legality
(Central standard time) July 2 for the purchase at not less than par and approved by Caldwell & Raymond of N. Y. City,
5
,
accrued interest of the following issues of 53 % coupon special easessment
-The
-BOND SALE.
HURON COUNTY (P. 0. Bad Axe), Mich.
street construction bonds. aggregating 3253,100, issued under Secs. 3814,
$199,400 534% coupon Covert Act road bonds offered on June 1-V. 116,
3835, 3836, and 2295 of the General Code:
-were awarded to Bumpus, Hull & Co. of Detroit at par and
P. 2424
$11,500 Parkway Drive bonds. Denom. $1,000 and $500.
accrued interest plus a premium of $2,459, equal to 101.22. The bonds
16.500 Mulford Road bonds. Denom. $1,000 and $500.
are issued for the following roads: Assessment Dist. Road No. 179,
103,000 Northwest Blvd. bonds. Denom. $1,000 and $500.
Chandler & McKinley Tvrps.. $74,000; Assessment Dist. Road No. 42.
5,400 Holly Ave. bonds. Denom. $600.
Chandler, Oliver, McKinley & Winsor Twps., $28,000: Assessment Dist.
11,500 Parkway North bonds. Denom. $1.000 and $500.
Road No. 40, McKinley & -Winsor Twps., $5,400: Assessment Dist. Road
10,500 Timberman Road bonds. Denom. $1,000 and $500.
No. 30, Bloomfield & Lincoln Twps., 342,000, and Assessment Dist. Road
12,500 Norton Ave. bonds. Denom. $1,000 and $500.
No. 141, Bloomfield & Lincoln Twps., $50,000. Denom. $1,000. Date
6.000 Dover Ave. bonds. Denom. $500.
May 1 1923. Due one-tenth yearly for 10 years.
22,200 Second Ave. bonds. Denom. $1,000, $500 and $100.
IOWA (State of).
8,500 Ridgway Place bonds. Denom. 31.000 and $500.
-A syndicate composed of Estabrook
-BOND SALE.
29,500 Glenn Ave. bonds. Denom. $1,000 and $500.
& Co., Remick, Hodges & Co., Redmond & Co., Curtis & Sanger, First
Date June 1 1923, Int. A. & 0. Due yearly on Oct. 1 as follows: National Bank,
Brown Bros. & Co., Kissel, Kinnicutt & Co., Blodget &
$27,100, 1924: $28,100, 1925: $28,600, 1926; 328.100. 1927: $28,600,
1928: $28,100. 1929 and 1930; $28.600. 1931. and 327,800, 1932. Each Co., Bankers Trust Co.. Kountze Bros., Hornblower & Weeks and Hanbid must be accompanied by a certified check for 10% of the amount of nabs. Bailin & Lee, all of New York; Detroit Trust Co., of Detroit; Northbonds bid for. Purchaser to pay and take said bonds within 10 days of ern Trust Co. of Chicago. and Geo. M. Bechtel & Co. of Davenport, has
the date of award.
purchased the $22,000,000 State Soldiers' Bonus bonds offered on June 2
-BOND OFFERGRANVILLE COUNTY (P. 0. Oxford), No. Caro.
(V. 116, p. 2171) taking $12,345,000 as 4 y,s and $9,655.000 as 414s, at
ING.
-Sealed bids will be received by C. G. Powell, Clerk Board of County
$1,100,000 yearly
Commissioners, until 12 m. July 9 for $30,000 5% coupon ymblic road im- par, a basis of about 4.3617%. Date Dec. 1 1922. Due
provement bonds. Denom. $1,000. Due July 15 1943. A certified on Dec. 1 from 1923 to 1942,incl. The New York interests are now offering
required.
check for $500
these bonds to investors in an advertisement appearing on a previous page
GRATIOT COUNTY ASSESSMENT DISTRICTS NOS. 2 AND 5 of this isssue at prices to yield from 4% to 4%%,according to maturities.
-The $99.000 Emerson, Lafayette.
-BOND SALE.
(P. 0. Ithaca), Mich.
0. Ishpeming), MarISHPEMING
Bethany, Wheeler and Pine River Townships, road bonds, offered on quette County,SCHOOL DISTRICT NO. 1 (P. will be received by the
Mich.
-BOND OFFERING.
-Bids
-were awarded to Bumpus, Hull & Co., of Detroit,
June 2-V.116, p. 2550
Board of Education until July 1 for the purchase of an issue of $115,000
on a bid of $99.037, equal to 100.373, for 53.18. Bonds are to mature 5% school bonds in the denomination of $500.
from 1 to 10 years.
JACKSON SCHOOL TOWNSHIP (P. 0. Martinsburg), Washing,
-Of the
-BOND SALE.
GREENE COUNTY (P. 0. Bloomfield), Ind.
County, Ind.
-BOND SALE.
-On June 2 the issue of $11.000 5'r-ton
six issues of 5% coupon road bonds, offered on June 2-V. 116, p. 2301
-was awarded to B. F.
-V.116, p. 2302
the following five issues, aggregating $144.000, were awarded to the First school bonds offered on that date
Karnes for $11,167 25 (101.52) and int., a basis of aboift 470%. Due
National Bank of Linton at 101 and int., a basis of about 4.80%:
$500 each six months from June 1 1924 to Dec. 1 1934 incl.
$52,000 Geo. W. Ferguson et al. road in Greene County bonds.
13,000 Wm. Kramer et al, road in Stockton Township bonds.
-The two
JERSEY CITY, Hudson County, N. J.
-BOND SALE.
11.500 Asberry Hitchcock et al. road in Jackson Township bonds.
issues of 43191 coupon (with privilege of registration) bonds, which were
8.500 Theodore Carmichael et al, road in Center Township bonds.
offered for sale on June 5-Y• 116, p. 2302
-were awarded to Harris.
59.000 H. V. Hoke et at. road in Greene County bonds.
Forbes & Co.; the National City Co. and the Bankers Trust Co. of New
Date May 15 1923. Due one-twentieth of each issue every six months York as follows:
from May 15 1924 to Nov. 15 1933 inclusive.
$2,228.000 ($2.305,000 offered) school bonds at 103.47, a basis of about
4.44%. Due yearly on June 1 as follows: $65,000. 1924 to
GREENWOOD SPRINGS CONSOLIDATED SCHOOL DISTRICT
1928 incl.: $66.000, 1929 to 1956 incl.. and 555,000. 1957.
(P. 0. Greenwood Springs), Monroe County, Miss.
-BOND SALE.
2.046,000 ($2,113,000 offered) general improvement bonds at 103.29, a
A. K. Tigrett & Co.of Memphis have purchased 310,000 6% school bonds.
basis of about 4.44%. Due yearly on June 1 as follows:
GUNNISON COUNTY SCHOOL DISTRICT NO. 30 (P. 0. Somer384,000, 1924 to 1954 inclusive, and $62,000, 1955.
set), Colo.
-At a recent election $40.000 5W7o 1-20-BONDS VOTED.
Denom. $1,000. Date June 1 1923. Prin. and semi-ann. hit. (J. & D.)
year serial school bldg. bonds were voted. These bonds were awarded to payable in lawful money of the U. S. at the City Treasurer's office. These
the International Trust Co. of Denver, subject to being voted at said elec- bonds, which are stated to be a legal investment for savings banks and
tion. Notice of this election and sale was given in V. 116, p. 2171.
trust funds in New York, New Jersey, Massachusetts and other States;
and eligible as security for postal savings deposits, are being offered to
HAMILTON SEPARATE SCHOOL DISTRICT (P. 0. Hamilton), investors to yield from 4.35% to
4.25%, according to maturity.
Monroe County, Miss.
-BOND SALE.
-The $15.000 school bonds offered
on May 7-V.116, p. 1925
KANSAS (State of).
-BOND OFFERING.
-were awarded to A. K. Tigrett & Co.of Mem-Sealed bids will be rephis.
ceived until 2 p. m. (Central Standard Time) June 14 by Frank J. Ryan.
Secretary of State (P. 0. Topeka) for $25,000,000 431% coupon State
SALE.
-BOND
HANCOCK COUNTY (P. 0. Greenfield), Ind.
semi-ann.
soldiers' compensation bonds. Date July 1 1923. Prin.
The $13,860
% coupon Clarence Milbourne et al. road in Brandywine int. (J. & J.) payable at the State Treasurer's office or atand sub-fiscal
the
-were awarded
Township bonds, offered on May 31-V. 116. p. 2424
agency of Kansas in N. Y. City, at option of holder. Denom. $100,000
to the Peoples State Bank of Indianapolis at par plus a premium of $6,
Due $1,000,1100 yearly on July 1 from 1924 to
equal to 100.04, a basis of about 4.74%. Date May 15 1923. Due and $100 or multiples.check on some
1948 incl. A certified
solvent bank or trust company for
$693 each six months from May 15 1924 to Nov. 15 1933 inclusive.
$100,000, payable to E. T. Thompson, State Treasurer, required. De-An election livery on July 2 at the Federal Reserve Bank, Kansas City, or at the
HANFORD, Kings County, Calif.
-BOND ELECTION.
will be held on June 20 to vote on the question of issuing $190,000 city State Treasurer's office, at option of purchaser. The official circular
auditorium bonds.
offering these bonds states:
"Authority to issue these bonds as valid and binding obligations of the
-At the elec
HARTINGTON,Cedar County, Nebr.-BONDS VOTED.
State of
Bon held on May 22(V. 116. p.2301) the $5,000 water extension bond issue State of Kansas has been upheld by the Supreme Court of the Charles
Kansas in its judgment and opinion in the case of the State. ex rel.
was sanctioned by the voters.
B. Griffith, Attorney-General, v. Jonathan M. Davis. Governor, et al.,
HASTINGS SPECIAL SCHOOL DISTRICT NO.95(P.O. Hastings), as recited upon the face of each bond. All proceedings having to do
Barnes County, No, Dak.-BOND SALE.
-The $10,000 5% school bonds with the issuance of these bonds will be made to conform to law in every
offered on May 25-V. 116. p. 2424-were awarded to the N. B. De Nault respect, and purchasers will be furnished with the legal opinion of Charles
eneral
Co.at par, plus a premium a $325, equal to 103.25, a basis of about 4•75% • B. Griffith. Attorney-General of the State, approving the bonds as
DateJuly 1 1923. Due July 1 1943.
valid and binding obligations of the State of Kansas."
it is given again
was given in V. 116,
- asNotice of this off contained in the above. p. 2043:
HENDRICKS COUNTY(P.O. Danville),Ind.
-BOND OFFERING.
additional data are
Sealed bids will be received by Wm. H. Wall, County Treasurer, until
10 a. m. June 15 for the purchase at not less than par and accrued interest
-Sealed
KENOSHA, Kenosha County, Wis.-BOND OFFERING.
of $11,500 431% H. C.,Jordan et al. road in Eel River Township coupon
bonds. Denom. $575. Date May 15 1923. Interest M.& N. 15. Due
0
S InT n
i5
c
s 1
ologoliunr1001
r / p ce
uniti linanin; iga 111040 a
.
$575 each six months from May 15 1924 to Nov. 15 1933, inclusive.
bonds of 1923. Denom. $1,000. Date June 1 1923. Prin. and semi-ann.
-D.) payable at the City Treasurer's office. Due on June 1 as fol- int. (J.
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
-BOND SALE.
The $2,000,000 road bonds offered on June 4(V. 116, p.2424), were awarded lows: $30,000, 1929 to 1933 incl., and 535.000, 1934 to 1943 incl. A certito a syndicate composed of the Bankers Trust Co. of New York, Estabrook fied check on an incorporated bank or trust company for $2,000, payable to
& Co. and Eldredge & Co., all of New York, as 4345 at 101.47-a basis of the city of Kenosha,required. Legal opinion of-Chapman. Cutler & Parker
about 4.52%. Date June 1 1923. Due on June 1 as follows: $133,000, of Chicago. City will furnish lithographed bonds.
Financial Exhibit.
1928 to 1937. inclusive, and $134,000. 1938 to 1942, inclusive.
556,443,550
Assessed valuation for the year 1922
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT NO. Estimated actual value taxable property
80,000,000
-BOND OFFERING.
-Bids will be re- Total bonded debt, including this issue
17 (P. 0. Minneapolis), Minn.
2,293,500
ceived until 8:30 p. m. June 12 by H. J. Hill, Clerk of the School Board,for Water-works bonds, included in total debt
429,000
$15,000 5% school-building bonds. Date May 1 1923. Denom. $1,000. Population 1920, 40,000; estimated now
600
Minneap- Tax rate
Principal and interest payable at the Wells-Dickey,Trust Co. of
mills
31 ri
olis. Due $5,000 on May 1 in each of the years 1932. 1935 and 1938. .A
There is no floating or unfunded debt other than the bond debt.
certified check for $5,000. payable to the District Treasurer, required.
KNIGHT SCHOOL TOWNSHIP, Vanderburgh County, Ind.
-The two BOND OFFERING.
HERKIMER, Herkimer County, N. Y.
-BOND SALE.
-Fred Mann, School Trustee, will receive sealed bids
issues of 5% coupon bonds offered at public auction on June 1-V. 116, until8 p. m.July 2 at the office of A.C.Stone,413 Old State Bank Building,
-were awarded to Sherwood & Merrifield of New York at 103.85. Evansville, for the purchase at not less than par and accrued interest of
p. 2424
a basis of about 431%. The issues are described as follows:
$20,020 5% school bonds. Denom. $770. Date July 2 1923. Interest
$16,000 storm water drainage bonds. Due 31,000 yearly on June 1 from J.& J. Due $770 each six monthsfrom July 2 1924 to Jan.2 1937,inclusive.
1924 to 1939 inclusive.
-The
KNOX CITY, Knox County, Tex.
-BONDS REGISTERED.
20.000 sanitary sewer extension bonds. Due 31.000 yearly on June 1
State Comptroller of Texas registered $45,000
% serial water works
from 1924 to 1943 inclusive.
bonds on June 1.
Denom $1,000. Date June 1 1923.
-On
-BOND SALE.
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
HILLSBORO, Hill County, Tex.
-At an election
-BONDS VOTED.
held on May 22, by a count of 215 "for" to 145 "against," the voters May 23 an issue of $49,000 Seider roads Nos. 3 and 4 bonds was awarded
to Breed, Elliott & Harrison of Indianapolis for $49,431, equal to 100.80.
approved the issuance of $15,000 paving bonds
-At the same time they turned down the proposiBONDS DEFEATED.
