Full text of Commercial and Financial Chronicle : March 24, 1923, Vol. 116, No. 3013

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Ftnaflttt
INCLUDING
Bank 8c Quotation Section
Railway Earnings Section
VOL. 116.

Iffrotude

Railway & Industrial Section
Bankers' Convention Section
SATURDAY, MARCH 24 1923

Pt Thronicle.
PUBLISHED WEEKLY

Terms of Subscription—Payable

in Advance
For One Year
$
For Six Months
1000
6 00
European Subscription (including Postage)
13 50
European Subscription six months (including Postage)
7 75
Canadian Subscription (Including postage)
11 50
NOTICIL—On account of the fluctuations In the rates of exchange.
immIttances for European subscriptions and advertisements must be made
la New York Funds.
Subscription includes following Supplements—
SAME AND QUOTATION (monthly)I RAILWAY & INDUSTRIAL (semi-annually)
RAILWAY EARNINGS (monthly)
ELECTRIC RAILWAY (SOLI2/41111URIIY)
STATE AND CITY (semi-annually) BANKERS CONVENTION (yearly)

Terms of Advertising
Transient display matter per agate line
45 cent
Contract and Card rates
On request
CHICAGO Orricio-19 South La Salle Street, Telephone State 5594.
LONDON OFFICIO—Edwards & Smith. 1 Drapers' Gardens, E. 0.

WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyeter S

, New York.

Published every Saturday morning by WILLIAM B. DANA COMPANY.
President. Jaoob Seibert; Business minuses. William D. Riggs; Secretary, Herbert
D.Seibert; Treasurer, WIllhun Dana Seibert. Addressee of all, Office of Company.

CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
1245 and 1246.
THE FINANCIAL SITUATION.
The whole bunch of Lockwood "housing" or antibusiness bills met with defeat in the Assembly at
Albany on Thursday. The adverse vote was in accordance with a decision of a Republican caucus
earlier in the week of members of the Lower branch,
directed by Speaker Machold, the conclusion then
being reached not to support the measures. The
chief and the worst of these were the bill to set up a
State Trade Commission, the bill to require all brokers in securities to take out a State license, the bill
to force incorporation upon the Stock Exchange, and
the bill to set up the "State Fund" as a close monopoly in compensation insurance, the last-named, however, having been previously beaten. Nothing new
can be said as to any of these, yet some remarks of
Mr. Machold are worth noting, because of their
soundness and their official source. Real gamblers,
said he, do not last very long, in the Exchange or out
of it. That body is a voluntary organization, each
member having a seat and a vote. Incorporation, he
added, would make the stock rather than the individual members the voting power; the stock would
naturally concentrate in a few hands, so that in the
course of time a few might be able to manipulate
everything, whereas now no seat can be sold without
consent of the Board of Governors, and the strictest
rules of business prevail, as proved by the many instances of discipline and even of expulsion in the
past.




Electric Railway Sectine
State and City Sectior,
NO. 3013

This is entirely correct. There is more wickedness
in New York than in East Podunk because there are
more people here, but there is more righteousness
here, and for the same reason. The notion that this
city is a sink of iniquity and Wall Street a cave into
which confiding investors are coaxed and robbed is
one which increasing inter-communication among
our States should long ago have sent to the discard.
There are almost as many painted Indian braves
charging their horses along Broadway as there are
rogues in the Stock Exchange,or in the real (not the
rural-imagined) Wall Street. Let who will insist
that there is no soul there; the men there at least recognize the policy of honesty and know that nothing
but making truthful representations and then standing by them and right up +o the straight line of contracts could last a month; anything short of integrity in dealing would sink of its own weight, and
therefore nothing else is tolerated. The sham "banks"
that receive the savings of too-innocent people, and
the fake dealers who work by carefully-selected
modes of quiet publicity, are outside of Wall Street.
It is not responsible for them, yet recognizes a duty
and means to perform that. For the latest bit of evidence thereto, the Investment Bankers' Association
announced, on Monday, completion of its plans for
a country-wide campaign of education against fake
securities and fake dealers. This is the practical
line. People can become safe only by learning—plus,
let it be distinctly said, a more vigorous enforcement
of the laws; put more teeth into those, if needed, and
then put more taking hold into the officials charged
with using them.
In headlines these bills have been called "business"
bills, and, more correctly and pointedly, "anti-business" bills. Such they are. There have been discreditable instances of objectionable measures put
through one branch of a legislative body, on the apparent understanding that they would be stopped by
the other. In this instance, we have a Democratic
Senate stolidly passing utterly wild and obnoxious
bills, with the expectation (or perhaps because of the
expectation) that a Republican Assembly would reject them. Wherefore? If an unthinking popular
clamor pushes along these affronts to common-sense
that should affect both legislative branches; if "by
these the vote of the average wage-earner is sought,
but he would be the first man hit by them," as
Speaker Machold says, how shall the foolish move be
explained? It is all "a game" for votes, let us confess, if we must; but is spending nearly three months
in threatening business with destructive statutes
what we have Legislatures for? It would seem to be
lime for the people to inquire whether legislating is

1220

ME CHRONICLE

prou 116.

not the one subject which most needs reconstruction possible of fulfillment which would merely pave the
way for new sanctions, while to sign a new agreeand reform.
ment which Germany could not keep would merely
Still another week has passed without the occur- postpone the catastrophe." Finally, he observed
rence of anything vital relative to the Ruhr situation. that "there remains, therefore, nothing but to conChancellor Cuno and Premier Poincare have reaf- tinue the present policy of passive resistance until
firmed the position of their respective Governments, a more promising political constellation evolves."
Cabling from Paris, the New York "Tribune" repbut that has been about all, outside of numerous rumors. Substantial progress was said to have been resentative at that centre said that "the Foreign Ofmade toward reaching an agreement on the question fice reiterated to-day [Mar. 16] in unmistakable
of payment for the American Army of Occupation. terms its complete obliviousness to a veritable flood
At the second Congress of the International Chamber of rumors and reports from every quarter of proof Commerce, which has been in session in Rome,and posed mediation, arbitration and intervention in the
at which the American delegation numbered almost Ruhr problem." The following day the Associated
200, Premier Mussolini made a speech in which he Press correspondent at the French capital said that
ridiculed the communistic demand for the abolition "Premier Poincare will entertain no propositions
of capitalism. The Americans presented significant for negotiation with Germany until the Berlin Govresolutions which are to be discussed to-day. A pre- ernment makes it known directly and officially to
liminary conference has been held in London to con- France that she wants to negotiate, it was declared
sider the reply of the Turkish Nationalists to the to-day in French official circles." He also reported
terms named by the Allies at Lausanne for adjusting that "any attempt by a third Power to intervene or
the Near East situation. The reports regarding the provoke discussion of the terms under which a settlement might be reached with Germany will be recondition of Nikolai Lenin continue conflicting.
garded by France as an unfriendly act. Premier
The week began with a continuance of rumors of Poincare's attitude on that point, a high official desecret meetings and plans for mediation of the Ruhr clared, remains quite as firm as at the beginning of
situation, or, to be more exact, the question of rep- the occupation of the Ruhr." The correspondent
arations. The London "Times" received a dispatch went eve,n further and said that "from the same
from its Berlin correspondent saying that "a con- source it is learned that all rumors of attempts to
ference has been arranged between representatives open negotiations indirectly are unfounded, so far
of the German Government and leading industrial- as the French Government is concerned, and no
ists to discuss the situation with regard to repara- proposition of any kind has been brought to its
tions." Contrary to this and similar rumors, the attention."
That evening a semi-official statement was issued
New York "Times" representative at the German
capital cabled the same evening that "I am able to at the Quai d'Orsay which said that "the French Govstate that there is no serious possibility of negotia- ernment will consider as unfriendly and even hostile
tion in sight. There is not the slightest present in- any effort at mediation. It is determined to take no
tention here to take the initiative to seek a way out account of soundings which may be made by intermeof the Ruhr dilemma or to do anything whatever diaries and it will examine German propositions only
which might be interpreted as a sign of weakness. if directly and officially communicated." The reThe Cuno Government has a fixed idea that anything ports relative to alleged plans of mediation continued
in the slightest resembling a sign of weakening would conflicting from day to day, and even within the
be duly exploited by its opponents and cause Ger- same day.
French War Minister Maginot announced in the
many to lose the whole Ruhr game. The Cuno Government accordingly will make no reparations plan Chamber of Deputies yesterday that "French troops
or proposals, old or new, unless on express invita- in the Ruhr will be reinforced by 2C,000 men within
tion or a tactful suggestion. The Cuno Government a few days." According to a dispatch from Essen,
will not submit new proposals, feeling this to be a announcement was made there during the day that
confession of weakness, and it also feels it cannot be "a credit of 400,000,000,000 marks has been granted
compelled by physical force or moral coercion. It to the German coal syndicate by the Berlin Governwould sooner fall." Continuing to outline the Ger- ment to aid in the continuance of the passive resisman position as he understood it, the correspondent tance in the Ruhr."
said: "Nor is there the slightest willingness to have
It became known here a week ago to-day through
the Ruhr reparations problem submitted to the
League of Nations as at present constituted. The European cable advices and dispatches from Washprincipal and practically the sole German argument ington, that the German Government had sent to the
against the League of Nations solution is that Ger- American State Department "a statement of Germany, America and Russia are not League members, many's position in regard to reparations." Repreand that to submit the Ruhr question to the League sentatives of that Department were quoted as saying,
of Nations would be to give France a free hand in however, that "the information, as delivered yesterthe matter, for France dominates the League, in the day by Dr. Hans Heinrich Dieckhoff, Counsellor of
German view." He made the further assertion that the German Embassy, called for no action by the
"it is a fact that in the present dilemma the Cuno Washington Government looking to mediation or inGovernment has nothing concrete or positive to say tervention by it in the reparations dispute between
or offer. It is figured that any reparations sum the Germany and France." Word came from WashingCuno Government might name as being within Ger- ton on Monday that the "contents of the memoranmany's ability to pay would be laughed at, scorned dum delivered to Secretary Hughes Friday by Counby France as ridiculously low, not even worth talk- sellor Dieckhoff of the German Embassy, which is
ing about, and that if negotiations were to take place said to have given Germany's position on the quesat the present time France would make demands im- tion of reparations, will remain secret, so far as the




MAR. 24 1923.]

THE CHRONICLE

1221

State Department is concerned. It probably will be the difficulty of getting coal and the greater diffiplaced in the confidential files without having its culty of getting steel."
text divulged, even to Jules J. Jusserand,the French
In an address Thursday evening in the Town Hall
Ambassador here." It was added that "decision not in Munich, Chancellor Cuno reaffirmed the position
to make the memorandum public or to add to the of the German Government toward the Ruhr situabrief statement of the Department on Saturday rela- tion, and mediation with France. He was quoted as
tive to receipt of the communication was made known saying that "any discussion regarding the terminato-day upon receipt of press advices from Berlin that tion of the conflict with France must proceed upon
the German Foreign Office was willing to have the a basis of unconditional evacuation of the invaded
Washington Government make the statement public, territory. So long as the regime of lawlessness was
or make its text known through diplomatic channels not definitely abandoned fulfillment of the treaty
to Premier Poincare."
obligations was unthinkable. Germany could reach
Cabling to his paper Monday evening relative to an understanding with a France that desired peace
the possibility of mediation between the French and and reconstruction, but never with a France that
German Governments in the near future, the Berlin aimed at the Ruhr and the Rhine and purposed to
representative of the New York "Tribune" said that destroy Germany." In a Paris dispatch yesterday
"there is just one outstanding fact behind the official morning it was asserted that "the French Governand unofficial manoeuvres undertaken by France ment denies categorically and somewhat warmly the
and Germany during the last week looking toward a report that Leopold Dubois, Swiss banker, is acting
settlement of the Ruhr conflict, namely that Ger- as go-between for the French and German Governmany to-day knows France's terms for this settle- ments with the view of opening Ruhr negotiations.
ment." He added that "these terms, according to Premier Poincare authorizes the statement that he
Parliamentary circles responsible for this informa- has never discussed with M. Dubois or any other intion, are utterly unacceptable to Germany. They termediary any possibility in connection with negowere brought to Berlin by Herr Bergmann from tiations with Germany."
Switzerland, whither Germany's representative beAccording to a Paris dispatch to the New York
fore the Reparations Commission went to avail him- "Times" yesterday morning, "at the behest of the
self of the opportunity given him to learn the French French Government the Commission on Reparations
proposals. The reparations bill proper, as set by has begun examination of the German loan, part of
France, the 'Tribune'is informed, is by no means ex- which is now being offered in the United States.
orbitant, but the rest of the plan includes conditions The purpose is a statement by the Allies in order to
making it unacceptable to any German Govern- make their position clear to potential subscribers
ment."
outside Germany."
Returning to Paris on Tuesday from an inspection
According to the Paris representative of "The
trip through the occupied region of Germany, Minis- Sun" of this city, "an important step toward reachter of Public Works Le Trocquer reported to the ing an agreement on the question of payment
for the
Cabinet that "France expects to ship out of the Ruhr American Army of Occupation was made this [Monfrom 2,500 to 3,000 tons of coke daily for France, Bel- day] morning." Assistant Secretary of the Treasgium and Italy." He also said that "it was hoped to ury Eliot Wadsworth communicated to
an Allied
increase these shipments each week by at least 1,000 conference being held in that city "Secretary
tons daily, and thus rapidly reach the German rep- Hughes's reply to the Allied proposals that payarations schedule abandoned when the Ruhr was oc- ments be deducted from amounts to be obtained from
cupied."
Germany during future years and that to these be
Ever-changing sidelights on the Franco-German added the value of the seized German ships." In a
situation appeared in the European advices from communique issued after the meeting it was stated
day to day. For instance, in a Duesseldorf cable- that "the United States
does not accept the deducgram to the New York "Times" Wednesday morning, tion of the value of the
seized German ships from the
it was reported that "indications are multiplying expenses for the
Army of Occupation." The Eurothat not only the local population of the Ruhr, but peans probably found the greatest
ground for hope
the German authorities, are becoming anxious to live in that part of the
statement which said that "at the
on good terms with the French." The correspondent same time the American
Government, accepting the
further observed that "ever since the rumor began to idea and discussing the proposal
for payment out of
circulate that an unofficial discussion was going on sums to be received in future years,
admits that the
which was likely to lead soon to the first step toward Allied proposals can serve
as a basis for discussion."
negotiation there has grown up quickly here a feeling In a dispatch to his paper the next
morning the Paris
that the best thing to do was to work along with the representative of the
New York "Times" said that
French as easily as possible. Probably this easy-go- "it is held here that
the turn taken by the negotiaing spirit will very shortly receive a check, for it can- tions over the
payment of the cost of the American
not be altogether acceptable to Berlin. But its spon- Army of Occupatio
n is most gratifying to the Allies
taneous manifestation is one of the most remarkable since it opens the
prospect of greater American symfeatures of these weeks of waiting."
pathy toward Allied efforts to collect from GerDuesseldorf dispatches yesterday morning con- many."
tained references to "the extent to which the French
grip on the Ruhr and Rhineland industries is stifling
The second Congress of the International Champroduction." Special reference was made to the In- ber of Commerce
was opened in the Fine Arts Buildternational Harvester Co., which, it was said, next ing in Rome on the
afternoon of Mar. 18. The New
Monday, at its plant at Neuss, near Duesseldorf, York "Times" correspon
dent said that "the Ameriwhere 3,000 people are employed, "will reduce the can delegation, which is the largest, numbering
alwork period to two days a week." It was added that most 200 members, had seats in a prominent position
"the reasons for this reduction are the dual ones of in the hall, while Julius H. Barnes, President
of the




1222

THE CHRONICLE

[Vol,. 116.

Chamber of Commerce of the United States; Lewis largely because of the political complications which
Pierson, Chairman of the board of the Irving Na- inevitably accompany such transactions. The elimtional Bank, New York; Alba B. Johnson, President ination of inflation and the attainment of sound naof the Railway Business Association, Philadelphia, tional finance are set forth as conditions precedent
and Willis H.Booth, Vice-President of the Guaranty to adequate international credit. On the subject of
Trust Co., New York,sat on the platform from which exchange, the resolution declares that attempts at
the orators delivered their speeches." In describing the artificial establishment of exchange are dangerthe event he said that the session opened "with flour- ous and undesirable and that the stabilization of
ishes of trumpets and with all pomp and solemnity currency on a gold basis should be the ultimate •
to which Rome so well lends itself." He added that goal." He added that "the resolution concludes by
of
"added impressiveness was given to the occasion by recommending that a general economic congress
for the final adjustment of
the presence of Premier Mussolini, who made an ad- the interested nations
dress in which he ridiculed the communistic asser- problems is essential and inevitable, and that the
tion that the system known as 'capitalism' was near- International Chamber of Commerce is ready to rening its end, and reiterated his conviction that all leg- der any service to the interested nations." In a disislation making for State interference and State con- patch from the Italian capital to the New York
trol was harmful to any nation and ought to be "Times" Thursday morning it was reported "the
s to
abolished in favor of private enterprise and indi- American resolution calling upon Government
vidual initiative." Elaborating these ideas, the Pre- convoke an international conference to settle reparamier was quoted as saying that "it is my conviction tions and the inter-Allied debts is drawing more inthat the State must renounce its economic functions, terest and attention than anything else at the Conespecially those of a monopolistic character, for gress of the International Chamber of Commerce."
the delegawhich it cannot provide. The Government must give The correspondent added that "most of
be in favor of accepting the resolution,
free play to private enterprise, and must forego any tions seem to
an unknown
measures of State control and State paternalism. but the French delegation rplains
ambi- quantity. Its members have not yet decided on their
Such measures may satisfy the demagogy and
tions of Socialists, but, as shown by experience, will stand."
in the long run turn out to be absolutely fatal to the
It became known in London a week ago to-day that
interests and economic development of any country.
French and
I do not believe that the complex of forces which is "a preliminary conference of British,
of capitalism is about to end, as Italian experts on the Near East situation is to begin
known by the name
Turkish counterhas for so long been announced by several extreme here on Wednesday to examine the
scope of the new neSocialist thinkers. Events' have shown that all sys- peace proposals and decide the
retems which interfere with initiative and individual gotiations." It was explained that "these are
merely a continuance of the Lausanne
impulse fail more or less in a short lapse of time." garded here as
The Premier was reported to have "expressed the Conference, as, even if discussions are resumed at
optnion that the large American representation at Constantinople, Venice or some other city, there is
the Congress was not without its significance as no desire to throw away the results of the weary
showing that, though the American official policy weeks spent at Lausanne." The New York "Times"
continued to be one of reserve, American business correspondent in London said that "Ismet Pasha,
felt that it could not avoid taking an interest in what in forwarding the Turkish proposals complains in
could or could not be done in Europe. He ended by the covering letter that the attitude of the Allies
promising that his Government would examine thor- amounted to dictating terms of peace, notwithstandoughly and take into due account all the decisions of ing the Allied promises to treat with Turkey on terms
of equality. He declared that nothing in the Turkish
the Congress."
At its session Tuesday evening the American dele- suggestions conflict with international usage, and
gation drafted a resolution which will be presented then continues: 'By opening the Straits in peace
to the finance section of the Congress to-day. It pro- and war, abandoning the islands of strategic imporvides for "the calling of a world economic confer- tance, ceding the graveyards in Gallipoli and endeavence to settle difficulties and a pronouncement by oring to find on every question of particular interest
the International Chamber of Commerce on repara- to the Allies a solution as far as possible in accordtions, inter-Allied debts, international credits, budg- ance with their views, the Government of the Grand
ets and exchange." The Associated Press corre- National Assembly considers that it has made all
spondent said that "on reparations the resolution the concessions in its power in the interests of peace.
agrees that Germany must pay, that she must admit My Government hopes that if the Allied Powers are
her just obligations and that an adjustment should inspired by the same pacific sentiments as Turkey
the past three months, a conferbe made that would not ruin the German nation. has shown during
in some town in Europe, or, preferably,
The resolution asserts that any settlement would be ence, meeting
futile without guarantees and that security against Constantinople, should be able in a fortnight to setattack must be assured. On inter-Allied debts, the tle in a peace treaty the questions enumerated in reintegrity of obligations, it is urged, must be recog- gard to which the Lausanne negotiations resulted in
nized. The resolution states that while the inter- agreements being reached or in rapprochement of the
Turkey and Allies.'" The correspondent
Allied debts were contracts in a common cause, a views of
abil- added that "the Turkish Government asks for the
proper factor in any adjustment skould be the
possible reply in order to eliminate the danity of the debtor nations to pay, taking into consid- earliest
earning capacity, the reduction ger to the peace of the world."
eration their future
Representatives of the Allied Governments met in
of excessive military expenditures and the reparaentitled." Continuing his London on Tuesday "to consider the Turkish countions to which they are
noted
to
outline he said that "the resohition contends that an ter proposals the Lausanne treaty." It was
Governmental loan is not desirable, that it was not "a formal conference, but rather had
international




MAR. 24 1923.]

THE CHRONICLE

1223

as its purpose a preliminary examination of the of £203,000. The proportion of reserve to liabilities
Turks'reply." Announcement was made that "Great is down to 18.98%, as against 19.39% a week earlier,
Britain, France, Italy and Japan are the nations di- 17.95% last year and 137 % in 1921. Material
A
rectly represented." The Associated Press corre- changes were again shown in the Bank's leading
spondent said that "considerable interest has been items, including an increase of £8,506,000 in public
aroused by the announcement that former Premier deposits, a reduction in "other" deposits of £6,852,000
Venizelos of Greece will be in London during the and an addition to loans on Government securities
meeting, not as a delegate, but in order to be avail- of £78,000. Loans on other securities also increased
able for consultation regarding questions directly —E1,786,000. Gold hondings now stand at £127,511,affecting Greek interests. It is understood that he 520, which compares with £128,779,763 in 1922 and
was invited by the British Government, whose guest £128,326,518 the year before. The reserve is £24,he will be." The statement was made in a London 059,000, as against £25,525,318 last year and £17,cablegram Thursday evening that, "although not in- 241,073 in 1921. Note circulation is £121,898,000,
vited to attend the preliminary conferences now be- in comparison with £121,704,000 and .£129,535,455
ing held in London for study of the Turkish counter- one and two years ago, respectively. Loans total
proposals to the Allied draft treaty, the American £72,437,000. Last year they were £86,396,923 and
Government, it is learned here, is being kept closely in 1921 £101,022,091. Clearings through the Loninformed of all details of the deliberations." The don banks for the week were £773,250,000, comparcorrespondent also observed that "it is the apparent ing with £722,597,000 last week and £726,509,000 a
desire of Lord Curzon, the British Secretary for For- year ago. The Bank's minimum discount rate reeign Affairs, to keep the sitting secret, as the press mains at 3%. We append herewith comparisons of
bureau of the British Foreign Office announced to- the principal items of the Bank of England returns
day that nothing would be given out regarding the for a series of years:
deliberations until the conclusion of the experts' conBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1922.
1920.
1912,
1923.
ference." It was added that "this caused some irriMarch 21. March 22. March 23. March 24. March 26tation among the London newspaper correspondents,
Circulation
121,898,000 121,704,000 129,535,455 101,136,645 73,649,185
who deprecate a resort to secrecy in matters consid- PubRedeposits
24,008,000 21,859,788 22,981,849 19,763,290 25,623,456
deposits
ered by the representatives of the press as of the high- Other securities 101,640,000 120.330,265 101.189,409 131,757.028 121,759,947
Govt.
48,530,000 48,465,365 24.000,237 45,394,854 56,992,644
est public interest."
Other securities
72,437,000 86,398,923 101,022.091 91.142,983 79.451,680
Conflicting rumors regarding the condition of
Nikolai Lenin, Premier of Soviet Russia, have continued. The Moscow correspondent of the New York
"Times" cabled that on Mar. 16 he obtained a statement "in an official quarter," that "his speech, right
arm, pulse and general condition all show improvement, and the doctors now believe that with care his
life will be prolonged for a considerable period."
According to a Moscow dispatch to the Associated
Press Thursday morning, Lenin's condition "is steadily improving." The correspondent added that "although none of the attending physicians has expressed hope that Lenin would ever be able to work
again as hard as before his latest attack, nevertheless, there is no talk of supplanting him as head of
the Government. He is living in a little apartment
within the Kremlin walls and remains cheerful."
In an Associated Press dispatch yesterday morning
it was stated that "complete restoration of Premier
Lenin's health is possible, according to an official
bulletin signed by eight physicians issued late tonight[Mar.22].

Reserve notes & coin 24,059,000 25,525,318 17.241,073 33,096.541 29,053.285
Coin and bullion,... A27,511,520 128,779,763 128,326.518 115,783,186 84.252.450
Proportion of reserve
21.89%
19.70%
13.88%
18.98%
17.95%
to liabilities
8%
7%
3%
5%
Bank rate
435%

The Bank of France in its weekly statement reports
a further small gain of 138,825 francs in the gold
item this week. The Bank's total gold holdings are
thus brought up to 5,536,101,225 francs, comparing
with 5,525,849,931 francs at this time last year and
with 5,503,910,289 francs the year previous; of these
amounts 1,864,344,927 francs were held abroad in
1923 and 1,948,367,056 francs in both 1922 and 1921.
During the week silver gained 328,000 francs, while
general deposits were augmented by 13,592,000
francs. Bills discounted, on the other hand, fell off
283,851,000 francs, advances were reduced 10,897,000
francs and Treasury deposits decreased 19,247,000
francs. Note circulation registered the further contraction of 334,036,000 francs, bringing the total outstanding down to 37,221,438,000 francs, comparing
with 35,281,790,430 francs on the corresponding date
last year and with 38,435,078,430 francs in 1921.
.
Just prior to the outbreak of war, in 1914, the
amount was only 6,683,184,785 francs. CompariNo change has been made in official discount rates sons of the various items in this week's return with
at leading European centres from 12% in Berlin; the statement of last week and corresponding datesin
53/2% in Madrid;5% in France, Denmark and Nor- both 1922 and 1921 are as follows:
way; 43/2% in Belgium and Sweden; 4% in Holland;
BANK OF FRANCE'S COMPARATIVE STATEMENT.
332% in Switzerland, and 3% in London. Open
Changes
Status as of
market discounts in London were again lowered and (1014 Holdings—. for Week. March 22 1923. March 23 1922. Aferch 24 1921.
Francs.
Francs.
Francs.
Francs.
Inc.
138,825 3,671,756,298 3.577.482,874 3,555,543,233
are now quoted at 21 % for short and three-months In France
A
Abroad
No change
1,864,344,927 1,948,367,056 1.948,367,036
bills in comparison with 23.,% a week ago. Call
1
Total
Inc.
138,825 5,538,101,225 5,525,849,931 5,503,910,280
281,749,091
265,408,254
money at the British centre, however, was firmer Silver
Inc.
291,276,000
328,000
2,815,403,440
and finished at 23
4%, against 13 % the week pre- Ellis discounted_._ _Dec283,851,000 3,454,955,000 2,346.994,429 2,859,115,390
4
2,211,440,304
Advances
Dec. 10,897,000 2,101,178,000
vious. In Paris and Switzerland the open market Note circulatIon )ec334,038,000 37,221,438.000 35.281,790.430 38,435.078,340
56,168,234
37,073,993
Treasury deposits.
19,000,000
.Dec. 19,247,000
discounts continue at 4% and 2%, respectively.
General deposlts
Inc. 13,592.000 2,080,597,000 2,310,513,736 3,066,121,762
Another amall increase in gold, amounting to
The Imperial Bank of Germany issued on Thurs£2,743, was shown by the Bank of England statement day, under date of March 15, another of its characissued March 22; although total reserve was reduced teristically sensational statements, showing continued
£200,000, as a result of an increase in note circulation heavy note production as well as monumental in-.




1224

UTE CHRONICLE

creases in several other items. Treasury and loan
association notes expanded 54,535,320,000 marks
bills of exchange and checks gained 66,152,275,000
marks, other assests 65,169,344,000 marks and other
liabilities 8,757,042,000 marks. There was a huge
addition to discount and Treasury bills, namely
239,405,531,000 marks, while note circulation registered an expansion of 401,255,255,000 marks, thus
bringing the already preposterous total of outstanding notes up to 4,272,511,414,000 marks. At this
time a year ago the total was 120,738,812,000 marks
and in 1921 67,484,755,000 marks. Notes of other
banks increased 43,226,000 marks and investments
173,860,000 marks. Decreases were shown of 16,652,401,000 marks in advances and of 785,308,000
marks in deposits. Total coin and bullion gained
399,824,000 marks, but gold declined 1,000 marks,
to 1,004,832,000 marks, as against 996,378,000
marks in 1922 and 1,091,609,000 marks a year earlier.

[Vox,. 116.

tutions in other depositories increased $142,000.
Member banks sustained a reduction of their reserve
at the Reserve Bank in amount of $9,517,000, and
this, together with the additions to deposits, brought
about a cut in surplus reserve of $10,537,100, carrying the total of excess reserves down to $6,708,930,
as against $17,246,030 a week ago. The above
figures for surplus are based on 13% reserves above
legal requirements for member banks of the Federal
Reserve System, but do not include cash in own
vaults amounting to 9,164,000 held by the Clearing
House banks on Saturday last.

The prevailing tone in the money market was that
of firmness. The rates for call loans touched 6%,
but there were no reports to the effect that accommodations could not be arranged at the prevailing quotations. Time money was a more prominent feature
of the local money market than it has been for some
weeks. The volume of business was not particularly
The Federal Reserve Bank statement, issued on large, but the demand was considerably more active
Thursday afternoon, aroused considerable interest and toward the end of the period this department of
by reason of the sharp decrease in bill holdings at the money market was characterized as firm, with
the New York Reserve Bank in the face of an in- the asking price 532%, while by some borrowers bids
crease of more than $29,000,000 in the same item at that figure were said to have been made. There
for the system as a whole. The changes in gold was no one notably striking development that would
reserves are also in sharp contrast, showing a loss account for the increased demand and firmness. Apof $4,000,000 for the banks as a group, while the local parently it was due to the continued activity in the
institution gained more than $46,000,000. This was speculative stock market, where the total transregarded as especially encouraging in view of the actions run above 1,000,000 shares a day; to the offact that at this season funds usually move away ferings of new securities on a good-sized scale, and
from New York. An examination of the report particularly to the steady expansion in manufacturissued by the System shows that the increase in total ing, mercantile and industrial lines throughout the
bill holdings was brought about by increases outside country. This expansion undoubtedly has been
of New York under all the leading heads. Total larger in individual industries and other lines of busibill holdings are now at $867,952,000, as compared ness and in the country as a whole than any one here,
with $702,952,000 last year. Earning assets were outside of the bankers and the leading manufacturreduced $24,000,000 and deposits $10,000,000. Fed- ing and business interests, have realized. There
eral Reserve notes in circulation were likewise re- is still talk in speculative circles from week to week
duced, declining $11,000,000. In New York con- of the probability of the New York Federal Reserve
traction was shown in the rediscounting of all classes Bank further increasing its discount rate. In fact,
of paper except commercial, and the net result was this rumor was persistently circulated on Wednesday
a decline in bill holdings of approximately $45,000,000 prior to the weekly meeting of the governors, at which
to $199,278,000, as against $102,019,000 a year ago. no change was made. The large over-subscription
Here also earning assets and deposits were materially to the latest offering of United States Treasury Cerreduced, but note circulation increased about $1,000,- tificates of Indebtedness did not cause any surprise,
000. Member bank reserve accounts were reduced but naturally was referred to as fresh evidence of the
both locally and nationally—$43,000,000 at New large volume of money available for investment in
York and $67,000,000 for the System. The reserve spite of the requirements in many lines, to which
ratio at New York increased 4.4% to 86.6%. 'For reference has been made. There has not been sufthe combined system, however, the change was ficient change in the European situation to justify
insignificant, the increase being only 0.3% to 75.7% any serious consideration of the offering of European
securities in this country.
from 75.4% the preceding week.
Last Saturday's statement of the New York
Clearing House banks and trust companies reflected
the strain incidental to the payment of the first
quarter's Federal income taxes, and the result was a
heavy expansion in loans and a cut in surplus reserve. The loan item increased $69,041,000. Deposits, however, showed only relatively minor
changes. In net demand deposits there was an
addition of $4,394,000 to $3,840,736,000, which is
exclusive of Government deposits amounting to
$31,995,000. Time deposits gained $12,489,000 to
$457,485,000. Cash in own vaults of members of
the Federal Reserve Bank was reduced $2,848,000
to $49,164,000 (not counted as reserve). Reserves
of State banks and trust companies in own vaults
declined $205,000, but reserves kept by these insti-




Referring to money rates in detail, call loans
covered a range during the week of 5@6%, in comparison with 43/2@5%% last week. Monday a high
figure of 6% was touched shortly before closing, but
renewals were negotiated at 5%, and this was the
low. On Tuesday and Wednesday the range was
5@5M%, with 5% the renewal basis on both days.
Thursday, although renewals remained at 5%,
unchanged, a slight flurry again carried the quotation
up to 6%; the minimum was 5%. Increased firmness developed on Friday, so that call funds renewed
at 534%, the low, while the high was 6%. The
above figures apply to mixed collateral and allindustrial loans without differentiation. In time
money a more active demand was noted both for
mercantile and speculative purposes. Offerings,

THE CHRONICLE

MAR. 24 1923.]

however, were limited, so that no really large transactions were reported. Quotations have not been
changed from 53@532%, the range prevailing at
the close of last week.
Commercial paper remains at 5@53% for sixty
and ninety days' endorsed bills receivable and six
months' names of choice character, the same as a
week ago, with names less well known requiring
53.%. Supplies continue light. Most of the business was for out-of-town institutions. Only a moderate turnover was reported.
Banks' and bankers' acceptances have ruled quiet.
Owing to reduced offerings and the stiffening in the
call market, transactions showed a falling off, although both local and interior banks were among
the buyers. The undertone was firm with quotations still unchanged. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council continues at 432%. The Acceptance
Council makes the discount rates on prime bankers'
acceptances eligible for purchase by the Federal
Reserve Banks 438% bid and 4% asked for bills
running from 30 to 90 days; 43.% bid and 4% asked
for bills running 120 days, and 432% bid and 43%
asked for bills running 150 days. Open market
quotations follow:
SPOT DELIVERY.
90 Dayt.
43444

Prime eligible bills

60 Days.
4
3444

30 Days
4
34@4

FOR DELIVERY WITILIN THIRTY DAYS.
4% bid
434 bld

Eligible member banks
Billable non-member banks

As we indicate in our items under the head of
"Current Events and Discussions," the Federal
Reserve Board this week approved the application
of the'Federal Reserve Bank of San Francisco for
permission to rediscount at the prevailing rate of
43/2%, agricultural paper having a maturity of not
more than nine months instead of six months, as
heretofore authorized. There have been no changes
otherwise 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 BANKS
IN EFFECT MAR, H 23 1923.

Boeton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco

lApP.o.aalAIA.P.P.P.1 ./.
,
=X=SXXX=X

Federal Reserve
Bank of—

Discounted bills maturing
teUhin 90 days (incl. member banks' lb-day collateral
AgnelliBankers'
notes) secured by—
weepTrade turca and
lances
weep- live- stoat
Treasury
payer
Other- discounted lances
U. S.
notes and
marwiny mann*
Wise
bonds
cersififor
Within 91:0 181
secured member
cotes of
and
banks
90 days
and
IndebiVictory
daws'
atrial . notes unsecured
—
44
434
44
434
434
44
44
434
434
434
44
44
44
44
434
44
434
44
434
434
434
434
44
44
434
434
44
434
434
434
44
44
44
434
434
44
44
434
44
44
4%
434
434
434
434
44
4%
4%
4%
434
4%
44
4%
434
434
434
44
434
434
434

Sterling exchange continues more or less in neglect
and trading has again been of a perfunctory character,
with movements in rates comparatively insignificant
and the volume of business passing small. As a matter of fact, attention has appeared to be centred almost wholly on the wild gyrations in the Continental
exchanges, while sterling prices, although firmly
held, moved aimlessly with no particular trend in
either direction. Demand bills, after opening at
slightly under 4 69, advanced to 4 70, then sagged off
to 4 683/2 and finally closed at 4 69 3-16. Dealers




1225

maintain an attitude of indifference, confining their
operations to the barest routine requirements, and
little or no evidence of speculative participation has
been discernible. Offerings of commercial bills have
been freer than has been the case of late, and this
undoubtedly had something to do with the easing
in quotations. The initial payment by Great Britain
of slightly over $4,000,000 under the new debt-funding plan at the close of last week had no actual effect
on market levels, having been already discounted.
London advices report an 'appreciably lower tone in
money rates at that centre lately and to this is attributed some shifting of loans from New York to
London. However, the whole market is at a practical standstill, awaiting a decision of the Ruhr
problem. Indications that a settlement was not
improbable shortly, still further militated against
any attempt of resumption of active trading.
As to the day-to-day rates sterling exchange on
Saturday of last week was slightly easier and demand
declined to 4 68 15-16@4 693/, • cable transfers to
2
4 69 3-16@4 69% and sixty days to 4 66 13-16@
4 673s; trading was inactive. On Monday there was
/
a firmer tone, mainly on better foreign news and
prices advanced, in response to a broader inquiry,
4
to 4 69%@4 70 for demand,4 697 @4 703 for cable
transfers and 4 673/(4)4 67% for sixty days. Irregular
2
weakness developed on Tuesday, due in part to freer
offerings; on light transactions demand bills declined
to 4 68 15-16@4 69%, cable transfers to 4 69 3-16©
4 69% and sixty days to 4 66 13-16@4 673/2. Wednesday's market was dull and easier, with a further
recession to 4 683/2@4 69 3-16 for demand, to
4 68%@4 69 7-16 for cable transfers and to 4 66%@
4 67 1-16 for sixty days. Dulness and irregularity
prevailed on Thursday and demand bills ranged at
4 69@4 69%, cable transfers at 4 69%@4 69% and
4
sixty days at 4 667 @4 673. On Friday no increase
in activity was shown; quotations which were largely
s@4 693 for demand, 4 69%
nominal ruled at 4 69y
@4 693/2 for cable transfers and 4 67@,4 673/i for
sixty days. Closing quotations were 4 67 1-16 for
sixty days, 4 69 3-16 for demand and 4 69 7-16 for
cable transfers. Commercial sight bills finished at
4 68 15-16, sixty days at 4 66 3-16 ninety days at
4 65 5-16, documents for payment (sixty days) at
4 66 11-16 and seven-day grain bills at 4 68 3-16.
Cotton and grain for payment closed at 4 68 15-16.
The week's gold movement was comparatively
light, comprising the receipt of $6,500,000 on the
Nieuw Amsterdam from Holland and a few small
consignments on the Calamares from Central and
South American ports. Gold in moderate amounts
is still being withdrawn for shipment to India.
In the Continental exchanges the outstanding
feature of the week was the spectacular rise in
French, Belgian and Italian currencies, which under
the stimulus of a brisk inquiry, registered gains of
from 20 to 45 points at one time. Exchange on
Paris naturally took the lead and following an
initial quotation of 6.24, scored a series of gains
which carried the price up to 6.36, 6.54 and eventually to 6.94, or an advance of 70 points for the
week, although later on there was recession to 6.52.
Antwerp francs followed suit and for the first time in
several months passed 6.00; the extremes being 5.3532
and 6.10. In lire the advance was less pronounced.
After ruling around 4.81 and 4.85 for the greater part
of the week, lire checks shot up, for a brief period,

1226

THE CHRONICLE

[vol.. 116.

to 5.11. As was to be expected, the market was for checks and 1.09% for cable transfers, the same as
excited and at times considerable confusion existed the week before.
owing to the frequent and erratic fluctuations.
Active buying developed, partly on "good news", The former neutral exchanges participated only
concerning the situation at the Ruhr, and partly to a moderate extent in the strength and activity that
to cover short commitments on the part of those prevailed in the leading Continental currencies.
interests who had not been reckoning on so rapid Guilders, Swiss francs and the Scandinavian cura recovery. Reichsmarks, on the other hand, failed rencies were slightly easier, but changes in rates were
to share in the general improvement and the quota- unimportant. Trading was for the most part quiet
tion remained at about 0048, with Austrian kronen and featureless.
still virtually pegged at 0.0014. It is claimed that
Bankers' sight on Amsterdam closed at 39.39,
the stability of the mark in recent weeks has served against 39.45; cable transfers at 39.48, against 39.54;
to reduce trading in Berlin exchange almost to a commercial sight at 39.24, against 39.40, and comminimum. There has been in fact very little business mercial sixty days at 39.03, against 39.06 a week
either speculative of commercial in marks for some earlier. Swiss francs finished at 18.50 for bankers'
time past.
sight bills and 18.51 for cable transfers. This comBankers were evidently somewhat at a loss for pares with 18.593 and 18.603 a week earlier. Copen4
4
an adequate explanation of the sensational strength hagen checks closed at 19.26M and cable transfers at
in franc exchange. On the surface at least the 19.303/, against 19.25 and 19.29. Checks on Sweden
2
rise was attributed to repeated and persistent rumors finished at 26.593/ and cable transfers at 26.633/,
2
2
of impending settlement of Franco-German diffi- against 26.57 and 26.60, while checks on Norway
culties. In financial circles these reports are either closed at 18.11 and cable transfers at 18.15, against
disregarded or denied altogether; but developments 18.12 and 18.16 the week previous. Final quotations
of an important nature are nevertheless looked for. for Spanish pesetas were 15.373/ for checks and
London practically dominated the market and local 15.383/ for cable remittances. A week ago the
prices were merely a reflection of the higher cable close was 15.45 and 15.46.
CERTIFIED BY
RESERVE
rates from that centre. Bankers are reported as FOREIGN EXCHANGE RATES UNDER TARIFF FEDERAL1922,
BANK TO TREASURY
ACT OF
MARCH 17 1923 TO MARCH 23 1923. INCLUSIVE.
making very few commitments, and it remains true
Noon Buying Rate for Cable Transfers in New York.
that the bulk of the buying is for French account,
Value in United States Money.
ostensibly for the purpose of acquiring dollars. Country and Monetary Unit. Mar. 17. Mar. 19. Mar.20. Mar.21. mar.22. Mar.23.
Reports apparently of an authentic character to the EUROPE$
$
$
$
$
$
Ausalki,
. 8.000014 3.000014 $000014 8.000014 $.000014 8.000014
effect that Great Britain was about to lend a hand Belgium.krone
franc
.0542
.0557
.0563
.0590
.0594
.0571
Bulgaria. ley
.006257 .006186 .006314 .006357 .000443 .006514
in the arrangement of terms between France and Czechoslovakia, krone-. .02967 .02969 .02969 .02988 .02989 .029685
Denmark, krone
.1927
.1925
.1922
.1912
.1918
.1927
Germany had a highly favorable effect and despite England, pound staling_ 4.6960 4.7026 4.6923 4.8928 4.6941 4.6938
9'inland, markka
.027778 .027722 .027422 .02730 .027372 .027178
all evidences to the contrary, the belief persisted France, franc
.0631
.0846
.0851
.0874
.0671
.0658
Germany, reichsmark
.000048 .000048 .000048 .000048 .000048 .000048
that an official announcement of compromise pro- Greece,drachma
.010917 .010928 .010922 .010939 .010933 .010889
Holland, guilder
.3947
.3952
.3949
.3946
.3943
.3947
Hungary,
ceedings would in all probability be forthcoming Italy, krone
.000285 .000280 .000257 .000249 .000228 .000214
lire
.0481
.0485
.0493
.0494
.0485
.0489
Norway, krone
.1814
in the course of a week or so. One thing seems Poland, mark
.1819
.1808
.1810
.1820
.1811
.000024 .000025 .000028 .000028 .000025 .000024
Portugal.
.0417
certain, that German industrialists are in a chastened Rumania,escudo
.0420
.0418
.0417
.0418
.0419
Mu
.004906 .004919 .004911 .004913 .004910 .004908
Spain, peseta
.1544
.1547
.1544
.1544
.15413
.1540
frame of mind owing to severe losses entailed by Sweden,krona
.2662
.2662
.2661
.2861
.2659
.2660
franc
.1860
.1858
.1848
.1844
.1853
.1850
the French occupation and are bringing heavy Switzerland,dinar
Yugoslavia,
.010225 .010135 .010225 .010335 .01034 .010345
ASIA
pressure to bear upon the Cuno Government to China,- tael
Chefoo
.78
.7758
.7800
.7817
.7942
.7833
" Hankow
.7725
.7675
.7708
.7717
.7825
.7742
come to terms with France as to reparation pay- " Shanghaitaell
tad
.7543
.7537
.7550
.7575
.7590
.7584
"
l
.7742
.7783
.7800
.7025
.7817
ments. Be this as it may, before the close the " Tientsin taddollar,.. .7758 .5544 .5581 .5570 .5557 .5552
Hongkong
.5548
" Mexican dollar__ _ .5448
.5434
.5452
.5477
.5508
.5407
inevitable "natural reaction" which usually follows " Tientsin or Pelyang
dollar
.5517
.5492
.555
.5558
.5563
.5533
a too-rapid rise developed and francs lost part of " Yuan dollar
.5500
.5483
.5525
.5588
.5808
.5513
India,rupee
.3135
.3142
.3141
.3141
.3144
.3143
Japan, Yea
the earlier gains. The strength in lire was regarded
.4842
.4844
.4843
.4846
.4845
.4844
Bingapore (El. S.) dollar__ .5479
.5479
.5483
.5508
.5492
.5483
NORTH AMERICA
as mainly sympathetic on the ground that settlement Canada, dollar
.074625 .974328 .974757 .977604 .978569 .977361
.99975 .999875 .999875 1.000156 .99975 .999875
of the Ruhr troubles would react favorably upon Cuba. peso
Mexico, peso
.488438 .488542 .489088 .488438 .4900
.488125
.9725
.971663 .972813 .975313 .976094 .975156
Italy. Greek and the other minor exchanges ruled Newfoundland, dollar
SOUTH AMERICAirgentina. peso (gold)
.8395
.8401
.3404
.8400
.8400
.8396
steady without appreciable change.
Brasil, milreLs
.1107
.1118
.1116
.10913
.1108
.1097
bile, peso (paper)
.1272
.1271
.1276
.1290
.1298
.1296
The London check rate finished at 71.65, which Uruguay. peso
.8414
.8431
.8427
.8447
.8499
.8461
compares with 74.35 a week ago. In New York sight
With regard to South American exchange very little
bills on the French centre closed at 6.52, against alteration has taken place. Trading
has been quiet
6.23%; cable transfers at 6.53, against 6.24%; and quotations fractionally lower. Argentine checks
commercial sight bills at 6.50, against 6.21%, and finished at 37.12 and cable transfers 37.17, against
at
commercial sixty days at 6.47, against 6.18 last 37.15 and 37.20, with Brazil at 11.10 for checks
week. Closing rates for Antwerp francs were 5.69 and 11.15 for cable transfers, comparing with 11.25
for checks and 5.70 for cable transfers, in comparison and 11.30 the preceding week. Chilean exchange
with 5.353/ and 5.363/b a week earlier. Reichsmarks ruled firm and closed at 13.20, against 13.15. Peru,
finished at 0.0047% for both checks and cable after remaining at 4 01 for many weeks, shot up to
transfers, against 0.0048 the previous week. Austrian 4 29, the closing figure.
kronen closed at 0.0014% (unchanged). Lire closed
Far Eastern rates are somewhat lower. Hong
the week at 4.89 for bankers' sight bills and Kong closed at 553.@558, against 561
4(4)56M;
4.90 for cable transfers. Last week the close was Shaghai, 763-@76%, against 77%@773'; Yokohama
4.813 and 4:823. Exchange on Czechoslovakia 48©48%, (unchanged); Manila 503/2@509', (unfinished at 2.97 (unchanged); on Bucharest at changed); Singapore, 55M@55%, against 553"2©
0.493 (unchanged); on Poland at 0.0024, against 553 ; Bombay,
4
32@323t, (unchanged), and Cal0.00233/ and on Finland at 2.72, against 2.79 the cutta, 32@323', against 323@323/2.
2
,
week preceding. Greek exchange closed at 1.04%




MAR. 24 1923.]

