Full text of Commercial and Financial Chronicle : March 10, 1923, Vol. 116, No. 3011

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The.

gunman,
Bank & Quotation Section
Railway Earnings Section
VOL. 116.

financial

riatud

INCLUDING
Railway & Industrial Section
Bankers' Convention Section

SATURDAY, MARCH 10 1923

Xhe Chronicle.
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Published every Saturday morning by WILLIAM B. DANA COMPANY,
President, Jacob Seibert: Business Manai.er, William D. Riggs; Secretary. Herbert
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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heeetofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
1015 to 1018, inclusive.
THE FINANCIAL SITUATION.
Now that the American Congress has adjourned
until the last of the year, and thus paled its ineffectual fires, the old laws of trade may be expected to
resume their sway. And yet we know that they will
not. Too many laws of interference are already
upon the statute books—laws that hang over from
session to session, and from year to year, designed
by politics and in opposition to economics. And it
is all so passing strange, when you come to think of
it, that one wonders, egotistic as the statement may
seem, at the wisdom of mankind. We all say, and
the saying is so trite no one now disputes it, that
trade, in the end, makes its own laws. But as we
look over the world, this New World so much vaunted
as the outcome of war, we see that practically all the
nations have been engaged in making anew, more
rigid and selfish protective laws!
The broken and dismembered state of AustriaHungary has been brought to the world's attention
by the weakness of its trade and the impoverishment
of its people. Where once the exchange of goods
swept freely across a rich agricultural domain punctured by populous cities, now there are little States
passing such restrictive laws as to be prohibitory.
It is as if our own States of the Union were 'suddenly to go into the tariff-making business upon a
scale of animus and distrust, one of another. We
repeat a former expression that there never was "in




S.

Electric Railway Sectioa
State and City Sect oar

NO. 3011

the history of the world" so opportune a time for the
removal of all restrictive laws and the opening of
free ports everywhere as in these years following the
war. But while we talk of economic conferences we
continue the old protective policies.
We may pass from the general to the particular
with profit to our present aim. Long have the people distrusted Government banking. The LenrootAnderson Rural Credits law is just this. And its
main features have been incorporated in the composite bill passed. Twelve Intermediate Farm Land
banks may now deal in loans made upon warehouse
grain receipts and growing and feeding live stock
and other forms of farm credit, twelve banks, each
with $5,000,000 capital, and a possible capital of
ten millions and total debentures of a possible one
billion two hundred millions, the stock to be subscribed by the Government.
It is often said that the old questions of constructive government have given place to materialistic
laws designed to -help blocs and classes. We might
mention the eternal tinkering with the railroads.
But of what avail when at the time a report appears
showing the losses of Government operation during
the war to be $1,800,000,000 we are told a labor clan
contemplates a drive upon the next Congress for Government ownership? We make great ado about
Budgets and economies, but we do not cease our meddling with business. We want to live high, we want
a living wage and a satisfying price, and then proceed to all sorts of entangling alliances with the very
industries and trade by which we live by our own
efforts.
If we are to preserve democracy we must look to
the peoples themselves to change these methods in
legislation. The legislator is to a degree always a
politician. He is fighting for what he thinks the
people want—especially his own people, or constituency. Hence these laws that undertake to help
classes and vocations. If he knew his own constituency
would not approve a selfish or class law,even though
in their own favor, he would desist. Despite our reverence for popular rule, the rule of all the people for
all the people, we are fast drifting into a bureaucracy
that leans toward Socialism. It may be idle to say
these things—they have been said over and over
again. But some time it must come home to farmers
and "workingmen" that they are tying themselves
with the threads of a system thatif persevered in will
ultimately engulf us all in Socialism or State ownership, control and regulation of all our industries. It
may be that a campaign in the interest of "taking
over" the railroads would awaken the country to the
insidious growth of this evil. In America and

976

THE CHRONICLE

throughout Europe economics is in the grip of politics. And these incessant contests lead to the weakening if not ultimate downfall of our whole constitutional system. The plain bare fact is that individually in our relation to Government we are selfish.
We sometimes condemn paternalism. But when our
class or vocation is involved we are supine to the
leadership of politicians trying to get something by
law for us "while the getting is good." We have not
the heroism to put aside a law in our own interest.
It is therefore a blessing when Congress adjourns
for g long period of time. We have been having too
much of it in the last few years. We have something
else to do.in the economy of things than to spend all
our time devising new methods and laws for governing ourselves. Enterprise must have freedom. Work
is the olden and golden panacea for all our ills. Congress even now may leave some things undone, but
often they were better never done at all. The House
of Representatives is not a stockholders' meeting;
the Senate is not a directors' meeting. Business will
go on if there are no debates over world problems, if
there is no news from Washington for a nine-months.
When the men who plan and work have no suggestions from the Congress they will be able to formulate some new corporations, new trade endeavors,
and new "interests" in behalf of the people who are
their patrons.

[VoL. 116.

figures are divided have been larger, and in almost
every instance very much larger, than the number
reported for February 1923. There is only one exception and that is for the trading class in September last, when there were 1,049 trading failures, as
contrasted with 1,115 trading failures last month.
February is a short month, but insolvencies in the
second month of the year are generally not far below
those of the very heavy defaults that generally occur
in January, while in September the low point, or
close to the low point of the year, is usually reached.
The number of defaults in February this year is
nearly 30% less than in January; a year ago the decrease from January to February was 14.4%. As
stated above, the tendency from January onward is
usually in the direction of a smaller number of failures, but the decrease from the opening month of the
year to the second month is not so great, as a rule, as
that indicated in the comparisons made above, and
this year the decrease of nearly one-third is exceptional.
In the manufacturing division for February there
is again a slightly larger number of defaults among
makers of machinery and tools this year as contrasted with the corresponding month a year ago,
and the amount of defaulted indebtedness for the 50
failures that occurred in those lines last month,$5,315,098, is very large—in fact, for this one class the
indicated losses are nearly one-third of the total liaInsolvencies during the month just closed again bilities of all manufacturing defaults that occurred
show a noteworthy decrease both.as to the number of last month. There is again a noteworthy decrease in
defaults and as to the amount of indebtedness in- the number of defaults among clothing manufacturvolved. In the opening month of the year there were ers last month, and liabilities are very much less in
indications of a very satisfactory improvement in the February this year than they were in February 1922.
insolvency returns, which for a period of two years Furthermore, the same conditions apply as to clothor more had reflected such heavy losses, and this bet- ing dealers. In the manufacturing division fewer
terment is continued in the report for the second failures occurred last month in lumber and in other
month, which has been published this week. Com- leading lines and in most directions losses are considmercial failures in February numbered 1,508 and erably reduced, measured by the report of defaulted
the aggregate of indebtedness was $40,627,939. These indebtedness. There was one large failure in the
figures contrast with 2,126, the number of defaults in woolen goods division and the statement of defaults
January, and $49,210,497, the amount of indebted- in leather manufacturing shows a considerable inness for that month, and 2,331 commercial failures crease in liabilities for last month. Defaults in the
reported in February of last year with $72,608,393 baking industry are also quite numerous.
In trading lines there is a considerable decrease in
of defaulted indebtedness. Not since September
1921 has the number of defaults in any one month almost every department both as to number and
been as low as the figures reported for February this amounts, particularly as to clothing, dry goods, general stores, groceries and dealers in jewelry. Some
year.
large
failures in the trading division add to the
insolvencies
the
recis based on
Our statement of
losses
even among dealers in clothing, dry goods,
merreports
in
these
and
Co.,
&
ords of R. G. Dun
cantile concerns, as distinguished from banks and groceries and among general stores, but the amount
other strictly financial institutions, are given; also, of defaulted indebtedness in these classes last month
the figures are separated as to manufacturing and is less than it was in February of last year. On the
trading lines. During February there were 348 other hand, while defaults in the leather goods tradmanufacturing concerns reported among the insol- ing class are less numerous than they were in Februvents for that month and the amount of indebtedness ary a year ago, the amount of defaulted indebteness
was $16,613,006. The trading defaults numbered in February this year is larger than it was a year
1,115 and the total sum involved was $21,001,282, and ago, and in hardware there is a very large increase,
there were only 45 failures classed as agents and the figures for February this year being $3,112,234
trokers, reporting an aggregate of defaulted indebt- for 48 defaults among dealers in the hardware lines.
The larger failures last month, that is, the defaults
edness of $3,013,651. These figures, as to each class,
show a considerable decrease from the preceding where the individual losses will amount to $100,000
month and are very largely reduced in contrast with or more, show a considerable reduction in number
those of February 1922, in which month defaults in and amount, both as compared with the preceding
manufacturing lines numbered 481, with $28,369,357 month and with February last year. There were 67
of liabilities; there were also 1,714 failures in trad- such defaults last month, with a total indebtedness
ing lines, with $30,634,612 of defaulted indebtedness, of $23,211,843. Of these 27 were in the manufacturand 136 insolvencies of agents and brokers involving ing lines, with liabilities of $12,910,261; 31 trading,
$13,604,424. During the past 18 months the defaults for $7,812,108, and 9, with an aggregate of defaulted
in all three departments of trade into which these indebtedness of $2,489,474, the latter classed as




MAR. 10 1923.]

THE CHRONICLE

agents and brokers. The larger losses in the manufacturing lines in February also occurred in January. Deducting from the total amount of defaults in
the manufacturing division for February the losses
on account of the 27 larger failures and there remains for the 321 other manufacturing defaults for
that month only $3,702,745 of liabilities, an average
for each of $11,500; for February last year and 1921
the average in each year was $16,800.
Chancellor Cuno's speech in the German Reichstag
was the outstanding incident in the German situation. The French were reported to have characterized it largely as "words." The prevailing opinion
in European capitals and in this country appeared to
be that while he may not have been as explicit in the
statement of Germany's position as might have been
desired, he "left the door open" to the French to offer
some plan of settlement. In Great Britain the defeat of three members of Andrew Bonar Law's Cabinet in bye-elections attracted the greatest attention
and was regarded as decidedly serious to the continuance of his Ministry. The Turkish Assembly rejected the Allied peace proposals, but both in London
and Paris hope was rather confidently expressed that
acceptance would come in due time. The food situation in Russia appears to have improved to such an
extent as to justify the American Relief Association
discontinuing its shipments, at least on the large
scale maintained until very recently.
At rather frequent intervals this week the European cable advices have contained accounts of the
occupation of additional towns and positions of advantage in the Ruhr by the French. Early in the
week, through an Associated Press dispatch, word
was received from Mayence that"French troops have
advanced outside the Mayence bridgehead and occupied additional small sections of German territory.
Three railroad reparr shops were occupied by the
French troops at Darmstadt, which is just on the rim
of the bridgehead. The ports of Mannheim and
Karlsruhe, respectively 40 miles and 70 miles to the
south of Mayence, further up the Rhine, also were
occupied. According to information here these ports
were occupied because of cases of sabotage on the
railroads and canals in the Rhineland and the Ruhr.
The operations began at daylight and were virtually
completed at noon."
Reports of serious trouble in Essen the day before
came to hand Monday morning, also through an Associated Press dispatch. It said that "Essen has experienced the wildest night since the beginning of the
occupation. In the early Sunday morning hours
food stores were looted and others broken into by
armed mobs,said to be composed of the unemployed.
One of the largest cabarets, the Trocadero, was held
up last night while the entertainment was at its
height, and several hundred patrons were robbed of
all their cash. This robbery was carried out by 15
or 20 men, who the Germans declared were Communists who had taken advantage of the opportunity afforded by the expulsion of the security police, which
force has not yet been adequately replaced by municipal police. The city is virtually without police
protection at present, and many of the citizens, in
fear of further robberies or violence by bands in the
streets, are arming themselves as best they can for
their own protection."




977

The British Labor Party attempted to bring itself
and the British Government into the Ruhr situation
at Tuesday's session. The London cable dispatches
stated that "J. Ramsay Macdonald on behalf of the
Labor Party raised a fresh debate in the How of
Commons to-day on some aspects of the Ruhr situation by moving a resolution declaring that 'this
House, believing that the people of Europe wish to
maintain peace and to pursue a policy which will secure it, agrees to invite, in the first instance, the
Chambers of France and Belgium, each to appoint a
representative committee from all political sections
in order to exchange information and views with a
similar committee appointed by this House regarding the occupation of the Ruhr in relation to the
problems of security and reparations.'" The Associated Press correspondent cabled that "the debate in
the House of Commons to-night on affairs in the
Ruhr reflected the strong growing feeling which has
been observed of late in the Liberal and Labor press
deprecating the Government's attitude of benevolent
neutrality and insisting that England take a definite
stand, not necessarily withdrawing her tfoops from
the Rhine, but informing France plainly in a formal
note that England disapproves of the French policy
and demands that the French Government explicitly
define its intentions toward Germany."
In reply the London correspondent of the New
York "Herald"said that"Prime Minister Bonar Law
told the House of Commons to-night that the British
Government was still unprepared to enunciate its
policy in the face of French action in the Ruhr. It
was a situation, he frankly explained, in which the
French continued to suffer losses after Germany's
jugular vein had been cut, and he could not venture
to prophesy where it would all end. But if no policy
was a bad policy,it would be a worse policy to formulate one which could not succeed, the Prime Minister
said. He fell back upon the argument he had used
on three previous occasions when the Ruhr situation
was debated in the Commons, that France would resent and regard as hostile any attempt at mediation,
and any such move would be useless."
By some observers considerable significance was
attached to the following excerpt from a Paris Associated Press dispatch made public here Wednesday
morning: "The decision of the ,Minister of War to
keep the class of 1921 under the colors until the end
of May, together with the project for six months volunteers, is interpreted in some quarters as another
indication of the Government's determination to
wear out the Germans—and also a sign that the Government is convinced that thb Germans will make
every effort to continue their resistance."
According to a special Duesseldorf dispatch to the
New York "Herald" toward the end of
the week,"As
a result of the French seizure of several points
in
front of the English Rhine area and their official announcement that the front door from Holland to
Switzerland is locked and seized, German officials
here to-night predict that England will make an energetic protest at its forces being interned behind a
fence of bayonets and the Cologne bridgehead being
separated from the interior of Germany. French
posts are now on all sides of Cologne."
Rumors of mediation of the Franco-German controversy with respect to reparations, which resulted
in the occupation of the Ruhr, have persisted. The

978

THE CHRONICLE

Paris representative of the New York "Times" cabled
that "whether the report which startled Paris, to the
effect that the Washington Government was thinking of co-operating with the London Government in
an attempt at intervention between France and Germany, has any firmer foundation than French desire
to forestall what might be disagreeable eventually
for the Paris Government, I am unable to say." He
added, however, "yet the fact remains that many
quarters in the French capital, including quarters
close to President Millerand, believe, especially since
the speech of Lord Curzon three days ago, presaging
participation of outside parties in a settlement, that
Washington and London may try to solve the tangle."
In a cablegram to his paper,the Berlin correspondent of the New York "Herald" declared that "the
German Government has definitely silenced the rumors that it had entered into negotiations with
France over reparations and Ruhr occupation by
prohibiting German railways from accepting shipments of goods for export in cases where the shipper
has obtained license from the French and Belgian
authorities in the Rhineland or the Ruhr. This measure, according to General Greener, Minister of Transportation, is directed against unpatriotic exporters
who, despite all German warnings, have entered into
business dealings with the French and Belgians, and
is also designed to minimize the sums collected by
the Allies' license bureau." As against this reputed
stand by the Germans, the Paris correspondent of
the New York "Tribune" sent word that "the feeling
exists here that the Ruhr situation is approaching
the mediation stage, and that possibly the next important move in that now stationary economic battle
will be a joint Anglo-American effort to break the
deadlock. A hint of mediation from Marquis Curzon
brought to officials on this side of the Channel the
realization that sooner or later the French and Belgians will be called on to consider negotiations with
Berlin, either through the medium of a mediation
which cannot be ignored—from London or Washington—or directly from Germany. There are signs
pointing strongly in both directions. The whole official opinion here excludes the League of Nations as
a possible factor in any settlement, and in any case
the League would lie consulted only in the event of
armed conflict with Germany, and then only with
the purpose of explaining France's intentions to the
world. But joint Anglo-American intervention is
something which could not be flatly rejected, and,
anticipating this, French opinion was found to-day
in two camps." A day or so later the Paris correspondent of the New York "Times" followed up an
earlier dispatch with another in which he asserted
that "there is an idea current in Paris which finds
reflection in the press that Germany will give in before May 15. This idea persists despite reports from
Berlin that Germany will hold out six months." He
also observed that "It is at once obvious that England, disapproving of the Ruhr venture, not taking
part in it, not favoring the ideas it seeks to make prevail, might take a role in the negotiations which
would not entirely further French and Belgian desires and to that extent might figure as a partisan
of Germany on some, if not many points. That
would be indeed embarrassing for the French. On
the other hand, there is a strong French desire not
to alienate England any further from France."




[VoL. 116.

In reply to a question by a Moscow representative
of the New York "Times" as to "whether there was
any truth in the German report that Russia was contemplating an offer of mediation in the Ruhr affair,"
M. Tchitcherin was quoted as saying: "We have
neither offered anything of the kind nor been asked
to offer it. That is all I can say. Naturally, the occupation of the Ruhr concerns Russia greatly because it disturbs the normal economic life of Europe
and thus makes it harder for Russia to obtain the
economic collaboration not only of Germany but of
other countries affected. Universal peace is most
seriously needed by Russia. Our reconstruction cannot be carried forward without the collaboration of
other countries, for which normal economic conditions are required. Any violation of peace, therefore, is most damaging to our economic interests. So
that the French occupation of the Ruhr, which
threatens ruin to the economic fabric of Europe, inflicts injury upon Russia also."
Particularly because of the large number of rumors that had been afloat, there was keen interest
in advance in the speech delivered on Tuesday in the
German Reichstag by Chancellor Cuno. The Berlin
correspondent of the New York "Times" said that
"Chancellor Cuno's speech in the Reichstag this
evening was considered to be a great sticcess by some
of the parties in the House, but to the rest of the
world it may be a disappointment." According to
the Associated Press representative, "Chancellor
Cuno's keenly awaited speech before the Reichstag
was devoid of new and significant utterances in connection with the Ruhr situation, beyond the statement that Germany had not, directly or indirectly,
suggested the inauguration of negotiations with the
occupying powers, and that all rumors to that effect
were without authoritative basis."
The following apparently were the most striking
statements: "I assumed office determined as an
honest merchant through frank negotiations to fix
the sum of our obligations at a tolerable figure. Our
far-reaching proposals were not even examined in
Paris, and the reason was that the occupation of the
Ruhr was already decided on. Agreement failed because although we were willing to negotiate, France
was not. Therefore we say: Away with the talk
about negotiations. It is not our business to make
offers so long as the occupation of the Ruhr renders
it impossible for us to estimate our own capacity.
When the path is open to us offering the possibility
of frank discussion as an equal Government we will
enter that path, and this Government will not sign
any agreement we cannot keep. We will agree to no
settlement severing illegally occupied territory from
Germany, or any agreement which fails to restore to
freedom Germans wrongfully punished. The world
is silent—the victims are still too few. I do not appeal even now to foreign countries. I merely note
that after seven weeks of fighting for our rights and
for the peace of the world we still stand alone. Holyever long the occupation may continue, the curse of
barrenness will pursue the French. We will not
cease our policy of passive resistance until the goal
is attained which we set before us from the outset of
a reasonable, free and honest understanding." In
one Berlin dispatch it was asserted that "the Chancellor's lack of oratorical ability diminished considerably the effect of his words, which he read from
loose sheets of paper in a monotonous, almost sing-

MAR. 10 1923.]

THE CHRONICLE

song cadence." On the other hand, it was stated that
"Dr. Cuno's exposition of the failure of the French
occupation move and his tribute to the Ruhr and
Rhenish populations for the strength of their passive
resistance, which he denied had originated with the
Government, awakened outbursts of enthusiasm."
The Paris correspondent of the New York "Tribune" cabled Tuesday evening that "less than an hour
after Chancellor Cuno finished his speech in the German Reichstag to-day the French Foreign Office was
advised of the tenor of his remarks. The address is
interpreted here as proof of the correctness of the
French belief that the Cuno Ministry has not any set
Ruhr policy, and that the Chancellor has been unable
to rally his Parliament to support him in any more
drastic action than the utterance of a solemn appeal
for world pity." He added that "as a whole, official
circles here to-night professed considerable satisfaction at the German Chancellor's words, which they
characterized as 'just words.'" Summarizing opinion
in Berlin on the Chancellor's speech, the correspondent at that centre of the Associated Press cabled
Tuesday evening that "both the German press and
the Reichstag circles, regardless of party affiliation,
express almost unqualified approval to-day of Chancellor Cuno's speech in the Reichstag yesterday. It
is noted that, while the Chancellor was delivering his
address, even the small Communistic faction was
less inclined than usual to interpose its customary
heckling interjections. Neutral diplomatic circles
here are divided on the question whether the Chancellor's speech is a useful contribution in the current
situation. They profess to see no present practical
purpose served in his obvious desire to steer a middle course, despite the statement that the German
Government is ready to enter into negotiations which
give it a status of complete equality." The next day
he said that "the Reichstag to-day debated Chancellor Cuno's speech made to that body yesterday. The
discussion revealed general unanimity in support of
the Government's statement, while in the corridors
the talk chiefly concerned itself with the effect of the
Chancellor's speech abroad." He added that "public opinion, if it be truly reflected by the press,
stands whole-heartedly by the Chancellor in this attitude of holding the country amenable to a reasonable
approach and yet solidly opposed to initiating overtimes for new pourparlers."
It is perfectly apparent in cable dispatches that
come to hand from time to time that Soviet Russia
Is eager to renew trade relations with France. In
an interview with a special representative of the
New York "Times" at Moscow, George Tchitcherin,
Soviet Foreign Minister, was quoted as saying: "If
Russia wants peace, France wants it also. Peace can
be assured on the European Continent only on the
day when France and Russia are able to begin to
understand each other again. Once they understand
each other they will be friends again." Continuing,
M. Tchitcherin was reported to have said: "Evidently the re-establishment of commercial relations
between Russia and France would be so greatly to
the advantage of both countries that I cannot see
why France should deprive herself of the profits to
he gained by commerce with Russia. Hitherto there
has been no.Franco-Russian trade on a legal basis.
Everything has been carried out in a roundabout
way through the London office of the All-Russian




979

Co-operative Society, which has a representative in
Paris. I do not see why it should be regarded as extraordinary that two countries not at war should
trade together. The report that the French are contemplating making a request looking to the sending
of an investigating committee to Russia makes me
somewhat anxious, as that is how the possibility of
Russian-American trade relations came to an impasse. Of course, Russia will not enter any such
agreement without reciprocity,and we should exceedingly regret it if similar proposals, which hamper
rather than help the resumption of trade relations,
should be put forward by the French."
The Paris representative of the Associated Press
gave considerable space to statements made by Basile
Maklakoff, Ambassador to France under the Kerensky regime. The correspondent said that "the
belief of Basile Maklakoff that reconstruction will
be possible in Russia when the moderates gain control of the Soviet Government and carry out essential reforms was commented upon by representative
Frenchmen as indicating a new orientation of the
Russian problem, which is beginning to attract fresh
attention here." The correspondent explained the
situation from the French point of view in part as
follows: "France, perhaps more than any nation,
desires to resume relations with Russia when such a
step becomes possible. There is a widespread sentiment in this country that this should be done at the
earliest practicable moment, for a large number of
Russian bonds are held by the French public, especially by the peasant and working classes. These security holders exert continuous pressure upon their
representatives in Parliament to insure protection of
their interests. The difficulty is in the Soviet Government's refusal to recognize the old foreign debt.
The Bolshevik suggestion that The Hague Conference be permitted to deal directly with the French
bondholders over the heads of the French Government is interpreted here as an obvious attempt to
extend Soviet propaganda."
According to an Associated Press dispatch from
Moscow Wednesday evening, Col. William N. Haskell, Director of the American Relief Association,
"Russia needs money or credit to rehabilitate her industries, not more famine aid." Col. Haskell was
said to have "pointed out to Mr. Hoover that the
present relations of the Relief Administration with
the Russian Government appear to be satisfactory
and that ample assistance is at hand to care for all
famine sufferers until the harvest, which promises
to be good." He added that "if America took further
steps to render assistance such aid could not reach
*Russia in time to do any good." Col. Haskell further
asserted, according to the dispatch, that "what Russia needs is credit or money to rehabilitate her transportation and agriculture and to fight the plant
pests." He was made to say that "the Soviet Government's plan to export grain was a forward step."
This step has caused much unfavorable comment
here, as it was not understood why America should
send further food supplies when Russia herself was
exporting or planning to export grain. The very
next morning word came from Washington that "termination of all American relief work in Russia and
the withdrawal of the staff of Col. William Haskell
is expected to be authorized by Secretary of Commerce Hoover, who is awaiting a report from Moe-

980

TUE CHRONICLE

cow that famine conditions there can be handled by
local authorities." Mr. Hoover did issue a statement
on Thursday from the New York office of the American Relief Association in which he said that "the
present program of the American Relief Administration combined with Soviet Government relief
measures is sufficient to prevent starvation and care
for, sick until harvest, which promises well."

[voL. 116.

in their statements, did not seem to think that under
the best conditions any settlement with the Allies
could be reached in less than a month or six weeks."
The dispatch also stated that "Kemal declared that
the nation would maintain unalterably its decision
of last November to separate the Caliphate from the
temporal sovereignty, the latter being vested in the
Assembly. He said that all who opposed this decision by word or deed would be punished as traitors.
Because of the original ideas of the Russian So- His speech met with bursts of applause from threeviets,relative to capital and money matters in gen- fourths of the Chamber. The opposition was silent."
eral, there is always special interest in all reports According to the Associated Press correspondent at
regarding the finances of Russia under that political Constantinople, "in his speech Kemal said that if
group. The Moscow correspondent of the New York peace were attained the nation would devote itself
"Times" has cabled an outline of the budget for the to reconstruction. The policy of not seeking foreign
fiscal year ending Sept. 30 next. He said that it loans would be followed consistently, while the
"shows estimates of revenue expenditures differing strengthening of relations with sister nations like
little from those of last year, allowing for the fact Afghanistan and Persia would be one of the foremost
the budget was then figured for nine months only, aims of the Government. Economic relations with
from January to the end of September." He ob- the Soviet Government were being developed, Kemal
served, however, that "this year's totals are slightly declared, and the signing of a consular and economic
more than a billion gold rubles revenue and approxi- treaty profitable to both nations was momentarily
mately a billion and a quarter expenditure. Still, (xpected. There were no differences existing bedetails on both side of the balance sheet show consid- tween Turkey and the Balkan States, Kemal anerable change. Thus, the estimated amount of reve- nounced, while Turkey's relations with the Caucasus
nue from direct and indirect taxation—nearly half States were good. He thanked the army and the
a billion rubles—exceeds the previous figure by people behind the lines for the splendid efforts
nearly 150 millions. The estimates for military and which led to the victory and added: 'To-day we are
naval expenditures have fallen from upward of 400 stronger than ever.' Fuad Pasha was elected Second
millions last year—calculated on a twelve months President of the Assembly."
basis—to a little more than 200 millions. The expenditures for railroads, on the other hand, are expected
London heard Tuesday through a news agency disto increase by 100 millions." Continuing his outline, patch from Constantinople that "the Turkish Nathe correspondent said: "The most encouraging tional Assembly at Angora has rejected the Lausanne
feature is that the estimated deficit—last year nearly Treaty." An official telegram was said to have been
40% of the total—is now jug under 25%. In both received from Angora which stated that "the Assemcases this is presumably covered by the emission of bly gave its decision this afternoon that the draft
paper money, although the Soviet Government has treaty was unacceptable, as it was contrary to the
now reverted to the less ruinous system of an inter- National Pact." It was added in the same message
nal loan on western lines to the amount of 100 mil- that "the assembly disclaimed responsibility in the
lion gold rubles, of which 25% has already been sub- event of the Powers insisting upon acceptance of the
scribed. In point of fact, last year considerably spirit and letter of the treaty." Announcement was
more than the 40% needed was met by the emission made also that "an important majority of the Asof paper, but this year there is a fair prospect that sembly authorized the Government to continue its
the figure will not be higher than 20%. The "Times" efforts for peace under the following conditions:
representative further observed that "the only doubt The Mosul question, being of vital importance, must
in connection with the present revenue estimates is be settled within a provisional period; the financial,
whether taxation will yield as much as expected. economic and administrative questions must be setThe Soviet financiers have yet to learn that there is tled in accordance with the complete independence
such a thing as killing the goose which lays the of the nation, and the occupied territories must be
golden eggs, and in some cases taxes are already so evacuated rapidly after the signing of peace."
prohibitive as undoubtedly to lower instead of augment returns. Obviously—on paper—it is an excelThe French financial situation has been watched
lent idea rigidly to limit the budgets of various State closely for a long time, particularly since the occudepartments and compel all of them to make their pation of the Ruhr, which, of course, has greatly inown budgets balance. No less sound is the principle creased expenses. Word came from Paris yesterday
that all State enterprises shall be required to show morning that "the Chamber of Deputies to-day
profit or shut up shop. But in practice things do not [Mar. 8] authorized Finance Minister de Lasteyrie
work out so well."
to balance the budget by the issuance of Treasury
bonds to the approximate amount of 1,400,000,000
Peace between the Turkish Nationalists and the francs." It was recalled that "the budget was sent
Allies does not seem to be close at hand. A special to the Senate with a deficit of something like 4,000,correspondent of the New York "Herald" at Angora 000,000 franc's, and that the Upper House returned
cabled on Mar. 2 that "Mustapha Kemal Pasha in a it to the Chamber with the remark that it preferred
speech before the National Assembly declared that not to take fib the budget until it was balanced. .The
peace in the Near East rested with the Allies and Chamber then took the ground th,at it was for the
would be assured only if they accept Turkey's eco- Government to propose means for raising the necesnomic and financial demands." The correspondent sary money." It will be recalled that "Finance Minalso said that "Ministers and others with whom the ister de Lasteyrie later introduced a bill increasing
correspondent spoke, though they were very guarded direct taxes to produce the needed sum. No party in




MAR. 10 1923.]

THE CHRONICLE

the Chamber, however, desired to take the responsibility of increasing the people's tax burden, in view
of the elections next year." The dispatches yesterday
morning stated that "while a confused discussion
of the situation was going on to-day, M.Brousse took
the floor and proposed that the sum needed, which
was estimated at about 1,400,000,000 francs, be raised
by the issue of Treasury bonds. The Chamber immediately adopted this proposal." It was added that
"the Government has accepted the plan on the understanding that the Minister of Finance shall be free
to decide in what form the bonds shall be issued. The
proposed lotteries, rejected for budget purposes, will
come up for consideration for the raising of money
o be used in the reconstruction of Northern France."
Andrew Bonar Law, successor of David Lloyd
George as Premier, has had occasion this week to
realize the unpleasantness of the formidable opposition of an unfriendly political party or faction. At a
by-election in Willesden on Mar. 3 Lieut.-Col. G. F.
Stanley, Under Secretary of State for Home Affairs,
was defeated, as was Sir Arthur Griffith-Boscawen,
Minister of Health, in the by-election at Mitcham.
The London correspondent of the New York "Herald" declared that "the Bonar Law Government has
struck a most menacing snag." He added that "national attention is centred on Mitcham. The Liberal
victory at Willesden is partly attributable to the
women's vote. Politicians are speculating to-night
on what part the women will be destined to play in
the results at Mitcham." In later cable dispatches it
was made known that Sir Arthur Griffith-Boscawen
was defeated at Mitcham by a vote of 8,029 to
7,916. His successful opponent was Q. C. Ede, the
Labor candidate. Harcourt Johnstone, "an Asquithian Liberal," overcame Col. Stanley "by no
fewer than 6,000 votes." The final majority in favor
of Ede was given on Monday as 883. The New York
"Times" representative in London cabled that "both
Boscawen and Stanley offered their resignations this
evening to Premer Bonar Law."
The very next day word was received here that
"another member of the Bonar Law Government,
John Waller Hills, Financial Secretary of the Treasury, was defeated for a seat in Parliament in a byelection to-day." The Associated Press representative in London asserted that "the announcement
caused a tremendous stir in political circles tonight." He added that "the polling to-day gave J.
H. Hayes, Labor, 10,300, and Mr. Hills, Conservative, 9,250." Continuing to outline the situation, he
declared that "Edge Hill has been a Conservative
stronghold, and apparently nobody doubted that
Mr. Hills would be returned. The Labor candidate
is said to have had not the least expectation of victory." According to the same correspondent, "the
successive defeat of three members of a Ministry in
by-elections is unprecedented in Parliamentary history." Attempting to forecast the steps that would
be taken as a result of these upsets for the party in
power, he observed that "the opinion in all quarters
is that the incident is a serious embarrassment to
the Government, whose position, thus shaken, will
demand serious consideration. It is assumed that
the housing plans will be recast and that the Prime
Minister will be forced to take early steps to
strengthen his Cabinet. It is probable that Mr.
Hills will follow the example of the other two Government members and resign." He did resign the




981

following day at a meeting of the Cabinet, which,
according to the New York "Tribune" representative in London,"met to discuss the serious reverses
its Ministers have'suffered in the last three by-elections, the defeat at Liverpool yesterday being considered almost a calamity and a warning which cannot
be ignored." He added that "two appointments
were made by the Premier to-day to fill up the Ministerial gaps caused by these recent by-elections. Neville Chamberlain, Postmaster-General, was named
Minister of Health, to succeed Sir Arthur GriffithBoscawen, William Joynson Hicks, formerly Parliamentary Secretary for the Overseas Trade Department, was appointed to fill the post vacated by Mr.
Chamberlain." The Tribune" representative further
observed that "in official circles there is no attempt
to minimize the seriousness of the position in which
the Government finds itself less than four months
after the general election, and, although the adverse
verdicts of the electors have been due to hostility to
the Government's domestic policy, there is no little
criticism of its handling of foreign affairs."
No change has been noted in official discount rates
at leading European centres from 12% in Berlin,
532% in Madrid; 5% in France; Denmark and Norway; 43/2% in Belgium and Sweden; 4% in Holland;
332% in Switzerland and 3% in London. Open
market discounts at the British centre remain the
same as a week ago, namely 2 5-16@2%% for long
and short bills, while call money is quoted at 23i%,
against 1%7
0 a week ago. In Paris and Switzerland
the open market discount rate continues to be quoted
at 4% and 2%, respectively.
A further small increase in gold, amounting to
£3,644, was revealed in the Bank of England's
weekly statement, at the same time that total reserve
showed a gain of £476,000, the result of shrinkage in
note circulation of £472,000. Moreover, the proportion of reserve to liabilities advanced to 19.28%,
as against 17.73% a week ago. This compares with
18% last year and 139.% in 1921. Sharp reductions
were noted in deposits, £5,040,000 in public deposits
and £3,057,000 in "other" deposits. Loans on
Government securities expanded £129,000, but loans
on other securities decreased £8,713,000. All of
these changes reflected the return of funds following
the usual month-end strain. Threadneedle Street's
stock of gold stands at £127,507,927, which compares with £128,763,964 a year ago and £128,324,486
in 1921. Total reserve aggregates £23,786,000. A
year ago the total was £24,979,809 and the year
before £18,299,971. Note circulation is £122,167,000,as against £122,234,155 in 1922 and £128,474,515
a year earlier, while loans aggregate £70,395,000,
against £80,919,373 and £93,718,828 one and two
years ago, respectively. Clearings through the
London banks for the week were £740,950,000, in
comparison with £831,812,000 last week and £776,599,000 a year ago. The Bank's minimum discount
rate has not been changed from 3%. We append
herewith comparisons of the principal items of the
Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1920.
1923.
1922.
1921.
March 7.
March 9. March 10. March 12.
March 8.
£
Circulation
122.167.000 122.234,155 128.474,515 102.887,370 71.409.045
Publicdeposits
15.747,000 15,168,535 17.881.125 18,555,097 24,354,985
Other deposits
106,488,000 123.097,057 115.195,686 127,339.396 125,874.913
Governret securities 47,412,000 50.549,317 39.153,863 40,387,349 55,270,544
Other securities
70,395,000 80,919,373 93,718,828 92.056,616 83,583,997
Reserve notes & coin 23,786,000 24.979,809 18,299,971 31,551,970 29,476.023
Coin and buillon-127,507,927 128,763,964 128,324,486 115,980,340 82,435.068
Proportion of reserve
to liabilities
18%
13.25%
21.60%
19.60%
19.28%
Bank rate
6%
5%
4t4%
3%
7%

982

VITTI CHRONICLE

The Bank of France in its weekly statement shows
a further small-gain of 27,600 francs in the gold item
this week. The Bank's gold holdings are thus
brought up to"5,535,868,025 francs, comparing with
5,525,546,930 francs at this time last year and with
5,503,549,260 francs the year previous; of these
amounts 1,864,344,927 francs were held abroad in
1923 and 1,948,367,056 francs in both 1922 and 1921.
During the week increases were registered in the
various items as follows: silver, 125,000 francs; bills
discounted, 492,681,000 francs; advances, 95,510,000
francs; and Treasury deposits, 15,314,000 francs.
General deposits, on the other hand,fell off 262,504,000 francs. A further expansion of 388,753,000
francs occurred in note circulation, bringing the total
outstanding up to 37,822,818,000 francs. This contrasts with 36,225,851,615 francs on the corresponding date last year and with 38,366,246,865 francs in
1921. Just prior to the outbreak of war, in 1914,
the amount was only 6,683,184,785 francs. Comparisons of the various items in this week's return
with the statement of last week and corresponding
dates in both 1922 and 1921 are as follows:

[Vol.. 116.

rediscounting of all classes of paper led to a decrease
in bill holdings of $10,900,000? to $229,718,595.
Here also earning assets were reduced ($33,700,000)
while deposits declined $30,000,000. Member banks'
reserve account showed another shrinkage—for the
System, $8,000,000, and at the local bank, $29,000,000. For the System the reserve ratio remained
at 76.2%; at New York, however, there was an
advance in the ratio of 2.6%, to 83.2%.

Last Saturday's statement of New York Clearing
House banks and trust companies made a decidedly
better showing than in the previous week. Loans
were reduced $23,476,000. In net demand deposits
there was a further contraction of $11,121,000;
though this was more than counterbalanced by an
addition of $21,037,000 to time deposits. The former
stands at $3,952,760,000 (which total is exclusive
of Government deposits amounting to $33,768,000),
while the latter aggregates $408,164,000. A decline
of $3,451,000 in cash in own vaults of members of
the Federal Reserve Bank was shown, to $48,757,000 (not counted as reserve). Reserves of State
BANK OF' FRANCE'S COMPARATIVE STATEMENT.
banks and trust companies in own vaults increased
C7ionss
Status ns of
Jo' !reek.
Maids 8 1923., March 91922. lifaish 10 192 1 $197,000, but the reserves of these institutions kept
...Gold Holdings—
—
Francs.
Francs.
Francs.
in other depositories fell $872,000. Member banks
In France
Inc.
27,600 3,671.523,098 3,577,179.874 3,555,182.203
Abroad
No change 1,864,344,927 1,948,367.056 1,948,367,056 added to their reserve credits at the Reserve Bank
$16,564,000, and the previous week's deficit of
Total
Inc.
27,600 5,535.868.025 5.525,546.930 5.503,549,260
Silver
Inc.
290,828,000
125.000
281,341,490
266,241.716 $17,627,850 wasi reduced to only $885,660. The
Bills discounted_
Inc.492,681,000 3,669,339.000 2,924,847.230 2,927.406.114
Advances
Inc. 95,510,000 2.137,818,000 2.397,240,741 '2,237,479,548 above figures for surplus are based on 13% reserves
Note circularlon
Inc.388.753,000 37,822.818,000 36,225,851,615 38,366.246.865
above legal requirements for member banks of the
Treasury deposits Inc. 15,314,600
32,249,000
89,027,836
38.350,766
General deposlts—Dec262,504,000 2,140,576,000 2,276,330,386 3,325,202,727 Federal Reserve System, but do not include cash
in own vaults amounting to $48,757,000 held by
Under date of Feb. 28 the Imperial Bank of Ger- these banks on Saturday last.
many issued a statement which was marked by still
another spectacular gain in note circulation-389,One of the chief topics of discussion in local finan247,520,000 marks—thus bringing the total up to cial circles relative to the money market
was the
3,512,787,768,000 marks, which compares with probability of a further increase in the
rediscount
120,026,350,000 marks a year ago and 67,426,954,000 rate of the New York Federal Reserve Bank. No
marks in 1921. Other no less spectacular changes change was
made at the meeting of the Governors
were shown, including an increase of 503,061,431,000 Wednesday afternoon. There appears to be some
marks in discounts and Treasury bills, 293,495,675,- difference opinion
of
as to whether one would be jus000 marks in deposits and 177,457,766,000 marks in tified in the immediate future. On the one hand,
bills of exchange and checks. Treasury and loan as- it is pointed out that the change from 4 to OM resociation notes expanded 39,622,601,000 marks,other cently should serve as sufficient warning to all borassets 44,924,488,000 marks and other liabilities rowers of money to avoid seeking an over-extension
of
74,350,338,000 marks. There were smaller increases, credit, and it should have a similar influence upon
namely in investments,606,459,000 marks, and total lenders as well. On the other hand, the opinion is
coin and bullion, 94,000 marks. Notes of other expressed that credit expansion already has gone forbanks were reduced 40,809,000 mark,while advances ward too rapidly and that there are fresh signs of the
decreased 8,538,497,000" marks. Gold showed a probability of its being carried considerably further
nominal reduction of 1,000 marks to 1,004,820,000 if bankers will grant the accommodation sought.
marks, as against 996,388,000 marks in 1922 and Those who hold this opinion maintain that it would be
1,091,340,000 marks a year earlier.
better to make another advance in the discount rate
before the monetary structure is brought into an unAn analysis of the Federal Reserve Bank statement, sound position. In view of the existence of these conissued on Thursday afternoon, revealed additions to flicting opinions, considerable attention naturally was
gold reserves both locally and nationally, while given to the statement said to have been made Thursrediscounting operations continue to decline. Taking day afternoon by Secretary of the Treasury Mellon,
the banks as a group gold increased $11,000,000. A that "no serious consideration is being given to an
further material contraction in discounts of Govern- increase in the Federal Reserve discount rates."
ment secured paper served to offset a small increase The Secretary was reported to have expressed the
in other discounts and increased purchases in the opinion also that "there is plenty of credit available
open market, and the net result was a falling off in and there are no signs of another repetition of
bill holdings of $13,000,000, to $790,373,000. Earning industrial inflation such as was witnessed by this
assets decreased $31,000,000 and deposits $10,000,- country in 1919-1920." The showing made by the
000. There was a gain in Federal Reserve notes in New York Federal Reserve Bank this week indicirculation, however, of $10,000,000. In the New cated that there was no occasion for haste in further
York Bank practically the same changes were noted. advancing the discount rate. The Secretary's anGold reserves mounted $12,000,000. Declines in nouncement of the offering of $400,000,000 or there-




MAR. 10 1923.]

THE CHRONICLE

abouts of Treasury certificates of indebtedness, in two
series, one bearing 43,i and the other 43/2%, did not
cause any surprise in local banking circles. It was
known that such action would be necessary to meet
Government maturities on March 15. The rates on
these two issues, it was suggested, could be safely
taken as the gauge fixed by the Treasury on money
rates during the coming months. Offerings of new
securities in the local market continue on a goodsized scale. In view of the continued political and
economic unsettlement abroad, little or nothing is
being said yet in a definite way about offering foreign
Government securities in this market.

983

DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT MAR H 9 1923.

Federal Reserve
Bank Of—

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis_
Minneapolis,
Kansas City'
Dallas
San Franebsen_ _ _ _

0 iscounted bills maturing
within 90 days (incl. member banks 15-day collateral
Bankers
Agriculnotes) secured by—
Trade lured and
acceyweep- live-steel,
Lances
Treasury
paper
Other- discounted lances
notes and U.S.
nsasuriny marrriss4
wise
bonds
certtfifor
within 9110 ISO
and . secured member
cages of
ban*: 90 days
and
da.rs
inclebt- Victory
notes unsecured
edriess
411
414
434
4)4
454
414
414
4)4
414
414
414
4lc

434
434
434
434
454
414
414
434
434
414
4t4
43.5

434
4)4
434
434
434
434
414
434
4%
4)4
414
434

434
434
414
434
454
414
411
414
414
434
414
44

434
454
434
4)4
434
434
434
434
4H
414
4)4
414

434
434
434
414
4)4
4)4
434
4)4
4)4
414
414
416

Referring to money rates in detail, call loans have
Sterling exchange presented no new feature of
covered a range of 4%@532%,the same as a week
importance
this week and the market was again
ago. Monday and Tuesday there was no range,
dull
and
nominal
with only a light volume of business
a single rate of 5% having ruled the entire day. On
transacted.
with this the movements
In
keeping
Wednesday a minimum of 432% was touched, but
in
rates
insignificant.
were
While sterling
relatively
renewals continued at 5%,and this was the highest.
continues
unaffected
by
is going
what
apparently
Increased ease developed Thursday so that the
on
in
pressure
Europe,
under
were
some
levels
price
renewal basis was lowered to 43
4%;this also was the
%,
% and 4 703
low, while the high was 5%. On Friday renewals and demand bills ranged between 4 693
were again put through at 49.%, and the minimum which is a small fraction below the levels prevailing
figure was 43
4%. Just before the close, however, a a week ago. This was attributed by usually wellbrief flurry carried call rates up to 53/2%, the highest informed observers to preparations for the halfof the week. In time money the market was quiet yearly interest payment to be made under the new
with a strong undertone and rates for all periods from debt funding plan. It has been noted with consixty days to six months were advanced to 5(4)53% siderable interest that the British Government has
been a liberal purchaser of Liberty bonds, presumably
which compares with 41
/
2@53/
2% last week. The for this
purpose. So far as local dealers are convolume of business passing was light with most
cerned,
however,
operators are holding off awaiting
trades at the outside figure.
a
new
lead.
Few
if any seem willing to take on
Commercial paper is also slightly firmer and sixty
extensive
new
under present precarious
commitments
and ninety days' endorsed bills receivable and six
political
Advices that the Turks
conditions
abroad.
months' choice names have been advanced to 4%@)
had
definitely
Treaty were
Lausanne
rejected
the
5%, against 43
4%, while names not so well known
naturally
not
absence
of activity
liked,
the
but
in
require 5%, the same as last week. Most of the
the
event
had
influence
on actual
sentimental
only
a
business is being furnished by out-of-town institutions. Offerings, however, continue moderate so quotations locally; although cable rates from London
responded to this untoward development by material
that the turnover was not large.
Banks' and bankers' acceptances were in fairly declines. Selling set in on the part of foreign interests
good demand. Local and country banks were in the who regard with disfavor the prospects of separate
market and an inquiry from individual investors was agreements bewteen the Angora Government and the
noted as well. The undertone was firm with quota- Allies, and of prolonged economic disputes. The
tions still unchanged. For call loans against bankers' German Chancellor's remarks before the Reichstag
acceptances the posted rate of the American Ac- also had somewhat of an unfavorable effect. At the
ceptance Council is now 43j%, against 43/2% last extreme close, however, while irregularity prevailed,
week. The Acceptance Council makes the discount there was a tendency to slightly higher, levels.
rates on prime bankers' acceptances eligible for Changes, nevertheless, were still confined to small
purchase by the Federal Reserve banks 4%% bid fractions and this was taken as an indication that
and 4% asked for bills running for 30 to 90 days, financiers have in no sense become panicky over
43(% bid and 4% asked for 120 days and 43'% bid the outlook. Offerings of bills continue light.
and 4% asked for bills running 150 days: Open Bankers are somewhat less sanguine in their predictions of a return to par shortly. In not a few
marked quotations follow:
quarters it is now believed that while sterling rates
SPOT DELIVERY.
will probably be maintained at very close to present
00 Days.
60 Dads.
30 Doge•
Prime eligible bilk.
434 @4
434
414 1&4 levels, par may not be reached until 1924. On this
FOR DELIVERY WITHIN THIRTY DAYS.
point, however, there is still a wide divergence of
Eligible member banks
414 bid opinion.
A clearing up of the European tangle
Eligible non-member banks_
414 bid
would undoubtedly lead to higher levels.
,
Referring to the day-to-day rates,sterling exchange
Following the action two weeks ago of the Federal on Saturday was
easier and demand moved down
Reserve banks of New York and Boston, the Federal fractionally to 4 703@,4 70%, cable transfers to
Reserve bank of San Francisco this week increased 4 70%@4 70/
5 and sixty days to 4 68@4 683;
its rediscount rate on all classes of paper from 4 to trading was light. On Monday a further easing was
43%. The rates of all of the Federal Reserve noted and there was another fractional recession, to
banks) are now on a uniform basis of 43%. The 4 69Y
i©4 70 5-16 for demand, 4 70©4 70 9-16 for
following is the schedule of rates now in effect for cable transfers and 4 67%@4 68 3-16 for sixty days.
the various classes of paper at the.different Reserve Inactivity continued to predominate on Tuesday and
banks:
pricps again sagged, la it! demand bills down to



984

THE CHRONICLE

[VOL. lit

4 691
/@4 69 13-16, cable transfers to 4 69%@
4 70 1-16, and sixty days to 4 67Yi@4 67 11-16.
Wednesday's market was little short of stagnant and
the undertone weak, although prices ranged within
narrow limits, namely 4 69%@4 69% for demand,
4 69%@4 70 for cable transfers and 4 67%@4 67%
for sixty days. Irregular weakness prevailed Thursday and demand bills moved down to 4 693/2@
4 70 3-16, cable transfers to 4 693@4 70 7-16 and
sixty days to 4 67%@4 68 1-16. On Friday trading
was dull as ever but prices were a shade firmer at
4 70@,4 709 for demand, 4 7014@4 71 for cable
transfers and 4 67Ys@4 68% for sixty days. Closing
quotations were 4 68 7-16 for sixty days, 4 70 9-16
for demand and 4 70 13-16 for cable transfers.
Commercial sight finished at 4 70 5-16, sixty days at
4 67 9-16, ninety days at 4 66 11-16, documents for
payment (sixty days) at 4 68 1-16, and seven-day
grain bills at 4 69 9-16. Cotton and grain for
payment closed at 4 70 9-16.
The gold movement continues to be restricted to a
few small amounts from South and Central America.
Arrivals this week were 97 gold bars valued at$95,000,
6 packages gold bars and some small consignments
gold dust and platinum on the Baracoa from Colombia, while various small amounts of gold and silver,
totaling $9,545, were received on the Ulua from Colombia and other points.

change was heavy, receding to 1.01 for checks
(though later recovering some of the loss), but
the Central European exchanges remained stable.
Trading was the dullest noted in quite some time
and prices were largely a reflex of what was going on
at important foreign markets.
The London check rate in Paris yesterday finished
at 78.05, as compared with 77.60 a week ago. In
New York sight bills on the French centre closed at
6.01%, against 6.06; cable transfers at 6.02%,
against 6.07; commercial sight at 5.99%, against
6.04, and commercial sixty days at 5.963
4, against
6.01 last week. Closing rates on Antwerp francs
were 5.213/ for checks and 5.223/ for cable transfers,
as compared with 5.32 and 5.33 the previous week.
Reichsmarks finished at 0.00483/ for both checks and
cable transfers, against 0.00443 last week. Austrian
kronen, which remain practically "pegged," closed
the week at 0.001414, against 0.0014 a week ago.
Lire closed at 4.7631 for bankers' sight bills and
4.771
4 for cable remittances. This compares with
4.809. and 4.849 last week. Exchange on Czechoslovakia finished at 2.973/2, against 2.963/2; on
Bucharest at 0.48, against 0.473'; on Poland at
0.0023, against 0.0024, and on Finland at 2.77,
against 2.75 the preceding week. Greek exchange
closed the week at 1.06 for checks and 1.11 for cable
transfers. Last week the close was 1.03 and 1.08.

The most noteworthy developments of an otherwise dull week in the Continental exchanges were the
Cuno denials that Germany contemplated opening
negotiations with France for settlement of the Ruhr
wrangle and definite rejection by the Turkish
Nationalists of the Treaty of Lausanne. Although
trading was in the main inactive, currency values in
the local market reflected the sharp lowering of
London cable rates, and francs and lire sustained
losses. In the case of the,former, a decline of 9
points carried quotations to 6.01 for checks. Antwerp
currency broke to 5.20, a drop of 14 points. Lire,
after opening at 4.803/
2, turned weak and sagged off
to 4.723/2. Marks, on the other hand, were relatively
steady, showing a gain during the week of 7 points
to 0.0052. Although interest centred chiefly in the
leading Continental currencies, the speculative element figured only to a minor extent in the week's
operations, and there was a marked absence of
activity in any section of the foreign exchange
market. A factor which caused some comment was
the evident support which is being accorded French,
Belgian and Berlin exchange. It was noted that
buying developed with each decline, while advances
are .quickly checked by selling. While artificial
manipulation is rarely looked upon with favor, it is
admitted that the plan is likely to have beneficial
results, since violent fluctuations inevitably lead to
increased speculation and consequent disarrangement
of trading levels. Buying by France of mark exchange for use incidental to its occupation of the
Ruhr was rumored and was considered partly responsible for the advance in Reichsmarks. Coupled
with the movement was the circulation of reports that
Germany had secured credits in London to the
amount of about £10,000,000. None of these
reports, however, could be confirmed. Italy's plan
for attracting foreign capital into the country came
in for a share of attention. Bankers here are of the
opinion that it will prove successful and eventually
lead to an advance in lire quotations. Greek ex-

In the former neutral exchanges the trend was
downward and declines were shown throughout the
list. Guilders and francs lost from 8 to 10 points
and Scandinavian rates about 10 points. Even
Spanish pesetas, which have of late displayed
strength, were also easier; all on quiet, narrow trading.
Bankers' sight on Amsterdam closed at 39.46,
against 39.50; cable transfers at 39.55,.against 39.59;
commercial sight at 39.41, against 39.45, and commercial sixty days at 39.10, against 39.14 a week ago.
Swiss francs finished at 18.67 for bankers' sight
bills and 18.68 for cable transfers, in comparison
with 18.74%@18.759 last week. Copenhagen checks
closed at 19.04 and cable transfers at 19.08, against
19.31 and 19.35. Checks on Sweden finished at
26.59 and cable transfers at 26.63, against 26.58 and
26.62, while checks on Norway closed at 18.02 and
cable transfers at 18.06, in comparison with 18.33
and 18.37 a week earlier. Final quotations for
2 for checks and 15.543/
Spanish pesetas were 15.533/
2
for cable remittances, which compares with 15.59 and
15.60 the week previous.
With regard to South American exchange the
situation remains without essential change. Argentine
currency was firm and closed at 37.25 for checks and
37.30 for cable transfers, against 37.25 and 37%
last week, but Brazil declined to 11.30 for checks
and 11.35 for cable transfers, which compares with
11.35 and 11.50 the week before. Chilean exchange
ruled steady, finishing at 12.65, against 12.58, while
Peru closed at 4 01, unchanged.
Far Eastern rates continue to display pronounced
strength for Chinese currency, incidental to advances
in the price of silver, while Indian quotations were
easier owing to subsidence of the gold movement.
Hong Kong finished at 549@.55, against 541
/I@
54%; Shanghai, after advancing to 76@7634, re"
ceded and finished at 74%@75, against 75©75%;
Yokohama,48%@.48% (unchanged); Manila 50%©
50%, against 50%@50%; Singapore, 554(4)66
(unchanged); Bombay, 31'%@323/
8, against 32@
323, and Calcutta 3214@.323/
2, against 32@)324.




MAIL 10 1923.]

THE

CHRONICLE

985

Pursuant to the requirements of Section 522 of the
THE WORK OF THE SIXTY-SEVENTH
Tariff Act of 1922, the Federal Reserve Bank is
CONG:RESS.
now certifying daily to the Secretary of the Treasury
The
Sixty-seventh
Congress,closing its existence at
the buying rate for cable transfers on the different
countries of the world. We give below the record for noon on Sunday last, held four sessions, for in addithe week just past:
tion to the usual "long" and "short" of every ConFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE gress this one was called forthwith into a special
BANK TO TREASURY UNDER TARIFF ACT OF 1922,
MAR H 3 TO MARCH 9 1923, INCLUSIVE.
session by the newly-inducted President, for attendNoon Buying Rate for Cable Transfers in New York.
ing
to urgent matters concerning which the election
Value in United States Money.
Country and Monetary Unit.
1920 was accepted as furnishing a mandate, and
Afar. 3. Mar. 5. Mar. 6 Mar. 7. Mar. 8. Mar. 9. of
then was called to a very brief session in November
EUROPES
S
3
s
S
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
last,
in order to give time to pass the ship subsidy,
Belgium, franc
.0536
.0535
.0533
.0527
.0525
.0522
Bulgaria, ley
.006257 .006343 .006371 .006371 .006300 .006229
which
failed notwithstanding. There are 730 calenCzechoslovakia, krone__ .029648 .028675 .029680 .02965 .029692 .029705
Denmark, krone
.1929
.1921
.1918
.1914
.1912
.1908
dar days in the two years' existence of a Congress,
England, pound sterling 4.7048 4.7025 4.6963 4.6969 4.7016 4.7079
Finland, markka
.027367 .027667 .027933 .027883 .027638 .027758
and this body was in session 622 days in all, a term
France, franc
.0612
.0612
.0609
.0606
.0606
.0604
Germany, reichsmark
.000044 .000044 .000044 .000048 .000048 .000048
Greece, drachma
.010583 .010522 .010589 .010578 .0109
.011067 possibly not a "record," but assuredly more than
Holland, guilder
.3956
.3955
.3950
.3949
.3951
.3956
Hungary, krone
.000346 .000339 .000339 .000342 .000342 .000339 enough. During that term 14,600 bills are said to
Italy. lire
.0480
.0481
.0479
.0478
.0476
.0477
Norway, krone
.1839
have been introduced. This also may possibly not
.1819
.1826
.1822
.1808
.1811
Poland, mark
.000022 .000024 .000022 .000023 .000023 .000023
Portugal. escudo
.0426
.0425
.0425
.0426
.0423
.0425
"record," yet either public affairs are in a terrible
be
Rumania,len
.004844 .004833 .004822 .004806 .004803 .604803
Spain. Peseta
.1560
.1554
.1559
.1552
.1552
.1554
condition
to require so much attempted patching
Sweden,krona
.2656
.2659
.2660
.2660
.2656
.2662
Switzerland, franc
.1875
.1866
.1865
.1872
.1867
.1865
and
re
-patching
of old statutes and fitting new ones
Yugoslavia, dinar
.010380 .011050 .011288 .010788 .010483 .010433
Ad IAto the needs of the day, or else our legislation has beChina. Chefoo teal
.7688
.7667
.7708
.7708
.7750
.7758
" Hankow tadl
.7742
.7671
.7658
.7692
.7692
.7733
come empirical and foolish to the degree of being a
" Shanghai teal
.7462
.7452
.7509
.7523
.7475
.7398
" Tientsin tael
.7725
.7725
.7767
.7775
.7704
.7717
real though unappreciated menace. It seems to be
" Hongkong dollar
.5451
.5400
.5446
.5476
.5491
.5447
" Mexican dollar_
.5354
.5413
.5402
.5331
.5382
.5433
the
impression that the people are glad to have this
" Tientsin or Polyang
.5517
.5479
.5529
.5538
.5483
5479
dollar
session end. Such a feeling of relief is in itself a
" Yuan dollar
.5492
.5463
.5529
.5521
.5475
.5513
India,rupee
.3177
.3182
.3177
.3176
.3173
.3178
comment, and it would be well to put in some serious
Japan, yen
.4830
.4841
.4841
.4842
.4843
.4837
Singapore (S. S.) dollar
.5483
.5479
.5479
.5479
.5479
.5475
reflection, during the nine months' interval, to conNORTH AMERICACanada, dollar
.983229 .983819 .982993 .982167 .981771 .981521
Cuba, peso
.999625 .999875 .999875 .999750 1.00
.999875 sidering where the fault chiefly lies and what can be
Mexico, peso
.488958 .488438 .489792 .489531 .489375 .489063
.98125 .981563 .980156 .979531 .978594 .978826 done to cure it.
Newfoundland, dollar
SOUTH AMERICAArgentina, peso (gold)._ _ .8439
.8426
.8438
.8437
.8431
.8434
The most conspicuous achievements of this ConBrazil, milrels
.1119
.1122
.1130
.1137
.1134
.1130
Chile, peso (paper)
.1248
.1232
.1228
.1237
.1235
.1234
gress
are a new tariff, the completion of an old moveUruguay, peso
.8445
.8444
.8458
.8455
.8453
.8458
ment to put some "business" into the Government
The New York Clearing House banks in their through a Budget, the British debt-funding plan, the
operations with interior banking institutions, have attempt to find out the real facts in the coal probgained $2,184,384 net in cash as a result of the cur- lem, and the rural credits bill, for helping the farmer
rency movements for the week ending Mar. 8. by setting up a string of intermediate farm-loan
Their receipts from the interior have aggregated banks. Most
conspicuous among the bad proposi$4,349,384, while the shipments have reached $2,165,- tions that
failed
was, of course, the abominable bonus
000, as per the following table:
scheme
which
only
a courageous veto prevented inCURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
flicting upon the country. All the recent propositions for constitutional changes failed. The Greene
Duo
Out of
Gain or Lass
Week ending March 8.
Banks.
Banks.
to Banks.
resolution authorizing the taxation of securities now
Banks'Interior movement
34,349,384
52,165,000 Gain 32,184,384
exempt passed the House, but never emerged from
As the Sub-Treasury was taken over by the Fedthe Senate Judiciary Committee. The Wadsworth
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera- proposition would have made the process of ratifying
tions on the Clearing House institutions. The Fed- constitutional changes more subject to a change of
eral Reserve Bank of New York was creditor at the mind and therefore less easy, by requiring that at
Clearing House each day as follows:
least one branch of a State Legislature before which
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK propositions
come shall have been elected after such
AT CLEARING HOUSE.
propositions
go through Congress, and that any
Saturday, Monday. Tuesday, Wedwtsd'y, Thursday. Friday.
Aggregate
Mar.3.
Mar.5.
Mar.6.
for Week.
State may change its vote during pendency of the
Mar.9.
Mar.
Mar.8.
.7.
S
$ '
S
ratifying process; this was reported out of commitS
$
$
$
70,000,000 84.000.000 53,000.000 49.000,000 54,000,000 54.000,000 Cr. 364,000,000
Note.-The foregoing heavy credits reflect the huge Maas of checks which come tee in the Senate but was not taken
up for action.
to the New York Reserve Bank from all parts of the country in he operation of
the Federal Reserve System's par collection scheme. These large credit balances, The "child labor"
proposition obtained a favorable
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House institutions. They represent only one side of the account, as checks committee report in
the Senate, but was halted by
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.
objections. The Norris proposition to change the
date of the beginning of new Administrations and
The following table indicates the amount of bulthe meeting of Congress went through the Senate
lion in the principal European banks:
almost unanimously, but was slain in the House.
Mar. 8 1923.
Mar. 9 1922.
The River and Harbor Improvement bill, the annual
Ranks of
Gold.
Silver. I Total.
Gold.
Silver. I Total.
"pork" grab, did go through, and the total sum
4
I
named in it was double that recommended by the
I127,507,927
4
I
England _ 127,507,927
•128,763,964
128,763,964
France a__ 146,860,924 11,600,000 158,460,924 143,087,195 11,240,000154,327,195
Budget
Germany _1 50.109,880 3,269,000 53,378,880 49,819,750
Director; but there is a distinct change for
703,000 50,522.750
Aug.-Hun 10.944,000 2.369,0003,000 10,944,000 2.369,000 13,313,000
Spain ____ 101,017,000 26,265,0C0127,282,000 100,706 MO 25,399,000126,105.000 the better in that, instead
of designating the par35,370,000 3,035,000 38,405,000 34,015,000 2,980,000 36,995.000
Italy
Netherrds. 48,482,000
50,497,000
594,000 51,091.000 ticular mud flats to be scooped out and the sums to
Nat. Beig. 10,757,000 2.496,000 13,253,000 10,663.000 1,617,000. 12,280,000
Switzland. 21,237,000 4,231,000 25,468.000 21,877.000 4.320,000 26,197,000 be expended thereon,
for local "irrigation" and the
Sweden__ _ 15,216,000,
15,216,000 15,244,000
I 15,244.000
254,000 12,934,000 12,685,000
Denmark 12,680,000
212,000 12.897,000 popularity of the Congressman who log-rolled them
8,115,000 8,183,000
Norway __ 8,115.000
I 8,183,000
through, the entire amount is "to be immediately
Total week 588,296,731 54,140,000642,436,731 586,484,909 49,434,000635.918,909
Prey. week 588,280,083 53,849,000642,129,083586,555,371 49,208.000635.763.371 available
and to be expended" under the direction
•Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
of the Secretary of War and the supervision of the
abroad.



986

THE CHRONICLE

Chief of Engineers, for preserving and maintaining
existing river and harbor works and for the prosecution of such projects heretofore authorized as may
be most desirable in the interests of commerce and
navigation. This means that the expending is permissive, not mandatory; selective, not already selected ; and that it is to be done at the discretion of
the Executive side of Government, not ordered in advance by the legislative. The difference is notable
and encouraging.
One bill which failed should evoke thankfulness
for the failure: the attempt, chiefly instigated by
the labor unions, to further cut the number of immigrants to be admitted, against the protest of the
most substantial 'of industrial businesses, whose
managers recognize that more common or manual
labor is among our greatest needs. Here may be
noted the announcement this week of the arrival of a
Swedish-American liner with 1,100 Swedish immigrants, said to be the largest number from that country which has arrived in a single ship in many years,
and it is meet for further thankfulness that they are
reported to be all bound for the farming sections of
the West and Northwest instead of "colonizing" in
the great cities.
Several bills to "stop tax leaks" went through Congress, being aimed to catch some revenue which it is
assumed has heretofore escaped by over-leniency in
construing business losses and sundry other items
allowed as deductible in income tax returns. The
railroads had faces"made" and fists shaken at them,
in the custom of radicals, but were permitted to escape for this time. Another of the attempts to indirectly regulate by a prohibition was the bill, which
went through to enactment, banning from inter-State
commerce what is known as "filled" milk, this being
in line with past attempts to suppress child labor by
excluding from transportation the products of plants
employing it. Some Federal interventions defining
and prescribing "standard" sacks and hampers were
enacted, and• the last bill signed established a new
standard for butter.
It is easy to say, as some have said, that the best
act of the 67th Congress was its ending, but to say
such things is neither helpful nor quite just. The
only mandate distinctly legible in the election of
1920 was a mandate to seriousness and to studied attempt to further the return of the country and the
world to normalcy—particularly, to make deep cuts
into waste and taxation. Something has been accomplished in the latter—not enough, yet something;
and it must be remembered, as in extenuation, that
Congress has been rent by blocs, each seeking to get
some relief in the universal trouble by putting more
upon the rest. Experience has not quite taught us
the lesson that fortitude and courage and patience
are both more manly and more effective than screaming and pushing; but democracy has not yet achieved
the marvel of getting a representative body of a calibre averaging above the level of the electors. The
wisest man living could not have written out, two
years after the hard war job of restoring peace began, a prescription which would have cured the sick
world; and if this could have been written out there
was no power that could have made the sick world
"take" it. So we should not blame our Congressmen
for behaving like rather little men, for we send that
kind to represent us. Even ordinary men could have
taken their responsibility to heart and could have
tried to help the situation by the minimum of inter-




[Vol,. 116.

vention, but attemi.ting that minimum very studiously and thoughtfully. Yet have they really fallen
farther short of what the time required than the people who sent them and have since beset them selfishly? So far as the late Congress has failed, is it not
I.. failure of and by the country? It is for us to read
the lesson, and then to take it home.
FIXING THE PRICE OF WHEAT.
Agitation in the last Congress over the price of
wheat shows that the farmer bloc is not averse to
the methods employed by the labor bloc. The method
is even more direct. The labor bloc does not ask the
Government to guaranty wages, only to render the
coercive power of unions immune to prosecution,
and to fix the hours of a day's labor. The farmer
bloc, as indicated, is to ask that the Government fix
the price of wheat at $1 75 per bushel and guaranty
by purchase that this sum shall be the market price.
If we suppose that 50 cents is thus added to the cost
of wheat for bread for the artisan, and if we suppose his day's work shortened by law below that of
the farmer, and that by the coercive power of immune unionism he receives two or three dollars more
per day wage than would otherwise be the case in a
free labor market—he is still the winner and the
farmer the loser by this direct and quasi-Governmental fixing of prices and wages. And this ought
to show the fallacy of all these efforts.
But there is to be a labor-farmer coalition, we are
told. Whether it comes about or does not, the cry
"do 'something for the farmer" still goes on—and
politics makes strange bed-fellows. We need not
recall the price-fixing of war-time—the farmer himself soon repudiated $220 and asked for $2 50,
which he did not get. Now with wheat at about $120
he will be satisfied with $1 75 if he can get the Government to pay it. So arbitrary a method of pricefixing is on its face absurd. Why $1 75? Why not
$2 75, since under the plan none may be imported,
and the Government must buy all that is offered in
order to keep the price up. Of course, none will be
sold abroad—for competition of Australia, Canada,
Argentina, India and possibly Russia, will fix the
price at some such sum as now exists. The breadwinners of the East will pay the wheat producers of
the West, without a murmur! Perhaps. But when
the grab-bag is opened and each digs in for a prize
there is a sort of mutual interest.
The plan is to extend for three years. One may
wonder what would be the effect if there should be a
general failure of the wheat crop. And again, with
increased acreage and bumper crops what will
the Government do with the surplus that has heretofore been exported? The Government has no warehouses, but there is a suspicion that the drive contemplates "taking over" those that exist and we may
succeed in storing away a sufficiency for several
years, in time, and then what will the farmer do with
the new crops? No such plan is likely to become a
law—and yet it is seriously proposed and must be
seriously considered. If by any chance something
like the proposal should be put through the next Con,
gress it would mark the height of folly attained by
this so-called Middle West farmer bloc. And if
bread for the intermediate class is to be thus artificially enhanced in price, there is no limit to which
the game may be played.
We cannot avoid reiteration in considering these
movements. We must continue to say that there is

MAR. 10 1923.]

THE CHRONICLE

no justice in fixing the price of one basic article of
consumption without fixing all. We must repeat
and repeat that this is not the province of Government, that it is the degredation thereof, that the attempt is an attempt at the impossible. To say that a
Government without a dollar of its own shall buy all
the surplus wheat of the country at any' price is to
make it a hucksterer in trade. It is to induce the
farmer to believe that this process can be continued
indefinitely whereas it cannot in the nature of
things, and may not hold out for the proposed three
years. Because the farmer is first to feel the readjustment from war prices is unfortunate, but is unavoidable. To attempt a renewal of war prices under peace conditions is confusion worse confounded.
If the farmer would help himself let him look to
proper reductions in what he buys.
If the farmer is the salt of the earth, and in his potentialities and worth he is, then he should understand his power to hold Government in its restricted
channel by opposing paternalism in all its forms. It
is our belief that the better class of agriculturists
are aware of this stupendous folly that has taken
hold of the farmer-politician and his representative
in Congress. The best informed men of this vocation
know the utter unreason of attempting to fix the
price of products the surplus of which must reach
and be bound by world markets or constitute a backwash and overflow which will break down all barriers set by arbitrary edicts of Government. And it
behooves those who think they are catering to a large
and influential "vote" to look well where their steps
lead them.
There is little profit to any of us in considering
that type of modern politician variously named "Progressive." We think the facts will disclose that some
of them are tainted with Socialism. And we believe
some of these do not know it. They are made erratic
by the force of after-war conditions. Loyal, it may
be, to a class, they are still disloyal to the people as
a whole. What the 'country needs is men who will
see the people as a whole. And by this token we
would find few laws needed. For when all is left to
initiative and enterprise in a pure and protected individualism there will be found few laws that can
bear on all alike. We would be able to continue as in
the past when competition produced co-operation.
The call of the hour is for men not "in politics"
who will rise above class distinctions, prejudices and
opportunities, in unselfish devotion to the interests
of "the people"—who will refrain from demands and
refuse special aids. We shall even look to "the farmers" to do this out of their innate common sense.
This is but a passing wave borne up out of the general convulsion and only seems to engulf them. For
the farmer lives close to the soil and communes with
nature, only to learn the great truths that underlie
all effort and promote all good. There is no power
outside of work and worship that will enhance the
material and spiritual welfare of mankind. Time,
we think, will see the passing of these blocs and
drives and in the general accomplishment will be
found peace.
ANTHRACITE MINERS AGAIN ALLEGE EXCESSIVE PROFITS—HYDRO-ELECTRIC
POWER.
committee
Through a
of the United Mine Workers
of America (a title which implies too broad a claim
to speak for all persons engaged in coal mining) the




987

anthracite miners make another attempt at publicly
washing their hands of all responsibility for the present burdensome cost of fuel. They have filed another memorandum with the "fact-finding" Commission, declaring their belief that the distributers are
even with the operators in the profit they are taking.
They cite some figures of 1921 which gave an 8.33%
profit on the claimed investment; they "believe" the
combined distributing agencies were taking in the
latter part of 1922 approximately $3 45 profit on an
average anthracite ton, including the steam sizes;
and they "believe that $2 10 would cover the distribution costs, including degradation and a reasonable
profit, and that consequently an excess profit of
1
2 millions annually, is being taken by
$1 35, or 94/
dealers selling coal at the present prices." There
are known to be price agreements in a time of steady
market, they say, and in a panic market like that of
the latter part of 1920 and 1922 no evident control
was exercised, and so the dealers (according to this
htatement)are able to sell at a great profit the bulk
of the coal, which is mostly low-priced, screening this
large profit behind the fact that in a few instances
they pay high prices at the mines.
Too little is known, says this memorandum, about
the profits of wholesalers and retailers, "and when
mine labor gets approximately $3 92(the operators'
figure) and coal costs the consumer up to $22 the
time seems to have come for considering a reorganization of every branch of the industry in which there
seems to be profiteering."
Well, there is surely wrong and profiteering somewhere, although the profiteer is always human
enough to solemnly protest that the fault lies elsewhere than at his particular place in the line. The
mine unions admit no worse wrong than a desire to
live and to prevent wicked men from doing wickedly;
those who fell at Herring (and, by the way, the second trial on account of that incident has begun)
were, in the union view, victims and accomplices of
operators who were trying to mine coal illegitimately. Let us for the present leave that subject
once more with Williamson County, and leave the
duty of finding the real facts with the Commission,
which cannot be too serious, too critical of interested
statements, and too determined that no fault, in any
quarter, shall escape under attempt to implicate
others.
The problem irresistibly suggests anew the great
and permanent concern of the whole public in all
sane and practical schemes for utilizing natural
powers. Upon this subject Governor Smith has begun by taking a wrong position, in desiring to put
the State into the work of developing and selling
'nydro-electric power, and to do this exclusively as
against any private action; further, he wants to antagonize the Federal Government as to jurisdiction
over the St. Lawrence. If it be admitted that a river
wholly within a State belongs exclusively to such
State, one which arises in or flows or empties in or
borders upon another State or nation is too large for
any narrow claim of jurisdiction. This State does
not own the St. Lawrence,any more than it owns this
city or this city owns itself; the reasons are not quite
identical in the two cases, but equally fundamental
and irremovable. The bed of the St. Lawrence, or a
part of it, may be deemed the property of this State,
but its water is not. A contest with the Government
upon jurisdiction would be wrong at the start and
would probably lead to injury and failure. Further-

THE CHRONICLE

988

more, it must once more be said—and said as often
and as urgently as may be necessary—that politics
and politicians and jobbery should be barred out
from this great subject. The State may regulate in
some degree, if it will only do so on better lines than
regulation has been practiced in transportation; but
economical and efficient utilizing of this vast potential energy for industrial service and fuel-saving can
come only through private enterprise.
RAILROAD GROSS AND NET EARNINGS FOR
THE CALENDAR YEAR 1922..
The earnings of United States railroads for the
calendar year 1922, as presented in the extended
compilations given at the end of this article, make a
much better showing than might have been expected,
considering the notable drawbacks and disturbing
influences that the roads had to contend with in this
period of twelve months. The further substantial
improvement in the amount of the net earnings, following the very large gain in these net earnings in
the calendar year preceding (over 1920) is a distinctly gratifying feature and augurs well for the
future. All the more is this the case as the added
gain in net has come almost entirely as the result of
a further curtailment of operating expenses, indicating that railroad managers have succeeded in
strengthening their hold on the expense accounts
and that economy of operations and growing efficiency are characterizing the administration of these
properties notwithstanding the numerous impediments in the way and which often are of such magnitude, and so serious and severe, as entirely to discourage the effort. In the resolute endeavor to promote operating efficiency despite all obstacles, lies
the promise, the big promise, for the future. Stated
in brief, the result for the twelve months.of 1922, as
compared with the twelve months of 1921, is an increase of $44,501,869 in the gross earnings, with a
decrease of $146,480,163 in the operating expenses,
yielding a gain of $190,982,034 in the net, and the
following are the comparative figures:
1922.
1921.
Inc.(-I-) or Dec.(—)
Jan. 1 to Dec. 31 (193 roads)—
236,084
235,675
+409 00.17
Miles of road
5,531,180,928 5,488,679,059 +44,501,869 00.81
Gross earnings
4,387,253,290 4,533,733,453 —148,480,163 03.23
Operating expenses

p

,..Net..earnings

1,143,927,638

952,945,604 +190,982,034 18.04

The totals here are of such magnitude, thereby illustrating the size and extent of the rail-carrying industry and its importance in the nation's activities,
that the changes are seen to have been relatively
slight, though the sums involved in the changes, as
we have seen, are of no mean size. The amount of
2 billion dollars,
the gross for 1922 is in excess of 51/
and for 1921 fell but little below that sum, and accordingly, the addition to the gross in the latest year
of. $44,501,869 represents a change of less than 1%.
Even the decrease of $146,480,163 in the expenses reflects a saving of only 3.23%, though the significance of the reduction in this case is, of course,
greatly heightened by the prodigious cut effected in
the expenses in 1921, to which the further reduction
in 1922 is additional. This cumulative nature of the
saving in the expenses is deserving of more detailed
consideration, and is dealt with at length further below. The $190,982,034 improvement in the net represents a much larger ratio of change, but even in
this instance, the percentage of increase runs only a
little over 18%, though here again the 1922 improvement must be considered in connection with the yet
larger improvement in the net earnings established




[Vol:. 116.

in 1921 and this feature also will be dealt with further along in this article.
Passing these points for the moment, the relatively slight change in the gross earnings arrests attention. As just noted, this change is less than 1%,
being only 0.81%. The fact is important, inasmuch
as it shows that only a comparatively small part of
the large loss in gross earnings sustained in 1921
was recovered in 1922. To those not familiar with
the facts this may appear strange, bearing in mind
that 1921 was a period of intense depression in business from beginning to end, while on the other hand
1922 was a year of industrial revival and growing
activity in trade. The falling off in the gross in 1921,
according to our tables, aggregated $684,427,299, or
10.97%, but this reflected only in part the prostration of the country's industries and consequent loss
in traffic, inasmuch as during the first eight months
of the year the carriers (in the comparison with
1920) were still getting the benefit of the higher
schedules of freight and passenger rates authorized
by the Inter-State Commerce Commission in the previous year when private operation of the roads was
resumed following the destructive period of Government control. These rate increases in 1920 had been
of large extent. In Eastern territory the Commerce
Commission authorized an advance in freight rates
of 40%; in the Western group an advance of 35%,
and in the Southern group and the Mountain Pacific
group 25%. The Commission also authorized the
carriers to advance passenger fares 20%, Pullman
rates 50% and excess baggage rates and milk rates
20%. The Commission announced its conclusions
after the close of business on July 31 (1920), and it
took nearly 30 days before the new schedules could
be put into effect. Thus it was not until towards the
very close of August that the higher rates were in
operation and began to count in the revenues of the
roads. Consequently, during nearly the whole of
the first eight months of 1921 the roads had the benefit of these higher rates in the comparison with 1920.
And,as traffic was now shrinking, this increase from
higher rates served in great part to conceal the loss
resulting from the shrinkage in the volume of traffic. It was estimated when these rate increases were
authorized that they would add $1,500,000,000 to
the annual gross revenues of the roads, or $125,000,000 per. month. This would make for the eight
months a total of $1,000,000,000. The estimate was
predicated, of course, on the idea that the volume of
traffic would be maintained on the 1920 level, whereas traffic was falling off to a prodigious degree.
Just what the aggregate of the increase in 1921
was from the higher rates cannot be definitely stated,
but obviously the amount was very large. The point
we desire to emphasize is that except for the fact
that the smaller traffic of 1921 for the first eight
months was based on much higher schedules of
freight and passenger charges than in 1920, the loss
in gross revenue would have run far in excess of the
10.97% registered by our compilations. It seems no
exaggeration to say the falling off in that event
would have been at least double that figure, or, say,
roughly 22%. This estimate is based on the statistics showing the falling off in traffic between 1920
and 1921 as then reported by the Association of Railway Executives. A statement given out on Feb. 19
1922 by that body for the calendar year 1921 showed
that in the number of tons of freight moved one mile
there had been a falling off of 23.3% as compared

31A.R. 10 1923.]

THE CHRONICLE

989

with 1920. In the number of passengers moved one normal functioning of many business enterprises. It
mile the shrinkage was only slightly less, being is well enough to note that the union coal miners in
20.30%.
quitting work on April 1 did not term the act a
All this, however, simply makes the small recovery strike, though such it was. In their view they simin gross earnings now recorded by our tabulation for ply abstained from work owing to inability to reach
1922 still more noteworthy. Stated in a nutshell, an agreement with the operators on a new wage
the situation simmers down to this: had rates in scale and new terms of working conditions. And it
1921 and 1920 been on an even keel, the loss in gross should be added that the.inability to reach an agreeearnings in 1921 would have been, roughly, $1,400,- ment for the resumption of work continued for a pe000,000, instead of the $684,427,299 disclosed by the riod of nearly five months in the case of the soft coal
actual returns, and now our tabulations for 1922 miners throughout the country and considerably
show that no more than $44,501,869 of this tremen- longer than five months in the case of mining in the
dous loss has been recovered. In seeking the ex- anthracite fields. It was not until about the middle
planation for this, we are brought at once to the dis- of August, mainly through the instrumentality of
turbing events and occurrences of the year 1922, President Harding, that a definite agreement was
which acted as serious setbacks and prevented that reached to resume work on the old terms and condirecovery in the gross revenues of the roads which tions, the arrangement to continue until the end of .
would otherwise have ensued. The two conspicu- the coal year on April 1 1923. The negotiations reously unfavorable events were the cessation of work garding a settlement in the anthracite regions were
at the unionized coal mines throughout the whole more prolonged and it was not until Monday, Sept.
country and the railway shopmen's strike. Before 11, that anthracite mining was resumed, also on the
dilating upon these, however, we wish to point out old terms and the old scales of pay, the agreement in
that the rail carriers also lost some revenue from this case, however, providing that the arrangement
lower freight rates. In the case of grain, grain prod- should continue for a full year from Aug. 31 1922—
ucts and hay in -Western territory, a reduction of or until Aug. 31 1923. During the whole of the long
about 16/
1
2% in rates was operative throughout the period mentioned absolutely no coal at all was prowhole of the year, having been put into effect on Jan. duced in the anthracite regions and virtually also no
1 1922 by order of the Commission. There were also bituminous coal at the unionized mines in the soft
larger or smaller reductions in special articles and coal regions throughout the country. The non-union
commodities on individual roads or systems and on mines kept at work and were gradually increasing
different groups of roads and in special territories. their output up to the time of the advent of the strike
In addition, the Inter-State Commerce Commission of railroad shopmen on July 1, after which interferlast May ordered a horizontal cut in freight rates of ence occurred with the supply of cars to move the coal.
10% which went into effect July 1 1922 and applied
It was known long in advance that mining at the
to all the railroads of the country and to all com- union mines would cease on April 1 and with that
modities except the grain products previously re- fact a certainty the output of coal was greatly induced. This last, of course, as the date indicates, creased in February and March (as compared with
served to cut down revenues only during the last the extraordinary low level of the previous year at
half of the year.
the nadir of business depression), but nevertheless,
As concerns the effect on the roads of those two for the period from Jan.1 to Aug.26 in 1922 the progreat labor troubles for which 1922 will always re- duction of soft coal was only 223,560,000 tons,
main memorable, the coal miners' strike was a dis- against 255,147,000 tons in the corresponding period
turbing influence of large importance, serving enor- in 1921, while the output of anthracite for the period
mously to reduce the volume of tonnage over the rail- to Sept. 9 was no more than 23,261,000 tons, against
roads, though in its direct effects on the carriers 64,285,000 tons—from all of which an idea can be
themselves it was not so serious a matter as the gained of the extent to which coal traffic over the
shopmen's strike, inasmuch as the latter impaired railroads was curtailed as a consequence of the cutthe physical capacity of the roads to handle and move ting off of the product of the union mines for a petraffic, which is tantamount to saying that the roads riod of five months or more. Or to make the fact
were crippled in their function of rendering full and more emphatic we may note that for the period of the
efficient transportation services to the different sec- strike in 1922 the non-union mines turned out only
tions of the country in which they operate. With 94,272,000 tons of coal as against 153,943,000 tons by
the expiration of their old agreement on March 31 all mines, union and non-union, in the same weeks of
the union coal miners throughout the United States, 1921. This has reference to soft coal alone. The
both in the bituminous fields and in the anthracite product of the anthracite mines in the strike period
regions, quit work on April 1. This left only the non- of 1922 was virtually nil against 40,881,000 tons for
union mines in operation; and, though the product the same time in 1921. After mining was resumed,
of these latter was by no means inconsiderable, av- however, the work was pushed with unabated eneraging under pressure between 4,000,000 and 5,000,- ergy and in the case of soft coal the loss of the spring
000 tons a week, the step served enormously to cur- and summer almost entirely made up, so that the
tail the output of coal. On most roads the coal traf- bituminous production for the twelve months of 1922
fic is one of the largest single items of traffic and on tell only a trifle short (and when complete figures
many roads it surpasses in magnitude all other items. are available may not fall short at all) of the prodSuspension of mining consequently meant an enor- uct for the twelve months of 1921, which latter, howmous shrinkage in the volume of the coal tonnage. ever, was a year of greatly reduced output owing to
But that was not all. The cutting down on such an the complete industrial prostration of that year.
enormous scale of coal production operated to re- Preliminary figures prepared by the U. S. Geological
strict fuel supplies and this in turn served not only Survey indicate a product of between 410,000,000
to retard business revival, which continued under and 415,000,000 tons of bituminous coal for the calway despite all obstacles, but to .interfere with the endar year 1922, comparing with 415,922,000




990

THE CHRONICLE

[VoL. 116.

tons for 1921, 556,516,000 tons for 1920 and 458,000,- also bear testimony to the revival of trade. The ship000 tons for 1919. In the case of the anthracite pro- ments of Lake Superior iron ore by water from the
duction it was impossible except in very trifling de- upper to the lower Lake ports during the season of
gree to make good the loss of the spring and summer, navigation in 1922 aggregated 42,613,184 tons, as
notwithstanding every effort was put forth to attain against no more than 22,300,726 tons during the seaa maximum yield, and the anthracite product for the son of 1921, but comparing with 58,527,226 tons in
full calendar year 1922 aggregated no more than 52,- 1920; 47,177,395 tons in the season of 1919 and 61,484,000 tons, as against 90,474,000 tons in 1921 and 156,963 tons in the season of 1918. This ore, after
reaching the lower Lake ports by water, passes
89,100,000 tons in 1920.
The loss in the coal traffic served to that extent as thence over the railroads to the iron producing disan offset to the gain in the merchandise traffic and tricts.
In the final analysis it appears that the railroads
in the volume of general freight resulting from the
revival of trade, while on the distinctively coal-car- —taking the country as a whole—had a heavier
rying roads, particularly in the anthracite regions— freight tonnage in 1922 than in 1921, notwithstandas for instance, the Lehigh Valley, the Lackawanna ing the coal strike, but that their passenger traffic
and the Central of New Jersey—the complete cessa- fell below that of 1921. We have obtained the figtion of mining for so many months caused a shrink- ures from the American Railway Association and
age in tonnage alongside which the gain in merchan- they show that the revenue tonnage carried in 1922
dise and general freight proved a poor substitute. was 1,826,530,421, against 1,646,824,715 tons in the
In ordinary circumstances a revival of business ac- same period of the previous year, and the revenue
tivity is attended by a coincident expansion in the tonnage moved one mile 339,732,198,000, against
coal traffic, which forms such an important part of 310,098,343,000. The revenue passengers carried
the total tonnage of the railroads, but on this occa- aggregated only 966,253,712 in 1922, against 1,033,sion, as we have already seen, no advantage of that 889,162 in 1921, and the number carried one mile
kind accrued—the coal production having indeed ac- 35,507,223,000, against 37,338,961,000.
tually decreased for the reason stated—and thus
It should be noted that a sharp distinction must
trade revival did not yield the benefits to the roads be made between the earnings results, gross or net,
it always has yielded in the past. This, together for the first half of the year and those for the second
with the lower schedules of transportation rates in half. We have already seen that for the full twelve
force, will account for the fact that after the tremen- months there was a gain in the gross of $44,501,869.
dous shrinkage in gross revenues in 1921 so small a But our compilation for the first six months had
portion of the loss was recovered in 1922.
shown a falling off in the gross in that period of six
All the different trade statistics go to prove that months of $63,399,701. It follows that in the last six
business activity grew apace during the year 1922— months there must have been a gain in the gross earnhindered only by the absence of sufficient supplies of ings of, roughly, $108,000,000, confirming what has
fuel and the ill effects of the shopmen's strike. The already been said concerning the growing impetus of
make of pig iron in 1922 is estimated at a little above trade revival as the year progressed; with the set27,000,000 tons; in 1921, according.to the American tling of the labor troubles at the coal mines and the
Iron and Steel Institute, the product was no more waning of the railway shopmen's strike the two chief
than 16,688,126 tons; in 1920 36,925,987 tons; in drawbacks on the upward movement of trade were
1919 31,015,364 tons. What is more, the greater part eliminated and thereafter trade revival could proof the recovery occurred in the second half of the ceed under full headway. It should be noted furtheryear, the product for the first six months of 1922 hav- more, that while the gain in net earnings for the full
ing been 12,191,011 tons, as compared with 9,530,981 twelve months is $190,982,034, the first six months
tons in the first half of 1921. This shows that the recorded a gain in net of no less than $218,332,024,
country's industries were under growing headway. making it apparent that about $27,000,000 of the imMoreover, the monthly figures of the "Iron Age," provement in net results achieved in the first half of
which cover the entire product except a small quan- the year was lost in the second half. Again, inastity of charcoal iron, show that the lowest monthly much as we have just seen that during this last halfmake of iron in 1922 was 1,629,991 tons in February year the gross earnings rose roughly $108,000,000
and the highest output 3,086,898 tons in December. the loss of $27,000,000 in the net in the same half year
The monthly product after having increased from indicates that expenses in this six months' period
1,629,991 tons in February to 2,405,365 tons in July actually increased $135,000,000. In other words,
dropped to 1,816,170 tons in August, owing to insuf- while in the first six months expenses were reduced
ficient fuel supplies, but with the settlement of the $281,731,725, in the last six months there was actucoal strike rapidly mounted upward again. The rec- ally an augmentation in the expenses of $135,000,000.
ord of steel production is the same. According to Thus the further saving in the expense accounts durthe figures of the American Iron and Steel Institute, ing the calendar year 1922 on top of the reduction in
the 1922 steel production of 30 companies which in the expenses in the previous year is seen to have been
1921 made 871/
2% of the steel ingot production in owing entirely to what was accomplished in the first
that year aggregated 29,116,453 tons, as against only six months. In the last six months the state of things
16,826,946 tons in the twelve months of 1921: Not as to expenses was entirely reversed, and expenses
only that, but the output of these companies in No- again began to run up and very heavily, too. And
vember and December was 2,889,297 tons and 2,779,- here we see reflected, of course, the blighting effects
890 tons, respectively, as against only 1,593,482 tons of the shopmen's strike. In the following table we
and 1,745,022 tons in January and February. The show the results for each of the two half-yearly peproduction kept rising month by month up to and riods separately.
including May, and then tapered off by reason of inFirst Six Months-- -Second Ste Months
1922.
1921.
1V21.
1922.
Grose earnings
$2,802.347,511 82,885,747,212 32,928,833,417 82,820,931,847
adequate stocks of fuel, but moved upward again be- Operating
expenses 2,071,928,880 2,353,858,585 2,315,328,430 2,180,074,870
ginning with September. The iron ore shipments
8530,420,851 8312,088,827 8813,508,987 $840,858,977
Net earnings




MA.R. 10 1923.]

THE CHRONICLE

The shopmen's strike began July 1 1922 and grew
out of an attempt to resist a reduction in the wage
scale somewhere in the neighborhood of 7@8%.
The maintenance of way employees, whose wages
were similarly reduced, also contemplated going on
strike because of dissatisfaction, but were finally
persuaded to continue at work pending further consideration of their case. After the rehearing, the
Labor Board on Oct. 14 granted an increase effective Oct. 16 1922 of 2 cents an hour over the reduced
schedule put in effect on July 1. Strenuous efforts
were made to bring about a general settlement of the
shopmen's strike, particularly by President Harding,
but without avail, and the effects of the strike grew
steadily more serious as more and more equipment
got out of repair. Eastern roads as a rule found it
less difficult to replace the men who quit than the
Western roads. Towards the close of August individual agreements between the roads and the striking employees were reached in a great many cases,
but it was not until the next month, that is, September, that the strike may be said to have been fully
overcome. During that month the striking shopmen,
seeing that efforts on their behalf had proved futile,
gradually drifted back to work where individual
agreements had not been reached with the roads.
Nevertheless, the effects of the strike remained and
the statements of earnings subsequently issued made
it apparent that these effects had been more severe
than generally supposed, and the resulting losses to
the carriers far heavier than any one had imagined.
Operating costs were necessarily very greatly increased. Furthermore, during the prevalence of the
strike repairs had run behind. These arrears, of
course, had to be made up in subsequent months.
Entirely apart, however, from the inability to carry
on the work of repairs in a normal manner, and to a
normal extent, operating costs were also heavily
augmented because, whether a carrier had lost a
small percentage or a large percentage of its men, the
force was in any event for the time being disorganized, preventing co-operation and team work and the
attainment of the best results.
Judged by the earnings statements, August, September and October were hard and trying months for
the managements of the roads in their efforts to repair the injury done by the strike, but as the roads
got further away from the influence of that disturbing event the returns began to get better, and November and December,and particularly the latter month,
gave very good accounts of themselves. The managers by that time had succeeded in getting things well
in hand once more, so as to be able to handle with
reasonable efficiency and dispatch the large volume
of traffic now coming forward, and with the gain in
gross earnings assuming large dimensions, they managed to make considerable additions to their net
earnings also. In the table we now introduce we
show the comparative gross and net earnings for
each of the twelve months:
Gross Earnings.

otuh
1922.

1021.

Inc. or Dec.

Net Earnings.
1922.

Inc. or Dec.
1921.
Jan _- 393,892,529 469,195,808 —75,303,279
Feb_ _ 400,430,580 405.203,414 —4,772,834 57,421,605 28,331,958 +29,089,649
Mar_. 473,433,886 457.374,660 +16.059,426 76,706,840 21,824,020 +54.882,820
April _ 416,240,237 432,108,647 —15,866,410 113,468,843 58,831,644 +54.637,199
80,514,943 57,474,860 +23,040,083
May447,299.150
+4.069,751
June 472,383,903 460,007,081 +12,376,822 92,931,565 64,866,637 +28,064.928
109,445,113
+28.989,678
July__ 442,736,397 462.696,986 —19,960,589 102,258,414
Aug__ 472.242.561 504,154,065 —31,911,504 86,566,595 100,293,929 +1,964,485
Sept__ 498,702,275 496,978.503 +1,723,772 91,381,593 123,353,565 —36,787,070
Oct .._ 545,759,206 532,684,914 +13,074,292 120,216,296 120,428,552 —29,046,959
Nov__ 523,748,483 466,130,328 +57,618,155 113,662,9871137.900,248 —17.683.952
Dec_.512,433,733 424,698,143 +87,735.590 111,942 758' 97,816.937 +15,846,050
76.738 092 +35,204.666
Note —Percentage of Increase or decrease In net for the
January, 102.68% Increase; February. 251.48% Increase; above months has been:
March, 92.85% Increase;
April, 40.09% Increase: May,43.27% Increase: June,
30.03%.Increase: July, 1.95%




991

Increase: August, 29.82% decrease; September, 24.12% decrease; October, 12.84%
decrease; November, 16.19% increase; December, 45.87% increase. In January
the length of road covered was 235,395 miles In 1922, against 234,636 miles in 1921;
In February, 235,625 miles against 234,880 miles; In March, 234,986 miles against
234,202 miles; In April, 234,955 miles against 234,338 miles; in May, 234,931 miles
against 234,051 miles; in June, 235,310 miles against 234,568 miles; in July. 235,082
miles against 234,556 miles; in August, 235,294 miles against 235,090 miles; in
September, 235,280 miles against 235,205 miles; In October, 233,872 miles against
232,882 miles;in in November. 235,748 miles against 235,679 miles; in December,
235,920 mlles against 236,121 miles.

From the foregoing it will be observed that in the
first four months there was a falling off in the gross
earnings in every month except March, when the coal
traffic was unusually heavy in view of the suspension
of mining which it was known would come April 1;
that in May and June there were small increases in
the gross due to the fact that the gain in merchandise
and general freight by reason of trade revival was
operating to counterbalance the falling off in the
coal traffic; that in July and August, when the roads
had the shopmen's strike as well as the coal miners'
strike to contend with, there were very considerable
losses in the gross; that in September the gross ran
a little better than in the previous year and that in
the last three months gains in the gross piled up at a
growing rate. In the net there were continuous and
notable gains in the first six months, while the effort
to curtail expenses still proved effective, but with
the inauguration of the shopmen's strike on July 1
the situation changed. In July there was still an
increase in the net, but it was relatively small. In
August, September and October.the net fell off in
marked degree and it was not until November and
December, as already noted, that large improvement
in the net was again recorded.
Turning once more to the results for the twelve
months as a whole, and considering further the reduction in expenses for 1922, amounting to $146,480,163, on top of the reduction in 1921 as compared with
1920 in the huge sum of $1,240,930,585, the fact
should not be overlooked that in the first six months
the railroads had the advantage of the reduction of
12% in wages made in the previous year. That reduction did not become effective until July 1 of that
year (1921) and therefore in the comparison with
the previous year counted as a favorable influence in
the Whole of the first six months of 1922. The further cut of 7@8% effective July 1 1922 in the wages
of the maintenance of way men and in that of the
shop crafts employees would in normal circumstances also have served to reduce expenses, but in
the disorganization produced by the strike this was
more than counterbalanced by heavy losses in other
directions and operating efficiency was greatly impaired thereby with the result, as we have already
seen, of heavily increasing operating costs, instead
of the decrease in expenses that should have come
from the lower wages if it had been free from extraneous entanglements. In the main, therefore, the
further reduction in expenses in 1922, and which, as
already explained, follows entirely from decreases
recorded in the first half of the year, before the advent of the shopmen's strike, must be taken
to represent increased efficiency of operations,
rendered possible through the maintenance of better
discipline among the employees and an improved
morale among the employees brought about through
the weeding out of the slackers and the incompetents
—an improved state of things which was again badly
upset while the shopmen's strike was in progress.
It must be particularly remembered, however, that
previous to 1921 expenses had been mounting up in a
frightful way, until in 1920 a point had been reached
where even the strongest and best managed properties were barely able to meet ordinary running ex-

[Vora. 1.1i

THE CHRONICLE
penses, not.to mention taxes and fixed charges. And
it is these prodigiously inflated expense accounts
that have furnished the basis for the savings and
economies effected in 1921 and 1922. As compared
with 1920 the roads in both 1921 and 1922 also had
the advantage of much more favorable weather conditions. In 1921 the winter was exceptionally mild
and much the same remark may be made with reference to the winter of 1922. This last, while perhaps
not so extremely mild as the winter of 1921, was at
all events not of unusual severity-at least not of
such severity in most of the country as to entail
heavy extra expenses for the removal of snow and
the clearing of tracks, though the winter is declared
to have been a hard one in certain special sectionsin Wyoming and Montana,for instance, and contiguous territory. In 1920,on the other hand,the winter
had been exceptionally severe.
It should be noted, furthermore, that the falling
off in net in 1920 was merely one of a long series of
losses in net. In commenting on the results for
1920 and noting the tremendous increase in operating costs in that year, we took occasion to say that
taken in conjunction with the antecedent huge additions to expenses it constituted an unfavorable record for which no parallel could be found in American railroad history. As a matter of fact, 1920 constituted the fourth successive year in which the net
had fallen off-in each year, too, in face of very substantial gains in the gross earnings. As showing
how extraordinarily poor the results were in 1920,
it is only necessary to say that while there was an
addition to the gross of no less than $1,026,235,925,
net actually fell off in amount of $303,953,253. In
1919 the increase in the gross was of only moderate
extent (5.25%), and yet amounted to $258,130,137.
As it was accompanied, however, by an augmentation in expenses of $401,609,745, there was a loss in
net of $143,479,608, or 15.80%. For 1918 our compilation showed an increase in the gross in the imposing sum of $863,892,744, or 21.40% (due in no
small measure to the advance in rates made by Director-General McAdoo at the close of May in that
year), but the addition to the expenses reached $1,148,664,364, or 40.35%, leaving a loss in the net of
$284,771,620, or 23.92%. The prodigious augmentation in the 1918 expenses was due not merely to the
general rise in operating costs but yet more to the
tremendous advances in wages granted by DirectorGeneral McAdoo in May 1918, and made retroactive
to the 1st of January of that year. But even in 1917
there had been a falling off in the net in face of a
substantial increase in the gross. In other words,
for the calendar year 1917 our compilation showed
that while gross had increased $430,679,120, or
11.61%, this had been attended by a rise in operating
expenses of $490,758,869, or over 20%,leaving a loss
of $60,079,749 in net earnings. There was this qualifying circumstance, however, with reference to the
1917 loss in net, namely that it followed strikingly
good results, both as regards gross and net, in 1916
and 1915. On the other hand,it is equally important
to remember that these gains for 1916 and 1915 represented in part a recovery of previous losses.
In the following we show the yearly comparisons
as to both gross and net for each year back to 1907.
For 1910 and 1909 we take the aggregates of the
monthly totals as then published by the Inter-State
Commerce Commission, but for the preceding years
we give the results just as registered by our own




tables each year-a portion of the railroad mileage
of the country being always unrepresented in the totals, owing to the refusal of some of the roads at that
time to furnish monthly figures for publication.
Na Earnings.

Gross Earning".
Yr.
Year
Given.

Year
Preceding.

I
Inc. (-I-) or I
Dec.(-)•

Year
Given.

Year
Preceding.

(+)Or
Dec.(-).

$
$
$
$
9
$
I
'07. 2287,501,605 2090,595,451 +196,906,154660,753,545665,280,191 -4,526,646
301,749,724 694,999,048 748,370,244 -53,371,196
'08- 2235,164,873 2536,914,59
'09- 2605,003,302 2322,549,343 +282,454,959901.726,065750,685,733 +151.040,332
'10- 2836.795,091 2597,783,833 +239,011,258909,470,059 900,473,211 +8,996,848
'11- 2805,084,723 2835,109,539 -30.024,816 883,626,478 907,914,866 -24,288,388
'12- 3012,390,205 2790,810.236 +221.579969937,968,711877.617.878 +60.350,833
'13_ 3162,451,4343019,929,637 +142,521,797907,022,312940.509,412 -33.487,100
'14_ 2972,614,302 3180,792,337 208,178,035828.522,941 904.448.054 -75,925,113
'15_ 3166,214,616 3013,674,851 +152,539,7661040304301 828.650,401 +211.653,900
'16- 3702,940,241 3155,292,40 +547.647.836112726397421036016315 +238,623,427
'17. 4138,433,260 3707.754,140 +430,679,120 12151105541275190303 -60,079,749
235925905.794,7151190566335-284,771.620
'18- 4900,759,309 4036,866,565 +863,892,744
'10_ 5173,647,0544915,616,017 +258,130,1371764,578,730908,058,338-143,479,608
461,922,7761765,876,02 -303.953,253
'20_ 6204,875.141 5178,639,216 +1026
'21_ 5552,022,979 6216,050,959-664,027,980958.653,357 402,150,071 +556.503,288
'22_ 5531.180.9285486,679,05 +44,501.869 1143927638952,945.604 + 190.982,034
!Vote.-In 1907 the length of road covered was 173,028 miles, against 171,316 miles
In 1906; in 1908, 199,726. against 197,237 miles; In 1909, 228,508 miles, against
225,027 miles; in 1910, 237,554 miles, against 233,829 miles: in 1911, 241,432 miles,
against 238,275 miles; in 1912,239,691 miles, against 236,000 miles; in 1913. 241,931
miles. against 239,625 miles; In 1914, 246,356 miles, against 243,636 miles; in 1915
249,081 miles, against 247,936;in 1916,249,008 miles, against 247.868 miles; in 1917
250,193 miles, against 249.879 miles; in 1918, 233,014 miles, against 232,639 miles
In 1919. 233,985 miles, against 234,264 miles;in 1920, 235.765, against 234.579 miles
In 1921, 235,690 miles, against 234,777 miles;in 1922. 236,084 miles, against 235,675
raneg.

As concerns the movements of the leading staples
and the part they have played in affecting the traffic
and revenues of the year, there was a further increase in the grain movement on top of the increase
in the previous year. At the Western primary markets the receipts of wheat did not quite equal those
of the previous year, they having been 416,852,000
bushels for the 52 weeks of 1922 as against 428,601,000 bushels for the 52 weeks of 1921, but the receipts
of corn, of oats, of barley, and of rye all moved to
higher totals. The corn receipts for the 52 weeks of
1922 were 387,470,000 bushels as against 336,163,000
bushels in 1921; the oats receipts 223,834,000 bushels against 213,090,000; the barley receipts 38,182,000 bushels against 32,190,000, and the rye receipts
58,795,000 bushels against 23,621,000. Altogether the
grand aggregate of the receipts of the five cereals
combined for the 52 weeks of 1922 was 1,125,133,000
bushels, as against 1,033,665,000 bushels for the 52
weeks of 1921. As showing that the gain has been
cumulative, we may note that for the 52 weeks of 1920
the total of the receipts was only 841,660,000 bushels.
The details of the Western grain movement in our
usual form are set out in the following:
Corn.
Wheat.
Flour.
Jan.1 to
(bush.)
(bush.)
(bbis
Dec.30.
Chicago1922-13,739,000 57.482,000 193,181,000
1921____10.876.000 45,556.000 181,186,000
Minneapolis121,520,000 14.825.000
1922_
162,000 109,827,000 14,451,000
1921____
Duluth55.971,000 12,579,000
1922_
52,723,000 7,387,000
1921_
Milwaukee1922____ 2.429,000 2,753,000 23,314,000
1921- 1,500.000 19,892,000 28,620,000
Toledo10,393,000 3,994,000
1922_
7,211,000 3,033,000
1921_
Detroit1,842,000 2.547,000
1922_
1,742,000 1,669.000
1921Omaha ct hutianap011829.048,000 51,701.000
1922_
1921- 289,000 33,423.000 40,047,000
St. LOUIS1922._ 4,555,000 38,153,000 32,647,000
1921_-_ 5,303,000 52,844,000 28,646,000
Peoria1922____ 2,354,000 4,289,000 25,392,000
1021....-- 2,507.000 1.993,000 17,809,000
Kansas Otto53.000 83.826,000 16,376,000
19221921____ 1,008,000 103,390.000 15,335,000
St. Joseph11,556.000 10,681,000
1922_
1921_
Sioux Cut19,000
233,000
1922_
1921_

Oats.
(bmsk)

Barley.
(bush.)

Eye
(bush.)

88.473.000 9.886,000 5,779,000
82,582,000 7,718.000 4,244,000
28,180.000 12,699,000 10,141,000
29,451,000 9,350,000 5,460,000
4,114.000 4,349.000 38,752,000
6,751,000 4,479,000 9,888,000
21,672,000 0,983,000 2,842.000
19.391,000 9,032,000 3,256,000
3.788,000
5,034,000

9,000
182,000

2.745,000
2,934,000

565,000
17,000
9,000

22,987,000
22,883,000
28,131,000
26,387,000

785,000
804,000

508,000
360,000

15,782,000
10,793,000

468,000
575,000

199,000
396,000

8,435.000
6,884,000

3,000
50,000

1,425.000

102,000

Total of All1922-__ _23.130.000 416,852,000 387,470,000 223.834,000 38,182,000 58,705.000
1921----21.645,000 428,601,000 336.163.000 213,090,000 32,190,000 23,621,000

31Au. 101923.]

THE CHRONICLE

At the seaboard the grain movement also again
ran heavier than in the year preceding, the receipts
of wheat, corn, oats, barley and rye footing up 579,691,000 bushels for the 52 weeks of 1922 against 496,035,000 bushels for 1921 and 374,086,000 bushels for
the 52 weeks of 1920, as will appear from the following:

99*

marvelous transformation in the short space of two
years. For the entire Pennsylvania Railroad System net for 1922 stands at $122,972,712, against $82,445,964 for 1921,and comparing with a deficit (below
the amount needed to meet operating expenses) of
26,685,284 in 1920.
The New York Central, with $23,647,072 gain hr
GRAIN AND FLOUR RECEIPTS AT SEABOARD PORTS
FOR 52 WEEKS. gross in 1922, shows $4,580
,769 loss in net, but the
Receipts of1922.
1921.
1920.
1919.
1918.
Flour
bbls- 27,036,000 26,068,000 13,813,000 16,229,000 19,625,0
00 previous year the road had shown $51,373,104 gain
Wheat
bush-300.022,000 305,940,000 263,584,000 221,333,000 101,926,
Corn
145,247,000 101.496,000 20,013,000 101,095,000 20,311,0000 in net on a loss of $50,423,449 in gross. This is for
00
Oats
69,223,000 46,139,000 27,645,000 71,013,000 102.514,000
Barley
17,874.000 17,363,000 11,887,000 57,944,000 10.256.000 the New York Central itself. Including the various
Rye
47,325,000 25.097,000 50,957,000 30,403,000
8,016,000 auxiliary and controlled
roads, the whole going to
Total grain
579,691.000 496,035,000 374,086,000 481,788,000 243,023,00
constitute the New York Central Lines, the result is
The Western live stock movement, after having an
increase of $46,391,084 in gross and of *1,927,199'
shown some contraction in 1921, again increased in in
net. In 1921 there had been $93,717,688 loss in
1922. At Chicago the receipts comprised 275,712 gross
but $69,390,938 gain in net. The Baltimore &
carloads for the twelve months of 1922, against 267,- Ohio in
1922, notwithstanding the bituminous coal
802 carloads for the twelve months of 1921; at Kan- miner
s' strike and the railway shopmen's strike, sucsas City they were 133,072 cars, against 118,673.
ceeded in adding $2,220,797 to gross and $3,656
,446
In the South the cotton movement did not quite to
net. With this further addition the compa
ny's
come up to that of 1921, at least as far as the receipts net for
1922 is $35,821,795, against $32,165,349 for
at the ports were concerned. These latter aggre- 1921 and
no more than $5,545,137 for 1920. The Erie
gated 6,514,386 bales in the twelve months of 1922, and the
anthracite coal roads all suffered heavy reagainst 6,705,692 bales in the twelve months of 1921 ductions
of their net with the exception of the Philaand 6,370,372 bales in 1920, as per the following:
delphia & Reading. The latter, notwithstanding
f2,RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUAR
Y 1 TO 989,476 decrease in the gross,
succeeded in increasDECEMBER 31 1916 TO 1922, INCLUSIVE.
ing net by $3,316,510, bringing the amount of
the latFull Year.
ter up to $19,879,429 for 1922, against $16,562,919
Potts.
in
1922.
1921.
1920.
1919.
1918.
1917.
1921, and only $5,333,516 in 1920. For the
Centr
al
Galveaton
bales- 2,795,743 3.074.988 2.544.952 2,272,207 1.488,623 1,968,018
Texas City, &e
855.873 558,1661 518,666 366,8731 117.875 107.398 of New Jersey the 1922 net stands at
$7,291,049,
New Orleans
1,413,518 1,394.039 1,523.320 1,500.728 1,552.729 1,355.695
Mobile
148,557
252,544 117,371
99,511 against $9,039,301 for 1921, but turning back to 1920
Pensacola, &a
23,023
20,748
19,237
27.769
45,880
57,908
Savannah
827.282 799,640 849.358 1.410.812 1.009.196 907.757 we see that in that year the road
fell $5,884,421 short
Brunswick
40,075
18.322
76,304 219.030
90,550 175,770
Charleston
169,571 106,061 307.827 298,214 145.506 198,533 of meeting ordinary operat
ing
expens
Wilmington
es.
113,388 119,183
99,232 189.687
93,830
72,272
Norfolk
327.358 474,629 283,872 391.542 263,373 379,895
Southern roads without exception give a strikinglyNewport News..
1,695
4,014
2,943
5,857
8,125
good account of themselves and the impro
Total6,514,386 6,705,692 6,370,372 6,927,34
vement in
9 4,930,740 5,328,882
the net in most instances follows improvemen
t also.
In the case of the separate roads, the feature is the
in net in the year preceding. We may take the
Louiswonderful transformation effected in the income poville & Nashville for illustration. It has net
of $21,sition of many of the larger systems under the great
540,182 for 1922, against $8,192,000 for 1921 and
only
reduction in the expense items. In not a few in$5,047,918 for 1920. In the case of the South
ern;
stances the improvement in the net occurs in face of
Railway Co., the net of $31,319,714 for 1922 compa
res,
large shrinkages in the gross revenues. As a rule
with $22,886,143 for 1921 and $22,998,942 for
1920..
Southwestern roads have done poorly, in the net as
Among the minor Southern roads quite a few
faile&
in the gross, and the anthracite roads have suffer
ed to earn expenses in 1921 as also in 1920,
whereas for
severely in both, because of the long suspension of
1922 there is only one road so distinguished. Amon
g
mining in the anthracite regions, but nearly everyNorthwestern roads the record of the Milwaukee &
where else net earnings present strikingly favorable
St. Paul attracts attention. This system has added
comparison even where the gross has decreased. As
$10,184,862 to gross and $8,545,168 to net.. Accor
da matter of fact, however, there have been larger
or ingly, net for 1922 is $27,353,932 again
st only $18,smaller increases on the roads serving the centres
of 808,764 for 1921 and no more than
$3,367,809 for
large population or the great manufactur
ing dis- 1920. The Great Northern has
added $2,135,733 to
tricts as a consequence of the revival of busine
ss, gross and $2,996,608 to net, and the
Northern Pawith the resulting increase in merchandise
traffic cific, with $1,538,008 increase
in the gross, has enand in the purchasing capacity of the people.
In the larged net by $6,514,165. On
the other hand, the
New England States the Boston & Maine report
s for Burlington & Quincy report
s 13,795,798 decrease in
1922 net of $12,745,726, against only $5,318
,533 for gross and $2,357,212 decrea
se in net. The Union Pa1921; the New Haven net of $23,25
7,785 against $10,- cific has fallen behin
d
$8,683
,791 in the gross and
002,938, and the Maine Central
net of $3,943,789 $4,045,921 in the net,
but
.
on
the other hand, the
against only $1,056,712. The first two syste
ms had Southern Pacific, though
having lost $8,578,578 in
increases also in the gross, though
nowhere equal to gross, has added $10,43
7,313 to net.
those in the net, but the Maine Centr
al made its gain
Southwestern roads, as already indicated,
in net in face of some loss in the gross. Amon
quite
g the generally show losses. In
most cases this is due to
Eastern trunk line systems, the Pennsylvan
ia on the smaller gross, but an
exception is the Atchison,.
lines directly operated east and west of Pittsburgh
which reports $7,293,631 decrea
se in net with $2,288,shows $30,628,203 increase in gross and no less than
710 increase in the gross; however,
the Atchison in
$37,122,932 increase in net. With this additi
on, the 1921 had shown $31,500,244 increa
se in net in face
net for 1922 amounts to $112,233,424, against $75,- of
$24,389,676 loss in the gross. The Rock
Island for
110,492 for 1921, and if we should go back to 1920 1922
reports 414,190,880 decrease in gross
and $1,we would find that in that year the company fell far 784,19
2 decrease in net; the Missouri Pacifi
c $9,823,short of meeting bare operating expenses, reflecting 741
decrease in gross and $2,440,200 decrea
se in net,



994

[VoL. 116.

TB:E CHRONICLE

and the St. Louis-San Francisco $3,273,623 decrease in gross and $1,606,911 decrease in net. In
the following we indicate all changes for the separate
roads for amounts in excess of $1,000,000, whether
increases or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS IN 12 MONTHS.
Increases.
Increases.
$30.628,203 St Louis Southwestern(2) 51.019,759
Pennsylvania (a)
New York Central (b)_ _ _ 23,647.072
Representing 33 roads
13.733,321
Illinois Central
in our compilation_S171.332,822
10,514.555
Michigan Central
Decreases.
Chicago Milw & St Paul. 10,184.862
9,554.153 Chic Rock Isl & Pac (2)414,190,880
Norfolk Western
12,578,91
6,841.408 Lehigh Valley
NYNH& Hartford
11,369,789
Pittsburgh & Lake Erie__ 6,344.924 Delaware Lack & West
9,823,741
Clev Chic Chic & St L__ 4,872,097 Missouri Pacific
8,683,791
Minn St Paul & S S M-- 4,361,665 Union Pacific (3)
8.578.578
4,092,578 Southern Pacific (8) _ Atlantic Coast Line
Louisville & Nashville...... 3,991,083 Missouri Kan & Tex (2)_ 6,825,665
6,650,175
N Y Chicago & St Louis_ 3,313.924 Erie (3)
4,218,679
2.834,115 Texas & Pacific
Seaboard Air Line
Duluth Missabe & North 2.601.862 Atch Top & Santa Fe (3) 3,941,210
Detroit Toledo & Ironton 2,550,805 St Louis San Fran (3)_.._ 3,273,623
3,795,798
Buffalo Roch & Pittsb-- 2,357.155 Chicago Burl & Quincy
3.455,334
Grand Trunk Western__ 2,348,290 Chicago & Alton
3,172,526
2,230.629 Central RR of NJ
Long Island
2,220,797 Philadelphia & Reading_ 2,989.476
Baltimore & Ohio
2,965,666
&
North'n
Internet
Great
2.148.473
Elgin Joliet & Eastern_
2,135,733 Chicago & Eastern Ill_ _ _ 2,367,798
Great Northern
Toledo St Louis & West_ 2.038.373 N Y Ontario & Western_ 1,785.955
1.997,887 Colorado & Southern (2) 1,644,903
Chesapeake & Ohio
Duluth & Iron Range.....1.846,144 Wheeling & Lake Erie__ _ 1,616,819
1.749.352 Central New England_ _ 1,592,039
Union RR of Pennsylv
1,555.196
1,538,008 Wabash Railway
Northern Pacific
Nashville Chatt & St L__ 1,429.160 Missouri & North Arkan_ 1,474,389
1,388,256
Kansas
City
Southern_
1,324.961
Chicago & North Western
1,298,549
1,322,705 Denver & Salt Lake
Boston & Maine
Indiana Harbor Belt..... _ 1,264.862 Wichita Falls & Nor West 1,159,610
1.205,522 Alabama Great Southern 1,017,420
Central of Georgia
1.010.723
West Jersey & Sea Shore_ 1.088.385 Galveston Wharf
Representing 47 roads
In our compilation_5132.426,773
Note,-All the figures in the above are on the basis of the returns filed
Where, however, these
Commission.
Commerce
with the Inter-State
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
In the statements furnished by the companies themselves.
former
a This is the result for the Pennsylvania RR. (including the
Louis and
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St.530,628.203
RR
reporting
Grand Rapids & Indiana). the Pennsylvania
all roads owned
Increase. For the entire Pennsylvania System. Including
and controlled, the result Is an increase in gross of $33.842.965.
the operations of the Now York Central
b These figures cover merely auxiliary
and controlled roads, like the
itself. Including the various
form New
Michigan Central. the "Big Four," &c., the whole going to
York Central System, the result is a gain of $46,391.084.
MONTHS.
PRINCIPAL CHANGES IN NET EARNINGS IN 12
Increases.
Increases.
$1,605,347
Erie....
Lake
&
Pittsburgh
2
$37.122,93
Pennsylvania (a)
Louisville & Nashville__ - 13,348,182 Rich Fred & Potomac-- 1,597,837
1.566.826
NY N H & Hartford::: 13,254,847 Duluth & Iron Range..... 1,547,342
Chic & North Western-- 11.225.255 Union RR of Penne
1.466.166
Southern Pacific (8)...... 10.437.313 Pittsb & West Virginia
1,283,331
10,064.963 Central Vermont
Atlantic Coast Line
1.253.036
Chicago Milw & St Paul_ 8,545.168 Detroit Grand Hay & Mil 1,239,124
8,433,571 Atlanta Birm & Atlantic_
Southern Railway
1.219,941
Marquette
Pere
Minn St Paul & 6 S M. 7.674,213
7,427,193 West Jersey & Bea Shore_ 1,195,621
Boston & Maine
6.514,165 Cline New Orl & Tex Pac_ 1.088,902
Northern Pacific
5,583,122 Chic Indianap & Western 1.020,562
Norfolk & Western
4,601.843 Internet & Great North_ 1,008,980
Illinois Central
4,419,906
Clew Chic Chic & St L
Representing 55 roads
3,656,446
Baltimore & Ohio
in our compliation_5217.470.628
3,636.033
Seaboard Air Line
Decreases.
3.633,490
Grand Trunk Western
3.490,142 Atch Top & Santa Fe (3).510,801,327
Michigan Central
7,138,082
Western-&
Lack
Delaw
3.316,510
Philadelphia & Reading_
3,284,969 Delaware & Hudson...... 4,989,087
Central of Georgia
4,580,769
Mo Kan & Texas (2)....... 3,013.956 New York Central (b)..... 4,364,782
2,996,608 Lehigh Valley
Great Northern
4,045,921
2.887,077 Union Pacific(3)
Maine Central
2,440,200
Duluth Missabe & North 2,361.989 Missouri Pacific
2,238,795 Chicago Burl &(uincy-- 2,357,212
Long Island
(2)--- 1,784,192
Denver & Rio Grande__. 2.170,459 Chic It I & Pacific
1,748,252
J
Bessemer & Lake Erie_ -- 2,167,858 Central RR of N
1,644,872
• Elgin Joliet & Eastern- 2,063,621 Erie (3) San Fran (3)_ __ 1.606,911
Louis
St
1,978,134
Mobile & Ohio
Southern (2) 1.229,363
Chic St Paul Minn & Om 1.975,704 Colorado &
Lake Erie_ _ _ 1,097.076
Nashv Chatt & St Louis_ 1,828,749 Wheeling &
1,741.214
Florida East Coast
Representing 24 roads
NY Chicago & St Louis_ 1,650,190
In our compilation_ _549,828,046
1.632.996
. Gulf & Ship Island
(Including the former
a This is the result for the Pennsylvania RR.
Chicago & St. Louis and
Cincinnati
Pittsburgh
Pennsylvania Company,
reporting 537,122,932
RR.
Pennsylvania
Grand Rapids & Indiana). the
including all roads owned
increase. -For the entire Pennsylvania Syatem,
$40,526,748.
of
net
in
increase
and controlled, the result is an
of the New York Central
b These figures merely cover the operations controlled roads, like the
itself. Including the various auxiliary and
Is an increase of $4,result
the
&c.,
Michigan Central, the "Big Four."
927,199.

-Mileage
1922. 1921.
Group 1
Group 2
Group 3
Groups 4-5
Groups 8-7._
Groups 8-9
Group 10

7,476
34,627
15,592
39,015
67,349
55,191
16,834

7,510
34,506
15,600
38,981
67,095
55,459
16,724

1922.
1
45,942,281
294,758,787
109,418,092
155.379,288
266,110,364
188,411,298
83,907,528

Net Earning
Inc. (-I-) or Dec.(-).
. 1921.
$
20,088,032 +25,854,249 128.70
273,981,966 +20,776,821 07.58
80,851,479 +28,586,613 35.33
89,551.300 +65.827,988 73.51
217,828,643 +48,281,721 22.17
196,200,456 -7,789,158 3.98
+9,463,800 12.71
74,443,728

236,084 235,675 1,143,927,638 952,945,604 +190.982,034 18.04
Total
NOTE -Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh
Groups IV. and V. combined include the Southern States south of the Ohlo and
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan. all of
Minnesota, Wisconsin, Iowa and Illinois. all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma. Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.

We now add our detailed statement for the last
two calendar years, classified by groups the same as
in the table further above and giving the figures for
each road separately:
EARNINGS OF UNITED STATES RAILWAYS, JAN. 1 TO DEC. 31.
Net
Gross
Inc. or Dec.
1921.
1922.
1921.
1922.
Group I.
$
1
New Englandde1706.216
+672;205
def34,011
2,676,621
Atlantic & St Lawr_ 2,880,859
1,510,257 +425,034
1,935,291
Bangor Ac Aroostook 7,436,968 7,348,709
+7,427,193
5,318,533
12,745,726
78,477,418
70,800.123
_
_
Boston & Maine_
1,106,525 def176.806 +1,283,331
Central Vermont..._ 7,626,626 7,13.5,753
209.924 +110,486
320,410
Internat Ry of Me__ 2,658,610 2,808,902
1,056.712 +2,887,077
3,943,789
20,590,064
20,387,172
Maine Central
NYNH& Hartf_ _123,246,641 116,405,233 23,257,785 10,002,938+13,254,847
1,958,429 2,264.841 -306,412
2,942,321
2,929,211
N Y Connecting_ __
607,849 +100,488
708,337
5,803,158 5,811,556
Rutland

Total(9goads)-252,769,368 244,196,577
omu

45,942.281 20,088,032+25,854,249
Net
Inc. or Dec.
1921.
1922.
$
$
$
669.999 -136,600
533,399
35,821,795 32,165,349 +3,656,446
404,862 +251,164
656,026
def314 def299,145 +298,831
-69,539
482,494
412,955
1,573,515 2,360,303 -786,788
7,291,049 9,039,301 -1,748,252
2,236,725 7,225,812 -4,989,087
10,727,792 17.865.874-7.138,082
4,224,423 7,942,206 -3,717,873

1931.
1922.
Group II.
$
$
East Middle,
4.636.753 4,615,848
Atlantic City
Baltimore & Ohlo 200,843,170 198,622,373
1,573,325 1,318,073
Bklyn ED Term
1,675,822 2,052,782
Buffalo & SIM
Buff Roch & Pittsb_ 16,758,681 14,399,526
6,790,751 8,382,790
Central New Eng
Central RR of N J 49,488,471 52,660,997
Delaware & Hudson 37,722,123 45,723,398
74,873,605 86,243,394
Del Lack & West
95,292,290 102,835,505
Erie
Chic & Erie-See Group III.
132,606
1,502,772 1,487,954
New Jer & N Y
465,032
Lehigh & Hudson_ 2,412.760 3,242,288
933,034
Lehigh & New Eng. 4,597,073 4,775,737
62,418,889 74,997,799 3,394,949
Lehigh Valley
207,578
824,143
Monong Connecting 1,715,071
167.717
1.138.757 1,408,940
Montour
NY Central
363,122,527 339,475,455 72.645,493
For other auxiliary and controlled roads see Group III.
N Y Ont & West.... 12,341,912 14,127,867 1,356,365
127,007
N Y Swig & West_ _ _ 4,188,873 4,208,711
Pennsylvania Lines East and West of PittsburghPennsylvania _ _ _ _646,352,108 615,723,905 112,233,424
33,741
Bait Ches & Alt._ 1,564,866
1.606410
7,777,721
Long Island.
30,951,540 28,720,911
def71,632
Mary Del ar Va.. 1,173,967
1,251,171
1,355,840
3,723,939 4,396,316
Monongahela_
WJer & Seashore_ 14,018,091 12,929,706 2,441,679
629,218
Perklomen
1,285,803
1,293,261
Phila & Reading
81.934,751 84,924,227 19,879,429
Pitts & Shawmut._ _ 1,090.985 1.272,028 def134,697
Pitts Shaw & Nor... 1,271,751
1,195.797 def168,720
841,086
Port Reading
1,898,438 2,236,444
Staten Island It T.. 2,422,259 2,511,441 def154,624
72,224
Ulster & Delaware.... 1,652,803
1,747,687
Union RR of Pa...... 11,184,564 9,43.5.212 3,271,759
Western Maryland_ 18.575,350 17,619,972 3,845,193

-35,512
168,118
812,447 -347,415
-46,962
979,996
7,759,731 -4,364,782
15,701) +190,869
6,798 +160,919
77,226,262 -4,580,769
2,060,781
146,916

-704,416
-19,909

75,110,492+37,122,932
--68,187
101,878
5,538,926 +2,238,795
-37.904
def33,728
-31,407
1,387,247
1,246,058 +1,195,621
+9,266
619,952
16,582,919 +3,316,510
def7.219 -127,478
def470.688 +301,968
1,028,385 -187,299
def28,756 -125,868
367,872 -295,648
1,724,417 +1,547,342
+45,885
3,799,308

Total(34 roads)._1762190297 1748260619 294,758,787 273,981,966+20,776,821
Net
Inc. or Dec
1921.
Group III.
1922.
1921.
1922.
$
MiddleWest$
501,607 +363,484
Akr Cant de Youngs_ 2,209,489 1,658,542
865,091
+13.366
920,404
Ann Arbor
5,053,161
933,770
5,139,215
Bessem& Lake Erie. 14,511,803 13,527,593 4,432,208 2.264,350 +2,167,858
Chic Ind & Loulsv._ 16.031,586 15.162,870 3,870,442 2,980.920 +889,522
588,998 def431,564 +1,020,562
Cino Ind & Western. 4.363,694 3,716,572
-28,070
208,309
178.230
Detroit & Mackinac 1,875.664
1,972.441
1,100,963 +665,632
Del Tol & Sh Line... 3,585,716 2,918,040
1,766,595
1,046,908 +453,924
1,500,832
Det Tol & Ironton
9,004.474 6,453,669
Erie System-See Group II.
439.643 +2,108,513
. 11.681,813 10,703,591
Chicago &
2,548,156
New Jersey & N Y-See Group II.
Grand Trunk System-See Group I.
469,296 +701,964
Chic D C G Tr Jet 2,383,677 1,959,197
1,171,260
2,108 +1,253,036
Det Gr Hav & Mil 5,335,380 4,608,548
1,255,144
+3,633,490
def72,714
West.
16,302,823
3,560,776
Grand Trk
13,954,333
2,520,607 +587,724
Hocking Valley---- 13,855,464 14,093,001 3,108,331
434,719 clef143,947 +578.666
Lake Sup & Ishpem_ 1,073.498
411,615
-30,569
213,908
183,339
Lake Terminal
1,012,304
1,201,902
343.398 +119,261
Newburgh & So Sh. 1,950,343 1,496,821
462,659
II.
-See
Group
Central
NY
1,115.422 -307,871
Cincinnati North- 3,505,287 3,757,713
807,551
C C C & St Louis_ 84,665,690 79,,93,593 19,807,377 15,387.471 +4,419,906
Belt-See
Indiana Harbor
Groups VI and VII.
Michigan Central. 83,426,407 72,911,852 .23,850,050 20,359,908 +3,490,142
Pitts& Lake Erie_ 29,570.083 23,226,059 4,490,970 2,885,623 +1,605,347
N Y Chic & St Louis 39,406,081 36,092,157 8,991,022 7,340,832 +1,650,190
Pere Marquette..... 38,397,934 38,303,029 9,486,870 8,266,729 +1,219,941
Pitts& West Va__ 2,835,601
598,770 def867,390 +1,466,166
2,798,255
Tol St Louis& West. 11,542,343 9,503,970 2,896,737 2,184.908 +711.826
8,711,523 +909.676
9,621,199
59,217,692
57,662,496
Railway-Wabash
SUMMARY BY GROUPS.
3,104,257 -1,097,076
Wheel & Lake Erie_ 13,153,888 14.770,707 2,007,181
Grass Earnings
,613
Dee.
or
80,851,479+28,566
(-)
(+)
1922.
In&
(26
.
1921
roads)_ _474,297.399 439,352.977 109,418,092
Total
Section or Group.
$
Na
12 Moo.ending Dec.311922-Gros
03.51
+8,572,791
252,789,368
244,196,577
_
Dec.
or
_
Inc.
England
1921.
Group 1 (9 roads(New
1022.
Groups IV db V.
1922.
1921.
1,748,260,619 +13,929,678 00.80
$
Group 2(34 roads) East de Middle 1,782,190,297
Southern.
474,297,399 439.352,977 +34,944.422 07.95 Alabama&
-1,990
461.607
459,617
Group 3(26 roads) Middle West__ 684.756.441
VIcksb._ 3,063,635 3,397,144
04.03
+26,536,439
658.220,002
Southern__
311,047 +185,484
496,531
Groups 4-5(34 roads)
&
West
Pt.
2,470,655
2,606,416
Atlanta
2.20
+25,612,822
5,981
1.163,053,159
def1,459,03O +1,239,124
Groups 6-7(29 roads) Northwest_1,188,66
def219,906
&
Birm
3,201,634
Atl_
Atlanta
4,017,228
6.25
8,724,935+10,064,963
Groups 8-9 (49 roads) Southwest. 856,265,961 913,340.428 -57,074,467
2.51 Atlantic Coast Line_ 70,823,346 66,730,768 18,789,898
+448,874
Group 10(12 roads) Pacific Coast 312,235,481 320,255,297 -8,019,818
Caro Clinch & Ohio_ 7,608,602 7,464,112 2,592,815 2,143,941
2,036,656 +3,28s,969
5,321,625
22,057,499
of
GeorgiaCentral
23.263,021
00.81
+44,501,869
5,486,679,059
531,180,928
5
Total (193 roads)

When the roads are arranged in groups or geographical divisions according to their location, further emphasis is given to what has already been said.
Increases in gross are shown, though relatively
small,in the case of all groups except the Southwestern and those on the Pacific Coast, which register
decreases. On the other hand, in the net there is a
decrease only in the Southwestern group; everywhere else there are increases, with the percentages
of improvement very large as a rule. Our summary
by groups is as follows:




THE CHRONICLE

MAR. 10 1923.]