-The
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND SALE.
tion to issue $10,000 water and $10,000 sewer bonds.
$225,000 5% coupon water-main bonds offered on June 4 (Y• 116.f• 2302)
- were awarded to Richards, Parish & Lamson, of Cleveland, for 228,444
IF HUDSON FALLS, Washington County, N. Y.
-BOND OFFERING.
1923. Due
W.E. Young, Village Clerk, will receive sealed bids until 7.30 p. m. June (101.53) and Interest a basis of about 4.78%. Date April 1 and $13,000
inclusive,
yearly on
18 for $26.650 5% paving registered bonds. Denoms. 31.000 and $665. 1934 to Oct. 1 as follows: $12,000, 1925 to 1933,
1942, inclusive. Other bidders were:
11923. Principal and semi-annual interest (M• & S. . Payable
Date July
)
Premium
Name
Premium. Nameat the Village Treasurer's office. Due 52,665 yearly on Sept. 1 from 1925
$67500
$1,453 00 N.S. Hill & Co
to 1934, inclusive. Each bid must be accompanied by a certified check Stacy & Braun
Co
2,10000 R. M. Grant &
for 2% of the amount bid for, payable to the order of the village. The Milliken & York
1,177 00 Richards, parish & Lamson 3,44400
bonds will be prepared under the supervision of the United States Mortgage Detroit Trust Co
2,67525
Hayden, Miller Co
& Trust Co. of New York. which will certify as to the genuineness of the Otis & Co
1.309 80
officials and the seal impressed thereon. Legality approved Bohmer. Rhinehart Co_ __ - 585 00 Wm.R. Compton Co
signatures of
Provident S. B.& Tr. Co-.. 1,350 05°0
417
Hawkins, Delafield & Longfellow. New York.
by
18
gry°fi3"0 Lv2,1111,eci!filrd
THE CHRONICLE
LAIRD SCHOOL DISTRICT, Stanislaw; County, Calif.
-BOND
OFFERING.
-C.C. Bastin Jr., Clerk Board of County Supervisors (P. 0.
Modesto), will receive sealed bids until 10 a. in. June 12 for $15.500 534%
school bonds. Denom. $500. Due on June 12 as follows: $500, 1925
to 1945 incl., and $1,000. 1946 to 1950 incl. A certified check for 10%
of bid, payable to the Chairman Board of Supervisors, required.
LAKEWOOD,Cuyahoga County Ohio.-BOND OFFERING.
-A. O.
Guild, Director of Finance, will receive bids until 12 in. June 18 for the
following three issues of bonds:
$31,122 5% Lewis Drive paving bonds. Denom. $3,458. Duo $3,458 on
Oct. 1 in each of the years 1924 to 1932 inclusive.
4,720 534% West Adams Ave. sewer bonds. Denom. $944. Due $944
on Oct. 1 in each of the years 1924 to 1928 inclusive.
6,785534% West Adams Ave. water bonds. Denom. $1,357. Due
$1,357 on Oct. 1 in each of the years 1924 to 1928 inclusive.
Date day of sale. Interest payable April 1 and Oct. 1 at the office of
Director of Finance. Bids must be sealed and accompanied with certified
check payable to city of Lakewood for 5% of the amount of bonds bid for.
The official circular states that there is no litigation pending or threatened,
nor has the city ever defaulted.
LA PORTE COUNTY (P. 0. La Porte), Ind.
-BOND SALE.
-The
two issues of 5% road bonds offered on May 31-V. 116, p. 2425
-were
awarded as follows:
$3,300 Edgar Earlston et al. road construction and impt. bonds to J. F.
Wild & Co. of Indianapolis for $3,327 70. equal to 100.83, a basis
of about 4.83%. Denom. $165.
82,000 Jacob Wozniak et al. road bonds to the Fletcher American Co. of
Indianapolis for $82.795 87, equal to 100.97, a basis of about
4.80%. Denom. $410.
Date May 15 1923. Due one-twentieth of each issue each six months
from May 15 1924 to Nov. 15 1933 inclusive.
LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P.O. Cheyenne),
Wyo.-BOND SALE.
-The $115,000 5% school-building bonds offered on
May 31 (V. 116, p. 2043) were awarded t the State of Wyoming at par
Plus expenses. Date July 1 1923. Due $15,000 on July 1 1926 and
310,000 yearly thereafter.
[Vol,. 116.
MEDFORD, Middlesex County, Mass.
-LOAN OFFERING.
-Edward
A. Badger, City Treasurer, will receive proposals until 9 a. m. June 12 for
the purchase at discount of a temporary loan of $150,000. issued in anticipation of revenue for the current year, maturing 375,000 March 14 1924,
375.000 April 15 1924. Denom. 2 for $25.000. 2 for $10,000 and 1 for
$5.000. These notes will be engraved under the superi ision of the Old
Colony Trust Co., Boston. The Old Colony Trust Co. will guarantee the
signatures and will certify that the notes are issued by virtue and in pursuance of an order of the Board of Aldermen the validity of which order,
has been approved by Ropes, Gray, Boyden & Perkins of Boston. The
legal papers incident to this issue will be filed with the Old Colony Trust
Co., where they may be inspected.
MEDFORD, Jackson County, Ore.
-BOND ELECTION.
-A specia
election will be held on June 15 to vote on the question of issuing $160,000
school construction bonds.
MENNO INDEPENDENT SCHOOL DISTRICT (P. 0. Menno),
Hutchinson County, So. Dalc.-BONDS VOTED.
-At a special election
held recently the voters approved the issuance of school bonds in an amount
not to exceed $3,500 by a count of 153 to 75.
MERCER COUNTY,
(P. 0. Mercer), Pa.
-BOND OFFERING.
-Sealed
bids will be received until 1 p. m. (Eastern Standard time) June 23 by
Helen Wagstaff. Clerk Board of County Commissioners, for $165.000
4% and 431% coupon road bonds. Denom. $1,000. Due as follows:
$10,000 1926, $4,000 1927 to 1930. incl.: 35.000 1931. $4,000 1932, $5.000
1933, $6,000 1934, $5.000 1935. $6,000 1936. to 1938 incl.; $7,000 1939.
$6,000 1940, 38,000 1941, 57,000 1942, $8,000 1943 and 1944. 59,000 1945
to 1947. $10,000 1948 and 1949, and 55,000 1950. Enclose a certified check
for $5,000, payable to the order of David Lewis, County Treasurer.
MIAMI COUNTY (P. 0. Troy), Ohio.
-BOND OFFERING.
-Sealed
bids will be received by T. B. Radabaugh, County Auditor, until 10 a. in.
June 22 for the purchase at not less than par and accrued interest of $7,000
534% coupon Piqua-Covington I. C. 11. No. 246 and the GreenvilleCovington I. C. H. No. 208 road bonds, Issued under the authority of
Sections 6949 and 6953 of the General Code. Denom. $500. Date April 1
1923. Interest (A. & 0.) payable at the County Treasury. Due $1,000
yearly on Oct. 1 from 1924 to 1930, inclusive. Each bid must be accompanied by a certified check for 5% of the amount bid for.
LA SALLE, Niagara County, N. Y.
-BOND SALE.
-The $25,500
coupon general impt bonds offered on June 4-V. 116. p. 2551-were
Financial Statement,
awarded as 48 0 to Sherwood & Merrifield of N. Y. at 103.13.
Assessed valuation
/
3125,000,000
Actual valuation
83,908,360
LATHROP, Clinton County, Mo.-BOND OFFERING.
497,975
-Bids will be Total bonded debt
Population, 48,480.
received until June 19 by F. L.Porter, City Clerk, for $22,000 public sewer
and 560,000 water works 3% bonds, maturing 1943, the city having the
MICHIGAN (State of).
-Frank E. Gorman, State
-BOND OFFERING.
option of redeeming all or any part after May 1928. Int. M.& N.
Treasurer, will receive sealed bids until 10 a. m. (eastern standard time)
The offi,
ial advertisement of the offering of these bonds may be found on a July 10 for the purchase of an issue of $5,000.000 434% coupon or registered
subsequent page.
highway improvement bonds. Denom. $1,000. Date Aug. 1 1923. Both
LEBANON INDEPENDENT SCHOOL DISTRICT (P. 0. Lebanon), principal and interest payable at the office of the above official in Lansing,
Potter County, So. Dak.-BOND OFFERING.
-0. R. Jackson, Clerk or at the office of the fiscal agent of the State in New York City. Due
Board of Education, received bids until 8 p. m. yesterday (June 8) for $23,000 bonds. Denom. $1,000. Date June 11923. Int. rate not to exceed Aug. 1 1943. Each bid must be accompanied by a certified check for 1%
-D. Due June 11933. The blank bonds and legal opinion of the amount bid for.
534%. Int. J.
of Lancaster, Simpson. Junell & Dorsey of Minneapolis were furnished
The official notice of the offering of these bonds will be found elsewhere in
by the Board.
this Department.
LEMMON, Perkins County, So. Dak.-BOND SALE.
BOND SALE.
-The $13,500 Road Assessment District No. 431 bonds
-The $25,000
water bonds offered on May 28-V. 116, p. 2312
-were awarded to Spitzer, offered on May 29 (V. 116, p. 2426) were awarded as 534s to the Detroit
Rorick & Co. of Toledo as 53s. Date May 1 1923. Due May 1 1943.
Trust Co. of Detroit at par plus a premium of $1 50, equal to 100.011.
Due serially 2 to 5 years.
LENOIR COUNTY (P. 0. Kinston), No. Caro.
-BOND SALE.
MINNEAPOLIS, Minn.
-BOND OFFERING.
The $100.000 5% coupon (registerable as to principal or both principal and
-Sealed bids will be reinterest) funding bonds offered on May 28-V.116, p. 2302
-were awarded ceived by Dan C. Brown, City Comptroller, until 2:30 p. in. June 20
to a Cincinnati firm at a premium of $150. equal to 100.15, a basis of about for $409,192 special street impt. bonds to bear interest at a rate not to exceed
5%. Dated June 1 1923 and maturing one-tenth and one-twentieth each
4.99%. Date June 1 1993. Due on June 1 as follows: $4,000. 1926 to
year thereafter, as the case may be, the last one being payable June 11943.
1933 incl., and $6,000, 1934 to 1939 incl.. and $8,000, 1940 to 1943 incl.
The approving opinion of John C. Thomson N. Y. City, will accompany
LEWISVILLE, Matonwan County, Minn.
-BOND SALE.
-The the bonds. A cert,check for 2% ofamount bid for, payable to C.A.Bloom$5,000 534% street bonds offered on June 1 (V. 116, p. 2551) were awarded Quist, City Treasurer, required.
to Ferdinand Schonech at par. Date June 1 1923. .Due $1,000 on July 1
The official advertisement of the offering of these bonds will appear in a
from 1926 to 1930, inclusive.
subsequent issue of the "Chronicle."
MOBILE, Mobile County, Ala.
--BOND SALE.
-The $75,000 5%
LIBERTY, Clay County, Mo.-BOND ELECTION.
-A special election
will be held on June 14 to vote on the question of issuing $9.000 bonds for coupon impt. bonds offered on May 29 (V. 116, p. 2427) wore awarded to
the Peoples' Bank of Mobile,at par plus a premium of$255. equal to 100.34.
the purchase of a new fire truck.
Date Juno 1 1923. Due June 1 1933, subject to be retired and paid off
LIMA, Allen County, Ohio.
-BOND OFFERING.
-Sealed bids will at a premium of 1 g% in their numerical order at the expiration of each
be received by C. H. Churchill, City Auditor, until 12 m. June 20 for the yearly period from the date of bonds, provided that not more than eight of
purchase at not less than par and accrued interest of $280,000 534% "Lima said bonds shall be so retired at the expiration of each yearly period.
Sewer District" bonds issued under the authority of Section 1259 of the
MONESSEN, Westmoreland County, Pa.
-The $85,
-BOND SALE.
General Code. Denom.$1,000. Date May 15 1923. Prin.and semi-ann. 000 434% coupon bonds offered on June
-were awarded
6-V. 116.
int. (M. & N. 15) payable at the depository office of the Sinking Fund to the Union Trust Co. of Pittsburgh as follows: p. 2427
Trustees. Due yearly on Nov. 15 as follows: $11.000, 1924 to 1931 incl., $150,000 bonds at 103.78, a basis of
about 4.22%. Due on April 1 as
and 812.000. 1932 to 1947 incl. Each bid must be accompanied by a cert.
follows: 35,000, 1928, 1930, 1932. 1933 and 1935; $15,000, 1938:
check for 2% of the amount bid for on some solvent bank or trust company,
35,000, 1939: 310,000, 1941. 1942, 1943, 1945, 1947 and 1948.
payable to the City Treasurer.
$15,000, 1949.
85,000 bonds at 102.47, a basis of about 4.20%. Due on Jan. 1 as folLITTLETON, Grafton County, N. H.
-BOND OFFERING.
-Ralph
lows: $10,000, 1928. 1930, 1932. 1934 and 1935,and $35,000, 1937
Town Treasurer, will receive scaled bids until 2 p. m. June 12
E. Cobv,
Denom. $1.000. Date April 1 1923.
for $130.000 43/2% funding bonds. Date June 1 1923. Prin. and int.
MONONGAHELA CITY, Washington County, Pa.
payable at the Manchester Safe Deposit & Trust Co. The bonds will
-BOND SALE.
be certified as to genuineness by the Manchester Safety Deposit & Trust The 355,000 434% municipal street paying bonds offered on June 4-V.116.
p. 2303
-were awarded to Alan A. Alexander & Co. of Philadelphia at
Co. Legality approved by Roper, Gray, Boyden & Perkins of Boston.
100.71, a basis of about 4.16%. Date June 1 1923. Due yearly on
LOVELAND, Larimee County, Colo.
-BOND SALE.
-The $60.000 June 1 as follows: $15,000 1928, $4,000 1929 to 1933, incl.; $5,000 1934,
534% Paving District No. 2 bonds offered on June 5 (V. 116, p. 2426) $6,000 1935 and 1936 and 33.000 1937.
were awarded to the Bankers Trust Co. of Denver.
MONROE COUNTY COVE ROAD DISTRICT NO.29(P.O. Monroe),
-BOND SALE.