THE CHRONICLE

1227

page 1004 of our issue of Mar. 10) said: "When
Congress passed the Federal Reserve Act, it was intended that the System should serve all sections of
the country and all types of commercial, industrial
and agricultural activity, but how can the System
function as originally contemplated, and to the best
interests of all the people, if so large a proportion of
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING the eligible banks fail to
take advantage of the faciliINSTITUTIONS.
ties it affords?" The Federal Reserve Act afforded
Into
Out of
Gain or Loss
opportunity, it is true, but the State banks were and
Week ending March 22.
Banks.
Banks.
to Banks.
are under State jurisdiction and the fact could not
Banks'interior movement
84,152,292
81.889.000 Gain 32,263.292
As the Sub-Treasury was taken over by the Fed- escape the framers of the bill. Mr. Meyer thinks
eral Reserve Bank on Dec. 6 1920. it is no longer these banks should come in, but does not "say what
possible to show the effect of Government opera- action should be taken to get these banks into the
tions on the Clearing House institutions. The Fed- system," and he feels that their entrance therein
eral Reserve Bank of New York was creditor at the would "be one of the most helpful things that could
be done in the field of agricultural credits at the
Clearing House each day as follows:
present' time—advantageous to the banking strucDAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
ture of the entire country and assuring agricultufe
AT CLEARING HOUSE.
of necessary support in time of stress." In elucidatSaturday, Monday, Tuesday. Wednesd'y, Thursday, Friday, 1
Aggregate
Mar. 17. Mar. 19. Mar. 20. Mar. 21. Mar. 22. Mar. 23.
ing the matter he offers some very interesting figures
for Week.
8
8
$
5
$
$
$
which we quote here in part: "The 9,678 State banks
78,000,000 101000000 58,000,000 67,000,000 74,000,000 67,000,000 Cr. 445,000,000
which are eligible for membership in the Federal
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, Reserve System but which have not joined have a tohowever, 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 tal capital and surplus of $1,209,000,000, with aggreIn the daily balances. The large volume of checks on institutions located putside
of New York are not accounted for in arriving at these balances, as such checks do gate resources of nearly $9,000,000,000. Their avernot pass through the Clearing House but are deposited with the Federal Reserve
age capital is approximately $125,000. In the six
Bank for collection for the amount of the local Clearing House banks.
great corn belt States—Iowa, Illinois, Indiana, Mis•
The following table indicates the amount of bul- souri, Nebraska and Ohio—which produce approxilion in the principal European banks:
mately 48% of our corn and have within their borders 45% of all the swine and 25% of all the cattle
March 22 1923.
March 23 1922.
Banks of I
(other than milk cows), there are 3,621 banks, havGold.
Meer. I Total. F-- Gold.
Siker.
Total.
ing a total capital and surplus of $315,000,000 and
L
£
8
England __ 127,511,520
_ 127,511,520128,779,763
128,779,763 aggregate resources of $2,554,000,000 which are eliFrance a_ _ 146,870,252 1f, - ,000,158,510,252 143,099,315 11,240,000154,339,315
1140
Germany _ 50,110,030 3,293,1901 53,403,220 49,819,250
807,800 50,827,050 gible for membership but which have failed to
join
Aua.-Hun. 10,944,0
2,369,000, 13,313,000 10,944,000 2,369,000 13.313,000
Spain
20,119,000127,137,000100,762.000 25,264,000126,026,000 the system.
101,018,
Illinois alone has 1,037 eligible nonItaly
3,033,000' 38,416,000 34,036,000 2,982,000 37,018,000
35,383,0
Netherl'd 48,483,
501,
48,984,000 50,498,000
572,000 51,068,000
Nat. Belg. 10,757,00
2,392,00 13,149,000 10,663,000 1,613,000 12,276,000 member banks, with a total capital and surplus of
Syhtserrd_ 21,27T,00
4,228,00 25,605,000 21,879,000 4,320,000 20,199,000
$109,000,000 and aggregate resources of $909,000,Sweden._ _ 15,208,00
15,208,000 15,243,000
15,243,000
Denmark _ 12,681,0
12,928.000 12,685,000
233,000 12,918,000 000;
and in Iowa there are 740 eligible non-member
Norway... 8,115,00
8,115.000 8,183,000
8,183,000
banks with a total capital and surplus of $52,000,000
Total week 588,355,802 53,820,111)642.175,992586,589,328 49,400,800835,9
Prey. week 88,471,556 54,022,200642,493,756 546,443,936 49,383,000635,8
and aggregate resources of $436,800,000. The faila Gold holdings of the Bank of France this year are exclusive of £74,573,797
broad.
ure of the eligible country banks to become members
f the Federal Reserve System has denied to many
TINKERING WITH THE BANKING SYSTEM.
agricultural communities the full* benefits of the
It is a curious provision in the law creating a sys- system."
tem of Federal Intermediate Credits banks and NaBut suppose it has, is this attributable to the rules
tional Agricultural Credit corporations which pro- and regulations of
the Federal Reserve System or to
vides for a Joint Committee of House and Senate to refusal of State
banks to join? Again, throughout
inquire into the reasons which have held so large a this territory
during the period indicated (the postproportion of the State banks in our interior agricul- war period) the
member nationals were functioning
tural territory from availing themselves of the privi- to their full capacity,
and why could not they supply
lege of joining the Federal Reserve System; and fur- the lacking credit facilities?
The object of the prother to inquire into the effect this failure to join has posed investigation is
to show the effect of this failhad upon the agricultural interests. These Federal ure to join upon the farmers.
In so far as credit is a
Intermediate Credits banks, to give them their exact part of production
it would seem that the effect is
name, are designed for relief. They are to loan on negligible. For if the rich
agricultural States named
grain and live stock; and to multiply their power by do produce "48% of our
corn and have within their
the issue and sale of debentures. They are to be un- borders 45% of all the swine
and 25% of all the catder the supervision of the Federal Farm Loan Board tle," then the fact that they are
able to turn out so
as are the Federal Farm Land banks. If, and we ask great a proportion of these important yields would'
this question without assuming an affirmation, this seem to indicate that the farmers are able with exinquiry is a covert attempt to force the State banks isting credit agencies to take care themselves.
And
of
into the Federal Reserve System, why place the pro- this is largely the fact. What need to induce these
vision for a preliminary investigation in a law itself State banks to join the System? Evidently, as far as
designed to extend credits to the farmers? Is not the produaion is concerned, there is no hollow void.
Rural Credits law sufficient in itself? Or, is this
On the contrary, most of this recent agitation for
merely an exhibition of zeal-for-the-farmer run mad? greater credit facilities comes not, primarily, from
Mr. Eugene Meyer, Jr., Managing Director, War the failure of the country banks, but from a wideFinance Corporation, speaking before the House spread dissatisfaction among the farmers due to the
Committee on Banking and Currency, Jan. 31 (see inevitable'slump in prices after the war and the conThe New York Clearing House banks in their
operations with interior banking institutions have
gained $2,263,292 net in cash as a result of the currency movements for the week ending Mar. 22.
Their receipts from the interior have aggregated
$4,152,292, while the shipments have reached $1,889,000, as per the following table:




1228

THE CHRONICLE

[VoL. 116.

sequences thereof. The fierce credit demand was for ond Budget submitted to Congress by the President
satisfactory
the purpose of holding back grains and stock from "under the new system. It was the most to any ConBudget which has ever been presented
markets until the "price was right." The banks, it is gress, considered both from the standpoint of the
true, were forced to some curtailment, but they stood Treasury of the United States and the administrathe strain well, and by their caution exercised a tion of Federal activities which will function under
strong influence for healthy readjustment. We it. In my experience as a legislator I have never seen
doubt it could be shown that much difference would estimates of appropriations so free from obvious padhave resulted in general conditions had these country ding,so carefully squared to actual needs,orso void of
proposed extravagant expansion of Government acbanks been members. And there seems no strong tivities as these. The best test of the integrity of any
reason at this time to unduly urge them into the Sys- Budget is reflected by the action upon it by the Reptem. With Federal Farm Land banks and the new resentatives in Congress of the tax-paying public.
Federal Intermediate Credits banks in full opera- The results of the action of this Congress upon the
tion (especially when the latter shall have provided 1924 Budget and the supplemental and deficiency
"agencies") it is probable that the farmer will not Budget estimates amount in the net to practical
of the aggregate as submitted by the
only achieve unheard-of credit, but have it thrust ratification the Budget in December and in the vaPresident in
upon him.
rious supplemental and deficiency amounts as subCame the aftermath of war. The Government mitted by him from time to time since then.
withdrew the guaranty on wheat. For meats and
"The narrowed margin between Executive request
grains certain European countries went elsewhere. and Congressional grant is ample cause for congratPrices, coming again under the sway of supply and ulation both to Congress and the Executive. It
time in many, many years that the
demand, went down. Lands lifted to fabulous values shows for the first
Executive and Congress are in substantial accord on
in some sections by the war-time earning power fol- the amount of money that the Government ought to
lowed in the depression. There was in many indi- expend in these days of stress."
vidual cases a woeful demand for extension and inUnder the budget systems of other countries which
crease of credit. But is a period of such readjusthave the Parliamentary form of Government there
ment a time to violently change a natural banking
can, of course, be no possibility of conflict between
system that has served us well? This is the seeming
the budget policies and the party leaders in the legisprospect; and at the behest of a bloc. If the State
lative branch of the Government. This for the simbanks are to come into the System ought it not to be
ple reason that the party leaders themselves are the
upon their own terms? If their coming in is to be at
heads of the executive departments and establishthe expense of independence in banking, then surely
ments, being responsible on the one hand for the adwe sacrifice principle and substance for temporary
ministrative policies of the executive Government,
expediency.
and on the other hand, being duly elected members
The Federal Reserve System is by no means free
of the legislature with the resulting responsibility to
from defects. For instance, Mr. Crissinger, now
their constituents.
head of the Board, has said it should let go some of
Under our constitutidnal system, in which there
its gold. But the puzzling problem appears to be
is a complete separation of the legislative and execuhow? It does not seem to have occurred to any one
tive branches of the Government, there is always the
that if the Federal Reserve banks stopped emitting
possibility of a conflict between the two on matters
their notes and paid out gold certificates instead,
of Governmental policy. It was entirely within the
thereby letting the gold get into the channels of cirrange of possibility for the Bureau of the Budget to
culation, the problem would soon be solved. Furtherbe developed under the President in a manner that
more, why not let some of this gold return and bewould be antagonistic to the Appropriations Comcome the privately held reserve of the methber banks,
mittee of the House. In fact, they might have beto be kept in their own vaults, manifestly strengthencome natural enemies, just like the departments and
ing them as individual integers? In view of the
the committees were under the old system. Fortuplenitude of the gold holdings of the Federal Reserve
nately, however, the President, in developing the Bubanks, the question seems pertinent, too,. that supreau of the Budget, has co-operated with the Composing the State banks do come in are they to come
mittees on Appropriations in Congress at every step.
bringing their gold with them, if indeed, they now
What might have become a machine antagonistic to
have any? The very cry of "too sudden deflation,"
Congress has become the greatest aid to it in faflung at the administration of the System, shows
cilitating and simplifying financial legislation.
whither we are drifting. It is enlarged credit facilities that are desired and in view of the latest amendANNUAL REPORT OF THE UNITED
ment are we not warranted in asking are all our THE
STATES STEEL CORPORATION.
banks to be woven so tightly into the system that esIn times alike of stress and of prosperity, and
cape will be impossible and credit become a blind
Government pool? Perhaps the investigation will whether conditions are good or bad or indifferent,
the United States Steel Corporation, that wonderful
, answer these questions and others.
industrial organization, the creature of the brain of
MR. MADDEN'S TRIBUTE TO THE BUDGET the late J. P. Morgan, can be depended upon to give
SYSTEM.
an encouraging and a gratifying account of itself.
That has been the experience in the past and the recMartin B. Madden, Chairman of the House Committee on Appropriations,in reviewing the operation ord is repeated in the report submitted the present
of the Budget system for the second year, paid a week for the calendar year1922. As compared with the
striking tribute to the Budget submitted by the Presi- intense depression which characterized the iron and
steel industry during 1921, a wonderful transformadent for the fiscal year 1924. He said:
most pronounced
"The passage by Congress of the appropriation tion occurred in 1922, revival of a
And yet
bills at the session which has just come to a close sort replacing the antecedent prostration.
must be classed, as far as the
marks the completion of legislative action on the sec- the year, as a whole,



31&n. 24 1923.]

THE CHRONICLE

1229

The report of the Corporation in its general comSteel Corporation is concerned, as having been not
one of full prosperity, but rather an indifferent pe- ments furnishes an accurate review of the situation.
riod. The explanation is found in the circumstance It says that the steel industry in the United States
that, though indications of revival were noticeable in the year 1922 showed a substantial recovery from
at the very beginning of the year and the improving the unusually low volume of 1921, both in respect of
tendency was never broken (though held in check new business offered and of production. The aggreduring the summer by the coal miners' strike and the gate tonnage of orders booked by the subsidiary comrailway shopmen's strike), the effects of the im- panies of the Corporation during the year, it is
provement were not strongly felt until towards the stated, was slightly over 90% of their estimated
close of the year. The consequence is, that while the maximum annual capacity. But the greater part of
income statement for 1922 is better than the unfavor- :this tonnage was entered during the second six
able exhibit for 1921, it is not what it would have months of the year, when, owing to the extended
been had circumstances been normal, and far from strike at the coal mines and of the railroad shopmen,
what it would have been in a period of undoubted operations were conducted under difficulties. As a
prosperity.
result the output of the steel-making subsidiary comThe statistics in the report show conclusively that panies for the entire year averaged only 71.3% of
the year, taken as a whole, was one of only partial their capacity, though materially exceeding the outrecovery—not of complete recovery. The figures re- put in 1921, in which year the average was 47.5%
lating to the output of the different products make of capacity. During the first quarter of 1922, we are
that very apparent. Thus the product of rolled and told, the output was but 57% of capacity. The inother finished steel for sale was 11,785,331 tons for terruptions in operations caused by the strikes men1922 as against only 7,860,234 tons for 1921, being an tioned, as well as the increased cost of coal, together
increase of almost 50%. But if we go a year further with an increase of about 20% in wage rates effecback we find that in 1920 the total of the same line of tive on Sept. 1, resulted in increasing costs of operaproducts was no less than 14,228,502 tons. Similarly, tion to an extent which was not balanced by thethe quantity of ore mined at 21,778,179 tons compares slight advances which took place in selling prices
with only 16,647,881 tons in 1921, but with 27,024. during the year. Consequently—and that is the im009 tons in 1920. The quantity of coal mined at 22,- portant point—the earnings for the year, as shown
293,471 tons for 1922 compares with 21,627,939 tons by the report, were relatively small for the volume
for 1921, but with 30,828,334 tons for 1920; the coke of operations conducted "and were not commensurate
manufactured at 13,237,058 tons for 1922 compares with the investment employed." Further confirmawith 9,825,264 tons for 1921, but with 16,208,111 tons tion of this statement is found in figures in another
for 1920; the make of pig iron at 12,027,163 tons for part of the report showing that the prices received in
1922 compares with 8,678,262 tons for 1921, but with 1922 for rolled and other finished steel netted $13 52
14,532,646 tons for 1920; and the product of steel less per ton than in 1921 on domestic business and
ingots at 16,082,385 tons for 1922, while comparing $19 70 less on export business.
with 10,966,347 tons in 1921, compares with 19,277,As indicating how much more promising the out960 tons in 1920. For only one leading item, namely look was at the end than at the beginning of the year,
Universal Portland cement, is the product for 1922 we may note that the report points out that at the
higher not alone than for 1921 but also higher than close of 1922 the tonnage of unfilled orders of the subfor 1920, and in the case of that item there has been sidiary companies for the various classes of steel
special development and extension, the output for products was 6,745,703 tons,in comparison with only
1922 having been 13,168,000 bbls.; for 1921 12,499,- 4,268,414 tons at the close of 1921. Not only that,
000 bbls., and for 1920 11,960,000 bbls. The gross but at the time of the writing of the report in 1923:
value of business done also shows that the 1922 re- the new business booked, it is stated, exceeded the
covery was partial only, for while in 1922 the total rated maximum capacity of the subsidiary comvalue of the business transacted by all the companies, panies, besides which there has also been some imas represented by their combined gross sales and provement in the selling prices secured. How
earnings, equaled the sum of $1,092,697,772, as com- sharply this contrasts with the situation at the correpared with $986,749,719 in 1921, for 1920, on the sponding period last year appears by reference to the'
other hand, the grand aggregate of sales was no less report for that year, where we find the statement
• than $1,755,477,025. But,of course, in 1920 the Steel that "since the beginning of 1922, and
to the date of
Corporation was enjoying exceptional prosperity.
writing this [the previous] report, the new orders
These preliminary remarks are essential to a received have been equal to about one-half the total
proper understanding of the income account for 1922. capacity of the plants of the subsidiary comThough, as already stated, the year was one of re- panies."
vival in the iron and steel trades and of very proIt seems that the average number of employees in
nounced revival towards its close, the Steel Corpora- the service of all the companies
during 1922 was 214,tion did not earn its dividends in full at the custom- 931, as against
191,700 in 1921, but that the aggreary rates, and consequently had to draw on accumu- gate of the
salaries and wages paid was, nevertheless,
lated surplus for the difference, just as it did in 1921, somewhat
lower than in. 1921, being $322,678,130,
though not to the same extent. It takes $50,634,802 against
$332,887,505. But these comparisons are, in
to pay the 7% dividends on the preferred shares and a sense,
misleading, as is also the fact that average
the 5% dividends on the common shares, and there earnings per
employee per day for 1922 (inclusive of
was $39,653,455 available for the purpose in 1922 the general
Administrative and Selling force) was
and $36,617,017 in 1921. How this contrasts with $4 91 as against
$5 73 for 1921. In the early part of
the situation in a really good year appears when we 1921 wage
schedules were still on a high basis and
turn to 1920 and find that in that year the amount of the subsequent reductions part
in
were not reflected
income available for distribution was $109,694,227, until 1922
instead of appearing entirely in the 1921
as against the $50,634,802 required.
figures. On the other hand, the increase of about




1230

THE CHRONICLE

[Voir.. 116. •

20% in the common labor rates paid employees of the $191,444,702, but no less than $231,276,809 of bonds
subsidiary companies other than those of the railway and mortgages were paid off.
companies (the rates for other classes of employees
While on this subject of new capital expenditures,
beiug advanced equitably) did not come until Sept. reference should be made to a paragraph in the reand hence did not count in the 1922 results except port which points out that in the latter part of 1922
during the last four months. It is pointed out in the a program was authorized covering construction and
report that on the basis of this advance the average improvement involving the expenditure of a large
daily earnings per employee in December 1922 were sum. The additions and improvements included, it
$5 59, compared with a similar average of $4 60 in is stated, cover to some extent new capacity both for
December 1921, the increase thus being 213 2%. We the production and finishing of steel, but more par/
have already stated that the total amount of the pay- ticularly the reconstruction with modern type of old
rolls for the year 1922 was $322,678,130. But based and obsolete mills and facilities, including the buildOil the number of employees in service in the month ing of by-products coke ovens to substitute for beeof November 1922, the total pay-roll was at the rate hive ovens, the introduction of improved and more
per annum of $403,229,000.
economically operated equipment, and the developIt is hardly needful to say that the Steel Corpora- ment of the reserve natural resources of the Corporation retains all the elements of strength in a finan- tion, especially of coal. The unexpended balance on
cia] way to which we have had occasion to advert so appropriations, at the close of 1922, together with
many times in the past, with the added advantage some important authorizations made shortly after
that with each succeeding year the situation in that Jan. 1 1923, it is stated, was about $93,000,000. The
respect becomes further emphasized. One distinctive report says that it is expected that approximately
feature in all recent periods has been the way in $65,000,000 of this will be expended in 1923.
which new capital expenditures are continued, year
According to the balance sheet, the aggregate of
after year, while at the same time the aggregate in- surplus accumulated out of earnings at the end of
debtedness of the Corporation and its subsidiaries is 1922 stood at $474,139,414, even after charging off
being steadily reduced. In the year under review the $10,981,346 deficiency in 1922 and the $14,017,the record in that respect was carried a step further. 784 deficiency in 1921 in the sum required for diviIn other words, during 1922 the capital expenditures dends. This $474,139,414 was the amount of the
by all companies for the acquisition of additional surplus, too, after having formally written off $162,property, new plants, extensions and improvements, 795,509 for appropriations made from surplus net
including net stripping and development expense at income prior to Jan. 1 1908, and is in addition to
mines, aggregated $29,571,662. Yet there was a net $140,898,914 of appropriations paid out of net indecrease of $1,124,500 in the bonded, debenture and come since Jan. 1 1908.
mortgage debt of the Steel Corporation and its subCurrent liabilities Dec. 31 1922 (including $6,304,sidiaries through sinking fund operations and other 919 for the preferred stock dividend payable Feb. 27
processes for retiring debt. In 1921, in face of new 1923 and $6,353,781 for the common stock dividend
capital expenditures of $70,091,866 net indebtedness payable Mar. 30 1923) were no more than $98,753,was reduced in the sum of $14,163,865. In 1920, when 583, while against this the current assets at the same
the capital expenditures amounted to $102,956,133, date stood at the huge figure of $512,202,554. In this
there was a decrease in net debt of $13,870,450, and latter amount is included $126,700,131 of actual cash
in 1919, when the capital expenditures aggregated in hand and on deposit with banks, bankers and trust
$87,091,515, net debt diminished $13,921,885. The companies subject to check; also time and other spetotal net amount expended from April 1 1901 (the cial bank deposits of $9,505,739, besides $59,605,056
date of organization of the United States Steel Cor- of what are called "sundry marketable securities (inporation) to January 1923 (including expenditures cluding part of U. S. Government securities owned).
by the Tennessee Coal,Iron & Railroad Co.from Nov. the use of the word "part" here having reference to a
1 1907 only) for additional property and construc- change made in the balaiice sheet during the year by
tion, and for net unabsorbed outlays for stripping the transfer of $75,000,000 (par) of U. S. Liberty
and development work at mines, etc. (less credits for Loan bonds from current assets to the group of assets
original investment costs of improvements and equip- termed "sinking and reserve fund assets." The inment dismantled and retired) aggregates consider- ventories included in the $512,202,554 of current asably over one billion dollars, the exact sum being sets are $220,707,251; the other items included are
$1,084,901,345. The total of bonds and mortgages accounts receivable, $87,230,932; bills receivable, $6,issued, sold and assumed during the same period was 978,010, and agents' balances,$1,475,433.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
• Friday Night, Mar. 23 1923.
The trend of trade is towards a larger volume, but it has
been hampered during the past week by bad weather in the
early part in the shape of very low temperatures and widespread snows and rains. They have made bad roads, disabled the wires at times, Interrupted transportation, and in
general have been a very noticeable clog on business. There
has been some talk about the falling off in retail business,
but it seems reasonable to attribute it very largely to bad
weather over great tracts of country. The storms have been
remarkably severe after an exceptionally bad winter, at
least here in the East. But in the Middle West and tie East




of late it has been much milder and here to-day there were
thunder showers, with a temperature as high as 69. In the
Middle West it has latterly been up to 58 degrees. Bad
roads, of course, are merely a temporary obstacle. Even now
the trade here at retail has very noticeably improved during
the last few days. In the great iron and steel industries the
one trouble is the lack of labor and hampered production.
The demand is there. The difficulty is to supply it, coming
as It does both from home and foreign sources. An ever
present demand from the building trades for steel and iron
taxes production to its utmost.
There have been some warning notes uttered by various
business men and financiers who feel that perhaps danger

lien. 24 1923.]

1HE CHRONICLE

1231

signals may have to be hoisted if trade as a rule takes the case, it is not believed that the present situation in the Ruhr
bit in its mouth and goes too fast. But to all appearances it will or can continue indefinitely. It hits too many interIs not going too fast. There is a big demand to supply greatly ests there as well as elsewhere, and hits them too hard.
Increased needs, after years of under-production and, thereThe Secretary of the Building Trades Employers' Associafore, abnormally low consumption. The awakening demand tion expresses the opinion that the cost of building construcis the sign of a recuperation of trade, a kind of economic tion for the next three years will be 75% higher than the
renaissance which is at bottom apparently of a strictly con- 1913 average, owing to the rising costs of materials, but
servative kind. In the iron and steel trade some projects are more than all to the big advance in wages. These wages in
even being postponed because of the inability to get prompt the chief building trades, such as bricklaying, stone cutting,
deliveries. Premiums are current as a matter of course for carpentering, etc., are stated as fully double those of 1913,
prompt deliveries. The tendency is to increase production while wholesale prices are put at about two-thirds higher
under the spur of increasing demand. Some fifteen addi- than they were in 1913. The rise in the price of building
tional iron furnaces, for instance, will resume work in the materials, such as lumber, brick, cement, etc., is due
very
next three or four weeks, provided fuel and labor can be had largely to the higher costs of labor. It is the old story.
in the requisite quantities. There is no disguising the fact While labor exacts more from society
there is no evidence
that high wages are a tax on production, and also the arti- of increased efficiency of labor. Production falls behind
ficial scarcity of labor. The people must pay the bill in the because of an immense rise in costs of construction,
the
end. New England is raising wages in the woolen mills and chief item in the increase being labor.
also to some extent among the cotton mills. The buying caA series of strikes occurred in Great Britain; 17.000 coal
pacity of the great towns and cities of the country is far miners are out. Electric power workers and farm laborers
greater than it was a year ago. Now everybody is employed. have also struck. The building trades are menaced
with
A year ago there were some 4,000,000 workers idle. Labor, labor trouble. The workers rejected a cut
in wages and the
in fact, is hard to get, seeing that immigration is artificially hours offered and voted three to one to strike,
just as the
checked by legislation. Already in more than one industry Government was considering means of encouraging
the
the mills are disinclined to sell very far ahead, not knowing building of houses and the Census Bureau
reports that in
how they will be situated as regards labor and labor costs. 1921, in the County of London, there were 414,447
more
Naturally, this makes for conservatism, but of course at the families than houses and 683,000 persons living
two or more
same time it does hamper the business of the country. The in one room. In South Wales 17,000 coal miners struck
on
textile industries are working at top speed, because there is the 19th inst. as a result of a dispute between
rival unions
an immense consumption of these goods.
because of the employment of non-unionists. At Halifax, in
Meanwhile industry is encouraged by the fact that collec- Yorkshire, skilled men at the electric power stations have
tions are rather more prompt. And failures continue to de- gone out over a dispute, and this may spread. In Norfolk
crease. This is one of the striking phenomena of the busi- there is a strike of farm workers who refuse a 54
-hour week
ness times. For the week they are stated at some 370, Instead of 50 hours, with the pay changed but little. It
against 378 last week, and 537 for the same week in 1922. seems to mean renewed decadence of the farming industry in
The grain markets are lower than a week ago, partly, how- England. Both farmers and their hands are between the
ever, because of more favorable weather of late. To all ap- upper and nether grindstone; farmers because of low prices
pearances winter wheat has been winter killed to some ex- for farm products and their hands, because of the high cost
tent in Illinois, Indiana, Kentucky and Missouri. But lat- of living. The British and the American farmer both face
terly rains have been beneficial, although Oklahoma and a hard situation. /
Texas need warmer weather. The seeding of oats ha begun
The American Woolen Co. has advanced wages in all its
In the South and Southwest. Corn planting has started in mills 122 effective April 30, for 50,000 workers. At Fall
%,
/
1
the Southwest. A beginning has recently been made in the River the cotton manufacturers, acting on the demand of the
planting of cotton. There may have to be some replanting operatives for a 15% increase in wages, issued a statement
of cotton because of recent cold weather. But there is still after a conference to-day asking the operatives to hold their
plenty of time for that. And the fact that the next crop demand in abeyance until April 20. This is taken to signify
months are selling at 4 to 5 cents per pound under price that the manufacturers will consent to grant a part at least
for the old crop is a hint as to the general expectation that of the increase. The operatives will meet the coming Sunthe South will plant a much larger acreage than for years day (Mar. 25) to act on the proposition. At Woonsocket,
past—indeed, the largest on record, and that with generous R. I., on Mar. 22, woolen and worsted weaving mills anfertilizing and careful cultivation, encouraged by high prices, nounced a 12%% wage increase effective April 30, following
there is a chance of a much larger yield than for two years the lead of the American Woolen Co. The plants affected
past. As it is, the high price of cotton has greatly increased include the six big mills of the Guerin Mills, Inc., and the
the buying power of the South, and trade in general in that Philmont Worsted Co., Lippitt
Woolen Co., Barna' Worsted
section is good. Coffee, sugar and rubber have declined Co., Perseverance Worsted Co. and Dunn Worsted Mills. At
during the week. Some lines of wholesale and jobbing trade South Windham, Me., the Windham Manufacturing Co. on
are not so active as recently. But here again the decrease Mar. 22 announced a wage increase
of 12%% in its woolen
may be fairly attributed to bad weather. Copper has risen mill, effective April 30. Weavers have
been on strike since
to 17%c. under the stimulus of a big demand. In fact, all Mar. 13 for a 20%
increase and a change in working condimetals have recently advanced in response to big consump- tions. Two Massachusetts mills
have granted an increase of
tion in building and other trades. Meanwhile the mercan- 10% in wages. Others
are said to be talking of a comprotile community is naturally pleased to see the activity and mise. At the Germania
mills, making woolens and worsteds,
in general the strength of the stock market, which so often at Holyoke,
Mass., a wage increase has been granted, said
blazes the trail for the business of the country.
to be 10%. The Consolidated Textile Corporation, operatIn the ltuhr Basin, despite rumors of a settlement of the ing a chain of
cotton mills in New England and the South.
trouble before long, trade is still in such confusion that the will not. it is said,
increase wages.
supply of fuel is more or less problematical. It sounds
On Mar.18 and 19 there was a Western blizzard, the worst
strange to be told that recent sales of coke in the United since 1888. With nine
known dead, millions of dollars of
States to the amount of 100,000 tons have been made to damage to crops and
live stock, the Great Lakes and the MisFrance and Germany and that rushing it forward has actu- sissippi River
valley regions were recovering by Monday
ally caused car congestion at the Atlantic seaboard. Yet night. New
low temperature records for late March were
such seems to be the fact. The invasion has completely dis- established in
many places throughout the Middle West when
organized trade in the Ruhr. Things have come to such a a storm swept
through that region on its way from Alaska to
pass that France and Germany have found it necessary to the Southern
part of the United States. New records were
waive export licenses on 120,000 tons of steel to be shipped made at points in
Missouri, Tennessee and Texas. while
from the Ruhr to fill shipbuilding contracts in England. other points in the
States farther north recorded the coldest
Germany, it is also stated, is far behind on its orders to fur- late March
weather in half a century. On the 19th higher
nish rails to the Japanese for South Manchuria railway ex- temperatures and
sunshine began melting the huge banks
tensions. Failing to get this material from Germany, Japan of snow which had
been blocking or impeding all forms of
has had to turn to the United States. Meanwhile there are travel in parts of Iowa
and Nebraska. Heavy snowfalls
persistent rumors that a conference between France and were prevalent in
the entire storm-swept area. Train serGermany is not far off. Francs have advanced, whether be- vice was abandoned in
some places and delayed from 12 to
cause of French Government support or because of the bet- 28 hours in others. Chicago, with 3 degrees
below early on
ter outlook in the Ruhr; it may be for both reasons. In any Mar. 19, had the coldest March weather in 52 years. Train




1232

[VOL. 116.

THE CHRONICLE

service, freight and passenger, to and from Chicago was
badly delayed. Seventeen degrees below was reported at
Waterloo, Iowa. In Iowa the blizzard established a March
storm record. Trains were stalled in drifts and railroads
canceled numerous trains. Two trains on the Chicago Milwaukee & St. Paul were tied up for 24 hours in small Iowa
towns. The blizzard was the second within a week to sweep
over the Middle West. Transportation and telephone service had just begun to recover when this storm arrived. In
Oklahoma and Arkansas the temperature fell to 10 degrees.
In Texas it was 10 to 34, with killing frost in central Texas
and light frost even as far down as Corpus Christi, which
•was something remarkable. It snowed in Tennessee and
Alabama. Later temperatures rose quickly in the West. At
Chicago it has been up to 54 degrees; at Cleveland, Ohio, to
58 degrees, but cold in the Northwest and Southwest. Today the thermometer here in New York was up to 69 degrees
and there were thunder showers.

due to the stimulation in coal shipments one year ago because of the threatened strike of miners, it was an increase of 50,408 cars over the same week
in 1921.
Loading of grain and grain products amounted to 41,532 cars, 3,435 cars
under the previous week and 2,882 cars below the corresponding week the
year before. This was, however, an increase of 3,304 cars above the corresponding week in 1921.
Livestock loading amounted to 31,039 cars. While this was a decrease
of 1,771 cars under the preceding week, it was an increase of 1,481 cars
over the same week last year, and an increase of 3,667 cars over the same
week two years ago. In the Western districts alone, 23,072 cars were
loaded with livestock during the week, which exceeded by 1,130 cars the
same week last year.
Ore loading totaled 11,818 cars, an increase of 1,271 cars above the preceding week. This also was an increase of 6,698 cars over last year, and an
increase of 4,821 over two years ago.
Cokeloading totaled 15,240 cars, 898 cars loss than the previous week.
but 6,719 cars in excess of the same week in 1922. There also was an increase of 8,148 cars over the same week in 1921.
Compared by districts, decreases under the week before in the total
loading of all commodities were reported in all districts, although these
decreases in a majority of cases were small. All districts, however, except
the Pocahontas, reported increases over the corresponding week last year.
while all except the Southwestern reported increases over the corresponding
week in 1921.

Production Maintained at High Levels.
Increase in Automobile Production.
Productive activity was maintained in February at the
Automobile production increased in January and was the
high levels reached during the previous month, according to highest on record except for last June, according to reports

early figures received by the Department of Commerce
through the Bureau of the Census. In many cases declines
are shown, owing to the smaller number of working days,
but, when allowance is made for this factor, the rate of production in most of the important basic commodities was
slightly larger than in January. Daily rate of consumption

received by the Department of Commerce through the Bureau
of the Census, in co-operation with the National Autzmobile
Chamber of Commerce. Outpa of passenger cars increased
from 223,706 cars in January to 254,415 in February, and
truck production increased from 19,376 cars in January to
21,354. The following table gives the total production for
each of the last eight months, with the corresponding figures
for the same months of the previous year. With few exceptions, the reports each month are from identical firms and
include approximately 90 passenger-car and 80 truck manufacturers:

of cotton and of production of fine cotton goods, pig iron,
lumber and automobiles exceeded the January rate. In
most lines connected with railroad equipment and building, such as locomotives, pig iron, fabricated structural
steel, building contracts, and oak flooring, the actual February sales were still greater than January orders.
Retail sales kept up to January's mark, notwithstanding
the shorter month, while the transportation system showed
signs of overcrowding in the large car loadings and increased July

shortage of freight cars. The wholesale price index advanced
one point, and again the decline in coal prices prevented a
further 'rise. Food prices, both at wholesale and retail,
-declined. Increased prosperity is confirmed by the marked
decline in business failures and the continued rise in stock
prices. The statement continues as follows:
In the textile field, the increasing rate of cotton consumption reduced
total stocks of raw cotton at the end of February to the lowest point reported
at this season of the year since 1914. Wool receipts, with one exception,
were nigher in February than in any month since April, 1921, while silk
•consumption, also with one exception, was the largest since 1919.
Pig iron production in February was at a slightly higher rate per day
than in January, while steal-ingot production was lsightly less. Unfilled
orders of the U. S. Steel Corporation increased to 7,283,989 tons, the
highest since January, 1921. Unfilled orders for locomotives made a new
high record in February. fabricated structural steel sales were the hfghe3t
since last May but orde.s for steel casting declined.
Production of bituminous coal declined in February to 42.160,000 tons
from 50,123.000 toss in January.
Building contracts awarded in February amounted to 41.611,000 square
feet, showing an increase over January in place of the expected seasonal
decline. Shipments of building rnatetials, such as lumber, flooring and
cement, showed large increases over January and over February, 1922.
Anet car shortage of 65,000 freight cars at the end of February was tha
first increase over the recent low point of 45,000 cars short at the end of
January.

August
September
October
November'
December
January
February

1918, 1919 and 1920. Due to weather conditions in various
parts of the country, the total for the week of March 10 was

a decrease of 12,677 cars, however, compared with the week
before. Further details follow:

Loading of merchandise and miscellaneous freight, which includes manufactured products, totaled 546,715 cars, only 37 cars below the week before. This was an increase of 65,095 cars compared with the corresponding
week last year, and an increase of 10,149 cars compared with the corresponding week in 1921. Loading of merchandise and miscellaneous freight
is one of the best indices to business conditions to be found.
Forest products also continue to run unusually heavy, total loading for
the week of March 10 being 75,548 cars. This was 583 less than the week
before, when more cars were loaded with that commodity than 3 er before
during any one week in the history of the railroads. Compared with the
same week last year, this was an increase of 24,707 cars, and with the same
week in 1921, an increase of 24,282 cars.
Coal loading totaled 186.327 cars, 7,224 less than the week before. While
this was a decrease of 17,488 compared with the corresponding week in 1922,




Trucks
1921.
1922.
No.
No.
10,766
21,739
*24466
13,080
13,648
*19.212
12,813
*21,512
10,010
*21,683
8,307
*20,050
1922.
1923.
9,416
*19.376
21.354
13,195

* Revised.

Further Increase in Structural Sales.
A further increase in sales of fabricated structural steel is

reported for February, according to figures received by the
Department of Commerce through the Bureau of the Census.
February sales amounted to 80% of shop capacity as against
76% for January. Total sales reported for February by

151 firms, with a shop capacity of 219,955 tons per month,
amounted to 176,787 tons, the highest since last May.
Tonnage booked each month by 164 identical firms, with a

capacity of 223,355 tons per month, is shown below, together
with the per cent of shop capacity represented by these
bookings. For comparative purposes, the figures are also
pro-rated to obtain an estimated total for the United States
on a capacity of 250,000 tons per month.

Record-Breaking Freight Movement on Railroads
Continues.
1922April
According to the Car Service Division of the American May

Railway Association, the record-breaking freight movement
for this time of year continues, exceeding previous years by
a wide margin. Loading of revenue freight during the week
which ended on March 10 amounted to 905,219 cars. This
exceeded the corresponding week last year by 84,333 cars
and the corresponding week in 1921 by 204,779 cars. This
also was greatly in excess of the corresponding weeks in

Automobile Production.
-Passenger Cars
1021.
1922.
(No.of Machines)
024,770 165,574
248,118 167,705
187,637 144,669
216.099 134,734
215,297 106,042
206.372 70,690
1922.
1923.
*223,706 81,693
254,415 109,171

June
July
August
September
October
November
December
1923
January
February

Per cent of
Estimated
Actual
Tonnage Booked. Capacity. Total Bookings.
89
222,500
197.796
81
202,500
181,503
73
182,500
162,876
69
172,500
153,903
68
170,000
152,253
64
160,000
143,566
145,000
128,315
58
49
122,500
108,593
145,000
130,082
58
*168,336
a176,787

76
80

190,000
200,000

* Reported by 161 firms with a capacity of 222,605 tons.
a Reported by 151 firms with a capacity of 219,955 tons.

Decrease in Retail Prices of Food During February.
The retail food index issued by the United States Depart-

ment of Labor through the Bureau of Labor Statistics,
shows that there was a decrease of 1% in the retail cost of
food to -the average family in February 1923 as compared
with January 1923. In January 1923 the index number
was 1.44, in February 1923 142. The Bureau's statement,
made public March 19, says:

During the month from Jan. 15 1923 to Feb. 15 1923, 17 articles on which
monthly prices are secured decreased in price. Strictly fresh eggs, 17%;
pork chops and butter, 2%; chuck roast, plate beef, bacon, leg of lamb.

THE CHRONICLE

MAR. 24 1923.]

rolled oats, wheat cereal, macaroni, rice, canned peas, prunes and raisins,
1%. Sirloin steak, round steak and ham decreased less than five-tenths
of 1%.
Fifteen articles increased in price, as follows: Cabbage, 18%; storage
eggs, 6%; granulated sugar, 5%; navy beans and onions, 4%;liens, 3%;
cheese, canned corn, canned tomatoes, coffee, bananas and oranges, 1%*
Oleomargarine, vegetable lard substitutes and tea increased less than
five-tenths of 1%.
The following twelve articles remained unchanged during the month:
Rib roast, canned salmon, fresh milk, evaporated milk, nut margarine,
lard, bread, flour, cornmeal, cornflakes, potatoes and baked beans.
For the year period Feb. 15 1922 to Feb. 15 1923 the increase in all articles of food combined was four-tenths of 1%.
For the 10-year period Feb. 15 1913 to Feb. 15 1923 the increase in all
articles of food combined was 47%.
Changes in Retail Prices of Food by Cities.
During the month from Jan. 15 1923 to Feb. 15 1923 the average family
expenditure for food decreased in 51 representative cities. Los Angeles
and Newark, 4%; New York, Rochester and Salt Lake City, 3%; Bridgeport, Buffalo, Charleston, Cincinnati, Cleveland, Columbus, Denver,
Detroit, Fall River: Indianapolis, Jacksonville, Louisville, Mobile, New
Haven, New Orleans, Philadelphia, Portland, Ore., San Francisco, Scranton, and Springfield, Ill., 2%;Atlanta, Baltimore, Boston, Butte, Chicago.
Little Rock, Manchester, Memphis, Milwaukee, Norfolk, Omaha, Peoria.
Pittsburgh, Portland, Me., Providence, St. Louis, St. Paul, Savannah,
Seattle, and Washington, D. C., 1%. Birmingham, Dallas, Houston,
Kansas City, Minneapolis and Richmond decreased less than five-tenths
of 1%.
For the year period Feb. 15 1922 to Feb. 15 1923, 34 cities showed an
increase. Bridgeport, Cleveland and Pittsburgh, 4%; Chicago, Denver,
Little Rock, and Portland. Me., 3%; Boston, Columbus, Kansas City,
Minneapolis, Portland, Oregon, and Providence, 2%; Baltimore, Birmingham, Butte, Dallas, Detroit, Houston, Louisville, Milwaukee, Mobile,
New Haven, Now York, Rochester, St. Louis, St. Paul, Savannah and
Seattle, 1%. Newark and Philadelphia increased less than five-tenths of
1%. Seventeen cities decreased, as follows: Peoria and Springfield. Ill.,
3%;Charleston, Jacksonville, Omaha,Richmond,Salt Lake City and Scranton, 2%; Atlanta, Buffalo, Cincinnati, Los Angeles, Memphis, and Washington, D. C., 1%; Indianapolis, Manchester and Norfolk, less than fivetenths of 1%. Fall River, New Orleans and San Francisco showed no
change over the preceding year.
As compared with the averAge cost in the year 1913, the cost of focd in
February 1923 was 53% higher in Richmond;50% in Providence and Washington, D. C.;49% in Buffalo, New York and Scranton;48% in Baltimore:
47% in Boston, Chicago and Fall River; 46% in Birmingham and Detroit;
45% in Charleston and Philadelphia; 44% in Manchester. New Haven
and Pittsburgh; 43% in New Orleans; 42% in Dallas, Milwaukee, Minneapolis and St. Louis; 41% in Cleveland; 40% in Atlanta and Newark;
39% in Kansas City; 38% in Cincinnati; 37% in Indianapolis, Little Rock,
Omaha and San Francisco; 36% in Jacksonville; 35% in Memphis;34% in
Los Angeles and Seattle; 32% in Louisville; 31% in Denver; 30% in Portland, Ore., and 21% in Salt Lake City. Prices were not obtained from
Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul, Savannah and Springfield. Ill., in 1913,
-year period can be given for these cities.
hence no comparison for the 10

1233

The increase in the group as a whole approximated 434%. Building materials also continued upward, with an increase of 2% over the level of
January. Smaller increases were recorded for the groups of cloths and
clothing, chemicals and drugs, and miscellaneous commodities. In the
last-named group there were appreciable advances in bran and millfeed
middlings, linseed meal, manila rope, and rubber.
Farm products, on the contrary,showed a slight decline in average prices,
due to decreases in cattle, hogs, sheep, eggs, hay, hides and milk, which
more than offset increases in grains, cotton, potatoes and wool. Fuel and
lighting materials, as a result of continued declines in bituminous coal and
coke, averaged 2!kf% cheaper than in January. The groups of foodstuffs
and house-furnishing goods showed no change in the general price level.
Of the 404 commodities or series of quotations for which comparable
data for January and February were collected, increases were shown in 165
instances and decreases in 89 instances. In 150 instances no change in
price was reported.
Index Numbers of Wholesale Prices, by Groups of Commodities (1913-100).
1923
1922.
,
February January February
Farm products
142
143
131
Foods
141
135
141
199
Cloths and clothing
196
174
Fuel and lighting
212
191
218
Metals and metal products
139
110
133
Building materials
192
156
188
Chemicals and drugs
132
123
131
House-furnishing goods
184
184
177
Miscellaneous
126
117
124
All commodities
141
157
156
Comparing prices in February with those of a year agt., as measured by
changes in the index numbers, it is seen that the general level has risen
over 11%. Metals and metal products show the largest increase, 26 3
Building materials follow next with an increase of 23%. Cloths and cloth.
ing have increased 1434% fuel and lighting 11% and farm products 834% 1price in the year. Food articles, chemicals and drugs,house-furnishinn
goods and miscellaneous commodities all show smaller increases compareg
with prices of a year ago.

%

American Woolen Co. Raises Wages Twelve and One
Half Per Cent—Other Woolen Mills Advance
Wages in New England.
The American Woolen Co., largest producer of woolen
and worsted fabrics in the country and probably in the
world, announced on March 21 an increase in wages of
123' %, effective April 30 until further notice. The action
of the company, which operates mills in the New England
States, will affect, it is stated, approximately 45,000. The
company recently opened its new lines of fabrics for fall
1923, showing an average increase of from 15 to 20%, but
it is pointed out that this increase did not take into account
The Department also makes public the following showing an anticipated rise in wages. The announcement of the inby months since January of last year the index numbers of crease issued at Lawrence over the signature of William M.
President of the company,
retail prices of the principal articles of food in the United Wood,one year ago, when reduction in was as follows:
Over
wages was threatening from
States:
concerns all about us, I made this statement that there would be no
Eggs

Butter

139 123 106 157 147 181 108 169 129
135 119 106 137 139 164 97 173 145
134 118 106 140 140 173 101 173 140
136 121 107 149 144 185 109 177 92
138 122 107 157 147 188 107 177 92
141 124 107 164 147 191 103 177 97
99
142 126 107 161 150 193 109 173
144 127 106 164 150 194 109 168 104
142 125 104 167 150 189 109 164 108
142 125 104 173 150 180 109 164 130
141 124 106 174 151 177 111 163 157
139 123 105 157 151 172 111 159 187
138 121 105 140 149 169 111 158 193

125
118
120
120
118
117
117
119
115
122
133
143
157

Year and Sirrn Wad Rib Chuck Plate Pork BaMonth. Steak Steak Roast Roast Beef Chop con Ham Lard Hens
1922.
Av.for yr. 147 145
January __ 139 136
February _ 139 135
141 138
April
143 141
May
148 146
June
151 150
July
154 153
August _ _ 154 153
September 152 151
October _ _ 151 148
November 147 144
December. 145 141
1923.
Av.for yr.
January _ 146 142
February. 146 141

139
139

123
122

107
106

140
137

147
146

168
167

110
110

162
167

CofYear and
PotaCorn
Month. Cheese Milk Bread Flour Meal Rice toes Sugar fee Tea
1922.
Av.for yr.
January
February
March._
April
May
June
July
August
September
October _ _
November
December.
1923.
Av.for yr.
January
February _

149
149
149
149
145
139
141
143
144
145
154
161
166

147 155
153 157
148 154
146 155
143 155
140 157
140 157
144 157
145 155
147 155
149 155
151 155
154 154

169
170

154
154

ia&

155

161
134

154
151

AU
Articles
Combined

155 130
148 130
155 130
161 130
161 130
161 127
161 130.
158 130
155 130
148 130
145 130
145 130
148 133

109
107
107
107
108
109
110
110
110
110
110
110
109

165
194
194
182
171
176
206
212
153
135
129
124
124

133 121
113 120
116 119
118 119
122 120
120 120
129 121
138 121
147 121
144 121
144 122
147 122
151 123

125
125
125
124
124
125
125
125
125
125
125
126
126

142
142
142
139
139
139
141
142
139
140
143
145
147

148
148

109

124
124

151
158

124
126

126
127

142

133
133

108

Increase in Wholesale Prices in February.
A slight rise in the general level of wholesale prices in February, as compared with the preceding month, is shown by
information gathered by the U. S. Department of Labor
through the Bureau of Labor Statistics in representative
markets of the country. The Bureau's weighted index
number, which includes 404 commodities or price series,
stands at 157 for February, or one point higher than in
January. In its advices in the matter, under date of March
18, the Bureau states:
Metals and metal products averaged considerably higher than in the
month before, duo to advances in iron and steel, copper, lead and tin.




reduction in wages for some time to come. You were thereby assured of
wages continuing undisturbed at the present level.
The present conditions of business seem to call upon us for another
statement. You have had steady work in a degree above the average.
You all know what this steady employment means. It means more money
actually taken home in your pay envelope. In this we can all rejoice.
More real wages are secured by steady work than by any paper scale of
wages.
We want you to have all the money you can earn and that we can afford
to pay. The prices for the opening of our goods this season were fixed
purposely to secure the necessary orders to run our mills at a certain high
per cent of capacity. It did not seem wise to include a raise in wages at
that time. As a result of this policy, our purpose is being more than
justified. We therefore announce now that we will give you an increase
of 1234%. effective in all the mills of the American Woolen Co. Apri130
1923, until further notice.
Let me now take this opportunity to tell you that it is most gratifying
and encouraging to know that you have shown and are showing confidence
in the management of the company. As in the past, so now, it is my one
concern to take care of your interests to the best of my ability. In whatever your success can be promoted it will be done.

Advances of 123. % in wages became general on March 22
in many New England textile centres. Mills in Maine,
Rhode Island, Massachusetts and Connecticut granted increases, following the lead of the American Woolen Co.
Demand for Wage Increase at Fall River.
The demand presented by the Textile Council, representing
a large proportion of the organized textile workers in Fall
River, Mass., to the Cotton Manufacturers Association for
an increase of 15% in wages, wasconsidered at a conference of
members of the Association yesterday (March 23). After
the meeting a statement was issued on behalf of the Association asking the Textile Council to defer further action until
April 20 when the manufacturers would be ready to give a
definite decision. The Textile Council will meet Sunday to
act on the proposition. There will be no immediate strike
of the few cotton textile operatives of Fall River who are
controlled by the United Textile Workers of America, and
who have demanded a wage increase of 293/% from the
Cotton Manufacturers Association. Pending decision of
the manufacturers on the demand of the Fall River Textile
Council for a wage increase of 15%, President Thomas F.
McMahon of the U. T. W. announced that he would withhold a strike call.

1234

THE CHRONICLE

Resolution for Fact-Finding Commission Killed by
New Hampshire Legislature-Chance for 48-Hour
Law Lost.
The resolution introduced in the New Hampshire Legislature providing for a Fact-Finding Commission, which
-hour legislation in New Hampwould study the effect of 48
shire and report its finding to the 1925 Legislature, was
killed in the House of Representatives on March 22. The
bill provided for the expenditure of $25,000 to investigate
industrial conditions. The defeat of the measure ends all
possible chance of 48-hour legislation at this session, it is
said, and indicates that the 1924 election will be based on
this issue.

StatesUnited States

[vol.. 116.
-Spinning Spindles- Active Spindle Hrs.,Feb
Active
Artie.per
In Place
during
Spindle
Feb. 28.
in Place.
February.
Total.
37,276,302 35.307,707 8.449,376,685 227

Cotton-growing States_ A6,274,272 16,034,743 4,573,167,364
All other States
21,002,030 19,272,964 3,876,209,321

281
185

Alabama
Connecticut •
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Virginia
All other States

269
205
286
205
172
171
181
245
290
154
204
284
256
217
240

1,314,452 1,277,607
353,702,791
1.375.840
1,327,002
281,834,974
2.692,283 2,651,588
768,748,235
1,140,840
1,128,789
233,553,842
11.985,638 10,812,132 2,063,213.818
1,448,660
1,319.470
247,658,832
448.863
432,060
81.213,181
1.024.916
948,168
251.413.085
,
5.424.153 5,338.001 1.570.372,972
199,623
151,905
30,707,180
2,905.874 2,728.793
592.178.424
5.110,596 5,072,688 1.452,794,786
437,784
437.118
112,020.489
628,058
609,437
136,218,797
1,138,722
1.07E940
273.715,279

Wage Advances in Utah Mines.
Increases in wages ranging from 40 to 50 cents a day have
recently gone into effect at all important Utah mining camps.
The advances, which were made by the four large smelters
in that State, will affect between 7,500 and 10,000 men and
will add approximately $120,000 to monthly payrolls.
Steel Castings Sales Decline.
Increase brings average miner's eight-hour shift up to $5 25
Sales of commercial steel castings declined about 9% in
and mucker's to $4 75. It is said this increase of 7 to February, according to reports received by the Department
15% affects something like 3,000 men at Utah Copper Co.'s of Commerce through the Bureau of the Census, in comills and Bingham mine.
operation with the Steel Founders' Society, from companies
comprising over two-thirds of the commercial castings
Activity in the Cotton Spinning Industry for February capacity of the United States. Total bookings reported in
February were 90,152 tons by firms with a capacity normally
1923.
The Department of Commerce announces that, according devoted to commercial castings of 96,900 tons, or at the rate
to preliminary figures compiled by the Bureau of the Census, of 93% of capacity, as against January bookings at 106.9%
there were 37,276,302 cotton spinning spindles in place in of capacity. Bookings of railway specialties amounted to
the United States on Feb. 28 1923, of which 35,307,707 were 47,879 tons, or 104% of capacity, as against 125% for Januoperated at some time during the month, compared with ary bookings. Bookings of miscellaneous castings amounted
35,240,853 for January 1923, 34,968,440 for December 1922, to 50,307 tons, or 85.8% of capacity, as against 95.1% for
34,664,630 for November, 32,499,324 for August, and January bookings. The following table shows the bookings
33,755,359 for February 1922.
of commercial steel castings for the past eight months by
The aggregate number of active spindle hours reported for 65 identical companies with a monthly capacity of 96,900
the month was 8,449,376,685. Based on an activity of tons, of which 38,300 tons are usually devoted to railway
23 2-3 days (allowance being made for the observance of specialties and 58,600 tons to miscellaneous castings.
Washington's Birthday in some localities), for 8.74 hours
Bookings of Commercial Steel Castings.
per day, the average number of spindles operated duirng
Total- Railway Specialties
Misc Castings,
Net
.
%o
% of
Year and
% of
Net
Net
February was 40,847,845, or at 109.6% capacity on a single
Capacity. Tons. Capacity. Tons. Capac,
Tons.
Monthshaft .basis. This number compared with an average of
192266,166
32,372
68.3
84.5
33,794
40,008,203 for January,37,658,116for December,39,469,039 July
57.7
August
21,843
65.4
63,416
57.0
41,573
70.9
for November, 34,041,028 for August, and 34,594,370 for September
148.3
56,781
101.1
97,919
41,138
70.2
February 1922. The average number of active spindle hours October
75,709
34,276
41,433
78.1
89.5
70.7
62.8
60,899
57.8
22,131
38,768
66.2
per spindle in place for the month was 227. The total November
73.8
28,271
71.1
68,889
40,618
69.3
number of cotton, spinning spindles in place, the number December
1923
active, the number of active spindle hours and the average January
47,879
106.9
*103.581
125.0
*55,702
95.1
39.845
85.8
50,307
93.0
90,152
104.0
hours per spindle in place by States,,are shown in February
spindle
he following statement:
•Revised.

