Full text of Commercial and Financial Chronicle : March 17, 1923, Vol. 116, No. 3012

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Die,
oninurrial
Bank & Quotation Section
Railway Earnings Section
VOL. 116.

financial

ronick

INCLUDING
Railway & Industrial Section
Bankers' Convention Section

SATURDAY, MARCH 17 1923

Electric Railway Sectiaa
State and City Seedoit
NO.3012

mission; on the contrary, that body is both to decide
and execute, being empowered to proceed against any
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anything else the Commission deems proper.
Subscription includes following Supplements—
This would seem to amount to setting up a "CounBANK AND QUOTATION (monthly) I RAILWAY & INDUSTRIAL (semi-annually)
ELECTRIC RAILWAY (semi-annually)
RAILWAY EARNINGS (monthly)
of politicians, with power to run, by overruling
cil"
(yearly)
CONVENTION
STATE AND CITY (semi-annually) BANKERS'
its nominal owners, any business of size enough to be
Terms of Advertising
45 cent
Transient display matter per agate line
such a thing posOn reques _corporate and noticeable. Should
Contract and Card rates
will be resisted
must
and
Cameo° Oirrica-19 South La Salle Street. Telephone State 5594.
sibly reach enactment, it
LONDON OFFICE—Edwards & Smith. 1 Drapers' Gardens, E. C
utmost.
to the
WILLIAM B. DANA COMPANY, Publishers,
The "Blue Sky" bill passed by 31 to 19, and the
Front, Pine and Depayater Streets, New York.
bill to incorporate the Stock Exchange passed by 28
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President. Jacob Seibert; Business Manner. William D. Riggs; Secretary, Herbert to 22. As to the former, the head of a committee of
D.Seibert; Treasurer. WUllam Dana Seibert. Addresses eras. Otttoe of Company.
the Investment Bankers' Association says that the
powers proposed for the Superintendent of Banking
CLEARING HOUSE RETURNS.
are not, as some have asserted, no greater than those
Returns of Bank Clearings heretofore given now vested with him over banks and trust coinon this page now appear in a subsequent part panies,; to make the likeness to this proposition comof the paper. They will be found to-day on pages plete, he says, the Bank Examiner should have au1142 and 1143.
thority to examine a bank at pleasure and should be
required to pass from day to day upon all proposed
THE FINANCIAL SITUATION.
loans and also have the duty of licensing everybody
The miscalled "housing" bills, produced by an in- employed in the bank,from the head down to the lowvestigating committee that rambled far from the est clerk. Plainly, if such a thing were attempted in
special subject committed to it for inquiry, are still banking its delays and hindrances would make imin the legislative scramble in Albany. The bill relat- possible the movement of loaning and the financing
ing to investments of fire insurance companies, of new enterprises; it would be "a bureaucratic obwhich is far from the worst of the batch yet is on struction by Government of the ordinary flow of capthe whole unwise and untimely, passed the Senate on ital and its injurious results would be incalculable."
No statute or official supervision can possibly proWednesday by 27 to 22. The bill to erect the socalled "State Fund" into an absolute monopoly of tect people against their own too-easy confidence in
workmen's compensation insurance—a measure not others, as pitifully exemplified in the recently dismerely indefensible but abominable—seems beaten covered case of a sham "bank" among the Italian
for the present, but an attempt to amend and try it population of this city. The knavish operator who
once more is expected. The bill to set up a State reg- has been found out betakes himself to a new field or
ulation of labor unions was beaten, as it deserved to resorts to a new method,the possible number of those
be, and by a vote of 50 to 0. The Trade Commission being inexhaustible. The swindler who needs to be
bill passed by 28 to 22, notwithstanding an opposi- prevented is the one who has not yet been classified
tion which has increased as the mischievous char- as such. These bills hold out a delusive promise of
acter of the attempt is disclosed. Mr. Gilbert H. classifying and barring him in advance, instead of
Montague, who is leading the fight against it by the (as their advocates would put it) locking the stable
Merchants' Association and other trade bodies, calls after the horse is gone. But the most serious and
it a bill to "meddle with business, increase the cost most immovable objection to a State licensing is that
of government, and add to the high cost of living." if the State's official were unlimited in integrity
It surely seems to grant at one stroke some of the and sternness he would still be limited in capacity.
powers which members of the similar Federal body Every crook would seek a license, and, having obhave unavailingly asked of. Congress, for, according tained it, would have the enormous advantage of
to Mr. Montague, there is no definition of what is in- what would be accepted as a State guaranty. There
jurious to the public welfare, and no provision for is a date,in the lives of many men,*hen honesty as a
a court review of any action of the proposed Corn, rule of conduct ceases and the contrary begins. To

gixe Thronicle.




1100

THE CHRONICLE

grant a license to every person who has not yet made
any known slip (just as every person who has gone
straight thus far can buy a fidelity bond from an insurance company) would be liable to suggest temptation (to many whose honesty has been of practice
and policy rather than of principle) in one of two
situations: in case of a business or an employment
which has not been successful, and in case of too
much observing the ease with which fraudulent operations seem to be prosperously carried on.
Is it not indisputably plain, then, that a scheme
of licensing, by an official who must certainly make
mistakes-and be deceived as to men, might become an
aid to fraudulent dealing instead of a hindrance to
it? The practical remedy for this admitted evil is
greater publicity and a gradual sharpening of wits
on the part of the general public; to both of these, all
sound business is awakening and committed. As for
the Stock Exchange, that is a private organization,
almost as truly such as a social club, and at least as
much as other business associations. The inexpediency of meddling with it is clear, and the power of
the State over it is open to question.

[VOL. 116.

ing back to the pre-war period, exports of merchandise in 1913 were valued at $2,484,018,000, while the
value of merchandise imports was ;1,792,000,000. In
considerable measure the higher values now are still
due to higher market prices, the difference being as
much as 25% or 30%—in some tabulations the percentage is put even higher. Raw cotton, which is one
of the larger items of export, shows even a greater
difference in price now. Making due allowance for
the relatively lower values in 1913, it would yet seem
true that the foreign trade of the United States is
now close up to what it was prior to the War.

The figures showing merchandise exports for February of this year have also been issued by the Department at Washington this week. Shipments from
the United States to foreign ports during last month
were valued at $310,000,000, while those for the corresponding month of last year were $250,619,000.
Allowing for the short month the February return
this year is practically the same as for the two preceding months, while the improvement over the early
months of 1922 is well maintained.
Gold imports in February amounted to $8,382,736,
The nation's foreign trade is steadily expanding. while the exports were only $1,399,089, the excess of
The belated return of imports for December has just imports being $6,983,647. During February of last
come to hand and it shows that the merchandise im- year the imports of gold amounted to $28,700,500,
ports in that month were valued at $297,000,000.- while the exports were $1,731,794, an excess of imWith the exception of the month of September, when ports of $26,968,706, while the monthly average of
the value of the imports was about $1,500,000 larger excess of imports of gold during the whole of 1922
than now shown by the December figures, due in that was nearly $19,860,000. Gold imports last month
month entirely to the rush of goods to the United were smaller in volume than for any month in three
States prior to the enforcement of the new and higher years. In January the movement of gold into the
customs duties which became operative in that United States was $32,820,000.
month, the December total is the largest of the year
The imports of silver into the United States last
—in fact, it is larger than for any month since No- month were valued at $3,792,387, and this contrasts
vember 1920. The total of $297,000,000 for Decem- with $4,785,957 for February 1922, while the exports
ber 1922 contrasts with $294,000,000 for the preced- of silver in February this year amounted to ;2,191,ing month and with $237,495,505 for the correspond- 059, against $7,091,665 for the corresponding month
ing month of the preceding year.
of the preceding year.
Exports of merchandise from the United States
also show some expansion as contrasted with the
In view of the rumors for some little time recently
monthly figures earlier in the year. The report for that steps were being taken unofficially to bring
December last, published in the "Chronicle" in the about mediation between the Germans and the
issue of January 20, gave the total as $344,000,000, French, naturally there was considerable interest in
the largest amount for any month of 1922, with the the conference between Premier Poincare of France
exception of October and November, when the large and Premier Theunis of Belgium in Brussels last
export movement of raw cotton, at the higher prices Monday. As it was realized in advance that the Gerthen prevailing, caused a considerable increase in mans would not be represented, of course the same
the value of merchandise exports for those two degree of importance could not be attached to the
Months. There was, therefore, in December, an ex- gathering that otherwise would have been given it.
cess of value on the export side of $47,000,000. For Referring to its purpose, the Paris correspondent of
the calendar year 1922 the value of merchandise ex: the New York "Times" said that "the outstanding
ports was $3,831,942,000, an average for each month fact in connection with Premier Poincare's visit to
of 1319,300,000. Omitting the exceptionally large Brussels for the purpose of conferring with Premier
totals for October and November, the monthly aver- Theunis is that the French are determined to have a
age is reduced to ;308,000,000. The December state- complete cleaning up of the reparations question
ment of exports, and in fact that for January this whenever Germany makes overtures for a settleiear, shows a substantial improvement over the fig- ment." Speaking before the Chamber Committee on
ures for the earlier months, and the same thing is Foreign Affairs at the close of last week Premier
true as to imports. For the twelve months of the Poincare "made the statement that there was a growcalendar year 1922 the value of the merchandise im- ing movement, both in political and industrial cirports into the United States was $3,116,054,000, and cles in Germany,favoring beginning conversations in
the excess of exports over imports for the year was the near future between the German Government and
*715,888,000. Far 1921 the excess of merchandise ex- the French Government. While popularly there exports over merchandise imports was $1,976,315,000. ists in France the belief that the Germans will climb
In, that year, however, merchandise export4 were down before May 15." The correspondent added
$623,000,000 heavier than they were in 1922, while that "those who heard the Premier brought away the
on the other hand, the imports of merchandise dur- impression he expected approaches by the Germans
ing 1922 were $608,000,000 larger than in 1921. Go- considerably before that time." Referring to the




MAR. 17 1923.1

THE CHRONICLE

looked for offer from the Germans, he said also that
"this move on the part of the Germans is expected to
come in the form of a communication to the French
and Belgian Governments, who will refer it to the
Reparations Commission if it is found to contain
ground for discussion. When the Berlin Government
will act, however, is thus far a matter of conjecture."
The "Times" representative said, furthermore, that
"if the French have any defined plan, M. Poincare
has given no intimation of it. The French position,
it is stated, turns on whether France is willing to
accept reparations or is seeking national security.
It is on these two points that French public opinion
itself apparently is divided."
Before the Brussels conference was held word
came again from Rome that the Italians were eager
for a settlement between Germany and France and
that the press of Italy was demanding it. The following sentences taken from some of the leading
papers were said to represent the attitude of both
the Government and the people: "France's action
is fatally destined to exhaust both her own and Germany's financial resources." "Resumption of war hinders the resumption of productive activity which was
only beginning again in both countries." "France
is depriving Germany of her last chance to fulfill
her pledges and France is depriving herself of corresponding advantages." "The prizes which France
seizes by violence are hardly sufficient to pay the
costs of her army of occupation." The New York
"Times" correspondent in Rome observed that "Italy
has an even more specific interest in what France is
doing in the Ruhr because French action is seriously
affecting her pocket. It is noticed here that Italy is
harmed in three ways: First, Italy is now receiving
no German reparations, while before, though she did
not get much,she got something; second, impoverishment of Germany closes to Italy one of her most fruitful markets. Last year Italy exported over 1,000,000,000 lire worth of goods to Germany, but it is expected that this amount will be considerably reduced
this year, thus injuring Italy's far from satisfactory
trade balance; third, the unsettled state of Europe
discourages tourists, many of whom came to Italy
and represented a considerable source of revenue."
The frequent assertions in recent European cable
advices that negotiations for a settlement of the reparations question possibly might be nearer than generally believed or even thought possible by most
observers, seemed to find some substantiation in the
following excerpt from a Duesseldorf cablegram to
the New York "Times" under date of March 10. The
correspondent said that "although the representatives of the Ruhr industrial magnates give complete
denial to the suggestion of the French authorities
here, I believe the majority of these industrialists
are bringing insistent pressure on the Berlin Government to begin negotiations." He also asserted
that "during the last few days there have been many
comings and goings between the Rhineland and Berlin, of Government emissaries on the one side inquiring into local conditions, and merchants and manufacturers on the other side attempting to find some
way out of the present state of paralysis to which
they have been reduced by the French blockade. It
is believed also that while urging the German nation
to resist, the Berlin Government has not been unattentive to this request and is prepared at the first




1101

favorable opportunity to negotiate." The Ruhr situation was complicated afresh on the evening of Mar.
10. At about 9.30 o'clock the bodies of Second Lieutenant Coltin of the Chasseurs and M. Joly were
found. Both men had been shot in the back, "by
an expert hand," according to the New York "Times"
representative. He observed that "though such attacks have always been considered inevitable incidents of the occupation, this is the first of its kind
which has proved fatal. On the few occasions on
which French soldiers and officers have been shot
at it was always from a distance and except in the
case of one sentinel, without injury."
Following the announcement in Paris of the killing of a French officer and civilian, the New York
"Herald" correspondent cabled that "the iron hand,
and not the olive branch, is likely now to be waved at
the Brussels conference. This is the result of the
assassinations last night of a French officer and a
French civilian railroad official near Recklinghausen, which to-day showed every sign of provoking
the French mind and rendering peace talk fruitless
now." He added that "the new turn of events, nevertheless, is fixing attention on the trip which Premier Poincare is making to Brussels and is giving it
an importance exceeding that of the recent visits of
his Belgian confrere here."
On the eve of his departure the French Premier
issued a statement in which he said in substance
that "Germany's complaint that the French and Belgian occupation of the Ruhr is illegal and in violation of the rights of man seemed strangely ill founded
when the world recalled what Germany was ready to
do in 1871 had France not paid her indemnity to
Germany." The Premier added that official documents proved that Germany wished to reinforce her
army of occupation in France to a degree necessary
to guarantee her rights, and that she was even ready
to resume the war by mobilizing a half million men."
The situation in the Ruhr growing out of the killing of the two Frenchmen was made still worse during the next day or two by the killing of eight Germans "as the result of clashes with French troops in
various parts of the Recklinghausen district last
night." The Associated Press correspondent cabled
that "a state of siege has been declared in the entire
Recklinghausen district in consequence of these overnight disturbances." London heard Monday afternoon that "it was officially stated in Berlin to-day
that two French soldiers shot and killed the two
French officials, Coltin and Joly, who were found
murdered at Buer on Saturday evening."
Premier Poincare and Minister of Works Le Trocquer, "accompanied by military and financial experts, left Paris for Brussels by the first morning
train to-day [Monday]." According to a cablegram
that evening from the Belgian capital, the French
representatives were greeted by cheering crowds "as
they drove to the Foreign Office for the FrancoBrussels conference on the Ruhr." Among the other
Frenchmen attending the gathering were War Minister Maginot, Gen. Degoutte, in charge of the Ruhr
occupation, and M. Herbetti, French Ambassador.
Belgium had four Ministers, two Generals and the
Rhineland High Commissioner. The conference began at 2 p. m. and lasted four hours. As Premier
Poincare came from the conference hall he was reported to have "declared that he would not say a

1102

VIE CHRONICLE

[Vox. 116.

word and that all members of the conference had patch from Essen the next
day after it was held,"the
been sworn to secrecy." The New York "Times" civil mission of enginee
rs headed by M.Coste, French
representative said, nevertheless, that "definition of Inspector-General
of Mines, which came into the
the conditions of withdrawal from the Ruhr was Ruhr to exact coal reparat
ions from the industrialruled out of order at the beginning of the meeting of ists, has begun realizat
ion of its plans. A party of
the French and Belgian Premiers to-day, when M. engineers, escorted by a battalio
n of French infanPoincare in his opening speech declared that it was try, seized to-day
the State coke plant near Westernot for the two Allies even to mention the word ne- hold, with 1,000 tons of
coke on hand." It was added
gotiation. They had stated their terms long ago to that "50 Polish and
German workers in the employ
Germany, and it was for Germany to accept. Even of the French
immediately began loading freight
to discuss the outcome would be to encourage Ger- cars with the coke, under
protection of the soldiers.
many in the belief that Franco-Belgian determina- The French announced
that they expected within a
tion was failing, and would give an entirely wrong few days to send at least
one trainload of coke daily
impression. The Allies, he said, were united in the to France." Announ
cement was said to have been
resolve not to evacuate the Ruhr and the newly oc- made also that "the German
population of the Reckcupied territories on the right bank of the Rhine un- linghausen district has
been warned by Gen. Laignetil Germany fulfilled her treaty obligation in a way lot, commanding the district,
that in the event any
which was far more assured than by her simple further French troops
were assassinated or ampromise. The time had not come for negotiations. bushed the Burgomaster of
Buer, who is held as a
It could only come when Germany was ready with hostage, together with
four other town officials,
definite guarantees with which to back her word that would be shot at once as a
measure of retaliation."
she would pay, and it would be for the Allies then to
consider whether or not these guarantees were sufThe Berlin correspondent of the United Press, in
ficient. They would not take the first step." The a dispatch Tuesday afternoon,
claimed that "the
correspondent quoted the last two paragraphs of an basic principles upon which German
y now is ready
official communique that was issued, which seemed to resume reparations payments
were outlined auto substantiate his own summary of the proceedings. thoritatively" to him substantially as
follows: "(1)
It said: "Finally, the two Governments once more Appointment of a commission to establis
h Germany's
find themselves in accord not to subordinate to sim- ability to pay and to fix limits to the
reparations.
ple promises by Germany the evacuation of the Ruhr (2) A series of international loans, similar
to those
and territories newly occupied on the right bank of proposed by Dr. Carl Bergmann at Paris,
and from
the Rhine, but to carry through the occupation un- these the reparations will be paid. (3)
The amount
til full execution has been made by Germany of rep- to be paid cannot exceed approximately
30,000,000,arations obligations. The two Governments are 000 gold marks." The correspondent
added that"the
equally resolved not to leave these territories with- Cuno Government considers ridiculo
us the unofficial
out having obtained from the Government of the French proposal that Germany pay
two or two and
Reich full cancellation of all penalties imposed on a half billion marks annuall
y for the next 35 years."
German nationals who may have collaborated with
According to a Brussels dispatch to the New York
the Allied authorities." He stated, furthermore, that "Times" Wednesday morning
"it would be too much
"the direct aim of the conference was to speed up to say that [at the Brussel
s conference] there was
matters in the Ruhr and especially to consider meth- any great difference between
the two Governments
ods to be taken to get better deliveries of coal than France and Belgium]
as to either immediate or ulhave been so far obtained."
timate intentions in the Ruhr, but it is true that the
Belgian Government shares with the Belgian people
In a cablegram to his paper Monday evening, at a greater impatience for results than
is the case with
the very time that Premier Poincare was being en- the French." The correspondent
added that "in Beltertained at dinner in Brussels by Premier Theunis gian Government circles the belief
is strong that theof Belgium, the New York "Tribune" correspondent Germans are ready to try to negotiate
and are being
at Berlin said that "Chancellor Cuno may address a held back only by the fear of Nationa
list extremists
direct inquiry to France asking on what conditions who have been repeating threats of
assassination and
it is willing to come to a settlement with Germany. violence. They think Cuno's
Government is in exThis move now is being urged on the Cuno Govern- actly a similar situation to that in
which Bethmannment by prominent Parliamentarians, especially Hollweg found himself in the World
War; they bethose representing big industry, as a means of forc- lieve the Government knows it can
never win but is
ing Premier Poincare's hand." He added that "in- afraid to open negotiations in
the face of national
formation reaching the 'Tribune'correspondent from feeling which itself has aroused.
It is there that the
sources closest to the leading members of the Gov- Belgian attitude differs most
markedly from that of
ernment indicates that Germany is ready to go to the the French. While the French
seem prepared to
farthest limits possible in coming to an understand- drive hard in an attempt to complet
e the surrender
ing with the Allies on reparations as well as on the of Berlin and even willing to
face the prospect of
general economic co-operation of the Entente. The revolutionary disturbance in German
y, the Belgians,
only conditions Germany will under no circum- with perhaps a surer knowledge
of the sentiments of
stances accept will be such as might impair the status the German people and with certainl
y more caution,
of the Rhineland or the Ruhr in any way in their are anxious that no opportunity
be lost to begin neattachment to the Reich."
gotiations at the earliest possible moment. At the
same time the Brussels Government is definitely
Apparently the French lost no time in putting into committed to the support of
France, and yesterday's
effect at least some features of the policy with re- declaration of unity was
inevitable in the face of the
spect to the Ruhr that was reaffirmed at the Brus- present situation."
sels conference of Premiers. According to a dis-




MAR. 17 1923.]

THE CHRONICLE

The policy of the British Government with respect
to the Ruhr occupation came up again in the House
of Commons on Tuesday. It was brought up by Sir
John Simon (Liberal). Former Premier Asquith
"also demanded an exposition of the Government's
policy. He said that the whole House recognized the
vital change in the situation represented by the new
development which had taken place in the character
of the Ruhr occupation. The scope of operations had
been enormously extended, he said, and there did not
seem to be any reason now why the French should
not go to Munich or Berlin." The accounts stated
that "Premier Bonar Law left the task of replying
to Ronald McNeill, but the Under Secretary did not
announce any change in the Government's attitude.
He denied the British force was cut off from unoccupied Germany and on the question of hindrances to
British trade he described regulations between the
occupied and unoccupied territories to show there
was nothing unreasonable in them." It developed
that when the House divided the Government had a
majority of only 48 on that particular question.
Scarcely a day has passed without cable advices
coming to hand from the leading European capitals
in which repeated assertions were made thaf steps
preparatory to formal negotiations between the Germans and French were being taken. For instance,
the Berlin representative of the New York "Herald"
said Wednesday morning that "despite the conviction generally voiced here that the bloody events resulting from the murder of the French officer and
engineer at Buer will further embitter Franco-German relations, discreet feelers looking to negotiations with France for settlement of the Ruhr and
reparations problems undoubtedly are being put out
from the German camp." He also said that "probabl$, the search for a basis for discussion, almost
openly pursued by German industrialists—with the
tacit approval, but as yet without the active co-operation of the Government—will be hampered by the
.Buer incidents, which have stirred the fires of hatred
against France high in Berlin. But the masters of
German finance and industry, who really wield a
greater authority than the Cuno Cabinet, are
bound to persevere, though thus far they have
achieved no results of a definite character, nor, as
far as can be learned, have they even formulated definite proposals."
The foregoing assertions were followed by a dispatch to "The Sun" of this city from its London correspondent in which he said that "although the
French, German and British Governments assert
officially that they are tied to their present Ruhr
policies, there are indications on every hand to-day
that a serious attempt to end the present crisis is apparently nearer. Not only is Bonar Law being
pressed on all sides to do something to end the deadlock and is admitted in Government circles to be considering what he can do to satisfy those who are
kicking against Britain's inaction, but Chancellor
Cuno is reported this afternoon as having been invited through unofficial British channels to take a
favorable view of the Brussels resolution and to consent to some form of mediation." He further asserted that "he is being asked to make clear if he is
willing to accept proposals from the United States,
if any, and from Britain for settling the dispute and
to support the idea of an economic conference, and
finally to determine the reparations dispute. Among




1103

individuals not directly connected with the Government there is great activity being manifested toward
a settlement, and the prospect that Bonar Law will
be forced to intimate to France in a roundabout way
that the day of a peaceful settlement has arrived, is
being discussed on all hands in political circles today."
The next morning the Cologne correspondent of
the New York "Times" went even further and said
that "in spite of repeated denials, it is now possible
to say that negotiations were begun last week by the
Berlin Government which it is hoped may shortly
lead to a public opening of discussion with France
of the terms on which evacuation of the Ruhr will
be begun." He added that "the intermediaries who
have placed their services at the disposal of the two
Governments are, it is understood, the British and
Italian members of the Committee on Guarantees of
the Reparations Commission, who in this matter are
acting unofficially and simply as a medium of communication. Both Berlin and Paris have accepted
their offices as being preferable to those of a strictly
neutral Power as the members of this committee are
more fully acquainted with the situation of the two
Governments and in closer touch with the matters in
dispute than any outsider could be." According to
a Paris dispatch to the New York "Herald" Thursday morning,"negotiations between France and Germany will be under way before Easter, according to
a high authority on the Reparations Commission tonight, who declared that Germany was throwing out
feelers to ascertain what support she is likely to
find in Switzerland, Holland and the nations of the
Little Entente." The correspondent also cabled that
"the same authority asserted that Secretary Hughes,
since the announcement was made in Brussels that
the Ruhr was not to be annexed, had asked American
officials here whether France would be willing to
receive a new offer from Berlin, and had been told
the door was open to any direct proposals froln Berlin."
Germany's position appeared to be reaffirmed in
the following resolution adopted by the German Association of Employers in Berlin on Wednesday:
"There can be no discussion nor negotiation over the
scparation of the Rhineland and the Ruhr from the
rest of Germany, the isolation of this heart of German economic life, or its subjection to foreign authority and power. In prosperity and failure," the
resolution continues, "all German employers are
bound up with the Rhineland and Westphalia and
their fate."
The Paris representative of the New York "Times"
said yesterday morning that "the French Government,I am informed, has no knowledge of any Ruhr
intervention efforts at Berlin or elsewhere by England, America or any one else." He said also, that
"from the highest source" he had obtained the following statement of the French attitude: "Paris
and Brussels will receive any offer that Germany has
to make and will reply to it on its merits. While the
French Government does not take the position that
it would not entertain a German offer transmitted
by third parties, it is the position of the French Government that it prefers that German offers should
come direct to Paris and Brussels."
The British position was set forth as follows by
the New York "Tribune" correspondent in London:
"Premier Bonar Law said in Parliament to-night
(Thursday] that the way was open for the Germans.

1104

TEE CHRONICLE

to submit any proposal for a Ruhr settlement that
they saw fit. A number of questions were asked by
the members, but the Cabinet Ministers threw no
light on the question of reparations. The British
are for preserving a discreet silence on the reports
published in Paris that Government action is imminent. The very fact that nothing has been said increases the feeling that the policy of aloofness is
about to be abandoned."
The Berlin representative of the New York "Herald" sent the following: "While reports ascribed to
authoritative American sources in Paris that negotiations between Germany and France would begin
before Easter are discredited by the German Foreign
Office, it is observed that no flat denial has been issued. The only point upon which German official
opinion stands fast in the midst of Ruhr settlement
rumors is that negotiations with France and Belgium upon a basis of the Brussels decisions—evacuation of the Ruhr on the installment plan—are out
of the question!'
The reply of the Turkish Government to the Allied
peace proposals was delivered at 9 o'clock on the
evening of Mar. 9, in Constantinople, to the representatives of the various Governments. The Associated Press correspondent at that centre cabled that
evening that "the whole note is couched in most
moderate language and suggests the resumption of
the negotiations in some European city, preferably
Constantinople. The note comprises 115 pages." He
added that "the note says that there are no fundamental modifications proposed in the political
clauses of the draft treaty. Turkey, however, desires
sovereignty of Casteloritza (off the southern coast
of Asia Minor) and the small islands dependent
upon the island of Tenedos (off the west coast of
Asia Minor). She also suggests the Maritza River
'Thalweg'(lowest point of the valley) as the frontier
of Thrace, rather than the right bank of the river."
The Chicago "Tribune" representative appeared to
have obtained a much more comprehensive and detailed outline of the document. He said that the
summary, which was presented to the Allied representatives immediately upon the arrival of the courier from Angora, declares: "First—The Turks are
willing to• accept the Allied territorial conditions.
Second—Concerning the financial clauses, the Turks
declare the Ottoman debt is strictly an internal question and hence cannot be regulated by the Allies.
They hold that the debt must be distributed over the
Dodecanesa Islands and other parts of the former
Ottoman Empire which had a part in contracting
the debt and which at present do not belong to Turkey. Arbitration is recommended for the part of the
debt concerning the Bagdad and other railroads. A
delay of 20 years is asked for in the payment of interest which accrued since 1914 for Turkey proper, the
cut-off territories paying a proportionate share.
Turkey considers that France's demand for 12,000,000 pounds Turkish (the normal value of a Turkish
pound is p 39), is regulated by counter claims of
8,000,000 pounds Turkish against England for undelivered battleships and 4,000,000 pound Turkish in
gold sent to Austria and Germany in the course of
the war to cover Turkish notes. This gold was partitioned by the Allies at Versailles. The Turks demand that the economic clauses which were not
agreed on be separated from the main body of the
treaty for further negotiations." According to an




[Vou 116.

Associated Press representative the next day "the
Allied High Commissioners have dispatched to their
respective Governments special couriers carrying the
text of the proposals." In a dispatch sent out from
its Paris office that news association said that "direct negotiations between the foreign concession
holders and the Ottoman Government are considered
probable as a means of disposing of the economic
clauses of the treaty which the Turks refused to sign
at Lausanne. It is understood here that a considerable number of English companies already have
inaugurated conversations with the Angora Government to fix their future status in accordance with
the new Turkish laws."
In an Associated Press dispatch from London
Monday evening it was stated that "subdued optimism regarding the Near East settlement represents the reaction of the British official world to
the Turkish reply to the peace treaty drafted at Lausanne." The correspondent added that "while comment on the various Turkish reservations is withheld there seems to be no doubt that an amended
version of the Lausanne draft treaty will constitute
the final peace pact. Whatever meeting is held will
be a continuation of the Lausanne discussions!' He
also said that "it is considered probable here that
the new negotiations will be held at Lausanne between the Allied High Commissioners to Constantinople and the Turkish representatives." From Constantinople came the report that "while Ismet Pasha
will be head of the new Turkish peace delegation,
the other delegates, according to Turkish sources,
will be replaced. Hassan Bey has gone to Trebizon
on a long leave of absence, and it is understood that
Riza Nur Bey will be eliminated." Paris heard that
"The French Government, on receipt of the full text
of the Turkish peace proposals, contemplates sending experts to London soon to come to an understanding with the British Government on the Allied reply.
Admiral Lacaze and M. Bompard are said to have
been chosen for this mission."
Announcement was made in London on Thursday
that "a preliminary conference of British, French
and Italian representatives to consider the Turkish
counter-proposals to the Lausanne draft peace treaty
will be held in London next week." The belief was
expressed that "the Lausanne Conference will be
resumed after this meeting." In a Paris Associated
Press dispatch last evening it was stated that the
conference of the three Powers would begin in London next Tuesday.
Special attention was directed to the Russian political situation by rumors from various sources that
Nikolai Lenin, Soviet Premier, was seriously ill
again. Official announcement was made in Moscow
on Tuesday that he was suffering from a stroke and
that his condition actually was serious. Charles R.
Crane, former American Minister to China, was
quoted in London on Wednesday as saying that "the
Soviet Premier was unquestionably in a dying condition." "Trotzky," he said, "was suffering from an
obscure malignant abdominal trouble and was
obliged to remain in bed for long periods. The War
Minister's malady does not yield to medical treatment." In an Associated Press cablegram from Moscow yesterday morning it was stated that Lenin's
physicians claimed that "continued betterment" is
shown in his condition.

MAR. 17 1923.]

THE CHRONICLE

The political situation in Southern Ireland has
been considerably disturbed for several weeks and
appears to have been getting steadily worse again.
It reached the British House of Commons on Monday, Mar. 12, when "the British Government's arrest
and deportation of 110 Irish Republicans in England
and Scotland yesterday was sustained 260 to 152 in
the House of Commons,following an explanation of
the Government's motives and authority by W. C.
Bridgman, Minister of Home Affairs. Vigorous protest against the arrests and deportations was made
by the Labor Party." It was stated also that "an
official report issued from the Free State Army
Headquarters in Dublin to-night places the number
of arrests in England and Scotland at 110. They include Art O'Brien, President of the Irish Self-Determination League, and Sean McGrath, Secretary of
the League, both of whom were arrested in London."
According to the dispatch, it "was a day of excitement and mystery in Dublin. The reason was the
arrival from Britain of the prisoners from London,
Manchester, Liverpool and Glasgow, and the manner
of their arrival enhanced the mystery." A dispatch
from Dublin said that "the arrests of Irish men and
women carried out on a large scale in England and
Scotland Saturday and Sunday came as a surprise
to the Republicans here. The prisoners include some
individuals who had previously been arrested in Ireland and released." Word came from the same centre less than 24 hours later that three Irish Republicans had been arrested and executed "after a raid
on the bank at Oldcastle and were found guilty of
possessing arms as well as a large sum of money.
Creevy was a prominent irregular leader." In Cork
four more were "executed by the Free State authorities for possession of arms. They were arrested in;
County Wexford." According to a London dispatch
at that time "the expectation that further raids are
impending in Great Britain persists in the press."
A still more alarming feature of this situation was
outlined in a special cablegram from London to the
New York "Herald" Tuesday evening. It was stated
that "startling details of plots by the Irish Republican organization which included attempts to be made
on the lives of famous British statesmen were made
public this morning. Among the persons marked
down for assassination in this conspiracy were Prime
Minister Bonar Law,David Lloyd George,Lieut.-Col.
Sir Hamar Greenwood, formerly Chief Secretary for
Ireland; Col. John Gretton, leading Tory M. P.;
Rupert Sackville ktwynne and Ronald McNeil, Under Secretary for Foreign Affairs."
It is expected that the subscription list for the new
French Government bonds, to which reference was
made in last week's "Chronicle," will be opened between Mar.15 and Apr.8, according to a Paris cablegram to the New York "Times." They will be Treasury bonds bearing 6% interest. The advance subscriptions were said to be very satisfactory. The
bonds are for 500 francs and are "issued at 495
francs, and the coupon payable June 8 next will be
the full 15 francs; that is to say, bearers Will receive
six months'interest, although they will have paid for
the bonds less than three months before that date."
Continuing to outline the attractive features of the
issue, the "Times" representative said: "Taking
into account this bonus and the premium resulting
from the issue at 495, the income yield on the new
loan works out at nearly 7%. The bonds are redeem-




1105

able 10 years hence, but buyers will have the option
of demanding their redemption in three or six years.
After the three and six years' interval the redemption price will be respectively 500 and 515 francs.
The State also has the right to repay the bonds at any
time after five years. It is generally thought in
financial Paris that the offer of so high a rate was
unnecessary and that the success of the loan would
have been assured under terms much less onerous for
the Treasury. The Minister of Finance, however,
was open-handed because he wished to make absolutely sure of being able to meet the six billion twoyear bonds which fall due June 8."
The British trade statement for February disclosed a substantial decrease in both exports and imports compared with the preceding month of this
year. In the first item the shrinkage was £9,416,869
and in the second £15,849,955. In comparison with
February of last year, exports decreased £1,189,270
and imports £14,475,118. The following statement
shows the results for February and the first two
months of 1923 compared with the corresponding
periods of last year:
BRITISH IMPORTS AND EXPORTS.
—Month of February— —Jan. 1 to Feb. 281923.
1922.
1923.
1922.
183,850,000 £69,374,882 E183,549,855 £145,874.829
mports
Exports, British Products__ 57,500,000 58,335,110 124,468,908
121,482,059
Re-exports, foreign goods__ 9,820,000 10,174.160
19,587,961
19.964,160
Total exports
Excess of Imports

£67,320,000 £68,509,270 £144,056,869 £141,446.219
£16,530,000

£865,612

£39,492,986

£4,428,610

Official discount rates at leading European centres
continue to be quoted at 12% in Berlin, 532% in
Madrid;5% in France, Denmark and Norway;452%
in Belgium and Sweden; 4% in Holland; 332% in
Switzerland and 3% in London. At the British
centre the open market discount rate is a shade
lower at 214%,as against 2 5-16@2/
3% last week
for short and three-months bills. Money on call in
London closed at 13
4%, against 23-7
0 last week.
At Paris open market discounts have not been
changed from 4% and in Switzerland the rate continues 2%.
The Bank of England reported another, though
trifling, gain in gold, namely £850. Note circulation, however, was reduced £472,000; hence total reserve advanced £473,000. Public deposits decreased
£245,000, but "other" deposits registered an increase
of £2,004,000, while loans on Government securities
increased £1,040,000 and loans on other securities
were £256,000 larger. As a result of these changes
the proportion of reserve to liabilities advanced to
19.39%, which compares with 19.28% last week,
18 8% in 1922 and 14%% the year before that..
The Bank's gold holdings aggregate £127,508,777,
in comparison with £128,775,441 a year ago and
£128,325,499 in 1921. Loans amount to £70,651,000. Last year the total was £80,133,363 and in
1921 £102,076,713, while note circulation is £121,695,000, as against £121,758,195 and £128,106,095
one and two years ago, respectively. No change has
been made in the Bank's official discount rate, which
continues at 3%. Clearings through the London
banks for the week totaled £722,597,000, as against
£740,750,000 a week ago.and £781,421,000 last year.
We append herewith comparisons of the principal
items of the Bank of England returns for a series of
years.

THE CHRONICLE

1106

BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1921.
1920.
1922.
1923.
Mar. 19.
Mar. 17.
Mar. 14. Mar. 15. Mar. 16.
121,695,000
Circulation
15,502,000
Public deposits
108,492,000
Other deposits
Governm't securities 48,452,000
70,651,000
Other securities
Reserve notes & coin 24,259,000
Coin and bullion.,..127,508,777
Proportion of reserve
19.39%
to liabilities
3%
Bank rate

121,758,195
18,936,311
115,612,833
47,134,317
80.133,363
25,467,246
128,775,441

128,106,095
18,910,444
107,259,095
23,523,863
102,076,713
18,669,404
128,325,499

101,171,915
18,419,000
133,030,922
42,059,549
91.954,013
35,548,162
118,270,077

72,207,700
27,212,004
121,834,936
49,452,735
79,477,023
29,657.024
83,414,724

18%%
4%

14.75%
7%

23.50%
6%

19.90%
5%

The Bank of France continues to report small
gains in its gold item, the increase this week being
94,375 francs. The Bank's gold holdings, therefore,
now aggregate 5,535,962,400 francs, comparing with
5,525,746,930 francs on the corresponding date last
year and with 5,503,743,260 francs the year before;
of the foregoing amounts 1,864,344,927 francs were
held abroad in 1923 and 1,948,367,056 francs in both
1922 and 1921. Silver, during the week, gained
120,000francs; bills discounted rose 69,467,000francs,
and Treasury deposits were augmented by 5,998,000
francs. Note circulation took a favorable turn, a
contraction of 267,344,000 francs being recorded.
This brings the total outstanding down to 37,555,474,000francs,contrasting with 35,660,374,180francs
at this time last year and with 38,245,394,535 francs
in 1921. In 1914, just prior to the outbreak of war,
the amount was only 6,683,184,785 francs. Comparisons of the various items in this week's return
with the statement of last week and corresponding
dates in both 1922 and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of,
Changes
March 151923. March 161922. March 17 1921
for Week.
Francs.
Francs.
Francs.
Gold Holdings—
Francs.
94,375 3,671,617,473 3,577,379,874 3,555,376,204
In France
Inc.
1,864,344,927 1,948,367,056 1,948,367,056
Abroad
No change
Total
94.375 5,535,962,400 5,525,746,930 5,503,743,260
Inc.
264,930,846
281,592,133
290,948,000
Silver
120,000
Inc.
Bills discounted- Inc. 69,467,000 3,738,806,000 2,833,826,664 2,863,953,261
2,236,979.014
Advances
Dec. 25,743,000 2,112,075,000 2,415,777,645
Noto circulation,..Dec.267,344,000 37,555,474,000 35,660,374,180 38,245,394,535
64,267.931
68,550.593
38,247,000
Treasury deposIts_Ine. 5,998.000
General deposits Dec, 73,571,000 2,067.005,000 2,124,881,009 3,087,596,420

In its statement,issued on Thursday,as of March 7,
the Imperial Bank of Germany shows the following
sensational changes: An increase in discount and
Treasury bills of 568,967,038,000 marks;gains of 389,216,787,000 marks in deposits and of 205,127,652,000
marks in bills of exchange and checks, respectively,
and another expansion in note circulation amounting
to 358,468,391,000, which carried that already unprecedent total to well on the way to four trillion
marks. There were smaller increases in Treasury and
loan association notes, 24,940,834,000 marks; 49,872,000 marks in notes of other banks and 12,475,000
marks in investments. Advances were reduced 469,065,000 marks, other assets 67,617,459,000 marks
and other liabilities 15,756,613,000 marks. Total
coin and bullion increased 88,000 marks and gold
4,000 marks. Gold reserves are now reported at
1,004,833,000 marks, as compared with 996,379,000
marks last year and 1,091,530,000 marks in 1921.
Outstanding note circulation has reached the stupendous figure of 3,871,256,159,000 marks, as against
120,548,607,000 marks in 1922 and 67,907,828,000
.marks a year earlier.
From the Federal Reserve Bank statement, which
was issued at the close of business on Thursday, it
will be seen that although there was a gain in gold
at New York, the system as a whole lost $5,000,000 of the precious metal, while both local and




[VOL. 116.

national reports showed substantial additions to
bill holdings. For the banks as a group rediscounts
of all classes of paper increased and the result was
a gain in bill holdings of $48,000,000, to $838,475,000, which compares with $679,041,000 at this
time a year ago. Earning assets increased $48,000,000 and deposits $53,000,000, but Federal
Reserve notes in actual circulation showed a falling
off of $14,000,000. The New York bank in its
operations with interior institutions added $10,000,000 to its gold reserves, while the increase in
bill holdings was $15,000,000, to $244,745,000.
This is more than double last year's total of $92,726,000. Here also earning assets and deposits
showed increases, but the amount of Reserve notes
in circulation fell off $3,000,000. As a result of the
expansion in rediscounting operations and increases
in deposits, reserve ratios were reduced. The combined- statement reported a loss of 0.8% to 75.4%,
while at New York the ratio fell 1%,to 82.2%.
The 'statement of the New York Clearing House
banks and trust companies last Saturday was unusually favorable, showing not only a marked
contraction in loans, but the restoration of surplus
reserves. In round numbers, loans and discounts
were reduced $66,147,000. This was accompanied
by a shrinkage in net demand deposits of $116,418,000, which brought the deposit total down to
$3,836,342,000 exclusive of $33,768,000 in Government deposits. Net time deposits, on the other
hand,expanded $36,832,000, to $444,996,000. Other
changes were less significant, comprising a gain of
$3,255,000 in cash in own vaults of members of
the Federal Reserve Bank, to $52,012,000 (not
counted as reserve), and increases of $127,000 and
$196,000 in reserves of State banks and trust companies in own vaults and in other depositories,
respectively. Member banks added $3,798,000 to
their reserve credits at the Reserve Bank. The
heavy cut in deposits, however, overshadowed all
other changes and was mainly instrumental in
bringing about the gain in surplus of $18,131,690,
which, after disposing of last week's deficit reserve
of $885,660, left a total of excess reserves of $17,246,030. The figures here given for surplus are
on the basis of reserves above legal requirements of
13% for member banks of the Federal Reserve
System, but not including cash in own vaults to
the amount of $52,012,000 held by the Clearing
House banks on Saturday last.
During the first two days of the week the call
money market was spoken of as firm. No one attempted to claim that it was stringent. On the contrary, bankers said that,' while funds might demand
fairly high quotations, in all probability legitimate
borrowers would not encounter any difficulty in securing accommodation. As the week advanced the
tone was decidedly easier and quotations lower.
Yesterday time money was 5% bid and asked,
against a firm offering quotation of 532% until them.
In view of the fact that on Thursday the United States
Government withdrew $38,000,000 from local depositaries and in view of the other extensive Government operations, including an initial payment by
the British Government of over $4,000,000 on account of its war debt obligations, tax payments and
disbursements of dividends and interest by corporations, the downward trend of the money market was

'MAR. 17 1923.]

THE CHRONICLE

spoken of as somewhat surprising. One of the prineiptil unknown factors in the money market of the
'country as a whole for a long time, apparently, has
been the much larger supply of available funds in
the'West and South than has been generally realized,
'particularly the former. This supply has kept up
notwithstanding the great increase in industrial and
;mercantile activities, and notwithstanding the much
larger demand for money for the purchase of seed and
fertilizer and for the planting and sowing of the srping
,crops. Money from out of town was attracted to
New York again early this week by the higher rates
that prevailed at that time, and was said to have
been one of the chief factors in bringing about the
;reaction. Additional evidence of the plentifulness
,of money seeking investment was furnished by the
'oversubscription to the extent of $100,000,000 of
$400,000,000 United States Treasury Certificates
Indebtedness recently offered. While the ge ral
bond market has been characterized as rather dull,
there has been a good demand for the new issues offered, particularly for railway equipment trust certificates. The latter are likely to continue a feature
of the local investment market because of the heavy
purchases of equipment that have been made by the
railroads in recent months, and that are likely to be
made in the near future. The Pennsylvania Railroad, with an issue of $31,500,000, leads the list so
far. The European cable advices toward the end of
the week gave some ground for hopes that negotiations would soon be started for a settlement between
the French and Germans. If one is actually reached,
the effect in this country should be pronounced in
various ways and probably would result in offerings
again on a large scale of European securities.

1107

market. Brokers look for a broader business just
as soon as the present money flurry is over. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council has been
advanced to 43,% from 43
/
1% last week. The
Acceptance Council makes the discount rates on
prime bankers' acceptances eligible for purchase by
the Federal Reserve Banks 43/g% bid and 4% asked
for bills running for 30 to 90 days, 437
0 bid and
4% asked for bills running 120 days and 43% bid
and 437
0 asked for bills running 150 days. Open
market quotations are as follows:
CT DELIVERY.
90 Days.

414

Prime eligible

30 Days

60 Days

43404

o44

R DELIVERY WITHIN THIRTY DAYS.
banks
on-member banks

434 bid
4?' bt6

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE RANKS
IN EFFECT MARCH 16 1923.

Federal Reserve
Bank Or—

Boston
New York
PhiladelphiaCleveland
RichmondAtlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco

s Lscounted Nils maturing
within 90 days (Wt. member bouts' 15-day collateral
notes) secured by—
Bankers'
diming°cupTrade tura; aled
Treasury
lances
accep- live-stork
notes and U.S.
Other- discounted tances
paper
wise
bonds
terciftmaturing materilite
for
eases of
secured member
and
within 91 ici ISO
indebtand
Victory
banks
90 days
days
ednese
notes unsecured

434
434
434
434
434
434
434
434
434
431
434
434

434
434
434
434
454
434
434
434
434
454
434
414

434
434
454
454
434
434
434
434
434
434
434
414

434
434
434
434
434
434
04
433
434
454
434
434

434
434
434
434
414
431
434
434
434
434
454
414

434
434
434
434
434
434
434
434
4g
434
434 ....

Dealing with specific rates for money, the range
this week was again 43/2@59%, as against 41
/@
The sterling exchange market display an
•r
53/2% last week. On Monday the high was 51A%, tendency and although
changes were generally onwith 5% the low and the rate for renewals. Tuesday fined to fractions,
the week's operations resulted in
there was an advance to 53
4%; the minimum was a decline of about 13o., to 4
683.I, with the high.
514%, and this was the renewal basis. Increased point 4 71. This
was attributed not so much to the
firmness developed on Wednesday, although the unsatisfactory state
of affairs existing abroad, as to
high for the day was 5
and renewals were nego- increased commercial offerings, which in the absence
tiated at 53/2%; the low was 43'%. Later on the of adequate buying
support served to depress price
tension relaxed and on Thursday and Friday rates levels. In the
early dealings dulness was the premoved down to 43'(4)5%, with 5% the renewal basis dominant
feature, and dealers again observed a
on both days. The figures here given are for both
"hands off" policy. Little or none of the backing
mixed collateral and all-industrials alike. For fixed
and filling that prevailed in the Continental exdate maturities also a slight stiffening was noted,
changes was noticeable, but there was a steady
due, of course, to the strain attendant on income
downward trend that carried quotations to nearly
tax payments, and there was an advance to 531@,
5 cents under the recent maximum figure for de5
for all periods from sixty days to six months, mand,
touched a few weeks ago. In some respects
as against 5@53
/
1% last week. A larger inquiry was the lowering
in values was sentimental in character,
reported, evidently in anticipation of the spring since
the volume of cotton, grain and sugar bills
trade, but offerings were light.
coming on the market was not extensive.
Mercantile paper rates were again advanced and
The market is still strictly a waiting one. Specunow range at 5(4)53/
1% for sixty and ninety days' lators for the
nonce are for the most part showing
endorsed bills receivable and six months' names of •little
interest and sterling seems just at the moment
choice character, with most of the business passing to be
somewhat in neglect with attention focussed
at the outside figure. This compares with 4%@5% upon the
variations in the leading Continental
a week ago. Names not so well known require exchanges.
Whether the easing just recorded is
514%, as against 5% the previous week. Only a likely to be
carried into next week, or whether
moderate degree of activity was reported. Country sterling will
resume its upswing is the all-absorbing
banks continue the principal buyers.
question that bankers are asking themselves, though
Banks' and bankers' acceptances remain at the practically none
are willing to venture upon prelevels previously ruling and in keeping with the stif- dictions OR this
point. Adjustment of the tangled
fening in the call market, transactions showed a Ruhr problem and withdrawal of France's
soldiers
falling off. Supplies of the best names were light. from German territory should prove a
strong inBoth local and out-of-town institutions were in the centive to higher values; on the other hand,
liberal




1108

THE CHRONICLE

[VOL. 116.

offerings, together with the probable continuation at a standstill and the quotation remained at a
of heavy foreign selling of sterling to accumulate fraction either above or below 0.0048 until the close,
dollar credits, are depressing influences on price when there was an advance to 0.0049. Austrian
kronen are still without quotable change. Lire
le els.
it erring to quotations in greater detail sterling showed some irregularity, albeit on light trading;
ange on Saturday last was extremely dull, but opening at 4.79%, there was an advance to 4.82, a
r
strong, and demand moved up to 4 70 11-16@ subsequent decline to 4.76/, with the close 4.813..
4 70 15-16, cable transfers to 4 70 15-16@4 71, 3-16, Greek exchange exhibited an improving tendency, as
and sixty days to 4 68 9-16@4 68 13-16. On Monday also did some of the lesser Central European currenirregular weakness set in and after a firm opening cies, though here also trading was very limited. Late
.prices sagged slightly, with the range 4 70 1-16@ in the week cable advices took on a more optimistic
4 71 for demand, 4 70 5-16@4 713 for cable trans- tone and reports had it that in all probability Great
fers and 4 67 15-16(4)4 68%. for sixty days; trading Britain would intervene and sound the German
continued quiet. Although fluctuations were nar- authorities as to the possibility of opening peace
row on Tuesday, there was a further fractional negotiations. Once more rumors are being cirlowering and demand was quoted at 4 69%@4 703, culated to the effect that industrial magnates in
cable transfers at 4 70/@4 70/ and sixty days at the occupied sections are likely to bring pressure
467%@4 68/. Wednesday's market was more upon the German Government to relieve the inactive, but as offerings were larger, rates again tolerable conditions now prevailing. Reports that
declined, this time to 4 69/@4 70 for demand, the Brussels conference of Premiers had resulted in
4 693
%@4 703 for cable transfers and 4 67@4 67% a decision to withdraw troops as payments are
for sixty days. Dulness characterized Thursday's made also had a good effect. All of this acted as a
dealings and there was another drop, so that demand stimulus on market opinion and although no perranged at 4 683@4 69/,cable transfers at 4 68/@ ceptible increase in activity was noted, advances
4 69% and sixty days at 4 66/(4)4 67. On Friday of several points were recorded throughout the
the undertone was steadier, but trading was still at entire list. In the final dealings some of the gains
a low ebb; quotations for demand were 4 68 11-16@ were lost as a result of profit-taking sales. Seemingly
4 69 3-16, for cable transfers 4 68 15-16@4 69 7-16, official intimations that British and Italian members
and for sixty days 4 66 9-16@4 67 1-16. Closing of the Reparations Commission would act as interquotations were 4 66 15-16 for sixty days, 4 69 1-16 mediaries in bringing France and Germany to a
for demand and 4 69 5-16 for cable transfers. Con- settlement were well received.
The London check rate in Paris closed at 74.35,
mercial sight bills finished at 4 68 13-16, sixty days
at 4 66 1-16, ninety days at 4 65 3-16, documents for as against 78.05 last week. In New York sight bills
%, against
payment (sixty days) at 4 66 9-16, and seven-day on the French centre finished at 6.233
%
,
for
payat
6.243
against
Cotton
and
grain
6.01%;
transfers
6.023
cable
%;comgrain bills at 4 68 1-16.
%, against 5:99%, and
mercial sight bills at 6.213
ment closed at 4 68 13-16.
% last week.
%, against 5.963
No perceptible increase was shown in the gold sixty days at 6.183
movement. Engagements for .export amounted to Antwerp francs closed at 5.35/ for checks and 5.36/
$2,350,000 for India and $2,500,000 to be shipped on for cable transfers, in comparison with 5.21/ and
the French liner France and probably destined for 5.22/ a week earlier. Final quotations on Berlin
some foreign port. Imports totaled three packages marks were 0.0048 for both checks and cable transof gold dust valued at $9,580 and $73,200 in silver fers, as against 0.0048/ last week. Austrian kronen
platinum on the SS. General W. C. Gorgas from finished at 0.00141A (one rate), against 0.0014%
South Pacific ports. It is reported that a consign- the previous week. For lire the close was 4.813
ment of gold, amounting to $2,000,000, is on its way for bankers' sight bills and 4.823' for cable remittances, which compares with 4.763-i and 4.773
here from Switzerland.
the week before. Exchange on Czechoslovakia finContinental exchange again waited upon the ished at 2.97, against 2.97/; on Bucharest at
Franco-German situation and quoted rates see-sawed 0.493's, against 0.48; on Poland at 0.00023/,against
first in one direction, then in the other, in response 0.0023, and on Finland at 2.79, against 2.77 last
% for checks
to the conflicting reports received from the Ruhr. week. Greek drachma closed at 1.043
%.for cable remittances. Last week the
While the market, generally speaking, was quiet, and 1.093
transactions were larger than a week ago and con- close was 1.06 and 1.11.
siderable business was reported at times, expecially
As to the neutral exchanges, formerly so-called,
in francs, which were on the whole fairly well mainFrench
trading was dull and narrow and price changes untained. As a matter of fact, the firmness in
Dutch and Swiss exchange lost ground
important.
comment
and Belgian exchange gave rise to some
recovered in the late dealings. Scanbut
France
slightly,
both
and was regarded as further proof that
quotations
were firmly held, but Spanish
dinavian
their
curBelgium
are
to
keep
endeavoring
and
rencies on a stable basis. Advices from the Ruhr pesetas were weak, declining some 19 points on
were confusing and unsettling, reports of overtures reports of political disturbances. It was intimated
looking for a settlement almost invariably being that there was possibility of a revolutionary outbreak
followed by denials. Several banks, however, made at that centre.
Bankers' sight on Amsterdam finished at 39.45,
their appearance as buyers of Paris exchange and
it was understood that some of these institutions against 39.46; cable transfers at 39.54, against
were increasing their Paris balances. French checks 39.55; commerical sight at 39.40, against 39.41, and
opened at 6.04, receded to 6.01/, but turned steady commercial sixty days at 39.06, against 39.10 last
on short covering in the late dealings and moved week. Closing rates on Swiss francs were 18.59% for
% for cable remittances.
back to 6.35. Antwerp currency moved between 5.18 bankers' sight bills and 18.603
week
Last
the
Reichsmarks
apparently
was
close was 18.67 and 18.68. Copenand 5.263. Trading in




THE CHRONICLE

MAR. 17 1923.]

hagen checks finished at 19.25 and cable transfers at
19.29, against 19.04 and 19.08. Checks on Sweden
closed at 26.57 and cable transfers at 26.60, against
26.59 and 26.63, while checks on Norway finished at
18.12 and 18.16, respectively, against 18.02 and 18.06
the previous week. Spanish pesetas closed at 15.45
for checks and 15.46 for cable remittances, as com2 a week earlier.
pared with 15.533/2 and 15.543/
As to South American quotations a somewhat
easier tendency was noted and the check rate on Argentina declined to 37.15 and cable transfers to 37.20,
against 37.25 and 37.30, while Brazil was lowered
to 11.25 for checks and 11.30 for cable transfers,
comparing with 11.30 and 11.35. Chilean exchange
was firmer, finishing at 13.15, against 12.65, but
Peru is still quoted at 4 01, unchanged.
Far Eastern rates were again marked by sharp
advances in Chinese currency. Hong Kong finished
at 56).4@56, against 54%@55; Shanghai advanced
to 7734@7732, then closed at 763/2@76%, against
743'@75; Yokohama 48/@487
4(unchanged); Man
ila 503/2@,50% (unchanged); Singapore, 55Y2@55%,
against 553,4@5532; Bombay, 32@323.I, against
31%@323i; and Calcutta, 3211
/
1@32M (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers on the different countries of the world. We give below the record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1922,
MARCH 10 TO MARCH 16 1923, INCLUSIVE.

Country and Monetary Unit.

Noon Buying Rate for Cable Transfers in New York.
Value tn United Stales Money.

mar. Ill. mar. 12. Mar. 13. Mar. 14. Mar. 15. Mar. 16.
EUROPEIs
3
$
$
3
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium, francs
.0521
.0522
.0521
.0522
.0535
.0536
Bulgaria. ley
.006371 .606371 .006229 .006221 .0062
.006164
Czechoslovakia, krone__
.024720 .02975 .029795 .029773 .029668 .029673
Denmark, krone
1908
.1909
.1911
.1919
.1926
.1928
England, pound sterling 4.7043 4.7049 4.7027 4.6988 4.6907 4.6906
Finland, markka
.0278
.027928 .027872 .027872 .027817 .027783
France,franc
.0604
.0803
.0604
.0607
.0627
.0624
Germany, reichsmark
000048 .000048 .000048 .000048 .000048 .000048
Greece, drachma
.010844 .010817 .010861 .010956 .010975 .010894
Holland, guilder
.3959
.3959
.3944
.3956
.3945
.3952
Hungary, krone
000338 .000337 .000334 .000329 .000321 .000310
Italy, lire
.0480
.0479
.0482
.0482
.0478
.0478
Norway, krone
.1808
.1817
.1820
.1806
.1820
.1810
Poland, mark
.000023 .000023 .000022 .000023 .000022 .000023
Portugal, escudo
.0424
.0416
.0419
.0425
.0422
.0424
Rumania,leu
.004789 .004792 .004794 .004786 .004781 .004842
Spain. peseta
1554
.1545
.1541
.1550
.1546
.1540
Sweden.krona
.2663
.2661
.2660
.2661
.2661
.2659
Switzerland, franc
.1867
.1862
.1762
.1866
.1865
.1863
Yugoslavia, dinar
.010830 .010755 .010315 .010325 .01041 .010325
ASIAChina, Chefoo tael
.7750
.7788
.7800
.7867
.7758
.7825
" Hankow tael
.7704
.7733
.7825
.7733
.7796
.7742
" Shanghai tadl
.7577
.7529
.7498
.7638
.7613
.7577
" Tientsin tael
.7792
.785
.7746
.7775
.7829
.7775
" Hongkong dollar.. .5466
.5539
.5569
.5573
.5543
.5568
" Mexican
.5473
.5490
. .5410
.5435
.5475
.5473
" Tientsin or
dollar._Pelyatut
dollar
.5575
.5500
.5521
.5508
.5583
.5563
" Yuan dollar
.5529
.5525
.5467
.5475
.5571
.5579
India, rupee
.3147
.3151
.3138
.8178
.3151
.3171
Japan, yen
.4849
.4840
.4842
.4843
.4841
.4842
Singapore (B. S.) dollar__ .6479
.6479
.5479
.5475
.5489
.5475
NORTH AMERICACanada, dollar
.98125 .98052 .98027 .978569 .977292 .978378
Cuba, peso
1.00
.999879
.99950 1.00
1.00
1.00
Mexico. peso
.489063 .49
.49078 .490469 .488542 .489063
Newfoundland, dollar
.975781 .974688 .973438
.97875 .97757 .9775
SOUTH AMERICAArgentina, peso (gold)
.8394
.8429
.8409
.8420
.8418
.8418
Brazil, milreis
.1110
.1107
.1118
.1115
.1116
.1113
Chile, peso (paper)
.1260
.1290
.1293
.1270
.1283
.1270
Uruguay. peso
.8448
.8417
.8423
.8423
.8434
.8430

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained 42,442,195 net in cash as a result of the currency movements for the week ending Mar. 15.
Their receipts from the interior have aggregated
$4,138,195, while the shipments have reached $1,696,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANNING
INSTITUTIONS.

West ending March 15.
Banks' interior movement




Into
Banks.

Banks.

$4,138,195

$1,696,000 Gain $2,442,195

ots of

1 Gain or Loss
to Banks.

1109

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday, Tuesday. Wednesd'y, Thursday, Friday.
Mar. 10. Mar. 12. Mar. 13. Mar. 14. Mar. 15. Mar. 16.

Aggregate
for Week.

S.
$
59,000,000 67,000,000 54,000,000 65,000,000 72,000.000 99.000,000 Cc. 416,000,000
Note.,--The foregoing heavy credits reflect the huge mass of checks which come
to the New 'York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
in the daily balances. The large volume of checks drawn by local member banks
on institutions located outside 01 New Yolk are not accounted for in arriving at
these balances, as such checks do not pass through the Clearing House but are
deposited with the Federal Reserve Bank for collection for the account of the
local Clearing House banks.

The following table indicates the amount of bullion in the principal European banks:
March 15 1923.
Banks o
Gold.

I

England _ 127,1,7771
France a _ 146,864,699
Germany 50,110,080
Aus.-Hun. 10,944,000
101,1317,000
Spain
35,380,000
Italy
Netherl'd.. 48,483,000,
Nat. Belg. 10,757,000
Switzerl'cl. 21.403.000
Sweden _
15,209,000
Denmark
12 680,000,
Norway _
8315,000,

Myer.

March 16 1922.
Total,

£
£
127,508.777 128,775,441
11,600,000 158,484.699 143,095.195
3,273,200 53,383,28 49,819.300
2.369,000 13.313. I 10,944.000•
26.243,000127,260,000 100.735.000
3,034,000 38.414,11 34.036.000
49,016.1'50,496.
.
2,491,000 13,248,00 lo,6a3.os0i
4,225,000 25,628,000 21.767.00G1
1 15,209.00 15,24.5,00.1
12.685,000
254,000 12.934,0
8.183.000
8,115,

341rer.

Total.

S

128,775,441
11,240,11 I 154.335,195
779.''' 50,598,300
.369.''' 13,313,000
25,257,0001125,992,000
2.982,000 37.018.060
567,000 51,063,000
1,616
12,279,000
4.320
26,087,000
15,245,000
233,000 12,918,000
I 8,183,000

Total week 588,471.556 54,022,200642.493.756 586.443.036p 49.363,090635,806.936
Prey. week 588,296,731 54,140,000642.436,731 586,484,909 49.434,000635,918,909
a Gold holdings of the Bank of France this year are exelusive of £74,573,797 held
abroad.

THE BUDGET BEFORE THE SHORT SESSION
OF CONGRESS.
In disposing of all appropriation bills before
March 4, the short session of Congress performed
what was believed to be an impossible feat. Never
before in our history has such a mass of financial
legislation been disposed of in so short a time. The
actual session was less than 90 working days,
whereas under the previous practice, apparently with
the best intentions, the passage of appropriation
bills required six months or more.
There were two factors which led Congress to this
desirable result-the Tear of an extra session, should
any appropriation bill for the support of the Government fail of passage before March 4, and what
was more important, Congress was proceeding under
the Budget system for the first time at a short session. The work of the Bureau of the Budget, under
the immediate direction of the President, made unnecessary a large amount of investigation formerly
undertaken by the committees. The Reins of proposed appropriations had been under investigation
and consideration by the Bureau of the Budget and
the President for five months before the Budget was
submitted to Congress. The consideration of the
Budget by the committees of Congress was further
greatly facilitated and harmonized by reason of the
fact that the jurisdiction to report out appropriation bills had been concentrated and centralized in
one committee of the House and one committee of the
Senate. In the majority of cases these committees
relied upon investigations conducted by the Bureau
of the Budget and accepted the conclusions of the
President. A casual examination of the hearings
will show the increasing respect of the committees
for the work of the Bureau of the Budget. The
printed hearings themselves are much reduced in
size.

1110

THE CHRONICLE

[voL. 116.

How closely the appropriations made for the sup- pay in the long run. For example, the payment of
port of the Executive establishment approximated fees to witnesses and jurors in the Federal courts, the
the recommendations made by the President is shown support of prisoners in the Federal penitentiaries,
by the comparisons given below. It must be borne the refunding of taxes illegally collected, payment of
in mind, however, that the figures here given relate salaries of postmasters, and the like. Deficiency esto appropriations and not to expenditures. The ap- timates must therefore inevitably be submitted to
propriations for a given year do not correspond ex- meet this class of expenditures, and towards the
actly with the expenditures for that year for the rea- close of each session of Congress they are met by apson that there are many permanent and indefinite propriations. When the whole story is told it will
appropriations made by Congress in prior years no doubt be found that the total appropriations for
which are still subject to expenditure, and all of an the support of the Executive branch of the Governannual appropriation may not be required for ex- ment for the fiscal year 1924 will much more closely
penditure.
approximate the total estimates submitted in the
For the executive and independent offices the Budget by the President.
Budget recommended $508,241,000, and the ApproThis is a splendid showing for the second year's
priation Act carries $496,634,000. The principal operation of the Budget system. It is a testimonial
item in this appropriation is for the Veterans' Bu- to the business-like and non-partisan spirit in which
reau. For the Department of Agriculture the Budget the President has administered the Bureau of the
carried a recommendation for $69,000,000, whereas Budget. His two selections for Directors of that Buthe Appropriation Act carries $69,537,000. The in- reau have been particularly fortunate for the councreases were added in the Senate under pressure from try. General Dawes, the first Director, brought to
the Farm Bloc and have to do largely with the eradi- bear upon the establishment of the new budget syscation of the barberry bush and certain other dis- tem the experience of a great pioneer in business and
eases and pests. For the Department of Commerce finance, immediately gaining for the new organizathe Budget figure was $19,713,000 and the Act car- tion a commanding position in the Government estabries $19,377,000. For the Department of the Inte- lishment. In General Lord, his successor, the Presirior the Budget carried $295,358,000 and the Act dent has found a man peculiarly adapted to perfect
$294,675,000. For the Department of Justice the the organization and carry on the work so auspiBudget carried $18,751,000 and the Act $18,421,000. ciously begun. His intimate knowledge of the maniFor the Department of Labor the Budget carried fold activities of the Government, his vast experience
$6,179,000 and the Act $6,919,000, an increase of in Government finance, his honesty of purpose, and
$740,000, of which $440,000 represents an increase in his indomitable energy and courage have won for
the Budget recommendation for the enforcement of him the esteem of the executive officials and the rethe so-called Maternity Act, and about $200,000 an spect of members of Congress without regard to
increase over the Budget figure for the enforcement party.
of the immigration laws. The Budget figure for the
Department of the Navy was $294,804,000, and the
BANES FOR RURAL CREDITS.
final appropriation $294,457,000, a very close apThe first banks were banks of deposit. Loans
proximation in view of the large sum involved.
came in time in order to find employment for the
The Budget figure for the Department of the Post uncalled-for deposits. Later, the law of reserve was
Office was $590,166,000, and the Act carries $584,- established by experience. Thus we have, as an es873,000. For the Department of State the Budget sential of the true bank, the accumulation of funds
figure was $14,952,000, and the appropriation carries and their dispersion—or the multiplication and divi;
in the Act $14,829,000. For the Treasury Depart- sion of credit. With commerce as the perennial borment the Budget recommended $117,834,000, and the rower, the constant flow of money (now so largely
Act carries $115,387,000. For the War Department the credit-money of checks and drafts) in and out of
the Budget recommended $319,774,000, and the Act the bank (deposits make loans and loans make decarries $336,347,000, the increase being due solely to posits), we have the ideal commercial bank; of which
the large increase over the Budget estimate of the we have some thirty thousand in existence—and it
appropriation for rivers and harbors. This increase is doubtful the name properly applies elsewhere.
was $30,000,000, being considerably more than the
These proposed Rural Credits banks are not, thereactual increase of the total appropriation over the fore, banks; but are loan companies. Designed to actotal Budget estimate. The difference was made up commodate one class they do not cover commerce, are
by further cuts in the military establishment. The not fed by it and do not minister to it. True, their
Budget estimate for the District of Columbia was transactions eventually merge into the general vol$23,551,000, and the final appropriation was $22,- ume of business, but they do not originally "organize
779,000.
credit!' Since their capital stock is provided by the
The total estimates for the support of these de- Government, they squarely put the Government into
partments for the fiscal year 1924, excluding the the business of loaning to farmers on certain forms
legislative establishment and the Supreme Court, of agricultural products represented by warehouse
was $2,278,454,305 and the total appropriations grain receipts and on growing and feeding live stock.
$2,286,939,966, showing an excess of appropriations And as their debentures (which do gather funds from
over estimates of only $8,486,000. It must be borne the people who buy them to disburse in turn to farmin mind, however, that it is the policy of Congress, ers alone) are a system of multiplied credits based
with reference to a number of the Governmental ac- on the operations of Governmentally capitalized loan
tivities, to appropriate less than the actual needs in companies (Rural Credit banks) the national Govorder to make a fair showing at the beginning of the ernment has engaged in the loan business upon adCongressional session. These deductions are habitu- mittedly precarious security and is morally bound
ally made in certain appropriations over which the to protect these debentures sold in the open market.
departments have no control whatsoever, but must
The capital originally furnished by the Govern-




MAR. 17 1923.]

THE CHRONICLE

1111

For if public opinion ever outlaws war there will
ment is provided out of taxes laid upon the whole
We
people (there is no other source) and we witness be little that cannot be tried in such a court.
"sovereignour
of
way,
jealous
a
in
often,
very
taxation laid upon all for the beneft of a few—a fa- talk
vored class. Even the new Labor banks provide ty." That we will not permit to be assailed. That
their own capital from their own funds, and are we will defend to the utmost—as it is life itself. And
yet a part of this is false pride and chauvinism.
banks of deposit and loan.
democracy is regnant everywhere in equal deWhen
banks,
30,000
and
credit
of
need
in
is
farmer
The
State and national, are ready to provide it upon gree, it will make little difference under which flag
terms that are mutually acceptable. To open a foun- a minor State exists. Buffer States will not then be
tain of almost unlimited capacity with the Govern- bones of contention. Military boundary lines will
ment as almoner may make credit too easy for the cease to exist, and the desire of peoples to form allifarmer and correspondingly hard for the Govern- ances, within the boundaries of this or that Government. One must doubt the wisdom of this under- ment, will control, through the higher law of the best
taking. The markets are flooded with new issues of for human welfare. And a final judgment,even here,
bonds,industrial, public utility, Governmental, Land we can conceive to be within the province of a court.
Not only must there come, in time, through the
Bank bonds are being consumed; but their probable
of such an International Court (backed
functioning
the
for
risk
new
a
constitues
volume
issue in large
solely by world-opinion) a crystallization and codifiGovernment to assume.
Nor can it be expected that there will be other than cation of the now nebulous international law, but
lax management. Those who are in charge will be there must come a Bill of Rights and a Constitution
in a sense political employees. At least they will for the States of the world as an antecedent and ally
not likely be trained in the school of experience. thereto. Every step, therefore, attained through
They will have no ownership of stock at stake. And unity of resolve by international conferences, is a
the tendency of all such specialized institutions is to declaration of Right and Principle common to all
lean a little in the direction of those they are de- Governments and all peoples. Thus, first, stands
signed to favor. More, there is fundamental conflict out the right and justice embodied in the principle
between these Intermediate Rural Credit banks and "War is an enemy of mankind"—"thou shalt no more
the Federal Farm Land banks in that they split the murder a people than a man." Again—Every people
"security," one relying on land and the other on its lives by industry and trade, mutual exchange being
for the common benefit—"all ports of all countries
products.
Loaning on live stock is precarious business, al- shall be open and free for all the ships that sail!"
Once life and toil are thus preserved and protected,
though in its native region "cattle paper" is regarded
with favor. In the case of loans on large droves or there will be established a something higher even than
herds there is by chattel mortgage a considerable an International Court (under which it will act),
margin asked and obtained. But when the flood- namely the massed Judgment of mankind as to "libgates are opened so that every farmer who would erty, equality and fraternity"—than which nothing
feed a carload of steers can get the money from the can be greater. If we seem in these statements to
Governmental Rural Credits bank there is no cer- run audaciously toward a far-off millenium—we
tainty of the outcome. Buying in one market, ship- state simple problems already fixed in the mind and
ping home,fattening with corn, and shipping back to feeling of the races of men—for when life and trade
the same market, is a risk few can incur for succes- are sacredly preserved and made full and free there
sive years without absolute loss. There is an adage will be little in the material realm left to crown selfin the cattle country that those who "feed" for mar- ishness with an undue power. We cannot too much,
ket long enough will "go broke." As for "growing" therefore, hail and acclaim thought and agitation
live stock over a period of three years, this form of for this great Court to be reared upon the composite
"banking" takes on a life insurance risk for which reason of the wisest of all lands!
But when all this is said, the method of attaining
there seems no probable or adequate pay.
the
ideal is not of easy determination. The Court
political
principle,
a
Lastly, we may say, that as
in
which
time
will
farming,
by the League of Nations can rise no
established
tenant
to
encouragement
follow this form of favoritism to the floating farmer, higher than its source. It is a creation of Governis not sound either in economics or in the higher law ments acting within the League. That League is not,
in its purity, a covenant with Peace. It is an outof good citizenship.
growth of war; it proposes, in certain exigencies, to
AN INTERNATIONAL COURT OF JUSTICE. utilize Force; it is not builded on well-settled public
The machinery of peace is hardly less important opinion, for it is too largely the creation of a few
than peace itself. Governments, peoples, citizens men. In a word, it had and has no background of
and subjects of the various countries, will differ in slowly crystallizing opinion. And its Court of Jusprinciples and acts to the end of time. It is so writ- tice cannot swing entirely free of the power that creten in the nature of man. But they need not resort ated it. More, the League is being tried and is found
to armed force. And refraining from this, there wanting—for, blinded on the idea of self-determinamust be some tribunal erected wherein the right may tion for small peoples as for large, or great, it acbe adjudicated. Even thus, there will be sometimes cepted into membership newly created States that
a miscarriage of justice, for perfection is now and are little more than paper democracies. The truth
will always be unattainable. Courts are our last stands out the "war to end war" did not even bring
and best resort. And we need only extend, in theory, cessation; it did not make the world safe for dethe jurisdiction of our highest tribunal to one that mocracy nor democracy safe for the world, nor for
shall sweep the world in its scope to perceive the vast itself; it left the hates, animosities, rivalries, debts,
benefits to be derived from an International Court that always follow wars, and the League does little
of Justice. Nor need we split hairs as to justiciable now to ameliorate these dangerous conditions. (That
the United States should enter this Court by permisand non-justiciable cases.




1112

THE CHRONICLE

sion of the League to sit in, in the election of Judges,
though remaining outside the League in all else, is
at least an anomalous position to take, and will give
the people of the country pause.) So that there is
much to be said in favor of making a new trial at
getting together, some new means by which a new
Court may be born.
Of course, under any conditions it is better to arbitrate or adjudicate a part of the troubles than
none. But it would seem that outlawry of war should
precede or accompany the establishment of an International Court of Justice, and that its machinery of
Justice should derive power direct from consent of
the peoples—a consent based upon recognition of
great world-principles of liberty and right. Dreams
may fade; attempts may miscarry; but every agitation in the direction of adjudication and arbitration
as opposed to Force, leads us onward and upward.
"Lest We Forget!" for it must be that mankind has
soul, heart, brain enough to save the race of man
from extinction.

[-you 116.

benefit of the lower wage scales put into force on
July 1 1922 in the maintenance of way department
and in the railroad.shops, as well as for some minor
groups of employees. This is estimated to average
7@8% and is the only widespread decrease in wages
there has been, aside from the general reduction of
12% made in the wages of all classes of employees on
July 1 1921. Just how much of a real benefit the
carriers in January 1923 derived from last July's decrease in the pay of the railroad shopmen and the
maintenance of way employees it would be difficult
to say, inasmuch as the shopmen's strike, which followed, and which resulted in more or less confusion
and no little disorganization in the force of employees, counted as an offsetting disadvantage because it involved heavy extra outlays and tended
greatly to increase costs. During the months from
July to October, inclusive, the extra expenses arising from that cause far outweighed any benefits
from the small reduction in wages referred to. After
October the carriers appeared to be regaining control
over their expense accounts, though it is open to
RAILROAD GROSS AND NET EARNINGS FOR question whether even now all the ill
effects from
JANUARY.
the shopmen's strike can be regarded as having
Our compilation of the gross and net earnings of passed away.
United States railroads for the month of January is
At all events it is gratifying to find that with trafthe most encouraging monthly exhibit it has been fic expanding the growth in expenses is no longer
our privilege to present in a long time. Revival proceeding so fast as to outrun the gains in the gross.
in trade is adding substantially to the traffic of the The Bureau of Railway Economics of the American
roads, thereby swelling the gross revenues, while at Railway Association, in a statement issued under
the same time operating expenses, though showing date of March 8, in discussing the January results,
continued augmentation, are not increasing to such finds evidence of greater efficiency in operation in
an extent as to absorb the whole gain in the gross the fact that in January last year 85.3 cents of each
revenues. In other words, there is a very satisfac- dollar received in operating revenues went for extory addition, not alone to the gross earnings, but to penses, while in January the present year the amount
the net earnings as well—which latter is the desid- consumed by the expenses was only 81.4 cents out of
eratum of most importance. In brief, as compared each dollar. It is also pointed out in this Washingwith the corresponding month last year there is an ton statement that expenditures for maintenance of
improvement of $105,816,364, or nearly 27%, in the equipment the present year in January amounted to
gross revenues, and though this has been attended by $122,721,500, as against only $93,466,500 in January
an augmentation of expenses in the large sum of 1922. That results have been obtained from these
$70,803,472, or 21%, this nevertheless left a gain of larger expenditures for maintenance of equipment
$35,012,892, raising the total of the net to a figure is evident from the circumstance that during the
60% above the amount for January 1922, as will be month of January the present year the number of
seen by the following:
freight cars in need of repair was reduced by 6,540,
lantlarY-1923.
1922.
Inc. (-I-) or Dec.(—). while
at the same time the railroads during the
or
(192 Roads)—
$
3
$
o
Mlles of road
235,678
235,827
—149 0.063
month
also repaired and turned out of their shops
Gross earnings
500,816,521 305,000,157 +105,816,364 26.81
Operating expenses
407,536,835 336,733,363
+70,803,472 21.00 more locomotives than ever before during any
simNet earnings
93,279,686 58,266,794
+35,012,892 60.24 ilar period, we are told.
Both the gross and the net figures, as here disThis year's gain in the gross earnings is merely a
closed, are to be examined in the light of the respec- recovery of what was lost in gross in the two precedtive conditions prevailing in the two years. On that ing years, namely 1922 and 1921. In the net, howpoint the first thing to be noted is that this year's ever, the 1923 improvement is additional to an imgain in revenues has been made in face of lower provement in 1921 and the two amounts together afschedules of freight rates. This being so, it follows ford striking testimony to show how complete has
that except for the reduction in rates the additions been the transformation effected as regards
expenses
to revenues would have been even larger than ap- since the relinquishment of Government control of
pears by the face of the figures. As to the extent of the properties. The reason for the loss in gross
in
the decrease in transportation charges, the chief fact January last year was, of course, that at that time
to be recalled is that on July 1 last year, by order of the country was still suffering intense depression in
the Inter-State Commerce Commission, a horizontal business, and the falling off in January 1921 was due
cut in freight rates of 10% went into effect applica- to much the same circumstance. In January 1921
ble to all the railroads of the country and to all com- the United States was in the earlier stages of that inmodities except grain, grain products and hay in tense prostration of trade from which the country
Western territory, where a reduction of 161/
2% had was still suffering at the beginning of 1922, and as a
been put into effect on Jan. 1 1922. This horizontal consequence there was a substantial reduction in the
cut of 10% continued through the whole of the last gross receipts in that month notwithstanding the
six months of 1922 and, of course,is still in effect and much higher rate schedules, both passenger and
therefore counts as a factor in the comparison with a freight, put in force the previous August (1920).
year ago. On the other hand, the carriers had the The shrinkage in the gross in January 1921 was $33,-




MAR. 11 1923.]

226,587 and it was followed by a further shrinkage
of $75,303,279 in January 1922, while now for January 1923 we have a gain of $105,816,364, which while
large, thus does not entirely wipe out the antecedent
loss. In the net, however, as already stated, this
year's improvement follows a substantial improvement in the net last year also. This last, of course,
was ascribable almost entirely to the carrying out
at that time of a drastic policy of economy and retrenchment in the expenses, for we have already
pointed out that the gross at that time fell off no less
than $75,303,279. But this reduction in gross revenues was accompanied by a cut in the expenses in the
prodigious amount of $104,392,928, yielding, hence,
a gain in the net of $29,089,649. The further gain
now of $35,012,892 in January 1923 is to be interpreted in the light of the 1922 gain made in the face
of a heavy loss in gross revenue. It obviously increases the significance of the 1923 improvement.
On the other hand, in 1921 the showing had been a
poor one, both in the gross and in the net, and particularly in the latter. And it is the poor results of
that year and of the years preceding that have made
possible the noteworthy improvement in the net in
1922 and in 1923. The simple truth of the matter is
that owing to the prodigious expansion in the expenses the net had got down to the vanishing point.
In brief, our statement for January 1921 showed
$33,226,587 loss in gross, notwithstanding the much
higher rates, and this was attended by an augmentation of $27,124,775 in expenses, the two combined
causing a loss in net in the huge sum of $60,351,362.
It is true,on the other hand,that there were substantial gains in January of the two years immediately
preceding, namely in January 1920 and January 1919.
In January 1920 our compilation showed an increase
over January 1919 of $101,778,760 in the gross, and
of $49,809,654 in the net, though. a special circumstance accounted for the magnitude of the gains. In
other words, in the January 1920 total there was included an estimate covering back mail pay for the
years 1918 and 1919, accruing to the Railroad Administration as. a result of a decision of the InterState Commerce Commission on Dec. 23 1919. The
addition in that way was roughly $53,000,000, and
both gross and net were enlarged to the extent of
this $53,000,000. With that item eliminated there
would have been at that time instead of the $101,000,000 increase in gross an increase of only $48,000,000, and the net earnings would have recorded
an actual loss of about $3,000,000. Furthermore, the
gain in January 1919, too, was deprived of much of
its significance by the fact that it constituted simply
recovery (and only partial recovery at that) from
the extreme losses sustained in Jan uary 1918, when
the weather conditions encountered were the worst
experienced in the entire history of railroading in
this country. That was the time when the United
States was engaged in the prosecution of the war
against Germany, and when intensely cold weather
prevailed, with freight congestion and traffic embargoes and blockades reported everywhere. To state
the situation in a nutshell, our January 1919 compilations showed $111,420,819 increase in gross and
$22,340,495 increase in net, but following $11,608,126 decrease in gross and no less than $66,436,574
decrease in net in January 1918. Below we furnish
a summary of the January comparisons for each
year back to 1906. For 1911, for 1910 and for 1909
we use the totals of the Inter-State Commerce Com-




1113

THE CHRONICLE

mission, 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 in these
earlier years, owing to the refusal at that time of
some of the roads to give out monthly figures for
publication.
Net Earnings.

Gross Eamings.
Year.
Year
Given.
Jan.
1906 __
1907 __
1908 __
1909 __
1910 __
1911 __
1912 __
1913 —
1914 __
1915 __
1916 __
1917 __
1918 __
1919
1920 __
1921 __
1922 __
1923 __

Year
Preceding.

Increase or
Decrease.

Year
Given.

Increase or
Year
Preceding. Decrease.

128,566,968 108,741,980 +21,824,988 38,673,269 26,996,772 +11.676,497
—809.874
133,840,696 123,664,663 +10,176.033136,287044 37,096,918
135,127,093 155,152,717 —20,025,624129,659,241 41,155,587 —11,496,346
182,970,018 173,352,799 +9.617,219 50,295,374 41,036,612 +9,258,762
211,041,034 183.264,063 +27,776.971 57,409,657 50,491,080 +6.918.577
215.056,017 210,808,247 +4.248,770 53,890,659 57,373,968 —3,483,309
210,704,771 213,145,078 —2,440,307 45,940,705 52,960,420 —7,019.714
246.663,737 208,535,060 +38,128,677 64,277,164 45,495.387 +18,781,777
233,073,834 249,958,641 —16,884,807 52,749,869 65,201,441 —12,451.572
—890,982
220.282,196 236,880,747 —16,598,551 51,582,992 52,473,974
267,043,63 220,203,595 +46,840.040 78,899.810 51,552,397 +27,347.413
307.961,074 267,115,289 +40.845.78587.748.904 79,069,573 +8,679.331
282,394,665 294,002,791 —11,608,126 17,038,704 83.475,278 —66,436,574
395,552,02 284,131,201 +111,420,819 36,222,169 13,881,674 +22,340,495
494,706,125 3924927,365 +101,778,760 85,908,709 36.099,055 +49,809.654
88,803.107 —6%351,352
469,784.50' 503011.129 —33,226,587. 5
393,892,529
5,808 —75,303,279 57,421,605 28,331,956 +29,089.649
500,816,52 395.000.157 +105.818.38493.279,686 58,266,794 +35.012,892

Note.—In 1908 the returns were based on 157,629 miles of road; In 1909, 231,970
In 1910, 239.808; in 1911, 242,479; In 1912, 237,888; In 1913, 235,607; in 1914.
243,732: In 1915, 246,959; in 1916, 247,620: In 1917. 248,477: In 1918, 204,046: In
1919. 232.655:in 1920.232.511: in 1921, 232.492; In 1922, 235,395; in 1923, 235,678.

As far as the separate roads are concerned, it follows as a matter of course that with such a substantial improvement in gross and net alike, as comparedt
with a year ago, the record of the different roads orsystems must accord with that of the general totals.
In other words, we have a long list of increases in
both the gross and the net and the most of these are-for large amounts. There are among the separate
roads only a few losses of consequence in the gross,
and in the net also the list of losses is not a long one,
though in this case the decreases are more numerous
and embrace a few for large amounts. The Lehigh
Valley, the Delaware & Hudson and the Lackawanna
have suffered heavy reductions in the net, thus constituting exceptions to the general rule of improvement, but these are anthracite carriers which were
obliged to operate under unfavorable conditions in
that, owing to the coal scarcity, they were forced to
rush coal through to the consuming centres to the
detriment of other classes of tonnage, some of which
yield very much better rates. Besides these, the New
Haven road reports a loss in net of $1,097,271, the
Boston & Maine of $998,148, the Maine Central of
$250,118, and the Bangor & Aroostook and
the Central New England also have fallen behind.
The explanation here, too, lies on the surface. All
the New England roads, as also the roads in northern
New York, had to contend with very heavy snow falls
—the heaviest in any winter month for a very long
time and in some cases possibly the heaviest ever experienced. The storms do not appear to have been
in the nature of blizzards, but they were very heavy
and numerous, coming repeatedly, so that the aggregate fall was exceedingly large. Thus the cost of
keeping the roads open was enormously increased.
The roads mentioned, however, besides a few others, are striking exceptions to the rule. Elsewhere
the record of improvement, both in the gross and the
net, is a notable one and highly gratifying. This has
reference to the great trunk lines between the seaboard and the Mississippi River and it has reference
to Northwestern roads, to Southwestern roads and
to those in the South. All alike have added greatly
to their earnings of 1922 and, at least so far as the
net is concerned, this year's improvement quite generally follows improvement last year, too. The Pennsylvania Railroad has added no less than $10,061,859 to its gross of last year, of which, however, only

1114

$641,947 has been carried forward as a gain in the
net. This relates to the lines directly operated east
and west of Pittsburgh. For the entire Pennsylvania System, including all roads owned and controlled, the result is an addition of $10,740,409 to
the gross but of only $885,058 to the net. It deserves
to be recalled, though, that in January last year the
Pennsylvania System reported $5,509,367 increase in
the net in face of $10,542,614 loss in gross. The New
York Central has $8,596,028 gain in gross and $1,333,609 gain in net. This is for the Central itself.
Including the various auxiliary and controlled roads,
the result is a gain of $15,797,374 in the gross and of
$5,618,938 in the net. We may add that last year in
January the New York Central System reported
*3,843,112 improvement in the net coincident with a
shrinkage of $6,236,679 in the gross. In the following we show all changes for the separate roads for
amounts in excess of $100,000, whether increases or
decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS IN JANUARY.
Increase.
Increase.
Pennsylvania
410,061.859 Hocking Valley
$369,164
58.596,028 Detroit Toledo ,it Ironton
New York Central
330,235
6.287.210 Denver Rio Grande West
Baltimore & Ohio
318,424
Atch. Top.& Santa Fe(3) 4,599,566 Indiana Harbor Belt.. _ _ _
318,029
Chicago Milw & St Paul_ 3,597.992 Florida East Coast
288,736
Chicago Burl & Quincy__ 3,521,893 Union RR of Pa
284,551
3.432,761 Chic Indianap & Louisv_
Illinois Central
284.261
Philadelphia & Reading- 3,130,290 El Paso & Southwest_ ___
282.748
2,978,743 Colorado Southern (2)__
Great Northern
266,202
2.834,882 Los Angeles & Salt Lake_
Southern Railroad
256.870
2,656.107 Western Maryland
Erie (3)
255,869
2.597.528 West Jersey & Sea Shore..
Michigan Central
231,675
Chicago & Northwestern 2.555,763 Ala Great Southern
218.105
212,540
Louisville & Nashville_ _ _ 2.433,665 Richmond Fred & Potom
193,019
Cleve Chic Chic & St L. 2.337,692 Virginian
2.284,668 International & Gt North
191,088
Union Pacific (3)
2,316.132 Cincinnati Northern.._.._
187,486
Southern Pacific (8)....
1.900,187 Texas & Pacific
184.804
Northern Pacific
1,810.615 Duluth South Shore & AU
184.385
Atlantic Coast Line
184,381
Chicago RI & Pacific (2) 1.806,347 Belt Ry of Chicago
171,083
Pittsburgh & Lake Erie_ - 1,760,611 Minneapolis & St Louis
1.753,139 Norfolk Southern
163.772
()hes ipeake & Ohio
155,536
Minn St P & 55 Marie-- 1,439.774 N Y Ontario & Western..
1.286,044 Gulf Mobile & Northern
154,644
Missouri Pacific
1.187.053 St Louis Merch Bdge Ter
149,603
NYNH& Hartford_
1,072,395 Port Reading
146,591
Pere Marquette
927.277 Atlanta firming & Ati
St Louis-San Fran (3)_ _ 129,174
915,147 Georgia
128.547
Buffalo Roch & Pittsb__
899.162 Carolina Clinch & Ohio_
128,504
Seaboard Air Line
897,184 Central Vermont
122,172
New York Chicago & St L
871,238 Wheeling & Lake Erie......
Norfolk & Western
121.369
867,857 New Orleans & N East__
Missouri Kan & Tex (2)117,542
812,018 Louisiana By. & Nay__ _
Elgin Joliet St Eastern....
114,765
717,419 Monongahela Connecting
St Louis Southwest (2)
111.937
652,860 Louisiana & Arkansas_
Central of Georgia
111.921
621,820 Lehigh & New England__
Bessemer & Lake Erie_ _ _
108.532
590.497 Detroit Gr Hay & Milw_
Chicago & East Illinois. _
107,853
569.403 Cincin Indian & West.._
Cincin N 0& Tex Pacific
106.848
568,747 Detroit Toledo Sh Line__
Wabash Railroad
102.695
557,716 Buffalo & Susquehanna..
Mobile & Ohio
100,386
553,677
Yazoo & Mississippi Val_
531.686
Representing 111 roads
Boston & Maine
514,662
in our compilation_3103,803.908
Chicago is Alton
492.730
Chicago Great Western
477.866
Decrease.
Del Lack & Western.._ 473,000 Trinity & Brazos Valley.. $298,188
Nashy Chatt & St. Louis
455.987 Bangor & Aroostook-Kansas City Southern.._ 181,620
448.329 Delaware & Hudson_
160,097
Chic St P Minn & Om
400.053 New York Connecting__
119,807
Long Island
394,665
Central of New Jersey_ _ _
Representing 4 roads
386,960
Grand Trunk Western_ _
in our compilation__
370,958
$759,712
Toledo St L & West_
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
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.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting $10,061,859
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in gross of $10,740,409
b These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four." Stc., the whole going to form the New
York Central System, the result is a gain of $15,797,374.
PRINCIPAL CHANGES IN NET EARNINGS IN JANUARY.
Increase.
Increase.
$3,983,338 Chicago Great Western-- $347,986
2,464,834 Central of Georgia
308,210
2,285,674 Elgin Joliet & Eastern
289.737
2,046,429 Wabash By
276,689
1.767,776 Erie (3)
265,220
1.645,807 Chic New ON & Tex Pee_
258,913
1,418,781 Missouri Kan & Tex (2)..
253.809
1.399.600 Mobile & Ohio
247,008
1.386.092 N Y Chicago & St Louis_
244,554
61,333,609 Nashv Chatt & St Louis..
243,107
1,304.821 St Louis Southwestern (2)
238,125
1,220,943 Chicago & Alton
236,864
1,184,675 Grand Trunk Western...
233.842
1,152,595 Toledo St Louis &West_
233,682
1,079,588 Florida East Coast
229,635
976,267 Alabama Great Southern
202,271
966.795 Kansas City Southern..- _
189,217
964,694 West Jersey & Seashore_
158,502
944,243 Lehigh & New England....
137,637
a641.947 Chicago Ind & Louisville
131.624
620,651 Norfolk Southern
123.183
531,166 Rich Fred & Potomac......
112,682
444.077 New Orleans & Nor East
112,201
446.764 Union RR (of Penna)_
108,212
411,461 Port Reading
104,662
387,350 Chicago & Eastern
103.459
382,108
Representing 73 roads
378,746
in our compilation-339,536,967
372,105

Atch Top & S Fe (3)_.._
Baltimore & Ohio
Chicago Mllw & St Paul..
Philadelphia & ReadingChicago Burl & Quincy-Michigan Central
Southern Pacific (8)
Pittsburgh & Lake Erie....
Louisville & Nashville...._
New York Central
Southern Railway
Great Northern
Northern Pacific
Atlantic Coast Line
Clev Cinc Chic & St L
Illinois Central
Mihn St Paul & SS M--Chicago R I & Pac (2)Chicago & North West
Pennsylvania
Union Pacific (3)
St Louis-San Fran (3)......
Missouri Pacific
Chesapeake & Ohio
Pere Marquette
Yazoo & Miss Valley_ ___
Chic at P Minn & Om__
Bessemer is Lake ErieSeaboard Air Line




[VoL. 116.

TH 111 CHRONICLE

Decrease.
Decrease.
Lehigh Valley
$250,118
$1,194,088 Maine Central
NYNH dr Hartford_ -__ 1,097,271 Bangor & Aroostook.._....
181,698
Boston & Maine
122,558
998,148 Duluth Missabe & Nor__
Delaware & Hudson
108,177
796,292 Central New England...._
Del Lack & Western_......
628.167
Denver & Rio Cr West
Representing 11 roads
531,588
Norfolk & Western
in our compilation- 36,396,413
488,308
a This is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting $641,947 increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in net of $885,058
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result is an increase of $5,618.-

Arranging the roads in groups or geographical
divisions, according to their location, the showing is
what would be expected. Every group shows a gain
in the gross, but in the case of the New England
group the addition is relatively light. In the matter of the net the New England group also stands by
itself, it having suffered a decrease; as a matter of
fact, the New England roads failed to earn bare operating expenses, and the explanation, of course, is
found in the circumstance already mentioned,
namely the heavy snowfalls, which added so enormously to expenses. All the other groups, without
exception, record improvement of large proportions,
to which added significance is given by the fact that
the same groups also showed improvement last year
over the year preceding. Our summary by groups
is as follows:
SUMMARY BY GROUPS.
Gross Earning
1922.
Inc.(+)or Dec.(-)

1923.
Seaion or Group.
$
January20,131,185
Group 1 (9 roads) New England
East
dz
Middle
162,381,924
Group 2(34 roads)
Group 3(26 roads) Middle West_ 44,242,695
Groups 4-5 (34 roads) Southern__ 70,551,132
Groups64(29 roads) Northwest_ 104,411,901
Groups 8-9 (48 roads) Southwest. 74,160,377
Group 10 (12 roads) Pacific Coast 24,957,307
500,816,521

Total (192 roads)
Miles
Sec. or Group. 1923. 1922.
Group 1
Group 2
Group 3
Groups 4-5
Groups 6-7
Groups 8-9
Group 10

7,471
34,802
15,579
39,015
87,412
54,759
16,840

7,514
34,830
15,610
39,029
87,329
54,891
16,824

1923.

18,364,572
127,941,317
31,566,881
54,713,421
79,408,523
61,609,732
21,395,711

+1,788.613 9.62
+34,420.607 26.88
+12,875,814 40.00
+15,837,711 28.98
+25,003,378 31.54
+12,550,645 20.41
+3,561,596 16.66

395,000,157 +105,816,384 26.81
Net Earnings
1922. Inc.(+)or Dec.(-).

def.151,248 2,501,305 -2,652,551 106.38
24.286,093 19,813,723
+4,472,370 25.75
10,918,376 4,692,284
+6,224,092 132.65
16,246,672 9,040,755 +7,205,917 80.00
20,918,860 9,396,051 +11,522,809 122.82
+8,688,455 74.08
15,715,019 9,026,584
5,347,912 3,796,112
+1,551,800 40.82

Total
235,678 235,827
93,279,686 58,268,794 +35,012,892 60.24
NOTE.-Group I.includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except the 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 Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and 1111nots, 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 I.includes all of Washington, Oregon, Idaho, California, Nevada, man
and Arizona. and the western part of New Mexico.

As far as the movement of the leading staples is
concerned, Western roads had the advantage of a
larger grain movement and a larger live stock movement and Southern roads had the benefit of a somewhat larger cotton movement, as compared with the
small movement of the previous year. The gain in
the Western grain movement came from larger receipts of wheat and of small grains, the corn receipts
having fallen off. For wheat, corn, oats, barley and
rye combined the receipts for the four weeks ending
Jan. 27 this year were 92,883,000 bushels, as against
only 79,816,000 bushels in the same four weeks of
last year. The details of the Western grain movement in our usual form appear in the table we now,
introduce:

THE CHRONICLE

MAR. 17 1923.]

WESTERN GRAIN RECEIPTS.
us
r
Oats.
Rye.
Corn.
Flour.
Wheat.
Four Weeks
h.)
. (bush.)
(bush.)
(bush.)
(bush.)
(bush.)
finding Jan.27. (8515.)
Chicago1,026,000 2,113,000 14,521,000 5,751,000 888,000 891,000
1923
61,000
617,000 24,713,000 5,035,000 624,000
725,000
1922
Milwaukee70,000
373,000 2,052,000 1,694,000 702,000 459,000
1923
70,000
1922
90,000
59,000 2,987,000 1,686,000 688,000
St. Louts290,000 3,080,000 3,242,000 4,008,000
92,000
32,000
1923
1922
61,000
8,000
354,000 1,561,000 4,007,000 2,468,000
Toledo232,000
24,000
1923
376,000
102,000
1922
4,000
98,000
685,000
197,000
Detroit149,000
406,000
1923
226,000
1922
135,000
274,000
221,000
Peoria1923
159,000
130,000 2,547,000 1,811,000
32,000
68,000
1922
231,000
34,000
9,000
91,000 2,576,000 1,172,000
Duluth1923
34,000
2,282,000
3,406,000
28,000
10,000
1922
819,000 1,445,000
424,000
20,000 527,000
Minneapolis1923
14,739,000 1,058,000 2,285,000 1,480,000 2,220,000
1922
6,636,000 2,253,000 1,658,000 574,000 200,000
Kansas City1923
6,687,000 1,693,000 1,038,000
1922
4,442,000 1,513,000
378,000
Omaha & Indianapolis1923
2,148,000 5,302,000 2,472,000
1922
749,000 6,147,000 1,890,000
Total AU1923
1922

1,545,000 33,057,000 31,027,000 19,595,000 3,228,000 5,976,000
1 400,000 15,207,000 46,600,000 15,129,000 2,001,000 879.000

As to the live stock movement, the receipts at Chicago in January 1923 comprised 27,789 carloads,
against 26,492 cars in January 1922; the receipts at
Kansas City 12,493 cars against 9,958, and at Omaha
11,705 cars against 8,882.
Regarding the Southern cotton movement, the receipts at the Southern outports aggregated 487,396
bales in January 1923 against 393,007 bales in January 1922, but comparing with 542,790 bales in 1921
and 901,586 bales in January 1920, as will be seen by
the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF
JANUARY FROM 1918 TO 1923 INCLUSIVE.
Month of January.
Ports.
Galveston
bales_
Texas City, &c
New Orleans
Mobile
Pensacola, &a
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News
Total

1923.

1922. I

1921.

1920.

1919.

1918.

187,202
78,014
135,778
6,177
2,465
25,667
1,375
17,600
3,404
29,714

177,397
36,435
91,088
10,215
350
40,949
1,735
6,544
5,086
23,208

259,361
20,948
155,778
11,457
2,718
51,198
51
5,610
3,610
31,874
185

301,694
80,367
201,214
43,873
7,344
146,715
28,500
26,083
19,291
44,822
1,683

242,280
18,599
139,233
17,949
3,615
101,268
8,500
20,209
10,535
35,139
87

176,460
20,313
193,942
4,328
5,000
78,882
12,600
19,943
2,399
27,843
818

487,396

393,007

542,790

901,586

597,414

542.528

guatications o

ustmess Activitg

The State of Trade-Commercial Epitome.
Friday Night, Mar. 16 1923.
General business in the United States is pushing ahead
towards the maximum limit, in spite of bad weather and a
shortage of labor, transportation and raw materials. The
weather has hampered business all over the country after a
remarkable winter. There have been heavy snows at the
West and big rains here in the East and over much of the
South, while in the Far Southwest it has been unseasonably
cold. Nevertheless, trade is forging ahead under the impetus of a big consumption. Retail business has been affected to some extent at the West, East and South by bad
roads. But this is only a passing phase. And the rains and
snows have, of course, been beneficial for the winter growing crops. They have, it is true, hampered field work in the
cotton belt and elsewhere, and cotton planting is probably
somewhat behind in parts of Texas and the Atlantic States.
Industry meantime is straining at the leash. It is held back
by lack of labor, cars, etc., as already intimated. But for
this, transactions would be far larger. Yet, even as the case
stands, car loadings are the largest for three months past.
Remarkable as it sounds, steel production is up to the peak
of war times. This is not so strange, however, considering
the fact that the troubles in the Ruhr Basin are reacting on
all Europe and forcing Europe to buy steel, iron, coal and
coke in this country. So greatly has the coal output fallen
off in the Ruhr that some 57 French and Belgian blast fur-




1115

naces have had to stop, as well as about 40 German furnaces.
Itis well to keep this in mind.
Reports that there may soon be a rapprochement between
France and Germany at the instance of powerful industrialists in Germany are not difficult to understand. Business
men are very practical about such matters. They believe in
getting together. Getting together means an agreement of
some kind. France professes its readiness to consider German proposals, and it would not be at all surprising if conferences should be held in the near future looking to a settlement of the whole difficulty. In London the feeling seems
to be hopeful in regard to the Ruhr outlook. To-day some of
its business men had rumors of a cheerful sort regarding
Ruhr peace conversations. London newspapers have intimations of an encouraging kind. And to-day at one time
francs were higher here and at London with big transactions. Meanwhile Germany is buying steel in England and
in this country on a considerable scale. Also, Germany and
other Continental countries have been buying coal in the
United States. In one week Hampton Roads sold 65,00(/
tons to foreign buyers. Italy has been taking American
coal also, as well as the Baltic ports. French furnaces have
to use American coke. The coal charters at American ports
for Europe during the past week have been very large at
rising freight rates. It is a sign of the times. The storm
centre of it all is the Ruhr. Within a day or two, however,
the European demand for coal has fallen off in the American markets. Whether any special significance attaches to
this or not remains to be seen. Sales of coke to Germany
and other Continental countries are believed to have been
very large this week at a sharp advance in prices.
The export trade in coal, coke, iron and steel, in other
words, is steadily rising. It means that consumption, foreign and domestic, is treading closely on the heels of American production. Meanwhile building goes on at a remarkable pace, despite labor scarcity and rising costs of everything else. As to labor in the building trades and the regrettable smallness of the supply, a rather curious and possibly significant development here is that the so-called
"white collar man," I. e. the clerk, is making a new move. He
finds that manual labor brings much larger wages than
clerical. So the "white collar" man is himself turning to
manual labor at a time when the building trades suffer from
a scarcity of labor. Office workers, shipping clerks and
salesmen have within the last few months, it is stated, grappled with the wage problem man fashion. They refuse to
handle the pen when the trowel or the shovel, the saw or
the hammer pays far better. This movement is not confined to New York. It is said to be widespread. The West
Side Y. M. C. A. here has opened classes in plumbing, bricklaying, tile setting, plastering, etc. The result is almost
spectacular. The classes are thronged. A hundred or more
applicants have had to be turned away. The new recruits
start at the bottom as good bricklayers do. But they will
be apt pupils. The Knights of Columbus, it appears, are
training thousands throughout the country. The building
labor shortage may perhaps be met in this novel and unexpected way and costs ultimately reduced and the greatly
needed new homes and business buildings supplied. In
other words, the labor question is one that is uppermost in
American trade. The South is said to be gradually losing
not a little of its negro supply. The rest of the country is
losing by the absurd restrictions on immigration.
Export sales of wheat and rye have latterly increased very
noticeably. Within 24 hours it is said that some 2,000,000
bushels or more of Manitoba, durum and hard winter American wheat have been sold to Europe. And during the past
week there were reports that upwards of 1,000,000 bushels of
rye had been sold for the same market, as well as more or
less corn. The cotton exports lag somewhat, but on the
other hand, this country has no great amount of cotton to
spare for Europe. As it is, the world is supposed to be using up about 1,000,000 bales of American cotton a month.
This threatens to reduce the supply to a rather remarkably
small total, though as a matter of fact it cannot continue,
under ordinary conditions of trade; it would force prices up
to a point where consumption would be checked automatically. Prices of grain and cotton are higher. Commodities
in general have advanced. But conservative interests do
not regard the present condition of trade in the United States
as showing inflation. It is rather a replenishment of badly
depleted stocks in spite Of such handicaps as a shortage of
labor, transportation and raw material, all of which are in
a sense artificial and due very largely to the exactions of

1116

THE CHRONICLE

labor and the ban put upon immigration, with the inevitable
result of extraordinary labor costs. In England trade apart
from the textile industries is gradually improving, but the
regrettable thing is that in Germany business is in a bad
way, that Russia is still called economically moribund, that
Turkey and the Near East are out of the running, that Europe has not only lost in population, but to all appearances
In individual producing power, for reasons which are not
'
far to seek.
In this country the great drawback, apart from the regrettable and needless labor scarcity and high costs, is the fact
that the farmer is still to a certain ertent out of it. A grim
reminder of the grain farmer's unfortunate position between the upper and nether grindstone of low prices for his
products and the high cost of what he buys is seen in the
statement by the Department of Agriculture at Washington
that there is a decline in the average value of plowed lands
of the United States compared with last year. The average
value per acre on March 1 this year was $66 53, against
$69 8.9 on the same date last year, $8378 in 1921 and $9001
In 1920. By States, the largest decrease in acre value from
the three-year period $66 was shown in Iowa. Illinois was
second on the list with a drop of $44 and Indiana third with
$37.
At Fall River to-day the Textile Council made a formal
demand on the owners of the cotton mills of that city for a
wage increase of 15% to take effect on April 2. This affects
36,000 workers in 111 mills there. The United Textile Workers of America, another labor organization, several weeks
ago demanded an increase of 29%. The two labor organizations, it is believed, will fight each other for control of the
impending strike. That may mean a way out for the mills.
A strike has been voted by the members of the two labor organizations without, however, setting a date for it. The
Fall River Cotton Manufacturers' Association, to which
-their demands have been addressed, refused to comply and
added that they would close their mills rather than grant
any increase. The Pall River municipal authorities are
making arrangements to meet a strike. Mill owners say
that the increase could not be met at this time. The Textile
Council membership is the more numerous of the two labor
organizations. Lawrence, Mass., wired that a demand will
be made for a wage increase there also by the mill workers
affiliated with the United Textile Workers, though no date
has been set. Fall River reported early in the week that
mills refused to accept business offered, owing to the fact
that a wage readjustment was expected. Higher production
costs would naturally raise mills' asking prices. Several
large cotton mills in Rhode Island, it is said, have advanced
wages 10 to 20%. The Rhode Island House has passed the
48-hour bill and it now goes to the Senate.
Pickets from the Associated Silk Workers have been stationed to induce new weavers employed by the Lawrence
Bros. Silk Co., whose workers went out on strike, to leave
their jobs. Officials of the company anticipate no further
curtailment, as the new workers are satisfied with conditions. The strike was called, it is stated, because the company, having insufficient orders on hand, refused to grant
the union's demands that all looms be kept in operation anyhow. The company has been paying high wages, but evidently wants no drones in the hive.
Over last Sunday there were heavy rain, sleet and wind
storms at Chicago and West and Northwest, causing wire
trouble as far as Minneapolis, Kansas City and Omaha.
Wires to Buffalo worked poorly. The cyclone that swept the
Mid-west and the South, including Kentucky and Tennessee,
was a blizzard in some sections. Kentucky and Tennessee
suffered most. But Ohio, Mississippi and Arkansas did not
escape by any means. In fact, on Mar. 12, the anniversary
of the historic blizzard of 1888, there was a violent storm in
six Western States, with wind, rain and in some cases snow,
and a wind blowing 60 to 80 miles an hour, killing 42 persons
through the overturning of houses, etc. Property damage
was very large. On the 15th Omaha, Neb., had the worst
snow storm and blizzard in its history. It was general in
eastern Nebraska and western Iowa. To-day heavy gales
prevftiled in various parts of the country. They caused
death to eight persons and injuries to 50 more, in Mississippi. Rochester and Syracuse were hard hit. In this city
the wind reached 75 miles an hour and sheets of rain swept
the streets. Windows were blown in and people were thrown
off their feet. Messenger service companies for a time, it is
said, refused to send boys out in the gale. Twelve persons
were injured by the wind storm at Rochester. Fifty win-




[VOL. 116.

dows were smashed in at Buffalo by a 70-mile gale and
heavy rains. Wire communication was crippled there. The
temperature here was mild, reaching 54 degrees by noon, but
the forecast for to-night and to-morrow is for colder weather.
To-night it is still raining here, with fog on the rivers and
the bay.
Loading of Railroad Freight the Heaviest on Record.
Loading of revenue freight during the week which ended on
March 3 last, according to the Car Service Division of the
American Railway Association, totaled 917,896 cars, the
greatest number loaded during any similar period at this
season of the year in the history of the railroads. The total
for the week exceeded the corresponding week last year by
124,781 oars and exceeded the corresponding week in 1921
by 206,529 cars. Compared with the preceding week this
year, which, however, contained a holiday, Washington's
Birthday, it was an increase of 87,673 cars. Car loadings
during the week of March 3 were the heaviest for any week
since Dee. 9 1922 and indicates a stimulation in business
unprecedented for this time of year.
Tha 900,000 car loading mark was not reached in 1922, it
is stated, until the week of Sept. 2, while in 1921 it did not
occur until the middle of October. In 1920 when freight
traffic was the heaviest in the history of the nation, the
900,000 mark was not exceeded until the middle of June.
The increase in loadings compared with the week before was
due principally to increased shipments of coal and merchandise and miscellaneous freight, which includes manufactured products, although increases over the week before
were reported in the total loading of all commodities. The
following additional details are given:
Loading of merchandise and miscellaneous freight totaled 543.752 cars.
60,034 cars in excess of the week before. Compared with the same week
last year this was an increase of 83,671 cars, and with the same week in
1921 an increase of 111.042 cars.
Coal loadings totaled 193,551 cars, an increase of 15,094 cars above the
week before. Due to increased shipments caused by threats of a coal miners' strike last year, this was a decrease of 2,419 cars under the corresponding week in 1922, but an increase of 51.803 cars over the corresponding week in 1921.
A new record for forest products was established during the week, when
loading totaled 76,131 cars, the greatest for that commodity for any one
week in history. This was not only an increase of 6,240 cars over the week
before, but an increase of 29,128 cars over the same week last year, and an
increase of 24,651 cars over the same week two years ago.
Loading of grain and grain products amounted 10 44.967 cars, 4,603 cars
in excess of the preceding week. Although this was a decrease of 4.115
cars under the corresponding week last year. it was an increase of 3.082
cars over the corresponding week two years ago.
.
Live stock shipments also showed an increase over the week before of 350
cars, which brought the total to 32,810 cars. This not only exceeded the
corresponding week last year by 4,907 cars, but also exceeded the same week
in 1921 by 4,386 cars. In the western districts alone 25,020 cars wore
loaded with live stock during the week, a gain over the corresponding week
last year of 4,379 cars.
Coke loading totaled 16,138 cars, 1,225 cars above the previous week.
Compared with the same week last year, this was an increase of 7.780 and
with the same week in 1921 an increase of 8,452 cars.
Ore loading totaled 10.547 cars, 127 cars in excess of the week before.
Compared with the corresponding week last year this was an increase of
5,829 and with the corresponding week in 1921 an increase of 3,113 cars.
Compared by districts, increases over the week before in the total loading of all commodities were reported in all districts, while the Pocahontas
was the only district which failed to show an increase over the corresponding week last year. Comparisons also showed that all districts except the
Southwestern showed increases over the corresponding week in 1921.

Building Operations of Unexampled Dimensions.
February fig.ures for the principal cities of the country
indicate that a building boom of unprecedented proportions
exists over the greater part of the country, outstripping some
of the most sanguine predictions made during the opening
weeks of the year. The monthly building survey of S. W.
Straus & Co. for February shows an approximate total of
building permits for the whole country of $340,000,000.
Detailed official reports submitted to S. W. Straus & Co.
by the building departments of 179 principal cities, show a
total for February of $226,123,290. The same cities in
February 1922 had a total of $153,675,445, an increase of
$72,447,845, or 47%. One of the outstanding features of
the survey is the gain of 96% shown in the Central West.
In the Pacific West, the gain was 52%; in the East, 333.%,
and in the South 10%.
During the month structural steel, says the firm, has
shown a marked advance in price, while other important
building materials practically all show indications of rapid
approaching advances. The market, as in January, remained firm with many materials, according to stocks in
the hands of dealers, activity of local building operations and
the outlook as regards production and transportation
facilities. The demand for lumber as well as for many other
basic building materials now exceeds production. This

T H 141 CHRONMLE

MAR. 17 1923.]

condition is in spite of increased schedules of production of
1922. If building operations continue at the present rate
and the demand for material increases proportionately an
inevitable increase of prices generally is looked for.
The labor situation is not alarming in any particular, but
in certain localities it is growing more and more acute as the
demand for workmen holds strong or increases. The
tendency of wages for the country at large is upward.
Builders in numerous cities are figuring on a probable increase
of wages in nearly all trades, the firm avers. From no quarters an abundance of either skilled or common labor reported.
Wage agreements are pretty well signed up in the important
centres.
Fall River Textile Workers Ask 15% Wage Advance.
Prospeots of a strike in the cotton mills of Fall River,
probably the largest textile mill centre in New England,
appeared yesterday (March 16) when one of the workers'
organizations made formal demand on the owners of mills
for a wage increase of 15% to take effect April 2. The
demand was presented by the Textile Council, the dominating organization in the Fall River District. Wage
increases have been granted recently in various manufacturing industries, but there seems to be no certainty
at the present time that the textile manufacturers in Fall
River will yield to the workers' demands in this instance.
With regard to the action of the Textile Council, press dispatches yesterday had the following to say:
The Textile Council made formal demand to-day on the owners of the
cotton mills in this city for a wage increase of 15%. April 2 was set as
the date when the advance should take effect.
This demand of the Textile Council, which represents six craft unions,
places approximately one-half the 36.000 workers in the 111 mills here
back of a wage increase demand. The United Textile Workers of America
several weeks ago made a demand for an advance of 29%•
A strike to support the demand has been voted by the constituent
members of each organization. Neither has set a date for such walkout.
however.
The Fall River Cotton Manufacturers' Association, to which the demands have been addressed, turned down that of the United Textile
Workers with the statement that the owners would close their mills rather
than grant any increase.
Preparing for a Strike.

1117

Retail Cost of Food in Leading Cities—Decreases and
Increases.
The U. S. Department of Labor, through the Bureau of
Labor Statistics, has completed the compilations showing
changes in the retail cost of food in 22 representative cities
of the United States. During the month from Jan. 15 to
Feb. 15 1922, all of these cities showed a decrease. They
were as follows: Salt Lake City, 3%; Denver, Philadelphia,
San Francisco, Scranton, 2%. Fifteen cities decreased 1%.
Baltimore, Boston, Butte, Little Rock, Manchester, Memphis, Milwaukee, Norfolk, Omaha, Pittsburgh, Portland
(Me.), Providence, St. Louis, St. Paul, and Washington,
D. C. Dallas and Kansas City decreased less than fivetenths of 1%.
For the year period, Feb. 15 1922 to Feb. 15 1923, 14 of
these cities showed increases. Pittsburgh, 4%; Denver,
Little Rock and Portland, Me., 3%; Boston, Kansas City
and Providence, 2%; Baltimore, Butte, Dallas, Milwaukee,
St. Louis, and St. .Paul, 1%. Philadelphia increased less
than five-tenths of 1%. Eight cities showed a decrease, as
follows: Omaha,Salt Lake City and Scranton, 2%; Memphis
and Washington, D. C., 1%; Manchester, Norfolk and San
Francisco decreased less than five-tenths of 1%.
As compared with the average cost in the year 1913, the
retail cost of food on Feb. 15 1923 was 50% higher in Providence and Washington, D. C.; 49% in Scranton; 48% in
Baltimore; 47% in Boston; 45% in Philadelphia; 44% in
Manchester and Pittsburgh; 42% in Dallas, Milwaukee and
St. Louis; 39% in Kansas City; 37% in Little Rock, Omaha
and San Francisco; 35% in Memphis; 31% in Denver, and
21% in Salt Lake City. Prices were not obtained from
Butte, Norfolk, Portland, Me., and St. Paul in 1913, hence
no comparison for the 10-year period can be given for these
cities.
Steel Furniture Shipments Increasing.
Shipments of steel furniture stock goods by manufacturers showed continued growth throughout 1922, according
to figures published by the Department of Commerce
from a compilation by the Bureau of the Census in co-operation with the National Association of Steel Furniture
Manufacturers. The shipments in December 1922 were
the largest in over two years. January shipments were
only 1% less than December and amounted to $1,362,470.
Statistics from 22 manufacturers, comprising practically the
total output of steel furniture stock goods, show that the
year 1922, with total shipments of $12,928,026, was the
second best year since the war, being exceeded only by the
record, $17,659,303, shipments of 1920. The largest shipments occurred in September 1920, with a total of $1,730,393,
while the lowest record was in June 1919, at $690,855.
There has been a steady increase each month since August
1922 in these shipments, which include sections, counters,
office and vault verticals, safes and interiors, desks and tables and small miscellaneous articles, exclusive of shelving
and lockers. The following table gives the value of the
monthly shipments of steel furniture stock goods since
January 1919:

Municipal authorities are making arrangements to meet a strike, Mayor
Talbot having called in the State Board of Conciliation and Arbitration
with notification that a strike was seriously threatened and invoked the
Board's efforts by mediation to avert the action.
The Textile Council also requested the Manufacturers' Association to
arrange a conference at "an early date" for the purpose of discussing
the question of wages.
With the mill owners persisting in their declaration that demands for
wage increases could not be met at this time, the Textile Council met last
night to formulate a communication to the Manufacturers' Association.
This communication serves as a wage demand and to establish the lines for
a fight for control Of a strike for which both the Textile Council leaders
and those of the United Textile Workers of America are preparing.
The Textile Council has long acted as general organization representative
of the cotton mill operatives here and has dealt with the manufacturers as
such. The United Textile Workers of America,under the lead of President
Thomas F. McMahon. in recent months has increased its membership and
now challenges the Textile Council for control.
Estimates of the relative strength of the two organized groups vary. It
is agreed, however, by all interested that the Textile Council outnumbers
the United membership. The latter has its strength principally among the
doffers, spinners and third hands, with the stationary firemen and mill engineers joining with them on the issue of a 29% demand. The Textile
Council's strength is spread out among six craft unions.
President McMahon of the United Textile Workers of America announced
Shipments of Steel Furniture Stock Goods.
to-day that on Sunday ho would call a conference of workers and manufac19221919.
Month—
turers in Fall River, Mass., where the Textile Council to-day made a formal January$812,121
$983,834
1;500
$11
.9
13
26
$1,254,912
demand for a 15% wage increase.
967.125
1,078,336
February
1 ,195,233
707,634
"If the manufacturers refuse to meet our representatives, I will immedi- March
1,087,228
998,194
1,513,014
743,747
ately consider the calling of a strike," he said. "I have been empowered April
1.058.382
994.339
781.252
1.095,080
by the executive council of the workers to act as I see fit in the Fall River May
1,056,735
1.018,189
1,603,868
816,414
situation."
1.015,463
922.318
June
1.673,422
690,855
Thomas Goodwin, Secretary of the Textile Council, made this statement: July
945,768
817.829
1,534,995
731.578
"At a meeting of the Textile °carnal held last night, it was voted that August
943,087
793.281
958,114
1,718,657
we request an advance of 15% on the present rate of wages, to go into September
1,062,495
782,053
1,730,393
1.088,685
effect on Monday. April 2 1923.
1,227,447
October
871,012
1,721,812
1 ,057,871
"It was further voted that we ask for a conference on the subject at an November
1,204,310
890,362
1,360,638
1,119,280
early date."
1.376.152
December
1,027.417
1.257,279
1.387.652
James Tansey. President of the Council, and also President of the
American Federation of Textile Operatives, embracing a union membership
Total
$10,895,203 $17,659,303 $11,327,830 $12,928.026
in this city of approximately 7,000, declined to make any statement.
January 1923 shipments were $1 362,470.
Charles E. Smith, Secretary of the Manufacturers' Association, on
receipt of the communication from the Secretary of the Textile Council,
Locomotive Shipments Decline, Orders Increase.
called a meeting of the Executive Committee of the Association. He said
the manufacturers might issue a statement later.
principal
Shipments

Lower House in Rhode Island Adopts Forty-Eight-Hour
Bill.
The Rhodo Island House on March 13 passed the so-called
Lavender 48-hour bill, the vote being 70 to 21. Many of
the textile mills in Rhode Island, which made a strenuous
fight against adoption of the measure, are now working on a
54-hour week, it is said, and the bill, if passed by the Senate,
will have an important effect on their operations.




of railroad locomotives from the
manufacturing plants declined slightly in February, according to figures published by the Department of Commerce
from compilations by the Bureau of the Census. Unfilled
orders, however, reached a new high record at 2,220 locomotives at the end of February, an increase of 432 during
the month. Both shipments and unfilled orders on foreign
account continue to decline and now form but a small proportion of the total. The following table compares the
February 1923 figures with the previous month and with
the corresponding month last year, in number of locomotives:

ShipmentsDomestic
Foreign
Total
Unfilled OrdersDomestic
Foreign
Total

(VoL. 116.

THE CHRONICLE

1118
February
1923.
196
11
207

January
1923.
217
12
229

February
1922.
40
4
44

2,141
79
-2,220

1,699
89
1,788

173
66
239

49,804 of linters in January this year, the Bureau announced.
The statistics of cotton in this report are given in running
bales, counting round as half bales, except foreign bales,
which are in equivalent 500-pound bales.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)

Locality.

Postal Receipts for Fifty Industrial Cities.
Ten of the 50 industrial cities reported increases in postal
receipts for February of more than 20% over the same month
of last year, according to figures compiled by the Post Office
Department on March 9. The average gain, 11.51% over
February 1922, is the second greatest increase for this list of
cities in the last eight months. The Department's statement
also says:

Cotton
Spindles
Active
Year
In
In Public During
Seven
Months Consuming Storageand February
Pebruaty. ending
at Com- (Number).
Feb. 28. ment...a m 85883. X
Cotton Consumed
During (Bales)-

Cotton on Hand
Feb. 28 (Bale-s)-

United States
1923 *566,924 *3,839,903 *2,201,903 *3,804,494 35,307,707
United States
1922 472,336 3,483,993 2,201,903 4,214,862 33,755,359
Cotton-ti owIngStates 1923 356,315 2,440,910 1,253,164 2,489,335 16,934,743
Cotton-growIngStates 1922 302,020 2,124,380 796,789 3,833,220 15,621,269
All other States
1923 210,609 1,398,593
768,739 315,159 19,272,964
All other States
1922 170,316 1,359,613
798,453 381,662 18,134,090
x Stated in bales.
* Includes 32,862 foreign, 4,477 Am. ER. and 456 Sea Island consumed, 92,906
foreign, 16,091 Am. Eg. and 3,004 Sea Island in consuming establishments, and
81,700 foreign, 27,094 Am. Eg. and 4.875 Sea Island in public storage.
Linters not included above were 77,611 balm consumed during Feb. 1923 and
Pueblo, Colo., jumped to the head of the list of "best sellers" among
post offices in producing centres not included in.the monthly report for 42,742 bales In 1922; 156,054 bales on hand in consuming establishments on Feb. 28
1923
and 177,656 bales in 1922; and 44,167 bales in public storage and at compresses
selected larger cities, showing an increase of 47,87%; Charleston, W. in 1923
and 121,357 bales in 1922. Lintels consumed duting the seven months
Va., followed second with a boost of 31.33%. The other eight industrial ending Feb. 28 amounted to 384,679 bales in 1923 and 371,712 balm in 1922.
centres reporting increase of more than 20% are: Topeka, Kan., third,
Imports and exports not available.
28.94%; Springfield, Ohio, fourth, 27.55%; Waterbury, Conn., fifth
27.19%; Harrisburg, Pa., sixth, 28.94%; Bridgeport, Coign., seventh,
22.46%; Lexington, Ky., eighth,22.43%; Fargo, No. Dak., ninth, 21.02%;
South Bend, Ind., tenth, 20.35%.
Waterbury and Bridgeport, Conn., are centres of the brass industry
and South Bend is important for its production of farm machinery.
Tabulated figures of February receipts in the fifty industrial cities
The Week with the Federal Reserve Banks.
follow:
Aggregate increases of $47,900,000 in earning assets, of
Statement of Postal Receipts of Fifty Industrial Cities for the Month of
which $41,600,000 represent an increase in discounted bills
February 1923.
P. C. and $6,500,000 an increase in acceptances purchased in open
1923
market, are shown in the Federal Reserve Board's weekly
Over
1922. consolidated bank statement issued as at close of business
Increase.
OfficesFebruary 1923 February 1922
Springfield, Ohio
$153,481 18 $120.320 49 $33,160 69 27.55 on March 14 1923, and which deals with the results for the
90,663 25
8,759 67 9.66
Oklahoma, Okla
99,422 92
87,895 83
10,654 75 12.12 twelve Federal Reserve Banks combined. All Reserve
Albally, N. Y
98,550 58
9.40 banks, except those of Atlanta and San Francisco, report
70,998 86
6,675 89
Scranton, Pa
77,674 75
65,995 50
17,789 95 26.94
Harrisburg,Pa
83.785 45
larger holdings of discounted bills than the week before,
6.97
68,254
26
4,755
65
San Antonio, Texas_ __ _
73,009 91
68,728 26
3,933 74 5.72 the increases being greatest at the Boston, New York,
Spokane, Wash
72.662 00
67.004 41
11,671,50 17.42 Philadelphia and Cleveland banks. Deposit liabilities show
78,675 91
Oakland, Calif
71.551 28
14,054 86 19.64
Birmingham,Ala
85.606 14
71,178
46
20,605
59 28.94 a commensurate increase of $52,900,000, while Federal note
Topeka, Kan
91.784 05
61,097 54
8,09366 9.98 circulation declined by $13,400,000. Cash reserves fell off
Peoria, 111
67,191 10
53.511 09
4,490 85 8.39 $4,700,000, and the reserve ratio declined from 76.2 to
Norfolk, Va
58,001 94
53,172 05
2,210 53 4.15
Tampa, Fla
55,382 58
8.68 75.4%. After noting these facts, the Federal Reserve
61.623 54
5,34994
Fort Wayne, Ind
66,973 48
59,925 01
4,33968 7.24 Board proceeds as follows:
Lincoln, Neb
64,264 69
46.562 50
8,713 96 18.71
Duluth, Minn
55,276 46
Gold reserves show a reduction for the week of $5,300,000. Moderate
56,627 77
10,340,30 18.25 shifting of gold through the gold settlement fund
Little Rock, Ark
66,968 07
accounts partly for the
52,396 90
4,825 90 9.20 changes in gold reserves reported by the
Sioux City, Iowa
57,222 80
individual Reserve oanks. New
46,542 70
10,455 26 22.46 York reports an increase of $10,500,000, San
56,997 96
Bridgeport, Conn__,
Francisco an increase of $5.40,379 62
7,656 90 18.96 800.000, Atlanta an increase of $4.300,000 and St.
48,036 52
Portland, Me
Louis an increase o
43,102 67
2.17 $2,200,000.
939 95
St. Joseph, Mo
44,042 62
other Reserve banks show decreases for tne week to their
53,603 60
282 44
.53 gold reserves-Philadelohla by
53,886 04
Springfield, Ill
$7,500,000, Boston by $5,500,000, Cleve39,612 44
2,488 28 6.28 land by $4,500.000 and the remaining
42,100 72
Trenton, N J
five banks by. $10,600,000.
40,627 30
1,493 09 3.68
42,120 39
Wilmington, Del
Holdings of paper secured by Government obligations increased during
41.471 57
4,793 12 11.55 the week from $330,100,000 to
46,26469
Madison, Wls
$361,300,000. Ofthe total held on March 14
39,372 17
8,014 76 20.35 3197,500,000, or 54.7%, were
47,386 93
South Bend, Ind
secured by U.8. bonds; $2,900,000. or 0.8%.
45,896 76
*2,769 77 *6.03 by Victory Notes;
43,126 99
Charlotte, No. Caro
$155,400,000, or 43%,by Treasury notes, and $5,500,000,
37.291 68
927 16 2.45 of 1.5%, by Treasury
38,21884
Savannah, Ga
certificates, compared with $152,100,000, $2,100,000.
36,867 62
6,13230 13.92 3165,600 000 and
41.999 92
Cedar Rapids, Iowa...
$10 300 000 reported the week before.
30,946 24
9.694 82 31.33
40,641 06
Charleston, W. Va-The statement in full in comparison with preceding weeks
37,563 14
3,028 06 8.06
40,591 20
Knoxville, Tenn
40,418 14
1.16480 2.85 and with the corresponding date last year will be found on
41,572 94
Schenectady, N. Y---26,518 02
4,237 15 15.98 subsequent pages,
30,755 18
Lynn, Mass
namely pages 1152 and 1153. A sum31,377 33
2,37644 7.57
33.753 77
Shreveport, La
25,073 52
3,051 89 12.17 mary of changes in the principal assets and liabilities of the
28,125 41
Columbia,So. Caro__ _ _
30.203 18
6,349 57 21.02 Reserve banks on March 14 1923, as compared with a week
36,552 75
Fargo, No. Dak
21,831 54
2,520 91 11.54
24,352 45
Sioux Falls, So. Dak
and a year ago, follows:
22,249 23
6,050 03 27.19
28,299 26
Waterbury, Conn
Increase (-I-) or Decrease(-)
17,887 93
8,559 88 47.87
26,447 81
Pueblo, Colo
Since
20,686 18
*135 30 *0.65
20,550 88
Manchester, N. H
Mar. 7 1923. Mar. 15 1922.
19,543 46
4,384 59 22.43 Total reserves
23,928 05
Lexington, KY
000
+95 200 000
-4
700
18,626 78
3,466 81 18.61
22,093 59
Phoenix, Ariz
Gold reserves
--5 300 000 +102 300 000
17,732 73
1,594 47 8.99 Total earning assets
19,327 20
Butte, Mont
+47,900.000 -94 300,000
16.344 62
921 36 5.63
17,265 98
Jackson, Miss
Discounted bills, total
+41.600,000
+21,300,000
14.867 21
1,599 92 10.76
16,467 14
Boise, Idaho
oecured by J. a. Government obligations +31,200,000 +132,200,000
13,337
30
53
1,312
23
14.649
9.84
Burlington, Vt
Other bills discounted
+10,400,000 -110.900,000
10,876 97
11 79 0.11
10,888 76
Cumberland,Md
Purchased bills
+6,500,000 +138,100,000
11,781 34
10,639 76
*1,141 58 *9.69
Reno, Nev
United States securities, total
-200,000 -253,600,000
10,865 75
1,09726 10.10
11,963 01
Albuquerque, N. Mex-Bonds and notes
+2,700,000 -54,400,000
8.913
32
44
9.260
12
347
3.89
Cheyenne, Wyo
U. S. certificates of indebtedness
2,900,000 -199,200,000
Total deposits
+52,900,000
+82,300,000
32.418,241 80 $2,139,919 06 $278,322 74 11.51
Total
deposits
Members' reserve
+53,000,000
+87,200,000
deposits
Government
+3.700,000
+25.600,000
* Decrease.
Other deposits
Percent of Increase.
3,800,000 -30,500,000
Federal Reserve notes in circulation
-13,400,000
+54,300,000
November 1922 over November 1921
9.13%
F. R. bank notes in circulation-net liability_ -200,000 -75,400.000
7.78%
December 1922 over December 1921
1922
18 14%
January 11 3 over January

Current punts and glisrussians

The Week With the Member Banks of the Federal
Census Report on Cotton Consumed and on Hand,
Reserve System.
also Active Spindles and Exports.
Net liquidation of $82,000,000 of loans secured by stocks
Under date of March 14 1923 the Census Board issued its and bonds, and of $10,000,000 of loans secured by Governregular preliminary report showing cotton consumed, cotton ment obligations, as against an increase of $88,000,000 in
on hand and active cotton spindles for the month of February all other., largely commercial, loans and discounts, is shown
1922 and 1923 and the seven months ending with February. in the Federal Reserve Board's weekly consolidated stateCotton consumed amounted to 566,924 bales of lint and 'ment of condition on March 7 of 777 member banks in
77,611 of linters, compared with 472,336 of lint and 42,742 leading cities. Liquidathin of paper secured by stocks and
of linters in February last year, and 610,375 of lint and bonds was confined almost entirely to member banks in




MAR.'17 1923.]

THE CHRONICLE

New York City, which report reductions of $97,000,000 in
this class of paper and of $5,000,000 in paper secured by
Government obligations, as against an increase of $49,000,000
in commercial loans and discounts. There has been an
almost continuous increase in commercial loans since the
beginning of the year amounting to over $263,000,000, as
against a reduction for the same period of about $226,000,000
in loans secured by Government and corporate obligations.
It should be noted that the figures of these member banks
are always a week behind those of the member banks themselves.
Investments in Government securities show an advance
of $12,000,000 for the week, as against a nominal change
only in the holdings of corporate securities. Loans and
investments of all reporting institutions were about $8,000,000 larger than the week before, while those of the New
York City banks show a decline of $31,000,000. Practically
no change is shown in Government deposits; net demand
deposits fell off $139,000,000, while time deposits show a
gain of $80,000,000. Member banks in New York City
report a reduction of $150,000,000 infdemand7depositsjand
a gain of $62,000,000 in time deposits. Further;comment
regarding changes shown by these member banks is as
follows:

1119

The statement of Mr. Crosby, made to the Associated
Press, and printed in the New York daily papers on March
10 cited one incident, that of Russsia, "which might have
given rise to the misapprehensions" in Lord Balfour's last
statement. The latter was given in these columns a week
ago, page 998. Referring to the controversy between Lord
Balfour and Ambassador Harvey, Mr. Crosby, who discussed
war loans with Lord Balfour when the latter came here in
1917 as head of the British High Commission, and who later
served in Europe as President of the Interallied Council on
War Purchases and Finance, declared he could recall but one
incident on which the "misapprehension" might be based.
This incident, he said, was the granting to Russia of "a relatively small loan" of $170,000,000 on British endorsement,
at a time when Russia was represented here only by a Charge
d'Affaires holding over from the Czarist regime, with no
authority to sign obligations for the Provisional Government of Russia. Mr. Crosby admitted, however, that this
loan had been left to the charge of Great Britain. Referring
to the Russian loan, Mr. Crosby said that the situation
seemed "to have been so dominated by British influence
that Secretary McAdoo felt it was wise to leave the account
as we found it. We knew nothing of the quid pro quo which
might have existed between. the endorsing Government,
Great Britain and Russia." Mr. Crosby's statement is
given as follows by the Associated Press:

Borrowings of toe reporting institutions from the Reserve banks declined
from $386,000,000 to $372,000,000, or from 2.4 to 2.3% of their tota
"I can recall but one incident which, remaining in Lord Balfour's mind.
loans and investments. For the New York City members a decrease
from $151,000,000 to $149.000,000 in the borrowings from the loco.. Reserve may have given rise to the misapprehensions appearing in his last statement.
bank and from 2.9 to 2.8% in the ratio of these borrowings to total loans It occurred while Lord Balfour was in Washington, and discussion concerning it was had, in part, with him.
and investments Is noted.
"Shortly after our entrance in the war it became my duty to obtain a stateReserve balances of the reporting banks show a reduction of $5,000,000,
while their cash in vault increased by about $7,000,000. Corresponding ment of the commitments of the various Allied Governments for materials
changes from member banks in New York comprise a decrease of $30,000.- under contract in the United States. This statement was had from .1. P.
Morgan & Co.. who were acting as fiscal agents for Great Britain and other
000 in reserve balances and an increase of about $1,000,000 in cash.
On a subsequent page—that is, on page 1153—we give the Allies.
"Secretary McAdoo had not waited for this report before making loans
figures in full contained in this latest weekly return of the under the Act of Congress approved April 24 1917. With his usual promptitude
he had the President's approval for a loan of 3200.000,000 to Great
member banks of the Reserve System. In the following is
Britain, made
April 25. This was followed by large advances directly
furnished a summary of the changes in the principal items made to Franceonand
Italy as soon as the money could be found and before
as compared with a week and‘
the
First
Liberty Loan was floated.
it year ago:
"Meanwhile,
it
was
clear that we should know how much we were exIncrease (-I-) or Decrease (—)
pected to raise for our associates to cover their needs in the United States.
Feb. 28 1923.
Mar. 8 1922.
Loans and discounts—total
—$4.000,000 +$739,000,000 When the Morgan statement above mentioned was received, I reported to
Secured by U. S. Govt. obligations
—10,000,000 —147,000.000 the Secretary that it showed about $170,000.000 of contracts for deliveries to
Secured by stocks and bonds
—82,000,000
+607,000,000 Russia, but with British endorsement. Russia was at that time represented
All other
+88.000,000
+279,000.000 only by a charge d'affaires holding over from the Czarist regime. He had
Investments, total
+12,000,000 +1.072.000.000 no authority then to sign obligations for the Provisional Government of
U. S. bonds
—2,000,000
+459,000.000 Russia. Secretary McAdoo could not lend money without having corresU. S. Victory notes and Treasury notes_ _ +43,000,000
+522,000.000 ponding obligations o.the borrowers.
As soon as the necessary authority was given,loans were made directly to
Treasury certificates
—29,000,000
—35,000.000
Other stocks and bonds
+126,000,000 the new Russian Government without endorsement of any other GovernReserve balances with F. R. banks
—5.000,000
+99.000.000 ment. The program of purchases for Russia, both in the United States and
Cash in vault
+7,000,000
+7.000.000 Great Britain. had been made out by a Commission sent ot St. Petersburg
Government deposits
—178,000.000 under the leadership of Lord Milner. While the commitments of the big
Net demand deposits
—139,000,000 +1,051,000.000 belligerents were at once taken over by them from loans made directly to
Time deposits
+80,000,000
+751,000,000 them, this one, just mentioned, for Russia, was left to the charge of Great
Total accommodation at F. 11. banks
—14,000,000
+116,000,000 Britain.
"There was no discussion as to British responsibility for the purchases here
of the other Allies. But as to
Russian affair, it seemed to have been so
Former Secretary McAdoo Refutes Lord Balfour's dominated by British influencethis
(necessary, doubtless, in the confusion of the
time) that Secretary McAdoo felt it was wise to leave the account as we
Statement Concerning Allied Debt Guarantees
found it.
Sought by U. S.—Oscar T. Crosby Recalls but
"I remember the discussion very well, and assume my small share of reOne Incident (Russia) on Which Misappresponsibility, as the one in charge of the fiscal bureau for the Secretary, in
that I advised him to follow this course. We knew nothing of the quid pro
hension Might Be Based.
quo which might have existed between the endorsing Government, Great
Former Secretary of the Treasury McAdoo took occasion Britain and Russia. No opportunity
had been given the United States to
considerfthe
propriety of these Russian commitments 'for the better proseon March 10 to say a word with reference to the declaracution
of
the
war.'
Secretary
McAdoo
never insisted upon any vexatious
tions of Lord Balfour that guarantees were sought by the inquiry into the
requisitions of the Allied Governments, but it was his duty
United States from Great Britain for the debts of other Allies to learn what he could without
actually hindering the measures necessary
to this country. Mr. McAdoo, who was Secretary of the in war.
"Lord
Balfour
thought we should have taken over this relatively small
Treasury during the World War, stated to the Associated amount,and I fancy
his memory has retained the impressions resulting from
Press on March 10, according to dispatches from Los the incident. while he has not kept
pace with the other vastly larger transacAngeles that it was never suggested by Lord Balfour or tions, in which his Government was not asked to assume any responsibility
for Allied purchses (other than British) in our markets.
himself that Great Britain should assume responsibility whatever
"Lord Balfour says: 'We explained to the American Government that we
for loans made by the United States to Allied Governments should be able to find all the dollars necessary to purchase our own war maother than Great Britain. Mr. McAdoo is quoted in the terials without borrowing from the United States or anybody else.' Certainly no such statemetn came to my knowledge. On the contrary, the need
dispatches as saying:
of borrowing dollars for British requirements here (and even in neutral counI am at a loss to understand how Lord'
.Balfour, for whom I have great tries) was always to the fore in my contact with the subject.
respect and admiration, could have gainedtthe impression reflected in
"Purchases with American funds for Allied accounts in neutral countries
the statement attributed to him that "the United States insisted in sub- were accomplished indirectly by taking up drafts in London offered in Wall
stance, if not in form, that although her Allies were to spend the money, Street by neutral holders from many couhtries. British financial agents
it was only on our (Great Britain's) security that they were prepared bought these drafts with moneys lent by us in order to protect sterling
to lend it."
exchange rates. Private as well as pulbic drafts were thus taken up.
"It Is probably that some of these drafts covered credits established by
Loans to the Allied Governments were made through me as Secretary
the
of
Treasury at the time. In my discussions with Lord Balfour, who Great Britain in favor of other Allied Governments. It was not possible to
was head of the British mission which visited this country in May 1917, distinguish the sources of the drafts when originally purchased. In so far
it was never suggested or intimated by me or by him that Great Britain as Great Britain may have thus financed France or Italy in neutral counshould assume any responsibility whatever for loans the United States tries, giving British obligations for the necessary funds to the United States
might make to other Governments than Great Britain. Every loan Tresury, the act was voluntary on their part.
"As the war progressed,loans were negotiated in some neutral countries by
made to Groat Britain, to France, to Italy and to Belgium was made
upon the faith and credit of each respectively and independently of the Great Britain and France separately and also separate advances were made
other, except in so .ar as intelligent effort was made to distribute the by us to Allies for protecting their exchanges in New York.
"Lord Balfour seems to have confused the supply of British goods on
available credits among them in such a way as would best secure their
sterling loans to the Allies with the supply of Ar121:1[1Carl and neutral goods
effective use .or the war purpose.
for which gold, or its equivalent, was necessary. I can see nothing that we
The same dispatches said:
could have done that was not done, except to finance France. Italy, &c.,
Mr. McAdoo declined at this time to comment upon a statement made for their purchase of British goods in British markets. That would have
yesterday in New York by Oscar T. Crosby. former Assistant Secretary supplied Great Britain with dollar exchange which otherwise was so sadly
of the Treasury, that a loan o. 3170.000.000 was made to Russia on British lacking for British purchases abroad. Perhaps Lord Balfour has in mind
endorsement.
this sort oftransaction.