Nel
Gross
1921.
Inc. or Dec.
1922.
1921.
1922.
$
$
750,757 def64.389 +815,146
Charles & W Caro__ 3,221,243 3,282,057
Chesapeake & Ohio_ 7,511,792 • 5,513,905 1,792,570 1,066,138 +726,432
Florida East Coast_ 13,427,625 13,558,013 3,995,800 2,254,586 +1,741,214
245,864 def68,380 +314,244
1,389,678
Georgia & Florida__ 1,362,046
171,665 +700,258
871,923
5,241,926 5,197,503
Georgia
2,947,651 2,852,960 1,444,478 def188,518 +1,632,996
Gulf& Ship Island
433,200 +787,845
1,221,045
Gulf Mobile & Nor_ 4,541,436 4,086,217
Louisville & Nashv_121,140,207 117,149,124 21,540,182 8,192,000+13,348,182
Louis Rend & St L. 3,274,808 2,883,043
941,741
550,783 +390,958
def2,632 +229,300
Mississippi Central_ 1,502,610 1,198,143
226,668
Mobile & Ohio
17,878,005 18.190,180 4,043,784 2,065,650 +1,978,134
Colum & Greenv_ 1,581,751
1,594,294
376,371
43,129 +333,242
Nash Chatt & St L. 22,353,763 20,924,603 3,146,075 1,317,326 +1,828,749
New Ore& Grt Nor_ 2,547,752 2,528.529
858,343
281,975 +576,368
Norfolk & Western_ 90,314,743 80.760,590 22,337,541 16,754,419 +5,583.122
Norfolk Southern
8,412,957 8,056,795 1,817,522
1,304,286 +513,236
Rich Fred & Potom_ 10,975,812 10,002,075 3,740,908 2,143,071 +1,597,837
Seaboard Air Line_ 45,679,048 42,844,933 9.456,165 5,820,132 +3.636,033
Southern Railway_ _128,489,847 128,715,150 31,319,714 22,886,143 +8,443.571
Ala Great South'n 8,524,804 9,542,224
1,959,044
1,345,906 +613,138
Clue NO & Tex P 16,801,374 17,170,444 3,470,110 2,381,208 +1,088,902
Georgia Sou & Fla 4,518,016 4,586.771
773,805 def82,441 +856.246
New On & No Eas 5,506,622 6,329,587
510,016
475,121
+34,895
North Alabama
1,443,503
908,334
551,411
207,748 +343,665
Tennessee Central
2,518,908 2,338,815
232,872 def135,615 +368.487
Virginian
19,009,444 18,024,357 6,570,053 5,618,629 +951,424
West Ry of.slabama 2,741,539 2,530,457
683.600
329,122 +354,478
Yazoo & Miss Valley 19,904,961 20,759,409 3,060,346 2,231,884 +828,462
Total (34 roads)_884,756,441 658,220,002 155,379,288 89,551.300+65,827,988
--Gross
Net
1921.
Inc. or Dec.
1922.
$
$
266,643 def239,059 +505,712
2,091,413
1,467,029 +624,384
3,946,335 4,846,710 -900,375
3,596,615 3,154,741 +441,874
26,909,303 15,684,048+11,225,255
38,138,7137 40,495,979 -2,357,212
2,950,553 3,283,672 -333,119
27,353,932 18,808,764 +8,545,168
def45,640 def436,638 +390.998
5,503,956
3,528,252 +1,975,704
2.169,795
602,969 +1,566,826
7,425,327 5,063,338 +2,361,989
519,826 del100,340 +620,166
107.302 def92,587 +199,889
1,112,123
508,442 +603,681
7.785,524 5,721,903 +2,063,621
23,816.899 20,820,291 +2.996,608
318,717
-36,362
282,355
35,731,118 31,129.275 +4.601,843
3,353,930 3,053,486 +300,444
1,423,001 +797,538
2,220,539
10,664,254 2,990,041 +7,674,213
2.244,268
1,447.679 +796,589
23,421,357 16,907,192 +6.514,165
144,216 +242.381
386,597
def52,827 def101,528
+48,701
def55,035 def208,570 +153,535
33,920,639 37,171,941 -3,251,302

Groups VI. & VII. 1922.
1921.
NorthwestB &0Chicago Term 3.116,202 2,628,783
Belt Ry of Chicago_ 6,184,668 5,495,789
Chicago & Alton___ 27,593,925 31,049,259
Chic & East Illinois.. 24,731,348 27,099,146
Chic & Northwest .146.100,437 144,775,476
Chic Burl & Quincy_164,916,470 168,712,268
Chic Great Western. 24,224,788 24.273,653
Chic Milw & St Pau1156,950,628 146,765,766
Chic Peoria & St L__ 2,098,584 2,086,331
Chic StPM & Om__ 27,801,007 28,047,675
Dul & Iron Range__ 6,818,658 4,972,514
Dul Missabe & Nor_ 14,976,811 12,374,949
Dul So Shore & AU_ 4,492.354 4,464,860
Dul Winn & Pacific- 1,998,372 2,344,817
East St Louis Conn_ 2.099,554
1,598.645
Elgin Joliet & East_ 21,483,415 19,334,942
Great Northern__ _103,452,937 101,317,204
Green Bay & West.. 1,349,240 1,395,576
Illinois Central
154,860,387 141,127,066
Indiana Harbor Belt 10,299,400 9,034,538
Minn St Louis
15,558,248 16,185,130
Mimi St P & SS M. 47,107,105 42,745,440
Northwest Pacific
8,609,732 7,850,607
Northern Pacific
96,076,067 94,538.059
Peo & Pekin Union_ 1,803,775
1,696,110
Quin Omaha & K C_ 1,242,291
1,306,819
Tol Peoria & West_ 1.705,418
1,692,410
Union Pacific
107,842566 114,783.971
Oregon Short Line-See Group X.
Ore-Wash RR & Nay-See Group X.
St Jos & Grand 1sl 3,171,594 3,355,356

344,496

435.689

-91,193

Total (29 roads). _1188665981 1163053159 266,110,364 217,828,643+48,281,721
Not
---GrossGroups VIII & IX. 1922.
1921.
1921.
Inc% or Dec.
1922.
Southwest$
$
$
$
Atch Top & S Fe_ _191,506,230 189,217,520 51,149,722 58,443,353 -7,293,631
Gulf Colo & S Fe
24,392,120 29,209,224 5,878,988 7,845,111 -1,966,123
Panhandle & S Fe 8,119,141 9,531.957
992,145 2,533,718 -1,541,573
Chic R I & Pacific _119,204,558 131,766,857 23,443,783 24,596,525 -1,152,762
1,702,975 -631,430
1,071,545
Colorado Southern_ 13,196,236 13,223,220 2,301,571
2,699,330 -397,759
Ft Worth & D Col 9,717,037 11,334,956 2.991,147
3,822,751 -831,604
Trio & Brazos Val 2,777,179 3,501,011
504,730
711,744 -207,014
Wichita Valley...1,415,488
1,723,109
479.184
625,123 -145,939
Denver & Rio Gr_ _ _ 33,350,594 32,621,419 7,045,789 4,875,330 +2,170,459
Denver & Salt Lake_ 1,580,509 2.879,058
def74,408
145,887 -220,275
Ft Smith & West... 1,692,267
1,773,094
339,724
70,510 +269.214
Galveston Wharf_ _ _ 1,597,562 2,608,285
392.724
700.880 -308,156
Internat Gt North.. 14.674,116 17,639,782 2,393,815
1.384,835 +1,008.980
Kan City Mex & Or. 1,375.952
1,789,643 def67.510 def202,539 +135,029
K C Mex & 0 of Tex 1,600,627 2,199,355 def69,437 def261,220 +191,783
Kan City Southern_ 18,221,027 19,609,283 4,434,436
5,008.986 -574,550
Texark & Ft Smith 2,140,153 2.177,755
+68,740
843,284
774.544
Kan Okla & Gulf_ _ _ 2,933,928
2,337,527
835,160
218,913 +616,247
Louisiana & Arkan_ 3.294,233 3,380,764
651.854 +338,306
990,160
Louisville Hy & Nay 3,604,117
3,863,970
629,070
634,549
-5,479
Midland Valley.... 4.661.004 4,462,758
1,414,623 1,055,957 -1-358,666
Mo & No Arkansas_
661,973 2.136,352 def412,547 de1171,242 -241,305
Mo Kansas&Texas- 31,991,331 33,488,591 10,591,674 6,724,223 +3,867,451
M K & Tex of Tex 21,469,110 26,797.
4.473,309 5,326,804 -853,495
Missouri Pacific_ _ _ 99,921,331 109,745,072 15,262,416 17,702,616 -2,440,200
New On Tex Az Mex 2,939,171
1,121,814
2,720,388
877,130 +244,684
Beaum S L & West_ 2,054,198 2,164,146
594,916
St L Browns& Mex_ 5.111.852 5,872,676
1,669,270 1,357,811 +311,459
St Louis San Fran._ 79,170,251 81,851,289 20,026.483 21,674,704 -1,648,221
Ft Worth & Rio Gr 1,407,622 1,771,2131 def100,463
23.570 -124,033
StLSanFran ofTex 1,709,052
1.937,998
299.
133,696 +165,343
St Louis South West 18,548,233 17,366,132 7,159,092 6,738,461
+420,631
St L SW of Tex
7,611,691
7,774,033def1.003,744 def687,855 -316,889
St Louis Transfer_ _ _
759,648
1.111.430
168,999
504,679 -337,680
San Ant Arans Pass_ 5,780,169 6,322,114
516,887
276,046 +240,841
San Ant Uvalde & G 1,033.309
1,149,443
177,940
215,361
-37,421
Southern Pacific-See Group X.
Arizona Eastern-See Group X.
Galv Harr & S A. 22 254,213 25,063,536 3,515,064 3,166,250 +348,814
Hous& Tex Cent_ 15,087,424 14,843,658 3,185,384 2,616,941 +568,423
Hens & LW Tex. 3,173,666 2,994,772
433,051
438,582
+5,531
Tex & New On... 8,747,306 8,804,746
79,183 +620,838
700,021
LoulsianaWestern 4,303,197 4,387,857
891,602 +276,437
1,168.039
Mor L RH of Tex_ 8,533,387 8,789.650
841,496
228.089 +613,407
Term By of St Louis 4,498,456 4.527.866
1,294,440 +166,324
1.460,764
StL Mer Bdge Term 4,118,952 3,658,660 1,289,963
767,461 +522,502
Texas & Pacific.... 31,381,795 35,600,474 5,887,709 5,462,028 +425,681
Utah
1,769,642
1,213.535
203,199 +269,060
472,2.59
Vicks Shrev & Pao.. 3,717,970 4,151,552
701.710
854,296 -152,586
Wichita Fall & N W 1,575,260 2,734,870
914,165 -627,148
287,017
Total(49 roads)_.856,265,961 913,340,428 188,411,298 196,200,456 -7,789,158
Gross
Na
Group X.
1922.
1921.
1922.
1921.
Inc. or Dec.
Pacific Coast$
$
$
$
237,324
178,322
Bingham Garfield
El Paso & South W. 10,421,837 10,910,087 3.405,249
2,489,414 +915,835
Los Ang & Salt Lake 20,115,000 19,524,305 3,232,647 3,113,659 +118,988
575,771
345,064
Nevada Northern
251,425 def26,286 ' +277,711
8,008,843 8,609,732 2,302,909 2,244,268
Northwest Pacific
+58,641
Southern Pacific__ -183,675,381 189,996,741 55,901,117 48,707,940 +7,193,177
3,175,311
2,647,503
Arizona Eastern
1,191,365
380,679 +810,686
For remainder of system see Groups VIII & IX.
1,300,060
404,450
Spokane Internat'l. 1,229,532
338,115
-F66.335
7,980,930 2.673,434 2,848,772 -175,338
Spok Port & Seattle- 7,382,886
fee group VI and VII
Union Pacific
Oregon Short Line 36,779,501 36,843,202 10.138,742 9,431,063 +707,679
1,738,864 3,241,162 -1,502,298
Ore-WashRy&Npv 28,140,055 29,818.740
2,667,326
1,674,942 +992,384
Western Pacific_ _ _ _ 12,494,040 12,100,611
Total(12 roads)_312,235,481 320,255,297 83,907,528 74,443,728 +9,463,800
1180928 5486679059 1143927638 952,945,606+190982,032
Total all (193 rds.).553




995

Witationsofgusiness Actiuttg
The State of Trade-Commercial Epitome.
Friday Night, Mar. 9 1923.
American trade continues to improve with prices rising.
Iron and steel are striking examples. Demand there crowds
production and production crowds the labor supply. Buying
is incessant and often on a large scale of both steel and iron.
The boom in building, the remarkable activity in the automobile trade, the sharp demand from railroads, all contribute to expansion of iron and steel business in this country,
which easily make this year a notable one in the history of
the business. It is significant that the output of automobile
cars and trucks in February, reaching some 271,000, has been
surpassed only twice in the past, and in one instance by a
very little. That was last summer. The production in Feb-ruary was 125% greater than in February 1922. It is by no
means clear that the automobile industry will find the supply of raw material equal to the demand for cars, and there
are hints that there may be an advance in the price of these
vehicles. Pig 'ron production in February was the largest
since March 1921. All over the country both iron and steel
are advancing. Other metals are also higher. The February records of building are an eloquent indication of the
historic activity in this branch of business. And with cotton
over the 31-cent mark, the cotton manufacturing trade has
been active at rising prices. There is no sign that the consumer has called a halt, as he did when prices were extraordinarily high some three years ago. Fall River is doing a
good business. There have been heavy storms of wind, rain
and snow from Georgia northward to Maine, and this affected trade along the Atlantic seaboard to some extent for
48 hours. But naturally, it was only a passing phase. The
Southwest has had rains which were beneficial to the soiL
The winter wheat belt has been helped. More seasonable
weather has stimulated business in the Middle West. The
South is prosperous with cotton well over $150 a bale, and
this increased buying power is felt in various branches of
business. The South will make a determined effort to raise
a big cotton crop this year and it is hoped that there will be
a plentiful supply of labor for that purpose. Soil conditions
in the cotton belt are in the main favorable after recent
rains. The wool trade has quieted down and foreign prices
have declined. Car loadings, according to the latest reports,
are on a very large scale, owing to the activity in business in
various parts of the country.
Coal has latterly declined with the supply larger. Owing
to the troubles in the Ruhr, the United States is selling increasing quantities of coal to Europe. Much is going to the
Mediterranean ports and elsewhere on the Continent as well
as, it seems, to England. The French invasion of the Ruhr
has dislocated business in parts of Europe. Germany is
trying to run its mills and factories, despite the shutting off
of a full supply of coal from the Ruhr Basin. It is said to
be using Silesian coal and is utilizing electric smelting. Both
France and Germany,It is said, have been trying to buy large
quantities of coal in American markets and the chartering
of eastward bound ocean tonnage has been noticeably more
active here. Contracts, it is reported, have been made for
some 100,000 tons already of high coking grade. British
prices of coal are up about $120 within a week. How long
this disturbed condition of industry in France, England and
Germany will continue it is hard to say, although there are
rumors from time to time that both Germany and France are
seeking some sort of rapprochement or understanding looking to the ending of a situation which can hardly be otherwise than disadvantageous in many ways to both. Meanwhile a French plan to import anywhere from 2,500 to 5,000
American negroes from West Virginia coal fields to work in
the Ruhr coal mines for two years at $7 a day to take the
place of some of the striking German miners, it seems is not
likely to be carried out. It is said in Washington that fearing complications the Attorney-General will refuse to grant
passports to them under such circumstances. Grain markets have shown no substantial improvement. One dollar's
worth of the farmer's products, some figure, buys only 80
cents worth of other merchandise. May wheat is worth 21
cents a bushel less than a year ago and July wheat 5 cents
less. Corn, it is true, is 10 to 12 cents higher than a year
ago and oats 11y4 to 3% cents higher, but rye 14 to 24 cents
lower. On the whole, the farmer is greatly at a disadvantage when the value of the product of his labor is compared
with that of the artisan in the big towns and cities. This

996

TICE CHRONICLE

[VOL. 118.

week wheat exports have fallen off. But on the other hand, Cleveland, $2,773,560; St. Louis, $1,379,155; Cincinnati, $1,failures are falling below those of a year ago. The shoe 134,206; Nashville, $1,227,654; Omaha, $1,093,640.
manufacturers are busy. The severe winter seems to have
The thermometer was up to 60 degrees here last Saturday
helped this branch of business. Japanese raw silk is the and Sunday. But on Mar. 6-7 a driving snowstorm struck
highest for three years past. Latterly the stock market has New York and the thermometer dropped to 19 degrees. The
been irregular, but on the whole it has shown not a little snow turned to sleet and rain. This froze on the rails as
strength, and certainly considerable activity. It is cheering fast as it fell. Later snow again fell and continued all night,
to the commercial world to notice this feature of the busi- with a driving wind, until a little after 10 a. m. on Thursday.
ness times, and also the active and rising market for bonds. The snow fall was 6.8 inches, making 54.6 inches this winter,
Foreign exchange, it is true, has declined somewhat.
next to the highest on record, which came in 1904-05 and was
Finally, the feeling in general business in this country is 76 inches. On Mar. 6-7 the worst storm of the winter struck
still cheerful. It is believed that the indications point to Mississippi, Georgia and Florida and most wires were remore prosperous times. Unduly rapid advances in prices ported down from Norfolk to Jacksonville.
would, of course, be deprecated. At the same time the fear
expressed from time to time that we are on the eve of anLoading of Railroad Cars Continues to Break Records.
ether year of inflation hardly seems justified. Of course,
The Car Service Division of the American Railway Assothere was a great rise in prices during the war and it continued for about two years thereafter. Then came a sharp ciation says that with loading of revenue freight totaling
fall late in 1920, which continued in 1921. Not improbably, 830,223 cars for the week which ended on Feb. 24, freight
prices went too low in 1921, with everybody holding off for traffic continues to break all previous records for this season
still lower prices. Then came a gradual recovery. Stocks of the year. The total for the week was an increase of
of merchandise had fallen to a very low ebb. They had to 101,298 cars above that for the corresponding week last
be replenished. The rally from the low prices of 1921 is of year, and 170,581 cars in excess of the corresponding week
course perfectly natural, whether as regards raw materials in 1921. It also exceeded by considerable margin the coror manufactures. All right-thinking people hope that trade responding weeks in 1918, 1919 and 1920. Comparisons
and prices will keep within conservative bounds. Labor also show this to be an increase of 12,445 cars above the
.costs should not outrun discretion. Talk of putting textile preceding week this year. The statement goes on as follows;
The increases over the week before was largely due to heavier shipments
wages back to the high level of 1920 is rightly pronounced a of forest products which totaled, for the week of Feb. 24 last, 69,891 cars.
menace. The country is in no mood to be further taxed by or 10,460 cars above the preceding week. This was with one exception
largest number of cars ever loaded with that commodity in any one
labor in the great industries, or in other words, in the the
week in history, but also was an increase of 6,070 cars over the same week
things which are numbered among the necessaries of life. last year, and an increase of 3,197 over the same week two years ago.
Loading of live stock amounted to 32,460 cars, 2.186 in excess of the
Secretary of the Treasury Mellon warns the country against
week before and 4.931 above the corresponding week in 1922. This also
excess as to business and prices, but at the same time takes was an
increase of 5.415 above the corresponding week in 1921. In the
a hopeful view of the situation. He expects business gen- Western district alone.23,995 cars oflive stock were loaded,which exceeded
erally to continue at its present volume with an upward the corresponding week last year by 3,629 cars.
Loading of grain and grain
for the week amounted to 40,364
trend in some lines for at least a year. And he is also quoted cars, which also was an increaseproducts
of 185 cars over the preceding week. This
as saying that if there are no excesses in the way of dispro- was, however,a decrease of 6,434 cars under the same week last year and a
portionately high prices and high wages a good business may decrease of 768 cars below the same week two years ago.
Coal loading totaled 178.457 cars, or 2,531 less than the week before.
be expected for two years more and then no sudden cessation While this was a decrease of 8,183 below the corresponding week last year,
of production or trade.
when loadings were especially heavy owing to the contemplated strike of
New England cotton mills have been so hampered by high miners, it exceeded by 35,459 cars the corresponding week in 1921.
Loading of merchandise and miscellaneous freight, which includes manlabor costs and short working hours that it is notorious that ufactured products, totaled 483.718 cars. Compared with the week
many have been making arrangements to build mills at the before, this was an increase of 1,540 and with the same week last year an
increase of 75,625. This also was an increase of 101,000 cars above the
South, where labor is cheaper and the 50 to 52-hour week same
week two years ago.
prevails, as against 48 hours in parts of the North. Yet
Coke loading totaled 14,913 cars, which was an increase of one car com;there is talk, strange as it sounds, of a labor agitation in pared with the week before. Compared with the same week last year,
this was an increase of 6,783 and with the same week two years ago an in:New England for still higher wages. Meanwhile the Pacific crease
of 6,879.
MiiIs Co. says of its new proposed Southern plant, that it
Ore loading totaled 10,420, which was an increase of 604 cars above the
-will soon take title to a tract of land of about 700 acres near week before and 6,070 cars above the corresponding week last year. This
exceeded by 3,197 cars the corresponding week in 1921.
Spartanburg, S. C. No final decision has been made as to also
Compared by districts, increases over the week before in the total loadwhen the first step in the development shall be taken, but ing of all commodities were reported in the Allegheny, Southern and
districts, with decreases in the Eastern, Pocahontas, Central
plans are being prepared for a finishing plant and a cotton Northwestern
Western and Southwestern districts. All districts except the Pocahontas
mill of approximately 30,000 spindles. Salem, Mass., textile showed increases over the corresponding week last year. while all except the
workers ask for higher wages. Fall River, Mass., mills are Southwestern showed Increases over the corresponding week in 1921.
said to be hesitating to accept new business owing to what
some there regard as an unsettled labor situation. At LawOrdering of New Railroad Equipment Heavy.
rence, Mass., an indication of good business is given in the
The following is authorized by the Car Service Division
announcement of the head of an employment bureau at the of the American Railway Association:
Y. W. C. A. that it is unable to fill calls for skilled women
Freight cars of all descriptions on order on Feb. 15 totaled 97.932.
the number on order on Jan. 1 last.
textile workers. The B. B. & R. Knight mills of Rhode This was an increase of 29,600 over
This also was an increase of 6,578 over the total on order on Fob. 1 last.
Island are running at capacity. The Rhode Island 48-hour
Of the total number of freight cars for which orders have been placed
bill has been reported favorably by the House in that State. by the railroads, 49,646 were for box cars, compared with 35.617 on order
Jan. 1 last, or an increase of 14.029. Coal cars on order totaled 37,680,
At Manchester, N. H., they do not expect a strike because of on
which is an increase since the first of the year of 13,462.
bill,
though
labor leaders threaten
the defeat of the 48-hour
Up to Feb. 15. reports also showed that orders had been placed for
political results next fall. The bill is dead for two years at 1,915 locomotives, which was an increase of 470 over the number on order
Jan. 1 last. Of the total number ordered, 1,407 were freight locoLeast. The Arlington Mills at Lawrence, Mass., it is said, on
motives, 376 passenger and 132 switch engines.
have enough orders on hand to keep them running day and
eight indefinitely. Passaic, N. J., mills are being busy on
Workers Get 10% Wage Increase in Baltifabrics for the automobile trade. In Chicago the Amalga- Clothing
more—Strike Settled.
mated Clothing Workers' Union seeks an increase in wages
went into effect March 7 in the Baltimore
that
strike
A
Woolworth
Co.
reports its sales fo- Febof 10%. The F. W.
clothing trade was settled on Maroh 8, when 33 conruary and for January and February combined the highest men's
traotors granted to the workers a 10% increase in wages.
on record.
strikers also secured the 44-hour week and assurances
The building boom continues. S. W. Straus & Co. had re- The
the contractors, who produce garments for the manufrom
showing
total
permits
cities
issued
of
$226,123,ports of 179
facturers, that "sweat shop" conditions would be abolished.
290, a gain of $72,447,845, or 47%, indicating a total for the
Only the small shops were affected by the walkout.
whole country of $340,000,000 permits issued. The greatest
gains were reported in the Central Western States, which
showed an increase of 96% over the record-breaking figures Increasing Postal Receipts at Fifty Selected Cities.
February postal receipts from fifty selected cities, while
of last year. The Eastern States gained 53%%, the Pacific
Western group 52% and the Southern group 10%. Cities not equalling the January high mark, kept pace with a
showing the greatest gains over February a year ago were total increase over a similar month of last year of 13.18%,
New York, $26,501,429; Chicago $14,218,600; Los Angeles, according to an announcement made by the Post Office
$4,500,512; Detroit, $4,005,744; Philadelphia, $1,418,525; Department March 7, which says:




MAR. 10 1923.]

THE CHRONICLE

This is a great percentage increase than has been shown for the same
month in any year since 1918. when the receipts were 19.99% greater
than in February of the previous year.
East, Middle West, Texas, and the Far West are represented by the
cities showing greatest increases, eight of which report receipts more than
20% greater than the same month last year. Fort Worth again leads
with an increase of 48.01%. Its total income for the month was $210,789.
Another Texas city, Dallas, was second with a reported total of $253,813.
an increase of 30.47%; Akron, Ohio,third. 29.40%, with a total of $86,862:
Jersey City, N. J., fourth, 24.75%, with a total of $88,077; New Haven,
Conn., fifth. 23.47%, with a total of $109,171; Los Angeles, Calif.. sixth,
22.38%, with a total of $483,076; Chicago, Ill., seventh, 22.24%: with a
total of$4,305,983;Detroit,Mich.,eighth,20.52%,with a total of$533,219.
Tabulated figures follow:
Statement of Postal Receipts at Fifty Selected Offices for the Month of February.
P. C.

Offices.
New York, N.Y
Chicago, III
Philadelphia, Pa
Boston, Mass
St. Louis. Mo
Kansas City. Mo
Cleveland. Ohio
San Francisco. Callf
Brooklyn, N.Y
Detroit, Mich
Pittsburgh,Pa
Los Angeles, Calif
Minneapolis, Minn
Cincinnati, Ohio
Baltimore, MS
Washington, D. C
Buffalo, N. Y
Milwaukee, Wis
Indianapolis, Ind
St. Paul, Minn
Atlanta, Ga
Denver,Colo
Omaha, Neb
Newark, N. J
Dallas, Texas
Seattle, Wash
New Orleans, La,
Rochester,N.Y
Des Moines,Iowa
Portland, Ore
Louisville, Ky
Columbus. Ohio
Toledo, Ohio
Richmond, Va
Providence, R. I
Memphis,Tenn
Hartford, Conn
Houston,Texas
Nashville, Tenn
Fort Worth, Texas
Syracuse, If. Y
New Haven. Conn
Dayton, Ohio
Grand Rapids, Mich
Jersey City, Ig J
Salt Lake City, Utah
Springfield, Mass
Akron,Ohio
Worcester, Maas
Jacksonville, Fla
NOM
a Total
* Decrease.

Feb. 1923. Feb. 1922. Increase.

P. C.

P. C.

1923 1922 1°21
Over Over Over
1922. 1921. 1920.

84.548,806 $4,340.507 $208,299 4.80 9.91 1.54
4,305,983 3,521,764 784,220 22.24 4.74 *0.52
1,372,214 1,193,850 178,364 14.95 1.32 1.03
1,034.277
928,795 105,482 11.35 7.67 4.23
768,256
102,524 13.34 9.71 7.89
870,780
661,288
558,143 103,145 18.47 2.86 5.33
481,230
46,814 9.73 1.92 0.68
528,044
55,465 12.69 3.50 13.01
492.678
437,214
36,812 7.91 14.80 2.81
502,129
465,317
90,800 20.52 4.90 *0.67
533,220
442,420
497,477
61,768 14.17 4.70 13.62
435,708
483,076
88,336 22.38 9.64 25.57
394,740
407,644
40,698 9.98 15.10 7.70
448,343
44,748 11.92 4.11 9.11
420.054
375,306
31,874 9.05 2.91 11.88
384,094
352,220
19,098 6.28 7.00 0.57
323,178
304183
41,595 13.29 8.62 12.02
314,072
355,687
13,443 4.69 11.71 16.01
300,019
286,576
34,303 14.53 9.00 3.87
236101
270.304
44.163 18.35 13.07 12.71
240,667
284,830
38,268 17.34 3.3 *3.90
220.625
259.893
20,042 9.99 9.23 3.89
200,681
220,723
22,989 11.57 12.1 *2.40
221,604
198.616
25,456 13.25 8.83 8.81
192.145
217,601
59,274 30.47 2.83 1.70
194,539
253,813
26,767 15.94 4.6 *4.28
167.935
104,702
179.479
8,756 4.88 3.72 9.48
188,235
20,160 12.53 '8.52 24.91
181.094
160,934
26,143 14.08 4.94 5.24
185,763
211.906
13.603 8.66 0.81 14.88
170,667
157,064
18,043 11.20 8.53 9.58
179.048
161,005
20,218 12.57 11.03 7.07
160.815
181.034
15,590 12.31 7.64 1.64
128,644
142.234
4.921 3.78 '4.15 27.45
135,320
130,399
112.288
19,378 17.26 *0.02 6.45
131,666
119,692
12,565 10.50 9.63 0.66
132,257
6,893 6.77 1.69 1.74
/09,800
102,837
8,783 8.77'10.69 11.95
108,974
100,190
11.145 10.80 *1.10 11.17
114,297
103,152
68,362 48.01 ____ -.210,790
142,428
14.564 16 00 !3.44 14.45
105,671
91.107
20.757 23.47 3.57 9.81
109,171
88 414
11,391 11.11 30.25 5.01
113,916
102,525
5.590 6.31 10.45 11.35
94,127
88 537
17,475 24.75 6.37 0.49
88.077
70.802
69,551
10 219 14.69 0.39 7.27
79.770
1,564 2.04 2.96 9.69
78,254
76,690
86.862
67,130
19,733 29.40 *9.25 11.33
70.747
6.952 9.83 8.73 8.92
77,699
66.701
1,119 1.68 0.31 18.27
67,820
ass MR AAR It9A RO9 7AR R9 ARR 7AR 1R IR
A At
41-20

Percent of Increase.
November 1922 over November 1921
December 1922 over December 1921
January 1923 over January 1922

13.79
9.06
18.99

Business Profits in 1922-Figures By Federal Reserve
Bank of New York.
The following is from the March 1 number of the "Monthly
Review of Business and Credit Conditions" issued by the
Federal Reserve Bank of New York.

997

In a few cases where it has been necessary, fiscal years not corresponding
exactly with the calendar years have been used.
Computations of net profits have been before dividends, but after all
fixed charges and tax deductions.
(Thousands of Dollars.)
No.of
CorporaGroupaliens. 1919.
1920.
1921.
1922.
Food and food products
55.255
10,270 54,408
15 51,501
Stores
7 41,447 16,658 *9,938 40,752
Motors and accessories
11
53,767 25,757 *23.576 36,408
Miscellaneous metals and olls
8 10.851
7.544
959
2.313
Public utilities
24 59,970 67.872 71.513 97,222
Steel and railroad equipment_ _ _ 14 140,626 176,661
50.466 62,738
Tobacco
9 29,118 30.822 31.007 39.902
Miscellaneous metal products
10 24,996 22.038
5.281
15.228
Clothing (including leather and
textiles)
12 28,193
10,312 13,371
28,670
Miscellaneous industrials
12 36,952 36.913 *13,025
17,175
Total 10 groups
Class I railroads

122 477,421 449,832 136,328 394.816
193 516,290

58,152 .615.946 776,421

*Deficit

Business

Recovering Abroad Too, Says Federal Reserve

Bank of New York.
Discussing industrial recovery abroad, the Federal Reserve
Bank of New York, in its review for February, issued on
March 1, says:
It has been the common impression that this country has been almost
unique in the extent of recovery in business activity which has taken place
since 1921, and it appears to be commonly believed that there has been
little, if any„recovery in the European countries.
Figures are not available to make possible any exhaustive measurement
of European conditions such as is now possible in this country, with the
wealth of statistics appearing currently. A few key figures, however, are
available and they are presented in the accompanying table. Pig iron and
coal production are so interrelated with all types of industry that they
usually reflect rather closely the status of a country's industrial activity.
The tonnage of ships cleared is, moreover, an excellent measure of the
movement of foreign trade. The figures for these three factors are shown
In the following table as percentages of the figures for the year 1913. It is
clear that in these factors at least the recovery in 1922, as compared with
1921, has been practically, if not quite, as great in England and France as
in this country, although current levels of activity are on the whole lower in
relation to 1913 than they are in the United States. A number of the
figuresfor 1922 are estimated on the basis ofreports for .on or eleven months.
Per Cf.Change
1913. 1920. 1921. 1922. 1921 to 1922.
Pig Iron Production+61
United States
87
100
119
54
+83
England
26
47
100
78
+44
France
a95
a66
a66
100
Bituminous Coal ProductionUnited Stdtes
--2
85
87
100
119
England
+51
86
100
80
57
France
+11
a85
a94
100
a78
Tonnage of Ships ClearedUnited States
+3
120
100
126
116
England
100
54
54
88
+63
France
+22
83
101
100
65
a Including Alsace-Lorraine.
Supplementing those figures for the United States. England and France.
a table prepared by E. S. Gregg,ofthe Department of Commerce.indicates
a substantial reduction since last year in the amount of shipping tonnage
Idle in the principal maritime countries of the world. The total shows a
reduction of about 2,000,000 tons during the year. The United States Is
almost, the only country showing no reduction in ship tonnage idle.
Gross Tons
CountryJan. 1 1922. July 1 1922. Jan. 1 1923.
United States:
Shipping Board
4.411.000
4,314.000
3,978,000
Shipping Board tankers
214.000
*214,000
*214,000
Privately owned
523,000
703,000
781,000
United Kingdom
1.667,000
1,010.000
1,961,000
France
1,200.000
730.000
1,085.000
Italy
472,000
*585,000
585,000
Holland
330,000
327,000
330.000
Norway
207,000
112,000
53 000
Sweden
22 000
204 000
114 000
116,000
Greece
170 000
100 000
99,000
Japan
120.000
79,000
Belgium
275,000
*275,000
*275.000
Denmark
161,009
33.000
Spain
520,000
*530.000
530,000

Business Profits.
Statistics of production, sales, and shipments which appear currently
furnish a fairly precise measure of the extent of the increase in business
activity which has taken place in the past year and a half. No accurate
measure exists, however, for that even more important aspect of business
the amount of net profits. In order to secure an approximate measure
of the trend of profits this bank has tabulated, as they have been published, the statements of net profits for the year 1922 of 122 concerns
engaged in production, wholesale and retail trade, and public service.
The results of this tabulation are shown below by 10 separate groups and
in the aggregate. There is also shown the net operating income of the
193 Class I railroads. In each case 1919 figures are taken as 100%.
In every group 1022 net profits were larger than net profits in 1921.
but there is largo variation between the different groups in the amounts
of increase which they show. In 4 of the 10 groups, and in the case of
the railroads as well, 1922 net profits were equal to, or larger than those
of 1919. The aggregate figures for the 10 groups, however. show 1922
figures considerably below those for either 1919 or 1920, reflecting reduced
earnings in the steel and other metal industries. In general, the figures
Total
8,955.000
10,934,000
9.740,009
show that 1922 net profits were highest in relation to 1919, in those industries which deal most directly with the individual consumer. This is
* Interpolated from best available data.
true in the cases of food and food products, public utilities, tobacco, and
The available figures indicate that the reduction in idle tonnage has
clothing. On the other hand, in those groups in which production is reflected a
in the amount of ocean-borne traffic.
directed to supplying industry rather than thp final consumer, profit The heavy corresponding increase
traffic accompanies exceptionally low freight rates and small
In 1922 lagged considerably behind those in 1919 or 1920. The railroads shipping
profits.
show consistent gains since the year 1920, but oven so the percentage of
net operating income to property valuation continues to be less than the
5%% specified in the law.
PlCuts
A further reflection of changing business conditions is found in the
number of concerns which reported deficits. Of the 122 concerns reported
the number showing deficits in each year were as follows'
The Week with the Federal Reserve Banks.
5 11921
34
1919
Net liquidation of $24,300,000 of discounted bills and of
9 I 1922
18
1920
The dollar figures upon which the diagram is based are shown in the $18,200,000 of United States securities, as against an increase
following table, together with the number of concerns included in each of
$11,200,000 in bills purchased in open market, is shown
classification. Under the headings "stores" are listed mail order houses
and other mercantile establishments. In taking a total, the dollar figures in the Federal Reserve Board's weekly bank statement
in each group have been added without any attempt to weight the figures. issued as at close of busines on March 7 1923, and which
It should be borne in mind in interpreting these data that they are simply deals with the
results for the twelve Federal Reserve banks
for a group of concerns figures for which were available and are not necessarily typical of all the concerns which deal in the products represented. combined. A decrease for the week of $33,800,000 in the




Current

and

gismo:dons

998

THE CHRONICLE

(VoL. 116.
— --

holdings of discounted bills reported by the three Eastern
Increase (-I`) or Decrease(—)
March 1 1922
Feb 21 1923
banks and the banks of Richmond, St. Louis and San Loans and discounts—total
+5722,000,000
+5107,000,000
Francisco is partly offset by moderate increases shown for
Secured by U S Govt obligations_ _ —144,000,000
+5.600,000
Secured
by
+669.000,000
stocks
and
bonds
+62,000,000
the other six banks. Deposit liabilities show a reduction
All other
+197.000.000
+40.000
000
of $9,500,000, while Federal Reserve note circulation Investments, total
—42,000,000 +1,663,000,000
increased by $9,400,000. Total cash reserves show a nominal
U S bond
+464.000,000
—24,000.000
S
Victory
notes
+478,000,000
and Treasur3 notes —23,000,000
decrease, as against an increase of $24,300,000 in nonTreasury certificates
+3,000,000
reserve cash. The reserve ratio remained unchanged at Reserve balances with F. R. banks
+94,000,000
—17,000,000
Other stocks and bonds
76.2%. After noting these facts, the Federal Reserve
+118.000,000
+5,000.600
Reserve balances with F. It. banks
+94,000.000
—17,000,600
Board proceeds as follows:
Cash in vault
+14,000.000
—11.000000
The statement in full, in comparison with preceding weeks Gcvernment deposits
—179,000,000
+1,000.000
and with the corresponding date last year will be found Net demand deposits
+79,000.000 +1.176,000,000
deposits
+692,000,000
+3,000.000
on subsequent pages, namely pages 1025 and 1026. A Time
Total accommodation at F. R. banks_
+67.000.000
—32,000,000
summary of changes in the principal assets and liabilities of
the Reserve banks on March 7 1923, as compared with a
Lord Balfour in Answer to Ambassador Harvey Regardweek and a year ago, follows:
ing Guarantees Said to Have Been Sought by U. S.
Gold reserves show a gain for the week of $10,800,000. The New
from Great Britain as to Debts of Other Allies.
York Bank reports an increase of about $12,000,000 in its gold reserves,
Philadelphia an increase of $5,500,000, and Minneapolis an increase of
In addressing the British House of Lords on the 8th inst.,
15,100,000- Smaller increases aggregating $9,900.000 are shown for the the Earl of Balfour, Secretary for Foreign Affairs in the
Boston, Chicago, Dallas and San Francisco banks. Cleveland reports
a decrease in its gold reserves of 513,900.000, while the four remaining Cabinet of former Premier Lloyd George, undertook to
banks show decreases aggregating $4,900,000•
answer Ambassador Harvey's assertion of last week that
Holdings of paper secured by Government obligations show a reduction "Great Britain was never asked to guarantee and never did
for the week from $356,000,000 to $330,100,000. Of the total held on
March 7,$152,100,000, or 46.1%, were secular' by U. S. bonds, $2.100,000. guarantee the payment of a single dollar loaned by the
or 0.6%. by Victory notes, $165,600,000, or 50.2%, by Treasury notes, United States for the use of any country other than Great
and $10,300,000 or 3.1%, by Treasury certificates, compared with $167,Britain herself." This statement orAmbassador Harvey's
500,000, $2,200.000, $178,700.000 and $7,600,000 reported the week before.
was intended as a reply to Lord Balfour's note of August
Increase(±)or Decrease(—)
March 8 1922. last in which he stated that "the United States insisted, in
Feb. 28 1923.
Total reserves
—$300,000 +5107,300,000 substance, if not in forni, th
-a-rih'ough--our allies were-to'
Gold reserves
+117,800,000
+10,800,000
our security that they were
Total earning assets
—41,700,000 spend the money it was only on
—31.300,000
Discounted bills, total
—59,600,000 prepared to lend it." In his speech of a week ago (given in
—24,300,000
Secured by U. S. Govt. obligations_
—26.000.P00
+91,600,000 our issue of Saturday last, page 877) Ambassador Harvey
Other bills discounted
—151.200,000
+1,700.000
Purchased bills
+117,000,000 expressed the hope that the British Government would
+11,200,000
United States securities, total
—99,000.000 remove the misapprehension created by Lord Balfour's
—18,200,000
Bonds and notes
—30,800,000 statement. The latter in his speech this week repeats the
—16010.000
U. S. certificates of indebtedness
—68,200,000
—2,200,000
Total deposits
+162,800,000 sentence quoted above and declares that "I am unable
—9.500.000
Members' reserve deposits
+159,800,000 myself to find in these words anything misleading or obscure",
—7,900.000
+14,600,000
Government deposits
—4.600,000
he says further, "I do not think they deserve the stricOther deposits
—11,600.000 and
+3,000,000
Federal Reserve notes in circulation--+58,900,000 tures passed upon them by his Excellency." Stating that it
+9.400.000
F. R. banks notes in circulation—net liab
—76,800,000 was suggested by Great Britain to the United States that
+100,000
the latter bear the burden of financing the Allies, but that
"for reasons which I am the last person to question, the
The Week with the Member Banks of the Federal American Government declined to adopt our proposal,"
Reserve System.
Lod Balfour added, "the result has been that Great Britain
Aggregate increases of $107,000,000 in loans and discounts, has had to borrow from the United States, using the American
as against a reduction of $42,000,000 in investments, money thus obtained to pay the American producer, and to
accompanied by an increase of $79,000,000 in net demand employ her own resources thus set free to aid her allies. In
deposits and a reduction of $32,000,000 in accommodation other words, the American producer obtained his price, the
at the Federal Reserve banks, are shown in the Federal American lenders got British security, we helped our allies
Reserve Board's weekly consolidated statement of con- through the financial difficulties, and we obtained their
dition on Feb. 28 of 777 member banks in leading cities. promise to pay." Lord Balfour also said:
The American Ambassador asI understand,regards thefinancial arrangeIt should be noted that the figures of these member banks
are always a week behind those of the member banks ments between the partners in the great war as so many isolated undertakings, to be separately considered and carried through one by one as
themselves.
occasion offers. This policy. In his view, is necessary if the sanctity of
All classes of loans continued their upward trend, the contract is to be maintained.
I myself am inclined to a somewhat less commercial view.
largest increase for the week, viz., by $62,000,000, being
The following is Lord Balfour's speech of the 8th inst.
shown for loans secured by corporate obligations. Investments in Government securities show a reduction of as given in a copyright cablegram to the New York "Times"
$47,000,000, while investments in other, chiefly corporate, from London:
It may be in your recollection that when I was in an official position I
securities, went up about $5,000,000. Member banks in
wrote on behalf of the late Government a paper dealing with the most diffiNew York City report an increase of $68,000,000 in total cult,
most dangerous and most anxious question of international indebtedloans and discounts, of -which $37,00000 represents an ness. It created some controversy in which I took no part, and certainly
increase in loans against corporate securities, a reduction of thought as time went on and as, with regard to this question, changes of
importance have taken place since Aug.1 oflast year,the matter
$37,000,000 in Government securities and an increase of momentous
might have been allowed to rest. But I think your Lordship will agree
$6,000,000 in other securities. Since the last report date in with me that when so important a personage, a statement as highly placed
December 1922, total loans and discounts of the reporting in an official position of such special importance in this connection as that
the Ambassader of the United States, has declared that a statement
,institutions advanced $310,000,000, while their investments of
made by me in this dispatch is misleading and when he publicly desires the
declined $132,000,000. Loans and discounts of member British Government formally and explicitly to remove the misapprehension
banks in New York City for the same period show an increase which that statement is said to have occasioned, silence on my part would
lead to misunderstanding.
of $150,000,000, while their investments declined $78,- Probably
Passage of the Note in Dispute.
000,000. Further comment regarding the changes shown
Now, the sentence complained of occurs in the following passage of the
by these member banks is as follows:
original note. There is a' paragraph in the note to this effect:
Total borrowings of the reporting institutions from the Federal Reserve
banks show a further decline from $417,000,000 to $385,000.000, or from
2.6 to 2.4% of their total loans and investments. Member banks in
New York City show a reduction from $178.000,000 to $151.000,000 in
borrowings from the local Reserve banks and from 3.4 to 2.9% in the
ratio of these borrowings to total loans and investments.
Reserve balances of the reporting banks show a decline of $17,000,000
and their cash in vault a decrease of $11.000,000. Corresponding changes
at the New York City banks comprise an increase of $3.000,000 in reserve
balances and alclecrease of $7,000,000 in cash.

On a subsequent page—that is, on page 1026—we give the
figures in full contained in this latest weekly return of the
memberZbanks of the Reserve System. In the following is
furnished arsummary of the changes in the principal items
as compared with a week and a year ago:




"It should not be forgotten, though it sometimes is, that our liabilities
were incurred for other, not for ourselves." That refers, of course, to our
debt to 1.3inetilicearnmatoethseatnaalor.
raw materials and munitions
and military
Britain
I e . co. oay)advance
va anto e
l th
1;eaVo
effortswer pro
c' ed,tn3e3tvibtay means
of foeign loans, but by internal borrowing and by taxation. An appeal was.
therefore, made to the Government of the United States of America, and
under the arrangement then arrived at the United States of America insisted,
In substance If not in form, that though our Allies were to spend the money;
It was only on our security that they were prepared to lend it. This cooperative effort was of infinite value to the common cause, but it cannot be
said that the role assigned in it to this country was one of special privilege
or advantage."
That is the whole of the passage in which the extract complained of
occurs. The actual sentence which the Ambassador complained of runs
as follows: "Under the arrangements arrived at, the United States
Insisted. in substance if not in form, that though our Allies were to spend
the money it was only on our security that they were to lend it." I am
unable myself to find in these words anything misleading or obscure.

MAR. 10 1923.]

THE CHRONICLE

It is perfectly truo that they are very compressed and that without
knowing all the circumstances of the case their full import may not be very
easy to determine. But I do not think they deserve the strictures passed
upon them by his Excellency.
How the Debts IWere Created.
The essential facts of the case are as follows: Up to America's entry
into the war the burden of financing those Allies which could not adequately finance themselves fell mainly, though not wholly, upon this
country, and the most anxious and difficult part of our financial policy
in those early years of the war was that of finding dollars in America
wherewith to pay American producers for the war material required by
ourselves and our friends. Of course, this state of things was changed by
America's entry into the war. But her belligerency, which changed so
much, naturally could not diminish the demand made for American war
materiaT in Europe. But through the operations of loans it most undoubtedly did banish most materially the difficulty of paying for this
war material.
Now the way the system worked was this, in essence: The American
Government borrowed in America. Out of these internal loans the
American producer Was paid, and one or the other of the European belligerents, not necessarily the belligerent who was to use the material, became
liable to the United states Treasury for the amount of the loan.
Now, how did this system which I have just roughly indicated work
out as between the different nations concerned? In some cases, loans
were direct transactions between the United States and the European
Allies—France or Italy—and this is the origin of the international indebtedness between those countries and America to which in the course of his
speech the American Ambassador particularly referred.
But the case of Great Britain was not so simple. There was a complication. Unlike the other European belligerents, we were straining
our credit to finance our friends, and, unlike America, we were making
very large purchases on our own account of goods which we had to import
from overseas; in other words, the goods we imported from America.
Our case was differentiated, broadly speaking, both from the case of the
other European belligerents and from America herself. You will see
we had two tasks thrown upon us. Either of those tasks we could have
accomplished without assistance and without external borrowing, but
we were not in a position to accomplish both at the same time—a fact
which surely need surprise nobody who remembers the enormous loans
which we had already made to the other nations before America came
into the war and which we continued to make afterward.
Asked Us to Finance Allies.
Now in these circumstances the British Government suggested to the
Government of the United States that the latter should relieve us of the first
of these tasks—in other words, that as we had borne the main burden of
financing the European Allies, during the early part of the war. America
who came fresh into the great struggle, might relieve us of that part of our
difficulties, and we assured her that in those circumstances we should be able
to find all the dollars necessary for purchasing our war material without borrowing from her or anybody else; we could find [the money]out of our own
resources, our taxation and our own internal loans.
If the United States Government had seen its way to adopting this plan.
there would, of course, have been no loan from American to Britain, many
controversies would have been avoided and international arrangements
would have followed another course. But for rdasons which I am the last
person to question, the American Government declined to adopt our proposal, and the double burden, the character of which I have endeavored to
describe, was still borne by this country. The result has been that Great
Britain has had to borrow from the United States, using the American money
thus obtained to pay the American producer, and to employ her own resources thus set free to aid her allies. In other words, the American producer obtained his price, the American lenders got British security, we
helped our allies through the financial difficulties and we obtained their
promise to pay.
Now it seems to me these transactions are not inaccurately, though I admit most imperfectly,summarized in this phrase to which objection has been
taken. I cannot help feeling, however,that, after all, there may be a deeper
difference between the American Ambassador and myself on this subject
than any mere criticism or rejoinder in regard to one particular phrase in the
original document would lead one to expect. Our differences, perhaps, lie
deeper. The American Ambassador, as I understand it, regards the financial arrangements between partners in the great war as so many isolated
undertakings to be separately considered and carried through one by one sa
occasion offers. Not only is this policy in his view necessary, if the sanctity
of contract is to be maintained, but he thinks it will confer an actual benefit
on the debtor himself by improving his general credit.
"I am myself inclined to a somewhat less commercial view. The extraordinary circumstances, and the magnitude of the co-operative effort made
by the allied and associated peoples, each contributing to its utmost to an
enterprise in which all stakes were entered, might seem to remove their
financial arrangements Into the sphere where ordinary categories of debtor
and creditor which still are valid can hardly be deemed to be sufficient.
Both views may be held by honorable men. I do not propose to compare
them, still less to criticise those who differ from me, but one final observation I will make on this matter. If. as I suppose,it is the first of these competing views which commends itself to public opinion in the United States,
the unconditional and incontestable legal rights of that country could not
have been enforced in a manner less likely to injure the happy relations
which I am glad to say prevail between the two peoples."

Press Comment on Lord Balfour's Reply to
Ambassador Harfey.
From the New York "Times" copyright advices from
London, March 8, we quote the following:
British

The only newspaper to comment editorially on Lord 13alfour's statement
this morning is "The Morning Post," which says:
"Stripped of the hesitating language which the rules of international
courtesy dictate, Lord Balfour tells the United States in so many words
that the debt whose funding they have arranged with the generous common
sense of shrewd business men is not a debt in the ordinary sense of the
word, as it was contracted for purposes necessary to winning the war, to
which all the Allies, including the United States, were resolutely pledged.
In putting forward this view Lord Balfour is undoubtedly expressing the
general opinion of this country. The British people were determined to
win the war, and they realized from the beginning that nations like France,
which poured forth the treasure of their best blood so fearlessly and generously, could not be expected to furnish in equal measure the money and
material which were so urgently necessary. The British people gave men
and money in almost equal measure for the cause which involved their




999

very exietence and the future of that civilization which is held so dear on
both sides of the Atlantic.
"According,at the conclusion of the war,there was a strong feeling that all
those interallled debts ought to be wiped out. The United States, however,
took a different standpoint, and as the British people were informed that
that standpoint was the considered and final opinion of the whole American
continent, there was only one thing to do and that was to pay.
"The British people are paying, and being not only conscientious but business-like debtors, they prefer to pay without discussing the ethical and idealistic conceptions with conscientious and business-like creditors.
"We, therefore, regret that Lord Balford should have raised this issue in
the House of Lords yesterday. When Mr. Baldwin made his final bargain
on his return to this country the whole matter of the American debt was settled. The Americans wish to be paid and they are being paid,and that is the
end of the whole business.
"Nothing could be more wearisome to the present temper of the people
of this country than entering into a dialect argument with the American
people concerning the ethics of a debt collecting transaction. Lord Balfour then, in our opinion, is serving no useful purpose by again rasising
this issue from the grave in which that sage gravedigger of unnecessary controversies. Mr. Baldwin, decently interred it.
The "Daily Chronicie's" Parliamentary correspondent states that Lord
Balfour had his reply to Ambassador Harvey written and adds:
"He read it with deliberation and with occasional infliction and asperity.
In fact, it was plain that the noble Earl was very indignant with his critic.'•

Democrats Named to World War Foreign Debt
Commission—Senators Glass and Simmons
Decline to Serve.
On March 2 President Harding sent to the Senate the
nominations of three Democrats to be members of the World
War Foreign Debt Commission, as provided in the British
Debt Settlement bill signed by the President last week. The
new members named were Senator Carter Glass of Virginia.
Representative Charles R. Crisp of Georgia and former Representative Richard Olney of Massachusetts. The Senate
confirmed the appointments the same day. Senator Glass.
however, declined the appointment, and on the 3d inst.
President Harding named in•his place Senator F. M. Simmons of North Carolina; the latter likewise declined the
appointment. Regarding the action of Senators Glass and
Simmons, a special dispatch from Washington March 4 to
the New York "Times" said:
The withdrawal of Senators Glass and Simmons from the Debt Commission is in accordance with a decision of the majority of the Democratic
members of the Senate that it would be politically unwise for any Democrat
in Congress to serve on the Commission. Their attitude has caused some
-surprise, in view of the fact tht provision for the appointment of Democratic members of Congress to the Commission was due to the insistence
of certain Democratic Senators, notably Harris of Georgia and Heflin of
Alabama.
This provision was inserted in the recent Act so amending the original
World War Debt Commission law as to enable the Government to accept
the offer of settlement made by Great Britain, Five Commissioners were
provided for in the original Act and the President appointed Secretaries
Mellon, Hughes and Hoover. Senator Smoot of Utah and Representative
Burton of Ohio. all Republicans.
Criticism of this partisan selection milked in a provision in the amended
Act for three additional members. On Friday President Harding named as
these additional members Senator Glass, Representative Charles R. Crisp
of Georgia and former Representative Richard Olney of Massachusetts,
all Democrats. Their nominations were confirmed.
Mr. Glass gave as his principal reason for declining membership that he
had much work to do. Senator Simmons's ostensible reasonfor declining
was that he was not in good health.
The opposition of a majority of the Democratic Senators to have any or
their number serve on the Debt Commission is a partial outgrowth of
feeling against Senator Underwood of Alabama for accepting President
Harding's appointment as a member of the American delegation at the
International Conference on Limitation of Armament held in Washington
In the winter of 1921-22. Mr. Underwood has been accused of being too
friendly with the Republican President, and besides, his colleagues felt that
he should not have committed his party to any responsibility for the agreements negotiated at the armament conference.

A meeting of the Debt Funding Commission was held in
Washington yesterday, Associated Press advices printed
in the New York "Evening Post" having the following
to state relative thereto:
The American Debt Funding Commission to-day completed the formal
draft of the debenture which embodies the terms of the debt-refunding
settlement recently negotiated with Great Britain. No announcement
was made as to when the contract would be submitted to the British
representatives.
The Commission spent several hours preparing the contract terms.
but did not give its formal approval to the document because of the absence
of two Commissioners.
Another meeting was called for late to-morrow, when, among other
things. the Commission plans to take up the question of refunding the
obligations of Finland.

Preliminary discussions concerning the refunding of
Finland's debt to the United States were begun on the
2d inst. between Secretary Mellon, Chairman of the American
Debt Funding Commission, and Dr. Axel Leonard Astrom,
the Finnish Minister,
Dutch East Indies Bonds in Definitive Form Available
in Exchange for Trust Receipts.
The Guaranty Trust Co. of New York announces that
Dutch East Indies 25-Year External 6% Gold Coupon
Bonds due January 1 1947, in definitive form, with coupons

1000

THE CHRONICLE

maturing July 1 1923, and subsequent attached, will be delivered in exchange for trust receipts now outstanding upon
presentation of the latter at its trust department, 140 Broadway, New York City.
Haiti Proposes to Redeem Gold Bonds in Paper.
The following has been received by the Foreign Department of Moody's Investors Service, which should prove of
interest to holders of the recently floated Haitian bonds:

[vol.. 116.

The Franco-Belgian expedition into the Ruhr, he said, had thus resolved
itself into a dismal economic failure, the gains from which suggested a
doubtful offset to the alleged German delinquencies in the payment of reparations. The French actions he termed viciously inimical to the world's
economic welfare in general and to the promotion of European reconstruction in particular.
Herr Cuno lauded the passive resistance with which the German populace
In the Ruhr and elsewhere had opposed the invaders and asserted that this
resistance obviously was the only weapon at Germany's disposal. After
nine weeks of stubborn unarmed opposition, fraught with all kinds of privations, the German nation, he said, was an unfaltering unit in its determination to hold out against the heavy physical odds.

New Occupation Denounced.
In 1910 a 5% Haitian loan was floated in Paris, to the amount of Fes.
Referring to the occupation of Mannheim. Karlsruhe and Darmstadt, he
65,000,000, and known as the "Republique d'Haiti, Emprunt Exterieur 5%
or 1910" (Republic of Haiti External Gold 5s of 1910). The issue was said that, had such action occurred anywhere else among civilized States,the
to be redeemed within fifty years by annual drawings at par or purchase world would have been full of indignation at such a breach of the peace, but
when the price is below par, with the option of repayment in whole or in since it happened to Germany it was considered merely a small extension of
part during or after 1920. The outstanding balance of the bonds is now to the Ruhr action and unworthy of particular notice.
The Chancellor derided the French contention that these occupations were
be paid off at par. French bondholders, however, refuse to accept payment in francs (paper) on the grounds that they are entitled to receive In reprisal for the sinking of a barge in the Rhine-Herne Canal He said
gold
the occupation of Offenburg, Appenweller, Emmerich, Wesel, Koenigsthat
its
payment in gold or "at least in a currency which has retained
value." The Association for the Protection of French Bondholders,recog- winter, Camb and Loerchenhausen had occurred on a similarly trivial
nizing the well-founded complaint on the part of the bondholders, has pretext, and in the last three places because France was dissatisfied with
submitted the case to the French Government with the rquest for interven- the demarkation of the bridgeheads provided by the Versailles Treaty.
The Chancellor remarked that a representative of the British Governtion in their behalf. At the same time, the Association recommends that
bondholders postpone, for the time being, the cashing of coupons and of ment in the House of Commons had described this action as devoid of justification in the treaty.
bonds."
He described he French decree imposing the death penalty in cases where
rail transport was seriously endangered by the actions or abstentions of
Chancellor Cuno of Germany Says No Peace Nego- railway officials as "an act of terrorism against the German railway men.
compelling them by brutal penalties to be false to their oath to German
tiations Are in Progress with France--Is Ready
sovereignty."
for Frank Discussion when Path Is Open.
Tension Almost Intolerable.
Chancellor Cuno of Germany in a speech before the
France had experienced disappointment in all her economic calculations
political schemes, he said, but she remained
Reichstag on the 6th inst., in denying that there had been and had met failure in all herviolence,
and this had produced between the
logical in her application of
any move toward peace negotiations with France, declared two neighboring countries a degree of hatred that would be difficult to
that "it is not our business to make offers so long as the remove. The peace that had been imposed upon Germany, and to fulfill
had literally impoverished herself, had been trodden under
occupation of the Ruhr renders it impossible for us to esti- which Germany
foot by France without one of the numerous signatories of the treaty moving
us
to
the
open
is
path
mate our own capacity." "When
a finger.
"Yet," he added, 'the French action is as much directed against the peace
offering the possibility of frank discussion as an equal
Instrument devised by the Powers as it is against Germany. No wonder
"we
will
that
Chancellor,
enter
the
said
government,"
the minds of the German people are keyed to almost intolerable tension.
path, and this Government will not sign an agreement it If terrible danger is not to arise we must again point out the wrong which
cannot keep." He took occasion to add, however, that has been done and warn the world without delay. For this reason I abanmy Journey to Munich."
"we will agree to no settlement severing illegally occupied doned
Declaring his intention to speak quite openly—"having nothing to conterritory from Germany, or any agreement which fails to ceal"—the Chancellor recalled the French declaration repudiating political
restore to freedom Germans wrongly punished." Indorse- motives for the occupation, and said:
"Against that declaration we now have the reality. The so-called 'rement in the Reichstag on the 7th inst. of the Chancellor's stricted'
employment of soldiers comprises five divisions, with two comspeech is reported in the Associated Press advices from manding generals, about 75 tanks and hundreds of airplanes."
Recounting a long list of arrests, sentences and expulsions by the French.
Berlin March 7, which also state that "public opinion, if it
the Chancellor said:
be truly reflected by the press, stands wholeheartedly by
"The honor of German men will not be diminished by such disgraceful
the Chancellor in this attitude of holding the country amen- Imprisonment, but rather increased. But how can this disgrace be reconable to a reasonable approach and yet solidly opposed to ciled with the honor of the French nation?"

initiating overtures for new pourparlers." The following
is the Associated Press account of the Chancellor's speech:
Chancellor Cuno's keenly awaited speech before the Reichstag to-day
was devoid of new and significant utterances in connection with the Ruhr
situation, beyond the statement that Germany had not, directly or indirectly, suggested the inauguration of negotiations with the occupying
Powers, and that all rumors to that effect were without authoritative basis.
Germany, said the Chancellor. could not negotiate "in view of the
situation created in the Rhineland and the Ruhr through the FrancoBelgian transgressions."
He intimated that so long as the invading Powers continued their armed
violation of German sovereignty, and maintained, and even extended,
their hostile occupation of German territory which was immune by virtue
of the Versailles Treaty, the German Government could not be expected
to assume the initiative in respect of any action looking to a settlement
of the present conflict.
"I assumed office," said the Chancellor, "determine as an honest
merchant through frank negotiations to fix the sum of our obligations at a
figure. Our far-reaching proposals were not even examined in Paris. and
the reason was that the occupation of the Ruhr was already decided on.
Agreement failed because although we were willing to negotiate, France
was not. Therefore we say:
"Away with the talk about negotiations. It is not our business to
make offers so long as the occupation of the Ruhr renders it impossible
for us to estimate our own capacity.
"When the path is open to us offering the possibility of frank discussion
as an equal Government we will enter that path. and this Government
will not sign any agreement we cannot keep.
"We will agree to no settlement severing illegally occupied territory
from Germany,or any agreement which fails to restore to freedom Germans
wrongfully punished. The world is silent—the victims are still too few.
I do not appeal even now to foreign countries. I merely note that after
seven weeks of fighting for our rights and for the peace of the world we
still stand alone."
The Chancellor's speech was largely taken up with an indignant recital
In great detail of convictions and expulsions by the French, whereby
the occupied area had lost a majority of its officials, with particulars of
what he described as "the cruel and brutal treatment of these officials,
some of whom have been manacled and confined to solitary dark cells,
riding whips and otherwise maltreated because,
ill-fed and beaten with
to salute the invader."
In accordance with their duty, they refuse
of indignation. The Chancellor also
This recital evoked outbursts
gained nothing materially by the
gave figures to sho that France had
a passive balance.
invasion, which he said had produced
the result," he continued, "but
with
content
"M. Poincare may be
will be less content, for they not
the shareholders in this undertaking
will be required to pay a considerable cononly receive no dividends, but
One thing Poincare has brought
tribution to tinance the undertaking.
the Ruhr and the Rhineland are
about, namely, that the populations of
.
resistance.
more determined than over on
the curse of barrenness will
"However long the occupation may continue,
of passive resistance until
pursue the French. We will not cease our policy
the goal is attained which we set before us from the outset of a reasonable
free and honest understanding."




Speech Submitted to Leaders.
Before the Reichstag convened to-day the Chancellor milled in the parliamentary leaders and outlined the contents of his speech, informing them
that it would contain no sensational announcements or revelations, as the
Government had none to make. Therefore, he said, he would confine his
statement to a sweeping protest against the French and Belgian procedure.
The parliamentary leaders were convinced that Herr Cuno and the members of his Cabinet proposed to remain consistent in their attitude that any
suggestion of mediation, either direct of through neutral sources, must be
based on the condition of equal treatment for Germany and,further, that a
resumption of reparation payments must be contingent upon commensurate
idemnification for the damage suffered by Germany through the Ruhr
invasion. Meanwhile the Government's attitude would be so constituted
that the French would not be provoked into a declaration of war.

Regarding the support accorded the Chancellor in theReichtag on the 7th, we quote the following Associated Press
cablegram from Berlin published in the New York "Times:"
The Reichstag to-day debated Chancellor (Dune's speech made to that
body yestersay. The discussion revealed general unanimity in support of
the Government's statement, while in the corridors the talk chiefly concerned
itself with the effect of the Chancellor's speech abroad.
In the debate Dr. Eduard David, for the Socialists, said that the French
ought to understand that an agreement was always possible with France
desiring only reparations and peace, but with France wanting to annex
the Rhineland and the Ruhr, never.
Herr Horst, Conservative, regretted that Chancellor Cuno had not announced a rupture of diplomatic relations and a policy of reprisals.
Herr Stresemann of the People s Party said:
"No reasonable-minded person will oppose an understanding with France,
but in her procedure it is now up to France to create prerequisites for such an
understanding.
Herr Stresemann added that the signatories of the Versailles Treaty and its
intellectual instigators, even if they did not sign, were morally pledged to
protect Germany against territorial aggressions or annexations under whatever pretext these might be attempted. He deprecated the practice of
spreading irresponsible rumors in the present national situation and alluded
specifically to a report that the ICrupp plant had hoisted the American flag
in an attempt to establish an American protectorate.
"These troublous times," he continued,"have demonstrated that big business is capable of subordinating private mercantile interests to the patriotic
needs of the hour."
Public Opinion 1Vith CUM.
Public opinion, if it be truly reflected by the press,stands whole-heartedly
by the Chancellor in this attitude of holding the country amenable to a reasonable approach and yet solidly opposed to initiating overtures for new
pourparlers.
Some of the newpapers take pleasure in the fact that the address seemed to
carry an appeal to foreign countries for mediation, although some of them
do not construe it in just that way.
"An appeal? Certainly," says the "Lokal-Anziger," "but not to foreign
countries. It was an appeal to us Germans."
The paper expresses the conviction, nevertheless, that if the address indirectly operated to give the outside world a plain, ungarnished picture)f

MAR. 10 1923.]

THE CHRONICLE

things as they actually are on the Rhine "it will not be a bad arrow in
Germany's quiver."
The "Pages Zeitung" says that it cannot be Germany which in this situation will again make a move toward negotiation by extending her hand.
"She has had to pull it back after it had been spat upon all too often." the
newspaper remarks.
The "Tageblatt" thinks that the speech, "which began with an outcry
against the physical overwhelming of millions of Germans by the French
and ended with the declaration of a fundamental willingness for an agreement. MOS serve to clear the European atmosphere overhead."
Reference to Republic Praised.
The "Vossische Zoltung," which of late has been rather cool toward the
Goverment, expresses pleasure that the Chancellor,"for the first time since
assuming office, saw fit to refer to the country as 'the German Republic',"
and it declares that the address should dissipate the fears generally aroused
recently through sensational reports.
The "Berliner Boersenlcurier" says that if Chancellor Cuno's listeners and
those who read his speech found his long recital of French violence in the
Ruhr tedious, it must be remembered that it was Germany's duty to tell
what she was suffering and that the protest was necessary.
"But it will hardly reach the ear offoreign countries," addsthe newspaper.
The world, however, it declares, "must learn to appreciate what so far
it has been reluctant to appreciate—that it is not the duty of the maltreated
but of the maltreater to say what is the purpose of the maltreatment. . •
What has happened has happened not because we did not wish to negotiate,
but rather because France has not wanted to negotiate. Every possibility
of 'agreement' brings as a reply the preliminary question: 'What does
France want?'"
The"Rote Fahne," the Communist organ, while apparently agreeing with
the protest against the alleged brutality of the French, says that only the
proletariat is in a position to speak for those who have been wronged.
Party Leaders' Views Met.
The aloofness with which the Chancellor's pronouncement referred to the
prospects of foreign mediation or the initiation of direct negotiations with
France meets with the positive approval of the party leaders, who believe
that the situation in the occupied territories has now drifted into such a hopeimpasse that overtures must emanate from the invading powers.
The United Socialists are especially pleased with the sections of Herr
Cuno's speech dealing with the foreign political aspect of the situation, and
are inclined to tolerate a non-committal attitude on the issue of negotiations.
Contrary to general expectations. the Chancellor omitted all specific reference to the German reparation proposals sent to Paris on Jan. 1, but which
did not come up for consideration at the meeting of the Entente Premiers.
There is a pronounced feeling in Reichstag quarters that Herr Cuno neglected
a strategic advantage by failing to make these known immediately after the
French marched into Essen.
Neutral diplomatic circles here are divided an the question whether the
Chancellor's speech is a useful contribution in the current situation. They
profess to see no present practical purpose served in his obvious desire to
steer a middle course, despite the statement that the German Government
Is ready to enter negotiations which give its status of complete equality.

As to the effect of the speech on Ruhr workmen, an Essen
Associated Press dispatch Mar. 7th said:
Chancellor Cuno's speech in the Reichstag has had a decided effect in
stimulating the passive resistance among the hundreds of thousand of workmen in the Ruhr as well as the heads of industry, according to German
sources here.
The French, on the contrary, declare that the speech was disappointing
to the population, which had hoped to find in it a more definite declaration
that might lead to negotiations with France.
German trade union leaders here are almost unanimous in the statement
that the speech will make the factory workers and coal miners more determined than ever to maintain their resistance to occupation.

The Nachrichten, according to press advices from Duesseldorf Mar. 7 described Chancellor Cuno's speech a masterpiece, stating that it constituted a solid cornerstone upon
which German freedoth of the future will be built.
Offering of Bonds of Kansas City Joint Stock Land
Bank.
On March 5 a $3,000,000 issue of Kansas City Joint Stock
Land Bank (of Kansas City, Mo.) 5% farm loan bonds was
offered by Blair & Co., Inc., the First National Co. of Detroit
and Kelley, Drayton & Co. The bonds were offered at 103
and interest to yield about 4%% to the redeemable date and
5% thereafter. The bonds are dated Nov. 1 1922, become due
Nov. 1 1952, and are redeemable at par and interest on Nov.
1 1932 or any interest date thereafter. The bonds, coupon,
in denomination of $1,000 each, are fully registerable and are
interchangeable and principal and semi-annual interest are
payable at the Kansas City Joint Stock Land bank or coupons may be presented for collection at the office of Blair &
Co., Inc., New York. Tile bonds are exempt from all Federal, State, municipal and local taxation, excepting only
Inheritance taxes. By Act of Congress, It is stated, these
bonds, prepared and engraved by the Treasury Department,
are legal investments for all fiduciary and trust funds under
the Jurisdiction of the Federal Government. In a letter to
the syndicate offering the bonds Walter Gravens, President
of the bank, says in part:
This bank was organized under Charter No. 5 granted by the Federal Farm
Loan Board on Jan. 8 1918, as the Liberty Joint Stock Land Bank of Salina, Kans. In the early part of 1922 the main office of the bank was moved
to Kansas City, Mo., and its present name was adopted by an amendment
to the charter, approved by the Federal Farm Loan Board, effective May 18
1922. It is to-day one of the three largest joint stock land banks of the
United States.
By charter limitation, this bank is engaged solely in the making of farm
loans on the amortization plan under the terms of the Federal Farm Loan
Act, and its operations are limited to the States of Missouri and Kansas.
The policy of the bank is to limit its loans to the best agricultural districts of these States. At the present time it holds first mortgages on a




1001

total of 685,334 acres of diversified farm land having an aggregate appraised'
value of $58,532,000. The loans average about $34 per acre of land, or about
40% of the appraised value of the mortgaged land. The average size of itsloans is about $7,800. All loans are for strictly agricultural purposes, and
the mortgages are determined by an attorney appointed by the Federal Farm
Loan Board to be absolutely first liens upon the land. The equity in the
farm lands is constantly increasing by reason of the semi-annual amortization
payments made upon the loans, and by the increase in farm values, which in
the States of Missouri and Kansas, according to United States census reports,
has amounted to better than 4% per annum for a period of 60 years.
The satisfactory character of our loans is shown by the following comparative figures of interest in arrears. On Feb. 1 1923 interest in arrears totaled only $42,648 90 on loans of $22,700,000 and 90% of this amount was
only 30 days or less past due. On Feb. 1 1922 interest in arrears amounted
to $45,320 23 on mortgages of about $11,000,000. . . .
As of Jan. 31 1923 the Kansas City Joint Stock Land bank had outstanding $20,752,000 bonds, excluding this issue, and held $22,360,800 of mortgages. The paid in capital of the bank is $1,658,500, which, under the law,.
carries double liability.
The bank has paid regular semi-annual dividends since January 1919, and
since July 1 1922 quarterly dividends at the rate of 9% per annum have
been declared.

The following condensed statement of condition of the
Kansas City Joint Stock Land Bank of Kansas City, Mo., at
close of business Jan. 31 1923 is furnished by President .
Cravens:
ASSETS.
First mortgage loans
Accrued interest on mortgage loans
U. S. Government bonds and securities
U. S. Certificates of indebtedness
Accrued interest on bonds and securities
Farm loan bonds owned
Accounts receivable
Deposits in banks
Banking house and furniture and fixtures
Total
LIABILITIES.
Capital stock paid in
Legal reserve
Surplus reserves and undivided profits
Deferred loans
Farm loan bonds issued
Reserve for unpaid coupons on farm loan bonds
Accrued interest on farm loan bonds
Notes payable
Amortization installments—Principal

$22,360,800 00
428,575 78
21,195 86
1,400,000 00
12,099 89
228,500 00
89,528 64
482,444 06
89,036 88
$25.107,175 OT

$1,658,500 00
78,077 SO
121,220 48
853,885 60
20,752,000 00
9,077 50
263,149 99
1,401,944 42
469,819 48

Total --------------------------------------------$25,107,175 OT

Our last reference to the Kansas City Joint Stock Land
bank appeared in cur issue of Dec. 16 1922,sage 2637.
Offering of Bonds of Louisville Joint Stock Land Bank
and Union Joint Stock Land Bank of Louisville.
A syndicate composed of Halsey, Stuart & Co., Inc., New
York; William R. Compton Co., New York; Harris, Forbes
& Co., New York; the Fidelity & Columbia Trust Co., Louisville, and Henning, Chambers & Co., Louisville, offered on
March 5 $1,500,000 5% bonds of the Louisville Joint Stock
Land Bank of Louisville, Ky. (operating in Kentucky and
Indiana) and $1,500,000 5% bonds of the Union Joint Stock
Land Bank of Louisville, Ky. (operating in Kentucky and
Illinois). The bonds were offered at 103 and interest, to
yield about 4.625% to the optional maturity and 5% thereafter. The bonds are issued under the Federal Farm Loan
Act; they are dated Nov. 1 1922, are due Nov. 1 1952, and are
redeemable at par and accrued interest on any interest date
after ten years from date of issue. In coupon form, in denominations of $10,000, $5,000, $1,000 and $500, the bonds
are fully registerable and interchangeable. Interest is payable semi-annually, May 1 and Nov. 1, and principal and interest are payable at the bank of issue or through the bank's
fiscal agency in New York City or Chicago, Ill. The bonds
are acceptable as security for Postal Savings and other deposits of Government funds and are exempt from Federal,
State, municipal and local taxation. The banks are owned
and controlled by the stockholders of the Fidelity & Columbia Trust Co. and the Citizens Union National Bank, of
Louisville, having, it is stated, combined resources of $44,000,000. The official circulars says:
The Louisville Joint Stock Land bank chartered by the Federal Farm Loan
Board May 1 1922, with a paid in capital of $250,000, to operate in'the
States of Kentucky and Indiana, and the Union Joint Stock Land bank chartered Oct. 3 1922, with a paid in capital of $250,000. to operate in the States
of Kentucky and Tennessee, are both under the same board of directors and
management and are located at Louisville. The control of both institutions
is vested jointly in the Fidelity & Columbia Trust Co., and
the Citizens Union
National Bank of Louisville, having combined capital and surplus of $6,017,050, and deposits of $23,716,750. The financial responsibility of the directors and officers and the experience of the management in safely lending
money against farm property insure these banks a strong position among the
banks functioning under the authority of the Federal Farm Loan Act. The
management of both banks is under the personal supervision of their President, Mr. Walter Howell, who served the Louisville Federal Land bank in the
same capacity, making an enviable record for that bank. Mr. J. W. Brantley
is Secretary-Treasurer, and Mr. Lee Gibson is General Attorney. The officers
constitute an executive committee which passes upon every application and
appraisal covering each loan. No loans are made in the mountainous section

1002

TFIE CHRONICLE

in any part of the loan territory or in the western and middle counties of
Tennessee adjacent to the Tennessee River.
According to the 1920 census, Kentucky has a land area of 25,715,840
acres, 21,612.772 being in farms, of which 13,975,746 acres are improved.
The value of all farm property is $1,511,901,077, representing an increase
in excess of 95% for the period 1910 to 1920. During the same period the
value of land increased 116.9%, the value of implements and machinery
131.90%. . . .
• Tennessee has a land area of 26,679,680 acres, 19,510,856 being in farm's,
of which 11,185,302 acres are improved. The value of all farm property is
$1,251,964,585, or an increase of 104.47% for the period 1910-1920. During the same period the value of land increased 111.7%. the value of implements and machinery 143.7%.
Indiana has a land area of 23,068,800 acres. 21,063,332 acres are in
farms, of which 16,680,212 acres are improved. The value of all farm property is $3,042,311,247, or an increase of 68.2% for the years 1910 to 1920,
or an increase of 74.2% in the value of land, and 226.8% in the value of
implements and machinery.

{vol.. 116.

These bonds are the direct obligation of the San Antonio Joint Stock
Land Bank. They are collaterally secured by deposit with the Registrar
of the Federal Farm Loan Bureau of the United States Treasury Department of either United States Government bonds or certificates of indebtedness, or of Federally approved first mortgages on productive farms appraised by Federal appraisers at values at least 100% in excess of the mortgages thereon, which equity is steadily increased by semi-annual amortization of the mortgages.
Bonds are limited to 15 times the paid-in capital and surplus of the bank.
The liability of the bank shareholders is double the amount of their stock.
The double liability on the paid-in capital stock, and surplus and undivided
profits of this bank applicable to the outstanding bonds of the bank, including this issue, on Feb. 16 1923 amounted to $800,911 63.
Federally appraised value of farms securing the $5,435,000
$12,533,961 00
bonds of this bank outstanding (including this issue)
Surplus and undivided profits and double liability on capital
800,911 63
stock as of Feb. 16 1923

$13.334,172.63
The organization of the Louisville Joint Stock Land Bank
Equal to security of $2,453 52 for each $1,000 bond.
was referred to in our issue of May 13 1922, while the organiThe bank serves the States of Texas and Oklahoma. Its
zation of the Union Joint Stock Land Bank of Louisville was
policy, it is stated, is to make loans in the Black Land Belt
noted in these columns Oct. 14 1922, page 1682.
of Texas and Southern Oklahoma. Its President, Mr. Lupe,
business in
Offering of Bonds of Atlantic Joint Stock Land Bank. was for many years engaged in the mortgage
Texas. Thomas C. Frost, Vice-President and director, is
• At 10234 and interest, to yield over 4.68% to the redeemPresident of the Frost National Bank of San Antonio.
able date (1933) and 5% thereafter to redemption or maJ. H. Frost, director, is Vice-President of the Frost National
turity, a $1,500,000 issue of 5% bonds of the Atlantic Joint
Bank of San Antonio. John Frost, director,is Vice-President
Stock Land Bank (Raleigh, N. C.) was offered on March 8
of the Frost National Bank of San Antonio. The three Frost
by William R. Compton Co., Halsey, Stuart & Co., Inc.,
brothers control the Frost National Bank. Robert Driscoll,
and Harris, Forbes & Co., all of New York. The bonds are
director, is a farmer, banker and ranchman. Jack Locke,
dated March 1 1923, are due March 1 1953 and are redeemdirector and Treasurer, is a capitalist and ranchman.
able at par and accrued interest on any interest date on or
A reference to a previous offering of bonds of the San
after ten years from date of issue. Interest is payable
Joint Stock Land Bank appeared in our issue of
Antonio
semi-annually March 1 and Sept. 1, and principal and inter16, page 1268.
Sept..
est are payable at the Atlantic Joint Stock Land Bank,
Raleigh, N. C. Arrangements have been made whereby
the coupons may be presented for payment at the office of
Rural Credita Bill Enacted Into Law.
the New York Trust Co. in New York City. The bonds,
Following the enactment into law during the closing hours
coupon in denomination of $1,000, and registered bonds in
denominations of $5,000 and $10,000, are issued under the of Congress of the composite ruragcredits bill, President HardFederal Farm Loan Act. They are exempt from Federal, ing immediately brought under way machinery looking to
State, municipal and local taxation and are acceptable as the creation of the "Federal intermediate credits banks,"
security for postal savings and other deposits of Government and the "National agricultural credit corporations" provided
funds. The Atlantic Joint Stock Land Bank was chartered for under the Act. In accordance with the provisions of
1:2_the Federalarm Loan Board on June 6 1922 and has a the newly enacted measure increasing the membership of
capital of $5017,T100, paid in surplus of $50,000 and earned the Federal Farm Loan Board from five to seven, President
surplus of $11,092. Its operations are confined to the States Harding on the 5th inst. named as additional members
of North Carolina and South Carolina. The bank is under Elmer S. Landes of Ohio,(Republican) and Merton L. Corey
the private ownership and management of A. W. McLean, of Nebraska, (Democrat). A vacancy on the Board which
President. Mr. McLean was for over twenty-five years now exists, will not, it is understood, be filled until PresiPresident of the National Bank of Lumberton of Lumberton, dent Harding's return from Florida. One of the features
N. C., and for four years Director of the War Finance Cor- of the bill,—that making provision for inquiry into "the
poration at Washington. The following is the statement of reasons which actuate eligible State banks and trust comthe Atlantic Joint Stock Land Bank (as officially reported panies in failing to become members of the Federal Reserve
Feb. 28 1923):
system," is referred to in another item in this issue. As we
Acres of real estate security loaned upon
120,253 noted in these columns of a week ago, (page 881) the rural
$2,810,400
Total amount loaned
credits measure which Congress has passed embodies feaAppraised value of real estate security
7,628.032
the Lenroot"
63 43 tures of three bills, namely, the Capper bill,
Appraised value per acre
23 37 Anderson bill and the Strong bill. The Capper bill, as stated
Average amount loaned per acre
Percentage of loans to appraised value of security
36.8%
hi our issue of Jan. 20, page 249, and Jan. 27, page 364,
Previous references to the Atlantic Joint Stock Land Bank passed the Senate Jan. 19; the Lenroot-Anderson bill, as
appeared in these columns June 3 1922, page 2419, and we indicated Feb. 10, page 569, passed the Senate Feb. 2,
Nov. 4 1922, page 1994.
while the Strong bill, amending the Farm Loan Act passed the
House on Feb. 20, as we reported Feb. 27, page 773. The
Offering of San Antonio Joint Stock Land Bank Bonds. composite measure passed the House on March 1; the Senate
the 1st inst. disagreed to the House amendment and the
Howe, Snow & Bertles, Inc., and Bolger, Mosser & on
was sent to conference for adjustment of the differences.
bill
Willaman offered on March 8, at 102.25 and interest, to
Agreement was reached by the Conferees on the 2nd inst.
5%
maturity
and
thereafter,
optional
yield over 4.70% to the
and on the 3rd both the Senate and House adopted the
$3,000,000 San Antonio Joint Stock Land Bank (San
conference report. The House agreed to it by a vote of 276
Antonio, Tex.) 5% Farm Loan bonds. The bonds are
34, while the Senate adopted it without a record vote.
dated Nov. 1 1922, are due Nov. 1 1952 and are redeemable to
President signed the bill on the 4th inst. In reporting
The
atT100 Nov. 1 1932, or any interest date thereafter. The
agreement reached by the Conferees the "Journal of
the
bonds, coupon and fully registered, are interchangeable, Commerce" in Washington dispatch March
2 said:
and are in denominations of $10,000 and $1,000. Principal
A compromise on the difference in the rural credits legislation was reported
1
(May
are
and
1)
interest
payable
Nov.
and semi-annual
to-day by the Senate and House conferees.
Prompt action by both Houses of Congress was predicted to-morrow so
at the bank of issue or the National Park Bank, New York.
the composite bill. incorporating the vital features of the LenrootThe bonds are issued under the Federal Farm Loan Act; that
Capper and Strong measures might go to President Harding for his signature
they are exempt from all Federal, State, municipal and before March 4.
The Senate conferees agreed to the House provision calling for the appointlocal taxation and are acceptable as security for Postal
ment of a joint Congressional commission to make a far-reaching inquiry
Savings and certain deposits of Government funds, besides to
ascertain why eligible State banks and trust companies have failed to
being legal investment for all fiduciary and trust funds join the Federal Reserve system and to recommend changes in the laws
The
regulations
the
which might bring into the system the smaller country banks.
Federal
of
Government.
or
under the jurisdiction
The outstanding change from the banking standpoint was the restoration
15
Sept.
Bank
was
Land
organized
Stock
Joint
Antonio
San
to the agricultural credit corporations to be formed under the Capper bill
1919; it is operated in close connection with the Frost Na- of the right to issue debentures. This was stricken from the Capper bill
by the House, but, upon the insistence of the Senate conferees beaded by
tional Bank of San Antonio.
Senator McLean, it was put back in the legislation. thus permitting one
B.
William
offering
the
bonds,
syndicate
lb In a letter to the
system to be financed by private capital to compete with the intermediate
Lupe, President of the San Antonio Joint Stock Land credit banks, which will have their capital of $60.000,000 subscribed by
Vie Treasury.
llank,Days:




MAR. 10 1923.]

TUE CHRONICLE .

War Finance Extended.
The life of the War Finance Corporation was extended nine months beyond
July 30, as provided in the Senator rural credits bills. The House approved
an extension of only six months, but agreed to the longer term.
There will be no limitation upon the amount of money that the intermediate credit banks may lend to one borrower. The House bill limited
to 20% of the capital, or $1,000,000, the amount which any one borrower
might obtain from any one of the twelve Federal Land banks. The cooperative associations insisted that this limit would restrict their operations,
cause them to scatter and thus defeat the end sought by the large cooperative marketing institutions. The conferees struck out the 20% limit.
To differentiate the twelve intermediate banks to be established under
the Lenroot bill from the agricultural credit corporations to be set up under
the Capper bill, the Committee gave the title of Federal Intermediate
Credit Banks to one and the National Agricultural Credit Corporations to
the Capper creations.
Fight Over Interest Rates.
The big issue of the conference, it was learned, centred around the effort
made to restrict the interest rates which might be charged by the national
agricultural credit corporations. As the spread in the interest charge on
loans to be granted by the Federal intermediate credit banks cannot be
more than I %% beyond the discount rate of the Federal Land banks,
it was asserted that this restriction should apply to the Capper corporations.
However, it was pointed out that the Capper corporations, while permitted
to issue debentures, are denied freedom from taxation, and that it cannot
be expected that they can compete with the rates of the Federal subsidized
Intermediate credit banks.
As reported yesterday the supervision of the national agricultural credit
corporations will be under the direction of the Comptroller of Currency
instead of under the Federal Farm Loan Board as provided in the House
composite bill. A deputy comptroller of currency will be named to have
charge of this work.
The outstanding change in the Strong bill, which has never passed the
Senate, is that which provides that the Federal Farm Land banks may
make loans up to $25,000 to a single borrower on farm mortgages. However, there was a condition made that loans of $10,000 and under should
be given preference in case there was not enough funds to meet all of the
requests for loans. The Strong bill placed a $16,000 limit on this except
that in special cases which would have to go up to the Federal Farm Loan
Board for approval, loans of $25,000 would be made.
Dividend Regulation.
The action of the House in killing the section which authorized dividends
of 9% for member banks of the Federal Reserve System when the net
earnings exceeded 12% annually was upheld, because it was agreed that but
little more inducement might be offered the small banks in the way of
greater earnings under the new system and the effect of the section would
be to greatly reduce the possible return to the Treasury in franchise taxes.
The Senate provision permitting the intermediate credit banks to increase
their capital to SIC.000,000, when approved by the President, was elhaiinated by the conferees and a strict limit of $5,000,000 for each bank was
retained.
The Senate conferees accepted the House change increasing the membership of the Federal Farm Loan Board by two members. It was understood
that Representative A. P. Nelson of Wisconsin. a banker and retiring member of this Congress, would be a candidate for one of the new positions. He
was a conferee. The other member will have to be a Democrat.
Representative McFadden, heading the House conferees, said that the
report would be filed in the House Saturday and that he expected it to be
adopted [which happened—Rd.). While not all of the Senate and House
members participated at the end of the conference, there was a unanimous
vote to recommend concurrence by the respective houses.
Mr. McFadden said that the restoration of the right to the Capper loan
corporations to issue debentures would permit this system to function as
was intended when both the Senate and the House passed the rural credits
legislation.
The bulk of the work in conference was done by Senators McLean and
Pepper on the Senate side, and by Representatives McFadden and Wingo
on the House side, It was indicated.

1003

and,secondly, that the acceptances, collatereral trust notes, or debentures
issued by them under the provisions of the Act to carry no tax-exemption
provisions, whereas, Federal intermediate credit banks are capitalized by
the United States Government and are permitted to issue tax-free debentures.
The managers on the part of the House, in agreeing to the Senate provision in regard to the increase from $10,000 to $25,000, as the maximum of
loans which can be made to an individual by the Federal Farm Loan system, in lieu of the provision in the House bill, which provides for the maximum loan limit of $16.000, which with the approval of the Federal Farm
Loan Board might in special cases be raised to $25,000, insisted upon the
proviso in the House bill that preference shall be given to applications
for loans of $10,000 and under, upon the theory that it was better to fix
definitely the loan limit than to leave it to the discretion of the Federal
Farm Loan Board.
The managers on the part of the House agreed to the inclusion under
the operations of the Federal Farm Loan system of a provision which will
bring the Territory of Alaska under the operations of the Federal Farm
Loan system under rules and regulations to be approved by the Federal
Farm Loan Board.
The managers on the part of the House yielded to the pressure for the
extension of the legal life of the War Finance Corporation for a periodof
nine months instead of for the period of six months as provided in the
House Bill.
Under the provision agreed upon the active operations of the War Finance
Corporation can continue until April 1 1924. Your managers were governed by the fact that the organization of these credit banks under this
bill will take some period of time, and inasmuch as the War Finance Corporation is at present financing the rural credit needs to an extent of nearly
$150,000,000, it was thought best to safeguard the possible requirements
of the rural credit interests of the country during the interval, it being
agreed a natural sequence of the coming into full operation of the two new
credit agencies supplemented by the increased operations of the Federal
Land banks and the broadening of the operations of the Federal Reserve
system to meet the needs of the agricultural interests, that the operation
of the War Finance Corporation would gradually be reduced, so that the
complete liquidation of this corporation might be had without an additional extension beyond that already provided for in this bill.
The House bill provided for the fixing of the rate of interest to be paid
by the borrowers from the national agricultural credit corporations. Your
managers gave very careful consideration to this provision and after full
conference were compelled to recede to the Senate provision upon the theory that we should not attempt to fix the rate of interest paid by borrowers.
as that was a question entirely in the hands of the banks, and any attempt
on the part of Congress to fix the rate of interest that should be charged
borrowers in the several States would be usurping a right which belongs entirely to the States, and if the precedent were established in this instance
it might mean the limiting of rates of interest charged by national banks as
well, and the further reason that it might deprive the national agricultural
credit corporations of the right to fully serve the needs of their agricultural
borrowers at a critical time when the rates for money might be high and in
the competitive market the collateral trust certificates or debentures issued
by these institutions would not be in as favored a position as other obligations issued bearing tax-exemption privileges.

Under date of March 6 the "Journal of Commerce" reported the following from Washington:

Intermediate credits departments in the Federal Land banks, created
by the composite rural credits law, will be set up and discounting farm
paper within sixty days, it was said to-day at the Farm Loan Board.
Preliminary work preparatory to setting the new farm financing machinery
in motion is being rapidly completed, officials said, and the presidents of
the twelve Land banks will begin a three-day conference with the Board
to-morrow, at which the final details for establishing the loan agencies in
their territories will be threshed out.
It is the view of the Board members that the intermediate credit departments of the Land banks will be called upon for the extension of credit
principally in the corn belt States.
As the Board now sees the situation, it is not planned that the Land
banks shall issue debentures for some time, as it is thought that the capital
We expect to give the text of the bill another week. The of $5,000,000 to be provided for each department by the Government will
following is the statement of the managers on the part of the suffice for the immediate future. Where the heaviest demands are made
land bank can aid another by discounting its paper.
House, namely Representatives McFadden, Vaile, Nelson, one
Large loans, however, are not expected to be the general practice of the
Wingo and Steagall:
Intermediate credit departments, as it is thought that this field will be
The managers on the part of the House at the conference on the disagree- covered by the national credit corporations to be formed under charters
ing votes of the two Houses on the amendments of the House on the bill from the Comptroller of the Currency. As yet no applications for these
(S. 4280) to provide for the incorporation and supervision of corporations charters have come in to Mr. Crissinger.
formed for the purpose of making agricultural and live-stock loans; to
amend the Federal Reserve Act; to amend the Federal Farm loan Act; and
other securities to provide fiscal agents for the United States; and for Inquiry under Rural Credits Acts into Failure of State
other purposes, submit the following written statement in explanation
Institutions to Join Federal Reserve System—
of the effect of the action agreed upon by the conferees and recommended
Eugene Meyer's Comments.
In the accompanying conference report.
The amendment of the House strikes out all after the enacting clause
The Rural Credits bill as enacted into law before the adIn the Senate bill. The Senate recedes from its disagreement with the
House amendemtn with an amendment which is a substitute for the House journment of Congress carries a provision calling for the apamendment. The effect of the substitute amendment is explained in pointment of a joint Congressional committee "to inquire
the following paragraphs:
Into the effect of the present limited membership of State
The House bill so restricted the scope of the operations of the national
agricultural credit corporations that they would not be able to function. banks and trust companies in the Federal Reserve System
The managers on the part of the House have taken for granted, in the con- upon financial conditions in the agricultural sections of the
sideration in conference, the fact that it was the intention of the House United
States" and the reasons which actuate eligible State
to make this dual rural bill function to the full extent of its ability. Therefore, the conferees have agreed in substance to the provisions in the Senate banks and trust companies in failing to become members of
bill which reinstates in this bill certain features which were eliminated the Federal Reserve
System." The committee is further delpreviously by the Committee on Banking and Currency in their desire
egated to ascertain "what administrative measures have been
to harmonize the so-called Capper-McFadden, Lenroot-Anderson Strong
bills into a single composite measure. In doing this there is being created taken and are being taken to increase such membership and
in this bill two distinct and separate rural-credit organizations, namely, whether or not any
change should be made in existing law
the Federal intermediate credit banks and the national agricultural credit
corporations. The former is placed under the control and management of or in rules or regulations'of the Federal Reserve Board," etc.,
the Federal Farm Loan Board and the latter under the supervision of the to bring about a larger membership among the State banks
Comptroller of the Currency.
in the agricultural districts. The Act provides that the
While the two systems will furnish relief to the agricultural interests of
committee
shall consist of three members of the Senate
Federal
the
intermediate
country,
particularly
credit
the
bankswill more
take care of the needs of a certain class and might conic nearer than do Banking and Currency Committee and five members of the
the national agricultural credit corporations in taking care of the entire Banking and
Currency Committee of the House. On the 5th
needs of the general agricultural public; the national agricultural credit
corporations will make certain the caring for, in a national way, of the Inst. Vice-President Coolidge named as the Senate members
of the committee the following: Senators McLean of Conlive-stock and co-operative marketing requirements.
Your managers took into consideration also the fact that the national necticut,
Weller of Maryland and Glass of Virginia. The
agricultiral credit corporations will be organized along the same lines that
national banks are organized, namely, by private subscription to capital. five members of the House who have been named to serve on




1004

. THE CHRONICLE

the committee are Representatives McFadden of Pennsylvania, Dale of Vermont, Strong of Kansas, Wingo of Arkansas
and Steagall of Alabama. The committee is called upon to
submit reports of its inquiry together with recommendations
to the Senate and House from time to time and to submit its
final report not later than Jan. 31 1924.
A resolution proposing the appointment of a joint committee of Congress to inquire into the reason why over 9,000
banking institutions eligible to admission to the Federal
Reserve System have failed to become members, was introduced in the U. S. Senate on Jan. 25 by Senator McLean,
Chairman of the Senate Committee on Banking and Currency. What was said to be a substitute resolution was offered by Senator McLean on Feb. 19 and referred to the
Committee to Audit and Control the Contingent Expenses of
the Senate—this resolution directing the Senate Banking
and Currency Committee, or a sub-committee thereof, to inquire into the membership of State banks in the Federal Reserve System. In appearing before the House Committee
on Banking and Currency on Jan. 31, Eugene Meyer, Jr.,
Managing Director of the War Finance Corporation, made
the statement that the Federal Reserve System has not developed as Congress evidently intended it should when the
Federal Reserve Act was passed. As to why the eligible banks
have failed or refused to join the Federal Reserve System,
and what can be done to bring them in, Mr. Meyer declared
the problem to be "essentially one of administration rather
than of legislation, because these banks are eligible for
membership under existing law." "It is not for me to say
what action should be taken to get these banks into the system," commented Mr. Meyer, "but I am convinced that with
the right sort of leadership, a basis of understanding can be
arrived at which would solve the problem. And its solution
would, I believe, be one of the most helpful things that
could be done in the field of agricultural credit at the present time—advantageous to the banking structure of the entire country and assuring agriculture of necessary support
in time of stress." Mr. Meyer's appearance before the House
Committee on Jan. 31 occurred when consideration was begun by the latter on the Capper Farm Credits bill, and a part
of what he had to say in support of the measure was indicated in our issue of Feb. 10, page 571. Regarding the Federal Reserve System and the banks outside the fold, Mr.
Meyer said:
It was the evident purpose of the Congress that the System should act as
a reserve system not alone for the national banks and a small proportion of
the State banks but for all the banks of the country that could meet the
eligibility requirements of the law. At present the System is composed of
8,235 national banks, made members by the Federal Reserve Act, and 1.648
State banks. There are 9,678 State banks, located for the most part in the
agricultural sections, which are eligible for membership in the System but
which so far have retrined from joining.
The 8,235 national banks have a total capital and surplus of $2,348,000,000 and aggregate resources of $20,916,000,000. Their average capital and
surplus is $285,000. The capital and surplus of the member State banks
totals $1,141,000,000 and their aggregate resources amount to $11,000,000.000. The average capital and surplus of these institutions is $692,700. In
other words, the average capital of the State member banks exceeds by $407,000 the average capital and surplus of the national banks.
The 9,678 State banks which are eligible for membership in the Federal
Reserve System but which have not joined have a total capital and surplus of
11,209,000,000, with aggregate resources of nearly $9,000,000,000. Their
average capital is approximatley $125,000. In the six great corn belt States
—Iowa, Illinois, Indiana, Missouri, Nebraska and Ohio—which produce approximately 48% of our corn and which have within their borders 45% of
all the swine and 25% of all the cattle (other than milk cows), there are
3,621 banks, having a total capital and surplus of $315,000,000 and aggregate resources of $2,554,000,000, which are eligible for membership but
which have failed to join the System. Illinois alone has 1,037 eligible nonmember banks, with a total capital and surplus of $109,000,000 and aggregate resources of $909,000,000; and in Iowa there are 740 eligible nonmember banks with a total capital and surplus of $52,000,000 and aggregate
resources of $436,800,000.
Many Agricultural Communities Denied Benefits of System.
The failure of the eligible country banks to become members of the Federal Reserve System has denied to many agricultural communities the full
benefits of the System. The experience of the War Finance Corporation in
administering the Agricultural Credits Act has demonstrated conclusively
that, in times of stress, the non-member banks in the country districts are in
greatest need of access to a central reservoir of credit. Approximately 85%
of the banks to which the Corporation has made loans are State institutions
and only about 15% are national banks. In terms of dollars, the loans of
the Corporation to State banks constitute 80% of the whole. And these
figures do not take into account the large advances made to live stock loan
companies which are organized under State laws and which are not eligible
for membership in the Federal Reserve System.
Good Administration Nine Points of Effective Legislation.
Why is It that 9,678 eligible banks have failed or refused to joist the Federal Reserve System? What can be done to bring them in? The problem is
essentially one of administration rather than of legislation, because these
banks are eligible for membership under existing law. Too often it is expected that legislation will solve all problems. It must be borne in mind
that no matter how much legislation is enacted, or how beneficent that legislation may be expected to prove, its usefulness and effectiveness depend more
than anything else upon the way in which it is administered. To put It
briefly, good administration is nine points of effective legislation. When
Congress passed the Federal Reserve Act, it was intended that the System




[VoL. 116.

should serve all sections of the country and all types of commercial, industrial and agricultural activity, but how can the System function as originally contemplated, and to the best interests of all the people, if so large a
proportion of the eligible banks fail to take advantage of the facilities it
affords? It is not for me to say what action should- be taken to get these
banks into the System, but I am convinced that, with the right sort of leadership, a basis of understanding can be arrived at which would solve the problem. And its solution would, I believe, be one of the most helpful things
that could be done in the field of agricultural credits at the present time—
advantageous to the banking structure of the entire country and assuring
agriculture of necessary support in time of stress.

The following was the resolution offered by Senator McLean on Jan. 25:
Whereas, The Federal Reserve System was established by the Congress for
the benefit of all sections of the country and of all agricultural as well as
commercial and industrial interest; and
IVhereas, It appears from the last annual report of the Federal Reserve
Board that 9,640 State banks and trust companies, constituting over 85% of
the eligible State banks and trust companies in the United States, have failed
to become members of the Federal Reserve System.
Resolved by the Senate (the House of Representatives Concurring), That
a joint committee be appointed, to consist of three members of the Senate,
to be appointed by the President thereof, and three members of the House
of Representatives, to be appointed by the Speaker thereof. Vacancies occurring in the membership of the committee shall be filled in the same manner as the original appointment
2. That said joint committee is authorized to inquire into the effect of
the present limited membership of the State banks and trust companies in
the Federal Reserve System upon the financial conditions in the agricultural
sections of the United States, the reasons which actuate eligible State banks
and trust companies in failing to become members of the Federal Reserve
System, what administrative measures have been taken and are being taken
to increase such membership, and whether or not any change should be made
in existing law or in rules and regulations of the Federal Reserve Board or
in methods of administration to bring about in the agricultural districts a
larger membership of such banks or trust companies in the Federal Reserve
System.
3. That said committee is authorized to sit at any time during the sessions or recesses of the Congress and conduct its hearings at Washington or
at any other place in the United States, to send for persons, books and papers,
to administer oaths, and to employ experts deemed necessary by such committee, a clerk and a stenographer to report such hearings as may be had in
connection with any subject which may be before such committee, such stenographer's service to be rendered at a cost not exceeding $1 25 per printed
page; the expenses involved in carrying out this resolution to be paid in
equal parts out of the contingent funds of the Senate and House of Representatives.
4. The committee shall from time to time report to both the Senate and
the House of Representatives the results of its inquiries, together with its
recommendations, and may prepare and submit bills or resolutions embodying
such recommendations, and the final report of said committee shall be submitted not later than Jan. 31 1924.

We also give herewith the resolution offered by Senator
McLean on Feb. 19:
S. Res. 444.
Resolved, That the Committee on Banking and Currency of the Senate, or
any sub-committee thereof, be, and hereby is, authorized, during sessions and
recesses of the 67th or 68th Congress, to inquire into the effect of the present limited membership of State banks and trust companies in the Federal
Reserve System upon financial conditions in the agricultural sections of
the United States; the reasons which actuate such banks and trust companies
in failing to become members of the Federal Reserve System; what administrative measures have been taken and are being taken to increase such
membership; and whether or not any change should be made in existing law,
or in the rules and regulations of the Federal Reserve Board, or in its methods of administration, to bring about in the agricultural sections a larger
membership of such banks and trust companies in the Federal Reserve System.
In pursuance of this inquiry, said committee, or sub-committee thereof,
is further authorized to send for persons, books and papers, to administer
oaths and to employ experts deemed necessary by such committee, a clerk
and a stenographer to report such hearings as may be had in connection with
any subject pending before the committee, at a cost not to exceed 25 cents
per folio, all expenses incurred in furtherance of the purposes of this resolution to be paid out of the contingent fund of the Senate, not to exceed the
sum of $500.
The committee shall from time to time report to the Senate the results of
its inquiries, together with its recommendations and may prepare and submit bills or resolutions embodying such recommendations, and its final report
shall be submitted not later than Jan. 31 1924.

The following is the provision in the newly enacted Rural
Credits measure calling for the inquiry:
Sec. 506. (a) That a joint committee be appointed, to consist of three
members of the Banking and Currency Commitee of the Senate, to be appointed by the President thereof, and five members of the Banking and Currency Committee of the House of Representatives, to be appointed by the
Speaker thereof. Vacancies occurring in the membership of the committee
shall be filled in the same manner as the original appointments.
(b) The joint committee is authorized to inquire into the effect of the
present limited membership of State banks and trust companies in the Federal Reserve System upon financial conditions in the agricultural sections of
the United States; the reasons which actuate eligible State banks and trust
companies in failing to become members of the Federal Reserve System ;
what
administrative measures have been taken and are being taken to increase
such
membership; and whether or not any change should be made in existing law,
or in rules and regulations of the Federal Reserve Board, or in methods of
administration, to bring about in the agricultural districts a larger membership of such banks or trust companies in the Federal Reserve System.
(c) The committee is authorized to sit at any time during the sessions or
recesses of the Congress, to conduct its hearings at Washington or any other
place in the United States, to send for persons, books and papers, to take
testimony, to administer oaths, and to employ experts deemed necessary by
such committee, a clerk, and a stenographer to report such hearings as may
be had in connection with any subject which may be before said committee,
such stenographer's services to be rendered at a cost not exceeding $1 25 per
printed page. The expenses of such committee shall be paid out of the contingent funds of the Senate and the IIouse of Representatives in proportion
to the membership of such committee from each House.
(d) The committee shall from time to time report to both the Senate and
the House of Representatives the results of its inquiries, together with Its

MAR. 10 1923.]

THE CHRONICLE

recommendations, and may prepare and submit bills or resolutions embodying such recommendations, and the final report of said committee shall be
submitted not later than Jan. 31 1924.
Account of
Agricultural and Live Stock Purposes.
The War Finance Corporation announced on March 7
that from Feb. 16 to Feb. 28 1923, inclusive, the Corporation
approved 36 advances, aggregating $1,244,000, to financial
institutions for agricultural and love stock purposes.
Advances by War Finance Corporation

Repayments Received by War Finance Corporation.
From Feb. 16 to Feb.28 inclusive,the repayments received
by the War Finance Corporation totaled $4,844,141, as
follows:
On export advances and on loans made upon war powers
$4,420
On agricultural and live stock advances:
From banking and financing institutions
$2,806,303
From live stock loan companies
1,356,844
From co-operative marketing associations
676,574 4,839,721
Total

$4.844,141

The repayments received by the Corporation from Jan.
1 1922 to Feb. 28 1923 inclusive, on account of all loans,
totaled $207,140,447.

1005

inst., indicating his reason therefor, Mr. McNary stated that
he had been unable to convince himself that he "should take
up the responsibility of the office without the full authority
which goes with a confirmation which was prevented by unfair tactics." At the same time Mr. McNary Issued a statement in reply to one made public the previous day by Senator
Couzens, Chairman of the Senate Banking and Currency
Committee, in which the latter made charges against operations of Mr. McNary as a banker, which charges Mr. McNary
declared to be "completely false" and "in direct conflict with
the records from which Senator Couzens pretends to quote."
Mr. McNary's nomination as Comptroller of the Currency
was sent to the Senate by President Harding on Jan. 12, at
the same time that Comptroller Crissinger was named as
Governor of the Federal Reserve Board. On March 4 the
Senate Committee on Banking and Currency favorably reported the nomination by a majority of one. In the Senate,
however, when it became evident that opposing forces intended to block confirmation, the efforts to confirm the nomination were abandoned. Senator Couzens undertook to address the Senate at length on the 4th inst. regarding his objections to Mr. McNary as a candidate for the office and
later in the day issued the following statement relative to his
objections:

$4,000,000 Now Available for Houston, Fible & Co.
Creditors.
According to press dispatches from Kansas City yesterday
(March 9), J. W. Perry, receiver for the failed brokerage
house of Houston, Fible & Co. of that city, announced on
that day that $4,000,000 is now available for the creditors.
Mr. Perry, it is said, had just returned to Kansas City from
New York, where he has been assisting in the sale of the
firm's securities. Houston, Fible & Co. failed on Dec. 18
of last year, as reported in our issue of Dec. 23, p. 2745.

Due to the many inquiries made to the members of the Banking and Currency Committee of the Senate as to the delay in reporting out favorably the
name of James G. McNary, nominated for Comptroller of the Currency, and
now due to the fact that by a majority of one the Committee has reported
him to the Senate for confirmation, It seems incumbent upon me as Chairman of the sub-committee appointed to investigate Mr. McNary's record, to
give to the public the mason.. for the determined opposition to his confirma•
tion.
For a period of seven or eight years his principal occupation has been the
President of a large hank in Texas, but he has also been actively engaged in
banks in New Mexico. He has also been engaged in the land, cattle and lumber business in the South and Southwest of the United States and speculated
in the sugar business in Mexico.
For a period of more than five years he was a continuous borrower from
the bank of which he was President, in amounts ranging from $10,000 to
West Bergen Trust Co. of Jersey City Admitted to $100,000,
unsecured, and a guarantor or endorser during the whole period in
Northern New Jersey Clearing House—Collection
amounts of from $5,000 to $170,000; and he, as directing head of the bank,
was
continuously criticised for excessive loans made to the officers and direcThrough New York Federal Reserve Bank.
tors and the companies in which they were interested. At one time 88% of
The Federal Reserve Bank of New York issued on March 1 the capital and surplus funds of the bank of which he was President was
loaned directly to the officers and directors of said bank, and 69% of the
the following notice:
capital and surplus of the same bank to corporations in which said officers
FEDERAL RESERVE BANK OF NEW YORK.
and directors were interested. This, as you will see, totaled 157% of the
[Circular No. 532, March 11923. Reference to Circular No. 515.1
entire capital and surplus of the bank loaned to themselves.
Collection of Checks—Immediate Credit for Certain New Jersey Checks.
Many hundreds of thousands of dollars from this bank were loaned to catTo All Banks and Trust Companies in the Second Federal Reserve District:
tle, lumber and banking institutions of which Mr. McNary was either PresiThe Northern Now Jersey Clearing House Association has notified us dent or director. Several hundreds of thousands of dollars of this bank were
that the West Bergen Trust Co. of Jersey City, New Jersey, has been lost by speculation in Mexican paper money.
admitted to its membership as a non-member clearing bank. Therefore,
In some instances institutions that Mr. McNary was interested in were alchecks drawn on that company will be received by us no and after March 5 lowed to overdraw their account in very large amounts; in fact, 52 times
1923,for immediate credit* in the same manner as checks drawn on certain during a period of six months the bank was in the position of having a suit
other New Jersey banking institutions listed in our time schedule effective instituted against it for forfeiture of its charter.
since Jan. 2 1923.
In 1919 there was so much gossip in local banking circles about this bank
Such checks will of course be received and handled under the terms and Mr. McNary's speculations in sugar that Mr. McNary found it necessary
circular
entitled
our
conditions
dated
of
Jan.
and
"Collection of Checks"
to defend the position of himself and other officers of the bank. He wrote a
Very truly yours,
2 1923.
letter in which he referred to a loan from a New York trust company of apBENJ. STRONG, Governor.
proximately $116,000, which he had borrowed on his own account and which
his board of directors had previously declined to assume. He denied that his
*If received by the Buffalo Branch credit is given one day after such bank had any connection whatever with this or any other sugar transaction,
receipt.
and yet as a result of our inquiry we find that in spite of the directors dedining to make this loan, one of the Vice-Presidents of his bank wrote a
Increase in Rediscount Rate of Federal Reserve Bank letter to this New York trust company giving the bank's guarantee of the
and he (Mr. McNary) forwarded this guarantee to this New York trust
loan,
of San Francisco.
company, because the trust company had previously declined to make the
rediscount
The
rate of the Federal Reserve Bank of San loan unless guaranteed by the bank. Mr. McNary's declaration that the bank
Francisco on all classes of paper was increased this week from had no connection with this loan stated that it was the truth, the whole
truth, and nothing but the truth, and now that the discrepancy has been dis4 to 43.%, effective March 6. Two weeks ago, in our issue covered
he admits that his letter was not true, but that It was an oversight
of Feb. 24, page 776, we noted the advance from 4 to 43% on his part.
Another speculative sugar deal was entered into by him and another offimade by the Federal Reserve banks of New York and
cer of the bank, which deal the board of directors had declined to enter into.
Boston. With the establishment of a 432% rate by the Considerable profit
accrued to Mr. McNary on this deal, and the one above
San Francisco Reserve Bank the rates of all of the Reserve referred to, but all of the profits on both deals, so declares Mr. McNary,
were turned into the bank to assist in offsetting the losses made through
banks are on a uniform basis of 43 %.
speculation in Mexican paper currency.
He permitted excessive real estate loans and a too liberal policy of loanNomination of Frank W. Mondell as a Director of ing money for speculative and capital purposes. On several occasions their
slow assets and doubtful accounts exceeded the combined capital, surplus and
War Finance Corporation Confirmed by
profits of the bank, and yet they continued to pay dividends. He also perUnited States Senate.
mitted officers and directors of the bank to borrow excessively and to use
their
prestige to borrow from other banks, with inadequate security.
On March 2 the U. S. Senate confirmed the nomination of
All of this record
such, in my opinion, as to disqualify Mr. McNary for
Frank W. Mondell to be a director of the War Finance Cor- a place in which heiswould
be in supervisory charge of 8,000 to 9,000 national
banks. The Comptroller of the Currency, who stands as the chief guarporation. The nomination of former Representative Monantor
as
to
the
safety of deposits in national banks, should have the highest
dell to a directorship in the Corporation was referred to in Ideals of
banking ethics and should be, like Caesar's wife, above reproach.
our issue of a week ago, page 884.
Mr. McNary has told me that he
contributed $20,000 to the national Republican campaign fund, but I do not deem
this sufficient reason why, under
the circumstances, he should be
made Comptroller of the Currency.
Nomination of J. G. McNary as Comptroller of Currency
It has been argued on behalf of Mr.
McNary that he was a frontier banker
and these practices had to be
Unconfirmed by Senate—Rejects Recess Appointindulged in to promote the development of the
territory. This may be true, but I do not believe these methods should
ment by President.
be
condoned, and so far as I know, never have been condoned by the Comptroller
James G. McNary, whose nomination as Comptroller of the of the Currency. It would, in my judgment, do great damage to the morals
the Government's bank
Currency succeeding D. R. Crissinger failed of confirmation of
supervisory forces. If Mr. McNary were a candidate for some other office,
arguments might not be good, but this parby the Senate during the session of Congress just closed, ticular responsible position these
should not be filled by a man of Ms training and
experience.

was given a recess appointment to the post by President
Harding on March 5, but Mr. McNary declined to accept the
According to the New York "Times," members of the Comappointment. In his letter to President Harding on the 5th mittee on Banking
and Currency who are said to have fa-




1

TH I

1006

CiiitONICLE

[vol.. 116.

The apparent purpose of establishment of branch banks is to multiply
vored the nomination of Mr. McNary were Calder of New
the places of business of the principal banks and thereby increase the volume
York, Pepper of Pennsylvania, Edge of New Jersey, Norbeck of the same.
of South Dakota, and Shortridge of California, Republicans, "That phase of the matter, however, is not under consideration. It is a
question of power and not progress that demands solution. Certainly it is
and Fletcher, Florida Owen, Oklahoma, and Kendrick, Wyo- In
no sense essential to the exercise of the power granted nor is It a necessary
ming, Democrats. Those who opposed were said to be Mc- Incident to the carrying on of the banking business within the meaning of the
Weller,
of
Chairman
the
Committee;
Connecticut,
statute.
Lean of
"The National Bank Act," he continued,"lends no countenance to the
Maryland, and Couzens, Michigan, Republicans; Glass, Vir- contention
that the establishment of branch banks is within the scope and
ginia; Hitchcock, Nebraska,and Pomerene, Ohio, Democrats. purview of these sections, and hence not within the law."
inst.,
is made in the decision that branch banks can be organized
5th
point
McNary's
The
Mr.
statement
the
of
The following is
only in States which have laws permitting their organization, but not under
replying to the one above of Senator Couzens:
the Missouri Banking Act.
The tender of the recess appointment by the President speaks for itself, and
I have stated in my letter to him my reasons for declining it.
Heretofore I have refrained from making any public statement as to the
controversy that has gone on over my confirmation as Comptroller of the Currency, and I dislike to have to do so now, but feel that it has been made
necessary by the statement given to the press by Senator Couzens.
The statement given out by Senator Couzens is so completely false that, in
justice to myself and my friends and the Senate committee that recommended
my confirmation, it must be replied to. It is in direct conflict with the records from which Senator Couzens pretended to quote and with the facts submitted to the committee, on which it made its report recommending my confirmation.
First—For instance, the statement that I had borrowed amounts from
$5,000 to $170,000 from the First National Bank of El Paso without security
is utterly false, as shown by the records of the bank and by the facts submitted to the Senate committee.
Second—The statement that 52 times during a period of six months the
bank was in a position of having a suit instituted for the forfeiture of its
charter is utterly false in every particular.
Third—The statement that the bank and I had speculated in sugar is false,
neither ever having speculated in sugar to the extent of a dollar.
Fourth—The statement that a loan was made by any officer of the bank
after the board of directors had declined to approve is wholly false.
These are but specimens of the entire falsity of the statement. One more
must be mentioned.
Senator Couzens says: 'Mr. McNary has told me that he contributed $20,000 to the National Republican campaign fund.'
Senator Couzens knew, when he made that statement, that I had made no
such statement to him, and in the only two conversations I ever had with
him in my life the subject of campaign contributions was not even mentioned.

"This is not a proceeding," Walker concluded,"to deprive the respondent
(First National Bank) of any right or to limit the exercise of any power
conferred upon it by the laws of the United States, but to prevent it committing an act of violation."

declining the recess appointment:

In the United States manufacturers, importers and exporters
until recently were not versed in the use of acceptances, but

We expect to give the decision in full another week.
Book on Acceptance Financing.
The International Acceptance Bank, Inc., of New York,
has just issued an interesting eighty-page booklet written

by James P. Warburg, Vice-President of that institution,
entitled "Acceptance Financing and the International
Acceptance Bank, Inc." While most of the literature on
this and similar subjects is couched in technical language,
this treatise is written in such a way as to be easily understood even by those unfamiliar with banking practice.
The "Acceptance" has long been a favored method of
financing abroad but it is only in recent years that its advantages have begun to be realized in this country. The
dominating financial position which England has held for
many years is attributed in large part to her mastery of the
use of the "Acceptance" and the ready discount market for
such paper provided by London's well-known "Lombard
Street." The strong position of English merchants in relation to foreign trade is also to an important degree ascribable
The following is Mr. McNary's letter to President Harding to British familiarity with the use of this financial instrument.

I beg to express my appreciation of the high honor you have again conferred on me by reappointing me with a recess appointment for the office of
Comptroller of the Currency. I am most grateful to you for your continued
confidence and friendship, and for your unfailing support during the contest
to prevent my confirmation.
No one knows as well as you that I did not seek the office. To take this
office oath means not only severing all present banking connections, but debars me from renewing them for two years after leaving the office. Also, the
acceptance of the office means a very considerable financial sacrifice to me,
as well as the sacrifice of the comfort and happiness of my family.
After careful consideration I have been unable to convince myself that I
should take up the responsibility of the office without the full authority
which goes with a confirmation, which was prevented by unfair tactics,
which a large majority of the Senate stood ready to give, and without which
no man is in a position to render his best service.
I beg, therefore, that you will permit me to decline the recess appointment
with my most sincere expression of gratitude, and also most profound regret
for the inconvenience which the incident has caused you.

great strides forward in that direction are now being made
and prime bank and commercial bills are finding their
way into the portfolios of conservative investors—both
public and private—in an increasing volume.
Green Bill Designed to Stop Tax Evasions Through
Exchange of Securities Enacted by Congress.
At the session of Congress just ended the Green bill,
repealing the provision in the 1921 Revenue Act permitting
the exchange of securities without the realization of taxable

gain, was enacted into law. The passage of the bill by the
House of Representatives on Feb. 1 was referred to in our
issue of Feb. 3, page 473. In amended form the Senate
Senate conMissouri Supreme Court Holds National Bank Branches passed the bill on Feb. 24. In conference the
ferees receded on all its amendments, and the Senate and
in Violation of Federal and State Laws.
House adopted the conference report on the 3d inst.
The Missouri Supreme Court decided on March 2 that the
by
banks
branch
national banks in Missouri
orga Uzation of
Resolution Proposing Constitutional Amendment to
is in violation of both the Federal and State banking laws
Restrict Tax-exempt Issues Fails of Adoption
of
stifling
the
toward
tends
competition. The St. Louis
and
by Congress.
"Globe-Democr-t," in stating this, added in part:
Green providing for an
Representative
The resolution of
Tnis opinion was written in the quo warranto proceedings instituted by
Attorney-General Barrett against the First National Bank in St. Louis to amendment to the Constitution so as to prohibit the issuance
test its authority to establish branch banks. The First National had
by States and municipalities failed
organized and opened a branch in the quarters formerly occupied by the of tax-exempt securities
defunct Night and Day Bank and was planning the organization of another of adoption at the recent session of Congress. As reported
when the ouster proceedings by Barrett stopped further arrangements.
in these columns Jan. 27 (page 374), the resolution passed
The decision by the State Supreme Court that national banks are not
23. In the Senate
authorized by Federal statutes to organize branch banks is probably the the House of,Representatives on Jan.
first step in the fight between the First National and State banks over the it never went further than the Committee on Judiciary,
question. It is expected an appeal by writ of error from the Missouri
which on Feb. 25 agreed not to report the resolution and
Supreme Court will be taken to the United States Supreme Court for a final
make a last minute drive to pass it before March 4. This
construction of the Federal banking laws.
Barrett's quo warranto proceedings were brought at the request of a large information was contained in a Washington dispatch to the
number of the State banks and trust companies of St. Louis and elsewhere.
"Journal of Commerce" Feb. 25, which also said:
Slate Banks Protest.
Following the organization of the branch by the First National in the
Night and Day Bank, protests were made by the State
banks of St. Louis. Bills are pending in Congress to expressly prohibit
the organization of branch banks. One of these was sponsored by Missouri
Congressmen. A joint resolution asking Congress to outlaw branch banks
Is pending in the Legislature.
Sam B. Jeffries, an attorney and director of the National City Bank of
St. Louis, represented the State banks of St. Louis in their original protests
and, with other attorneys, Jeffries requested Barrett to start the quo
warrant* proceedings.
Assistant Attorney-General Otts, who assisted Barrett, said the effect
of the decision is to require the First National Bank to close its branch at
the Night and Day Bank's quarters and to refrain from organizing others.
An appeal from the decision of the Missouri Supreme Court to the
United States Supreme Court would, of course, stay the order of ouster
until the case was finally adjudicated.
Judge Walker, who wrote the opinion outlawing branch hanks, was
upheld by five other judges. Judge Ragland did not att.
Judge Walker defined the powers of national banks under the Federal
statute, then added:

quarters of the




The opposition of the minority was so formidable that it was realized it
would be futile to force it through, despite the outspoken indorsement of
President Harding, Secretary Mellon and other Administration leaders.

Commission of Milo D. Campbell as "Dirt Farmer" of
Federal Reserve Board Signed by
President Harding.
The commission of Milo D. Campbell, as "dirt farmer" of
the Federal Reserve Board, was signed by President Harding
on the 5th inst., its signing having been deferred pending the
action of the Senate on the nominations of D. R. Crissinger
and James G. McNary, both of which are referred to in another item in this issue. Mr. Campbell's appointment was
confirmed by the Senate on Jan. 25. Reference thereto was
made in our issues of Jan. 13, page 125, Jan. 20, page 250,
and MarcliC, page SS1.

MAR. 10 1923.]

THE CHRONICLE

Nomination of D. R. Crissinger as Governor of Federal
Reserve Board Confirmed by United States Senate.
The nomination of Daniel R. Crissinger to be Governor of
the Federal Reserve Board, was confirmed by the U. S. Senate on March 2. The nomination was sent to the Senate by
President Harding in January, and reference thereto was
made in these columns Jan. 12, page 125; Jan. 20, page 250
and March 3, page 884. The Senate Committee on Banking
and Currency favorably reported the nomination on Feb. 28.
Mr. Crissinger has been serving as Comptroller of the Currency, having been named to that post with the advent of the
Harding administration. As Governor of the Federal Reserve Board he will succeed W. P. G. Harding, whose term
as Governor of the Board expired last August, and who in
January of this year became Governor of the Federal Reserve Bank of Boston.
Brief of New York Stock Exchanges Opposing Lockwood
Bills for Regulation of Exchanges, Supervision
of Securities, &c.
A brief on behalf of the New York Stock Exchange in
opposition to the bill of the Lockwood Housing Committee,
proposing the supervision of the issue and sale of securities,
the licensing of brokers and the regulation of exchanges,
has been filed with the Judiciary Committees of the New York
Legislature. The Lockwood housing Measures were reported
out of Committee by the Senate Judiciary Committee of
the State Legislature on Feb. 28. Indicating the scope of
these measures the New York "Evening Post" had the following to say in an Albany dispatch March 1:

1007

report of the bill seemed to have persuaded the members of the committee
that they were making a mistake in fighting the Lockwood legislation in
committee.

The recommendations of the Lockwood Committee were
contained in a report presented to the Legislature at Albany
on Jan. 16. The brief of the New York Stock Exchange,
which was filed by John G. Milburn and Walter F. Taylor,
attorneys for the Exchange, states that "the enactment of
a law containing the provisions affecting the Exchange
contained in the proposed Act, would not only destroy the
autonomy of the Exchange but would destroy the business
of its members." It adds "the Constitution, by-laws, rules
regulations and practices of the Exchange are the result of
experience extending over more than fifty years, formulated
by those best able to formulate them. The proposed
provisions would make them subject to change at any
moment, and in any particular, on the order of the Superintendent of Banks." As to the licensing of brokers, the
brief says: "The Stock Exchange is opposed to every
scheme for the licensing of brokers." It contends that
"licensing will not eliminate the fraudulent or unscrupulous
dealer in securities. On the contrary it would frequently
aid the swindler.". . . The licensing system would not
prevent dishonest men from obtaining licenses, but would
give them a certain measure of good standing. The undiscriminating public would be disposed to put all holders of
licenses on a parity. The reputation for character and
solvency that members of the Exchange and other brokers
have been building up for years would in the minds of a
great part of the public count for little or nothing in comparison with the license granted by the State."
Regarding the provision for the supervision of the issue
and sale of securities, the brief states that "it is hard to find
any words of condemnation strong enough to apply to any
measure which would put obstacles in the way of marketing
legitimate securities. The proposed Act would hold up
every issue until it had been passed upon by the Superintendent of Banks." It is further declared that "the Act would
furnish a fruitful field for the operations of the blackmailer."

Proposals for the incorporation of the New York Stock Exchange and
other exchanges dealing with securities, regulation by the State Superintendent of Banks of the class of secuities to be sold, and strict regulation,
not only of employers' associations, but of labor unions are now before the
Legislature far consideration.
The Judiciary Committee of the Senate, dominated by Senator James
J. Walker, Majority Leader,and Senator Salvadore A. Cotillo, Chairman of
the Committee, reported to-day seven bills designed to carry out the program of the Lockwood housing committee and the desires of Samuel Untermyer, its counsel, to bring about a general reform in trade and commerce
In this State. The bill provide:
1. Creation of a State commission to regulate trade and commerce and
City Club of New York on Lockwood Housing Bills.
to stop profiteering.
2. Regulation of labor unions by the trade commission and the prevenThe City Club of New York has voiced its opposition to the
tion of improper practices such as were exposed by the Lockwood CommitLockwood bill for the regulation of the New York Stock
tee.
3. Increase of the penalty for violation of the anti-trust law to a fine Exchange. Its declarations against the bill were reported
of $20,000 for corporations and a jail sentence of from three months to one
follows in the New York "Commercial" of the 2d inst..
Year for individuals. Under this bill courts would be prohibited from sus- as
This is a novel and very drastic measure dealing with the issue and
pending sentence upon conviction in this class of cases.
sale
of corporate securities. Its bearing upon the housing situation is
4. Prohibition against the purchase of all but a limited class of securities by fire insurance companies and provision for the immediate dis- very remote and incidental. The City Club is in sympathy with some
position of all prescribed securities. This would bring fire insurance com- of the so-called "blue sky" purposes of the bill, but is opposed to the measpanies within the provisions of the Armstrong Law which applies to life ure as a who:e because of its highly bureaucratic and inquisitorial features.
Insurance underwriters.
The duties placed on the Superintendent of Banks are practically im5. Creation of a State fund monopoly in the underwriting of workmen's
compensation insurance; as amended by committee, the bill does not inter- possible of proper performance, as it would seem quite beyond the power
fere with self-insurers and will permit mutual companies to underwrite of anybody to certify from documents whether the proposed issues are genworkmen's liability provided they do not engage in other forms of liability uine and proper for investment purposes; also the State runs the risk of
misinterm etation of approval by the Superintendent of Banks. Further,
insurance.
6. A so-called blue sky bill proposed by Mr. Untermyer giving the business is bound to be delayed and obstructed pending the approval of the
Superintendent of Banks authority to license brokers and to compel them Superintendent of Banks. These provisions give undue power to a public
to submit to him statements of the assets of all corporations in whose officer whose term of office is short. It is not unlikely that biased considerations would at timesfigure in the decision as to whether securities are
stocks they would deal.
or are not proper. . . .
Committee Springs Surprise.
From the point of view of the public, however, the previsions of this
No committee action in recent years has caused more surprise than that bill are much more vicious. The Superintendent of Banks is given power to
which brought these measures to the floor of the Senate for open debate. examine all transactions, books of accounts, documents, &c., of every
Representatives of the casualty insurance companies, trade associations, lkcensed dealer. This would give a purely political officer power to pry into
and the labor unions had been boasting that the Untermyer-Lockwood the private affairs of all the broker's customers. The relation between the
program would be smothered in committee. They were so convinced of broker and his customers is and should be a highly confidential one.
this that many of them left Albany some days ago in the belief that the
The New York "Tribune" of the 2d inst. quoted as follows
great interests involved, combined with the labor unions, would be sucfrom the club's memorandum relative to the proposed legiscessful in killing the bills.
Senator Walker shares with Senator Cotillo whatever credit there is for lation affecting the Exchange:
saving the bills. He and the chairman of the committee announced on
"Even if the Stock Exchange should be incorporated, a project which has
Tuesday that there woqld be an executive session yesterday afternoon, at apparently been abandoned, it could not be subjected to anything like the
which all the Lockwood measures would be considered. Senator Walker visitation and control which this Act seeks to impose upon exchanges. It is
kept every Democratic member of the committee In Albany and urged aimed, of course, at the New York Stock Exchange.
Senator Clayton R. Lusk, minority leader, to see that his representation
"It is not understood that there is any great public demand for the proon the committee was present. As Senator Lusk led the fight in 1922 for Posed legislation included in this bill. The Stock Exchange has had great
the trade commission bill and for a resolution which would have brought success in regulating its own affairs and practices. It is purely a voluntary
about regulation of the Stock Exchange, it was thought he would see to it organization and whoever joins it naturally becomes subject to its constithat his followers answered the cry to support the bills.
tution and rules. The disciplining of members should not be subject to
Strangely enough, when the committee met yesterday afternoon, not a review on the merits by the courts, for that would deprive the Exchange of
Republican was present. Even Senator Lusk, who has been issuing weekly much of its disciplinary powers which tend
to develop sound and honest
statements demanding trade commission legislation, ignored the call of business practice. The same may
be said about the ticker service. The
Chairman Cotillo.
control of the Exchange over this service has undoubtedly done much to
The only formal statement issued by the committee stated simply that curb bucket shops."
the bills had been reported out, but it is learned that Senators Walker and
Summing up its findings on the Stock Exchange control bills, the club
Cotillo battled for almost three hours before they could persuade the other says that though it believes the legislation would be unwise, it would favor
Democratic lawyers on the committee to sign the report. Governor Smith some provision requiring
the official filing of sworn statements and proshas mode no public declaration of his position on these bills. He has pectuses covering all issues of new securities and providing for the accessiassumed the same position on the Lockwood mehsures that he has on other bility of these records to the
public, possibly providing that advertising
"non-program legislation," that it is not his province to interfere with matter thereafter issued must be in harmony with such statements.
legislative deliberations.
The further declarations of the City Club relative to the
It is regarded as significant, however, that Senator Walker spent almost
an hour with the Governor before he attended the meeting ofthe Judiciary Lockwood bills are noted as follows in the "Commercial":
Committee. Up to the time of his arrival Senator Cotillo, who was a
Fair Trade Commission.
member of the Lockwood Committee, is said to have battled almost alone
This bill is exceedingly drastic in its provisions and would subject corfor the bills. Whether or not Senator Walker carried to his Democratic
colleagues a verbal message from the Governor, the fact that he left the porations doing business in New York to the control of the practically
Executive Chamber and hurried to the committee meeting to urge the unlimited Jurisdiction and powers by the State Department.




1008

THE CHRONICLE

The functions of the Housing Committee naturally led into the unlawful
practices in the building trades, and in order to more effectually reach those
practices the Committee proposes to bring every other incorporated business
enterprise under the control of the State of New York in its ordinary business
activities, and furthermore provides the most far-reaching legislation with
respect to associations between individuals,firms or corporations transacting
the same line of business.
The action of the Housing Committee with reference to the abuses in the
building trades may be most commendable, but it certainly is not necessary
in order to punish the evildoers in one comparatively small section of the
great industries of this State, to exercise such paternalism over them as this
bill suggests.
The setting up of this new State machinery would cause considerable
overlapping and conflict of jurisdiction with the Sherman Anti-Trust Act
and the Clayton Act.
Labor Union Regulation.
The extreme character of the bill is shown in that it makes it unlawful for
unions to limit their membership orto expel members. In a sense,therefore,
It makes every union a public body, similar in that respect to a political
No doubt many abuses exist in the conduct of labor unions, and these
have heen specially marked In the building trades. Very little groundwork
exists, however, for sustaining legislation of this character. The question
of the status and function of the unions in our economic life is still a matter
of debate. This bill proposes to regulate all the activities of the unions
without first determining in any way their real legal status.
District Attorney Banoton on Attitude of New
Stock Exchange Toward Lockwood Bills.

York

District Attorney Joab H. Banton issued on the 5th inst.
a statement commenting on the stand of the New York
Stock Exchange with reference to the Lockwood bill for the
regulation of exchange, licensing of brokers and supervision
of security issues. Mr Banton said:
The brieffiled by the attorneys for the New York Stock Exchange In opposition to legislation proposed by the Lockwood Committee, and transcripts
of which appeared in the morning papers of Saturday,convinced me beyond
any question that the fight for legislation that will be beneficial to the people
Is a fight on behalf of the people against the New York Stock Exchange.
This brief indicates that the Stock Exchange will be opposed to any legislation. It opposes the provisions of the Lockwood Committee bill to
protect the public against larcenies through false representations. Just
why the New York Stock Exchnage wishes to align itself on the side of
this crowd of thieves who have stolen more than $800,000,000 since the
war Is hard to conceive. The methods ofoperation of thieves ofthis kind are
set forth in the story appearing in Saturday morning's papers telling of the
arrest by the police of a crowd of brokers on the complaint of Mrs Edith
Reynold. Is it not ridiculous to think of an organization like the New York
Stock Exchange opposing legislation which will prevent such transactions?
The brief also opposes the licensing of brokers and supervision of their
business by the State Superintendent of Banks, and says "It is an amazing
plan." If!should state all the occupations that are now under supervision
and license it would require at least a column of any daily paper to print
the list. It is enough to state that this "amazing plan" applies to bankers,
banks,trust companies, savings banks, insurance companies and like business of high character.
One hundred and fifty-four brokers failed in the last fourteen months in
New York County,and their liabilities exceed $100,000,000, their assets less
than $10,000,000; and those who failed and were former members of the New
York Stock Exchange exceeded in their liabilities the liabilities of the former
members of all other exchanges combined. Supervision by the State Banking Superintendent would have prevented this condition. During the same
period not a single banker or bank has failed, and only one insurance company.
The business of that one insurance company was taken over at once by the
State Superintendent of Insurance, and its books are avilable to the District
Attorney to investigate and prosecute complaints of a criminal character.
The people of New York did not think it "an amazing plan" to deprive
bankers,banks,trust compaaies,savings banks and insurance companies and
their officers of their constitutional immunity by requiring license and supervision.
Is it any more "amazing" to require these legitimate and honorable business men to place their business under State supervision than it is to require
that of a crowd of whom more than 154 have failed in less than fourteen
months?
As to that portion of the Housing Committee bill which relates to the
supervision of exchanges themselves, I may state that, this being an economic measure,it has not come within my experience as District Attorney.
All I ask of She Legislature this year is that they give to the district attorneys
the same power to prosecute crooked brokers that is now vested in the District Attorney for the prosecution of crooked bankers. This is not asking
much and is not "amazing," but will give the people protection against
crooked brokers, and honest brokers need have no fear.

Bill Providing for Taxation of National Banks by
States Passed by Conferences—Measures
Lost and Enacted.
Eleswhere in this issue we give separate reference to some
of the bills which were enacted into law during the last few
days of the session of Congress expiring March 4. One of
the bills, which was also placed on the statute books, and
to which we will refer another week, is that providing for
the taxation of national banks by States. A resume of
measures which passed and those which failed to go through
is contained in the following dispatch from Washington,
March 4, printed in the "Journal of Commerce":
Three major tasks were accomplished and several marked failures were
recorded by Congress during the fourth session, which expired to-day at
noon, with the Senate in a fretful mood and the House in the midst of the
customary Jollification. President Harding came to the Capitol to make
fifty-five bills, most of them for relief of citizens having claims against the
Government,law.
The Congress passed the composite Rural Credits bill, setting up a system of intermediate credits for the farmers and financial facilities for the
live stock industry. It appropriated $3,939,809,026 to pay for the cost of
running the Government in 1924 and to meet deficits incurred during the




[you 116.

present fiscal year. The British debt settlement was approved by changes
made in the law providing for the funding ofthe $11,000,000,000 war debt.
Fabrics Bill Lost.
The truth-in-fabrics bill, endorsed by the farm bloc, was reported
favorably, but did not pass.
The Smith resolution, appropriating $10,000,000 into a revolving
fund
to be used by the President to buy calcium arsenate and sodium
nitrates
during 1923 and 1924 for distribution among the farmers at cost, passed
the
Senate, but failed in the House. The refusal of the Republican leaders
in
the House to recognize the Representative who had a special rule
calling
for its consideration, precipitated a fight Saturday. Charging
breach of
faith, the Democtats launched a filibuster in the House.
'
Amendments Defeated.
All Constitutional amendments failed. The House passed the
Greene
resolution seeking to end the issuance of tax-free securities, but it never
emerged from the Senate Committee on Judiciary, due to Democratic
opposition that this would take away an important State right.
The Senate passed the Norris resolution calling for Congress to assemble
in the January following the November elections and it was favorably
reported, with amendments, in the House, but eleventh-hour efforts to
have it passed failed. President Harding urged the Congress to abolish
child labor, but the objections of "State-rights" Senators blocked its consideration, although a favorable report was submitted in the Senate.
Subsidy Bill Failed.
The Ship Subsidy Bill, upon which President Harding expressed a
willingness to stake his political leadership, failed in the Senate, although it
passed the House by a small margin during the special session called late in
November. The proposed Constitutional amendment to end the issuance
of tax-free securities, and a second to abolish child labor, both endorsed by
the Administration, died through the inaction of the Senate.
The stubborn insistence of the Administration that the ship subsidy
should be forced to a vote despite the lack of popular support and the fact
that "lame duck" members of Congress held the balance of power, forced
the great mass of legislation to remain in the background until the Senate
leaders admitted they were unable to break the force of the filibuster.
A slight lull followed and then a drive was started to force through the
legislative jam a mass of so-called small legislation and three rather important measures, the Winslow bill, restoring $45,000,000 In alien property to Its
owners in trusts not exceeding 310,000, and directing the payment of income
up to $10,000 annually on the other property held, the reclassifcation of
Federal employees, providing a new employment policy for the Government
and establishing new salary schedules throughout the Civil Service, and the
Calder bill, providing for a reorganization of the customs service, placing
the deputy collectors and appraisers under civil service regulations, lifting
the $840 limitation of the salary of laborers and permitting the Secretary
of the Treasury to adjust salaries, provided the total does not exceed the
lump sum appropriated.
There were a number of Mils, while pressed, that did not become law.
The Wadsworth amendment, the effect of which would have made It
more difficult for the States to ratify a proposal to change the Constitution,
was reported, but died through inaction.
Rogers Bill Died,
The Rogers bill, providing for the reorganization of the consular service,
making the diplomatic and consular service interchangeable and establishing
a retirement plan, passed the House, but met with death in the Senate
because the annuities provided for the foreign service officers were put out
of line with other Federal services.
The scheme for the reorganization of the administrative departments of
the Government indorsed by the Administration was never taken up, due
to the inability of the various departments to reconcile their differences.
The Senate voted to have the Government buy the Cape Cod Canal, but
It could not be put through the House during the short session.
The advocates of Henry Ford's offer for Muscle Shoals were unable to get
a vote, although a poll showed a majority of the House favored action.
During the few days of the special session in November and December the
Senate refused to sanction a $5,000,000 loan to Liberia and a Democratic
filibuster blocked action on the Dyer anti-lynching law, which had been
passed by the House. The bill to regulate the use ofradio passed the House,
but advanced no further.
Legislation affecting banking and business, while overshadowed by the
ship subsidy fight, was passed.

Bills Affecting Banks.
While the outstanding accomplishments were the ratification of the
$4,600,000,000 British debt settlement and the passage of the rural credits
program, Congress passed other bills affecting banks.
The Green-Rellogg bill granting to the States the right to tax national
banks and empowering State legislatures to seek to validate some of the
$40,000,000 in back taxes collected from the banks was signed by the
President Saturday.
Congress authorized the Federal Reserve Board to construct the Regional
Bank at St. Louis and branches at Little Rock, Jacksonville, Detroit,
Denver and at Salt Lake City. However, it did not act upon the issue of
branch banking or par collection of checks.
There were several moves to provide new Federal standards. The Fulmer bill extending the use of Federal cotton standards to all inter-State
transactions was enacted. The Harrison bill to provide standards for naval
stores and to punish deceitful trade practices was enacted. New Federal
standards for milled products in sacks were adopted, while standard hampers
for fruits and vegetables were adopted.
The last bill that President Harding signed was that which established
a new standard for butter. The Voight-Ladd bill prohibiting the shipment
of filled milks in inter-State commerce became a law at the insistence of
the farm bloc.
As the House leaders voted early that no legislation amending the tariff
law or revising the tax laws should be considered unless they were designed
to moot an emergency, the laws were virtually unchanged.

Tax Leak Bills.
To stop tax leaks from the Treasury, Congress enacted three bills. The
Revenue Act of 1921 was amended so that gains realized through the
exchange of securities after Jan. 1 1923 might be taxable as income. on
capital transactions the law was changed so that not more than 1235%
less might be charged off as a "capital loss" on any transaction, deductible
from income tax returns. To prevent the Treasury from losing additional
taxes due on 1917 returns, which would have been outlawed under the
statute of limitations, the law covering refunds and the time for filing
claims was changed. Eleventh hour action granted reciprocity in income
tax exemptions between Canadians and Americans working on the border.
The railroads, though bitterly criticised for maintaining high rates by
farm bloc leaders, escaped regulatory legislation and revision of transportation.

MAR. 10 19231

THE CHRONICLE

1009

— Congress amended Section 206 of the Transportation Act of 1920 so
that when shippers brought suit against the United States for damages
sustained while there was Federal control for carriers there might be a
substitution of the Director-Generals as defendants. Action brought
against one Director-General thus may be transferred to another and
judgments which have been rendered by the courts are permitted to be
validated.
The La Follette investigation of the oil industry was revived during the
short session, culminating in the report that was submitted to the Senate
this morning.
The passage of the rural credit bill directed the appointment of a Joint
Congressional committee to conduct a far-flung inquiry to ascertain why
eligible State banks and trust companies have not joined the Federal
Reserve System and whether the laws should be changed to attfact the
small country banks.
Investigations Ordered.
Other investigations during the recess of Congress ordered are:
1. Joint Congressional committee to study reasons for existing depression
In gold and silver industries and to see if foreign nations cannot be encouraged to use more silver in currency systems.
2. Joint Congressional committee to study problems of forestation.
3. Congressional probe of Veterans' Bureau, which spends nail a billion
dollars annually on war veterans.
4. General cotton investigation to be made by Federal Trade COMMIS.
Ilion.
6. Rubber inquiry, to be made by Department of Commerce, to ascertain possibilities of raising rubber in South America and Philippines to free
United States from dependence upon British supply.
More time was given to the appropriation bills than to any other legislation. Comparison of the amounts authorized shows that the regular annual
appropriations for 1924 will exceed those for 1923 by $6,798,965, but the
permanent and indefinite appropriations will be $11,014,970 less. The
outlay is more than twice that appropriated in 1915.
Radical proposals for financial help to assist the farmers were made, but
did not crystalize into law.