Current Events and Discussions
The Week With the Federal Reserve Banks.
Reduction of $55,700,000 in the total holdings of Treasury
certificates, as against increases of $2,900,000 in other Government securities and of $12,500,000 in bills purchased
in open market, is shown in the Federal Reserve Board's
weekly consolidated bank statement issued as at close of
business on Mar. 21 1923, and which deals with the results
for the twelve Federal Reserve Banks combined. Discounted bills show an increase for the week of $16,900,000,
all Reserve banks, except the New York and Dallas banks,
reporting larger holdings of discounted paper than the week
before. Deposit liabilities declined $10,700,000, an increase of $56,200,000 in Government deposits being more
than offset by a reduction of $66,900,000 in members'
reserve and other deposits. Federal Reserve note circulation shows a decrease of $11,400,000. Cash reserves fell
off $3,900,000, while the reserve ratio rose from 75.4 to
75.7%. After noting these facts, the Federal Reserve
Board proceeds as follows:
During the week the gold movement was mainly towards the New York
and Boston banks, which report increases in their gold reserves of about
$46.000,000 and $16,000.000. respectively. Smaller increases In gold
reserves, aggregating $10,400.000, are also reported for Chicago and Kansas
City. All other Reserve Banks show decreases for the week in their gold
reserves: San Francisco by $18,400.000, St. Louis by $16,700,000, Philadelphia by $13,300,000 and the remaining five banks by about $28,000,000.
Holdings of paper secured by Government obligations declined during
the week from $361,300.000 to $351,900,000. Of the total held on March 21
$195,200,000, or 55.5%, were secured by U.S. bonds; 12.700,000, or 0.8%.
by Victory Notes: 1146.400.000, or 41.6%. by Treasury notes, and $7,600.000, or 2.1%, by Treasury certificates, compared with 1197,500,000, $2.900,000, $155,400.000 and $5.500,000 shown the week before.




The statementr in full in comparison with preceding weeks,
.
and with theicorresponding date last year willibelfound on
subsequent pages, namely pages 1253 and 1254. A summary
of changes in the principal assets and liabilitiedof the Reserve banks on March121 as compared with a week and a
year ago, follows:
Increase(+)or Decrease(-)
March 14 1923. March 22 1922.
Total reserves
-$3,900,000 +188,000,000
Gold reserves
_-4.000.000
+97,600,000
Total earning assets
-23.300,000
+13,700,000
Discounted bills, total
+16.900,000
+14.100,000
Secured by U. S. Government obligations -9,400,000 +124,700,000
Other bills discounted
+26,300,000 -110,600,000
Purchased bills
+12,500,000 +150,900,000
United States securities, total
-52.800,000 -151,300,000
Bonds and notes
+2,900.000 -45,400,000
U.S.certificates ofindebtedness
-55,700.000 -105.900,000
Total deposits
-10,700,000 +210,500 000
Members' reserve deposits
-66,200,000 +198,600,000
Government deposits
+56.200.000
+32,300,000
Other deposits
-700,000 -20,400,000
Federal Reserve notes In circulation
-11,400,000
+48,100,000
F R. bank notes in circulation-net liability_ -200,000 -76.500,000

The Week With the Member Banks of the
Federal Reserve System.
Net liquidation of $9,000,000 of loans secured by Government and corporate obligations, and of $49,000,000 of
investments, as against a further increase of $97,000,000 in
all other, mainly commercial, loans and discounts, is shown
in the Federal Reserve Board's weekly statement of condition on March 14 of 777 Member banks in leading cities.

MAR. 24 1923.]

THE CHRONICLE

1235

It should be noted that the figures of these Member banks
On March.10. .Berlin cablegram j(Associated Press)stated:
a
are always a week behind those of the Reserve banks them- The American dollar ie reckoned as the equivalent of 1.5046 grammes of
selves. Liquidation of investments for the week affected fine gold in the prospectus for Germany's new $50,000.000 internal gold
represented by the issue of Federal Treasury bills of that amount.
almost equally holdings of Government securities, which loan, asnumber
This
of grammes is convertible into 23.215978 tray-grains of
show a reduction of $25,000,000 and those of corporate and gold, whereas the gold dollar formerly coined by the 'United States wasfine
deother securities, which declined by $24,000,000. For fined as the equal of 25.8 troy grains, of which nine-tenths or 23.22 grains
were fine gold.
Member banks in New York City reductions of $20,000,000
The prospectus specifies the dollar's gold value in view of the fact that the
in loans secured by Government and corporate obligations, bills are redeemable on April 15 1926 at 120% of thei:face value, either in
Reichsbank checks on New York or in gold, at the discretion of the Reichsof $26,000,000 in Government securities, and of $20,000,000
bank. Since the payments
in other securities, as against an increase of $48;000,000 in valued foreign currencies, on the bills may be made in certain other highly
the relation of these to the dollar is also defiall other loans and discounts are noted. Since the begin- nitely fixed.
Thus the sum $10 is reckoned as the equivalent of two English pounds,
ning of the year "all other loans and discounts" (mainly
shillings, seven pence, or 25.3166 Dutch
commercial) of the reporting banks have increased by $360,- 2 Foreign currencies received as a result ofguilders, &c. Treasury bills
the issue of the
000,000, while secured loans have declined by $235,000,000 will go directly to the Reichsbank which stands as the guarantor of the
flotation and is empowered to demand that all subscribers pay in these
and investments by $79,800,000. Corresponding changes
moneys. Forty per
the time
for Member banks in New York City comprise an increase of subscription, withcent of the amount subscribed must be paid atDiscount
the balance due not later than April 14.
since January 3 of over $175,000,000 in "all other loans will be given on all payments made before that date.
and discounts" as against declines of $261,000,000 in•secured ofSubscriptions will be received between March 12 and 24 at par. Entry
the bills in the Bourse trading is to follow as soon as passible.
loans and of $95,000,000 in investments. Total loans and
The purpose of the issue is specified in the prospectus as the creation of a
investments of all reporting banks show an increase since foreign currency fund for stabilizing German finances. The prospectus is
January 3 of $45,000,000, and those of the New York City signed by the Reichsbank and the leading private banking houses of Berlin.
We also quote the following copyright cablegram to the
banks a decrease of $181,000,000.
All classes of deposits show larger totals than the week New York "Times" from Berlin March 18:
The Government is doing everything possible to push the new $50,000,008
before: Government deposits $9,000,000, other demand gold loan
to success. The Hansa Bund, the largest association of German
deposits (net) by $78,000,000 and time deposits by $36,- business men, has publicly described this loan as -an important factor in
the fight against France."
000,000. Member banks in New York City report no change
The
in Government deposits and increases of $15,000,000 in will beloan is to be open for subscription until March 24. Forty per cent
payable immediately, the remander before Apr( 14. Redemption
net demand deposits and of $22,000,000 in time deposits. of the loan is fixed for Aptil 15 1926, to be made in checks on New York
or in gold reckoned on the basis of a dollar of 1.5016 grammes fine gold.
Further comment regarding the changes shown by these
In payment of subscriptions all neutral European currencies are to be
Member banks is as follows:
accepted; also Argentine pesos and Japanese yen.
Borrowings of the reporting institutions from the Reserve Banks inThe offering of the loan in the United States is noted in
creased during the week from $372,000,000 to 3406,000,000, or from 2.3
to 2.5% of their total loans and investments. For the New York City another item in the current issue of our paper.

members an increase from $149,000,000 to $152.000.000 in the borrowings
from the local Reserve Bank and from 2.8 to 2.9% in the ratio of these
borrowings to total loans and investments is noted.
Reserve balances of the reporting banks show an increase of $40,000,000,
while their cash in vault went up $4,000,000. For member banks in New
York City an increase of $35,000,000 In reserve balances, as against only
a nominal change in cash is noted.

On a subsequent page—that is, on page 1254—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Increase(+)or Decrease(—)
March 7 1923. March 15 1922.
Loans and discounts—total
+388.000,000 +3814.000,000
Secured by II. S. Government obligations__ —3,000,000 —141,000,000
Secured by stocks and bonds
—6,000,000+577.000.000
All other
+97.000.000 +378.000.000
Investments, total
—49.000,000 +926.000.000
U. S. bonds
+448,000.000
U S. Victory Notes and Treasury notes.. _ _ —8,000,000 +497.000,000
Treasury certificates
—17,000,000 —114.000,000
Other stocks and bonds
—24.000.000
+95.000.000
Reserve balances with Federal Reserve banks_ +40,000,000
+20.000,000
Cash in vault
+4,000,000
+23,000,000
Government deposits
+9.000,000 —132.000,000
Net demand deposits
+.78,000.000 +865.000.000
Time deposits
+36.000.000 +777.000.000
Total accommodation at Fed. Res. banks_ _ _ +34,000.000 +179.000.000

Government's $50,000,000 Gold Loan in Form
of Treasury Certificates.
The flotation of an internal gold loan amounting to
$50,000,000, in the form of three-year 6% Treasury bills,
was brought under way by Germany on March 12. In
reporting the official publication of the law authorizing the
issuance of the Treasury bills, a cablegram from Berlin
March 7 printed in the New York "Times" stated that it
was "believed to provide the first instance of a Government
floating an internal loan quoted only in denominations of
foreign !money." The ,cablegram added:
German

The law, signed by President Ebert, makes no mention of the German
mark,but says the Treasury bills may be purchased in American
dollars and
In British. Swiss, Dutch, Swedish,
Norwegian. Danish, Argentine. Spanish
and Japanese currencies. French and Belgian
francs are not included.
The work of fixing the details and conditions am rounding issuance
of the
bills is loft to the discretion of the Ministry
of Finance.

The bill providing for the issuance of the Treasury bills
was approved by the Reichstag on March 2. Only the
Communists, it is stated, opposed the measure. The Associated Press cablegrams that day said:

Before finally passing the bill the Reichstag
struck out the phrase designating the purpose of the action as the creation
of a fcreign currency fund.
While the purpose thus is left undefined, the fact
that payments on the loan
can be made only in foreign currencies of high value leads to the general
understanding that collection of such moneys is contemplated. The bill
specifies that subscriptions need not be paid in
dollars but may be met in
these other cuirencies as well.
The regulation of details, including the rate of interest, is left to the Finance Minishy. The funds collected through the loans are to be administered separately from other Federal receipts and expenditures.
Newspapers generally herald the project as a harbinger of better times
for all the people.




Offering in United States of German Government
Treasury Certificates.
Parson, Son & Co., members of the New 'pork Stock Exchange, announced on March 19 that they were receiving
subscriptions in the United States to a $50,000,000 issue of
German Government non-interest-bearing Treasury certificates at a price of par, to yield approximately 6%. The certificates are repayable in United States dollars on April 15
1926 at 120%. They are guaranteed, it is stated, by the
German Reichsbank. Subscription lists will close to-day
(March 24). The certificates are in denominations of $100,
$50, $20, $10 and $5. The announcement of the offering
said:
This loan is made for the purpose of stabilizing themark and appears to
be the first positive step in the reconstruction of Germany's- finances.
While it is primarily an interior loan, offering German holders of dollars.
pounds sterling. guilders, &c.. an opportunity to employ these holdings.
profitably to themselves as well as in the interest of German mask exchange.
many foreign subscriptions are expected.
A similar loan offered recently on behalf of Austria in London was heavily
oversubscribed.

On March 22 Farson, Son & Co.issued a statement saying
Regarding the 550,000,000 German internal dollar loan, there seems to
exist a certain misunderstanding in reference to out position to the above
loan. We are merely receiving subscriptions upon the authority of a large
German bank, which is a member of the underwriting syndicate. We are
not acting as an issuing house in the matter, nor in behalf of the German
Government. The State Department at Washington has not given its
approval of the loan; nor have we asked for it; not have we stated to anybody that the loan itself had been approved by the State Department.
Neither our advertisements nor our circulars make any reference to the
State Department.
The above statement appears to have been prompt(); by
reports in some of the papers to the effect that the State
Department at Washington had notified the firm that there
would be no objections raised by the United States Government to the sale of the new Gorman Treasury certificates in
this market. From the "Journal of Common*" of the

21st

we quote the following from Washington, March 20:
The State Department, while offering no objections to Parson. Son & Co.
accepting subscriptions to the 350.000.000 issue of German Government
Treasury certificates, does not vouch for the security behind the obligations
or pass upon the right of the German Government to contract loans abroad
under the present international conditions, it was made known to-day
officially.
It was explained that while Secretary Hughes in a circular letter-to all
American bankers asked that the State Department be advised of all contemplated loans to foreign Governments or commercial interests,the object
of this request was not to obtain information upon which the Government
might say the bonds were good or bad. The fact that the Department
offers no objection to the consummation of a loan has nothing to do with the
question of the value of the security, it. was emphasized.
French

Government Warns Americans Against German
Loan.

Copyright advices to the New York "Times" from Paris
March 22 state:
At the behest of the French Government the Commission on Reparation
has begun examination of the German loan, part of which is now being

1236

.
THE CHBONICLE

offered in the United States. The purpose is a statement by the Allies in
order to make their position clear to potential subscribers outside Germany.
The loan is presented on the representation that it is guaranteed by the
gold reserve of the Reichsbank. It is the position of the French Government that the Reichsbank either, as was agreed with Germany last year,
is independent of the German Government, in which case the German
Government has no right to pledge its gold, or else it remains the agent of
the German Government, in which case its gold, under the Treaty of
Versailles, would be pledged for payment of reparations.
Furthermore, the French Government, wishing to warn against subscriptions to the loan, recalls the inter-Allied accord signed Jan. 20 1921, which
provides:
"Germany will proceed directly or Indirectly with no operation of foreign
credit without approval of the Reparation Commission."
Spokesmen for the French Government say they wish to avoid in advance
any unpleasant incident with Americans which may occur if in the future
the Allies put their hands on resources which the Germans without proper
authorization pledged for payment of the loan.
It is the French point of view, possibly shared by England, that the
German comparison that the pledge of Reichsbank gold for this loan is
justified by the precedent of the guarantee of the Reichsbank in 1922 of
payments for Belgium is erroneous. The French say that for the 1922
arrangements the Allies had given their consent after their interests had been
guaranteed, but in the case of the present loan consent has not been given
as is required by Part 8 of the Treaty of Versailles.
"The Temps" argues to-night that by virtue of the Treaty of Versailles
the Allies have the right to seize immediately any part ef the Reichsbank
gold pedged for the loan. It says:
"The German loan has not been approved by the Reparation Commission, and subscribers are exposed to a disagreeable surprise. Secretary
Hughes published yesterday a communique in which he perhaps recognizes
this. He indicates that the United States, while making no objections to
the issuing of a German loan in its territories, does not wish it understood
that it approves it."

[VOL. 116.

The present issue represents only a beginning, the banker asserts, as it
will be followed by the removal of all the bureaucratic hampering of production and export and also by the sharpest retrenchment in order that Germany can recuperate.
Urging individual and collective co-operation in resisting the FrancoBelgian operations in the Ruhr, he declares that"we dare not again make
the mistake of signing conditions which we cannot fulfill."

Fred I. Kent's Proposal for Reparations Settlement
by Europeans with American Financial
Co-operation.
A proposal that European business men work out a plan
for reparations settlement, based on American financial cooperation, was laid before the delegates to the second meeting yesterday (March 23) of the International Chamber of
Commerce being held in Rome by Fred I. Kent, Vice-President of the Bankers Trust Co. of New York and a member
of the American delegation. Coupled with the proposal
was the assurance by Mr. Kent that there was a great waiting
group in the United States ready to support such a move
before the American public. A summary of Mr. Kent's
address, made public by the American Section of the Inter,
national Chamber- contained the suggestion that a portion
of Allied indebtedness to the United States might be exchangeable for "positive agreements" between the Allies and
Germany on reparations that "included the amount and
methods and times of payment and that can and will be
The offering is referred to in another item in this issue. lived up to." As to the next step, he added:
With reference thereto the New York "Times" of March 20
A loan to Germany of sufficient size to restore her economic situation
on a sound basis and enable her to make progress toward paying reparations,
said:
With regard to a cable dispatch from Paris which stated that the security
offered on the German loan was not valid, it was explained that if international politics interfered with the loan, the money of American subscribers would be returned because the subscriptions were accepted "Subject
to allotment, and delivery of bonds as, if and when received."

German Minister of Finance Denies Right of
Reparations Commission to Prevent
Issuance of Loans by Germany.
An Associated Press cablegram from Berlin March 17 said:
Referring to reports from Paris that the French section of the Reparations
Commission has protested against the issue by Germany of Treasury bills
fixed on the basis of the American dollar, the Minister of Finance to-day
characterized the alleged protest as an attempt to frustrate the Government
in its efforts to stabilize the mark.
The Ministry's statement denies the right of the Reparations Commission
to prevent Germany from issuing loans, particularly the present $50,000,000
loan, the proceeds of which will be handed to the Reichsbank for the sole
purpose of forming a fund to strengthen the mark.
France's reported protest against the issue of these Treasury bills under
the Rheisbank's guarantee leads the "Lokal Anzeiger" to reitereate that the
Reichsbank now is an autonomous institution, absolutely independent of
the Government.
The bank is established with private capital, the newspaper adds:and the
republic has no share in it. This does not exclude the bank from doing business with the republic,such as standing guaranttor for new Treasury bills,as
it did for the notes issued some time ago on behalf of Belgium.
The "Anzeiger" also notes that, as a result of the demand made in the
London ultimatum of May, 1921, large German private banks endorsed the
bills of exchange falling due on Aug. 31, although their properties in no way
fell under the stipulations of the Versailles Treaty.
It fails to understand, therefore, why the Reichsbank cannot perform a
similar function for Germany voluntarily, adding that the very fact that it
expressly assumed the guarantee for these bills shows that the Reichsbank
is not liable for the republic's obligations.

and which came ahead of reparations. with a stabilized Europe, would be
absolutely good, and if at the request of and for the benefit of the European
Allied countries it would undoubtedly be placed in the United States.

Mr. Kent urged that his European colleagues begin work
immediately; he said:
If the suggestion of a plan already outlined seems to have within it powers
for good, study it, develop it and make it work for the world. If it does
not, get together a small body of able men and find one that does. Set
these men to work with instructions to deliver and deliver promptly. Place
upon them a great responsibility.
If you will do this, we in America will deliver the completed message
of these men to a great waiting group in the United States, who, if they
believe in it, will carry it to the uttermost parts of the country.

Public opinion could not be aroused in any country, Mr.
Kent said, "without a definite plan of procedure that carries
within it the elements of success." "And whose duty," he
continued, "is it to construct such a plan? None other
than the business interests of the world, because it is a business problem." The speaker declared emphatically that
"no loan could be made to Germany in which the United
States had a part that did not come ahead of reparation"
unless the Allies desired such a loan made as their assent
was necessary to place it ahead of reparations. He continued:
If a loan were made to Germany on this basis against agreements received
from Germany as to the payment of reparations, and such other matters as
may be found desirable or necessary to make the loan good, any breaking
of such agreements on the part of Germany would destroy her credit for
generations, which would give them a force that would not be carried in
treaty agreements, as the whole of commercial and industrial Germany
would be opposed to any action which might destroy the foreign credit of
Germany, whereas vicious politics might result in the breaking of any
treaty agreements.

The speaker also emphasized the opinion that "the ability
Claims of Member Banks as to German Pre-War
of Germany to pay her reparations before the lapse of many
Balances Safeguarded by A.B.A. Committee.
The American Bankers Association issues the following years depends largely upon whether she can obtain an external loan, and whether such loan, if obtainable, is properly
announcement:
to American opinion on debt cancellation,
As a result of information coming to the headquarters of the American made use of." As
Bankers Association here that many banks, which have filed claims with he said:
the State Department, Washington, for pre-war balances in German
banks, have been solicited by attorneys to represent them in the prosecution
of such claims on a contingent fee basis, the Association has made the
announcement that there is no necessity for such employment by any
bank. All claims of member banks, it is pointed out, have been put in
the hands of an attorney by the Commerce and Marine Commission of the
American Bankers' Association, by whom all their interests are safeguarded.

Max Warburg States Germany's Position Incident to
New $50,000,000 Treasury Bond Issue,
An Associated Press cablegram from Berlin Mar. 21 said:
Up to the time of the Ruhr invasion it was still thought in Germany that
the mark could be:successfully improved and stabilized with the help of
foreign financial groups, but the Germans have now found that they must
help themselves. This is the explanation of Germany's new $50,000,000
Treasury bond issue, as given by Max Warburg, of Hamburg, leading
German banker, in an article in the Allgemehre Zeitung."
"The most recent political events," he writes, have shown us again
how isolated Germany stands in the world, how inconsiderately—indeed,
maliciously—France strives for her goal of cutting Germany to pieces, and
how timidity and egotistically the other countries think and deal."
Although disarmed,the Germans are again Ins sort of war array, he adds,
and again everyone must aid the nation; this time by subscription to the
Treasury loan instead of to a war loan. The $50,000,000 will enable the
Republic to ward off panicky changes in the exchange rates, he declares,
and so organize currency that it can buy abroad the coal, foodstuffs and
other necessities that Germany so urgently needs.




There would seem no doubt that everyone in the United States would vote
for the cancellation of a part of the Allied indebtedness if such cancellation
would assure of a greater net income, with economic peace and greater happiness on the part of all peoples. The real question, therefore, that confronts us is whether it would be possible for us to co-operate with European
governments along such lines that In exchange for the cancellation of a
portion of the Allied indebtedness to the United States they will give us
agreements aiming to correct those things in their countries which are at
present economically unsound, and whose correction is necessary before
peace and prosperity can return to their countries in sufficient measure to
enable their 'prompt economic unbuilding.

The result of a European business recovery on this basis,
Mr. Kent said, would be that "the restoration of the buyin
power of Europe will be greatly accelerated, and the total
national income of America will be increased. If the inerase in the total national income of America is greater
after deducting such taxes as would be necessary to cover
the portion of the Allied debts cancelled," he added,"because
of the greater buying power of Europe brought about by
means of such cancellation, the people of the United States
would be richer through the operation." Mere cancellation,
unaccompanied by economic readjustments would encourage
"those forces in Europe which tend to extravagance in government," Mr. Kent declared, and "be one of the worst

MAIL 24 1923.]

THE CHRONICLE

things that could happen." He added that such agreements as he proposed could be made effective only if at the
same time "the whole reparation tangle is settled once and
for all and arrangements are made that would enable the
stabilization of the German situation."

/237

The first satisfactory result of the recent interchange of visits between
the Austrian Chancellor and the Hungarian Premier was obtained to-day
In a definite peaceful settlement of the Western Hungarian question by
arbitration.
A court held under the Presidency of Dr. Zimmermann, Burgomaster of
Rotterdam, decided that Hungary must pay 3,000,000 Swiss francs to
Austria as reparation for damages caused to the western Hungary population by Magyar insurgents. Other points at dispute between the two.
countries also were settled.

Total Reparations Owed by Bulgaria to Allies Fixed
at 550,000,000 Gold Francs.
Distribution by Reparations Commission of Liability
A Paris cablegram (Associated Press), March 22, said:
for Debts of Old Austro-Hungarian Empire.
The total reparations owed by Bulgaria to the Allies have been fixed at
550,000,000 gold francs, payable over a period of sixty years.
Associated Press advices from Paris, Feb. 27, said:
It is proposed, according to a spokesman for the Bulgarian Embassy,
that the first payment this year consist of 5,000,000 gold francs, with the
schedule for the other fifty-nine years to be determined on a sliding scale,
governed by Bulgaria's capacity to pay.
The settlement still has to be ratified by the Reparation Commission and
accepted by the various governments to whom the payments will be made.
but this is only a matter ofform. The reparations will go to Great Britain.
France,Italy, Greece and Rumania. The relative distribution among them
has not been made known.

The "Evening Post" last night in Associated Press advices
from Sofia, Bulgaria, stated:

The Reparation Commission has just finished the distribution of liability
for debts of the old Austro-Hungar ian Empire for which the railways of the
Empire were the security. The distribution was among the various States
which succeeded the Empire, as provided by the treaties of St. Germain
and Trianon.
Under the Commission's ruling Austria must pay about 10M % of the
3%. Hungary 11.06%, Rumania 11.09% and Jugoslavia 3.16% •
Of the 4% bonds of 1883 Austria must pay 20% and Czechoslovakia
80% while the distribution of the 4% bonds of 1900 is virtually the same.
The coupons of these bonds will be paid out of funds to be provided by
each of these States in the proportions fixed by the Commission.

Bulgaria's first payment under the new reparations schedule will be
made on April 1, as it is considered assured the Reparation Commission in
Paris will approve the agreement reached here.

Proposed Austrian Budget for 1923.—Defeat of
2,400 Billion Crowns.
Bank of France Granted Long Time on Debt by
The Department of Commerce at Washington on March
Bank of England.
12 made public the following, based on cable from Trade
In a special cablegram from London March 22 the "Jour- Commission W. F. Upson, Vienna, Feb. 22:
nal of Commerce" said:
The Austrian Government has presented a new budget for the calendar

An arrangement has been entered into between the Bank of England
and the Bank of France whereby the Bank of France is granted a long term
of years for the payment of its liabilities to the Bank of England.
The agreement upon terms for an adjustment of the French bank's debt
to the Bank of England was reached in Paris at a series of conferences
between Montagu Collet Norman, Governor of the Bank of England, and
the Governors of the Bank of France.
Announcement that a satisfactory basis of adjustment had been entered
Into by the two national banks was made upon the return of Mr. Norman
from Paris.

year 1923, which estimates the total expenses at 8,500 billion crowns and
total receipts at 6,100 billion crowns, leaving a deficit of 2,400 billion
crowns. This is a reduction of 2,900 billion crowns from the budget as
first proposed, a net improvement of over 50%, arrived at chiefly by the
enforcement of the reconstruction laws.
The new budget places expenses of the administration at 6,300 billion
crowns, or 11% less than the first budget. These calculations were based
on salaries according to the cost of living index at the middle of November,
when the dollar exchange was 72,000 crowns. The rate on March 1 isn
was approximately the same. Other items included in the new budget
are: Revenues, 4,700 billion crowns (42% more than the first budget);
net losses from business enterprises (chiefly railways), 2,000 billion crowns
(12% less than the first budget): profits from monopolies, 1,300 billion
crowns(7% more than the first budget).
The national debt is 15,500 billion crowns, including 1,500 billion crowns
for Austria's share in the debt of the old monarchy.

•
Dutch East Indies Bonds in Definitive Form Available
for Delivery.
The Guaranty Trust Co. of New York announces that
Dutch East Indies 25-year external 6% gold coupon bonds,
due Jan. 11947, in definitive form with coupons maturing
July 1 1923 and subsequent attached, are being delivered Offering of Bonds of Oregon-Washington Joint Stock
in exchange for trust receipts now outstanding upon presenLand Bank.
tation of the latter at its trust department, 140 Broadway,
/ and interest, yielding about 4.68% to the callable
1
2
At 102
New York City.
date and 5% thereafter, Brooke, Stokes & Co., of Philadelphia, Washington and Baltimore, offered on Mar. 20 a $2,Success of Austrian Loan Offering in Great Britain
000,000 issue of 5% farm loan bonds of the Oregon-WashingUnder League of Nations Plan.
ton Joint Stock Land Bank (Portland, Oregon). The bonds
The following is from the London "Financial News" of
are dated Nov. 1 1922, are due Nov. 1 1952 and are callable
March 1:
par on Nov. 1 1932, or any interest date thereafter. The
Sir Henry Strakosch, the noted financier, interviewed by Reuter's repre- at
sentative. yesterday, stated that the first public issue in this country by bonds are in denomination of $1,000. Interest (May and
Austria under tho League of Nations scheme, amounting to £1,800,000 of November 1) is payable at the Oregon-Washington Joint
Yearling Treasury Bills, forming part of a total issue of £3,500,000 (the
balance of which is being offered for subscription in France, Holland, Stock Land Bank, Portland, or at Brooke, Stokes & Co.,
Philadelphia. The bank restricts its loans to certain farmSwitzerland, Belgium and Sweden), is a complete success.
The details of the League of Nations plan, involving drastic reduction of ing sections
in the States of Oregon and Washington. It is
public expendirure, increased taxation, and cessation of monetary inflation,
were agreed with the Austrian Government early in November last. The stated that the average appraised value of land on which it
progress achieved since then much exceeds expectations. Complete sta- has placed loans is $60 per acre, while the loans thereon averbility of Austrian money has been achieved.
,
value. The
The League of Nations plan provides for budgetary equilibrium within age only $26 per acre, or 43.3% of the appraised
two years, and, according to latest estimates, the deficit has already been offering of the first issue of bonds ($500,000) of the Oregonreduced by half. The Government's requirements up to the end of Janu- Washington Joint Stock Land Bank was noted in these colary have been satisfied entirely from home resources. Confidence is
rapidly returning, and finds expression in savings bank and bank deposits umns Nov. 25 1922, page 2324.
Increasing rapidly.

The £1,800,000 of Austrian Government guaranteed sterling Treasury bills were offered to the British public on
Feb. 25. The issue was made through the Bank of England.
It was sanctiond by the League of Nations and the British
Government. The bills were issued at 93% and will be
repayable at par in twelve months, thus yielding over 73%.
Announcement that a loan to Austria had been guaranteed
by the League of Nations was made in these columns Feb. 3,
page 461. The Austrian plans proposed by the League
were referred to in these columns Dec. 2 1922, page 2426.
It was stated in Associated Press cablegrams from Paris,
Feb. 21, that the Reparations Commission had that day
cleared the way for the Austrian rehabilitation loans authorized by the League by formally waiving for twenty years
all rights to Austrian property or revenues under the Treaty
of St. Germain. It was added:
The total which Austria is authorized to borrow by the League is 650,000,000 gold crowns. An intermediate loan of £3,500,000 was recently
negotiated in England to tide the country over until the larger amount
was arranged for.

Hungary to Pay Austria 3,000,000 Francs' Burgenland
Reparation.
From Budapest, Feb. 27, the Associated Press reported
the following:




Offering of Bonds of North Carolina Joint Stock Land
Bank.
A $2,000,000 .issue of 5% farm loan bonds of the North
Carolina Joint Stock Land Bank of Durham was offered on
Mar. 19 by Dillon, Read & Co. and the Northern Trust Co. of
Chicago at 103 and accrued interest, to net about 4%% to the
optional date and 5% thereafter to redemption. The bonds
are dated Mar. 1 1923, are due Mar. 1 1953 and are redeemable as a whole, or in part by lot, on Mar. 1 1953 or any interest date thereafter, at 100 and interest. Principal and
interest are payable at Central Union Trust Co. of New York
and at the North Carolina Joint Stock Land Bank of Durham. Interest is payable Mar. 1 and Sept. 1. The bonds,
coupon and fully registered bonds and interchangeable, are
in denominations of $1,000 and $10,000. The bonds are issued
under the Federal Farm Loan Act; they are exempt from
Federal, State, municipal and local taxation. A letter dated
Mar. 12 from Southgate Jones, President of the bank, to the
houses offering the bonds, says in part:
These bonds are the direct obligation of the North Carolina Joint Stock
Land Bank of Durham, organized under the provision of the Federal Farm
Loan Act of 1916, and are specifically secured by pledge of an equal face
amount of first mortgages on farm lands and improvements in the best agricultural sections of North Carolina, at not exceeding 50% of the value of

1238

TIEE CHRONICLE

116.

the land and 20% of the value of the permanent insured improvements city, entered
into a discussion as to why the banker's cothereon as appraised by Federal appraisers, and (or) by deposit of United
operation is desirable in the handling of the cotton export
States Government bonds or certificates of indebtedness. . . .
All these mortgage farm loans are made on the Government amortization business. In part Mr. Le Blanc said:
plan, which requires a payment on the principal of not less than 1% per anThe cotton exporter, who is a very keen business man, should be warned
num, thus assuring a constantly increasing equity behind the bonds.
against the danger of selling his cotton directly to the foreign
spinner.
The paid-in capital stock of $286,500 as of Feb. 28 1923 provides addi- In spite of all the admiration I have for
the splendid efforts of our friends
tional protection. The capital stock carries with it the double liability of In Europe. I believe that we must not be blind
to the fact that many a
stockholders, as in the case of National bank stocks.
firm in Europe faces problems which are so overwhelming
that it would
Below are given essential statistics of loans as of Feb. 28 1923:
be folly on our part to expect things to go on as smoothly as they
did before
Total loans approved by bank
$4,480,400 the war.
Appraised value of land sod improvements
Consider but for a moment the currency situation which constantly
13,718,533
Percentage of approved loans to appraised value of land and imthreatens the business transactions between exporter and importer, and
provements
32.7% you will readily agree that the present economic situation has created
Total loans closed
$765,800 new factors of danger which must not be overlooked in your dealings
Acreage covered by closed loans,
29,793 with Europe.
(acres)
Appraised value of land
Remember, also, ttat during the war,the exporters, following the daring
$1,784,769
Appraised value of improvements
357,450 German example, sold directly their goods to the South American imAppraised value of land and improvements
2,142,219 porters without availing themselves of the services of the bankers. You
Average Joan per acre
25 70 have not forgotten the price American exporters paid for their error;
Average appraised value per acre (land only)
59 91 at least 80% of the exporters to South America were forced to the wall.
Percentage of loans to appraised value of land and improvements
35.7% These export transactions, which an over-enthusiastic press and an all
Percentage of loans to appraised value f land only
42.9% too optimistic bus'ness community described in glowing terms as our
conquest of the Latin-American markets, ended miserably in bankruptcy
The North Carolina Joint Stock Land Bank was chartered in July 1922. proceedings and in forced sales.
The original capital stock was subscribed for at par or at a premium by offiI shall not go as far as to pretend that the presence of a banker in an
cers and directors of the First National Bank of Durham, N. C., and by many export transaction is an absolute guarantee of safety, but I believe that
of the leading bankers and business men of the counties is which the bank the banker's co-operation is at least a very excellent prophylactic measure.
began its operations. Among the officers and directors are:
An importer who buys directly from an exporter may be tempted to take
Gen. Julian S. Carr, Chairman of Board; President of the First National on speculative commitments, but if a banker Is permitted to have his
Bank of Durham; former President of Blackwell's Durham Tobacco Co., say, any commitment likely to imperil the importer's credit will be ruled
which, with predecessors, developed the "Bull Durham" brand; founder and out of court. The banker, in fact, puts the brakes on when the importer
director of Durham Hosiery Mills and many other enterprises in Durham Is in danger of losing sight of his financial obligations; he checks up the
and throughout North Carolina.
Importer's commitments and thus protects the exporter.
Southgate Jones, President; Vice-President of the First National Bank of
There is a tendency at present to sell cotton directly to the foreign spinner.
Durham; active administrative head of the North Carolina Joint Stock Land and the banker very often is not asked to play his part in the transaction.
Bank, to which he gives his time exclusively.
I firmly bailey°. gentlemen. that it is the course of wisdom to Invite the
W. P. Clements, First Vice-President. President of the Merchants Bank of banker to put up an appearance in your export transactions. The banker.
;
at least I hope so,is not a meddler. I frankly admit that in many instances
Durham.
J. A. Long, Second Vice-President; President of Peoples' Bank of Rox- he must appear to you as a nuisance and a bore, but pray have In mind
boro, N. C.; President of Roxboro Cotton Mills, Roxboro, N. C.
that the banker's duty is to discover the unpleasant little things and to
E. II. Meadows, Third Vice-President; director Peoples' Bank of New give to his clients a true and not an ideal picture of the facts. Of course,
Bern, N. C.
there are cases when the banker's ministrations can be very well dispensed
W. ,T. Brogdett, director; senior member of the law firm of Brogden, with, and there Is no danger for you in dealing directly with a spinner whose
Reade & Bryant of Durham; Chief Counsel for the First National Bank of name is as safe as any banker's. But as a rule the exporter will prefer
to be on the safe side, and he will not overlook the assistance which the
Durham.
Ralph W. Page, director; Vice-President of the Page Trust Co., of Aber- banker is in a position to extend to him.
It I have been so insistent upon the importance of putting your export
deen, N. C:, which operates seven branches in the Pinehurst section.
Many of the ofleers and directors own and operate one or more farms in deals through the banking channels, it is. DM, because I am a banker.
and naturally enough I am not averse to speaking kindly of my colleagues
the territory which the bank serves.
The bank is chartered to operate in North Carolina and Virginia, but the and myself: and,second, because our cotton is flowing again to its pre-war
territory which it now serves consists principally of about twenty of the lead- markets where conditions have mightily changed from what they used to
ing tobacco and cotton-producing counties of North Carolina. In 1922 the be before 1914. Of these markets the Russians is probably the one upon
value of North Carolina's tobacco crop was reported to be $93,000,000, or which you are looking with the greatest Interest. At present most of the
over 30% of the value of the total crop produced in the United States.
Russian business is cleared through London. The English are realists,
A $1,000,000 offering of bonds of the North Carolina Joint and,throwing overboard legal verbiage and ethical discussions, they started
to do
all had
Stock Land Bank was referred to in these columns Nov. 11 was abusiness with a Government which, when and to been said and done.
de facto Government ready to bargain
trade. We, in the
1922. page 2104.
meantime, played the safe but not glorious part of the "observer." As
matters stand now. it is Impossible for a Russian official to come to this
country and start something really constructive with us. But the Russian
Offering of Bonds of First Joint Stock Land Bank of mills are hungry for our cotton,and we.in our eagerness to help our Russian
friends, do as best we can. I far my part shall rejoice in every bale of,cotDayton, Ohio.
ton that leaves Galveston for the Port of Petrograd.
The L. It. Ballinger Co. of Cincinnati and the Fifth-Third
I feel sure that great hopes are permitted with regard to our foreign
National Bank of Cincinnati (bond department) offered this markets, but the cotton exporters must try to protect the:r business against
the dangers which may threaten it. Your business, gentlemen, deals with
week, at 103 and interest, to yield approximately 4%% to the
one of the most Impot taut staples (if not the moat important) in the world.
optional date and 5% thereafter, $1,000,000 5% farm loan Cotton is the most indisp.nsable of all textiles, and the world cannot do
bonds of the First Joint Stock Land Bank of Dayton, Ohio. without it. Yet, you suffer all the uncertainties of business, and the
price of your product has sometimes fluctuated
a manner
The bonds are dated Dec. 1 1922, are due Dec. 1 1952 and are Imperil the reward of the farmer. I propose that in such work to as to
you all
this one
optional Dec. 1 1932. The bonds in coupon form are in de- great end:that your crops should never be sold below the cost of production.
nominations of $500, $1,000, $5,000 and $10,000, and the regis- What the sisal growers of Yucatan have done, can also be done by the
cotton growers of our South.
tered bonds are in denomination of $1,000. Principal and
The Japanese silk producers have banded together to prevent the raw
semi-annual interest are payable June 1 and Dec. 1 at the silk from being unloaded below cost of production. The price of rubber is
bank of issue, the American Exchange National Bank of officially supported, and the diamond miners set down minimum prices for
their diamonds. It is time that all of you come together and that
New York and the Fifth-Third National Bank, Cincinnati. study the moans by which you will give to your business an Insuranceyou
for
By act of Congress these bonds are legal investments for all the future. lam not so bold as to give you any plan, but I knew,knowing
you, that it, is within your power to accomplish this great purpose. If you
fiduciary and trust funds under the jurisdiction of the Fed- will It, you
can do it.
eral Government. The majority of the capital stock of the
Gentlemen. I urge you to take this slogan as a rallying cry: 'Hover again
shall the cotton crop be sold at a loss."
Bank is owned,by the stockholders of the City National Bank

and the City Trust & Savings Bank, of Dayton, Ohio, the
combined resources of which, it is stated, exceed $12,000,000.
Many individuals connected with banking institutions in the
territory surrounding Dayton are also owners of stock. The
First Joint Stock Land Bank of Dayton is empowered to
make first mortgage loans on farm lands located in Ohio
and Indiana at not to exceed 50% of the appraised value of
the land and 20% of the buildings or improvements thereon.
Loans have been closed in 33 counties in Ohio, the majority
of which -are in 12 counties in central and western Ohio. It
Is stated that the bank's records show that loans which have
been made and approved are less than 40% of the appraised
value of the mortgaged property and the loan value is less
than $5330 per acre. A previous offering was referred to in
our issue of Dec. 30 1922, page 2850.
George L. Le Blanc on Desirability of Bankers' Co.
Operation With Cotton Exporters.
In an address to-day (March 24) before the Texas Cotton
Association, in convention at Dallas, Tex., George L. Le
Blanc, Vice-President of the Equitable Trust Co. of this




Piggly Wiggly Class "A" Common Stock Stricken from
New York Stock Exchange List.
Following an investigation undertaken a week ago by
the Business Conduct Committee of the New York Stock
Exchange into transactions in Class "A" common stock of
the Piggly Wiggly Stores, Inc., the stook was stricken from
the Exchange list on March 22 under a resolution adopted
by the Governing Committee of the Exchange. Announcement of the latter's action was made in the following
announcement:
March 22 1923.
The following was adopted by the Governing Committee:
"Resolved, That Piggly Wiggly Stores, Inc., Class 'A' common stock
be and the same hereby is stricken from the list."
This action was taken after it had become evident to the Committee
on Stock List, which so reported to the Governing Committee, that there
was such a concentration of holdings of Pigsty Wiggly Stores, Inc. Class
"A" common stock as to make impossible a free market for the stock.
The Committee on Securities adopted the following:
"The Committee on Securities rules that until further notice Piggly
Wiggly Stores. Inc., Class 'A' Common stock tendered on contracts
maturing March 21 1923 must be accepted."
"That Piggly Wiggly Stores, Inc., Class 'A' common stock deliverable
on contracts maturing March 21 1923 shall be delivered at or before 2:15
o'clock p, in. on Monday, March 26 1923."

MAR. 24 1923.]

THE CHRONICLE

The Stock Clearing Corporation adopted the following:
"The Stock Clearing Corporation rules that until further notice Piggly
Wiggly Stores, Inc., Class 'A' common stock tendered on March 21 1923
security balance orders must be accepted."
"The Stock Clearing Corporation hereby gives notice that the suspension
of the first, second and sixth paragraphs of Rule 26 of the Rules of the
Stock Clearing Corporation in relation to Piggly Wiggly Stores, Inc.,
Class 'A' common stock will terminate Monday, March 26 1923. Deliveries of said stock on March 21 1923 security balance orders
shall be
made on or before 2:15 o'clock p. m. on March 26 1923."
The action of the Committee on Securities and of the Stock
Clearing
Corporation has been taken to give the sellers of stock coming from
distant
points time to obtain the same for purposes of delivery.

The inquiry was brought under way on March 12 by the
Stock Exchange Committee on Business Conduct, when the
following letter was sent to Exchange members by Secretary
E. V. D. Cox.
I am instructed by the Committee on Business Conduct to notify you
to
report to it by 12 noon March 13 your position in Pigsty Wiggly Stores,
Inc..
Class A Common stock at the close of business to-night (March 12)..includ
ing transactions made to-day (March 12) as follows:
Dow many shares long and for whom?
How many shares short and for whom?
How many shares borrowed and for whom?
How many shares loaned and for whom?
Please send this information in a sealed envelope addressed to
the Committee on Business Conduct, Secretary's office.

Referring to the proposed inquiry in its issue of March 14,
the New York "Times" said:

1239

"'Resolved , That dealings in Piggly Wiggly Stores,Inc., Class A common
stock be,and the same hereby are suspended until further action by this committee.'
"This action was taken after conference with the counsel of'Ugly Wiggly
Stores, Inc.. and meets witn his approval."
On the Think of a Corner.
Although no comment could be had on the Stock Exchange's action ix)
regard to the suspension of the stock from the trading list, other than the
above official statement, it is understood that it was found by
the Business
Conduct Committee, as a result of its investigation,
that there was not
sufficient stock available to satisfy the requirements
of a normal market.
In other words, the accumulation of the floating supply by those who were
carrying on the stock market campaign, together with the developments
which arose during the early hours yesterday, especially
the calling of the
42,000 shares of the stock by Mr. Saunders, placed the market position
of the shares on the brink of a corner. In the opinion of some market
experts, however,a corner never existed, as the stock could
always be bought
and sold and was freely loanable up to Monday night's close on the Exchange. Fir.thermere, a large premium was never demanded
for lending
the stock, which also gave the impress'on that
It could easily be borrowed.
What could have happened after yesterday's calling
of the stock by Mr.
Saunders in connection with the question of making delivery
Is a matter of
conjecture.
Mr. Livermore's Explanation.
Jesse. L. Livermore, who handled the stock market operations
in the
Piggly Wiggly stock since last December. outlined
his position in the following statement:
"Early in December last, Clarence Saunders of Memphis,
Tenn., being a
large stockholder of the Piggly Wiggly Company,and desirous
a large block of Class 'A' stock of that company, approache of marketing
d me to act for
him and authorized me to buy, sell or loan such
for his account.
Since that time, and until this morning, pursuant to stock authority,
such
maintained a continuous market in the stock, in which purchases, I have
sales and
borrowings could be freely made at any time.
"At about 11 o'clock this morning, without previous notice to
me, Mr.
Saunders by telegraph terminated my authority to
act for his account,
and accordingly I immediately canceled all
operating in the stock. During this entireorders in the market and ceased
period I have never conducted
any transactions in this stock for my account.
"
E. W. Bradley, attorney for Mr. Saunders and the Piggly
Wiggly Stores.
Inc., was In conference with officials of the New York
Stock Exchange
yesterday. What took place at that meeting could
not be learned, nor
would Mr. Bradley say anything in regard to either the statement
Issued
bytta teek EicLIgrae or
Sye no f
findby Mri considerxo on sthan t say
-or
gi more, tther o
o
Exwith
wn
the Stock
change committees or President Seymour L. Cromwell
or
change and no comment to make on thestatement issued by the Stock ExMr.Livermore."

The stock loaned "flat" in the stock loan crowd on the floor of the
Exchange at the close of business yesterday, indicating under normal
conditions that a large short interest existed in the shares.
The fluctuations of Piggly Wiggly Stores, Inc., have been in the limelight
since several companies with similar names were forced into receiversh
ip
some time ago. When these companies with similar names were forced into
the hands of the Court gossip was current in the financial district to the
effect
that the professional element was endeavoring to make capital out of
the
bankruptcy of the companies with virtually the same names by selling short
the stock listed on the New York Stock Exchange. These operations on
the
part of the professionals forced the price of the listed stock down to around
$39 a share, as compared with a price above $50 a share before the bankruptcy of the smaller companies, which had no connection with the organization whose stock is listed on the New York and Chicago stock exchanges
.
At Memphis on March 21 a statement was issued by
When these professional operations were at their height and the market
price ofthe stock waslow, Clarence Saunders,President ofthe Piggly Wiggly President
Saunders demanding full settlement at $150 per
Stores, Inc., warned the professionals that he would beat them at their
own game, and, with his associates, went into the open market and bought share by 3 p. in. on the 22d, on all stock sold to him short,
every share of the stock that could be paid for. Little attention was
given to "or else," he said,"my price will be $250 per share, even if it
this warning at the time by the professionals, and many stories
of heavy takes the courts to decide
the matter." Yesterday (March
losses on the part of the speculators are now being heard in the financial district. The buying by Mr. Saunders forced the price up from $39 to around 23) President Saunders offered to allow the shorts to settle
$59 a share before the close of 1922. The advance continued since
the be- at $100 per share, and, according to "The Sun" of last
ginning of the year, as a result of the covering of commitments for short
night, their accounts in the stock were settled during the
account, and on Monday the stock sold at the high record price of $79 25
a
share. In yesterday's market it reacted several points, on the announce- day, by the purchase through
the National Bank of Comment that the market position of the stock was to be investigat
ed by the merce in New York of substantially all of the
shares needed
Exchange authorities.
The stock which was bought by Mr. Saunders and his associates recently for delivery to President Saunders and his associates. The
was offered to the public on the partial payment
plan through the Maly "Sun" observed:.
Wiggly Investment Co. The offering price for the stock
Thus ends a series of spectacular transactio
to be sold in this
ns revolving around the chain
manner was $55 a share,a price more than $5 a share below the price
quoted grocery stock that began last Tuesday when Mr.
Saunders plunged into the
on the Stock Exchange at the time the offering was first
made. As far as market to teach Wall Street a lesson.
is known, there has been no change in the offering
price on the partial payIn pointing out that yesterday's prise of $100 a share was
ment plan, despite the advance to above $79 a share since the offering was
first made.
$50 a share lower

On the 20th inst., two days before the stock was stricken
from the list, the Governing Committee decided to suspend
trading in the stock. As to the day's developments we
quote the following from the New York "Times":

While no statement was issued by the Governors actlorr
was hastened
,
yesterday as a xesult of the wide fluctuations in the quotations
when the
shorts tried to cover their commitments.
Opening at 75% yesterday, the stock jumped sharply advances
of one to
six points being recorded between
sales, to a peak of 124. at which loyal
It scored a net gain of 52 points for
the day. From that level it react xl
42 points, to 82, whet e it closed,
recording a net gain of 10 points for the
day. Not since the famous Stutz
corner, engineered by Allan A. Ryan in
the early months of 1920. did
a movement in a stcrk attract
attention as did that of the Piggly Wiggly shares yesterday. as much
From the
standpoint of a gain reported in a single day, Piggly Wiggly
outdid Stutz.
as the extreme gain of the lattet in
the 1920 corner was only 43 points.
Shortly before 11 o'clock yesterday Jesse L. Livermore
, one of the most
prominent operators in Wall Street, who had
been employed by Clarence
Saunders, President of the Piggly Wiggly Co.,
to handle his stock market
operations, received instructions from Mr. Saunders
to suspend all transactions in the stock for his account. Simultaneo
usly, it is understood,
Mr. Saunders wired instructions
to other brokerage houses in the Street
which aro reported to have transacted
orders for the company executive to
take no more instructions from Mr.
Livermore.
Calls for 42.000 Shares.
At the same time reports came from
with having called for the delivery the West which credited Mr.Saunders
of 4.000 shares of stock which he had
bought from traders who had sold
stock snort in Chicago and 38,000 shares
which had been sold to nim by short
traders in toe New York market. The
calling of this stock was responsible for
the
as the traders who had been short of the skyward movement to the shames.
shares immediately scrambled to
cover their commitments. Fully
one-third of the brokers on the floor were
crowded about the Piggly Wiggly post.
While this rise was going on the Business
Conduct Committee of the
New York Stock Exchange called a special
meeting, at which all members
of the Committee were urgently requested
to attend. It was rumored
t II tr Niggly Wiggly would be suspended
after the close of business. This
esulted in a flood of selling order a, which
resulted in the reaction of 42
points, to 82, in the late afternoon trading.
In
action taken by the Stock Exchange authorities, connection with the
the following statement
was issued after the close of the market yesterday:
"At a joint meeting of the Committee on Business
Conduct and the Committee on Stock List, held this day, it was unanimous
ly determined to
recommend to the Governing Committee the
adoption of the following
resolution:




than the settlement terms he made with
several "bears" on Thursday, and $150 a share
lower than
the price of $250 a share which he had previous said would
ly
be effective after 3 o'clock on the 22d, the "Evening Post"
of last night said:

News of Mr. Saunders's retreat
reached Wall Street about 11 o'clock.
and it was followed by a
sensational decline in the price of the few shares
which had been brought to the
market for sale to "bears" at distress prices.
For the first hour 125 had been
freely bid for the stock, and very little was
forthcoming at that price. Some
sales were made in small lots as high as
140. As soon as Mr. Saunders's
telegram reached the Street the bid price
promptly dropped 40 points to 85,
and the offering price came down to 100.