1120

THE CHRONICLE

"I do not remember that it was seriously urged by British Treasury officials until some time in March, 1918, when a large part of the existing debt
had already been incurred. That arrangement would have violated the
spirit of the act under which the President and Secretary McAdoo so blody
discharged the heavy responsibility placed upon them by the American people. Nor was it necessary, as the event proved, since the British Government continued to find sterling credits, in paper money, substantially to
cover French, Italian, Belgian , Greek and other purchases in Grest Britain.
"Now that the two Treasuries have settled the matter harmoniously, It
would be better, in school-boy language to 'let the cat die.' So it seems to
me."

[VoL.' 116.

Great Britain Makes First Payment to United States
Under Debt Funding Agreement.
The British Government on March 15 made the first payment to the United States under the recently concluded
war funding debt agreement. In reporting the proposed
payment of $4,128,085 on the 15th the New York "Evening
Post" in advices from Washington said: ,
Although the formal agreement has not yet actually been signed, the

Commenting on Lord Balfour's statement in the House of London Government made known its desire to make at once the $4,128,086
payment necessary to reduce the debt to an even $4,600,000.000, the figure
Lords, the "Evening Standard," of London, on March 8, upon which the 62-year funding plan
was calculated.
according to a special cablegram to the New York "Times,"
We also quote the following from the New York "Tribune"
said:
of yesterday (March 16) regarding the payment:
With all appropriate diffidence and deference we cannot but express
regret that the American Ambassador should have issued a sort of"challenge" to certain public feeling in this country regarding out debt to the
United States, but we regret very much more that Lord Balfour should
have taken opportunity of that challenge to use his gift of polished irony in
a manner, which to say the least, is not helpful.
The British people as a whole has a very definite view as to all these
inter-Allied war obligations. It thinks of the Allies' effort as one effort
and would have preferred the pooling of costs similar to the pooling of
military strength. It has bowed to the different opinion held by its creditor, but its own conviction remains and it seems hardly good diplomacy to
challenge that conviction. Indeed, Lord Balfour's speech last night
undoubtedly expresses in the main the opinions of many Englishmen, but
that is far from saying that it was a wise speech to make.
On the contrary, his utterance seems to us one of those bad mistakes to
which very clever men are prone. We have agreed to pay and are paying,
and controversies as to the moral obligation have become irrelevant. They
are worse—they are mischievous. It is generally agreed that there is an
advantage in the good understanding between the British and American
Governments and peoples. How is that understanding to be advanced by
such passages of arms between two clever men?
We think the Ambassador, if we may say so, made a false step in raising
the question, but still more emphatically do we think that Lord Balfour
might have found a much safer occasion for a display of those powers of
Ironical disquisition.

Indicating the unlikelihood of the controversy being pursued further, so far as the United States is concerned, the
New York "Tribune," in a Washington dispatch, March 9,
stated:

Payment at the New York Federal Reserve Bank of $4,128,085 by J. P.
Morgan & Co.. acting as the fiscal agents of the British Government in
the United States, marked yesterday the first definite step toward carrying
into effect the debt funding agreement recently negotiated at Washington
by a commission headed by Sir Stanley Baldwin, British Chancellor of the
Exchequer. This settlement, made in advance of the formal signing of the
agreement, reduces the amount of the principal of the•debt covered by the
protocol to the round sum of $4,600,000,000, and is the first remittance
to the United States Treasury on account of war borrowings by any European Government under a regularly organized program of repayment.
Yesterday's payment was made exclusively in cash. Because of the
small amount involved this had been taken for granted, although some
Interest was expressed as to whether part of it might not be made in Liberty
bonds. The British Government has the right to apply Liberty bonds
toward the payment of the debt and because of the discount at which these
securities currently are quoted is expected to take advantage of this provision of the agreement. To date bond dealers report no certain evidence
that Great Britain has been purchasing bonds with this end in view, but
they admit that such operations would probably be carefully covered.
The first payment which will specifically apply under the terms of the
agreement is scheduled this spring, when interest falls due. It is believed
that dollars have already been provided for this purpose, as the British
Government usually is forehanded in such matters. Its average balance
here is estimated at between $30,000,000 and $40,000,000, and as this is
drawn against the amount is restored again either through shipment of gold,
operations in the exchange market or resort to half a dozen other methods
of obtaining dollars. The higher rates of interest prevailing in the New
York market than in London make the carrying of the balance in this
country profitable.
The last major payment by the British Government amounted to slightly
more than $50.000,000, on Nov. 15 last, following upon a similar payment
the preceding month. This $100,000,000 was set against interest to the
United States Treasury, whether curent or past due was never made clear.

Treasury spokesmen, answering inquiries to-day concerning statements
made yesterday in the House of Lords by Lord Balfour, said this Goevernment's position was made clear last August and they desired "to let the
controversy drop."
Secretary Mellon reiterated that the United States had exacted no
Colonies Repaying British Loans.
guarantees from Great Britain and referred questioners to the August
The following from London March 10 appeared in the
statement In which the Treasury Secretary asserted that the British Government had not even been informed in most cases when other governments New York "Times":
had requested advances.
Stanley Baldwin, Chancellor of the Exchequer, in a written answer to a
There were no indications that anything further would be done to rectify question offered in the House of Commons,asserts that during the current
what officials have described as a misunderstanding by Lord Balfour of the financial year repayments of principal on loans have been made to Great
whole loaning transaction.
Britain by dominions and colonies as follows: South Africa, £381,000;
New Zealand, £161,000: Australia, £526,000, and British Guiana. £142,000.

Program For Refunding of Finnish Debeto
Agreement With Great Britain In Final Stage.
German Specie in Holland—Silver Sent By Reichsbank.
A tentative program for refunding the debt of Finland to
A cablegram from The Hague, March 15, copyright
the United States was negotiated in Washington on March 10, by the New York "Times" said:
at which time also the debtfunding agreement between Great
Another instance of exporting of Gorman gold and silver from the
Britain and the United States progressed to a final stage Fatherland was the arrival in Holland yesterday of five railroad ears of
from the Reichsbank. This silver, it appears, is not sent in the
preparatory to its being put into operation. The Associated silver
way of business to Netherlands banks, not for export, but merely for
Press advices from Washington that day gave the following deposit in the Netherlands State Bank.
information in the matter:
Formal approval was given by the Commssion to the debenture which
England's Liabilities in Ireland $150,000,000.
embodies the terms of the agreement with the British Governmentand which
The New York "Evening Post" of March 14 printed the
already has been accepted by Congress. The contractual document now
will be submitted to the British Government for a perusal if its phraseolgy following from London under date of Feb. 27:
and suggestion as to a date for the formal signing.
To Finland are accorded terms for the,repayment of her debt almost identical with those given to Great Britain, namely, extension of time for payment over a perio of sixty-two years, with interest at 3% for the first ten
years and 334% thereafter. Interest on the debt was fixed at the rate
of 414% to December 15 last, when the 3% rate was made effective.
The Finnish Government has borrowed approximately $10,000,000, but
repayments have brought the amount down to almost $1,000,000, and the
refunding program tentatively agreed upon to-day calculates a refunding
on the basis of $9,000,000. The difference of around $150,000 will be paid
In cash.
Dr. Axel Astrom,the Finnish Minister, who was present at to-day's meeting, announced that he would cable the terms of the agreement to this Government at once. The Finnish Parliament is now in session and Dr. Astrom
suggested that it probably would act on the plan before the adjournment
two weeks hence.
The settlement cannot be finally consummated, however, until it is accepted by Congress, which is not scheduled to meet again until December.
It is the intention of the Treasury, however, to go ahead with details of the
plan and have it ready for the affixing of signatures it it is approved.
The action on the British settlement constituted only a formal study ofthe
terms and the language used in setting forth the requirements to which the
British Government agrees. The Commission,however, decided definitely
that the bonds to be turned over to this Government by Great Britain will
be drawn so as to make it possible for the British Government to retire one
each year. The amount of each bond is left for the actuaries to determine,
depending on the amount required to be paid in the specific periods.
Treasury officials expressed gratification at the near conclusion of the
British contract,and member of the Commission were said to have extended
congratulations to the Finnish Minister for the prompt moves by his Government toward getting the debt on a permanent basis. The time given Finland for payment, Treasury spokesmen asserted, would represent proportionately as heavy a burden for the small population of that country as the
British settlemtn incurs on the citizens of that Nation.

The discussions relative to the refunding of the Finnish
debt were referred to in these columns last week (page 999).




The British Government has a liabillty of nearly $150.000,000 to pay
the British loyalists in southern Ireland whose property has been destroyed,
according to the claims made by a meeting of Irish loyalists held in London
recently. Lord Carson, the leader of the Irish Unionists, was the principal
speaker. Sir William Davison, Member of Parliament, who presided.
was responsible for the estimate of damages suffered.
Lord Carson said the Great Southern & Western Railway had lost
practically all its capital, amounting to millions of pounds, and all the
people who held shares were ruined.

Great Britain Not Planning Gold Currency Issue.
Under date of March 7 the "Journal of Commerce"
printed the following:
The resumption of gold currency is not contemplated, according to
Stanley Baldwin. Chancellor of the Exchequer.
When questioned in the House of Commons to-day as to whether he
would consider the advisability of abandoning paper money and revert
to gold in order to inpsire confidence and stimulate industry, the Chancellor
replied he did not think that the issue of gold was either desirable now
or neeeseary to produce the results referred to.

Service on Prague Bonds Covered Seven Times,
The Foreign Department of Moody's Investors' Service
has just received from the Central Administrative Commission of The City of Greater Prague, the following information with reference to the city's bonds which were
floated last year in the New York and London markets:
Gross receipts of the various municipal enterprises on which the city's
734% bonds of 1922 are secured by a first mortgage, are estimated for
1923 at Re 360,460.420, equivalent to approximately $10,600,000. This
compares with a total of Re. 332,000.000 for 1922 and Ke. 285,440,000
for 1921.

MAR. 17 1923.]

THE CHRONICLE

The Prague 7;4s were issued to the amount of $7,500,000 and £1,500.000,a total of$14,790,000(at par ofexchange). Interest and amortization require a maximum of $1,500,000 (with sterling at par). In this
way the service on the bonds is covered more than seven times.

Secretary of Agriculture Wallace in Explanation of the
Agricultural Credits Act and the Banks and Corporations Authorized Thereunder.-=Amendments to Federal Reserve Act.
Besides indicating the functions of the Intermediate Credit
Banks and the National Agricultural Credit Corporations,
whose creation is authorized under the newly enacted Agricultural Credits Act (the text of which we give in another
item in this issue) Secretary of Agriculture Henry C. Wallace,
in a statement made public March 12 called attention to the
fact that the Act amends the Federal Reserve Act by broadening the definition of "agricultural paper," so as to make it
include "the grading and processing of agricultural products
by Co-operative Marketing Associations," and that likewise it is now permitted to discount agricultural paper for
a period of nine months, instead of but six months as heretofore. He likewise points out that the Agricultural Credits
Act also ammds the Federal Reserve Act with a view to
encouraging small State banks to join the Federal Reserve
System. Under this amendment a bank which has a capital
equal only to 60% of the capital required of National banks
may now be admitted, if within a reasonable time the capital
will be increased to correspond with the capital required
of National banks. We give, herewith, the statement issued
by Secretary Wallace:

1121

the requirements of the law. An amendment to the Federal Reserve Act is
carried in this bill designed to encourage small banks to join the system.
A bank which has captial equal only to 60% of the capital required of
National banks may now be admitted, if within reasonable time the capital
will be increased to correspond with the capital required of National banks.
The life of the War Finance Corporation is extended up to Feb. 29 1924,
the expectation being that by that date the new credit facilities provided
for under this Agricultural Credits Act will be suficient to meet the needs.
This Agricultural Credits Act of 1923 is one of the most important Acts
passed by the last Congress. It marks an earnest effort to provide the
farmer with the sort of credit he must have to carry on efficiently. It is
not class legislation. The results will be helpful to business in general,
because the effect will be to stabilize agricultural production and marketing.

Secretary of Agriculture Wallace on Farm Credit
Agencies—Warehouse Act Has Important
Relation to New Credit System.
Secretary of Agriculture Wallace, in a statement made
public March 12 relative to the farm credit agencies created
under the recently enacted Rural Credit measure, stated
that the Act would not in any way interfere with the functioning of the War Finance Corporation. Secretary Wallace
points out that the United States Warehouse Act has an important relation to the new credit system, and that farmers,
to get the full benefit of the provisions for marketing credit,
"should see to it that the warehouses in which they expect
to store their products on the way to market are licensed
under the Federal law." Ample credit, he says, "can be secured on all farm products stored in Federal licensed warehouses. This makes it possible to market farm products in
a more orderly way and to avoid flooding the market and
depressing the price." The following is Secretary Wallace's
statement:
On the last day it was in session Congress enacted the Agricultural Credits

Act. This Act is designed to give the farmer the sort of credit he needs
to produce efficiently and market in an orderly way the products of the
farm. It is an effort by Congress to meet a need which has been felt for at
least fifty years. The Act may not be perfect. Quite possibly experience
will show the need of amendments from time to time. But it furnishes the
basis for a system ofintermediate credit adapted to fsm conditions and farm
needs. Also it should bring about a reduction in the interest which farmers
must pay for money borrowed.
The Act is divided into two parts. In the first, it provides Government
agencies for handling agricultural loans. In the second it authorizes the
organization of private agencies under Government supervision for making
loans on live-stock security and on farm commodities on the way to market.
The Governinent loan activities will be carried on in connection with the
Federal Land banks. At the present time the country is divided into
twelve districts, and in each of those districts there is a Federal Land bank.
which makes land mortgage loans, these twelve banks being directed by a
central Federal Farm Loan Bureau in Washington. In connection with
each of these Land banks there is to be established an Intermediate Credit
bank,located in the same city with the Land bank and under the supervision
of the officers and directors of the Land bank. The Federal Government
supplies each of these Intermediate Credit banks with a capital of not to
exceed $5,000,000. These Intermediate Credit banks are authorized to
discount farmers' notes which have been taken by banks and other financial
Institutions, and then can carry such notes for a term of from six months to
three years. The bank may also loan direct to farmers' co-operative associations under conditions set forth in the Act.
These Intermediate Credit banks may issue debentures which will have
back of them the farmers' notes which the banks have taken. The idea is
that these debentures may be sold to people who wish a safe investment.
They are exempt from taxation, just as the bonds issued by the Federal
Land banks are exempt. The interest charged by the Intermediate Credit
banks may not exceed by more than 1% the interest paid on the debentures
issued, and the farmer who borrows must not be charged an interest rate
of more than 154% above the interest charged by the Intermediate Credit
bank.
No doubt some time will be required to get this machinery in smooth
working order. It will be just like building up a new business. It should
not be very long, however,until the benefits will be apparent and the farmer
will find that he can borrow needed capital for a period up to three years
without having to pay an unduly high interest rate, without having to renew
his notes every ninety days or six months, and without being in danger of
having to sacrifice his crops or live stock because of a sudden financialflurry.
The second division of the Act authorizes the organization, under a Federal charter, of National agricultural credit corporations, these to be
organized by private capital. They will be under the supervision of the
Comptroller of the Currency,just as are other national banking institutions.
They must have a capital stock of at least $250,000.. They may issue collateral trust debentures up to ten times their capital and surplus. Such
corporations will probably be organized in the Western States where the
live-stock industry is important and where now cattle loan companies are
in operation.
In addition to the provisions of the Act designed to furnish the farmer
much needed intermediate credit, certain changes have been made in the law
under which the Federal Land banks operate and in the Federal Reserve
Act. Provision for the establishment of the so-called organization of the
twelve Federal Land banks is made by providing that three out of the seven
Directors for each bank are to be elected by the borrowers from the bank and
three are to be appointed by the Federal Farm Loan Bureau. The seventh
Director, who will be the President of the Board, will be chosen from three
persons who have received the highest nomination vote for this position
by the borrowers or stockholders in the bank.
Heretofore the maximum amount which might be loaned to any individual
by the Federal Land banks has been Sld.000. This has been increased to
$25,000. Also the purpose for which mortgage loans may be made has been
broadened to include the repayment of any existing indebtedness.
The Federal Reserve Act is amended by broadening the definition of
what is called agricultural paper, making it include the grading and processing of agricultural products by co-operative marketing associations.
Heretofore the Federal Reserve bank have not been permitted to discount
agricultural paper for a longer period than six months. This period has
been increased to nine months.
A large number of State banks are not now members of the Federal Reserve system,some of them because their capital is not large enough to meet




A delegation of Senators and Representatives called upon Secretary of
Agriculture Wallace Saturday to discuss the eperation of the new Farm
Credit Act. Following their visit the Secretary issued the following:
"Questions are being asked as to the operation of the new credit law,
known as the Agrieultural Credits Act of 1923, and the relation between the
credit facilities provided in this Act and existing institutions, such, for example, as the War Finance Corporation and the Federal Warehouse Act.
"The Agricultural Credits Act does not in any way interfere with the
functioning of the War Finance Corporation. The life of the War Finance
Corporation was extended to Feb. 29 1924 for the very purpose of making
sure that there should be no restriction of credit facilities to the farmer during the period required to build up the machinery necessary under the Agricultural Credits Act. The War Finance Corporation has ample funds and
nothing has been done to limit its work.
"Title I of the Agricultural Credits Act provides for the establishment of
a Federal intermediate credit bank in each of the 12 Federal Land Bank districts. These new banks will be managed by the directors and officers of the
existing Land banks. Immediately upon the passage of the Act the Federal
Farm Loan Board called to Washington the president of the Land banks from
the 12 districts and for a week they have been making plans to dart the intermediate credit banks. Each has a capital of $6,000,000 and therefore can begin loaning as quickly as the organization can be perfected. These intermediate credit banks are authorized to discount and purchase notes given to
banks for agricultural and live stock purposes, Also, they can make loans
direct to co-operative associations on the basis of warehouse receipts or
mortgages on live stock.
"A local bank which has loaned money to its farmer customers for agricultural purposes and has taken their notes for the loans can discount these
notes with the intermediate credit banks. It is not necessary that the notes
so discounted should have back of them chattel mortgages or warehouse receipts. The intermediate banks can give terms of credit ranging from six
months to as much as three years.
"The agricultural credit corporations authorized under Title II of the Act
are not Government corporations but are under Government supervision. The
loans which they make will probably be based on paper which has back of it
either chattel mortgagee in the case of live stock or warehouse receipts in
the case et farm products.
"The United States Warehouse Act has an important relation to the new
credit system. It provides a permissive system of licensing warehousemen
by the Secretary of Agriculture. At the present time there are 360 licensed
cotton warehouses, 227 licensed grain warehouses, 20 licensed wool warehouses, and 62 licensed tobaco warehouses. The licensed capacity for cotton
is now sufficient to store at one time about one-fourth of a normal cotton
crop, and for wool about one-sixth of the annual clip. Originally the law
limited licensed warehouse commodities to cotton, wool, tobacco and grain.
On Feb. 23 the law was so amended as to remove the limitations, and under
the present law the Secretary of Agriculture can license a warehouse for the
storage of any products which he considers would constitute sound collateral.
Also, he can license inspectors and samplers of commodities stored in warehouses, 89 well as graders and weighers. Receipts issued by Federal licensed
warehouses are acepted by banks and financial institutions everywhere as
sound collateral, and there should be no difficulty in making advantageous
loans based on such collateral. Not only the intermediate credit banks and
the agricultural credit corporations, but other banks as well, will no doubt
be glad to handle such paper.
"It will be seen from the foregoing that bankers in agricultural sections
should be able to loan freely to farmers for productive purposes and for a
longer term than heretofore, because they have assurance that they can
readily discount farmers' notes taken for such loans at the intermediate credit
banks. Consequently I can see no good reason why farmers who are entitled
to credit should not get what they need.
"To get the full benefit of the provisions for marketing credit, farmers
should see to it that the warehouses in which they expect to store their products on the way to market are licensed under the Federal law. There should
he a very large increase in the number of warehouses which handle grain and
other farm products. Ample credit can be secured on all farm products stored
In Federal licensed warehouses. This makes it possible to market farm products in a more orderly way and to avoid flooding the market and depressing
the price.
"Full information oonerning the Warehouse Act and the rules and regulations under which it is administered can be had by anyone who will write to
the Department of Agriculture at Washington."

1122

THE CHRONICLE

Senator Capper on Legislation in Behalf of Farmer
Enacted by Sixty-Seventh Congress.
A statement reviewing the legislation enacted by the
Sixty-seventh Congress, and especially that in the interest
of the farmer, was issued on the 9th inst. by Senator Capper
(Republican) of Kansas, Chairman of the so-called Senate
'farm bloc." While stating that "there is no quick and sure
cure for the troubles of the farmer," he expressed the view
that "the laws just passed undoubtedly will be of material
assistance to the producers of the country. His statement is
given as follows in the Baltimore "Sun" of the 10th inst.:
In passing the farm bloc measures, the 0o-operative Marketing Act, the
Anti-Grain Gambling Act, the Packers and Stockyards Control Act, the farmer
emergency tariff, the Act giving farmers representation on the Board of the
Federal Reserve Bank,the anti-filled milk measure, the Act extending to agriculture for one year the financial aid of the War Finance Corporation—with
these and the Farm Credits Act, embodying a complete Rural Credit System
—Congress served the interests of all the people.
No Quick and Sure Cure.
There is no quick and sure cure for the troubles of the farmer. Prices of
farm products cannot be increased by legislative enactment, but the laws just
passed undoubtedly will be of material assistance to the producers of the
country.
Putting a "dirt farmer" on the Federal Reserve-Banking Board insures the
American farmer against the ruinous discrimination from which he suffered
during the deflation period of 1919 and 1920, when arbitrary rulings of the
Reserve Board restricted farm credit and forced the banks in farming areas
to pay progressive discount rates.
By reviving the War Finance Corporation Congress offered agriculture and
live stock producers a reservoir of credit anlounting to $1,000,000,000, without which the effects of the arbitrary deflation policy of the Federal Reserve
Bank would have far more disastrous results. The money advanced by the
War Finance Corporation saved the situation and in some degree, at least,
softened the blow.
Expects Packer Control.
With Secretary Wallace warning Armour and Morris that their proposed
merger is in violation of the law, we shall soon see the Packer and Stockyards
Control Act passed by the 67th Congress fully tested. It is intended to protect producer and consumer from a monopolistic control of the nation's meat
supply and higher costs to the consumer and lower prices to the producer.
The Co-operative Marketing Act gives associations of farmers and producers
a clear legal right to co-operate in selling their products.
The creation of two new banking systems to serve the farmers' needs for
productive credit is the purpose of the Farm Credits Act passed during the
last hours of the session. This Act combines the major features of the socalled Capper bill and the Lenroot-Anderson bill. These bills do not conflict.
One supplements the other to form a complete system of credit, which will
assure the farmer and live stock producer as ample credit resources as business men enjoy.
Did Duty on Subsidy.
In letting the proposed ship subsidy die, Congress again did its duty in
the largest sense. It saved The people an estimated expenditure of between
$50,000,000 and $75,000,000 a year for the next 15 years.
But any recital of the achievements of the 67th Congress which neglects
to credit the British debt settlemnet agreement as one of its greatest accomplishments fails to do justice to the Congress and to the Administration
which successfully brought to a just and amicable conclusion this vital issue
involving the good faith of nations and the economic welfare of our own
people. No taint of partisan politics marred this achievement
The 67th Congress wisely refused to pass the sales tax. It would have
shifted still more of the burdens of taxation to the people. But it failed to
take action on tax-dodging stock dividends and its adjournment finds the
country still without relief from the injustices of tax-exempt securities.
These questions will be live issues in the next Congress.
Erred on Ford Refection.
In tailing to accept Henry Ford's offer for the lease of Muscle Shoals, in
my opinion, Congress erred. The country should have the benefit of the
peace-time operation of this huge enterprise. Experience has proved that
Government operation adds heavily to the people's tax burden. Ford's offer,
in my judgment, was fair and should have been accepted. This question must
be decided by the next Congress.
The next session not -only must consider the transportation question, but
must find a solution for it in the interest of the whole people. In my opinion
this will be the big question before the 68th Congress. Freight rates are
too high and must come down. Prices received by the farmer for his products are sadly out of balance with transportation charges and everything the
farmer buys. Efforts to obtain the passage of my bill repealing Section 15A,
the guaranty rate-making provision of the Transportation Act, were unavailing. It will be reintroduced in the next Congress and be pressed to a conclusion.

Representative A. Piatt Andrew Terms Farm Credit
Measure "Fundamentally Dangerous and Unsound."
A. Piatt Andrew, a member of the House Of Representatives, and formerly Assistant Secretary of the Treasury, in
.opposing, in the House on March 2, the proposed farm credits
legislation, termed the bill as "fundamentally dangerous and
unsound." It would, he said, mark "one more step in the
substitution of Government money for private capital and
Government ownership for private management"; he pointed
out that "it proposes to establish 12 new Government banks
with a capital drawn from the taxpayers' pockets of $60,'000,000, and to allow these banks to issue bonds to the extent of $600,000,000 for the payment of which the Government will be morally if not legally liable." Representative
Andrew spoke as follows:
Mr. Speaker, the procedure of the House in the handling of this bill
reflects no credit upon our reputation as a deliberative body. In"fact, the
methods by which it is being Jammed through the House and Senate
scarcely seem possible were they not matters of fact. The bill as reported
by the Committee was only agreed upon in committee three days before
it was brought up for discussion on this floor and only six days before
this sessimi:of Congress is bound to close. No copy of it was available to




[VOL 116.

Members of the House more than 24 hours before it wasintroduced under
a special rule which not only limited the time of debate upon it but made
It impossible to consider it section by section. There has been no adequate
opportunity for Members not on the Banking and Currency Committee to
study the various provisions of the 98 pages of the bill. There has been
no opportunity under the rule by which the bill has been considered to
amend it in detail.
This measure if it becomes law marks one more step in the substitution
of Government money for private capital and Government ownership for
private management. It proposes to establish 12 new Government banks
with a capital drawn from the taxpayers' pockets of $60,000,000, and to
allow these banks to issue bonds to the extent of $600,000,000, for the
payment of which the Government will be morally if not legally liable.
It has been said that what this country needs is less Government in business
and more business in Government. And in line with that policy the
railroads, which had been taken over by the Government during the war,
were returned to private management. The adoption of this measure
means, however, a direct repudiation of that policy. And it is hard to
see where in the future this will lead us. If we are to use the taxpayers'
money to support farming and shipping, we might quite as reasonably use
It to support fishing, manufacturing, and the railroads. If we are to
have Government banks created to lend money to the farmers, ought we
not also to create Government banks to lend money to automobile manufacturers, to the shoe industry, or to mining companies?
Only a fortnight ago the House expressed its opinion by a large majority
against further issue of tax-exempt securities, the existence of which is
practically nullifying the graded income tax, yet this bill authorizes the
issuance of $600,000,000 additional tax-exempt securities.
But what is even more deplorable, the banking principles involved in
the Act,as the Secretary of the Treasury has pointed out,arefundamentally
dangerous and unsound. Provision, for instance, is made for the loan of
money for considerable periods of time upon perishable products subject
to unpredictable fluctuations in price and which are peculiarly undependable
for realization. In the already existing Farm Loan banks loans are authorized upon mortgages only up to 50% of the value of the land and 20% of
the permanent insured improvements, but, according to the provisions of
this bill, the proposed new Government banks will be able to lend up to
75% of the value of warehouse certificates and live stock, which are far
less stable in value than mortgages upon land. It is not at all unlikely.
if these banks are established,that some time in the not distant future when
violent declines occur in the prices of produce upon which one or another
of these institutions have loaned money. Congress will be called upon to
make good the losses. Our Government will naturally be held responsible
for the solvency of institutions of which it is the sole and only owner.
lam opposed to this measure because lam opposed to thefurther intrusion
of Government in the field of private business. I am opposed to it because
it will use the taxpayers' money and the Government's credit to subsidize
a particular line of business. I am opposed to it because it will add very
substantially to the sum of tax-free securities and render still less fruitful
our taxes upon income. And I am even more opposed to it because it
contains provisions that are financially unsound and certain to lead to
financial disaster.

Proposed Inquiry By Senate Commission Into Gold
and Silver Industry.
On March 3 a resolution was agreed to by the U. S. Senate
calling for the creation of a Senate Commission on Gold
and Silver Inquiry to inquire into the gold and silver industry
in the United States. Under previous action by the Senate
Feb. 28 a similar resolution, whereby the inquiry would
•
.
have been undertaken by a commission consisting of five
members of the Senate and five members of the House,
had been adopted by the Senate; in explanation of the
presentation of the resolution anew, Senator Pittman had
the following to say in the Senate March 3:
This is the Nicholson resolution, which as a joint resolution Passed
this body by unanimous consent a few days ago. It went to the House
of Representatives and was favorably reported by two committees of the
House, the Committee on Mines and Mining, and the Committee on
Accounts. It went to the floor of the House, and was defeated by the
objection of Mr. Blanton of Texas. The resolution has been re-introduced
as a Senate resolution, instead of a Joint resolution, in exactly the same
form, except that the co-operation of the House in the matter Is eliminated.

The following is the resolution as adopted by the Senate
on March 3:
Resolved, That a Senate commission is hereby created, to be known
as the Senate Commission of Gold and Silver Inquiry, which shall consist
of five Senators, three of whom shall be members of the majority party
and two of whom shall be members of the minority party, to be appointed
by the President of the Senate.
Said Commission shall investigate and report to the Congress on Jan.
1 1924, upon the following subjects:
1. The causes of the continuing decrease In the production of gold
and silver.
2. The causes of the depressed condition of the gold and silver industry
In the United States.
3. The production, reduction, refining, transportation, marketing.
sale, and uses of gold and silver in the United States and elsewhere.
4. The effect of the decreased production of gold and silver upon commerce, industry, exchange, and prices.
The said Commission is further authorized1. To confer with citizens, associations, or corporations of foreign
countries with a view to the stabilization and wider use of silver in exchange.
2. To propose, either formally or informally, to the President of the
United States, or the heads of the proper departments, plans for negotiations with foreign Governments to the same end.
The Commission shall include in its report recommendations for legislation which in its opinion will tend to remedy existing conditions and shall
specifically report upon the limitations of the powers of Congress in enacting
relief legislation.
The Commission shall elect is Chairman, and vacancies occurring in
the membership of the Commission shall be filled in the same manner as
the original appointements.
The Commission or any subcommittee of its members is authorized to
sit during the sessions, recesses, or adjournments of the Sixty-seventh
and Sixty-eighth Congresses in the District of Columbia or elsewhere in
continental United States, to send for persons and papers, to administer
oaths, to summon and compel the attendance of witnesses, to employ a
stenographer at a cost not exceeding 25 cents per folio to report such

MAR. 17 19231

THE CF-PONICLE

1123.

Lusk and voted with the 26 Democrats in support of the bill. The bill'
now goes to the Assembly for concurrence.
*****
*
*
*
*
*
*
Early in the day the bill of Senator Downing, aiming to give the State
compensation fund a monopoly on workmen's compensation insurance,
was defeated 27 to 23. It was considered in connection with a Lockwocxf
permit big industrial corporations to continue
On March 4 the following were named as members of Committee bill, which would
their present system of self-insurance and would allow self-insurance by
the Commission: Senators Nicholson, Oddie, Gooding, municipalities and other political subdivisions to cover risks to employees
Walsh of Montana and Pittman. According to a Washing- in the public service. Following the defeat of the Downing bill consideraof the Committee bill was deferred.
ton dispatch to the New York "Commercial" March 11, it tion
At the nighz session the Committee measure on compensation insurance
is the expectation that the inquiry will be brought under was taken up, and Senator Cotillo, who is Chairman of the Judiciary
way about the middle of April. The same paper quotes Committee, as well as a member of the recent Housing Committee, offered
an amendment which would leave mutual companies, formed by industrial
Senator Walsh as saying.
groups, free to compete with the State fund. This amendment was
Silver, that precious metal, basis of coins the world over for centuries, adopted, but final action on the bill was delayed.
is fighting a battle for existence. The American market is oversupplied.
Mastick's Proposals Beaten.
Europe is either casting it aside or, what is worse, debasing it, and four
The Senate then took up the bill providing for the creation ef a State
London brokers are absolutely fixing its world value based on the demand
Trade Commission with wide inquisitorial powers, as well as far-reaching
in China and India.
price-fixing and profiteering
American mining industries, its greatest producers, declare that the authority in civil and criminal ways, to check
Untermyer ran across in the
law of supply has been ignored in the price fixing and, alarmed at the by the many combinations whose trail Mr.
inquiry. The bill would also affect
approaching termination of the Pittman Act, providing for purchase of course of the Lockwood Committee
prices of other commodities in common
the metal by the Government to maintain the Treasury's balance, have illegal combinations boosting the
use. The bill was drafted by Mr. Untermyer, and is his pet measure.
appealed to Congress for legislation to save the industry.
Senator Mastick, Republican, of Westchester, opened fire on the bill at
Even the American silver dollar, which has retained its purity, despite
once
by offering a series of amendments, with the explanation that unless•
the upheaval in Europe, is still in danger, It is declared in this appeal,
vote against the measure.
which points out the demoralizing effect which resulted several years ago they were accepted he Would feel compelled to
The first amendment had to do with th power of removal of the prospectivee
when the price of bullion exceeded the value as a coin.
Untermyer, the bill
Mr.
State Trade Commissioner. As drafted by
provided for removal by a two-thirds vote of the Senate, very much in line
with the principle applied in the present Public Service Commission law.
New York Senate Passes Lockwood Bill for Regulation Mr. Mastick's amendment would allow removal by the Governor after a
hearing or as an alternative, removal by the Senate upon charges preferred
of Exchanges, Blue Sky Bill, &c.—Brief of New
by the Governor, as provided in the Public Officers Act,
York Stock Exchange in Opposition.
Although Governor Smith in his legislative program is contemplating the
of appointOn March 14 the New York Senate at Albany passed bills centralization of powers in the chief executive through posterRepublicans.
ment, and removal vested in him, all the Democrats and many
to the number of one hundred, it is stated, among them four voted
defeated.
against the amendment and It was
of the bills of the Lockwood Housing Committee; one of these
Senator Mastick offered a series of amendments, which would curtailthe
inquisitorial
powers of the Commission. He declared he would support
is the Cotillo bill, providing for the incorporation of the New
the bill only in the event that his amendments were accepted. All were'
York Stock Exchange, the bill for licensing of brokers, the voted down, 17 to 29.

hearings as may be had in connection with any subject which may be
before said Commission, and to employ such personal services and incur
such expenses as may be necessary to carry out the purposes of this resolution; such expenditure shall be paid from the contingent funds of the
Senate upon vouchers authorized by the Committee and signed by the
Chairman thereof.

so-called "blue sky" bill, and the bill to create a State ComIn referring to the debate on March 13 on the State Trade
mission to regulate trade and commerce. Concerning the Commission bill, the "Journal of Commerce" stated that
Senate's action, we quote the following from the special an amendment had been proposed by Senator Walker
Albany advices (Mar. 14) to the New York "Times":
which was designed to exempt newspapers, associations of
By a vote of 28 to 22, the Joint Legislative Housing (Lockwood) Com- newspapers and press associations from the scope of the
mittee's bill to create a State commission to regulate trade and commerce
and prevent illegal combinations from handling commodities, was passed bill. It added:
He asked if anyone would assume the responsibility for presenting that
by the Senate at a late hour last night after a debate that had lasted almost
four hours. This was the first measure taken up during the evening by amendment to the Assembly committee which will consider the bill, and
the Senate in tackling the important program of the Lockwood Com- Chairman Dunnigan of the Housing Committee said that he would do.
so. Senator Walker then said that with that understanding he wouldl
mittee.
After passing this bill, the Senate defeated by a vote of 50 to 0 the com- not press the amendment in the Senate, but would vote for the amended,
mittee bill which provided for State regulation oflabor unions. It made the bill when it was returned by the Assembly for concurrencein the amendment.
Trade Commission the regulatory body.
Reference was made in these columns last week (page.
Samuel Untermyer, who drafted both measures as counsel for the comNew York
mittee, was present to hear the debate. He expressed his gratification when 1007) to the filing of a brief on behalf of the
the Trade Commission bill was adopted.
Stock Exchange opposing the Lockwood Housing legislation,
The Democrats cast their solid 26 votes for the bill and Senators Lusk proposing to regulate the Exchange, to license brokers and
and Davenport, Republicans, Joined them. All the other Republicans
voted against the bill, which is likely to meet defeat in the Republican As- to supervise the issue and sale of securities. We give
sembly.
herewith the brief in full.
The bill to t egulate labor unions was framed by Mr. Untermyer as a reto the Bill
sult of arbitrary practices of the unions in retarding the construction of Brief on Behalf of the New York Stock Exchange in Opposition
Introduced by the Lockwood Committee, Entitled "An Act to Amend the
dwellings or boosting the costs, which were revealed in the course of the
Banking Law in Relation to the Prevention of Fraud in the Sale and
housing inquiry.
Disposition of Stocks, Bonds and Other Securities and to Regulate
Another committee bill rushed through at an early hour this morning was
Transactions in Securities by Stock Exchanges and Licensed Dealers."
the Cotillo bill to incorporate the New York Stock Exchange and other
Senate Introductory No. 117, Print No. 117; Assembly Introductory
exchanges and to license stock brokers. The vote was 26 to 22. Senator
No. 205, Print No. 205.
Lusk, the Republican leader, was the only Republican member boting for
The bill under consideration deals with three subjects:
this bill. Senator Shackno, of New York, a Democrat, voted against it.
I.
The supervision of the issue and sale of securities;
Following the Cotillo bill, the Senate put on final passage and rushed
IL The licensing of brokers; and
through by a vote of 28 to 22 the "blue sky" bill, which provides for superIII. The regulation of exchanges.
vision of the Stock Exchange and all dealers in securities by the State BankThe bill, in so far as it deals with the first two subjects, belongs to one of
ing Department,
Senators Lusk, Davenport and Thompson. Republicans, voted with 25 the many types of "Blue Sky" bills which have been before the Legislature
Democrats in favor of the bill. Senator Hsatings was the only Democrat from time to time and with which everybody is more or less familiar. The
third feature of the bill is its peculiar feature and is aimed directly at the ento vote against it. The bill now goes to the Assembly for concurrence.
By a vote of 27 to 22 the Senate passed the committee bill to limit fire tire scheme and method of operation of the New York Stock Exchange. The
and casualty insurance companies to the same securities as life insurance first two features of the bill are important and will receive due consideration,
companies and savings banks. All other securities would have to be dis- but the first subject to be dealt with will be the regulation of exchanges.
posed of within five years.
Regulation of Exchanges.
The Senate also defeated by a vote of 15 to 35 the bill proposed by
The New York Stock Exchange is probably the greatest single institution
Samuel Untermyer which makes it compulsory for judges to impose prison
in the State of New York, contributing more than any other to the domisentences upon conviction for violations of the anti-monopoly laws.
nance of the State and city in financial affairs. It is incomparably the
To enable the Senate to take up the Sheridan blue sky bill to supervise
greatest market for securities in the United States, and, with the possible
dealers in securities outside of the Exchange a constructive recess of two
exception of the London Stock Exchange, the greatest market in the worIcL
minutes was taken and when the Senate was again called to order it was
of
then Wednesday morning—a new day for the Senate. To heighten the There is no doubt about the fact that on the whole very high standards
business conduct prevail on the Exchange, and that the methods there preillusion, Senator Downing, a Tammanyite, offered an invocation. The bill
had been amended and only by applying this formula could theF Senate get vailing serve the interest of the public and the interest of the clients of the
around the provision, requiring amended bills to remain in printed form on members of the Exchange very efficiently, and that, considering the magnithe desks of Senators for three full legislative days before being placed on tude of the business, the vast number of transactions, the success of the:nenagement of the Exchange in avoiding just grounds of criticism has been very'
final passage.
The bill was passed by a vote of 31 to 19, with many Republicans aiding. great.
The Exchange has grown up under a system of free government. It has no
After Senator Sheridan, its sponsor had pointed out that $750,000,000 in
charter from the State and no special privileges. It exists by virtue of the
spurious securities had been foisted upon "a gullible public" since the war.
contract
between its members embodied in the Constitution. The success of
Assurance was given in passing both blue-sky bills that they would be
men of
amended in the Assembly so as to relieve newspapers of responsibility as its management is due to the fact that because it is autonomous,
character and ability, who are best qualified by experience to devise and adto advertisements of securities.
are
willing
business,
minister
rules necessary for the proper conduct of its
This completed the list of Housing Committee bills which under the rules,
to devote their ability and time to its service. The members of the Board of
could be taken up for considerationat the present time.
Governors are engaged almost continuously on the various standing commitDirect Primaries Bill Passed.
tees dealing with the infinite number of questions that arise, and serve withThe Senate also passed this morning with little debate the Walker bill out salary and without any compensation other than'the small fees paid them
to abolish the convention as a medium for the nomination of candidates for attendance at committee meetings. They render services of immense
for State Officer and the Supreme Court. This would mean the restoration value gratuitously because of their loyalty to the Exchange. The Exchange
of direct primaries to its full scope, prior to the passage of the Miller legisla- attracts these men, and they give their time and labor to it, because it administers its own affairs.
tion of 1922.
If the acts and decisions of its committees were subject to supervision or
The vote was 29 to 21. Senators Baumes of Orange, Davenport of
Oneida and Lowman of Ohemung, Republicans, broke away from Senates interference by a State officer or any outside body there is no chance that




1124

THE CHRONICLE

[VoL. 116.

the Exchange would continue to command the able service that has been so for good and substantial cause, and states further that since 1882 every decitreely given to it, and that has built it up into the institution that it now is. sion of the Exchange disciplining a member' which has been before the courts
There has been at times the effort to spread the idea that the Exchange has been sustained as a fair and proper exercise of the disciplinary powers
governs itself for its own interest, and to the disadvantage of the public. The of the Exchange. The fact that members who are expelled rarely go to the
Governors of the Exchange are elected by the members of the Exchange and courts is not because the courts will not inquire into the fairness of the trial
are in every respect their represntatives. The members of the Exchang repre- but because the members who have been disciplined know that the courts
sent the entire public that deals in the Exchange—purchasers and sellers, will sustain the fairness of the trial.
The Exchange, in the interest of the public, requires a very full disclosure
"bulls" and "bears," every interest and every side of every question is fully
represented by members of the Exchange. There is no special interest of of information from companies applying to have their securities admitted to
members of the Exchange in conflict with the interest of the public. Just its list. It imposes conditions upon such admission which it deems necesas the Governors represent the members of the Exchange, the members of the sary to the protection of those who shall thereafter become owners of the seExchange represent in the fullest way their clients. Therefore, the Board of curities. The proposed Act would permit every corporation whose securities
Governors in regulating the affairs of the Exchange are not representing a have been denied admission to the list to appeal to the Superintendent of
special interest, but are in the highest sense the chosen and selected represen- Banks and then to the courts to establish its right to admission. The Extatives of the public who are best qualified to administer the Exchange in change strikes a security from the list when the ownership has become so
concentrated that there are not enough owners owning sufficient stock to
the interest of the public.
The fallacy has been most diligently promulgated in recent years that in afford a fair market. The power to strike securities from the list under such
body
or
contrary
to
the
dignity
class
of
the
State
any
conditions is essential to prevent the possibility of the creation of a corner
that
some way it is
should be allowed to conduct its own affairs without State interference. The and the use of such corner for the purposes of extortion. The most notable
true principle on which free government is founded is that all who are instance in which the power has been exercised in recent years is the strikcapable of conducting their own affairs should, unless very special reason is ing from the list of the stock of the Stutz Motor Co. Allan A. Ryan had a
shown to the contrary, be left to conduct those affairs without interference corner in the stock and there was no longer a free market, the price was beby the State. The State should interfere as seldom and in as few cases as ing run up to figures having no relation whatsoever to true values. The only
possible way of dealing with the matter was to suspend dealings in the stock
possible.
The New York Stock Exchange claims that it has under its own government on the Exchange. The right of appeal to the Superintendent of Banks or to
done better than could possibly have been expected under any sort of State the courts would be used to delay the exercise of the power of striking a stock
control or supervision, and all that it asks is that it shall be left free Jim from the list just in those cases, where its immediate and instantaneous exercise would be most necessary in the interest of the public.
bureaucratic interference.
The provisions of the proposed bill would enable every man who was denied
The special provisions of the proposed Act aimed at the New York Stock
Exchnge do not in terms prescribe a law for exchanges. They seek to deal ticker service by the Exchange a right of appeal to the courts. The Exhaving
prechange collects and supervises the distribution of its own quotations. The
with the matter by indirection. Other provisions of the bill
scribed that all brokers must obtain a license, the provisions under considera- present form of contract under which it permits them to be furnished only to
tion forbid licensed brokers to deal on any exchange unless the exchange has applicants approved by it was adopted in 1914. This contract imposed and
obtained a certificate from the Superintendent of Banks. In order to obtain still imposes upon the Exchange the labor of passing upon every applicant for
such a certificate the exchange must furnish to the Superintendent of Banks its quotation service. It adopted this form of contract because its quotations
prescribed proofs and assurances and "such other proofs and assurances as were being used throughout the country as the basis of a vast system of
the Superintendent of Banks may reasonably require." The special proofs bucket shops. There was no other way to put an end to this state of affairs
except for the Exchange to take the burden of passing upon applicants. In
and assurances which it must furnish to the Superintendent of Banks are:
(1) That such changes will be made in its Constitution, by-laws, rules, the many failures of brokerage houses that occurred in the fall of 1921 and
Supertime
to
time
the
be required by
during 1922 the vast majority were houses to whom the Stock Exchange had
regulations and practices as may from
denied quotation service. The most notable Instance in which the action of
intendent of Banks;
(2) That no changes in its Constitution, etc., will be Made until the same the Exchange in denying quotation service has been called in question was
have been submitted to the Superintendent of Banks and approved by him; the case of Hughes tz Hier. The Exchange cut off the quotation service of
that the Stock Exchange and the business and transactions thereof, and the these gentlemen. An immense amount of pressure was brought to bear On
business and transactions of its members and the books, papers and docu- the Exchange to restore the ticker service. The Exchange refused to yield
ments of the latter shall at all times be subject "to the visitation and super- to pressure and the correctness of its position was demonstrated a few months
vision of the Superintendent of Banks" subject to the right of summary ap- later when Dier figured in what was, on the whole, one of the most disgraceful failures that occurred in the 1921-1922 period.
peal to the courts by writ of certiorari:
The proposed Act would prevent a member of the Exchange from pledging
(3) That the decisions of the Stock Exchange upon the admission, suspension, expulsion or disciplining of its members will be subject to the review securities belonging to a customer along with the securities of other customof the courts upon the merits by any person feeling aggrieved thereby and ers or of the broker for a sum greater than the amount owing by such custhat its Constitution, by-laws, rules, regulations and practices will, if neces- tomer thereon. This provision does not aim at those cases where the broker
pledges the customer's securities without his consent. It has always been
sary, be forthwith amended so as to permit such review;
(4) That the determination of the Stock Exchange admitting any security contrary to law for a broker, without the consent of his customer, to pledge
to the list of securities that may be traded in on such exchange, or refusing the customer's securities for more than the amount due by the customer
to admit a security to the list, or imposing conditions upon such admission, thereon whether alone or along with other securities. This provision is inor in striking any security from the list, or in prohibiting its members from tended to prevent a broker, even with the consent and authority of his cusdealing therein, will be subject to review by the Superintendent of Banks tomer, from pledging the customer's securities along with other securities for
more than the amount due by the customer thereon. This provision forbids
with the right of summary appeal to the courts;
(5) That the action of the Stock Exchange controlling a ticker service in a customer, who is presumably of age and capable of dealing with his own
refusing such service to anyone shall be subject to review by the Courts;
affairs, from entering into a perfectly proper agreement with his broker as
(6) That no member of a Stock Exchange will be permitted to pledge any to what the broker may do with the customer's securities. The effect of the
securities belonging to any customer for a sum greater than the amount owing provision would be:
by such customer on such securities, or to trade against such securities, or to
1. It would make it impossible for the brokers who are members of the
use them in connection with any transaction conducted wholly or partly for Exchange to render to their customers the service which their customers desire them to render, and would practically destroy the business of such
the account of the member;
(7) That every member of the Exchange will be prohibited from partici- brokers;
pating in any transaction for the purehase or sale of any securities for the
2. It would discriminate in an extreme degree against brokers who are
account of any pool, syndicate or combination unless a detailed statement of members of the Exchange in favor of banks, trust companies and non-member
the arrangement under which such operathin is conducted is filed with the brokers, with the result that the members of the Exchange would become
Stock Exchange or unless such information is publicly made known by the mere floor brokers, buying and selling at the instance of outside banks or
brokers, through whom as intermediaries substantially all margin business
Stock Exchange.
The enactment of a law containing the provisions affecting the Exchange would be done.
contained in the proposed Act would not only destroy the autonomy of the
The explanation of what has been said is that the greater part of the purExchange but would destroy the business of its members. The Constitution, chasers of securities on the Exchange are not in a position immediately to put
rules,
regulations
and
practices
of the Exchange are the result of ex- up the full purchase price. They put up part of the purchase price and the
by-laws,
perience extending over more than 50 years, formulated by those who are balance is supplied by the broker. The broker must in turn borrow the
best able to formulate them. The proposed previsions would make them sub- money from a bank. As business is done it is wholly impossible for the
ject to change at any moment, and in any particular, on the order of the broker to borrow separately on the separate securities of each customer. It
would be mechanically impossible because of the number and volume of transSuperintendent of Banks.
It is often imperative that changes in the Constitution or rules of the Ex- actions. It would be financially impossible because the banks require mixed
change should be made instantly. For example, at the beginning of the securities as collateral. The result is that brokers as to a very great part of
Great War, the Constitution of the Exchange was suspended by the Board of their business must finance their transactions by making large loans, pledgGovernors on 15 minutes' notice and thereafter the affairs of the Exchange ing therefor securities belonging to a number of different customers. Of
for several months were administered by a special committee. This was the course, in order to do this without violating the rights of their customers
only means of avoiding a frightful panic and irreparable injury. The pro- they must get their customers' consent, but customers who trust their brokers (and this is the case with most of the customers of Stock Exchange
posed provisions would have made such action impossible.
The proposed provisions would make the action of the Exchange in denying houses) feel no hesitation in giving the consent which they realize is necesa man admission to membership subject to review by the courts. In other sary to enable their brokers to render them the service they want. If the
words, unless the Exchange was able to prove by legal evidence that an appli- right of the brokers (with the consent of their customers) to make these bulk
cant for membership was unfit for membership he would have to be admitted. loans were taken away they could not finance the transactions of their cusThe provisions would make the action of the Exchange in expelling or dis- tomers; their customers for the most part would leave them and go to banks
eiplising or suspending a member subject to review by the courts. The,law and to outside brokers not subject to restrictions resting upon members of
is that any member who has been suspended, expelled or disciplined has a the Exchange. The control of the Exchange over the business transacted on
right to appeal to the courts, and to have the action of the Exchange set its floor, its ability to prevent manipulation, wash sales and all other imaside unless he has received a trial in accordance with the essential principles proper transactions, would be very materially restricted, if not wholly lost.
of justice. If he has received such a trial the decision of the Exchange is The principals in the transactions would be too far out of the reach of the
final, as it ought to be. The rule applicable to the trial of members of the Exchange for it to exercise any degree of control over their transactions. The
Exchange is the rule applicable in the case of all membership organizations. Exchange as a great institotion, composed of firms of large capital and wide
It is a universal law that the member of such an organization shall be bound clientele would cease to exist. It would be a mere meeting place for messenby the result of a trial by his fellow members for infractions of its laws had gers.
If the purchase or sale of securities on behalf of a pool, syndicate or comin accordance with the procedure to which he himself has agreed. The framer
of the proposed provisions does not think it sufficient that a member of the bination by a member of an exchange is unlawful or to be prohibited, the proby
his
fellow
fair
trial
members, but undertakes to hibition should be general and should apply to all people, whether members
Exchange shall have a
say that he should have an appeal to the courts (upon the merits)—that is of an exchange or not. Why seek to impose such a rule on members of an
to say, shall have a retrial upon the facts. If this provision went into effect exchange, leaving non-members free to operate as they please?
The question that arises in connection with all of these provisions is why
every man who is tried before the Exchange would appeal to the courts and
seek a reversal on technical grounds and meanwhile would stay the operation their purpose is sought to be accomplished by indirection. If they are aimed
would
lose
all
power of maintaining a high at proper objects of public policy, why do they not deal directly with the
of the expulsion. The Exchange
standard of business conduct among its members, and in fact would prac- exchanges and lay down the rules to be followed instead of seeking to accomplish their purpose by indirection? Why, for example, do they declare that
tically have to abandon the effort.
In reference to the foregoing proposed provisions relating to admission to in order for an exchange to obtain a certificate from the Superintendent of
membership and expulsion from membership, the Exchange unhesitatingly Banks its Constitution shall provide for an appeal to the courts on the merdeclares that ma applicant for membership is ever denied admission except its in this, that and the other.case. The necessary presumption is that this




MAR.17 1923.]

THE CHRONICLE

extraordinary effort to regulate the Stock Exchange through conditions attached to licenses to its members has been resorted to because of a wellfounded belief that direct legislation would be a violation of the provisions of
the Constitution of the United States and of the State of New York.
The proposed bill seeks to compel the alteration of the voluntary contract
entered into between the members of the Exchange and to impose upon its
members a different form of contract. In the language of constitutional law,
it seeks by indirection to impair the obligation of existing contracts. It aims
to take away the control of the Stock Exchange over its own property, to
wit, the quotations which it gathers on its floor and thereby, in the language of constitutional law, it seeks to deprive the Exchange of property
without due process of law. The provisions that aim at preventing the members of the Exchange even with the consent of their customers from repledging securities in bulk aim at restricting the constitutional rights of the members of the Exchange. The provisions that would require the Exchange to
give an appeal to the courts on the merits from decisions of the committees
of the Exchange would seem to require the Exchange to legislate as to the
jurisdiction of the courts. The jurisdiction of the courts to review any action
of the Exchange does not depend on the Constitution of the Exchange and
the Exchange cannot by any amendments of its Constitution add to or subtract from the jurisdiction of the courts.
The fact is that the proposal to regulate the Stock Exchange through conditions attached to licenses to its brokers is an extraordinary example of the
abuses that may spring from requiring men to obtain a license in order to
engage in a common employment. The theory of a free government is that
its citizens may ordinarily engage in any occupation they please and do anything they please so long as they do no harm to others. Every law that requires a man to obtain the permission of a State bureau before engaging in
an occupation is prima facie an undue restriction on the liberty of the citizen. The only justification for requiring a license (aside from matters of
taxation) is the protection of the public against the exercise of a calling or
profession by people who are not qualified to exercise it properly. To attach
to the granting of a license a condition that has an ulterior object is to deprive the people of liberty without due process of law.
Cummings vs. State of Missouri, 4 Wallace, 277.
Ex-Parte Garland, 4 Wallace. 333.
Ex-Parte Law, 15 Federal Cases, No. 8126.
The regulations which the proposed Act seeks to impose upon the Exchange
have no relation to the qualifications of the brokers whom it requires to obtain licenses. If a blokes who is not a member of an exchange is qualified
to act for clients witheut danger to the public, does he become disqualified
by belonging to an exchange which does not conform to the requirements that
the Act seeks to impose? For example, does it affect his qualifications that
the exchange to which he belongs does not in its Constitution provide for an
appeal to the courts on the merits from the decisions of its committees in
regard to the admission, suspension and expulsion of members, or in regard
to the admission of securities to the list, or the striking of securities from
the list, or in regard to its action in giving or withholding its quotations
from would-be subscribers therefor? It is manifest that the proposed Act
not only seeks to impose on the Exchange regulations which are in themwives most unwarranted and objectionable, but seeks to impose them In a
way which is wholly indefensible.
The Licensing of Brokers.
Those who most strenuously advocate the licensing of brokers have boldly
avowed their real purpose. They complain that the Constitution of the
United States and the Constitution of New York prevent the seizure of a
man's books for use in a criminal prosecution against him. They say that
It is difficult to convict brokers of crimes without using their books in evidence. Therefore, they say, some means must be found to get around the
provisions of the Federal and State Constitutions. The plan that is proposed is to require every broker to obtain a license and by so doing to compel him to waive his constitutional rights. This is an amazing plan. The
State may properly require a license as a condition of engaging in a business
where conformity to some standard on the part of those who engage in it is
necessary for the safety of the public. But can anyone who has an understanding of the principles of constitutional law believe that the Legislature
can require licenses merely for the purpose of putting those from whom they
are required outside of the protection of the provisions of the Constitution?
We sympathize with the law officers of the State in the difficulties in which
they find themselves because of the construction that the courts have put
on the provisions of the Federal and State Constitutions, which declare that
a man cannot be required to give evidence against himself. But if these provisions, or the construction that the courts have put upon them, stand in the
way of the effective enforcement of criminal law, the honest way to meet the
situation Is to procure the necessary amendments to the Constitution or to
Induce the courts to overrule their decisions. We submit that the chief argument used by those who advocate the licensing of brokers condemns the measure that they advocate.
The bill (Sections 283b-c-d-e-f-g-h-i-j-k-1 and m) prohibits any person,
partnership or corporation from engaging in the business of purchasing and
selling shares of stock or bonds as principal, broker or agent without a license
from the Superintendent of Banks (Sec. 283). In order to obtain a license
the applicant must satisfy the Superintendent of Banks that he is trustworthy
and that he is competent to transact business in such manner as to safeguard
the interests of customers and others dealing with him. A new license must
be obtained every year. A license may be revoked by the Superintendent of
Banks (Sec. 283-f) if after investigation and a hearing before him or before
any employee designated by him he determines that the holder of the license
(1) has violated any of the provisions of the proposed Act or of any Act regulating the business of persons dealing in shares of stock, bonds or other securities; (2) has made a material misstatement in the application for such
license; (3) has been guilty of fraudulent practices; (4) has been convicted
before or since the issuance of such license of a felony or of any crime Involving misconduct in the purchase or sale of securities, or in the use or disposition of securities, property or funds of others; (5) has suffered a judgment
to be recovered against him and to remain unsatisfied of record for more
than 30 days, unless an appeal has been taken therefrom and is then pending
and the execution of judgment has been stayed pending such appeal; (6)
has demonstrated to the Superintendent of Banks his incompetency or unworthiness to transact the business for which such license shall have been
granted by reason of anything done or omitted in or about such business under the authority of such license. If a license is revoked (283g) a new license
cannot be obtained for five years. If the license of a partnership is revoked,
or the license of a corporation, no member of the firm or officer of the corporation can obtain a license for five years if such member or officer shall
be found by the Superintendent to be personally at fault. All transactions,
books of account, documents and other papers of every licensed dealer shall
be at all time subject to the supervision and examination of the Superintendent of Banks and all persons designated by him for that purpose (Sec. 283-i).
If the Superintendent of Banks shall certify at any time that a dealer is insolvent or unable to meet his obligations as they mature, or that it is otherwise unsafe or imprudent for the public or for customers to deal with him,
his license shall be revoked. The Superintendent of Banks must grant a




1125

hearing before revoking the license; his action in refusing to grant or in revoking a license may be reviewed by certiorari. A licensed broker may not
do business on any exchange unless the exchange conforms to the requirements
which have been dealt with in an earlier part of this memorandum. For each
and every transaction involving a violation of the proposed Act, a broker or
dealer is liable to a penalty of $10,000 and -may be prosecuted for a misdemeanor.
The provisions which have been quoted in terms put every broker and
dealer in securities under the absolute dominion of the Banking Department.
In effect, the right of a broker or dealer to enter into business or to continue
in business is made subject to the absolute discretion of the Superintendent
of Banks. No rule is laid down for his guidance in the exercise of his discretion and no standard is set up to which he could be required to conform.
A lawyer may be disbarred or a doctor deprived of his license only in accordance with definite procedure provided for by law. The terms of this statute
permit the Superintendent of Banks to end the career of a dealer or broker
for any reason which in his opinion indicates the broker's untrustworthiness
or for any reason which in his opinion makes it unsafe for the broker to continue in business.
The superintendent may bring about this result without taking any affirmative action. It is only necessary for him to refuse to renew a license. If
he choose to revoke a license he makes it impossible for the broker to go into
business again for a period of five years. This penalty is imposed equally
whether the license is revoked because of financial embarrassment or for the
commission of fraud or because of the failure of the broker to put the proper
serial number on an advertisement or because he has committed a felony.
There is no provision for shortening the term or mitigating the penalty.
If the Superintendent of Banks actually exercised the powers which the bill
aims to confer upon him the position of brokers or dealers would be intolerable. Self-respecting men would refuse to go into a business or continue in a
business in which their rights would not be determined by law but would be
at the mercy or whim of the Superintendent of Banks.
It may be stated that the Superintendent of Banks could not exercise
greater or more indefinite powers than the Stock Exchange exercises over its
members. The difference is that the powers of the Stock Exchange are powers voluntarily conferred upon it by its members and exercised through officers whom the members elect. Though a man may not be admitted to the
Stock Exchange except upon the consent of the Committee on Admissions, he
may not be suspended or expelled except after full trial by his fellows held
under the laws and in accordance with the rules and procedure of the Exchange. The members of the Exchange may submit to the authority of the
Exchange without feeling that they are subject to the arbitrary power of a
public official. The powers of the Exchange are also exercised by men who
know intimately the persons and subjects with which they deal and therefore
can be trusted to exercise their powers with the utmost discrimination and
regard for the particular circumstances of each individual case.
The discretionary power over the fortune and careers of all men engaged
in the brokerage business which in terms the proposed bill vests in the Superintendent of Banks is a power which cannot under a free government be
properly vested in any public official. If it were possible for the Superintendent of Banks to have the requisite knowledge for the exercise of any such
power and assuming that it would always be exercised with the greatest care
and with the best motives, it would nevertheless be the power of a benevolent
despot.
As a matter of fact, it is inconceivable that the Superintendent of Banks
would attempt to deal with each individual case as the Committee on Admissions of the Stock Exchange deals with an applicant for admission, or as the
Committee on Admissions of the Bar Association deals with an applicant for
admission to that association. He would neither have the time, requisite
knowledge or opportunity to obtain the necessary facts. He would act upon
the papers submitted to him. In a great majority of cases he would grant a
license to any one against whom no concrete fact could be produced and
would revoke a license only upon legal proof of specific wrongdoing or specific proof of insolvency. Occasionally in some case that had attracted public attention he would exercise the powers drastically and as frequently as not
unjustly.
The proposed Act is a peculiarly striking example of the evils that will be
involved in any system of licensing.
The Stock Exchange is opposed to every scheme for the licensing of brokers.
The grounds on which it bases its position are in part as follows:
1. The buying and selling of securities is a private pursuit, and as a matter of principle any man has a right to engage in the business of buying and
selling securities without obtaining a license from the State therefor.
The Commission appointed by Governor Smith in 1920 in its report makes
the following statement:
"The objection to a law of this character is that every citizen should be
free to enter into any legitimate business that he sees fit: and that, to
require a licensing system and to confer power upon some State official to
grant or withhold a license, is an abrogation of individual rights and liberties, is un-American in principle, and has been frequently denounced by
the courts.
'To make any such law effective, the Power must be conferred upon
some State official to reject applications. This must be upon some 'test'
of character and fitness. A very largo proportion of those dealing in
securities between the issuing house and the public are bright young men,
frequently college graduates, Just entering upon tads business life. We
are not prepared to recommend that these large numbers of our citizens
should be subject to the ipso dixit of a State official, as to ids liberty to
enter the business of a dealer in securities."
2. Licensing will not eliminate the fraudulent or unscrupulous dealer in
securities. On the contrary, it would frequently aid the swindler. It would
be impossible to prevent dishonest men from obtaining licenses. In the case
of an old offender a license might be refused, but the decision to grant or
withhold a license must in all cases be made on the record submitted and the
endorsements secured. Reliance cannot be made upon references and certificates of character furnished by men seeking licenses. When the Stock Exchange cut off its quotations from Messrs. Hughes & Dier, letters were received from men high in political and public life urging that the wires be
restored. It is certain that no licensing bureau could have resisted the pressure that was brought to bear in this instance, and this is not a unique but a
typical case. The experience of every public man will show him how difficult it is to resist requests for endorsements made to him on behalf of people
against whom he has no definite evidence of bad character. 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.
3. Licensing leads inevitably to the examination of books. The argument
is: "The books of banks are subject to examination; why not the books of
brokers?" Brokers are agents for their principals. The business of a bank
is primarily the business of the bank and involves the affairs of its depositors
only incidentally. The business of a broker is the business of his
customers,
and an examination of the books of the broker involves an examination
of

1126

THE CHRONICLE

the private affairs of all of his customers. The licensing of brokers is proposed as a means of protecting their customers, but their customers are the
very people who would protest most vigorously against the disclosure of their
private affairs. The business that brokers transact for their customers is
regarded by them and by their customers as business of a peculiarly confidential nature, the secrets of which are to be guarded as strictly as the secrets
of a lawyer or a doctor.
4. One effect that would follow the examination of the books of brokers
would be that business instead of being done directly with brokers would be
done through intermediaries. The customer of a broker would not be the
real principal, but would in turn be acting for some one else. The possibility
of restricting manipulation, corners, and other improper operations, would be
correspondingly diminished.
5. But the effect that would follow from licensing of which brokers are
most apprehensive is that the information acquired by the examiners might
be used for improper purposes. Any sort of an examination of a broker's
books, however perfunctory, would require a very large force. Among any
such force there would always be many whose discretion could not be relied
upon, and always some whose honesty could not be relied upon. The confidential information to which the examiners would have access would frequently reach people disposed to make an improper use of it. Consider the
price that dishonest operators would sometimes be ready to pay to learn of
the transactions on a broker's books! Consider the opportunity to trade
upon knowledge obtained, or to pass along tips to friends
The Supervision of the Issue and Sate of Securities.
The proposed Act, in effect (Sec. 282-c), prohibits the issue or sale of
securities in the State of New York until the Superintendent of Banks has examined the documents to be filed in respect thereto and has reached the conclusion that the issue or sale would not operate as a fraud upon the purchaser. New York is pre-eminently the market for the issue of securities. 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 requires the filing with the Superintendent of Banks of specific and detailed information before he can be
called upon to act. The details of information to be filed are in part taken
from the requirements of the Stock Exchange for the admission of securities
to the list, but the information that the Stock Exchange may properly require before admitting securities to the list and the information that the
State may require before permitting the sale of securities are two different
matters. The Stock Exchange does not admit securities to the list until they
have already been sold and distributed to the public. The provisions of the
proposed Act would apply before the securities are distributed. The Act
makes no provisions for the sale of securities "if, as and when issued" and
apparently is drawn in entire disregard of the methods ordinarly employed
in connection with the financing of new enterprises and large undertakings.
In this connection consider the provisions of Section 282-f, which requires
the filing of all underwriting agreements with the Superintendent of Banks
ten days before the securities are offered to the public. This provision alone
would make impossible many of the most legitimate and necessary financial
operations. In a great proportion of cases the sales must be made and the
money must be in hand before matters have reached a stage where it would
be possible to comply with the requirements set out in the Act. The proposed Act furthermore is applicable not only to new issues of securities but
to a vast amount of securities that are now issued, and outstanding. It forbids the sale of all these securities until the prescribed information has been
filed in respect thereto. It would be wholly impracticable to file the information required as to a great part of these securities. For example, consider
the requirements of Section 282-a, subdivision 11, also Section 282-f. The
Act would work the greatest injustice upon the present owners of existing
securities.
The Act would furnish a fruitful field for the operations of the blackmailer. By the terms of Section 282-d every sale or contract of sale in violation of the Act is declared to be void and may be rescinded at the instance
of the purchaser. If the seller of securities omits from an advertisement a
serial number or omits from an advertisement any of the legends or notices
required by the Act to be contained therein, or fails or is alleged to have
failed to comply with any of the other artificial requirements of the Act, the
sale is rendered void. It makes no difference that the purchaser was in no
way deceived. It makes no difference that the purchaser with full knowledge
of the circumstances expressly waived compliance with the Act (see Sec.
2824). The purchaser may come in later and rescind the contract and demand his money back if his speculation has gone against him.
All such formal requirements as these are wholly illusory so far as the attainment of any practical good is concerned. They make rights dependent
upon form instead of upon substance and are contrary to all the fundamental
principles of sound legislation.
Finally, we submit that the proposed Act is wholly without merit.
JOHN G. MILBURN,
WALTER F. TAYLOR,
Attorneys for New York Stock Exchange.

[VoL. 116.

Committee appointed a special committee consisting of William B. Potts,
S. F. Streit, William A. Greer, J. Prentice Kellogg, and James B. Mahon,
to be known as the "Building Committee." The name of this committee
was later changed to "Construction Committee," and from time to time
changes took place in the personnel of the committee, but the present
members, namely, William B. Potts, Chairman; Warren B. Nash, ViceChairman; William A. Greer. Allen L. Lindley, Blair S. Williams. and
ex-officio Seymour L. Cromwell, President of the Exchange,
have had
the supervision of the larger part of the construction work. Trowbridge
& Livingston were selected as architects to draw up plans
and specifications, and Marc Eidlitz & Son, Inc., were selected as builders for the
proposed new structure.
In style, the building follows with certain necessary modifications the
great Corinthian order of the present Exchange, which is recalled by
the pilaster treatment of the Wall Street front, indicating the extension
of the Board Room Floor. The horizontal lines are so arranged as to
disguise and bring together the different levels of the Board and New
St. fronts of the old building, while the superstructure Is erected as a
tower, which, together with the simplicity of the Broad St. front, enhances
and emphasizes the great beauty of the colonnade and pediment of the
main structure. A staff of foundation, structural, mechanical, heating
and ventilating and electrical engineers was organized, to give this building
the most modern and most complete mechanical equipment of which these
sciences are capable. The apparatus of the present Exchange was completely overhauled to bring it up to modern standard. The fresh air
supplied to the Board Room and the basements will be heated in the
winter and cooled to a comfortable temperature in summer. The new
board room or trading room occupies almost the entire area of tho addition.
This room is without columns and is spanned by trusses which carry the
entire weight of the twenty-three-story building above ground. These
trusses are probably the heaviest ever used in office-building construction
and the columns supporting them are probably among the heaviest building
columns ever designed. The building has five basements and the foundations which are of the Cofferdam type rest on rock 60 to 70 ft. below
curb. Provision has been made for the possible construction of a large
safe deposit vault, equal in size to, if not larger than the present vault,
and space has been allowed in the basement for an extension of the Stock
Clearing Corporation's quarters. The floors up to and including the
seventh, with the exception of the third and fourth, are used for the purposes of the Exchange. The entire seventh floor is devoted to the
Luncheon Club.

Amendment to Constitution of New York Stock Exchange Affecting Liberty Bond Trading.
The Governing Committee of the New York Stock Exchange approved on March 14 an amendment to the Constitution so as to permit trading in all United States Liberty
Loan bonds hereafter at variations of 1-32 of a point, instead
of 1-50 of a point, the unit of fluctuation heretofore.
Amend mentRorConstitutionTofINew York'Stockl
change Under Which Commission Law is Not to
Apply in Certain Transactions Contracted for
Off the Floor.
The Governing Committee of the New York Stock Exchange on March 14 adopted an•amendment to the Constitution of the Exchange under which it is stipulated that the
commission law shall not apply in certain cases when transactions are contracted off the floor of the Exchange. The
amendment is announced as follows:
Amend Article XXXIV by adding thereto a new section, to be known
as Section 7, and reading as follows:
"Sec. 7. When any member of the Exchange, or any firm with membership on the Exchange, engages in transactions in which the member or firm
Is acting as a dealer in securities of original issue and for investment, the
commissi n law shall not apply to those particular transactions when
contracted off the floor of the Exchange.
"The power to determine when transactions are legitimately of this
character shall be exercised by the Committee on Quotations and Commissions, subject to the approval of the Governing Committee, and any
attempt to evade the conunission law under cover of this privilege shall
constitute an act in violation of Section 6 of Article XVII of the Constitution."
If the above proposed amendments are adopted provision therefor should
be made as follows:
Amend Section 1 of Article XXXIV by adding the words "s (6) and"
after the word "Sub-division" in the fourth line, and the words "and in
Section 7" after the number "2" in the fifth lino; said section, as amended.
to read as follows:
"Sec. 1. Commissions shall be charged and paid, under all
stances, upon all purchases or sales of securities dealt In upon the circum(except as provided in Sub-divisions (b) and (h) of Section 2 and inExchange
Section 7
of this Article), and shall be absolutely net and free from all or any rebatement, return, discount or allowance in any shape or manner whatsoever,
or by any method or arrangement direct or indirect, and no bonus or any
percentage or portion of the commission shall be given, paid or allowed,
directly or indkectly, or as a salary or portion of a salary, to any clerk or
person for business sought or procured for any member
of the Exchange."

Prize for Best Downtown Building Erected in 1922
Awarded to New York Stock Exchange.
The Downtown League (David Robinson, President),
through its committee consisting of J. Louis Schaefer, Louis
V. Bright and Charles F. Noyes, awards the prize for the
best building erected downtown during the year 1922 to the
New York Stock Exchange for its beautiful building at
7 Wall St., corner of New St. This building was from
plans of Trowbridge & Livingston and erected by Marc
New:York Stock Exchange Expels F. D. Lackey.
Eidlitz & Son,Inc. The Downtown League,in a description
The expulsion of Frank D. Lackey, of the brokerage
of the Stock Exchange Building, "which," it says, "is house of F. D. Lackey & Co., of Wilmington, Del., was
probably the finest building of its type in the world," says: announced from the rostrum of the New York Stock ExThe New York Stock Exchange was established upon its present site change on Thursday of this week, March 15. In making
In the year 1865 and from then until now there has been a perennial contest
the announcement Seymour L. Cromwell, President of the
between the facilities of the institution and the volume of business offered
It by the country and the world. It is a far cry from the modest structure Exchange, issued the following statement:

of Civil War days to the magnificent home of to-day which is the result
of building operations completed in 1871, 1881, 1901 and 1922.
On Nov. 26 1918 the Governing Committee appointed a special committee consisting of Blair S. Williams, Samuel F. Streit, Donald G.
Geddes, H. T. B. Jacquelin and James B. Matson, with power to purchase
the property at 11 Wall St. known as the Mortimer Bldg., in order to
provide facilities to take care of the rapidly increasing business of the
Stock Exchange, and the accessions being constantly made to the list of
stocks traded in, which purchase was consummated about Dec. 1 1918.
Later, the Stock Exchange secured on a long lease, the Wilks property
on the corner of Wall and Broad Sts. On March 12 1919, the Governing




A charge and specifications having been preferred against Frank D.
Lackey, a member of the exchange and a member of the firm of F. D.
Lackey & Co., under Section 2 of Article XVII of the Constitution, said
charge and specifications were considered by the Governing Committee at
a meeting held on March 14 1923,said Frank D. Lackey being present,and
the Governing Committee having determined that said Frank D. Lackey
was guilty ofsaid charge and specifications,said Frank Lackey was expelled.
Frank D. Lackey has been expelled from the New York Stock Exchange
because his firm so manipulated reports on orders entrusted to them for
execution that profits over and above proper commissions were created.
These acts were many in number.

MAR. 17 1923.]

T H Pi CHRONICLE

1127

George H. Logan, N. Nelson Keen
the following following trustees:
made
ey
Lack
Mr.
sion,
expul
Following his
and Don M. Hunt.
Exchange:
will form a
comment on the action of the
Gerard P. Tameling and N. Nelson Keenon a commisnge.
Excha
Stock
the
of
rules
ofthe
ion
carry
violat
to
,
cal
1923
techni
2
a
April
with
ed
tive
I was charg
to the satisfac- co-partnership, effec
violated any rules, it appeared
n, sugar, coffee and
While, of
While I have not personally
somebody in my office did.
sion business in stocks, bonds, cotto
and it will
tion of the Stock Exchange that
ially,
me financ
affect
St.
not
Wall
7
does
it
at
es
much,
offic
grains, with
course. I regret it very
s & Co., with
business connections in any way.
slot affect my business or my
A new firm, styled Lamborn, Hutching
on on Thursingt
Wilm
from
tches
dispa
memberships in
press
have
will
,
York
According to
New
St.,
Wall
7
at
night by F. D. Lackey offices
Exchange, New York Cotton Exchange,
day, March 15, it was announced that
to the New York the New York Stock
sold
been
had
ess
busin
the
that
•& Co.
& Sugar Exchange, New York Produce
Co., of this city. Mr. New York Coffee
Stock Exchange firm of Harriman &
Board of Trade, Louisiana Sugar &
ago
Chic
it is said, will retire Exchange,
ey,
Lack
J.
W.
er,
broth
his
and
ey
Lack
on (England), Produce Clearing House,
been a member of the Rice Exchange, Lond
on a general brokerage business in
from the business. Mr. Lackey had
carry
will
It
Ltd.
1916.
e, grain and produce,
n,
New York Stock Exchange since June
stocks, bonds, cotto sugar, coffe
Lamborn, Henry B.
H.
ur
and will be comprised of Arth
Firm of
nt
stme
C. Riggs, George H.
es
Inve
Charl
p,
for
d
Trou
G.
inte
nce
Appo
Clare
Receiver
Hutchings,
ti.
inna
Dyer, all of whom
Cinc
ler
Whee
d,
B.
fiel
and
Chat
Beazell &
Logan, Karl E. Lindgren
& Co.
Roth &
,
orn
Weil
of
Lamb
of
firm
nt
firm
rage
prese
the
broke
of
ers
the
of
memb
are
Henry S. Irving
t, announce
inves
the
York
New
St.,
for
t
ver
Fron
recei
132
Inc.,
Lamborn & Co.,
Irving was on March 8 appointed
under a bond that on April 1 they will take over the business previously
nnati
Cinci
of
ield
Chatf
&
ll
Beaze
ment firm of
dispatch from that city on conducted by Lamborn & Co. at 132 Front St., New York,
of $50,000, according to a presi
"Journal of Commerce" and at its branch offices and connections throughout the
March 8 appearing in the New York
vership and dissolu- world, under the management of the following officers:
recei
the
for
ion
of March 9. The petit
by George Beazell,
filed
ARTHUR H. LAMBORN, President
tion of the firm, it was stated, was
ield Jr., his
Chatf
CHARLES C. RIGGS, Vice-President
H.
W.
st
again
firm,
'
senior partner of the
CLARENCE G. TROUP. Vice-President
part:
in
say
to
on
HUTCHINGS, Vice-President
B.
Y
HENR
the
partner. The dispatch went
ident
ncement from New York that
annou
The court action came after an
s from the
ordered the removal of the ticker
New York Stock Exchange had
was given when this order was
ation
explan
No
here.
offices of the brokers
why they were
firm by the Exchange or
filed, the demands made upon the
to.
ed
rs over the
acced
not
e has arisen between the partne
The petition states that a disput
It was said the firm is not a
e.
servic
York
New
policy of continuing the
Its business through
Stock Exchange, but does
member of the New York
r.
membe
a
is
who
t
ponden
accounts aggrea corres
400 customers, and has
The firm has between 300 and
states. Because of the dison
petiti
the
.000,
gating approximately $1,500 adequate or safe means of liquidating the
no
agreement of the partners
provided for, it was stated.
New York accounts has been
requests upon us
the Stock Exchange made
"The Board of Governors of
l said. "We failed to
Beazel
Mr.
with,"
y
compl
which we would have to
ordered out our
Exchange acted quickly and
t."
heed these requests and the
right. The firm is amply solven
all
out
work
will
thing
of the firm's
tickers. Every
eld to permit an examination
al
remov
for
The refusal of Beazell & Chatfi
nge authorities was the reason
books by New York Stock Excha nge officials announced yesterday. The
Excha
ting its
of the tickers from its office.
Exchange, but has been conduc
was
firm is not a member of the Stock
The examination of the books
t.
ponden
corres
a
gh
business throu
firms using the
r procedure in the case of
sought according to the regula
Exchange officials.
ticker service, according to Stock

KARL E. LINDGREN, Vice-Pres
Sec'y
B. WHEELER DYER, Vice-President J.
Treas.
GEORGE H. LOGAN, Vice-President &
rer
It. HENRY WAY, Assistant Treasu
DON M. HUNT, Assistant Secretary

g For Taxation of
Bill Passed By Congress Providin
Supreme Court
S.
U.
es.—
National Banks By Stat
Bank Case.
onal
Nati
ver
Hano
ew
Revi
to
ines
Decl
nal banks by
Natio
of
The bill providing for the taxation
by President
oval
appr
its
with
law
a
me
States which beca
hurried through
Hardin on March 3 was one of the measures
h expired on the 4th.
in the closing days of the session whic
ated in our issue of
indic
we
as
On January 23, the Senate
that bill, as it was
bill—
the
d
passe
had
367)
e
(pag
Jan. 27
uage from the one .
lang
in
ly
great
ring
stated at the time, diffe
e, although both
Hous
the
d
passe
ously
previ
had
h
whic
rs and the soincluded provisions for general taxing powe
27 the House
called validation of. back taxes. On Feb.
which would
bill
the
to
t
ring
dmen
Clea
amen
Y.
an
86,
N.
to
Falls
approved, 215
Organization of the Niagara
t
legally have
migh
as
taxes
these
validate only so much of
House Association.
te had apSena
The
Law,
al
Feder
10th,
r
the
h
unde
sed
Marc
asses
been
N. Y., on
d have
woul
The seven banks in Niagara Falls, following officers:
ed,
claim
was
it
h,
whic
proved an amendment
with the
t approved
organized a Clearing House
dmen
amen
her
Trust Co..
Anot
.
Falls
taxes
ra
these
Niaga
of
all
ent,
ated
Presid
valid
President—George G. Shepard,
Bank,
ion of shares of
'. Vice-President, East Side
Vice-President—George F. Memel
by the House, 85 to 32, limited State taxat
Co..
Trust
Manager—Niagara
e J. Natidnal banks to the rate imposed on other moneyed
Georg
Bank;
City
Power
J. Coe,
Clearing House Committee—Fred
Co.
tition with the
e G.Shepard, Niagara Falls Trust
capital—private banks—coming into compe
Howard,Bank of Niagara,and Georg
esettl
of
of the House,
od
n
meth
actio
and
tution. Following the
The Associa Ion adopted the forms
t National insti
Trus
n
ing the bill
Unio
bring
the
In
of
.
dent
rence
Presi
confe
,
to
Merz
k
went
on Feb. 27 the bill
ment devised by Fran
tauan, one
Chau
McLe
the
of
or
dent
Senat
Presi
h
1,
e the Senate again on Marc
Company of Jamestown, N. Y.,
rees were
ent of the befor
Confe
ex-Presid
and
the
n
that
iatio
ted
Assoc
repor
rees,
ers'
Bank
Confe
te
ty
qua Coun
the Sena
ican Bankers' Asso- of
d (and agreed on
Jamestown Clearing House. The Amer
unable to agree, and the Senate was aske by the House to
the
ded
mmen
has
reco
to concur in the amendment made
ciation (Clearing House Section)
or re-organzing clear- the 1st)
the bill as thus
amendment; it is understood that
Jamestown System to those organizing
te
Sena
the
e
and
work
simpl
most
shape it was
the
as
the
year,
in
r in other words, the bill
ing houses during the past
e in the country. agreed to—o
hous
ing
clear
any
by
ed
devis
ever
ws:
able plan
ly passed as follo
and
is announced, speak very final
es of the United States be,
Those having used the system, it
That Section 5219 of the Revised Statut
ing
e
clear
new
)Mor
..
labor
ed so as to read as .ollovrs:
and
amend
y,
time
is
hereb
of
g
same
savin
the
,
a
as
direct
it
and
highly of
State may determine
banks are being formed
"Sec. 5219. The legislature of each
place of taxing
houses in cities having three or more is pointed out, by the subject to the provisions of this section, the manner andwithin
its limits.
cted, it
ations located
all the shares of national banking associ
than ever before, being attra
d thereh
ons,
whic
, or include dividends derive
izati
shares
organ
said
such
tax
of
may
l
ts
States
severa
resul
The
tax the income
mutual advantages and
e of an owner or holder thereof, or
,
incom
e
s
elves
the
taxabl
in
bank
from
thems
the
to
conditions are complied with:
have proven their value not only
la. such associations, provided the .ollowing
any one of the above three
of
State
well.
said
as
by
tion
1. (a) The imposi
but to their depositors
.
others
the
of
lieu
in
be
shall
on
of
taxati
forms
be
the tax imposed shall not
"(b) In the case of a tax on said shares
g
ed capital in the hands
rdin
,
money
Rega
York
New
ed upon other
is
of
assess
rate
than
r
Bank
a
greate
at
rve
Rese
the
ral
Notice of Fede
competition with
National Bank
of Individual citizens of such State coming into
ces
, notes, or other eviden
Collection of Checks Drawn on First
business of national banks: Provided, That bonds
employed or engaged
not
ns
citize
dual
indivi
of Engliahtown, N. J.
of
in
the
hands
of indebtedness
merely personal
. through Gov- In the banking or investment business and representing
The Federal Reserve Bank of New Yorknotice March 12: investments not made in competition with such business shall not be
ng of this section.
ernor Benjamin Strong,issued the following
, deemed moneyed capital within the meani
shtown,
ation, the rate shall
nal Bank of Engli
Is...We have been advised that the First Natio
1923.
reopen for business on Mar. 14
which was closed on Nov. 29 1922, will
that bank for collection as cash
on
s
drawn
check
accept
ore,
theref
We will,
Items on and after Mar. 14 1923.

Firms Organized.
Dissolution of Lamborn & Co.—New
Front St. this city,
Lamborn & Co., of 7 Wall St. and 132
will be dissolved
p
ershi
nt
partn
prese
their
announce that
of Lamborn &
firm
the
of
rs
affai
on March 31 1923. The
partners by the
the
all
for
led
hand
be
will
n
datio
Co. in liqui




associ
"(c) In case of a tax on the net income of an
other financial corporations
not be higher than the rate assessed upon
by the taxing State upon
ed
nor higher than the highest of the rates assess and business corporations
the net Income of mercantile, manufacturing,
doing business Within its limits.
the said shares are taxed, the
"(d) In case the dividends derived from
assessed upon the net income
tax shall not be at a greater rate than Is
from other moneyed ettpital.
above provided of any national
"2. The shares or the net income as
s of any State, or the dividends
banking association owned by non-resident
s, shall be taxed in the taxing
on such shares owned by such non-residentnot elsewhere; and such associaand
district where the association is located

1128

THE CHRONICLE

[VOL. 116.

tions shall make return of such income and pay the tax thereon
as agent
of such non-resident shareholders.
"3. Nothing herein shall be construed to exempt the real propert
y of
associations from taxation in any State or in any
subdivision thereof to
the same extent, according to its value, as other real propert
y is taxed.
"4. The provisions of Section 5219 of the Revised Statutes
of the United
States as heretofore in force shall not prevent the
legalizing, ratifying, or
confirming by the States of any tax heretofore paid,
levied, or assessed
upon the shares of national banks, or the collecting
thereof, to the extent
that such tax would be valid under said section."

Certain Tammany Democrats here
are jubilant over the passage of the
Federal Bank Bill, as they now have
hopes of escaping the ordeal that
would be theirs if Comptroller Craig
were to reopen the New York City
budget. Authority was given him
to do that by a bill recently passed
by
the Legislature and approved by
Governor Smith. The re-opening of the
budget was made necessary because
of a $5,000,000 revenue loss incurre
d by
the City through the court decision
against the former National bank tax
law.
The only obstacle now foreseen is the
possibility that the court may hold
the new Federal Tax Act unconstitutional
. Intimidation to this effect was
Senator Kellogg in seeking to explain the difference
made to-day by Comptroller Craig,
be- In
who said that there is so much verbiag
e
the Bill that experts in Washington
tween ,the House and Senate bills had the following to
fear
it may be contrued as invalid.
say
The States are given power in three
when the bill was before the Senate on the 1st inst.:
ways to assess the banks in order that
sufficient sums may be collectible to
offset the refund. One of these ways
Mr. Kellogg—Mr. President, down to subdivi
sion (b), read by the is against the shareholders the same as in the original
State tax on the
Clerk, the House passed substantially—in a little
National banks. But the Comptroller
differen
languag
t
e,
but
said he had no fear that a construcsubstantially—the Senate bill. Subdivision
(b), the future basis of taxing tion could be placed upon the provisions of the
propose
d State bill which
stock of national banks, the House changed. I
will read the Senate pro- would permit the collection of sufficient revenues to
relieve New York City
vision and explain the difference.
and the other communities of the
State of embarrassment entailed in
The Senate provision was as follows:
a
refund and at the same time prevent
•
court action questioning the constitu"(b) In the case of a tax imposed by a
or any agency thereof on tkmality of the measure.
said shares the rate of taxation shall not beState
higher
than the rate applicable
Further advices to the "Evening Post"
to other moneyed capital employed in the
s of banking within the
from Albany
taxing State: Provided. That whenever by busines
any taxing district the shares March 8 said:
In mercantile, manufacturing, or busines
s
corporations doing business
therein are taxed the rate applied by said taxing
George P. Nicholson of New York
has a plan whereby the cities in the
banking associations shall not exceed the average district to the shares in
of the rates applied by State would recover revenue they
it to the shares of such other corporations or
are to lose through the invalidation
to the shares of such of them
of the bank tax. It calls for an
as are taxed therein."
amendment to the State income tax law
whereby the cities would get an
That is the provision which the Senate passed.
increased share of income tax
The House refused to which,so far as New
money
York City is concerned, would yield
concur in that and adopted this provision:
about $6,000,000.
or $1,000,000 more than is needed.
"(b) In the case of a tax on said shares the tax
imposed
shall
not be at
a greater rate than is assessed upon other moneye
According to the "Post" of March
d capital in the hands
of individual citizens of such State coming
12, the declaration
into competition with the that New
business of national banks—"
York City faces a loss of $15;000,000
in taxes
So far, that is the old law—not in words, but
practically as construed because of certain provisions in the national bank
by the Supreme Court. I do not think this goes
tax bill
as far as it ought to, but passed in the closing
hours of the last Congress, was made
It is all we can get. Then a proviso was
put on. Instead of making by
City
stocks in other companies the basis, which I
Comptr
oller
Charles L. Craig at a meeting of
admit was rather unscientific,
the House provided as follows:
the Board of Estimate in City Hall
that day. The "Post"
"Provided, That bonds, notes, or other evidences
of indebtedness in the added:
hands of individual citizens not employed or
engaged
in
the
banking
or
investment business and representing merely
The provision objected to by the
Comptroller because he said it favored
made in competition with such business pall personal investments not the banking interest
not be deemed moneyed
s was that which authorized
capital within the meaning of this section
State Legislatures to
.'
pass their own retroactive measure
s
pertaining to the tax and permitting
That is the House provision. My object in
introducing the original the collection of back taxes if no legal obstacles bob
up. Legislatures,
bill, which said that the rate should not be higher
than that on all other the Comptroller declared, will not take steps to
make the national bill
moneyed capital engaged in banking, was to get away
from the provisions effective.
of State laws that made the basis of taxing national
"It is a banker's bill pure
banks the individual
and simple," said the Comptroller. "It
credits in the hands of the citizen. The House has
purports to validate the city's
attempt
to
ed
get
tax on national bank stock, but there is
by
that by providing that these investments in the hands
Of individuals shall grave doubt in my mind whether it does anything of the
kind, particularly
not be deemed moneyed capital engaged in banking
. I think myself it is with regard to the retroactive features. It will
not,in my opinion, become
rather a cumbersome provision: but we can not get
anything else, and I operative."
think it is better to accept it than to get no law at all.
The Board, at the Mayor's suggest
ion, directed the Corporation Counsel
The Senate made another change, and provided
that if the real estate to prepare bills enabling the city to take advanta
ge of the national Act
of the bank is taxed—and that has always been the
law, that they could If it is found possible to do so.
tax the real estate of the bank—it must be deducted
from the capital before
From
the New York "Times" we take the- follow
the stock is taxed. The House struck out the
provision that it must be
ing
deducted from the capital, because some States tax
the real estate and then Washington advices March 14:
they tax the stock at a rate sufficiently lower to
A Senate provision in the Nationa
make it up. That is
l Bank Tax Act recently passed
another change.
by
Congress would have advised New
York State
Those are the principal changes in the House bill.
I think the others hell," so Representative Wingo, a Democra to tell its courts "to go to
are unimportant changes of language.
tic member of the House
Banking and Currency commit
tee, and one of the conferees on the bill.
During the Senate debate on the 1st inst. Senator King declared to-day. The House elimina
ted this provision which dealt with
the
disposit
ion
of
the
taxes
referred to the fact that Senator Calder of New
collected under New York State's 1% levy on
York "was shares of national banks, a tax
which
the New York State Court of Appeals
very much interested in the bill which was before the Senate
held discriminatory, and whose
decision the United States Supreme Court
." upheld
last Monday.
He claimed that a situation existed there that called for
re"The Senate proposal said boldly to the
medial legislation." As to Senator King's query
State of New York. 'to hell with
as to your courts, you need the money, so keep
it all even though you have
whether the bill afforded "the relief that the Senato
lly collected It,'" said Mr. Wingo. "Instea
r was unlawfu
d of that provision
we inserted another, and that one had an
entirely interested in," Senator Kellogg answered
entirely
different meaning. In
"not en- effect our provision said to the State:'You
may keep all of this tax money
tirely, but the Senator from New York wishes to have
it which you have been ordered to refund, provided you back tax the comaccepted." It will be recalled that the Court
petitive capital invested in private banking
and bring it up to the level
of Appeals of
what you have collected on the shares of stock of
at Albany last December held invalid the present State law
national and State incorporated banks. Or, if you are not willing
to make the moneyed capital
taxing shares of national banks—the decision having been invested in private banking bear
the same burden, then you may retain
only
given in the Hanover National Bank case. This
part which will equal in amount, the taxes that
you have collected
was from that
the moneyed capital invested in private banking
referred to in our issues of Dec. 30, page 2867, and Jan.
.'"

27,
page 367. The U. S. Supreme Court, it is stated, on March
12 handed down a decision denying the petition of the City Text of Opinion of Supreme Court of Missouri Holding
National Bank—Branches To-Be In-Violaiiof New York for a writ of certiorari to review the decision
ontof
Federal andState Laws—First National
of the Albany Court. Regarding the petition to the SuBank
41, of St: Louis To Seek Opinion_
preme Court, the New York "Evening Post" in an Alban
of U. S.
y
Supreme Court.
dispatch March 1 said:
Attorney-General Carl Sherman to-day joined with Corpora
was indicated in our issue.of Saturday last (page
tion Counsel
,8
George E. Nicholson of New York City in an application
to the United the right of national banks.to operate branches in
Missouri
States Supreme Court for leave to appeal from the decision of
the Court:ef was
.
.denied - inIan-o-pinion.handed down by the Supre
Appeals holding that the New York State law taxing nationa
me
l bank shares
Court of Missouri o.ila March 2.‘. One of those-"io
is unconstitutional. The motion will be submitted to the Suprem
e Court
:whom
on March 5.
c-redicis-given- for the verdict is
Meyer, President
The case involves the legality of about $20,000,000 in taxes
assessed of-the
-Lafayette-South Side _Bank in St. Louis,.who,
against national banks in this State in the last three years.
Unless the
it is
decision of the Court of Appeals is reversed by the United
began4„the fight. against branch
States Supreme
Court or Congress takes steps to validate the taxes it is probable
the banks banking in Missouri; who, it,isklaimed,
was the-moving
will make application to the municipalities of the State to recover.
New York City's interest in the question lies in the reduction of the spirit in arousing and solidifying sentiment_againstl
branch
city's income to the extent of about 65,000,000 through the loss of
this banking; and who was one of the organizers of the Ai-leelarevenue. Comptroller Craig had his bill authorizing him to reopen budget
Missou
ri
Banks
of
tion
& Trust Companies Oppos
hearings passed because the court's decision upset the city's fiscal
ed to
pro- Branch Banking, now
comprising more than 1,300 Missou
gram.
ri
banks. J. I. Cook, Secretary of the Associ
The same paper in Albany advices March 7 stated:
ation, says: *I
Associa

FA8

As the result of conferences between City Comptroller Charles L.
Craig
and Chairman John F. Gilchrist of the State Tax Commission, legislat
ion
Is now being prepared that is designed to save New York and
other cities
In the State millions of dollars that otherwise would have to be refunde
d
to National banks under the court decision invalidating the bank tax
act.
The way for the enactment of such legislation was paved through
the sign4E8 Yesterday by President Harding of the National Bill passed by Congress
In its last hours.




tion was organized in July
The
1922 and carried on a very
vigorous newspaper campaign against branch
banking, using full page copy
about twice a month in the pricipal newspapers
throughout Missouri. This
was quite successfull in molding public opinion
against banking. The
Association also issued a booklet on branch
banking, which was mailed to
every bank in the United States. Afterwards
it carried its flight to the floor
of the A. B. A. Convention in New York, and
was largely instrumental
for the passage of the resolution at that
convention. It will be remembered that_the Hon. Sam. B. Jeffries, Vice-Pr
esident of the National

MAR. 17 1923.]

THE CHRONICLE

1129

v. Needles Nat. Bk., 94
To a like effect are the following cases: Bowen
Fed. 799, 49 U. S. App. 596:
Fed. 925; Commercial Nat. Bk. v. Pirel, 82
421,48 C. C. A.482:
Hanover Nat. Bk. v. Burlingame Nat. Bk., 109 Fed.
219; Ocmulgee Riv.
The opinion of the Supreme Court of Missouri which Hyde v. Equitable Life Assur. Soc., 116 N. Y. Sup.,
Am. Sugar
in
is
i
Missour
Ry. Co.. 251 Fed. 161; State v.
in
Val.
v.
Ocmulgee
banks
Co.
Lum.
branch
of
tion
organiza
holds that the
e, 78 N. J. Eq.
Co., 138 La. 1005; Somerville Water Co. v. Somervill
Ref.
says
laws,
banking
State
and
violation of both the Federal
Knapp v. Sup. Commandery. 121 Tenn. 212.
"lend 199;
of the laws creating
Guided by these rules, a reference to and a review
that the sections of the National Bank Act reviewed
powers is of first consideration.
shment
their
defining
and
establi
banks
the
that
national
ion
content
the
among other
no countenance to
Persons desiring to form a national bank are required, the Compof branch banks is within the scope and purpose of these things, under the Act of Congress of June 3 1864, to file with
s of
operation
place where its
sections." The Act of 1865, it points out, "provides that troller of the Currency a statement of thedesignati
ng the State. territory
on,
carried
to
be
are
law
deposit
and
State
a
discount
under
ed
organiz
any bank or banking institution
or village (Subdiv.
or district, and the particular county, city, town
and having branches, may in conformity with existing law, Sec. 5134, p. 3455, 3 Comp. Stat. U. S.)
the usual business of
A subsequent section of the same Act provides that
become a national bank and retain its branches. In the
transacted at an office or banking
n
be
shall
associatio
banking
national
conve
each
legislati
passage of this Act it is evident that the
ion certificate (See.
house located in the place specified in its organizat
struction of the original is that it did not authorize the estab- 5190, p. 3486, 3 Comp. Stat. U. S.)
in either of these'
No express power to establish a branch bank appears
lishment of branch banks." The Court further says "the
of organization to.
e
certificat
the
requiring
in
5134,
Section
statutes.
establishment by special Acts of Congress of a branch bank designate the county, city or town in which the bank is to be located, is'
him to intelliat Chicago during the Columbian Exposition and at St. intended for the information of the Comptroller in enabling
should be,
whether the authority sought to be exercised
Louis during the Louisiana Purchase Exposition affords gently determine
a construction
granted. While the Banking Act is silent on the subject,
l
Nationa
the
of
tion
construc
at least
ve
with
er
further evidence of legislati
of same is not unreasonable which clothes the Comptroll
to act intelligently or
Bank Act, which excludes from its incidental powers the right such discretion in the premises as will enable him
or rejecting
with a proper regard for the demands of business in approving
to establish branch banks. Turning to the State law, the the
proposed
articles of organization. Hence, a general designation of the
necessary.
Court says:
business location as provided in said section is all that is
er.
Comptroll
the
of
corporaa
on
The purpose of Section 5190 is not for the informati
In this State the banking business can be conducted only by
we have said, It being a matter with which he has no concern when he has granted the
tion. Thus organized, the,extent of its powers must, as
Banking Act articles as to where the place of the business shall be located within the
be determined by the statute of its creation. The State
banits, whether county, city or town. This is a matter to be determined by the board or
gives express recognition to this rule in providing that
such business directors in establishing the business. To render their act specific it must
Incorporated under Federal or State law, can transact only
11684. be confined to the terms of the statute, viz.: to "an office or bankingas is permitted by the law of the United States or of the State (Sec.
the State law. house within the county, city or town" named in the articles. This locaR. S. 1919). Branch banks not having been permitted by
well-recognized canon tion having been established, it is within the contemplation of the statute
either by express terms or necessary implication, the
those granted. that the power of the bank is to be there exercised. Otherwise the words
of construction will authorize the exclusion of this power from
ry in the presence of a "an office or banking house" cease to be specific, and instead of being
Reliance upon this rule is, however, unnecessa
which it is provided "that singular in number may be construed as plural, and thus permit the estabsubsequent section (Soc. 11737 R. S. 1919) in
or receive deposits lishment of banks in as many places within the county, city or town as
no bank shall maintain in this State a branch bank
The attempt, therefore, the judgment of the directors may prompt. Such a construction finds no
or pay checks except Idits own banking house."
not only an act in excess resting place in reason. If followed it would, instead of centralizing and
of the respondent to establish a branch bank is
by multiplying its
statute.
rendering more stable the powers of a bank, enable it,
of its corporate powers, but in violation of an express
powers in
of business, to subdivide and at the same time extend its
places
against
ngs
proceedi
in
given
were
was certainly never
The Court's conclusions
such manner as to stifle competition. Such an effect
the
ng
that
indicati
contemplated by the Banking Act.
the First National Bank of St. Louis. In
tion of the
II. We are more concerned, however, with an interpreta
carried to the U. S. Supreme Court, a
would
powers,
of subdivision 7 of section 5136, granting incidental
language
of
issue
its
in
printed
"
probable effect of
dispatch to the "Wall Street Journal
whether literally or liberally construed, than with the
to it by the reIts operation under the construction sought to be given
March 12 said:
its fight for the right to spondent. If. as we have stated,the terms ofsection 5190 be unmistakable,
carry
will
Louis
St.
in
Bank
National
First
United States. Per- in limiting the location of the place of business, such location, so long as
operate branch banks to the Supreme Court of the
Court, which ruled maintained, will, under the terms of the statute, exclude by implication
mission to do was granted by the Missouri Supreme
violated both State the establishment of a branch bank,the business of which is to be conducted
that the operation of branches by national banks
a stay of judgment under the authority of the original articles of organization. However, it
and Federal banking laws. The bank also obtained
d under secbranch.
is contended that the power to establish branches is authorize
which will permit it to continue the operation of its present
be to present tion 5136. The language of subdivision 7 of that section provides, among
The next move on the part of the First National Bank will
subject to law,
ascertain
other things, that the board of directors of a bank may,
its writ of error to the Supreme Court of the United States and
to carry on the
it.
exercise all such incidental powers as shall be neeessary
If that Court will entertain the appeal and take jurisdication of
before
banking business. Several preliminary assumptions are necessary
The following is the opinion of the Missouri Supreme substantia
First, section 5190
l color can be given to this contention.
business
Court in full:
must be so construed as to authorize the transaction of a bank's
house";
offices or banking houses instead of at "an office or banking
at
BANC.
EN
I,
MISSOUR
OF
exercise
IN THE SUPREME COURT
second, the establishment of a branch bank must be held to be the
October Term. 1922.
within
be
, must
of an incidental power; third, such power, when exercised
Of the banking
National
the law,and,fourth,it must be necessary to the transaction
State ex rel. Barrett. Attorney General, Relator, vs. First
business.
Bank of St. Louis, Respondent. No. 23,753.
the unbranch banks in
The first assUmption we have discussed with the result that
In the matter of the right of national banks to operate
to be accommistakable character of the words employed and the purpose
Missouri.
of the
tion
plished did not, in our opinion, authorize such an interpreta
Opinion of Supreme Court.
Its terms to be read in the plural as well as the singular
enable
to
as
section
authority
the
This is an original proceeding in quo warranto to determine
as to the meaning of incidental
to establish number. The second involves the question
the word
of a national bank engaged in business in the City of St. Louis
powers. The statute (subdivision 7, section 5136) employs
of
business
place
regular
its
than
another
at
the power
and conduct a branch bank
"incidental," rather than the word "implied," in designating
An inciIn said city.
directors.
of
the other than that expressly conferred on the board
I. A national bank is an artificial legal entity, created to facilitate
said in State ex inf. Harvey v. Missouri Ath. & St. L.
we
as
power,
dental
United
the
of
laws
the
of
authority
transaction of fiscal affairs under the
appropriate to.
Clubs (261 Mo., I. c. 599), is one directly and immediately
States. Like other corporations, it possesses such powers as are granted
enable the
execution of the powers expressly granted and exists only to
to it by the Act of its creation, or, more comprehensively stated, which have the
cases).
corporation to carry out the purpose of its creation (citing
been or may be conferred upon it by Congress within the limitations of the
or as
granted
that
from
An implied power is one that may be inferred
Federal Constitution. This reference as to the origin of its powers does
of Massachusetts has said (Grant v. Marshall, 138
Court
Supremo
tho
n
in
regard
State
legislatio
prevent
show,
tly
subsequen
not, as we shall
In state
228), it is a grant or reservation by implication of law.
thereto. Existing, as it necessarily does, by law, it possesses only such Mass.,
ly as
ex inf. Harvey (supra), we defined an implied power more elaborate
powers as are expressly granted or which may necessarily be implied for
into
one "possessed by a corporation not indispensably necessary to carry
the effective discharge of its corporate functions. As..to powers expressly
conte,
appropria
is
and comprises all that
granted
expressly
others
effect
s.
As
their
limitation
defining
in
ed
be
need
encounter
granted, no difficulty
and suitable for that purpose, including as an incidental right
to those incidental, it must appear, to authorize their exercise, that they venient
practical
for which the cor- reasonable choice as to means to be employed in putting into
the
purpose
of
purview
and
the
scope
within
clearly
are
or refining
e when it is sought effect a power of this character." Without chopping logic
poration was created. This rule is especially applicabl
on incident to it at distinctions as to these adjectivial words,it will suffice to say that in statutes
to invoke what are termed the powers of a corporati
it is apparent and judicial opinions they are frequently interchangeably used (3 Thomewhen
only
d
authorize
n
being
applicatio
common law; such
of the Corp. 2d ed., sec. 2105). This need not concern us, however,in the deterexercise
proper
the
to
incident
a
is
necessary
invoked
power
that the
"incimination of respondent's contention, as the statute uses the word
corporation's existence or functions(Kerens v. Trust Co.,283 Mo..1.c.621;
C. 599; Millinery dental," and to this we will give attention.
eState ex inf. Missouri Ath. and St. L. Clubs, 261 Mo.,1.
immediat
or
"directly
What,therefore,are the powers ofa national bank
Co. v. Trust Co., 251 Mo., I. c. 575)•
The
be ly appropriate to the execution of the specific powers granted I"'
may
they
that
extent
the
to
in
y
character
are
elementar
rules
Those
incidental
to emphasize provisions of subdivision 7, following the phrase conferring
termed hornbook law on this subject. They have been stated
which, by
the absence of powers upon the board of directors, furnish examples from
their general application to all classes of corporations in
d. They
determine
analogy, the scope of this character of powers may be
statutes to the contrary.
ng and negotiating of promissory notes, drafts, bills
the
this
include
in
discounti
cases
of
citation
the
with
ourselves
contented
While we have
deposits; the
a general doc- of exchange and other evidences of debt; the receiving of
behalf determined within our own jurisdiction, they assert
of money on
or national, buying and selling of exchange, coin and bullion; the loaning
trine which does not contravene the rulings of any court, State
circulating of notes.
18 Wall, I. C. personal security; and the obtaining, issuing and
either of
upon
when rightly considered. To illustrate: In Bullard v. Bank,
limitation
banking associa- While these powers are distinct and neither is a
ely
593, it was held that "the extent of the powers of national
the others, they cannot be otherwise held than as directly and immediat
associasuch
which
under
the
Act
of
by
Congress
measured
they
tions is to be
appropriate to the transaction of the banking business. Although
."
organized
are
tions
genei ally to all banking
73, it was announced may not be such incidental powers as are given
In Logan etc. Bank v. Townsend, 139 U. S., I. c.
created under the National Bank
true, as contended by the institutions, they are incidental to banks
647, 21 Fed. CosHughes
with equal emphasis that "it is undoubtedly
3
Bk.,
Act for all associa- Act (Seligman v. Charlottesville Nat,
do many things in
defendant, that the National Bank Act is an enabling
rightfully exercise No. 12,642). While a national bank may lawfully
a
cannot
that
bank
national
and
it,
under
tions organized
enforcement of its rights and the
granted by that Act, or such incidental securing and collecting its loans in the
acquired, the exercise of such powers
any powers except thoso expressly
the business of banking for which it conservation of property previously
of carrying into effect the
powers as are necessary to carry on
purpose
Is incidental in being necessary for the
was established."

Association, introduced the
City Bank of St. Louis, and counsel for the
on.
resolution that was passed at this Conventi

question

be




1130

THE CHRONICLE

[Vou 116.

powers expressly granted (Morris v. Springfield
Third Nat. Bk., 142 Fed. convoyed real estate
to a national bank, thereby giving it a preferenc
25, 73 C. C. A. 211; Cooper v. Hill, 94 Fed.
582, 36 C. C. A. 402). The This act was assailed
e.
by the other creditors as in violation of a State statute.
cases cited are illustrative of the limitations
upon the latitude given national The bank resisted
the right of the creditors as thus asserted, upon
banks, not in the character of acts they may
the
primarily engage in as a ground that national
banks, under the Federal laws, were authorize
business, but in the management and protectio
d to
n of property and property take deeds to real
estate to secure pre-existing debts, and that the
rights acquired in the usual banking tranaacti
Massaons. including such minor chusetts statute
was in conflict with the Act of Congress, and,
Incidental powers in addition as may be adapted
hence,
the ends in view.
inoperative. The Supreme Court held
ISM addition to those cited the trend of the casestodefining
that the State law was not in
the incidental conflict with the Act of Congress
powers of national banks is in harmony with the
, and that the other creditors had a right
foregoing conclusion.
to
share in the property conveyed to
The apparent purpose for the establishment of
the
bank.
The exhaustive manner in
branch banks is to multiply which the question
was considered is shown in the following
the places of business of the principal bank and thereby
excerpt from
increase the volume the opinion:
of same. As a manifestation of commercial progress,
the effort may well
"'National banks are subject to the laws
be commended. That phase of the matter,
of the State
however, is not under con- in their daily course of
are governed
business far more by the laws of and
sideration. It is a question of power and not progress
the State than of
that demandssolution. the nation. All their contracts are governed
and
Certainly it is in no sense essential to the exercise
construed
by
State laws.
Their
acquisiti
on and transfer of property,
of any of the powers
right to collect their debts
and
granted nor is it a necessary incident to the
liability to be sued for debts, aretheir
carrying on of the banking only their
all based on State law. It is
when the State law incapacitates the
business within tho meaning of the statute.
banks from discharging their
duties to the Government that it becomes
The third limitation necessary to be observed
unconstitutional.' . . .
before an incidental power Nor is there anything in the statutes of the State
can be invoked by a national bank, is that
setts here
considere
d
which
in
any way impairs the efficiencyofofMassachu
it must be "within the law." frustrate
national banks or
s the purpose for which they were
The law referred to is the National Bank Act,
created. No function of such
to which banks organized banks is destroyed
or
hampered
thereunder Owe their existence and within
allowing the banks to exercise the
the scope and purview of which power to take real estate, providedby
only they do so under
they must exercise their functions. The sections
same condiof the Act reviewed lend tions and restrictions to which all the other citizens of thethe
are subno countenance to the contention that
jected,
one
of
which
limitatio
ns arises from the provisions ofState
the establishment of branch banks which, in case
the State law
of insolvency, seeks to forbid preferenc
Is within the scope and purview of these
es
between creditors.
sections and hence not within the Of course, in the broadest sense,
any
limitation by a State on the making
law.
•
of contracts Is a restraint upon the power
of a national bank within the
The fourth and last limitation upon the exercise of
to make such contracts; but the question
incidental power by State
which we determine is
whether it is such a regulation as violates
a board of directors required by Subdivision 7 is that
the Act of Congress. As well
such power shall be might it be contended that
any contract made by a national bank within
necessary "to carry on the business of banking.
" In a review of the other a State,in violation of the State laws
on
the
subject of
conditions neeessary to the exercise of power referred
or coverture,
to, we have held that was valid because State laws were in conflict with minority
the Act of Congress,
the carrying on of the banking business did not
or impaired the power of the bank to perform
require the establishment
its functions."
of branch banks and hence that it was not within the terms
V. In this State the banking business
of the statute.
can be conducted only by a corIII. An unambiguous statute, such as the National
Bank Act, does not poration. Thus organized, the extent of its
'powers must, as we have
require the adventitious aid of subsequent kindred
legislation to determine said, be determined by the statute of its
creation. The State Banking
Its meaning. Despite this fact, where, as here, there
is a general grant of Act gives express recognition to this rule in
providing that banks, whether
power,however clear that grant may be,the enactmen
t ofsubsequent legis- incorporated under Federal or State law, can
transact only such business
lation containing a specific grant of power will afford
at least persuasive as is permitted by the law of the United States
or of the State (Sec. 11684.
support to the conclusion that the latter was not included
within the former R. S. 1919). Branch banks not having been
permitted by the State law,
or the original grant. Such is the effect of the Act of Congress
of March 3 either by express terms or necessary implicati
on, the well-recognized
1865. now Sec. 5155, 3 U. S. Comp. Stets., p. 3467. This
Act provides canon of construction will authorize the exclusion
of this power from those
that any bank or banking institution organized under a State
law and hav- granted. Reliance upon this rule is, however, unnecess
ing branches may.In conformity with existing law, become
ary in the presence
a national bank of a subsequent section (Sec. 11737, R. S.
1919), in which it is provided
and retain its branches. In the passage of this Act it is evident
that the "that no bank shall maintain in this State a branch
bank or receive deposits
legislative construction of the original is that it did not authorize
the estab- or pay checks except its own banking house."
The attempt, therefore,
lishment of branch banks. Otherwise the subsequent Section
5155 would of the respondent to establish a branch bank
is not only an Act in excess
not have been enacted. A recognition of the limitations of
the National of its corporate powers but In violation of an express
statute.
Bank Act is evident from the fact that the right of a national bank
The writ of quo warranto invoked by
to have
the relator is a recognized right
branches as provided in said section is limited to States the
banking laws and an appropriate remedy under the circumstances (State
ex inf. Attorneyof which authorize the establishment of branches.
General v. Standard Oil Co.,218 Mo. 1).
Upon an appeal to the Supreme
The establishment by special Acts of Congress of a branch
bank at Chi- Court of the United States in the Standard Oil Case
that Court held
cago during the Columbian Exposition and at St. Louis during
the Louisiana (224 U. S. 270) that the proceeding by quo
warranto which had been
Purchase Exposition. affords further evidence of legislative
construction instituted in the State Supreme Court in that case
Attorney
the
by
of the National Bank Act.which excludes from its incidenta
-General
l powersthe was authorized. Discussing the powers of the Missouri
Supreme Court
right to establish branch banks.
in the premises it was held that "its decision
and judgment necessarily
In addition, it is a well-established rule of construct
ion that a long- imply that under that clause of the Constitution it had jurisdicti
on of the
continued interpretation of a statute by public officers charged
with its subject matter and authority to enter judgment of ouster and fine in
execution, while not controlling upon the Courts. is entitled
civil
to special con- quo warranto proceedings. That ruling is conclusive upon us,
sideration (McAllister v. Guppies Station, 283 Mo.
115; State ex rel. Chick of whether the judgment is civil or criminal, or both combined regardless
."
v. Davis, 273 Mo. 660; State ex rel. Kin. Tel. Co.
v. Roach,269 Mo.437;
VI. The right of the Attorney-General to institute this
action having
Ewing v. Vernon Co.. 216 Mo.,I. c. 689)•
been established, the question arises, although it does not
seem
Apropos of the foregoing, it is shown that the Attorney
s-General of the seriously contested, as to the tribunal in which it should be brought. to be
United States have uniformly construed the National
Bank Act as not auThe 16th subdivision of section 24 of the National Judicial
Code prothorizing the establishment of branch banks.
vides, among other things, that the United States District Courts
IV. Enough has been said to demonstrate the
have
fact that neither by ex- original jurisdiction "of all cases commenced by the United
States, or
press terms nor reasonable implication can it be held
that national banks by direction of any officer thereof,against any national banking
association,
are authorized to establish branches in States which
have not granted and cases for winding up the affairs of any sich bank; and of
all suits
that authority to banking corporations doing business
therein. This being brought by any banking association established in the district
for which
true. it remains to be determined whether the processes
of the State can the Court is held, under the provisions of title 'National Banks,'
Revised
be invoked to prevent the exercise of power by a
national bank shown to Statutes, to enjoin the Comptroller of the Currency, or any
receiver
be ultra vires under the law of its creation. That
national banks are acting under his direction, as provided by said title. And all national
corporate entities which owe their existence to Federal
law alone and as banking associations established under the laws of the United States
such are subject to the paramount authority of the
shall.
United States, there for the purposes of all other actions by or against them, real, personal
or
can be no question. Equally as well established is the
fact that a State can- mixed, and all suits in equity, be deemed citizens of the State in
which
not through its legislative department define the duties
of national banks they are respectively located."
or control their affairs whenever such attempted exercise
The United States statutes further provide that national banks
of authority exshall
pressly conflicts with the law of the United States
(Davis v. Elmire Sav- have power "to sue and be sued, complain and defend, in any court
of
ings Bk., 161 U. S. 275: McClellan v. Shipman. 164
law and equity, as fully as natural persons" (U. S. R. S., Sec.
U. S. 356)•
5136; U. S.
The information filed herein by the Attorney-General
does not involve Comp. Stats. 1916, Sec. 9661).
the commission of an Act in conflict with the laws
Under Section 5198 (3 Comp. Stat., p. 3403. 6 Fed. Stat. Ann.,
of the United States,
p.
nor does it tend to impair the efficiency of any agency of
the national 928), prescribing where suits may be brought against national banks, it
Government. It cannot, therefore, be said to be in conflict
with the rule Is provided "that suits, actions and proceedings against any association
above announced and hence does not violate it.
under this title may be had in any circuit, district or territoria
l court of
This conclusion finds ample support in a review of the
National Bank the United States held within the district in which such association may
Act alone; but if further reasons therefor are deemed necessary
be
established, or in any State, county or municipal court in the
they may be
county
found in an illuminating discussion by the Supreme Court
of Kentucky or city in which said association is located, having jurisdiction in similar
(First Nat. Bk. v. Comm.. 143 Ky. 816, 34 L. R.
A. In. H.] 54) defining cases."
the limits that may be placed upon the Federal control of national
Under the proviso of an Act of Congress approved July 12
banks,
1882 (U. S.
or conversely the extent to which the State may exercise
control over Comp. Stat, 1916. Sec. 9668), it is further provided "that the jurisdicti
on
them. The State Court ruled in the affirmative on this
question. The for suits hereafter brought by or against any association established under
objection waa made that the bank was an agency of the
Federal Govern- any law providing for national banking associations, except suits
between
ment for which Congress had provided a complete system
ofcontrol and them and the United States, or its officers and agents, shall be the
same
regulation, and that the State could not in any manner
interfere with its as, and not other than, the jurisdiction for suits by or against
banks not
affairs, and that State laws applicable to banks incorpora
ted within the organized under any law of the United States which do or might
do
banking
State were inoperative as to national banks. The Court
held, in effect, business where such national banking association may be doing
business
that while a State cannot either by its constitution or
legislation directly when such suit may be begun; and all laws and parts of laws of
the United
or indirectly regulate or control the organization or conduct of
a national States inconsistent with this proviso be.and the same are hereby,
repealed."
bank so as to interfere with the business for which it was created,
the laws
From the foregoing, it will beacon that, as this case does not
of the State applicable to banks and other corporations organized
fall within
therein the inhibitions of the Federal statutes quoted, jurisdiction
of same may be
may be invoked against a national bank when it attempts to exercise
rights entertained by this Court.
or do things outside the scope of the business it was created to
conduct and
In Hermann v. Edwards (238 U. S. 137). the United
which is not essential to its existence or efficiency;that when a
States
Supreme
national bank Court construed Subdivision 16 of Sec. 24 of the
National Code and held.
exceeds the purpose of its creation and goes beyond the scope of Its
functions as it must have held within the unmistakable moaning
of said subdivision.
the State may deal with such of its transactions as are in
excess of the that State courts were clothed with jurisdiction
to hear and determine all
authority conferred upon it by Congress and in violation of the
laws of the cases against national banks except those exempted
under said subdivision.
State in the same manner as it would deal with the business or
property of The case at bar does not fall within those exemptions.
any other banking corporation.
This is not a proceeding to deprive the respondent
of any right or limit
The rule as thus announced is supported by the holding of the
United the exercise of any power conferred upon it by the laws
States Supreme Court in the Davis case. supra, in which, after
of the United States,
declaring but to prevent it from committing an act in violation
the paramount authority of the Federal law over naiional
, under the established
banks, it was rules of construction, of the laws of its creation
and expressly contravening
said, that "Nothing in this opinion is intended to deny the
operation of a State statute.
general and undiscriminating State laws on the control of
national banks
character of a judgment in quo warranto
The
so long as such laws do not conflict with the letter or the objects
cases is largely within the
and purposes discretion of the Court and foreign corporations
of Congressional legislation."
may, under numerous
precedents, be prohibited by a general ouster from
committing particular
A further ruling to like effect by the United States Supreme
Court is illegal acts (State ex inf. Attorney-General v. Standard Oil
found in the McClellan case. supra. In that case an
Co.. 218 No. 1;
insolvent debtor State 'ex int Attorney-General v. Standard
Oil Co., 194 Mo.. I. c. 149:




Men. 17 1923.]

THE CHRONICLE .

State ex inf. Attorney-General v. Armour Packing Co., 173 Mo.,1. c. 366;
1;
State ex inf. Attorney-General v. Firemen's F. F. Ins. Co.. 152 Mo.
State ex inf. Attorney-General v. Arkansas Lumber Co., 190 S. W.(M0.1
894).
In view of all of the foregoing,judgment of ouster as prayed in the pleadings is hereby ordered. All concur except Ragland, J., not sitting.
R. F. WALKER, J.

1131

Molleson, dealer in railroad supplies and member of the
committee on arbitration of the New York Chamber of Commerce; Louis Runkel of Runkel Bros., Inc., President of the
Cocoa and Chocolate Manufacturers' Association of the
United States, and Frederick W. Kelsey, President of the
F. W. Kelsey Nursery Co.

and Business Unite in Approval of ArbitraNew Book (*) on the Principles of Investment—Written
tion at Meeting at Astor Home.
by One of the Staff of Brown Brothers & Co.
Arbitration as a quick method of settling business disputes
lines somewhat out of the ordinary, this book
Following
and
seriously
Courts
that ordinarily find their way into the
the problems confronting the
impede the administration of justice received the stamp of is essentially a brief treatise on
manual or catalogue of ina
not
is
It
investor.
meetindividual
a
at
business
of
and
bar
the
approval of the bench,
naturally containing
although
ts,
investmen
about
city
formation
ing at the home of Mr. and Mrs. Vincent Astor in this
venture upon the
not
does
It
on Feb. 28, at which representative leaders in these three much descriptive matter.
quite strictly
hews
volume
The
trustees.
of
ts
State
investmen
and
Federal
fields were present. Judges of the
principles apve
constructi
of
analysis
the
line,
Courts joined with prominent lawyers and well-known to the chosen
speaking, the
Broadly
t.
investmen
personal
to
plicable
arbiof
principle
of
the
approval
merchants in voicing their
independence through securities.
tration embodied in the New York State law and given bind- subject is the earning of
logical. What creates values in
is
followed
method
makThe
1920,
in
law
that
of
t
amendmen
the
by
ing legal effect
d in the opening chapters on
summarize
is
securities
corporate
unand
e
ing decisions of arbitration tribunals irrevocabl
business of the railroads
the
,
industrials
appealable to the regular Courts. Unanimous endorse- the business of the
The effect on values
utilities.
public
the
of
the
business
hunthree
and
than
more
of
assembly
ment was also given by the
and depression, is
prosperity
of
and
,
conditions
dred people to the movement inaugurated by the Abritra- of credit
followed by resumes
are
chapters
these
and
described,
to
general
then
in
public
the
educate
to
tion Society of America
business conditions and corporate
make use of arbitration in the settlement of disputes and of methods of analyzing
and changes in value. The
values
to
respect
with
.
reports,
concerned
are
fact
mere
of
questions
where
ies
controvers
in brief descriptions
illustrated
is
prices
of
York
New
actual
the
movement
of
member
a
The resolution was presented by
the stock market.
of
and
market
bond
the
bar, Vincent Gilroy, nephew of a former Mayor of New York of the course of
and Attack in InvestDefense
of
"Lines
the
on
Cohalan,
chapter
F.
The
Daniel
Court,
Supreme
City. A Justice of the
things, the outright purchase
was among the many seconding the motion, and another ment" advocates, among other
e securities, the increasmarketabl
most
the
and
of
soundest
Black
the
Harman
of
William
Justice
bench,
that
member of
assets when prices
liquid
and
cash
of
the
a
of
proportion
committee
of
ing
nt
appointme
Supreme Court, suggested the
short term bonds
to
term
long
by the meeting to direct the popularizing of arbitration and are high, and the changing from
is a comThere
.
conditions
As
to
members
subject.
according
versa,
the
vice
on
y
and
communit
the education of the
investfor
available
securities
meeting,
the
of
at
pact account of the kinds
of this committee Mrs. Astor, who presided
to their risk; a
according
tingly
of
the
United
discrimina
Brooklyn,
of
arranged
ment,
Garvin
L.
Edwin
Judge
appointed
bankers market
States District Court; Justice Walter Lloyd Smith of the recital of the methods by which investment
to be drawn from the
Appellate Division of the Supreme Court, First Department; securities, and a summary of the lessons
A sharp distincJustices William Harman Black and Vernon M. Davis of the post-war inflation and deflation periods.
text, between
the
of
much
,
underlies
Grossman
tion is drawn, and in fact
Supreme Court, First Department; Moses H.
the unknowand
t,
investmen
America;
of
n
Society
for
Arbitratio
the
suitable
knowable
securities
of
-President
lawyer, Vice
and
.
rers,
unsuitable
manufactu
silk
able securities that are
Charles Cheney of Cheney Bros.,
The book is carefully and conservatively written, as is
former President of the Silk Association of America, and
g
Employin
York
New
in treating of investment from the standpoint of
the
of
essential
C. Frank Crawford, Secretary
asthe
accumulating money. It is readable and should be especially
Printers' Association. As the general sentiment of
committhe
to
added
was
e and helpful to that increasingly large class of inAstor
Mrs.
instructiv
of
name
the
semblage,
a
most
considered
vestors interested in acquiring and building upon an undertee. The selection of Mrs. Astor was
fitting one, not only because of her own personal interest and standing of what makes safety and value.
Mr. Astor's in arbitration, but because of the record of the
•The Art of Investment: by Morrell W. Gaines, The Ronald Press co..
Astor family in forwarding the use of this method of settling New York City.
disputes. As Judge Grossman pointed out, in defining the
Indebtedness
aims of the Arbitration Society of America, the first John United States Treasury Certificates of
Closed.
Oversubscribed—Books
Jabob Astor was a member of the committee on arbitration
Secretary of the Treasury Mellon announced on March 14
appointed by the Chamber of Commerce of New York when
it was organized in 1768, and the succeeding generations of "that the March 15 offering of Treasury certificates of inAstors have been noted for their interest in the use of,this debtedness, in two series, both dated March 15 1923, one
principle. In proposing the appointment of a committee bearing interest at 43(% and maturing Sept. 15 1923, and
the other bearing interest at 432% and maturing March 15
to forward the use of arbitration, Justice Black said:
This splendid meeting in this home brings my mind back to a day over 1924, has been oversubscribed." The Secretary's announcethirty years ago which I spent in the company of the late Colonel John ment added:
host. One of the subjects we discussed at length
Jacob
Bench, Bar

Astor.father of our
was arbitration. It was enlightening to me then, as a young men, to
learn from him how enthusiastic he felt in favor of arbitration. He told
me that in all his dealings, which included thousands of transactions and
great sums of money, he had used arbitration whenever possible in any
dispute, and that was the chief reason why the Astor interests had had so
little litigation.

Members of the judiciary who spoke in approval of the
movement for arbitration were Judge Garvin of the United
States Court; Justices Edward Ridley Finch and Walter
Lloyd Smith of the Appellate Division of the Supreme Court;
Justices William Harman Black, Daniel F. Cohalan and Vernon M. Davis of the Supreme Court. Members of the bar
who urged the development of the movement included
Julius J. Frank, Vincent Gilroy and Theodore Fred Kuper.
Merchants and business men who accorded hearty endorsement of the use of arbitration in civil disputes and praised
the educational movement initiated by the Arbitration Society of America included Charles Cheney of Cheney Bros.,
silk manufacturers, and former President of the Silk Association of America; C. Frank Crawford, Secretary of the New
York Employing Printers' Association and member of that
association's arbitration tribunal; William C. Redfield, Secretary of Commerce in the Cabinet of President Wilson;
William H. Williams, trustee of the Excelsior Savings Bank
and director in oil and automobile corporations; George E.




prelimiThe combined offering was for 8400,000,000 or thereabouts, and
nary reports indicate that the total subscriptions aggregate over $500.000.000. Subscription books closed at the close of business on Wednesday.
mails
March 14 1923, though subscriptions actually in the United States
that date
in direct transit to a Federal Reserve Bank or the Treasury on
will be regarded as having been filed before the closing of the books.
announced
Further details as to subscriptions and allotments will be
When final reports are received from the twelve Federal Reserve Banks.
The offering was referred to in these columns last week.

page 1009.
Income Tax—Newly Enacted Bill to Stop Tax Evasions
Through Exchange of Securities.
While reference was made by us last week (page 1006) to
the bill enacted at the late session of Congress amending the
Revenue Act of 1921 in respect to the exchanges of securities,
we have been obliged to defer until the present week the
publication of the newly enacted measure, which was signed
by President Harding on March 4, after it had been adopted
by the Senate and House March 3. Incidentally, Dillon,
Read Sr Co. of this city issued the following circular on
March 9 relative to the new law and its effect.

We wish to call to your attention that by an Act adopted March 4 1923,
Act
amending Paragraph 1 of Subdivision (c) of Section 202 of the Revenue
of 1921, effective as of Jan. 11923, the exemption from Federal income tax
gm
for
productive
or
of gains on exchanges of property held for investment
in trade or business was limited so as to exclude exchanges of stocks, bonds.

1132

THE CHRONICLE

. notes, choses in action, certificates of trust or beneficial interest
or other
securities or other evidences of indebtedness or interest.
We are advised by our counsel that the effect of this amendment is that
where stocks, bonds or notes have been or are exchanged after Dec.
31 1922
for other property of like kind, gain or loss is to be computed from
the
transaction on the basis of treating the property received as equivalen
t to
cash to the amount of its readily realizable market value, if
any.
As stated in our circular of April 1922 as to investment exchanges it was
''net possible to foretell what changes, if any, may be
made in the regulations or law," and becuase of the above chnage that circular
is to be treated
as not applying to such exchanges after Dec. 31 1922.
For the purpose of the preparation of income tax returns for
the present
year, therefore, it is important to note that gains on exchanges of any
of
the above property made after Jan. 1 1923 are not
exempt from taxation.
DILLON, READ & CO.

[VOL. 116.

"(b) Where a tax has been paid under the provisions of
Section 221 or 237
in excess of that properly due, any refund
or credit made under the provisions
of this section or Section 3228 of the Revised
Statutes shall be made to the
withholding agent unless the amount of such tax
was actually withheld by the
withholding agent."
Sec. 2. Section 3226 of the Revised Statutes, as
amended by Section 1318
of the Revenue Act of 1921, is amended
by inserting before the period at
the end thereof a comma and the following: "unless
such suit or proceeding
si begun within two years after the disallowan
ce of the part of such claim to
which such suit or proceeding relates. The Commissio
ner shall within ninety
days after any such disallowance notify the taxpayer
thereof by mail."
Approved. March 4 1923.

Reference to the adoption of the bill by the House, Feb. 1,
was made in our issue of Feb. 3, page- 473.
The following is the bill as enacted into law, the new
matter being shown in italics and the matter eliminated
being given in brackets.
Called Victory Notes Still Outstanding—Redemption

AN ACT To amend the Revenue Act of 1921 in respect
to exchanges of
property.
Be it enacted by the Senate and House of Representa
tives of the United
States of America in Congress assembled, That paragraph
(1) of subdivision
(c) of Section 202 of the Revenue Act of 1921
is amended, to take effect
Jan. 1 1923 to read as follows:
"(1) When any such property held for investmen
t, or for productive
use in trade or business (not including stock-in-t
rade or other property
hold primarily for sale, and in the case of preporty held
for investment net
including stocks, bonds, notes, choses in action, certificate
s of trust or beneficial interest, or other securities or evidences of
indebtedness or interest), is
exchanged for property of a like kind or use."
Sec. 2. Subdivision (e) of Section 202 of the Revenue
Act of 1921 is
amended, to take effect Jan. 1 1923, to read as follows:
"(e) Whoro property is exchanged for other
property which has no
readily realized market value, together with money
or other property
which has a readily realisable market value, then
the money or the fair
market value of the property having such readily
realizable market value
received in exchange shall be applied against
and reduce the basis, prowided In this Section, of the property exchange
d, and If in excess of such
basis shall be taxable to the extent of the excess:
but when property is
exchanged for property specified in paragraphs
(1). (2), and (3) of subdivision (c) as received in exchange, together with
money or other property
of a readily realizable market value other than
that specified in such
paragraphs, the amount of the gain from such exchange
shall be computed
with subdivisions (a) and (b) of this Section, but
in no such case shall the
taxable gain exceed the amount of the money and the fair
market value of such
ether property received in exchange" [the money of
the fair market value of
such other property received in exchange shall be
applied against and
reduce the basis, provided in this Section, of the property
exchanged.
and if in excess of such basis, shall be taxable to the extent
of the excess.]
Approved March 4 1923.

Income Tax—Bill Amending Revenue Act of 1921 in
Respect to Refunds.
On March 4 President Harding signed a bill amending
the Revenue Act of 1921, which, as explained by Representative Green, of Iowa, sponsor for the bill, affects the
refunding of claims on taxes for the year 1917 which became
due in 1918, and as to which the five-year limitation is now
running against the Government and against the taxpayers
Some of these claims still remain unsettled. The newly
amended measure extends for one year the time within which
application for refund may be made. The following is the
text of the new measure, the new matter being shown in
italics:

of Uncalled Victory Notes,

Mellon called attention on March 6 to the fact
that there are still outstanding called Victory Notes to
the
amount of nearly $90,000,000. These notes bear the distinguishing letters A, B, C, D, E or F prefixed to their
serial numbers and were all called for redemption on Dec. 15
1922. Secretary Mellon in his announcement of the 6th said:
Secretary

The widest publicity has been given to this call for redemptio
n, but apparently many holders of Victory Notes have not taken
occasion to look
up their notes and have failed to present them for redemptio
n. Interest
on the called notes stopped absolutely on Dec. 15 1922,
so that on any
such notes still outstanding there has already been almost
three months'
loss of interest. In order to avoid further loss of interest holders
of Victory
Notes are urged once again to examine their holdings
and to present
promptly any notes that have been called for redemption.
The Treasury is also prepared until further notice to redeem
before
maturity, at par and accrued interest to the date of optional
redemption,
any of the uncalled Victory Notes which become payable according
to their
terms on May 20 1923. holders of uncalled Victory Notes
who desire to
redeem them before maturity may accordingly present them to
any Federal
Reserve Bank or branch for redemption on these terms.