Interest coupon attached, payable Sept. 15 1923. and the certificates of
Series TM-1924 two interest coupons attached, payable Sept. 15 1923 and
March 15 1924.
The certificates of said series shall be exempt, both as to principal and
Interest, from all taxation now or hereafter imposed by the United States.
any State, or any of the possessions of the United States, or by any local
taxing authority, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes. and excess profits
and war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or
corporations. The interest on an amount of bonds and certificates authorized by said Act approved Sept. 24 1917. and amendments thereto.
the principal of which does not exceed in the aggregate $5,000, owned by
any individual, partnership, association or corporation, shall be exempt
from the taxes provided for in clause (b) above.
The certificates of these series will be accepted at par, with an adjustment
of accrued interest, during such time and under such rules and regulations
as shall be prescribed or approved by the Secretary of the Treasury,in apyment of income and profits taxes payable at the maturity of the certificates.
The certificates of these series will be acceptable to secure deposits of public
moneys, but do not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
amount of certificates of either or both series applied for and to close the
subscriptions as to either or both series at any time without notice. The
Secretary of the Treasury also reserves the right to amke allotment in full
upon applications for smaller amounts, and to make reduced allotments
upon, or to reject, applications for larger amounts, and to make classified
allotments and allotments upon a graduated scale; and his action in these
respects will be final. Allotment notices will be sent out promptly upon
allotment, and the basis of allotment will be publicly announced.
Payment at par and accrued interest for certificates allotted must be
made on or before March 15 1923, or on later allotment. After allotment
and upon payment Fedearl Reserve banks may issue interim receipts pending delivery of the definitive certificates. Any qualified depositary will
be permitted to make payment by credit for certificates allotted to it for
itself and its customers up to any amount for which it shall be qualified in
excess of existing deposits, when so notified by the Federal Reserve bank of
Offering of Two Series of United States Treasury
its district. Treasury certificates of indebtedness of Series TM and m2Certificates of Indebtedness,
1923. both maturing March 15 1923,and uncalled Victory notes ofthe 454%
bearing the distinguishing letters G. H. I. J. K or L, prefixed to
Announcement of the March financing of the Treasury series,
their serial numbers, will be accepted at par, with an adjustment of accrued
Department in the form of an offering of United States Interest as of March 15 1923, in payment for any certificates of the Series
Treasury Certificates of Indebtedness in two series, was made T82'1923 or TM-1924 now offered which shall be subscribed for and allotted
Victory notes in coupon form must have May 20 1923, coupons attached.
'
by Secretary of the Treasury Mellon on the 8th inst. The and
if in registered form must be duly assigned to the Secretary of th.
combined offering is for $400,000,000 or thereabouts. Re- Treasury for redemption, in accordance with the general
regulation of the
garding the new offering and its purpose Secretary Mellon Treasury Department governing assigments.
Asfiscal agents ofthe United States,Federal Reserve banks are authorized
said:
and requested to receive subscriptions and to make allotments on the basis
The Treasury is to-day announcing its March financing, which
takes the and up to the amounts indicated by the Secretary of the Treasury to thee
form of an offering of Treasury certificates of indebtedness in
two series, Federal Reserve bank§ of the respective districts.
both dated March 15 1923, one bearing 4 X% interest and maturing
Sept.
15 1923, and the other bearing 4X% interest and maturing March 15
1924.
The combined offering is for $400,000,000. or thereabouts, and
the Treasury President Harding's Vacation in Florida—Burden of
will accept in exchange for the new certificates at par and accrued
Duties Felt.
interest
as of March 15 1923, any Treasury certificates maturing March
15 1923,
President Harding, with Mrs. Harding, and a party of
or any uncalled Victory notes maturing May 20 1923. Called
Victory
notes will also be accepted at par, like cash.
friends, left Washington on the 5th inst. (following the
About $366,000,000 of Treasury certificates become payable
on March 15 adjournment of Congress) for a month's vacation
in Florida.
1923,together with interest on the public debt in the amount of
about $135.For the President,it is stated,it is the first vacation in almost
000,000. Called Victory notes to the amount of nearly $90,000,000
and
matured War-Savings certificates to the amount of about $75,000,000
.12ttsr, while it signalizes for Mrs. Harding.ber first venture .
are 9
also outstanding, and both are coming in steadily for redemption.
On outsideitlirWhite HousgFgtals
since her illness dating
the other hand, the Treasury expects to receive during March
about $400.000.000 in income and profits taxes, though this estimate is naturally
from September last. The President's party includes
subject to some uncertainty,since the March payments are the first
to be made Attorney-General Daugherty, A. D. Lasker, Brigadieron the basis of the new revenue act and the business of the calendar
year General C. E. Sawyer, George
B. Christian, the President's
1922.
The present offering of certificates is intended, with the
balances already Secretary, and Mrs. Weeks, who left the train at St.
on hand, to provide for the payments corning due in March over
and above Augustine; Secretary Davis, Senator and Mrs. Frelingtax receipts, and at the same time to cover the Treasury's
further cash huysen, Senator
requirements between now and the middle of May, when the
Hales, and Judge John Barton Payne.
uncalled Victory notes mature. There will have to be further financing
at that time, With the President's arrival at Ormond, Fla., a house-boat
of course, to rerund maturing notes, but the amount
involved has already cruise along the inland
water-ways was begun. Mr. and
been reduced to manageable proportions, and it will be still
further
between now and then by exchanges and advance redemptions reduced Mrs. Edward B. McLean are hosts of the cruise.
Indicating
out of the
proceeds of the current offering. This offering of certificates,
therefore. that the President feels the burdens of his office, the New
will contribute materially to the successful refinancing
of the Victory laon, York "Times"
printed the following from Washington
and when the March Operations are completed will still
leave outstanding
but little more than $1,000,000,000 of Treasury certificates, a
remarkably March 2:
low total for this stage of the Government's post-war financing.
Two years ago to-day
Harding said good-bye to his neighbors
As indicated above both issues are dated and bear interest in Marion and started President
for Washington to take up the duties of the
Presidency.
from March 15 1923; Series TS-2 1923, bearing 43(% interest,
To-day, at the half-way point of his Administration,
his one regret is
will become due Sept. 15 1923, while Series TM-1924, bear- that
he never has found opportunity to give personal attention
to many
ing 4% interest, will run to March 15 1924. Treasury of the administrative details which have
become a part of the duties of
Certificates of Indebtedness of Series TM and TM2-1923; his office. Ho feels that Congress constantly is making the responsibilities
of the President heavier and heavier, so that
no one man can hope to
both maturing March 15 1923, and uncalled Victory notes of keep abreast
of them.
Mr. Harding declined to-day to make any
the 4%% series, bearing the distinguishing letters 0, H, I,
further comment on the
s and troubles of his first two years in
J, K or L, prefixed to their serial numbers, will be accepted accomplishment
the White HOUBO.
He indicated that with the crush of business
incident to the close of the
at par,with an adjustment of accrued interest as of March 15 session of Congress he was
not disposed to take up time in pointing with
1923, in payment for the certificates in the present offering. pride or viewing with alarm.
met his Cabinet for a scant twenty minutes
Victory notes in coupon form must have May 20 1923 heHe
in its last session before
goes to Florida for a vacation, signed a
coupons attached, and if in registered form must be duly dumped another big batch of nominationsnumber of bills and resolutions.
into the Senate
and
swinged to the Secretary of the Treasury for redemption, rearranged the accumulated papers on his desk in preparationhopper,
for another
big day to-morrow.
accordance

with the general regulations of the Treasury
in
Department governing assignments. The following is the
official offering:

Features of Passing Congress—Longest Since 1915—
Bloc Movement—Legislation Enacted.
We quote from the New York "Tribune" the following
from Washington March 3:

The Secretary of the Treasury, under the authority of the Act approved
Sept. 24 1917, as amended, offers for subscription, at par and accrued
Interest, through the Federal Reserve Banks, Treasury certificates of indebtedness, in two series, both dated and bearing interest from March 15
With the passing of the
present Congress, in session practically contin1923,the cor- tificates of Series TS2-1923 being payable on Sept. 15 1923, uously since early in
1921,
with interest at the rate of 4 % per annum on a semi-annual basis, and activities which probably Washington faces a suspension of Congressional
will
continue until the first regular session of the
TM-1924
Series
being payable on March 15 1924, with in- 68th Congress in
the certificates of
December. In the event President Harding adheres to
terest at the tato of 43.i % per annum, payable semi-annually.
his present intention of not calling a special session_the
recess will be the
Applications will be received at the Federal Reserve banks.
longest since 1915.
Bearer certificates will be issued in denominations of$500,$1,000,$5,000.
The closing Congress, record-breaking in that it
has.consisted
of four ses$10,000 and $100,000. The certificates of Series TS2-1923 will have one sions for the first time in history and its acts have
touched hitherto virgin




1010

THE CHRONICLE

fields in American legislation, was ushered in with the Harding Administration.
The four sessions were preceded by a speical but brief session of the Senate, March 4 to 15 1921, at which, with the new President establishing a
precedent by appearing personally before the Seante behind closed doors,
the.new Cabinet members were confirmed.
First Session Ended War.
The first session of the 67th Congress, a special one, was from April 11
1921. to November 23. and was notable for its conclusion of peace with
Germany and Austria, reduction of the army and navy establishments and
for revision of internal revenue laws, reducing taxes about $1,000,000,000
annually, according to Administration estimates.
The second and frist regular session wasfrom December 5 1921,to September 22 1922, with passage of the Fordney-McCumber tariff act after more
than a year's consideration. Senate ratification of the Washington arms
conference treaties, and the soldiers' bonus fight, which ended with the
Presidential veto, as its signal affairs. During this session came the record
breaking single legislative day of the Senate, the longest in American Congressional history, lasting, on the tariff bill,from April 20 to August 2 without a formal adjournment.
The third session was a speical one,called particularly for house consideration of the Administration shipping bill. It lasted from November 20,
shortly after the Congressional elections, until December 4. Passage by
the House of the shipping bill, seating of the first woman Senator, Mrs. W.
H.Felton of Georgia,resignation of Senator Truman II. Newberry, Republican,of Michigan, and Senate blocking of the Dyer anti-lynching bill and the
Administration measure proposing a $5.000.000,000loan too Liberia, were its
principal features.
The Congress closes with the recent regular session beginning Dec. 4,
In which the shipping bill fight,farm credits legislation and the British debt
funding bill have been predominant.
Billions in Money Spent.
Billions of dollars in annual and special appropriations have been ordered
during the four sessions; hundreds of bills, public and private, passed and
thousands of appointments confirmed. Among the latter were those of
Chief Justice Taft and three associate Justices of the Supreme Court—
Sutherland, Butler and Sanford—and scores of Amixissadors and other
American diplomats, including new envoys to Germany and Austria
after the peace treaties.
In its wake Congress leaves more than 14,000 unpassed bills and resolutions, some of wide importance. Nearly 500 public laws were passed by
the Congress, or excluding Sundays and holidays, about one law per day.
The closing Congress. in its relations with the President, has been noted
for continuance of Executive addresses to joint sessions. Mr. Harding
made a half dozen of these, chief among them being his presentation of the
shipping legislation Feb. 28 1922; the British debt funding agreement, with
a renewed demand for a Senate vote on the shipping bill, last month; his
discussion last Aug. 18 of the railroad and coal strikes; his request for postponement of the soldiers' bonus bill July 12 1921,and his address coincident
with the opening sessions of Congress.
The "bloc" movement was born during the present Congress, with
organization of the Senate farm bloc, headed by former Senator Kenyon,
Republican, of Kansas as his successor. It has been very active in passing
farm legislation. The Progressive bloc was organized last December at
the conference called by Senator La Follette, Republican, Wisconsin, and
Representative Huddieston, Democrat, of Alabama, but has never met
again, although it promises to be a factor in the next Congress. A war
veterans' bloc in the House also was inaugurated recently.
Principal domestic legislation enacted by the Congress included the
Forciney-McCumber tariff bill, revision of the internal revenue laws, the
temporary emergency tariff Act, the reduction of the army to 125,000 men
and the navy to 86.000 men, the 3% immigration quota restriction law,
statute establishing the Federal budget system, provision for Federal control of cable landings, the Knox-Porter peace resolution, creation of the
Allied Debt Commission, the agricultural co-operative marketing law, the
meat packer control Act,reorganization of the Veterans' Bureau,strengthening of the prohibition law by forbidding prescription of beer, creation of
the Federal Coal Commission, authorization for twenty-four additional
Federal judges, regulation of future grain trading, the Federal maternity
aid Act,extension of Federal road aid, the China trade Act and the resolution providing interchangeable railroad mileage.
Little legislation was vetoed by President Harding. His prominent
vetoes were those of the soldiers' bonus and Bursum civil war pension
increase bills.

[VOL. 116.

to consideration of the resolution. As to farther Senate discussion of the proposal, we quote the following from the
Washington dispatch to the New York "Times" March 3:
The matter did not end there. Senator Shields, one of the Democrats
who had voted against the motion, explained why he had done so.
Senator Shields said that while the resolution provided that the United
States should have no legal relationship to the League of Nations, this provision was contradicted by the stipulations that the United States should
participate in the election of judges of the court and should pay its share of
the expenses ofthe court and that no amendment shall be made to the statute
creating the court without the consent of the United States.
"It isimpossible for all of them to have effect," he went on,"without our
occupying relations to the League of Nations, and in my opinion, from the
study of the proposition, without becoming a member of the League of Nations. That, however, is a question I do not care to discuss at this time.'
Mr. Shields said he believed In "a great international court," but added,
"I do not believe in one where our Government or any Goverment can sue
and be sued without its consent.
"I do not believe in a court where the decrees that may be rendered in any
controversy shall be executed by force of arms. I believe that the mandate
should be to enlighten public opinion of the civilized nations of the world
to which every just and civilized nation will submit."
He said further that the matter was too important to be given the scant
consideration that would be afforded in the few hours remaining of the present Congress.
Senator Edge, Republican, stated that he had voted against the King
motion because of the impossibility of disposing of the resolution in the few
hours remaining to the present Congress. He was in thorough agreement
with the President and the Secretary of State, he said, as to the merits of
their court proposal, and thought the United States should go into the
court on the lines indicated by them.
The New Jersey Senator said:
"Mr. President, a short time back the Senate refused by a vote immediately to consider the resolution introduced by the Senator from Utah (Mr.
King) providing for the participation of the United States in the Permanent
Court of International Justice.
"I simply want to say a word. I voted against the immediate consideration of the resolution of the Senator fromUtah, but in so voting I wanted
to be clearly understood that so far as my personal view is concerned,from
the information at hand from the message of the President of the United
States supplemented with the information contained in the letter of the Secretary of State I believe America's participation in that court will be a very
wise and proper act.
"I voted, however, against the motion to immediately consider the resolution for the very obvious reason, it seems to me, that it would have been
impossible to have disposed of the question in the remaining hours of the
present session of Congress. We have, as it had been said, a number of
house bills of importance acted upon by the other body which we can probably dispose of. and I think it is our duty in order to expedite important business as far as possible to endeavor to clear the calendar of such bills.
"It was plainly evident, it seems to me. at least, that the debate which
would naturally follow if the resolution had been considered would perhaps
have made it impossible to have reached a vote, and therefore, we would not
either have cleared or partially cleared the calendar or arrived at a decision on the very important matter involved in the resolution.
"I simply make these observations because I do not want my vote to be
misunderstood."
Senator King offered another resolution to sanction American membership
in the Court of Justice. This was similar in effect to the one which the
Senate had declined to consider, so was ordered to lie on the table. This
gives its author the privilege of moving to take it up at any time,even in the
next Congress, for unlike a bill it does not die with the expiration of a Congress as the Senate is a continuous body for purposes of executive business.
None of the other Republican Senators, who had voted against the King
motioefollowed Senator Edge's example in explaining their course.
All of President Harding's close party friends who were present helped to
put the quietus on the effort of Senator. King to further the President's
desire to further American participation in the world court. Among them
were New of Indiana, who will become Postmaster General on Monday;
Frelinghuysen of New Jersey; Kellogg of Minnesota, who is being sent by
the President as one of the delegates to the Pan American conference; Poindexter of Washington. who is to go to Peru as Ambassador, and Watson of
Indiana, a frequent visitor to the White House.

Brief reference was made in our item of a week ago (page
In another item we refer to the bills acted upon in the 891) to President Harding's reply to the Senate Committee's
closing days of the session.
request for information relative to the World Court. The
President in his letter to the Senate transmitted a communiSenate Withholds Approval of President Harding's cation from Secretary of State Hughes answering at length
the committee's query as embodied in Senator Borah's resoRecommendation To Have U.S. Join World Court—
lution given by us on page 891. The following is President
Reply of President to Resolution Calling for
Information.
Harding's reply, as presented to the Senate by Senator
One of the proposals which failed of approval at the late Lodge:
The White House, Washington, March 2 1923.
session of Congress was the recommendation by President
Henry Cabot Lodge, United States Senate, Washington, D. C.:
Harding that the U. S. Senate authorize the United States Hon.
Lodge.—On
Senator
Wednesday you sent me the request
Dear
My
to Join the Permanent Court of International Justice. As of the Foreign Relations Committee for information relative to the proposal
we stated last week (page 891), the indications were that the that we adhere to the protocol establishing an International Court of
Justice at The Hague. I immediately submitted the inquiries of your
recommendation would fail of action. Following the sub- committee
to the Secretary of State for detailed reply. I am pleased to
mission by President Harding to the Senate Foreign Rela- transmit to you herewith a letter from the Secretary of State covering
qUestions raised in the committee resolution of inquiry. I
tions Committee on the 2nd inst., of the information sought the various
need not add that the reply of the Secretary of State has my most hearty
by the latter relative to the World Court, a move was made approval.
Very truly yours,
by Senator King on the 3rd to secure consideration of his
WARREN G. HARDING.
resolution proposing approval by the Senate of "adherence
Department of State, Washington, March 11923.
protocol
the
of
acceptto
States
1920
16
Dec.
United
by the
My Dear Mr. President.—I have received your letter of Feb.28 enclosing
ing the adjoining statute of the Permanent Court of Inter- a request handed to you by Senator Lodge, Chairman of the Senate Comon Foriegn Relations, for certain information, desired by the comnational Justice, excepting therefrom the optional clause for mittee
mittee in order to reach a decision relative to advising and consenting to
compulsory jurisdiction; said adherence to be made upon our adhesion to the protocol establishing the Permanent Court of Interthe following conditions and understanding, to be made a national Justice. I beg leave to submit the following statement upon the
raised:
part of the act of adherence." The Senate refused, however, points
First, the inquiry is this:
by a vote of 49 to 24 to take up the resolution; 23 Democrats
"That the President be requested to advise the committee whether he
.and 1 Republican (Senator Norbeck) favored its considera- favors an agreement obligating all Powers or Governments who are signers
of the protocol creating the court to submit all questions about which there
tion, while 46 Republicans and 3 Democrats (Senators Is
a dispute and which cannot be settled by diplomatic efforts relative to:
:Shields, Walsh (Mass.) and Walsh (Montana) were opposed (a) The interpretation of treaties; (b) any question of internatioanl law:




MAR. 10 1923.]

Tim CHRONICLE

1011

What has been said above is believed to be a sufficient answer to this
constitute a
(c) the existence of any fact, which, if established, would
establishing the
reparation question. It may, however, be added that the statute
breach of an international obligation;(d) the nature or extent of
letter.
inter- Permanent Court of International Justice, as I stated in my previous
to be made for the breach of an international obligation; (8) the
can be acjurisdiction
36—by which compulsory
provision—Article
a
has
s
Court."
the
pretation of a sentence passed by
disputes concerning
per- cepted if desired, in any or all of the classes of legal
I understand that the question is not intended to elicit-your purely
the interpretation of a tready; (b) any question of international law;
sonal opinion, or whether you would look with an approving eye upon an (a)
breach
(c) the existence of any fact, which,if established, would constitute a
agreement of this sort,made effective by the action ofall Powers,but whether
obligation; and (d) the nature or extent of the reparainternational
an
of
to
authority
constitutional
your
of
you, as President, in the exercise
to be made for the breach of an international obligation.
negotiate treaties, favor the undertaking to negotiate a treaty on the tion
Accordingly, attached to the protocol of signature for the establishment
part of the United States with other Powers, creating such an obligatory
is an "optional clause"
of the Permanent Court of International Justice
jurisdiction.
which the signatory may accept this compulsory jurisdiction.
So understood, I think that the question must be answered in the by
the protocol for the
signed
have
which
I understand that of the 46 States
negative. This is for the reason that the Senate has so clearly defined
of the Court, 15 have ratified this optional clause for comits attitude in opposition to such-an agreement, that until there is ground establishment
jurisdiction, but among the States which have not as yet assented
for believing that this attitude has been changed, It would be entirely pulsory
Britain, France
to the optional clause are to be found, I believe, Great
futile for the Executive to negotiate any treaty of the sort described.
is that aside from the objections to which I
result
The
Japan.
and
Italy
I may briefly refer to earlier efforts in this direction.
one
referred in answering the first inquiry, there is the additional
In the latter part of the Cleveland Administration a very strong public have
resulting from the attitude of these Powers.
sentiment was expressed in favor of a general arbitration treaty between
recomI
It was for all the reasons above stated that in my previous letter
the United States and Great Britain, this being regarded as a step toward
the
that if this course met with your approval, you should request
a plan for all civilized nations. In January 1897, the Olney-Pauncefote mended
of the
part
the
on
adhesion
the
to
advice and consent
its
give
to
Senate
a
having
arbitration
compulsory
Treaty was signed, with provisions for
to the protocol, accepting upon the conditions stated, the
wide scope. This Treaty was supported not only by the Cleveland Ad- United States
but
adjoined statute of the Permanent Court of International Justice,
ministration, but President McKinley endorsed it in the strongest terms
optional clause for compulsory Jurisdiction.
in his annual message of Dec.6 1897. urging "the early action ofthe Senate not the
ascerto
like
also
would
Third—The next inquiry is: "The committee
thereon, not merely as a matter of policy but as a duty to mankind." But.
this country
tain whether it is the purpose of the Administration to have
despite the safeguards established by the Treaty, the provisions for comrecognize Part 13 (Labor) of the Treaty of Versailles as a binding obligapulsory arbitration met with disfavor in the Senate and the Treaty failed.
tion. See Article 26 of Statute of League establishing the Court."
(Moore's Int. Law Dig., Vol. VII, p. 76-784
Treaty
I submit that the answer should be in the negative. Part 13 of the
A series of arbitration treaties was concluded in 1904 by Secretary Hay
to labor, is not one of the parts under which rights were
Versailles,relating
of
Olney-Pauncefote
the
of
with about twelve States. Warned by the fate
conreserved to the United States by our treaty with Germany. On the
treaty, Secretary Hay limited the provision for obligatory arbitration in
it was distinctly stated in that treaty that the United States assumes
these treaties to "differences which may arise of a legal nature, or relating trary,
United
the
obligations under Part 13. It is not now contemplated that
to the interpretation of treaties existing between the two contracting no
States should assume any obligations of that sort. Article 26 of the statute
parties, and which it may not have been possible to settle by diplomacy."
the
the Court. to which the committee refers in its inquiry, relates to
Even with this limitation, there was added the further proviso: "Provided, of
manner in which labor cases referred to in Part 13 of the Treaty of Versailles
interests,
vital
the
affect
not
do
differences)
(the
that
way innevertheless,
they
shall be heard and determined. But this provision would in no
the independence or the honor of the two contracting States, and do not
provide
volve the United States in Part 13. The purpose of the Court is to
concern the interest of third parties."
tribunal of the greatest ability and dietinction to deal with quesJudicial
a
agree"special
a
conclude
It was also provided that the parties should
its adtions arising under treaties. The fact that the United States gave
ment" in each individual case, "defining clearly the matter in dispute, the
hesion to the protocol and accepted the statute of the Court would not make
scope ofthe powers ofthe arbitrators and the periods to befixed for the formparty.
the United States a party to treaties to which it was otherwise not a
ation of the arbitral tribunal and the several stages of the procedure."
otherwise not be a particiarbi- or a participant in disputes in which it would
which
questions
Notwithstaning the limited scope of these treaties for compulsory
determine
to
is
course,
pant. The function of the Court,of
tration, the Senate amended them by substituting the phrase "special
mainarise under treaties, although only two of all the Powers concerned in
arbitraof
case
inividual
every
in
that
so
particular
treaty" for "special agreement,"
taining the Court may be parties to the particular treaty or the
tion a speical treaty would have to be made with the advice and consent of
dispute.
the Senate (Moore's Int. Dig. Vol. VII., pp. 102-103.) In view of this
Undoubtedly there are a host of treaties to which the United States is not a
change, Secretary Hay announced that the President would not submit
give
party, as well as Part 13 of the Treaty of Versailles, which would
Governments.
the amendment to the other
rise to questions which such a Permanent Court of International Justice
It should also be observed that the Hague conventions of 1899 and 1907,
co-operathear and determine. None of the signatory Powers by
to which the United States is a party, relating to the general arbitration of should
ing in the establishment and maintenance of the Court make themselves
certain classes of international differences, do not make recourse to the
parties to treaties or assume obligations under treaties between other
tribunal compulsory.
It is to the interest of the United States, howveer, that controIn 1908 a series ofarbitration treaties was negotiated by the United States. Powers.
versies which arise under treaties to which it is not a party should be the
The provisions of those treaties were limited to "differences which may
subject of peaceful settlements, so far as it is practicable to obtain them,
exist of a legal nature or relating to the interpretaton of treaties existing
to this end that there should be an instrumentality, equipped as a perand
possibeen
have
not
may
between the two contracting parties and which it
manent court, through which impartial justice among the nations may be
ble to settle by diplomacy," with the proviso "that they do not affect the
administered according to judicial standards.
vital interests, the independence or the honor of the two contracting States
Fourth.—Finally, the committee states that: "They would also like to
and do not concern the interests of third parties," Secretary Root also
be informed as to what reservations, if any, have been made by those counprovided, taking account of the failure of the Hay treaties, that "in each tries who have adhered to the protocol."
individual case" the contracting parties, before appealing to the arbitral
I am not advised that any other State has made reservations on signing
tribunal, should conclude a "special agreement" defining the matter in dis- or adhering to the protocol.
pute,the scope and powers ofthe arbitrator,dec.,and it was further explicitly
ham, my dear Mr.President,
stipulated in these treaties that such "special agreement" on the part of the
Faithfully yours,
United States should be made by the President, "by and with the advice
CHARLES B. HUGHES.
and consent of the Senate." These treaties, with these limiting provisions,
President Harding's letter to the Senate Feb. 24 urging the
made in deference to the opinion of the Senate as to the permissible scope
of such agreements, received the Senate's approval.
Senate to consent to the proposal to have the United States
In 1911 the Taft Administration submitted to the Senate general arbitrajoin
the Court was given in these columns last week, page
broad
of
which
were
France
tion conventions with Great Britain and with
889. A letter addressed by President Harding to Lieut.-Gov.
scope.
There were numerous objections on the part of the Senate. There was a Earl- D. Bloom of Ohio expressing appreciation of the action
provision in Article 3,that in case of a controversy as to whether a particular
of the Ohio Senate in commending the President "for his
difference was justiciable, the issue should be settled by a proposed joint
high commission. Objection was made that such an arrangement was. an courageous stand in favor of an International Court of Jusunconstitutional delegation ofpower and the provision was struck out by the tice" is given in another item in this issue.
Senate. Again the Senate conditioned its approval on numerous other
reservations, withholding from the operation of the treaty any question
"which affects the admission of aliens into the United States, or the admis- President Harding in Letter to Lieut.-Gov. Bloom of
sion of aliens to the educational institutions of the several States, or the
Ohio Says World Court Is One of Greatest Advances
territorial integrity of the several States or of the United States ,or concernWorld Society Has Made.
cerning the question of the alleged indebtedness or moneyed obligation of
any State of the United States, or any question which depends upon or
Appreciation of a resolution of the Ohio Senate commendStates
United
the
of
involves the maintenance of the traditional attitude
ing President Harding "for his courageous stand in favor of
concerning American questions, commonly described as the Monroe Docan International Court of Justice" is expressed by the Presitrine, or other purely Governmental policy."
In the amended form the treaties were not acceptable to the Administra- dent in a letter addressed to Lieut.-Gov. Earl D. Bloom of
tion and remained unratified.
letter
In the light of this record it would seem to be entirely clear that until the Ohio made public at WaslkingtOn on March 5. In his
Senate changes its attitude,it would be a waste of effort for the President to President Harding states that he looks upon the establishattempt to negotiate treaties with the other Powers providing for an obliga- ment of the
Court of International Justice "as one of the
tory jurisdiction of the scope stated in the committee's first inquiry quoted
greatest advances which world society has made towards
above.
If the Senate,or even the Committee on Foreign Relations, would indicate conditions in Which at last the rule of law may be substithat a different point of view is now entertained, you might properly consider
tuted•for the rule of force," and he further says that "I canthe advisability of negotiating such agreements.
not but believe that our own country should be among the
Second. The second inquiry is as follows:
"Secondly, if the President favors such an agreement, does he deem it most devoted adherents to such a program." The President's
advisable to communicate with the other Powers to ascertain whether
letter follows:
they are willing to obligate themselves as aforesaid?
"In other words, are those who are signers of the protocol creating the
My Dear Governor Bloom: In the press of business incident to the concourt willing to obligate themselves by agreement to submit such questions as clusion of the Congress session there comes to me to-day a copy of Senate
aforesaid, or are they to insist that such questiore shall only be submitted Resolution 44, Eighty-fifth General Assembly,State of Ohio. entitled, "'A
in case both, or all, parties interested agree to the submission after the con- resolution extending to President Harding the commendation of the Ohio.
troversy arises?
Senate for his courageous stand in favor of an International Court of Jus"Tho purpose being to give the court obligatory jurisdiction over all tice." The resolution reads:
questreaties,
to
relating
questions
the
of
justiciable
interpretation
Whereas. President Harding has shown his courage and statesmanship
purely
on the International
tions of international law, to the existence of facts constituting a breach by recommending that the United States be represented
of Justice
Court
is a continuance in permanent form of the old
of international obligation, to reparation for the breach of international Hague Tribunal, which
and
court,
obligation, to the interpretation of the sentences passed by the
Whereas. President Harding is entitled to great consideration because
to the end that these matters may bo finally determined in a court of of the deliberation that he has displayed before giving his final approval
such steps, therefore.
to
justice.




1012

UTE CHRONICLE

[vol.. 116.

Be it Resolved. By the Senate of the State of Ohio. that this body on be
Assembly, it was indicated officially on March 7.
bait of the people of the State of Ohio hereby extend to President Harding
The
its commendation for the courage and wisdom he has shown and its best
United States is awaiting a favorable opportunity to
wishes for the favorable consummation of his statesmanlike proposal.
negotiate
lie it Further Rerolved, That a copy of this resolution be forwarded by the a commercial
treaty with Turkey, it was made known at
Clerk of the Senate to the President of the United States and the President
of the Senate and Speaker of the House of Representatives.
the State Department. The Governmrnt holds the
view
I wish to tell you, and through your official capacity to inform the mem- that while peace between
the Allies and Turkey is highly
bers of the Ohio Senate,of the especial satisfaction it has given me to receive
this testimony of approval and of valued support from a body of which I desirable, failure of the nations to reach a concord in their
was for a long time a member. I feel that the adhesion ofour country to the relations would not necessarily foreclose the
United States
program and purposes of the Court of International Justice would represent in its efforts
to draft a treaty with the Turks.
a long and importantstep toward the assumption ofthose proper and entirely
safe relationships to international affairs which should be borne by such a
country as our own. The recommendation that the United States adhere
to Resolution Asking Modification of Volstead
Law
the protocol under which this court has been created was not put forward
Signed by Governor Smith.
without the most thorough and matured deliberation. Those who
at this
time are entrusted with the direction of the international relations
The resolution recently passed by the New York
of our
Legislacountry are firmly convinced that this move not only would represent
the ture, calling on Congress to modify
the Volstead Prohibition
wise policy for our own people, but would be an emphatic testimony
of our
purpose to encourage every feasible project for establishin
g the rule of law, Enforcement Law, has been signed by Governor Smith.
as opposed to the rule of power, In this world.
Copies were received by members of Congress March
The whole story of civilization has been the story of the efforts to
7.
sub- Previous reports had
indicated that Governor Smith intended
stitute the domination of justice under law for armed might.
I may say
frankly that it is inconceivable to me that the American
people, who have so to withhold the resolution until the next session of Congress.
long been devoted to this ideal, should refuse their adherence now
to such a It was learned that Governor Smith, anticipating
an attack
program as is represented by this tribunal. Nothing could
be farther from in the Assembly
for failure to forward the resolution, had afthe purpose of the Administration than to suggest that
our country surrender any of its control over its own fundamental rights and destinies.
But fixed his signature to the resolution and had copies sent to all
we may be sure that differencies will always arise among States
and peoples, members of the new Senate and House of
precisely as they have always arisen between individuals
Representatives,
; and just as courts
of Justice and equity have been set up to determine issues as between indi- as well as to President Harding, and some members of
the
viduals, so it is proper and logical that provision should
be made for a like President's official household. The resolution was signed
adjudication of those differences between nations and
peoples which may by Governor Smith on March 5, when
the life of the old
properly be committed to such determination.
Congress had expired. Its adoption was in pursuance
I look upon the establishment of the Court of International Justice,
with
of
the jurisdiction that has been given to it, as one of the
greatest advances the only pledge contained in the Democratic State platform
which world society has made toward conditions in which,
at last, the rule in relation to prohibition.
of law may substituted for the rule of force. It looks to the settlement
of
Issues before they become dangerously acute;it contemplat the elimination
es
of the causes of conflict and war. Feeling thus, I cannot
but believe that W. C. Teagle, A. C. Bedford and
Others in Reply to
our own country should be among the most devoted adherents of such
a
program.
La Follette Report on Oil Industry.
In view of these sentiments you will not doubt the sincerity
with which
Answering the allegations of the La Follette Committee
I assure you how greatly I appreciate the testimony of approval
which the
Senate resolution has brought to me. Nor will you, I trust, omit to recog- inquiring into the oil industry, whose findings alleging
dominize the satisfaction with which I acknowledge the fact that the first testi- nation by the Standard
Oil Companies were given out in a
monial which has come to me from any legislative body in the nation comes
sensational way, W. C. Teagle, President of the Standfrom my own State of Ohio.
Please accept an expression of my best wishes for yourself and for the ard Oil Co. of New Jersey, not only denied that
the findmembers of the Senate.
ings so far as his company were concerned, were "wholly
Most sincerely yours,
withoutfoundation in truth and without support in the reWARREN G. HARDING.

cord," but declared that the prediction of "dollar gasoline is
National Assembly Rejects Allied Treaty ridiculous." The following is Mr. Teagle's statement given
out March 4:
Draft.
The findings of fact made by the subcommittee, in so far as
The draft treaty prepared and presented by the Allied
they touch
my company, directly or inferentially, are wholly without
foundation in
Powers to the Turkish delegation at the Near East Confer- truth
and without support in the record. Practically the only
references
ence in Lausanne, just before the conference collapsed, has made to the Standard Oil Company (New Jersey) during the hearings
were
been rejected by the Turkish National Assembly meeting at in my own testimony, under oath, in the course of which I described fully
and frankly this company's position in the oil industry and its
profits,
pracAngora, according to advices received in this country the tices and policies.
To any one who has followed the proceedings before the
early part of the present week. The draft treaty was desubcommittee it
obvious that the whole inquiry and the resulting report are based
clared unacceptable as it was contrary to the Turkish Na- is
preconceived notion,assumed without proof, that there still exists upon the
among the
tional Pact. The Assembly at Angora, it is further stated, various so-called Standard 011 companies, in defiance of
the
disclaimed responsibility in the event of the Allied Powers decree of 1911, a combination or conspiracy to dominate thedissolution
petroleum industry, to which the Standard Oil Company (New American
insisting upon acceptance of the spirit and letter of the party.
Jersey) is a
treaty. The decision of the Angora Government with reMy positive and unqualified denial before the subcommittee of
the
spect to the treaty was taken on March 6. An important ence of any such combination,as well as my statements concerning all existother
material matters, stand absolutely without contradiction on
the record.
majority of the Assembly authorized the Government to
The subcommittee's prediction of dollar gasoline is ridiculous.
continue its efforts for peace under the following conditions: unjustifiable increase in the price of gasoline, I will say that the As to any
availability
Turkish

The Mosul question being of vital importance, must be settled within a
provisional period; the financial, economic and administrative questions
must be settled in accordance with the complete independence of the
nation, and the occupied territories must be evacuated rapidly after the
signature of peace.

Advices received here indicated that the Turkish National
Assembly has given full powers to Ismet Pasha to continue
negotiations with the Allies on the financial, economic and
juridical peace terms which the Turks have not accepted.
The Assembly, it is stated, endorsed the concessions made
by Ismet at Lausanne.
Premier Bonar Law said in the British House of Commons
on March 8 that an official statement from the Turkish
authorities at Angora, relayed by the British High Commissioner at Constantinople, was to the effect that the draft
treaty presented at Lausanne was considered unsuitable,
but that the National Assembly, by a great majority, had
given authority to continue the peace negotiations.
According to the interpretation in British official quarters,
the records show that the Turks failed to agree with the
British on three points; Turko-Greek reparations, the economic clauses, which the Bemalists desired included in a
separate treaty, and capitulations, or extra-territorial rights
for foreigners in Turkey.

industrial alcohol, benzol and other substitute motor fuels at
moderate prices
fixes a limit beyond which the price of gasoline cannot rise.

Commenting editorially on the charges made by the
La
Follette Committee the New York "Times" on the 6th
inst.
said in part.
Where the report makes allegations, the persons involved
should produce
facts. Senator La Follette's main charges fall into a few
relate to violations of the law, to disregard of the decision groups. They
of the Supreme
Court, to monopolistic control of the whole oil Industry,
to the earning of
excessive profits through excessive prices exacted from the
public. All these
assertions are capable of disproof, if they are false or
widly
It will doubtless be a difficult process to attempt to overtake exaggerated.
the La Follette
report, which has got so good a start in the newspapers
which have freely
published it, and to correct its errors one by one. But it
is a duty which the
Standard Oil people owe to themselves and to the general
public.

The following reply to the editorial is made by Mr.

Teagle:
To the Editor of the New York "Times":
Your editorial this morning on Senator La Follette's
report
and
the obligation of those attacked in it to make specific answer
impresses me as equally
just to the public, to the petroleum industry and to
the Senate Subcommittee. As you say, it is much to be regretted that "it
will be difficult to attempt to overtake the report. . . and to
correct its errors one by one.
The directors of this company realized that,
because of its unfairness and
Inadequacy, the La Follette report must be
answered in full. It is their
purpose to meet the conclusions of the
subcommittee at every point and to
give the public the truth as to this company's
ings and public relations—Information which management, policies, earnwas tendered the subcommittee and refused. The more complete
the public understanding of the
complex machinery of the petroleum
industry, and of this company's considerable part in that industry, the
more confident we shall be of our retention of the good-will so essential
to our continued usefulness.
W. C. TEAGLE. President.
New York, Mar. 6 1923.
Standard Oil Company of New Jersey.

Reports Again Current of Separate Treaty Negotiations
Between United States and Turkey.
We also quote from the "Times" of the 6th inst. the folDirect negotiation with Turkey of a new treaty may be lowing tatements by Mr. Teagle:
Gasoline Is no more likely to reach
started shortly by the American Government as a result of
the figure of $I a gallon in the near
future than it is
to reach the price of $10 a gallon, according to W. C.
the rejection of the Lausanne pact by the Angora National Teagle, Presidentlikely
of the Standard 011 Company of New Jersey, who answer-




MAR. 10 1923.]

THE CHRONICLE

1013

night at his whatever of any secret relationship was denied upon oath by the President
ed a series of questions which were put to him by reporters last
and it is now as emphatically and
apartment in the Vanderbilt Hotel. With him was A. C.Bedford, Chairman of the Standard Oil Co. (New Jersry)
with no less qualification denied by me.
of the Board of Directors of the Standard Oil Company of New Jersey, who
FolA Free Industry.
also answered questions and denied in detail the statements of the La
lette report.
"The oil industry in the United States is essentially a free industry.
Teagle
Mr.
all,"
at
up
go
will
gasoline
of
price
the
that
"It is not likely
Its very nature prevents monopolization or group control. .The industry
said. "The statement that it would go up to a dollar Is absurb. I do not has flourished because conditions of free competition have obtained.
mean any disrespect to a Government body, but this committee simply The very nature of the industry precludes any artifical price-fixing agency.
reached up into the air and brought down the figure of 51. They might
"As illustrative of the competitive conditions in the industry, it may
just as well have brought down the figure of$5 or $10. They did not say $5
be mentioned that on Jan. 1 of this year there were operating in the Midpublic,
the
on
effect
no
have
would
it
that
see
could
they
because
$10,
or
Continent area 126 refineries, which were turning out, together with probecause anybody could see that such a suggestion would be absurd.
ducers of natural gasoline. 32% or one-third of the total gasoline require'Alcohol and other substitutes can be produced at thirty cents a gallon
ments of the entire United States. Of 85,000 barrels of gasoline now
and are being produced to compete with oil. Supply and demand fluctuate
being produced every day in the Mid-Continent territory, approximately
all
in
but
happen,
will
what
exactly
say
no
can
that
man
so in this business
60,000 barrels are being thrown into the markets that offer the best returns.
probability the price will not go up at all."
The combined production of refineries of the Standard Oil Co. (New
Mr. Teagle asserted that the La Follette report was inspired by politics. Jersey) is 32,000 barrels daily.
Discussing the provisions of the report that called for closer Government
"It is a fact too patent to require elaboration that the refiner on the
supervision and Washington bureaucratic control over the oil business. Atlantic Seaboard or elsewhere cannot hold up an arbitrary price for
he said:
gasoline or other petroleum products when any Jobber can draw upon this
"The idea seems to be to do to the oil business what has been done to big surplus in the Mid-Continent area at prices lower than those asked
the railroads."
by the Eastern refiner."
Says Account Was Untrue.
"It 13 not true that the Standard Oil Co. alone or in co-operation with
Mr. Teagle asserted that the Senate Committee had failed to make an other companies,fixes the price of oil, as charged in the report.
which
information
that
intelligent analysis of the growth of the oil business;
"There is absolutely no price-fixing whatever, except that which results
he had tendered the Committee had been refused acceptance, and that the from the law of supply."
Committee had been inspired by prejudice and politics to give an entirely
On the 4th inst. Colonel Robert W. Stewart, Chairman
untrue account of the present position of the oil industry.
He said that competition had grown fiercely and that,instead of having a of the board of directors of the Standard Oil Co. of Indiana,
monopoly to-day, the various Standard 011 companies did less than 45% was quoted in the New York "Times" as stating:
of the oil business, as against 75% done by them in 1911 when the decree
I speak for the Indiana company only, but the report is unjust in many
of dissolution was put into effect. The Standard 011 group, he said, proparticulars so far as my company is concerned. The Standard 011 Co.
duced about 25% of the oh produced to-day by American companies: of Indiana is an independent corporation and it neither owes nor acknowldld 45% of the refining and nearly 50% of the marketing.
edges allegiance to any other corporation or organization. It has no underMr. Teagle was first asked to comment on the charge that the Standard standing or arrangement of any kind or character with any other of the
Oil Co. was to-day as much of a trust as it was in 1911. when It was dis- so-called Standard Oil companies. It stands squarely on its own bottom,
solved by order of the Supreme Court.
to serve fairly the public
absolutely and wa are trying to do a big job in a big way, and
"That is an absolutely unfair statement," he said. "There is
with which we deal.
Oil
Standard
different
the
of
any
of
management
no co-operation in the
The charge that the Indiana company has a monopoly or dominates the
dissolution.
companies. There were 6.000 stockholders at the time of the
is manifestly disproved by
scattered. oil business in the territory in which it operates
There are 60,000 stockholders to-day. The stock is broadly
the facts and a mere superficial examination of these facts will show it.
There is no control exercised by a few men. The decree of the Supreme Our competitors have practically all the crude production in the midto my
Court has been scrupulously observed. Let me call your attention
of supply and clearly have as
Committee continent field, which is largely our source
statement on this subject to the Senate Committee, which the
great an opportunity to procure crude for refining nurposes as we have
said:
I
control
of
point
that
On
receive.
to
refused
have as many bulk sales stations
companies being These competitors in the same territory
"There has been much talk about the Standard Oil
number of service sales stations and
control. There as we and have more than double the
owned by a 'body of stockholders' exercising common
we have, so that these competithan
capacity
refining
more
011 Co. (New have five times
exists no form of common control to which the Standard
ion,
other tors have in each of the three divisions of the oil industry—product
affairs
its
of
direction
nor
supervision
any
not
Jersey) is subject,
all the refining and marketing—a distinct advantage.
than that exercised by its own board. Prior to 1911 the stocks of
competitors,
our
than
prices
of
We have no more to do with the making
companies were held together through their ownership by the Standard because the prices in any territory necessarily are dominated by the one
011 Co. (New Jersey), which prevented separate ownership from coming who makes the lowest price. Our competitors make their prices without
to do
about through natural processes of disintegration. The decree,
us
com- domination by or suggestion from us and with no agreement between
away with this condition, directed that the stocks of the subsidiary
regarding the making of the same. Clearly, if at any time our competitors
holding
the
of
panies be distributed pro rata among the stockholders
business.
the
lose
or
it
companies had lower the price, we must either meet
company. While, at the moment of distribution, all the
immediately
Identical stock lists, these processes of disintegration began
to operate and have been operating ever since.
James Speyer Urges Co-operation With President
Rockefeller Sr. Cut.
Rea Against Legislation Adversely Affecting
Oil
Standard
the
"'As Illustrative of this, at the time of distribution
Railroads.
more
held
these
of
Twelve
Co. (New Jersey) had 6.078 stockholders.
total of just
in a statement made public March 1,
Speyer,
James
than 1% each of the company's outstanding stock and a
11.013 holders
over 50% of the entire stock. On Oct. 31 1922 there were
stock. As of said:
of Common stock and nearly 40,000 holders of Preferred
The action of President Rea, of the Pennsylvania Railroad, in sending
company's
the
of
more
or
June 30 1922, only six shareholders held 1%
28.4% of the a circular letter to the stockholders, calling their attention to and asking
Common stock. These six shareholders own a total of
owner of Common their support against the enactment of either national or State legislation
company's Common stock. The largest individual
the remaining which would injuriously affect their interests, must be very gratifying
stock is John D. Rockefeller Jr., with 11.4%. Three of
the Common to all those wishing to maintain and strengthen railroad credit, which is so
five Common stockholders on the list,owning together 10% of
essential to the prosperity of the whole country.
stock, are philanthropic institutions.
It is very much to be desired that officials entrusted with the management
John D.
"'It may be of interest to the committee to know that Mr.
and welfare of other railroad systems—and, also, those in charge of comsince
company
1920,
the
in
shareholder
a
been
not
Rockefeller Sr. has
at the panies that furnish engines, cars and railroad supplies—will follow the
and that the late Mr. William Rockefeller owned only 700 shares
example of President Rea. Such a consistent educational campaign would
time of his death.
a half soon have the result of mobilizing the stockholders of these corporations
"'Furthermore, the company made effective about a year and
are becoming for the defense of their legitimate investment and ere long would make it
ago a stock acquisition plan under which its employees
is 11,339 and less popular to propose unnecessarily restrictive legislation against the
stockholders. The number of subscribers under this plan
country's railroads.
the number of shares of Common stock already allotted to them is 44,636.
indiBefore the end of 1925 when this stock is issued in the names of the
vidual employees there will be added to the company's stock list on the President Harding Attributes Some Difficulties in Coal
basis of the position to-day, at least 12,000 to 15,000 Common stockholders."'
Although a percentage of the nation's oil business done by the Standard
Oil company has been cut nearly in half in the last ten or twelve years,
the absolute value of the business of the various companies has increased
600 or 800%, according to the figures of the two Standard Oil chiefs last
night. Mr. Tomtit°. called the oil industry an eight-billion-dollar business.
Mr. Bedford called it a ten-billion-dollar business. The Standard Oil
share of nearly 45% would thus be three and a half or four billion dollars
to-day.
About half of the questions were answered last night by President
Teagle and the other half by Chairman Bedford. In a prepared statement Mr. Bedford arraigned the Senate Committee.
A "Political Document"
"The report of the sub-committee of the Senate named to investigate
the oil industry," he said, "is frankly a political document and will be
used as such.
"Its conclusions are such as no competent tribunal nor fair-minded
individual would draw from the evidence, and no evidence was welcomed
by the sub-committee but that which would tend to uphold a preconceived
bias. The report ignores the patent facts of the petroleum situation in
this country in order to perpetuate a prejudice and as a service to the
public it is valueless.
"The prediction that the country must be prepared before long to pay
at least a dollar a gallon for gasoline is particularly misleading. Incalculable harm may result if such a false and mischievous impression should
become prevalent that there was any possibility of gasoline costing $1
per gallon. Any such suggestion is an absurdity. Industrial alcohol
alone, which can be produced for 30 cents per gallon, would, apart from
any competition within the industry itself, prove a competitive factor
which would prevent any such prediction being realized.
"The statement that there still exists among the former constituents
of what was known 55 the Standard Oil group any common understanding




Distribution to Shopmen's Strikes Yet Unsettled.
A letter on the subject of the railroad shopmen's strike of
last summer was written by President Harding on March 5
to Stephen E. Connor, Secretary of the Federated Shopcrafts of the Central Railroad of New Jersey. Pointing out
that there appeared to be no reason for a continued prolongation of the strike by a minority of the interests involved,
the President declared that continued failure to make
settlements "is largely responsible for unfortunate conditions
as to railroad movements in some areas, and for interrupted
deliveries of coal during tlie winter, with resultant suffering
to many communities and much demoralization to industry."
The President's letter, which was made public at the White
House, follows:
My dear Mr. Connor:
Your letter of March 3 comes to hand Just as I am about leaving for the
South, but I am glad of the opportunity it affords me to express my sentiments on this subject. You tell me that the shop crafts of the New Jersey
Central Railroad are staging a relief fund movement and ask me to send
my autographed photograph. I am gladly complying.
It is occasion of intense regret that the settlement of the shop craft strike
which has been effected on the larger part of the railroad system and mileage of the country has not been found possible on all the rest. I do not
find myself able to discern any adequate question of principle which could
justify a minority of the Interests involved in this distressing situation in
refusing to make settlements similar to those which have been made by the
majority. The information which reaches me brings the conviction that
continued failure to make settlements is largely responsible for unfortunate

1014

T FIE CHRONICLE

[VoL. 116.

conditions as to railroad movements in some areas, and for interrupted
deliveries of coal during the winter, with resultant suffering to many
communities and much demoralization to industry. It is a situation
which seems certain to become more serious unless effective measures are
found for its early amelioration.
Very truly yours,
WARREN G. HARDING.

post until the incumbent had resigned, it is understood that several men have
been considered informally in Government circles for the Governorship in
event of Mr. Belly's resigning.
Governor Reily's nomination to be Governor of Porto Rico was confirmed
by the Senate in May 1921 and he was inaugurated the following July 80.
His resignation ends one of the most controversial situations faced
by the
present Administration.
Opposition to his administration was expressed, first, by the majority
Reports to Government agencies, it is stated, estimated
party of Porto Rico, the Unionists, when he declared in his inaugural
that about 120,000 shopmen who participated in the strike dress
adagainst any
for the independence of the islands. The Unionare still out of work. This condition of unemployment ists later reversed agitation
their stand, but in November of the same year launched a
among them is said to be particularly bad in Pennsylvania. campaign against the Governor which never ceased.
attacks on Governor Reily brought several delegations from the islands
An agent of Governor Pinchot has reported that about 30,000 to The
protest before Secretary of
Weeks and President Harding, and were
shopmen are still out of work in his State. In other Eastern signalized by the dispatching ofWar
numerous notes of protest.
Governor Reily was defended in this country by Senator Santiago
States traversed by railroads which have declined to adjust
Iglesias,
who declared his foes had committed the mistake of resenting what
the Govtheir differences with the shopmen there is said to be much ernor
had said and done in defense of "the sincere Americanization of
the
unemployment among the men who struck. Unemploy- island." He said the uncompromising determination of Governor
Reily "to
ment among former shopmen in the Southwest is also re- destroy the system of propaganda for secession and independence that had
been operating in Government offices had resulted in criticism by
the secesported to be serious.
sionists and independents.
Commenting on President Harding's letter, A. G. Wells,
Senator Iglesias, as President of the Free Federation of Workers
of Porto
Vice-President in Charge of Operations of the Atchison Rico, presented a report endorsing the administration of Governor Reily to
the American Federation of Labor last June.
Topeka & Santa Fe, said:
Governor Reily returned to this
President Harding's statements have been made obviously without accur- rest, going to his home in Kansas country last December for a vacation and
City. On coming to Washington later for
ate knowledge ofconditions. No settlement has been made by the Southern conferences with President Harding
and Secretary Weeks, he complained of
Pacific, Union Pacific, Burlington, Rock Island. 'Frisco or Atchison,
health,
which he indicated might result in his resignation.
nor ill
He sailed
is it possible that settlemett could be made now on any of these roads, only recently to resume his post,
but did not take up the actual reins of
certainly not on the Santa Fe. The shop crafts struck more than eight office.
months ago. Upward of 3.500 Atchison men refused to obey the mandate
of their leaders to strike and remained in service. The places vacated by
Senator Poindexter to Be Ambassador to Peru.
the strikers have been filled and the shop forces are now at 100%. The
time has gone by when negotiations can be re-opened with committees
The nomination of Senator Miles Poindexter, of the State
representing the men who walked out.
of

Readjustment of Transcontinental Freight Rates on
Western Roads.
It became knownpn March 8 that readjustments downward
had been made in freight rates on certain heavy commodities to Pacific Coast and intermediate points which apply to
all Western lines,including those like the Anthison and Southern Pacific, that reach the coast by the Southern route, and
the Union Pacific that goes by the Central route, as well as
the Northwestern roads. • Some time ago the Inter-State
Commerce Commission refused to permit those lines to charge
a higher rate to intermediate than to Pacific Coast points.
The Great Northern Railway Co. has reduced rates 10%
on shipments of important commodities such as steel and
iron, paper products and canned goods, from its Middle
Western terminals to Seattle, Tacoma, Spokane, Portland
and Vancouver, to meet competition by way of the Panama
Canal. The new rates will be effective April 17. General
readjustment of transcontinental freight rates from coast to
coast is likely to result, it is said.
Towner Succeeds E. Mont Reily,
Resigned, as Governor of Porto Rico.
The U. S. Senate on March 2 confirmed the nomination of
Representative Horace M. Towner (Republican, Iowa) to be
Governor of Porto Rico, succeeding E. Mont Reily. Governor Reny tendered his resignation to President Harding last
month, ill health being assigned as the reason for his action.
On Feb. 16 the text of Governor Belly's cablegram of resignation was made public at the White House, Washington, as
follows:
Representative

Hon. Warren G. Harding, President of the United States.
On account of a very serious injury while in the States, my trip to Porto
Rico prostrated me, and I have been confined to my bed since, not being able
to resume my official duties. My physicians inform me it will be several
months before I can recover and I must have complete change and rest, free
from all care. This being the case, I feel that I should resign and look after
my health first.
I would like for my resignation tit become effective April 1, believing that
by that time I will be able to travel; and if I am not, can be taken to a hospital here until I am able to do so. In offering my resignation, I cannot do
so without expressing to you and Secretary Weeks my appreciation of the un.
failing loyalty and support you have both continually given to me in my arduous and trying work here.
Your recent statement to me that you were for me 100% had its echo in
the great demonstration tendered me on my return, and shows that the work
of your Administration in Porto Rico has not been in vain, but has been appredated. It was a complete vindication of our American policies instituted
in the islands two years ago.
A delegation composed of men of all political parties called on my Secretary yesterday requesting that I withhold my resignation until you could be
communicated with. I have notified them my resignation was irrevocable.
Ninety per cent of the people of the Island are for you and the things you
stand for, and are pleading that no backward step be taken in Porto Rico.
Americanization of the Island must be continued. The ground fought over
by your Administration must be held, and where the outposts have been
planted they must never be withdrawn.
E. MONT REILY, Governor of Porto Rico.

Washington, to be Ambassador to Peru was confirmed by
the Senate on Feb. 19. in open executive session. The nomination had been sent to the Senate that day by President
Harding. Senator Lodge of Massachusetts, Chairman of the
Foreign Relations Committee, moved that the nomination, in
accordance with custom and courtesy to sitting members, be
confirmed, and the vote was unanimous. Senator Poindexter was not present. Senator Poindexter has been a member
of the Senate since 1911. He failed of re-election at the Fall
election, and his term expired March 4.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Three New York Stock Exchange memberships were reported posted for transfer this week, the consideration being
stated as $95,000, $96,000 and $98,000, respectively. The
last sale was at $94,000.
That the proposal for the merger of the Importers & Traders' National Bank of this city into the Equitable Trust Co.,
was well on its way to consummation, was indicated in an
announcement issued by the trust company on the 6th inst.,
stating that the plan had been approved by the executive
committee of the latter and by the directors of the bank.
The announcement follows:
Negotiations have been conducted for several weeks past with a view te
merging the Importers & Tradings National Bank into the Equitable Trust
Co. of New York. The proposition in its final form has been approved
by the board of directors of the former bank who will recommend its acceptance to their stockholders in due course. It has also been approved by
the executive committee of the Equitable Trust CO. of New York, and it is
expected that it will be ratified by the Board of Trustees at a meeting to he
held at an early date.
To accomplish the merger it will be necessary to increase the capital stock
of the Equitable Trust Co. of New York from $20,000,000 to 823,000,000.
Upon the completion of the transaction the capitalization of the Equitable
Trust Co. will stand as follows:
Capital
823,000,000
Surplus and undivided profits, approximately
9,500,000
In order to retain the continuity of contact and personal relationship
with the clientele of the Importers & Traders National Bank, which is
largely commercial and long-standing, It is proposed that Mr. E. Townsend
shall become Chairman of the Advisory Board of the Importers & Traders
office of the Equitable Trust Co. of New York, and Mr. H. H. Powell and
Mr. E. P. Townsend shall become Vice-Presidents of the Equitable Trust
Co. and continue the management of the Importers
& Traders office. In
addition it is proposed to elect several members of the Importers & Traders
board to the board of the Equitable Trust Co. of New York.
By reason of the more diversified organization of the Equitable Trust
Co., referring particularly to the foreign department, bond department
and
trust department, we believe we will be able to give the proposed management of the Importers & Traders office substantial co-operation.
It is probable that the present Colonial Office of the Equitable Trust
—0., situated at the corner of Broadway and Park Row, will eventually
be
Jonsolidated with the Importers & Traders Office.

Reports to the effect that the negotiations were under way
were referred to in our issue of Feb. 24, page 777.

Charles D. Norton, President of the First Security Co. of
this City, and formerly an Assistant Secretary of the Treasury died on the 6th inst. following an attack of influenza.
The Associated Press dispatches from Washington Feb. 16 He had been ill about six weeks. Mr. Norton was in his
said in part:
fifty-second year. The following facts regarding his career
The action of Governor Reily was not unexpected in official circles, as it 'are authorized:

had been stated that President Harding personally had been informed of the
physical condition which it was stated by Mr. Reily had made it advisable
for him to leave the office.
Although it was made clear at the White House before the resignation was
received that the President would not consider a successor for any Federal




Mr. Norton was born in Oshkosh, Wis., March 12 1871. In 1885 he
entered service of the Northwestern Mutual Life Insurance Co. in Milwaukee and in 1889 entered Amherst College, graduating in 1893. For
some years following he was a partner in the firm of Kimball & Norton at
Chicago,general agents for the State of Illinois of the Northwestern Mutual.

MAR. 10 1923.]

THE CHRONICLE

and beAs President of the Merchants' Club in 1906 Mr. Norton organized
came first chairman of the Committe on Plan of Chicago,a position which he
held until 1909. Under the auspices of this group the Burnham Plan of
Chicago was organized, financed and than turned over to an official City
Plan Commission. In that year he became First Assistant Secretary of
the Treasury in charge of Fiscal Bureaus under Secretary MacVeagh.
While in the Treasury he became a member of the Executive Committee
and Treasurer of the American National Red Cross. In 1910 he became
Secretary to President Taft, and under his direction organized the Commission on Economy and Efficiency which prepared the Government
estimates on a budget basis for the first time. In 1911 he became VicePresident ofthe First National Bank of New York. On May 10 1917 he was
appointed by President Wilson one of the five members of the Red Cross
War Council which assumed the war management of the Red Cross,and in
1917, with Cornelius N. Bliss, Jr.. also a member of the War Council,
inspected Red Cross activities in the war zone. In January, 1918, he
was elected President of the First Security Company, a subsidiary of the
First National Bank. He was Trustee of the American Academy in Rome,
the Metropolitan Museum of Art and the Institute for Government Research, organized by a group interested in the continuation of work similar
to that of the Taft Commission on Economy and Efficiency. He was
Treasurer and Trustee of the American Federation of Arts and of the
Russell Sage Foundation, and Chairman of a Committee which includes
Robert. W. de Forest, Frederic A. Delano, John M. Glenn. Dwight W.
Morrow and Frank L. Polk, authorized by the Sage Foundation to organize and develop a Plan of New York. He was President and director of the
New Gauley Coal Corporation and ofthe Coal & Coke Railway Company;
director of the West Virginia Coal & Coke Company, the Tide Water Oil
Company, the Monarch Fuel Company, the Delaware, Lackawanna &
Western Coal Company, the American Telephone & Telegraph Company,
the Lehigh Valley Railroad, the American Railway Express Co.,the Adams
Express Co., the Equitable Life Assurance Society, Great American Insurance Company, Montgomery Ward & Company, and the Southwestern
construction Company.

The Board of Trustees of the United States Trust Co. of
New York at their meeting on March 1 elected to their
Board Frank L. Polk.

1015

Smith became Assistant Cashier of the new institution,
serving in that capacity until 1870, when, upon the organization of the Corn Exchange National Bank, he was elected
Cashier of that institution. In 1884 Mr. Smith joined the
Merchants' Loan & Trust Co. as Secretary and 2d VicePresident, becoming 1st Vice-President in 1890. Upon the
resignation of J. W. Doane in Jan. 1897 he assumed the
duties of President and during the ensuing year was formally
elected to the office, holding the position continuously until
Jan. 1916, when his advancing years compelled him to
resign. Thereupon he was made Chairman of the Board, a
position created especially in his honor, but subsequently
resigned to become Chairman of the Advisory Committee
of the bank, the position he held at the time of his death.
Mr. Smith was a mipmber of the executive committee of the
Chicago Clearing House Association, a member of the
Chicago Stock Exchange and a member of the Chicago
Board of Trade, serving as Treasurer of the latter organization from 1872 to 1884. In addition to his banking and
business activities, Mr. Smith was prominently identified
with Red Cross work.
L. L. Hobbs has been elected Assistant Vice-President of
the National Bank of the Republic, of Chicago. Mr. Hobbs
resigns as Assistant Cashier of the Live Stock Exchange
National Bank of Chicago, with which he has been connected
for twenty years, and will assume his new duties March 15.
He is at present also Vice-Chairman of group four of the
Illinois Bankers Association, and is active in the affairs
of the Chicago and Cook County Bankers' Association.
He is a member of the Reserve City Bankers Association and
the Chicago Bankers Club.

The Equitable Trust Co. of New York announces the
appointment of Paul A. Flickinger as correspondent in
Reading, Pa. Through their Philadelphia office, which is
Standish Hall has been elected Vice-President and Diconnected by private telephone with their headquarters in
Wichita, Kansas. Mr.
New York, Mr. Flickinger will be enabled to extend to their rector of the Union National Bank,
of the Union Trust
secretary
assistant
Hall
has
resigned
as
present and prospective clients in Reading and surrounding
post.
new
his
up
take
of
Company
Chicago, to
territory the Equitable's facilities and services.
Arthur M. Reis, President of Robert Reis & Co., has been
elected a director of the Hamilton National Bank of New
York. Mr. Reis is also a director of the William H. Towles
Manufacturing Co. of Baltimore, the Ford Manufacturing
Corporation of Waterford, N. Y., and the Manhattan
Union Suit Corporation.
A new bank is being organized in this city under the name
of the Sherman Square National Bank. It will be located in
the neighborhood of 72d St. and Broadway. The bank will
be formed with a capital of $500,000 and a surplus of $100,000. A. F. Cronhardt, of Cronhardt & Co., is one of the
prime movers in the organization of the institution, which
will do a commercial and savings bank business.

The West Side State Bank of Kansas City .(Mo.), an,institution with capital of $100,000 and deposits of approximately $600,000, was closed by State Bank Examiner Louis
A. Miller on Feb. 15, according to the Kansas City "Star"
of that date. A month prior to the closing, it is said, control
of the institution was assumed by Donald Ross and associates in the hope of remedying its impaired capital. Mr.
Ross is quoted in the "Star" as saying that he found conditions worse than had been represented to him. He further
stated that he believed there would be no ultimate loss to
the depositors. The failed bank was not a member of the
Kansas City Clearing House.

The Springfield National Bank, Springfield, Ohio, was
closed on Tuesday of this week (March 6) and its affairs
placed in the hands of Federal bank examiners, following
the discovery of a shortage of $800,000 in the Liberty
Bond Department of which A. H. Penfield, the Cashier
of the institution, was in charge. Penfield, it is said,
attempted suicide by slashing his wrists with a pocket
knife when he knew that his books were about to be examined
and subsequently confessed, it is said, that he had been
embezzling the bank's funds for more than ten yeras. On
Thursday, March 10, it is 'said, he was arraigned at his
home, where he was recovering from his self-inflicted
wounds, on a Federal charge of embezzlement and despite
his alleged confession, pleaded "not guilty." He will be
given a hearing, it is said, on March 20 before United
States Commissioner Floyd Johnson. The capital of the
institution was $100,000, with surplus and undivided
profits of approximately the same amount and deposits in
excess of $1,500,000.

Andrea Sbarboro, President and founder of the ItalianAmerican Bank, of San Francisco, and a resident of San
Francisco since 1852, died at his home in San Francisco on
Feb. 28. He was born in Liguria, Italy, eighty-three years
ago, and went to California when a boy. He first engaged
in the grocery business in San Francisco, and in the seventies
he organized the first building and loan association in California, which was followed by several other similar institutions headed by him. He was also one of the founders and
principal backers of the Italian-Swiss Colony in Sonoma
County, at first intended to be an agricultural colony, but
which later developed into one of the largest grape-growing
companies in the United States. In 1899 he organized the
Italian-American Bank in San Francisco, together with
other prominent California pioneers, such as M.J. Fontana,
father of the canning industry of California, and one of the
founders of the California Packing Corporation. He also
served for ten years as President of the Manufacturers &
Producers Association of California. His three sons are all
active in the management of the Italian-American Ban
Alfred E. Sbarboro being Vice-President and Cashier.

Orson Smith, Chairman of the Advisory Committee of
the Merchants' Loan & Trust Co. of Chicago, and for
many years one of the most piominent bankers of that
city, died suddenly on March 3 at the age of eighty-one.
Mr.Smith was born in Chicago and received his early education in its public schools. At the age of 13 he began his,
career as a bundle boy in the dry goods store of the late
Potter Palmer, where he remained a year and then entered
the banking house of F. Granger Adams. Eleven years
later this banking house became the Old Traders' Bank and
Mr. Smith, then 25 years of age, was made its Cashier.
Later the Traders' National Bank was organized and Mr.

COURSE OF BANK CLEARINGS.
Bank clearings again show a very satisfactory increase
over a year ago. 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,
March 10, 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 19.7% as compared
with the corresponding week last year. The total stands at
$7,870,384,941, against $6,573,008,577 for the same week in
1922. Our comparative summary for the week is as follows:




1016

T H 141 CHRONICLE

Clearings--Returns by Telegraph.
Week ending March 10.

1923.

1922.

Per
Cent.

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

$3,616,000,000
542,867,059
371,000,000
290,000,000
122,615,089
a
123,100,000
121,047,954
107,525,439
*73,000,000
55,357,392

$3,130,500,000
435.794,828
302,000,000
211,000,000
121,600,000
a
110,800,000
*100,900,000
62,778,075
58,040,056
43,736,772

+15.5
+246
+22.8
+37.4
+0.8
a
+11.3
+20.0
+71.3
+25.8
+26.6

Ten cities, five days
Other cities, five days

$5,422,512,933
1,136,141.185

$4,578,949.731
900,555,750

+18.5
+26.2

Total all cities, five days
All cities, one day

86.558.654.118
1,311,730,823

55,477,505,481
1,095.501,096

+19.7
+19.7

Total all cities for week
$7.870,384,941
a No longer report clearings. •Estimated.

36,673,006.577

+19.7

[Vou 116.

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the two months of 1923 and 1922 are given below:
2 Months 1923. 2 Mona,1922.
Par Value.
Par Value.

Description.
Stock-Number of shares
Par value
Railroad bonds
United States Government bonds
State,foreign, dc., bonds
Total par value

42,894,316
$3,853,858,000
311,076,500
138,193,616
96,881,900

32,647,472
$2,907,835,925
285,531,900
350,345,050
97,620,500

$4,400,010,016

$3,641,333,375

Sales of Stocks on the New York Stock Exchange.
The volume of transactions in share properties on the New
York Stock Exchange for each month since January of the
calendar years 1923 and 1922 is indicated in the following:

Complete and exact details for the Nyeek covered by the
1923.
1922.
foregoing will appear in our issue of next week. We cannot
No. Shares. Par Values. No. Shares. Par Values.
furnish them to-day, inasmuch as the week ends to-day Month of January
19,914,827 31,771,578,000 16,472,377 51,494,639,000
(Saturday) and the Saturday figures will not be available Month of February
22,979,489 2,082,280,000 18,175,095 1,413,196,925
noon
until
to-day. Accordingly, in the above the last day
The following compilation covers the clearings by months
of the week has in all cases had to be estimated.
since Jan. 1 in 1923 and 1922:
In the elaborate detailed statement, however, which we
MONTHLY CLEARINGS.
present further below, we are able to give final and complete
Clearings, Total All.
Clearings Outside New York.
resultsfor the week previous-the week ending March 3. For
Month.
1923.
1922.
1923.
1922.
that week the increase is 18.8%, the 1923 aggregate of the
clearings being $8,914,740,864 and the 1922 aggregate $7,Jan... 36.285,247,515 29,931,564,280 +21.2 16.506,887,916 12,635,500,446 +30.6
502,916,664. Outside of the city the increase is 28.1%, the Feb_ __ 30.408,860,129 26,521,031,968 +14.7 13,624.881,686 11,180,598,985
+21.9
bank exchanges at this centre having recorded a gain of
The course of bank clearings at leading cities of the
only 12.8%. We group the cities now according to the country for the month of February and since Jan. 1 in each
Federal Reserve Districts in which they are located, and of the last four years is shown in the subjoined statement:
again the noteworthy feature of the return is that every one
BANK CLEARINGS AT LEADING CITIES.
February-Jan.1 to Feb.28
of these Federal Reserve Districts records an increase as
(000,000 omitted).
1923. 1922. 1921. 1920. 1923. 1922. 1921. 1920.
compared with the corresponding week last year. In the New York
16,784 15,340 14,529 18,144 36,562 32,637 33,102 41,354
2,287 1,896 1,958 2,417 5,085 4,019 3,372 5,273
Boston Reserve District the clearings are larger by 49.8%;in Chicago
Boston
1,426 1,105 1,040 1,376 3,161 2,390 2,380 3,188
the New York Reserve District (including this city) by Philadelphia
1,817 1,560 1,548 1,777 4,011 3,261 3,401 3,952
12.9%; and in the Philadelphia Reserve District by 22.2%. St. Louis
a
a
a
a
a
a
a
a
472
621
583
622 1,310
971 1.303 1,320
The Cleveland Reserve District shows an improvement of Pittsburgh
San Francisco
495
591
482
579 1,293 1,076 1,088 1,301
42.8%; the Richmond Reserve District of 22.7%; and the Cincinnati
253
205
204
258
561
439
471
587
Atlanta Reserve District of 34.7%. The Chicago Reserve Baltimore
258
340
293
758
326
536
656
741
District records an expansion of 24.9%; the St. Louis Kansas City
514
493
587
924 1,143 1,087 1,312 2,047
380
308
467
377
652
863
Reserve District of 34.8%; and the Minneapolis Reserve Cleveland
908 1,049
164
203
176
270
375
487
392
623
District of 15.6%. The Kansas City Reserve District has New Orleans
241
218
Minneapolis
229
162
469
579
525
370
an increase of 14.8%; the Dallas Reserve District of 33.2%, Louisville
121
93
94
272
63
198
202
143
and the San Francisco Reserve District of 23.1%.
Detroit
454
317
295
991
435
694
684
902
138
110
113
In the following we furnish a summary by Federal Reserve Milwaukee
126
227
293
240
264
Los Angeles
476
338
304
278 1,021
748
670
494
districts:
SUMMARY OF BANK CLEARINGS.

Week ending March 3 1923.

1923.

Inc.or
Dec.

1922.

Federal Reserve Districts.
$
5
(151) Boston
11 cities 476,778,568 318,184,786
(2nd) New York
9 " 5,225,540,577 4,627,028,895
(3rd) Philadelphia_ _ _ _10 "
555,656,937 464,548,317
10 "
(4th) Cleveland
387,130,489 271,038,741
5 "
(5th) Richmond
184,011,086 149,982,562
197,096,112 146,339,510
12 "
(6th) Atlanta
931,276,110 745,249,257
19 "
(7th) Chicago
78,696,838 68,393,070
7 "
(8th) St. Louis
115,912,567 100,243,591
(9th) Minneapolis... _ 7 "
273,183,203 237,865,351
(10th) Kansas City.......11 "
5 "
59,936,394 45,001,940
(11th) Dallas
(12th) San Francisco...14 " .429,721,985 349,040,643

1921.

1920.

%
$
$
+49.8 314,709,174 404,839,239
+12.9 4,287,917,461 4,874,817,391
+22.2 454,198,701 493,165,756
+42.8 358,822,726 416,821,775
+22.7 153,876,025 190,684,428
+34.7 145,139,234 214,113,050
+24.9 629,697,492 1,077,060,148
+34.8 59,513,620 70,743,327
+15.6 118,738,566 87,893,864
+14.8 268,463,705 467,137,721
+33.2 49,808,787 73,568,093
+23.1 324,023,759 376,850,570

120 citle9 8,914,740,864 7,502,918,664 +18.8 7,164,909,250 8,747,695,362
Grand total
3,761,613,830 2,925817,425 +28.1 2,937,650,873 3,940,248,205
Outside New York City
r•einerIcs
20 eltlee 285.015.628 318.317.027 -105 340114 OM 154 5n5 F7A

Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City

47
159
163
121
74
120
189
89
132
42
51

41
137
132
108
83
107
152
86
115
33
41

39
141
136
122
53
70
181
63
99
34
47

53
223
155
70
73
126
251
118
158
38
78

104
353
359
275
167
212
438
205
285
96
119

90
277
291
228
134
230
326
161
245
74
94

89
314
309
272
119
161
385
138
222
78
119

124
528
344
158
155
287
582
280
331
84
183

Total
Other cities

27,833 24,386 23,798 29,565 60,981 51.907 52,912 68,622
2,576 2,135 2,371 3,075 5,713 4,546 5,269 6,828

Total all
Outside New York

30,409 26,521 26,169 32,640 86,694 58,453 58,181 73,450
13,62.5 11,181 11,840 14,496 30,132 23,816 25,079 32,098

a No longer report clearings.

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

CLEARINGS FOR FEBRUARY FOR FOUR Y EARS, AND FOR WEEK ENDING MARCH 3.
February.
Clearings at
1923.

1922.

$
$
First Federal Rese rve District- Boston3.057.557
2.674,527
Me.-Bangor
11,905,696
10,565,726
Portland
1,428,000,000 1,105,000,000
38a.-IL-B0st0n
5.753.128
8,388,343
Fall River
3,718,248
2,959,889
Holyoke
4,098,658
4,420,682
Lowell
a
a
Lynn
8,576.483
5,916,472
New Bedford
18,895,627
14.763.047
Springfield
13,100,000
12,392,261
Worcester
42.483,323
Conn.-Hartford. __ _
33.327.338
24,941.795
20,090,867
New Haven
6,653,700
6.886,200
Waterbury
41,232,200
47,451,600
R. I. Providence--Total(13 cities)

Since January 1.

Week ending March 3 1923.

1

Inc.or
Dec.

1923.

1922.

Inc.or
Dec.

1923.

1922.

Inc.or
Dec.

1921.

1920.

%

$

$

%

$

8

%

$

5

+14.3
+12.7
+29.0
+45.8
+25.6
+7.9
a
+11.2
+28.0
+5.7
+27.5
+24.1
-3.4
+15.1

1,617,593.054 1,265,660,113 +27.8

6,813,978
26,312,891
3,161,000,000
19,829,303
8,052,612
9,992,9.55
a
13,465,179
44,170.329
30,558,000
96,494,398
52,580,002
14,630,800
103,869,900

8,097,233 +11.8
717,358
851.707
22.478,573 +17.1
3,961,930
3,080,983
2,390,000.000 +32.3 425,000,000 274,000,000
13,701,912 +44.7
1,994,336
1,441,983
6,446,474 +24.9
a
a
8,842,865 +13.0
1,198.775
.950,000
a
a
a
a
12,273,779 +9.7
1,689,384
1,401,534
5,389.255
32,736,565 +34.9
4,175,183
27,125,639 +12.7
3,577,000
3,608,000
74,410,621 +29.7
12,598.837
11,381,972
44,939,526 +17.0
7.880.871
8,293,445
14,395.500 +1.6 •
90,135,200 +15.2 d12,771,000 *11,000,000

3,587,770,348

2,743,583,887 +30.8

478,778,566

-15.8
985,153
802.554
+28.0
2.142,000
2,100.000
+53.1 271,000,000 358,361,532
+38.3
2,638,561
1,308,912
aa
+26.2
1,441,121
1,;00,717
a
a
a
+20.5
1,201,507
2,384,085
+29.1
4,739,160
5,191,857
-0.9
3,964.384
4,171.820
+10.7
10,063,422
11,035,209
+25.2
6,491,019
3,700,000
+16.1

10,122,900

13.014,700

318,184,786 +49.8

314,709.174

404,839,239

Second Federal Re serve District -NewYork15,819.354 +11.5
17,644.506
39,772,143
35,181.089 +13.1
N. Y.-Albany
5,285,402
4,127,054 +28.1
4,923,093
4,200,000
4,089,000 • 4.093.100 -0.1
9,592,361
8,434,584 +13.7
Binghamtone965,700
987,500 -2.2
1,076,000
923,900
131,591,684 +23.8
162,945,322
358,964,284
291,034.372 +23.3 d46,114,002 . 38,499,608 +26.3
Buffalo
43,959,725
37,563,362
2,034.538
+34.9
2,745,522
5,764.085
503.790
4,449,736 +29.5
Elmira
Not included in total .
+13;7
3.639,977
4.139.826
9,173,044
7,918,109 +15.8
c838.671
Jamestown
997,711 -12.9
16,783,978,443 15,340,452.983 +9.4 36,562,338.042 32,638,516,817 +12.0 5,153.127,0344.567.00
New York
9,239 +12.8 4,227,258,377 4,807,447.157
3,319,052 +32.8
4.406,428
9,531.783
8,178,341 +16.5
Niagara Falls
31,124.614 +24.4
38,708,447
12,215,381
86,518,705
72,981,223 +18.5
Rochester
11,428,297
10,218,969
11,051,685
+19.5
15,658,462 +13.1
17.710,270
38,218,1 4
33,149,167 +15.3
4,301,578
Syracuse
5,198,649
4,438,750 -3.0
4,142,680
7.989,547 +20.4
9,617,707
25,903,539
17,593.055 +47.2
c2,217,238
onn.-Stamford_
2,273,802
-2.5
2,322,378
1,253,043 +20.5
1,509,390
3.865.053
3,005,405 +21.9
445,571
!J. J.-Montclair_._ _
586,470
388,282 +14.8
455,081
in
included
total
Not
58,023,888
123,855,083 Not Included in total
Newark
3,979.571 -6.0
3,740,747
8,755,559
8,097,825 +8.1
Oranges
Total(12 cities).- 17,051,235,608 15,580.955,925
-




+9.8 37,158,198,772 33,126,539.703 +12.2 5,225.540,5774,627,036,595 +12.9 4.827,917,481 4,874,817,391

31An. 10 1923.]

T1-1 141 CHRONICLE

1017

CLEARINGS-(Continued).
February.

Since January 1.

Week ending March 3.

Clearings at1923.

1922.

Inc. or
Dec.

1923.

1922.

Inc.or
Dec.

1920.

926.449 +49.2
3,140,593 +61.4
854,750 +41.5

1,004,286
3,436,334
1.200,000

1,747,465

2,696,104 +11.4

2,451,559

2,786.164

+22.3
+32.2
+26.6
+36.3
+18.7

431,765,351
2,302,842
4,727,984
2,469,254
1,315,098

471,271,448
3,065,326
5,454,560
2,839,787
1,336,176

4,177,749
a

5,240,396 -20.3
a
a

3,525.993
a

3,758,316

555,656,937

454,548,318 +22.2

454,198,701

493,165,756

+14.7
4,937,000 +21.1
d5,980,000
6,919,000
+72.0
3,361,830 +37.1
4,608,712
3,712.591
+27.7
57,178,436 +29.2. 60,226,825
73,852,239
+32.4 d107,645,097
79,388,142 +35.6 104,266,003
+10.3
12,287,400 +32.0
16,213,704)
13,188,300
a
a
a
a
a
+26.9
-14.8
535,891
"500.000 +7.2
932,588
+25.4
+51.6
1,158,740 +56.8
1,816,548
1,278,497
a
a
a
a
a
a
a
a
a
a
+26.6
3,879.260 -0.0
d3,876,091
3,609,346
+27.0
a
a
a
a
a
+22.7
+14.2
+34.9
167,804,408 104,000,000 +61.3 159,834,278
+55.9
+8.8
4,347.933 +10.3
4,797,803
4,825,298

11,411,000
4,939,389
83,357,748
123,000,000
15,000,000
a

10,760,990
35,074,291
10,018,596
31,773,678
26,567,747
3,983,200
6,879,532
4,011,000,000
26,041,132
47,882,970
26.951,576
11,884,924
96.658,483
37,020,769
a

7.334,757
20,530,190
7,362.554
35,453,775
18,401,866
3,697,911
5,157,225
3,261,000,000
19,554,365
38,055,365
22,847,587
9,316,142
55,969,449
28,000,496
a

Total(14 cities) _ --- 1,979,090,553 1,692,325,678 +16.9

4,382,497,888

3,532,886,682 +24.1

Fourth Federal Re serve District -Cleveland
Ohio-Akron
25,124,000
19,781,000
Canton
16,822,017
11,053,113
Cincinnati
252.574,920
204,307,605
Cleveland
379,875,535
307,791.907
Columbus
57.773,200
61,433,300
Dayton
a
a
Hamilton
3,611,725
2,687,542
Lima
2,642,651
2,771.638
Lorain
1,230,241
869,773
Mansfield
6,309,379
4,402,767
Springfield
a
a
Toledo
a
a
Youngstown
14,165,890
13,355,316
Pa.-Beaver County_
2,663,310
2,161,902
Erie
a
a
Franklin
952,610
1,283,235
Greensburg
5,466,115
4,288,988
Pittsburgh
621,441,729
472,085,840
Ky.-Lexington
14,559,997
9,690,558
W. Va.-Wheeling_ _
16,618,152
15,997.731
Total (16 MIN)_

52,129,000
40,341,125
560,895,290
862,718,673
128,566,000
a
7,559.493
5,301,549
2,786,428
14,552,863
a
a
35,517,113
5,931,344
a
2,729,460
12,323,198
1,309,732,341
26,478,756
36,952.997

1,422,162,096 1,133,631,590 +25.4

3.104.515,650

45,432,000
23,448,243
439.068,695
651,826,977
116,564,700
a
5,957,405
6,222.003
2,222,221
9,600,014
a
•a
28,060,329
4,671,773
a
2,223,860
10,788,988
971,102.237
16,986,637
34,041,612

12.006,490
a
52,957,981
325,589,968
a
12,580.971
a
19,976.148
16,767,309
535.865,597
2,945,7.57
4.488,150
144,459,701

17,871,942
a
67,280.832
436,128,530
a
17,827,487
a
21,727,000
24,089,156
758,389.202
3,167,771
5.467,587
173,976,479

533,547,006 +27.1

1,525,925,986

Sixth Federal Rase rye District- AtlantaTenn.-Chattanooga 25,976,656
20,138,575 +29.0
Knoxville
11,289,229
11,019,566
+2.5
Nashville
71,573,022
63,202,594 +13.2
Ga.-Atlanta
198,504,013
144,484,201 +37.4
Augusta
8,336,976
5,535,868 +50.6
Columbua
3,258,224
2,673,838 +21.9
Macon
5,709,788
3,894,101 +46.6
Savannah
a
a
a
Fla.-Jacksonville _ _
53,150,358
38,926,656 +36.5
Tampa
12,268,317
9,577,983 +28.1
Ala.-Birmingham _ _
111,084,661
63,157,000 +75.9
Mobile
7,586,038
6,680,273 +13.6
Montgomery
7,403,982
4,762,330 +55.5
Miss.-Jackson
4,688,214
4,232,639 +10.8
Meridian
4,115,843
3,089.055 +33.2
Vicksburg
1,373,362
1,320,379 +4.0
Hattiesburg
7,682,459 Not included in total
La.-New Orleans_ _ _
202,856,707
164,369,809 +23.4

54,957,083
25,348,615
155,781,779
439,047,663
17,909.319
7,555,931
12,467,842
a
107,578,423
25,146,317
250,478,474
17,176,491
15,281,485
9,519,693
8,126,661
3.804,259

42,021,443
23,695,991
136,575,626
319,490,971
12,462,263
.5.795,603
8,635,385
a
80,516,022
20,126,990
147,303,475
14,261.605
11,034,102
7,927,492
5.887,166
3,019,467

467,297,647
1,617.477,682

Total(16 citlea)

678,395,577

729.175.390

547.064,870 +33.3

Seventh Federal R eservo Distric t-Chica goMich.-Adrian
810,630
719,443 +12.7
Ann Arbor
2,718,341
2,829,114 -3.9
Detroit
454,098,822
317.090,903 +43.2
Flint
7,441,983
5,009,189 +48.6
Grand Rapids
23,842,377
21,468,902 +11.1
Jackson
5,405,879
4,113,391 +31.4
Lansing
(3,409,243
6,491,948 -1.3
Ind.-Fort Wayne.._
8,065,836
6,627,381 +21.7
Gary
11,195,839
8,292,000 +35.0
Indianapolis
73,611,000
62,798,000 +17.2
South Bend
8,341,135
6,236,687 +33.7
Wisc.-Milwaukee. _ _
137,826,821
109,689,440 +25.7
Oshkosh
2,618,211
1,968,720 +33.0
Green Bay
5,043.801 Not included in total
Wausau
9,449,44(1 Not included in total
Iowa-Cedar Rapids
8,774,070
6,992,810 +25.5
Davenport
40,695,332
38,898,298 +4.6
Des Moines
36,746,229
33,387,876
Iowa City
2,034,861
2,066,780 +'?'
Mason City
2,071,765
1,642,177 +26.2
Sioux City
23,666,472
20,137,435 +17.5
Waterloo
5,081,235
4,607,864 4-10.3
III.-Aurora
4,051,570
3,171,920 +27.7
Bloomington
5,319,979
4,780,362 +11.3
Chicago
0 287,171,890 1,896,160,801 +20.6
Danville
a
a
a
Decatur
4,822.584
4,077,550 +18.3
Peoria
16,890,487
14,484,374 +16.6
Rockford
8,340,060
6,771,511
Springfield
8,785,681
8,126,451
+8.1
Total (27 cities)- - 3,106,836,332 2,598,641,325 +23.0
Eighth Federal Re serve District -St. Louis17,226.888
14,864,215
Ind.-Evansville
551,833
405,304
New Albany
a
a
MO.-St. Louis
a
a
Springfield
120,542,289
92,633,975
2,610,929
2,436,738
Owensboro
9,488.056
6,713,536
Paducah
Tenn.-kIemphis_ _
89,209,094
85,520,887
31,683.805
44,407,610
A rk.-I.1ttle Rock _
1,057,383
1,225,467
111.-Jacksonville _ _ _
4,627,024
5,883,994
QuincY
Total(9 cities)

291,146,190




1,381,923
5,069.298
1,209,760
3,003,644

+48.9
a
+27.0
+34.0
a
+41.7
a
+8.8
+43.7
+41.5
+7.5
+21.8
+20.4

527,000,000
3.056,046
d5.985,397
d3,399,120
1,374,000

387.130,489

431,000,000
2,310,918
4,727,984
2,494,000
1,157,119

271,038,741 +42.8

358,822,726

906,514

a

2,042,850
1,660,748
a
a
6.426,670
a
164,225,031
4.758,143
416,821,775

2,301,486

1,606,805 +43.2

1,999,896

1,699,736

d8,830,062
51,279,124

6,912,190 +27.7
45,071,802 +13.8

7,570,189
43,772,481

11,367,213
62,876,319

101,182,159

77,386,343 +30.7

85.294,094

96.657.279

20,418,255

19,005,422

+7.4

15,239,365

18,083.881

149,982,501 +22.I

153,876,025

190,684,428

+46.9
+12.8
+9.5
+37.7
+86.3

5,690,019
3,204,233
15,144,383
41,724,620
2,047,653

7,485,817
3,617.877
24,419,211
67.912,686
4,898,187

1,455,037
a
14,702,714

1,139,152 +27.7
a
a
9,398,019 +56.4

1,500,000
a
8,515,078

a
13,814,228

31,506,992
1,990,577

21,433,713 +47.0
1,326,253 +50.1

15,390,309
1,633,382

18,143,644
2,484,485

934,273

729,360 +28.1

729,906

600,000

314,359

279,043 +12.7

307,017

456,367

374,835,318 +24.7

56,373,555

43,298,110 +30.2

49,252,634

70.300,590

1,213,618.918 +33.3

197,096,112

146,339,510 +34.7

145,139,234

214,113,050

248,967
866,589
129,892,085

294,012 -15.3
730,865 +18.6
87,732,000 +47.8

206,216
526,386
88,000.000

612,549
689,959
118,396.346

1,127,638,672 +35.3

184,011,086

+30.0
+7..
+14.,
+37.4
+43.7
+30.4
+44.4
a
+33.6
+24.9
+70.0
+20.4
+38.5
+20.1
+38.0
+26.0

6,307,055
3,192,047
20,650,610
56,599,503
3,069,390

1,891,239
1,703,944
6,678,845
5,765,503
990,829,795
694,308,387
16,272,295
10,925,189
52.490,139
47,865,244
14,362.779
9,634,010
17,719,347
13,805,000
17,539,254
14,304,065
25,280,110
17,329,000
166,849,000
134,197,000
19,039,012
13,139,865
293,465,735
227,329,220
6,129,421
4.730,379
10,818,540 Not included in
20,241 660 Not included in
19,714,513
15,240,245
93.280,620
78.339,080
81,807,709
72,712,579
4,866,022
4,255,484
4,403,470
3,505,957
50,505,657
41,039.726
11,692.363
9,746,285
8,561.778
6,503,758
11,677,119
9,720,717
5,084,557.836 4.019,300,451
a
a
10,240,852
8.461,329
30,602,733
36,593,518
16,326,060
14,045,094
17,434,934
19,867,949
7,082,662,467

+46.7
+70.8
+36.1
-10.4
+44.4
+7.7
+33.4
+23.0
+33.2
+25.8
+18.0
+27.6
+72.7
+32.2
a

2,388,237,695 +31.1

+59.3
a
+24.9
+24.1
a
-4.1
a
+8.5
+52.3
+31.4
+9.4
+16.2
+18.7

Total(10 cities)-

1922.

$

+27.0
+52.2
+23.6
+23.4
-6.0
a
+34.4
-4.7
+41.4
+43.3
a
a
+6.1
+23.2
a
+34.7
+27.4
+31.6
+50.2
+3.9

Fifth Federal Rase rve District- Richmond W. Va.-Huntington.
8,532.751
5,354,936
Va.-Newport News_
a
a
Norfolk
24,532,654
30,650,703
Richmond
188,806,734
152,180,665
N. C.-Asheville__ _
a
a
Raleigh
5.430,104
5,660,317
Wilmington
a
a
S. C.-Charleston--9,525,453
8,780,656
Columbia
12,178,092
7,994,342
Md.-Baltimore
339,741,248
258,537.422
Frederick
1,336,647
1,221,701
Hagerstown
2,4444,069
2,103,004
D. C.-Washington
79,749,776
67,181,309

Inc. or
Dec.

1921.

$
Third Federal Re serve District -Philadelphi a-4,922,886
Pa.-Altoona
3,493,955 +40.9
15,481.962
Bethlehem
10,371,004 +49.3
Chester
4,597.856
3,149,710 +46.0
13,786,963
Harrisburg
14,457,994 -4.6
Lancaster
11,649,027
9,268,975 +25.7
1,761,153
Lebanon
1,685,125 +4.5
Norristown
3,094,327
2,317,259 +33.5
Philadelphia
1,817,000,000 1,560,000,000 +16.5
Reading
11,382,007
8,517,478 +33.6
Scranton
21,117,396
17,143,441 +23.1
12,089,598
Wilkes-Barre
10,292,360 +17.5
York
5,515,890
4,301.277 +28.2
N.J.-Camden
39,348,227
34,788,116 +13.1
Trenton
17,343,261
12,533,984 +38.4
Del.-Wilmington
a
a
a

1923.

+11.0
+15.8
+42.7
+48.9
+9.7
+49.1
+23.4
+22.6
+45.9
+24.3
+45.1
+29.1
+29.6
total
total
+29.4
+19.1
+12.5
+14.3
+25.6
+23.1
+20.0
+31.6
+20.1
+26.5
a
+21.1
+19.6
+16.2
+14.0

5,525,945,178 +28.2

4,294.5.55
2,828,781
18,850,816
41,114,577
1,647,131

7,070,238

6,107,997 +15.8

5,344,069

6,675,231

2,148.059
2,713,744

1,131,821 +89.8
2,016,054 +34.8

1,450,000
2,014,439

1,693,345
4,061,365

d21,365.000
2,343,000
41,640,058

17,881,000 +19.5
1,737,677 +34.8
31,959,116 +30.3

16,565,003
2.000.000
30,609,867

22,641,000
2,110,264
36,517,328

4,323,623
13,978.528
7,614,714
1,786,333

3,046,762 +41.9

4,191,817

9.473,716

+5.8

15,684,897

40,375,887

6,320,182 +20.5
1,472,964 +21.3

8.3l3,83
1,722,700

19.110.256
4,886,609

2,850,897
436,379,958
a
1,462,923
5,783,703
2,660.659
3,930,178

6,403,909
782,109,016

13,204,938

3,007,329
680,351,927
a
1,653,508
5,578.509
2,779,548
1,910,371

2,610,862
558,295.489
a
1,464,739
5,103,532
2,086,054
2,053,194

931,076,110

745,249.257 +24.9

5,220,235

4,096,244 +27.4

+15.9
1-36.2
a
a
+30.1
+7.1
+41.3
+4.3
+40.2
+15.9
+27.2

29,746,440
1,266,334
a
a
272,393,953
5,696.200
16,378,969
205,346,969
97,174,020
2,805,397
12,321,949

24,580,506
932,127
a
a
197,699,206
5,986,510
13,106,332
160,815,258
68,267.231
2,162,046
9,694,439

+21.0
+35.9
a
a
+37.8
-4.8
+25.0
+27.7
+42.3
+29.8
+27.1

33,036,916
543,598

239,942,867 +21.3

643,130,231

483,243,657 +33.1

+15.2
+21.9
a
+12.9
+9.3
+33.2

2,1:89.180
10,389,397
3,874,404
4,445,387

629,697,492 1.077.060.148

4,181.670

5.093,355

26,720,597 +23.6
752,514 -27.8

27,199,112
609,508

16,341,273
1,059,810

24,621,916
12,480,303
441,811
2,352,059

16,439,069 +49.8
8,344,250 +49.6
427,924 +3.2
1,612,472 +45.9

15,066,627
8,941,561
1.084,383
2,430,759

27,743,689
12,687,080
2,151.834
5.666,488

78,696,838

58.393,070 +34.8

59,513,620

70,743,327

a

a

a

a

1018

THE CHRONICLE

[Vol,. 116.

CLEARINGS-(Concluded).
February,

Since January I.

Week ending March 3.

Clearings CI1923.

Inc.or
Dec.

1922.

or
$
$
,o
Ninth Federal Res erre District -MInnespoll a-Duluth
20,311.574
15,056,029
Minn.
+34.9
Minneapolis
240,957,634
218,371,835 +10.3
Rochester
1,401.017
1,390,984 +0.7
St. Paul
121,362,531
107,502,627 +12.9
6,528,974
11. D.-Fargo
5,991,814 +9.0
Grand Forks
3,416,200
*3,000,000 +13.9
Minot
926.000
819.091 +13.1
3,992,143
S. D.-Aberdeen_ _ _ _
3,529,642 +13.1
Sioux Falls
11,422,696
9,352.889 +22.1
Mont.-BIIlInga
3,951,902
2,200.967 +79.6
Great Falls
3,030,161
2,824,956 +7.3
Helena
11,053,451
10,369,256 +6.6
Lewistown
565,444
1,154,226 -51.0 •
Total(13cities).---

1922.

$

3

%

45,284,991
578,687,672
3,239,122
275,090,552
15,197,954
7,806,300
2,152,213
9,534,043
25,595,691
6,338,864
6,838,567
26,966,641
1,447,829

31,294,512
468,985,859
3.032,861
226,380,879
12,999,046
8,458,000
1,783,937
8,108.481
19,669,356
4,875,089
5,887.426
23,513,845
2,622.772

1923.

1922.

Inc. or
Dec.

1921.

$

$

%

$

-

1920.
$

+44.7
+23.4
+6.8
+21.5
+16.9
-7.7
+20.6
+17.6
+30.1
+30.0
+16.2
+14.7
-44.8

d5,224,361
66,271,175

3,681,261 +41.9
59,778,208 +10.9

5,950,058
,
67352,081

6,755,311
49,235,464

37,503,016
2.077,681

29,811,856 +25.8
2,520,622 -17.6

37,856,252
,
2108.029

23,991,364
3,039,579

1,159,472

937,762 +23.6

,
1258,371

1,512,521

500,315

598,480 -16.4

866,159

1,440,753

+9.0

3,347,636

1,918.872

817,612,063 +22.8

115,912.567

100,243,591 +15.6

118,738,566

87,893,864

d746,337
776,966
6,274.926
50,849,182

370,674 +101.3
815,305 -4.7
5,179,086 +21.2
41,942,833 +21.2

809,773
900,590
5,416,453
34,721,862

1,678,055
2,247,722
13,375.648
106,711,055

d3,661,691
d10,703,000

2,698,290 +35.7
11,105,000 -3.6

3,104,995
11,298,967

4,375,944
14,926405

165,000,000
a

282,058,696
a

3,176,547

2,915,402

381.564.316 +12.4

1,004.180,439

Tenth Federal Res erve District -Kansas Cit yNeb.-Fremont
1,946,488
1,362.644 +42.8
Hastings
2,098,472
2,168,562 -3.2
Lincoln
15,705,701
13,131,360 +19.6
Omaha
158,752,261
136,651,578 +16.2
Kan.-Kansas City_ 18,264,309
14,424,270 +26.6
Lawrence
a
a
a
Pittsburgh
a
a
9
Topeka
13,160,316
10,757,274 +22.3
Wichita
38,052,593
42,670,753 -10.8
Mo.-Joplin
5,778,000
4,369,000 +32.2
Kansas City
514,266,253
492,520,005 +4.4
St. Joseph
9
a
a
Okla.-Lawton
a
a
c
McAlester
1,519,554
1,336,678 +13.0
Muskogee
a
a
a
Oklahoma City---83,177,401
74,757,387 +11.3
Tulsa
34,792.331
27,299,428 +27.4
Springs_
Colo.-Colo.
4,412,402
3,743,329 +17.9
Denver
120.049,756
103,865,584 +12.3
Pueblo
3,140,676
2,662,665 +18.0

3,787,338
4,424,719
34,344,657
353,309,234
44,030,884
a
9
29,181,542
84,604,170
12,063,000
1,142,922,496
a
a
3,264,531
a
185,953,921
71,481,009
9,419,552
212,296,230
7,097,790

3,072,716
4,160,353
26.894.675
276,535,413
32,517,219
a
a
22,817,233
88,002,236
9,990,000
1,067,456,559
a
a
2,970,516
a
164.434,447
55,543,818
7,751,180
189.098,684
6,007,368

+23.3
+6.4
+27.7
+27.8
+35.4
a
9
+27.9
-3.9
+20.8
+7.1
a
a
+9.8
a
+13.1
+28.7
+21.5
+12.3
+18.2

150,740,274
a

136,438,580 +10.5
a
a

a
d23,692,951
a
664,712
24,223.251
e849,913

a
a
18,982,471 +24.8
a
a
732,827 -9.3
18,884,998 +28.4
735,287 +15.6

+8.6

2,198,181,073

1,957,250,417 +12.3

273.183,203

237,865,351 +14.8

-9.6
+22.7
+33.4
-2.7
-10.5
+30.0
+8.3
+50.7
+10.5
+4.5
+8.5
+13.8

13,693,698
13,187,516
281,082,577
41,588,488
91,670,381
72,843,379
221,082,258
4,738,769
4,360.465
22,397,068
17,251,444
45,545,079

12,666,909
9,961,094
209,994,950
40,527,276
92.327,178
63,461,114
197,744.297
3,127,992
3,691,339
19,470,517
14,489,288
34,872,423

+8.1
+32.4
+33.9
+2.6
0.7+14.8
+11.8
+51.5
+18.1
+15.0
+19.1
+30.6

+6.1

1,300,000

2,000,000

34,373,547

22,999,597 +49.5

26,424,415

38,795,052

d10,510,871
8,394,551
a

10,211,910 +2.9
6,205,984 +35.3
a
a

11,129,217
7,102,992
a

19,524,973
7,614,958
a

5,257,424

4,264,943 +23.3

3,852,163

5,633.110

324.983,111 +14.5

829,441,422

702,334,377 +18.1

59,936,394

45,001,940 +33.2
,

49,808,787

73,568.093

36,991,988
a
a
1,272,612

32,391,741 +14.2
a
a
a
a
1,603,456 -20.6

27,482.957
a
a
1,255,049

41.506,351
a
a
2,207,119

31,360,12a

29,648,185

+5.8

29,784,661

38,475,263

15,549,118
a
a

11,387,799 +38.6
a
a
a
a

12,300,000
a
a

17,000,000
a
a

e4,156,479
8,857,878
139,619,000

3,675,641 +13.1
4,374,754 +102.5
95,102,000 +46.8

4,369,682
3,882,552
84,826,000

5,401,711
3,267,182
73,347,000

14,832,935
5,708,575

13,589,398 +9.1
3,887,789 +46.8

11,891,745
3,336,058

11,078,506
2,416,577

d5.856.154
a
160,100,000
2,313,220
996,698

5,170,763 +13.3
a
a
143,000,000 +12.0
2,118,043 +9.2
918,674 +8.5

5,227,576
a
131,800,000
1,740,762
844,807

6,437,739
a
167,318,040
2,370,882

Total(15 cities) _ _

428,919,727

1923.

Inc.or
Dec.

1,015,107.513

934,720,517

Eleventh Federal Reserve Distr let-DallasTexas-Austin
5,719,000
6,329,711
Beaumont
6.195,366
5,049,769
Dallas
130,400,661
97,754,522
El Paso
19,468,191
*20,000,000
Fort Worth
40,371,960
45,117,986
Galveston
32,717,534
25,171,870
Houston
97.208,946
89,744.297
Port Arthur
2,289,955
1,519,609
Texarkana
1,879,733
1,701,103
Waco
9,647,933
9,229,023
Wichita Falls
7,639,922
7,041,554
La.-Shreveport
18,576,430
16,323,667
Total(12cities) _

372,115,631

Twelfth Federal R eserve Distric t-San Franc tacoWash.-Bellingham
1.859,000
2,094,000 -11.2
Seattle
131,653,687
115,071,801 +14.4
Spokane
38,062,000
*39,000,000 +5.7
Tacoma
a
9
a
Yakima
4,966,850
5,656,844 -12.2
Idaho-Boise
3,859,165
3,836,008 +0.6
Oregon-Eugene
1,266,793
1,080,095 +17.3
Portland
116,186,034
103,145,609 +12.6
Utah-Ogden
4.408,000
5,209,345 -15.4
Salt Lake City
51,071,233
40,653,812 +25.6
Nev.-Reno
2,129,000
2,106,000 +1.1
Ariz.-Phoenix
6,451,169 Not included In total
Calif.-Bakersfield
3,727,646
4,017,820 -7.3
Berkeley
14,881,937
15.889,673 -6.3
Fresno
16.916,217
11.336,914 +49.2
• Long Beach
30,095,141
15,244,337 +97.4
Los Angeles
475,974,000
338,156,000 +40.8
Modesto
2,647,392
2,639,063 +0.3
Oakland
55,885,015
43,585.928 +28.2
Pasadena
18,716,658
13,601,524 +37.6
Riverside
2,815,479
2,210,522 +27.4
Sacramento
20,294,953
20,141,329 +0.8
Ban Diego
14,379,037
11,325,798 +27.0
San Francisco
590,400,000
494,800,000 +19.3
San Jose
8,865,288
7,716,075 +14.9
Santa Barbara
4,955,864
3,638,587 +36.2
Santa Rosa
1,916,569
1,487,566 +28.8
Stockton
9,149,600
7,370,000 +24.1
Total(2)cities) _ -

1.627,082,458 1,305,014,650 +24.4

4,686,000
4,082,906
245,367,453
284,890,296
87,127.000
*83,000,000
a
a
10,176,846
11,395,902
6,512,687
5,836,008
2.729.146
2,098,568
255,949,812
220,288,825
10,517,000
11,228.502
118,720,658
93,628,656
4,519,000
5,280,000
14,440,778 Not Included in
8,897.261
9,017,820
36,274,423
31.758,931
36,325,247
24,295,197
63,559,885
32,299,842
748.347,000
1,021,108,000
5,800,437
5.704,834
98,181,754
124,545,737
42,811,061
29,420,415
6,172,542
4,579,154
44,196,551
48,648,333
31,367,447
24,155,154
1,293,461,000 1,076,300,000
20,660,404
16,928,754
9,599,617
7,290,789
4,254,847
3,345,780
20,052,000
16,657,200
3,560,127,686

+14.8
+16.1
+5.0
a
-10.7
+11.6
+30.1
+16.2
-6.3
+26.8
+16.8
total
-1.3
+14.2
+49.5
+96.8
+36.4
+1.7
+26.8
+45.5
+34.8
+10.1
+29.9
+20.2
+22.0
+31.7
+27.2
+20.4

2,853,924,999 +24.7

1.400,001

c2,107,200
429,721,985

1,319,506

2,172,400

a
a
24,351,904
13,666,286
a
a
968,848
1,617,880
20,960,257
25,535,388
930.056 •
944,642
268,463,705

467.137,721

-3.0

5,221,900

6,024,200

349,040,643 +23.1

324,023,759

376,850,570

^rand total(183 cities) 30,408,860,129 26,521,051,968 +14.7 66,694,107,644 56,452,616,248 +18.1 8,914,740,864 7,502,916,664 +18.8 7,164,909.250 8,747,695,362
13,624,881,686 11.180,598,985 +21.9 30,131,769,602 23,816.099,431 +26.5 3,761,613,830 2,935,817,425 +28.1 2,937,650,873 3,940,248.206
5utside New York
IN ^099

CANADIAN CLEARINGS FOR FEBRUARY FOR FOUR YEARS, AND FOR WEEK ENDING MARCH 1.
February.

Week ending March 1.

u ..1923.

Total (201 eitien _ _ 1 etta 80.9.373 1.151.068.783

-7.3

1920.

$
753,892,163
816,266,627
307,686,331
110,822,900
48.789,847
41,015,927
22,318,646
41,952,447
37,727,702
21,234,814
15,985.355
23,011,378
34,154,732
25,629,982
4,117,594
4,590,462
12,080,517
8,498,987
7,053,243
6,078,212
3,782,081
2,446,219
5,371,696
6,014,787
7,502,209
23,439,298
2,692,399
8,171,719
4,847,915

$
821,632,669
797,330,447
348,137,883
103,871,789
51,599,111
41,722.053
25,588,339
40,330,711
40,178.166
21,434,181
16.694,762
24,285,103
34,332,071
24,828,363
4,341,533
4,478,395
12,675,071
9,194,909
7,951,128
6.842.118
3,896,602
2,698,488
6,586,349
6,736,733
7,703,597
23,158.919
2.664.290
7,557,186
5,717,398

2.407.71'4.189

2.503.178.964

,
u3,-.01,
/,,
IPQ14 .5Q[1.3W1.1
,
e0.NCOMOCI.-0-100.0

$
371,533,806
355,870,256
174,296,090
49,721,093
23,815,290
19,652.048
11,820,337
19,023,565
18,870,635
9,917,219
7,788.389
10,590,722
15,915,552
10,441,554
1,985,555
1,941.971
5,666,214
4,087,645
3,745.715
2,820,345
1,908,569
1.242.673
2,520,819
3,299,440
3,658,260
11,678.540
1.200,600
3.576.306
2,409,575

1921.

Inc.or
Dec.

el+7+117+11111+1+111711171+++7

$
354,131,035
342.105,177
132,594,508
51,118,883
22,715,833
18,546,711
9,789,355
19,156,066
16,043,243
10,655,809
6,713,434
10,170.069
14,857,989
10.355.096
1,727,460
2,136,207
5,479,325
3,549,748
3,392,180
2,720,533
1,908,125
1,123,323
2,434,555
2,796,095
3,322,183
9,702,840
1,236,896
3,985,560
2,140,105

e71,7117*M77711777717117.71

CanadianMontreal
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
3herbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston

1922.

Inc. or
Dec.

-3.8

1923.

1922.

Inc. or
Dec.

$
$
%
97,610,626 114,403,641 -.14.7
93,185,811 101,899,612 -8.5
34,570,953
40,623,010 -14.9
13,039,369
12,012,428 +8.5
5,246,953
5,470,745 -4.1
4,776,725
4,518,092 +5.7
2,350,783
2,844,081 -17.3
4,690,478
4,786,512 -2.0
4,271,338
5,090.095 -16.1
2,627,284
2,553,050 +2.9
1,684,710
1,927,704 -12.6
2,428,754
2,814,704 -13.7
3,552,680 , 4,002,618 -11.2
2,635,949
2,825,248 -6.7
435,819
502,829 -13.3
719,770
571,657 +25.9
1,189,299
1,414,052 -15.9
901,882
1,020,232 -11.6
783,209
881,418 -11.1
638,483
639,701 -0.2
467,532
454,896 +2.8
285,713
346,977 -17.7
657,167
595,622 + 10.3
650,751
781,708 -16.8
910,975
963,231 -5.4
2,987,290
2,503.335 +18.5
330,085
319,647 +3.3
923,947
901,784 +2.5
482,276
048,418 -25.6
285,015.620

318.317.027 -10.5

1921.

1920.

$
128,733,821
95,867,356
38,543,623
13,629,670
a,452,668
6,248,528
4,070,767
5,263,675
6,829,033
2,990,542
2,358,948
3,260,564
5,557,509
3,425,317
748,530
564,158
1,769,99a
1,219,432
1,248,303
908,694
698,915
371,894
954,370
1,284,281
951,671
2,726,716
329,013
1,118,909

$
130,484,563
93,675,106
44,850,681
16,103,250
10,771,590
6,370,407
4,593,332
7,452,512
8,164,927
3,635,349
3,014,792
3,614,815
5,382,416
2,765,680
633,220
717,140
1,369,891
1,614.426
1,284,623
859,468
632,131
440,551
732,319
906,803
1,202,311
2,941,534
391,751

340.134.905

364,606,678

a No longer report clearings. b Do not respond to requests for figures. c Week ending Feb. 28. d Week ending Mar. 1. e Week ending Mar. 2. 0 Estimated.




MAR. 10 1923.]

1019

THE CHRONICLE

GOLD.
The Bank of England gold reserve against its note issue on the 14thlinst.
.on the previous Wednel
as
with
compared
£125.666,835
was
Trading on the Curb Market at the outset this week was day. The price for exportable gold £125,665,230
on the 21st inst., namely, 875. 5d., is
Shortly
improvement.
substantial
made
prices
heavy and
the lowest since a quotation per fine ounce has been fixed for such gold, due
after profit taking led to considerable irregularity, though of course to the rise in the quotation for sterling in New York. A fair
of gold was available, of which India and the Continent took/small
the undertone continued firm. Durant Motors was a centre amount
amounts. The remainder will be exported to America. Gold valued at
71%,
to
advance
of interest, the price, after a fractional
8475,000 has arrived in New York from London. The Reichsbankjhas
dropping to 50%, the close to-day being at 57. Durant Mo- fixed the purchase price of the gold 20-mark piece at 85,000 paper marks
until further notice.
tors of Ind. weakened from 18% to 14%. Cleveland AutomoStatistics of India's oversea trade for the nine months ending December
bile declined from 33% to 32. Glen Alden Coal rose from are appended:
1921.
1922.
66 to 69% and finished to-day at 68%. Household Products,
Rs (Lees) Rs.(Lacs) Rs.(Lacs) Per Cent.
-12,2
-24,02
1,97,24
1,73,22
after a gain of over two points, sank to 37% and closed to- Merchandise imports
+28.7
+46,52
exports
1,61,99
2,08,51
+12.8
+1,29
re-exports
10,03
11,32
day at 38. Checker Cab Mfg., Class A,from 60 weakened to
+193.9'
Gold imports
+16.37
8,44
24,81
-99.6
54% and ends the week at 55. Oil stocks for the most part do exports
10,00
10,05
0
+112
+1,26
imports
11,26
12,52
moved within narrow limits. Ohio Oil dropped from 85 to Silver
+9.3
do exports
+20
2,14
2,34
263
to
260
from
advances
early
after
Gas,
&
Oil
81. Prairie
SILVER.
Owing to the Chinese New Year holidays and easier exchange rates from
declined to 252, closing to-day at 253. South Penn Oil
the market has been flaccid. Prices have been fairly well sustained
gained two points to 185 then fell to 175, the final transac- India,
by bear covering. Business has been unusually small-otherwise rates
to
108%
tion to-day being at 177. Southern Pipe rose from
would have been difficult to maintain. The improvement in sterling ex111 and sold finally at 110. Standard Oil (Kentucky) weak- change with the United States drew out some yesterday, but on the whole
America has not been a good seller. A published letter of the Vice-President
ened from 108 to 103%. Standard Oil of N. Y. sold down of the American 2melting & Refining Co. to Senator Pittman (in connection
from 48% to 46%. Vacuum Oil was off from 55% to 51%. with a resolution as to the appointment of a silver commission in the United
entertrained in
Mammoth Oil declined from 53% to 49. Trading in mines States of America) seems to indicate that no illusions are
well-informed quarters in the States as to the outlook of silver. We apwas active, with prices at high levels. Bonds were fairly pend an extract: "In my humble opinion, the greatest danger to silver in
the future lies not in the termination of the Pittman Act, serious though
active with small changes.
after all, means only a return
A complete record of Curb Market transactions for the that may be. The end of the Pittman Act, States
entered the war. The
to the conditions existing before the United
week will be found on page 1039.
paramount danger to silver lies in the continuation of the recent steady.
remorseless increase of the discontinuance of its use as money. The last
few years have seen the debasement of the silver coinage in Great Britain,
THE ENGLISH GOLD AND SILVER MARKETS.
in the Scandinavian countries, in Central American and in South American
its entire abolition in all countries in Europe which were
We reprint the following from the weekly circular of countries,inand
the war. If, for the next ten years, the tendency of mankind
engaged
Samuel Montagu & Co. of London, written under date of to abolish the use of silver for monetary purposes equals the movement in
that direction for the last ten years, one may readily envisage the ultimate
Feb. 14 1923:
GOLD.
destruction of that intrinsic value in silver which has been placed upon it
inst.
7th
the
on
issue
note
its
against
reserve
gold
England
of
Bank
The
by the consensus of opinion of mankind since the dawn of history."
was £125,665,230 as compared with £125,663,525 o nthe previous WednesThe stabilization of the European exchanges cannot be achieved (as has
day.
been suggested in the United States) by extending the use o silver for coinis
11d.,
878.
namely
inst.,
12th
the
on
gold
The price for exportable
age. The requisites for stability are cessation of inflation and a favorable
the lowest since a quotation per fine ounce has been fixed for such gold. trade balance; a sufficiency of gold reserves, that can be used to check any
The bulk of the supplies this week was taken for India and tne Continent. temporary exchange weakness, would be a desirable addition.
The following were the United Kingdom imports and exports of gold
Europo is not likely to emulate the Far East, where, owing to a preduring the month of January 1923:
ponderance of exports, silver is absorbed heavily year by year for trade and
Exports.
Imports.
£20,700 currency. She requires a material for currency which can be re-exported
E4,224
Netherlands
26,700 at will, and yet retain its currency value. On these terms the United States
18.690
Belgium
25
France
would not be willing to repurchase silver from her in settlement of trade
110,175
West Africa
2,337,198 balances.
538.461
United States of America
Hence, the probability is that Europe ultimately will acquire some of the
3,532
Central America and West Indies
755
gold, with which the United States is even more bounteously supplied than
Other countries in South America
192,370
Rhodesia
with silver. though United States mining interests naturally would prefer
3.953,202
Transvaal
4,772.981 her to take the previous metal that is less constant in value.
British India
17.176
476
Straits Settlements
INDIAN CURRENCY RETURNS.
4,817
14.895
Other countries
(in Lacs of Rupees)Feb. 7.
Feb. 15,..
Jan. 31.
17277
circulation
17277
17265
£4,836,805 £7,179.572 Notes in
Silver coin and bullion in India
8517
8518
8506
The Roichsbank has fixed the purchase price of the gold 20-mark piece Silver coin and bullion out of India
Gold
and
ii5i
coin
bullion
in
5
1
-,ii5
India
period
from
Feb.
the
18.
to
12
for
marks
paper
at 140,000
Gold coin and bullion out of India
CURRENCY.
Securities (Indian Government)
.
8ni
L'iii
L:15
585
584
584
The French Ministry of Finance, according to the Bankers Trust Co.. Securities (British Government)
No silver coinage was reported during the week ending 15th inst.w.
is of the opinion that the 300 million francs in bronze-Aluminum coins
The
stock
in
25.600,000
of
Shanghai
consisted
about
on
be
the 21st inst.
franc) now in circulation will not
(face value 2 francs, I franc and
ounces in sycee, $27,500,000 and 80 silver bars, as compared with about
sufficient to meet the needs of commerce and indastry. Their production, 25,600,000 ounces in sycee, 229,000,000 and 80 silver bars on the .0th inst.
continued
be
until
to
is
francs
month,
a
million
25
averages
now
The
which
Shanghai exchange Is quoted at 3s. the tael.
July 1923. At that time there will be nominally 450 million francs' worth
Bar Gold
-Bar Silver r). oz. std.Quotationsfine.
Two Months.
Cash.
in circulation. That amount is slightly higher than the amount of the
Feb.
15
d.
30
France
1914
in
304d.
in
silver money in circulation
Feb. 16
878. lid..
30 d.
304d.
Feb. 17
SILVER.
30 11-164. 30 d.
19
878. 9d309-164.
303id.
The Indian Bazaars have taken little interest in the market this week. Feb.
20
Feb.
878. 63.
30 11-164. 30 d.
orders
coming
buying
from
moderate
China, Feb. 21
Had it not been for some
$7s. 54..
303d.
305id.
prices would hardly have been sustained. Meanwhile the excellent up- Average
878. 8.6d30. Id.
30.687d.
The silver quotations to-day for cash and forward delivery are each
country offtake in India, about 300 bars a day, must be absorbing some
of the heavy supplies converging upon that market, and, should prices 1-16d. above those fixed a week ago.
ease off, it is reasonable to expect some fresh inquiry from that quarter.
The Chinese Now Year, which falls due on Friday, will probably indicate
ENGLISH FINANCIAL MARKETS-PER CABLE.
a cessation of support from China for a week or so.
The daily closing quotations for securities, &c., at London,
Supplies have not been on a large scale, silver has been sold on China
account, and a few speculative sales have taken place on any tendency as reported by cable, have been as follows the past week:
London,
kirelle
Frf.
of the price to rise to any substantial extent.
S.
Wed, Thurs.
Tues,
Mon.
Weak ending Marsh 9-liar.3. Mar.b. Mar.6. Max.?. Mar.8. Mar.9.
INDIAN CURRENCY RETURNS.
Silver, per ox
15-1632 1-16
31
d
11-18
31
32
32M
323
Feb. 7. Gold, per tine ounce
Jan. 22. Jan. 31.
88.2
Ms Lays of Rupees)
88.3
87.9
88.2
87.10 88
17277 Consols, 23,5 per cents
17265
17263
__
Notes in circulation
58%
57}j
58H
58%
58
8518 British, Spec cents
8566
8503
014i
196
01;4
196
19601
m
01H
196
Silver coin and bullion in India
m
01%
196
British, 43i per cents ___
Silver coin and bullion out of India
____
34
2432
Rai
2432
French Rentes an Paris).fr 68.70
58.25
58.65
Gold coin and bullion in India
58.85
58.50
58.60
Loan thiPariteir 74.27
73.40
Gold coin and bullion out of India
73.55
73.70
73.50
73.90
5743 French War
8n5
5743
Securities (India Government)
e
z
o
p.riyc.,
of
584
584
lverin New York on the same day has been:
():
585
Securities (British Government)
in N.Y.,per sieta
Silverreign
No silver coinage was reported during theiweek ending 7th inst
99%
99%
99%
994
99%
99%
Foreign
The stock in Shanghai on the 10th inst. consisted of about 25.600,000
(18,4
67
87M
88
87
87
ounces in sycee, 29.000,000 dollars, and 80 silver bars, as compared with
about 26,100,000 ounces in sycee. 30,500,000 dollars, and 90 silver bars
TRADE AND TRAFFIC MOVEMENTS.WMI
on the 3d inst.
STEEL PRODUCTION IN FEBRUARY.-From a stateThe Shanghai exchange is quoted at 3s. the tael.
Bar Gold per ment issued by the American Iron & Steel Institute, it
-Bar Silver per Oz. Std.Oz. Fine.
2 Mos.
Cash.
Quotations88s 4.d. appears that the production of steel ingots in February 1923
30 d.
30Sid.
February 8
Id
88s.
by thirty companies, which in 1921 made 87.50 0 of the total
d.
30
305(d.
February 9
303 d.
30 11-16d.
February 10
February 1922
875. lid. output m that year, was 2,919,017 tons. In
303id.
30 15-16d.
February 12
885. Id. the make of steel ingots totaled 1,742,345 tons, and in 1921
309-163.
301d.
February 13
Id.
88s.
30 9-16d.
30 11-163.
output was as follows:
February 14
883 1.2d. 1,749,477 tons. By processes the
30.562d.
30.718d.
Average
2 Months ending Feb. 28-February
1922.
1921.
1923.
The silver quotation to-day for cash and forward delivery are respectively
Gross Tons1921.
1923.
1922.
Open hearth
1.295,863 4,881,909 2,853,987 2,887,144
1-16d. and Xd. above those fixed a week ago,
2,290,418
1,393,158
625,838 848.5n 450,818 1,803,324 880,422 1,059,094
Beetiemer
1,438
8,425
5.478
All other
2,798
818
2,761

THE CURB MARKET.

sz....

We have also received this week the circular written under
date of Feb. 21 1923:




Tot:1 (grotto

tons).2.91*o17 1,742.34

1,799.477 8,170.711 3,335.827 3.9521183

1020

THE CHRONICLE

gommercial andMiscellantonsgem

--Breadstuffs figures brought from page 1086.-The
statements below are prepared by US from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago
MinneaPollsDuluth
Milwaukee-_ _
Toledo
Detroit
IndianapolisSt. Louis- Peoria
Kansas City_
Omaha
St. Joseph_
Total wk. '23
Same wk. '22
Same wk. '21

Flour.

Wheat.

Oats.

Barley.

Rye.

bbis.19611m.bush.60lbs. bush.56 lbs bush. 32 lbs. bush.481bs ush.561bs.
321,000
388,000 6,070,000 1,640,000 224,000
190,000
1,940,000
238.000
369,000 308,000 301,000
563,000
14,000
10,000
25,000 401,000
5,000
39,000
536,000
408.000 230,000 111.000
102,000
137,000
26,000
6,000
28,000
33.000
56.000
53,000
457,000
140,000
94,000
649,000
881,000
372,000
2,000
8,000
31,000
21,000
474,000
198,000
6,000
1,000
1,352,000
434,000
139,000
424,000
780,000
208,000
156,000
232,000
46.000
451,000 5,715,000 10,286,000
440
4,407.000 9,544.000
371
5,745,000 10,687,000

3,612,000
3,890,000
3,779,000

801,000 1,012,000
421,000 292,009
509,000 491,000

Since Aug.11922-23_ .._ 15,456,000318,598,000218,297,000152,346,000 27,782,00037,650,000
1921-22__ 13.541.000253,432.000272.692,000141,633,00019,295,00013,290,000
1920-21_.._18,873,000243821,000139.474.000130.549.00019.239.00012.074.000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday March 3 1923 follow:
Receipts at-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

ProL. 116.

New York City Realty and Surety Companies.
Alliance Rity
Amer surety.
Bonddt M G.
City Investing
Preferred __

All prices dollars per share.
Rid Ask
Bid Ask Realty Amos
95 100 Lawyers Mtg 165 170
(Brooklyn).
91
94 Mtge Bond__ 115 120 U S Casualty29) 300 Nat Surety__ 149 153 U S Title Guar
65
68 N Y Title &
Westchester
92
Mortgage-- 195 200
98
Title Sc Tr.-

Bid
176
110
115

AM
183
122

210

Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:

Shares. Stocks.
Price. Shares. Stocks.
Price.
7 Ashland Fire Brick Co_ _6135 per 511. 80 Gluck Mills
$129 per sb.
$10,000 Columbia Straw Paper 1st]
10 Teddy's Fish Stores,Inc., pref._ $11
6s, Dec. 1894 coupons on
10 do common
lot
40 Columbia Straw Paper, corn....) $5 10 Pan-American 8.8. Corp.,
oom- $10
20 Columbia Straw Paper, pref_
J lot
5 do preferred
lot
300 Green Consolidated 0old
65 lot 33 Western Maryland fly., let pre50 Electrical Gas Machine
$3 lot
ferred
850 per.h.
300 Chicago di Nor.Pac. RR
$1 lot BandsPrice.
113 Pathe Freres Phonog., pref_
$1 $34.000 Virginia Shipbuilding Corp.
15734 Pathe Freres Phon.,corn....) lot
1st 6s, 1930
$100 tot
774 Everett Heaney & Co....31,350 lot $20,000 Hudson Navigation 6%
2 Youman's, Inc., 1st pref
1, $23
Equipment Notes
$500 lot
1 Youman's,Inc., Class"A"corn
lot $5,000 National 011 Co. 1st 7s Serra/
10 Dory Sea Food Stores,Inc.. pf
$26
Gold Notes, 1922, N. Y. Trust
10 do common
Co. Ws.of dep
I lot
MOO rot

By Messrs. Wise, Hobbs & Arnold, Boston:

Shares. Stocks.
Price. Shares. Stocks.
Price.
10 Exeter Mfg. Co., $50 par
150
1 Nantasket Beach Steamboat Co.
5 King Philip Mills
175
Jones,McDuffee dr Stratton Corp.,
.10)5
3 Border City Mfg. Co
108
pref
9534
7 Lincoln Manufacturing Co
107
10 New Bedford Gas Edison Lt.Co.
5 Great Falls Manufacturing Co_ _. 71
193-191
5 Merrimack Mtg. Co., corn
10534 6-20 Gillette Safety Razor Co
1334
10 Ludlow Mfg. Associates
14734 30 C. F. Hovey Co., pref
87
2 Newmarket Mfg. Co
135
1 Bowes Wharf Co
2400
1 Converse Rubber Shoe Co., pref_ 8534 55 Montpelier de Barre Lt. Sc P.
2 Craton & Knight Mfg. Co., pref- 6034
Co., pref
45-4434
2-10 American Mfg. Co., common- 1034 10 do. common
234
40 Amerlcan Mfg. Co., pref
60
Laconia Car Co., pref
8634
74-7234
10 Walter Baker Co. Ltd
12534 12 Tennessee Eastern El. Co.,corn_ 15

Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York.._. 265,000
345,000
938,000
248,111
34,000
10,000
Portland, Me59,000
410,000
51,001
140,000 105,000
Philadelphia-151,000
1,244,000
165,000
Baltimore.__ _
18,000
133,000
43,,,.
551,000
1,00' 712,000
N'port News_
8,000
Mobile
15,000
1,000
By Messrs. R. L. Day & Co., Boston:
New Orleans•
63,000
93,000
161,000
12,000
Shares. Stocks.
Price. Shares. Stocks.
Galveston._
49.000
Price.
6
Boylston
National Bank, Boston_15034 5 Collateral Loan Co
Montreal ____
45,000
232,000
2 ,000
10534
45,001
24,001
5 Webster Sc Atlas Nat. Bank, Bos_ 193
60 Lawrence Gas Co
Eft. John, N.B.
38,000
520,000
43,000
93,000
12034
5 Merchants Nat. Bank, Boston.._303
1 Columbian National Life Ins. Co-127
Boston
5,000
18,000
8,000
39,000
1 Webster Sc Atlas Nat. Bank, Bos_193
20 Hood Rubber Co., pref
10334
10 Bay State Nat. Bank, Lawrence.190 St 25 Boston Wharf Co..10934-11034-11
total wk. '23 529,000 3,627,000 1.258,000
697,000
034
199,000 828,000
Since Jan.1'23 4,700,000 44,693,000 19,887,000 6,369,000 1,428,00010,163,000 33 Chicopee Nat. Bank, Springrd_22134 39 Samson Cordage Works
121
1 Dedham Nat. Bank, Dedham...112
10 Jones, McDuffee & Stratton
103
Corp., Class A
Same wk. '22 549,000 4,771,000 7,688,000
674,000 202,000 260,000 2 Sharp Mfg. Co., pref
70
14834 2 II. S. Envelope Co., common _
Since Jan.1'22 4,183,000. 34,374,000 45.070,000 5,862,000 1,513,000 2,505.000 8 Nashawena Mills
15134
2-3 Sagamore Mfg. Co
1-3
95
10
per
American Glue Co., common.- 6634
* Receipts do not include grain passing through New Orleans for foreign ports 1 Bates Mfg. Co
46
263
Plymouth
Cordage
Co.
.10534-16634
on through bills of lading.
37 Ludlow Manufacturing Associates
2 Cambridge Gas Light Co
21034
14834, 34, 4-149 10 Plymouth Cordage Co
The exports from the several seaboard ports for the week 34 Pot,mska
10634
Mills Corp
7034 100 Nor. Idaho Sc Mont.Pow., prefl$1
ending Saturday, March 3 1923, are shown in the annexed 10 Ludlow Mfg. Associates
148
10 Tacoma Gas Co., common
lot
34 Bates Manufacturing Co
131
15W. T. Grant Co., pref_10534 div.
statement:
2 U.S. Wonted Corp., let pref... 65
25 Plymouth Cordage C0_10634-10634
100 Ludlow Mfg. Associates
14734 100 Union Carpet Lin. co,. com.$100 lot
Exports fromWheat.
Flour.
Corn.
Oats.
Rye. I Barley. Peas.
1 Ipswich Mills, corn
19 John T.Connor Co.,7% pref..-101 H
52
60-100 U.S. Worsted, Corp., 1st pf. 66%
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
New York
By Messrs. Barnes & Lofland Philadelphia:
1,367,062 489,947 182.015
39,602 74,225 9,996
Portland, Me
410,000
59,000
51.000 105,000 140,000
Shares. Stock.
Price. Shares. Stock.
Price,
Boston
47,000
7,000
34 Dank of No.Am.Sc Tr. Co_303
42 Grp Ola rorp.(Va.) lst pf. lot $1
Philadelphia
I
352,000
52,000 24,1300
2 North Penna. RR. Co
342 do common
8134
lot
21
Baltimore
106,000 577,000 7,000
43,000
2 North Penna. RR. Co
8034 1,000 Grape Ola Products Corp.,
Norfolk
5.000
498,000
8 North Penna. RR. Co
preferred (Del.)
80
lot $3
Newport News_
3,000
4 Phila. Ger.Sc Norristown RR 120
1,000 American Ozone, pref
lot $2
Mobile
15,000
1,000
5 Westmoreland Coal Co
8434
15 Utility Battery Co. of Amer.
New Orleans
51,000 132,000 30,000
10,000
4-8 Bk.of No.Am.Sc Tr. Co_339
corn., par $10.
S2
Galveston
40,000
43,000
2-8 Bk.of No. Am.Sc Tr. Co.339
10 De Long Hooke Sc Eye
2534
St. John, N.B__ __ 520,000
43,000 38,000
93,000
28 Peoples Trust Co, par $50._ 70
10 Northern National Bank_ _226
20 Broad St. Trust Co., par $50_ 70
2 Girard National Bank
476
Total week 1923- 2,893,062 1,300,947 363,015 194.602 763,225 149,996
18 Continental-Equitable Title
2-8 Bk. of No. Am.Sc Tr. Co_339
vannk 1922
4 919 992 5 562 311 374.694 414 ORR 241 250 209 624.
Sc Trust Co., par $50
3-8 Bk.of No. Am.Sc Tr. Co_339
201
11 Finance Co.of Pa., lst pref_ _110
3-8 Bk.of No.Am.Sc Tr. Co_339
The destination of these exports for the week and since
1 Republic Trust Co., par $50- 99
2-8 Bk.of No.Am.Sc Tr. Co-339
5 Republic Trust Co., par 350-100
July 1 1922 is as below:
7-8 Bk.of No. Am.Sc Tr. Co_339
2 Republic Trust Co., par 550_ 95
6-8 Bk.of No.Am.Sc'tr. Co_339
3 Penna. Co. for Ins. on Liver)
6-8 Bk.of No.Am.Sc Tr. Co-339
Flour.
Wheal.
Corn.
Sc Granting Annuities
4-8 Bk.of No. Am.Sc Tr. Co_339
576
Exports for Week
5 Phoenix Trust Co., par $50- 4734
4-8 Bk. of No. Am.Sc Tr. Co-339
Week
Since
and Since
Week
Since
Week
Since
300 L. H. Gilmer Co., pref
934
4 .1. h B."t't on
Mar. 3 July 1
Mar. 3
July 1 to-July 1
Mar. 3
July 1
10 Horn Sc Ilardart Co. of New
6 Rockhill Coal Sc Iron, pref__ 3634
7234
1923.
1922.
1923.
1922.
1923.
1922.
York, common, no par_ _ _ _ 82
Bonds.
4 Penna. Acad. of Fine Arta_ 29
$19,500 Chic. Aurora Sc Elgin Corp.Price.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
8 John C. Winston, corn
Os, 1972
3034
3134
United Kingdom_ 87,545 3.865,980
641,523 71,106,710 309.125 23,259,916
De Luxe Brush, par 31
lot $2
5,000 Conshohock. G.Sc W 4s '29 81
182,760 4,556,765 2,192.539 167,043,528 972,822 44,059,157 1,000
Continent
20 Metalweld Serv. Corp., pf 50
19-25 American Electric Power
Amer_
3,009
Cent.
321,332
11,000
So.&
201,600
35,000
I
United
Inc.
Stores,
2
Auto
preferred
scrip
42.000
906,800
West Indies
31,000
12,000 1,215,700
common
lot $2
5,000 Schuyi. It. E.S. RR.45 '25 62
Brit.No.Am.Cols_
2,000
97
7,000
20,700
10 Milk Dealers Crate Corp., pf_lot $2
1,000 Lynchb's Tr. Sc Lt. as '31 84
621,305
Other Countries__ 47,710
48,000 1,864,705
13.500
1
10 do corn
lot $2
500 Boro of Media,Pa.430,'42 10234
Frepo Oil Sc Development_ -lot $2
1,000 Scranton Sc Carbondale
363,015 10,237,782 2,893,062 240,246,943 1,300.94668.603,973 1,200
Total 1923
300 Grape Ola Corp. of America,
Traction Os 1938
Total 1921-22_ 374.694 9.477.613 4.919.993 215.811.417 5.562,311 94.460.863
100
lot $1
Class "A"
5,000 Columbus, Newark
&
Zanesville Is
134

New York City Banks and Trust Companies.
All prices dollars per share.

Banks
• Banks-N.Y. Bid Ask
Bid
Ask Trust Co.'s Md
360 370
America o____ 227 231 Ha rriman__
New York
Amer Exch__ 290 297 Imp dr Trad__ 740 770 American_
Battery Park- 134 142 Irving Bark
Bank of N. Y
ColumblaTr 246 250
440 __
Bowery'
& Trust Co 465
BroadwayCen 115 141 Manhattan s_ 150 153 Bankers Trust 380
Bronx 13oroo. 125 _- Meth & Met_ 408 415 Central Union 474
'Mutual*
1300
Bronx Nat.- 150
Commercial__ 115
Bryant Park* 150 Hi Nat American 135 145 Empire
312
Butch Sc Drov 130 138 National City 348 352 Equitable Tr_ 189
New Neth*„ 130
Farm L & Tr_ 525
Cent Mercian- 210
300
347 535 Pacific *
Fidelity Inter 198
Chase
430 iio Fulton
255
Chat & Men- 257 263 'Park
Public
95
300
310 Guaranty Tr_ 270
-Exch.
Chelsea
Hudson
Chemical
545 550 Seaboard _ _ 332
200
' 165 175 Law TIt & Tr. 180
Coal & Iron_ 212 220 Standard
State'
350 360 Metropolitan_ 315
376
Colonial•
Tradesmen's 200
Mutual (Wes
225
Columbia
_
_
Ward*.
270
_234
cheater)
565
120
Commerce... 297
United States* 163
N Y Trust__ 348
Com'nwealth• 255
215 __ Title Gu & Tr 383
Wash'n
Continental- 135
433 438 'Yorkville'... 600 850 U S Mtg & Tr 320
Corn Exch
United States 1215
Cosmop'tans_ 100
Westches, Tr. 160
East River
190 Rio
Brooklyn
Fifth Avenue'1090 -if
215 230 Coney Island* 155 165
320 355
Brooklyn
First
1195 1215 First
Garfield
250 - _- Mechanics' *_ 130 140 Brooklyn Tr_ 475
150
I__
Montauk
County 800
Kings
Gotham
190 195
225 240 Manufacturer 260
Greenwicho_. 280 ___ Nassau
IPeople',
160
365
People's
Hanover
680
•Banks marked w Oh (*) are State banks. s New stock. x Ex-nivinelin.
mots. o Ex-100% stock dividend.




Ask

533
480
125
322
193
535
265
280
100
325
130
354
393
330
235

500

ii Er.

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Feb. 28-Tne Sonoma National Bank, Sonoma, Calif
Correspondent: F. M. Burris, P. 0. Box 267,
Sonoma,
81MA°
Calif.
28-The Maud National Bank, Maud, Okla
25,000
Feb*
Succeeds The Maud State Bank, Maud, Okla.
Correspondent: Bert Harris, Maud, Okla.
Feb. 28-The American National Bank of Tonkawa, Okla
25.000
Succeeds The American State Bank, Tonkawa,
Okla.
Correspondent: Ray See, Tonkawa, Okla.
APPLICATIONS TO ORGANIZE APPROVED.
Feb. 26-The Central Islip National Bank, Central Islip,
N. Y..Correspondent: V. L. Furman, Central
Feb. 28-The First National Bank of Clayton, MoIslip, N. Y.
100,000
Succeeds The Trust Co. of St. Louis Co.,
Correspondent* F J Hoilocher, Clayton,Clayton, Mo.
Mo
Feb. 28-The Bayonne National Bank, Bayonne,
J •
200,000
Correspondent: Eugene Newkirk,
229 Broadway,
Bayonne, N. .3.
Mar. 1-The Peoples National Bank of Stamford. Conn
150,000
Correspondent: Benj. H. Mead, Stamford,
Mar. 3-The Dakota National Bank of Webster, So.Conn.
25,000
Correspondent: A. Kopperud, Webster, So. Dale
Dale.
APPLICATIONS TO CONVERT RECEIVED.
Feb. 26-The First National Bank of Lebanon, Ill
50.000
Conversion of The State Dank of Lebanon, Ill.
Feb. 28-The Lincoln State National Bank Lincoln, Nob
200.000
Conversion of The Lincoln Statehank, Lincoln, Neb.

525,000

APPLIOATIONSITOICONVERTIPAPPROVED.
30,000
e-F=1km
er
ty Tatlonal Ilank of-Stigler, Okla
Conversion of The First State Bank of Stigler, Okla.
Texas
25,000
National
Bank
of
Milisap.
First
-The
Feb. 26
Conversion of The First State Bakn of Milisap. Texas.
100,000
Feb. 26-The United States National Bank of Kenosha, WA
Conversion of The Citizens Bank of Kenosha. Wis.
CHARTERS ISSUED.
Feb. 26-12328 The First National Bank of Bellflower, Calif_ __ _ 25,000
President, F. E. Woodruff; Cashier, C. B. Hendrick.
/I
37,500
Mar. 1-12329 The Clayton National Bank, Clayton, Mo
Conversion of Farmers & Commercial 'Slayings Bank of
Clayton, Mo.
President, Adolph W. Mueller; Cashier, Guy L. Pollard.
Mar. 2-12330 The Love County National Bank of Marietta,
25,000
Okla
Conversion of The Guaranty State Bank of Marietta.
Okla.
President, E. A. Walker; Cashier, J. D. Davis.
SAVINGS BANK IN THE DISTRICT OF COLUMBIA.
Mar. 1-Certificate issued under Act of April 26 1922, authorizing commencement of business in the District of Columoia by The
Prudential Bank, a banking institution incorporated under
under the laws of Arizona.
•
•
CHANGE OF TITLE.
Mar. 1-11844 The Progress National Bank of New York. N. Y., to
"Seventh Avenue National Bank of New York."
VOLUNTARY LIQUIDATIONS.
Feb. 26- 6027 The First National Bank of Imperial, Calif_
$50.000
Effective Feb. 24 1923. Liquidating Agent: J. M.
Host, Imperial, Calif.
Assets purchased by The First National Bank of El
Centro, Calif.
25,000
Feb. 26-11079 The Newcastle National Bank, Newcastle, Wyo_
Effective Dec. 1 1922. Liquidating committee: W.
D. McKeown, J. J. Klodt and P. J. Kinney, Newcastle, Wyo.
Business to be purchased by the First National Bank of
Newcastle. Wyo.
50,000
Mar. 1-70e7. The First National Bank of Sparta. Ga
Effective Fob. 27 1923. Liquidating committee: W.
I. Harley, Sparta, Ga.,and A.E.Jernigan, Mayfield,
Ga.
Absorbed by the Hancock National Bank of Sparta,
Ga., No. 12317, which bank assumes liability for
circulation of the liquidating bank under Section
5223, U. S. R. S.
25,000
Mar. 1-11156 The First National Bank of Vero. Fla
Effective March 11923. Liquidating agent: John H.
Atkin, Vero, Fla.
To be succeeded by a State bank and trust company.
2,000,000
Mar. 2-602 The Bank of North America, Philadelphia, PaEffective Feb. 28 1923. Liquidating agent: E. Pusey
Passomore, Philadelphia, Pa.
Succeeded by Bank of North America & Trust Co.,
Philadelphia, Pa.
CERTIFICATES ISSUED AUTHORIZING ESTABLISHMENT OF
ADDITIONAL OFFICES.
Feb. 28-11034 The Public National Bank of New York, N. Y., at
Ave., Borough of Brooklyn (Coney Island).
Mermaid
2327
No.
City of New York.
Mar. 3-11339 The Citizens National Bank of Boston, Mass., at 148
State St., Boston, Mass.

• DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclustoe.

Railroads (Steam).
*50c. Apr. 2 *Holders of rec. Mar. 15
Beech Creek (guar.)
*111.50 Apr. 2 *Holders of rec. Mar. 28
El Paso Southwestern (quar.)
•133 Apr. 2 "Mar. 21 to Apr. 2
Joliet dr Chicago (guar.)
Lehigh Valley, common (guar.)
87340 Apr. 2 Holders of rec. Mar. 17
Preferred (guar.)
$1.25 Apr. 2 Holders of rec. Mar. 17
Pittsburgh Bessemer dr Lake Erie, cora_
75o. Apr. 1 Holders of rec. Mar. 15
Pitts. Ft. Wayne & Chic., corn.(guar.). lA Apr. 2 Holders of rec. Mar 100
Preferred (guar.)
133 Apr. 3 Holders of rec. Mar. 10a
Southern Railway, preferred
234 Apr. 20 Holders of rec. Mar. 29
United N.J. RR.& Canal Cos.(guar.)- 233 Apr. 10 Mar.21 to Mar. 31
Public Utilities.
134 Apr. 2 Holders of rec. Mar. 12
Amer.Power & Light, preferred (quar.)_
American Public Service, pref. (guar.)._ "1.34 Apr. 2 *Holders of rec. Mar. 15
Appalachian Power, preferred (guar.)... 153 Apr. 16 Holders of rec. Mar. 31
•133 Apr. 2 *Holders of rec. Mar. 17
Boston Elevated Ry., corn.(guar.)
*334 Apr. 2 *Holders of rec. Mar. 17
Second preferred
Brazilian Trac., Lt. & Pow., pref.(qu.)
134 Apr. 2 Holders of rec. Mar. 15
Mar. 31 "Holders of rec. Mar. 15
Buffalo General Electric, corn. (quar.)._. "2
133 Apr. 1 Holders of rec. Mar. 14
Capital Tree., Washington, D.C.(qua Mar. 31 Holders of rec. Mar. 10
Central States Elea. Corp., pref. (guar.)
Citizens Pass. Ky., Philadelphia (guar.) $3.50 Apr. 1 Holders of rec. Mar.20
*133 Apr. 1 *Holders of rec. Mar. 12
Cleveland Railway (guar.)
Apr. 2 Holders of rec. Mar. 10a
Columbus(Ga.) Elec. dr Pow.,com.(qua 2
Apr. 2 Holders of rec. Mar. 100
First preferred, Series A (guar.)
134 Apr. 2 Holders of roe. Mar. 10a
Second preferred (gear.)
233 Apr. 2 Holders of rec. Mar. 15
Consumers Gas (Toronto)(quar.)
Dayton Power & Light, preferred (guar ) •133 Apr. 2 *Holders of rec. Mar. 20
Apr. 2 fielders of rec. Mar. 15
Duluth Superior Trao., pref. (guar.)._ h2
234 Mar. 15 Holders of rec. Mar. 8
El Paso Electric Co., common Mari_
$1.31 Apr. 3 Holders of rec. Mar. 13a
Germantown Pass. Ky., Phila.(quar.)
134 Apr. 2 Holders of rec. Mar. 15
Illinois Traction, preferred (guar.)
New York Telephone, pref.(quar.)
51.6234 Apr. 16 Holders of rec. Mar. 20a
Ohio Bell Telephone, preferred (guar.)._ •133 Apr. 1 "Holders of rec. Mar.30
Ottawa Traction (guar.)
1
Apr. 2 Holders of rec. Mar. 15
Pacific Teleph. & Teleg., pref. (quar.),_ 5133 Apr. 18 'Holders of rec. Mar. 31
Pennsylvania Power & Light, pref. (go.) 134 Apr. 2 Holders of rec. Mar. 15
Savannah Electric & Power, preferred_
3
Apr. 2 Holders of rec. Mar. 15a
First preferred (guar.)
2
Apr. 2 Holders of rec. Mar. 15a
Southern Canada Power, pref. (gear.).... 134Ap
x A pr. 12 Holders of rec. Mar. 31
Springfield K.& Light, pref. (guar.)._
Holders of rec. Mar. 15a
• Tennessee Elec. Power,7% 1st pref.(qu) 133 Mar.81 Holders of rec. Mar. 12
Six per cent first pref. (guar.)
UK Mar. 31 Holders of roe. Mar. 12
&
Light,
pref.
(quar.)._
Tri-City Ky.
lA Apr. 2 Holders ca rec. Mar.20
Trinidad Electric (guar.)
Apr. 1 *Apr. 1 to Apr. 10
•2
Toledo Edison, prior preferred (quar.)
Apr. 1 "Holders of rec. Mar. 15
Twin City Rapid Transit, pref.(guar.). 133 Apr, 2 Holders of rec. Mar. 15
Washington Water Power,Spokane(qu.) 2
Apr, 14 Holders of rec. Mar. 23
• Winnipeg Electric Ry., pref. (guar.)._
133 Apr. 1 Holders of rec. Mar. 17
May 1 *Holders of rec. Apr. 16
United Light & Rys., common (guar.)Common (extra)
*SS May 1 *Holders of rec. Apr. 16
Common (payable in common stock) "1,5
Apr. 2 *Holders of rec. Mar. 15
•134 Apr. 2 *Holders of rec. Mar. 15
Six per cent preferred (guar.)
•134 Apr. 2 *Holders of rec. Mar. 15
Participating preferred (guar.)
participating preferred (extra)
•33 Apr. 2 *Holders of rec. Mar. 15
Participating preferred (extra)
July 2 *Holders of rec. June 15
Participating preferred (extra)
Oct. 2 "Holders of rec. Sept. 15
participating preferred (extra)
*It Jan2'24 *Holders of rec. Dec. 15




1021

THE CHRONICLE

MAR. 10 1923.]