It was explained that Mr. Saunders's offer
of yesterday
was contained in a telegram to E. W. Bradford
, of Washington, D. C., attorney for him and the company
, at 7 Wall
Street, saying that he proposed a full settleme
nt to-day of all
outstanding accounts in the stock, and that the
stock would
be furnished upon application to the
National Bank of
Commerce in New York, 31 Nassau Street, upon
payment
of the price. According to the "Post,"
the National Bank
of Commerce explained its position as
follows:
We are authorized by a bank
correspon
to 3 p. m. to-day an amount of shares dent at Memphis to delivery up
of Piggly Wiggly stock, which we

are holding for its account,
against payments at $100 a share. We are
advised by the Memphis bank
that they are not interested in the stock in
any way.

Advances by War Finance Corpora
tion Account of
Agricultural and Live Stock Purposes.
Announcement was made by the War Finance Corporat
ion
on March 20 that from March 1 to March
15 1923, inclusive,
the Corporation approved 40 advances, aggregat
ing
to financial institutions for agricultural and $778,000,
live stock
purposes.
Repayments Received by War Finance
Corporation.
The War Finance Corporation announced on
March 20
that from March 1 to March 15, inclusive, the
received by it totaled $6,657,578, as follows: repayments

1240

THE CHRONICLE

$3.019
On export advances and on loans made under war powers
On agricultural and live stock advances:
$4,128,602
financing institutions
From honking and
1,230,011 ,
From live stock loan companies
1,295,946
From co-operative marketing associations
$6,654,559
Total

$6,657

The repayments received by the Corporation from J
1922 to March 15 1923, inclusive, on account of all loa
totaled V13,798,025.
Gov. Silzer of New Jersey Vetoes Bill for Merger of
Trust Companies.
According to the news slips of last night ("Financial
America"), Governor Silzer of New Jersey on March 22
vetoed Assembly Bill No. 337 to permit merger of trust
companies in the same county. The veto message said:
The purpose of this bill is to permit merger of trust companies to consolidate, and the Act seems to provide for accomplishing that purpose.
Section 11, however, reads as follows: Nothing herein contained shall
authorize or empower the corporation into which the other corporation or
corporations shall have been merged as herein provided to continue to
conduct business at the location or locations of the office or offices established by said merged corporations."
According to this section, the new corporation cannot continue to do
business at the location of any of the corpoartions which became part of the
merger. The result is that, upon such a merger taking place, an entirely
new location must be found. I do not belive that this was intended by the
bill, and I do believe that it would probably work grave hardship, because
the new corporation will not be able to use any of the banking houses of
the merged corporations for this new purpose.

[Vol.. 116.

signed by President Harding until Mar. 5 (although the Senate confirmed the nomination in January), the President
having deferred Its signing pending the action of the Senate
he nominations of Comptroller Crissinger and James G.
cNary. Mr. Campbell only took the oath of office on the
5th inst.

Federal Reserve Board Approves Application of Federal
Reserve Bank of San Francisco to Discount Agricultural Paper up to Nine Months at 434%.
In stating that the Federal Reserve Board had approved
the application of the Federal Reserve Bank of San Francisco for permission to rediscount at the prevailing rate of
4% Vo agricultural paper having a maturity of not more than
nine month, "Financial America" of the 22nd inst. said:
The first action to be taken by the Federal Reserve Board in accordance
with the matter of future discounting of agricultural paper became known
to-day, when the Board approved the application of the San Francisco
Federal Reserve Bank to discount farmers' paper having a maturity of
nine months instead of six, as now provided by law. It is ecpected that
other Federal Reserve banks will make similar applications.

4
Payment of Uncalled 43 % Victory Notes at Maturity,
May 20.
On March 1 Secretary of the Treasury Mellon issued a circular relative to the payment at maturity—May 20—of the
principal of uncalled 4% Victory notes. The "uncalled"
notes bear the distinguishing letters G, H, I, J, K or L prefixed to their serial numbers. Secretary Mellon's notice of
March 14, drawing attention to his circular of the 1st inst.,
Bills for Regulation of Exchanges,"Blue Sky" Bill, &c.,
was referred to in our issue of Saturday last, page 1132.
New York Assembly.
Killed in
The circular follows:
The New York State Assembly on March 22 killed the
TREASURY DEPARTMENT,
1923.
Lockwood Housing Committee bills—the "blue sky" bill, Department Circular No. 322.
Office of the Secretary,
Washington, March 1 1923.
the measure calling for the incorporation of the New York
and Others Concerned:
Holders
Stock Exchange, the bill creating a State Commission to To1. Publicof 4%% Victory Notes that, in accordance with the terms of
notice is hereby given
regulate trade and commerce, &c. As to the action of the their issue and pursuant to the provisions of Treasury Department Cir% Victory notes, otherwise
Assembly,the "Journal of Commerce"in an Albany dispatch, cular No. 138, dated April 21 1919, all
l000wp as United States of America Gold Notes of 1922-23, bearing the
March 21,.aid:
distinguishing letters G, H,I, J, K. or L, prefixed to their serial numbers,
The legislative housing committee bills were all killed in the Assembly
to-day. Its action, so far as this session of the Legislature is concerned,
disposes of these burdensome measures, which Samuel Untermyer has for
years been trying to inflict on business.
The slaughter of the housing program was carried out by the acceptance
of adverse committee reports on the bills, in accordance with the decision
of the Republican conference on Tuesday. The vote was 82 to 63. Five
New York Democrats voted with the Republicans against the bills. They
are Blake, Burchill, Cuvillier, Hackenburg and Nugent.

Bills Are Killed.
The bills killed would create a State trade commission, limit the investments of fire and casualty insurance companies, license stock brokers and
regulate the Stock Exchange under the supervision of the State Department
of Banking. With them went to their death the Cotlllo, Cuvillier and Sheridan bills, incorporating the Stock Exchange and licensing stock brokers.
The vote was taken after a three-hour debate, featured by attacks on
Mr. Untermyer by Assemblymen Cuvillier and Hackenburg. The latter
declared that he did not propose to let the voluntary counsel for the Housing
Committee bulldoze him into voting for any of the housing bills. He said
It was time that members of the Legislature voted for bills on their merit
and not because Mr. Untermyer wanted them passed.
Referring to him as''Unntermyer," Mr. Cuvillier said the Housing Committee counsel was a Socialist lawyer and nothing else.
"He is getting worse than William H.Anderson,"said the Assemblyman,
when it comes to trying to boss the members of the Legislature. He is
trying to regulate labor as well as capital, and if he keeps on he will drive
capital out of the State."
Davision Opposes Bill.
Assemblyman F. Trubee Davison, son of the late Henry P. Davison of
the firm of J. P. Morgan & Co., declared the trade commission bill would
be a serious infringement on liberty guaranteed by the Constitution. "The
bill would never have come before the Assembly." he said, If the Senate
had had nerve enough to kill it."
Simon L. Adler, the majority leader, in closing the debate, said that the
bill creating a bureau in the office of the Attorney-General to enforce antitrust, tenement and rent laws, would accomplish all that was sought by the
proposed trade commission without inflicting hardships on business. The
measure MIA decided on at the Republican conference as a substitute for
the trade commission bill.
Be attacked the so-called blue sky bills on the ground that they would
lead to nothing but confusion in the State Department of Banking, and
would cost the State an enormous amount of money. Incorporation or
regulation of the Stock Exchange, he declared, would be a serious blow to
business.

The adoption of the so-called "Wall Street" bills by the
Senate at Albany on March 14 was referred to in these
columns last Saturday, page 1123.
Death of Milo D. Campbell, Farmer Member of Federal
Reserve Board,
Milo D. Campbell of Coldwater, Mich., who in January
was named by President Harding as the so-called "dirt
farmer" members of the Federal Reserve Board, died suddenly in Washington on Mar. 22 while playing golf. Mr.
Campbell was 71 years of age. As we indicated in our issue
of Mar. 10 (page 1006), Mr. Campbell's commission was not




hereinafter termed "uncalled" notes, will cease to bear interest on May 20
1923, on which date the principal of any such notes then outstanding will
%
be payable, together with the interest then accrued thereon. All
Victory notes bearing the distinguishing letters A, B, 0, D, E, or F, prenumbers, hereinafter termed "called" notes, were called
fixed to their serial
for redemption on Dec. 15 1922 and ceased to bear interest on that date,
as provided in Treasury Department Circular No. 299, dated July 26 1922.
Called 43i% Victory notes should promptly be presented for redemption.
in order to avoid further loss of interest.
2. Presentation for Payment At or After Maturity.—(a) Coupon Notes.—
Uncalled 4n% Victory notes in coupon form should be presented and surrendered for payment to the Treasurer of the United States at Washington, or to any Federal Reserve Bank or branch. The notes must be delivered in every case at the expense and risk of the holder and should be
accompanied by appropriate written advice (see Form P. D. 780, hereto
attached). The final interest coupon, which will become payable on May
20 1923. should be detached and collected in regular course when due.
(b) Registered Hotes.—Uncalled 4%% Victory notes in registered form
should be duly assigned to "The Secretary of the Treasury for Payment,"
in accordance with the general regulations of the Treasury Department
governing assignments, and should be presented and surrendered for payment to the Treasury Department, Division of Loans and Currency, Washington, D.C.,or to any Federal Reserve Bank or branch. The notes must
be delivered in every case at the expense and risk of the holder and should
be accompanied by appropriate written advice (see Form P. D. 781, hereto
attached). If assignment for payment is made by the registered owner,
payment of principal and interest will be made to the registered owner at
his last address of record, unless written instructions to the contrary are
received from the registered owner. If assignment for payment is made
by an assignee holding under proper assignment from the registered owner,
payment of principal and interest vill be made to such assignee at the address specified in the form of advice. Assignments in blank, or other
assignments having similar effect, will also be recognized, and in that
event payment will be made to the person surrendering the notes for payment, since under such assignments the notes become in effect payable to
bearer. In case it is desired to have payment of registered notes made to
some one other than the registered owner, without intermediate assignment.
the notes may be assigned to "The Secretary of the Treasury for payment
for account of
(Here insert name and address of payee desired.)
but assignments in this form must be completed before acknowledgment
and not left in blank. The transfer books for uncalled 4%% Victory notes
will not close prior to May 20 1923, for the final Interest due on that date
will not be paid by interest checks in regular course but will be covered by
payments to be made simultaneously with the payments on account of
principal.
3. Presentation Prior to May 20 1923.—In order to facilitate payment of
outstanding uncalled Victory notes, any of the notes may be presented and
surrendered in the manner herein prescribed, at any time in advance of
May 20 1923, for payment on that date, and holders are urged to present
their notes well in advance so as to get prompt payment at maturity.
This is particularly important with respect to registered notes, for payment
can not be made until registration shall have been discharged by the Treasury Department, Division of Loans and Currency.
4. Miscellaneous.—Any further information which may be desired as to
the payment or redemption of Victory notes may be obtained from the
Treasury Department, Division of Loans and Currency, Washington.
D. C., or from any Federal Reserve Bank or branch. The Secretary of
the Treasury may at any time or from time to time prescribe supplemental
or amendatory rules and regulations governing the matters covered by this
circular.
A. W. MELLON.
Secretary of the Treasury.

THE CHRONICLE

MAR. 24 1923.]
Subscriptions to

U. S.

Treasury Certificates
Indebtedness.

of

Subscriptions totaling $538,859,000 were received by
the Treasury Department at Washington to the two issues of
Treasury Certificates of Indebtedness offered on the 8th
inst. to the amount of $400,000,000 "or thereabouts."
The details of the offering were given in our issue of March
10, page 1009, and last week (page 1131) reference was made
to the closing of the subscription books on March 14. The
total amount of subscriptions allotted was $475,414,000, of
which $36,235,650 represented allotments on subscriptions
fol. which 43i% Victory notes, Treasury certificates maturing March 14 or War Savings Certificates, series of 1918,
were tendered in payment. Allotments of other subscriptions totaled $439,178,350. The following is Secretary
Mellon's announcement of March 20:
Secretary Mellon to-day announced that the total amount of subscriptions received for the two issues of Treasury certificates ofindebtedness
dated March 15 1923, one series TS2-I923, 43/1%, maturing Sept. 15,
1923, and the other series TM-1924, 43%, maturing March 15 1924,
was $538,859,000. The total amount of subscriptions allotted was $475.414.000, of which $36,235,650 represented allotments on subscriptions
for which 4%% Victory notes, Treasury certificates maturing March 15,
or unregistered War Savings certificates of the series of 1918 were tendered
In payment. These exchange subscriptions were allotted in full in the
order of receipt of applications.
Allotments of other subscriptions aggregated $439,178,350 and were
made as follows: All subscriptions up to amounts not exceeding $100,000
for any one subscriber were allotted in fall; subscriptions over $100,000
but not exceeding $500,000 were allotted 80%, but not less than $100.000
on any one subscription; subscriptions over $500,000 but not exceeding
$1,000,000, were allotted 75%, but not less than $400.000 on any one
subscription: subscriptions of $1,000.000 were allotted 60%, but not
less than S750,000 to any one subscription.
The subscriptions and allotments were divided among the several Federal
Reserve districts as follows:
Treas. Certifs.
Treas. Certifs.
Total.
Series TS2-1923. Series TM-1924.
District—
$32,070,500
$20,119,000
$11.951.500
Boston..
204,312,000
123,319,500
80,992,500
New York
44,609,000
35,160.500
9,548.500
Philadelphia
45,734,500
30,927.000
14,897,500
Cleveland
16,385.000
11,639,500
4,745.500
Richmond
19,751,000
7,240,500
12.500,500
Atlanta
52,494,500
14,862,000
37,632,500
Chicago
21.296,500
4,794,000
16.502,500
Louis
St.
13,389,500
8.496,500
4,893.000
Minneapolis
20.713,000
Tlq0S city
6,608,500
14.104,500
26,485,500
9,337.500
17,148,000
Dallas
41,528,000
18,162,000
23,366.000
San Francisco

1241

mistaken policy," said Secretary Hughes,"to give encouragement to repudiation and confiscation, but it is also important
to remember that there should be no encouragement to
those efforts of the Soviet authorities to visit upon other
peoples the disasters that have overwhelmed the Russian
people." In conclusion Secretary Hughes told the delegation:
"We are just as anxious in this Department and in every
branch of the Administration as you can possibly be to promote peace in the world, to get rid.of hatred, to have a spirit
of mutual understanding, but the world we desire is a world
not threatened with the destructive propaganda of the Soviet
authorities and one in which there will be good faith and the
recognition of obligations and a sound basis of international
intercourse." The delegation to the number of about forty
which visited Secretary Hughes represented the Women's
Committee for the Recognition of Russia and included Mrs.
W. A. Atkinson of Detroit, Chairman, Miss Ella Boynton
of Chicago, &c. The reply of Secretary Hughes to their
plea for Russian recognition follows:

It gives me great pleasure to receive you, and I want you to know that
I deeply appreciate the sincerity and the earnestness with which you speak.
I know how deeply interested you are in promoting the cause of peace and
I can assure you that I am profoundly in sympathy with your desires and
aims. I have done the best that I could in the discharge of my official
responsibilities to serve that cause, which is very close to my heart.
In speaking to the representatives of your general organization last May
I voiced the concern which we felt for the welfare of the people of Russia.
The evidence of the last year, as we have become even more intimately
acquainted with the great distress into which they have been plunged, has
intensified that feeling. The constant and dominant thought in our minds
Is, "How can we help that stricken people?"
So far as charity is concerned, it has been poured out lavishly. I do not
think that any fair-minded person can doubt the heart of the American
People and our desire to give relief. But, as you have pointed out, charity
Is not enough. The problem is far deeper than that. It is an economic
problem, and humanitarian interests, however keen they may be, cannot
escape the underlying and controlling facts. Not only do we not desire
to interfere with the internal concerns of Russia: not only do we recognize
the right of the Russian people to develop their own institutions, but such
Interference would be futile. The salvation of Russia cannot be contrived
outside and injected. Russia's hope lies in Russia's action. It is absolutely
Impossible to deal with matters which are in the control of the Russian
people, and which, until they are adequately dealt with, furnish no ground
for helpfulness, no ground for Russian recuperation.
Russia needs industry and trade, but industry and trade cannot be created
by any formal political arrangements. However important may be the
facilitation of the transactions of industry and trade through political
arrangements, still those arrangements do not create the transactions or
supply the essential bases for them. You cannot support what does not
exist. We have in the case of Russia the need of investment.
It would not help the Russian people to encourage adventurers, or those
$538,859,000
$350,916,000
Total
who would wish to go into Russia for the purpose of exploitation. The
$187,943,000
benefit to Russia, through which her productivity can be increased and the
Subscriptions Allotted.
basis of industry and trade provided, must come from those who make a
The subscriptions allotted by districts follow:
permanent investment in Russia, who are there to see their transactions
Treas. Certifs.
Treas. Certifs.
Federal Reserve
through on a basis of permanent relations, and who consequently, so far
Total.
District—
Series T52-1923. Series TS-1924.
as they are foreigners, can be assured before they will contemplate such
$28,408,000
$18,042,000
Boston
$10,366,000
investments that these will be secure and worth while. The condition
181,474,500
118,685,500
New York
62,789,000
which would invite the foreign assistance which you point out is so neces38,285,500
30,284,500
Philadelphia
8,001.000
sary is in the control of the Russian authorities. They cannot be, in the
37,504,500
26,687,000
Cleveland
10,817,500
nature of things, supplied from the outside.
15,765,000
11,269.500
4,495,500
Richmond
Now I may say that there-is a good deal of fallacy in what is said about
17,786.000
11,395,500
6,390,500
Atlanta
trade between Russia and other nations. Of course, other peoples are
48,782,500
34,777,500
14,005,000
Chicago
trading with Russia and our people are trading with Russia. Trade is
19,048.500
14,974.500
4,074,000
St. Louis
going on, so far as it can go on, but it is relatively Insignificant. If you
13,389,500
8,496,500
Minneapolis
4.893.000
will examine statistics you will observe that it makes very little difference
18,144,000
12,560,500
5,683.500
Kansas City
whether or not any particular government has recognized the Soviet authori22.540.500
14,353,500
8,187.000
Dallas
ties with respect to the actual trade that is being conducted. If Russia
34,285.500
19,710.500
14,575,000
San Francisco
buys she must be able to have something to buy with; that is, she must
produce so that she can buy.
$475,414,000
$321,137.000
$154,277,000
Total
I am glad to note that agricultural conditions in Russia have somewhat
notes certificates of indebtedness and war Improved, because agriculture is basic in Russia. There is hope in that
The exchanges of Victory
savings certificates, both series, included in the allotments, are as follows:
fact, but agricultural conditions are still far from what they should be.
Amount.
District—
Amount.
The conditions of industry and transportation are most lamentable. If
District—
$5,486,250 you need to know what those conditiods are I refer you to the Soviet
$1,584,500 Chicago
Boston
1,465,200 authority, Mr. Rykoff, and his statements last fall, which, no doubt, are
15.265.000 St. Louis
New York
1,419,500 accessible to you, and the analysis of which I think will correct some of
788,550 Minneapolis
Philadelphia
2,705,000 the rather optimistic statements that you have made.
Kansas City
2,622,500
Cleveland
1,357,150
715,000 Dallas
There have been changes in laws and methods. I would be the last to
Richmond
2,562,000 decry them. It is not a pleasure to me to look into the conditions of
265,000 San Francisco
Atlanta
Russia and find them unsatisfactory. It would be the keenest delight to
$36.235,650 me to find that they were quite the reverse. On the other hand, it serves
Total
no useful purpose to take these changes that have been made and exaggerate
their effect or misconceive the result of them. They are far from adequate
Secretary of State Hughes Says Soviet Russia Must to create the conditions which would support industry and trade in Russia.
If you will examine Mr. Brandenburgsky's analysis of the civil code and
Abandon Present Policy Before There Can
the changes in laws which have been recently made, you will find indubitable
evidence of the unsatisfactoriness and inadequacy of those changes. He,
Be International Intercourse.
as you no doubt know, had a good deal to do with the preparation of these
In response to a petition for Russian Soviet recognition, laws. The reason Russian stocks are decreasing, the reason that they
the 21st inst., Secretary of have this progressive Impoverishment, is that they have not yet supplied
made by a delegation of women on
not referring
what
is essential I
State Hughes declared that "Russia's hope lies in Russia's to is essential. And when I speak of whatRussia, least amall ourselves,
of
anything that anybody on the outside of
action," and that "it is absolutely impossible to deal with artificially sets up. We are pointing to the conditions of helpful intercourse
matters which are in control of the Russian people, and in the world as it exists. If there were any need of a demonstration of the
would certainly
which, until they are adequately dealt with,furnish no ground essentiality of those conditions, the Russian experience
give it.
no ground for Russian recuperation." Secfor helpfulness,
I recognize fully the distinction between matters exclusively of economic
retary Hughes referred to the fact that "our own Govern- import and the question of diplomatic relations. As I said to the reprefundamental question in the
your organization a year ago,
ment, after the first (Russian) revolution, loaned about sentative ofof a Government is whether itthe ability and a disposition
shows
recognition
these loans were to discharge international obligations. Stability, of course, is important;
$187,000,000 to Russia," pointing out that
stability was all
annulled, he called attention to the fact that the Soviet stability is essential. Some speak as though stability if it werethat was
stability
ne
however, would avail mere
their decree of Jan. 21 1918,. made this simple InierssarY. What, of
authorities, in
the prosecution
a policy fof repudiation and confiscation? In the
statement: "Unconditionally and without any exceptions, case of Russia we have a very easy test of a matter of fundamental imloans are annulled." "Not only would it be a portance,and that is faith in the discharge of international obligations. I

1

all foreign




1242

THE CHRONICLE

say that good faith is a matter of essential importance because words are
easily spoken. Of what avail is it to speak of assurances. if valid obligations
and rights are repudiated and property is confiscated? This is not a
question of the rich or of the poor. It is a question of principle. Only the
other day I had a letter stating the case of two American women who had
been living in Russia and invested all their savings in Russian securities,
and they are poor people, dependent, and they are very anxious to know
whether these securities will have any recognition.
er own Government,after the fast revolution, loaned about S187,000,000 to Russia. I may say that we were the first to recognize the Kerensky
Government; that Government did not profess a policy of repudiation.
Now what did the Soviet authorities do? In their decree of Jan. 21 1918,
they made this simple statement: "Unconditionally, and without any
exceptions, all foreign loans are annulled."
What was loaned to Russia out of our Liberty bond proceeds and the
was loans obtained by Russia before the revolution to enable Russia to
continue the war were simply annulled. Now, the United States is not a
harsh creditor. The United States is not seeking to press debtors who
cannot pay beyond their means.
But indulgence and proper arrangements are one thing, repudiation is
quite another. I have yet to hoar of any change in this announcement of
the Soviet authorities.
•
Suggestions which have been reported have always been coupled with
impossible qualifications. This strikes at the heart of some of the suggestions whicn you have made in the interest of the principles ofreligion, which
we all have at heart—good faith is the very essence of brotherly kindness.
There is no hope for the success of your gospel—our gospel—of brotherly
kindness in a world of hatred and in a world which is not animated by the
sincerity of good faith.
Here is a simple test. We have in this case no need to speculate, as of
what avail are assurances when we find properties taken without compensation or restoration. obligations repudiated—properties of all sorts, the
investments of one of our great life insurnace companies, for example.
Not only would it be a mistaken policy to give encouragement to repudiation and confiscation, but it is also important to remember that there should
be no encouragement to those efforts of the Soviet authorities to visit upon
other peoples the disasters that have overwhelmed the Russian people.
I wish that I could believe that such efforts had been abandoned. Last
November Zinoviev said:"The eternal in the Russian revolution is the fact
that it is the beginning of the world revolution." Lenin, before the last
Congress of the Third Internationale, last fall said that 'the revolutionists
of all countries must learn the organization, the planning, the method and
the substance of revolutionary work. Then, I am convinced," he said.
"the outlook of the world revolution will not be good, but excellent." And
Trotzky, addressing the Fifth Congress of the Russian Communist Youths
at Moscow last October—not two years ago, just last October—said this:
"That means, comrades, that revolution is coming in Europe as well as
In America, systematically, step by step. stubbornly and with gnashing
of teeth in both camps. It will belong, protracted, cruel and sanguinary."
Now, I desire to see evidences of the abandonment of that policy. I
desire to see a basis for helpfulness. We want to help, we are just as anxious
in this department and in every branch of the Administration as you can
possibly be to promote peace in the world, to get rid of hatred, to have a
spirit of mutual understanding, but the world we desire is a world not
threatened with the destructive propaganda of the Soviet authorities, and
one in which there will be good faith and the recognition of obligations and
a sound basis of international intercourse.

[Vol,. 116.

years created an arbitrary classification of property. The
Hermitage Company filed the action as a taxpayer, alleging
that as the owner of apartment buildings not subject to
tax exemption it would have to pay taxes which were "very
materially" increased. The injunction relief was granted
through judgment on the pleadings. Justice Tierney's
decision follows:

This Is a taxpayer's action seeking to have Chapter 949 of the Laws of
1920 held unconstitutional. That statute authorized the legislative body
of a county to determine that new buildings of certain types should be
exempt from taxation for local purposes during construction and for a
limited period thereafter. The legislative body of the City of New York
adopted an ordinance that such buildings in the city should be so exempt.
Thereafter, by Chapter 444 of the Laws of 1921, the Legislature amended
the prior Act by adding a provision that any such exemption theretofore
granted by any such legislative body should be legalized, validated and
confirmed.
In determining the question presented the right of delegation may be
disregarded and the matter brought down to the inquiry of the power of
the Legislature to enact that certain types of buildings, newly built, shall
be exempt for local purposes in the City of New York.
That is the character and effect of this legislation. The Legislature has
not enacted a statute exempting from taxation any class or typo of buildings throughout the State. Buildings generally are still subject to taxation
under Section 3 of the tax law. It has authorized the legislative body in
any county to exempt buildings in that county,irrespective and independent
of a like exemption in other parts of the State. I think, therefore, that
the Act must be tested as If it exempted buildings in a particular county
or locality.
The Act is in form general, being an amendment to the tax law (Section 4-B). In its application, however, it is local, for under its terms an
exemption is authorized that applies to one locality and may be inoperative
throughout the State. For general purposes such an Act would be regarded
as general. But that does not determine its character upon an inquiry
whether it violates the prohibition of the Constitution against passing a
private or local bill granting to any person,firm or corporation an exemption from taxation on real or personal property. Article III., Section 1. s'
The Constitution has not placed a limitation upon the taxing power of
the Legislature. Property may be classified for inclusion or omission
arbitrarily if there is a reasonable relation toward a classification in the rule
fcr omission or inclusion. Uniformity is not required except in the appli•
cation to members of the class.
But in the matter of express exemption the Constitution is definite in
its limitation upon legislative power. Exemptions must be granted by
General Laws. Article III. Section 18. Local or private bills of exemption
are prohibited. Article III, Section. 1.
It is not disputed that the Legislature might enact a general law exempting buildings of the character in question from taxation. The Act
under consideration does not do this. It exempts only those in a particular
locality. The owner of such a building is accorded an exemption that
is not shared by the owners of similar buildings outside of his locality.
It may be desirable that there should be this lack of uniformity of exemption
throughout the State, but that does not Justify a disregard ofa constitutional
limitation.
I think that by this legislation there has been accomplished just what
the Constitution intended should be prevented, namely, the granting
of a local exemption from taxation. The Constitution employs the words
Packer Merger Hearing Postponed.
"granting to any person, firm or corporation an exemption from taxation
Upon application of respondents and by authority of on real or personal property."
The Constitution's Intent.
Secretary Wallace, Assistant to the Secretary Morrill of the
It is argued that this does not apply to the Act in question because it
United States Department of Agriculture has granted an
grants
not to a
firm or corporation, but to all the
extension of time under the complaint against the merger ownersan exemption,property person,the locality. I do not think that
within
of a class of
of the Armour and Morris packing companies from April this is a proper distinction or method of construction. Carried to its local
2 to April 23 for filing the answers and April 30 for beginning conclus.on it would exclude from the operation of the provision a local
or private bill granting an exemption to two or more persons. If a bill
the hearings. In announcing this, March 22, the Depart- granting an exemption to all the persons within a class included in a
ment said:
county is not local in its application, the matter might 1?e pursued to the
Kansas City has been named as the place of the first hearing. The hear- validating of an exemption to those within an assembly district or a voting
ings will be continued to Omaha, Neb., East St. Louis, Ill., (National precinct or a block or a house.
The argument that this legislation is an exercise of the police power of
Stockyards), Chicago and other cities, followed by a final hearing in Wash
the State to meet an emergency in housing conditions does not seem to
ington, at such times and places as shall be fixed and announced later.
Before the issuance of this order the preliminary meeting was scheduled me to be sufficient to sustain the Act. The police power must be exercised
at Washington on April 2 to be followed by hearings at Kansas City and in conformity with constitutional provisions.
In reaching the conclusion that the plaintiff is entitled to judgment
other places in the field. Officials of the Packers and Stockyards Administration point out that the withdrawal of the preliminary meeting and the upon the pleadings I am relieved from the disinclination of a judge in the
the first hearing at Kansas City will cause practically no first instance to hold an Act of the Legislature unconstitutional by the
scheduling of
fact that the question can be speedily reviewed on appeal on this simple
delay in the actual taking of evidence in the case.
shall have caused an
The Government complaint against the Armour-Morris record before my decisionbe settled on notice inconvenience to the public
granting Judgment to the
officials. Let an order
Packing purchase was referred to in our issue of March 3, plaintiff on the pleadings.

page 895.
Law of 1920 Exempting from Taxes New Buildings in
New York Held Invalid by Justice Tierney.
A decision which is expected to have an important effect
on the construction of homes in New York and mean a loss
of many millions of dollars to property owners, if upheld by
the higher courts, was handed down by State Supreme
Court Justice Tierney on March 20 declaring unconstitutional the law which was passed in 1920 exempting new
buildings from taxation. Justice Tierney ruled that there
seemed insufficient support for the argument that the emergency legislation was an exercise of the police power of the
State. He granted an injunction to the Hermitage Company, real estate owners of 2 Rector Street, in whose name
the case was brought as a test last year. Pending final
determination of the validity of the law the Board of Taxes
and Assessments is restrained from exempting new buildings under an ordinance based on the emergency legislation.
As. noted in our issue of March 17 page 1209, tax exemption
in New Jersey was declared unconstitutional by the Court
of Errors and Appeals March 9, Justice Bergen ruling that
the Runyon Act of 1920 exempting new buildings for five




Samuel Untermyer's Comment on Justice Tierney's
Decision.
Samuel Untermyer, counsel to the Lockwood Legislative
Housing Committee, who was instrumental in having the
emergency housing laws passed by the Legislature, issued a
statement on March 20 expressing disagreement with the
decision handed down by Justice Tierney declaring the Tax
Exemption Law on new building unconstitutional. Mr.
Untermyer's statement was as follows:
None of the members of the Lockwood Committee or its counsel had
notice of the institution of the suit, or that any such case was to be argued.
The suit having been brought by a taxpayer
against the Tax Commission
was doubtless defended in the ordinary course of procedure by the CorporaCounsel. I have just had the opinion of the Court shown me and have
tion
made a hurried examination of the question involved. If this is good law,
residential building construction will come to an abrupt end now and here.
It will not be Pleasing news to the tens of thousands of mechanics, workmen
and other comparatively poor people who built little homes in reliance on the
validity of the law; but with all due respect to Mr.Justice Tierney, I do not
think they need be seriously concerned, for in my judgment the constitutionality of the law will be fully sustained by the higher Court.
It is not a private or local bill, either within the meaning of Section 16 or
Section 18 of Article 3 of the Constitution, as those sections and that article
have been repeatedly construed by the courts. Justice Tierney cites no
authority in support of his conclusion. The cases of Ferguson v. Cox.
126 N. Y. 459, and People ex rel Electric Lines, 107 N. Y.593 (which was

MAR. 241923.]

THE CHRONICLE

affirmed in the U. S. Supreme Court) are apt illustrations of the views of
the highest courts as to what constitutes a private or local bill. Chapter
444 of the Laws of 1921, being the Tax Exemption Law, is an enabling Act
of general application throughout the State. It grants uniform power to
any city, county, town, village or school district, with the approval of its
legislative body, to exempt from local taxation for the term of two years
buildings used exclusively for dwelling purposes.
Frankly, I am unable to grasp the theory on which this is construed to be
a local law, applicable only to a given section of the State. By its very
terms it applies to every nook and corner of the State in which the local
authorities choose so to apply it.
Inasmuch as this Tax Exemption Law expires on April 1 and we are now
pressing in the Legislature for an extension of another year. but only as
applicable to low-priced tenements and apartments, it is important that the
validity of the law should be promptly determined by appeal in the highest
court of the State—as has been suggested by Judge Tierney.
.
Senator Lockwood and the members of the Committee are deeply conearned at this unexpected development. At their request I have consented.
with the permission of the Corporation Counsel or upon the invitation of the
Attorney-General, to intervene on the appeal, provided I may do so as a
public service and without compensation.
In view of the fact that the city stands to gain about $80,000,000 in taxes
In the ten-year period if it is defeated in its defense against the constitutionality of the law, one would imagine that the authorities would have
advised the Lockwood Committee of the pendency of this proceeding and
have invited the co-operation of counsel who are responsible for the law and
prepared to defend its constitutionality. If intervention is not Invited,
we shall ask leave of the Court to be heard vrith a view of securing an immediate review of this decision.
If we are permitted to have anything to do with the case on appeal, a
request will be immediately made to the Appellate Division to set apart a
special day in the early part of next week for the hearing of the case, so
that a prompt decision may be secured. I am told that the question was
argued last October. If the procedure continues at that rate, we will have
a famine in housing long before the question can be determined in the Court
of Appeals. There is no reason why it cannot be finally disposed of by the
highest courts within the next few weeks, in view of the urgency of the
sitmation that bas been created by this decision.

1243

The Labor Board held a heering on the case, embracing all shops, on
June 9 and 10 1922. ten months ago. The Board approved piecework at
Elkhart, but notwithstanding changes in conditions which have occurred
since the hearing, particularly the prolonged strike in the summer of 1922,
at which time the shoperaft orgallizations notified the Labor Baord that
"the members of said organizations are no longer employees of the railways
under the jurisdiction of the Railroad Labor Board,or subject to the application of the Transportation Act," and a most severe winter, which taxed
the facilities to offset the increased demand for power. the Board at this late
date decides as to other shops on the technicality that it was improper to
accept petitions as expressing the will of the employees: therefore, that
piecework should be discontinued, and new negotiations undertaken, and
In the event the representatives of the employees still disagree as to its
reinstallation, another dispute shall be submitted to the Board.
In other words, it is now proposed that the railroad shall repeat the
negotiations, with the itrultant tut moil and agitation in the shops.in order
to comply with a technical rule of procedure. Furthermore,this disregards
the additional circumstance that during the strike many employees re- .
mained at work and new employees entered the service, all working upon
the piecework basis, pursuant to agreements to that effect, concluded with
their chosen representatives.
To go back now and completely change the methods of shop operation.
placing the work upon an hourly, instead of a piecework basis, can result
only in endless confusion. The men want piecewerk; they petitioned for
it. This fact is strikingly emphasized in cettain shops, where the men
have organized to work piecework, and where,in addition to other precepts.
they have laid down the following, which are epoch-making in the labor
situation:
"To promote the greater efficiency of the individual workman.
"To promote the general efficiency of the organization as a whole.
"To increase the daily output of the individual.
"To increase the total production of the shop.
"To establish a flexible plan for determining wages on a basis which
adjusts the earnings of both the employee and employer to the number of
units of output, rather than the length of time worked.
"To render feasible direct negotiations and personal relations between
employer and employee while preserving to the employees the advantages
of collective action."

Inter-State Commerce Commission Asks Railroads for Embargoes Lifted by Lackawanna and Delaware &
Report on Earnings in Excess of 6%.
Hudson Railroads.
Further improvement in the general freight situation on
Press advices from Washington yesterday (Mar. 23) pubthe railroads is seen in the lifting of the embargoes on freight
lished in the New York "Evening Post" said:
An order was issued to-day by the Inter-State Commerce Commission shipments, effective Mar. 19 and Mar. 20, respectively, by
requiring all railroads to report by May 1 as to their earnings during the the Delaware Lackawanna & Western Railroad and the
Year 1922 and to pay over to the Government under the Transportation
these roads follows simAct one-half of the amount by which such earnings exceeded a 6% return Delaware & Hudson. The action of
ilar steps taken last week by the Lehigh Valley and Central
on the value of the investment.
So far practically no payments have been made under the law requiring Railroad
of New Jersey.
the return of excess earnings. Forms for making up the report were
prescribed by the Commission, and where earnings in excess of 6% were
secured but no payments made to the Government. the corporations were
required to report disposition of the money.

Railroad Labor Board Orders Return to Hourly Basis
of Pay on New York Central—President
Smith's Statement.
Approximately 10,000 shop employees of the New York
Central Railroad have been ordered returned to an hourly
from a piecework basis of pay by the Railroad Labor Board.
Simultaneously the Board ruled workers affected be compensated for the period that they had been paid on the latter
schedule at a wage rate "the average of which shall not be
less than the hourly rates established by decisions of Board
relating'to such employment." Some of the carriers' shops
have been operating on a piecework wage schedule since
November 1921. In Its order the Board declared the pieceWork system had not been established in conformity with the
Transportation Act "because the employees were deprived of
right to negotiate such agreement through their duly authorized representatives." Also that the shops- where that system of payment had been installed should be immediately
placed on the hourly basis of pay and continued thereon until some different method is evolved in line with the provisions of the Transportation Act.
Commenting on the decision of the Labor Board referred
to above, President A. H. Smith of the New York Central
Lines at Grand Central, authorized the following statement:
The substance of the decision of the Labor Board is that the New York
Central Railroad, when it reinstated piece-work, did not follow the method
of procedure which at the time was not definitely prescribed. As proof
-work then in
of this, the rule of the Labor Board with reference to piece
effect is quoted as follows:
against piece-work con"This rule is intended to remove the inhibition
tained in Rule 1 of the Shoperafts national agreement, and permit the
question to be taken up for negotiation on any individual railroad in the
manner prescribed by the Transportation Act."
The facts are that prior to Federal control of the railroads piecework was
In effect in the Now York Central shops,resulting in economy and efficiency
to the management and greater earnings to the men employed. During
Federal control piecework was discontinued by order of the Railroad Administration. During the depression of 1921, many shops on the New York
Central were closed. When reopened, ineffectual efforts were made
through negotiations with the labor organizations to reinstate piecework.
Thereafter, when the employees were informed of the situation, they submitted petitions signed by a vast majority,requesting the management to
reinstate piecework. The management acted upon these petitions at
several points.
The organizations protested the right of the management to act upon the
petitions of the men,and in connection with a dispute regarding the Elkhart
shops,it was submitted to the Labor Board on Jan.5 1922,the labor organizations insisting upon including all other shops on the railroad.




Canadian House of Commons Adopts Resolution for
Establishment of National Coal Supply—Seek
to End Dependence on United States.
The proposal recently made to the Govern'.ent at Washington, when the coal situation had become uite acute in
New England States, that an embargo be piaced on coal
shipments to Canada, apparently has been viewed with much
concern by the Dominion Government at Ottawa. On Mar.
19 a resolution that Canada should establish a national policy in relation to its coal supply, and that no part of the Dominion should be dependent on the United States for fuel,
was adopted by the House of Commons. It was introduced
by T. L. Church, Conservative member for North Toronto,
and long Mayor of that city, who suggested a 10% export
duty on newsprint, the proceeds to be used to stimulate production of Canadian coal and establishment of a coking industry.
Campaign of Investment Bankers Association of
America Against Fraudulent Securities.
Plans for a country-wide educational campaign against the
creation and distribution of fraudulent and worthless securities have been launched by the Investment Bankers Association of America, according to an announcement this week.
The headquarters for the drive have been opened by the
Association in Chicago. Samuel 0. Rice, newly appointed
educational director of the Association, has charge of the
work, which will have for its chief purpose the education
of the public especially the small investor, against operations of dealers in fraudulent securities and promoters of
worthless stocks and bonds. Mr. Rice says:
"In every sale of fraudulent securities, there are at least two principal
victims of the swindle. They are the buyer who loses his money and the
entire country, which loses because just that much money has gone from
the hands of a producer into the hands of the non-producing crook. If the
thousands of persons who put something like a billion dollars a Year Into
fraudulent or otherwise worthless securities could be induced to have their
dealings only with honest and competent investment houses of which there
are many, millions of dollars more would be available for the expansion
and growth of business in the United States.
"The Investment Bankers Association, in its educational campaign,
hopes to provide a measure of protection for investors against fraudulent
and worthless securities through an educational campaign that has been
planned to reach every class of citizen in the country and to inculcate some
of the fundamentals of sound and safe investment. Dependence upon the
law, on fraud acts and blue-sky laws, to protect investors from crooks has
been and can be only partly effective. Neither the Federal Government
nor the State can police every investment or business deal and despite the
best efforts of officers of the law it is doubtful if legislation can ever forestall adroit swindlers effectively or take the place of common sense and
honest, expert judgment' n a business deal.

1244

THE CHRONICLE

"The cure for this abominable evil, the selling of fraudulent securities
and the crooked dealings in legitimate securities, does not and cannot lie
in more legislation.
"But if the great army of uninformed investors can be taught to realize
that the reputable investment house is highly specialized and has especially
trained experts whose judgment on investments is reliable and readily
available, and if the uninformed investor will learn to seek out such houses,
then this great economic problem is solved and it means the saving of
millions of dollars for production, for wage-earners, salaried workers,
farmers and every business and profession in the country.
"Undoubtedly the losses from fraudulent securities is one of the greatest
economic wastes in America to-day. We preach about conservation of
coal, of forests, water power and numberless other things, but one of the
greatest needs in conservation is the conservation of the small investor
and of all investors and that is what this educational campaign means."

Mr. Rice went to the Investment Bankers Association
from the editorship of "Capper's Farmer," the largest of
Senator Capper's eight farm papers. Previously he had been
professor of journalism at the University of Kansas and was
formerly on the staff of the Kansas City "Star" and the St.
Louis "Post Dispatch."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $97,000. The last previous transaction was at $99,000.

[VOL. 116.

K. A. Panthen and A. E. Impey have been appointed Assistant Cashiers of the Chase National Bank of this city.
David MacKenzie has been made Manager of the credit department and C. L. Moak has been appointed Assistant Manager of the Metropolitan branch of the Chase.
As indicated in these columns in our issue of Jan. 13, page
141, Alverton H. Aseltine has also recently been made Assistant Cashier of the Chase National Bank. The monthly magazine of the bank makes fitting allusion to Mr. Aseltine's
former connection with this newspaper. For nearly a score
of years Mr. Aseltine was one of our traveling representatives. In that capacity he gained a wide acquaintance among
banks and bankers in this country and Canada, and to-day
he probably knows more men in the financial world than
any other man living. The Chase National Bank is to be
congratulated upon having enlisted the services of so valuable a man and Mr. Aseltine in turn is to be congratulated
upon having won an official position in an institution of
such eminence as the Chase National Bank. The reference
to Mr. Aseltine is as follows:

Mr. Alverton H. Aseltine, who was appointed Assistant Cashier on Jan.
10, is a Canadian by parentage and education, although he was born and
spent the first year of his life in Oswego, New York. His childhood was
Edward R. Stettinius, a member of the firm of J. P. Mor- spent in Kingston, Ontario, and there he went through the public and
high schools
gan ez Co., was operated on at Roosevelt Hospital, this city, career, with and the Collegiate Institute. Deciding against a professional
which end in view he had entered the Collegiate, he came to
last Monday night; announcement regarding the operation New York to go into business. Mr. Aseitine lost no time in finding his
proper niche, for he soon became identified with the "Commercial Q
was issued as follows:
Financial Chronicle," where he remained for sixteen years. In connection
Mr. Edward It. Stettinius was operated upon foi deep seated abdominal with
his work for the "Chronicle" he traveled extensively through the
abscess. Condition favorable.
United States, Canada and Europe. To-day he holds the record of thtty
Signed: CHARLES HOWARD PECK, M. D.
round trips to the Pacific Coast.
JAMES 1. RUSSELL, M. D.
After leaving the "Chronicle" Mr. Aseltine spent about two years with
W. W. HERRICK, M. D.
the National City Co., and a longer period with the Equitable Trust Co..
Mr. Stettinius is since said to have been improving. The where he was associated with the bond department. From there he came
attack, it is stated, developed on the 15th inst. while he was to the Chase Bank in Aug. 1918. Mr. Aseltine's genial personality and
on a vacation at Augusta, Ga., with the failure of the trou- long acquaintance in financial circles In various parts of the country have
ble to yield to the treatment of local physicians, an examina- won for him a wide circle of friends who will rejoice, as do his many friends
tion by specialists was advised, and Mr. Stettinius was within the bank, upon his appointment.

accordingly brought immediately to New York.

The board of directors of the Bankers Trust Co. of New
York, at a regular meeting on March 19, amended its
By-Laws to create the office of Chairman of the Board and
elected Seward Prosser, who has been President of the company since October 1914, to be Chairman. This change
within the organization does not mean that Mr. Prosser
will withdraw any of his activities, but that as Chairman
of the Board he will be freer from the administration details.
A. A. Tilney, Vice-President of the Bankers Trust Co.
since 1916, who has acted in Mr. Prosser's absence as Chief
Executive, was elected President. Mr. Tilney was born in
Brooklyn in 1868; he was graduated from Yale with the class
of 1890. After a year with the Pennsylvania RR., he went
to Harvey Fisk & Sons, representing that firm in Boston
from 1894 to 1907. Mr. Tilney became a member of the
firm in 1904. He retired from the firm of Harvey Fisk &
Sons in 1914 and came to the Bankers Trust Co. in August
1915 as Assistant to the President. Mr.Prosser, when asked
about this change, said:
The change In the official line-up of the company, which places Mr.
Tilney as President and me as Cnairman of the Board. comes about because
it is my belief. in which our directors concur,that it will lead to a more
flexible form of organization within the company. It does not mean that
I will in any way withdraw from the activities of the company except to
be largely relieved of many of the details of administration and will be
freer to act upon some Of the important questions which continually call
for consideration.
Mr. Tilney is a man who started with the institution as Assistant to
the President. Ile has grown up in power in the organization to be VicePresident and has in my absence been looked to as chief executive of the
company. This move represents no change in the policy of the company
and Mr. Tilney and I have worked In such a way that I know we can
continue our t elations in our two new positions with benefit to the company.
In creating the additional office of Chairman of the Board, it is felt
that the duties of the chief executive can be shared by the two officers
to the advantage of the company. In inviting Mr. Tilney to become
President, I feel that the expel ience which he has had indicates his undoubted ability to handle the position and his undetstanding of the policies
of the company from long association here guarantees that they will be
changed in no way. There is no particular reason why this move should
be made at this time other than the fact that I have had it in mind for
some time and it seemed to me that the 20th anniversary of the company
offered as reasonable an opportunity for putting my desire into effect
as would.be apt to occur in the futute.

At a meeting of the board of directors of the United States
Mortgage & Trust Co. yesterday (Mar. 23), Chauncey H.
Murphey resigned as a Vice-President. George C. Hoffman was elected Vice-President and Treasurer and Robert
F. Brown, Secretary of the company, was appointed Assistant to the President. George S. Little was elected an Assistant Treasurer. Eugene W. Dutton was elected VicePresident in charge of the 125th Street branch. The directors declared the regular quarterly dividend of 4% on the
stock, payable April 2 to stockholders of record March 27.
Howard Bayne has tendered his resignation as Vice-President of Irving Bank-Columbia Trust Company of this city,
to take effect April 1.
A special meeting of the stockholders of the Commonwealth
Bank of this city will be held on March 27 to vote on the
question of increasing the capital from $400,000 to $600,000.
The new stock (par $100) will be offered pro rata to the
present shareholders at $150 per share.
David F. Houston, formerly Secretary of Agriculture, has
been elected a director of the Farmers' Loan & Trust Company of this city.