Secretary Mellon on Regulations Governipg Payment
of Uncalled Victory Notes at Maturity.
Secretary Mellon on March 14 called attention to Treasury
Department Circular No. 322, issued under date of March 1
1923, governing the payment of uncalled 43
4% Victory
Notes at maturity. These notes are outstanding at the
present time in the amount of about $825,000,000. Uncalled Victory Notes bear the distinguishing letters G, H,
I, J, K or L prefixed to their serial numbers and are payable
according to their terms on May 20 1923, when interest
ceases. Secretary Mellon's notice adds:

The procedure indicated for their payment follows closely the
procedure
covering the 49i% Victory Notes bearing the distinguishing letters A,
B,
C.D,E or F prefixed to their serial numbers, which were called for
redemption on Dec. 15 1922.
The notes will be payable at any Federal Reserve Bank or
branch or at
the Treasury Department, Washington, and banks
and trust companies
generally will be prepared to handle the transactions
for their customers.
Registered notes may be presented in the same manner
as coupon notes,
but can only be paid upon discharge of registration by the Treasury
Department at Washington. Registered notes must be assigned
to "The Secretary
of the Treasury for payment," and the final interest thereon
will be paid
simultaneously with the principal instead of by the usual
chock.
Uncalled Victory Notes may be presented at any time before
May 20
1923 for payment on that date to any Federal Reserve Bank or
branch or
to the Treasury Department in Washington. and It is suggested
far as possible presentation be made before May 20 1923, particular that so
ly when
registered notes are involved, in order that prompt payment
may be
on the date of maturity. As already announced, the Treasury made
Is also
prepared until further notice to redeem before maturity, at par
and
interest to the date of optional redemption, any of the uncalled accrued
Victory
Notes which may be presented for advance redemption.

fH. R. 13775.1
AN ACT to Amend tie Revenue
Act of 1921 in Respect to Credits and
Refunds.
Be it enacted by the Senate and House
of Representatives of the United States
of America in Congress Assembled, That
Section 252 of the Revenue Act of
1921 is amended to read as follows:
"Sec. 252. (a) That if, upon examination
of any return of income made
pursuant to this Act, the Act of Aug. 5
1909, entitled 'An Act to provide
revenue, equalize duties, and encourage the industries
of the United States,
and for other purposes,' the Act of Oct.
3 1913, entitled 'An Act to reduce
tariff duties and to provide revenue
for the Government, and for other
purposes,' the Revenue Act of 1916, as amended, the
Revenue Act of 1917,
or the Revenue Act of 1918. It appears that
an amount of income, war
profits or excess profits tax has been paid in
excess of that properly due,
then, notwithstanding the provisions of
Section 3228 of the Revised Statutes, the amount of the excess shall be
credited against any income, war Federal Reserve Board on Condition
the Acceptance
profits or excess profits taxes, or installment thereof,
then due from the
Market January
to February
taxpayer under any other return, and any balance
of such excess shall be
Immediately refunded to the taxpayer:
Provided, That no such credit or
The Federal Reserve Board in summarizing on
refund shall be allowed or made after five years
March 2
from the date when the the
condition of the acceptance market from the
return was due, unless before the expiration
of such five years a claim
middle
of
therefor is filed by the taxpayer, or unless before
the expiration of two years January to the middle of February said:
from the time the tax was paid a claim therefor is filed
by the taxpayer: Prodded
According to reports received by the Federal
further, That if the taxpayer has, within five years
Reserve Board from the
from the time the return for Federal Reserve banks the
acceptance market was character
the taxable year 1917 was due, filed a waiver of his
ized by marked
right to have the taxes due activity through the third week
in
for such taxable year determined and assessed within
January, but was less active
five years after the return February. The heavy year-end
during
financing reached its seasonal
was filed, such credit or refund shalt be allowed or made
if claim therefor is after the beginning of the year
peak shortly
and after that time the
filed either within six year: from the time the return
volume of now
for such taxable year bills coming into the market was
somewhat less. Demand for
1917 was due or within two years from the time the tax was
acceptances
paid: Provided from country banks was large
during the early part of the
further, That if upon examination of any return of Income
made pursuant declined during February. Bills
period, but
with 60 to 90 day maturities
to the Revenue Act of 1917, the Revenue Act of 1918.
were in
or this Act, the the best demand.
Invested capital of a taxpayer is decreased by the Commissio
ner, and such
Rates continued relatively constant,
decrease is due to the fact that the taxpayer failed to take
although a tendency to lower the
adequate deduc- rates was evidenced in some
markets. The rates on prime bills
tions in previous years. with the result that an amount of
of 30 to
income tax in 90 day maturities ranged In
District No. 2(Now York) from
i3Xcess of that properly due was paid in any previous
31g to 4%,
year or years, then, while rates on bills of longer
maturities. 120 to 180 days, were somewhat
notwithstanding any other provision of law and regardless of the expiration
higher, ranging from 4 to 43i%. Rates
of such five-year period, the amount of such excess shall,
in Districts No. 1 (Boston). No.3
without the filing (Philadelphia), No. 4 (Clevelan
d), and No. 7 (Chicago) were similar to
of any claim therefor, be credited or refunded as provided
in this section: those in New York.
And provided further, That nothing In this section shall
be construed to
The bulk of acceptances which came Into
bar from allowance claims for refund filed prior to the passage
the market were drawn prinof the Revenue cipally against the exportation
of grain and cotton, the importation of
Ads of 1918 under subdivision (a) of 8ection 14 of the
Revenue Act of silk, wool and coffee, and the
storage of cotton, sugar, grains and meats.
1916, or filed prior to the passage of this Act under
Section 252 of the Some bills were also drawn
against hides and leather, raisins, rubber,
Revenue Act of 1918.
tobacco, oil, tires, iron, paints and varnishes. glass
and canned goods.




15

of

15.

MAR. 17 1923.]

T1114, CHRONICLE

Lausanne
Changes in Turkish Treaty Presented at
Allies.
to
Reply
in
Turks
by
Asked
Revision of the draft treaty presented by the Allied Powe is asked
ers at the recent ill-fated conference at Lausann
In a reply made by the Turkish Nationalist Government and
received by the Allied High Commissioners in Constantinople on March 9. The Turkish reply (referred to in these
columns last week, page 1012), was described as being
couched in the most moderate language and suggests the
resumption of the negotiations in some European city, preferably Constantinople. The note comprises 115 pages. A
summary of the salient aspects of the Turkish proposals was
given in Associated Press dispatches from Constantinople,
which had the following to say:

1133

of this Governhave undergraded it. There is no machinery in the control
which there is an
ment under the present method of handling cotton to
where the dispute
appeal when one gets into a dispute as to the grade and
n of buyers may
may be officially settled. Thus the buyer or combinatio
it down, and there is
do just what they please in reference to grading
no appeal.
who has custody
This bill. under Section 4, provides that any person
submit the same or samples
of, or a financial interest in, any cotton may
of the Secretary of
thereof, drawn in accordance with the regulations
these matters. That
Agriculture, to the district man that has charge of
has proved eminently
is the way the wheat business is handled, and it
satisfactory.
bill is with reference
But I think the main advantage to be gained by this
the present time England
to shipment of cotton to foreign countries. At
prevailing in this
has different names for her cotton standards from those
little from the American
country. Those standards also vary just a
country to Liverpool.
standards. A shipment of cotton goes from this
that is, before the
and it goes in what you might term C. 0. D. fashion;
However, when
money.
the
co ton is delivered in London they must pay
by their standards. If
it gets into that country they grade it themselves
to say the least—
they dispute—and they frequently do, or sometimes do,
to arbitration
with the shippers in this country, the matter is submitted
to get their
course,
Of
In England, in Liverpool. in their own country.
American settles
money back they must come over to America, unless the
and get into our
the claim voluntarily. They come over to America
country, and the
courts. They have the official standards of their own
the official grades
contestant in Liverpool is bulwarked and ballasted with
the present time.
of his country. Our man has not that advantage at
And so those
Our standards have not the official stamp of approval.
our American
people by raising a dispute may. get an advantage over
the producer pays
shipper even in our own courts: and, of course, again
profited in disputes
that loss. I understand some London parties have
At any rate, if
with American shippers over the standards of cotton.
both sides to the
you make these standards universal in this country,
controversy will have an even chance.

The document is presented in parallel columns, the text of the Lausanne
which
document being faced with the modifications proposed by the Turks,
are chiefly in the economic section and the capitulations provisions.
n at
deliberatio
of
days
the
concluding
The covering note describes
Lausanne and defends the Turkish position in refusing to sign without
clauses
discussion a treaty containing absolutely new clauses, with other
in the
framed in language different from that agreed upon previously
conference sub-commissions.
fact
"If, since Feb. 4, hostilities have not ensued," says the note, "the
must be attributed to the sincere desire for peace of tho Turkish Government and people."
Opposes Powers on Debt.
Article 47 of the draft treaty submitted by the Allies is excluded, Turkey
maintaining that administration of her public debt is a strictly internal
affair.
Article 50 and Annex 2 also are eliminated. Turkey refusing to admit
The following is the text of the newly enacted measure,
that the subjects dealt with under them, in connection with Bagdad, which becomes effective August 1:
.
arbitration
Soma, Panderma, dm., should be referred to
by the short title of
Be it enacted, tic., That this Act shall be known
The note asks that payment of interest on the public debt be deferred
Standards Act."
Cotton
be
payments
States
these
that
"United
provision
draft
the
opposes
also
It
twenty years.
with any transSec. 2. That it shall be unlawful (a) in or in connection
made in sterling because of the great depreciation in Turkish currency.
effective,
in commerce made after this Act shall become
The Turks declare that all warships, guns and material detained by the action or shipment
quotation determined in or in conor (b) in any publication of a price or
Allies must be restored upon the conclusion of peace.
Act shall
this
after
commerce
in
be nection with any transaction or shipment
The Turks suggest in their counter proposals that the frontier of Irak
in con(c) in any classification for the purposes of or
or
and,
year
a
effective.
within
Britain
Great
become
and
Turkey
between
amicably
determined
commerce after this Act shall
nection with a transaction or shipment in
failing agreement,that the question be referred to the League of Nations.
other
or
any cotton a grade
become effective,for any person to indicate for
standards of the United States
Debt Provisions Are Recast.
class which is of or within the official cotton
n, or any
They suggest that Article 26 of the draft treaty be modified in such a then in effect under this Act by a name, description, or designatio
in said standards:
way that the high contracting parties will declare they have completely system of names, description, or designation not used
otherwise lawabrogated the capitulations and likewise the economic and financial systems Provided, That nothing herein shall prevent a transaction
type which is used in good
dependent on the capitulation.
ful by actual sample or on the basis of a private
standards.
The tendency of Turkish modifications of the financial clauses is to faith and not in evasion of or substitution for said
e may, upon presentation
reduce the authority of the public debt administration to a minimum.
Sec. 3. That the Secretary of Agricultur
any person a license to
This part of the treaty is almost completely recast. The Turkish proposals of satisfactory evidence of competency, issue to
will
the grade or other class
provide for distribution of the debt among the interested States which
grade or otherwise classify cotton and to certificate
the
to
cotton
standards of the United
thereof in accordance with the official
have nominal capital in the Turkish public debt proportionate
or revoked by the Secretary
States. Any such license may be suspended
detached sections of Turkey embodied in their territory.
s arising of Agriculture whenever he is satisfied, after reasonable opportunity afThe note agrees to mutual cancellation of all claims to reparation
claim for gold forded to the licensee for a hearing, that such licensee is incompetent or
from the war except those against Greece and renounces the
has violated
battleships
has knowingly or carelessly classified cotton improperly, or
transferred to Germany and Austria and for payment of the
as the same
any provision of this Act or the regulations thereunder so far
ordered in Great Britain.
Greek army, the may relate to him, or has used his license or allowed it to be used for any
Compensation is demanded for damages caused by the
.
improper purpose. Pending investigation the Secretary of Agriculture
amount to be settled upon eventually by arbitration.
without
institutions to
whenever he deems necessary, may suspend a license temporarily
Turkey agrees to permit schools, hospitals and charitable
against
a
propagand
a hearing.
continue provided there is no attempt by action of
in
of five years legal
Sec. 4. That any person who has custody of or a financial interest
Turkish interests. She agrees to engage for a period
be
to
list
a
from
States,
belligerent
the
to
cotton may submit the same or samples thereof, drawn in accordance
any
advisers who do not belong
in legislative reforms and to with the regulstions of the Secretary of Agriculture, to such officer or
submitted by The Hague Tribunal, to assist
for the
ople and Smyrna.
officers of the Department of Agriculture, as may be designated
watch the administration of justice in Constantin
of the Secretary of Agriculture for a
the
regulations
to
pursuant
purpose
Limit.
Its
Turkey Has Gone
on of such cotton or samples, includcontrol of the Straits, determination of the truse classificati
samples
In conclusion the reply states that, in conceding
ing the comparison thereof, if requested, with types or other
surBritish.
the
to
graves
Gallipoli
the
the Department of
demilitarized zones, turning over
claim to Kara- submitted for the purpose. The final certificate of
Turkish
the
of
nt
abandonme
of
the
officers
render of certain islands,
ion shall be binding on
and medical specialists and Agriculture showing such determinat
Xatch, the admittance of foreign legal advisors
accepted in the courts of the United States
be
shall
and
States
United
the
all
made
has
it
that
feels
cotother vital points, the Turkish Government
as prima facie evidence of the true classification or comparison of such
possible concessions.
ton or samples when involved in any transaction or shipment in commerce.
Turkey
by
shown
motives
pacific
same
the
If the Allies were actuated by
regulations for submitting
framed in a con- The Secretary of Agriculture shall fix rules and
shall be
in the last three months, the note says, peace should be
samples of cotton for classification providing that all samples
to reply quickly.
ference lasting only a fortnight. The Allies are urged
one interested in the transaction invoh,ed shall be
no
that
so
numbered
•••••11M.
samples.
known by any classifier engaged in the classification of such cotton
collected
al
Sec. 5. That the Secretary of Agriculture may cause to be
President Harding Signs Bill to EstablishiOffici
classifiers
such charges as he may find reasonable for licenses issued to
1111
Section
Cotton Standards.
of cotton under Section 3 and for determinations made under
the
Secretary
by
used
—M
eetal
to
collected Shall be
bill
so
a
3
amounts
the
Act,
and
March
this
on
of
4
signed
Harding
President
Agriculture in paying expenses of the Department of Agriculture connectand promote the use of the official cotton standards of the of
therewith.
ed
e,
establish
Sec. 6. That the Secretary of Agriculture is authorized to
United States in inter-State and foreign commerc to prevent
its
of
ion
upplicat
c
.
pro
time to time standards for the classification of cotton by which
from
the
for
deception therein andtuyide
purposes.
l
commercia
for
or value may be judged or determined
qualtly
R.
(H.
bill
The
States.
such standards and for other mposes.
which shall be known as the official cotton standards of the United
effecvas passer_bWel_ HouseVIIRepresentative on Any such standard or change or replacement thereof shall become
14302)11ria
of
Secretary
natse.
tive only on and after a date specified in the order of the
14 ndroijMarch it7was.passedlibyithel:Se—
one
than
less
which date shall be not
same,
g
the
e
establishin
Agricultur
he
t
•
'
ad
standcof the billSenator ones (TexasiTh—
ezplanatio77—
year after date of such order: Provided. That the official cotton
United States Cooton
following to'saFrduringirthMebate,onithelbilllin'the Senate ards established, effective Aug. 1 1923, under the
for the
Futures Act shall be at the same time the official cotton standards
Feb. 14:
this Act.
think purpose of this Act unless and until changed or replaced under
Mr. Chairman, there are two primary purposes in this bill that I
become
shall
thereof
t
and Whenever any standard or change or replacemen
will be good. I do not think the bill can possibly have any harm.
the
effective under this Act, it shall also, when so specified in the order of
I believe it will be of some assistance in the operation of the cotton business
of the United
cotton Secretary of Agriculture, become effective for the purposes
There is no question that there are two phases in the handling of
&stabStates Cotton Futures Act and supersede any inconsistent standard
where there is considerable loss to the people of this country, and I may
standards of the
the pro- !shed under said Act. Whenever the official cotton
add in this connection that any time there is a loss along the line
Act shall be represented by practical
this
under
a
United
is
States
there
established
If
that.
about
is
There
no question
ducer stands the loss.
thereof, upon
producer forms the Department of Agriculture shall furnish copies
waste somewhere between production and consumption, the
by the Secreaided request, to any person, and the cost thereof, as determined
stands the loss; and any time you can eliminate that waste you have
the
request.
The
making
objects are desir- tary of Agriculture, shall be paid by the person
the producer or the consumer, or both, and both of those
certified
be
under the
to
copies
standard Secretary of Agriculture may cause such
able. This bill simply makes the present United States cotton
such
attach
conditions
may
and
e
Agricultur
universal throughout this country. At present they are not so. Now, seal of the Department of
for the inspection,
es it into to the purchase and use thereof, including provision
when cotton goes to the mill, the man who finally manufactur
thereof by duly authorized representatives
and
exchange
ion,
factory
the
condemnat
cloth, the real grade of the cotton is used, so before it gets to
to
be
necessary to the
may find
basis of the actual of the Department of Agriculture, as he
the consumer is paying actually for the cotton on the
of the United State.,
proper application of the official cotton standards
grade of the cotton, whereas the purchaser or perhaps nle local buyer May

Feb.




1134

THE CHRONICLE

[VOL. 116.

Any moneys received from or in connection with the sale of cotton purReport of Committee Representing the Rubber
chased for the preparation of such copies and condemned as unsuitable
for such use or with the sale of such copies may be expended for the purGrowers' Association of London.
chase of other cotton for Such use.
Sec. 7. That in order to carry out the provisions of this Act ,the SecreBrief reference was made in these columns March 3 (page
tary of Agriculture is authorized to cause the inspection, including the 893) to
the report of the committee representing the Rubber
sampling, of any cotton involved in any transaction or shipment in commerce, whenever such cotton may be found, or of any cotton with respect Growers' Association of London, follow
ing the visit of the
to which a determination of the true classification is requested under committee to
.the United States to inquire into the market
Section 4 of this Act.
Sec. 8. That it shall be unlawful for any person (a) with intent to de- situation here, and to discuss prices and thg British Coloceive or defraud, to make, receive, use, or have in his possessi
on any simu- nial Control of crude rubber production and the export of
late or counterfeit practical form or copy of any standard
or part thereof the product. Among other things
established under this Act; or (b) without the written authorit
the report states that the
y of the Secretary of Agriculture, to make, alter, tamper with, or
in respect change Americans feel "that they are entitled to ask, and they do
any practical form or copy of any standard established
under this Act; most strongly urge that a declar
ation made by or on behalf
or (c) to display or use any such practical form or copy
after the Secretary of the Gover
of Agriculture shall have caused it to be condemned.
nments controlling the restriction of exports to
Sec. 9. That (a) any person who shall knowingly violate
any provision the effect that if legislation enacted should prove to be inof Sections 2 or 8 of this Act, or (b) any person
licensed under this Act sufficiently elastic to furnis
h adequate supplies of rubber
who, for the purposes of or in connection with any
transaction or shipment for
the needs of the industry, as and when requir
In commerce,shall knowingly classify cotton imprope
rly, or shall knowingly
ed, steps
falsify or forge any certificates of classification,
or shall accept money or will be taken by those Governments to releas additi
onal exe
other consideration, either directly or indirectly,for
any neglect or improper ports more rapidly than
performance of duty as such licensee, or (c) any
present legislation admits." The
person who shall knowingly
influence improperly or attempt to influence
follow
ing
report
was published in the London "Financial
improperly any preson licensed
under this Act in the performance of his duties
as such licensee relating to News" of Feb. 27:
any transaction or shipment in commerce, or (d)
any person who shall
forcibly assault, resist, impede, or interfere
The report of delegates from the
with or influence improperly
Rubber Growers' Association (Incorporor attempt to infuence improperly any person
employed under this Act ated), London, on their visit to the Rubber Association of America (IncorIn the performance of his duties, shall, upon
porated
),
New
York,
has been issued. It says:
conviction thereof, be deemed
guilty of a misdemeanor and shall be fined
"Members are familiar with the
not exceeding $1,000, or imexchange of cables which led to the disprisoned not exceeding six months, or both, in
the discreton of the court. patch of the delegation consisting of Sir Stanley Bois, Mr. P. J. Burgess
Sec. 10. That for the purposes of this Act
the Secretary of Agriculture and Mr. H. Eric Miller.
shall cause to be prgmulgated such regulati
"For the discussion of matters of
ons. may cause such investicommon interest with the delegation,
gations, tests, demonstrations, and publica
tions to be made, including the Rubber Association of America had appointed a special committ
ee.
the investigation and determination
of some practical method whereby composed of—
repeated and unnecessary sampling and
"H. Stuart Hotchkiss, Chairman,
classification of cotton my be
(Presid
ent of the General Rubber Co.
avoided, and may co-operate with any depart
ment or agency of the Gov- and Vice-President of the United States Rubebr Co.).
ernment, any State, Territory, District
"Horace De Lisser (President of
, or possession, or department,
the
Rubber
Association of America, and
agency,or political subdivision thereof
, or any person, as he shall find to be Chairman of the board of the Ajax Rubber Co.).
necessary.
"H. T. Dunn (President of the
Fisk Rubber Co.).
Sec. 11. That whereever used in this Act,
"B. G. Work (President of the B.
(a) the word "person"imports
F. Goodrich Co.)•
the plural or the singular, as the case demand
"P. W.Litchfield (Vice-President
s, and includes an individual.
of the Goodrich Tire and Rubber Co.).
a partnership, a corporation, or two or
"W.
F.
Pfeiffer
(Vice
-President and General Manager of the Miller
more persons having a joint or
common interest: (b) the word "commerce"
Rubber Co.).
means commerce between
any State or the District of Columbia
"W. O'Neil (Vice-President of the
and any place outside thereof, or
General Tire ez Rubber Co.)•
between points within the same State or the
"A. H. Brown (Messrs. Meyer
District of Columbia but
& Brown, Inc., Importers).
through any place outside thereof, or within
"Mr.
A.
L.
Viles,
General Manager of the Rubber Association
the District of Columbia;
of America,
and (c) the word "cotton" means cotton of
any variety produced within was Secretary.
the continental United States, including linters.
"Mr. Dunn was unfortunately away
When construing and
in California, and the delegates did
enforcing the provisions of this Act, the act,
not meet him.
omission, or failure of any
agent, officer, or other person acting for or
"A very full program had been
employed by any person, within
arranged by the special committee with
the scope of his employment or office, shall
in every case be deemed also the object of giving the delegates a comprehensive picture of the American
act, omission, or failure of such preson as well
rubber manufacturing industry,
while at the same time enabling them to
as that of such agent,officer,
or other person.
meet a large number of the manufac
turers informally. This was considered
Sec. 12. That there are hereby authori
preferab
le
to
the
holding
of a formal general meeting, as the R. A.
zed to be appropriated, out of
A. had
any moneys in the Treasury not otherwi
their
ordinar
y
general
meeting on Jan. 8. at which the position arising
se appropriated, such sums as may
out
be necessary for carrying out the provisi
ons of this Act; and the Secretary of the restriction scheme had been fully discussed, and the general body
of Agriculture is authorized, within the
limits of such appropriations, to of members had shown themselves to be in sympathy with that scheme,
appoint, remove, and fix the compensations of
such officers and employees, after Mr. Stuart Hotchkiss had explained to them some points which had
not in conflict with existing law, and
make such expenditures for rent out- had not been generally understood. The delegates, therefore, found themside the District of Columbia,
printing, telegrams, telephones, law books, selves in the fortunate position of entering on the discussions in an atmosbooks of reference, periodicals, furnitu
re, stationery, office equipment. phere of cordial frankness.
travel, and other supplies and expense
s as shall be necessary to the administration of this Act in the District
Manufacturer's Losses.
of Columbia and elsewhere.
Sec. 13. That if any provision
"It must be remembered that the
of this Act or the application thereof
financial crisis in 1920 and the slump
to any person or circumstances is held invalid,
the validity of the remainder which then occurred in the price of rubber and cotton caused very heavy
of the Act and the application
of such provision to other persons and cir- losses, indeed, to the U. S. A. rubber manufacturing industry, and it is
cumstances shall not be affected
readily understandable that the
thereby.
prospect of something approaching stabilSec. 14. That this Act shall become
effective on and after August 11923. isation of the price of rubber should be genuinely welcomed by them. At
the time the delegates reached Americ
a the manufacturers were very busy
coping with a strong demand for all
classes of rubbor goods, and as most
of them appear to have several
months' supply of rubber actually on hand
Public Hearings by United State
s Department of or contracted for, they were well pleased at the substan
tial appreciation
Agriculture Incident to Preparation of
in the value of their stock of raw
Regulations
material as a result of restriction.
"At the first meeting with the
Under Fulmer Cotton Standards Act.
special committee the statistical position
was very carefully examined. A
special questionnaire had been sent out
The United States Department of Agricu
by the American Association in
lture issued on summar
anticipation of this conference, and the
y
of
the
replies
had only been completed
March 13 the following statement:
a few days previously.
The extent to which their absorpt
ion of crude rubber during the last four
Plans for public hearings in connect
ion with the preparation of tentative months of 1922 had expanded in the aggregate
came as a surprise to the
regulations under the provisions
of the Fulmer Cotton Standards Act, Americans themselves,and these figures, taken in
conjunction with the 1922
which goes into effect Aug. 1 1923,
are being made by the United States output and the 1923 program of the automobile
manufacturers, coupled
Department of Agriculture, which
is charged with administration of the with the general prosperity of the country,
were
responsible for an atlegislation.
mosphere of pronounced optimism
as to their crude rubber requirements
The Act prohibits the Use of
foreign grade and staple standards for for 1923.
American cotton, and establishes the
"The delegates reminded the special
official standards of the United States
committee of the inaccuracy of the
as the sole standards in Inter-state
and foreign commerce. It also enables American forecast of their 1922 requirements. Twelve months ago the
the Secretary of Agriculture to interpre
highest
availabl
e
America
n
estimat
t the official standards by detere of their crude rubber absorption in
mining the classification of cotton
1922 did not exceed 180,000 tons,
submitted to him for this purpose
whereas no less than 275,000 tons are
and
by the arbitration of disputes as to
classification arising out of commercial shown by their latest statistics as having been absorbed by manufacutrer
spot cotton transactions. A permiss
ive arrangement for the licensing of representing about 95% of the industry there. Throughout their tour the
classers by the Secretary of Agriculture
delegates sounded a note of warning as
is also provided with a view
to the pronounced optimism with
to which they were confronted.
facllitating shippers' compliance with
America is at the present time undoubt
the law.
edly
enjoying a period of marked internal
Big economic savings are expected to result
prosperity, from which there will
from the operation of the Probably be a reaction."
new legislation, cotton growers, merchants and
spinners generally expressing
satisfaction over the enactment of the bill. The
Results Summarized.
law was framed with the
hope of reducing the excessive waste in present
The result of all the conferences in
methods of sampling cotton,
regard to restriction of exports between
and the expense of handling bales involved in
the
delegate
s, the R. A. A.special committ
these methods.
ee,and individual manufacturers
may be summarized as follows:
"The operation of the Act is expected to eliminate
much of the confusion
e(1) There is general appreci
as to grades and values of cotton that has resulted
ation of the need for the legislative measure
In the past from the taken by the Eastern
s
use of foreign standards in the United States,"
Governments.
says W. R. Meadows, in
"(2) There is a keen desire to see stabilit
charge of the department's Cotton Marketing
y
in the price of rubber.
Division. "With the
"(3) No objection is taken to the
American cotton business on uniform standards,
level of price on which the exports
cotton growers hereafter pivot.
should be able to obtain much larger advantages
from the classification of
their cotton than has been possible in the past.
"(4) There is a definitely expressed fear
The
that the legislation may prove
dossers will enable growers to obtain the accurate provision for licensed Insufficiently elastic to prevent an actual shortag
e of rubber if America's
classifi
cation
of
their
require
ments come up to present anticipa
cotton prior to sale. It is also thought that
tions; that if this were to eventuate
licensed public classers will specula
tion and price manipulation would
undertake to furnish this service and that in many
inevitably ensue in a manner most
communities such detrimental to the interests
arrangements will be made with or without State
of manufacturers and producers alike.
co-operation."
"(5) Some of the
Cotton merchants and spinners are reported to
approve the Act because prosperity enjoyed American manufacturers recognize that the general
it provides more accepta
at the present time by their
,
ble means for the arbitration of disputes, thus recountry may be adversely
affected by the disorganization prevaili
deicing losses from unsatisfactory shipmen
ng in Europe,and they are generally
ts and undeserved reclamations. prepare
d to admit that if their forecast
of America's crude rubber require-




MAR. 17 1923.]

1135

THE CHRONICLE

ments proves to be too optimistic, any reaction will fall on producers more
heavily than on manufacturers. They also recognize that, with crude
rubber at its present price, a substantially larger weight of reclaimed rubber will be used than has been the case during the past eighteen months,
and that their crude rubber requirements will be proportionately reduced.

CONSUMPTION OF CRUDE AND RECLAIMED RUBBER.
*1922 (Long
1921 (Long
1920 (Long
1919 (Long
' Tons)- -Tons)Tons)
-Tons)Planta- AU Planta- All Planta- AU Planta- AU
lion. Other. lion. Other. lion. Other. lion. Other,
Total quantity of
crude
rubber
consumed for aU
purposesAmerican manufacturers (341)
176,512 18,708 169,797 18,548 152,213 12,122 259,705 15,580
Canadian manufac381
638 7.605
turers (16)
6,295
788 6,862 1,063 4,335

Mr. Hoover's Request.
"(6) The Americans feel, however, that they are entitled to ask, and
they do most strongly urge, that a declaration be made by or on behalf of
the Governments controlling the restriction of exports to the effect that if
the legislation at present enacted should prove to be insufficiently elastic
to furnish adequate supplies of rubber for the needs of the industry as and
Total
182,807 19,496 176,659 19,611 156,548 12,760 267,310 15,961
Total quantity of
when required, steps will be taken by those Governments to release addirec2atmed
rubber
tional exports more rapidly than present legislation admits. This request
consumed for all
for a declaration has the support of Mr. Hoover, Secretary of State for the
purposesAmerican manufacDepartment of Commerce at Washington.
52,851
39,973
70,813
turers (341)
69,784
"The Department of Commerce at Washington has taken a keen interCanadian manufacest in the rubber problem, and has been kept fully posted by the Rubber
1,607
4,484
1,378
turers (16)
3,751
Association of America. The delegates were honored by, and gladly ac54,458
41,351
75,297
Total
73,535
cepted, an invitation to meet Mr. Secretary Hoover and Assistant Seererotary Huston at the Department of Commerce on Feb. 3, when the broad
•Includes estimated consumption for unexpired period in 1922.
outlines of restriction were sympathetically and fully discussed. Prior
RUBBER IN THE UNITED STATES AND
to that meeting the delegates had the advantage of a conference with Mr. INVENTORY OF CRUDE
AFLOAT FOR U. S. PORTS ON OCT. 31 1922.
J. Joyce Broderick, H. M. Commercial Counsellor at Washington, who
On Hand (LOW
Afloat (Long
had kept himself very well informed on the subject, and they were further
-Tons)-Tons)AU
AU
PlantaPlantahonored by being entertained at luncheon by H.M. Ambassador.
Other.
don.
lion.
Other.
"The delegates had the opportunity of visiting the most important
335
54,574
5,383
12,881
American manufacturers (341)
conrubber manufacturing centres in the Eastern States and of meeting a
36
152
179
2,282
Canadian manufacturers (16)
735
1,223
29,375
21,341
siderable number of men holding important positions in the rubber and American importers and dealers (38)
automotive industries. Apart altogether from the friendly hospitality
1,106
6,785
42,403
78,197
Total
accorded them on every hand, adequate acknowledgment of which it is
impossible to express in this report, the delegates desire to place on record
Reclaimed Rubber.
their appreciation of the readiness with which access was given them to
"The following are notes on reclaimed rubber based on the R. A. A.
everything which might be helpful in their mission.
questionnaire:
New Uses.
"The absorption of reclaimed rubber in U. S. A. expressed as a per"It cannot be too strongly emphasized that the rubber manufacturers centage of the crude rubber absorbed has been approximately as follows:
have passed through a crisis involving them in losses quite as severe as those 1919, 36%; 1920, 40%: 1921, 25%; 1922. 19%•
"During 1921 and 1922 crude rubber was substituted for reclaimed in
sustained by producers. The difficulties and stress of the years 1920 and
1921 have brought about a true perception of the fact that the interests of many lines of manufacture, but reclaimed is already being used in increasing
quantities again, and it would appear from the information
producers and manufacturers are really inseparable, and that there cannot
received that when crude rubber is over 20 cents per pound-say 10d.
be permanent prosperity for the one unless the other similarly participates.
"It will be readily appreciated that the leaders of this industry, which has reclaimed will hold its own for the purposes for which it is suitable.
developed with such rapid strides, are occupied with plans for further exEstimates for 1923.
pansion.
"Another appendix gives estimates of output (export) and absorption
uses
and
interesting
new
development
of
new
ideas
were
"Many highly
communicated to the delegates and the research laboratories and equipment of crude rubber in 1923.
"In regard to output, the delegates furnished the following estimate:
for such developments were freely open for inspection. It would be a
"1923 output of plantation rubber from unrestructed areas (80,000
breach of confidence to specifically indicate the various directions in which
tons.
research is being pursued, but it can be frankly stated that the researches tons) wild rubber (20,000 tons), 100,000
"Approximate standard production of the plantation areas on which
are extensive, and provided rubber is available at around about is. 6d.
restriction of exports. 50,000
there
is
either
voluntary
compulsory or
per pound, bid fair to become commercialized and enlarge the demand for
tons; 60% of this is 210,000 tons.
the commodity.
"This makes output(export)of crude rubber in 1923 at least 310,000 tons.
"The delegates had the pleasure of inspecting many of the latest develop"Since these figures were submitted the official figures of standard
ments in the direct use of latex in manufacture, and appreciate the great
Production in British Malaya have been published (270,000 tons), from
possibilities of further progress in this direction.
which it is clear that the foregoing figure of 350,000 tons is a conservative
"Preservation of latex with ammonia is reported as being entirely satisone.
factory.
"No change can be made in the percentage exportable at the minimum
"The plant for the impregnation by latex of the cords used for cord-tire
rate of duty until May 1 1923, but provided the average price of standard
building was demonstrated at work.
quality smoked sheet is maintained at not less than Is. 6d. per pound
"The delegates also saw the Hopkinson process ofcoagulation at work.and
London landed terms during the three months February, March, April
made a full inspection of all the details connected with it. This process
1923, and during the remaining quarters of the year, the following rubber
has been so fully described in the issue of the "India Rubber Journal" of
would be available for absorption in addition to existing surplus stocks:
Jan. 20 that it is unnecessary to enter into details of the method and maJanuary-April 1923. 103,000 tons: May-July, 86,000 tons; August-October.
chinery employed.
95.000 tons; November-December, 69,000 tons; total, 353,000 tons.
Price and Planting.
On this basis output (export) at the end of 1923 would be running at
"The question as to whether supplies ofcrude rubber on an ever-expanding the rate
of 420,000 tons per annum,so% of standard being then exportable
scale will be available is receiving considerable attention. The American
at the minimum rate of duty.
little
addivery
that
during
the
past
three
years
manufacturers realize
"the visible supply of crude rubber in the United Kingdom at Jan. I
tion has been made to the area planted with rubber, and that seven or eight 1923
was 81,000 tons, and it is a reasonable assumption that 50,000 tons
Years are necessary to bring now plantings to maturity. In this connection of that stock are
available for consumption without impeding the working
the delegates presented the following calculation: Cash outlay to plant up
of the market.
and bring into bearing an acre of rubber. EN:add 6% simple interest on an
"Stocks
in
the U. S. A. appear to be fully up to normal.
average of E35 per acre during seven years, say. E15; true cost per acre in
Absorption.
bearing, E75.
"Assuming a yield of 400 lb. of rubber per acre, a profit of 7d. per pound
"Basing their calculations on the 1922 figures, and assuming substantial
is necessary in order to give a gross return of 15% on the investment, and expansion of trade, the R. A. A. Committee furnised the following estimate
it is important to realize that with rubber at Is. 6d. per pound the value of absorption of crude rubber in 1923: U. S. A., 315,000 tons; rest of
of the crop represents a turnover of the capital outlay only once in two the world, 110.000 tons; total, 425,000 tens.
and a half years. There is now a general appreciation of the need for an
"The delegates expressed their opinion that this estimate was too high,
average price of is, 6d. per pound London landed terms for standard particularly in view of the greater use of reclaimed rubber at the higher
quality rubber, and no objection is taken to the price basis adopted under price level, and that it would be safer to assume that the world might
the restriction scheme. The question has, however, been raised as to absorb 400,000 tons of crude rubber during 1923. It appeared to them
Whether this level of price will induce further planting, having in mind that adequate supplies will be available for the needs of the industry if
the expansion in the use of rubber which is visualized, and the delegates the average price of standard quality smoked sheet is maintained at Is. 6d.
expressed the opinion that extensions to existing estates would more per pound London landed terms."
probably eventuate than the opening up of entirely new undertakings.
One Discordant Note.
Rubber Association of America, Inc., to Aid Depart"Considerable publicity has been given to the views expressed by a
ment of Commerce in Rubber Inquiry-ApproProminent manufacturer, who voiced the only really discordant note in
connection with the restriction of exports. The suggestion that American
priation by Congress for Investigation.
capital should be applied to the development of rubber plantations on an
Secretary
encouragement
of
rubber
of Commerce Hoover was informed by the Rubextensive scale in the Philippines and to the
production in South America, appears, however, to find little support. ber Association of America on March 11 that its directors
Labor conditions in the Philippines and the prospect of early self-government
Comthere are against the former proposal, and conditions in Brazil are not had accepted his invitation to assist the Department of
such as to encourage any large developments there so long as plantation merce in making a world survey of new sources of crude
rubber is available in adequate supply at Is. 6d. per pound.
rubber. By designating a special committee the Association,
"The delegates received ample assurances that their visit to America
was appreciated, because of the opportunity thus afforded of a frank it is announced, pledged the co-operation of practically every
interchange of views on matters of great importance to both sides of the rubber manufacturer and producer in the United States,
industry. The Rubber Association of America is now recognized by the
numbering approximately 500 representatives of the sixth
manufacturers- there as a valuable co-ordinating medium through which
their interests can be efficiently represented, and the closer contAct now largest industry in this country. As indicated in our issue of
established between that association and the Rubber Growers' Association a week ago (page 1009), an investigation into the rubber inshould be fostered in every way possible.
"Although it does not come within the scope of their mission, the dele- duAtry is to be made by the Department of Commerce; legisgates desire to take this opportunity of expressing the hope that closer lation to this end was passed at the session of Congress
contact will soon be established between the Rubber Growers' Association which expired a week ago, provision for the inquiry being
and the other rubber manufacturers' associations throughout the world."
made in the Deficiency Appropriation Act, under which
An appendix to the report gives the American Rubber Association's
statistics compiled from a special questionnaire in connection with restric- $500,000 is made available to enable the Department "to intion of crude rubber production. It is believed that all of the substantial vestigate and report upon the possibilities of
developing the
(1 :1(1 th..t On data rc;)^sc-tr;
t*v are inet,'1,
consumer ;




HINT-

huins:rv h the

'sit-m(1s nnd

1136

THE CHRONICLE

Latin-America; to investigate the conditions of production
and marketing of other essential raw materials for American
Industries, including nitrates and sisal; and to investigate
related problems in the development of the foreign trade of
the United States in agricultural and manufactured products," etc. The Rubber Growers' Association of America,
Inc., in its statement of the 11th inst. said:
Although the assistance of the Rubber Association committee will be
unofficial its members will, nevertheless, be in a position to supply the
government with invaluable data and information because of the fact that
American rubber interests have for many years searched the globe for new
sources of supply and a few concerns have been developing their own
plantations in the Far East. When the recent Congress authorized Secretary Hoover to undertake the investigation and provided him with an
emergency appropriation it was said that the survey would probably centre
In the Philippines and Amazon Valley in South America, because rubber
only grows in productive quantities ten degrees either side of the Equator.
During the past few years, however, most of the rubber consumed has
come from plantations. Last year the amount of wild rubber imported
into the United States amounted to only 14,040 tons, while the importation
of plantation rubber reached 276,649 tons.
Members of the unofficial advisory committee of the Association will aid
Secretary Hoover are:
H. Stuart Hotchkiss, Chairman (Vice-President United States Rubber
Co.)
B. G. Works (President B. F. Goodrich Co.)
Horace DeLisser (President. The Rubber Association of America).
A. H. Brown (Meyer & Brown, Inc).
William Pfefffer (Miller Rubber Co).
William O'Niel (General Tire & Rubber Co.).
P. W. Litchfield (Vice-President Goodyear Tire & Rubber Co.).
In a letter to the Secretary of Commerce, A. L. Viles, General Manager
of the Rubber Association wrote that in the absence of Mr. Hotchkiss,
who is in England acting as liaison officer between the Rubber Association
of America and the Rubber Growers Association of Great Britain, Mr.
C. B. Seger, President of the United States Rubber Co., would act as.
Chairman. The other alternates appointed are:
• G. M. Stadelman (Vice-President Goodyear Tire & Rubber Co.).
W.0. Rutherford (Vice-President The B. F. Goodrich Co.).
J. C. Weston (President Ajax Rubber Co.).
W. E. Bruyn (L. Littlejohn & Co., Inc.).
General Manager Viles to-day also sent a letter to all members of the
Rubber Association reporting the action taken by the directors on the
subject of the restriction of crude rubber exports by the British Colonial
• governments which has occasioned widespread apprehension in this country.
The directors unanimously and emphatically approved the following recommendations to the committee which recently visited the United States
from the Rubber Growers Associaiton of London:
"1. That the Stevenson plan for the restriction of crude rubber exports
from British Dominions be abolished in its entirety, this recommendation
being predicated upon the firm belief that the natural conditions of supply
and demand now existing will fully protect the plantation industry.
"2. A request for immediate consideration by the Colonial Government's
Advisory Committee, of which Sir James Stevenson is the head, of the
announcement by the British Colonial or the local Colonial governments
that it use its discretionary powers with respect to the application of this
scheme and release rubber without regard to quarterly periods or prices if
necessary to prevent wild fluctuations as part of a speculative movement."

[Vol,. 116.

A statement by Winston Churchill on "the Stevenson scheme" of rubber
restriction is published to-night by the "Evening Standard". The plan
whereby it was arranged that only 60% of the British plantations' output
for 1920 should be placed on the market unless the growers paid a higher
export tax was drawn up by Sir James Stevenson, business adviser of the
Colonial Office, when Mr. Churchill was its head.
"One ofour principal means of paying our debt to the United States,":
M r.
Churchill says,"is in the provision ofrubber." Before the Stevenson scheme
was brought into force at the end of last year we were selling our rubber
around about sixpense per pound,that is to say,far below the cost of production. On this basis the plantations could not have been maintained,and the
whole industry,in which quite 100 millions of British capital had been sunk.
was falling into ruin.
"We were surely under no obligation to supply the United States with rubber below the cost of production. I do not believe that the United States
rubber manufacturers will be at all injured by the measure taken to secure a
staple price for rubber at levels which will enable the industry to exist.On
the contrary,some of their best authorities have expressed the opinion that
stabilization at two shillings per pound would afford a perfectly satisfactory
basis for American manufacturers and would be preferable to the violent
fluctuations which otherwise would have followed on the bankruptcy of the
producers and the collapse of so many plantations. This two shillings
would compare with the price of six shillings and seven shillings a pound
which ruled a few years ago.
"From another point of view it was impossible for the Colonial Office to
witness the financial ruin of the rubber-producing colonies owing to the continued sale of their products below the cost of production. The exhaustion
of the rubber plantations would be fatal for many years to the prosperity of
the Malay States and would greatly injure Ceylon. No question of free
trade or protection was involved, the guiding principle being solely that7of
conservation of the natural products'of these colonies.
- "It is too early to say what the ultimate results of this scheme will be, but
If it should succeed in sustaining the vital industries of these colonies and in
addition should tend to improve the rate of exchange between Great Britain
and the United States,it should be the cause of general satisfaction to us."
Mr. Churchill's successor at the Colonial Office, the Duke of Devonshire,
concurs with him in approval of the Stevenson scheme,so that there is not
likely to be any change in it. Practically 75% of the crude rubber in the
world lies within the British Empire,and of this rubber the American market
demands about 70 to 75%•

Report of La Follette Committee Charging Domination
of Oil Industry by Standard Companies.—W.
C. Teagle Further Answering Senator
La Follette.
Supplementing the issuance last week of the report of the
sub-committee of the U. S. Senate Committee on Manufactures which as a result of its investigation of conditions
and prices In the oil industry alleged complete control and
domination of the industry by the Standard 011 companies
despite the dissolution decree issued by the U. S. Supreme
Court in 1911, Senator La Follette, Chairman of the comIn reporting to the members of the Association the con- mittee, issued a statement on the 13th Inst. in answer to resensus of opinion of the Rubber Association, General Man- plies made last week on behalf of the Standard 011 companies. We took occasion to give last week (page 1012)
ager Viles wrote as follows:
some of these replies, notably that of W. C. Teagle, PresiAfter considerable general discussion of the situation,each member ofthe
board and the guests present were requested to express their views regarding dent of the Standard Oil Company of New Jersey, who
the activities of the special committee and future procedure by theAssociation averred that the findings of the committee, so far as his
In this matter, and it was the unanimous opinion of all present, with the
company was concerned, "were wholly without foundation In
exception of Mr. Firestone, that the special committee had acted wisely
and in the best interests of the industry and consumers of rubber products truth, and without support in the record," and who deIn negotiating with the Rubber Growers' Association of London for the rea- clared the prediction of "dollar gasoline" to be "ridiculous."
son that the members of that body were Ina position to realize the needs of
The sub-committee's report was presented to the Senate on
the crude rubber producers, and, therefore, it was most necessary to
acquaint them with the needs of the rubber manufacturers and consumers Mar. 4 by the Committee on Manufactures. Stating that "in
of rubber products in the United States and emphasize the mutual interest some respects the industry as a whole, as well as the
public,
of these two most important groups in the probable effect of the Restriction
are more completely at the mercy of the Standard interests
Act and thus remove or minimize any element of danger.
It was also the unanimous opinion that it would be unwise to attempt now than they were when the decree of dissolution was enany other form of protest until we were quite sure that our negotiations tered in 1911," the report added "this point
cannot be too
with the Rubber Growers' Association had failed, but at this time It is our
distinct understanding that the recommendations of our special committee strongly emphasized for the reason that the intolerable conare being considered by the Rubber Growers' Association and also by the ditions in the oil industry, which are established in the invesadvisory committee of the Colonial Government, of which Sir James Stetigation, cannot be corrected while Standard Oil dominates
venson is Chairman. It was also agreed by all present, with the exception of Mr. Firestone, that if, after a reasonable period of time had elapsed, the business as it does to-day." The report declared that "If
we were satisfied that our negotiations with the Rubber Growers' Associa- a few great oil companies are permitted to manipulate
prices
tion had failed, that we should approach this problem most vigorously
for the next few years as they have been doing since 1920,
through the Rubber Association, only with the full knowledge and co-operation of our Government, as it is believed that the Association is so well the people of this country must be prepared before long to
fortified in every detail of endeavor relative to our industry and has the pay at least $1 a gallon for gasoline." The report
also denecessary machinery set up to proceed on a moment's notice in any emergency, and that to attempt to arouse the aid and sympathy of similar organ- clared that "the dominating fact in the oil industry Is its
izations, related or otherwise, may result in building up an unwieldy complete control by the Standard companies." Continuing
movement which will bring about confusion and misunderstanding and It said:
purpose.

defeat our
It was agreed that any form of protest decided upon by the Association
should not be presented directly to any British Governmental office or
body but through such instrumentalities as are or may be provided by the
United States Government, for the reason that your directors feel that the
individual citizen, firms, companies or corporations or groups should indicate their respect for and confidence in our own Governmental machinery
and follow duly prescribed channels for functioninz In matters of this kind.
Therefore, the direct approach by individuals or commercial bodies such
as this Association or other groups to a foreign Government for the purpose of protesting against its laws might bring about complications which
would prove embarrassing, if not dangerous, to our own Government, and
possibly to a large body of citizens not connected with our industry, affiliated with enterprises in materials or products in which the foreign Government might be concerned.

Winston Churchill in Defense of British Rubber
Restrictions.
From the New York "Times" of March 13 we take the following copyright adviCP4 fr1411 TA4IdoP AI.4YeP 12:




Any discussion of the subject which dem not frankly recognize this control
can only be misleading. Standard Oil to-day fixes the price which the producer of crude oil receives at the well, the price which the refiner receives
for his gasoline and kerosene, as well as the retail price paid by the consumer. The Standard Oil group divides among the members of that group
all the territory of the United States, and, with slight exceptions to be presently noticed, avoids all competition with other members of the group in
the business of retailing gasoline and kerosene. Not only this, but two of
the leading Standard companies—New Jersey and New York—divide the
world between themselves in marketing operations, and each carefully abstains from entering the territory of the other, while both refrain from competing with the Anglo-American Oil Co., Ltd. (one of the original Standard
group) in the retail trade in the British Isles.
Through the Standard control of the pipe lines connecting the producing
centres of the West with the consuming centres of the East and Middle west
not only is the price fixed acording to the will of the Standard group which
any other interest must pay for the transportation of petroleum, but members of the group really determine whether any concern outside their group
shall have petroleum transported at any price.
The methods by which the Standard companies control the oil industry today are more subtle than those by which the Standard Oil Co. of New Jersey,
through its subsidiaries, controlled it prior to the
disindutiOn decree In MI.

MAR. 17 1923.]

THEE CHRONICLE

But the results are the same. Whatever competition has existed between
the Standard companies and the so-called independents since the decree of dissolution in 1911 has not been the result of that decree but has been the result
of the discovery in the United States and Mexico of new oil fields, largely
through adventurous independent operators, which fields, in many instances,
as soon as proven, have by various methods been brought under the control of
the Standard interests. When the time comes, as it is certain to come in
the near future, that there are no more oil fields to discover and exploit in
this country, this competition, such as it is, will necessarily disappear.

The report in presenting eight recommendations stated
that "it is not expected that these remedies will immediately
correct all the distressing conditions existing in the oil industry, but it is believed that they will go far toward accomplishing that purpose and do much to break the monopoly
control of the business now existing. They will give the independent operators in the business an opportunity to compete on more nearly equal terms with the great Standard
companies which now dominate the industry and will protect
the public from extortionate prices." The following are the
recommendations:
1. A uniform system of bookkeeping in all oil companies doing an interState business which will show at any time in detail the costs and profits of
the business, so that reasonableness of the prices charged for any petroleum
product can be ascetained on a cost basis.
2. A compulsory system of reports to a Government bureau every month
showing the operations of each oil company engaged in inter-State commerce,
and particularly the quantities of crude oil and its products in storage or
transportation, and this data should by such Government bureau be assembled and arranged so that any time the exact condition of the industry can
be ascertained either by concerns engaged in the oil business, by officials
or the public generally.
3. Pipe lines must be made real common carriers, delivery stations must
be established wherever a reasonable demand for them can be shown to exist,
so that pipe lines shall no longer serve simply the great companies, but shall
serve on an equal basis every transporter of petroleum at reasonable rates
and in an efficient manner. If this is done refineries can be established
throughout the country along pipe line routes, so that communities may be
served locally instead of as at present transporting oil vast distances from the
fields to refineries and then again transporting the product long distances
from the refineries to the consuming public. The first step toward making
pipe lines real common carriers is to divorce the ownership of the pipe lines
from the ownership of the oil transported. The rule applicable to common
carriers that they must provide service to all impartially, that the service
must be provided at reasonable rates and that service must be adequate, if
applied to the great pipe lines of the country would go far toward breaking
the monopoly which now completely controls the business.
4. Such change should be made in freight rates upon petroleum products
as will permit mid-continent refineries to once more find a market for their
products through Michigan, Indiana, Ohio, Pennsylvania and the New England States.
5. The exportation of petroleum and its products should be either prohibited or so regulated as not to permit the export from this country of those
products for which there is pressing demand in this country. It is extreme
folly to permit our resources of crude oil, gasoline and other products to be
drained out of this country and sent abroad while a domestic demand exists
sufficient to asborb at reasonable prices the entire production of this country.
6. Any attempt at price manipulation such as occurred during the past
three years should be made the basis of Grand Jury investigation in every
State where such prices are made, and if the facts warrant, prosecution
should be instituted, convictions secured and jail sentences imposed. It is
believed that the existing Federal laws, as well as the laws in a number of
States, are sufficient to punish that sort of price manipulation. If this is
not so, then such legislation should be speedily enacted.
7. It is to be remembered that decree of the Supreme Court quoted in an
early portion of this report forbids any "implied" contract or agreement, as
well as an express one, to arbitrarily fix prices or to restrain trade. The
facts developed in this investigation tend strongly to show the existence of such
an agreement. A more complete investigation, we believe, will reveal additional evidence tending to support such a charge. If the facts warrant, after
a searching investigation, all the parties to such agreement should be cited
before the court for contempt of the decree made when the dissolution of the
Standard Oil trust was directed by the court. It should be kept in mind,
however, that neither this decree nor the laws which the Standard Oil trust
was found guilty of violating was intended to prevent the smaller independents from consulting together for their mutual protection and the maintenance of their rights to coninue in business.
If the independent operators in the oil industry could be given an equal
opportunity with the Standard companies there is strong reason to believe
that they would be able to restore and maintain healthy competition. The
Standard 011 companies are largely uneconomical organizations—most of
them are burdened with parasitical subsidiaries which serve no good purpose, but add greatly to the expense of the companies. The attention of
those companies has not been directed toward economy of management or
conservation of crude oil and its products, but rather toward combinations
and practices which would increase the volume of their business without regard to the public interest or the rights of others engaged in the business.
Would Look Up Patents.
8. The Department of Justice should immediately institute a rigid investigation into all claims for basic patents on pressure still processes used
in the production of gasoline. There is no doubt that as a result of these
patents, now largely controlled by Standard Oil companies, the production of
gasoline is greatly limited. If any such patents were obtained by misrepresentation, or unlawfully or improperly, or are being used through baseless
threats of suit or otherwise to limit the production of gasoline, suits should
be instituted by the Government to declare such patents void and thus permit the process now claimed to be covered by such patents to be thrown open
to general use.

Among other things, the report says:
It must be obvious from the facts in this report that the business cannot
go on as at present organized and conducted. It is essential to the life of
the industry and vital to the public also that neither the public nor the small
Independent producers and refiners shall be left as at present to the mercy of
a combination which advances or depresses prices as it pleases. Unless some
means can be found to prevent the manipulation of prices by the large companies, and particularly the Standard group, it is as certain as any future
event can be that gasoline prices in the near future will be so advanced as to
put gasoline beyond the reach of the public generally as a motor fuel.
Great as the capital invested in the business has become, important as the
business is to thousands who are engaged in it and to other thousands who
receive dividends from it, there is a still more important interest to be reck-




1137

oned with, and that is the interest of the public. Petroleum and its products have become an absolute necessity. The business is clothed with a great
public interest. The gas plants, electric light plants, railroad and street cars
are no greater universal necessaries than petroleum and its products.
The pipe lines through which the oil is transported have been made common carriers with both the rights and the duties which attach to that status.
The great oil companies have received Government concessions from the
public domain amounting to probably hundreds of millions of dollars. In
this connection it is only necessary to mention the great Wyoming oil field,
which had been legally withdrawn from use or exploitation by private interests, Naval Reserve No. 1 in California, and Reserve No. 3, commonly known
as Teapot Dome. It was the property of the people of this country that
was bestowed upon the greater companies when they received the right to exploit for their profit these vast oil fields belonging to the public. The superior rights of the public must be recognized in any plan by which it is
attempted to settle the serious and intricate questions which exist in the
oil industry to-day.

Some of the further allegations contained in the report are
set out as follows in the Washington dispatch to the New
York "Times," March 4:
The La Follette report asserts that at the time of the dissolution decree.
the "Standard Oil trust" had divided the country among nine retail marketing companies and that "this division of territory decree by the Standard
Oil trust has been maintained unchanged down to the present day is admitted by the Standard Oil Co. to-day.Although the Committee had hoped in its investigation to trace and
analyze the cost of operation and oil prices, it early became apparent this
method of investigation would not produce reliable results. "The first
witness called for one of the large producing and refining companies,'"
says the report, "testified that crude oil cost his company all the way from
9 cents to $6 54 a barrel." It is also alleged that the books and records
of most of the companies were so kept as not to permit ready analysis
of costs.
"One of the best measures of the reasonableness of the prices charged for
gasoline," says the report, "is the profits which the major companies have
made in the business over a series of years."
Explaining that the Committee, therefore, directed part of its inquiry
into that phase of the subject, the report submitted in tabular form "the
results of these inquiries made of typical Standard companies and of the
larger and more prosperous so-called independent companies." This part
of the report gives the capital stock value over a series of years,for a number
of these concerns, the extent to which cash dividends have been paid. also
net earnings and surplus.
Gives Earnings of Companies.
For some of the companies the report gives these figures: •
Atlantic Refining Co.: Cash dividends,5 to 20% since 1914. net earnings
since 1912. $62,583,780; approximate book value of stock at dissolution.
$315 per share; stock, with stock dividend increment, now worth $1,420:
cash dividends 1911-1922, $165.
Gulf Oil Corp.: Cash dividends, 2.5 to 6% from 1913 to date; net earnings. $142.047,428 since 1912; approximate value of stock Dec. 31 1911
was $170 a share; stock with stock dividend increments worth $1,098
per share.
Ohio Oil Co.: Cash dividends since 1912. 20 to 98%; net earnings same
period. $165,150,945; book value of stock at dissolution per $25 share was
$75; stock with stock dividend increment now worth $366 per share; cash
dividends since 1911. 3210.
Prairie Oil dc Gas Co.: Cash dividends Sind) 1912. from 6 to 25%;
net earnings same period. $129,124,123; book value of stock at dissolution.
$210 a share: stock with stock dividend increments now worth $1,221 a
share; cash dividends since 1912, $420.
Prairie Pipe Line: Cash dividends since 1915, from 12 to 35%; net
earningssame period,$87,261,644;stock with stock dividendsincrement now
worth $342 a share; no figure for same at time dLssoultion; cash dividends
since 1916 $152.
Standard 011 Co. of California: Cash dividends since 1912, from 2.5 to
16%; net earnings same period,5213,241,165; book value ofstock at dissolution. $110; stock with stock dividend increment now worth $960 per share;
cash dividends since 1912. $208.
Standard Oil Co. of Indiana: Cash dividends since 1912. 12 to 32%;
net earnings same period. $239,024,534: book value of stock dissolution.
$2,520 per share; stock with stock dividend increment, now worth $39,000
per share; cash dividends since 1912, $8,220.
Standard Oil Co. of New Jersey: Cash dividends since 1912, 7 to 60%;
net earnings, $459.959,169; book value of stock at dissolution. $300 Per
share; stock with stock dividend increments, now worth $820 per share:
cash dividends since 1912, $240.
Standard Oil Co. of New YorkArCashfdividonds, 6 to 16%; net earnings, $255,380,669: book value of stock at dissolution, $400 per share;
stock with stock dividend increments,now worth $2.760 per share:cash dividends since 1911. $567.
Standard Oil Co. of Ohio: Cash dividends since 1912. 5 to 24%; net
earnings. $30,515,414: book value of stock at dissolution, 8175; stock with
stock dividend increments, now worth $132 per share; cash dividends since
1912. $293.
Reviews Growth of Companies.
"The history of the growth of the Standard companies and their profits
Is rather uniform," says the report.
"It will be observed that the Standard Oil Co.of Indiana,started in 1889
with a capital stock of $500,000. Its total issued capital stock to-day is
$220.181,633. Of this there was issued for cash, 51,736.357; for property.
$31.354,462; stock dividends, $184,090,819. The approximate book value
of this stock at the time of dissolution was $2,520. That share of stock,
with its increments from stock dividends, would amount to-day to 600
shares at $65 a share, making approximately $39,000. while cash dividends
received from 1912 to 1922 amount to $8,220, a total of $47,220 realized
from the 32,520. representing the value of one share of stock at the time
of dissolution. During ten and one-half years the net earnings amounted
to $239,024,534, and the surplus has increased from 310,216.046 to $156.854,148.
"The Standard 011 Co. of New York, began business with an authorized
capital stock of $5.000.000. Its outstanding capital stock at the present
time is 3225.000,000- Of this amount $10,605,193 was issued for cash.
84,384.807 for property, while stock dividends account for $210.000,000 of
the increased capital. The net earnings of the above company amount to
over $255,000,000, and its surplus has increased from the time of the dissolution from $69,000,000 to over $172,000,000. A share of stock of this
company has grown from $400 in value at the time of dissolution to 82,760.
"The Standard Oil Co. of New Jersey, started out in 1882 with an authorized and issued capital stock of $3,000,000. Its Common stock to-day
s $625,000,000 authorized and $498,581,125 issued. Of the increased in
icapltal stock less than $1,500,000 was for cash about $98,000,000 for
property and $398,869,100 is represented by stock dividends. The fortun-

1138

THE CHRONICLE

ate possessor of one share of stock at the time of the dissolution decree,Par
value $100, worth only $300 even according to book value, if he retained his
stock, would now have stock valued at $820 and have received $240 in cash
dividends.
The net earnings from the time of dissolution to June 30 1922.amount to
$459,959,169. The figures for net earnings and surplus obviously do not
include the surplus, for the stock dividend of 400% in 1922 exceeded the
amount of the surplus at that time. The "Lamp," the official organ of the
Standard of New Jersey, in its issue of October, 1922, states:
"'In ten years from 1912 to 1921. inclusive, the company has shown net
earnings before taxes of $775,163,250. Of this considerable sum $115,.P57.677 has been paid to the Government for taxes."
"It is useless to go through this list of companies and point out the exorbitant profits. Cash dividends of 40. 50 and even 90% and above are not
uncommon. Often the dividends are paid upon stock already inflated by
stock dividends. The Standard stockholder who does not receive back in a
few years the value of his investment in cash dividends may count himself
unfortunate, while the value of the company's assets during the same periods
has increased by several hundred per cent, the value of his original holdings.
Reviews Alleged Business Methods.
"These profits have not been made by economies. The extravagant solarles paid by most of the companies to their officers and directors are typical—
a little indication of the lavish and wasteful manner in which their business is
conducted when the public pays everything and is consulted about nothing.
The excessive profits of those companies simply represent excessive prices
charged the American poeple for one of the absolute necessaries of life.
"The reason for the great disparity between the fabulous profits of the
great Standard companies,on the one hand, and the loss and bankruptcy of
the smaller independent concerns, on the other, and the methods by which
these unconscionable profits were made will now be considered."
The reports says that during the period between January and June, 1922.
there was a steady increase in production over consumption, "when, if the
law of supply and demand had been operative, prices should have been
stable, with a tendency to lower levels," but that "the most violent fluctuations in the history of the country occurred and gasoline prices made new
high records throuout the country." The report declares that if this could
happen in the period stated "no man can tell what will happen when the
times comes that consump:ion begins to make steady gains upon production," and that "if a few great oil companies are permitted to manipulate prices for the next few years, as they have been doing since January.
1922, the people of this country must be prepared before long to pay at
least SI a gallon for gasoline."
The report deals at some length with alleged combinations among Standard companies, and also with the Government contract with the Sinclair
Company for the exploitation of the Teapot Dome in Wyoming.
Refers to Teapot Dome.
"No greater concessions."says the report."have ever been bestowed upon
oil companies in any land than that which the Government of the United
States has bestowed upon the oil companies in this country. It must be
borne in mind that the vast oil-producing area in Wyoming now dominated
by the Midwest Refining Company,owned by the Standard Oil of Indiana,
was entered upon and wells drilled while the order of the President of Sept.
27 1909, withdrawing the lands from location and settlement was well
known. Not only were the lands so withdrawn, but in 1914 the Supreme
Court decided that they had been validly withdrawn and that claims to
location thereon arising since the President's withdrawal
order of 1909 were
void.
"In spite, however, of the order of the President and the decision of the
Supreme Court, and legislation which was intended to conserve the public
interest in the withdrawn lands, means were found by the oil interests to
get through the Congress legislation under color of which not only the lands
of Wyoming,but the naval reserves of California, have been turned over to
private exploitation. Considerable testimony was taken by the committee
with regard to naval reserve number one, which was shown
to be a compact
tract of land containing some 30.000 acres, with great oil producing values.
"Under guise of preventing draining of the land by wells located upon
adjoining private property, a contract was made,first in 1921. authorizing
the frilling of offset wells by the Pan American Transportation and Petrleum
Company. Such wells were drilled and found to be very valuable, and in
December. 1922,further contract was made with that company by the Government which put aside all pretense of merely drilling offset wells, but
opened up the entire reser ve for private exploitation.
"The latest act on the part of a Government official of this character is
that whereby the Secretary of the Interior gave the Sinclair interests the
privilege of exploiting the Teapot Dome. This matter is to be made the
subject of investigation by another Senate committee, and will not be commented on here except the financial transaction involved, which was necessarily investigated to some extent by this committee.
"It appears that Mr. Sinclair, having obtained from the Secretary of the
Interior encouragement with regard to the opening of Teapot Dome to private exploitation, organized the Mammoth Oil Company under the laws of
the State of New Jersey, which was later granted the Contract for the exploitation of Teapot Dome. Sinclair procured the contract leasing Of Teapot Dome to be made directly with the Mammoth Oil Company and not with
himself, but caused all the stock of the Mammoth Oil Company to be issued
to himself personally in consideration apparently of his having procured the
contract to be made. The stock so issued consisted of 2,000,000 shares,
Class A and 5,000 shares of Class B. Mr. Sinclair testified that he thereupon traded 1.000.000 shares of Class A and 1,500 shares of Class 13 to the
Hyva Corporation for 80,000 shares of the stock of that corporation. The
Hyva Corporation was another instrumentality of Sinclair.90% of the stock
thereof being owned by himself and 10% by members of his immediate
family. The Hyda Corporation then traded 500.000 Class A and 1,500
Class B shares to Sinclair Consolidated Oil Corporation for 250,000 shares
of that corporation.
Si2OWS Sinclales Interests.
"Mr.Sinclair testified that he donated 191,200shares in the Mammoth Oil
Company to that concern as working capital, which was immediately sold
to the Hyva Corporation at $17 a share. And as Mr. Sinclair testified that
at the time of the hearing the stock was selling on the market for something
over $50 a share,he must have made a handsome profit out of oven the stock
he 'donated' to finance the great Teapot Dome enterprise. At the time
Mr. Sinclair testified the stock of the Mammoth Oil Company, selling, he
said, in the market something above $50 a share, was held as follows:
H. F. Sinclair--------------------------------------------- 808.790
Sinclair Consolidated Oil Corporation
500.500
Standing in the name of his attorney,apparently,but claimed to be
for a syndicate
377.000
Probably public
23.000
Hyva Corporation
240,700
Harry Payne Whitney
50,000
Directors' shares
10
Total




2.000,000

[vol.. 116.

"Class B stock, which entirely controls the company, was held as follows:
H. F. Sinclair
3,500
Sinclair Consolidated Oil Corporation
1,500
Total
5,000
"The Standard of Indiana,and the Sinclair interests are, Mr. Sinclair testified, building a pipe line into this vast reservoir ofoil in the public domain.
and thereupon the Sinclair purchasing company,halfowned by the Standard
Oil of Indiana, will become the purchasers of the oil. Thus have the Standard interests within the last two or three years completed their domination
of these vast oil reserves belonging to the public and which should have
been held in sacred trust for the benefit of the whole people. The interest
of the public in these lands is an additional reason why the industry should
be rigidly regulated in the public interest."

The sub-committee of the Senate Manufactures Committee, which presented the findings above, consisted of Senator La Follette of Wisconsin, Chairman; Senators McNary,
Oregon,and Brookhart,Iowa,Republicans, and Smith, South
Carolina, and Jones, New Mexico, Democrats,
Freight Embargoes Lifted by Lehigh Valley and
Jersey Central Railroads.
Improvement in the general freight transportation situation in this section of the country was reflected in the
announcement on March 15 that all embargoes and other
restrictions on the movement of freight over the lines of the
Lehigh Valley Railroad and the Central Railroad of New
Jersey were ordered canceled. This step presages the end
of traffic restrictions on the Eastern lines, which has been a
constant problem to shippers since the fall, when the heavy
coal movement and bad weather necessitated them. The
Jersey Central announces that its lines are now entirely
clear. At the offices of the Lehigh Valley, it was stated that,
while freight had recently been handled on a permit system,
improved conditions warranted the withdrawal of such obstacles to a free movement of freight.
The Lehigh Valley, which has been particularly embarrassed because of its effort to rush coal here to relieve
the shortage, issued a statement as follows:
Since the resumption of anthracite mining last fall the Lehigh Valley has
devoted its energies to a prompt handling of coal and to the serving of the
communities which, because of their location, were directly dependent upon
that railroad. This compelled the placing of temporary embargoes on
other traffic—which have now been entirely removed. The movement
of anthracite will be in no way affected by this action and It will be handled
promptly as heretofore.
Since the resumption of mining the Lehigh Valley has handled currently
a total of 6,874,350 tons of anthracite, an increase of 1,429,763 tons, compared with the same period last year, and has been able to furnish the
mines located on its line with a full supply of empty cars for loading.

The other hard coal roads state that they expect to
remove the embargoes still existent on their lines in several
days. The Erie, it is stated, still maintains embargoes on
deliveries to the 28th Street terminal, the Harlem terminals,
and on lighterage deliveries to the Long Island. Otherwise
its lines are reported to be unrestricted and no undue accumulation of freight is said to exist by Transportation Manager
A. E. Ruffer.
Telegraphers Denied Petition for Rehearing on Wage
Reduction by Railroad Labor Board,
The United States Railroad Labor Board on March 10
refused to reopen the case under which 11,000 railroad
telegraphers received wage reductions in a decision handed
down by the Board last December. The original decision
of the Board announcing a reduction was said to have taken
off $1,500,000 annually from the telegraphers' wages. The
decision originally affected the keymen of the following
carriers: The Chicago & North Western, the Chicago
Burlington & Quincy, the Chicago Milwaukee & St. Paul,
the Chicago Rock Island & Pacific,. the Chicago St. Paul
Minneapolis & Omaha, the Minneapolis St. Paul & Sault
Ste. Marie, the Northern Pacific and the Southern Pacific,
The March 10 order directed that telegraphers employed
on the Baltimore & Ohio, the Chicago & Eastern Illinois,
the Grand Trunk in the United States and the Pere Marquette be included in the mandate. The decision officially
confirms the Board's order that"the inequalities now existing
in the rates of pay of employees in station and telegraph
service of the carriers be eliminated by reducing the hourly
rate of the employees an amount equivalent to the increases
resulting from the application of interpretation No. 8 to
supplement No. 13 to General Order No. 27," an approximate decrease of 4 cents an hour.
Inter-State Commerce Commission Orders Railroads in
Southwest to Readjust Rates.
Railroads operating through the Southwest and the lower
Mississippi Valley were ordered by the Inter-State Commerce
Commission on Mar. 15 to r,?Ife i ere7.,1 revision of corn-

•

MAR. 171923.]

THE CHRONICLE

modity freight rate schedules, effective June 30. Taking
note of various complaints made by jobbers and shippers at
Memphis, Tenn., Monroe and Shreveport, La., Natchez,
Miss., and several Arkansas cities, the Commission declared
there must be a general readjustment to eliminate what were
said to be unjustifiable discriminations which had resulted
from the present lack of uniformity. Specifically, the Commission ord ed hat lower ates be put into effect for some
shipments from Memphis to Arkansas points and to southern Missouri, and that schedules now in effect for shipments
from Natchez and from Arkansas points to various ter.itories be corrected correspondingly. In most cases only
general principles were laid down, with a request that the
roads submit new schedules in conformity with them.
In laying down the basis for new rates the Commission
established, it is said, a set of mileage and distance schedules,
varying in accordance with the commodities upon which the
rates were to be imposed. The final result of the action, according to the Commission, will be to place commodity rates
throughout the territory concerned on proportionate levels
with the class rates which were adjusted by a previous decision. Commissioners Campbell and McChord dissented
from the findings in reference to several points.

1139

Committee of Bond-Holding Interests to Study
Measures for Increasing Soundness of
Municipal Bonds.
A committee of bond-holding interests to study measures
for increasing the soundness of municipal bonds has been
named by Charles F. Cushman of the New York Life Insurance Co. This committee was ordered by a meeting of
bond-holding interests Feb. 14 to consider the report,
"Typical Abuses in Handling Municipal Bonds," by the
Committee on Non-Partisan Facts, of which former Comptroller H. A. Metz is Chairman. The committee of bond
interests consists of Howard F. Beebe of Harris, Forbes Az
Co., New York, member Board of Governors and exPresident and ex-Chairman of the Municipal Securities
Committee of the Investment Bankers' Association of
America; Harry M. Cutler, Vice-President of the National
Life Insurance Co., Montpelier, Vt.; V. A. Lersner, VicePresident of the Bowery Savings Bank and President of the
Savings Bank Association of the State of New York; Reginald H. Fullerton, Bankers Trust Co.; Mark T. McKee,
Detroit,representing fraternal associations of North America,
and Charles F. Cushman. Mr. Cushman, in announcing
the committee, said:
The basic purpose of the proposed plan for correcting these abuses is

Inter-State Commerce Commission Postpones Date of constructive, not destructive. It will aim to make municipal bonds even
more satisfactory investments than they are to-day. In working out corSale of Interchangeable Mileage Books.
rections for unsound practices in co-operation with public officers, it will
The Inter-State Commerce Commission on March 10 keep clearly in mind that any plan to be successful in a broad sense must
issued rules and regulations governing sale of interchange- recognize the necessity of enabling communities to finance necessary public
Improvements to the best advantage while at the same time placing suds
able mileage books effective May 1. Originally it was financing
on a thoroughly sound basis.
intended by the. Commission, in accordance with the Act
There is no idea of taking the attitude of an alarmist as to the soundness
passed by Congress for issuance of the mileage books, to have of municipal securities. The abuses cited in the report represent actual
conditions in even the better classes of communities; in fact, investment
it become effective March 15, but the railway executives, bankers and others
familiar with municipal finance have reported many
meeting at New York, protested against the action, de- similar abuses from their own experience. Full and frank recognition of
claring it would be physically impossible for them to publish the fact that such abuses exist is the first step toward their correction and
the protection of the interests of both the bondholder and the tax-paying
the mileage books and put them on sale by March 15. It public who eventually
must pay for any financial sins committed in their
was decided by the Inter-State Commerce Commission name.
that the plea was just and the postponement was agreed
upon. The new books will contain 1,800 coupons and Investment Bankers' Association of America Seeks to
Increase Value of Official Depositary.
will be sold for $72 each. The Commission's order affects
approximately 250 railroads..
The Investment Bankers' Association of America, which
Railroads were ordered on Jan. 31 by the Inter-State in 1917 designated the United States Mortgage & Trust
Commerce Commission to resume the practice of selling Co. of New York as official depositary for legal opinions
interchangeable mileage books good for 2,500 mils of travel and transcripts, recently took action designed to increase
at reductions of 20% from the regular passenger rates. Sale the value of the depositary to the members. By resolution
of the books must begin March 15, the Commission has of the Board of Governors the Municipal Securities Comdecided. A number of small railroads were excluded from mittee was instructed to urge members to file copies of
the requirements of the order because of their financial opinions with the depositary and to request all recognized
inability to meet the reduction. Practically all of the Class municipal bond attorneys to secure the consent of clients
I roads, however, must establish the reductions.
to file such copies. Members were furthermore urged to
Re-establishment of the mileage book sysem, which was discourage the exchange of opinions except in effecting
abandoned during the war, resulted from passage of a bill, deliveries, and to suggest that opinions be secured from the
introduced by Senator Watson, Republican of Indiana, which depositary. The latter now has on file more than 21,000
directed railroads to issue again interchangeable books, opinions and legal papers. Authority was also given to
subject to determination by the Inter-State Commerce Com- furnish copies to non-members under certain conditions.
mission as to whether there should be reductions in rates.
Commercial travelers and business organizations were ITEMS ABOUT
BANKS, TRUST COMPANIES, ETC.
especially active in urging that the mileage book privilege
Two New York Stook Exchange memberships were posted
be restored to persons required to travel extensively in the
transaction of business. The Commission noted that the for transfer this week, the consideration being stated as
general business opinion was that the reduction would result $99,000 and $98,000, respectively. The last previous sale
in a greater number of salesmen going out on the road and was at $98,000.
an increase in the amount of travel by those now engaged
The Governing Committee of the New York Stock Exas salesmen. The sale of the books will be open to all
change on Mar. 14 declared Mar. 30—Good Friday—a holidesiring them.
"We find and conclude that on and after March 15 carriers day.
by rail shall establish, issue and maintain," the Commission's
Announcement was made on Mar. 13 that the new buildmajority opinion stated,"at such offices as we may hereafter
designate, a non-transferable interchangeable scrip coupon ing of the New York Cotton Exchange at Hanover Square
ticket in the denomination of $90, which shall be sold at a will be ready for occupancy May 1. It is stated on behalf of
reduction of 20% from the face value of the ticket. We the Exchange that the new building is 75% rented. The
further find that the rate resulting from that reduction will structure is one of the newest and largest in the financial
be just and reasonable within one year from date. This district.
scrip coupon ticket shall be good, within one year from the
The Equitable Trust Co. of New York-Importers and
date of its sale, for carriage of passengers on all passenger
trains, except that in the case of special or extra fare trains Traders Bank merger was ratified Mar. 13 at a special
its use will be subject to the payment by the passenger of meeting of the board of trustees of the Equitable Trust Co.
the special or extra fare."
of New York. It will be formally submitted to the stockCommissioners Hall, Daniels and Eastman dissented. holders of both institutions. The consolidated institutions
The first two declared that the result of the decision would will be known as the Equitable Trust Co. of New York. The
be to give special privileges to a preferred class of railroad Importers and Traders Bank at 247 Broadway will be known
users at the expense of the general public. Commissioner as the Importers and Traders office of the Equitable Trust
Eastman contended that "the action taken in this case will Co. In order to retain the continuity of contact and perpostpone the day of a reduction for the benefit of all travelers, sonal relationship with the clientele of the Importers and
Traders National Bank, which is largely commercial and
which is far more to be desired."




1140

THE CHRONICLE

long standing, E. Townsend will be elected Chairman of the
advisory board of the Importers and Traders office of the
Equitable Trust Co. of New York and H. H. Powell and E. P.
Townsend will become Vice-Presidents of the Equitable
Trust Co. These executives will continue the management
of the Importers and Traders office. By reason of the more
diversified organization of the Equitable Trust Co., referring particularly to the foreign department, bond department and trust department, the Equitable Trust Co. expects
to be able to give added scope to the activities of the Importers and Traders office. It will probably be a matter of three
months, it is announced, before the merger can be finally
completed, owing to the legal steps required to be taken.
Reference to the proposal to merge appeared in these columns Mar. 10, page 1014.
Plans for the merger of the Terminal Bank of New York
with the Hudson Trust Co. were ratified by stockholders of
the two institutions at special meetings on Mar. 14. Reference to the plans was made in our issue of Mar. 3, page 901.
The Hudson Trust Co., located at Broadway and 39th Street,
has a capital of $700,000, surplus and profits of $1,350,000
and deposits of $7,000,000. The Terminal Exchange Bank
has a capital of $200,000, surplus and profits of $63,900 and
deposits of $3,000,000, making combined resources exceeding
$12,000,000. The bank which is merged with the Hudson
Trust Co. will be operated under the new title of Terminal
Exchange Branch of that trust company. The officers of
the Hudson Trust Co., headed by Frank V. Baldwin, President, and Richard A. Purdy, Secretary, remain unchanged.
Officers and employees of the Terminal Bank will continue
as officers and employees of the new Trust Company Branch.
The President of the Terminal Bank will become vice-President, the Vice-President will remain Vice-President and the
Assistant Cashier will be Assistant Treasurer at the branch,
which is located at the northwest corner of Seventh Avenue
and 30th Street. The office force will remain unchanged.
Wiley R. Reynolds has been elected a director of the
American Trust Co. of this city to fill the vacancy caused
by the death of Frederick B. Francis, New York Agent
of the Canadian Bank of Commerce. Mr. Reynolds is a
member of the firm of W. R. Reynolds & Co., investment
securities, and is also President of the Reynolds Spring Co.
of Jackson, Mich., and director of several Michigan banks.
Julian W. Potter, President of the Coal & Iron National
Bank of New York, announces the appointment of John M.
Ross as Vice-President of the institution, effective April 1.
Mr. Ross has been identified with the Lowry Bank & Trust
Co. of Georgia, Atlanta, Ga., as Vice-President, and prior
thereto represented the National City Bank of New York
In Atlanta.

[vor- 116.

long, making it necessary to call out the police, who succeeded in maintaining order with difficulty. Dominic°
Acetta, the book-keeper for the agency, informed the
police, it is said, that he had seen none of the brothers since
Wednesday, March 7, and had remained at the office since
Thursday, March 8, expecting the return of his employers.
On Monday, March 12, three of the creditors of the firm,
all Italians—Vincenzo Nagliero, Francesco Veriello and
Taverio Amato, each alleging that he has a claim for $2,000
"deposited for safe-keeping," filed an involuntary petition in
bankruptcy against the company in the Federal District
Court, and Judge Augustus N. Hand appointed Miss Bertha
Rembaugh, a lawyer, of 165 Broadway, receiver. According to the New York "Herald" of March 13, when Miss
Rembaugh and David W.Kahn,of 120 Broadway,receiver's
attorney, went to Mott Street on Monday evening, the
receiver "ransacked desks and drawers in which she found not
a nickel's worth of assets and little to throw light upon the
Tisbo's business methods." Two safes were found to contain nothing except a few trinkets, some depreciated foreign
paper money, the whole valued, it is said, at about $100, and
some books. On March 13 an international search, it was
said, was begun for the Tisbo brothers. Riccardo Tisbo, a
fourth brother, is alleged to have operated a branch of the
business in Bitonto, Italy. A cablegram from the mayor of
that place, received by one of the creditors, reports, it is
said, that Riccardo has sold all his property and disappeared.
Indictments against the fugitives, charging grand larceny,
have been returned by the Grand Jury, and more indictments will be returned, it is said, during the next few days.
The only clue found to the missing "bankers," it is said,
was in the case of Francisco Tisbo and his wife, whose names
appear on the passenger list of the steamship Taormina.
The Italian Government through its New York Consul, Dr.
Paul Rossi, it is said, has promised to do everything in its
power to bring the Tisbo brothers to justice if they are
caught in Italy.
Francis M. Verrilli of 35 Nassau St., New York, an
attorney and also a member of the firm of Fratelli Verrilli,
private bankers of 129 Mulberry St., New York, when
nterviewed on March 13 on the Tisbo failure, said it could
not have happened had the defunct firm been under the
supervision of the Banking Department. Numerous persons since 1914, he said, attracted by the supposedly large
profits to be made in dealing in foreign exchanges, have
applied for agencies from express companies and steamship
lines, opening an office which to all eppearances is a banking
office and under that guise have placed themselves in a
position to prey upon the poor and ignorant foreigner.
"This condition could be remedied if all persons dealing in
foreign exhcnages and steamship tickets, before being
allowed to operate, would be under the supervision of the
Superintendent of Banks in the same manner as the private
banker, who is required to render weekly, monthly and
quarterly reports of his financial condition."

The Progress National Bank of New York, this city, has
been authorized by the Comptroller of the Currency to change
H. P. Goldschmidt, veteran Wall Street banker and head
its name to the Seventh Avenue National Bank of New of the
international banking house of H. P. Goldschmidt &
York. The change becomes effective March 31.
Co., died suddenly on March 16 at his home at 907 Fifth
Avenue. He was 80 years of age. Mr. Goldschmidt
John S. Daly, Comptroller of the Emigrant Industrial had been in good health and visited his banking offices
Savings Bank of this city, has been elected Third Vice- Thursday. Death was caused by a stroke. Mr. GoldPresident of the bank. He will continue to serve as Comp- schmidt was born Sept. 15 1843 in Frankfort, Germany.
troller.
Announcement is made that Comptroller of the Currency
Murray W.Dodge has been,elected a Vice-President of the Crissinger has transferred John L.
Proctor from the office
Chase Securities Corporation and will assume his duties on of the Comptroller of the Currency to
that of national bank
April 2. Mr.Dodge had for many years been Vice-President examiner in New York City. Mr.
Proctor
will fill the vaof Bertron, Griscom & Co., Inc.
cancy caused by the resignation of Oliver W. Birckhead.
At the annual meeting of stockholders of United States
Henry W.Brooks Jr. has been elected Trustee of the RooseMortgage & Trust Co. on March 15 the directors whose
velt Savings Bank, Brooklyn, N. Y., to fill the vacancy
term of office expired were re-elected.
caused by the recent death of Henry Gans, charter Trustee.
The Roosevelt Savings Bank's deposits are $30,000,000.
Saturday
on
made
last,
was
Discovery
March 10, that Mr. Brooks is Vice-President of
the Industrial Management
Vincenzo, Vito and Francisco Tisbo, brothers, who operated Corporation, 74 Wall Street, New
York, President of the
steamship
agency
and
bank,
foreign
# private
exchange Brooks Audit Co. and receiver of the Halltown Paper Board
office under the name of V. Tisbo & Brothers, at 121 Mott Co. and executor of various estates.
Street, this city, had disappeared, leaving behind them no
trace of $2,000,000 entrusted to them by thousands of
Italian depositors. An enraged mob of several hundred
A booklet containing information of general interest reItalians bombarded the small office of the company all day garding the postal system of the United States and the




MAR. 17 1923.]

THE CHRONICLE .

d and is
New York General Post Office has been prepare
with its
Co.
Trust
turers
Manufac
the
being distributed by
outcompliments. The book, which consists of 88 pages,
postal
the
of
ment
develop
and
growth
migiu,
lines the
of
system in America and describes in detail the activities
the General Post Office in New York, which is the world's
s
largest post office. Photographs and biographical sketche
of the Postmaster-General and his four Assistant PostmastersGeneral are included, together with statements from former
Postmaster-General Work and Postmaster Morgan of New
York City. A section is devoted to pony express riders,
inthe "fast mails" of pioneer days. A photograph and an
also
teresting description of these riders by Mark Twain, is
the
given. The company points out that everyone uses
there
that
realize
people
postal service in some way, but few
es,
are over 52,000 post offices and over 252,000 employe
ed
connect
ly
indirect
are
who
persons
besides 80,000 other
rewith the postal service through contractual and other
lationships. Another section of the book describes the old
coffee house mail delivery, in which letters reposed on racks
d
in coffee houses until called for, unless they were receive
packets
mail
the
of
arrival
on
personally by the addressees
or the sailing vessels which brought them.

1141

ment as receiver, Mr. Williams issued the following statement as printed in the Chicago "Tribune" of Mar. 13:
Square Trust & Savings Bank
My appointment as receiver of the Logan
assets of the bank in accordance

Is solely for the purpose of conserving the
will not interfere in any manwith the certificate of appointment. This
fact, I propose to do all in my
ner with the proposed reorganization. In
power to assist in such reorganization.

unThe bank had a capital of $200,000 with surplus and
000.
$2,700,
of
s
deposit
and
$70,000
divided profits of
a
A St. Louis chapter of the Robert Morris Association,
formed
been
has
,
officers
credit
bank
of
ation
national organiz
and will be affiliated with the National Association of Credit
s
Men. The purpose of the organization, which has chapter
ation
among
co-oper
closer
e
promot
to
is
in twelve other cities,
elected
bank credit men,locally and nationally. The officers
of the
dent
Vice-Presi
nt
Assista
,
Gordon
A.
are: William
W.
Liberty Central Trust Co. of St. Louis, President; A.
ce,
Thias, Vice-President of the National Bank of Commer
of the
Vice-President; and A. Wagenfeuhr, Assistant Cashier
is
Boatmen's Bank, Secretary-Treasurer. The organization
who
r,
financie
lphia
Philade
Morris,
Robert
named after
played a large part in the financial operations of the Continental Congress in the Revolutionary Wars
The Citizens' Bank of Sikeston, Mo., was closed on Feb.
15 by Deputy State Finance Commissioner A. J. Stanfield,
pending an audit of its books, according to special press dispatches from that place and Jefferson, Mo., to the St. Louis
"Globe-Democrat" on that day. The bank had a capital
of $50,000 with surplus and undivided profits of like amount.

First
Theophilus Butts, Vice-President and director of the
on a
dead
found
was
J.,
N.
National Bank of Hoboken,
couch in the office of his brother, George W. Butts, in the
of March
Hudson Trust Building, that city, on the evening
was
12. Death was due to heart disease. Mr. Butts, who
in his 59th year, was elected a Vice-President of the First
of the
At a special meeting of the Board of Governors of the
National Bank in 1909, and had been a director
1899.
since
ion
institut
Detroit Stock Exchange on Feb. 8, Clark C. Wickey was
appointed Secretary of the Exchange. Mr. Wickey assumed
Mutual In- his duties on Feb. 15.
Walter S. Bucklin, President of the Liberty
--4-National
of
the
director
a
elected
been
surance Co., has
of directors of the Norfolk
board
At a meeting of the
Shawmut Bank of Boston.
National Bank of Norfolk, Va., in January, J. B. Dey, Jr.,
Vice-President and Cashier,
Currency formerly Cashier, was elected
Announcement is made by the Comptroller of the
y Assistant Cashier, was
formerl
rst,
Whitehu
S.
C.
and
of
Act
is President of the
to the effect that a certificate has been issued under
Godwin
A.
W.
ent.
Vice-Presid
a
business elected
April 26 1922, authorizing the commencement of
bank.
banka
in the District of Columbia by the Prudential Bank,
Arizona.
ing institution incorporated under the laws of
Announcement of the amalgamation of the Merchants
National Bank of Raleigh, No. Caro., with the Raleigh
24, S. H. Branch of the Wachovia Bank & Trust Co.(head office
According to the Cleveland "Times" of Feb.
d Bank of that Winston-Salem, No. Caro.) was made on Mar. 2 following
Robbins, one of the directors of the Midlan
Board and a meeting on that day of the officials of both institutions,
city, was, on Feb. 23, elected Chairman of the
vacancy when the final papers were executed and the Wachovia
the
fill
to
ion,
institut
President pro tern of the
Mr. Sharer's Bank & Trust Co. assumed control of the enlarged instituSharer.
P.
William
of
death
the
by
caused
902. Mr. tion. The formal statement concerning the merger issued
death was noted in these columns March 3, page
s and indusVice-President of
Robbins, who is a prominent figure in the busines to act as over the names of Gilbert T. Stephensen,
r of the Raleigh
said,
Manage
is
Co.,
it
Trust
ed,
&
Bank
consent
ia
Wachov
only
the
nd,
trial life of Clevela
a successor office, and Wm.B. Drake, the former President of the MerChief Executive of the bank on condition that
Youghi- chants National Bank, as printed in the Raleigh "News"
be found as soon as possible. He is President of the
the of Mar. 3, said in part as follows:
and
Co.
Coal
s
Progres
ogheny & Ohio Coal Co., the
as one of the most
the Big Vein
The' Merchants Bank has for years been known
Northern Coal & Doke Co., and is a director of
paid special attenprogressive banking institutions in the South. It ha,s
shortly
move
will
said,
is
it
, and in joining
Bank,
d
accounts
Coal Co. The Midlan
tion to personal checking accounts and to savings
only the strongest bank in Raleigh,
to the Williamson Building, where it will occupy the present with the Wachovia there is formed, notstandpoi
nt of service.
The insti- but the most complete bank from the
and strongest
banking quarters of the Federal Reserve Bank.
The Wachovia Bank & Trust Company is the largest
ed
undivid
and
surplus
000;
of more than
tution has a capital of $2,000,
bank in the Carolinas, with a combined capital and surplus
mately
It
renders every
approxi
0.
of
$3,000,000 and a stockholders liability of $2,000,00
profits in excess of $500,000, and resources
bank, and the new
modern form of financial service. It is a State-wide
$18,000,000.
place the facilities
Raleigh office, besides its own complete facilities, will
of Raleigh and
of an the offices of the company at the disposal of citizens
A new bank is being organized in Chicago, namely, the eastern North Carolina.Wachovia Bank & Trust Company will operate
For the present, the
Bryn Mawr State Bank. It will be situated on the South both offices. No accounts will be moved from either the Wachovla's office
for
open
will
and
or
Street,
71st
East
at
2110
Side of the city
In thePullen Building on Fayetteville Street,[south of the postoffice,
business on May 1. The officers chosen for the new institu- from the Merchants National Bank's office.in addition to its Raleigh
The Wachovia Bank & Trust Co.
tion are: President, C. A. Evans (now at National Bank of
y.
D.
Whitne
has branches in Asheville, High Point and Salisbury,
Alan
office,
,
Cashier
Commerce); Vice-President and
of
$10,000
surplus
N. C. In January, the Asheville office was merged with the
The bank will have a capital of $100,000,
National Park Bank of Asheville,one of the strongest banks,
and contingent fund of $5,000.
it is said, in western North Carolina, and the combination
gave the Wachovia an $8,000,000 bank in that city. Col.
The Logan Square Trust & Savings Bank of Chicago, was F. H. Fries is President of the Wachovia Bank & Trust Co.
closed pending an examination of its affairs on Mar. 10.
The closing of the institution followed the suicide on the prePresident R. H. Hecht of the Hibernia Bank & Trust
ceding day of its President Fred W. Popp, who shot himof New Orleans, has announced the election of two
Co.
lonely
a
on
ile
self in the head while seated in his automob
new
directors to membership on the board: Elmer R.
road in the outskirts of the city. Developments in the affairs
and Gustave Lemle. Mr. Oliver is Executive General
Oliver
ry
discove
the
were
the
during
bank
past
week
of the closed
of the Southern Railway System, Vice-President of the
Agent
0,
$200,00
by the examiner of losses reaching,it is said, at least
Northern RR. and Vice-President of
and the appointment of Edward T. Williams as receiver of New Orleans & Great
al Co. Mr. Lemle is a member of
Termin
New
the
is
said,
Orleans
it
made,
12.
Plans are being
the institution on Mar.
& Imie, and was a director
MorPnn
Lem!e,
of
for the reorganization of the bank. Following his appoint- the law firm
•




1142

THE CHRONICLE

of the New Orleans National Bank before its consolidation
with the Hibernia Bank & Trust Co. in 1919.
The association of H. C. Barroll with the First Securities
Co. of Los Angeles was announced on March 5 by John E.
Barber, Vice-President. Mr. Barroll is one of the best
known bond men in the country, having been engaged in
the purchase and distribution of investment securities for
a period of thirty years. For many years Mr. Barroll was
associated with the original firm of N. W. Harris & Co.
and was later engaged in business in Chicago and Los Angeles
on his own account Under the name of H. C. Barroll & Co.
Press dispatches from Toronto under date of March 7
report that the Union Bank of Canada has decided to move
its head office from Winnipeg to Toronto. A number of
other changes in the management are impending, it is
said, following the recent resignation of H. B. Shaw as
Vice-President and General Manager of the bank, which
we reported in our issue of March 3.

[VOL. 116.

INDIAN CURRENCY RETURNS.
(In Lars of Rupees.)
Feb. 7. Feb. 15. Feb.22.
Notes in circulation
17277 17277 17356
Sliver coin and bullion in India
8518
8517
8596
Silver coin and bullion out of India
Gold coin and bullion in India
24%2
2432
4432
Gold coin and bullion out of India
Securities (Indian Government)
5743
5743
5743
Securities (British Government)
584
585
585
No silver coinage was reported during the week ending
22d inst.
The stock in Shanghai on the 24th inst. consisted
of about 29,900.000
ounces in sycee, 27,500,000 dollars and 110 silver
bars, as compared with
about 25,600,000 ounces in sycee, 27,500,000
dollars and 80 silver bars
on the 21st inst. The Shanghai exchange is quoted
at
Statistics for the month of February are appended: 3s. Id. the tael.
-Bar Silver, Per Oz. Standard- Bar Gold,
Cash Delivery, 2 Months Delivery. Per Oz.
Fine.
Highest price
314d.
31 9-16d.
88s. 8d.
Lowest price
30Hd.
30%d.
87s.
5d.
Average price
30.8758.
30.6958.
87s. 11.9d
-Bar Silver, Per Oz. Std.Bar Gold,
QuotationsCash.
2 Mos.
Per Oz. Fine.
Feb. 22
31d.
30Hd.
87s. 6d.
23
..
31d.
30 13-16d.
87s. 6d.
24
31d.
30%d.
26
3150.
31 1-16d.
87s. 9d.
27
319id.
31d.
88s. id.
28
31Hd.
31 9-16d.
88s.
Average
31.291d.
31.114d.
87s. 9.2d •
The silver quotations to-day for cash and forward
delivery are respectively id. and 15-170d. above those fixed a week ago.

THE CURB MARKET.
Trading in "Curb" securities this week was unsettled,
profit-taking after forward movements causing the irregularity. The undertone, however, was generally firm. MoENGLISH FINANCIAL MARKETS-PER CABLE.
tor stocks came in for a large share of attention. Peerless
The daily closing quotations for securities, &c., at
London,
Truck & Motor suffered a sharp reaction. Advancing from as reported by cable, have been as follows
the past week:
6934 to 72, it broke to 57 and finished to-day at 60. Durant
London,
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
Week Ending Mar. 16.
Mar.10.Mar.12.Mar.
Motors after an advance from 57 to 623/i fell to 56% and
.13. Mar.14. Mar.15. Mtn.16.
Sliver, per oz
d 32%
32
,
% 32H
324i
32%
32yi
ends the week at 593
Durant
Motors of Indiana lost a Md.Per flue ounce
4.
88.2
88
88.7
88.7
88.8
88.8
point to 153, closing to-day at 16. Springfield Body, Class Consols, 2H ptr cents
5894
5854
NH
British,
5
per
cents
10154 101% 10134 10154
"A" stock, added to trading this week, eased off at first from British,
--4% per cents
97
97
97
97
45% to 453, then sold up to 463A, reacting finally to 45g. French Rentes (In Paris)__Ir. 58.60 58.00
58.00 58.45 58.50 57.80
Centrifugal Cast Iron Pipe declined from 133
% to 12. Checker French War Loan (In Paris)fr. 73.30 73.10 73.00 73.30 37.35 73.70
Cab Mfg., Class "A," improved from 55 to 59% but reacted
The price of silver in New York on the same day has
been:
finally to 573. Dubilier Condenser & Radio from 73 rose Silver in N.Y., per oz.(etc):
Domestic
9954
9954
9954
9954
9954
9954
to 9% and closed to-day at 93. National Supply Co. comForeign
8734
88.34
873.4
6854
6754
67H
mon gained over 6 points to 703/2, with the final transaction
to-daY at 68. Oil shares were only moderately active and
COURSE OF BANK CLEARINGS.
prices moved within narrow limits. Prairie Oil & Gas
Bank clearings continue to show an increase over a
dropped from 253 to 246 and sold finally at 247. Prairie
year
Pipe Line gained 2 points to 1153', reacted to 114 and ends ago. Preliminary figures compiled by us, based upon telethe week at 1143's. South Penn Oil, after early advance graphic advices from the chief cities of the country, indicate
from 178 to 17834, fell to 174. Standard Oil (Indiana) that for the week ending to-day, Saturday, March 17,
gained about 3 points to 6934 and reacted finally to 6834. aggregate bank clearings for all the cities in the United States
Standard Oil (Kentucky) sold up from 1023' to 1063j and from which it is possible to obtain weekly returns will show
to-day weakened to 104. Gilliland Oil was conspicuous for an augmentation of 9.6% as compared with the corresponding
an advance from 43 to 6, the close to-day being at 5%• week last year. The total stands at $7,879,442,173, against
$7,190,279,415 for the same week in 1922. Our comparative
Maracaibo Oil Exploration moved up from 103( to 143
4.
Mining stocks continue active in spots with price movements summary for the week is as follows:
irregular. Bonds quiet and about steady.
Clearings--Returns by Telegraph.
Per
A complete record of Curb Market transactions for the
Week ending March 17.
1923.
1922.
Cent.
week will be found on page 1166.
New York
$3,570,000,000 $3,485,010,
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
February 28 1923:

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

538,751,024
383,000,000
349,000,000
118,929,368
a
141,000,000
130,175,452
109,378,253
81,822,478
54,203,840

083
447,396,889
358,000,000
260,000,000
122,158,282
a
123,000,000
*127,500,000
98,802,174
84,068,469
43,094,931

+2.4
+20.4
+7,6
+34.2
-2.6
a
+14.8
+2.1
+10.7
+27.4
+25.8

GOLD.
Ten Mimi, 5 days
$5,478,060,211 $5,127,028,828
The Bank ofEngland gold reserve againstits note issue on the 21st inst. was Other
+6.8
cities, 5 days
1,090,141,800
884,870,685 +26.0
£125,669,800, as compared with £125,666,835 on the previous Wednesday.
Total all cities, 5 days
A fair amount of gold came into the market and was acquired mainly
$8,566,201,
811 $5,991.899.513
All cities, 1 day
+9.6
on Indian account.
1,313,240,362
1,198,379,902
+9.6
The "Times of India" thus comments upon a recent banking amalgamaTotal all cities for week
$7,879,442,
173 $7,180,279,415
tion: "The big London joint stock banks are turning their gaze to the
+9.6
a No longer reports clearings. •Estimated.
profitable business in the Indian money and exchange markets and
the
vast resources of the London money market will now be more at the disComplete and exact details for the week covered
by the
posal of India. But the difficulty in the way of the employment of London's
resources for the benefit of India is the keeping of the official exchange foregoing will appear in our issue of next week. We cannot
standard of India at 2s. gold for the rupee while the actual rate is
near furnish them to-day, inasmuch as the week ends to-day
is. 4d. . . . The London joint stock banks will find the exploitation of (Saturday) and
the Saturday figures will not be
the Indian money and exchange markets difficult until . . . the moveavailable
ments of money to and from London are rendered automatic as before until noon to-day. Accordingly, in the above the
last day
the war."
of the week has in all cases had to be estimate
d.
SILVER.
In the elaborate detailed statement,
however, which we
China has sent both buying and selling orders during the week,sometimes
present further below, we are able to give final
even on the same day, though buying has predominated. The Indian
and complete
bazaars have nibbled almost daily, rather cautiously, for often limits were results for the week previous-the week
ending
March 10.
given, and China filched away the supplies. The Continent sold a fair For that week the increase
is 19.2%, the 1923 aggregat
amount, but America has not operated freely-owing probably to some
e of
clearing
the
s being $7,809,855,053 and the
China demand coming upon the San Francisco market. Competition be1922 aggregate
tween the two great Eastern consuming countries had the natural effect of $6,551,987,883. Outside of this city
the increase is 25.9%,
stiffening prices, and imparted-for the time being at any rate-a measure the bank exchanges at
this centre having recorded a
of confidence in the near prospects of the market.
gain
A general bulletin of the American Mining Congress states that the of only 14.4%. We group the cities now according to the
Governor and Legislature of Utah have petitioned Congress for legislation Federal Reserve Districts in which
they are located, and
to assist tne silver mining industry. It adds that the strengthen
again the noteworthy feature of the return
ing of
lead market is discounting the possible delcine in the price of silver, the
is that every
which
one of these Federal Reserve Districts records
some Mexican mining interests fear will take place when the silver
output'
an increase
of the United States Is placed upon the world market on toe
compare
as
with
d
the corresponding week last year. In the
cessation of
Government purchases under the Pittman Act.
Boston Reserve




District the improvement is 34.7%; in the

MAR. 17 1923.1

THE CHRONICLE

New York Reserve District (including this city) 14.4%
and in the Philadelphia Reserve District 23%. The Cleveland Reserve District has a gain of 24.8%; the Richmond
Reserve District of 32:9%, and the Atlanta Reserve District
of 34.5%. The Chicago Reserve District shows 27.3% increase; the St. Louis Reserve District, 38.7%, and the Minneapolis Reserve District, 11.7%. In the Kansas City
Reserve District the totals are larger by 15.4%, in the
Dallas Reserve District by 31.7% and in the San Francisco
Reserve District by 22.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK cl,E RINGS
Week ending 2Ifarch 10 1923.

1923.

1922.

Federal Reserve Districts.
(1st) Boston
11 cities 398,255,513 295,756,407
(2nd) New York
4,417,005,364 3,859,556,922
(3rd) Philadelphia.--10 "
472,444,986 383,963,118
(4th) Cleveland
10 "
349,057,052 279,725,840
(5th) Richmond
6 "
183,260,545 137,855,981
(6th) Atlanta
11 "
186,201,272 138,396,709
(7th) Chicago
19 "
881,607,873 692,286,131
(8th) St. Louts
7 "
76,188,674
54,920,424
(9th) Minneapolis_ _ _ 7 "
114,678,478 102,699,258
(10th) Kansas City_ _ _11 "
268,302,142 232,491,821
(11th) Dallas
it "
62,198,464
47,237,887
(12th) San Francisco
15 "
400,654,690 327,097,385

lnc.or
Dec.

1921.

1920.

+34.7 290,875,848 375,621,586
+14.4 3,740,771,991 4,825,533,762
+M.0 399,065,998 472,647,688
+24.8 317,180,242 393,472,533
+32.8 146,030,348 193,192,990
+34.5 143,029,850 203,582,070
+27.3 681,785,648 971,212,191
+38.7
54,602,540 63,450,555
+11.7 109,398,260
88,425,129
+15.4 278,314,06
437,286,842
+31.7
51,681,993
74,626,769
+22.5 322,338,485 362,729,267

Grand total
121 cities 7,809,855,053 6,551,987,883 +19.26,575,075,272 8,459,781,387
Outside New York City
3,458,670,800 2,747,758,699 +25.9 2,846,962,769 3,693,887,301
Canada

. 29 citinv

300,790,825 311,810,518

-3.5 314,864,528

333,404,593

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending March 10 1923.
Clearings al-

Jae. or
1923.

First Federal
Me.-Bangor _
Portland
Mass. Boston _
Fall River_ _ _
Holyoke
Lowell
Lynn
New Bedford_
Springfield _ _ _ _
Worcester
Conn. Hartford.
New Haven_ _
It.I.-Providenee
Total(11 cities)

1922.

Dec.

Reserve Dist rict-Bosto n597,118
936,178 -36.2
2,728,937
.2,500,000 +9.2
355,000,000 257,000,000 +38.1
1,890,657
1,597,631 +18.3
a
a
a
1,215,494
1,093,947 +11.1
a
a
a
1,396,595
1,336,916 +4.5
5,002,226
3,745,507 +33.6
3,272,000
3,232,808 +1.2
10,216,065
8,417,032 +21.4
5,535,421
5,396,388 +2.6
d11,401,000 •10,500,000 +8.6
398,255,513

295,756,407 +34.7
•

1921.

1920.

1.015,287
2,412,000
253,129,789
1,502,726
a
1,052,871
a
1,157,449
3,590.313
3.083,404
8,734,577
5.302,032
9.895.400

667,975
2,400,000
331,515.339
2,543,163
a
1,180,914
a
1,993.749
4,403,764
3,700,818
8.759,041
5,500,523
12,956,300

290,875,848

375,621,586

Second Feder at Reserve D istrict- Ne w York
N. Y.-Albany.
4.398,066
3,694,918 +19.0
4,000,000
4,377,841
Binghamton_ _ e949,900
875,427 +8.5
1.032,100
1,202.900
Buffalo
d4I,848,035
34,352,928 +21.8
32,453.886
38.679.121
Elmira
633,128 Not Included In total
Jamestovrn__
c1,174,221
881,265 +33.2
817,442
New York__ _ _ 4.351.184.253 3,804,229,184 +14.4
3,688,112.503 4,765.894.086
Rochester
9,949,249
8,209,361 +21.2
8,209,361
10,656.771
Syracuse
4,625,120 . 4,043,196 +14.4
3.801,157
4,280,907
Conn.-Stamford
c2,543,242
2,927,783 -13.1
2,028,455
N. J.-Montclair
333,278
342.860 -2.8
317,087
442,136

Total(9 cities)- 4,417,005,364 3,859,556,922 +14.4 3,740.771,991 4,825,533,762
Third Federal Reserve Dist rict-Philad elphla
Pa.-Altoona__
1,332,720
958,424 +39.1
967,783
905,436
Bethlehem _
3,671,192
_
2,465,193 +48.9
2,632,625
Chester
1,261,015
809,011 +55.9
984,156
1,582,489
Lancaster
3,017,980
2.596,119 +16.2
2,589,355
2,690,567
Philadelphia _ 445,000,000 364.000,000 +22.3 378.707,230
452,945,551
Reading
3,108,414
2,390,370 +30.0
2,182,684
3,000.000
Scranton
d5,644,691
4,311,200 +30.9
4,281,090
4,124,434
Wilkes-Barre- d3,113,350
2,117,000 +47.1
2.551.175
2,633,064
York
1,328,790
1,112,379 +19.5
1,270,228
1,408,045
N.3.-Trenton.4,966,834
3,203,422 +55.0
2,899.672
3,378,102
Del.-WIlmingt'n
a
a
a
a
a
Total(10 cities)

472.444,986

383,963.118 +23.0

399,065.998

472,647,688

6,705,000
3,362,688
57,787,429
90,680.917

3.093,984
a
135,242,911
4.553.352

10.915,000
5,151,549
75,427,810
115.649,926
14,356,000
a
1,431,034
2,104,113
a
a
4,436,091
a
158,654,396
5,346,619

317,180,242

393,472,538

1,752,24'
8,962,328
40,554,778
2,000,000
75,311,970
17,449,030

2,227,698
10.753,102
60.234,893
4,100,000
98,782,713
17,094,584

146,030,348

193,192,990

5,730,423
3,074,126
18,198,201
43,674.347
1,964,541
1,414,699

7,976,843
3,674,755
23,166.532
66,671,030
5,697,621

a
11,120,434
14.777,749

a
12,200.000
18,937,055

753,862 +28.4
+4.4
+27.5

614,918
338,085
42,122.327

730,640
453,171
64,074,426

138,396,709 +34.5

143,029.850

203,582,070

Fourth Feder al Reserve D istrict-Clev
Ohio-Akron
_
d5.684,000
4,815,000
Canton
5,138,932
2,777,238
Cincinnati_ _
68,212,708
54,289,906
Cleveland
e99,504,697
73.097.194
Columbus
16,087,700
14,042,500
Dayton
a
a
Lima
551,292
600,041
Mansfield
d1,795,654
1,291,701
Springfield_ _ a
a
Toledo
a
a
Youngstown._ _
d3,631,157
2,886,648
Pa.-Erie
a
a
Pittsburgh_ _ _ 144.414,741 121,700,000
W.Va.-Wheeling
4,036,171
4,225,612

eland
+18.0
+85.0
+25.6
+36.1
+14.6
a
-8.1
+39.0
a
a
+25.8
a
+18.7

Total(10 cities)

349,057,052 279,725,840 +24.8
Fifth Federal Reserve Dist rIct-Richm ondW. Va.-Hunt'n.
2,048,723
1,527,806 +34.1
Va.-Norfolk _
d8,690,791
6,677,858 +30.1
Richmond _ _
51,679,591
39.601,260 +30.5
S.C.-Charleston
d2.914,526
2.329,271 +25.1
Md.-Baltimore
96,469,030
69,211,418 +39.4
D. C.-Washlon
21,457,884
18,508,368 +15.9
Total(6 cities). 183,260,545 137,855,981 +32.9
Sixth Federal Reserve Dist riet-Atlant aTenn.-ChatVga. d5,703,253
5,450,224 +4.6
Knoxville
3,083,185
2,794,593 +10.3
Nashville
d20,218,000
17,427,676 +16.0
Ga.-Atlanta _ _
54,154,299
39,276,383 +37.9
3,315,275
Augusta
1,533,844 +116.1
Macon
1,634,113
1,092,003 +49.6
Savannah
a
a
Fla.-Jacks'nville
13,798,317
10,282,840 +34.2
29,267,467
17,333,376 +68.9

Mobile
Miss.-Jackson_
Vicksburg
La.-New Orrns..

e968,186
335,842
53,723,335

Total(11 Cities)

186,201,272




321,541
42,130,367

12,876,300
a
1,349,125
1,528,537
a
a

1143
Week Ending 3farch 10 1923.

Clearings al-

inc.or
1923.

1922.

Dec.

1921.

S

$

%

s

Seventh Feder at Reserve D istrict-Ch icago Mich.-Adrian _ _
219,737
231,893 -5.2

1920.
$
463,449
552,225
112,339,921
6,602,823
2,115,664
2,028,739
19,276,000
2,224,335
38,450,010
5,337,148
23,381,291
17,730,501
3,165,290
2,929.815

Ann Arbor__ _ _
Detroit
Grand Rapids_
Lansing
Ind.-Ft. Wayne
Indianapolis_ _ _
South Bend_ _ _
Wis.-Milwaukee
Ia-Ced. Rapids
Des Moines_ _
Sioux City_ _
Waterloo
III.-Bloomington
Chicago
Danville
Decatur
Peoria
Rockford
Springfield_

714,771
126,261,370
6,367,369
1,850,695
2,388,013
d20,301,000
2,332,500
36,155,190
3,525,163
14.231,399
7,570,700
1,790,950
2,305,926
643,300,946

607,123
78,330,000
5,707,448
1,605,795
1,842,484
16,448,000
1,607,853
30,052.790
2,459,801
11,956,954
6,210,028
1,723,257
1,763,339
521,771.816

a
1,452,500
5,221,885
2,626,945
2,990,814

+17.7
+61.2
+11.6
+15.3
+29.6
+23.4
+45.1
+20.3
+43.3
+19.0
+21.9
+3.9
+30.8
+23.3

291,370
551,348
73,041,963
5,332,524
1,600,000
1,861,791
14,657,000
1,781,435
29,159,767
2,823,758
11,658,105
7,505,116
2,028,233
1,923,062
516,304,147

a
1,208,068
4,234,814
2,055,040
2,449.628

a
+20.2
+23.3
+27.8
+22.1

a
1,133,302
4,597,993
2,272,614
3,242,120

719,289,007
a
2,009.685
6,759,699
3,309,343
3,247,246

Total(19 cities

881,607,873

692,286,131 +27.3

681,785,648

971,212,191

Eighth Feder I Reserve Dig trict-St Lo vieInd.-Evansville
4,935,233
3,968,905 +25.6
Mo.-St. Louts_
a
a
a
Ky.-Louisville..
32,621,221
24,296,639 +34.3
Owensboro_ _ _
580,454
478,298 +21.4
Tenn.-Memphi
24,091,891
15.720.533 +53.3
Ark.-LIttleRoc
11.524,258
8,405,361 +37.1
Ill.-Jacksonville
431,171
352,610 +22.3
Quincy
1,954,446
1,698,078 +15.1

4,139,169
a
24,199.530
519,713
14,275,544
9,286,052
403,413
1,799,119

4,895,020
a
14,746,0.33
745,933
26,829.930
12,646.97:.
713,092
2,873,515

76,188,674
54,920,424 +38.7
54,602,540
Ninth Fedora Reserve Die triet-Minn eapolizMin.-Duluth._
d5,003,060
4,599,047 +8.7
5,170,666
Minneapolis..,
66,892,314
62,379,050 +7.2
63.755,262
St. Paul
36,028,188
29,378,435 +22.6
33,154,944
N. 23.-Fargo..
1,878,845
1,690,531 +11.1
2,152,862
S. D.-Aberdeen
1,218,412
1,083,268 +12.5
1,201,524
Mont.-Billings
478,214
559,482 -14.5
850,000
Helena
3,182,445
3,009.445 +5.7
3.113,002

63.450,555

Total(7 cities)

Total(7 cities)

114,678,478

102,699,258 +11.7

109,398.260

Tenth Faders Reserve Dis triet-Kans as CityNeb.-Fremont..
d946,840
502,095 +88.6
710,356
Hastings
764,771
563,535 +35.7
786,094
Lincoln
6,286,453
4,303,076 +46.1
4,445,466
Omaha
54,739,515
44,983,165 +21.7
41,942,833
Kan.-Topeka...
d3,961,001
3,557.995 +11.3
3.406,250
Wichita
d11,550,948
10,929.264 +5.7
12,089,044
Mo.-Kans. CIL
142,830,255 127,750,274 +11.8 167,750,392
St. JosePha
a
a
a
Okia.-Muskoge
a
a
a
a
Oklahoma Cit
d23,770,299
19,051,031 +24.8
28,740,406
Tulsa
a
a
a
a
Colo.-Colo.Spgs.
1,768,948
973,218 +81.8
1,065,868
Denver
20,761,564
19,168,014 +8.3
18,454,825
Pueblo
.
921,548
710,154 +29.8
922,535
Total(11 cities 1

268,302,142

5,866,233
49,014,497
23,292,230
2,718,756
1,805,829
1,585,696
2,141,878
86.425,129
1,394,321
1,654,549
10,234,687
97.328,183
4.444.734
13,305,098
268,097.242
a
14,193,130
a
1,486,917
24,122,918
1,025,063

232,491,821 +15.4

278,314,069

437,286,842

Eleventh Fed rat Reserve District-Da RasTexas-Austin__ .
3,106,000
2,183.486 +42.3
Dallas
34,288,605
24,973,916 +37.3
Fort Worth
d10,372,192
10,494,449 -1.2
Galveston
9.704,581
.
5,589,710 +73.6
Houston
•
a
a
a
La.-Shreveport .
4,727,086
3,996,326 +13.3

1,364,936
28.000,000
12,000,000
6,448.091
a
3.863,966

1,900,000
41,044,037
19,613,238
7,069.494
a
5,000,000

51.681,993

74,626,769

Twelfth Fede r al Reserve D istrict-San Fraudi sco-Wash.-.Featile.. .
33,714,524
29,492,094 +14.3
28,157,962
Spokane
a
a
a
a
Tacoma
a
a
a
a
Yakima
.
1,424,687
1,581,963 -9.9
1,217,883
Ore -Portland .
33,126,923
28,752,986 +15.2
29,388,167
Utah-S. L. CU r
12,814,060
10,986,712 +16.6
11,952,715
Nevada-Reno
a
a
.
a
a
Ariz -Phoenix ,.
a
a
a
a
Calif.-Fresno_ _. c4,499,226
3,877,798 +16.0
4,081,798
Long Beach_ _.
8,290,795
3,928,680 +111.5
3,571.495
Los Angeles .
, 128,017,000
90,546,000 +41.4
82.238,000

47,730,096
a
a
1,972,067
37,819,063
18,294,325
a
a
4,796,281
3,284,717

Total(5 cities).

Oakland _ _ --.
Pasadena ----.
Sacramento _ _.
San Diego___.
San Francisco.
San Jose
.
Santa Barbara.
Stockton _ .

62,198,464

13,392,808
5,803,946
6.751,092
2,983,383
143,500,000
2,256,964
1,248.082
c2,831,200

47,237,887 +31.7

12,014,227
4,247,442
5,567,445
3,039,677
128,000,000
1,815,732
842,429
2,404,200

+11.5
+36.6
+21.3
-1.9
+12.1
+24.3
+48.1
+17.8

11,328,307
3,633,573
5,780,465
2,914,058
130,700,000
1,746,469
878,216
4,749,377

73.059.000
10,563,427
2,451,094
5,453,495
3,553,144
145,718,362
2,032,796
6,001,400

Total(15 cities) 400,654,690 327,097,38.5 +22.5 322,338,485 362,729,267
Grand total (12 l
cities)
• 7,809,855,053 6,551,987,883 +19.26,535,075,272
Outside N. Y.__ . 3.458.670.800 2,747,758,699 +25.9 2,846,962,769 8,459,781,387
3.693.887.301
Week ending March 8.
ldeaTongs at-

CanadaMontreal
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_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert _ __ _
Moncton
Kingston

Inc. OT
1923.

1922.

Dec.

1921.

$

S

%

$

100,241,960
95,463,014
36,047,408
15,300,286
6,996,214
4,963,289

2,906,538
6,029,716
4,368,608
2,638.433
1,697,519
2,823,552
3,977,257
3,118,498
584,752
537,969
1,446,642
1,028,945
927,154
761,647
512,628
358,255
769,276
836,786
1,063,808
3.258,958
361,681
1,114,381
655,651

104,733,986 -4.3
95,337,642
+0.1
43,692,278 -17.5
12,939,461 +18.2
6,709,128
+4.3

5,842,828
2,835,309
5,029,021
5,588,654
2,467,335
1,976,134
3,129,018
4,088,751
3,015,573
617,225
489,049
1,587,102
1,151,151
918,932
723,800
456,707
369,057
907,858
998,008
990,736
3,021,751
339.556
1,139,383
713,085

-15.1
+2.5
+19.9
-21.9
+6.9
-14.1
-9.8
-2.7
+3.4
-5.3
+10.0
-8.9
-10.6
+0.9
+5.2
+12.2
-2.9
-15.3
-16.2
+7.4
+7.8
+6.5
-2.2
-8.1

1920.
$

102,291,531
97,608,955
40,547,506
13,364,094
7.617,152

118,967,117
90,770,671
40,362,045
15,804,836
9,189,415

6,195.205
3,812,260
6.013,765
5,640,958
2,655,309
2,355,871
3,421,852
4,636,822
3,560,220
680,510
576,421
1.846,527
1,321.687
1,031.055
941.336
625,071
436,061
979,738
1,101,164
1,009,807
2,730,249
368,388
1,495,014

5,964,025
4,68.5,549
6,372,559
8,271.410
8,177,079
2.630,867
3.662,898
5.178,354
3,819,586
687,751
679,993
2,089.014
1,532,246
1,211.352
698,404
588,515
435,429
860,826
1,050,718
1,214,382
3,003,606
495,933

Total(29 cities) 300.790,825 311,810,518 -3.5
314,864,528 333,404.580
No longer report clearings. b Do not respond to requests
ending Mar.7. d Week ending Mar. 8. e Week ending Mar.for figures. C Week
9. *Estimated.

Public Debt of United States-Completed Return
Showing Net Debt as of Nov. 30 1922.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued Nov. 30
1922, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on .that date, we append a summary
thereof, making comparison with the same date in 1921.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Nov. 30 1922. Nov. 30 1921.
$338,910,280 $257,341,853
Balance end month by daily statement, Src
over
receipts
of
deficiency
Add or Deduct-Excess or
-1,601,754
+907,357
or under disbursements on belated items
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates

$339,817,637

$255,740,099

$2,781,801
75,596,833
66,524,504
140,794,367

$1,877,093
89,575,449
65,910,602
114,278,300

6285,697,505 $271,641,444
Total
+$54,120,132 -$15,901,345
'Balance, deficit(-) or surplus (-1-)
INTEREST-BEARING DEBT OUTSTANDING.
Interest Noe. 30 1922. Nov. 30 1921.
$
$
Payable.
Title of Loan599,724,050
599,724,050
Q -J
25, Consols of 1930
118,489,900
118.489,900
-F.
Q
1925
of
Loan
45,
48,954,180 . 48,954,180
Q.-F.
28 of 1916-36
25,947,400
25,947,400
Q.-F.
2s of 1918-38
50,000,000
50,000,000
-M.
Q.
35 of 1961
28,804,500
28,894,500
Q.-J.
35, Conversion bonds of 1946-47
J.-J. 982,858,500 2,162,730,000
Certificates of Indebtedness
126,000,000
23,500,000
Certificates of Indebtedness under Pittman Act_J.-J.
J.-J. 1,410,000,050 1,410,074,050
39s, First Liberty Loan, 1932-47
15,130,900
11,328,400
-D.
J.
converted
4s, First Liberty Loan,
523,447,200
J.-D. 527.009.750
431(5, First Liberty Loan, converted
3,492,150
3,492,150
43is, First Liberty Loan, second converted-J.-D.
66,362.800
49,046,650
M.-N.
45, Second Liberty Loan, 1927-42
3.220,384,850 3,247,401,950
43is, Second Liberty Loan, converted
M.-S. 3,455,648,050 3,608,599,800
45.45, Third Liberty Loan of 1928
A.-0. 6,337,410,800 6,350,182,300
43(8, Fourth Liberty Loan of 1933-38
497.915,100
J.-D.
33(8, Victory Liberty Loan of 1922-23
763,661,300
43‘s, Treasury bonds 01 1947-52
J -D. 1,595,924,450 3,110,394,200
43i8, Victory Liberty Loan of 1922-23
Mat. 726.215,842, 657,026,501
48, War Savings and Thrift Stamps
11,774,020
11,851;000
J -J.
23(8, Postal Savings bonds
701,897,700
J.-D. 2,718,341,000
5348 to 55is, Treasury notes
22,708,682,822 23,364,438,701
244,324,239
244,697,1348
8,954,760
al0,642,990

Aggregate of interest-bearing debt
Bearing no interest
Matured,Interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit

(12,964,022,860 23,617,717,200
+54.120,132 -15.901,345

d22,909,902,728 23.633,618,545
Net debt
a Includes $4,833,000 Victory 354% notes.
Treasury statements
e The total gro..9 d,.ht Nov.30 1922 on the basis of daily
redemption and receipts
was 622,963,696,739 92, and the net amount of public debt
84.
in transit, dm., was $326,119
governments or
d No deduction is made on account of obligations of foreign
other investments.
Included In the
not
bonds
Relief
Civic
NOTE.-Issues of Soldiers' and Sailors'
has been retired.
above, total issue to Ifov.30 1922 was 519.5,500,01 which $144,800

Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Jan. 31 1923 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury for Feb. 28 1923.
AssetsGold coin
Gold bullion

[vox,. 116.

TTTE CHRONICLE

1144

CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities316,082,317 50 Gold cent's. outstand•g- 682,553,859 00
2,981,862,298 20 Gold fund F. R. Board
(Act of Dec. 23'13, as
amended June 21 '17)_2,259,352,770 65
152,979.025 63
Gold reserve
203,0.58,960 42
Gold in general fund

3 297,944,615 70
Total
3,297,944,615 70
Total
and 61,476,483 of Treasury
Note.-Reserved against $316,681,016 of U. S. notesalso
by silver dollars
secured
are
1890
notes of 1890 outstanding. Treasury notes of
n the Treasury.
SILVER DOLLARS.
LiabilitiesAssets396,459,812 00 Silver certifs. outstand'g 378,117,963 00
Myer dollars
1,476,483 00
Treas. notes 01 1890 out.
Silver dollars In gen. rnd 16,865,360 00
Total
AssetsGold (see above)
Silver dollars (see above)
United States notes_ _ _
Federal Reserve notes_
Fed. Res. bank notes__ _
National bank notes_ _ _
Subsidiary silver coin
Minor coin
Silver bullion
Unclassified (unsorted
currency, Sze.)
Depos. In F. R. banks_ _
Depots. in special depositaries account of sales
of Treasury notes_ _
Depos. In foreign depot.:
To credit Treas. U.S_
To credit of other
Government officers
Depos. In nat'l banks:
To credit Treas. U.
To credit of other
Government officers
Depos. In Philippine
Treasury:
To credit Treas. U.EL

396,459.812 00
Total
396,459,812 00
GENERAL FUND.
$
Liabiltties2,816,729 47
203.058,960 42 Treasurer's checks outst.
16,865,366 00 Depos. of Govt. officers:
P. 0. Department__
30,656.746 23
3,692,509 00
Board of trustees,
2,856,398 00
Postal Say. System,
543,549 00
5% reserve, law16,791,999 00
6,567,992 80
ful money
12,530,193 29
175,193 23
Other deposits
2,846,369 84
the
of
Comptroller
20,632,014 27
Currency, agent for
creditors of insolv4,242,608 91
2,023,869 55
ent banks
56,861,722 50
Postmasters, clerks of
courts, disbursing
34,021,582 10
officers, &c
126,273,000 00
Deposits for:
Redemption of131,135 82
Fed. Reserve notes
(5% fund, gold). 193,240,090 00
85,958 72
F. R. bank notes
(5% fund, law8,643,353 04
310,796 55
ful money)
Nat.banknotes(5%
21,249,642 59
fd., lawful money) 32,088,022 51
Retirement of additional circulating
1,141,828 31
notes. Act of May
22,080 00
30 1908
Exch'ges of currency,
4,272.133 60
coin, dre
Net balance

306,196,136 04
192,250,472 67

498,446,608 71
Total
498,446,608 71
Total
officers and agencies to-day was
Note.-The amount to the credit of disbursing
of foreign GovernmentS are
$776,644,605 52. Book credits for which obligations
held by the United States amount to $33,236,629 05.




Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned as part of the public debt. The amount of such obligations
•
to-day was $58,631,850 50.
3416,710 in Federal Reserve notes, $519,549 in Federal Reserve bank notes and
in process of redemption
Treasury
the
are
in
bank
notes
in
national
$16,572,849
and are charges against the deposits for the respective 5% redemption funds.

Preliminary Debt Statement of U. S. Feb. 28 1923.
The preliminary statement of the public debt of the
United States for Feb. 28 1923, as made up on the basis of
the daily Treasury statements, is as follows:
$599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
49,800,000 00
28,894,600 00
11.860,200 00

Bonds-Consols 01 1930
Loan 01 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan 01 1928
Fourth Liberty Loan of 1933-1938

81,951,800,9.5000
3,268,297,500 00
3,439,788,050 00
6,329,863,550 00

Treasury bonds of 1947-1952

$883,670,230 00

14,989,740,050 00
763,961,600 00

$16,637,371,880 00
Total bonds
841,883,250 00
Notes-Victory Liberty Loan 434%,maturing May 20 1923
Treasury NotesSeries A-1924, maturing June 15 1924_ 8311.191.60000
Series 13-1924, maturing Sept. 15 1924_ _ 390,706,100 00
Series A-1925, maturing Mar. 15 1925_ _ _ 598,384,200 00
Series 13-1925, maturing Dec. 15 1925..... 330,334,800 00
Series C-1925, maturing June 15 1925____ 449,188,150 00
Series A-1926, maturing Mar.15 1926._ 618.769.70000
Series 13-1926, maturing Sept. 15 1926_ ___ 459,040,100 00
Series A-1927, maturing Dec. 15 1927____ 368,971,100 00
3,522.585,750 00
Treasury Certificates-TaxSeries TM-1923, maturing Mar. 15 1923. 263.920.000 00
Series TM2-1923, maturing Mar. 15 1923... 102,584,500 00
264,000,000 00
SeriesTJ-1923, maturing June 15 1923
Series T-S-1923, maturing Sept. 15 1923..... 227,000,000 00
197,233,500 00
1023..._
15
Dec.
Series TD-1923, maturing
1.054,738.000 00
WarSavings securities, series 01 1919, 1920 and
50
94,510.559
1921 (net cash receipts)
Treasury Savings securities (net redemption
214,962,862 85
value of certificates outstanding)
309,482,422 35
822,366,041,302 35
*94,913,090 26
254,384,337 57

Total interest-bearing debt
Debt on which Interest has ceased
Non-Interest-bearing debt

$22,715,338,730 18
Total gross debt
notes called for re• Includes $89,683.350, principal amount, of 454% Victory
demption Dec. 15 1922.

Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for February 1923
and 1922 and the eight months of the fiscal years 1922-23
and 1921-22.
Mos. 1923. *8 Mos. 1922
Feb. 1923.
ReceiptsOrdinary48,311,002
Customs
Internal revenue:
Income and profits tax_ _ _ _ 37,847,613
Miscellaneous Internal rev.. 63,611,756
Miscellaneous receipts:
Proceeds Govt.-owned seentitiesForeign obligationsPrincipal
10,213,881
Interest
550,760
Railroad securities
199,984
All others
Trust fund receipts (re-appropriated for I nvestm't. 1,967,805
Proceeds sale of surplus
6,560,212
property
Panama Canal tolls, dm. _ 1,168,005
Receipts from miscellaneous
sources credited direct to
8,331,675
appropriations
18,754,005
Other miscellaneous

Feb. 1922. 8
33,651,743

8
343,581,383

33,206.712
81,503,577

741,768,478 1,318,251,704
638,543,395 855,678,233

10,214,715

878,500
23,621,844

4,377

998,989
125,595.678
85,922,069
43,494,283

2,396,744

17,877,273

25,325,419

8,175,488
833,510

52,921,729
9,506,698

58,530,096
7,953,932

5,664,579

48,578,605
173,336,142

157,328,066

207,911,137

25,636,324

197,516,698 175,651,445 2,282,124,723 2.681.115.255

Total ordinary
Expenditures.
Ordinary (Checks and warrants paid, dtc.)148,394,425 154.332,504 1,315,035.013 1,457,680,901
Ceneral expenditures
x58.131,219 22,847,980 x568,542,507 568,175,249
Interest on public debt
23,822,862
2,533,556
19,713,916
846,041
Customs
85,325,486
20,544,063
22,215,542 2,453,161
Internal revenue
47,221,915
10,062,957
43,178,850
20,826
Postal deficiency
2,458,407
140,956
2,448,772
470,635
Panama Canal
Operations in special accounts:
71,590,723 891,134,059
z50,088,964
2,332,045
Railroads
x83,460,381
89,096,681
War Finance Corporation_ 89,351,655 30,407.311
47,580,667
90,114,763
17,663,419 4,458,041
Shipping Board
2,214,676
1,702,604
8338,295
8892,234
Allen property funds
3,000,000
32,000,000
Corporation
Grain
Board_
Sugar Equalization
Purchase of Obligations of foreign Governments
7,125,587
2,200,000
Loans to railroads
Investment of tent funds:
2,377,752
17,759,341
1,949,422
Fund
16,898,155
Govt. Life Insurance
Civil Service Retirement
9,064,122
283,274
Fund
District of Columbia Teach117,932
18,383
143,990
18,993
ers' Retirement Fund
243,988,969 182,205,932 2,113,936.784 2,251,360,260
Total ordinary
Public debt retirem'ts chargeable against ordinary recents:
910,200 236,318,800 258,460,000
Sinking fund
Purchases from foreign re16,579,750
998,900
payments
16,424,550
4,037,000
283,900 2,157,350
Received for estate taxes
Purchases from franchise
9.111.000
10,815,300
R.
2,057,000
tax receipts(F. banks)
85,050
331,150
3,150
60,500
Forfeitures. giftS, arc
300,660,350
287,050 5,185.050 252,501,150
Total
Total expenditures charge2,552,020,610
able against ord. receipts 244,276,019 187,390,982 2,366,437,934
July are included.
In
Tresaury
the
reaching
and
June
for
expenditures
Receipts
•
SerIncludes 649,209,141 98 accrued discount on war savings certificates of the
ies of 1918.
Excess of credits.

MAR. 17 1923.]

THE CHRONICLE

Note.-The analysis of receipts and expenditures for the fiscal year 1923 is on the
same basis as the Budget, with necessary adjustments to cover receipts credited to
appropriations. Including particularly proceeds of railroad securities. The analysts
for the fiscal year 1922 Is on the Budget basis, without adjustment. The figures
given for operations in special accounts are net figures and make allowance for receipts and deposits credited to the account concerned.

TREASURY MONEY HOLDINGS.-The following
compilation made up from the daily Government statements
shows the money holdings of the Treasury at the beginning
of business on the first of December 1922 and January, Feb
ruary and March 1923.
Holdings tn
U. S. Treasury.

Dec. 1 1922. Jan. I 1923. Feb. 1 1923. Mar.1 1923.
3
3
$
$

Net gold coin and bullion_
Net silver coin and bullion
Net United States notes._
Net national bank notes__
Net Fed'I Reserve notes__
Net Fed'I Res. bank notes
Deposit in Fecl'l Land bks.
Net subsidiary silver
Minor coin,&c

373,538,557 340,833,972
60,270,205
55,329,180
2,769,917
3,853.756
19,383,499
17,553,571
2,406,913
2,636,090
833,491
1,190,306
--------600,000
15,152,103
12,876,643
5,240,392
5,857,837

340,083,095
34.869.321
3,297,796
17,354,327
2,257,701
1,011,772

356.037,986
37,497,380
3,692,509
16,791,999
2,858,398
543,549

12,650,974
7,494,935

12,530,193
7,088,989

Total cash in Treasury.
Less gold reserve fund

479,595,077
152,979,026

440.631,355
152,979,026

419.019,921
152.979,026

437,039,003
152,979,026

Cash balance in Treasury_
Dep. in spec. depositories:
Acct. c.erts. of Indebt
Dep. In Fed'I Res. banks_
Dep. in national banks:
To credit Treas. U. S.._
To credit dish. officers_
Cash In Philippine Islands
Deposits in foreign depts.
Net cash in Treasury
and in banks
Deduct current liabilities.

326,616,051

287,652,329

266,040,895 *284.059.977

220,933,000
56,410,445

469,557.000
34,162,029

187,640,000
70,980,837

126,273,000
56,861,723

8,558,545
19,206,691
1,286,584
338,417

8,469,058
22,311,750
1,083,917
317,680

6,175,009
30,403,803
798,576
298.887

8,643.353
21,249,643
1,141,828
217,085

633,347,733
294,437,453

823,553,761
285,692,640

562,335,987
307,789.599

498,446,609
306,196,136

Available cash balance_ 332.910.280 537.881.122 254.547.388 192.250.473
•Includes March 1, 820.632.01427 sliver bullion and 82,846,367 84 minor coins,
&c., not Included in statement "Stock of Money."

TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The U: S. Steel Corporation on Saturday, Mar. 10, issued
its regular monthly statement showing unfilled orders on
the books of the subsidiary corporations as of Feb. 28 1923
to the amount of 7,283,989 tons. This is an increase of
373,213 tons over the unfilled tonnage on hand Jan. 31 last,
and contrasts with 4,141,069 tons on hand at the close of
February 1922. In the following we give comparisons with
previous months:
Tons.
Tons.
Tons.
Feb. 28 1923_ 7,283,989 Nov.30 1918_ 8.124.663 Aug.31 1914_ 4.213,331
Jan. 31 1923_ 6,910,776 Oct. 31 1918... 8,353.298 July Sl 1914.- 4.158.589
Dec. 31 1922._ _ 6,745,703 fleot.30 1918-- 8.297.905 June 30 1914___ 4.032.857
Nov. 30 1922___ 6,840.242 Aug.31 1918- 8,759.042 May 81 1914... 3,998.160
Oct. 31 192E_ 6,902,287 July 31 1918_ 8.883.801 Apr. 30 1914___ 4,277,068
Sept. 30 1922...6,691,607 June 30 1918- 8.918.886 Mar.81 1914._ 4.653.825
Aug. 31 1922... 5,950,105 May 31 1918_ 8,337.623 Feb. 28 1914- 5,026.440
July 31 l922___ 5,776.161 Apr. 30 1918- 8,741,882 Jan. 311914... 4,613,680
June 30 1922.__ 5.635.531 Mar.31 1918- 9,056,404 Dec.31 1913_ 4,282,108
May 31 1922_ _ _ 5.254.228 Feb. 28 1918- 9,288.453 Nov.30 1913- 4.396.347
Apr. 30 1922___ 5.096,917 Jan. 81 1918... 9,477.853 Oct. 31 1913... 4,513,767
Mar.31 1922_ 4,494,148 Dec.31 1917._ 9,381,718 Sept.30 1913... 5,003,785
Feb.28 1922___ 4,141,069 Nov.30 1917- 8,897,108 Aug.31 1913... 5,223,468
Jan. 81 1922___ 4,241.678 Oct. 31 1917-- 9,009.675 July 311913... 5,399,356
Dee.31 1921- 4,268.414 Sept.30 1917- 9,833,477 June 30 1913... 5,807,317
Nov.30 1921- 4,250,542 Aug.31 1917-10,407,049 May 31 1913_ 6,324,322
Oct. 31 1921._ 4,286,829 July 31 1917-10.844,164 Apr. 30 1913_ 6,978,782
Sept.30 1921- 4.560.670 June 80 1917-11,383,287 Mar.31 1913... 7,468.956
Aug.31 1921.-- 4,531.926 May 31 1917-11.886,591 Feb. 28 1913_ 7,656,714
July 31 1921.... 4,830,324 Apr. 30 1917-12,183.083 Jan. 311913... 7.827.388
June 30 1921- 5,117,868 Mar.31 1917...11.711.644 Dec.81 1912_ 7,932,164
May 31 1921- 5,482,487 Feb. 28 1917-11,576,697 Nov.30 1912___ 7,852,883
Apr. 30 1921_ 5.845.224 Jan. 81 1917-11,474,054 Oct. 311912... 7,594,381
Mar.31 1921___ 0.284,765 Dec.31 1916...11,547.286 Sept.80 1912-__ 6.551,507
Feb. 28 1921_ 6.933.867 Nov.30 1916-11.058,542 Aug.31 1912-__ 6,163,375
Jan. 31 1921... 7,573,164 Oct. 31 1916-10.015,260 July 311912... 5,957,073
Dee,31 1920._ 8.148.122 Sept.30 1916... 9,522.584 June 80 1912_ 5,807,349
Nov.30 1920-- 9,021.481 Aug.31 1916-... 9.660,357 May 311912... 5,750,986
Oct. 31 1920... 9.836.852 July 31 1916_ 9,593,592 Apr. 30 1912... 5.684,885
Sept.30 1920...10.374,804 June 30 1916.... 9,640,458 Mar.31 1912- 5.304.841
Aug.31 1920._ _10,805,038 May 31 1916._ _ 9,937,798 Feb. 29 1912_ 5,454.201
July 10 1020_11,118A68 Apr. 30 1918_ 9,829,551 Jan. 31 1912._ 6,379,721
June 30 1920_10.978.817 Mar.31. 1916_ 9,331.001 Dec.81 1911___ 5,084,765
May 31 1920-10.940.466 Feb. 29 1916_ 8,568,966 Nov.30 1911._ 4,141.958
Apr. 30 1920_ _10,359,747 Jan. 311916... 7,922,767 Oct. 81 1911._ 8.694,327
Mar.30 1920... 9,892.075 Dec.31 1915... 7,806,220 Sept.80 1911- 3,611,815
Feb. 28 1920___ 9.502,081 Nov.30 1915... 7,189,489 Aug.31 1911... 8,695,985
Jan. 31 1920_ 9,285.441 Oct. 311915... 6,165,452 July 811911... 3.584.088
13ee. 31 1919___ 8.265,360 Sept.30 1915_ 5.317,618 June SO 1911- 3,301,087
Nov.30 1919___ 7,128.330 Aug.31 1915_ 4,908,455 May 31 1911... 3.113.154
Oct. 81 1919_ _ _ 6,472,668 July 311915... 4,928.540 Apr. 30 1911.- 3.218,700
Sept.30 1919- 6.284,638 June 30 1915_ 4,678,196 Mar.31 1911._ 3,447.301
Aug.31 1910-__ 6.109.103 May 31 1915_ 4,264,598 Feb. 28 1911...
July 31 1919._ 5.578.661 Apr. 80 1915- 4,162,244 Jan. 311911... 3.400.543
3,110.919
June 30 1919_ 4,892.855 Mar.31 1915___ 4.255,749 Dec.31 1910... 2,674,750
May 311919... 4.282.310 Feb. 28 1015_ 4.345,371 Nov.30 1910-__ 2,760,413
Apr. 30 1919_ 4,800.685 Jan. 311915...
4.248,571 Oct. 811910... 2,871,949
Mar.31 1919_ 5.430.572 Dec.81
3,830,643 Sept.30 1910-__ 3,148,106
Feb. 28 1919_ 6.010.787 Nov.30 1914_
1914._
Aug.31 1910- 3,537.128
3.324,592
Jan. 31 1919_ 6.684,268 Oct. 311914...
3.461,097 July 31 1910- 3.970,931
Dec.31 1918... 7,879,152 ept.80
1914.-- 3.787.667

1145

FeltrnetrY
Road1920.
1921.
1922.
1923.
Philadelphia & Reading
tons_1,206,538 1,160,685 1,170,753 1,038,303
Lehigh Valley
1,097,351
928,208
857.579 1,063,508
Central Railroad of New Jamey
408,052
515.551
537.214
521,430
Delaware Lackawanna & Western
827,172
920,788
755,923
957,612
Delaware dr Hudson
455,003
813,191
670,323
629,514
Pennsylvania
394,366
426,350
402,762
483,466
Erie
491,608
633,706
492,202
712,210
New York Ontario & Western
135,957
153,017
141,929
169.176
Lehigh & New England
234,995
269,237
220,337
174,416
Total

5 951.713 5.239,014 5,966,101 4.913,664

4rotatnevciali anal-atscrtianealasBerm
Breadstuffs figures brought from page 1206.-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 at-

Flour.