133

134

•133

•33
"33

Name of Company.
Banks.
America. Bank of (guar.)
Amer. Exchange Sec. Corp. cl. A.(qu.)_
Chase National (guar.)
Chase Securities Corp. (guar.)
Chatham & Phenix National (guar.)
National City (guar.)
National City Co. (guar.)
Extra
Standard (quar.)
State (guar.)
United States, Bank of (guar.)
Trust Companies.
Bank of New York & Trust Co_
Guaranty (guar.)
New York (guar.)

Per
When
Cent. Payable

Books Closed.
Days Inclusive.

*3
2
4
$1
4
4
2
2
*133
"4
234

Apr. 2 *Holders of rec. Mar. 2
Apr. 1 Holders of rec. Mar.17
Apr. 2 Holders of rec. Mar. 17a
Apr. 2 Holders of rec. Mar.17a
Apr. 2 Mar. 18 to Apr. 1
Apr. 2 Holders of reo. Mar. 17a
Apr. 2 Holders of rec. Mar. 17a
Apr. 2 Holders of rec. Mar. 17a
Mar.30 *Holders of rec. Mar. 28
Apr. 2 "Holders of roe. Mar.22
Apr. 2 Holders of rec. Mar.20

5
3
*5

Apr. 2 Holders of rec. Mar. 166
Mar.31 Holders of rect. Mar.16
Apr. 2 "Holders of ree. Mar. 16

Miscellaneous.
American Bank Note, pref. (guar.)........
75e. Apr. 2 Holders of rec. Mar.15a
American Cigar, Prof. (guar.)
*134 Apr. 2 *Holders of rec. Mar. 156
American Express (guar.)
Apr. 2 Holders of rec. Mar. 156
$2
Amer. Machine dr Foundry (quar.).
134 Apr. 1 Holders of rec. Mar. la
Quarterly
134 July 1 Holders of rec. June la
Quarterly
134 Oct. 1 Holders of rec. Sept. la
Quarterly
134 Jan l'24 Holders of rec. Dec. la
American Piano, corn. (guar.)
134 Apr. 1 Mar.29 to Apr. 1
Preferred (guar.)
133 Apr. 1 Mar.29 to Apr. 1
American Snuff, corn. (guar.)
Apr. 2 Holders of rec. Mar. 156
3
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 156
American Woolen, corn. ar pref. (go.)... 1.33 Apr. 18 Mar. 17 to Apr. 1
Anglo-Amer. Corp
*$1.76 Mar.....
Associated Oil (guar.)
*IA Apr. 25 'Holders of rec. Mar. 19
Autocar Co., pref. (quar.)
*2
Mar. 15 *Holders of rec. Mar. 12
Bassick Alemite Corporation
*50c. Apr. 1 *Holders of rec. Mar. 20
Borg dr Beck Co.(guar.)
*50c. Apr. 1 'Holders of rec. Mar.15
Bucyrus Co., prof. (guar"
133 Apr. 2 Holders of rec. Mar. 206
Extra (account accumulated divs.)h% Apr. 2 Holders of rec. Mar. 200
Burns Bros., pref. (guar-)
1.4
3 Apr. 2 Holders of rec. Mar. 10a
Butte & Superior Mining
34 Mar.31 Holders of rec. Mar. 12
Canadian General Elec., prof
333 Apr. 2 Holders of rec. Mar. 15
Canadian Locomotive, corn. (quar.)- - 1
Mar. 31 Holders of rec. afar. 20
Preferred (guar.)
133 Mar. 31 Holders of rec. Mar. 20
Certain-teed Prod. 1st dr 2d pref. (qua - "133 Apr. 1 'Holders of re:- afar. 22
Chandler Motor (guar.)
"$1.50 Apr. 2 *Holders of rec. Mar. 20
Cluett, Peabody & Co., pref. (guar.)_.. 133 Apr. 2 Holders of rec. Mar.21
Continental Can, pref.(guar.)
133 Apr. 1 Holders of rec. Mar.20
Dunham (James H.) dc Co., corn. (q11.)- 134 Apr. 2 Holders of rec. Mar. 196
First preferred (guar.)
133 Apr. 2 Holders of rec. Mar. 19a
Second preferred (guar.)
133 Apr. 2 Holders of rec. Mar. 19a
Eisenlohr (Otto) & Bros., pref. (guar.). 1.33 Mar. 31 Holders of rec. Mar.20
Electric Storage Battery, corn. dr pf.(go) $1
Apr. 2 Holders of rec. Mar.17
Elliott-Fisher Co., com. & corn. B
*50e Apr. 2 *Holders of rec. Mar. 15
Preferred (guar.)
•134 Apr. 2 'Holders of rec. Mar. 15
Endicott-Johnson Corp., corn. (gear.).... $1.25 Apr. 2 Holders of rec. Mar. 170
Preferred (guar.)
133 Apr. 2 Holders or rec. Mar. 17a
Fairbanks, Morse Co., common
Mar. 31 "Holders of rec. Mar. 18
"31
Federal Acceptances Corp., corn.(qua
Mar. 15 Holders of rec. Mar. 15
Si
General Amer. Tank Car, prof. (quar.).. •133 Apr. 2 *Holders of rec. Mar. 15
General Baking, coin. (guar.)
$1
Mar.31 *Holders of rec. Mar. 17
Preferred (guar.)
Mar.31 'Holders of rec. Mar. 17
2
Grasselli Chemical, common (quar.)...... •2
Mar.31 'Holders of rec. Mar. 15
Preferred (guar.)
4.134 Mar.31 *Holders of re. Mar. 15
Great Western Sugar, corn. Mara*S1
Apr. 2 *Holders of rec. Mar. 15
Preferred (guar.)
4.154 Apr. 2 *Holders of rec. Mar. 15
Gulf States SteelFirst and second pref. (guar.)
lA July 2 Holders of rec. June 15a
First and second Prof. (guar.)
133 Oct. 1 Holders of rec. Sept. 141
First and second pref. (guar.)
133 Jan2'24 Holders of rec. Dec. 14a
Hanes (P. H.) Knitting Co., pref.(qu.)
133 for. 2 Holders of rec. afar. 20
Hart. Schaffner & Marx, pref. (gear.).... e134 Mar.31 'Holders of rec. Mar. 17
Hayes Mfg., Prof
1
Mar. 15 Mar. 2 to Mar. 15
Helme (George W.) Co., corn. (quar.)-- 3
Apr. 2 *Holders of rec. Mar. 19
Preferred (guar.)
153 Apr. 2 *Holders of rec. Mar. 19
Hendee Mfg., Prof.(guar.)
*133 Apr. 2 'Holders of rec. Mar. 20
Hercules Powder. common (guar.)
133 Mar.24 Mar. 16 to Mar.24
Higgins Oil & Fuel
*$2.50 Mar. 31 *Holders of rec. Mar. 15
Hilicrest Collieries, common (quar.)........ 134 Apr. 14 Holders of rec. Mar.31
Preferred (guar.)
1.33 Apr. 14 Holders of rec. Mar.31
Homestake Mining (monthly)
50c. Mar. 28 Holders of rec. Mar. 20
Hollinger Consol. Gold Mines
*1
Mar. 26 'Holders of rec. Mar. 8
Hood Rubber Co.,common (guar.)
*81 Mar. 31 'Holders of rec. Mar. 20
Humphreys Petroleum (guar.)
'$1.25 Mar. 1 'Holders of rec. Feb. 28
Huntington Devel. & Gas, pref. (gear.).. 133 Apr. 1 Holders of rec. Mar. 15
Imperial Tobacco of Canada
•134 Mar. 29
Internat. Button Hole Sew. Mach.(qu.) 1
Apr. 2 Holders of rec. Mar. 15
Internat. Harvester, common (quar.)--- $1.25 Apr. 16 Holders of rec. Mar.24
International Shoe, Prof. (monthly)Apr. 1 Holders of rec. Mar. 156
$1
Intertype Corporation, Prof. (quar.)--- "2
Apr. 2 *Holders of rec. Mar. 15
Kelly-Springfield Tire, pref. (gear.)..
134 Apr. 2 Holders of rec. Mar. 18
Kelsey Wheel, Common ((uar.)
133 Apr. 2 Holders of rec. Mar.20
La Rose Mines, Limited
100. Mar.24 Mar. 9 to Apr. 6
Loose-Wiles Biscuit, let Prof. (quar.)--- 4.134 Apr. 1 *Holders of rec. Mar. 20
Second preferred
*7
May 1 *Holders of rec. Apr. 19
Lorillard (P.) Co.,common (guar.)
3
AM. 2 Holders of rec. Mar. 170
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 17a
Mack Trucks, Inc. let & 2d pref.(qu.)134 Apr. 2 Holders of rec. Mar. 20
Manhattan Elec. Supply (guar.)
31 Apr. 2 Holders of rec. afar. 20
Manhattan Shirt, pref.(guar.)
133 Apr. 2 Holders of rec. Mar. 19
Montgomery Ward & Co., pref.
•134 Apr. 1 *Holders of rec. Mar. 21
(quar.)Mountain Producers Corp.(guar.)
200. Apr. 2 Holders of rec. Mar. 15a
Extra
10e. Apr. 2 Holders of rec. Mar. 15a
Nat. Breweries, common (guar-)
Si Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 15
Newblock Oil
*6234e Apr. 2 *Holders of rec. Mar. 15
Ohio Fuel Supply (stock dividend)
Holders of rec. Mar. 17
•e 100
Ottawa Car Mfg.(guar.)
1
Apr. 2 Holders of rec. Mar. 15
Paige-Detroit Motor Car,corn.(gust.)... 25c
Apr. 2 Holders of rec. Mar. 200
Preferred (guar.)
133 Apr. 2 Holders of rec. Mar. 15a
Penmans, Ltd., common (guar.)
2
May 15 Holders of rec. May 5
Preferred (guar.)
134 May 1 Holders of rec. Apr. 21
Penney (J. C.) Co., pref.(guar.)
134 Mar.31 Holders of rec. Mar.20
Pettibone Mulliken Co., 1st & 2d pf.(gu.) *IK Apr. 2 *Holders of rec. Mar.21
Phelps Dodge Co.(guar.)
*SI Apr. 2 *Holders of rec. Mar. 21
Reece Button Hole Machine (cular.)- - 3
Apr. 2 Holders of rec. Mar. 15
Extra
2
Apr. 2 Holders of rec. Mar. 15
Reece Folding Machine(guar.)
1
Apr. 2 Holders of rec. Mar. 15
Rickcnbacker Motor Car (guar.)
•2
Apr. 15 *Holders of rec. Mar.31
Royal Baking Powder,common (gust.).. *2
Mar. 31 *Holders of rec. Mar. 15
Preferred (quar.)
"1.34 Mar. 31 *Holders of rec. Mar. 15
St.Louis Rocky Mt.&Pac.Co.,com.
Holders of rec. Mar. 17a
1
Mar
mar:3
31
'referred (guar.)
Holders of rec. Mar. 176
Sears, Roebuck & Co., pref. (quar.)......- 5134 Apr. 1 *Holders of rec. Mar. 15
Sherwin Williams Co.(Can.),corn. (11.) 134 Mar. 31 Holders of rec. Mar. 15a
Preferred (guar.)
133 Mar. 31 Holders of rec. Mar. 15a
Spicer Manufacturing, pref. (quar.)__.... 2
Apr. 1 Holders of rec. Mar. 21
Standard Textile Prod., pref. A dr B (qu.)
74 Apr. 1 "Holders of roe. mar. 15
Steel Co. of Canada,common (guar.)133 May 1 Holders of rec. Apr. 4
Preferred (guar.)
153 May 1 Holders of rec. Apr. 4
Sterling Oil& Bevel
*100 Apr. 5 *Holders of rec. Mar. 31
Strornberg Carburetor (guar.)
15.4 Apr. 2 Holders of rec. Mar. 19
Tennessee Copper & Chemical
m: mar.3
Holder, f roo
10a
6
16
1 Holders
Tobacco Products Corp., pref. (guar.)
of
United Profit Sharing (quar.)
r. 18 Holders of rec. Mar. 28a
prpr
12M5e A p
15
U.S. Tobacco,common (guar.)
750 Apr. 2 Holders of rec. Mar. 19a
Common (payable In common stock).. 120
Apr. 16 Holders of rec. Mar. 19a
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 19a
Wabasso Cotton (guar.)
si
Apr. 8 Holders of rec. Mar. 15
Waldorf System, Inc., common (gear.).. 50c Apr. 2 Holders of rec. Mar.20
Preferred and first preferred (quar.)-200 Apr. 2 Holders of rec. Mar.20
Apr. 30 Holders of rec. Mar. 29
Westinghouse Air Brake (in stock)
e35
Apr. 30 *Holders of rec. Mar.30
Westinghouse Elec. T4 Mfg., corn. (q11.)- .81
Apr. 16 *Holders of rec. Mar. 30
Preferred (guar.)
*Sl

1022

Below we give the dividends announced in previous weeks
and not yet paid. This list Sorts not include dividends
announced this week.
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
2
Mar. 31 Holders of rec. Feb. 28
Boston & Albany (guar.)
Buffalo & Susquehanna,common (quar.) 131 Mar.30 Mar. 16 to Apr. 1
23i Mar.30 Mar. 16 to Apr. 1
Common (extra)
2% Mar.31 Holders of rec. Mar. la
Canadian Pacific, common (guar.)
2
Mar.31 Holders of rec. Mar. la
Preferred
2M Mar.20 Holders of rec. Feb. 260
Delaware & Hudson Co. (guar.)
1% Mar. 10 Holders of reo. Feb. 28a
Erie & Pittsburgh (guar.)
Fonda Johnstown & Giov., pref.(quar.)_ 1% Mar. 15 Holders of rec. Mar. 10a
1
Lackawanna RR. of N..1. (guar.)
Apr. 2 Holders or rec. Mar. 80
*1% Apr. 1 *Holders of rec. Mar. 15
Louisiana & Northwest (guar.)
3
Apr. 2 Holders ol rec. Mar. 24a
Newark & Bloomfield
131 Apr. 2 Holders of rec. Mar. 14a
N. Y. Lackawanna & Western (guar.)._
Norfolk & Western. cond. (guar.)
131 Mar. 19 Holders of rec. Fob. 28a
1% May 1 Mar. 17 to Apr. 10
Northern Pacific (guar.)
Pittsburgh & West Virginia, pref.(guar.) *1% May 31 *Holders of rec. May 9
Reading Company, 2d pre/ (quar.)
500. Apr. 12 Holders of rec. Mar. 26a
1
Mar. 15 Mar. 11 to Mar. 15
Bt. Joseph South Bend & Sou., corn__
Preferred
2% Mar. 15 Mar. 11 to Mar. 15
Sharon fly.(semi-annual)
1.3734 Sept. 1
Southern Pacific Co. (quar.)
1% Apr. 2 Holders of rec. Feb. 280
Southern Ry., M.& 0. stk. tr. ctls
Apr. 1 Holders of rec. Mar. 15a
2
Union Pacific, common ((Mara
2% Apr. 2 Holders of rec. Mar. la
Preferred
2
Apr. 2 Holders of rec. Mar. la
Warren RR
3% Apr. 2 Holders of rec. Apr. 5
Western Pacific RR. Corp., pref.(guar.) 1% Apr. 2 Holders of rec. Mar.d2la
Public Utilities.
Amer. Telephone & Telegraph (quara_ _
Quarterly
Bangor fly. & Elec., pref. (guar.)
Brooklyn Union Gas (guar.)
Central Illinois Pub. Serv., pref. (guar.)
Colorado Power, preferred (guar.)
Consolidated Gas.(N. Y.) com.(guar.)
Preferred (guar.)
Cons. Gas, E.L.& P., Balt., com.(rm.)
Eight per cent preferred (guar.)
Seven per cent preferred (guar.)
Detroit Edison (guar.)
Eastern Texas Elec. Co., com.(guar.)-Electric Light & Power Co. of Abington
& Rockland (guar.)
Federal Light & Traction, com.(No. 1).
Common (In 6% cum. pref. stock)_ _
Frankford & Southwark Pass. Ry.(qu.)
Galveston-Houston Electric Co., pref._
General Gas& Electric, pref. A (guar.).Georgia Ry.& Elec., lot pref. (quar.)__
Gold & Stock Telegraph (guar.)
Illinois Bell Telephone (guar.)
Kansas City Pr.& Lt., 1st p1. A (quar.)_
Laclede Gas Light, common (guar.)..._
Manila Electric Corporation (guar.)_ _
Manufacturers' Lt. & Ht., Pittsb.(qua Market St. Ry.,San Fran., prior pf.(gu.)
Middle West Utilities prior lien stk.(qu.)
Montana Power, common (guar.)
Preferred (guar.)
New England Telep.& Teleg. (quar.)--Newport News & Hampton fly.. Gas &
Electric, pref. (guar.)
Niagara Falls Power, common (quar.)_ _
Preferred (guar.)
North Shore Gas, pref. (guar.)
Preferred (quar.)
Preferred (guar.)
Oklahoma Gas & Electric, pref. (quar.)_
Penn Central Lt.& Power, pref.(guar.).
Pennsylvania Water & Power (ClusX.)--Philadelphia Electric, com.& prod. (qil.)
Philadelphia Traction
Public Service Corp. of New JerseyCommon and preferred (guar.)
San Joaquin Light 8,Power,Prod.(quar.)
Prior 1 re/erred (guar.)
Second & Third Sts. Pass. fly.((Mara
Southern Colorado Power, pref. (quar.)..
Standard Gas & Electric. pref. (quar.)-United Gas Improvement, pref. (quar.).
Virginia B.& Power, Preferred
West Penn Co.. corn.(No. 1)
West Penn Railways, Pref.(guar)
Banks.
Public National (quar.)
Seaboard National (quar.)

234 Apr. 16 Mar. 17 to Mar. 27
231 J'IY 1(1 Holders of reo. June 20
1% Apr. 1 Holders of rec. Mar. 10
2
Apr. 2 Holders of rec. Mar. 15a
*Iji Apr. 14 *Holders of rec. Mar. 31
134 Mar. 15 Holders of rec. Feb. 28
$1 .25 Mar. 15 Holders of rec. Feb. 80
87%c. May 15 Holders of rec. Mar. 15a
2
Apr. 2 Holders of rec. Mar. 15a
2
Apr. 2 Holders of rec. Mar. 150
131 Apr, 2 Holders of rec. Mar. 150
2
Apr. 16 Holders of rec. Mar. 200
2
Apr. 2 Holders of rec. Mar. 100
2
Apr. 2
75c. Apr. 2
m75c. Apr. 2
$4.50 Apr. 1
3
Mar.15
Apr. 2
$2
2
Apr. 20
1% Apr. 2
2
Mar. 31
$1.75 Apr. 2
$1.75 Mar. 15
2
Apr, 2
Apr. 14
2
1% Apr. 2
134 Mar. 15
75c. Apr. 2
1% Apr. 2
Mar. 31
2

Holders of rec. Mar. 31
Holders of rec. Mar. 300
Holders of rec. Mar. 17a
Holders of rec. Mar. la
Holders of rec. Mar. 190
Holders of rec. Mar.310
Holders of rec. Mar. 100
Holders of rec. Feb. 28
Holders of rec. Mar. 120
Holders of rec. Mar. 120
Holders of rec. Mar. 10

131
1%
1%
1%
1%
1%
134
1
134
500
$2

Apr. 2
Mar. 15
Apr. 16
AprIl 1
July 1
Oct. 1
Mar. 15
Apr. 2
Apr. 2
Mar. 15
Apr. 1

Holders of rec. Mar. 15a
Holders of rec. Mar. 8
Holders of rec. Mar.310
Holders of reo. Mar.20
Holders of reo. June 20
Holders of reo. Sept. 20
Holders of rec. Feb. 28
Holders of rec. Mar. 10a
Holders of rec. Mar. 160
Holders of rec. Feb. 190
Holders of rec. Mar. 100

2
1%
1%
$3
1%
2
8734c
3
Si
134

Mar. 31
Mar. 15
Mar. 15
Apr. 1
Mar. 15
Mar. 15
Mar. 15
July 20
Mar. 30
Mar. 15

Holders of rec. Mar. 15a
Holders of reo. Feb. 28
Holders of rec. Feb. 28
Mar. 2 to Apr. 1
Holders of rec. Feb. 28
Holders of reo. Feb. 28
Holders of rec. Feb. 28a
Holders of rec. Dec. 81
Holders of rec. Mar. 15
Holders of rec. Mar. 1

4
3

Holders of rec. Mar. I5a
Holders of rec. Mar. 150
Holders of rec. Mar. 150
Mar. 2 to Mar. 31
Holders of rec. Mar. la
Mar. 16 to Apr. 1

Mar.31 Holders of rec. Mar.24
Apr. 2 Holders of rec. Mar. 26

Trust Companies.
United States (guar.)

12% Apr. 2 Holders of rec. Mar.20

Fire Insurance.
Westchester Fire (guar.)
Extra

5
dl

May 1 Apr. 21
May 1 Apr. 21

to
to

Apr. 30
Apr. 30

Miscellaneous.
50c. Mar. 15 Holders of reo. Mar. 8
Acme Wire Co.,common
Mar. 31 Holders of rec. Mar. 15a
$1
Adams Express (guar.)
Apr. 2 Mar. 16 to Apr. 9
75c.
Advance Rumely Co., pre!.((Mara
Mar. 15 Holders of rec. Jan. 24
$1
Ahmeek Mining
134 Apr. 2 Holders of reo. Mar. 15a
Allied Chemical* Dye Corp., 1/1.((Ma131 Apr.d16 Holders of rec. Mar. 24a
Allis-Chalmers avg., pref. (guar.)
•75c. Apr. 10 *Holders of rec. Mar. 19
Amalgamated Oil (guar.)
American Art Works,com. & pref.(qu.) 134 Apr. 15 Holders of rec. Mar.310
Apr. 2 Holders of rec. Mar. 10a
American Beet Sugar. preferred (quar.).. 1%
Amer. Brake Shoe & Fdry., corn.((Mara $1.25 Mar. 31 Holders of rec. Mar. 230
Mar.
31 Holders of rec. Mar. 230
134
Preferred (quar.)
1% Apr. 2 Holders of rec. Mar. 150
American Can, pref.(guar.)
Apr. 2 Holders of rec. Mar. 15a
8
Amer. Car & Foundry,corn.(quar.)-131 Apr. 2 Holders of reo. Mar. 15a
Preferred ((Mara
Mar. 15 Holders of rec. Mar. la
1
American Glue, common (guar.)
131 Apr. 14 Apr. 5 to Apr. 14
pref.
(
q
American Laundry Machine.
u)- 1% Mar.31 Holders of reo. Mar. 13a
American Locomotive. corn. (quar.)
1% Mar. 31 Holders of rec. Mar. 13a
Preferred(guar.)
1% Mar.31 Mar. 17 to Apr. 1
American Manufacturing, coin.
134 Mar.31 Mar. 17 to Apr. 1
Preferred (guar.)
Mar.31 Holders of reo. Mar. 10
$1.75
pref._
lert
Service,
American Pneumatic
50o June 30 Holders of rec. June 9
Second preferred
Mar.31 Holders of reo. Mar. 15a
$1
Amer. Radiator, new con). (guar.)
25o Apr. 2 Holders of reo. Mar. 120
American Safety Razor
May 1 Holders of reo. Apr. 14
American Shipbuilding, common (guar.) 2
2
Aug. 1 Holders of reo. July 14
Common(guar.)
.
- 750. Apr.d14 Holders of rec. Apr. a2a
Amer. Steel Foundries, corn. (guar.)
1% Mar. 31 Holders of rec. Mar. 15a
Preferred (quar.)
1% Apr. 2 Mar.23 to Apr. 1
American Stores (guar.)
American Sugar Refining. pref. (quar.)_ 1% Apr. 2 Holders of rec. Mar. la
1% Apr. 2 Mar. 11 to Apr. 4
AmericanTobacco. preferred ((Mara
154 Apr. 1 Holders of rec. Mar. 150
Amer. Wholesale Corp.. Pref.(quar.)--750. Apr. 23 Holders of reo. Mar. 17a
Anaconda Copper Mining
Armour & Co.,of Delaware, pref.(No.1) •1)( Apr. 2 *Holders of roe. Mar. 15
Armour & Co.of Illinois. pref.((Mara-- •1M Apr. 1 *Holders of rec. mar.15
Asbestos Corp. of Canada,corn. Mulica- ol% Apr. 15 *Holders of reo. Apr. 1
*131 Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
Mar. 15 Holders of rec. Feb. 210
1
Atlantic Refining,common




[VoL. 116.

THE CHRONICLE
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

:81scellaneous (Continued).
Adantic Terra Cotta, preferred ((Mara - •1
Mar. 19 *Holders of rec. Mar. 9
Atlas Powder, common (guar.)
Mar. 10 Holders of rec. Feb. 280
3
Babcock 8, Wilcox (quar.)
1% Apr. 2 Holders of rec. Mar. 20
Bethlehem Steel, corn, & corn. B (guar.) 1)( AM. 2 Holders of rec. Mar. 13a
Seven per cent cum. preferred (guar.) 134 Apr. 2 Holders of rec. Mar. 13a
Seven per cent cum. preferred (guar.) 131 July 2 Holders of rec. June 150
Seven per cent cum. preferred (guar.) 134 Oct. 1 Holders of reo. Sept.150
Seven per cent cum, preferred (guar.) 134 Jan2'24 Holders of rec. Dec. 15a
Seven per cent non-cum. pref.(guar.). 154 Apr. 2 Holders o free. Mar. 130
Seven per cent non cum pref. (guar.). 134 July 2 Holders of rec. June 150
Seven per cent non cum. pref.(quar.)_
1% Oct. 1 Holders of rec. Sept.150
Seven per cent non cum. pref.(guar.). 134 Jan2'24 Holders of reo. Dec. 150
Eight per cent preferred (guar.)
Apr. 2 Holders of rec. Mar. 13a
Eight per cent preferred (guar.)
July 2 Holders of rec. June 150
2
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15a
Eight per cent preferred (guar.)
Jan2'24 Holders of rec. Dee. 150
2
Borden Co., preferred (guar.)
1% Mar. 15 Holders of rec. Mar. la
Preferred Mar.)
1% June 15 Holders of rec. June la
4
Borne Scrymser Co
Apr. 16 Mar. 18 to Apr. 14
Extra
1
Apr. 16 Mar. 18 to Apr. 14
Boston Woven Hose & Rub., com.(qu.) $1
Mar,15 Holders of rec. Mar. 1
Brit.-Amer. Tobacco, ord. (Interim)..._ 4
Mar. 31 Holders of coup. No. 951
Buckeye Floe Line (guar.)
$1.75 Mar. 11 Holders of rec. Feb. 15
Bush Terminal Bldgs., pref. (guar.).'131 Apr. 2 *Holders of rec. Mar.20
California Packing Corp.(guar.)
$1.50 Mar. 15 Holders of rec. Feb. 28a
California Petroleum, preferred (guar.). 134 Apr. 2 Holders of rec. Mar.20a
Calumet & Arizona (quar.)
Mar. 26 Holders of rec. Mar. 90
$1
$7
Calumet & Hecla Mining
Mar. 15 Holders of rec. Jan. 24
Cambria Iron
Apr. 2 Holders of rec. Mar. 150
$1
Can. Connecticut Cotton Mills, pf.(gu.) *2
Apr. 2 *Holders of reo. Mar. 15
Canadian General Electric, corn. (guar.) 1% Apr. 2 Holders of rec. Mar. 15
1% Mar, 15 Holders of rec. Mar. 5
Carter (William) Co.. pref. (quar.)
Case (J.I.) Thresh. Mach., pref.(qu,)... 134 Apr. 1 Holders of rec. Mar. 120
1% Mar. 31 Mar. 7 to Mar.27
Celluloid Co.,common (guar.)
314 Mar.31 Holders of rec. Mar. 100
Chesebrough Mfg., com.(guar.)
114 Mar. 31 Holders of rec. Mar.10a
Preferred (guar.)
*131 Apr. 1 *Holders of rec. Mar.23
Chicago Mill & Lumber, pref. (quar.)_
2
Mar. 10 Mar. 1 to Mar. 10
Childs Co., common (quar.)
13( Mar. 10 Mar. 1 to Mar. 10
Preferred (guar.)
62%o Mar. 22 Holders of rec. Feb. 286
Chill Copper Co.
Cities ServiceCommon (monthly, pay.In cash scrip) ••g% Apr. 1 *Holders of rec. Mar. 15
Common (payable in corn, stock scrip) •1% Apr. 1 *Holders of rec. Mar. 15
y% Apr. 1 *Holders of rec. Mar. 15
Prof. and pref. B (payable In cash)...
31.50 Apr. 2 Holders of rec. Mar. ltia
Coca-Cola Co. corn. (guar.)
50c. Apr. 2 Holders of rec. Mar. 150
Common (extra)
Computing-Tabulating-Record. ((luar.)- $1.50 Apr. 10 Holders of rec. Mar. 23a
500. Apr. 2 Holders of rec. Mar.200
Connor (John T.) Co. (guar.)
50c. Mar. 15 Feb. 24 to Mar.15
Continental 011 (guar.)
1% Mar. * Holders of rec. Feb. 150
Cosden .St Co., preferred (guar.)
Mar. 31 Mar. 16 to Apr. 1
Cramp(Wm.)& SOUS S.& E.Bldg.(qu.) 1
1
Crane Co., common (guar.)
Mar. 15 Holders of rec. Mar. 1
154 Mar. 15 Holders of rec. Mar. 1
Preferred (guar.)
3734c Mar. 15 Feb. 21 to Apr. 1
Crescent Pipe Line (guar.)
1% Mar. 31 Holders of reo. Mar. 15a
Crucible Steel, preferred (guar.)
134 Apr. 2 Holders of reo. Mar. 100
Cuban-American Sugar, pref. (guar.)._
Dem.. Mum. (hour.)
134 Mar. 24 Homers of rec. Mar. 100
Detroit & Cleveland Navigation (guar.). $1
Apr. 2 Holders of reo. Mar. 150
Diamond Match (guar.)
Mar. 15 Holders of rec. Feb. 280
2
Dome Mines ((luar.)
50e. Apr. 20 Holders of rec. Mar.310
1% Apr, 2 Holders of reo. Mar. 15
Dominion Glass, cora, and pref. (quar.)_
Dominion Iron & Steel, pref. (quar.).-- 1% Apr. 1 Holders of rec. Mar. 15
Apr. 1 *Holders of rec.Mar.10
*2
Dominion 011 (guar.)
Extra
Apr. 1 *Holders of rec.Mar.10
41
Dominion Stores, Ltd., common (No. 1) ow. April 1 Holders of rec. Mar. 1
Common
50c. Oct. 1 Holders of reo. Sept. 1
Apr. 2 Holders o. reo. Mar. 15
Dominion Textile, old com. (quar.)
3
New common (guar.)
$1 Apr. 2 Holders of rec. Mar. 15
Old and new preferred (quar.)
1.34 Apr. 18 Holders of rec. Mar.31
Draper Corporation (quar.)
Apr. 2 Holders of rec. Mar. 3
3
1% Mar. 15 Holders of reo. Mar. aa
du Pont (E.I.) de Nem.Pow.,com. _
Debenture stock (quar.)
134 Apr. 25 Holders of rec. Apr. 100
$1.25 Apr. 2 Holders of rec. Feb. 280
Eastman Kodak,common (quar.)
75e. Apr. 2 Holders of ree. Feb. 28a
Common (extra)
1% Apr. 2 Holders of rec. Feb. 28a
Preferred (quar.)
Apr. 2 Holders of reo. Mar. 150
Famous Players-Lasky Corp.. COM.(lu.) 2
Mar. 31 Holders of rec. Mar. 21a
2
Farr Alpaca Co. ((luar.)
134 Mar. 15 Holders of rec. Feb. 240
Federal Mining & Smelt., pref.(guar.)._
$1.50 Mar. 15 Holders of reo. Mar. 1
Foundation Co. corn
$1.75 Mar. 15 Holders of rec. Mar. 1
Preferred
Mar. 31 Holders of rec. Feb. 280
1
Galena-Signal 011, common (quar.). _
Mar. 31 Holders of reo. Feb. 286
2
Preferred (guar.)
154 Apr. 2 Holders of rec. Mar.260
General Cigar, Inc., deb. pref (quar.)
Apr. 14 Holders of reo. Mar. 70
2
General Electric (guar.)
15c. Apr. 14 Holders of reo. Mar. 70
Special stock ((luar.)
300. Mar. 15 Holders of reo. Mar. 3
General Motors, common (guar.)
*134 Mar. 15 *Holders of rec. Mar. 311
Preferred (quar.)
Mar. 15 *Holders of rec. Mar. 3 ,
Six per cent debenture stock (quar.)-Seven per cent debenture stock (guar.) •134 Mar. 15 *Holders of rec. Mar. 3
June 1 Holders of rec. May 1
Gillette Safety Razor, stock dividend_ _ e5
1
Mar. 15 dMar. 2 to Mar. 15
Globe Soap, corn. (quar.)
1% Mar. 15 dMar. 2 to Mar. 15
1st, 2d and special preferred (guar.)._
1% Mar. 10 Holders of rec. Feb. 28
Globe-Wernicke, common (guar.)
134 April 2 Holders of rec. Mar.220
Goodrich (B. F.) Co., prof. (quara-2
Apr. 1 Holders of reo. Mar. 20
Goodyear Tire & Rubber, pref.(quar.)
Great Atlantic & Pacific Tea, com.(M) •500. Mar. 15 *Holders of rec. Feb. 14
Apr. 2 Holders of rec. Mar. 15
Greenfield Tap & Die, pref. (guar.).- 2
2
Apr. 2 Holders of rec. Mar. 15a
Guantanamo Sugar, preferred (quar.)_
Apr. 2 Holders of reo. Mar. 16a
1
Gulf States Steel, common
134 Apr. 2 Holders of rec. Mar. 15a
First and second preferred (guar.)
Mar. 14 *Holders of rec. Mar. 10
*5
Hall (C. M.) Lamp Co
Harbison-Walker Refrao., pref. (guar.). 1% Apr. 20 Holders of reo .Apr. 104
750. Mar. 15 Holders of rec. Feb. 28a
Hayes Wheel (guar.)
•150. Mar. 28 *Holders of rec. Mar. 1
Heels Mining (guar.)
•100. Mar. 28 *Holders of rec. Mar. 1
Extra
50o. AprU 2 Holders of rec. Mar.22a
(guar.)
Hudson Motor Car
25e. April 2 Holders of reo. Mar.22a
Extra
75c. Mar. 15 Holders of rec. Feb. 28
Humphreys Oil (quar.)
.110 Mar. 15 Holders of reo. Mar. 1
Hupp Motor Car,corn. (in corn,stook)
134 Apr. 1 Holders of rec. Mar.204
Preferred (quar.)
50c. Apr. 2 Holders of rec. Mar. 150
Inspiration Consolidated Copper
755. Mar. 31 Holders of rec. Mar. 150
Internat. Cement, common (quar.)._
134 Mar.31 Holders of rec. Mar. 15a
Preferred Mara
50o. May 1 Holders of reo. Mar. 1
Internat. Educational Publishing,
1% Apr. 2 Holders of rec. Mar. 150
International Salt (quar.)
*750. April 1 Holders of rec. Mar. 150
International Shoe,common
134 Apr. 1 Feb. 22 to Feb. 28
International Silver, pref. (guar.)
Prof. (acct. accumulated dividends)... 3134 Apr. 1 Feb. 22 to Feb. 28
500. Mar,15 Holders of reo. Jan. 250
Isle Royale Copper Co. (guar.)
1% Apr. 2 Holders of res. Mar.d15a
Jones & Laughlin Steel, pref. (guar.)._
$2 Apr. 2 Holders ot reo. Mar.28a
Kayser (Julius) & Co., Prof.(quar.)
Apr. 2 Holders of reo. Mar.120
Kresge (S. S.) Co., common (quar.)_ _ 2
1% Apr. 2 Holders of res. Mar. 12a
Preferred (quar.)
$2
Apr. 2 Holders of rec. Mar. 15
Lehigh Valley Coal Sales (quar.)
1)( Apr. 2 Holders of rec. Mar. 154
Liggett & Myers Tobacco, pref. (quar.)_
*373-4c Mar. 31 Holders of rec. Mar. 21
Lone Star Gas Mara
*12340 Mar. 31 Holders of roc. Mar.21
Extra
Mackay companies, common (guar.)._ _
1% Apr, 2 Holders of reo. Mar. 70
1
Preferred (quar.)
Apr. 2 Holders of reo. Mar. 70
131 Apr. 2 Holders of rec. Mar. 15
Manat1 Sugar, preferred (guar.)
1% Apr. 2 Holders of rec. Mar.200
Mathieson Alkali Works, pref. (guar.)._
May Department Stores. pre!.(quar,)_
134 AM. 2 Holders of rec. Mar.15a
McCall Corporation, 1st pref. (qua',)„ 131 Apr. 1 Holders of rec. Mar. 15
First preferred (acct. accum.
bl% Apr. 1 Holders of reo. Mar. 15
Mergenthaler Linotype (guar)
2% Mar,31 Holders of reo. mar. 30
Apr, 1 Holders of reo. Mar. 1011
3
Middle States 011 (quar.)
Mohawk Mining
$1
Mar.31 Mar. 7 to Mar.27
Montreal Cottons. common
1% Mar. 15 Holders of reo. Feb. 28
Preferred_
1% Mar. 15 Holders of rec. Feb. 28
20c. Mar.'20 Holders of rec. Mar.10
Motor Wheel Corp.(guar.)
Mutual Oil (quar.)
-dc Mar. 15 Holders of reo. Mar. 1
•123
National Biscuit, common (guar.)
76c. Apr. 14 Bolder, of rec. Mar. 310

MAR. 10 1923.]

THE CHRONICLE
Per
When
Cent. Payable.

Name of Company.

Books Closed.
Days Inclusive.

1023

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 March 3. The
igures 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).
National Candy,common
234 Mar. 14 Feb. 21 to Feb. 27
First and second preferred
334 Mar. 14 Feb. 21 to Feb. 27
Nat. Enamel & Stpg., pref. (guar.).Mar.31 Holders of rec. Mar. 100
Preferred (guar.)
131 June 30 Holders of rec. June 90
Preferred (guar.)
Sept.29 Holders of rec. Sept. 100
Preferred (guar.)
Dec. 31 Holders of rec. Dec. Ila
National Lead, common (guar.)
2
Mar.31 Holders of rec. Mar. 16a
Preferred (guar.)
131 Mar,15 Holders of rec. Feb. 23a
National Sugar Refining (guar.)
Apr. 2 Holders of rec. Mar.10
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
National Surety (guar.)
234 Apr. d2 Holders of rec. Mar. 200
(Stated in thousands of doitars-ihat is, three ciphers i0001 omitted.)
National Transit (extra)
50e Mar. 15 Holders of rec. Feb. 280
New York Transit
23
Apr. 14 Holders of rec. Mar.20
New I
N.Y.Air Brake, class A (guar.)
$1
Apr. 2 Holders of rec. Mar. 90
CapItal.IProfits. Loans,
Reserve
North American Co., common (guar.)-- 234 Apr. 2 Mar. 2 to Mar.21
Veek ending
Discount, Cash
Net
with
Time Bait
Preferred (guar.)
75e. Apr. 2 Mar. 2 to Mar. 21
in
March 3 1923. Nat'l, Dec.29 InvestLegal Demand
De- CireuOhio 011 (guar.)
*750 Mar.31 *Holders of rec. Feb. 24
State, Nov.15 menu, Vault. Deport- Deposits, posits. laOrpheum Circuit, preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 15a
omitted.)
Tr.Cos, Nov.15
etc.
(000
tortes.
non.
Osceola Consolidated Mining
Mar.15 Holders of rec. Feb. 13
• $1
Owens Bottle, common (guar.)
50o. Apr. 1 Holders of rec. Mar. 160
lembers of Fe d. Res. Bank. Average Average Average Average Average Avge.
Common (extra)
250. Apr. 1 Holders of rec. Mar. 16a
tank of N Y A
$
$
$
$
$
$
s
$
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 160
TrilSt. Co--- 4,000 11,841 63,293
729 6,511
47,331 5,500
Packard Motor Car, preferred (gnar.)-134
Mar 15 Holders of rec. Feb. 2114
1k of Manbat'n t 10,000d12, II 127,014 2,212 15,046
105,307 17,868 --Yennok 011 (guar.)
10e Mar. 26 Holders ol rec. Mar.15
4ech&MetNat 10.0001 17,182 163,159 4.176 20,114
154,602 4,308 996
Extra
10c. Mar.26 Holders of rec. Mar. 15
tank of America 5.5001 4,551
71,07
1,595 9,535
70,803 3,399
-Phillips Petroleum (guar.)
50e. Mar.31 Holders of rec. Mar. 150
tat City Bank_ 40,0001 51,071 519,121 6,153 63.024 *600,398 37,319 2,118
Pittsburgh Rolls Corp., pref. (quar.)
134 Apr. 1 Holders of rec.Mar.d24a
:hem Nat Bank 4,SOff 16,244 125,964 1,242 13,698
102,037 6,6 0
344
Procter St Gamble, preferred (quar.)
134 Mar. 15 Holders of rec. Feb. 240
tat Butch & Dr
50ff
203
5,247
53
524
3,599
296
Producers & Refiners Corp.,corn.(No.1) $1
Mar. 15 Holders of rec. Mar. la
Lmer Each Nat 5,0001 7,890 96,576 1,122 11,641
86,861 6,243 4,937
Provincial Paper Mills, corn. (quar.) - 134 Apr. 2 Holders of rec. Mar. 15
•lat Bk of Com. 25.00ff 37,43 318,38
903 32,684
250,414 9.60
-Preferred (guar.)
Apr. 2 Holders of rec. Mar. 15
'settle Bank... 1,000 1,701
23,506 1,114 3,453
23,827 1,073
--Pure Oil, 534% pref. (guar.)
134 Apr. 1 Holders of rec. Mar. I5a :Jhat&PbenNat 10 5(
9,316 147,900 4,924 18,107
120,060 22,978 5:698
6% Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Ianover Nat Ilk 5,000 20,848 121,860
386 15,186
110,663
__
100
8% preferred (guar.)
Apr. 1 Holders of rec. Mar. 15a
2
3orn Exchange. e9,075011,921 173,126 5,398 21,330
154.581 22:960 ---Quaker Oats, common (guar.)
•234 Apr. 16 *Holders of rec. Apr. 2
mp & Trod Nat 1.50ff 8.636
446 3,583
36,939
27,286
62
51
Preferred (guar.)
4
May 3 'Holders of roe. May 1
gational Park.. 10
23,882 161,848
933 16,413
125,59
5,326 7,551
Railway Steel Spring, corn.(guar.)
Mar.31 Holders of rec. Mar. 170
2
3ast River Nat. 1.0001
8
311 1,611
13,476
11,554
2,389
50
Preferred (quar.)
Mar.20 Holders of rec. Mar. 1/a
National_ 10.0001 51,584 315,202
Irst
21,872
413
161,805 28,281 7.384
Ranger Texas Oil (gear.)
Apr. 1 Holders of rec. Mar. 10a
2
rving National gi7,SOeglO,500 261,825 5,004 35,427 262,481 13,115 ---Extra
Apr. 1 Holders of rec. Mar. 10a
1
Jontinental Bk. 1,000
921
144
8,147
910
6.344
365
Reo Motor Car (guar.)
134 Apr. 2 Holders of roe. Mar. 15a :ThaseNati000l_ 20,000 22,057 344,716 4,259 43,716
322,225 26,8
1,090
Extra
Apr. 2 Holders of rec. Mar. 15a
Avenue_
500
22,004
3.018
2,430
Fifth
675
22,249
___ __LRepublic Iron dr Steel. Pref. (guar•)Apr. 2 Mar. 16 to Apr. 11
Commonwealth.
400
975
9,875
1.18
469
8,917
264 --Reynolds Spring, pref. A. dr B (quar.)
Apr. 1 Holders of rec. Mar. 190 Cartield Nat.__ 1,000 1,645
15,62
456 2.494
15,463
19 397
Reynolds (It. J.) Tobacco, corn. (quar.).
75c. Apr. 2 Holders of rec. Mar. 18
Fifth National_ 1.200 1,12
20,184
233 2,154
796 247
16,218
Common B (guar.)
75c. Apr. 2 Holders of rec. Mar. 18
Maboard Nat__ 4,000 7,079 80,336
767 10.357
77,325 1,845
68
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 18
Coal & Iron Nat 1,500 1.364
15,269
664 2,015
13,358
835 410
St. Joseph Lead (guar.)
250. Mar .20 Mar. 10 to Mar.20
Bankers Trust_ 20,000 25,039 285,006 1.108 32,07
*250,
18,959
Extra
250. Mar.20 Mar. 10 to Mar.20
56,924
p8 Mtge & Tr_ 3,000 4,419
831 6.826
51,666 4,357 --Salt Creek Consolidated 011 (quar.)25e. April 1 Holders of rec. Mar. 15a
Cuaranty Trust 25,000 17,654 389,174 1,391 46,18
*425,774 25,326 ---Savannah Sugar, pref.(In pref. stock).. 25 2-3 May 1 Holders of rec. Mar. 15
FIdel-InterTrust h2,000 51,849
309 2,540
21,334
19,507
803 ---Seaboard Oil& Gas (monthly)
Holders
Apr.
150
of
1
rec.
Mar.
254e.
N Y Trust Co__ 10,000 17,696 139,685
395 16,356
120,664 9,54
--South Porto Sugar, pref.(guar.)
Apr. 2 Holders of rec. Mar. 15a
2
Metropolitan T
2,000 3,804
512 4,776
38,910
34,771 2,86 -South West Pa. Pipe Lines (guar.)
Apr. 2 Holders of rec. Mar. 15
2
494 12,921
Farm Loan & Tr 5,000 15,065 137,438
*90,646 34,861 -Southern States Oil (monthly)
Mar. 20 *Holders of roe. Feb. 28
•1
Columbia Bank 2,000 2,145
30,774
782 3,512
27,6,1 2.211 -Stook dividend
49110 Apr. 20 *Holders of rec. Mar. 31
Equitable Trust 12,000 15,754 191,658 1.310 22,506 *199,03 16,509 -Standard 011 (Calif.)(guar.)
500. Mar.15 Holders of rec. Feb. 200
Standard 011 (Indiana) (guar.)
•62Mc Mar. 15 *Holders of roe. Feb. 16
Total of averages280,675439,1384,552,553, 51,913523,308 3,868,566 334,10231,737
Standard Oil (Kansas) (guar.)
50c Mar. 15 Holders of rec. Feb. 280
Standard 011 (Kentucky)(Guar.)
Apr. 2 Mar. 16 to Apr. 2
$1
Totals, actual condition Mar. 34,541,316' 48,757509.644c3,850,353350.96431.926
Stand. 011 of N..1., corn., $100 par (qu.) $1
Mar. 15 Holders of rec. Feb. 26
Totals, actual co ndltion Feb. 244,564,024 52.208493.080 c3,859,679330.044 11,662
Common ($25 par) (guar.)
25c Mar. 15 Holders of roe. Feb. 26
Totals, actual condition Feb. 174,530,502 50,121 531,212c3,869.875 309,323 31.307
Preferred (guar.)
1% Mar. 15 Holders of rec. Feb. 26a
State Banks Not Members of Fed'I Res've Bank.
Standard 011 of New York (guar.)
35c Mar. 15 Holders of rec. Feb. 230 Greenwich Bank 1.000 2,119
18,435, 1,718 1,832
19,107
52 __-Standard Oil (Ohio), con/.(guar.)
$2.50 Apr. 2 Holders of rec. Feb. 23
250
Bowery Bank._
877
5.780,
352
367
2,807 2,118
Stern Brothers, preferred (quar.)
June 1 Holders of rec. May 150 State Bank_ ___ 2,500 4,684 83,640, 3,319 1,843
2
28,584 52,452
Sullivan Machinery (guar.)
Apr. 16 Apr. 1 to Apr. 16
$1
!
Swift & Co. (Guar.)
Apr. 1 Holders of rec. Mar. 10
2
Total of averages, 3,750 '7,681 107,8551 5,389 4,042
50,498 54.622
Texas Chief 011 (guar.)
Apr. 1 Holders of rec. Mar. 100
2
Extra
roe.
Holders
Mar.
10a Totals, actual condition Mar. 3 108,026 5,3841 4,122
of
Apr. 1
1
50,660
54.635
Texas Company (guar.)
750. Mar. 31 Holders of rec. Mar. 9
Totals, actual condition Feb. 24 107.516 5.3751 4.367
50.632 54.516 -Texas Gulf Sulphur (guar.)
$1.25 Mar. 15 Holders of rec. Mar. la Totals, actual co ndition Feb. 17 107,498 5.3111 4,035
50,367
54,378
Texas Pacific Coal & 011 (guar.)
25e. Mar. 31 Holders of rec. Mar. 10a Trust Companies Not Membeers.of Fe d'i Res've Ba nk.
Thompson-Starrett Co.. pref
April 2 Holders of rec. Mar.20
4
Title Guar & Tr fiO.000fil,4l4 53,324 1,470 3,711
34,418 2,056 _--.
Timken Roller Bearing (guar.)
750. Mar.20 Holders of rec. Mar. 5a Lawyers Tit & T f6.000 f4,750
27,078
903 1,905
18,270
510 --Todd Shipyards Corporation (quar.) - $2
Mar.20 Holders of rec. Mar. la
Tonopah-Belmont Devel. Co.(guar 'l
5c. Apr. 2 Mar. 16 to Mar.21
16,164
Total of averages is,
80,402 2,373 5,616
52,688
2,566
-Tonopah Extension Mining Co.(quar.)5c. Apr. 2 Holders of rec. Mar. 12
Extra
50. Apr. 2 Holders of rec. Mar. 12
Totals, masa condition Mar. 3 79,426 2,421 5,499
51,747 2,565
Turman 011 (monthly)
Feb.
28
rec.
of
Mar.20 Holders
1
Totals, actual condition Feb. 24 80,704 2,233 6,126
53,570 2.567
Underwood Typewriter, corn.(quar.)_. 234 Apr. 1 Holders of rec. Mar. 3a Totals, actual condition Feb. 17
79,502 2,349 5.774
53,123 1,570 --__
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 30
Union Carbide & Carbon (guar.)
Apr. 2 Mar. 7 to Mar.20
$1
Gr'd aver., avge300,425462,983 4,740,810 59,675532,986 f3,971,752391.29031,737
United Cigar Stores of Amer., pref.(qu )
Mar. 15 Holders of rec. Feb. 230 Comparison with prey. week.. +16,513 -61+3,401
+5,363+153i4 +364
United Dyewood, common (guar.)
134 Apr. 2 Holders of roe.. Mar. 150
Preferred
Apr. 2 Holders of rec. Mar. 15a Gr'd aggr., (salcond'n Mar. 34,728,768156,562519,265 23,952,760408.16431,925
Prferred(quar.)
(guar.
July 2 Holders of rec. June 15a Comparison with prey. week.. -23,476 3,2 +15692 -11,121 +210371 +263
Preferred (guar.)
Oct. I Holders of rec. Sept. 15a
Preferred ((uar.)
134 Jan2'24 Holders of rec. Dec. 15a
aggr., acticond'n Feb. 244,752,244 59,816503,573 23,963,881 387,12731,662
U.S. Cast Iron, Pipe & Fdy.. prof.(qu.) 134 Mar. 111 Holders of rec. Mar. in Gr'd
Gr'd aggr., eelcond'n Feb. 174.717,502 57,781 541,121 23,973,365365,271 31,397
Preferred (guar.)
134 June 15 Holders of rec. June la Gr'd aggr., actcondo Feb. 104,712.367 60,882530,604 23,943.115372.466 31,114
Preferred (guar.)
1/$ Sept. 15 Holders of rec. Sept. in Gr'd item, ac/ ond'n Feb. 34,768.72 57.445 517,92223.987,781 373,422 30,911
Preferred (guar.)
IM Don. 15 Holders of rec. Dec. In Gr'd aggr., act't cond'n Jan. 274,755,534 60,613537,15223,978,698376,25230,438
U.S. Gypsum,common (guar.)
Mar.31 Mar. 16 to Apr. 1
1
Gr'd agar., act' entre Jan. 204.782,324 60,971 537,473 23.944,466446.078 30,624
Preferred (guar.)
Mar.31 Mar. 16 to Apr. 1
U. S. Radiator, pref.
Apr. 1 *Holders of rec. Apr. 1
Note.-U. S. deposits deducted from net demand deposits In the general tots.
(guar.)
U. S. Realty
134 Mar. 15 Holders of rec. 'Mar. 8n above were as follows: Average total Mar. 3, S33,780,000; actual totals Mar. 3
(quar.)
U.S. Steel Corporation,
corn.(guar.).- 131 Mar.30 Feb. 28 to Mar. 1
533,768,000; Feb. 24, $33,768,000; Feb. 17, 233,781,000: Feb. 10, 542.878,000; Feb;
U. S. Title Guaranty
Mar. 15 Holders of rec. Feb. 28
2
3, 847,512,000. Bills payable, rediscounts, acceptances and other
(guar.)
U. S. Tobacco (payable
Apr. 16 Holders of rec. Mar. 1 ttk average for the week, liar. 3, 5520,871,000; Feb. 24, $527,002,000; Feb. IlabilitleS_
In stock)
20
17, 8539._
Utah Copper Co. (guar.)
Mar.31 Holders of rec. Mar. 12a 840,000; Feb. 10, /521,099,000; Feb. 3, 1549,417,000. Actual totals Mar. 3, $492,.,
$1
Valvoline 011,common ((loaf.)
234 Mar. 15 Holders of rec. Mar. 10a 888,000; Feb. 24, 8520,596,000; Feb. 17, $537,691,000; Feb. 10, $533,456,000'
Preferred (quar.)
Holders
of
rec.Mar.d17a
Apr. d2
2
Feb. 3, 8514,820,000.
Vulcan Detinning, pref. & pref. A (qui- 134 Apr. 20 Holders of rec. Apr. 12a
•Includes deposits in foreign branches not included in total footing as follows:
Wahl Co., common (monthly)
50e. Apr. 1 Holders of rec. Mar. 22a National City Bank, $132,992,000:
Trust Co., $10,686,000; Guaranty Trust
Preferred (guar.)
Apr. i Holders of rec. Mar.220 Co., $80.482,000; Farmers' Loan Bankers
dr Trust Co., $24,000; Equitable Trust Co.;
Walworth Mfg., com. (guar.)
350. Mar. 15 Holders of rec. Mar. 5a $28,218,000. Balances
carried
in
banks
in
foreign countries as reserve for such derec.
Preferred ((uar.)
Max.
of
Holders
21a Posits were: National
134 Mar. 31
City Bank, $22,985,000; Bankers Trust Co.,
Wamsutta Mills (guar.)
134 Mar. 15 Holders of rec. Feb. 13
Guaranty Trust Co., 55,441,000; Farmers' Loan & Trust Co., $24,000;$1,209,000:
Ward (Edgar T.) Sons Co., pref. (guar.)
Equitable
Mar.31 Holders of rec. Mar.20
'Trust Co., '1,785,000. e Deposits In foreign branches not included. d As of
Warner Sugar art.. pref. (guar.)
Mar. 15 *Holders of rec. Mar. 10
Dec. 7 1922. e As of Jan. 3 1923. f As of Dec. 31 1922. it AB of Feb. 8 1923.
West Coast Oil (guar.)
*51.50 Apr. 5 *Holders of roe. Mar. 19
h As of Feb. 20 1923.
Western Electric CO..Preferred (quar.)..
Mar. 31 Holders of roe. Mar. 120
White Motor Co.(quar.)
Mar. 31 HoWni of rec. Mar. 200
SI
The reserve position of the different groups of institutions
Worthington Pump & Mach.,
April 2 Holders of rec. Mar. 10a
Preferred B (guar.)
April 2 Helders of reo. Mar. 10a on the basis of both the averages for the week and the actual
IM
Wrigley (Win.) Jr. Co., corn. (monthly) *500 May 1 *Holders of roe. Apr. 24
condition at the end of the week is shown in the following two
Common (monthly)
*50e June 1 *Holders of rec. May 24
tables:
Common (monthly)
•50o. July 2 *Holders of rec. June 25
Warlitzer(Rudolph)Co.STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Elghtper cent preferred (guar.)
2
June 1 Holders of rec. May 22
AND TRUST COMPANIES.
Seven per cent preferred (guar.)
Apr. 1 Holders of rec. Mar. 22
Yale & Towne Mfg.(guar.)
Si
Apr. 2 Holders of rec. Mar. 10
Yellow Cab Co.(monthly)
•33 140 Apr. 1 *Holders of rec. Mar. 20
averages.
Monthly
•33 140 May 1 *Holders of rec. Apr 20
Monthly
Cash
• 33 1-3o June 1 *Holders of rec. May 19
a
Reserve
Yellow Cab Mfg.,class B (monthly)._ •500 Apr. 1 *Holders otrec. Mar.20
Reserve
Surplus
Reserve
In
Total
Class B (monthly)
in Vault. Depositaries Reserve.
Required.
Reserve.
•500 May 1 *Holders of rec. Apr. 20
Class B (monthly)
•50o Apr. 1 *Holders of reo. May 19
Youngstown Sheet dr Tube, corn. (qu.) $1
$
hlar. 31 Holders of rec. Mar. 15a Members Federal
S
2
2
Reserve banks....
Preferred (quar.)
131 Mar.31 Holders of rec. Mar. 15a
523,308,000 523,308,000 512,936,640 10,371,360
State banks.
5,389,000 4,042,000 9,431,000 9,089,640
341,360
• From unofficial sources. t The New York Stock Exchange has ruled that stock Trust companies____ 2,373,000 5,616,0001 7,989,000 7,903,000
85.800
Will not be quoted ex-dividend on this date and not until
furher notice. t The Ne w
Total Mar. 3____ 7,762,000 532,966,000 540,728,000 529,929,480 10,798,520
York Curb Market Association has ruled that stock will not be quoted ex-dividend
Total Feb. 24_ ___ 7.559,000 529,565,000 537,124,000 528,825,560 8,298,440
on these dates and not until further notice.
Total Feb. i7.._ 7.785,000 532,001.000 539,786.000 528.896.740 10,889,260
a Transfer books not closed for this dl,. 4 Correction. • Payable in stock.
Total Feb. 10._ 7,955,000 528.686,000 536,641,000 529,386,200 7.254.800
/Payable in common stook. p Payable In scrip. 8 On account of accumulated
dividends.
• Not members of Federal Reserve Bank.
Payable In dividend obligations.
k Subject to approval of stockholders.
a This is the reserve required on net demand deposits In the case of State banks
I All transfers received in order In London on or before March 5 will be In time
and trust companies, but in the case of members of the Federal Reserve Bank
for payment of dividend to transferees.
also amount in reserve required on net time deposits, which was as follows:
ncludes
m Payable In 6% preferred stock.
Mar. 3, $10,023,060; Feb. 24, $9,592,320, Feb. 17, $9,373,440; Feb. 10, $9,498,120

131
154
134
134

134

131

.134
134

131
1%
131

134
134
134
134
134

• 134
•134

134

131
'134
134
et. A. WO 134




I/4

Actual Figures.
Cash
Reserve
in Vault.

Reserve
in
Depositaries

Total
Reserve.

Reserve
Reouired.

Surplus
Reserve.

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

Members Federal
Reserve banks__
State banks.
Trust companies____

$
$
509,644,000 509,644,000 511,074,810 -1,430,810
387.200
5,384.000 4,122,000 9,506,000 9,118,800
157,950
2,421,000 5.499.000 7.920,000 7,762,050

Mar. 3____
Feb. 24___
Feb. 17____
Feb.

7,805.000 519,265,000 527,070.000 527,955,660 -885.660
7,608.000 503,573,000 511.181.000 528,808.850 -17.627,850
7,660.000 541,121,000 548,781,000 529,397,950 19.383,050
8,036,000 530,604,000 538,640,000 525,691,940 12,948,060

Total
Total
Total
Total

[VOL. 116.

THE CHRONICLE

1024

•Not members of Federal Reserve Bank.
This Is the reserve required on net demand deposits In the case of State ba,nks
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:
Mar.3, 310,528,920; Feb. 24, 89.901,329; Feb. 17, 39,279,690; Feb. 10, 89,496,050.

March 7
1923.

Changes from
previous week.

Feb. 21
1923.

Feb. 28
1923.

3
Capital
59.000.000
unchanged
59.000,000 59.000,000
Surplus and profits
83.679,000
unchanged
83.679.000 83,679,000
Loans, dIsets & investments_ 843.397,000 Dec. 4,911,000 848,308,000 858,444,100
Individual deposits, Incl. U.S 610,780,000 Inc.
56,000 610,724.000 618,345,000
Due to banks
124,442,000 Inc. 5,843,000 118.799,000 118,999,000
Time deposits
112.344,000 Inc.
363,000 111,981.000 111,447,000
United States deposits
6,639,000 Inc.
7,000 6,632,000 6,632,010
Exchanges for Clearing House 27,326,000 Inc.
31,000 27,295.000 24,256,000
Due from other banks
69,268,000 Dee. 4,572,000 73,840,000 72,933,000
Reserve in Fed. Res. Bank_ _ 70,151,000 Inc. 1,208.000 68,943.000 69,822.000
Cash in bank and F. It. Bank 9.241,000 Dec.
167,000 9,408,000 8,940,000
Reserve excess in bank and
2,076,000 Inc.
Federal Reser% e Bank
117,000 1.959,000 1,694,000

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 com- return for the week ending March 3, 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
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in
Difference from
vaults" is not a part of legal reserve. For trust companies
March 3.
previous week.
$772,635,100 Inc.M2,969,200 not members of the Federal 'Reserve System the reserve
Loans and Investments
11,900
2,879,800 Dec.
Gold
is 10% on demand deposits and includes "Reserve
279.300 required
18,980,500 Inc.
Currency and bank Notes
66,991,700 Dec. 1.511,100 with legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
807,265,500 Inc. 14,232,400
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N.Y.City exchanges and U.S. deposits_ 761,741,300 Inc. 12,578,000
218,400
120,228,100 Inc.
Reserve on deposits
Percentage of reserve, 19.7%.
RESERVE.
-State Banks
-Trust Companies862,023.800 14.11%
*826,828,200 15.99%
Cash in vault
4.73%
23,424,300
5.33%
Deposits In banks and trust cos__ 7,951,800
834.780.000 20.72%

Total

885,448,100

19.44%

•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on March 3 was $66,991,700.

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.

Week endedDv. 11
DV. 18
Dv. 25
so. 2
so. 9
sc. 16
sc. 23
so. 30
n. 6
n. 13
n. 20
n. 27
b. 3
b. 10
b. 17
b. 24

Loans and
Investments.

Demand
Deposits.

'Total Cash
in Vaults.

Reserve in
Depositories.

$
5.348,725,300
5,331.639.900
5,314.686,500
5.327.903.200
5.309.488.800
4,798.475,400
5,523,709,500
5,519.496,000
5,630,674.400
5,529.461,100
5.552.001 500
5.522.233.200
5,532.381,800
5,496,199,200
5,492.303.000
5,483,962.900
S Ala 445 inn

$
4,573.740.400
4,569.953,000
4,562.416,100
4,592,129,500
4.542.829.600
4.545.721,000
4,594,948,100
4,733,584,900
4.802.407.700
4.774.730,400
4.710.053.200
4,734.896,900
4.731.427,200
4,718,679,400
4,722.504,900
4,715,552,100
4 732402 'Ann

$
91,084,000
89,248,900
87,309.000
88.954,800
91,414,200
93,839,300
100.766,600
100,243,100
90,677,500
93.343,800
86,646,000
83,614,700
82,113.900
83,018,000
81,336.300
81,328.900
RI 525 znn

$
614,915.700
617,659,300
613,970,600
612,086,201
609,280.701
609.293,501
618,154,201
632,127,800
656,380,000
642,753,601
637.700.W
622,630,301
627,114.401
624,211,401
631,693.901
627,981,801
RRI 222 sanr

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
No
Reserve
Net
Capital] Profits DieNet
Nat'l
CLEARING
•ounts. Cash
with Demand Time
Bank
NON-MEMBERS
Nat.bks.Dec.29 Investin
Legal
DeCircuDeWeek ending Statelsks.NovI1 'nests. Vault. Devoe- posits. posits. :anon.
tortes.
March 3 1923. Tr. cos. Dec.30 dec.
Members of
Fed'! Res. Bank.
Battery Park Nat_
IV. R.Grace As Co_

$
1,500
500

4 serape Average Average Average Average Average
8
8
8
$
$
$
s
1,163 11,050
160 1,104
7,462
488
198
1,339 8,098
29
458
1,841 4,746

Total Mar. 3__

2,000

2,502 19.157

1.562

Not Members of Fed. Res've Bank.
State Banks
621
3211 5,596
267
200
Bank of Wash. Hts
800 1,879 19,701 2.490 1,386
aolonlal Bank.-171:Td0
Total Mar. 3__-

2,20S 25,297

3,111

1,653

Crust Companies Not Me mbers of Fed.Res've Bank,
342 9,169
381
136
501
VIech.Tr.,Bayonne
50(

Total Mar. 3__

3rand aggregate__ 3,5
l'omparison with prevtou
led aggr., Feb.24
3r'd agar., Feb. 17
ar'd aggr., Feb. 10
-..... ---

3,500
3.5(10
3,500
Ann

4.940
20,877
25,817

5,232

1,034

3.390

5.633

__

3,390

5.633

...... _

381

5,059 53,623
-365
week

3,681
+101

3,351 a38,515 11,899
+28 +1.397 -356

198

53.988
54,903
54,857
55.370

3,SSO
3.4961
3,78
3.0531

3,323
3,579
3,433
3,620

198
198
191
195

837,113
a37,380
a39.543
a38.042

12,255
13,917
12,765
13.511

$38,875,0
102.652,0
689,212,0
33,787,0
103,890,0
131,515,0
543,371,0
32,679,0
707,565,0

35,000.0
14,496,0
43.639,0
1,253,0
35,0
701,0
29,892,0
730,0
31,326,0
4,204,0

57,926,0
9,947,0
67,873.0
57,180.0
10,693,0

1,272.0
5,476,0
4,432,0
2,316,0

March 24
1923.

Feb. 17
1923.

$40,875,0
114.847,0
712,103,0
34,041,0
98,193,0
123,058,0
558,809,0
27,301,0
709,168,0
6,122,0
3,390,0
54,111,0
11,491,0
68.992,0
59,928,0
10,363,0

340.875,0
114,847,0
707,939,0
31,386,0
100,105,0
125,628,0
553,520,0
27,139,0
706,287,0
6,361,0
3,038,0
55,351,0
10,923,0
69,312,0
69,099,0
11,507,0

Total.
$43,875,0
117,148,0
732,851,0
35,040.0
103,925,0
132,219.0
573,263,0
33,409,0
738,891,0
8,110,0
4,204,0
57,926,0
11,219,0
73.349,0
61.612,0
13,009,0

•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 March 7 1922 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F. It. Board
Total gold held by bank
Gold with Federal Reserve Agent
Cold redemption fund

March 7 1923. Feb. 28 1923. March 8 1922
$
144,503,433 139,573,098 283,423.000
281,804,766 257.602,964
56,118,000
406,308,200
624,559,470
11,471,055

397,176,062
624,744.470
8,469,305

339,541,000
740,909,000
10,000,000

Total gold reserves
Reserves other than gold

1 042,348,728 1,030,389,838 1,090,450,00e
19,984,422
19.198.994
35,127,000

Total reserves
•Non reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
All other
Bills bought in open market

1,061.547,720 1,050,354,260 1,125,577,000
9,277,916
10,057,927
170,340,685
29,897,684
29,480,225

179,215,875
31,006,416
30,470,286

41,279,000
27,152,000
34,179,000

229,718,595
12,835,750

240,692,577
27,327,750

102,610,000
63,024,000

13,220,000

21.470,000

31,400,000
79,984,000

255,774,3;5
Total earning assets
10.872,410
Bank premises
5% rcdemp.fund agst. F.R.bank notes_
118,592,202
Uncollected items
1,743,431
All other resources

289,490,327
10,855,757

Total bills dn hand
U. S. bonds and notes
U. S. certificates of IndebtednessOne-year certificates (Pittman Act).
All other

128,708,892
1,741,958

277,018,000
7,376,000
1,406,000
91,979,000
3,846,000

1,458.588,026 1,488.429,112 1.507,202,000

LiabilitiesCapital paid in
Surplus
DepositsGovernment
Member banks-Reserve account
All other

29,127,900
59,799,523

29,127,000
59,799,523

27,062,000
60,197,000

10,807,022
683,969,043
9,985,366

12,128.210
712,105,713
10,513,511

6,049,000
681,233,000
10,792,000

704.781.432
Total
570,391,134
F. It. notes in actual circulation
F. R. bank notes in circu'n-net liability
91,839,472
Deferred availability items
2,668,564
All other liabilities

734,747,435
568,124,081

698,074,000
628,280,000
17,092,000
72,888,000
3,609,000

Total liabilities

94,156,802
2,473,670

1,458,588,026 1,488,429,112 1,507,202,000

Ratio of total reserves to deposit and
83.2%
F;R. note liabilities combined
Contingent liability on bills purchased
8,124,142
for foreign correspondents
• Not shown separately prior to January 1923.

1,034

a U. S. deposits deducted. $353 000.
tom aril other liabilities, 52,332,0)3.
Bills payable. m4120212- s•
Excess reserve, 5114,650 Increase.




198

341
' 9.169

5,059
5.059
5 059
s OSP

136

9,303

Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U. 13 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.12 cash in vault_

Total resources

(Stated in thousands of dollars-that is. th ee ciphers 1000) omitted.)

189

Week ending Maach 3 1923.
Truss
Two Ciphers (00) omitted. Membersof
F.R.System Companies

80.0%

84.9%

5,169,199

11,795,984

CURRENT NOTICES.
-Irving Bank-Columbia Trust Co. will act as depositary for the two
following Issues of the Colorado Wyoming dr Eastern Railway Co.: 1st and
refunding mortgage 6% gold bonds dated July 1 1914: general mortgage
Income 6% gold bonds, also dated July 1 1914.
-National Financial News Service, 66 Broad St., New York. financial
publishers, issue monthly a securities rating bulletin, which gives the leading
country.
facts about all active stocks on the principal exchanges of the
Sample copy will be mailed upon request.

MAR. 10 1923.]

TI-1141

CHRONICLE

1025

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, March 8,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 the
correspon
ding
week last year.
of
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 997, being the first item in our department of "Current Events
Discussio
and
ns."
COMBINED RESOURCES AND LIABILITIES OF THE
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH

7 1923.

Afarch 7 1923. Feb. 28 1923. Feb. 21 1923. Feb. 14 1923. Feb. 7 1923.1.7an.
311923. Jan. 24 1923.1Jan. 17 1923 March 8 1922
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board

311,550,0001 302,611,000
645,285,000, 604,008.000

302,668,000
574,857,000

302,189,000
572.152,000

307,567,000
569,278,000

$
292,664,000
561,403.000

3
298,207.000, 296.840,000
556,642.0001 535,229,000

380,823,000
491,294.000

Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund

956,835,600 906,619,000 877,525,000 874,341,000 876,845,000 854,067,000 854,849,000 832,069.609 872,117,000
2,074,643,00C 2,108,767,000 2,142,076,0(10 2.144,036,000 2,139,375,000 2,174,677,00
6 2,181.121,000 2.195,474.000 2,030,161,000
52,763,000, 57,427,000
55,641,000
60.120.000
59,856,000
44,167,000
49,949.000
47,066,000
63,595,000
Total gold reserves
3,083,641.000 3,072,813,000 3,075,242,000 3,078,497,000 3,076,076,000 3,075,810,00 3,080,137,00 3,677,492.00 2,965,873,00
01
0
0
Reserves other than gold
117,633,000 128,787,000 128,367,000 140,464,000 143,288,0001 151,333,000 141,844.000, 136.645.000 128,087,0000
Total reserves
3,201,274,000 3,201,600,000 3,203,609,000 3,218,961.000 3.219,364,000 3,227,143,00 3,221.981.00
03,214,137.000 3,093,960,000
0
•Non-reserve cash
70,144,000, 45,824.000
68,108,000
67.789,000
67.770,000
79,958.000, 82,178,000
54,452,000
Bills discounted:
Secured by U. S. Govt. obligations
330,093,000 1 356,039.000 368.241,0001 428.724,000 344,646,000 377,482,000 341,649.000 284.017,000
238,497,000
Other bills discounted
241,3943000 239,721,000 259.682,000 224.715.000 224,663,000
228.086,000, 229,328,000 392,544,000
Bills bought in open market
218,886,000 207,678,000 182,353,000 184,476,000 184,945,000 219.769,000 204,547.000
188,566,000
201.335.000 101,931,000
Total bills on hand
790,373,000 803,438,000 810,276,000 837,915,000 754,254,000
774,282,000 714,680.000 732,972,000
U. S. bonds and notes
157,976,000 173,975,000 167,420,000 163.240,000 166,086,000 785,817,000
U. S. certificates of Indebtedness
186,911,000, 189,099,000 186,614,000, 190,283.000 187,038,000 162,952,000 166.857.000 150.878.000 188,773.000
255,068,000
Other certificates
190,783,00J 185,962.000 255.554,000
Municipal warrants
4,000
102,000
10.000
Total earning assets
1,135,260,000 1,166,512,000 1,164,310,000 1,191,438,000 1,107,378,000
1,127.105.00
1,127,122.00
1,139,552,00
1,176,915,00
0
3
0
0
Bank premises
47,937,000
47,863,000
47,042,000
46,777.000
46,640,000
46,400.000
46,471,000
37,394,000
45,895,000
5% redemp. fund agst. F. R. bank notes
311,000
311.100
311,000
311,000
311,0001
311,000
310,000
8,173,000
311.000
Uncollected items
618,956.000 608.167,000 606,089.000 676,805,000 524,354,000
530,431,000 580,148.000 653,495,00u 486,190,000
All other resources
17,113,000
16,799,000
16,566,000
16,045,000
15,518,000
15,497.000
15,180.000
15,329.000
16,216,000
Total resources
5,090,995,000 5,087,076,000 5,106,755,000 5.218,126.000
4,981,635.000 5.013,540,000 5,071,399,000 5,138.467,000 4,818,848,000
LIABILITIES.
I
Capital paid in
I
108,852,000 108,867.000 108,874,000 108.373.000 107,810.0001
107,648,000 107,484.001
103,802,000
Surplus
218,369.000 218,369.000 218,369,000 218,369.000 218.369,000 107.703,000 218.369,000
218,309,001
218.389,000
215,398.000
Deposits—Government
38,773,000
43,401,000
46,306,000
43.492.000
35,131.000
33,042.000
9.341,001
46,014,000
24,207,000
Member bank—reserve account
1,879,697.000 1,887,552,000 1,897.691,000 1,964,561.000 1,905.530,00
0 1,913,446.000 1,924,521.000 1,918.468,004 1.719,910.000
Other deposits
24.392,000
21,364.000
21,917.000
22,639,000
23,780,000
33,263,000
31.602,000
41,642,000
35,938,000
Total deposits
1,942,862,000 1,952,317.000 1,965,914,000 2.030,692,000
F. R. notes In actual circulation
2,258,302,000 2,246,943.000 2,260,497,000 2,243.603.000 1,964,441,01)0 1,991.062,000 1,990,828,000 1,989,451.004 1,780.055,000
2,217,817.000 2,203,701,000 2,225,231.000 2,256,491,000 2,197,434,000
F.R. bank notes in circulation—net!lab.
2,788,000
2,645,000
3.066,000
3.674.060
3,309,000
3.132.000
3317,0011
79,633.000
3,105,000
Deferred availability items
549,513,000 546,254,000 538,323,000 602.878,000 459,255,000
479,551,000 514,997.000 573,705,000 424,418.000
All other liabilities
12,309,000
11,681,000
11.712,000
11,137.000
10,634,000
10,049.000
11,196,000
18,108,000
9.850.001
Total liabilities
5,090,995,000 5,087,076,000 5,106,755,000 5,218,126,000
4,981,635,000 5,013,540,000 5,071,399,000 5,138,467,001 4,818,848,000
Ratio of gold reserves to deposit and
I
F. R. note liabilities combined
73.4%1
73.2%
72.7%
72.0%
73.5%
73.3%
70.8%
Ratio of total reserves to deposit and
74.6%
72.8%
F. R. note liabilities combined
76.2%1
76.2%
75.8%,
75.3%
77.0%
70.4%
76.9%
77.8%
76.1%
Distribution by Maturities1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market..
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness_ _ _
Over 90 days municipal warrants

$
61,624,000
419,826,000
61,405,600

$
58,137,000
455,438,000
68,620,000

39.323,000
33,993,000

42,253,000
32,457,000
35,000

34,755,0001
31,901,000
46,992.000

33.080,000
28.607.000
38,933.000

34,940.000
36,917,000

41,654,0001
34,946,000

41,930.000
31,576.000

64,662,000
59.752,000

57,810,000
54,321,000

44,669,000
53,490,000
15,000,000

43,982,000
45,800.000
18,500.000

42,551,000
46,593,000
48,213,000

45,442,000
46,589,000
83,201,000

59,427,000
70,346,000
484,614.000, 524.616,000
4,684,000
13.286.000

1

$
I$Is
65,080,000' 65.983.000
71,673.000
430,152.000 453,690.000 421.946.000
4.872,000
11,048,000
13,970.000

44,344,000
37,865,000

38.789,000
32,519,000

36,738.000
35,210,000

26,498.000
32,284,000

32,354,000
31,777,000

27,565,000.
38,258,000

8,933,000
20,051,060
125,506,000

10,689,000
21,025,000
120,444,000

8,292.000
21,180,000
119,938,000

10.570,000
22,132.000
119.564,000

10,020,000
23,870,000
133,953.000

1
7,922.000,
23,768,000
96.534,000

62,988,00
367,072,000
75,710,000
6.000
47,229,604
31,695,000
5.914.0013

43,171,000
345,054,000
44,998,000

52,446,000
52,300.000
76,567.000
4,000
29,204.000
36,641.000
14,507.000

55,604.000
48.249,000
71,272.000
4.000
28,628,000
38.848.000

23,186.000
102,340,000
10,587,000

9.294.000
27,272,000
80,918,000

6,886,000
27,441.000
102,658,000

14,427,000
76,492,000
13,909,000

16.640,000
69,709,000
500,000
102.000
4,507,000
37.446,000
185,074.000

Federal Reserve Notes—
Outstanding
Held by banks

2,650,163,000 2,647,562,000 2,652,879.000 2.633,175,00
393.881,000 400.619,000 392,382,000 389.572,00002,619,758,000 2.632,727,000 2.654,125.000 2,691,511.000 2,540,443,000
401.941,000 429,026,000 428,894.000 435,020,000 343,009,000
In actual circulation
2.256,302,000 2,246,943,000 2,260.49 (.0002.243.003,000
2.217,817,000 2,203,701.000 2,225,231,000 2,256,491.0(81 2,197,434,000
Amount chargeable to Fed. Res. Agent 3,503,305,000 3,512,304,000 3.527.052.0003.528,348,0
00
In hands of Federal Reserve Agent
853,122,000 864,742,000 874,173,000 895,173,000 3,535.806.000 3.566,210.000 3,585,873.000 3.620,438,00C 3,423,544,000
916,045,600 933,483,000 934,748,000 928,927.000 883,101.000
Issued to Federal Reserve banks
2,650.183,000 2,647,562,000 2,652,879,000 2.633.175,000 2
,619.758,000 2,632,727,000 2,654,125.000 2,691.511,00 2,540,443,000
0
How Secured—
1
BY gold and gold certificates
322,399,000 317,399,000 327.398,00. 330,809,000 329.799,000
By eligible paper
339,809,0001 339,809.000 342,462.000 344,012,000
576,140,000 538,795,000 510,,
03.000 489.139.000
Gold redemption fund
124,765,000 136,023.000 126,833,000 128,130,000 480.383.600 458.050,000 473,004,000 496,037,000 510,282,000
130,567,000 133,752,000 133,647.000
With Federal Reserve Board
1,626,879,000 1,655,345,000 1,687,845,000 1,685,097,000 1,679,009,00
134.719,000 121,616,000
0 1.701,116,000 1,707,665,000 1.718.293.10 1.564,533,000
0
Total
2,650,183,000 2,647,562,000 2,652,879,000 2,633,175,000 2,619,758.06
0 2,632,727,000 2,654,125.000 2,691,511.00 2,540,443,000
0
Eligible paper delivered to F. R. Agent, 756,301,000 749,098,000 760.241,000
—
— 800,422,000 721,280.000 753.115,000
746,805,000 695,399,000 706,998,000
• Not shown separately prior to Jan. 1923.
WEEKLY STATEMENT OF RESOURCE
S AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS MARCH 7 1923.
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston New York Phila. Cleveland Richmond Atlanta
Chicago St. Louis hfeinem). Kan.
City Dallas San Fran.
Total
RESOURCES.
_
$
3
$
$
$
$
Gold and gold certificates
$
$
$
19,900,0
$
$
$
$
Gold settlement fund—F.R.Wrd 38,119,0 144,503,0 22.103,0 12,570.0 6,910,0 5,678.0 52.079,0 5,440,0 7,799,0 2.981.0
11,091,0 19,896,0 311,550,0
261,805,0 35,969.0 76.580,0 26,655,0 14,961,0 70,014.0
6.427,0 28,629,0 32.676.0 11,976,0 41,474,0 645.285,0
—
-Total gold held by banks
58,019,0 406,308,0 58,072.0 89,150.0 33,565,0 20.639.0
Gold with F. R. Agents
170,942,0 624,569,0 163,759.0 207,239.0 62,361,0 109.497,0 122.693,0 11,867,0 36,428,0 35,657.0 23,067.0 61,370.0 956,835,0
364,071,0
Gold redemption fund
8,514,0
11.471,0 6,583,0
1.852,0 4,755,0 1,096,0 6.789,0 79,734,0 46.606,0 55,061.0 14,207,0 175.997.0 2,074,043.0
3,388,0 1,060,0 1,429.0
1,318,0 4,508.0
62,763,0
Total gold reserves
237,475,0 1,042,348,0 228,414,0 298.241,0 100.681,0 131,232,0
493.553,0 94,989,0 84,094,0 92.147.0 38,592.0 241,875.0
Reserves other than gold
9,579,0
3.083.641,0
19,199,0 6,015,0 8,567.0 11,812,0 7.952,0 19,937,0
19,243.0 1,076,0 4,189,0 4,806,0 5,258,0 117.633,0
—
-Total reserves
247,054,0 1,061,547,0 234,429,0 306,808.0 112,493,0 139,184,0
513,490.0
Non-reserve cash
12,329,0
10,058,0 2,961,0 3,358,0 3,523,0 7,927.0 6,574,0 114,232,0 85,170.0 96,336.0 43.398,0 247,133.0 3,201.274,0
discounted:
Bills
5.106,0 1,955,0 3,908,0 3,869,0 8,576.0
70.144,0
Secured by U.S.Govt.obliga•ns 19,707.0 170,341,0 34,004,0 12,756,0 16.027.0
2,984,0 45,770,0 7.765,0
Other bills discounted
21.882,0
1,468,0 '5,416,0 1,840.0 12,015.0 330,093.0
29.898,0 11,541,0 14,877.0 25,361,0 16.421,0 30,983,0
1 1.092,0 15,107,0 13,368,0 16,712,0 34,152,0 241,394,0
Bills bought in open market
12,854,0
29.480.0 28,687,0 38,774,0
680,0 9,659,0 29.499,0
10,162,0 4,182,0
1,077,0 21,252,0 32,580,0 218.886.0
Total bills on hand
54,443.0 229,719,0 74,232,0 66,407.0 42,068,0
29.064,0
106,252,0 29,019,0 20,757,0 19,861,0 39,804,0 78,747,0
U.S. bonds and notes
5,374,0
12,836,0 24,438,0 12,355.0 1,341.0
790.373,0
561,0 7,209.0 18,145,0 11,923,0 33,299,0
2.879,0 27,616,0 157,976,0
U.S.certificates of Indebtedneaa_ 22,073.0
13,220,0 4,632,0 25,259.0
14,531,0 66,491,0 10,708,0
729,0 12,413,0 9,729,0 7,126,0 186,911,0
Total earning ARAMs
81.890.0 255,775,0 103.302,0 104.021,0 43.409,0
44.156,0 170,952.0 —
57 R79 n 33 dna n fin 873 (I 82 412 (1 113 400 n 1 135 9RA n




[VoL. 116.

THE CHRONICLE
RESOURCES (Conciuded)Two ciphers (00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected items
All other resources

against

Boston

New

$
4,434,0
52,262,0
466.0

Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve acc't
Other deposits

York! Phila.

Chicago St. Louts!Minneap. Kan. Otty

Cleveland Richmond Atlanta

Total

Son Fran

Dallas

$
1,962,0

$
47,937,0

46,0
200,0
65,0
118,592,0 50,619,0 58,866,0 54,893,0 27,575,0 91,791,0 40,509,0 16,227,0 40,536,0 26,573,0 40,513,0
501,0 1,285,0
443,0
584,0 1,879,0 1,244,0 2,211,0 5,127,0
963,0
1,744,0
836,0

311,0
618,956,0
17,113,0

$
10,872.0

$
2,617,0

S
7,704,0

$
676,0

S
2,211,0

$
8,756,0

$
928,0

$
1,052,0

$
4,790.0

$
1,937,0

398,435,0 1,458,588,0 392,623,0 481,720,0 217,378,0 221,554,0 801,913,0 219,229,0 139,692,0 212,587,0 130,476,0 416,800,0 5,090,995,0
8,046,0
16,312,0
1,772,0
123,700,0
672,0

29,128,0 9,609,0 11,951,0 5,656,0 4,420,0 14,964,0 4,907,0 3,570,0 4,655,0 4,182,0 7,764,0 108,852,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9,488,0 7,496,0 15.263,0 218,369,0
38,773,0
10,807,0
579,0 4,366,0 1,553,0 3 053 0 4,378,0 2,978,0 2,481.0 2,248,0 1,672,0 2.836,0
683,989,0 115,821,0 152,552,0 62,313,0 55,643,0 280,978,0 73,972,0 51,776,0 82,459,0 54,605,0 141,909,0 1,879,697,0
24,392,0
348,0 3,884,0
760,0 1,568,0 1,701,0
273,0 1,064,0
246,0
9,985,0 1,515,0 2,378,0

126,144.0
Total deposits
F.R. notes in actual circulation 202,499.0
F. R. bank notes in circulationnet liability
44,945,0
Deferred availability Items
489.0
All other liabilities

704,761,0 117,915,0 159,298,0 64,112,0 58,969,0 286,420,0 77,710,0 55,825,0 86,403.0 56,623,0 148,679,0 1,942,862,0
570,391,0 200,809,0 232,328,0 86,855,0 123,654,0 394,691,0 87.035,0 58,446,0 65,234,0 31,210,0 205,150.0 2,256,302,0
431,0
462,0
1,895,0
91,839.0 44,783.0 53,887,0 48,963,0 24,951,0 73,707,0 39,154.0 15,508,0 44,405.0 28,808,0 38,763,0
758,0
870,0
618,0 1,302,0
502,0 1,695,0 1,181,0
501,0
2,669,0
963,0
758,0

2,788,0
549.513,0
12,309,0

Total liabilities
398,435,0 1,458,588,0 392,623,0 481.720,0 217,378,0 221,554,0 801,913,0 219,229,0 139,692,0 212,587,0 130.476.0 416,800,0 5,090,995,0
Memoranda.
Ratio of total reserves to deposit
and F. It. note liabilities com69.8
76.2
49.4
75.9
69.3
63.5
75.4
76.2
74.5.
83.2
bined, per cent
73.6
75.2
78.3
Contingent [lability on bills pur28,848,0
966,0 1,222,0 1,023,0 2,018,0
chased for foreign correspond'ts 2,132,0
8.124,0 2,444,0 3,070,0 1,478,0 1,169,0 3,951.0 1.251,0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MARCH 7 1923.
Boston. New York Phila. Clever d Richm'd Atlanta Chicago St.Louts Minn. K. City Dallas San Fr.

Federal Reserve Agent at-

Resources$
(In Thousands of Dollars)
Federal Reserve notes on hand
85,600
Federal Reserve notes outstanding
221,029
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
20,360
17,642
Gold redemption fund
Gold Fund-Federal Reserve Board
133,000
50,087
Eligible paperf Amount required
4,356
'Excess amount held

$
$
$
$
S
$
$
108,960 22,740 9,830 20,210 21,264 61,725 853,122
441,646 106,639 59,687 72,247 34,107 254,176 2,850,183

2.400
250,531 7,00C 13,275
33,038 10,870 13,964 2,566 5,597
341,000 145,889 180,660 59,795 101,500
130,946 82,968 45.098 34,239 19,976
76,792 4,083 18,285 6,619 9,080

6,461
322,399
9,380 13,052
1,746 12,807 124,765
16,426 4,854 1,554 3,701
347,645 65,500 32,000 51.360 6,000 163,190 1,626,879
77,575 26,905 13,081 17,186 19,900 78,179 576,140
558 180,161
28,677 2,114 7,212 2,675 19,710

531,414 1,923,412 508,537 557,479 229,359 340,969 1,020,929 238,132 136,216
Total
LiabilitiesNet amount of Federal Reserve notes received from
306,029 1,091,105 277,727 286,857 126,140 202,416 550,606 129,379 69,317
Comptroller of the Currency
170,942 621,569 163,759 207,239 62,361 109,497 364.071 79,734 46,606
Collateral received from J Gold
54,443 207,738 07.051 63,383 40.858 29,056 106,252 29,019 20,293
Federal Reserve 13anklEligible paper
531,414 1,923,412 508,537 557,479 229,359 340,969 1,020,929 238.132 136,216
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Varlaral fl...,.,,,. nntaa In on,"a 1 sArovIlatInn

Total

$
$
$
$
$
335,590 51,000 34,520 29,540 72,943
755,515 226,727 252,337 96,600 129,473

167,379 109,188 570,635 6,333,649
92.457 55,371 315,901 3,503,305
55,031 14,207 175,997 2,074,043
19,861 39,610 78,737 756,301
167,379 109,188 570.635 6,333,649

221,029
18,530

755,515 220,727 252,337 96,600 129,473
185,124 25,918 20,009 9,745 5,819

441,616 108,639 59,687-72,247 34,107 254,176 2,650,183
46,955 19,604 3,241 7,013 2,897 49,026 393,881

9n9

son qui min MO 232.328 86.855 123.654

394.691 87.035 56.446 65.234 31.210 205.150 2.256.302

4.1"111

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 777 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, page 2523. The comment of the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 997.
(000) omitted.
1. Data for all reporting member banks In each Federal Reserve District at close of business February 28 1923. Three ciphers
Federal Reserve District.

Boston

'
New York

Phila.

Cleveland Richmond Atlanta

Chicago St. Louis Minium,. Kan. CUy

Dallas

San Fran

Total

Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Govt.obligations
Secured by stocks and bonds
An other loans and discounts

106
46
$
$
93,452
14.633
242,354 1,735.929
603,582 2,389,817

84
S
32,004
371,586
658,427

S
10,192
121,308
317.791

6
$
47,601
7,534
61,659 542,358
336.8001.094,809

3
17,630
140,042
299.176

$
7,665
47.642
191.140

$
8.702
80,546
363,805

6
7,852
52,392
207.999

777
$
$
282,521
18,110
158,590 3,799,712
764,073 7,557,140

Total loans and discounts
U.S. pre-war bonds
U.S. Liberty Notes
U.S. Treasury Notes
U. S. Victory notes Sc Trees' notes_
U. S. Certificates of Indebtedness
Other bonds, stocks and securities

860.569 4,219,198 594,187 1,061,997
48,056
11,464
48456
12,798
48,080 119,967
78,006 486,121
8,949
4,180
44,074
5,380
57,293
52,928
24,930 489,814
9,713
2,302
68,380
7.923
172,549 742,222' 185,211 287.202

449,291
30,460
32,635
4,657
9,739
2,591
52,642

405,999 1,684,768
24.596
14,551
12,054
93,585
1,772
32,604
6,900 124,891
5,284
24,513
37,193 362,354

456,848
15,324
23,725
9,910
25,167
3,680
91,674

246,447
8,831
15,218
1,733
24,643
2,084
30,486

453,053
12,359
46,668
3,518
20.272
5,453
57.765

268,243
19,753
13,419
3,829
14,339
3,316
9.017

938,773 11,639,373
282,800
36,152
92.818 1,042,296
133,319
12,713
900,000
49,084
145,704
10,465
157.981 2,186,296

898,352 1,593,177
69,958 108.329
29,381
16,472
700,795 932,774
75,467 547,603
4,948
9,631

582,015
37,875
13,946
337.358
151,784
4,578

483,753 2,347,311
30,629 207.614
10.907
52,788
287,739 1.517,589
164,837 759.810
2,359
14,035

626,328
42,333
7,899
376,217
184,211
3,852

329,442
21,206
5,993
214,735
82,641
3,007

599,088
48,561
11,788
469,637
122,652
1,081

331,916 1,297,986 16,329.788
92,696 1,408.310
25,700
277,480
19,738
9.805
247,213 669,96111,524,812
74,762 598,156 3,775,827
100,109
6,071
1,305
.

8,683
2.260

13,128
12,674

6,901
4,297

115
1.245

3,440
2.250

Total loans & dtsc't8 & investmls 1,162,155 6,078.265
78,869 644.540
Reserve balance with F. R.)lank__.
79,818
18.945
Cash in vault
804,9634,967.431
Net demand deposits
245,527 768,377
Time deposits
41,813
7,429
Government demposits
Bills payable and rediscounts with
Federal Reserve Bank:
8,234 157,708
Secured by U.S.Govt.obligations
25.159
22.409
At'.a h.

55
$
19,146
245,326
329,715

19,484
11,456

78

39

606
4,218

107

38

30

78

52

33,074
11,034

3.071

68

15,807
16.261

287,180
118.334

Federal Reserve Bank and branch cities and all other reporting banks.
2. Data of reporting member banks in
New York City
Three ciphers (000) omitted.

City of Chicago

Feb. 28. Feb. 21. Feb. 28. Feb. 21.

All F. R. Ban* CitiesP. R. Branch CitieslOther Selected Cities.
Feb. 28.

Feb. 21

Total.

Feb. 28. Feb. 21. Feb. 28. Feb. 21. Feb. 28 '231Feb. 21 '23 Mar. 1 '22
1

207
207
$ 807
281
259
311
49
311
777
$ 7781
49
83
63
Number of reporting banks
$
$
$
$
$
$
6
$
$
$
$
Loans and discounts, gross:
48,763
189,087
48,188
190,246
426,948
43,512
28,171
277,120
39.885
37,201
282.521
90,220
84,073
Secured by U.S. Govt.obligations
1.557,692 1,521,241 407,902 403,171 2,780,163 2,725,815 550,752 552,500 468,797 457,935 3.799.712 3,737,251 3,130,351
Secured by stocks and bonds
2,087,816 2.050,441 637,769 644,86 4,653,39: 4,623,863 1,545.777 1,541.975 1,357,965 1,351,534 7,557,141 7,517,372 7,380,236
All other loans and discounts
I
3,729.581 3,661,902 1,082.872 1,076,210 7,623,80 7,539,746 2,145,292 2,142,843 1,870.274 1,849.354 11,639.373 11,531,743.10,917.535
Total loans and dIscounte
98,902
77.27778,862 108,261 105,856
281,620'
99,262
282,800
2,652
37,835
3,051
37,805
U.S. pre-war bonds
643,287 249.388 249.431 169,635 170,048 1,042,296 1,062,766 1 994,442
623,273
37,657
35,418
396,790 414,334
U. B. Liberty bonds
27,189
87,289
27,208
138,804
82,831
23.299
24,309
25,3:,
133,319
38.164
28.515
33.433
U.S. Treasury bonds
422,266
706,851 138.149 138.319
922,789
77,599
684,252
474,717
82.216
900,000
82,991
77.620
II.S. Victory notes & Treasury notes 458.699 66,089
142,191
32,497
32,616
93,288
145,855
19,290
93,917
19,773
12,4!i
145.704
12,051
85,767
Indebtedness
U.S. Certificates of
1,178.195
1,185.090
185,041
578,451
2.180,9912.068,706
186,686
581.678
422,755
2,186.296
534.756
421,118
640,677
Other bonds, stocks and securities
10,347,535 3,248.2433.248.755 2.689.113 2.668.078 16.329.788 16.264,368 14,545,140
5,225,79
Total loans & disets & inveat'ts.5,282,752 594.9 1,428.1121,423,71710,392.432
147,537 147,493 1,005.997 1,015,047 233.092 243.4381 169,24 166,613 1,408,310 1,425.00811,314,440
598,049
Reserve balance with F. R. Bank
263,092
57.503
59,243
288,889
6.
277,480
77,769
29,173
28.581
.
66.338
•
•
Cash in vault
4 469,536 4,435.138 1,030,135 1,012,607 7,908.653 7,863,67 1.899,182 1,894,424 1,718,777 1.887.874 11,524,612 11,445,970 10.348.640
Net demand deposits
3,084,152
3,772,558
608,750 505,189 367.688 364,130 1,811,100 1,808,025 L152,8771,156,027 811.850 808,604 3,775,827
Time deposits
279,602
16.55O
98,747
74.739
100,109
14,788
9,220
74.339
9,2201
38.591
8,942
8.942
38,591
Government deposits
Bills payable and rediscounts with •
135,341
F. R. Bank:
278,548
45.1731 51,391
19.8781 17,898
267,180
209,259
202,129
19,776
10.701
132.995 148.740
Bee'd by U.S. Govt.obligations
182,932
23,399
118,334
100,848
138.90
21,106
16,951
78,905
16,030
31,195
6,411')
8,248
17,636
All other
Ratio of bills payable & rediscounts
with F. It. Bank to total loans
24
2.
2.1
2.4
1.3
1.3
2.2
1
2.7
1.3
1.
.
2.9
and investments. per cent
•Revised figures.




MAR. 10 1923.1

THE CHRONICLE

*laU iLers' (1`razett.t,

TRANSACTIONS AT THE NEW YORK STOCK =CHANGE
DAILY. WEEKLY AND YEARLY.

Wall Street, Friday Night, March 9 1923.
Railroad and Miscellaneous Stocks.-The stock market
has been unusually active for the season during the week
now closing, the daily transactions averaging somewhat
more than 1% million shares. Prices fluctuated rather
widely, but in most cases net changes are within normal limits. In the railway list these changes are generally fractional,
and of the leading industrials only a few are exceptional.
Conspicuous among the latter is Maxwell Motors Co., which
advanced 10 points, and American Locomotive, closing 9
points higher than last week. Other equipment stocks have
been notably strong, with the list of that group considerably
enlarged.
Sterling exchange has been relatively steady, while wheat
and cotton have moved to new high figures, the latter selling
substantially above 31 cents per pound. The daily output
of iron and steel in February was the largest ever reported for
that month, being 83% more than in 1922.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:

I

Sales
STOCKS.
Week ending March 9. for
Week.I

Range for Week.
Leneest.

Highest.

Range since Jan. 1.
Lowest.

1027

Highest.

Week ending
March 9 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.

Railroad.

Stocks.

&c.,

Shares.

Pox Value.

751,675
1,237,602
1,309,082
1,193.198
1.288,210
909,000

$66,000,000
114,000,000
122,000,000
112,500.000
117,500,000
85,000,000

Bonds.
$4,014,000
6,492,000
5,961,000
6,289,500
6,371,000
7,446,500

State. Mun
and Foreign
Bonds.

U.S.
Bonds.

$875.500 $2,109.900
1,643,000 1,934.254
1.613.500 2,137,500
1.308,000 2,348,320
1,395,000 3,920,750
1,402,000 1,453,000

6.688,7671617,000,000 236.574,000 28,237,000 $13,903,724
Jan. 1 to March 9.
Week ending March 9.
1923.

1922.

1923.

1922.

Stocks-No. shares_ _ _
4,331,271
39.547.249
6,688,767
52,177,157
Par value
$617,000,000 $390,227,359 24,707,858,000 $3,535,413,875
Bonds.
Government bonds_ _ _ $13,903,724 $33,610,000
$409,753,750
$167,277,840
State, mun.&for'nbds.
49,353,000
8,237,000 13,831,000
108,017,400
RR.and misc. bonds
342,814,830
36,574,000 30,539,950
363,682,000
Total bonds
$58,714,724 $77,980,950
$638,977,240
2872,818,100
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
•
Philadelphia
Boston
Bcatinsore
Week ending
March 9 1923.
Shares. Bond Sales Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

29,998
40,024
28,521
19,930
29,024
17,999

$32,100
58,300
62,300
29,300
46,750
42,000

4,634
7,107
7,299
9,670
6,956
3,599

238,000
84,500
28,300
100,200
101,800
211,000

650
716
1,097
1,645
1,090
955

$19,400
33.000
58,600
45,500
33,900
33,000

Railroads. Par. Share $ per share. $ per share. S per share.S per share.
Mar 8 199 Mar 8 141( Jan 241. Feb
Ann Arbor
li # j,O0 18
Jan 94% Jan
Mar 5 94 Mar 5 91
Bangor & Aroos pi ef _100
Total
165,496 $270,750
39,265 $563,800
1001 94
6,153 $223,400
mar
Jan 6 87 Jan 6 6314 Fe. 87
Buff It & Pitts pre(.101
60 87
Mar Prey, week revised 199.818 2235.500
Mar 120
Mar 5 120 Jan • 120
Buff dr Susquehanna _100
100 120
75.032 5487.250
11.218 1174.000
Feb
•
231
210
J
Mar
3
Cent RR ot NJ
50021134 Mar 8 2434
100
Mar Daily Record of U. S. Bond Prices. Mar.3. Mar.5. Mar.6. Mar.7. Mar 8. mar.9'
Mar 3 92 Mar 8 7534 Fe, 92
C C C & $t Louis_ _ _100 700 82
Feb
Mar 5 60 . Mar 5 5834 'Jan 60
Colo & South 1st pref 1 I
100 60
1141gb 101.22 101.34 101.28 101.26 101.34 101.28
Detroit United Ry
100 1,100 7234 Mar 3 7544 Mar 8 5834 Jan 7534 Mar First Liberty Loan
34% bonds of 1932-47._ Low_ 101.18 101.18 101.22 101.20 101.20 101.20
234 Mar 5 234 Mar 33j Feb
Dul So Sh & Atlantic_100
100 234 Mar
Close 101.20 101.34 101.22 101.20 101 30 101.26
(First
Feb
434
314s)
Jan
Mar
9
534
200 534 Mar 9 534
1i $
Preferred
112
237
Total sales in 31,000 units_
7
78
341
Feb
53
II! Cent leas line stk.). 1 i
55 7234 Mar 9 7234 Mar 9 7244 Mar 74
Converted 4% bonds of {High
Ja. 2534 Mar
Mar 9 2534 Mar 9 22
Int & Gt No Ry w I_ _100 900 24
_ _._
____
____
____
____
____
1932-47 (Yirst 4s).--_ Low501 434 Mar 9 434 Mar 9 434 Jan 434 Feb
Manhattan El scrip__
Close
Mar 3 9534 Mar 5 8434 Feb 9534 Mar
M EltP & SSM pref_100 1,700 91
____
____
____
____
____
Total sales in 21.000 untls___
____
Nat Rya Mex lst prat 10
300 934 Mar 3 914 Mar 3 64 Jan 934 Mar
Jan
Converted 414% bondsIHigh 98.08 98.14 98.16 98.18 98.30 98.30
95 Mar 5 7914 Jan 97
Mar
N Y C & St L lst pref 101
200 94
Mar
Mar 25
of 1932-47 (First 41,$) Low_ 98.00 98.02 98.04 98.10 98.18 98.16
Mar 6 25 Mar 6 25
100 25
Pacific Coast 1st Prof 111
Close 98.02 98.02 98.16 98.12 98.20 98.16
Mar
Mar 67
Mar 8 67 Mar 7 65
So Ry M&O tr ctfa_.10 i
100 65
24
19
16
13
Total sales in 51,000 limits..,..
75
37
54 Mar 8 5134 Fe. $734 Jan
Tol StL & W Ser B preL
921 5334 Mar
HIV
Second
Converted
431%
Indus
Miscellaneous &
____
____
bond; of 1932-47 (First Low_
____
____
____
____
Feb
Mar 8 7134 Feb 80
Mar 8 79
Am Beet Sugar pref. _ 1
101 79
Seeond 4545)
Amer-La France Fire En
Fe. 9854 mar
Total sales in $1,000 units__ _
____
____
____
____
____
____
7% cum pref
300 9734 Mar 6 9834 Mar 7 95
1i i
Fe. 10034 Jan Second Liberty Loan
High
------------97.60
Mar 6 97
____ 98.10
Am Rolling Mill pref_li # 1,201 97 Mar 9 98
Mar
Fe. 101
Low_
___
____
____ 97.60
Mar 8 100
4% bonds cf 1927-42...
___- 98.10
Mar :101
American Snuff pref_100 211 101
Mar 5844 Feb
(Second 4s)
Close
------------97.60
Am Teleg & Cable
____ 98.10
Mar 3 5634 Mar 8 56
211 56
100
Mar
Jan 18
Total sales in $1,000 units__
____
____
____
Mar 3 16
Art Metal Construc_10 50# 1714 Mar 6 18
2
Feb
Jan 117
Mar 6 115
Converted 4%% bonds High 97.90 97.94 98.00 98.10 98.20 98.22
AmMetaltemdfpref_ 100 30011534 Mar !117
Jan 23-f Feb
of 1927-42 (Second 4Low. 98.80 97.84 97.86 97.92 98.20 98.0E
.
Mar : 211 Mar 7 155
500 2
Atlantic Fruit Col Tr ctf
Close 98.88 97.88 97.94 98.10 98.12 98.08
434s)
Mar 7 8634 Feb 901.1' Jan
Atlas Powder 6% cum p
200 8734 Mar 7 88
Jan 434 Feb
Total sales in $1,000 emits__
323
Auto Sales
294
364
631
697
381
100 334 Mar 9 334 Mar 9 2
50
Jan Third Liberty Loan
Jan 121
Mar 5 110
High 98.50 98.50 98.44 98.52 98.66 98.82
Mar 115
Bayuk Bros pref_ _ _ _100
100115
Jan
Mar 121
Mar 9 107
Mar 9 107
Burns Bros prat
434% bonds of 1928.... Low. 98.42 98.36 98.36 98.42 98.50 98.41
100 107
100
Feb
Feb 120
(Third 434s)
Close 98.44 98.44 98.40 98.50 98.50 95.81
Prior preferred_.._100 200 120 Mar 6 120 Mar 6 120
965-4 Mar
Total sales in $1,000 units. _ _
M
Mar 7 95
Bush Term Ridge pref100
Mar 7 96
416
512
300 95
548
253
412
311
Feb Fourth Liberty Loan
High 98.14 98.16 98.18 98.26 98.36 98.31
8534 Mar 8 8534 Mar 88
8514 Mar
Cert-Teed Prod 1st p1100
1
Feb
Cl, PeabodY&Copref_l
301 10434 Mar 105 Mar 3 10234 Jan 110
434% bon& of 1933-38._ Low_ 98.02 98.02 98.06 98.12 98.14 98.11
94
Mar 6 9234 Ja. 9434 Jan
(Fourth 4040)
Mar
Coca-Cola pref
Close 98.08 98.06 98.12 98.24 98.28 98.20
100 301 94
Feb
Total sales in $1,000 units_._
400 4334 Mar 9 4314 Mar 3 393-4 Feb 46
175
671
389 1,152 1,189
Commercial Solvents A
441
Jan Victory Liberty Loan
Ja 36
*
1 i $ 27 Mar
B
27 Mar 8 26
High 100.10 100.08 100.10 100.10 100.12 100.11
Feb
11054
Jan
Mar 7 106
Mar 109
Cont Can Inc pref._ _100
501 108
414% notes of 1922-23_ Low_ 100.02 100.04 100.08 100.08 100.10 100.11
Ja. 10934 Feb.
Mar 8 101
Mar 109
(Victory 434s)
Cosden dr Co prof
2,400 107
Close 100.06 100.04 100.10 100.10 100.12 100.15
Feb
Mar 3 2434 Fe. 25
Total sales in 81,000 mins__ _
Crex Carpet
111 25 Mar 3 25
78
29
100
122
59
486
21
High 99.64 99.68 99.66 99.62 99.58 99.61
Cuban Dominion Sug .* 14.301 1034 Mar 9 1134 Mar 6 874 Feb 1154 Mar Treasury
444s, 1947-52
Preferred
100 4,801 5534 Mar 9 Ng Mar 6 5134 Fe. 5644 Mar
4Low. 99.62 99.56 99.56 99.58 99.50 99.51
7344
Jan
Mar
7174
Mar
9
Deere & Co prof
111 7234 Mar 9 7234
100
Close 99.62 99.60 99.64 99.56 99.54 99.51
Total sales In 81 12111) 1111(19
SR
IAA
551
i ca
1 211
18'
Mar 8 2514 Feb 3034 Feb
Emerson-Brant met_100 301 2534 Mar 5 28
Feb
Mar 3 12 Mar 5 914 Ja. 13
400 11
Fairbanks Co (The)2
Feb
Jan 138
Note.-The above table includes only sales of coupon
100 10444 Mar 9 105 Mar 9 102
Fid-Phoenix Fire Ins.25
Fleischmann Co
*17,301 3834 Mar • 3974 Mar 8 3734 Ja. 4034 Feb bonds. Transactions in
registered bonds were:
Mar
Jan 103
GenArn Tk Car7% pf 100 30010234 Mar 6 103 Mar 6 100
Mar
Jan 85
Gen Baking Co
8 let 3145
Mar 5 85 Mar 7 73
101.04 to 101.16 11 3d 434s
* 30 84
98.24 to 98.46
Jan 10234 Feb
4 150 4341
Gimbel Bros pref._100 40 9934 Mar 8 9974 Mar 6 90
97.84 to 98.00 64 4th 414s
97.92 to 98.22
Feb
Fe. 99
Mar 3 98
G'dyear Tire pr pf w I 100 1,500 98
2 2d 4s
Mar 6 99
97.50
99.9000 99.92
162 Victory 414s
Jan 107% Mar 43 2d 434s
Gt Western Sugar 91_100 1,500 105% Mar 51075-4 Mar 8 105
97.70 to 98.081 1 Treasure 414s
99.36
Jan 10514 Feb
Gull States St'l let pf 100 400 105
Mar 7 10534 Mar 8 101
4134 Feb Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
M
Mar 5 36
Hayes Wheel
* 1,700 37 Mar 5 38
Feb
Fe. 92
International 5alt...A50 100 9014 Mar 6 9044 Mar 6 88
Int.
Int.
70
Ja.
6544
Mar
9
Mar
International Shoe_
• 1,300 6814 Mar 6 70
Maturity.
Rate. ma. Asked.
Maturity,
Rats. Bid. AskiS•
Mar
Intertype Corp
• 3,20# 3634 Mar 7 3874 Mar 3 3634 Mar 40
Jan 10334 Mar June 15 1924.... 554% 1014 10134 Dec. 15 1925,.. 411% 99
Kelsey Wheel Inc pi_ 100 111 10334 Mar 9 10334 Mar 9 100
9954
Mar Sept. 15 1924.._ 534% 1003-4 10134 Sept. 15 1923... 334% 9954 100
Mar 7 11374 Mar 117
Loose-Wiles Big 2d pf 100 101 117
Mar 7 117
Feb Mar.15 1925... 434% 100
10011434 Mar 611431 Mar 6 11234 Jan 115
Macy prof
100
34
Sept 15 1926._- 44% 984
10034
99
38%
294
Ja0
Mar Mar. 15 1926... 454% 100
Magma Copper
• 5,900 3534 Mar 9 3844 Mar 3
10034 Mar. 15 1923._ 314% 9974 100
Met Edison pref
* 2,800 9814 Mar 6 9934 Mar 7 93% Ja 9934 Mar Mar. 15 1923.- 454% 100
100% June 15 1925._ 444% 9934 100
Nat ilk of Commerce_100
Feb June 15 1923.__ 334% 9954 100
Mar 5 296 , Feb 300
Mar 5 298
2 298
Dec. 15 1927... 444% 9934 100
Feb 104
Nat Clk & Suit pref._ 100 200 100
Feb
Mar 9 10034 Mar 5 100
Dec. 15 1923._ 4%
9934 100
Feb 1354 Mar
* 200 1354 Mar 8 1334 Mar 3 12
N F Shipbuilding
Niagara Falls Pr pref_100 51110834 Mar • 10951 Mar 610834 Feb10914 Mar
Foreign
Exchange.
sterling
was
a dull
-The
market
for
North American W1_10 8,501 2214 Mar 9 2314 Mar 5 2234 Mar 2354 Mar
Ohio Fuel Supply
Jan 6634 Jan affair with rates stable and not materially changed. ConMar 7 59
101 64
25
Mar 7 64
Otis Steel pref
Jan 6654 Mar tinental exchange moved irregularly, but changes were con100 1,200 63
6614 Mar 9 47
Mar
Packard Motor pref.100 201 9234 Mar . 9234 Mar 5 9234 Mar 99
Feb
Pacific Tel & Tel pf.. _100 111 9344 Mar : 9334 Mar 8 9134 Jan 9334 Mar fined to a few points in most cases. Trading was very quiet.
Penn Edison pref._ _100 • 100 102 Mar 6 102
Mar
Mar 102
To-day's (Friday's) actual rates for sterling were 4 6774(4)4 6854 for
Mar 6 102
Philadelphia 6% prof _50 4C0 45 Mar 6 4544 Mar 3 4234 Feb 4514 Feb sixty days, 4 70(414 7031 for checks and 4 703104 71 for cables. ComPierre Arrow pr pf w i_.* 1,000 63
Feb mercial on banks, sight, 4 6931(4)4 7034, sixty days 4 6704 6731, ninety
Mar 75
Mar t 67 Mar 8 63
Rights
Feb days 46634(44 6631, and documents for payment (sixty days) 4 67340
% Feb 2
% Mar 3
27,901
34 mar 3
Porto Rican Am Tob.100 2,601 86
Mar 46834. Cotton for payment 4 69%4(4)4 7034 and grain for payment
Feb 96
Mar 7 60
Mat 3 96
Prod & Ref Corp pref-50 7'. 4844 Mar
Feb 4834 Mar 4 6931(4;4 7034.
4874 Mar 7 45
PS Corp of N J pref.100 501 108
Jan 108% Feb
To-day's (Friday's)
Mar 610834 Mar 7 106
for Paris bankers' francs were 5.96@
Ry Steel Spring pref-100 91111934 Mar 3 11934 Mar 8 11534 Feb11944 Mar 5.9851 for long and actual rates for
short. Germany bankers' marks
6.01©6.0334
Rats(Robt)& Co
* 211 16
Jan 1834 Jan are not yet quoted for long and short bills. Amsterdam bankers' guilders
Mar 9 1634 Mar 6 16
Reynolds Spring rghts- 5.311 634 Mar 3 1114 Mar 7 4
Feb 1134 Mar were 39.10(4)39.15 for long and 39.41@39.46 for short.
Shell Union Oil pref_100 701 91
Jan
Mar 9334
Exchange at Paris on London, 78.05; week's range, 77.00 high and 78.05
Mar 3 913-f Mar 6 91
Simms Petroleum____10 18,6 is 14
Jan low.
Mar t 15
Mar 5 1214 Jan 16
Simmons Co
* 9.101 2634 Mar . 294 Mar 5 2434 Feb 3134 Feb
The range for foreign exchange for the week follows:
Sinclair Oil prat
100 1,211 96
Mar 9934 Feb
Sterling ActualCables.
Mar 8 97 Mar 5 96
Check .
Sixty Days.
Skelly Oil new
25 1,601 314 Mar 9 3234 Mar 5 3134 Mar 3334 Mar High for the week
4 71
4 7034
4 6854
So Porto Rico Sug pf.100 211 96
Mar
9634 Mar 7 9234 Jan 9634 Mar Low for the week
46954
46954
46734
Standard Milling pf_100 1 1 I 97 Mar . 97
Paris Bankers'
Jan 9734 Jan
Mar 6 95
ill 9914 Mar 3 9914 Mar 3 9954 Mar 994 Mar High for the weekFrancsSuperior Steel 1st pf_100
6.1231
6.1134
6.0631
Tobacco Prod pref._ _100 301 112
Mar 6 113
6.02
Mar 5 10434 Feb11334 Feb Low for the week
6-01
5.96
'Prawn,& Williams_ .. __* 311 3234 Mar 6 3334 Mar 6 24
Feb 3554 Feb
Germany Bankers' Marks
Underw'd Typew pf _10
Mar High for the week
11111734 Mar 911734 Mar 9 11734 Mar 120
0.0052
0.0052
tiSR&Imprfui1paidI 4.31.10634 Mar 910834 Mar 510234 Feb 108% Mar Low for the week
0.004434
0.004434
'I 311 6634 Mar 9 6714 Mar 5 57
Feb
U El Tobacco
Jan 69
Amsterdam Bankers' Guilders57
111
Mar
Raalte
Jan
57
Van
Feb 64
High for the week
Mar 7 56
39.51
39.58
39.15
401 1614 Mar
Va-Carolina Chem B____
1634 Mar 8 14% Feb 1534 Feb Low for the week
39.41
39.50
39.05
1 6,901 42
Mar 6 4344 Mar 8 42
Waldorf System
Marl 4374 Max
Domestic Exchange.--Chicago; par.--eirrrou1s,
15025c. per $1.000
1
411 113 Mar 5 113
went Eleo 7% oum pf 10
Mar .511254 Jan 1144 Feb discount. Boston,
Montreal.
$19
Francisco,
par.
75
per
par,
San
$1,000
111 8314 Mar 6 8344 Mar 6 83
Worthington prat A_ _1
FebI 8354 Max
301 7034 Mar • 7134 Mar 8 6634 Jax 7134 Max discount. Cincinnati, par.
1
Preferred B
• 11 7534 Mar
Jan
78
Youngstown Sh & Tube
The Curb Market.-The review of the Curb Market is
Mar 5 7534 Feis 80
• No par value.
given this week on page 1019.




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

1028

OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
"netirdati.
March 3.

1(0041W.
March 5.

Tuesday,
March 6.

Wednesday, Thursday.
March 7.
March 8.

I Sales
for
Friday.
the
March 9. Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PICK SHAKE
Rowe since Jan. 11923.
On Basis of 100-share lots
Lowest

Highest

Railroads
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Par $ per share $ per share
42
41
43
40
414 4112 •38
600 Ann Arbor preferred
40
44
40
40
*40
100 3212 Jan 10 45 Feb 23
10412 10518 10412 1051
/
4 104 10458 10334 104
10314 104
10314 10334 15,500 Atch Topeka & Santa Fe...100 100 Jan 16 10518 Mar 3
9012 90
Do pref__
90
9038 9038 9038 9012 9014 9058 90
908 90% 2,000
100 884 Jan 17 9058Mar 6
*278 3
3
3
3
234 27
3
*234 3
234 234 1,200 Atlanta Birm & Atiantle_100
112 Jan 3
34 Feb 21
12232 12212 2,000 Atlantic Coast Line RR
1211
/
4 122
123 12314 12318 12434 123 124 *121 123
100 11014 Jan 17 127 Feb 26
54
1
4 55
54/
1
4 5234 54/
55/
1
4 53/
1
4 .53
.5312 86,000 Baltimore & Ohio
534 5512 55
100 4018 Jan 17 5578Mar 6
*60
61
,1
*60
*6012 61
Do prof
400
6012 *60
604
6012 6012 6012 603
100 5734 Jan 24 60% Feb 23
61
/
4 73 21,200 B.00kign Rapid Transit
74 8
8
812
714 712
7
74
Vs 734
61
/
4 Mar 6 1614 Jan 2
100
618 634
614 634
714
818 612
67
6/
1
4 7/
1
4
6
638 10,900
Certificates of deposit
6 Mar 9 13 Jan 12
1451
/
4 14618 14614 14634 9,000 Canadian Pacific
14634 14752 14618 14634 14514 146
14614 148
100 14014 Jan 17 14958 Feb 20
7452 7514 7414 7558 7358 7334 734 7412 7312 7418 738 744 7,900 Chesapeake & Ohio
100 69 Jan 17 7658 Jan 30
/
4 1034 104
4,000
10334 104
10334 104
104/
1
4 1044 104 10414 10312 1041
Preferred
100 101% Jan 22 104% Feb 23
2/
1
4 2/
1
4
278 278 *278 3
2/
1
4 3
234 3
2,500 Chicago & Alton
278 3
214 Jan 4
100
334 Feb 13
5
5
518 518
4% 54
*5
5
5
534 1,100
Preferred
*434 514
3/
1
4 Jan 12
100
658 Feb 8
36
83512
363
4
36/
1
4 3612 3614 3614 3614 3612 1,500 Chic & East Ill RR (new)
3552 3534 3652
2618 Jan 16 3834 Feb 13
Do pref
1,500
5612 5612 5612 5634 5758 5712 5712 5712 *5712 5734 57
57
51 Jan 17 5734 Feb 3
61
/
4 6%
64 658
6
6
534 614
612 68
2,900 Chicago Great Western.._100
6
6
4 Jan 18
7 Feb 7
143 143
15/
1
4 1438 15
1414 1412 1458 1458 3,100
1514 15
15
Do prof
812 Jan 18 17 Feb 6
100
26
26/
1
4 2512 2618 2558 26
2518 254 25
2514 26
2514 13.500 Chicago Mllw & St Paul 100 2058 Jan 15 2638 Mar 5
4514 44
444 4314 4414 43
Do pre:
4334 23,900
4378 444 447 4512 44
100 3212 Jan 13 4512 Mar 51
861
/
4 8734 8612 8718 8558 8612 851
8634 8712 874 88
11,500 Chicago & North Western_100 77 Jan 23 88 Mar 5
/
4 86
118 118
118 118
117 119
Do pref
117 117
118 118 *118 120
775
100 115 Jan 4 118 Feb 24
37
3712 3658 3718 3638 3634 36
3738 3618 3612 16,600 Chic Rook Isi & Pao
3658 372
100 3112 Jan 15 3712Mar 5
95
95
94
9434 9434 *93
95
95
•9412 95
93 .93
7% preferred
500
100 8934 Jan 18 95 Feb 9
83
84
84
83
84
8414 8414 8414 85
*8212 83
83
6% prezerred
1,900
100 811
/
4 Jan 24 85 Mar 5
78
*77
78
*76
78
*76
78
78
400 Chic St P Minn & Om__ _100 71 Jan 9 78 Mar 5
*75
78
*75
78
44
4414 4412 44/2 42
4412 45
4412 45
42
1,000 Colorado dr Southern
*42
45
100 40 Jan 11 454 Feb 13
11812 11934 11734 11812 11712 118
119 119
116 116
117 11812 2,200 Delaware & Hudson
100 103 Jan 11 12413 Feb 13
12612 12634 12538 126
127 1271
/
4 12714 12714 127 127
12534 12554 1,700 Delaware Lack & Western_ 50 12234 Jan 11 13012 Feb 8
134 12/
1278 1318 13
1
4 1318 1238 1234 1218 1214 1218 125 13,700 Erie
100 1012 Jan 18 134 Feb 13
19/
1
4 2018 1912 20
194 20
1912 1912 1858 1918 19
Do 1st prof
1918 6,000
100 15 Jan 17 208 Feb 7
1414 1414 15
1434 *1212 1412 1414 141
*1312 148 *13
15
Do 2.5 pref
300
/
4
/
4 Jan 22 15 Mar 5
100 111
7852 794 7812 79/
7838 7958 7912 80
7814 7834 9,600 Great Northern prof
78
1
4 78
100 71 Jan 23 80 Mar 5
35
3512 3514 3538 35
3514 3433 3458 34
1
4 3334 6,200
Iron Ore propertles_No pa* 30 Jan 18 354 Feb 14
3433 33/
19
20
19
19
19
1934 1912 1912 194 1912 *1812 1912 4,300 Gulf Mob & Nor tr ctfa
100 1234 Jan 12 20 Mar 5
5812 5934 5858 5914 *57
6012 58
*5712 5812 58
60
Do prof
1,800
59
100 44% Jan 2 6234 Feb 21
115 116
11512 11612 11614 11634 11618 11612 116 116
11512 11558 4,100 rill/lots Central
100 110 Jan 17 11712 Feb 21
12
12
14
14
12
14
14
is
12
is
18 12,200 baterboro Cons Corp__No par
38 Jan 4
18 Jan 17
14
14
as
28
14
14
as
*14
38
38
14
Do pref.
581 4,700
78 Jan 5
14Mar 2
100
19
19
1812 19
1812 1934 187 19
19
20
19
19 I 2,200 Interboro Rap Tran w I
100, 15 Jan 16 20% Jan 2
2334 244 24
2414 2334 2334 2312 24
2312 2312 4,500 Kansas City Southern
231g 24
1001 1812 Jan 12 2414 Mar 3
*55
57
57
*5512 57
Do pref
500
57
5634 5734 *5512 57
56
56
1
4 Jan 13 5734 Mar 5
100 52/
3218 3214 321
*3218 33
33
*3218 33
*321
/
4 34
*32
/
4 3214
1,100 Lake Erie & Western
100 3134 Jan 30 34 Jan 2
*72
75
75
*71
"71
75
.65
75
*71
*71
75
Do pref
75
7112 Feb 24
100 66 Jan 11
6914 6858 6914 6812 6812 12,600 Lehigh Valley
69
6914 7038 697a 70/
1
4 6912 697
50 6612 Jan 10 718 Feb 7
15112 152 *15012 151
15034 151
15012 15012 150 151
150/
1
4 15012 2,400 Louisville & Nashville
100 1304 Jan 30 155 Feb 26
5458 5458 *5434 5534 5512 5512 *5434 56
*5412 56
5434 558
300 Manhattan Ry guar
100 4514 Jan 25 57 Feb 21
*4314 4334 4214 4333 *4214 4312 424 4212 4212 4212 4214 43
Eq Tr Co of N Y ctf dep-100 3518 Jan 25 44 Feb 13
900
1618 18
1414 1558 15
1114 1114 1112 1218 1212 16
17,600 Market Street By
19
814 Jan 23 19 Mar 9
100
48
48
52
47
55
4612 47
45
Do prof
2,600
57
100 39 Feb 27 57 Mar 9
424 4212 45
734 754 7312 7434 7134 74
71
*7018 71
Do prior prof
7,700
721
/
4 7212 74
100 6678 Jan 10 7514 Mar 7
34
36
3534 36
33
30
28
28
Do 2d pref
7,800
39
3012 3034 34
100 2112 Jan 31 39 Mar 9
8
814 "814 812
814 88 1,600 Minneap & St L (ne/o)
814 812
814 812
8
812
94 Feb 13
100
534 Jan 8
*7212 73
72
73
7212 *7134 7212 2,200 Minn St P dr 88 Marle
70
7134 7134 7312 •72
100 6014 Jan 4 731286ar 5
1212 *1034 1212 *1034 1212
1212 *11
•11
1212 *11
1212 *11
Missouri Kansas dr Texaa 100
9/
1
4 Jan 12 12 Feb 6
1534 1618 16
164 1534 1614 1512 1534 *1534 1614 12,100 Mo Kan dr Texas(new)
1638 16
1312 Jan 16 17 Feb 15
4312 434 43
4358 4258 431
/
4 5.700
Do pref (new)
424 434 4312 4414 4314 44
37 Jan 9 454 Feb 14
1
4 1812 174 1818 1714 1778 1714 1712 4,300 Missouri Pacific trust ctfs_100 1512 Jan 18 1938 Feb 14
1818 1838 1812 1834 18/
4612 47
47
48
Do prof trust ctfa
4638 4634 9,300
48
484 4614 4712 4612 47
100 4138 Jan 9 49 Feb 10
3/
1
4 418 2,800 Nat Rys of Max 26 pref
414 414
458 458 *414 44
44 434
414 434
238 Jan 17
434 Feb 15
100
9412 94% 944 9434 9312 9414 9312 9458 9318 9414 9314 934 4,800 New On Tex & Max v t c 100 84 Jan 16 95 Feb 21
9718 99
9814 9938 9918 10014 98/
1
4 9958 9838 99
9718 9778 56,800 New York Central
100 93 Jan 22 10014Mar 5
/
4 7918 79
*79
8112 791
*79
81
81
8112 •79
*79
200 N Y Chicago & St Louls
79
100 78 Jan 22 84 Jan 29
*85
90
87
87 "85
*85
*85
90
100
90
90
Do 2.5 prof
*85
90
100 7611 Jan 2 9012 Feb 17
1
4 2158 20
19
20
1978 1914 1912 22,500 N Y N II & Hartford
204 19
1978 2012 20/
100 1612 Jan 15 2211 Jan 30
1958 2014 20
204 1978 2018 1912 20
19/
1
4 193 *1938 2012 2,200 N Y Ontario & Western
100 1918 Jan 17 2158 Feb 13
*16
18
18
17
*1512 16
*154 16
18
17
*16
400 Norfolk Southern
18
100 14 Feb 1 18/
1
4 Feb 9
11414 11538 114 11478 11314 11312 11358 11438 11358 114
11434 115
100 10934 Jan 10 11758 Feb 9
5,400 Norfolk dc Western
*75
78
*75
79
79
*75
*75
78
*75
78 .75
Do pref
78
100 7612 Jan 3 78 Jan 29
7912 80
7934 81
7978 81
81
807* 8112 80
7914 7958 15,900 Northern Pacific
100 72 Jan 23 8112Mar 5
4638 4612 4612 4634 4612 4634 4638 46/
1
4 4638 4612 4633 464 12,600 Pennsylvania
50 46 Feb 2 4758 Jan 29
*1212 14
*1312 1412 *1312 15
*1312 15
*1312 15
*1212 14
Peoria & Eastern
100 12 Jan 17 15 Feb 9
3958 4038 3934 4012 3914 4014 394 3978 3838 3958 388 3918 16,200 Pere Marquette
100 36 Jan 11 4078 Feb 7
764 7634 7514 7514 *7514 78
7634 7634 *7514 77
*7514 77
Do prior pref
300
100 7213 Jan 2 7634 Mar 5
*6734 6812 6734 6812 677 6778 6712 674 *6712 68
6714 6714 1,500
Do pref
100 65 Feb 1 7012 Jan 9
3814 38
3814 3712 38
38
3812 3812 3812 39
3712 38
4,000 Pittsburgh & West Va
1
4 Jan 17 3978 Feb 6
100 33/
•89
*89
8912
"89
8912
*89
894
*89
8912
90
"89
Do prof
100 89 Jan 18 93 Jan 9
8958
80
8078 797g 807g 795 8058 7914 8014 7834 7934 7858 7878 16,900 Reading
50 7638 Jan 17 8118 Feb 7
52
*5134 52
*5134 52
*511
/
4 5312 52
52
52
Do lat pref
300
*5134 52
.50 5158 Feb 21 564 Feb 7
5312 *5234 5312 *5234 5312 *5212 5312
5312 *5213 5312 *52
*52
Do 2d prof
50 517 Jan 5 5634 Jan 30
*34
36
*34
36
*33
35
*34
35
36
*33
*33
Rutland RR prof
100 3213 Jan 18 3754 Jan 10
35
25
/
1
4
26
26
2614
263
8
26
/
1
4
2512 2578 2514 25
25
2652
9,000 St Louis-San Fran tr otte 100 21 Jan 12 2678 Mar 5
*47
50
48
49
49
48
*47
4834 49
*48
4812 2,600
48
Do prof A trust etfa
100 3212 Jan 3 50 Mar 5
344 3512 3514 3578 3412 3538 3458 3433 3418 3514 34
3438 7,600 St Louis Southwestern
100 2834 Jan 12 3638 Feb 10
62
62
62
6212 62
61,2 617
1
4 62
Do pref
604 6138 5,500
6178 62/
100 56 Jan 4 6212Mar 5
7
*612 678
7
7
7
7
758
712 Feb 10
*634 7
7
7
1,400 Seaboard Air Line
5/
1
4 Jan 2
100
1212 *1112 1214 *12
1212 12
124 124 1212 124 12
1214 1,300
852 Jan 18 1318 Feb 14
Do prof
100
9312
94
/
1
4
947
8
9312 9334 9258 9334 9258 03
9312 9412 9414
100 87 Jan 9 9514 Feb 21
26,100 Southern Pacific Co
3412 3358 3414 3358 3372 33
3378 3278 3332 67,300 Southern Railway
3312 3412 34
100 2434 Jan 6 3412Mar 3
6938 69
6958 69
6918 6934 694 694 6912 6978 69
Do pref
100 6434 Jan 8 7014 Feb 28
6958 10,700
2518 2614 25
26
26
2514 26
2538 2612 2612 27
2512 6,300 Texas dr Pacific
100 1934 Jan 16 2738 Feb 20
1718 1718 *1512 1612
18
1734 1734 *1714 1712 18
•1712 18
100 1413 Jan 10 1914 Feb 10
300 Third Avenue
*6312 64
*63
64
64
65
900 Twin City Rapid Transit 100 5814 Jan 19 64 Mar 6
6278 6278 6312 6358 6378 64
14014 14112 14112 14212 10,600 Union Pacific
14278 143/
1
4 143 14414 14258 14312 *142 143
100 13538 Jan 22 144% Feb 26
7412 7412 7412 744 074
75
7438
7434 *74
Do prof
100 7412Mar 6 7612 Jan 6
800
7514 7532 *74
2178 191g 2012 1812 2014 1912 2012 42,000 United Railways Invest
20
1
4 21
1838 1912 19/
100 114 Jan 2 2178 Mar 8
54
57
5512 6134 53
5814 5578 5934 47.700
5534 5878 62
Do prof
52
100 2612 Jan 17 62 Mar 5
934 10
10
978 9/
1014 10
1
4 4,000 Wabash
10/
1
4 1012 1014 1034 10
814 Jan 18 1 lig Feb 13
100
2912 30
3012 2934 30
/
4 30
2912 30
15,000
3012 3078 3034 311
Do prof A
100 2314 Jan 17 3112 Feb 12
*204 21
"2012 21
'"2012 22
*2012 21
*2012 21
Do prof B
100 1612 Jan 18 204 Feb 21
"2058 21
1333 *1278 13
1318 1312 1312 1312 13
4,500 Western Maryland (new)_100 1058 Jan 16 15 Feb 9
1388 1334 1312 14
24
24
24
2378 2378 1.700
100 2218 Jan 12 25 Feb 9
23/
1
4 2418 2334 2414 2334 2334 *23
Do 24 pref
19i3 1958 1912 204 1912 1934 1914 1912 19
1933 19
19
100 10 Jan 2 2014 Mar 5
4,900 Western Pacific
*V
62
62
62
83% 625 63
61
100 5612 Jan 8 6338Mar 5
3,800
61
6038 614 62
Do prof
91 9/
933 933
978 97g
958 978
1
4 2,100 Wheeling & Lake Erie Ry-100
10
10
934 10
814 Jan 18 1012 Feb 13
7
1712 1718 1718
*1714 1712 *17
1818 1734 1734 *1714 17
100 1478 Jan 17 19 Feb13
Do pref
200
518
*3334 35
*3314 35
35
334 3334 *32
*34
35
100 26 Jan 10 3513 Feb 23
200 Wisconsin Central
35
034
7912 82
11614 1712
.50
5072
6512
65
1314 1334
'A
*14
.11
/
4 114
761. 77
1114
- 112
50
.5012
97
06
1
4
338 34/
6534 66
85 __
55
56
44
48
4914 .503
77
78
08 11078
0138 103
13 115
84 18.512
2312 12334
93, 01,

*77
79
80
81
7878 79
82
7714 7712 4,900
1834 .1814 1834 1834 19
1788 194 1834 194 *18
4,300
52
52
53
*51
55
51
52
52
*52
55
1,100
6418 65
65
6.512 65
*6334 6478 2,100
6514 6512 65
14
14
3
4
1412
1334 1418 1358 1372 10,100
1314 1312 1318
314
*4
*14
38
*14
38
4
58 17,300
*4
/
4 114
11
/
4 118 *11
11
/
4 113
114
114
134 17,800
lie
77
7812 77
78
76% 79
77
79
7612 77
17,400
200
11134 11134 *11114 11134 *11114 11134 11114 11134 11138 11134
4833 4834 4,100
5011 4958 4958 4812 4912 4812 49
50
*96
*95
97
97
*9512 97
9612 9612
96
300
96
3475 3212 3412 5,700
3478 3434 3478 3414 3414 34
34
67
68
6714 6758 6534 6634 1,600
66
6614 6614 66
*85
____ *88
____ 9012 9112 9012 9012 91
91
400
*5312 56
*5312 56
5433 5433
100
*5312 5512 *5312 56
44
4412 444 45
44
4418 4412 44
43
4488 3,000
5458 5714 5314 56
5334 5834 39,900
4938 5314 5633 60
81
1,800
/
4 *7712 79
7958 7814 7 4 7812 791
78
*77
78
1
4
109 1107g *108 11078 *108 11072 *108 11078 *108 110/
104 10512 103% 1054 10234 105% 10378 10538 123,700
10112 106
1
4 11414 11414 11418 11418
114% 114/
400
114 115 *114 115
18612 189
18512 189
185 186
5,300
18434 186
185 186
100
1234 12312 *122 12334 *122 12334 *122 12314 *122 12314
9
2.900
9
8/
1
4 91g *858 9
9
938
Ala
91,
80

Industrial & Miscellaneous
100
Adams Express
100
Advance RumelY
100
Do prof
Air Reduction, Ino____No par
50
Max Rubber, Inc
10
Alaska Gold Mines
10
Alaska Juneau Gold NIin
Allied Chem & Dye.......No par
100
Do prat
100
Alba-Chalmers Mfg
100
Do pr .f
Amer Agricultural Chem-100
100
Do prof
50
American Bank Note
50
Am Bank Note pref
American Beet Sugar
100
Amer Bosch Magneto__ No Par
Am Brake Shoe & F___No par
100
Do pref
100
American Can
100
Do pref
American Car & Foundry_100
100
Do prat
No par
American Chicle

68 Jan 2
1212 Jan 2
4618 Jan 18
0718 480 10
1212 Jan 9
14 Jan 4
1 Feb 15
7112 Jan 16
109 Jan 30
45 Jan 10
941
/
4 Feb 2
2912 Jan 16
5834 Feb 1
77 Jan 6
54/
1
4 Jan 16
36 Jan 31
37 Jan 9
70 Jan 3
10612 Jan 20
7312 Jan 2
11114 Jan 3
178 Jan 17
123 Jan 10
53* Jan an

P5It 5.1111141g
Range for Previous
Year 1922.
Lowest ' Highest
$ per share $ per share
277 Jan 52 Aug
9134 Jan 1084 Sept
84/
1
4 Jan 9512 Aug
54 Apr
4 Jan
1
4 Sent
83 Jan 124/
334 Jan 6014 Aug
524 Jan 6614 Aug
6
Jan 29 June
558 Jan 2478 June
1191
/
4 Jan 15158 Aug
54
Jan 79 Aug
10058 Dec 10552 Oct
1254 May
134 Jan
3/
1
4 Jan 2078 May
1214 Jan 432 Aug
3118 Jan 644 Aug
334 Dee 1034 May
7 Deo 244 May
174 Jan
3658 Aug
29
Jan 5514 Sept
Jan 9518 Sept
59
100
Jan 125 Aug
3012 Dec 50 Sept
8314 Jan 105 Sept
7014 Jan 95 Sept
51
Jan 90 Sent
38
Jan 5312 AIM
10634 Jan 1411k Sept
108 Feb 143
Oat
7
1834 May
Jan
111
/
4 Jan 2812 Aug
718 Jan 20/
1
4 May
7014 Jan 95/
1
4 Oct
2818 Nov
4558 Apr
5 Jan
19 May
16
Jan
47
Oat
974 Jan 11534 Sept
4 Dec
5 Apr
38 Dec 1214 Apr
1734 Dec 324 Aug
17 Nov 3014 Apr
5214 Nov
594 Apt
10 Feb 3978 June
2618 Feb 77 Sent
72 Sept
5658 Jan
108
Jan 14478 Oct
35
Jan 58 Aug
444 Aug 5512 Aug
34 Jan
11 Mar
17
Jan 5014 Apr
35
Jan 76 Nov
558 Jan 32 Apr
Jan 144 Apr
5
55 June 7534 Oat
Rs Jan 154 Dee
74 Jan
1934 Aug
2412 Jan 4834 Aug
1512 Nov 2514 Apr
40 Nov 6334 Sept
2/
1
4 Nov
7/
1
4 May
54/
1
4 Jan 87/
1
4 Dee
7234 Jan 1014 Oat
514 Jan 914 opt
614 Jan 93 SePt
124 Jan 38 Aug
184 Dee 3012 Apr
834 Jan 2212 June
9614 Jan 1254 Sent
72 Jan 81
Oct
73 Dec 90/
1
4 AU(
3314 Jan 4084 Oct
1034 Jan 2658 Aug
19
Jan 4058 Aug
63 Jan 82 Aug
5018 Jan 744 Ault
23
Jan 4158 Aug
76
Jan 95 Nov
71 18 Jan 8718 Oct
43 Mar 57 May
45
Jan 594 May
174 Feb 83'4 JAMS
2014 Dee 32/
1
4 Aug
3434 NO2 58 Aug
20% Jan 3688 Nov
3258 Jan 5978 Nov
258 Jan 10 Apr
41g Jan 1414 Apr
7818 Jan 9614 Oct
17/
1
4 Jan 2858 Aug
46
Jac 71
Oct
1834 Nov 36 Apr
1318 Nov 25/
1
4 May
34
Jan 624 Sept
125
Jan 154/
1
4 Sept
7114 Jan 80 Aug
74 Jan 19/
1
4 Apr
204 Jan 364 Apr
6
Jan 1458 May
19
Jan 8512 Aug
121
/
4 Jan 2478 Aug
814 Jan
1714 Aug
13
Jan 2812 Deo
1334 Jan 2478 Apr
514 Mar 6478 Sept
6 Feb 1618 Julie
614 Jan 2958 June
25
Jan 334 Mar

82 Mar 3
48
Jan
1912Mar 6
1078 Jan
5438 Jan 14
3158 Jan
6533 Feb 19
454 Jan
1434 Jan 13
912 July
%Mar 9
la Dec
134 Mar 9
% Jan
80 Jan 2
5538 Jan
112 Mar 2 101
Jan
5114 Feb 16
3734 Jan
9713 Jan 27
8613 Jan
3678 Feb 21
2714 Nov
68/
1
4 Feb 21
56
Jan
9112 Mar 7
58
Jan
55 Feb 7
51 July
3484 Jan
4912 Feb 13
60 Mar 6
3114 Jan
8214 Feb 13
51
Jan
110 Jan 14
9814 Jan
106 Mar 6
3214 Jan
115 Feb 20
9314 Jan
Jan
189 Mar 7 141
12578 Jan 18 1154 Jan
A luny
03* Poo 24

83

Oat
23 Aug
3012 Aug
66
Oct
1834 Age
78 May
2 May
9134 Sept
1154 Sept
5934 Sept
104 Sept
1278 June
7214 Sept
)1 Dec
554 Dee
69 June
49 Apr
8812 Sept
113 Oct
7612 Nov
11378 Deo
201
Oct
12618 NOT
14 May

•Bid and asked prices; no sales on this day. 2 Ex-rights
Less than 100 shares. a Ex-dividend and rights. g EX-dividend. 0 Ex-rights (June 15) to subscribe
@bare for share so dock of Glen Alden Coal Co. at $5 per share and ex-dividend 100% In stock (Aug. 221.