McCOMB, Pike County, Miss.
-The $150,000 534% Mich.
-BOND SALE.
-The $90.000 road bonds offered
school bonds offered on June 5(V. 116, p.2302) were awarded to McColgan 116. p. 2427) were awarded to the Dansard State Bank on May 31 (V.
of Monroe for
Bros. of McComb at 104.66 plus expenses.
for 390,028, equal to 100.03.
MAINE (State of).
-BOND OFFERING.
-William L. Booney, State
MONTEBELLO SCHOOL DISTRICT, Los Angeles County, Calif.
Treasurer, will receive gelled bids until 11 a. in. June 19 for the purchase BOND SALE.
-The $100,000 5% school bonds offered on June .1-V. 116.
of an Issue of 3800.000 4% coupon bridge bonds, maturing $80,000 yearly p. 2553
-were awarded to the California Securities Co. of Los Angeles at
from 1941 to 1950. inclusive.
a premium of $.1.401. equal to 101.40, a basis of about 4.85%. Date
-LOAN OFFERING.
MALDEN. Middlesex County, Mass.
-The City June 1 1923 Due on June 1 as follows: $4,000 1924 to 1933, incl..
Treasurer will receive bids until 7:30 p. in. June 12 for the purchase of a and $3,000 1934 to 1953, incl.
temporary revenue loan of $200.000, dated June 14 and maturing Dec. 14
MONTGOMERY (P. 0. Walden) Orange County, N. J.
-BOND
1923.
SALE.
-The $8,400 5% coupon road bonds offered at public auction on
'
MANCHESTER, Hillsborough County, N. H.
-BOND SALE NOT May 31 (V. 116, p. 2427) were awarded to Sherwood & Merrifield, Inc,. of
COMPLETED
-OFFERED AND SOLD.
-BONDS RE
-The sale of the New York at 100.59, a basis of about 4.85%. Date May 15 1924. Due
$100,000 4% sewer bonds to Merrill, Oldham & Co. of Boston on May 7, yearly on Mar. 1 as follows: $1,400 1924 and $1,000 1925 to 1931 Ind
which was mooned by us in V. 116, p. 2172
-was not completed. The Other bidders were:
100.521Union National Corp
Issue was re-offered on May 21 and sold to Harris. Forbes & Co. of Boston Parson, Son & Co
100.21
at 96.83, a basis of about 4 g %,as stated in V. 116, p.2426.
100.251
George D. Gibbons & Co
All bidders are located in New York City.
MARION, McDowell County, No. Caro.
-BOND SALE.-Seasongood
MONTGOMERY COUNTY (P.O. Troy), No. Caro.
& Mayer of Cincinnati have purchased $60,000 school bonds as 6s at a
-BOND SALE.
premium of 34,074, equal to 106.79.
Sidney Spitzer & Co. of Toledo, have purchased $75,000 534% road and
bridge bonds. Denom. $1,000. Date May 1 1923. Prin. and semi-ann.
MARYLAND (State of).
-BOND SALE.
-The
-N._). payable at the Hanover National Bank, N. Y. city. Due
434% coupon (registerable as to principal) road and block of 31.650,000 Int. (M.
bridge bonds offered
on Juno 7 (V. 116. p. 2172), was awarded to Alexander Brown & Sons, of May 1 1953.
MONTGOMERY COUNTY
Baltimore. and Harris, Forbes & Co. and Brown Bros. & Co. of New York,
Dayton),°Mo.-BOND OFFERING
by F.
jointly. at 101.5713, a basis of about 4.30%. Denom. $1,000. Date -Sealed bids will be received (P.O' A. Kilmer, Clerk Board of County
Commissioners. until 10 a. m. June 15 for the purchase of the following
June 15 1923. Principal and semi-annual interest (J. & D.
15), payable
at the State fiscal agency in Baltimore. The principal will be payable upon issues of coupon bonds aggregating $814,400:
3568,000 6% Belmont Sanitary Sewer Dist. No. 1 bonds. Denom.$1,000.
the serial annuity plan, as follows:
Due yearly on June 1 as follows: $37,000, 1926; $38,000, 1927 to
Amount.
Series.
Redeemable. Series.
Amount.
Redeemable.
1939, and $37000, 1940. Enclose a certified check for $25,000.
396,000
"N"
June 15 1926 "U"
$130,000
June 15 1933
227,000 Overlook Sanitary Sewer Dist. No. 1 bonds. Denom. $1,000.
101,000
June 15 1927
"0"
137,000
June 15 1934
Due yearly on Juno 1 as follows: $16,000, 1926; $15,000. 1927
106,000
June 15 1928 "W"
143,000
June 15 1935
::2...,
to 1939, and 316.000, 1940. Enclose a certified check for $15,000.
109.000
June 15 1929
149,000
June 15 1936
16,000 Carrmonte water supply inapt. bonds. Denoms. $1,000 and
114.000
June 15 1930
157.000
Juno 15 1937
$500. Due yearly on .Tune 1 as follows: $1,000, 1927: 3500, 1928;
120.000
June 15 1931
"S"
163,000
Juno 15 1938
$1,000, 1929 to 1931 incl.; $500, 1932: $1,000, 1933; 3500, 1934;
June 15 1932
125,000
"T"
31,000. 1935; 3500, 1936; $1,000, 1937; $500, 1938; $1,000, 1939
The bonds are now being offered to the public at prices to yield 4.25%,
to 1941 incl.; $500. 1942 $1,000, 1943; 3500, 1944, and $1,000,
4.20% and 4.15%, according to maturity.
1945. Enclose a certified check for $500.
Financial Statement.
3,400 Oakwood Heights Sanitary Sewer Dist. No. 3 bonds. Denom.
Assessed valuation for taxation.
$200. Due yearly on June 1 as follows: $200. 1926 to 1932 incl.:
1.99. 83 ,623,734661
3
Total bonded indebtedness, including this issue_ _$34, 41. 81$1
8 4
5 8
$400, 1933: $200, 1934 to 1939 incl., and $400, 1940. Enclose
Leas sinking fund, &c
a certified check for $100.
Net debt _ -----, .
,
---------------- -.-.,- --.------Date June 1 1923. Prin. and int. payable at the County Treasurer's
20,642,39R
-dein about 1.27% of assessed office. Legality approved by D. W. & A. S. Ridings, Dayton & Peck,
Population, 1920-------- 1,449,610. Net
valuation.
Shafer & Williams of Cincinnati.
JUNE 9 1923.]
THE CHRONICLE
2677
-BOND OFFERING.
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND SALE.
MONTVILLE TOWNSHIP,Geauga County, Ohio.
-were Etta G. Hess, County Treasurer, will receive sealed bids until 11 a. m.
4-V. 116. p. 2303
The $23,626 6% coupon bonds offered on JuneChagrin Falls for $24,040, June 21 for the purchase of the following issues of 5% macadam road bonds:
awarded to the Chagrin Falls Banking Co. of
Due yearly $15,384 A.W.Whaley et al road in Washington Township bonds. Denom.
equal to 101.75, a basis of about 5.62%. Date April 11923. and 1932.
$769 20. Date May 15 1923.
on Sept. 1 as follows: 21,626, 1924; $2,500, 1926, 1928, 1930
16,640 J. Hitchings et al. road in Washington Township bonds. Denom.
and $3,000, 1925, 1927. 1929 and 1931.
$832. Date May 15 1923.
-Stacy fit
-BOND SALE.
12,528 W.E.Triplett et al. road in Washington Township bonds. Denom.
MT. AIRY, Surry County, No. Caro.
$626 40. Date May 15 1923.
Braun of Toledo, were the successful bidders for the two issues of 5%
of $678,
-paying a premium
12,600 Wilson Potts et al road in Beaver Township bonds. Denom.$630.
bonds, offered on June 5-V. 116, p. 2552
Date Feb. 5 1923.
to 101.04. a basis of about 5.39%:
equal
Principal and semi-ann. interest payable at the County Treasurer's office.
$35,000 street improvement bonds. Due on May 1 as follows: $2,000,
Due one bond of each issue each six months from May 15 1924 to Nov. 15
1926 to 1942, inclusive. and $1,000 1943.
30,000 funding bonds. Due on May 1 as follows: $1,000 1926 to 1951. 1933, inclusive.
inclusive, and $2,000 1952 and 1953.
-During the
-TEMPORARY LOANS.
NEW YORK CITY, N. Y.
Date May 1 1923.
short-term securities in the aggregate of
-BOND OFFER- month of May the city issued bills and bonds, tax notes and corporate
MOUNT GILEAD, Montgomery County, No. Caro.
517,540.000, consisting of revenue
-Until 8 p. m. June 26 sealed bids will be entertained by C. M. stock notas, all bearing 4% interest and maturing on or before the maturity
ING.
Capel, Town Clerk. for 560.0006% street bonds. Denom. 21,000. Date dstes given below:
Principal and interest payable in New York. Due as folDate Sold.
July 1 1923.
Maturity.
Amount.
Revenue Bills of 1923.
lows: $2,000, 1926 to 1931, inclusive: $3.000. 1932 to 1937, inclusive; and
Water Supply.
Date Sold.
Amount.
for
Maturity.
May 11
25,000. 1938 to 1943, inclusive. A certified check for 2% of bonds bid the 88,650,000
May 11 1924
May 1 $1,000.000
Dec. 1 1923
sale of bonds under
required. Legal proceedings and preparation and
May 29
May 28 1924
500,000
Special Revenue Bonds of 1923.
supervision of Bruce Craven, of Trinity.
Rapid Transit.
May 11
Dec. 31 1924
8250,000
May 11
May 11 1924
may 29 5600,000
Dec. 31 1924
250,000
MOUNTAIN VIEW SCHOOL DISTRICT, Stanislaus County,
May 11
May 11 1924
350,000
Tax Notes.
Calif.
-BOND OFFERING:
-sealed bids will be received until 10 a. in.
May 21
May 21 1924
250,000
May 11
$250,000
June 12 by C. C. Easten, Jr., for $12,000 53% school bonds. Denom.
Dec. 31 1924
May 21
May 21 1924
240,000
Corporate Stock Notes.
$1,000. Due $1,000 yearly on June 12 from 1925 to 1936, inclusive. A
May 21
May 21 1924
210,000
Various Municipal Purposes.
certified check for 10% of bid, payable to the Chairman Board of SuperDock.
May 1 1924
May 11
8750,000
visors, required.
May 29
May 29 1924
May 17 1924
may 17 $250,000
1,000,000
MURRAY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 52
May 29 1924
may 24
1,300,000
-Sealed bids were received
(P. 0. Slayton) Minn.-BOND OFFERING.
May 29 1924
May 29
1,790,000
until 1:30 p. m. June 8 by C. C.Peterson, District Clerk. for $125,000 5%
-On
-BOND SALE.
County, Mass.
school bonds. Denom. 21,000. Prin. and semi-ann. int. payable at place
NORTHAMPTON,
maturing $2,000
Juno 7 $20,000 4it% sewer bonds dated June 1 1923 and Forbes & Co. of
Hampshire
of purchaser's choice. Due May 1 1938.
ward
370.
awarded to Harris,
10 .64 eias
m 0 0, a
yearly from 192 t b 3
B
-The
-BOND SALE.
MUSKEGON, Muskegon County, Mich.
of a4.3.1
ir
w
lbo
5103.500 43% coupon special impt. bonds offered on May 11-V. 116,
No.
NORTHEAST SCHOOL DISTRICT NO. 4, Sargent County, by
p. 2044
-were awarded to the Detroit Trust Co. at 98.16, a basis of about
(June 9)
-Bids will be received until to-day
on June 1 as follows: $8.500. 1924: Dak.-BOND OFFERING.
4.89%. Date June 1 1923. Due yearly
(P. 0. Straubville), for $3,000 school
$11.000. 1925; 510,000, 1926: $10,500, 1927: $11.000, 1928: $10,000, 1929 (Mrs.) Bessie Ithyan, District Clerk of interest.
building bonds. Bidder to name rate
and 1930; $10.500, 1931 and 1931, and 511,500, 1933.
DISTRICT NO. 10
-BOND OFFERNORTH HEMPSTEAD UNION FREE SCHOOL OFFERING.
MUSKEGON COUNTY (P. 0. Muskegon), Mich.
-E. N.
-BOND
-Sealed bids will be received until 3 p. in. June 11 by the Board of (P. 0. Mineola), Nassau County, N. Y.
ING.
until 8. p m.
County Road Commissioners for the purchase of the following issues of McCarthy, Clerk Board of Education, will receive sealed bids Date June 1
June 11 for $130,000 5% school bonds. Denom. $1,000.
bonds, the amounts of which are only approximate:
yearly on June 1 as follows: 26.000
$18.300 Assessmenelload Dist. No. 19. Enclose a certified check for 2200. 1923.toInterest semi-annually. Due 1938 to 1947, inclusive. Enclose a
1937. inclusive, and. $7,000
3,075 Assessment Road Dist. No. 18. Enclose a certified check for 2100. 1928
check for 5% of amount of bonds.
59.400 Assessment Road Dist. No. 17. Enclose a certified check for $250. certified
County,
The interest rate will be made to suit the purchaser (not exceeding 6%).
NORWALK SCHOOL DISTRICT (P. 0. Norwalk), Huron June 1
Denom. on all issues to suit purchaser. Int. semi-ann. These bonds will Ohio.
-The 318,000 5% school bonds offered on Co of
-BOND SALE.
mature serially from 2 to 10 years.
116, p. 2427) were awarded to the Huron County Banking 1923.
(V.
-The Norwalk, at par and accrued int. Denom. $500. Date May 1 There
-TEMPORARY LOAN.
NASHUA, Hillsborough County, N. H.
1932, incl.
city has awarded a temporary revenue loan of 575.000, dated June 8 and Due $1,000 each 6 months from Oct. 1 1924 to Oct. 1
maturing Dec. 21 1923. to Arthur Perry & Co., of Boston, on a 4.25% were no other bidders for this issue.
--BOND
discount basis.
County, Calif.
OAKDALE SCHOOL DISTRICT, Tulare
-BOND AND CERTIFI- OFFERING.
NASSAU COUNTY (P. 0. Mineola), N. Y.
-Gladys Stewart. County Clerk, will receive sealed bids until
-The two issues of 43.5% certificates of indebtedness and 2 p. m. June 21 for $8,000 6% school bonds. Denom. Si'000. Date
SALE.