The Harriman National Bank of this city marked its
twelfth birthday anniversary on March 20 with a showing
of capital, surplus and profits of $3,090,000, and deposits
of $45,100,000, a growth from its date of charter, March 20
1911, which reflects the business growth of the Fifth Avenue
section of the Terminal Zone as well as the current business
prosperity. The Harriman National Bank prior to its nationalization was the Night & Day Bank of New York, which,
it is claimed, was the first institution in the United States
to maintain corresponding hours of business. Its present
business day is from 8 a. m. to 8 p. m., Saturdays included,
with safe deposit vaults open from 8 a. m. to midnight, a
convenience which appears to meet the requirements of its
Simnel Mather, senior member of the firm of Pickands, neighborhood.
Mather & Co., Cleveland, dealers in iron ore and coal and
According to the Chicago "Journal of Commerce" of Mar.
manufacturers of pig iron, was elected a director of the
20, official announcement was made on Mar. 19 that the
Bankers Trust Co. on March 19 to fill the vacancy caused union of the Illinois Trust &
Savings Bank of Chicago and
by the death of Nicholas Biddle. Mr. Mather was born in
the Merchants Loan & Trust Co. of that city, under the title
Cleveland and for a generation he has been a leader there in of the Illinois Merchants
Trust Co., which has long been
business and philanthropy. He is a director of the United pending, will be
consummated on April 9. These instituStates Steel Corporation, a member of the Executive Comtions, together with the affiliations of the Corn Exchange
mittee of the National Civic Federation and a member
National Bank, will mark, it is said, "the largest single conof the Central Committee of the American Red Cross.
solidation of banking interests in Chicago's history." The




MAR. 24 1923.]

1245

THE CHRONICLE

new organization will have combined 'capital, surplus and
undivided profits of more than $50,000,000; the commercial
and savings deposits will aggregate more than $300,000,000;
the trust funds will amount to more than $500,000,000, and
more than 20,000 commercial and 200,000 savings depositors
will be served. The new Illinois Merchants Trust Co. will
open for business on the above-mentioned date (April 9) in
its new banking home at the corner of Clark Street and
Jackson Boulevard. The Corn Exchange National Bank, it
is said, will retain its present name and will remain in its
present quarters at La Salle and Adams Streets until the
western half of the Illinois Merchants Bank Building is
completed, some time next year. John J. Mitchell, who is at
present Chairman of the board of both the Illinois Trust &
Savings Bank and the Merchants Loan & Trust Co., will be
Chairman of the Illinois Merchants Trust Co., while Edmund
D. Hulbert, who is now President of all three uniting banks.
will be President of the Illinois Merchants Trust Co. and
also of the Corn Exchange National Bank. Ernest A. Hamill will continue as Chairman of the board of the Corn Exchange National Bank. Reference was made to the proposed
consolidation of the banks in these columns in our Dec. 16
issue.
Andrew Waugh, Assistant Secretary of the First Wisconsin
Trust Co., Milwaukee, and connected with the institution for
the past 15 years, died on Mar. 17 after a prolonged illness.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 7 1923:

GOLD.
The Bank of England gold reserve against its note issue on'the 28th ult.
was E125,675,945, as compared with .C125,669.800 on the previous Wednesday.
A fair amount of gold was available this week and was practically all
taken for India.
Gold valued at $430,000 has arrived in New York,$330,000from London
and $100.000 from France.
CURRENCY.
The French Commission that controls monetary circulation has drawn
attention to the fact that the new aluminum-bronze and nickel-bronze
counters compose at the present time the money which is actually in circulation.
From the institution of these counters up to Dec. 31 1922 a total of 305,248,452 has been made, of a nominal value of 301,615,194 francs. It is
interesting to compare this total with that of the remaining silver coins,
which (taking into account the withdrawal of the pieces bearing the crowned
head of Napoleon III) amount to 981,073,816 coins of a nominal value of
905,603,497 francs. Thus the total of the new base metal counters minted
represents 31% of the number and 33% of the nominal value of these silver
coins, many of which must have been exported, converted into bullion or
lost.
SILVER.
The market has shown a steady front during the week. During the earlier
Portion, China was the predominant factor, making purchases in London
and in San Francisco. The latter operation naturally hindered American
sales here. The continued advance in price induced during the last few
days some covering, and forward purchases by the Indian Bazaars. The
inquiry for that quarter for shipment is not strenuous. Indian rates have
been lower lately for the near than for the far positions, which is unusual.
We have remarked of late that the prospects of the Mexican output
were good. The"Times" correspondent there cables that this year's production should be a record. According to the Ministry of Commerce, the
total for 1923, if continued at the present rate, should prove over three
million kilos-96,500,000 ounces. The improvement is attributed to the
more settled condition of the country, but is probably owing still more
to the rising price of metals, that is to say, of base metals, the price ofsilver
being well below the average price of last year.
INDIAN CURRENCY RETURNS.
Feb. 15. Feb. 22. Feb. 28,
(In Lacs of Rupees.)
17277
17356
17389
Notes in circulation
8517
8596
8629
Silver coin and bullion in India
Silver coin and bullion out of India
2432
2432
2432
Gold coin and bullion in India
----Gold coin and bullion out of India
5743
5743
5743
Securities (Indian Government)
585
585
585
Securities (British Government)
The coinage during the week ending 28th ult. amounted to 2 lace of
rupees.
The stock in Shanghai on the 3d inst. consisted of about 27.300.000
ounces in sycee, 29,500,000 dollars and 590 silver bars, as compared with
about 29,900,000 ounces in syceo, 27,500,000 dollars and 110 silver bars
on the 24th ult.
The Shanghai exchange is quoted at 3s. 1%d. the tael.
Bar Gold per
-Bar Silver per Oz. Std.Oz. Fine.
Quotations-Cash,
2 Mos.
March 1
875. 9d.
31 15-16d.
31%d.
March 2
878. 9d.
7-16d.
31 9-16d.
31
March 3
31 11-16d.
3134d.
87s. 10d.
March 5
32%d.
31 15-16d.
March 6
888. Od,
323(d.
32d.
88s. 2d.
March 7
32d.
3113-16d.
Average
87s, 10.8d.
31.927d.
31.739d.
The silver quotations to-day for cash and forward delivery are each Md.
above those fixed a week ago.

London,
Mar.17. Mar.19. Mar.20. Mar.21, Mar.22. Mar.23,
Wed. Thurs. Fri.
Mon. Tues.
Week ending Mar. 23Sat.
32 7-16
Silver, per oz
32 7-16 3231
0 32 5-16 32 1-16 32%
37.10 87.9
88.2
Gold, per fine ounce
87.8
88.4
88.7
Consols, 2% per cents
59%
59%
59%
59%
59%
British, 5 per cents
101% 101% 10131
98
98
British, 4% per cents _ __ _
98
197%
0154 191%
0
%
7
French Rentes (in Paris), fr. 57.80 57.75 58.15 57.70 57.75 57.60
French War Loan(InParis),Ir. 73.70 73.75 73.97 74.10 74.30

The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(cts.):
Domestic
99%
Foreign
67%

99%
67%

99%
67%

99%.
07%

99%
6731

993i
673.

.

THE CURB MARKET.
Trading in the Curb Market this week was heavy and
despite periods of irregularity prices show improvement.
In some cases sensational advances were recorded, SchulteRetail Stores moving up from 62 to 843-f, and resting finally
at 823/2. Borden Co. corn. advanced from 112% to 120.
Del. Lack. & West. Coal rose from 84 to 893.. Glen Alden
,
Coal improved from 68% to 703 and closed to-day at 70.
National Dept. Stores corn. from 33, reached 383/i and
3
4
reacted finally to 36%. National Supply Co. corn. gained
two points to 70, but fell back to 60. Peerless Truck &
Motor after early loss from 60 to 583/2 sold up to 65K
and at 61 finally. Trading began to-day in the new securities
resulting from the reorganization of the Brooklyn Rapid
Transit Co.; the new stock, w. i., easing off from 19 to 183-f,
the new pref., ser. A., w. i., selling at 48X. The new 6%
3
.
bonds opened at 7398, sold down to 733( and at 73/ finally.
In the oil shares: Standard Oil (Kentucky) was conspicuous
for a loss of some seven points to 98, the close to-day being
at 983/3. Prairie Oil & Gas sold down from 250 to 244,
the final transaction being at 245. Standard Oil (Indiana)
improved from 683 to 69, then reacted to 66%, the close
to-day being at 66%. Maracaibo Oil Exploration was
decidedly active and advanced from 14% to 193.. Mammoth
Oil rose from 50 to 52. Bonds were moderately active and
steady. Maracaibo Oil 7s after fluctuating between 155 and
166 during the week jumped to 188 to-day.
A complete record of Curb Market transactions for the
week will be found on page 1267.
COURSE OF BANK CLEARINGS.
Bank clearings continue to maintain their record of
growth. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day, Saturday, March
24, aggregate bank clearings for all the cities in the United
States from which it is possible to obtain weekly returns
will show an augmentation of 13.7% as compared with the
corresponding week last year. The total stands at $7,838,811,277, against $6,896,762,016 for the same week in 1922.
Our comparative summary for the week is as follows:
Clearings--Returns by Telegraph.
Week ending March 24.

1923.

1922.

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

$3,529,000,000
510,922,775
433,000,000
325,000,000
115,043.930

33,430,773,520
423,007,412
325,000,000
2.52,000,000
108,366,540

Ten cities, 5 days
Other cities, 5 days
Total all cities,5 days
All cities, 1 day

Per
Cent.

103,500,000
a2
130,100,000
*85,300,000
135,910,901
84,252,230
122.949,546
57,880.313
70,977,033
42,742,505
57,528,276

+2.9
.
+20.8
4-24.1)
+29.0
+62
a
+25.7
+59.3
+45.9
+20.9
+34.6

$5,400,432,461
1,131,910,270

54,912,822,520
834,479.160

+9.9
+35.6

$6,532,342,731
1.306,468,546

$5,747,301,680
1,149,460,336

+13.7
+13.7

Total all cities for week
$7,838,811,277
a No longer report clearings. * Estimated.

56,896,762,016

+13.7

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ending March 17.
For that week the increase is 18.7%, the 1923 aggregate of
the clearings being $7,998,121,615 and the 1922 aggregate
$6,740,428,709. Outside of this city the increase is 20.1%,
the bank exchanges at this centre having recorded a gain
of only 17.5%. We group the cities now according to the
Federal Reserve Districts in which they are located, and
again the noteworthy feature of the return is that every
ENGLISH FINANCIAL MARKETS
-PER CABLE.
one of these Federal Reserve Districts records an increase
The daily closing quotations for securities, &c., at London, as comptrad with the corresponding week last year. In the
Boston. Reserve District the expansion is 37.9%; in the New
as reported by cable, have been as follows the past week:




p.

1246

THE CHRONICLE

York Reserve District (including this city) 17.5%, and in
the Philadelphia Reserve District 10.7%. The Cleveland
Reserve District has a gain of 20.2%; the Richmond Reserve
District of 25.3% and the Atlanta Reserve District of
33.6%. In the Chicago Reserve District the totals are
larger by 19.0%;in the St. Louis Reserve District by 30.2%,
and in the Minneapolis Reserve District by 10.6%. The
Kansas City Reserve District shows an increase of 3.6%; the
Dallas Reserve District of 29.8%, and the San Francisco
Reserve District of 21.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

Week ending March 17 1923.

1923.

1922.

s
s
Federal Reserve Districts.
11 C11101 460,840,421 348,738,3%
(1st) Boston
9 " 4,403,011,614 3,748,432,045
(2nd) New York
500,306,562 451,681,062
(3rd) Philade1ph1a----10 "
388,751,525 323,502,800
10 (4th) Cleveland
181,053,852 144,443,428
6 "
(5th) Richmond
200,108,325 151,121,043
12 (6th) Atlanta
879,164,129 739,050,450
18 (7th) Chicago
79,121,767 60,763,815
7 "
(8th) St. Louis
(9th) Minneapolis_ _ _ _ 7 "
123,961,211 112.126,563
250,500,256 241,734,748
(10th) Kansas City___ _11 "
5 "
62,693,246 48,320:459
(11th) Dallas
448,608,687 370,513,920
15 "
(12th) Ban Franciseo

Inc.or
Dec.
04
+37.9
+17.5
+10.7
+20.2
+25.3
+33.6
+19.0
+30.2
+10.6
+3.6
+29.8
+21.0

1921.

1920.

8
$
324,763,309 457,842,101
.087,546,341 5,367,582,299
455,355,322 567,341,954
364,670,673 459,941,375
152,503.938 195,227,820
153,628,129 223,080,063
722,037,904 984,808,319
59,401,388 65,085,353
121,514,989 80,035,895
282,925,430 420,113,675
56,110,648 82,151,170
369,900,566 421,946,303

Grand total
121 cities 7,998,121,615 6,740,428,709 +18.7 7,170,355,633 9,325,156,327
3,684,143,020 3,050,833,896 +20.1 3,142,336,965 4,031,795,446
Outside New York City
flanov1.•

90 r1tItses 051 095 140 291.803.658 -13.9 299.169_427 348.455.370

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

[VOL. 116.
Week ending March 17.

Clearings at1923.

Inc. or
Dec.

1922.

1921.

Total(18 cities

879,164,129

739,050,450 +19.0

722,037,904

984,808,319

Lou is
+33.2
a
+21.6
+7.9
+44.7
+34.1
+28.0
+10.3

4,033,255
a
27.332,034
476,747
15,700,382
9,924,728
337,277
1,596,963

5,166,766
a
12,544,645
943,839
29,888,697
14,121,305
514,377
1,905,725

60.763,815 +30.2

Eighth Fede • al Reserve D 'strict-St.
Ind.
5,110,454
-Evansville
3,837,555
Mo.-St. Louis_
a
a
28,983,971
Ky.-Louisville_
35,238,124
489,437
528,310
Tenn.-Memphi
Owensboro_16.729,984
24,212,000
Ark.
12,115,546
-Little Roc
9,030,967
III.-Jacksonvill
288,515
369,340
1,403,386
1,547,993
Quincy
Total(7cities)

79,121,767

59,401,386

65,085,353

upon&
-0.5
+10.3
+14.1
+30.8
+11.3
-39.3
-9.7

5,706,422
68,595,344
39,943,803
2,400,258
1,230,356
752,254
2,886,554

7,110,942
44,379,365
20,936,318
2,736,949
1,692,990
1,221,067
1.958,264

112,126,563 +10.6

Ninth Faders Reserve Dist rict-Minna
Mimi -Duluth.. d5,568,531
5,596,941
73,704,979
Minneapolis...
66.829.078
St. Paul
32,966,268
37,625,7.53
2,058,721
No. Dak.--Farg
2,692,041
So. Dak.-Aberd'
1,010,308
1,124,759
587,614
Mont -Billings.
468,059
3.076,733
Helena
2,777,039

Clearings at
1923.

1922.

Inc.or
Dec.

Total(7 cities).
1921.

$3
$
%
$
-BostonFirst Federal Reserve Dist'let
717,237 -11.6
839,234
-Bangor__ _ .
Me.
635,474
2,736.971 +3.1
2,350,000
2,822,843
Portland
.
Mass.-13oe000_ . 436,000,000 310,000,000 +40.6 286,000,000
1,579.533 +38.8
1,378,892
2,192,681
Fall River_ _ _ .
a
a
a
Holyoke
a
•
1,165,819 +4.3
1,020,858
1,216,047
•
Lowell
a
a
aa
Lynn
1,416,108 +6.6
1,296,352
1,510,050
New Bedford_ .
3.837,803 +23.9
4,372,342
.
4,756,773
Springfield
3,314,233 +16.4
3,465,945
3,824,000
.
Worcester
9,006,295 +16.1
8.255,449
10,457,985
Conn.-Hartto
4,964,377 +19.5
5,932,568
5.888,737
New Haven_ _ .
9,895,500
11,492,000 *10,000,000 +14.9
R.I.-Providenc r
Total(11 citiesi

480,840,421

348.738,376 +37.9

$
772,169
2,300,000
410,149.628
2,415,876
a
1.177.488
a
1,919,362
4,960,405
4,577,864
9,300,639
7,017,570
13,251.100

.
Total(9 cities) 4,403,011,614 3,748,432,045 +17.5 4,087,546,341 5,367,582,299
Third FederaI Reserve Dis trict-Philo delph I a1,201,942
-Altoona__ _
945,085 +33.5
877,606
Pa.
2,896.181 +25.2
3,626,795
Bethlehem._ .
2,881,187
925,085 +27.9
1,183,537
Chester
1,000,000
2,942,134 +18.8
3,495,358
Lancaster_ __ ,
2,995,472
Philadelphia _. 474.000,000 430,000,000 +10.2 432,732.181
3,344,415
2,530,768 +32.2
.
2,385,308
Reading
4,549,087 +13.7
. d5,171,963
Scranton
4,695,551
2,242,000 +29.4
Wilkes-Barre_ . d2,901,8.58
2,437,021
1,220,886 +17.6
.
1,435,328
York
1,284,636
-Trenton_ .
3.429,836 +13.3
3.885,386
4.066,360
N.J.
a
a
aa
Del.-WilmingV I
500,306.582

451,681,062 +10.7

841,178
1,571,290
3,104.695
546,275,010
2,860,000
4,083.844
2,879,122
1,536,086
3,589,829
a

455,355,322

567,341,954

Fourth Fede r al Reserve D Istrict-Clev eland 4.876.000 +3.4
. d5,C42,000
6,878,000
Ohio-Akron
.
5,912,937
3,353,283 +76.3
3,476,046
Canton
62,947,428 +26.1
79,358,811
Cincinnati_ _ .
67,728,923
. 110,094,007
88,603,365 +24.2 113.266,543
Cleveland
15,650,100
13,116,900 +19.3
12,099,300
Columbus- _ _ _ .
a
a
•
a
a
Dayton
•
998,686 -58.1
418.248
839,844
Lima*
•
1.819,218 +39.8
d2,543,687
1,463,568
Mansfield
a
a
a
a
Springfield_ _ _
a
a
a
•
a
Toledo
13.3
4,366,695
d3,784,303
YOungatown_ •
4,317,625
a
a
a
a
-Erie
Pa.
Pittsburgh- -- • 161,162,639 139,000,000 +15.9 169,415,318
4,416,220 +8.3
4,784,188
.5,185,506
W.Va.-Wheelin

11,144,000
6.338,406
80,114,063
152,593,188
14,101,300
a
1,452,552
1,819,064
a
a
4,582,532
a
182,846,262
4,950,008

323,502,800 +20.2

384,670,673

459,941,375

Fifth Federal Reserve Dist let-Mehra ond1,480,372 +43.4
2,123,120
W.Va.-Hunt'to
6,059,301 +26.7
d7,675,145
Va.-Norfolk _
40.222.232 +28.3
51,599,000
Richmond _ _
2,138,25,5 +35.2
d2,890,480
-Chariest'
S. C.
75,000,926 +27.8
05,828,054
Md.-Baltimore
19,542,342 +7.1
20,938,053
D. C.-Wash'tofl

2,040,178
7.301,761
42.689,093
2,000,000
80.787,160
17,685,744

1,969,413
10,138,326
66.914,971
4,425.829
92,906,098
18,873,183

Total(10 cities

388,751,525

144,443,428 +25.3

152,503,936

195,227,820

Sixth Federal Reserve Dist rict-Atiant a
5,096,040 +19.1
d6,070,960
Tenn.-Chatt'ga
2,764,591 +17.9
3,259,238
Knoxville
18,322.513 +13.2
20,731,000
Nashville
45,262,716 +35.7
01,418,566
Ga.-Atlanta___ _
1,669,876 +72.8
2,885,007
Augusta
1,098,457 +45.7
1,600,317
Macon
a
a
a
Savannah
11,320,116 +35.6
15,354,796
18.325,643 +61.8
29,643,769
Ala.-Birm'ham_
+4.6
1,882,841
1,969.803
Mobile
824.869 +24.7
1.028,865
Miss.
-Jackson_ _
282,390 + 14.4
323,056
Vicksburg
44,270,991 +26.1
La.
55,822,043
-New Orrns.

5,758,292
3,075,080
18,578,978
45,447,441
1,652,282
1,000,000
a
12,120,434
18,327,819
1.920,178
700,000
272,706
44,771,919

9,274,797
3,332,992
25,363,209
72,887,190
5,663,871
a
14,489,253
21,308,929
2,493,814
814,164
376.722
67,075,122

200,108,325j 151,121,043 +33.6

153.625.129

223,080,063

Total(6 cities).

Total(12 cities)

181,053,852




80,035,895
1,150,958
1.085,413
7.683.141
82,331,512
3,412,656
13,274,705
271,014,523
a
a
13,134,612
a
1,422,875
24,363.902
1,239,378

+3.6

282,925,430

420,113,675

Eleventh Fede ral Reserve District
-Da Has
Texas-Austin...
1,643,281 +25.5
2,062,730
25,492,884 +42.2
36,256,401
Dallas
Fort Worth_ _
10,747,060 -4.5
10.264,000
6,140,880 +51.4
9,295,567
Galveston
a
a
Houston
a
La.
4,814,548
4,296,345 +12.1
-Shreveport_

2,363,340
30,216,013
13,195,215
6,335.077
a
4,001,003

2,000,000
46.262,065
21,537,805
7,251,390
a

56.110,648

82,151.170

Franc isco44,276,041
+8.1
a
a
a
1,422,800
-r0.6
33,443,661
+4.3
+22.2
12,974,440
a
a
a
a
4,227,239
+47.6
3,260,446
+87.0
88.714,000
+37.1
11,040,996
+23.6
3,742,084
+31.6
+18.5
5,707,710
+25.7
2,513,035
+14.6 150,500,000
1,771,143
+26.1
880,138
+29.0
5,336,134
+6.7

60,160,913
a
a
2,053,505
44,528,036
18,184,253
a
a
5,001,029
3,245,563
82.932,000
11,195,721
2,605,638
6,439,757
2,895,360
176,164,286
1,771,142

123,961,211

250,500,256

241,734,748

457,842,101

-New YorkSecond Fede r al Reserve D strict
5,250.633 -0.4
.
5,228,304
-Albany.
N. Y.
4,203,580
4,397,369
943,000 +7.3
e1,011,300
Binghamton_ _ _
957,500
1,172,600
37,108,510 +16.6
. d43,252,482
Buffalo
49,799,124
37,442.644
Elmira
668.480 Not included in total s.
918,671 +23.9
Jamestown_ _ .
c1,138,435
848,488
New York_ _ _ . 4,333,978,505 3,689,594.813 +17.5 4,028,018,668 5,293, -- .- 6 ,381
30
10,882,081„
+33.2
Rochester_
9,214,103
13,794,406
3,769,251 +20.8
.
4,552,744
Syracuse
3,794,568
4,719.262
I
Conn.-Stamfor,
c2.521,245
2,327.391 +8.3
2,462,513
348,395 +27.0
445,528
532,446
410,488
N. J.-Montclair

Total(10 cities 1

121,514,989

Tenth Federal Reserve Dist net-Kansas City
Neb.-Fremont..
341,864 +52.3
572,810
d520,890
Hastings
583,399 -2.4
941,127
569,403
Lincoln
3,784,784 +18.1
3,920,825
4,470,738
40,932,517 +14.5
44,983,165
46,870,794
Omaha
Kan.-Topeka_ _
d3,127,350
2,923,796
2,329,985 +34.2
11,032,432 -11.5
11,954,788
d9,766,747
Wichita
Mo.-Kansas City 140,206,386 142,225,367 -1.4 173,748,986
St. Joseph-a
a
a
a
Okia.-Mushogee
aa
a
24,220,369
20,811,399 :9.6
Oklahoma City d22,813.527
Tulsa
a
a
a
a
969.389
933,914 +58.0
Colo.-Col.Spgs.
1,475,380
Denver
18,074,106 +9.8
18,107,375
19,852,941
883,000
684,981 +20.6
Pueblo
e826.100

1920.

Total(11 cities)
324,763,309

1920.

$
$
$
%
3
Seventh Fede r al Reserve D istrict-C hi cage
Mich.
-Adrian.
301,104
257,690 +16.8
300,000
472,582
Ann Arbor_ _ _
854,828 -13.6
738,730
696,378
640,449
Detroit
133,793,470 115,926,549 +15.4 110,405,180 159,877,700
Grand Rapids.
6,058,114 +10.7
6,704,900
5,495.752
7,177,830
Lansing
1,816,236 +21.4
.
1,500,000
2,204,413
1,757,643
Ind.
-Ft. Wayn r
1,762,319 +15.2
2,030,072
1,646,194
1.986,514
Indianapolis...
19,626,000
16.567,000 +18.5
13,207,000
18,005,000
South Bend .
2,282,327
1,843,417 +23.8
1,600,000
1,891,044
Wis.-Milwauk 3
36,568,420
37,183,045 -1.7
33,401,005
42,859,135
Iowa
1,858,835 +40.4
2,361,488
2,609,614
-Cedar Ra )
3,328,924
Des Moines .
11,081,615
+11.5
9,935,868
9,533,224
16,779,941
Sioux City_ _ .
6,104,434
0.0
7,098,345
6,104,000
12.674,897
Waterloo
•
1,426,780 +7.9
1,539,250
1,586,089
2,857,437
Ill.-Bloomgton
1,632,913 +8.6
1,783,850
1,772,583
2,386,189
Chicago
643,338,101 528,335,070 +21.8 523,492,805 702,349,309
Danville
aa
a
a
Decatur
1
1,098,838 4-5.0
1,153,715
1,207,996
1.689,083
4,424,238
Peoria
3,957,977 +11.8
4,050,937
5,304,489
b
Rockford
b
to
b
b
2,891,577
Springfield_
2,430,537 +19.0
2,670,761
2,780,153

Total(5 cities).

62,693,240

48,320,459 +29.8

Twelfth Feder al Reserve D IstrIct-San
Wash -Seattle..
42,064,074
45,466,605
a
a
Spokane
Tacoma
a
1,556,843
Yakima
1.*47,189
5
32,338,119
Ore.
33,741,844
-Portland..
Utah-S. L. City
11,646,969
14,231,301
a
a
Nev. Reno_ _
Aria -Phoenix.
a
a
Calif.-Fresno...
3,589,207
e5,298,610
4,377,917
8.185,936
Long Beach_
Los Angeles_ _ _ 138,275,000 100,875.000
12,009,378
Oakland
14,845,658
4.104,646
5,400,851
Pasadena
5,309,553
d6,280,703
Sacramento
3,027.224
San Diego _ _ _ _
3,806,180
San Francisco_ 165,700,000 144,700,000
1,750.129
San Jose
2,206.020
932,215
Santa Barbara_
1,208,236
2,242,300
Stockton
c2,392.000

5.100,000

5.779,100

Total(15 cities) 448.608,687 370,513,920 +21.0 369,900,566 421,940,303
Grand total (121
7,098,121,615 6,740.428,709 +18.77,170.355,0339,325.156327
cities)
Outside N. Y _ .: 5611 1,1 win 3(Ina 522 508 4.2(1 1 3_142 23f1 Ofill 4021 705 ....te
T Week ending March 15.
Clearings at
1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
gi
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
.
Fort William _ __
New Westminster
Medicine Hat_ _ _
Peterborough....
Sherbrooke
Kitchener
Windsor
.
Prince Albert_ __
Moncton
Kingston

$
70,066,759
81,1324,216
30,562,884
12,700,456
5,791,631
4,295,319
2,482,211
5,109,346
4,411,820
2,547,505
1.731.248
2,496.172
3.545,408
2,824,380
455,316
432,936
1,230,709
909.300
851,704
632,787
506,603
243,585
635,845
718,017
926,266
2,773,771
286,940
810,401
465,605

1922.
$
96,703,010
90,734,026
41,313,975
11,595,569
6,327,055
4,480,776
2,908,319
4,837.176
4,770.666
2,564,162
1,836,142
3.129.018
3,984,453
2,924,411
559,392
560,136
1,406,968
1,063,409
944,799
678.410
625,071
333,330
699,144
760,882
966,744
2,736,642
299,706
1,348,119
552,148

inc. or
Dec.
%
-18.2
-10.0
-26.0
+9.5
-8.5
-4.1
-14.7
+5.6
-7.5
-0.6
-5.7
-20.2
-11.0
-3.4
-18.6
-22.7
-42.5
-14.5
-9.0
-8.7
-19.0
-26.9
-9.1
-5.6
-4.2
+1.4
-4.3
-39.9
-15.7

1921.
$
95,505,180
89,378,557
40,503,485
13,078,233
7,062,510
5,776,516
3,052,730
5,744,084
8,986,410
2,619,568
2,467.905
2,893,297
4,143,483
3,824,514
594,263
637,165
1,771,473
1,306,378
1,090,462
767,796
559,231
342,800
877,663
1,209,206
795,125
2,698,957
314,107
1,168,420

1920.
$
125,013,609
99.769,545
40,632,613
15,620,871
8,423.769
4,435,177
4,322,455
7,279,903
8,111,861
3,345,471
2.711,026
3,160,952
5,477,035
3,808.117
650,503
875,817
1,873,102
1,432,242
1,216,798
733,788
646,302
403,344
846,981
936,406
1,114,488
3,167,156
445,040

Total Canada_ 251.069.140 291.54n 658 -125 200 180 427 248.454.370
a No longer report clearings. b Do not respond to requests for figures. C Week
ending Mar. 14. d Week ending Mar.15. e Week ending Mar. 16. •Estimated.

THE 'CHRONICLE

MAR. 24 1923.]

Commercial anilMiscellantons

in

New York City Banks and Trust Companies.
AS prices dollars per Mare.
Banks—N.Y Bid Ask
America•__ 227
Amer Exch. 289 555
Battery Park- 135 142
440
BowerY•
BroadwayCen 115 140
Bronx Boro*_ 125
Bronx Nat..._ 150
Bryant Park* 150 165
Butch & Drov 130 138
Cent Macon_ 210
347 555
Chase
Chat & Phen_ 253 257
95
Chelsea Exch•
Chemical ____ 645 550
(foal & Iron_ 217 223
Colonial_
*__ 375
Columbia__ 227 237
Commerce ___ 307 312
Gom'nwealth* 270
Continental— 135
Corn Exch..... 430 435
Cosmop'tan*_ 105 120
East River— 190 200
Fifth Avenue* 1110
225 558
Fifth
1190 1210
First
255 265
Garfield
Gotham
192 198
Greenwich*
290 310
Hanover
685 700

Banks
Harriman___
Imp cSo Tract_ _
Irving Bank
ColumblaTr
Manhattan •_
Mech & Met_
Mutual*
Nat American
National City
New Neth*__
Pacific •
Park
Public
Seaboard
Standard •_
State*
Tradesmen's•
23d Ward*....
United States*
Wash'n PEW_
Yorkville *

Bid
355
750

Ask
365
770

248
149
410
300
135
347
130
300
430
297
335
165
340
200
270
163
200
600

252
151
415

807

Brooklyn
Coney Island*
First
Mechanics' •_
Montauk •__
Nassau.
People's

155
320
130
150
225
160

165
855
Brooklyn
140 Brooklyn Tr_
Kings County
240 Manufacturer
People's

145
353

Zia
175
350

Trust Co.'s Bid
New York
American _ _
Bank of N.Y.
dr Trust Co 475
Bankers Trust 380
Central Union 467
Commercial _ 115
Empire
315
Equitabre Tr. 194
Perm L & Tr_ 525
Fidelity Inter 200
Fulton
255
Guaranty Tr_ 278
Hudson
200
Law Tit & Tr_ 198
Metropolitan. 315
Mutual (West
chester)
120
,N Y Trust._ _ 350
Title Cu & Tr 370
U S Mtg & 'Pr 323
United States 1220
Westches, Tr. 180

•Banks marked w th (*) are State banks. I New stock.
rights. o Ex-100% stock dividend.

475
800
260
365

Ask

485
385
473
196
530
210
265
283

ioL
325
130
355
380
333
255

500

Ex-dividend. o Es-

New York City Realty and Surety Companies.
AU prices dollars per share.
Bid
95
97
285
65
92

Ask
100
100
295
68
98

IBid
Lawyers Mtge4 160
Mtge Bond.. 112
Nat Surety__ 159
N Y Title &
Mortgage__ 191

Ask Realty Assoc
165
(Brooklyn).
118
S Casualty.
161 US Title Guar
Westchester
196
Title &'Fr,

Bid
176
110
120

1247

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,
Marc-t 13—The First National Bank of North Little Rock. Ark-8100.000
Correspondent, Thos. R. Ashcraft, Box 223, Little Rock. Ark.
March 13—The National Bank of America in Paterson, N. J---Corresnondent, Wilmer A. Cadmus, 343 E. 37tha St., Paterson,
N.or.
March 13—The Oklahoma National Bank of Holdenville. Okla--- 50,000
Correspondent, Chas. S. Adams,Tioldenville, Okla.
March 14—The First National Bank of Kingman. Ariz
50,000
Correspondent, Geo. W. Miller, Kingman, Ariz.
March 14—The Maple Shade National Bank, Maple Shade, N.J. 25.000
Correspondent, Howard H. Walker, Maple Shade, N. J.
March 16—The Coney Island National Bank of New York, N. Y._ 200,000
Correspondent, Arthur J. Stern, 164 Montague St., Brooklyn, N. Y.
APPLICATIONS TO ORGANIZE APPROVED.
March 16—First National Bank in Two Harbors, Minn
50,000
Succeeds First State Bank of Two Harbors, Minn.
Correspondent, John A. Barton, Two Harbors, Minn.
March 16—The First National Bank of Agra, Olda
25,000
Succeeds the Bank of Agra, Agra, Okla.
Correspondent, C. J. Alden, President, Bank of Agra, Okla.
APPLICATIONS TO CONVERT RECEIVED.
March 13—The Farmers National Bank of Helena. Okla
25.000
Conversion of the Farmers State Bank, Helena, Okla.
March 16—The Slick National Bank, Slick, Okla
25,000
Conversion of the First State Bank of Slick, Okla.
CHARTERS ISSUED.
March 13-12334—The State National Bank of Wynnewood,Okla, 25,000
Conversion of the First State Bank of Wynnewood. Okla.
President. J. H. Cooper; Cashier, G. L. Bradfield.
March 14-12335—First National Bank in Cement, Okla
25,000
Conversion of the State Exchange Bank, Cement. Okla.
President, F. M. Bailey; Cashier, F. I. Martin.
CHANGE OF TITLE.
March 15-1202—The National Tradesmens Bank of New Haven,
"The National Tradesmens Bank & Trust Co. of New Haven.
Con.t

200.000

Ask
183

DIVIDENDS.
Dividends are grouped in two separate tables. In the
123 first we bring together all the dividends announced the cur210
rent week. Then we follow with a second table, in which
we show the dividends previously announced, but which
Auction Sales.—Among other securities, the following, have not yet been paid.
The dividends announced this week are:
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
Per
When
Books Closed.
By Messrs. Adrian H. Muller & Sons, New York:
Name of Company.
Cent. Payable.
Days 11342114AI
I.

Alliance R'ity
Amer Surety.
Bond& M G_
City Investing
Preferred --

Price.
Mares. Stocks.
2,000 Pueblo Realty & Dev., com_S3 lot
$4 lot
496 do preferred
200 A.& N. Realty Co.,$50 each,
$3255 per share
20 Gulf Florida & Ala. fly., corn_ _52 lot
600 San Geronimo Mines & Metals
5135 lot
Corp., $10 each
100 Havana Tobacco Co., corn...520 lot
$50 per share
50 Arabol Mfg., pref
500 Pyrocolor Corp., cont.. $5 ea,325 lot
$10 lot
170 Healy Box Corp., corn
$10 lot
40 do 2d preferred
70 Aztec Land & Cattle Co., Ltd.
(in liquidation). $10 each
10 Citizens National Bank of
85,000
Weatherford, Tex
lot
50 2-5 Beattie Gin Co
58 Nocona Cotton Seed 011
49 Developers Oil & Gas

Shares. Stocks.
Price.
23 Hungarian-American Bank __.$20 lot
5 Columbia Graphophone Factories,
8% preferred
$28 per share
10,000 Emerich Oil, corn., $10
each
$200 lot
50 San Seal Corp., no par
$2 lot
50 Tobacco & Finance Corp.880 per share
Bonds.
Price.
$100 Peoria Water Works 4s, 1950.837
$1,000 Peoria W. W.let 44, 1948.- 5614
$5,000 Gulf Florida & Ala. Hy.
let 5s, 1961, cert. of deposit__.$12 lot
$500 Dry Dock East Broadway &
Battery RR. reg. income C bond
and $91 scrip
243 lot
$10,000 Iberville Lumber Co. 2d
575 lot
Mtge. 88, extended 1933

By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
250
2 Old Colony Trust
16015
1 Androscoggin Mills
760
4 Appleton Co
1815
60 U. S. Worsted, common
22 Ludlow Mfg. Associates
14831
22 Wm.Whitman,Inc., pref..99)5 & div.
2 Griffin Wheel Co., pref
100
10 King Philip Mills
175)i
17 Lincoln Mills
10614
g Lowell Bleachery
65
35 Ludlow Mfg. Associates.—149-150g
5 Merrimack Mfg. Co., common.10714
33 Quincy Market Cold Storage &
Warehouse Co., full paid receipts 13814
5 Tremont & Suffolk Mills
150
10 Mass. Cotton Mills
170%
2 Union St. Ry. of New 13edford._123

Price.
Shares: Stocks.
6 Dennison Mfg. Co., 1st pref_ -136
110
10 Plymouth Cordage Co
70 Liggett's Internat., Ltd., pf.53)5-52)1
580
1 Boston Athenaeum (300)
5 Greenfield Tap & Die Corp., pf_ 9635
100
5 G.E.Keith Co., pref
7 Rts. Manchester Trac.,Lt.& Pr. 134
- 8235
6 Emerson Shoe Co., lit
10 Greenfield Tap & Die Corp., pt.. 96)4
12355
15 Walter Baker Co., Ltd
9 New Bedford Gas & Edison
192)4
Light Co
8531 ex-div.
5 American Mfg., pref
Price.
Bonds.
51,000 Eastern Texas Electric Co.
103)5
cony. 75, 1925

By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price. Shares. Stocks.
Price.
2 Merchants National Bank
10 Buzzards Bay Cranberry Corp_10 lot
303
10 First National Bank, ex-div.__322
210
10 Cambridge Gas Light Co
1 Androscoggin Mills
161)1 5 American Glue Co.. common._ _ 64
35 Waltham Bleachery & Dye Wks.1463.5 5 Cambridge Electric Securities Co-23234
6 York Manufacturing
' 12134 20 Lamson dr Hubbard Corp., pref- 24
11 Ludlow Mfg. Associates
148g 20 New England Storage Warehouse 3034
39 Waltham Bleachery & Dye Wks.145)5 15 Collateral Loan Co.,ex-div
105)5
3 Bigelow Hartford Carpet, com_162)5 38 Bay State Pump Co
5 lot
16% 5 Sullivan Machinery Co
34 U.S. Worsted Corp.,corn
62
g First preferred
55% 15 Jones, McDuffee & Stratton,
31 Second preferred
15%
60
Common Class A
5 Ludlow Mfg. Associates
149
95
10 Preferred
100 Gorton-Pew Fish., pf att. dep. 5
.
3 Draper Corporation
16834
20 Common
25c. 25 Technicolor Motion Picture
25 New England Storage Warehouse 31trust certificates
1134
100 Library Bureau, pref., exPrice.
Bonds.
div
100K-K1015" 23,000 Boston Wharf Co. 4s, 1941- 86)4
500 Santa Fe Gold de Copper Mg.87 lot $2,000 Montgomery Light & Water
1,000 Bay State Gas CO
.088.
8234
Power Co. 88, 1943

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price. Shares. Stocks.
Price.
40 Philadelphia Co. for Guarantee10 Phoenix Trust Co., par $50— 47
inc Mortgages
201
70
10 Peoples Trust Co., par 550
20 Fourth Street National Bank _ _ .35315 10 Colonial Trust Co
13331
20 Real Estate Title Ins.& Trust._459
6 Commonwealth Title Ins. & Tr-415
30 Guarantee Tr. & Safe Deposit...153' 5 National Bank of Malvern, Pa.
.202
5 Land Title & Trust
651
13 Philadelphia Bourse, pref
2534
5 do
640
10 Georgia Ry.& Power, 1st prof. l06
8 do
637
2 Hatch Land k Improvement Co.874
7 Peoples Nat. Fire Insurance
2631 3 Enterprise Manufacturing
4234
55
3 Middle City Bank, par $50
8 Philadelphia Bourse,common_
1234
100 Rockhill Coal & Iron, pref.__ - 70
4 John B.Stetson Co.,corn., no par 10434
18 Corn Exchange National Bank...425g 2 Mine Hill& Schuylkill Haven RR. 51
do
425
5 Aldine Trust Co
12
233
19 Fourth Street National Bank _ _357
37 Camden Fire Ins. Aasoc'e. Par $5 1135
52534 13 Phila. Wareh's'g & Cold Storage 110
5 Central National Bank
200
10 DreudIng Bros
10 Tenth National Bank
136
20 Bank of No. Amer. & Trust._.30834 Bonds.
Price.
vi Bank of No. Amer.& Trust...305
83,000 5.5. White Dental Mfg.88.10731




Railroads (Steam).
Boston & Providence (guar.)
Kansas City Southern, pref. (quar.)-Northern RR.of New Hampshire (guar.)
Norwich & Worcester, pref. (quar.)....
Providence & Worcester (guar.)
Reading Co., corn. (guar.)

234
1
134
2
234

*2

Mar.21 Holders of rec. Mar. 15
Apr. 16 Holders of roe. Mar.310
Apr. 2 Holders of rec. Mar. 12
Apr. 1 Holders of rec. Mar. 15
Mar.31 Holders of rec. Mar. 14
May 10 *Holders of rec. Apr. 17a

Public Utilities.
Adirondack Pr.& Lt., 7% pref.(guar.). 134 Apr. 2 Mar.20 to Apr. 2
8% preferred (guar.)
2
Apr. 2 Mar.20 to Apr. 2
American Gas Co.(guar.)
1)4 Apr. 2 Holders of rec. Mar.21
Amer. Water Wks.& EL.7% lit p1.(qu) 134 May 15 Holders of rec. May 1
6% participating pref.(No. 1)
1
May 15 Holders of rec. May 1
Boston Consolidated Gas (guar.)
*2
Mar.30 *Holders of rec. Mar.22
Brooklyn Borough Gas, corn. (quar.)--- 50c. Apr. 10 Holders of rec. Mar.31
Preferred (guar.)
2
Apr. 2 Holders of rec. Mar.28
Cincinnati Gas & Electric (guar.)
131 Apr. 1 Mar. 15 to Mar.21
Cin. Newp.& Coy. L.& Tr., corn. (qu.) 134 Apr. 15 Apr. 1 to Apr. 15
Preferred (guar.)
134 Apr. 15 Apr. 1 to Apr. 16
Ctn. & Suburban Telephone (guar.).
2
Apr. 1 Mar. 18 to Mar. 31
Citizens Gas Light (guar.)
•2
Mar.30 *Holders of rec. Mar.22
Colorado Power, corn. (guar.)
131 Apr. 16 Holders of rec. Mar.31
Columbus (0.) Ry.,P.& L., pf. A.(qu.) 134 Apr. 2 Holders of rec. Mar. 17a
Preferred, series B (guar.)
134 May 1 Holders of rec. Apr. 14a
Consumers Elec. Lt.& Pr., N.0.,pf.(qu)
Mar. 31 Mar. 11 to Apr. 1
Duluth Edison Elec. Co., pref.(quar.).1 134 Apr. 2 Holders of rec. Afar. 21
Duquesne Light, 7% pref. (quar.)
134 May 1 Holders of rec. Apr. 1
Elmira Water,Light& RR.1st pf.(qu.)_
134 Mar.31 Holders of rec. Mar. 16
2d preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 16
Houston Gas & Fuel, pref. (guar.)
134 Mar. 31 Holders of rec. Mar. 17
Manchester T., L.& Pr.(guar.)
2
Apr. 16 Holders of rec. Apr. 2
Michigan State Teleph., corn. (quar.)
135 Mar. 30 Holders of rec. Mar. 15a
Montreal Telegraph (guar.)
2
Apr. 16 Holders of rec. Mar.31
National Power & Light, pref. (quar.).. 134 Apr. 16 Holders of rec. Mar.31
Nevada-Calif. Elec. Corp., pref. (quar.)_ *15.1 Apr. 30 *Holders of rec. mar.30
Newburyport Gas & Electric (quar.)_. _ El
Apr. 14 Holders of rec. Mar.31
Extra (from reserve for dividends)..... $1 Apr. 14 Holders of rec. Mar.31
Philadelphia Co.,6% pref
$1.50 May 1 Holders of rec. Apr. 1
Philadelphia Rapid Transit, (guar.).
768. Apr. 30 Holders of rec. Apr. 16
Philadelphia & Western Ry. pt. (qu.)..* 623.5c. Apr. 14 *Holders of rec. Mar.310
Portland Ry., Lt.& Pow., 1st pref.(qu.) 134 Mar.31 Holders of rec. Mar. 17
Prior preference (guar.)
1)( Mar.31 Holders of rec. Mar. 17
Porto Rico Rys., pref. (quar.)
134 Apr. 2 Holders of rec. Mar. 15
Providence Gas Co. (guar.)
$I
Apr. 2 Holders of rec. Mar. 15
Public Serv.Corp.of Nor.lli., corn.(qu.) '134 May 1 *Holders of ree. Apr. 14
Preferred (guar.)
*1)4 May 1 *Holderrof rec. Apr. 14
Turners Falls Pr.& Elec. corn.(guar.)-- $1 50 Afar. 31 Holders of rec. Mar. 21
Employees' stock
15c. Mar. 31 Holders of rec. Mar. 21
Wash., Bait. & Ann. El. RR., pf.(qu.). 134 Apr. 2 Holders of rec. Mar. 17
West Kootenay Pow.& L., pref.(guar.) 151 Apr. 2 Holders of roc. Mar.27
West Penn Power Co.,7% pref.(guar.). 154 May 1 Holders of rec. Apr. 16
Wisconsin Pow., Lt.& Heat, pref.(qu.). *134 Apr. 20 *Holders of rec. Mar.31
Wisconsin River Power, pref. (guar.)... _ •134 May 19 *Holders of rec. Apr. 30
York (Pa.) Rys., corn. (guar.)
•50c. Apr. 16 *Holders of rec. Apr. 5a
Preferred (guar.)
• 62540. Apr. 30 *Holders of rec. Apr. 20a

134

Banks.
American Exchange National (guar.)._ _
Fifth Avenue (guar.)
Fifth National (guar.)
Garfield National (guar.)
Hanover National(quar.)
Mechancis (Brooklyn) (guar.)
Mechanics & Metals National(attar)
Nassau National (Brooklyn)(quar.).....
New Netherland (guar.)
Park, National (guar.)
Washington Heights, Bank of (guar.).Yorkville
Trust Companies,
American Trust Co. (quar.)
Bankers (guar.)
Central Union (guar.)
Corporation (guar.)
Empire (guar.)
Fidelity-International (guar.)
Metropolitan (guar.)
New York Trust (guar.)
Peoples (Brooklyn) (guar.)
Title Guarantee & Trust (guar.)
U.S. Mortgage & Trust (guar.)

351
6
234
3
6
3
5
3
2
6
135
734
114
5
6
23.5
3
234
4
5
5
3'
*4

Apr. 2
Apr. 2
Apr. 2
Mar.31
Apr. 2
Apr. 2
Apr. 2
Apr. 2
Apr. 2
Apr. 2
Apr. 1
Mar. 31

Holders of rec. Mar.23
Holders of rec. Mar.310
Mar.27 to Apr. 1
Holders of rec. Mar.27a
Mar. 22 to Ayr. 1
Holders of rec. Mar. 24a
Holders of reo. Mar.24
Holders of rec. mar.30a
Holders of rec. Mar.24
Holders of rec. Mar.23
Holders of rec. Mar.300
Holders of rec. Mar. 21a

Mar. 31 Holders of rec. Mar. 24a
Apr. 2 Holders of rec. Mar. 230
Apr. 2 Holders of rec. Mar. 23a
Mar. 31 'Holders of rec. Mar.31a
Mar.30 Holders of rec. Mar. 24a
Mar. 31 Mar.24 to Apr. 2
Mar.31 Holders of rec. Mar.288
Mar. 31 Holders of rec. Mar. 24a
Mar. 31 Holders of rec. Mar.30
Mar. 31 Holders of rec. Mar.23
Apr. 2 *Holders of rec. Mar.27

THE CHRONICLE
Name of Company.
Fire Insurance.
Hanover (guar.)

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

24 Apr. 2 Mar. 18

to

Apr. 2

Name of Company.