New York Stock Record-Continued-Page 2

1029

For males during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CE,VT.
s „,,,,,.
marea 3.

Alone/as.
March 5.

Tuesday,
March 6.

Wednesday. Thursday,
March 7.
March 8.

Friday,
March 9.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
I
Range since Jan. 11023. I
On basis of 100-share lots I

PER SHARE
Range for Previous
Year 1922.

Lowest
Lowest I Highest
Highest
$ Per share $ per share $ per share $ per share $ per share 8 per sahre now Indus. & Miscell. (Con.) Par 8 Per share $ per share $ Per share $ Der share
1614 1634 165s 1678 1634 17
17
17
1638 163
1618 1614 3,200 American Cotton OH
100 1414 Feb 5 2034 Jan 4
15/
1
4 Nov 3012 Mal'
31
31
32
31
31
3134 32 .31
3012 3012 304 3014
Do pref
700
100 2534 Feb '5 3834 Jan 4
3312 Nov 61 MaY
7
7
64 7
74
67
67
7
*634 67
612 7
6,400 Amer Druggists Syndicate__10
73 Feb 23
41 Jan
64 Jan 3
7/
1
4 Aug
14214 14214 *141 14212 *140 14212 14112 14112 *136 140 .138 140
200 American Express
100 133 Feb 6 14312 Mar 2 126 June 102
Oct
•1212 13
1272 1314
1212 1338 133 1334 134 1312 1234 13
5,000 American Hide dr Leather_ 100 11 Jan 6 1334 Mar 7
10/
1
4 Dee 17% Apr
7234 73% 74
74
7234 7234 73
7434 7112 7312 *7214 7312 5,200
Do prof
100 6612 Jan 2 7434 Mar 7
8g Sept
74
Jan
58
10514 1054 105 108
106 10712 10512 IOS •105% 10614 2,900 American Ice
•10412 106
100 9812 Jan 31 110 Feb 15
Jan 122 Sept
78
87 .8512 8712 *8512 89
*86
*8512 87 .85
87 .86
87
Do pref
100 8512 Feb 1 89 Feb 21
Jan 9514 Aug
72
30
2914 2814 3018 29
28
29
2934 28
294 2814 28% 12,400 Amer International Corp 100 2438 Jan 30 2978 Feb. 9
2453
Dec
5011 June
127o 1278 1212 1212 *1212 13
.123 13
1212 1234 *1214 1212
700 American La France F E__10 1114 Jan 17 13 Mar 1
14 July
918 Jan
34
34
38
34
37
38
36
37
3514 36
3412 35
8,800 American Linseed
100 30 Jan 2 38 Mar 5
4212 Oct
Nov
28
7
.57
57
5712. 58% 58
587
5834 5834 *57
58
57
57
1,100
Do pref
100 50 Jan 13 59 Feb 15
48 Nov 6412 Oct
126 1263s 1265* 12878 12834 1307g 12912 134% 13218 13514 13234 13512 82,200 American Locomotive
100 1204 Jan 17 12978 Jan 4 102
Jan 13034 Oct
121 121
121 121 *120 122 .121 122
12112 12112 *119 122
300
Do Pre
100 11912 Jan 4 122 Feb 9 112
Jan 12214 Dee
5314 5512 545 554 54
85
5334 5412 537 553
54
55
29,200 Amer Metal temp ctfs__No par 31 Jan 15 5578 Mar 5
44 Sept 5314 Dec
8212 82/
1
4 8212 8212 .8234 83
844 8412 8412 83/
83
1
4 8312 1.100 American Radiator
25 70 Jan 2 84% Feb 14
Oct
82
Jan 129
84 81
/
4
84 8%
84 818
84 84
818 818
8
818 4,200 American Safety Razor
25
6% Jan 6
91
/
4 Feb 19
334 Jan
8% Oct
1912 185s 18% 1818 18% 1814 18% 184 103s 6,400 Am Ship & Comm
18
18
18
No par
1712 Feb 24 2138 Jan 5
512 Jan 2414 May
6878 6714 688s 67% 6818 67
68
6734 6612 6734 6534 67
28.800 Amer Smelting & RefInIng_100 53 Jan 17 6912 Mar 2
435* Jan 6712 May
•10112 102
10134 102
10214 10238 10238 10238 102 102
10134 10134 1.400
Do pref
100 7838 Jan 18 10238 Mar 6
8E18 Jan 10412 Oct
•149 1493 *147 14934 *147 14934 147 147
150 150 .147 150
600 American Snuff
100
140
Jan
10 15214 Feb 14 10912 Jan 159 Sept
393 395
3938 397
39
3912 39
395
3914 397
3918 3912 12,900 Am Steel FdrY tem etre-33 1-3 3512 Jan 17 394 Mar 5
3034 Jan 404 Sept
*104 10412 *104 10412 *104 10412 *104 10412 •104 10413 104 104
100
Do prof tern ctfs
100 102 Jan 23 10514 Feb 9
91
Feb 10814 Oct
8138 8112 81
82
8112 8134 8012 8138 793 8018 8012 807
4.200 American Sugar Reflning 100 76 Jan 17 85 Feb 13
5418 Jan 8578 Aug
108 HIS •107 10712 108 10814 *107 108 *106 108 .106 107
Do pref
500
100 10612 Jan 23 10834 Jan 3
84
Jan 112 Aug
*32
33
315j 323
3212 3318 32% 337
327 337
3212 327
3,600 Amer Sumatra Tobacco
100 2414 Feb 1 363g Feb 14
23/
1
4 Feb 47 May
.62
65
64 . 64 .62
63
*62
63
*62
04
*62
64
100
Do Vet
100 5538 Jan 16 6534 Feb 13
5214 Feb
Jan
7/
12478 12514 125 12512 125 12538 1247 125
1247 12518 12478 1254 12.200 Amer Telephone ds Teleg 100 1214 Feb 1 12512 Mar 5 11412 Jan 133
5 May
156 1573 157 15734 *15514 157
156 156
1554 15612 15514 15534 3.800 American Tobacco
100 150 Jan 17 16134 Feb 13 1204 Jan 16912 Sept
10578 10578 .10512 106 *104 105 *104 105
103% tel *10214 10434 1.000
Do prof (new)
100 103 Jan 9 10718 Feb 2
9612 Jan 108s Oct
15418 15434 15478 1557s 154 15434 15438 15412 1535* 15414 15334 15478 6.700
Do common Class B......100 148 Jan 10 1594 Feb 9 126
Jan 16534 Sept
3013 30% *2912 3012 •2934 3012 30
400 Am Wat Wks dr El v t e
30 .2912 3034 2912 2912
100 2712 Jan 29 313 Feb 19
6
Jan 334 NOV
*90
92
•90
92
9134 9134 *913 9214 9(34 9134 *9134 02
200
Do 1st prof(7%) v t o_100 853 Jan 3 93 Jan 16
67
Jan
937 Sept
5312 54
51
54
5314 54
54
54
54
544 54
54
1,800
Do Panic p116%) V to 100 4812 Jan 3 5612 Feb 18
1714 Jan 5514 Oct
.96 100
*9612 9934 97
97
99
*9612 995 .96 100
*96
100 Amer Wholesale. Prof
100
9314
9814
Jan
2
Jan
31
86
Oct
95
Jan
10512 10812 105 106
105 10738 10512 10614 10418 10512 1044 10514 42,100 rimer Woolen
100 93 Jan 19 1074 Mar 1
784 Jan 105
Oct
•11012 11034 11012 11034 *110 11114 1101s 11114 *11014 112 .11014 112
400
Do prof.
100 10978 Jan 25 1115 Jan 3 102
Jan 1114 Dee
2812 2812 28
2812 2812 3034 301
31
3012 3012 6,100 Amer Writing Paper pref 100 26 Jan 24 32 Mar 8
32
. 34
2212 Jan 5514 Sept
•1713 1812 1812 1812 177 1812 1712 1778 1712 1734 *1712 1778 1.000 Amer Zinc, Lead & Smelt___25 15 Jan 23
1914
Feb
16
1218 Jan 21 Sept
5712 5712 *55
58
*55
*55
56 .56
58 .551 56
58
300
Do prof
25 4818 Jan 29 581
/
4 Feb 27
36
Jan 57 Sept
5212 ,53
523 5314 525 5312 5238 53
52
5278 52
5213 101.500 Anaconda Copper Mining__50 4518 Jan 13 5312 Mar 6
45 Nov 57 May
7312 7334 73
73
7618 7518 763 7534 7812 12,700 Associated Dry 000ds
73
7318 74
100 824 Jan 5 7812:gar 9
43 Jan 70% Dec
.87
89
*87
.87
89
89
89 .86
89
89 .86
*86
Do 1st pref
100 8212 Jan 18 89 Feb 13
75
Jan 88
Oot
.9212 95
9252 925*
95
100
95 .9212 95 .92
*9212 94
*92
Do 2d pref
100 8818 Jan 9 9312 Feb 20
76
Jan 91% Oct
.12812 13038 13018 13018 12812 12834 .12612 12812 126 120 .125 128
600 Associated 011
100 12014 Jan 3 133 Jan 12
99
Jan 13512 May
.214 234
212 234 *234 3
212 1,100 Atlantic Fruit
.234 3
212 234 .214
No par
134 Jan 17
312 Feb 14
1% Dec
512 Apr
27
2712 2778 2914 2712 2938 2814 29
2818 2712 28
27
18,300 ALI Gulf & W I S S Line___100 1818 Jan 30 2934 Mar 6
195 Dee 4314 May
2212 23
22
24
2318 22
22
23
2478 2318 2414 24
2,900
Do prof
100 147 Feb 2 247 Mar 6
15 Dec 3114 May
.142 146 •141 144
14212 14212 1.500 Atlantic Refining
14234 1494 *145 148 •142 145
100 119 Jan 2 15312 Jan 10 t117 Dec 1575
Oct
117 117 *11712 120 .11712 11812 *117 11812 *117 11812 .117 11812
100
Do prat
100 117 Mar 3 120 Jan 18 113
Jan 11912 Dec
1812 19
1812 19
1813 18
1834 1834 1818 1818 18
1814 1.800 Atlas Tack
No par 153 Jan 2 2012 Feb 14
1312
Feb
2212
May
31
31
3114 3112 3034 3112 31
3112 3012 305* 30
3012 3.100 Austin Nichols & Co_No par 29 Feb 7 3512 Jan 12
914 Jan 403 Sept
90
90
90
*8514 90 .85
•85
.85
90 .85
90 "85
Do prof
100 87 Feb 3 8912 Jan 23
68
Jan 91 Sept
138 13934 13814 1397 13934 14112 13913 14312 14014 1427e 14014 14134 158.200 Baldwin Locomotive Wk8.10 12914 Jan 17 14312Mar
7
Jan 14234 Oct
9312
•11212 116 *11212 116 *113 116 .114 11512 *114 11513 115 115
Do prof
100
100 113 Feb 2S 1163 Jan 4 104
Jan 118
Oct
•49
54
*50
.52
54 .52
52 .50
54
55
52
100 Barnet Leather
55
No par 47 Jan 12 55 Feb 16
40
Jan 675* Sept
30% 3112 3038 313
3013 3012 4,300 Barnsdall Corp. Class A___25 29 Jan 31 3412 Jan 3
328 3012 32
305* 325* 32
1938 Jan 5814 Apr
194 20 .19
20% .20
20
20
700
2012 .20
20,2 *20
2012
Do C1388 B
25 1838 Jan 19 22 Jan 2
17 Nov 39
Apt
14
14
14
14
38
*14
14
38
14
1.000 Batopilas Mining
14
14
14
20
14 Feb 26
12 Jan 2
14 Dec
15s Mai
'$8
57
58
57
5634 5834 1,300 Bayuk Bros
5812 57
5734 *57
5814 58
No par 5012 Feb 7 6078 Jan 12
33
Apr 65 Se91
83
63 .63
6338 6338 2,100 Beech Nut Packing
63
6312 64
64
65
63
63
20 51 Jan 2 6938 Jan 20
30 July 533 Dec
70
70
89
69
69
70
70
56914 70
6978 6978 69
700 Bethlehem Steel Corp
100 5912 Jan 22 70 Mar 3
51
Jan 79 May
7118 717
7012 7134 7012 7114 7018 707
7078 693 704 36,000
69
Do Class B common_.100 6014 Jan 16 7172 Mar 3
5512 Jan 8214 Ma,
5
•9534 9714 *9534 9734 •9534 97
96
•95
Do
*96
pref
*9554 9612
97,4
100 9314 Feb I 9612 Jan 2
90%
Mar
106 Not
•1093 III .10934 11038 1095* 1094 110 110
110 110 .10034 11112
500
Do cum cony 8% pref_io 107% Feb 2 11118 Feb 9 104
Jan 11638.7DH
9578 96
96
9838 9634 97
96
97% 1,900
9614 9614 9534 96
Preferred new
100 9313 Jan 31 9712Mar 9
94 Novl 101
Oet
.5/
1
4 7
*6
6/
1
4
6
61
/
4 .6
613
534
600 Booth I Isherles
6
.512 614
No Par
5 Jan 3
718 Jan 18
4 NovI 10% AD
*918 97g .834 284
812 812
8
8
878 87
834 8%
400 British Empire Steel
100
8 Mar 9
94 Mar 2
812 Jan 15 Sep
.69
70
*6812 6912 *6614 70 .6812 70
*6812 70
.6812 70
Do let pref
100 66% Feb 5 6914 Feb 15
58 Mar 7634 Ap
.2514 2634 255* 2618 2512 2572 25
24
25
24
24
1,200
24
Do 2d pref
100 2412 Feb 7 2612 Feb 20
19% Mar 39 Sep
113 114
113 114
113 11314 112 1124 112 11214 11112 11218 4.400 Brooklyn Edison, Inc
100 109 Jan 23 121 12 Jan 9 100
Jan 1245* AD
12012 12012 .118 121 *118% 12012 120 121 .119 121
11912 11912
800 Brooklyn Union Gas
100 10914 Jan 19 128 Feb 7
70
Jan 12412 Nol
.59
00
62
5912 59% 60
61
6012 614 1,800 Brown Shoe Inc
6134 597 60
100 5912 Feb 27 63% Jan 19
42. Jan 847s Sep
.214 3
*214 3
*214 3
*214 3
.212 3
Brunswick Term & Ry Sec 100
.214 234
2 Jan 25
25* Jan 25
112 June
534 Jun(
142% 14212 14212 14212 14218 14218 14234 14234 140 141 *139 140
1,000 Burns Bros
100 138 Feb 23 14412 Jan 2 11312 Jan 147 Del
39% .37
*37
3938 393
39
38
3818 3818 38
Do new Class B corn
384 3812
700
3712 Feb 26 43 Jan 2
Oct
283 Jan 53
11
97
1114 11
1114 11
114 105* 11
1034
18,900
1018
Butte
Copper
t
&
Zino v o___5
944
94 Jan 17 11% Feb 14
514 Mar 1018 Del
1838 19
19
19
1914 .1812 19
*1812 19
1.200 Butterick
1934 185* 19
100 1712 Feb 1 2134 Jan 4
15 Nov
34
Eel
3612 3714 3512 3638 3534 3638 36
35
365* 3514 357
3514 9,800 Butte & Superior Mining___10 2912 Jan 17 377 Mar 1
2038 Jan 3514 05
8
8
814 834
8
8
878 .838 878
8
712 8
2.300 Caddo Central 011&Ref No par
5 Jan 24
918 Feb 16
634 Dec 151
/
4 Ay]
84
84
84
84
84
84
84
84
8314 8314 82
8212 2,600 California Packing
No par 7912 Jan 24 87 Feb 9
68 Jan 8012 Sep
9414 9612 9334 99
904 10014 9712 997
955* 985* 9614 9838 163,200 California Ietroleum
100 6614 Jan 3 10014 Mar 6
431 Jan 71% Jae
105 10614 104 10734 10414 10034 1054 10634 10312 1055,., 10312 10512 7,000
Do pref
100 9434 Jan 2 110 Mar 2
83 Jan 9812 Ap:
1118 1112 1114 1134 11
1012 11
1112 107 11%
1014 1034 27,700 Callahan ZInc-Lead
10
958 Jan 24 125* Feb 20
514 Feb1138 Mal
6512 6512 0512 6534 65
64
.62
64
6512 64
64
63
1,100 Calumet Arizona MIning_._10 52 Jan 23 66
Mar
1
5012 Nov6612 Jun.
938 012•__9 ....__
9
9
9 ......__
914 .838 914
200 Carson Hill Gold
1
1
95 Feb 19
614 Dec 16% Ma
.44 434
4i8 438
414 414
414 414 .4
414
4
4
700 Case (J I) Plow
No par
3 Jan 2
434 Feb 21
3 Mar
912 Jun,
.75
79 •75
79
78
78 .78
79
79
.78
79
79
200 Case (J I) Thresh M. pf ctf 100 6934 Jan 4 7912 Feb 26
68 Feb9314 Au,
3714 37% 3712 3814 3734 40
49
4012 384 395* 3834 393 32,800 Central Leather
100
3212
Jan
41
401
2Mar 7
2938 Jan 441s Sop
75
753
76
7814 7714 7912 6818 7934 7714 784 78
79
12,500
Do prof
100 675* Jan 8 7934 Mar 7
637 Jan 8284 Set)
48% 4912 4814 49
4734 4834 4712 48
474 4814 4678 4734 11,100 Cerro de Pasco Copper-No par 4212 Jan
325 Jan46% De.
17, 4934 Mar 2
41
41
4112 4112 *4112 43
4112 4112 .40
4334 *41
43
300
Certain-Teed
Prod_
__
_No
par
4014
Mar l' 44 Feb 7
721
/
4 7278 7214 732 74
34 Feb534 Jun.
7312 743* 73% 737
75
7234 735* 24,500 Chandler Motor Car_ _No par 61%
Feb 1: 75 Feb 16
475 Jan7914 Ap
87% 895* 874 8814 8814 8712 87
88
8834 8812 87
8734 7,000 Chlcago Pneumatic fool 10
8258 Jan 10 8912 Mar 2
60
Jan 895* Sep.
3014 30
30
30
303
3014 295* 3018 2914
2934 34,300 Chile Copper
' 25 2734 Jan 2 3038Mar 1
1518 Jan 2914 No,
3112 31% 304 3112 3058 • 315
3012 314 3018 3034 2912 3014 12,900 Chino Copper
5 243* Jan 29 3178 Mar 2
2214 Nov333* Jun,
70
70 .70
71
*69
70
70
71
*6812 71
.68
70
500 Cluett. Peabody dc Co____100 6534 Jan 5 721
43
Feb 9
Jan 704 De
78% 7612 7614 7814 7734 7818 7712 795
7612 77
7712 7834 17.900 Coca Cola
No par 74 Jan 16 Si81 Jan 3
Jan 8234 Oa
41
307
3014 3014 3014 3012 30
2934 3012 2912 3012 *2934 30
2.800 Colorado Fuel & Iron
100 254 Jan 17, 3134 Feb 15
24
Jan 37 154/1.
109 109
108 108% 108 108% 1075* 10914 10734 1087 10778 108
5,300 Columbia Gas & Electrie 100 10378 Jan
17, 11334 Feb 15
6334 Jan 1143
,SKr
214
2% 2%
218
24 214
214 23
218 214
218
214 9,400 Columbia Graphophone No
par
218 Jan 5'
2% Feb 6
14 Jan
912 933
9,2 912
95* 934
534 Jute
*95* 10
9% 912 *912 10
1,000
Do pre(
I
834 Jan
2, 1212 Jan 15
5 Fe
21 Jun,
7734 803
7934 787 793
70
79
77% •7612 77
78% 78% 6,100 Computing-Tab-RecordNo 100
par 69 Jan 8' 8012 Feb 21
5514 Jan 7934 Ap
374 3633 3612 2,400 Consolidated Cigar____No par
375 38'8 374 374 374 37'2 3612 3714 37
33 Jan 24' 393 Jan 3
7934 81
185* Feb4234 Oo
*7914 80
80 .7934 81
80
.7914 80 .7914 80
400
Do prof
100 7934 Mar 6 83 Feb 17
514
.
/
1
4
38
.14
38
47 Feb87/
38
14
38
1
4 No,
14
38
14
38
1,400 Consol Distributors,Ino No par
14 Mar 71
20
214 Ma
14 Feb
____ ......
.
Consolidated Gas (N Y).....100 120 Jan 2' 13744 Feb
Jan 28
8512 Jan 14534 Ele0
T 6714 ii54 60% 6538 6714 58.100
66% 6738 6638 6714 6838 6878 668
When issued
No par 60 Jan 2; 695* Feb 7
5778 Dec 6234 Do
1314 133
1338 1414 135* 1414 134 1418 1334 14
135 137 71,300 Consolidated Textile. No par
107e Jan 311 1412 Feb 9j
9 July
155* Ap:
____ ---- ---- -- Continental Can. Inc
100 115 Jan 2 13134 Jan 311 453 Jan 1151
/
4 Do
48% 43
48% 4838 48% 4838 48
4814 4712 4812 4712 4814 23,300
When Issued
No par 433 Jan 2 5018 Feb 19 ____-_
---- ---•
100 100 .98 102 .99 100
•99 100
*99 100
200 Continental Insurance
.9912 100
25
92
Jan
6
10312
gi. 978
Feb
15
66
Jan 9334 Aill
958
7'8
8
912
9% 97
6,500 Continental Motors___No par
912 91
978
978
912
1114 Dec 185s Dec
13312 131
13313 13412 13314 1343 1325* 1334 1325* 133% 13278 13412 18.700 Corn Products Refining__ _100 12312 Feb 26 1214 Jan 19
Jan 16 13914 Feb 6
9114 Jan 13434 0171
•121 12212 .121 12212 .121 12212 .121 12212 .121 12212 .121 12212
Do pref
100
11834
Jan
5
12238 Feb 24. 111
Jan 12234 NON
5813 6034 5834 5972 5918 6114 6012 62
554 5914
604 6214 225,200 Cosden & Co
No
8134 8314 8134 8318 8111 8438 82
3138 Jan 54 Dec
8314 50,200 Crucible Steel of America par 5034 Jan 4 634 Feb 17
8314 815* 83
82
_100 6812 Jan 11 8438 Mar 8
52% Feb 9834 Beni
9412 9412 9412 9412 9114 941
/
4 .9312 9412 .93
911
504
94
500
Do Prof
100
8814
Jan 2 9412 Mar 2
Jan 100 Sept
80
17
178 1714 1718 1714 1712 17
17% 18
8,000 Cuba Cane Sugar
1714 1714 175
No par
12% Jan 17 20 Feb 13
574 59
58
84 Jan 1984 Ma'
587
574 58
574 5814 58
5912 21,400
Do pref
5718 58
100 3714 Jan 17 6034 Feb 13
3358 3458 327, 34
343
331, 344 22.000 Cuban-American
1514 Jan 41% Jul)
3434 33
3418 3444 34
Sugar_. 10 2312 Jan 16 373
8 Feb 13
1412 Jan 28 Allg
102 102 .101112 102 *10012 102 510012 102
Do pref
300
1005* 1005*
102 102
100
7818 Jan 10212 Dec
3518 36% 362 37% 3634 3812 3613 374 3512 3612 3634 3634 19,400 Davison Chemical v t o_No par 10012 Jan 11 10212 Feb 15
29 Feb 1 3812Mar 6
6.538 Apr
.2634 27
2678 27
2318 Nov
27
1.300 De Beers Cons Minea__No
267e 267, 42634 27
27% 27% 27
par 238 Jan 24 28 Mar I
1512 Jan 2538 Sept
11038 11038 *10914 11078 .10812 1107 .109 1107s
100 Detroit Edison
•11038 11118 .108 111
100 10678 Jan 8 111 Mar 2 1003, Jan 11811 Aug
413 4112 41
4178 4112 417
4114 4134 415
3,400 Dome Mines, Ltd
.4114 4138 41
10
3934 Feb I
1812 Jan 4612 Nov
4418 Jan 4
8,400 Eastman Kodak Co__No
11283 11312 113 11312 11258 11318 1 1 1 1131, 111 8 112
11258 113
par
70 July 9012 Dec
5,100 El du Pont de Nern & Co 100 8934 Jan 2 1137e Feb 26
/
4 117
11612 117
1161
11712 1184 1174 118
•118/
1165 118
1
4 119
10614
Dec 16934 Nov
8812 88
88
•88
8612 8712
884 8812 8812 .88
.88
6% cumul preferred__ _100 8414 Jan 17 12412 Feb 17. 105 June
80
800
80
9012 Sept
561, 5978 5914 5912 5958 6138 593 60% 58% 6014 58% 593* 25,500 Electric Storage BatteryNo par 54 Jan 16 8912 Feb 2S
40i2June
Jan
5834 Dec
21
Feb
17
603
8
15
154 154 .15
16
10
16
16
1614 1512 1512
900 Elk horn Coal Corp
15
50 15 Mar 1 2034 Jan 2
1414 Jan 2412 Dec
*6
612
612
.6
"512
.51.
714
*513
•514
719
714
.. 71.
..
Emerson-Brant1ngham-_100
5
Feb
Feb
26
Jan
20
712
1118 June
.,
258
••
7514 76%
7558 775s
7612 7738
76
77
76
763 12,000 Endicott-Johnson
75 2 7512
50 7514 Feb 15 9414 Jan 2
764 Jan 947a Dee
11534 11534 11512 11512 .115 11612
.115 116
•:- i la
,
•11A
1161,
200
Do pref
100 112 Frh 7 113 Jan 3 104
Jan in
Dee
De.
day, d Ex_diy. and rights. ,Assessment paid, z Ex-rights. I
•Bid and asked prices; no sales on this
tEs-900% Stock 41v. o Par value $10 per snare .




29

294

New York Stock Record-Continued-Page 3

1030

For •ele• during the week of stocks usually Inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday. 1 Monday.
March 3. I March 5.

Tuesday. Wednesday. Thursday. 1 Friday.
March 9.
March 8.
March 7.
March 6.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

106 106 *105 107 *105 107
105 106 '104 106 '104 108
112 1131 112 11213
113 11714 11114 113
112 114
112 112
42% 427
4414 4458 4334 44% 4338 4433 4318 4378 4234 433
912
878
938
9
4 912
/
91
4
1
9/
9
878 938
4 934
1
9/
19512 199
199 1991 *195 199
195 199
__ *185 195
41183
84 '81
824 83
84
8312 '82
*82
84
•84 1412 '82
2914 297
304 3112 30/
4 304 3138 294 3053
1
4 31/
1
301 307
*211 21912 *205 21012 .205 21912 *210 21912 210 2101 *205 215
4 *11634 1173 *11634 1174
1173
4
*1163
4
1173
4
1173
*11714
4
1173
*11714
•11714
684 707
7878 7014
7014 6914 707
6812 694 6834 6978 69
1912 1934
1912 20
4 20
/
4 191
/
4 1912 1978 1978 201
1
1912 19/
10
10's 10
1018 10
1014 10
101* 1073 104 10% 10
56
5712 55
56
56
57
59
*57
59
4 58
/
4 611
1
60/
17112 1734
175 175 •175 178 '174 176 '175 176
"175 177
*115 116 '110 115 *113 115 '110 115 "110 115 '109 115
68
68
68
4 .6918 6912 36814 6814 68
1
*694 694 *6918 69/
7612 7878
78
76
7712 754 77
75
777
76
7512 76
*97
9718 9812 97
97
97
9734
9512 9634 961.3 9714 97
93
92
"90
93
190
*90
10 '
90
92
92
9014 91
674 6714 6738 6814 67 '6514 6612
4 6814 67
1
6814 6814 *67/
3512 35
3538 3438 3434 3413 344
35
3434 3534 3434 35
67
6212 6234 6212 6212 6212 6212 64
63
63
63
63
90
*87
90
*87
90
*87
88
8912 8912 88
89
89
57
57
"53
57
*54
55 '54
55
58
5711 '55
*55
4638 46
454 457
46
47 '46
464 464 487 '46
1546
4 42/
1
4 4333
1
4 43/
1
4 42/
42/
1
4 43/
1
44
4 43
1
4178 43/
4113 42
14
14
14
147s 14
15 '14
15
14
13
"1212 14
3214 33
, Mit 3333 3312 334 324 333
3134 3134 313 317
6212
62
6234 61%6238 6134 62
61
6034 604 61
60
634 6013 834 6158 63
584 6134 59
524 60
524 53
4 1912 2014
1
4 20/
1
4 1838 2014 19/
1
164 1638 1618 1812 1838 19/
744 747
7412 7434 7334 744
7414 747
7458 75
7453 75
1834 1878 1812 1878 1814 18s
•1814 1838 1814 1812 1812 19
272 272
*265 290 '275 285 *285 275 *265 272 *270 278
*100 105 *104 105 *100 105 *100 105 *100 105 *100 105
, 161z 18
177
17
1812 177 1833 1734 18
1814 18
18
1738 1738 1658 1658 •1634 1712 1558 16% 1512 1653
17
17
4 29
/
4 281
/
291
2914 2934 29
3014 2978 3014 2912 30
30
4 1178 1133 111
/
4
/
4 111
/
4 111
1
1134 117s 11/
1134 12
1134 12
3114
3114 3138 303 314 31
3114 32
3138 32
32
31
7412 75
7333 7478
714 714 714 7334 731 744 7234 743
4 2438
1
23/
2434 25% 2438 2518 2414 247s 2334 2414 233 24
2314 2312 23
2434 2314 2412
234 24
2312 244 2338 24
1212 127
12% 13
134 127s 1318 1278 13
1333 13
13
27
27
274 15244 27
2713 2812 *26
27
27
27
'24
10418 10512
105 10712 105 105
103 108
10278 10278 *101 102
9812
9812 *98
9812 .98
*98
98
9812 98
9812 *98
*98
1514
1513 1512 1514 1538 *134 1434 1338 1434 15
16
*15
4 4212 43
1
4214 42
42% 424 42/
4238 42% 424 4358 42
12312
•120
1234
*12014
*12014
12312
12312
.12014
12512
12014
124
•12014
*634 65 .6334 65
64
64
66
6334 634 '64
•100 103
1
1
1
14
1
1
1
14
114
1
*us
1
70
71
70
7034
6934 71
7112
8
703
71
6834 6878 69
1304
13013 13012 "130 13113
13034 1334 133 134 '131 13214 11334 1314
11334 *11212 113 *11212 11338
1104 1134 •11212 114 151134 11334
174 1738 1714 1738
23 1778 1713 177
1714 17% 174 1833 17
3612 36% 3634 37
37
37
35% 36
354 36
36
36
g
3
501/
50
50
5058 5014 5014
5014
k
7
49
5014
50
4978 49
*2314 2411 2213 224 *2213 244
2234 23% *2413 25
*2114 228
4 5214
1
5214
*4814
*4814
5214 *47/
5114
*4814
58
*5014
56
*50
11414 1144 113 114
112 1134
114 11513 11518 11534 1144 115
4634 47
4 4634 *4634 4714
1
46/
4634 464 4634 464 464 47 •273 2914 •27
3 284 *28
284
3734 394 294
2912 29% 1127
934 934
*934 10
934 934 *934 10
*934 10
*912 10
77
84
8
84
4
83
'84
9
EN
84 84
*813 9
238 234
238 258
238 234
238 234
234 278
278 278
6
6
614 614 *614 7
*512 614 *54 6
*512 6
1934 19% •1912 1934 19% 1912
20
30
20
Mg 2053 20
147 1474 147 1501z
148 148 •1434 147
145 145
*145 147
•Bid and asked prices; no sales this day.




L

than 100 s5ares. a

Highest

PICK M111.1“2
Range for Previotu
Year 1922.
Lowest

Highest

$ Per share $ per share $ per share $ Per share
2811 Dec 3113 Oct
26 Jan 4 31 Jan 10
754 Jan 107 Sept
82% Jan 19 93 Jan 2
9113 Jan 10733 Sept
14
9478 Jan 16 9934 Feb
9 Jan 164 May
834 Jan 23 1234 Feb 16
374 Mar 6214 Sept
44 Jan 23 6013 Feb 13
73 Jan 17 1038 Jan 2
8% Dec 1038 Dec
Jan 218 Dee
75
150 Feb 1 21214 Jan 11
Jan 10314 June
7612
19
Feb
10112
24
Ws Jan
194 Apr
10% Nov
1314 Jan 2 1613 Feb 13
1214 Jan 2714 Oot
1878 Feb 1 22 Jan 13
Oct
4534 Jan 80
66 Jan 5 717 Feb 20
3714 Nov 7334 July
4113 Feb I 54 Mar 7
09 Nov 111 July
76 Feb 1 83 Mar 7
65 Mar 833 Dee
4 Jan 4 9313 Feb 8
/
811
Oct
94 Jan 109
10412 Jan 2 10912 Feb 24
Jan 190 Dee
179 Jan 10 19018 Feb 2 136
104 Oct 12 Sept
4 Feb 21 12 Jan 2
/
111
814 Jan 1514 July
1318 Jan 17 154 Feb 20
Jan 86 Sept
69
8334 Jan 20 85 Jan 16
4 Mar 9614 Oct
1
67/
Do Deb stook (6%)...100 834 Jan 9 86 Feb 2
1,100
4 Mar 100 Sept
/
791
Do Deb stock (7%)-100 9678 Jan 10 101 Feb 2
600
3818 Oct 4518 Oct
4 Feb
1
No par 41 Jan 3 48/
1,000 Gimbel Bros
934 Nov 1814 June
No par 10 Jan 18 12% Feb
300 Glidden Co
434 Dec
813 Oct
4 Mar
1
7/
No par
473 Jan 2
31,300 Goldwyn Pictures
284 Nov 447s May
No par 34 Jan 4 3914 Mar
8.300 Goodrich Co (B F)
Apr
794 Nov 91
100 84 Jan 3 9212 Mar
Do pref
600
22 Nov 35 MAY
10,300 Granby Cons M,Sm & Pow100 23 Jan 25 3078 Mar
8 Nov 1978 May
No par 11 Jan 23 1538 Mar
8,900 Gray dc Davis Inc
32 Nov 34's May
2,300 Greene Cananea Copper__100 234 Feb 1 3413Mar
7 Feb 1438 Mar
4 Jan 5 1413 Feb 1
1
9/
5,100 Guantanamo Sugar__ _No par
4 Jan 94/
1
44/
4 Oct
1
4 Mar
1
40,400 Gulf States Steel tr offs_ _ _100 78 Jan 10 97/
34 Jan
4 Mar
1
3/
24 Jan 1
34Mar 5
5,400 Harbishaw Elea Cab No par
8014 July 103 Mar
4 Jan 2
/
100 8312 Jan 4 951
800 Hartman Corp
15
Jan 2834 Sept
100 1878 Jan 8 2334 Feb 1
1,700 Hendee Manufacturing
4 Jan
1
Jan 82 Nov
55
100 68 Mar 5 79/
1,200 Homestake Mining
6114 Nov 91% Oct
100 694 Jan 10 78 Feb 1
10,700 Houston 011 of Texas
1912 Aug 2638 De.
56,800 Hudson Motor Car„-No par 2534 Jan 10 3234 Mar
4 De:
/
10% Jan 261
10 22% Jan 11 27% Mar
15,400 Hupp Motor Car Corp
34 Feb 1418 Jun:
613 Jan
414 Jan 29
No par
5,100 Hydraulic Steel
De'
Jan
154
Jan
16
34
3
Jan
13
5
Refining
Indlahoma
1,200
5 Jan 1168 Jun;
712 Feb
4 Jan 24
1
5/
10
900 Indian Refining
31 Nov 45 Juni
8,800 Inspiration Cons Copper_ 20 33 Jan 18 4334 Mar
558 Dec 1134 May
714 Jan 4 11 Feb20
300 Internal Agrlcul Corp.., 100
2813 Nov 434 Mar
100 31 Jan 22 3978 Feb 23
Do pref
600
Jan 3834 may
26
14,200 International Cement_No par 3413 Jan 2 4312Mar 3
2018 June 3012 Sent
No par 24 Feb 3 2634 Feb 19
8,300 Inter Combus Eng
7938 Jan 1157k Aug
2,800 Internal Harvester (new)...100 8734 Jan 17 9813 Feb 7
100 1144 Mar 1 11814 Jan 4 1054 Feb 119 Sept
Do pref (new)
814 Dec 274 May
858 Jan 13 1138 Feb 14
100
1,900 Int Mercantile Marine
4158 Dec 8733 May
100 3712 Jan 29 47 Jan 5
Do prat
7,100
Jan 195 Apr
1114
16
Feb
4
/
161
2
Jan
14
25
(The)
Nickel
12,800 International
60 Jan 85
Jan
100 69% Jan 4 7834 Feb 14
Preferred
100
4313 Mar 63% Oct
100 4913 Jan 22 5838Mar 6
25,200 International Paper
59 Mar 804 Sept
4 Jan 5
/
4 Feb 3 751
1
100 69/
Do stamped pre(
600
1218 July 2014 Apr
50 1414 Jan 17 1914 Mar 7
55,600 Invincible 011 Corp
Jan 534 Oct
24
72,800 Iron Products Corp__ _No par 4113 Jan 17 5814 Mar 8
3 Jan
4 Fah 24
1
/
'4 Nov
14 Jan 2
12,500 Island 011 & Trarop v t 0._ 10
10 Jan 2213 May
100 17% Jan 24 2378 Feb 26
5,300 Jewel Tea, Inc
asla
Dec
26
Feb
Jan
76%
82
29
Jan
6914
100
pref
Do
200
3413 Feb 577g Sept
100 50 Jan 17 5878 Mar 8
9,300 Jones Bros Tea, Inc
700 Jones & Laughlin St, pref....100 10733 Jan 29 109 Feb 23 1074 Dec 19938 Dec
7I2 Jan
Ds Dec
312 Jan 12
112 Jan 2
10
4,700 Kansas dc Gulf
34 May 4858 Aug
40 Jan 8 4578 Feb 23
2,100 Kayser (J) Co, (nete)._No par
94 May 10612 June
1st preferred (new)..No par 100 Jan 29 103 Jan 8
344 Jan 5334 May
25 464 Jan 4 5738 Mar 7
57,400 Kelly-SprIngfleld Tire
9013 Jan 10734 May
100 10234 Jan 2 108 Jan 18
4001 Temporary 8% pref
Feb 11513 Dec
61
100 101 Jan 23 114% Feb 20
6,300 Kelsey Wheel. Inc
254 Jan 3958 May
No par 35 Jan 18 44% Mar 3
75,500 Kennecott Copper
434 Nov 24% May
833 Jan 17 1013 Feb 21
13.800 Keystone Tire & Rubber__ 10
100 177 Mar 2 24712 Feb 16 110 Jan 18913 Nov
800 Kresge (85) Co
Jan 944 Aug
43
200 Laclede Gas (St Louis)_100 8234 Mar 9 87 F b 21
2414 Nov 3518 Mar
9,200 Lee Rubber & Tire___No par 2738 Jan 16 3158 Mar 7
Oct
200 Liggett & Myers Tobacco_100 208 Jan 25 22234 Feb 9 15314 Feb 235
100 116 Jan 15 11818 Jan 8 108 Jan 12313 Nov
Do pref
52 Nov 11778 May
44,800 Llma LocoWkstempctisNo par 5838 Jan 17 7214 Feb 13
4 Jan 2334 Sent
/
101
1814 Jan 17 21 Feb 15
11,300 Loew's Incorporated___No par
1414 May
9 Jan
No par 10 Mar 6 1134 Jan 5
5,800 Loft Incorporated
Jan 677 Sept
36
2
6314Mar
4
Jan
8
517
100
4,000 Loose-Wiles Biscuit
100 1614 Jan 8 178% Feb 9 14714 Jan 180 Sept
500 Lorillard (P)
72 Jan 117 Det,
100 105 Jan 22 121 Feb 6
Mackay Companies
57 Jan 70 Nov
100 68 Mar 8 7013 Feb 16
Do pref
600
254 Jan 0178 Sept
No par 5818 Jan 2 737e Mar 9
22,200 Mack Trucks, Inc
68 Feb 9413 Dec
100 9212 Jan 3 9812Mar 7
Do 1st prof
2,000
Jan 8714 Sept
54
100 84 Jan 3 92 Mar 5
Do 2d pref
500
59 Nov 62 Dec
No par 6114 Jan 8 714 Jan 20
900 Macy
2
Jan
40
154
Jan 40 Aug
24
Jan
5,900 Mallinson(H R)& Co No par 3418
3014 Jan 52 Mar
100 4313 Jan 17 67 Mar 9
4,700 Manati Sugar
26
Feb
7314
90
Apr
5414 Sept
3
Feb
82
100
Preferred
400
41 Mar 6934 Apr
200 Manhattan Flee Supply No par 5118 Jan 3 5813 Feb 16
32 Mar 5834 Oot
4 Jan 5
1
25 4314 Feb 2 47/
1,300 Manhattan Shirt
2238 Jan 4638 June
No par 2714 Jan 6 44 Mar 6
51,300 Marlsnd 011
18 Feb 26
54 Mar 2638 Mar
913 Feb 1
No par
600 Marlin-Rockwell
2014 Jan 364 June
No par 274 Jan 31 3312 Mar 7
14,800 Martin-Parry Corp_
Mar
6
4
623
2
22
Jan
Jan 154 Nov
4
1
/
49
50
Works__
7,100 Mathleson Alkali
4114 Nov 74/
4 May
1
100 4334 Feb 2 6314 Mar 8
47,400 Maxwell Mot Class A
11
Feb 257 June
91,600 Maxwell Mot Class B__No par 144 Feb 1 2078 Mar 8
6512 Deo 17434 Dec
4,600 May Department Stores...100 6758 Jan 5 7818 Jan 13
1758 Feb 1 19% Feb 14
1038 Jan 2138 Mar
5,400 McIntyre For MInea
100 265 Mar 2 293 Jan 2 10634 Jan 322 Dec
100 Mexican Petroleum
7914 Jan 108 Dec
100 10014 Feb 28 1004 Feb 28
Preferred
15
Oct 344 July
8,200 MOM= Seaboard 011_ _No par 1614 Jan 12 194 Feb 19
12
Oct 324 July
154 Jan 17 1833 Feb 17
Voting trust otfs
5,700
25 Nov 3138 May
5 2634 Feb 1 3012 Feb 23
4,100 Miami Copper
1214
Nov
24
11
Jan
12
11
Jan
16 Apr
10
Corp011
States
30,000 Middle
264 Dec 4514 May
30,500 Midvale Steel & Ordnance_ 50 27 Feb 1 32 Mar 3
100 6512 Jan 24 75 Mar 8
63 Jan 76% Sept
10,700 Montana Power
12 Feb 2584 Aug
11,300 MontWard & Coins Corp_ 10 2038 Jan 17 26 Feb 13
No par 173 Jan 17 2434 Mar 8
13 Aug 1938 Dec
19,600 Moon Motors
par
14
2
Jan
20
11
Feb
Coalition_No
938 Nov 1214 Dec
Lode
28,900 Mother
No par 22 Jan 24 2813 Mar 6
1714 Dec 34 Mar
1,100 Mullins Rudy
No par 754 Jan 3 1144 Jan 12
70 Dec 525 July
5,200 Nash Motors Co
100 98 Mar 6 10134 Jan 17 10113 Aug 108 Dec
Preferred A
100
50 11 Jan 30 184 Feb 19
912 Nov 2114 Apr
1,100 National Acme
100 38 Jan 5 4313 Feb 21
3878 Dec 370 Dec
18.300 National Biscuit
100 12034 Jan 15 125 Feb 2 1134 Jan 128
Oct
Do pref
26 Jan 667s Sept
400 National Cloak & 5u11....100 60 Jan 17 6714 Feb 21
1 Jan 25
418 Apr
11: Feb 21
I Dee
1,900 Nat Conduit & Cable...No ysr
100 654 Jan 9 7112Mar 6
3034 Jan 684 Oct
10,500 Nat Enam's & Stamp's
100 12312 Jan 25 134 Mar 5
85 Jan 12914 Dec
3,400 National Lead
Oct
100 11214 Jan 3 114 Jan 4 108 Jan 117
Do pref
300
1918 June
5 1418 Jan 29 1818 Mar 5
134 Nov
15,400 Nevada Consol
Conner._- par 2638 Jan 2 3913 Feb 13
2413 Nov 4138 Sept
1,700 N Y Air Brake (new)__No
No par 46 Jan 9 514 Feb 13
454 Nov 5114 Oot
Class A
2,800
100 214 Jan 16 2534 Feb 10
20 Nov 46 June
400 New York Dock
46 Nov 684 June
pref
100 46 Jan 31 5018 Feb 19
Do
444 Jan 10614 Dec
50 1004 Jan 16 1194 Feb 24
9,100 North American Co
Jan 4714 Aug
38
50 4412 Jan 17 4812 Feb 14
Do pref
1,900
1 Mar 3
2034 Feb 40 Sent
300 Nova Scotia Steel & Coal...100 27 Jan 10 29,
1234 Mar
8 July
912 Jan 5 1018 Feb 9
200 Nunnally Co (Tho)____No par
1414 Apr
5 Nov
613 Jan 2 1018 Jan 29
1,200 Ohio Body & Blow____No par
438 June
1114 Dec
318 Feb 8
I% Jan 2
8,600 Oklahoma Prod &Refof Am 5
93 Mar
Jan
44
8
Mar
614
6
Jan
5
Silver
100
Mining
Ontario
300
Oct
28
Jan
1253
1 1712 Jan 5 2114 Feb 16
1,900 Orpheum Circuit. Inc
Jan 18834 001
Elevator
100 144 Jan 24 153 Feb 16 116
1.500

(Con.) Par
$ Per Share $ per share $ per share $ per share $ per share $ per share Shares Indus.& Miscell.
No par
500 Exchange Buffet
2914 2914
29
294 2913 29
*2912 30
30
3073 30
.30
8878 8978 8838 8914 8814 8938 8812 9038 8818 8973 8814 8812 9,700 Famous Players-Lasky_No par
Do preferred (8%)____100
700
4
1
97/
9714 9714 97
9634 97 "100 102
973 9734 *9612 97
Federal Mining & Smelting 100
1013 *7
*8
1012 •9
12
104
•8
12
•8
11
.8
100
Do pref
5314 5314 1,100
54
53 .5314 5334 53
521z 5213 53
*534 537
No par
834 834 9,400 Fifth Avenue Bus
4 9
1
8/
834 914
834 878
84 878
*778 813
par
No
Corp
Body
Fisher
1,100
180
180
186
182
188
187
4
3
188
187
189
*183
10180 187
900 Fisher Body Ohio. wet_ _100
99
99
99
99
100 1004 99 100 *11918 125
*100 101
No p.n.
4 17,900 Fisk Rubber
1
14% 147k 143 1478 1438 1478 1438 1434 144 14/
1413 15
No par
2012 20
4 2014 12,600 Freeport Texas Co
1
2038 1934 20/
4 19/
1
2038 2031 20
2038 21
No par
694 69% 694 694 5,900 Gen Am Tank Car
6873 70
70
68
70
70 '68
70
100
4934 52% 497 5114 118,900 General Asphalt
4614 5178 51% 54
4614 4733 46% 47
100
Do prof
4,600
82
814 8214 .581
83
814 81
'7814 794 *78% 7914 79
100
9014 4,300 General Cigar, Inc
8814 89
88
4 8978 *8812 90
1
89/
90
9114 9114 *89
100
prat
Debenture
300
10912
151084
1084
*10812
1081z
1094
1091/
'107
109 109 '107 1094
100
185 186
4 18714 18534 186
/
1861
18434 18512 4.700 General Electric,
18772 18833 187 188
10
Special
4 *1112 1134 1114 1112 1,300
/
*1138 1178 1138 1134 1134 1178 1138 111
4 59,600 General Motors Corp...No par
1
4 1438 14/
1
4 1434 15
1
1434 1478 1434 14/
4 14/
1
4 1478 14/
1
14/
100
Do pref
300
4 84/
1
8412 8412 84/
4 *8412 8512
1
*8412 854 '8413 85
85
85
8434 85
85
85
85
4 8514 85
1
4 85/
1
4 8514 *8514 85/
1
85/
4
1
*9934 99/
4 100/
/
4 10014 •1001
1
4 100 100 .9934 100
1
4 100/
1
*10012 100/
47
4712 4613 4612 47
47
4612 47
464 4612 '46
47
1114
4 1112 *11
/
111 *11
4 1114 1114 1114 1114 111
/
*1114 111
712 778
634 6%
634 738
634 67
733 7%
6% 63
4
1
38/
38
384 381
4 39
1
3914 38/
4 3812 38
1
37/
374 38
4 9213
1
4 9234 .9112 921 *91/
/
92
91
91
934 9212 9212 *911
297 •2812 29
3014 2938 3073 2912 30% 2934 3018 29
30
4 1438 1514 1412 1434
1
1312 1313 1313 1414 1414 1513 1413 15/
3212
4 3338 3418 321* 331 *32
1
34/
34
3338 3338 3338 34
12
1113 1178 11
1238 1134 12
1212 1213 1218 1212 12
944 9334 97/
4 9412 9634
1
9212 9334 9113 9312 93
94
93
114
4 *1
/
14 11
4 118
/
11
118
4 138
/
*11
4
/
34 11
1
91
*90
9112 9112 *9014 91
4 914 9213 9012 91
1
9234 92/
21
21
2238 2238 "2112 22
2112 22
2134 2134 21
21
*6812 70
"6834 70
6834 70
69
69
6834 6834 68
69
717
7378 71
71
7212 7438 7278 74
7134 7234 7214 73
324
2973 32% 3158 3234 30
29% 2934 2938 297
293 30
2778
2513 2738 27
2534 26
2534 26
25% 26
2534 28
4
1
434 4/
4
1
434 4/
4
1
434 4/
4 5
1
4/
4 5
1
4/
434 5
1512 '144 1514 1412 148 1438 1412
1514 154 14
*14
14
6
6
6
6
618
6
64
7
6
*6
'614 634
4114
4113 424 41
4138 41
4214 4234 4178 4234 4213 423
97
97
938 958 *94 1012
*934 1014 *934 1014
1012
*10
36
*35
36
38
38
*3613 38
3634 364 364 3658 36
4113 4218
4234 434 4213 4314 4212 4338 424 4234 414 421
251s 2513
2434 25
2438 2434 2434 25
2434 2614 2513 257
90% 94
95
95
*9312 96
"934 964 "934 96
*9313 96
*114 115 *114 115 *114 115 *1144 115 *114 1171 *114 115
104
11
10
1012 11
1112 11
1014 1012 107g Ills •11
42
42
4 43
/
411
40% 4114 4113 4312 4212 4312 4234 43
4
1
1514 15/
157 1618 1534 1618 154 1578 154 1578 154 153
78
"76
78
78 '76
*75
78
*75
77
77
78
*75
58
5558 571g 5434 5612
5858 57
5514 56
5512 574 57
73
724 7234 7234 7234
7212 7213 7312 7312 73
73
'72
4
1
1813 18/
4 19
1
4 18/
1
4 19/
1
18/
4 1818 19
1
174 1734 1713 18/
5714
584 56
584 56
544 574 56
55
5334 5434 54
58
12
58
511
%
%
53
%
58
%
204 21
22
2014 2138 1112012 2034 204 2134 2034 2138
21
75
77
78
*74
75
*74
75
7812 75
784 "75
'75
5734 5714 5712 5712 5878 5778 5812
57
574 574 574 57
1083 10834 10812 10812
•10812 1094 *109 10912 109 109 '1084 109
4 24
1
2/
233 2/
214 212
4
1
212 212
4 214
1
2/
218 24
4258 43
4213 4234 *4234 4314
434 431s 428 4314 42% 433
"102 104 *102 104 *102 104 '10214 104 '10214 104 *10214 104
577
5538 5713 5514 5534
5338 54
544 554 5518 5678 56

PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots

ou.3

v

New York Stock Record-Concluded-Page 4

For sales during the week of stocks usually Inactive. see fourth page ',receding.
d11114 AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Signrdas.
March 3.

%landau.
March 5.

Tumidly.
March 6.

Wednesday.' Thursday,
March 7. ' March 8.

Sales

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 11923.
On Oasis of 100-share lots

1031
PER SHARE
Range for Previous
Year 1922.

Friday.
Xs
March 9. Week.
Highest
Lowest
Lowest
Highest
share
per
$ per share $ per share $ per share $ per share Shares Indus.& Miscall.(Con.) Par $ per share $ per share
3 Per share $
share $ per share
per
$
1114 1112 1118 111? 1034 1114 1034 11
108 1234 123 1314 37,808 Otis Steel
No
par
4
Mar
Jan
1314
778
9
6 Nov 1613 Apr
477 49
4612 48
4614 4838 47
4712 4653 4734 4634 4738 29,108 Owens Bottle
25 3633 Jan 2 49 Mar 5
24% Jan 42% Sept
114 214
114
134
114
78
118
114
118
112
118
114 34,508 Pacific Development
12 Dec 1418 Apr
12 Jan 2
214 Mar 5
8113 8112 8114 8114 8134 8212 8134 82
8114 82
82
8214 3,608 Pacific Gas & Electric
100 7834 Jan 25 85 Jan 5
60
Jan
9118 Sept
•1034 1112 1112 12
*12
13 •____ 1134 1112 11l,'____ 1134
30( Pacific Mail SS
1114
5
Feb
1213
23
Feb
11
8
19 June
Jan
4612 4712 4614 4678 46
46
4512 467
4518 4614 45% 458 41,00( Pacific 011
egss May
4218 Jan 30 48% Jan 4
4212 Nov
1414 14
14
1418 14
1414
912 98 1334 1418 137 14
23.10( Packard Motor Car
10 1018 Jan 8 1413 Jan 18
10
21
Dec
Nov
8414
8218
8218 8318 8212 8318 8134 8314 8118 8312 8214 8318 62,20( Pan-Am Pet & Trans
50 7918 Feb 8 9312 Feb 7
48% Jan 100% Dee
7418 7618 7414 7522 748 7514 738 75
7312 7518 74
7512 157,70(
50 7014 Feb 14 86 Feb 7
Do Class B
4012 Feb 9534 Dee
*4
434 *414 412
4
413 *4
413 *4
412 *4
413 1,00( Panhandle Prod & Ref_No par
4 Jan 16
5 Jan 5
3 Dec 1212 Jan
•12
1212 1212 14
1334 14
1378 1438 14
1412 14
1418 8,50( Parish & Bingham
No par
1158 Jan 25 1412151ar 8
713 Nov 17
Apr
4% 434
412 434
414 433
412 412
433 433
4% 47 15.40( Penn-Seaboard St'l v to No par
212 Jan 2
58 Feb 10
238 Dec 13% May
9112 9112 9118 9112 9013 91
9034 9034 *9034 91
9034 91
1,70( People's G. L & C (Chic)_ _100 90 Jan 16 9412 Jan
59% Jae 99 Sept
47
4712 4712 4814 47
4813 4713 4812 4738 4812 4714 4814 21,10( Philadelphia Co (Pittsb)__ 50 4114 Jan 2 481.Mar 30
7
4538 Sept
3112 Jan
*71
77
*70
75
*70
75
*70
75
*70
7473 *70
747
Phillip-Jones Corp
No par 78 Jan 11 783* Jan 15
73% Oct 105% Jan
6214 6314 6134 63
6178 63
614 6233 6018 614 6013 6133 53,00( Phillips Petroleum
No par 4713 Jan 2 6333Mar 2
2814 Jan 5914 June
1233 1238 1218 124 1233 13
1233 1278 121, 1273 1178 1238 10,808 Pierce-Arrow M Car__ _No par
1118 Jan 27 1514 Jan 9
8 July 24% Apr
303 303
3012 32
32
3314 3212 3338 3212 3313 3112 3224
7,408
Do pref
100 2734 Jan 27 3558 Jan 9
18% July 49 Apr
47
5
412 47
412 43
414 412
414 412
414 413 6,80( Pierce 011 Corporation_ _ _ _ 25
4 Jan 25
6 Feb 13
3% Dec 12
Jan
*4212 44
42
4214 397 397 *43
46
*4113 4212
404 43
Do prat
708)1
100 38 Jan 24 45 Jan 4
32 Sep
Jan
71
75
7618 7514 7838 7814 7934 777g 79
7713 7778 7738 7733 10,302)1 Nag Wigg Stor Inc"A"No par 5514 Jan 17 7934 Mar 6
39
Dee
59%
Nov
.6513 6613 6514 6518 66
6614 66
6778 6612 6712 *66
67
8,602) Pittsburgh Coal of Pa
100 58 Jan 16 67% Mar 7
55 Nov 72% Sept
*98
99
9812 99
*9834 99
99
99
*98
99
402) Do Pre
*988 9913
100 98 Feb 7 9912 Jan 4
90% Feb 10013 Sept
914 914
914 914
94 914
933 938
938 938
933 91
)
Creek
Pond
3,40(
Coal
10
914 Mar 1 47% Feb 15
1414 Feb 41 Dee
12512 12634 125 125
12512 12512 *12312 125 *124 125 *12312 125
802
Postern
Cereal
)
No par 113 Jan 6 134 Feb 6
6558 An 120
Oct
•110 114 *110 113 *919 11212 *11134 11212 *110 11212 *110 1121
8% preferred
100
25
Jan
Jan
11414
11018
3
Apr 11213 Oct
10513
66
66
6633 6612 67
73
7112 72,8 70
6913 70
73
4,602) Pressed Steel Car
100 58 Feb 2 8113 Jan 2
Jan 95% Sept
63
.90
92
*9012 92
9312 9312 *91
*91
93
93
.91
93
102) Do pref
100 80 Jan 22 9934 Jan 5
91
Feb 106 Sept
5314 5414 5333 5514 5334 55
5313 5434 53
5414 5213 531 110,002) Producers & Refiners Corp_ 50
5514 Mar 5' 2418 Jan 51 Sept
10112 102
10034 10134 100 1008 9934 100,4 99 10012 9912 10024 7,802) Public Service Corp of N J_100 4714 Jan 16
9334 Jan 6 10314 Feb 191 66
Jan 100 Nov
13034 13134 13114 13333 13112 13212 13113 13278 13112 134
13118 13234 33,9021 Pullman Company
100 12634 Jan 17 134 Mar 8 105% Jan 13914 Sent
5933 6018 5918 598 5818 5938 5834 5913 5833 5912 5918 6038 21,102) Punta Alegre Sugar
50 43 Jan 18 607s Mar 1
31
Jan 5314 June
30% 3033 3018 3022 29% 30
2913 30
29
2938 11,302) Pure Oil (The)
2933 29
25 27 Jan 24 32 Feb 13
2612 Nov 38% Jan
*9834 99
9834 9834 *9924 10014 9914 9912 9912 9912 9912 100
602) 8% preferred
100 97 Jan 25 100 Mar 9
94 July 10234 Apr
11713 11712 118 11834 11834 120
119 12214 120 12214 12012 12034 4,502) Railway Steel Spring
100 110% Jan 30 12214 Mar 7
94
Jan 12614 Sept
•3134 3217 *3138 3213 *3078 32
3212
*313
8 3212 *3133 3218
*3118
Rand Mines Ltd
No par 3212 Jan 23 3438 Feb 19
1912 Jan
3613 Sept
1634 17
1634 17
1618 1678 1)1
168 1578 1613 1538 158 10,702) Ray Consolidated Copper_ 10 1312 Jan 25 1714 Mar 1
1218 Nov
19 May
4218 4213 43
4634 4912 4818 46
4612 4514 454 45
45
7,002
)
Typewriter
Remington
v t 0100 3313 Jan 11 4818 Mar 6
Jan
24
42 Mar
•100 102
100 100 *100 103
*97 102
*97 10234 .98 103
102) lot preferred v t 0
100 100 Mar
104 Feb 13
55
Jan 105 Dee
*85
90
*85
90
*85
*85
90
*85
90
*85
90
90
preferred
1d
100
Feb
80 Jan 3
88
20
5012 Feb 80% Dee
29
2912 2838 2924 2812 2834 2818 284 2818 29
28
2812 9,802) Replogle Steel
No par 2314 Jan 2 3134 Feb 16
21 Nov 3812 May
6012 6112 5934 61
59% 6013 59
603 5913 6238 6034 613 23,401) Republic Iron & Steel
100 47 Jan 31 62% ar 8
4313 No
7812 May
9413 9473 9478 95
947 95
95
951
9518 9514 9533 2,20
95
pref
Do
9538Mar
100
9
Jan
9
74 Fe
89
9534 May
19
1914 1938 2214 2214 2333 2234 234 2212 2313 2213 2314 23,50 Reynolds
No par 163 Jan 23 2714 Feb 21
Spring
1214
50%
No
June
5712 58
5713 58
5734 58
5818 5814 58
5814 3,50 Reynolds(R J)'fob Cl B__ 25 47 Jan 10 5934 Feb 7
5814 *58
43 Ma
6334 Nov
•11734 118 *11722 118 *11712 118
11753 11778 *11714 118 *11712 11734
202
7% preferred
100 114% Jan 19 118 Feb 9 111% Apr 11834 Oct
5318 5338 5218 5212 527 5333 5234 .5313 5338 5418 53
5312 15,60 Royal Dutch Co(N Y ,hare,). 4212 Jan 31 55 Feb 16
47% Jan 67 June
2113 2134 2112 2134 2112 2112 2112 2133 2112 2134 2134 2233 11,69 &Joseph Lead
10 18 Jan 2 2258 Mar 9
1258 Jan 2014 Sept
*414 433
414 424
424 414 *312 424
90 San Cecilia Sugar v t c_No par
312 312 *334 422
2 Jan 17
5 Feb 14
113 Jan
614 Mar
2313 25
2433 2513 2538 27
2733 2812 2618 2818 2633 2713 8,30 Savage Arms Corp
100 1812 Jan 3 2812Mar 7
10 Au
2478 Apr
8913 9138 8912 90
90
9133 8914 8914 92)
9113 8912 89% 9,00 Sears, Roebuck & Co
100 8312 Jan 17 9238 Feb 13
59% Fe
9472 Aug
•112 120 *112 120 *112 120 *112 11934 *112 11934 *11212
Preferred
11934
100 11012 Jan 26 113 Feb 17
Jan 112 Aug
91
1134 1212 1133 12
1133 1134 1134 1134
1112 1133 1113 1112 4,30 Seneca Copper
No par
6
738 Jan 17 1212 Mar 3
Oct 2314 Jan
1034 1034 *1012 1034 1034 1034 *1014
1034 10
10
10
1,00 Shattuck Arizona Copper__ 10
10
818 Jan 2 10% Mar 2
12 June
Nov
612
*3834 3914 3813 3833 3914 3934 40
4114 4034 4034 .4034 4114 8,30 Shell Transp & Trading_ _ _ £2 342 Jan 31 4114 Mar 7
4812 May
Dee
3412
1533 1534 1513 1534 1533 16
1538 16
15% 1534 1533 154 31,40 Shell Union Oil
No par 1238 Jan 8 1614 Feb 14
1218 Dec 1314 Dec
34
3412 3353 3414 3333 34
33% 3373 3313 3313 33
333 42,40 Sinclair Cons 011 Corp_No par 3178 Jan 19 3578 Jae 2
1834 Jan 38% June
1278 13
1278 13
1234 13
1233 1278 1218 1233
1214 1212 24,00 Skelly 011 Co
10
1178 Oct
8% Nov
958 Jan 2 1314 Feb 21
53
54
5212 5333 5214 .53
5214 5313 5213 5534 5413 5534 13,40 Sloss-Sheffield Steel & Iron 100 42
34% Mar 5412 May
Jan 3 5534Mar 8
*80
8014 *81
8312 8312 83,3 8334 8414 8414 8614 87
8834
80
Do pret
100
4:gar
68
13
9
Jan
68
883
80
Mar
Aug
*56
583
, 58
584 5812 59
58
58
*57
5612 5912 1,30 So Porto Rico Sugar
59
100 40 Jan 13 64 Feb 14
33 Nov 57% Mar
2418 2412 25
2533 2518 254 25
2512 2512 2638 2514 2614 16,80 Spicer mu Co
No par
19
Feb
Jan
2714
16
17
15
Nov
June
*92
24
95
*9312 95 .93% 95
95
*95
95
9712 *947 9712
19
Preferred
100 90 Jan 3 97% Feb 2
Apr 96 Sept
84
*84
85 .8214 85
*8213 84
84
84
*8214
*8214 8413
10 Standard Milling
100 84 Mar 7 9012 Jan 23
8434 Dec 141 Sept
6114 6218 6133 6212 6214 643 62% 6333 613 85
4 63
6118 6213 54,50 Standard 011 of Cal
25 54% Jan 25 12312 Jan 2
9134 Jan 135
Oct
4334 4414 4378 4414 4333 44% 4314 4313 4278 4312 4233 43 91,50 Standard 011 of NJ
25 3914 Feb 1 4414 Mar 3, 3812 Dec 250% Oca
1178 1178. 117% 11734 117 11712 *116 117
11612 11718 *11612 117
2.30
Do
pref
non
voting__
._100
11613 Jan 31
118
21' 11338 Jan 11612 NOY
10334 104
10314 1031p 10212 103
10218 103
10212 10212 10212 10212 2,00 Steel & Tube of Am pref 100 85 Jan 2 107% Feb
Jan 12
68 Mar 90 May
6534 6678 65
6678 6333 6.514 6378 64
6334 65
6378 6438 10,00 Sterling Products
No par
5858 Feb 13 8758 Mar 2
4512 May 6334 Dec
•108 114 *110 114 *110 114 .1.10 114 .110 114
*110
114
Bros
Stern
pref(8%)
100 10912 Jan 2 115 Jan 5
10518 107
Jan 109 Des
81
10.51 121
113 121% 115 11712 11518 118
117
39,80 Stewart-Warn Sp Corp_No par 7914 Jan 2 12112Mar 6
8534 8838 8618 93
2412 Jan 79 Dee
8813 9414 85
91
87
9038 8712 93 111,10 Stromberg Carburetor_No Par 6214 Jan 10 9414 Mar
6' 3514 Jan
12014 12112 12014 124 12313 12514 12234 12334 12112 12414 12114 12212 164,10 Studebaker
71 Dee
Corp (The)__ _100 11218 Jan 16 12514 Mar 6
•113 11312 *113 11312 *113 1131, 113 113 *113 11313 *113 11312
7918 Jan 14134 Dee
20
Do prof
100 112 Jan 4 11334 Feb 16 100 Feb 11814 Nov
11
1238 1134 1233 12
121_
121, 1331
1314 14
12%
133
3
40,50
Submarine
Boat
No par
7 Jan 3 14% Feb 8
618 618
313 Jan
873 Nov
618 618
57
618 613
6
6
512 57
1,70 Superior Oil
58
No par
4% Jan 23
634 Feb 15
*30
4 Nov
33 .30
1014 June
33 .30
32 *___ _ 3278 3212 33
33
3314
90 Superior Steel
100 2914 Jan 3 3314 Mar 9
3912 Apr
Jan
2
28
2
2
218
2
2
2
2
2
2
*17
3
1,30 Sweets Co of America
10
134 Feb 27
278 Jan 12
1238 1233 1222 1234 1212 124 1238 1212 1214 1212 1214 2
1% Nov
5 Mar
1212 24,70 Teen Copp & C tr etts_No par 10% Jan
1234 Feb 21
5113 5178 5113 517
838 Nov
1234 May
5114 5134 51
5233 5133 5214 5034 5114 105,20 Texas Company (The)._ _ _ 25 47% Jan
1
52 Feb 20
61% 6134 6034 613* 6078 6112 6018 604 5913 604 5913
42
5214
Mar
Oct
6014 9,30 Texas Gulf Sulphur
10 5878 Jan 10 65 Jan 15
*2213 23
2214 2234 2138 23
38% Jan 67% Nov
2214 2313 2218 2233 22
2218 12,60 Texas Pacific Coal & Oil
10 20 Jan 24 2434 Feb 17
1421, 14212 138 142 *13734 13834 .13422 138 *135 138 *135
1812 Nov
June
323
4
138
50 Tidewater 011
100 120 Jan
40
144
4014 3913 3978 398 403
Oct
408 4458 4333 45
4234 4334 82,20 Timken Roller Bearing_No par 33% Jan 2 45 Mar 2 109% May 154
5813 5933 58
Mar 8
59% 5813 5934 5813 60
Oct
2812 Sept 35
58
5913 5634 5838 43,40 Tobacco Pi oducts Corp_ 100 5018
8.334 84% 8314 8414 8324 837, 8324 8434 8318 8433 8314
Jan 17 60 Mar 7
June
84%
Nov
4914
84
24,50
Do CIA (since July 15) 100 7934 Feb
1134 1178 1113 1178 1114 1133 1113 1112 1118
85 Mar 2
7678 Aug 8913 Sept
1133 1133 1314 45,40 Transcontinental Oil__.No par
1078 Jan
•6513 70
1412 Jan 5
71) Mar 2018 May
*6612 69
70
70
*67
70
68
68
6512 6512
40 Union Bag & Paper Corp_ _100 63% Jan 1
7012
Mar
2
Mar 78 Sent
55
•13
14
*is
14
%
is
•%
14
%
13
•14i
14
50 Union Oil
No par
%
94
95
Jan
4
95
14
95
12 Dec 25 June
Jan
94
3
94
9412 9412 *93
94
94
94
70 Union Tank Car
100
81
11112 11112 *11114 112 *11114 114
•110 111
Feb 1 9514 Mar 2
85 Dec 13484 Dee
11114 11114 *110 11112
20
Preferred
1001 10878 Jan 3 112 Jan 19 102 Feb 113 Sept
3612 3622 3673 3738 3738 38
37
37
37
3713 *3612 37
2,70 United Alloy Steel
No par 3318 Jan 5 38 Mar 6
81
8112 8213 8212 8133 82
4114 May
*8112 8222 8112 82
Jan
25
81
815
8
2,70
United
Drug
100 78 Jan 24 85 Feb 23
•47
48
48
48
*4738 4813 *4733 4813 *4738 4812 *4722 4822
002
6078 Mar 85
10
lat preferred
50
•180 183 *179 182 *178 18112 179 180
4814
Feb
14
48
Mar
1
4118
Oct
51%
Feb
17813 180
1781, 17812
100 15212 Jan 17 183 Mar 2 11934 Jan 162
8234 84
8158 8313 8134 8234 8112 8338 8034 8234 8058 8113 1,10 United Fruit
Oct
26,40
United
Retail
Stores__.No par (3433 Feb 1 84 Mar 3
3318 3414 3234 34
3234 3314 3234 33
8713
Feb
4312
32
Oct
3213 3134 32
4,70 US Cast Iron Pipe & Fdy_100 29
7113 7113 71% 717
Jan 31 3412 Mar 2
7114 7113 .70
7112 70
1618 Jan
39 Aug
70
•69
70
90
Do prof
438 438
412 45,
413 434
433 412
Jae
418 4% *4
78 Aug
60
433 1,30 US Food Products Corp_ 100 69 Jan 25 7234 Jan 3
_100
20
20
334 Jan 30
2031 20
19
1934 1834 19
5 Jan 2
1922 1912 *1938 1934 2,700 USHoffmanMac
234 Feb
10% Jan
hCorp No par 1878 Jan 26 25 Jan 27
6912 6934 6812 6912 683,4 6973 6834 6978 6833 7073 6833 697 19,50
18% Nov 2578 May
178
Industrial
Alcohol _ _ _ _100 6258 Jan 22 7178 Feb 16
*9934 100 *100 102 *100 102 *100 102
10014 10014 10014 10014
37
Jan
727
s Oct
20
Do prof
100 98 Jan 2 10014 Mar 8
104 104
103% 106
103 10533 10334 104
7212 Dec 102
101% 103
Oct
10112 10234 8,90
5914 5978 597 6018 6058 6134 61 23 628 6118 6233 6034 6118 50.90 US Realty & Improvement 100 8812 Jan 24 106 Mar 5
Jan
56
Oct
92%
Unite:1
States Rubber
100 55 Jan 10 6278 Mar 7
•10212 103 *10212 103
103 103 *10273 10278 *103 104 *103 104
46 Nov 6712 Apr
34
Do
18t
prof
100
427 43
99
4213 43
4214 42
Jan
2
4212 42% *4114 4112 41
105 Jan 13
91 Sept 107 July
42
2,60 US Smelting, Ref & M.... 50
4614 4614 4638 4638 46
347k Feb 5 4338 Mar 2
4624 *4513 4624 *4558 4614 4533 46
33 Feb 48% Oct
1,00
Do pref
50 45 Feb 9 4818 Jan 3
108 108% 108 10838 10734 10838 10734 10812 107% 10834 10734 10858 160,96
4214 Feb 49 Aug
United
Stated
Steel
Corp..
100
3
4
4
120
120
1203
12013 120 1201 120 12018 120 12018 119% 120
104 Jan 31 10834 Jan 4
Jan 11112 Oct
92
4,10
Do
pref
747 7534 7422 7533 73%
100 119 Jan 31 12.323 Jan 15 11332 Feb 123 Sept
75
76
7524 VP
7434
73% 744 36.50 Utah Copper
10 6213 Jan 18 7612 Mar 5
2273 2314 2213 2314 2134 2233 2134 2214 .2014 22
59 Nov
7112 Sent
*2058 21
5.60 Utah Securities v t o
100 1534 Jan 26 2438 Feb 16
9% Jan 23% Sept
. 4312 4214 4314 4212 4314 4214 43
427
4113
42
4212 16,30 Vanadium Corp
49312 9812 •9313 981 *9313 981 *9313 9913 933 43
No par 337 Feb 1 44 Feb 16
4 Aug
531
Jan
3014
4 9334 *92
95
10 Van Raalte 1st prat
100 9334 Mar 8
2418 248 24
2418 25
25
23% 2434 2334 2438 2234 2378 19,50 Virginia
Oct
Jan 100
02
-Carolina Chem_..100 21 Feb 2 98 Jan 25
6618 661
6718 6718 6634 67
6618 67
2612 Feb 23
2314 Nov 36% Mar
6738 6834 6714 6714 1,700 Do prof
100 61 Feb 5 8834:gar 8
68
68 .67
68
68
*65
*66
68
65
Oot
58 July 83
66
*63
68
40 Virginia Iron. C & C
100
4
.82
813
813
4
84
82
5312
*80
*82
Jan 31 68 Mar 5
85
*82
43 Mar 9412 Jan
85
*82
84
10
Preferred
100 80 Jan 29 8134 Mar 51 86 Mar 86
1933 1914 1923 194 1912 19% 1934 194 1933 11,40 V1vaudou
18% 1918 19
Oct
(V)
No par
1514 Jan 17 1934 Mar 8
1314 1318 1314 1314 1338 14
13
13
16 Dec1414 1538 1414 151 13,80 Weber & Heilbroner
618 Jan
Aro
par
5213
1214 Jan 27 1538 Mar 8
5314 54
5112
49
50
104 105
4638 4812 48
10% Oct 17 Apr
3,80 Wells Fargo Express
49
100 463aMar 8 105 Mar 2
115 11534 11478 115% 11414 11412 *11412 11512 11414 11412 114 11434 2,10 Western Union
6614 Jan 9834 Oct
Tel08raph-100 109 Jan 22 11912 Feb 20
11918 1191 117 118 *116 118
118 118
89 Feb 121% Aug
118 11878 11734 11734
90 Westinghouse Air Brake
50 107 Jan 20 120 Feb 17
644 65% 64% 657, 6414 6512 6433 6434 6334 6412 6358 6412 12,20 Westinghouse Eleo &
80 Mar 114 Dee
Mfg_ 50 5834 Jan 11 6718 Feb 18
2812 287
2814 2834 28 2838 28 2814 5,70 White Eagle 011
49% Jan 6518 Aug
2833 288 28% 29
No par 2478 Jan 16 293* Feb 19
5512 57 I 5514 5534 5413 5512 55 55
25 May 3338 Nov
5378 5414 5412 57
14 15,10 White Motor
50
433 412
418
438
414 414
412 412
35% Jan 54 Sent
412 4% 2,20 White 011 Corporation_No par 48% Jan 3 57 Mar 5
433 42
57 Feb 19
3 Jan 24
12121 117 12
2% Dec 12 May
12
1213 1234 1214 12's 12
12
3,60
1133
Wickwire
1133
Spencer
Steel...
5
72, 733
104 Jan 2 133* Feb 17
77,
714
8% Nov 21% May
7
7%
6% 713
6% 7%
612 7
26,40 Willys-Overland (The)._ _ _ 25
67
8
10 May
Feb
Jan
413
2
51'I
5018
814
527
3
Jan
5114
8
523
5
507
5058
5122
52
52
5058 51
7,10
Do Preferred (flew)....100
4212 Jan 2 5278 Feb 23
24 Feb 4913 July
4078 4078 4012 4234 4113 4234 4112 4112 6,90 Wilson &
4013 4078 407 41
Co, Inc. v t c_No par 36 Jan 10
4234Mar
Jan
7
5012
85 I 85
*84
2714
87
Sept
8.5
*84
*8412 86
87
•84
•84
86
10
Prelerred
100 85 Feb 2 87 Jan 3
JEVO
66
91 Sept
21112 21112 21112 2h1'z 211 211 I 213 21312 21414 21813 215 215
1,90 Woolworth Co (F W)
100 1991g Jan 24 22412 Jan 5 137
Jan 223 Nov
38
3814 38% 38
3834 39
39
39
3934
*38
3912
*3812
90
Worthington
P
& M v t e_
3038 Jan 30 393* Feb 17
01. ..O
91.1
26% Nov 55% June
0
9
Ole
912
0
0
79 Wright Aeronsutioal__ ..No_100
par
35, Jan 171
Jan
6
11 Aug
912 Feb 8
• Bld and asked prince; no sales on this day. * Less than 100 ahares. t Ex-rights. a Ex-dividend and rights.
Ex-dividend. e Reduced to basis of $25 par.
g Range since merger (July 15) with United Retail Stores Corp. 0 11x-dIv. Of 25% in common stook.




117

1032

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

and pfsree are now--and in,,,st"--crcept for income and defaulted bonds.
Jan. 1 19% the Frchance method of rioting hands was changart

BONDS.
N. Y.STOCK EXCHANGE
Week ending Mar. 9

II 2
t

Price
Fr Way
Mar. 9

Rangc.
Since
Jan. 1

Week's
Range or
Last Sale

BONDS
N.Y.STOCK EXCHANGE
Week ending Mar. 9

Price
Friday
Mar. 9

Week's
Range or
Lan Sale

4,11

.g., i

860 I

&WI
Mace
Jae. 1

Ask Low
High NO. Low High
Bid
Ateh Top & S Fe—(Concludeco
6 100 10334
19603 D 10234 Sale 10234 10334
Cone 4s Issue of 1910
2 9334 9612
9518
9518
1928 M 8 95% 96
Bast Okla Div lot g 4s
101.26 Sale 101.18 101.34 829 100.94 101.90
2 8118 83
8114
98.14 98.90
Rocky Mtn Div let 48_1965 J J 804 8078 8114
98 08 98 26 98.70 Jan'23
3 8234 8634
8234
Trans-Con Short List 43_1958 J J 8212 Sale 8234
98.16 Sale 98.00 98.30 184 97.88 09.08
1 8912 03
Sale
18
00
90
8912
8
Cal-Aria let & ref 434e"A" 1962 M 8
98.10 99.00
97.00 98.00 98.70 Feb'23
6834 6714 Mar'23 ---- 6534 684
All & Term 30-yr 1st g 48..e....1933 NI S 66
85
4
813
86
85 86
Fele23----I
12
N
M
1955
4s
Div
CM
98.60
3r
Knoxv
At
97.46
98.10 Sale 98.10 98.60
19461 D 994 --__ 9912 Feb'23 ...-.9913 99,2
98.08 Sale 97.84 98.22 2689 97.58 98.88 At I Knox dr Nor 1st g bs
9134 91
12 91
91
914
Atl & Chad A L 1st A 4348_1944 J J 01
8 I 83s
42
0
02
8 18
96
1944J J 90 Sale
1st 30-year 5s Ser B
08.54 Sale 98.36 98.66 2941 98.26 99.18
9658
8
8514
All Coast Line lot gold 48_41952 M 5 8512 Sale 96'4
6 108 10712
1930 M N 108 10712 10614 10612
10-year secured 78
08.20 Sale 98.02 98.76 4216 97.80 99.18
8434 141 8414 89%
1964 J D 8412 Sale 8414
General unified 434e
8178 721 80
82
01952 M S 80 Sale 80
L& N cell gold 4s
100.12 Sale 111.02 100.18 801 100.00 100.30
7
75
78
73
0 7378 77
76
J
19483
1098
4s
g
.04
100
lst
Dane
dr
Atl
99.34
29.50 Sale 99.50 99.68
7238
19483 J 6514 72
2d 48
--- 10212 Apr'22
80
7718 Feb'23 ---4 iila ii14
1949 A 0 76
Atl dc Yad 1st g guar 4s
____
10314 Mar'22
1941 J J 9578 ---- 9512 Jan'23 ----, 954 9512
A & N W 1st gu g 5e
_
10212 Dec'22
I
10318 10318
104 10318 Jan'23
947
89 9318 9512
1925 J J 9412 Sale 9412
Salt & Ohio prior 3358
100 July'21 _
9214
4
943
9312
--,...I
Feb'23
9312 9312
41925 Q J
95
Registered
95
95 Feb'23
934 95
777
103 7814 80
41948 A 0 7634 Sale 7634
9312 94
let 50-year gold 45
931e Feb'23
82
787
787 Feb'23 --,-I 77
41948 Q J
Registered
8112 201 7712 8218
10-year cony 4668
1933 M S 8014 Sale 80
82 dale 81%
8212 129 8012 85
D
J
_1995
A_
Series
Is
gen
&
Refund
Foreign Government.
10014 202 9912 1017a
Temporary 10-year 68___ _1929 J J 100 Sale 9934
7 9114 9284
9234
P June & M Div lot g 3348_1925 M N 9214 9234 9214
11.4278 153 100 103
10214
ti 11g1
1927
Argentine (Govt) 75
7412
74
75
4a,,.1941
ref
Sys
82
MN
Va
W
&
E
L
P
8 8014
8028
14y SAL 80
Argentine Treasury be of MOO__ _ M
79%
74 2 94
62 90
122
4
75
9
140 914 102
Southw Div lot gold 330_1925 J 1 93 Sale 9278
99
Belgium 25-yr eat e 1 73,esi g_1945 J D 9812 Bale 9812
56 93
Toll & CM Div 1st ref 41A...1959 J J 64 Sale 64
9814
04
5-year 6% notes
Jan 1925 J J 934 Sale 934
60
1
60
2
1
54
'2
y
6
I
u
3
--4
2
2
6
--1
7%
6
.55
1998 J D
Battle Cr &Stur 1st gu 3s
9414 10114
974
9814
A
F N
1941 1,4
20-year a f 8s
-- 8938 Dec'22 -1936 J J 8714 9114
03 Sa
199
1634 10712 10814 21 10712 10912 Beech Creek let gu g 4s
103
1945
Bergen (Norway) s f 8s
8614
Feb'23,---i
.
i
:
i
_
ii
:
6
.
.."
13
.1
J
1936
11214
11012
Registered
Sale
11112 11214
1945 MN 11178
Berne (City of) 8 f Os
2
1938 J J 942 ____ 134 May'll) ---2d guar gold bs
93% 88 8934 94
1947 M N 9212 Sale 92%
Bolivia (Republic of) 8s
60 July'22 --__ _ __ - -7134
Sale 75,4
7614 34 6914 784 Beech Cr Ext 1st g 334s____e1951 A 0 9018
Bordeaux (City of) 15-yr 6s 1934 MN 3 7614
__..
1001s
Orit'22
221
7
1923
6e
D
99
1
let
Car
&
Sellev
9414
9612
1941 J I3 95 Sale 9412
Brazil. U 9 external 8e
Z -8234 -8312
8234
1944 J D 8034 8212 8234
8614 Big Sandy 1st 4s
84
- 8234
8434 81 81
78
1955 F A 6212 7814 Te
S 10312 Sale 10238 10312 49 964 103% 18k, N I' Air Line lot 48
A•
1952 j
711e
89
89
8814
89
90
---Feb'23
1004 117 9912 1014 Bruns & W let gu gold 48_ _19381 J 101 Sale 101
Canada (Dominion of) g 58_1926 A 0 10014 Sale 100
10118
6 101 101%
1937 NI N
Buffalo R dr P gen gold 5.e
10078 00 9912 102
do
do
bs 1931 A 0 10012 Sale 10014
do
9014
Sale
8918
23
9018
9214
8918
10234
131
1957
N
M
Sale
10018
Consol 434s
10018
102
1929 F A 1014
10-year 5348
1 98
08
994
1934A 0 9612 9814 98
Sale 98%
Burl C R & Nor let 5s
994 295 9812 102
i
Os
32
10412
10212
1033
Sale
104
A
4
F
10414
9834
1 MN
52
194
Chile (Republic) ext s 1 8s
13 0628 10012
99
68
1962 A 0 99 sale 9628
1926 A 0 102 . Sale 10138 10218 62 1011s 102% Canada Sou cons go A 5s_
External 5-year a f 8s
66 113 1147s
1147
1940 J D 11412 Sale 11414
Sale 96
Canadian North deb a f 7s
9334 97
9612
1N
M
142 110% 11314
1942 8
70
Sale
112%
113
11218
56
1946
J
deb
10412
f
104
25-years
J
1033
10212
34
.
6
0
4 104,2
6368
219
7814 ,,,i4; 7812
7978 236 _7_8_ _8_11_
25-year of 8s
5212 48 5012 5234 Canadian Pac fly deb 4s stock_ _ _ J J
_ _ 5178
0 8 Se_ _le
12:4
o 115
Chinese (Hukuang Ry) be of 1911 J D
9212 Sept.= ----I
1932 M S
110% 11034 27 10734 1104 Cash & Shaw Oat gold 45
1945 A
712
0
7
8
Cbristiania (City) e I 8a
5
9
7
9
7014
Dec'22
-24
1949 J .1
9434 Caro Cent hot con g 4s
90
9334
1927 A 0 9322 Sale 9314
Colombia (Republic) 634e
8912 90
13 -g61-2 -6'1.91
8912
9012 Sale
4
9012 88 884 9112 Car Clinch dr Ohio 1st 3-yr 5s 1938 J 13 9
992122 _7_4_1 9612 96%
612 Saleil 8
708
Copenhagen 25-year a 1534a 1944 J 1 9518 Sale 883
e De8
112
96
32
.
J
2
5
9
96
D
95
9612
0014
6s
1944 M 9
Cuba bs
1981J D
91
9014 Feb'23
8934 9314 Cart & Ad 1st gu g 411
Exter debt of 5s 1914 Ser A_1949 F A 89
702 Dec'22 ---- --::: -- --:
:
9 814 87
1948 J D 10681128 73
84 8312
Cent Br U P 1st g 4s
8334
1949 F A
6724 10 5618 58
External loan434a83
1961 J .1 5712 57% 57%
9914 Sale 9914
9914 112 9914 9012 Cent New Eng let gu 4s
26 19061112
5Xs
19051%
83 75
F
of
5s_....D1945
Central
gold
A
let
8912
Ga
881a
Sale
8812
89
01
A
j
196
3
1
5
02'4
9
0
19
3 190824
Csechoslovak (Repub or) 88_1
11 107 10914
1945 NI N 05 WaleConsol gold Is
109 Sale 10834 109
102
55 998 102
10038 Sale 10014
Danish Con Municipal 8s eA"1946 F A 0918
81
10-year temp secur Oe_June 19293 D
102 1
12 10814
10914 17 107 10914
7434 80
Series B
81
81
Jan'23----I 81
55
8
1097
110
g
money
D
J
pur
Div
109
107%
49.1951
Chatt
A
O
F
5A
9446
19
Denmark external a f 88
-% Ele
134 9514 99
Mac & Nor Div let g be__ _1946 3 J 94% — -- 98pt'22
98 Sale 9718
98
9212
20-year
---9512
June'22
8 9514 100
1947 J J
Mid Ga & Atl Div 5e
93
j 97 Sale 97
A
2 •
48
Se19
93
Rep Cons Adm 8 f 58'5
9634 93 Mar'23 - --- -9:381 -9
Dominican
4
-127
43
i26 84
91
Cent RR At B of Ga coil g 58_1937 M N
86
87
8714 87
5348
5 105 108
10514
262 9214 9512 Central of NJ gen gold 5e__ _1987 J J 10514 107 10514
941z Sale 94%
95
.1
947 'd
11942
10318 105 109 Sept'22 , -___ - - - Dutch East Indies ext 6s
272
95
1
Q
51987
Sale
9214
Registered
93%
68934
9414
El
1962 M
40-year
8434 176 8314 8734
8812 Cent Pao 1st ref gu g 4s
1949 F A 8334 Sale 8314
88 sale 88
8818 139 83
5345
9118
4 90
90%
9033
389 8812 98%
419293 D 8934
Mort guar gold 3348
97
M $S 9714 Sale 961s
3M
55
French Republic 25-yr ext 88_1194
4,2
1% 88
8 % Sale81
1 84
88i2 88
158
4 15
58
2,
88
445
95
Sale
4e_
gu
1st
0
L
A
•
St
_-_1954
93
4
923
84
Through
9314
20-year external loan 7348_1941 J D
Chet)& Onio fund & impt 5s__1929 J J 100
Great Brit & Ireland(UK of)100
4
100%
3
6
1
23
4
101
10314
100
0
2110950
16
0
1 1:
2
;
991553
438
9718880
80
1939 M N
1st consol gold 58
10438
20-year gold bond 5348._ 1937 F A 10414 Sale 1037a
1939 M N
Registered
115%
97243 4 111
741l, 11538 Sale 11478
F,
10-year cone 53481929 Fo
7
1992 M 8 8__,,
75 Sale 74
General gold 434e
75
4
1942
Greater Prague 734e
2
939
896
6'12 8
2744 Nov'21 -7. I -8
-2
-6-8-d
- -8
-4
1992 M S 8827%14 88
9712
Registered_
Sale
2
,
97
98
2A 0
55
92
Haiti (Republic) Os
Sale
148
4s119
88
.
86%
85
8912
A
F
_1930
_
2_
A
4
9434
Sale 94%
20-year convertible
95
Italy (Kingdom of) Ser AS
9413
30-year cony secured 5n_ 1946 A 0 91S
9312
F A I 9318 Sale 93,4
9218 ____
Japanese Govt--£ loan 4348_1925F
1e 94
91
:22:::Leb23
.1 919
5
93440
94
64
95
8
%
933
1940 J J 78,88478je
Craig Valley 1st g be
93% 81 9922
Second series 434s1925 j j 1 0278 Sale 9234
160 80
e 821,Sale 8114
83
Potts Creek Branch lst 48_19461.j .1
83
Sterling loan 4s
r 1 783
78481784 Mar'23 --- -5
49_
g
con
let
Dlv
7914
6914
A
_19891.1
8
&
3
Sale
It
7612
J
7512
77
N
M
1j j
1934
Lyons (City of) 15-year Be__ _1
75:4 76
7712 Dec'22
198913 J
2d consol gold 45
76 Salo 7534
7614 15 6912 79
Marseilles (City of) 15-yr 69_1934 MN
8034 Dee'21
12 324 38
Warm Springs V 1st g be..„1941M S 9312
3812 37
38
1943 M N 36
Mexican Irrigation 434e
2 -E61; 541;
193
52 Wile- 52
86
39
g
ref
0
RR
8
557
194914
Alton
5612
:
9712
49
Sale
Chick
5713
Mexico—Extern loan 1 Is 01 1899 Q J
2912
201 25
29
19501 J 284 Sale 2634
1954 j D 1 3634 Sale 3614
Railway 1st lien 3348
37
Gold debt 4s of 1904
g
7
8 7035 83
4
s
80
793
795 79
Chic Burl & Q—.Ill Div 3346_1949'J J 8712
90
_1952 J D 90 Sale 89%
Montevideo 78
8712
88
8834 10 8712 9934
J
3
1949
48
Division
Sale
Illinois
9818
974
98
Netherlands 6s (flat prioes)._1972 M 5
96%
961, 17 90
9714
Nebraska Extension 4a_.1927 M N 961s 97
11212 4267959 1%
9839374!
192
711%154
2
1940 A 0 11214 Sale 110
Norway externals 18e
904 00119
1927 M N
1080 9612 100
Registered
99
A 0 99 Sale 98,2
eSil
es
8
.7134
841e
80
.
141
,
69
.1112
:
8
1958 M El
General 4s
0312 100
97
952 J D 9612 Sale 95
1961
Porto Alegre (City of), 8s_ _ .._1
99% 95 9812 1011s
1971F A 98% Sale 984
1st & ref 53
10834 17 10512 10912
Queensland (State) eats I 75_1941 A 0 10812 Nee 108
Ill—
E
7
Sale
2
Chick
10114
100
6
1011
100 1024
2b-year Os1947F A
105
105
1 105 10612
1934 A 0 105
964 Sale 964
let °ousel gold 69
314 10
90
9734
90
712
79 84-11-e- 79
Illo Grande Do Sul 8s
148 78
80
8112
8 C & E Ill RR (new co) gen 5e.1.951 MN
97,
9334 21 90
o 9314 Sale 93
0
•
6A
1916
Rio de Janeiro 25-year Si Bs_ _1
14
2
83
9
92
80
2
81
9713
88
1082
58
N
M
Chia & Erie let gold
9312
1947 A 0 93 Sale 924
8s
6
14
7
4s...._1959
S
M
let
West
Great
93
9714
2
,
97
Chicago
98
10:
20'4 84
1 4 109722
73
19.52 M S
958
10
16
San Paulo (City) o 1 88
5
---Jan'23
107
107
1
J
68_14147
Louise—Ref
Sale
4
993
994
&
Ind
996
100
54 109091244 Chic
9e
Ban Paulo (State) est e f 89.._1936 J J
95% Feb'23 —
9218 9712
1.2
9,: 84
0
12
4
7e
1947 J J 94
70
8712
Refunding gold 5s
8412 Sale 841z
8514 2
79
8012
82
Seine (France) ext 78
8012 10 801. 814
Refunding 45 Series C___ _1947 J J
66
hf ill 65 sale 62
42 j
96
Serbs. Croats & Slovenes 8s 19
8314
8312
83111
Mar'23
11)66
N
11
Sale
76
76%
General Is A
78,4 35 6612 78,4
74 Sale
94
.7
823 11 95
0,
Ja0
Soissons (City) Os1930 M N
3 8
14
98
c1966 J J
104
General 6e B
10514 81 10312 106
75
1939 j 0 1047s Sale
Sweden 20-year 6s
78
78
11814 Sale
,4 119
Ind dr Louisville lot gll 45_1956 .1 J 824 85
, 11712 1194
7,3
Swiss Conferer'n 20-yr a 188_ _1%0 J J 734 Sale 118
8412
___.
81,
2
811!
.
__
Feb'23
.._
2
,
73
24
73,4
Chic Ind & Sou 50-year 49___1956 .1 J 8512 - - - 73%
7114
M S
Tokyo City Is loan of 1912
911a Sept'22
D
1
106
East
5k
—1969
4S6s105
1st
10412
L
Chic
10512
107
3
10
26
6418
Uruguay Republic ext 8s____1946 F A
6818
63
20
Sale
8
64,
65's
j
3
_1949
4s
fill
let
17 III 113
0 113 Sale 11212 113
C M & Puget Sd
1945
Surich (City of) a 18eA
724 Sale 7234
743
7314 23 72
Ch M & St P gen g 48 Ser A _e1989 J J 6378 63
.5.e
633
27 6278 6912
2 $-='
General gold 334a Ser 11-81989 J .1 804 8114 6328
10 7914 837
8112
81%
e1989 J J 88
General 434a Series C
Sale 6
State and City Securities.
38 sale
17
15
88,
70: 190 66
621
6234
a2014 A 0 6
Gen & ref Series A 4348
160 64
70
Gen ref cone Sec B 5e__a2014 F A
1004 20 10038 10078
Sale
N Y City-44s Corp stock_ i960•S 10014 10034 1004
6612
6612
88
421 63 68
1932 J D
434e
Convertible
10238.
1014
102
Feb'23
8
,
101%
102%
MS
1984
8118
Sale
4345 Corporate stock
7934
81e8 252 76
81
19253
D
1014
1
1024
4
1013
1013
45
4 10212
10134
1966 AO
Sale 6l'
431e Corporate stock
128 54
6312
1934 J .1
107,4 108
25-year debenture 49
Jan'23
1971 • D 197 10734 108
4348 Corporate stock
96533'4'
97 Mar'23
6
961s 9712
6 21:1
Chic & Mo lily Div 58_ _ _ _1926 J J 9478 1•8
10, 10678 10712
107
434e Corporate shock.. _July 1067 ii 10634 10712 107
8
943
94118
14
5
49_1886-1926
A
F
91
Ext
96
N'west
107 107% Chic &
Jan'23 .
1965 3D 10634 10712 107
4348 Corporate stock
9338 9335
1880-1926 F A 9434 - - -- 9314 Jan'23
Registered
5 10612 10714
10712 1064 10628
1963 MS 10628
4348 Corporate stock
7378 Sale 72%
37
12
',
723
77
1987
2
334s
MN
gold
General
6
,
4
99, 10014
9914
1959 MN 99 4 9934 99,
a% Corporate stock
9914
01987 Q F ---- --e- 7318 Dec'22 ---- --- - -9914
1 9914 10312
Registered.
1958 MN 9914 100
4% Corporate stock
3 8214 87
84
1987 NI N 8214 83 821,
43
General
9914
99
1
100
99
99
10014
1957 MN
11% Corporate stock
1087 NI N
Stamped 45
9912
99
. 99,2 99% Mar'23
983
2 Salt
934
'
73
4% Corporate stock reg_1956 MN 10612
1987 Ni N 10
General 5s stamped
107 107 Feb'23
10612 1074
1957 MN
New 430
03
110_4
881E! 100
5 __7, 18
;
9903
0
2 :
4
18
9:
71:
9
65
i01 1,
1879-1929
2 --:
4
2
4213
3
97
9
p0
i
A 0 1100990
2 1106
4
71113
32
983
0
fund
4:
8 14
71:
661
,
Sinking
10612
110614
107
10638
10638
107,4
1957 MN
434% Corporate stock_
1879-1929
Registered
A 0
9124
0014 11 90
1954 MN 00 9034 90
334% Corporate stock
---99
ba
2
,
98
Feb'23
A
fund
----11---1879-1929
0
Sinking
10312
10312
Jan'23
10312
1961 MS
New York State-4a
Registered
1879-1929 A 0
10312 Jan'23
10312 10312
1091 33
Canal Improvement 4a
1033 M N
Sinking fund deb 55
1004 Mar'23 -- -- 10012 101
10912 Apr'22
1963 M S
Highway Improv't 434s
Registered
22
10
1933 M N
a Maly'
10112 Apr'22
--Highway Improv't 431e..._1965 MS _
a 110
1930 J D idle': Safe- 106et
10-year secured 76 g
10812 10 10679 110
42
5
10,4
8,4 182
78
18
0:13
15-year secured 634s g _ __ _1936 M S 1084 10918 19
j
j
1988
48
7912
gen
Sale
P—Railtray
7912
dc
I
804
Chic 11
Railroad.
7835 Ms
Registered
78% Jan'23
1988 .1 J
912
24 77
74
26
2 8
,,
312
79
79
Refunding gold 48
1934 A 0 7734-8ale 774
96
96
99
Jan'23
06
o 95
1:8
8937
5
2 10
8941 4
Ala Ot Sou 1st cons A 5s__1943 J
1951 J D 0038 10314 10012 Feb'23 ------------7 100
99% 99% Chic St L & NO gold Is
_ 9978 Mar'23
1928 MN 9978 _
Ause21
99
Reg/atered
Ala Mid let guar gold 55_____ 1946
J
1951
13
82
8114
80
8212
8114 Feb'23
AO
•lb & Susq cony 3345
7912
- 7912
1951 J D 7812
Gold 33-4e
85
834 Dec'22
1998 AO 83
Alleg & West 1st 0 48 gu
Joint 1st ref be Series A
1963 J D
5978 00
9012 89% Jan'23
1942 MS 90
9
%
4
5
8
9
1
4
8
48
g
Alleg Val gen guar g 4s
let
18
1
5
9
8
112
85
9
Div
Memph
1951
D
J
32 63,2 65%
65
41995 12 J 64 Sale 6312
Ann Arbor lot g 4.8
1932 A 0 100 . - 100 May'22
8678 Sale 8612
243 86% 90,8 C St L & P 1st eons g be
88
1 105 1O7'
105
105
106
105
Atch Top & 9 Fe—Gen g 48 1995 AO 8012 86
cons
0
&
M
P
St
65
Chic
13
10303
85
8712
8814 Feb'23
2 9212 9212
1995 AO
924
Registered
Cons 65 reduced to 330......1930 J D 9028 9212 9212
77% 7912 781e
10 7812 824
8014
Nov
1h
41995
9312 90,,
9338
9312
Adjustment gold 48
Debenture 55
1930 M S 9138 04
802 33 79
8278
41995 Nov 801,Sale 79%
Stamped
5 77% 8212
7814
1955• D 7814 Sale 7734
Cony gold 45
DUe Deo. tOptIon sale.
Due May. g Due June. 11 Due July, 1 Due Aug. 0 Due Oct. D Due Nor. g
No price Friday; latest bid and afted. a Due Jan d Due Allan c
Bid

Ask Low

Hfah NO. Low

U. S. Government.
OMR Liberty Loan3D
834% of 1932-1947
J D
Cone 4% of 1932-1947
•D
Cony 4ee% of 1932-1947
.ID
2d cone 434% of 1932-1947
Second Liberty LoanMN
41% of 1927-1942
MN
Cony 43e% of 19274942
orldrd Liberty LoanM S
434% of 1928
Fourth Liberty LoanAO
434% of 1933-1938
Victory Liberty Loan3D
43j% Notes of 1922-1923
Treasury 414e 1947-1952
61930 Q J
Ss oonsol registered
a1930 Q
Cs coneol coupon
1925 Q F
sta registered
1925 Q F
de coupon
Panama Canal 10-30-yr 28_41936 Q F
1961 Q M
Panama Canal 38 gold
1961 GM
Registered




IF

5

181

High

New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 9

Price
Frtday
Mar. 9

t

Week's
Range or
Last Sale

I

,o

Range
Since
Jan. 1

1033

BONDS.
N. Y.STOCK EXCHANGE
Week ending Mar. 9

Price
Friday
Mar. 9

Ware
Range or
Last Sail

Range
Sined
Jan. 1

8141

Ask Low
Mph NO. Low High
Illinois Central (Concluded)
Bid
Ask Um
High No, Low High
Collateral trust gold to____1953 M N
7912 Sale 7912
77l,,__
7712 7834 77
8014 31 7912 83
77
81
Registered
1953 M N
82
9012 Sale 9012
Aug'22
914 18 90
9258
15-year secured 0345
1934 .1 J 1511"2 5.;fe" 101
100 Sale 100
10112 58 ig(55100
8
54 994 10012
15
-year
secured
635s g
1936 3 .1 109 Sale 109
11518 11512 11512 115,2 36 11278 1157
10914
6
109 111
8
Cairo Bridge gold 48
8258 85
87
106
Jan'23
105 Feb'23
87
87
105 105
Litchfield Div lot gold 38_1
685
1951
j 13
9 .1
8
6938 Feb'23
1312 Sale 7312
7412 39 7212 7578
6938 73
Lnulev Div & Term g 3%8_1953 3 J 734 7212
76
70
78
Feb'23
7972
10212 1028 10212 10212
6 1014 10234
()Truths Dtv let gold 3s
683
Sale
1951
4
F
A
683
4
6914
964 971 91
5 6834 6958
97
5 9634 98
St Louis Div A Term g 35_1951 J .1 6818 7012 71
Feb'23 -- 71
_ 88 Mar'17_ _
71
Gold 3%s
1951 3 .1 76
80
7712
7712
89
8934 Feb'23
3 77
80
884 891
Springf Div let g 3
4
7514 78
7812 July'22 ---864
_ 8634
8634 ---- 8634 864
Arestern Lines lst g 4s
51
1961
A
3 8312 89
83
ii "ii" "ii"
83
9012 Oet'22 _Registered
1 F
A
_
19
A 0
94
50
92 Nov'10 -8534 _
8534 Mar'23 --__ 8534 8534
-Ind B & W 1st pref 4s
8558
8712 Feb'23
OS
8712 874
9838 99 Aug'22
,and Ill& Iowa let g 4s
8358 8512 8518 Feb'23
9012 Jan'22
9715 _
85
854
tot A Great Nor Adjust(38._.1195
4712
9
2
Sale
9
6
j
J
4712
4814 268 41
7712 7778 7734
4914
7934 75 7778 8218
1st Mtge Gs
97 Sale 97
l95
9114 92
974 88- 97
9118
934
7 9118 9312
071s
TrustCo certificates 3-year 153_23
65
6111
_
974 98
Dee'22
j
-975s
974
1 9714 100
Iowa
Central
let
703
gold
4
Sale
So
1938 J D
7034
101 10114 10034
7034 11 74537, "fit",
10114 48 10034 1024
Refunding gold 4s
39
1951 M S 38
3812
8214 85
39
5 36
8612 Feb'23 -- 854 88
40
7612
7514 77
7612,
2 7612 7838
games Frank & Clear let 4s__1959
D 82
8512 8434
84Ig
2 8418 87
7678 78
77
77341 10 77
8138
83
6212 Jan'23 -- 8212 8212
KaA&GRlstgug 55
9548
1935
J
8118 _
813a Nov'22 -Kan & NI 1st gu g 4s
1990 A0 7634 7712 77
1064 10718 10638 Feb'23 -- 1661.
4 i6638
2d 20-year 58
96
9914 964
9514 9712 974 Feb'23
ii
1927
-9
f63f 8 97
9688 9712
K C Ft S dr NI cons g 6s
1928 MN 10138 103 10138
10234
9212 954 v. Jan'23
9 10138 1024
95
95
K C Ft S & M Ry ref g
7578 76
AO
7558
7612 36 7558 794
93
93
9434 03
93 94
KCAMR&B let gu 5s
924
9412
A
1929
945
8
91 Nov'21,--__
924 95
Kansas City Sou 1st gold 38_ _1950 A0 6712 Sale 6714 Mar'23
9514
104 Dec'15
074 146 67 684
Ref & inapt 5s
Apr 1950 JJ 8312 Sale 834
8034
9612 Feb'12
8434 64 83
8918
Kansas City Term let 4s____1960 iJ 7834 Sale 784
8034 43 7834 8334
8118
9018 Dec'12
Kentucky Central gold Is___ _1917 ii
83
83
8118 ___ 67
Jan'21
Keok & Des Moines lot 5s._ _1923 A0 8734 90
89,2
90
924 sale 9238
89
1 8
9334 20 62:4 "Oi" Knoxv & Ohio
83
912 8
92
3%
101 Sale 10034
1st g 65
1925
101
10318 Sale 103
3 10034 1014
1034 19 103 106
8334 85
85 Feb'23
83
85
Lake Erie dr West let g 5s____1937 .1 3 9158 93
9134 Mar'23 ---- 9134 97
925s Sale 9214
924
7 924 9312
2d gold 58
86
JJ
19
85 Mar'23
99
47
D 85
1i
8238 sale 83
8358 40 83
85
86
8718
Lake Shore gold 3411
7434 76
7534 Feb'23 ---- 724 794
80'2 SR
8312 NOv 22 -Registered
75
1997 J D 70
7114 Dee'22.8084 Sale 804
804
I "863"
4 "863"
4
Debenture gold is
937
8
Sale
a
1928
NI
934
94
8312 8212
81
83
7 8212 8534
74 -gi 96
25-year gold is
9112 Sale 91
52 91
10414 10412 104
92
10412
3 10334 105
934
Registered
III
8512
Leh Val N Y lit gu g 4%13_1 40
934
9412
Day & Mich let cons 4%e.....19'
9418
Feb'23
_ _1 92
9234
9212 97
5 914 9234
3 9234
31
Registered
5(10
_ 90
1940 J J
Delaware & Hudson-Jan'23_.__ 90
90
Lehigh Val (Pa) cons g 4s
2003 M N 79 Sale 79
1M & ref 441
80
25 79
1943 MN 86,4 Sale I 864
8112
General eons 4%5
5634 40 86,4 90
88 Sale 88
10-year cony 58
89
9338 23 9214 98
1935 AO ---- 93141 9212
6 88
9214
Leh
.'
Term
10078 ---- 1004
ID' 1st FM g 51
-1
5148
10114
15 100 10212
101
1937 MN 100 sale 100
7, 10078 101,4
tered
113
10-year secured 714
106
Mar'12
1065
8 10634
10634
4 105 11134
1930 J D
Leh Val RR 10-yr coil 13s _A339928
11 10212 gate 102
D R RR & Bdgelstgul 44134 1 NAI 12
87 May'22
10212 15 102 105
1936 FA 84'3
Leh dr N Y 1st guar geld 45 1945 M S 8328 8712 8334
Den & R Or—let cons g 4s._1936
834
7312 Sale 7312
5 8334 834
754 85 73l 76
J
lox
A
East
9812 9912 9878
lot
50-yr
58
gu...
1965
A
0
Console! gold 4%s
99,2 18 984 9918
6 733
79
1936 J J 78 Sale 78
80
Long
Dock
consul g Os
1064 -- 10812 Nov'22
_593
935
0
1
.7
1
Q
A
Improvement gold 58
8318
84
1928 in 834 85
13 82
_
88
Long Isld 1st cons gold 5.5_
9834
- 9734 Dec '22
let & refunding 58__.
54,4 Sale 5.184
5512 138 5034 57
1955 FA
let consol gold 4s
M931 Q J 8935
8914
48
Trust Co certlfs of deposit,..
56
5134
2 48
52
__
53
General gold 48
8 8334 June'2
s 8312 837Des M & Ft D Ist gu 4s
J D
94
39
8 ai
:
9
Feb'23 _--7 43
4412
2-833-4 8512
1935 JJ 44 Sale 44
45
Gold 45
_ _ 81 Nov'22
Des Plaines Val let gu 4
1932 1 D 81
— 1947 MS 91 __ _ 934 Sept'22
Unified
gold
7714
4s
79
Det & Mack—lot Ilen g 4s
7914 Feb'23
754 Feb'23
1995 .1 D 754 80
7914 81
751s 754
Debenture gold 5e
9212 95
94
Gold 4s
Jan'23 ---- 94
6318 76
7018 OcC22
1995 .1
94
20
-year
p
m
83
3
4
deb
85
511
321 13I Li
Det Rio Tun 434s
8414 Mar'23
1 8528 "tid3"
• 8312 8512
8518
1901 MN 80
86,4 851a
.
Guar refunding gold 4s__ _ _1949 M S 7718 78
7718
Dul Missabe & Nor gen 5s
7712
9512 9934 9912 Feb'23
1941 J J
9834 9913
Nor Sh IS let con g gu 58_ _c1932 Q J 9134 -- 95 Nov'22 15 7718 83
Dul & Iron Range let 55
1937 AO 9838 9912 9834
9834
9834 100
Louisiana
&
Ark
91
let
13-12 9412
g 5s
1927 M S
_
Registered
9412
9811 Jan'23
1937 AO
"iii -11;
984 9812
Lou & Jeff Bdge Co gu g 48..1945 M S 7618 77
7912
Dul Sou Shore & Atl g 5s
7912
4 781. 80
7814 Feb'23
80
1937 ii 77
75
SO
Louisville & Nashville—
Gold
Si
10134
IC Minn Nor Div let a 4s____1948 A 0 8612 89
- 10134
88
1 10
10134
5 88
8912
,8
14
3 10
92
3
90
Unified gold 48
8838 --Sale 8814
E Tenn reorg lien g Ss
89,4 88
1938 M S 9134 9312 93% Nov'22
Registered
11199
E T Va & Ga Div g 58
94
- 439
0
7
;
ja'
904 June'22
N
J 99
Jan'23
19303 J 99
99
99
Collateral trust gold U.__ _1931 M N 994 100 100
Cone 1st gold 58
963
101
4
97
97
gg
1956 M N
9712 9912
10-year secured 75_. ____1930 Al N 10714 Sale 107
Elgin Joliet & East 1st g 5s 1941 M N 9858 100
10734
1 ;
9912 Jan'23
66
084 10
10824
9912 100
614
let 1 5
10238 Sale 10258
Erie let consold gold 78 ext....1930 M S 103% 10378 1034
104
11 10314 10434
76 10258 105
104
75
N 0 &M let gold 68 ____ 2
1st cons g 48 prior
1991310 J
A 0 10214 --- 10134 Jan'23 - - -111013312 10011384
56,4 Sale 5614
5778 97 5458 5878
1996 .1 J
24
gold
Os
9818
1030.1
- 10112 Feb'23
Registered
1996,i 3
567s 57 Mar'22
, 01 11
Paducah A NIem Div 4s
1946 F A 84
8612 80 July'22
let coined gen lien g 4s 10911 J J 4612
- Sale 4612
4778 "ioi 4313 46(4
St Louis Div 24 gold 3s
19801,41 13 5914 604 5934
Registered
593
51 Aug'22
4
1996 .1 J
5934 63
L
&
N
& M dr NI 1st g 430.1945 M S 97 ----I 96
Penn coil trust gold 48_1951 F A
Jan'23
"OE" 85 Mar'23
98 96
82
8534
LA N South Joint NI 4s
1952 3 .1 7634 78
50-year cony 48 Ser A
7634
7812 12 7634 8014
20 414 52
49
1953 A 0 4758 484 4712
Registered
-1 96 Feb'05
4^ Ber'e^ II
9 4214 52
1953 A 0 4712 4812 4714
4834
Louise CM & Lex gold 430_.3
M 1 Q t4
6 92
3 9612 9712 9612 Feb'23
Gen cony 4s Series D
5178 42 4334 5412
1953 A 0 514 sale 50
661.
2
Erie & Jersey 1st s f Os
2 87
1955 .1 .1 8814 8914 8938
894
‘lahon C'I RR let 513
894
9938 100 I 9934 Dee'22
Erie & ?Ma Rug 34513
834 Mar'23
1940 3 J 83
8334 8334
Manila RR (Southern Lines) 1939 i
.
M
.
D
N
.;
Series C
9
74
112 S11
8712 7914 Nlay'19
,
7
114' 6
71
99
,
9 ",ii,"8 -if
1940 3 J 83
Manitoba Colonization 5s_.1934
Evans & T It 1st gen g 5.3
96
83 Apr'21
5 96
1942 A 0
9714
Man Gil & NW 1st 3.40_1941 J j 7734
---- 70 Mar'21
Mt Vernon lot gold Os ._ 1923 A 0
694 Apr'21
'
_ ---Mex
Internal
1st
cons
45...1977
g
M S
. - _ ----77 Marl°
Sul Co Branch let g 5s......1930 A 0
6912 Apr'21
--__
I
vilehlgan Central 58
1931 ya s 9812 - - -- 100 ()r022
R gistered
57
193
5 19
Fla Cent & Pen 1st ext 68____1923 2i 9912 ---- 100
40
1 ym
j 9
01
-6f3973
55 4 Feb'23
e
4 9734
Jan'23
100 100
45
lot land grant ext g 52_ __ _1930
9312 Aug'22
88
88
J 92':
Registered
1940
3
J
----Consol gold be
7414
923
Bent'20
Feb'23
3 924 9234
1943 J J
"iiii 93
J
LAS
let
1951
gold
33-0
54
s
78
Florida E Coast let 4%s...1
8012 80 Feb'23
8655 Mar'23
in 8338 86
851
"ici" 16."
: 89
950
1st
gold
330
Fonda J air Glov 43is
1952 MN 7812 81 , 8114
6878 Feb'23
8114
3 8114 84
1952 Iii N 6818 70
65
79
20-year debenture 4s
Fort St 13 D Co lot g 4%8_1941 .1
1929 A 0
93
79
Apr'21
_ 66
9012 93
516 of N J 1st ext 53
938 9
Ft W & Den C lot g 530
94
194
9781 95
25
0 A 0 87
118
Nov'22
1014 ib iOi" jOi"
6
1961 Jo 10034 1014 1013s
5111w L S & West imp g 5s
IN Worth de Rio Or 1st g 48..1928 J
1929 F A 9818 ---- 9934 Jan'23 _— 664 9944
85
874
J 86 ____ 874 Feb'23
Ashland Div let g 68
1014
From Elk & Mo V 1st 68
_--- 10112 Nor'22,..
M S
3 1074 109
109
109
1933 AO 110
Mich Div let gold Os
101 ____ 10078 Dee'221 —
MIlw & Nor 1st est 4 lie
19
193
24 j
GHASAMAP lot Os__ —193 MN 96,2 Sale 9612
J D 8858 ____, 9012 Feb'23
14 9612 9938
961
881,"ii"
Cons
extended
4%e
26 exten 5s guar
1934.1 D 904 91 I 8958 Mar'23 ____ 8958 92
7 95
98
1931 J J 96,2 Sale 95
97
NIIISpar & NW lst gu 4s
Galv Hotta & Fiend let Is....1033 AG
8834 8678
1947 IN 8 85
4 854 8712
8678
861
1 8512 89
85,2 Sale 8512
511Iw
&
S
List
gu
Genessee River lets f 6e
3%s1941 J .1 7612 86
6618 Aug'21
6 8478 8812
85
8478
1957 JJ 8434 86
Minn A St Louis jells
Ga & Ala Ry 1st con
71 _7_4_ 17
05
N 10
1927 5
34 D
1
2 81
Feb:______.:
81'4
23
8114
1945 J J 8012 82
101 101
8118
1st cons& gold 5s
Ga Car & No bit gu g 58
1934
1929 J J 9034 9112 9034 Feb'23
744 78
9012
9034
1st
p
4
s
&
3912 Sale 394
refunding gold 4s
Ga Midland let 3s
1949
397
8 26 37
6212 Feb'23 - - 1946 *0 6118 64
40
6112 65
mR
se
ifp&Aes
xt
s
50
m
Gila V Cl & N let gu g5s.1924 MN
_
g
3812
u
_
_
F
19
38
9
3
6
8
2
Sale
Q
t
Feb'23
39
26 35
1 ____ 9912
3954
9912 9912
An
i
Sler
j
j
Y
Or R I ex lst gu g 4 35,0
er
con
51
87 Sale 87
9114 Feb 23
8712
1941 J J 8914 02
10
87
90
914
92
let cons 5s
Grand Trunk of Can deb 7s_1940 AO 11414 1144 11418
4
- - 9914
9914
11412 31 112 115
2
10-year coil trust 6.3is
15-year 5 I Os
1931 M 14 10318 10312 10318
10412 82 10214 105
1936 M S 10334 Sale 10334
1034
7'
181 1050912
• let Chicago Term P 14s___ _1941 NI N 8918 94
Great Nor Gen 78 err A
92,2 Dee'22
1930 3' 10818 Sale 108
1084 19-1 10778 11112
NI 88 M A A lst g 45 Int gu
let & ref 44s Series A
1926 J .1 9618 ---- 9612
9612
1 9
904 19 8914 9212
1961 J J 9013 Sale 90
.614 9612
MI38158109
1
Central
90
let
5s
Registered
92
1949 J .1
884 Jan'23
1901
J
8214 Oct'21
M K & Okla 1st guar 5s_ _ _9119
048
94
94
90
2 MN
Jan'23
N
A
195
100 Sale 9934
10034 143 -664
94
Mo Kan & Tex—let gold 48_ _1990 J D
Green Bay & W Deb etre "A"___ J
7812
Sale
7814
80
75
Feb'23 --- - 70
784 81, 78 -811.:
Feb 60
75
2e1TgroulL12 4f1
Debenture ctfs "B"
____ --.-- 684 Aug'22
1158 22 934 13,4
1214 1112
Feb II
Co certifs of depoeit_ _ _
Greenbrier Ry 1st gu g 45____1940 SIN
7412
____
74
7434 13 702e 7434
8412 _
Apr'21
69
let A refunding is
Gulf & S I let ref dr t g 58_81952
90
2004
J J 80
804 Feb'23
81
-861-8 -141-2
Trust Co certlfs of deposit__ _ ii-A '79.1;-91.-- 8912 Nov'22
Jan'23
89
89'i
Gen sinking fund 4%,
Harlem R-Pr Ches 1st 4s____1954
-_-- 6412 June'22
1936 i""i -7512 Sale 76
5 76
76
7812
Trust Co centre of depordt___
Hocking Val let cons 84%e..199)) MN
7312 __-- 714 Mar'23
--"ifai
814
J
813
2
Sale
8
833
813
4
8
5% eertfs for notes "ext"_____
8534
Registered
1999 3'
83
83 "-23 83
8358
7312 June'18
Mo K A T Ry—Pr 1.55 Ser A
& T C Ist g 58 Int gu
7934 Sale 7814
1962
1537
9608 981 97
801s 117 7814 834
1 "if""ifs;
97
40-year 4s Series 13
Houston Belt & Term 1st 58_1937 ii 9053
63
65
1962
J
J
64
18 64
Ji
65
874
92
9028 Feb'23
9058 02
10-year 6e Series C
Male E & W T 1st g 5o
95
Sale
95
1933 MN 974 981 98
96
139 95
9634
Jan'23
98
98
Cum adjust 5s Series A
let guar 5s red
1933 MN 9614 _ _ _
6214 826 59
93
62
7 3 33 61 Sale 61
63
9412 May'22
NILssouri Pacific (rcorg Co)-19
Housatonic Ry cons or 55
1937 MN 87
95
Dec'21
let
&
refunding
Iltid & Manhat 58 sor A
5s
Ser
A
1957 FA
85
1965 F A 8414 8538 84
6 84
7978 Sale 794
8,074
8112 •155 7935 84
let & refunding 58 Ser C
Adjust income 55
0534
4 9512 9844
1926 F A 9612 968 9612
1957 AO 0314 Sale 63
6312 116 614 65
1st & refunding 6s Ser D 1949 F A 95 Sale4 955
9614 68 9412 99
General 43
1111nele Central let gold 45___1951 j
604 156 5912 6314
1975 M S GO Sale 594
S958 93 92 Mar'23
9218
Missouri Pacific92
Registered
1951 J J*,,__891 8318 Sept'21
3d 7s extended at 4%
7814 ____ Sirs Nov'22
let gold 348
1951 .1 J 7912 82
_
773
8
83
775s
Mob
A
7714
Bir
prior
Registered
lien g 58____ 19
1951 33
MN
93
48
5 .I
J
80
Oet'22
Mortgage gold 4s
Extended let gold 3348_.1951 A 0 7912 82
7318 74
7334 Feb 23 _—_ 7334 7334
83
Feb'23
83
Mobile
513
&
Ohio
Registered
new
gold
1951 A0 78
6s.__1
j 10212 10338 10212 Feb'23
192
47
63 D
811
10212 10434
let ext gold 6s
1951 MS 574 72
let gold 35 sterling
51927 Q J 1001, ____ 1034 Feb'23 _—_ 10012 love
8318
General gold S.
75,14 ____ 7814
Collateral trust gold 4s
7814
1952 MS 8278 Sale 8218 Mar'22
1 7512 7814
8278
11
85'e
82'8
Montgome
ry
Div
Registered
let g 5e__N•
1902 AO
3
48
7 V ,a. 9258 954 9434 Feb 23 ____' 9434 9434
954
St Louis Div 5s
1955 MN 81 Sale 831.Sept'19
944 ---- 9512 Feb'23 __ 94
let refunding 45
1927
8488 44 8312 8,34
94,8
Mob A Ohio roll tr gels
1952 .1 J 764 79
Purchased lines 345
78
79
7814
7812
4 7718 7934
7738 Mar'23
Soh dr Mal let cu se 48
7714 79
1991 M S 8312 ____ 8238 Feb'23
8238 834
•No Price Friday: latest bid and asked this week. a Due Jan.
5 Due Feb. c Due June. 5 Due July. a Due Sept. 0 Due Oct. 1 Option
sale.
Chic TB & So East let 5(3_1960 3D
Chic Un klta'n
gu 433s A__1963• J
6813
1963 J J
1st Ser C 63s (etre)
.• 4
1963
Chic & West Ind gen g 138_41932 Q 01
Consol 50-year 48
1982 J J
15-year s f 7338
1935 MS
Choc Okla & Gulf cons 53
1952 MN
C Find & Ft W 1st gu 4s ft... _1923 SIN
Cln H & D 26 gold 4s
1937 ii
o I St L & C 1st g 45
11936 / F
Registered
11936 Q F
Cln Lab & Nor gu 48 g
1942 Si N
Cin S & Cl cons 1st g 55
1928
Clear! & Mali let gu g 58-..19i3 Ji
Cleve Cho Ch & St L gen 48_1993 J o
20-year deb 448
1931
'
3
General 55 Series 13
1993 in
Ref & impt 6e Series A_ _1920
J
Cairo Div let gold 4s
1939 .1 J
Gin W & M Div let g 4s
1991 J J
St L Div let coil tr g 4s
1990 MN
Spr & Col Div let g 48
1940 lit S
W W Val Div 1st g 4s
1940 ii
CCCAlgeneonsg68
1934 J J
Cloy Lor & W con let g 5s____1933 AO
CI & Mar 1st gU g 4 /id
1936 MN
Cleve & Mahon Vail g 5s
1938
'
3
Cl dr P gen gu 43Os Ser A
1942
3
Series 13
1942 AO
Int reduced to 348
1942 AO
Series C 3%8
1948 M N
Series D 330
195(1 FA
Cleve Shor Line let gu 4,48_1961 AO
Cleve Union Term 5.34/1
1972 * 0
Coal River Ry 1st gu 48
1945 J
Colorado & South lst g 4s
1929 FA
Refunding & eaten 43581935 MN
Col& H V let ext g•la
1948 AO
Col & Tol lot ext 4s
1955 FA
Cuba RR 1st 50-year 5s 3...1952
lit ref 748
19311 3D




jrlp .,,.

Reg,

NV ": f,

93

-

-..--

ii-i

.......-

L
.. li,

New York Bond Record-Continued-Page 3

1034
BONDS
N.Y.STOCK EXCHANGE
Week ending Mar. 9
Mont C let gu g 63
Registered
1st guar gold 59
Will & 5 F let gold be
•M & E let gu30

1937.1
1937 .1
1937 J
1938 .1
2000 J

Price
Frklay
Mar, 0

Week's
Range or
Last Sale

1,
'3
eteo

Range
Since
Jan. 1

High No. Low High
Ask Low
Bid
Jan'23
111 114
J 109 11214 114
13814 May'011
J
2 iof- 10034 10034 1 ilid3-4 foil;
J i661114
78
142 10
13
76
6 10
8
0118 Jan'23
D 9933 -- 17
D 7512 7712

re
BONDS
N.Y.STOCK EXCHANGE
44
Week endIng Mar. 9
-

0.