CATE
road improvement (coupon or registered) bonds offered on June 4-V. 116, May 24 1923. Principal and semi-annual interest (M. & N.) payable at
-were awarded to the First National Bank of Mineola, bidding the County Treasurer's office. Due $1,000 yearly on May 1 from 1925 to
p. 2427
for Sherwood & Merrifield, Inc., Union National Corp. and Clinton II. 1932, inclusive. A certified check for 5%, payable to the Chairman
Brown & Co. all of New York, as follows:
Board of Supervisors, required.
5700.000 road improvement bonds for $714,915, equal to 102.130, a basis
OAKLYN SCHOOL DISTRICT (P. 0. Oaklyn), Camden County,
of about 0.00%. Due yearly on June 1 as follows: $50,000
% school bonds
AS YET.
-BONDS
1925 and 1926. 525.000 1927, $100.000 1928, $50,000 1929. N. J. on May NOT SOLD p. 2427 -The 515.000sold as yet.
-have not been
offered
31-V. 116.
$250,000 1930, $75,000 1931 and $100,000 1932.
-The
--BOND SALE.
300,000 certificates of indebtedness for $302,135, equal to 100.711, a
OHIO COUNTY (P. 0. Rising Sun), Ind,
bonds
basis of about 0.00%. Due Sept. 11923.
$30.000 5% Geo,W.Hanna et al road in Cass and Union townships Kiser
Denom. 51,000. Date June 1 1923. Bids for $700,000 issue were:
offered on June 4 (V. 116, p. 2427) were awarded to the Meyer,
Bank
Bank of Indianapolis for $30,'772, equal to 102.57-a basis of about 4.49%•
The Citizens' National Bank of Freeport. First National
$714,915 00 Date May 7 1923. Due $750 each six monthsfrom May 15 1924 to Nov. 15
of Freeport, Baldwin National Bank
711,032 00 1933; inclusive. Other bidders were:
Redmond & Co., Rutter & Co., R. W. Pressprich dr Co
Bid.Bid.
Nassau County Trust ('o. of Mineola, Bank of Oyster DV.
00
Fletcher Savings & Trust Co_2666 66 Breed, Elliott & Harrison-$451 00
Bank of Hicksville, Bank of Westbury (bid presented by
366
716,689 10 J. F. Wild & Co
545 00 Gavin L.Payne & Co
Nassau County Trust Co.)
All of the above bidders are located In Indianapolis.
Wm. R. Compton Co.,_ Brown Bros. & Co. and Stacy & Braun,
710,080 00
OkNew York City; by Wm. R. Compton Co
OKMULGEE SCHOOL DISTRICT NO. 1 (P. 0. Okmulgee),
school bonds
B. J. Van Ingen & Co., Hornblower & Weeks (all or none).- 710,017 00 mulgee County, Okla.
-BOND SALE -The $195,000 5% Spitzer & Co.
708,253 00
Dillon, Read & Co. (all or none)
to Sidney
offered on May 22(V. 116, p. 2173) were awarded
Bankers Trust Co.._ the National City Co., Harris, Forbes dc
as follows: 25,000. 1924.
708.183 00 of Toledo. Date June 11923. Due on June 1
Co.. by Bankers Trust Co. (all or none)
705,040 00 and $10,000. 1925 to 1943. inclusive.
Geo. B. Gibbons Co., Inc
(P. 0.
704,504 22
OLDHAM INDEPENDENT SCHOOL DISTRICT NO. 49 $49,000
First National Bank of Mineola
-The
704,480 00 Oldham), Kingsbury County, So. Dak.-BOND SALE.
Lamport, Barker & Jennings. Inc
school-building bonds offered on May 31 (V. 116. p. 2303) Were
534%
Bids for $300,000 issue were:
awarded to the Minneapolis Trust Co. of Minneapolist at a premium of
The Citizens' National Bank of Freeport, First National Bank
Date May 11923. Due
$302,135 00 21,056, equal to 102.15-a basis of about 5.08%.
of Freeport, Baldwin National Bank
301,080 00 May 1 1943.
Guaranty Co. of New York (all or none)
-BOND OFFERING.
300,727 51
First National Corp. of Boston
ORANGE COUNTY (P. 0. Orlando), Fla.
A. Schultz, Chairman Board of County Commissioners, will receive sealed
Nassau Co. Trust Co., Bank of Oyster Bay. Bank of Hicksville,
30 bids until 12 m. July 6 for $496,000 5% coupon or registered road bonds.
300,603
Bank of Westbury, by Nassau County Trust Co
300.450 00 Denom. $1.000. Date Sept. 15 1921. Principal and semi-annual interest
Salomon Bros. & Hutzler
on
300,356 67 (M.& S.) Payable at the Hanover National Bank, New York City. Duo
First National Bank of Mineola
1948.
300,273 00 Sept. 15 as follows: 5156,000, 1946; $165,000, 1947, and 2175,000, check
Redmond & Co., Rutter & Co., R. W.Pressprich /t Co
B. J. Van Ingen & Co., Hornblower & Weeks (all or none)...
300,183 00 Legality approved by John C.Thomson, New York City. A certified
300.180 00 for 1% of bonds bid for, payable to the Clerk of the Circuit Court. required
Lamport. Barker dc Jennings, Inc
300,081 00
Dillon, Read & Co. (all or none)
-The $219,270 Oregon District
OREGON (State of).
-BOND SALE.
F. S. Moseley & Co. bid 4.50%. pilus premium of $5.00.
-were awarded to Ralph
Interest bonds offered on June 1-V. 116. p• 1929
Bankers Trust Co. the National City Co.. Harris, Forbes dz
102.64. a basis of about 4.58
300.000 00 Schneeloch Co. of Portland as 4345. at $41.520, July 1 1942; 816.500.
'
Co., by Bankers Trust Co. (all or none)
Date June 1 1923. Due as follows:
Financial Statement.
Jan. 1 1943: 23.000, Jan. 1 1944; $42,750, April 1 1945: 52.8.50, July 1
2197,867,508 1946: $7,800. Jan. 1 1947; $12,000, Jan. 1 1948; $23,100. July 1 1949;
Assessed valuation
7,570,305 58.250. Jan. 1 1950: $46,500, July 11951; $15,000, Jan. 1 1959.
Total bonded debt
Population, 1920 Census
125,727
County, N. J.
OXFORD TOWNSHIP SCHOOL DISTRICT, Warren been ipurchased
- -BOND SALE.
-TEMPORARY LOAN.
NEW BEDFORD, Bristol County, Mass.
-An issue of 5141.0005% school bonds has
A temporary revenue loan of $500,000. maturing Nov. 8 1923, has been by B. J. Van Ingen & Co., of New York. Denom. 51.000. Date April
awarded to the Guaranty Co. one 4.15% discount basis plus $1 premium.
15 1923. Int. A. & 0. 15. Due yearly on April 15 as follows: $3,000
Legality to be
-The 1925 to 1939, inclusive, and $4,000 1940 to 1963, inclusive.
-BOND SALE.
NEW LEXINGTON, Perry County, Ohio.
been approved by Hawkins, Delafield & Longfellow. of Now York.
56,0006% fire equipment bonds offered on June (V. 116, p. 2303) have
awarded to The Citizens' National Bank of New Lexington at par plus a
PELHAM UNION FREE SCHOOL DISTRICT NO. 1(P.O. Pelham),
-The $7,000 5% coupon
premium of 56.301 55, equal to 105.025, a basis of about 4.86%. Date Westchester County, N. Y.
-BOND SALE.
April 11923. Due $600 yearly on Oct. 1 from 1924 to 1931, inclusive.
school bonds offered on June 5-V. 116, p 2427-were awarded to Parson.
basis of about 4.47%. Date June 1
-BOND OFFERING.-Sealed proposals will Son & Co. of Now York. at 103.52 a
NEW JERSEY (State of).
1934, inclusive.
be received until 11 a. m. (standard time) June 19 by N. A. K. Bugbee, 1923. Due $1.000 yearly on June 1 from 1028 to
-On June
Comptroller of the Treasury, at the State Capitol, Trenton,for the purcha.se
PENDER, Thurston County, Nebr.-BOND ELECTION.
at not less than par and interest of $3,000,000
% road and $2,000,000 26 an election to vote on the question of issuing $8,000 municipal ice plant
434% bridge bonds. The bonds are to be in coupon form, in 21,000 de- bonds will be held. Mark J. Ryan, City Clerk.
nominations, are to be dated July 1 1923 and will mature July 1 1938.
-BOND OFFERING.
PERSON COUNTY (P. 0. Roxboro), No. Caro.
Int. J. & J. Prin. and Interest on the road bonds will be payable at the
Mercer Trust Co. of Trenton; and on the bridge bonds at the Broad Street -Sealed bids will be received until 11 a. m. June 18 by M. It. Long.
registerable
National Bank, Trenton. The coupon bonds may be converted Into bonds Chairman Central Highway Commission, for $15.000 couponDate May 1
registered as to principal and Interest In denominations up to 550,000. as to principal road improvement bonds. Denom. $1,000.
payable in gold in
Cert, check for 3% of amount of bonds bid for payable to William T. Read. 1923. Principal and semi-annual interest (M. & N.)
State Treasurer. Is required. Bonds to be delivered to the purchaser at New York. Due $1.000 yearly on May 1 from 1919 to 1943. inclusive.
Interest rate not to exceed 6%. to be named by bidder. A certified check
Trenton on July I.
to Treasurer
- on an incorporated bank or trust company for 2300. payableB. Massilch,
NEW LONDON, Stanly County, No. Caro.
-BOND OFFERING.
Chester
Sealed proposals will be received until 2 p.m. June 16 by J. N.P. Hill. Town of said Commission, required. Legal opinion of New York City or at
Secretary, for 210,000 6% cou_pon (with privilege of registration) electric Now York City. Delivery on or about July 9 in of his choice.
light bonds. Denom. $500. Date Jan .11923. Prin. and semi-ann. int. purchaser's cost for delivery and exchange at place
& J.), payable in gold at the Hanover National Bank, N.Y. City. and
-BOND OFFERING.PHILLIPSBURG, Warren County, N. J.
interest on registered bonds will at option of holder be paid in N.Y.exchange. Sealed bids will be received by It. it. Button, Director of Revenue and
the purchase
Due $500 yearly on July 1 from 1926 to 1945, incl. A cort. check on an Finance, until 2 p. m. (Eastern Standard time) June 18 for not to exceed
incorporated bank or trust company, or cash, for 27 of amount bid for, of an issue of 43 % coupon or registered sewer system bonds, premium of
produce a
town, required
5150.000, no more bonds to be awarded than will
payable to the
-The $50.000 $1.000 or over $150,000. Denom. $1,000. Date June 1 1923. Prin. and
NEWPORT, Newport County, R. I.
-BOND SALE.
-a= int. (J. & 13.), payable in gold at the Phillipsburg National
43% coupon "Broadway and Bellevue Permanent Pavement" Series "A" semi
certified check for 23% or
bonds offered on May 31 (V. 116, p. 2427) were awarded to Merrill, Old- Bank. Each bid must be accompanied by a
Town Treasurer
Boston at 100.60. a basis of about 4.40%• Date JIM° 1 the amount bid far, payable to James L. Lomerson. opinion of W.Il•
ham & Co. of
will be furnished with the
1923. Due yearly on June 1 as follows: $3,000, 1924 to 1933, incl., and The successful bidder or bidders National Bank; Smith & Smith, attorneys:
Walters. attorney, Phillipsburg
to 1938, inclusive.
54,000. 1934
2678
THE CHRONICLE
Second National Bank; 0. D. McConnel, attorney. Phillipsburg
Trust
Co., that the bonds are valid and binding obligations of the Town
of
Phillipsburg.
PERTH AMBOY, Middlesex County, N. J.
-BOND OFFERING.
Sealed proposals will be received until 1 p. m. (standard time),
June 14
by Frank Dorsey, City Treasurer, for the purchase of
of
3
Issues of 4%% coupon (with privilege of registrationeachto the following
as
principal and
int., or as to principal only) bonds,the amount of the issue stated
being the maximum amount of bonds which may be issued, and in each case
the amount
which is required to be obtained, no more bonds to
be
produce a premium of $1,000 over the amount bid for: awarded than will
$250,000 44% school bonds of the denomination of $1,000, dated
July 1
1923 and to mature $6,000 July 1 1925
1958 and $9,000 1959 to 1963. inclusive. to 1957, incl.. $7,000
49,500 434% general improvement bonds of the denomination
of $1,000
(except last bonds, which is for $500). dated July 1
1923 and to
mature $3,000 July 1 1925 to 1930, inclusive, and
$4,000 1931 to
1938. inclusive.
Interest is payable semi-annually Jan.1 and July 1,and
Interest are payable at the office of the City Treasurer both principal and
Amboy. Bonds will be prepared under the supervision of the City of Perth
of
Mtge. & Trust Co.. N. Y., which will certify as to the the United States
genuineness of the
signatures of the city officials and the seal impressed
thereon. Approving
opinion of Caldwell & Raymond of New York as to
to the purchaser or purchasers without charge. legality will be furnished
Financial Statement May 11923.
General bonded debt, not including these issues
$2,491,640 00
Water bonded debt
975.000 00
Total bonded debt
$3,466,640 00
Floating debt
Tax revenue bonds
$619,000 00
Temporary improvement bonds (trust)
565.200 00
Temporary improvement bonds (capital)-.._ - 96,000 00
Temporary improvement bonds (school)
40.000 00
[Vol.. 116.
1938. Bonds will be payable at the Bank of San Pierre. Each bid must
be
accompanied by a certified check for 3500, payable to the order of the
above
official.
RICHMOND, Henrico County, Vs.
-BOND OFFERING.
-Sealed
bids will be received until8 p. m.June 19 by H.C.Cofer, City Comptroller,
for the following 4349' coupon (with privilege of registration as to prin.
only, or both prin. and int.) bonds:
$500,000 water works bonds. Due July 1 1957.
500,000 street and park road bonds. Due July 11933.
500,000 Street improvement bonds. Due on July 1 as follows: $20,000,
1924 and 1925; 330.000, 1926 to 1930 incl.; 335.000. 1931 to 1935
incl., and $45,000, 1936 to 1938 incl.