[Vor.. 116.
When
Per
Cent. Payable,

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Moon Motor Car, corn. (quar.)
500.
•Im
Moon Motor Car, pref. (guar.)
Mortgage-Bond Co. (quar.)
Mar,31 Holders of rec. Mar. 23
2
Murray Ohio Mfg. Co., pref. (guar.)_
Apr. 2 Holders of rec. Mar.29
2
NationalSupply Co. of Del., pref. (mu.)
134 Mar. 31 Holders of ree. Mar. 21
National Tea, corn. (quar.)
2
Apr. 1 Holders of reo. Mar. 21
Preferred (guar.)
1)1 May 1 Holders of rec. Apr. 19
New England Coal & Coke (gnat.).... *5
Mar.30 *Holders of rec. Mar.22
New England Fuel 011
5
Apr. 2 Holders of rec. Mar. 26
New England Fuel Transportation(qu.)_ *14 Mar.30 *Holders of rec. Mar.22
Newton Steel, common
*60e. Apr. 2 *Holders of rec. Mar.30
N.Y.Title & Mortgage (quar.)
24 Apr, 2 Holders of rec. Mar. 22
Nipissing Mines (guar.)
15c. Apr. 20 Apr. 1 to Apr. 17
Ohio Fuel Supple(quar.)
*1
Apr. 14 *Holders of rec. Mar.31
Extra (payable in Liberty bonds)_.._ *1
Apr. 14 *Holders of rec. Mar. 31
Oklahoma Natural Gas
250. Apr. 20 Holders of rec. Apr. 2a
Open Stair Dwellings Co. (guar.)
14 Mar.31 Mar. 22 to Mar.31
Osborn Mills (guar.)
134 Apr, 2 Holders of rec. Mar. 28a
Otis Elevator, common (quar.)
2
Apr. 16 Holders of rec. Mar. 31a
Preferred (gmar.)
14 Apr. 16 Holders of rec. Mar. 31a
Peerless Truck & Motor, corn. (quar.)_. El
Mar. 31 Holders of rec. Mar. 28a
Pennsylvania Rubber, corn. (quar.)
134 Mar. 31 Holders of rec. Mar. 156
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar. 154
Pennsylvania Salt Mfg.(quar.)
234 Apr, 14 Holders of rec. Mar. 31a
Extra
1
Apr. 14 Holders of rec. Mar. 31a
Pittsburgh Steel, corn. (quar.)
1
Apr. 1 Holders of rec. Mar.27a
Pittsfield Lime & Stone. pref. (quar.)_._ 2
Apr. 1 Holders of rec. Mar. 31a
Plttsb. Term. Wiwi. & Trans.er (qu.). 'Si
Apr. 9 *Holders of rec. Mar.31
Plymouth Cordage (guar.)
14 Apr. 20 Holders of rec. Apr. 2a
Proctor & Gamble,8% pref.(quar.)
*2
Apr. 15 *Holders of rec. Mar. 24
Regal Shoe, pref. Mari
14 Apr. 2 Holders of rec. Mar. 21
Renfrew Mfg., pref. (quar.)
1)1 Apr. 2 Mar. 21 to Apr. 1
Richman Bros. (guar.)
14 Apr, 2 Holders of rec. Mar. 21a
Rich.-Sarispliner Knit. Mills, pf. (qu.). 14 Apr, 2 Holders of rec. Mar. 20a
Robinson(Dwigh )&Co.,Inc.,1st pf.(qu.) 14 Apr, 2 Holders of rec. Mar. 23a
14 Apr. 2 Holders of rec. Mar. 163
Safety Car Heat. & Ltg. (guar.)
14 Mar.31 Holders of rec. Mar.27
Bt. Maurice Paper (guar.)
Sayers & Scovill Co.. rem. (guar.)
134 Apr. 1 Holders of rec. Mar.203
Extra
14 Apr. 1 Holders of rec. Mar. 206
14 Apr, 1 Holders of rec. Mar. 203
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 20
Scott & Williams. Inc., pref. (quar.)
Second preferred (qua:.)
Apr, 2 Holders of rec. Mar. 20
2
May 1 Holders of rec. Mar. 20
2
Preference stock (guar.)
Apr, 1 Mar. 25 to Apr. 1
Scovill Mfg. (guar.)
2
Shawmut Mills, corn. (guar.)
14 Mar. 31 Holders of rec. Mar. 204
14 Mar. 31 Holders of rec. Mar.206
Preferred (guar.)
Spalding (A. G.) & Bros., corn. (guar.). 31 50 A r. 18 Holders of rec. Apr. 7
First preferred (guar.)
14 June 1 Holders of rec. May 19
Second preferred (guar.)
June 1 Holders of rec. May 19
2
Steel & Tube Co. of Amer., pref.(qu.)
14 Apr, 1 Holders of rec. Mar. 20
Tecumseh Mills (guar.)
14 Apr. 2 Holders of rec. Mar. 20a
Textile Banking Co.(guar.)
Apr. 2 *Holders of rec. Mar. 27
*2
Thayer-Foss Co., pref. (guar.)
14 Apr. 1 Holders of roc. Mar.20a
Tonopah Mining
7340. Apr. 21 Apr. 1 to Apr. 8
Transue & Williams Steel Forg.(quar.)_ •500. Apr. 15 *Holders of rec. Apr. 5
Trumbull Steel, com.(guar.)
25e. Apr, 2 Mar. 21 to Apr. 1
Preferred (guar.)
14 Apr, 2 Mar. 21 to Apr. 1
Tuckett Tobacco, corn. (guar.)
Apr. 14 Holders of rec. Mar.31a
1
Preferred (guar.)
14 Apr. 14 Holders of rec. Mar. 311
Union Bag & Paper (guar.)
14 Apr. 10 Holders of rec. Apr. 6a
UnionNat.CorD.,Df.(qu.end.Deo.31'22) 2
Apr. 2 Holders of rec. Mar.27
For quar. end. Mar. 31 1923
Apr. 2 Holders of rec. Mar. 27
2
Union Nat •ral 0 eCorp.,(gust.)..... 434c Apr. 14 Holders of rec. Mar. 31a
U.S. Bobbin & Shuttle, cons.(guar.)_ _ 31
Mar.31 Holders of rec. Mar. 14
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar. 14
United States Lumber (guar.)
14 Apr. 2 Mar. 21 to Apr. 1
U. S. Playing Card (guar.)
Apr, 1 Holders of rec. Mar. 21a
31
U. S. Printing & Lithog., 1st pref. (qu) 14 Apr. 1 Holders of rec. Mar. 20a
Second preferred (guar.)
14 Apr, 1 Holders of rec. Mar. 204
Victor Talking Machine, pref. (quar.)
Apr. 14 Apr. 1 to Apr. 5
2
Waring Hat Mfg., pref. (guar.)
Mar. 31 Holders of rec. Mar. 21
2
Westmoreland Coal(quar.)
*2)4 Apr. 2 *Holders of rec. Mar.20
Westinghouse Air Brake (quar.)
11.75 Apr. 30 Mar.30 to Apr. 10
Whitaker Paper Co.(a c', ac.', di
h334 Apr. 1 Holders of rec. Mar. 20
White Eagle Oil& Bele.(quar.)
50e. Apr. 20 Holders of rec. Mar. 31
Whitman (Wm.) Co., Inc., pref.(mu.)
14 Apr, 2 Holders of rec. Mar. 20
Winnsboro Mills, corn. (guar.)
2
Apr. 2 Holders of rec. Mar. 26
Winnsboro Mills, pref. (guar.)
14 Apr, 2 Holders of rec. Mar.26
Woods Mfg., pref. (quar.)
1)1 Apr. 1 Holders of roe. Mar. 22

Miscellaneous.
Apr. 2 Mar. 17 to Apr. 1
Acme Road Machinery,preferred (Quist.) 2
American Cyanamid, preterred (quar.).._
134 Apr. 2 Holders of reo. Mar.263
American Hawaiian SS.(guar.)
150. Apr. 2 Holders of rec. Mar.216
American Multigraph, pref. (quar.)
14 Apr. 2 Mar.22 to ,Apr. 2
Amer. Rolling Mill. common (quar.)._
50e. Apr. 15 Holders of rec. Mar.316
Seven per cent deben. pref.(quer.)--- 14 Apr. 15 Holders of rec. Mar.31a
Seven per cent cum.(new) pref.(qu.). 14 Apr. 1 Holders of rec. Mar. 15a
American Screw (guar.)
134 Apr. 2 Holders of rec. Mar. 26a
Amer. Seeding Machine, corn. (quar.)
Apr. 14 Holders of rec. Mar.316
I
Preferred ((mar.)
134 Apr. 14 Holders of rec. Mar.31a
American Stores (payable in stock)
•e700 June 15 *May 29 to June 15
American Surety (quar.)
$1.25 Mar.31 Holders of rec. Mar.246
Extra
250. Mar.31 Holders of rec. Mar.24a
American Textile
Apr. 2 Mar. 27 to Apr. 1
$1
Ancona Company,preferred (quar.)
14 Apr. 2 Mar. 31 to APr. 1
Arlington Mills (quar.)
Apr. 2 Holders of rec. Mar. 20a
2
Associated Industrials, first pref.(quar.) 2
Apr. 16 Holders of rec. Apr. 146
Ault & Wiborg Co.. pref. (quar.)
14 Apr. 2 Holders of roe. Mar. 176
Babcock & Wilcox Co.(quar.)
131 Apr. 2 Holders of rec. Mar.20a
Baltimore Acceptance Corp.. pref.(qu.)- 14 Apr. 2 Holders oi rec. Mar. 20a
Barnet Leather. Inc.. pref. (quar.)
14 Apr. 1 Holders of rte. Mar.30
Bayuk Bros., 1st & 2d pre1.(qua:.)
Apr. 15 *Holders of rec. Star. 31
*2
Beacon Oil, pref.(quar.)
*3 187)4 May 15 *Holders of rec. May 1
Becch-Nut Packing, common (quar.)--6 . Apr. 10 Holders of rec. Mar.316
00
Preferred B (guar.)
14 Apr. 14 Holders oi rec. Mar.31a
Bliss(E. W.) Co.. common (guar.)
•250. Apr. 2 *Holders of rec. Mar. 19
First preferred (guar.)
Apr. 2 *Holders oi rec. Mar. 19
*31
Second preferred (guar.)
•15c. Apr. 2 *Holders ol rec. Mar. 19
,Boston Sand & Gravel, preferred (guar.) 14 Apr. 1 Mar. 23 to Mar. 31
Filet preferred (quar.)
Apr. 1 Mar. 23 to Mar.31
2
I3randram, preferred (quar.)
14 Apr. 2 Holders of ree. Mar. la
British Empire Steel, let pref. B (quar.)_ *14 May 1 *Holders of rec. Apr. 13
Browning Co.. PI elated (Onar.)
14 Apr. 1 Holders of roe. Mar.203
Burroughs Adding Machine (quar.)
Mar.31 Holders of rec. Mar. 213
2
Canada Bread, pref.(quar.)
1)4 Apr. 1 Mar. 17 to Mar. 31
Canada,Cement(quar.)
14 Apr. 16 Holders of rec. Mar.313
Canada Salt (quar.)
Apr. 3 Mar. 23 to Apr. 1
2
Canadian Congo'.Rubber,pref.(guar.)_ 14 Mar.31 Holders of rec. Mar.243
Canadian Cottons, common (quar.)
Apr. 4 Holders of rec. Mar. 270
2
Preferred (guar.)
134 Apr. 4 Holders of rec. Mar. 276
Canadian Westinghouse(quar.)
Apr. 2 Holders of rec. Mar. 190
2
Carey (Philip) Mfg., pref.(qua:.)
134 Mar. 31 Mar. 21 to Apr. 2
Cartier, Inc., pref. (quar.)
131 Apr. 30 Holders of rec. Apr. 14a
Chace Cotton Mills (guar.)
14 Apr. 2 Holders of rec. Mar. 216
*Champion Coated Paper, pref.(quar.)„ 14 Apr. 1 Holders of rec. Mar. 20a
Champion Fibre, preferred (quar.)
14 Apr. 1 Holders of reo. Mar. 203
.
Chic Junct.Rye.& Un.Stk.Yds.(air.). 24 Apr. 1 Holders of rec. Mar. 15
,
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 15
Chicago Ry. Equip., common
•500 Mar. 31 *Holders of rec. Mar.20
*1)4 Mar.31 *Holders of reo. Mar.20
Preferred (guar.)
Cincinnati Union Block Yards(quar.)
Mar.31 Mar.22 to Mar.31
2
Cities Service
Common (monthly, pay.in Cash sorb)) *04 May 1 *Holders of rec. Apr. 15
Common (payable in corn. stk. scrip)_
May 1 *Holders of rec. Apr. 15
Prof. and pref. B (Payable In cash)
May 1 *Holders of rec. Apr. 15
Columbia Petroleum
lo Apr. 1 Holders of reo. Mar.203
Corn Products, Ref., cone. (guar.)
*14 Apr. 20 *Holders of rec. Apr. 3
Preferred (guar.)
Apr. 14 *Holders et rec. Apr. 3
Cornell Mills (guar.).
Apr. 2 Holders of rec. Mar. 206
2
en May 1 *Holders of rec. Apr. 3
Cosden & Co., corn. (quar.)
Creamery Package Mfg., cam.(qu.)
500 Apr. 10 Apr. 1 to Apr. 10
Prtlerred (quar.)
134 Apr. 10 Apr. 1 to Apr. 10
Dalton Adding Machine, prof.(quar.)„ 14 Aim. 2 Mar. 21 to Apr. 1
Davol Mills (quar.)
134 Apr. 2 Holders of roe. Mar.26a
Detroit Creamery (guar.)
Apr. 1 Mar. 22 to Apr. 1
2
Detroit Motor Bus (guar.)
Apr. 14 Apr. 1 to Apr. 7
2
Extra
Apr. 14 Apr. I to Apr. 7
1
Dixie Terminal, preferred (guar.)
1)4 Apr. 1 Holders of rec. Mar. 15
Dixon (Joseph) Crucible Co.(quar.)
Mar.31 Mar.24 to Apr. 1
2
Apr. 2 *Holders of rec. Mar. 26
Dodge Mfg.. pref. (guar.)
*2
.1U May 1
Dominion Coal, pref.(gar.)
*Holders of rec. Apr. 12
4.1% May 1
Dominion Steel Corp.. prof.(quer.)
*Holders of roe. Apr. 16
Dow Drug, corn.((Man)
Apr. 2 Mar. 23 to Apr. 5
1
Preferred (quar.)
134 Apr. 2 Mar. 23 to Apr. 5
Eagle-Picher Lead Co., prof. (qua:4
134 Apr. 15 Holders of rec. Apr. 54
Electric Auto-Lite Co
Apr. 2 Holders of rec. Mar.20
Elyria Iron & Steel, Prof. (qua:.)
134 Apr. 1 Holders of ree. Mar. 26a
Emerson Electric Co.. Pref. (quar.).
13i Apr. 1 Holders of rec. Mar. 20
Excelsior Shoe Co.. prof. (finar.)
154 Apr. 1 Holders of roe. Mar.20
Below we give the dividends announced in previous weeks
Falcon Steel,common (guar.)
Apr. 1 Mar. 21 to Mar.31
Preferred (quar.)
and not yet paid. This list does not include dividends
14 Apr. 1 Mar. 21 to Mar.31
Federal Acceptance Corp., prof.(quar.)Apr. 15 Holders of rec. Apr. la announced this week.
Federal Motor Truck (gear.)
*200. Apr. 1 *Holders of rec. Mar. 24
Federal 011, preferred (guar.)
Apr. 1 Holders of roe. Mar. 20a
2
Fidelity Capital Corp.. pref.(guar.)
Apr. 1 Holders of rec. Mar. 31
Per
2
When
Books Closed.
Firestone 'Fire & Rubber,6% pref.(qu.) 134 Apr. 15 Holders of rec. Apr. 1
Name of Company.
Cent. Payable.
Days Inclusive.
Foster (W. C.) Co., common (quar.)
75e Apr. 1 Mar. 22 to Mar.31
Preferred (quar.)
Apr. 1 Mar. 22 to Mar.31
Railroads (Steam).
24
French Bros.Bauer Co., pref.(quar.)..
Banger & Aroostook, common
2
Apr. 1 Holders of rec. Mar. 29
134 Aim. 1 Mar. 22 to Mar.31
General Alumni & Brass Mfg.,pf.(cpb.)_ 2
Apr. 1 Holders of roe. Mar.203
14 Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
General Tire& Rubber,preferred (guar.) 14 Apr. 2 Holders of rec. Mar. 206 Beech Creek (guar.)
50e. Apr, 2 Holders of rec. Mar. 154
Gibson Art Co., corn. (guar.)
2
Mar. 31 Holders of rec. Feb. 28
234 Mar.31 Holders of rec. Mar. 20a Beaton & Albany (guar.)
Preferred (quar.)
14 Mar. 31 Holders of rec. Mar. His Buffalo & Susquehanna. COMMOD (guar.) 14 Mar. 30 Mar. 16 to Apr. 1
Globe-Wernicke Co., pref. (qua:.)
234 Mar.30 Mar. 16 to Apr. 1
Common (extra)
134 Apr. 15 Holders of rec. Mar. 31a
Goodyear Tire & Rub.of Can..pf (qu.)- 14 Apr. 2 Holders of roc. Mar. 176 Canadian Pacific, common (guar.)
24 Mar. 31 Holders of reo. Mar. la
.
Goulds Mfg., corn. (quar.)
Preferred
Star. 31 Holders of ree. Mar. la
14 Mar.31 Holders of rec. Mar. 203
Preferred (quar.)
Apr. 20 Holders of rec. Mar. 30a
14 Mar.31 Holders of rec. Mar. 203 Clev. Cine. Chic. & St. L., corn.(qu.)- 1
Gray & Dudley Co., emu.(lum%)
Preferred (guar.)
134 Apr, 20 Holders of rec. Mar. 30a
134 Apr. 1 Holders of rec. Mar. 266
Preferred (guar.)
11.50 Apr. 2 Holders of rec. Mar. 256
14 Apr. I Holders of rec. Mar. 26a El Paso & Southwestern (guar.)
Great Lakes Steamship (quar.)
Jollet & Chicago (guar.)
14 Apr. 2 Mar. 21 to Apr. 2
Apr. 2 *Holders of rec. Mar. 21
•2
Gulf 011 Corp. (gear.)
1
Lackawanna RR. of N.J.(QUM%)
Apr. 2 Holders of tee. Mar. 84
3740. Apr. 1 Holders of rec. Mar. 20
Halle Bros.. let & 2d pref.,(quar.)
Lehigh Valley, common (guar.)
87)40 Apr. 2 Holders of rec. Mar. 17a
14 Apr. 30 Apr. 25 to Apr. 30
Hamilton-Brown Shoo
$1.25 Apr. 2 Holders of tee. Mar. 17a
Preferred (guar.)
Apr. 2 Mar.25 to Apr. 1
1
.1 1X May 1 *Holders of rec. Apr.
,
Harris Bros. Co., prof. (quar.)
Louisiana & North West (guar.)
14 Apr. 1 Holders of rec. Mar. 156
10
Heath (D. C.) di Co.. Prof.(quar.)- 154 Apr. 2 Holders of rec. Mar. 26
Louisville & Nashville
234 Aug. 10 Holders of rec. July 170
Herring-Hall-Marvin Safe, Oom.(qu.)
Stock dividend
e82.5 May d7 Holders of rec. Apr. 160
134 Apr. 2 Holders of rec. Mar. 236
k Common (extra)
2
Apr. 1 Holders of rec. Mar. 20a
34 Apr. 2 Holders of rec. Mar. 23a Minn. St. Paul & S.8. M.,leased lines
Preferred (quar.)
3
Apr. 2 Holders ol tee. Mar.24a
14 Apr. 2 Holders of rec. Mar. 236 Newark dr Bloomfield
Hibernia Securities, pref. (quar.)
N. Y. Lackawanna & Western (guar.)._
1)4 Apr, 2 Holders of rec. Mar. 14a
14 Air. 1 Holders of reo. Mar.27
Higbee Co., let pref. (quar.)
Northern Pacific (guar.)
14 May 1 Mar. 17 to Apr. 10
Apr. 2 Mar.23 to Apr. 1
2
Hillman Coal & Coke.5% pret. (quar.)_ 14 Apr. 25 Apr. 15 to Apr. 25
Old Colony RR.(guar.)
13.1 Apr, 2 Holders of rec. Mar. 17
7% preferred (guar.)
Philadelphia & Trenton (guar.)
Apr. 10 Apr. 1 to Apr. 11
14 Apr. 25 Apr. 15 to Apr. 25
•51 June 10
Holly 011 (No. 1)
Pittsburgh Bessemer & Lake Erie. corn_
75e. Air. 1 Holders of rec. Mar. 15
Pitts. Ft. Wayne & Chic., corn. (guar.). 131 Apr. 2 Holders of rec. Mar. las
HOIMOI(I. H.) Co.. Ltd.(guar.)
34 Apr. 2 Holders of rec. Mar.26
154 Ain. 3 Holders of rec. Mar. 106
Preferred (quar.)
r/Ooven,Owen'Rentschler Co., pf.(qu.) 14 Apr. 2 Mar.22 to Mar.30
Pittsburgh di West Virginia, pref.(guar.) 14 May 31 Holders of rec. May 9a
Howe Scale Co., pref. (guar.)
14 Apr. 2 Mar. 18 to Apr. 3
Reading Company, 2d pref (Quar.)._
Indiana Pipe Line (quar.)
500 Apr. 12 Holders of tee. Mar. 286
12 May 15 Holders of rec. Apr. 17
1)4 Apr. 2 Holders of rec. Mar. 240
K.C., Clay Co.& St.Jos. Co.. Pt. (qe.) 14 Apr. 2 Holders of roc. Mar. 200 St. Louis Southwestern, pref. (guar.)._
1.37)4 Sept. 1 dAug. 2 to A g. 31
Sharon Ry.(semi-annual)
Interlake Steamship (Qum.)
31 25 Apr. 2 Holders of rec. Mar.20
Southern Pacific Co. (guar.)
Interstate Gasoline (guar.)
1)4 Apr. 2 Holders of roe. Feb. 284
3
Apr. 1 Holders of rec. Mar. 1
24 Apr, 20 Holders of rec. Mar. 296
Apr. 1 Holders of roe. Mar. 31a Southern Railway, preferred
Johnston (R. F.) Paint Co.8% pf.(qu.) 2
7% preferred (guar.)
2
1N Apr. 1 Holders of roe. Mar. 31a Southern Hy.. M.& 0. stk. tr. etfe
Apr. 1 Holders of rec. Mar. 15a
Union Pacific, common (guar.)
24 Apr. 2 Holders of tee. Mar. la
Kaufmann Dept. Stores, prof. (Guar.).- 14 Apr. 2 Holders of rec. Mar. 20
Preferred
134 Apr. 2 Holders of roe. Mar. 20a
2
King Philip Mills (quar.)
Apr, 2 Holders of rec. Mar. la
Kirshbaum (A. B.) Co.. pre!. (guar.)._ 14 Apr. 1 Holders of rec. Mar. 20a United N.J. RR.& Canal Cos.(guar.). 24 Apr. 10 Mar. 21 to Mar. 31
Warren RR
Kroger Grocery di Bak,new pf.(guar.).- 14 Apr. 1 Mar. 16 to Mar. 31
ssi Apr. 2 Holders of rec. Apr. 5
4
Apr. 14 Holders of rec. Mar.313 Western Pacific RR.Corp.. pref.(guar.) 134 Apr. 2 Holders of rec. Mar. 21a
Lanett Cotton Mills
2
Laurel Lake Mills, pref.(roar.)
Apr. 2 Holders 01 rec. Mar.20a
Public Utilities.
Liberty Steel, pref. (guar.)
14 Apr. 1 Mar. 21 to Apr. 1
Aloha= Power, preferred (guar.)
1g ispr. 2 Holders of roe. Mar. 21
Lockwood, Greene & Co., Inc., pf.(qu.) 14 Apr. 2 Holders of roe. Mar.23
All America Cables, Inc. (guar.)
Lupton (F. M.).PublIsher,el. A (einar.)- 50e. Apr. 1 Mar. 21 to Apr. 1
14 Apr. 14 Holders of rec. Mar. 310
Amer. Gas & Elec.. common (quar.)____ 11.25 Apr. 2 Holders of rec. Mar. 17
Manning, Maxwell & Moore,Ina.(qu.). *I
Mar.31 *Holders of rec. Mar.31
Preferred (guar.)
McIntyre Porcupine Mines (qua:.)
25c. May 1 Holders of rec. Apr. 1
75e. May 1 Holders of roe. Apr. 13
Amer. Power & Light, preferred (guar.). 14 Apr. 2 Holders of recs. Mar. 12
Michigan Stamping (quar.)
•25c. Apr. 25 *Holders of rec. Apr. 15
American Public Service, pref. (guar.). 14 Apr. 2 Holders of rec. Mar. 154
Midway Gas, corn.(Guar.)
50e. Apr. 14 Holders of reo. Mar.31
Telephone & Telegraph (guar.)._ 24 Apr. 16 Mar. 17 to Mar.27
Amer.
Preferred (quar.)
St 40 Apr. 14 Holders of rec. Mar.31
Quarterly
Midwest Oil, corn. de pref. (qua:.)
*50c. Apr. 18 *Holders of roe. Mar.31
234 July 16 Holders of rec. June 20
Appalachian Power, preferred (guar.).
Monomao Spinning (quar.)
Apr. 2 Holders of roe. Mar.20
- 154 Apr. 16 Holders of reo. Mar.31
2




Name of Company.

Books Closed.
Days Inclusive.

IVhen
Per
Cent. Payable.

Public Utilities (Conrluded).
Apr. 2 Holders of rec. Mar. 16
Asheville Power & Light, pref. (quar.)__
Associated Gas & Elec., pref. (guar.)... 87c. Mar. 31 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 10
Bangor Ry. & Elec.. pref. (guar.)
2
Apr. 14 Holders of rec. Mar. 23
Bell Telephone of Canada (guar.)
14 Apr. 2 Holders of rec. Mar. 17
Boston Elevated fly., corn.(guar.)
34 Apr. 2 Holders of rec. Mar. 17
Second preferred
Brazilian Trac., Lt. & Pow., pref.(qu.). 1)4 Apr. 2 Holders of rec. Mar. 15
Am. 2 Holders of rec. Mar. 150
2
Brooklyn Union Gas (guar.)
Mar. 31 *Holders of rec. Mar. 15
Buffalo General Electric, corn. (guar.)._ *2
Apr. 1 Holders of rec. Mar. 14
Capital Trac., Washington, D.C.(qu.).
34 May 1 Holders of rec. Apr. 16
Carolina Power & Light, corn. (guar.)._
134 Apr. 2 Holders of rec. Mar. 16
Preferred (guar.)
Central Illinois Pub. Serv., pref. (guar.) 14 Apr. 14 Holders of rec. Mar. 310
Central States Elec. Corp.. Pref. (guar.) 134 Mar. 31 Holders of rec. Mar. 10
14 Mar. 31 Mar. 25 to Mar. 30
Chicago City Railway (quar.)
1 4 Apr. 1 Mar. 17 to Apr. 1
Cincinnati Street Ry.(guar.)
Citizens Pass. Hy., Philadelphia (guar.) 23.50 Apr. 1 Holders of rec. Mar. 20
14 Apr. 1 Holders of rec. Mar. I2a
Cleveland Railway (guar.)
Apr. 2 Holders of rec. Mar. 100
Columbus(Ga.) Elec. & Pow.,com.(qu.) 2
14 Apr. 2 Holders of rec. Mar. 100
First preferred, Series A (guar.)
Apr. 2 Holders of net. Mar. 10a
Second preferred (guar.)
Consolidated Gas(N. Y.), pref.(guar.). 87340. May 15 Holders of rec. Mar. 15a
Apr. 2 Holders of rec. Mar. 15n
Cons. Gas, E. L. & P., Balt., corn Paul 2
Apr. 2 Holders of reo. Mar 150
2
Eight per cent preferred (quar.)
14 Apr. 2 Holders of reo. Mar. I5a
Seven per cent preferred (coutr.)
24 Apr. 2 Holders of rec. Mar. 15
(Toronto)(quar)
Consumers Gas
Consumers Power 6% pref. (guar.)
134 Apr. 2 Holders of rec. Mar. 150
14 Apr. 2 Holders of rec. Mar. 15a
Seven per cent preferred (guar.)
134 Mar. 31 Afar. 16 to Mar. 31
Cuban Telephone Co., common (quar.)_
14 Mar.31 Mar. 16 to Afar. 31
Preferred (guar.)
Light, preferred (quar.) 14 Apr. 2 Holders of rec. Mar. 20s
Dayton Power &
Apr. 16 Holders of rec. Mar. 20a
2
Detroit Edison (guar.)
Apr. 2 Holders of rec. Mar. 15a
h2
Duluth Superior Trac.. pref. (quarL
Apr. 2 Holders of rec. Mar. 10a
2
Eastern Texas Eler. Co., corn.(quar.)
Electric Light & Power Co. of Abington
Apr. 2 Holders of reo. Mar. 150
2
& Rockland (quar-)
50c. Apr. 2 Holders of rec. Mar. 150
Erie Lighting, pref.(guar.)
75c Apr. 2 Holders of rec. Mar. 150
Federal Light & Traction, corn.(No. I).
m75c Apr. 2 Holders of rec. Mar. 150
Common (in 6% turn. pref. stork).
Franktord Se Southwark Pass. Ry. (qu.) 84.50 Apr. I Mar. 2 to Mar. 31
52 Apr. 2 Holders of rec. Mar. 15a
General Gas & Electric, pref. A (guar.)._
Apr. 20
2
Georgia Ry.& Elec., lot pref.(g tiar.)_.
Germantown Pass. Ry., Phila.(quar.).. $1.31 Apr. 3 Holders of rec. Mar. 130
I 4 Apr. 2 Holders of rec. Mar. 31
Gold & Stork Telegraph (quar.)
1.124 Apr. 2 Holders of rec. Mar.•22a
Haverhill Gas Light (guar.)
Mar. 31 Holders of rec. Mar. 30a
2
Illinois Bell Telephone (quar.)
14 Apr. 2 Holders of rec. Mar. I5a
Illinois Trartion, preferred (guar.)
Apr. 1
I% Mar. 31 Mar. 20 to
Indlanap. Water Co., pref. (guar.)
34 Mar. 31 Mar. 23 to Apr. 1
Indianap. Water Wks. Securities, pref._
144 Apr. 1 Holders of rec. Mar. 15a
Internat. Telep. & Teleg. Corp. (quar.)_
Kansas City Pr. St Lt., lot pf. A (guar.). 81.75 Apr. 2 Holders of reo. Mar. I7a
14 Apr. I Holders of rec. Mar. 20
Kansas Gas & Elec.. pref. (guar.)
Apr. 2 Holders of rec. Mar. 22a
Kentucky Securities Corp., corn. (guar.) 1
14 Apr. 16 Holders of rec. Mar. 220
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 24a
Manhattan Bridge 3-Cent Line (quar.)_
Apr. 2 Holders of rec. Mar. 19a
2
Manila Electric Corporation (gnarl- - Apr. 14 Holders of rec. Mar. 310
Manufacturers' Lt. & lit., Pittsb. (qu.). 2
14 Apr. 2 Holders of rec. Mar. 10a
Market St. Ry.,San Fran.. prior pf
Cos.,6% pref. (qu.) 1 si Apr. 16 Holders of rec. Mar. 26
Massachusetts Ltg.
Apr. 16 Holders of rec. Mar. 26
2
Eight per cent preferred (guar.)
Mar. 240
Metropolitan Edison Co., pref. (quar.)_ _ 81.75 Apr. 1 Holders of rec.
14 Apr. 2 Holders of net. Mar. I50
Mississippi River Power, pref. (quar.)_
Apr. 2 Holders of rec. Mar. 230
2
Mohawk Valley Co. (guar.)
Mar. 260
Monongahela West Penn Pub. Serv., pt.. 374 Apr. 7 Holders of rec.
75o. Apr. 2 Holders of rec. Mar. 120
Montana Power, common (guar.)
14 Apr. 2 Holders or rec. Mar. 12a
Preferred (guar.)
Apr. 2 Holders of rec. Mar. I5a
$1
Narragansett Electric Light (quar.)
Mar. 31 Holders of rec. Mar. 10
New England Telep. & Teleg. (guar.) - -. 2
&
Hampton Ry.. Gas &
News &
134 Apr. 2 Holders of ree. Mar. 100
Elertr c, pref. (guar.)
.
54 Apr. 2 Holders of rec. Mar. 230
New York State Rys., common (guar.).
154 Apr. 2 Holders of rec. Mar. 230
Preferred (guar.)
51.624 Apr. 16 Holders of rec. Mar. 20a
New York Telephone, pref. Mar.)
144 Apr. 16 Holders of rec. Mar. 3I0
Niagara Falls Power, preferred (guar.)
134 AM•11 I Holders of reo. Mar. 20
North Shore Gas, Pref. (goan)
July I Holders of rec. June 20
Preferred (guar.)
14 Oct. 1 Holders nf rec Sent 20
Preferred (gnarl__
Apr. 2 Holders of rec. Mar. 15a
Northern Ohio Trac. & Light, pref. (qu.)
Apr. I Holders of rec. Mar. 200
Ohio Bell Telephone, preferred (qtar.)- Mar. 31 Holders of rec. Mar. 22
Ottawa Light, Heat & Power (quar.)...
Apr. 2 Holders of rec. Mar. 15a
1
Ottawa Traction (guar.)
134 Apr. 16 Holders of rec. Mar. Ma
Pacific Gas & Electric Co.,corn. (quar.)_
1(4 Apr. 16 Holders of rec. Mar. 31a
Pacific Teleph. & Teleg., pref. (quar.)
Apr. 2 Holders of rec. Mar. 14
Panama Power & Light, pref. (quar.)__
Apr. 2 Holders of tec. Mar. 10a
Penn Central Lt. & Power, pref. (guar.).
Apr. 1 Holders of rec. Mar.24a
Pennsylvania Edison Co., pref.(guar.).- $2
rec. Mar. 15
Pennsylvania Power & Light, pref. (qu.) 134 Apr. 2 Holders of
134 Apr. 2 Holders of reo. Mar. 160
Pennsylvania Water & Power (quar.)___
I 14 Apr. 17 Holders of rec. Apr. 3a
Peoples Gas Light Jr Coke (quar.)
Holders of reo. Apr. 2a
Philadelphia Company. common (guar) 75c Apr. 30
22 Apr. I Holders of rec. Mar. laa
Philadelphia TrartIon
Apr. 1 Holders of rec. Mar. 20a
2
Porto Rico Telephone. common (guar.)Apr. 1 Holders of rec. Mar. 200
4
Preferred
Apr. 2 Holders of net. Mar. 15
$1
Providence Gas Co. (guar.)
Public Service Corp. of New Jersey-Mar. 31 Fielders of rec. Mar. 154
2
Common and preferred (quar.)
Apr. 16 Holders of rec. Mar.23a
1
Puget Sound Power & Light. corn.(qu.)
Apr. 16 Holders of rec. Mar. 23a
Prior preference (guar.)
Apr. 16 Holders of rec. Mar. 230
Preferred (guar.)
Apr. 2 Mar. 16 to Apr. 1
Ridge Avenue Passenger Ry.(guar.)
23
Apr. 2 Holders of rec. Mar. I5a
3
Savannah Electric & l'ower, preferred
Apr. 2 Holders of rec. Mar. 15a
2
First preferred (quar.)
Apr. 1 Mar. 2 to Apr. 1
Second & Third Sta. Pass fly. (nuar.)... $3
Apr. 10 Holders of rec. Mar. 21
Shawinigan Water & Power (guar.)
134 Apr. 15 Holders of rec. Mar.3Ia
Southern Canada Power, pref.
14 Mar. 31 Holders of rec. Mar. 10
Springfield & Xenia Hy., pref. (quar.)
144 Apr. 2 Holders of rec. Mar. 15a
Springfield Ry. & Light, pref. (gnarl
Tennessee Eke. Power,7% 1st pref.(gPI) 14 Mar. 31 Holders of res. Mar. I2a
14 Mar. 31 Holders of rec. Mar. I20
Six per cent first pref. (guar.)
Apr. 1 Holders of rec. Mar. 15a
Toledo Edison, prior preferred (guar.).- 2
TM-City fly. & Light, pref. (guar.)._
1)4 Apr. 2 Holders ot rec. Mar. 20
Apr. 10 *Apr. 1 to Apr. 10
*1
Trinidad Electric (guar.)
Twin City Rapid Transit. Pref. (guar.). 134 Apr. 2 Holders of reo. Mar. 15a
United Gas Improvement, corn. (guar.). 75 Apr. 14 Holders of rec. Mar. 310
Holders of rec. May 310
8714c Juno
Preferred (guar.)
May i Holders of rec. Apr. 16a
United Light & Rye., common (guar.)._
May 1 Holders of rec. Apr. 16a
Common (extra)
Apr. 2 Holders of rec. Mar. 15a
h5
Common (payable In common stock)
Six per cent I preferred (guar.)
14 Apr. 2 Holders of rec. Mar. Ma
Apr. 2 Holders of rec. Mar. 15n
134
Participating preferred (guar.)
Apr. 2 Holders of rec. Mar. 150
Participating preferred (extra)
July 2 Holders of rec June I5a
Participating preferred (extra)
Holders of rec. Sept. 15a
14 Oct.
Participating preferred (extra)
14 JanT2 Holders of rec. Doe. I50
Participating preferred (extra)
Apr. 2 Holders of rec. Mar. 12
Utah Power & Light, preferred (guar.).14
8
JIily 20 Holders of rec Den al
Virginia fly cr, Power. preferred
Apr.2Holders of rec. Mar. 23
Washington Water Power,Spokane(go.)
West India Electric Co.(guar.)
13.4 Apr. 2 Mar. 24 to Mar. 31
Lwics of roc. NI of 15
,
I it !le
1.
west Pocco
Apr. 16 Mar.25 to Apr. 11
Western Union Telegraph (gnarl
Winnipeg Electric Ry., pref. (gnarl... 134 Apr. 1 Holders of rec. Mar. 17
134 Apr. 2 Holders of rec. Mar. 16
Yadkin River Power, preferred ((luar.)_
Mar. 31 Holders of rec. Mar. 100
Youngstown & Ohio River RR.,Pf.(qu.)

14
14

14

14

14

I4
14
14
14

14

14
14

14

is

14
34

4

134

134

14

Banks.
3
America, Bank of (quar.)
Amer. Exchange Sec. Corp. cl. A.(gu.). 2
Butchers & Drovers National (gnat.)... 2
4
Chase National (guar.)
$I
Chase Securities Corp. (guar.)
4
Chatham & Phenix National (guar.)




1249

T1-1 to CHRONICLE

MAR. 24 1923.]

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

2
1
2
2
2
2

When
Per
Cent. Payable.

Name of Company.

Books Closed.
Days Inclustae.

Banks. (Concluded).
Apr. 2
3
Coal & Iron National (guar.)
Apr. 2
3
Colonial (guar.)
Apr. 2
Commerce, National Bank of (guar.)... 3
Apr. 2
10
First National (guar.)
Apr. 2
d3
Greenwich (guar.)
Apr. 2
6
Importers & Traders National (guar.)
151.50 Apr. 2
Manhattan Co., Bank of the (quar.)
50c. Apr. 2
Extra
Apr. 2
3
Mutual (guar.)
Apr. 2
4
National City (guar.)
Apr. 2
2
National City Co. (guar.)
Apr. 2
2
Extra
4
Mar. 31
Public National (guar.)
Apr. 2
3
Seaboard National (guar.)
14 Mar. 30
Standard (guar.)
Apr. 2
4
State (quar.)
24 Apr. 2
United States, Bank of (guar.)

Holders of net. Mar. 146
Holders of net. Mar.20a
Holders of net, Mar.23a
Holders of net, Mar. 31a
Holders of rec. Mar. 21a
Holders of rec. Mar.23a
Holders of net. Mar. 250
Holders of net. Mar. 23a
Holders of rec. Mar. 266
Holders of rec. Mar. 170
Holders of rec. Mar. 17a
Holders of rec. Mar. 176
Holders of rec. Mar. 24
Holders of rec. Mar. 260
Holders of rec. Mar. 266
Holders of rec. Mar. 226
Holders of rec. Mar.20a

Trust Companies.
Bank of New York & Trust Co
Brooklyn (guar.)
Equitable,
(quar.)
Guaranty (guar.)
Hudson (quar.)
Lawyers Title & Trust (guar.)
Manufacturers (Brooklyn) (guar.)
United States (guar.)

Apr. 2
Apr. 2
Mar. 31
Mar. 31
Mar. 31
Apr. 2
Apr. 2
Apr. 2

Holders of rec. Mar. 166
Holders of rce Mar.26
Holders of rec. Mar.23
Holders of net. Mar. 16
Mar. •1 to Apr. 1
Holders of rec. Mar. 230
Holders of rec. Mar. 20a
Holders of rec. Mar.200

May
May

Apr. 21
Apr. 21

Fire Insurance.
Westchester Fire (guar.)
Extra

S
6
3
3
24
2
3
124
5
I

I

to
to

Apr. 30
Apr. 30

Miscellaneous.
14 Apr. 2 Holders of rec. Mar. 20a
Abitibi Power & Paper, Ltd., pref.
$1
Mar. 31 Holders of rec. Mar. 15a
Adams Express (guar.)
75c. Apr. 2 Mar. 16 to Apr. 9
Advanee Rurnely Co .pref.(quar.)
134 Mar. 31 Holders of rec. Mar.20
Aeolian Company, preferred (quar.)
Holders of rec. Mar. 316
A pr.d1
$1
Air Reduction Co.(quar.)
Holders of reo. Mar. 15a
All el (•hemleal & Dye Corp., pt.(qu.). .134 Apr.
14 Apr. 16 Holders of rec. Mar. 24a
Allis-Chalmers Mfg., pref. (guar.)
The. AM% 16 Holders of rec. Mar. 194
Amalgamated Oil (quar.)
Holders of rec. Mar.316
American Art Works, corn. & pref. (qu.) 114 Apr. I
75c. Apr, 2 Holders of rec. Mar. 150
American Bank Note. pref. (quar.)......
Holders of reo. Mar. 106
American Beet Sugar. preferred (guar.). 14 Apr.
1
1.4
Amer Brake Shoe & Fdry., corn.(guar.) $1.25 Mar. 31 Helder; of rec. Mar. 23a
Holders of rec. Mar. 234
Mar
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 155
American Can, pref. (guar.)
Apr. 2 Holders of rec. Ma'. lba
3
Amer Car & Foundry, corn.(guar.)
Holders of rec. Mar. 15a
134 Apr.
Preferred (gnarl.
14 Apr. 2 Holders of rec. Mar. 15a
American Cigar, pref. (guar.)
Holders of rec. Mar. 150
.
750. A pr
Ap .
$2
American Express (guar.)._
Holders of net. Mar. 15
American Hardware Corporation
Holders of rec. Mar. 176
2
Apr.
Amer. Lace Manufacturing (guar.)
Holders of rec. May la
Amer. La France Fire Erie.. corn.(guar.) 250 May I
Holders of net, Mar. 280
14 Apr.
Preferred (guar.)
Apr. 5 to Apr. 14
American Laundry Machine, pref.(qu.)- 1% Apr. I
American Locomotive. corn,(quar.).. 1)4 Mar. 3 Holders of rec. Mar. 13a
14 Mar.3 Holders of rec. Mar. 13a
Preferred (guar.)
Holders of rec. Mar. la
1 3-4 Julr.
4 Apy
Amer. Machine & Foundry (guar.)
Holders of rec. June la
Quarterly
Holders of rec. Sept. la
14 Oct.
Quarterly
Holders of rec. Dec. la
Quarterly
"5 .Taar..3 Mar. 17 to Apr. 1
1 4 54n i 2
American Manufacturing. corn.
134 Mar.3 Mar. 17 to Apr. 1
Preferred (quar.)
Mar. 29 to Apr. I
14 Apr.
American Plano, corn. (guar.)
Mar. 29 to Apr. 1
14 Apr.
Preferred (gar.)
$1.75 Mar.3 Holders of rec. Mar. 10
American Pneumatic Service. Itit prat
50o. June 30 Holder, of rec. June 9
Second preferred
Mar. 31 Holders of rec. Mar. 155
$I
Amer Radiator, new corn (guar.)
134 Apr. 1 Holders of rec. Mar. 15a
American Roiling Mill, pref. (quar.)
25o. Apr. 2 Holders of rec. Mar. 120
American Safety Razor
May 1 Holders of rec. Apr. 14
tmerican Shipbuilding,common (guar.) 2
Aug. 1 Holders of ree. July 14
2
Common (guar.).
3
Apr. 2 Holders of rec. Mar. 15a
American Snuff, corn. (guar.)
114 Apr. 2 Holders of rec. Mar. 15a
Preferred (guar.)
750. Apr. 14 Holders of rec. Aor. 2a
Amer. Steel Foundries, corn. (quar.)
14 Mar. 31 Holders of rec. Mar. 15a
Preferred (guar.)
144 Apr. 2 Mar. 23 to Apr. 1
American Stores (guar.)
American Sugar Refining. Vet. (guar.). 14 Apr, 2 Holders of rec. Mar. 16
114 Apr, 2 Mar. II to Apr. 4
American Tobacro. preferred (guar.)._
Amer. Type Founders,common (guar.). 14 Apr. 16 Holders of net. Apr. 10a
14 Apr. 16 Holders of rec. Apr. 10a
Preferred (guar.)
Amer. Wholesale Corp.. pref. (altar.)...
134 Apr. 1 Holders on rec. Mar. 15a
Amer. Window Glass Mach.,tom.(qu.). 14 Apr. 2 Holders of rec. Mar. 16
134 Apr. 2 Holders of rec. Mar. 16
Preferred (guar.)
144 Apr. 16 Mar. 17 to Apr. 1
American Woolen. corn. & pref. (qu.)
75o. Apr. 23 Holders of rec. Mar. 176
Anaconda Copper Mining
Armour & Co.,of Delaware. pref.(No. I) 14 Apr. 2 Mar. 16 to Apr. 1
Armour & Co. of Illinois. pref. (guar.)._
134 Apr. 42 Mar. 16 to Apr. 1
14 Apr. 2 Mar. 28 to Apr. 2
Armstrong Cork,common (goar.)
144 Apr. 2 Mar. 28 to Apr. 2
Preferred (guar.)
Asbestos Corp. or Canada,corn.(guar.). 14 Apr. IS Apr. 2 to Apr. 15
13
4 Apr. 15 Apr. 2 to Apr. 15
Preferred (guar.)
14 Apr. 25 Holders of rec. Mar. lfla
Associated Oil (guar.)
.2
Apr. 14 'Holders of net. Mar. 31
Atlas Brick, preferred (quar.)
Babcock tr Wilcox Polar I
14 5cr •, glierlera at rec. Mar. 20
Mar. 27 Holders of rec. Mar.20
Bait. Brick, 1st pt.(acct. accum. dive.). 53
BarnhartBros.drSpindler,lst&2dP1.(111.) 134 May 1 Holders of res. Apr. 265
•50c. Apr. 1 'Holders of rec. Mar. 20
Bassick Alemite Corporation
$1.25 Apr. 5 Mar. 21 to Apr. 1
Beatrice Creamery, Common (guar.).
14 Apr. 5 Mar. 21 to Apr. 1
Preferred (guar.)
Bethlehem Steel, corn, & corn. B (guar.) 14 Apr. 2 Holders of rec. Mar. 136
Seven per cent cum. preferred (guar.) 144 Apr. 2 Holders of reo. Mar. 136
Seven per cent cum. preferred (guar.) 1% July 2 Holders of rec. June lba
Seven per cent turn, preferred (guar.) 14 Oct. 1 Holders of reo. Sept. 15a
Seven per cent cum. preferred (guar.) 144 Jan2'24 Holders of rec. Dec. 15a
Seven per cent non-cum. pref.(guar.). 144 Apr. 2 Holders o free. Mar. 136
Seven per cent non cum pref. (guar.). 14 July 2 Holders of rec. June 15a
Seven per cent non cum. pref.(guar.). 14 Oct. I Holders of rec. Sept. lba
Seven per cent non cum. pref.(guar.). 134 Jan2'24 Holders of rec. Dec. 154
2
Apr. 2 Holders of rec. Mar. 13a
Eight per cent preferred (goar.)
2
July 2 Holders of rec. June 156
Eight per cent preferred (guar.)
Oct. I Holders of rec. Sept. 156
Eight per cent preferred (guar.)
2
2
Jan2'24 Holders of rec. Dec. 156
Eight per cent preferred ((Mar.)
14 June 15 Holders of rec. June la
Borden Co., preferred (guar.)
Borg & Beck Co.(guar.)
50c. Apr. 1 Holders of rec. Mar.d20a
4
Apr. la Mar. 18 to Apr. 14
Borne Scrymser Co
Apr. 14
Extra
1
Apr. 16 Mar. 18 to
Brier Hill Steel, common (guar.)
25c, Mar. 31 Holders of rec. Mar.n15a
Preferred (guar.)
14 Mar.31 Holders of rec. Mar. 15a
British-American 011 (guar.)
50c. Apr. 2 Holders of rec. Mar.24
Brit.
-Amer. Tobacco, ord.(interim)...,. 4
Mar. 31 Holders of coup. No.951
Brunswick-Balke-Collender, pref. (4111.)- 14 Apr. 42 Mar. 21 to Apr. 2
Bucyrus Co.. pref. (mar.)
134 Apr. 2 Holders of rec. Mar.20a
Extra (account accumulated (Ms.)._
744 Apr. 2 Holders of rec. Mar. 20a
Burns Bros., pref. (guar.)
144 Apr. 2 Holders of rec. Mar. 10a
Burt (F. N.) Co., common (guar.)
24 Apr. 2 Holder c of rec. Mr. 150
(guar.)
Preferred
14 Apr. 2 Holders of rec. Mar. 150
Bush Terminal Bides.. pref. (gust').... 144 Apr. 2 Holders of rec. Mar.20a
AA a . 22
..
Butte & Superior Mining
212m50 Mpp rrr 31 Holders of rec. Mar. 12
Holders of rec. Mar. 15a
Cadet Knitting,common (guar.)
Holders of rec. Mar. 15a
First and second preferred (quar.)
Apr. 2 Holders of rec. Mar. 200
California Petroleum, preferred (guar.).
Mar. 26 Holders of rec. Mar. 96
:
1
1
.
Calumet & Arizona (guar.)
Apr. 2 Holders of rec. Mar. lba
Holders of rec.Mar.d2la Cambria Iron
Ap
3144 A pr.. 2 Holders of rec. Mar. 15a
Can. Connecticut Cotton Mills, of.(qu.) 2
Holders of rec. Mar. 17
Apr. 2 Holders of rec. Mar. 15
Canadian General Electric, corn. (guar.)
Mar. :11 •o Arr. 1
Holders of net. Mar. lb
.
Pref -rre I
Holders of net. Mar. 17a
1
Mar. 31 Holders of net, Mar. 2041
Holders of net. Mar. 170 Canadian Locomotive. corn. (guar.)
14 Mar. 31 Holders of rec. Mar. 206
Preferred (guar.)
Apr. I
Mar. 18 to

WILL.

1250

THE CHRONICLE
When
Per
Cent. Payable.

[Vol,. 116.