Corn.

Wheat.

Oats.

Rye.

Bark,.

bbls.196lbs. bush.60 lbs. ush.56 lbs. bush. 32 15..1,1'01.48as. trush.1581bs.
Chicago
355,000
360,000 3,728,000 1,538,000 230,000 101,000
Minneapolis_
2,608,000
439,00l
219.000
293,000
399,111
Duluth
433,0
8,000
12,111
14,130€I
464,000
Milwaukee...
16,000
45,000
451.
78,000
195,11.1
Toledo
82,000
96,000
53,000
3,000
Detroit
80,111
40,000
39,
Indianapolis..
104,000
464,000
158,'''
St. Louis
95,000
833,
584.000
504,11
16,000
2,000
Peoria
223.0,
42,000
439,too
12,000
2,000
8,000
Kansas City..
474.000
938.
210.000
Omaha
439,
333,1300
220,00
St. Joseph._
224,
147,111
56,
Total wk. '23
Same wk. '22
Same wk. '21

508,000 5,685,
7,407,
431,0001 5,148,000 10,004,000
456,000 5,714,000 9,736,

3,942,
4,062,
4,103,141

857,
666,
515,000

949,000
787,000
267.000

Since Aug.11922-23 _ _ _ 15,964.000324,283,000225,704,000156,368,000 28.639,00038.599,000
1921-22..._ 13,972,000 258,580,000282,696,000 145,695,00019,961,00014,077.000
1920-21....19,329,000249,535,000149,210,000 134,652,00019.754.000 12.281,000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Mar. 10 1923 follow:
Receipts atNew York...
Portland, Me_
Philadelphia__
Baltimore....
N'port News_
New Orleans *
Galveston.....
Montreal.....
Boston
St. John

Flour.

Corn.

Wheat.

Oats.

leaky.

Rye.

Barrels.
Bushels.
Bushels.
Bushels.
Bushels, Bushels.
230,000
350,101
889,000
216.101
39.000
10,000
28,0'1
8,000 1,072,111
142,000
234,000
906,000
51,000
2,000
328,11,
311,000
11,0001
23.1,1
1,000 384,000
2,0001
17....
105,000
165,110
54,0001
62,000
8,000
60,0001
291,0001
96.# # #
22,000
3011
28,
7.000
37.'''
1,000
1.000
92,000
22,011
248,0
134.'''

1

I

I

Total wk. '23 627,''' 3,791,000 1,136,000
Since Jan.1'23 5.327,000 48,484,000 21,023,11#

675,111
63,000 397.000
7.044,
1,491,000 10,560,000

Same wk. '22
564,000 3,132,000 4,290.000 1,047,11,
113,000 132.000
Since Jan.1'22 4.747.000 37.508.000 49.360.1 1 6.909.11i 1.624.000 21137000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, Mar. 10 1923, are shown in the annexed
statement:
Exports from-

Wheat.

Corn.

Flour.

Oats.

Rye.

Barley. Peas.

Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
New York
560,457 282,781 142,992 171,849 42,873 121,189
Portland, Me
1,072,000
26,000 8,000
Philadelphia
1,664,000 487.000 20,000
Baltimore
321,000 835,000 1,000
255,000
Newport News_
2,000
New Orleans
144,000 771,000 61,000
8,000 17,000
Galveston
238,000
St. John, N. B.... 248,000
22,000 92,000 134,000
Total week 1923. 4,247,457 2,423,781 326,992
Week1922
4,174.323 6.466,992 298,079

313.849314.873 121,189
438.963 567.458 110,000

The destination of these exports for the week and since
July 1 1922 is as below:
Exports for Week
and Since
July 1 to--

Flour.
Week
Mar.10
1923.

Since
July 1
1922.

Wheat.
Week I
Mar. 10
1923.

Since
July 1
1922.

Corn.
Week
Mar. 10
1923.

Since
July 1
1922.

Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom- 85,025 3,951,005 1,246,252 72,352.962 725,142 23,985,058
Continent _____ __ 219,017 4,775,382 2,969,205 170,012,733 1,686,639 45,745,796
So.& Cent. Amer- 3,000
324,332
32,000
233,000
35.000
West Indies
8,000
914,800
31.000
12,000 1,227,700
BrIt.No.Am.Cols.
2,000
20,700
Other Countries__ 11,950
633.255
1,864,705
13,500
Total 1923 __ 326,992 10,600,774 4,247.457 244,494,400 2,423,781
Total 1921-22._ 296,099 9,773.712 4,174,323 219,985,740 6,466,992 71,027,754
101927861

The world's shipment of wheat and corn, as furnished by
Broomha,ll to the New York Produce Exchange for the week
ending Friday, Mar. 9, and since July 1 1922 and 1921,
are shown in the following:

ANTHRACITE COAL SHIPMENTS.-The shipments
Wheat.
Corn.
of anthracite coal during the month of February 1923, ns
1922-23,
1921-22.
1922-23.
1921-22.
reported to the Anthracite Bureau of Information at Phila- Exports.
Week
Since
Since
delphia, Pa., amounted to 5,951,713 tons, as compared with
Since
March 9. Jtdy 1.
July 1.
July 1.
5,239,014 tons during the corresponding month last year-Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
an increase of 712,699 tons, or 13.6%. The rceord for Feb- North Amer. 4.952.000332.763,,,,
314,257.111 1,545.000 74,903,
110,002,000
Russ.&Dan.
40,1
i
1
4,623,0''
4,091,
3,096,000
85,00co,
11,174,000
ruary of this year is second only to that of February 1921, Argentina___ 4,972,000 83.092,11. 52,124,000 556,000' 93,788,
92,557.000
Australia
1,712,''s 29,812,111 73,536,00
when the peak shipment for that month was established, India
6,724,''.
712,00
5,966,101 tons being shipped to market. The daily ship- 0th. counts'.
4.521,
9.482,000
molts in February were 270,532 tons as compared with
Total
11,676
457,014 # 443,725,
2,186,000177.303,000223,215.000
256,608.5 tons in January.
The visible supply of grain, comprising the stocks in granShipments by originating carriers during February 1923, ary at principal
points of accumulation at lake and seaboard
1922, 1921 and 1920 were as follows:
ports Saturday, Mar. 10, was as follows:




[Vol,. 116.

T1TE CHRONICLE

1146
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
St. Joseph, Mo
Minneapolis
St. Louis
Kansas
Peoria
Indianapolis
Omaha
Sioux City
On Canal and River

GRAIN STOCKS.
Corn,
Oats,
Wheat,
bush,
bush,
bush,
454,000 2,419,000 1,248,000
2,000
10,000
21,000
964,000
330,600
908,000
541,000 1,154,000
379,000
144,000
1,466,000
644,000
133,000
1,597,000
344,000 1,051,000
2,649,000
503,000
767,000
142,000
250,000
41,000
57,000
173,000
1,392,000 16,456,000 5,947,000
752,000
181,000
191,000
883,000
962,600
9,118,000
171,000
589,000
993,000
638,000
145,000
15,429,000
493.000 10,350,000
733,000
953,000
514,000
5,858,000 1,629,000
843,000
2,000
375,000
319,000
255,000
418,000
331,000
2,128,000 1,860,000 1,522,000
365,000
610,000
342,000
381,000

Rye,
bush.
260,000

Barley,
bush.
208,000

23,000
2,614,000

4,000
65,000

10,000
162,000
1,050,000

12,000

The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve Bank notes and national bank notes on Feb. 28:
U. S. Bonds Held Feb. 28 to SecureBonds on Deposit
Feb. 28 1923.

430,000
250,000
1,000

18,000
22,000
325,000
306,000
368,000
7,634,000
20,000
2,778,000
11,000
143,000

260,000
184,000
245,000
5,000
953,000
12,000

505,000
46,000
10,000

18,000
14,000
32,000

25, U. S. Consols of 1930
4s, U. S. Loan of 1925
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals

On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.

Total
Held.

4,723,400
1,768,000
257,000
130,300

583,792,950
83,397,300
48,320,600
25,586,740

$
588,516,350
85,165,300
48,577,600
25,697,040

6,878,700

741,077,590

747,956,290

The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Feb. 1 and
March 1, and their increase or decrease during the month
of February:

National Bank Notes-Total AfloatTotal Mar. 10 1923_ _46,581,000 29,730,000 26;208,000 16,305.000 2,603,000 Amount afloat Feb. 1 1923
$763,750,962
Total Mar. 3 1923_ _ _ _ 7,607,000 27,529,000 27,683,000 14,954,000 2,690,000 Net increase during February
3,292,742
Total Mar. 11 1922
_38,852,000 48,059,000 67,043,000 7,752,000 1,725,000
Amount of bank notes afloat March 1 1923
Note.-Bonded grain not included above: Oats, New York, 320,000 bushels;
$767,043,704
Legal-Tender NotesBoston,3,000; Baltimore, 57,000; Butfalo, 1,520,000; Duluth,28,000; Toledo afloat.
587,000; total, 2,515,000 bushels, against 1,034,000 bushels in 1921. Barley, Amount on deposit to redeem national banks Feb. 1 1923
$29,209,789
New York, 186,000 bushels; Buffalo, 942,000; Buffalo afloat, 402,060; Duluth, Net amount of bank notes retired in February
589,602
60,006; total, 1,590,000 bushels, against 103,000 bushels in 1921. Wheat, New
Amount
on
deposit
to
redeem
national
bank notes March 1 1923_ $28,620,187
York, 1,237,000 bushels; Boston, 158,060; Philadelphia, 868,000: Baltimore, 1,620,000; Buffalo,6,793,000; Buffalo afloat, 5,„272,600; Duluth, 187,000; Toledo, 287,000;
Toledo afloat, 1,343,000; Chicago, 262,000; total, 18,077,600 bushels, against
6,409,000 bushels in 1921.
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
CanadianMontreal
284,000
1,269,000
427,000 155,600 169,000 at auction in New York, Boston and Philadelphia:
Fort William & Port Arthur_27,837,000
3,621,OCO
2,847,000
By Messrs. Adrian H. Muller & Sons, New York:
"
Afloat
163,000
Other Canadian
6,646,000
959,000
813,000 Shares. Stocks.
Price. Shares. Stocks.
Price.
220 Canada cooper Corp.. Ltd.,
200 Rockaway Rolling Mills Corp.,
Total March 101923
35,915,000
284,000 5,007,000 155,000 3,829,000
deb. receipt, $5 each
common
-12 55
$150
lot
Total March 31923
292,000 5,010,000 151,000 3,803,000 157 Canada Copper Corp., Ltd., per 800 Denver & N. W. RY--$574 per eh.
35,402,000
Total March 11 1922
28.031,000 1,008,000 6,798,000
26,000 2,677,000
subscription receipt, $5 each _ _ share 33 Western Maryland Ry. 7% 1st
Summary449 Superior Engineer. Co., com_ _$50 lot
preferred
$5211 per sh.
46,581,000 29,730,000 26,208,000 16305,000 2,693,000 1,000 Alpers Chem.Co.,$1 each..$5 lot 500 World Hare. Corp., $1 each_.$11 lot
American
Canadian
284,000 5,007,000 155,000 3,829,000 6 Gallaudet Aircraft Corp., pref_
Bonds.
35,915,000
Price.
16 do common, no par
J$3 lot
Partic. 7% guar. by Eastern Potash
Total March 10 1923
82,496,060 30,014,000 31,215,000 16460,000 6,522,000 12 Lafayette Motors, com., no par-SO lot $5,000 Columbus Buckeye Lake & NewTotal March 31923
ark let 5s, elf, of deposit
2%
83,009,000 27,821,000 32,693,000 15105,000 6,493,000 100 Paint Spec. Corp., 010 each_ _$2 lot
Total March 111922
$157 14 et'. Ser. "A," Chic. Electric
66,883,000 49,067,000 74,641,000 7,778,000 4,402,00 20 Empire Tire & Rubber Corp.,}
common, 810 each
El lot
Traction Co., interest in let 5s of
6
do preferred
Chic. & Interurb. Tree. Co---826 lot

New York City Banks and Trust Companies.
An prices dollars per slim.
Bid Ask Trust Co.'s Bid
Banks
Banks-N.Y. Bid Ask
355 365
New York
America...___ 227 231 Harriman_ _
Amer Each_ 293 298 Imp & Trod_ _ 750 770 American_ _
Bank of N.Y.
Battery Park_ 135 142 Irving Bask
columbisTr 248 252 di Trust Co 475
440
BowerY•
BroadwayCen 115 140 Manhattan *- 150 153 Bankers Trust 380
Bronx Ilormo_ 125
Mach dr Met_ 410 415 Central Union 474
Bronx Nat_
150
300Commercial_ - 115
'anal*
Bryant Parka 150 165 Nat American 135 ii8 Empire
312
Butch & Drov 130 138 National City 347 353 Equitable Tr_ 195
Cent Mercan- 210
New Neth•__ 130 -__ 1arm L & Tr_ 525
345 556 Pacific *
Chase
300 __ Fidelity Inter 198
430 440 Fulton
Chat & Phen_ 253 257 Mark
255
Chelsea Etch*
_
95 Public
300 310 Guaranty Tr_ 273
Chemical ____ 545 550 'Seaboard
332Hudson
200
Coal & Iron__ 217
165 ii8 Law Tit & Tr_ 180
Standard •_
Colonial 4._
375
345 355 Metropolitan_ 315
State*
Columbia..... 225
Tradesmen's• 200 ___ Mutual (West
Commerce ___ 300 aoi 236 Ward'.._ 270 __120
cheater) _
Com'nwealth* 255
United States* 163 -__ N Y Trust__ 350
Continental__ 135
215Title Gu & Tr 380
Wash'n
600
Mtg & Tr 323
Corn Exch___ 430 435 Yorkville•
Cosmoplan I._ 100
United States 1220
East River__ 190 ioo
Westches, Tr. 180
Fifth Avenue* 1110
Brooklyn
Fifth
225 235 Coney Island* 155 165
First
1190 1210 ;First
Brooklyn
320 355
Garfield
250
echanics' •_ 130 140 Brooklyn Pr. 475
Gotham
KingsCounty 800
190 195 Montauk•
150
Greenwich'._ 290 310 Nassau
225 240 Manufacturer 260
People's
365
Hanover
160
080
People's

iao

By Messrs. R. L. Day & Co• Boston:
Ask

485
385
480
125
322
197
535

558
278
190
325
130
355
388
333
255

Shares. Stocks.
Price.
5 Merchants Nat. Bk., Boston_ _303
1 Androscoggin Mills
18031
2 Ludlow Mfg. Associates
149
1 Naumkeag Steam Cotton Co__ _ _27074
232 U. S. Worsted Corp., common_ 17
10 Peterboro Rd
4551
50o
150 Orpin Desk Co., common
10 Lamson & Hubbard Corp., pref. 2074
2 Salem Gas Light Co
13274
10 American Glue Co., common... 66

Shares. Stocks.
Price.
60
6 Regal Shoe Co., preferred
10 Mass. Lighting Cos.,6% pref.. 85
58 American Glue Co., corn- _65)1-66)1
25 North Boston Ltg. Prop.. prof.. 9274
6 George E.Keith Co., pref_100)1 & div.
10 Lawrence Gas Co
12074
50 Quincy Mkt. Cold Storage &
W.Co.,corn., full pd. receipts- 139
Per cent.
Bonds.
$1,000 B.B.& R.Knight 7s, 1930- 9374

By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price.
25 Chelsea. Trust Co
105
1 Androscoggin Mills
180
50 Nonquitt Spinning Co
9174
8 Massachusetts Cotton Mills
17034
2 Boston RR. Holding Co., pref... 4174
4 Cambridge Electric Securities_
229
10 Copley Square Trust,common
28
20 C.F.Hovey Co., preferred
87

Shares. Stocks.
Price.
75 Greenfield Tap & Die Corp.,
901 & div
8% preferred
9731
10 Easthampton Gas Co
5174
25 Union Mills, common
30 American Glue Co., common._ 6574
58 Rivett Lathe& Grind.Co.. p1-1$50101
corn_
I
565 Rivet L.dt Grind.Co.,

By Messrs. Barnes & Lofland, Philadelphia:

Shares. Stocks.
Price.
5 Burlington County Trust Co.,
250
Moorestown, N. J
8 Farmers Tr. Co., Mt.Holly, N.J.12131
2 254-473 Burlington County Tran500
15
sit Co., Hainesport, N. J
40 Fourth Street National Bank _350
529
2 Fidelity Trust Co
145
10 Southwestern National Bank
103
5 Republic Trust Co., par $50
•Banks marked w th (*) are State banks. I New stock. z Ex-dividend. y Es' 5 Phoenix Trust Co., par $50
47
rights. a Ex-100% stook dividend.
5 Industrial Trust,Title & S.D.Co.218
75 Metropolitan Trust Co., par $50. 62
New York City Realty and Surety Companies.
11 Phila. Life Ins., Co., par $10.- 10
5 Sanitary Co.of America,corn- 50
49 prices dollars per share.
83
do
preferred
1474
12
8 Philadelphia Bourse, corn
fled Ask Realty Assoo Bid Ask
Bid Ask
26
19
do
preferred
(Brooklyn). 176 183
Alliance R'lty 95 100 Lawyers Mtg 165 170
5 Peoples National Fire Ins. Co..... 2531
96 Mtge Bond__ 115 120 U S Casualty_ 110
Amer Surety_ 94
12 Bellefonte Central RR
874
Bond di M GI_ 290 300 Nat Surety__ 155 157 US Title Guar 117 125
931
100 L.11. Gilmer Co.,corn
Westchester
68 N Y Title &
City Investing 65
117
18 Curtis; Pub.Co.,pref
Mortgage__ 195 200
Title & Pr.- 210
Preferred -- 92
98
30 Edison Portl. Cem., pi., par $50821 lot
68
do common, par $50-._$12 lot
Fire Assn. of Phila., par $50_ _ _ 330)1
BANK NOTES-CHANGES IN TOTALS OF, AND IN 910First
Nat. Bank of Philadelphla 276
225
DEPOSITED BONDS, &C.-We give below tables which 10 Northern National Bank
Tacony Bank, par $50 60
Northeast
15
monthly
changes
in
national bank notes and in
show all the

Price.
Shares. Stocks.
10 Third Nat. Bank of Philadelphia.276
157
2 Broad Street National Bank
2 Corn Exchange National Bank._426
4
do
42531
425%
5
do
5
do
425)1
525
4 Central National Bank
5 National Bank of Commerce_ -130
12 Bank of North Amer.& Tr. Co 310
34-8
do
310
do
134
310
do
2-8
310
do
20-8
310
do
5-8
310
20 Commonwealth Title,Ins.& Tr_425
41 Continental-Equitable Title dc
Trust Co.. par $50
200
14 Thomas Devlin Mfg. Co.,tom_ 75
96 Little Schuylkill Nay., RR. &
Coal Co
41
39 Mine Hill & Schuylkill Haven RR 51
9 North Pennsylvania RR.Co
80
50 Riverside Traction Co.,coin_ _-- 1974
Bonds.
Price,
$24,000 Baldt Anchor & Chain Co.
8s, 1941
$750 lot

bonds and legal tenders on deposit therefor.
Amt. Bds. on Deposit to
Secure Circulation forNational
Fed. Res.
Bank Notes. Bank Notes.

National Bank Ormaaflon
Afloat on-Bonds,

Legal
Tenders.

Total.

741,077,590 6,878,700 738,423,517 28,620,187 767,043,704
739,329,840 7,868,700 734,541,173 29,209,789 763,750,962
738,257,440 7.968,700 735,281,275 26,846,812 762,128,087
739,018,690 31,468.700 736,065,365 25,433,762 761,499,127
737,660.690 46,468,700 734,520,475 26,158,712 760,679,187
737,501,940 56.768,700 734,465,283 26,285,914 760,751,197
735,460.690 67,518,700 733,623,525 26,082,024 759,705,549
734,546,300 84,218,700 732,585.640 25,616,387 758,202,027
733,876,590 87,218,700 730,203,870 25,696,832 755,900,702
731,693,690 95,568,700 729,526,135 25,096,414 754,622,549
730,016,940 102,393,700 727,838,900 24,840,522 752,679,422
729,702,240 110,359,700 727,465,523 24,569,959 752,035,482
729,425,740 126,393,700 724,480,758 25,130.609 749,611,367
728,523,240 126,393,700 724,235,815 25,932,109 750,167,924
728,351,240 139,393,700 723.023,965 26,283,132 749,307,097
727,512,490 149,768,600 716,304,820 26,984,017 743,288,847
727,002,490 185,768,700 795,836,355 27,402,759 743.239,113
$34,036,000 Federal Reserve bank notes outstanding Feb.28 (of which $3,898,300
secured by united States bonds and $30,137,700 by lawful money), against $105.525,400 Feb. 28 1922.

Feb. 28 1923._
Jan. 31 1923__
Dec. 30 1922__
Nov.30 1922__
Oct. 31 1922__
Sept.30 1922__
Aug. 31 1922...
June 30 1922__
May 31 1922__
Apr1130 1922._
Mar. 31 1922__
Feb. 28 1922__
Jan. 31 1922_
Dec. 31 1921_
Nov.30 1921__
Oct. 31 1921__
sept.ao 1921_




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.
March 6-The First National Bank of Jenks, Okla
$25,000
Correspondent, Harry E. Wheeler, Box 1283, Tulsa, Okla.
March 8-First National Bank in Grass Valley, Calif
50,000
Correspondent, W. J. Grenfell, Grass Valley, Calif.
March 8-The Labor National Bank of Montana at Three Forks,
Mont
25,000
Correspondent, A. E. Barnes, Three Forks Mont,
March 8-The Cushing National Bank, Cushing, Okla
50,000
Correspondent, John W. Wilson, Cushing, Okla. Succeeds the
Cushing State Bank, Cushing Okla.
Bank of Wagoner, Okla
March 9-The American National'
50,000
Correspondent. R. M. Grimes, Pawhuska, Okla.
March 9-The Southern National Bank & Trust.Co. of Memphis,
__________________ 300,000
Tenn
Correspondent. Chas. M. Bryan, 1309 Central Bank Building,
Memphis, Tenn.
APPLICATIONS TO ORGANIZE APPROVED.
March 6-The Sherman Square National Bank of the City of
500,000
N. Y
York.
New
Correspondent, A. F. Cronhardt, 56 Pine St., New York, N. Y.
50,000
March 10-The Tug River National Bank of Iaeger, W. Va
Correspondent, W. R. L. Craft, Iaeger, W. Va.

MAR. 17 1923.]

THE CHRONICLE

APPLICATION TO CONVERT RECEIVED.
March 8-The First National Bank of Hope, Kan
325.000
Conversion of the Peoples State Bank, Hope, Kan.
APPLICATION TO CONVERT APPROVED.
March 10-The First National Bank of Gentry. Ark
325.000
Conversion of the Citizens Bank of Gentry, Ark.
CHARTERS ISSUED.
March 6-12331-The Security National Bank of Stigler, Okla_ _ _ $30,000
Conversion of the First State Bank of Stigler, Okla. Pres.,
M. M. Hayes. Cashier. J. L. Norman.
March 9-12332-The Second National Bank in Youngstown. Ohio 200,000
President. A. W.Craver, Cashier, A. D. Reese.
March 10-12333-The First National Bank of Clayton. Mo_ _ 100,000
Succeeds Trust Co. of St. Louis County. Clayton, Mo. President. Ed Mays, Cashier, F. J. Ilollocker.
VOLUNTARY LIQUIDATIONS.
March 6-10769-The First National Bank of Bridger, Mont_ _ _ _ $25,000
Effective Feb. 24 1923. Liquidating Committee. J. W. Jones,
S. E. Hughes, Joe Kuchinski and M.J. Breen, Bridger, Mont.
Absorbed by the American National Bank of Bridger, Mont..
No. 11298. Liquidating bank has no circulation.
March 9-12030-The Mercantile National Bank of Savannah. Ga. 300.000
Effective Jan. 9 1923. Liquidating committee. A. J.. Cohen,
R. D. Reid. M. Sloan. 1V1. H. Bernstein and A. Blumberg,
Savannah, Ga. Absorbed by the Citizens Trust Co., Savannah, Ga.
March 9-9904-The California National Bank of Santa Ana,Calif. 100.000
Effective Feb. 16 1923. LiquidatIng agent. J. K. Hermon.
Santa Ana, Calif. Absorbed by the Pacific-Southwest Trust &
Savings Bank, Los Angeles. Calif.
March 9-12087-The American National Bank of Holdenville,
Okla
75.000
Effective Jan. 30 1923. Liquidating agent. J. T. Harmon. Holdenville, Okla. Absorbed by The First National Bank of
Holdenville. No. 5270. Liquidating bank has no circulation.
APPLICATION FOR PERMISSION TO ESTABLISH AN
ADDITIONAL OFFICE.
March -7297-The Wellesley National Bank, Wellesly. Mass., at
Wellesley Lower Falls on Washington St., Wellesley, Mass.

7

CERTIFICATE ISSUED AUTHORIZING ESTABLISHMENT OF AN
ADDITIONAL OFFICE.
March 7-9093-The First National Bank of Inglewood. Calif.,
Permit No.60, at No. 1155 East Hyde Park Boulevard, Inglewood, Calif.

DIVIDENDS.
r: 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.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Banger & Aroostook, common
Apr. 1 Holders of rec. Mar. 29
2
Preferred (qua:.)
154 Apr. 1 Holdsrs of rec. Mar. 15
Cloy. Chic. Chic.& St. L., corn.(qu.).
Apr. 20 Molars of rec. Mar. 30a
Preferred (guar.)
14 Apr. 20 Holders of rec. Mar.306
Louisville & Nashville
*24 Aug. 10 *Holders of rec. July 17
Stock dividend
*e62.5 May 1 *Holders of rec. Apr. 16
Minn. St. Paul& B.8.M.,leased lines
Apr. 1 *Holders of rec. Mar. 20a
*2
Old Colony RR.(quan)
154 Apr. 2 Holders of rec. Mar. 17
Philadelphia & Trenton (guar.)
231 Apr. 10 Apr. 1 to Apr. 11
St. Louis Southwestern, pref. (qua:.)... 194 Apr. 2 Holders of rec. Mar.24a
Public Utilities.
Alabamr Power, preferred (quar'
,.pr. 2 Holders of rec. Mar. 21
1
All America Cables, Inc. (guar.))
14 Apr. 14 Holders of rec. Mar.31
Amer. Gas & Elec., common (guar.)
31.25 Apr. 2 Holders of rec. Mar. 17
Preferred (guar.)
75c. May 1 Holders of rec. Apr. 13
Asheville Power & Light. pref. (guar.).- 14 Apr. 2 Holders of rec. Mar. 16
Associated Gas & Elec., pref. (qua:.)... 87c. Mar. 31 Holders of rec. Mar. 15
Bell Telephone of Canada (guar.)
Apr. 14 *Holders of rec. Mar.23
*2
Carolina Power & Light. corn. (guar.)._
34 May 1 Holders of rec. Apr. 16
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 16
Chicago City Railway (guar.)
1If Mar. 31 Mar.25 to Mar.30
Cincinnati Street Ry.(guar.)
Apr. 1 *Holders of rec. Mar. 16
Consumers Power 6% pref.(guar.)
*134 Apr. 2'Holders of rec. Mar. 15
Seven per cent preferred (guar.)
.1x Apr. '*Holders of rec. Mar. 15
Cuban Telephone Co., common (guar.). 1% Mar.31 Mar. 16 to Mar.31
Preferred (clear.)
1% Mar. 31 Max. 16 to Mar. 31
Erie Lighting, pref.(guar.)
▪ 50c. Apr. 2 *Holders of rec. Mar. 15
Haverhill Gas Light (guar.)
$ 1.12 if Apr. 2 Holders of rec. Mar. 226
Indianap. Water Co., pref. (qua:.)
14 Mar. 31 Mar. 20 to Apr. 1
Indianap. Water Wks. Securities, pref. _ 331 Mar. 31 Mar. 23 to Apr. 1
Internat. Telep. & Teleg. Corp.(guar.). 194 Apr.
Holders of rec. Mar. 15a
Kansas Gas & Elec., prof. (guar.)
14 Apr.
Holders of rec. Mar.20
Kentucky Securities Corp., corn. (guar.) *I
*Holders of rec. Mar.22
Apr.
4.)4.6 Apr. 1 *Holders of rec. Mar.22
Preferred (guar.)
Manhattan Bridge 3-Cent Line (guar.)_ 134 Mar. 31 Holders of rec. Mar. 24a
Massachusetts Ltg. Cos.,6% pref. (qu.) 1% Apr. 1 Holders of rec. Mar.26
Eight per cent preferred (guar.)
Apr. 1 Holders of rec. Mar.26
2
Metropolitan Edition CO., pref.(guar.)_ _ *$1.75 Apr.
*Holders of rec. Mar. 24
Mississippi River Power, pref. (guar.). _ 131 Apr.
Holders of rec. Mar. 156
Mohawk Valley Co. (guar.)
Holders of rec. Mar.23a
Apr.
2
Monongahela West Penn Pub.Serv.. pf. 3734 Apr.
Holders of rec. Mar.26a
Holders of rec. Mar. 15a
Apr.
NarragansettElectric Light
- - - 31
New York State Rya., common (guar.).
Holders of rec. Mar. 23a
If Apr.
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 23a
Northern Ohio Trao.& Light, prof.(qu.) 194 Apr. 2 Holders of roe. Mar. 15a
Ottawa Light, Heat & Power (guar.)
'194 Mar.31 *Holders of rec. Mar.22
Pacific Gas& Electric Co.,corn.(guar.). '134 Apr. 16 *Holders of rec. Mar. 31
Panama Power & Light, prof. (qua:.).. 14 Apr. 2 Holders of rec. Mar. 14
Pennsylvania Edison Co., pref.(guar.).- *82
Apr. 1 *Holders of rec. Mar.24
Peoples Gas Light & Coke (guar.)
'131 Apr. 17 *Holders of rec. Apr. 3
Philadelphia Company, common (guar.) 75c Apr. 30 Holders of rec. Apr. 2
Porto Rico Telephone, common (quan). 2
Apr. 1 Holders of rec. Mar.200
Preferred
Apr. 1 Holders of rec. Mar. 206
4
Providence Gas Co. (guar.)
Apr. 2 Holders of rec. Mar. 15
31
Puget Sound Power & Light, coin.(qu.)_ 1
Apr. 16 Holders of rec. Mar. 23a
Prior preference (guar.)
14 Apr. 16 Holders of rec. Mar. 23a
Preferred (guar.)
1% Apr. 16 Holders of rec. Mar. 23a
Ridge Avenue Passenger Ity. (QuarJ
Apr. 2 *Max. 16 to Apr. 1
*23
Shawinigan Water & Power (guar.)
14 Apr. 10 Holders of rec. Mar. 21
Springfield & Xenia Ry., pref. (quar.)
14 Mar.31 Holders of rec. Mar. 10
United Gas Improvement, cone (quar.). 75c Apr. 1 Holders of rec. Mar.31
Preferred (guar.)
•87)4(..
1 *Holders of rec. May 31
Utah Power & Light, preferred (quar.)_ _ 14 June
Holders of rec. Mar. 12
Apr.
Western Union Telegraph (guar.)
*14 Apr. 1 *Holders of rec. Mar.24a
West India Electric Co.(guar.)
*1% Apr.
*Holders of rec. Mar.23
Yadkin River Power, preferred (guar.). 14 Apr.
Holders of rec. Mar. 16
Youngstown & Ohio River RR.,Pr.
14 Mar. 31 Holders of rec. Mar. 10a
Banks.
Butchers & Drovers National (quar.) _ *2
Apr.
.
3
Coal & Iron National (guar.)
Apr.
.3
Colonial (quiar.)
Apr.
Commerce, National Bank of (qua:.)...
Apr.
First National (guar.)
10
Apr.
.
6
Greenwich (guar.)
Apr,
Importers & Traders National (guar.)- 6
Apr.
Manhattan Co., Bank of the (guar.). - - $1.50 Apr.
50e. Apr.
Extra
.3
Mutual (guar.)
.Inr,




2 *Holders of rec. Mar.30
*Holders of rec. Mar. 14
*Holders of rec. Mar. 20
Holders of rec. Mar. 23a
2 Holders of rec. Mar. 31a
2 *Holders of rec. Mar. 21
2 Holders of rec. Mar.23
2 Holders of rec. Mar. 236
2 Holders of rec. Mar. 230
ezreld.rs or r•••••. Mar. 26

Name of Company.
Trust Companies.
Brooklyn (guar.)
Equitable,(quar.)
Hudson (sitter.)
Lawyers Title & Trust (guar.)
Manufacturers1(Brooklyn) (guar.)

1147
When
Per
Cent. Payable

Boots Closed.
Days Inclusive.
•
Apr. 2 Holders of rec. Mar.26
6
Mar. 31 Holders of rec. Mar.23
3
'231 Mar. 31 *Holders of rec. Mar.20
2
Apr. 2 Holders of rec. Mar. 23a
3
Apr. 2 Holders of rec. Mar. 20a

Miscellaneous.
•
Abitibi Power dr Paper,Ltd., prof. M./- 134 Apr. 2 Holders of rec. Mar.20
Aeolian Company, preferred (quar.)___ _ 14 Mar.31 Holders of rec. Mar.20
Reduction
Air
Co.(guar.)
Apr. 1 *Holders of rec. Mar.31
*El
Amer. Fork & Hoe,common (guar.)...
194 Mar. 15 Holders of rec. Mar. 5a
American Hardware Corporation
750. Apr. 2 Holders of rec. Mar. 15
Amer. Lace Manufacturing (guar.)
Apr. 2 Holders of rec. Mar.170
2
Amer.La France Fire Eng.,corn.(guar.) 231 May 15 Holders of rec. May 1
Preferred (guar.)
14 Apr. 2 Holders of rec. May. 26
American Roiling Mill, pref.(qua:.)... '194 Apr. 1 *Holders of rec. Mar. 15
Amer. Type Founders,common.(quarJ Apr. 16 Holders of rec. Apr. 100
Preferred (guar.)
Apr. 16 Holders of rec. Apr. 10a
Amer. Window Glass Math.,corn.(qu.)_
Apr. 2 Holders of rec. Mar. 16
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 16
Armstrong Cork,common (guar.)
Apr. 2 Mar.28 to Apr. 2
Preferred (Otar.)
Apr. 2 Mar.28 to Apr. 2
Atlas Brick, preferred (guar.)
Apr. 14 *Holders of rec. Mar. 31
Bait. Brick, 1st pf.(acct. accum. diva.).
Mar.27 Holders of rec. Mar. 20
BarnhartBros.diSpindler,lst&2dpf.
May 1 Holders of rec. Apr. 2651
Beatrice Creamery,common (qtlar.)--Apr. 5 *Holders of rec. Mar. 20
Preferred (guar.)
Apr. 5 *Holders of rec. Mar.20
Brier Hill Steel, common (guar.)
Mar.31 *Holders of rec. Mar. n15
Preferred (guar.)
Mar.31 *Holders of rec. Mar. 1551
British-American Oil (quar.)
*50c. Apr. 2 *Holders of rec. Mar.24
Brunswick-13alke-Collender, pref. WO- •154 Apr. 1 *Holders of rec. Afar. 21
Burt (F. N.) Co., common (guar.)
*2% Apr. 2
Preferred (guar.)
*14 Apr. 2
Cadet Knitting, common (guar.)
*25c. Apr. 2 *Holders of rec. Mar. 15
Preferred (guar.)
*2
Apr. 2 *Holders of rec. Mar. 15
Canfield Oil,common (guar.)
134 Mar. 31 Mar. 21 to Apr. 4
Preferred (guar.)
134 Mar.31 Afar. 21 to Apr. 4
Central Aguirre Sugar (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 2215
Central Coal & Coke,common
Apr. 15 *Holders of rec. Mar.31
4,14i Apr. 15 *Holders of rec. Afar. 31
Preferred (guar.) •
City Investing, preferred (guar.)
Apr. 2 Holders of rec. Mar.28
Cleveland Union Stock Yards (guar.).-Apr. 2 Holders of rec. Mar. 19a
Cleveland Worsted Mills (quar.)
Mar.31 Holders of rec. Mar. 15a
Colts Patent Fire Arms Mfg.(guar.).Apr. 2 Holders of rec. Mar. 156
Congoleum Co.,common (guar.)
Apr. 16 *Holders of rec. Apr. 2
Corona Typewriter, 1st pref.(guar.)-Apr. 2 *Mar. 18 to Apr. 2
Second preferred (guar.)
Apr. 2 *Mar. 16 to Apr. 2
Daniel Boone Woolen Mills (guar.)
*75c. Apr. 2 *Holders of rec. Afar. 26
Dolores Esperanza Corp.(quar.)
214 Apr. 10 Mar.31 to Apr. 9
Dominion Canners, preferred (guar.).- 14 Apr. 2 Holders of rec. Mar. 17
Dubiller Condenser & Radio, pref. (qu.) $2
Mar. 24 Holders of rec. Mar.20
Eastern Rolling Mill Co., preferred
Apr. 2 Mar.27 to Apr. 2
h4
Edmunds & Jones Corp.,corn.(qua:.).. 50c. Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar.20
Edwards(Wm.) Co., preferred (guar.).- 194 Apr. 2 Holders of rec. Mar. 20a
Elec. Controller & Mfg.,common (qu.). $1
Apr. 2 Holders of rec. Mar. 2I0
Preferred(guar.)
14 Apr. 2 Holders ot rec. Mar.21a
Empire Safe Deposit(quan)
194 Mar.30 Holders of rec. Mar. 24a
Equity Petroleum Corp., pref.(quar.)Apr. 10 Holders of rec. Mar.31
Famous Players-Lasky Corp., pt.
May 1 Holders of rec. Apr. 18a
(qu.). 2
Fisher Body, Ohio Corp., pref.(Quar.)
Apr. 2 Holders of rec. Mar. 2
2
Flelehmann Co., common (qua:.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Common (guar.)
*50c. July 1 *Holders of rec. June 15
Common (quar.)
*50c. Oct. 1 *Holders of rec. Sept.15
Common (guar.)
*500. Janr2 *Holders of rec. Dec. 15
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 15
General Railway Signal, pref.(guar.).-- 1% Apr. 2 Holders of rec. Mar.22
General Fireproofing, common
Apr. 2 *Holders of rec. Mar.20
((Man)- Preferred (guar.)
*14 Apr. 2 *Holders of rec. Mar.20
Goodwin's, Limited, preferred (guar.)
194 Apr. 2 Holders of rec. Mar. 21
Goulds Manufacturing, corn. (guar.)
134 Apr. 1 Holders of rec. Mar.20
Preferred (quar.)
14 Apr. 1 Holders of rec. Mar.20
Great Lakes Towing, common (quar.)
134 Mar.31 Holders of rec. Mar. 15a
Preferred (guar.)
191 Apr. 2 Holders of rec. Mar. 154
Hanna(M. A.) Co.. first preferred
14 Mar.20 Holders of rec. Mar. 10
Hanna Furnace, preferred (quar.)
Mar. 15 Holders of rec. Mar. 5a
2
Holmes(D. H.) Co.. Ltd.(guar.)
3% Apr. 2 Holders of rec. Mar.26
Hoover Steel Ball (guar.)
Apr. 2 *Holders of rec. Mar.22
*2
Humble 011 & Refining (guar.)
*300 Apr. 1 *Holders of rec. Afar. 22
Hydrox Corporation,corn.(qu.)(No.1). 4250 Apr. 2 *Holders ot rec. Mar.21
Imperial Tobacco of Canada, proferred._ 3
Mar. 31
Independent Pneumatic Tool (qua:.)...
*2
Alm. 1 *Holders of rec. Mar.22
Interlake Steamship (guar.)
31.2 Apr. 2 Holders of rec. Mar. 20
Interprovincial Brick (guar.)
131 Mar.31 Holders of rec. Mar.23
Island Creek Coal, common
443
Apr. 2 *Holders of rec. Mar.26
(guar.).
Common (extra)
Apr. 2 *Holders 01 rec. Mar.26
*$2
Preferred (guar.)
*31.50 Apr. 2 *Holders of rec. Mar. 26
Jones Brothers Tea, common (guar.)... 411
Apr. 16 *Holders of rec. Apr. 2
Preferred (guar.)
sni Apr. 2 *Holders of rec. Mar. 26
Jordan Motor Car, pref. (guar.)
14 Mar. 31 Holders of rec. Mar. 10a'
Kaynee Co., preferred (guar.)
Holders of rec. Mar. 20a
14' Apr.
.
Kelly Island Lime & Transport (guar.)- 2
Apr. 2 Mar. 21 to Apr. 1
Kennecott Copper Corp.(quar.)
75c. Apr. 1 Holders of rec. Mar. 23
Kerr Lake Mines, Ltd.(guar.)
Apr. 16 Holders of rec. Apr. 2a
Kress (S. H.) & Co., preferred (guar.).- 12940.
Holders of rec. Mar. 200
14 Apr.
Laurentide Co. (quar.)
.134 Apr. 3 Holders of rec. Mar.22
Lawyers mortgage (guar.)
2% Mar. 31 Holders of rec. Mar.21
Lawton,Mills Corp. (guar.)
2% Mar. 31 Holders of roe. Mar.22
Library Bureau, common (quar.)
1% Apr. 1 Holders of rec. Afar. 21
Preferred (quan)
Apr. 1 Holders of rec. Mar. 21
2
MacAndrews & Forbes, common (guar.) 234 Apr. 14 Holders of rec. Mar. 31a
Preferred (guar.)
Apr. 14 Holders of rec .Mar. 31a
194
MacArthur Concrete Pile & Found'n, pf_ 4
Apr. 2 Holders of rec. Afar. I54
Mack Trucks, Inc., common (guar.).Apr. 2 Holders of rec. Mar.206
El
Macy (R.H.) & Co.,Inc., pref.(qua:.). 191 May 1 Holders of rec. Apr. 14
Magnolia Petroleum (guar.)
*31.25 Apr. 5 *Holders of rec. Mar.24
Magor Car Corp., common (guar.)
25e. Mar.31 Holders of rec. Mar.26
Preferred (guar.) '
14 Mar. 31 Holders of rec. May.26
Mallinson (II. R.) dr CO., pref.(guar.).. *14 Apr. 2 *Holders of rec. Mar.24
Marland 011 (guar.)
Apr. 2 *Holders of re,. Mar. 24
*31
Maverick Mills, Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 2451
McCrory Stores Corp., pref.(guar)._ _
Apr. 1 Holders of rec. Mar. 206
14
Metropolitan Brick, first pref. (qua:.).. 194 Apr. 1 Holders of rec. Mar. I5a
Merrimac Chemical (guar.)
$1.25 Mar.31 Holders of rec. Mar. 176
Extra
Mar. 31 Holders of rec. Mar. 17a
$1
Mexican Petroleum, common (quar.)--- *4
Apr. 20 *Holders of rec. Mar. 21
Preferred (quay.)
*2
Apr. 20 *Holders of rec. Mar.21
Motor Products (guar.)
$1.75 May 1 Holders of rec. Apr. 20
National Fuel Gas
$1.25 Apr. 16 Holders of rec. Mar.31
National Licorice, preferred (guar.)_
134 Mar. 31 Holders of rec. Mar. 2351
National Paper & Type,com.& pf.(qu.) 2
Apr. 16 Holders of rec. Afar. 31a
National Refining, preferred (guar.).2
Apr. 2 Holders of rec. Mar. 15a
New River Co
Apr. 25 Holders of rec. Apr. 14
$1.50
New York Steam Corporation, pf.
131 Apr. 2 Holders of rec. Mar. 15
New York Transportation (quar.)(qu.). *50c
Apr. 16 *Holders of res. Apr. 2
Northwestern Yeast (guar.)
•3
Mar. 15 *Holders of roe. Mar. 12
Ogilvie Flour Mills,common (guar.).
Apr. 3 Holders of rec. Mar.21
3
Pacific Burt Co., common (guar.) -- - ..
1 2H Apr. 2
Preferred (guar.)
titim Apr. 2
Pan-Am.Petrol.diTransp..comAtcom.B
Apr. 20 *Holders of rec. Mar.31
Panhandle Prod. & Relining
Apr. 2 Holders ot rec. May.22
Parke, Davis & Co.(guar.) (guar.)- - $2
*50c Mar.31 Mar.22 to Mar.31
Extra
$1.25 Mar. 31 Mar.22 to Mar.31
Pick (Albert) & Co., preferred (qua:.).. 14 Apr. 2 Mar.24 to Apr. 2
Pittsburgh Plate Glass (guar.)
Apr. 2 Holders of rec. Mar. 15a
2
Prairie Oil& Gas(guar.)
Apr. 30 *Holders of rec. Mar.31
*2
Prairie Pipe Line (guar.)
Apr. 30 *Holders of rec. Mar. 31
*2
Price Bros.(guar.)
34 Apr. 2 Holders of roe. Mar. 19
Safety Car Heat & Lighting (qua:.).... •1% Apr. 2 *Holders of rec. Mar. 16
St. Louis National Stock Yards(guar.)- *2
Apr. 2 *Holders of rec. Mar. 19
S.11,qt. Retail S.rre Corp., prof.(guar.) 2
Apr. 2 Holders of rec. Mar.200

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
250. Mar. 30 Holders of rec. Mar.24
Shell Union 011 Corp.. corn. (quar.)....
250. Apr. 2 Holders of rec. Mar. 150
Simmons Co
*14 Mar. 31 *Holders of rec. Mar. 10
Singer Manufacturing Co.(quar.)
Sloss-Sheffield Steel & Iron, pref. (guar.) *1.31 Apr. 2 *Holders of rec. Mar. 26
Mar. 30 *Holders of rec. Mar. 28
*3
Standard Safe Deposit Co.(guar)
Apr. 1 *Holders or rec. Mar .23
Thompson (John R.) Co., corn. (m'thly) *1
May
1 *Holders of rec. Apr. 23
*1
Common (monthly)
June 1 *Holders of rec. May 23
*1
Common (monthly)
*111 Apr. 1 *Holders of rec. Mar. 23
Preferred (auar.)
6234c. Apr. 2 Holders of rec. Mar. 20
Torrington Co., corn. (guar.)
Apr, 20 Holders of rec. Mar. 31
1
Turman Oil (monthly)
550c Apr. 10 *Holders of rec. Mar. 24
United Alloy Steel, common (quar.)_
Apr. 14 Holders of rec. Mar.20
2
United Fruit (guar.)
50e Apr. 5 Holders of rec. Afar. 20
United Shoe Machinery, common (qtr.).
Apr.
5 Holders of rec. Mar.20
374c
Preferred (guar.)
14 Apr. 16 Holders of rec. Mar. 3Ia
U. S. Industrial Alcohol, pref. (guar.)._
*14 Apr. 2
United States Lumber (extra)
May 1 *Holders of rec. Apr. 3
*21
United Verde Extension Mining
Apr. 2 Holders of rec. Mar. 17
Universal Leaf Tobacco, corn. (guar.).- 3
Apr. 2 Holders of rec. Mar. 17
2
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 220
Van Dorn Iron Works, pref. (guar.)._ _ _
Apr. 14 *Holders of rec. Mar. 31
Victor Talking Machine, corn. (guar.)._ *22
*75c. Apr. 1 *Holders of rec. Mar. 24
Warren Bros., common
*75c. Apr. 1 *Holders of rec. Mar. 24
First preferred (guar.)
•87(4c Apr. 1 *Holders of rec. Mar. 24
Second preferred (auar.)
14 Mar. 31 Holders of rec. Mar. 20
Weber Plano, preferred (guar.)
Apr. 2 *Holders of rec. Mar. 20
Will Sr Baumer Candle, pref. (guar.)... *2
Wilson (C.R.) Body Co., pref. (quar.)_ _ *14 Apr. 1 *Holders of rec. Mar. 20
P4 Apr. 2 Holders of rec. Mar. 24
W1Lson & Co., preferred (quar.)

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

Per
When
Cent. Payable.

Railroads (Steam).
50e. Apr. 2
Beech Creek (guar.)
Mar. 31
2
Boston dr Albany (guar.)
Buffalo dr Susquehanna,common (guar.) 114 Mar. 30
24 Mar. 30
Common (extra)
214 Mar. 31
Canadian Pacific, common (guar.)
Afar. 31
Preferred
214 Mar.20
Delaware dr Hudson Co. (guar.)
21.50 Apr. 2
El Paso & Southwestern (guar.)
Apr. 2
Joliet & Chicago (guar.)
Apr. 2
1
Lackawanna RR. of N. J.(guar.)
874c Apr. 2
Lehigh Valley, common (guar.)
21.25 Apr. 2
Preferred (guar.)
114 Apr. 1
Louisiana dr North West (quar.)
Apr. 2
Newark & Bloomfield
N. Y. Lackawanna dr Western (aunt.).. 131 Apr. 2
1)1 Mar. 19
Norfolk & Western. eon). (guar.)
14 May 1
Northern Pacific (guar.)
75c. Apr. 1
Pittsburgh Bessemer dr Lake Erie. corn.
131 Apr. 2
Pitts. Ft. Wayne & Chic., corn. (guar.)_
151 Apr. 3
Preferred (guar.)
Pittsburgh dr West Virginia, pref.(guar.) 14 May 31
Reading Company, 2,1 pref (guar.).- 500. Apr. 12
1.374 Sept. 1
Sharon Ry.(semi-annual)
14 Apr. 2
Southern Pacific Co. (guar.)
214 Apr. 20
Southern Railway, preferred
Apr. 1
Southern Ry.. M. dr 0. stk. tr. Ms.__.
2;4 Apr. 2
Union Pacific. common (auar.)
Apr. 2
2
Preferred
United N. -T. RR.& Canal Cos.(quar.). 24 Apr. 10
358 ADC. 2
Warren RR
Western Pacific art. Corp., pref.(guar.) 114 Apr. 2

Books Closed.
Days Inclusive.
Holders of rec. Mar. 15a
Holders of rec. Feb. 28
Mar. 16 to Apr. 1
Mar. 16 to Apr. 1
Holders of roe. Mar. la
Holders of rec. Mar. la
Holders of rec. Feb. 26a
Holders of rec. Mar. 280
Mar. 21 to Apr. 2
Holders of rec. Mar. 80
Holders of tee. Mar. 17a
Holders of rec. Mar. 17a
Holders of rec. Mar. 15a
Holders of rec. Mar. 24a
Holders of rec. Mar. 14a
Hqlders of rec. Feb. 28u
Mar. 17 to Apr. 10
Holders of rec. Mar. 15
Holders of rec. Mar. 10a
Holders of rec. Mar. 100
Holders of rec. May Oa
Holders of rec. Mar. 2na
Holders of rec. Feb. 23a
Holders of rec. Feb. 280
Holders of rec. Mar. 29a
Holders of rec. Mar. 15a
Holders of roe. Mar. la
Holders of tee. Mar. la
Mar. 21 to Afar. 31
Holders of rec. Apr. 5
Holders of roe. Mar. 21a

Public Utilities.
14 Apr. 2 Holders of rec. Mar. 12
Amer. Power & Light, preferred (quar.)_
151 Apr. 2 Holders of rec. Mar. 15a
American Public Service, pref. (guar.). _
231 Apr. 16 Mar. 17 to Mar. 27
Amer. Telephone & Telegraph (guar.).231 July 16 Holders of rec. June 20
Quarterly
14 Apr. 16 Holders of rec. Mar. 31
Appalachian Power, preferred (cluar.)Apr. 1 Holders of rec. Mar. 10
Bangor R.Es Elec., pref.(guar.)
134 Apr. 2 Holders of rec. Mar. 17
Boston Elevated Ry., corn.(guar.)
334 Apr. 2 Holders of rec. Mar. 17
Second preferred
14 Apr. 2 Holders of rec. Mar. 15
Brazilian Trac., Lt. Jr Pow., pref. (qu.)_
2
Apr. 2 Holders of rec. Mar. 150
Brooklyn Union Gas(guar.)
Mar.31 *Holders of rec. Mar. 15
*2
Electric,
corn.
(quar.)_
_
General
Buffalo
111 Apr. 1 Holders of rec. Mar. 14
Capital Trac., Washington, D.C.(qu.)_
Central Illinois Pub. Serv., pref. (guar.) 114 Apr. 14 Holders of rec. Mar. 31a
Central States Elec. Corp.. Pref. (guar.) 151 Mar. 31 Holders of rec. Mar. 10
Citizens Pass. Ry.. Philadelphia (guar.) $3.50 Apr. 1 Holders of rec. 'Wier. 20
134 Apr. 1 Holders of rec. Mar. 12a
Cleveland Railway (guar.)
Apr. 2 Holders of rec. Mar. 100
Columbus (Ga.) Elec. & Pow.,com.(qu.)
14 Apr. 2 Holders of rec. Mar. 100
First preferred, Series A (guar.)
Apr. 2 Holders of rec. Mar. 10a
1
Second preferred (guar.)
Consolidated Gas(N. Y.), pref.(guar.). 8714c. May 15 Holders of rec. Mar. 150
Apr. 2 Holders of rec. Mar. 15a
2
Bait.,
&
P.,
corn.
(qu.)
E.
L.
Gas.
Cons.
Apr. 2 Holders of rec. Mar. 15a
2
Eight per cent preferred (guar.)
181 Apr. 2 Holders of res. Mar. 18a
Seven per cent preferred (guar.)
234 Apr. 2 Holders of rec. Mar. 15
Consumers Gas (Toronto)(guar.)
Dayton Power & Light, preferred (guar.) 14 Apr. 2 Holders of rec. Mar. 20a
Apr. 16 Holders of rec. Mar. 20a
2
Detroit Edison (guar.)
Apr. 2 Holders of rec. Mar. 15a
62
Duluth Superior Tran., pref. (quar.)__
Apr. 2 Holders of rec. Mar. 10a
2
Eastern Texas Elec. Co., corn. (quar.)_
Abington
Power
Co.
of
Electric Light &
Apr. 2 Holders of rec. Mar. 15a
2
dr Rockland (guar.)
75c. Apr. 2 Holders of rec. Mar. 15a
Federal Light & Traction, corn.(No. 1).
Common(in 6% cum. pref. stock)_.. tn75c. Apr. 2 Holders of rec. Mar. 150
Frankford & Southwark Pass. Ry. (qu.) $4.50 Apr. 1 Mar. 2 to Mar. 31
22 Apr. 2 Holders of rec. Mar. 15a
General Gas& Electric, pref. A (guar.)._
Apr. 20
-2
Georgia Ry.& Elec., 1st pref.(quar.)__
Germantown Pass. Ry., Phila.(quar.)._ $1.31 Apr. 3 Holders of rec. Mar. 13a
114 Apr. 2 Holders of rec. Afar. 31
Gold & Stork Telegraph (guar.)
Mar. 31 Holders of rec. Mar. 30a
Illinois Bell Telephone (guar.)
111 Apr. 2 Holders of rec. Mar. 13a
Illinois Traction, preferred (guar.)
Kansas City Pr.& Lt.. 1st pf. A (guar.). $1.75 Apr. 2 Holders of rec. Mar. 17a
Apr. 2 Holders of rec. Mar. 19a
2
Manila Electric Corporation (quar.)_ _ _
Apr. 14 Holders of rec. Mar.310
Manufacturers' Lt. dr Ht., Pittsb. (qu.). 2
Market St. Ry..San Fran., prior pf.(qu.) 114 Apr. 2 Holders of roc. Mar. 10a
75c. Apr. 2 Holders of rec. Mar. 12a
Montana Power, common (guar.)
1,14 Apr. 2 holders of rec. Mar. 12a
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 10
2
&
(quar.)_.
Telep.
Teleg.
England
New
Newport News & Hampton Ry.. Gas &
131 Apr. 2 Holders of tee. Mar. loo
Electr c. pref. (guar.)
51.624 Apr. 16 Holders of rec. Mar. 20a
New York Telephone, pref.(guar.)
151 Apr. 16 Holders of rec. Mar. 31a
Niagrum, Falls Power, preferred (quar.)._
151 April 1 Holders of rec. Mar.20
(guar.)
prof.
North Shore Gas.
134 July 1 Holders of rec. June 20
Preferred (guar.)
111 Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
114 Apr. 1 Holders of rec. Mar.d20a
Ohio Bell Telephone, preferred (guar.)._
Apr. 2 Holders of rec. Mar. 15a
1
Ottawa Traction (qular)
•134 Apr. 16 *Holders of rec. Mar. 31
Pacific TelePh. & Tele8
,pref. (quar.)_
Apr. 2 Holders of rec. Mar. 10a
Penn Central Lt. dr Power, pref.(guar.). 1
Pennsylvania Power & Light, pref. (qu.) 131 Apr. 2 Holders of rec. Afar. 15
Apr. 2 Holders of rec. Mar. lea
131
(quar.)
Pennsylvania Water & Power
22 Apr. 1 Holders of rec. Mar. 10a
Philadelphia Traction
Jersey
New
Public Service Corp. of
Mar. 31 Holders of rec. Mar. 15a
2
Common and preferred (guar.)
Apr. 2 Holders of rec. Mar. 15a
3
Savannah Electric & Power, preferred
Apr.
2 Holders of rec. Mar. 15a
2
First preferred (guar.)
Apr. 1 Mar. 2 to Apr. 1
Second & Third Sta. Pam. Ry.(altar.).. 33
134 Apr. 15 Holders of rec. Mar. 31a
Southern Canada Power, pref. (auar.).Springfield Ry. & Light, pref. (guar.)_. 114 Apr. 2 Holders of rec. Mar. 15a




[vol.. 116.

PH 14; CHRONICLE

1148

Name of Company.

Per
1Vhen
Cent. Payable.

Books Closed.
Days Inclusive.

Public Utilities (Concluded).
Tennessee Elec. Power,7% 1st pref.(Qtr) 131 Mar. 31 Holders of roe. Mar. I2a
Six per cent first pref. (guar.)
14 Mar. 31 Holders of rec. Mar. 12a
Toledo Edison, prior preferred (guar.)._
Apr. 1 Holders of roe. Mar. 15a
2
Tr -City Ry. & Light, pref. (quar.)
14 Apr. 2 Holders of rec. Mar. 201
Trinidad Electric (guar.)
Apr. 10 *Apr. I to Apr. 101
*1
Twin City Rapid Transit, Prof. (aunt.). 14 Apr, 2 Holders of rec. Mar. I5a
United Light & Rys., common (quar.).. 14 May 1 Holders of rec. Apr. 160
Common (extra)
34 May 1 Holders of roe. Apr. 16a
Common (payable in common stock)_ _ 65
Apr. 2 Holders of rec. Mar. 15a
Six per cent Is. preferred (guar.)
134 Apr, 2 Holders of rec. Mar. 15a
Participating preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 15a
31 Apr. 2 Holders of rec. Mar. 15a
Participating preferred (extra)
g July 2 Holders of rec. June I5a
Participating preferred (extra)
11 Oct. 2 Holders of rec. Sept. 15a
Participating preferred (extra)
4 Jan2'24 Holders of rec. Dec. 15a
Participating preferred (extra)
Virginia Ry. & Power. preferred
3
July 20 Holders of rec. Dec. 31
Washington Water Power,Spokane (qu.) 2
Apr. 14 Holders of rec. Mar. 23
West Penn ("o.. corn.(Nn. I)
4 Mar. 30 Holders of rec. Mar. it
Winnipeg Electric Ry.. pref. (quar.)......
131 Apr, 1 Holders of rec. Mar. 17
Banks.
3
America, Bank of (guar.)
Amer. Exchange Sec. Corp. cl. A.(au.). 2
4
Chase National (guar.)
21
Chase Securities Corp. (guar.)
4
Chatham & Phenix National (guar.)
4
National City (guar.)
2
National City Co. (guar.)
2
Extra
4
Public National (guar.)
3
Seaboard National (guar.)
134
Standard (quar.)
4
State (guar.)
24
United States, Bank of (guar.)

Apr. 2
Apr. 1
Apr. 2
Apr. 2
Apr. 2
Apr. 2
Apr, 2
Apr. 2
Mar.31
Apr. 2
Mar. 30
Apr. 2
Apr. 2

Trust Companies.
Bank of New York & Trust Co
Guaranty (auar.)
New York
United States (guar.)

Apr. 2 Holders of rec. Mar. 16a
Mar. 31 Holders of rec. Mar. 16
Divides 0 not declared yet.
Apr. 2 Holders of rec. Mar. 20a

Fire Insurance.
Westchester Fire (guar.)
Extra

5
3
April
124
5
1

Holders of rec.Mar.d2la
Holders of rec. Mar. 17
Holders of rec. Mar. 170
Holders of rec. Mar. 17a
Mar. 18 to Apr. 1
Holders of rec. Mar. 170
Holders of rec. Mar. 170
Holders of rec. Mar. 17a
Holders of rec. Mar.24
Holders of rec. Mar.260
Holders of rec. Mar. 26a
Holders of roe. Mar. 22a
Holders of rec. Mar. 20a

May 1 Apr. 21
May 1 Apr. 21

to
to

Apr. 30
Apr. 30

Miscellaneous.
Mar. 31 Holders of rec. Mar. 15a
$1.
Adams Express (guar.)
75e. Apr. 2 Mar. 16 to Apr. 9
Advance Rumely Co.. pref.(quar.)
All e I Chemical & Dye Corp., Pf. (a11.).. 14 Apr. 2 Holders of roe. Mar. 15a
14 Apr. 16 Holders of rec. Mar. 24a
Allis-Chalmers Mfg., pref. (guar.)
75c. Apr.dle, Holders of rec. Mar. 19a
Amalgamated 011 (guar.)
American Art Works, COM. & pref. (qu.) 14 Apr. 15 Holders of rec. Mar.31a
750. Apr. 2 Holders of rec. Mar. 15a
American Bank Note, pref. (guar.)._ _
American Beet Sugar. preferred (guar.). 114 Apr. 2 Holders of rec. Mar. 10a
Amer. Brake Shoo & Fdry.. corn.(guar.) $1.25 Mar. 31 Holders of rec. Mar. 23a
131 Mar. 31 Holders of rec. Mar. 23a
Preferred (guar.)
131 Apr. 2 Holders of rec. Mar. 15a
American Can, pref. (guar.)
Apr. 2 Holders of rec. Mar. 15a
3
Amer. Car & Foundry, corn.(quar.)
131 Apr. 2 Holders of tea. Mar. 15a
Preferred (guar.)
14 Apr. 2 Holders of roe. Mar. 154
American Cigar, pref. (guar.)
Apr. 2 Holders of rec. Mar. 156
22
American Express (guar.)
131 Apr. 14 Apr. 5 to Apr. 14
American Laundry Machine, pref.(go.).
American Locomotive, corn. (quar.)--- - 14 Mar.31 Holders of roe. Mar. 13a
131 Mar. 31 Holders of rec. Mar. 13a
Preferred (guar.)
14 Aim. 1 Holders of roc. Mar, la
Amer. Machine & Foundry (guar.)._
Quarterly
134 July I Holders of rec. June la
134 Oct. 1 Holders of rec. Sept. la
Quarterly
14 Jan 1'24 Holders of rec. Dee. la
Quarterly
114 Mar.31 Mar. 17 to Apr. 1
American Manufacturing, corn.
14 Mar.31 Mar. 17 to Apr. 1
Preferred (guar.)
14 Apr. 1 Mar. 29 to Apr. 1
American Piano, corn. (guar.)
131 Apr. 1 Mar. 29 to Apr. 1
Preferred (guar.)
American Pneumatic Service. 1st pref._ $1.75 Mar. 31 Holders of toe. Mar. 10
50o. June 30 Holders of rec. June 9
Second preferred
Mar. 31 Holders of too. Mar. 15a
$1
Amer. Radiator, new corn. (guar.)
25c, Apr. 2 Holders of reo. Mar. 12a
American Safety Razor
May 1 Holders of rec. Apr. 14
american Shipbuilding, common (guar.) 2
Aug. 1 ITolders of rec. July 14
2
Common(guar.)
Apr. 2 Holders of rec. Mar. 15a
3
American Snuff, corn. (guar.)
14 Apr. 2 Holders of rec. Mar. 15a
Preferred (guar.)
75c. Apr. 14 Holders of rec. Apr. 20
Amer. Steel Foundries. corn. (quar.)
14 Mar. 31 Holders of rec. Mar. 15a
Preferred (guar.)
14 Apr. 2 Mar. 23 to Apr. 1
American Stores (guar.)
American Sugar Refining. Pref. (guar.). 131 Apr, 2 Holders of rec. Mar. la
134 Apr. 2 Mar. 11 to Apr. 4
American Tobacco, preferred (quar.)
Amer. Wholesale Corp., Prof.(aunt.)... 114 Apr. 1 Holders ol rec. Mar. 15a
American Woolen, corn. dr pref. (qu.).. 131 Apr. 16 Mar. 17 to Apr. 1
The. Apr. 23 Holders of rec. Mar. 17a
Anaconda Copper Alining
Armour & Co..of Delaware, pref.(No.1) •1 ti Apr. 2 *Holders of rec. Mar. 15
. 1 *Holders of roe. Mar. 15
Armour dr Co. of Illinois. Prof. (gnat.).. 1.131 Ain.
Asbestos Corp.of Canada, corn.(guar.). •14 Apr. 15 *Holders of rec. Apr. 1
•14 Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
134 Apr. 26 Holders of rec. Mar. 19a
Associated Oil (guar.)
Mar. 19 Mar. 10 to Mar. 19
1
Atlantic Terra Cotta, pref. (guar.)
134 Apr. 2 'folders of rec. Mar. 20
Babcock & Wilcox (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 20
Basslck Alernite Corporation
Bethlehem Steel, corn. & corn. B (guar.) 131 Apr. 2 Holders of rec. Mar. 13a
Seven per cent (um. preferred (guar.) 14 Apr. 2 Holders of rec. Mar. 13a
Seven per cent rum. preferred (guar.) In July 2 Holders of reo. June 15a
Seven per cent cum. preferred (guar.) 131 Oct. 1 Holders of rec. Sept. 15a
Seven per cent cum. preferred (guar.) 131 Jan2'24 Holders of rec. Dec. 154
14 Apr. 2 Holders o free. Mar. 13a
Seven per cent non-curn. pref.(quar.)_
Seven per cent non cum pre!. (guar.). 111 July 2 Holders of roe. June 15a
Seven per cent non cum. pref.(guar.). 111 Oct. 1 Holders of rec. Sept.15a
131 Jan 2'24 Holders of rec. Dec. 15e
Seven per cent non cum. pref.(quar.)_
2
Aim 2 Holders of rec. Mar. 13a
Eight per cent preferred (auar.)
July 2 Ilolders of rec. June 15a
2
Eight per cent preferred (guar.)
Oct. 1 Holders of roe. Sept. 1.5a
2
Eight per cent preferred (guar.)
Jan 2'24 Holders of rec. Dec. 15a
2
Eight per cent preferred (guar.)
134 June 15 Holders of rec. June la
Borden Co.. preferred (guar.)
•50c. Apr. 1 *Holders of rec. Mar. 15
Borg & Beck Co.(guar.)
4
Apr. 16 Mar. 18 to Apr. 14
Borne Scrymser Co
1
Apr. 16 Mar. 18 to Apr. 14
Extra
4
Mar. 31 Holders of coup. No. 951
Brit.-Amer. Tobacco, ord.(Interim)._ _ _
131 Apr. 2 Holders of rec. Mar. 250
Bucyrus Co., pref. (guar.)
114 Apr. 2 Holders of rec. Mar. 20a
Extra (account accumulated divs.)
14 Apr. 2 Holders of roc. Mar. 10a
Burns Bros., pref. (quar.)
14 Apr. 2 Holders of roe. Mar. 20a
Bush Terminal Miss- pref. (quar.)_-_
34 Mar. 31 Holders of rec. Mar. 12
Butte & Superior Mining
California Petroleum, preferred (guar.). 111 Apr. 2 Holders of roe. Mar. 20a
21
Mar. 26 Holders of roe. Mar. Pa
Calumet & Arizona (guar.)
51
Cambria Iron
Apr. 2 Holders of rec. Mar. 15a
Apr. 2 *Holders of rec. Mar. 15
Can. Connecticut Cotton Mills. pf.(qu.) *2
Canadian General Electric. coin. (guar.) 14 Apr. 2 Holders of rec. Mar. 15
34 Apr. 2 Holders of rec. Mar. 15
Pref rue I
1
Canadian Locomotive, corn. (quar.)_
Mar. 31 Holders of rec. Mar. 20
131 Mar. 31 Holder of rec. Mar. 20
Preferred (guar.)
Case (J. I.) Thresh. Mach., Prof.(au).. 151 Apr. 1 Holders of rec. Mar. 120
134 Mar. 31 Mar. 7 to Mar.27
Celluloid Co..common (quar.)
Certain-teed Prod. lot & 2d pref. (qu.). 131 Apr. 1 Holders of rec. Mar.22
Chandler Motor (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 200
Chesebrough Mfg., corn. (guar.)
334 Mar. 31 Holders of rec. Mar. 10a
Preferred (guar.)
131 Mar.:11 Holders of roe. Mar. ma
Chicago Mill & Lumber, prof.(guar.)... *134 Apr. 1 *Holders of rec. Mar.23
Chicago Yellow Cab Co.(monthly)
33 1-3c Apr. 1 Holders of roc. Mar. 20
Monthly
33 1-3c May I Holders of roe, Apr 20
Monthly
33 1-3c June 1 Holders of reo. May 19
Chill Copper Co.
8240 Mar.22 Holders of rec. Feb. 280
Cities ServiceCommon (monthly. Pay.In cash scrip) *g54 Apr. 1 *Holders of rec. Mar. 15
Common (payable in corn. stock scrip) •14 Apr. 1 'holders of rec. Mar. 15
/ Prof. and pref. B (payable In cash)...... •34 Apr. 1 'holders of toe. Mar. 15

MAR. 17 1923.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Cluett, Peabody & Co., pref. (guar.)
Apr. 2 Holders of rec. Mar. 21a
Coca-Cola Co. corn. (guar.)
21.50 Apr. 2 Holders of rec. Mar. 15a
Common (extra)
50o. Apr. 2 Holders of rec. Mar. 15a
Computing-Tabulating-Record.(guar.). 81.50 Apr. 10 Holders of rec. Mar. 23a
Connor (John T.) Co. (guar.)
50c. Apr. 2 Holders of rec. Mar. 200
Continental Can, pref.(guar.)
134 Apr. 1 Holders of rec. Mar.20a
Cramp(Wm.)& Sons S.& E.Bldg.(qu.) 1
Mar.31 Mar. 16 to Apr. 1
Crucible Steel, preferred (guar.)
134 Mar.31 Holders of rec. Mar. 150
Cuban-American Sugar, pref. (guar.)... 14 Apr. 2 Holders of rec. Mar. 100
Davis M1114 (guar.)
134 Mar. 24 Holders of rec. Mar. loa
Detroit& Cleveland Navigation (quar.)- 21
Apr. 2 Holders of rec. Mar. 150
Dome Mines(guar.)
50c. Apr. 20 Holders of rec. Mar.31a
Dominion Glass, oom,and pref.(quar.)_
Apr. 2 Holders of roe. Mar. 15
Dominion Iron & Steel, pref. (quar.)
14 Apr. 1 Holders of rec. Mar. 15
Dominion 011 (guar.)
*2
Apr. 1 *Holders or reC.Mar.10
Extra
*31
Apr. 1 *Holders of rec.MaY.10
Dominion Stores, Ltd., common (No. 1) 50e. April 1 Holders of rec. Mar. 1
Common
50e. Oct. 1 Holders of rec. Sept. I
Dominion Textile, old corn. (guar.)._
Apr. 2 Holders os rec. Mar. 15
3
New common (guar.)
31 Apr. 2 Holders of rec. Mar. 15
Old and new preferred (guar.)
Apr. 16 Holders of tee. Mar.31
Draper Corporation (guar.)
3
Apr. 2 Holders of rec. Mar. 3
Dunham (James 11:) es Co., corn.(qu.)- 14 Apr. 2 Holders of rec. Mar. 19a
First preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 19a
Second preferred (quar.)
14 Apr. 2 Holders of rec. Mar. 19a
du Pont (E. I.) de Nemours PowderDebenture stock (guar.)
14 Apr. 25 Holders of rec. Apr. 10a
Eastman Kodak,common (guar.)
31..25 Apr. 2 Holders of rec. Feb. 28a
Common (extra)
75e Apr. 2 Holders of rec. Feb. 250
Preferred (guar.)
14 Apr. 2 Holders of rec. Feb. 250
Elsenlohr (Otto) & Bros., Pref. (Quar.)- 14 Mar.31 Holders of rec. Mar. 20a
Electric Storage Battery,cbm.& Pf.(qu) 21
Apr. 2 Holders of rec. Mar. 17a
Elliott-Fishes Co., corn. & corn. B
*50e Apr. 2 *Holders of rec. Mar. 15
Preferred (guar.)
*14 Apr. 2 *Holders of rec. Mar. 15
Endicott-Johnson Corp., corn. (guar.)
.
- 31.25 Apr. 2 Holders of rec. Mar. 170
Preferred (quar.)
14 Apr. 2 Holders of rec. Mar. 17a
Fairbanks, Morse Co., common
Mar. 31 Holders of rec. Mar. 160
81
Famous Players-Lasky Corp.,corn.(qu
2
Apr. 2 Holders of rec. Mar. 150
Farr Alpaca Co. (guar.)
Mar. 31 Holders of rec. Mar. 21a
2
Galena-Signal 011, common (quar.)--- 1
Mar.31 Holders of rec. Feb. 250
Preferred (guar.)
Mar.31 Holders of rec. Feb. 28a
2
General Amer. Tank Car, pref. (quar.)- 14 Apr. 2 Holders of rec. Mar. 15a
General Baking, corn. (quar.)
Mar.31 Holders of rec. Mar. 17a
$1.
Preferred (guar.)
Mar. 31 Holders of reo. Mar. 17a
2
General Cigar, Inc., deb. prof (guar.).14 Apr. 2 Holders of rec. Mar. 266
General Electric (guar.)
Apr. 14 Holders of rec. Mar. 7a
2
Special stock (guar.)
15e Apr. 14 Holders of rec. Mar. 7a
Gillette Safety Rasor, stook dividend_ e5
June 1 Holders of rec. May 1
Goodrich (B. F.) Co.. pref. (guar.).April 2 Holders of rec. Mar.220
Goodyear Tire & Rubber, pref.(quar.)
2
Apr. I Holders of rec. Mar.20
GrasseIll Chemical, common (guar.).- 2
Mar. 31 Holders of rec. Mar. 150
14 Mar. 31 Holders of r-e. Mar. 156
Preferred (quar.)
Apr. 2 Holders of rec. Mar. 151
Great Western Sugar, corn. (quar.)-$1
Preferred (guar.)
Apr.. 2 Holders of rec. Mar. 15a
Apr. 2 Holders of rec. Mar. 15
Greenfield Tap & Die, pref.
2
2
Sugar, preferred
Apr. 2 Holders of red. Mar. 15a
(quar.)_Gntmo (quar.)
Gulf States Steel, common
1
Apr. 2 Holders of rec. Mar. 150
First and second preferred (quar,)
Apr. 2 Holders of rec. Mar. 150
First and second pref. (guar.)
134 July 2 Holders of rec. June 15a
First and second pref. (guar.)
14 Oct. 1 Holders of rec. Sept. 14a
First and second pref. (guar.)
154 Jan2'24 Holders of rec. Dec. 146
Rance (P. II.) Knitting Co., pref.(gu.)- 14 Apr. 2 Holders of rec. Mar.20
Harlalson-Walker Refrao., reset. (guar.). 14 Apr. 20 Holders of me .Apr. 104
Hart, Schaffner & Marx, pref. (guar.)._
14 Mar.31 Holders of rec. Mar. 17a
Hecht Mining (guar.)
•150 Mar.28 *Holders of rec. Mar. 1
Extra
•106 Mar. 28 *Holders of rec. Mar. 1
Helms (George W.) Co., corn. (quar.)
Apr. 2 Holders of rec. Mar. 19a
3
Preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 19a
Hendee Mfg., pref. (quar.)
114 Apr.
Holders of rec. Mar. 20a
Hercules Powder, common (guar.)
134 Mar. 24 Mar. 16 to Mar.24
Higgins 011 & Fuel
•S2.50 Mar.31 *Holders of rec. Mar. 15
Hillcreet Collieries, common (guar.)._
134 Apr. 1 Holders of rec. Mar.31
Preferred (guar.)
1)4 Apr. 1
Holders of rec. Mar. 31
Homestake Mining (monthly)
50o. Mar.26 Holders of rec. Mar. 20a
Hollinger Consol.Gold Mines
Mar.26 Holders of rec. Mar. 8
1
Hood Rubber Co.,common (guar.)
21 Mar.31 Mar. 21
to
A, r. 1
Hudson Motor Car (guar.)
600. April
Holders of rec. Mar.22a
Extra
25c AprIl
Holders of rec. Mar. 220
Huntington Dave!. & Gas. pref.(guar.)
114 Apr.
Holders of rec. Mar. 15
Hupp Motor Car, pref.(guar.)
14 Apr.
Holders of rec. Mar. 20a
Imperial Tobacco of Canada , um.
114 Mar. 29
Inspiration Consolidated Copper
50c. Apr.
Holders of rec. Mar. 15a
Internat. Button Hole Sew. Mach.(qu.) 1
Apr.
Holders of rec. Mar. 15
Internat. Cement, common (guar.).- 75c. Mar.31 Holders of rec. Mar. 16a
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar. I6a
Internat. Educational Publishing, pref.500. May 1 Holders of rec. Mar. 1
Internat. Harvester, common (qua?.)... 81.25 Apr. 16 Holders of rec. Mar. 24a
International Salt (guar.)
14 Apr. 2 Holders of roe. Mar. 15a
International Shoe, common
760. April 1 Holders of rec. Mar. 16a
Preferrcd (monthly)
Apr. 1 Holders of rec. Mar. 15a
$1
International Silver, pref. (guar.)
14 Apr. 1 Feb. 22 to Feb. 28
Prof. (acct, accumulated dividends).- /11$ Apr. 1 Feb. 22 to Feb. 28
Intertype Corporation, pref. (guar.)._
2
Apr. 2 Holders of rec. Mar. 15a
Jones & Laughlin Steel, pro!. (quar.)--- 14 Apr. 2 Holders of rec. Mar. lba
Kayser (Julius) & Co., pref. (guar.).- _
$2 Apr. 2 Holders ot res. Mar.284
Kelly-Springfield Tire, pref. (quar.)____
14 Apr, 2 Holders of rec. Mar. 16a
Kelsey Wheel, common (guar.)
134 Apr. 2 Holders of rec. Mar. 20a
Kresge (S. S.) Co., common (guar.)._
Apr. 2 Holders of roe. Mar. 120
2
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 12a
La Rose Mines, Limited
100. Mar.24 Mar. 9 to Apr. 8
Lehigh Valley Coal Sales (guar.)
Apr. 2 Holders of rec. Mar. 15
32
Liggett & Myers Tobacco, pref.(guar.)
14 Apr. 2 Holders of rec. Mar.15a
Lone Star Gas (quar.)
*3734e Mar. 31 *Holders of roe. Mar. 21
Extra
•124c Mar.31 *Holders of rec. Mar. 21
Loose-Wiles Biscuit. let pref. (guar.)._
14 Apr. 1 Holders of rec. Mar.20a
Second preferred
7
May 1 Holders of rec. Apr. 19a
Lorillard (P.) Co.,common (guar.)
3
Apr. 2 Holders of rec. Mar. 170
Preferred (guar.)
Apr, 2 Holders of rec. Mar. 170
Mackay Companies, common (guar.).- 14 Apr. 2 Holders of rec. Mar. 7a
Preferred (guar.)
1
Apr. 2 Holders of rec. Mar. 7a
Mack Trucks, Inc., let & 2d pref.(qu.)
Apr. 2 Holders of rec. Mar.20a
Maned Sugar, preferred (guar.)
Apr. 2 Holders of rec. Mar. 15a
Manhattan Elec. Supply (guar.)
81 Apr. 2 Holders of rec. Mar. 20a
Manhattan Shirt, pref.(guar.)
1)4 Apr, 2 Holders of rec. Mar. 19a
Mathieson Alkali Works, pref. (guar.)._
14 Apr. 2 Holders of rec. Mar.206
May Department Stores, prof. (quar.)
14 Apr, 2 Holders of ree. Mar. 15o
McCall Corporation, 1st pref. (quar.). 14 Apr. I Holders of rec. Mar. 15
First preferred (acct. aceum.
514 Apr. 1 Holders of rec. Mar. 15
Mergenthaler Linotype (quar.)
24 Mar.31 Holders of rec. Mar. 3a
Middle Status 011 (quar.)
3
Apr. 1 Holders of rec. Mar. 10a
Mohawk Mining
$1
Mar.31 Mar. 7 to Mar.27
Montgomery Ward & Co.. prof.(quar.)- •14 Apr. 1 *Holders of rec. Mar. 211
Motor Wheel Corp.(guar.)
20e, Mar. 20 Holders of rec. Mar. 10
Mountain Producers Corp.(guar.)
20e. Apr, 2 Holders of rec. Mar. 15a
Extra
10c. Apr. 2 Holders of rec. Mar. 15a
N*tiiinnl 161.1111 voir,,,,t1 liar.)
5o. Nor. Ia 141•141er+ ept roe NI of 31
Nat. Breweries, common (quar.)
31 Apr. 2 Holders of rec. Mar. 15
Preferred (qua?.)
14 Apr, 2 Holders of rec. Mar. 15
Nat. Enamel & &pg., pref. (quar.)
Mar.31 Holders of rec. Mar. 103
Preferred (quar.)
June 30 Holders of rec. June Cla
14 Sept.29 Holders of roe. Sept. 100
Preferred (guar.)
Preferred (guar.)
Dec. 31 Holders of rec. Dec. lla
National Lead, common (guar.)
2
Mar.31 Holders of rec. Mar. 16a
National Sugar Refining (guar.)
14 Apr. 2 Holders of rec. Mar. 10
National Surety (guar.)
24 Am. 2 Holders of rec. Mar. 200
Newblock Oil
*62403 Apr. 2 *Holders of rec. Mar. 15
83
Apr. 14 Holders of rec. Mar.20
New York Transit
Brake,
clam
A
$1
Apr. 2 Holders of rec. Mar. 9a
Air
(quar.)
N.Y.
North American Co., common (guar.)... 24 Apr. 2 Mar. 2 to Mar. 21
750. Apr. 2 Mar. 2 to Mar.21
Preferred (quar.)
e 100
Holders of rec. Mar. *17
Ohio Fuel Supply (stock dividend)
750. Mar. 31 Feb. 25 to Mar. 26
Ohio 011 (quar.)




14

14

14

14

14
134

14

14
14

14
14
14

Name of Company.

1149
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Orpheum Circuit, preferred (quar.)
Apr. 1 Holders of roe. Mar. 16a
2
Ottawa Car Mfg.(quar.)
Apr. 2 Holders of rec. Mar.15a
1
Owens Bottle, common (guar.)
I30c. Apr. 1 Holders of rec. Mar. 16a
Common (extra)
250. Apr. 1 Holders of rec. Mar.16a
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 16a
Paige-Detroit Motor Car,corn.(guar.) _ 260 Apr, 2 Holders of rec. Mar.20a
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar.15a
Penmans, Ltd.. common (guar.)
May 15 Holders of rec. May 5a
2
Preferred (guar.)
134 May 1 Holders of rec. Apr. 21a
Penney (J. C.) Co., pref.(qua?.)
154 Mar 31 Holders of rec. Mar.20a
Fennok 011 (guar.)
10e. Mar.26 Holders of rec. Mar.15
Extra
10c. Mar.26 Holders of rec. Mar.15
Pettibone Mulliken Co.,let & 2d 14.(qu.) 14 Apr. 2 Holders of rec. Mar.21a
Phelps Dodge Corp.(guar.)
$1 Apr. 2 Holders of rec. Mar.21a
Phillips Petroleum (guar.)
50e. Mar.31 Holders of rec. Mar. 15a
Pittsburgh Rolls Corp.. prof. (Guar.) 15( Apr. 1 Holders of rec. Mar.24a
Provincial Paper Mills, corn. (quar.).,.. 134 Apr. 2 Holders of rec. Mar. 15
preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 15
Pure 011, 534% prof. (guar.)
14 Apr. 1 Holders of rec. Mar. 15a
6% Preferred (guar.)
13.4 Apr. 1 Holders of rec. Mar. 15
8% preferred (guar.)
Apr. 1 Holders of rec. Mar. 150
Quakes Oats, common (guar.)
234 Apr. 16 Holders of rec. Apr. 26
Preferred (quar.)
134 May 31 Holders of rec. May la
Railway Steel-Spring, corn.(guar.)
Mar.31 Holders of rec. Mar. 17a
Preferred (guar.)
13.4 Mar.20 Holders of rec. Mar. 9a
Ranger lexas Oil (quar.)
Apr. 1 Holders of rec. Mar. 10a
Extra
Apr. 1 Holders of rec. Mar. 100
Reece Button Hole Machine (quar.).... 3
Apr. 2 Holders of rec. Mar. 15
Extra
Apr. 2 Holders of rec. Mar. 15
2
Reece Folding Machine(guar.)
Apr. 2 Holders of rec. Mar. 15
1
flee Motor Car (guar.)
Apr. 2 Holders of rec. Mar. 15a
Extra
Apr. 2 Holders of rec. Mar. 15a
1
Republic Iron & Steel, pref. (quar.)
134 Apr. 2 Mar. 16 to Apr. 11
Reynolds Staring, Pref. A.& B (guar.)- 14 Apr. 1 Holders of rec. Mar. 194
Reynolds(R.J.) Tobacco,corn,(qua?.).
75e. Apr. 2 Holders of rec. Mar. 18a
Common B (guar.)
75e. Apr. 2 Holders of rec. Mar. 180
Preferred (guar.)
154 Apr, 2 Holders of rec. Mar. 18a
Rickenbacker Motor Car (guar.)
Apr. 15 *Holders of rec. Mar.31
*2
Royal Baking Powder,common (quar.)_
Mar.31 Holders of rec. Mar. 150
2
Preferred (qua?.)
134 Mar,31 Holders of rec. Mar. 15a
St. Joseph Lead (qua?.)
260. Mar .20 Mar. 10 to Mar.20
Extra
260. Mar. 20 Mar. 10 to Mar.20
St.LoulsRocky Mt.&Pao.Co.,corn.(QM) 1
Mar. 31 Holders of rec. Mar. 17a
I'referred (quar.)
14 Mar. 31 Holders of rec. Mar. 17a
Salt Creek Consolidated 011 (quar,)... 260. April 1 Holders of rec. Mar.15a
SavannahSugar, Pref.(In pref. stock)..2 5 2-3 May 1 Holders of rec. Mar. 15
Seaboard Oil& Gas (monthly)
214c Apr. 1 Holders of rec. Mar. 150
Sears, Roebuck & Co., pref.
14 Apr, 1 Holders of rec. Mar. 150
Sherwin Williams Co.(Can.),corn.(qu.) 134 Mar.31 Holders of rec. Mar. 15a
Preferred (quar.)
154 Mar.31 Holders of rec. Mar. 15a
South Porto Sugar. Prof. (guar.)
Apr, 2 Holders of rec. Mar.15a
South West Pa. Pipe Lines (guar.)
Apr. 2 Holders of rec. Mar.15
2
Southern States 011 (monthly)
Mar. 20 Holders of rec. dMar. la
1
Stock dividend
el0 Apr. 20 Holders of res. Mar. 31s
Spicer Manufacturing, pref. (quar.)__
Apr. I Holders of roe. Mar.21a
2
Standard 011 (Kansas) (guar.)
50o Mu.15 Holders of roe. Feb. 28a
Standard Oil(Kentucky)(guar.)
Apr. 2 Mar. 16 to Apr. 2
$1
Standard 011 (Ohio), corn.(guar.)
$2.50 Apr. 2 Holders of roe. Feb. 23
Standard Textile Prod., prof. A & B (qu.) 1;$ Apr, 1 Holders of rec. Mar.15a
Steel Co. of Canada,common (quar.)13$ May 1 Holders of rec. Apr. 4
Preferred (quar.)
1.;$ May 1 Holders of rec. Apr. 4
Sterling Oil & Devel
*100 Apr. 5 *Holders of roe. Mar.31
Stern Brothers, preferred (guar.)
June 1 Holders of rec. May 155
2
Stromberg Carburetor (guar.)
1,4 Apr. 2 Holders of rec. Mar. 19a
Sullivan Machinery (guar.)
Apr. 16 Apr. 1 to Apr. 16
81
Swift & Co. ((mar.)
Apr. 1 Holders of rec. Mar.10
2
Tennessee Copper & Chemical
25e Apr. 16 Holders of rec. Mar.80a
Texas Chief 011 (quar.)
Apr. 1 Holders of roe. Mar.10a,
2
Extra
Apr, 1 Holders of rec. Mar.10a •
1
Texas Company (quar.)
75e Mar.81 Holders of roe. Mar. 9
Texas Pacific Coal & Oil (quar.)
250. Mar,31 Holders of roe. Mar.10a
Thompson-Starrett Co., Ord
April 2 Holders of roe. Mar.20
4
Timken Roller Bearing (quar.)
760. Mar.20 Holders of rec. Mar. 5a
Tobacco Products Corp., pref. (quar.)_ _
134 Apr. 1 Holders of rec. Mar. 16a
Todd Shipyards Corporation (quar.)___ _ $2
Mar. 20 Holders of rec. Mar. la
Tonopah-Belmont Devel. Co.(qua? 1
50. Apr. 2 Mar. 16 to Mar.21
Tonopah Extension Mining Co.(guar.).
Sc, Apr, 2 Holders of rec. Mar. 12
Extra
to Apr. 2 Holders of res. Mar. 12
Turman Oil(monthly)
Mar.20 Holders of rec. Feb. 28
1
Underwood Typewriter. corn.(qua?.)... 234 Apr. 1 Holders of rec. Mar. 3a
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar,• 50
Apr. 2 Mar. 7 to Mar.20
Union Carbide & Carbon (guar.)
21
United Dyewood. common (quar.)
134 Apr. 2 Holders of rec. Mar. 150
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 1541
Preferred (guar.)
15( July 2 Holders of rec. June 150
Oct. 1 Holders of rec. Sept.15a
Preferred (guar.)
Preferred (qua?.)
1;$ Jan2'24 Holders of roe. Doe. 15a
Apr. 16 Holders of rec. Mar.280
United Profit Sharing (guar.)
16
U.S. Cast Iron Pipe & Fdy., pref.(qu.)- 14 June 15 Holders of rec. June la•
Preferred (qua?.)
134 Sept. 15 Holders of rec. Sept. la
14 Dec. 15 Holders of rec. Dec. la.
Preferred (quar.)
U.S. Gypsum,common (guar.)
Mar.31 Mar. 16 to Apr. 1
1
Preferred (guar.)
14 Mar.31 Mar. 16 to Apr. 1
U. S. Radiator, pref. (quar.)
14 Apr, 15 Holders of rec. Apr. 1
U.S. Steel Corporation, corn.(quar.)....- 11( Mar. 30 Feb. 28 to Mar. 1
U.S.Tobacco,common (quar.)
75e. Apr. 2 Holders of rec. Mar. 19a
Common (payable in common stock).. f20
Apr. 16 Holders of rec. Mar.3196.
Preferred (qua?.)
1;$ Apr. 2 IIolders of rec. Mar. 19a
Utah Copper Co. (guar.)
Mar.31 Holders of rec. Mar. 12a•
El
Valvoline Oil, preferred(
Apr. 2 Holders of rec. Mar. 17a
2
Vulcan Detinning. pref. & pref. A (qu.). 14 Apr. 20 Holders of rec. Apr. 12a,
Wabasso Cotton (guar.)
Apr. 3 Holders of rec. Mar. 15
$1
Wahl Co., common (monthly)
50c. Apr. 1 Holders of rec. Mar. 220
Preferred (guar.)
lit Apr. 1 Holders of rec. Mar.22a
Waldorf System. Inc., common (guar.).
50o. Apr. 2 Holders of rec. Mar. 250
Preferred and first preferred (guar.).200. Apr, 2 Holders of rec. Mar. 20
Walworth 511g., pref.(guar.)
134 Mar. 31 Holders of rec. Mar. 21a
Ward (Edgar T.) Sons Co., Prof (guar.) 154 Mar.31 Holders of rec. Mar.20
West Coast 011 (qua?.)
$1.50 Apr. 5 Holders of rec. Mar. 190
Western Electric Co., preferred (Guar./- 14 Mar.31 Holders of rec. Mar. 126
Westinghouse Air Brake (In stock)
Apr, 30 Holders of rec. Mar.329a
e35
Westinghouse Elec. & Mfg., com.(qu.)- 21
Apr. 30 Holders of rec. Mar.30a.
Preferred (guar.)
Apr. 16 Holders of rec. Mar.30a•
$1
White Moior 0.((mar.)
\tar. 31 lioldcrs of rec. Mar. 200
I
Worthington Pump & Mach., pf. A.(au) 13.4 April 2 Holders of rec. Mar.100Preferred B (guar.)
April 2 Holders of rec. Mar.104
134
Wrigley (Wm.) Jr. Co., corn.(monthly) 600. May 1 Apr.d26 to Apr. $0
Common (monthly)
50c. June 1 Mays126 to May 3L
Common (monthly)
600. July 2 Juned26 to July 1
Wtulitzer(Rudolph)Co.k.Ightper cent preferred (quar.)
2
June 1 Holder,of roe. May 22.
Seven per cent preferred(qua?.)
Apr. 1 Holders of rec. Mar.22
Yale & Towne Mfg. (guar.)
Apr. 2 Holders of roe. Mar. 10,
21
Yellow Cab Mfg.,class B (monthly)
50e. Apr. 1 Holders of roe. Ma?.20
Class B (monthly)
50e. May 1 Holders of roe. Apr. 20
Class B (monthly)
4.1n.re 1 Holders of rec. May 19
Youngstown Sheet & Tube, corn.(qua- $150o. Mar.31 Holders of rec. Mar. 15a
Preferred (quar.)
1;$ Mar,31 Holders of rec. Mar. 15a
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until hotPer notice. 5 The New
York Curb Market Association has ruled that stock will not be quoted ex-dividend
on this date and not until further notice.
a Transfer books not closed for this dB,
. 4 Correction. e Payable in stOek.
/Payable in common stock. g Payable In scrip. S On account of accumulated
dividends.
It Subject to approval of stockholders. i All transfers received In order in
London
on or before March 5 will be in time for payment of dividend to transferees.
m Payable in 6% preferred stock.
n New York Curb Market has ruled that Brier Hill Steel common stock be
gees ed ox sIierd On March 50,

i

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-ti

ta'1 421Z
"444"0

s

L,11'4,12

-4ge36g

g

1-..
-•
53 •

1

g

t..
CI 11

4e

-

4:1

•The form of oirculation statement was revised as of July 1 1922 so as to exclude
from money in circulation all forms of money held by the Federal Reserve banks and
Federal Reserve agents, whether as reserve against Federal Reserve notes or otherwise. This change results in showing a per capita circulation on Mar. 1 1923 of
341 61, whereas under the form of statement heretofore used it would have been
351 75. For the sake of comparability the figures for Mar. 1 1922 and April 1 1917
have been computed on this statement in the same manner as those for July I 1922.
a Does not Include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks and Federal Reserve agents.
b These amounts are not included In the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin and
bullion and standard silver dollars, respectively.
c The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total
money outside of the Treasury to arrive at the stock of money in the United States.
d This total includes 317.509,153 of notes in process of redemption, $192,823,380 of
gold deposited for redemption of F.R. notes, 315,516,029 deposited for redemption of
national bank notes, $22,080 deposited for retirement of additional circulation (Act
deposits.
of May 30 1908), and $6,567,993 deposited as reserve against postal savings
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard silver
dollars held In the Treasury for their redemption; U. S. notes are secured by a gold
reserve of $152,979,025 63 held in the Treasury. This reserve fund may also be used
for the redemption of Treasury notes of 1890, which are also secured dollar for dollar
by standard silver dollars, held In the Treasury. F. R. notes are obligations of the
LT. EL and a first lien on all the assets of the issuing F. R. bank. F. R. notes are secured by the deposit with F. R. agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the F. R. Act. F. R.
banks must maintain a gold reserve of at least 40%, including the gold redemption
fund which must be deposited with the U. S. Treasurer, against F. R. notes in actual
circulation. F. R. bank notes and national bank notes are secured by U. S. Governinired to be maintained
ment obligations, and a 5% fund f n• thnir rn4^-nn'Inn 12 r,
wet, tht• Tr. ,
-1^ United 4I I. v.




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 10. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Staled in thousands of &tiara-am is, three ciphers IOW omitted.)
New I
Capital. Profits. Loans.
Reserve
Week ending
Discount. Cash
Time Bank
with
Net
'larch 10 1923. Nat'l, Dee. 29 Investin
Legal Demand
De- Circu3tato, Nov.15 meats, Vault. Deport Deposits. posits. la(000 omitted.) fr.Cos, Nov.15
&c.
tortes,
lion.
dembers of Fed. Res. Bank Average
3ank of N Y 3
5
5
s
Trust Co__ 4,000 11,841
63,016
3k of Manhat'nd10,000d12,500 125,216
Vlech &MetNat 10.000 17,182 164,543
3ank of America 5.500 4.551. 71,028
Sat City Bank. 40,000 51,071 533,05
3hem Nat Bank 4,500 18,244 120,264
gat Butch & Dr
500
5,323
203
kmer Etch Nat 5,000 7,890 96,43
Nat Bk of Com_ 25,000 37,437 317,341
Pacific Bank_. 1,000 1,701
23,57
Mat& Shen Nat 10,500 9,316 147,579
lanover Nat Bk 5,000 20,848 125,114
3orn Exchange_ e9,075ell,920 174,411
lmp & Trad Nat 1,500 8,636 37,095
Rational Park__ 10,000 23,882 161,062
fast River Nat_ 1,000
800 13,752
First National_ 10,000 51,584 295,624
:eying National g17,500g10,500 262,198
3ontinental Bk ". 1,000
920
8.147
3hase National_ 20,000 22,057 342,452
Nfth Avenue_
.50
2,430 '22,12
3ommonwealthy•
400
975 10,101
larfield Nat_ __ 1.000 1,04
15,406
Fifth National. 1,2
1,12
20,733
leaboard Nat_. 4,000 7,079 78,753
1,364 14,945
3oal & Iron Nal 1.5
Milkers Trust_ 20,000 25,039 275,261
IS Mtge & Tr_ 3,000 4,419 58,581
3uaranty Trust 25,000 17,654 366,985
l'idel-In terTrust 82,000 81,849 21,282
V' Y Trust Co_ 10,000 17,696 137,156
vIetropolitan Tr 2,
3,804 39,233
Farm Loan & Tr 5,00 15,06
134,691
3olurnbla Bank 2,000 2,14,
31,831
Equitable Trust 120,000 18,479 190,746

4 rem

$
75.
2,213
4,171
1,501
6,526
1,229
59
1,158
89,
1,031
4,08t
394
5,197
483
895
32
479
4,719
142
4,15
68
509
444
227
791
579
1,099
844
1,450
330
391
518
477
774
1,318

iverag
$
6,57'
14,609
20,47
9,45
59,701
13,342
52.
11,611
33,193
3,34
17,5.0
15,098
21,500
3,495
16,438
1,590
20,891
35,117
799
42,375
3,102
1,282
1,851
2,104
9,885
1,911
30,514
7,019
40,381
2,601
15,462
4,608
12,855
3,504
22,216

Average Attempt doge.
$
$
$
47,08
5,396
103,292 17,807
154,563 4,192 998
71,172 3,387
*572,107 59,556 2;122
100,343 6,311
345
3,619
2 298
85,535 6,290 4,934
252.859 8,213
23,545 1,087
120,580 23,027 5;689
113,676
._
100
156.359 23.074 ---26.629
627
51
124,728 5,442 7,890
11,529 2,431
50
153,435 31,826 7,396
263,091 13,322
6,158
389
317,289 25,733 1,089
22,938
9,332
275
14,583
19 397
15,914
719 245
68
74,549 1,848
12,852
811
411
*240,061 17,378
53,538 4,537
*390,471 34,486
19,424
828 -111,589 14,235
35,008 2,841 -*91,643 32,541 _
2,247
27,88
*194,116 18,317

rotal of aVerages 288.675431,8634,505,031 51.751606.9690.789,89.369,19 31,883
rotate. actual condition Marl()4.474,567 52,012513,442 3,733,731 387,62432,116
rotate. actual co ndltIon Mar. 34.541,316 48.757509,644c3,850,353350,96431.925
Cotals, actual condition Feb. 244.564.024 52,208493,08' c3,859,67 330,0411,662
State Banks Not Members of Fedi Res've Bank.
heenwicti Bank 1,000 2,119
62
18,418 1,687 1,885
19,08
3owery Bank__
414
2,811 2,116
250
877
5,777
361
Kato Bank_.
._ 2,500 4,684 83,928 3,35
28,763 52,541
1,891
rota! of averages

3.7501

7,681

108,123

5,402

4,189

50,661 54,709

51,319 54,725
rotate, °anal co million Mar.10 108,560 5,532 4,352
50,660 54,63.
rotate, actual co ndition Mar. 3 108,026 5,384 4,122
50,63 54,516
iota's, actual condition
. 24 107,516 5,37. 4,367
Crust Companies Not Membeers.of Fed'I Res'ye Ba nk.
35,10
2,056
:Itie Guar k It(10,00 f11,414 54,186 1,542 3,738
16,911
851
.awyers Tit & T f6,
929 1,701
f4.750 25,991
16,164

80,177

2,471

5,438

52,01

2,606

'otals, actual condition Mar.10
'otals, actual condition Mar. 3
'otals, actual condition Feb. 24

79,494
79,426
80,704

2,4''
2,421
2,233

5,465
5,499
6,126

51.292
51,747
53,570

2,647
2,565
2,587

'17ota1 of averages 16.00
8.442,726,010 c3,716,157,111 1,064,603,773
8,076,223,3651c3,424,492,051 978,833,951
5,312,109,272 c2,942,998,527 2,684,800,085
3,738,288,871 c1,843,452,323 1,507,178,879
1,007,084,483 c212,420,402
21,602,640

4

.

8,489,635,419 c3,730,819,076 1,062,148,305

"
g4 5
e‘

379,594,446

MONEY HELD IN THE TREASURY.

o

$
$
152,979,026 2,259,352,771

$
203,058,960

'4
2
h

$
682,553,859

4

236,054,137 5,791,172,672 1.282,045,154 4,509,127,518 *40.74 110,678,000
264,416,108 5,630,565,265 1,228,580,723 4,401,984,542 *40.31 109,192,000
105,219,416 5,053,910,830 953,320,126 4,100,590,704 *39.54 103,716,000
186,273,444 3,402,015,427
3,402,015,427 34.35 99,027,000
90,817,762 816,266,721
816,266,721 16.92 48,231,000

8

5
$
$
663,010,816 252,052,854 410,958,462
682,553,859 367,960,778 314,593,081
16,865,366
68,004,592
8,437,953
59,566,639
378,117,963
60.850,445 317,267,518
1,476,483
1,000
1,475,483
12,530,193 256,361,190
15,274,628 241,086,562
3,692,509 342,988,507
59,497,144 283,491,363
2,856,398 2,644,707,082 418,012,654 2,226,694,428
543,549
33,492,451
3,511,364
29,981,087
16,791,999 750,251,705
24,729,660 725,522.045

4a

152,979,026 2,262,520,175
152.979,026 2.028,262,966
152,979,026
150,000,000
100,000,000

$
3.71
2.84
.54
2.86
.01
2.17
2.56
20.10
.27
6.55

,i
,
4
i

5
$
a3,960,955,432 3,297,944,616
5(682,553,859)
464,464,404
396,459,812
5(378.117,963)
5(1,476,483)
268,891,383
12,530,193
346,681,016
3,692,509
2,647,563,480
2,856,398
34,036,000
543,549
767,043,704
16,791,999

MONEY OUTSIDE OF THE TREASURY.

g
zt,Ogl

152,979,026 2,259.352,771 d256,338,974 5,820,964,648 1,210,327,980 4,610,636.668 *41.61 110,796,000
—
--

Stock of Money in the Country.-Further below we
give the customary monthly statement issued by the United
States Treasury Department, designed to show the general
stock of money in the country, as well as the holdings by the
Treasury and the amount in ciiculation on the dates given.
The method of computing the figures has been changed with the
idea of eliminating duplicatione, especially in arriving at the
amounts of money in circulation. Under the new form the
per capita circulation March 1 1923 is found to be $41.61,
whereas by the old method the amount would have been
$51.75. The change dates from July 1 1922 and the notice
issued in connection with it by the Treasury Department
was given by us in publishing the statement for that date
in our issue of July 29 1922, page 515. The moneyland
circulation statement in its new form follows: atm

CIRCULATION STATEMENT—MARCH 1 1923.•

[Wt. 116.

TITF CHRONICLE

1150

_

_ _....

led aggr.. avge308.425455,7084,693,331 59,624516,596 f3,872,572426,50931.883
lomparlson with prey. week__ -47,479, -51-16370 -99,181 +35219 +146
ir'd aggr., acticond'n Mar.104,682,621 59,944523,259g3,838,342444.99&32,l16
:omparison wl h prey. week__ -68,147+3,382+3,994 -118.418+368321+191
Mar. 34,728,768
Feb. 24 4,752,244
Feb. 174.717,502
Feb. 104,712,367
Feb. 34,768,727
TATI 974 755 524

58,562519,285g3,952,760408,164 31,925
59,816 503,573 g3,963,881 387,127131,862
57.781 541,121 g3,973,385365,271 31,397
60,882 530,60483,94,3115372,46831,114
57,445 517,922 43,987,781 373,422 30.911
Ir'd warn. nerl ennd'n
RO.512 527.152 62.97R.1192:4711_252211 d2R
•
Note.-U. S. deposits deducted from net demand deposits in the general tots,
above were as follows: Average total Mar. 10, 333,768,000: actual totals Mar. 10'
$33,768,000; Mar. 3, 333,768,060; Feb. 24. 333,788,000; Feb. 17, $33,781,000:
Feb. 10, $42,878,000. Bills payable, rediscounts, acceptances and other liabilities.
average for the week Mar. 10, 3516,461.000; Mar. 3,3520,871,000; Feb. 24, $527,002,000; Feb. 17, 3539,840,000; Feb. 10, 3521,099,000. Actual totals Mar. 10,
$513,991,000; Mar. 3, 3492,888,000: Feb. 24, 3520,596,000: Feb. 17, 8537,691,000;
Feb. 10, $533,456,000.
•Includes deposits in foreign branches not included in total footing as follows:
National City Bank,$129,450,000; Bankers Trust Co., 310,761,000; Guaranty Trust
Co., $81.346,000; Farmers' Loan & Trust Co., $33,000; Equitable Trust Co.,
$29,966,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $20,840,000; Bankers Trust Co., $1,725,000;
Guaranty Trust Co., $3,547,000; Farmers' Loan & Trust Co., $33,000; Equitable
Trust Co., $2,951,000. c Deposits in foreign branches not included. d As of
Dee. 7 1922. e As of Jan. 3 1923. f As of Dec. 31 1922. g As of Feb. 8 1923.
h As of Feb. 20 1923.
led
led
lr'd
led
lr'd

aggr., act9cond'n
aggr., acricond'a
aggr., uctlcond'n
aggr., act' cond'n
aggr., act',Icond'n

The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RE3IER YE PO itTION OF (PLR R INC HOUSE BANKS
AND TRIM'(POMP ANIES
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
---Members Federal
Reserve banks_ _
State banks*
Trust companies_ _ _ _
Total
Total
Total
Total

Mar.10_
Mar. 3
Feb. 24
Feb. 17

5,402,000
2,471,000

Total
Reser
,
e

a
Reserve
Regat,rd.

$
506.969,000 508,089,000501,162,170
4,189,000 9,591,000 9,118,800
5,438,000 7,909,000 7,802,550

Surplus
Reserve.

5,808,830
472,200
108,450

7,873,000 516,596,000 524,469,000 518,083,520 6,385,480
7,762.000 532,956,000 540.728.000 529.929,480 10.798,520
7.559.000 529,585,000 537,124,000 528,825.560 8,298,440
7.785.000 532.001.000 539.786.000 528.896,740 10,889,260

• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the C/1.90 of members of the Federal Reserve Bank
.tasns Wan rimnnnt I. pn.anry,
rn nnt
hta • in. ,..!:.17!"):I r:% SI1.1!%.1 i
ap 17 :,.1.373.146

MAR. 17 1923.]

THE CHRONICLE
Boston

Actual Figures.
Cash
Reserve
Reserve
In
In Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies
Total
Total
Total
Total

Mar.10
Mar. 3
Feb. 24
Feb. 17

Total
Reserve.

Reserve
Reguired.

Surplus
Reserve.

I

5,532,000
2,400,000

1151

$
$
$
$
513,442.000 513,442,000 497,013,750 16,428,250
4,352.000 9,884,000 9,237,420
646,580
5.465,0001 7,865,000 7,693,800
171,200

7.932,000 523,259,000.531,191,0001513,944,970 17,246,030
7.805,000 519,265,000527,070,000:527,955,660 -885.660
7,608,000 503,573.000,511,181,000'528,808.850 -17.627.850
7,660.000 541,121,0001548.781,000529,397,950 19,383,050

•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits
the case of State banks
and trust companies, but in the case of members of the In
Federal Reserve Bank includes also amount of reserve required on net time deposits,
which was as follows:
Mar.10.$11,628,720; Mar.3,$10,528,920; Feb.24,$9,901,329;
Feb. 17,$9,279,690.

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

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.
March 14
1923.

Changes from
previous week.

Maras 7
1923.

$
$
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, disels & investtnents. 840.886,000 Dec. 2,511,000 843,397,000 848,308,000
Individual deposits, incl. U.S 611,280,000 Inc.
500,000 610,780.000 610,724.000
Due to banks
118,866,000 Dec. 5,576,000 124,442,000 118,799,000
Time deposits
116.672,000 Inc.
328,000 112,344.000 111,981,000
United States deposits
6,534.000 Dec.
105,000; 6,639.000 6,632.000
Exchanges for Clearing House 26,388,000 Dee. 938.000, 27,326,000 27,295.000
Due from other banks
68.686,000 Dec. 582,000 69.268.000 73.840,000
Reserve in Fed. Res. Bank
69,387,000 Dec. 764.000 70,151,000 68,943.000
Cash in bank and F. R. Bank 8.828.000 Dec. 413,000 9,241,000 9.408.000
Reserve excess in bank and
Federal Reserve Bank
1,698,000 Dec. 378,000 2,076,000 1,959,000

Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending March 10, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits,
all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the
reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.)
Difference from
March 10.
previous week.
Loans and investments
9782,077,000
Inc. $9,441,900
Gold
2,867,400 Dec.
12,400
Currency and bank notes
19,049,100 Inc.
68.600
Deposits with Federal Reserve Bank of New York
66,109,100 Dec. 882,600
Total deposits
818,233,900 Inc. 10,968.400
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City exchanges and U.S. deposits_ 772,369.800 Inc. 10,628.500
Week ending Mazch 10 1923.
Reserve on deposits
120,080,300 Dec.
147,800
March 3
Percentage of reserve, 19.9%.
Tato Ciphers. (00) omitted. Ifembersof
Trtut
1923.
RESERVE.
F.R.System Companies Total.
-State Banks
- -Trust CompaniesCapital
Cash In vault
$38,875,0 $5,000,0 $43,875,0 $63,875.0
*$27,160,500 15.87%
$60,865,100 14.11% Surplus
Deposits in banks and trust cos____ 8,884,100 5.19%
102,652,0 14,498,0 117,148.0 117,148,0
23,170,600 5.37% Loans, and profits
dIsc'ts & invortm•ts 707,927,0 44,042,0 751,969,0 732,851,0
for Clear.House 26,243,0
Total
734,0 26.977,0 35,040.0
$36,044,600 21.06%
$84,035,700 19.48% Exchanges
Due from banks
92,286,0
17,0 92,303,0 103,925,0
*Includes deposits with the Federal Reserve Bank of New York, which for the Bank deposits
131,153,0
732,0 131,885,0 132,219,0
Individual deposits
State banks and trust companies combined on March 10 was $66,109,100.
539,331,0 30,102.0 569.433,0 573.263,0
Time deposits
36,131,0
751,0 36.882,0 33,409,0
Total deposits
706,615,0 31,585,0 738.200,0 738,891.0:
U.S deposits (not inel.)_
8.803,0
8.110,0
Res've
with
deposit's
4,712,0
4,712,0
Banks and Trust Companies in New York City.-The Reserve withlegal
4,201,01
F.R.Bank
57,281,0
57,281.0 57,926.0,
averages of the New York City Clearing House banks and Cash in vault'
*9,943,0
1,247,0 11,190,0 11.219.0
Total reserve and cash held 67,224,0
5.959,0 73,183.0 73.349,0
trust companies combined with those for the State banks Reserve required
57,997,0
4,549.0 62.546,0 61,612,0;
Excess res. dr cash in vault_
9,227.0
2,657,0 11,884,0 13,009.0
and trust companies in Greater New York City outside
of
•Cash in vault not counted as reserve for Federal Reserve
members.
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
•
GREATER NEW YORK.

Feb. 28
1923.

Feb. 24

1923.
840.875,0
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
10,3133.0

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 Maroh
Loans and
Demand
*Total Cash
Reserve in
14 1923 in
Investment,.
Deposits.
in Vaults. Depositories. comparison with the previous
week and the corresponding
Week endedyear:
last
date
$
8
$
$
sv. 18
5,331,639,900 4,569.953.000
89,213,900 617,659.300
Mar.141023. March 71923. afar. 151922.
v.25
5,314,686,500 4,562,410.100
Resources
-$
87,309,000 613.970,600
$
E. 2
5,327,903.200 4,592,129,500
88.954,800 612,088,200 Gold and gold certificates
147.668,550 144,503.433 222,688,000
30. 9
5,309,488.800 4,542,829,600
91,414,200 609,280,700 Gold settlement fund-F. R. Board
286,333.787 261,804,766
53,109,000
sc. 16
4,798,475,400 4,545.721.000
93,839,300 609.293.500
X. 23
5,523,709.500 4,594.948,100 100,766,600 618.154.200
Total gold held by bank
434,002,337 406.308,200 275,797,000
x. 30
5,519,496,000 4,733,584.900 100,243,100 632,127,800 Gold with Federal Reserve Agent
609,401,970 624,569,470 770,673,000
0. 6
5,630,574,400 4,802,407.700
90.877.500 656,380,000 Gold redemption fund
9.485.855
11,471,055
10,000,000
n. 13
5,529.461,100 4,774.730,400
93.343.800 642,753,600
n. 20
5,562,902.500 4,760,043.200
Total gold reserves
80,646,900
1,052,890,163
637,700.500
1,042,348,726 1,056,470,000
a. 27
5.522,233,2M 4,734.898,900
Reserves
other
than
gold
83,814,700
822,530.300
17,043,257
34,081,000
19.198.994
B. 3
5,532,381,800 4,731,427,200
82.113,900 827.114.400
B. 10
8.498,199,200 4.718,879,400
Total reserves
83,018.000 824.211.400
1,069,933,420 1,061.547,720 1,090.551,000
B. 17
5,492,303.000 4,722,504,900
'Non-reserve
cash
81,338,300
831,893.900
8,368,415
10.057,927
B. 24
5.483,982.900 4,715,552,100
81,328,900 827,981,800 Bills discounted:
Sr. 3
5,513.445.100 4,733,493.300
Secured by U.S. Govt. obligations
81,535,300 831.333,800
176.173.475 170.340.685
37,970,000
Sr. 10
5.475.408 non 4 544 041 Ann
as Ken MA
Rid 750 one
All other
33,308.679
26,328,000
29,897.684
Bills bought in open.'market
35,263.703
28,428,009
29,480,225
Total bills on hand
244.745,858 229,718.595
92,726,000
New York City Non-Member Banks and Trust
U. S. bonds and notes
14,428,750
77,348,000
12,835,750
Corn- U.
S. certificates of indebtednesspanies.-The following are the returns to the Clearing
One-year certificates (Pittman Act)
House
30,400,001
All other
by clearing non-member institution
10,000.600
13,220,000 177,297,000
s and which are not included in the "Clearing House Returns" in
Total earning assets
269.172.608 255,774,345 377,771,000
the foregoing:
Bank premlsel.,
10,872,410
7,576,000
10.872.400
5% redemp.fund agst. F.R.. bank notes_
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
1,331,000
YORK CLEARING Uncollected items
152,414,152
123,814,000
118.592,202
HOUSE.
All other resources
1,896,093
2.380,000
1,743,431
(Stated in thousands of dollars-that is, three ciphers
IWO) omitted.)
Total resources
1 512,655.100 1,458,588.028 1,603,423,000
LiabilUiesNet
Loans
Capital paid in
CLEARING
aplial., Profits. Dis28,887,900
27,062,000
29,127.900
Reserve Net
Net
Nat'l
Surplus
NON-MEMBERS
counts. Cash
59,799.523
60,197,000
59.799,523
with Demand Time Bank
Depositsllat.bk.s.Dee.29 Investin
Legal
DeDeCircuGovernment
Week ending 4, tatelsks.Novi5 maws. Vault.
479,473
389,000
10,807,022
Deposi posits. posits. lotion.
Member banks-Reserve account
March 10 1923. r. cos. Dec.30 Ale.
724,458.362 683,969,043 757,553.000
tortes.
All other
14,151,000
9,815,195
9,985,366
Members of
Average Average Averag, Average Average Average
Total
red', Res. Bank. $
$
$
734,753,031 704.761.432 772,093,000
$
$
$
$
$
F. R. notes In actual circulation
Battery Park Nat. 1.500 1.163 11,456
16: 1,113
7,550
495
197 F. R. bank notes in circu'n-net liability 567,16e.298 570.391.134 626,501,000
Pr. R.Grace St Co_
500 1,339 8,446
15,851,000
29
466
1,989 5,003
Deferred availability Items
97,626,000
119,055,542
91,839,472
All other liabilities
Total Mar. 10_ 2,000 2.502 19.902
4,093,000
2,990,805
2,668,564
1971 1,579
9.539 5,498
197
Total liabilities
State Banks
Not Mt mbers of Fed. Res'ye Bank
1 512,655,100 1.458,588.026 1.603.423,000
Bank or Wash. Ills
200
320 5,384
639
290
4,842 1,083
---- Ratio of total reserves to deposit and
Ilolonial Bank..__
800 1,879 20,209 2,546 1,529 21,473
F. R. note liabilities combined
78.0%
82.2%
83.2%
Contingent liability on bills purchased
Total Mar. 10_
Loon 2,208 25,593 3,1
1,819 26,315 1,083
for foreign correspondents
---10.941,876
8,124,142
13,856.508
rrust Companies ot Me bers of Fed.Reeve Bank.
• Not shown separately prior to January
1923.
qech.Tr.,Bayonne
SOO
346 9,084
402
1381
3,374 5,636
Mar.
10_
Total
500
348 9,084
402
138
3,374 5,636
---CURRENT NOTICES.
3rand aggregate__ 3,500 5,059 54,579 3,784 3,536 a39,228 12,217
197
-A booklet entitled "A Suggestion
Annparison with p evtou A week__ +956 +103 +185
to Investore has just been issued
+718, +318
-1
by Chisholm & Chapman.
This booklet discusses some of the principles
3r'd weir., Mar. 3 3,500 5.059 53,623 3,681 3,3511 a38,515 11,899
of investing and trading that are
198
3,..d aggr., Feb.24 3,500 5,059 53,988 3,580 3.323,
often overlooked or neglected.
a37,113 12,255
198
-Spencer Trask & Co. have issued a special circular on the
)rd aggr., Feb. 17 3.500 5 059 54,903 3,496 3,579 a37,380 13,917
Owens Bottle
196
,
....• ...... Vet. 111 2 Ann
is ma Its RR7 2754 fl 422 .20 5.4. Its "la5
Company analyzing its remarkable growth, its strong financial
10K
position,
its established earning power and its enviable
a U. S. deposits deducted. $353 000.
dividend record.
Bills payable, refilmounts, acceptances and other liabilities, $2378,033.
-Gerald B.Christie,for some years with Swartwout
& Appenzellar,is now
Excess reserve. $154.100 increase.
associated with the sales department of Blodget & Co.




[voL. 116.

THE CHRONICLE

1152

Weekly Return of the Federal Reserve Board.
Thursday afternoon, March 15,and showing the condition
The following is the return issued by the Federal Reserve Board
y.
In the first table we present the results for the system
Wednesda
on
business
of
close
the
at
Banks
of the twelve Reserve
and with those of the corresponding week last year.
weeks
preceding
seven
for
the
the
figures
with
n
as a whole in compariso
the twelve banks. The Federal Reserve Agents'
of
each
for
separately
liabilities
and
the
resources
shows
The second table
Reserve notes between the Comptroller and
Federal
ns
in
transactio
regarding
details
gives
Accounts (third table following)
Board's comment upon the return for the latest
Reserve
The
banks.
Reserve
Federal
and
the
latter
between
Reserve Agents and
and Discussions."
Events
of
"Current
department
our
in
item
first
the
being
1118,
week appears on page
MARCH 14 1923.
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
COMBINED RESOURCES AND LIABILITIES OF THE

Feb. 7 1923. Jan. 31 1923. Jan. 24 1923. Mar. 15 1922.
Mar. 141923. March 7 1923. Feb. 28 1923. Feb. 21 1923. Feb. 14 1923.
RESOURCES.
Gold and gold certificates
Gold settlement fund. F. R. Board
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Reserves other than gold
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
Other certificates
Municipal warrants

313,211,000
638,208,000

1
311,550,000, 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

298,207,000
556,642.000

321,283,000
484,180,000

876,845,000 854,067.000 854,849.000 805,463,000
951.419,000 956,835,000 906,619,000 877,525,000 874.341,000 2,139,375,000 2.174077,000 2,181,121,000 2,090,124,000
2.068,613,000 2,074,043.0002,108,707,000 2.142,076,000 2,144,036,000
80,435,000
44,167,000
47.066.000
59,856,000
60,120.000
55,641,000
57,427,000
52,763,000,
58,262,000
2.976,022,000
3,080.137,000
3,078.497,000 3,076.076,000 3,075,810,000
3,078,294,000 3,083,641,000!3,072,813,000 3,075,242,000 140,464.000 143,288,000 151.333,000 141.844,000 125,375,000
118,275.000 117,633,000i 128,787.000 128,367,000
3,219,364,000 3.227.143,000 3,221.981.000 3,101,397,000
3,196,569,000 3,201,274,000,3,201,600,000 3,203.609,000 3,218061.000
79,958,000
54,452,000
67.770,000
67,789.000
68,108,000
70,144,0001 45,824,000
67,917,000
344,646,000 377,482.000 341,649.000 229,068,000
428,724,000
368,241,000
350,039,000
,
361,2E6,000 330,093,000
224,715,000 224,663,000 219,769,000 228,086,000 362,662,000
251,773,000 241,394,000 239,721,000 259.682,000 184,476,000 184,945,000 188,566.000 204,547.000
87,311,000
225,416.000 218,886,000 207,678,000 182,353,000
137,915,000 754,254,000 785,817,000 774,282,000 679,041,000
838,475,000 790.373,000 803,438,000 810,276,000 163,240,000 166,086,000 162052.000 166.857.000 215,093,000
160,679,000 157,976,000 173,975,000 167,420,000
383,274,000
187.038,000
184,C34,000 186,911,000 189,099,000 186,614,000 190.283,000
190.783.001 185,982,000
102,000
4,000

1,191,438,000 1,107,378,000 1,139,552,000 1,127,105,000 1,277,510,000
38,005,000
1,183,188,000 1,135,260,000 1,166.512,000 1,164,310,000
46.400000
46,471,300
46,640,000
Total earning assets
46,777,000
47,042,000
47,863,000
47,937,000
48,168,000
8,005,000
310,000
311,000
311,000
Bank premises
311.000
311,000
311,000
311,000
291,000
524,354,000 530,431,000 580,148,000 607,795,000
5% redemp. fund apt. F. It. bank notes
676,805,000
606,089,000
608,167,000
689,039,0,0 618,956,000
15,310.000
15,497.000
15,180,000
15,b18,000
Uncollected items
16,045.000
16,566,000
16,799.000
17,113,000
17,348000
All other resources
5,013,540.000 5,071,399,000 5,048,022,000
5,087,076,000 5,106,755,000 5,218,126.000 4,981,635,000
5,090,995.000
5,202,460.000
Total resources
103,948.000
LIABILITIES.
108,373,000 107,810,000 107,703.000 107,648.000
108,483,000 108,852,000 108,867,000 108,874,000 218,369,000 218,369,000 218,369,000 218,369,000 215,398,000
Capital paid in
16,789,000
218,369,000 218,369,000 218.369,000 218.369,000
33,042,000
46.014,000
35,131.000
43,492,000
Surplus
46,306,000
43,401,000
38.773,000
42,442,000
1,913,446000 1,924.521.000 1,845,493,000
Deposits-Government
1.887,552,000 1,897,691,000 1064,561.000 1,905,530,000
1,879.697,000
51,181,000
1.932,714,000
33,263.000
23,780,000, 31.602,000
Member bank-reserve account
21,917.000, 22,639,000
21,364,000
24,392.000
20,633,000
Other deposits
1,913,463,000
2,030,692.000 1,964,441,000 1,991,002,000 1,900.826.000.2,188,593,000
1065,914,000
1,952,317,000
1,942,862,000
1,995,789,000
2,217,817,000 2.203,701,000 2,225,231,000
Total deposits
2,256,302,000 2,240,943,000 2,260,497,000 2.243,603,000
2,242.902,000
3,105.000
circulation
3,309.000,
actual
In
3.074.000
F. R. notes
3,066,000
2,645,000
2,788,000
2,599,000
514.997,000 529,912,000
F.R.bank notes In circulation-net liab. 621,433,000 549,513,000 546,254,000 538,323,000 602,878,000 459,255,000, 479,551,000
10,049.000, 11,196,000, 18,679,000
10,634.000
11,137,000
Deferred availability items
11,712,000
11,681,000
12,309.000
12,885.000
All other liabilities
5,218,126,000 4,981,635,000 5,013,540,000 5.071,399,000 5,048,022,000
5,202,460,000 5,090,995,000 5,087,076,000 5.100,755,000
Total liabilities
72.5%
70.6%
and
deposit
73.3%
73.5%1
Ratio of gold reserves to
72.0%
72.7%
73.2%
73.4%
72.6%
F. R. note liabilities combined
76.6%
76.4%
and
70.9%
deposit
to
reserves
total
75.3%
77.0%,
Ratio of
75.8%
76.2%
76.2%
75.4%
F. R. note liabilities combined
$
1
1
1
27,723,000
71.673,030
65,983,000
65,080.000
Distribution by Ma:urina70,346,000
59,427.000
58,137.000
61.624,000
73,178,000
421,946000
317,482,000
market.
open
453,690,000
in
bought
430.152.000
bills
days
524.616000
l-15
453,609000 419,826,000 455,438.000 484,014,000
13,970,000 167,362,000
11,048,000
4,872,000
1-15 days bills discounted
13,286,000
4,684,000
68,620,000
61,405,000
58,300,000
1-15 days U. S. certif. of Indebtedness.
18,707,000
41.930,000
41.654.000
34,940,000
1-15 days municipal warrants
33080.000
34,755,000
42,253,000
39,323.000
41027,000
73,175,000
31,576.000
34,946,000
36,917.000
16-30 days bills bought in open market_
28.607.030
31,901.000
32,457,000
33,993,000
36,384,000
14,763,000
16-30 days bills discounted
38,933,000
46,992,000
35,000
16-30 days U. S. certif. of indebtedness_
23,813,000
52,446,000
45,442,000
42,551,000
43,982,000
16-30 days municipal warrants
44,669,000
57.810.000
64,662,000
60,442,000
97,705,000
52,300,000
46,589,000
46,593,000
45,800,000
31-60 days bills bought in open market_
53,490.000
54,321,000
59.752,000
3,703,000
60,086,000
76,567,000
83,201.000
48.213,000
31-60 days bills discounted
18.500000
15,000.000
102,000
4,000
31-60 days U. S. certif. of indebtedness_
12,101,000
29,204,000
27.565.000
warrants
32.354,000
26,498,000
31-60 days municipal
36.738,000
38,789,000
44.344,000
38,968,000
67,223,000
36,641.000
38,258,000
31,777,000
32,284,000
61-90 days bills bought in open market_
35.210,000
32,519,000
37,865,000
500,000
41.971,000
14,507,000
61-90 days bills discounted
51-90 days U. S. certif. of Indebtedness_
9,294,000
4,967,000
7,922,000
10,020.000
10,570.000
61-90 days municipal warrants
8,292,000
10,689.000
8,933,000
11,201000
27,272.000
36,145,000
23,768.000
23,870,000
22,132.000
Over 90 days bills bought In open market
21,180,000
21,025,000
20,051,000
21.009.000
80.918,000 196,949,000
96,534,000
133,953,000
Over 90 days bills discounted
125,506,000 120.444,000 119.938,000 119,584,000
_
125,734.000
indebtedness_
of
certif.
days
Over 90
Over 90 days municipal warrants
Federal Reserve NotesOutstanding
Held by banks

2,637,482,000 2,650,183,000 2,647,562,000 2,652,879,000
394,580,000 393,881,000 400,619,000 392,382.000

2,633,175.000 2,619,758.000 2,832,727.000 2.654,125.000 2,527,772,000
389,572.000 401.941,000 429,026,000 428,894,000 339,179,000

2,243,603,000 2.217.817,000 2,203,701.000 2,225,231,000 2,188,593,000
3,528.348,000 3,535,806.000 3,566,210,000 3088,873,000 3,407,483,1100
3,487,449,000 3,503,305,000 3,512.304,000 3,527052,000
Amount chargeable to Fed.Res. Agent 849,967000 853,122,000 864,742,000 874.173.000 895,173,000 916,0415,000 933,483,000 934,748.000 879,711,000
Agent
Reserve
Federal
of
hands
In
2,633.175,000 2.619,758,000 2,832,727,000 2,854.125,000 2,527,772,006
2,637,482,000 2,650,183,000 2,647,562,000 2,652,879,000
Issued to Federal Reserve banks
In actual circulation

2,242,902,000 2,256,302,000 2,246,943,000 2,260.491.000

312,399,000

329,799,000 339,809,000 339.809.000 403,713,0011
322,399,000 317.399,000 327,398,00i, 330,809.000 480,383000 458,050,000 473,004.000 437,648,000
489,139,000
563,809,000 576,140,000 538,795.000 510.'03,000 128,130,000 130,567,000 133,752,000 133,647,000 118,31.7,000
126,836,000 124,765,000 138,023,000 126,833.000 1,685097.0001,679,009,000 1,701,116,000 1,7070155,000 1,568,094,000
1,629.378,000 1,626.879,000 1,655,345,000 1,687,845,000
2,833,175,000 2,619,758,000 2,632.727.000 2,654,125,000 2,527,772,001
2.637,482,000 2,650,183.000 2,647,562,000 2,652,879,000
Total
800,422.000 721,280,000 753,115.000 746,005,000 650,065,000
760.241.000
749,098,000
756,301.000
789,610,000
Eligible paper delivered to F. It. Agent.

How SecuredBy gold and gold certificates
By eligible Paper
Gold redemption fund
With Federal Reserve Board

1923.
• Not shown separately prior to Jan.
RESERVE BANKS AT CLOSE OF BUSINESS MARCH 14 1923
AND LIABILITIES OF EACH OF THE 12 FEDERAL
WEEKLY STATEMENT OF RESOURCES
,
Total
Chicago B. Louis Minneap. Kan. City Dallas San Fran.
Two ciphers (00) omtued.
Boston New York Phila. Cleveland Richmond Atlanta
-Federal Reserve Bank of$
$
i
$
i
$
$
$
$
$
$
$
$
RESOURCES.
5,717,0 52,950,0 5,560,0 7,795,0 3,007,0 11.101,0 19,677.0 313.211,0
17,433,0 147,668.0 22,330,0 12,860,0 7,105,0 19,909,0 57,505,0 8,108,0 24.588,0 30,901,0 10,618,0 42,287,0 038,208,0
certificates
gold
and
Gold
fund-F.R.B'rd 31,001,0 286,334,0 29,668,0 71,383,0 25,846,0
Gold settlement
25,626,0 110,455,0 13.668,0 32,383,0 33,968,0 21.722,0 61.904,0 051,419,0
48,439,0 434.002,0 51,998,0 84,243,0 32.951,0
307,872,0 81,099,0 47,848,0 54,252,0 14.674,0 180,470,0 2,068,613,0
Total gold held by banks
177,954,0 609,402,0 180,279,0 205,722,0 60,362,0 103,679,0
58,282,0
1,239,0 11.754,0 2,430,0 1,451,0 1,041,0 1,577,0 5.228,0
5,517,0
Gold with F. It. Agents
3,731,0
9.486,0 8,590,0
5,618.0
fund
Gold redemption
135,544,0 490,081,0 97,197.0 81,682,0 89061,0 37,973,0 247.662,0 3,078,294,0
98,830,0
293,696,0
220,867,0
1.0.52,850.0
232,011,0
19,641,0 20,367,0
829,0 4.249,0 5,277,0 4,872,00 118,275,0
Total gold reserves
17.043,0 7.497,0 7,774,0 11,989,0 7.789,0
10,948,0
Reserves other than gold
94,110,0 43,250,0 252,534.03,196.569,0
117.564,0
722.0
82,511,0
143.333,0509.
110,819.0
301,470,0
67,917,0
242,959.0 1.000.933.0228,384,0
6,292,0 4,695,0 2,000,0 3,952,0 4,400,0 9,003,0
Total reserves
8,386,0 3,088,0 4,061,0 3,351,0 8,362,0
10,347,0
Non-reserve cash
361,286.0
10.247,0
1,2540
46,804,0
7,883,0
8,524,0
1,489,0
2,001,0
discounted:
Bills
ga'as 22,072,0 176.173,0 40.890,0 26,195,0 17.754,0 13.993,0 33,094.0 10,701,0 15,590,0 14,015,0 17.572,0 32,679.0 251,773,0
Secured by U.S.Govt.obil
33,309,0 13,467,0 13,786,0 25,708,0
225,416,0
27,859,0
780,0 11,532,0 28,375,0 9,923.0 3,927,0 1,077,0 18,756,0 31,663.0
Other bills discounted
35.264.0 28.620,0 38.388.0
17.111,0
market
Bills bought in open
838,475,0
74,580,0
27,526,0 108,273,0 29,148,0 21,006,0 22,975,0 37,582.0
160,679,0
67,042,0 244,746,0 82,977,0 78,369,0 44,242,0
631,0 7,566,0 18,118.0 12,935,0 33.099,0 2,879.0 27,616,0 184,034.0
Total bills on hand
427.0 24.438.0 12,355,0 1,341,0 14.531,0 66,719,0 10,718,0
7,126,0
.
14
5,374,0
9,827,0
12,413.0
730,0
U.S. bonds and notes
4,632,0 25,269,0
10,000,0
22,069,0
U.S. certificates of indebtedness_
34.671., 68.487.0 50.288.0 109.331,0 1,133,188,0
OA Arm n 959 1730 112 047 n 115 993 0 48.583.0 42.588.0 182,558.0 57.984.0
Total earning assets




MAR. 17 1923.]