Denom. 81,000. Date July 1 1923. Prin. and semi-ann. int. (J. & J.)
payable at the City Comptroller's office, or If the bonds are registered,
at the fiscal agency of Richmond in N. Y. City. A certified check on an
incorporated bank or trust company for 1 % of amount bid for required.
The !ponds will be prepared under the supervision of the U. S. Mtge. &
Trust Co. of N. Y. City, which will certify as to the genuineness of the
signatures of the officials and the seal impressed thereon. The successful
bidder will be furnished with the opinion of Reed, Dougherty & Hoyt
of N. Y. City that the bonds are valid and binding obligations of the
City of Richmond.
RIPLEY SCHOOL TOWNSHIP (P. o. Carthage), Ind.
-BOND
SALE.
-The $78,000 5% coupon school bonds offered on May 26-V.
-were awarded to the State Bank of Carthage for $79.452 50,
116, p. 2304
equal to 101.881. a basis of about 4.73%. Date May 15 1923. Due
each six months as follows: $2,500. Aug. 1 1924 to Aug. 1 1930 incl.;
$3.000, Feb. 1 1931 to Aug. 1 1937 incl., and $3,500. Feb. 1 1938.
ROCK COUNTY (P. 0. Janesville), Wis.-BOND SALE.
-The
3200,000 5% highway bonds offered on May 33-V. 116, p. 2428
-were
awarded to the Idarrb Trust & Savings Bank of Chicago at a premium of
$4,266, equal to 102.13, a basis of about 4.82%.
ROCKINGHAM COUNTY (P. 0. Wentworth), No. Caro.
-BOND
OFFERING.
-Wade H. Gentry, Clerk Board of County Commissioners,
will receive bids
General floating debt
$1,320,200 00 road and bridgeuntil 2 p. m. June 18 for $41,000 5% coupon or registered
Water floating debt
bonds. Denom. $1,000. Date
1.298,20000 and semi-ann. int. (M. & S.) payable in gold inMarch 1 1923. Prin.
New York. Due on
March 1
Total bonded and floating debt
follows: $5,000,
$8,000. 1942
$6,085,040 00 1944 incl.asLegality approved 1939; 312,000. 1941, and N. Y. City. to
Sinking funds_
by Chester B. Masslich,
A
3856,748 95 certified check for $1,0Ci0 required.
Net taxable valuation foryearReal--ROOSEVELT COUNTY SCHOOL DISTRICT NO.9(P.O. Partola),
328.270,243 00
Personal
-On June 23 an election will be held to vote
9,341,385 00 N. Mex.-BOND ELECTION.
on a proposition to issue school bldg. bonds. (Amount not stated.) R.H.
Total
$37,620,628 00 Grisson, Secretary.
Population (estimated), 45,000.
ROSWELL, Chaves County, N. Mex.-BOND SALE.
-Boettcher,
PIONEER, Williams County, Ohio.
-BOND SALE.
-The $4,700 Porter & Co. of Denver have purchased $150,000 6% paving District No.2
53.6% fire equipment bonds offered on May 28-V.
-were bonds. Date June 1 1923. Due June 1 1934.
awarded to the Citizens Trust & Savings Bank of 116, p. 2173
Columbus at par and
accrued interest plus a premium of $13 70, equal to
ROUTT COUNTY SCHOOL DISTRICT NO, 2 (P. 0. Hayden),
100.28. Date April Colo.
1 1923. Due yearly. There were no other bidders for this
-BOND SALE.
-The $27,000 534% negotiable coupon school bonds
Issue.
offered on June 2-V. 116. p. 2428
-were awarded to James N. Wright &
PITTSFIELD, Berkshire County, Mass.
-TEMPORARY LOAN.
- Co. of Denver at a premium of 81,039 30, equal to 103.919, a basis of about
The City Treasurer awarded a temporary loan of
$200,000 to the Guaranty 5.00%, if called June 1 1933 and 5.19% if allowed to run full maturity.
Trust Co. of New York on a 4.15% dLscount basis.
Date June 5 1923. Date June 11923. Due June 1 1943: optional June 1 1933. The followand maturing Nov. 2 1923.
ing bids were received:
PLANO,Collin County, Texas.
Newton & Co
$1,014 60 Antonides & Co
$1,021 00
-BOND ELECTION.
be held on June 23 to vote on the question of issuing -An election will Boettcher. Porter & Co__ _ 1.015 50 Sidlo, Simons, Fels & Co-- 1,021 70
$65,000 high school Benwell, Phillips & Co- _
building bonds. These bonds were to be voted upon
1.01575 Bankers Trust Co
1,026 10
at an election scheduled International
to be held on May 28(V. 116, p.2427), but the election
st Co---_ 1.01640 James N. Wright & Co..., 1.03930
was canceled.
Bosworth. Chanute & Co__ 1.020 60
PLEASANTVILLE, Westchester County, N. Y.
-BOND SALE.
All of the above are located in Denver.
The two issues of 434% registered bonds aggregating
$32,000, offered on
June 1-V. 116. p. 2304
-were awarded
ROXBORO,Person
-BOND
-Sealed
York. They are described as follows: to Sherwood & Merrifield of New bids will be received by County, No. Caro. Clerk, OFFERING.
Hattie Burch, Town
until 1 p. m. June 18
$20,000 water bonds. Due $1,000 yearly on Aug.
1 from 1924 to 1943, for the following coupon or registered bonds to bear hat. at a rate not to
inclusive.
exceed 6%:
12,000 street bonds. Due $1.000 yearly on Aug.
1 from 1924 to 1935, 3170.000 water works extension bonds. Due as follows: $3,000, 1926 to
inclusive.
1938, incl.; $4,000, 1939.to 1940, incl.: 35.000. 1950 to 1955,incl.:
Denom. $1,000. Date Aug. 1 1923.
$6,000. 1956 to 1961, incl., and $7.000, 1062 to 1964, inclusive.
30,000 sewage bonds. Due as follows: $1,000, 1926 to 1051, incl.,
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
-BOND OFFERING.
and $2.000, 1952 and 1953.
-J. M. Parham, County Auditor, will receive
30,000 public impt. and reimbursement bonds. Due as follows: $2,lowing dates for the purchase at not less than sealed bids on the folpar and accrued interest
000. 1926 to 1936, incl.. and $4,000, 1937 and 1938.
of two issues of 5% coupon bonds, both issued
under the authority of
Denom. $1,000. Date July 11923. Prin. and semi-ann. int. (J. & J.),
Section 1223 of the General Code.
payable in gold in New York City. A cert. check for 2% required. Bonds
June 18 at 10 p. na., $23,902 80 I. C. H. No. 18, Sec.
T-1 bonds. Denom. will be prepared under the supervision of the II. S. Mtge. & Trust Co., N.
$670. Due $2.462 80 Oct. 1 1024 and $2,680 yearly
on Oct. 1 Y. City, which will certify as to the genuineness of the signature of the offrom 1925 to 1932 inclusive.
ficials and the seal impressed thereon, and the validity of the bonds will be
June 25 at 1 p. m., $39,694 08!. C. H. No. 18, Sec.
bonds. Denom. approved by Chester B. Massllch, N. Y. City.
$1,000 and 3694 08. Due $3.694 08 Oct.T-2 1924:
1
$5,000 on
Oct. 1 in 1925. 1927, 1929 and 1931, and 21,000
-BOND OFFERING.
-Bids
ROYAL OAK, Oakland County, Mich.
on Oct. 1 in
1926, 1928, 1930 and 1932.
will be received until 7:30 p. m. June 11 by L. B. Edwards, City Clerk, for
Date June 1 1923. Int. A. & 0. All bids must
be accompanied by the purchase of an issue of $115,000 5% special assessment sewer bonds.
a certified check for $1.500, payable to the County
Certified check for $500 required.
Treasurer.
PORTAGE TOWNSHIP SCHOOL DISTRICT (P. 0.
ROYALTON TOWNSHIP (P. 0. Lyons), Fulton County, Ohio.Portage),
Cambria County, Pa.
-BOND SALE.
-The $100,000
-F. A. Slater, Township Clerk, will receive bids until
% (registerable BOND OFFERING.
as to principal) school building bonds offered on June
4-V. 116. p. 2555
- 10 a. m.June 16 for the purchase at not less than par and interest of $6,000
were awarded to Redmond & CO. of Pittsburgh for
$102,965, equal to 534% coupon road impt. bonds issued under authority of Sec. 3298-15e.
102.91, a basis of about 4.34%. Date.July 1 1923. Due
$20,000 on July Gen. Code. Denom. $500. Date June 15 1023. Prin. and semi-ann.
1 in 1933, 1938. 1943, 1948 and 1953. Other bidders
int. payable at the office of the Township Clerk. Due yearly on Sept. 1
were:
NameBid.
Nameas follows: 31,000, 1924: $2,000, 1925. and $1,000, 1926 to 1928 incl.
Bid.
E. H. Rollins & Sons
100.67510 Graham. Parsons & Co
102.180
ST. JOSEPH, Buchanan County, Mo.-BIDS REJECTED.
J. H. Holmes & Co
-All bids
101.666
Stroud & Co
100.834 received for the $750,000 city hall and $195,000 hospital bonds offered on
Glover & McGregor
101.852
May 31-V. 116, p. 2174
-were rejected.
PORTLAND, Ore.
-BOND SALE.
-The $2,200,000 refunding water
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 35
bonds offered on June 5-V. 116, p. 2173
-were awarded to
-BOND OFFERING.
Trust & Savings Bank of Chicago and the Ladd & Tilton Bank the Harris (P. 0. Buhl), Minn.
will be received until
of Portland 8 p. in. June 11 by John W.Pasich, District -Bidsfor the following school
as 4s, at 100.077. a basis of about 4.49%. Date July
1 1923. Due bonds bearing interest at a rate not to exceedClerk,
7%:
$110,000 yearly on July 1 from 1934 to 1943 inclusive.
$500,000 school bonds. Date Jan. 30 1922. Due $50,000 yearly on June
PORT OF SEATTLE, Wash.
-VALIDITY OF ISSUE
30 from 1927 to 1936, incl. A cert. check for 310.000 on some
-The Seattle "Post-Intelligencer" of June 2 had the TO BE TESTED.
State or National bank, payable to Lee Rousted, District Treasfollowing to
'warding the proposed sale of $850,000 bonds to a syndicate headed say
urer, required.
by
Blyth, Witter & Co.:
139,000 school bonds. Date Aug. 9 1921. Due on Aug. 9 as follows:
"It may require a decision of the State Supreme
$11.000, 1927;814,000, 1928:$4,000. 1929:$2,000, 1930:$26.000,
Court to sell the
$850.000 worth of bonds for the acquisition of the Skinner
1931: $19.000, 1932; $6,000, 1933; $25,000, 1934; $32,000, 1935.
& Eddy Yard
No. 2 by the Seattle Port Commission, it was revealed
Denom. $1.000. A cert. check for $2,000 on some State or National
yesterday.
"The bond house of Blyth, Witter & Co., which heads the
syndicate bank having business connections in St. Louis County, payable to Lee
that made the highest
District Treasurer, required.
a few
Port Commissioners to bid for the bondsof the days ago, has asked the Roustad,
test the validity
issue by a friendly court
SALEM UNION FREE SCHOOL DISTRICT NO. 18 (P. 0. Clyde)'
action.
-BOND OFFERING.
-Sealed bids will be received
Wayne County, N. Y.
"The point at stake is on the law which makes it
legal for the Com- by S. E. Bishop, Clerk Board of Education, until 8 p. in. June 11 for the
mission to issue bonds
of the port district. for not exceeding 1% of the total assessed valuation purchase of $14,000 5% school bonds. Denom. $1,000. Date Sept. 1
1923. Principal and semi-annual interest(M.& N.) payable at the Briggs
"It has never been defined
in a legal action whether this means that National Bank of Clyde. Due $2,000 yearly on Nov. 1 from 1924 to 1930.
the Commission may issue
this 1% exclusive of all other bond issues, or Inclusive. Each bid to be accompanied by a certified check for 10% of
if this 1% includes all
issue would be illegal." issues of the port. If the latter is the case the amount bid for.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
PORTSMOUTH CITY SCHOOL DISTRICT (P.
-A syndicate composed
-BOND SALE.
0. Portsmouth), Antonio), Bexar County, Tex.
Scioto County, Ohio.
-BOND OFFERING.
of Halsey, Stuart & Co., Inc.. Wm. R. Compton Co., A B. Leach & Co.,
-Sealed bids will be received
by Wm. C. Hazlebeck, Clerk
Inc., and Kauffman. Smith. Emert & Co.,
June 22 at the Royal Savings of the Board of Education, until 1 p. m. 000,000 5% coupon school bonds offered on Inc.. has purchased the $1,June 2 (V. 116, p. 2428) at
and accrued interest of $30,000Bldg., for the purchase at not less than par 102.76, a basis of about 4.76%. Date
1922. Due on July 1 as
5%
of Sec. 7629 of General Code. school bonds, issued under the authority follows: 325,000. 1924 to 1961, incl., andJuly 1
$50,000. 1962.
Denom. $1.000. Date June 1 1923.
Int. semi-ann. beginning Dec. 1 1924.
D , yearly on Dec. 1 as follows:
CRUZ COUNTY SCHOOL DISTRICT NO. 13 (P. 0. No.
e
SANTA
$2,000. 1924 to 1933 incl., and $1,000,
-BOND ELECTION.
1934 to 1943 incl. Bids must be gales), Ariz.
-An election will be held on June 16 to
accompanied by a certified check for not
less
question of issuing 810,0006% 15
-year school bldg. bonds. R.
bid, upon some solvent bank, payable to the orderthan 10% of the amount vote on theClerk.
of the Board of Education. L. Mason,
PRINCETON, Mercer County, Mo.-BONDS
SCARSDALE UNION FREE SCHOOL DISTRICT(P.O. Scarsdale),
VOTED.
-At a Westchester County,
recent election $55,000 school bonds were voted by a
N. Y.
-BOND SALE.
-Of the four issues of 4.}i%
majority of 6 to 1.
coupon (with privilege of registration) bonds offered on June 4 (V. 116. p.
PUEBLO COUNTY SCHOOL DISTRICT NO. 17,
Colo.
-BOND 2428), the following three issues, aggregating $219,500, were awarded to
-BOND SALE.
ELECTION
-Joseph D. Grigsby & Co.