Books Closed.
Per
When
Books Closed.
Days Inclusive.
Name of Company.
Cora. Payable.
Days /whistre.
Miscellaneous (Continued).
Miscellaneous (Continued).
Canfield Oil,common (guar.)
14 Mar. 31 Mar. 21 to Apr. 4
Interlake Steamship (quar.)
$1.25 Apr. 2 Holders of rec. Mar.20
Preferred (quar.)
144 Mar.31 Mar. 21 to Apr. 4
Internat. Button Hole Sew. Mach. (q11.)
Apr. 2 Holders of rec. Mar. 15
14 Apr. 1 Holders of roe. Mar. 124 Intermit. Cement, common (quar.)....
Case (J. I.) Thresh. Math.,Prof.(qu.)
75e. Mar.31 Holders of rec. Mar. 15a
14 Mar. 31 Mar. 7 to Mar.27
Celluloid Co..common (guar.)
Preferred (guar.)
144 Mar.31 Holders of rec. Mar. 15a
Central Aguirre Sugar (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 220 Internat. Educational Publishing. pref._
50c. May 1 Holders of rec. Mar. I
14 Apr, 15 Holders of roe. Mar.31a Internat. Harvester, common (guar.).
Central Coal & Coke,common
„ $1.25 Apr. 16 Holders of rec. Mar. 24a
14 Apr. 15 Holders of rec. Mar.3Ia International Salt (guar.)
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 150
Certain-teed Prod. let dr 2d pref. (qu.)- 144 Apr. 1 Holders of rec. Mar. 22a International Shoe,common
750. April 1 Holders of ref. Mar. 15a
Chandler Motor (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 20a
Prefern d (monthly)
Apr. 1 Holders of rec. Mar. 15a
$1
Cbesebrough Mfg., corn.(guar.)
34 Mar.31 Holders of rec. Mar. 10a International Silver, pref. (guar.)
14( Apr. 1 Feb. 22 to Feb. 28
Preferred (guar.)
14 Mar.31 Holders of rec. Mar. 10a
Prof. (sect. accumulated dividends)
hit Apr. 1 Feb. 22 to Feb. 28
Chicago Mill & Lumber, pref.(quar.)
*144 Apr. 1 *Holders of rec. Mar.23
Interprovincial Brick (guar.)
144 Mar. 31 Holders of roe. Mar.23
Chicago Yellow Cab Co.(monthly)
33 1-3c Apr. 1 Holders of roe. Mar. 20
Intertype Corporation, pref.(guar.). _ 2
„
Apr. 2 Holders of rec. Mar. 15a
Monthly
33 1-3e May 1 Holders of roe. Apr 20
Island Creek Coal, common (guar.).
d$2
Apr. 2 Holders of rec. Mar.260
Monthly
33 1-3e June 1 Holders of rec. May 19
Common (extra)
453
Apr. 2 Holders of rec. Mar.26a
Investing, preferred (guar.)
City
144 Apr. 2 Holders of rec. Mar.280
Preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar.26a
Cities Service
Jones Brothers Tea, common (guar.)._ _ $1
Apr. 16 Holders of rec. Apr. 2
Common (monthly, pay. In cash scrip) 04 Apr. I Holders of roe. Mar. 150
Preferred (guar.)
14‘ Apr. 2 Holders of rec. Mar. 26
Common (payable in corn. stock scrip) 14 Apr. 1 Holders of rec. Mar. 150 Jones de Laughlin Steel, pref. (guar.)._
141 Apr. 2 Holders of roe. Mar. 15a
Pref, and pref. 13 (Payable in cash)
31 Apr. 1 Holders of rec. Mar. 150 Jordan Motor Car, pref. (guar.)
114 Mar. 31 Holders of ref. Mar. 100
ClevelandUnion Stock Yards (quar.)...
2
Apr. 2 Mar. 20 to Apr. 1
Kaynee Co., preferred (guar.)
14 Apr. 2 Holders of ree. Mar. 200
Cleveland Worsted Mills (guar.)
1
Mar. 31 Holders of roe. Mar. 15a Kayser (Julius) dc Co.. prof. (guar.)__
$2 Apr. 2 Holders of reo. Mar.28a
Cluett, Peabody & Co., pref. (guar.).
- 144 Apr. 2 Holders of rec. Mar.210 Kelly Island Lime dr Transport (qua:.)... 2
Apr. 2 Mar.21
Apr. 1
$1.50 Apr. 2 Holders of rec. Mar. 15a Kelly-Springfield Tire, prof. (quar.).... 14 Apr. 2 Holders ofto Mar.160
Coca-Cola Co. cons. (guar.)
rec.
Common (extra)
500. Apr, 2 Holders of roe. Mar. 15a Kelsey Wheel, common (guar.)
144 Apr, 2 Holders of rec. Mar.200
Colts Patent Fire Arms Islfg. (quar.)__ _
50c. Apr. 2 Holders of rec. Mar. 150 Kennecott Copper Corp.(gnu.) ,
75c. Apr. 16 Holders of roe. Mar.23
Computing-Tabulating-Record. (guar.). 31.50 Apr. 10 Holders of roe. Mar.23a Kerr Lake Mines,Ltd.(guar.)
1244c. Apr. 16 Holders of reo. Apr. 20
Congoleum Co.,common (guar.)
$2
Apr. 16 Holders of rec. Apr. 20 Kresge (S. S.) Co., common (quar.).... 2
Apr. 2 Holders of roe. Mar.120
Connor (John T.) Co. (guar.)
50o. Apr. 2 Holders of roe. Mar.200
Preferred (guar.)
144 Apr. 2 Holders of roe. Marc 12a
Continental Can, pref.(guar.)
14 Apr. 1 Holders of rec. Mar.20a Kress (S. H.) & Co., preferred (guar.)-- 14 Apr. 2 Holders of rec. Mar.20a
Corona Typewriter, let pref.(guar.)._ .._ 2
Apr. 2 Mar. 16 to Apr. dl
La Rose Mines, Limited
10c. Mar.24 Mar. 9 to Apr. 6
Second preferred (guar.)
14 Apr. 2 Mar. 16 to Apr. dl
Laurentide Co. (guar.)
144 Apr. 3 Holders of rec. Mar.22
Cramp(Wm.)& Sons S.dc E.Bldg.(qu.) 1
Mar.31 Mar. 16 to Apr. 1
Lawton,Mills Corp. (guar.)
24 Mar.31 Holders of rec. Mar.22
Crucible Steel, preferred (guar.)
144 Mar.31 Holders of roe. Mar. 150 Lawyers Mortgage (guar.)
24 Mar. 31 Holders of rec. Mar. 2Ia
Cuban-American Sugar. Prof.(guar.)... 151 Apr. 2 Holders of rec. Mar.100 Lehigh Valley Coal Sales (guar.)
Apr. 2 Holders of rec. Mar. 15
$2
Daniel Boone Woolen Mills(guar.)
The. Apr. 2 Mar.27 to Apr. 1
Library Bureau, common (guar.)
144 Apr, 1 Holders of rec. Mar. 21
Davis Mills (gum.)
1 4 mar. 24 Holders of rec. Mar. loa
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 21
2
Detroit & Cleveland Navigation (guar.). $1
Apr. 2 Holders of rec. Mar. 150 Liggett & Myers Tobacco. Prof.(qua:.). 14 Apr. 2 Holders of reo. Mar.15a
Dolores Esperanza Corp.(guar.)
24 Apr. 10 Mar. 31 to Apr. 9
Lone Star Gas (guar.)
*3744c Mar.31 *Holders of rec. Mar.21
Dome Mines(guar.)
50c. Apr. 20 Holders of rec. Mar.310
Extra
*124c Mar,31 *Holders of rec.
21
Dominion Canners, preferred (guar.)._ _ 14 Apr. 2 Holders of roe. Mar. 170 Loose-Wiles Biscuit. 1st pref.(quar.).. 151 Apr. 1 Holders of rec. Mar. 20a
Mar.
Dominion Glass, corn. and pref. (quar.)_
14 Apr. 2 Holders of rec. Mar. 15
Second preferred
May 1 Holders of rec. Apr. 19a
Dominion Iron de Steel, pref. (guar.).
- 14 Apr. 1 Holders of rec. Mar. 15
Lorillard (P.) Co.,common (guar.)
Apr. 2 Holders of rec. Mar. 17a
3
Dominion 011 (guar.)
Apr. 1 *Holders of reo.Mar.10
*2
Preferred (guar.)
151 Apr. 2 Holders of rec. Mar. 170
Extra
*51
Apr. 1 *Holders of rec.Mar.10
MacAndrews & Forbes, common (guar.) 231 Apr. 14 Holders of rec. Mar.31a
Dominion Stores. Ltd., common (No. 1) Mo. April 1 Holders of rec. Mar. 1
Preferred (guar.)
134 Apr. 14 Holders of rec .Mar. 31a
Common
500. Oct. 1 Holders of rec. Sept. I
MacArthur Concrete Pile dr Found'n, pf- 4
Apr. 2 Holders of rec. Mar. 15a
Dominion Textile, old corn. (quar.).__
3
Apr. 2 Holders of rec. Mar. 15
Mackay Companies,common (guar.)... 14 Apr. 2 Holders of rec. Mar. 70
New common (quar.)
$1 Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 7a
1
Preferred (guar.)
Old and new preferred (guar.)
14 Apr. 16 Holders of rec. Mar. 31
Mack Trucks, Inc., common (quar.)
Apr. 2 Holders of rec. Mar.20a
51
Draper Corporation (guar.)
3
Apr. 2 Holders of rec. Mar. 3
First and Second pref.(qu.)
144 Ain. 2 Holders of rec. Mar. 20a
Dublller Condenser dr Radio, pref. (au.) $2
Mar. 24 Holders of rec. Mar. 20
Macy (R.11.) dr Co., Inc., pref.(quar.). 14 May I Holders of rec. Apr. 14a
Dunham (James II.) & Co., corn. (qu.)
14 Apr. 2 Holders of rec. Mar. 19a Magnolia Petroleum (guar.)
.$1.25 Apr. 5 *Holders of rec. Mar.24
First preferred (quar.)
14 Apr. 2 Holders of rec. Mar. 19a Magor Car Corp.,common (guar.)
2.50. Mar. 31 Holders of rec. Mar.26
Second preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 19a
Preferred (guar.)
144 Mar.31 Holders of rec. Mar.26
du Pont (E. I.) de Nemours Powder
Mallinson (H.R.)& Co., pref.(guar.).- 14 Apr. 2 Holders of rec. Mar.240
Debenture stock (guar.)
14 Apr. 25 Holders of rec. Apr. 100 Monist! Sugar, preferred (guar.)
144 Apr. 2 Holders of rec. Mar. 15a
Eastern Roiling Mill Co., preferred
114
Apr, 2 Mar.27 to Apr. 2
Manhattan Elec. Supply (quar.)
$1 Apr. 2 Holders of rec. Mar.200
Eastman Kodak,common (guar.)
$1.25 Apr. 2 Holders of rec. Feb. 250 Manhattan Shirt, pref.(guar.)
134 Apr. 2 Holders of roe. Mar. 190
Common (extra)
750 Apr. 2 Holders of rec. Feb. 250 Marland 011 (guar.)
$1
Apr. 2 Holders of rec. Mar. 24a
Preferred (guar.)
14 Apr. 2 Holders of rec. Feb. 28a Mathieson Alkali Works. pref. (guar.)._
144 Apr. 2 Holders of rec. Mar. 200
Edmunds dr Jones Corp., corn.(guar.)._
50c Apr. 1 Holders of rec. Mar.20
Maverick Mills, preferred (guar.)
144 Apr. 2 Holders of rec. Mar. 24a
Preferred (guar.)
14 Apr, 1 Holders of rec. Mar. 20
May Department Stores. pref.
Ain. 2 Holders of rec. Mar. 15a
Edwards(Wm.) Co., preferred (guar.).- 144 Apr. 2 Holders of rec. Mar. 20a McCall Corporation, 1st pref. (guar.)... 151 Apr. 1 Holders of rec. hint. 15
131
(guar.)._
ELsenlohr (Otto) & Bros., pref. (guar.). 14 Mar.31 Holders of rec. Mar. 20a
First preferred (acct. scrum. diva.)... 514 Apr. 1 Holders of rec. Mar. 15
Elec. Controller & Mfg.,common (qu.). $1
Apr. 2 Holders of rec. Mar. 210 McCrory Stores Corp., Pref.(guar.)._ _ 14 Apr. 1 Holders of rec. Mar.20a
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 21a Mergenthaler Linotype (guar.)
24 Mar. 31 Holders of rec. Mar. 30
Electric Storage Battery,corn.& pf.(qu) $1
Apr. 2 Holders of rec. Mar. 17a Merrimac Chemical (guar.)
$1.25 Mar.31 Holders Of rec. Mar.17a
Elliott
-Fisher Co., corn. & corn. B
50c. Apr. 2 Holders of rec. Mar. 15a
Extra
Mar.31 HolderS Of roe. Mar.17a
$1
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 15a Metropolitan Brick, first pref. (guar.)._
151 Apr. 1 Holders of reO. Mar. 15a
Empire Safe Deposit (guar.)
14 Mar.30 Holders of rec. Mar. 24a Mexican Petroleum, common (guar.)._ _
Apr. 20 Holders of rec. Mar.d3la
Endicott
-Johnson Corp., corn. (quar.).. $1.25 Apr. 2 Holders of rec. Mar. 170
Preferred (guar.)
Apr. 20 Holders of rec. Mar.d3la
2
Preferred (guar.)
14 Apr. 2 go:olden, eil rec. Mar. 17a Middle States 011 (guar.)
3
Apr. 1 Holders of rec. Mar. 10a
Equity Petroleum Corp.. pref. (qua:.)... 3
AIM'. 10 Holders of rec. Mar. 31
Mohawk Mining
$1
Mar. 31 Mar. 7 to Mar.27
Fairbanks, Morse Co.,common
El
Mar. 31 Holders of rec. Mar. 160 Montgomery Ward & Co., pref.(quar.)
14 Apr. 1 Holders of rec. Mar. 2111
Famous Players-Lasky Corp.,cont.(qu.) 2
Apr. 2 Holders of roe. Mar. 15a Motor Products (guar.)
$1.75 May 1 Holders of rec. Apr. 20
Famous Players-Lasky Corp., pf. (qu.)_ 2
May 1 Holders of rec. Apr. lea Mountain Producers Corp.(guar.)
200. Apr. 2 Holders of rec. Mar. 15a
Farr Alpaca Co. (guar.)
2
Mar. 31 Holders of rec. Mar. 21a
Extra
leo. Apr. 2 Holders of ree. Mar.15a
Fisher Body,Ohio corp.,pref.(quar.)... 2
Apr. 2 Holders of rec. Mar.d2la '51 local itisult. common (wow )
75e. Apr. 14 11ffiglrrS of roe. Mar. 31a
Flelshmann Co., common (guar.)
50c. Atm. 1 Holders of rec. Mar. 15a Nat. Breweries, common (guar.)
$1 Apr. 2 Holders of roe. Mar. 15
Common (guar.)
50c. July 1 Holders of rec. June 15a
Preferred (guar.)
131 Apr. 2 Holders Of NW. Mar. 15
Common (guar.)
500. Ott. 1 Holders of rec. Sept. 15a Nat. Enamel & &pg., pref. (quar.).. 151 Mar. 31 Holders of roe. mar..ioa
Common (guar.)
50c Jan1'24 Holders of rec. Dec. 15a
Preferred (guar.)
154 June 30 Holders of rec. June 90
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
151 Sept.29 Holders of roe. Sept. 100
Galena-S1gnal Oil, common (guar.)._ 1
Mar. 31 Holders of rec. Feb. 280
Preferred (guar.)
154 Doe. 31 Holders of roe. Dec. lla
Preferred (guar.)
2
Mar.31 Holders of roe. Feb. 28a National Fuel Gas
$1.5 Apr. 16 Holders of rec. Mar.31
General Amer. Tank Car, pref. (guar.). 144 Apr. 2 Holders of rec. Mar. 15a National Lead, common (guar.)
2
Mar,31 Holders of fee. Mar. lfla
General Baking, corn. (quar.)
$1
Mar.31 Holders of roe. Mar. 170 National Licorice, preferred (qua:.)
134 Mar.31 Holders of rec. Mar. 23a
Preferred (guar.)
2
Mar.31 Holders of roe. Mar. 17a National Paper dr Type
General Cigar, Inc., deb. pref (guar.)
14 Apr. 2 Holders of rec. Mar.26a
(ommos and pref.(guar)
Apr. 16 Holders of rec. Mar. 3Ia
General Electric (guar.)
2
Apr. 14 Holders of rec. Mar. 70 National Refining, preferred (guar.).
2
Apr: 2 Holders of roe. Mar. 15a
Special stock (quar.)
15c. Apr, 14 Holders of rec. Mar. 7a National Sugar Refining (guar.)
131 Apr. 2 Holders of rec. Mar. 10
General Fireproofing, common (guar.). _ 14 Apr. 2 Mar.21 to Mar. 31
National Surety (guar.)
244 Aor. 2 Holders of rec. Mar. 20a
Preferred (guar.)
14 Apr. 2 Mar. 21 to Mar. 31
Newbloek 011
*6244c Apr, 2 *Holders of rec. Mar. 15
General Railway Signal, pref.(quar.)-- - 14 Apr. 2 Holders of rec. Mar.22a New River Co
$1.50 Apr. 25 Holders of roe. Apr. 14
Gillette Safety Razor, stock dividend
e5
June I Holders of rec. May 1
N. It. Air Brake, class A (guar.)
11
Apr. 2 Holders
90
Goodrich (B. F.) Co., pref. (guar.).- 144 April 2 Holders of roe. Mar.22a New York Steam Corporation, pf.(qu.). 134 Apr. 2 Holders of rec. Mar. 15
of rec. Mar.
Goodwin's. Limited, preferred (quar.)_. 14 Apr. 2 Holders of rec. Mar. 21
New York Transit
$3
Apr. 14 Holders of roe. Mar.20
Goodyear Tire& Rubber, prior pt.(gu.)_ 2
Apr. 1 Holders of rec. Mar. 200 New York Transportation (guar.)
50c Apr. 16 Holders of res. Apr. 20
Goulds Manufacturing, cons. (guar.)... 14 Apr. 1 Holders of rec. Mar. 20
North American Co.. common (qua:.).. 244 Apr. 2 Mar. 2 to Mar. 21
Preferred (guar.)
14 Apr. 1 Holders of roe. Mar.20
Preferred (guar.)
750. Apr. 2 Mar. 2 to Mar. 21
GrassellI Chemical, common (guar.)
2
Mar. 31 Holders of rec. Mar. 15a Ogilvie Flour Mills,common (guar.)._ _
3
Apr. 42 Holders of rec. Mar.21a
14 Mar. 31 Holders of rec. Mar. 150 Ohio 011 (guar.)
Preferred (guar.)
750. Mar. 31 Feb. 25 to Mar. 26
Great Lakes Towing, common (guar.).
Orpheum Circuit, preferred (11.1ar.)
2
Apr. 1 Holders of rec. Mar.ISO
- 14 Mar.31 Mar. 16 to Apr. 1
14 Apr. 2 Mar. 16 to Apr. 2
Preferred (guar.)
Ottawa Car Mfg.(guar.)
1
Apr. 2 Holders of rec. Mar.15a
Great Western Sugar, corn. (quar.)...._.. $1
Apr. 2 Holders of roe. Mar.15a Owens Bottle, common (qua:.)
50c. Ain. 1 Holders of rec. Mar. 16a
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 15a
250. Apr. 1 Holders of rec. Mar. 16a
Common (extra)
Greenfield Tap & Die, Pref. (guar.).
Apr. 2 Holders of rec. Mar. 15
154 Apr, 1 Holders of rec. Mar. 16a
Preferred (guar.)
- 2
Guantanamo Sugar, preferred (quar.).. 2
244 Apr. 2 Hold ,.rs of rec. Mar. I5a
Apr. 2 Holders of rec. Mar. 15a Pacific Burt Co., common (guar.)
Gulf States Steel, common
144 Apr. 2 Holders of rec. Mar. 150
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 15a
I
First and second preferred (qua:.)... 144 Apr. 2 Holders of rec. Mar. 15a Paige-Detroit Motor Car.cons.(guar.)
250 Ain. 2 Holders of rec. Mar. 200
First and second pref. (guar.)
131 Apr. 2 Holders of rec. Mar. 15a
Preferred (guar.)
14 July 2 Holders of rec. June 15a
First and second pref. (guar.)
Apr. 20 Holders of rec. Mar. 31a
14 Oct. 1 Holders of rec. Sept. 14s Pan-Am.Petrol&Transp..com.&com.B $2
First and second pref. (guar.)
Apr. 2 Holders of rec. Mar.22a
14 .50n2'24 Holders of rec. Doe. I40 Panhandle Prod.& Relining (guar.).
- $2
Hanes(P. H.) Knitting Co., pref. WO. 14 Apr. 2 Holders of rec. Mar.20
50e Mar. 31 Mar. 22 to Mar. 31
Parke, Davis dc Co.(guar.)
Harbison-Walker Retrac.. pref. (guar.). 131 Apr. 20 Holders of roe .Apr. 100
$1.25 Star. 31 Mar. 22 to Mar.31
Extra
Hart, Schaffner dr Marx, pref. (quar.).. 14 Mar.31 Holders of roe. Mar. 17a Penmarts, Ltd., common (quar.)
2
May 15 Holders of rec. May 5a
Heels Mining (guar.)
144 May 1 Holders of roe. Apr. 21a
15c. Mar. 28 Holders of rec. Mar. la
Preferred (guar.)
Extra
151 Mar 31 Holders of rec. Mar.21:14
100. Mar. 28 Holders of rec. Mar. la Penney (J. C.) co., pref.(guar.)
Heime (George W.) Co., corn. (guar.)._ 3
100. Mar.26 Holders 01 roe. Mar. 15
Apr. 2 Holders of rec. Mar. 19a Fennok Oil (guar.)
Preferred (guar.)
10c. Mar. 20 Holders of tee. Mar. 15
Extra
14 Apr. 2 Holders of rec. Mar. 19a
Hendee Mfg., pref.(guar.)
14 Apr. 2 Holders of rec. Mar. 20a Pettibone Mulliken Co.,1st & 2d pf.(qu.) 144 Apr. 2 Holders of reo. Mar.21a
Hercules Powder, common (guar.)
14 Mar.24 Mar. 16 to Mar. 24
Phelps Dodge Corp.(quar.)
$1 Apr. 2 Holders of rec. Mar.200
Higgins 011 dr Fuel
442.50 Mar.31 *Holders of roe. Mar. 15
Phillips Petroleum (guar.)
500. Mar. 31 Holders of rot. Mar. 150
Hillcrest Collieries, common (quar.)
14 Apr. 14 Holders of rec. Mar. 31
Pick (Albert) & Co., preferred (guar.)._
134 Apr. 2 Mar. 24 to Apr. 2
Preferred (guar.)
144 Apr. 14 Holders of rec. Mar. 31
Pittsburgh Plate Glass (guar.)
Apr. 2 Holders of roe. Mar. 15a
Hollinger Coned.Gold Mines
1
Mar.26 Holders of rec. Mar. 8
Pittsburgh Rolls Corp., pref. (guar.)._ _
134 Apr, 1 Holders of rec. Mar.240
Holmes(D. II.) Co., Ltd.(guar.)
344 Apr. 2 Holders of rec. Mar. 26
Prairie Oil& Gas(qinx)
*2
Apr. 30 *Holders of rec. Mar. 31
Homestake Mining (monthly)
500. Mar.26 Holders of roe. Mar. 20a Prairie Pipe Line (guar.)
*2
Apr. 30 *Holders of rec. Mar. 31
Hood Rubber Co.,common (guar.)
51 Mar.31 Mar. 21
to Arr. I Price Bros.(quar.)
45 Apr. 2 Holders of res. Mar. 19
Hoover Steel Ball (guar.)
Apr, 2 Holders of rec. Mar. 220 Provincial Paper Mills. coin. (guar.)._ 14 Apr. 2 Holders of roe. Mar. 15
2
Hudson Motor Car (guar.)
50e. April 2 Holders of rec. Mar. 22a
Preferred (guar.)
144 Apr. 2 Holders of rec. Mar. 15
Extra
250. April 2 Holders of rec. Mar.220 Pure Oil, 531% prof. (guar.)
144 Apr. 1 Holders of rec. Mar. 15a
Humble Oil & Refining (guar.)
*300. Apr. 1 Holders of rec. Mar.22
8% preferred (quar.)
1)4 Apr, 1 Holders of rec. Mar. 15
Huntington Devel.& Gas, pref. (quar.).. 14 Apr. 1 Holders of rec. Mar. 15
5% preferred (quar.)
Apr. 1 Holders of rec. Mar. 150
Hupp Motor Car, pref.(guar.)
14 Apr. 1 Holders of rec. Mar. 200 Quaker Oats, common (guar.)
2)4 Apr. 16 Holders of rec. Apr. 20
Hydrox Corporation,com.(qtr.)(No.1)_
25c. Apr. 2 Mar.23 to Apr. 1
Preferred (guar.)
14 May 31 Holders of roe. May la
Imperial Tobacco of Canada corn
Railway steel-Spring, corn.(guar.)
14 Mar. 29
2
Mar. 31 Holders of res. Mar. 17a
Imperial Tobacco of Canada, preferred... 3
Mar.31
Ranger Tex se 011 (guar.)
2
Apr. 1 Holders of rec. Mar. 100
Independent Pneumatic Tool (quar.).._ 2
Apr. 112 Mar. 23 to Apr. 1
Extra
1
Apr. I Holders of roe. Mar. 100
Inspiration Consolidated Copper
500. Apr. 2 Holders of rec. Mar. 15a
Name of Company.




MAR. 24 1923.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

1251

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

Miscellaneous (Concluded.)
Reece Button Hole Machine (quar.)...,.. 3
Apr. 2 Holders of rec. Mar. 15
2
Extra
Apr. 2 Holders of rec. Mar. 15
Reece Folding Machine (guar.)
1
Apr. 2 Holders of rec. Mar. 15
14 Apr. 2 Holders of rec. Mar. 15a
Reo Motor Car (guar)
1
Extra
Apr. 2 Holders of rec. Mar. 15a
Republic Iron & Steel, pref. (quar.)
14 Apr. 2 Mar. 16 to Apr. 11
Reynolds Spring, pref. A. & B (quar.).._
14 Apr. 1 Holders of rec. Mar. 19a
Reynolds(R. J.) Tobacco,corn.(quar.)_
75e. Apr. 2 Holders of rec. Mar. 18a
Common B (quar.)
75c. Apt'. 2 Holders of rec. Mar. 18a
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
1% Apr. 2 Holders of rec. Mar. 18a
Preferred (guar.)
(Stated in thousands of dollars-that is, three ciphers (0601 omitted.)
Rickenbacker Motor Car (quar.)
*2
Apr. 15 *Holders of rec. Mar. 31
Royal Baking Powder,common (guar.). 2
Mar. 31 Holders of rec. Mar. 15a
New
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar. 15a
Reserve
Capital.1Profits Loans,
St. Louis National Stock Yards (quar.),_ .2
Week ...oiling
Apr. 2 *Holders of rec. Mar. 19
Net
Time Bank
with
Discount, Cash
St.LouisRocky Mt &Pac.Co.,com.
(qu.) 1
.
March 17 1923 Nat'l, Dec. 29 InvestMar. 31 Holders of rec. Mar. 17
De- CircuLegal Demand
in
1 se, Mar. 31 Holders of rec. Mar. 170
Freferred (quar.)
tarto
State, Nov.15 merits, Vault. O peV- Deposits. Posits. laSafety Car Heat & Lighting (quar.)_
•13. Apr. 2'Holders of rec. Mar. 16 - (000 omitted.) Tr.Cos. Nov.15
dec.
Salt Creek Consolidated 011 (quar.)
25o. April 1 Holders of rec. Mar. 15a
Savannah Sugar, pref. (In pref. stock).. 252z May 1 Holders of rec. Mar. 15
Members of Fed. Res Bank Average Average A verag Average Average A v:e.
tt-° .
Schulte Retail Stores Corp., prof.(quar.) 2
Apr. 2 Holders of rec. Mar. 200 Bank of N Y dr
$
S
s
$
$
$
5
$
Seaboard Oil& Gas (monthly)
Trust Co____ 4,0010 11,841
24e. Apr. 1 Holders of rec. Mar. 15a
5.245
.
725 6.537
62,530
Sears, Roebuck Ar Co., pref. (quar.)_
14 Apr. 1 Holders of rec. Mar. 154 Bk of Manhat'nd10,000,d12,500 125,011 2,183 15,611
931
103,449
Sherwin Williams Co.(Can.), corn.(qu.) 145 Mar. 31 Holders of rec. Mar. 15a
M.
-Thar:Met Nat 10,000 17,182 161,733 4,219 20.451
24
-6152.652 41055 --5-6
1
: 6
'
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar. 15a Bank of America 5,500 4,551
71,098 3,411
71,142 1,478 9,531
Shell Union 011 Corp., corn. (quar.). _
25c. Mar.30 Holders of rec. Mar. 24a Nat City Bank. 40,000 51,071 529,586 6,596 58,729 *564.809 62,691 2
-1
,09
Simmons Co
250 Apr. 2 Holders of rec. Mar. 15a Chem Nat Bank 4,500 16,244 122,177 1,206 13,738
344
101.1711 6,526
Singer Manufacturing Co.(guar.)
Nat Butch & Dr
1% Mar. 31 Mar. 11 to Apr. 1
2
297
5,399
500
3.66
48
550
203
Sloss-Sheffield Steel & Iron, pref.(quar.) 14 Apr. 2 Holders of rec. Mar. 250 Amer Etch Nat 5,000 7,890
97,426 1,076 11,920
84,287 6,713 4,914
South Porto Sugar, pref. (quar.)
2
Nat Bk of Corn_ 25,000 37,437 323,934
Apr. 2 Holders of rec. Mar. 15a
914 32,681
250.966 8,309 __
South West Pa. Pipe Lines (quar.)
2
Pacific Bank___ 1,000 1,701
Apr. 2 Holders of rec. Mar. 15
23,502 1,049 3.563
23,644 1.119'
Southern States 011 (stock dividend)... el0 Apr. 20 Holders of rec. Mar. 31a Chat& Phen Nat 10.500 9 316 148,933 4,794 17,599
120.8371 23,140 5,751
Spicer Manufacturing. pref. (quar.)
2
Apr. 1 Holders of rec. Mar. 21a Hanover Nat Bk 5.000 20,848 123,704
111,720' ____1 100
364 14,795
Standard Oil(Kentucky)(quar.)
$1.
Apr. 2 Mar. 16 to Apr. 2
Corn Exchange_ e9,075e11,920 172,861 4,935 21,702
154,345 23,161
Standard 011 (Ohio). corn.(quar.)
52.50 Apr. 2 Holders of rec. Feb. 23
Imp & Trad Nat 1,5001 8,636
534 3,706
37,287
51
28,089
Standard Safe Deposit Co.(quar.)
3
Mar. 30 Holders of rec. Mar. 28a National Park__ 10,000 23,882 160.720
842 16,786
127.789 5,608 7,729
Standard Textile Prod., pref. A & B (qu.) 1f
Apr. 1 Holders of rec. Mar. 154 East River Nat. t,000
11,279 2,461
294 1,570
13,899
50
800
Steel Co. of Canada,common (quar.)... 13 May 1 Holders of rec. Apr. 4
First National__ 10,0001 51,584 291,936
155,086 33,241 7,407
425 21,160
iq May 1 Holders of rec. Apr. 4 Irving National 817,500 co,500 264,957 4,756 35,418 264.557 13,575 _
Preferred (guar.)
10e. Apr. 5 Holders of rec. Mar. 3Ia Continental Bk. 1,000
Sterling 011,4 Devel
6,412
389;
135 1,068
8,129
920
Stern Brothers, preferred (guar.)
2
Juno 1 Holders of rec. May 150 Chase National. 20,0001 22.057 337,014 4,286 43,481
315,515 26,3911 1,089
1% Apr. 2 Holders of rec. Mar. 190 Fifth Avenue__
Stromberg Carburetor (guar.)
23,093
724 3,251
500 2 430
22,067
Sullivan Machinery (guar.)
Apr. 16 Apr. 1 to Apr. 16
51
Commonwealth.
8,997
487 1,203
274
10,141
400 '
975
Swift & Co. (Quer.)
2
Apr. 1 Holders of rec. Mar. 10
Garfield Nat.__ 1,0001 1,645
441 2,462
18
397
15,068
15,214
25c. Apr. 16 Holders of rec. Mar. 300 Fifth National. 1,200. 1,12
Tennessee Copper & Chemical
16,323
718 245
208 2,197
21,097
Apr. 1 Holders of rec. Mar. 104 Seaboard Nat._ 4,000 7,07
2
Texas Chief 011 (quar.)
74,417 1,838
765 10,246
68
78,434
Apr. 1 Holders of rec. Mar. 100 Coal & Iron Nat 1,500 1.36
1
Extra
13,036
815, 411
568 1,703
15,283
75c. Mar.31 Holders of rec. Mar. 9
Texas Company (quar.)
Bankers Trust_ 20.000 25,03
271,364 1,105 30,264 *238,579 16,948 ___ _
250. Mar. 31 Holders of rec. Mar. 10a U S Mtge & Ti'. 3,000" 4,41
Texas Pacific Coal & 011 (Quar.)
50,956 4,5391 ___ _
861 6,853
56,998
Apr. I Holders of rec. Mar .23a Guaranty Trust 25,000' 17 654 371,399 1,417 40.524 "382,300 42,478 __
Thompson (John It.) Co., corn. (m'thly) 1
1
May 1 Holders of rec. Apr. 23a Ficiel-InterTrust h2.000 hI 849
Common (monthly)
19,271 1 149
356 2,508
21,539
1
June 1 Holders of rec. May 23: N I Trust Co__ 10,0001 17,696 138,677
Common (monthly)
,
114,290 13,995
407 15,518
14 Apr. 1 Holders of rec. Mar. 23a Metropolitan Tr 2.000, 3,80
Preferred (mum)
34.598 2,950
532 4,688
39,4115
4
April 2 Holders of rec. Mar. 20
Thompson-Starrett Co.. pre/
Farm Loan & Tr 5,000 15,0115 133,636
524 13,175 '94,036 30,746
14 Apr. 1 Holders of rec. Mar. 16a Columbia Barn' 2,000 2,145
Tobacco Products Corp., pref. (quar.)
2,264
29.08
740 3,873
32,395
50. Apr. 2 Mar. 16 to Mar. 21
Tonopah-Belmont Devel, Co.(guar
Equitable Trust f20.0001 f8,479193,641 1,268 21,547 5i85,945j 29,687
Sc. Apr. 2 Holders of rec. Mar. 12
Tonopah Extension Mining Co. (quar.).,
5e. Apr. 2 Holders of roc. Mar. 12
Extra
Total of average,289,675'431,863 4.503.210 51.260 510,613 c3,745,114 393.20931,941
624c. Apr. 2 Holders of roe. Mar. 20
Torrington Co., corn. (quar.)
1
Apr. 20 Holders of rec. Mar. 31
Turman 011 (monthly)
Totals, actual condition Mar.17 4,541,378 49,164503,925 c3,737,3S9 400,016 31,995
24 Apr. 1 'Holders of rec. Mar. 3a Totals, actual condition Mar.104.474.567 52,012 513,442c3,733,731 387,62432,116
Underwood Typewriter, corn. (quar.)
14 Apr. 1 Holders of roc. Mar. 3a Totals, actual condition Mar. 34,541,316 48.757509.644c3,850,353 350,96431,925
Preferred (quar.)
Apr. 2 Mar. 7 to Mar. 20
Union Carbide & Carbon (quar.)
51
State Banks Not Members of Fedl Res've lBank.
1
50c. Apr. 10 Holders of rec. Mar. 24a Greenwich Bank 1,090
United Alloy Steel, common (quar.)._ _ _
52,
19,24
18,520 1,685 1,948
2,119
14 Apr. 2 Holders of rec. Mar. 151 Bowery Bank__
United Dyewood, common (quar.)
2,806 2,110
385
3471
5,766
250
877
14 Apr. 2 Holders of rec. Mar. 154 State Bank_ ___ 2,500 4,684
Preferred (quar.)
29,127 52,640 -84,713 3,343 1,911
14 July 2 Holders of rec. June I54
Preferred (guar.)
194 Oct. 1 Holders of rec. Sept. 15a Total of averages 3,750 7,681 108,999 5,378 4,244
Preferred (quar.)
51,177 51.802
134 Jan2'24 Holders of rec. Dec. 15a
Preferred (quar.)
United Fruit (quar.).
2
Apr. 14 Holders of rec. Mar. 250 Totals, actual co ndltion Mar.17 109,979 5,479 4,430
.51,299 .., ,
[
United Profit Sharing (quar.)
15
Apr. 16 Holders of rec. Mar. 28a
Totals, actual condition Mar 10 108,560 5,532 4,352
51,319 54,725
United Shoe Machinery. common (au).
50c. Apr. 5 Holders of rec. Mar. 20
Totals, actual condition Mar. 3 108.026 5,384 4,122
50,660 54,635
Preferred (quar.)
374c Apr. 5 Holders of rec. Mar. 20
Trust Companies Not Members of Fed '1 Res'.ve Bank.
United Verde Extension Mining
51
May 1 Holders of rec. Apr. 3a Title Guar & Tr f10,000 f11,414
34,983 2,061
53,833 1,445 3,831
U.S. Cast Iron Pipe & Fdy., pref.(nu.). 14 June 15 Holders of rec. June la
Lawyers a it & r 16,000 f4,750
16,670
566
908 1,597
25,972
134 Sept.15 Holders of rec. Sept. la
Preferred (quar)
Preferred (quar.)
141 Dec. 15 Holders of tee. Dee. is Total of averages 16,000 16.164
51,653 2.647 --79,805 2,353' 5,428
U.S.Gypsum,common (quar.)
1
Mar. 31 Mar. 16 to Apr. 1
'
Preferred (quar.)
14 Mar. 31 Mar. 16 to Apr. 1
Totals, actual condition Star,17 80,305 2,248 5,529
52,018 2.643,
U. S. Industrial Alcohol, pref. (quar.). _
194 Apr. 16 Holders of rec. Mar. 31a Totals, actual condition Mar.10
51,292 2,647'
79,491 2,490 5,465
United States Lumber (extra)
145 Apr. 2 Mar. 21 to Apr. 1
Totals, actual condition Mar. 3 79,426 2,421 5,499
51.747 2.565, ___ U. S. Radiator, pref. (guar.)
14 Apr. 15 Holders of rec. Apr. 1
U.S. Steel Corporation, corn.(quar.)
144 Mar. 30 Feb. 28 to Mar. 1
Gr'd aggr.. avge1308,425 455.708 4,692,014 58,988520,285f3,847,944 450.65731.911
U.S. Tobacco,common (quar.)
7.5e. Apr. 2 Iloiders of rec. Mar. 19a Comparison wit Ix prey. week _
. -1,3171 -638+3,689 -24.628+24148 +.53
Common (payable in common stock). /20
Apr. 16 Holders of rec. Star.t lea
1
Preferred (quar.)
14 Apr. 2 Holders of rec. Ma:. 190 Gr'd aggr., =el cond'n Mar.17 4,731,662 56.891513,884 83,840,736 457,48531.956
Universal Leaf Tobacco, corn. (quar.)._ 3
Apr. 2 Holders of rec. Mar. 17
Comparison with prey. week__ +69,041-3.053-9.375
+4,3941+12489 -121
Preferred (guar.)
,
2
Apr. 2 Holders of rec. Mar. 17
'1
Utah Copper Co. (quar.)
SI.
Mar. 31 Holders of rec. Mar. 12a Gr'd aggr., acel cond'n Mar.10,4,662,621 59,944523.259 83,836,342 444,996 32,116
Valvoline Oil, preferred (mar.)
2
Apr. 2 Holders of rec. Mar. 17a Gr'd aggr., acricond'n Mar. 34,728,768 55,562 519.26583.952,760 408,16431,925
Van Dorn Iron Works, Prof. (guar.) _ _
14 Apr. 2 Holders of rec. Mar. 220 ((rd agar., actleouct'n Feb. 24 4,752,244 59,816 503,57383,963,881 387,127,31.662
Victor Talking Machine, corn. (quar.) (151.75 Apr. 14 Apr. 1 to Apr. 5
Gr'd aggr., actleonren
511,12183,973.365365,271 31,397
Vulcan Detinning, pref. & pref. A (au.). 14 Apr. 20 Holders of rec. Apr. 154 Gell tiger., act'llcond'n Feb. 174.717,502 57,781 530,60483,943,115 372,466 31,114
Feb. 10,4.712.367 60,882
Wabasso Cotton (quar.)
Apr. 3 Holders of rec. Star. 15
51
Gr'd agar . acrienarl'n Feb. 3'4.768,727 57,445 517.92283,987.781373.
42230.911
Wahl Co., common (monthly)
500. Apr. 1 Holders of rec. Mar. 220
Note.
-U. S. deposits deducted from net demand deposits in the general total
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar.22a
Waldorf System, Inc., common (attar.)_
50c. Apr. 2 Holders of rec. Mar. 20a above were as follows: Average total Mar. 17. 561.550,000; actual totals. Star. 17,
5126,035,000; Mar. 10, 533,768,000; Mar. 3, 533,768,000; Feb. 24. 533,768,000:
20e. Apr. 2 Holders of rec. Mar. 20
Preferred and first preferred (quar.)
Walworth Mfg., pref. (quar.)
145 afar. 31 Holders of rec. Mar. 2Ia Feb. 17, 533,781,000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week Mar. 17, 5502,147,000; Star. 10, 5516,461,000; Mar. 3. 5520.Ward (Edgar T.) Sons Co.. prof (quar.) 14 Mar. 31 Holders ol rec. Mar.20
871,000; Feb. 24, 5527,002,000; Feb. 17, 5539.840,000. Actual totals Mar. 17,
Warren Bros., common
75e. Apr. d2 Holders of rec. Mar. 24
S167.101,000; Mar. 10, 5513,991,000; Star. 3, $492,888,000; Feb. 24, 5520,596,000;
75c. Apr. cll. Holders of rec. Mar. 24
First preferred (guar.)
Feb. 17, $537,691,000.
Second preferred (guar.)
8745c Apr. '12 Holders of rec. Mar. 24
Weber Plano, preferred (quar.)
14 Mar. 31 Holders of rec. Star. 20
• Includes deposits In foreign branches not included in total footings as follows:
West Coast 011 (quar.)
5E50 Apr. 5 Holders of Leo. Mar. I50 National City Bank. $129,820.000; Bankers Trust Co., $11,288,000; Guaranty Trust
Western Eitctrit Co., preferred (quar.).,. 194 Mar. 31 Holders of roe. Mar. 12a Co., $82,301,000; Farmers' Loan & Trust Co., $39,000; Equitable Trust Co.,
e35
Westinghouse Air Brake (In stock)
Apr. 30 Holders of rec. Mart29a $29,906,000. Balances carried In banks in foreign Countries as reserve for such
Westinghouse Elec. & Mfg., corn.(au). 51
Apr. 30 Holders of rec. Mar. 30a deposits were: National City Bank. $22,475,000: Bankers Trust Co.. $2,049,000:
Preferred (quar.)
Apr. 16 Holders of rec. Mar. 30a Guaranty Trust Co., $5,191,000; Farmers' Loan & Trust Co., $39000; Equitable
51
White Motor Co.(slar.)
star. 3I Holders of rec. Star. 2110 Trust Co.. 55.336,000. c Deposits in foreign branches not included. d As of
II
Will & Bsumer Candle, pref. (quar.)
Apr. 2 Holders of rec. Star. 20a Dec. 7 1922. e As of Jan. 3 1923. f As of Dec. 31 1922. g As of Feb. 8 1923.
2
Wilson (C.11.) Body Co.. pref.(quar.)
14 Apr. 1 Mar.d22 to Apr. 1
h As of Feb. 20 1923.
Wilson & Co., preferred (quar.)
144 Apr. 2 Holders of rec. Mar. 24s
Worthington Pump & Mach.. Pf. A.(au) 194 April 2 Holders of rec. Mar. 100
(The reserve position of the different groups of institutions
14 April 2 Holders of rec. Mar. 101
Preferred 13 (quar.)
on the basis of both the averages for the week and the actual
Wrigley (Wm.) Jr. Co., corn. (monthlYr
Sue. may I Apr. 26 to Apr. 30
Common (monthly)
condition at the end of the week is shown in the following two
50e. Jane I May 26 to May 31
Common (monthly)
500. July 2 June 26 to July 1
tables:
Wurlitzer(Rudolph) Go.El TATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Eightper cent preferred (guar.)
2
June 1 Holders of rec. May 22
Seven ner cent preferred (quar.)
AND TRUST COMPANIES.
131 Apr. 1 Holders of rec. Mar. 22
Yale Az Towne Mfg. (guar.)
SI
Apr. 2 Holders of rec. afar. 10
Yellow Cab Mfg., class13 (monthly)._ _
500. Apr. 1 Holders of rec. Mar. 20
Averages.
Class B (monthly)
50e. may 1 Holders of rec. Apr. 20
Class B (monthly)
50c. tune 1 Holders of rec. May 19
a
Cash
Reserve
Youngstown Sheet & Tube, corn. (qu.). El
rec. Mar. 15a
Mar. 31 Holders of
S,
aplus
Reserve
Is
Reserve
Total
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar. 15a
Reserve.
Required.
in Vault. Detiosit
Reserve.
• From unofficial sources. f The New York Stock Exchange has ruled that stock
Members Federal
Reserve banks _ _ _
will not be quoted ex-dividend on this date and not until further notice. 2 The New
510,613,000 510,613,000 498,661,000 11,951.940
407.140
5.370,000 4,244,000 9,619,000 9,211,860
York Curb Market Association has ruled that stock will not be quoted ex-dividend State banks*
Trust companies_ _ _ _
33.050
2,353,000 5.428,0001 7,781,000 7,747,950
on this date and not until further notice.

1

a Transfer books not closed for this div. 6 Correction.
Payable in stock.
Payable in common stock. g Payable In scrip.
On account of accumulated
dividends.
All transfers received in order In London
k Subied to approval of stockholders.
on or before Starch 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 IIIII Steel common stock be
quoted ex-dividend on March 16.




Total
Total
Total
Total

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

7,728,000 520,285,000'528,013,009 515,620,870 12,392,130
7.873,000 516,596,00(1 524.469,000 518,083,520 6,385,480
7.762.000 532.966,000 540,728,000 529,929,480 10.798.520
7.559.000 529.565.000 537,124.000 528.825.560 S.2a8.440

• 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 ease of members of the Federal Reserve Bank
ncludes also amount in reserve required on net time deposits, which was as follows:
Mar.17, 511,796,240; Mar. 10,511.075,820; Mar.3,510.023,060; Feb. 24.$9,592,320,

1252
Actual Figures.
Cash
Reserve
In Vault.
Members Federal
Reserve banks__
State banks.
Trust companies____
Total
Total
Total
Total

[VOL. 116.

THE CHRONICLE

Mar. 17___ _
Mar. 10_
Mar. 3____
Feb. 24_5__

Reserve
in
Depositaries

Total
Reserve.

Surplus
Reserve.

Reserve
Reguired.

$

$
503,925,000 503.925.000 497,861,050
5,479,000 4,430.000 9,909.000 9,233,320
2,248,000 5,529,000 7,777,000 7,807,200

$
6,063,950
675,180
--30,200

7,727,000 513.884,000'52l.611,000 514,902,070 6,708,930
7,932,000 523,259,000 531,191,000 513,944,070 17,246,030
7,805,000 519,265.000 527,070.000 527,955,660 -885,660
7,608,000503.573,000 511.181,000 528,808,850 -17,627,850

• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Mar.17,812,000,480; Mar. 10,811,628.720; Mar.3,$10,528,920; Feb.24,89,901,329

Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the BostorP
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
March 21
1923.

Changes from
previous week.

March 7
1923.

March 14
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, disc'ts & Investments. 852,337,000 Inc. 11,451,000 840.886.000 843,397,000
Individual deposits, incl. U.S 602,774,000 Dec. 8,508.000 611,280,000 610,780,000
Due to banks
118,743,000 Dec.
123,000 118,866,000 124,442,000
Time deposits
112,928,000 Inc.
256,000 11 .672,000 112,344,000
United States deposits
15,672,000 Inc. 9,138,000 6.534,000 6,639,000
Exchanges for Clearing House 27,576,000 Inc. 1,188,000 26,388,000 27,326,000
Due from other banks
71,787,000 Inc. 3,101,000 68.686,000 69,268,000
Reserve In Fed. Res. Bank
68,692,000 Dec.
695,000 69.387,000 70,151.000
Cash in bank and F. R. Bank 8,767,000 Dec.
61,000 8,828,000 9,241,000
Reserve excess In bank and
Federal Reserve Bank
2,302,000 Inc.
604,000 1,698.000 2,076,000

State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.
figures showing the condition of State banks and trust com-The Philadelphia Clearing House
panies in New York City not in, the Clearing House as follows: return for the week ending Mel'. 17, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished Du State Banking Department.)
Difference from to be kept with the Federal Reserve Bank. "Cash in
March 17.
previous week. vaults" is not a part of legal reserve. For trust companies
Loans and investments
$787.829,100 Inc. $5,752.100
Gold
2,887,200 Inc.
19,800 not members of the Federal Reserve System the reserve
Currency and bank notes
18,857,700 Dec.
191,400 required is 10% on demand deposits and includes "Reserve
Deposits with Federal Reserve Bank of New York
68,322,100 Inc. 2,213,000
Total deposits
822,924,100 Inc. 4,690,200 with legal depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y.City exchanges and U.S.deposits_ 775,229.900 Inc. 2,860,100
Reserve on deposits
121,557,000 Inc. 1,476,700
Percentage of reserve, 20.3%.
RESERVE.
Stale Banks-Trust Companies
Cash in vault
*327,685,500 15.97%
$62,381,500 14.62%
Deposits in banks and trust cos____ 8,327,700 04.80%
23,162,300 05.43%
Total

$36,013,200 20.77%

585,543,800 20.05%

* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on March 17 was $68,322,100.

Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Demand
Deposits.

•Total Cash
in, Vaults.

Reserve in
Depositories.

$

a

5,314,686,500
5.327,903,200
5,309,488,800
4,798.475.400
5,523,709,500
5,519.496,000
5,630,574,400
5,529.461,100
5.562.902.500
5.522,233.200
5,532.381.800
5,496,199,200
5.492.303.000
5,4333,962.900
5.513,445.100
5,475,408.000
R470542 Inn

4,562.416,100
4,592,129.500
4,542,829.600
4.545,721.000
4.594.948.100
4,733,584,900
4.802,407,700
4,774.730.400
4,760.083.200
4,734.896.900
4,731,427.200
4,718.679.400
4.722.504,900
4.715,552.100
4,733,493,300
4,644.941.800
4 692 17R <inn

$
87,309,000
88.954.800
91.414.200
93,839,300
100.766,600
100.243.100
90.677,500
93.343.800
88.844.900
83,614.700
82,113,900
83.018,000
81.336.300
81,323,900
81,535,300
81.540.500

$
613.970.600
612.086.200
609.280.700
609.293.500
618.154.200
632,127.800
656,380,000
642.753,600
637.700 500
622,630.300
627.114.400
624,211 .40(1
631,693.900
627,931.801
631.333.801
614.750.806

Loans and
Investments.
Week endedNov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan, 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
*scar

17

en iqq non

aqnnn, Inn

New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of.dollars-that is, three ciphers (000) omitted.)

1,580

9,349

6,084

State Banks Not Members of Federal Reserve Bank
6181
297
329 5,554
200
Bank of Wash. Hts
800 1,879 20,702 2,6411 1,423
3olonial Bank,,....