Price
Friday
Mar. 9

Week's
Range or
Last &lie

j Range
Since
-1
Jan. 1
caeb

l

Biet
Ash Low
High No.!Lots Meg
Pennsylvania Convy7 2211 ____
l1
o
iloa
3:
Guar 3i4s cell trust rag A _1937 M S Eli:
: iil2
a
Guar 30 coil trust Sec 13_1941 F A
Guar 320 trust Ws C____1942 J D
Guar 33s trust cps D____1944 J 11 81
Guar I5-25-year gold 49__1931 a 0
8 :
9
40-year guar 4s cUs Sec E1952 MN 8114 LI 2
1 8
7 8
74
1949 A 0
7
78
Peoria de East 1st cons 4e
29
1,999 Apr. 24
Income 45
51:2 F17
5 NlaiE --1,i t: 4
Pere Marquette let Sec A 50_ 1920 J J ::1257
1!
/1.
1
4 Sale 803
1
1956 .1 J 80/
lst Series B 49
1
4
1
88/
8814
90
1943 MN 89
Malta Bait & W lst g 49
48
Philippine By let 30-yr e 1 48 1937 J J 47
64
it,
;ILI 2
I0
) tre tr344
(
PC C & St L gu 4245 A
1940 A 0 9418 Sale
98
9412
9412
3 94/
4 bps
1
1942 A 0 94
Series B 4lis guar
Series C 4i45 guar
1942 M N 94
4 __-- 4
1
9 34 T
:33 -_-_-_-_ "i65)
"
et
'
Series D 45 guar
48958
1945 M N 89/
Series E 3iis guar gold____1949 F A 8912 ---- 91 Aug'22 ---89 Feb'23 ---- -0- 12
0
Series F guar 45 gold
1957
4
1
/
89
1„.. 89
SIN
___- 8912 Feb'23 _-_
12 8
0638
Series G 45 guar
8
999:2
9438 Feb'23 ---- .7:3_ _9_5_
Series 1 cons guar 4iS9--__1963 F A 9314 95
N38
3 Sale 968
:
la3
General 5s Series A
Pitts at L Erie 2t1 g 59..___a.._1928
4 ---- 105 Igeo
1
: _...... _:
v i:
T
Pitto McK & Y 1st gu 8e____1932 j1 ?I 102/
9514 June'20 ---199
754
93
2d guaranteed 65
03 jJi DDJ 8934 ,
--112 9914 Jan'23 ---- -01I._0_2:
0
a ..
3 A 0 1F14
1
;
040
194
Pitts Sh & L E let g 59
100
1st consol gold bs
IN
ee'N ::
eb
un
1927 fs4 91 9S4 ---- 12 JF
Pitts Y & Ash 1st cons ba
1967 MN 3413 52
Providence Secur deb 45
4 Jan'23 ---- -3858
/
381
4 Feb'18 ---1
4 ---- 88/
/
1956 M 5 751
Providence Term let 49

9934 101
10012
1928 A 0 100 10014 100
Nashy Chatt & St List 55
9213 Nov'22 ----------1937 F A
N Fla & 8 1st gu 5 59
Sept'22
Nat By of Mex pr lien 434s 1957 J 1 4 3214 3158
1
31/
3212 19 -iiJuly coupon on
_
do off
2618 Jan'23.
2618 264
1977 A 0
General 4s (Oct on)
28 -3.0
April coupon on
2 -0-01-01-2 i'
-e-bl 5
off
do
4 June'22 ____
1
Nat of Mex prior lien 414e___1926 J .1 ---- --- 38/
35
3853 Feb'23.
8
2 -011-0
July coupon en
3812 3914 off
do
1st cense] 43 (Oct en)____1951 A 0 ---- --- - 2558 Feb'23 ____ 2558 2558
26
Feb'23
2413 2614
April coupon on
28
27
1
2834 28
26
2712
off
do
87 July'14 ___
1954 M N 684 __
Naugatuck RR 1st 45
9212 8912 Jan'23 _
-iii- -01-2
1945 .7 .1 89
New England cone 5s
1945 J 1 7512 ___ 70 Sept'17 ____
Consol4s
81,82
4 1
82/
Jan'13 _ _-,, -7
/13- -0
1986 F A
NJ Juno RR guar let 49
80
8
4
3
NO&NE 1st ref &imp 4;0 A '52 .1 .1 80 Sale 7934
7412
74
7
7412
7934
8
747
4
1
/
74
New Orleans Term 1st 4a__1953 J 1
101
10 1004 10111
79 0 Texas de Mexico let 69_1925 J D 10012 10158 101
4 58 7712 8379
/
811
Non-cum Income .55 A___1935 A 0 8034 Sale 8012
8914 8912
1945 .1 .1 9013 _-__ 8912 Jan'23 _
N & C Bdge gen gu 4X5
4 13e1
064
19
p04
8_ _
t'272
1935A 0 9553
NYB&MBIstcongbe
480 fOl" faA-1
N Y Cent RR cony deb 69___1935 M N 104 Sale
4 86
1
124 83/
4 Sale 8314
1
85
1997 J J 83/
79
4 Sale
1
131 79
8253 Reading Co gen gold 48
80
1998 F A 78/
Coneol 49 Series A
81
4 82 Feb'23 --1
84/
8414
82
Registered
86
28 8414 8878
2013 A 0 8414 85 8414
Ref & impt 4i49 "A"
8318 Sale 834
3 8318 88
8318
0
:
:
_
A
m
i
j
1
7
9
508
,4
9
9
,0
1
1
4s
g
coil
Central
Jersey
4
95
983
Sale
95
9514
437
4
3
95
2013 A 0
Ref & inapt 5.3
.
115
113
MN
Rena'ar Saratoga 20-yr 69-1940
1 J51.
N Y Central at Hudson River1 72 -56914 ---- 72
72
48 72/
74
4 7734 Rich & Meek 1st g be
1
Mortgage 3;42
1997.1 2 7314 Sale 73,8
4
1
8512 87/
Rio (Jr Juno 1st gu 59
Deo'22 _
1997 J J
Registered
18 ---. 1012 Dec
4 -.....; "7,i707A.381; .7.80:
22
4
'
6
1111
---78
4 Rio Or Sou 1st gold 49
/
8912 32 8878 911
89 Sale 8879
1934 M N ----Debenture gold 49
3 -_-_-_-_ 8
12:4
10
2'1.23
b:2
11 F
5:
en
ja
Guaranteed_
1940
J
Nov'22
2
,
89
_
J'
Registered
1934 M N ---6772
4
/
7612 12 63
5Io Or West 1st gold 48
1939 J 1 754 Sale 751
4 Mar'23 _
/
4 9014
1
87/
1942 J .1 87,4 8914 871
80-year debenture 4s
Mtge & coll trust 4s A_ _1949 A 0 6414 Sale 64
25 7012 76
72
7012 Sale 7012
Lake Shore coil gold 3S9_1998 F A
78
7814 77/
4
1
7812
&
Ark
1st
I
R
Louis
JI
B
7112
72
4i39_11994341
7112
Feb'23
-4 79
/
1998 F A 891
Registered
Jan'23
4 77
1
1949 1 J
Rut-Canada 1st gu g 48
1 73/
7312
Mich Cent coil gold 3.49_1998 F A 7212 74i2 734
1 80
8012
1941.1 .3 23's IP ig
autland 1st con g 41413
75
75
Jan'23 _
75
1998 F A -,-- 74
Registered
1937 A 0 8712 89 8859 Feb'23 ____ 8714 9014
iff Y Chic de St L 1st g 48
7412
5 73
753s
7
4 861
/
861
4 lit Jos & Grand lel 1st g 4e_1947 1 .
/
1937 A 0 ---- ---- 8612 Jan'23
Eaglet:red
Feb'23
3g1 JA sj
,3
I9,9
85
8778 St Lawr & Adir lets 59
18 85
85
1931 MN 85
Debe 'lure 48
2 _F:i El:
4
---- SI:: SN:
E:
le
Sa
2d gold 69
4 11014 496 99/
1
99/
4
/
1001
4
1
2d 6s A
121 In ,,, n314
2 TV
St L & Cairo guar g 45
2465B
5118
117
9
612 8
98
2 8
98
2 8
512
98
1 10
4
8/
5 9
96
8
012
89
8634 23 85/
4 8838 St L Ir M & 5 gen con g 58-1931 A 0
1
861/4 8614
X a Connect let gu 4;38 A 1953 F A 86
., ------102 July'14
_
1 JA 0
030
192
87 July'22
Gen con stamp gu g be- _1
1947 M N
11/ Y & Erie let ext g 49
6 - -9
gi
-9
844 Sale
iri
g9
4
1
/
ref
99
&
4e
_
Unified
gold
9912
Jan'23
2
1---0
4
10
1943 ht 13
tird ext gold 4339
784 79
78
8
7g1'121 4236.: 78,4 88
8
1
4
4/
__,_
Riv Se G Div let g 4s
1933 51 IN
924 ---- 9112 Nov'22 -1930 4 0 ---------948
415 ext gold be
4,
99
4 Nov'16
St L M Bridge Ter gu g 55.,.,.1930 A 0 99 Sale 99
1928 J D
5th ext gold 49
I
Fran
Co)St
7814
San
de
(reorg
____
Louis
864
Nov'22
1948 WI N
N Y & Green L gu g be
Prior lien Sec A 43
75,4 ---- 7712 Feb'23 ..- :----- --'I
Ii4
-:
.
2000 MN
Ws
NY&Harlemg 3249
N SP '47.;:
e 2
SP'
4 Me
'
4
18
21
10014
__
1
Sec
lien
3
be
10014
950
Prior
B
2
10014
J
j
4
,
100
9812
1923 F A
N Y Lack & Western 50
93
4 40 91
1
92/
19
81
42
92
J
9938 100
9934 Feb'23
4 9934
/
991
57417
Terminal at Improvel 49_ _1923 MN 103
n334
9
1
45
4
/
n1
98
7751:In
4 9
136
,
4_
1
/
_ 10312 Jan'23 _
Prior lien Sec C 69
4
1
4 103/
1
103/
1930 MS
NYLE&Wlst next
784 Sale 7814
79
0
A
Ser
h1955
adjust
6s
A
Cum
8
987
4
1
/
98
iili
9718
Mar'23
97
.
1932 F A
N Y & Jersey 1st ba
6612 295 9
6412 Sale 6414
56
832 6
734
99
Oct
Income Series A Os
--1941 M S 8834 ____ 91 July'22 __
N Y & Long Br gen g 4s
- 7:4_
103 103/
4 103,4 Feb
1
23-3
,8
;
1.
.
0
!
St Louis la San Fran gen 8e..!1:3?
NY N H & Hartford98
5
963
98
1
49
J
1931
59
57
48
General gold
1 49
494
1947 M S 48
Non-cony deben 4a
4512 47 Feb'23 -- 40
St L & S F RR cons g 43
1996 1 1 82 3 __-- 6714 Oct'20 --4
1
44/
1947 M S 44
Non-cony deben 3349
1947 A 0 90 _--- 90 Feb'22 ---- _
Southw Div let g ba
47
40
1954 A 0 4212 4434 4434 Feb'23
Non-cony deben 3149
4 10218 Jan'23 ---- 10218 Wit;
/
3 1011
48
4 47
1
4 5112 St L Peo & N W let gu bs__1948 1 1 1005
1
Feb'23 .--- 45/
1953 1 J 45/
Non-cony deben 49
M S 8812 --_- 8613 oct'22 ---4
/
461
1931
4778
1st
Sou
4a
g
gu
Louis
at
16
bl
43
Non-cony deben 49
74
7414
74
4 -pfi
9
:
7
4312
N
let
M
4312
bond
49
g
4
clfs___1989
W
El
40
St L
48
:112
1:21 7''.; r4 8
Cony debenture 3he
7118 Feb'23 ---- 6 4
71
y
6812 104 6714 7314
2d g 4s income bond cUs_p1989 •J J 70 Sale
1948.3 J 6812 Sale 6'758
Cony debenturelha
2
418
1
78
3
7:
74
40
41
4312
4238
42
Consol
3912
49
22
gold
1957 MN
4. debentures
74 Sale 74
.11 13
1N .1
in terminal& unifying bs 1111
58 7014 8134
75
1925
711 European Loan
F A 74
1926 A 0 71 Sale 69 Mar'23 ____ 60 '112 StPaul&KCiiihLlst4y23„ 1941 .7
75 Franca
z BM Z4
4
72
9
7 Z4 1118
j
it Paul M & Man 4a
4014 42
Cone fty non-cony 4s
1930 F A --------42 Feb'23
951 10
-8
!
34 108/
1
1:45251:
4 Ma777
1
14
8
1 10
71,4
., 10834 110/
879
2738
Ing 1 .1
80 July'18
1st consol g 89
1955 J J
Non-conv deben 4a
10814 110
99 Sept'20 ---49
__::
Registered
Dec'22
1956 .1 .7
Non-cony deben 49
Salo
9618
2
-0197
0
97
J
J
1933
_
Reduced to gold 43.ie
Oot'22
1927 A 0 994 ---- 99
NY & Northern let g 59
4
1
/
94
---Aug'22
97
---1933 ./ .1
Registered
4 21 -018 "i67-8
1
66/
X Y 0& W ref 1st g 45_411992 M 5 854 6614 60
4 91
/
891
6
9014
::(7!
6
.
.
904
5.
...
H
1
4a
gold
1937
1st
ext
Mont
5912
-Nov'20
Registered $5.000 only-91992 M 8
8614 ---- 80 Mar'21 ---1937 .3
3 -ili- -i65;
Reyistered
5914
1955.3 D -Eir4 §- ,liWs 58
Genera143
85 Dee'22 -Pacific ext guar 49
83 Aug'13 _
1942 A 0
NY Prov & Boston 48
iod- i56F
Q
i.
8212
66
&
8212
4 balz
/
gen gold
2 8212 8234 St P
51 Y & Pu 1st cons gu g 49-1998A 0 811
23
:2
6
Feec
433 D
0
0
17
4
3
4
7
8
-14
7
Dj
96 Dee'22
Registered
1927 M S 9618 99
-01-2 7558
N Y & R B 1st gold bs
J
/
1943
1st
57
49
g
gu
Pass
A
&
Sale
A
2
,
5
57
5712
1937.3 .1
NY Slum at W let ref be
4
1
8112 19 8014 83/
1950 A 0 8012 8112 81
49
48
48
1 42
4958 San Fran Terml let 49
221 gold 4149
1937 F A 48
4
1
87/
86
86
9
88
1 86
86
1989 M N
47
46
45
Selo V & N E let gu g 4s
49
Feb'23
1940 F A 48
General gold 59
1
56
56
58
5353
A
1950
0
8
845
8453
8458
4 8453 9358 Seaboard Air Line g 49
1943 MN
Terminal let gold be
32
Sale
5612
58
62
58
5612
1950 A 0
4612 122 4312 50/
Gold 4s stamped
4 Sale 434
1
4
1
363 2234 30
N Y W'ehes & B lstSer I4443--'46 J 1 44/
30
4
1
,1 to 2834 Sale 28/
oat?
59
4
1
etze:t48
6934
03 0
0314
51 6
112
73
oijun
Ad
R
Norfolk Sou 1st & ref A 59_1961 F A 6814 6912 68/
4412 Sale 4412
46
4512 58 39
194 I M N 9053 92 8 92 Mar'23 __-_
326 58/
Norfolk & Sou 1st gold bs
Sale
6513
87
654
4 68
1
1945 M 9
10812 10812
5 10812 1084
let & cons 69 Series A
Ron & West gen gold 691931 M N 107
4 Sale 9613 Feb'23
1
96/
93
4
1
/
9611
1
1
1926
110
59
1st
2
106
4
1
/
110
110
108
4
1
/
110
Seaboard & Roan
1934 F A 106a2
Improvement & extg
- 42 Aug'22
ti 364
__ loos
FA D
was
6J
42
93
1, 10634 10634 Sher Sh & So Ist gu g be
10
1932 A 0
iI -0- jail;
New River 1st gold
984 104 1004
10018
8912 96 1 8734 9314 13 de N Ala cons gu g bs
1996 A 0 8778 Bale 1 8734
IS
9912
4
983
N & W Ry 1st cons g 4s
98
98
1963
Gen eons guar 50-yr ba
1996 A 0 81 ---- 8912 Feb'23 ----I 881g 90
Registered
4 22, 84,4 8634 Southern Pacific Co/
851
Sale 81
Dly'l let lien & gen g 49_1944 J J 8414 Sale 84,4
8112
gne,9433P3,0,1011)---k1949 J D 81 Sale
108
Jan'23 --- _I 108 108
9112 12
gois
38
10-25 year cony 434e_1938 M S 10914 ____ 113
7i 9
896
0
:4 92
16
898963
(71929 M 8 9058
116
21:30-°1ydea4r4
27 111 11734
1929 M S 113 ____
10134 10214 10214
10-year cony (is
5 10012 10212
10214
59
cony
-year
8
20
866
3
---883
Feb'23
8512
87
8614
1941 J D
4
,
Pocah C & C joint 49
101
101
____
Feb'23
101
----1101
MI
i'Alp34
So Pao of Cal-Gu g 59
Jan'23 ----. 83 83
8913
North Ohio let guar g 6e1945 A 0 7814 8818 83
914
891
4
/
Jan'23
894 91
1937 7 1
So Pac Coast lst gu 4s g
148 8312 88/
Northern Pacific prior lien rail4
1
60 8212 87
84
So Pao RR ist ref 49
1997Q J 8212 Sale 8212
105 934 98/
way & land grant g 48
4
1
5;; Ei
84
99
19
831/4 Southern-ist cons g be
2 81
81
s 81)1834
:
1997 Q J 8012 8514 81
Registered
1131714,
983 4 Feb
9
98923
9'
4
1
4 93/
1
93/
6214
8
593
Registered
4
1
/
65
59
1
6012
Sale
594
General lien gold 311
230 6612 6912
a2047 Q F
68
67
I
1956
A
Ser
49
Develop & gen
1 581 59%
5812
140
82047 Q F 5512 ___ 58,2
Registered
10034 102
1956 A q
Temporary 13}49
160 10614 10934
107
96
92
Ref & impt 88 ser B
2047.1 J 10614 Sale 10614
12 93
97
94
93
9 8
19
95
418 4
,
8
9
412 10
1996 J J
81::
9012
858 9
Mem Div 1st g 4ii11-55
1 881
7
7:
04
Ref & imp 4lie SerA
20 47 J J 8
•243
1
,
af:
Is%
N
1
J
1951
St Louis cily let g 49
2047.1 J
be C
3 19;
981
177
MN
1929
4
143
5
204'
ext
1st
Oa
&
Car
99
So
:3'4
be D
2047.1 .1 99
9913 99
8312 8312
,
1.1
b:2
ey
la
J 9514 ..... 3112 3F
m s
1955 J
Spokane Internet 1st g 59..
St Paul-Duluth Div g 48 1998.1 D
e1930
g
be
lst
L
Short
Superior
---June'22
100
___
9938
&
F
Q
lit
Paul
1931
Duluth
bs
St
4 ____1 84/
1
4 -01-4
1414 Jan'23
1
let consol gold 4e
1988 J D 80/
3
777
,,, 9
85
2469
97
A 0
93
93
A O
049 F
1934
9512
Term Assn of St L 1st g 4149_1
84 May'22 :::: ___ - ____
1948 Q M 7834 84
Wash Cent let gold 4s
99
97
97
lst cons gold 59
---11012
June'22
4
1
/
110
108
Nor Pao Term Co lets(4._1933 J J
Sale
8012
J
J
1953
6
80
80
82
45
g
f
Gen refunds
iiii- idi102
Jan'23 1938 A 0 9912
No of Cal gut1r g 59
4
23
112
94
8
b
en
ja
4 934 9014 F
/
1943 J 1 901
cooldnp rguloiledn bge3ms_ .111099321751
gw.
0
e1,1
N
r3
.:
x
e
T
10434
118
Nor18
lit
J
Wisconsin
69
1930
J
288
North
34
S1 0238 me 9
Texas & Okla 1st gu g 5s_..-1943 IrI
--40 9°
0
214
000
200
72
4 981
96/
4
Texas & Pee et gold be
b 6658 71
6814
1948 d .7 66/
4
1
4 6814 66/
1
Og & L Cham 1st gu 48 g
Jan'23 :----: ::12
4013
. 4
.....,
53
8912
412
Income
90
;IA!
gold
2d
9512
1
9819
8
5
95
9512
2
,
95
1936 J D
Ohio River RR let g 54
J
ul'
1931
91
91
58
g
List
B
La Div
0512 9512
9512 Feb'23 _
1937 A 0 943 96
General gold 55
_
_
_
_
4
973
J
J
1. 0
1
1% 9
93
2
98
06
Tol & Ohio Cent let gu Ega.-1935
24 98/
4 100
1
4
1
4 98/
1
1927.1 J 98/
Ore & Cal let guar g be
13321 g N18 _0_1__ 93
2 Feb'23
7314
Western Div let g 59
8612 38 86
4
/
8712
4 8612 861
/
1948.3 D 861
Ore RR & Nay con g 49
9012 Sept'22 -_
Line
Ore Short
1
04
l
4 10134 100
/
7 100 10412 Toa
10112
1946 .1 J 991
let consul g be
41-4
4514
;-7
g8
1950 A 0 7314 70
-1
4 102
/
8 10134 105
1946 1 J 10012 102 1011
Guar eon be
-- I: 84
-4
l -0
F A
'I
7
g8Ser A
4
:ltitte
12 __- ___ .
1b1l
7
21 -Coil
4
1
/
96
90
4
/
8
911
Sale
907
934
91
D
.1
1929
Guar refund 49
--..--deposit
of
Feb`22
4
/
311
__-4
-156,
8
-1
5
6i
Otis
------------------313
7712
co
82
Trust
4
/
sale
771
7712
132
7914
1961 .1 1
Oregon-Wash 1st & ref 4s
___- _:1-71
78 Feb'23 ..... 78
7912 Tol W V & 001 4449 A
Pacific Coast Co 1st g be__ -1946 1 D
8 Dela
-----------1933 .1 .1 9012 9638 N112
v:E ---Series 13 14;49
4 Jan'23 ____ 881
1
4 8658
/
864 - - - - 88/
Pao RR of Mo let ext g 49-1938 F A
M
1942
5
3
-.
4
2
3
Noyd
3
7
:
;:
9512
9512
2 9512 97
19381 .1 9512 97
2d extended gold 58
4 -0-53F % -802J D a
45
95
19
ietfroCattuff ist a 49._.31
rH
Toger
4 9112 9014 Feb'23 ____ 9012 91
1
Paducah & Ills let et 4349......1955 J 1 90/
9512
1 94
94
1928 J D
94
Water & Del let eons g 58
7178 200 6312 73,4
7112 Sale 711z
1958 F A
Parts-Lyons-Med RR 85
n
°
SA
66
Pennsylvania RR 1st ff 49-1923 M N
714
142 81978 95
89
Sale
8
897
1
J
1947
9314
90
Feb'23
____
8914
90
^n1011
4
,
93
Paging
g
133
4/1
1943 M N
Consol gold 49
8 4 ____ In ::18
9i
1947 J J 8814 94 903
Registered
1 Feb
4
1
91
9014 18 89
90,4 89/
1948 M N 90
Congo'gold 48
1927 J J
fib Sale 95
07
9612 9612
20-year cony 43
9 9534 9838
4
943
A
F
1960
Consol 4 iis
5 8218 88
.2 1 14
1 134
4
02008 M 8 8212 &le 8218
lart & refunding 4a
4
1
914 105 9014 92/
4 Sale 90,4
1
1965 J D 90/
General 4135
29 10814 10514
104
10-year perm secured 63_1928 J J 10378 Bale 10314
4
/
4 78 9912 1011
/
1001
1968 J D 10014 Sale 10014
General 5s
Junel1
& Can gen 4s
RR
1944
8012
El
M
---J
911a
N
119
CY
10838
41
4
3
110
Sale
10818
10914
1930 A 0
10-year secured 7s
1936 F A 10812 Sale 10812 10912 123 10812 1114
15-year secured 814/1
June. h Due July, It Due Aug. e Due Oct. fp Dug Nov. q Due Din. I 01,0011:110.•
•No price Friday;latest bld and asked Ms week. aDue Jan. D Due Feb. g Due




-ii-

-.------31

1

---

iiiik3i-cm:

New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 9

'it3
b

Price
Friday
Mar. 9

Weed's
Range
Range or' Since
Last Sate '14
Jan. 1

MI
Ask Low
High,N o. Low High
991
/
4 ---- 998 Jan'23 __ _ 9912 99%
914 9212 85% Feb'22__ - -I
Vandalia cons g 48 Ser A
1955 F A 8414 __ 86 Apr'22 ..._
1957 M N 8414 --- 851142 Mar'23Nov22___
Congo' 45 Series B
34 3712
Vera Cruz & P let gu 4%e__ _1934 1 J --------37
98 eiept'221„ __
Verdi VI di W let g 5a
1926 M S 98
Virginia Mid Ser E 53
1926 M S 98% 9824 9512 Feb 23,____ 96 96%
1
4 Mar'23:___ _ 9778 98%
98/
General 5s
1936 MN 9614
1
4 Feb'231 _. _ 93 9314
Va & So'w'n 1st gu 65_
2003 .1 .1 93 95 93/
5 78 81
78 I
/
4 7914 78
lst cone 50-year 5s
1958 A 0 761
94% 46 93% 98
Virginian 1st 55 Series A
1962 MN 94 Sale 935

Utah & Nor gold 58
let extended 45

192611 J
19334 .1

97/
1
41 10 95 99
Wabash 1st gold 58
1939 MN 9518 961 95
8524 9214
2d gold 55
1939 FA ____ 847 8534 Mar'23
6812 731 6812 Jan'23,_ _
6812 6812
1st lien 50-yr g term 48._ _ _1954
83 97 9612 Feb'23'__
9534 9612
Det & Ch Ext 1st g 5s_ _1941 J
65
79 73%
7314 73%
Dee Moines Div 1st g 45_ _ _1939
65 6614
Om Div let g 334e
1941 AO 64 68 65 Mar'231 _
771
/
4 Jan'23:_ _
7718 77%
Tol & Ch Div g 45
1941 MS 72 80
741j Nov'221 ____
_
Warren let ref gu g 8145
2000 FA 7314 ___
W 0& W lat ay gu 4s
1924 FA 97
9714 Ang'221____
/
4 79/
1
4 787 Feb'23•__
Wash Term 1st gu 3%e
1945 FA 771
1
_ 8434 Nov'221___
1945 FA 84%
8712 12 "iic4 89
W Min W & N W let gu 5s__ _1930 ✓ A 77% 87 8314
63 I 129 6034 6554
• est Maryla• d 1st g 45
1952 AO 61% Bale 6034
est N Y dz Pa 1st g 58
1937 J J 98% 100 100 Feb'23____ 98% 100
77 81
/
4 --- 778 Mar'23
Gen gold 48
AO 771
811
/
4' 31 7954 85
8034 Bale 80
Western Pao 1st Ser A 5s____1946 M
81 I 15 7912 83%
West Shore 1st 4e guar
2361 J J 80 8012 7912
7912
2 7912 82
Registered
2361'.7 7913 8134 79%
97 99
Wheellng & L E 1st g 58
1926 AO 98 99 97 Feb'23.,,,
_ 9558 99
99 Feli'23
Wheeling Div let gold 58_1928 .7.1 92
Eaten & Impt gold fc
1930 FA 9058 97% 94 Sept'22:__
6034
5 "E 62
Refunding 43is Series A
1968 MS 55 57% 55
63 I 37 58% 65%
RR 1st conga] 4s
1949 M S 5814 59% 5818
6612
6
56 60
56
55%
5612
Wilk & East 1st gu g 5s
1942 J D
8114 8112
Winston-Salem ii B 1st 48
1960 3' 80 82% 8118 Jan'23I__
77 I
6 76% 82
Wis Cent 50-yr let gen 413_
1949 3' 7614 7714 77
77 8058
Sup & Dul div & term let 48'36 MN 7612 7714 7712 Mar'23
W & Con East lst 4%8
1943.13 5412 ---- 65 May'22
INDUSTRIALS
Adams Express coil tr g 45._ _1948 M S
Ajax Rubber 85
Atlanta Gold M deb 68 A__ _
Cony deb 6s series B
1926 M 8
Am Agile Chem 1st 55
1928 A 0
let ref 8 f 7)68 g
1941 F A
Am Cot Oil debenture 5&_.._1931 M N
Am Dock & Impt gu 68
1938.7 .1
Am.Sm & R let 30-yr 58 ser A 1947 A 0
American Sugar Refining 68._1937 J .1
Am Telep & Teleg coil tr 4e 1929 .7 .1
Convertible 4s
1936 M S
20-year cony 43411
1933 M S
30-year temp call tr 58___ J948.7 D
7-year convertible 6s
1925 F A
Am Wat Wks & Elec 58
1934 A 0
Am Writ Paper 8 f 7-68
1939 J .7
Anaconda Copper 60
1953 F A
7s
1938 F A
Armour & Co lat real est 4iis 1939.1 D
Atlantic Fruit cony deb 75 A _1934 J D
Trust Certificates of deposit__ ---do
stamped
Atlanta Gas Light 581947 Ii5
Atlantic Rent deb 58
Delft Loco Works let 58_ _ _1
Mj
N
1940
937 j
Hamadan Corp e f cony 8% A.1931 .II J
Bell Teleph of Pa a f 78 A1945 A 0
be
1948.1 J
Beth Steel lat ext a f 58
1928.1 1
let & ref 58 guar A
1942 MN
20-yr p m dz imp 8 f fis
1936.1 J
SSA
1948 F A
5%8
Booth Fisheries deb s f 6s_ _ _ _ IV:
I g
Braden Cop M coil tr 5 f 68 1931 F A
Brier Hill Steel let 545 __ _ _1942 A 0
B'way & 7th Av let c g 56_ _1943 J D
Brooklyn City RR 56
1941 J J
Bklyn Edison Inc gen Sc A_ _1949 J J
General 65 series B
1930.1 J
General 7s series C
1930 J J
General 75 series D
Skin Qu Co dr Sub con gtd 513_1
D
j941
49 M N
let 58
Brooklyn Rapid Tran g U.-Ai%la
A
Trust certifleates
let refund cony gold 4i____2002 J .1
3-yr 7% secured notes__ _ _21921 J .1
Certificates of deposit _______
cents of depositstamped__ _ - ---Bklyn Un El let g 4-58
1950 F A
StamPed guar 4-5s
Bklyn Un Gas let cone g 5e1
A
19
96
46F
5M N
Te
1932 M N
1st lien & ref 6 Seriee A _ _ _ _1947 MN
Buff&suaq Iron e f 5a
1932 J D
Bush Terminal let 4s
1952 A 0
Consol5s
1955 J .7
Building 58 guar tax ex _..1960 A 0
Cal0& ECorp unifying & ref 15s
1937 MN
Camaguey Sue let s f g 78
1942 A 0
Canada SS Lines 1st male f 781942 MN
Canada Gen Elec Co 6s
1942 F A
Cent Dist Tel Ist 30-year 5s._11/43 J D
Cent Foundry 1st 5 f 6e
1931 A 0
Cent Leather 20-year g 58_
I925 A 0
Cerro de Pasco Cop 88
1931.7 .1
Ch0 L dz Coke let gu g 58
1937 J 1
Chicago Rye 1st 58
1927 F A
Chicago Tel 58
1923
Chile Copper 10-yr cony 7s,.1923 M N
Coll tr & cony 66 eer A
_1932 A 0
Cincin Gas& Elm 1st & ref 551956 A 0
510 Ser II due Jan 1
1961,A 0
Colo F & I Co gen 8 f 5e
1943 F A
Col Indus 1st & 001158 gu_ __ _1934 F A
Columbia G & E let 58
19273 J
Stamped
1927.1 J
ol & 9th Av 1st gu g 58_1992 M S
Columbus Gas 1st gold 5E3_1932 J .1
Commercial Cable 1st g 48_2397 Q J
Commonwealth Power 85_1947 81 N
Campania Azucarera Baraqua
1937.7 .1
1st s 115-year g 7%5
Computing-Tab-Rec s f 8s1941.1 .1
Conn Ry & L let & ref g 4iiii 1951 J J
1951 .1 .7
Stamped guar 4343
Cons Coal of Md let & ref 55_1950 J D
Con(I Co of Ch let gu g 55_ _1936 J .1
Consumers Power lien & unifying
55 Series0 interim certif5_1952 3.1 N
1931 M N
Corn Pro dRefg St g le
1934M N
25-years f 58

'1
g I,

80
10 80 8018
80 Sale 80
6 98 9912
97/
1
4 9814 9712
975
6/
1
4 8
1
4 8
612
8 I 10 6/
1
4
6/
1
4 6/
6 Mar'23 _
8
6
1
4
98141 15 97/
1
4 100/
9758 997 975
10312 sale 103
10438; 151 10254 10478
7514, 48 7012 8012
7212 Bale 70%
1001
/
4 ____ 10578 De0.221_ _
90
329 -89-- -92g
89 Sale 89
1031
/
4 131 101% 104
10234 Sale 1024
9214 121 9118 923
9178 :Sale 9112
88
1
4 90
6 86/
8712 Sale 8712
9 1001
/
4 10312
102% ____ 10212 10312
983 163 974 101
971
/
4 Sale 9712
206 114% 11712
116% Sale 116% 117
84
1
4
12 824 85
8234 Sale 82/
84
27 8211 8512
8372 Sale 8212
98 1023 96% 9878
9734 Sale 9714
1
4
10312 Sale 10312 10412 988 100 104/
861* 67 84/
1
4 90
8658 Sale 86
40
1 32 4012
40 42 40
39
21 29 391
/
4
35 39 34
44
35 29 44
4114 50 39
9614 4
2 -136399 Sale 5313
99 -.MI -47/1/
4 103
3 1001
10014 10112 10112 101%
10212 18 997 10318
101 10212 102
10712 Bale 10712 107% 30 107% 1084
98/
1
4 204 98 994
1
4 Sale 98
98/
8 98 9912
99
9812 99 9812
/
4
951* 13 92% 971
921 Sale 9238
1
4 9312
1
4
89% 73 88/
8918 Sale 88/
3
98¼
379
Sale
97%
97%
99
973*
92% 303 92 93
9212 Sale 92
70 80 6712 Oot'21
992 _-40 95's 100¼
9918 Sale 99%
1
4
9413 Sale 938
95
117 9334 97/
2 62 6812
66
64 6758 66
2 8512 8712
86
8512 893* 8512
45 95 98
967
953* 961* 96
103% 36 102 1045
103 Sale, 103
/
4 10514
3 105% 108/
1
4
105% Sale 1051
108 Sale 10712 10814 45 107 109
58 66
Jan'23
64 66• 66
861
/
4 ____ 7912 Nov'22
7512 75 , 55 79
7412
7514 76
79
7512
7514
8 54
754 76
64% 55 54 68
63/
1
4 65 631s
94
/
4
150 87 96
Sale 931
93% 115 8512 9512
939312
44 Sale
8, 89
8
93
95:8
932 89 82 9518
842
41 8114 8,1
83 8412 83%
1
4
84
5 81% 85
1
4 Sale 83/
83/
/
4
9714
7 95 100
9714 Sale 971
114
4 110 11678
114 115 114
10412 Sale 10418 10412 12 103% 10514
911
/
4 ___ 79 AuX21
81%
5 80 87
78 86 80
87%
4 86/
1
4 8912
8714 Sale 87
90_ 26 88/
1
4 93%
8812 89 88%
9658 9758 96%
97 97/
1
4 97%
9454 953* 9514
10014 101 11004
9934 9978' 9934
96 99 99
981* Bale 98%
1421
/
4 Sale 143
961
/
4 9624 963*
8058 Sale 80
997 1001
/
4 9912
117 118 11712
101% Sale 101
9814 Sale 977
973* Sale 97%
85 87 89
751
/
4 Sale 75/
1
4
96 Sale 95/
1
4
96 Sale 951
1314 20
1512
9212 -___ 92
74% Sale 73
8778 Sale 87/
1
4

191 95% 9814
97
9812 56 9613 9812
9713 29 921 9712
101
5 lOOsi 10312
5 9914 100
100
19 88% 9914
991
987
27 98% 100%
147
88 130 149
Feb'23
_I 95% 96%
1
4
98 76% 82/
81
7, 991
/
4 100%
100
12012 77, 113 121%
10314 153 961
/
4 103%
1
4 99%
9814 54 97/
4' 96 98%
9812
Feb'23
88/
1
4 89
7712 66 75% 77%
9612 23 951
/
4 97
961
49 9518 97
14
1512
Jan'23
Feb'23 ____ 92 93
74
7512
13 73
882 30 8614 891*

100 10012 100
10012
98 Sale 98
8314
- 84 Feb'23
8314 81 83/
1
4 Feb'23
9
887 Sale 88
95 96 9512 Feb'23
823
9
88
97
58
8 fia__l_e_ 00
87
91

9912 9912

31 9812 101
18 8
893
3
11'4 8893794:4
8
68 95
87% 95512
5

Dec
82
9
2 ___1_1 87
100

9212

-101
12 1413

BONDS.
N. V.STOCK EXCHANGE
Week ending Mar. 9

1035
r.
tiE

4a:

Prize
Friday
Mar. 9

Week's
Range or
Last Sale

Range
Since
Jars. 1

Bid
Ask Low
High N • Low High
Crown Cork &Seal Co of Balti93/
1
4
9 90 95
92
more 1st af 20-yr 3s.-- _1943 I? A 992112
Sale 903
927 1% 8558 94
Cuba Cane Sugar cony 7s___1930 J .7
901
/
4 98/
1
4
97
414
2 10
97
612
Cony &ben stamped 8% __1930 J J 9,612 sale 10
;
1 1_96.6
06
77i
.
8964:44 2
86
8
7 1638
083
73
18
4 19
0
87
31811: 8963:42
Cuban Am Sugar 1st colt 8s_1931 M S 189
Cumb T & T 1st & gen 58_ _ _1937 J .7
9712 June'20 --„
Denver Cons Tramy 55
1933 A 0
Deny Gas & EL 1st & ref sf g 55'51 MN
16
Dery Corp D C; 7s
M
S
1942
99%
8
Jan
9'
8
254
3
Detroit City Gas gold 5s__1923 .1 J 974 9813 9
9
999
61
87:19
0
99
9
0
.
72
8
„
n
95 98
100
96
991
2 ifTia
Detroit Edison 1st eon tr 55_1933 .1 J -f161ist & ref 58 ser A
k1940 M S 95 Sale 95
60
10312
10214 Sale 102
102 104
1st & ref 138 series B
k1940 M
18
04
772
82
74
3
)et United lst cons g 41•55___1932 J .1 8318 Sale 10
185 10
87
2 10
84
812
Diamond Match s f deb 7348_1936 M N 10718 10712
28 4912 64
00
Distill Sec Cor cony 1st g 58-1927 A 0 60
6234 60 Mar'23 - -- 49 64
Trust certificates of deposit........ 57 Sale6812
8212 83 8212
83% 13 8212 8514
Dominion Iron & Steel 58_ _1943
Donner Steel 1st ref 20-yr at 75
913* 32 84 93
Series AA
1942 J J
El du Pont Powder 434s__ _ _1936 J D
8
097419299
818 Sale
97
118 Fl08
911
/
4 10
eb.213
4 04" 107%
du Pout de Nemours & Co 7345'31 M N 19
99 19
08
978
/
4 Sale 103
10412 72 103 105
Jugueene Lt 1st & Coll 68_ _1949 .1 J 1031
Debenture 714e
1
4 177 106% 108/
1936 .1 J 10714 Sale 10714 108/
1
4
10712
108
Sale
10412
655
93 11314
East Cuba Sug 15-yr f g 7%51937 M S
Ed El III Bkn let con g 48__ _1939 .1 .7 88 8812 89% Feb'23 ---- 8712 91
10112 102 10138 Feb'23 -_--0114 1013*
Ed Elec Ill let cons g 55
1995 J
1 99 9912
99
Elk Horn Coal cony 65
19253 D 9814 99 99
smpire Gas & Fuel 7)65__1937 M N
93% 98/
1
4
1
0
5
9
8
7
3
88
Bale
32.
.
1
9
19
0
3
7
54
0
714
s
_1_
!
1
Rubber
1st
of
8s
!
Fisk
1941 M S
106 10812
80
J't Smith Lt & Tr 1st g 58_ _1936 M
16 g4
Frameilo Ind & Dev 20-yr 734e'423 J 88 Sale 8734
10178 19 100 103
Francisco Sugar 71,45
1942 M N 10178 Sale 101%
8
'
813
Gas & El of Berg Co cons g 58 .1949 J D 9312 ____ 100 Feb
-155;
100
5 itj38
General Baking 1st 25-Yr 58.-1936
D 100 10112 100
8
,g14 1079118 79% 4 78 8012
8e
Gen Electric deb g 3345
1942 F A
1021
/
4 25 101 1023*
Debenture 55
1952 M S 1079112
_ 1051 Jan'23
20-year deb 135
Feb 1940 F A
1
105 105.
99's 13 98 10158
GenRefr 1st 5 f g (is Ser A-1952 F A 9812 Sale 9812
10
0 116
0 14
82
8 100
Goodrich Co 61,45
19473 J 11016112 l:
1434 01712
1. 2
Sal
11
96
138
12
Goodyear Tire & Rub lets f 8s '41 MN
1
4 Sale 1031* 10454 178 9958 106
10-year f deb g 813
e1931 F A 103/
911 Jan'23
1
Granby Cons MS& P con 68 A '28 M N
9112 91,
99 92 Feb'23 ---- 92 92
Stamped
1928 M N 92
/
4 sale 99
100
46 961
/
4 100
Cony deben 8s
1925 M N 991
9 9914 9
98%
9 ma29
8
213 _8.. 98l.
51 N
A 98
Gray & Davis 78
194
930
2F
'mat Falls Power hot e f 5s_:
100
8118 82
Hackensack Water 48
1952 J J 815i ---- 82 Feb'23
3
14
9
90
4,
871 1682
4
77 889922772718: 94992112
Elavana Elec consol g 58
1952 F A 9078 9114 90712
835
6 81
Havana E Ry L & P gen 55 A..54 MS 8312 Sale 83%
85/
1
4
Hershey Choc lst s f g 6s
1942 MN 98 Sale 98
100
4
ill: 90
415: s
Holland-Amer Line Os (flat)_1947 MN 90
Hudson Co Gas 1st g 58
1949 M N
985* 102 9719 99
Humble Oil & Refining 5348 _1932 J J 98 Sale 9818
921k 52 91
96/
1
4
Illinois Steel deb 434s
1940 A 0 9112 Sale 9114
Indiana Steel 1st 55
1952 M N 10014 Sale 10018 10014 40 100 10112
96 Nov'2 _
Ingersoll Rand let gold 55__ _1935 J J
Interboro Metrop coil 4)85_1956 A 0
8's 10
91
/
4 '
9 9
912 Feb'23
9
-1
Certificates of deposit
4 79
27
1:
ie 7034
72
111 69
interboro Rap Tran let 58_1966
- "76 Bale
70
34 13
15
1 69 72
Stamped
69:
76 8 sat
6
79%
9
74
0% 10
96
5 6
96
11748 9
743/
1
2
44
10-year 66
Sale
7e
1932.._
90
312
81
90
8 Bale8
8 74/
lot Agri° Corp 1st 20-yr 58_1932 M N 8
1
4 8113
12718 12 109 1271s
Internat Cement cony 8s
1926 J D 12212 Sale 126
9 8
84
514
28 8
982
04
Sale
e 8
88
54
5 .86
712 154
Inter Mercan Marine s f 681941 A 0 86718
2 820
International Paper Sc
1947.3 J
Sale
let & ref 58 B
853
4
85%
86%
48 8412 8834
1947 J J
110 Nov'22
Invincible 01185
1931 Si S
Jurgens Wks 68 (flat price)_1947 J J 82 Sale 8154
835 220
Sale
e
1
0
0
8
5
3
4
4
M1
09
1'
'2
-13
2 -- 105 107/
Kayser & Co 78
1942 F A 10558 810
1
4
Kelly-Springfield Tire 88___ _1931 M N
38 106% 110
e9412 July'21
Keystone Teiep 001st 5&_._1935 .7 .1
-9
4
- 9814
1937 A 0 -87
4 9814 99
KingsCoEiL&PgSs
9814
Purchase money 68
- 11078 1113*
1997 A 0 112 113 11114 Feb'23
Convertible deb 6s
_3_1_2 10
75
614 D
75318 _7
;12
10
AL/
2
__
1925 M
Kings County E let g 48_1949 F A
Stamped guar 48
-71.1949 F A 73 7312 7312 Mar'23
Kings County Lighting 56-- _1954 J J 76 83 801* Feb'23 ---- 8018 80%
1 97 9912
97
97 Sale 97
6345
19543
Kinney Co 7345
10018
3 99% 10112
1936 J D 10012 101 100
Lackawanna Steel 181 g 58__ _1923 A 0 997 100 9973 Feb'23
9978 100
let cons 55 series A
9114 13 9028 9234
1950 Si S 9012 Sale 903
Lac Gas L of St L ref & ext 581934 A 0 9478 Sale 943*
95
23 9214 9612
Lehigh C dz Nav s f 4%el._ 1954 J J 9112
9412 June'22_
Lehigh Valley Coal 58
100
-- - 102
---19333 J 99 101 100 Feb'23
14
411
1933J J 8918 ---- 834
Lex Av & P F lst gu g 58
l62141-23
- 11,34
44 14414
32 62
, 6 144
18 Feb'23
1993 M S 116
Liggett & Myers Tobao 7s__ _1944 A 0
/
4 Sale, 9713
58
98 I 19 97 9814
1951 F A 971
Lorillard Co (P) 78
16
512 19
16
53
54'
4 11
2 19
16
5 19
%4
1944 A 0 19169: Sale19
58
1951 F A
120
109 112 120
Magma Cop 10-yr cony g 7s_ _1932 J D 117 118 118
Manatl Sugar 734s
100
65 96 102
1942 A 0 9958 Sale 99
ilanhat By(NY)cons g 48_1990 A 0 6212 Sale 6112
63
19 60% 64%
_
67/
1
4 May'22 -Stamped tax exempt
1990 A 0
611
/
4 57 6312 Oet'22 ---2d 48
Manila Elm By & Lt f 55 2
84
1
4 8512 84
10
95
13 D 84/
Market St Ry let cone 58
Feb'239338 187 94
1 193%
1924 MS
5-year6% notes
9611 20 9478 96/
1
4
1924 A 0
20
62
Marland Oil f 88 with war'nta '31 A 0 19
llee% 199
12
83
1237
63'18
2 88a
26 11112 12378
9
22
without warrant attached___ A 0 106 ip584. 10578 107 I 78 100 107
1154 Sale 1131* 11654 300 108 11834
7%8 Ser B
Merchants & Mfrs Etch 78_19
9888 11 95 9912
94
32
1F
J D
A
Metr Ed Ist&xef g 68 Ser B
39'
9721 95
9%
99341 16 I 98 100
99
834 89
1952 F A 9
Mexican Petroleum s f 85._1936 M N 108 Sale 108
108% 69 1053* 109%
Mich State Teleph 1st 5a_ _ _1924 F A 99/
1
4 9978 993*
99/
1
4 10 993* 9972
Midvale Steel Js 0 cony 5 f 58_1936 M S 88 Sale 88
883 187 88 90%
Certificates of deposit
88/
1
4 14 88 8834
1936
99
991*
n1ilwEleoRy&Ltconsg551926 F A 98 99 99% Mar'23,Refunding & eaten 4345_ _ _1931 J J 903* 91
9012 9112
90% Feb'23
Milwaukee Gas L let 45
96
9432 24
19
0
9 9
94812 95412
7
985
1:
4121310
:
18 94
1927 M N 95
8988314
8
Montana Power let 55 A_ _ 1943 J
idontreal Tram let & ref 65_.1941J J 8938 Sale 89
20 88% 91
90
Morrie & Co lets 14348
8312
1939 J J 7976 Sale 797
Mortgage Bond 45
1968 A 0
Os
92 92
Mu Fuel Gas let cu 56-_
9314,
1, 93% 95
_ _1994372 M
A D
N 9312 95% 93%
Mut Un gni bds ext5%
10
92
112 Se
jan
p;2
18
71----1
-971;
Nassau Elec guar gold 48
6418
6 58 675
d434 61
195
41 1
1N
J 64
Nat Enam as Stamps let 55_1929 J 13 93
iii1
97
72
223
Ja
,
nt:
7 88
752 1001_2 95
Nat Starch 20-year deb 5s__ _19304 J
National Tube let 58
9954' 14 VI
9938
9914 .
1150
New England Tel & Tel Si _1952
9812 63, 97% 100
19624D
61 N 9734 Sale 9734
law On By & Lt gen 4iiii_1935I J .7 6012
821I---1I 761; 79 7'
_ 50 Feb
N Y Air Brake 1st cony 65
id6 i6112
100
1928 M N 100 101- ,100
N Y Dock 50-yr lst g 4s
7612 78 I 78
43
N Y Edison let & ref 634e A..1194
11014
10912
8
1095
11212
Sale
961F
1A O
A 110
993* 25 9754 100
NYGEL&Pg 55
/
4 Sale 9836
19483 D 991
8358
5 3
82 36
Purchase money g 45
8444
2
3
84:
312
4 28
831, sa1
35
:
8 3
1949 F A 3
Jan'23 __I 76
Y Munic RY 10t5f55Aj9663 J 80
76 4
76
N YQEIL&P lstg 45
99
99
1930 F A 9614 99 99 Feb'23
Y Rye let R E & ref 48._ _1942 J .1
37
4
44
5 35
018 36
9
Certificates of deposit
4,2
32 36
418
554 36
34
80-year adj Inc 55
al942 A 0
6
72 4% 6
Certificates of deposit
4/
1
4 434 43*
6612
NY State Rye let cons 4348_1962 Will 6534 Sale 6514
4 55/
1
4 69
1 Y Steam 1s1 25-yr 65 Ser A _1947 Si NI 96 96% 96
96
8' 96
8
I
I .•,
I4

•Na Priee Friday: latest 131d sad linked. a Dae Jam. 4 Dui April. 8D68 Mar. I Due May. 0 Due June. 3Due July. 3Dag Aug.•Due Oct. g Due Dec J Option sale




1036

Tan 011110NICLE

New York Bond Record-Concluded-Page 5
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 9

g 54
h.....
Price
1; Friday
,...*- Mar. 9

Week's
Range or
Last Sale

I
1,
s,
Z,
04- i

Range
Since
Jan. 1

Bid
Ask Low
High No)Low High
N Y Telep let & gene f 4%8_1939 M N 9234 Sale 9234
9312 701 9235 94
30-year deben 8!8e_ _ _Feb 1949 F A 1051s Sale 10515 10612 6110515 10835
20-year refunding gold 641._1941 A o 10434 Sale 10434 10535 86 1014 10714
99
99
9935
.1
Niagara Falls Power let 50_1932 1
9935 141 99 101
a1932 A 0 10334 Sale 10314 10414 34 10314 106
Ref & gen fis
Niag Lock dr 0 Pow let 5a__1954 M 14 98 --- 9814 Mar'23 ___. , 9712 9814
1952 Si 6 9312 Sale 9314
No Amer Edison es
94
85! 93 96
141 9314 95
Nor Ohio Trae dc Light es_ 1947 M 6 9314 9312 9314
94
90
Nor States Power 25-yr 58 A_1941 A 0 89 Sale 8812
47 . 8812 93
let & ref 25-year es Ser B.._ 1941 A 0 10012 Sale 10012 10135 14 1C015 102
Northwest'n Bell T let 75 A.1941 F A 10712 Sale 10712 10775 81 10714 108
NorthW T let Id it 445 gtd_1934 J J --------94 Aug'22
Ohio Public Service 714s_ _ _ 1946 A 0 107 Sale 107
10755 19 101- - 10755
Ontario Power N F hzt 58._ _1943 F A 9818 9618 9634
9914
9634
2, 95
9414 __-- 94 Feb'23 _'. 94 9434
Ontario Transmission 5a_ _ 1945 NI I*
1941 F A 101 Sale 10012 10112 HI , 9715 10112
Otis Steel 8s
1st 25-yr a f g 7%a Ser B_ _ _ 1947 F A 94 Sale 9334
9412 25 , 92 9534
Pacific G & El gen & ref 58.._ _1942 .1 ..1 914 Sale 9055
9134 71 I 9012 9314
9158 9214 9158 Mar'23 ___ -1 91
Pao Pow & Lt 1st & ref 20-yr bs'30 F A
94
Pacific Tel & Tel let 5e
1937 J 1 97 9712 963s
98
26 9635 9958
1952 MN 91 Sale 9034
bs
9114 76 9034 9212
Packard Motor Car 10-yr 844.._ 1931 A 0 10755 Sale 1075s 10758 42 107 10812
Pan-Amer P & T let 10-yr 715_1930 F A 10234 Sale 10238 103
24 102 10555
1
4 96
94 Jan'23 --r ' 94 94
Pat & Passaic G & Elconsg be 1949 Si 6 93/
Peep Gas & C let cons g 80_1943 A () 10712 108 10712 108
3 107 108
/
4 Sale 9134
Refunding gold 50
1947 M /I 911
9234 10 90 9312
Philadelphia Co es A
1944 F A 9934 Sale 9912 10014 165 9912 102
Pierce-Arrow 8.9
1943 M S 7634 Sale 7612
78
57 7612 7975
97 9734
Pierce 011 a I 85_
9734
1931 J D 96
1 94 98
Pleasant Val Coal 1st gel 55_1928 J .1 87 ---- S9 Feb'23 --__ ' 89 90
Pocah Con Colliers let s f 58_1957 J J 92 9475 92
97
1 91
9488
Portland Gen Elee let Se_
95
1 93 95
1935 J J 95'2 - - - 95
Portland Ry let & ref 55_
1930 M N 8734 Safe 8734
8734
5 8414 8734
Portland By Lt & P let refits 1942 F A 8415 Sale 8415
87
45 8384 87
let & refund 714s Sec A
1946 M N 10615 Sale 106
10634 11 106 107
104
Porto Rican Am Tob 82i
14 103 10412
1931 Si N 102 103 104
2915 13034
Prod & Ref e f 8s(wIth war'nta)'31 jD 13012 131
4 123 13034
J D 107 Sale 002 10714 52 106 10834
without warrants attached
Pub Serv Corp of NJ gen 58_1959 A 0 8414 Sale 8434
8.514 52 814 86
Punta Alegre Sugar 71
J 11334 Sale 1123i
1937
11413 173 10514 115
Remington Arms 85
1937 Si N 9312 94 9334
9412
5 93 9812
Repub 1 & S 10-30-yr See f..1940 A 0 - - - - 9338 9378
9412 21 9334 9614
9412
J
1953
943
943
5
8
9458 22 9314 904
5148
Robbins & Myers let 25-year a!
gold coupon 7s
1952 J D 9775 08 98 Mar'23 -_-- 9778 99
Roch & Pitt5 Coal & Iron 58..1946 M N 91 ---- 9835 Jan'23 ---- 9838 9838
Rogers-Brown Iron Co 20-year gen
9034
91
& ref mtge gold 75
5 8914 93
1942 Si N 0012 92
St Jos By,L,H & P 53
1937 MN 76,, ---- 7512 Sept'22 -_-_ _ _ _ _
St Joseph 8th Yds let g 4%s_ 1930 J J 86'8 -- -- Ws Dee'22 --- _
86
2 ii gi
83
St L Rock Mt & P 55 stmpd_ _1955 J J 83
-- -55 0c1.22 --r _ _ _ _
St Louis Transit 5s
1924 A 0 -----01
1942 Si 8 101 Sa
11000138
Saks Co 7s
6
7 10012 10214
997
100 100
Sharon Steel Hoop let 8s ser A1941 M S
9714 104
Sierra dr San Fran Power 58_ _1949 F A ---- 864 87 Feb'23 -r-f 86 8712
10014 118
Sinclair Cons 01115-year 7s_ _1937 SiM S 0018 Sale 100
2
Sinclair Crude 011 53413_
_1925 A 0 6813 Sale 98I8
9915 93 9785 10034
9918 75 98 9912
60
Feb 1926 F A 9018 Sale 99
sale
8534
8634 347 5654 8912
Sinclair Pipe Line 55
1942 A 0 8614
18 99 102
South Porto Rico Sugar 7s1941 1 D 10034 Sale 10034 101
South Yuba Water es
1923 J J 9134 ---- 112 July'04
9414 10 9114 gi34
South Bell Tel & T lets f 58_1941 J J 94 Sale 9318
9914 211 9678 9924
Stand Gas & El cony a!Os_ 1926 J D 99 Sale 9875
Standard Milling 1st 5.5
1930 MN 95 Sale 95
3 9534 9734
9612
24 103 10712
Standard 011 of Cal 7s
511931 F A 10634 Sale 10614 107
10258 29, 101 106
Steel & Tube gen 8175 ser C.1951 J J 10212 Sale 102
99
Sugar Estates (Orienti) 7s _1942 M S - - - - 9834 9875
18. 96 99
Syracuse Lighting let g 58_ _1951 J D 9434 ---- 9112 Jan'23 --- 9113 911
/
4
Light & Power Co col tr a i
358 VA J J 84
4
88
86
Jan'23--,
86
635
9938 101
9934
9934
Tenn Coal I & RR gen 5s_ ___l951 J .1 10(p2
41, 9934 101
____001
/
4
N
Tennessee Cop let cony 68._ _ 1925 M
10012
6i 100 10012
4
9413 371 9313 942
Tennessee Eleo Power 8s____1947 I D 94 Sale 9334
1960Jo j 6011 Sale 6012
Third Ave let ref 48
6134 96,1 58 8212
61
AdlIncome5s
2361 5614 6314
01960 A 0 5° 61616 59
93
10 93
Third Ave Ry 1st g 5e
1937 J .1 9378 94 93
Tide Water 011 614s
1931 F A 10234 Sale 10218 10318 27110285 105
, 10234 10412
Tobacco Products 5 f 7s
1931 S D 10412 Sale 0334 100
1941 M S 10614 Sale 0534 107
31i 10518 10758
Toledo Edison 7s
981s
1925 F A 9814 99
9812 32 9813 9913
Tol Trac,L & P 138
_2,
38 „-__- -- 95_ Jan'23 -- - 95
Trenton 0& El let g ba
1949 Si 8 9_
96
99'4 Feb'23 --- 9934 1004
Tel City By & Lt let a!be..._1923 A 0 1,1"8 Ivo
17ndergr of London 414s
1933 J J 9314 9914 9234 Feb'23 --- 9075 9234
1948 J 1 8814 ---- 74'5 Nov'22 --- ___- _ _ _ _
Income (is
i J ---- ---- 10434 June*22- _
Union Bag & Paper let 544_1980
2 N We 9712
1942 ,
62
971
ii, .iii2 ii
9714 14; 95 9714
M S 97 ---- 974
1932
Else
Lt
&
P
1st
g 5s
Union
11 95 95
95
1931 J J 904 97 95
Union 011 58
F A 102 Sale 10112 102
23 101 10235
10358 13; 103 104
Union Tank Car equip 7c___1930 F A 10314 Sale 103
11234 22, 11078 11313
Gaited Drug cony 85
1941 J D 101 Sale 111
97
61 90¼ 98
United Fuel Gas let s f lis_ _1936 J J 9814 Sale 964
9814 279 874 9814
United Rye Inv Sc Pitts lane 1926 Si N 984 Sale 95
8212
8 8115 634
J 62 6212 6178
United Rye St L let g 48__ _ _1934
St Louis Transit go 5s__1924 A 0 --------63 Dec'22 --------- _ _ _
United SS Co Ltd (The) Copen3 Bale 88!11
28 8612 91
91
hagen lot rcta 15-yr 5 f 65_ _1937 M N 60
1942 A 0 99 4 Bale 99*4 10012 30 994 10114
United Stores Ss
j 10212 Sale 1021
/
4 10278 15 10218 10313
1932
U S Hoffman Mach 88_
51 9973 100
J 9975 ---- 9978 100
US Realty & I cony deb g 58_1924
_
J 0 ---- -- - - 102, Nov'22 -US Rubber 6-year sec 75_ _._1923
1947
3
873
5
Bale
8714
88
154,
87 8-9
.12
let & ref bs series A
10814 69 107 109
1930 F A 108 Sale 108
10-year 734e
94 10034 1004 10055 15' 100 102
_ 1926 F A 10
CI 13 Smelt Ref & M Cony 65_0963
Ni N 1021288,16 10238 10318 ----1
15110235 104
U S Steel Corp/COUP
10275 103
41983 MN -- - - ---- 103 Jan'23
8 f 10-80-yr 5streg
8534
851s
87
15'
8 88
Utah Light dc Traction 5e__ l944 A 0 89'4 Sale
Sale
8918
9018 40 8915 9214
1944 F A
Utah Power & Lt let be
_5 Mar'20 --__ ____ __ _ _
C1,,
5 -,-7- 9_
Utica Elec L & Pow let 8 f 513_1950 3 J ,
liz
Feb,23 ___ 9155 924
1957 J J .,1"*„**
Utica Gas & Eleo ref 60
1953 1 J 6., 70 55. Nov'22 --_ _
Victor Fuel Co let If 58
100
4
1008
8
10014
9 iod i54j14
'
10014
D
J
58_1923
Va-Caro Chem let I5-yr
51924 A 0 ---,. 10018 100 Feb'23.-1100 10015
Cony deb 65
Sale 97
97
157,
9712
D
96 98
J
1947
75
98/
1
4 109; 91
1937 .1 J 98 Sale 9558
9815
12-year e I 7345
92 Sale 9178
9212 271 86 93
without warrants attached-__ J J 91
9512 92,2
2. 9213 9513
93
Va Iron Coal& Coke let g 58_1949 M S
864
8612
8614
8634
1934.8 J
31 84 87
Va By Pow let & ref 5s
117 96
98
98
19421 D 97 Sale 9712
Vertientes Sugar 78
47i 1034 106
1941 J I) 10434 Sale 10414 105
Warner Sugar 75
j
9914 Sae 99'4
9912
2 9914, 9913
1939.8
158
Powers
Wash Wat
97 96
/
1
4 Jan'23
„,,,, _
___
D 964
9634 974
Westches Ltg g 5a stmpd gtd_1950 J
9z*4 bale 114%
23 9134 93
93
West Penn PowerSer A 58-1946 Si 5 1023
4 Sale 10234 10234 10, 1001 102 24
3
let 40-year 6s Series C
1958 j
A 10512 Sale 10512 10512 15, 104 1054
FD
51946
3
Sat series D 7s
___
_
997
_
8
Dec'22
.1
_-__I
1922.8
fa____Deo
West Electric let
__814 Sale 98
J 9
9875
7 9734 994
Western Union coll tr Cur 58.._1938 ./ IN/
91 Sale Ws
9
1
9
Si
8934
9212
j.ho
real
estate
g
1315
1950
Fund &
110
341100 111/
1
4
1936 F A - Sale 109
15-year 8;0 g
Sale 10738 10778 58 10718 110
1931 MN 10712 Sale
Westinghouse E & M 78
963
4
9714 37I 96 98
97
_
_
J
J
1935
7s
Wickwire Sven Steel let
100
_s*4 101
55, 9934 102
_ Sae 5
Wilson & Co let 25-yr a f es_ _1941 A 0
95'75 94' 9214 9712
1928 J D 9518 Sale 95,4
10-year cony s f 88
10358
Sale
1028
5
104
102 105
60
A
1931 F
Temporary 7148
1941 A 0 10334 Sale 101,4 10334 41 10058 104
Winchester Anne 734s-

as

_A942

..

*No price Friday;latest bld and asked a Due Jan. 4 Due Apr. c Due Mar. e Due
o Due OM iDueDea. *Option Sale

May. eDuejune. A Due July. k Do e Au.g



[Val,. 116.

Quotations for Sundry Securities

All bond prices ere "and Interest" except where marked '1.'
Standard 011 Stocks Pal Bid. Ask RR. Equipments
-Per Cl. Basis.
Anglo-American 011 new,. .e1
1758 1778 Atian Coast Line 8s
5.80 5.30
Atlantic Refilling new __100 140 147
Equipment 64e
5.35 5.10
Preferred
100 117 11812 Baltimore & Ohio Gs
5.76 5.35
Borne Scrymser Co
100 132 137
Equip 434s & 58
5.25 5.15
Buckeye Pipe Line Co_
50 *8812 89/3 Buff Roch & Pitts equip Os,.,. 5.45 5.10
Chesebrough Mfg new.,.100 x234 238 Canadian Pacific 414s & 68.. 5.35 5.10
Preferred new
100 115117 Central RR of N J fla
5.80 5.25
Continental oil new _
25 4512 46,2 Chesapeake & Ohio 13s
5.75 5.40
Crescent l'ipe Line Co
50 *222
24
Equipment 614s
5.40 5.10
Cumberland Pipe Line new- 110 113
Equipment 5s
5.40 5.00
Eureka Pipe Line Co_ _ _100 111 113 Chicago Burl & Quincy 6a_ - 5.60 5.25
Galena Signal 011 Corn,. _ _10C 73 74 Chicago & Eastern III 5
6.00 5.50
Preferred old
100 111 113 Chicago N W 434s
5.25 5.00
Preferred new
100 107 110
Equipment 6s
5.80 5.35
Illinois Pipe Line
100 187 169
5.40 5.10
Indiana Pipe Line Co
50 *101 102 Chl
EquipmentR
Pac
6 41.4
.68 s& 5s _ _ 5.50 5.00
International Petrol (no par) *2314 2338
Equipment 6s
5.75 5.40
National Transit Co _ _12.50 *26 2612 Colorado & Southern 65
5.65 5.30
New York Transit Co_ _ _100 135 137 Delaware & Itudson 68
5.80 5.25
Northern Pipe Line Co ,.100 106 108 Erie 44e & 53
6.00 5.50
Ohio 011 new
82
25 *81
Equipment 135
6.20 5.75
05 *20 22 H
Penn Mex Fuel Co
5.60 5.25
Groen
ckting
Nov
rtahlelern
y 6s
2
Prairie 011 & Gas new_100 252 255
5.75 5.50
Prairie Pipe Line new _100 114 1141* Illinois Central 4348.8 5s
5.30 5.00
205
210
Solar Refining
100
Equipment es
5.80 5.35
Southern Pipe Line Co_ _100 DO 111
5.35 5.10
Equipment 7s az 6348-South Penn 011
100 175 178
5.85 5.35
Southwest Pa Pipe Lines.100
5.80 5.30
814 6
Standard Oil (California) 25 *6
89
1,2 Lo
5.30 5.00
KaE
ung
iauwilPha
sy llm
e *en
& ti''
N4lask
hsv
iglan
lie 6
55
8::
4612
Standard 011 (Indiana)_ 25
6634
5.85 5.35.
Equipment ea
Standard 011 (Kan) new 25
5.30 5.05
Equipment8Hs
*0
92
3112
3 10
53
Standard Oil (Kentucky) 25 1
5.60 5.00
412 Michigan Central 58. 8s..
26
42
752 24
Standard Oil (Nebraska) 100 .
7234 MInn St P & S 13 M 4,14s & 55 5.50 5.10
Standard Oil of New Jer_ 25
5.70 5.35
Missourio6,Equipment
4
16
612 14
100 !
16
784 N1
Preferred
e1
644
6
8 Texas
PacificKansas
6
7 ;
LK! 5.80 5.25
Standard 01101 New Y'k. 25
5.75 5.25
15
722 N
Standard Oil (Ohio) new .__ 295 30
meowbiy
5.80 0.10leodr
2kO
chein
o24
22
4
14
%9
5e
2,62.
Preferred
100 •11612
5.25 5.00
32
Swan & Finch
100 28
5.65 5.35
Equipment es
5.40 5.15
Union Tank Car Co__,.100 92 94
Preferred
100 110 11112 NoErfloutk
iPra
&ent7e
Western
_ 5.25 4.75
5.30 5.10
Vacuum 011 new
25 *5175 52,5 Northern Pacitic 75
Washington Oil
10 123 26 Pacific Fruit Express 7a.._ - 5.35 5.10Other Oil Stocks
Pennsylvania RR equip Os-- 0.50 5.00
5.40 5.10
Atlantic Lobos 011 (no par) 5534 6 Pitts & Lake Erie 6145
5.70 5.40
Preferred
50 *20 25
Equipment fis
*6634 67 Reading Co 4.1is
5.25 5.00
Gulf 011 (new)
Humble 011 & Ref new - 25 *39 3912 St Louis& San Francisco 55.. 5.60 5.20
‘33 *117
18 Seaboard Air Line 41.4s& Se. 8.00 5.50
Imperial Oil
6.20 5.00.
Magnolia Petroleum_ _ _100 163 65 Southern Pacific Co 4145
11
5.30 5.00
Merritt Oil Corporation_ 10 10
Equipment 75
5.80 5.20
5 *1054 12 Southern By 4145 dr &
Mexican Eagle 011
24 241
/
4
5.75 5.40
Salt Creek Producers
Equipment69
Public Utilities
Toledo & Ohio Central 68,. 5.75 5.80
71 UnionPacific 78
5.25 5.00
Amer Gas Jr Elec, corn__ 50 *169
4613
*4512
Preferred
50
Tobacco Stocks
M&N 0614 9714
Deb 88 2014
Amer Light& Too,corn.100 130 32
Preferred
100 92 96 American Cigar commen.100 77 80.
100 90 95
Preferred
Amer Power Az Lt,cons_ _100 169 172
100 83 84 Amer Machine & Fdry_ -100 120
Preferred
Mda3 9412 9512 American Tobacco scrip_ _ *152 156
Deb Se 2018
1
4 204
Amer Public Util, corn, A00 20 22 British-Amer Tobao mei_ El *19/
100 46 48 Brit-Amer Tobac, bearer El *1934 204
Preferred
Assoc Gas dr El, pref(no par) *43 _ ___ Relme ((leo W)Co,com.100 240 250
100 114 117
islackstoneVaiG&E,eom 50 473 -7
Preferred
-8
-318
19
Imperial Tob of GB & Irel'd '
Carolina Pow& Lt,corn,.100 75
188
82 88
Machinery
Service
Co,
com_100
t,
.C
efiegrr
.ed
Cities
90
3 Inp
12
80 90
Preferred
100 8914 .
6912 Johnson Tin 17
1
4 1914 5IaeAndrews eVl.t
Forbes.
Me:
t 1r() 127 130
Cities Service BankersShares *18/
100 100 102
Colorado Power, corn_ 100 21
100 32 35.
100 92 95 Mengel Co
Preferred
33 Porto Rican-Amer Tob--100 92 98
Com'w'th Pow,By & Lt_ 100 32
70 7112
*90
Com'w'th Pow.Corp.pref100 8612
Scrip
881
/
4 schulte Ret Stores_(no par) •60 64
Consumers Power pref-100
100 112 118
Preferred v; 1
Elec Bond & Share, pref _100 98
10
90
9 118 118
1)
.eac
,
foTob corn.1
Universal
o g(J 5
Federal Light & True_ _,.100
y.
102 104
100 70 7212
Preferred
Preferred
50
0 2
590
8712
100 105 108
Lehigh Pow See_ _ _(no par) *2
100 103 108
Preferred
Mississippi Riv Pow,com100 24 26
82
111 892334
Rubber Stocks ((level and pr tees/
100 9
Preferred
10 84 85
feirrreed
& Rub,com1.00
res
%top
nreeT
First Mtge 55, 1951J&J 100551g 5512 Fl7
97 984.
6% preferred
S f g deb 7e 1935_M&N
100 97 9734
Nat Pow & L, cam_(no par)
97
012 9
88
2 Gew
:
ire
e Rub,com-50 140
(no par) 8
n'e
l fT
err
Preferred
100 99
J&J
Inc 7s 1972
912 3
14
212 Goodyear Tire& R,com.100 13/
1
4 14%
Northern Ohio Elec (no par) .
IGO 4714 48/
1
4
Preferred
100 32
Preferred_
North States Pow, com_100 96 99 Goody'r T&R of Can. Df-100 92 95
100 87 90
Preferred
100 92 91 Miller Rubber
102 103
Preferred
os_
Nor Texas Elec Co,com_100 81
100 18
18
100 77 6° Mohawk Rubber
Preferred
65 75.
Preferred
Pacific Gas & El, let pref 100 90 9112
4 Swinehart Tire & R,com-100 18 22
Power Secur, cora_(no Par) *2
16
(no par) *12
Second prof
76
usztuagra2Stocks
Coll trust 68 1949.,_J&D 71
42 Caracas
50 *17
18
Incomes June 1949_ _F&A 138
Puget Sound Pow & Lt__100 494 51 Cent Aguirre Sugar corn., 20 *93 94
•4 2
6% preferred
100 78 81 Central Sugar Corp.(no pita
03
1
Preferred
100 101
7% preferred
0512 Fajardo Sugar
100 109
11
Gen M 734e 1941___M&N 101
Republic By & Light_ _100 1312 1412 Federal Sugar Ref, com_ 100 67 6990 05
100 42 44
Preferred
Preferred
24
South Calif Edison,corn 100 10212 0312 Godchaux Sug, Inc_(no par) *21
100 120 24
Preferred
100 89 94
Preferred
GreatWestern Sug new25 100 86 90
Standard Gas & El (Del) 50 *2514
2
5
312
*49
Holly Sug Corp,com.(nopar) .34 36
50
Preferred
Preferred
100 84 88
Tennessee Elec Pow (no par) *1812 1912
(no par) *52 54 Juncos Central Sugar_ _ _100
00
26 preferred
10 Natlonalflugar Refining_100 103 06
United Lt & Rys, com-100 108
let preferred (6%) __ _100 77 80 SantaCecilla5ugCorp,pf.100 15
18
3312
35
Savannah SOIL COM-(110 Par) *55 60,
Western Power Corp.__ _100
100 86
--Preferred
Preferred
100 104 07
r
Cent
west India Sug Fin,cona_100 40 80
Short Term Securities-PC
Preferred
Am Cot Oil Os 1924 _M&S2 92 93
100 44
Amer Tel 05 Tel 65 1924_F&A 1004 0034 Industrial&Miscellaneous
0212
1024
American Hardware_
Anaconda Cop Mffi6329J&J
100 55
J&J 10338 03% Amer Typefounders,com.100 68
7s 1929 Series B
70
Anglo-Amer 01175'0'25 A&O 10214 0234
Preferred
99 01
100
Arm'r&0o78July15'30J&J15 105 0514 Atlas Powder
152
8118
100
Bliss(EW)Co,new.
Deb 85 inc 15'23 J&D15 100
(no par) *3312 35
Deb 68 J'ne 15'24 J&D15 100
Preferred
*80 83
50
Beth St 7% July 15.23J&115 1031z lii- Borden Company,corn,.,.100 112
14
1
4 10118
Canadian Pac 65 1924 M&S2 100/
Preferred
100 103 06
Federal Sug Ref es'24 _M&N 10014 10034 Celluloid Company
93 98
100
Hocking Valley 65 1924 M&S 10014 10012
10
Preferred
100 106
Interboro R T fie 1922..M&S 9712
2 Childs Co,common
100 143 45
11
Preferred
K C Term By 68'23 Al&N15 10035 10980851
100 109
103
J&J
104 Hercules Powder
14
645 July 1931
110
104 08
Lehigh Pow Sec 68'27.F&A 92 9234
901s
Pern
Sloss Shelf S & I Os'29_F&A 96 9712 Int
refa
err
tio
en
dal Salt
1110
90
91)
US Rubber 714s 1930_F&A 108 10812 International Silver, pf _100 107
Joint Stk Land Bk Bonds
Lehigh Valley Coal Sales. 50 *88 89
Chic it Stk Land Bk 5s_1939 9934 10012 Phelps Dodge Corp
100 175 185
103 10
03
342 Royal Brr
bs 1951 opt 1931
akIng Pow,com_100 130 143
Preferred
100 99 102
5s 1952 opt 1932
1054 10612 Singer Manufacturing_.
514s 1951 opt 1931
.100 115 118
•Per share.0 Basis. 6 Purchaser was pays accrued dividend. •New stock.
Mat price. k Last sale. p Ex-epocial dividend of $15. vs Nominal. s Ex-div.
'Er-rights. Mx-stook die. nEx cash and stook dividends. s Ex-100% stook
dividend.

a

ao

ao
56

BOSTON STOCK EXCHANGE-Stock Record se.T.17...
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
gattirdau
March 3.

hfondau.
March 5.

Tuesday.
March 6.

Wednesday. Thursday. 1 Friday.
March 7.
March 8. , March 9.

14512 146 *114512146
145 145
146 14612 *31461214711
82
814 8112 8114 82
82
82
824 82
82
99
.9812 10012 99
99 100
9812 9812 9912 9912
12012 121 .121___ 122 122
120 121
120 120
104 106
103 104
105 1-06
105 106 *105 106
20
20
20
19
1834 1914 19
19
1812 1834
•_ _ 27
24
24
23
32 .32
____
32
32
32
52 -32 .
_ _ _ _ -3-2
.44 ____ .44 ____
4312 4312 *40
*40
45
*40
____ *4() ____
39
40
*37
39
37
3812
*56
57
57
____ *56
___
56
57
56
56
•160
*16012-_.- *160
_ _ *16012 _
- - *160
_
1938 2012 21
22
21,4 21-3-4 2114 214 2118 2118
_*68
69
67
6712 70
67 .67
70 .67
70
57
54
58
58 .5612 58 .5612 58
57
57
.3612_ _ *37
39
*3612 39
38
38
39
39
3712 -37-12 37
3812 3634 3812 38
38
38
3934
38
38
40
38
3778 3778 3712 3712 3712 3712
1934 2018 2014 2014 194 204 *10313 20
*1918 194
_ ____ ____ ____ ____ ____ ____ ____ ____ ____
*95
____ *96
*94
*95
98 .94
98
579
*79
79 -79
*80 ____ *79
85
•____ 25
*3312 35 ._ 381
___ ____ •33
37
*95
____ *95
97

Salts
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

_
iif2 ii12
____, ____
____
___
105 1-05
*1812 1834

Miscellaneous
Amer Pneumatic Service__ 25
Do pref
50
Amer Telephone & Teleg100
Amoskeag Mfg
No par
Do Ord
No par
Art Metal Construe Inc_ __ 10
Atlas Tack Corp
No par
Boston Coru3 Gas Co, pref_10t,
Boston Mex Pet Trus No pa
Connor (John T)
10
East Boston Land
1
Eastern Manufacturing
5
Eastern SS Lines Inc
25
Do pre
5
16512 167- 167- 1i66- 165- 1661-2 16- 16912 169 16912 16812 16912
548 Edison Electric Ilium
100
6
6
512 6
6
6
6
634
614 614
64 74 3,255 Elder Corporation
No par
•25
27
27
82512 27
27 .25
27
*2512 27
---- ---10 Galveston-Houston Elec_100
134 1358 *1312 14
14
14
*1312 1414 .1312 1414 1334 14
1,030 Gardner Motor
No par
2112 22 .2012 2112 20
2014 201. 2012 --------710 Greenfield Tap at Die
2034 20
25
58
5838 5812 60
5912 60
60-34 60760
8 6112 61
6212 3,800 Hood Rubber
No par
43
4358 4314 434 4238 4314 4212 424 42
42
4178 414
669 Internat Cement Corp_No par
.20
.20 ____ .20
___ *20
___ *20
2112 20
20
Internat Cotton Mills
50
•72 -7.5
*72
_ _
7312 -7312 .72 -75
73
73
____ ____
60
Do pre/
100
.158 218 .14 118 .153 214 *112 214 .
International Products_No par
112 214
.434 7
6
6
712 --------100
*5
612 .5
*5
612
Do prat
.100
Island Oil & Transp Corp_ 10
*6,4 7
6127
7
7
78
244 Libby, McNeill & Libby__ 10
612 7
638
10
10
10
10
10
1012 1014 1014
1014 *10
10 .10
87 Loow's Theatres
25
8413 83
84
84
831s 84
8312 84
8312 84
8312 84
408 Massachusetts Gas Cos_..100
.71
72
71
7112 714 *71
71
7112 7034 71
7012 71
146
Do vet
100
.317212177
17212 17212 *.r__ _ _ 17212 .z..___ 17212 *r____ 17212 ._ ___ 172
30 Morgenthaler Linotype_ 100
•12
13
12
1212 1112 12
1214 1214 1112 1134 --------325 Mexican Investment Inc.. 10
24
2413 2412 2412 25
2514 2512 2512
2512 2514 2514 25
305 Mississippi River Power _100
*8214 8312 8214 8214 8312 8312 •8214 8334 *8214 834 --------30
Do stamped pref
100
8
814
734 8
812
8
814
712 84
734
8
3
1,940 National Leather
10
..25 .45 ..25 .45 ..25 .45 '.25 .45 •.25 .45 __ _
- ___ --- New England 011 Corn
118 118
118 118
11814 119 *119 120
-118
118 118
11712
179 New Englai3d Telephone_100
•1934 2012 20
20
*1912 1934 1912 1912
20 .1934 20
20
675 Orpheum Circuit Inc
1
9712 9758 9712 9712 9738 9758 *9712 9758 9712 9712
9712 9758 1.970 Pacific Mills
*1634 --- 17
17
1634 17 .1634 ___ •17 ------------120 Reece Button Hole
10
•2
214
2
2
__
218 214 *214
3
3
3
3
290 Reece Folding Mach
10
.
2
_
.2
_
2
•1
*1
_-2
*114 2
Simms Magneto
5
10814 1-083-4 10812 109
108 109
10734 10314 10818 10812 106 107
900 Swift & Co
100
4812 49
49
49
4812 494 494 4934 4913 4912 4912 50
290 Torrington
25
.9
10
*9
--------195 Union Twist Drill
10
912 912 10
1012 11
11
.5
53
5338 5318 544 54
5434 5414 5478 5412 5534 5434 5534 16,721 United Shoe Mach Corp_ 25
27
27
2714 2712 *27113 2712 27
27
274 2712 27
2712
289
Do pref
25
2814 2812 284 2812 2714 2812 2712 28
2758 2814 28
2814 4.623 Ventura Consol 011 Fields_ 5
4212 4234 421, 43
424 4212 4212 43
42
1,524 Waldorf System Inc
424 4234
43
10
*6
7
*612 712 *6
8
,
4
512 614 *5
612 --------236 Waltham Watch dB comNopar
.15
20
*15
--------191
1812 1512 16
19
19
1534 19
Preferred trust ctfs
100
17
1714 17
17
1612 17
16
1612 1634 16
16
1714 1,945 Walworth Manufacturing_ 20
2812 2878 2834 29
2812 2934 2912 2934 294 294 '2912 3038 1,890 Warren Bros
50
•3312 3412 34
3412 3412 3458 36
35
36
470
3512 36
36
Do let pref
50
38
38
39
39 .38
39
39
39 .38
38
155
39
Do 2d pref
38
50
•1214 13
*1214 1234 .12
1212 •1112 1212 *1112 121 ---- ---- ______ Wickwire Spencer Steel... 5
Mining
•.90
1
.85 .99
.95 .95
.95 .95
..60 .99
.98 .9
700 Adventure Consolidated
25
85
86
8212 86
7912 82
79
79
80
7914 8212 1.350 Ahmeek
80
25
.40 .50
.45 .50
.40 .40 ..40 .50 ..30 .5
..25 .50 2,155 Algomah Mining
25
.32
33
32
32
31
31
3012 301, 30
30
415 Allous
28
301
25
354 418
378 414
378 4
334 378
334 334 6.608 Arcadian Consolidated
334 37
25
1334 14
1334 14
1312 14
1212 13
1212 1234 5,535 Arizona Commercial
1212 127
5
1812 1813 •18
183.. •1814 1834 .1814 1834 18
*18
18
1812
250 Bingham Mines
10
395 410
380 395
375 385
394 395
532 Calumet & Heels
390 394
380 394
25
*8
812
818 810
818 813
9
914
9
1,375 Carson Hill Gold
84 9
98
1
1412 15
14
141
14
14121 1412 1412 1312 1312 13
375 Centennial
13
25
4534 4612 45
46
4458 45I3 4418 4412 43
4438 4312 45
2.230
Copper
Range Co
25
412 44
434 484
458 43
438 44 2,170 Davis-Daly Copper
412 412
438 412
10
1114 114 11
111
1078 1118 1058 11
1014 1012 2,337 East Butte Copper Mining_ 10
1014 11
214 234'4
212 24
212 258
214 212
214 214 2,865 Franklin
24 238
25
378 34
334 4
312 4
312 312 .314 4
*314 34
510 Hancock Consolidated
25
*1
112
1
1
*1
11
*1
112
1
400 Helvetia
1
*.75
1
25
1064 10634 10612 10612 1064 108
107 10714 106 107
107 10812 1,348 Island Creek Coal
1
.9414 95
*94
95
95
95
*94
95
9,5
95
95
95
60
Do pref
1
3214 3314 32
3314 3114 32
30
3138 29
313
30
3012
4
3,705 Isle Royale Copper
25
.234 3
.234 3
3
3
.3 _ _
*3
*3 _ __
_
100 Kerr Lake
134
134
2
214
2
218
214 -2-14 *218 _-214
-214 1,135 Keweenaw Copper
*2
25
.5
5
5
514
478 5
412 434 *4
412 *4
412
558 Lake Copper Co
25
3
318
*212 234
238 3
234 234
214 212 *214 258 1,165 La Salle Copper
.2
212 *2
25
212
214 214
214
214
212
.2
214
700
214
Mason Valley Mine
312 44
5
4
4
314 4
334 34 *3
4
4
780 Mass Consolidated
312
25
534 6
534 6
558 6
534 6
512 534 *512 54 2,200 Mayflower-Old Colony
25
3
3
314 312
212 312
312 312
3
3
305 Michigan
314 4
25
68
6812 65
67
165
6512 6312 6478 6312 65
978 Mohawk
6334 65
24
25
2438 23
2412 2312 2414 2212 2334 22
2238 5,552 New Cornelia Copper
2212 22
5
---- ---- •-_-_
.10 .____
10 *___
AO •____
JO ____ ___. ______ New Idrla Quicksilver.... 5
- 37•
._
37 4._
37 s_
37 ____ ____ ____
New
River
Company
100
*z___.. 82
77 *xiiT2 80 .1781.2 85 •riii.2
_
85
Do prof
i
100
(314 614
614 614 .6
614 .6
614 *6
014 -.6- --6240 NiplasIng Mines
12
1258 12
1214 1112 1218 1114 1178 1073
6
1114
600
North
117
8
1034
Butte
15
2
2
212 24 •2
212
112 212 .2
212
134
2
75 Ojibway Mining
25
3118 3214 30
32
31
3134 2934 2934 29
29
29
20 Old Dominion Co
30
25
4414 4512 4412 45
46
45
42
42
42
4214 4034 4212
103 Osceola
312 312
25
334 4
____
___
358 334
334 4
150 Park City Min & Smelting_ _5
334 334
4858 4934 4734 -49
50
49
4818 49
4618 48
110 Quincy
4512 46
51
.51
50
•49
49
50
05
49
4914 49
49
4912 491.
75 St Mary's Mineral Land__ 25
.99
14 112
112
114
114
118
114
1
114 .1
4.300 Shannot
14
10
'
1
1.75
'
.
1
.75
..90
1
1
..75
1
.1..70
1
..70
1
South
Lake
25
234 3
234 3
34
3
.234 3
.212 3
.212 3
515 Superior
25
24 3
212 234
.258 3
212 234
212 258
2:2 212 1,160 Superior & Boston
Copper- 10
138
114
132
Vs
No *114
*114
138
114
138
138
138 1,200 Trinity Copper Corp
.51 .53
5
.52 .52
.52 .52
.50 .50
.50 .50
.48 .48 1,700 Toulumne Copper
5
418 458
44 438
4
,
8 452
44 458
414 44
414 44 3,540 Utah-Apex 511n1Ug
5
278 3
.214 234
258 234
278 3
24 3
234 24 1.260 Utah Consolidated
14
1 1.1i's
114
118
7
118
.
114
*118 14
138 1.
4 .14
138
675 Utah M
Metal & Tunnel
214 *2
214 *2
214
,
214
214
•2
2
214
2
2
500 Victoria
21
112 14
112 134
14 138
118 114
112 112 *114
134
541 Winona
5,-,
1.o., 12
25
121. 12
124 12
121, 111, 12
10
10
an,
. Wnlayarin0
234 234 .212 234
17
1714 17
17
12458 125
125 12512
104 105
103 10412
8334 833
83
83
*12
15
1534 1534
.19
20 .19
20
-----10812 10812
..10 .15 ..10 .15
24
25
24
2412
34 314
312 312
1258 11
1334 1418
116 117
117 12112

24 258
212 212
17
17
16
16
12434 12538 12478 12514
105 105 .100 104
83
8334 84
84
*1534
- - *1534 - - .18 19
*18
1-9
10814 10812 10312 10812
*AO .15 ..10 .15
24
23
2312 2434
*3
312 312
4
1212 13
1314 14
11812 121
118 118

•Bid and asked Prfeeel

no Wel on Ulla day.




212 212 ------145
17
--------185
17
12434 12518 12478 12518 2.995
104 104
10014 104
92
•83
90
---- ---16
83
*1534 - - - - - - - ---*18
1-9
____ ____ ____ -_
----------------25
.13 .13 --------200
2418 2478 2414 2412 2,149
--------510
4
.3
1234 1314 1278 13
10,970
11912 123
11912 123
2,749

sEx-rights, bEx-dividend and r WAIN

Range since Jan. 1 1923.
Lowest

Shares 1
Railroads
85; Boston & Albany
100
580 Boston Elevated
100
22, Do pref
100
116' Do 1st pref
100
191
Do 2d pref
100
559 Boston & Maine
100
Do pref
10
100
--------951
Do Series A let pref._ _100
____ ___
10; Do Series B 1st pref
100
____ ____
33
Do Series C let pref_100
____ -- _ 351
Do Series D let pref._ _100
____
__ ._.___I Boston & Providence
100
2118 -23
1,954 East Mass Street Ry Co 100
22
Do 1st pref
100
56 -56
Do pref B
335
100
38
3934
218, Do adjustment
100
39
3912
724; East Mass St Ry (tr ctrs),100I
3712 37131
1421 Maine Central
1Q01
1914 1912
276 N Y N H & Hartford
1001
____ ---- ------ Northern New llainp*lilre..100I
____ .... _ - _____ - Norwich & Worcester pref_100
_
5 Cild Colony
100
32
32
10 Rutland pref
_100
____ ___. ______ Vermont & Massachusetts_100
_

1037
Highest

PER SHARE.
Range for Precious
Year 1922.
Lowest

Highest

14434 Jan 3
8012 Jan26
97
Jan 9
118
Jan 2
102
Jan 2
164 Jan19
2112 Jan 2
2712 Jan24
40
Jan17
36
Jan22
56
Jan22
159
Jan 2
18 Feb15
67 Feb24
53 Feb24
3112 Feb13
3412 Feb15
3712 Mar 7
1634 Jan15
79 Feb28
96
Marl
73
Jan20
32 Mar 9
95
Feb23

149
Jan 9
84
Jan 5
100 Mar 6
122 Mar 7
106 Mar I
2013 Mar
27
Feb11.'
3212 Mar 1
43 Feb(
41
Jan (
59 Feb 1
16012 Jan2I
23 Mar i
72
Jan11
64
Jan2:
3934 Janil i
3934 Mar I
43
Jan :
2212 Jan31 ,
84 Feb : 1
100
Jan : 1
81 Febl,
384 Feb21
98
Janll

13014 Jan
7313 Feb
9414 Mar
116 June
1014 Nov
Jan
14
Jan
20
Jan
22
Jan
36
Jan
30
40
Jan
Jan
125
18 July
66
Aug
51 July
28 July
29 July
274 Jan
1214 Jan
69
Jan
58 Jan
57
Jan
15
Jan
78 Jan

152 May
894 Sent
105 Sept
126 Sept
109 Sein
3112May
Apr
37
4412 Apr
62 May
54 May
774 May
163 July
2652 July
77 July
60 Nov
47 Aug
47 Aug
55 Oct
347g May
96 July
10334 De°
984 May
524 June
100 Aug

212 Feb21
16 Marl
1214 Jan31
z88
Jan 8
8134 Jan16
15 Mar 1
17 Feb 2
105
Jan22
.10
Jan18
20
Jan13
314 Mar 3
712 Jan25
814 Jan10

312 Jan 1
20
Jan1(
12512 Mar 1
112
Jan I
88
Jan I
1534 Mar I
2018 Feb11
10812 Feb24
.30
Jan.21
264 Feb1(
4
Jan 1
1418 Mar I
123 Mar 1

212 Dec
13 Feb
11452 Jan
104
Jan
30 Nov
14 Nov
13
Jan
10434 .Aug
.10 Sept
1534 Jan
3 Jan
7 Dec
3813 Jan
42
Jan
156 Mar
3 Mar
28 Dec

44 Jan
2014 Aug
12814 Aug
121 Dec
91 Aug
204 May
22 May
107 Dec
.50 May
3078 Dec
Apr
ti
1414 Feb
894 Oct
48 Sept
185 Sept
13 May39 Aug
184 Apr
274 Feb
5412 Dec
3338 May
32
Jan
85 Dec
64 Mat
17
Apr
3 Jan
1112 June
13
Jan
9018 Not 74
Oct
181
Oct
2738 June34
Aug
8512 Oct
114 Jab
5
Jan
125 Sept
28
Oct
192 Dee
16 July

165 Feb28 172
Jan :
512 Mar 5 104 Jan 1
27 Feb27I 2912 Feb I
104 Jan 2 154 Mar :
20
Jan 2 24 Feb 11
54
Jan 8 6212 Mar 1
35
Jan 2 4358 Mar :
20
Jan 8 22 Febll
7112 Jan 2 7912 Janll
2
Jan15
212 Jan2'
5 Feb27
712 Janll
.
738 Jan 1
614 Jan 2
10 Feb 8 1034 Jan ,
5212 Feb15 8712 Jan :
70
Jan 3 73 Jan2
174 Feb28 179
Jan I
734 Jan31
1434 Felall
24 Mar 3 2814 Jan3
80
Jan16 84 Febl,
7 Jan 2
834 Febl:
.25 Feb 3 .70
Jan2.
116 Feb 1, 122
Jan:
1713 Jan 6 21 8'ebl.
295
Jan 3 190
Jan :
1512 Jan 4 17 Mar
2
Janll
3 Mar
2 Feb20
2 Feb2
1064 Jan31 1094 Jan
46
Jan 2 50 Mar
712 Jan19 11 Mar 7
4478 Jan 2 554 Mar 8
25
Jan25 2814 Janl 1
274 Jan22 30
Jan 2
36
Jan10 4312 Mar 1
5 Feb15
7 Feb2
1512 Mar 6 25 Feb2
1114 Jan .5 1712 Febl7
2512 Jan31 31
Feb 13
33
Jan 17 36 Mar 7
36
Jan25 39 Feb21
1118 Feb 6 1212 Feb2
.25
56
.30
19
31,4
74
1712
285
74
7
3534
258
734
1
214
.60
10112
9312
21
3
118
3
118
158
112
34
2
5414
16%

Feb16
Jan27
Feb19
Feb 5
Feb 9.
Jan 6
Feb 3
Jan 9
Jan 2
Jan18
Jan20
Jan 5
Jan20
Jan18
Jan10
Feb 2
Jan 4
Feb15
Janll
Feb 2
Jan .5
Jan 9
Jan29
Jan 8
Feb 1
Jan 2
Jan 8
Feb 1
Jan 1

1 Feb2
87 Mar
.50 Mar 2
34 Mar 1
414 Mar 5
1412 Mar 2

9 Nov
17 Dec
43 Mar
26
Jan
20 Nov
60 Aug
1 18 Dec
512 Dec
.62 Apr
158 Apr
8 July
63 Jan
62 Jan
Jan
130
11 Dec
13 Jan
7212 Jan
634 Dec
.22 Dec
109
Jan
13 Jan
15434 Oct
1212 Apr
152 Dec
Mar
.50 Nov
718 Apr
9214 Jan 1104 Sept
*39 July 8112 June
8 Mar 1414 Fet
37 Jan 45 Mar
25
Jan 274 July
2172 Jan 334 Juno
2612 Jan 39 Doe
24 Nov
1434 Apr
11 Nov 49
Apr
712 Feb
13
Oct
1712 Jan
3534 Sept
304 Jan
3814 Oct
31
Feb
444 July
84 Nov
21 May

.60 Jan
1
Apr
56 Nov 86 May
.03 Sept
.50 Apr
19 Dec 3212 Jan
2 Ma
458 May
6 NOT 1012 June
19 Febl9
13 Jan
1834 Sept
420 Mar 1 248 Nov 301 Aug
938 Febl 3
57s Nov
1634 Mar
15 Mar 1
8 Nov
134 Feb
4634 Mar 1
3518 Dec 4634 May
5 Feb'.3
21s Nov
94 Jan
1112 Mar 1
711 Nov 1214 Jan
258 Mar 5
1
Apr
34 Apr
4 Mar 5
14 Aug
34 Mar.
114 Feb:
.50 Dee
27,44 Apr
10812 Mar 9
8112 Jan 11658 June
Jan!
96
88 Fe
9712 Nov
3314 Mar 3
18 No
2684 May.
358 Jan 2
3 Feb
44 Apr
214 Mar 5
1
Feb
34 Apr .
514 Mar
24 Feb
534 May
314 Mar
1 Nov
214 Apr
214 Feb: 6
114 Jan
284 May
414 Mar 3
112 Dec
434 Apr
7 Feb
24 Dec
612 Apr
312 Mar
.75 July
7 Apr
71 Mar 2
52 Nov 98 June
2412 Mar 2
1514 Dec 2012 June
.05 Dee
218 Mar
36
Jan 9 3612 Jan 8
37
Jan 40 Feb
77 Mar 5 83 Feb 1
Jan 85
73
Oct
512 Jan 4
634 Feb 0
5 July
7 Jan
9
Jan 9 1234 Mar
84 Oct 15 May
114 Janll
258 Mar 5
14 Dec
Vs Apr
1812 Jan 5 3212 Mar 1
Jan
16 Nov 27
2912 Jan27 46 Mar 1
25 Nov
3812 Aug
3
Jan 9
4 Mar 5
334 Nov
218 June
3212 Jan30 .50 Mar 2
30 Nov 50 May
39
Janll 5312 Mar 1
37 Nov 4812 May
.40
Jan 9
112 Mar 5
134 May
.25 Mar
.45
Jan 5 .75 Feb
114 May
.25 Dec
14 Jtuie0
112 Dec
314 Mar 3
434 July
2
Jan-3
.90 Mar
34 Feb:
234 Oct
.85
Jan24
113 Feb 5
1118 Dee
318 Apr
.45 Feb 5 .65 Feb
.40 Nov
.92 May
234 Jan 9
1143 Oct
5 Feb:
4 Mar
112 Jan19
1
3 Mar 5
Feb
34 June
.85
Jan31
.80 Dec
IN Feb: 7
24 Apr
118 Feb 6
.75 Nov
258 Fab:
212 Jan
.65
Jan22
134 Mar 5
.25 Jan
234 Apr
Jan.su
714 Nov
16 May
2Es-dividend. 6 Ex-stock dividend.
a Assessment paid.

[VOL. 116.

Amer Wholesale, pref_ _100
Arundel Sand & Gravel_100
Atlan Coast Line(Conn)100
Baltimore Brick
100
Baltimore Trust Co
50
Baltimore Tube
100
Benesch (I), common_ _ _ _*
Preferred
25
Celestine Oil
1
Chas & Pot Tel of Balt_100
Commercial Credit
25
Preferred
25
Preferred B
25
Commerce Trust
50
Consol Gas E L & Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal__ _100
*
Eastern Rolling Mill
100
8% preferred
Fidelity& Deposit
50
Fidelity Trust
100
Finance & Guar, pref___25
Finance Co of America_ _25
Manufacturers' Finance1st preferred
25
2d preferred
25
Maryland Casualty Co_ _25
Monon Val Trac, pref__25
Mt V-Woodberry MillsPreferred v t r
100
New Amsterd'm Cas Co100
Northern Central
50
Peoria Water & Power_100
Pittsburgh 011, pref
10
United Ry & Electric__ _50
U S Fidelity & Guar_ _50
Va Ry & Power, com_ _100
Wash Bait & Annapolls_50
Preferred
50
BondsAugusta Ry & Elea 58_1940
Cons Gas gen 414s_ _ __1954
ConsGE L& P 4%8_1935
514s Series E
1952
6s Series A
1949
Consol Coal ref 5s_ _ _1950
Davidson Sulphur 6s_ _1927
Elkhorn Coal Corp 65_1925
Fairmont Coal 5s
1931
Fla Cent & Penin cons 5s'43
fnellahoma Ref 8s...•_ _1929
Maryland El Ry 1st 5s 1931
Monon Val Trac 5s _1942
N News&0Pt lat 58_1938
Norf & Ports Trac 53_1936
North Bait Trac 5a__1942
Penns Wat & Pow 5s_1940
Cfnited E L & P 4As _1929
United Ry & El 4s_ ___1949
Income 4s
1949
Funding 5s
1936
6s
1927
13s
1949
ja Ry & Power 5s _ __ _1934

98
98
4314 4334
127 127
534
511 536
160 160
2114 22
22
34
33
34
2614 2634 2631
.38
.45

Host 110 no si:
60
6014
2534 26
26
27
65
65
11314 113 115
108
107 108
11711 11631 11734
9234 9334
93
51
51
44
95
99
98
128 130
130
304 304
17
17
41g 41g 4114
6036
26
2614

5
80
10
100
40
115
30
25
1,310
64
155
219
242
50
169
145
471
320
200
503
238
1
40
60

Low.
98
40
120
4
155
1714
3234
2514
.32
10834
58
2514
26
5834
108
10534
11514
911
25
80
120
296
17

383i

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

Jan
26
25A Jan
83
Jan
18
Feb

High.
98
44
127
534
160
25
34
2634
.50
11014
6114
27
2734
65
115
108
120
98
51
99
130
304
1814
4114

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

26K Jan
2634 Jan
Jan
90
1814 Feb

26
2514
87
18g

2634
25g
87A
1814

6314
3634
37
7611
10831 106A
2
2
19%
158
34
14
14g
29%

65
37
7614
10814
2
20
160
34
14g
31

Jan 66
59 54
170 3534 Jan 37
Jan 77
31 76
175 105A Feb 10814
2
1A Jan
30
75 1814 Jan 2031
Jan 164
120 147
15 3314 Feb 34
15 1214 Jan 15
Jan 31g
24 29

Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Feb

85
88
9134
99
99
103
88% 88A
9634
9831
97
9214
96
96
82
81
9414
88
98
9714
9514
7331 7311
54
54
74
74
97
97
101
101
86

85
88
92
9936
103
88%
9614
9831
9714
9231
96
96
82
9414
8914
98
9734
9514
7311
54
75
9731
10131
86
77W

Mar 85
$1,000 85
7,000 8714 Jan 88
10,000 8714 Feb 92%
9,000 98g Feb 100
6,000 102% Jan 103%
Jan 90
4,000 87
Feb 97
10,000 96
10,000 9831 Feb 99g
8,000 9534 Jan 9714
2,000 9231 Feb 9234
Feb 96
11,000 95
Jan 9831
3,000 95
Mar 86
6,500 81
1,000 9336 Jan 9414
Mar 8931
2,000 88
Jan 9811
2,000 98
3,000 9634 Jan 9714
3,000 9431 Jan 9531
7431
Jan
24,000 72
55
21,000 5231 Jan
Feb
7731
8,800 74
Mar 98
17,000 97
19,000 100g Jan 10214
Mar 86
3,000 86
13 000 7631 Feb 7734

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

38

O3.?

7851

100
33
274
25

Range since Jan. 1.

•No par value.

Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Mar. 3 to Mar. 9, both
inclusive. comnied
from official sales lists:
--.
Stocks-

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

American Gas of N J_ _ _100 81
50 1614
American Railways
100
Preferred
• 187
American Stores
Baldwin Locomotive_ _ -100
100 73
Brill(J G)Co
Buff & Susq Corp v t c_100
100
Preferred v t c
50
Cambria Iron
*
Congoleum Co, Inc
Cramp(Wm)& Sons_ _ _100
100 79
Eisenlohr (Otto)
E'en Storage Battery_ _100
a 2634
Erie Lighting Co
100
General Asphalt
100
Preferred
5531
General Refractories
Insurance Cool N A__ _ _ 10 4434
731
Keystone Telephone_ __ _50
50
Preferred
8
Lake Superior Corp_ _ _100
50
Lehigh Navigation
50
Lehigh Valley
Lehigh Valley Transit_ _ _50
Preferred
50
Lit Brothers
10 2114
Metropolitan Edison, pref•
Penn Cent Light & Power.'
Pennsylvania Salt Mfg_ _ 50




7834 82
16,ii 1734
66
66
184 188
14214 14231
6514 7334
116 116
5334 54
42
42
173 178
52
52
80
79
59
61
2614 2631
4614 5334
8134 8114
55
S731
4314 4431
731
711
32
32
734 931
7234 73
70
7011
18
18
38
38
2034 2131
9834 99
57
57
85
85

100
3,505
120
2,052
100
4,113
7
65
18
195
75
60
1,521
25
170
110
3,734
201
15
40
5.190
321
190
10
201
201
65
25
90

Range since Jan. 1.
Low.
78
1134
6314
163
13131
49
105
4231
40
143
50
77
54
2314
4231
8114
44
4231
7
2634
534
72
6734
16
35
20
9834
55
82

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

High.
82
1731
77
19334
14231
7334
116
5431
45
181
52
85
61
27
5331
8131
5934
46
834
32
1031
75
71
20
40
2231
99
58
85

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

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Mar. 3 to Max. 9, both inclusive,
compiled from official sales lists:
Stocks-

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

Amer Pub Serv, pref _ _ _100 91
American Shipbuilding_100
Armour & Co (Del), p1_100 99
Armour & Co, pref___100 86
15
934
Armour Leather
100
Preferred
Basslek-Alemite Corp_ _ _* 33
Beaver Board, 1st prat_ _ _ _ .._ _
Borg & Beck
* 30
Bunts Bros
10
*
Case (J I)
Central Pub Serv, pref_100
Chic City & Con Ry pt sh
1
*
Common
Preferred
*
834
Chicago Kiev Ry, pref_100
Chic Rys Part Ctf Series L
Part Ctf Series 2
Commonw'th Edison__ 100
Consumers Co, com_ _ _100
6
Preferred
100 6434
914
Continental Motors __ _ _10
Crane Co, preferred
11234
Cudahy Pack Co, com_100
Daniel Boone Wool M ills 25 42
Decker (Alf) & Cohn,Inc_*
Preferred
100
100
Deere & Co, pref
100
Diamond Match
14
*
Earl Motors Co
Eddy Paper Corp (The)_ _* 2734
Fair Corp (The), Pref_100 10414
Godchaux Sugar. corn_ _ _ _* 213%
Gossard, 11W, pref.,_ _ _100 27
Great Lakes D & D__ _ _100 88
Hartman Corporation_ _100
Hart,Schaff&Mara,com 100
* 3734
Hayes Wheel Co
Illbb, Spen, Bart & Co__25 65
10 28
Hupp Motor
100
Hydrox Corp, pre:
100 82
Illinois Brick
25 4814
Inland Steel
Kuppenheimer & Co, p1100
7
Libby, McNeill & Libby_10
334
10
Lindsay Light
Lyon & Healy, Inc, pref___ 10114
Middle West Util, com_100 5034
100
Preferred
100
Prior lien preferred
211
•
Mitchell Motor Co
714
National Leather, new..
Philipsborn's, Inc,com_ _5
10 23
Pick (Albert) & Co
Plggly wigg St, Inc,"A"..• 77
Pub Serv of Nor III, com100 102
100 96
Preferred
100
Quaker Oats Co
100 9934
Preferred
10 1534
Ken Motor
Sears-Roebuck, com_ _100
Standard Gas & Electric_ 50 25
50 4914
Preferred
Stewart-Warner Sp,com100 11714
100 107
Swift & Company
15 1914
Swift International
Thompson(J R),com_ _ _25 47
Union Carbide & Carbon 10 6334
United Iron Works v t c 50 1234
United Lt & Rya, com_100 110
100 7934
1st preferred
United Paper Bd, com_100
20 7334
U S Gypsum
Vesta Battery Corp, com_* 34
* 54
Wahl Co
Ward(Mont) & Co, w L20 2414
* 9534
Class "A"
Western Knitting Mills_' 10
*
Wolff Mfg Corp
25 108
Wrigley Jr., corn
Yellow Cab Mfg, CI"B" 10 270
87
Yellow Taal Co
BondsArmour & Co of Del 20-yr
gold 534s
1943
a ChIcagoC&C Rys 58_1927 58
Chic Rys purch money53.27 5331
Commonw Edison 5s1943
Poo G L & C ref gold 5s'72
South Side Elev 430_1924
a In last week's record Chicago
C.& C. Rya. 55, 1927. * No par

Range since Jan. 1.
Low.

123
9134
75
70
833
9911
5,269
87
283
934
40
87
3514 34,620
50
15
14,835
31
245
11
10
331
11
89

90
6936
99
84
911
87
2714
15
25
10
214
86

Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan

75
1
1
950
831 9
400
814
5
25
17
17
150
214 214
985
13034 131
50
6
6
20
6414
64
934 911 4,015
324
112 11234
487
62
6234
70,798
4034 49
40
15
15
220
80
80
185
72
73
20
11634 118
900
14
1
6,085
2654 29
335
10414 10514
2034 2214 2,600
1,312
2634 28
265
8314 88
75
9134 92
25
106 106
220
3714 38
25
65
65
46,856
2514 28
2,200
2114 23
525
82
80
4614 4834 2,405
60
93
93
2.698
614 7
375
334 351
746
10114
101
1,430
4714 51
615
8534
85
888
9914 10136
1,450
214
2
2,242
714 8
50
3014 3014
2234 3634 3,975
75
7814 1,395
115
10134 102
20
98
95
72
235 235
9934 11.0
910
15
1514 6,730
5
90
90
2434 2636
1,400
1,365
49
4934
10434 122 220,500
106 10854 2,139
1836 1934 12,875
4834 4774
1,100
6314 6514 15,755
1174 1314 19,960
109 110
1,156
78
80
315
11311 1636
25
7334 7534
795
30
36
1,525
54
5414 2,030
2354 2534 5,995
95
300
9534
8
1014 11,385
7,325
3311 35
105 111
66,000
1,775
26534 280
70,475
8636 95

14
5
314
10
2
129
6
6334
914
112
6134
3134
15
70
72
11631
54
2214
100
15
2434
8131
84
98
37
64
2136
1834
78
43
93
614
331
100
4514
84
9914
1
534
27
2234
5534
101
95
230
9614
1114
8534
1714
48
79
106
18
45
62
6
71
75
16
61
26
5314
2034
93
7
2814
100
223
7054

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

91
70
99
85
934
87
2831
15
2714
10
314
89

High.

Feb
96
96 117,000 96
Jan
55
58 104,000 47
Feb
90,000 52
52
54
Jan
12,000 97
9714 98
9214 9231 3.000 9214 Mar
1,000 8831 Feb
9211 9214
City Rye. 55, 1927, should have read
value.

NnngE124E4g2AWMEg2,48.4MP4kCatrooGnitoo4SErtEtagngEnittgEn.g&Antn g444EF4V118.6"al

Stocks-

rriaay
bates
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High Shares.

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

nntnng.

Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Mar. 3 to Mar. 9, both in'elusive, compiled from official sales lists:

85
66
96
10014
91
9134
8214
8014
9134
100
104
88
8314
100
77

g

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

=

High.

.

Low.

$57,500 514 Jan 62
Mar 100
1,000 97
Feb 95
9,000 93
2,000 95
Mar 95
11,000 69
Jan 72
5,300 7334 Mar 7734
18,000 10014 Jan 10234
Jan 87
6,000 87
17,000 95
Jan 9634
5.000 9034 Feb 92
62,500 9114 Mar 95
5,000 9714 Jan 9934
2,000 96% Feb 9734
12,500 95
Feb 98
10,000 10511 Feb 109
15,000 9514 Jan 98

.

59
62
Atl Gulf& WI SS L 5s 1959
97
97
Carson Hill g c notes 78'27
94
95
Chic Junc & U S Yds 55'40 94
1927
95
95
Current River 5s
7014 7131
E Mass St RR ser A 410'48
1948
7334 7434
Series B 5s
1936 101% 101% 101%
Hood Rubber 7s
87
87
C Mem & Birm Inc 48'34
1929 9634 9514 9634
Mass Gas 4145
1931
9114 9114
4145
9114 9311
Miss River Power 6s_ A957 92
9814 98%
New England Tel 5&...1932
9734 9731.
Old Colony RR 4s _ _ _1924
Swift & Co 58
1944 9534 95
9531
Warren Bros 7As_ _ _ _1937 10814 10614 10834
Western Tel 58
1932 9634 9631 97

Range since Jan. 1.

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

.

Bonds-

High.

Low.
4631
41
32
42
3034
3014
46
30
63
8
35
314
77
114
2
3834
50
5534
2114
55
33
35

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

Pennsylvania RR
4634 47
4,450
50
Philadelphia Co (Pitts)_ _50
10
4736 4736
Preferred (5%)
50
34
34
5
Preferred (CUM 6%)__50
120
4436 45
Phila Electric of Pa
25 3131 3134 3134 2,828
Preferred
25 3134 3131 3114
905
Phila Insulated Wire
• 46
46
46
5
Phila Rapid Transit _ _ _ _50 3074 307% 3114
571
Philadelphia Traction__ _50 63
271
63
65
Phila & Western
50
300
834 834
Preferred
50 35
10
35
35
Railways Co General_ _10
261
6
6
Reading Company
50
20
7971 7934
Tono-Belmont Devel_ _ 1
, 114
131
700
Tonopah Mining
1
274
211i 231
900
Union Traction
50
3814 39
585
United Gas Impt
50 5314 5234 54
1,049
Preferred
127
50 56
5534 5634
United Railway Invest_100
2114 2114
20
Preferred
100
55
300
55
West Jersey & Sea Shore _50 38
3731 38
326
York Railways, prat__ _50
36
45
36
BondsAllegheny Vall gen 4s_1942 90
87
90 $19,300
67
29,200
Elec dr Peon tr ctfs 48_1945 6634 66
76
77
6,000
Keystone Tel let 5s_ _ _1935 76
10014 10014 11,000
Pinta Co 1st 55
1949
9114 9114 4,000
Consol 5s
1951
20,000
Consol & stamped_ _1951 93
9234 93
8234 8214
1,000
Phila Elec trust ctf 4s_1950
81
81
4,000
1st 45 sinking fund.._ 1966 81
87,300
1966 9974 9934 100
1st 5s
1947 10031 10031 10034 25,000
5345
15,700
1941 10434 10434 106
6s
(Jutted Rys Invest 5s_1926 9734 9534 9814 307.000
1997 8334 8314 8334 2,000
Reading gen 4s
1,000
10034 10034
3panish-Amer Iron 68_1927 100
2,000
77
77
West N Y & Pa gen 4s_1943
*No par value.

gg

Boston Bond Record.-Transactionsin bonds at Boston
Stock Exchange March 3 to March 9, both inclusive:

Range since Jan. 1.

SgE4g44444V138. t2r44WW.3.4134WPMaat

Stocks (Cona.)-

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

.WWWWV.,
WNWW473

Outside Stock Exchanges

MOW0000WW,000W ,
10 WWWWw0g, W
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THE CHRONICLE

1038

cago

MAR. 10 1923.1

THE CHRONICLE

Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Mar.3 to Mar.9, both inclusive,
compiled from official sales lists:
Stocks-

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

Range since Jan. 1.
Low.

Am Wind Glass Mach_ _100 95
86
95
975 79
Preferred
100
95
95
10 93
Arkansas Nat Gas, com_10
84 94 21,480
934
74
Carnegie Lead & Zinc_ _ _5
544 54
100
334
Consolidated Ice, pref_ -50
32
32
50 26
Indep Brewing, cam_ _50
3% 4
34
260
Preferred
9
9
50
9
50
Jones & Laughlin Steel, 131109 1094
60 107
Lone Star Gas
25 2634 26
264
245 24
Mfrs Light dr Heat_100 56
564
295 5546
56
Nat Fireproofing, corn_ _50
7% 8
74
325
8
Preferred
50 194 194 20
830 1834
Ohio Fuel 011
1
17
17
110 1534
Ohio Fuel Supply
25 65
1,131 59
65
64
Oklahoma Natural Gas_ _25 2134 21
2134 1,906 194
Pittsburgh Brew. pref. _ _50
634 8
634
160
634
Pittab & Mt Shasta Cop_ _1 26c
244 27e 107,500 22c
Pittsburgh 011& Gas_ __100
94 10
1,175
84
Pittsburgh Hate Glass_ _10
170 171
75 165
Salt Creek Consol Oil
1334 5,110 10
1334 13
Tidal Osage 011
*
130 104
1234 13
Union Natural Gas__100 2634 2634 274
545 2334
U S Glum
100 25
350 2434
2434 25
West'house Air Brake_ SO 1174 1174 11934
579 10734
West Penn Tr&WP,com100 37
672 30
3644 37
Pram-raw,
inn 727,4 724t' 73
157 7034
• • No par value.

High.

Mar
Jan 95
Feb 95
Feb
Jan
94 Mar
Jan
Feb
6
Jan 36
Jan
Jan
Jan
4
Jan
94 Jan
Jan 1094 Mar
Jan 27
Feb
Feb
Jan 58
84 Feb
Jan
Jan 21
Feb
Jan 1834 Feb
Jan 66
Jan
Jan 27
Jar
Mar
8
Jan
Jan 28e
Jar
Jan 1034 Fet
Jar
Jan 205
Jan 1634 Fet
Jan 1334 Fet
Feb 2744 MB
Mar 27
Jai
Fet
Jan 120
Fel
Jan 37
Jan 73
Ma

New York Curb Market.-Official transactions in the
New York Curb Market from Mar.3 to Mar. 9,inclusive:
Friday
sates
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.

Week ending March 9.
Stocks-

Indus. & Miscellaneous
Acme Coal Mining
1 54c
54e 58e
Acme Packing
10
190 28c
Aluminum Mfrs, com____" 2234 2234 224
Amalgam Leatner. own. • 16
1444 16
Preferred
ale
5034 58
Amer Cigar, common_ _100
75% 76
Amer Cotton Fabric pf.100 102
101 102
American Gas & Elec.
Common.new, w I
• 3444 34
344
Preferred
444 44%
450
American Hawaiian 8 SAO 17
1634 1734
Amer Light & Tr, com_100
1324 134
Preferred
100
93
93
Amer Thread, pref
3% 3%
5
Amer Writ Paper, com_100
3
3
Armour & Co of Del. pi 100 99
99
99
Armour do Co of III 0_100
87
86
Arnold, Constable & Co-.•
17
16
Atlantic Fruit Co
2
244
•
24
Auto Knitter Hoedery__ • 244 234 244
Bassick-Alemite Corp_ _ _ _* 3334 3334 35
Borden Co,com
11111 11134 110 112
Preferred
100 1014 10134 101%
Borg & Beck Co. corn_ _ _ _•
284 30
Brit-Amer Tob ord bear_ £1 20
194 204
Ordinary
1934 1934
- __ £1 _,. _ _ British Int Corp,cle.
.uss-A._•
1644 174
Brooklyn City RR
10
934
934 10
Buddy-Buds.Inc
laf,
•
134 1%
Campbell Soup pref w 1_100 10734 107% 107%
Caracas Sugar
50
174 1734
Car Lighting & Power_...25
144 144
14
Celluloid Co, common_100
94
9744
Preferred
100 10834 108% 10834
144 2
Cent Teresa Bug. com--10
Preferred
34 344
10
Centrifugal Cast I Pipe_ .._* 1334 134 14
Century Ribbon Mills corn* 304 30
32
Checker Cab Mfg, class A • 55
54% 60
Chic Nipple Mfg t 1 A.10
4
44
4
Chicago Steel Wheel
14 24
24
Preferred
8
84
8
Cities Service corn
100 18834 188 190
Preferred
100 694 6834 6934
Preferred 11
10
64
64 64
Cities Serv, bankers' sb,...• 1846
1844 19
Cleve Automobile, oom_ ..• 32
34
32
Colombian Emerald Synd. 18c
17c 270
Colorado Power, corn_ _100
22
22
Columbia Gas & El new w I
3644
36
Columbian Carbon v t a_ _* 4134 41
47
Com'witli PRy&L,com 100
30
30
Congolcum Co coin _ _ __100
175 175
Cox's Cash Stores
4% 446
4%
5
Curtiss Aeropl & M.corn *
5% 614
64
Preferred
100
28
26
Cuyamel Fruit Co
• 5934 5844 6044
Del Lack & West Coal_ _50 8334
8334 844
DubIller Condenser & Rad*
74
5
734
Durant Motors, Inc
• 57
5044 7144
Durant Motors of Ind _ .. _ 10 1744 1444 1844
Eastern Steel, comrnon_100 20
18
20
Fay Taxicabs, Inc
*
2944 3234
Federal Tel & Tel
5
544 544
Ford Motor of Canada_100
442 443
Gardner Motor Co
• 144 134 144
Garland Steamship
3
72c 73e
General fly Signal, corn 100
5544 5544
Gillette Safety Razor____• 28434 281 285
Glen Alden Coal
• 6834 68
6534
Goodyear Tire & R com 100 13% 1334 14
Preferred
100
474 48
Gt West Sug new com wl 25 z8334 :8354 85
Griffith (I) W),Inc, el A.•
444 5
Hoyden Chemical
•
2
2
246
Household Products,Inc_ • 38
374 3334
Hudson Cos pref
100
17
17
Hud & Manhat RR com100 107-4 104 11
Hydrox Corp. corn
• 2244 2144 2244
Industrial Fibre Corp come
8
g
Inland Steel
25 4746 4746 4734
Intercontinental Rubb_100
51%
544 544
Kup'heimer(B)& Co. pf 100
93
93
Lake Torn Boat, lot 14_10
24 234
Lehigh Power Securities__• 2034 1934 2044
Lehigh Val Coal Sales_ _ _50 85
85
87
Libby, McNeill de Libby _10
7
7
7
50
Lucey Mfg class A
7
10
Lupton(FM)Pub. Cl A.•
164 174
Firearms,com
AS
Cl
Marlin
3
435
•
I% 2
1%
Mereer Motors
144
Voting trust certifs
14 141
• 10% 1034 11%
Mesabi Iron Co
26
Miss Riv Pow,cont. _ _ 100
26
1834 1934
Morris (Philip) Co, Ltd-10
Motor Wheel Corp,eom_10 21134 :114 1134
Nat Dept Ettores,Ino,com.• 334 33
33%
1..Inar Itrut..rroll
1,10 110
100 100




Range since Jan. 1.
Low.

High.

12,300 52c
7,000 190
200 2136
3,700 14 34
200 4834
400 753£
1,700 100

Jan
Feb 85e
Mar 35*
Jan
Feb 2234 Jan
Mar 1944 Jan
Jan
Jan 64
Mar 76
Mar
Max
Fob 102

3244
44
1544
1324
91
34
234
99
86
16
14
2244
3434
110
10044
284
19%
1934
154
74
144
10644
17
134
90
100
14
24
10
2434
514
2%
146
8
173
67
64
17r-,
294
210
22
3634
404
30
145
34
5
21
554
82
434
40
1244
18
2744
5
400
104
70c
54
259
56
934
2944
77
34
14
3434
144
94
20
8
4636
434
93
14
18
804
6
7
13
3
14
1
104
26
16
114
33

Feb 4644 Mar
Jan 4634 Feb
Jan 1834 Feb
Mar 140
Feb
Feb 96
Jar
34 Feb
Feb
Max
3
Feb
Jan 9934 Feb
Mar 93
Feb
Mar 21
Feb
Jan
24 Feb
Feb 2434 Mat
Mar 35
Mat
Jar
Mar 122
Jan 1024 Jar
Mat
Mar 30
.101
204 Fet
Jan 204 Jar
Jan 174 Fet
Jan 104 Jar
Jan
14 Feb
Jan 10934 Fel
Feb 184 Fet
14 Jar
Feb
Fel
Feb100
Jan 1104 AB
Jan
244 Fe
Fe
5
Jan
Fe
Jan 15
Fe
Jan 34
Mar 6634 Fe
454 Fe
Jan
Mar
354 Fe
94 Fe
Mar
Fe
Jan 195
Jan 6934 Ma
Jan
64 Ja
.In
194 Fe
Feb 3444 Fel
Feb 450 .1a,
Ma
Mar 25
Ma
Mar 37
Feb 4246 Fe
Ma
Mar 30
Ma
Jan 180
Ja
8
Feb
Jan
614 MS
Jan 26
Ma
Jan 6334 Fe
Jan 8444 Ma
Jan
744 Ms
Ja
Feb 84
Feb 2544 J`I.
Mar 20
Me
Fe
Mar 33
Ja
7
Feb
Jan 447
Me
inn (5% Fe
Feb 80c Fe
Mar 5544 Mt
Fe
Jan 287
Jan 7244 Fe
Jan (644 Fe
Fe
Jan 51
Fe
Jan 90
Ms
5
Jan
234 Fe
Jan
Feb3944 Ml
1/44 Fe
JUI
Jan 1245 Fe
Jan 244 Fe
Mar 1034 Iii
Jan 4746 Mt
Jan
6%* Jo
Mar 9644 J11
236 Mt
Jan
Jan 204£ Ft
Ja
Jan 90
Jan
754 Jo
Mar 20
J.
JO
Jan 22
514 JO
Mar
Ja
4
Feb
Feb
3% Ja
Feb 1234 .In
Fe
Mar 27
Jan 1934 MI
Mar 1334 Fe
Feb 37 Ilre
Feb 100
r0

300
190
1,700
65
20
500
200
1,990
90
5130
14,200
8,800
500
215
25
goo
8,200
100
400
3,700
14,200
100
100
3,900
30
20
3,000
100
4,300
2,300
4,0 0
6.300
3,100
4,300
420
1,500
300
1,200
2,600
8,600
10
3,400
900
10
10
3,300
700
50
4,600
530
26.700
13,100
4,100
300
10,900
1,800
15
2,100
400
50
1,135
1,800
2,700
600
300
500
4,900
99,800
800
500
2,000
100
100
1,800
100
900
700
50
200
700
1,400
1,000
800
5,600
5,300
10
6,500
300
1,000
400

100

Stocks (ConcI.)-

1039
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Wee.
Par. Price. Low. High. Shares.

Nat Mot Car & Vehicle_ _ _•
NatSu® Co(of Del)oom 50 654
New Fiction Pub Corp...6
8
N Y Canners, Ino„ corn_ _.• 324
N Y Tel 644% Pref .11141
N Y Transportation_ _ __10
Onyx Hosiery, common...' 45%
(Melds Corn
• 13
Palge-Detrolt Mot Car...10
Peerless Truck & Motor_50 6934
Perfection Tire & Rubber.*
134
Penna Coal & Coke___ _50 41%
Phoenix Hosiery com__ _5 4144
Preferred
ioo
Prima Radio Corp
1 580
Pyrene Manufacturing_ _10
Radio Con,of Amer com_*
444
Preferred
6 344
Reo Motor Car
10 1544
Repetti. Inc
S
14
er
Republic Rubber1
0c
Rosenb'm Gr Corp. pf__50
Safety Car Heat & Ltg_100
Saguenay Pulp & Power_ _5
Schulte Retail Stor,com.• 6144
Preferred
100 51%
Shelton Looms, corn
• 2634
Southern Coal & Iron
5 26e
Stutz Motor Car
100
* 194
Swift & Co
Swift International
15 19
Technical Products Corp..5
844
Tenn Elec Power, com___• 184
Timken-Detroit Axle-10
Preferred
Tech Prod Exports CorP-..•
6
Todd
Triangle FilmC
soCo
rprp
v-t ta.5
* 23c
Union Carbide & Carbon _•
United Profit Shaeg,new_l
64
Un Retail Stores Candy_ _•
746
Founders shares
•
8
United Shoe Mach com_25 56
U S Distributing Corp_ _50 ______
1J El Ligbt & Heat,com_ _ 10
1316
Preferred
10
14
U S Metal Cap & Seal__
1
Utah-Idaho Sugar
10
34
Wayne Coal
5
2
WIllys Corp.1st
_100
8%
lot pref ctfs ofPref_deposit....
8
Yale & Towne Mfg new_25 z63
Yellow Taxi Corp,N Y _.
.
• 130

100
134k 134
6544 75
9,900
6
8
2,200
304 3234 2,900
109% 11044
625
2544 27
400
4344 46
6.500
124 1344 1,400
19
1,200
20
6744 7746 5,000
144 144
100
41% 4234 3,sir
41
4134
700
084 99
200
58c 590
9
100
00
1044 1044
344 44 56,300
336 344 23,900
1434 15% 6
4:6
090
00
144 2
10e 15c
2,000
15,200
91
91
25
1
100
1es
6134 63
900
15
16
1 44 15
12
6%
44
300
26% 267-4 1,700
2130 32c 88,000
184 194 1,300
108 108
10
1844 19
900
8% 84 2,800
3,100
154 19
11
1134
800
96
1}4
95
1
50
17,500
600
534 55
120 230 25,000
500
65
34
4 66
444 4,100
744 8
12,800
74 844
600
54
56
2,500
23
23
100
144 144 24,900
144 14 2,100
1
I% 1,000
3
300
344
13f 24 6,400
814 944
400
100
8
8
goo
6134 :63
128 140
2,500

Ranif sew Jan. 1.
High.

Low.

14
134 Mar
Jan 6534
54
Feb 1614
5
Jan 3234
28
1C944 Max 112
Feb 2854
24
Feb 46
40
104 Jan 15
Feb 20
14
6734 Mar 50
13£
144 Jan
39
Feb 4534
3534 Jan 4534
9744 Feb 1034
F
ja
elt,
55c,
v
II
54
444
33.4 Jan
2144 Jan
344
13
14
,4
4 .Feb 15%
2
tan
10a Mar 454
50
Feb 5244
Mar 91
91
1
Mar
2
Jan 67
63
11546 Feb 11644
274 Mar 274
26c Feb 40e
Feb 2434
20
108
Feb 109
18
Feb 21
Jan
7
111.4
144 Jan 19
Jan 1134
10
Mar 91
91
44 ou
634
5844 Mar 5936
8o Jan 240
6344 Feb 65
434 Jan
644
Jan
5
8
3% Jan
9
49
Jan 56
22
Mar 3034
1
Jan
14
900 JILT
234
50o Feb154
Jan
3
334
1% Jan
214
74 Jan 114
7
Jan 1044
544 Jan 6334
100
Feb 1484

Mar
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Feb
Feb
sattnn
J
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Mar
Jan
Jars
Feb
Feb
Feb
Jan
Jan
Jan
Met
Feb

Former Standard Oil
Subsidiaries
Anglo-American OIL ___ £1
Borne Scrymeer & Co_ _100
Buckeye Pipe Una
50
Chesebrough Mfg
100
Continental Oil, new_-25
Crescent Pipe L,new stk 25
Cumberland Pipe LIne_10o
Eureka Pipe Line
100
Galena Signal 011 Cont.. _ 100
Illinois Pipe Line
Indiana Pipe Line
100
50
National Transit_ _ _ _12.50
New York Transit
100
Northern Pipe Line___ _12
05
0
Ohio 011 new
Prairie Oil de Gas
Prairie Pipe Line
100
0
Solar Refining
100
South Penn Oil
101
Southern Pipe Line_ _ 100
South West Pa Plpe L_100
Standard Oil(Indlana)._25
Standard 011(Kan) new-25
Standard 011 (Ky) new...25
Standard Oil(Neb) new100
Standard 011 of NY new_2
25
Stand 011(Ohio),com__100
Vacuum 011. new

1716
1736 184 7,100 174
133
133 138
30 108
240 rat
8844 894
235 235
35 207
4544 48
1,600 8834
22
224 2244
150 22
111 113%
185 r85
112
110 112
185 95
7344 73
76
1,970 5744
167 168
485 16544
1013.4 101 10144
60 95
700 2644
2654 2644 27
136
134 137
425 129
81
107 107
15 105
81
1,500 74
85
250 263
928 (222
it3
144 11334 115
1,025 51084
208 208
20 180
177
175 185
270 166
110
10834 111
350 97
87
884
120 e634
6644 6644 6934 127,600 6034
5341 53
557-4 6,200 4144
10334 10334 108
6,400 u80
267 268
50 186
4
56
1%
4 4634 493-4 33,900 4534
290 294
25 274
5134 554 37,200 43%
237

104
138
94
225
SO
2634
165
115
7944
171
10154
29
137
110
854
700
335
2124
195
118
Jam 884
Jan (1134(
Jan 57
Jan 133
Jan 285
Jan 494
Jan 310
Jan 554

Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Mar
lair
Feb
Jan
Jan
Jan
Jan
Jan
.150

Jan
Feb
Jan
Mar
Feb
Feb
Jan
Feb
Mar
Feb
Mat
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Feb
Mar

Other Olt Stocks.
Allied 011
1 110
110 11c
Jan 17c
2,000
Sc
Amer Fuel Oil common._10
7o
7c
7c
1,000
7e
3c Feb
Ark Natural Gas. com10
94
94 11,300
8
94
7'4 Jan
Atlantic Lobos Oil. cum •
544
54 Mar
74
800
Big Indian Oil & Gas
270
254
30c 58,400 15c Jan 300
Boston-Wyoming 011___ -1
14
14 144 2,000
Jar
1
14
British-American Oil _ _ 25
37
37
Ma
100 37
37
Brit Controlled 011 Fields..
244
244 244 1,200
1% Fe
1%
Cardinal Petroleum
7% 8
Jan
8
7
300
Carib Syndicate,
544
54 544 7,600
484 Jan
6%
Consolidated Royalties_ __ _
134
144
154
100
14
14 Mar
Creole Syndicate
5
444
446 5
27,400
2% Jan
5
Darby Petrol
13.4
100
134 1%
Jan
1
14
Engineers Petroleum Co...1 16c
150 18o 31,000 14c
Jan 25c
Equity Petrol Corp pref..,,....
..
14% 14%
200 144 Feb 1444
Federal 011
5 810
800 930 81,000 69c
Jan
1
Fensland 011
•
19
1944
200 16
Jan 194
Gilliland Oil, cam
•
44
4.4 4% 2,500
Jan
3
54
Glenrock 011
10
144
13
.4 1% 52.100
1
Jan
244
Gulf 011 Corp of Pa
25 67
6634 684 39,600 5544 Jan 684
Harris Consol Petrol Corp_
2
1% 2
7,900
14 Jan
2
Hudson Oil
1 120
12,3 130 16,000 10c
Jan
154
Humble 011 do Ref
25 394 3744 414 30,300 244 Jan 414
Humphreys Oil
3534 34% 3614 1,400 30
Feb
37%
Imperial Oil (Canada) coup 11744 117 120
1.810
1104
Jan 123
Independent Oil & G w I
1434 14% 15
8.000 14
Mar 15%
International Petroleum,.' 234 22%
24
16,100 204 Feb 2434
Keystone Ranger Devel__1 28c
29c
24e
102,300 22c
Jan 40e
Kirby Petroleum
•
35-4 341
100
2
4
Feb
Lance Creek Royalties. .1
30
Sc
3,000
40
20 Jan
Latin-Amer 011 Develop__1 82c
78c 854
5,100 660 Jan 83e
Livingston Petroleum __..
134
1
14 6.200 750 Jan
14
Lone Star Gas
25
26
26
Fe
26
100 25
Lowry Oil Corp
5 800
1
62c
14
6,100 62c Mar
Lyons Petroleum
1
1
14 8,300 80o Jan
134
Magnolia Petroleum...100 1
6254 16134 165
960 155
Jan 168
Mammoth 011, Class A
49
5346
49
6,300
53
Jan
473-4
Maracaibo 011 Explor____• 1044
9% 1034 6,600
944 Jan 1334
Margay 011
•
14 144
1
Jan
100
1%
alariand 011
134 Aar
2%
3%
2,800
344
M gs an Palutu 0 1-10 70c
3
70c 70e
70,5
100 70c Ma
Mexico 011 Corn
10
1 18
14
cf6
Jan 14
I44
219.300 Ella
Midwest Tessa 011
Sc Jan 30
18e 28e 53,000
,
Mountain & Gulf Oil
1
1144
14 Jan
144 143£
400
134
Mountain Producers__ _ _ 10 1836
16,400
1644
Jan
204
1934
183-4
Mutual 011 vet trust ctfs__
1444 1434 154 69,800 124 Feb 1534
New England Fuel Oil_ _ __
Feb 52
4,200 40
503-4 46% 52
bleYork
N
Ne
ow
18
400 14% Feb 21%
18
1934
°6
F)011& Gas.1 230
23c 270 49,000 23e Feb 30c
Preferred
1
1,200 600 Feb 78e
70c 700
Northwest Oil
1
15c 150
2,000 100 Jan 220
Ohio Ranger
1
40
2,000
20 Jan
30
7o
Oklahoma Natural Gas_-25
19
19
15 19
Mar 20
nv.wot no*rte..
10
1
116
1,' 94 non
1
.1
1144

Feb
Feb
Jan
Jan
Mar
Feb
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Mar
-tort
Mar
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Mar
Mar
Mar
Feb
Feb
J59
Feb
Jan
Jan
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Jan
Jan
Jab
Feb
Fe
P.

Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Other Oil
Stocks (Concluded) Par. Price. Low. High Shares.
Peer 011 Corp
10
Pennok 011
Pennsylvania-Beaver 011.1
Red Bank Oil
Royal Can Oil Syndicates
•
Ryan Consolidated
Salt Creek Comm! Oil
Producers_
-10
Salt Creek
Santa Fe Oil & Rexining _ _
Sapulpa Refining_ __ _5
5
Seaboard On & Gas
South Petrol & Refinina_.1
Southern States Cone Corp
Southern States Oil
5
Texas Ranger 011
1
Taxon 011 & Land
1
Turman Oil
5
Oil
'Vulcan
6
Wilcox Oil de Gas
*".Y" Oil & Gas

124
124
4
17
6%
514
24
534
411
311
Sc
17
20
450
87e
900
84

1231
114
334
170
5%
5%
12%
24
54
3%
2%
4c
250
16%
lo
450
860
70o
851
10e

13
1214
411
200
714
631
14
2434
614
411
331
.50
25e
1714
20
48c
910
1
94
12e

900
11,600
13,700
32,000
55,500
900
4,900
8,300
6,650
32,400
27,700
25,000
1,000
12,301)
6,000
149,000
13,200
7.900
21,000
4,000

Rano since Jan. 1.
Low.
1231 'Mar
94 Jan
Jan
Jan
14c
554 Mar
434 Jan
1031 Jan
204 Jan
54 Mar
211 Jan
24 Jan
40 Feb
25e Mar
1311 Jan
Jan
10
450 Feb
87c Mar
Jan
62c
631 Jan
80 Jan

Mining Stocks.
2%
Alaska Brit-Col Metals_ _ _ 1
514
Alvarado Min & Milt_ .20
ge
Amer Comm
131
Amer Exploration
Anglo-Amer Corp of So Air 2731
670
Arizona Extension
67e
Arizona Globe Copper
20
Big Ledge Copper Co_ _.5
1
Boston & Ely
Boston & Montana Dev_ 5 -----1
Butte & N Y Copper
2%
Butte & West Mtn Co____
354
Calaveras Copper
1
Caledonia Mining
Calumet & Jerome Cop.._1
Sc
5
Canada Copper Co
211
10
Canario Copper
1 21c
Candalaria Silver
Cash Boy Consolidated...1
540
Chino Extension
331
Consol Copper Mines new_
Consol Nevada Utah Corp
531
Continental Mines, Ltd
1
Copper Canyon
Cork Province Minee_ _1
1
114
Cortez Silver
235
Cresson Con Gold M & M.1
1
110
Divide Extension
6
2%
Dolores EsPeranza
Dryden Gold Corporation. 680
30
El Salvador Silver Mines.1
40
1
Emma Silver
1 24e
Eureka Croesus
First National Copper.. 5 690
310
Fortuna Cons Mining
1
Forty Nine Mining
Gadsden Copper
700
Gold Coin Mining
50c
Golden State Mining
70
Goldfield Consol Mines _10
12c
SC
Goldfield Deep
15c
Goldfield Development
1 43c
Goldfield Florence
1 43e
Goldfield Jackpot
20
Goldfield Ore
1
80
Gold Zone Divide
Gruss Mining
80
Hard Shell Mining
Sc
be
Harmill Divide
_1
Hasbrouck Divide__
25c
8%
Hecla Mining
180
Henrietta Silver
1%
Hilltop-Nevada Mining...Hollinger Con Gold Mines5 134
Homestake Ext Mining _ 690
1
334
Howe Sound Co
Independence Lead MM _I 43c
Iron Blossom Cons M1 32c
1
3
Jerome Verde Devel
Jim Butler Tonopah._ _ _ _1
3
5
Kerr Lake
1
50
Kewanus
40
10c
Knox Divide
La Rose Consol MInes_5
5c
Lone Star Consolidated_.1
20
Macnamara Crescent Div 1
Sc
1
Macnamara Mining
Sc
Mammoth Divide
Marsh Mining
5
2%
Mason Valley Mines
McKinley-Darr-Say Min_ _
1 440
Mohican Copper
lc
MorIngton Mining
Nabob Consol Mining__ -----50e 23c
National Till Corp
1 19e
Nevada OPhIr
Nevada Silver Horn
New Cornelia
331
New Dominion Conner...5
100 177
New Jersey Zinc
580
N Y Porcupine Mining__
Nipissing Mines
5
Ohio Copper
1 930
Ray Hercules, Inc
5
234
Red Hill Florence
(30
Red Warrior
400
Rex Consolidated MinIng_l
6c
250
Richmond Coo M & Deo_
St Anthony Gold M
50c
Salida Mines Co
470
Sheldon Mining
134
Sandstorm Kendall
Silver King Copper
90
Silver King Divide ReorgSilver Mines of America_ _
45e
Silver Queen Mining Corp_
50e
Silversmith Mining
1
Simon Silver Lead
1
4
South Amer Gold & Plat_ _•
Southwest Metals
6e
Spearhead
Standard Silver-Lead. __I
1
Stewart Mining
1
Success Mining
Superior dr Boston
Sutherland Divide
1 070
Teck-Hughes
Temiskam1ng Mining__ _
Tonopah Belmont Dev._.1 ---154
79c
Tonopah Divide
314'
6
Tonopah Extension
24
Tonopah Mining
5
Tri-Builion S & D
1
Tuolumne Copper
2%
United Eastern Mining___1
750
United Imp M Corp
3134
United Verde Extension- _
134
United Zinc Smelt




[VOL. 116.

THE CHRONICLE

1040

24 11,800
54 1,600
90
6,000
134 2,400
274
900
670
5,800
67e 262,400
20 52,300
750
300
130
8,000
500
300
211 71,700
4
8,400
70
2.000
200
4,000
60 23,000
215 7,700
260 147,000
100
2,000
550
8,500
431 15,900
100 100
1,000
514 5% 4,300
600 660
2,800
Ilc
llo
4,000
154 14 42,800
231 23% 2.100
100 12e
7,000
234 231
1,800
680 770
6,500
30
3c
4,000
40 51,000
30
240 260 33,300
660 750
2,000
250 350 216,000
140 18e
9,000
94e 970
500
660 700 16,700
45c 50c 92,200
90
70
6,000
160 146,000
12c
14e 200 63,000
400 460 77,000
430 46e 15,000
2c
20
5,000
Ile 57,000
8e
12e 14c 15,100
8c 17,000
70
7c
10c 99,000
3e
30
1,000
811 9
600
17c 290 10,000
134 1% 30,100
13
134 2,300
65c 700 50,900
351 4
12,300
36c 48c 228,000
310 330
8,000
2% 331 2,700
fic
60
4,000
3
3
500
Sc
70 64,000
20
40 21,000
400 400
2.000
Sc
60
3,700
lc
2c 22,000
4e
6c 13,000
90 100
6,100
So
ge
6,500
2;4 234 6,700
190 20c
7,000
40c 450 39,000
lc
lc 14,000
40
Sc
5,000
210 23c 76,000
15c 200 36,000
2c
2c
3,000
214 2411
2,600
3;4 4
10,800
17534 179
135
54e 580 44,700
6
6% 2,100
710
1% 475,400
131 231 230,800
5c
70 51,000
400 40c
3,200
So
7c
14,000
230 27e
37,000
46c 500 16,000
45e
50c 24.000
900
13-4 1%
20
40 13,000
10c
100
1.000
90 130 100,000
250 28c 11,000
450 48o 17,000
50c 520
7,600
30e 31c
9,000
4
44
800
10
10
200
50
Sc 6,4000
250 270
2,000
50
6c 10,000
55e 590
5,000
251 2%
100
8o
lbc 15,000
I
90c
30,100
30o 30o
2,000
1.1
% 1% 6,500
730 890 159,500
311 4
59,800
2
2% 3,000
12e I2c
3,000
47c 55c 32,900
2% 2% 32,100
630 75e
4,800
3111 33
1,200
134
1,200
24

5

90
111
26
65e
50e
lc
700
100
50e
131
351
7e
14e
50
231
210
100
500

2
24
50
50c
28
49e
10c
lc
650
90
46c
90c
234
Te
110
2e
231
21c
100
50c
34
80
431
45c
11c
131
24
90

14

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

63c
2c
20
24c
50c
25c
60
60e
1120
30c
7c
9e
40
29c
35e
lc
8e
120
3e
5c
30
8
15e
134
11%
580
231
30o
28e
211
4a
3
3
20
25e
Sc
be
4e
7e
60
14 Jan
Jan
17e
Jan
10c
le
Jan
40
Jan
20c Feb
10c
Jan
lo
Jan
1651 Jan
231 Jan
1684 Jan
Jan
30e
53.4, Jan
370
Jan
Feb
1
Jan
2e
40o Mar
Jan
So
Jan
21e
46e Mar
45e Mar
14 Feb
Jan
2c
50e Mar
60 Feb
14c
Jan
Jan
350
450 Feb
210 Feb
3
Jan
931 Feb
5o Mar
23e Feb
5o
Jan
46e
Jan
24 Mar
Sc
Jan
Ric
Jan
30c Mar
1% Feb
640 Feb
23% Feb
1% Jan
Sc
Jan
46o Feb
14
Jan
60c Mar
264 Jan
75e Feb

High.
Mar
13
1254 Mar
5Mar
20e Mar
6731
Mar
Feb
14
2531 Feb
634 Mar
4% Mar
354 Jan
Jan
130

Friday
Sales
Last 1Veek's Range for
of Prices.
Sale.
Week.
Mining (Concl.)- Par. Price. Low. High. Shares.
U 8 Cont Mines, new,..,.,.
Unity Gold Mines
5
Utah Apex
Victory Divide
10c
West End Consolidated _ _5
West End Extension Min_ _
Western Utah Copper_ _ .._1
Yukon-Alaska Trust
Yukon Gold Co
5

454
111
be
45c
20

17c
3%
451
2c
1%
2c
40c
20
80e

19e
7,000
411 6,000
4%
100
2c
2,000
13( 13,200
30 46,000
480 13,000
20
100
80c
100

R2nge since Jan. 1.
Low.
180
311
3
be
131
be
20a
12
750

Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan

High.
230
44
451
3c
1%
Sc
55c
20
90c

Jan

Mar

Feb
Jan
Jan
Jan
Feb
Mar
Feb

Bonds

Allied Pack cony deb 68'39 69
Mar 76% Jan
60
71 $62,000 65
8s Series B w 1
1939 77
Feabr
18
50 M
Mar 8411 Jan
70
83 102,000 76
2
Jan Aluminum Mfrs 78_1933 1064 10531 10631 34,000 10531 Jan 107
20
Feb
78
1925
890 Feb
Jan
10311 10311 7,000 1034 Jan 104
Feb 9611 Jan
111 Jan Amer Cotton Oil 65_ _ _1924
92
9231 37,000 85
Mar Amer G & E deb B 60_2014 96% 9631 984 50,000 9631 Feb 9811 Mar
1
Amer Lt & Trac 6s..1925 10911 1094 10034 2,000 109
Feb 110
Jan
104 Jan
Without warrants
160 Jan
101 10131 3,000 1004 Jan 101% Feb
Am Republic Corp 68 w 1. 37 89
Jan 904 Jan
8814 8931 13,000 88
M1111318_
_1938
Amer Rolling
Mar 1004 Jan
99 100
56,000 99
Am Sumatra Tob 7e_ _1938
9834 9931 23,000 9531 Jan 994 Mar
24 Mar Amer Tel & Tel 68..._1924 1004 100% 1001( 31,000 10011 Mar 1014 Jan
54 Mar American Thread 6s_ _1928 10331 1034 10331
1,000 10331 Mar 10331 Mar
Anaconda Cop Mbo 76.1929 10311 103 103% 48,000 10354 Mar 1014 Jan
11, Ja
8% notes Series A..1929 10211 10211 102% 71,000 1014 Jan 10331 Feb
111 Mar
Mar 103% Jan
274 Feb Anglo-Amer Oil 745.....1925 10234 102 10234 25,000 102
Jan
964 Jan
96
670 Mar Armour & Coot Del 5140'43 96
9634 341.000 96
Mar 1054 Jan
105 1054 61,000 105
85c Feb Armour & Co 7% notes.:30 105
ALI Gulf dr W I SS L 581959 59
Jau
40
Mar
59
62
94,000 5114 Jan 62
1933 8014 71
Jan Beaver Board 84
8131 Mar
814 74,000 6551 Feb
800
Certificates of deposit _ _
Jan 80
80
80
Jan
Mar
80
17o
6,000 68
Jan 1004 Fab
100 10011 6.000 100
50c Mar Beaver Products 7318_1942
24 Mar Bethlehem Steel 715_1923 10331 10311 10411 261,000 1034 Mar 1054 Jan
1935 1024 1023-410234 55,000 1024 Jan 104
Equipment 78
4
Feb
Mar
Feb 9511 Feb
9131 93
10e Feb Boston & Maine RR 6s.'33
5,000 90
Feb 1104 Jan
Feb Canadian Nat Rys 70.1935 108% 108 1084 29,000 108
220
1925 99% 9934 99% 14,000 99
Jan 994 Feb
5s
go Feb
18,000 10011 Feb 1014 Jan
214 Jan Canadian Pacific 68-- _1924 100% 10031 101
1941 107
Feb 107% Jan
106% 107
Jan Central Steel So
4,000 106
38c
Jan
96
Jan Charcoal Iron of Am 8s-'31 954 954 954 6,000 94
Feb
130
Jan 130
12731 130
Mar
3,000 124
550 Mar Cities Sera 75, Ser B_ _1966 130
1966 95% 9531 9534 16,000 91
Jan 95% Feb
7s Series C
434 Mar
1966
Feb 93%
7s Series D
9111 9111
Feb
1,000 9031
15c
Jan
Mar 30
22
24
Jan
13,000 22
5% Feb Columbia Graphoph 8s:25
23
Certificates of deposit_ _ _
Jan
25
4,000 2231 Jan 35
66c Mar
'49
1024
Bait
60
Jan
ioi
&P
103
-GEL
1034 Jan
Jan Cons
103% 18,000
150
1931
108 108
Is
12,000 1054 Jan 1084 Feb
131 Mar
1952 9811 984 99
54e Series E
Jan
9,000 95.4 Feb 100
214 Jan
1941 10211 10111 10334 49,000 98
Jan 106
Feb
Jan Consol Textile 85
13c
1951 1054 10531 10531
Jan 107
Jan
1,000 105
234 Jan Cuban Tel 7
1931
Mar 103% Feb
101 1024 6.000 101
810 Feb Deere & Co 745
Mar 101% Jan
100' 1004 35,000 100
40
Jan Detroit City Gas 68- _1947 100
1952 103
103 10334 20,000 10231 Jan 104
Jan
Jan Detroit Edison
4c
Feb 97
95
Jan
52,000 95
96
37c
Jan Dunlop T &It of Am 7e_1942 95
54 9934 99% 64,000 99 Feb 10011 Feb
80c Mar Fisher Body Corp 68_1925
1926
831 9814 984 46,000 9834 Feb 100
6s
Feb
Jan
74c
711 974 9711 40,000 9611 Feb 99% Feb
1927
6s
180 Mar
6%
1928
Mar 984 Feb
631 96% 101,000 96
6s
070 Mar
75..1937
984
Co
Jan
98%
(Robert)
9934 Jan
15,000
9834 99
700 Mar Galt'
5,000 1034 Mar 105% Mar
500 Mar 3alena-Signal Oil 7s_ _1930 10531 10531 10551
Jan General Asphalt 80_1930 10351 1034 1034 22,000 1034 Mar 105
Jan
110
Jan
Jan Grand Trunk RY 640-1936 10511 10534 10511 47,000 10)34 Jan 107
24e
1937 9511 9531 97 231,000 9534 Mar 974 Jan
Gull 011 of Pa Ss
340 Jan
760 Feb Hocking Vail RR 6s_.1924 100% 1004 10034 5,000 1004 Mar 100% Jan
Hood Rubber 7% note!.,'36 101% 10134 101% 17,000 1004 Jan 102
Jan
52c Feb
99
Feb 0911 Feb
9911 370,000 09
Jan III Cent RR 5s w I. _ _1935 99
60
9731 984 28,000 9531 Jan 9814 Mar
Interb R T 8s J P M recta_
Jan
lle
Certificates of deposit_ _ _
9634 9711 9,000 944 Jan 974 Mar
110 Mar
t vyi 894
Kansas City Pow & Lt 5s'52 --i
9031 136,000 89% Jan 914 Jan
Jan
13e
85
Feb 8651 Feb
1,000 85
85
10c Mar Kansas Gas & El 68_2022
Jan 1054
3c Mar Kennecott Copper 70_1930 1044 10311 1o4% 56,000 103
loo loox 4,000 9911 Jan 10294 Jan
9;4 Feb Libby McNeill& Libby 75'31
Jan
7,000 10211 Jan 103% Jan
Feb Liggett-Winchester 76.1942 1024 102% 103
136c
89
Jan 9134 Jan
8931 73,000 89
Feb Untidy Gas & Elea 5e 1952 89
105 liii
Mar 126% Feb
39,000 105
Feb Maracaibo Oil Exp 78 1925 116
14
1930 102
101 104
Mar 126% Jan
14,000 101
700 Mar Morris & Co 711e
50,000 9534 Jan 97
Mar
44 Feb Nat Acme Co 740.-1931 96% 9634 97
48c Mar Nat Cloak & Suit 80 1930 10611 10634 10634 17,000 10534 Jan 106% Feb
National Leather 80_1925 1014 1014 102
10,000 10111 Mar 102
Jan
Jan
380
L
RR
331 Feb N V Chic & St
1931 1004 99% 10051 30,000 9911 Jan 100% Feb
Series C 6s
Jan
60
85
Mar 86
85
8,000 85
Feb
351 Jan Nebraska Power 6s ._2022
Jan New On Pub Sent 5s 1952 894 894 894 4,000 894 Feb 89% Mar
8e
1952 87% 864 884 77,000 864 Mar 92
4o Mar Ohio Power 58
Jan
89
1952
89
Lt
58
B
Jan 90% Jan
8914 19,000 89
40c Feb Penn Pow &
1947 100% 100 1014 8,000 100
Mar 10234 Jan
Jan Phlia Elec 5348
8o
1941 104
1034 10411 4,000 1034 Jan 105% Jan
65
Jan
6e
Jan Phillips Petrol 7148 (with7c
101% 10234 10,000 101% Mar 10331 Feb
1931
out warrants)
13o Feb
104 10431 6,000 102% Jan 104% Jan
lie
Jan Public Sent Corp low L'41
100% 10034 37,000 100% Mar 10114 Jan
24 Jan Sears, Roebuck dr Co 70.23
104%
104 105
_1931
Mills
75_
13,000 104
Shawsheen
Mar 105
Jan
Jan
20o
100 10034 13,000 994 Feb 100% Jan
45e Feb Sheffield Farms 648_1942 100
Feb 984 Feb
Jan Sloss-Sheffield S & I as 1929 9654 9631 9631 11,000 96
4c
1044
10411
1927
105
85
104%
22,000
Cie
Solvay
&
Mar 10511 Jan
6c
Jan
32c
Jan South Calif Edison 50.1944 914 9111 9231 29,000 9134 Mar 9711 Jan
Feb 103
20e Mar Southw Bell Telep 78_1925 102% 102 10231 38,000 102
Jan
107
6401933
1074 37,000 10631 Jan 107% Jan
Jan Stand Oil of N Y
2e
13,000 10311 Jan 10634 Feb
7% serial gold deb_ _1925 10411 1044 105
24% Mar
105
deb.
_1926
gold
12,000
10514
serial
104%
7%
Jan
Mar
105% Jan
4
7% serial gold deb_ _1927 10555 10531 1064 3,000 10131 Mar 1074 Jan
Mar
179
107 107
4,000 10654 Jan 10731 Jan
7% serial gold deb. 1928
580 Mar
1929
10714
deb
108
gold
2,000 1074 Jan 11011 Jan
7% serial
64 Mar
10831 1084 1,000 101% Feb 10914 Jan
7% serial gold deb..1930
1% Mar
109 109% 4,000 109
7% serial gold deb 1031
Jan 110
24 Mar
Feb
10214
1931
1024 103
10,000 10131 Feb 103
7c Mar Sun Co 75
Mar
40e Mar Swift dr Co 5s. _Oct 15 1932 91% 9114 9231 90,000 9111 Jan 94
Feb
75__..1931
10234
011
10231
Tidal
Osage
11,000 1024 Mar 1034 Jan
8e Feb
290 Feb United 011 Produc 80..1931 100% 99 10014 49,000 96% Jan 10134 Jan
105 106
10,000 10431 Jan 107
50c Mar United Rys of Hay 745'36 105
Jan
1936 10731 107 107% 28,000 107
Jan 10751 Jan
50e Mar Vacuum Oil 70
1937 10331 10314 10331 10,000 1024 Jan 10334 Mar
13
Feb Valvoline 011 Os
6s
Coal
6834
Wayne
6814
2,000 68
Mar 7334 Jan
50
Jan
50c Mar
Foreign Government
15e Feb
Municipalities
and
40c Feb
50o Feb
Jan 100% Jan
530
Jan Argentine Nation 75_1923 100% 1004 1004 98,000 100
48
48
Mar 48
1,000 48
Jan Belgian Govt restora'n 59.
Mar
360
1945 39% 39
3911 165,000 3634 Jan 4111 Jan
4% Feb Mexico 4s
B
series
6810
57
-year
5711 83,000 504 Jan 5711 Mar
10
Feb
130
Jan Netherlands(Kingd)6513'72 0731 9731 98 385,000 974 Mar 1004 Feb
Feb 9911 Mar
28e Feb Peru(Republic) 85w 1-1932 98% 98% 994 12,000 97
124 1531 14,000
Jail Russian Govt 640-1919 1511
8c
9% Jan 164 Feb
1534
Certificates
1211 154 24,000
(Pio
Jae
Jan 16% Feb
9
Goat
5340.-1921
Russian
154 14
1534 9,000
Feb
18
34 Feb
954 Jan
Certificates
16
Mar
16
Jan 16
llo
Jan
1,000 10
Jan
Jan Switzerland Goat 53401029 103% 10334 10334 42,000 10334 Jan 104
1
30o Mar
1% Jan
lots.
•
Odd
No
par
value.
t
5 Dollars per 1,000 marks. a Ex-100% stock divi890 Mar
4
Mar dend. g Marks. k Correction. m Dollars Per 1,000 lire flat. I Listed on the Stook
23' Jan Exchange this week,
where additional transactions will be found. S Ex-special
16e Feb
67.3 Feb dividend of $25. n Ex-extra dividend of $20. o New stock. p Es-special dividend
2% Feb
and
$80
regular
dividend of $3. r Ex-100% stock dividend. s Ex-50% stock
750 Mar of
Ex-etook
33
Mar dividend. t Ex-200% stock dividend. u Ex-66 2-3% stock dividend.
154 mar
dia. of 40%. w When issued. s Ex-dividend. y Ex-rights. I Ex-stock dividend

14

.4

butestutent ant gailtalut intelligatte.