Stacy & Braun, of New York, for $224,833 85 (102.43) and interest, a
purchased $9,000 6% 20-30 year (opt.) school building of Pueblo have basis of about 4.201%:
bonds, subject
to being voted at an election to be held soon.
$75,000 school district bonds. Series A,of the denomination of $1,000 each,
maturing $3,000 May 1 in each of the years 1925 to 1949, inclusive.
RAILROAD SCHOOL TOWNSHIP (P. 0. San
18,000 school district bonds, Series B, of the denomination of $1.000 each,
-BOND OFFERING.
-Sealed bids will Pierre). Starke
County, Ind.
be received by
maturing 31,000 May 1 in each of the years 1925 to 1942. inclusive.
Leonard Rennewanz, Township Trustee. until 2p. m. June 26 for the purschool district bonds, Series C,of the denomination of $1,000 each,
chase at not less than par and Interest of $448.000 6% school impt. bonds. 126,500 except one bond of the
denomination of $500. maturing $3,000
Denom. $400. Date June 26 1923. Interest J. & D. 26. Due each six
May 1 in each of the years 1925 to 1965, inclusive, and $3,500
months as follows: $1,600 June 26 1924 to Dec. 26 1937 and $3,200 June 26
May 1 in 1966.
JUNE
9 1923.]
THE CHRONICLE
2679
Date May 1 1923. Principal and semi-annual interest(M.& N.) payable
TONAWANDA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BOND OFFERING.
in lawful money of the United States at the U. S. Mtge. & Trust Co. of Tonawanda), Erie County, N. Y.
-Sealed bids
New York. Other bidders, all of New York, were:
will be received by Chas. D. Warren, Clerk Board of Education. until
NamePrice Bid. 8_pt in. June 20 for $495,000 434% school bonds. Denom. $1,000 and
Union National Corporation
$221.914 50 $5010. Date March 11923. Prin. and semi-ann. int.(M. & S.) payable
Gee. B. Gibbons & Co
224,620 94 at the State Bank or the First National Bank of Kenmore. Due $16,500
223,911 95 yearly on March 1 from 1928 to 1957 inclusive. Enclose a certified check
Lampert, Barker & Jennings, Inc
223,955 85 for $25,000, payable to the order of the above official.
Sherwood, Merrifield, Inc
223,099 80
H. L. Allen & Co
-BOND SALE.
-On
TRAFFORD, Westmoreland County, Pa.
222,460 95 June 4
Parson, Son & Co
the issue of $11,000 (not $110,000, as reported in V. 116. p. 2429),
SCHENECTADY,Schenectady County, N. Y.
-NOTE OFFERING.- 43.4% tax-free bridge-repair bonds offered on that date, was awarded to the
Sealed bids will be received by William A. Wick, City Comptroller, until Mellon National Bank of Pittsburgh for $11,308 (102.80) and interest, a
11 a. in. (daylight saving time) June 13 for $401,000 6% bridge notes. basis of about 4.28%. Date July 1 1923. Due $3,000 July 1 1933 and
Date June 15 1923. Principal payable at the City Treasurer's office. Due 1941 and $5,000 July 1 1948.
Dec. 15 1923. Each bid must be accompanied by a certified check for 1%
-Sealed bids
-BOND OFFERING.
TROY, Rensselaer County, N. Y.
of the amount bid for, payable to the City Comptroller.
will be received by William A. Toohey, City Comptroller. until 10 a. m.
June 12
- 44% for the purchase at not less than par and accrued interest of $276,000
SCHLEICHER COUNTY (P.O. Eldorado), Tex.
-BONDS VOTED.
tax-exempt (registered or coupon) public improvement bonds. DeBy a vote of 166 "for" to 59 "against" the voters approved the issuance of
$13,800 yearly for
noms. $1,000,
$60.000 5%% court house bonds at the election held on May 26-V. 116. a period of $500 and $300. Date July 11923. Due
20 years. Bidders are requested not to submit basis bids.
p. 2046.
Each bid must be accompanied by a certified check for 1% of the amount
SCOTT TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Cale- bid for, payable to the City of Troy. The official circular offering these
st es
of Troy has never defaulted in the payment of
donia R. D.), Marion, Ohio.
-BOND SALE.
-On May 31 the $10,000 bondsf g
obthaligtattihoensC.ity
5%% school bonds, offered on that date (V. 116, p. 2174) were awarded to any of
Financial Statement June 2 1923.
Tucker, Robison & Co.,of Toledo, at 100.0635 and interest, a basis of about
$2,746,911 93
5.49%. Date March 1 1923. Due $1,000 yearly on March 1 from 1924 to General debt
_________________________________
Water debt___________ 2,176,761 24
1933, inclusive.
Sinking ftmd ____
156,135 56
imanif
-The Union RSGrid Certificate of bã
SEATTLE,King County, Wash.
-BOND SALE.
829.000 00
provements (temporary loan)
Bank and the Seattle National Bank, both of Seattle, have jointly purchased
4.800 00
$220,883 436% L. I. D.3382 paving bonds. Date May 31 1923. Due on Revenue bonds for liquor tax rebates
Real estate assessed valuation for 1923
1923ea
59,333,762 00
or before May 31 1935.
4,325,288 00
Franchise assessed valuation for
-BOND SALE- Total assessed valuation for 1923
63,659,050 00
SOUTH PASADENA, Los Angeles County, Calif.
The $15,000 5%, impt. bonds offered on May 28 (V. 116. p. 2428) were
Population (1920 Census), 72,013.
awarded to the Wm. R. Staats Co. of Los Angeles, at a premium of$288.
TYLER COUNTY COMMON SCHOOL DISTRICT NO. 10, Texas.equal to 100.18.
BONDS REGISTERED.
-On June 2 the State Comptroller of Texas regis-20
SPRINGDALE TOWNSHIP SCHOOL DISTRICT (P. 0. Harwick), tered $2,000 5% 10 -year bonds.
-H. H. Kelly, Secretary
Allegheny County, Pa.
-BOND OFFERING.
UMATILLA COUNTY SCHOOL DISTRICT NO. 105 (P.O. PendleBoard of Directors, v,'ill receive sealed bids until 8 p. m.June 26 for $20.000 ton), Ore.
-BOND OFFERING.
-Sealed bids will be received until 12 in.
43% coupon school bonds. Denom. $1,000. Date July 1 1923. Due June 9for $18.000 school bonds to
%•
bear interest at a rate not to exceed
Yearly on Zuly 1 as follows: $5,000, 1948; and $15.000. 1953. Purchaser Denom.$LOW. Date July 1
1923. Due $2,000 yearly on July 1 from 1925
to pay costs of printing bonds. Enclose a cert. check for $1,000.
to 1933 incl.
UNION COUNTY SCHOOL DISTRICT NO. 69 (P. 0. Clayton), N.
Mex.-BOND ELECTION.
-An election will beheld to-day (June 9)to vote
on the question of issuing $7,500 school bldg. bonds.
VAN BUREN COUNTY (P. 0. Paw Paw), Mich.
-BOND SALE.
The issue of $20,800 special assessment No. 42 bonds offered for sale on
May 31 (V. 116, p. 2429) was awarded to Durfee, Niles & Co. of Toledo
STOKES COUNTY (P. 0. Danbury), No. Caro.
-BOND SALE.
bid of
Sidney Spitzer & Co. of Toledo, have purchased the $60,000 6% coupon on a yearly $20,973 (100.83) and int. for 6345. a basis of about 5.33%.
on May 1 as follows: $2,000 1924 to 1932 incl. and $2.800 193g
.
.
bonds offered on June 5(V. 116, p. 2305) at a premium of $3,666 55. equal Due
to 106.11, a basis of about 5.34%. Date June 5 1923. Due $5,000 yearly
VAN WERT COUNTY (P.O. Van Wert), Ohio.
-BOND OFFERING.
on June 5 from 1930 to 1941, inclusive.
-N. E. Stuckey, Clerk of the Board of County Commissioners, will reSUMMIT, Union County, N. J.
-BOND OFFERING.
-Sealed bids will ceive bids until 12 in. June 27 for the purchase at not less than par and inbe received until 8 p. in. June 19 by Frederick C. Kentz, City Clerk, for terest of$117.800 5% coupon county's share road impt. bonds,issued under
the purchase of an issue of 4%% or 44% coupon or registered land pur- authority of Sec. 1223, Gen. Code. Denom. $1,000, one for IMO. Date
chase bonds not to exceed $55,000, no more bonds to be awarded than will July 1 1923. Prin. and semi-ann. int.(M. & S.) payable at the County
produce a premium of $1,000 over the amount of the issue. Denom. Treasurer's office. Due yearly on Sept. 1 as follows: $12,800 1924;$13,000
$1,000. Date July 1 1923. Prin. and semi-ann. int. (J & J.) payable 1925 to 1931 incl., and $14,000 1932. Cert, check on some solvent bank in
at the City Treasurer's office. Due yearly on July 1 as follows: $2,000. Ohio for 5% of amount of bonds bid for, payable to the Board of County
1925 to 1940, and $100, 1941 to 1963 incl. Each bid must be accompanied Commissioners, required.
by a certified check for 2%. Legality of the bonds will be approved by
VICKSBURG, Warren County, Miss.
-S. S.
-BOND OFFERING.
Reed, Daugherty & Hoyt of New York.
Patterson, City Clerk, will receive sealed bids until 4 p. in. June 18 for
3125.000 5% registerable as to principal only public impt. bonds. Denom.
SWITZERLAND COUNTY (P. 0. Vevey), Ind.
-On $1,000. Date Aug. 1 1923. TEnt. F. & A. Due on Aug. 1 as follows:
-BOND SALE.
June 4 the issue of $9,100 4%% coupon Wm. Vandorin et al. road in Posey $3.000 1924 to 1928 incl., 15.000
1929 to 1938 incl.,
1939 to 1948
Twp. bonds offered on that date
-V. 116, p. 2429
-were awarded to the incl. A cert. check for 5% of amount of bonds and $6,000
bid for required. The
Vevey Deposit Bank and the First National Bank of Vevay at par and int. opinion of John C. Thomson,
N. Y. City, approving the validity of this
Date June 4 1923. Due $455 each six months from May 15 1924 to issue, will be furnished free of charge
to the purchaser.
Nov. 15 1933 inclusive.
VICTORIA, Victoria County, Tex.
-H. C. Burt tic
-BOND SALE.
SYRACUSE, Onondaga County, N. Y.
-Sealed Co. of Houston have purchased $20,000 5%% tick eradication bonds at 96.
-BOND OFFERING.
BOND ELECTION.
bids will be received by Neal Brewster, City Comptroller, until 1 D. m.,
-An election will be held on July 28 to vote on the
June 15 for the purchase at not less than par and accrued int, of the follow.- question of issuing $42,000 jail bonds.
..11,34 issuesof cnonds.
inf
on (with privilege of registration as to prin. only or both
WABASH COUNTY (P. 0. Wabash), Ind.
-The
-BOND SALE.
n.
$1,357 45 6% Eilt Schipper at al. drainage ditch bonds offered on May 30
1470,000 local improvements 1923, payable 1-10 years.
-V. 116, p. 2429
-were awarded to Walter Bent, a local investor, at par.
125,000 street reimprovements 1923. payable 1-10 years.
Date May 15 1923.
8,000 local improvements (sidewalks) 1923, payable 1-5 years.
WACO,McLennan County, Tex.
420,000 school 1923. payable 1-20 years.
-The propo-BONDS DEFEATED.
All of the above bones are dated July 2 1923, and payable in equal suc- sition to issue $325,000 city hall bonds submitted to a vote of the people
cessive annual installments, commencing one year from the date, with int. at the election held on May 24-V. 116, p. 1690
-failed to carry.
payable semi-annually. Prin. and int. being payable at the office of the
WACO INDEPENDENT SCHOOL DISTRICT(P.O.
McLenEquitable Trust Co. in New York, in gold coin of the United States of presWaco),
-BONDS VOTED.
ent standard of fineness and weight. Bidders are requested to name the nan County, Texas.
-At an election held on May 26
rate of interest the bonds are to bear in multiples of 3i of 1%,not exceeding an issue of $24,000 school building bonds was voted by a count of40 to 33.
5% per annum. The bonds will be issued in denominations at option of
WALTHAM, Middlesex County, Mass.
-Sealed
-BOND OFFERING.
purchaser. A cert. check for 2% of the face value of bonds bid for, payable bids will be received by H.
until 10:30 a. m.
to the order of the above Clerk, must accompany each bid. These bonds June 14 for $350,000 school N. Cutter, City Treasurer,
bonds. Denom. $1,000. Date July 1 1923.
are exempt from taxation under Sec. 8, Chapter 24. of the Consolidated Prin. and semi-ann. int. (J. & J.)
Boston Safe Deposit &
Laws, and interest thereon is exempt from Federal income tax and from Trust Co. of Boston. Due yearlypayable at the follows: 119.000. 1924
as
on
New York State income tax and will be engraved under the supervision of to 1931 incl., and $18.000, 1932 to 1942July 1 The bonds will be engraved
incl.
the above official. The legality of this issue will be examined by Caldwell under the supervision of the Old Colony
of Boston. Legality
& Raymond of New York, whose favorable opinion will be furnished to the approved by Storey, Thorndike, Palmer &Trust Co. Boston.
Dodge of
purchaser. Bonds will be delivered to the purchaser on July 2 at the office
a/ 2tatement Dec. 311922.
19S
2
of the Equitable Trust Co., New York, or as soon thereafter as the bonds Assessed valuation
$41,390,150 00
foFrinayeancir
may be prepared.
886,000 00
Total debt (not including this issue)
Financial Statement.
None
Water debt_ __
Assessed valuation taxable property
$194,582,687 00 Sinking fuion ________
popuht nds
93,342 49
___________
Actual valuation taxable property (est.)
235,000,000 00
183,809.716 00
Assessed valuation real property
10.407.506 00
WALWORTH COUNTY (P. 0. Selby), So. Dak.-BOND SALE.Assessed valuation special franchise
b allard ac Co o may 2 ( . havep 2
f
. f
Bonded debt, including above Issue
17,956,570 15 Bonth of erod on Minneapolis 116 purc2hged the $55,000 negotiable coupon
6 v
4
Water bonds, included in above
4,270.000 00
at a premium of $85, equal
to 100.15. Date May 1 1923. Int. M. &asN5s.