THE CHRONICLE

1153

(Conctuded)
Boston Netts York PhGa. 1Cleveland Richmond' Atlanta Chicago St.
clphers (00) omitted.Louis!Minneap. Kan. City! Dallas San Fran.
Total
$
s
I
$
$
$
S
Bank premises
S
S
I
$
$
4,434,0
10,873,0
676,0
7,807,0
2,617,0
2,216,0
8,747,0
926,0
5% redemption fund against
1,065,0 4,831,0 1,937,0 1,979,9 48,108.0
F. It. bank notes
65,0
Uncollected items
200.0
26.0
291,0
61,841,0
152,414,0
58,991,0
68,390,0
59,857,0
28,908,0
93,216.0
16,196,0 40,777,0 25,222,0 42,577.0
All other resources
492,0 1,896,0 667,0: 936.0 439.0 521,0 1,250,0 40,650,0:
608,0: 1,882,0 1,219,0 2,278,0 5,160,0 689.039,0
17,348,0
Total resources
414,558,0 1,512,655,0403,833,0498,657,0 222,666,0 225,923,0 801,850,0 222,427,01 138,325,0 213,576.0 127.401,0 420,584,0
5,202,460,0
RESOURCES
Two

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

8,046,0
16,312,0
5,133,0
123,303,0
472,0

Total deposits
128,908,0
F.R.notes in actual circulation_ _ 202,290,0
F. R. bank notes in circulation
net liability
Deferred availability items
58,485,0
All other liabilities
517,0
Total liabilities
Mensorand.z.
Ratio of total reserves to deposit
and F. It, note liabilities combined, per cent
Contingent liability on bills purchased for foreign eorresnomrt

28,888,0 0,459,0, 11,975.0 5,658,0 4,419,0 14,964,0 4,908,0
3,570,0 4,647,0 4,182,0 7.767,0 108,483,0
59,800,0 18,749,01 23,495,0 11,288,0 8,942,0 30,393,0 9,665,0.
7,473,0 9,488,0 7,496,0 15,263,0 218,369,0
479,0 3,905,0, 4,167,0 4,317,0 3,995,0 3,199,0 3,609,01 2.168,0
3.717,0 2,152,0 5,601,0
42,442,0
724,458,0 115,378.0:162,684,0 61,349.0 57,106.0 281,017,0 74,054,0
52,195,0 83,895,0 53.496,0 143,779.0 1,932,714.0
9,816,0
502,0, 1,287,0
193.0
216,0 1,207,0
624,01
784,0
847,0
248,0 4,437,0
20,633,0
734.753,0 119,785,0168,138,0 65,859,0 61,317.0 285,423,0 78,287,0;
55,147.0 88,459,0 55,806,0 153,817,0 1.995,789,0
537,169,0 202.025,0.230,514,0 84,976,0 124,317,0 391.487,0 86,936,0
55,885,0 84,539.0 30,381,0 202,383,0 2.242,902,0

453,0
1,701.0
445,0
2,599,0
119,055,0 53,031,0, 63,514,0 54,394,0 26,297,0 77,774,0 41,827,0,
15,358,0 44,248,0 27,274.0 40,176,0 621,433.0
2,990,0
784,0 1,021,0
491,0
636,0 1,351,0
804,0;
892,0
494,0 1,727,0 1.178,0
12,885,0
414,553,0 1,512,655,0 403,833,01498,357,0 222,666,0 225,928,0
801,850,0 222.427,0138,325,0 213.576,0 127,401,0 420,584.0 5,202,460,0
73.4

82.2

71.0

75.6

73.5

77.2

75.3

71.2

74.3

61.5

50.1

70.9

75.4

2.132.0

13,857,0

2,444.0

3.070.0

1,478,0

1,169.0

3,951.0

1,251,0

966.0

1.222,0

1,023,0

2,018,0

34,581,0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MARCH 14
1923.
Federal Reserve Agent atBoston. New York Phila. Clerer d Richm'd Atlanta Chicago &Louts Minn. K. City Dallas San Fr. Total
Resources3
$
$
$
$
Federal Reserve notes on hand(In Thousands of Dollars) 80,000
$
$
$
$
$
$
$
$
331,310 51,000
32,820 29.340 75,264
Federal Reserve notes outstanding
113,360 22,740 8,325 19,810
21,239 61,725
849,967
Collateral security for Federal Reserve notes outstanding 223,041 746,273 223,247 252,920 94,801 130,830 441,247 106,001 60,234 72,838
33,598
252.449
2.637,482
Gold and gold
25,300 235,531 7,000 13,275
2,400
Gold redemptioncertificates
9,380 13,052
fund
312,399
14,654 32,871 12,390 12,447 3,567 6,279
Gold Fund-Federal
15,228 4,219 2,796 2,892 6,461
2,213 17.280 126,836
Board
138,000 341,000 140,889
180,000
56,795
Eligible paperf AmountReserve
100.000
352,644
67.500
51.360 6,000 153,190 1,629,378
required
45,087 136,871 62,958 47,198 34.439 22,151 73,375 24,905 32,000
Excess amount held
18,586 18,924
538,869
21,955 75,922 9,500 27,529 7,742 5,372 34,895 4,243 12,386
8,159 4,330 18,542 71,979
2,502 220,741
Total
548,037 1,902,808 566,994 566.189 226,684 342,300 1,030,749 238,991 136,952 169,866 106,977 569,125 6,345,672
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
303,041 1,080,613 274.247 285,740 124,141 208,008 554,607 128,744 68,559 92.648 51,837 314,174 3,487,449
Collateral received fromf
Gold
177,954 609,402 160,279 205,722 60.362 108,679 367.872 61,099 47,848 54,252 14,671 180,470 2,068,613
Federal Reserve lianklEllgibl
e paper
67,642 212,793 72,408 74,727 42,181 27,523 108,270 29,148 20,545 22,966 37,466 74,481
789,610
Total
548,037 1,902,808 506,994 586,189 226,684 342,300 1,030,749 238,991 136,952 169,866 108,977 589,125 6,345,672
Federal Reserve notes outstanding
223,641 748,273 223.247 252,920 94.801 130.830 441,247 106,004 60,234 72,S38 33,508 252,449 2,637,482
Federal Reserve notes held by banks
20,751 179,104 21,222 22,406 9,825 6,513 49,760 19,068 4,349 8,299 3,217 50,068 394,580
Federal Reserve notes in actual circulation
202.290 567,169 202.025 230.514 84.976 124,317 391.487i 86.936 '55,885 64,539 30,381 202,383 2.242,902

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" Doe. 29 1917, Inv
2523. The comment a! the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussio
ns" on page 111g.
I. Data for all reporting member banks In each Federal Reserve District close of business
at
March 7 1923. Three ciphers (OW omitted.
Federal Reserve District.
Boston New York
Number of reporting banks
46
105
Loans and discounts, gross:
S
5
Secured by U.S. Govt.obligations 14,231
88,131
Secured by stocks and bonds
233,025 1,846,149
All other loans and discounts
605,348 2,441,412
Total loans and discounts
852,604 4,175,692
U.S. pre-war
12,797 48,466
U. S. Liberty bonds
78,063 479,844
U.S. TreasuryNotes
Notes
5,294 45,438
U.S. Victory notes & Treas. notes_ 24,769
514,745
U.S. Certificates
of Indebtedness
1,831 46,507
Other bonds, stocks
and securities 172,965
741,654
Total loans &
Reserve balancedisets & investrn'ts, 1,148,323 6,052,346
617,432
Cash in vault with F.It. Bank_ 84,440
18,947 81,946
Net demand deposits
810,838
4,809,592
Titne deposits
246,738 833,652
Government demposits
Bills payable and rediscounts with 7,389 41,813
Federal Reserve Bank:
Secured by U.S.Govt.
obligations 9,010 152,138
All other
16.789 26.256

Phila. Cleveland Richmond
55
84
78
5
$
s
19,043 32,308 10,481
258,017 382,294 123,165
330,034 663,302 319,918
807,694 1,077,901 453,564
11,464 48,056 30,460
47,966 121,866 32,817
4,161 8,965 4,776
53,947 57,635 9,462
1,659 9,745 2.701
184,437 286,273 52,573
911,328 1,610,444 586.353
72,337 105,285 38.386
16,677 32.084 13.708
718,675 933,033 336.886
71.566 553,081 152,514
9,631 5,179 4,578
14,323
8.970

5,566
11.215

10,472
13.820

Atlanta Chicago St.

Louts

Minneay. Kan. CUP Dallas San Fran.

Total

39
107
30
36
78
52
06
777
3
s
3
$
$
3
3
$
7,393 45.21317,894
7,690 8.238 5.242 16.303
272,169
61,971 540.784 136,963 48,270 80,090 51.103 154,934 3,717,365
337,459 1.114,963 305.342 191,810 361,285 211,043 763.477 7,645,393

406,825 1,700,960
14,551 24,903
12,610 94,925
1,837 12.710
7,242 143,839
4,319 24,284
38.938 365,824
484.322 2.387,495
33,119 208,528
10.602 55,158
286,632 1,514,613
166,048 765,001
2,444 13,948
1,371

4725

36,983
8211

480,199
15,479
23,916
9,554
25,515
3,420
88,895
626,978
45,155
7,977
377,656
184,089
3,852
2,620
711R

247,770
8,776
14,808
1,363
24,940
1,904
30,701
330,282
25,631
5,809
218,265
82,737
2,984
115
1,

12nR

449,613 287,388 934,714 11,634,927
12.077 19,753
283,169
46.639 13,683 36.387
93,219
3,871 2.649 12,838 1,060,336
113,456
21,392 17,059 42,118 942,713
5.995 3,339 11.340 117,094
58,442 9,022 158,311 2,186,035
598,029 332,923 1.238.927 18,337.730
49,446 ' 28.187 97,033 1,403,014
11.788 9.657 20,327 284,078
470,137 244,883 863.94111.3
85,154
123,899 74,989 601,259 3,855,553
1,081
1,305 8.071 100,278
4,323
2104

675

S 522

3,801

IS 505

247,490
124 119

2. Data of reporting member banks in Federal Reserve Bank and branch
cities and all other reporting banks.
1
New
York
City
. City of Chicago AU F. R. Bank Cities!P. R.
Three ciphers (000) amlied.
Branch Cities!Other Selected Cities.
rotal.
Mar. 7. Feb. 28. Mar. 7. Feb. 28. Mar. 7. I Feb. 23. Mar. 7. Feb.
28. Mar. 7. Feb. 28. Mar. 7 '23 4.28'23 Mar. 8 '22
Number of reporting banks
63
63
49
49
259
259
207
Loans and discounts, gross:
207
311
311
778
s
777 06
$
s
$
s
8
3
Secured by U.S. Govt.obligation 79,070
$
$
$
$
84.073 35.095 37,201 182.865
$
1
$
190,246
48,972
Secured by stocks and bonds
1,460,990 1,557,602 409.029 407,902 2,693,162 2,780.163 517,861 48,763 40,332 43,51
282,521
272,16.
419,058
1
All ot her loans and discounts._ _ _ _ 2,137,150 2,087,816 654,343 637.789 4,723,079 4,653.398
550,752
476,342
468,79
2,799,712'
3,717,36
3,110.773
1,548.909 1.545,7771,373,405 1,357,96 7.845,39 7,3.57,140 7,366,394
Total loans and discounts
3,677,2103,729,5811,098,467 1,052,872 7,599,106 7,623,807 2,145,7422,145,292
U. S. pre-war bonds
37,815
70,274 11,634,9 11.639.37310
37,805
3.361
3,05099,818 99.262 77.098 77.27711,890,0791,8
U. B. Liberty bonds
108,253 106,261 283.16 282,800 ,896.225
411,389 396,790 36,757 35,418
638,906
623,273
250,608
U.S. Treasury bonds
170,822 169.63 1,060,336 1,043,296 997,663
34,795 33,433 5,439 25,380 63,987 82,831 26,467 249,388
U.S. Victory notes & Treasury notes 483,347 458,699 101,586 82,216 725,851 684,252 138,674 27,189 23,002 23,299 113,458 133,319
U.S. Certificates of Indebtedness
78,188 77,599 942,713 900.000, 420,362
43,889 65.767 12,28 12,490 70.457 93,917 33,412 138,149
Other bonds, stocks and secmities 543,290
13,225 19,290 117.094 145,704 152,726
540,677 188,672 186,686 1.189,890 1.185,090 574.689, 32,49
451 421,456 422.755
2,186,035 2,188,2961 2,059,609
Total loans & disc'ts & in vest'ts 5,231,735 5,262,752 1,446,567 1,428,112 10.388.015 10,392,4323,246,8903,248.
Reserve balance with F. It. Bank...I 567,869 598,049 150,675 147.537 999,136 1,005,997
243
2,703,025
16.337.730
,526,585
2,689.113
233,09 176,074 169.221 1,403,014116,329,78814
Cash In vault
67,209 66,336 30,624 29.173 '148.959 142,987 228,804
1,408,3101 1,303,763
59,022,
57,503
277,480.
78,697
234,67
76.991
4 319,334 4,469.536
Net detnand deposits
277,334
1.037,673
1,030,135
7,903.653 1.890,9251,899,182 1,708,147 1,716,777 11.385,15111,524.612 10,334.114
Time deposits
571,136 508,750 370,8221 367,688 7,786,032
1,811,1001,183,260;1,152,877 818,241 811,8 I 3,855.553 3.775,827 3,104.900
Government deposits
38,591 38,591 8,9421 8,942 1.874.052
I
74.546
74,339 16.6351 16,550 9,094 9,2 I 100.2751 190,109 278,396
sins payable and rediscounts with!
F. R. Bank:
Seed by U.S. Govt. obligations 131,655 132.995 18.666 19,776 185,961 202,129 43.244! 45,173 18.291 19,878 247,496
17,323 17,636 3,331 6,411 83,738 78,905 23,003 23,399 17,371 16,031 124,11 267.180
All other
118,334 960,094
159,261
Ratlo of bills payable & ri'd)sroumilelI
It. Bank to total loan
F.
with
1
...., 1..veatments nor cent
2.8
2.9
1.
1.8
2.8
2.7
2.01
2.1
1.3
1.
2.5
2
1.1
• Revised figures




[Vol,. 116.

THE CHRONICLE

1154

lOaniters'

.;

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.

antic

Wall Street, Friday Night, March 16 1923.
Railroad and Miscellaneous Stocks.-On a volume of
business substantially smaller than for some time past and
a paucity of news with any appreciable effect thereon, the
security markets were generally strong during the early part
of the week and reacted later. Stocks have been quite
irregular, however, throughout the week. Practically all
the active railway shares advanced on the early demand,
while industrials were inclined to be reactionary from the
beginning. The net results of the week's operations are
fractionally higher quotations for rails, while nearly all industrial stocks are lower. Both N. Y. Cent. and So. Pac.
have been notably strong. Am. Loc. and Beth. Steel have
been weak features. To-day's market was weak.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
STOCKS.
Week ending March 16. for
Week

Range since Jan. 1.

Range for Week.
Lowest.

'Highest.

Lowest.

Highest.

per share.$ per share.
Railroads. Par. Share $ per share. $ per share.
100 400 19 Mar 10 20 Mar 14 1434 Jan 243.4 Feb
Ann Arbor
91
Jan 9454 Jan
10
Mar
100 9134 Marl,9131
Bangor & Aroos. pref.100
Mar
Mar 125
100 125 Mar 13 125 Mar 13 120
100
Buffalo & Susq
Mar
C C C at St Louis_ _100 200 86 Mar 16 87 Mar 16 7534 Feb 92
Mar
Mar 52
100 52 Mar 12 52 Mar 12 52
Colo& Southern 2d pf100
100 2556 Mar 11 75% Mar 10 58% Jan 7534 Mar
Detroit United Ry__ _100
100 5,Yi Mar 16 556 Mar 16 4% Jan 576 Feb
Duluth SS & Atl, pf_100
Mar
Mar 56
33 56 Mar 15 56 Mar 15 56
Erie & Pittsburgh__ _5
Jan 25% Mar
Int di Gt No Ry (w 1)100 200 2434 Mar 14 2434 Mar 16 22
Mar
25
Mar
14
25
25
Mar
100 25 Mar 14
Keokuk & D M,pref_100
43.4 Mar 15 454 Jan 4% Feb
200 .474 Marl
Manhat Elev Scrip
Feb 38% Feb
300 3634 Mar 12 3654 Mar 12 35
M K & T,full pald
50 200 76;6 Mar 14 763t Mar 14 7634 Mar 7634 Mar
Morris & Essex
100 836 Marl'8% Mar 14 631 Jan 9,4 Mar
Nat Rys Mex, 151. 91.1
Mar
Mart 13
300 11 Marl.13 Mar 16 11
Pacific Coast
1
Maij 19% Mar
100 200 16 Mar 12 1934 Mar 16' 16
2d preferred
Jan
57%
Feb
51%
16,
Mar
5634
10
Mar
54
B.
1,900
L&
Ser
pf_
St
W,
Tol
Industrial & Miscall.
Feb 100% Jan
1,800 97 Mar 12 98% Mar 141 97
Amer Rolling M111, pt 1
Am Teleg & Cable_.100 300 5534 Mar 15 56 Mar 12 5534 Mai 5834 Feb
Jan
300 1751 Mar 13 1731 Mar 13 16
Art Metal Construe.
Amer Radiator, pref_100 200 12236 Marl.1233.4 Mar 15 12234 Mar 12334 Mar
800 256 Mar 14 2% Mar 14 134 Jan 234 Feb
Atl Fruit Col T ctf dep.Jan 434 Feb
50 200 3 Mar 10 3 Mar 10 2
Auto Sales
Mar
Mar 99
100 99 Mar 16 99 Mar 16: 99
Barnet Leather, pref_100
Jan
Jan 121
200 113 Mar 1511634 Mar 16 110
Bayuk Bros, 1st pref-100
Jan
99
Jan
98
14
Mar
9856
14
Mar
200
983.4
pf-100
Brown Shoe, Inc,
Jan
121
Mar
16
Mar
10654
Burns Bros, pref...100 30010634 Mar 13 107
Feb
200 104 Mar 10 104 Mar 10 10234 Jan 110
Cluett,Peab&Co,pf__100
Mar
100 1,000 94 Mar 12 96 Mar 10 9254 Jan 96
Coca-Cola, pref
Feb
700 4334 Mar 15 4336 Mar 10 3956 Feb 46
Corn Solvents A
Mar
Mar 102
100 102 Mar 10 102 Mar 10 102
Colo Fuel & Iron, pf.100
Jan
2231
Jan
14
18
Mar
• 100 18 Mar 14 18
Conley Tin Foil
Jan 11031 Feb
Cont Can,Inc, pref. _100 50010834 Mar 14 110 Mar 16 106
Feb
10936
Jan
101
10
Mar
15
Mar
10754
1093.4
900
Cosden & Co, pref
Feb
100 25 Mar 15 25 Mar 15 2474 Feb 25
1
Crex Carpet
Cuban Domln Sugar__ _ 22,100 103.1 Mar 10 1234 Mar 15 83.4 Feb' 1234 Mar
Mar
5731
Feb'
16
Mar
10
Mar
5134
5734
10 1,300 5631
Preferred
100 313.4 Mar 101 3136 Mar 10 3134 Mar 3174 Mar
Elk Horn Coal. pref. _5
300 2934 Mar 14 30 Mar 14 2534 Feb 3056 Feb
Emerson-Brant, preLl
Feb
Jan 138
Fid-Phoenix Fire Ins...25 30013234 Mar 12 135 Mar 10 102
*31,600 3834 Mar 10 4134 Mar 16 3736 Jan 4154 Mar
Flelschmann Co
Mar
10334
Jan
100
13
10336
Mar
13
Mar
GenAmTkCar.7%pf.100 600 10254
Mar
Jan 85
• 200 8334 Mar 16 84 Mar 16 73
Gen Baking Co
Jan 10254 Feb
Gimbel Bros, pref___100 700 9934 Mar 10 100 Mar 15 90
Feb
99
Feb
Goodyear nr pf w L..100 800 98 Mar 10 98 Mar 1( 98
Jan 10834 Mar
Gt Western Sugar pf_100 2,100 107 Mar 16 10834 Mar 14 105
Feb
Mar
4134
36
12
Mar
12
3734
Mar
• 1,000 37
Hayes Wheel
Mar 395.4 Mar
Household Products...* 10,300 38 Mar 16 3934 Mar 15 38
10C
101243.4 Mar 1512434 Mar 15 11934 Feb 12456 Mar
Ingersoll Rand
4054 Mar
Mar
3634
* 4,000 3834 Mar 12 4034 Mar 15
Intertype Corp
* 2,800 6954 Mar 15 7034 Mar 14 6534 Jan 7054 Mar
International Shoe
Mar
12034
Mar
15
14
Mar
116
15
Mar
115
3C0
1
Preferred
Mar
41. 9234 Mar 14 9256 Mar 14 8456 Jan 0254 Mar
Belly Swine6% cf.10C
11.4
Jan
00
12
Mar
104
12
Mar
104
10
pf_100
Inc
Kelsey Wheel
Jan
Ma:119
16
16
100 116 Mar 16 116 Mar
100
Lorillard mei
Feb
100 300 113% Mar 15 114% Mar 13 1256 Jan 115
Ma.y met
Mar
3831
Jan
2954
16
Ma:
13
3631
Mar
• 2,10 3534
Magma copper
Mar
* 700 9834 Mar 15 9834 Mar 10 933.4 Jan 9954
Metrop Edison pref
100 9034 Mar 14 9031 Mar 14 9031 Mar 9036 Mar
Mullins Body pref-_100
Mar
305
Feb
296
16
Mar
135299 Mar 14305
Nat Bk of Commerce 100
Feb
Feb104
6 100 Mar 13 100 Mar 13 100
Nat Cloak & Suit pf..1 i 1
Mar
59%
Mar
5834
13
Mar
5934
13
Mar
58%
300
NewpNerFIRyGhtE
Mar
90
Mar
1tt- 100 90 Mar 14. 90 Mar 14 90
1ii
Preferred
Mar
Feb 15
* 500 14 Mar 12 15 Mar 16 12
N Y Shipbuilding
Mar
2 109 Mar 13 110 Mar 12 10834 Feb110
Niagara Falls pr pt._1 s i
151 2231 Mar 2334 Mar
North American w 1_10 15,400 2254 Mar 12 2334 Mar 16j
Jan
6634
Jan
59
Mar
6554
16
Mar
6434
300
Ohio Fuel Supply___25
Jan 6634 Mar
500 6534 Mar 14 6634 Mar 161 47
1
Otis Steel pref
Mar
Mania
1 110 Mar 14 110 Mar 14 110
Owens Bottle pref __ _100
Feb
300 9334 Mar 16 94 Mar 1419236 Mar, 99
Packard Motor pref.1
Feb
200 45 Mar 12 45 Mar 12 4234 Feb, 4554 Mar
Philadelphia 6% pref_5
1936
Mari
19
15
Mar
15
Mar
19
1934
1,200
_10
Co_
Morris&
Phillip
Mar
M
45
-.
44
Mar
15,
45
2,800 44 Mar16
Phoenix Hosiery
Mar
Mat 100
700 100 Mar 15 100 Mar 15_100
1
Preferred
Feb
Mari 75
63
Pierce Arrow lir pf w 1_ _* 1.200 66 Mar 12. 7234 Mar
Mar
Jan. 95
95 Mar 15 95 Mar 151192
2
Pittsburgh Steel preLl
Mar
96
Feb
60
151
Mar
92
14
Mar
83
1,100
Tob.1
Am
Rican
Porto
Feb 4834 Mar
200 4834 Mar 12 4834 Mar 12' 45
Prod & Ref Corp pi__
Jan 108% Feb
10010731 Mar 1410734 Mar 141106
P S Corp of II J pf__ _100
Feb, 1236 Mar
4
12
1234
Mar
934
11,700
Marl5l
Reynolds Spring rights__
Jan 1934 Mar
• 8,000 17 Mar 10 1934 Mar 1 1 16
Reis(R&M)& Co
Jan
200 79 Mar 10 7934 Mar 15,, 7634 Feb' 82
First preferred_ _ _10C
9336 Jan
Marl
91
141;
Mar
91
14
Mar
300 91
Shell Union 011 pref._1
Jan
5,700 14 Mar 10 1434 Mar 11 1234 Jan, 16
Simms Petroleum____1
Mar
* 400 26 Mar 10 34 Mar 16 24% Jan' 34
Simmons Co
1
10010134 Mar 1510154 Mar 15, 9951 Mar 101% Mar
Preferred
Marl 0934 Feb
1,200 96 Mar 10 963.1 Mar 151 90
Sinclair 011 pref
Marl 3336 Mar
31 M10 32% Mar 161 31
,
1
Skelly Oil new
Mar
Jan 100
141
9234
Mar
16
Mar
100
200
9834
_100
pf
Sug
Rico
Porto
So
Jan 97% Jan
95
15
96%
Mar
16
Mar
963.4
200
Standard Milling pf_100
j 451 Mar
334 Mar 16 4% Mar 15 334 Mar
Stand 011 of Calf rights.,049
Ma 9931 Mar
1(0 98 Mat 16 98 Mar 18 98
Sulerlor Steel 1st pf_100
20011136 Mar 15 111% Mar 141104% Feb 11356 Feb
Tobacco Prod pref __ _100
Feb' 3554 Feb
34 Mar 15 24
Transue & WIlliams___*i 700 3256 Mar 13 150
Mar
Jan 150
Mar 18 136
16
Underwood Typew_ _100, 10 150 Mar
Mar
150 115% Mar 16 116 Mar 15 11534 Mar 116
United Clg Stores of _ WO
Mar
1834
Marl
Mar
16
1836
1631
10
Mar
lag
200
United Paperboard_100
Mar
108%
Feb
12
107%
0236
Mir
12
Mar
60010634
U El Real & Imp full pald
Feb
Jan, 69
6736
57
12
Mar
Ma:12
6734
100
*
U El Tobacco
Feb
112
Jan
13
13
Mar
112
1036
Mar
112
190 100
Preferred
Jan
*1 500 5434 Mar 16 55 Mar 15 5434 Mar 64
. Van Raalte
Feb
Mar
12
1654
Mar
1634
1334
14
Mar
15%
200
*
Va-Carolina Chem B
Mar
44
Ma
44
4131
Mar
10
16
1010,500 4134 Mar
Waldorf System
Mar
Ma 80
50 80 Mar 14 80 Mar 14 80
Vulcan DetinnIng pf _100
11136 Mar 13 11% Mar 114% Feb
West Elec 7% cum pf 100 500 Ill% Mar 13
Mar
Jan 77
106 77 Mar 13 77 Mar 13 72
Westh E di M lot p1_50
83 Mar 14 8134 Mar 8331 Mar
Worthington pref A_ _100 200 8136 Mar 13 69%
Mat
Jan]7134
66%
13
Mar
100 200 6956 Mar 13
Preferred B
Jan
Mar 80
100 75 Mar 14 75 Mar 14 75
Youngstown Sheet & T.*

16r

*No par value.




Pm Value.

Shares.

Total
Sales at
New York Stock
Eschange.

Stale. Mon.
and Foreign
Bonds.

83 218,000 $1,134,000
5784.900 1.325.500
6 709.500 1,516,000
6 638.500 1,114,500
5 892,500 1,749,000
7,483,000 1,179,000

481,050 $45,500,000
641,510 62,500,000
925,350 81,500,000
1,053,380 112.000,000
988,483 90,500,000
929,000 82,000,000

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

.

Railroad.
Re.,
Bonds.

Stooks.

Week ending
March 16 1923.

U.S.
Bonds.
8796,200
2,115,60(1
3.315,850
2,287,500
1,976.100
2,665,000

5.018.773 8474,000,000 835,731,400 88,018,000 813.056.250
Jan. Ito March 16.
Week ending March 16.
1922.

1923.

1922.

1923.

45,504,144
57,195,930
5,956,895
5,018,773
Stocks-No. shares_ _ _
$474,000,000 8557,455,200 $5,181,858,000 $4.092,869,075
Par value
Bonds.
$447,811,600
$180,334,090
Government bonds_ _ _ $13,056,250 338,057,850
132,204,500
116,035,400
8,018,000 11,955,000
State, mun.& for. bds_
399,413,400
382,253,350
35,731,400 39,438,500
RR.and misc. bonds
$56,805,650 $89,461,350

Total bonds

8895.782,890

8962.269,450

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANCIBS.
Baltimore
Philadelphia
Boston
Week ending
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
March 16 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey sor.i.k ravlawl

2,137
4,687
7,740
5,493
6,965
4,530

$17,000
54,000
20.200
31,700
49.300
18,000

809
596
1,828
1,693
1,601
2,664

$31,000
27,100
35,000
42,500
36,200
37,000

$267,850

31,552

$190,200

9,191

8208,800

82511 AM

en 017

8572 2110

ft 151

8297 90/1

14,788
12,587
19,157
22,483
23,772
28,885

$26,050
17,650
53,250
96,100
29,800
45,000

121,672
172.757

Dally Record of U. S. Bond Prices. Mar.10 Mar.12 Mar.13 Mar.14 Mar 15 Mar.16
High 101.28 101.26 101.28 101.20 101.18 101.10
First Liberty Loan
334% bonds of 1932-47- Low_ 101.16 101.16 101.16 101.06 101.06 101.02
Close 101.20 101.24 101.20 101.12 101 06 101.04
(First 3345)
92
177
80
152
285
21
Total sales in $1,000 units__
High
{
of
bonds
4%
Converted
Close
____
____
____
____
____
____
Total sales in $1,000 units__
Converted 4%% bondsIHigh 98.24 98.18 98.14 98.00 98.08 98.08
97.94
97.92
97.92
97.94
98.06
98.12
Low_
434s)
(First
of 1932-47
Close 98.12 98.16 97.94 98.00 98.00 98.02
45
247
129
104
72
3
Total sales in $1,000 units__
------------95.00
Second Converted 451% High
98.00
____
____
____
bon& of 1932-47(First Low_
Second 45(s)
___ _
____
____
Total sales in $1,000 units_ __
------------07.76
{High
Second.Liberty Loan
97.76
____
____
____
4% bonds of 1927-42._ _ _ Low_
(Second 45)
___ _
___ _
____
Total sales in $1,000 untts___
Converted 434% bonds High 98.08 , 98.02 97.98 97.94 97.98 97.92
Low_ 98.02 97.96 97.82 97.84 97.84 97.82
of 1927-42 (Second
Close 98.02 98.00 97.92 97.92 97.86 97.90
454s)
426
367
579
461
292
162
Total sales in 51.000 units_
High 98.62 98.58 98.56 03.48 98.50 98.40
Third Liberty Loan
98.32
98.20
98.40
98.36
98.52
98.52
454% bonds of 1928_ _ _ _ Low_
Close 98.58 98.52 98.42 98.44 98.40 98.36
(Third 4315)
373
455
773
304
484
130
Total sales in $1,000 unYs___
High 98.24 98.16 98.10 98.06 98.08 98.06
Fourth Liberty Loan
434% bonds of 1933-38_ Low. 98.14 98.10 07.94 97.96 97.94 97.94
Close 98.14 98.10 98.04 98.06 98.00 98.02
(Fourth 4345)
583
458
649
443 1,424
150
Total sales in $1,000 antis_ _.
High 100.12 100.12 100.10 100.12 100.10 100.06
Loan
Liberty
Victory
100.02
100.04
100.00
100.08
434% notes of 1922-23_ Low_ 100.02 100.10
Close 100.12 100.10 100.08 100.06 100.10 100.06
(Victory 436s)
49
38
263
55
90
12
Total sales in $1,000 units...
High 99.54 99.52 99.50 99.46 90.46 99.36
rreasury
99.26
99.28
99.42
99.36
99.44
99.48
Low_
1917-52
434s,
Close 99.50 99.48 99.44 09.46 99.30 99.30
180 1.068
269
288
400
204
Trani gnies In 81.0011 trtzt/R

Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:

97.8680 98.4
97.8680 98.14
99.92

101.00 to 101.08132 3d 4348
97.74 to 98.02 41 4th 4318
97.80 to 98.56 5 Victory 454s

59 lot 3348
18 151.4548
56 2d 434s

uotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
June 15 1924._
Sept. 15 1924.....
Mar.15 1925__
Mar. 151926...
June 15 1923.Dee. 15 1925.....

Int.
Rate.
534%
536%
434%
454%
1334%
454%

Bid.
10134
10036
100
100
01134
99

Asked.

Maturity.

10134 Sept. 15 1923-10134 3ept.15 1926--wog Mar. 15 1923.-lee% June 15 1925._
Dec. 15 1927....
lnn
Pog Dee. 15 1923...

Int.
Rate.

Bid.

Asked.

341%
431%
331%
43.4%
456%
4%

9954
9834
9934
9954
9956
0034

100
9931
100
109
100
lop

Foreign Exchange.-Steling rates ran off this week on
light trading, though changes were confined to a few points.
The Continental exchanges were also dull, with irregular
weakness in francs and lire.
To-day's (Friday's) actual rates for sterling were 4 66 9-16@4 67 1-16
for sixty days, 4 68 11-16(:)4 693-10 for checks and 4 68 15-16eD4 69 7-16
4 68 746084 68 15-16, sixty days,
for cables. Commercial on banks,sight.
3 64 1316084 655-16, and docu4 65 11-16084 663-16. Ninety days,
ments for payment (sixty days), 4 663-16084 66 11-16. Cotton for payment,4 687-16@4 68 15-16. and grain for payment.4 68 7-16©4 68 15-16.
To-day's (Friday's) actual rates for Parrs bankers' francs were 6.173408
6.30 for long and 6.2051(46.33 for short. Germany bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
39.04039.06 for long and 39.3701.39.40 for short.
Exchange at Paris on London, 74.35 fr., week's range, 74.35 fr. high and
77.98 fr. low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days.
Checks.
Sterling Actual47131
.46834
471
High for the week
4683.4
46634
week
46834
Low for the
Paris Bankers' Francs6.36
6.35
6.30
week
the
High for
6.0234
6.0134
5.9634
Low for the week
Germany Bankers' Marks0.0049
0.0049
High for the week
0.0048
0.0048
Low for the week
Amsterdam Bankers' Guilders-39.62
39.5.3
39.17
High for the week
39.43
39.34
38.98
Low for the week
Domestic Exchange.--Chicago, par. St. Louis. 15025c. per 81,000
per
discount. Boston, par. San Francisco, par. Montreal, $24.6875
$1,060 premium. Cincinnati, par.

The Curb Market.-The review of the Curb Market .is
given this week on page 1142.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For antes during the week of stocka usually inactive.
see preceding page.

1155

HIGH AND LOW SALE PRIC'll-PER SHARE. NOT PER
PER SHARE
PER SHARE
CENT.
Sales
STOCKS
Range since Jan. 1 1923.
Range for Previous
for
NEW YORK STOCK
Monday.
On basis of 100-share lots
Tuesday
Wednesday Thursdas.
Year 1922.
Friday,
the
EXCHANGE
March 12. March 13. March 14. March 15. March
16. Week.
Lowest
Highest
Lowest
Highest
$ per share $ per shaer $ per share $ per share
$ per share $ per share 8724
,
e
Railroads
42
Par $ Per share
42
41
41
*4014 1118 411g 4118 *40
Per share $ per share $ per share
41
*38
40
303
Arbor
Ann
preferred
10272 103
100 324 Jan 10 45 Feb 23
1025, 10312 1034 101/
1
4 10114 10478 104 10452 10312 10334 8,300 Atch Topeka &
1
4 Jan 62 Aug
27/
Santa Fe. 100 100 Jan 16 10518 Mar 3
90
90
90
901g 891
/
4 90
9134 Jan 10811 Sept
90
9018 *8912 8972 8912 8972 1,300
Do prat_
234 234
100 8814 Jan 17 9011
272 272
234 23
/
4 Mar 6
9512 Aug
272 3
s Jan
843
*23
4
3
23
4
1,700
Atlanta
24
BIrm
,k
Atlantic.
121 12112 12058 121
.100
1 12 Jan 3
12058 12134 121 12114
34 Jan
5/
1
4 Apr
314 Feb 21
8 120 12112 4.100 Atlantic Coast Line RR._.1(10 11014
5212 5338 521g 5272 5212 5332 5312 5414 1204 123,
Jan 171 127 Feb 26
83 Jan 121/
1
4 Sept
5312 544 5318 5334 29,100 Baltimore & Ohio
60
100
60
593
*60
4012 Jan 17 5578 Mar 5. 3312 Jan 604 Aug
6012
60
*59/
1
4 6012 59/
1
4
59
/
1
4
60
60
700
678 7
10(
678 7
5734 Jan 24! 6034 Feb 23
7
718 838
734
5212 Jar) 6614 Aug
8
838
8
814 12,300 B:P
00
0kivpuroRfapld Transit
6
618
100
672 Mar 12 1614 Jan 2
534 6
638 612
614
Jan 29 June
6
7
63
634 7
678 5,400
Certificates of detiordt
146/
1
4 1461
/
4 14634 14738 14634 14738 146/
534 Mar 9, 13 Jan 12
1
4 June
5/
1
4 Jan 24/
1
4 14714 147 147
1463
4
147
4,100 Canadian Pacific
7314 7312 *7314 7312 7334 7414 7314 7378
100 14014 Jan 17; 149/
1
4 Feb 20 11918 Jan 151/
1
4 Aug
7312 74
7318 734 1,600 Cbeaapeake & Ohio
4104 10418 10338 104
100
69
Jan 17i 761
1031 104 •I0334 101 *1035g 101 *10334 104
/
4 Jan 30
54
Jon
79 Aug
600
Preferred
*2,
8 3
100 1011
272 273 *21
/
4 Jan 22. 1041
/
4 3
/
4 Feb 23 100/
*278 3
1
4 Dec 10554 Oct
*2h
2,
8 2/
3
1
4
300 Chicago & Alton
100
214 Jan 4;
*5
512
514 *5
5
34 Feb 13
5
*434 5
1244 May
134 Jan
5
5
*434 5
300
Preferred
35
100
338 Jun 12.
3612 3514 3514 35/
6/
1
4 36
1
4
Feb
36
8
Jan
2038 May
318
36
.36
3612
3612
38
1,800
Chic
& East Ill RR (sew)
5712 5712 5734 5734 58
261
/
4 Jan 16, 3834 Feb 13
58
58
4334 Aug
12/
1
4 Jan
58
5812 5312 5812 59
1,400
Do
*512 6
prof
51
Jan
17.
59 Mar 16
53
3118 tan
*534 6
5/
1
4 6
11411 Aug
6
61
6
/
4
578 572 1,000 Chicago Great Western...100
1414 1414 14
4 Jan 18
1412 143 1434 1452 143 *14/
7 Feb 7
334 Dec 1034 May
1
4 15
1412 1412 1.803
Do pref
100
812 Jan 18 17 Feb 6
7 Dec 241s Ma?
2434 25
2412 2472 2378 2438 2434 2558 2538 2538 25
2538 17,700 Chicago Milw & St Paul 103 20/
4234 4314 421: 4278 4218 433
1
4 Jan 15 2638 Mar 5
1712 Jan
4312 4114 44
3638 Aug
4438 43
4358 13,80)
Do pref
854 855
100 3212 Jan 13 4512 Mar 5
8414 854 8512 353
29
8534 861
Jan 5514 Sept
/
4 864 87
8512 86
7.803 Chicago & North Western _100 77 Jan 23 88 Mar
4116 118 *116 118 •116 118
5
11714 11714 11734 11734 *117 118
59
/
Jan 931
4 Sept
200
Do prof
3512 36
10
115
Jan
4
3512 3658 36
118
Feb 24 100
3658 3612 3714 3714 37/
Jan 125 Aug
1
4 3612 37
13.900 Chic Rock IA1 & Pac
*91
100 3112 Jan 15 3712 Mar 5
9212 •91
93
9318 9358 *9314 9412 *9312 9412 *93
3012 Dec 50 Sent
9412
100
7% preferred
8212 83
100
89
Jan
3
4
*82
18
95
Feb
83
83
9
83
8314 Jan 105 Sept
8314 8314 834 834 *82
83
6% prelerred
500
•75
100 8178 Jan 24 85 Mar 5
78 .75
78
*75
73
704 Jan 95 Sept
*75
78
*7412 78
Chic St P Minn & OM
43
71 Jan 9 78 Mar 5
100
43
42
42
*42
427
.51
Jan
90 Sent
•42
43
412
43
Colorado
300
Southern
&
•116h 117' 118 118
10
40
11
Jan
4512
11713 11312 17
Feb 13
38
Jan
4
21'2
531s Apr
8 147168312 11612 11712 11534 116
1,800 Delaware dr Hudson
12512 12512 125 12514 *126 12634 *126
100 103 Jan 11 1244 Feb 13 10634 Jan 14112
1263
4
Sept
125
126
125
125
1,400 Delaware Lack & Western_ 50 12234 Jan 11 13012 Feb 8
1218 1218 12
1212 1218 1238 1238 124 1238 121
108 Feb 143
Oct
/
4 1212 12'
6,800 Erie
19
19
100 1012 Jan 18 1312 Feb 13
1834 1834 19
7
19
Jar, 1834 May
1914
1912
4
193
191
1918
4
1914
1,300
Do
1st
pref
*13
1412 *1212 1414 .1284 1414 14
100 15 Jan 17 20/
1
4 Feb 7
11 18 Jan 2811 Aug
14
*1314 1412 1312 1312
200
Do 24 pref
78ig 7812 78
100
1118
Jan
22
15
Mar
5
7812 78
718 Jan 204 May
7812 7812 79
781g 7834 7714 78
6,600 Great Northern Prof
33
101) 71 Jan 23 80 Mar 5
3312 33
3334 *334
704 Jan 95,
3312 3312 33/
8 Oct
1
4 334 333 3412 4,600
Iron Ore propertlea_Ne par 30 Jan 18 354 Feb 14
*184 1914 1834 1834 187g 3413
2828 Nov 4558 Apr
187g 19,4 194 *1814 19
19
l94
1,500
Gulf
Mob
&
Nor
tr
ctfs__
456
_100
60
4
123
12
Jan
20
Mar 5
*57
59
59
59
Jan
59
59
19
May
*5712
59
60
60
1.100
pref
Do
11512 11512 *115 1154 1151g 11518
1
4 Jan 2 624 Feb 21
100 44/
16
Jan 47
11512 116
11512 1154 11518 11514 1,003 Illinois Central
Oct
.18
14
100 110 Jan 17 11711 Feb 21
4
9712 Jan 11534 Sept
14
14
Is
14
14
14
14
2,600
14
Interboro
14
Cons
Corp
/
1
4
38
__No Par
/
1
4 Jan 17
/
1
4 Jan 4
.38
18
sa
Dec
12
se
28
3
5
Apr
8
3
8
/
1
4
1,600
Do
/
1
4
prat
•1834 1912 1814 1312 191
100
14 Mar 2
74 Jan 5
38 Dec 1234 Apr
: 2212 2134 2272 2112 2234 2038 211
/
4 33.600 Interboro Rap Tram w I
23
100
2314 223 2234 3338 24
1
4 Mar 14
174 Dec 3214 Aug
2312 24
2334 237g 23/
1
4 2358 2,800 Kansas City douthern___ _100 15 Jan 16 22/
1812 Jan 12 2414 Mar 3
17 Nov
5512 5512 *56
301
/
4 API'
57
•56
59
•56
57
*56
5712 .56
574
103
Do pre
43214 34
100 52/
1
4 Jan 13 5734 Mar 5
•3214 34
5214 Nov 6912 Apr
*3214 321: *3214 3212 *324 3212 32
3214
200 Lake Erie & Western
•65
72
100
313
Jan
34
30
Jan
2
72
72
•70
10
72
Feb 39/
1
4 June
701
: 72
*69
72
72
72
600
Do pref
681/ 6858 6318 6838 681r 6838 6332 69
100 65 Jan 11
72 Mar 12
2612 Feb
77 Sept
6838 69
6712 68/
1
4 4,800 Lehigh Valley
4150 15112 151 152
50 6612 Jan 10 7138 Feb 7
561
151721 152
/
4 Jac 72 Sept
1497g 15112 1431
/
4 149/
1
4 14258 14452 9,300 Louisville & Nashville...._100
5434 5434 5434 54/
Jan
13012
30 155 Feb 26 108
1
4 *54
Jan 144/
56
5434 53.4 55
1
4 Oct
55
*55
56
700 Manhattan Re guar.
41
42
_ _100 454 Jan 25 57 Feb 21
414 4112 4112 42
35
Jan 68 Aug
421g 423
42
42
4212 4212 1,700
Eq Tr Co of NY elf dep_100 3512 Jan 25 44 Feb 13
194 20
1812 22
1612 20
4412 Aug 5512 Aug
171g 18
1612 1714
1414
18
23,700
Market
Street
58
BY
100
60
814 Jan 23 20 Mar 10
61
634 55
3144 Jan
65
11 Mar
56
5712 55
55
50
56
5,100
Do prof
7514 76
100 39 Feb 27 6812 Mar 12
78
87
17
Jan 5014 Apr
8032 85
8012 8134 8112 8112 7612 80
11,800
DC prior pref
4012 4112 43
100 6678 Jan 10 87 Mar 12
5614 4312 52
35
Jan 76 Nov
44
44
44
44
37
47
32,100
Do
24
pref
•734 814 *734
_100 2112 Jan 31 5614 Mar 12
812 *734 814
558 Jan 32
8
Apr
814
8
8
734 71
/
4 2,500 afinneap & St L (new)..,._100
7132 7218 71
534 Jan 8
71
912 Feb 13
471
5
Jan
72
/
4 Apr
141
7112 7112 •71
72
7112 7112
500 Minn SIP & 8 S Marie_ _100 6014 Jan 4 7312
1012 104 •1012 1218 *1034 1212 *103
Mar 5
55 June 754 Oct
*11
4
1212
1212
•11
1212
200
Missouri
Kansas & Texas_ _100
15h 1558 1538 15/
1
4 Jan 12 12 Feb 6
9/
1
4 151g 1618 16
/
1
4 Jan
1514 Dec
1612 1618 16% 1512 1614 30,100 Mo Kan & Texas(new)
423 43
4234 421
1312 Jan 16 17 Feb 15
/
4 424 431
7/
1
4 Jan
1934 Aug
: 43
4338 43
4338 4212 4272 5.500
Do prat (new)
174 171
: 1712 1772 171 18
37 Jan 9 4512 Feb 14
2412
Jan
2
177
18
43h
Aug
173
4
1812
173
4
1778 2,400 Missouri Pacific trust etfs_100 154 Jan 18 1938 Feb
46114 4638 •464 47
46
14
154 Nov 254 Apr
4634 457g 4658 4658 4718 46
4612 5.200
Do prof trust ctfs
*334 4
100 411
*3/
1
4 4
/
4 Jan 9 49 Feb 10
40
Nov
33
*312
412
*334
3
33
/
1
4
634
Sept
3
/
1
4
414
4500
Rys
Vat
of
Met 24 pref._ _100
934 9318 94
2/
1
4 Jan 17
943g 9414 9538 95/
434 Feb 15
238 Nov
1
4 95/
714 May
1
4 96
974 9534 964 8,600 New Oil Tex & Me: v t o 100 84
97
9732 9614 97
Jan 16 9718 Mar 15
9634 0834 9714 99
54/
1
4 Jan 87/
98
1
4 Dee
98/
1
4 975g 934 57,700 New York Central
*79
8112 •79
100 93 Jan 22 10014 Mar 5
8112 73
79
723
4
*78
Jan
10118
7912
7912
*78
Oct
7912
N
y
7912
200
Chicago & St LOUla
•85
90
•85
100 78 Jan 22 84 Jan 29
90
*85
99
5118 Jan 9112 004
*85
•85
90
90
*85
90
Do 24 pref
100
7512 Jan 2 904 Feb 17
1912 1014 191g 1914
6134 Jan 93 Sept
1912 20
1958 20% 19/
1
4 191
/
4 1058 1978 0,000 NYNH& Hartford
•19h 2012 1912 1912 •1934
100 1612 Jan 15 2212 Jan
2012 *1934 201: •1934 20
1212 Jan 38 Aug
1938 194
300 N Y Ontario St Western__ _100 194 Jan 17 2138 Feb 30
•16
18
*16
1712 .16
13
1712 *16
184 Dec 304 Apr
18
*16
1734 *16
18
N irrolk Southern
11312 114 *11312 114
100 14 Feb 1
11372 11458 11438 11412 11318 113h 11212 11234 2,400 Norfolk
18311 Feb 9
834 Jan 224 June
Western
&
7514 7514 7514 754 .76
100 10934 Jan 10 11758 Feb 9
7) *76
79
964 Jan 12512 Sent
•76
79
476
79
793. 79
Do pref
303
79
100 7514 Mar 10 78 Jan 29
79
79
7934 7912 801
72
Jan 8f.
/
4 7934 SO
Oct
78
7812 5,409 Northern Pacific
4614 4612 4614 4612 4614 461
100 72 Jan 23 81 12Mar 5
: 464 461
73 Dec 9038 Aug
/
4 4612 4634 4612 46581 10,800 Pennsylvania
•1212 14
*1212 1412 *1212 1412 013
50 46 Feb 2 4738 Jan 29
1412 *12
3314 Jan
4934 Oct
14
*13
15
Peoria & Eaitern
384 39
3312 3912 3372 3912 394 391
100
12
Jan 17 15 Feb 9
1034 Jan 2638 Aug
/
4 39
3912 3812 39
9,030 Pere Marquette
•7514 77
•7514 77
100 36 Jan 11
•7514 77
40,
8 Feb 7
*7514 7612 *754 7612 75
19
Jan 405g Aug
75
200
Do prior pref
*674 68
*6714 63
100 7212 Jan 2 7634 Mar 5
671: 6712 67
6712 664 6712 67
63
Jan 82 Aug
6712
503
3712 3712 361
Do
pre!
/
4 3732 38
100 65 Feb 1 704 Jan 9
33
38
38
5012
Jan
7434 Aug
3758
3814
373
4
373
4
2,600
•89
Pittsburgh & West Va
8912 *89
891: •39
100 33/
1
4 Jan 17 3978 Feb 6
8912 .89
8912 *89
23
Jan 4152 Ala
3912 *89
8912
78
7832 78
7812 7812 791g 784 79
100 89 Jan 18 93 Jan 9
76
7818 7878 7734 7814 9,033 Reading
Jan
95 Nov
5134 5134 50,2 5014 .50se 52
D
po
50 7611
/
4 Jan 17 8118 Feb 7
*51
5134 51
714 Jan 8712 Oct
51
*5012 514
800
*5212 5312 *5213 53
s
rett prof
50 5018 Mar 12 5612 Feb 7
5212 5212 *5212 53
5212 5212 *52
43 Mar 57 May
5212
•33
200
Do 24 prof
35
*33
34
50 511
*33
/
4 Jan 5 5634 Jan 30
35
*33
35
33
33
5912 May
*30
15
Jan
34
100
25
Rutland
25
25
RR
25
25
100 3212 Jan 18 374 Jan 10
2558 2538 2578 2572 23
174 Fen
244 2534 5,600 St Louis-San prof
534 June
•47
48
48
Fran tr elfs 100 21 Jan 12 261
48
48
4352 *4734 484 *4734 4334 4712 4712
/
4 Mar 5
2(4 Dec 3238 Aug
500
3312 337g 34
Do
pref
A
trust
3414 34
etfs
101) 3212 Jan 3 50 Mar 5
3414 3414 35
3412 35
3358 3414 4.400 St Louis Southweat
513 Aug
3434 Nov
•601
. 6112 61 18 6112 61 12 6112 6112
ern
100 2534 Jan 12 3638 Feb 10
62
62
62
611
/
4 6178 1,600
1
4 Nov
203e Jan 36/
6
Do pref
652 am, 618
634 634
100 56 Jan 4 6212 Mar 5
612 61
/
4
672 678
612
612
32
/
1
4 Nov
/
1
4
59
3,800
Jan
12
Seaboard
1214 •12
Air Line
1212 *1113 1214 11.5t 1212 12
100
514 Jan 2
712 Feb 10
1212 1212 1212 2,600
10
258 Jan
Apr
Do
Prof
100
92/
1
4 92/
8
5
8
Jan
1
4 0258 93
13 1318 Feb 14
1434 Apr
41
93
/
4 Jan
9312 9358 94
9353 9414 9234 9334 9,200 Southern
3238 33
323 3314 3314 33
100 87 Jan 9 9514 Feb 21
34
3438 34
343g 3334 3414 37,600 Southern Pacific Co
9614
781
Jan
/
4
Oct
69
6918 693g 693g 6912 793
Railway
100 2434 Jan 6 3412 Mar 3
694 694 6952 6934 6912 6934 6,000
1714 Jar, Ws Aug
2478 25
Do prof
22512 25
2534 2512 2534 2534 253
100 644 Jan 8 7014 Feb 28
2514 2514 3,300 Texas & Pacific
16
Jac 71
Oct
1534 16
1512 1512 16
1634 *16
100 194 Jan 16 2738 Feb 20
164 •1512 1612 *1512 1612 1,000
184 Nov 35
Apr
•64
69 .64
Third Avenue
67
*62
66
100 1412 Jan 10 194 Feb 10
*63
641 •63
6434 *62
65
134 Nov
2558 May
141 14158 141 141
Twin
City
Rapid
14114 142
'Transit_
14178 142
_100
5814 Jan 19 64 Mar 6
34
Jan 624 Sent
74
7412 7438 7438 •741 744 743 7434 142 14212 14012 1414 5,500 Union Pacific
100 13538 Jan 22 14478 Feb 26 125
•7412 7458 744 7112
Jan 15434 Sept
800
1912 20
Do pref
1914 21
1912 2014 19
100 74 Mar 10 7612 Jan 6
1738 1918 1714 1818 16.200 United
711
/
4 Jan 80 Aug
5418 5534 5412 5812 5414 5612 5412 20
Rallwaye
Invest
100 1134 Jan 2 211
561g 51
534 51 1s 53
/
4 Mar 6
97
712 Jan
19/
17.700
1
4 Apr
7
Do prof
•934 10
10
1014 10
103
100 2612 Jan 17 62 Mar 5
1038 101
/
4 10/
1
4 10/
1
4 2,300 Wabash
204 Jan 364 Apr
29
2934 283 2958 291
/
4 3014 3014 3152 31
100
7 Mar 10 11 18 Feb 13
3138 2934 3034 16,700
6
Jan
8 May
143
*2012 21
Do
•2012 22
pref
A
*2012 21
100 2314 Jan 17 3158 Mar 14
*21
23
21
2118
19
Jan 3512 Aug
400
1212 127g
Do pre/ B
1218 1212 124 13
100 1612 Jan 18 211
1211 121
2
/
1052
4 1212 13 :
212 2
/
4 Mar 15
13
27g 3,700 Western
1214 Jan 2478 Aug
.23
233 •22
Maryland
2312 2312 2312 23
(new)...100 1052 Jan 16 15 Feb 9
2338 *23
2312 *2212 23
84 Jan
800
1714 Aug
1812 1812 1832 1832 1858
Do
1834 1814 18/
100 2218 Jan 12 25 Feb 9
1
4 1858 1878 1814 1878 1,800 Western2d prof
13
Jan 284 Dec
6014 6014 6014 604 614 62
Pacific
100 16 Jan 2 2014 Mar 5
•6114 62
62
62
62
62
1334 Jan 24/
600
1
4 Apr
912 934
Do
914 928
prof
100 5612 Jan 8 63$8 Mar 5
912 934
94 9/
914 912 2,900 Wheeling &
9/
1
4 9/
1
4
1
4
511
/
4 Mar 64j Sept
*1634 1714 1634 1634 163
Lake Erie Ry_100
4 174 *1714 18
814 Jan 18 1012 Feb 13
1638 1658 17
17
500
Feb
n
•32
1612 June
35
Do pref
32
32
3214 3214 3212 3212 *3214 3212 •32
100 14/
1
4 Jan 17 19 Feb 13
3314
94 Jan 29,
900 Wisconsin Central
3 June
100 26 Jan 10, 354 Feb 23
25
Jan 334 Mar
1
•7512 7712 754 7512 77
Industria
l
&
Miscella
neous
77
•75
78
•74
78
73
*74
400 Adams Ethruts
100 68 Jan 2 82 Mar 3
1834 183
, •181: 1878 1812 1812 .18
48
Oct
Jan 83
1834 187g 1878 1812 1878
500 Advance Rumely
•52
56
*52
5312 *5212 54
100 1212 Jan 2 1912Mar 6
52
52
•5014
52
504 51
10/
*6312 64
500
1
4 Jan 23 Aug
Do pref
*6312 65
*6412 6512 6538 66
4618 Jan 18 54/
6614 67
1
4 Jon 14
67
70
3158 Jan 3011 Aug
5.500 Air Reduction, inc....No 100
1334 1334 1334 1334 1334 1418
pa. 571
14
1478 144 143
/
4 ...an 10 70 Mar 16
12
1334 1414 7,800 Alan Rubber, Inc
12
454 Jan 66
Oct
1
50 1212 Jan 9 14/
/
1
4
"4
9/
1
4 July 184 Apr
1
4 Mar 14
*4
112 152
12
*14
300 Alaska Gold Mines
12
11: 158
11
112 112 *13
15
10
14 Jan 4
8 14
58 Mar 9
72 May
11
18 Dec
/
4 11
/
4 3,300 Alaska Juneau Gold Min
7758 78, 774 774 7714 7838 78
10
79
1
Feb
15
134 Mar 9
2 May
7814 7934 78
33 Jan
7834 12,500 allied Chem & Dye____N
1113 11134 *11134 112 .11I34 112
112 112
o par 7112 Jan 16 80 Jan 2
11114 11114 *11012 11112
55/
1
4 Jan 9134 Sent
*4812 4358 4818 4812 4812 49
600
Do pref
4814 49
100 109 Jan 30 112 Mar 2 101
4834 494 4853 485g 2,000 %Ma-Chalmers
Jan 1154 Sept
*95
*95
97
07
9472 95
Mfg
*95
100
97
45
•96
Jan 10 514 Feb 16
97
96
3788 Jan 5934 Sept
96
300
33
3318 33
DO rir f
3358 3278 3312 3278 3312 3318 343
8612 Jan 104 Sept
8 3415 3412 3,700 Amer Agricultural Chern 100 9458 Feb 2 9712 Jan 27
6612 65
*66
6512 *6414 6512 6434 64/
100 2912 Jan 16 3678 Feb 21
1
4 65
6538 66
421
/
4 June
2714 Nov
66
1,300
Do
*90
*90
93
pref
93
*90
93
*90
100
93
5834 Feb 1 6878 Feb 21
*90
93
Jan
7214 Sept
*90
56
93
American Bank Note
*5414 56 .544 56
*5414 56
*5412 5512 •54
50 77 Jan 6 9112 Mar 7
5534 *54
Jan
n. Dec
58
5534
4312 4312 4334 44
Am Bank Note pref
441
/
4 4718 4712 48
50
46
543
8
Jan 16 55 Feb 7
48
51 July 5512 Dec
46
47
8,600 American Beet Sugar
55
5434 55
54
5312 55
5514 57/
100 36 Jan 31 4912 Feb 13
1
4 56
3134 Jan 49 June
5612 13,700 Amer ito.ch Magneto_
5818 56
7712 7712 7712 7812 784 7834 79
79
7812 79
311
/
4 Jan 49
79
7912 1.700 Am Brake Shoo & F.. _No par 37 Jan 9 60 Mar 6
Apr
•108 110 *108 110 *108 110 *108 110
.No
par
108 108 *10734 10914
70 Jan 3 8214 Feb 13
Jan 8812 Sept
51
100
Do prof
1024 103/
1
4 10214 10312 103 10114 10314 104/
100 10612 Jan 20 110 Jan 14
10234 104
1
4
984
10112
Jan 113
103
60,600
Oct
American Can
11358 11358 11334 11334 .11234 11312 113 113
100
112 112 *110 112
7312
Jan
2 105 Mar 6
3214 Jan 7612 Nov
400
Do prof
•184 186
186 186 •186 18712 186 18612 182 18212
100 11114 Jan 3 115 Feb 20
9314
Jan
183
1137
183
8
1,100
Dec
American
•122 12312 *122 12312 •122 12314 12314 12314 •11914 121
Car & Foundry.100 178 Jan 17 189 Mar 7 141
*11914 12034
Jan 201
200
7lp 84
Oct
Do pref
81
838 812
87
•s9
*61
9
814 9
1.100 American Chicle ___ _No 100 123 Jan 10 12578 Jan 18 11511 Jan 1264 Noy
par
534 Jan 30
934 Feb 24
.5 Nov
•Bid and asked prices; no sales on this day.
14 May
Ex-rights $ Less than 100 shares.
a Ex-dividend and rights.
ewe for share 10 stock of Olen Alden Coal Co. at
Ex-dividend. b Ex-rights (June 15) to subscribe
$5 per ahare and ex-dividend 100% In
stock (Aug. 22).
Saturday.
March 10.




8;1

1156

New York Stock Record-Continued-Page 2

see second page preceding
For sales during the week of stocks usually Inactive,
PER Si'IA RE
PER SHARE
Range for Precious
Range since Jan. 11923.
STOCKS
Sales
SHARE, NOT PER CENT.
Year 922.
-PER
PRICKS
lots
SASH
-share
LOW
100
of
basis
AND
On
HIGH
NEW YORK STOCK
Pr
the
EXCHANGE
Highest
Lowest
Tuesday. Wednesday. Thursday, , Friday.
Highest
"
Almlay:
Lowest
Saturday:
14. March 15. March 16. Weet.
Afarch 10. March 12. March 13. March
Per share
$ per share I per share
per
share
I
Par
(Con.)
&
Miscell.
Indus.
Share:
share 3 per share $ per share $ per share
154 Nov 304 May
100 1414 Feb .5 2034 Jan 4
3 per share $ per share $ per8 17
2,500 American Cotton Oil
8
167
1612
17
17
1634
May
61
1613
Nov
334
163
4
100 2534 Feb .3 3834 Jan
1618 1614 1612 17
Do prof
900
714 Aug
3012 3112
31
31
32
32 .31
412 Jan
31
758 Feb 23
32
*30
618 Jan 3
32
*30
658 638 • 4,900 Amer Druggists Syndicate_10
658
612
8
Oct
67
8
162
65
June
7
126
612
2
Mar
4
63
14312
6
Feb
133
613
100
612 84
500 American Express
4 13912 13913 *137 139
104 Dec 1738 Apr
•138 13914 *137 13978 13914 13914 13912 1393
930 American tilde & Leather.100 11 .in 6 1334Mar 7
1212
1314 1258 124 12
744 Sept
513
13
Jan
7
58
743
4Mar
2
1212 1212 13
Jan
6613
100
pref
*1212 13
Do
400
Jan 122 Sept
78
7214 724 7234 7234 7212 7212 7214 721 1
73
*72
100 9813 Jan 31 110 Feb 15
73
Ice
*72
1054 1054 10512 10512 *105 10578 1,100 American
Jan 954 Aug
72
100 3512 Feb I 89 Feb 21
10512 105/2 10513 10512 10513 106
Do pref
*8538 87
*354 87
87
*841
87
5053 June
Dec
8
*86
245
15
87
8Mar
30
317
Jan
8
3
*88
24
Corp_100
87
l
*86
27,100 Amer Internationa
3113
294
8
317
3012
3112
283
4
8
233
14 July
Jan
284
94
1
F E__.10 1114 Jan 17 13 Mar
284 2812 2314 2814
1238 1212 1212 1234 1,200 American La France
28 Nov 4212 Oct
5
Mar
2
38
Jan
30
100
*1214 1238 1212 1213 124 1234 1278 1272 354 3634 3434 35
Linseed
American
2,400
Oct
354
6412
35
Nov
35
48
4
3
34
15
59
Feb
13
36
Jan
50
*3412
100
3434 35
Do pref
100
58
5712 571.2 *58
57
*56
Jan 131134 Oct
57
*55
57
5712 *55
100 12018 Jan 17 13733Mar 12 102
.66
14 13412 13513 1334 13614 51,903 American Locomotive
Dec
12214
Jan
136
4
112
1343
13613
9
8
8
1353
Feb
1373
122
4
1334
Jan
11912
100
135
4
prof
1333
Do
*115 120 *115 120 *115 120
44 Sept 5314 Deo
otts__No par .51 Jan 15 5.34 Mar 5
•118 122 *118 122 *115 120
534 5438 5312 5378 11,400 Amer Metal temp
Oct
5312 55
Jan 129
82
"/.5 76 Jan 2 8678 Mar 15
5334 5412 5358 5514 5412 514
8512 854 3,400 American Radiator
8
867
84 Oct
4
844
863
8413
334 Jan
84
19
918
84
Feb
6
84
Jan
64
.83
25
84
.83
900 American Safety Ttazor
*734 8
8
8
8
8
8
512 Jan 2414 May
8
8
8
par 1712 Feb 24 2133 Jan 5
Vo
Comm
*812 814
At
Ship
Am
8,100
1914
1812
1934
1934 19
19
4338 Jan 674 May
1828 184 1812 1812 184 1834 6612 664 6612 6638 6514 664 19,400 Amer Smelting & Refining_ 100 53 Jan 17 6912 Mar 2
15518 6534 6534 6634
6512 66
884 Jan 1044 Oct
100 7838 Jan 18 10238Mar 6
Do pref
200
102
4
*1013
102
4
•1013
8
Jan 159 Sept
1017
10912
4
14
*1013
Feb
1014
8
3
10.
1524
100 140 Jan
•10112 10134 1014 1017 1017
300 American Snuff
3034 Jan 464 Sept
14912 14934 .143 150 *14212 147
Jan 17 397g Mar 5
*149 150 *149 150 •147 150
5,100 Am Steel Fdry tern ctfs_33 1-3 3512
3914
39
3912
3938
108,4 Oct
Feb
394
91
3934
9
Feb
3914
10514
23
Jan
102
394
3914
100
3918
ate
394 394
Do pref tern
10413 *102 10412 *102 10412
544 Jan 8578 Aug
76 Jan 17 85 Feb 13
*10312 1044 *10314 10412 *10312 10413 *10312 811. 8,38 84
8212 20,100 American Sugar Refining..100
81
Jan 112 Aug
84
3
Jan
4
23
1083
Jan
10612
100
801 8O'e 8014 8114 8112 8312 8234
Do Prof
6(10
1061.1 10612
4 107 107
2314 Feb 47 May
10634 1063100 2414 Feb 1 3638 Feb 14
10614 10614 106 106
Sumatra Tobaceo
*106 107
Jan
*3134 3214 *3113 3212 1,600 Amer pref
5214 Feb 71
100 5538 Jan 18 6534 Feb 13
3134 3134 3134 3218 3112 32
313.1 32
Do
100
64
66
64
Jan 12814 Aug
*62
11413
64
5
Mar
*62
12513
1
64
Feb
4
*62
1213
64
•62
Tolog_100
64
&
.62
12,500 Amer Telephone
8
1233
12234
Sept
Jan
1694
12512
13
12918
12514
s
Feb
4
1253
1613
12512
17
125 12514
100 150 Jan
12478 125
12412 125
American Tobacco
9612 Jan 1084 Oct
157 157121 1.57 15713 156 15778 6,900
100 101 Mar 18 1074 Feb 2
15512 1574 1.574 15812 157 157
Do pre (new)
200
Jan 1654 Sept
10214 1021.1°101 10212 *101 10213 101 101
100 148 Jan 10 15934 Feb 1) 126
*10214 10434 *10214 104
Do common Class B
4,200
1554
15.514
8
1553
Jan 3314 Nov
15512
6
15514
100 2712 Jan 29. 3134 Feb 19
e
t
v
El
&
Wks
154 15578 156 15658 15612 15612 15514
Wat
Am
203
30
*25
Jan 9378 Sept
67
16
Jan
93
3'
Jan
8
853
o_100
294 2914 52914 3012 *2914 304 *2914 30
t
v
(7%)
29
prof
*28
1st
Do
200
93
*9112
Jan 5514 Oct
93
174
16
*9112
Feb
93
5612
3
*92
8
Jan
915
8
915
914 914 *9112 93
Do ;male p1(6%) v t 5100 4812
800
Oct 95
Jan
5378 5378 5312 534
88
*5311 55
55
5412 *53
100 9314 Jan 2 9814 Jan 31
pref
5314 5314 54
Wholesale,
Amer
100
Oct
7814 Jan 105
1
*9512 97
99
41g3r
*95
1073
9912
19
Jan
*974
9712
9712
93
97
100
*9612
99
*9612
Amer Woolen
30,300
4
1033
11114
Deo
1024
Jan
10614
102
1054
10512
3
Jan
4
1044
1113
100 10978 Jan 25.
1044 10434 104 10553 10458 10533
Do pref
100
112 *11012 112 *110 112
2212 Jan 5514 Sept
Jan 24 32 Mar 8
26
pref_100
Paper
Writing
*1104 112 *11014 11114 11114 11114 *111
Amer
2912 1,700
12/8 Jan 21 Sept
294 2912 2834 294 *29
30
15 Jan 23 1914 Feb 16
30
*3012_
2978 30
1812 1,200 Amor Zinc, Lead & Smelt___25
18
17
Jan 57 Sept
36
174 17
25 484 Jan 29 5314 Feb 27
1712 1712 1712 -1-712 174 1714 1738
Do oref
200
56
*55
57
45 Nov 57 May
6
*55
ar
55
5312:g
*53
18
Jan
454
,56
.55
5612
Mlning_50
.55
53
Copper
*5.3
61,103 Anaconda
8
513
50
5214
Jan 7078 Dec
43
5112
2
151
Mar
523
83
5112
51
Jan
5112 5212
100 6214
5134 5232 5112 52
874 32,600 Associated Dry Goods
86
854 88
87
1
Oct
Jan 86
75
7778 7714 7934 7934 8412 85
77
100 8212 Jan 18, 89 Feb 13
pref
181
Do
200
89
Jan 914 Oct
8312 *88
76
*88
89
100 884 Jan 9' 9313 Feb 26
8858 8852 *88
*8612 89
*8712 89
Do 2d pref
200
9314
May
9314
13512
Jan
934
99
9314
12
94
Jan
*9212
133
.3
Jan
94
1204
*93
100
94
*93
95
*93
203 Assoclated Oil
512 Apr
112 Dee
12613 12612 12612 12613
128
34 Feb 14
De Jan 17j
No par
•125 128 *125 126 *125 12812 *125
900 Atlantic Fruit
214 24
194 Dec 4314 may
214 214
218 24
Jan 30 3278 Mar 16
212 212 *214 212
*214 24
22,900 ALI Gulf & WI El S Line__100i 1818 Feb
8
Dec
327
3114
.
311
15
May
3
317
16
Mar
2914
3014
2612
28
2
2714
100 1478
27
2614 2712 2612 27
Do prof
Oct
4 2613 5,100
2512 2432334 2453 24
22
100 119 Jan 2 15312 Jan 10 1117 Deo 1675
2312 22
2134 2134 •21
700 Atlantic Refining
11913 Deo
Jan
14312
140
14312
113
14312
18
145
Jan
120
3
*142
Mar
117
145
100
pref
Do
•139 145 *139 145 *142
2212
119
Feb
*11712
May
11812
1312
*11712
11812
No par 1534 Jan 2 2012 Feb 14
*11714 11812 *117 11812 *117 11812 *117
200 Atlas Tack
914 Jan 404 Sept
1918 1818 1818
Co.....No par 29 Feb 7 3513 Jan 12
*1818 1912 1813 1818 '1818 1918 *1818 31
*1814 19
3013 3078 2,900 Austin Nichols de
68 Jan 91 Sent
3134 31
30
30
100 87 Feb 3 8912 Jan 23
prat
Do
2934 294 2918 2912 30
8722
*85
8712
9312 Jan 14234 Oct
8712 *85
17 14312Mar 7
*85
Jan
12914
90
*85
8712
Wk*.l001
*85
Locomotive
90
Baldwin
*8514
Oct
Jan 118
1424 14038 14134 13913 14078 85,000
100 113 Feb 28 11634 Jan 4 104
Do pref
13912 14052 13938 14138 14018 14158 141 115
250
Jan 674 Sept
40
11412 11412 *112 115
115
.115
No par 47 Jan 12 55 Feb 16
•113 11512 .11212 115 *1121
200 Barnet Leather
4912 4912
1952 Jan 5614 Apr
*4912 53
Jan 3
52
3412
*50
31
Jan
29
5012
A____25
*4913
Class
54
Corp,
*50
4912
4912
Apr
3134 3212 1.800 Barnsdall
17 Nov 39
32
3112 *31
*31
25 1838 Jan 19 22 Jan 2
Do Class 11
304 3034 3058 3078 5304 31
700
20
158 Mar
14 Dec
1958 • 1978 20
4 Jan 2
14 Feb 26
1958 1958 *1912 20
20
20
2014 2014 20
38 2,900 Batopilas Mining
I.
Apr 65 Sept
33
12
14
Jan
8
14
607
7
3c1
Feb
5012
14
'4
par
No
14
14
4
14
14
30 July 5338 Dec,
5678 564 5613 5738 1,50) Bayuk Bros
2051 Jan 2 694 Jan 20
•661..„, 6712 5612 564 *5614 5634 *5612 57
9,400 Beech Nut Packing
67
Jan 79 May
51
6434 6678 6534 6738 66
65
64
100 594 Jan 22 70 Mar 3
63
63
6212 63
3,103 Bethlehem Steel Corp
67'2
Jan 8214 May
*66
554
6612
3
6612
8Mar
6712
717
*67
16
Jan
6712
6014
6712
6834 6834 6834
Do Class B common...100
•67
18,300
8
687
8
675
106 Nov
Mar
904
2
8918
Jan
6812
6914
100 9314 Feb 1 9612
7014 6818 6834 6812
6912 69
Do prof
69
97
*94
Jan 11658 June
95
*93
9 104
Feb
96
11118
2
*9114
Feb
9613
8
1073
*91
pref_100.
9714
8%
•98
cony
9714
Do cum
*96
900
10922
*108
4
1093
*10812
4
1093
4
*1083
Oct
94 Nov 101
11058 11034 11012 11114 10934 1094
100 934 Jan 31 9712 Mar 9
Preferred new
1012 Aug
4 Nov
712 Jan 18
*944 9512 *9412 9512 914 944 1,200
5 Jan 3
96
No par
9718 9714 95
97
97
300 Booth Fisheries
812 Jan 15 Sept
*513 6
6
978 Mar 2
*513
0
6
Mar
8
*512
100
6
*512
Steel
513
Empire
54
British
300
534 534
822
.8
7634 Apr
68 Ma
*712 8
8
8
100 6612 Feb 5. 6913 Mar 13
712 713
722 712
Do 1st pre!
200
*722 8
*6812 69
1918 Ma
39 Sept
69
69
100 2413 Feb 7 2612 Feb 20
*6812 6912 6912 6912 *6812 70
Do 2d pref
*6912 70
700
24
24
Jan 12458 Aug
9 100
24
8
Jan
237
25
24
12112
23
2513
Jan
*24
109
100
2314
2314
Inc
*2314 24
5,100 Brooklyn Edison,
Jan 12412 Nov
70
1134 11538 11358 1147
11134 11214 11214 113
100 10914 Jan 19' 128 Feb 7
11178 112 *11158 112
1,500 Brooklyn Union Gas
Jan 64% dent
42
118 1194 11712 11712 *115 118
11714 118
100 5912 Feb 27 6378 Jan 19
•119 121 *119 121
4,800 Brown Shoe Inc
61
538 June
June
14
25
8
6014
Jan
623
2
4
25
6214
25
Jan
6218
2
100
61
614
6112 60
Brunswick Term A Ry Sec
*60
Jan
147 Dec
8
25
11312
8
8
*23
25
2
8
Jan
*23
8
25
2
.23
100 138 Feb 23 14412
*214 234 *214 234 *238 238 13934 1404 *13812 141
Oct
13818 13812 1,700 Burns Bros
284 Jan 53
Jan I
43
26
Feb
139
3713
*13713
139
corn
138
B
Class
4
3
139
Do new
13814
800
38
38
514 Mar 1012 Deo
38
3812 3812 38
38
914 Jan 17 1134 Feb 14
3812 38
*38
& Zinc v t e__ _5
Copper
38
Butte
38
19,100
8
107
8
Feb
34
Nov
103
15
8
4
105
Jan
100 1712 Feb 1 2134
104 1078 1014 1012 1014 1038 1013 19
94 10
1812 1812 1,200 Butterick
2033 Jan 3514 Oct
1812 *184
3778Mar 1
18
1812 1812 1712 1712 1814 1814
Butte & Superior Mining___10 2912 Jan 17
4,300
344
1512
Dec
4
3
4
33
Apr
63
3513
16
4
Feb
343
3513
94
5 Jan 24
3458 3458 3418 3412 3412 3434 3534 8
3,000 Caddo Central 011&Ref No par
8
8
838
68 Jan 8613 Sept
8
.7
734 8
No par 794 Jan 24 87 Feb 9
778 74
*758 8
824 2,000 California Packing
Jan
8
8212
717
Jan
4318
6
8212
Mar
8214
8214
8214
10014
3
8214
Jan
6614
82
8214
100
8214 82
*82
9634 974 43,700 California Petroleum
83 Jan 9812 Apr
8 964 9912 974 99
100 9134 Jan 2 110 Mar 2
Do prof
9534 967s 9534 9812 9658 9838 10412 1074 10578 10578 *10412 10612 4,400
114 May
514 Feb
958 Jan 24 125a Feb 20
10
103 10334 10314 10334 10414 1043
16,000 Callahan Zinc-Lead
11
104
6613 June
504 No
11
4
1
103
Mar
66
1114
104
23
Jan
1012
10 52
500 Calumet Arizona MinIng
1014 1034 1014 1034 1032 65
614 Dec 164 Mar
6313 6314 6314 *6112 64
938 Feb 19
63
4
Jan
712
*62
1
63
*61
Gold
Hill
62
Carson
.500
62
812 9
3 Ma
9,2 June
914
434 Feb 21
914 5--3 Jan 2
No par
94 *,,r, 914 -,-,
914 --,300 Case (J 1) Plow
•_...
378 *334 4
,378
68 Fe
934 Aug
*312 4
4 7912 Fob 26
*312 4
4
4
4
4
100 Case (J 1) Thresh M. pf ctf 100 6934 Jan
79
*74
79
*74
78
78
79
•77
79
8
4418
Jan
293
7
*7312
Sept
79
*75
100 3212 Jan 4 4012Mar
3818 3812 8,600 Central Leather
6338 Jo.
8234 Sent
39
100 674 Jan 8 7934Mar 7
3818 3812 3812 3872 3853 394 3858
Do pref
4,400
384 39
7812 79
3234 Jun 4638 Deo
774 7878 7834 79
7713 78
Copper_No par 4212 Jan 17 4934Mar 2
Pasco
784 7738 78
Corrode
5,400
78
48
4718
34 Feb 5318 June
484
1 45 Mar 14
4734 4733 4818 48
47
47
47
4878 47
400 Certain-Teed Prod....No par 4014 Mar
46
•44
4784 Jan 7914 Apr
46
Mar 14
*44
4418 45
434 *4313 45
Motor Car...No par 6178 Feb 1 76
4334 43
*40
60 Jan 8952 Sept
744 7558 7414 7434 28,300 ChandlerPneumatic Tool 100 8258 Jan 10 8912Mar 2
4 76
724 734 7314 744 743
Chicago
5,600
7258 73
154 Jan 2914 Nov
Mar 1
3038
8 8658 8714 8634 8738
885
2
8614
Jan
274
86
88
25
85'
8
2
86,
8718 87 4 864
3338 June
2214. No
2914 2834 2918 22,000 Chile Copper
8 2878 2912 29
5 2438 Jan 29 3178 Mar 2
Copper
2914 2953 2914 2938 2912 293
43 Jan 704 Dee
2958 294 2978 304 2934 3014 8,600 Chtno Peabody & Co„....100 6534 Jan '' 7214 Feb 9
8
297
2912
8
297
2913
2912
Cluett,
500
2033
69
69
70
8234 Oot
Jan
41
3
*69
81
Jan
16
6912
Jan
74
6912
par
No
6912
6913
6712 6712
70
8,600 Coca Cola
•68
77
76
Jan 37 May
77
24
7814 7912 76
100 2514 Jan 17 3134 Feb 15
7812 79
79
784 78
78
2814 2834 1,200 Colorado Fuel A Iron
29
6334 Jan 1144 Sept
2918 29
11334 Feb 15
17
Jan
29
8
1037
8
295
0
2912
Electrio_10
2913
&
*28
Gas
2912
*29
109 10912 11.700 Columbia
54 June
114 Jan
278 Feb 6
212 Jan 5
103 10858 10334 10934 10878 111
e No par
10734 10734 10734 108
24 238 17,501 Columbia Graphophon
5 Feb 21 June
212 278
218 24
834 Jan 2 1212 Jun 15
100
218 214
218 218
Do pref
214 214
1114 1013 1038 2,600
Jan
10
4 Apr
8
793
5514
16
815
8/gar
113
8
69
Jan
4
93
par
912
No
912
Tab-Record
94
958 953 *912
8158 5.600 ComputIng79
4234 Oct
1858 Fe
7312 *7834 7913 7838 794
d Cigar... No par 33 Jan 24 3938 Jan 3
7812 7813 7838 7833 7812 3614
17 Feb 8714 Nov
36,4 3612 3518 3513 2,900 Consolidate
8 83 Feb 17
36
Mar
8
794
357
100
3514
37
37
prof
Do
300
3614 364
*7914 8112 *7914 8114
214 Mar
14 Fe
34 Feb 20
14 Mar 7
.794 81
8078 81
*794 82
.7914 81
Consol Distributors,Ino No par
12
*14
12
8513 Jai 14514 Sept
137 Jan 26
*14
18
•14
13
*4
32
Consolidated Gas (N Y) 100 120 Jan 2
*4
4
*14
- _
__ ____
4 Dee
623
7
_ _ -_ _
De
8
2
72
695
Feb
57
Jan
60
_ __
par
No
_
_ _
When Issued
9 Jui
1558 Apr
6578 -6612 6514 -6814 36-.700
107g Jan 31
1412 Feb 9
8 6518 -67
No par
a1-4 -f;, 7Consolidated Tortile
4 65E4 -6-6-6613 I6-1.
Jan 11514 Dec
31
1358 1378 1418 1312 1378 23,000
Jan
1314
454
Jan
2
1314
115
100
1313
1318
Inc
8
135
Can,
1314
Continental
1312 1334
_
_
No par 4338 Jan 2 5018 Feb 11)
When Issued
46i8 :fix; lois li3a -21.i6:5
73.2 47 -41
- 46E2 4.
-4-738
934 Aug
Jar
66
25 92 Jan 6 10312 Feb 15
Insurance
Continental
300
100
*99
100 100
1114 De
912 Feb 26 1214 Jan 19
*99 100
184 Deo
o par
*99 100
*99 100
7.300 Continental Motors___N
100 100
2
97
4
9
Oct
1344
s
16
97
Feb
1394
6
Jan
100
Jan
12312
9114
912
Refining___
10
934
938 10
952 934
19,600 Corn Products
95g 94
Jan 1224 Nov
100 11834 Jan 5 12232 Fob 24 111
13214 13358 13212 13378 13134 13234 13014 3114
13214
prof
8
1315
Do
200
132 13212
*121 122 *121 122
Deo
64
122
2
122
4
6314
Feb
Jan
17
503
par
Jan
4
12212
No
3l3
*121
121
Co
Ac
•121 12212 121
6178 6052 6112 85.500 Cosden Steel of America.1
Feb 984 Sept
6038 6112 61
2138jamMarar
0 :
000
10
1 8
3 Jan 12
38,14
8
68
6012 6118 6012 61
6078 62
834 8034 8212 35.800 Crucible
r 100 Sent
8820%
2
8
8234 8212 8338 8234 8312 82
Do Prof
300
*9212 9312
93
8112 8234 8112 93
9314 93
9314
No
125
par
8
818
Jan 1914 Mar
13
Jan
Feb
94
17
20
Sugar
*9212
93
93
1838 27.200 Cuba Cane
1814 1878 18
*92
1514 Jan 41% „filly
Jan 17 6414 Mar 15
177s 1812 1814 19
prof
8
177
Do
64,600
1714
63
6414 62
62
1634 174
64
62
144 Jan 28 Aug
8 63
-American Sugar....10 2312 Jan 16 3738 Feb 13
5853 5812 5912 597
354 3578 344 3514 45,500 Cuban pref
58
36
35
100 10012 Jan 11 10212 Feb US
784 Jan 10212 Dec
3514 36
Do
3313 344 344 3512
6558 Apr
10114 10114 10112 10134 1,300
100 13101
2328 No
c_No par 29 Feb I 3812 Mar 6
t
101
v
•100
Chemical
4
3
100
Davison
1004 10053 *100
* 30
373
Ms 5.200
154 Jan 2538 Sept
Cons Mines_No par 2334 Jan 24 28 Mar 1
3334 3622 36
36
.36
36
*2534 2638 1,200 Do Beers
26
*3512 3612 *35
2612 264 2638 26
100 1064 Jun 8 111 Mar 2 10038 Jan 11812 Aug
*26
Edison
8
265
Detroit
8
265
110
2634 2634
184 Jan 4612 Nov
10 3934 Feb 1 4,11g Jan 4
8 110 .10822 110 *10912 110 .10918
'108,
Mines, Ltd
4122 4114 41 22 3.000 Dome
41
41
•109 11072 *10822 110
41
70 July 904 Deo
41
41
Eastman Kodak Co___NOpar 8934 Jan 2 11378 Feb 26
41
4122 41
41
11113 11214 11118 11112 7,400
105 Dee 16934 NOV
17
Co.-100
Nem&
11218 11214 113
17
Feb
12412
Jan
1064
de
11112
Pont
du
I
111
E
2,500
110
111 III
80 June 9012 Sent
1184 1174 1184 1174 11814 117 11712
100 8414 Jan 16 8812 Feb 28
6% cumul preferred
11612 11712 117
•116 117
8734 *8612 8734
404 June 584 Dec
8712 *87
.87
.8638 88
Electric Storage BatteriNo par 54 Jan 17 8214 Mar 16
*8658 88
*8638 88
6114 814 6012 6214 26,900
62
1414 Jan 2412 Deo
61
2
Jan
4
1
Corp
203
4
15
Mar
50
Coal
603
59
Horn
1,000 Elk
594 5912
1614
11 18 June
*16
1814
5814 59
4
3
15
154
*1512
2's Jan
20
Feb
712
5 Feb 26
100
1534 154
Emerson-Brantingham
100
1558 16
7
*6
1534 16
7
7 *6
76,4 Jan 947g Dec
hnson
50 7518 Mar 1 , 9414 Jan 2
614 *6
714 *6
/91
119 Dee
6
7512 754 10,000 Endlcott-Jo
6
77
Jan
77
104
7714
3
Jan
764
118
71
Feb
112
8
100
773
prof
Do
100
764 7612 7534 7613 7638
.11534 '11534116)8 •I14 11638
1153
..., .. .._ ..,.. ,,a al ,.. 1211
stock div. ePar value $LO Pot' share.
Assessment Paid. z Ex-rights. g Ez-div. Sat-900%
Iv. and rights.
aEx-d
day.
MIS
on
sales
no
prices;
•Bid and asked




New York Stock Record-Continued-Page 3

For sales during the week of etocke usually inactive
, see third page preceding.

1157

HIGH AND LOW SALE PRICE-PER SHARE, NOT
PER SHARE
PER SHARE
PER CENT.
Saks
STOCKS
Range since Jan. 1 1923.
Range for Previous
for
NEW YORK STOCK
'Nadal/. , Wednesdav. Tnarsaam.
Monday:
On basis of 100-share lots
Year 1922.
Prow/.
the
EXCHANGE
March 12. March 13. March 14. March 15.
March 16. Week.
Lowest
Lowest
Highest
Highest
$ per share
per share
per share $ per share S per share $ per share
Shares Indus.&Miscall.(Con.) Par 5 per
2812 2812 *28
29
*28
29
share $ per share $ per share $ per share
*28
29 .21
29 .28
2812
100
Exchang
Buffet
e
8812 8812 8834 90
No par 26 Jan 4 31 Jan 10
8912 9159 9012 91% 8714 88
2612 Dec 3112 Oct
14 8712 88
18,000 Famous Playcra-Lasky_No par 8234 Jan 19
.0634 97
9634 968
97
97
93 Jan 2
974 9714 97
7518 Jan 107 Sept
97
97
Do preferred (8%)_..10O 94% Jan 16
700
*9
1012 *7
1012 *1018 1012 .104 1012 *1018 1012 .101 9718
9934 Feb 14
9112
Jan 107% Sept
8
1012
Federal
Mining & Smelting 100
.5234 5312 .5278 5312 534 5314 5318
834 Jan 23 1234 Feb 16
9
Jan
5314 5212 5312 *53
1612 May
5312
900
Do prof
878 9
9
9
100 44 Jan 23 6012 Feb 13
9
10
912 10
374 Mar 62% Sent
9
104
94 934 26,100 Fifth Avenue Bus
.178 185 *178 185 .180 185
No par
73 Jan 17 1038 Jan 2
185 185 .180 190 .180 185
8%
Dec
10%
Dee
100 Fisher Body Corp
99
99
*99 100
No par 150 Feb 1 21214 Jan 11
9918 9918 100
75
Jan 218 Dee
100 100
100 100
600 Fisher Body Ohio, pref__ _ _100 9818 Jan 24
144 1412 1412 14% 14% 1514 1434 100
101 12 Feb 19
1478 1434 15
7612 Jan 10314 June
1418 14% 14,200 Fisk Rubber
19% 1978 191,. 1912 1912 1934
No t", 1314 Jan 2 1612 Feb 13
1934 2059 2018 207
10% Nov
194 Apr
19% 2078 13,800 Freeport Texas Co
684 6834 6812 6812 69% 693
No par
1878 Feb 1 22 Jan 13
69
69% 6938 6938 .
1214 Jan 2714 Oct
684 6914
900 Gen Am Tank Car
.50
5018 4934 5012 497 5314 52
No par 66 Jan 5 717 Feb 20
3
453
53
4
Jan
515
SO
523
Oct
4
.51
5112
39,800
General Asphalt
81
81
*79
8314 81
100 4112 Feb 1 54 Mar 7
8212 8234 83
3714 Nov 7334 July
8234 8234 .81
8234 1,400
Do prof
9012 91
92
92% 92% 94
100 76 Feb 1 83 Mar 7
94
943
69 Nov 111 July
94
94
•9212 93
9,510 General Cigar, Inc
•10012 10912 *10812 10912 .109 1
100 8159 Jan 4 944Mar 14
0912 *109 10912 *109 10912 *10712 110
65 Afar 8334 Dee
Debenture pref
184 18518 1834 184
100 10412 Jan 2 10912 Feb 24
184 18414 185 189
94
Jan 109
18612 18814 185 18712 11,100 General Electric
Oat
11
11
.11
1112 1118 1112 11
100 179 Jan 10 19018 Feb 2 138
1118 *1118 1134 1118 1118
Jan 190 Dec
800
Special
14% 1478 147k 15
147 1518 148 15
10 1118 Feb 21 12 Jan 2
104 Oct 12 Sept
1478 15
1434 15
57,700 General Motors Corp_ _No par
*84
85
*8414 8434 *8412 85
1318
Jan
8438 84% .84
17
1512 Feb 20
814 Jan 1514 July
85
.84
85
400
Do pref
100 8334 Jan 20 85 Jan 16
8434 8434 84/2 8412 84% 8434 845 84%
69
Jan 86 Sept
8414 8414 .8312 8412
600
Do Deb stock (6%) 100 8317 Jan 9 86 Feb 27
9934 9934 •9912 997s 9912 100 .99 100
67%
Mar 964 Oct
9914
9914
.95
100
900
Do Deb stock (7%)__.100 96% Jan 10 101
*46
48
.46
47 .45
47
47
Feb
28
4734 48
7914 Mar 100 Sept
4812 4718 4814 6,100 Gimbel Bros
.11
1112 .11
1112 .11
No par 41 Jan 3 4812 Afar 15
1112 114 1118
3818 Oct 4518 Oat
1118 1114 1118 1118
500 Glidden Co
73
77
734 7%
No par 10 Jan 18 12% Feb 9
733 712
73
612 7
65
934 Nov
1814 June
17,700 Goldwyn Pictures
634 7
3814 3838 *3734 3814 3834 3914 39
No
par
4% Jan 2
778Mar 9
4% Dec
812 Oat
6,901 Goodrich Co (B F)._ No par
*9134 9214 9134 9134 .9138 9212 .9138 4014 39% 394 3812 39
34 Jan 4 40% Mar 15
284
Nov 447s May
.913
8
9214
92
*91%
92
100
Do prof
*2812 29
29
2912 .2834 2912 .28
100
84
Jan
9212
Afar
6
3
29
7913
Nov 91
29
29
Apr
2878 28%
400 Granby Cons M.Sm & Pow100
14
14
.1412 1434 1518 154 1312 14
23 Jan 25 3078 Mar 1
22 Nov 35 May
14
14% 1412 1412 1,700 Gray & Davis Inc
•32
3212 32
No par
32
32
15% Mar 7
11
32
.31
32
194 May
8 Nov
3138 314 3114 3114
600 Greene Cananea Copper_ _100 2318 Jan 23
10
11
10
104 11
12
Feb
1 3418Mar 6
114 1134
1112 12% 1218 1234 10,200 Guantanamo
22 Nov 3433 May
9418 9534 95
Sugar_ _ _ _No par
9678 9534 99
9% Jan 5 1412 Feb 14
9818 9912 974 984 97
7 Feb
14% Mar
9814 46,000 Gulf States Steel tr offs_ _ _
1
1
1
1
14
118
78 Jan 10 9912 Mar 14
*1
4478 Jan 947s Oct
11
.1
118 1,203 Ilarbishaw Elea Cab No 100
.9012 91
.90
par
91
90
34 Afar 5
90 .904 9112 91
212 Jan 12
ra
91
Jan
378 Mar
.91
92
300
Hartman
2058 2034 .21
Corp
2114 2114 2134 22
100 8312 Jan 4 9514 Jan 26
2238 .2134 217
8014 July 103 Mar
21
21
1,300 Hendee Manufacturing_ _ _100
.6812 71
.684 70
70
18% Jan S 2334 Feb 16
70
70
15
70
6912 691
Jan 2834 Sept
70
70
600
Homesta
70
ke
Mining
7034 6834 70
100 68 Mar 5 7978 Jan 2
7013 71
70
7138 71
55
721
Jan 82 Nov
70
71% 8,700 Houston 011 of Texas
2934 3034 3014 3134 31
6914 Jan 10 78 Feb 16
31% 3018
6114 Nov 9134 Oct
3078 31% 3012 31
31,000 Hudson Motor Car_ _No 100
2818 2912 2838 2911 2878 284 283 313
par 25% Jan 10 3234Mar 8
4 2914 2812 287
1912 Aug 28% De,
27
2818
13,600
Motor
Hupp
434 4%
Car
Corp__
438 459
10 22% Jan 11 2912 Mar 10
434 434
434 5
41 4%
104 Jan 2618 De,
434 434 4,900 Hydraulic Steel
*1412 1512 *1418 15
No par
*1412 151 *15
414 Jan 29
612 Jan 8
151
15
15
34 Feb
15
1418 Jun,
1714 6,900 Indlahoma Refining
*6
7
*534 7
*534 7
5 13 Jan 3 1714 Mar 16
*512 7
*534 7
314 Jan
.6
7
15% De,
Indian
Refining
3919 41
3934 41
10
403 404 4014 407
534 Jan 24
712 Feb 8
4018 4034 40
5 Jan
4012 6,500 Inspiratlon Cons
11% Jun,
Copper
20
33 Jan 18 4334Mar 1
*912 1014 *9% 1014 .98 101
31 Nov 45 Jun,
.978 1014 .978 104 *014 94
laternat Agricul Corp_ _ __I00
3514 3514 *35
37 .35
714 Jan 4 11 Feb 20
37
*35
38
538 Dec 1134 May
.35
38
*35
33
100
Do Mei
404 4112 41
41
100 31 Jan 22 394 Feb 23
4118 4234 4212 4312 42
2812 Nov 4318 Mar
4212 4134 42
9,400 International Cement_ Ns par
25
2512 2514 2512 25
3412 Jan 2 4312 Mar 3
25
25
2512 2512 2612 2614 2612 7,900 Inter Combos
26
Jan 3834 May
.9112 924 .91
Eng
7
94
Nd par
94
95
*9212 9334 *9212 94
204 June 3012 Sept
923 9212
200 Internal Harvester (new).._100 24 Feb 3 2634 Feb 19
•I1412 115 *11412 115 .114
8734 Jan 17 984 Feb 7
•114
.114 11512 *11412 115
7938 Jan 11578 Aug
Do pref (new)
01014 11
*1014 10% 1c)38 1034 i078 1138 11
100
11414 Afar 1 11614 Jan 4 10512 Feb 119 Sept
1114 11
11
3.600 Int Mercantile afarine_
4112 4112 41 18 4112 41
10
4112 4112
338 Jan 13 1138 Feb 14
423 4334 4214 4338 10,800
859 Dec 274 May
Do pref
1514 1512 1514 1512 1514 1512 1518 4459
100 374 Jan 29 47 Jan 5
1512 1512 1534 154 151
4159 Dec 873 May
5,850
Internat
ional
•75
Nickel
78 .76
(The) 25 14 Jan 2 1614 Feb 16
77 .76
77
76
76
75
1114
Jan
75
.72
1934 Apr
76
300
Preferre
54
5412 544 55
d
100 6934 Jan 4 7834 Feb 14
5.5
56
56
5612 56
5618 *5412 55
60 Jan 85
Jan
4,700 International Paper
.7214 7234 .7112 7212 *71
100 4913 Jan 22 5859 Mar 6
7234 .71
7134 7134 .7112 721
434 Mar 637 Oct
100
Do stamped pref
1814 1812 184 1812 1814 1834 184 7112
100 6934 Feb 3 7518 Jan 5
1838 1814 184 1818 181 16,800 Invincible
59 Mar 8012 Sept
5518 57
MCorp
55% 5678 5534 5714 5614 5814 5514 57
par5
4
1
4
1
1
14
2
j
J
1
..
a
7
51592144
Mar13far
n
87
124 July 204 Apr
5514 561 31,700 Iron Products Corp_ _
'I.
5,
12
12
12
%
12
12
%
12
12
32 2,500 Island Oil & Transp _.,No
Jan 534 Oct
24
20% 20% 2012 2218 22
v ta
1
2212 2034 2212 23
14 Jan 2
3.8 Feb 24
24
1.4 Nov
23
3
Jan
231 20,200 Jewel Tea. Inc
.73
76
7418 76% 7614 7734 78
100
Jan
24 24 Mar 15
76
1759
7614 7812 77
10
Jan 224 May
771
1,900
Do
prof
57% 57% 5714 .5734 .57
100 6914 Jan 29 82 Feb 28
5712 .5714 59
5918 6234 60
3812 Jan 7638 Dec
6359 14,000 Jones Bros Tea, Inc
•109 10912 109 109
100
109 109
50
109 109
Jan
17
8
633
Mar
107
16
3412 Feb 574 Sept
107
107 107
700 Jones& Laughlin St, pref_10
2% 212
212 212
214 214
0 10759 Jan 29 109 Feb 23 10712 Dec 10933 Dee
214 214
2
21
2
21
7,200 KaUSa9 & Gull
42
4214 42
42
424 423
4314 4314 4314 431., 43
14 Jan 2
14 Dec
34 Jan 12
4359 2,700 Kayser (J) Co. (new).._No 10
74 Jan
•102 104 .102 104 .102 104 4
par
40 Jan 8 454 Feb 23
"10312 104 *103 104 *103 104
34 May 4859 Aug
1st preferred (new) _No par
5418 5512 544 56
547g 568 56% 5818 5712 58
100 Jan 29 103 Jan 8
94 May 10612 June
5534 577 53,300 Kelly-Springfield Tire
25 4634 Jan 4 5318 Mar 14
•105 107 *105 107 *105 107
344 Jan 535 May
"105 107 *105 107 .104 107
•110 111 .110 114
Temporary 8% pref___100
112 112 *110 114
1023 Jan 2 108 Jan 18
112 113
11012 111
9012 Jan 10734 May
800 KeLsey Wheel, Inc
4214 427
42
100 101 Jan 23 114% Feb 20
423g 4134 4218 4238 434 43
4359
61 Feb 11512 Dec
42
43
46,900
Kenneco
tt Copper
918 914
No par 35 Jan 18 44% Mar 3
913 918
914 912
914 912
914 912 .94 914 3,400 Keystone Tiro &
254 Jan 3959 May
•195 199
193 19334 .187 192
Rubber_
_
10
838 Jan 17 1012 Feb 21
19214 19212 192 19478 195 195
459 Nov 2438 May
700
.82
Kresge
(S
83
8)
Co
8034 8034 81
100
8114 .8112 82
*81
82
.81
Jan 1894 Nov
8212
725 Laclede Gas (St ',nata)__ _ _100 177 Mar 2 24712 Feb 16 110
304 3018 "3012 31
313
31
823
3114
4
Afar
9
3112
87 Feb 21
313 3112 304 3159 2,700 Lee Rubber & Tire__
43 Jan 944 Aug
.205 215 "205 215 *205 215
__No
par
210 210
2414 Nov354 Mar
200 Liggett & Myers Tobacco_100 2759 Jan 16 315a Mar 7
•11634 11734 117 117 *11634 11734 20514 20514 .205 215
208 Jan 25 22234 Feb 9 15314 Feb235
"11634 117 *115 117
11514
Oct
200
Do pref
6838 6912 6914 7012 70
100
3 7159 704 704 704 11514
7114
7259 45,400 Lima LocoWkstempctf9No par 11514 Mar 16 11818 Jan 8 108 Jan 12312 Nov
1914 1912 1918 1959 1918 2012 70
5838 Jan 17 7238 ar 14
20
2012
2018
2059
20
52 Nov 11774 May
16,800
2059
Loew's Incorporated__ _No par
10
10
98 10
1814
933 94
814 912
Jan
17 21 Feb 15
8
84
814 812 9,900 Loft Incorporated
1059 Jan 2334 Sept
5612 5612 56
No par
5614 *5614 57
8 Afar 15 1134 Jan 5
5614 5812 *5612 57
5614 5614
9 Jan
500 Loose-Wiles Biscuit
1414 Afay
172 172 .172 175
100 517a Jan 4 6314Mar 2
172 17214 17134 17134 17134 17214 170 170
Jan 6778 Sept
38
900 Lorillard (P)
•105 115 .111 113 *11117 115
100
16114
.111
Jan 8 1785, Feb
115
110 110 .111 115
Jan
1474
100
ISO
Sept
Mackay
68
Compani
68 .68
es
69
100 105 Jan 22 121 Feb 6
68
68 .6818 6812 68
68
*68
72
Jan 117 Dec.
300
654
77
Do pref
787
78
8112 824 858 8512 8812 87
100 68 Mar 8 7012 Feb 16
8959 85
87
45,700 Mack Trucks, Inc
57
Jan 70 Nov
.97
98
9734 9914 9812 9812 98
No
par
5818 Jan 2 8938 Mar 15
9812 .98
9812 9812 981 ' 900
2512 Jan 614 Sept
.91
Do 1st pref
93
*91
93
100 9212 Jan 3 9914 Mar 12
*91
94
92
92 .90
9212 *90
93
68 Feb 944 Dec
100
.
Do 2d prof
6512 6612 .6512 6612 6514 66
100 84 Jan 3 92 Mar 5
66
6812 6712 6812 67
Jan 87% Sept
674 3,000 Macy
54
3412 3412 3412 3412 3412
No par 6118
3412 3412 3514 3478 34% 3438 3459 2,300 MaIlluso
59 Nov 62 Dec
n(H II) & Co_ _No par 344 Jan 8 7112 Jan 20
66
6614 6612 7112 72
75
72
Jan 24 40 Jan 2
7514 71
7312 7112 73
15,400 Manati Sugar
154 Jan 40 Aug
.87
8912 8812 884 89
100
90 .9014 95
4312 Jan 17 7514 Mar 14
*8812 90
*8812 92
400
3014 Jan 62 Mar
Preferred
100 82 Feb 3 90 Feb 26
*53
57
*53
7314 Apr 8414 Sept
57
*5412 56
57
*5414 57
5512 551
100 Manhattan Elea Supply No
.45
4512 454 4518 "4514 45% *5414
par
514
453
8
4518
453
Jan
4
3
45
464
5812
Feb
45
16
41 Mar 69% Apr
1,300 Manhattan Shirt
41% 42% 4218 42% 4212
25 4314 Feb 2 477 Jan .5
43
4278 44% 4434 4534 4518 46
32 Mar 58% Oct
69,900 Marl aid 011
•13
14
13
13
Vo par 2714 Jan 6 46 Mar 16
*1212 15
1312 15
1412 15 .14
15
22% Jan 46% June
•3178 3212 32
900 Marlin-Rockwell
3234 32
Vo
par
3212
3212
912
323
3212
Feb
4
3212
3178 32
1 16 Feb 26
54 Ma
1,500 Martin-Parry Corp_ _ _ No
2638 Mar
62
62
6112 6112 6112
6334 6112 621
6,500 Mathieson Alkali Works par 2712 Jan 31 3312Mar 7
204 Jan 3614 June
6112 6214 6112 6214 6134 6334 63% 644 62
50 4978 Jan 2 641:afar 14
6214 614 62
6134 60
61
61
12,000 Maxwell Mot Class A
Jan 54 Nov
22
1914 20
1914 1934 19% 2014 1918 2018 194 1912 19
100
4334
Feb 2 6314 Mar 8
1934 26,300 Maxwell Mot Class
4114 Nov 74% May
7312 7317 7234 7334 7234 73
B_ _ No par
73
75
1412 Feb 1 2078 Mar 8
7412 75
7412 74% 8,500
11
Feb 25% June
1812 1812 .1814 1834 1834 183
184 1834 1812 18% 1812 184 2,500 May Department Stores_ _100 6759 Jan 5 7859 Jan 13
654 Dec 174% Dee
.270 290 *260 285 .280 285 4 272
McIntyr
e
For
Mines
272
272 275
275 288
1759 Feb 1
1959
Feb
14
103
700
8
•100 105 •100 105
Mexican
Petroleum
*98 105
.98 107 •100 108
100 285 Mar 2 293 Jan 2 106% Jan 21% Mar
10514 10514
100
1612 17
Jan 322 Dec
Preferred
1678 1714 17
18
1714 17% 1714 1778 1714 1738 7,000
100 10014 Feb 28 10514 Mar 16
7914 Jan 108 Dee
1518 1514 16
Mexican
Seaboar
d
OIL
16
15% 1714 1612 1714 1718
_No par
1614 Jan 12 1912 Feb 19
1712 8,400
15
23
Oct 344 July
Voting trust ctfs
2812 28% 2878 2918 2914 28% 2914 284 174 17
1518
Jan
28%
284
17 1838 Feb 17
2914 2,900 Miami Copper
12 Oct 3218 July
1114 1112 1114 1112 1114 1113 1114 11%
5 2634 Feb 1 3012 Feb 23
11 12 1134
11% 11% 34,900 Middle States
25
No
3034 31
3138 May
304 314 3112 3134 31% 32
Oil Corp_
10 11 Jan
3134 31% 3138 3178 20,300 Midvale
11 No
*7314 7334 73
Apr
16
Steel de Ordnance_ 50 27 Feb 24 1214 Jan 12
7314 .72
73
*7112 73
6934 72
•71
1 32 Mar 3
73
1,400 Montana Power
2818 Dec 4514 May
24
2414 23% 244 2334 2418 23% 24
100 6512 Jan 24 75 Mar 8
23% 234 23% 234 5,100 MontWard
2314 2312 23% 2414 24
63 Jan 76% Sept
& Collis Corp
2414 24
10
243
8
2412
2059
24%
Jan
244
17
26
2434 12,300 Moon Motors
Feb
12% 1234 1212 12% 1212 12% 1212
12 Fe
25% Aug
No par 1734 Jan 17 243451ar 13
12% 1212 1234 1212 1234 12,100 Mother
2738 2814 27% 2712 27% 2712 28
8
13 Au
19% Dec
293
2912 29% 294 2912 4,000 Mullins Lode Coalition_No par 11 Jan 2 14 Feb 20
104 104
938 No
10334 10334 10434 10712 10612 1083
1214 Dec
Body
No par
22 Jan 24 2978 Mar 15
8 10818 112% 109 11212 10,500 Nash
1714 Dee 34 Mar
Motors Co
No par 754 Jan 2 11411
*98
981
98
98 .98
9812 *98
Jan 12
981 .98
70 Dec 525 July
9812 •98
9812 1,100
1478 144 144 1414 •1412 15
Preferre
d
A
7
14
100 98 Mar 6 1014 Jan
15
14% 1434 1434 15
1,200 National
4214 4314 4259 4234 4238 4234 4238 4259
Aug108 Dec
50 11 Jan 30 1818 Feb 17 1014
4234 43% 4278 4314 15,600 National Acme
91s Nov2114 Apr
121 121 .121 12112 121 121
Biscuit
121 121 .12014 121 •1204 121
100 38 Jan 5 4312 Feb 19
500
.63% 65
Dee
21
270 Dee
367
8
Do
pref
*6312 65
*6312 65 .6334 65
*63% 64
634 63%
200 National Cloak & Snit _ _ 100 12034 Jan 15 125 Feb 2 11312 Jan 126
Oct
1
11
*1
114 •1
114
1
_100 60 Jan 17 6714 Feb 21
118
1
118 14 1,100 Nat Conduit &
1
Jan
26
69
664 Sept
69
694 7014 7012 7214 72
Cable_
a37
73
1 Jan 25
7278 70% 72
112 Feb 24
38,400 Nat Enara'a & Stamp'g_No 100
1 Dec
44 Apr
130 13034 130 13134 13112 13112 72
130 130
6514
Jan
9
132
132% 129 130
73 Mar 14
3.000 National Lead
.11212 11312 .1124 11359 .11212 113 .112 113
3033 Jan 6812 Oct
100 12312 Jan 25 134 Mar 5
.112 11234 112 112
100
Do pref
85 Jan 12914 Dec
1714 17
17
17
1714
17
17
1718 1678 17
16% 17
4,100 Nevada Consol Copper_ _ _ 100 112 Mar 16 114 Jan 4 108 Jan 117
Oct
37
37
3612 3612 37
37
38
384 3614 3818 36
5
1418
Jan 29 1838Mar 5
37
4,000 N Y Air Brake (new)__No par
1318 Nov1918 June
4934 493
4934 494 50
498 .50
50
2638 Jan 2 3912 Feb 13
50
50
Nov41
50
501
Sept
1,700
5g
2412
Class,
2412
*2234 2314 2314 25
A
*2212
No par 46 Jan 9 5112 Feb
25
257 .2512 2534 2512 263
454 Nov5114 Oct
13
2,400 New York Dock
.4714 5214 .4814 54
49
5012 5012 5012 50% 5112
100 2112 Jan 16 26% Mar16
.5112 55
20 Nov46 June
600
Do pref
11018 112
11134 112
Ill 11178 1124 114
100 46 Jan 31 5112 Mar 15
112% 114% 11212 113% 13,100 North America
48 Nov 684 June
4714 47
*47
n Co
47
4714 4714 4714 4714 4714
50
10017
Jan
16 11912 Feb 24
4714 47% 47% 2,200
444 Jan 10014 Dec
Do pre
28
*2718 29
*27
28
2912 *25
29
.2714 29 .25
Jan 4714 Aug
287
38
100 Nova Scotia Steel & Coal_ 50 4412 Jan 17 4812 Feb 14
*94 10
934 934 .912 10
912 912
*912 10
204 Feb 40 Sept
*912 10
200 Nunnally Co (The)____No_100 27 Jan 10 2978 Mar 3
4.71, 8
.712 8
.712 8
par
734 8
912 Jan 5 104 Feb 8
*713 8
8
712
July
300
1234 Mar
71
Ohio
Body
&
234
Blow___
25, 25,
_No par
2%
2% 2%
234
259
2% 278
64 Jan 2 1018 Jan 29
5 Nov
234 23 11,500 Oklahoma Prod & Ref of
1414 Apr
*6
64 614 *534 634 *6
7
Am 5
*534 7
14 Jan 2
7
318 Feb 8
134 Dec
*512 61
100 Ontario Silver Mining_ _
438 June
1912
20
20
20
20
1934
_
20
_100
1012
19% 20
5 Jan 6
614 Mar 8
412 Jan
1914 191
3,300 Orpheum Circuit, Inc
938 Mar
147 150 *145 150 •145 149
•147 150 .
1 1712 Jan 5 2114 Feb 16
14812 149
14814 14314
1259 Jan, 28
300 Otis Elevator
Oct
100 144 Jan 24 153 Feb 16 116
Jan( 16859 Oct
•Bid an asked prices; no sales this day.
Leas than 100 shares. a Ex-dividend and
rights. s Ex-dividend. •• Ex-rights.
8nu,
aav.
March 10.




1158

New York Stock Record-Concluded-Page 4

usually inactive, see fourth page preceding.
For *ales during the week of stocks
PER SHARE
PER SHARE
Range for Preelotu
Range since Jan. 11923.
STOCKS
Sales
SHARE. NOT PER CENT.
Year 1922.
-PER
lots
are
PRICE
100-sh
of
SALE
basis
On
LOW
NEW YORK STOCK
for
HIGH AND
EXCHANGE
the
Pridag
.' Thursday.
Highest
Lowest
Highest
Lowest
Monday. I Tuesday. 'Wednesday 1 March
Met.
Saturday.
15. March 16.
13. March 14.
March 10. March 12. ' March
share $ per share $ per share $ per share
Per
Par
(Con.)
Miscall.
6
&
mu
Indus.
sahre
1613 Apr
6 Nov
shsre1$ per shsre $ per share $ Per
778 Jan 4 1378 Mar 16
No par
Steel
$ per share $ per share $ per 1312 1318 1318 13/
4 134 1338 137 28,700 Otis
1
24% Jan 423 Sept
25 3638 Jan 2 4934 Mar 15
1212 1273 1234 1318 127
4858 4934 4712 4812 26,400 Owens Bottle
12 Dec 1418 Apr
214 Mar 5
2
Jan
13
t
4658 48% 4818 493* 4812 4918
Developmen
Pacific
3.000
4612 47
1
1
114
1
Jan 9112 Sept
114
60
114
114'
1 18
100 783 Jan 25 85 Jan 5
114
118
*114 1%
8112 2,200 Pacific Gas & Electric
19 June
Jan
11
8212 8214 824 814 8134 81
5 1114 Feb 23 1212 Feb 8
8212 8234 *82
1,900 Pacific Mall SS
81% 82
424 Nov 6934 May
1114 124 113 1214 *1133 12
4
1112
Jan
8
487
3
*11
Jan
4218
1112
11
OH
.
Pacific
1113
18.500
•11
3
4412 45
45
21
Nov
458
45
Dec
45
10
4
1
/
45
18
1412
Jan
8
45
Jan
We
4518
10
4 45
1
45/
45
1414 20,400 Packard Motor Car
48% Jan 10072 Dec
1334 1412 1414 1458 1414 1412 1418 8112 79,300 Pan-Am Pet & Trans
50 7918 Feb 8 9312 Feb 7
1378 14
13% 14
9534 Dec
8234 8214 8314 794
Feb
81
4012
7
83
Feb
86
14
8112
Feb
50
8312
B
7034
Class
8218
4
Do
8134 823
7g 745 7534 7512 7638 733 75 148,300
3 Dec 1213 Jan
5 Jan 5
4 Jan 16
100 Panhandle Prod & Ref.A'o par
4 7514 745* 7534 7412 75
1
74/
4 44
/
Apr
m
44 412 *438 412 *41
713
412
412 *4
No par 1158 Jan 25 15': Mar 13
412 *4
10.900 Parish & Bingham
*4
147 153* 1412 15
57
8
147
Dec 11338
144
28 Nov7
16
1512
Feb
2
Jan
14%
212
par
v
153
No
C
t
St'l
rd
144
14
50.500 Penn-Seaboa
14
4
/
51
58
Sept
99
512
Jan
4
514
593
514
44
44
4
4
/
438 41
& C (Chic)_100 90 Jan 16 9412 Jan 30
412 434
*9114 9112 9012 911 18 1,300 People's G. t.Co
91
3112 Jan 451k Sept
9012 9012 91
91
(Pittsb) __ 50 4114 Jan 2 50 Mar 15
91
9012 91
487 493 30,800 Philadelphia
50
49
7314 Oct 10518 Jan
4 4818 4712 497
/
471
No par 76 Jan 11 75138 Jan 15
Ph1111p-Jones Corp
474 4818 4714 487
7
74
7
7114
•
74
*7114
2814 Jan 59,4 June
Vo par 4713 Jan 2 6378 Mar 2
74% *7114 74 .71 14 7478 *7114 74
32,700 Phillips Petroleum
*70
4 63
/
8 July 245 Apr
4 Jan 27 154 Jan 14
/
60% 61% 617 638 6212 6312 611
60% 6014 61
60
1314 11,000 Pierce-Arrow M Car-No par 111
133*
4
1
/
13
135*
18% July 49 Apr
1312
134
9'
Jan
100 2734 Jan 27 35%
Do pref
1218 12% 1214 12% 1212 135* 3234 33
3358 7,300
37 Dec 12
Jan
333* 32
33
13.
Feb
6
3314
25
Jan
32
4
25
32
32
011
Corporation
Pierce
314
3,400
43
31
418
438 412
44 412
43* 434
Jan
43* 43*
32 Sept 71
4
412 412
Jan
45
24
Jan
38
100
pref
Do
400
42
40
*38
Dec
40
5918
Nov
39
40
6
40
Mar
4
40
793
par
17
No
5514
Jan
40
43
*40
13.600 Plgg Wing Stor Inc"A"
*4112 42
7614 6514 76
76
55 Nov 723s Sept
774 765* 77
58 Jan 16 6778 Mar 7
100
Pa
of
Coal
Pittsburgh
774 7673 7912 77
4.600
77
6518
65
67
9018 Feb 1004 Sant
67,4 *66
67
6612 673
100 98 Feb 7 9912 Jan 4
67
6612 66% *66
Do prat
500
Dee
99
98% 9834
1414 Feb 41
9912 99
914Mar 1 477 Feb 15
10
994 9912 9912 *99
9913 *99
*99
2,300 Pond Creek Coal
912 10
Oct
65% Apr 120
94 912 *932 912
No par 113 Jan 6 134 Feb 6
932 912 *94 934
912 95
Cereal
Postum
2,100
*12312 125
4
1
/
Oct
112
125
Apr
12414
4
1054
25
1243
Jan
12314
11414
3
Jan
123
11018
1224
100
8% preferred
100
12314 12412 122 122
112
*11114
9514
Sept
112
Jan
*11114
63
113
Jan
2
*111
100 58 Feb 2 8112
Steel Car
.111 11212 112 112 *111 113
8 Jan 5
Feb 106 Sept
6912 6912 604 6914 1,000 Premed pref
91
99
694
6912
22
.
Jan
68%
86
6S34
100
70
6812
Do
70
70
93
*91
2418 Jan 51 Sept
*91 .93
93
*91
Jan 16 5514 Mar 5
93
Mil
93
*91
93
Producers & Refiners Corp_ 50 474
.91
Jan 100 Nov
66
523* 543* 534 5414 52% 53% 58,000
935 Jan 6 10314 Feb 19
53
.51% 5212 51% 5213 52
99% 5,700 Public Service Corp of N J_100
99
99
99
10513 Jan 139% Sept
8
Mar
101
134
10012
t7j
Jan
4
101
1263
100
10012
10012
100
99% 100
6,100 Pullman Company
131
13014
131%
Jan 534 June
31
131
16,
Mar
4
663
131%
18
50 43 Jan
13013 13112 13014
130 13012 130 132
6612 6512 66% 67.900 Punta Alegre Sugar
2612 Nov 385s Jan
6412 6513 64
25 27 Jan 24 32 Feb 13
6178 6212 617
5934 60
59
3018 2912 29% 8,800 Pure Oil (The)
10234 Apr
29%
July
3
9
94
Mar
100
29
25
293
Jan
s
97
295*
100
29's
994
8% preferred
200
2914 *251
29
*97 100
4 Sept
/
Jan 1261
94
*97 100
100 11013 Jan 30 12214 Mar 7
*99% 10014 9034 100
*99 100
1,600 Railway Steel Spring
*99 100
16 M
194 Jan 3612
1204 1214 119 119
19
121
Feb
IElearlyt
8
343
12012
23
Jan
12012
324
No
par
12012
Ltd
12012,
•11812
600 Rand Mines
11812 11812
31%
*30%
3012
Nov
124
3012
1
31
Mar
1714
31
25
an
J
31
d Copper_ 10 1313
2258 31
*3138 3214 *31
Jan 42 Mar
24
15% 15% 1578 1618 6.300 Ray Consolidate
334 Jan 11 484 Mar 6
1534 15% 157
0100
t
v
Typewriter
Remington
3,800
1512 15% 1512 15341 153
46%
Jan 105 Dee
4512 45
55
4612 45
100 100 Mar 5 104 Feb 13
45 I 447 463 •45
1st preferred v t o
44
45
100
45
5012 Feb 8034 Dec
88 Feb 20
1024 101 101 •100 103
100 80 Jan 3
2d preferred
*98 10214 •98 10214 *10134 10213 •101
90
*87
21 Nov 3812 MaY
90
*87
3l5 Feb 16
90
2
Jan
•87
23%
par
90
No
*85
1
90
Steel
*85
Replogle
90
4,200
•85
2734 28
4313 Nov 7812 May
27% 28
2712 23
100 47 Jan 31, 62% Mar 8
2712 23
2838 2712 28
28
60% 10.100 Republic Iron & Steel
6178 60
4 61% 61
/
74 Feb 9534 May
6012 6034 61% 611
5934 6014 80
100 89 Jan 9 9638 Mar 14
pref.
Do
1,100
9512
*95
96
1214 Nov 50% June
21
96% 965* 9512
We Jan 23 274 Feb
No par
25.400 Reynolds Spring
*9514 95% 955* 9541 9512 96
2538 2418 25
43 Mar 6324 Nov
7
213
Feb
4
22
593
214
10
Jan
47
25
2218
B._
2214 2112 2134' 215*
21.100 Reynolds (ft .1) rob Cl
22
6112
Apr 11884 Oct
60
615
11118
9
6012
Feb
4
603
118
100 11478 Jan 19
58141 5812 5914 593*
7% preferred
200
5814 58
58
4734 Jan 67 June
11714 11714 *11714 11734 *11512 117
4213 Jan 31 55 Feb 16
*11712 11734 11712 11712 *11713 117% 534 537
528 7,045 Royal Dutch Co(NY shares)
Jan 2014 Sept
52
53l
9
123*
523
4
Mar
3
225
2
Jan
18
10
535*
53
2.700 St Josepn Lead
22
52% 52% 5213 527
614 Mar
14 Jan
215* 2178 22
22
5 Feb 14
2 Jan 17
2214 2214 2214 22
2218 2213 22
378 378 2,600 San Cecilia Sugar v t (1-5ro Dar
4
10 Aug 2478 Apr
4
7
Mar
2812
3
414
Jan
4
1811
100
4
43
Corp
43*
43* 43*
3,700 Savage Arms
*312 412
28
271z
8 Aug
947
Feb
3
281s
592
13
27
Feb
8
923
273*
17
27
100 834 Jan
2853 273* 2634 27
2678 27
8812 8812 2,500 Seam, Roebuck & Co
Jan 112 Aug
91
8858 89
100 11012 Jan 26 11312 Mar 12
894 8912 8838 90
Preferred
8812 89
100
8812 89
Oct
Jan
2314
6
119 *11114 119
3
Mar
*11114
1212
4
1193
17
Jan
732
*1134
4
3
110
No par
*1124 119% 1134 11312 *113
1058 10% 2,200 &nem Capper
812 Nov 12 June
11
4 Jan 2 10% Mar 21
/
81
1114 1134 1114 114 11
800 Shattuck Arizona Copper__ 10
11% 1012 11
11
13
1 May
23* 93
:
Mar 71 344 Decee 481
4114
278
8
31
93
Jan
9l2
2
£2
_
3434
918
91
Trading._
&
10
913 9% •913
3912 4012 1,800 Sh•Il Trans!,
Dec
124
40% 4118 407s 407
41
No par 123* Jan 8 1614 Feb 14
154 1558 16,200 Shell Union Oil
4078 40% 4034 4034 •4058 1512 155* 153* 1512 155
183* Jan 385* June
011 Corp_No par 3178 Jan 19 3638 Mar 16
1514 1512 1538 15381 1514
858 Nov 1178 Oet
355* 3618 191,400 Sinclair Cons
36
21
Feb
34
34
1314
3
2
8
333
Jan
8
3
9
33
10
334 3318 33581 3318
1278 13.800 Skelly 011 Co
33
3 5614 Mar 14j 3412 Mar 5412 May
8 123* 1258 1278 1258 12% 125s 56
9,000 Sloss-Sheffield Steel & Iron 100 42 Jan 13 90 Mar 16
4 1238 123* 1234I 123
/
121
54
66 Mar 80 Aug
544 564 5518 56
100 68 Jan
Do prat
524 5334 537 54
900
5213 54
90
894
33 Nov 574 Mar
894
87
64 Feb 14
89
13
Jan
*85
88
100 40
*83
88
*83
89
.85
6112 6,300 So Porto Rico Sugar
15 Nov 24 June
par 19 Jan 17 2714 Feb 16
6134 6112 625* 6178 6234 614 2533 11,100 Spicer Mfg Co
No
59
60
56
59
*56
/
Apr 96 Sept
84
8 241
2
253
Feb
2518
3
973
3
25%
Jan
2.534
90
8
100
257
2512
Preferred
4 2553 2512 253
1
25/
9712
*95
843*
Dee 141 Sept
9712
23
*94
Jan
9012
7
Mar
9712
9714 *94
100 84
Standard Milling
*9512 957 *94
*947 95
55
23
ot
04 0
0c
*8314 8412 *8214 85
12312 Jan 21 9134 Jan 1
25
844
*8214
Jan
2
543
25
8412
*8214
Cal
of
011
85
Standard
*8214
4 8414
1
•82/
6318 6034 6278 6014 6114 42,600
62
Mar 31 3812 D00
4414
1
Feb
4 0112 611: 6234 623* 6314
/
4
1
/
611
39
25
J
N
of
011
4212 4278 27,700 Standard
118 Feb 21 113% Jan 11612 Nov
4234 4318 4234 43
100 11612 Jan 31
4213 43
Do pref non voting_
4212 4234 4232 427
11658 11678 1165* 11634 1.100
100 85 Jan 2 10774 Jan 121 68 Mar 90 May
11613 11612 •11613 117
117 11718 *116 117
214 10212 10312 3,200 Steel & Tube of Am pref
454 May 633* Dec
Mar 2
102
5
10
6758
10212
13
Feb
•10214
58
par
103
No
10213 10218 102 1023 102
84:18 2,400 Sterling Products
64
Jan 109 Dec
81
635* 64
100 10913 Jan 2 115 Jan 51
64% 63% 633
64
Stern Bros pref(8%)
6312 634 6312 04
121 12M ar 6, 2412 Jan 79 Dec
114 *110 114 *110 114
2
Jan
*110
7914
par
114
Corp_No
Sp
*110
-Warn
114
*110
••110 114
12014 16,600 Stewart
Jan 71 Dee
6.
117
3514
12312
Mar
120
9114
1223
11812
10
Jan
6214
1184
4
/
No par
11712 11834 117 11814 1171
4 Jan 14134 Dec
/
9112 9278 9012 917 23.800 Stromberg Carburetor_
93
16 12514 Mar 6, 791
9114 9278 0118 9212 9034 92% 914 12578 12458 12638 12312 1247s 171,200 Studebaker Corp (The).-100 11218 Jan 4 11334 Feb 16, 100 Feb 11814 Nov
Jan
12412
112
124%
100
122
Do pref
100
12018 1213* 12012 122
878 Nov
34 Jan
1134 *113 11312 *113 11312
7 Jan 3 1458 Mar 141
No par
Boat
113 113 *113 11312 *113 11312 •113
4 Nov
e
1438 1312 1438 36.100 Submarine
1120:44
47 Jan 23
634 Feb 1.5,
ploo
No par
1418 1312 1438 133 143* 134
13
1278 13
538 512 2,500 Superior 011
3913 Apr
26
Jan
12
Mar
4
3313
53
55*
3
54
J011
4
,
29
512
512
5t2
*5% 5%
•512 574
300 Superior Steel
3412
5 Mar
132 Nov
3412 *33
*33
278 Jan 12,1
134 Feb 27
10
America
of
Co
Sweets
3312 3312 3312 3312 *3213 3412
800
8
*3314 34
17
17
ja
I%
8% Nov
May
178
2
2
1058 Jan 2 1234 Feb 211
otts_No par
4 *178 218 •178 2
/
•178 21
2
1218 1238 9,200 Tenn Copp & C tr
57
Mar 6
42 Ma
1212 12,4 12% 1218 1238 124 125* 5012 5078 35,900 Texas Company (The)._ 25 47% Jan 17 52 Feb 20
123* 1212 12
N
o1r1
C1°
5012 5034 503s 5114
Jan 10 85 Jan 15' 3812
58%
10
5118
Sulphur
5014
5012
Gulf
5018
Texas
4
3
50
15,100
.5018
184 Nov
325 June
6214 6112 6212
61
603* 61
61
10 20 Jan 24 2434 Feb 171
14,700 Texas Pacific Coal dz 011
5938 5913 .59% 5934 60
2214
8
217
t
1
3
1
64
py
5
9
8
2
8
ea
2212
I3
0
s
M
12
r
a
1
:
00
0
144
22
8
217
2
2112 214
100 120 Jan
21% 21
1,200 Tidewater 011
4 2178 21
/
211
*133 134
Mar
13372 13412 •13234 13334 133 133
134 134
491 Nov 7
4 24.700 Timken Roller Bearing_No par
/
135 135
4 441
1
43/
4
1
/
4
8
8
J
e
Mar
SeptSeun
49
4
1
/
5
0
71
4
6
435*
4314
7
12
4312
n
a
a
J
43
j
8
50:3
33
_.100
4234 43
Tobacco Pioducts Corp
4314 424 43
42
85 Mar 2; 7678 Aug 8912Sept
5712 5712 5814 5678 5734 13,200
57
Do CIA fiance July 16) 100 79% Feb 2
56% 5714 5658 5712 5678 5712 83
8234 844 18.300
712 Mar 201e May
5;
Jan
1413
844
834
9
4
833
Jan
10%
4
833
011-No
Par
8278 8314 831.3 83% 8314
1212 1234 65,100 Pranscontinental
16 704 Mar 21 5518 Mar
12% 13% 1234 1314 12% 1314 6912 6912
14
12
600 Union Bag & Paper Corp 100 6324 Jan
1313 14
6912 6912
69
69
70
Dec 25 June
*218
67
6514 655* 87
Par
No
011
Union
300
Is
14
18
14
2: 86 Des 11434344mDayee
18
11 seyt
13
*Is
4 jaanr 3
14
1 95:4M
*Is
100 8118 Feb 4
14
4
1
/
14
4
1
/
•
1,100 Union Tank Car
943
4
4
943
95
Feb
19
102
Jan
*93
112
95
3
Jan
*94
8
1087
100'
9412 95
Preferred
9334 933
112
933 933
25 Jan
3318 Jan 5 38 Mar 6
1114 *110 112 *110 11112 *110
Pal
No
*110
Steel
11112
Alloy
United
*110
700
11112
•110
3612 3612
Oct
3612 37
100 78 Jan 24 85 Feb 231 6078 Mar 85
4 3512 *364 37
/
351
36
*35
800 United Drug
37
37
8112 8112
81
81.
81
81
82
50 464 Feb 14 48 Mar ii 4118 Feb 517g Oct
*81
82
*81
1st preferred
81
200
f 81
4 4813 *474 4812
/
4812 *471
183 Mar 2 11934 Jan 162 Oct
17
Jan
*474
15213
4734
100
4818
473*
4818
Fruit
United
2,000
.4712 4813
4312 Feb 8712 Oct
181 18178 181 18112 18112 18112
6438 Feb 1 84 Mar 3
179 1793 179 181
, 178 178
8114 17.600 United Retail Stores...NO Par 29 Jan 31 3412 Mar 2' 1618 Jan
8014 8134 79
81
79
8034 8238 8012 8114 8013 81
3134 3218 2,500 US Cast Iron Pipe & Fdy_100
33
3 3312 •32
2
7
3
Jan 3
50
aa
27isa u
8
Jan
105
g
fi
;
725
25
31
Jan
69
3218
100
*3112
32
32
Do prof
400
3112 32
69% 69%
70
*68
25 Feb
5 Jan 2
70
70
314 Jan 30
70
*69
70
*68
*6914 70
44 53g 5.800 U S Food Products Corp 100
414
1812 Nov
414
412
1834Mar 16 25 Jan 27
4 43* *4
1
par
4/
No
MachCorp
4 44
/
USIloffman
4 *41
1
4 4/
/
41
2,600
1834 19
19
Jan 7274 Oct
37
1934 19
100 6258 Jan 22 7314 Mar 16
1934 194 1934 *19
4 194 19
1
19/
7314 58.200 U S Industrial Aloohol
724 Dec 102
6912 6918 7238 71
Oct
100 98 Jap 2 10014 Mar 8
6812 6018 6834 7018 69
Do prof
6834 69
Jan 9278 Oct
6
56
10134 *100 102 *100 102
Mar
24
106
Jan
*100
8813
4
1013
100
*100
t
4
1013
Improvemen
*100
&
*100 102
10114 7,000 US Realty
10014
10212
10018
6712
46
14
Nov
10014
Apr
Mar
6314
100
10
55
Jan
100%
100
3
99 100% •10012
1004 101
6138 6212 38,500 United States Rubber
6314 6214 63
91 Sept 107 July
6234 62
100 99 Jan 2 105 Jan 13
6034 6158 61
Do 1st prat
1.900
6014 61
103 103
33 Feb 483* Oct
10434 10438 10378 104
3478 Feb 5 433sMar 2
10334 10414 104 104
700 US Smelting. Ref & M.... 50 45 Feb 9 4818 Jan 3
10234 103
4112
41
4112
*4114
414
4214 Feb 49 Aug
4114
41
50
41
42
.40
pref
41
Do
500
41
46
*4514
*4514 46
*4512 46
82 Jan 1114 Oct
Jan 31 10834 Jan 4
104
46
46
Corp_.100
49
Steel
4512
States
4512
4512
55,700 United
108
107%
107%
8
1084
1083
Jan
12312
15
1
107%
31
Jan
119
100
133* Feb 123 Sept
1085*
107%
Do pref
10712 107% 107% 108
1,000
1197s 11078 11978 120
69 Nov 7112 Sept
10 62is Jan 18 7612 Mar 5
1191s .11913 120
11912
4
3
119
11912
Copper
Utah
1198*
4
3
15.400
119
727 733* 7134 7314
8
735
8
8
717
26
243
4
Feb
974 Jan 2318 Sept
16
153
Jan
72
100
7112
e
72
t
v
7112
73 d 7312
2112 2158 2078 21% 1,900 Utah Securities
*2114 22
21
2138 21
3014 Jan 5324 Aug
No par 337 Feb 1 44 Feb 16
20 , 2012 20
Vanadium Corp
13,100
42%
4
413
42%
4232
425*
92 Jan 100 Oct
100 9334 Mar 8 98 Jan 25
415* 4214 4214
42
Van Raaite 1st pref
41% 4218 41
95
*92
95
*92
95
*92
2314 Nov 36% Mar
95
*92
Chem-100 21 Feb 2 2612 Feb 23
95
*92
95
*92
4 2334 2238 2378 32,500 Virginia-Carolina
/
221
Oct
58 July 83
100 61 Feb 5 69 Mar 15
pref
2218 2318 2212 23% 2218 23
Do
24
2,100
69
22
13312
69
68
5312 Jan 31 68 Mar 5
68
67is 67
*67
43 Mar 9412 jail
100
C
&
4
1
/
C
67
Iron,
67
Virginia
200
64
6634 67
64
6314
6314
65
Oct
•63
84
86
Mar
16
65
29
66
Mar
80
Jan
100
*63
65
Preferred
100
65 •63
84
84
*63
85
85 •82
16 Dee
4 Jan
85 .82
/
61
4 Jan 17 1934 Mar 8
/
No par 151
*82
85
)
(57
*82
85
*82
1938 1912 1932 1912 8,050 VivaudoU Heilbrone
195*
Apr
194
17
1918
Oat
3
par
27
153
8
Mar
10%
1214
Jan
19
r-No
1912
&
1414 1412 3,600 Weber
4 1914 19
/
191
1458 143 141
14
14
100 4638Mar 8 105 Mar 2
14
4914 2,000 Wells Fargo Express
49
49
1414 14% 13% 13% 494 50
t
cg
Ou
4 A
44
4912 5012 49
28
n 12
eb
ja
8
614 F
69
4914 49,4
5,900 Western Union Telegraph.100 109 Jan 22 11912 Feb 20
114 115
4914 50
11512 11534 116
115
1173
50 107 Jan 20 120 Feb 17
_
_
115%
80 Mar 114 Dec
Air
Brake_
1,100 Weatinghowe
4 119
/
*114 11414 11418 115
11912 11978 *1161
.
A Ulift
N
117 119
4918 Jan 6513 Septpv
63 Mfg_ 5() 5834 Jan 11 671
117 117
4 Feb 16
/
Elea
e
Westinghous
11613
11618
14,000
4
118
643
*1164
6434 64% 6534 6418 65% 61
No par 24% Jan 16 294 Feb 10
6358 64% 64
2812' 4,800 White Eagle Oil
63% 64
3%
34
n 5
lay
4 2818 2818 2838 2878 28
1
28/
518 lkJ
25
3
60 4932 J7111 3 594 Mar 14
28
28
White Motor
23% 28
*28
694 5712 5834 564 57% 21,400
218 Dec 12 May
8 58
par
585
_No
575 Feb 19
3 Jan 24
Corporation
56
011
554
White
418 418 3,100
55,8 5453
418
55
4
4
2132 May
4
Nov
418
812
17
2
4
4
Feb
6
103
Jan
135*
Spencer
Steel...
Wickwire
d 18
4
418
4
1112 1114 114 1112 1158 1138 1113 2,300 WIllys-Overland (Tha).... 25
413 Feb 10 May
814 Jan 5
678 Jan 2
1134 1134 1112 11% 1112 718
Vs 738 10,600
73*
714
678 7%
24 Feb 494 July
6%
Do Preferred (new)._._100 424 Jan 2 6278 Feb 23
658 6%
5,800
5214
8
•515
525
5112
612 6%
51%
Jan 5003 Sept
5114
2714
7
4
524 53
2,700 Wilson & Co,Inc. v t o.No par 36 Jan 10 423 Mar 3
41
4 5134 51% 524 *40
/
4 41
/
611
41 . 421
41
66 Jan 91 Sept
4112 *40
100 85 Feb 2 87 Jan
Preferred
4134 41%
100
41
41
86
•85
86
*85
Jan 223 Nov
86
*84
137
5
Jan
2244
24
85
Jan
19918
100
85
85
500 Woolworth CO (F W)
*84
85
*84
21412 21412 0214 217
267a Nov 557s June
.213 215
autliv.t_ eN
onnP
tro
.....
7 3038 Jan 30 393 Feb 17
100
"
600 WorthinAgp
215 215 *213 215
36
•213 215
Jan 11 Aug
3614 3614 36
*3512 38
6
R
Fen
94
.
17
3614
Jan
38
814
Wright
913
1,4G0
4
1
3834 3734 38/
*36
912 912 *9
912
9
8% 8%
9
$25 par.
83
of
4
basis
to
Reduced
s
a Eli-dividend and rights. 4 Ex-dividend.
day. $ Less than 100 shares. t Er-rights. In common mock.
•Bid and asked prices; no sales on this
Corp. 9 Ei-div. of 25%
Stores
Retail
United
with
15)
k Range since merger (July

•k




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

1159

Jan. I 1909 the Exchange method of gtwging bonds was changed and pri-es are now--and inlerest"-except for income and defaulted bonds.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Mar. 16

,

Price
Friday
Afar. 16

I

I 84

Bid
U. S. Government.
First Liberty LoanID
834% 0119324947
Cony 4% of 1932-1947
3D
Cony 434% of 1932-1947
3D
2d cony 43.6% of 1932-1947
3D
Second Liberty Loan4% of 1927-1942
MN
Cony 434% of 1927-1942
M N
Third Liberty Loan43.1% 01 1928
M
Fourth Liberty LoanAO
43.j% 011933-1938
Victory Liberty LoanJ
451% Notes of 1922-1923
Treasury 4148 1947-1952
Is cowed registered
61930 Q J
lis coneol coupoa
41930 Q
41 registered
1925 Q F
0coupon
1925 Q F
Panama Canal 10-30-yr 25_01936 Q 1!
Panama Canal 30 gold
1961 Q M
Registered
1961
M

Week's
Range or
Last Sale

Ask Low

Range
Since
Jan. 1

High NO. Low

101.04 Sale 10102 101 28 807
97.86 98.10 98 70 Jan'23
98.02 Sale 97 92 98 24 -664
97.00 98.00 98.00 98.00
97.82 97.96 97.76
97.88 Sale 97.82

High

100.94 101.90
98.14 98 90
97.08 99.0
98.00 99 00

98.38 Sale 98.32

97.76
1 97.46 98.60
98.08 2287 97.58 98.88
25191,
98.62
8.26 99.18

97.98 Sale 97.94

98.24 3707 97.80 99.18

100.6 Sale 110.00 100 12 507
96.30 Sale 99.26 99 54 2109
10212 Apr'22
10314 M ar'22
10212 Dec'22
1
4 Jan'23
104 103/
100 July'21 ---95 Feb'23 -9312 95
9313 Feb'23