1011

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

ROADS.

Week or
Month.

Jan. 1 to Latest Date.
ROADS.

Current Previous
Year.
Year.

Current
Year.

Previa us
Year.

Akron Canton & Yst January
181.543 15.518
181).543
155,516
Alabama & Vicksb_ January
318.911 239.740
318,911
239,740
American Ry Ere__ October
1334414R 14624283 125206735 160035162
Ann Arbor
4th wk Feb
92,567
787,904
91.145
710,778
Atch Topeka & S Fe January
16448900 12398641 16,448,900 12.398,641
Gulf Colo & S Fe.. January
2,069,874 1,615,391 2,069,874 1,615,391
Panhandl S Fe January
623.308 528,484
528.484
623,308
Atlanta Birm & Atl_ January
402.926 273.752
273,752
402.926
Atlanta dr West Pt.. January
240.676 181,562
240,676
181,562
Atlantic City
January
243.386 221,641
243,386
221.641
Atlantic Coast Line- January
7.115.731 5.305.116 7.115.731 5,305.116
Baltimore & Ohio January
20556970 14269760 20,556,970 14,269,760
B & 0 Ch Term January
293,731 201.085
293,731
201.085
Bangor & Aroostook January
496.949 678,569
678.569
496.949
Bellefonte Central January
9.760
9,760
7,102
7.102
Belt Ry of Chicago_ January
620,815 436,434
436,434
620.815
Bessemer & L Erie_ January
1,181,320 559.500 1,181,320
559.500
Bingham Sc Garfield January
32.189
9,882
32,189
9,882
Boston & Maine
6.313.059 5.781,373 6,313.059 5,781,373
January
Bklyn E D Term
January
138,233 114,910
114,910
138,233
Buff Roth & Pittsb_ 4th wk Feb 560,972 339,079 4.318,101 2,691,655
Buffalo & Susq
January
272,234 171.848
272,234
171,848
Canadian Nat Rys_ 4th wk Feb 2,094,130 2,275,347 17,210,840 16,033.759
Canadian Pacific... 4th wk Feb 3,001.000 2,815,000 23,675,000 22,079,000
Car Clinch & Ohio January
727,584 599,080
727,584
599.080
Central of Georgia January
159.747 1,506.887
159,747 1.506,887
Central RR of N J
January
4,364.572 3.969.907 4,364.572 3,969.907
Cent New England_ January
520,639 528.074
520,639
528,074
Central Vermont.- _ January
615,795 493,623
615.795
493.623
Charleston & W Car January
311,036 240,293
311.036
240.293
Chas & Ohio Lines January
7.642,681 5,889,542 7,642.681 5,889.542
Chicago & Alton
January
2.942.142 2.427,480 2,942.142 2,427,480
Chic Burl & Quincy.. January
15184037 11662144 15,184,037 11,662,144
Chicago & East III_ January
2,646.132 2,055,675 2.646,132 2,055,675
Chicago Great West January ' 2.123,218 1.630.488 2.123.218 1,630.488
Chic lad 8, Louisv January
1.430,753 1,146.492 1,430,753, 1,146.492
Chic Milw & St Paul January
14470 239 10872247 14,470.239110.872,247
Chic & North West_ January
12530580 9,974,817 12,530,580 9,974.817
Chic Peoria dr St L. January
160,691 191,177
Chic River & Ind_ _ _ January
640,207
640,207
Chic R I & Pac
January
10366391 8,568.236 10,366.391 8.568.236
Chic R I & Gulf January
478.504
478,504 470,312
470.312
Chic St PM & Om_ January
2,420.920 1,972.591 2,420,920 1,972.591
Chic Ind & Western January
426,927 320,079
320,079
426,927
Colo & Southern
January
1,108,212 901,832 1,108.212
901,832
Ft W & Den City_ January
732,653 672,831
672.831
732.653
& Brazos Val January
165,624 463,812
165.624
463.812
Wichita Valley - January
109,103 105,881
105,881
109.103
Columbus & Greenv January
140,565 121,148
121,148
140,565
Delaware Sc Hudson January
3,249.516 3.409.613 3.249,516 3,409,613
Del Lack & Western January
6,671.457 6,193,591 6,671.457 6,193.591
Den & Rio Grande.. January
2,650.4032,331.979 2,650,403 2,331,979
Denver & Salt Lake January
142.959 114,569
114,569
142.959
Detroit dr Mackinac January
125.131 103,264
103,264
125.131
Detroit Tol & Iront_ January
769,671 439,436
439,438
769.671
Det & Tol Shore L— January
370,554 267,859
267.859
370.554
Dul & Iron Range January
175,152
99,788
175,152
99,788
Dul Missabe & Nor_ January
133,003
126.255
133.003
Dul Sou Shore & AU 4th wk Feb 115,196 126.255
530,552
43,550
790,897
Duluth Winn & Pac January
213,473 168,177
168.177
213.473
East St Louis Conn_ January
202.965 131,813
131,813
202,965
Elgin Joliet & East_ January
2.279,658 1,467,640 2,279,658 1.467.640
El Paso & Sou West January
1.036,617 753.869 1.036.617
753,869
Erie Railroad
January
9,652,325 7,177.250 9.652,325 7,177,250
Chicago & Erie January
1.021.472 850.378 1,021,472
850,378
NJ&NY RR January
124,892 114.954
124,892
114.954
Florida East Coast_ January
1,498.272 1.209.536 1.498.272 1,209,536
Fonda Johns & Cloy January
134.961 117,129
117.129
134,961
Ft Smith & Western January
141,796 109,351
141.796
109,351
'Galveston Wharf_ - _ January
126.334 104.897
126.334
104,897
Georgia Railroad _ January
472.929 344.382
472,929
344,382
Georgia & Florida January
132,222
91,672
132,222
91,672
Grand Trunk Syst 4th wk Feb 2,263.803 1.760,913
Atl & St Lawr_
January
348,930 277,028
348.930
277,028
ChDetCanGT.let January
226,357 201,611
226,357
201.611
Det G 11 & Milw_ January
433,288 325,435
433,288
325,435
Grand Trk West_ January
1,399.742 1,012,782 1.399.742 1,012.782
Great North System January
8,874,960 5,896,217 8,874,960 5.896,217
Green Bay & West_ January
106,957 105,559
106.957
105.559
Gulf Mobile & Nor_ January
484,471 329,827
484,471
329,827
Gulf & Ship Island_ January
258,303 219,294
258,303
219,294
Hocking Valley
January
1.307,459 938,295 1.307.459
938,295
Illinois Central. _ _ _ January
14631859 11199098 14.631,859 11,199.098
Internat & art Nor_ January
1,227,448 1.036,360 1,227,448 1,036,360
Internet Ry in Me_ January
334,763 259,80
334.763
259.805
Kan City Mex & Or January
103.367 107,442
103,367
107,442
K C Mex &0 of Tex January
124,404 106,63
'124,404
106,631
Kansas City South_ January
1,785.083 1.329,096 1,785,083 1,329.096
Texark & Ft Sm. January
221,001 182,06
221,001
182.062
Total system____ January
2,006,083 1,511.158 2,006,083 1.511.158
Kan Okla Sr Gulf__ January
263.168 208,28
263,168
208,280
Lake Sup & Ishpem_ January
8,902
1.89
8,902
1,899
Lake Terminal 1 y.. _ January
82,439
81,84
82,439
81,846
Lehigh & Ilud River January
219,988 204,918
219.988
204,918
Lehigh & New Eng. January
461.398 352,866
461.398
352,866
Lehigh Valley
January
5.123,087 5,134,085 5,123,087 5,134.085
Los Ang & Salt Lake January
1,730,410
1,730.410
1.473,540
1,473.540
Louisiana & Arkan_ January
330,343 218,422
330,343
218.422
Louisiana Ry & Nay December
334.277 248,555 8,604,117 3.863,970
Louisville & Nashv_ January
11033127
11,033.127
8,599,462
8.599.462
Loutsv Hand dr St L January
285,287 203,243
285,287
203.243
Maine Central
January
1,516.549 1,522.612 1,516.54 1,522.612
Midland Valley_ _ _ _ January
385.049 319.495
319.495
385.04
Mineral Range
4th wk Feb
9,919
28,235
70,324
4.379
Minneap & St Louts 4th wk Feb 270.744
235,414 2,731,50 2,585.494
Minn St P & SS M.January
4,101.903 2.662,129 4,101,90 2,662,129

Latest Gross Earnings.
Week or
Month.

Jan. 1 to Latest Date.

Current Previous
Year.
Year.

Current
Year.

Previous
Year.

158.216
Mississippi Central_ January
158,216 11.975
114.975
115,007
Mo & North Arkan_ January
115,007
Missouri Kan & Tex January
2.870,032 2.139.370 2.870.032 2,139.370
Mo Kan dr Tex Syst December 5.143.443 4.499.438 55.035.701 63,020.975
Mo K Sc T Ry ofTex January
1,720,922 1,583,727 1,720,922 1,583.727
Missouri Pacific____ January
8,772,028 7.485,984 8,772,028 7,485.984
Monongahela
440.759 370.630
370.630
440,759
January
Monongahela Conn_ January
93,186
93,186
205.123
205.123
Montour
76,782
144.317
76,782
144,317
January
Nashv Chat Sc St L. January
1.929.123 1,456.123 1.929.123 1,456.123
Nevada-Cal-Oregon 3d wk Feb
34,076
2.946
3,389
28.122
Nevada-Northern.. January
17,380
17,380
50.505
50.505
Newburgh Sc Sou Sh January
99,484
99,484
159,823
159,823
New Or! Great Nor_ January
235,206
235.206 194.223
194.223
N 0 Texas Sc Max.. January
275,232
275.232 217.618
217,618
Beaum S L& W.January
184,367 153.794
153.704
184,367
St L Browns Sc M January
432.774 451.011
432.774
451.011
New York Central January
34464710 25868683 34,464.710 25.868,683
Ind Harbor Belt_ January
997,436 679.407
679,407
997.436
7,874.572 5,277.044 7,874.572 5.277.044
Michigan Central January
Cleve(JO Sc St L. January
8,375,812 6,038,120 8,375.812 6,638.120
Cincinnati North_ January
435,172 247,686
435,172
247,686
Pitts & Lake Erie January
3.536,884 1.776.273 3,536,884 1.776,273
NY Chic Sc St Louis January
3.613,175 2.715.991 3.613.175 2.715.991
N Y Connecting... January
95,386 215.193
95,386
215.193
NYNH& Hartf January
9,911,556 8.724,503 9.911,556 8,724.503
N Y Oat Sc Western January
961,839 806.303
806.303
961,839
N Y Susq Sc West.. January
387,374 324.440
387.374
324,444
Norfolk Southern January
683,637 519,865
519.865
68.%637
Norfolk Sc Western_ January
6,898,909 6.027.671 6.898-,909 6.027,671
Northern Pacific... January
7.888.013 5,987.826 7,888,013 5,987.826
Northwestern Pac January
534,304 507.399
507.399
534.304
Pennsylv ER Sc Co_ January
55648930 45587071 55.648,930145.587.071
71,284
Bait Ches Sc At!.. January
85.134
71.284
85,134
Long Island
2,321.356 1.921.303 2,321.356 1.921.303
January
Mary'd Del Sc Va January
56.958
66.756
66,756
56,958
Tol Peor Sc West_ January
155,982 123.135
155.982
123,135
W Jars Sc Seashore January
952,007
952,007 720.332
720,332
Pennsylvania Syst January
59269318 48528909 59.269,318 48.528,909
Peoria Sc Pekin Un_ January
163,765 144,368
144,368
163,765
Pere Marquette
3,510.582 2.438.187 3.510,582 2.438,187
January
Perldomen
87.627
104,646
104.646
87.627
January
ScPhila Reading
9,251.048 6.120.758 9.251.048 6.120,758
January
Pittsb Sc Shawmut_ January
150.770
101.105
150.770 101,105
Plus Shaw Sc North January
163.002
94.469
94.469
163,002
Pittsb Sc West Va.. January
285,672
265.573
265,573 285,672
Port Reading
324.820
324,820 178.229
January
178,229
Pullman Company_ January
5,572,223 5,423.399 5,572.223 5.423.399
Quincy Om Sc K C January
72.818
127.668
72,818
127.668
Rich /trod Sc Potom January
751,156
963,696
963,696 751.156
Rutland
498.198
498,198 411.866
411.866
January
St Jos & Grand Isi'd January
266.371 234,311
236,371
234,311
St Louis-San Fran._ January
6,797.0965,881.133 6.797.096 5,881.133
Ft W Sc Rio Or... January
119,097 105,244
119.097
105.244
St L-S F of Texas January
136,358 138,897
136.358
138,897
St L-8 F (whole sys) 4th wk Feb 1,874.766 1,573.239 13.696.246 12,198,629
St Louis Southwest_ 4th wk Feb 615,344 504,696 2,217.982 1,760,148
St Louis 8 W of l'ex January
715.751 623.513
715.751
623.513
Total system
3d wk Feb 540,156 402,951 4,177.503 3.200,873
St Louis Transfer January
72,214 107.087
107.087
72.214
San An Sc Area Pass January
413.543 364.809
413.543
384.809
San Ant Uvalde Sc G January
81,028
65.82
65,824
31.028
Seaboard Air Line January
4,487,731 3.588.56 4,487,731 3.588,569
Southern Pacific Co January
14230952 12431 73 14.230,952 12,431.735
Atlantic S S Lines January
1.123.025 892.223 1,123.025
892,223
Arizona Eastern_ January
299,564 182.385
182,385
299,584
Galv Harris Sc 8 A January
1,891.326 1.629,592 1.891.326 1.629,592
lions & Tex Cent_ January
1,227,387 1.413,881 1.227,387 1,413.881
Hous E Sc W Tex_ January
244.291 215.655
215.655
244.291
Louisiana Western January
433.231 344.795
344.795
433.231
Morg La Sc Texas January
895,024 608.390
608.390
Texas Sc New On. January
749.604 828,814
828.814
749,604
Southern Railway__ 4th wk Feb 3,805,647 2.934,680 30,546.57 24,032.816
Ala Great South_ January
891.523 673,418
673,418
891.523
1,874,009 1.304,606 1.874.009 1,304,606
Cin NO Sc Tex P.. January
Georgia Sou Sc Fla January
437,072 411,746
411,746
437.07
Mobile Sc Ohio— _ 3d wk Feb 415.324 306.251 3.026.41 2.617,955
608,303 490.761
New Orb Sc Nor E. January
490.761
608,303
85.066
North'n Alabama January
149.777
149 777
85.066
101,289
Spokane Internat.. January
90,829
90,829
101,289
620,682 532,753
620.682
Book Port Sc Seattle_ January
532,753
177,734 158,686
Staten Island It T January
177.73
158,686
239,963 167,534
239.963
Tennessee Central_ January
167.534
402.696 391.213
402.696
Ter RR Assn of St L January
391,213
454,274 304.671
454.274
St L Mer Brig° T.. January
304.671
Texas Sc Pacific____ 4th wk Feb 590,579 555,878 4.968.408 4.811,418
1,091.106 720,148 1.091.106
Toledo St L Sc West January
720.148
104.655
87.375
104,655
Ulster Sc Delaware__ January
87,375
8,245,007 6,813,033 8,245,007 6,813,033
January
Union Pacific
267.337 2.900.458 3.104.965
St Jos Sc Grand Isl November
15433610 12892072 15,433,610 12,892.072
January
Total system
3.078.198 2,567,359 3.078,198 2,567.359
Oregon Short Line January
Ore-Wash RR&N January
2.379,995 2,038,140 2,379.995 2.038,140
945,250 660,699
Union,R (Penn)__J anuary
945.250
660,699
Utah
150,327 106,679
January
150,327
106.679
Vicks Shrev Sc Pee_ January
360.642 289,940
360,642
289.940
Virginian RR
1,608.179 1.415,160 1,608,179 1,415,160
January
Wabash RR
4.871.2384,302,49! 4,871.238 4,302.491
January
Western Maryland_ 9th wk Feb 480.073 376,010 3.432,797 2,982.306
Western Pacific
January
862.602 790.440
862.602
790,440
Western Ry of Ala January
238.368 181,333
181.333
238.366
Wheel Sc Lake Erie.. January
1,088,741 967.372 1,088,741
967.372
Wichita Falls Sc NW January
97.942 129,570
129.570
97.942
Wichita Valley
December
189,900 127.004 1.415.488 1.723.109
Yazoo Sc Miss Valley January
1.963,262 1.409,585 1.963.262 1,409.585

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly
Weekly Summaries.
ad week Dec rl ma-4th week Dec 14 roade -1st week Jan 17 roads)..___
2d week Jan (17 roads)---ad week Jan (17 roads)___.
4th week Jan (16 roads)____
1st week Feb (16 roads ___
2d week Feb (15 roads,....
3d week Feb (18 roads).—
4th week Feb (17roads)----

Current
Year,

13,9/4.548
10.977.911
13,055.010
13.413.517
13,209,182
18,741,873
12,813,157
12.194,740
12,673,832
15.774.740
*Grand Rapids & Indiana and Pitts. Oin




Previous
Year.

Increase or
Decrease.

%

Monthly Summaries..

Current
Year.

Previous
Year.

Increase or
Decrease.

%

Mileage. Curr.Yr. Prev.Yr.
S
$
I
+902,900 8.93 March_
13,0/1,848
234.986 234.202 473,413,886 457,3/4,460 +16,059,426 3.51
9.873.503 $1,104,408 1.02 April
.
234.338 416,240,237 432,106.647 —15.866,410 3.87
2.448,304 2.30 May
10,606,706
234,931 234.051 447,299,150 443,229,399 +4.069.751 0.92
2,243,811 2.01 June
11.169.766
235.310 234,668 472,383,903 460,007.081 +12.$02
8i ?al
11,735,734 +1,473,448 12.50 July
235.,08
96:0
96
85
6 —3
19
1:
62154
'556
404
917 5
2.5
36
:2
74
36
14,988.958 +3,752,905 25.03 August
235.294
311,054 6.35
090 444722
-F993,723 7.56 September 235.280 235,205 498,702.275 496.978,503 +1.723.772 0.33
11.819,434
11.460,961
+733.779 6.48 October
233,872 232,882 545,759,206 532,684,914 13.074.292 2.45
12,074,590
+599.242 4.96 November 235,748 235,679 5,748,483
486.130,328 57.618.155 12.35
23
13.509.320 4.296.c 411 16.76 December. _ 235,920 236.121 512,43
. • •
.1 1
+87.735,590.66
Ohio.& Bt. Looks included in Pennsylvania AB. z Late Brie & Western included in New York Central.

1042

THE CHRONICLE

[vol.. 116.

-Grossfrom Railway- -Net from Railway- -Net after Tares1923.
1922,
1922.
1923.
1922.
1923.
3
S
5
St Louis-San FranciscoJanuary ___ 6,797,096 5,881,133 1,935,688 1,435,773 1,664,978 1,167,215
Whole SystemJanuary _ U 7,070,461 6,146,740 1,959,543 1,424,483 1,595,236 1,230,088
Fort Worth & Rio GrandeFourth week of February.
1923.
1922.
Increase. Decrease.
January 105,244
119,097
4,557 -16,090
772 -19,639
St Louis-San Fran of TexasJanuary ___
136,358
138,897
25,663
15,059
12,900
23,595
Ann Arbor
92,567
91,145
1,422
San Antonio & Aransas PassBuffalo Rochester & Pittsburgh_
560.972
339,079 221.893
January
___
413,543
364,809
-50,216
-90,550
--76,116
--65,326
Canadian National Rys
2,094.130 2,275,347
181,217
San Antonio Uvalde & GulfCanadian Pacific
3,001,000 2,815,000 186,000
January ___
81,028
Duluth South Shore & Atlantic_
65,824
11,594
115.196
8,284
-2,197
43,550
828
71,646
Grand Trunk Ry System
Seaboard Air LineGrand Trunk Western
2.263.803 1,760,913 502,890
January ___ 4,487,731 3,588,569
968,956
596,851
792.890
431,563
Detroit Grand Haven & Mil_
Southern PacificCanada Atlantic
Arizona EasternMinneapolis & ht Louis
270,744
235,414
35.330
January ___ 299,564
182,385
126,863
36,771
99,786
12,458
Iowa Central
Galveston Harrisburg & San AntonioMineral Range
9.919
4,379
5,540
January
_
1,891,326
1.629,592
217,791
106,278
156,963
By
System
54,029
Southern
3,805,647 2,934.680 870,967
St Louis-San Francisco
Houston & Texas Central1,874.766 1,573,239 301,527
St Louis Southwestern
January ___ 1,227,387 1,413,881
615,344
273,809
504,695 110,649
392,055
220,414
347,549
Texas Pacific
590,579
555,878
34,701
Houston E & W TexasWestern Maryland
480,073
376.010 104,063
January _ ._ 244,291
215,655
25,496 -11,275
16,829 -18,813
Louisiana WesternTotal (17 roads)
15,774.740 13.509.3292.446,628 181,217
January,,.. 433,231
344,795
155,433
72,833
128,564
45,286
Net increase (16.76%)
12,265,411
Morgan's Louisiana dr TexasJanuary ___ 895,024
608,390
195,436 -15,640
148,441 -60,727
Texas & New OrleansNet Earnings Monthly to Latest Dates.-The table
January ___ 749,604
828,814
35,008
195,969
6,380
171,581
following shows the gross and net earnings with charges and Southern
Pacific CoJanuary ___14,230,952 12,431,735 3,393,505 2,227,569 2,114,268
surplus of STEA_M railroad and industrial companies
991,174
Spokane Internationalreported this week:
January ___
101,289
90,829
31,879
25,364
26,050
19,889
-Grossfrom Railway- -Net from Railway- -Net after Taxes
- Spokane Portland & Seattle1923.
1922.
1922.
1922.
1923.
1923.
January ___ 620,682
532,753
214,189
151,798
138,992
67,676
$
Union PacificAnn ArborJanuary ___ 8,245,007 6,813,033 2,181,913 1,696,485 1,616,358 1,129,394
January ___ 446,459
12,956
354,021
37,172
32,269
14,730
Total systemAtch Topeka & Santa FeJanuary _15,433,610 12,892.072 3,336,337 2,690,884 2,238,971 1,558,727
Panhandle Santa FeOregon Short LineJanuary -__ 623,308
528,484
103,934 -62,559
126,256 -39,763
January ___ 3,078,198 2,567,359
802,195
634,019
550,114
358,001
Atlanta & West PointOregon-Wash RR & NayJanuary ___ 240,676
619
181,562
9,792
39,054
26,862
January ___ 2,379,995 2,038,140
134,300
167,253 -32,235 -14,468
Bingham & GarfieldUtahJanuary ___
8,467 -20,223
32,189
9,882
4,822 -26,552
January _ _
150,327
106,679
41,087
26,582
33,943
19,991
Brooklyn ED TerminalWestern MarylandJanuary ___
33,170
138,233
114.910
65.743
39.519
59,531
370,482
286,683
January ___ 1,730,422 1,474,553
346,683
320,482
Canadian National RyaWestern Pa'Mc- January ___ 9,652,600 8,300,098-1,155,706-2,232,013
-3,274
January
8132.602
790,440
72,518
116,998
30,791
Carolina Clinchfield & OhioWestern Ry of Alabama158.452
209,325
198,559
159,294
January ___
727,584
599,080
52,043
18,079
39,686
January._ 238,366
181,333
10,376
Chicago & Alton594,387
363,523
675,698
438,834
January -__ 2,942,142 2,427,480
Electric Railway and Other Public Utility Net
Chicago Burlington & QuincyJanuary _ _15,184,037 11,662,144 3,949,825 2,182,049 3,021,172 1,267,441 Earnings.-The following table gives the returns of
Chicago Great WesternJanuary ___ 2,123,218 1,630,488
250,391 -95,478 ELECTRIC railway and other public utility gross and net
336,110 -11,876
Chicago Peoria & St Louisearnings with charges and surplus reported this week:
January -__
-5,058
-9,555 -14,571
160,691
191,177
-49
-Gross Earnings--Net Earnings
Chicago Rock Is! & PacificPrevious
Current
Current
Previous
Chicago R I & GulfYear.
Year.
Year.
Companies.
Year.
41,324
January -__ 478.504
470,312
80,602
68,305
55,458
Cincinnati Ind & WesternJan 1,397,676 1,245,657 1.356,030 1,206,812
Co
January ___ 426,927
6,268 Cities Service
320,079
77,800
21,740
58,473
12 mos end Jan 31
14,810,989 13,070,405 14,354.892 12,581.139
Colorado & SouthernPower
&
Light
Kansas
City
January 1,108,212
901,832
106,774
87,924
41,443
23,480
728,871
Jan
442,171
833,668
Co
383,534
Ft Worth & Denver City12 mos ending Jan 31_ _ _ _ 7,992,125 6,880,512 3,741,905 3,179,665
January -__
732,653
672,831
183,775
124,951
132,193
93,292
1,060,972
402,157
1,142,299
United
Light
&
By.
Co_Dec
367.674
Wichita Valley12 mos ending Dec 31....11,S34,963 11,372,982 3,848,828 3,370,240
28,238
16,454
January -__
109,103
105,881
22,813
21,095
Fixed
Net
after
Gross
Balance,
Denver & Rio GrandeCharges.
Taxes.
Earnings.
Surplus.
January,___ 2,650,403 2,331,979
135,772
512,137
667,360 -32,240
Denver & Salt Lake103,442
27,921
142,959
January -_
114,569 -42,303
17,769 -51,303
8,763 Binghamton Lt fit Jan '23
22.534
86,294
& Power Co
'22
Duluth South Shore & Atl122,545
153,068
12 mos ending Jan 31 '23 1,036,805 a275,613
452,176
267,791
50,322 -43,025
January ___
20,317 -79,025
126,550
929.722 a250,018
'22
123.468
Duluth Winn & Pacific1,070,178
506,407
2,631,789
Pr
Jan
'23
168,177
563,771
213.473
51,273
19,212
January ___
42,863
10,795 Commonwealth
985.088
496,828
Corp
'22 2.322,745
488,260
Fonda Johnstown & Gloverirv12 mos ending Jan 31 '23 26,695,075 10,180,634 6,082,525 4,098,109
117,129
January ___
134,961
51,233
46,633
43,393
40,858
9,292,812
5,714,099 3,578.713
'22 24,936,073
Grand Trunk System758,175
Commonwealth Pr Dec'22 3,297,544 1,095,469
337,294
Chic Det Can Grd Trk Jet641,122
'21 2,904,579 1,065.984
201,611
108,819
108,415
101,186
101,181
Ry&LtCo
424,862
January _ _ 226,357
12 mos ending Dec 31 '22 33,180,667 11.126.856 8.003,510 3,123,346
Detroit Grd Slav & Milw10.443,806
32,103,643
'21
7.527.859
2,915,947
325.435
27,329
433,288
49,329
21,870
42,077
January -__
677,920
245,540
Consumers Power Dec '22 1,500,058
432,380
Grand Trunk Western589,400
'21 1,268,793
208,610
273,676
39,834
213.717 -23,243
Co
380,790
January ___ 1,399,742 1,012,782
12 mos ending Dec 31 '22 15,067,116 6,764,127 2,486,011 4,278,116
Gulf Mobile & Northern'21 14,073,292 5.700,082 2,358,558 3,341,524
139,304
64,482
48,484
484,471
329,827
118,527
January
18,366
45.677
8,661
Eastern Shore Gas Jan '23
9,704
Gulf & Ship Island17,698
43,143
76,145
40,147
'22
219,294
51,311
19,105
6,918
10,780
January ___ 258,303
& Elec Co & Subs
504,538
166,900
'23
Jan
31
97,270
ending
mos
12
69,629
Hocking Valley461,579
'22
158,289
80,695
77,594
938,295
221,595
251,874
139,889
161,220
January,.. 1.307.059
139,589
66,484
Jan'23
13,840
International & Great Northern52,645
Erie Lightin Co &
60,707
153,650
'22
109,256
52,346
186,153
87,042
15,622
January ___ 1,227,448 1,036,360
Subsidiaries
36,724
496,907
168,561
328,346
12 mos ending Jan 31 '23 1,205,487
International By in Maine'22 1,007,15C
398,545
185.705
212,840
23,963
78,006
39,963
63,006
January ___
334,763
259.805
506,398
204,823
Jan '23
62,020
Kansas City Mex & OrientFederal Light &
142,803
'22
462,664
-29,195
107,442
-23,019
-36,426
•
159,573
-31,339
53,947
January -__ 103,367
Traction Co
105,626
828,746
950,092
12 mos ending Jan 31 '23 5,067,426 1,778,838
Kan City Mex & Or of Texas-'22 4,851,381 1.513,479
797,423
716,056
14,553 -55,862* -20,636 -61,849
106,631
124,404
January ___
253.192 al35,292
19,395
KAMA City SouthernFort Worth Power Dec '22
115.897
'21
194,700 al04,502
502,463
313,246
417,227
212,242
January ___ 1,785,083 1,329,096
16,719
& Light Co
87,783
222,574 1,110,492
12 mos ending Dec 31 '22 2,562,537 a1,333,066
Kansas Oklahoma & Gulf'21 2,560,636 a1,246,084
200,578 1.045,506
208,280
62.326
263,168
41,659
52,458
32,472
January _- _

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of February. The table covers 17 roads and shows 16.76%
increase over the same week last year.

Lake Superior & Ishpeming-

8,902
1,899 -38,051 -32,865
January--Los Angeles & Salt Lake1,473,540
217,930
193,127
1,730,410
January ___
Louisville Henderson & St Louis98,001
203,243
23,716
January--- 285,287
Minn St Paul & Sault Ste Marie866,088 --100,709
January ___ 4,101,903 2,662,129
Mo Kan & Tex Ry of Texas131,911
165,008
January ___ 1,720,922 1,583,727
Missouri & North Arkansas18,081
115,007
January _
Nevada Northern20,397
-6,662
17,380
50,505
January __
Northwestern Pacific507,399
41,520
47.587
534,304
January ___
Pullman Company731,722
January ___ 5,572,223 5,423,399 1,010,924
Quincy Omaha & Kansas car8,564 -12,298
72,818
January __
127,668
St Joseph & Grand Island31,796
36,590
234,311
January
266,371




-43,537

-38,224

104,734

85,800

82,282

14,957

597,561 -339,132
73,787

111,230

14,130
13,795

-12,767

-7,575

2,431

4,890

-15,733

23,348

13.975

356,158
General Gas & Elec Jan '23 1,295,748
'22 1,109,480
341,679
Corp & Subs
12 mos ending Jan 31 '23 13.285,628 a3,713,999
Kentucky Tr & Per Jan '23
130,831
50,462
'22
114,644
39,600
Co & Affll Cos
12 mos ending Jan 31 '23 1.631,165
624,905
'22 1,591,518
603,114
MetropolitanEdison Jan '23
640.234
187,061
'22
540,013
Co & Sub Cos
212,251
12 mos ending Jan 31 '23 6,379,357 a2,151,235
'22 .5,814,633 a2.142,997
Milwaukee Electric Jan '23 1,973,210 a603,569
Ry&LtCo
'22 1,698,255 a530,761
12 1110s ending Jan 31 '23 19,545,380 a5,760,890
'22 18,677,373 a5,359,902
Jan '23
25,760
75,415
New Jersey Pr &
'22
57.186
16,338
Lt Co & Sub Cos
719,174 a221,578
12 mos ending Jan 31 '23
22
509,276 a162.519
Northwestern Ohio Jan '23
40.487
5,481
'22
Ry & Pr Co
31,351
2,982
492,085
a80,326
12 mos ending Jan 31 '23
a73,328
'22
467,421

2,491,118 1,222,881
22,684
27,778
22,270
17,330
272,513
352,392
347,803
255,311
912,375
1,238,860
954.488
1,188,509
394.522
209.047
320,219
210,542
2,374,902 3,385,988
2,462,659 2,897,243
103.318
82,341

118.260
80,178

68,050
68,550

11,776
4,778

Gross
Earnings.
269,502
Pennsylvania Edison Jan'23
229.687
'22
Co & Sub Cos
12 mos ending Jan 31 23 2.691,812
'22 2,436,455
Jan '23
255.799
Reading Tr & Lt
'22
244,263
Co & Sub Cos
12 mos ending Jan 31 '23 2,954,770
'22 2.986.162
50,655
Rutland Ry Lt &
Jan '23
'22
50.529
Power Co
568,478
12 mos ending Jan 31 '23
'22
562,594
Sandusky Gas &
Jan '23
85.433
'22
75,954
Electric Co
782,728
12 mos ending Jan 31 '23
703,354
'22
Sayre Elec Co
Jan '23
19,736
'22
18,180
12 mos ending Jan 31 '23
186,589
'22
188,813
Southern California Dec '22 1,641,572
Edison Co
'21 1.413,805
12 mos ending Dec 31 '22 16,982,226
'21 16.645,722
Vermont HydroJan '23
69,103
Electric Corp
'22
47.663
12 mos ending Jan 31 '23
604.352
'22
523,474
Western Pr System Jan'23
644,549
'22
609,447
12 mos ending Jan 31 '23 7,718,224
'22 7,267,823
York Haven Water Jan'23
67.833
& Power Co
'22
64.058
12 mos ending Jan 31 '23
803,545
'22
739.156

Net after
Taxes.
98,461
86,503
a915,301
a766,470
30,809
31,231
a325,850
a346,850
11.667
12.393
a146,284
a160,501
22.368
19,796
a203,295
a178,145
3,555
3,967
a40,638
a52,205
713,656
503,520
10,115,310
9,709.857
36.031
17.689
a262,695
a171,958
395.599
360.092
4.677,506
4.554,372
-13,235
32,660
a185,876
a324,728

Fixed
Charges.

Balance,
Surplus.

408,743
402,342

506,558
354,128

85,463
88.473

240.387
258,377

96,277
97,431

50.007
63,070

79.172
82,747

124.123
95.398

22,084 C,, 18,554
29,565
22,640
395,912
317.744
56,202
447,318
3,799,543 6,315,767
3.940,830 5,769.022,
141,398
132,974
224,362
220.814
2,699,034
2,574,024

121,297
38.984
171.237
139,278
1.978,472
1.980.348

191.831
195.483

-5,955
129,245

-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
.5
-5,454 -15,309
778,429
New York Railways_ _ _ _Dec 766,500
86
882.953
Jan 1 to Dec 31
9,403.578 9,526,751
-5.358
105,863 -15,413
Dec 103.184
Eighth Ave RR
84.317 -141,062
Jan 1 to Dec 31
1,217,408 1,218,345
879
-6,466
47,954
Dec
Ninth Ave RR
44,879
642,540 -219.935
548,828
Jan 1 to Dec 31
514.975
Interboro Rap Transit 87'sSubway Division
Dec 3,262.701 3,194,197 1,336.753 1,359,167
Jan 1 to Dec 31
43,132,214 34,118,951 13.750.783 13,230.593
429,442
380,461
Elevated Division_ _ __Dec 1,642.997 1,637,546
Jan 1 to Dec 31
18,880.678 19.573,9184.440.235 4.084.821
1.836
2.127
25,061
Manhat B'dge 3- Ct Line_ Dec
25,195
20.042
27,552
Jan 1 to Dec 31
286.752
286,331
-831 --13,933
Second Ave RR (Rec)_ _ _Dec
84,513
39.228 -91,836
Jan 1 to Dec 31
986,665
1,001,942
--9.886
N Y & Queens CountyDec
113.712 --12,496
57.513
28.219 --281,673
Jan 1 to Dec 31
8,470,466 1,296.152
-671
--1,746
26.217
Long Island Electric_ _Dec
26,984
27.544
48,539
Jan 1 to Dec 31
377,321
385,090
--16.120
Electric
4.887
17.125
Ocean
Dec
18,316
103,983
31C.734
Jan 1 to Dec 31
4,284
6,272
28,777
Manhat & Queens (Rec)_Dec
32.449
43,535
75,475
Jan 1 to Dec 31
339,550
386,862
17.045
17,104
NY & Harlem
Dec 133,779
138,904
Jan 1 to Dec 31
179.944
1,554,305
-9.497
-5,934
46.461
N Y & Long Island
Dec
42,073
Jan 1 to Dec 31
566.405' 597,572 -79,448 -63,995
Richm'd Lt & Pr (Rec)_ _Dec
62.122
6,878 -31,072
65,308
111.591
-8,243
Jan 1 to Dec 31
661,465
799,660
Note.-Above net earnings are after the deduction of taxes.

a After allowing for other income received.
--Gross
Net after Tares- -Surn.after Charges1922.
1923.
1922.
1923.
1923.
1922.

s

s

Baton Rouge Electric Co18,150
22,065
22,442
January -_
24,627
58,184
51,690
166,846
151,796
12 months_ 599,598
204,011
209,085
559,598
•
Blackstone Valley Gas 5c El Co130,992
122,592
January __ 408,355
151,156
372.287
159,316
939,769
12 months- 4,039,513 3,724,383 1,472,521 1,275,592 1,139,570
Cape Breton Electric Co, Ltd-3,536 --14,877
-9,015
January _ _ .
53,804
2.341
60,588
28,434
17,699
12 months_ 633,023
97,329
688,991
84,911
Central Miss Valley Elea Co14,087
12,448
16,156
January __ _
52,696
50,097
18,137
95,003
12 months_ 550,532
108,716
138,878
526,072
152,910
Columbus Electric CoJanuary _ _ 200,627
88,056
168,705
112,934
12 months_ 2,007,345 1.824,787
988,154 1,018,182
Connecticut Power Co31,560
51,505
January
142,825
69,571
50,198
184,767
12 months_ 1,801,266 1,512,746
328,429
565,708
418,886
627,016
Eastern Texas Elec Co30,355
January
47,330
65,813
51,829
144,169
165,275
12 months_ 1,810,791 1,662,390
446,289
347.408
564,745
647,279
Edison Elec Ilium Coot Brockton58,397
53,456
January _ _
54,334
59,234
148,815
127,753
12 months.. 1,403,100 1,272,227
371,405
492,822
394,914
503,154
El Paso Electric Co- •
70,461
53,646
January
87,500
70,637
201,045
211,980
12 months_ 2,301,776 2,297,188
659,539
537,736
868,695
702,178
Elec Lt & Pr Cool Abington & RocklandJanuary...
7,304
5,633
34,925
7,972
39,014
6,299
12 months_ 386,364
64,246
51,433
60,328
71,919
353,558
Fall River Gas Works CoJanuary
23,830
83,820
9,004
78,690
9,014
24,103
12 months_ 1,001,556 1,008,472
274,881
228,121
277,520
228,928
Galveston-Houston El Co20,312
January _ _ 276,073
14,268
54,062
55,955
267,099
12 months_ 3,326,555 3,611,326
462,989
207.636
891,272
675,980
Haverhill Gas Light Co9,264
January _
8,394
50,624
46,837
8,476
9,516
12 months_ 549,634
117,021
137,628
526,164
138,455
126,380
Keokuk Electric Co7,195
January _
7,678
37,103
35,791
11,728
10,896
12 months_ 389,733
48,515
61,223
377,860
105,328
92,266
Key West Elea CoJanuary _
7,563
3,448
6,130
22,776
22,456
10,459
12 months_ 249,015
.51,959
63,342
75,525
94,671
261,531
Lowell Elec Light Corn66,098
42,447
44,589
January___ 161,434
66,192
120,145
12 months_ 1,404,366 1,192,686
381,390
480,858
363,473
848,610
Miss River Power CoJanuary _ 232,708
73,445
63,915
167,673
174,354
227,827
12 months_ 2,911,549 2,745,031 2,154,733 2,028,019
924,108
784,935
Northern Texas Elec CoJanuary ___ 247,934
62.165
68,124
93,240
86,978
263,887
12 months_ 3,053,5433 3,463,606 1,027,668 1,243,004
728,362
939,983
Paducah Elec CoJanuary _
12,220
56,063
17,838
9,228
49,696
20,698
12 months_ 567,554
103,418
44,661
532,108
204,681
143,111
Puget Sound Power & Light CoJanuary.... 1,096,768
315,904
950,808
447,126
299,637
469,854
12 months_10,623,569 10,050,801 4.401,312 4,191,579 2,658,218 2,408,079
Savannah Electric & Power GoJanuary ___
139,562
28,570
135.543
47,125
23,393
52,598
12 months_ 1,607,112
300,720
585,582
Sierra; Pacific Electric CoJanuary ._
85,971
37,631
25,811
78,530
32,959
42,047
12 months.. 917,819
881,771
369,029
325,409
431,666
401,248
Tampa Electric CoJanuary ___ 192,854
82,284
165,105
71,436
87,914
75,666
12 months_ 1,837,007 1,727,504
646,204
702,053
696,494
756.029

FINANCIAL REPORTS.
Financial Reports.-An index to annual reports or 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
Feb. 24. The next will appear in that of March 31.
American Smelting & Refining Co.
(Report for Fiscal Year Ending Dec. 31 1922.)
The remarks of President Simon Guggenheim, together
with a comparative income account and balance sheet and
other tables, will be found under "Reports and Documents,"
on a subsequent page.

New York City Street Railways.
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
1921
1922
1922
1921
Brooklyn City RR
Dec 1.007,640
98./01
236,596
988,688
Jan 1 to Dec 31
11.879.784 11,423,523 2.557,120 1,777.189
Bklyn Hghts RR (Rec.)_Dec
2,541
7.175
1,611
5,770
Jan 1 to Dec 31
7,149
88,539
5,949
71,775
B'n Qu Co & Sub (Rec)_Dec 224.968
67,325
218.598 -35.529
,,an 1 to Dec 31
501,373
2,582,915 2.342,163
400.738
C I & Brooklyn (Itec)_ _ _Dec 221,880
217,730
61,515
55.155
Jan 1 to Dec 31
2.787.167 2.791.267
687;4
188
622
768.729
5.354
I & Gravesend
DecC
4.682
-1,606
43.603
138.361
Jan 1 to Dec 31
79
150,94744,741
5188
2,039.530 1,980.872
530,024
York Consol (Rec).DecNw
23.606.504 22,339.486 6,035,398 4,929.571
Jan 1 to Dec 31
_Dec
446,175
102.906
(Roc)__
413,866
73,788
Nassau Electric
840,013
5.181,234 4.780.279 1.208439
Jan 1 to Dec 31
Dec
95,529
25,093
76,875
33,037
South Brooklyn
1,179,574 1.006.689
360.071
460.276
Jan 1 to Dec 31




1043

THE CHRONICLE

MAR. 10 1923.]

CONSOLIDATED BALANCE SHEET, DECEMBER 31. ,
[Includes Amer. Smelt. & Ref. Co. and Amer. Smelters Securities Co.]
1921.
1922.
1922.
1921.
Liabilities-$
Assafs
$
5
Property acc't_ _125,347,106 128,042,207 A. S.& Ref. Co.
pref. stock__ _ 50,000,000 50,000.000
Investments--- 3,398,566 2,710,698
Prepd.tax.& ins 1,562.031
629,981 A.S.Sec. Co.Deferred acc'ts&
Pref. stk."A" 1,373,900 7,279,500
288,400 1,434,300
notes receivle
109,849
268,427 Pref. stk."B"
Inter-plant accts
A.S.& Ref. Co.
in transit _ _
common stock 60,998,000 60,998,000
92,851
55,101
Cash
3,193,408 2,274,427 Bds.outstanding
Call loans
A.S.& R.Co.
3,300,000
Liberty bonds__ 1,130,500 1,489,350
1st M."A"_ _ 42,477,700 34,183,200
747,300
Bankers'& trade
Ros.C.&C.6s_
acceptances..
38,185
67,246 Accounts, notes.
Loans secured by
&c., payable_ 10,303,805 10,482,736
477,603
572,994
metals on hand
246,266 Int. on bonds__ _
Accounts& notes
982,929 1,108,166
Divs. payable__
receivable_ _._ 7,680,235 4,934,440 Accr.tax.notdue
817,732
Materials & sup. 5,862,714 6,112,510 (Fed.tax.est.) 2,393,263
897,741
Metal stocks_ __ 40,740,503 42,414,644 Empl. pen.res_ _ 1,309,862
641,971
Cash with trustees:
641,971
res_
Empl. d. b.
412.121
Sinking funds.
635
1,013 Fire ins. reserve.
Empl. pen.td.
884,679
884,679 Res.for metal stk 5,823,656
Empl.d. b.td.
478,924
478,924 Misc,snap.cred.
•
1,217,163
accounts
12,719
Safety & wel.res
794,747
Miscellaneous
15,438,543 20,322,077
Surplus
Total
193,820,185 190,609,913
-V. 116, p. 518. 413.

Total

193,820,185 190.609,913

The Pittsburgh & West Virginia Railway.
(6th Annual Report for Year Ended Dec. 31 1922.)
President W. H. Coverdale, Pittsburgh, Feb. 10, wrote in
substance:
Guaranty.-The claim presented to the I.-S. C.Commission. covering the
guaranty for the 6 months ended Sept. 1 1920, has not yet been acted upon
and no estimate has as yet been set up or accrued covering this claim.
Pref. Stock.-Company's application to the Commission, filed Aug. 19
1922, for authority to issue $4,900,000 additional Pref. stock, covering improvements made and to be made, is still in abeyance.
Effect of Strikes.-The volume of traffic was affected adversely during
the year by the strikes of coal miners and of railway shop forces which lasted
five and three months respectively.
Investment in Road, &c.-During the year the net iscrease in investment in road and equipment was $389,729.
New Equipment.-On Sept. 1 1922, company contracted with the Cambria Steel Co.for 1,000 all steel 55-ton hopper coal cars, but deliveries were
not begun until Jan., 1023.
On July 22 1922, company ordered from the American Car & Foundry
Co. 14 all steel passenger train cars of standard Pennsylvania Railroad
type and consisting of 9 coaches, I passenger and baggage car, 2 passenger.
baggage and mail cars and 2 baggage cars. These cars are expected to
be delivered during March, 1923.
Pittsburgh Terminal Coal Co,-Dividend income on the Preferred and Common stock of Pittsburgh Terminal Coal Co., owned by company, was received during the year in the amount of $560.000. .At the end of the
year the name of that company was changed from Pittsburgh Terminal
RR. & Coal Co. to Pittsburgh Terminal Coal Co.
[For denial by I.-S. C. Commission of company's application to acquire
property &c., of West Side Belt RR. see under "General Investment
News" below.]
Extracts from Report of West Side Belt RR.for Year 1922
During the year Pittsburgh & West Virginia Ry.Co.continued to operate
the railroad property, pending action by the I.-S. C. Commission upon the
application made Nov. 26 1920, for authority to acquire the property,
&c.,[but see under "Investment News" below.]
During the year the net increase in investment in road and equipment was
58,475.
The funded debt was reduced $375,000 during the year as follows First
Mortgage gold bonds, $140,000; Equip. Trust Certificates, Series "A,"
$85,000, and Equip. Trust Certificates, Series "B,' $150,000.
Total income for calendar year 1922 was $185.075. Total deductions,
$62,965, and net income, $122,110.

1044

THE CHRONICLE

[Vol.. 116.

COMBINED INCOME ACCOUNTS OF' PITTSBURGH & WEST VA.
The other difficulty was due to a more or less widespread belief
there
AND WEST SIDE BELT RR. FOR CALENDAR YEARS.
would be an immediate sharp recession in the cost of labor andthat
material,
which
would make increases in rates unnecessary. The expected price re1922.
1921.
1920.
1919.
cession did not materialize, has notyet materialized, and it is
Railway oper. revenue.. _ $2,835,601 $2,808.939 343,025,961
(See z)
generally
recognized that it cannot be looked for during the next severalnow
Railway °per. expenses.. 2,236,824 a3,660.192 y2,964.867
years.
The fact that it was a new experience for the State Commissions to be
asked to approve increased telephone rates, coupled with the feeling on
Net revenue
$598.777 def$851,252
$61.093
the
part of many commissions that conditions
Railway tax accruals__ _
365,285
321,891
178,824
soon right themselves and
take care of a revenue situation admittedlywould
Uncoil. ry. revenue..
17
87
unfair to the companies for the
1,293
time being, made the problem harder than it should have been. This
was
not unnatural but it was unfortunate. The
Ry. oper. income_ _
$233,474df$1,173,230 def$119,022
companies of the system
Div.P.T.RR.& Coal Co.
560,000
480,000
$280,000 adopted and pursued a policy that was patient, fair and most conservative.
160,000
Rate
increases
were
Hire&rent ofequip.(net)
made
or
564,229
sought
368.523
quite
generally throughout the country,
378,349
never more than were reasonable and generally substantially
Inc.from lease of road_
6870,324
250,000
less than the
Inc.from sec. & accts.._ _
50,556
241,486 facts would justify.
387,585
127,052
For
the
most
part
the
Misc. income
commissions
30,327
33,122
85,776
have frankly faced the facts and have
65,686
fairly discharged their duty under the law, with the result that in the great
Gross income
$1,438,587
$607,262 majority of instances telephone rates have been placed on a level approxi$964,322
$862,064
Deduct-Interest, &c.._ _
69
123
121,167 mately fair to the companies and certainly not unfair to the subscribers.
110,769
Dividends (6%)
544,242
544,242
544,242 In a few instances the State commissions have not responded in this way,
544,242
Expenses, taxes, &c_ _
95,000 but have persisted in refusing or failing to take cognizance of the new
higher level of wages and prices. In such cases the companies
Rent for leased road .__ _
161,136
have been
Miscellaneous charges
134
14 201
3,545 obliged to have recourse to the State or Federal Courts to secure and pro282
tect the revenues required as much in the public interest as in
theirs,
which they are entitled under the law. Happily, the number of and
Balance, surplus
$733,005
/405,756
$206,771 def$156,694 to
these
appeals to the Courts has been small and has constituted
a very small pera Includes $810,917 for rehabilitation ofroad and equipment. b Includes centage of the total number of cases. Happily, also, the companies have
$720,000 received from U. S. RR. Administration. it No contracts having been almost uniformly successful to date in this litigation, the Courts
having
then been signed fixing the amounts to be paid by the U. S. RR. Adminis- vindicated the position taken by the companies.
Early in 1922 the U. S. Supreme Court decided the first case involving
tration for the use of the two roads, the company for 1919 and 1918 reported
only its "other income" (exclusive of such compensation) with charges&c.. the license contracts with the associated companies to reach that Court.
It affirmed a decision of the lower Court holding that-the license contract
y For 10 months ending Dec. 31 1920.
Is fair and reasonable and advantageous to the associated company.
PITTSBURGH & WEST VA. GENERAL BALANCE SHEET DEC. 31.
Progress has been made during the year toward the ciar Motion of some
of the fundamental questions involved in the administration
1921.
1922.
1922.
1921.
the commisAssets-sion laws of the various States. Two or three decisions byof
$
$
the Courts in
Investment in road
Common stoek___30,500,000 30,500,000 1922, including one by the U. S. Supreme Court, should exert a marked
and equipment_30,655,888 30,266,158 Preferred stock-. 9,100,000 9,100,000 influence toward the recognition of the sound construction of
these laws.
Misc. phys. prop__ 390,211
Development and Research.-The use of cable, whether underground or
408,196 Traffic, esc., balInv.In etre. we.:
ances payable__
52,881
116,375 overhead, though absolutely necessary, has presented most formidable
Stks.-Pitts.T.
scientific problems. When first introduced, less than half a mile of cable
Accounts dr wages
NI
RR.& Coal Co_ 7,462,000 7,462,000
Payable
309,157
319,317 In a circuit was enough to seriously interfere with conversation between city
Stk.-W.S.B.RR.
and suburbs. By our continued efforts the range of possible use of cable
68,333 Miscellaneous ac68,333
Bds.-W.S.B.RR.
counts payable_
95,000
10,449
13,004 was gradually increased until by 1920 conversation was possible through
Adv.-W.S.B.RR. 5,255,415 5,255,415 Dividends matured
2.000 miles of cable. The work of the past year has developed methods
Notes-W. S. B.
unpaid
1,036
938 which will make conversation scientifically possible through 3,000 miles
RR
1,064,585 1,064,585 Umnatured divs__
136,060
136,060 of cable equal in all respects to a conversation from one room to another in
Stocks,P.& C.C.
Other liabilities__
19,477 the same building.
7,724
Alt
During the year we have continued our studies and experiments in wire1
1 Tax liabilities_ _ _ _
114,612
159,777
Govt.securities__ _ 870,000
550,C00 Operating reserves
4,603 less telephony. They have been directed toward ascertaining more about
3,013
Mat'l & supplies
the laws governing the various conditions of tho ether as a medium of com318,073
466,941 Accrued depreclaBal.from Agfa.,&a.
lion equipment_ 350,688
11.791
7,844
278,554 munication, as well as developing better methods of transmitting and reCash
1,033,854
602,574 Unadjusted credits 4,087,706 4,484,246 ceiving. We have devised new methods for measuring accurately the currents transmitted by radio and for measuring the intensity of the so-called
Special depoelta
137,436 Additions to prop137,586
static disturbances which interfere with radio transmission.
Traffic, &e., bale_
182,066
erty through in69,732
To test these improvements, a new series of trans-oceanic experiments
Miss. accts. realecome & surplus_
265,147
78,307
125,606
23,563
was undertaken late in the year, previous experiments of this kind
Int.& diva.reedy_
47,539
45.658 Profit and loss balbeen
successfully conducted as described In our report for the yearhaving
Adv. In transit
ance
6.939
4,062
3,171,702 2,137,086
1915.
Prom these recent experiments valuable data have already been obtained
Deferred assets__
4,646 U. S. Government
5,510
Unadjusted debits 434,547
account
472,758
5,478 showing the variation in Intensity in trans-oceanic speech during the paiods
of daylight and darkness and twilight, and under different conditions of
Total
Total
48,015.850 47,253,311
48.015,850 47.253.311 weather.
During the night of Jan. 14-15 1923. for a period of two hours, long tele-V. 115, p. 2379.
phone messages were sent from the offices of the American Telephone &
Telegraph
95 Broadway, N. Y. City, through the Rocky Point
, American Telephone 8c Telegraph Company.
station of the
Co.,'Radio Corp. The speakers at New York were distinctly
heard and understood in London and their voices were easily recognized
(Report for Fiscal Year ending Dec. 31 1922.)
by representatives of civic, scientific and commercal interests and of the
Extended extracts from the remarks of President H. B. press.
The extent to which wireless telephony becomes or continues of real value
Thayer, together with the comparative income account and to civilization as a means of intercommunication across the ocean
or similar
which cannot be bridged by wires depends upon many other than
balance sheets for years 1921 and 1922, also several other spaces
scientific and technical conditions.
important tables, will be found on subsequent pages. PresIn certain sections of this country less than a year of radio broadcasting
has shown how interference destroys its value even as a source of entertainident Thayer further says in substance:
ment, and in connection with international intercommunication,
Toll Lines, &e., of the Bell System.-The Bell system comprises about all of the difficulties arising from lack of centralized control of the there are
complete
14.000,000 stations, connected by over 36,000,000 miles of wire.
medium of communication. It is in the expectation that ultimately, by
It is a very large and complicated machine, extending over the whole national and international control, interference will be obviated, and
that
country, and must be capable of indefinite extension. The study of that by co-operation other problems having
international aspects may be at
machine-to make it more useful, more efficient, simpler, more economical, least partially solved, that we are continuing our studies.
Experiments
to provide for extensions incorporating all of the improvements which mod- in wireless telephony as an additional agency of intercommunication
are,
ern science indicates and planned to function with existing plant-is the therefore, under present conditions, more of csientific than of commercial
work of our Department of Development and Research.
value.
Other departments are studying continually the various operating methThe exchange of patent licenses between this and certain other companies,
ods, plant construction and maintenance, work In the central office, ac- described in the report for 1920, has proved valuable. The co-operation
in
counting, comparing results obtained by different methods in order to ar- research and use of facilities which it provided has greatly facilitated
exrive at the most efficient and economical methods for adoption throughout periments In trans-oceanic wireless telephony. Ownership of stock our
in
the
the system, in order that with each succeeding year the work may be bet- Radio Corporation of America has not, however, proved to be necessary for
ter done.
co-operation. Therefore,in line with our general policy to hold permanently
A national service can exist only through an organization which provides only the stocks and securities directly relati to a national telephone
for a uniform policy and co-ordinated action. Uniformity of policy and service, we have disposed of all stock in the Radio Corporation,
small
co-operation come to the Bell System through contract relations and com- amount which appears among the assets on Dec.31 having since been a
sold.
munity of ownership. The American Telephone & Telegraph Co. owns
As in the past the greater value of the Development and Research Dedirectly or indirectly all of the voting stock of 14 associated companies,
partment is in the continual study of all of the mechanisms and materials
78% a nine others and 31.5% of two others.
going into the plant of the Bell System and the improvements
in
The operation of the Bell Telephone System is in the very capable hands greater economies in construction, maintenance and operation,resulting
in protecof the regional operating organizations, the associated companies.
tion of the plant and in better service. In this report we can only mention
It is the responsibility of the headquarters organization-your company- an occasional conspicuous scientific contribution which seems to
to make such provisions for the future as will establish more firmly each large possibility either in extension or improvement of the service.have a
year the standing and soundness of the system as a public institution.
Operation.-Not only are the speed and accuracy of establishing
A very large and constantly increasing proportion of the men, women sired telephone connections better than in previous years, but in the deand even the children of the country in their personal and business affairs service there has been a marked improvement. The standard ofthe toll
transare either regular or occasional users of the telephone. Hundreds of thous- mission, that is, the clearness and loudness of speech, has been
maintained.
sands are owners of our stock and other securities. It is essential to the and in many cases Improvements have been made over the results
of preperpetuation of this institution furnishing the telephone service of the coun- vious years.
try that It should have the good-will and respect of the country, fully
The maintenance or upkeep ofthe plant has been kept at the high standard
justified by performance.
necessary to give satisfactory service.
To get and retain that good-will and respect it seems to us that besides
During the year there have been added to the system by new
giving good service at reasonable rates we must spare no effort to get in and extension a total of 586,000 stations, the largest number of construction
stations
the minds of the people a thorough and complete understanding of our prob- added in any one year. Large as this figure is, the construction workever
relems, our aims, our methods and our results. We attempt to accomplish quired to connect thorn has been made even greater by the fact that
this through our policy of full publicity and particularly through agencies stations have not been uniformly distributed over the system. these
Many
which are a part of the institution. Well informed and widely distributed communities and sections, chiefly those primarily dependent upon agriculstockholders are a valuable agency. We embrace every opportunity to ture and mining, have shown relatively small growths,
while in other seeincrease their number, and through Gib publications of the company and lions the demand for additional service has been unprecedented.
As a
the Bell Telephone Securities Co. to have them well informed. It is result of the very large growth and its concentration in certain
sections
our aim also that every employee in every division and rank in the service of the country, the extensive program planned for the beginning of the
year.
shall take such an attitude toward the part of the public with which he or and enlarged from time to time during the year, has not been
she comes in contact as can only go with interest and pride in the service. In a few places, especially in the more rapidly growing residence sufficient
areas, to
With that end in view, not only ownership of stock is encouraged, but every provide the lines and switchboards necessary to meet
immediately as
pwsible opportunity is taken to inform all of the employees, whether stock- received all demands for new service. These places are receiving
special
holders or not, as to what we are trying to accomplish and why, and as to attention and work is under way In order that we may be able
to promptly
what they can individually and jointly contribute to that accomplishmet.
furnish telephones to all applicants for service.
We have gone into this exposition of our policy and methods at some
In any emergency the first relief is by communication-by an appeal for
length in order that our stockholders may know that our various lines of help-and the agency to which the public turns first is the telephone.
activities, meritorious we believe by themselves, are not unrelated but are All practicable precautions should be taken in order that an agency upon
parts of a deliberately planned program intended to produce a definite re- which the public has come to rely should be always available.
Our plan is to protect the main arteries and the largo centres and tho parsuit which is an institution for public service, satisfactory to the public
and, therefore, on a permanent and sound foundation in the interest of the ticularly vulnerable points, and elsewhere to provide means of quick restorstockholders and the public.
ation after occasional damages.
Over 93% of the exchange wire plant is in cable and 74% of that cable is
Rate Regulation.-When the U. S. Government relinquished its war control of the telephone system, our companies were confronted with the underground.
problem of readjusting telephone rates to meet the new conditions created
There are now in service approximately 2,100 miles of long-distance toll
by the war.
cables connecting the Atlantic Seaboard cities from Boston to Washington,
At the same time, the regulatory powers of the State Public Service Com- with an arm extending west to Pittsburgh which
will be extended this year
missions. which had been in suspense during the period of Federal control through Youngstown to Cleveland and will
later be extended through
(although not completely so until near the close of the period), were revived. Toledo to Chicago. Each year adds
something to this factor of safety.
Increases in rates for service were necessary generally thrnughout the The larger central offices and the shops
Inc..
country, if the system was to preserve that sound financial condition which are housed in fireproof buildings, and allof the Western Electric Co.,are
on
was in the interest of the public no less than of the companies themselves. the alert to repair without delay damar through the system gangs
to the plant as it occurs.
This problem presented two difficulties in particular.
In faithful reproduction of human speech at a distance so that the person
One of these difficulties grew out of the fact that before the war our com- listening will enderstand with ease, so
that the speech transmitted will be
panies had rarely found it necessary to increase rates, although giving a of proper volume and quality
distortion, our engineers and scienconstantly enhanced service-a result which had been made possible by tists have achieved what seemedwithout
to
be
the
impossible. On the through lines
in
the development of the art. distance has been eliminated.
economical management and by great strides
There is practically little difference to the




MAR. 10 1923.]

1045

THE CHRONICLE

istener whether speech over the telephone comes from the next room or collecting receivables outstanding at the date of the balance sheet would
arise only in the event of liquidation. In the agricultural implement
across the continent.
The program of introducing machine switching in the larger centres is business, where long credits in some lines are extended to the farming
community, conservative management had adopted the principle of maingoing on as planned and with satisfactory results.
The construction, maintenance and operating forces were never in better taining a reserve to meet future collection expenses. The balance at
condition or producing more satisfactory results. The production per em- Dec. 31 1922 amounted to $2,000,000.
Industrial Accident Fund.-Payments for accidents are absorbed directly
ployee in every branch of the work is higher than previous records. This
gratifying showing is due to a number ofcauses, among which are improve- in operating expenses, and no portion is charged against the permanent
ments in methods, the interest and loyalty of the forces and their greater industrial accident fund, which is maintained at a reasonable amount as a
experience due to the reduced turnover as contrasted with recent years. safeguard against future contingencies. Balance at Dec. 31 1922, $950,000.
Contingent Reserve.-Baiance at Dec. 31 1922, $3,250,000.
For the past year the turnover of the working forces of the Bell System
Fire Insurance Fund.-Balance at Dec. 31 1921, $7,451,157; Add credit
has been about one-half of what it was two years ago, and compares favorfor 1922 from regular charges to operations, 3338,688 total, $7,789,845.
ably with the best of the pre-war years.
Previous reports have referred to the plans for employee representation Deduct losses by fire, &c., during 1922. $41.972; balance at Dec. 31 1922.
in the associated companies. These plans naturally vary in different com- $7,747,874.
Pension Fund.-There are now 908 former employees on the pension
panies in accordance with the preferences or desires of the employees in
each company. The general result of the various plans, however, is much roll, compared with 783 at the close of 1921. The average annual pension
Is
$535. Balance at Dec. 31 1921. $6,761,895; Add income for 1922,
the same in that they practically lead to regular meetings for conferences
and discussion between representatives of the employees and representatives $466.458; total. $7.228,354. Deduct pension payments during 1922.
of the management. These meetings have come to be recognized as a reg- $465,741. Balance at Dec. 31 1922, $6,762,613.
ular and valuable function in the conduct of the company's business.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
The result of the activities of these joint conference committees is prov1919.
1921.
1920.
1922.
ing to be more far-reaching than was anticipated at the outset.
Oper.
income after taxes_511.417,484 $11,281,367 $23,160,075 $25,786,195
The primary purposes of the plans were to provide the machinery for es2.348,023
642,329
818,438
_
916.812
tablishing a better acquaintance and more sympathetic understanding be- Deductions-Interest
251,172
428,379
397,503
330,021
Ore St amber exting-tween the management and the other employees; and to afford ready
3,403,459
2,769,404
Reserve for deprec'n__ 3,455,602
3,474,744
opportunity for individuals or groups of individuals to discuss with the
181,976
Special main. reserve
197.310
280.469
183,773
management any policy or practice of the company which directly or indi931,484
1,178,800
607,114
Res.for losse.t on rec-990,508
rectly affected the employee, his relations to the company or the condiPension funds
500,000
1,000,000
tions under which he performed his work.
War loss
7.403.034
Experience has demonstrated that the representation plans have in the
main served admirably to meet these purposes. But the activities of these
Balance, surplus
$5,540,767 $4,149,919 $16,655,353 $12,608,726
joint committees are rapidly broadening into new fields of constructive
Previous surplus
59,526,788 88,350,742 71,645,389 68.036,663
effort, and not only the joint committees but the various employee organizations and special employee committees are continually making new and
Total
$72,500,661 $88,300,742 $80.645.389
$65.067,555
valuable contributions in the operation of the business. There is not only
4.215.673
4,200,000
4.200,000
4,215,673
a steadily growing interest on the part of the individual employee in the Pref. dividends (7%)
(5%)4,847,920(53)5112786(61)5750000(8)4.800,000
technique of his own special work and its relation to the work of his asso- Corn, diva, cash
10,000,000
do
(in
stock)
3,645,414
3,802,290
ciates, but there is generally on the part of all employees a notably increas123i%
Rate of stock dlv_ _ _ _
4%
4%
ing appreciation of their responsibility to the public and of the fact that they
are representatives of and spokesmen for the companies of which they are
Profit & loss. surplus....452,201,672 $59,526,788 368.350,742 $71.645,389'
an important part.
During the past year the management has taken advantage of the opporCONSOLIDATED BALANCE SHEET DEC. 31.
tunities presented by the joint conference committee meetings to outline
1922.
1922.
1921.
1921.
operating objectives, methods and results and already it is evident that emLiabilitiesAssets$
$
$
$
ployee representation can contribute as much to the success of the oper- Real mt., plant,
Preferred stock_ 60,223,900 60,223,900
ating performance of the organization as it has contributed to its public
mines,etc__ a85,169,817 83,030,335 Common stock_ 97,918,404 94,116,114
relations and morale.
Deferred charges
376,609
427,183 Bills payable.__ 5,635,000 10,825,000
Employees' Benefit Fund.-The plan for employees' pensions, disability Pension fund___ 4,410,374
3,660.000 Curr'nt invoices,
benefits and death benefits has continued in effect throughout the Bell Inventories
87,810,484 114,085,766 rayels,tax.,&e 12,876,924 14,452,171
year.
thus
completing
year
of
its
operation.
System during the
the 10th
Accts. rec., .4c_b65,808.323 56,283,381 Pref. dlv. pay__ 1,053,918
1,053,918
The total amount of payments from the Employees' Benefit Fund dur- Investments_
1,223,980 1,178,451
823.485 Corn. div. pay
ing 1922 was $4,371,208.
Cash
7,451,157
10,892,987 8,361,652 Fire ins. reserve- 7,747,874
As in previous years, financial a83istance has been given in many cases
Pension fund___ 6,762,613 6.761.89$
of disability which did not come wholly within the provisions of the employOther reserves__ 8,824,308 9,191,905.
ees' benefit plan.
Pur. mon.oblig_
1.892,502
Employees Stock Plans.-In last year's annual report, mention was made
52,201.672 59,526,788
Surplus
of the introduction of the employees' stock plan dated May 1 1921, which
have
been
offers to all employees who
in the employ of the Bell System for
Total
Total
254,468,593 266,671,80/
254,468,593 266,671,801
6 months or more a continuous opportunity to subscribe for new shares of
capital stock of this company on an installment payment basis. The opera Includes real estate, plant, Property, mines, timber lands, &c., $117.ation of this plan during the past year has again demonstrated a keen desire 275,835, less reserves for plant depreciation of 332.108.018. b Includes
on the part of Bell System employees of all occupations to become partners dealers' and farmers' notes, $48,791,151 and accounts receivable, $21.738.in the business and has reflected a widespread tendency toward saving and 892; total, $70,530,043: less reserves for losses of $4,721,720.-V. 115, p.
thrift throughout the personnel of the system.
2484.
Several changes in the provisions of the plan were made effective during
the year, pursuant to the right reserved to this company to alter the terms
American Woolen Company, Boston.
upon which stock shall be offered under this plan:
(24th Annual Report-Year Ended Dec. 31 1922.)
On March 1 1922 the subscription price was increased from $105 to $110
per share.
The remarks of President William M. Wood,together with
On June 1 the right to take up stock at any time after six months from the
date of the initial deduction-by payment of the balance due thereon-was the profit and loss account, and balance sheet for 1922, will
withdrawn in respect of subscriptions filed on or after that date.
On Oct. 1 the subscription price was further increased to $115 per share be found under "Reports and Documents" on another page:
and the rate of interest allowed on installment payments on stock subPROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
scribed for at this price was fixed at 7%.
1920.
*1922.
*1921.
1919.
The number of employees paying for stock under the plan was on Dec. 31 Net profits, after taxes-- $9,531,926 $9,192,622
$15,513,415
1922 in excess of 94.000.
Net profits."after applyAl] obligations under the second stock purchase plan made effective
ing reserves"
$6.855.259
Dec. 1 1919 were completed during 1922.-V. 118, p. 298, 179.
Preferred dividend (7fl 2,800,000
2,800,000
2,800,000
2,800,000
Corn. diva. (cash)-(7 o) 2,800,000
2,800,000 (7)1983,333y(6)1200,000
bonds)
_
Corn.
diva.
(Lio.
(10)2000,000
International Harvester Company.
Insurance fund
500,000
Pension fund
500.000
(Report for Year ended Dec. 31 1922.)

The remarks of President Alexander Legge, together
with the income and surplus account and balance sheet
as at Dec. 31 1922, will be found under "Reports and
Documents," on subsequent pages of this issue. Regarding
the reserves, President Legge says in substance:
Plant Depreciation.-The annual appropriations from earnings for plant
depreciation reserves constitute the necessary Provision for are impairment
and consumption of the plant assets utilized in production. Such depreciation is based on rates established by recognized authorities and confirmed
by past experience in this industry and should prove sufficient to reproduce
the properties as their replacement becomes necessary.
Balance at Dec. 31 1921
$29,209,556
Provision for 1922
3.455,601
Total
Deduct-Replacement charges, &c., during 1922

$32,665,158
559,140

Balance. surplus
Previous surplus

$3.931.926
31,915,381

$3,592.622 $2,071,926 $38,513,415
31,508,733 34,232.264 19,724,623

Total
$35,847,307 335,101.355 336,304.190 328.238.038
Res. for dim, ofinv. val..
7,250.000
Provision for Fed, tax of
previous years, &c
2,567,053
Res,restored to surplus_
Cr36,372
Cr14,500,000
Depreciation
3,277,324
3,185,973
2.228,404
3.733.611
Profit & loss surplus_ _332,606,354 $31,915,382 $31.508,733 $31.754,427
* Shawsheen Mills omitted.
BALANCE SHEET DECEMBER 31.(SHAWSHEEN MILLS OMITTED.)
1922.
1921.
1922.
1921.
Assets.
Liabilities$
Plants and mill
•
Common stock_ 40,000,000 40,000,000
fixtures
x49,751,301 50,781,767 Preferred stock_ 40,000,000 40,000,000
Investments
1,027,433
5,260,605 Coupon notes._
1,000,000
Wool & fabrics,
Notes payable__ 9,749,700 2,799,400
raw, wrought,
Carr. acc'ts.dtc_ 3,634,012 7,702,896
and in process,
accr. Pref. div_
583,333
583,333
and supplies_ 43,367,545 40,621,118
do Common_
583,333
583,333
Subscip'n plan._
1,109,339 Mtge. on N. Y.
Cash
9,373,452
City buildings 2,220,000 2,302,500.
7,540,286
Accounts receivInsurance fund_ 2,500,000 2,500,000
able (net)-_
. _ 31,969,994 26,288,182 Pension fund
2,500,000 2,500,000
Deferred charges
387,007
285,547 Spec. reserve__
1,600,000
Undiv. profits__ 32,606,354 31,915,381

Balance at Doc. 31 1922
$32.106,018
Repairs, Renewals & Afaintenance.-Liberal expenditures have been
made for ordinary repairs and renewals in order to maintain the plant
properties and manufacturing equipment at their maximum efficiency.
All such items are charged to operating expenses.
Expenditures for repairs and renewals fluctuate from year to year in
proportion to production, and while the 1922 cash outlay is less than the
previous year, the ratio to production is uniform after allowing for the
variation in material prices and labor rates. A summary of these expenses
for the two seasons is:
Works & Twine
Total______ __135,876.733 131,886,844
1921.
1922.
Total
135,876,733 131,886,844
Mills1022.
1921.
Furnaces & steel
x Plants and mill fixtures, office and warehouse
United States_ ___$3,143,624 $5,272,715
$735,151 $721,947 less $34.778.204 for depreciation.-V. 116. p. 298. buildings, $84,529,505.
mills
179.
Canada
232,747
187,872
612,197 Railroads
171,492
European
352,263
452,900 Branch houses &
California Oregon Power Co.
117,165
miscellaneous.-- 139,876
Total, Works&
(Report for Fiscal Year Ending Dec. 31 1922.)
Twine Mills_ _$3,728,635 $6,337,812
Grand total_ __ _$4,775,154 $7,364,797
The remarks of Chairman Joseph D. Grant, together with
Special Maintenance.-These reserves provide for relining blast furnaces,
maintenance of docks and harbors conversion of power systems, and a comparative statement and chart of the annual gross and
renewal
work,
the
other
expenditurm for which occur at irregular intervals. net
earnings and operating and maintenance expenses, from
To provide for such renewals when they become necessary, the future
Cost of the work Is apportioned over curren. earnings. Balance at Dec. 1912 to 1922, inclusive, a chart showing value of physical
31 1921, $2,991,905; provision for 1922, $183,773; total, $3,175.678. properties of the
company from 1912 to Dec. 31 1922, and a
Deductreining,renewal and other charges during 1922.$551,369. Balance
condensed balance sheet of Dec. 311922, will be found under
at Dec. 31 1922, $2,624,308.
Losses on Receivables -Annual deduc,Aons from earnings to provide for "Reports and
Documents" on a subsequent page. The
losses which may ultimately be sustained in the realization of notes and
accounts receivable taken on each season's sales are based on long experience report itself contains a map showing the location of the
and are adequate to cover bad debts incurred in the ordinary course of power stations and transmission lines. Several interesting
business.
Cash collections on business transacted during the year were good in views are also given.
The retiring officers and directors were re-elected at the annual meet
the domestic and foreign trade, being 78% in the United States, 70%
Changes in titles were made as follows: P. 0. Crawford (formerly
In Canada, and 80% in the European and other foreign trade. Balance Pitt
at Dec. 31 1921. $4,414,527; add provision for 1922 $990,508; total, Chief Eng.), V.-Pres. & Chief Eng.•, W. M. Shepard (formerly Gen. AO.).
$5.405.034. Deduct bad debts charged off during 1922,$683,314. Balance V.-Pres. & Gen. Agt ,.• Paul B. McKee is 1st V.-Pr. & Gen. Mgr.
The members of the board are: Joseph D. Grant. Chairman; John D.
at Dec. 31 1922. $4,721,721.
Collection Expenses.-In most lines of business the time which elapses McKee, President; Paul B. McKee, Vice-President and General Manager;
between the date of a sale and the collection of the proceeds in cash Is W.I. Brobeck, Joseph A. Donohoe, Milton H. Esberg. John Freuler, A. S.
comparatively short, and the need of a reserve to meet the future cost of Holmes, Joseph Hyman. F. G. Phelps is Secretary.-V. 116, p. 181.




1046

THE CHRONICLE

[Vox,. 116.

Kansas City Power & Light Company.
Consolidated Gas Elec. Light & Power Co. of Baltimore.
Annual Report for Fiscal Year ending Dec. 31 1922.)
(Report for Year ended Dec. 31 1922.)
INCOME ACCOUNT FOR CALENDAR YEARS.
The remarks of President Joseph F. Porter, together with
1921.
1919.
1920.
a comparative income account and balance sheet, will be Gross income from elec- 1922.
tric sales
found under "Reports and Documents" on subsequent pages.
511,800.905 $9,694,054 59,385,888 87,760,293
BALANCE SHEET DECEMBER 31.
1922.
1921.
1911.
1922.
Assets$
s
Liabilities$
Plant, prop. & eq-35,944,783 28,250,643 Capital stock_ __ _•14,637,650 9,000,000
Inventory
1,484,493 1,417,095 Surplus paid in___ 2,500,0001 1,013,885
Investments
16,015
2,963 Surplus earned___ 1.863,963!
Cash,in sink.fund_
932 Funded debt
21,000,000 14,675,700
Accts.& notes reo- 1,098,112
781,441 Pur. money mtges.
285,000
Unmeasured elec.,
Notes payable__
300,933 4,590,171
steam and water 385,521
305,221 Consumers' & emSecurity deposits_
4,476
ployees' deposits 351,735
315,176
Cash
514,534
332,062 Accts. payable and
Deferred charges
110,478
76,817
accrued nab__ 1,659,467
968.795
Unamort.financing
4,501
Deferred earnings_
11,591
expenses
6.057,821 2,508,012 Deprec. reserve_ 3,106,575 2,404,266
Power sales contr..
119,638
5,000,000 Res.for injuries.&c 159,842
Sk. Id. req. res've_
302,532
Res.for power sales
Total(each side)_ _45,591,756 38,679,663
contr
5.000.000
*Capital stock outstanding represented by 100,000 shares of 1st Prof.
stock and 250,000 shares Common stock, both having no par value, but
with an aggregate stated value of $14,637,650.-V. 116. p. 522, 418.

Columbia Graphophone Manufacturing Co.
(Annual Report Year ended Dec. 31 1922.)
President H. L. Willson, March 5, wrote in substance:
Inventory, etc.-During the year 1922 company continued under the
burden of large surplus factory facilities, as well as excessive inventories and
commitments of raw material and finished product. The policy has been
to dispose of tnose assets with the least possible loss to the company and
to bring the factory and stock conditions into better balance with tile sales
outlook, keeping the company and dealer organization intact until new
product is available. Satisfactory progreas bas been made in this direction.
but must be continued during the first 6 months of 1923 in order to clear
the way for the economical manufacture and distribution of our new Grafonola prodact, which should be in the hands of the public by July 1 1923.
ResuUs.-The total charge to deficit account for 1922 was as follows:
Operating loss after utilizing reserves previously set up, $582,326, unabsorbed factory overhead at non-operating plants, $941,034, expense
under lease with Columbia Graphophone Factories Corp. covering plants
at Baltimore and Toronto. $375.250. interest and discount accrued and
paid. $460,410. interest and discount accrued but not paid, $1,035.834.
loss on sale of raw materials, fixed assets and London company. $574 063.
year-end adjustments to reduce inventories. acc.. to estimated sales values.
$3.354.688. total. $7,323.605. The item "interest and discount accrued
but not paid" consists principally of interest on deposited indebtedness.
Under the readjustment plan the bank and merchandise creditors and depositing noteholders permitted this interest to accrue after April 11922. thus
allowing the company full use of that money for operating purposes.
Tee operating loss was due principally to the reduced prices established
in order to move the large amount of finished stock on nand. These reduced prices were also responsible for the reduced dollar volume of business
done by the company in comparison with tne year 1921. as indicated by
the fact that tne number of units sold in 1922 was approximately the same
as the number sold in 1921. Expenses, however, were reduced so that the
percentage of expense to sales in 1922 was lower than in 1921.
It was to be expected teat the results for the year, on account of the
continued necessity of liquidation, would be unsatisfactory from a profit
standpoint, but, even though there has been a loss, there has been a decided
improvement in net results over the year 1921.
Sale of Investment in London Company.-On Nov. 16 1922 company disposed of its investment in the capital stock of Columbia Graphophone Co.,
Ltd.. London. That company had for many years operated as the European subsidiary of Columbia Graphophone Mfg. Co. Due partly to severe
business conditions in Europe during the past 8 years. which still continue.
its operations have not been profitable. Inasmuch as the consideration received was in cash and as the company retains the benefit of European
connections through a mutual working agreement, this sale is regarded as a
step in the right direction.
Sale of Dictaphone Business.-As of Jan. 1 1923 company also disposed
of Its dictaphone business. Here again the consideration was cash. The
dietaphone business is an office appliance business and therefore not related
to the sale of Grafonoias and records. Tne entire attention of the organization may now be devoted wholly to the musical business.
New Process Record -The introduction of the ne* process record has resuited in a very satisfactory increased demand, and company confidently
ooks forward to the same result from the introduction of new Grafonola
product. This product will be placed on the market at very much higher
than the present low prices established for the old product in inventory.
and a general improvement, therefore, is expected not only in volume of
• sales but also in net profits, the effect of which should be apparent in the
latter half of 1923.
Bank Debt.-In the latter part of 1922 company increased its indebtedness
to banks by 52,000.000. which amount was repaid in full Feb. 7 1923.
[For readjustment plan regarding indebtedness dated April 6 1922. see
V. 114. p. 1657.1
INCOME ACCOUNT FOR YEARS ENDING DEC.31.
1922.
1921.
1920.
41,514,052 82,869,930 y$5,805.514
1,496,245
655,500
1.500,680
384,558
308,015
485,673
2,113,006
171,368
2,078.187

Loss from all sources
Interest charges. &c
Depreciation, &c
Income taxes
Dividends

Balance, surplus or deficit
Previous surplus

def.$3.394,855def$4849,993 sur$473,088
def 14,579,882
1,019.588
2,864,545

Total surplus
def.$17.974.737def$3830,405 $3.337.633
Written offto reduce inventories and
other charges, less sundry credits__ 3,928,750 10.749,476
2,318.045
Profit and loss, deficit

$21,903,487 $14,579.881m1r$1019,588

x After utilizing reserves previously set up. y Profit.
BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
$
AssetsLiabilities$
1,961,509 3,283,071 Preferred stock__ - 9,642,572
Cash
Notes & accts. ree_ 4,818,672 5,092,531 Common stock_._12,966,512
7,066,798 14,218,925 Accounts payable_ 2,121,123
Inventories
Inv. in attn. cos 1,225.000 1,225,001 Reserves a
347,348
Notes payable_._ _14,293,667
Due from Col. Gra.
816,539 5-year 8% gold
of Eng.for mdse.
notes
Adv. to attn. cos__ 3,429,675 3,433,327
6,000,000
Mortgages on real
Real estate, buildestate
250,000
ings& equIpm't_ 4,126,575 4,657,984
Patents, franchises
1,000,000 1,000,000
good-will, &c_
131,129
89,507
Deferred charges__
21,903,487 14,579,881
Deficit

1921.
$
9,642,572
12,966,512
3,213,543
'2,677,984
13.687,779
6,000,000

Gross Inc. from gas sales 8,120,050
Miscellaneous income
455,129

6,911,956
6,378

6,003,556
44,013

5,019,827
33,497

Total gross income_ $20,376,084 $16,612.388 $15,433,458
Oper.expenses and taxes 11,451,727 10,584,582 10,451,791
Net earnings
38.924,357 $6,027,806 84.981,667
Fixed charges (incl. Int.
and Prof. diva, on sub.
companies' issues)
3,405,688
2,963,761
2,475,192
Net income
55,518,669 $3,064,045 82,506,474
Dividends
1,599,246
1,218,726
1,168,643
Gross surplus
53.919,423 81,845.319 $1,337,831

$12,813,617
8.012,906

Rss,for depr.(renewals) $1,345,000 $1,100,000 81.100,000
Reserve for contingencies

$925,000
394,000

Surplus for the year-- $2,574,423
-V. 116, p.827. 725.

$745,319

$237.831

84,800,711
2,283,622
$2,517,089
1,162,026
$1,355.063

$36,063

The B. F. Goodrich Company.
(Annual Report-Year Ended Dec. 31 1922.)
President Bertram G. Work, Feb. 21, wrote in brief:
Net sales for the year exceeded $93,000,000 and the net earnings approximated $3,000,000, after making liberal provision for depreciation and after
deducting interest on borrowed money, losses in inventory valuations, &c.
In view of the fact that sales prices on the principal products of the company were further decreased during the year, directors feel that the earnings
for the past year may be regarded as satisfactory.
Sales since the beginning of the year have shown a marked improvement
when compared with the corresponding period of last year, and there is
every indication that the demand for company's products, which have been
constantly maintained in quality, is steadily increasing.
The directors have voted, subject to stockholders' approval, to retire
11.880 shares of the Pref. stock now held in the treasury.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1921.
1920.
1919.
$
$
Net sales
93,649,710 86,687,339 150.007,346 141,343,419
Mfg , &c., expenses _ _ _ 86,631.164 96,764,010 142,250,720 121.579,265
Net profit
7.018.546df10,076.671
7,756.626 19.764,154
Miscellaneous income_
835,284
1,112.057
976.346
576.060
Total net income
7,853.830 def8,964.614
8,732,972 20,340,214
Depreciation
2.094,188
1,956,445
1,939,760
1,835,539
Prop,of cost of note issue
355,218
Interest on gold notes,
bills payable, &c
2,711.872
4,746,225
3.726.708
1.199.882
Preferred dividend (7%) 2.605,680
2,626.470
2,688.840
2,247,000
Common dividend
(13, )902,100(6)3,604.200 (4)2,400.000
Balance, surplus
Previous surplus
Res. credited back

442,090loss19195,854 def3,581,754 12,657.813
10,194,527 22.706,499 41.203,046 35,119,987
x10.000,000

Total
10,636,617
Profit and Loss ItemsFed'I taxes pro. year
Amort. war facilities_ _
Prof. stock redem
Cr.157.997
Bal.of cost of note issue_
Material commitments
Revel.foreign sub. cos_ _
Miscellaneous
Pension fund

13,510.645 37,621,292 47,777,800

Total profit & loss sur- 10.794.614

10,194,527 22,706.498 41,203,046

3.057,627

3.316,118

Cr.45.775
2,012,904
8,000,000
1,790,038
100.000

5,558,912
1,225,064
Dr.77,778

6.10;6(56
Immo

x This item, appearing as a credit item in the company's profit and loss
account, represents reserve at Dec. 31 1920 for contingencies and approximate losses on raw material commitments for future delivery.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Omitting in both years good-will, previously carried at $57,798,0001
1921.
1922.
1922.
1921.
AssetsLiabilities8
$
i
i
Common stook
Real estate and
a31,428,551 32,115,759
plants
equity (see note)14,333,677 13,733,590
Invest. other cos__ 4,825,418 4,446,546 Preferred stock_ _637,224,000 37,224,000
230,600 Notes payable_ _ ..12,500,000
Treas. pref. stock_ 894,400
Inventory
22,811,994 29,618,936 Cony. 7% notes_
30,000,000
25-yr. 1st M.6)0 21,950,000
Duefrom Erni:Tees'
968,550
acct. stock
Accts. Payable_ _ _ 2,855,313 1,952,489
Trade accounts
Sundry seer. Habil 1,004,194 1,480,639
21,827,877 15,773,626 Reservesreceivable
Contingencies _ _ 350,000 3,316,118
Other accts. rec._ 652,816 3,634,894
5,491,533 2,573,696
Possible loss on
Cash
raw mat'l corn. 663,800
593,907
Prepaid accounts_ 3,398,511
43,266
15,109
Pension res've__ 600,000
U. S. Lib. bonds_
600,000
Miscellaneous __
195,323
207,430
Empl. net credits_ 634,453
536,963
Surplus
See note See note
92,310,760 891031,229
Total
92,310,760 89,031,229
a Real estate, buildings, machinery and sundry equipment, less reserve
of $11,080,068 for depreciation and obsolescence. la 450,000 shares issued
at $100 each, $45,000.000; deduct 77.760 shares redeemed and canceled.
57.776.000. Authorized and issued, 100,000 shares of 7% Cumulative
Prof. stock of $100 par value. 310,000.000.
Note.-Common stock, Dec. 311922. authorized, 1.500.000 shares of no
par value; outstanding, 601,400 shares (of which 34,971 are Original shares
not yet formally exchanged), or $60,112,000 less exclusion of intangible
capital assets, namely, patents, trade-marks and good-will. 557.798.001.
leaving 82.313,999: adding surplus appropriated for amortization of war
facilities, $1,225,064, earned surplus, 310.794.614.
On Dec. 31 1920 the balance sheet was altered by the omission of the
Item of $57.798,001, heretofore shown for good-will, patents and trademarks.-V. 116. p. 417. 302.
Total

Gulf Oil Corporation (of Pennsylvania).
(Report for Fiscal Year ending Dec. 311922.)
President W. L. Mellon, Pittsburgh, March 3, reports
in substance:

All of the shares of stock of the Gulf Oil Corp. (of New Jersey) have been
exchanged for stocs in the Gulf Oil Corp. of Pennsylvania
[at the ratio of
12 shares of Pennsylvania compank stock (par $25) for one share of New
Jersey company stock, par $100-V. 115.p. 1435.1 and this corporation
actually
taken over all of the stocks of the subsidiary companies tohas
gether with the book accounts and management of the affairs
of the New
jersey company, and, since Dec. 1, the Pensylvania company has been
complete possession and control of the business.
Total
45,621,223 48,438,389
Total
45,621,223 48,438,389 in The
liquidating trustees for the New Jersey company have taken final
action for the dissolution of the corporation and the cancellation of all the
a Reserves for allowances and contingencies, and also, in 1921. to reduce shares
of its capital stock.
value.
commitments to market
The earnings for the year, which amounted to $19,752,067. comprise the
Note.-Contingent liabilities on notes receivable discounted. $92,134. direct earnings of the corporations together with the net earnings accruing
for guarantee of dealers' notes discounted, secured by installment leases. from the various companies the capital stock of which is now hold by thi
corporation, and represent the net earnings after deducting all interest
8145.122. totaling $237,255.-V. 116. p. 520




250,000

MAR. 10 1923.]

THE CHRONICLE

charges, bad accounts, depletion and depreciation on plants including oilproducing properties, and all local and Federal taxes.
CONSOLIDATED

INCOME

1922.
$

1921.
$

1920.
$

1919.

5

Gross earnings
159,188.251 128,232,402 159,575,089 97,431,516
Operating expenses -.100,754/494 85,927,558 117,187,185 62.130.188

Operating profits__ 58,433,756 42,304,844 42,387.904
Misc. & auxiliary profits 3;043,011 3,584,735 9,043,709
Total
61,476,767 45.889,579 51,431,613
Depreciation & depletion 20,925,632 18,306,7361 22,888.4561
Interest, taxes, &c
15.851,544 6,968,2911
1
Inventory shrinkage---- 4,947.524 11,545.765
Net earnings
19,752,067 9,068.787 28.543,157
Dividends(6% P. a.)--- 2,173,950 2.167,926 2,142,306
Additions to surplus (affecting prior years) Cr.923,985Cr.1.318,793
Balance. surplus
18,502,102 8,219,653 26,400,851
CONSOLIDATED BALANCE SHEET DEC. 31.
1922
1921.
1922.
AssetsLiabilities-Plant investm't 210,968,379 178,400,591 Capital stock__ _108,718,600
Cash
4,058,553 4,769,380 5% Debenture
U.S.obligations 17,990,081 13 073,218
bonds
• 35,000,000
Special deposit
:7% Sink. Fund
with trustee_.x37,362,183
Deben. bonds 35,000,000
- --0% Ser. notes
6% Serial notes_ 6,000,000
re-acquired _ _ 2,423,462
Lease purchase
Other re-acquired
obligations__ _
250,000
securities
41,550
Notes payable__ 1,500,000
Notes and loans
Accts. payable_ 8,892,847
receivable.... 4,070,3391 12,333,128 Accrued liab. &
Accts. receivable 11,308,213
def. credits.. 2,806,705
Invent-oll__ y34,673,427 34,566,528 Dept. & depree.
& suppl. 10,840.826 10,839,568
90,623,157
reserves
Marketable seC.
4,532.558 Fed, taxes and
Employees'loans
conting. res.. 2,235,168
sec, by stock. 9,827,165 9,558,512 Minority int. In
Misc. Investmls
383,187
199,572
18,198
subsId. cos.__
Deferred charges 4,431,240 4,501,050 Surplus
57,333,930
Total

Owens Bottle Co., Toledo, Ohio.
(Report for Year ended Dec. 31 1922.)

STATEMENT FOR CALENDAR YEARS.

348,378,605 272,774,104

Total

35,301,328

INCOME ACCOUNT YEARS ENDED DECEMBER

1919.
1920.
1922.
1921.
Mfg.profit & royalties_ - $4,644.031 $1,938,490 $6,469.104 $2,744,180
Other income
1.295.616
1,576,609
1,356,073
1,319,698
Total income
Expenses,5tc., charges.-

Federal taxes & conting_
35,301,328
19,305,252
4,535,223
11,460,854
2.104.513

9,356.340
1921.
36,232,500

35,000,000
6,988,000
336,159
7,340,341
2,128,661
70,848,507
2,444,087
168,056
111,287,793

348,378,605 272,774,104

x Cash and bonds deposited with Union Trust Co., Pittsburgh, trustee,
to cover payment of outstanding 12-Year 7% Sinldng Fund debenture
bonds, called for redemption Feb. 1 1923 at 103% and int. y Carried at

cost or market, whichever is lower.-V. 116. p. 183; V. 115, P. 2911.

Chandler Motor Car Co., Cleveland.
(Annual Report-Year Ended Dec. 31 1922.)
Pres. F. C. Chandler, Cleveland, 0., Feb. 26, reports:

$6,220,640 S3,294,563 $7,788,802 $4,039,796
773,407
1,989,978
1,802,467 2,143,198
675,800
i23,000
1,423,400
300,000

Net profit
$3.554,862 $1.369.096 84,222,205 $2,966,388
Preferred dividends(7%) x633,745
614.149
668,070
656,395
Common dividends--(8%)1,322.496(9)1,326,794 (12)1289,207 (12)1178,254
Balance, surplus
$1.598,621 def$614,093 32,264,928 21,788,134
Profit & loss surplus- -- $4.923,282 $4,548,639 $9,941,025 $8,990,607
x Approximate, Inserted by Editor.
A stock dividend of 50% ($5,536,582) was paid on Common stock in
1921 and a 5% ($525.925) stock dividend on Common in 1920.
CONSOLIDATED BALANCE SHEET DEC. 31.
1922.
Assess$
Ld.. bldgs.,
eq.,&c.(deprec.)
mach..
value)
9,893,186
Gas prop., plant,
wells & equip_ _ _ 1,617,942
Pat. Na., licenses,
contr., good-will,
4,093,515
Cash & U.S.Treas.
certificates
4,965,790
Govt. obligations_ 1,616,223
Notes. accept. &
accounts receiv_ 1,488,297
Merch. inventory_ 5,239,951
Due fr. controlled
companies
183,926
Inv. in contr. cos_ 1,759,350
Inv. In licensed &
other companies 2,652,149
Notes rec.for stock
sold to empl.,see 751,132
Other assets
743,389
Prepaid expenses,
supplies, dm._
129,848
Total

1921.

10,586,698
1,569,741
5,433,982
2,421,112
961,060
1,238,980
5,450,325

1921.
9,144,400
16,572,150
913
500.314
926,711
152,884
2,284,366
4,548,639

113,839
1,759,350
2,726,720
951,115
758,926
158,530

35,134,698 34,130,376

-V. 116. p. 524.

1922.
Pref.7% Cum.stk 9,053,500
Common stock_ _ _16.531.200
Int. of minority
stockholders in
sub, companies_
930
Accts.pay.,not due 753,332
Customers credit
bal. & advance
payments
625,994
Accrued taxes,&c
137,107
Res, for repairs,
Federal taxes &
contingencies._ 3,109,353
Surplus
4,923,382

Total

35.134,698 34.130,376

Galena Signal Oil Company (Pennsylvania).
(Financial Statement Dec. 31 1922.)

SHEET DEC. 31 OF COMPANY PROPER-ALSO CONSOLIIn emerging from the deflation period, we Judged the automobile industry BALANCE
DATED BALANCE SHEET (INCL. SUBSIDIARY CO'S.).
would do well to follow a program of conservatism. While maintaining this
policy, we manufactured and delivered almost 100% more cars than in 1921.
-CompanyProper- Consolid'd.
Assets1922.1922.
During this period we were developing and perfecting the Pikes Peak
Motor, with a knowledge that it would be the basis of our 1923 program. Cash
$745,296 $1,648;953 31,040,460
The announcement of the new Chandler line with the Pikes Peak Motor Investment securities
1.763,319
267.029 1,820,496
was made to the public on Jan. 7 1923. The response has been spontaneous Other securities
1,277,066
and nation-wide, with the result that even capacity operations have not Securities of subsidiary companies_._ 10,709,472 10,666,629
Accounts and bills receivable
enabled us to keep up with the demand.
7.511,974 6,949,516 6,472,686
Company on Feb. 26 1923 has more orders on its books and is producing Inventories, materials and supplies
2.163,403 2.745,891
8,689.834
more cars than at any time since the peak period of 1920. We consider this Deferred charges & prepaid expenses_
690,334
788,529
816.589
Plants, property and equipment
a most convincing augury of profitable operations for 1923.
2,654,744 2,475,480 14,174,167
tr.-mks.
secret
&
Good-will.
processes
6,600,000
6.650,000
6,950,000
The usual income account was published in V. 116, p. 940. Sinking fund
5,065
325.000
5.065
BALANCE SHEET DEC. 31.
Total
$32.843,608 332,517,027 $41.246,362
1922.
1921.

Assets$
Land, bldgs., &e_ _:3,154,105
Good-will
5,000,000
Cash
584,795
U.S. W.S.stamps
1,000
Cust. acc'ts recle. 411,645
Cars & parts sold
for export
33,353
Misc. atc'ts mete.
43,482
Inventory
2,605,908
Sub. co. accounts_ 269,000
Other assets
1,131,049
Deferred charges_ _
47,197
Total

$
2,966.431
5.000,000
538,449
918
104,092
27.753
2,773,742
712,872
1,068,787
02,526

13,281,534 13,255,571

1921.
1922.
Liabilities$
s
Capital stock
1,7,000,000 7,000,000
Notes payable__ _ _
890,000 1,250,000
Acc'ts payable_ _ _ _
787,160
509,528
Divs. pay. Jan. 2_ 420,000
42C.000
Accrued taxes_ _ _ _
181,482
186,003
Dealers'deposits... 102,306
83,508
Unpaid drafts disc.
160,196
Fed'I taxes reserve 242,179
Res.for employees'
bonuses
30.489
39,888
Surplus
3,627,918 3,606,449
Total

13,281,534 13,255,571

x Land and buildings, 82,048,664; machinery and equipment, $1,817,002:
total, $3.865,666; less allowance for deprec.. $711,561. y Capital stock
(auth. 300,000 shares) represented by 280,000 shares Common stock, no
par value.-V. 116. p. 940. 181.

Hupp Motor Car Corp., Detroit, Michigan.
(Report for Year Ended Dec. 31 1922.)
Pres. & Gen. Mgr. Charles D. Hastings reports in subst.:

Liabilities-

Accounts payable
111,250,809
$998,540 $1,016,052
Bills payable
749,999
First Mortgage bonds
2.80c,000
Debenture bonds
5,392,600 6,000,000
5,392,600
Miscellaneous reserves
3,135,874
2,684,393
Reserve for depletion
2,763,942 4,869,400
Accrued interest, taxes and expenses_
107,112
132.792
175,801
Capital stock--Common
16,000,000 16,000,000 16,000.000
Preferred (old)
2,000.000 2,000,000 2,000,000
New Preferred
4,000,600 4,000,000 4,000,000
Surplus
957.212
1.558,117
621,753
Total
U2.843,608 $32,517,027 $41,246,362
-V. 115. p. 2273.

Union Natural Gas Corporation.
(21st Annual Report-Year ending Dec. 31 1922.)
Pres. E.P. Whitcomb,Pittsburgh, Feb. 27, wrote in brief:

Aajuisition.-Company, through its underlying companies. during 1922
acquired 220,972 acres of new oil and gas leases and surrendered 54,347
acres that have proven unproductive, and now holds
879.338 acres.
In addition to the above, company owns a one-half
interest'in 55,609
acres in West Virginia, through its ownership of stock in the Reserve
The corporation owns the entire Capital stock of American Gear & Mfg. Gas Co.
Co., Jackson, Mich.; H. & M. Body Corp., Racine, Wis., and Detroit
Wells.-During the year company drilled 136 deep wells, of which 19
Auto Specialty Corp., Detroit, Mich.; with the exception of 13% of the were oil wells, 76
gas wells, and 41 were unproductive; 21 shallow
Capital stock of the latter company. These companies devote their entire wells, of which 15were
were oil wells, 3 were gas wells,
3 were unprocapacity to Rupmobile production.
ductive. Company now has a total of 247 oil wells and
in Ohio. 1.084
Company sold during the year 34.167 Hupmobiles, an increase
78% wells in Ohio and Pennsylvania, and, through its ownership of stockgas
in
over the previous biggest year. Export sales showed a satisfactory of
the
Reserve
revival;
Gas Co., a one-half interest in 736 gas wells and 18 oil wells
and the
outlook indicates a constant increase.
INCOME ACCOUNT YEARS ENDED DEC. 31

in West Virginia.

Merger
r of Subsidiaries.-During the year all subsidiaries operating in
Ohio (other than Preston Oil Co.). to wit, Athens Gas Light & Electric
1922.
1920.
1919.
1921.
Co.,
elievue
Gas Co.. Buckeye Gas Co., Citizens Gas & Electric Co..
Profits
x58,763,984 y$890.278 $2,366,339 31,751,663 Citizens Gas Light
& Coke Co., remont Gas, Electric Light & Power
Preferred dividends(7%)
70,996
58.873
66,234
71.832 Co., Logan Natural Gas
& Fuel do., Marion Gas Co.,and Newark Natural
Common diva.(10%)_ - _
519,210
519,210
519,210
Gas & Fuel Co., were merged into one corporation
under the name of
The
Logan Gas Co.
Balance, surplus
$3,185,901
$1,776,133 $1,679,830
$304,834
In Pennsylvania
Previous surplus
Warren & Chautauqua Gas Co. was merged with
4,905,236 4,600.401
2.824.269
1,176.827 the Manufacturers the
Gas Co. under the name of Manufacturers Gas Co.
Profit & loss surplus $8,091,137 $4,905,235 84,600,402 $2,856,657 These mergers were made more particularly for convenience in accounting
and economy in operations.
x After deducting $565.835 for Federal taxes. y After deducting $130,000 CONSOL. INCOME st PROFIT & LOSS ACCOUNT FOR CAL. YEARS.
for Federal tax reserve.
[With Inter-Company Transactions Eliminated.)
CONSOLIDATED BALANCE SHEET DEC. 31.
1922.
1921.
1919.
1920.
Including Amer. Gear & Mfg. Co., Detroit Auto Spec. Corp.(and in 1922) Total ooerating revenue_ $8.443,320 37,350,150 $8,650,121 87,832,872
Gas purch.& oper.exp_ _ 4,285,539 4,290,964 4,427.956 4,231.224
& M. Body Corp.]
Taxes
658,448
632.583
879,945
535,112
1922.
1921.
Deprec. & depletion _ _ 1,881,316
1921.
1922.
Assets1,288.913 1.260,858
1.276.973
$
$
$
Land, buildings,
Preferred stock__ _ 677,800
863.800
Net operating revenue $1,618,016 $1,247,101 $2,053,307 $1,708,206
equipment, a:0.16,579,931 4,629,551 Common stock__ 5,192,100 5,192,100
Other income
401,175
493,287
475,514
261,272
738,134
Cash
280,581 Notes payable.... 1,400,000
500.000
U.S. certificatee.. 100,240
200,497 Accts. payable... 1,964,522 1.286,054
Gross
income
$2,109,381
$2,528,821
32.111,303
$1,508,372
receivable..
964.171
Accts.
438,703 Rai. for accr. int.,
Interest paid
242,662
92,220
181,806
134,882
6,682,051 4,183,642
Inventories
taxes & muting_ 624,730
557,488
Inv. In II. Ss M.
Federal tax res've_ 565,835
130,000
Net income
82.019,083 31.373,490 $2.347,016 $1,866,719
750,000 Dealers' deposits_ _
Body Corp
114,C08 Profit & loss debit adj._ xdr.485,792
116.341
Cr.65,002 Cr.12,878 dr.77.916
37,844
Inv.In Hupp Inv- 40.984 Purch. obligations 380,CC0
820,000
15,400 Detroit Auto Spec.
15,400
Other investments
Gross surplus
51.533,291 $1.438.492 $2,359,894 $1.788.803
52,548
Deferred charges_ - 102,860
Corp. stock__
82,141 Cash dividends (10%)
07,087
08,4,000
984,000
084,000
984.000
Good-will, trade
Surplus
8,091,136 4,905,236
3,858,921 3.858,921
names, &c
Net surplus
3804,803
8454,492 31,375,894
$549,291
Previous corp. surplus.-- 11.077,747 10,623,255 9,247,361
8,442,557
19.079.552 14,450,827
Total
Total
19,079,551 14,450,827 Stock dividend (75%)
7.380,000
x Land, buildings, machinery, factory equipment and furniture and
fixtures. $8,187,432, less depredation reserve, $1.607.502: total property
Corporate surplus
$4.247,038 $11.077,747 $10,623,255 39,247,360
investment, $6,579,931.-V. 116, p. 943..829.
x Additional depreciation for years 1920 and 1921(and other adjustments.




1048

THE CHRONICLE
BALANCE SHEET DEC. 31.
With Inter-Company Transactions Eliminated.]
1922.
1921.
1922.

1921.

AssetsLeaseholds. wells,
Capital stock
17,220,000 9,840,000
pipe lines, &c_ .35.947.047 34,917,776 Funded debt
702,500 1,184.000
Constr. work in
Notes payable_ _
330,000
200,000
150,213
68,380 Consumer's dens_ _ 163,110
progress
155,269
Secs.of other COI- - 3,430,731 4,773,098 Accts. payable___ 712,098
847,077
Lib. Loan bonds &
Mat. bds. & coups
2,450
21,355
other invests_
1,329.283
Div. pay. Jan. 15_ 246.000
246.000
Spec. deposits &
Accr. int. & taxes_ 435,538
321,712
44,258
Insurance funds_
6,450 Deterred credits__
41,843
9,355
Cash
870,457
659,893 Injuries, dam., &c 180,499
42,982
Notes, accts. rec.
Depr. & depl. res_12,802,067 10,248,096
*Ws.of deposit 1,431.634
732,276 Sur.fr. prop.appr. 7,109,533 7,689,335
Malls. & supplies
Corporate surplus_ 4,247,038 11,077,747
In stock
672,974
660,408
Freed. rentals. ins.
152.166
& taxes
132,863
Deferred charges
20,333
75,367
Total
44,049,094 42,026,511
-V. 116, p. 948.

Total

44,049,094 42,026,511

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
U. S. RR. Labor Board Decision on Vacations and Sick Leaves for RR.
Clerks and Freight Handles.-Rules governing concessions in New Haven
case are as follows: Workers for 1 year receive vacation of6 working days:
2 years. 9 working days; 3 years, 12 working days; sick leaves, the same.
"Wall St. Journal March 7 p. 8.
Massachusetts Bill for Five2Cent Railway Fares Killed.-House of Representatives on Feb. 20 voted to uphold refusal of Reports Commitxe to
admit petition of Mayor J. M. Curley of Boston for 5-cent fare and public
operation of the electric railways. "Elec. Ry. Journal" March 3, p. 389.
Record Buying of Equipment Predicted.-D. D. Conn, Manager of Public
Relations of the Car Service Division of the American By. Association, expects purchases of cars and locomotives to exceed any previous year.
"Times" March 8, p. 28.
Taxes Paid by Roaas Increased 17814% Since 1912.-Hale Hoiden, President of Chicago Burlington & Quincy RR. and Chairman of Western RYA.
Committee on Public Relations, declares that benefits which might have
been derived front reduced rates and cut expenses by more efficient operation were seriously reduced by largely increased taxes, which rose 94%
over 1916 and 178
over 1912. Taxes paid by carriers for 1022 amounted
to $304,885.158, stated Mr. Holden. "Times" March 3, p. 8.
Southern Pacific Ry. of Mexico to Complete Link at Cost of 30,000,000 Pesos.
-Agreement signed by which road will complete 109-mhe gap oetween
Tepic and Guadalajara, thus connecting United States and MeAlcan Pacific
coasts with Mexico City by way of Southern Pacific and National lines.
"Boston News Bureau" March 5. p. 3.
Car Shortage.-Reeorts just filed by the carriers with the Car Service
Division of the American By. Association showed increased demand for
freight cars of nearly all classes on Feb. 15 compared with that on Feb. 8.
Requests for freight cars in excess of th3 current supply on Feb. 15
amounted to 76.900 cars, or an Increase in a week of 4,045 cars. The shortage in box cars amounted to 30,087. an increase of 2.887; coal cars. 39,197,
an increase of 1,065; stock cars, 1,240, an increase of 96; refrigerator cars,
2,095. an increase of 166.
Car Surplus.-Surplus freight cars in good repair numbered 20,786 on
Feb. 15, a decrease of 6,386 compared witn the number on Feb. 8. Surma
box cars in good repair total 5,075. a decrease of 2,371; coal cars, 5,322.
a decrease of 1,772: stock cars. 5,680. a decrease of 357; refrigerator cars
showed a totai decrease of 2,512; tank cars. 3,148, an increase of 2.742.
Car Loadings.-With loading of revenue freight totaling 830.223 cars
for the week ended on Feb. 24,freight traffic continues to break all previous
records for this season of the yea:, the Car Service Divisioa of the American
Ry Association announced. The total for the week was an increase of
101.298 cars above that for the same week last year and 170,581 in excess
of the week in 1921. It also exceeded the corresponding weeks in 1918,
1919 and 1920. Comparisons also show tais to be an Increase of 12,445
cars over the preceding week of this year.
Principal changes compared with week ended Feb. 17 were: Fo:est
products, 59,891 cars, increase 10,460 (with one exception the largest
number of cars ever loaded with that commodity in any week in history);
livestock loadings, 32,460 cars, Increase 2,186; grain and grain products,
40,364 cars, increase 185; coal, 178.457 cars, decrease 2,531; merchandise
and miscellaneous freight, including manufactured products, 483,718 cars,
Increase 1.540; coke, 14.913 cars, increase one car; ore, 10,420. increase 604.
Loconwtive Repairs.-Locomotives in need of repair on Feb. 15 totaled
15.581, an increase due to bad weather conditions of 169 over the total on
Feb. 1, according to reports just filed by the carriers with the Car Service
Division of the American By. Association. This was 24.1% of the locomotives on line.
Locomotives in need of heavy repair and requiring more than 24 hours
numbered.13.694. an increase since Feb. 1 of 157. Locomotives in need of
minor repairs numbered 1.887, or 12 mere than at beginning of month.
From Feb. 1 to Feb. 15 the railroads repaired and turned out of the shops
17.485 locomotives. While this was not a record, it has only been surpassed on three occasions since July 1, when the shopmen's strike began.
Car Repairs.-Fewer freight cars were in need of repair on Feb. 15 than
at any time during the last 2 years, according to reports just filed by the
carriers with the Car Service Division of the American Ry. Association.
On Feb. 15 1923 206,585. or 9.1%. of the cars on line were in need of
repair. a decrease since Feb. 1 last of 2,886.
On Feb, 15 1922 332.614. or 14.5%. of the freight cars on line were in
seed of repair, while on Feb. 15 1921 the total was 220,420. or 9.7%.
Freight cars in need of heavy repair on Feb. 15 last numbered 153,541,
a decrease of 4.317 compared with the number in need of such repair on
Feb. 1. Cars in need of llght repair totaled 53,044 cars, an increase, however, of 1,431 durintr the same period.
Matters Covered in' Chroniae" March 3.-(a) Results of railroad operation
In 1922. P. 870. (b) Railroad car loadings the heaviest on record for the
season. p. 873. (c) Wage increases and 8-hour day awarded rail clerks
by U. S. RR. Labor Board, p. 898. (d) I.-S. 0. C. reports to Senate that
embargo on hard coal to Canada is unjustified, p. 898. (e) President
Harding opposes coal embargo in letter. p. 898.

[voL. 116.

The outstanding securities of the company junior to its funded debt and
equipment trust obligations, consist of $3.380.350 Preferred stock and
$7.830,000 Ordinary stock. Dividends on the Preferred stock have been
regularly paid each year since 1896a1 the rate of 6% per annum, with extra
dividenthr-due to the participating features of the Preferred-in various
years. Dividends on the Ordinary stock were commenced in 1909 and
have been paid at the rate of at least 5% per annum in each of the past 12
years. Southern Railway owns approximately 56% of the total issued
capital stock. Both classes of stock have equal voting power. See also
V. 115. p. 1206. V. 116. p. 933.

Algoma Eastern Ry.-To Dissolve'Committee.-

IIelders of 5% 1st Mtge. 50-Year gold bonds are informed that the
company being no longer in default, the bondholders' committee propose
to dissolve immediately. The bondholders will not be called upon to pay
anything towards the expenses of the committee as the company has agreed
to pay, the same. The bondholders should apply to the Bank of Montreal.
47 Threadneedle St., London, England, for the return of the bonds deposited by them in exchange for deposit receipts.-V 115, v. 1729.

Buffalo Rochester & Pittsburgh Ry.-Equip. Trusts.-

The I.-S. C. Commission has authorized the company to issue 11,920,000
5% Equipment Bonds to be sold at not less than 96.75%. see offering in
V. 116, p. 933.

•
Central Illinois Public Service Co.-Acquisition.--

The company on Jan. 1 1923 acquired the Abbott Light .3c Power Co. of
Petersburg, Ill.. which supplies Petersburg, Pleasant Plains, Ashland,
Taulla, Greenview, Mason City, Curtz, Easton, New Hall, Sweet Water.
Athens and smaller communities with power and light. The consideration
was $200.000 in Preferred stock and $200.000 in First & Ref. Mtge. bonds
of the Central Illinois Public Service Co.-V. 116. p. 940.

Chesapeake & Ohio Ry.-Preferred Stock Sold.--Dominick & Dominick, Kissel, Kinnicutt & Co., Janney & Co.,
and Potter & Co. have sold at 104, to yield about 63%,
a block of $1,200,000
Cumul. Cony. Pref. Stock,
Series "A." Convertible into Common stock, par for par.
Listed on New York Stock Exchange.
Settlement with Government for Guaranty Period.The U. S. Government has paid the company $1,078,841 in final settlement of the road's account for the six months' guaranty period.-V.116. p.
514.

Chicago North Shore & Milwaukee RR.-Earnings
[Including Milwaukee City Lines].Calendar YearsOperating revenues
Operating expenses

1922.
1921.
1920.
1919.
$5.007,951 84,500,805 84,193,669 $3,237.921
3.440,761
3,777,592
3,229.048
2.319.464

Net rev, railway oper--$1.230,359 $1,060,044
8.731
Net auxiliary oper. rev-6,561

$964,621

$918,457

Net revenue from oper_$1,239,090 $1,066.605
Taxes
225,844
348,937

$964,621
151,746

$918,457
163,101

Operating income
$990,153
Non-operating income......
14,560

$840,761
11,972

$812.875
10,332

$755,356
17,879

Gross income
Fixed charges
Dividends

$852,733
463,013
70.000

$823,207
390,196
60,000

$773.235
341,396

81,004,713
486,784
90,000

Net income
$373,011
$319.720
$427,927
$431,839
Profit and loss surplus__ _$2,390,811 $1,962,881 $1,643,161 $1,270,954
The company has reduced fares on its lines in Milwaukee, Wis.,from 6 to
5 cents and increased the frequency of service from a headway of 10 minutes
to a headway of 6 minutes.-V. 116, P. 933.

Cleveland (Electric) Ry.-Fares Reduced.Effective March 1,fares In Cleveland (Ohio) were reduced to 5 cents cash
11 tickets for 50 cents,and 1 cent for transfer without rebate --V. 116,1).822:

Cincinnati New Orleans & Texas Pacific Ry.-Equipment Trusts Sold.-J.P. Morgan & Co., First National Bank
and National City Co., have sold, at prices to yield 5.20%,
$2,700,000 5% Equipment Trust Gold Certificates, Series G.
Philadelphia Trust Co.. Phila., trustee. Philadelphia plan. Denom.
$1,000 (c*). Dated April 2 1923. Serial maturities of $180,000 per
annum April 1 1924 to April 1 1938. both inclusive. Dividends payable
A. & 0. at office of J. P. Morgan & Co. Issue subject to authorization by
Inter-State Commerce Commission.
The certificates are to be issued to provide for part of the cost of the
following standard new railway equipment: 1,865 50-ton coal cars and 1
dining car, watch is to cost approximately $3425000. of which 21%, or
1725.000. Is to be paid by the company in cash.
Earnings
Inc. Available
Total
Cross
Cal.Years.
for Charges. Fixed Charges.
Oper.
. Revs.
Surplus.
$4,619,928
$1,341,329
113,051.819
1917
$3,278,599
3,651,221
1,733,068
x15,478,842
1918
1,918,153
3,651,082
1,649,616
x16,313,686
1919
2,001,466
4,546,757
y21.118,820
1920
1.818.122
2,728.635
2.219,313.703535
17.170.446
1921
2.187.879
16.801,374
1922
1.551.310
636,569
x U. S. Railroad Admin. y U. S. Railroad Admin. 2 morahN.
The outstanding Junior securities of the company,consist of $2.453,400
Preferred stock and 82,990,000 Common stock. Dividends of 5% per
annum on the Preferred stock have been regularly paid since 1902. Dividends on the Common stock have been paid in each year since 1903, and
during the past eleven years at a rate not less than 11% per annum, the
present rate being 13%. A majority of the Common stock (which alone
has voting power) is owned by the Southwestern Construction Co.. which
In turn is controlledjointly by Southern Ry., Alabama Great Southern RR.,
and the Baltimore & Ohio RR. See also V. 116. p. 933.

Colorado Wyoming & Eastern Ry.--Reorganization Plan.

Callaway. Fish & Co., New York, announce that a reorganization plan
dated March 1 1923 has been formulated and all bonds must be deposited
with and payments required thereunder made to the depositary, Irving
Bank-Columbia Trust Co.,60 Broadway, N. Y. City, on or before April 1.
Approval of the plan has already been received from a large proportion
of the 1st & Ref. bonds of Colo. Wyo.& Eastern By.and tho plan has been
approved by the bondholders' protective committee representing the
Laramie Hahn's Peak & Pacific 1st Mtge. bonds, with which committee
upwards of 78% of the bonds have been deposited.
Securities Covered in Plan.-$500.000 1st & Refg. Mtge. 6% bonds and
Alabama Great Southern RR.-Equipment Trusts Sold.
Gen. Mtge. Income 6%, bonds of Colorado Wyoming &
East-J. P. Morgan & Co., First National Bank and National $1,600,000
ern Ry., and $240,000 1st Mtge. 6% bonds of Laramie Hahn's Peak &
City Co., have sold, at prices to yield 5.20%,$2,850,000 5% Pacific Ry.
Statement by Reorganization Managers Dated March 1
Equipment Trust Gold Certificates, Series G.
1923.
Historical.-On account of inability to pay int. due July 1
Philadelphia Trust Co., Phila., trustee. Philadelphia plan. Denom.
1921 on the
$1,000 (c*). Dated April 2 1923. Serial maturities of $190,000 per 1st Mtge. bonds of Laramie Hahn's Peak & Pacific By., and on 1st dc Ref.
Colorado
Wyoming & Eastern Ry., F. B. Miller was appointed
annum April 1 1924 to April 1 1938. both inclusive. Dividends payable bonds of
A. & 0. at office of J. P. Morgan & Co. Iffille subject to authorization by receiver Nov. 30 1921. Foreclosure proceedings have been instituted to
foreclose the let St Ref. Mtge. and to foreclose the General Mortgage.
Interstate Commerce Commission.
The certificates are to be issued to provide for part of the cost of the and it is expected that proceedings will be shortly instituted to foreclose
following standard new railway equipment: 4 Pacific type locomotives. 800 the mortgage securing the 1st Mtge. bonds of Laramie Hahn's Peak & Pa40-ton box cars. 1,000 50-ton coal cars and 1 dining car, costing approxi- cific By.
The company formerly known as Laramie Hahn's Peak & Pacific Ry.
mately $3.673,000, of which over 22%. or $823,000, is to be paid by the
was reorganized in 1914 (V.98, p.453). In the 1914 reorganization it was
.company in cash.
Inc. Available Total Fixed
estimated net earnings applicable to interest for the first year after reorganGross
Earnings
for Charges.
ization would be upwards of $52,000 and that these net earnings would
Charges.
. Revs.
Surplus.
Oper.
Cal. Yearsconstantly increase with the growth of traffic. One basis for this estimate
12,626,056
$7,151,055
$1.903,622
1722.434
1917
1.856,763
was the belief that the coal tonnage carried by the road would increase and
x9,296.635
1,169.425
687.338
1918
1,884.152
that shortly it would amount to 1,000 tons per day.
x10.529.739
1,246.180
637.972
1919
However, as a result of the war, rate and wage conditions and the bank2.577,574
1,659.168
918.406
y11,703.433
1920
ruptcy of the Northern Colorado Coal Co., the estimated revenues never
1.448,483
535,090
9.542,225
913,393
1921
materialized. The total production of coal along the line has never reached
1,799,379
1,082,430
716.949
8,524.803
1922
the average amount of 5 cars per day per year.
x U. S. Railroad Admin. y U. S. Railroad Admin., 2 months.




MAR. 10 1923.]

THE CHRONICLE

Properties.-Consist of a line of railroad extending from a junction with
the Union Pacific Ry. at Laramie, Wyo. westerly to Centennial, Wyo.,
and then southerly to Coalmont. Colo., about 112 miles. Company owns
the following equipment: 5 Mikado type locomotives, 1 consolidation type
locomotive, 1 coach, 1 combination car (passenger, baggage and express),
2 caboose cars, 18 flat cars, 7 coal cars (flat bottom). 1 rotary snow plow,
1 flanger car. 1 American ditcher, 1 ballast dump car and 7 outfit cars.
Also owns an office building at Laramie, Wyo., and certain parcels of undeveloped real estate.
Statement of Earnings, Calendar Years.
1919.
1920.
1921.
1922.
Total oper. revenue_ _ - _
$239,385
$230,177
$232,256
$246,349
Maintenance of way_ _ _ 63,104
69,463
59,018
60,165
Total oper. expenses_ _ _ _
163,769
194,137
173,367
175,246

1049

affirmed the decision of the lower court denying the stockholders of the old road the right to intervene for the purpose
of attacking the decree confirming the sale of the Denver
property.

The Court has also affirmed the decisions of the lower court denying
leave to the stockholders to file a so-called ancillary bill to restrain the
enforcement of the judgment recovered by the Equitable Trust Co. of
New York, as trustee, against the Denver, in the U. S. District Court
for the Southern District of New York, and likewise affirmed by the
Circuit Court of Appeals of the Second Circuit. This judgment against
the Denver was for about $38,000,000. The decision of the lower court
giving the Equitable Trust Co. the judgment was handed down by Judge
Hand on May 18 1917.
Gross inc., incl. non-op.
The Circuit Court of Appeals at St. Louis has affirmed also the decision
account
$75,087
$34,713
$55,891
$69,197 of Judge Lewis dismissing an independent suit brought directly for the
Hire of equipment
16,079
25,032
17,249
20,699 purpose of obtaining the relief sought in the ancillary suit.
In deciding this case the Court said in part: "So long as that judgment
Bal. appl, to int. pay_
$59.008
$48.497 (of the U. S. District Court for the Southern District of New York) stands.
$9,681
$38,642
Fixed cbarges
47,400
47,400
47,400
47,400 It would seem that the stockhold. re were in these numerous cases incurring
needless expense in the pursuit of a mere will-o'-the-wisp."
Surplus
The Court of Appeals further affirmed the decision of Judge Lewis
$11,608 def$37.719
21,097
def$8.758
x Comprises interest on L. H.P.& Pac. 1st Mtge. bonds and Col, Wyo. denying the stockholders leave to file a supplemental bill and in disposing
dc E. 1st & Ref. Mtge. bonds.
of this phase of the case, Court said: "In the interest of justice a court
It will be seen that after deducting int, on the Laramie H. P. 8z P. 1st ordinarily would permit the filing of a supplemental bill; however. in the
Mtge. bonds and upon the Col. Wyo. & Eastern Ry. 1st & Ref. bonds light of the history et this litigation and in view of the New York and
'there has been no margin of net earnings applicable to the payment of Colorado judgments, also the length of time that has • elapsed without
any int. on the Gen. Mtge. Income bonds. Furthermore, the company effort being made to set aside the New York Judgment, and in view of the
'has not been able to build up any reserves of any kind as a protection against decision of this Court in the Levy case, there was no abuse of discretion
on the part of the court in attempting to bring futile litigation to an end
any unusual accident.
Taking into consideration this unsatisfactory record of earnings and that by refusing permission to file the supplemental bill."
These various decisions of the Circuit Court of Appeals would seem to
substantial expenditures must be made during the next five years for new
rails and new ties and for the purchase of equipment, it is the opinion of the put an end to all questions involved in the judgment against the Denver
reorganization managers, which is concurred in by the committee represent- In favor of the Equitable Trust Co., so far as the Denver stockholders are
ing the holders of a substantial majority of the Laramie Hahn's Peak & concerned.-V. 115, p. 2684.
Pacific 1st Mtgo. bonds and by the holders of a large amount of Colorado
Denver Tramway Co.-To Extend Bonds.Wyoming & Eastern 1st & Ref. bonds, that the company should be reorFederal Judge Lewis at Denver has given Receiver Stenger authority to
ganized without the issuance of any securities bearing a fixed charge.
procure from the $788.000 1st Mtge. Impt. Denver Tramway Power Co.
Digest of Reorganization Plan Dated March 1 1923.
bondholders extension of the bonds for one year from April 1 next.
New Company.-A new company will be organized in such State as counsel V. 116, p. 720.
may advise, which will acquire through the foreclosure sale or otherwise of all
the properties of tho parent company.
Dultith-Superior Traction Co.-Back Dividends.Securities of New Company.-New company will authorize $500,000 6%
Two dividends of 1% each have been declared on the 4% Oumul. Prof.
Preferred stock, Class A, and $550,000 6% Preferred stock, Class B, and stock for tile quarters ending Sept. 30 1922 and Dec. 311922. both payable
25,000 shares of Common stock or such other amount of Common stock April 2 to holders of record March 15. In January last three dividends of
as may be approved by the I.-S. C. Commission.
1% each were paid.-V. 116, p. 822.
Distribution or New Securities to Existing Bondholders.
Interborough Rapid Transit Co.-Coal Contract.The directors have authorized, subject to the approval of the Transit
(1) Laramie Hahn's Peak & Pacific Re. 1st Mtge, bondholders who assent
to the plan, for each $1,000 in deposited bonds with coupons duo July 1 1921 Commission, contracts for the system's coal supply for the ensuing year
and all subsequent coupons attached, will receive Class A Preferred stock at a base price of 27 50 a gross ton, with a sliding scale provision for any
of the new company of the par value of $1,100.
increase or decrease in freight rates or miners wages. The estimated
(2) Colorado Wyoming & F.ostern Ry. 1st & Ref. Mtge. bondholders who as- requirements, aggregating about 800,000 gross tons, will be apportioned
sent to the plan, for each $1,000 in deposited bonds with coupons due July 1 among Berwind-White Coal Mining Co., Consolidation Gal Co. and
1921 and all subsequent coupons attached will receive Class B Preferred Logan Co.-V. 116, p. 934, 515.
stock of the new company of the par value of $1,000 and 4 shares of Common
stock of the now company. Holders of $100 and $500 1st & Ref. Mtge.
International-Great Northern RR.-Wins Suit.bonds will receive proportionate amounts.
A judgment for approximately 22,000,000 has been rendered by Judge
(3) General Mortgage Income Bondholders of Colo. Wyo. & Eastern Ry. J. C. Hutcheson in the U. S. District Court at Houston. Tex., in favor of
can participate in Use plan by subscribing to and paying for Class A Pref. James A. Baker, former receiver of the company. The suit had been
stock of the new company as follows: For each $1,000 of Gen. Mtge. Income Instituted against the Pierce Oil Corp.. while the railroad company was still
bonds the holder thereof, in order to participate in the plan, must purchase in the care of a receiver, alleging breach of contract. It is expected an
at par $100 of Class A Prof. stock of the new company, and such holder appeal will be made.
will thereupon receive in addition 5 shares of the Common stock of the new
The railroad company will not receive the total $2,000,000, even in case
company. Ratable treatment will be given to $500 and $100 Gen. Mtge. the District Court's judgment remains in effect, due to the fact that the
bonds.
International was under Government control at the time the alleged breach
Existing Stockholders.-No participation in the plan will be given to either of contract took place. Both the railroad and the Government became
the $1,835,000 6'% non-cumulative Preferred or the $2.275.500 Common parties in the suit, the railroad contending that damages resulting from the
stockholders of the present company.
alleged contract violation had continued over the Brae of Government
Cosh Requirements.-It is estimated that out of the cash on hand in the operation. According to reports, the division would be 21,600,000 to the
possession of the receiver and in various funds, there will remain, after Government and 2400,000 to the railroad company.-V.116, p. 934,615.
paying necessary expenses of reorganization and expenses of carrying out
the plan, and after buying certain new cars, a sufficient working fund for
Interoceanic Ry. of Mexico, Ltd.-Moratorium.the new company, in view of the fact that under the plan there will be no
At. the meeting on Jan. 26 1923 of the debenture stocknoiders of the
interest-bearing securities. To the extent that General Mortgage Income Interoceanic Ry.. an extension of the mcratorium for twit months to Mar.29
bondholders of the Colorado Wyoming & Eastern Ry. purchase new Prof. 1923 was granted. It was also left to the discretion of the board and trusstock A under the plan, the said amount of cash will be increased and the tees to grant yet another extension not exceeding two months, should a
cash position of the company will be further strengthened.
definite proposal of settlement mita the Mexican Government be in the
hands cf the directors at the end of the first two months, to deal wish which
Requirements for Participation in the Plan.
some
further time might be required.
Holders of Laramie Hahn's Peak & Pacific Ry. 1st Mtge. bonds or cerHolders of the First Mortgage Debenture stock cf the Mexican Southern
tificates of deposit for such bonds issued by American Trust Co. of Boston Ry.,
as depositary, In order to participate in the plan must deposit their bonds that Ltd., have consented to the scheme of arrangement widen provides
the moratorium be extended for a further period of two months until
'with July 1 1921 and all subsequent coupons annexed or the certificates of March
1923. Another further extension for a period not exceeding two
deposit with Irving Bank-Columbia Trust Co.. New York City, depositary months29
will be granted if the directors and the trustees for the holders of
for the reorganization managers, on or before April 1 1923.
the stock think it advisable.-V 115, p. 2580.
Holders of 1st & Ref. Mtge. bonds of the Colo. Wyo. & Eastern Ry.,
in order to participate in,the plan, must deposit their bonds with July 1 1921
Interstate Public Service Co.-Annual Report.and all subsequent coupons annexed with the Irving Bank-Columbia Trust
The annual report for 1922 says in brief:
Co., New York, on or before April 11923.
Company
arranged near the close of the year. with the approval of the
Holders of Gen. Mtge. Income bonds of Colo. Wyo. & Eastern Ry. in
order to participate under the plan must deposit their bonds with all coupons Indiana P. S. Commission, to acquire as of Jan. 1 1923 all property and
business of the Indianapolis & Louisville Traction Ry.. Southern Indiana
annexed with Irving Bank-Columbia Trust Co., New York, depositary for Power
Co., the Hydro-Electric Light & Power Co., Hawks Electric Co.,
the reorganization managers, and must pay in New York funds to the deWinona Electric LW.ht & Water Co., Middlebury Electric G.and Electric
positary 10% of the principal amount of the bonds deposited as the sub- Transmission
Co. of Northern Indiana.
scription price to Class A Preferred stock, on or before April 11923.
The Indianapolis & Louisville Traction Ry operated an interurban railDistribution of Common Stock Under the Plan.-The reorganization managers will receive no compensation for their services in preparing and car- way from Seymour south to Sellersburg, a distance of 41 miles (compare
rying out the plan, except in the Common stock. All of the Common stock V. 116. p. 515; V. 115. p. 2684
The company issued and sold in 1922 2721.000 Prior Lien stock and
not required in tho distribution to the bondholders will be subject to the
disposition of the reorganization managers in the payment of their com- $372,000 Preferred stock; also 2302,000 First & Ref. Mtge.5% gold bonds.
Proceeds of these sales were used for corporate purposes. During the year
pensation and for such other purposes as they may deem necessary.
Voting Trust.-The reorganization managers reserve full discretion to $123,500 prior lion bonds were retired.
Earnings Calendar Years1921.
place all of the Common stock in a voting trust for such period and with
1922.
Gross earnings, including merchandise sales
such voting trustees as they may determine.
$4,276,665 $3,956,407
Operating expenses, including taxes
3.098,180
3,305,826
Brief Description of Pref. Stocks
Net earnings
Preferred Stock Class el -Entitled to receive out of the surplus or net pro$858,227
$970,838
fits dive. at rate of6% per ann.from the date of issue, payable semi-annually Miscellaneous income
64,765
148,082
Jan. and July. Dividends shall be non-cumulative until July 1 1928.
Total income
Dividends on Prof. stock, Class A, shall be payable before any dive. shall
2922,992
$1,118,921
Rental
of leased property
be paid upon or set apart on the Prof. stock, Class B. Shall be entitled to
155,100
155,100
Interest and amort. of disc. and exp, on securities
elect 2 out of 7 members of the board of directors.
560,663
560,977
Preferred Stock, Class /3.-Entitled to receive out of the surplus or net Dividends on Prior Lion stock
65,833
38,794
profits dive. at rata of6% per ann. and no more,from date of issue, payable Preferred dividends
283,020
semi-ann. Jan. and July, cumulative from July 1 1928.
Balance,
Except for the preferential rights given to the Preferred stock. Class A,
surplus
5168,435
$53.991
over the Preferred stock, Class B. the two classes of stock shall in all re- Profit and loss surplus
8417.010
3471.002
spects have the same rights and privileges. Holders of the Preferred stock -V. 116, p. 515. 935.
of each class shall in all respects possess equal voting power with the holders
Lehigh Valley RR.-Seqregation Plan.-of the Common stock, except as already provided.
Federal Judge Hand on March .3 approved the segregation plan proposed
Protective Committee.-The protective committee for the Laramie Hahn's
Peak & Pacific Ry. Co. 1st Mtge. bonds consists of William W. Brooks. by the company. Counsel for the Department of Justice and the road
Robert P. Clapp and William Green, with Charles H. Bowen, Sec'y, 50 have agreed upon certain unimportant additional details.-See plan in
V. 116, p. 615.
State St., Boston, and American Trust Co., Boston, depositary.
The Secretary
ec
for the reorganization managers is Winthrop K. Kellogg,
Lima-Toledo RR.-Application Rejected.Broad
St.,
N. Y.°Ky.-V.. 116, p. 933,
24
A dispatch from Lima, O., states that the Ohio P. U. Commission has
rejected the company's application for permission
Cuba Co.-Par Value of Common Stock Changed.to issue $1,000,000 in
Toe stockholders on March 8 changed the authorized Common stock from bonds, $750,000 in Preferred and $1,000,000 in Common stock on the
$8,000,000, par $50,000, to 560,000 shares of no par value. Each of the grounds that earnings of the line could not be sufficient to warrant issuance
of
securities
in
the
amounts asked and that the purchase price is too great.
present Common shares of the par value of $50,000 will be changed into -V.
116, p. 296.
3,200 shares, no par value. See V. 116, p. 295.

Delaware Lackawanna 8c Western RR.-Track Elevation

The company is now completing an extensive program of grade crossing
elimination on Morris & Essex branch and on the Montclair branch. For
details see 7-page article in "Railway Ago' of Feb. 24 entitled "Track
Elevation of the D.L.& W.RR. at East Orange, N. J."-V.116. p. 934,
820.

Denver & Rio Grande RR.-Decision Against Stockholders.-The Circuit Court of Appeals at St. I.ouis has




Manhattan (Elevated) Ry.-Stockholders To Receive Offer.

It is stated that the
Rapid Transit Co. will offer to holders
of stock of Manhattan Interborough
Railway who have not assented to the InterboroughManhattan plan of readjustment an opportunity to participate in the
readjustment on terms which, it is believed, will be acceptable to them.
The substance of the new agreement, it is said, consists in a waiver of
rights to receive dividend
accruing to or on July 1 1926. Which
are in excess of the sumsrentals
payable under the readjustment. All other
rights guaranteed stockholders under the Manhattan lease ace to
be
unaffected.-V. 116, p. 822, 516.

1050

THE CHRONICLE

Manila Electric RR. & Lighting Co.-Tenders.-

The Equitable Trust Co.. trustee, will until March 12 receive bids for
the sale to it of 5% 50-year let Lien & Coll. Trust Sinking Fund Gold
bonds, dated Sept. 24 1903. to an amount sufficient to exhaust $72,252 at
a price not exceeding 105 and int.-V. 113. p. 2614.

Mexican Southern Ry., Ltd.-Extension of Moratorium.

See Interoceanic By. of Mexico, Ltd., above.-V.114. p. 2823.

Milwaukee Electric Ry. & Light Co.-Wages Increased.

An increase of 5 cents an hour in the wages of all trainmen employed
by the company on city lines since May 1 1921 went into effect on Jan. 1
1923. The new wage scale follows: Conductors, during 1st year, 45c.
• an hour; 2d year, 47c.; 3d year, 49c.: 4th year. and thereafter 51c. Motormen will receive 5c. an hour over the aforesaid scale, wages ranging from
50 to 56c. an hour. AH men now receive time and a half for more than
10 hours work.
Motormen and conductors on city lines who were in the employ of the
company prior to May 1 1921 will continue to receive their former rate of
wages, which is 50c. during the first year, 53c. during the second year and
56c. during the third year and thereafter. The interurban men receive 2c.
an hour additional over city rates and the one-man car operators and city
bus operators receive Sc. an hour additional.

Stock Application-Acquisition.--The company has applied to the Wisconsin RR.Commission for authority
to issue $3,000,000 Capital stock, the proceeds to be used for extensions to
Its electric light and power and street railway service in Milwaukee and
surrounding territory, including Whitefish Bay. Shorewood, North Milwaukee, Wauwatosa, West Allis, Cudahy and other towns.
The company has acquired the plant and holdings of the Dousman (Wis.)
Electric Light & Power Co.-V. 116. p. 935, 721.

Mobile & Ohio RR.-Equipment Bonds Authorized.The I.-13. C. Commission has authorized the company to issue $1,600.000
Equipment bonds. Series L, at not less than 98. See offering in V. 116, P.
721. '715.

New York Railways.'-Reorganization.--Decision Upheld.
A tentative plan of reorganization has been formulated by a group of
financial institutions of which Chase securities Corp. is a leading member,
and is now under consideration of large security holders. Plan contemplates inclusion in the reorganized system of all lines formerly oterated
with the exception of Eighth Ave., Ninth Ave., and New York & Harlem
RR. companies, which have been returned by the receiver to their original
owners for operation. It is planned also to resume operation of crosstown
lines on which service has been discontinued by the receiver, and to relieve
the reorganized company of burdensome fixed charges by merging in it
controlled and leasea companies.
In the plan, which it is believed will form the basis of a readjustment
acceptable to ail security holders, attention is called to valuable holdings
in real estate not necessary for operating purposes. Power stations at the
96th St. and East River, and car barns at Lexington Ave. and 32d St.,
with combined assessed valuation exceeding $5,500,000, are instances.
This is counted on to cut down substantially the amount of new funds
required to be raised for reorganization purposes. Meeting these requirements, it is pointed out, will be further facilitated by cash in the hands
of the receiver. Cash approximating $3,500,000 has been accumulated
out of earnings. This is not apparent in income statements of the receiver
and is the result of charging to depreciation and reserves for injuries 38%
of gross revenue' while actual expenditures range from 18% to 20% of
St. Journal.
gross
The Appellate Division of the Supreme Court recently upheld an order of
the New York Transit Commission, dated July 12 1921 (V. 113. p. 293)
requiring Job E. Hedges, as receiver for the company, to honor transfers
issued by the Ninth Avenue RR.Co. and presented at 53d St. and 7th Ave..
by carrying passengers presenting them to 6th Ave. and south on 6th Ave.
without charging an adaitional fare. No opinion was handed down with the
decision which terminated the certiorari proceedings brought by Mr. Hedges
to relieve the New York Railways Co. from compliance with the order.
-V. 116, p. 410.

New York Chicago & St. Louis Ry.-Trustee.A notice to the holders of 2d and Impt. Mtge. bonds says in part: The
Union Trust Co. of Cleveland, successor by consolidation to the First Trust
& Savings Co., and, as such successor, successor corporate trustee to said
First Trust & Savings Co. under the indenture dated May 1 1918. has
resigned the trusts created and imposed upon it under said indenture, and
requests its discharge from said trusts, said resignation and discharge to
become effective April 12 1923 -V. 116. p. 936. 721.

Ninth Avenue RR. N. Y. City.-Transfers.See New York Railways above.-V. 114, p. 1064.

Northern Ohio Traction & Light Co.-Franchise.The company has proposed to Akron city officials a new 25-year street
railway franchise, effective Feb. 11924. providing for a 6-cent fare with free
transfers, elimination of competition along the company's lines, relief from
the initial cost ofstreet paving between the company a tracks and $1,000,000
in proposed additions, extensions and improvements to the company
property in the course of the first five years. The 6-cent fare is to be
subject to revision at the end of the first two years.
The company has been charging a flat 5-cent fare here for several years
by special agreement with the City Council. The existing franchise,
however, calls for a fare of 25 tickets for $1. The company's new offer
includes 9 tickets for 50 cents.-V. 116, is. 410.