Water bonds (excluding refunding issue) issued since Jan. 1
1908 included in above
940,000 00
WARREN,Trumbull County, Ohio.
-Sidney Spitzer
-BOND SALE.
'
Population. Census 1920
171,717
& Co. of New York have been awarded an issue of $40,000 5% street'pg
.
TAYLORSVILLE VILLAGE SCHOOL DISTRICT (P. 0. Philo), bonds at par plus expenses. Denom. $1,000. Date Apr. 2 1923.
and semi-ann. Int.(A. & O. 2) payable at the City Treasury. Due yearly
.
-BOND OFFERING.
Muskingum County, Ohio.
bids will be on Oct. 2
-Sealed
as follows: $7,000 1024, 1925 and 1927; $8,900 1928 and. 1931:
received by A. E. Martin, Clerk Board of Education, until 12 m. June 25
for the purchase at not less than par and accrued int. of $22.000 534% and 13,000 1932.
school bonds, issued under the authority of Sec. 7630-1 of the Gen. Code.
Financial Statement.
Assiwsed valuation (1922)
$61,998,430
Denom. $1,000. Date June 1 1923. nin. and semi-ann. int.(M• &
2,911,950
payable at the office of the above official in Philo. Due $1,000 yearly on Total bonded debt (including this issue)
$46,000
Sept. 1 from 1924 to 1945,incl. Each bid must be accompanied by a certi- Sinking fund _
Water works_Stilt_iii_11 ------------------fied check for $570, payable to the Board of Education.
-_
987,500
Neptodpeubita_t_
k
;,878,450
n (1920 Censusi,IlalgE
TEMALPAIS UNION HIGH SCHOOL DISTRICT(P.O.San Rafael)
Mann County, Calif.
-BOND SALE.
-The Mercantile Securities Co.
WASCO _1 SALE.
-The
COUNTY (P. 0. The Danes), Ore.
-BOND
has purchased $100,000 5% school bonds at par plus a premium of $76. $200.000
road bonds offered on May 15( V. 116,
1931) were awarded to
equal to 100.07.
Ferris & Hardgrove of Spokane, and Stern Bros. & Co. of St. Louis, as 58.
p"
TOA BAJA (Municipality of), San Juan County, Porto Rico.- at a premium of 620, equal to 103.10. a basis of about 4.59%. Date May
BOND OFFERING.
-Oscar Nevares, Commissioner of Public Service, 15 1923. Due $20,000 yearly on May 15 from 1928 to 1937 incl. The
Police and Prisons, will receive sealed bids until 9 a. in. July 3 for $185,000 following bids were received:
coupon public impt. bonds. Denom. $1,000. Date Jan. 1 1923. Int.
Name.
Rate.
Price.
rate not to exceed 6%. Prin. and semi-ann. int.(J. & J.) payable in Wash- Cyrus Pierce & Co.,
Bond & Goodwin & Tucker,
ington, D. C., N. Y. City or Porto Rico. Due on July 1 as follows: $5,000
Blyth, Witter & Co., Clark, Kendall & Co.
.West
1929 to 1939 incl., $8.000 1940 to 1944 incl. $10,000 1945 to 1947 incl.,
ern Bond & Mtge. Co.and Ladd & Tilton Bank,
and $15,000 1948 to 1951 incl. A cert. check for 2% of bonds, payable to
'
Portland _
534%
$202,612
the Commissioner of Finance, required. Legality approved by john C. Robertson &ItWiiiiiiii54%
vieifs:15Teiiiiy Co. Portland 201,520
Thomson, N. Y. City. These bonds were offered unsuccessfully on Mar. Seattle Nat. Bk.and
Carstens & Earles, Inc., Seat15 (V. 116, p. 645).
tle, and A.C.Allyn & Co., Chicago
54%
202,154
54%
TONAWANDA, Erie County, N. Y.
201.394
-BOND SALE.
-The two issues Freeman, Smith & Camp Co., Portland
Ralph Schneeloch Co., Security Savings & Trust
edi
of 434% bonds offered on June 6-V. 116, p. 2429
-were awarded to
Co., m. P. Harper & Son and Stacy & Braun •
O'Brian. Potter & Co. of Buffalo as follows:
Portland __
'200 144{ 60,000 53i%
.
$24,000 water bonds at 102.397. a basis of about 4.23%• Due $1,000
140,000 5%
yearly on July 1 from 1924 to 1947 incl.
•
534%
202,866
21,000 sewer bonds at 102.127, a basis of about 4.24%. Due $1,000 Federal Securities Corp., Chicago
Yearly nu July 1 from 1924 to 1044
WASHINGTON SCHOOL TOWNSHIP (P. 0. Pierceton), KosciDenom. $1,000. Date July 1 1923,
usko County, Ind.
-Curtis S. Lenwell, Township
-BOND OFFERING.
STILLWATER SCHOOL DISTRICT(P.O.Stillwater),Payne County, Okla.
-Sealed bids will be received until 6 p. in.
-BOND OFFERING.
July 2 by C.E.Donart,Clerk, Board of Education, for $110,000 5% coupon
school bonds. Date July 1 1923. Due July 1 1943. A cert. check for 111%
of bid required.
THE CHRONICLE
2680
Trustee, will receive bids until 2 p. m. June 15 for the purchase at not less
than par and interest of $89,500 5K% school building bonds. Denoms.
$1.000 and $500. Date May 15 1923. Int. semi-ann. Due each six
months as follows: $3.000 July 1 1924 to July 1 1935 incl.; $4,000 Jan. 1
1936 to July 1 1937 incl., and $4,500 Jan. 1 1938. Prin. and interest
payable at the State Bank of Pierceton. Legality approved by Smith,
Remster, Hornbrook & Smith of Indianapolis. This issue was offered on
May 18 (V.116. p. 1811). and is now re-offered for the reason that one of
the papers in which the first offering was advertised failed to publish the
notice of sale for two weeks, as required by law.
-BIDS RETURNED
WATERBURY, New Haven County, Conn.
-Thomas P. Kelley, City Clerk,
-OFFERED.
UNOPENED
-BONDS RE
informs us that the $350.000 434%, coupon (registerable) water bonds
-were not sold. All bids received
offered on May 31-V. 116, p. 2429
were returned unopened because of a question as to the legal time for
advertising the bonds.
These bonds are now being re-offered, as two issues and under different
maturity conditions. Sealed bids will be received by Thomas P. Kelly,
City Clerk, until 7 p. m.(standard time) June 18, for the purchase of the
two issues of 43. % coupon (registerable) water bonds as described below:
$200,000 water bonds (13th series) of a denomination of $1.000 each. dated
July 1 1922. and payable $10,000 on July 1 from 1953 to 1972 incl.
150,000 water bonds (14th series) of a denomination of $1,000 each,
dated Jan. 1 1923, and payable $10,000 on Jan. 1 from 1924 to
1938 incl.
Denom. $1,000. Prin. and int. will be payable in lawful money of the
United States at the First National Bank of Boston. Each bid must be
accompanied by a certified check for 1% of the amount bid for. The bonds
will be engraved under the supervision of and certified as to genuineness by
the First National Bank of Boston, and their legality approved by Storey.
Thorndike,Palmer & Dodge of Boston, whoce legal opinion will be furnished
the purchaser. All legal papers incident to this issue will be filed with said
bank, where they may be inspected at any time. Bonds will be delivered to
the purchaser on June 22 at the First National Bank of Boston.
-On May
WEEPING WATER,Cass County, Nebr.-BONDS VOTED.
21 a proposition to issue $15,000 bonds (purpose not stated) carried by a
vote of 132 "for" to 61 "against."
WESTCHESTER SCHOOL DISTRICT (P.O. Westchester), Chester
-It is reported that an issue of
-BONDS AUTHORIZED.
County, Pa.
$50,000 new school house bonds was voted at a recent election.
-Sealed
WEST ORANGE, Essex County, N. .1.-l3OND OFFERING.
bids will be received by Ronald C. Alford, Town Clerk, until 8:15 p. m.
June 12 for the purchase of an issue of 434% coupon or registered sewer
and street improvement bonds, not to exceed 583,000, no more bonds to
be awarded than will produce a premium of $1,000 over $83,000. Denom.
$1,000. Date June 1 1923. Prin. and semi-ann. int. (J. & D.) payable
at the First National Bank of West Orange. Due yearly on June 1 as
follows: $4,000, 1925 to 1936 incl., and $5,000. 1937 to 1943 incl. Each
bid must be accompanied by a certified check for 2% of the amount bid
for. Bonds will be prepared under the supervision of the U. S. Mtge. &
Trust Co. of New York, winch will certify as to the genuineness of the
signatures impressed thereon. Legality approved by Hawkins, Delafield
& Longfellow of New York.
WHITESBORO, Grayson County, Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas registered $50,000 6% serial sewer bonds
on May 28.
-BONDS NOT SOLD.
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
An issue of $50.847 22 5% bonds was offered for sale on May 5, but were
not sold.
WILLIAMSON COUNTY SCHOOL DISTRICT NO, 22, Texas.
-The State Comptroller of Texas registered
BONDS REGISTERED.
512,000 5% serial bonds on June 2.
WILLIAMSON COUNTY COMMON SCHOOL DISTRICT NO. 20,
-BONDS REGISTERED.
Texas.
-The State Comptroller of Texas regis-40
tered $2,500 5% 5 -year school bonds on June 1.
WILLOUGHBY, Lake County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received by Arvin Miller, Village Clerk, until 12 m. June 30
for the purchase, at not less than par and accrued interest, of $5,000 534%
bonds for constructing the proposed "White Way." Denom. $1,000.
Date Apr. 1 1923. Int. A. & 0. Due $1,000 yearly on Oct. 1 from 1924
to 1928 incl. Cach bid must be accompanied by a certified check for
NEW LOANS
We Specialize in
City of Philadelphia
38
3 8
/
1
2
48
/
41 48
/
41 28
58
/
51 40
/
1
s
52
Biddle & Henry
104 South Fifth Street
Philadelphia
Private [Vire to New York
Call Canal 8437
BALLARD & COMPANY
5% of the amount bid for, payable to the order of the Village Treasurer.
Purchaser to pay for bonds within 10 days from the award.
WILSON GRADED SCHOOL DISTRICT (P. 0. Wilson), Wilson
County, No. Carp.
-BIDS REJECTED
-The follow-REOFFERED.
ing bids, which were received for the $90,000 6% school bonds offered on
June 5(V. 116, p. 2305), were all rejected. The bonds are being re-offered
on July 9 as given below.
Bidder
-Amount.
W. L. Slayton & Co
105.10
594,689 00
George H. Burr & Co
106.12
95.508 00 fP
Stacy & Braun
108.57
97.713 00
Spitzer, Rorick & Co
95,893 00 ( ' 106.54
60
30
National Bank of Commerce, St. Louis
94.169 70 67
104.634
Seasongood & Mayer
97,020 00 6
107.80
Prudden & Co
97,713 00 6%
108.57
A. T. Bell & Co
90.531 00 53% 100.59
Kauffman-Smith-Emert & Co., Inc
95.908 00 6
106.56
Hanchett Bond Co., Inc
97,290 00 6
108.10
R. M.Grant & Co
97,002 00 6 9'
,
0
107.78
Weil, Roth & Irving
97.875 00 69
108.75
N. S. Hill & Co
96.389 00 67
107.09
Ryan, Bowman & Co
96,579 00 6
107.31
George H. Burr & Co
90,230 00 5
100.205
N. S. Hill & Co
91,225 00 53 9' 101.36
,
Ryan, Bowman Sf Co
.
92,583 00 534°! 102.87
100.00
90.099 00 5?
Kauffman-Smith-Emert & Co., Inc
90.972 00 'Ib1 101.80
Prudden & Co
90,324 50 5K 0 100.36
BOND OFFERING.
-Charles L. Coon. Supt. of Schools, will receive
sealed bids until 4 p. m. July 9 for $90.000 school bonds. Denom. $1,000.
Date July 11923. Prin. and semi-ann. Int. payable at the National Park
Bank, N. Y. City. Due on July 1 as follows: $5,000 1935 to 1940 Incl.,
and $6,000 1941 to 1950 incl. Interest rate not to exceed 69'. A cert.
check for 2% of amount of bonds bid for required. The approving opinion
of Chester B. Masslich, N. Y. City, as to the validity of issue will be
furnished the bidder.
WINCHESTER,Randolph County.Ind.
-BOND OFFERING.
-H.E.
McKneeves. City Clerk, will receive sealed bids until 1 1 a.m. June 22for the
purchase of$25,00044% coupon "School Bonds of 1923." Denom.$1,000
and $500. Date May 18 1923 Prin. and semi-ann. int (J. & J.). payable
at the 12.1ndolph County Bank of Winchester. Due each 6 months as follows: $500. July 1 1924 to Jan. 1 1937, incl., and $1,000, July 1 1937 to
Jan. 1 1943, inclusive.
WINCHESTER SCHOOL CITY (P. 0. Winchester), Randolph
County, Ind.
-BOND OFFERTNG.-Sealed bids will be received by the
Board of School Trustees for $75,000 41/4% coupon school construction
(
bonds. Denoms. $1,000 and 11500. Date May 18 1923. Prin. and semiann. int. (J. & J.) payable at the Randolph County Bank of Winchester.
Due each six months as follows: $2,000 Jan. 1 1930 to July 1 1933 incl.;
$2.500 Jan. 1 1934 to July 1 1936 incl.: $3.000 Jan. 1 1937 to July 1 1940
intl., and $4,000 Jan. 1 1941 to Jan. 1 1943 incl.
WOODLAND, Yolo County, Calif.
-BOND OFFERING.-Untll
5 p. m. July 2 sealed bids will be received by J. H. Langonour, City Clerk,
for $22,000 5% fire apparatus bonds. Denem. $1.000. Date July 1 1923.
Prin. and semi-ann. int, payable at the City Treasurer's office. Due
$2,000 yearly on July 1 from 1924 to 1934 Mel. A cert. check for 5% of
amount bid, payable to the City Treasurer, required. Legality approved
by Goodfellow, Eells, Moore & Orrick of San Francisco,
WORCESTER., Worcester County, Mass.
-BOND SALE -According
to reports, R. L. Day & Co. of Boston have been awarded an issue of $252,0004% municipal bonds at 100.09. Due 1924 to 1943 incl.