100.10 100.30
99.26 100.14

10318 16318
95
95
9312 94

Foreign Government.
Argentine (Govt) 70
1927 F A 10253 Sale 10212 10318 189 100 10318
Argentine Treasury be of 1909_ _ /11 S 7912 80
7914
80
3 7914 82
Belgium 25-yr ext et 730 g_ _1945 1 D 9812 Sale 98
83 9114 102
99
9888
9412 74 93
5-year 6% notes
Jan 192 .1 J 94 saie 9314
20-year s f 851941 F A
9814 88 9414 1011
98 Sale 97
/
4
10824 27 10712 10912
Bergen (Norway)s f 8e
1(44 M 94 108 Sale 10778
11234 20 11012 11234
Berne (City of) s f 8s
1945 M N 11213 Sale 112
94
034
89
92
/
1
4
Bolivia (Republic of) /
/
4
1
4
2
1947 M N 92 Sale 911
Bordeaux (City of) 15-yr (35 1934 M .1,
7653 37 6914 7834
7612 Sale 7534
9614 109 9414 99
Brasil. U S external 88
1941 J D 9553 sate 9512
8412 117 81
713
8014
1952.1 D 83 Sale 8214
710
1952 A 0 10234 10312 10234
321
t
1P0
Canada (Dominion of) g 5s_1926 A 0 10012 Sale 100
1
16
4
1 99
681i 19
9
110
1
4 100/
8 s.iie 100/
02
3
1
4 35
17182
do
do
Co
5s 1931 A 0 1007
10-year 5158
10212 170 10018 19234,
1929 F A 10112 Sale 10938
9912 306 9612 102
esi
9824 Sale 9812
1952 M N
Chile (Republic) ext s I 8s__ _1941 F A 10358 Sale 10312 10414' 40 10212 11.1412
10218 129 101 18 10278
External 5-year s f 8s
1926 A 0 102 sale 10134
1
4 97
93/
96/
75
1
4 :
96 Sale 9012
1942 M N
1037
8
103
31 10212 10112
Sale
/
1
4
104141
25-stare f 8s
1946 NI N
0
53
25818' 6
78
1 9
5012
0
Chinese (Flukuam: Ny) 58 01 1011 j D 3 5214 Sale 5112
6
02
4:4
4
/
4 112
112 I 13 1071
Christiania (City) s 1 4
25
7 A 0 11112 Sale 111314
8 48_ _ _119
04
A 0 93 Sate 93
Colombia (Republic)
1
4 sale 8914
90 I 6
12
4 8
00
8113
4 9
00
114
Copen agen 25-year a f 5156_.1944 J .1 89/
h
Cuba be
1944 M S 95
951
/
4 9518
95
'
41
91
89
904 Feb'23 ---- 8934 9314
Ester debt of 5s 1914 Ser A_11)49 F A
8334
9 8112 87
External loan 43-Os
1949 F A 83 8414 8312
99 Bale 9914
9914 142 994 9913
89 1 40 75
8912
Csechoeloyak (Repub o )0_ _ 19
3 8812 Sake 98
513j
A (1
96
Danish Con Municipal 85"A"1946 F A 109 Sale 10814
10912
10912107
P.
10914
109
109
Sale
10812
lo 107
Series B
1946 F A
110
Denmark external s 1 8s
47110778 110
1945 A 0 109'? 94113 10914
/
4 99
82 951
98
20-yeat fis
194 J J 9712 Sale 97
97
/
4 98
16! 9514 100
97
Dominican Rep COM Adru e f 0'58 F A 971
87
18 84
53.'is1942 M S 8514 861
91
/
4 8612
6424 220, 9214 9512
Dutch East Indies ext 68
9412 Sale 9384
1947 J J
230, 9214 95
94
40-year 0
1987 M 5 9334 Sale 9314
510
776, 871
88
1
4
/
4 8812
1953 NI S 8714 sale 87/
French Repubne 29-yr ext es_ 1942 M 5 97,8 Bale 95/
9714 305 012 0858
1
4
20-year external loan 710_1941 1 D 9314 sale 911
/
4
94
625 84
95
Great Brit & Ireland (UK of)213-year gold bond 53.4a _193 F A 104 Sale 103/
1
4 10414 351, 10238 10412
10-year cony 5501929 F A 115 Sale 114/
1
4 115/
1
4 494 113 116
7512 Sale 74/
Greater Prague 710
1
4
7512 76 1 05
7558
1942 M N
9778 215 9512 98
Haiti (Republic) Os
1952 A 0 9728 Sale 97
Italy (Kingdom of) Set A 63.01925 F A
95 Sale 9434
95 I 10 9138 96/
1
4
9318 Sate 92/
Japanese Govt-1. loan 450_1925 F A
1
4
9312 53 , 92
94,2
92
9214
/
1
4
9212
481
927
Sale
()mond series 410
935
8
8
1925 J J
8212 84 ' 80
83
al
8112
Sterling loan 4s1931 J J 1 82 se
Lyons (City of) 15-year 68_ _ _1934 M N
761
1
4 7534
/
4 76/
7712 45' 6914 7914
76 Sale 75/
1
4
Marseilles (City of) 16-yr 68_104 VI N
1
4 54 6912 79
76/
Mexican Irrigation 410
37 Sale 37
37 I
5 3212 38
194360 N
Mexico-Extern loan a Se 01 18110 Q J 0 53
5614' 42 49
5712
Sai°511
Gold debt 4s of 1904
4
37 I
37
9 33
1954 J D 3512 3534 35/
Montevideo 76
90 I 39 89
911
/
4
19523 D 89 Sale 89
9814 424 9714 10138
Netherlands Os (fat pr11ca0_ _1972 M S 98 Sale 9734
ri 1121
/
4 Sale 11214
Norway external s lee
11212 29 109 11213
6s
19
C1t A
97/
1
4 Sale 97/
1
4
99 ,
23
1 9
Porto Alegre (City of) 8s_ _ _ _ 1961 J DI 9612 9712 9612
93
612 IVO
9611 6
1
Queensland (State) ext s 1 78_1941 A 0 10712 10734 10712 10838 37 10518 1091z
50
Sale
10114
101
10112
25-year 6s
100
102/
1
4
F A
Rio Grande Do Sul Se
9634 Sale .
9612
971s 16 93 100
3
1948
6 A 0 ..„
194
Rio de Janeiro 25-year
40 90
94
97/
1
4
el 813_ _1946 A 0 '''' 2 sale "
Eie
93
Sale
921
/
4
935t4 65 904 9712
1947 A 0
gan Paulo (City) s 1 85
1
4 97,2
97/
98 ' 8 96
9914
1952 M S 97
Ban Paulo (State) ext s 1 88_ _1936 J J 99/
1
4 Saw 99
9978 31 9512 10014
87
136 75
Belize (France) ext 781942 3 .1 85/
1
4 Sale ' 83,2
86
65 I 82 54
Serbs. Croats & Slovenes 8e 1962 NI N 6412 sale I 62
7012
77/
1
4 Sale 76
Boissons (City)01936 NI N
771
/
4 57 6618 781
/
4
/
4 Sale 10312 105 1 57 10312 106
gweden 20-year 8s
1939
1(140J D 1041
/
4 Sale 1171
Swiss Conferer'n 20-yr e f 8s
/
4 118/
1
4 51 11712 119,4
.1
.1 1181
7312
74
7338 Mar'23 -- -1 711
Tokyo City 58 loan 01 1912
/
4 7312
S
105 1 15 103 107
Uruguay Republic ext 8s___ J946IM
F A 105 Sale 1045a
Curie!, (City of) e 1 Ele11
Sale 113
11378
8 111 113/
1
4
1945 A 312
0
I $5=-£

63

State and City Securities.
N Y City-410 Corp stock..1960 M S
410 Corporate stock
1964
A he Corporate stock
1966 A 0
6348 Corporate stock
1971 J D
634a Corporate stock _ _July 1967 J J
434e Corporate stock
1965 J II
1.348 Corporate stock
1963 M 0
6% Corporate stock
1959 M N
4% Corporate stock
1958 NI N
6% Corporate Stock
' 1957 M N
4% Corporate stock reg
1956 SIN
Now 00
1957 M N
455% Corporate stock
1957 MN
816% Corporate stock__1954 MN
New York State-45
1961 M
Canal Improvement 4s1961 J
Highway Improv't 450_1963 Nt
Highway Improv't 434a_....1965 M

____
- --__

10034 10034 Mar'23 ---- 100/
1
4 100/
1
4
10212 1021s Feb'23 ---- 1011
/
4 102/
1
4
10212 1011
/
4 Mar'23 -- 1011
/
4 10212
107/
1
4 108
Jan'23 ---- 10714 108
10712 107 Mar'23
10678 10712
10712 107
Jan'23 ..--„ 107 1071s
107/
1
4 10612
1 10612 10738
10612
- - 9914 Mar'23
994 19014
100
/
4 10312
9914 Mar'23 ---- 991
100
9914
9914 ---- 99 10014
904 991
/
4 Mar'23
9912
-__ 10718 107
10612 10712
Feb'23
106 10718 10614
3 10614 107,4
107
9034 Sale 8812
89/
1
4
7 8812 9114
10312 10312
19312 Jan'23
10312 10312
10312 Jan'23
10912 Apr'22
10412 Apr'22

Railroad.
Ala 01 Sou let cons A 5s_ __A943 J O
Ala Mid let guar gold be
1928 NI N
Alb & Busu cony 310
1946 AO
Alice & West let g 48 (01
1998 A0
Alleg Val gen guar g 45
1942 MS
Ann Arbor lot g 4s
R1995 Q J
Alt!, Top & 8 Fe-Gen g 48_1995 AC
Registered
1995 AO
Adjustment gold 48
01995 Nov
Stamped
01995 No
Cony gold 4s
1955 3D
*No Price Friday; latest bid and arbed




BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 16

Canada Sou cons gu A 50
.196 A 0
Canadian North deb 51 78
104(
946 .1
25-year s I deb 615e
Canadian Poe Ry deb 48 stock__ J
Cart,& Shaw lot gold 4s
1932 M S
Caro Cent let con g 48
1949 J J
Car Clinch dr Ohio lot 3-yr 58 1934, J D
65
1952J D
Cart & Ad 1st Cu g 4s
1981 J
Cent Br U P 1st g 48
10483 13
Jent New Eng lot gu 4s
1961 J J
Central of Oa lot gold 5s__ _p1945 F A
Consol gold 53
1945 Ni N
10-year temp secur 6s_June 1929 J 13
Chatt Div pur money g 0_1951 3 D
Mac & Nor My lot g 5s
1946
Mid Ga & Atl Div 58
1947 J .1
Cent RR & B of Ga coil a 55_1937 MN
Central of N J gen gold 50_ _1987 J J
Registered
41987 Q .1
Cent Pac let ref gu g 4s
1949 V A
Mort guar gold 310
01929 J 13
Through St L lot gu 4s_ ___ 1954 A 0
Ches SC Ohio fund & impt 58_1929 J
let consol gold 55
1939 M N
Registered
1939 M N
General gold 41.W3
1992 M 8
Registered
1992 M
-year
convertible
20
410_ _ _1930 F A
30-year cony secured 0_104
946
0 JA
Craig Valley 1st g 55
Potts Creek Branch let 48_1946 J
R & A Div lot con R 48_19
989
89 3 .1
3
211 consul gold 45
Warm Springs V let g 50_1941 M S
Chic & Alton RR ref g 3s_
1949 A 0
Railway let lien 315s
Chic Burl & 03-Ill Div 3158_ 19
04
59
03
,j
1 .
j
1
Illinois Division' 45
Nebraska Extension 45._ _ _192
1027 M
AI'N
Registered
General 45
1958 M B
let & ref0
1971 F .A
Chic dr E Illtat consol gold 65
A0
C & E III RR (new co) gen 58_1
195
34
1 MN
Chic & Erie let gold be
1982 MN
Chicago Great West 1st 43 _1959
Chic Ind & Louise-Ref 0_1947 33
Refunding gold 5s
1947
Refunding 45 Series C
1947 33
General Is A
1966 00
General 6s B
3
Ind & Louisville let gu 4a
966 ii
Chic Ind & Sou 50-year 4s
1956 3 .1
ChicL S & East 1st 415s
_1969
D
C 00 & Puget Scl 1st gu 40
1949 33
Ch 00 & SIP gent 45 Set A _e1989 J
General gold 334s Ser B e1.989 J
General 415s Series C___.e1989 J
Gen & ref Series A 415s_a2014 AC
Gen ref cony Sec B 5s.......a2014 FA
Convertible 450
1932 3D
45
1925 3D
25-year debenture 48
1934 .1 .1
Chic & 610 Rte Div 5a ..j926
.1
Chic & N'west Ext 4s___1886-1926 FA
Registered
1886-1926 FA
General gold 33-is
p110877
98 MN
Registered
Q
General 45
1987 MN
Stamped 45
1987 MN
General Is stamped
1987 MN
Sinking fund 88
1879-1929 A0
Registered
1879-1929 A0
Sinking fund 58
1879-1929 A0
Registered
1879-1929 A0
Sinking fund deb 5e
1933 MN
lo_yeare
78 g
Registered
1933 MN
1.1
15-year secured 834s g
19
93
36
41 M
Chic 10 I dx P-Railway gen 45 10
98
88 33
Registered
33
Refunding gold 45
1934 A0
Chic St L & N 0 gold 5s
1951 3D
3 ed
R
Ge
og
lidster
1951
D
1951
D
Joint 151 ref 58 Series A__ _1963 Jo
Memph Div 1st g 48
JO
C St 1. dr P 1st cons g 58
195
32
1 AC
Chic SIP 00 & 0 cons 65
1930 3D
Cons Os reduced to 315s
1930 3D
Debenture be
1930 M

90
9978
80
83
897s
611
/
4
85,4
8814
7812
78,2
77/
1
4

a Due Jan

11 Due April. c Due May. g Due June. 6 Due July, 1 Due Aug.

96
99/
1
4
1 80
3 83
89/
1
4
8 6138
94 8518
85
7812
31 7812
7 7732

96
991
/
4
8212
83
90
65/
1
4
9018
8712
8212
82/
1
4
8212

Price
Friday
Mar. 16

TWeek'e
Range or
Last Sale

g
c

3'

Range
Sizes
Jan. 1

Bid
Ask Low
High No.' Low Mak
Atch Top dr S Fe-(Conc:u1ed)
Cony 4s issue 01 1910
33 100 103/
1
4
1960 313 100 10514 10212 103
10 93/
1
4 9612
East Okla Div let g 48__1928 MS 9412 96
96
96
78
80/
Rocky Mtn Div lot 45._ 1965 J J
1
4 8114 Mar'23 ----'. 8118 83
82/
1
4 Mar'23 --,„' 8254 8634
Trans-Con Short L lot 48_ _1958 J J 8212 87
90 90
90 I 33 8912 93
Cal-Ariz let & ref 4158"A" 19412 MS 89
6612
1 65/
1
4 6818
All & Birm 39-yr let g 45_6_1933 NI S 6512 6812 6613
1
4 86
Feb'23-..-' 85
At Knox,: & Cin Div 45
86
1955 MN 8112 82/
9912
0912
9912
'
4
9912
9912
!Knox
Nor
&
At
Ist g 00
1946 J o
913-4 91 Mar'23
9134
91
All &. Chart A L let A 410._1944 ..1 J 91
lot 30-year 5sSer B
1944 3 J 9518 9612 96 Mar'23 --„ • 96 100
8512 16 8378 89
611 Coast Line let gold 48_011152 NI S 8418 8512 8378
1
4 10712 14 106 10712.
10-year secured 7e
1930 MN 106 Sale 106/
38
83
8038
0
/
1
4 3
General unified 450
1964 3D 8314 8412 8318
79
8
7982
3'2 8'2
9
L & N coil gold 0
a1952 00 S 7918 90
All & Deny let g 48
1948 J .1
7_5
2_2 7
72%
57
65
514 Mar
1948 J J
6.
211 45
5
2,3
4'---5
l 6
73574 677
51
/
4.
80
7718 Feb'23
7718 771
1949 AO -76
Atl & Yad lot g guar 4s
/
4
1941 3 .1 9414 ---- 9512 Jan'231
A dz N W let gu g 5s
9512 9512
I/
ialt ex Ohio prior 31(is
1
4 57 931
1925 J .1 9412 Sale 9114
/
4 9512
94/
/
4 9124 9312 Feb'23 „, 03/
Registered
1
4 9311
01925 Q J 921
7714 /51 7538 80
let 50-year gold 48
01948 A 0 76 Sale 7538
77
7S78 Feb'23
Registered
77
787s
01948 Q J
1
4
8012 387 7712 8218
10-year cony 410
1933 M S 80 Sale 79/
8212 132 8013 85
Refund & gen 5s Series A_ _1996 J D 8138 Sale 8112
10038 93 9912 1011
10-year 6s
19293 J 10014 Salt 9972
/
4
_ 9234
92/
P June & M Div lst g 3;0_1925 SIN 9158
1
4
5 9114 92/
1
4
PLE&W Va Sys ref 48
24 74
75
791
/
4
1941 MN 74 Sale 74
93
/
1
4
Sale
93
9312 91 9112 94
Bouthw Div 151 gold 3158_1925 .1
6234 6314 6212
63 I 38 6112 6732
rol & CID Div lst ref 4s A_ _1959 J
6113 80
22
uel :2
958 JD
Battle Cr dr Stur let gu 3e_
1998 3 D 60
Beech Creek let gu g 48
1936 J J 8714 9114
Feb'23
86
Registered
85
86
1936 J J 8518
_ 134 Mai'16 ---2d guar gold Is
1936 J J 9413
60 July'22 -Beech Cr Ext let g 315e__ _51951 A 0 7134
selley & Car 1st Os
1923 .1 D 991s .. 10018 Oct'22
---8212
Big Sandy let 48
8212
1 8212 831
:
1944 .1 D 8078 86
& NY Air Line 1st 49
195' F A 6258 78,4
Bruns & W lot gu gold 4s
Feb'23
89
---- 89
89
1938 .1 3
10118
2 101 1011
/
4
Buffalo R & P gen gold Is..,. _1937 MN 191's..... 101 18
89 Se 89
29
Consol 4155
98 Mar9'92'31
Burl C R & Nor let 513
9
88
9
99
21,42
193
54
7M
A N
O 9612 98

95
99
9934
_
79
801
/
4
83
85
8838 91
6114 62
8578 Sale
92
80
761s 7812
7878 Sale
784 Sale

Jan'23
Mar'23
80
83
Jan'23
64
8634
Feb'23
Mar'23
80
7814

1z a

96
9712
97
6 95 10012
96
113/
1
4 Sale 11352 1141
/
4
/
4 66 113 1141
1111
/
4 Sale 11118
11212 100 11058 113,4
220, 7734 81
771
/
4 sic 77/
1
4
79
.8718 90
9212 Elept'22'
---70
75
701
/
4 Dee'221----r---0
80
512 89
a0
le 0
9%
2 44
90
818
06
90,2 51 88
7958 831
6818 73
5712 Sale
101 12 ____
9615
_
10018 Sale
7428 63.1
9403
9212 _ _
93 Sale
10514 Sale
10318 105
83 Sale
91;
7b 4 Sale
8

8112 Dec'22 -70/
1
4 Dee'221--5712' 14 56/
5612
1
4 58
102
1 10112 102
102 1
9272
12 9278 981:
100
10034 13 9938 102
81
81
Jan'23 ._.,,,'I 81
908 Sept'22I----93 Mar'23
-I' 9238 9334.
10514
10514' 10 105 108
109 sent'22 - - -- - 8212
83/
1
4 148 8212 87/
1
4
914
9114
80
9114
1 go

19
011
5518
2 Sa
Salleo 100
9558
1S
0
9501%'4
0 2 226
39 100
91'2 18039644
1
971
/
4 9912 071
/
4 Mar'23
974 971
/
4
8124 Sale 8134
82/
1
41 88 8134 8638
_
86 Nov'21
87's Sale 8612
gve 112 85
8913
9024 Sale 9038
9114 297 9038 961
/
4
92
93 2 9218
9218
, 9218 95
76,8 7814 79 June'22
--7818 8034 78/
1
4 Mar'23 ---- I 7834 781
/
4
75
7634 7712
8034 Dec'211----'----5
27
1 Sti:7
1e34 2
57
0
5 5
25
04 5
'114
29
4:
11
2
58
111
: 89
7958 80 I 79/
1
4
7938
1 791
/
4 83
8712 Sale 1 8612
014 38 861: 90/
1
4
_9_6
2! _9_02_2 90
61'1
-'1 96
4 oe9
s'....2
r6i1g
974
47 8438 89 2
8438
8
98
272 Sol
Sale 9
/
4
988533.14' 190 • 98 1011
105 ____ 105 Mar'231-105 106/
1
4
78/
1
4 Sale 7812
7912 146 78
8112
9112 Sale 9113
92
27 9112 9712
62
5234 .511
/
4
52/
1
4 66 50
56
104/
1
4 1,734 107
Jan'23 ---- 107 107
94
98
9538 Feb'23
9212 97,2
7912 Sale 7912
SO I
6 7912 81 11
81 Sale 81
80:1
6 0
7
1 41
88
4
' 13
85
14 0
96
961
/
4 97
7111 76
78
78
I 78
Jan'23
82
85 I 81,2 Feb'23 ---- 8112 8412
85/
1
4
__ 9118 Sept'22
-6311!
72 Sole 63,
7212
1
6
72
47
1881 20 63 6818
Sale
63
64/
1
4 63/
1
4
6:378' 17
1 62
72/
4
1 6
79
4/
1
4
12
80/
/
4 80
1
4 811
8012 24 7932 8372
6014 Sale 6014
6112 94 56
8234
6808 Sale 66,2
70
69 1 265 64
6614 Sale 66
6634 202 63 68
8112 Sale 80113
8112 174 76
811
/
4
6112 Sale 60,8
63 I 48 64
6312
961
/
4 9712
9608 97
973
97
I
9514 98/
1
4 941
/
4 Mar'23 ---- 9458 96
94/
1
4 __-- 93/
1
4 Jan'23 ----I 93/
1
4 9338
73 Sale 73
8178 Sale 8112
8
72
4 41 :
2 :
7821
8777
7912 82
82
82 I
103 Sale 103
.
511
10
8
0%
3
3 18
0
9571
61
10314 _13
1031
/
4 10412 1034 Mar'23
10138 10412 1011
/
4 Apr'22
_
98,2
9812'
3:I 9812 99
97/
1
4- _
9712 Mar'23 ----!! 9712 97,2
5 10012 101
100 10012 100,2 10012'
1061
/
4 107 .106,2
107,2' 13 10612 110
10738 108 108
10853 14 108 11014
775880
18 103 7834 82
79 Sale I 79
-I 7878 7878
.1 7872 Jan'23
7912 188 7714 83,2
79 Sale I 7714
9958 10212 113012 Feb:23 ----! 10014 10115
1 7918 Mar'23 ----1
94 I
8 9314 9758
93/
1
4 9412 9314
81 I
83
81
81
81
84
100 - _ - 1100 May:22
105 I
105 Sale 105
3 105 10712
.9014 9212 9212 Mar'23 ----I 9212 921 2
911
/
4 93 I 93
9034
41 93
93

Due Oct. p Due Nov. g Due Dec. :Option aide.

New York Bond Record—Continued—Page 2

1160
1193

BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 16

Prig'
Friday
Mar. 16

'a

I

Bid

Me T H & So East let 5s_1960 J D
Chic UnSta'n lst gu 4,14s A__1963IJ J
1963J J
50 B
19631J II
1st Set C 6 Lis
I
CbIc A West Ind gee ges.....919321Q M
1952,3 .11
Conso1156-year 4s
1935IM s
15-year 917 3411
1952'M N
Choc Okla & Gulf cons 5s
1923 MN
C Find & Ft \V 1st gu 4s g
19373 J
Cin H & D 2d gold 4149
k1936 Q F
0 I St L & C 1st g 4.s
11936 Q F
Registered
1942IM N
Cin Lela A Nor gu 49 g
192811 J
Cln El & CI cons 1st g 5s
Clearf & Mah 181 gu g 59-- - -1943 1 J
Cleve Cin Ch de St L gen 4e._1993 J 0
1931 J J
20-year deb 4151/
1993 J D
General 59 Series B
Ref & impt6s Series A__ 1929 J J
1939 J J
Cairo Div let gold 4s
Cin W & M Div 1st g 48_1991 I J
1990 M N
St L Div let coll it g 4s
194051 S
Elpr & Col Div 1st g 45
1940 3 .1
YV W Val Div ist g 4s
19341 J
()CC& I genconsges
Clay Lor & W con 1st g 59._ _1933 A 0
1936 M N
CI & Mar let gu g 4 yie
193811 J
Cleve & Mahon Vail g 3s
1942 J J
CI & P gen gu 410 Ser A
1942 A 0
Series B
lot reduced to 3148
19421A 0
Series C 3125
1948 MN
1950 F A
Series D 33e
Cleve Shor Line let go 4149_1961 A 0
1972 A 0
Om Union Term 5149
1945 J D
Coal River RI' let gu 49
Colorado & South let g 4s__ _1929 F A
1935 M N
Refunding & exten 4lis
1948 1 A 0
Col& H V 1st ext g 4e
Col & Toilet ext 49
1955 F A
Cuba RR let 50-year 6s g..1952u3 J
1st ref 73.45
1936 1 1 D

West's
Rangs or
Last Sale

Ask Lou

775
77% 79
8978 Sale 8938
9934 10014 100
11618 Sale 11518
103
106
72 igt;fe" 72
10214 10212 10214
9/
9634 98
88
0212 8934
89
86% ____ 8634
---- 90,3
8534
9114 9838 99
9718
7712 Sale 77
9034
9034 92
9658 98
98
10114 Sale 100
8014 85 8612
7612
7514 77
7312 7634 77
8213
83
_ 8 3e
8115
10614 1074 10638
9,514 9712 9712
9212 9514 9a
81% 9434 93
91
94%
104
94%
9612
8034
80% ____ 9018
_
7934
9153 9318 9334
10213 10214 10218
8314
83
78
9112 Sale 914
8238 Sale 8214
79% 88
834
7914 8534 8034
83 Sale 82
10412 Sale 10312

...1;
ee ea'

Range
Since
Jan. 1

High N .'Lots

BONDS.
N. Y. STOCK EXCHANGE
Week ending Mar. 16

High

81
1 1 77
77%
00
14 89% 9238
100
27 9934 10012
11538 16 11278 1157s
Feb'23 __-- 105 105
74
39 72
757
2 10113 10234
10213
Mar'23 __-- 964 98
mar'17 .---1 _ Feb'23 _
883s 893
Mar'23 __-- 8634 8634
__
,
---- 8534 85%
/et/22Mar'23
Aug'22
7713 65
9114 13
9834
2
10114
6
Feb'23
Mar'23 ---3
77
Jan'23
Nov'22
Feb'23 ---Fets'23 ---Jan'23 ---Mar'23
Nov.21 _D '15
Feb'12
Deo'12

824
77
9034 9312
9714 100
100 10218
8512 88
7612 783s
77
8138
8212 8212
10614 1063e
963a 974
95
95
93 04

Mar'23 ____ 9238 98
10334' 43 10218 106
2 83 85
83,41
9212' 28 914 9312
8278i 50 , 8214 871s
Noe382
-- - Mar'23'----r1 8034 S034
13 82
83
8534
10512 15 10312 1054

Day & Alteb let cone 414s_..19311.1 I 92% ---- 9234 Mar'23 --I I 91% 9234
Ualaware & Hudson-86
87
361 86
90
19431 M N 8638 8634
let & ref 45
9314 47 92
98
19351A 0 9214 Sale 92
10-year cone 59
1937M N 9934 Bale 9912 100% 40 9912 10212
5145
06
105
106
3
106
105
11114
1930 J D
10-year secured 79
_ -DR RR & Bdgelst gu ase_1936 F A 901s
7334 Sale 7312
7334 45 734 76
Den & P. Gr—let cons g 4s 1936 J J
7712
7912 77i2
5 7712 80
1936 J J 77
Console gold 415s
84
2 82
88
1928 J D 834 85 84
Improvement gold 5s
547
5414
8
543
Sale
64
503 57
1955 F A
1st & refunding Se
5134 Mar'23_ _ I 48
56
48
53
Trust Co certifs of deposit_ __ ___
44
9 43
45
193.51 J 4314 43% 4334
De9 M & Ft D let gu 41.1
9314 Sept'22
Des Plathes Val let gu 4145 1947 M B
751s Feb'23
764 80
7518 7518
76
Del & Mack—lst lien g 45-1995 .1 D 63
704 oet'22
- - ---1995 .1 D
Gold 4s
8518 85
851,2
2 85
go%
1961 MN 85
Dot fife Tun 41.5s
9838
99
5 98% 9912
Dul Mlssabe & Nor gen 513_1941 J .1 98% 9912 9912
98%
100
984
2
,
4
99
100
1937 A 0
Dul & Iron Range 1st 5s
9812 Jan'23
9812 9812
1937 A 0
Registered
784 Feb'23 ---- 76
80
1937 J J
Dul Sou Shore & Ati g 5s
1 88
89
90
E Minn Nor DIY 1st a 4s____1948 A 0 8612 93 89
1938 M S 9134 ---- 9338 Nov'22 ---E Tenn reorg lien g 53
_ _ 99
99
Jan'23
99
19303 J 99
E T Va & Ca Div g 5e
97 Mar'23'.,..',974 9938
4 98
/
1958 M N 961
Cons let gold 55
08581 10 98,4 100
9814
4
98,
Sale
Elgin Joliet & East let g 511_1941 M N
1
33
084,
15
07,
3711 13 10314 104-34
Erie let consold gold 7e ext.. .1930 NI S 103% Sale 15
48 54% 58%
56
1996 J .5°
let cons g 45 prior
J J
1996 j
Registered
j 4658 Sale 46
70 434 4914
1st consol gen lien g 49_1996
47 I
51 Aug'22,-,..-. - - - 1996
Registered
8512. 1.? 82
8534
Penn roll trust gold 48..1951 F A 134 Sale 834
4714
4812 4u 9119 52
60-year cone is Ser A _1953 A 0 "2 Sale
4812
48
27
4812'
Sale
4214 52
1953 A 0
do Fleece B
50%
3 4334 5418
4 50% 5012
'
Gen cone 45 Series D_1953 A 0 50
14 87
89
89%
1955 J J 89 Sale 69
Erie et Jersey let e f 68
834 Mar'23
83% 83%
19401 J
Erie & Pitte gu g 3145 13
83
8713 7914 May'19
J
J
1940
Series C
88 Apr'21
EVanS & T II let gen g 59_ _1942 AG
6912 Apr'21
1923 A 0
Mt Vernon let gold 6s
6912
Apr'21
0
1930 A
Sul Co Branch 1st g 5s
9912
9913
Fla Cent & Pen let ext 6s___ _1923 J J
9212 ____ 9313
let land grant ext g 59____1930 J J 8612 _
9238
19431 .1
Coneol gold '53,...
87
88
J D 87
Florida E Coast 1st 4
68%
1952 SIN 684 70
Fonda J & Cloy 41.4s
79
66
/fort St U D Co let g 43.48..,1941J J
19611.1 D 1004 101% 103
Ft W & Den C 1st g 5 12e_
8418 _
87%
It Worth & Rio Or let g 4e 102811 J 108
Sale 108
Item Elk & Mo V 1st 65_ _1933 A 0
N 9134 Sale 95%
GH&SAM&Plet 5s. _ _ _1931
96
97
1931 J J 93
2r1 exten 6s guar
8,514
1933 AO 8.5,4 89
Gale Hous & Rend let 5s
8434
84%
Sale
J
•
1957
Genessee River let 9 f 6e
8012
774
8012
Ga & Ala fly let con Se___o 1945 J J
1929• J 88,4 9112 90%
GaCar&NO1.9tgIlg5e
6212
1946 AO 6034 64
Ga Midland let 3s
9912
1924 MN 9812 __
Gila VGAN 1st gu g 58
9114
89%
92
31
1941
41-49
g
gu
Gr R & lea lst
Sale
114%
1134
Grand Trunk of Can deb 79_1940 AO
1936 AI S 10312 Sale 10312
15-year s 1 65
1936 3) 1084 Bale 1071.
Great Nor Gen 78 act A
1961 II 8912 9018 5912
let & ref 449 &glee A
8214
I
'
1961
Registered
4 Elide" 9912
3 -993'
1952
610
75
65
80
Feb
ctfs
Deb
W
&
Bay
Green
1214 12
Feb 11
Debenture ctfs "B"
69
Greenbrier Ry lot gu g 4s___ _1940 SI N 8412
804
79% 81
Gulf & SI let ref & t g 58_81952 3'
Harlem fl-Pr Ches let 4s ____I954 MN
Hooking Val 1st cons g 4 yie...1999 3'
1999 .1 .1
Registered
1937 3'
C let g .5s int R11
J
tioueton Belt & Term 1st 59_1937
N
1933
Rout E A NV T let g Se
1933 M
let guar Is red
Housatonic Sty cone a 50.- 1937 M N
1957 FA
Had & Manhat 38 ser A
1917 AO
Adjust Income 55
Illinois Central let gold 45_1951 13
3
'
1951
Registered
1351 J J
let gold 31-49
3
'
1951
Registered
1051 A0
Extended 1st gold 314s
1951 A0
rtegl9tered
1951 MS
let gold 3s sterling
1952 MS
Collateral trust gold 49
1952 A0
Registered
1955,51 N
let refundhag 45
195213 3
wurehmed lines 345

9912
1
Aug'22
9238 10
5
87
Feb'23
Apr'21
Mar'23 ---Feb'23 ---108
1
1
9618 13
3
96
86
3
86
9
2
8012
2
90%
Feb'23
Feb'23 ---Feb 23 ---11438 39
84
104
10812 227
9018 14
Oot'21
145
100
Feb'23
4
1214
Apr'21
Feb'23

76
75
80,4 Sale

76 Mar'23
8012
80
7312 June'18

95% _ _
9038 92
9718 98%
9614
87
95
8034 Sale
634 Sale

9038
98
9412
8(1
7914
62

82

9534 99%
Ja
97
8514 8712
84.34 884
8012 8119
91,12 90%
61% 65
9912 9912
9118 92
112 115
102,4 105
107,2 1114
89% 924
9912 ii51178
70
7.5
954 1314

sots "iil;
7812
8534

76
14 80

955 97's
Feb.23 ---- 90% 92
Jan'23 -- 98
98
May'22
Dec'21
8114 105 -7938
6312 180 6138 65

21,48
93
4 8
_87,4 8
13
,
9

3-8.
i6

991'2 100
-- _ _
9i28 93
8512 89
65
79
- --103 103
85
8738
10738 109

9212
Sept'21
773s Mar'23
80
oct'22
83 Feb'23

79,2 82
8112
79
57% 72
834
842 Bale 8212
8312 23
9538 Sept.19 -83
84
22
85
84
775 Mar'23
7631 79

92

9212

7714 83
_
e3

83
-

824 854
83
834
7714 79

,11!
'54

Price
Friday
Mar. 16

Ask
Rid
Illinois Central (Concluded)
Collateral trust gold 45..___1953 Al N 79 Sale
1953 M N
ttegiltered
15-year secured 5148
1934) J 101 Sale
I5-year secured 6.155 g
1936 J J 10912 sale
Cairo Bridge gold 45
1950 1 D 8238 85
Litchfield My let gold 33_1951 J J 6738 70
77
Lenge" Div & Term it 3148_1953 J J 74
Omaha Div 1st gold 39._ 1951 F A 68%
St Louie Div A 'rerm g 39_1951 J J 6818 69%
1951 J J 7518 78
Gold 314s
Baringf Div 1st g 314s
1931 J J 7514 78
89
Western Line9 lot g 4s_,,_1911 F A 85
_
1951 F A
Registered
8534 - - -Ind B & %V lst pref 4s
1940
.id III & Iowa 1st g 49
1950 J 3 83% 8512
Int & Great Nor Adjust 6s. _1952 J .1 474 Sale
let Mtge (is
19523 J 97 Sale
65
TrustC0 certificates 3-year Ss......
70
Iowa Central lot gold 5s
11/38 .1 0 69
Refunding gold 45
1951 M S 38 Sale
James Frank A Clear let 49_1959 J D

193711 J
19414 J
199711 D
1997 J D
1928'M S
1931 M N

Loro
79,4
82
161
109
8238
69
7312
6834
71
77%
7812
83
92
8578
8518
47%
97
6112
70
33

8214 8512 8214

Ka A & G R 1st gu g 50
1938.3 .1 9518
Kan & M 1st gu g 4s
MU A 0 7714 77%
99,4
96
2,1 20-year 5s
1927 J J
K C Ft S & M eons g 69
1928 NI N 10032 10114
K C Ft El & M Ry ref g 48_1936 A 0 73% 7412
Fr C & AI R & B 1st gu 59 _
1929 A 0 92% 9418
.-(ansas City Sou let gold 39_1950 A 0 6714 Sale
Ref & inapt 55
Apr 1950 J J 83% sale
Kansas City Term let 4s_ ___1960 J J 78% Sale
Kentucky Central gold Is,,,.
__ _1987 1 J
Keck & Des Moines 1st 55___ 1923 A 0 8934 90
Knoxv & Ohio let g 69
1925 .1 1 10034 101
Lake Erie & West let g 59_ 28 gold 55
Lake Shore gold 314s
Registered
Debenture gold 45
25-year gold 4s

Week'sRang'
Since
g
Range or
Jan. 1
Last Sal.
High N o .1Lote Mak
7912 401 7914 83
Aue'221--• .11---10112 44 100118 1027
109%
7 100 III
8238
9 82% 87
2 6938 73
69
3 7338 7972
7478
Mar'23 ---. 6834 6939
Feb'23 --- 71
71
Mar'23 --- 77 80
July'22 ----Mar'23 ---- 83 83
Nov.
-8 8578 8712
1086
Feb'23
85
854
225 41
48
4914
97%
27 97
97
8 70 -7312
70
Dec'22-387
40
3 36
8214

1 8214 87

I
74
74
7
7978
9638 Feb'23
96% 97
9 10012 10234
0012 10138
7518 166 7338 794
73%
04% Mar'23
92% 95
674
6738 23 67
6874
83% 84 83
8932
8314
34 7812 8314
78%
79
11 83 8372
83
83
5 89
89
90
92
1 100% 101%
0034 10034
-

1 91% 97
9118 aaas 9214
9214
5 82
82 S.'82
82
86
7434 7614 7434
6 72/
7434
4 784
1
714 75
7114 Deo'22
9312 9334 93
8
96
9419
92
9112 9078
91
20 9073 9323
91
_
854 July'21 __—
- -93% 9412 9418 Feb'23 __-_ 9212 97
904 •
96
90
Jan'23
90
7912 7912
88
7912
8112
79
4 8714 9214
88
8714 81510 871s
101 ---- 1007s Mar'23
4
/
10073 1011
---- 113 Mar'12
10318 12 102 105
102 10313 102
5 8338 83%
7738 8512 8333
8338
6 98
9912
98
9812
1061s ---- 10812 Nov'22
9734 Dec '22
-. 894 J un...23
89%
83% Sale 8312
8312
81
81
No%'22
7534 77% 7914 Feb'23
7014 81
95
92
94
Jan'23
94
94
813.8 85
85
85
8312 8512
77% Salo 7718
784 15 7718 83
91 1 4 - - 95 Nov'22
1412 9412 Mar'23
91
- -914
-61178
7614 7712 77
80
79% 17 77

Leh Val N Y let gu g 4hs_1946.1 I
19401 J
Registered
Lehigh Val (Ps) cons g 49_2003 M N
General eons 410
2003 MN
Leh i rerm Sty let go g 5s.._ _l941 A0
Reel .-ered
1941 A0
Leh Val RR 110-yr coil 69..n192.8 MS
Leh & N Y ist guar wid 4&.,1945 MS
lea & East let 50-yr 19 gu, 965 A0
Long Dock consol g Os
ma A0
Long 1916 1st cone gold 55_ _81931 t71
let consul gold 45
61931 Q
General gold 4s
1938 ID
(1016 4s
1932 ID
Unified gold 45
1949 M S
1934 J D
Debenture gold 55
20-year pm deb 59
1937 M N
Guar refunding gold 4s
1949 M 8
Nor Sh 13 let con g gu 5s_a1932 Q J
1027 M S
Louisiana & Ark 1st g 55
Lou & Jeff 13dge Co gu g 45..1945 M S
Louisville & Nashville,—
134 8
884
134 M'23
88
10134 103
-11- 10
-8
ar
i
1937 MN 10
92
8834 18 88
Uniffed gold 45
1940 31
994
4
19
0
,3
9
9
4
2
3
2
'
Jun;,
3'
Registered
1940
8 Rif"
-1W3Collateral trust gold 5s_._1931 MN
10718 12 106 10834
10-year secured 7s_ _
1930 MN 1063.1 107 10634
10314 '
1st ref 514e
3 B12% 105
2003 A0 10234 Sale 10238
13
764
0
-0- :
-:.
_ _ 10138 10184
-8
14 sa
1760
154
NO AM 1st gold Os __ _ _1930 .1 3 18
9813
10115
10112 1014
Feb'23
J
J
2c1 gold Rs
1930
Paducah dr Mena Div 45....1946 Ft
5934 63
S 5038 604 593 Mar'23
St Louis Div 2d gold 3e_ _1980
96
96
Jan'23
LAN& M & Si lstg 410_1945 91 S 97 — - 96
76% 2i 76
8034
LA N South Joint 51 48 _ _1952 3'
Registered
41053 Q J
9454 - -ift;
9613
9712
7
Louis... CM & Leo gold 4 Xs__1931 MN

9934 Dee'291-- —
Mahon C'l RR let 5e
1934 1 J
7018 71
7018
7018,
„6
-7
7
- -9
6-4-18
7 -06
3
1-,4Manila RR (Southern Lines)_1939 MN
Manitoba Colonization 5s_ _ _1934 1 D
9
%
4
77
_
-9
_9
6 .
70
9
11 9er'311-- ____ - __ _
.1'
Man G 13& N W 1st 3.148
J
1941
Moo Internal let eons g 4s
1977 91 S
1
71_ -- -- ----_11112
O:rt:2
M
Michigan Central 58
1931 151 8 ..gt:
9734 Feb'231—_ -654 -654
Registered
1931 Q M 97 101
1
97
._
78
8
88
20f....::
pbt:23
Fe
88
414 sa
45
1940 1 J _871: 8
---- ---Registered
1940 1 1
80
3 L & S 1st gold 3148
1951 MS
F12 8
78
70
9113
4 7812 e78
. 13'---2 8
4
012 80
78
let gold 3146
1052 MN 'l
034.1 22
l/190341 9
8 sa
038
9
82
99
8
,s
93
88
1 ,,
88
0318
eus
8 93
;
1929 A 0 109
20-year debenture 49
8912 95 Nov.22 ---, ____ —
Mid of NJ let ext .5,5
1940 A 0 87
Milw L S & West imp g 5s__ _1929 F A
'10112 N09.22,---- _
1925 M S
Aahland Div let g Se
1 1007100%'
8 1007
;
19243 J 10078 Sale 10078
Mich Div let gold 65
S 87 ---.4 9012 Feb.23,---- 884 03
ii ID
7 .1
34
1.111w & Nor let eat 4148
194
91
1 81)32 Mar'23'—__ 8938 92
1a34 .1 D 8638
Cons extended 4145
8612 864
85
8612:
2 8512 89
Mil Spar & N W let go 4s__
784 86 I 664 Aug'241--1941 J J
Milw AS L 1st gu 3148,.
101 ---- 101 Feb 231-- i376573f,- i3
479061:
6
Minn A St Louis let 7s
7354' 5
4
)F4 11;.1 7114 72 I 7334
9
11
1st consol gold 59
88,2 3,
39781 39
38,8
38
9344 4
3 a
20
4
let & rubinding gold 4s
1949 M 8 394
Ref Jr ext 50-'r Ss Sr A._ _1962 Q F
NISt1'ASSAlcong4sintgul938 1 1 8638 Salo 86
- 98
1938 1 1 07
1st cons 59
41 3
9398
10
3 40
13
98
2 106
9311
1931 Al S 10214 Sale 102
10-year coil trust 614s
c.624
1'1 _86
-2'__2
_ _ _9
1
let Chicago Term e f 45._ _ _1941 51 N 8914 94 1 9212 De8
9614 0612
M SS Al & A Ist g 45Int gu.„1926 J J 914 ---- 9612 Alar'23.--91,2 901
4
/
9011
3 9018 901s
1949 J J 90
AfissIssippi Central let 59
1 - --- 94
Jan'2 --I 94
94
1942 M N 93
M K & Okla 1st guar 541.
7814
Sale
784
ID
1
7812i
66
78
48..1990
80,4
1140 Kan & Tex—let gold
01990 F A ____ ---- 6814 Aug'22!---I -------2d gold 45
-Trutt Co certifs of deposit__ _
70
9
314 NOv
22
73
'
141
2004 ii-i
1 "38 7434
1st & refunding 48
7312 _ — _
Trust Co certlfs of deposit__ _
89386412 Jj
2 -_-_---_ _8_9_ _ _8_9
23
'2
ne.
uan
i
_1
!
1936 i-Gen sinking fund 4149
7218.
7213
4 6812 7212
Trust Co centre of depoelt_ __ ____
823
4
_____
4
823
8234
1
"ext"
notes
8338
for
certfs
5%
7772 Sale 7/12
797 145 7712 8338
Mo K & T Ry—Pr I 5s Set A 1962I-3
64 i 23 6334 674
1962 J J 6334 saw 6334
40-year 45 Series B
0
lle
i
s
4
1
4
9
6
4
0
9
6
,8
6
8,1&0
78
48
1
9
I
J
1932
5 5
170
C
6
Series
9,1
334
96
10-year 65
1967 I J
Cum adjust 5s Series A_
M199ourl Pacific (reorg Co)—
1
1
34
83
84
8678
8538
4 84
let A refunding 5s Set A. _1065 F A
9634
1 95% 9634
ist ,te refunding 55 Set(1_1926 F A 96% 9634 06%
02 9412 99
96
15t & n11111,1019 65 Set D 1949 F A 95 Sale 95
1975 NI S 5912 Sale 5912
60
140 5912 634
General 45
MIsiour1 Pacific7812 81% 8153 Nov'22 ...1938 M N
3d 7s extended at 4%
92 - • - 7314
1945 J J
734
Mob A Bit prior lien R 51
75
7318
73%
1945 J J 72
3
Mortgage gold 4s ______
103
Mobile A Ohio new gold Os_ 1927 J D 10118 10338 103
33773114
3,
8
;
7
7
0
2 1-13
8
1111-4
2:
070
7
0
IIi1:
61927 Q J 10014 _ _ _ _ 103
11:
23. 1
:
103
let ext gold ills
1938 M S 7514 ---- 7814 Mar
General gold 49
5' 0238 9434
Montgomery Die let g 5s 1947 F A
92% Sale 9238
9233
9534
2 94
953
1927 J D 9412 — -- 5534
St Louis Div 55
78
7814 Mar'23 __11 774 7934
Mob A Ohio coll It 8.43
1938 M S 77
8338 Feb'23 ____I 8238 834
1991 MS
Moh & Mel 1st rru g 4s

- 77_100
77

Jan, 8 Due Feb. c Due Juno. 5 Due Jule. n Due Sept. o Due Oct. a Option sale.
•No price Friday; latest bld and asked thle week. a Due




New York Bond Record-Continued - Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 16
Mont C let gu g 6e
Registered
let guar gold 58
MA E lstgu 3)(s

'C:=1

Price
Fridav
Mar. 16

Week's
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N.Y. STOCK EXCHANGE
Week ending Mar. 16

!.„

e-

1161
Prtce
Frtday
Mar. 10

Weer,
1" '1 Range
Range or
1:1; Since
Jan. 1
Last Sale

Ask Low
Bid
High No. Low High
1937 J J 109 1121
Jan'23
/
4 114
111 114
13614 Marna
1937 J J
1937 J .1 10011 lai 10034 Mar'23
iO6372 1013*
7513 Mar'23
7512 76
2000.5 D
7512 7814

Nashv Chatt dr St L let 5s_ 1928 A 0
1937 F A
N Fla & S Ist gu g 58
Nat Ry of Mex pr lien 4)3s
1057 J J
July coupon on
do off
General 4s (Oct on)
1977 A 0
April coupon on
do
off
Nat of Mex prior lien 4)3s___1926 J .1
July coupon on
off
do
let consol 4s (Oct on)___1951 A 0
April coupon on
off
do
Naugatuck RR lst 40
1954 M N
New England cons 5s
1945.5 .1
Consol4s
1945 J J
NJ June RR guar let 4s
1986 F A
NO&NEIstref &imp 4138A'52 J J
New Orleans Term let 4s.
1953 J J
NO Texas & Mexico let 60..1925.5 I)
Non-cum income 50 A.
1935 A 0
N & C Bdge gen gu 4)3e
1945.5 J
NYB&M131stcong 58
1935 A 0
N Y Cent RR cony deb 68
1935 M N
Consol 4s Serlea A
1998 F A
Ref & Inapt 4)3s "A"
2013 A 0
Ref & inlet Ss
2013 A 0
N Y Central it Hudson RiverMortgage 31.4o
1997 J J
Registered
1997
Debenture gold 4s
1934 M
Registered
1934 M N
80-year debenture 48
1942 .1 J
Lake Shore coll gold 313s 1998 F A
Registered
11198 F A
Mich Cent coil gold 3)3s. _1998 F A
Registered
1998 F A
Y Chic & St L lat g 4s
1937 A 0
Restwiered
1937 A 0
Debenture 40
1931 MN
2d 6sA
1931 MN
20 Os 11
1931 M N
N Y Connect let gu 440 A 1953 F A
N Y & Erie 1st ext g 48
1947 MN
1100 ext gold 41411
1923 M S
4th ext gold 5e
1930 A 0
5th ext gold 4s
1928 J D
N Y & Green L gu g 5e
1940 M N
NY&Rarlerng 34s
°000M N
N Y Lack & Western 5e
1923 F A
1923 MN
Terminal & improye't4s
NYLE&W1st7sext
1930 M S
N Y & Jersey let Se
1932 F A
N Y & Long Br gen g 48
1941 MS
Y NB & HartfordNon-cone deben 40
1947 M 6
Non-cony deben 3)3e
1947 M S
Non-cony deben 3).36
1954 A 0
Non-cony deben 48
1955 J J
Non-cony deben 48
1956 M N
Cony debenture 3.)38
1956 J J
Cony debenture 6e
1948 .1 J
4% debenturee
1957 M N
To European Loan
1925 A 0
7s Franca
1925 A 0
Cone it), non-cony 40
1930 F A
1955 J J
Non-cony deben 4s
Non-cony deben 413
1956 J J
N Y & Northern let g 50........1027 A 0
N YO& W ref let g 48_41992 M S
Registered $5.000 only...41992 M
General 4s
1955 J D
N Y Prey & Boston 40
1942 A 0
NY& Pu lot cone gu g 48_1998 A 0
N Y&R B 1st gold 58
1927 M S
tr Y Susq & W lst ref be
19373 J
gold 44e
1937 F A
General gold 5e
1040 F A
Terminal let gold 50
1943 M N
N Y W'ches & let Ser I 448_'46 J J
Norfolk Sou lot & ref A 5e
1961 F A
Norfolk & Sou lot gold 58
1941 MN
Won & Weet gen geld 6o ,..,_l931 M N
Improvement & extg
1934 F A
New River let gold
1932 A 0
NA Wily let cons g 49._ _1996 A 0
Registered
1996 A 0
DWI let lien & gong 49_1944 J J
10-26 year cony 443
1938 M S
10-year cony 60
1029 M S
Pocah C & C joint 46_1941 J D
North Ohio let guar g 58.... _ _1945 A 0
Northern Pacific prior lien railway & land grant g 4e
1997 Q I
Registered
1907 Q J
General lien gold 38
02047 Q F
Registered
02047 Q F
Ref & impt Os tier B
2047 J .1
Ref & Imp 41(e SerA
20 47 J J
5.1'
2047.5 .5
651)
2047J J
St Pant-Duluth Div g 4e 1990 J D
St Paul & Duluth lot
Q F
lot consol gold 1s
1908 J
Nor Pao Term Co 1st g 6s
1933 J .1
No of Cal gusr g 50
1938 A 0
North Wisconsin let 613
1930 J J
Ogee I.Cham Ist gu 4s g
19481
Ohio River RR let g 58
1930 J D
General gold 58
1937 A 0
Ore & Cal let guar g 5s
1927 J J
Ore RR & Nav con g 46
19463 D
Ore Short Line1st comet g 6
1940 .1 J
Guar con 58
1946 1 J
Guar refund 4s
1029.5 D
Oregon-Wash let & ref 4s_ _1061 J J
Pacific Coast Co let g 5s
1946 I D
Pao RR of Mo let ext g 4s
1938 F A
26 extended gold 5s
1938 J J
Paducah & Ills lot of 4/4s-1955 J I
Parle-Lyone-Med RR 6s
1958 F A
Pennsylvania RR 181 g 4s
1923 M N
Consol gold 48
1943 M N
Consol gold 4s
1948 M N
Consel484e
1960 F A
General 44e
19651 D
General 5e
1968.5 D
10-year secured 78
1930 A 0
15-year secured 6)38
1936 F A

Bid
Ask Low
High No, Low Hick
"eunsylvania CoGuar 3340 coll trust reg A.1937 MS 83,
l 221
312 Nov'22
4
- 84
Guar 334e cell trust Ser B.1941 FA
Feb'23,____'I 82
814
83
83
Guar 3330 trust ctis C____1942 J
814 80
Guar 3)3s trust etfs D__1944 J O 81
212 _1
_8
. _9_2_ _9_3__
2 No%;2:
8
92
3:4
100 Sale 100
2 9934 101
100
Gear 15-25-year gold 4e_ _ 1931 A0 9214 9112.
98
924 Nov'22
20-year guar 4s ctfs Ser E__1952 MN 854 86
85 I
87
85
5 85
31 Sept'22
?eerie & East lot cons 48____1940 AO 73
74
74
74
4 , 74
78
-5613 Sale 301,
Income 4s
321424 "Zi 32
28
27 .,30
27 Mar'23
1990 Apr. 25
28
29
30
29
1 29
29
0778
'ere Marquette 1st Ser A 58_1956 .51 9134 Sale 9412
9412
9512: 29
264 Jan'23
lot Series B 4s
2618 264
8013
80
1956 J J
Phila Bait & W let g 48
231___!
89
1
1913 MN
Ma
7
8
6
8
14
8
r
8
78
0114
4
)
82
124
2
?Idlippine Ry let 30-yr s 1 45 1937 ▪ J 47
2712 28
473* 4712
- -2712 Feb'23
4734
3: 46/
1
4 4971
_ 3814 June'22
P C C & St L gii 4'As A
944 Mar'23
94
9734
1910 A0 9412
38% Feb'23
3613 391
Series B 434s guar
1.412 Mar'23
I 9412 9478
1942 AO 9413 98
3714 3812
Series C 453s guar
9412 94
1 ' 94
94 I
94
1942 MN
25% Feb'23
Series D 4s guar
2538 2558
89 .--- 8934 Feb'23 ----I 8934 8934
1945 MN
26
Feb'23
E
3340
Series
2413 2614
guar gold
1049 FA 8912 -- 01 .9,1622
"ii3; 28 Mar'23
Series F guar Is gold
26
2712
1953 J O 8934 -- 89
Feb'23 ---- 89
8912
8812 _
87 July'14 _
Series Ci 4s guar
8912 8912
1957 SIN 8958 -- 8912 Feb'23
89
9212 8912 Jan'13
Series Icons guar 445---- 1963 FA 9314 95
89
8912
9458 Feb'23 ---_ 9413 95
7512
70 Sept'17 _
0512
General 5s Series A
054 9018
/
4 Sale 0514
1970 ID 951
82
82%
Jan'13
Pitts dr L Erie 26 g 5s___a 1928 A0 9538
8112
82
2834 82
_ 99 Nov'22I----I
7813 80
80 Mar'23
Pitts SOCK & Y let gu 8s
1932 J J 10212 ---- 105 Dec'22
74
7434 74
7478 55 74
26 guaranteed fls
7934
0514 June'20:
1934 ii
101 10118 100%
101 _1_4
110
Pitte Si, & L E 1st g Se
80
9:: 10
8,
1:
,
1
I ii114
100 I
- foci'
100
1040 A0 991.
8112 Sale 8012
82
64 7713 834
let consol gold 5s
98,8 ---- 100
Feb'23 ---- 100 100
1943 J
9018 _
_ 8912 Jan'23
Pitts Y & Ash 1st eons 50
98 June'22 -1927 MN
9613 S.•pt'22
- 5.i
Providence Secur deb 48
52
3838
384:
4 381* 3S's
1957 MN 35
104 Sale 103% 10412 -5581 103 105i4
Providence Term let 49
_
883n Feb'181---I
1956 M S 7513
77% Sale 7713
784 100 774 825*
85 Sale 8434
8514 35 844 88%
8314 Sale 8318
Reading Co gen gold 4s
8313 42 83
1997 1
24 86
4,4
9475 Sale 9413
9514 332 9413 984
81
Registered
8434 8212
1997 1
8212
1
Jersey Central coil g 4s
83 I
3 83 86
1951 A 0 8112 8713 83
7212 Sale 73
7318 16 7278 7734
Reuss Ar Saratoga 20-yr 6s
1941 111 N 113 115
78 Dec'22
74
72 Mar'23 -- 72
Rich & stock 1st g 59
1948 M N 68
72
8812 Sale 8813 891
/
4 411 8813 -9
ii) Gr June let gu 5s
15;
.1939 3 D 8413 ---- 85* Jan'23 -- 8512 874
8913 Nov'22
____
Rio Or Sou let gold 4s
1940.5 I 1018 __-. 1012 Dee'22 -8514 8614 8714
8713 14 8714 9014
1213 ---- 101s Feb'22- Ouaranteed___ _
1940.5 J
7012 Sale 604
71
13 6934 76
751
/
4 76
751s
110 Or West let gold 45_ _
70 1 39 -7
1939 J J
.E18 78
6813 79
7113 Feb'23
Mtge & coil trust 4s A _
12 63
63
7112 72
1949 A 0 6113 Sale 6413
6712
7213
7212 73
7212
2. 7213 77
RI Ark & Louis let 448_ _1934 M S 775* Sale 7738
78
27 77% 81
75
Jan'23
---- 74
GO
7312 70
Rut-Canada let gu g 4s
75
Jan'23
75
1919 1 J
70
70
8712 8834 885* Feb'23
tutland let con g 413s
87/
1
4 901
80
2 80
/
4
1941.5 J SO Sale SO
8012
_ 8613 Jan'23 ____ 8613 8613
8312 8514 85
85
3 85
8773 St Jos & Grand Isl let g 4s__ _1947 .1 J 7313 74
7313
7312
1 73
7533
99% Sale 9912 10073 56 994 1001g
it Lava dr Adir lst g 58
191)8.5 J 9078 9212 9212 Feb'23 ---- 9212 9212
9934
96% - - -- 9814 Mar'23 -26 gold Os
984 954
854 8614 5.'12 ---.7;
aois
2 8514 SS'S St L dr Cairo guar g 4s
8712 15 87
C)
1 8613 894 87
1;.
1
126
98 ,
90
,12
95
87 July'22!_ _
96
97 1 14
St L Ir M & S gen con g 53
1931 A 0 95
9913 Jan'23'____ -661- 102 July'14,-,
4
Gen con stamp go g 5s
1931 A 0
9113 Nov'22
Sale
844 33 8313 -g"6,Unified & ref gold 40
.
78,a- 7113* 8313
9434 Nov.15 _
7814
79 i 37. 7814 86
Riv dr G Div lst g ts
ligl
N
7814
864 Nov'22 _ _
9638
2 96
9633:
St L M Bridge Ter gu g So...... 1930 A 0 0838 99
99
7434
7712 Feb'23
-ii3-8 7713 St Louis & San Fran (reorg Co)1
I
10014
10014 ---- 9813 10014
6714 318 6612 704
Prior lien Ser A ts
1950.5 1_ 0658 Sale 6612
994 Feb'23
81 Sale 5073
9914 99%
8212 69 8073 8478
Prior lien Ser It be
1950.5
J
1031* :10313 Jan'23
10312 10312
90
55 895* 93
1912 J .1 8938 Sale 895*
340
98
954
9512 Sale 9512
1 951.1 98%
975*
24 974 10018
Prior lien Su C Os
98
1928 J 1 7678 Sale
sale 702
87 ____ 91 July'22. ___
7812 138 7513 8038
Cum adjust Ser A 68
h1955 A 0
6458 Sale 64
Income Series A 64
05
151 1 58
51960 Oct
67
48
49
Sale
Mar'23
___
103
49
49
57
10338'
St Louis & San Fran gen 6s_ _1931 J J 10334
2 103 10333
41
4512 47
Feb'23 __-- 40
97 Sale 9618
General gold bs
97
447
6 9613 99%
4213 46
4434 Feb. ;
825*
40
---47
6714
St L & 8 F RR cone g 43_11
Oct'20,---1;
____
4514 404 4538
4614'
23.- 5 4514 5112
Southw Div let g bs___ _1947 A 0 9090 Feb'22:---_
4533 4613 464
46141
;1034 Jan'23
1 43
51
St I. Peo & NW let gu 5e_
19415 J J 1005* 10117
,1024
43
4314
45
7 10
4313,
48
it Louis Sou 1st gu g 46
1931 MS 864 7- -- 864 0,9'22.
_
68141 97 67
6714 Sale 67
735* Sale 735*
7433 315 , 735e 781
7314 St L SW let 643 bond Ms__ _1989 MN
4
40 Sale 40
40
6 3913 4313
7112'
5 894 7112
26 g 48 income bond cUs_p1989 J J 69 Sale 7112
7312 Sale 73
7313 105 704 81%
7434 Sale 748
70 I 38 7433 7734
Consol gold 4s
Sale
683*
7034 76 60
lot terminal &unifying be 1
7713 25 76
01)2
8212
J
12
t2; D
42 Feb'23 ____ 4014 42
7766 Sale
e 75%
St Paul&KCSh L lat 4;is 1941 F A
76 I 28 755* 814
44 Sale 44
44 I
2 44
44
it Paul 54 de Man 45
1033.5 1
49 Dec'22
-- 51
10a3
4
let consol g 60
Su
l° 10834 10834
19333 J
1,40814 10933
964
110
_ 99
Oct'221.._
Registered
1933 .1 J 10814
-65 Sale 65
8613 RI -6E" -767-3
Reduced to gold 4340
1933 J J
961-4 -991-3
0
60
8
6
4
9
1
:
83
,
_0
6
_47
5913 Nov'20
7
12
8
9
699
69
7
03
1:42 Se
Registered
Au
P0g
9,
t
66
'
22
1
1932.5 1
41°4 1-9113
94
56
58
58
04
"Ei" 705*
Mont ext lot gold 4s
1937 J D
803 93
83 Atig'13
70
Realstered
1937 J D 864,-- SO Mar'21 ----I
-804 8212 8212 Mar'23
8312 8234
Pacific ext guar 49
81 I
1940.5 J 8412 ---- 84
6
84
84
74l Sale 744
96 Dee'22
9518
_ 57_
9 A & A Pass lot gu g 4s
74%
5 734 7534
1-9431 J
81
57
67 Sale
SO
5 52
7812
San Fran Terml let 40
1950 A 0
60
80
7 784 8314
45
55
48
48
8812 SO
1 42
493e
Selo V & N E 1st gu g 4s_ _ _1989 M N 86
so
2 86
8714
46
47
4713 40
5 45
58
1- 53
Seaboard Air Line g 4s
49
58
1950 A 0 5618 58
58
8438
845* Mar'23
59
2 52
845* 935*
Gold 45 stamped
1950 A 0 50 Sale 56
56
45 sale 434
455* 85 4314 504
29% Sale 28
Adjustment 5s
01949 F A
2214 30
68 Sale 6712
Sat
8 6313 71
44
68
Refunding 45
39
1959 A 0
46
914
90% 92
917
2912 3
5 904 9312
14%
3 5834 68
86
1st dr cons 68 Series A
1945 M S 85 Sale 6514
10812 Mar'23
107
1 93% 9614
1084 10/113 Seaboard & Roan lot 51
1028.5 J 9614 ---- 9614
961
/
4
110
1075* 110
Mar'23
- 10
__ 10834 110
Aug'22
Sher Sh & So 1st gu g55
1943 J I) 37 -- -- 42
1064 108 10634 Nlar'231064 1064 S & N Ala cons gu g 55
9612 104 10013 Mar'23
98 10114
88 I 25 87
995* 98 Mar'23
87% Sale 87
Gen cons guar 50-yr 5a_
9314
1
1N1 F
96% 99
A: 97
8913 Feb'23
81
884 90
Southern Pacific CO845*
84% 85
8438
1 8414 864
82
Gold 45(Cent Pao coll)
41 Si
k1949 J D
85
108
1094
Jan'23 ___. 108 108
90
178 Sale I 0801 14
9072 247 9014 9259
20-year cony 49
o1929 M S 8
11312 - -. 113
4 111 11734
11313
6 10013 10213
20-year cony 5s
10134
1934 I D 10118 1024 1014
8412 8512 87
Feb'23 ___ 865* 885* So Sac of Cal-Cu g 55
Feb'23 ----1101 101
1937 M N 10114 ---- 101
784 8518 83
Jan'23,---- 83 83
8814 914 894 Jan'23
So Sac Coast let gu 48 g
8913 91
8384 Sale 834
8414 158 8312 8812
So Pac RR let ref 45
1
828
8333 71 8233 87
8234 Salo
9333 65 9213 9818
Southern-1st cons g 5s
J 9318 Sale 9212
J
1994
804 8514 81 Mat'23 ____ 81
92
8313
9334 Feb'23
Registered
1994J J
93
,
4 934
5973 Sale 5914
60 I 65 594 6214
Develop & gen 4s Ser A___1956 A 0 664 Sale 663s
674 265 6612 694
5812 Mar'23 .__- 5812 594
5833
1956 A 0 10112 Sale 10135
Temporary 614e
10134 131 100 102
10714 337 1064 1094
10678 Sale- 10618
9212
9312
93
Mem Div let g 4149-5s___ _1996 .1 J
Mar'23 ----I 93
97
8418 8514 8412
8412
1 8418 9012
St Louis div let g 48
7738 SO
1951 J J 774 7812 774 Feb'23
9773 120 95 100
95 Sale 95
So Car & Gs let ext
99
9914 Jan'23 _._I 954 9934
1929 MN 98
9573, 92 9112 9914 Spokane Intermit let5138
9413 Sale 9413
8312 Feb'23
e 5s
1955 J J
8312 8312
85 __ _ 89
Feb'23'-_-- 89
89
Superior Short L lot Se g____e1930 M S 9514 ---- 95 May'18
9938
_ 100 June'22
Jan'23'___
841* 84's
8014
_ 8414
Aeon of st List g 4)0_1939 A 0 9212 94
93 Mar'23L.-_' 93
9512
no
1 no 110 Term
108 ilifrla no
98
lot cons gold 50
97 Mur'23 ----: 97
1944 F A 97
99
Jan'23 ---- 102 102
99,
8 __-- 102
Gen refund e f g 4s
118 Noy'16I---__
10434
Tex & N 0 con gold 5e
8
79
814 9
70
93
54
8 9
70314
7 4 Feb
1a3
8
99
2
23-1
1 3 .1
-6
7
;1 9
7:4
034 9
96
g81,
2
Texas & Okla lot gu g 5s
35 -- -- 34
1943 M
Jan'23
34
34
1 665* 71
6634
6634 Sale 6634
Texas & Pa- St gold 5s
9113
20001 D 9113 92
9038 1
2 9513 9818
965s Sale 9653
26 gold income 59
47
89.8
Mar'23'_..--I_6_1
940112
96905
:
1 9,82312
q2000 Mar
s
9114 95
0512 Feb'23'..--- 9513 054
La Div B L let g 613
1931 1
99
17 984 100
99 Sale 1183s
0778 98
,
4 0712
Tol & Ohio Cent let gu 5s...._1935 J
8638 Sale 864
864
7 86
Western Div let g Ss
8712
1, 921
/
4 96
1935 A 0 924 9314 9214
921
/
4
General gold 5s
91 I 9013 Sept'22I----1
1935.5 D 88
10012 Sale 100
10012
7 100 10412 Tol St I. dr W pr lien g 3348_1925 J
9818 Sale 9312
04
7,
,
1:21 -9
21,
14
10112 Sale 10012 10118' 22 10013 105
21
50-year gold 40
1950 A 0 7018 714 72
90
,
4 0114 9038
9113 48 90% 9313 Tot W V & 0 gu 4.1.48 A
9112 964 9518 Nov
1931.5
'
7
'
2
2
2
4
7818 138 7714 82
774 Sale 7714
Series B 4348
1933.5 J 9012 964, 93% Deo'22
784 80
Feb'23
76
78
7912
Series C 45
I'
1672 Nov'22
1942 M 5 8633
8612
8612
8458 _
1 8618 8058
9513 66 0513 0512 1 9512 97 Tor Ham & Buff 1.t it 4s...k]946 J D 79 8012 7812 80 15 -f8-1-2 -82
9034 9112 91
10 9012 91
91
Ulster dr Del lot cone g 58
94
94 Mar'23 ---- 94
1028 J D 93
9512
72 Sale 70
7112 304 634 73/
let refunding g Is
70
1
4
70
I, 66
70
70
1952 A 0 62
9934 Dee'22
188 8918 9514
Talon Pacific let e 40
90
894 Bale 894
1947
J
.1
89 034 90 Feb'23
-66" "Eli
Registered
-: 8973 92
1947 1 J 5514 894 904 Feb'23
90
9014 90 Mar'23 ____ 89
91
20-year cony Is
9514 106 9434 9513
1927 J J 9518 Sale 9434
95
00
9614
3 9534 985
9614
let & refunding 48
8212
834 62 82'e 88
02008 Si El 82% 83
9014 Sale 9010
9034 148 904 9218
10-year perm secured 68
104
24 103 10534
1928 .1 J 1034 Bale 103
10014 Sale 100
101 I 288 9912 10134 13 N J RR & Can gen 4s
1944 M B 911e ---- 8012 June'2I
10838 Sale 1084
1093s 33 1084 11034
10814 Sale 10734
10912 114 10734 11113

1

g.

NEI J

II
• NO price Friday; latest bid and asked this week. aDue Jan. 1 Due Feb. g Due June, h
Due July- 4 Due Aug. o Dug Oct. p Due Nov. I Due Dee. s Option:sale.




New York Bond Record—Continued—Page 4

1162
BONDS
N. Y.STOCK EXCHANGE
Week ceding Mar. 16

4a-

I
19263 .1
Utah & Nor gold 68
1933 3 .1
let extended 48
1955'F A
Vandalla cons g 48 Ser A
19571M N
Consol 45 Series B
Vera Cnie & P lot gu 41(s19344 J
July coupon on
July coupon off
Verdi V 1 & W 1st g fea
19261W S
Virginia Mid Ser E bs
1928 M 8
General Is
1936,M N
Va & So'w'n St gu be__
2003J J
8.
-year
1958 A 0
let Cons 50
1962,M N
Virginian lot 55 Series A
Wabash 1st gold 55
1939 M N
2d gold 53
1939'F A
lot lien 50-yr g term 45__1954 J J
Det & Ch Ext 1st g 5s___ _1941 J J
Dee Moines Div let g 49.-1939 2 J
Om Div 1st g 3)5s
1941 A 0
Tol & Ch Div g 4s
1941 M S
Warren 1st ref gu g 3 tie
2090 F A
Wash Cent lot gold 48
1948 Q M
W 0 & W let cy gu 4s
1924F A
Wash Term lot go 3s
1945 F A
lot 40-year guar 45
1945 F A
W Min W & N W 1st gu 58_1930 13 A
eat ‘.,aryla d let g 48
1952 A 0
eat N Y & Pa 1st g 58
19372 J
Gen gold 41
1943 A 0
Western Pao let Ser A 55___ _ 1946 M
West Shore lot 45 guar
2361 .1 J
Registered
2361 J J
Wheeling & L E 1st e 5e
1926 A 0
Wheeling DIY let gold M._ 19283 .1
Eaten & Impt gold 5s
1930 F A
Refunding 4)51) Series A
1966 M
RR let consol 40
1949 M
Wilk & East 18t gu g 58
1942 J D
Will & S F lot gold 68
19102 D
Winston-Salem S B lot 48_ _1960 J
Wis Cent 50-yr 1st ten 4s___ _1949 J J
Sup & Dill dlv & term lot 4e '3e 111 N
W& Con East 1st 4)5e
1943.9 J

Price
Friday
Mar.16

Week's
Range or
Last Salo

Bid
9812
9104
8414
8414

Ask Low
High
____ 997g Jan'23
9212 911
/
4
9134
____ 86
Apr'22
__ 8514 Nov'22
3712 Mar'23
35
37
37 Mar'23
2614 _
98 ____ 98 Sept'22
9814 __-- 9814
9814
9614 _
9834 Mar'23
9434 Sale 93
93
77
711ls 78
77
9314 9312 93
9414
9434 Sale 9412
9534
84 Sale 84
8412
6812
_ 8812 Jan'23
94
9612 9812 Feb'23
851s 79
733s Jan'23
6114 68
6334
6334
70
7734 771e Jan'23
7114 ____ 7412 Nov'22
7914 84
84% May'22
97
. 9714 Aug.22
7638 78
7878 Feb'23
84331
- 84% NovT2
8012 87
8712 Mar'23
6034 Sale 60
6114
98,
4 99 100 Feb'23
77
_ 77
77
8014 8012 8012
81 13
7914 80
7834
80
7612 7812 7912
7912
9712 98
9612
9612
99 Feb'23
9033 9738 94 Sept.'22
5472 Sale 5434
5514
5878 Sale 58
5872
54
55
55
5512
993s __-- 101
Jan'23
80
84 80
80
77
7714 77 Mar'23
7714 Sale 77
7714
5412 ._-_ 65 May'22

INDUSTRIALS
Adams Express eon tr g 4s
80
1948 1W S 80 Sale 80
9814
9712
/
4 98
Max Rubber 80
1936 J 0 971
7
912 8 Mar'23
Alaska Gold M deb 13s A_1925 M S
6
6 Mar'23
8
Cony deb 6s series B
1926 M S
98
Am Attic Chem 1st 515
1928 A 0 98 Sale 98
1048
let ref s I 73-4s g
1941 F A 10334 Sale 10332
71 Sale 7012
73
Am Cot 011 debenture 5&
1931 111 N
Am Dock & Impt gu 6,3
1936.9 J 10672 ---- 105% Dee'22
8918
Am.Sin & R 1st 30-yr 5sser A 1947 A 0 8812 Sale 88
American Sugar Refining 6s 1937 J J 10278 Sale 10212 103%
92
9134 Sate 9112
Am Telep & Teleg coil tr 43_1929 J J
873s
88
8732
Convertible 48
1936 M S 86
10212
20-year cony 44o
1933 M S 9912 103 102
98
30-year temp coil tr 55._ 1946 J D 9612 Bale 961s
11718
7-year convertible 6s
1925 F A 116% Sale 11614
8212
83
Am Wat Wks & Elec be
1534 A 0 8252 84
8314 Sale 83
8334
J
Am Writ Paper e f 7-63
1939
9778
9714 Sale 9714
Anaconda Copper 65
1953 F A
10334
78
1938 F A 10314 Sale 10313
8534 Sale 8514
8834
Armour & Co lot real cot 455s 1939 J
40
3612 42
40
Atlantic Fruit cony deb 7s A _1934 J D
36 Sale 3414
36
Trust certificates of depoelt__-_
44 Sale 40
44
__
damped __________
do
Atlanta Gas Light 68
1947 J D 9412 _ _ - 98 Nov'22
2812 Sale 98
9834
'Atlantic Refs deb 58
1937 J
101
Baldw Loco Works lot 5s
1940 111 N 101 Sale 101
Barnsdall Corp f cony 8% A.1931 J J 101 Sale 10112 10214
Bell Teleph of Pas f 7s A
1045 A 0 10712 Sale 10712 107%
9858
58
19483 J 98 Sale 9612
, 98% 9914 9812
99
Beth Steel lst ext f 60
152613 J
9212
lot & ref bs guar A
1942 M N 91 Sale 91
8814 88
8912
20-yr p m & Imp s f bs
19363 .7 88
9734
6s A
1948 F A 9712 Sale 96
7
9234
5Ms
1953 F A 9212 Sale 91
70
80
6712 Oct'21
Booth Fisheries deb a f 68
1926 AO 0812
0012 9812 10013
Braden Cop M coil tr s 1 6s 1931 FA
9434
1
4 9412
Brier Hill Steel lot 53519
1942 A0 9414 94/
67
69
67
69
B•way & 7th Av lot c g 5e
1943 J
8512 Mar'23
8534 90
.t
Brooklyn City RR bs
1941
96
) 953 961s 951s
Bklyn Edison Inc ten bs A..1949
19212 Sale 10212 10312
General 60series B
1930
10518
General 78series C
1930.13 105 Sale 105
108
General 7s series D
1940 J D 112712 Sale 107
Jan'23
BkIn Qu Co & Sub con gtd 56_1941 MN ---- 66 68
81 ---- 7912 Nov'22
1st 55
1941 J J
753
745
Brooklyn Rapid Tran g bs
1945 A 0 741 76
743
74%
7412 76
'J'ust certificates
64
6312 Sale 64
at refund cony gold 4s____2002 J
9112
93
Sale
9212
b-yr 7% secured notes__k1921 J
9212 Sale 91
9314
Certificates of deposit___________
8712
89
8814 89
Certfs of deposit stamped
84
83 8412 83
Bklyn Un El lot g 4-5s
1950 F A
84
5412 8334
8412
Stamped guar 4-be
1956 F A
96
96
9612 96
Bklyn Un Gas let eons g 68_1945 M N
115
1932 14 N 115 Sale 112
7.
10412
Ist lien & ref 6 Series A _ .194' MN 104 10414 104
112
1929 M N 11214 11412 112
78
79
Aue'21
19321.1 D
Buff & Susq Irons 158
80
Mar'23
78
86
A
0
lot
Bosh Terminal
40
1952
86
1955 J J 86 Sale 88
Consol be
89
1080 A 0 8812 Sale 8812
Building be guar tax ex
9612 9714 981
/
4
9684
1937 M N
Cal G & E Corp da
9412 97
9734
Camaguey Sug 1St 8 f g 78 ... 1942 A 0 94
94
9952
9512
N
M
Lines
1942
let collo f is
Canada SS
101
1942 F A 10038 10034 16014
Canada Gen Elec Co 68
1
4
9984
Cent DLit Tel lot 30-year 58_1943 J D ____ 9958 99/
1931A 0 9814 9812 99 Mar'23
Cent Foundry let s f (is
99
1925 A 0 99 Sale I 98%
Cent Leather 20-year g 6e
142 Sale 14112 143
1931.9
Cerro de Pasco Cop 85
9515 9734 9512
9512
Ch G L & Coke 1st gu g 65-1937 J
83 Sale 80s
837
1927 F A
Chicago Rys let bs
9912 Mar'23
1923 J D 997 100
Chicago Tel bs
11714
Chile Copper 10-yr cony 75..1923 01 N 11634 Sale 11634
4 10114
1932 A 0 10012 Sale 1 100,
Coll tr & cony 6e ser A
98
Chichi Gas & Elec let & ref 50 1956 A 0 9738 9818 98
9735
1961A 0 9714 Sale 9735
5)5s Ser B due Jan 1
85
86
89 Feb'23
1943 F A
Colo F & I Co gen s f 58
75 Sale 76
7718
1934 F A
Col Indus let & coil 5a gu
96
1927 .1 J 96 Sale 9534
Columbia0& E lot be
9512
96
1927.9 J 9514 96
Stamped
1314 20
1512 Jan'23
1993 M
Col de 9th As lot go g 5s
Feb'23
Columbus Gas lot gold 5e_...1932 J J 9218 ---- 92
73
73
73
2397 Q J
Commercial Cable lot g 4s
87%
Bale
8714
88
N
M
1947
Commonwealth Power 65
Compania Azucarera Baraqua
101
19373 J 10034 101 100
lst s f 15-year g 7148
9812
Computing-Tab-Ree s f es__ _1941 J .1 9812 Sale 98
- 84 Feb'23
Conn Ry & L let & ref g 4)5s 1951.9 J 8214
83133
1951 J J 83 8812 831g
Stamped guar 4Si s
8812
Cone Coal of Md let & ref 68_1950 J D 871s Sale 8712
9512
96
9512
Con G Coot Ch 1st gu g 58_1936 J J 95
89
1952 1M N 8712 Sale 8738
Consumers Power
Deo'22
1931 MN 995s
Corn Pro dRefg s f g le
9912
Mar'23
91
9914
N
1034
let 25-year r se
1943 F A 9212 Sale 9112_9212
Crown Cork & Seal 6s

Range
Since
Jan. 1

co

NO. Low High
9912 99%
_
34
34

_

96
9772
93
77
93
9412
84
6812
9524
7314
1 63
,
4
77131

3
3
39
46
2

_

3712
3712
61
98,
4
9314
81
98
99
9214
8812
9612
73%
8614
7718

781
/
4 7922

_

.• 8314 89
135 60
65
,
4
9838 100
1 77
81
14 7934 85
4 8378
27 78,
5 7912 82
1 97
99
9538 99

8 54,
4 62
63 58
851s
11 55
60
_
101 101
2 git4 8112
4 82
76,
4 77
803s

6 80
801e
9912
13 98
614 8
614 614
6 9752 10012
33 10234 111478
13 7015 8012
133
160
185
1
11
148
52
26
6
783
496
115
2
1
7

92
234
8
98 s 9
101% 104
1'
6°14
4 103
9°12
10
80
9618 101
15
12
4:: 15
15
7:
1
8212 85
96% 98%
100 10434
8434 90
32
4012
391
/
4
29
3, .142
.
:
104
:
:
.9,
297
9

40
11 10014 103
9
53 19
08
9,34
4
06
712
% 19
185'
9912
15 98
9712
36 91
9312
64 88
227
9'4
182 9
17s 93
96
33 985 100¼
97 93
,
4 9714
69
51 82
551g 8712
34 95
98
21 102 10434
11 105 10814
27 107 109
66
58
12
1
19
45
99
84
3
12
1
13
7
3
_
3
20
13
35
38
16
4
37
49
3
356
76
138
8
17
55
26
14
4
37
27
4
1
29
4
75
_
18

55 -i679
54
68
54
87
96
85% 95%
9518
82
811
/
4 85
8112 85
95 100
110 11672
103% 10514
110 117
80
87
88
8912
8814 93,
4
9572 9814
95% 9812
9212 9712
10014 10312
9914 100
8812 9914
9812 101/1s
130 149
9514 96,
s
7814 8372
9912 10018
113 12118
9618 10314
9714 991a
9812
96
8814 89
7614 77%
9514 97
951e 97
14
1512
92
93
73
7512
8614 89%

BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 16

E8

Cuba Cane Sugar cony 75_1930 J J
Cons deben stamped 8%_1930J
Cuban Am Sugar let coil 88...1931 M
Cumb T & T lot & gen 5s____1937 J J
Denver Cons Tramy bs
1933 A 0
Deny Gas & E L Ist &ref ef g bs'51 MN
Dery Corp D G 7s
194288 S
Introit Edison lot Coll tr bekk_159
944
300
33
51
1st & ref 5s ser A
1st & ref 6/5 series B
Dat United let cons g 414s..,.. 1932.1 J
Diamond Match s f deb 780_1938 MN
Distill Sec Car cony 1st g 55_1927 A 0
Trust certificates of deposit____ _
Dominion Iron & Steel 55____11,
94
43
2
Donner Steel 75
E 1 du Pont. Powder 4)28
193o J D
du Pont de Nemours & Co 7)58'31 MN
2(tquesne Lt 1st & coil tis
193
946j
9 .j
Debenture 714s
East Cuba Sug 15-yr s f g 7)50937 M
Ed El Ill Bkn 1st con g 45
1939 J ,1
Ed Elec III 1st cons g is
1991
Elk Horn Coal cony 6s
1925 .1 D
smplre Gas & Fuel 7)5s-127
24
56
1
Eq G Light 5s
Fisk Ruouer 1st 51 85
1941 vl S
et Smith Lt & Tr 1st g 5e_,1938 m
Framed(' Ind & Dev 20-yr 71-5s '42 J
Francisco Sugar 7548
1942 M N
tee & El of Berg Co eons g 5s 19 lv J D
General Baking let 25-3,/ 69-1
19
93
55
2J
54 D
s
1942 F A
Gen Electric deb g 3)20
Debenture 50
20-year deb Os
Feb 1940 F A
Gen Refr 1st s I g 6s Ser A--1952 F A
Goodrich Co 634a
19473 .1
Goodyear Tire & Rub Int s f 8e '41 01 N
10-year s f deb g 8s
51931 F A
Granby Cons M S.& Peon Os A19
'28 M
AI N
Stamped
Cony dehen 8s
1925 MN
Gray & 1)avis 79.
193
194,
21 F
•rnaf
M
Power lots f 55
Hackensack Water 4s
1952.9 J
(levaflt. ease consol g 5s
1952 F A
Havana E
L & P gen 53 A_ _'54 M
Hershey Choc 1st s f g 65
1942 M N
Holland-Amer Line Os (ffa')_1947 MN
Hudson Co Gas 1st g 5s
19401W N
Humble Oil& Refining 5345 1934
942
) J.1
A 0
Illinois Steel deb 4 We
Ind Nat G & 0 58
1936 IN N
tuallana Steel 1st 50
1952 M N
Ingersoll Rand 181 gold 53_1935 J J
aterboro Metrop coil 4320_1956 A 0
Certificates of deposit
uterboro Rap 'Fran let 68_1966 1
Stamped
lo-yeer tle
79.
1932 _
Int Agdo Corp let 20-yr So..... 1032 IW N
Internet Cement cony 8s____1926 J D
Inter Mercan Marine s 1 833_1941 A 0
International Paper be
1947 .1 2
1st & ref SOB,.19473 J
Jeff Clear C & I bs
1926 .1 D
Jurgen, Wks es (ha:)19
952
47 gm 8
2
Kan G & El 8s
Kayser A Co 713
1942
A
Kelly-Springfield Tire 8s
1931 M N
Keystone Telep Co lot 5s___ _1935 J J
Kings Co E1 L & P g 59
199
1937 A 0
Purchase money 65
Convertible deb 8s
1925 m S
Kings County E lot g 45
1949
949 F A
Stamped guar 45
Kings County Lighting 53_1954 J .1
6)515
Kinney Co 7)2s
Lackawanna Steel let g 58_ 19
992
353
50
94 jj
Ai
A 0:
2
lot eons be series A
Lac Gas L of St L ref dr ext 5s 1934 A 0
C & Nay s f 4 Ms A_,19542 J
Lehigh Valley Coal bs
19333 .1
4s
19333 J
Lea Av & P F lstgu g bs
1993 M
194
54
Liggett & Myers Tobao 7s
1F
AO
A
bs
1944 A 0
Lorillard CO (P) is
55
1951? A
Magma Cop 10-yr cony g 75_1932 J D
1942 A 0
Matadi Sugar 73.50
danhat Ry(NY)cons g 45._1990 A 0
2d 40
20132 D
Manila Elec Ry & Lt f 58_1953 M
Market St Ry let cons 5o___.1024
4 M4
A 0
5-year 6% notes
?Harland Oils 188 with witents '31 A 0
without warrant attached__ A 0
1931 F A
71-5s Ser B
do without warrants
Merchants de Mfrs Etch 713._1942 .8 D
Metr Ed Ist&ref g 6s Ser B__ -1952 F A
mexican Petroleum s f 8s____1936 M N
Mich State Teleph let be_ __1924 F A
Midvale Steel & 0 cent,e f be.1936 M
1936
Certificates of deposit
vfilw Elea Ry & Lt eons g 58_1926 F-A
Refunding & eaten 4148-1931 2
1951J D
Gen 5s A
1961 J I)
1st 55 B
1927 M N
Milwaukee Gas L 1st 40
I943 J 1
Montana Power let be A
193
941.
J .1
3
Montreal Tram lot & ref 58..1
Morris & Co let e f 4)55
Mortgage Bond 40
1
19
93
6
6A
2A 0
Mu Fuel Gas 1st cu g 66_1994471 M N
MN
bd5 ext 5%
Mut Un
1d18
425_5_8:.1110
9952
592
naEro
le5,
c gsutaarmgpo2
1
ND
J
N
Na
ast E
as u

Price
Friday
Mar, 16

Week's
Range or
L so Sale

'Range
Since
Jan. 1

Bid
As* Lots
High No • Low High
9178 Sale 91
85% 94
87
4 9014 9814
9614 9634 9478
2 22
96
2114
10714 Sale 10714
10734 29 10613 10772 •
93 Sale 93
931s
3 923e 9612
9712 June'20
8638 Sale 8618
8612 16 86's 90
9738 Sale 97
9812 25 96
99
9734 99
9914
0912
8 98/
1
4 10012 •
9472 Sale 9.114
95
40 9414 98
101 111212 102
10212 26 102 104
83,
4 Sale 8314
84
54 82
84
107 Sale 107
10714 20 107 108/
1
4•
5812 60
60
49% 84
56
60
5812
215 49
64
833
9012
4 Sal
Sale
le 8
90
212
82 8514
Sale
91
12 84
93
90
Feb'23
90
90
10514 Sale lOSIs
10912 55 1071
/
4 10872
193
10312 Saw
103
1.0,82
7,8 10 0
3 103 105
10714 Sale 0714
10614 10804,
10918 sale 10734
11014 37 93 11314
8812 Sale 8412
8812
3 8715 91
1004 102 10132 Feb 23
10114 1013s
99
9912 •
9
94
7's Sole
j9
le 9912
3 Mar4
9 213
2 233 9318 981e
95 Mar'23
_ 95
95
107 Sale 10612 107
14 106 10812

60143

8834 Sale 87
59
,
4 jaa
8'2u
884 22
101.4 Bale 10118
10134 10
9312
9312
1
100 101 100 Mar'23
7914 8214 791s
71114
10034 Sale 10012 10112 13
10518 Jan'23
9812 99
9sI2
99
13
10034 S oe 10012
101
86
11612 Sale 116
11612 82
103/8 Sale 10312 104
209
88 ____ 9112 Jan'23
92 ____ 92
Feb'23
98
9814 9838
9914 36
101 Sale 9812
99 I 16
9934 9912 Mar'23
99
8104
_ 82 .218).23
91114 9072 9072
907s 23
8314 Sato 8214
8214
1
9778 Sale 9714
9814 68
75
91
9012 Sale 9012
941
/
4 Mar'23 _io0
9134 94

8314 -1711-4
100 103
9312 9312
993s 101
78
8012
10012 1027e.
105 10512
08 101,
32
100 102
11414 1171s
9938 106
9112 902
92
92
9614 100
96
99
9812 100
8112 82
87
,
4 91
81
8514
97 100
8712 92
92% 94%.
9712 99
32 8934 9612.

90
73,4
95
9113
898
98'42 Sale 8
1:0
00,
38 0.
22
912
76
, 882812 8
99
112
jou..
440 9935
999
612 N
Fo
eb
v,
:::,_.
_ 7

11'
70 Sale 6912
6914 Sale 6035
7012 Sale 6812
92 Sale 9'
7912 8012 7912
125 Sale 123
871
/
4 $ot, 8615

6/
1
4 912
71
126 69
727e
970121
3
103 89
72
0
0ce 24
16
5 6673 7315
132 9114 9434,
80
74,
4 8112
7 109 12712
125
Sill 133 8414 90
,
4
85% 8812.
8412 8814

18
:
088351142 -88
8
-6
17:1;1 8
8980
6551:8
2 19118
8
82.773 —4
74-6 1-0,
!
f34
2
/
1
404
-1
-i
9
0i
170
,
141
4
94
96
9514
10338 Sale '1035s
10878 16
15812
109
I
10834 Bale
18 10814 110
0412 Julr'21
9812
9812 13 981s 99
9714 99
11058
11012 11212 11038
1 11035 111,
4
3 m
Ap
ar,:
0733
5114
"2
19
0
776
5
11i:12
442 _97;75i11_23 1977
73
5
73/
1
4 78
;
1 7231:1-3
tells Feb
76
83
- 8018 801g
97
9912.
71
10
10
99
07
00
0;
,9
04
7
:
1 S
1ale
00 19
70
7 9914 1011t
997e 100
61 I 6 90 92,
90 S,I,e 90
4
9478
ova 95 9214
4 9214 9612
_ 9412 June'22
100
Feb'23
2 100 102l
8912
8318 0,121
_
:
2
9 1,3
911244
Fe9
1)'2
713
2
-i
95
•:
11
1161
/
4 sale 115 116141 77 115 1174
Sale
14 07
14
7
115 1
e14 19
1914712
6 114 11634,
96 Sate 98
965
21 , 98
974
116 11875 11712 118 1 10 112 120
10012 150
10038 Sale 00%
t) 102
60/
1
4 6478.
84
851k
1663
6
51:4
3
12
3 C u:6
86a
a6
7
71 e18 9
6
9
864
2
7
1,
311'44
8
4
2 S0
9
8:
67
523
2124
8
4 -.
36
7
21- 8
9
211 190091471711!
91 12909377777:82
96,
4
12
061,
6
2
13
5
3
34 8
6.
10
4
:
6
1i 10
108
46
3
4
12 11
26
7
102 108 11604
9712 10
___ 10014 9712
9 Ma9
r9
38 ,
9%
'203
98
912 9
,
93
4 __5.
71 9: 10,
99%
108% Sale 10818
9934 Sale 9934
8778 Sale 8714
88

10873 63 10834 10914
997
111 9935 997
89 , 89, 8714 90%
8835
6 88
884

-11"-66

99'4 Mar
9.
0253
4/ --g,1
92
3
9
8
82
5
114:
Sale
2 4 5413
85
34
9412 94 Mar'23 ____1
94
9512 Sale 9472
98 i 59
Sale
80
9,13
4S

90
9
90
8412
91%
9472

99
11a.
4
92
891g
94%
9835

80
912

89
112: 14
22
0 8
79
8713
4 9
81
8

-9_2__ -9
-3
82
3
834 9412 93/
1
4
9338 ____ 10112
83
6414 6414
97 10012 97
1930 J J 93% -95
Nat Starch 20-year deb 5s
987 99733 9814
UT
deirlesit&
lT
iar
ag
w
ttoE
nn
Tel 55 __1952 J 1) 97/
New
1
4 Sale 9712
slew Ori fly & IA ten 430_1935 J J 6012
_ 50
N Y Air Brake 1st cony 8s...._1928 MN 10015 Sale 10018
76 Sale 76
N Y Dock 50-yr let t4s
194
995
9
449
1F
NY Edison lot & ref 63-4o A.11
5J
A:
O
A 10912 Sale 10912
NYGEL&Pg 53
99 Sale 9838
41 58 A .11
48
9811 101
yteemrto nely82
e:
e hu
Pdrm
81
8212 8135
9612 9912 NY
86
76
84
96
30 j
0
87/
1
4
6
F
961
/
4 99
99
8312 8314 NIC
_1
1942 J
l 1'stP istg rest 4s_a
51YRy
QEs1RE&
A 0
36
3 3412 38
87
90
Certificates of deposit
35
47
18
2 sa
3,
584
3 35
47
1,
1
9512 9512
80-year adj Inc 63
Certificates of deposit ___ _ _ 1_
87
9212
6 sale
534
NY State Rys let cons 4)0-133
.2 24-271 6512 Sale 6512
9912 101
Y Steatn lot 25-yr as Ser A..1947 MN 9612 Sale 98
90
95

Janr:2
9 92
A9
14
3j::::
"i"
Mar'23
93/
1
4 93
6412 11 58
Jan'23 ____ 97
100
987a 1

67%97

11 9712 1011860 9712 100

191
1
76
11014 87
99
7
83 I 19
Jan'23 ____
Feb'23 ____
3814 13
36
77
12
s. 8
97
6

17
00
612 17
09
411
10912 11912
9704 100
8138 8335
76
76
99
99
32
3814
30
51e 337,

612 189 412 614'
67% 21 6514 69
98
06351 54 94

•No price Friday; West bld aid asked. a Dee Jan. 4 1,41. Alga. @Dal Mar. •Due Mgy. iDueiune, A Due July,. k Din Atm.•Due OM 1DueDeo ,Option gale




THE CHRONICLE

MAR. 17 1923.]

New York Bond Record-Concluded-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week ending Mar. 16

i
t/
...
k
.,8,

PriceI
Week's
l'.1 1
Range
Friday
Range or
a
Since
Mar. 16
Last Sale
,
c1-1 Jan. 1

Bid
Ask Low
High No.1 Low High
116 9238 94
93
N Y Telep let & gen a f 430_1939 MN 9212 Sale 9212
30-year deben s f 68_ _Feb 1949 F A 10434 Sale 10458
10512 56 10438 10838
20-year refunding gold 85_1941 A 0 10312 Sale 10334
105
135 10112 10714
Niagara Falls Power 1st 58__1932 J .1 99 Sale 99
9938 37 99 101
Ref & gen 138
01932 4, 0 10258 Sale 10234
10314 12 10234 106
Rim Lock & 0 Pow lot 5E1_1954 M N
9712 _--- 9814 Mar'23 -- _I 9712 9814
No Amer Edison (is
1952 IN 13 9318 Sale 93Ig
og
69 93
94
Nor Ohio 'Frac & Light 85_ A947 M S 94 Sale 9314
29 9314 95
94
Nor States Power 25-yr 5s A_1941 A 0 8912 Sale 8834
51 8812 93
90
lot & ref 25-year 8s Sec B_ _1941 A 0 9912 Sale 9912
10014 13 9912 102
Northwest'n Bell T lot 7a A_1941 F A 10758 Sale 10712 10734 76 10714 108
NorthW T let td It 434e gtd--1934 J J --------94 Aug'22 __ I _ _
Ohio Public Service 7Hs
1948 A 0 107 10712 10712 108
22 101- 1-.(13- Ontario Power N F let Os__ _1943 F A
96
9612 96
9914
2 95
96
Ontario Transmission 5e___ _1945 EN N
96
96 Sale 96
2 94
96
OW Steel 8s
1941 F A 10014 10012 10018
101
9 9712 10112
94
let 25-yr 81 g 7348 Ser B
1947 F A 9334 9414 94
4 92
9534
Pacific0& El gen & ref 55_ 1942 J J 8978 Sale 8912
9114
71 3912 9314
Pao Pow & Lt 1st & ref 20-yr 5s'30 F A
92
9134 Sale 9158
17 p 91
94
Pacific Tel & Tel let 58
1937 J J 97 Sale 97
9712 22 963s 9938
91
58
1952 M N 90 Sale 8912
79 8912 9212
Packard Motor Car 10-yr 88_1931 A 0 10712 10734 10712 10734 37 107 10812
Pan-Amer P & T let 10-yr 78_1930 F A 10212 Sale 10212 10212 18 102 10558
Pat & Passaic0& Elcons g 5s 19491W S 93
94
98
Jan'23 ----II 94
94
Peep Gas & C let cons g 138_1943 A 0 107 108 10712 10712
4 107 108
91
92
Refunding gold 56
92
1947 M $
21 90
9312
9912 Sale 9918
Philadelphia Co thi A
1944 F A
100
85 9918 102
Pierce-Arrow 8s
8234 519 76
1943 M 5 82 Sale 76
8934
Pierce 011 s f 85
1931 3 D 8014 8038 97
I 94
97
98
Pleasant Val Coal let get 58_1928 J J 87 ___ 89
Feb'23 ---, 89
90
Pocah Con Colliers 1st of 5E1_1957 J J 92 sale 92
92
1 91
9453
9512
9512
Portland Gen Rico let 55_ _1935 J J 9512 _ _ _ _ 9512
4 93
Portland fly let & ref _ _1930 M N 8634 8713 8624
15 8414 88
88
Portland fly Lt & P let5e8438 20 8334 37
ref51E1942 V A 843s Sale 8414
9858 95
68 D
95
1947 M N
9612
18 95
96
10714 16 108 10714
let & refund 7 AN Ser A
1946 MN 108 Sale 106
10434 10 103 10434
.Porto Rican Am 'rob 8e
1931 M N 10458 Sale 104
130
22 123 13034
Prod & Ref s f 89(with warnts)'31 .4 D 130 131 130
without warrants attached__ 1 D 10714 Sale 10812 10714 21 106 10884
8412 12 8118 88
Pub Serv Corp of NJ gen 58_1959 A 0 841a Sale 8312
Punta Alegre sugar 7e
120 1219 10514 120
1937 J J 11914 Sale 11318
193? m N 9312 9334 93
9812
(Remington Arms fls
94'2 28 93
9614
- - 9312 93
Repub I & Ei 10-30-yr 58 e 1.. _1940 A 0,
93,
8 17 93
9412 37 9314 9434
534e
1953 J J 94 Sale 94
Robbins & Myers 1st 25-year et
9812 98 Mar'23 ----I. 9778 99
gold coupon 7s
1952 J D 98
R00% & Pitts Coal & Iron 58..1946 M N
91 --- - 9936 Jan'23 ---- I 9838 9838
I
Rogers-Brown Iron Co 20-year gen
9012
91
7 8914 93
& ref mtge gold 78
1942 M N 9012 91
7534 ---- 7512 Sept'2
fit Joe Ity, L. H dr• P58
1937 MN
Ws Dee'22 ---- ____
St Joseph Stir Yds let g 4348_ 1930 J J 8678 _
8312 83 Mar 23 ---, 83
St L Rock Mt & P55 strand_ _1955 J J 82
fi.5
.
92
14 62
St Louis Transit 58
82
1924 A 0 --------62
10112 16 10013 10214
Saks Co 75
1942 M 13 101 10134 101
-------93
Jan'23 ---- . 93 93
•St Paul City Cable 5s
1937 J J
9434 10 I 94
:San Antonio Pub Ser 6s
9434
1952 3 3 944Sale 94
100
18 9714 104
Sharon Steel Hoop let Ss ser A1941 M 8 100 Sale 9914
8712
Sierra & San Fran Power 5a.._1949 F A 8212 8512 87 Feb'23 --„.1 86
10014 125 100 10112
Sinclair Cons Oil 15-year 7e 1937 M s 10018 Sale 100
57 1 9753 10034
99
Sinclair Crude 011 5348._
_1925 A o 9814 Sale 98
9912
9918 32 98
fle
Feb 1926 F A 99 Sale 99
236 8534 8913
1942 A 0 8512 Sale 8534 . 88
Sinclair Pipe Line Ss.
3 10112 33 99 102
Smith Porto Rice 'sugar 7.2_ _1941 J D 101 Sale 100,
112 July'04 ------ _ _
South Yuba Water 85
1923 J 3 913
9414 26 9114 9534
9212
4___9378 92
South Bell Tel AT lets f 58_1941 J .1
1 9678 9978
9834
Stand Gas& El cony s 168._1928 J D 9834 Sale 9534
193
0
A4
98
08
9712
N
Mar'23
--, 9534 9734
Standard Milling let 5s
70 103 10712
107
Standard 011 of Cal 78
al931 F A 10512 Bale 10514
10214 27 101 106
Steel & Tube gen s f 7s ser 0-1951 1 3 10212 Sale 10214
9754 18 96
Sugar Estates (Orienti) 78_11142 M S 9712 9812 9712
90
Syracuse Lighting 1st g 58_1951 J D 9358 ____ 9112 Jan'23 --- - 0112 9112
8412
8412
11 8412 8638
Light & Power Co col tr s f 58'54 3 3 8378 86
9953
8 9914 101
Tenn Coal I & RR gen be
_1951 J J 987s 10112 9914
10014 34 100 10012
Tennessee Cop let cony 8E1_1925 M N 100 ___ 100
9114 69 9312 943s
Tennessee Elea Power 68___1947 J D 94 Sale 9378
8112 162 58
Third Ave let ref 4e
8212
1960 J J 60 Sale 59
6114 239 5614 8314
Ad]income 5s
a1980 A 0 5712 Sale 3713
93 Mar'23 --, 93 9514
Third Ave fly let g 5s
19373 J 9212 94
10218 Sale 102
10258 25 102 105
Tide Water 011 6,34s
D
A 10414 Sale 10412 106
16 10234 106
Tobacco Products 5 f 7s
11093311
10634 42 10518 10734
S 10634 Sale 10584
Toledo Edison 7e
MA
9(
2
41 F
19
8
9818 Sale 98,
9834 • 22 981s 9912
Tol'Frac, L & P 6s
Jan'23 ---- 95
Trenton G 3. El let It 58
96
1940 M 8 9012 --- 95
9978 10018 9934 Feb'23 -- - - 994100'4
Trl CitY Ry & Lt 1st s f 5.2_ _ _1923 A 0
Undergr of London 434s
1933 J .1 9314 9614 9234 Feb'23 -.... 9078 9234
8814
3 8814 8814
Income as
1949 1 J 885s Sale 8814
4 9612 99
9712
Union Bag & Paper 611
194. al N 97 Sale 97.
974
9714 18 95
Union Elea Lt (1. P in g os
103; M S 9612 9712 97'4
86 Sept'22 --__ __ _ _
Union Elev (Chic) 55
1943 A 0 9512 99
95
6g
--__
95
Mar'23
10112
102
3
3
101
Union 011 59
16212 22 101 10238
88
1042 F A 102 Sale 1017ti
10358 25 10234 104
Union Tank Car equip 7e. _ _193C F A 10312 Sale 10234
30 11034 11312
112
United Drug cony 83
19413 D 11112 112 11034
98
981, 36 pg
United Fuel Gas 1st a f fie_ _ .193e 1 J -- 96% 96
9314 205 8714 9814
1:4634 Sale 9634
United Rye Inv 55 Putts issue 1920 IN N
4 (Ills 6318
62
United Rye St L 1st It 46 _ _ _1934 J J 6112 62 62
United SS Co Ltd (The) Copen9012 36 8812 91
9012 8914
hagen int rets 15-yr s I 88_1937 IN N 88
99
9978 24 99 10114
United Stores 6s
1942 A 0 99 Sale
10212
103
103
2 10218 10312
13 El Hoffman Mach 8s
10212
1932 1 J
10 9978 100
100
U S Realty & I cony(Hs g 5s_ 1001 .4 ,j100 Sale 100
U S Rubber 1st & ref 55 ser A _1947 1 .3 87 Sale 8658
8738 210 8652E 8912
10-year 734s
1941 F A 108 Sale 10712 10834 71 107 109
15 100 102
U S Smelt Ref AM cony Rs_ _ line F A 10058 Sale 10012 101
10278 237 10214 104
U S Steel Corp[coup
01963 MN 10238 Sale 10214
10158
3 10155 103
I f 10-60-yr 5sIreg
41983 MN -------10138
88
8518 14 85
Utah Light & Traction 55......1944 A 0 -,Z:: 86
85
35 8834 9214
90
Utah Power & Lt let 5s
1663-4 Salo 8834
1944 F A
_
96 Mar'20 --- _
Utica Eke LA Pow lets f 5s _1950 1 J 95
.92
4 STE1-58 9114
Utica Gas & flee ref 53
92
1957 J j 0112 94
56 Nov'22
70
1953 J 3 65
Victor Fuel Co let s f 5s
trts-Carn Chem let 15-yr 5e_1927 J D 100 10014 10014 10014 . 7 100 10014
1 0978 1001a
9978
Cony deb (48
9978
01924 A 0 9978 100
9738 88 96
76
98
1947 J D 9638 Sale 96
12-year a f 734o
981s
9614 101 91
1937 J 3 9512 Sale 9512
9314 43 86
without warrants attached__ J J 92,
8 Sale 9212
9314
Va Iron Coal & Coke 1st g 59_1949 MI E4 92
3 9212 9511
9512 93 Mar'23
Va fly Pow Ist & ref 58
87
6 84
I934 3 J 8614 Sale 8618
8614
9748 69 98
Vertlentes Sugar 7s
98
1942 J D 96% Sale 97
Warner Sugar 7e
25 10312 108
10,5
1941 J D 105 Sale 10412
Wash Wat Powers 1 5e
9938
9914 ____ 9938
1 9914 9912
1939 .1 J
VA:etches Ltg g 5s stmpd gtd _1950 J II 9612 9714 9612
9612
1 9612 9714
West Penn Power Ser A 58_1946 M S 90 Sale 90
93
9234 79 90
1st 40-year 6s Series C
_1958 J D 10112 Sale 10112 10234 23 10012 10234
let merles D 7s
el946 F A 10514 Sale 105,
15 104 108
s
106
Western Union coil tr cur 58._1938 J J 95
9312 9818
3 9734 9911
9818
Fund & real estate g 4349_1950 M N 9014 9034 9018
11 8934 9215
91
15-year 6318 g
1938 F A 107 Sale 10612 109
64 10612 11172
(Westinghouse E & M 711
1931 M N 10734 Sale 107
67 107 110
108
97
30 98
Wickwire Spas Steel let 75_1935 J J 97 Sale 97
98
63 99 102
Wilson & Co let 25-yr 8 f 6s 1941 A 0 100 Sale 90
100
9634 Sale 05
9734 330 9214 971i
1928 J D
10-year COnv a 1 Ile
1931 13 A 10314 Sale 10318
Temporary 7346
10334 41 102 105
42 10058 104
1941 A 0 10212 Sale 10212
103
Winchester ArMe 7345

.7

am.price Friday;latest bid and asked a Due Jan. 0 Due Apr. Due Mar. e Due
May. g Due June. A Duejuly. A DUO A11.9 •Due Oct. f Due Deo, sOption Sale'




1163

Quotations for Sundry Securities
All bond prices are "and Interest" except where marked 'f.'
Standard 011 Stocks Par Bid. Ask. RR. Equipments-Per CS. Basis.
1714 1734 Atian Coast Line Os
Anglo-American Oil new.. £1
5.60 5.30
5.40 5.10
Atlantic Refining new _ _100 132 142
Equipment 614e
Preferred
100 11712 119 Baltimore & Ohio 68
5.75 5.35
5.40 5.10
100 2147 152
Borne Scrymser Co
Equip 4348& 5e
Buckeye Pipe Line Co... 50 88712 8812 Buff Roch & Pitts equip fle_ _ 5.45 5.10
5.40 5.15
Chesebrough Mfg new 100 233 238 Canadian Pacific 430 &
100 115 117 Central RR of N J 68
5.80 5.25
Preferred new
Continental 011 new _ _
25 4534 4614 Chesapeake & Ohio (93
5.75 5.40
23
5.40 5.10
Equipment 634s
Crescent Pipe Line Co_ 50 •22
5.40 5.00
Equipment 5s
Cumberland Pipe Line new. 112 114
100 112 114 Chicago Burl & Quincy 6s
5.60 5.25
Eureka Pipe Line Co
74 Chicago & Eastern III 534s_. 6.00 5.50
Galena Signal 011 com_ _ _ 100 73
5.25 5.00
Preferred old
100 111 113 Chicago & N W 434e
5.65 5.35
Preferred new
100
Os
94
7 16
5.40 5.10
16
100 18
9
EErulippmmeentitt 34s
Illinois Pipe Line
5.50 5.00
Chic R & Pac 4348 & 5e
Indiana Pipe Line Co.._ 50 8101 102
6.75 5.40
2314
International Petrol (no par) *23
Equipment 88
National Transit Co_ _12.50 *2512 2612 Colorado & Southern 6s--- 5.85 5.30
5.60 5.25
Delaware & Hudson Os
New York Transit Co_ _ _100 134 136
. Erie 434E3 & 58
6.00 5.50
Northern Pipe Line Co_ _100 105 103
6.20 5.75
82
25 *81
Equipment 8s
Ohio Oil new
5.80 5.25
20 Great Northern 6s
25 •18
Penn Mex Fuel Co
5.80 5.50
Prairie Oil & Gas new_100 245 247 Hocking Valley fle
5.30 5.00
100 114 115 Illinois Central 434s & 5e_
Prairie Pipe Line new
5.60 5.35
100 205 210
:
8
7 &6
Solar Refining
5.35 5.10
Equipment
Southern Pipe Line Co 100 112 114
76
0 18
78
4 KaEna
5.85 5.35
100 18
quwip
ha
me
&ntb4
11ch6tgan
South Penn 011
5.50 5.15
Southwest Pa Pipe Lines.100
5.30 5.00
Standard Oil (California) 25 *8014 8038 Louisville & Nashville 5s
88
5.85 5.35
8818
Equipment 68
Standard Oil (Indiana). _ 25 .
53
5.40 5.10
Equipment 6 Ns
Standard Oil (Kan) new 25 *52
5.60 5.00
Standard Oil (Kentucky) 25 103 104 Michigan Central 58, ea_ _
M 434e & 5.8 5.50 5.10
Standard Oil (Nebraska) 100 265 270 Minn St P &
.
.
Standard 01101 New Jer_ 25 •4212 4234
Equipment 8358 A
Preferred
100 11612 11634 Missouri Kansas & Texas 58 5.60 5.25
4614 Missouri Pacific 6s & 6348_ _
.
5.25
Standard 011of New Y'k. 25 *46
5.60 6.10
Standard Oil (Ohio) new___
19
16
3 3
199
17 N
ot4
ra
4
19
4;4
69
Meow
91Y
leo&
rkOChein
8. Ls_ _ 5.25 5.00
Preferred
100 *2
32
5.65 5.35
Equipment 88
100 30
Swan & Finch
5.40 5.15
Equipment 7s
Union Tank Car Co
100 9312 95
5.25 4.75
Preferred
100 110 112 Norfolk & Western 434e
5.40 5.10
25 *5058 5078 Northern Pacilic 78
Vacuum Oil new
5.40 6.10
28 Pacific Fruit Express 78_
10 *23
Washington Oil
o.50 5.00
ns&
ylv
iA
ankieaE
RrR
ie e
6quip
is (is
sz3
.
94:82 518 P
Fe
ilnlA
Other 011 Stocks
5.50 5.10
Atlantic Lobos Oil (no Par)
25
5.70 5.40
50 •18
Equipment69
Preferred
5.25 5.00
Reading Co 43se
Gulf 011 (new)
8
16
6
.1909
9
:
142
4 1623910029913,424 8
5.80 5.20
Francisco
iyra4l.
n es
la58.& 66
56
5eat Louis
bar &ARS
Humble Oil & Ref new - 25 .1
6.00 5.50
25
Imperial Oil
5.20 5.00
Southern Pacific Co 434e
Magnolia Petroleum__ 100
11
5.35 5.10
Equipment
Merritt 011 Corporation_ 10 10
5.60 5.20
Southern
5
Mexican Eagle Oil
2378 24
5.75 5.40
Equipment Os
Salt Creek Producers
5.75 5.30
Toledo & Ohio Central 844_
Public Utilities
5.25 5.00
Union Pacific 78
Amer Gas & Elec. com__ 50 *2168 171
50 *4514 4614
Preferred
9614 9714
T
teo
rrbed
acco Stocks
MAN
Deb 68 2014
Amer Light& Trac,com _100 130 136
82
00
0 78
95 American Cigar commen.10
Preferred
100 92
90
93
Pre
Amer Power & Lt,com_ _100 176 178
84
100 282
Amer Machine & Fdr33-100 125
Preferred
SUS 9412 9512 American Tobacco scrip_ _ .152 157
Deb 66 2018
22
2013
British-Amer Tobac ord_ £1 *20
Amer Public Util, corn_ _100 20
40 Brit-Amer Tobac, bearer £1 *20
2011
100 46
Preferred
10
00
0 240 250
Heime(Gee W)Co,com.1
Assoc Gas & El, pref(no par) *43
7612
114 117
Preferred
corn 50 *74
Istackstone
75 Imperial'Fob of0 B & held •18
1812
Carolina Pow & Lt. com_100 71
60
86
Cities Service Co, com_100 188 188 Int. Chg. Machinery
90
100 6912 70 Johnson Tin Foil & Met_100 70
Preferred
Cities Service BankersShares *1834 1914 MacAndrews & Forbes_ _100 128 132
Preferred
100 100 102
Colorado Power, com_ _ _100 2114 2214
95
34
Mengel Co
100 32
Preferred
100 91
35 Porto Rican-Amer Tob _ _100 92
94
Com'w'th Pow,fly de Lt.100 34
7112
*90 100
Scrip
Com'w'th Pow.Corp.pref100 70
,
2
.62
Stores_(no
par)
63
Schulte
Bet
Consumers Power pref 100 8612 88
9714
100 115 118
Elec Bond & Share, pref.
_100 9614
Universal Leaf Tob com-100 116 119
Federal Light & Trac
t *83 66
75
72
Preferred
100
100 102 104
Preferred
25
YoPrunegferr(JedbAwCol
100 105 110
Lehigh Pow See__(no par) *24
Preferred
Mississippi Riv Pow,com100 2312 2512
100 103 108
Rubber Stocks (Oleeei and Pr ices)
Preferred
100 82 83
9212 Firestone Tire & Rub.com.I0 82
First Mtge 5s. 195E _J&J 01
98
100 97
6% preferred
S f g deb 78 1935_ _M&N 100 102
56
98
7% preferred
100 97
Nat Pow & L, con:L.(:10 par) 54
88 Gen'l Tire & Rub,cons_ _50 ---- ---(no par) 87
Preferred
_
Preferred
100
J&J 8912 91
Inc 75 1972
Northern Ohio Elm (no Par) .812 10 Goodyear Tire& R,eom.100 14 -iiis
Preferred
100 4712 49
Preferred
100 3012 33
99 Goody'r T&R of Can. pf _100 92
98
North States Pow, corn.100 96
94
90
Miller Rubber
100 92
100 83
Preferred
83
10212 10412
Preferred
Nor Texas Elec Co.(93132_10( 80
80
---100 77
Mohawk Rubber
100
Preferred
9112
Preferred
Pacific flask Ni, 1st pref 100 90
s3
5 SwInehart Tire& R,com_100 18
22
Power Scour, com_ _(no par)
17
(no par) •13
Second pref
77
Sugar Stocks
Coll trust 68 1949 __J&D 71
44 Caracas Sugar
23
50 *21
Incomes June 1949_ _FAA 140
99
Puget Sound Pow & Lt. 100 4911 5112 Cent Aguirre Sugar corn. 20 *97
•12 2
83 Central Sugar Corp.(no par)
6% preferred
100 80
4
2
100
Preferred
7% preferred
100 al01 103
100 114 117
Gen M 7I-5s 1941 _ _ _NI&N 101 10512 Fajardo Sugar
15 Federal Sugar Ref. com_100 67
70
Republic fly & Light-100 14
4312
100 90 105
Preferred
Preferred
100 41
24
South Calif Edison,com_100 102 104 Godchaux Sag, Inc_(no par) *21
124
120
95
100 89
Preferred
Preferred
100
26
90
Standard Gas & El (Del) 50 *24
GreatWestern Sug new25 100 86
50 Holly Sug Corp,com.(nopar) '36
39
Preferred
50 *49
19
90
Tennessee Elec Pow (no par) •18
Preferred
100 85
52 Juncos Central Sugar_ _ _100 so 100
211 preferred
(no par) •50
United Lt & Rye eom_ _101 100 108
National Sugar Refining _100 105 107
81
16
19
1st preferred (8%) ...lot) 79
3512 SantaCecillaSugCorp,pf.100 *55
60
Western Power Corp_ ___100 33
Savannah Sug,corn.(no par)
8812
85
Preferred
100 981
100 85
Preferred
Short Term Securities-Pc r Cent
60
West India Sug Fin,com_100 40
63
Am Cot 011 68 1924_ _M&S2 9112 92
Preferred
100 47
Amer Tel & Tel(Is 1924 _F&A 10011 10034 Industrial&Miscellaneous
60
Anaconda CopMln 6529J&J 10238 10234 American Hardware_ _ _ _100 58
1
4 Amer Typefounders,com.100 73
78 ,
.7&) 10338 103/
78 1929 Series 13
Anglo-Amer 0117348'25 A&O 10214 10234
100 109
Preferred
Hit;
152
Arm'r&Co7sJuly15'30J&J15 105 10514 Atlas Powder
100
Deb 624J'ne 15 '23 J&DI5 100 Bliss(EW)Co,new_(no par) .3312 :15
83
Deb 8s J'ne 15'24-1&D15 100
50 *60
Preferred
Beth St 7% July 15'23J&3I5 10018
Borden Company,eom_ _100 112 114
Canadian Pac 65 1924 M&S2 100714
100 103 106
Preferred
98
Federal Sug Ref 6s'24_ bl&N 1001s 100%, Celluloid Company
100 93
Hocking Valley 63 1924 M&S 10013 10012
100 106 110
Preferred
99 Childs Co,common
Interboro R T 85 1922_53&5 98
100 142 145
K C Term By 65'23 MarN15 10038 10058
100 109 111
Preferred
107 112
104 Hercules Powder
JJkj 103100
6348 July 1931
Lehigh Pow Sec 6s '27.F&A 92
100 104 106
93
Preferred
92
Sloss Shelf S & I 65'29_F&A 98
100 80
International Salt
97
US Rubber 734s 1930_F&A 108 ---'
1401 2 International Sliver, isf_ -100 107
84
50 *82
Joint Srk Land ilk Bonds
C
coa
rlpSales.100
175 185
Chic it Stk Land Bk 55_1951 103 10312 Phelps
Va
oldle
gy
e
sD
58 1952 opt 1932
103 103% Royal Baking Pow,com_100 130 143
100 99 102
534e 1951 opt 1931
10514 10614
Preferred
434 1952 opt 1932
101 102 Singer Manufacturing _100 113 117

iOi

• Per share. t No par value. b Basis. 4 Purchaser also pays accrued divi
dend. e New stook .1 Flat price.
Last sale. n Nominal. s Es-div. Y Exrights. 1 Es-stock div. aEx oath and Mock dividends.

BOSTON STOCK EXCHANGE-Stock Record Se:::M..

1164

NIGH AND LOW BALK PRICE-PER SHARE, NOT PER CENT.
nainular
March 10.

Monday.
March 12.

Tuesday. Wurnesday. Tinirrrtrw.
March 13. March 14. March 15.

147 147 147 1471g 147 147 147 147 147 147
82
8112 82
8212 82
83
•82
8212 824 8212
.99 ____
9912 9912 99 99
9813 9812 *9813 pp
12012 12012 121 121
121 121
*120 122
121 121
104 105 105 105
105 105 *104 105
105 105
1812 1834 1812 19
1834 1834 1834 19
1814 1814
•____ 22
____ 25
25 •26
-- •26
•_ _ _ _ 30 •28 -30
29
30
30 -30
2912 -30
__ *424 ___ 42 42
40
40
40
40
*40*37
3812
___ 37 37 *38
__
_ _- *38
57
*56
57
57
56 *3656
56 -57
56 -56 •160
-- 16012 16012 160 160 *16012 ___ *1601Y 16113
23/2 27
24
23 -24
24
27 -29
28
30
70
69 69
69
.68 69 *69
72
71
71
5712 5712 5713 59
58
*57
59 61
61
61
394 3912 40
40
42
40
42
43
42
4312
39
3934 39
40
3834 4113 4112 4212 4213 4312
4;3713
:3712
_ *374
•3712
*374
•154 19
-1P- 5g 1g -1Ci
-1178
1978
-1978
- _- 194 1913
-ii5- -P/- *------: -8.6- *P4

-71-

78

g

-HI /8.-

Friday
March 16.

Sates I
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Shares
Railroads
221 Boston & Albany
147 14714
100
8012 81
371 Boston Elevated
100
2512 9512
14
Do pref
100
Do 1s1 pre:
121 121
51
100
10112 101It
Do 26 pref
141
100
37: Boston & Maine
1814
18
100
Do prof
100
--------101
Do Series A 1st pref
100
--------2
Do Series B 1st pref
100
f
Do Series C 1st prat__ _100
_--__-: --_-Do , Series D 1st pref....100
81
10; Boston & Providence
2
1604 1101100
2912 3012 4,461 East Mass Street Ry Co 100
70
10'
Do ist pref
70
100
61
681
63
Do pref B
100
43
45
Do adjustment
56,
_100
4234 4372 4,451 East Mass st Rs (tr et®_100
Maine Central
100
1938 1938
25: N Y N H & Hartford
100
Northern New Hampshire_100
2 Norwich dr Worcester pret_100
27 Old Colony.
---_-_-_ ---_100
Rutland pret
100;
Vermont de Massachusetts_1001

Range since Jan. 1 1923.
Lowest

Highest

PER SHARE.
Range for Previous
Year 1922.
Lowest

Highest

14434 Jan 3 149 Jan 9 13014 Jan 152 May
8013 Jan26 84 Jan 5
734 Feb 8912 Sent
97 Jan 9 100 Mar 6
944 Mar 106 Sept
118 Jan 2 122 Mar 7 118 June 128 Sept
102 Jan 2 106 Mar 5 1014 Nov 1011 Sent
16% Jan19 2013 Mar 2
14 Jan 3112 May
2112 Jan 2 27 Feb13
20 Jan 37 Apr
2713 Jan24 3213 Mar 1
22 Jan 4413 Apr
40 Jan17 48 Feb 6
38 Jan 62 May
36 Jan22 41
Jan 9
30 Jan 54 May
56 Jan22 59 Feb 7
40 Jan 774 May
159 Jan 2 16012 Jan25 125 Jan 183 July
18 Feb15 304 Marie
18 July 2652 July
67 Feb24 72 Jan16
66 Aug 77 July
53 Feb24, 64 Jan23
51 July 60 Nov
3412 Feb13; 45 Marie
28 July 47 Aug
344 Feb15 4378 Mar16
29 July 47 Aug
3713 Mar 7, 43 Jan 2
2713 Jan 55 Oct
1634 Jan15 2212 Jan30
1214 Jan 344 May
79 Feb28 84 Feb 3
89 Jan 96 July
95 Mar141 100 Jan 3 68 Jan 1034 Dee
73 .Tan20' 81 Feb14
57 Jan 984 May
32 Mar 9, 3812 Feb20
15 Jan 524 June
95 Feb23 98 Janll
78 Jan 100 Aug

Miscellaneous
Amer Pneumatic Service_ 251
213 Feb211
312 Jan 9
213 Dec
04 Jan
Do pref
50; 16 Mar 71 20 Jan10
13 Feb 204 Aug
Amer Telepnone & Teleg 100' 12148 Jan31: 12534 Mar14 114% Jan 12814 Aug
No par z88 Jan 8. 112 Jan 5 104 Jan 121 Dee
Amoskeag Mfg
Do pref
No par 8184 Janie 88 Jan 5
80 Nov 91 Aug
Art Metal Construe Inc... 10 15 Mar 11 1612 Mar14
14 Nov 2012 May
Atlas Tack Corp.
No par
8
13 Jan 22 May
Boston Cons Gas Co. pref..100105 Jan22 10812 Feb24 10484 Aug 107 Dec
Boston Mex Pet Trus_No par .10 Jan18 .30 Jan25
.10 Sept
.50 May
Connor (John 'PI
10 20 Jan13 21134 Feb10
1534 Jan 304 Dee
East Boston Land
10
314 Mar 3
4 Jan 2
3 Jan
6 Apr
Eastern Manufacturing
712 Jan25 1418 Mar 5
5
7 Dec 1414 Feb
Eastern SS Lines Inc
25 8112 Jan10 125 Mar13
3812 Jan 894 Oct
Do prof_
50
42 Jan 48 Sept
Hsi' fed- iiii Rill 16814 16178 16712 iditi iii" iii" jai" 168i1; ---602 Edison
Electric Illum
100 185 Feb28 172 Jan 3 158 Mar 185 Sept
7
74
7
7 2 *7
*7
7
71
712
712
Vs 834 2,925 Elder Corporation_..._ _No par
512 Mar 5 104 Jan 2
3 Mar 13 May
25
25 *2512 27 *25
425
2612 *24
27
26
____ ____
20 Galveston-Houston Elec_100 25 Marl° 2912 Feb 5
28 Dec 39 Aug
14
1412 14
14
1418 1418 1418 1418 14
1468 1414 1412 1,655 Gardner Motor
No par 1084 Jan 2 1538 Mar 3
9
Nov 1814 Apr
19
19
*1912 2012 18
1912 1814 1912 1912 1912
873 Greenfield Tap & Die
1918 19
25 18 Mar13 24 Feb10
17 Dec 2714 Feb
6134 62
62 63
63
6312 6112 6312 61
6312 63
6134 1,780 Hood Rubber
No par 54 Jan 8 6312 Mar13
43
Mar
54% Dee
41
4112 4034 4114 41
42
4234 4234 4338 42
4112 4112 1,225 Internal Cement Corp.No par 35 Jan 2 4338 Mar 3
28 Jan 38% May
*20- _ *20
_ _ *20
-__ *20
_ _ _ *20
__ ___ ____ ____ _ _ Internal Cotton Mins
50 20 Jan 8 22 Feb19
Nov 32 Jan
20
*70 -72-13 6912 -6913
70 -70 •6913 -72
6912 -6912 --------35
Do pre/
100 6212 Mar12 7213 Jan10 60 Aug 85 Dec
214 214 *112 212 *2
212 n
214 214 --------200 International Produets_No par
234
2 Jan15
213 Jan21
118 Dec
84 Mar
512 512
6
543 74
•553 712
6
8 --------143 Do pre/
7
.100
5 Fob27
8 Mar15
512 Dec 17 Apr
Island 011 & TransP Corp- 10
.62 Apr
3 Jan
7
6% 6111
634 634
7
___
634 614 Ws 7
101 Libby, McNeill & Libby__ 10
614 Jan 2
132 Apr 114 June
733 Jan
*10
10 *10
1014 10
1034 10
10 *10
1014 ____10
234 Loew'a Theatres
10
25 10 Feb 8 1084 Jan 4
8 July 13 Jan
84
84
8313 835* 8313 8318 8338 8378 84
8412 8412 8412
474 Massachusetts Gas Coe_ 100 eve Feb15 8712 Jan 2
133 Jan 9013 Nov
7112 71
71
71
7112 7034 71
71
71
71
71
7118
232
Do pre!
100 70 Jan 3 73 Jan25
82 Jan 74 Oct
•2__ 17212 *z_ _ _ 17212 17213 17212 *z__ 173 *z__ 173
15 Mergenthaler Linotype_ 100 17212 Mar13 179 Jan 6 130 Jan 181
_- 173
Oct
12
1312 12
12
*12
1212 13
12
*1112 12 --------105 Mexican Investment Inc
10
734 Jan31 1484 Feb19
11 Dec 2738 June
24
24
2312 24
25
2538 244 25
2334 2412 2334 2412
253 MIssissippl River Power....200 2313 Mar14 2814 Jan31
13 Jan 34 Aug
8312 8312 824 8.312 84
84
1:82
*3312 84 '
83 --------40
Do stamped pro/
100 80 Jan18 84 Feb14
7212 Jan 8512 Oct
8
8
8
814
74 8
734 8
585 National Leather
*734 8
7
8
7 Jan 2
10
81i Feb13
04 Dec 1168 Jan
*25
45 • 25 .45 •.25
45 *.25 .45
45 *.25
New England Oil Corp
.25 Feb 3 .70 Jan24
.22 Dec
5 Jan
117 11712 117 11713 117 117 11612 11612 11612 11613 116 117
272 New England Telephone...100 116 Feb 1 122 Jan 3 109 Jan 125 Sept
*1913 1934 1938 1948 1914 1934 *1934 20 *1934 20
19
230 Orpheum Circuit Inc.....
1914
1 1712 Jan 8 21 Feb15
13 Jan 28 Oct
9712 9712 9712 9718 9712 9768 9712 9712 9712 97*2 971p 9712 1,418 Pacific Mills
s95 Jan 3 190 Jan 2 15484 Oct 192 Dec
*17 __-- *1714 18
1718 18 *.r1612 18
*1778 18
1712 174
74 Reece Button Hole._ 10 .1513 Jan 4 18 Mar14
124 Apr 16 Jt117
.212 3
24 3
*212 3
34 ______
3
*212 3
55 Reece Folding Mach
10
2 Janll
138 Dec
314 mu15
Mar
*114 2 I
*114 2
114 2
*114 2
*114 2
Simms Magneto
2 Feb20
a
2
.50 Nov
Feb20
74 Apr
10812 1(i81z1 10612 107 1064 107
10614 107
10613 10678 10814 1-07
651 Swift & Co
100 10618 Jan31 1094 Jan 6
9214 Jan 1104 Sept
*4812 495*1 4912 50
4913 49
49
4938 4934 4934 49
49
117 Torrington
25 46 Jan 2 50 Mar 9 539 July 8112 June
12 *10
*10
12 *10
12
*10
12
*10
12
Union Twist Drill
5
74 Jan19 11 Mar 7
8 Mar 1414 Feb
54
5434 5334 5473 5314 544 .5338 5412 5414 .
5.55*1 54
5434 8,858 United Shoe Mach Corp
37 Jan 45 Mar
25 444 Jan 2 5534 Mar 8
27 27 I 27
27
27
27
2634 2634 27
27
27
195
27
Do pref
25 25 Jan25 2814 Janll
Jan 2713 July
25
28
2814 274 28
2734 28
3734 2814 28
2812 28
2812 3,304 Ventura Consol 011 Fields_ 5 274 Jan22 30 Jan 2
214 Jan 3312 June
4212 4214 4278 4278 43
42
42
415* 4238 42
434 4313
265 Waldorf System Inc__ __
10
38
4312
2612
Mar
Jan10
Jan
1
39 Dec
•434 54
512 8
513 6
6
7
734 912
4,415 Waltham Watch dB comNopar
934 11
5 Feb15 11 Mar16
214 Nov 14% Apr
1613 17 I 17
18
17 2012 2114 224 22
25
2534 274 4,079
Preferred trust titfs
100 1513 Mar 8 2712 Mar16
11 Nov 49 Apr
,2164 17 *z165* 17
1672 1678 1614 164 1614 1634 1634 1634
95 Walworth ManufactUring 20 114 Jan 5 1712 Feb17
74 Feb 13 Oct
30
3238 3134 344 33
30
2912 30 I 30
3412 3234 3312 10,776 Warren Brae
1713 Jan 3584 Sent
50 254 Jan31 3412 Mar14
36
3513 3713 3712 3912 3813 3912 3814 3814 1,680
38 I *35
*35
Do let pref
Jan17 3913 Mar14
50
33
3012
Jan 384 Oct
40
38
38
40 I*38
40
*38
40
40
42 --------110 Do 26 pref
50 36 Jan25 42 Mar15
31 Feb 44S4 July
1114 114 *11
*1112 12 I *1112 12
114 *11
1112 --------100 Wickwire Spencer Steel.- 5 114 Feb 8 1213 Feb21
834 Nov 21 May
Mining
'.80.991 .90 .90 *.90 .95 •.80 .95 '
3.80 .95
.90 .90
290 Adventure Consolldated
25 .25 Feb16
I Feb28
.50 Jan
1
Apr
814 82 82
81 • 83
8112 81
81
82
824 80
409 Ahmeek
82
25 56 Jan27 87 Mar 1
56 Nov 08 May
•.20 .50 •.20 .4.5 *.20 .50 •.25 .45 '
3.25 .45 •.25 .50
Algornah Mining
25 .30 Feb19 .50 Mar 2
.03
Sept
.50 Apr
30
29
2912 ns
29 29 I .28
30
2834 2834 28
205 Allow;
28
19
34
Marl
Feb 5
25
19 Dec 8212 Jan
312 334 *314 334
313 312 *314 312 *314 312 *34 312
420 Arcadian Consolidated__ 25 3:6 Feb 9
414 Mar 5
2 Mar
44 May
1212 1234 1252 1312 1314 1334 1318 1318 1314 1334 124 1312 3,460 Arizona Commercial
Vs Jan 6 144 Mar 2
5
8 Nov 1012 June
184 *18
184 *18
1313 *18
•18
184 *18
1812 17% 1784
401 Bingham Mines
10 1712 Feb 3 III Feb19
13
Jan
1834 Senn
393 395 392 392 393 395 395 395 390 39012 390 395
170 Calumet & Hecht
25 285 Jan 9 420 Mar 1 218 Nov 301 Atli
*8
833 *812 9
834 9
*1332 9
9
9
873 914 1,580 Carson Hill Gold
712 Jan 2
988 Feb13
1
Vs Nov 164 mar
13 •____ 13 •12
1313 1313 *12
13 •_-_- 12 •_ _ __ 12
5 Centennial
15
Marl
25
7 Jan18
8 Nov 1313 Feb
4234 4278 43 4313 434 44
4312 4438 4334 4413 4234 4412
839 Copper Range Co
25 3584 Jan20 4884 Mar 1
354 Dec 4834 May
438 438
*414 413
414
4
4
4
344 34
1,220 Davis-Daly Copper
374 4
288 Jan 5
10
5 Feb23
218 Nov
914 Jan
1014 1018 1012 1038 1012
10
978 10
938 1018
*10
1013 1,475 East Butte Copper Mining- 10
7114 Jan29 1112 Mar 1
712 Nov 1214 Jan
214 214 *218 214 nig 214
212 •214 214
2
81 Franklin
24 24
1 Jan18
288 Mar 5
25
1
Apr
34 Apr
*234 312
3
3
3
3
3
3
3
3
*3
334
396 Hancock Consolidated
214 Jan10
4 Mar 5
25
Pa Aug
34 Mar
'
3.80 114 '
•.80 1
3.80 14 '3.50 1
.99 .99
.65 .65
150 Helvetia
14 Feb20
25 .80 Feb 2
.50 Dec 2% Apr
108 10934 10814 10812 10712 10814 106 10934 2,526 Island Creek Coal
107 110
10712 110
I 1014 Jan 4 110 Mar10
8113 Jan 1164 JUDO
94
*9312 95
95 •93
95
95
95
*9312 95
94
9413
85
Do prat
1 934 Feb15 .96 Janll
88 Feb 9712 Nov
31
3014 31
31
30
3013 31
3018 3012 30
3012 3012
935 Isle Royale Copper
Janll 334 Mar 3
25 21
18 Nov
May
3
*3
3
_
3
3
314 314
*3
314 *3
35 Kerr Lake
34
a 3 Feb 2 35* Jan 2 3 Feb 36g
Vs Apr
212 .-214
214
113 113 *2
24 214 *2
214 *2
214
105 Keweenaw Copper
14 Jan 5
25
214 Mar 5
1
Feb
34
Apr
478 478 *4
5
418 44
412 412
4
44 *4
412
213 Lake Copper Co
3 Jan 9
25
514 Mar 1
214 Feb
534 May
Vs 232 *214 278
*214 258 •214 238 *214 218
213 213
200 La Salle Copper
118 Jan29
25
314 Mar 1
1
Nov
Apr
214
*214
.
212
_
*212
*214 234 *214 24
24
*2
233 212
200 Mason Valley Mine
138 Jan 8
5
214 Feb26
14 Jan
2114 May
332 3411
334 334
3/
1
4 -3.4s
314 34 *34 35*
112 Feb 1
310 Mass Consolidated
312 312
25
414 Mar 3
112 Dec
482 Apr
5
54
514 6
514 512
54 538 *5
512
312 Jan 2
5
25
512 1,404 Mayflower-Old Colony_
7 Feb10
24
Dec
612
Apr
212 312 *3
334
312 312 *3
312
3
3
3
82 Michigan
312
2 Jan 8
25
312 Mar 1
.75 July
7 Apr
6312 64
6334 6414 64 6434 6414 6434 64
64
63
6313
710 Mohawk
25 5414 Feb 1 71 Mar 2
52
Nov
48
June
2218
2218 2212 23
2314
22
2238 2312 2214 23
22
22
1,505 New Cornelia Copper
5 165* Jan 1 244 Mar 2
1514 Dec 204 June
•
a
New ldria Quicksilver
.05 Dec
24 mar
• _ 37 *____ 37 13- - - - 37 •___- 37 *---- 37
____ 37
100 38 Jan 9 3612 Jan18
New River CompanY
37 Jan 40 Feb
•.3"iti
85 *280
8.5 *280
85 *280
85
85 *278
84
84
1
100 77 Mar 5 84 Mar16
f
73 Jan 85 Oct
6
614
6
6
6
*6
04
6
6
6
6
513 Jan 4
*6
785 Nlpleeing mines
6
684 Feb20
5 July
7 Jan
1038 1078 1018 1038 1038 1034 1032 1018
1014 1034 1012 11
15
9 Jan 9 1234 Mar 1
970 North Butte
84 Oct 15 May
178 178 *112 2
*134 2
*112 2
*1
25
2
2
40 Ojibway Mining
2
114 Janll
282 Mar 5
14 Dec
412 Apr
2334 29 *28
30 *28
29
30 •28
25 1812 Jan 5 3211 Mar 1
210 Old Dominion Co
2878 29 *28
30
16 Nov 27 Jan
42
42
4112 4112 4,40
42
4118 4114 4012 4184 4118 42
25 2912 Jan27 46 Mar 1
230 Osceola
25 Nov 88. Aug
34 313 *314 334
338 34 •314 334 _
3 Jan 9
350 Park City Min dr Smelting..5
4 Mar 5
24 June
82.6 Nov
4513
4614
4614
433
4
453
4
453
4
4512
44i2
4112
25
226 QuineY
3212 Jan30 50 Mar 2
ili- *4412
30 Nov 60 May
49
50
50
4913 4912 49
49
49
49
330 St Mary's Mineral Land__ 25 39 Janll 534 Mar 1
*4914 50
49
37 Nov 4812May
1
1
118 118
1
1
.90 1
.99 1
10 .40 Jan 9
2,375 ShannoL
1
1
113 Mar 5
.25 Mar
184 May
'3.70 1
'3.70 1
'1.70 1
'
3.70 1
'1.70 /
25 .45 Jan 5 .75 Feb20
4..75 1
South Lake
.25 Dec
114 May
3
*2
*2
234 *2
3
4,2
25
3
3
.24 3
Superior
*2
14 Jan20
314 Mar 3
Dec
113
July
434
238
212
24
238
238
212
212
212 24
24 1,044 Superior & Boston Copper- 10
214 2
2 Jan 3
33
4
Feb23
.po
Mar
2
84 OM
118 14 *1
114
114
114
1
114 114
114 14
138 1,261 Trinity Copper Corp
5 .85 Jan24
112 Feb15
313 Apr
P Dec
.47 .47 •.45 .47
.49 .49
.47 .47 1,400 Toulutone Copper
'
1.45 .50 '
.45
3.45 .50
6
Feb 5 .65 Feb16
.40 Nov
92 May
414
4
4
418
418 418 1,645 Utah-Apex Mining
414 438
414 412 *414 412
6
234 Jan 9
5 Feb28
4 mar
11.4 Oct
252 252 *212 213 *212 278
268 268 5212 Vs
234 234
110 Utah Consolidated
113 Jan19
312 June
3 Mar 5
1 Feb
11, 114
1
118 118
114 114 "112 114 514 114
TULIDel
14 118
350 Utah Metal&
.85 Jan31
24 Apr
113 Feb27
80 Dec
*134 2
2
*134 2
.138 2
4144 2
2
*134 2
2 Victoria
21
14 Feb 6
gla Jan
25* Feb28
.75 Nov
112 112
270 Winona
118 112 *114 112 *14 112 *114 112
1
112
25 .65 Jan22
gs4 Apr
1114 Mar 5
Jan
.26
1 12.. 118. .T1, 151. 116. 115. 111. 111s •11
12
4,111• ____
75 Wolverine
25
712 Jan30 13 Mar 1
714 Nov 18 May
•Bid and asked prima: no sales on this day, sEx-rights, bEs-dividend and r ghts. 3E2-dividend. a Ex-stook dividend. a Assessment pald
.1212 234 *212 234 *212 234
18
*17
18 *17
1714 1714
12434 1254 12434 12538
12434 125
100 100 100 100 *94 100
84
84 *82
84
82 82
.1612 18 *1612 18 *1612 18
*18
19 '
318
19 *18
19
107 107
.11 .11 ;1
0
..1.
*.10 .15
2334 2412 24
2438 2312 2414
338 318 *34 4
*338 4
1234 1214 *12
1212 1212 1212
122 122 121 12213 123 125




212 212 *212 234
2/
1
71
4 218
18
*17
*1714 18
41
174 1714
12514 12534 12518 1254 123 12312 3,321
9934 100
100 100
99
994
327
82
82
82
82
____ ____
22
1612 1612 1612 1612 --------112
*18
19
18
18
30
-4..-10 ./. .-1-1 ii --------721
24
2312 24
2514 2412 2612 11,242
*313 4
*312 4 --------2011
12
1212 1212 1212 12
12
550
12412 12412 124 1244 124 125
1,700

THE CHRONICLE

MAR. 17 1923.]