Paulista Ry. Co.-Bonds Called.Certain 1st & Ref. Mtge. 7% Sinking Fund Gold bonds, aggregating
$51,500. have been called for redemption March 15 at 102 and int. at
the office of Ladenburg, Thalmann & Co., 25 Broad St., N. Y. City.
-V. 115, p. 1533.

Pennsylvania RR.-New Financing Rumors.
It was reported in the financial district yesterday that New York bankers
will offer on Monday $30,000,000 1 to 15 year Equipment Trust Certificates.
The price at which certificates will be offered. it is said, will probably be
between 5% and 5.10% bases.-V. 116. p. 936. 616.

Philadelphia Co.-To Increase .Indebtedness-Tenders.The stockholders will vote May S on approving an issue of $10,000,000
5Ji% debentures. See offering in V. 116. p. 936.
The Provident Trust Co., trustee, Phila., Pa., will until April 4 receive
bids for the sale to it of 1st Mtge. 5c Coll. Trust 57 Gold bonds, dated
'
5113,822 at a price
March 1 1899, to an amount sufficient to exhaust
not exceeding 1073i and int.-V. 116. p. 936,'616.

Peoria & Eastern Ry.-No Interest on Income BondsEarnings for 1922.-At a meeting of the directors Feb. 27
the following resolution was adopted:
Resolved, That the statement of earnings, expenses and deductions from
Income for the 12 months ended Dec. 311922.showing a deficit of $278.881,
to which should be added $20.000 under the agreement relating to the Champaign elevator, making a total deficit for 1922.of $298,881, which, together
with $31,543, the balance due the Cleveland Cincinnati Chicago & St.
Louis Ry. on operating account as of Jan. 1 1922. makes a total owed that
company of $330,423, be, and the same is hereby, approved; and the directors have ascertained and hereby declare that there are no earnings
and income applicable to the payment of interest for the year 1922 upon
the Income bonds of the company.

Earnings Statementfor 1922.-

Earnings of the P. & E. for the calendar year 1922 showed a decrease of
824,000 compared with 1921, but there was a reduction in freight rates
effective from July 1922 and the road also had the effect of the coal and
shopmen's strikes to contend against. The freight earnings showed an
increase but there was a loss in passenger business of nearly $120,000,
which resulted in a decrease of all revenues of $24.000.
In 1921 there was a net income of about $131,000 applicable to Income
bond interest, but as the P. & E. owed about $160,000 in operating account
to the "Big Four," no interest was paid. For the calendar year 1922
there IS a deficit after fixed charges of 8248,926. The P. & E. owed the
"Big Four" about $330,000 on Dec. 31 1922 on operating account. against
$81,000 for the previous year. The P. & E. had on Dec. 31 1022 with the




[VOL. 116.

"Big Four" $827,405 a cash fund for depreciation and retirement of
equipment.
It is noted that the operations of the Springfield Division for the calendar year 1922 are for the first time not shown in the statement filed with
the trustee of the Income bondholders by the "Big Four."
Income Account Year Ended Dec. 31 1922.
Net rev,from ry. operations._ $574,555
Revenue206,751
Freight
$3,086,693 Railway tax accruals
496
761,172 Uncollectible ry. revenues__ _
Passenger
390,146
Mall and express
193,377 Equipment rents (net)
62,264
Other revenue
95,911 Joint facility rents (net)
29,075
Incidental
$85,103
Joint facility
Net ry. oper. deficit
12,670
297,236
Non operating income
Total ry. over. revenues_ _ _$4,178,898
$212,134
ExpensesGross Income
322
Malta. of way & structures_ _. $640,018 Rent for leased roads
x401,086
Maintenance of equipment__ _ 1,049,956 Int. on fund.& unfund. debt
66.407 Other deductions
Traffic
25,817
1,717,970
Transportation
.5215,092
Net deficit
809
Miscellaneous operations
5,425
129,048 Sinking & other reserve funds_
General
Transports,for invest.-Cr__ 135 Invest. in physical property_
28.409
$248,926
Balance, deficit
Total ry. oper. expenses_ _ _ _$3,604,343
x Includes $38.023 int. on I. B. & W. By. 1st Pref. Mtge. 4s: 825.000
int. on I. 0. & W. By. let Prof. Mtge. 5s; $335.040 int. on P. & E. Ry.
1st Cons. Mtge. 4s; 52,500 int. on G. C. C. & St. L. By. Co. 5% note;
$492 int. on Cent. Grain Elevator 5% bonds and $31 int, on unfunded debt.
Balance Sheet Dec. 31.
1922.
1922.1921.
Assets9,994,200 9,994,200
Inv.in rd.& equip.19,546,297 19,1391$221, 12 Capital stock
5,000
5,000
9,524
8,267 Stk.liab.for cony_
Sinking fund inv._
Mortgage bonds 9,825,500 9,829,500
Misc. phys. prop4,000,C00 4,000,000
172 Income bonds_
8,104
erty investment_
Non negot. debt to
Inv.inaffil. cos.:
131,543
_ - 410,423
affiliat cos_
125,000
125,000 affiliated
Stocks
5,056,000 5,062,500 Funded debt maBonds
1,000
1,000
1,3021,240 Lured, unpaid__
Deferred assets.._
384,449
Accr. depr.(equip.) 411,489
Retire't & deprec.
713,372 Add'ns to prop'ty
of equipment._ 827,405
through income
801,908
and surplus..,,830,571
151,184
kink. fund reserves 156,608
224,581
Total(each side)25,573,633 25.523,364 Prof. & loss surp-- def.61,159
A.
W.
and
Carnegie
Smith
H.
A.
meeting,
Directors -At the annual
Ewen were elected directors for a term of three years, succeeding themselves.
It is stated that the"Big Four" does not operate the P.& E. under lease
but under an operating contract expiring in 1940. It is understood that
a minority stock interest is seeking to change the existing operating contract.-V. 116, p. 936, 722.

Philadelphia Rapid Transit Co.-Subway Plan.-

The company has suggested a plan (called the "City-Company Plan")
for a subway under Broad St. Two connections are proposed to the new
bridge to be constructed over the Delaware River to Camden to be finished
in 1926. The routes recommended outside the centre of the city are not
indicated.
In the new plan direct service through what is known as the delivery
district is possible from all parts of the city, while under the Taylor plan
this was only directly possible in a restricted sense, and indirectly through
system of transfers and exchanges. In the city-compay plan the traffic
is not sewed up as in the Taylor plan, and outlets in all directions are possible -V. 116, p. 823. 616.

Pittsburgh Cincinnati Chicago & St. Louis RR.--

The Farmers Loan dc Trust Co.. trustee, N. Y. City, will until March 29
receive bids for the sale to it of Cense]. Mtge. bonds to an amount sufficient
to exhaust $156,950, and at a price not exceeding par and int.-V. 116.
p. 177.

Pittsburgh Railways Co.-Earnings:-

The receiver's report made to the U. S. DM'let Court shows total
revenues in 1922, $21.169,750, compared with 821,360,715 in 1921. Net
Income for 1922 amounted to $329,329, against $162.990 in 1921.-V.
116, P. 411. 177.
Pittsburgh & West Virginia Ry.-Stock Application and
Acquisition, &c., of West Side Belt RR. Denied Second Time.-

The I.-S. C.Commission on Feb.6 denied the application of the company
for authority to Issue $3.000,000 Prof. and $4,400,000 Common stock and
to assume obligation and liability in respect of certain securities in connection with purchase of property of West Side Belt RE. The application
for authority to control, by purchase, of the West Side Belt RR.,was also
denied. The report of the Commission (upon argument) says in substance:
On Dec. 10 1921 we denied the application (V. 113, p. 2721) upon the
ground that the proposed issue and assumption were "for an object, namely,
the purchase by applicant and the sale by the Belt company of the property
and franchises of the latter, which cannot lawfully be accomplished without
our authority under the provisions of Section 5 of the Inter-State Commerce
Act,' and no such authority had been sought.
On Jan. 17 1922 the company filed an application, pursuant to paragraph
(2) of Section 5 of the Inter-State Commerce Act, for authority to acquire
control of the Belt company by purchase of its corporate property, rights
and credits, not including the franchises. Subsequently, applicant asked
that Finance Docket No. 1108 be reopened for argument, and this request
was granted. The case was argued in connection with Finance Docket
No. 2186 and Ex Parte No. 81. The application in Finance Docket No.
1108 was subsequently amended so as to seek authority to issue 53,000.000
of preferred stock and such additional amount of common stock as, added
to the $3,000,000 of pref. stock, will amount at par to the net assets of the
Belt company. The effect of this amended application is to decrease the
stock issue of $7,400,000 originally proposed by the amount of the accrued
interest on advances made by applicant to the Belt company. This accrued
interest is said to have amounted to $1,010,442 on Sept. 30 1922.
For some years the two companies have been under common control.
Applicant owns all the 81.080,000 stock of the Belt company, and the
railroad of the latter is now being operated by applicant jointly with its
own under a contract to expire Dec. 31 1925. Authority to enter into this
contract was granted on Jan. 16 1922,
On Sept. 1 1920 applicant made a contract to purchase from the Belt
company all its franchises, corporate property, rights and credits. By a
supplemental agreement, dated Jan. 12 1922, the franchises of the Belt
company were eliminated from this contract. It now provides that applicant will pay to the Belt company, in consideration of the transfer of all its
property excepting franchises, the sum of $7.400,000, payment of which the
13elt company elects to receive in $3,000,000 pref. stock and $4,400,000
common stock. Out of this purchase price the $3,000,000 pref. stock and
$3,320,000 common stock are to be returned to and accepted by applicant
in full payment of all obligations of the Belt company hold by it. These
obligations aggregate, with interest, an amount in excess of the par value
of the stock so to be returned. The remainder of the consideration,amounting to 51.080.000 of common stock, is to be exchanged, par for par, for the
outstanding capital stock of the Belt company, all of which applicant holds.
If the authority sought in the amended application is granted by US it Is
proposed to amend this contract so as to provide that the consideration to
be received by the Belt company shall correspond with the amount of
applicant's pref. and common stock authorized to be issued.
The property of the Belt company is to be acquired subject to the mortgages securing its bonds and its guaranty of the bonds of the Terminal company, and its equipment trust certificates, and applicant expressly assumes
the payment of the principal and interest thereof to the same extent as the
Belt company is now obligated therefor. As a result of the proposed transaction, the 81,080,000 stock and indebtedness of the Belt company to applicant for advances, amounting to $6,320,000, and interest thereon, wcille be
qnestions now before us are:(1) whether the transaction covered by
led
ho
Tee
can
the application is such an acquisition of control as wo may lawfully, and with
due regard for the public interest, approve under paragraph (2) of Section 5
of the Inter-State Commerce Act, and (2) if so, whether the authority which
is sought to issue certain stock and assume obligation and liability in respect
of certain securities in connection with such acquisition, may lawfully, and
with due regard for the public interest, be granted.

MAR. 10 1923.]

THE CHRONICLE

Without passing upon the question whether the transaction we are asked
to approve amounts to "the consolidation of such carriers into a single
system for ownership and operation," it is clear that under paragraph (2)
of Section 5 we may only approve an application for, and authorize acquisition of, the control, in whole or in part, of one or more carriers by another
carrier or carriers. That provision of the law looks to the future and has
no application where complete control of one carrier by another already
exists. Here applicant owns every share of the capital stock of the Belt
company and no action that we might take could give it a more complete
control of that carrier.
Even if it were possible for us to authorize a more complete control than
now exists, the application, as well as that under Docket No. 1108. would
have to be denied because approval would not be in the public interest.
The book value of the Belt company's investment in road and equipment
as of Dec. 31 1921 was $7,753,443. The funded debt of the Belt company
on Dec. 31 1921 was $1,480,000, or $6,273,443 less than the investment in
road and equipment. Deducting from the latter figures the Belt company's
liability, secured by mortgage on its property, of $3,248.000 as guarantor
of the bonds of the Coal company, less $277,000. par value of said bonds in
the hands of trustees to take up the Belt company's first mortgage bonds,
leaves as of that date a balance of $3,302.443 in investment in road and
equipment not represented by its funded debt or the Coal company's bonds.
This balance has since been increased to $3,402,443 by the reduction of
$100,000 in the funded debt.
To acquire an equity in the Belt company, represented for present purposes by $3,402,443, applicant originally proposed to issue 37,400.000 of new
capital stock, or $3,997,556 in excess of the value to be received. Under
its amended application applicant proposes to issue approximately $1.000.000 leas of new capital stock in excess of the value to be received. It may
be that the net assets of the Coal company at thi time greatly exceeds the
par value of its outstanding bonds and that the liability of the Belt company as guarantor on said bonds is remote. This excess of assets may not
continue until the maturity of the bonds, and in the future the liability of
the Belt company may not be so remote.
If it be assumed that this contingent liability of the Belt company,secured
by mortgage on its property, will never be enforced and that the mortgage
recourse
securing the same will be released and discharged of record withoutproposed
to the Belt company or its present assets, the stele& issue originally
of
amount
the
$1,000,000
than
more
by
value
would still exceed in par
equity in the property which applicant will thereby acquire. It is manifest
that the equity referred to above would be further reduced to an undeterminable extent by applicant's assumption under its contract of the debts,
liabilities and duties of the Belt company.
The Bureau of Valuation estimated valuations show the value of the
carrier and non-carrier property of the Belt company to be some $2,000,000
as of the
less than the book value of its investment In road and equipment
same date. June 30 1917, and the value of the properties of applicant and
the Belt company to be less than the outstanding capital obligations of the
applicant alone. We are of opinion that the overcapitalization here proposed would not be in the public interest.
For the foregoing reasons we are of opinion and find that the applications
should be denied. [Commissioners Porter and Lewis dissented.1-V. 115.
P. 2379.

Portland Ry., Lt. & Power Co.-Pref. Stock Offered.National City Co. is offering at 98 and div. $1,000,000
7% Cumulative Prior Pref. (a.&d.) stock, Series A.

1051

is trustee
segregation plan. The objections of the trust company whichcontention
on the
of the holders of Reading Gen. Mtge. bonds, were based'
bondthat the plan fails to make adequate provision to compensate thep.
holders for the losses they 'sill sustain by the segregation.-V. 116. 823.

St. Louis-San Francisco Ry.-Approves Purchase of
International-Great Northern.-The stockholders on March 7
approved the plan for the purchase of all the stock of the
International-Great Northern Ry.
The I.-S. C. Commission has the plan under consideration, and the
management is hopeful of approval by that body.
J. R Koontz has been elected 'Vice-President in charge of traffic to
succeed the late Andrew Hilton.-V. 116, p. 823.

Shore Line Electric Ry.-Rhode Island Lines.-

A bill before the Rhode Island Legislature proposes that the part of the
line which is in Rhode Island be put under the control of a new corporation
lines to be
to be known as the Westerly & Atlantic Traction Co. The Westerly
to
acquired by the new company would be those running out of
R.
Weekapaug.
Hopkinton, to Watch Hill, to Pleasant Valley and to
which
or something over 20 miles. The incorporators of the company,
would have its headquarters in Westerly. R. I., are given as Robert W.
Perkins of Norwich, Conn., Edward M. Day of Hartford, Charles B.
Whittlesey of New London and Herbert W. Rathburn of Westerly. R. I.
The capital stock is fixed at $100.000. with the right to increase to 5500.000.
-V. 116. p. 616.

Sixth Avenue RR.-To Abandon Tracks.-

The stockholders on March 5 authorized the abandonment of the franchise and tracks of the company on Lenox Ave.from 110th to 116th streets.
New York City. This stretch of track has not been in service for some
time.-V. 115, p. 309.

South Carolina Gas & Elec. Co., Spartanburg, S. C.

It is understood that the Pittsburgh Gage & Supply Co. is negotiating
with the above company for the taking over of tbe South Carolina Light,
Power & Railways. Operation of railway lines in Spartanburg, was suspended on Dec.31 last, out the Railroad Commission took steps in February
to temporarily supervise the operation of the lines to learn if they could be
operated at a profit.-V. 116. p. 516.

Southern Indiana Gas & Electric Co.-Bonds, &c.

The Indiana P. S. Commission has authorized the company to issue
53.266,900 of 6% 25-year bonds and $400,000 7% Preferred stock. The
proceeds will be used to pay for repairs and extensions made and to be
made, and to retire outstanding stocks and bonds. See offering in V. 116.
p. 516

Southern Pacific Co.-Construction.--

It is announced that work has been resumed on the Southern Pacific Me.
of Mexico. which will connect the main line at Tucson with Mexico City
by meeting the National Railways of Mexico at Orendian. All but 98
miles of the line were completed when revolutions interrupted in 1910.
This gap is now to be bridged. The road is not expected to be completed
before 1926.-V. 116. p. 936. 823.
Southern Railway.-23/% Preferred Dividend.-

A dividend of 214% has been declared on the non-cumulative Pref. stock,
Dividends payable Q.-J. The Prior Preference stock has equal voting
was paid
rights with all other stocks of company. Red. as a whole on any div. date payable April 20 to holders of record March 29. A like amount
dividends.
and
on Nov. 15 last: this was the first distribution made on the Preferred stock
on 60 days' notice at $105
Data from Letter of Pres. Franklin T. Griffith, Portland, Ore., Mar.?. since December 1920.
It is stated that the dividend just declared means that the regular 234%
Company.-Supplies electric light and power in Portland and nearly 40
disbursement is restored and that payment dates have been
other communities in western Oregon. Does gas business in Salem, and semi-annual
placed
where they were prior to Federal control.-V. 116. P. 936. 510.
terriadjacent
and
operates city and interurban railway lines in Portland
tory. Number of electric customers has increased from 38,103 on Dec. 31
Springfield Ry. & Light Co.-Tenders.1916 to 63.534 on Jan. 311923, over 5,400 having been added during the
The
Trust Co., trustee, 140 Broadway. N. Y. City will until
past 12 months. For the past 12 years company has generated from water March Guaranty
15 receive bids for the sale to it of 1st Lien 15-year 5% Sinking Fund
power over 86% of its total electrical output, and steam power, when neces- Gold bonds,
due
May 1 1926, to an amount sufficient to exhaust 580.739
available
wood
sary, is produced from fuel consisting largely of cheap refuse
at a price not exceeding 102 and int.-V. 115. p. 1840.
in this section.
12Mos.End.
Calendar Years
Steubenville East Liverpool 8c Beaver Val. Trac. Co.Jan. 31 '23.
1921.
1920.
1919.
EarningsAt a special referendum election Feb.27,the voters defeated an ordinance
58,554.043 59.542.678 $9.902,520 $10,166,532 granting
Gross earnings
the company a 7-cent city fare, a 10-cent inter-city fare and a
6.384.241
6,269,514
6,207,742
Oper. exp., maint.& taxes 5,454,696
the
1,984.216 1-cent transfer. Prior to the suspension of car service in May last,
1.985,106
1.970.953
2,002,287
Interest
fare was 5 cents with free transfers.-V. 116, p. 722.
Bal. avail,for divs.. &c.$1,097,060 $1,363,983 $1.647.900 $1,798,075
Underground Electric Rys. of London.-1922 Results.
Purpose -Proceeds from this sale, together with recent bond financing,
Number of Passengers Carried in 1922 Compared with 1921
will reimburse company for construction expenditures,including those made
Central London Gen
Metroporn London City & South
-electric station now under construction.
In connection with a large hydro
District Ry. Electric Ry. London Ry. London Ry.Omnibus,Ltd
Capitalization Outstanding as at Jan. 311923. incl. This Issue.
Pass,carried.126,846,973 128,922,477 24,817,469 44,658.174 846.682.673
7 Prior Pref. stock- -$2.330.000 Underlying div. bonds_x$15,684,000 Dec.from '21 3.466.751 4,098.427 7,009.295 x1,193.049 x85.431.268
6,250,000 1st & Ref. M.5s, 1942_ _y13.578,700
8% 1st Pref. stock
lc Increase over 1921.
5,000,000 1st Lien&Ref. 74s,Ser.A 5.120,500
Second Pref. stock
Combined Results of Above Five Companies.
11,250,000 1st Lien & Ref. 6s, Ser. B 2,500,000
Common stock
1921.
1922,
1922.
1921,
8% Unsecured 5-yr. notes 1,117,205
a
Pass.
in
alive
held
Other approp- £82,500
990,505,876
are
issues
earr.(No.)1066656,847
these
of
one
of
bonds
x $1.492.000 additional
fund,
Traffic
Divs, on guar.
recelpts_f12,278,326 £12,498,641
sinking fund. y In addition, 52,720,300 are held alive in the sinking
£389,477
389,477
& pret.stks_
and $9,380,000 are pledged under let Lien & Ref. Mtge.-V. 115, p. 2379. Expenditure ___ 9,943,028 10,425,929
£872,522
£974,795
Net receipts__ £2,335,298 £2,072,712
Balance
Public Service Corp. of N. J.-Stock Sold.135,711
253,142
586,916 Previous surplus
The company announces that the offering to its customers on March 1 M!seen.rec.(net) 641,578
of 50,000 shares of its 7% Cum. Prof. stock at par has been oversubscribed.
£1,227,937 E1,008.233
Total net Me_ £2,978,876 £2,859,628
Total
-V. 116, p. 936, 616.
755,091
902,983
Deduct-Interest,
Divs.on Ord.stks
&e__
885.104
867,629
Puget Sound Power & Light Co.-Pref. Stock Offered.- rentals,
£253,142
£324,954
eonforw'd
for
Res.
Balance
Stone & Webster, Inc., Parkinson & Burr and Estabrook &
Ling.,&e__ _
665,000
530,000
Co., are offering, at 103 and div., $2,000,000 7% Cumul. -V. 115. p. 2159.

Prior Preference Stock. A circular shows:
Redeemable at 110. Preferred as to dividends and in case of liquidation.
Dividends payable Q.-J.
Capitalization Outstanding (Incl. Subsidiary Companies) After This Financing.
439.442,800
Bonds
2,957.000
Coupon notes. 1925-26
7,500,000
7% prior preference stock (including this issue)
15,551.700
6% preferred stock
20,282,900
Common stock

Union Elevated (Loop) RR., Chicago.-Bonds Offered.

Wm, Hughes Clarke Chicago, is offering a block of 1st Mtge. 5% gold
bonds due 1945. at 773k and interest, to yield 7%. An income statement
is presented as follows:
cent per
Earnings of the Union Elevated RR. properties, computed at
passenger on the traffic officially reported by the four divisional companies
or computed on tile Union company's payments to the city, have averaged
for the past 13 years more than $875,000 p. a. available for maintenance
expenses estimated to average about 550,000 p. a. on the elevated steel
structure and for the annual $250.000 interest charge on these Union First
$85.734.400 Mortgage 5% bonds.
Year 1922. Year 1921. Ati.1910-20
Revenue passengers
181,283.785 180,629,282 175,743,763
x Does not include bonds held in sinking funds.
$877.252
$903,521
5906.419
Company.-Does the greater part of the commercial electric light and Earnings
50,000
50,000
50,000
power business in the Puget Sound district of the State of Washington, Maintenance,estimated
250.000
250,000
250,000
including cities of Seattle, Tacoma, Bellingham and Everett and has recently Interest on bonds
106,955
130,704
131.361
purchased the companies doing the electric light and power business in Payments to Chicago
Wenatchee, Centralia, Chehalis and other cities and towns in western
5470.297
$472,817
Balance
1475,058
Washington, extending the territory for the development of future business
east to the Columbia River and on the coast south to the State line. The -V. 115, p. 1733.
company, principally through subsidiaries, does a part of the electric railway
United Light & Railways Co.-Extra Dividends.business in the Puget Sound district, except in Seattle where the street
An extra dividend of 5% in Common stock has been declared on the
railway lines are owned and operated by the city which purchases power
Common stock. payable April 2 to holders of record March 15. The direcfrom the company.
Purpose.-Proceeds will be applied against the recent purchase of Wash- tors have also declared an extra cash dividend of 34 of 1% and the usual
ington Coast Utilities and North Coast Power Co., and for the construction quarterly cash dividend of 134% on the Common stock, both payable.
May 1 to holders of record April 16. An extra cash dividend of 14 of 1%
of transmission lines connecting with these properties.
was paid on the Common on Jan. 2 last.
Earnings Twelve Months Ending December 31 1922.
The regular quarterly dividends of 134% on the 6% Preferred and of
earnings
Gross
$10,477,609 1fi% on the Participating Preferred stock have also been declared, payable
Net earnings after operating expenses and taxes
4,378.584 April 2 to holders of record March 15.
Income from City of Seattle Municipal Street Ry. bonds
715,291
An extra cash dividend of 1% has also been declared on the Participating
Prof. stock, payable in quarterly installments of h of 1% on April 2. July 2
Total income
15,093,875 Oct. 2 1923 and Jan. 2 1924, to holders of record on the 15th day of each
charges
amortization
and
Interest
2,451,924 preceding month.-V. 116, p. 177.
Balance for reserves, replacements and dividends
$2.641.951
United Railways Investment Co.-Financial Readjustprior
preference stockwould require $525,000
Dividends on $7,500.0007%
ment.-The company announces that the directors have
-v. 116, P. 936.296.

Reading Co.-Objects to Segregation Plan.-

The Central Union Trust Co., New York, on March 8 filed in the United
States District Court at Philadeiphia objections to the second modified




entered into an agreement with Ladenburg, Thalmann &
Co. to act as managers in the readjustment of its financial
structure. An official statement says:

•

1052

THE CHRONICLE

[VoL. 116.

A plan is about to be submitted to the stockholders involving the segregation of company's holding in the Philadelphia Co. into a new corporation,
which new corporation will issue bonds, participating Pref. and Common
stock, all of such Common stock, however, being retained by the United
Railways Investment Co. Incident to this plan will be an offer to the
holders of the 5% bonds which do not mature until 1926 of par and accrued
interest in cash, contingent on the consummation of the proposed plan.
Subscription rigats to the new Pref. stock will be offered to the present
stockholders.
The Philadelphia Co., which has a dividend record of almost 40 years,
owns and controls substantially all of the public utilities of the Pittsburgh
district, including the Duquesne Light Co. These properties now have
gross earnings of approximately $60,000,000 per annum and a computed
valuation exceeding $200.000.000.
On completion of the plan it is anticipated that the First National Bank,
Chase National Bank, together with Ladenburg, Thalmann &
will be
represented on the board of the new corporation. It is expectedCo..
that within
a few days copies of the plan will be mailed to all stockholders of the United
Railways Investment
If the plan is carried through, all present indebtedness of the United
Railways Investment Co.. including its bonds, will be paid off in cash or
provided for, and the Investment Co. will then own, not only all of the
Common stock of the new company, but its present California holdings
will be undisturbed.-V. 115. p. 2380.

Production.-"Pig Iron production last month was the highest on record
for a February. The total was 2.994,187
tons, or 106.935 tons a day.
against 3,229.604 tons in January, or 104,181
tons a day. The output is
the highest since March 1920. when the daily make
averaged 108.900 tons.
"Eighteen furnaces went in and two
blown out in the month, making
a net gain of 16. On March 1 the 278were
furnaces were operating at a 110,055
tons per day rate, equivalent to 40,170,000
per annum, or over 89%
of capacity. Of the 2,754 tons daily gaintons
in February over January.
2,061 tons came from merchant furnaces.
"Barbed wire orders are voluminous as the season draws
near.
"Business with the warehouses is naturally very heavy and the
expected
advance, owing to the higher mill prices, amounted
to $3 per ton in the
heavy tonnage products and commonly S2 to $5 in sheets.
"Shipping of pig iron into the Chicago territory by the
Steel Corporation
accounts for the notable blast furnace
in tne Pittsburgh district
and indicates that difficulties in shippingactivity
fuel were a cause. The Carnegie
Steel Co. now has no less than 50 of its 59
making iron.
"In the face of threatened delays in d liv furnaces
ry of building at el. now fabricated steel inquiries totaling 27,000 tons appeared.
Awards called for
15.000 tons.
"Railroad equipment business included the purchase of 437
locomotives
and 5,060 cars, with fresh Inquiries for 12,500
and 41 locomotives.
Foreign Situation.-"The Ruhr invasion Is cars
disturbing the European
market broadly. Germany is attempting to now
operate independently of the
Ruhr basin, importing coal for coast plants.
utilizing Silesian coal for
U. S. Railroad Administration.-Final Settlements.Southern plants and resorting to electric smelting.
Inquiries for large
The U. S. Railroad Administration announces that final settlement of tonnages of coal for
both
France
and Germany have reached the United
claims growing out of period of Federal control has been made with following States, and contracts for
high-grade coking coal have been made for about
roads:
100,000 tons. In Alsace and Lorraine 40 furnaces are now active
Rutland RR., $350.000; Joplin Union Depot Co., $18,000; Southern San 147.
out of
is approacning complete cessation of production. British
Francisco Belt Ry.. $5,500; Nacogdoches & South Eastern RR., $3.000; prices Luxemburg
have advanced stiffly, the average on many items
being $1 18 per
Little Rock Maumelle & Western RR,. $8,000; Wyandotte Southern RR., ton since last
week.
$1,700; Rowlesburg & Southern RR.. $2.000.
"Old material prices have advanced rapidly in nearly all centres,
and at
Indiana Harbor Belt RR. Co. has paid the Director-General $495,000 in Philadelphia a sale of 30,000
tons of heavy melting steel was made at $24,
final settlement of the Government's claim.-V. 116, p. 722.
which was $2 higher than recent quotations.'
Utah Central RR.-Construction.Coal Production, Prices, &c.
The I.-S. C. Commission on Feb. 26 authorized this company to conThe Geological Survey March 3 1923 estimated total
production as
struct a line of railroad in Emery and Carbon counties. Utah., approxi- follows:
mately 33 miles. Company was incorporated Aug. 8 1922.
Present estimates of soft coal production in the week
Feb. 24
indicate a total output of 10,332.000 net tons. Includingended
shipped.
Vicksburg (Miss.) Light & Traction Co.-New Control. mine fuel, local sales, and coal coked. This is 100,000 tonscoal
less than the
All of the outstanding stock of this company and the Jackson Public revised estimate for the week preceding, but the daily
Service Co. has been acquired by H. C. Couch, President of the Arkansas considering the observance of the holiday in some districts,rate of output,
was essentially
Light & Power Co. and Pine Bluff Co., and associates.-V. 103, p. 240.
unchanged.
That, the downward trend in production is checked is further
Virginia Ry. & Power Co.-Fare Extended.by preliminary reports of cars loaded during the week of Feb. 26 indicated
-March 3.
The City Council of Richmond. Va., recently granted permission to These show 42,732 cars loaded on Monday, 32.984 on Tuesday.
31,150 on
the company to extend its 6-cent fare privilege for an additional six months Wednesday, and 28.398 on Thursday, the total for the
four
days
being
from Jan. 15 1923.-V. 116. p. 824.
7% greater than for the corresponding part of last week. The indicated
total output for the present week is therefore about 11,000,000 tons.
Washington Water Power Co.-Larger Dividend.The production of anthracite in the week ended Feb. 24 was practically
The directors have declared a quarterly dividend of 2% (32 per share) the same as in the week before and is estimated at 1,838.000 net tons,
payable April 14 to holders of record March 23. On Jan. 15 last a quarterly including coal shipped, mine fuel, local sales, and dredge
and washery
dividend of $1 75 per share and an extra of $1 per share were paid.-V.116, output. Production was at a low rate on Washington's birthday
and
p. NS.
Saturday.
Early returns on car loadings during the first four days of the week
Westerly (R. I.) & Atlantic Traction Co.
Feb. 26-March 3 indicate production at the rate of 2,100.000 tons for
the week.
See Shore Line Electric By. above.
Estimated United States Production in Net Tons.
West Side Belt RR.-Reports,
1923.
1922.
See Pittsburgh & West Virginia Ry. under "Reports" above.-V. 114.
Cal. Yr.
Cal. Yr.
p. 2014.
BituminousWeek.
to Date.
Week.
to Date.
February 10
10,725,000
66,531,000
10,309,000
54,182,000
Wheeling & Lake Erie Ry.-Guaranty.February 17
10,431,000
76,962,600
10.285.000
64.467,000
The I.-S. C. Commission has issued a final certificate stating the amount February 24
10,332,600
87,294,000
10,402.000
74.869.000
of this company's guaranty for the 6 months' period of 1920 as $1.821,403,
Anthradteof which $865.403 is still to be paid.-V. 115, p. 2906.
February 10
2,023,000
12.046.000
1.822.000
9,568,000
February
17
1,828,000
13,874,000
1,703,000
Wilmington & Chester Traction Co.-Bonds.
11,271,000
February 24
1.838.000
15,712,000
1.701.000
12,972,000
The Wilmington & Philadelphia Traction Co.. guarantor of the 6%
Beehive CokeGold Collateral Trust bon -s of the Wilmington & Chester Traction Co. February 10
359.000
2,010.000
128.000
705.000
due April 1 1923. announces that it has arranged with the bankers making February 17
378,000
2.388.600,000
the public offerings that any bonds not previously deposited for extension February 24
370,000
2 758.000
157.000
997,000
will on April I 1923 be purchased for the account of the bankers at par at the
The "Coal Trade Journal" March 7 reviewed market conditions
as
office of the Provident Trust Co of Phila., 4th & Chestnut Sts., Phila. follows:
Coupons due April 1 1923 will be duly paid upon surrender thereof. See
"Milder weather, the easing up of transportation congestion in certain
offering in V. 116. p. 824.
directions, together with recent announcements of reductions in circular
prices on a number or standard coals, nave all combined to soften the
Wisconsin Ry., Lt. & Power Co.-Bonds Offered.- bituminous
coal market and to reduce demand. For the
time this
Halsey, Stuart & Co., Inc., are offering at 89 and int., to year, tonnage figures for the week ended Feb. 24 were belowfirst
those for the
period last year.
yield about 03%, $825,000 1st Mtge. & Ref. 5% gold corresponding
"Compared with quotations for the preceding week, spot figures last
bonds of 1912, due Feb. 1 1933. A circular shows:
week showed changes in 59.5% of the bituminous figures. Of these
Company was incorporated in Wisconsin in Jan. 1913. Owns and oper- changes. 73% represented reductions ranging from 5 to 75 cents per ton
ates a hydro-electric development located on the Black River near Hatfield, and averaging 33.8 cents. The advances ranged from 5 to 50 cents, and
Wis., and the electric light and power properties in Winona, Minn., and averaged 24 cents per ton. The straight average minimum spot price
on the coals was $2 71. a drop of 27 centsfrom the corresponding figure for
Onalaska, Wis. Also serves several smaller communities with electric
light and power, and operates the street railway systems in the cities of the week ended Feb. 24. while the average maximum dropped 20 cents to
$3 52. A year ago the averages were $2 01 and $2 31. respectively.
Winona, Minn. and La Crosse, Wis.
That these declines represent a real weakness in the market is indicated
Capitalization:Authorized. Outstand'g. by the fact that,
even in those districts where the car shortage is most
Capital stock
$1,230,000 51,219,900 pronounced, latices in the spot
trade are unstable. The lower grade coals,
Underlying bonds, due July 1 1929
(closed)
5220,000 of course, show the greatest unevenness,
but some of the most choice
First Mortgage & Refunding 55
2,225,000 offerings that have been on a high level are also
(Y)
slipping. Included in
x 1st Mtge. & Ref. 5s reserved with trustee to retire these bonds. y Issu- this
class
maximum
is
the
price
on
mine-run
from the Pocahontas and
bonds
additional
limited
ance of
by restriction of mortgage.
New River fields. Cancellation of duplicate orders placed by over-eager
Earnings 12 Months Ended Dec. 31 1922.
buyers when the transportation congestion was at its peak is also comGross earnings, including other income
11755,319 plicating the price situation.
Operating expenses, maintenance and taxes
504,746
The advent of milder weather has proved a boon to the anthracite
producer and the retail distributer. Householders
less clamorous
Not earnings before depredation
$250,573 for fuel as the spring days approacn. and the retail are
Annual interest on fended debt outstanding
are less
122,250 ready to pay high premium prices for tonnage. Top merchants
figures have been
-V. 112, p. 746.
shaded in New England.' A series of local strikes at various
important
collieries during the past month, however, threatens to counteract
the
favorable influence of the weather."
INDUSTRIAL AND MISCELLANEOUS.
Miners Charge Dealers Take "Excess Profit" of $1 35 a Ton.-Assert
The following brief items touch the most important devel- that anthracite
industry Is"a monopoly control" in statement made public
opments in the industrial world during the past week, to- by Ellis Searles, Director of United Mine Workers. "Times" March 5.p.
5,
To Nationalize Mines Begun.-Ilead of Research Committee
gether with a summary of similar news published in full of Campaign
United Mine Workers of America calls for united action by all
1111i011
locals. "Times" March 4, Sec. 2. p. 13.

detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
The"Iron Age" March 8 said in brief:
Prices.-"Advancing prices feature the pig iron,semi-finished and finished
steel markets. A swelling demand is being measured against the practical
limit of production-one remarkably high, even were there no labor, fuel
or railroad obstacles to operation.
"Expansion in automobile production and in building work is approaching
the barrier of material scarcity. High prices are given as the reason for the
postponement of a 16,000-ton hotel project in Chicago, but inability to
get deliveries is the chief difficulty in most cases of the kind.
"Other than primary producers are numbered among those withdrawing
from the market pending a reduction of obligations and the return of more
.normal conditions. Th long continued pressure of buying in the Central
West, extending to the East. has unmistakably accelerated price advances.
"In _pig iron prices are still advancing. Southern iron has advanced
$1 to 526. At Pittsburgh foundry grades have been marked up $2 and
steel-maldng grades 50c. to $1 50. Quotations are also higher in the East
nd at Buffalo. At Chicago Virginia iron has appeared for tae
first time
If several years and an inquiry for a considerable tonnage of Northern Iron
has come from Detroit, owing to a furnace in that district being put out
ofpgeraby
an accident.
.
semi-finished steel an order of upward of 50,000 tons of billets, sheet
bars and slabs has been put through at $45 for April and at what may be
'The Iron Age" averages for May and June. This transaction represents
a $5 a ton advance, as substantially no sales have occurred since the nominal
$40 quotation of a week ago.
"Bars, plates and shapes are now difficult to get at a 2.35c. Pittsburgh
base. What of the current demand is satisfied averages close to 2.50c.
'Bolts and nets have advanced 10%, though consumers and distributers
generally had previously covered for toe second quarter. Some makers of
rivets are aaW• ng $5 a ton more for second quarter bookings.




Oil Production, Prices, etc.
The American Petroleum Institute estimates the daily average gross
production
crude oil
in the United States for the week ended March 3, as
follows:
(In Barrels)Mar.3'23. Feb. 24 '23. Feb. 17 '23. Mar.
422,
Oklahoma
414,400
406,550
406.000
345,500
Kansas
80,600
80,950
80,550
82,000
North Texas
51,100
50.250
51.750
50,850
Central Texas
120.550
124.050
124.350
205,150
North Louisiana
71.300
70,750
67,650
116,500
Arkansas
105.600
103,750
100,150
34,300
Gulf Coast
104,450
106,450
109,250
107,950
Eastern
108,000
107,000
107,000
110,000
Wyoming and Montana
109,400
104,950
115,850
57,800
California
630.000
630.000
595,000
310.000
Total
1,795.400 1,784,700 1.757,550 1,420,050
U. S. Interior Department Refuses Oil Leases to Alien Companies.-Pol
IcY
of Government tested by appeal from regulation by Roxana
Oil Co. Interior
Department reaffirms decision that companies
in which atiens hold controling interest cannot obtain leases of American oil lands.
"Times March 7.
Senate Oil Investigation Report Completed.-Arralgns Standard 011 Co. as
price dictator--demands regulation of industry-suggests
immediate
remedies. "Timm March 5, p.
1.
Cylinder Oil Price Advanced -Was iput up 2c. per gal. a total increase of,
44c. in last few weeks. "Times March 4, sec.
2, p. 12.
Kerosene Price Reduced,-Reduction
per gal. made in Pennsylvania. "Financial America" March 3,ofp.Sic.
1.
Crude Oil Price.-Standard Oil of Louisiana has posted the following
divisions of gravities on Smackover crude oil: 26 deg. and above. $1 35;
25 to 25.9 deg., $1 20; 24 to 24.9 deg.. $1 10; 22 to 23.9 deg., $1: below
22 deg.. 90e. Heretofore, only 2 uivisions of Smackover crude were

MAR.

10 1923.]

THE CHRONICLE

1053

quoted, the old prices being 28 deg. gravity and above, 90c., and below not the intention of the directors to issue any additional stock at this
time.
26 deg. gravity. 31 35. "Financial America" March 10.
Combined Income Account Years Ending December 31.
Prices, Wages and Other Trade Matters.
1920.
1921.
1919.
1922.
x$1,99'.,861 $1,523,496 23,072.035 11,883.649,
Refined Sugar Prices.-On March 3 Federal Sugar Refining Co. reduced Net profits
181.826
172.242
189.754
to 8.75c. a lb. "Financial America" March 5. On March 8 Depreciation
289.102
price 15
refined 15 pts.. to 8.90c. "Wall St. Journal" March 8.
pts..
Federal advanced
7. On March 9 the company reduced 15 pts. to previous quotation of
Balance
21,703,759 31,333.742 32,890.209 $1,711,407
Miscellaneous income__ -- y200,346
175,079
60,486
451,940
8.75c. "Financial America" March 9.
Inquiry Dito Increased Price of Sugar Falls in Senate.-Advocates of
Total
resolution fail to obtain action for Senate Investigation of causes of advanc$1,904,104 $1,785.682 $3,065.288 $1,771,893
519.036
23.944
2117,228
Misc. int. & sundry deduc $36,404
ing sugar prices. "Times March 5,P. 27.
281,609
238,092
Lead Price.-American Smelting & Refining Co.s official quotations were Exchanges,losses & res've
75.000
25.000
8.15e. on March 1 and 8.25c. on March 2. "Engineering & Mining Journal Alterations and renewals..
40,000
40.000
90,000
Press," March 10.11o. 469. The price of 8.40c. noted in last week's "Chron- Pension fund
40,000
icle", p. 937, was for future delivery.
rofit-sharing plan
288.788
114,314
166.825
z193.233
269.739
269.739
269,739
Export Copper Price Advanced.-Export price was raised to 1730. c.i. f. Preferred dividends(6%). 269.739
European ports March 5, domestic price remaining steady at 17c. "Times" Common dividends_(30%)1,348,710(8%)359.656(7%)314,699(6%)269,742
Reserve for contingencies
75,000
200.000
March 6, p. 34.
Muslin Prices Advance.-Catlin & Co. announce advance of Sic. per yard
Balance, surplus
$855,427 $1.591.509
$647,778
for Hill muslin (36, 40, 42 and 45 inch) and Hill jean, effective March 12.
$16,019
3,095.827 2.550,560
Also certain lines of napped goods have been sold up and withdrawn. Previous surplus
5,542,763 4.687,336
"Times" March 7, p. 28.
Converse & Co. announce advance of 34c. to 2034c. a yard for Fruit of
Total surplus
$5,558,782 35,542.763 31,687,336 $3.198,338
the Loom bleached muslin. "Financial America" March 7.
Corn. div., stock(10%)
449,570
Motor Truck Price Reduced.-United States Motor Truck Co.(Cincinnati). Engravings loss
102,511
announce reductions ranging from 2300 to $650 on their 7 models. "Manufacturers Record" March 1. p. 132.
Profit and loss surplus-35,109,211 $5.542,763 24,687.336 $3,095,827
Paper
Prices.
-Book
paper has advanced from $5 to $10 a
Advance in
x Profits of the manufacturing and commercial business, after deducting
ton since Jan. 1: writing paper from $5 to $20 a ton, according to grade.
Current market price for newsprint is 280 a ton, spot delivery, although all expenses, including repairs, and provisions for had debts, and after promost consumers hold contracts at 275 a ton, many of them expiring July 1. viding reserves for all taxes accrued, including income and excess profits
"Times" March 6, p. 34.
taxes, but before providing for depreciation. y Includes dividends on
Wage Increases.-Scoville Mfg. Co. (Waterbury. Conn.) grants 3c. per common stock held for resale to employees and adjustment of foreign net
hour increase in unskilled labor wages.
current assets to basis of present rates of exchange. z Special compensation
Chase Companies announce similar increases.
of 15% of combined net profits of American Bank Note Ce.and subsidiaries
American Brass Co. also has increased wages in various departments. In excess of fixed minimum of 2539,481 distributable under profit-sharing
"Boston News Bureau" March 8. p. 3.
plan.-V. 116. p. 723.
Union Twist Drill Co. (Athol, Mass.) Increases wages of 400 employees
American Cigar Co.-Annual Report.10%. "Boston Financial News" March 6, p. 6.
Consolidated Textile Corp. mill at Henderson, Ky., increased wages of
1920.
Calendar Years1921.
1922,
1919.
600 employees 10%, effective March 12. The company is also building aNet earnings
$1,636,268 $1,802.393 32,489.869 $2,175.799
32 residences for workers. "Boston News Bureau" March 8. p. 3.
600,000
Prof. dividends (6%)--600.000
600,000
600.000
Camillus Cutlery Co.,Syracuse, N. Y,,announce increase of5% in wages, Common dividends__(635 %)975,001.,(8)1,200,000(8%)800.000(8%)800,000
with additional5% to employees working n minimum of 48 hours per week.
A previous advance of 10% was made six months ago. "Boston News
Balance, surplus
$2,393 $1,089.869
$61,268
$775,799
Bureau" March 2, p. 3.
Profit and loss surplus- - 29,377,174 $9,310,978 $9,308,584 $13.218,715
Goodyear Tire & Ruboer Co.(Akron,0.)increased men's minimum wage
a Net earnings of company and those companies whose stock is owned
from $4 to $4 50 per day and women's from $2 40 to 22 80 per day. Other by American Cigar Co. are after deducting all charges for expenses, manrubber companies have met this change. "Phila. News Bureau" Mar. 3. agement and Federal taxes, &c.
p. 1.
Balance Sheet Dec. 31.
Algoma Steel Co. announced 15% increase in wages. "Financial Amer(Consolidated with companies. all of whose stock is owned.)
ica" Mar. 5, p. 5.
1922.
1922.
1921.
1921.
Calumet & Hecla Mining Co.and its subsidiaries, Copper Range, Quincy,
LiabilitiesA asetsMohawk and Wolverine, announce 15% to 20% wage increases, effective
Preferred stock_ _ _10.000,000 10,000.000
March 1. Miners will receive 24 15 to 24 25 on company account and up Real estate, mach.,
&c., less deprec_ 2,930,820 2,901,988 Common stock _15,000,000 15,000,000
to $4 50 on contract. Underground labor rates, $3 75 to 23 80. "Wall
Brands, pats., &a- 3,315,685 3,315,685 Prey.for Pref. div. 150,000
150,000
Street Journal" Mar. 7, p. 10.
All mining companies at Butte, Anaconda and Great Falls, Mont.. will Leaf tobacco. &c.-12,159,745 13,011,843 Acc'ts & bills pay_ 1,147,954 1,284,913
232,839
141,527
increase wages 50c. per day, making miners' wages $5 25. "Wall Street Stocks and bonds_ 6,858,985 6,910,139 Tax reserves
Cash
2,382,755 1,339,281 Res.for deprec..dre. 8,302.696 8,365,275
Journal" March 8, p. 2.
9,377,174 9,310,978
Building Trade Wages in Pittsburgh.-New wage contract with increase aDue from cos__ _ _12,287,094 12,827,525 Surplus
of from 4% to 10% for tne principal building crafts in toe Pittsburgn dis- Bills & wets rec.- 4,211,639 3,866,062
63,940
80,176
trict nas been signed and will remain in effect until Mar. 11924,E. M.Tate, Prepaid ins., &c._
Secretary of the Building Trades Employers' Association, announced. The
44,210,663 44,252,693
Total
44.210,663 44,252,893
Total
chief crafts involved and the day scale of wages follow: Carpenters. 29 60,
old $9; sheet metal workers. $9 40 (39 60 after July 1). old $9: plasterers
a Amounts owing to this company by companies in which it, directly
$11, old $10; electricians, $960 ($10 after July 1), old $9.
or indirectly, owns part of the stock.-V. 115, p. 432.
About 9,000 of toe 14,000 members of the 17 building trades unions are
affected. Crafts still negotiating for a higher scale include bricklayers,
American Coke Corp.-Receivership.plumbers, painters and stonemasons. "Times" Mar. 4, p. 8.
Judo Thompson in Federal Court at Pittsburgn, on the petition of Union
Cleveland Laborers Strike.-More than 2,000 laborers employed on big Explosives Co., has appointed George S. Eaton, Frank W. Byrne
and
construction Jobs at Cleveland have struck. Officials of tile union are de- R. H. Jamison receivers.-V. 113, p. 1890.
manding8714c. an hour, 734 cents more than the contractors offer. "Boston Financial News," Mar. 2. p. 3.
American Gas Co., Philadelphia.-Annual Report.Textile Situation.-New Hampshire Senate introduces resolution to study
Year ending Dec 311922.
1921.
1920
question of 48-hour week and report to new Legislature in 1925. '13oston Gross earnings, sub. companies
$9,539,604 39.708,236 $8,806,788
News Bureau" Mar. 9,p. 11.
Op3rating income, sub. companies....,, $4,260.465 $3,818,648 $2,535,469
Fall River Textile Council, representing 30,000 textile operators, recom- Misc,income, sub. companies
89,018
68,616
352,403
mends to affiliated unions that they petition manufacturers for an increase
in wages (rate of increase not made public). "Financial America" Mar. 3.
Total income
114,349.483 $3.887.264 $2,887.872
p.7.
Bond interest
21,391,973 21,538.884 21,499,815
American Federation of Textile Operatives of Salem. Mass., voted to ne- Depreciation,amortization,&c
1,372.122
1,232,946
980.341
gotiate with Naumkeag Steam Cotton Co. for increase in wages. "Financial America" Mar. 5, P• 7
Net inc. as to American Gas Co__ _ _ $1,585 388 21,115,454
$407,716
Operation of Mills.-L. S. Starrett & Co. (Athol, Mass.) will operate 5 Sundry income items-Am.Gas Co__
326,580
499,676
488.466
instead of 4 days_ per week. About 600 workers are employed. "Boston
Financial News Mar.6, p.3.
Total rev.-The Amer. Gas Co..-- 21,911,968 31.615,130
2896,182
Arlington Mills (Lawrence, Mass.) will continue night operations for an Interest on bonds
2441,091
3538.629
$543.225
indefinite period, owing to the number of orders now on hand. "Financial Interest on loans
62,273
111,779
121,395
America" Mar. 7, p. 7.
General expense
328,647
234.732
223,805
Saco-Lowell plant (Lowell. Mass.) will increase its force by 300 oper- Deferred charges
82.629
228,569
atives. "Boston News Bureau" Mar. 8, p. 3.
Dividends paid
(1%)78,041
Haverhill Shoe Manufacturers Seek Ruling Permitting Overtime Employment.-Massachusetts law forbids employment of women for longer than
Surplus for year
$919.287
$12.352
$496.826
9 hours per day. Union rules pronibit Saturday morning work and more -V. 116. P. 938.
than 3 hours' overtime. Only recourse left to manufacturers is to obtain
special ruling from State Board of Labor declaring shoe business seasonal
American Locomotive Co.-Locomotive Orders.and therefore entitled to overtime employment. "Boston Financial
The comp my reports receiving orders for 171 locomotives as follows:
News" Mar. 8, p. 3.
Mikado type and 6 Pacific type engines for the Louisville & Nashville
Garment Workers in Baltimore Win.-Demands for increased wages, 44- 30
RR.,50 Mikado type and 16 Pacific type locomotives for the Southern Ry.,
hour week and better working conditions are granted by employers of 3,800 10
Pacific type and 10 Santa Fe type focomotivee for the Boston & Maine
strikers. "Times" Mar. 9, p. 8.
type locomotives for the Ann Arbor RR., 20 Mikado type
Thread Plant Curtails Work.-Kerr Mills of the American Thread Co. at RR.,3 Mikado
for the New York Central (10 each for the Pittsburgh & Lake
Fall River, Mass.. will run only 5 instead of 514 days per week. This locomotives
Erie Ry and the Indiana Harbor Belt Line), 10 for the Elgin Joliet
Is the regular dull season peculiar to the industry. "Wall Street Journal" &
Eastern Ry.. 6 mountain type engines for the New York Ontario
Mar. 8, p. 7.
Western Ry. and 10 mountain type engines for the Southern Pacific
Plans for Expansion of Rubber-Growing.-Secretary of Commerce Hoover &
R.R
116, p. 938.
requests automobile and rubber industries to name committee to work with
Government in investigating possibility of growing rubber in Philippines
American
Machine & Foundry Co.-1923 Dividends.and elsewhere. "Times" Mar. 9, p. 101.
The directors have declared four quarterly dividends of 13% each
Matters Covered in "Chronicle" March 3.-(a) New capital flotations
no additional capital in case of Centrifugal Cast Iron Pipe Co., p. 870. for the current year, payable on April 1, July 1, Oct. 1 1923, and on Jan.
(12) Steel castings sales highest since March 1920, p. 875. (c) Employment 1 1924. to holders of record March 1, June 1, Sept. 1 and Dec. 1 1923.
respectively. This is at the rate of $18 per annum on the stock outin selected industries in January 1923, p. 875.
(d) Activity in cotton spinning industry in January 1923, p. 876. standing prior to the distribution on Nov. 15 last of the 200% stock divi(e) Fall gingham prices higher, Amoskeag Co. makes advances on some dend. A. cash dividend of 6% was paid April 1 1922.
William H. Rose has been elected a A'ice-President and director.
of its offerings, p. 876.
(f) 48-hr. bill killed by New Hampshire Senate, p. 876. (g) Strike V. 115. p. 1841.
settled in Boston waist and dress trades, p. 876. (h) Strike settled in
American Power & Light Co.-Bonds Offered.-BonBoston cloak and suit trades, p. 876. (i) M. Mosessohn made "Dictator"
of waist industry, p. 876.
(j) March fluid milk prices to distributers reduced by Dairymen's bright & Co., Inc., New York, are offering, at 9534 and int.,
to yield over 64%, $5,000,000 Gold Debenture Bonds,
League in New York, p. 876.
(k) Offerings: (1) nommo Pacific Coast joint Stock Land Bank American 6% Series (see advertising
pages).
bonds. (2) 21,000,000 Central Iowa Joint Stock Land Bank bonds,
Dated March 11916. Due March 1 2016. This series is redeemable as
(3) $2,500,000 Chicago Joint Stock Land Bank bonds, p. 879 and 880.
whole at 110 and int. upon 30 days' notice on an interest date, Interest
(1) F. W. Mondeli named director of War Finance Corp., tr. 884. a
gilaFdaelijoulfra.,_ep78e8r1YZntreitit'hCro
u6
stock brokers, 318 Widener Bldg., payable M. & S. at Bankers Trust Co., New York, trustee. Denom.
31,000, 2500 and $100 (eau's), $1,000. Penn. 4 mills tax refunded.
(cn Measures recommending removal iTr
l ou
rtItrx,rpeStlibfigtions, etc.. P. Data from Letter of President C. E. Groesbeck, New York, March 6.
894 and 895.
Company.-Incorp. in Maine in
Owns practically all the common
(o) Government complaint against Armour-Morris packing purchase, stocks of companies serving a total1909.
of 256 communities with electric power
p. 895. (q) Federal Trade Commission on causes for decline in cotton
and light, and(or) gas, water and other public utility service. Of the total
p. 896. (r) Increased meat consumption in U. S. in 1922 highest communities 231 are served with
electric power and light. Population
since 1911, p. 897. (s) Tennessee Coal Co. Increases warps 12% %.p.898. served estimated, 1,828,000. Among the principal properties are the
following:
American Chicle Co.-New Directors.(I) Kansas Gas & Electric Co., supplying electric and gas service to
S. T. Britten, Vice-President in charge of production. and Louis R. Wichita, Pittsburg and Newton, Kan., gas service to Hutchinson and
directors,
electric
elected
succeeding
service to 37 other communities. Total population, 222.000.
President
been
Lewis
L.
have
Clarke,
Adams
(2) Pacific Power & Light Co., serving 59 communities in Washington,
of the American Exchange National Cank, and Thomas Adams.-V. 116,
Oregon
and Idaho. Population, 140,000.
723.
932,
p.
(.3) Portland Gas & Coke Co. does entire gas business in Portland. Ore.,
- and 18 other communities. Population, 320,000.
American Bank Note Co.-Capital Increased-Earns.
(4) Nebraska Power Co., furnishing substantially all commercial and
The stockholders on March 6 increased the authorized Common stock
from $5,000,000 (4,946,307 outstanding) to 210,000.000, par 250. It is municipal electric power and light service in Omaha, Neb., and, through a




1054

THE CHRONICLE

subsidiary. all the electric power and light and gas service in Council Bluffs,
Iowa. Population, 237.000.
(5) Great Northern Power Co., serving electric power and light in the
Duluth-Superior district, and towns and large power users in the Mesaba
Range section. Population. 144.000.
(6) Southwestern Power & Light Co. owning practically all Common
stocks of Texas Power & Light Co., Fort Worth Power & Light Co., and
other companies, operating in 114 communities including Fort Worth, El
Paso, Galveston. Wichita Falls and Waco, Texas. Population, 736,000.
Capitalization After This FinancingAuthorized. Outstanding.
Gold Debenture Bonds, American 6% Series, due
March 1 2016$10.193.500
stock
Cumulative
Preferred,6%
20,00
'
0,000 13,144.100
Common stock
20,000,000 10,099,800
x Governed by restrictions of trust agreement.
Purpose.-Proceeds are to be used to retire floating debt and for working
capital.
Earnings Year Ended December 31 1922.
Gross -earnings of subsidiary companies
528,695.707
Net earnings (incl. undistributed income, after derpeciation, of
subsidiary companies accruing to it)
3,447.946
Annual interest charges. 510,193.500 Gold Debenture Bonds
611,610
Balance
52,836,336
Option Warrants.-There are outstanding option warrants entitling the
registered holders thereof to subscribe at any time up to March 1 1931.to
an aggregate amount of 55,614.900 Common Stock, at par. Any of the
Debenture Bonds now outstanding (including this issue) will be accepted
by the company to the extent of the principal amount thereof in lieu of cash
in payment for Common Stock when accompanied by the option warrants
of equal face value. The accrued interest on debentures so surrendered for
conversion will be paid by the company in cash to the date ofsuch delivery,
Combined Gross and Net Earnings of All the Subsidiary Companies, Cal. Years.
YearNet.
Gross.
YearGross.
Net.
511,389,659 54.762.414 1920
1917
521,715,092 57,431,310
5,240,082 1921
13,674,311
1918
9,233,161
24,497,458
6.161,946 1922
16,307,363
1919
28,695,707 11.808,902
The gross earnings for 1922 were derived from the various classes of
business in the following proportions Electric power and light, 73%; gas,
25%; street railway, water and miscellaneous, 2%.
Supervision.-Electric Bond & Share Co.-V. 116. p. 724. 413.

American Public Utilities Co.-Subsidiary Co.-

See Vicksburg Light & Traction Co. under "Railroads" above.-V.
116. p. 825. 518.

American Sumatra Tobacco Co.-Report.-

6Mos.ending Jan.31- 1923.
1922.
1921.
1920.
$227,6521o$675.737 52,145,167 51,816,283
Gross profit on sales
Other income
149,272
47.899
15,975
209,045
Total income
Operating expenses
Interest, &c
Inventory depreciation

5376.9241064627.838 $2,354.211 $1,832,258
306.422
420,868
262,249
386,731
503,850
468,996
112,031
432,234
1,403,430

Netincome before depr.
and Federal taxes_ -der/433,348=2,921,132 $1,535,247 51,457,978
Balance Sheet January 31.
1922.
1923.
1922.
1923.
AndsLiabilities$
$
Property account- 9.041.651 9,025,802 Preferred stock_
1,963,500 1,983,500
911.427 Common stock__ A4,448,585 14,448,685
911,427
Good-will
Cash
429.959 1.026,502 Pref. stock Griffin
Griffin Tob. Co.
Tobacco Co_ _ __ 150,000
150.000
Gold notes
preferred stock.
5,200
4,268,600 2,583,800
1,840,001 Accounts & notes
Inv.in affird COO_ _
175,000 Payable
Gold notes
445,836 3,521,741
Acc'ts & notes roc_ 3,950,429 5,881.412 Dividend payable_
5,250
Sinking funds..
435,171 Accrued taxes, in88,349
Inventories
3,448,346 4,612,059
terest, &c
97,552
82,248
Live stock & supp_ 474,918
503,925 Insurance reserve_
48.410
51,310
Crop expenditures. 688,564
805.787
Claims
12,164
Deferred charges_ 351.121
496,480
Deficit
2,026,117 1.473,129 Total (each side)21,410,079 28,798,838
-V.115, p. 2583.

American Telephone & Telegraph Co.-To Increase
Capital to $1,000,000,000-AnnualReport.-President Thayer
in the annual report for 1922 says:
The present authorized capital is 5750.000,000, of which $699,347,400
was issued and outstanding at Dec. 31 1922. In view of the needs or
stock to meet commitments under the Aug. 24 1922 offer to stockholders,
for conversion of convertible bonds, and for subscriptions already made
under the employees' stock plan of May 11921. the limit of the authorized
share capital will be reached during 1923. In order, therefore, to provide
for the company's further requirements under the employees' stock plan,
and for a margin in respect of the issue of capital stock at some future date,
Ifand when it shall be found desirable, it is recomrnended that the authorized
share capital of this company be increased from 5750,000,000 to $1,000.000,000. No new stock offering is contemplated during 1923.

The annual report is cited in full under "Reports and
Documents" below. See also under "Annual Reports"
above.

[VOL. 116.

Associated Dry Goods Corporation.-Annual Report.-

Calendar Years1922.
1921.
1920.
1919.
a Profit
$3.213,C77 $3,105,758 51,831,928 54,244,486
Other inc. of parent co_ _ _ 1.021,876
396,194
117.846
348,162
Total
$4,234,953 33,501,952 52,180,090 $4,362,331
Deduct exp. of parent co_
$46,929
573,287
$44,756
529,655
Int, paid by parent co__ _
1,329
1,100
3,337
1,367
Accounts, &c., written off
16,862
Reserve for Federal taxes
of the parent co. and
wholly owned stores_ _ - 426.000
592,(00
232.500
1.000.000
Net current profit
$3,760,695 32.835,565 51.916.568 53,297,375
First Pref.diva.(6%)---. $829,122
5829,122
$829,122
$82u,122
2d Pref. divs.(7%)
476,785
470,785
470.785
470,785
Common divs.(4%)
59,1,460
599.400(3%)449.550
Divs. on treasury stock
Cr.2.721
Cr.2.721
Cr.2.621
Cr.2,321
Balarex3, surplus
$1.864,109
5938,979
8169,732 $1,999,789
a Profits of retail dry goods stores wholly owned, after deducting from
their sales the cost of merchandise sold, selling and general
expenses and
interest paid by them, and all other adjustments except
reserves for Federal
taxes.-V. 116, p. 299.

Atlas Portland Cement Co.-Operations, &c.

The company's report for Jan. 1923 shows that its mills operated
about 65% capacity, with an estimated production of 7,657.000 bbls, at
of
finished cement, which is nearly 80% greater than the production
Jan.
1922. Shipments during Jan. 1923 amounted to 5,550,000 bbls.,in
an increase of about 89% over Jan. 1922. Stock of finished cement in manufacturers' hands on Jan. 31 1923 stood at 11,285,000 bbls- as compared with
an average of 10.725.000 bbls. for the five-year period 1919-23.-V.
114, 13•
2828.

Atlas Tack Corporation.-Earnings, &c.-

Calendar Years1922.
1921.
1920.
1919.
Net Efales
$2,367,237 51.809,121 53,044.265 52.612,572
Net profit before taxes_ - x130,270
1C4,099
145,853
417.071
Federal taxes (est.).......Not stated
15,000
67,782
Inventory write-off__
403,213
Net profit
4130.270 loas$299,114
5130.853
5349,289
x Net profit after all charges.
Balance Sheet Dec. 31.
1922.
1921.
1922.
1921.
Assets$
Liabilities$
$
$
Plant& equipment $2,323,610 $1,537,062 Dills & accts. pay_ 127,178
28,923
Cash
94,942
226,982 Accrued accounts_
18.054
9,515
Accts. receivable_ _ 245,881
214.303 Res. for plant and
Invest, in various
equipment
651,571
corporations ___
6,725
6,725 Res. for disc.. &c_
8,680
8,065
Inventories
997,803
739,017 Capital stock and
Liberty bonds_
58,400 surplus
3,158,276 3,638,170
Deferred charges_ _
29,789
31,589
Patents,trade-mks
and
285,007
268,613 Total(each side)... 3.963,738 3,082,673
-V. 116. p. 825.

Austin Machinery Corp., Chicago.-New Bond Issue.-

The Metropolitan Trust Co. has been appointed trustee to secure an issue
of $3,500,000 First Mtge. 7% gold bonds, maturing Feb. 11938.-V. 113,
p. 1577.

Babson Park Company, Wellesley Hills, Mass.-Report.
Cal. Years1922.
1921.
1922. 1921.
Income
596,138 576,774 Pref.surp. adjusted338,057 $4,358
Expenses
45,729 30,866 Cash divs. on Pref.- 16,943 12.665
Stk.div.on Com.stk.64,750
Net income
550,410 $45,908
P.& L.surplus.....$6,773 $37,602
-V.115, p. 872.
Baldwin Locomotive Works.-Locomotive Orders.-

The company on March 5 received orders for 90 locomotives as follows:
50 for the Atlantic Coast Line RR., and 40 for the Southern Pacific Co.
Last week the company received an order for 25 consolidation type freight
locomotives from the Philadelphia & Reading Ry.
During January the company booked $11,337,000 of business and ip
February approximately 530,1591.000.-V. 116. p. 939.

Baltimore Gas Appliance & Mfg. Co.-New Officers, &c.

C. B. Elmer has been elected President to succeed the late El. W. Hunter.
M. W. Longfellow has been elected 1st Vice-Pros., and T. C. Ratcliff,
Vice-President.
Mr. Longfellow and Mr. T. C. Ratcliff have been elected directors.
succeeding Mr. Hunter and P. J. McIntosh.-V. 116, p. 825.

Barnsdall Corporation.-Annual Report.-

Calendar Years1922.
1921.
1920.
1919.
Grosssales and earnings_ _59,276,646 58,304.090 87,105,715 54,064,314
Oper. & general expenses_ 6,473,599
5,651.382
2,970,080
1,782,412
Net income
52.803,047 $2,652,708 84,135,635 82,281.902
Other income
72.723
139,207
• 715,175
856,757
Total income
52.875.771 $2,791,915 54.850.810 $3,138,659
Interest paid
897.139
899,839
363.764
345.792
Federal taxes
36,229
365,269
200,000
Depreciation & depletion_ 1.270,298
1,471,8061 1,506,364
1.185,901
Drilling costs charged off.. 411,978
365.120
Miscellaneous charges_
73,028

[The Philadelphia Stock Exchange has listed $2,492,100 additional
capital stock, issued-537,900 in exchange for $38,900 Cony. 410, due
1933; $30.700 in exchange for $30.700 7-Year 6% Cony, bonds due 1925;
$361,100 being part of 62.787 shares to be issued to employees, and
Net income
3260,126
555,150 $2,542,386 $1,406,967
$2.062,400, being part of 1,189352 shares offered under circular letter Previous
surplus
$7.373,885 116.122,485 84,734,932 33,717,965
dated Aug. 24 1922, making the total amount of said stock listed at March
Adjustments
Dr.399,813
Dr.179,833
3, 5704,624,500,and reducing the amount of Cony. 445s listed to 87,091.500 Prem.
on sale Cl."B"stk.
Cr.400,000
and the amount of Cons'. 6s to $13,320,900J-V. 116, p. 298, 179.
Sur.ofsubs. not prev.con.
1.713.044

American Wholesale Corp.-February Sales.-

Month of FebruarySales
-v.1116. p. 413, 298.

1923.
32,377.461

1920.
1922.
1921.
51,805 702 32,702.272 53,750.318

Anglo-American Corp. of So. Africa, Ltd.-Dividend.
-

The Guaranty Trust Co. of N. Y. is disbursing to holders of"American
shares" a dividend of $1 76 a share. This amount is based upon a 7 %
dividend declared on the "Sterling shares" amounting to is. 6d. a share.
See V. 116. p.413, 80.

Anglo-Persian Oil Co., Ltd.-Listing.-

The London Stock Exchange has granted an official quotation to 8,100,000
Ordinary shares ot El each.-V. 116, p. 618. 179.

Arizona Commercial Mining Co.-Copper Output.Feb. 1923. Jan. 1923. Dec. 1922. Nov. 1922.

Month ofCopper output (1138.)
-9. 116. p. 618.

745,000

775,000

681,000

703.000

Total surplus
57.234,198 87,890,679 87,497,485 85,124,932
Divs. paid minor stockholders subsid. cos_
58,524
99,510
Dividends
(2A)417,285(l0)1375,000
390,000
Profit & loss surplus_ - _ x57,175,674 57.373,885 $6,122.485 54,734,932
x Of which $286.297 applicable to minority stockholding In subsidiary
companies.-V. 116. p. 618. 518.

Bassick-Alemite Corp.-Initial Dividend.-

The directors have declared an initial dividend of 50c. a share on the
outstanding Common stock, no par value, payable April
1 to holders of
record March 20. For offering of 50,000 shares of common
stock, see V.
116, p. 825, 939.

Beech Nut Packing Co.-Annual Report.-

Calendar YearsNet profits less (est.) Federal taxes
Cash dividends

1922.
51,937,480
468,571

1921.
$669,444
170.160

Atlantic Works.-Bonds Offered.-Balance,surplus
5499,284
51,468,909
The Old Colony Trust Co., Boston, recently offered at 100 and int. Previous surplus
4.793,106
5,384,239
$500.000 1st Mtge. Sinking Fund 6% gold bonds dated Jan. 1 1923, duo Adjustments (net)
Dr.
35,807
the
J.
at
office
J.
of
&
payable
the
Old
Colony Trust Co.. Stock dividends
Jan. 1 1938. Int.
4,005,650
Boston. trustee. Free from normal Federal income tax up to 4%. Denom.
5500 and $1,600 (c*/• Red. all or part on any int. date at 105 and int.
Profit and loss surplus
$5,292,390
52,811,691
mortgage
on
first
all
the land, buildings and -V. 116, p. 413.
Security.-Secured by a
wharves of Atlantic Works, located at East Boston, Mass., and will constiowned
Land
comprises
debt.
over
acres,
most
funded
18
tute the sold
Besse System Consolidated Stores.-Consolidation of
advantageously situated, having a frontage on tne ship channel of Boston Units-New
Financing, &c.
Harbor of over 1.050 feet. On this land are piers, docks and the necessary
This company was incorporated in Mass. In Feb. 1923 as a consolidation
buildings and equipment.
Purpose.-Proceeds will be used to acquire a large floating dry dock, to of 21 stores operating under the Besse system in the following cities: Springfield, Holyoke, Worcester. Lynn, Brockton, Fall River and Pittsfield,
retire floating debt, and for other corporate purposes.




MAR. 10 1923.]

THE CFfRONICLE

1055

Maas.. New Haven, Bridgeport, Norwalk. Meriden and New Britain;
Authorized
OutConn., Kansas City, Mo., Kansas City, Kan.. Portland and Bangor. Me.,
Proposed.
standing.
Present.
Nashua and Manchester. N. H. Providence, R. I.. Syracuse. N. Y.. and 1st pref. A 8% cum
$100.000.000
860.000.000
consolidation
The
City.
'
purpose
is
for the
of greater business con- 1st pref. B 7% cum
N. Y.
40,000,000 40,000,000 87.640.200
venience. The stores carry men's and boys' apparel principally, although 2d pref. 707 cum
135,000,000
75,000,000
57,350,000
women's lines are carried in two or 'Ogee of the stores.
Non-cum. 7% prof
15,000,000
The authorized capital consists of $1,560.000 7% 1st Pref. and 12.500 Common
210,000,000
75.000.000 24.450.000
shares of no par Common stock. Of this amount 51.137.000 of Pref.
and 8.000 shares of Common are being issued at this time. The new comTotal
5500,000,000 8250,000,000 s889.440.200
pany is issuing $1,125.000 Pref. and 8,000 Common shares in exchange for
the present assets of the 21 companies. The balance of $250,000 Pref. is
Less
$7,391,425
7%
2d
Prof.
Cumul. and 53,144,600 Common held
sold
for
cash
to provide funds to finance the opening of new stores.
being
by constituent companies.-V. 116, p. 929.
Combined Balance Sheet.
Bucyrus Co.-Dividends on Account of Arrears-Earnings.
AssetsThe directors declared the regular quarterly dividend of 11(% and a
Fixtures
$414,776 Reserve for taxes
$54.096
of I§ of 1% on account of.back dividends on the Preferred stock,
Merchandise
800.146 Preferred stock
1,375,000 dividend
both payable April 2 to holders of record March 20. On Jan. 2 last 3)4%
Bilis receivable
13,483 Surplus represented by
Liberty bonds
41.000 8,000 shares of Common 634.662 was paid on account of dividend accumulations on the Preferred stock. .
Bank paper
9.912
Income Account for Calendar Years.
Cash
784.441
Total (each side)
$2,063,758
1922.
1921.
1920.
1919.
Officers.-Pres., L. W.Besse. Springfield, V.-Pres., W.J. Mills. Holyoke, Net earnings after interest,
Maas., V.-Pres., C. E. Rolfe, Lynn, Mass., V.-Pres., W. H. Avery, Kantaxes,depreciation,&c_ $746,301
5145.905 81,010.984
$982.563
sas City. Mo., and Treas., Arthur Besse, Scarsdale, N. Y.
Preferred diva. paid- _(1014)420.000(7)4)300.000 (12)480.000(5)4)220.000

Belden Manufacturing Co., Chicago, Ill.-Bonds
Offered.-The Chicago Trust Co. and National City Bank,
Chicago, are offering at 100 and int., $500,000 1st Mtge.
6i7
6, serial gold bonds.

Interest payable J. & J. at Chicago Trust Co., Chicago, trustee. or
Bankers Trust Co., New York. without deduction for normal Federal'
income tax up to 2%. Redeemable at 105 and interest on 60 days' notice
on any interest date. Denom. $1,000. $500 and $100. Dated Jan. 1
1923; due serially, Jan. 1 1925 to Jan. 11937.
Data from Letter of Pres. Joseph C. Belden, Chicago, March 1.
Company.-Incorporated In Illinois In 1902. Is one of the best known
manufacturers of electrical wire, cordage and cables
in this country.
Plants located in Chicago.
Earnings.-Net earnings after depreciation for the 5-year period ending
Dec. 31 1920, averaged $217.356 or over 6 times present interest charges
and for the 7-year period ending Dec. 31 1922. averaged $125.187, or
over 314 times the bond interest of $32.500. Company operated at a
profit during 1922. The net earnings available for interest and Federal
after depreciation. being $81.932 in 1922, compared with a loss of
t292.
taxes.406
in 1921.
Purpose -Proceeds will be used to furnish additional working capital.
Balance Sheet Dec. 31 1922 (After New Financing)•
AssetsLiabilitiesCash
$158.111 Notes 'payable
5673.460
Notes & accounts rec
629,202 Accounts payable
338.982
Inventories
1,276.379 Other current assets
1.563
Goods in transit
168.877 Accruals
18.304
Prepaid interest, ins., &c_
14.428 1st Mtge. serial inis
500,000
Sundry invests. (at cost)
49.436 Capital stock
1,897,700
Due on subsc. to cap. stk..
21,788 Surplus
489.211
Capital assets
1,601.000

Balance, surplus
5145.905
$530,984
5326,301
5762,563
Note.-thurtulative dividends on the $1,000,0130 Pref. stock aggregate
17% after deducting dividend payable April 2 1923.-V. 115. re 2481.

By-Products Coke Corporation.-New Director.-

K. K. Knapp of Chicago has been elected a director to succeed the late
C. T. Boynton.-V. 115, p. 1945.

California Telephone & Light Co.-Merger.
-

See Pacific Gas & Electric Co. below.-V. 115, p. 440.

Callahan Zinc-Lead Co.-.Shipments.-

Month ofZinc concentrates (lbs.)
Lead concentrates (lbs.)
Silver (ors.)
-V. 116, p. 725, 181.

Feb.1923. Jan.1923. Dec.1922. Noe.1922.
1380,000 4,220,000 3.400.000 2,063,000
' 1,940.000 2.400,000 2,340.000
875.000
22.800
22aoo
18A30
6.800

Calumet & Arizona Mining Co.-Production-Directors

Month ofFeb. 1923, Jan. 1923. Dec. 1922. Nor. 1922.
Copper production (lbs.) 2.998.000
3.735,000
3,582.000 3.298.000
Dr. Charles Briggs of Cleveland. Ohio. and Frank J. Hohl-Haas of
Calument. Mich., have been elected directors to succeed the late Chas.
Briggs Sr. and the late Peter Ruppe.-V. 116. p. 940.

Checker Cab Mfg. Co.-Directors.-

The following have been elected directors: Aaron E. Norman, Chairman,
John E.Campbell, Lewis L. Clarke,Paul Stamm. Sidney Bachrach. Eugene
L. Gilroy, Walter L. Kroneberger, Peter J. Maloney and Mayer L. Haiti.
--V. 116, p. 940.

Chile Copper Co.-New Board of Directors-Costrol Formally Passes to Anaconda Copper Mining Co.-

The Anaconda Copper Mining Co. having acquired control of the Chile
Copper Co.. the board of directors now comprlse the following: John D.
Ryan, Chairman of the board of the Anaconda Copper Mining Co. (Chairman), C. F. Kelley (Pres.), B. B. Thayer V.-Pres.). A. H. Mello (Sec
Beverly (Mass.) Gas & Electric Co.-New Control.A controlling interest in this company has been acquired by Charles H. & Treas.), P. A. Rockefeller, Nicholas S.'Brady, Daniel .1. Miller and
Tenney & Co., of Boston. Stockholders desiring to sell their holdings to George H.Church. The retiring directors are: Daniel Guggenheim, Murry
Guggenheim, S. R. Guggenheim, E. A. Guggenheim, H. F. Guggenheim.
the Tenney interests received $275 a share.
New directors are: D Edgar Manson (Chairman). R. C. Tenney (Treas.). W. E. Bennett, A. C. Burrage, Russell Burrage, H. L. Chalifoux, R. C.
Klugescheid, J. K. MacGowan, E. Earl Moran. J. N. Steele and C. A.
D. W.Leavitt, John Wert, Clifford E. Paige (1st V.-P.), B.
E. Johnson.
- Wilson. The board was reduced to 11
members.-V.116. p. 940.
V.83, p. 438.

Total
-V. 111. p. 1952.

$3.919,220

Total (each side)

$3,919.220

Bigelow-Hartford Carpet Co.-Annual Report.Calendar Years1922.
1921.
1920
1919.
Netsales
$22,652,673 $14,696,764 $20.582,869 Not stated
Net earns, after deprec.
& Federal taxes
4,016.984
1,649.231
2.240.253
2,088,935
Preferred diva. (6%)
330.000
330,000
330,600
330,000
Common dividends..*($4 50)724.50000%0805000 (9)724.560 (8)644,000
To reserve account
1,201.250
Balance, surplus

$1,761,234
$514.231 $1,185.753 $1,114,935
*Inserted by editor.
Balance Sheet December 31.
•
1921.
1922.
1922.
1921.
AssetsLiabilities$
Land, bldgs., die.
6% Pref. stock__ _ 5,500,000 5,500,000
(less reserve)___ 7,477,777 6,034,314 Accounta payable_ 1,141.130
754,616
Cash
679.243 Res. for Fed. taxes 1,143,634
1,132,448
756,806
U.S. Treas. els 1,400,000 1,770.000 Reserve account_
76,758
U. S. Liberty bds_ 1,504,432 1,973,193 Res. for contin___ 1,076,758
Accts. & notes rec.
Common stock.:}14,238,603J 8,050.000
(less reservee)._ 3,718,885 2,895,474 Surplus
1 4,143,619
inventories
5,868,118 4.758,862 Div. payable
283,750
Invest, In Enfield
Realty Co
10.000
10,000
Pref. (Treas.) stk. 1,878.681 1.444,463
Deferred charges
109,784
Total(each side)_.23,100,124 19,565,549
x Represented by 161.000 shares Common stock, no par value.-V.
116, p. 414.

Billings & Spencer Co., Hartford.-Bal. Sheet Dec. 31'22
AssetsLiabilitiesLand, IlIdge., &c
$1,375,935 Common stock
$1,000.000
Cash In bank
32,819 Preferred stock
750,000
kccounts receivable, &c
315,222 Accounts payable
92,802
Merchandise
1,505,542 Notes payable
x1,010,000
, Miscellaneous securities
26,218 Accrued taxes, payroll, &c
31.732
lIeferred charges
67,588 Surplus
438.793
Total

$3,323,326
Total
$S 323,326
x Notes payable, $1,010,000, will be reduced by the proceeds of the
e,sue of this company's 10-year 7% Mtge. bonds to the aggregate amount
of $600,000, authorized
26, which it is understood, has been underwritten by l'utnam & Co.
of liartford, Conn.-V. 116. p. 939.
Feb.

Chile Exploration Co.-New Officers and Directors.-

The board has been reduced to 15 in number, and the following new
directors have been elected: John D. Ryan (Chairman), C. F. Kelley
(Pres.), B. B. Thayer (V.-Pres.), P. A. Rockefeller, Nicholas M. Brady.
Charles F. Brooker, George H. Church, Andrew J. Miller and A. H.
Afelin (Sec. & Treas.).
The retiring directors are: W. F.. Bennett. A. C. Burrage. Russell Burrage, A. C. Burrage Jr.. Joseph Chalifoux. Joseph Glendenin, Daniel
Guggenheim, Murry Guggenheim, S. R. Guggenheim, E. A. Guggenheim,
H. F. Guggenheim, Fred Hellman, William Loeb, J. K. MacGowan.
J. N. Steel and C. A. Wilson.-V. 112, p. 655.

Chino Copper Co.-Listing.-

The Boston Stock Exchange has authorized for the list 30,000 additions
shares capital stock (par $5).
Production and Sales for the Years 1918 to 1922.
Production,
Price
Cost
Pounds
Net Pounds.
Per Pound.
per lb.
Sold.
1918
75,655,641
17.178
60.375.580
24.810
1919
40,488,706
18.324
15.53
38.136.260
1920
44,051,849
17.863
39.352.870
14.97
1921
9,137,282
13.08g
15.07
35,213.067
1922
28,406,314
13.600
12.10
22,868.451
Balance Sheet Dec. 31.
1922.
1921.
1921. .
1922.
Assets$
$
$
Liabilities$
Property acct._ _ _10,447.324 10,709,609 Capital stock
4,849,900 4.349,900
Investments
2,109,310 1,567,711 Bills payable
750,000
Copper on hand &
Loans and notes
In transit
2,552,191 1,365,483
1.284.612
payable
Ore at mill, &c___
79,579
39,304
550.745 Accts. payable.- 440.562
Maus. & supplies. 1,317,192 1.416.342 Treatment charges
Accts. receivable__
53,046
28,937
335,081
181,652
accrued
Marketable secs_
75,000
Reserve for taxes,
Cash due for copinsurance, &c__ 1,513.699 1417,387
per deliveries. _ _ 325,945
354,556 Surplus from sale
Cash on band and
of securities_ _ __ 2,995,253 2.995.213
in banks
97,073
699.603 Surplus from oper_11,726.918 12.575,704
Deterred charges 6,323,417 5,003,018
Accrued interest,
prepaid Ins.,&c_ 245,948
Copp. Exp. Assn.
surplus
437,766
Tot.(each side).22.626,026 22.286,485

Report for Fourth Quarter of 1922.-

The 45th quarterly report covering the fourth quarter of 1922 shows:
Production.-Net production of copper contained in concentrates from mill
Bole Grain Co., Ltd., Winnipeg, Manitoba.-Bonds. operations, after smelter deductions,
is shown in the following tabulation.
Wolls-Dickey Co., Minneapolis. are offering, at par and interest. $220.000 set out in comparison with the not production (in pounds) of each of the
First (Closed) Mtge. 614% Gold Bonds. Date Feb. 11923. Due
serially quarterly periods sub.sequent to resumption of operations in April 1922:
Feb. 1 1924 to Fe .b 1 1933, inclusive. Interest payable F. & A. in U. S.
Fourth Quarter.
Third Quarter.
Second Quarter.
gold coin at tho Wells-Dickey Trust Co., Minneapolis. Callable on 60 October
3,799,487 July
2,646,368 April
1,140,979
• days' notice at 105 prior to Feb. 1 1928 and at 103 thereafter. Denom. November_ - _ 3,805.106 August _
_ 3,302,402 May
1,670,684
$1.000 and $500(0). Trustees, Stuart W. Wells,0. M.Corwin and L. E. December... 4.941.271 September_
3,840,511
3,259,505 June
Wakefield. Registrar, Wells-Dickey Trust Co.
Compang.-Chartered by the Government of the Dominion of Canada
Total
12,545.865
Total
Total.._ _ 6,652,174
9,208,275
Aug. 5 1920 for the purpose of conducting a general grain business, operat- Monthly avg. 4.181.955 Monthly avg. 3,069.425 Monthly avg. 2.217,391
ing elevators, &c., has recently acquired the elevator property of the Mutual
Financial Results 19222d Quer.
Quer.
4th
3d Quer.
t Elevator Co. at Fort William, Ont. The elevator has a total storage ca- Operating profit
_
$161,016 los448,427 kes543,222
pacity of 500,000 bushels. It consists of 16 concrete tanks with inter- Misc.income,incl. value of prec.
46,480
metal
46.311
21,612
having
a storage capacity of 400,000 bushels and a wooden
mediate spaces
.
workhouse of approximately 50 bins with a storage capacity of 100,000
Operating gain
$3,258
bushels. The site of the structure has 587 ft. of water frontage and con- Shutdown and non-operating expenses $182,629 1os42,116
129,389
45,206
tains about 431 acres of land.
Earnines.-Sinco completed in 1916, the Mutual Elevator has been operNet Profit
loss$126.131
lors$47,323
$182.629
profit,
net earnings each year being not less than three -V. 116, p. 725.
ated continuously at a
times interest charges on this bond issue. In the season from Aug. I 1922
Cincinnati Iron & Steel Co.-Sale.-to the close of navigation Dec. 12 1922, the elevator unloaded 8,586,000
bushels of grain and since Dec. 12 1922 more than 800,000 bushels addiThe plant. warehouses and business of this oamp.ny have been sold
tional have been handled. The elevator has been operated profitably to Joseph P. Ryerson & Sons of Chicago.
circumstances.
tinder various

British Empire Steel Corp., Ltd.-To Reduce Auth. Cap.

The stockholders will vote March 21 on reducing the present authorized
..113tital stock as shown below. The outstanding stock will not be affected




Citizens Gas Co. (of Indianapolis).-Rate Case.-

Special Master William P. Rapper: in his final report finds that 90 cents
per 1.000 cu.ft. for gas as the rate ordered by the Indiana I'. S. Commission
for the company to charge was confi,catory and has so recommended to the

1056

THE CHRONICLE

U. S. Court for the District of Indiana. In May 1922(V. 114, p.2363) the
company obtained a restraining order enjoining the Commission from enforcing the 90-cent.rate and proceeded to collect $1 20 per 1.000, the excess
over 90 cents being impounded until final settlement of the case. While
the report does not fix any rate, the master finds that in order to produce
and useful in public service, the lowest
a fair return on its property used
rate would be $1 33 per 1,000 cu. ft.-V.116, p. 519.

Clinchfield Coal Corp.-Debentures Called-Report.Certain 10-year 8% Sinking Fund Gold Debentures, dated April 11921,
aggregating $36,000, have been called for redemption April 1 at 105 and
int. at the Equitable Trust Co., trustee, 37 Wall St., N. Y. City.
Calendar Years1921.
1922.
$998,648
Net earnings
$1,041,695
120,923
Fixed charges
124,384
Sinking fund for Preferred stock retirement
43.544
54,765
Federal income ta:mi;
139.681
137.597
94,252
Preferred dividends
89.816
Common dividends
327,321
545,535
Balance,surplus
-V. 116. p. 826.

$89,598

$272.925

Cluett, Peabody & Co., Inc.-Balance Sheet Dec. 31.1922.
AssetsReal estate
4.263,675
Good-will, patent
rights, trade
names, &c
18,275,000
Cash
1,667,256
Accts. receivab1e...03,615,297
Misc,Investments.
13,140
Merchandise
9 908,802
Pref. stk. in treas.. 110,000

1921.
1922.
3
Liabilities$
4,238,336 Common stock .18,000,000
Preferred stock__ _138,482.000
Bills payable
3,200,000
18,275.000 Accounts payable_
83.396
1,986,414 Reserve for taxes_ 593,254
2,864,886 Fret dividend payable Jan. 1
13,100
146,510
6,650,262 Surplus
7,348,009
40,000

1921.
$
18,000,000
8,482,000
2.000.000
211,505
41,524
147,735
5,185,233

Total
37,853,170 34,067,997 Total
37,853,170 34,067,997
a After deducting reserve for cash discount. b Preferred stock, 30.000,000. less unissued. $518.000, leaving $8.482,000. as shown above.
The usual comparative income account was published in V. 116, p. 620.

Clyde & Sissiboo Pulp Co., Ltd.-Bonds Offered.Aemilius Jarvis & Co., Ltd., Toronto, are offering at 100 and int.,
$500,000 1st Mtge. 634% 20-Year Sinking Fund gold bonds. Guaranteed
unconditionally. principal and interest, by Becker & Co., Ltd., of London,
Eng. A circular shoos:
Interest payable F. & A. at Royal Bank of Canada, Montreal, Toronto.
Halifax or St. John, or in U. S. currency at Agency of Royal Bank of
Canada, New York. Denom. $1,000 and $500 (0). Royal Trust Co..
Montreal, trustee.
Capitalization-.
Authorized. Issued.
$1.000.000 $500,000
634% 1st (Closed) Mtge. bonds, due 1943
Common shares
750,000
750,000
Copmany.-Owns and operates two groundwood mills of a substantial
type, recently equipped with modern machinery, and having a cawcltv
of 13.000 tons of groundwood pulp per annum. Company owns 32,157
acres of freehold and 44,936 acres of leasehold timber land in Province
of Nova Scotia, conveniently located with respect to company's mills.
Company's entire output over a period of 20 years is sold under contract
with Becker & Co., Ltd., who agree to dispose of the same at prevailing
market prices covering that period, less the usual commission.
Guaranty.-Principal, interest and sinking fund guaranteed unconditionally by Becker & Co., Ltd., of London, whose business is the largest
of its kind In the world, being merchants, manufacturers and importers
of wood pulp and other raw materials used in the manufacturing of paper.
The guarantor holds controlling interest in subsidiary companies operating
In France. Italy, Norway, Sweden and United States, with agencies in
the Argentine, Brazil, Mexico, China and Japan, and tad a turnover of
more than £6,700,000 in 1921. They also operate their own fleet of
steamers.
Earnings.-Average annual net earnings of the guarantor for the 6
years ending March 31 1922 available for the purpose of this guarantee,
amounted to more than 10 times bond interest requirements on this issue.
Profits from Clyde & Sissiboo Pulp Co., since they were acquired by
Becker & Co., Ltd., over three years ago, have averaged 578,000 per
annum, an amount equal to more than twice bond interest requirements.
Sinking Fund.-An annual cumulative sinking fund will commence
Feb. 1 1925, a sum equal to 134% of all 1st Mtge. 634% bonds issued,
together with the accrued interest on bonds previously redeemed.

Colorado Fuel & Iron Co.-Annual Report.-

The company reports for the year ended Dec. 31 1922 net earnings of
83,261,327. compared with $1,773,505 in 1921, and a deficit after depreciation, taxes, &c., of $654.944, against $2,371,171 in the previous year.
V. 115. p.2482.

Columbus McKinnon Chain Co.-Pref. Stock Offered.A syndicate of Cleveland bankers, including Claude Meeker, Otis &
Co., and others recently offered $260,000 8% Cumul. Pref. stock at
par ($100). A block of Common stock was also offered for subscription.
The offering of stock involved no new financing on the part of the company.
It is a part of an interest whose recent purchase restores the control of
the company to the original Columbus management.
The company is one of the two companies in the United States manufacturing a complete line of chains. Operations for the 17 years ending
July 1 1917 were conducted at an average annual profit of 16% on the
total capital stock. Only one year showed a loss, and that of less than
1%. The present company was incorporated Oct. 1 1917 and in the
53( years since. net earnings have averaged 30.2% on the Preferred stock
now outstanding.
Directors.-I. B. Cameron.'Howard C. Park, Julius F. Stone (V -Pres.,)
Charles M. Wambaugh (Pres.). James M. Carter (V.-Pres.) Buffalo.
Cyrus Hultng, Scott A. Webb, Columbus, Ohio.
Balance Sheet (Est.) Dec. 31 922 [Co. and Can. Sub. Co.].
Liabilities$418,500
Cash
$165,250 Notes payable
157.000
Notes & accts. receivable_
350,669 Accounts payable
3,862
Inventory
895.000 Income tax (not due)____
14,312
Land, buildings, &c
1.647.711 Accrued items
600
G
400.000 Stock sub. co. not owned_
843,900
Patents
81,413 Preferred stock
1,732,000
Deferred charges
77.137 Common stock
447,007
Surplus
Total (each side)
$3,617,181
-V. 115. p. 2271.

Commonwealth Power Corp.-Earnings (incl. Subs.)-

Calendar Years1921.
1922.
Gross earnings
$26,386,031 $24,863.984
Operating expenses, Including taxes & maintenance 16,290,487 15.711,330
Fixed charges (see Note)
5,669,311
6,072.946
Dividend Preferred stock
1.440,000
1,440,000
Balance
$2.582,597 62,043,342
Note.-Includes interest, amortization of debt discount and dividends on
outstanding Pref. stock of constituent companies.
President Hardy states: "The volume of business done by the Commonwealth Power Corp. properties in 1922 showed a substantial gain over the
previous year due to the big improvement which took place in manufacturing and building operations. The company's sales of electricity for the
year amounted to 491,257.792 k.w. hours, an increase of 72,164.525 over
1921. while gas sales amounted to 3.807,4122,300 cubic feet, an increase
of 237.957.300. During the same period there were installed 23.267 electric and 5,152 gas meters. making a grand total of 325,250 in service as
Of Dec. 31 last. -V 115. p. 2909.

Consolidated Textile Corp.-Unfilled Orders.--

Unfilled orders on the books at the close of business Feb. 28, It is stated,
were 54.600.000 in excess of those a year ago. February billings exceeded
those of Feb. 1922 by approximately 52.000.000.-V. 116. p. 620.

Continental Can Co., Inc.-New Officers, &c.
-

F. A. Vanderlip. J. Horace Harding and Chas. V . Rich have been elected
members of the executive committee. J. C. Tallaterro, S. J. Steele and P.
A. Prahl have been elected Vice-Presidents, the latter two in charge of sales
and manufacture, respectively.-V. 116, p. 940.




[VoL. 116.

Continental Paper Products, Ltd.-Bonds Offered.Royal Securities Corp. Ltd. Montreal, are offering at 99M
and int. $750,000 6)4%0 1st' Mtge. & Coll. Trust 20-Year
Convertible Sinking Fund gold bonds, Series "A." A cir•
cular shows:
Dated Feb. 11923. Due Feb. 11943. Int. payable F. &A,at Bank of
Nova Scotia. Montreal, Toronto, Ottawa and Halifax, in Canadian gold
coin; or at agents of Bank of Nova Scotia, New York, in United States gold
coin. Denom. $1,000 and $500 (c*). Red. all or part on 60 days' notice
at 10734 to 1928. 105 thereafter to 1933, 10235 thereafter to 1938, 100 thereafter to 1943. Montreal Trust Co., trustee.
Authorized.
Issued.
634 1st Mtge.& Coll. Trust bonds, Series "A"---$1,500,000
$750.000
7% PartIcipating Preferred shares
725,000
750,000
Common stock
1,250,000
750,000
Convertible.-Series "A" bonds are convertible into an equal par value of
Common shares.
Company.-Continental Paper & Bag Mills Owns all the share capital of
Continental Paper Products, Ltd., which owns all the share capital of Continental Wood Products Co. Ltd.
The Continental Paper Products owns and operates at Ottawa, Ont., one
of the largest plants in Canada for the manufacture of paper bags and paper
products. Continental Wood Products operates at Elsas. Ont.. a modern
plant for the manufacture of lumber, with an annual capacity of 10,000,000
feet; also a wood preparing plant with an annual capacity of 30,000 cords.
It owns 48,000 acres of freehold timber lands in northern Ontario and controls by lease 51.840 acres additional. These limits are estimated to contain not less than 300,000,000 feet.
Security.-Secured by first mortgage on all assets of Continental Paper
Products, Ltd., and by collateral deposit of $750,000 1st Mtge. bonds of
Continental Wood Products Co., Ltd.
Sinking Fund.-An annual sinking fund of 3%, plus an amount equal to
$1 per cord on wood cut from freehold limits of Continental Wood Products
Co., Ltd., commences operation Feb. 1 1924, and will be used for the purchase of bonds at not more than redemption prices.
Earnings.-Net earnings of Continental Paper Products, Ltd., after deducting operating expenses, maintenance and repairs, and available for
depreciation and interest, were as follows: 1219, $117,419; 1920, 6152,146:
1921. $89,221: 1922, $105,089. or an average of $115,969 per annum available for annual bond interest of $48,750.
Guarantv.-Bonds are unconditionally guaranteed by Continental Paper
& Bag Mills of New York.

Corono (Calif.) Power & Water Co.-Bonds Paid.The $213,000 6% bonds due March 1 1923 were paid off at maturity
at Pacific-Southwest Trust & Savings Bank of Los Angeles. In connection
with this payment the Temiscal Water Co. issued $1,350,000 634% serial
notes dated March 1 1923, and due $25,000 each year until paid. The
bankers handling the offering' are Security Trust & Savings Bank, Los
Angeles.-V.83, p. 495.

Cosden & Co.-May Merge with Standard Oil ofIndiana.See Standard Oil Co. of Indiana below.-V. 116, p. 182.

Crunden-Martin Mfg. Co., St. Louis, Mo.The company has declared a dividend of 10% on the outstanding 12,074
shares of Common stock, par $100, payable in four quarterly installments
of 234% each on the following dates: March 10, June 11, Sept. 10, and
Dec. 10. The company in 1922 paid 305" in the Common, in 1921, 50%,
In 1920, 70%, in 1919.405", in 1918, 601. Last summer a 100% stock
dividend was paid on the Common stock.-V. 87, p. 482.

Dome Mines Co., Ltd.-Production.Month of
Gold production (valued at)
-V.116. p. 621. 416.

Feb.1923. Jan.1923. Dee.1922.
$366,415 $403,511 $361,213

Du Pont Motors, Inc.-Registrar--Transfer Ayent.The Metropolitan Trust Co. has been appointed registrar of the capital
stock, consisting of 250,000 shares, no par value.
The Equitable Trust Co. of N. Y. has been appointed Transfer Agent
of the stock.-V. 116, p. 827.

Duquesne Light Co., Pittsburgh.-Pref. Stock Sold.Lee, Higginson & Co., Ladenburgh, Thalmann & Co. and
Hayden, Stone & Co. have sold at 103 and div., to yield
6.80%1 1st Pref. (a. di d.) stock, 7% Cumul., Series A (see
advertising pages).
Dividends payable Q.-M. Callable as a whole or in part at $115 and diva.
Exempt from present Penna.4 mills tax. Registrars, First National Bank,
New York': Fidelity Title & Trust Co. Pittsburgh. Transfer agents:
Trust Co., Pittsburgh.
Chase National Bank, New York; Union'
Listing.-Application will be made to list stock on N. Y.Stock Exchange.
Authorized. Outstanding.
Capitalization after this financing$100,000,000 $31.718.500
1st Mtge. St Coll. Tr. 6s, 1949
(Closed)
1.730,'00
Bonds of leased and subsidiary companies
1st Pref. stock (this issue)
150,000,000 15.000.000
Panic.(2d) Pref. stock (Series A,8% Cumul.)
125.000,000 10,000,000
Common stock
25,000,000 18,226,000
Data from Letter of A. W. Thompson, President, March 7 1923.
Company.-Directly or tnrough subsidiaries, does substantially all the
commercial electric light and power business in city of Pittsburgh and in
the greater part of Allegheny and Beaver counties, Pa. Territory served
has an area of approximately 1,000 sq. miles, includes the neart of Pittsburgh district and has population in excess of 1,100.000. Electrical output
of system in 1922 was 845,227,690 k.w. hours.
Properties Include power plants of 361,000 h.p. capacity, 178 substations and 10,225 miles of distribution lines. Main power plants: Brunot
Island, 160,000 lap. capacity, on Ohio River, in city of Pittsburgh: Colfax,
present capacity 160.000 h.p., ultimate capacity 400.000 h.p., on Allegheny
River within 13 miles of business centre of Pittsburgh, served by coal mine
within 2 miles of plant, connected by railroad, both operated by affiliated
companies. These constitute two of largest and most important steam
electric power plants in United States.
1918.
1921.
1919.
1920.
Earns. Cal. Years
$
5
,7
.46
Gross earnings11,505.315 11,917,567 15,005.173 16,092,270 16,9
19
232
82
Net Inc. avail. for
Preferred divs_ 2,112,681 3,224,617 3362.347 4,032.977 4,232,734
Net income of $4,232,734 available for dividends, for calendar year 1922
was more than 4 times the $1,050,000 dividend requirement on this issue.
For toe 5 years ended Dec. 31 1922 average net income available for dividends was $3.393.071, or about 334 times this dividend requirement.
Purpose.-Proceeds of this issue of 615.000,000 1st Prof. stock, 7%
Cumul. Series A, together with the proceeds of $10,000,000 Partic. (2d)
8% Cumul Pref. stock, will provide for the retirement of previously
outstanding senior securities of the company and will provide more than
$9,000.000 cash for acquisition of additional property and for additions.
extensions and improvements to existing property, including the installation
of a new 40,000 h.p. unit at the company's Colfax power plant.-V. 116.
p.941.

Durant Motors, Inc.-Status.-

During January more than 10,750 cars were built and marketed in
plants owned or controlled by this company. Actual figures for December
show 7,637 Durant and Star cars produced, bringing the total at the end
of the year to 58,379 and the total to date, Including all Durant-built lines,
to more than 70.000 motor cars and trucks. The production of Star
cars has now reached an average of over 350 a day. President W. C.
Durant announces that the number of shareholders of Durant company
securities at the end of January totaled 216.381. The total production
of the Durant Motor Co. of California in January was 2.145 cars. The
Durant Motor Co. of Michigan, at Lansing, in January produced 4,950
cars.
The company announces that on Aug. 1 next, when present building
operations are completed, the combined capacity of all Durant plants will
be 667.250 automobiles a year. All but two plants, with a total capacity
of 517,250 cars, are now operating.-V.116. p. 827, 182.

MAR. 10 19231

THE CHRONICLE

Earl Motors, Inc.-Reorganization.-

According to Jackson, Mich., dispatches, the Earl Motors Manufacturing
Co. has completed its incorporation with a paid-in capital of $1.000.000.
The company has leased and will operate the Earl Motors, Inc., plants and
will continue the production and sale of Earl cars.
The assets of the company, the dispatch states, show inventories of raw
and worked materials, finished and partly finished cars, &c., of $1,323,878:
notes and accounts receivable of $104.974, and cash of $123,589, while the
liabilities show trade creditors, accrued payrolls, taxes, interest, &c., of
$173.567, and deferred liabilities, dealers' deposits, &c., of $85,286. The
excess of current assets over current liabilities amounts to $1,293,588.
The dispatches further state: Arrangements have been completed with
Chicago bankers for a liberal line of credit which enables the purchase of
additional material necessary to manufacture the large number of automobiles now contracted for by dealers and distributers throughout the United
States and foreign countries. This, taken in conjunction with the above
statement, places it in a good financial position. All indications point to a
successful year,it is said. The company has on file a large number of orders
and will increase production rapidly until the maximum capacity is reached.
--V. 115. P. 2385.

1057

Fruit Growers Express Co.-Equip. Trusts Offered.First National Bank and National City Co. are offering at
prices to yield from 5% to 5.20%, according to maturity,
$2,000,000 5% Gold Certificates,S eries "B"(see adv.pages).

Dated March 15 1923. Due serially March 15 1924 to 1938. Dividend
payable M. St S. at First National Bank, New York. trustee. Denom.
$1,000 (0). Issued under Philadelphia plan.
Data from Letter of H. B. Spencer, President of the Company.
Company.-Incorp. in Delaware March 18 1920 to furnish refrigerator
cars to railroads and shippers east of the Mississippi River for the transportation of fruits, vegetables and other perishable commodities. Owns
adequate car shops for the building and repair of its cars and has established
new and improved icing facilities at numerous places In the territory which
it serves. Operates,including those now being built, 12,124 cars. Controlled
through ownership of the entire Capital stock by 18 railroad companies.
Secuiity.-Certificates are to be issued to provide for part of the cost
of 1.080 new 40-foot steel underframe refrigerator cars which the company
Is building in its own shops for approximately $2,400,000 of which $400,000
is to be paid by the company in cash.
East Ohio Gas Co.-City Proposes Franchise.In addition to this issue, company has outstanding $5.23.847 certificates
The City Council of Cleveland. Ohio, by a vote of 29 to 3, passed the new secured by 5,223 refrigerator cars and a bill of sale agreement for $178,500
gas franchise ordinance by Councilman John D. Marshall, which offers a for car shops, icing platforms, materials and supplies.
Earnings.-Net earnings for 1922 available for interest charges, before
40-cent rate schedule to the company as an ultimatum. The East Ohio
Gas Co. has announced rejection of the terms. The ordinance will become Federal taxes but after oroviding adequately for maintenance and depreciation, were equivalent to more than 3 times the annual requirements for
effective April 7, unless vetoed by Mayor Kohler.
An announcement by the company says:"We beg to say that our negotia- maturing dividend installments on all equipment trust certificates of the
tions with the city of Cleveland in repsect of rates for natural gas having company including this issue.
Assets.-Net tangible assets amounted on Dec. 31 1922 to over $3,000,000
failed, we are making preparations for and will, on May 1 1923, discontinue
the further supply of natural gas in the city of Cleveland."-V.116, p.621: after deducting reserves of about $1,430,000 for depreciation. Company
had cash and U. S. Government certificates amounting to over $1,115,000.
V. 115, p. 650.
-V. 116, p. 942.

Eastern Mfg. Co.-Earnings (Including Subsid. Cos.)-

Cal. YearsCal. Years1922.
1921.
Sales
$9.312,198 $6,358,249 Interest
Cost of goods sold_ 7,749,204 6,065,500 Depreciation
Adm.dr selling exp. 468,242
555,928 Dividends

1922.
$370,279
348,675
106,061

1921.
$330,651
316,870
330,598

Oper.income__ .$1,094,752def$263.180
Balance, surplus $45,927df1,175,783
Other cred.& deb_ Dr223,810 Cr.65,535 Previous surplus 1,782,536 2,958,299
Gross income.
$870,942def$197,641 P. & L., surplus_ _$1,828,463 $1,782,536
-V. 115, P. 1947.

Elder Steel Steamship Co., Inc.-Time Extended.-

The protective committee tor the let Mtge. serial 7% gold bonds
announces that approximately 82% of the holders of the bonds have deposited their holdings with the Guaranty Trust Co., New York, as depositary, and the time for deposit has been extended up to and including
March 17 1923. See plan of reorganization in V. 116, p. 834. 827, 726.

(Robert) Gair Co., Brooklyn, N. Y.-Directorate, &c.
The directorate has been reduced from 16 to 7, and the number of vicepresidents increased from one to seven.
The directors and officers, as now constituted, are as follows: (1)
Directors-Robert Gair, Chairman; George W. Gair. Robert Gair. Jr.,
Chase E. Williams. John M. Perry, Lawrence Beattie and Bruce Palley.
(2) Officers-Robert Gair. Chairman: George W. Gair, President: Robert
Galt, Jr., Vice-President. and the following Vice-Presidents who were
formerly directors: J. M. Andrews, G. W. Shannon, Grant H. Fairbanks •
F. D. Wilson and T. Williams; Lawrence Beattie, Treasurer' Louis Stauder:
mann,Secretary, and Louts Von Hasslacher, Comptroller.-V.114, p. 2829.

General Baking Co.-Quarterly Dividend of $1.-

1 he directors have declared a quarterly dividend of $1 a share on the
outstanding Common stock, no par value, payable March 31 to holders
of record March 17. The company on Dec. 26 1922 paid a 200% stock
dividend on the Common stock, so that the dividend of $1 on the increased
stock is equal to $12 a share on the old capital stock on which $8 annually
was paid (compare V. 115, p. 2601)•
Chairman,
&c.
Electric Bond & Share Co.-New
Eugene A. Dexter and Courtiand Kelsey have been elected directors,suc8. Z. Mitchell, President of the Electric Bond & Share Co., has been ceeding
Gustav Lay, resigned. and John E. McKinney, deceased.-V.116,
resignation
by
the
caused
elected Chairman of the board to fill the vacancy
p.942.
of Marsden J. Perry. Mr. Mitchell will continue to serve also as President.
F. B. Odium and Frank Stillman Jr. have been elected Vice-Presidents.
General Motors Corp.-Sales in 1922.V. 116, P. 941.
The combined sales by the car and truck divisions of General Motors in
first quarter of 1922 totaled 71.039: the second quarter, 135,751' the
Electric Light & Power Co. of Abingdon and Rock- the
third quarter. 112,055, and the fourth quarter .137.918; a total for the full
land, Mass.-Stock Application.year 1922 of 456,763, which exceeds the sales in any past year.
The stockholders will vote March 13 on increasing the authorized Capital
Sales for Years Ending December 31.
stock from $340,200 (all outstanding) to $453,600, par $100. If the inPassenger Cars1922
1921
1920.
1919.
crease is authorized by the stockholders and approved by the Massachusetts Buick
138,501
83,888 116,213 119.853
Department of Public Utilities, it is proposed to issue the new stock, pro Cadillac
22,021
11.130
19.790
19.851
rata, to stockholders at $120 per share. The proceeds are to be used to Chevrolet
240,390
75,667 144.502 132.710
retire indebtedness.-V. 104, p. 1493.
Oakland
20.853
12,661
37,244
54,451
Oldsmobile
21,216
20,245
26,241
33,345
Electric Storage Battery Co.-No Extra Dividend.Commercial CarsA quarter*,dividend of $1 per share has been declared on both the Com- Chevrolet
2,932
1,489
4,938
2,682
mon and Preferred stock. payable April 2 to holders of record Mar. 17. GMC trucks
5,277
2,760
5,137
7.730
On Jan. 2 last an extra div. of 75c. a share was paid on both issues, in ad- Oldsmobile
1,218
466
8,383
7,782
dition to a quarterly of $1.-V. 115, p. 2587.
TotalsPassenger cars
442.981 203,591 343,990 360,210
Elliott-Fisher Co., New York.-Initial Dividend.Commercial cars
9,427
4.715
18,458
18.194
Class"
B"
An initial dividend of 50 ents per share has been declared on the
Miscellaneous_ x
4,355
6.493
30,627
13,334
Common stock, together with a dividend (No. 2) of 50 cents per share on
the Common stock and the regular quarterly dividend of 1%% on the
Grand total
456,763 214,799 393,075 391,738
Preferred stock. all payable April 2 to holders of record March 15.
The Series "B" Common stock was issued Jan. 2 last as a 40% stock
x Includes tractors: and also cars and trucks not now manufactured.
of
dividend
dividend on the Common stock. On the same date an initial
V. 116, p. 828, 726.
50 cents a share was paid on the Common stock. Compare V. 115, p. 2910.
Empire Gas & Fuel Co.-Tenders.
-

The Bankers Trust Co., trustee, 16 Wall St., N. Y. City, will until
March 27 receive bids for the sale to it of 1st Mtge. & Coll. Trust S. F.6%
gold bonds, dated May 11916. to an amount sufficient to exhaust $850,000
at a price not exceeding 103 and Int.-V. 116, p. 621.

Endicott-Johnson Corp.-Quarterly Div. of23-%.-

The directors have declared the regular quarterly dividend of 21•5%
($1 25 per share) on the Common stock, payable April 2 to holders of record
Mar. 17. This is the first Common dividend declared since the outstanding
stock was increased by the payment of a 20% stock dividend Feb. 15 last.
The directors on Jan. 12 announced that it is their intention to continue the
payment of the dividends at the rate of $5 per annum on the Common
stock.-V. 116. p. 827, 726.

Fay Taxicabs, Inc., New York.-Subscriptions to Stock
Canceled.-McClure, Jones & Reed, who last week offered
50,000 shares of stock of no par value at $32 per abare, have
decided not to accept the stock of the company, and will
make no delivery of the shares. All allotments are, therefore canceled.

Goodyear Tire & Rubber Co., Akron, 0.-Production.

The company has increased its production ticket from 28,000 to 32.000
tires a day. A year ago the :ompany increased production from hi.000 in
January to 22,0,0 in March. While accurate figures are not availanle,
present production is being maintained with less than 14.00 workers, compared with over 33,000 required to produze 35.001. Wes in the pre.depression
period. The present production ticket of 32,1,00 tires is exclusive of the
California plant, while the previous 35.000 peak production included the
California requirements, the California plant not then being in operation.
Production ticket will be increased as rapidly as additional workers are
available.-V. 116, p. 942.

Craton 8c Knight Mfg. Co.-Par Value Changed-Sales,&e.
The stockholders have voted to change the par value of the Common
stock from $25 to no par.
Net sales for 1922 were $8,744.148, compared with $7,068.079 for 1921.
Paul B. Morgan of Worcester. Mass., has been elected a director, succeeding W. M. Spaulding.-V. 115. p. 1638.

Great Lakes Engineering Works, Detroit.-Dividends.

A liquidating dividend of about 40% is being paid stockholders of the old
Great Lakes Engineering Co., Ecorse, Mich., which became part of the
present corporation of that name. This disbursement represents about
240% received from liquidating of the company's assets of which a small
The bankers and their legal representative say that the decision not to portion yet remains to be disposed of. ("Iron Trade Review" March 1.)
conclude the Pay financing is not a reflection upon the company, or Law- -V. 114, p. 1896.
rence Fay, President, and that no misrepresentations were made. It was
Gulf States Steel Co.-Balance Sheet Dec. 31.decided upon investigation that the circumstances did not warrant public
sale of the stock on the basis planned.
1922.
1921.
1922.
1921.
Tho New York Curb Market Committee on Listing and Securities has
Assess$
$
Liablities$
$
suspended trading in Fay Taxi, Inc., when, as and if issued, until further Works& properties17,037,167 16,804,379 let Preferred stock 2,000,000
2,000,000
notice.
Cash
790,101
365,860
28
Preferred
stock
60,000
70,100
The Curb Market has
the following notice:"Members are notified Foreign currencies
Common stock_ _11,212,000 11,152,150
to file with the SecretarY issued
(market rates)
on or before noon of Saturday. March 10, a record
124,062
101,158 Self-F lux'g Ore -&
of all transactions made on
this Exchange in the shares of Fay Taxicab, Inc. Liberty bonds
45,000
Iron Co.6s
149,000
176,000
(when issued) showing in detail the number of transactons, both purchases Accts & notes rec.x1,250,714
822,092 Notes payable__
780.000
and sales, including the names of principals and the net position resulting Inventories
1.755,698 1,948,256 Accounts payable_ 393.707
135,502
therefrom.-V. 116. p. 941.
Prepd.ins. & taxes
16,169
23,166 Wages,accr.taxes,
Sze
Fifth Avenue Coach Co.-Park Avenue Line.Pref. dividend_
A temporary permit for the operation of buses in Fourth and Park avenues
Reserre.sby the company was recently
authorized by the Board of Estimate. The
Depree.
dr extIng 2.039.172 1,718,130
permit is good for 60 days, but may be rescinded before the end of that
147.184
Replac'ts & sund 309.555
period. The company is to run a line of buses from Astor Place up Fourth
Special res. ant.
and Park Ave. to 57th St., using both sides of the Grand Central Terminal
1,611.1,6j
,
1,594.417
property
and to connect with the Fifth Ave. line.-V. 115, p. 2483.
124,600
Federal taxes
Total (ea. side)_20,973,911 20,109,907 Surplus
2,940,741
2,120.637
Fisher Body Corporation.-Common Stock Increased.
The stockholders on Mar. 6 increased the authorized Common stock from
x Accounts receivable.
notes receivable, $444.557, total,
500,000 shares to 600,000 snares, no par value. The additional 100,000 51.277.717. less reserve for $833.161,
doubtful accounts and notes. $27,003.
shares will be offered pro rata to Common stockholders at $75 per share.
The usual comparative income account was published in V. 116. p.828.
(Compare V. 116, p. 416, 521.)
The stockholders also voted to reduce the number of directors from 14
Green Star Steamship Corp.-Plan Operative.to 11.-V. 116, p. 942. 828.
The reotganization managers announce that plans for the reorganization
•
have been declared operative.
Ford Motor Co., Detroit.-February Sales.The ships of the former company included in the reorganization plan are
Sales for February, it is stated. were 116,080 cars, or over 15,000 more in process of acquisition at marshal's sale for the new corporation, the
than in January.-V. 116, p 828, 726.
Planet Steamship Corporation. recently Incorporated in Maine.
Arrangements are being made for the operation of the ships under an
Fried & Reineman Packing Co., Millvale, Pa.-Inc.
- agreement by the terms
of which the new company will receive a fixed rental
The stockholders will vote April 25 on increasing the authorized capital for the ships with additional
compensation. The details of this operating
tock from $750,000 to $1,750,000 and on creating an issue of 2d Pref. stock. agreement, it Is stated, will be announced shortly.




11118
2:

LT52.081st

1058

THE CHRONICLE

Under the reorganization plan the old bondholders of the Green Star
Steamship Corp. will receive Common stock of the new company, the
necessary capital for the reorganization being provided through the issue
of new 6% Income bonds, the purchase of which has been underwritten.
See plan in V. 115, P.2273.

[vol.. 116.

(P. H.) Hanes Knitting Co.-Merger Rumors.-

Company.-Incorp. in Wisconsin. Owns two large modern manufacturing plants located at Milwaukee and Kiel, Wis., maintains branch
salesrooms and agencies at Grand Rapids, Chicago, New York, Kansas
City.
San Francisco and High Point, Nor. Caro., and is the largest manufacturer
of library and dining room tables in the United States.
Purpose.-Proceeds will be used to liquidate debt incurred for capital
expenditures and to provide additional working capital.
Earnings.-For the 5-year period ending Dec. 31 1922 net earnings available for interest and Federal taxes were as
follows: 1918. 367.57:3, 1919.
$138.824, 1920, 374,491, 1921. 358.751, 1922. $126,129.
The largest annual interest charge on this bond issue is 326,000.
Capttalization.-First Mortgage 6SS% Serial gold bonds, $400,006.
capital stock (paid in). $500,000, surplus, 3504,730.

Hardy Coal Co.-Bonds.---

1923-Feb.-1922
$5,916,053 $3,763,379
-V. 116, p. 944, 622.

Reports that a merger of a number oflarge Net York and Southern underwear mills was under way were heard in the New York dry goods market
this week. The mills involved, it is reported, are the P.fl. Hanes Knitting
co., of Winston-Salem. N. C. capitalized at $5,750,000, Utica Knitting
Co.. Utica, N. Y., capital 35,000,000, Onelta Knitting Mills, Utica, capital
31.800,000, Avalon Knitwear Co., Utica. capital $700,000, and the Union
Mills. Inc.. of St. Johnsville, N. Y. ("Journal of Commerce.")-V. 112,
p. 1029.
It is stated that after an examination by Mr. D'Invilliers of Philadelphia.,
the United States Smelting, Refining Az Mining Co has exercised its option
to purchase 3500,000 7% bonds of the Hardy Coal Co., convertible into
stock at $25 per share. This. it is said, finances the Hardy Coal Co. and
production, it is expected, will be under way this spring.

Hartford Fire Insurance Co.-Capital Increase.-

The Connecticut State Senate has passed a bill authorizing the company
to increase its authorized Capital stock to $20,000,000.--V. 116, p. 417.

Havana Tobacco Co.--Annual Report.-

Calendar Years1922.
Dividends on stocks owned
335.282
Oper. exp. Incl. int. on bills pay'le 490.106
Interest on 5% gold bonds
375,000
Balance, deficit
-V. 115, p. 1068.

1921.
1920.
1919
331,040 3612.175 $524.195
459.192 441,465
424,637
375,000
375.000
375,000

$829.825 $803,152 $204,290 3265.442

(S. S.) Kresge Co.-February Sales.-

Increase. I 1923-2 Mos.-1922
$1,252,674 I $9,945,417 $7,360,895

Increase.
$2,584.522

(S. H.) Kress & Co.-February Sales.-

1923-Feb.-1922,
32.002,079 31.834.541
-V. 116, p. 830, 820.

Increased 1023-2 Mos.-1922.
3167,538 34,062,041 83.466.837

Increase.
3595.204

La Rose Mines, Ltd.-10% Dividend.-

The directors 'lei's) declared a dividend of 10%, equivalent to
10 cents
ner share, payable March 24 to holders of record
Marcn 8. A like amount
was paid Aoril 20 1922.-V. 115. v. 189.

Lawrence (Mass.) Gas Co.-Stock Applications.-

The company has applied to the Massachusetts Department of
Public
Utilities for authority to issue $49,000 additional capital
stock. par$100,'
the proceeds to be used to pay for additions and
betterments. This
increase, if authorized, will bring the number of shares
outstanding to
32,000, par $100.-V. 115. p. 2801.

Lee Rubber & Tire Corporation.-Annual Repor1t.
9-

19.
Calendar Years1922.
1921.
1920.
Net sales
$6,468,208 37,358.436 $6.705.029 $5,583,993
have declared a dividend of 1% on the 89' Cumul. Pref, Cost
of
goods
& gen. exp_ 6,095,528
7.143,638 6,404.896 4,999,948
stock, payable Mar. 15 to holders of record Feb. 28. A dividend of the
same amount was paid on Feb. 15 last. See also V. 116, p. 417.
Net income
$372,680
$214,798
3301,033
5584,044
Other income
70,054
76,407 Cr.116.053
59.332
(George W.) Helme Co.-Par Value Changed.The stocenolders on Mar. 5 voted to chance the authorized Common
Total income
$442,734
$291.205
8417.006
8643.376
stock from 80.000 shares. par $100, to 320.000 shares. par $25. There are Deduct-Interest, &c
72,241
41.699
90.453
171,571
outstanding 60,000 shares of Common stock, par $100.-V. 116, p. 829.
Dividends
300,000
300400
225.000
Net profit
Household Products, Inc.-Earnings.$70,493 def$5L.494
$101,633
$471,805
Net earnings in January last were 20% in excess of the same month Previous surplus
361,573
652.334
531,179
241.380
Adjustments
last year.-Compare V. 116, p. 727.
Deb.978 Deb.240,268
Cr.19.517 Deb.182,007
Surplus
3431,089
3361,573
Hudson Motor Car Co.-Shipments.$652.329
$531,179
Off
An official says: Car shipments for the first fiscal quarter ended Feb. 18 -V. 115, p. 2275.
totaled 18,773 cars. The shipping schedule for the second fiscal quarter
Lima Isocomotive Works, Inc.-Earnings.
totals 25.870 cars.
Calendar Years1922.
"While the current quarter will be the largest in the history of the com1021.
1920.
pany, the previous record quarter was that ended Aug. 31 1922 with 19,804 Gross income
$6,476,953 812.528.154 $12.047.657
cars. In the fiscal year ended Nov.301922. production was 61,233 cars."- x Expenses, &c
6.221,214 10.716.662 10.488.927
V. 116, v. 728. 417.
Profit
$255.740 11,811.592 31.558.730
Interest on bonds
s80,294
120.000
Humphreys Oil Co.-Extra Dividend of 1%.
120.000
Reserve
for
Federal
taxes
555.000
An extra dividend of 1% will also be payable March 15 to holders of
360.000
dividends(7%)
130.985
200.550
record Feb. 28. in addition to a quarterly dividend of 3%, which was Preferred
200,550
189,211
304,500
declared in Jan. last (V. 116. p. 302). Prior to tne stock distribution of Common dividends
75% made Dec. lb 1922, tne company paid quarterly dividends of 5%
Balance, surplus
def$144.750
3631.541
each.-V. 116. p. 302.
3878,180
Profit and losssurplus
$2,453.167 32.470,994 $1.839,452
x Manufacturing, administrative and other expenses, including
depreIndependent Sugar Co.-Sale.
clation.-V. 115. P. 1949.
The sate has been again adjourned to May 5.-V. 116. p. 417.
Hayes Mfg. Co., Detroit.-Accumulated Dividends.The directors

Inspiration Consolidated Copper Co.---New Pres. &c.

L. D. Ricketts, formerly Vice-Presieent, has been elected President,
succeeding C. F. Kelley. William Wraith. Vice-President of the Andes
Copper Mining Co. and Gen. Mgr. of the International Smelting Co., has
been elected Vice-President, succeeding Dr. Ricketts.
Walter S. Harper, Evan J. Dudley and Paul J. Geisler have been elected
directors, succeeding John D. Ryan, B. B. Thayer and C. 1*. Kelley.
-V. 116, p. 943, 829.

Kennecott Copper Corp.-To Increase Capital-Offer to
Exchange Stock for Utah Copper Co.-The stockholders will
vote April 9:
(1) On amending the certificate ofIncorporation so as to increase the num-

ber of shares which may be issued from 3,000,000 shares to 5.000.000 shares
without par value, and the amount of its steted capital from $15,000,000
to $25,000,000.
(2) On ratifying the following offer authorized by the directors: "Resolved, That Kennecott Copper Corp. hereby offers to the holders of the
stock of the Utah Copper Co. to exchange the stock of the Kennecott Copper Corp. for stock of the Utah Copper Co. upon the basis of lee shares
of stock of Kennecott for 1 share of stock of Utah Copper Co."

President Stephen Birch in a letter Mar.7 says:

Since Dec. 1915 the stockholders have at different times approved the
acquisition by exchange of its stock and through purchase of 616,504 shares
of Utah Copper Co. stock, or approximately 38% of the outstanding Utah
shares. The directors believe it will be to the interest of the stockholders
of the Kennecott Copper Corp. to acquire the entire outstanding stock of the
Utah Copper Co.
Careful examination of the reports of engineers and accountants upon
all the properties of both companies has just been made. As a result of
these investigations,directors believe an exchange of 1 ei shares of Kennecott
Copper Corp. stock for 1 share of Utah Copper Co. stock to be fair to the
stockholders of both companies and advantageous to the operations of each
company. (See also Utah Copper Co. below.)-V. 115, v. 2850.

Kentucky Utilities Co.--Annual Report.-

Lit Brothers Corporation.-Listing.--

The Philadelphia Stock Exchange on Feb. 28 listed $1000,000 additional
capital stock, issued account of stock allotment authorized Dec.
21 1922,
making the total amount listed at this date $8,000,000. par $10.-V.
116. v. 303. 83.

Loose-Wiles Biscuit Co.-A ccumulated Dividends.-

A dividend of 7% on account of back dividends covering period
from
Feb. 1 1919 to Feb. 1 1920 has been declared on the 2d Pref, stock
May 1 to holders of record April 19. A like amount was paid payable
on tele
issue on Feb. 1 last.
The directors also declared the regular quarterly dividend
lef%
on the 1st Pref. stock, payable April 1 to holders of record Marchof20.
Balance Sheet December 31.
1922.
1021.
1922.
1921.
Assets-Liabilities-$
$
Real estate. bidgs.,
let pref. 7% cum_ 4,401,000 4,434,000
plant, good-will,
2d pref.7% cum-d2.000.000 2,000,000
&c
el2,786,988 12,089,410 Common
8.000,000
Inventories
63,292,201 2,936,848 Per, money oblig_ 245,200 8,000,000
Accts. receivable
let M.6% ser. g.
(less reserve)
2.000,850 1,805,588
bonds
U.8. Govt.sec. Atc c933.657 1,162,227 Accounts payable_ f763,796 e275,8$0
559,292
Misc.investments. 660,900
367,671 Prov. for Federal
Cash on hand, &c_ 656,967
631,607
taxes & wilting- 503,449
418,519
Prepaid lnsur.,&c_ 244,853
195.942 Rel. for redem'n
of let pref. stock 3.825:
(4X1 3,gg:2343
Total(each sIde)._20,585.416 20,089,294 Surplus
a After deducting reserve for depreciation. Is At approximate cost or
market prices, whichever were lower. c Z. S. Government securities
Including interest thereon. d Last dividend payment for period ending
Feb. 1 1919. a let Mtge. 6% Serial gold bonds due in equal annual
installments from Feb. 15 1923 to Feb. 15 1931, secured by Minneapolis
property. f Accounts payable for merchandise, &c., not subject to discount and accrued items.
The usual comparative income account was published in V. 116, P. 944.

(F. M.) Lupton (Publishers), Inc.-Engraved Certificates.
The company during 1922 sold 8157.400 1st Mtge. Lien 7% gold bonds,
Holders of interim receipts for Class "A" stock have been requested to
series "B,' due Nov. 15 1941; $585.300 let Mtge. Lien 6% gold bonds,
series "C," due May 1 1952, and $671,600 Preferred stock. Proceeds present their certificates at the office of Ladenburg, Thalman & Co..
were used to retire $419,500 1st Mtge. Lien 6% gold bonds, series "A," 25 Broad St., N. Y. City, for exchange for the engraved certificates. For
due Sept. 29 1924 and $240,000 10-Year 6% debentures, and for extensions, offering see V. 115. p. 1540.)-V. 115, p. 2801.
improvements and other corporate purposes.
McCord Manufacturing Co.-Sale of Divisions.Earnings-Calendar Years1922.
1921.
See McCord Radiator & Mfg. Co. below.-V. 115, v. 1540, 653.
Gross earnings,incl. merch.sales & job work
$2,282,611 $2,104,947
Operating expenses, including taxes
McCord Radiator & Mfg. Co. of Maine.-Stock
1,400,290
1,381.386
Net earnings
Miscellaneous income
Gross income
Interest charges, &c
Preferred dividends
Common dividends (10%)

$882,321
2,285

$728,561
8,407

' 1884,606
442,935
63,350
250,000

3736.968
368.153
49,400
250,000

Offered.
John Burnham & Co., Chicago, McClure, Jones & Reed,
Howe, Snow & Bertles, Inc., and Merrill, Lynch & Co.,
New York, are offering at $37 per share 50,000 shares
Class A Common stock of no par value.

Entitled to cumulative dividend of $3 per share per annum and to $50
per share in liquidation. Callable at $50 per share. Convertible into
Class B stock share for share. After Class 13 stock shall receive dive.
of
per share, 40% of all earnings remaining after these dividends have been
Balance, surplus
$128,321
379.415 $2
paid must be used to retire Clam; A stock by call at $50,per share or by purin
the
chase
market.
All the additional dividends shall be paid in the ratio
Profit and lass surplus
$400,429
$272,109
of $3 per share for Class A stock to $2 per share for Class B stock.
-V. 116, p. 944.
Listing.-Application will be made to list stock on Chicago Stock Each.
CapitalizationKiel Furniture Co., Milwaukee, Wis.-Bonds Offered.Issued.
Authorized.
Class A Common stock(no par value)
50,000 she. 50,000 slis.
Hyttey, Emerson & Co., Chicago, are offering at 100 and Class
13 Common stock (no par value)
she.
150,000
she.
21,0,000
int. $400,000 1st (cloged) Mtge. 63% Serial gold bonds. First Mortgage 6% bonds
$1,207.500
Data from Letter of A. C. McCord, President of Company.
A circular shows:
Denom.$1 000,$500 and 3100 (c*). Dated Mar. 11923. Due annually
Compane.-Has recently been formed to take over the radiator, gasket
Mar. 1 1924 to Mar. 1 1933 Incl. Int. payable M.& S. at First Wisconsin and lubricator divisions of the McCord Manufacturing
Co. of Now York.
Trust Co., Milwaukee. Wis.. truetee. Red. all or part on any int. date (V. 115, p. 1540.) Plants
located in Detroit and Wynadotte, Mich.,
1rlr.a
a
tTtoet
et!0
!
t 2t)
or lenat huipuitioya
s
'
a ntritge
. lat ,7and
Plymouth. Ind., and Walkerville, Ont., have a total floor space of 386,000
105
Igiaorn e
105es
l MfarVn 1:1
1 rneft square feet.
oetween Mar. 1 1928 and date of redemption. Free from normal Federal
Earnings.-Average net earnings for the last 7 years, including years
income tax not exceeding 2%•
1920 and 1921, which showed losses, after all charges and after Federal




MAR. 10 1923.]

THE CHRONICLE

taxes at 1922 rates, were $467.471, or at the rate of over $9 per share and,
for the year 1922 were $1,031,078, or over $20 per share on the Class A
stock. The production and earnings for the year 1922 were the largest in
the history, and orders now on the books indicate that the business and
earnings for 1923 will substantially exceed the results of the year 1922.
Directors.-Clive RunnelIs, Chicago; Waiter L. Dunham, Detroit:
Wallace C. Winter, Chicago; Walter S. Russel, Detroit; John Fletcher,
Chicago; A. C. McCord, President; D. W. McCord, Vice-President.
Dividends.-Dlreetors have indicated their intention of immediately
placing Class A stock on an annual dividend basis of $3 per share, payable
quarterly.
Balance Sheet after this Financing.
AssetsLiabilitiesCash
$156,123 Accounts payable
$224,316
Receivables (net)
421,768 1st Mtge.bonds
1,207,500
Inventories
769,874 Net worth applicable to:
Securities with trustee
128,551
Cl."A" stk. & Cl."B" stk. 2,582,123
Land,b1dgs.,&c.(aftee depree.) 2,508,411
Deferred charges
31,212
Total (each side)
$4,013,939

McCrory Stores Corp.-Balance Sheet Dec. 31.1922
1921.
• 1922.
1921.
Assets$
LiabilitiesMeC.Realty Corp.x1,051,778
763,439 7% turn. pref. stk. a951,400
983,400
Impts., turn., &a_ 2,039,104 1,348,465 Common stock__ 7,059,900 6,209,100
Mdse. & supely. _63,856,534 3,125,336 Bills Payable
758,739
797.809
Accts.receivable_ _
20,274 Accounts payable_ 1,201,332
24,142
588,454
Empl.stk. subse__
85,737 Employees dep
93,831
35,122
17,260
Surrender value inFederal taxes
171,000
150,000
surance policies_
123,390
114,786 sur, app, to retireCash
472,412
448,188
ment of Pref.stk 330,000
275,000
Prepaid rents, &e_
76,920 Surplus
129,578
1,219,981 1,045,416
Good-will
4,000,000 4,000,000
Total

11.788,644 10,007,369

Total

11,788,644 10,007,369

x Includes McCrory Realty Corp. Common stock. 3.170 shares (par
$100), $325,020, and advances to the acquisition and improvement of real
estate taken subjtkt to mortgages of $545.100. $726,758.
a Issued $1.250,000 pref. 7% cum. stock leas $268,600 retired, balance
$951.400 as above. it At cost or market, whichever Is lower.
The usual comparative income account was published in V. 116. p. 830.

Mason Tire & Rubber Co., Kent, O.-Bonds Offered.Brooke, Stokes & Co., Philadelphia, and Hyney, Emerson
& Co. Chicago, are offering at par and int. $2,000,000
1st Mt'ge. 20-year 7% Sinking Fund Gold Bonds Series "A."

1059

Middle States Oil Corp.-Consolidated Earnings.
1921.
1922.
Calendar Years$10.477.824 $8.617.700
Total gross income
Deduct-Field open, new constr. lease rentals,
2.323.817
administrative and general expenses
3,638,441
'
3.774.580
Dividends paid
2.720,899
Divs. paid minority interests in Dominion Oil Co..
208,576
Texas Chief 011 Co.and Ranger Texas Oil Co-,160,000
Reserves, including Federal taxes
150,000
Balance,surplus
43,968.484 $2.150,735
x Subject to depletion.
An official statement says: "Notwitnstanding the lowest market prices
for oil for the year existed during toe final quarter of 1922, net earnings for
the year were equal to $2 7900 eacn of the 2.391,700 shares outstanding on
Dec. 311922, against $1 20 per share required for regular dividends paid.
"According to the consolidated balance sheet for 1922. fixed assets,
including producing leases valued at $88,224,692, about 112.000 non-developed acres carried at $1, gathering lines and storage $261.000, and investments $4,315.385. total $92.801,078, and current assets, including
casn of $242,425 (after deducting $716.744 for dividends payable Jan. 1
1923). accounts receivable $466.000. and material and equipment on nand
$404.655. a grand total of $95,199.158 assets. Against this, liabilities total
324327,000, made up of $23,917,000 capital stock, 160,000 accounts
payable and $150.000 for reserves, leaving a consolidated surplus of $71.072.158. in which Middle States Oil's interest is $69.791.438.
"In connection with the construction of the Wyoming North cre South RR.,
Gov. Haskell announces that conferences among all leading interests in the
Wyoming oil fields have culminated in complete harmony of action, and
that development plans of Middle States and Southern States have clear
sailing and are progressing rapidly."-V. 116. P. 848, 830.

Midvale Steel & Ordnance Co.-Deposit of Bonds.-The
company announces that there have been deposited, as
assenting to the Bethlehem-Midvale Purchase Plan, more
than $22,000,000 Midvale bonds, or about 80% of the
amount required for the consummation of the plan. Of the
balance still required, the committee has received assurance
of deposit of substantial additional amounts.
Bondholders who have so promised, and others who have not already
arranged to deposit, are being urged to do so at once in order that the plan
may be consummated on March 12,the date of the Midvale and Bethlehem
stockholders' meetings.
The Guaranty Trust Co. of N. Y., as trustee of the bonds, announces to
the bondholders that it has formally expressed its approval of the modifications suggested by the Midvale company in connection with the Bethlehem Steel-Midvale purchase plan. and that it recommends to the bondholders the adoption of the plan as being clearly in their interest.
The plan when consummated will give to the Midvale bonds a direct
mortgage lien with increased security instead of the present collateral lien
through stock and will provide for their guaranty by Bethlehem. In
order to obtain endorsement of this guaranty upon the bonds It Is necessar7
to forward them for deposit with the Guaranty Trust Co.of New York, as
depositary for the proxy committee, or an agent of the depositary.
The proxy committee which has been appointed to represent the bondholders consists of Frederic W. Allen, of Lee, Higginson & Co.; William E.
Corey, Chairman of the Midvale Co.; Charles E. Mitchell, Pres. National
City Bank, New York; William C. Potter, Pres. Guaranty Trust Co.. and
Percy A. Rockefeller. of the executive committee of Midvale Co.-V. 116.
p. 945, 830.

Dated March 1 1923. due March 1 1943. Denom. $1.000, $500 and
$100 (c*). Int. payable M.& S. at Bankers Trust Co.. New York, trustee.
Red. all or part on any int, date upon 30 days' notice at 1124 and int.
Free front normal Federal Income tax not exceeding 2%. Tax of any State
or United States posseation not in excess of 5 mines, refundable.
Listing.-ApplicatIon will be made to list bonds on N. Y.Stock Exchange.
Sinking Fund.-Indenture will provide for annual sinking fund payments
to the trustee consisting of 20% of net earnings for 1923 and of 25% of
annual net earnings in each year thereafter-with a maxLmum payment
of $300,000 In any year. These sinking fund payments must be used to
retire bonds through purchase in the open market or by redemption.
Conversion.-13onds shall be convertible into Series "13" Common stock
at $30 a share at any time prior to Jan. 1 1928: thereafter at $1 more per
share during each calendar year. Earnings available for Common stock
dividends for the calendar year 1922 were at the rate of $1 77 Per share.
Miller Rubber Co., Akron, 0.-Annual Report.Data from Letter of President 0. M. Mason, Feb. 2S,
President Jacob Pfeiffer at the annual meeting March 8 reported: Net
Company.-Organized Oct. 18 1915 in Ohio. Company manufactures a
full line of cord tires In all sizes, including also in the 30x33 size, a lighter salts for the year 1922 were $24,764,244. which is 130% of net sales for
tire known as the Maxi-Cord. They also manufacture fabric tires In Ford the year 1921 of 118.983,677. Total inventories amounted to 16,128,074,
sizes and inner tubes in all sizes. Solid tires are manufactured in three as compared with $3.981.922 at the end of the previous year. Raw masties, plain, solid and cushion. Company has a national distribution terials and in process were taken at cost or market, whichever was lower.
through 25 branches and over 4.000 dealers. Has 3 manufacturing plants: After a liberal allowance for depreciation, obsolescence and interest charges.
At Kent, fabric mills where cords and fabric are made from the raw ginned the net earnings, before provision for Federal taxes, were $3.116,607.
The regular quarterly Preferred dividends of 2% were paid in Sept.
cotton. At Bedford, 0., tire plant used exclusively for the manufacture
7 was paid to apply
of cord tires and at Kent plant for manufacture of inner tubes and various and Dec. 1922 and at the same time an additional 1,
on the deterred dividends. A like dividend was paid March 1 1923, and
styles of solid and "Giant" pneumatic tires.
Purpose.-Proceeds will be used to retire $665,000 serial notes and land the company had during the year purchased in the market for retirement
the amount of Preferred stock it was required to retire for the years 1921
mortgages and the balance for working capital.
and 1922.
Capitalization after this financing--Authorized.
Issued.
Directors have every reason to believe that the company can continue the
1st Mtge.7% 20-year Sink. Fund Gold bonds-- 65,000,000
$2,000.000 payment of the regular Preferred dividends and such payments on the de7% Cumulative Preferred stock
10,000,000
6,128,990 ferred dividends as seem advisable and for the best interests of the comCommon stock. A, voting (no par value)
100,000 shs. 100.000 shs. pany and stockholders.
Oonamon stock, B. non-voting (no par value).-350,000 shs. 127,926 shs.
Improvements and installation of equipment permitting of increased
and economical production, addition of new lines for the fortification of the
Dec.-Cal. Years-NOV.
V%
--Oct. 31 Yearsbusiness as a whole, were installed during the year, so that the company
11120.1920.
Earnings1921.
1922.
1919.
Gross sales
$3,468,859 $6.598,747 $756,646 $8,229,522 $11,091,760 might be able to maintain its position in increased and economical producxNet profits_
619,901
146.681 def152,410
1,208,009 tion of superior merchandise.-V. 115, p. 1737.
228,318
x Available for Federal taxes, interest, dividends and inventory adjust
For the year ending Dec. 31 1922, net profits, after all deductions, available for Interest and Federal profits taxes were $1.107,406, or 7.89 times
fixed charges.
The above does not Include inventory losses which took place principally
in 1920 amounting to $1,033,000 for 1920. 1921 and 1922.
Balance Sheet Dec.