YALOBUSHA COUNTY ROAD DISTRICT NO. 3, Miss.
-BOND
DESCRIPTION.
-The $100.000 bonds awarded to A. K. Timett & Co. of
Memphis. as stated in V. 116. p. 1692, are described as follows: Denom.
$500. Date June 11923. Prin. and semi-ann. int. payable at the County
depository. Due as follows: $2,000, 1924 to 1928 incl.; 54.000, 1929 to
1938 incl., and $5,000, 1939 to 1948 incl.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 22 (P. 0.
-BOND OFFERING -Bids will be received until
Massmain), Mont.
8 p. m. June 19 by G. E. Matheson, District Clerk, for $10.000 6% school
building bonds. Denom. $1,000. A cert. chock for $50 required.
NEW LOANS
BOND CALL
$5.000,000
STATE OF MICHIGAN
BONDS CALLED FOR PAYMENT.
HIGHWAY IMPROVEMENT
COUPON BONDS
The State Administrative Board will receive
sealed bids at its office in the City of Lansing.
Michigan, until the TENTH DAY OF JULY,
NINETEEN HUNDRED TWENTY-THREE.
UP TO TEN O'CLOCK, A. M.. Eastern Standard
time of said day, for the sale of all or any part of
five million dollars ($5.000,000.00) of State of
Michigan, Highway Improvement coupon bonds
in denominations of one thousand dollars ($1,000.00) each to be issued by the State Administrative Board of the State of Michigan, pursuant
to the provisions of Act Number Twenty-Five of
the Public Acts of the State of Michigan, Extra
Session of Nineteen Hundred Nineteen as amended. Said bonds will be dated August 1, 1923,
and will mature August 1, 1943, and will bear
interest at the rate of four and one-quarter per
centum per annum, payable semi-annually.
Both principal and interest are payable at the
Office of the Treasurer of the State of Michigan,
Lansing, Michigan, or at the office of the fiscal
agent of the State of Michigan, in the City of
New York.
Coupon bonds may be exchanged for registered
bonds if desired. A certified check in a sum
equal to one per cent of the amount of the bid,
payable to the order of the Treasurer of the State
of Michigan, must be submitted with each bid.
The right is reserved to reject any or all bids.
(Signed) FRANK E. GORMAN,
State Treasurer.
Members New York Stock Exchange
HARTFORD
Connecticut Securities
$22,000 Public Sewer
$60,000 Water Works
6% Bonds
United States and Canadian
Municinal Ronda
DONGORj0
WADDELL
Building
19704101 I. 1011 01/Wel
New York
69 Liberty Street
Telephone Cortiandt 3183
[VOL. 116.
LATHROP, MISSOURI
Bids will be received by the undersigned until
TUESDAY, JUNE 19, 1923,
for the purchase of $22,000 public sewer and
$60.000 water works five per cent, bonds, maturing nineteen forty-three, the city having the option
after May nineteen twenty-eight of redeeming
all or any part. Interest due May first and
November first.
F. L. PORTER, City Clerk.
City of Texarkana, Texas,
Notice is hereby given that the City of Texarkana is calling for payment $20,000 6% Permanent improvement bonds dated March 1.
1894. maturing March 1. 1934, and option after
March 1, 1904.
Payment for said bonds will be made on and
after this date upon their presentation at the
office of the undersigned, 115 Broadway, New
York City.
THE SEABOARD NATIONAL BANK OF THE
CITY OF NEW YORK.
By J. A. BURNS, Trust Officer.
Dated June 2, 1923.
Cotton
Facts
are regularly sought in the
"Chronicle" by the people
who constitute the backbone
of the World's Cotton Industry.
Carry your message to
these readers at a moderate
seat through our advertising
columns.
JUNE 9 1923.]
2681
TUE CHRONICLE
CANADA, its Provinces and Municipalities.
ALLISTON, Ont.-DEBENTURE SALE.
-Bird, Harris & Co. have
purchased $29,890 6%% debentures, maturing from 1923to 1947 at a price
of 108.96. the money costing the town about 5.60%. The bonds are
guaranteed by the County of Simcoe. Tenders were as follows: Bird, Harris
& Co., 108.96: Wood, Gundy & Co.. 108.875; A. E. Ames & Co., 108.752;
Home Bank, 108.75; A. Jarvis & Co.. 108: and Mackay
-Mackay. 106.
-DEBENTURE SALE.
-An issue of $65,000
ST. BONIFACE, Man.
6% 20
-annual installment school debentures has been sold to Ed. Brown
& Co. at a price of 99. which means an approximate cost of 6.125%.
Tenders were as follows: Ed. Brown & Co.. 99; Municipal Debentures
Corp.. 97; Bond & Debenture Corp., 96.53; E. G. Read & Co.. 95.12.
and H. A. Tubby & Co.. 94.50.
-On June 5 the
-BOND SALE.
SASKATCHEWAN (Province of).
issue of 59' 20-year bonds offered on that date(V.116,p.2559) was awarded
to a syndicate composed of Aemillus Jarvis & Co., Cyrus Peirce & Co.,
BRANTFORD, Ont.-DEBENTURES AUTHORIZED.
-The Roman
Co. The syndicate took $3,Catholic Separate School Board has passed a by-law sutherizing the issuance Hallgarten & Co. and W. A. Harriman & is on an approximate basis of
155,000 bonds at a price of 95.09. which
-annual installment debentures.
of $75,000 5%% 30
now being offered to the public at 9734. to yield
5.465%. The issue is
of $1.000
CHICOUTIMI, Que.-DEBENTURE OFFERING.
-The Trustees of 5.20%. The bonds are coupon in form, in the denomination and semiPrin.
the Parish of St. Francois Xavier du Chicoutimi will receive tenders until each, are dated June 15 1923, and mature June 15 1943.New
coin at the
York
10 a. m. June 26 for the purchase of $400,000 bonds bearing either interest ann. Int. (J. & D. 15). payable in U. S. gold Canadian money in agency
Canada.
of the Union Bank of Canada, or in lawful
at 5% or 534% and repayable by series in 27 years.
Tenders are also sought by the Church and Ward of St. Francois Xavier Bids were called for on an alternative basis for bonds payable in United
of Chicoutimi for the purchase of $250.000 bonds bearing interest at the rate States and Canada and for bonds payable in Canada only. Bids on the
of 5% or 5%% and redeemable by series in 30 years on the 1st of December New York payment alternative were as follows: A. Jarvis & Co, Ltd.,
Hallgarten & Co.. Cyrus. Peirce & Co.,and Harriman & Co..95.09: Domineach year, starting on the 1st of December, 1923.
ion Securities Corp, 94.71; Wood, Gundy & Co., National City Co. and
CORNWALL, Ont.-DEBENTURE SALE.
-Reports state that an Harris, Forbes & Co.,94.18: A. E. Ames & Co.. Continental & Commercial
Issue of bonds amounting to $100,000 5% 9'7 and repayable in 30 installments Savings & Loan, Blythe Witter & Co. and Guaranty Co., 93.91. One bid
has been awarded to Gairdner. Clarke & Co. at a price of 101.833, an on the Canadian alternative was received from Wood. Gundy & Co.. A.E.
equivalent cost basis of 5.34%. Other bids were: Dyment, Anderson & Ames & Co. and National City Co., 92.98(U. S.funds).
Co, 101.618; A. E. Ames & Co., 101.33; Nesbitt, Thomson & Co., 101.32;
Financial Statement, April 30 1923.
A. Jarvis & Co., 101.31; Bain, Snowball & Co. 101.082: R. A. Daly & Co.,
$1.200,000,000
101.039: Royal Securities Corp.. 101.039: Wood, Gundy & Co., 100.787; Assessed value of taxable property, 1922
$54,951,851
Gross public debt
C. H. Burgess & Co., 100.62, and Municipal Bankers' Corp., 100.367.
Less
-Debt created for revenue producing enterprises and sinking funds created for redempDUNCAN,
C.
-year
-DEBENTURE SALE.
-Issues of $50,000 8% 30
27.542,800
water-works and $4,200 6% 15
tion of debt incurred for other than utilities_
-year fire-hall debentures have been purchased by Gillespie, Hart & Todd, Ltd., jointly with Pemberton & Son.
27,409.081
Net debt
•
FERGUS, Ont.-DEBENTURE SALE.
-It is reported that Gairdner, Total sinking fund
3.613,445
Clarke & Co. have purchased 814,000 6% 10
-installment debentures at a Provincial assets
90,063,218
price of 101.77, the money costing the municipality approximately 5.62%. Provincial guarantees in advancement of agricultural int__
2,042,743
'renders were as follows: Gairdner, Clarke & Co., 101.77; Matthews & Co., Provincial guarantees to railroads now owned by the Domin101.75; C. H. Burgess & Co., 101.29; and James Beattie, 101.195.
28,582.012
ion of Canada
1.763.883
-DEBENTURE SALE.
-On May 31 J. M. Robinson Annual Federal subsidy
MONCTON, N. B.
Area,251.700 square miles. Population,757.510.
& Sons, Ltd., were awarded $35,000 5% bonds, their tender price being
97.88. Other tenderers were: Thomas Armstrong & Bell, 98.75; Bell,,
Goulniock & Co., 95.24; Johnson & Ward. 96.68; Aemelius Jarvis, 96.035;
SHERBROOKE PROTESTANT SCHOOL COMMISSION (P. 0.
-The Board of ProtesCentral Trust Co., 97.643; Eastern Securities, 95.57.
Sherbrooke), Que.-DEBENTURE OFFERING.
12 for the pur-An issue of $35,000 5%% tant School Commissioners will receive bids until 12 m.June of $100, $500
HORNPAYNE,Ont.-DEBENTURE SALE.
chase of $100.000 534% bonds. to be issued in denominations
20
-installment school debentures, guaranteed by the Province of Ontario,
and $1,000 each,dated .June 1 1923 and maturing from June 1 1924 to June 1
was sold to Wood, Gundy & Co., of Toronto. at 99.75, during May.
1953.
-DEBENTURE OFFERING.
NEW GLASGOW, N. S.
-Tenders will
be received until June 30 for the purchase of $25,000 5% 42
-year deben-On June 4 the $37.000 5349'
SUDBURY,Ont.-DEBENTURE SALE.
tures In denominations of $500 each, with interest payable semi-annually 20
-year installment school debentures offered on that date (V. 116, p. 2559)
at New Glasgow or Halifax. The bonds are dated July 3 1923. James was awarded to R.C. Matthews & Co., Ltd., of Toronto, at 97.09 and int.,
Roy. Town Clerk and Treasurer.
a basis of about 5.85%. Date May 22 1923. Int. annually in May. Due
PEMBROKE, Ont.-DEBENTURE SALE.
-During May an issue of in 20 annual installments, the last being in May 1943.
$140,000 534% 10
-installment debentures was sold to Wood, Gundy & Co.,
-The rateof Toronto, 100.10.
THORNBURY, Ont.-DEBENTURES AUTHORIZED.
payers have passed a by-law authorizing the issuance of $18,000 30-year
PORT DALHOUSIE, Ont.-DEBENTURE SALE.
-During May an water works debentures.
issue of $12.500 534% 20-installment debentures was disposed of at 100.358.
-It is reported that a block
RED DEER MUNICIPAL HOSPITAL DISTRICT (P. 0. Red Deer),
THOROLD, Ont.-DEBENTURE SALE.
Alta.
-DEBENTURE OFFERING.
-Tenders will be received until 12 m. of town of Thorold bonds, aggregating $35.937 6%, and repayable in 10.
June 9 (to-day) by A. T. Stephenson, Secretary-Treasurer, for 810,000 7% 11 and 15 installments, has been sold to C. H. Burgess dr Co. at a price of
hospital bonds, repayable at Toronto, Montreal or Red Deer in 10 equal 102.212. Other bids were: A. D. Morrow & Co.. 101.55; Wood, Gundy
annual installments of principal and interest.
& Co.. 101.53, and Matthews & Co.. 100.41.
8.
FINANCIAL
FINANCIAL
FINANCIAL
Chartered 1836
PUBLIC UTILITIES in
growing communities
operated and financed
THEIR SECURITIES
offered to investors
When Purchasing
Bonds
Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other cities.
The continued growth of this
Company, without consolidation,
since its establishment under perpetual charter in 1836, is evidence
of the satisfactory service rendered.
Capital and Surplus. . $10,000,000
Resources . . . . 56,000,000
Individual Trust Funds
. 285.000.000
Corporate Trust Funds$1,386,000,000
GIRARD
TRUST COMPANY
Bread & Chestnut Sts., Philadelphia
Find out first if they are fundamentally sound. For $2 60
we will send you an up to date
unbiased Opinion on the security of any bond issue, with
Report of earnings and the
Security Data.
Investment Registry of America,Inc
ESTABLISHED 1910.
608 Chestnut Street,
Philadelphia
MIDDLE WEST
UTILITIES CO.
Suite No. 1500
12 West Adams St.
Chicago, Illinois
SIMON BORG & CO.
Members of New York soot Ezchan:c
No.46 Cedar Street - -
New York
HIGH-GRADE
INVESTMENT SECURITIES
F. WM. KRAFT, Lawyer
Igiocialirine in Examination & Preparation of
County, Municipal and Corporation
31fguibation
llonds, Warrants and Securities and -----------------Proceedings Authorizing Same.
The WHITE HALL NATIONAL BANE.
located at White Hall, in the State of Maryland,
Rooms 8174820 111 W. Monroe St.,
lilarris Trust Building
is closing its affairs. All noteholders and other
creditors of the Association are therefore hereby
CHICAGO. ILLINOIS
notified to present the notes and other claims
for payment.
C. EVANS WILEY, Cashier.
1923.
Dated, White Hall. Md.. May 1.
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
Itoritpomery,
Ala.
LEGAL NOTICE.
The First-Second National Bank of Akron.
located at Akron, in the State of Ohio, is closing
its affairs. All noteholders and other creditors
of the association are therefore hereby notified
to present the notes and other claims for payment.
0. I. BRUNER. President.
Dated May 3, 1923.
2682
THE CHRONICLE
Atankera anb 313rokera Outzibe getu
PHILADELPHIA
[Vol,. 116.
pork
NORFOLK, VA.
PHILADELPHIA
MOTTU & CO.
EALI.ClarkKo.
BONDS
Established 1892
BANKERS
Investment Bankers
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°
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Established 1894
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