Outside Stock Exchanges

Stocks (Cartel.)-

Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Mar. 10 to Mar. 16, both inclusive:
Friday
Sales
Lan Week's Range for
of Prices.
Sale.
Week.
Price. Low. High.

Bonds-

Range since Jan. 1.
Lou'.

High.

Atl Gulf& W I SS L 58 1959 6034 58
6035 37,500 5135 Jan 02
Chic Jam dr 035 Yds 481940
Jan 84
8235 8235 4,000 81
Jan 72
E Mass St RR ser A 410'48 70
70
70
10,000 69
1948 73
Series B 58
73
Mar 774
75
2.050 73
1936 1013.4 101 10115 27,000 1004 Jan 10235
Hood Rubber 7s .
Mass Gas 44s
1929 964 964 9635 29,000 95
Jan 964
1931
9349
904 904 7,000 9014 Feb 92
Miss River Power 5s_ _1957 911i 91
Mar 95
92
31,000 91
New England Tel 5s _ _1932
983( 9835 8,900 973( Jan 9935
Punta Alegre Sugar 70_1937
1174 119
7,000 11734 Mar 119
1944 95
Swift SC Co 58
9435 95
7,000 9434 Mar 98
Warren Bros 735s_ __ _1937 112
103 115
80,500 10534 Feb 115
1932
Western Tel 58
95
Mar 98
96 , 11.000 95

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

Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Mar. 10 to Mar. 16, both inclusive, compiled from official sales lists:
Stocks-

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

160
Alabama Co
100
28 preferred
Arundel Sand & Gravel _100
Atlan Coast L(Conn)_ _100
Baltimore Brick
100
100
Preferred
Bait Electric, pref
50
100
Baltimore Tube
Preferred
100
Benesch (I),com
Cent Teresa Sug,corn._ AO
10
Preferred
Choi & Po Tel of Balt_ _100
25
Commercial Credit
25
Preferred
Preferred B
26
Consol Gas,E I.& Pow.100
100
7% preferred
100
8% preferred
Consolidation Coal_ _ _100
Coeden di Co, preferred...5
Eastern Rolling Mill
•
100
8% preferred
50
Fidelity & Deposit
Finance Co of America...25
ROW 011 pref trust afe_100
Manufac Finance,2d p1.25
Maryland Casualty Co--25
Mercantile Trust
50
Motion Vail Trite, prof...25
Mt V-Wood Mills v t r_100
Preferred V t r
100
New Amsterdam Cas'ty100
Northern Central
50
Penn Water & Power_100
United Ry & Electric-50
U S Fidelity & Guar_ _50
VaRy & Power,opm. _100
Wash Bait dz Annap____50
Preferred
50

65
5
424
55
34
4
1104
6035
26
1104
106
11535

98
4335
87
240
18
7335
37
76
194
134

60
60
60
65
434 4335
12434 12434
5
54
62
62
4234 4231
24
24
50
55
34
34
2
24
4
4
1104 11034
6035 61
254 26
264 274
11035 114
106 108
11535 1174
93
92
54 EX
48
51
95
98
131 133
424 4335
894 90
25
254
864 87
23635 240
18
18
164 18
65
7335
364 37
76
764
107 10834
1934 194
15735 1574
85
35
134 1934
81
31

122
25
40
120
435
25
80
30
174
70
525
900
145
162
493
340
488
64
33
146
15
255
95
165
140
20
26
93
5
40
428
691
377
54
8
1,483
10
6
178
4

Range since Jan. 1.
Low.
60
66
40
120
4
49
42
1734
46
3234
134
235
10835
58
253-4
26
108
10535
1154
90
5
25
80
120
383.4
8934
25
83
233
18
1435
54
3535
76
10535
1834
147
334
1215
29

High.

Mar 60
Mar 65
Jan 44
Feb 127
Jan
54
Jan 62
Jan 424
Jan 25
Feb 55
Jan 34
Jan
234
Jan
44
Jan 1104
Jan 614
Jan 27
Mar 274
Jan 115
.`an 108
Feb 120
Feb 98
Jan
54
Jan 51
Jan 99
Jan 133
Jan 434
Mar 95
Mar 264
Jan 90
Jan 240
Feb 184
Feb 18
Jan
7335
Jan 37
Jan 77
Feb 1084
Jan 204
Jan 164
Feb 35
Jan 15
Jan 3134

Mar
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Mar
.an
Jan
Mar
Jan
Jan
Mar

Feb
Feb

BondsAlabama Cons C dr I 581933
Jan
9034 9035 $2,000 9035 Mar 93
Balt Traction 1st 58_ _1929 98
98
98
Mar
Mar 98
1,000 98
Consolidated Gas 53_1939
10035 10034 5,000 100
Jar
Jan 101
General 44s
1954 8735 874 873.4 5,000 874 Jan 88
Jar
Consol G,E L & P 43,5s'35
914 9134 4,000 874 Feb 9234 Jar
640,Se:les E
1952
9834 984 11,000 984 Mar 100
Jar
60, Series A
1949 103
103 105
28,000 10234 Jan 10314 Jar
Consol Coal ref 43513_ _1934
Feb
9034 9035 3,000 9035 Mar 92
Refunding 58
1950 8834 884 884 26.600 87
Jar
Jan 96
EUiliorn Coal Corp 613..1925
984 9835 19,000 984 Mar 994 Jar
Fair dr Clarks Trite 68_1938 924 924 924 1,000 92
Fat
Jan 93
Fairmont Coal 6s
1931
964 964 3.000 9534 Jan 9734 Mar
Fla Cent & Pen cons 561943 9235 9235 9234 10,000 9235 Mar 9234 Feb
Mal
Indlahoma ref 88
1929 96
Feb 96
4,000 95
96
96
Lexington (Ky) St 58_1949
Fet
Feb 87
87
1,000 87
87
Maryland Elec Ry let 5.9'31
Jan eeg Mai
95
1,00
96
96
Mount' Vail Trac 58..1992 834 83
Jar
Mar 86
8335 21,000 81
N News & Old Pt 1st 50'38
9435 9435 1,000 934 Jan 9435 Fel
North Balt Trim, tbs.. _ _1942
9734 97% 5,000 9734 Mar 984 Jar
,United Ry dr Elm 48_ _1949 7334 73
Jan 7435 Jar
7334 7,000 72
Income 4s
Jar
1949 534 53
5335 6,000 524 Jan 55
Funding 69
Feo 7734 Jar
1936
3,100 74
74
74
6% notes
Jar
Mar 98
1927 9735 97
974 6,000 97
6e, when issued.....1949 101
8,000 10034 Jan 10235 Jar
1004 101
Va-Mid 5th series 5a.1926
984 9834 3,060 9835 Feb 9934 Fel
Va Ry & Power 513_ _ _ _1939
Ma
Mar 86
1,000 86
86
88
Wash Balt & Aimap 6e 1941 7835 7635 '764 13,000 7634 Feb774 Fel

Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Mar. 10 to Mar. 16, both
inclusive, compiled from official sales lists:
Stocks--

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

Alliance Insurance
10 284 284 284
Amer Gas of NJ
100 81
81
82
American Railways
56
164 17
Preferred
100
65
65
American Ship
•
1935 1935
American Stores
• 1884 18535 1874
Brill (J(I) Co
100 7235 72
733.4
Buff & Buse Corp-Preferred v t c
100
634 534
Cambria Iron
50 42
42
43
Cambria Steel
50 90
80
90
Chestnut Hill
50
604 604
Cougoleum Co,Inc
• 178
166 183
East Shore Ci & E 8% 91_25
Eisenlohr (Otto)
100 7835 784 794
Electric Stor Battery_ _ 100
5834 614
General Asphalt
100
5334 534
General Refractories
56
554 564
Iasurance Co of N A__ _10 44
44
4435
Keystone Telephone__ _50
735 8
Preferred
50 344 32
3435
Lake Superior Corp__ _100
84
8
9
50 72
Lehigh Navigation
72
73
Lehigh Valley Transit _50
18
18
10 21
20
21
Lit Brothers
50
Midvale Steel dr Ord_
31
31
Minehill dr Sch Hay_ _ _ _ 50
51
5134
58
57
Penn Cent Light & Power •
79
79
North Pennsylvania_ _ _ _50 79
tr0 87
85
87
Penns Salt Mfg




Range since Jan. 1.
Low.

6 2735
222 78
355 1135
23 8335
10 1935
1,555 163
865 49
60
110
332

424 Jan
Jan
40
Mar
80

1,525
28
105
2,090

Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
mar
Jan

10 6054 mar

10

1,679
174
25
130
2,935
316
25
135
' 25
18
40
22
41

2435
77
64
424
44
424
7
264
54
72
16
20
274
504
55
79
82

High.

Jan 284 Mar
Jan
Feb 82
Jan 1734 Mar
Feb 77
Jan
Mar 204 Feb
Jan 19335 Feb
Jan 7334 Mar
544
45
90
8031
183
28
85
614
534
5934
48
834
3435
104
75
20
2235
31
53
58
8135
87

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

1165
Friday
Last Week's Range
of Prices.
Sale.
Par. Price. Low. High.

Pennsylvania RE
50
235
Penn Traffic
Philadelphia Co (P1158)_50
Preferred (5%)
ao
Preferred (cum 6%)..50
Phil.% Electric of Pa
25
Preferred
25
Phlia Instil Wire
•
Phlia Rapid Transit_ _ _ 50
Philadelphia Traction. 50
50
Philo, dr Western
Preferred
50
Tono-Belmont Devel_ _1
1
Tonopah Mining
50
Union Traction
so
United Gas Impt
50
Preferred
West Jersey & Sea Sh. 50
Westmoreland Coal_ _..60
York Rys, preferred_ _..50

4534
314
304
48
31
63
9
35
39
54
8635
36

964
2343
984
3414
494
3134
3035
48
3035
62
835
35
2'%194

4634
23
4835
344
4535
3175
314
98
31
63
9
35
1

3835
53
5535
38
8434
36

39
54
56
43
8634
36

Sates
for
Week.
Shares.
2,411
100
5
40
290
1,775
610
335
1,06,
375
788
10
240
100
200
1,357
174
1.023
40
70

Range since Jan. 1.
High.
964
235
41
32
42
304
3035
46
30
62
8
35
134
2
3335
50
5534
33
80
35

BondsAmer G-'& 1 le 5. 2007
864 90 511,500 85
30,600 66
664 67
Elec & Peoples tr ctf 9.91945
76
6,000 76
Keystone Tel 1st 59_ _1935
76
984 9834 1,000 9834
Lehigh Val eon 44s rec '24
6,000 9935
9935 100
Lehigh Val Coal 1st 5s 1933 100
5,000 71
71
Peoples Pass tr ctf 9s_1943
71
Philadelphia Co9,000 914
Cons & stamped 55.1951 93
9234 93
2,000 8035
81
Phila Elea 1st s f 4s.1966
81
28,200 99
1966 9935 99 100
First 5s
1947 10034 1004 1024 28,000 100
535s
1941 1044 104 1044 19,000 104
fls
United Rys Invest 58_1926 9634 9635 98
23.000 88
Welsbach Co 5s
1930
9934 994 1,000 99
value.
• No par

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

4734
235
4835
36
4.594
3314
3335
504
67
3635
135
235
403(
54
66%
43
864
3635

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

Jan 90
Feb
Mar 7134 Jan
Mar 80
Jan
Mar 9834 Mar
Mar 1024 Jan
Jan
Feb 73
Jan 93
Feb 82
Mar 103
Feb 103
Feb 10635
Jan 9834
Jan 993(

Mar
Mar
Jan
Feb
Jan
Mar
Jan

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange March 10 to March 16, 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 Sets' pref. _ _100
American Shipbullding_100
Armour & Co(Del) pref100
100 8434
Armour & Co pref
15
935
Armour Leather
Preferred
100
•
BassIck-Alemite Corp_
•
4
Beaver Board
*
Borg & Beck
10
Millie Bros
Central Pub Serv pref. _100 89
Chic C'y & Con Ry pt sh•
Common
•
Preferred
934
Chicago Elev RY pref.-100
Chicago Rys part ctf ser 1_
Part cif series 2
Commonwealth Edison_100 1304
Consumers Co Corn
20
100
Preferred
Continental Motors.-_10
94
11235
Crane Co preferred
Cudahy Packing com_100 624
Daniel Boone Wool Mills 25
Decker(A)& Cohn pf-100
100
Diamond Match
•
Earl Motors Co
Eddy Paper Corp (The)_ •
Godchaux Sugar com......* 24
Gossord(H W)pref....100 324
Great Lakes D & D. _100
100 91
Hartman Corp
Hart &hat& Marx com 100
•
Hayes Wheel Co
6
Holland-American Sugar 10
10 2734
Hupp Motor
100
Hydrox Corp pref
100 83
Illinois Brick
25
Inland Steel
Libby McNeill & Libby-10
64
10
Lindsay Light
10
84
Preferred
Lyon & Healy Inc pref.__ -- __..
Mid West Utilitiee com_100 49
100 85
Preferred
10035
Prior lien Preferred
•
234
Mitchell Motor Co
zp
National Leather
734
Orpheum Circuit
1
Philipsborn's Inc com_ _5
10 224
Pick (Albert) & Co
Rights
Pigg WIgg Store Inc "A".• 734
Pub Serv of Nor III, com100
100 95
Preferred
Quaker Oats Co, pref._100 9934
10 1534
Reo Motor
Sears-Roebuck, com _ _ _100
Standard Gas dz Elec......50 2634
50 4934
Preferred
Stewart-Warner Sp.com100 1184
100 1064
Swift dr Co
Swift International
15 1934
Thompson (J R),com _ _25 474
Union Carbide& Carbon 10 6435
United Iron Works v t c_50 124
United Lt& Rys,corn_ _100 108
1st preferred
100 7835
Participating Pref- --100
'United Paper 13d, com_100 1734
U (9 Gypsum
20 70
Vesta Battery Corp, coin.. 34
Wahl Co
• 54
Ward(Montg)&Co. pref100 99
When issued
20 2334
Western Knitting Mills_ _•
994
Wolff Mfg Corp
•
Wrigley Jr. common.. __25 108
Yellow Cab Mfg,Cl"B" 10
Yellow Taxi Co
86
BondsArmour & Co of Del 20-year
gold 5 355
1943
Chicago City Ry Se_ _ _1927
Cblcago C&C Rys 5.9_1927
Chicago Railways 5s-1927
5s, Series "A"
1927
4s, Series "B"
1927
45. Series "C"
1927
Purchase money 55
Commonw Edison 55_ _1943
Pub Sem Co lst ref g 59'56
• No par value.

96
624
8235
594
98
873I

91
70
99
8334
9
87
32
4
30
1034
8735

Low.

High.

25
65
661
3,902
171
25
8,640
160
8,015
20
190

90
6934
99
8335
9
87
274
4
25
10
86

1,701
9,140
275
225
40
781
175
20
5,565
732
163
16,750
300
144
1.975
320
5,295
12.300
55
300
175
46
150
49,129
500
1,390
130
3.390
675
150
10
1,866
528
548
1,630
1,748
100
15
3.255
1.015
325
223
575
487
2,620
10
2,578
560
59,780
1,049
7.33.5
2,945
15,896
6,061
125
107
98
277
117
360
1,102
325
3,830
3,660
12,600
1,415
829
23,720

35
5
34
10
2
129
6
634
94
112
6135
3134
70
1164
34
2234
15
2935
8134
84
98
37
434
2134
184
78
43
635
334
735
100
9534
84
9934
1
535
20
27
22
10
554
101
9435
9635
1134
8434
1734
48
79
106
18
45
82
6
71
75
91
18
61
26
5339
954
2034
7
254
100
223
7014

Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J&EI
Jan
Feb
Jrn
Jan

96 379,000
83% 20,000
654 94,000
824 1.000
19.000
70
21,000
58
64,000
61
33,000
61
984 17.000
8734 20.000

96
7634
47
77
59
44
5935
52
97
874

91
7035
99
86
935
87
3335
4
32
1034
89

135
1
835 10
535 54
20
2.434
334 34
130 131
6
634
6535 66
935 10
11235 113
624
82
414 45
80
80
117 118
34
1
2634 2735
214 244
33
26
88
86
92
90
105 10534
3734 374
534 6
2935
27
2134 214
8135 83
9835 49
634 7
335 4
8
84
101 10135
49
51
8435 8834
994 101
24 235
734 8
20
20
28
28
22
2235
10
12
7335 7734
101 102
9435 95
99 100
1535
15
8414 8434
25
2834
49
4935
11734 12334
1064 10834
194 204
4835 4734
63
6535
124 13
103 108
7835 7935
95
9634
1635 18
70
73
34
36
54
5435
96
99
2334 2435
94 10
3335 354
107 108
266 270
8335 8835

913
834
59
8235
6535
50
5935
54
98
874

Range since Jan. 1.

Jan 97
Jan 74
Jan 100
Mar 9634
Mar 10
J
87
Feb 354
Jan
4
Jan 32
Feb 11
Jan 8935
135
10
84
2435
335
131
84
70
.12
115
644
624
80
121
135
324
25
33
944
9535
107
43

Feb
Jan
Feb
Jan
Jan
Jan

mar
Jan
Mar
Mar
Feb

Jan

2934
2434
9635
49
835
434
9
10135
53
864
104
294
834
20
38
3635
12
784
104
98
100
1554
93
2734
50
12331
10935
2135
514
674
1334
110
80
964
18
7535
36
5835
110%
254
1034
3535
111
280
95

Feb
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Max
Jan
Feb
Jan
Jae
Mai
Feb
Jar
Feb
Jar
Felt
Mar
Feb
Jar
Mar
Jai
Jar
Jar
Mai
Fel
Jar
Jar
Felt
Fel
Mai
Jar
Mai
MN
Ma
Jar
Jar
Jar
Ma
Fel
Fel
Fel
Ma
Jai
Jar
Jai
Jai
Fel
Ma
Ma
Ma
Ma
Ma
Ma
'Jar
Fel
Fel
Ma
Ma
Ma
Ma
Ma

Feb
Feb
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Mar

96
8335
654
8236
70
56
61
61
99
874

Fel
Ma
Ma
Ma
Ma
Ma
Ma
Ma
Ja
Ms

Jaa

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

Feb
Feb
Jan
Jan

634

THE CHRONICLE
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Mar.10 to Mar. 16, 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.

t

4
-' W

ti0
.2,MtitittgggMqigttMtit
ta
.
-,2W.,
,,2WWWW....2.1w.,44w2.24,M

Fell

,-.
M

80

XX

$4.000

XX

80

,,X

80

X

1049

XX

BondsPittsburgh Brew 644

High.
CM4t-CCC000,0000.0t,
-NMOMOC4Mt-C-CMCsm
C, COC.. MO
ON.] NON
0C.1..0M.-.NNNcMC.
.4
,..4
...4
..
C4

165 165
Allegheny Trust Co_ _100
24 165
Mar
7
Am Vitrified Prod com__25
756
505
7
Jan
85
Am Wind Glass Mach..100
87
195 79
Feb
Preferred
100
94% 97
65 93
Feb
9
854 10
Arkansas Nat Gas. com_10
23,276
754 Jan
555 556
'Carnegie Lead & Zinc_ _5
235
354 Jan
30
•Consolidated Ice, pref. _50
30
55 26
Jan
Exchange Nat Bank_ _50
90
90
3 90
Mar
9
Indepen Brewing, pref. _50
9,'
123
9
Jan
Jones & Laugh Steel, p1. 10134 10854 109
255 10634 Mar
25 2655 26
Lone Star Gas
2654
220 24
Jan
Mfrs Light & Heat_ ___100 5551 5545 5634
205 5554 Jan
8
Nat Fireproofing. corn..50
8
225
751 Jan
50
Preferred
235 1851 Jan
1954 1911
25
64
Ohio Fuel Supply
6434
685 59
Jan
Oklahoma Natural Gas.25 22
21
25
2,370 1951 Jan
Pittsburgh Brew, com__50
241 251
360
234 Jan
Preferred
50
8
754 8
70
634 Jan
Pittsburgh Coal, pref__100
100 100
25 97
Jan
24e 26c 54,000 22e Jan
Pitts & Mt Shasta Cop_ .1
9
Pitts Oil& Gas
100
931
425
851 Jan
Pittsburgh Plato Glass _10
170 170
15 165
Jan
Pitts Term W'h'se & Trans
30
30
140 30
Mar
'Tidal Psage Oil
430 1051 Jan
1234 1351
Union Natural Gas____100 26
2544 27
801 2355 Feb
V S Glass
2551 2551
100
270 2434 Mar
W'house Air Brake
50 11951 117 11954
310 10756 Jan
W'house El & Mfg,com_50
6954 6951
20 59
Jan
W Penn Tr & W P,oom 100 36
36
3734
265 30
Jan
Preferred
50 7034 Jan
7331 7334
100

New York Curb Market.-Official transactions in the
New York Curb Market from Mar. 10 to Mar. 16. inclusive:
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.

Week ending Mar. 16.
Stocks-

Indus. & Miscellaneous.
Acme Coal Mining
1 52c
Acme Packing
10 280
.Aluminum Mfrs, com_
Preferred
10351
Amalgam Leatner. corn_ • 1755
Preferred
160
American Chain class A-__ 2555
Amer Cotton Fabric pf 100 10151
Amer Drug Stores class A-1 88c
American Gas & Elea-Common,new,w 1
•
Preferred
so 4451
American Hawaiian S 8_10 1715
Amer Light & Tr,com_100 13055
Amer Power dr Lt com-100
Amer Thread, pest
5
Armour & Coot Del. pf 100 99
Armour & Co 01 111 pf _100
Arnold, Constable & Co_ •
Atlantic Fruit Co
•
2%
Auto Knitter Hosiery_ _ • 23%
Bassick-Alernite Corry- • 3151
Bethlehem Steel w 1
67
Borden Co.con,
100 11254
Preferred
100 102%
Borg & Beck Co. coin
•
Brit-Amer Tob ord bear.£1 20%
Ordinary
Ll 20%
Brier Hill Steel common_10 :1854
Brooklyn City RR
In
Buddy-Buds.Inc
•
1%
Campbell Soup pref w Lion 10751
Car Lighting & Power__ _25
1%
-Celluloid Co prat
100
Cent Teresa Sug. corn-_10
2
Preferred
10
4
Centrifugal Cast I Pipe .• 12
Century Ribbon Mills corn.
Checker Cab Mfg, class A • 57%
Chic Nipple Mfg 1 A.10
354
Chicago Steel Wheel corn 5
Preferred
7%
Cities Service corn
100 188
Preferred
100 69%
Preferred B
10
651
Cities Serv, bankers' Ph..' 1851
Cleve Automobile, corn. •
Prererred
100
Colombian Emerald Synd. 150
Colorado Power, corn 100
Columbia Gas & El new w 1
Columbian Carbon v t e__• 4751
Com'w'ith PRy&L,com 100
Congoieum Co common 100 182
-Cox'S Cash Stores
5
Curtiss Aeropl & M.corn.'
8
Preferred
100 35
• 6355
-Cuyamel Fruit Co
Del Lack & West Coal_ _50 84
Dubllier Condenser & Rad•
951
• 59%
Durant Motors, Inc
Durant Motors of Ind_ __10 16
.Eastern Steel Casting corn •
Elec Bond & Share pref.100
Federal Light & Tr corn_ •
3
Federal Tel & Tel
Ford Motor of Canada_100 448
• 1454
Gardner Motor Co
-General Ry Signal, corn 100 5454
Gillette Safety Razor_ _ • 28451
• 68%
Glen Alden Coal
Goodyear Tire & R com 100 1451
100 4911
Preferred
Gt West Sus new corn wl 25
4%
-Griffith (D W),Inc. cl A-•
Hall Switch & Sig com-100
Hanna(MA)Co let pf_100
•
256
Hayden Chemical
Hocking Val Products_ _ _10
1 Household Prod WS.IIIC-•
100 1651
Hudson Cos pref
Had & Manhat RR cora100 11
• 21
Hydrox Corp. corn
Imperial Tob of GB&I..£1 1834
Industrial Fibre Corp corn
Intercontinental Rubb_100
551
Lake Torp Boat. 1st pf.10
Lehigh Power Securities..' 2434
Lehigh Val Coal Sales.. _50
Libby, McNeill & Libby_ 10
Lacey Mrs class A
50
Lupton(FM)Pub. CIA.'




Range since Jan. 1.

50e 54c 55,100 50c
250 28e
7,000 19n
22% 2251
200 2151
100 100
10334 103M
16% 1951 8,400 1436
60
100 48%
60
2554 25% 2,700 2535
101 102
500 100
75e 88e
2,400 550

High.
Jan
Mar 85o
Jan
Mar 31e
Feb 22% Jan
Feb 10334 Mar
Mar 1954 Jan
Jan
Jan 84
Mar 2551 Mar
Mar
Feb 102
Mar 880 Mar

4
3451 34,
100 3234 Feb
4531 4555
200 44
Jan
17
1751
800 1551 Jan
130 132
Mar
210 130
172 176
Feb
80 145
351 311 1,000
3% Feb
99
9954 1,700 99
Jan
87
88
Mar
100 86
16
16
Mar
200 16
2
254 8,900
1% Jan
2351 24% 3,900 2251 Feb
31
Mar
32% 1,800 31
67
Mar
6755
300 67
111 11211
Mar
320 110
10251 104
60 10051 Jan
32
32
100 28M Mar
20
20% 11,000 19% Jan
20
20% 9,000 19% Jan
z1834 18%
100 1851 Mar
954 9% 1,600
7% Jan
151
155 19,900
1%, Jan
10754 107%
500 10614 Jan
750.
134 6,100
75c Mar
109 11034
Mar
35 109
151 251 4,900
1M Jan
314 4
251 Jan
2,300
12
Jan
1354 5,000 10
30% 32
500 24% Int5556 59m 5,500 51% Mar
3% 4
251 Jan
3,900
1% Mar
1% 2
400
Mar
751 8
5,600
8
184 190
Jnik
540 173
Jan
6954 6914 1,600 67
og
634 Jan
200
18% 19
1,500 17% Jan
3151 3254
200 2944 Feb
Jan
86
86
10 42
12c 220 55,000 12e Feb
Mar
2251 2254
15 22
36% 36% 2,800 3634 Mar
4154 4856 6.700 4n51 Feb
34
Mar
34
10 30
175 182
Jan
55 145
454 451
3% Feb
600
Jan
7
5
8
1,600
Jan
35
35
100 21
595( 64% 13,400 5554 Jan
84
84
Jan
25 82
451 Jan
7g 954 28,700
Feb
56% 6254 40,400 40
1551 1755 2,500 1251 Feb
20
Mar
300 18
204
10 9734 Mar
9756 9734
Jan
61
61
10 48
5
Feb
5Si 534 1,500
435 455
Jan
120 400
14
1434 2,800 10% Jan
5435 5454
ao 54 Mar
28056 285
Jan
700 259
500 56
Jar.
13% 1455 8,400
934 Mar
4731 51
2,600 2954 Jan
87% 8751
100 77
Jan
451 5
600
334 Jan
231 25(
100
2
Feb
102 102
100 102
Jan
2
251 2,000
1% Jan
2% 2%
13( Jan
200
37% 3954 28,200 3451 Feb
1631 17
700 14% Jan
10% 11%
800
941 Jan
22
21
1,600 20
Jan
17% 1851 3,900 17
Jan
731 8
400
751 Mar
5% 5% 2,100
4,' Jan
200
255 3
111 Jan
7,200 18
2051 25
Jan
85
25 8051 Jan
85
400
6
Jan
6% 7
100
7
Mar
7% 71e
100 13
Jan
1654 1654

4654
4654
1851
140
176
3%
99%
93
21
251
24%
35
6731
122
104
3/
20%
20%
1954
104
151
10931
134
11051
251
5
15
34
6651
4%

335
93.4
195
(,951
1331
19%
3454
89
45C
25
37
48%
34
182

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

S

ign

8
35
64%
8455
951
84
25%
2051
9851
61
7
455
l5(
5554
287
7254
1634
51
90
5
255
102
234
3M
39%
1751
1251
2454
18%
1011
614
3
25
90
756
20
22

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

Stocks (Coed.)-

For. 116.
Friday
Salest
Last Week's Range for
Sale.
Of Prices.
Week.
Par. Price. Low. High. Shares.

MeCryd Radiator class A.. -----Mercer Motors
•
Voting trust certifs
Mesabi Iron Co
• 1031
Miss RN'Pow,cora
_100
•
Mitchell Motors
2%
Morris (Philip) Co. Ltd_10
Motor Wheel Corp,com _ 10
Preferred
100
Nat Dept Stcres,Inn.com.• 3354
First t referred
100
National Leather new._ _10
75(
NatSUPP Co(of Del)corn 50 68
New Fiction Pub Corp_ -5
NY Canners,Inc,com__-• 333(
NY Tel 651% pref
_100
N Y Transportation. _10
Nor Am Pulp & Pap etf dep
Onyx Hosiery, common__• 5051
Oneida Corp
• 1055
Peerless Truck & Motor-50
60
Penns Coal & Coke
50 4151
Phoenix Hosiery corn..__5
Preferred
100
Prima Radio Corn
1
Pub Serf Corp of NJ p1100
Radio Corp of Amer corn.'
451
Preferred
5
33.4
Reo Motor Car
10 1551
Repettl, Inc
5 155
Republic Rubber
•
Rosenb'm Or Corp. p1__50 5334
Royal Baking Powd pf_100
Schulte Retail Stores,com.• 62
Shelton Looms, corn
• 26%
73. preferred
100 98
Southern Coal & Iron..
27c
Springfield Body class A... 455(
Standard Mot Constr. _10
Stutz Motor Car
• 19
Swift & Co
100 107
Swift International
15
Technical Products Corp-5
8%
Tenn Elec Power, corn...'
Tenn Ry Lt & Pow corn 100
Timken-Detroit Axle___10 11
551
I ob Prod Exports Corp__•
Todd Shipyards Corn--• 5351
Torbenson Axle
27
Triangle Film Corp v t c_5 330
Union Carbide & Carbon.* 6551
6
United Profit Shaeg.new_l
Un Retail Stores Candy..'
654
Founders shares
•
United Shoe Mach com.25 55%
1%
US Light & Heat,corn__10
Preferred
10
U S Metal Cap AL Seal.....
Wayne Coal
5 ---lx
Willys Corporation let pref
ctfs of deposit
6%
Yale & Towne Mfg new_25
Yellow Taxi Corp. N Y__-* 130
Former Standard 011
Subsidiaries
Anglo-AmerIcan Oil._ El
Borne Scrymser & Co_ _100
Buckeye Pipe Line
50
Continental 011, new...._25
Crescent Plpe L. new stk 25
Cumberland Pipe Line-100
Eureka Pipe Line
100
Galena Signal 011 com__100
Illinois Pipe Line
100
Indiana Pipe Line
so
National Transit. _ _12.50
New York Transit
100
Northern Pipe
25
Ohio Oil, new
Penn Mex Fuel Oil
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
100
South Penn Oil
Southern Pipe Line_ _ _ _100
South West Pa Mae L_100
Standard 011 (Indiana)_ _25
Standard 011 (Kan) new-25
Standard Oil (Ky) new..25
Standard 011 (Neb) n w100
Standard 011 of NY new.25
Stand Oil (Ohio) pref__ 100
Vacuum 011. new
25

17%
88
11354
7335
101
26
13534
107
82
247
11454
205
174
113
68%
52%
104
4651
5051

Range since Jan. 1.
Low.

High.

375( 3751
300 3734 Mar 3754 Mar
5,800
4
154 2
13-4 Feb
Jan
15( 2
Feb
3,200
35( Jan
1
1051 1051
700 1054 Feb 1251 Jan
26
Mar 27
15 26
Feb
28
/an
2% 5
1
5
400
Mar
19
Mar
20
Jan 20
2,500 16
1051 1054
100 1054 Mar 1334 Feb
9731 9751
10 9731 Mar 99
Jan
33
3331 1,900 33
Feb 37
Feb
100 100
Feb 100
500 100
Feb
75( 8
7% Jan
600
854 Feb
64
7054 12,900 54
Jan 7054 Mar
7% 8
500
5
Feb 1651 Jan
3251 34
2,400 28
Jan 34
Mar
11051 111
250 10954 Mar 112
Jan
2851 3051
Feb aoq Mar
900 24
1
1
Mar
100
Mar
Feb 52
7,300 40
Mar
4554 52
10
13
Mar 15
900 10
Jan
57
72
Mar an
5,200 57
'an
4154 4151 2.900 39
Feb 35% Feb
42
2,300
3534
Jan
44%
4554 Feb
9951 99%
601) 9734 Feb 10351 Feb
58c 61c
1,800 553 Feb
1
Jan
100 100
100 100
Feb 101
Jan
4
43-4 16,000
33.4 Jan
451 Mar
354 355 7,500
21-5.4 Jan
334 Mar
isg 3,300 1334 Feb 1531 Mar
154 154 1,600
156 Jan
2
Jan
10c 15e
4,000 101 Mar 450 Feb
5154 5351 16,400 50
Feb 5351 Mar
98
98
Mar 98
10 98
Mar
62
62%
Jan 67
400 53
Feb
2631 26% 1.400 2634 Mar 2751 Mar
98
98
Mar 9851 Mar
200 98
240 29c 41,000 240 Mar 40*
Ian
4554 46% 6,000 4531 Mar 4651 Mar
2% 3
254 Jan
500
351 Jan
1851 1954
900 1854 Mar 24% tars
105 107
Mar 109
20 105
Feb
19% 2034
800 18
Feb 21
Jan
Jan
7
Si 2,500
954 Feb
183.4 1851
500 14% Jan 19
Mar
100
2% 251
2
Feb
2% Mar
11
1134
Jan 11% Mar
700 10
5% 6
434 tan
7,800
655 Mar
5355 5351
962 5315 Mar 5934 Mar
24
28
1,100 24 . Mar 28
Mar
200 39e 49,000
8c Jan 24e Feb
200 6334 Feb 6554 Mar
6534 6534
5ii 634 3,100
434 Jan
614 Mar
651 751 8,400
5
Jan
8
Mar
654 7
1,700
331 Jan
Mar
53% 5554 1,600 49
Jan so
Mar
1% 151 15,700
1
Jan
1
Jan
1% 151 2,400 990 Jan
254 Feb
1
200 50e Feb
154 Feb
15,000
151 Mar
155 2
251 Jan
631 8
6231 64
130 130

634 Jan 10% Jas
580
1,000 683.4 Jan 64
Mar
Feb 148% Feb
500 100

1751 18
7,600 17%
135 140
. 20 108
88
8954
420
4554 47
900 3854
.2251 23
90 22
112 113%
105 r85
11254 113
40 95
73
275 5751
74
165 166
85 165
101 103
105 95
26
2655
500 26
45 129
135 13554
45 105
107 107
8151 8334 1,400 71
400 17
19% 2151
246 253
685 1222
825 110854
1135511551
205 205
20 180
120 166
174 17831
415 ,
111 113
17
88
10 6634
88
6656 6951 60,900 6054
3,100 4154
52
54
1021510611 5,400
265 265
10 1511
4536 4754 22,000 455(
100 116
116 116
50% 5251 25,100 435(

Feb
Jan
Jar
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
.lan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan

195( Jan
140
MS
.
94
Jae
Feb
2634 Feb
168
Jan
115
Feb
79% Mar
171
Feb
103
Mar
29
Feb
137
Feb
110
Feb
8554 Feb
25
Feb
700
Jan
335
.lan
21254 Feb
191
Feb
116
Feb
8851 Mar
6934 Mar
57
Feb
133
Jan
285
Feb
411% Jan
116
Mar
553( Mar

so

Other 011 Stocks.
150 150
1,000 15c Mar 38c
Allen 011
1
13.900
851
851 10
751 Ian 10
Ark Natural Gas, corn..10
5
5
5
Atlantic Lobos 011. corn-.
5% 4,800
Mar
731
280
25e 29e 29,000 15e
Big Indian Oil& Gan
Jan 30e
151 4,400
151
1
Boston-Wyoming 011_ __I
Jan
13.4
-----234
234
500
Brit Controlled 011 Fields_
151 Feb
234
751
751 8
700
7
Cardinal Petroleum
Jan
5
5
551 25,300
Carib Syndicate
494 Jan
6%
6
451 651 88,000
Creole Syndicate
5
251 Jan
651
lc
2o
3,000
Cushing Petroleum
5
143 Jan
3c
1343
13c
160
36,000
Engineer', Petroleum Co_ _1
13c Mar 2543
400 1454 Feb 15
Equity Petrol Corp pre:- - ------ 1451 15
Federal 011
5 85c 810 8613 42,500 690 Jan
•
1754 1851
200 16
Fen.sland 011
Jan
1934
•
551
451 6
Gilliland OIL corn
11,600
3
Jan
6
154 20,500
1%
151
10
Glenrock 011
1
Jan
2,
4
151
Granada 011 Corp el A_ _ 10
134 234 3,600
151 Jan
3
65
'25 66
66% 12,800 55% Jan 6854
Gulf 011 Corp of Pa
2
134 234 5,500
Harris Consol Petrol Corp.
154 Jan
256
150
lie 15o 53,000 1043 Jn 18
Hudson 011
25 3951 3851 40
Humble Oil & Ref
11,800 2454 Jan 4134
35% 3534 3954 2,800 30
Humphreys 011
Feb 39m
117 121
Imperial Oil (Canada) COUP 120
6,975 11055 Jan 121
Independent 011 dr 0 w I -• 1454 14
1434 8.700 14
Mar 1514
2351 22
International Petroleum._
23% 22,800 2014 Feb 24%
27c 400 211,000 220 Jan 40e
Keystone Ranger Devel_...1 370
3
3
3
Kirby Petroleum
400
2
Feb
4
40
40
2,000
Lance Creek Royalties---1
2e
Jan
4e
500 820
Latin-Amer 011 DeveloP__1
2,100 50c Mar 83e
154
Livingston Petroleum....'
5
151 151 12,000 750 Jan
151
79c
73e 700
Lowry 011 Corp
2,200 62e Mar
13-1
1
1
Lyons Petroleum
15-4 10,700 800 Jan
111
Magnolia Petroleum_ --100 16154 160 16255
690 155
Jan 168
Mammoth Oil. Class A.. 5051 4851 5051 3,100 474 Jan 541
Maracaibo 011 Explor---: 1411 1055 14% 35,400
934 Jan 1451
Margay 011
154 1%
100
Jan
1
154
3
Mariand 011
2% 355 2,200
3%
1% Jar
5
Marland Refining
434 4%
400
451
3M Feb
Panueo
0
1_10
80c
Mx al
70c 900
1,500 70c Mar 900
10
Mexico 011 Coro
1% 254 197,200 80o
Jan
1 21c
Midwest Texas Oil
18c 22c
6,000
hOC
150
Jan
1
_.
Mountain & Gulf 011
154
151
1,300
1%
13.1 Jan
Mountain Producers_ - _10 19
1831 1951 7,500 1654 Jan 2034
trust
Ws__
14% 14
Mutual 011 vot
14% 55,600 1251 Feb 1551
New England Fuel 011_
50
40
51
900 40
Feb 52
New York 011
18
14
Mar 2134
185-1 2,700 14

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

Feb
Mar
Jan
Feb
Feb
Mar

sq Mar
Jan
Mar

Feb
Mar
Mar
Feb

Bales
Friday
Lou wars Range for
Week.
Sale.
of Prices.
. Other On
Stocks (ConeladcW) Par Price. Low. High. Shares.
Noble(Chao F)Mit Clas_l
1
Preferred
1
Ohio Ranger
10
Omar 011 dr Gas
Peer 011 Corp
10
Pennok 011
Pennsylvania-Beaver 011_1
Red Bank Oil
Royal Can Oil Syndicate.•
•
Ryan Consolidated.
Bait Creek Consol Oil
Bait Creek Producers-10
Santa Fe 011 & Rerining_5
Sapulpa Refining
5
5
Savoy 011
Seaboard Oil & Gas
Sequoyah Oil ,t Ref
South Petrol& Reftiling_ _1
Southern States Oil
Texas Chief Oil
10
Taxon 011 & Land
1
Tidal Osage 011 non vot_ _•
Turman Oil
5
Vulcan 011
5
Wilcox Oil& Gas
5
Woodly Petroleum
1
"Y" Oil & Gas

1167

THE CHRONICLE

MAR. 17 1923.]

131
831
124
34
5%
6%
13
23%
54
431
335
lo
5c
21
45e
98e
13(
94

22e
7013
30
1
831
12%
34
16e
54
54
124
2335
54
4%
2%
3
la
40
16%
734
450
10
86o
1
8
11
9c

24e
70c
3e
14
1234
13
4
18e
635
64
134
24
5%
434
231
331
is
50
21
734
50c
12
980
14
10
13%
10e

Low.

44,000 220
1,000 .600
2a
1,000
I
34,000
811
2,800
94
7,300
2
8,400
6,000 140
5%
7,600
44
6,800
3.900 104
17,000 2034
54
6,800
24
22.400
231
3(10
24
21,300
le
1,000
40
38,000
20,600 133a
7%
200
113,000 45s
800 10
10.800 880
700 62e
64
43,400
11
70
8c
15,000

Mar
Feb
Jan
an
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Feb
S311

Mar
Feb
Mar
Mar
Jan
Jan
Mar
Jan

Mining Stocks.
Jan
2
24 2% 4,90
Alaska Brit-Col Metals- _ 1
2%
Alvarado Min & MU1__ .20
54 54 1,300
54
234 Jan
50 Jan
Amer Comm
9c
9c
5,000
Amer Exploration
1
134 3,200 50a Feb
Arizona Globe Coppec__
67o
61c 75e 128,400 100 Feb
Beaver Consolidated
40c 40a
1,000 360 Feb
20 Feb
Belcher Divide
100
3o
50
1,000
30 Jan
Belcher Extension
100
30
30
3o
2,000
Big Ledge Copper Co_ __ _5
lc Jan
le
lo
20 52.000
Jan
Pc
Blackhawk Cons Mines_ _1 1le
110 lie
2.000
Boston & Ely
1
70e 750
300 650 Feb
93 Feb
Boston & Montana Dev_5
12e 13e 10,000
Butte dc West Min Co__ 1
1% 24 24,600 900 Mar
2
24 .an
334 34 6,400
Calaveras Copper
314
a
60 Ma
Caledonia Mining
6e
7c
1
4,000
Sc
40
2o Feb
Canada Copper Co
4c 12,000
234 1an
234 24 4,700
Canario Copper
10
ai
200 23e 115,600 2ao Ma
Candalaria Silver
1 21e
Cash Boy Consolidated -1
110 12e
6,000 10c Fe
Chino Extension
52o 75e 65,100 500 Ma
75o
34 Fe
334 34 6,800
Consol Copper Mines new5
3H
8c Feb
Consol Nevada Utah Corp
10e Ilc
5,000
4% Jai
54 534 5.000
Continental Mines, Ltd710 Mar
Cortez Silver
71e
134 160,700
1 86o
Crackerjack Mining
3e
3e
5c 11,000
24 Jan
234 24 1,480
Cresson Con Gold M & Ma
231
46c 46c
Crown Reserve
1 46e
1,000 32e Feb
Davis Daly Mining
235 Jan
34 4
200
10
90 Feb
Divide Extension
1
10e 110
7,000
14 Feb
Dolores Esperanza
2
2
5
700
Dryden Gold Corporation- 885
660 710
5,300 630 Jan
20 Jan
El Salvador Silver Mines-1
2e
3c
6,000
3e
Ely Consolidated
3c Feb
5o
Se
1
2,000
Emma Silver
20
Jan
Sc
4e 74,000
1
3a
Eureka Croesus
19e 25e 108,000 19e Mar
1 220
First National Copper. -5
65o 650
100 500 Feb
Fortuna Cons Mining
25e 32c 97,900 253 Mar
28o
Forty Nine Mining
1 18e
15e 18c
60 Jan
3,000
Gold Coin Mining
69e 72e
72e
9,100 62e Feb
Golden State Mining
46o 50c 30,000 300 Feb
490
Goldfield Congo! Mines.10
Jan
7e
7e
7o ,7o
7,000
Goldfield Deep Mines Co Sc 13a
Jan
12e 13e 59,000
9c
Goldfield Development 14e 170 23.000
4c Jar
Goldfield Florence
Jan
I 44c
42e 50c 99,500 29e
Goldfield Jackpot
1 52a
42e 57e 228,300 360 Jan
Goldfield Ore
Jan
la
le
20 16.000
2o
Gold Zone Divide
1
90
8o Feb
90
2,000
Grandma Mining Co
6c Mar
10o
60 10e 50,08
Gnus Mining
12o 12e
5,000 120 Feb
Hard Shell Mining
1
7.0
6c
8c 11,000
Sc Jan
amain Divide
10e
7c
5c Jan
7o
9c 17,000
Recia Mining
Jan
831 9
25e
9
8
1,000
Henrietta Sliver
15e 200 16,000 150 Feb
Hilltop-Nevada Mining._
14
131 1% 26,600
13i Jai
Hollinger Con Gold Mines 5
134 134
700 11%, Feb
Homestake Ext Mining-1 69e
65o 70e 27,200 580 Feb
Howe Sound Co
1
34
34 44 10,100
2% Jan
Independence Lead Min A 3710
34e 430 78,000 300 Jan
Iron Blossom Cons M__._1 32c
31e 32e
Jan
7,080 28o
Jerome Verde Devel
1
2%
231 24 1.800
24 Jan
Jumbo Extension
1
60
Sc Jan
60
60
4,000
Kerr Lake
5
Jan
3
3
3
3% 1,700
Knox Divide
100
3c
4c 11,000
20 Jan
Lone Star Consolidated_ A
4c
5o
40 Mar
60 11,000
MacNamara CrescentDevl
lc
is Mar
20 10,000
MacNamara Mining
1
4e
40
4o Feb
40
3,000
Marsh Mining
9e
90
9c 13,000
6o Jan
Mason Valley Mines
a
2%
24 231 3,000
14 Jan
MoKinley-Darr-Sav Mtn_
210 23e
Jan
8,000 I7o
Moblean Copper
41e 47o 39.000 10a
1 470
Jan
Montana Tonopah
10o 100
70 Jo
1,000
Morington Mining
lo
lc
le
Jan
100
Nanob Como' Mining_
4o
40
4c
Jan
5,000
National Tin Corp
5110 210
200 23o 60,000 20e Feb
Nevada Ophir
1 190
160 200 21,000 10e
Jan
Nevada Silver Horn
lo
le
lc
le
Jan
1,000
New Cornelia
220 23e
600 16% Jan
New Dominion COPPer---5
4
34 4% 11,600
2% Jan
New Jersey Zino
178 179
100 179
60 1684 Jan
N Y Porcupine Mining__
590
570 600 49,300 1300 Jan
Nipissing Mines
5M Jan
5
6
64 2,100
Ohio Copper
Jan
1 8130
83e
1%6 142,000 37e
Park Utah Mining
431 Feb
43f of
100
Peterson Lake
110 110
1,000 lie Mar
Ray Hercules. Inc
6
14
13‘ 2,' 95,700
Feb
Red Hills Florence
Sc
20
5o
6c 14,000
Red Warrior
47e
40e 47e
8,000 400 Mar
Rex Consolidated MinIng_l
Jan
7e
60
5o
70 14,000
Richmond Con M & Day._ 23e
23e 2130 25,000 21c
Jan
St Anthony Gold M
33e
510 54c 19,100 46o Mar
30 J3n
San '1 ov MIE Ina
1
3o
30
3c
1,000
Sandstorm Kendall
20
20
30
20 Jan
8.000
Sheldon Mining
600
134 14
131 Feb
Silver King Copper
60c 900
4,800 60o Mar
Silver King Divide Reoril- 110
90 lie 75,000
tle Feb
Silver Mines of Americo240 32c
9,000 140 Jan
Silver Queen Mining Corp_
4513
45c 47c 12,000 350 Jan
Silversmith Mining
510
50e 51e
500 45a Fab
1 300
Simon Silver Lead
30e 310 17,000 210 Feb
South Amer Gold di Plat__ I
331 4
Jan
1,000
3
Spearhead
60
5e
60 105,000
50 Mar
Standard Silver-Lead- -1
25e 25c
2,000 23o Feb
1
5e
Sc
Stewart Mining
60 24,000
53 Jan
1 60e
58e 620
Success Mining
Jan
4,300 Min
Superstition Cons
1
Sc
50
3,000
30 Jan
70
Sc
Sutherland Divide
80
4,000
le
Jai
1
970
Took-Hughes
15i 9,500 51c .lan
32e 320
Temlskaming Mining_
1,000 30e Mar
1% 14 1,800
Tonopah Belmont Dev-_1
1% Feb
70c 790 63,600 64a Feb
1 72e
Tonopah Divide
3
1
334,
3,146 12,890
Tonopah Extension_
21ai Feb
2E4 24 1,800
I
231
Tonopah Mining
Jan
100 12c
5 12e
3,000
Trl-BulliOn S & D
6o
Jan




Sales
Friday
Last 1Week's Range for
Week.
of Prices.
Sale.
Mining (Concl.)- Par. Price. Low. High. Shares

Range gime Jan. 1.

1343

134

• High.
300
780
M
134
13
13
5
20c
734
631
14
254
834
44
334
34
lc
lac
21
731
89e
12
14
131
1031
1334
16e

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

2%
5%
Ile
1%
853
400
Sc
60
40
15c
800
17e
231
4
100
90
24
36o
13e
75c
431
150
5%
14
15o
234
46e
4
13c
2,'
81e
4o
90
4c
37c
80e
74e
180
72e
500
110
240
34a
760
57e
6e
110
100
14e
130
10e
94
136e
14
14
700
431
483
38o
34
10c
34
4o

Mar
Mar

Mr

Copper
United Eastern Mining__ _1
United Imperial Mines. _1
United Verde Extension 50c
United Zinc Smelt
U S Cont Mine., new
Unity Gold Mines
5
Victory Divide
10e
Volcano Mines Co
West End Consolidated...5
West End Extension Min
western'matt Copper....I
Wilbert Mining
1
Yukon-Alaska Trust
Yukon Gold Co
5
TnOlU0110

243
3434
134
534
3e
90
11
,4
3c
400
900

45e
25-4
740
3134
1%
16e
434
20
lc
136
30
400
60
20
80e

500
254
790
35
134
160
54
30
9c
131
3c
49c
6c
21
85e

9,400
13,400
4,000
7,000
500
5.000
14,400
23.000
4,000
8,200
6.000
14.000
2,000
800
1,200

Range since Jan.!,
High.

Low.
450
131
60e
2634
750
16e
331
lc
lc
131
20
20e
30
12
750

Mar
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Feb
.Tan
Jan
Jan
Jan

67o Feb
20
4 Feb
790 Mar
35
Mar
134 Mar
230 .lan
54 Mar
3an
3e
90 Mar
1% Jan
50 Jan
55a Feb
80 Feb
20
Mar
900 Feb

Jan

Mar
Jan
Mar
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Jan

r

Mar
Feb
Mar
Mar
Jan
JA”

Jan
Jan
Jan
Mar
Mar
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Jun
an
Mar
Inn
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Feb
Feb
Mar
Feb
Mar
Ja
Feb
Jan
Jan
Mar
kku

6o Jan
7o Jan
lie Jan
314
23e Mar
47e Mar
Ma Mar
4o Jan
Sc
Jan
32c
inn
21n Mar
50 Jan
2551 Mar
434 Mar
9
Mar
630 Mar
84 Mar
134 Mar
435 Jan
Ile Mar
23( Mar
7c Mar
47c Mar
Sc Feb
29c Feb
540 Mar
40 F. b
5o in
1% Mar
Iric Mar
15e Feb
40
Feb
50a Feb
Jan
53c
350 Jan
434 Jan
130
Ian
28c Feb
80 Jan
Ian
SSe
16c Feb
ho Jan
Ian
1
32c • Mar
1% Jan
893 Mar
4
Mar
2% Jai,
16o Feb

Bonds
Allied Pack cony deb 6s'39
88 Series B w 1
1939 77
Aluminum Mfrs 75_1933
78
1925 10334
Amer Cotton Olt 65_ _ _1924
Amer G & E deb 6s_2014 96%
Amer Lt & Trac 6s___1925
Without warrants
Am Republic Corp6s w 1.'37 89
Amer Rolling Mill 68__1938 9934
Am Sumatra Tob 7__1938 9834
Amer Tel & Tel 68_._1924 1004
Anaconda Cop Min 78_1929 1034
6% notes Series A_ _1929 102%
Angio-Amer 011 734s_ _1925 102%
Armour & Coot Del 5348'43 96
Armour & Co 7% notes.'30 105
Ati GuLf & W I SS L 58 1959 60
Beaver Board 88
1933 77
Bethlehem Steel 75-1923 1004
Equipment 75
1935 10234
Canadian Nat Rye 7s-1935 108%
5s
1925
Canadian Pacific 6s_1924 101
Central Steel 88
1941
Charcoal Iron of Am 8s_'31 97
Cities Sera 75. Ser B__1966
75 Series C
1966 96
78 Series D
1966
78 Series E
1966
Columbia Graphoph 88.'25
Cons G E I.& P Bali 68'49
78
1931 108
531s Series E
1952 9831
Consol Textile fls
1941 102%
Cuban Tel 745
1951 1054
Deere & Co 748
1931 1014
Detroit City Gas63.-1947 10034
Detroit Edison 6s. _1952
Dunlop T&R of Am 75_1942 95
Fed'i Land Bank 4345_1942 100%
Fisher Body Corp 68_.1924
65
1925 9934
65
1926 9874
138
1927 9731
65
1928 9634
Gab (Robert) Co 76..1937 9831
aalena-Signal Oil 75_1930 10534
General Asphalt 85_ _ _1930 1034
Grand Trunk Ry 630..1938
Gull 011 of Pa 58
1937 944
Hocking Vali RR 6s_ _1924
Hood Rubber 7% notes...38 10131
III Cent RR 58 w I.._i935 99
Interb R T 88 J P M recta_ 9931
Certificates of deposit_
Kansas City Pow & Lt5s'52
Kansas City Terml 65_1923 1004
Kansas Gas & El 68_ _ _2022
Kennecott Copper 75_1930 104
LibbyMoNeill& Libby 7631 1004
Liggett-Winchester 78_1942
Loulsv Gas de Hie° 55_ _1952 884
Maawalbo 011 Exp is 1925 145
Morris & Co 731s
1930 10334
Nat Acme Co 745_ _ 193I 97
Nat Cloak & Suit 8s...1930
National Leather 88.1925 101
N Y Chic & St L RRSeries C 6s
1931
Nebraska Power 68...-2022
New On Pub Sera 5E3_1952 8934
Ohio Power 58
1952 8631
Paulista Ry 78
1942 Penn Pow dr Lt 58 B _ _1952 89
Phila Electric 68
1941 10431
Phillips Petrol 735s- 1931
Without warrants
10134
Public Serv Corp 75 w 1-'41 102%
Sears. Roebuck & Co 75.'23 101
Shawsheen Mills 7s__ _1931 - - _ _ _ _
Sheffield Farms 648_ _1942
Sloss-Sheffield S& I 881929
Solvay & Cie 85
1927
South Calif Edison 58_1944 92
Southw Bell Telep 75_1925 10254
Stand Oil of N Y 63451933 10634
7% serial gold deb_ _1925
7% aerial gold deb_ _1926
7% serial gold deb_1927
7% serial gold deb_ _1928
7% serial gold deb_ _1929 10634
7% serial gold deb_ _1930 10734
7% serial gold deb...1931 10931
Sun Co 78
1931 1024
Swift & Co 5s. _Oct 15 1932 9034
Tidal Osage 011 7s
1931 1034
United 011 Produo 88_1931 103
United Rys of Hay 7348'36 1044
Vacuum Oil 75
1936 10635
Valvoline 011 65
1937 10334
Wayne Coal 68

Mar
34,000 63
Mar
15,000 76
15,000 10334 Jai
13,000 10234 Ma
Feb
2
27:
0 0 000 85
flfiq Feb
Feb
10934 10934 1.000 109
10134 10134 3,000 100% Mar
Jai
6,000 88
89
89
Mar
24,00 99
9934 100
9831 29410 95% Jai
98
10034 10034 68.000 1004 Ma
10354 1034 04,000 103% Mar
10234 10234 40,000 10131 Jan
Mar
10234 1024 10.000 102
Jan
96
9835 229,000 96
Mar
30,000 105
105 105
574 6031 32.000 5154 Jan
25.000 65% Feb
7634 80
1004 10334 209,000 10034 Mar
10235 1024 50.000 102% Jan
Feb
10,000 108
10834 109
Jan
993-4 9934 20,000 99
10031 Feb
27.000
101
10074
Feb
7,000 106
10674 107
Jan
14.000 94
97
96
Jan
128% 12934 2.000 124
Jan
19,000 91
9535 98
9134 914 8,000 9034 Feb
Mar
7,000 104
104 101
Mar
2634 2634 1,000 22
19,000 10234 Jan
103 103
10731 10834 20,000 105% Jan
93
Mar
98
Jan
Jan
5
1'
:Li 105
10
895
2831 10
8938
51 118
Mar
1:000
000 101
1 ,
0131 100
0153
100
100
Mar
8:0
00
00 10231 Jan
03
0%
4 14
103%,
00 10
Feb
954 13,000 95
95
1004 Jan
0976 10034 6,000 99% Mar
Feb
993.4 9931 28,000 99
9835 9834 10,000 9834 Mar
9734 64,000 9634 Feb
97
98
Mar
9
87
84 9
88
744
35 8
18%09 9734 Mar
1054 10534 8,000 11334 Mar
10331 10335 2,000 103% Mar
10531 10531 12,000 1044 Jan
9434 95 151,000 94% Mar
10031 10034 2,000 1004 Mar
1004 Jan
134
4,
09
1 19
09
19
10
48
4:001 99
Feb
9831 9931 21,000 954 Jan
9434 Jan
7
1
6F
lg
oo 894 Mar
:
89
0000
834 18
110
:
89
0
0
84
x 118
IGO% Mar
Feb
2,000 85
85
85
Jan
10331 1044 27,000 103
99% Jan
Mar
102 10234 14,000 102
38,000 884 Mar
8831 89
Mar
11434 145 111,000 105
Mar
10234 1034 37,000 101
9631 9731 37,000 9534 Jan
1064 106% 14,000 105% Jan
10131 1014 5,000 101
Mar

76%
84%
107
104
964
98%
110
101%
904
1004
9934
10131
10431
10334
103%
9634
10534
62
81%
105%
104
1104
99%
10134
107%
97
130
96
9331
104
30
1034
10831
100
108
107
10334
101%
104
97
100%
1004
100%
100
99%
9834
1l9'
108%
105
107
974
100%
102
99%
9131
98
91%
101
Ng
10531
102%
103%
9134
145
12614
974
106%
102

Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Jan.
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Jan

994 Jan
Mar
84
8934 Feb
8654 Mar
9534 Mar
Mar
87
10334 Jan
Jan
120
101% Mar
102% Jan
100% .Mar
mar
104
9911 Feb
Feb
98
104% Ma
9134 Mar
Feb
102
106% Jan
10334 Jan
1044 Jan
10535 mar
106% Jan
1064 Mar
10131 Feb
108% Mar
10135 Feb
90% Mar
102% Mar
9635 Jan
Mar
104
10634 Mar
10254 Jan
Mar
68

100%
86
139%
92
97
an%
105%
130
10334
10431
10134
105
100%

Feb
Feb
Mar
Jan
Jan
Jan
JanMar
Feb
Jan
JIM
Jan

98%

Feb.
Jan
Jan
Jan
Jae
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Jan
MarJan
Jan
Mar
Jan.

6831 69
79
77
106 106%
10234 10334
96
1% 925i
96

9934 10035
84
84
8931 814
86% 8834
954 9534
87
89
104 10434
130 130
10234 10234
102% 10331
10034 101
10431 10434
100 100
9651 9634
10431 105
914 92
10234 10231
106% 107%
10434 10434
10434 105
10531 106
1073-410734
10631 107
10734 10834
10834 1094
10234 103
9031 92
10234 1034
10034 103
104 10531
10635 107.4
10335 10334
69
69

10,000
1,000
20,000
36,000
5,000
24,000
33,000
10,000
11,000
20,000
17,000
9,000
3,000
9,000
12,000
31,000
32,000
14,000
7,000
11,00
3,000
11,000
5,000
6,000
9,000
11.000
94,000
23,000
32,000
17,000
25,000
7,000
1,000

10554
9731
103
107%
10634
1054
10731
1074
11035
10934
110
103
94
10334
103
107
10734
10331
7334

Jan

Jan
Jan
Mar
Jan
Mar
Mar
Jan

Jan

Foreign Government
and Municipalities
Argentine Nation 78._1923 100% 1004 1004 848,000 100
Jan
Mexico 48
1945 3731 37% 39% 82,000 3834
1(4
41 3! Jan
Mar
(Is 10-year series B
574
Jan
5634 574 34,000 5034
Series A
55% 5534 564 15,000 5531 Mar 5634 Mar
Netherlands(Kingd)68B12 9731 97% 9831 148,000 97% Mar 10034 Feb
Peru(Republic) Po w 1_1932
Mar
Feb 11g
99
99
4,000 97
Russian Govt6 hs_ _ _ _1919 1334 1334 1331 1,000
Feb
94
Feb
Certificates
16%
Jan
14
9
14
13,000
16
Ruslan Govt 5
Feb
_ _ _1921 1334 1331 1334 1,000
934 Jan
Certificates
Mar
Jan ig
8,000 10
1534 16
Switzerland Goat 548 1929 103
10231 10314 58,000 1024 Mar 104
t Odd Iota. • No par va ue.
Dollars per 1.000 marks. a Ex-100% stock dividend. gMarks. k Correc Ion. m Dollars per 1,000 lire flat. IListedontheStook
Exchange this week, where additional transactions will be found. S Ex-special
dividend of $25. n Ex-extra dividend of 820. o New dock. p Ex-special dividend
of $80 and regular dividend of $3. r Ex-100% stock dividend. a Ex-60% stock
dividend. t Ex-200% stock dividend. is Ex-66 2-3% stock dividend. e Ex-stock
d1v. of 40%. w When haled. S Ex-dividend.
PA-rights. a Ex-stock dividend

1::

Itmeshment and SM.trawl gutelliffente.

1168

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
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
Akron Canton & Yst January
181,543 151.516
155,516
1E1.543
Alabama & Vielob- January
318,911 239.740
239.740
318.911
American Ry Exp_ _ November 13363589 14471 290 138570323 174506452
Ann Arbor
1st wk Mar 103.149
96,963
807.740
891.053
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 & At!.. January
402,926 273,752
273,752
402.926
Atlanta & West Pt_ January
240,676 181.562
181.562
240,676
Atlantic City
January
243,386 221,641
221,641
243.386
Atlantic Coast Line_ January
7.115,731 5.305,116 7,115.731 5,305,116
Baltimore 8z Ohio__ January
20556970 14269760 20,556.970 14.269,760
B & 0 Ch Term... January
293,731 201,085
201.085
293.731
Bangor & Aroostook January
496.949 678,569
678,569
496.949
Bellefonte Central_ _ January
9,760
7,102
7,102
9,760
Belt By 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 & Garfield January
32.189
9.882
9,882
32.189
January
8,313.059 5,781.373 6,313.059 5.781,373
Bklyn B D Term.... January
138.233 114,910
114.910
138.233
Buff Roth & Pittsb 1st wk Mar 503,649 402,097 4,821,750 3,093,752
Buffalo Sr Snag
272,234 171,848
January
171,848
272.234
Canadian Nat Rya- 1st wk Mar 2,020.965 2,024,679 19,231,806 18.058,438
Canadian Pacific_ _ _ 1st wk Mar 3,058,000 3,029,000 26,733,000 25,108,000
Oar Clinch & Ohio_ January
727,584 599,080
599.080
727.684
Central of Georgia January
159,747 1,506.887
159,747 1,506.887
Central RR of11 J January
4.364.572 3.969.907 4,364.572 3.969.907
Cent New England_ January
520.639 528,074
528.074
520.639
Central Vermont.. January
615,795 493,623
493.623
615,795
Charleston & W Car January
311,036 240,293
240,293
311,036
Ches & 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 1166214415.184,037 11,662,144
Chicago & East Ill January
2,646.132 2,055,675 2,646,132 2,055,675
Chicago Great West Januar,2,123.218 1.630,488 2,123.218 1,630.488
Chic Ind & Louisv January
1.430.753 1.146.492 1.430,753 1,146.492
Chic Milw & St Paul January
14470 239 10872247 14,470,239 10,872.247
Chic & North West_ January
12530580 9.974.817 12,530,580 9,974,817
Chic Peoria & St L.. January
160,691 191.177
160.691
191,177
OhIc River & Ind..— January
640,207
640.207
Chic I & Pac
10366391 8.568,236 10,366.391 8,568,236
January
Chic R I & Gulf January
478,504 470.312
470,312
478,504
Chic St P M & 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
Trin & Brazos Val January
165,624 463.812
463,812
165,624
Wichita Valley_-- January
109,103 105.881
105,881
109,103
Columbus & Greenv January
140,565 121.148
121,148
140,565
Delaware & 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
2,650,403 2,331,979 2,650,403 2,331,979
Denver & Salt Lake January
142,959 114,569
114,569
142.959
Detroit & Mackinac January
125,131 103,264
103.264
125.131
Detroit Tol & Iront_ January
769,671 439,436
439.436
769.671
Dot & Tol Shore L__ January
370,554 267.859
267.859
370,554
Dul & Iron Range— January
175.152
99,788
99,788
175,152
Dul Missabe & Nor_ January
133,003 126,255
126.255
133,003
Dul Sou Shore & Atl 1st wk Mar
97.981
57,153
587,705
888.878
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
1.036,617 763,869 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&NYRII January
124,892 114,954
114,954
124,892
Florida East Coast.. January
1.498.272 1,209.536 1,498.272 1,209,536
Fonda Johns & Glov January
134.961 117,129
134.961
117.129
Ft Smith & Western January
141.796 109,351
109.351
141,796
Galveston Wharf.. January
126,334 104,897
104.897
126.334
Georgia Railroad_ _ _ January
472.929 344,382
344.382
Georgia & Florida January
132.222
91.
132,222
91,672
Grand Trunk Spat— 1st wk Mar 2,352,8751.944,924 18,918.999 16,942,838
Ati & St Laver_ _ _ January
348,930 277.028
348.930
277.028
January
Ch netCan GTJct
226,357 201,611
226,357
201,611
Det G H & 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
8,874,9605,896.217 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 & Grt Nor.. January
1.227,448 1,036,360 1,227.448 1,036,360
Internat Ry in Me.. January
334,763 259,805
334.763
259,805
Kan City Men & Or January
103,367 107,442
103,367
107,442
K C Max & 0of Tex January
124,404 106.631
124,404
106,631
Kansas City South_ January
1,785.083 1.329.096 1,785,083 1,329.096
Texark & Ft Sm.. January
221,001 182,062
221,001
182.062
January
Total system
2,006,083 1.511.158 2,006,083 1.511,158
Kan Okla & Gulf— January
263.168 208,280
263,168
208,280
Lake Sup & Ishpem_ January
8,902
1,899
8,902
1,899
Lake Terminal By.... January
82,439
81,846
82.439
81,846
Lehigh & Hud River January
219,988 204,918
219.988
204,918
Lehigh & New Eng.. January
461.398 352,866
461,398
352,866
January
Lehigh Valley
5,123,087 5.134.085 5,123,087 5,134.085
1,730,410 1,473,540 1.730,410 1,473.540
Les Ang & Salt Lake January
January
Louisiana & Arkan_
330.343 218.422
330,343
218,422
Louisiana Ry & Nay January
353,965 239.200
353,985
239,200
Louisville & Nasliv- January
11033 127 8,599.462 11,033,127 8,599,462
285,287 203,243
Lonisv Hand & St L January
285,287
203,243
January
1.516,549 1,522.612 1,516,549 1,522,612
Maine Central
Midland Valley........ January
385,049 319.495
319,495
385,049
1st wk Alar
9,182
Mineral Range
2,988
79.506
31,223
Minneap & St Louis let wk Mar 356,559 341,127 3,088,066 2,926,621
4,101,903 2.662,129 4.101.903 2,662.129
Minn St P & S S M.January

Latest Gross Earnings.

ROADS.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

Mississippi Central_ January
151.216 111,975
114.975
158,216
Mo & North Arkan- January
115,007
115,007
Missouri Kan & Tex January
2.870.032 2,130.370 2,870.032 2.139,370
Mo Kan & Tex First December 5.143.443 4.499.438 55.035.701 63,020,975
Mo K & 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
Mobile & Ohio
1st wk Mar 404,608 308,452 2.896.010 1,926.407
Monongahela
January
4
20450:159
23 370,630
440,759
370,631
Monongahela Conn_ Ja
anuarY
ury
a
205,123
93,186
93,186
Montour
January
144.317
76,782
144,317
76.782
Nashv Chat & St L.. January
1,929.123 1,456,123 1.929,123 1.456.123
Nevada-Cal-Oregon 1st wk Mar
3,751
2,861
44,985
33,929
Nevada-Northern.... January
50,505
17,380
50.505
17.380
Newburgh & Sou Sh January
159,823
159,823
99,484
99.484
New Orl Great Nor.. January
235.206 194,223
235,206
194,223
N 0 Texas & Mex January
275.232 217,618
275.232
217,618
Beaum 8 L & W January
184.367 153.794
184,367
153.794
St L Browns & 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
997.436
679,407
Michigan Central January
7,874.572 5.277,044 7,874,572 5.277,044
Cleve0 C & St L.. January
8,375,812 6.038,120 8.375,812 6,038,120
Cincinnati North.. January
435.172 247.686
435.172
247,688
Pitts 0C Lake Erie January
3,536.884 1.776,273 3,536,884 1,776.273
N Y Chic & 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 Ont & Western January
961.839 806,303
961,839
806.303
N Y Susq SZ West... January
387,374 324,440
387,374
324.444
Norfolk Southern— January
683,637 519,865
683,637
519.865
Norfolk & 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
534,304
507,399
Pennsylv RR & Co.. January
55648930 45587071 55.648.930 45.587.071
Balt Chen & ALI_ January
85,134
71,284
85.134
71,284
Long Island
2.321.356 1.921,303 2,321,356 1,921,303
January
Mary'd Del & Va January
66.756
56,958
66,756
56,958
Tol Poor & West_ January
155,982 123.135
155.982
123.135
W Jers & Seasnore January
952,007 720.332
952,007
720,332
Pennsylvania Syst__ January
59269318 48528909 59,269,318 48.528.909
Peoria & Pekin Un_ January
163,765
163.765 144.368
144,368
Pere Marquette_ _ _ _ January
3,510.582 2.438.187 3.510.582 2,438,187
Perklomen
January
87.627
104,646
104,646
87,627
Phlla & Reading—.January
9,251.048 6,120,758 9.251.048 6,120,758
Pittsb & Shawmut January
150.770
150,770 101,105
101,105
Pitts Shaw & North January
163.002
163,002
94.469
94.469
Plttab & West Va.... January
265.573
265,573 285,672
285,672
Port Reading
January
324,820
324,820 178.229
178,229
Pullman Company_ January
5,572,223 5,423,399 5.572,223 5.423,399
Quincy Om & K C..- January
127,668
72,818
127,668
72.818
Rich Bred & Potom January
963,696 751,156
963,696
751,156
Rutland
498,198 411.866
January
498.198
411,866
St Jos & Grand Isl d January
266,371 234,311
266,371
234,311
St Louis-San Fran.... January
6,797.096 5,881,133 6.797,096 5.881,133
Ft W & Rio Or.... January
119,097
119,097 105,244
105,244
St L-8 F of Texas January
136.358
136,358 138,897
138,897
St L-8 F (whole sys) let wk Mar 1,631.021 1,403,529 15,327,267 13,602,158
St Louis Southwest_ 1st wk Mar 549,141 434,273 5,429,862 4,139,741
8t Louis S W of'lox January
715,751 623,513
715.751
623,511
Total s stem... _ 3d wk Feb 540.156 402,951 4,177.503 3,200.873
St LouisTransfer... January
72.214
72,214 107,087
107,087
San An & Aran Pass January
413,543
413,543 364,809
364.809
San Ant Uvalde & G January
81,028
65,824
81.028
65,824
Seaboard Air Line__ January
4,487,731 3.588.569 4,487,731 3,588,569
Southern Pacific Co January
14230952 12431735 14.230,952 12,431,785
Atlantic S 8 Lines January
1,123,025 892.223 1,123,025
892,223
Arizona Eastern_ January
299,564
299,564 182.385
182.385
Galv Harris & S A January
1,891,326 1.629,592 1.891,326 1.629,892
Hous & Tex Cent_ January
1,227,387 1,413,881 1,227.387 1,413.881
Hous E & W Tex_ January
244,291
244.291 215.655
215,655
Louisiana Western January
433.231 344,795
433,231
344,795
Morg La & Texas January
895.024 608,390
895,024
608,390
Texas & New Orl_ January'
749,604 828,814
749.604
828.814
Southern Railway.... tat wk 114ar 3,796,052 3,245,101 34,342.628 27,277,917
Ala Great South_ January
891,523 673,418
891.523
673.418
Cin NO & Tex P_ January
1,874,009 1,304.606 1,874.009 1.304,606
Georgia Sou & Fla January
437,072 411.746
437,072
411,746
New Orl & Nor E.. January
608,303 490.761
608,303
490,761
North'n Alabama January
85,066
149.777
149.777
85,066
Spokane Internat— January
90,829
101,289
101.289
90.829
Spok Port & Seattle_ January
620.682 532.753
620,682
532,753
Staten Island It T__ January
177,734 158,686
177.734
158,686
Tennessee Central__ January
239,963 167,534
239.963
167,534
Ter RR Assn of St L January
402,696 391,213
402,696
391,213
St L Mer Bdge T.January
454.274 304,671
454.274
304,671
Texas & Pacific...... 1st wk Mar 582,378 549,517 5.556.786 5,360,935
Toledo St L & West January
1,091.106 720,148 1.091.106
720,148
Ulster & Delaware__ January
87,375
104,655
104,655
87,375
January
Union Pacific
8,245,007 6,813,033 8,245,007 6,813,033
St Jos & Grand La November
306.217 257.337 2,900.458 3,104.965
Total system---- January
15433610 12892072 15.433,610 12,892,072
Oregon Short Line January
3,078,198 2,567.359 3.078.198 2,567.359
Ore-Wash RB&N January
2.879.995 2,038,140 2,379,995 2,038.140
945.
(Penn)....J anuary
945.250
660.699
Utah
January
150.327 106.679
150,327
106,679
%Ticks Shrev & Pac_ January
360,642 289.940
360,642
289,940
January
Virginian RR
1.608,179 1,415,160 1,608.179 1,415,160 •
January
Wabash RR
4.871.238 4.302.491 4,871,238 4.302,491
Western Maryland_ 1st wk Mar 435,067 334.670 3,867.865 3,316,977
January
Western Pacific
862.602 790,440
790.440
862,602
Western Ry of Ala__ January
238.366 181.333
238.366
181,333
Wheel & Lake Erie_ January
9 41 967,372 1,088.741
1,088442
967,372
189,900 129,570
January
eceraber
Wichita Falls & NW D
97.942
129,570
Wichita Valley
127.004 1.415,488 1.723,109
Yazoo & Miss Valley January
1.963.262 1,409.585 1,963.262 1,409.586

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly
Current
Year.

Previous
Year.

Increase or
Decrease. I %

Current • Previous
Increase or
Year.
Year.
Decrease.
%
Curr.Yr.
Mileage.
Prev.Yr.
$
$
I
i
$
234.955 234,338 416.240,237 432,106,647 —15,866
4th week Den (14 roads)---- 10.9/7.911 9.8l3.503 +1.104,408 1.02 April
410 3.67
234,931 234.051 447.299.150 443.229.399 +4.069:751
1st week Jan (17 roads).-... 13,055.010 10,606.706 +2.448,304 2.30 May
235.310 234.568472,38903 460.007.081 +12,376,822 0.92
2d week .1 in (17 roads).— 13,413.517 11,169,71A +2,243.811 2.01 June
2.69
13,209.182
235.082
roads).—
12.50
11.735.734
July
234,556
+1.473.448
1
(17
3d week Jan
442.736,397 462.696.086-19.980.589 4.31
18.741.873 14.988.968 +3.752.905 25.03 August
235.294 235.090472,242.561 504,154.065 —31.911,054 6.35
4th week Jan (16 roads)---- 12,813.157
+023,723 7.56 September....235.28O 235,205 498,702,275 498.078,503 +1,723,772 0.33
11.819,434
1st week Feb (I6 roads)____
233.872 232.882 545,759.206 532.684.914 13.074,292 2.46
+733.779 6.48 October
2d week Feb (15 roads)____ 12.194.740 11.460.961
+599,242 4.96 November_ _235,748 235.679 523.748,483 466,130.328 57.618.155 12.34
3d week Fdy (18 roads)---- 12.673.8.32 12,074.590 +2.265,411
16.76 December. _235.920 236,121 512.433,733 424,698,143 87,735.590 20.66
4th week Feb (17 roads).--- 15,774.740 13,509,329,
1st week Mar (19 roads)___- 15,904.378 14.177,334i 0)1,727,044 12.18 January_ _ _ _235,678 235,827 500.816,521 395,000,157 70.803,472 21.00
•Grand Rapids & Indiana and Pitts. Oln. Ohio. & St Louis included in Pennsylvania RR. z Lake Brie & Western included in New York Central.
Weekly Summaries.




Monthly Summaries.

MAR. 17

THE CHRONICLE

1923.]

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 19 roads and shows 12.18%
increase over the same week last year.
First Week of March.

1923.

1922.

Increase. Decrease.

$
$3
Ann Arbor
96,963
1,187
103,149
Buffalo Rochester & Pittsburgh_
503,649
402,097 101,552
Canadian National Railways--- 2,020.965 2,024.679
3.714
Canadian Pacific
3.058.000 3,029,000
29,000
Duluth South Shore & Altantic_
40,828
57,153
97,981
Grand Trunk Ry System
Grand Trunk Western
2,352,875 1.944.924 407.951
Detroit Grand Hay & Milw_
Canada Atlantic
Minneapolis & St LeuLs
356,559
341.127
15,432
Iowa Central
Mineral Range
9.182
6,194
2,988
Mobile & Ohio
404,608
308.452
96,156
Nevada Cal & Ore
2,861
3,751
889
Southern Ry System
3.796,052 3.245,101 550.951
St Louis-San Francisco
1,631.021 1,403,529 227,492
St Louis Southwestern
549,141
434.273 114.868
Texas Pacific
32,861
582,378
549,517
Western Maryland
435,067
334.670 100.397
Total (19 roads)
Nat. inoraanta (19 15.7-1

15,904,378 14,177,334 1,730,758
1 797 Add

3,714

Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Tares
1922.
1922.
1922.
1921.
1921.
1021.
$
$
$
$
3
$
American Railway Exorcist Co-91,199
86.971
November _13,363,589 14,471,290
1922.
1923.
1922.
1922.
1923.
1923.
Louisiana Ry dc Navigation Co23,397
53,344
239,200
70,738
7,379
January _
353,965

ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

622.319 481,699 *5,908,481 *4,865,486
Adirondack Pow & Lt January
Alabama Power Co__ January
532,145
532,145 427,261
427,261
Amer Elec Pow Co_ __ February 1771,026 1520,809 3,615,330 3,155,815
Amer Pow & Light Co November 2592,269 2327,660 *27837695 *27226412
American Tel & Tel__ January
5992,693 5134,270 5.992,693 5.134,270
Amer Water Wks Elec October
2483,730 1632.392
mArn Wat Wks & Sub November 2550.142 1691.544 23.404.182 19.824.936
Appalachian Pow Co_ January
2990,266 2508,872 2,990,266 2.508,872
Arkansas Lt & Power December 101,335 85,333 1,294.393 1.108,287
Asheville Pow & Light December
900,600
75,931 71,779
851.231
Associated Gas & Elec December 198.652 173,388 1,973.402 1,725.454
Bangor Ry & Electric November 136,383 129.057 *1,484.078 *1.417.059
kBarcelona Tr,Lt & P January
4858,464 4074.494 4,855,464 4.074.494
Baton Rouge Electric January
58,184 51,890
58,184
51.690
Beaver Valley Tractio nJanuary
60,379 52,991
60,379
52,991
Binghamton Lt, H&P January
103,442 86,294
103.442
86,294
Blackstone Val G & E January
408.355 372.287
408,355
372,287
Boston "L" Railway_ January
2998,297 2837.057 2.998.797 2.837.057
f Brazilian Tr. Lt & P December 17873000 15405000 197749000 170867000
-Bklyn Rapid Transit_ January
3040.091 2792.211 3.040.091 2,792,211
Bklyn City RR (Rec) January
966,329 926,044
966.329
926,044
Bklyn Heights (Rec)_ December
7,175
5.770
88,539
71,775
Bklyn Q C &Sub(Rec) December 224,968 218.598 2,582,915 2,342.163
Coney I & Min (Rec) December 221,880 217.730 2,787.167 2,791.267
Coney Island & Grave December
5,354
4,682
138,361
150.947
Nassau Electric (Rec) December 446,175 413.866 5,181.234 4,780.279
N Y Consol (Rec)___ November 1981.321 1847,921 21.566,97420.358,614
South Brooklyn
December
95,529 76.875 1.179.574 1.006.689
CapeBretonElOo.Ltd January
60,588
60,588 53,804
53,804
Carolina Power & Lt_ December 189,757 158.653 1,992,946 1,681,523
Cent Miss Val El Co January
52,696 50.097
52,696
50.097
Cities Service Co_ __ _ January
1397,672 1245.657 1.397,672 1.245.657
City Gas Co. Norfolk January
86,344 94,309
86.344
94.309
CitizensTracCo&Sub. December
84.316 71,051
817.343
772.048
Cleve Painesv & East December
60,796 55.879
728,571
761.593
Colorado Power
January
93.275 87,925
93,275
87.925
Columbia Gas & Sub aDecernber 1949,429 1524,504 18.620.944 15,235.446
Columbus Electric__ _ January
200,627 168,705
200,627
168,705
Com'w1th Pow Corp_ January
2631,789 2322,745 2,631,789 2.322,745
Com'with Pr Ry & Lt January
3281,315 2874,956 3.281.315 2,874,956
Conn Power Co
January
184.767 142,825
184,767
142,825
Consumers Power Co. January
1454.285 1210.373 1,454.285 1,210.373
Climb Co Pow & Lt December 335.309 324.617 3,467,564 3.305.110
Detroit Edison Co_ January
2878,366 2338,843 2,878,388 2,338.843
Duluth-Superior Trac September 146.659 143,220 1.293.941 1.340.580
DuquesneLtCosubald January
1753,359 1504,851 1.753,359 1,504.851
East Sh G&E Co&Sub January
45,677 43,143
45,677
43,143
East Texas Elec Co January
165,275 144,169
165,275
144,169
Edls El Ill of Brock'n.. January
148.815 127,753
148,815
127,753
January
El Paso Electric Co-211,980 201.045
211,980
201,045
Elec Lt & Pow Co of
Abington & Rockl'd January
39,014 34,925
39.014
34.925
Erie Ltg Co & Subs January
139,589 109,256
139.589
109,256
Fall River Gas Works January
78,690 83.820
78,690
83.820
January
Trac
Co
Federal Lt &
506,398 462,664
506,398
462,664
Fort Worth Pow & Lt December 253,192 194,70 2,562,537 2,560,636
Galv-Hous Elec Co January
276,073 267.099
276,073
267,099
Gen G & El & Sub Cos January
1295,748 1109.480 1,295,748 1,109,480
Georgia Ry & Power_ January
1470,030 1303,918 1,470,030 1.303,918
Syst
January
West
Pow
Great
644,549
644.549 609,447
609.447
Havana 1C1 Ry, L & P December 1129,971 1147.726 12.910.706 12.882.654
Haverhill Gas Light.- January
50,624 46,837
50,624
46,837
Honolulu Rap Tran January
76,533 80,780
76,533
80,780
Houghton Co Elec Lt December
53,957 5,3.402
548.946
551.694
Manhattan
January
Hudson &
959,220 933,004
959/020
933.004
Hung't'n Dev & Gas_ December 108.934 105,507 1.194.794 1,065.591
December 206,379 192,872 2,446,254 2,298,741
Idaho Power Co
November 2095.594 1951.046 20,433.196 20,057,439
Illinois Traction
Inter Rapid Transit December 4905,698 4831,743
Subway Division December 3262,701 3194,197
Elevated Division- December 1642,997 1637,54
Kansas City Pr & Lt. January
833,668 728,87
728.871
833,668
Keokuk Electric Co January
37.103 35,79
35,791
37,103
Kentucky Trac Term January
130.831 114,64
114,644
130,831
Keystone Telep Co February
143,827 137,97
276.338
287.938
22,776 22,456
22,456
22.776
Key West Electric_ January
Lake Shore Electric December 234.846 200.290 2,519.303 2,564,157
90,530 78,114
78,114
Lexing'n Utll Co&Sub January
90,530
26,984 26,21
377,321
385,090
Long Island Electric_ Decembar
161,434 120,14
120,145
161,434
I,owell El & Lt Corp_ January
25,195 25,06
288,331
286,752
Manhat Bdge 3c Line December
32.449 28,77
339,550
386.862
Manhattan & Queens. December
January
801.506 764.88
764,885
801,508
Market Street Ry
640,234 540,01
540.013
640,234
Metropolitan Edison_ January
1973,216 1628.25. 1.973,210 1.698,255
Mllw Floc Ry & Light January




1169
Latest Gross Earnings.

Name of Road
or Company.

Week or
Month.

Jan, 1 to Latest Date

Current Previous Current
Year.
Year.
Year.

Previous
Year.

232,70
227.827
Miss River Power Co_ January
232,703 227.827
Munic Sexy Co & Subs December 443.509 221,89 3,618.55 2.473,185
Nebraska Power Co__ December 335.907 279,994 3,503.76 3,092.938
Nevada Calif Electric December 241.220 224.75 3.344,447 3,177.109
2.997,50
New Bedford G & Lt- November 310,181
New Bug Power Sys- December 687.957 535.599 5,880,43 5.412.780
75,41
57,166
New Jersey Power__ _ January
75.415 57.16
Newpt News & Hemp
Ry. Gas & El Co__ November 165.435 163.561 1.910,21 2.379.604
277.0
322.255
New York Dock Co-_ January
277,058 322.255
NY Consol RR (Rec) December 2039,530 1980,872
NY Railways
December 766,500 778.429
Eighth Avenue
December 103,184 105.8631 1.217.40 1.218,345
648,828
Ninth Avenue
44,879 47.9541 514,97
December
1.296.152
N Y & Queens (Rec). December
57,513 113.7121 8.470.4
NY & Harlem (Rec) December 133.779 138.9041 1.554,30
697,572
N Y & Long Island December
42,073 46,4611 586,40
109,088
Nor Caro Public Berg' January
119,477 109.0851 119,4
Nor Ohio Trac & Lt December 880,126 761.010 9,354,960 8.672,079
893.53
738,994
Nor Ohio Elec Co
893,537 738.99
January
7,144.204
Nor Ohio Trac & LL.. October
814.834 694,002 7.589.
40.48
31.351
40.487 31,351
Nor west Ohio Ry & 1' January
263,887
247.93
North Texas Elec Co_ January
247.934 263,887
Pacific Gas & Bloc Co November 3280.274 3035,040 35,748,17 34.272,147
2,866,420
Pacific Power & Light December 257.830 253,811 3.007.0
56,0
49,696
Paducah Electric__ _ _ January
56,063 49,69
582.1
572,381
Palmetto Pow & LtCo December
50,513 48,047
Penn Central Lt &
212,990
Power Co & Subs- January
290.5
290,556 212,
269.50
229.687
269,502 229.687
Pennsylvania Edison_ January
Phila Co Subs and
1736,120 1494.28 1,736.121 1,494,289
Natural Gas Cos._ January
38.892
104.517
38,892 104.517
Philadelphia 011 Co January
66,7
61,265
Philadelphia & West_ January
66,756 61,265
Phila Rapid Transit January
3682,077 3436.640 3.682,077 3.436,640
Pine Bluff Co
71,965 34,467 *832.441 *339,629
November
Portland Gas & Coke_ December 317.784 301,621 3,393,271 3,431.832
Portland Ry. Lt & P. December 923,589 886.919 10.120.89 9.922.242
Pub Ser Corp of N J_ _ January
7575,611 7019.118 7,575,611 7,019.118
950,898
1 096 7
Puget Sound Pow & Lt January
1096.768 950,8
255.799
244,263
Reading Transit & Lt January
255,799 244,263
Republic Ry & LtCo- November 770,268 607.171 *7.956.505 *7.433.634
799,660
661,465
Richm Lt & RR (Rec) December
65,308 62.12
75,954
85.43
Rutland Ry.Lt & Pr_ January
85.433 75,954
50.65.
50,529
Sandusky Gas & Elec January
50,655 50,52
135,543
139.56
Savannah Elec & Pow January
139,562 135,543
19.73r
18.180
Sayre Electric Co.... January
19,736 18.18
986,665
Second Avenue(Roe). December
84,513 76,941 1.001.
2,84
2,781
2,781
17th St Incline Plane_ January
2,844
85,971
78,530
Sierra Pacific Alectrie January
85,971 78.530
Southern Calif Edison December 1641.572 1413,805 16,982,226 16,645.722
82,023
72.763
South Canada Power_ January
82,023 73,763
Southwestern Pr & Lt November 926,546 851.392 *9.746.243 *10049797
192.8
165,105
Tampa Electric Co January
192,854 165,10
n4,140,86
Tennessee El Pr & Lt_ December 761.097
215,
217,306
Texas Electric Ry-- January
215,643 217,306
Texas Power & Light_ December 478.516 407.434 4.918.14 4,870.847
Third Ave By Co _ _ _ _ January
1171,610 1122,336 1.171.610 1,122,338
United Gas & El Corp January
1234,507 1091.335 1.234,607 1.091.335
United Lt& Rys&Subs December 1142,299 1060,972 11,834.963 11,372,982
United Rya & Electric November 1370,680 1305,093 14,861,079 15,039,479
Utah Power & Light_ December 703,460 609,176 7,125,090 6.746,642
Utah Securities Corp_ December 854,306 761,750 8,848,905 8,031,001
69,103
47,663
Vermont Hydro-Elec_ January
69,103 47,663
705,408
909,43
Virginia Ry & Power.. January
909.439 705,408
704,581
891.804
West Vs Utilities Co_ November 100,105 83.976
Western Union Tel Co January
9151,885 7,866742 9.151,885 7.886.742
West Penn Co & Sub_ November 1822,579 1212.882 '16639664 *14244524
644,541
609,447
Western pow System_ January
644.549 669,447
Winnipeg Electric Ry December 556.687 547.362 5,517.07 5,579.430
Yadkin River Pow Co Deeember
96.77 105,638 1,210.64 1,073,096
67,833
64,058
York Hay Wat & Pow January
67.833 64,058
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court.declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co.. but these leases were terminated
on July 11 1919, respectively, since which dates these roads have been
operated separately. f Earnings given in milreis. g Subsidiary companies
only. i Includes both subway and elevated lines. )Of Abington & Rockland (Mass.). k Given in pesetas. I These were the earnings from operation of the properties of subsidiary companies. m Includes West Penn Co.
•Earnings for 12 months. t Throe months ending Dec. 31. x Earnings
for 10 months. g Earnings for 11 months. s Five months end. Nov. 30.
S Four months. n Six months.

Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:-GrossEarnings--NetEarnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
American Tel & Tel Co_ _Jan 5.992,693 5,134,270 *2.720,701 *2.113.731
Beaver Valley Traction_ _Jan
*12.526
*17.943
60,379
52.991
Duquesne Light Co
*739.167 *669.009
Jan 1.753,359 1,504,851
Philadelphia Oil Co
*80,015
Jan
*21,958
38.892
104,517
Philadelphia Co & Subsidiary
Natural Gas Co's
Jan 1.736.120 1,494,289 *888,034 *979.995
17th St Incline Plane__ Jan
2,844
*12 *def1,094
2,781
Western Union
995,840
Jan 9.151,885 7.866,742 1.643,708
Companies,

• Net after taxes.
Gross
Earnings.
S
Asheville Power
Dec '22
75,931
& Light Co
'21
71.779
12 mos ending Dec 31 '22
900,600
'21
851,231
Carolina Power
Dec '22
189,757
& Light Co
'21
158,653
12 mos ending Dec 31 '22 1.992,946
'21 1,681.523
Commonwealth
Jan '23 3,281.315
Pow. Ry & Lt Co
'22 2,874,956
12 mos ending Jan 31 '2333,587,026
'22 32,059.543
Consumers
Jan '23 1,454,285
Power Co
'22 1,210,373
12 mos ending Jan 31 '23 14,445,115
'22 13.189,832
Keystone
Feb '23
143.827
Telephone Co
137,978
'22
2 mos ending Feb 28 '23
287.938
276,338
'22

Net after
Taxes.
$
x32.207
x36.020
x338,700
x338.227
x111,866
x76,492
x777,340
x638.977
1,179.558
1,030.280
11,276.136
10,507,729
697,936
608,935
6,853.127
5.784.339
64,031
57,926
126,200
113.068

Fixed
Charges.
$
5.214
5.198
62,467
62.338
20.036
18,522
216.427
212,241
826.298
639,399
8.190.410
7.552,274
194,501
209.814
2.470.698
2,383,632
44,096
41,536
87.799
83,421

Balance,
Surplus.
26.993
30.882
276.233
275,889
91,830
57.970
560,913
426,736
353.260
390.881
3.085.726
2.955.455
503,435
399,121
4.382,429
3,400,707
19,935
16,390
38.401
29,647

1170

T H PI CHRONICLE
Gross
Earnings.

Jan '23
North Carolina
Public Service Co
'22
12 mos ending Jan 31 '23
'22
Northern Ohio
Jan '23
Electric Corp
'22
12 mos ending Jan 31 '23
'22
Palmetto Power
Dec '22
'21
& Light Co
12 mos ending Dec 31 '22
'22
Dec '22
Yadkin River
'21
Power Co
12 mos ending Dec 31 '22
'21

119,477
109,088
1,244,376
1.146,993
893,537
738,994
9,564,995
8,631.921
50,513
48,047
582,155
572,381
96,770
105.638
1,210,645
1,073,096

Net after
Fixed
Taxes.
Charges.
$
35,514
14.862
25,366
13,995
342,624
174,682
318,397
167,721
215,975
169,255
222,229
152,426
2.450,937 1,991,475
2,151,749 1,838,246
x28,134
23.332
x22.887
17,597
x270,612
249,742
x274,527
211,969
x60,455
14,636
x45,224
14,547
x563.432
175.086
x449,912
179,586

Balance.
Surplus,
20,652
11,370
167,942
150,676
46,720
69,802
459,462
313,503
4.802
5,290
20,870
62,558
45,819
30,677
388,346
270,326

x Including other income.

(J. I.) Case Threshing Machine Company.
(Report for Fiscal Year ending Dec. 31 1922.)
The remarks of President Warren J. Davis, together with
income account and balance sheet, will be found under
"Reports and Documents" on a subsequent page.
COMPARATIVE INCOME ACCOUNT CALENDAR YEARS.
1922.
1920.
1919.
1921.
Gross sales
$15,720,716 $17,255.198 $34,547,321 $32,342,653
a Profits
860,283
1,328,185 4,791,942 6,021,607
Note, &c., interest
367,584
416.046
746,425
471.839
Premium on bonds pur_
143,761
Foreign war losses
1.251,968
Depre'n.on plant. &c_ _ .
171,429
683.140
625,350
175.846
Idle plant expense
500,887
Redu. in invent. value_
2,788,459
Reserve for conting'cies_
1,000,000
Cr2,300.000
Prov.for Federal taxes..
675,000
700,000
Balance, surplus
Previous surplus

FINANCIAL REPORTS.
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Feb. 24. The next will appear in that of March 31.
Canadian Pacific Railway.
(Report for Fiscal Year Ending Dec. 31 1922.)
1921.
1922.
1920.
1919.
$
$
Gross earnings
186,675,036 193.021.854 216,641,349 176,929,060
Operating exp. & taxes_150,373,345 158,820,114 183,488,305 143.996,024
Net earnings
36,301,691 34.201,740 33,153.044 32,933,036
Fixed charges
13,348,906 11,519,072 10,775.409 10,161.510
Pension fund
500.000
500.000
500,000
500,000
Balance, surplus
Special income

22,452.785 22.182,668 21,877,635 22,271.526
all,692,355 10,987.199 10,966,448 9,049,343

Total income
33,545.140 33.169,867 32.844,083 31,320,869
Preferred dive. (4%)
3.227,276 3,227.277 3,227.277 3,227.277
Common dive.(10%)_ -- 26,000,000 26,000,000 26,000,000 26,000.000
Balance, surplus

4,317,864

3,942,590

3,616,806

2,093,593

a After deduction of contingent reserves.-V. 116. p. 175.

American International Corporation.
(Report for Fiscal Year Ending Dec. 31 1922.)
The report of President Matthew C. Brush, together with
the income account and comparative balance sheet for
1922, will be found on a subsequent page under "Reports
and Dociiments."-V. 116, p. 938, 518.
Famous Players-Lasky Corporation, New York City.
(Report for Fiscal Year ending Dec. 31 1922.)
The statement for the late fiscal year is given in full
under "Reports and Documents" on a subsequent page.
1922.
Oper. profit(lncl. in 1920
14 months oper. in
$
England & Australia) 4,718.526
Less prov.for Fed. taxes
607.540

1921.
5,9/0,671
1.275.172

1920.
7,826.159
2,231,553

1919.
4,132.985
1,000,000

Oper. profit for year $4.110,987 $4,695,499 $5.594,606 $3,132,985
Common dividends---($8)1.684.148(68)1654,672(58)1671,246(67M)999965
Preferred dive. (8%)_ -735,600
764.400
741,000
Dividends of sub. cos.
11,528
5.115
(to outside interests)_
15,889
23,760
Balance, surplus
61,686,124 $2,264,899 $3,166,471 $2,109,260
-V. 116, p. 726. 416.

Mack Trucks, Inc. (and Subsidiaries).
[Formerly International Motor Truck Corporation.]

(Report for Year Ended Dec. 31 1922.)
The remarks of President A. J. Brosseau, together with
the income account and comparative balance sheet as at
Dec. 31 1922, will be found under "Reports and Documents"
on a subsequent page.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
Calendar Years1921.
1922.
1920.
1919.
Sales
$31,070,289 $24,849,268 634,071,366 $22,143,698
Cost of products sold
22,595,999 20,194,985 a24,627,410 a16,277,222
Gross earnings
$8,474,290 $4,654,283 $9,443,956 $5,866,477
Selling & general expense 4,446.758 4.052,146
5,288,089 2,939,537
64,027,531
Net earnings
$602,137 $4,155,867 $2,926,939
489.748
293,427
Other income
432,285
302,238
$4,517,279
Net profit
565,000
Federal tax reserve
Depreciation
Inventory shrinkage
Loss on demolition of
plant assets
Amortiz. of war facilities
Interest, &c
764,533
let Pref. dividends(7%)
372.084
2d Pref. dividends (7%)
283,109
Common dive.($1)
do
stock
Balance, surplus

6895,564 $4,588,152 $3,229,178
525,000
930,000
437,275a
331,357 1,370,849
48,289
764.5331 b1,515,2321
372.0841
1

$2,532,554df$1,009,686

247.780
67,929
c841,681
d156,376

e353,885
$774,896

$985,412

a Cost of products sold, in 1920 and 1919. include depreciation. b Dividends paid in cash on 1st and 2d Pref. stocks from Sept. 1 1919 to Dec. 31
1920 (9 1-3%). c Includes dividends from Nov. 1 1916 to Sept. 1 1919.
d Includes dividends from Nov. 1 1918 to Sept. 1 1919. e Common stock
dividend of 70,777 shares at statutory minimum of $5 per share.-V. 115.
P. 2693.




[VOL. 116.

$321,270 ioss$583.431 $1,936,963 $2,909,482
1,622.491
3,815,922 7,558,960 6,110,728

Total
61,943,761 $3,232,491 $9,495,922 $9,020,210
Special reserve against
conting.invent.losses. Cr.376,087
700,000
Preferred dividends (7%) 910,000
910,000
880,250
910,000
Common dividends(10%)
870,000
Do in Liberty bonds
(7%)581,000
Do in stock
3,900,000
P.& L.surplus Dec.31 $1,317,373 $1,622,491 $3,815.922 $7,558,960
Prior yrs. adjustments__
92.475
a Profit from sale of manufactured products and income from other
sources, after deducting all oper expenses and ordinary losses, but before
deducting int. charges and provision for deprec. on plant and branch prop's.
-V. 115. p. 763.

American Sugar Refining Co.
(Annual Report-Year ended Dec. 31 1922.)
President Earl D. Babst, New York, March 14, wrote in
substance:
General Statement.-The year 1922 saw an end to the major events of
Government control and decontrol of the sugar industry. The various
steps taken, however, have profoundly affected the refining industry,
and have left commercial problems, especially the shifting of markets
under the war-time zoning regulations, which will require some years for
adjustment. Control began Aug. 27 1917. Decontrol, so far as actual
commercial operation in sugar by the Government was concerned, came
Dec. 31 1919. Prices, operating margins and distribution continued to
be regulated until Feb. 28 1921.
The President, his Cabinet and Congress are entitled to great credit
for resisting, early in the year, the pressure of a multitude of plans suggesting further artificial interference in the sugar industry.
44
Foreign Markets.-The loss through the war of 2,000.000 tons of sugar
production in Europe had been balanced by an increased production in the
United States and Cuban field of almost the same amount. We now have
before us the task of holding foreign markets. It means contending with
many foreign systems of sugar taxation, customs duties and preferential
tariff treaties, some designed, like our own tariff, to develop certain fields
as a matter of policy.
Steps Taken in 192210 Overcome the Effect ofthe Attempted Decontrol of 1920.
-In 1920 the people of the United States, in the panic of attempted decontrol on empty shelves, bought and imported, mostly outside of their
purchases from TJnited States refiners, a total of 885,868 tons of sugar
front nearly 50 foreign countries, all of which was in addition to imports
from our usual sources of supply in Cuba, Porto Rico, Hawaii and the
Philippines. This unfortunate overbuying by grocers and manufacturers
proved the outstanding feature of our disastrous decontrol.
The over-supply, added to our regular current crops, caused also the distress of 1921. That year was one of misplaced tonnage. In spite of
Cuba's attempt to control the situation through regulation of its exports,
and in spite, finally, of a skillful Cuban.decontrol, the situation steadily
grew worse until at the end of 1921 Cuba had a carry-over ofabout 1,250,000
tons, having been again displaced in our market by a considerable quantity
of foreign sugar. The market of 1921 had no stability, even at prices considerably below cost of production. The entire sugar industry was demoralized and great risk attended every transaction.
Sugar Export Corporation.-The year 1922 opened under these unfavorable conditions. A suggestion of this company was adopted at that
time by a group of Cuban producers, who contracted toforward a large tonnage to be refined for export and to be sold by a Sugar Export Corporation
organized under the Webb Act. An invitation to join this enterprise was
extended to all Cuban producers and to all United States refiners engaged
in the export trade. The National Sugar Refining Co. and this company
eventually completed the plan and the Sugar Export Corp. started operations on Jan.4 1922. The purpose was to distribute throughout the world
as much as possible of this misplaced tonnage. Success attended the
effort almost immediately. The volume of exports became so large that
by June the Sugar Exports Corp. ceased further commitments. Your
refining capacity was held for the requirements of the domestic market.
which are always heaviest during the summer months.
This leadership of producers and refiners, working through the Sugar
Export Corp., influenced an unprecedented export movement of refined
sugar. A total of 819,964 tons of refined sugar (requiring 881,681 tons
of Cuban raw sugar) was exported during the year 1922 to 83 countries.
Volume of Exports of Refined Sugar from United States (in Tons).
819,96411919
658,57511916
1922
703,862
416,881 1918
150,520 1915
1921
430,158
68
451,221 1914
1920
412,494 1917
174,289
Exports Key to Prosperity of Industry.-The key to the future continues
to be the ability of the industry to hold foreign markets. Sugar refineries
already built in the United States are more than sufficient to refine enough
sugar for this country and also all the export sugar Cuba can produce for
years to come. Washington should give the refiners power to refine in
bond and so save unnecessary expense to the industry and to the Government.
United States refiners and Cuban producers, acting together in perfectly
legal ways, and under the encouragement of their respective Governments,
can build nip foreign markets, giving capital a generous return, and also
giving the United States and foreign countries the benefit of ample supplies
of a food staple in demand throughout the world.
Contract Repudiations.-The company was forced in Oct. 1921 to cease
payment of a dividend on its Common shares by reason of operating losses,
the smaller income from investments and especially because of the uncertainties resulting from the repudiation of contracts in 1920. The balance
sheet shows the substantial progress made during 1922 with this difficult
and unexpected task of contract repudiation. The earnings of the company
for 1922 over and above fixed charges, depreciation and the dividend on
the Preferred shares, have been devoted entirely to meeting the bad account losses on 1920 contracts developed during the year.
These 1920 contracts with our customers were made in good faith.
We bought and paid for the raw sugar to fulfill them. Thousands of our
customers carried out their contracts in good faith. Many others, however, repudiated, and some are still marshalling technical defences in the
Courts. We continue to meet with great consideration those of our customers who acknowledge the obligation of their contract, but as a matter
offair play to our loyal customers and in justice to the stockholders we continue steadfast in our purpose to carry through the Courts all cases of technical defence and of wilful repudiation.
1104
If customers had met their obligations to your company in the same
manner that your company met its obligations undertaken directly in the
interest of its customers, the earnings of 1922 would be ample for the
payment of dividends.
In other words, the inventory losses of 1920-21, while large, alone would
not have affected the Common dividend. The repudiation of contracts.
however, brought losses and uncertainties which will require at least an-

MAR. 17 1923.]

THE CHRONICLE

other year to clear from the annual reports. Organized efforts to intimidate the company and to sustain these repudiations have been broken up
very largely by Court decisions, except in certain sections of the wholesale
trade of Pennsylvania and of Massachusetts.
Results.-Total business ofcompany in all departments for 1922 amounted
to $192,000.000. The profits from operations were 310,083,833. after provision for taxes. The volume of sales in packages, under the trade names
"Domino" and "Franklin" sold to the trade through our own sales organ-,
fration, has also shown a gratifying increase.
Sale of Great Western Sugar Co. Preferred Stock.-Shortly after the close
of the fiscal year 1922, a sale was concluded of the remainder of the company's holdings of the Preferred shares of the Great Western Sugar Co.,
the proceeds of which, however, are not reflected in the current balance
sheet as they did not come into our hands until Jan. 1923. Otherwise.
there has been no change in the beet holdings of the company or in their
valuation (see1V. 114. p. 1057).
Operating Properties.-During the year operations have been charged for
maintenance and repairs the amount of $1.302,000. Betterments have
been capitalized to the extent of $3,667.000. This includes all betterments at the various refineries, the purchase of a cargo ship for handling
Cuban raw sugar, and all items for the completion of the Baltimore refinery.
Baltimore Refinery.-The Baltimore refinery began operation April 3
1922 and was opened to public inspection on May 17, following, exactly
two years after ground had been broken for its construction. The refinery
has operated continuously since the opening, except three weeks in December, and the results so far obtained give every promise of justifying
fully the entire enterprise.
Land Holdings, &c.-We have planted in the Adirondacks, from our
nurseries, 1,593,417 trees as a part of our reforestation operations. We
now have 1,200,000 trees in the seed beds and the transplant beds.
Our holdings of land and standing timber amount to 500 square miles,
served by 1134 miles of railroad.
Acreage Standing Hard Pulp Wood
Acreage Timber Wood Timber. Standing. Miles
in ee. Rights.
(Cords.) of RR.
(feet.)
Adirondacks
47,278 19,000
83000,000 125.000 20
South Carolina
1.870 76,978
591,507,127
Louisiana
26,000
219,881,315
Missouri and Arkansas _l50,000
79,464,000
934
Various contracts
123,695,143
Total
225,148 95,978 1,097,547,585 125,000 1131.4
Stock Purchasing Plan.-Employees have continued to avail themselves
of the opportunity offered by the company to purchase stock of the company
on partial payments. Purchases by employees on the labor pay-roll are
limited to a single share at ono time and to the Preferred stock.
Tariff.-No mention has been made in this report of the new tariff,
which amounts to 2 cents a pound on each pound of refined sugar purchased
at the grocery store. On the sugar imported by company durWg 1922 there
was paid as customs duty the sum of $48,011,167.
Stockholders.-The number of stockholders is 27.288, substantially the
same as a year ago. About one-half are women and the average holding
continues to be 33 shares.
COMPARATIVE INCOME STATEMENT FOR YEARS ENDING DEC.31
1920.
1921.
1922.
1919
Profit from operation_ _x$10.083,833 y/2,177,276 $1,802,438 $10,283,082
Int on loans & depos_
313,292
5,381,130 y1,033,661
653,441
Income from investment 1,523,008 4,113.856 4.289,186 4.314.096
Net profit from Invest....
129,063 y1,489,310
Exces.s reserve former yrs
2,417.085
From sur. of former yrs..
5,311,368 10.686.280

1171

were materially below market prices, and in no case higher than market
prices.
Contractual Liabilities as of Dec. 311922, representing forward commitments for raw materials and supplies, amounted to approximately $10,000,000, all of which were at prices below current market, and as to quantities
covered future requirements for conservative periods.
Funded Debt.-On Dec. 1 1922 company retired $6,000,000 7% Secured
Gold Notes, due Dec. 1 1923. This released $9,000,000 57. First & Ref.
Mtge. Gold Bonds, due Jan. 1 1947, which had been deposited as security
for the notes. $7,000.000 of the 5% bonds so released were sold to provide
funds for the retirement of the 7% notes, and the remaining bonds, amounting to $2,000,000. are held in the treasury. The company had an opportunity to sell the 5% bonds at a favorable price, and, while the 7% notes
would not have matured for another full year, it was considered advisable
to take advantage of this opportunity to sell the bonds and thus substitute
long-term bonds for the short-term notes.
The company retired 9970,000 of funded indebtedness during the year,
through the operation of the sinking funds, being $790,000 of 5% bonds
and $180,000 of 74% notes.
The total outstanding funded debt as of Dec. 31 1922, after giving effect
to the foregoing transactions, amounted to $85,981,800. a net increase of
$30,000 as compared with the first of the year, against which, however, a
saving of $123,000 was effected in the annual interest charges.
Plantations.-The development of rubber plantations owned by the company has progressed satisfactorily. The properties are located in Sumatra
and on the Malayan Peninsula. Those in Sumatra comprise a total of
88,659 acres, of which 48.917 acres have been plantecrand about 43,600
acres of the planted areas are in production. Those on the Malayan Peninsula comprise 22.226 acres, of which 10,311 acres have been planted, with
about 1,500 acres in bearing.
The ownership of these plantations enables the company to obtain from
its own properties a constantly increasing supply of crude rubber, and what
is of even greater importance, to obtain rubber of uniform qualities, especially adapted to its own requirements.
The rubber produced on these plantations is taken over by the United
States Rubber Co. at current market prices, and enters into its manufacturing cost at these prices. On this basis the plantations have produced a
profit, except for a period of extreme low prices during 1922, and the
plantation companies have accumulated a surplus after providing conservative reserves for amortization of the cost of the properties. No part of the
profits or surplus has been included in the results of the U.S. Rubber Co.
Outlook.-Company closed the year in a strong financial condition, and
as to Inventories of finished goods and raw materials, including forward
commitments, is in a favorable position. The business outlook for 1923 is
encouraging.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921,
1920.
1922.
19019.
$
Net sales
168,786.350 256.150,130 256,150,130 225,589,465
Net income before int.__ 12,662,1111
Not
1 26.864,297 21,396.099
Net interest charges_
4,970,0721 shown. 1 5.643,314 3.665.862
Net profits
x492.811 21,220.983 17,730,237
7,692,039
Preferred dividends_ _ _ _ 5,520,000 5,440,000 5.200,000 5,041,476
Surp. for Com. diva
2,172,039 def4,947,189 16,020,983 12,688,761
Common dividends
1,620,000 6,480.000 2,098,576
Divs., subsidiary cos_ _ _
18,718
18,718
18,718
19.567
Surplus
2.153,321 def6,585,907 9.522.265 10.570,618
Previous surplus
30.048,439 47,325,380 52.310.163 41,848,051
Contingency reserve
6,000,009
Other deductions
5,989
108.506
Depreciation offabrics..
6,594.031
Deprec. of fin.goods
4 091.014

Total
$11,354,773 $4,724.977 $19,508,281 $15,250.619
Depr.,renew.& replace_ $1,000,000
$2,000,000 $2,000.000
Sundry reserves
10.195.812 3.831,944
Surplus
32,201,760 30,048.439 55.832.428 52,310.163
Interest on bonds
z1,800,000
Dr.103.939
492.952
Dividends, Pref.(7%)
3.149.986 3.150.000 3,150,000 3.150,000 Adjustment credit
Common
(335)1574977(94)4162469(10)4499,969
Surplus
32,097,821 30,048,439 56,325,380 52,310.163
Total deductions
9.000.000
$5.949.986 $4,724,977 $19,508,281 $13.481.914 StI.diVileb.'20(1234%)
Balance to surplus
5,404,787
1,768,705 Bal., p.& 1. sur.,
Dec.31 32.097,821 30,048,439 47.325,380 52.310,163
x After provision for taxes. y Loss. z In December 1921 company
Issued $30.000.000 15-year 6% bonds (see V. 115, p. 2724.)
x After absorbing about $10,000.000, representing the excess cost of
finished goods carried over from 1920 and sold in 1921, as compared with
BALANCE SHEET DEC. 31.
the average cost of producing similar goods in 1921.
1922.
1921.
1920.
1919.
Assets-CONSOLIDATED BALANCE SHEET DECEMBER 31.
•
$
$
$
$
Real estate and plants.- 62,975.914 60,823,488 51,322.190
45,852,454
Assets1922.
1921.
Merchandise & supplies_ 15,371.933 11,310,583 45,405,155 15,033.491 Cash
$12.104,575 $12,998,905
Prepaid accounts
2,623.855
990.480 2.339,255
507.580 Accounts and notes receivable
42,416.646
41,164,289
Accounts receivable__ _ _ 7.538.218 5,647,156 12,546.856 6,691.400 Notes & loans receivable (incl. notes of employees
Accrued income
371.366
401,600
1,042,062
784,903
given for purchase of capital stock and secured
Loans
19.500.989 15,975,595 3,823.911
5,581,070
by such stock)
x9.321,172 x9,678,908
Investments, general.- 34.040.685 34,815.535 30.283,551 44.557,960 Finished
goods
40,628,274 50,928,599
U. S. Liberty bonds.. _ -14.371.999
Materials and supplies, incl. goods in process
23,037,860
26,013,428
Customers' acceptances- 1,585,065 2,432,025
1.897,912
Cash
6.012.380 5,817,581
8.839,932 28,161.879
Total current assets
$127,508,528$140,784.129
Accts. receivable (add'1) x8,854,304 17,077,810
Securities owned and held in insurance fund
$2.442,032
Common stock U. S. Rubber Co. under contracts
Total
158,874.709 155,291,854 171,615,664 147.427,896
and agreements
2,305,336 2,305,336
LfabilirgeSecurities owned, including stock of U. S. Rubber
Preferred stock
45,000.000 45.000,000 45,000,000 45,000,000
Co. held by subsidiary company
5,763,660 4,320.684
Common stock
45,000,000 45,000.000 45,000.000 45,000,000 Plants,
prop. & invest'ts, incl. rubber plantations176,626,685 186,396,253
15-Year 6s
30,000,000
Prepaid and deferred assets
4,106,812 4,143,547
Sundry reserves
20,152.354 21,855.542 33.562,231 23,366.419
Accts. and loans payable 6,419.9:18 4841,540 6,839,136 8,973.360
Total assets
$318,311.022.1340,391.980
Bids payable
19.900.000 27.150,000
Raw sugar drafts pay'le_ 4,290,000 10.729,000
Liabilities. Reserves and CapitalDivs. declared & outst'g
payable. including acceptances payable
811,286
811,282 1,598,439
1,935,979 Accounts
for importations of crude rubber
Surplus
14,064,305 $9,423,368
7,201.132 7.154.490 12,465.858 23,152,138
Accrued liabilities
2,917.589
Total
158.874,709 155,291,854 171,615.664 147.427.896 Loans payable, &c
25,080,000 36,210,000
x Accounts receivable (additional) are account claims 1920 contracts,
Total current liabilities
139,144.305 $48,550,957
First & Refg. Mtge. gold bonds, due 1947
$1,160.810, accounts receivable, undellvorod 1920 contracts, $7.693,494
y63,761,800 57,551,800
5-year 7% Secured gold notes, due Dec. 1 1923_
-V. 116, p. 721, 179.
6,000,000
10-year 74% Secured gold notes, due Aug. 1 1930- 19,620,000 19,800,000
Canadian Consol, Rubber Co., Ltd.,65. 1946
United States Rubber Co., New York.
2,600,000 2,600.000
General reserves
1,649.667
1,649,667
(Annual Report-Year Ended Dec. 31 1922.)
Insurance reserves
2.975,980
2,964.353
Reserve for depreciation of property and plant_
16,738,862
Chairman C. B. Seger, New York, March 8, wrote in Res.
for div. on Pref. stock, pay. Jan. 31
1,380,000
1.380,000
Capital stock-Preferred
substance:
z65.110.000 65.110,000
Common
81.000,000 81,000.000
Sales.-Sales for the year amounted to $168,786,350, being an increase Minority-Can.
Consol. Rub. Co., Ltd., stock...
277,000
273,800
of $4,079,729 compared with the sales for 1921.
Fixed surpluses-subsidiary companies
6.709,275 6,709,276
Because of the lower range of selling prices comparison of dollar
Surplus
I.
30,048.439
of sales with previous years is not fairly indicative. Considered onvolume
32.097.821
a
basis
of tonnage or units, the volume of business for 1922 was substantially
in
Total
$316,311.022$340,391.980
excess of that for 1921 in all principal products, especially in tires and
mechanical goods.
x Includes: Notes receivable of employees. $6,881,465, other notes and
Results.-Not profits from operations for the year amounted to $12,662.- loans
receivable.
$2,439,706.
y U.S. Rubber Co. 1st Mtge.5% gold bonds.
111. It was found necessary to make several reductions in the selling prices due 1947. issued.
$69,000,000, less amount retired through sinking fund,
of tires from those in effect as of Jan. 1 1922, which were already too low $3,238,200,
and less $2,000,000 held in sinking fund. z Preferred capital
as compared with the cost of production. This materially affected the stock, $69,000,000.
less amount held by a subsidiary company, $3,890,000.
results for 1922.
Interest on funded indebtedness amounted to $4,970,072, leaving net -V. 116, p. 732, 423.
Income for tho year of $7,692,039. after all interest
charges.
and
other
This compares with net income of $492,811 for the year 1921. Dividends
Pittsburgh Coal Co.
on the Preferred Stock for the year amounted to $5,538,718,leaving surplus
(Annual Report-Year Ended Dec. 31 1922.)
for the year of $2,153,321.
consolidated
surplus as of Dec. 31 1922 amounted
The
$32,097,821.
Chairman M. II. Taylor, Pittsburgh, Pa., March 1, reAssets.-Current assets as of Dec. 31 1922 amounted to
to $120,627,062,
and current liabilities amounted to $39,144,305 (see details in balance sheet ports in substance:
•
below).
Business depression, mild weather and a belief that coal prices would
Reduction in Bank Loans.-Bank loans were reduced $11,130,000 to decline, reduced
the
below
year
28%
the
tonnage
of
quarter
first
for
the
$25,080.000 during the year.
the low output In the same period in 1921.
Inventories.-Inventories of finished goods were taken at cost of producFrom April 1 to Sept. 1 there was a strike cessation of work when all our
sound
represents
values.
These
tion, which
inventories could not be re- mines were practically
as were all others in what is known as the
placed at these values, with raw materials at the prevailing market prices. unionized districts, also idle,
in some non-union districts, and after resumption
.Approximately two-thirds of the finished goods were located at the com- of work there developed
railway service greatly aggravated
an
insufficient
pany's sales branches. Inventories of raw materials and supplies were by the railroad employees'strike, throughout the balance of the year,
which
taken at cost prices, which in practically all cases, especially crude rubber' still further continued curtailment of preduction.




1172

TITF CHRONICLE

For the first quarter-small tonnage, the wage scale and increased cost
ofall supplies caused prices considered high,although lower than the average
for 1921,due to increased competition. After resumption of mining Sept. 1,
the demand to meet fuel shortage everywhere in all grades of coal greatly
Increasedthem, although for a period an effort, through
on the
e
part of the Government and producers, was made
limit them, which
effort was effective so far as this company was concerned. As in 1920,
under similar conditions,company pursued a conservative course in charging
prices considered reasonable for its small output and in a pro rata distribution of it, since the demand from its regular trade was largely in excess of its
ability to supply.
During the strikaperiod no effort was made to maintain the mines, except
watchmen, pumping and ventilation. Thirty-six mines were idle during
the first quarter of the year, and when mining operations were resumed
two-thirds of the mine plants had not been in use for an average of fourteen
months,due to lack ofdemand, mainly caused by general business recession,
competition from non-union fields, insufficient railway service and the
strike. All the mines are now in good physical condition for producing a
maximum tonnage if required. Actual production for the year was 21%
of possible capacity.
All properties everywhere have been well maintained and are in gocd
operating order.
The United States Coal Commission, in its preliminary report upon the
industry in general, expresses, in effect, its opinion that there can be no
permanent peace in it until over-production is removed, which has been
"promoted by divers causes." A measure of greatest influence on all of
the "divers causes" promoting over-production would be an equitable
readjustment of railway freight rates. The industry is not concerned over
the rate which may be charged but rather as to the basis of it, which is a
vital matter.
During the years of railway development there has gradually been built
up., and now in effect, what is called a rate structure not based on any
fairly related value of railway service actually performed, which does injustice to districts lying nearest to markets by favoring more distant fields.
This inequality of railway charge cannot continue without maintaining and
increasing the present unsettled conditions in all of them. Company will
render all possible service to the Commission in its great 'work of finding
out and applying a remedy for the unstability which has ruled so long in the
business.
TONNAGE PRODUCED AND PURCHASED (IN 1922 AND 1921), NET
TONS)•
Produced1922. •
1921.
1920.
Pittsburgh district (bituminous)
5,039,888
7,782.721 10,990.443
Hocking district (bituminous)
269,380
424,856
827,181
Illinois district (bituminous)
433,308
Kentucky district (bituminous)
142,987
54,058

[Vol- 1 6.

open to us, has continuously been urged by us and is receiving the consideration of the railroads interested. The question is still unsettled,_but
have reason to hope for its fair determination in the near future. IV re we
wd
now able to enter those markets on a fair rate basis, the business that
be secured would enable us to increase the operation of our steel pl could
nt to
capacity, where apparently it could be maintained for several months
Production.-Under the combination of abnormal conditions ex sting
during the last two years, our production of coal in that period has been
approximately 70%, and production of steel 55%, of normal capacity.
To have earned all general maintenance and fixed charges in such cftcumstancas reflects favorably on the earning power of the company under
normal conditions.
Outlook.-With tile general resumption of business throughout the c01.11atry and the anticipated removal of freight-rate discriminations referred
to,
the hope of satisfactory operations is justified.
RESULTS FOR CALENDAR YEARS ENDING DEC. 31.
Production (tons)1922.
1921.
1920.
1919
Iron ore
528,162
398,313
756,682
715,145
Pig iron
285,149
214,679
424,571
322,230
Coal-commercial sales_ 1,893,948
1.805,803
2,417,796
1.923,058
Coal used by company
580,363
408,492
546,805
1,405,555
Coke
418,934
312,910
665,734
515,304
Finished iron and steel_ _
290,419
226,664
428,222
329,527
Earnings-Iron dept. _ _218.389.291 $16,401 075 $34,748.510 823.188,173
do
Fuel dept_ _ _ 11,143,900 11,084,864 17,064,303 11.217,045

Gross earnings
$29,533,191 $27,485,939 $51,812,813 $34,405,218
Net EarningsIron department
81,375.512
$652.825 $3.072,278 $1,917,972
Indus. dept. fuel). _ _ 1.985,816
1.120.680
2.394,214
1,381,030
Net earnings
33.361,328 $1,773,505 $5,466,492 83,299.0 2
Add-Inc.from securs_ _
351.819
373,644
436.756
381,8 4
Interest & exchange_ _
17,455
4,948
55.994
44,2 9
Total net income
$3.730,602 32,152,098 85,979,242 $3,725,055
Deduct-Bond interest_ $1,836,133 $1,841,751 81,857.444 $1,918,678
Taxes
814,016
724,999
653,013
558,191
Real est, sink. fund
180.715
150,208
228,934
186,046
Insurance fund
24,000
24,000
24,000
24,000
Depletion of coal, &c_
19,555
37.276
64,17
Depreciation
1,504,044 .1,482,517
1,530,683
1,551,60
Writ.down bk.val.,&c.
618,713
259,252
Income taxes est.)-150,003
Prof. dive. (8%)
160,600
160,000
160.000
160,000
Common dividends....(1M)513,497 (3)1,026,993 (3)1,026,993
Total
5,452,255
8,261,635 12,250,932
Total deductions
34.545,547 55.556,767 85,879,429 35,489,695
PurchasedBalance, surplus
def$814,94561$3,404,669
$99.81261$1.764,640
1,029,833
Bituminous (all districts)
97,754
393,685
Anthracite (all districts)
110,347
285,268
BALANCE SHEET DEC. 31.
Coke (all districts)
20,282
15,974
1922.
1922.
1921.
1921.
Assets$
$
Total
1,160,462
97.754 Realest.,less res_ _23,153,589
694,927
23,343,220 Common stock _34,235,500 34,235,500
Equip., less res _ _32,411,405 33,909,924 Preferred stock... 2,000,000 2,000,000
COAL ACREAGE AS CERTIFIED BY CHIEF ENGINEER.
Subsidiary cos_ __ _11,322,166 11,304,903 C. F.& I. Co.5%
In this statement only the present working veins are taken to account.]
Cash
119,018
Gen. Mtge. Ms_
445,465
Changes during Year 1922.
Acres of
Acres of Govt. securities...... 1,552,020 1,601,788 C.Ind. Co.5% lit 5,228,000 5,273,000
Unmined Acres
Acres Acres Unmin'd Colo. nat'l def.bds.
Mtge. bonds......31,894,000
25,000
Acres
Coal at PurAdCoal at Acc'ts & bills rec... 3,062,996 1,979,471 Acc'ts & bills pay. 2,316,253 32,049,000
Es1,863,253
District (Owned)- Jan.1'22. chased. Sold. Aged. hausted. Jan.1'23 Acc'tsrec.,sub.cos. 897,212
799,714 Accr. Int. not due_ 766,902
777,212
765
155.059
490
Pittsburgh district
+9
617 154.176 Taxes
40 000
222,582
222,582 Prof. div. unpaid_
40,000
Hocking District
8,419
1
---8,531 Man. stks. & sup.. 5,210,468 4,963,238 Tax fund
- -11
435,768
435,767
2
Kentucky District
1.660
1,644 Divs. dr Int. accr'd 163,171
--------18
186,507 Fire insurance fund 177,004
163,619
Bonds for sk. fund 224,155
205,027 Personal Injury fd_
12,201
12,201
615
765
Total owned
165,138
+9
646 164,351 Workmen's comp.
Contingencies
395,297
380,079
Leased in Pittsburgh and
(U.S.bonds)_ _ _ 350,000
300,000 Relining & rebuildRocking Districts_ _ _
654
- - -634 Deferred charges....
20
Ing furnaces........ 647,232
56,072
527,907
Royal's pd.in adv.
70,774 Sunrise ore devel
75,347
83,772
128,171
Total owned & leased_ _165,792
615
765
666 164,985 Cash with trustees
+9
175 Profit and loss sur174
33,321
17,105
plus
646,765 1,484,186
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS. Hospital
1922.
1921.
1919.
1920.
Total
78,878,694 79,349,896
Total
78,878,694 79,349,898
Gross receipts
$34,268.650 $37,638,991 $48.596,589 $37.303,131
a Real estate, 329.917.344, less $8,763,760 reserves for exhaustion,
Profits,after all expenses $6,381,676 $6,567,485 $14,302,505 $8,090,897
Depletion coal lands. &c.
516,597
786,1861
1,325.044 equipment. U1,901.341. less 39,489,938 reserves for depreciation. SubDeprec'n plant & equip_ 1,358,349
1,271,857 3,369,789 11,168,009 sidiary companies, $11.322.166.-V. 116, p. 1056.
Interest paid & accrued_
791.778
835,900
1,038,128
Net profits
$3.714,953 $3,673,543 $10,932,716 $4,559,716
Federal taxes
$3340,208 $1,163.020
$436,906 $1,128,276
Preferred dividends(67) 2,100.000 2,100.000 2,130,000 2.160,000
Common dividends_ _(3;4)1,125,922(5)1.608,460(5)1,608,460(5)1.608,460

American Tobacco Company.
(Annual Report, Year Ended Dec. 31 1922.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1922.
1921.
1919.
$
$
$
$
Sales (incl. cos. whose
stock is owned)
143,901,445 155.963.752 143,106,332 146,023,730
Net earns., after charges.
expenses, &c.:
18,075.137 18,117,236 14,277,250 15,922,687
1.727.473
Divs., partly-owned cos.. 1,999,065
3.762.401
2,747,821
Miscellaneous income_ _ _
324,065
306,638
575.747
51,620

Undivided profits...._.. S148,823=1,197,937 $6,757,350 def$337,020
Total surplus
a$29,320,714 $29,171,891 $30,369,828 $23,485,632
a Subject to Federal Taxes.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
Assets$
Preferred stock_ 35,000,000 35,000,000
x Coal lands and
real estate_ _111,676,546 112,369,244 Common stock_ 32,169,200 32,169,200
Total net income
20,380,840 20,068,774 18.615,398 18,722,128
let Mtge. bonds 4,886,000 4,886,000 Prem, on bonds & notes
:Plants & equip13,106,776 13,865,806 Debenture bonds 3,184,500 3,236,000
ment
purchased & canceled_
135.215
47,531
18,349
23,637
Other cos.' Ws- 1,178,000 1,178,000 Int. on money borr.(net)
Investments in
960,166
289.486
Bonds of sub.cos 4,130,000 4.328,000 Loss on bonds sold
stocks, bonds,
646,929
y8,544,967 8,432,356 Mtges. payable_
&c
632,072 1,243.634 Interest on bonds
76,074
78,584
84,383
00,827
Pref. div. pay'le.
Sinking & re-in525,000
525,000 Interest on gold notes....
691,590
1,078,551
1.361,115
1,691.667
vestm't funds. z4,874.612 4,874,737 Corn. city. pay'le
321,692
402,115 Int. on city. certife.. &c_
609,444
644.707
393,301
653,939
Com
pens'n
fund 1,216,053 1,311,659 Pref. dividends (6
Pension fund in3,161.982
3,161.982
3,161,982
3,161,982
216,005
216,005 Pension fund.._ _
vestments_ _
215,302
224.354 Corn. dive.(cash)__(12%110,750.833 (9)8,062.455(10)4024,240(10)4024.240
7,514,229 Bills payable.
Inventories.- 3.172,101
1.099,328
do (scrip)
(3)2.686,278 (5)5,372,556(10)4024,240
Acc'ts payable._ 2,665,028 1,859,214
Accounts & bills
9,602,705 8,476,417 AdJust't claims.
receivable_
482,745
496,221
15.460.101 15,724,825 16,023.021 13,960,018
Total deductions
1nsuiancefund.
385,166
U. S. certifs. of
385,166 Balance, surplus
4,920.740
4,343,949
2,592,376 4.762.110
350,000
Revarn surplus- 43,808,876 43,582,570 Previous surplus
indebtedness 14,749,667 14.655,900 49.346,443 44,584,333
3,576,638 5,349,558 Undbed earns....*29,320,714 *29,171,892
Cash
Total surplus
19.670,407 18,999.849 61,938,820 49,346,443
160,120,348 161.098,352
Total
Total
160,120,348 161,098,352 Addition to surplus
1,092,480
-Stock dividend
(75)38375400
x Less depreciation. y Includes: D. S. bonds (par value, 83,586,300). y Dividend in Mengel
$3,160,138; other bonds and stocks, $5,384,828.
Sinking and reinvest..
common stock
($4,84)4250182
ment funds, U. S. bonds, par value, $5.500,000: deposited under mortgage
of M. R. C. C. & C. Co., $4.867,860: and cash, $6,752. * Subject to
Final surplus
19,670,407 14,749,667 14,655,900 49,346,443
income
tax
payments.
-V.
116,
Federal
p. 1061, 625.
x After deducting all charges and expenses of management, taxes (Including provision for Federal incomes taxes), &c. y.Dividends of $4 75 in the
Colorado Fuel & Iron Co., Denver, Colo.
par value of The Mengel Co. common stock distributed Aug. 15 on each
(31et Annual Report-Year ended Dec. 311922.)
share of common stock (including common B stock).
President J. F. Welborn, Denver, Feb. 28, wrote in brief:
BALANCE SHEET DECEMBER 31.
1922.
1921.
Results.-After deducting bond interest, real estate sinking funds, fire
1922.
1921.
$
Assets$
insurance fund and general taxes amounting to $2,854,864, there is a
Liabilities-$
Preferred stock- 52,699,700 52,49,700
surplus of $875,738 above fixed charges in 1922, compared with a deticit Real est., mach.,
fixtures, &c._ 8,905.120 9,202,881 Common stock.. 40,242,400 40,242,400
of $588,860 In 1921. Charges for depreciation on equipment have been
Coin. stock "B" 49,346,800 49,344,200
made at rates heretofore used, amounting to $1,530.683, leaving a deficit Brands, trade
marks, good
6% bonds....
after all charges of $651,945, compared with a deficit of $2,731,172 in the
338,600
371,950
54,099.430 54,099,430 4% bonds.a. _ _ 1.337,800 1,365,300
will,Sze
previous year.
7%ser.goldnotes
Coal Strike.-The nation-wide coal strike did not adversely affect our Leaf tob., oper
13,334,000
supplies, &c... 73,657,462 78.386,968 Scrip
11,440
busint ss, the average monthly production of coal during the five montes
9,040
Prof. div. pay le.
790,496
of tae strike being several thousand tons in excess of the monthly average i.i.S.Treas.notes. 4,536,638
790,496
Stocks & bonds. 24,151,818 25,219,297 Dividend certifs. 8,058,834 8,058,834
for the year.
7,987,686 10,853,913 Prov.for tax.,dre. 5,665,597 6,761,038
Car Shortage.-An extraordinary shortage of railroad cars, beginning the Cash
398,800
242,277
latter part of August and lasting for four months, forced a curtailment in Bills & accts. roe 9,974,663 11,735,559 Accrued Interest
Accts.& bills pay 6,925.307 1.134.499
operations at our coal mines equal to at least 35% of capacity. This was Amts. due from
cos. in which
Amts. due to co,.
at a time when the demand for coai was at its height, and our maximum
owned
disposed
of
at
1,770,736
stock is
profitable prices.
415,605 in which stock
capacity could easily have been
331,198
548,590
is owned
587,713 1,199,121
Steel Business.-For more than a year we have been oil iged to forego Prepaid Ins., &O.
Surplus
19,670,407 14,749,667
most of the business in steel heretofore enjoyed by us on the Pacific Coast
by reason oflow rates made by rail and water from Eastern producing points
Total
185,814,771 190.462,243
185,814.771 100,462,243
Total
through the Panama Canal. Those rates have been, and still are, several
dollars per ton lower than all-rail rates from our plant.
a 40'- gold bondiematuring
An adjustment of this situation that will again place us in a competitive
Co.Aug. 11951.
4V.
?
geld
bends of
and-V.
remaining
518.
116, p.
39.
position in this territory, which, by reason of location, should always be Consolidated Tobacco o. not yet exchanged.




MAR. 17 1923.]

THE CHRONICLE

The Texas Company.
(Report for Fiscal Year ended Dec. 31 1922.)
INCOME AND SURPLUS ACCOUNT FOR CALENDAR YEARS.
x1922.
1921.
1920.
1919.
Income Account$
$
$
$
130.906,907 102,605,377 142,808,331 102.986,597
(Woes earnings
Oper.,admin.,&c.,exp. 80,576,902 72,959,797 98,359,496 73,782,480
Net earnings
50,420,005 29,645,580 44,446,835 29,204,117
DeductDepreciation account_
14,928,514
9,501,016 8,770.969 y6,768.228
Provision for taxes
1,500.000
4,000,000 3,000.000
Prov.for bad.,&c.,acc'ts. t
221.712
1 90,962
586.494
Replac't marine equip f
1673,512
Inventory adjustment
7.402,518 10,636,723
Cash dividends
19,734,000 18,057.000 12,475,000
7,718.750
Rate paid
12%
12%
113. %
10%
Balance to surplus_ _ _ 6,854,972def8,770,871
Previous surplus
83,549,181 83,342,793
Prey. sun). of sub. cos
1,293,176
Adjustments
zCr.2.779,067 Cr.8,977,259
litock dividend (10%)-

18,614,372 10,952,666
77,505,491 60,000,406

Profit & loss surplus__ 94.476,397 83.549,181

83,342.793 77.505,491

Cr.222,929Cr.6,552,419
13.000,000

x Includes subsidiary companies. y Includes sinking fund. z Adjustments applicable prior to Dec. 31 1921 affecting reserve for replacement
of equipment.
BALANCE SHEET DEC. 31.
Consolidated. Co. Proper.
Consolidated. Co. Proper
1922.
1921.
1922.
1921.
Assetss
Liabilities$
$
$
Plant account*-217,587,115 136,533,997 Capital stock.._ _164,450,000 164.450,000
Other Invest_ _ _
435.086 Acc'ts and notes
899,788
Storehouse BUDD. 8,973,582 10,184,117
payable
12,193,942 7,071.298
U. S. Govt. see_
12,000,000 Deferred Duch.
Stocks of oil,
obligations_.. 3,856,156 4,601.705
crude,re.t..&e. 85,146,569 64,450,881 Res. for replac't
Deferred charges
of mar. equip_
423,049 1,279,792
2,779,067
Sub. co.'s stocks
22,120,111 Prov. for taxes_ 2,500,000 1,000,000
Notes and noels
do amortlza'n_ 4,456,840 3,120,000
receivable_ _ __ 18,171,230 14.810,322 Deprec. acc't___ 63,095,077 40,776,843
Cash on hand__ 14,333,693 29,650,663 7% a1 gold notes --------27,730.000
Current acc'ts_
44,525,221 Miscellaneous..
506,613
912,098
94,476.397 83,549,181
Surplus

1173

available for this company, did not warrant a renewal of the loam and.
therefore, the plant was turned back to the owners on Nov. 1 1922 and
steps are now being taken to dissolve the company.
Orders.-The amount of work on hand Feb. 1 1923 is In excess of $11.000,000 as compared with $2,233,000 at this time last year.

The usual comparative income account table was given
in V. 116, p. 725.
CONSOLIDATED BALANCE SHEET DEC. 31.
V. G. Brill Co. and Subsidiarieos.1
1922.
1922.
1921.
Assets$'
$
Properties acct___:8,271,500 8,239,223 Preferred stock__ 4,530,000
Material, raw & In
Common stock__ 4,810,200
process
2,858,825 2,954,082 Bills & accts. pay_ 1,373.308
Rills receivable.... 178,1061 1,822,639 Adv. pay. on contr 171,343
Accts. receivable 2,082,876J
Federal tax res... y130,012
Misc. investments 264,228
286,430 Miscel. reserves_ __
99,701
Cash
1,092,000
824,267 Surplus
3,582.971
Total

14,747,535 14.126,642

Total

1921.
$
4,580,000
4,810.200
1,776,420
55,770
2,904,252

14,747,535 14,126,642

x Value of properties. $10,977.323 less deprec.. $2,705,824. y Of this
amount $119,323 has been deducted from current year's earnings and
810.690, applicable to earnings of previous years, has been charged direct
to surplus adjustment.-V. 116, p. 725, 619.

Electric Storage Battery Co. and Willard Storage
Battery Co.
(Report for Year Ended Dec. 31 1922.)
CONSOLIDATED INCOME ACCOUNT YEARS ENDED DEC. 31.
Calendar Years1921. •
1922.
1920.
1919.
Sales, less mfg. cost. &c_$11,966,681 310,015,812 312.134,615 36,000,853
Total net income
$7,570,839 $5.602,383 $8,170,642 $4,800,812
Dividends
(18%)3.196,685(11)2397.492(11)20
2,03
135
1:228(5)1.074.198
Inventory adjustment_
Balance, surplus
Previous surplus
Additions

$4.374.154 $3.204,891 34.125.886 33,726.614
19,041,211 17.466,192 16,136.548
6.913,960
4,923.650

Total surplus •
$23,415,365 320,671,083 $20,282,434 815,564,224
Sundry adjustments_ _ _ _
165.260
101.467
31,329
400.000
Employees pension fund
350,000
Taxes paid previous year 1,006,132
1.464,613
2.764,913
1,817,010
Total
345,535,025 335,990,190
Total
345,535,025 335,990,190
Net profit & loss surp_321,957,765 819.041.211 317.466,192 $13.347.214
* Investments in real estate, leases, tankage, refineries, ships, cars, terNote.-Federal income tax for year 1922 is estimated at $885,000.
minals, distributing stations, oil and gas wells and equipment.
Note.-Inventories of oil and other products have been reduced to cost
CONSOLIDATED BALANCE SHEET DEC. 31.
or market, whichever was the lower, and oil produced by the company
Assets*1922.
*1922.
1921.
1921.
itself is carried at cost of production lower than market -V.116, p. 189.86. Real estate, plant
$
Liabilities$
$
$
and equipment.:10,624,585 9,585,517 Preferred stock__
32,400
32,400
New York Air Brake Company.
Pat'te, trade-mks.,
Common stock_ _y19,946,925 19,946,925
&e
11,000,001 11,000,001 Accounts payable_ 2,321,025 1,184,533
(Annual Report-Year ended Dec. 31 1922.)
Insur. fund, cash
Accrued accounts_ 341,572
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS
and securities.. 116,194
91,477 Sundry Hahn's,&e.
295,064
Cash
2,485,474 2,519,699 Reserves for units1922.
1921.
1920.
1919.
Sales
$6,711,462 $2,434,743 $6,545,846 33,551,668 Bills & aec*ts recle 5,354,555 3,997,543 'shed contracts
4,743,034 4,702,595 & contingencies_ 485,143
From investments, &c..
437,103
34,355
48,114
30.071
88,010 U.S. obligations_.
railway
Reserve for Maur_ _ 116,194
91,477
Part. adj. Govt. contr.
825,834 Industrial.
& utility bonds_ 831,795
Surplus
21,957,765 19,041,211
70,098
Total income
$6,745,817 $2,482,857 $6,575,917 34.465.512 Accr. Int. recelvle
7,928,280 6,960,133
Cost of manufac'g, &c_ _x$4,502,826 $1,975,079 $4,796,602 32,810.507 Inventories
Investments. 1,642,053 1,724,764
Admin., &c., expenses..
353,278
374,030
364,318
790,711 Other
Deferred
accounts.
Total(each alde)45,201,024 41,028,713
404,956
466,982
Taxes, franchises, &c.. _ _
56,504
72,829
131,165
60,003
Royalties
437,997
43,906
50,132
200,476
* Subject to allowance for Federal income tax for year 1922. estimated at
Coupons on bonds
180,000
180,000
180,000 $885.050.
Interest paid
229,394
295,714
299,260
x Real estate and buildings, $8.762.110. machinery and equipment,
Bond int. & discount
200,787
Dividend
*84,000(35)375,000 (10)973,877 (10)965.313 $6,589,559. total, $15,351,670, less depreciation reserve, 34.727.084.
v Common stock outstanding, 797.877 shares no par value.-V. 116. p.
Sundry charges
6,288
2,580
1057.
Bal.,sur. or del'
sur$874.741 def3833.699 def$222,017 def$541.498
Previous surplus
Middle West Utilities Company.
$1,457,457 $4.047,629 $6,054,168 $6,595,667
•
Adjustments
Y50.458 z1.756,472 al.534,522
(Annual Report-Year ending Dec. 31 1922.)
Net charge not appl. to
oper.,incl. fin'g cost..
701,539
President Samuel Insull says in substance:
Res, for contingencies__
500,000
250.000
Additions to Physical Property.-To care for the rapid growth of their
Total p. &I.surplus... $1,080,202 $1,457,458 $4,047,629 $6,054,168 business, the subsidiary companies made heavy expenditures for new
construction during the fiscal year. The Increase in their plant accounts
* 84 cents per share on 100.000 Clam "A" shares of no par value. x Cost for construction only was $10,985.731. or approximately double the average
of manufacturing, labor, materials, and all direct costs of manufacture, yearly outlay of this character for the preceding five-year period.
New Properties.-Early in the fiscal year company acquired for its
including repairs, renewals, depreciation. &c. y Special charge off in
liquidation of assets. z Includes final adjustment of Govt. claims, Indiana subsidiary control of four companies operating in northern Indiana
Hawks Electric Co., Middlebury Electric Co. and the Electric
-the
$654.719; royalties applicable to 1920, $121,029; specal depreciation of
property, 4c.. $955.509, and 325,215 miscellaneous adjustments. a Net Transmission Co. of Northern Indiana, all of Goshen, and the Winona
Electric Light & Water Co. of Warsaw.
charges adjusting various assets to present-day conditions.
Company took over in June the control of the Eastern Wisconsin Electric
CONSOLIDATED BALANCE SHEET DEC. 31.
Co., operating north of Milwaukee and east of the hydro-electric properties
1921.
1922.
1921.
1922.
of the North West Utilities Co.'s subsidiaries.
AssetsLfabflUfes$
8
The Haskell Ice & Light Co., serving Haskell, Munday, Rule and five
Land. bldgs., &
Class "A" stock. y5,000,000
other communities in western Texas. was acquired in June and made an
equipment
:8 128,74513,946,450 Common stock_ _y11,080,202f 10,000,000 operating subsidiary of the American Public Service Co. This group of
Pats.,tr.names,,ke
1st M.cony. bonds 3,000,000 3,000,000 propert.es has since been connected to the central
power stat.on at
401,298 Accts. payable, &c 715,675
5,02791Securit
211.527 Abilene, Texas.
7,038
Cash
102,507
182,805 Dividends, &c____
1,827,997
127,125
Negotiations were completed near the close of the fiscal year for the
Accts.receivable.. 2,277,324
870,601 Accrued accounts_
67,741
41,931 acquisition of the properties of the Abbott Light & Power Co.of Petersburg,
Misc. accts.& acil_ 242,357
Notes payable.
4,693,145 Ill., by the Central Illinois Public Service Co. as of
Jan. 11923.
Inventory
500.000
2,361,721 4,053,045 Res. for coating_
Consolidation of Subsidiary Operating
-In accord with comDeferred charges
5,000
101,989 Defd credit items_
25,003 pany's established policy of having, for Companies.
123,234
in operation, the smallest
See y
Surplus
1,457,457 possible number of subsidiary companieseconomy
in each State in which it has intersts, four important consolidations were arranged during the fiscal year.
Total
20,471,125 19,556,187
Total
20,471,125 19,556,187
It was arranged to merge with the Interstate Public Service Co. as of
Jan. 1 1923. seven other Indiana public utility companies-the Southern
x Includes: Land, buildings, machinery and equipment .(based upon Indiana
Power Co., the Indianapolis & Louisville Traction Ry., the HydroIndependent appraisal, May 1921), less depreciation since that date, Electric Light &
Power Co., the Hawks Electric Co., the Winona Electric
water
power rights and Light & Water Co..
$6,445,436; interest In Beebe° s Island Corp.,
the Middlebury Electric Co., and the Electric Transdevelopments, $1,509,517: other equipment and fixtures, less depreciation, mission Co. of Northern
Indiana. The result of this consolidation will
$173,792. y The stockholders on Sept. 15 1922 approved a recapitalization be an Indiana
company
with gross earnings exceeding $6.000,000 in 1923.
Wan (see V. 115, p. 995) providing for an authorized capital of 100.000
The Ashland Light, Power & Street
Ry. Co. and the Ironwood
Bessnares of Class "A" Pref. stock, no par value (whicn was sold to liquidate semer Ry.
& Light Co. were merged in the Lake Superior District&
Power
banking indebtedness) and 300,000 shares Common stock, no par value. Co.-formerly
Big Falls Water Power Co.-as of June 1 1922.
The obi $10,000.000 Common stock ($100 par) was exchanged for 200,000
A merger of Oklahoma subsidiaries
of the American Public Service Co.
shares of no oar value, which is given a stated value of 311,080,202.- under the name
of Oklahoma
Co. was made effective on Jan. 1 1922,
V. 116, p. 945.
and included the Okmulgee Power
Ice & Light Co.. the Henryetta Ice Ss Cold
Storage Co., the Henryetta Electric Light
Co. and the Hugo Ice & Light Co.
J. G. Brill Company.
The West Texas Utilities
was formed about the end of the year to
take over the property and Co.
(Annual Report-Year ended Dec. 311922.)
business of seven western Texas subsidiaries
of the American Public Service
Co. The companies to be merged in the
Pres. Samuel M. Curwen, Phila., Feb. 14, wrote in subst.: new corporation early in 1923 are
Abilene Gas & Electric Co.. Abilene
Results.-For 1922 the combined output of company's 4 plants amounted Water Co.. Baird Ice & Light Co.. Cisco Gas & Electric Co., Hamlin
in sales value to 310.177.582. After deducting from earnings the cost of Light. Power & Ice Co.. Haskell Ice & Light Co. and Stamford Gas &
Electric
Co.
all maintenance and repairs for the year amounting to $368,621, and after
Capital Stock.-During the year. company issued 34.625.000 7%
setting aside a reserve for depreciation of plants and equipment amounting
Cumulative Prior Lien stock. Of this
to $221,803, the result of the operation shows a profit of $1,074,291, from during
amount, 33,033,400 was sold
the year, and the
which has been set aside a reserve for Federal taxes of $119,322. leaving a
31.591,600, had been sold on partial
payment plan during the balance,
net profit for the year, after all charges and reserves, of $954,969.
preceding
period. In addition, company
fiscal
issued and sold within this fiscal
year 5,625 shares of its Common stock
Combined Output (Sales Value), Calendar Years.
without par value. Proceeds of these
were applied to the general
sales
37,706,09911919
1917
$7.647,899 corporate purposes. For the acquisition of properties and other cor$14,210.62211921
16.761,15511920
porate
1918
10.177.583 s
itspurposes,
17.537,29311922
Commonthere
Preferred stock and 13,478
e.
,
a
8
l
O
u
0
0
a
9
r
7
v
The business depression, which was reflected in the reduced output for shares of
stock iw"iuthedout3li
Stockholders.-At Dec. 31 1922 total number of stockholders was 19,239.
1921. continued during the first 6 months of 1922. However, the result
Sales of Stock by Subsidiary Companies.-Subsidlary companies conindicates the marked improvement in business during the last 6 months
tinued during the year to provide a large part of their capital requirements
of 1922.
Canadian Brill Co., Ltd.-The Canadian Brill Co.. Ltd.(V. 113, p. 1363). by the sale of their Prior Lien and Preferred stocks to customers and
which was organized for the purpose of manufacturing company's product others within the field of their operations. The total amount sold by
,n Canada'and for this purpose. on Sept. 1 1921, leased a plant at Preston, all companies dur:ng the year was 311.283.500. These companies had
'Ont., decided, upon the expiration of its lease, that business in Canada at the close of the year 20,793 stockholders in the aggregate, an increase




V or,. 116.

THE unlit/10LE

1174

of 11,177 during the fiscal period. In addition, there were at Dec. 31
1922 subscribers on partial payment plan to the number of 12,454 who are
becoming stockholders.
Proposed Increase of Capital Stock.-Stockholders will vote March 27
on increasing the authorized Prior Lien stock from 120,000.000 to $30.000,000, the Preferred stock from $20,000,000 to $30,000,000, and the
Common stock from 200,000 shares to 300.000 shares, without par value.
Surplus (Pe Reserve Accounts.-The various surplus accounts belonging
to the company now aggregate $6,768,631, made up as follows:
$1,304,459
Surplus on the books of the company
1,468,260
Reserve accounts carried on the books of the company
Company's proportion of the insurance fund held by insurance
trustees___693,485
Company's proportion of the aggregate surplus carried on the
3.300,429
books of the subsidiary companies
Of this last amount $2,426.236, after all adjustments,due to consolidation
of properties, &c., has accrued since the formation of the Middle West
Utilities Co.
COMBINED EARNINGS OF SUBSIDIARY OPERATING PROPERTIES.
Cal. Year 8 Months Yr.end.Apr30
Cal. Year
1919-20.
1921.
1920.
1922.
$29,870,702 $26,348,234 $15,919,664 $19,362,674
Gross earnings
Net(aft. 013. P•ettaxes) 9.104,659 7,520,150 3.960,848 5,318.508
305,193
278,379
256,223
177,569
Rents on leased prop's
zAdd Prop'n of net earns.
accruing to M. W. U.

$8,826,280 $7,263,926 $3,783,279 $5,013,314
135,703

117,458

134,938

118,452

$8.961,983 $7,381,384 $3.918,217 $5,131,766
Total
Deduct-Bond debenture,
&c., int. charges (out3,451,614 3,101,656
1,839,817 2,410,572
side holders)
Yearly amount of dis142,439
106,260
217.957
366,571
count on securities__ _
Divs, on stock & prop'n
of undistributed earns.
400,882
343,160
759,236
1,095,360
to outside holders_ _
Total earns, accruing
to M.W.Util. Co_ _x$4,048,438 $3,302,535 $1,628,980 $2,177,873
x Of the above amount M. W. Utilities Co.: (1) received and accrued as
Interest on bonds and debentures, $1,235,460,(2) received and accrued as
Interest and brokerage on money advanced, $245.038. (3) received and
accrued as dividends on stocks, $1.679,274. total, $3,159,773, leaving
M. W. U. Co.'s proportion of surplus carried to the aggregate surplus
account of sub. cos. on their own books, $888,666.
INCOME AND PROFIT
Year end.
Dec. 31 '22.
Int.rec.& acer.on bds.&
$1,480.498
debentures, &c
Divs.rec.& accr. on stks.
1.679,274
of sub. cos
Int. rec. on bds. & notes
of outside companies_
Divs.rec.& accr. on stks
214,109
outside cos
Misc. int. on notes rec.
16.948
brokerage. &c
Prof.from revel.of secur
Prof. sale of prop's & se555.583
curities to sub.cos., &c
101,761
Fees for eng.,&c..sub.cos

AND LOSS ACCOUNT.
8 Mos. Yr.end.Ap 30
Year end.
1919-20.
Dec. 31 '21.
1920
$1.404,799

$934,795 $1,241,210
512,283

730.487

46.150

27,774

26,536

32,687
325,000

37,747
91,667

21,090
116,896

87,666
87,464

loss12,556
124.548

187.232
140.115

1,403,758
54.039

$4.048,174 13.441,561 $1,716,259 $2.463,567
Total income
$246.555
$386.055
$214,080
Deduct-Adm. expenses.. 1535.483
967,151
667,362
1,213.111
Int.on coll. notes & bds_ 1,249,097
159,824
187,264
221.553
130,406
Int.on coll. loans, &c__ _
19,394
4,517
1.774
23,307
Miscellaneous charges_ _
105,000
110,000
60,000
120,000
Writing off disc, on sec_
500.000
Reserve for contingencies
Divs.paid & accr. to date:
73,200
384,746
808,814
On Pr. L. stk.7% p.a.
238,302
518.152
689,656
.stk.3%p.a
On cum. pf.
1603.429
$274,277
5491,411
Balance, surplus
BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
Liabilities$
AssetsCommon stock__b10,496,100
Securities, plants,
459
Corn,stock sale.contracts, goodPrior lien stock...c13,000,000
will, &c. (book
a56,826,154 51,534,535 Preferred stock..d16,662,520
value)
Collateral loans
Advances to subslary companies 2,579,754 3,444,433 3-year coll. notes_
20-year sec. notes_ 2,407,360
Advances on un838,610 10-yr.6% coll.bds. 9,301,500
closed contracts 484.173
Pref. stock div.6%
Interest accrued,
10-year certifs... 122,096
549,321
but not due,&c.. 680,696
20-yr.8% sec. Sec.
Cash In hands of
1,450,800
171,194 "C" notes
97,437
trustees
534,449 5-year 7% convert.
Cash in banks,&c_ 782,039
*2,225,000
18,500 gold notes
7,300
Sinking fund
15-year8% secured
Prepaid expenses
2,500.000
gold notes
and deferred
119,513 Pay.on stock subs. 128,118
48,199
charges
Def'd rovsfts on
purch. contracts 755,569
711
Accounts payable_
PreLdiv.,&c.,accr_ 576,611
Contingent reserve 534,510
1,304,459
Total(each side)61,465,753 57,010,555 Surplus

1465,643

DeLavaud Process.-Notable progress has been made during the pasl
year in the development of the deLavaud process (for centrifugally casting
cast iron pipe). During the latter part of 1921 company acquired the
sole rights for the United States. The first machine was installed at the
Burlington works about the middle of Jan. 1922, and has since been used
largely for experimental purposes. There were naturally some kinks to
Iron out. There are still in proems of development a number of improvements which will tend to perfect the Process and lessen costs.
The first commercial unit, consisting of four machines for producing
6 in. 8 in. 10 in. and 12 in, deLavaud pipe, complete with annealing
furnace, coating and testing facilities, &c., was installed during last summer
at the Birmingham, Ala., works, and started up in a small way about the
middle of August. Since Oct. this unit has been producing about 500
lengths per day, so satisfactorily, that an additional installation of five
machines was authorized at the Jan. meeting of the Board. The demand
for deLavaud pipe has largely exceeded the present facilities, in spite of
the fact that no special effort was made to press its sale. It is expected,
as early as may be, to have ten machines in operation at Birmingham.
There, also, the company's licensee should shortly have four machines
in operation.
In addition to watergegas mains, deLavaud pipe made with plain
ends and couplings is e
en
to enter wider fields and find a market for
pipe line service, especially where soils are not of the best. Initial orders
for such service have already been placed. Owing to the demand for
deLavaud pipe, it is expected to augment the company's facilities for its
production. At the moment a ten-machine unit, to be located at the
Burlington, N. J. works, is under consideration. Another such unit will
probably be placed at or near the Addyston. Ohio, works, so that in due
course the company should be producing this pipe at three centres, locations
which offer attractionsfrom the standpoint of manufacture and distribution.
At the same time inquiry for the standard sand cast pipe continues, and
will do so especially for the smaller and the larger diameters, not cast
centrifugally.
Expenditures, &c.-During 1922 there was expended for repairs to
buildings, up-keep of machinery, equipment, tools, &c., for replacements
and minor improvements, the sum of $1.347,776, or about 33% more than
1921. This increase is chiefly due to the increased volume of business.
In addition there was absorbed in operating charges a further sum of
$439,647, credited to depreciation reserve, out of which fund $73,851 was
expended during the year. This reserve, set up through operating costs.
increased during the year the sum of $365,796, and as of Dec. 31 1922
amounted to $2,210,979, making the total reserves, including those for
Insurance and doubtful accounts, 82.555,477.
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1921.
1919.
1922.
$526.762 $1.324,243 ion $76,213
Net operating income_ --41.497.866
118,328
82,557
102,667
85.193
Other income
11.583.058
Total income
Depreciation reserve_.._ _ 439.647
121,169
Interest

$629,429 51.442,571
430,364
431,689
96,899
160,615

$6,344
424,706
85,341

$851,592 def$503.703
3,234,920 4,338.623

Balance, surplus
Previous surplus

$1,022,243
$2.987,354

Total surplus
Prof. dividends (5%)-

$4.009,596 $3,587,353 $4,086,512 13,834,920
600,000
600.000
600.000
600,000

$100.841
3,486,512

Profit and loss surplus_33,409,596 $2,987.354 13,486,512 $3,234,920
x Earnings are after deducting cost of operation and maintenance of
plants ($1,347,776) expended for upkeep of tools, machinery, buildings and
equipment), expenses of sales and general offices, and provision for taxes
and doubtful accounts.
BALANCE SHEET DECEMBER 31.
1922.
1921.
1921,
1922.
8
$
LiabilitiesAssets$
$
Plants& prop'y:26,158,206 25,897.529 Pref. stock outst'it.12,000,000 12,000,000
796,190 Corn. stk. outsvg_12,900,000 12,000,000
730,539
Cash
Am.P.& Fdy. bds y625,000
650,000
Raw & manufact'd
materials,&c
2,198,317 2,351,165 Accts. & bills pay_ 3,128,471 2,242,414
Accrued int., &c__ 251,151
73,105
Accounts and notes
4,141,051 2,343,863 Reservesreceivable
Depreciation.- - 2,210.979 1,845,184
U. S. Government
171,380
717,998 Doubtful acc'ts. 173,594
(Liberty) bonds. 717,999
170,904
158,899
Insurance
Cash for sinking
3,409,596 2,987,354
21,390 Surplus
23,584
fund
33,969,695 32.128,136
33,989,895 32.128,136 Total
x Property and plant Dec.311921.125,897,529, plus net additions during
year, 8260,676. y American Pipe & Foundry Co. issued $1,500,000, less
bonds in treasury and sinking fund, $875.000.-V. 116, p. 422.
Total

1921.
$
10,496,100
462
8,375,000
15,564.720
919,150
300,000
2,468,500
9,462,500

U. R. S. Candy Stores, Inc. (and Subsidiaries).
(Report for Year Ended Dec. 30 1922.)
George Wattley, Treasurer, says in brief:

Company has 54 retail stores in operation, of which 38 are equipped with
soda fountains. It has under lease several new stores which are now being
opened. Company will continue its policy of expansion as fast as suitable
locations can be secured.
1,500,000
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1921.
2,467,000
$5.100,991
$4,483,141
Sales
$288,352
loss$97,320
2,500,000 Net operating profit
187,458
236,704
112,849 Depreciation reserve
549.958
Loss on adjustment of inventories
222,770
587,369 Adjustment of good-will account
62,930
.
$100,894 loss$1.106,752
707,017
Balance, surplus
Cr.187,692
534,510 Profit on capital stock retired
Cr.46.594
Dr.131.833
813,048 Capital adjustment, subsidiary companies
def.1,043,286
16,871
Previous surplus
139,401

*Called for redemption March 26 1923.
8886.533
51,043,286
Deficit
a Securities, plants. contracts, good will, &c. (at book value), $57.759,904, less $933,750 reserved towards writing off discount and expenses on
BALANCE SHEET [Inter-Co. Items Adjustedj.
company's own securities. b Common stock of no par value authorized,
31'21.
LiabilitiesDee.
30'22.Dec.31'21.
Dee.30'22. Dec.
Assets-200.000 shares, issued. 177,428 shares, less 11.489 shares in treasury.
Common stock.
goodc Cumulative 7% Prior Lien stock, authorized, 200.000 shares of $100 each, Mach.,fist.,
will& equipl___$2,169,017 $1,962,628 founders' shares $400,000 $400,000
Issued, $130,000 shares of $100 each, fully paid. d Cumulative Preferred Stock
3,501 Corn. stk. Cl."A" 7,337,920 7,712,280
3,501
in other cos_
stock, authorized with present dividend at 4%, increasing 1% per annum
& dem. Ins. 2,524,856 2,920,901 Pref. stock of sub.
to 7%-200,000 shares of $100 each, issued. 166,625 shares of $100 each, Cash
226,724 cos
86,160
90,160
Acc'ts & bills reale 270,711
fully paid.-V. 116, P. 1059, 419.
725.531 Acc'ts payable.... 176,769
804,736
220,383
Inventory
20,231
30,653
Impts. to prop.,&c. 1,815,482 1,520,110 Rents reo'd in adv.
Co.
Foundry
&
Pipe
Iron
United States Cast
642,149
672,380 Reserve for taxes,
Deferred assets
8.96,533 1,043,286
deprec. & accr'd
Deficit
(24th Annual Report-Year ended Dec. 31 1922.)
expenses
895,904
621,585

Lemoine,New York,Feb.21,reports as follows:

Pres.L.R.
$8,916,985 $9,075,061
Total
$8,916,985 $9,075,061
Total
pwResults.-The net gain for 1922 was $1,022,242, as compared with __Nr. imp. 1332.
$100,841 for 1921. It is doubtful if many manufacturing concerns ever
Tobacco Products Corporation.
experienced more harassing, difficult years. It is alleged that last year
steel corporations of the United States
some 80 to 90% of the iron andDuring
most of 1922 adverse labor and
Annual
(10th
Report-Year ended Dec. 30 1922.)
failed to earn their dividends.
transportation conditions crippled works operations to an extent that is
B. Jeffress, New York, Feb. 13, says in brief:
J.
Treasurer
almost beyond belief, causing losses that cannot readily bo estimated.
Otherwise, the gain for 1922 would have been markedly increased. That
The stockholders on Juno 28 1922 increased the authorized Common
of record, accrued mostly in the last half, and for the year was only about stock to $100.000,090 and a new Class "A" Common stock was created,
5% on the turnover.
is entitled to receive divs. at rate of 7% before any diva, are paid
which
the
in
status
improvement
of
and
service
public
the
Outlook.-Owing to
be
up tonnage was released, and on the Common stock. The amount of Class "A" stock authorized tothe
municipal plants, some of the dammed
was $49.354.000. The increase in the Common stock and
issued
On
losses.
shop
the
and
outlook
the
whole,
costs
abnormal
offset
served to
of
new
the
of
purpose
authorization
Class
"A"
made
wore
the
stock
for
of
Cuban
the
loan,
placing
and
the
readjustment
Is encouraging. Owing to
demand for the company's enabling the then holders of Common stock to exchange their Common
now in process, there is promise of a renewed
Class "A" stock and also for tho purpose of acquiring stock
such
for
stock
which
work,
were
not
last
house
demand
in
chemical
lines of sugar and
United Retail Stores Corp. in exchange for Common stock of Tobacco
year. Incidentally, there is more inquiry for miscellaneous lines, and as of the
Corp. or for one-half Class "A" stock and one-half Common
for the company's chief product, cast iron pipe, the year 1923 opens with Products
The holders of Common stock and the holders of stock of United
stock.
continues
earnings
throughout
year
the
heavy bookings. If the demand
Corp. received the privilege of making such exchange, up to
Stores
should be affected favorably, providing labor, fuel and transportation Retail
Aug. 15 1922. and as a result of such offers, company now owns more than
conditions are not more unsettled. The works are now well supplied with a
the
of
stock of United Retail Stores Corp.(see V 115,P. 191•879)•
majority
shortage.
orders, but unable to operate fully owing to labor




MAR. 17 1923.]

TH I

CHRONICLE

During 1922 company paid the regular quarterly divs. on Pref. stock
at rate of 7% P. a. It also paid 3 divs. of $1 50 per share on the Common
stock, which dividends were declared prior to the creation of the Class "A"
stock. An initial dividend of $1 75 per share was paid on Class "A" stock
on Nov. 15 1922.
Company redeemed during 1922 all of Series "AA" and Series "BB"
scrip dlvidend certificates, with the exception of $8,394, the certificates
for which wore not presented for payment. During 1922 company also
purchased for the sinking fund $94.000 7% 10-year gold notes.
INCOME ACCOUNT FOR CALENDAR YEARS.
Calendar Years1922.
1921.
1920.
1919.
Net inc.(ineldivs.roc.)a $5,862,975 $2.148,431 $2,023,882 $2.072,886
Deduct-Int.on 7% notes
275,456
Prof. dividends(7' _ _ _
.560,000
560,000
560,000
560,C00
Class"A"divs.($1 75 sh)
782,530
Common divs. (cash)._(4%)886,374
(3%)527.916 (3)527,948
do
do (scrip)
_
(6)1.127.703 (3)546.000 (3)527,948
Balance, surplus
53,358,615
$460,728
$389,966
$456,989
Previous surplus
2,506,978
2,662,620
2,536,595
3,393,188
Exc. prof. tax prey. year
87,634
181,370
263,941
1,313,583
Contingency reserve_ __ _
350,000
435,000
Total p. & I. surplus_ _45,428,059 $2,506,978 $2.662,620 $2,536.595
a No reserve has been set up for Federal taaes for 1922, 1921 or 1920.
CONSOLIDATED BALANCE SHEET.
Dec .30'22. Dec .31'21.
.Dec.30'22. Dec .31'21.
AssetsLiabi ies$
Real est., mach.,
Preferred stock.._ 8,000,000 8,000,000
equip., brands,
Class "A" stock_y20,711,580
trade-marks, &e 5,338,142 5,118,862 Common stock_y30,912,424
2,603,000
Supplies,dm
6,270,261 6,863,176 7% gold notes__ 3,906,000 4,000,000
Stock In other cos_ 53,388,465 3.923,470 Bills & sects. pay_ 1,731,705 1,916,249
Due from other cos 2,434,931 1,551,950 Res. for adv., tax.,
7% gold notes s. f_ 116,079
depreciation, &e 587,402
760,936
Cash
1,901,378 1,732,839 Prof. dIv. payable_ 140,000
140,000
Bills & accts. rec._ 1,347,014
902,983 Div. scrip payable 233,884
672,387
Prepd.ins.,int.,&c 392,896
249,575 Res, for contIng's. 785,000
435,000
Stk. held for empl.
Surplus & undlv,
of this& attn. cos 1,266,8.47
688,696
profits
x5,428,059 x2,506,978
Total

72,436,053 21,031,550
Total
72,436,053 21,031,550
a No reserve has been set up for Federal taxes. y Capital stock: Class
1," issued 448,022
shares; Common stock issued, 430.425
shares.
V. 116, p. 626. 86.
U. S. Tobacco

Co.(formerly Weyman-Bruton Co.).
(Report for Year ended Dec. 31 1922.)

INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
Net earnings
42.013,116 81,873.232 81,805.535 81.727.20.5
Prof. dividends (7%)_ _
376.229
341,341
328,216
328.216
Common dividends
($3)953,856 (10)662,360 (10)662,360 (10)662,300
Balance, surplus
3683,031
$869.531
$814.959
$736,689
Previous surplus
3.429,572
2,634,761
1.819.802
1,083,114
Trans.from prov.for advertisihg to surplus_ _Cr.1.000.000 Cr.1,250,000
Prem. on Pref. stock__ _ Cr.48,343
Stock div. on Common--- - (20)1,324,720
Balance, surplus

$5,160.946 $3,429,572 $2,634,761 81.819.803
x After provision for all taxes including income tax, and charges and
expenses of management.
Note.-In March 1922 the stock was changed from $100 par to shares of
no par value, four no par value shares being exchanged
for each $100 par
share. In April 1922 paid 3% on the old $100 par stock (equal
to 75 cents
per share on the new no par value shares) and in July and Oct.
1922 and
Jan. 1923 paid 75 cents per share on the new
no par value shares.
BALANCE SHEET DEC. 31.
1921.
1922.
1922.
1921.
Assets$
L1O1110Lea8
$
$
Real est., mach'y,
Preferred stock... 5,520,000 4,938,800
fixtures, tradeCommon stock ___x7,948,800 7,948,520
marks, patents.
Prof. div. pay.Jan. 96,600
86,429
good-will, &a_ _ _ 6.628,061 6,695,773 Com.div.pay.Jan. 238,464
165,590
Leal', mid. stock,
Prov. for
Insuenlles, &e_ _ _ _ 4,534,975 4,717,064
sur., disets.,.4e_
adv..
2,275,521 2,58.5,487
Scour. of other cos. 1,551,251 1,537,208 Bills
& accts. pay_ 472,025 2,544,789
Cash
2,5.59,686 1,318,190 Surplus
5,160,945 3,429,572
Bills & accts. rec 6,438.382 7,4
30,951
Total
21,712,356 21,699,186
21,712,356 21,699,188
Total
x Represented by 317,952 shares of no par value (auth. 360.000 shares).
V. 116. p. 423.

Studebaker Corp., South Bend, Ind.
(12th Annual Report-Year ended Dec. 311922.)
Pres. A. R. Erskine, Feb. 20, wrote in substance:

Results.-Total net sales amounted to 8133.178,881 and net profits
derived therefrom. with other
net Income, after reserves of increased
depreciation charges but before taxes.
Reserves
for U. S. and Canadian income taxes amounted to $20,659,092.
of $2572,897 reduced the net profits
t,o $18,086.196. Cash dividends
Preferred
paid
were
the
on
(7%)
and
Common stock (10%) to the amount of $6,673,750 and
the balance of
$11.412,446 was transferred to surplus account.
Last year's business was the largest
the corporation ever enjoyed, thanks
to the ever increasing demand
for Studebaker cars and to the increased
Plant capacity previously constructed
from surplus earnings, which permitted the greater production. In March
became apparent that an
overwhelming demand was upon us. and weitmet
it to the extent of our
ability by increasing operations to capacity production
of 440 cars per
day. The demand continued unabated until November,
when orders
for open cars decreased and we
curtailed
accordingly.
production
However, the total demand for the year exceeded
our capacity by thousands
of cars.
The actual sales of the year, 110,269 cars,
topped 1921 by 65.5% and
1920 by 114.2%. Net profits
$18,086,195 exceeded 1921 by 73.7
and 1920 by 84.1%. Dividendsof
paid
stockholders of $6,000,000
Common
exceeded 1921 by $1,800,000, as the
Conunon stock was on July 31 put
on a 10% basis and 134% extra
declared.
Extensions.-The expenditureswas
the erection and equipment of
additional units for the new Southfor
Bend plants and certain extenions of
the Detroit plants reported under way
pleted and mostly in operation, so thatin July last, are now about comthe 600 daily capacity (150,000
annually) is an accomplished fact.
The plant expansion plans adopted in 1916
forward and with much progress since the have been consistently carried
armistice freed us from war
service. Floor area, equipment, and
productive capacity have been
more than doubled, while costs have been
greatly reduced by manufacturing economies and better methods,
together
the making of
Rarts previously bought, and by multiplied savingswith
from quantity proauction.
Stock Dividend.-On Dec. 5 the directors declared
;55,000,000 Common stock, deliverable Dec. 29 a stock dividend of
to holders of record
Dec. 16.
Brief History of Company.-BusIness was established
in 1852 at South
'Bend by H. & C. Studebaker. blacksmiths and wagmunakers
, with $68
capital and two forges. Three other brothers joined
business, and
the
In 1868 it was incorporated as the Studebaker
Mfg. Co.with
$223,269 actual net assets, and its sales averaged Brothers
about $350,000 annually.
For two generations Studebaker was perhaps the world's
largest producer
of horse-drawn vehicles. In 1897 $2,000 was appropriated
for 'building
and experimenting with a "horseless vehicle," and in 1902 the
company




1175

actually launched into the building of electric runabout,s and trucks,
which it ocntinued until 1912.
Also in 1904 it began building, in connection with another company.
gasoline propelled automobiles known as Studebaker-Oarford cars, and
In 1910 it bought out the Everett-Metzger-Flanders Co. at Detroit and
became a full-fledged manufacturer of gas cars. The Studebaker Corp..
organized as of Jan. 1 1911, was the consolidation of this company and
the Studebaker Brothers Mfg. Co., and it proceeded to operate the Detroit
plants for automobile production and the South Bend plants for horsedrawn vehicle production. The horse-drawn vehicle business was liquidated
In 1919 and 1920, and the corporation now confines itself to automobiles
only
the
e pczssengr car p .
Growth -The
activities and growth in the 12 years of its
tye
existence may be expressed in statistical form as of Dec. 311922. as compared with Jan. 11911, as follows:
Total sales for the 12 years were 8756.505.655. from which net profits
and other income amounted to $82.875,097, or 11% of said sales. Disposition of net profits: Preferred dividends. 89.361.170; Common dividends, $23.934.080; surplus adjustments, $4.887.658: surplus invested
in plant additions, inventories, and working capital, $44,692,189, or
53.9%. $30,000,000 of which has been permanently capitalized by stock
dividends.
• Actual net assets, $79,334.913, as compared with $23,692,723. an
increase of 855,642.189. or 234.8%. Plant and property investment,
$43.426,182, as compared with $9,811,990, an increase of $33,614,192,
or 342.6%.
Net working capital, $34,348,803, as compared with $13.880,733, an
Increase of $20,468,070, or 147.5%.
Average number of employees, 17,663 as compared with 8,027. an
increase of 9.636, or 120%.
Number of dealers. 5,000, as compared with 1,500. an increase
3.500.
or 233%. Estimated number of Studebaker cars now in operation,of
400.000.
7% Cumulative Preferred stock outstanding, $9.450,000, as compared
with $13,500,000, a decrease of $4,050,000, or 30%. Common stock
outstanding, $75,000,000, as compared with 827.931,600, an increase of
S47,068.400. or 169%. Total fresh capital received by corporation in
12 years. from sales of Common stock, less retired Preferred stock.
813.018,400.
Plants & Property -About half of the building floor space and 75%
of the malidnery and tool equipment has been added in the
6 years.
The combined floor area of the manufacturing plants of thepast
corporation
is now 7,103,000 sq. ft.
Stockholders.-On Dec. 31 1922 there were 1,172 Preferred and 3,994
Common stockholders, as compared with 1,301 and 5,959
1921. Corporation is holding in its name 10.063 shares of Common in
and 57 shares
of Preferred for the account of 3,066,.or 16.9%, of its employees,
who
are paying for it under the stock purchase plan.
Employees & Co-operative Plans.-Last year the average
of
employees was 17,663, as against 13,065 the previous year. number
Under our
co-operative plans which reward employees for continuous service,
11.252,
or 63.7%. of the employees received anniversary checks: 6.075. or 34.4%.
of factory employees received vacations with pay; the
dependents of
15 deceased employees received insurance payments.
Outlook for 1923.-Based upon the satisfactory condition
at home and improvements that have been and are occurringofinbusiness
foreign
countries, and especially because of the strong commercial position
the corporation, it appears that business this year should be obtained of
in
large volume. Accordingly, we are planning to produce in the first quarter
35,000 cars, as compared with 26,665 cars last year and 10,983
cars the
previous year, in the same quarter. The management believes
that
business for the year as a whole will show a substantial increase over that
of last year.
SALES, INTEREST, INCOME TAXES AND NET PROFITS, YEARS
1916 TO 1922.
Number
Total
Net (after
Int. & U.S.&Can. Net
Cars
Net Sales. Deprec'n). Exchange.
Taxes.
Profits.
Year- Sold.
$
$
II
$
$
1916_ _
65,885 61,988.594 8,704.681
*90,518 183:954 8,611,2451917_ _ _- 42,357 50,147.516 4,359,417
298,488 560.189 3,500.741
1918____ 23,864 52,087,997 4,817.613
295,664 637,754 3,884,194
1919____ 39.356 66.383,307 11,283,463
116.950 1,854,229 9.312,284
1920._ _ _ _ 51,474 90.652,363 12,130.807 *120.014 2.428,767
9,822,054
1921___ 66,643 96.690,644 12,532,297 *138,149 2,260,755
10,409,691
1922_ -110,269 133.178,881 20.043,957 *615,135 2,572,897 18,086.196
* Credit.
NET PROFITS, DIVIDENDS AND SURPLUS YEARS 1916
TO 1922.
Preferred -CommonDivs.- Surplus Retained in
Year- Net Profits. Dividends. %
Amount. Adjustments. Business.
1916_ ..._$8,611.245
$767,550 10.0 83.000.000 $141,763 $4,701,932
1917 _ _ _x3,500,741
767.550 7.0
2,100,000
633,191
1918_ ___x3.884.194
767.550 4.0
1,200,0011
1,916,6451919....9,312,284
748.475 7.0
2,100,000 2,069,599
4,394,209
1920_ _ _ 9,822,054
710,150 7.0
3.937.500
872.940
4,301,465
1921_ _ _ _10,409.691
686,000 7.0 4,200,000
710.995
4.812.696
1922... _18.086.196
18.086.196
673.750 10.0 6.000,000
11.412,446

;ri
,
if

x War period.

The usual comparative income account was published in
V. 116, p. 819.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
Assets$
Liabilities$
$
Real est., buildPreferred stock_ b9,450,000 9,800,000
ings, &c
a43,426,182 37,290,414 Common stock_ 75,000,000 60,000,000
Investments__ _ 4,017,991 2,178,180 Deposit on sales
Sight drafts
3,509,865 1,822,393 contracts_ _ _. 392,454
357,870
Inventories
21,514,249 22,209,885 Accts. payable__ 6,756,635 3,492,415
Accts. & notes
Reserve for Fed.
rec., less res_ _ 4,859,579 4,035,221
taxes
2,690,464 2,309,616
nerd charges,
Sundry creditors
Insurance,&c..
761,323
394,262 & reserves._ _ 5,649,046 4,088,495
Cash Inbanks,dm 15,174,396 8,334,799 Special surplus
Housing devel
1,559,928 2,255,716
account
4,455,000 4,050,000
G'd-will, patent
Surplus
10,237,190 14,229,744
rights, &c_ _ _ 19,807,277 19,807,277
Total

114.830,789 98.328,132
Total
114,630,789 98,328.139
a Plant and property at South Bend, Ind.; Detroit,
Mich.; Chicago, Ill.;
Walkerville, Ont., and at branches;Jan. 11922. $41,488.543.
plus additions
during the year, less realizations, $6,933.637;
less total reserve for depreciation, $4,995.997. b Prof. stock, 7% Cumul.,
authorized,
150,000
shares of $100 each. $15,000,000, whereof issued,
$13.500.000; less retired
under provision of charter, $4.050,000.V. 116, p. 819. 526.

Craddock-Terry Co., Lynchburg, Va.
(Annual Report-Year Ended Dec. 31 1922.)

[The annual report includes Western
Department, operated as the
McElroy-Sloan Shoe Co., St. Louis,
and Northwestern Department,
operated as Harsh & Chapline ShoeMo.,
Co., Milwaukee, Wis.]
OPERATION AND DISTRIBUTION OF
PROFITS-CALENDAR YEARS.
Gross
Net
Previous yDividends zCarried to Final
Income.
Income.
Reserves. Surplus.
Paid.
1915_. $5,482.082 8311,101 Surplus,
$231,218 8179,400 $24,000 $338.919
1916-- 7.924,234
877,970
338,919
410.860 81,030
725,000
1917-- 9.380,976 1,041,978
725,000
225.000 286,337 1,255,641
1918-- 11.238,482 1,059,268
559,896 490,440 1.264.573
1919-- 14.165,834 1.589,796 1,255,641
1,264,573
472,000 484.759 1,897,610
1920-- 15,699.282
702,961
820,107 50,000 1,730,464
1921-- 15,747.943 1,141,021 1.897,610
1,730,464 1,023.912 148.570 1,699,003
1922..x17,907.022 1.855,125 1,699,003
1.018,282 335.847 2,200.000
a Includes net sales. $17,795,674.
income from other sources, *111.348. y Includes extra dividends paidand
in common stock as follows: For 1918.
20%; 1920. 25%; 1921. 25%; 1922. 10%;
and for 1919. 10% paid in U. S.
Liberty Bonds. z Including reserves
for Federal income and excess profits
taxes and other items, and Wafter charging
operating
with the cost
of all repairs and renewals and a proper allowance forexpenses
depreciation of plant
and equipment.

1176

TH 14 CHRONICLE

[Vol... 116.

CONDENSED BALANCE SHEET AS OF DECEMBER 31.
Chicago & Alton RR.-Registrar.1922.
1921.
1921.
Assets-1922.
Metropolitan Trust Co. has been appointed registrar of certificates
$744,828 $659,674 Common stock _$3,300,000 $3,000,000 ofThe
Cash
deposit for Common and Preferred stocks, issued under stockholders'
Accounts reeeivie. 3,557,216 3,226.278 1st Pref.,6% Cum 1,25(,000 1,250,000 depositary
agreement dated Dec. 19 1922.-V. 116, p. 822.
61,566 2d Pref.6% Cum_ 1,250,000 1,063,300
51,633
Notes receivable
Class"C" Pfd.7%
Trade acceptances
Chicago
Attica & Southern RR.-Bonds Authorized.(customers) _
4,110
181,400
Cumulative_ ___ 200,500
The I.-S. C. Commission recently authorized the company to issue
Mdse. Inventories_ 4,551,812 3,905,984 Subserltens i nth,
.
3,277
91,473 Note:: payable__ __ 1,961,070 1,913.270 $1.590,000 1st Ref. Mtge, bonds to be used in financing itself and the reAccounts ref el vle.
77,486
habilitation of its railroad which was formerly a part of the Chicago-Indiana
376.214 Coal
Accounts payable_ 728,799
Stocks of a WI.,Jce
By. division of the Chicago & Eastern Illinois. The bonds are to be
compantea
542.068
47fi,e12 Accrued account&
37.727 old at
31,387
not less than 85.-V. 115, p. 2579.
80,974
estate,
&e_
_
_
62,614
Fed'l
income
163,962
Real
tax__ 235,000
Plant dr equipment 1,787,469 1,310,880 Res. for contIng's_ 230,202
150,000
Chicago Rock Island & Pacific Ry.-Guaranty Certified.
35,749
46,231 Res. for red. Class
Deferred charges
The I.-S. C. Commission recently Issued a final certificate stating the
C Pref
21,875 . 10,570
of this company's guaranty for the six months' period of 1920
Surplus
2,200,000 1,699,003 amount
as $7,725.578, of which $7,000.000 has been paid and the balance, $725,578,
is
covered
by the certificate.-V. 116, p. 720, 409.
811,409,234 $9,848,723
Total
Total
$11,409,234 $9,848,723
-v. 116, P. 520.
Cincinnati Indianapolis & Western RR.-Car Trust.The I.-S. C. Commission has authorized the company to assume obligation and liability in respect of $300,000 Cincinnati Indianapolis & Western
Car Equipment Co.6% Cumul. Pref. stock, by entering into a conditional
sale agreement with the Equipment Co.
The company owns 250 wooden box cars and 75 wooden gondola coal
RAILROADS, INCLUDING ELECTRIC ROADS.
cars, which it desires to have rebuilt and to re-acquire them after rebuilding.
To accomplish this it proposes to sell such cars, free from all liens, to
The following news in brief form touches the high points George
C. P"orrey, Jr., at their depreciated book value of $158,874. From
in the railroad and electric railway world during the week him the Cincinnati Indianapolis & Western Car Equipment Co. has arranged
procure such equipment, and to assume his obligation in respect of the
just past, together with a summary of the items of greatest to
purchase price. The Equipment Co. then proposes to have the cars rebuilt
interest which were published in full detail in last week's at an estimated cost of $900 per car for box cars and $800 for the coal
cars,
to resell them to Railroad Co. under a conditional sale agreement.
"Chronicle" either under "Editorial Comment" or "Current and
The Equipment Co. has recently been organized with a Capital stock
Events and Discussions."
of $450,000, consisting of 1,500 shame of Common and 3,000 of6% Cumul.
Canadian Court Rules Engineers' Brotherhood Illegal.-Declsion declares Pref. stock, par $100. To provide funds for carrying out the project of
Brotherhood of Locomotive Engineers an illegal organization existing in rebuilding the cars, the Equipment Co. has arranged to sell $300,000 of
Pref, stock to the Fletcher-American Co. of Indianapolis, Ind. at 95 and
restraint of trade. "Wall Street Journa-'March 12, p. 8.
Rail Combinations Denounced as Socialistic.-L.
Loree, Chairman of dive., the proceeds from this stock to be expended in rebuilding the cars.
Board of Kansas City Southern RR., declares I.S. C. C. plan for consolida- Any cost in excess of $285,000 is to be furnished by the Railroad Co. and
tion "another step toward governmental control of rail transportation." any balance remaining after paying the rebuilding cost is to be used in
Says any consolidation should take place through initiative of roads them- retiring the Preferred stock.
The Railroad Co. has agreed to subscribe for the 1,500 shares of the
selves without State direction. "Wall Street Journal" March 9. P. 6.
Pennsidranis RR. Lifts Embargo.-General embargo on eastbound freight Equipment Co.'s Common stock and to pay therefor $158,874.-V. 115.
in effect since Sept. 30 cancelled clearing entire system from Chicago to p. 2684.
Atlantic Coast. "Boston News Bureau" March 10. p. 3.
Cleveland Cincinnati Chicago & St. Louis Ry.-Div.-Embargoes Lifted.-The following roads also lifted embargoes on all
A dividend of 1% has been declared on the Common stock, par $100,
classes of freight: Lehigh Valley, Jersey Central and N. Y. Ontario &
payable April 20 to holders of record March 30. A like amount was paid
Western. "Boston News Bureau" March 16. p. 10.
American-Canadian Freight Rate Agreement Admitted.-E, N. Todd, of Jan. 20 last, while in June and Nov. 1922 dividends of 2% each were
Canadian Pacific Ry., testifies agreement was reached when American paid.-V.115, p. 2684.
roads threatened to cut rates on grain east of Buffalo and Canadian roads
Crawford County Rys.-Merger..resolved to meet any reduction. "Times" March 13, p. 4.
Fight en Mileage Book Questlon.-Counsel for roads hold conference
See Northwestern Electric Service Co. of Pa. below.-V. 115. p. 1729.
preparatory to carrying fight against recently authorized cut-rate mileage
Cumberland County Power & Light Co.-Bonds.
books into U. S. courts. "Times" March 13. p. 34.
C. C. In Mileage Book Fight.- Traveling salesSalesmen to Support I
The Maine P U. Commission has authorized the company to issue
men Association to uphold I.-S. C. Commission in opposing any move by $1,494.000 of Preferred stock for the purpose of acquiring all assets and
carriers to cause delay In complying with mileage book regulations. "Times' properties of the York County Power CO. and the Westbrook Electric Co.
March 14, P. 23.
The latter two companies are both controlled by the Cumberland Co.
Car Shortage.-RecinIsItions for freight cars in excess of the current through stock ownership.-V. 116, p. 822, 75.
supply amounted to 80,633 cars on Feb. 28, an increase since Feb. 23
with
the
reports
filed
the
carriers
Denver & Rio Grande Western RR.-Equipment Trusts
according
to
to-day
by
cars,
3,733
of
Car Service Divine() of the American Railway Association.
Offered.-Kuhn,Loeb & Co. and Blair & Co., Inc., are offerThe shortage In box cars numbered 33,857, an increase since Feb. 23 of
3.770; coal ears, 38.771, decrease 426; refrigerator cars, 2,617, increase ing at 993I and dividend for average maturities, to yield
522; stock cars, 948. decrease 292.
about 51A 0 34,500,000 VA% Equipment Trust Certificates.
Car Surplus.-Surplus freight cars in good repair amounted to 15,819.
Dated March 1 1923; due 3300.000 annually March 1 1924 to March 1
This was a decrease from Feb. 23 to Feb. 28 of 4,967 cars.
1938, both inclusive. Dividends payable M. & S. Denom. $1,000 c*.
Surplus box cars in good repair totaled 2.739, which was a decrease of Bank
of North America & Trust Co., Philadelphia, trustee.
principal
cars
coal
since
Feb.
23.
while
numbered
2,336
4,845, reduction 477: stock and dividends payable at the agency of the trustee in New Both
York in U. S.
cars, 4,393, decrease 1,287.
coin, without deduction for any tax or taxes (other than Federal income
Car Loadings.-Leading of revenue freight during the week ended March gold
taxes) which the receiver or the trustee may be required to pay or to retain
3 last totaled 917,896 cars, the greatest during any similar period at this
under any present or future law of the 'United States of America,
season in the history of the railroads, the Car Service Division of the therefrom
or of any State, county or municipality or other taxing authority therein.
American Railway Association announces.
.-Theve
will be vested in the trustee title to equipment costing
Security
The total for tee week exceeded toe same week last year by 124,781 cars, not less than $6,000,000,
Including the following: (1) New equipment: 20
and that of 1921 by 206,529 cars.
Compared with the preceding week this year which, however, contained mountain type locomotives, 10 heavy Mallet locomotives, 10 narrow gauge
Mikado locomotives, 100 narrow gauge stock cars, 2 spreaders, 2 ditchers,
a holiday, it was an increase of 87,673 cars.
Loadings were the heaviest for any week since Dec. 9 1922, and indicate 1 wrecking crane, 1 wrecking derrick, 2 30-ton locomotive cranes, 1 pile
driver, 1 narrow gauge rotary snow plow.
a stimulation in business unprecedented for this time of year.
(2) New equipment in use: 10 mountain type locomotives, delivered new
The 900.000 car mark was not reached in 1922, until the week of Sept. 2,
while in 1921 it did not occur until the middle of October. In 1920, when in 1922, the cost of which to the receiver will be $53,157 each; 700 70-ton
freight traffic was the heaviest in the history of the nation, the 900,000 drop bottom steel gondola cars, delivered new in 1922, the cost of which to
the receiver will be $1,984 each: 4 15-ton locomotive cranes, delivered new
mark was not exceeded until the middle of June.
The increase compared with the week before was due principally to In 1921, which will cost, to the receiver, $7,631 41 each: 25 (Clark) sideincreased shipments of coal and merchandise and miscellaneous freight, dump cars, delivered new in 1921, which will cost to the receiver,$4,030 44
each.
although increases were reported in the total loading of all commodities.
Of the total cost of this equipment, the cost of narrow gauge equipment is
Principal changes compared with week ended Feb. 24 were: Merchandise
and miscellaneous freight. 543,752 cars, increase 60.034; coal, 193,551 approximately $542.000.
Rebuilt equipment: 800 40-ton 40-foot standard gauge stock cars,
forest
products,
(3)
15,094;
76.131
increase
cars
cars,
(greatest for any week
in history in that commodity), increase 6,240; grain and grain products, which will be acquired at a cost of not exceeding $1,000,000.
The cost of those stock cars includes rebuilding said cars so as to put
44,967 cars, increase 4,603; livestock, 32,810 cars, increase 350; coke,
them in a practically new condition at a little more than 60% of the present
16.138 cars, increase 1,225; ore. 10,547 cars. increase 127.
Matters Covered in "Chronicle" March 10:-(a) Railroad gross and net cost of similar cars of the same capacity. The equipment trust will provide
that
in lieu of all or any portion of these cars, there may be substituted new
year
1922,
p.
calendar
988-995.
(b)
for
Loading
of
earnings
cars continues
to break records, p. 996. (c) Ordering of new equipment heavy. p. 996. equipment first approved by the bankers.
Guaranty, etc.-Unconditionally guaranteed by endorsement by the
(d) James Speyer urges co-operation with President Rea against legislation
adversely affecting railroads, p. 1013. (e) President Harding arributes receiver of the Denver & Rio Grande Western RR. This obligation on the
some difficulties in coal distribution to shopmen's strike still unsettled, p. part of the receiver of the Denver & Rio Grande Western RR. will, so long
1013. (f) Readjustment of transcontinental freight rates on Western roads. as the receivership continues, rank ahead of the $31,114,000 Denver & Rio
Grande RR. First & Ref. Mtge. 5% Bonds and $10.000,000 Denver & Rio
p. 1014.
Grande RR. Cumulative Adjustment Income Mortgage 7% Bonds, now
Atchison Topeka & S. Fe Ry.-Acquisition of Sub. Cos. outstanding,
and it is to be provided that the obligation of the receiver will
stockholders
to
be
held April 26 among the be assumed by any new or successor company.
At the annual meeting of
matters to come up before the meeting are: (1) Acquisition ofstock and debt
Issuance.-Subject to the approval of any public authorities that may
and lease of Tulsa & Santa Fe Ry. (2) Acquisition of stock and debt of be necessary.-V. 116, p. 409.
Buffalo Northwestern RR. (3) Acquisition of stock and debt of Eldorado
Denver Tramway Co.-Earnings, etc.& Santa Fe By.. and (4) Santa Fe & Los Angeles Harbor Ry. These
companies were organized and financed entirely by the Atchison.
A statement of earnings during the period of receivership Dec. 24 1920
The company has applied to the I.-S. C. Commission for authority to to Feb. 1 1923 is given below. The various conunittees representing the
lease the Rio Grande El Paso & Santa Fe RR.-V. 116. p. 719, 615.
several issues of securities, it is understood, aro working on a reorganization
plan which it is expected will be announced in the near future. Nothing
Boston & Maine RR.-Listing of Voting Trust Certificates. definite
has been as yet given out.
On recommendation of the Committee on Stock List, approved by the
Statement
of Earnings Covering Period of Receivership, Dec. 24 1920-Feb.1 1923
Governing Committee March 7 1923, there are admitted to the Boston
Jan.
Stock Exchange list, on notice of deposit, voting trust certificates for all
Dec. 24 1920shares.
The
maximum
number of possible shares to be
Period1923.
classes of B. & M.
Jan. 311923.
deposited is 388.179 of 1st Preferred stock divided into the following classes: Revenue from transportation
$402,023
$9,917,954
12,740
188.600 Class "A," 76,488 Class "B," 79,171 Class "C," 43,270 Class "D," Other revenue
325,177
and 650 Class "B," of Preferred stock the maximum is 31,498 shares.
Total operating revenue
1414.764 110,243,131
of Common stock, 396,051 shares.
structures
and
145,799 11,407,832
On March 9 1923 the number of shares deposited in these respective Way
37,924
classes, and consequently now listed on the Exchange are: First Preferred, Equipment
958,779
35,366
759,766
Class "A" (Fitchburg RR.), 33,904, Class "B" (Boston & Lowell RR.), Power
iransiorfition
transportation
118,464
2,982,249
16,755 and Class "B"(Lowell & Andover RR.), 545, Class "C"(Concord Conducting
- _ ------------------86
4,631
& Montreal RR.), 3,135. Class "D" (Lowell & Andover RR.). 100, and Traffic
miscellaneous
and
_General
27.771
717,589
Class "D"(Manchester & Lawrence RR.), 260, Class "E" (Kennebunk &
revenue
149.355
3.412,286
Kennebunkport RR.),55. Preferred shares, 1,907, Common shares, 3.712. Net operating
Gross income, less operating expenses
150,451
3,437,060
These figures will automatically change as further deposits are reported.
_ -------32,117
789,283
These certificates are issued under a voting trust agreement dated Jan. Taxes
pavmetats
Franchise
1928,
23
between
5.000
126,210
Jan.
certain
trustees
and
the
Old
23 1923 and expiring
funded
debt
on
Interest
The voting trustees are Gordon
2,022,418
79,675
Colony Trust Cap.. acting as depositary.
Interest on floating debt
Charles
F.
17,461
Mass.,
Adams,
Concord,
Mass..
Philip
Manchester,
Abbott,
Dexter, Manehester, Mass., Allen Hollis, Concord, N. II., Walter M.
Net income
$481.688
133,659
Parker, Manchester. N. H., and Robert H. Gardiner Jr., Needham,
Extension of Denver Tramway Power Co. Bonds Asked.Mass.-V. 116. p. 720.
Holders of Denver Tramway Power Co. 1st Impt, Mtge.5% Gold bonds.
Ry.-Contract.Buffalo Rochester & Pittsburgh
April 1 1923, are asked to extend at 6% per annum for one year or
due
under
Co
Signal
'Industrials"
below
-V
116,
Railway
See General
until April 1 1924, subject to the right of the company to redeem the
p 1048, 933
entire issue at par and Int. after 30 days' notice. Such offer has been
authorized by U S. District Court Judge Robert E. Lewis.
Canadian National Rys.-New Officers.The present lien and security of the extended bonds will continue unGerard Reel has been elected Vice-President and General Counsel, Major
Graham A. Bell has been elected Vice-President in charge of finance and impaired. The receiver has been authorized to pay the April 1 1923
on deposited bonds at the time of deposit for extension and has
coupon
charge
of
traffic.
-V.
116,
p.
720.
in
Vice-President
J. B. Dalrymple.

GENERAL INVESTMENT NEWS




7,

MAR. 171923.]

TFIF CHRONICLE

also authorized to pay Intvarnational Trust Co. as trustee on or before
April 1 1923 $50,000. to be used to call by lot at 105 such of the deposited
bonds as can be redeemed with such $50,000. No bonds not deposited for
extension will be drawn for retirement and bonds must be deposited before
April 15 1923 to be considered In the above redemption.
The International Trust Co., Denver, and Guaranty Trust Co., New
York, have been named depositaries to receive bonds for extension.
V. 116, p. 1049.

Eastern Massachusetts Street Ry.-May Run Jitneys.The Massachusetts Dept. of Public Utilities has approved the company's
application to acquire, own and operate for transportation of passengers,
motor vehicles not running on rails or tracks in several cities and towns in
Mass, where company now operates street railways outside the city of
Boston.-V. 116, p. 615.

Erie RR.-Bonds Offered.-Drexel & Co. and White,
Weld & Co. are placing. privately $1,000,000 New York &
Erie RR. 3d Mtge. Extended 4
bonds, extended to
March 1 1933, assumed by Erie RR. Outstanding (closed
mortgage) $4,617,000.
These bonds are secured by direct mortgage on the 446 miles of road
from Plermont to Dunkirk, N. Y. subject to only $4,631,000 underlying
liens, this issue and prior lines being outstanding at the rate of less than
$20.750 per mile.-V. 116. p. 822.

Federal Light & Traction Co.-Bonds Offered.--Bodell
& Co. and J. G. White & Co., Inc., are offering at 100 and
int. $2,500,000 30-Year Cony. Debenture Gold bonds,
Series "A," 7% (see advertising pages).

1177

Security.-Through deposit with the trustee of an equal amount of the
1st & Ref. Mtge. 5s, the new bonds share in a direct first mortgage on all
the properties, rights, franchises and leaseholds owned, subject to only
$1,400,000 underlying bonds on a minor portion thereof. In addition,
this series of 6% bonds is secured, equally and ratably with $7,500,000
additional Gen. Mtge. bonds by general mortgage on the entire property,
including the lease and power contract of the Georgia Railway & Electric Co.
Valuation.-The value of the properties owned as of Jan. 1 1922 was
$40,571,000. Expenditures for additions since that date together with
the proceeds of these bonds aggregate $6,196,000. making a total as of
Dec. 31 1922 of $46,767,000.
3-Yr. Avge. Yr. ended
Earnings1920-1922. Jan. 31 '23.
Gross revenue
$14,171,600 $15,032,799
Net earnings after oper. expenses and taxes
4,646,526
4,791.443
Annual rentals
1.985.416
Ann. Int. on Ga. Ry.& Pr. Co.funded debt (incl. this issue)-1.348,350
Balance
$1.457,677
Of the net operating revenue approximately 72% is derived from the
electric and gas business and 28% from the railway.
For the year ending Jan. 31 1923 net earnings of the company from its
owned properties alone were $2.136,945, or nearly $800,000 in excess
of the amount required for bond interest had the present issue been outstanding. The leased properties, after payment of rentals, in the same
period produced additional income ,of $669,000, making total earnings of
more than $1,450.000 in excess of bond interest requirements had these
bonds been outstanding.-V. 116. P. 934, 615.

Grand Rapids Ry.-Annual Report.Calendar YearsGross earnings
Operating expenses
Taxes
Depreciation
Interest, &c

1942.
1921.
1920.
$1,804,293
$1,861,477. .
$1,215,521 $1,223,780 $1.338.313
132,403
132,244
128,052
176.132
181.322
150,009
330,837
337,867
334,999

Dated March 1 1923. Due March 1 1953. Int. payable M. & S. at
New York Trust Co.. New York, trustee. Denom. c* $1,000 and $500.
r* $1,000. Callable on any int. date upon 60 days' notice at 110 up to and
incl. Mar. 11929,thereafter at 10731 up to and incl. Mar. 1 1943,and thereNet income
$6,583 de:130,481 def$147,070
after at 100 plus 3 of 1% for each full year prior to maturity. Company -V. 115, p. 1428.
covenants to pay normal Federal income tax up to 2% and will refund
Great Northern Ry:-Bond Application.
Penna. and Conn. State tax of 4 mills.
The company has applied to the I.-S. O. Commission for authority to
Capitalization After This FinancingAuthorized. Outstanding.
First Lien 5% bonds, due 1942
}x350,000,000 133.904,000 have authenticated and delivered to its treasury $60,000,000 Gen. Mtge.
do
5s, stamped 6s
1 2,834,000 5%, gold bonds, to be dated Jan. 1 1923 and maturing on Jan. 1 1973.
30-Yr. Deben. bonds, Series"A,"7% (this issue)_
y2.500.000 The carrier proposes to apply funds realized from issuance and sale of bonds
Cumulative First Preferred stock
:ciiSci:boo
None as follows: To reimburse its treasury for expenditures heretofore made and
6% Cumulative Preferred stock
5,500,000
3.550,000 to be made in discharging a loan by U. S. Government, $2,910,000; to reCommon stock (no par value)
55,000 shs. 47,500 abs. imburse its treasury for expenditures made in paying equipment trust
notes and other cash requirements under an equipment trust agreement
x $820,000 has been retired by the sinking fund. y The stockholders with the Director-General of Railroads, $879,416; to reimburse its treasury
will vote April 4 on authorizing the issue. The authorized Common stock for money expended from income or other moneys in its treasury between
will be increased sufficiently to provide for conversion of Debenture bonds. Jan. 1 1911 and June 30 1921 for additions and betterments, construction
of new lines. &c., not previously capitalized, $55,410.534: and to partially
Data from Letter of President E. N. Sanderson, March 6.
Company.-Owns or controls public utility properties serving without reimburse its treasury for money expended from income or other moneys
competition, with one minor exception. 16 communities in the 8 States of in its treasury between July 1 1921 and to date for additions and betterArizona, Arkansas, Colorado. Missouri, New Mexico, Oklahoma. Wash- ments not previously capitalized. $800,000. The company asks authority
to sell $20,000,000 of the bonds immediately, the proceeds to be used
ington and Wyoming. Population served 200.000.
Properties.-Eloctrle departments, combined generating capacity equiv- to reimburse its treasury to that extent for expenditures from income or
alent to 67,650 h. p., 1.000 miles of transmission aud distribution linos and other moneys not yet capitalized to the end that funds may be available
43,809 consumers, gas departments,combined generating capacity 1.450,000 for general corporate requirements, including the provision of adequate
Cu. ft. daily. 170 miles of mains and 12,942 consumers, water department, working capital. The application states that the company has made no
low-stage pumping capacity 8,000,000 gallons daily, high-stage pumping contract or commitment as to the price or rate at which the proposed
capacity 8,500.000 gallons daily, storage of' 310,000,000 gallons, about 36 $20,000,000 bonds are to be sold.-V. 116, p. 295.
miles of mains and 3.418 consumers, railway departments. 78 miles of
Gulf Mobile & Northern RR.-To Acquire Road.track and 136 passenger cars. 11.453.371 revenue passengers carried in 1922.
The company has applied to the I.-S. C. Commission for aathority to
Conversion.-Sortes"A" Debentures will be convertible at any time duracquire
control of the Meridian & Memphis RR.-V. 115, p. 1210.
ing the period from Dec. 1 1923 up to Jan. 1 1929 into Common stock
on the following basis: The first $500,000 of Debentures to be presented for
Holyoke Street Ry.-Bonds Authorized.conversion will be converted on the basis of 14 saares of stock for each
The Massachusetts Department of Public Utilities has authorized the
$1,000 bond, the next $500,000 of Debentures on the basis of 13 shares,
the next $500,000 of Debentures on the basis of 12 shares, the next $500,000 company to issue $265,000 6% 1st Mtge bonds, Series "C," due April 1
of Debentures on tho basis of 11 shares, and the next $500,000 of Debentures 1935, the proceeds to be used to refund a like amount of 5% debentures
due April 11923.-V. 116, p. 410.
on the basis of 10 share.
Consol. Earns, Statement, Year end. Jan. 31 1923 (inter-co. items eliminated).
Illinois Central RR.-Joint Bond Application.Total All Springfield and a Props. Owned
The Illinois Central RR., Chicago St. Louis & New Orleans RR. and the
Companies. Central Ark.Cos. Entirely by Co. Canton Aberdeen & Nashville
RR. have filed a Joint application with the
Gross earnings
$2,085,237
$3,072,567 I.-S. C. Commission for permission
$5,157,804
to issue $3,168,957 Joint refunding
Net after operating expenses,
mortgage bonds. The bonds will be placei in the Treasury of the Illinois
maintenance and taxes
$1,768,379
$645,257
$1,123,122 Central to reimburse it foradvances made for ad'Won% and betterments
Miscellaneous income
48,712
48,712 to the lines of the other two named companies.-V. 116. p. 934. 822.
Total net income
$1.817.091
31.171.834
$645.257
Interborough Rapid Transit Co.-Notes Sold.Total income available for Fed. Light & Trac. fixed charges
b$1,443.582
G. M.-P. Murphy & Co. announce on behalf of syndicate managers that
Int. on Fed. Light & Tr. Co. 1st Lien 5s and stamped 6s_ _
365,240 they
sold the balance of the issue of $10,500,000 10-year 6% gold
do
30-Year Debs., Series"A"(this issue)
175,000 notes,have
which was not subscribed for by holders of Interborough-Metropolitan
collateral trust bonds and Interborough Consolidated Corp. preferred
Balance
$903,342 and%
common stockholders.-V. 116. P. 1049.
a Company owns all of the securities of these companies except in the
International-Great Northern RR.-Approves Sale.ease of the Tucson Rapid Transit Co.,of which it owns over 80% of the ComThe holders of voting trust certificates for the Common stock on March
mon stock, and all the bonds except one $100 bond. b The income of
14 consented to the sale of that issue to the St. Louis-San Francisco By.
$1,443 582 as shown available for int. on bonds of Federal Light & Trac- at
$27 75 per share. The stockholders of the St. Louts-San Francisco
tion Co. incl. $271,748 surplus earns, of sub. cos. accrued to F. L.& Tr. Co.
Purpose.-Proceeds will be used (1) to retire $1,361,300 outstanding Ry. have also approved the purchase and the matter Is now pending
10-Year gold notes due Dec. 11923,(2) to reimburse the treasury for $300.- before the I.-S. C. Conamission.-V. 116, P. 1049.
700 of notes which company has from time to time recently purchased,
Kansas City Power Securities Corp.-Report, &c.(3) to retire $483,000 1st Mtge. bonds of Willapa Electric Co. due July 1
Inasmuch as the company owns all of the Cammon stoca of the Kansas
1923, and (4) to reimburse treasury for moneys expended for additions to
City
Power & Light Co., it is entitled to receive as dividends the surplus
the properties.
earnings of that company, which,for the calendar year 1922, before making
Condensed Consolidated Balance Sheet Dec. 31 1922.
provision for depreciation and dividends on the Common stock, amounted
Assets.
to $2,045,077. which is equivalent to approximately $8 per share on the ComPlant. prop.,franch., &c.$25,133,057 6% Preferred stock
$3,550,000 mon stock of said company held in the treasury of this oorporation (see
Inv, in other companiesV. 116, p. 1074). This company received as dividends from the Kansas
80,003 Common stock (47,500
Unamortized discount on
3,700.000 City Power Ss Light Co. on the Common stock of said company held in its
shares, no par value)
funded debt
945,097 Sub.co.7% Pref.stocks_ 2,074.500 treasury during 1922 the sum of $300,000. and on Dec. 31 1922 the Kansas
Unadjusted debit items_ _
73,907 Bondsand notes
x12,385,300 City Power & Light Co. had an undistributed earned surplus of $1,863,962.
Cash (incl. spec. depos.)_
590,478 Tucson Rapid Trail. Co_
86,150 which this corporation is entitled to receive as dividends if, when and as
Notes & ace ts receivable
505.597 Notes and acc'ts payable
698.011 declared by the board of directors of the Kansas City Power & Light Co.
Materials and supplies-During the calendar year 1922 company paid $5 per share on its Pre375.487 Accr'd int. & tax.(not due) 547,698
setrorg stock and an initial dividend on Dec. 20 of $2 per share on Common
Deprec'n & sundry res'ves 2.406.383 f
Total (each side)
$27,703,627 Surplus
2,255,584
Balance Sheet Dec. 311922.
x $1,844.300 bonds and notes included in this amount will be retired
Assets.
Liabilities.
from the proceeds of the 7% Convertible Debentures, Series "A." now ofInvestments
$10.962.107 Ca pital stock & surplus _ _y$8,047,361
fered.-V. 116, p. 720. 822.
Cash in banks
4,879 7% Secured Gold notes__ 2.730,000
of deposit...._
5,173
822 Accounts payable
Georgia Railway & Power Co.-Bonds Offered.-Drexel Certificates
Notes receivable
178
10,508 Accrued taxes
& Co., Philadelphia, are offering at 97 and int. to yield Accountsreceivable
36,122
41.427 Accrued interest
Prepaid expenses
21
2.
.6
500
84
ile
nv
s
: 18
nearly 6%%), $3,000,000 25-Year Gen. Mtge. Gold bonds, Plant
& property accas__
18,6
14
94 Res.
• fe
or sftcetkusau'nbscrof
6% Series `F" of 1923. (See advertising pages.)
15.556
Res,for loss on stock sub.
Total (each side)
Date March 1 1923. Due March 1 1948. Interest payable M. & S.
$11.038,575
at Bankers Trust Co.. New York, trustee, without deduction for Federal
x Kansas City Power & Light Co.: Common stock. 250,000 shares withIncome taxes not exceeding 2%. Company also agrees to reimburse
out
nominal
or
par
value, $10,608,6110. First Preferred stock. 1,613 shares
holders of bonds of tho 6% Series of 1923 resident in Pennsylvania for the
without nominal or par value, $151,661, Kansas City Power Securities
4-mills tax in that State, to refund the State tax in Connecticut up to Corp.,
Common stock, 4-10 of a share, without nominal or par value, $40.
the rate of 4 mills annually, and the Massachusetts income tax on the Glasgow
Minima &Mfg. Co.. Common stock, 2,600 shares, without nominal
Interest not exceeding 6% of such interest per annum. Redeemable all
par value. $202A00. y Capital stock Issued, without nominal or par
or part on any interest date on not less than 4 weeks' notice at l07'l and or
interest to and including March 1 1933; thereafter at 105 and interest to value but baying a declared value of $100 per share: Cumulative Preferred.
40,000 shares, $4,000,000. Common, 40.000 shares. $4,000.000. total.
and including March 1 1938: thereafter at Ja of 1% less premium each $88.000.000.
surplus earned,$47,361.
year to and including March 1 1946, and thereafter at a Premium of
Funded Debt.-Funded debt of company consists of $2,730,000 7% seof 1% prior to maturity. Denom. $1,000 and $500 c*.
cured
notes.
Dated Nov. 1 1922. due Nov. 11923. Int. payable M.& N.
Data from Letter of H. M. Atkinson, Chairman of the Board.
at office of Continental & Commercial Trust & Savings Bank, Chicago,
Company.-Owns and operates extensive hydro-olearic generating
trustee, or Chase National Bank of New York. Principal and interest
plants, transmission and distribution linos, which sujalyielectric light payable without deduction for any tax or,taxes, assessments or other Govand power to the northern portion of the State of Georgia, Including city ernmental charges (excluding, however, any income tax in excess of 2% and
of Atlanta, and 51 other municipalities and their vicin ties. Population, all succession and inheritance taxes), which may be required or permitted
over 730,000. Company leases the Georgia Railway & Electric Co. and to be paid by the company.-V. 115, p. 2905.
has entered into a contract to supply It with electricity. Through this
Kokomo Marion & Western Traction Co.-To Red.Bds.
lease and contract the company has obtained the largest power customer
All of the outstanding 1st Mtge. 5% gold bonds, due July I 1933, will
in Georgia and operates the electric, gas and street railway business In
be redeemed July 1 at 105 and int.-V. 95. P• 168.1•
the city of Atlanta.




1178

THE CHRONICLE

[VOL. 116.

ture of more than $57,000,000. In order to handle its share of the country's
Los Angeles Pacific RR.-Tenders.
The Pacific-Southwest Trust & Savings Bank, trustee, Los Angeles, growing business-normally about 11% of the freight and 17% of the pasCalif., will, until March 20, receive bids for the sale to it of lst & Ref. senger traffic of the Nation- the company is making large additions to its
Mtge. 5% gold bonds due Sept. 1 1943 to an amount sufficient to exhaust present car and locomotive capacity.
Since the first of this year, the Pennsylvania has ordered 500 new steam
$12,323.-V. 82. p. 751.
locomotives, for delivery this year in time to be of service when business
ordinarily
reaches its maximum activity in the fall.
Nashville
RR.
&
Dividend
Louisville
-623'% Stock
In addition to those locomotives, deliveries have been completed on
Semi-Annual Cash Dividend of 23'%.-The directors on the 100
heavy freight locomotives ordered last Aug. Final deliveries
now being made on 250 passenger cars ordered last year and 15 passenMarch 15 declared a 623'% stock dividend on the present are
ger locomotives being built at the company's Altoona Works. Three new
outstanding $72,000,000 capital stock, par $100, payable and
improved electric locomotives and 100 cabin cars are also under conMay 7 to holders of record April 16. The I.-S. C. Commis- struction.
Last
an order for 20 new all-steel dining cars was completed at.
already
authorized the issuance of this dividend AltoonaFall
sion has
Works. About the same time work was started on an important
(V. 116, p. 935).
addition to the company's coal carrying capacity by changing 50-ton trucks
to 70-ton trucks under about 10.000 coal cars. This change increases the
A semi-annual cash dividend of 2
has also been de- capacity
of these cars by approximately 31%. A summary ofthese orders
clared payable Aug. 10 to holders of record July 17. The follows:
375 heavy freight locomotives (Baldwin's), ordered since Jan. 11923,
new stock, to be issued, will also participate in this dividend,
to be delivered before Nov. 11923.
which is at the rate of 83% per annum on the present
100 heavy freight locomotives (Baldwin's), ordered Aug. 31 1922, delivery completed.
outstanding stock and compares with 7% previously paid.
42 heavy passenger locomotives (Altoona Works),ordered Jan. 10 1923.
An official statement issued by Chairman H. Walters
40 medium weight passenger locomotives (Altoona Works), ordered
Jan. 10 1923.
March 15 says:
43 switching locomotives (Altoona Works), ordered Jan. 10-1923.
Of the accumulated surplus of $82000,827, as shown in the balance
15 passenger locomotives (Altoona Works), ordered Aug. 31 1922.
sheet of Dec. 31 1922, 545,000,000 was this day capitalized by resolution
3 electric locomotives.
of the board of directors and the officers of the company were instructed
100 cabin cars.
to distribute same on May 7 1923 pro rata to the stockhotders as registered
250 passenger cars ordered last year, deliveries now being completed.
upon the stock books April 16 1023,in the form ofa stock dividend of623 %•
20 all-steel dining cars (Altoona Works), deliveries completed last FallDuring the four years of the great war and the three years following,
15 suburban type steel passenger cars equipped with electric apparatus
railroad credit was very low and little or no construction or improvements
for electric suburban service.
weee undertaken. Also the coal miners' strike, followed by the ma- chinIsts' strike in 1922, further interfered with the railroad managers' 10,188 coal cars increased in carrying capacity by the substitution of70-ton
trucks for 50-ton trucks, work commenced last fall.-V. 116. p.
efforts to recover the lost ground.
The Louisville & Nashville RR. Co. has authorized expenditures for 1050.
additions and betterments, including equipment, since March 1 1920,
Philadelphia Company.-Annual Report-Director.when the Government relinquished its operation, aggregating over $79.1920.
1919.
1922.
1921.
Calendar Years000,000. Of this aggregate, tnere remains to be provided over $30,000,000,
$14,566,026 511,308.595 516,566,669 513,774,501
which amount will of necessity be increased by several millions before Gross earnings
7,193,000
8,030,500
7,298.222
Dec. 311923. Much of the above Is the deferred growth and maintenance Exp., deprec. & taxes_ _ _ 8,749,564
of both roadway and equipment of necessity sacrificed to the imperative
$5,816,462 53,278.095 $9,268,447 $6,581.501
Net earnings
requirements of the war and inherited by the railroad managers when the
2,280.506
2,315,317
2.070,040
Other income
2.085.237
Government reiinquished their operation.
With these conditions before them, the directors have declared a cash
$7,901,699 $5,593,412 $11,548,953 $8,651,541
Total income
semi-annual dividend of 234%, payable Aug. 10 1923 to stockholders of
4,855,476
record on July 17 1923. This date of payment makes both the old and Interest and charges_ _ _ _ 2,404,208 2,621.158 6.133.989
1,015,084
776,164
945,590
Preferred dividends.__.946,231
the new shares of stock receive the August dividend.
2,576.434
2.576.364
2.576.364
2.576,364
The board anticipates that, if the net results of operation continue as Common dividends
favorable as in 1922. the rate of dividends can soon be increased.
5204,547
51,974.896 def$549,700 52,062,436
Surplus
It will be noted that white the cash dividend declared is at the annual
rate of only 5% and seems a decrease, it will actually yield to the present
WiUiam L. Monro has been elected a director, succeeding Russell IT.
stockholders a greater annual return, equal to a dividend of 834% instead Boggs.-V. 116. p. 1050.
of 7%, because the new stock received from the stock dividend of 62;i%
will also participate in the semi-annual cash dividend declared payable
St. Louis Southwestern Ry.-Quarterly Div. of 13%.Aug. 10 1923.-See also V. 116, P. 935.
A quarterly dividend of 13',% has been declared on the Preferred stock,
April 2 to holders of record March 24. On Dec. 20 last a semipayable
Market St. Ry., San Francisco.-Valuation.annual dividend of 234% was paid on the Preferred stock: this was toe
The company has set a tentative valuation of $48,000,000 on its property first distribution made on this issue since April 15 1914, wnen 34 of 1%
for prospective sale to city of San Francisco.-V. 116. p. 410.
was paid.-V. 115, p. 2581.

Manhattan Railway Co.-Listing.-

Southern Ry.-App'ication-Car Orders.-

The company has applied to I.-S. C. Commission for authority to issue
The N. Y. Stock Exchange has authorized the listing of $40,000,000
capital stock with modified guaranty on official notice of Issuance in $6,750,000 Equip. Trust 5% Certificates (see offering in V. 116, p. 936).
exchange for outstanding certificates of deposit of Equitable Trust Co.,
An official announcement. March 14, says: "New cars and locomotives
New York, for capital stock.
costing $17.000.000, have Just been ordered by the system. This is in
The holders of approximately 92% of the Guaranteed 7% stock have addition to equipment costing 513.000.000 purchased in 1922. making a
822.
assented to the Interborough-Manhattan plan.-V. 116. p. 1049,
total outlay of $30,000,000 for equipment by Southern Ry. in two years."
Missouri Kansas & Texas Ry.-Plan Approved.-Com- -V. 116, p. 936. 1051.
Springfield Ry.8c Light Co.-Earns.(Incl. Sub. Cos.).The reorganization managers have been advised that the Kansas
1921.
1922.
mission has approved the reorganization plan by issuing an order approving
Calendar Yearsof con- Gross
$1,223,914 $1,194,922
the proposed bond issues of the new company and a certificate
earnings (all sources)
898,275
828,980
venience and necessity for the new company. All regulatory authorities Operating expenses and taxes
105,775
110,476
having Jurisdiction have new approved the plan.
Interest charges and discount
1.
67,844
70,084
It is expected that the new securities will be ready by Aprilcompletion
at Preferred dividends
A description of a terminal improvement approaching
yard.
double-hump
$187,622
Denison. Tex., of which the principal feature is a
$149,780
surplus
Balance,
with separate parallel units for northbound and southbound traffic, together -V. 116, p. 1051.
with numerous charts, will be found in the "Railway Review" of Mar. 10,
Tennessee Coal, Iron & RR. Co.-Leases Plant.pages 393 to 400 Incl.-V. 116. p. 823, 721.
The company has leased the plant of the Clearfield Steel Co., BirmingPlan.
-Consolidation
RR.
Louis
New York Chicago &St.
ham, Ala., heretofore occupied by the Chickasaw Shipbuilding & Car Co..
and will use it for the manufacture of railroad cars. It will be known as
The plan for the consolidation of (1) the New York Chicago & St. Louis
Fort
(4)
RR.,
Western
&
Erie
Lake
(3)
RR..
Line
State
Clearfield Car Works of Tennessee Coal. Iron & RR. Co.-V. 116. p.806.
RR.,(2) Chicago &
Western
Wayne Cincinnati & Louisville RR. and (5) Toledo St. Louis &
St
Terminal Railroad Association of St. Louis.-Decision.
RR. into a single corporation, to be known as The New York Chicago
four firstThe litigation between the western lines of the Terminal Railroad AssociaSt. Louis RR.,'has been approved by the stockholders of the
Western were tion and the eastern lines over the "bridge arbitrary" came to an end
named roads. The stockholders of the Toledo St. Louis &going
to press. Feb. 8,with the handing down of a final decree by judges of the Circuit
to vote Mar. 16 but no advices had been received at time of
Court of Appeals en bane as district judges, which declared that the
(See plan in V. 116, p. 721.)-V. 116, p. 1050.
Terminal and the eastern subsidiary companies had been in contempt of
New York State Rys.-Dividend Decreased.
since 1914, and ordered the defendants to rebate to the western
court
stock, lines alleged
unfair through freight charges which they declared had been
A quarterly dividt no of 9.1 of 1% has been declared on the Common
distribution
a
last
2
Jan.
On
22.
Mar.
record
of
-Ts
hetet
c_iarged against them, to the advantage of the Terminal Association and
payable Apr. 2 to
of I %yr was paid on the Common stock, which was the first on that issue the eastern lines. The order .vas .4gned by Circuit Judge, Walter H
Sanborn and Robert E. Lewis. Circuit Judge Stone dissented from the
since July 1917, when lc:, was paid.-V..116, p. 936.
opinion.
-Merger.- majority
Northwestern Electric Service Co. of Pa.
Byron F. Babbitt was appointed by the Court to act as special master,
Pennsylvania Ry., to take testimont of both parties,examine books and documentary evidence.
The merger and consolidation of the Northwestern
the
and
Rys.,
County
Crawford
report to the Court the amount due the West Side lines from tie
the Northwestern Connecting Ry.. the
Electric and
Terminal Association and the East Side lines. The defendants were
Peoples Incandescent Light Co. Into and with the Northwestern
Service Co. of Pennsylvania has become effective.-See plan in V. 115, allowed 60 days in which to comply with the order of 1914 and cease discrimination against the West Side lines, with the restrained hint in the
p. 1731.
order that "upon the failure of them or either of them so to do, and proof
Northwestern Pennsylvania Ry.-Merger.thereof, this Court will consider what further order or action should be
-V.
1732.
above.
115,
p.
Pa.
of
Co.
See Northwestern Electric Service
taken."
The action of the Court follows the filing of a petition by the plaintiff
Oklahoma Ry.-New President.and General Manager, has companies in November 1920, calling the Court's attention to the failure
John W. Shartel, formerly Vice-President
Classen.-V.
the Terminal Association to cease its discriminatory practices forbidden
of
•
112.la• 563
been elected President to succeed the late Anton H.
in the final decree of March 2 1914. and praying that the defendants be
Loeb
-Kuhn,
Sold.
Trusts
-Equip.
for contempt of court.
cited
RR.
Pennsylvania
A decision handed down in a supplemental suit last August threatened
& Co., New York, have sold at 993'2 and div. to yield an the Terminal Association with a Federal receivership if they did not desist
In the supplemental decree written by the late
average of 5.08% for all maturities, $31,500,000 General the enjoined practice.
Circuit Judge Carland he found that the old final decree was not sufEquipment Trust 5% certificates. (See advertising pages.) ficiently
and
ordered
a number of amplifying provisions to be
explicit
Dated March.11923; due $2,100,000 annually March 1 1924 to March 1 written into it. The defendants filed a motion to quash the supplemental
M.& S.at office of Fidelity Trust Co.,
and
overruled
1938. both inclusive. Divs.payable York,
was
which
denied
in the order of Feb. 8.
suit,
in U. S. gold coin of or equal to
Phila., trustee or its agency in New
By the West Side lines is meant those railroad systems west of the
fineness, and without deduction for any Mississippi
River. and the East Side lines are those on the east of the
the present standard of weight and
taxes)
Income
Federal
than
(other
eastern lines, their representatives on the Terminal Associatax, assessment or Governmental charge
to pay, or to retain there- river. Eleven
of Directors, the Association, and Henry Miller, President
which the company or the trustee may be required
the United States or of the Com- tion Board
acting as member at large on the board, the Merchants'
Association,
from, under any present or future law of
tne
of
(0).
monwealth of Pennsylvania. Denom. 51.000
Bridge Terminal Ry. Co. and the Wiggins Ferry Co., were named deCo., Philadel- fendants.
Security.-Certificates are to be issued by Fidelity Trust There
be
will
trust
agreement.
equipment
phia, as trustee, under an new
The companies against which the order is effective are: Baltimore &
costing not less than 539,375,Ohio & Southwa.tern. Chicago & Alton. Chicago Burlington &
vested in the trustee title to 190equipment
Class P-70 steel passenger cars, 35 Class Odlo, Louisville
& Nashville. Southern, Cleveland Cincinnati Chicago
000, including the following:
Quincy.
cars. 25 BM-701c steel passenger comcombined
passenger
Pittsburgh Cincinnati & St. Louis, St. Louis & Southwestern.
Louis,
steel
St.
PB-70
&
freight locomotives and tenders.
Illinois Central, and the Terminal Railway Association.
Wabash,
bined cars, and 475 I-1s heavy
amount
principal
cash
equal
to the
Pending delivery of the equipment,
Toe suit is in favor of the Missouri-Kansas-Texas, St. Louis-San Frandeposited under the equipment trust agree- cisco,
Missouri Pacific. Chicago Rock Island & Pacific, Chicago Burof the certificates is to be time
to time as equipment is delivered, to the lington & Quincy, and the
Wabash.
ment, to be withdrawn from
All the equipment is to be leased by
thereof.
cost
the
of
80%
of
Ala recent hearing in the suit counsels for the Burlington and the Wabash
extent
at a rental sufficient to pay the certificates protested
although their lines were named as defendant "East Side"
that
the trustee to Pennsylvania RR.
certifitrust
the
of
well.
mature. The principal
the systems included tracks on the west side of the river as
and dividend warrants as they
and the
be unconditionally guaranteed by endorse- lines
cates and dividends thereon will RR.
Judge Sanborn allowed the two roads to continue as defendants,so
far as
decision in
the
of
framed
so
to
as
give
benefit
was
them
order
ment thereon by Pennsylvania
may
of all public authorities that
Issuance.-Subject to the approval
the western divisions were affected
the Terbe necessary for the issuance thereof.
(The Association has accepted the proposed plan submitted by
the unification
minal Committee of the St. Louis Chamber of Commerce for
$57,000,000.
Cost
to
by the
approved
Equipment Needs of 1923Pennsylvania
be
must
plan
The
terminal
Louis.
facilities of St.
RR.System to be placed in of the
owned by
New equipment ordered by the
an expendi- city. The plan includes the exchange of the use of Bads Bridge.
service this year- some of it already being delivered-involves




MAR. 17 1923.]

THE CHRONICLE

the'Association, for the use of the Municipal Bridge. New approaches and
other facilities would have to be built by the Association at a cost of more
than $15,000,000. In addition, a rearrangement of the terminal facilities
is contemplated, the whole scheme to cost between $100,000,000 and
$150,000,000. It is also proposed to remove the existing train sheds at
Union Station, substituting for them modern umbrella sheds and to erect
a new union passenger station at East St. Louis.]—V. 115, p. 2794, 1733.

11'79

5% Gold bonds, Series "E." Date March 1 1916. Due
March 1 1963. Non-callable during first 20 years. (See
advertising pages.)

Listing—Previous series listed on New York Stock Excnange and
application will be made to list tnis series.
Data from Letter of Pres. A. H. Lynn, Pittsburgh, March 15.
Union Pacific RR.—Application.—
Company.—Supplies electricity for light, beat and power purposes in
The company has applied to the I.-S.C.Commission for authority to issue 379
cities, towns and communities located in the Pittsburgh district of
$5,687.000 434% Equip. Trust certificates. Certificates will be issued by Pennsylvania, at distances
offrom 3to 60 miles from that city. Population
Bank of North America & Trust Co., Philadelphia, and proceeds will be of all communities served,
approximately 500,000. while the chartered
used in purchase of 63 coal-burning locomotives, 15 oil-burning locomotives, territory exceeds
5.000 square miles. Company is the largest of a group
18 observation cars, 10 dining cars, 21 post office and baggage cars, and 10 of important public
utility
companies serving western Pennsylvania.
baggage or express cars.—V. 116, p. 722.
northern West Virginia, northwest Virginia and western Maryland, all
of which are controlled through stock ownership by the American Water
United Light & Rys. Co.—May Offer Stock.—
In connection with the dividends announced last week (see V. 116. n• Works & Electric Co., Inc.
1051) Secretary L. H. Heinke says in substance:
Sales and Earnings—Calendar Years.
"The board announces that all stockholders will be offered an opportunity
1922.
1921.
1919.
1920.
in the near future to acquire additional holdings of Common stock and Sales (k. w. n.)
323,285,138 403,417,811 414,646,512 519,296,013
Partic. Pref. stock at attractive prices, as it will lae the policy of the com- Gross earnings
$10,339,071
$9,468,570
$8,314,220
$6,203,109
pany to raise a portion of its financial requirements for development Net earnings
3,559,189 3,925.290
2.286.792
2.572,063
purposes by the sale of its Capital stock to its stockholders and to its
Capitalization after this Financing—
Authorized. Outstanding.
employees. At the proper time warrants for rights to subscribe will be Preferred stock, 7% Cumulative
$6,088,500
$10,000,000
issued to all stockholders, including the 1st Pref. stockholders, Partic. Common stock
11,100,000
20,000,000
Pref. stockholders and Common stockholders.
1st Mtge. Gold bonds (including this issue)25,818.000
"The board further announces that it is its intention from time; to time 5-Year 6% Convertible Gold
2,347,000
2,500,000
debentures,
1924to make disbursements of special dividends on the Common stock in the First Equipment Trust notes
100,000
125,000
of 1920
form of stock whenever the surplus of the company warrants it.
"The board further announces that prospects for increased business in
Authorized issue limited by the restrictions of the trust deed.
the territory served by the company, for the year 1923, are excellent."
Company nas also outstanding an obligation of $1,204,500 to the U. S.
—V. 116, p. 1051.
Government for advances made during the war toward the cost of construction of the Springdalejaower station on the Allegheny River, together
United Railways Investment Co.—Reorganization Plan. with transmission lines. Under tee terms of toe Contract, toe sum of
is to be !IN:mid to the Government by the company with interest
—The stockholders are being asked to consent to the plan $1,204,500
at from 5% to 6% in annual installments from 1923 to 1930 incl. The
(below), which has for its object to make provision for all company
has entered into an indemnity bond for its faithful performance
the funded debt of the company, as well as its dividend of this contract and such bond is secured by a second mortgage on its
certificates, thus removing the restrictions contained in the properties.
Purpose.—Proceeds will be used to reimburse company for expenditures
made and to be made in the extension and enlargement of its facilities,
certificates prohibiting the payment of cash dividends.
including
the completion of 60,000 k.w. of additional generating capacity
Digest of Plan Outlined in Circular Signed by Pres. M. B. Starring. at Windsor,
W. Va., and initial expenditures for 70,000 k.w. of additional
To Form New Company.—It is proposed to form a new corporation to be generating capacity at Springdale,
Pa.: also for transmission lines, subknown as Pittsburgh Utilities Corp. to take over from the company 480.000 stations, and extensions of distribution
system.
shares of the Common stock (par $50) of Philadelphia Co. now pledged
Earnings
ended Jan. 31 1923.
for
Months
the
12
under the Coll. Trust bonds maturing May 1 1926,
$10,506,389
Securities of New Company.—It is proposed that the stock of the Phila- Gross earnings, including miscellaneous income
delphia Co. shall be delivered to the now corporation in exchange for the Net,after oper. exp. (excl. of deprec.), maint., rentals & taxes_ 3,961,210
Ann. int. on $25,818,000 1st M. bonds, incl. this issue requires 1,464,080
following issues of the new corporation:
(I) 240,000 shares of Common capital stock of no par value, being all of —V. 113. P. 739, 1479, 1584; V. 115, p. 1954.
such Common stock to be presently issued and to remain in the form of
West Virginia Utilities Co.—New Director.—
voting trust certificates free in the treasury of the company.
(2) Senior securities aggregating not exceeding $15,250,000 face value
H. Murray Jacoby of H. M.Jacoby & Co. has been elected a director.—
as follows: (a) Coll. Trust bonds of the new corporation secured by all or V. 115. p. 989.
part of the Philadelphia Co. stock delivered to it, (b) shares of the 7%
Cumulative Preferred stock of the new corporation.
The relative amounts of such bonds and Pref. stock and the interest rate
INDUSTRIAL AND MISCELLANEOUS.
on the bonds are to be determined by market conditions at the time of
The following brief items touch the most important develissuance, with a view of issuing as few bonds as feasible consistent with
securing for both bonds and stock a favorable price, to insure the provision opments in the industrial world during the past week, toof he necess,ry money.
The capitalization of Pittsburgh Utilities Corp. will be confined to bonds gether with a summary of similar news published in full
to be issued under its Coll. Trust agreement, a 7% Cum. Pref. stock and detail in last week's 'Chronicle" either under "Editorial
Common stock, all of which latter will be owned by the United RailwaYs
Investment Co., so that this company will have all the equity in the 480,000 Comment" or "Current Events and Discussions."
shares of Philadelphia Co. stock now pledged under its Coll. Trust agreeSteel and Iron Production, Prices, &c.
ment, subject only to the senior securities through the sale of which the
The "Iron Age" March 15 said:
company will free itself from its present indebtedness.
Prices.—"On
pig iron, semi-finished steel and some forms of finished
United
0fer to the Stockholders.—All Prof. stock which will be received by
Railways Investment Co. in connection with the transfer of its 480,000 products the week has brought further advances in prices and all the signs
strength the market has shown in recent weeks are rather more pronounced.
shares of Common stock a Philadelphia Co. will be first offered to all the of
At the same time leading producers of steel are giving full prominence
stockholders of the United Rys. Investment Co. for purchase at par and to
the high rate of output, which ingot statistics show was at 44,000,000
dividends pro rata to their holdings, share and share alike.
tons
a year in February, or greater than the average of the war-peak years
such
procontain
The Prof. stock will be preferred as to assets, and Will
visions as may be determined at the time of issuance. It will be entitled 1917 and 1918
"The Steel Corporation's increase of 373,000 tons in unfilled orders
to cumulative dividends at the rate of7% per ann., and after such dividends
its
have been so paid on said stock and after $2 shall have been paid in any last month, when its operating rate averaged close to 90%, emphasized
one year on the outstanding Common stock all remaining dividends de- Policy of selling freely. Some independent companies meanwhile have been
in
the
position
of
booking.
currently
than
they
were
shipping
steel
more
and
the
stock
clared in that year shall be divided equally between the Pref.
and the industry as a whole is not sold up to the extent indicated by the
Common stock, each being considered as a class.
Other Features of Plan.—In the event that this company shall hold in Steel Corporation figures.
"It has been noted for some time that finished steel prices have advanced
its treasury not exceeding 12,000 shares of the Common stock of Philadelphia Co. in excess of the 480,000 shares to be pledged under the mortgage without checking buying, but this week there is the caution from Western
markets
that high material may cut down car orders. A few cases of buildnew
the
same
to
of the new corporation, it shall be entitled to transfer the
projects laid aside also are cited, but they are not missed. Farm implecorporation in exchange for an equal par value of the Pref. stock of the ing
new corporation. This additional Pref stock may be sold by the company ment makers are also concerned, but this season's output is largely based
in the form of voting trust certificates, if necessary, to provide additional on relatively low prices for steel.
"Thus far manufacturing buyers of steel have found the mills keeping
funds for the payment of its funded debt and dividend certificates, thus pace
with their needs, and price advances have been due in a good many
removing the restrictions contained in the certificates prohibiting the
cases to the effort of buyers to increase their stocks or to insure a supply.
payment of cash dividends.
Voting Trust.—The Common stock of the new corporation and the Pref. for"The situation in the Ruhr has brought out considerable further inquiry
American steel, but actual new buying on this account has not been
stock which the company may acquire in exchange for the stock of Philadelphia Co. not to be pledged under the new Coll. Trust agreement shall large, in spite of reports of negotiations by German agents. Germany is
be deposited under a Voting trust of which there shall be 5 trustees and to buying considerable quantities of wire rods in England and is inquiring
extend for 5 years. It is expected that Moritz Rosenthal (Ladenburg, for thousands of tons of other forms of steel.
"One sale of 10.000 tons of Pennsylvania coke for the Continent has been
Thalmann & Co.). Everett B. Sweezy (First National Bank. N. Y.),
Albert H. Wiggin (Chase National Bank), Benjamin Guinness (British & made and it is estimated 25.000 to 35,000 tons has been taken abroad.
Freights have advanced rapidly and at $8 at ovens for the coke the price
Foreign Trust, Ltd.) and Mason B. Starring (President) will serve as for
delivery at Rotterdam has been close to $20.
voting trustees.
"Plates and sheets have been conspicuous in the past week for the higher
Deposit of Collateral Trust Bonds.—In order to make possible the transfer
of the stock of Philadelphia Co.free from the existing Coll. Trust agreement, prices asked, Eastern plate makers quoting 2.500. to 2.65c. The market
it will be necessary to provide for the retirement of the existing Coll. Trust for sheets, as established by various independent makers, shows advances
bonds. The funds made available by the sale of the senior securities will in line witn the $45 basis for March and April sheet bars, whereas the bulk
be sufficient for the plan, assuming that the Coll. Trust bonds be paid of first quarter sheet bars were shipped at $36 50.
"Buying of pig iron for third quarter has become active and prices
off at par. Ladenburg, Thalmann & Co. have been engaged as managers
of the plan and as agents to secure the deposit of the bonds for purcnase show a general advance from $1 to $1 50 on all grades except charcoal.
on which one company has announced an advance of 50c. on some grades.
by the company at par.
In the event that sufficient of the bonds shall not be deposited for pur- Following sales of from 25.000 to 30.000 tons of Alabama iron at $26, the
chase by the company at par, the company shall have the right under this price was advanced to $27. Sales by eastern Pennsylvania, New Jersey
plan to transfer to the new corporation the Common stock di Philadelphia and Virginia furnaces the past week have amounted to about 50,000 tons.
Co.. subject to a portion of its present Coll. Trust bonds, receiving in ex- Advancing prices of coke and negotiations for exporting have had a marked
change therefor 240,000 shares of the Common stock of the new corpora- effect on the pig iron situation.
"Ferroalloys have gone up rapidly, ferromanganese new being quoted
tion and sufficient in par value of the Prof. stock of the new corporation to
allow the company, layselling such Pref. stock at par (less a reasonable at $120. furnace, an advance of $20 since Jan. 1. Little is available
underwriting commission) to retire not exceeding $2,000,000 of Coll. Trust from British sources for delivery before Sept. 1.
"The continued expansion of the oil industry is indicated by an inquiry
bonds, and to pay off its dividend certificates and other indebtedness as
the directors may decide. If an adequate amount of bonds be not deposited, from the Texas Co. for 304,00 to 40.000 tons of line pipe. A new tank
and this modification were to be adopted, the Prof. stock acquired by the inquiry from the Petroleum Midway Corporation, San Pedro, California.
company in this manner in exchange for 480,000 shares of Common stock will take 6,000 tons of steel, and pending businessfrom the Sinclair, Roxana,
of Philadelphia Co. would likewise be first offered for subscription to the Standard of Indiana and Ohio oil companies calls for a total of 14,700 tons.
Orders.—"Following the spurt of activities in car and locomotive buying
stockholders of this company at ;oar and accrued dividends.
Advantages of the Plan.—(a) Retirement of existing bonds and other of the preceding week, last week was relatively quiet, with purchases of
funded debt, (b) retirement of both classes of dividend certificates, thus 2,585 cars and few new inquiries.
"With prices of erected structures now also climbing, the week's awards .
removing the restrictions therein contained prohibiting the payment of
cash dividends, (c) It places in the treasury, free and clear. 240,000 shares of fabricated steel work were 27,000 tons, including 3,000 tons for oil
of Common stock (V.T.C.) of the new corporation in lieu of 480.000 shares tanks. New building projects call for 15,000 tons.
"Efforts of several railroads to contract for fabricated bridge repair
(par $50) of Common stock of Philadelphia Co. now subject to its Coll.
Trust agreement, (d) the interest of the company in the California stocks material for delivery in 1924 and in one case in 1925 are viewed as apart
from
the steel market situation, being encouraged by the regulations govremains undisturbed and the relative rights
remain
stock
of
of both classes
erning railroad accounting. Producers have not entertained such forward
the same as now.—V. 116, p. 1051.
buying but 2.65c., Pittsburgh, on plain material was quoted for delivery
Universal Elevated Rys. Seattle.—Receivership Sought. in the latter part of 1923.
"'The Iron Age' composite price for finished steel now 2.710c. per lb.
Four former stockholders have filed
' suit in the Superior Court at Seattle,
Wash., against R. G. Howe, former Pres. & Mgr., demanding an account- against 2.674c.last week, shows an advance since the first of the year of
ing and the appointment of a receiver. The complaint recites that the $5 42 a ton.
"The 'Iron Age' composite price for pig iron has advanced to $29 96 per
company was incorporated in May 1917 with $2,500,000 capital to build
a monorail elevat railway. In Jan. 1921 the company was disincorpor- gross ton, from $28 77 last week. This is the highest figure since October
ated and its assets were turned over to Mr. Howe. ("Electric Railway last. One year ago it was $18 38.
"Machine tool demand has broadened, and the average plant operation
Journal.")
for the country last month is authoritatively put at 50%.'

West Penn Power Co.—Bonds Offered.—Halsey, Stuart
& Co. Union Trust Co. of Pittsburgh, and W. A. Harriman 6i Co. are offering at 90 and int., $6,000.000 1st Mtge.




Coal Production, Prices, &c.
The United States Geological Survey March 10 1923 estimated average
production as follows:

1180

THE CHRONICLE

[Vat. 116.

"Present estimates of soft coal production in the week ended March 3
Worsted Prices Increase 20%.-Botany Worsted Mills, (Passaic, N.J.,)
indicate a total output of 10.860.000 net tons, including coal shipped, quote 20% increase in new fall prices. "Financial America"
Mar.
p. 7.
mine fuel, local sales and coal coked. This is an Increese of more than
Wage Increases.-Anaconda Copper Mining Co. advances wages 15,
50c, per
one-half million tons over the revised estimate of 10,323,000 tons for day. "Times" March 14, p. 29.
the week preceding.
Tennessee Coal, Iron & RR. advanced wages 123.1 To_ to employees in
"Preliminary reports of cars loaded in the present week (March 5-10) coal, iron and quarry divisions. "Iron Trade Review' March 8, p. 721.
show 42,194 cars loaded on Monday, a decrease to 33,181 cars on Tuesday
Susquehanna Silk Mills (Sunbury. Pa.) announces
wage Increase to
and to 28.296 cars on Thursday. Loadings for the first four days of this about 3,500 workers at its several plants. "Times"10%
March 13, P. 3.
week were slightly below those for the corresponding days of last week.
Carpenters' Union in Chicago demands $1 25 per hour. effective
1
The total output will probably be between 10,750,000 and 10,850,000 tons. (15% increase). Mill men expect raise from 90c. to $1 10. "WallApril
Street
"The production of anthracite in the week ended March 3 increased Journal" March 9, 13. 9.
notably over the production in the week before and is estimated at 2.104,000
Amalgamated clothing workers will demand 10% wage increase in New
net tons, Including coal chipped, mine fuel, local sales, and dredge and York City. "Boston News Bureau" March 16,
p. 3.
washery output.
Strikes.-Weaving department of Stanley Woolen Mills (Uxbridge.
"Early returns on car loadings during the first four days of the present Mass.) are striking for 10% wage increase. "Boston
Financial News"
week (March 5-10) indicate somewhat lower rate of production and a March 9, p. 7.
probable total output for the week of approximately2,000,000 tons.
Bourn Rubber Co.(Providence, R. I.) shut down when employees struck
for
10%
wage
increase.
"Boston Financial News" Mrach 14, p. 3.
Estimated United States Production in Net Tons.
Knit goods workers in New York City return to shops
on union terms of
1923
1922
44-hour
BituminousWeek.
Cal.yr.to date
Cal.yr.to date p. 16. week, minimum wage and recognition of union. "Times" Marcn 12
Week.
Feb. 17
10.431.000 75,962.000 10,285,000 64,467,000
Textile
in Nashua (N. H.) called off. Began Feb. 13
Feb. 24
10,323,000 86,284,000 10,402.000 74,869,000 1922, butInaustry.-Strike
have been running since April 1922. "Wall Street Journal"
Mar. 3
10,860,000 97,145,000 10,541,000 85,410.000 March 12.mills
p. 8.
AnthraciteTextile Council in Fall River, Maw., met to formulate plan for action
Feb. 17
1,828,000 13,874.000
1.703,000 11,271.000 on wage increases demanded
on behalf of 36,000 cotton workers. ManuFeb. 24
1,838.000 15.712,000
1.701,000 12,972,000 facturers state they will shut down
the mills rather than to increase wages
Mar. 3
2,104,000 17,816,000
1,913,000 14.885.000 at this time. "Times" March 16, p.
9.
Beehive Coke-Vacations
Granted Swift & Co. Employees.-Employees in Chicago packing
Feb. 17
378,000 2,388,000
840,000
135,000
plants
who
have
been
working
there
five
years will receive one week's vacaFeb. 24
371,000 2,759,000
997,000 tion with pay. "Times" March 14. p. 8.
157,000
Mar. 3
394,000 3,153,000
1.140,000
143,000
United States Shipping Board to Sell Craft.-All passenger vessels except
The "Coal Trade Journal" March 14 reviewed market conditions as those belonging to United States Lines will be sold. "Times" March 10.
follows:
p. 15.
"Major developments are lacking in the bituminous coal markets of the
Matters ('overedlin "Chronicle" March 10:-(a)
miners again
country. As a general rule, the trade Is marking time. Some contract allege excessive profits. Hydro-electric power.Anthracite
987. (b) Clothing
business has been closed, but the greater part of the tonnage is still open. workers get 10% wage increase in Baltimore, strikep.
settled.
p.
996.
The railroads, and many large industries, are still holding back for more
(c) Offering of bonds of Kansas City Joint
Land Bank, p. 1001.
favorable price concessions, while there are a number of operators who (d) Offering of bonds of LoulsvillefJoint Stock Stock
Land Bank and Union Joint
feel that they will not be worse off in trusting to the pot-luck of the spot Stock Land Bank of Louisville, p. 1001. (e) Offering
of bonds of Atlantic
market than if they meet the ideas of the buyers on contract quotations.
Joint Stock Land Bank, p. 1002. (f) Offering of bonds of San Antonio
'One of the most interesting developments, though at present only a Join Stock Land Bank.
minor factor, is the revival of export demand. During the past week over
(g) Advances by War Finance Corporation account of agricultural and
20 charters were reported at New York for March and Ap_il movement of live-stock purposes, p. 1005. (h) Repayments received by War Finance
coal and coke from Atlantic range ports and some foreign vessels that Corporation, p. 1005.
have discharged cargoes of Welsh coal on this side have been loaded at
(0 Offering of two series of U. S. Treasury Certificates of Indebtedness,
Baltimore and Hampton Roads with American coal for the return cargo. p. 1009.
Most of the late business is for Germany or Dutch loading and Scandinavian
0) W.C. Teagle, A. C. Bedford and others in reply to La Follette report
consumption and is traced to the Ruhr occupation.
on oil industry, p. 1012.
"Representatives of the lake interests have made their appearance in
the Eastern markets and the annual price battle is on. At Cincinnati.
Acme Steel Goods Co.-Bonds Offered.-Marshall Field,
these buyers suggest a $3 base, which shippers there scorn. With supplies
at the Head of the Lakes rapidly melting away, an early start to lake Glore, Ward & Co., New York, are offering at 99 and int.,
shipping is counted upon by all factors in this trade. Current buying in all to yield over 6%,$1,500,000 1st Mtge. 20-Year 6% Sinking
sections of the country, however, is largely on a hand-to-mouth basis.
Fund Gold bonds, Series A (see advertising pages).
"Compared with the preceding week, spot quotations showed changes
Dated March 11923. Due March 11943. Denom.81,000 and $500c*.
In 54.5% of the list. Of these changes 67.1% represented reductions
Int.
payable M.& S. without deduction for normal Federal income tax not
ranging from Scents to $1 and averaging 31.5 cents per ton. The advances
ranged from 10 to 75 cents and averaged 35 cents per ton. The straight to exceed 2% Red. on 60 days' notice, all or part, at 104 and int. until
average minimum for the week was $2 82, an advance of 11 cents; the March 1 1928:103 from March 11028 until March 11933, 102from March 1
1933 until March 11938, 101 from March 1 1938 until Sept. 11942: theremaximum, 48, a decline of 4 cents."
after at par. Harris Trust & Savings Bank, Chicago, trustee.
Oil Production, Prices, &c.
Data from Letter of James E. MacMurray, Chairman, March 12.
The American Petroleum Institute estimates the daily average crude
Company.-Has been successfully engaged in the manufacture of hoop
ollroductien in the United States for the week ended March 10 as follows:
steel,
light strip steel and packing room supplies since 1880. Plants at
n Barrels).Mar .10'23. Mar. 3 '23. Feb. 24 '23. Mar .11'22
Oklahoma
418,100
414,400
347,800 Chicago and Riverdale, Ill., havea capacity of over 375 tons a day of hoop
406.550
and strip steel. Company is ono of the largest manufacturers in its line
Kansas
North Texas
51.100
50,700
50,700 In the country, and its products are favorably known and widely used
50,250
Central Texas
120,550
120,400
200,750 throughout the world.
124.050
Sinking Fund.-Semi-annual sinking fund will retire 68% of this home
North Louisiana
71.300
71,950
122,300
70,750
Arkansas
105,600
96.500
32,450 of.bonds before maturity.
103,750
Gulf Coast
104.450
102,400
111.350 Income Available for Bond Interest and Federal Taxes-Calendar Years.
106,450
Eastern
108,000
109,000
110.500
107,000
1922.
1921,
1920.
1919.
1918.
Wyoming and Montana_
109,400
116,600
61,300
104,950
1483,010
$89,375
$603,951
$499,110
$703,938
California
635,000
630,000
310.000
630,000
During the 5 years ended Dec. 31 1922 income available for bond interest
and Federal taxes averaged more than 5 thnes annual interest charges on
TotaL
1,801.800
1.795.400
1,429.200 the proposed bond issue. Such Income for 1922 was 5.36 times such in1.784,700
Production in Mexico Declines.-The decline of Mexico as a producer Is terest charges.
shown by the following table, published in the "011 City Derrick," Feb.26.
Balance Sheet Dec. 31 1922 (After This Financing).
It will be noted that despite the increase In the number of oil companies
Liabilitiesoperating there, from 28 in 1919 to 89 in 1922. production has not Increased
$692,586 Accounts payable
$479,600
proportionately. The following figures have been compiled by the Mexican Cash
35,851
Department of Industry, Commerce and Labor. They show the produc- Notes, trade & accts. rec. 431,441 Local tax.,wages,&c.,accr_
Co.account_ __
23,815 Reserve for Federal taxes_
65.000
tion in Mexico of the various companies during 1919, 1920, 1921 and 1922, Subsidiary
Inventory
1.262,848 Reserve for contingencies- 150.000
In barrels:
Land,
2,937,705 1st Mtge. 20-year 6s---- 1.500,000
buildings. Ate
1921.
1922.
1919.
1920.
(less deprec.)
• 140,795 Capital stock
x3,419,388
Mexican Petrolenes
57,438,425 29,464,706 12,545,578 16,945,139 Patents
Other assets
52,900
Dutch ShellDeferred assets
107,746
(each
side)
Total
85,649,837
La Corona 011
17.658.244 12,833,192 4,267,375
825,603
x Represented by 50,772 shares of no par value (auth. 60,000 shares).
Mexican Eagle OIL
13,840,397 32,434,864 32,381.555 18,866.174
(President J. E. McMurray of Acme Steel Goode Co. announces that the
Mexican Gulf 011
28.240.232 19,057,763 11.944,056 5,955,597 company
is calling $540,000 outstanding Preferred stock May 1 at $1101.
Mexican Seaboard OIL- 19,923,953 12,438,859 7,964,341
276.974
Standard of New Jersey_ 5,392,141 13,709,363 19,240.073 7,177.828 -V. 112. D. 565.
Atlantic Gulf011
4,713.487 8,673,621
6,713,632
All America Cables, Inc.-Annual Report.Magnolia Petroleum
4,681.583 9,512,337 2,977,963
384,762
Calendar Years1)22.
1920.
1921.
1919.
Texas Company
3,999,981
6.416,964 12,525,158 5,173,989 Gross revenue
$7,929,867
$9,664,901 $5,628,535
Penn Mex Fuel Co
2,886,072 5,184,589 7,233,695 8,667,566 Net after oper.&gen.exp. 3,137,926 $8,867,229
4,343,734 4,658,221
3,344,744
Sinclair Consolidated_
2,877,028 10,460,012 11,127,545 4,986,704 Other income
682,998
328,390
352.475
445,079
Island 011
1,981,866 4,283,906 3,642.061
5,152,156
Southern Pacific
1,918,651
2.131.304 3,020,508 4,348,542
Total income
$3,820,923 $4,672,124 $5,010,696 $3,789,823
Atlantic Lobos Oil
691.045 3.611344
4,257,028
361,757
Inventory adjustment_
756.330
Miscellaneous
18,814,174 24,540,888 20,117,410 3,341,569 Federal taxes
660.000
440,576
950.000
809.110
Dividends
(65i%)1,451,206 (7)1,548,999(7)1,545,789(6)1,218,634
Total
185,057,249 194,755,712 156,062,707 87,359,532
No.producing cos
• 89
50
35
28
Balance, surplus
$1,929,141 $1,706,795 $2,514,907 $1,762.079
Pennsylvania Crude Oil Cut.-Drops 20 to 25c. a barrel, result of cessation Profit & loss surplus_ _- _x$5,706,888 $8,372,347 $6,665,552
$3,906,118
of premium paying. Dealers place $4 a bbl. as limit for immediate future.
x After deducting 20% stock dividend 44,594,600) paid Dec.
30 1922.
"Wall Street Journal" March 13, p. 1.
-V. 115. p. 2907.
Tax on Gasoline.-Lower House of Michigan Legislature passed bill to
tax gasoline 2c. a gallon. "Financial America" March 15.
Amalgamated Leather Cos., Inc.-Annual Report.Bill introduced in Oklahoma Legislature to tax gasoline 2c, a gallon.
The report for the year ended Dec. 31 1922 shows a loss from operations
"Wall Street Journal" March 13, D. 4.
of 3675,995.-V. 114. p. 1289.
lexica Court to Decide Land Titles Case.-Supreme Court of Mexico
will pass on Article 27 of the Constitution in suit brought by Utah Tropical
American & British Mfg. Corp.-Sale.-Co. to prevent granting of surface titles in Casalllao. "Times" March 10,
The sale of the properties in the State of Rhode Island will be held at
p. 4.
public
at Providence April 10. The Connecticut properties will
Standard Oil Replies to Senate Report on Oil Industry.-W.C. Teagle and be sold auction
at Bridgeport March 27.-V. 116, p. 938.
A. C. Bedford deny allegations of La Follette committee. See "Chronicle"
1012.
March 10. p.
American Chain Co., Inc.-Bonds Sold.-Dillon, Read
Mesopotamia Oil Rights for America.-United States wins fight for "open
door" in mandated regions of Old World, and will share alike with Great' & Co. and Hemphill, Noyes & Co. have sold at 973 and
Britain and France Mworkluga in Mosul oil lands. "Wall Street Journal" int. to yield over 6.30%, $7,500,000 10-Year
6% Sinking
March 13, p. 1.
Crude Oil Price.-Humole 011 Co. advanced Gulf crude 25c. a bbl. to Fund Debenture bonds (see advertising pages).
Dated April 1 1923, due April 1 1933. Int. payable A. & 0. without
$1 75.
Texas Co. also advanced 25c. a bbl. "Times" Mar. 16, p. 28.
deduction for Federal normal income tax up to 2%. Company
to
refund Penn., Conn. and Maryland personal property taxes not agrees
Prices, Wages and Other Trade Matters,
in excess
of 45i mills per dollar. Int. payable at Chemical National Bank,
Refined Sugar Prices.-On Mar. 10 Arbuckle Bros. reduced price 25 pts. York,
New
trustee. Denom. $1.000 and $500 0. Red. as
to 8.75c. a pound. On Mar. 13 Arbuckle Bros. and Federal Sugar Refor sinking fund, on any int. date at 105 and int. a whole, and in
fining advanced 25 pts. to 9c., while American, National, Pennsylvania part
Sinking Fund.-A semi-annual sinking fund calculated
retire more
and Warner each advanced 15 pts. to 9.30e. On Mar. 15 Federal reduced than 50% of this issue
by maturity, is to purchase bonds to
if available at
price 10 pts. to 8.90c. a pound.
below 105 and int. or, if not so obtainable, to call at that
price.
Zinc Price at Highest Level Since 1920.-East St. Louis price for prompt orListing.-ApplicatIon
will be made to list on N.
Stock Exchange.
shipment was 734c. a pound. highest price since Aug. 1920. "Wall Street
Preferred as to assets and 8% Cumul. dividends. Y.
Participating equally
Journal" Mar. 15. P. 8.
additional dividends in any year after $2 per share
c ed tires and tubes ap- in
Tire Prices Advance.-U. S. Rubber po. adyan
paid on 250.000 shares Common stock. Red. as a whole(non-cumulative)
Times Mar. 13, D. 32.
on any div, date
proximately 10%, effective Mar. 15.
at $30 per share and accumulated diva. Dividends
payable Q.-J. (cumulaB. F. Goodrich and Firestone companies are expected to follow the ad- tive
l ca
prpip
lt912
AA
Lia
triang
m._
03n)
vance. "Wall Street Journal" Mar. 14, p. 1 and 8.
'will
be
made to list on N. Y. Stock Exchange.
Hood Rubber Co. also expected to increase prices 10%. "Boston News
Bureau" Mar. 14 P. 2.
8% Cumulative Participating Class "A" Stock Sold.-The
Rubber Association of America Will Aid in Survey of New Sources.-Ac- same bankers
announce the sale at $25 50 per share of the
(mute invitation of Secretary of Commerce Hoover to aid, in investigation
=subscribed balance of $8,750,000 8% Cumulative Particiof possible lands for rubber plantations. "Times" Mar. 12, p. 19.




MAIL 17 1923.]

THE CHRONICLE

pating Class "A" stock (par $25). The stockholders, it is
stated, subscribed for about 70% of the above $8,750,000.

1181

facilities amounted to $152,606. which, with previous deficit, makes a total
profit and loss deficit of $2,070,869.
Balance Sheet November 30.
1921.
19E2.
1922.
1921.
5
$
Assets7% cum.Pref. stk. 1.000.000 1,000,000
Lands, buildings,
& equipment- _x4,627,312 4,763,278 Common stock_ __ 5,178,300 5.178,300
32,456 Cony, sink. fund
Patents (lees depr.)
32,379
2,400,000 2,700,000
253,192 8% notes
Cash
177,175
28,405
239,920
Acets & notes rec. 1,171,486 1,243,713 Res. for conting_
Inventories
3,206,956 4,209,696 Redemp. fund for
170,000
Preferred stock_ 170,000
Miscellaneous
48,016
10,891
26.667
12,333
Per. mon.6% mtg.
Invested in subs.&
other companies
88.701
88,701 Acc'ts, notes, &c.,
2.769,668 2.518.547
payable
290,515
Deferred charges
276,800
Deficit
2,070,869 1,079,944 Int., wages, &cc.,
62,401
55,754
accrued
77,404
83,198
Total (es.ride) _..11,699.693 11.972,387 Property taxes
2382.
p.
depreciation
51,935,622.-V.
115.
z Less
reserve,

Data from Letter of Pres. Walter B. Lasher, Bridgeport, Conn
Company.-Is the largest manufacturer of chain in the world. Company
manufactures for a widely varied use practically every size and variety of
chain, from small chain for the jewelry trade to large ship's anchor chain.
It likewise manufactures a considerable variety of related lines, including
harness and saddlery items, forgings. merchant bar iron, rods and wire,
steel and malleable casts valves, fence and railroad specialties. Among
its products are the We are chains of which it is the sole manufacturer
and distributor. Business has had a steady growth since inception in
1912, with sales of approximately $500,000 in the first year and of $17,565,110 in 1922. One of the chain plants in Bridgeport, Conn., other plants
of company or subsidiaries located at Waterbury and Hartford, Conn.;
Reading York, Monessen and Braddock, Pa.; Columbus, 0.; Adrian,
Mich.; Terre Haute,Ind.; West Pullman, Ill., and Niagara Falls, Canada.
Consolidated Net Earnings Available for Interest and federal Taxes.
$3.202,07111919
1916
53,972,8111921 (loss)_ -$2,203,788
1917
6649,635
,
1920
2.583985J1922
1,299,306
Baltimore Brick Co.-R.esumes Preferred Dividend.4,450,763
1918
The company has declared a dividend of 3% on the 5% Preferred stock.
Earns. for 6 mos. end. Dec. 31 1922 were at annual rate of $3,533,694.
The above figures are after deducting inventory losses of 51,569,952 in payable March 27 to holders of record March 20. This is the first dividend
1920 and of $1,820,341 in 1921; they also include, for the full period, results since 1914, and is on account of accumulations.-V. 110, p. 2077.
from operation of properties acquired during years shown.
Barney & Smith Car Co.-Ford May Purchase.Consolidated Balance Sheet (Incl. Subs.) Dec.31 1922 (after present capitarn).
It is reported that the Ford interests are arranging to take over the comAssetsLiabaittespany's plants at Dayton, 0., as an adjunct to their Detroit works.-V.
Cash
$1,652,080 Accounts payable
31,008,311 116. p. 825.
Marketable securities__ -_
128,570 Accrued liabilities
236,332
Notes & accts. receivable_ _ 4,026,698 Debenture bonds
7,500,000
Barnsdall Corp.-Balance Sheet Dec. 31.Inventories
6,011,345 Def. purch. money payments 1,332,100
1922.
1921.
1922.
1921.
Land, bldffs.. &e
11,920.626 Stock of sub. cos. (at par)___
180,400
AssetsLiabilities5
$
Patents, patent rights, &c_ _ _ 1,827,085 Class "A"stock
8,750,000 Property
13,000,000
z
13,000,000
Class
A
stock
33,741,069
34,205,885
Investments
29,991 Com.stk (250.000 shs., no p.) 1,000,000
3,713,400 3,713,400
in sub.cos_ 528,209
803,439 Class B stock
Deferred & prepaid items_ _
807,576 Surplus
6,396.828 Invest,
Adv. to sub. cos__ 495,778
238,251 Subs°. to Clans A
y1,000.009
Sink. fds. for bds_ 178,333
188,405 stock
Total (each side)
$26,403,972
9,180,290 10,612,800
227,333 Bonded debt
Dividend Record.-As of Dec. 31 1922 there were outstanding, senior to Deferred charges__ 127,172
subs,
not
of
Cash
Stock
731,177
972.600
the Common stock, three classes of stock of an aggregate par value of Barns.stk trees_
573,050 owned by Barns. 2,514,753 2.514,753
$7.909,300, all of which has been called and is to be retired April 1, at Empl. stock subs.. 158,750
10,100
24,677 Pur, money oblig's
which time the company is to issue 350,000 shares of Class "A" stock
2,025,550
(par $25). Cash dividends will have been paid at the time of redemption Bills & accts. rec_ 942,412 • 830,266 Bills & accts. pay_ 3,154.714
81,0561
80,696
1,367,070 1,524,450 Acer. int.& exp__l
on all 3 classes since issue-the Preferred at the rate of 7% and the other 2 Inventories
l 108,266
Accrued taxes_ -1
stocks at the rate of 10% per annum. All of the Common stock has been U.S.& Can.Govt.
7,175,674 7,373.855
obligations
93,410
315,908 Surplus
owned by the management. Although substantial earnings have been
available for such stock no dividends have been paid on it, profits remaining
Total
38.828.797 89,439,449
38,328,797 39,439,449 Total
after dividends on stock held by the public having been invested In the
upbuilding of the business.-V. 116, p. 938.
x After deducting depreciation and depletion of 312,624.148. y SubAmerican Corn Products Export Association of N. Y. scriptions to Class 'A' capital stock fully paid not to be finally Issued
The American Corn Products Export Association of N. Y. City has filed until Aug. 1 1923.-V. 116, D. 1054, 618.
apers with the Federa6 Trade Commission under the Webb-Pomerene
Bassick-Alemite Corp.-February Sales.Export Traders
atdaerctli.ofm
or ,ge
e juifipose;
1 i:/ta
trotiure
In
coco
rn syrup, corn sugar
Bales for February were $793,581 compared with $420.649 for Bab. 1921.
and
ted
expotes
The members of the new association are the American Maize Products -V.116, p. 1054.
Co. New York, Clinton Corn Syrup Refining Co.. Clinton, Iowa, Huron
Beatrice Creamery Co., Chicago.-23% Dividend.Milling Co. Harbor Beach, Mich., J. C. Hubinger Brothers Co., Keokuk,
The directors have declared a quarterly dividend of SI 23 a share on
Iowa, penick & Ford, Ltd., Inc., N. Y. City, Union Starch & Refining Co.,
the
Common and the regular quarterly dividend of 1%% on the Preferred.
Edinburgh, Ind., A. E. Staley Mfg. Co., Decatur. Ill., and Keever Starc
both payable April 2 to holders of record March 20. Early this year a
Co.. Columbus. Ohio.
stock dividend of 75% was paid on the Common stock and the par value
American Hardware Corp.-Dividend Rate Increased- reduced from $100 to $50. Previous to that time quarterly distributions
of $4 a share were made on the issue.-V. 116, D. 81.
Par Value Changed to $25.The directors have declared a quarterly dividend of3% on the outstanding
Bethlehem Steel Co.-Certificates Called.$12,400,000 capital stock, par $25, payable April 2 to holders of record
Pour hundred sixty-four ($464,000) 15-year 7% Marine Equip. Trust
March 15. Thiscompares with the following dividends paid since Jan. 1922: certificates
due Oct. 1 1935 have been called for redemption April 1 at 10234
1922.
Apr.
Jan.
1922. July 1922. 0c1. 1922. Jan. 1923. and city& at the Guaranty
Trust Co., 140 Broadway, N. Y. City.-V.115,
Regular
2%
2Si%
2%
214%
214% p. 1324.
Extra (in cash) 5%
Extra (In stock)
25%
Bethlehem Steel Corp.-Acquisition of Midvale ApThe company recently changed the par value of its stock from $100 to
proved-Cambria Minority Stockholders Oppose Sale.$25. See also report for the year 1922 in V. 116, p.938.
The stockholders of the Bethlehem Steel Corp. and the Midvale Stee
American Sugar Refining Co.-Report-New Directors. & Ordnance
Co. Mar. 12 ratified the merger of the two companies. Under
For annual report see under "Financial Reports" above.
the terms of the consolidation Midvale turns over all its properties except
Vice-Presidents W. Edward Foster and Frederick Mason have been the Nicetown silent. This will be controlled by a new corporation to be
elected directors to succeed the late Edwin S. Marston and Samuel Carr. formed with 200,000 shares of no par value stock, which will be distributed
-V. 116. p. 724.
pro rata among the Midvale shareholders.
The stcckholders of the Bethlehem Steel Corp. also authorized an in• American Telephone & Telegraph Co.-Capital Incr.- crease
in Common stock of $119,500,000 to finance the Midvale purchase.
The date of the stockholders' meeting for the purpose of increasing the
The purchase of the Cambria Steel Co., subsidiary of Midvale, was also
authorized capital stock to $1,000,000,000 has been fixed for Mar. 27. approved by Bethlehem stockholders.
Compare V. 116. p. 1044. 1054.
The Midvale stockholders, in approving the sale of the company's plants
The Philadelphia Stock Exchange has listed $3,611,400 additional to Bethlehem, voted to reduce the capital from 5150,000,0W to $5,000.capital stock, issued $119,800 in exchange for $119,900 Cony 430, due 000 for the purpose of maintaining its corporate existence.
1933. $265,200 in exchange for $265.200 7-Year 6% Cony bonds due
The Cambria Steel Co.'s meeting to pass on the proposed sale to Beth1925, $276,200 being part of 62 787 shares to be issued to employees,
'and lehem was adjourned to Mar. 20. Minority stockholders are opposed to
52,950,200, being part of 1,189,152 shares offered under circular letter the sale and have formed a stockholders' protective committee. (See
dated Aug 24 1922, making the total amount of said stock listed at March that company below.)-V. 116, p. 408, 413, 518. 724.
10. $708,235,900 and reducing the amount of Cony 4Sis listed to $6.971,600
and the amount of Cony 6s to $13.055.700.-17. 116, p. 1054. 1044.
(Sidney) Blumenthal & Co., Inc.-Listing.The Boston Stock Exchange has authorized for the list: 'Temporary
American Type Founders Co.-Dividend if7reased.for 25,000 shares Preferred stock (par $199) and 220.000 shares
A dividend of 1%% has been declared on the outstanding $4,000.000 certificates
stock, without par value.
Common stock, par $100, payable April 16 to holders of record April 10. Common
For
statement
This compares with 4% per ann. (1% quarterly) paid from Oct. 1898 to Looms bonds in of earnings, balance sheet, &c.. see offering eir Shelton
V. 116, p. 947.-V. 113, p. 2725.
Jan 1923 incl.-V. 116. p.298.

R

•

American Woolen Co.-Acquisition.It is reported that the receivers
of the Tilton Mills, Tilton, N. H., have
sold the property to this company.-V. 116, p. 1045, 298.
-----iff Arkansas Lii& Power Co.-Acquisition.-

President H.(3. Couch announces the acquisition of the Jackson Public
Service Co. and the Vicksburg Light & Traction Co. of Mississippi. Vice.
President J. L. Longio and other interests are associated in the transaction.
In the reorganization of these companies H. C. Couch will be President,
J. L.Longino, Vice-President and General Manager,W.E.Baker. Treasurer
and L. Garrett, Secretary. These, with C. P. Couch, Manager of the
Arkansas Light dr Power Co. properties at Arkadelphia and Malvern.
will comprise the board of directors.-V.114, p. 1538.

Boston & Montana Corp.-Examine Books.-

Boston advices state that at the request of Distriat Attorney Thomas
C. O'Brien, a public accountant has been examining the books of the corporation (now in receivership) and of the American Discount Corp. Boston-Montana stockholders are seeking to recover a majority of a $.5,000,000
bond issue which they allege fell into the hands of the American Discount
Corp. and other concerns They allege conspiracy on part of some officials
of both companies.-V. 116. p. 414.

(P.) Burns & Co., Ltd.-To Redeem Bonds.-

All of the outstanding 1st & Ref. Mtge.6% 20-year Sinking Fund bonds
dated Jan. 3 1911 will be redeemed April! at 105 and int.-V. 118. p.519.

Caddo Central Oil & Refining Co.-Annual Report.-

The company reports gross profits of 51,067,925 for the year ended Dec.
The directors have declared the regular quarterly dividend of 134% on 311922,against $4452,134 in 1921. After payment of all operating expenses,
the Common and 1%7 on the Preferred stocks, both payable Apr. 2 to allowance for depreciation and depletion,and payment of interest and other
holders of record Mar.27. On Jan. 2 last an extra dividend of 1% was paid fixed charges, there was a net loss of $184,091, against $353,246 in 1921.in addition to the regular quarterly dividend of 1M% on the Common stock. V. 116. p. 940, 180.
-V. 115, p. 2796.

Armstrong Cork Co.-Regular Dividends.-

Art Metal Construction Co.-Earnings.-

Cadet Knitting Co.-Shipments.-

Shipments for the year 1922 amounted to approximately $3,536,000,
an increase of about 60% over 1921. The net profits after all charges and
1922.
1921.1919.
depreciation
for 1922 were over $230,000.-V. 115, p. 1637.
Net shipments for year
$4.606.384 $4,661,492 $61.9
204
20;335 $4,565.556
Less cost goods shipped_ 3.918,918
2,778,242
5,226.757
4,058,303
Cambria Steel Co.-Minority Interests Oppose Sale-ProGross profit
$687,466
5977,577 $1,787,313 tective Committee Formed.
$603,189
Admin.& selling expense
$754.024
The stockholders' meeting scheduled for Mar. 12 to approve the sale of
Inventory depreciation_
$129,617
$561.721
the
properties
to
postponed to Mar. 20.
Int. St discount earned.... Deb.34,853 Deb.15.158 Deb.19,242
Cr.28,476 The meeting was the Bethlehem Steel Corp. wasdeposit
of bonds of Midadjourned to await the necessary
Taxes
90.000
300.000 vale Steel & Ordnance
75.000
70,000
owned by the Midvale
Co.
stock
to
Cambria
permit
Dividends
320,570
233,139 Co. to be voted in
320,570
276,853
amount of bonds has
favor
A
sufficient
of
the
sale.
Rate of dividends
(10%)
(16%)
(10%)
(1334%)
since been deposited.
The minority stockholders are opposing the sale and have formed a proBalance, surplus
$311.748
$528.626 tective committee
$93,160
$49.759
to protect their interests. The committee consists of
Tho company also paid a 100% stock dividend on June 161290.-V. 115. E. W. Wright,
J. 13. McAneny Gustav A. Kuenunerie, with Brown &
p. 1213.
Williams, counsel. (See also Eehtlehem and Midvale companies elsewhere.) See V. 116, p. 181.
Associated Oil Co.-Oil Contract.See Tide Water Oil Co. below.-V. 116, p. 180.
Canada Steamship Lines, Ltd.-Earnings.The company for the year ended Dec. 31 1922 reports gross income of
Avery Company, Chicago.-Report.511.614,870, compared with $12,786,679 In 1921. Surplus