4,953
22,065

1,107

27,018

1,107

Total

2,000

1,000

2,502 20,625

2,208 26,256

204

3,259

1,720

,
Crust Companies Not Me mbers of Fed. Res's Bank
394
137
348 9,160
kfech.Tr.,Bayonne
sool
9,160

394

arand aggregate_ 3,500 5,059 56,041
3omparison with previous week.. +1,462

3,857
+73

348

Total

3r'd aggr., Mar.I0
3r d aggr., Mar. 3
3r'd agar.,Feb. 24
c, ann.. 77.-1. • n
4-1,t1

3.500
3,500
3,500
n enn

137

3,4351

195

$5,000.0
11,496,0
41,479,0
709.0
21,0
736,0
30,017.0
761,0
31,517.0
4,191,0

53,470,0
9.825,0
63,295.0
57,342,0
10,953,0

1,271.0
5,462,0
4,515,0
2,183,0

514,125,0
117,148,0
761,741,0
2:3,240,0
100,174,0
128.016,0
570,699,0
42,095,0
740,810,0
22,500,0
4,191,0
53,470,0
11,096,0
73.757.0
61,887,0
13,141,0

343.875,0
117,148,0
751,969,0
26.977,0
92,303,0
131,885,0
569,433,0
36.832.0
738,200.0
8,803.0
4,712,0
57,281.0
11,190.0
73,183,0
62,516,0
11,884,0

343,875,0
117,148,0
732,851,0
35,040,0
103,925,0
132.219,0
573,263,0
33.400,0
738.891,0
8,110,0
4,204,0
57.926,0
11,219,0
73,349.0
61,612,0
13,009,0

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 Meh.21 1923 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund

Mar.211023. Mar.14 1923. Mar. 22 1922.
3
$
$
159,319,928 147,668.550 221,981,000
292,777,700 286.333.787
81,402,009
452,017,621
639,225,370
7,548,612

434.002.337
609,401.970
9,485,855

303,383,000
770,489,000
10,000,000

Total gold reserves
Reserves other than gold

1098.860.610 1,052.890.143 1,083,872.000
16.132.430
33,078.000
17.013,257

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

1 115,032,010 1,069,933.420 1,116,950,000
9,334,280
8,366.415
133.465,170
33.571.818
29,211,524

178.173.475
33,308.679
35,263,703

34,063,000
34,828,000
33,128,000

199,278,513
15.931,750

214,745,858
14,426,750

102,019,000
68,268,000

1,700,000

10.000.600

28,900,000
46,509,000

216,910,253 219,172.608
Total earning assets
11,338.581
10,872.410
Bank premises
5% redemp. fund agst. F.R.bank notes_
132,557,138 152,414,152
Uncollected Items
1,372,924 . 1,893.093
All other resources

245,696,000
7,578,000
1,256,000
108,459,000
2,364,000

Total bills on hand
U. S. bonds and notes
-U. S. certificates of Indebtedness
One-year certificates (Pittman Act)_
All other

1,486,545.228 1.512.655,100 1,482,303,000

Liabilities
Capital paid in
Surplus
Deposits
Government
-Reserve account
Member banks
All other

23,887,900
59,799,523

28,887,900
59,799,523

27,056,000
60,197,000

28,693.813
681,052,545
9,557,020

479.473
724,458.362
9,815,195

17,435,000
634,980.000
10,453,000

719,303,380
Total
568,287,595
F. R. notes in actual circulation
F. R. bank notes in circu'n-net liability
107,330.470
Deferred availability Items
2,933,360
All other liabilities

734,753,031
567,186,293

662,868,000
625,844,000
15,824,000
86,520,000
3,994,000

119,055.542
2,990.805

1,486,545,228 1,512.655.100 1,482,303,000

Ratio of total reserves to deposit and
88.6%
F. R. note liabilities combined
Contingent liability on bills purchased
14,685,283
for foreign correspondents
• Not shown separately prior to January 1923.

5,632

March 3
1923.

82.2%

88.7%

13,856,508

10,489,306

5,632

3.435

$39,125,0
102.652,0
717.262,0
27,531,0
100,153,0
127,280,0
510,652,0
41,331,0
709,263,0

March 10
1923.
Total.

• Cash in vault not counted as reserve for Federal Reserve members.

Total liabilities

CURRENT NOTICES.

3,437 a39,802 12,823
-99
+574 +606

195
-2

5,059 54,579, 3,781 3,536 a39,228 12,217
5,059 53,623, 3,681 3,351 838,515 11,899
5,059 53,988 3.580, 3,323, a37,113 12,255
e nmn
onz 'I 4061 '2 570' sa27 250 1R 0171

197
198
198
inn

a U. S. deposits deducted, 8495 000.
Bills payable, rediscounts. acceptances and other liabilities, 32,506,000.
Excess reserve, 3161,570 decrease.




Capital
Surplus and profits
Loans, dise'ts & investrn'ts
Exchanges for Clear. House
Due from banks
Bank deposits
tidi vIdual deposits
Time deposits
Total deposits
U. 5 deposits (not incl.).
Redeye with legal deposit's
Reserve with F. R. Bank..
Cash in vault*
Total reserve and cash held
Reserve required
•
Excess res. & cash In vault_

Total resources

Net
Loans
CLEARING
Capital I Profits DtsReserve
Net
Net
Nat'l
NON-MEMBERS
counts. Cash
with Demand Time
Bank
Vat.bks.Dec.23 Incestin
Legal
DeDeCircuWeek endlna itstehlts.Novl: ments, Vault. Deposi- posits. posits. (anon.
tortes.
March 17 1923. rr. cos. Dec.30 etc.
Average Average Average Average Average Average
Members of
$
$
$
$
$
$
$
$
Fed. Res. Bank
178 1,095
7,458
498
195
Battery Park Nat_ 1,500 1,163 11,604
26
485
500 1,339 9,021
1,891 5,586
IV. R.Grace & Co_
Total

TVeek ending March 17 1923.
Trust
Two Ciphers (00) omitted. Membersof
F.R.System Companies

-Brown Brothers & Co. have prepared for distribution a list of about
ninety short term issues of railroad, Industrial and public utility corporations as well as foreign Governments and municipalities, maturing from
one to ten years and yielding from 5% to over 8%.
-Nat. C. Murray, ChIsf Statistician of the Crop Reporting Service of
the United Staves Department of Agriculture, has resigned to become
Statistician and Crop Reportzr for Clement, Curtis & Co., Chicago. Mr.
Murray succeeds the late P. S. Goodman.

THE CHRONICLE

MAR. 24 1923.]

1253

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, March 22,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 1234, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH

21 1923.

liar. 21 1923. Mar,141923. March 7 1923. Feb. 28 1923. Feb. 21 1923. Feb. 14 1923. Feb. 7 1923.1Jan. 31 1923. Mar.22 1922.
RESOURCES.
Cold and gold certificates
Gold settlement fund, F. R.Board

1

323,572,000
648,228,000

$
313.211,000
638,208.000

$
311,550.000
645.285.0011

302.611,000
604,008,000

$
302.668,000
574,857,000

302.189.000
572.152.000

307,567,000
569,278.000

3
292.664,000
561,403.000

$
321,499.000
514,262,000

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

971,798,000 951.419,000 956,835.000 906,619.000 877,525,000 874.341.000 876,845.000 854,067,000 835,761.000
2,052.103,000 2,068,613,006 2,074,043.000 2,108,767.000 2,142,076.000 2,144,036,000 2,139,375,000 2,174,677,000 2,061,361,000
53.262,000
50,400,000
57,427.000
52,763.000
79,581,000
55,641,000
59,856,000
47.066,000
60.120,000

Total gold reserves
Reserves other than gold

3.074,301,000 3,078.294.000 3,083,641,000 3,072,813.000 3.075,242,000 3,078.497,000 3,076,076,000 3.075.810,000 2,976,703,000
.
118,323,000 118,275,000 117.633,000 128,787,000 128.367,000 140,464,000 143,288,000 151,333,000 127,907,000

Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market

3,192.624,000 3,196,589,000 3,201,274.000 3,201,600.1200 3,203,609,000 3,218.961.000 3.219.364,000 3,227,143,000 3,104,610,080
69,451,000, 67,917,000
45,824,000
70.144.000
68,108,060
67.770,000
67,789,000
54.452.000

Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
Other certificates
Municipal warrants

1

351,861.000
278,126,000
237,965,000

361,288.000
251.773,000
225.416,000

330.093.000
241,394.000
218,886,000

358,039.000
239,721.000
207.678.000

368.241,000
259,682,000
182,353.000

428,724,000
224,715.000
184,476,000

344,646.000
224.663,000
184.945,000

377,482,000
219.769,000
188466.000

227,138.000
388,769,000
87,045.030

867,952,000 838,475,000
163,589,000 160,679,000
128.322,0001 184.034,000

790.373,000
157.976.000
186,911,000

803,438.000
173.975.000
189,099,000

810,276,000
167,420,000
186,614,000

837,915,000
163,240,000
190,283,000

754,254,000
168,086.000
187,038,000

785,817,000
162,952.000

702,952.000.
208,968.001
234,196,010'

'

190,783.000

41,000!

102,000

1,159,904,000 1;183,188,000 1,135,260,000 1,186.512.000 1,164,310,000 1.191,438,000 1,107,378,000 1,139,552,000 1,146,218,009
Total earning assets
48,108.000
48.761,000
47.863.000
Bank premises
47,937.000
38.237.000
47,042.000
40,640,000
46.471,000
46,777.000
311.600
291,060
5% redernp. fund nest. F. R. bank notes
291,000
311.000
7,806.000
311,000
311.000
311,000
311,000
645.874,000 689,039,(A.0 618.958.000 608,167.000 606.089,000 676,805,000 524,354.000 530,431,000 521,650,000
Uncollected items
17.348,660
14,439,000
16.799.600
17,113,000
All other resources
15,306,000
15,180,000
15.618,000
16,566,000
16.045,000
5,131,344.000 5,202,460,000 5,090,995,000 5.087.076,000 5,106,755,000 5,218,126,000 4,981,635,000 5,013,540,000 4,833,827,000.

Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits—Government
Member bank—reserve account
Other deposits

108,563.000 108,483.000 108.852.000 108.867.000 108,874,000 108,373.000 107,810,000 107,703.000 103,961,000'
218,369,000 218,369,000 218,389,000 218.369,000 218.369,000 218.369,000 218,369,000 218,369,000 215.398.000.
38.773,000
42,442,000
98,627,000
43.401.000
66,359,000
46,014,000
35,131.000
46,306,000
43,492,000
1,866,475,000 1,932.714.000 1,879.697.000 1,887.552.000 1.897,691.000 1,964.561.000 1,905.530,000 1,913,4.46.000 1,667,842,000
20,633.000
19,931,000
24,392,000
40,382,003
21.364.000
31,602,000
23,780,000
21,917,0001 22,639,000

1,985.033,000 1,995,789,000 1,942.862,000 1.952,317,00011.965,914,000 2.030.692,000 1,964,441.000 1,991,062,000 1,774,583.000
Total deposits
2 231,487,000 2,242.902.000 2,256,302,000 2,246.943,000 2,260,497,000 2.243.603,000 2,217.817,000 2,203,701,000 2,183.374,000
F. R. notes in actual circulation
2,788,000,
78.863,000
2,599,000
F.R.bank notes In circulation—net Bah
2,368,0001
2.645.000
3,105,000
3,066,0001
3,309,000
3,074,000
572.000.0001 621,433,000' 549,513.000, 546,254.000 538.323,000 602,878.000 459.255.000 479,551,000 458,377,000
Deferred availability Item
12.885,060
12.309,000 11,681.030
19,271,000
All other liabilities
11,712,000
10,049.000
10,634,000
11.137,000
13.524.0001
5,131,344,0005,202,480,000 5.090,995.000 5,087.076,000 5,106.755.000 3,218,126,000 4.981,635,000 5,013.540.000 4.833,827,000
Total liabilities
Ratio of gold reserves to deposit and
72.9%
73.4%
72.6%
73.2%
F. It. note liabilities combined
73.3%
75.2%
72.7%
73.5%1
72.0%
Ratio of total reserves to deposit and
75.4%
76.2%
76.2%
F. R. note liabilities combined
75.7%
78.4%
75.8%
76.9%
77.0%1
75.3%

1

Distribution by MaturitieS1-16 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. B. certif. of indebtedness31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90(lays bills discounted
Over 90 days certif. of indebtedness— Over 90 days municipal warrants

66.559,000
457,147.000
1,700,000

73,178,000
453,609,600
58,300,000

61.624.000
419,826,000
61.405.000

$
58,137,000
455,438,000
68,620.000

59.427,000
484,614,000
4,684,000

$
70,346.000
524.616,000
13,286,000

43,874.000
40.184,000

41,627,000
36,384.000

39,323,000
33,993.000

42,253.000
32,457,000
35,000

34.755,000
31.901.000
46,992,000

33.080.000
28,607,000
38.933,000

63.421.000
66,358,000

60,442.000
60,086,000

64.662,000
59,752.000

57,810,000
54,321,000

44,669.000
53.490.000
16,000.000

43,982.000
45,800,000
18,500,000

42,551,000
46,593,000
48,213.000

45,442,000
46,589,000
83,201.000

52,110,000
45,811.000
54,124,000

38.968,000
41,971,000

44.344.000
37,885.000

38.789.000
32,519.000

38.738.000
35.210,000

26,498,000
32.284,000

32,354.000
31.777.000

27,565.000
38.258.000

12,001.000
20.487,000
72,498,000

11,201.600
21,009,000
125,734.000

8,933,000
20,051.000
125.506,000

10.689.000
21.025,009
120.444,000

8,292,000
21,180.000
119,938.000

10,570,000
22,132,000
119,584,000

10,020,000
23.870.000
133,953,000

7,922.000
23.768.000
96,534,000

$
32,227,000
65,080,000, 65,983,000
430,152,000, 453,690,000 337,022,000
17,117.000
4,872,000, 11,048.000
1
17,096,000
41,654.000
34,940.000
73,540,009
34,946,000
36,917.000
13,033,001
23,004,000
100,551.000'
2,700,000
102,000
12,187,000
69.048,000
20,064,000
2,531,000
35,746,000
131,282,000

Federal Reserve Notes—
Outstanding
Held by banks

2,617,539.000 2,637,482,000 2,650.183.000 2,647,562,000 2,652,879,000 2.633,175,000 2.619,758,000 2,632,727,000 2,523,374,000'
386,052.000 394,580,000 393.881.000 400 619,000 392,382.000 389.572,000 401.941.000 429,028,000 340,000,000

In actual circulation

2.231,487,000 2.242,902,000 2.256,302,000 2,246,943.000 2.260.49.1,000 2.243.603.000 2.217.817,000 2,203,701,000 2.183,374.000

Amount chargeable to Fed. Rea. Agent 3,473,336,060 3,487,449,000 3,503.305.000 3,512,304,000 3,527,052.000 3,528.348,000 3.535,806,000 3.566.210,000 3,397,570,000
In bands of Federal Reserve Agent
855,797,000 849,967.000 853,122.000 884,742,000 874,173,000 895.173.000 916.048.000 933,483,000 874,196.000
Issued to Federal Reserve banks

2,617,539,003 2,637,482.000 2.650,183,000 2,647,582,000 2,652,879,000 2.633.175,000 2,619,758,000 2,632,727.000 2,523,374,000
312,399,0001
322,399,000 317,399,000 327.398,00v 330,809,000 329.799,000 339,809,000 403,712,009
314,899,000
585,436.000 583,869.000 576,140,600 538.795,000 510,503.000 489,139.000 480,383.000 458,050,000 462.913.00
0
123,544,000 126,836.000 124,765,000
6,023,000 126,833.000 1130.567.00028,130,000
133,752,000 123,271.000
1,613.660,000 1,629,378,000 1,626,879.000 1,655,345,000 1.687.845,000 1.685,097.000 1.679,009,000 1,701,116.000 1,534,378,0410

How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board

2,617,539.000 2.637,482.000 2,650,183.000 2,647,582,000 2,652,879,000 2,633,175,000 2,619,758,000 2.032.727,000 2,523,374,0041

Total
Eligible paper delivered to F. R. Agent_

813,671,000

789,610.000

758.301,000

749.098,000

760.241,000

800,422,000

721.280.000

753.115,000

676,630,000

*Not shown separately prior to Jan. 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 21 1923
Two ciphers (00) omitted.
Taw
,
4 Dallas so Fran.
Boston New York Phila. Cleveland Richmond Aaania Chicago Si. Lingts minnsap. Kan.0
Federal Reserve Rank of
-_
$
$
$
$
$
$
$
$
$
It
$
$
159,320,0 22,570,0 13,159,0 7,291,0 5,829,0 53,228,0 3,097,0 7,803.0 3,032,0 11,076,0 19,651,0 323.572,0
292,778,0 25,130,0 59,848,0 15.976,0 20,295,0 77.147,0 6,509.0 22,438,0 33,413,0 9,404,0 36,445,0 648,226,0
—
—
65.359,0 452,098,0 48.700,0 73,007,0 23,267,0 26,124,0 130,375,0 9,608,0 30.241,0 36,445,0 20,480,0 56,096,0 971,798.0
175,163,0 639,225,0 153,416,0 208,889.0 58,696.0 107,926,0 361,170,0 68,034,0 47,212,0 53,553.0 12.651,0 168.118,0 2,052.103,0
7,494,0
7.547,0 5,486,0 2,938.0 5,978,0 1,342,0 7.099,0 2,770,0 1,620,0 1,745,0 1,382,0 4,999,0
50,400,0
248,016.0 1,098,870,0 207,602,0 282.834,0 87.941,0 135,392,0 498,644,0 80,460,0 79,073,0 91,743,0 34,513,0 229,213,0 3,074,1301,0
10,224,0
16,132,0 8.168,0 8,086,0 12,487.0 7.308,0 19,113.0 21,846,0
844,0 4,385,0 4,843.0 4,887,0 118,323,0

RESOURCES.
$
Gold and gold certificates
17,516,0
Gold settlement fund—F.R.B'rd 47,843,0
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
Total gold reserves
Reserve)other than gold

Total reserves
258,240,0 1,115,002.0 215.770.0 290,920,0 100,423,0 142,700,0 517,757,0 102,303,0 79,917,0 96,128,0 39,356,0 234,100,0 3,192,624,0
10,801,0
Non-reserve cash
9,334,0 2,882,0 3,839,0 3,089,0 8,311,0 7,048,0 5,176,0 1,845,0 3,651,0 3,957,0 9.518,0
59.451,0
Bills discounted:
Secured by U.S.Govt.obliga'n 22,947,0 136,465,0 43,622,0 21,276,0 23.329,0 3,448,0 53.822,0 10,594,0 4,350,0 11,268,0 1,715,0 19,025,0 351,861,0
27,165,0
Other bills discounted
33.572,0 17,752,0 21.212,0 28,505,0 15,990,0 38,920,0 14,835,0 16,733,0 15,767,0 17,085,0 30,540,0 278,126,0
17,196,0
775,0 16,074,0 28,400,0 11,997,0 3,197,0 1,077.0 21,478,0 35,703,0 237,965,0
Rills bought In open market
29,242,0 23,302,0 44,519,0
67,308,0
Total bills on hand
5,637.0
U.S. bonds and notes
17. S.certificates of Indebtedness_ 8,544,0
RI ARO n
Total earning assets




199,279,0 89,676,0 87,007.0 52,609,0 35,512,0 121,142.0 37,476,0 24,280,0 28.112,0 40,278,0 85,273,0 867,952,0
540,0 7,299,0 18,124,0 14,065,0 32,932.0 3,279,0 27,617,0 183,589,0
15.962.0 21,438,0 12,355,0 1,341,0
9,501,0 51,375,0 10,300,0
1,700,0 4.608,0 19,271,0
869,0 5,871,0 9,160,0 7,125,0 128,322,0
91A 041 n IIR 7Af n 114 522 A As Ann A 45 Ann n170515 0 an man ,no,A n as Glen K9 717n igulnIxn 1 'en nnA n

THE CHRONICLE

1254
'ES wancluelea)KESO UR,
TIM CI phe II (00) 'melted.
,
lank Premises
1% redemption fund
F. R. bank notes
Jneollected items
kli other resources

Boston

Wow

$
4,434,0

against

54,059,0
192,0

York

$
11,338,0

Phila.

Cleveland Richmond Atlanta

3
3
678,0 7,860,0

[VOL. 116.

Chicago St. Louis Minneap. Kan. Otlp

$
3
2,617,0 2,305,0

3
8,715,0

$

$
1,071,0

Dallas

San Fran.

$
1,937,0

Total

$
2,045,0

$
48,761,0

65,0
200,0
26,0
132,557,0 58,213,0 65,079,0 59,114,0 28,311.0 88,586,0 38,606,0 14,437,0 38,698,0 24,904,0 43,260,0
444,0
1,373.0
507,0 1,005,0
631,0
376,0
072,0 2,196,0 4,570,0
365,0 1,808,0

291,0
645,874,0
14,439,0

926,0

5
4,831,0

Total resources.
409,215,0 1.486,545,0 396,678,0 486,968,0 219,642,0 227,087,0 802,992,0 213,279,0 138,342,0 211,395,0 125,093,0 413,508,0 5,131,344,0
LIABILITIES.
:7apItal paid in
8,046,0
28,888,0 9,459,0 11,974,0 5,857,0 4,420.0 15,031,0 4,914.0 3,585,0 4,639,0 4,183,0 7,767,0 108,563,0
hirplus
16,312,0
59.800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9,488,0 7.496,0 15.263,0 218,369,0
Deposits: Government
8,850.0
28.694.0 3,590,0 10,373,0 6,505,0 5,904,0 17,127.0 2,605,0
2,345,0 5,300,0 2,408,0 4,926,0
98,627,0
Member bank-reserve acc't- - 120,424,0 681,053,0 114,124,0 157,589,0 60,595.0 56,503,0 277,022,0 70,546,0 53,440,0 83,233,0 51,283,0 140,663,0 1,866,475,0
Other deposits
426,0
9,556,0 1,033,0
984.0
167.0
260,0
905,0
939,0
580,0
322,0 4,214,0
545,0
19,931.0
Total deposits
129,700,0
C. R. notes In actual circulation 202,940,0
F. R. bank notes in circulation
net liability
Deferred availability items
51,618,0
kll other liabilities
599.0

719,303,0 118,747,0 168,046,0 67,267,0 02,667,0 295,054,0 73,731,0 56,330,0 89,472,0 54,013,0 149,803,0 1,985,033,0
568,287,0 198,180,0 224,874,0 84,053,0 124,851,0 391,856,0 85,916,0 56,143,0 63,759,0 29,800,0 200,818,0 2,231,487,0
443,0
1,485,0
440,0
107.330,0 50,675,0 50,573,0 50,818,0 26,121.0 68,753,0 38,203,0 13,907,0 42,003,0 27,419,0 38,575,0
2,937,0
549.0
686,0 1,457,0
904,0
868,0 1.106,0
544,0 1,742,0 1,282,0
850,0

2,368,0
572,000,0
13,524.0

Total liabilities
409.215,0 1,486.545,0 396,678,0 487,968,0 219,642,0 227,687,0 802,992,0 213,279,0 138,342,0 211,395,0 125,093,0 413,508,0 5,131,344,0
Memoranda.
latfo of total reserves to deposit
and F. R. note liabilities combined, per cent
77.6
73.9
86.6
66.4
68.1
64.1
76.1
71.1
75.4
62.7
47.0
66.8
75.7
3ontingent liability on bills pur
.
o
ehaqm r, .Inrolcm eer,,,i•.,:, 2.132.0
14.665.0 2444.0 3 070 0 1.478.0 1.165.0 3.951.0 1.251.0
35.405.0
966.0 1.222.0 1.023.0 2.018.0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MARCH 21 1923.
i
Boston. New York Phila. Meyer d Ilichm'd Atlanta Chicago St.Louts Minn. K. City Dallas San Fr.

Federal Reserve Agent at-

Resources(In Thousands of Dollars)
$
Federal Reserve notes on hand
92,400
Federal Reserve notes outstanding
220,250
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
25,300
Gold redemption fund
11,863
Gold Fund-Federal Reserve Board
138,000
Eligible paper) Amount required
45,087
lExcess amount held
22,221

Total

$
5
$
5
$
331,340 45,800 33,620 30,690 73,768
740,052 224,583 218,086 92,785 131,078

$
5
5
$
$
$
$
110,620 22,740 9,405 19,810 20,879 61,725 855,797
440,285 104,989 59,758 72,140 33,436 250,097 2,617,539

235.531 7.000 13,275
2,400
32,691 13,527 13,614 1,901 5,026
371,000 132,889 180,000 58,795 100,500
100.827 71,167 41,197 34,089 23,152
67,851 4,175 39,191 16,278 12,357

6,461
11,880 13,052
314,899
16,525 4,204 2,160 4,193 2,190 15,647 123,544
344.645 52,000 32,000 49,360 4,000 152,471 1,613,660
79,115 36,905 12,548 18,587 20,785 81,979 565,436
571 11,293 9,525 19.471 3,291 248,235
42,011

Total
555,121 1,882,295 499,141 588,983 232,538 348,281 1,033.201 233,289 140,214 173,615 107,222 565,210 6,339,110
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
312.650 1,074,392 270,383 281,708 123,475 204,846 550,905 127,729 69,163 91,950 54,315 311,822 3,473,336
Collateral reeeived fromf Gold
175,163 639,225 153,416 208,889 58,696 107,926 361,170 68,084 47,212 53,553 12,651 168,118 2,052,103
Federal Reserve BunklEllgible paper
67,308 168,678 75,342 80,388 50,367 35,509 121,126 37,476 23,839 28,112 40,256 85,270 813,671
Total

555,121 1,882,295 499,141 568,983 232,538 348,281 1,033,201 233,289 140,214 173,615 107,222 565.210 6,339,210
740,052 224,583 248,086 92,785 131,078 440,285 104.989 59,758 72,140 33,436 250,097 2,617,539
171,765 26.403 23,212 8,722 6,227
48,429 19,073 3,615 8,381 3.636 49.279 386,052

Federal Reserve notes outstanding
Federal Reserve notes held by banks

220,250
17,310
9,19 nail

nag 9527 100 151/1 994 074 04 1100 194 SIM

391 0561 05 <viol 08 1 431 63.759 20.800200.818 2.231 4R7

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 777 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dec. 29 1917, pare 2523. The comment af the Reserve Board upon the figures for the latest
(seek appear in our Department of "Current Events and Discussions" on page 1231
1. Data for all reporting member banks In each Federal Reserve District at close of business March 14 1923.
Cleveland Richmond

106

55

84

78

5
5
85,191
14,866
237.745 1.629,367
609.233 2,491,108

5
18,291
261.940
331,962

$
32,746
379.172
668,809

Total loans and discounts
861,844 4,205,666
. 12,721
U. S. pre-war bonds
48,486
U. S. Liberty Notes
78,289 479,407
U.S. Treasury Notes
6,066
42,847
24,177 507,366
U. S. Victory notes & Treas' notes_
1,811
U.S. Certificates of Indebtedness
31,918
172,747 716,230
Other bonds, stocks and securities
Total loans & disets & Invest rn'ts, 1.157,655 0,031,920
84,293 652,466
Reserve balance with F.R. Bank..,.
Cash In vault
18,673
81,117
Net demand deposits
812,865 4,839,940
Time deposits
247,363 855,921
Government demposits
7,389
41,813
Bills payable and rediscounts with
Federal Reserve Bank:
10,338 156,849
Secured by U.S. Govt. obligations
All other
22.900
28.578

Atlanta

Chicago St. Louis Afinneap. Kan. City

Dallas

'
San Fran.

107

36

30

78

52

$
10,720
124,441
322,957

S
3
7,455
44,783
60,737 548,891
341,614 1,122,161

5
18,033
137,061
304,248

S
7,572
44,709
200,576

$
8,254
79,945
365,800

3
5,116
51,155
210,485

612,193 1,080,727
11,464
48,001
48,085 121.585
4,166
8,816
52,985
58,131
1,608
9,683
183,597 287,014

458,118
30,460
32,427
4,718
10.026
3,041
52,075

409,806 1,715,835
14,521
24,903
95,359
12,445
12,728
1,838
7,151 140,675
22,260
4,524
37,414 365,795

459,342
15,323
24,826
9,587
24,393
3,034
88,923

252,857
8,776
14,382
1,323
25,002
1,929
31,305

453,999
12,078
44,887
4,530
24,047
5.778
58,215

914.098 1,613,957
72,276 112,109
16,639
30,572
711,564 935,499
83,583 551,839
9,631
4,892

590,865
34,416
13,955
340,559
152,732
4,578

487,699 2,377,555
34,356 206,260
11,075
56,702
259,395 1,524,279
166,354 767,260
2.499
13,898

625,428
44,499
8,158
380,804
183,487
3,852

335,574
25,774
5,760
220,363
83,280
3,142

603,534
50,482
11,867
467,361
124,252
1,476

37,404
10.486

2,733
6.162

1,190
1.909

6,785
3.907

20.747
10.723

18,163
9.384

11,980
13.960

39

586
2.277

N

46

Phila.

N Cat 0•

New York

cm co
o
ut
cJ
of CA Ca IP CO
,

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

Boston

Three c phers (000) omitted.

o Ca

Federal Reserve Distri:i.

Total

66

777
$
$
16,331
269,458
156,202 3,711,365
773,170 7,742,123
345,753 11,722,896
36,384
282,871
95,947 1,061,544
12,988
112,252
43,927
034,964
10,695
99,766
159,675 2,162,169

332,808 1.305.369 16,376,462
27,688
98,782 1,443,401
9,289
24,781
288,588
246,377 688,608 11,463,614
74,830 600.373 3,891,274
1,305
14,342
108,817

3.719

7,104
17.050

273,879
131 rtsr,

2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
,
New York City

City of Chicago

1

.411 F. R. Bank Citte A. R. Branch Ctiles Other Selected Cities.

Three ciphers (000) omitted.
Mar. 14. Mar. 7. Mar. 14.1 Mar. 7. Mar. 14. I Mar. 7.

Total.

Mar. 14. Mar. 7. Mar. 14.; Mar. 7. 'War .1423 Mar. 7'23 Mar .1522
-Number of reporting banks
63
207
63
49
49
207,
2591
259
311
311777
777
805
S
$
3
Loans and dbcounts, gross:
5
$
3
$
'
$
5
$
$
$
$
79.070
75.782
48,972
49,283
35.017
Secured by U.S. Govt. obligationf
40,591
35,095
182,865
179,534
40,332
269,403
272,169
409,973
1 443,5431.460,990 414,820 409,021 2,682,693 2,693,162 549,624 547,861 479,048 470,342 3,711,30' 3,717,305
Secured by stocks and bonds
8, 0
2 185,5122,137,150 662.008 654,343 4,801,271 4,723,0791,555,764,1,54 9 91,385,0881,373,405 7,742,123 7,645,393 3,134,840
All other loans and discounts
7,364,229
3 704,8373,677,210 1,111,8511,098,467 7,663,498 7,599.106 2,154,6712,145,7421,901,7271,890,079 11,722,896 11,634,927
Total loans and discounts
10,909,042
76,962 77,098 106,149 106,253
37,835
37.8151
bonds
00,818j
3,361
3,361
99.760
U.S. pre-war
282,871
283,189
410,936 411,3891 37,770
638,0061 250,147 250,608 171,005 170,822 1,001,544 1,060,336 1,009,042
640,392
36,757
U. S. Liberty bonds
32,20;
26,5911
26.467
63,987
34,795
5,482
5,439
23,242
62,419
U. S. Treasury bonds
23,002
112,252
113,456
475,927 483,3471 98,839 101,586
725,8511 139.313 138,674
716,560
79,091
U.S. Victory nOteR & Treasury not
78,188
934,9(14
942,713
437,956
32,781
28,67
33,412
70,457
43,8391
9,714
12,285
52,826
14.159
U. S. Certificates of Indebtedness__
13,225
99,766
117,094
214,106
securities__ 522,96
543 29
576,217 574,689 416,803 421,450 2,162,169 2.188,035
188,881 188,672 1,169,144 1,189,890
Other bonds, stocks and
2,067,046
dr disc'ts & In vest'ts. 5,213,37 5,231.735 1,455,898 1,440,567 10,404,599 10,383,0153,256,6823,246,690 2,715,1812,703,025 16,376,46216.337.73014.637,102
Total loans
999,136 242,9751 228,804 174,970 175.074 1,443,401 1,403,014 1,423,369
567,8691 145,3761 150,67 1,025,456
Reserve balance with F. R. Bank. 602,97
62,638
66,95
59,022
146,959
67,20111 31.1501 30,624
147,184
Cash In vault
78,766
78.697
266,082
288,588
284,078
4333.92 1.319,334 1,028,472 1,037,673 7,709,253 7.786.0821.924.4061.890,9251,739,9551,703,147 11,463,614 11,385,154 10,598.194
Net demand deposits
593.56
571.136373,184 370,822 1,911,124 1,874,052 1,160,132 1,163,266 820,018 818,241 3,891,274 3,855,553 3,113,981
Time deposits
25,371
38,591
74,546
38,591
8,893
16,635
74,549
8,942
Government deposits
8,897
241,049
100,275
9,094
108,817
Bills payable and rediscounts wit.
F. R. Bank:
51,721
l33,73t 131,65'
185,961
25,0741 18,660
43,244
200,457
Sec'd by U.S. Govt. obligations
21,701
90.199
247,406
18,291
273,879
19,089
83,738
17.3231
18,15'
23,0031 15,324
8.4311
All other
3.331
97,242
135.892
17,371
124,112
131,655
Ratio of bills payable & rediscount_
with F. R. Bank to total loan.
1
2.2
2.6
2
and InvPatmontv nor rent
.
2.9
1.5
.
2.0
1.4
1.3
2.3.
2.5
• Revised figures




THE CHRONICLE

MAR. 24 1923.]

1255

Cables.
Cheques.
Sterling ActualSixty Days.
470
470
High for the week
46774
4 68%,
4 6834
4 66%
Low for the week
Paris Bankers' Francs
6.89
6.94
6.95
High for the week
Wall Street Friday Night, March 23 1923.
6.24
6.25
Low for the week
6.19
Germany Bankers' Marks
-A large share
and Miscellaneous Stocks.
Railroads
High for the week
0.004834
0.004834'
0.004734
0.004734
of business in the stock market this week has been of a highly Low for the week
Amsterdam Bankers' Guilders
speculative character. The only really sensational feature, High for the week
39.45
39.54
39.09
Low for the week
39.37
39.46
39.01
however, is a relatively new stock which was forced up
Domestic Exchange.
-Chicago, par. St. Louis, 15025c. per 51,000"
about 50 points during one session of the Board and promptly discount. Boston, par. San Francisco, par. Montreal, $20 Per $1,000'
discount. Cincinnati, par.
barred from further privilege of the Exchange. The market
The following are sales, made at the Stock Exchange this'
as a whole has moved with a good deal of irregularity,
week of shares not represented in our detailed list on the
resulting in an advance of from 1 to over 2 points in prac- pages which follow:
tically all the active railway shares. In the industrial list
Range since Jan. 1,
STOCKS.
Range for Week.
Sales
prices have not been so well maintained, nearly 1-3 of this
Week ending March 23. for
group having declined. To-day's market was subjected to
Highest.
Highest.
Lowest.
Lowest.
Week
severe and persistent bear pressure during which all classes
Railroads. Par
per share.
per share;$ per share.
per share.
stock declined, reversing, in some cases, the above menof
Ann Arbor
100
20 Mar 17 22 Mar 20 1434 Jan; 2414 Feb
tioned results.
100
Buff Roch az Pitts
Jan
64 Mar 22 66 Mar 19 6334 Feb, 68
1
Preferred
Mar
89 Mar 22 89 Mar 22 6334 Feb' 89
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Cent RR of N J
100
Jan 231
Feb
16 Mar 22 16 Mar 22 10
DAILY, WEEKLY AND YEARLY.
100
CC C& St Louls
Mar
87 Mar 17 90 Mra 22 75% Feb 92
Colo & South,2d pref 1
Marl 53
Mar
300 53 Mar 23 53 Mar 23 52
Detroit United RY---100
Stocks.
Railroad. 1Btate. Mtm.
Mar
10 76 Mar 23 76 Mar 23 5834 Jan, 76
Week endfno
Dui So Sh & Atl, pref 100
(3.8.
and Foreign
he..
514 Mar 21 514 Mar 21 434 Jad 5;4 Feb
March 23 1923.
Illinois Central, pref_
Jan 11734 Feb
Bonds.
Bonds.
Bond,.
Shares. Par Vales.
200,117 Max 20 17 Mar 20 113
Int& Gt Nor RY w 1-100 6
Jan' 2534 Mar
2434 Mar 22 2434 Mar 20 22
an i,
506,965 850,600,000 33,532,000 81.124,000 51,429.750 MscrElev Mod guar 100 1,3
Saturday
4234 Mar 20 4234 Mar 22 42% Mari 4234 Mar
1,155,981 107.000,000
5,830,500 1,572,000 2,344,870
Monday
____ 434 Mar 20 4% Mar 20 434 Jani 4% Feb
1,251,510 109.500,000
6,998,000 2,100,000 1.845.400 MStP&SSM,pref 100
Tuesday
Mar
98 Mar 20 00 Mar 21 8414 Feb 100
3
6.746,500 1,957,000 2.398,110 Nat Rys Mex 1st pf _100
1,333.360 110,900,000
Wednesday
9 Mar 19 9 Mar 19 634 Jan; 9% Mar
10
1,115,6201 105,500,000
7,433,000 1,786,000 3.059,350 Tol St L dc W. pref
Thursday
20 5634 Mar 21 5734 Mra 17 51% Fob' 5734 Mar
8,268,000 1,706,000 2,048,000 Twin City R T pref_ _100
1,342,000 110,500,000
Febl 98
Friday
Mar
10 98 Mar 21 98 Mar 21 90
Industrial & Miscell.
Jan 106
Total
6,705,436;3594,000,000 338.808,000 310.243,000 313,125,480 All America Cables_ _10
Jan
200110234 Mar 20 103 Mar 21 02
Amaig Sugar 1st prat 100
100 96% Mar 21 96% Mar 21 96% Mari 9634 Mar
Jan. Ito March 24.
Week ending March 23.
Amer-La France Fire
Sales at
Eng 7% cum pref_10
New York Stock
Feb 9834 Mar
9634 Mar 21 9634 Mar 21 95
2
1923.
1922.
1922.
Amer Rolling Mill pref' 1,20019714 Afar 22 98 Mar 23 97
Exchange.
1923.
FCD 100i Jan
Am TelegJz Cable_.1
56 Mar 23 56 Mar 23 5534 Mar, 5834 Feb
1
63,901,366
50,851,624 Art Metal Construe_l
6,705,436
5.347.480
-No. shares_ _
Stocks
Mar
30 1634 Mar 20 17 Mar 19 16 'Janl 18
13594,000,000 $465,989,800 35,775,858,000 $4,558,858,875 AmMetal tan ctf prof 100 290 11614 Mar 23 117 Mar 20 15
Par value
Jan 117
Feb
Assets Realization...-10
Bonds.
34 Mar 22
31 Jan! 1 AD
34 Mar 22
100
193,459,480
491,957,450 All Fruit Col Trust Co
Government bonds... 13.125,480 44,145,850
126,278,400
146,695,000
State, mun.& for. bds- 10,243,000 *14,490,500
elf Of denOsit
234 Mar 17 234 Mar 21 134 Jan, 214 Feb
2,2
438,221,000
426,620,850 Atlas Powder 6% cum P
RR.and misc. bonds._ 38,868,000 44,367,500
20 87 Mar 20 88 Mar 19 86% Feb; 90% Jan
Auto Knit Hosiery tr offs 7.7
Mar
24% Mar 22 25 Mar 22 2434 Mar 25
262,176.480 $103,003,850
3758,958.880 $1,065,273,300 Bayuk Bros 1st pref_100 100111434 Mar 23 11434 Mar 23 110
Total bonds
Jan
Jan 121
Brown Shoe Inc, pref 1
Jan
Mar 99
300 97 Mar 21 98 Mar 20 97
TRANSACTIONS AT THE BOSTON, PHILADELPHIA ,AND
DAILY
Burns Bros prof
Jan
10
100 107 Mar 22 07 Mar 22 106% Mar 121
BALTIMORE EXCHANGES.
Prior preferred_ _ _ _1
Mar
2,30 36 Mar 21 42 Mar 22 2834 Jan 42
Cluett,Pea o & Co. OfIGO
Feb
100'105 Mar 17 05 Mar 17 02% Jan 110
Boston
Philadelphia
Baltimore
Mar
Coca-Cola, /ref
100 2
95 Mar 23 9534 Mar 21 9234 Jan 96
Week ending
Commercial Solvents A * 900 39 Mar 22 43% Mar 17 39
Feb
Mar, 46
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
March 23 1023.
Jan
' • 1,00012134 Mar 21 28 Mar 19 2135 Mar, 36
-6
Cuban Dom Sugar
19 8% Feb 1234 Mar
9,60 1034 Mar 23 12 Afar
3,148
19,000
12,572
9,000
16,000
1.167
Saturday
Preferred
100 1,20
NI 17 58% Mar 20 5114 Feb 58% Mar
6,921
19,900
22,000
1,878
28,000 Cont Can Inc pref
23,960
Monday
Jan 110% Feb
100
100,10734 Mar 17 107% Mar 17 106
9,405
18,509
49,100
28,550
3.103
24,000 Conley Tin Foil
Tuesday
Mar 2234 Jan
• 100 17 Mar 22 17 Mar 22 17
31,300
5,458
16,245
17,828
15,750
21,000 Cosden Er Co prof
Wednesday
Jan 109% Feb
200107 Mar 23 07% Mar 20 101
11,736
53,100
36,200
3,897
16,338
61,500 Emerson-Brant pref_10
Thursday
2001 2934 Mar 23 30 Mar 19 2534 Feb 3014 Feb
26,300
18,000
1,609
17,458
15,792
9,000 FM-Phoenix Fire lns_25
Friday
Feb
Jan 138
125130 Mar 2 130 Mar 20 02
Mar
Fisher Body rights
9,100 1814 Mar 22 21 Mar 21 1834 Mari 21
64,913 3195,700
17,112 8152,500 Flelschmann
104,999 3139,500
Total
*13,800 3834 Mar 23 4034 Mar 17 37% Jan 4134 Mar
GenAmTkCar 7% pf 100 200 102% Mar 19 103 Mar 20 100
Jan 103% Mar
9.190 3207.200 General Baking Co_
32.954 $192.2001
Prey. week raciest' 122.855 3290.700
Mar
Jan 85
200 82 Afar 21 83 Mar 23 73
Feb
Jan 102
Daily Record off.!. S. Bond Prices. Mar.17 Mar.19 /1far.20 Mar.21 Mar 22 Mar.23 Gimbel Bros, pref. _100 600 9934 Afar 23 100% Mar 19 90
Gt Western Sug, prof 100 1,200106% Mar 2310734 Mar 19 105
Jan 108% Mar
If igl. 101.10 101.08 101.04 101.00 101 66 101.30 Goodyear Tire
First Liberty Loan
prior pre, w 1
Feb
.13 300
100 1:950 969-4 Afar 22 9834 Mar 19 9634 Mari 99
3H% bonds of 1932-47_ Low. 101.02 100.94 100.92 100.94 101.30 101.00
Products. Whe l
Marl 4134 Feb
3634 Mar 17 4014 Mar 23 36
Close 101.06 100.94 100.94 100.96 101 36 101.00
(First 3(s)
oducts___.15 400 3734 Afar 23 39 Afar 20 37% Marl 3934 Mar
249
118
272
105
296 Household
475
Total sales in $1,000 units _ _
Ingersoll Rand
1
48 124 Mar 1712434 Mar 19 19% Feb 12435 Max
Converted 4% bonds of {High
-- - - International Shoe....• 9001 70 Mar 19 7014 Mar 21 6514 Jan 7034 Mar
----_._,,__
____
1932-47 (First 4s)__ Low_
Intertype Corp
ClOse
1.500 38 Mar 22 3914 Mar 19 36% Marl 4034 Mar
-- -- Kress (S H)&
--------*
Co___100
10015034 Mar 2315034 Mar 23 15014 Mar 15034 Mar
Total sales in $1,000 units__ .Jan
Mar 119
10011734 Mar 21 11734 Mar 21 116
.
414% bonds1MO 08.00 97.94 97.88 97.74 97.24 97.21 Lorillard, preferred..l0
Converted
Feb
Mary,preferred
10
1
7.
1
20011434 Mar 19 115 Mar 22 112% Jan 115
7.
6
9 .
.
9 . 2 97 64 9 . 4 9 . 7
78
9
9 .6
1 97 84 97. 4 97 7
1.0
Of 193247 (First 4Hti) C10
• 4,100 3514 Mar 19 38 Mar 21 29% Jan 3834 Mar
Magma Copper
Mar
Marl 90
77
111
81 Manila Elea Corp_ _ _100
89 Mar 22 90 Mar 22 89
40
69
69
Taal sales in 61,000 units_
Jan
Mar 119
May Dept Stores.Pref 100 500116 Mar 20 116 Mar 20 116
Second Converted
Metropol Edison, yid... 101 9834 Mar 21 9814 Mar 21 9314 Jan 9934 Mar
97.00
____
____
____
bonds of 1932-47(First Low.
Feb
Montana Power,pref 100 100 110% Mar 20 11034 Mar 20 108
Jan III
Second 4(s)
Mar
Mullins Body, prei-1
50
100 91 Mar 60 91 Mar 20 9034 Marl 91
___ _
___
. .
___
.
Total sales in $1,000 units _ _
Mar
Mar 164
National Surety Co_ _10
300 163 Mar 22 164 Mar 21 163
High
Second Liberty Loan
Mar
Feb309
Bk of
100
.
--- ---- ---. ___ Nat CloakCommerce-10
80306 Mar 19 309 Mar 20 96
Low_-__
4% bonds of 1927-42
Feb
& Suit, pt
Feb 102
Nat
10 100 Mar 17 100 Mir 17 100
tCloac
(Second 4s)
Feu
9934 Mar 102
100 9914 Mar 22 99% Mar 22
.
Total sales in $1.000 units .
Feb(1514 Mar
N t En S
imet-10
- -50 1434 Mar 19 15% Mar 17 12
--97.iii 1171:1 977711 Wei 97718 97ii NaY Blatbuillicat
Converted 414% bondsrigli
North American, w
Mar 19 2234 Mar 2234 Mar
2,900 2234 Mar 19 22%
Low_ 97.76 97.72 97.64 97.52 97.12 97.1(
of 1927-42 (Second
Mar
67
J
67 Mar 23 59
(close 97.82 07.72 97.68 97.52 97.12 97.11 Ohio Fuel Supply._ _25
4s)
Jan! 72% Mar
100 3,900 66 M Mar 2 72% Mar 21 47
°
19
771
318
551 Otis Steel, prof
64
631
478
230
Total sales in 31,000 units_ _
Mar
80
J
100
Third Liberty Litilin
{High 98.40 98.38 98.34 97.54 98.10 98.31 Pacific Tel & Te1-1001 300 80 Mar 21 80 Mar 21 67
Feb
99
95 mar 19 95 Mar 19 92H
98.30 '08.30 98.26 97.44 98.00 98.0; Packard, preferred__1001
- how_
Of% bonds Of 1028_
Philadelphia, 6% pfd..5 3. 00 4734 Mar r ,0 mar 2 4234 Feb!4594 Feb
0
.. m 17
2 44
2
200 14x m
I
close 98.38 98.32 98.28 97.44 98.07 98.31 Phillip Morris
(Third 4s)
1734 Mar 1934 Mar
616
273
630
151
584
205
units__
Thtai tales in 111,000
5 7,020 43% Mar 21 46l4 Mar 23 4334 Mar 5634 Mar
1111gb 97.98 97.94 97.90 97.80 97.24 97.21 Phoenix Hosiery
Fourth Liberty Loan
Mar
Mar 100
100 200 99 Mar 20 99 Mar 20 99
Preferred
5%% bonds of 1933-38- Low. 97.88 97.84 97.72 97.66 97.21 97.21 Pierce Arrow prior pfd_•1
Feb
Mar 75
1.000l 71 Mar 19 7234 Mar 17 83
97.94 97.86 97.74 97.80 97.21 97.21
Close
(Fourth 4145)
Feb 96 , Jan
.
Philli is Jones, tire! lOOi so01 91 Mar 23 92 Mar 23 89
272
587
899
361
318
497
Total sales in $1,000 units__
Mar
Jan 96
Pittsburgh Steel, pref 100, 1001 96 Mar 21 96 Mar 21 92
Blab 100.08 100.06 100.08 100.08 100.10 100.11
Victory Liberty Loan
Mar
Feb 96
Porto Rican-Am Tob 1
2001 85 Mar 23 85 Mar 23 60
434% notes of 1922-23.- Low 100.04 100.04 100.04 100.04 100.10 100.0
Feb 4934 Mar
Prod & Ref Corp pref.
48 Mar 22 4934 Mar 20 45
3
(tloae 100.08 100.04 100.04 100.04 100.10 100.11
(Victory 4345)
Mar 108% Feb
2
34
s' P S Corp of NJ,pref_100 700 104 Mar 2. 106 Mar 23 104
66
4
16
Total sales in 81.000 units_
Ry Stg1 Sprlag.Pre1-1001 500 117 Mar 1712114 Mar 20 115% Feb 12134 Mar
Ileis 0bo iz co
99.28 100.00 99.00 99.31
{High 98.30 99.3
Treasury
Jan 1934 Mar
98.30 98.3
*1 3,6001 18 Mar 21 1934 Mar 21 16
Low. 98.22 99.20 99.04 99.9
411s, 1947-52
Mar 9334 Jan
Shell Union Oil, pref_100' 1,100 9114 Mar 20 92 Mar 20 91
99.10 99.98 98.30 99.31
Close 9830 99.28
Jan
Simms Petroleum----10 17,200 1334 Mar 23 14% Mar 19 1214 Jan 16
178
541
501
279
485
115
non eat,. 4. 51 non unite _ _
Simmons Co
*42,100 3334 Mar 19 34% Mar 22 2434 Jan 34% Mar
Preferred
0 700 99 Mar 23 101% Mar 20 99 1101% Mar
10
Note.
-The above table includes only sales of coupon Skelly Oil, new
3434 Mar
M
2527,903J1 3134 Mar 17 3454 Mar 23 31
99% Feb
M
Sinclair Oil, pref.___100 4,600 97 Mar 17 98% Mar 20 96
bonds. Transactions in registered bonds were:
111as
Porto Rico Bug Pf-1001 100 98 Mar 22 98 Mar 22 9234 Jani100
98.05 to 98.38 So
100.30 to 101.00 11736 4145
37 1st 3345
Janl 97% Jan
50 96 Afar 17 96 Mar 17 95
97.66 to 97.80 Standard milling, PL.100,1
97.30 to 97.72 71 4th 4145
14 1st 45
Stand 011 (Cal) rights-,182752 3% Afar 22 4 Afar 17 334 Mar 4% Mar
98.28 to 99.92
97.10 to 97.92 5 Victory 4345
18 1st 434s
Jan 322% Mar
Texas Pas Land Tr--100
1032234 Mar 21 322% Mar 21 ,1
97.09 to 97.74
18326 434s
Tobacco Prod, pref_100 50010934 Mar 17 110 Mar 19 104% rah 113% Feb
19 24
Feb! 3534 Feb
-Sterling again ruled dull and Tr
Foreign Exchange.
Feb
Feb 230
r
W fi tama
.
United Cigar ilitores.iuti:-* 400235 Mar 172141i Mar 17 185
'3
1 0 14H
5
3
Mar
Preferred
LOOt 100119 Mar 21 119 Mar 21 11534 Mar 119
nominal, at practically unchanged levels. In the Conti1614 Mar 18% Mar
United Paperboard-10
300,118 Mar21 11814 Mar 20 40
nental exchanges increased activity was noted with the United D yewood _
5054
_RIO
40 Mar 2 40 Mar 22 102H Mar 10834 Feb
1
Feb
Feb
feature of the week a spectacular rise in French and Belgian 1LTSRAilmolorfull11
...110634 Mar 23 10714 Mar 21 57
Jan 69
Feo
U S Tobacco
67 Mar 21 67 Mar 21
1
currency.
1334 Mar 1634 Feb
Va-Caro Chem -13".......•
3001 15% Mar 23 1534 Mar 21 52
Mar 64
Feb
To-day's (Friday's) actual rates for sterling exchange were 4 67@4 6734 Van Raalte
Mar 20
1 9001 52 Mar 22 63%
Mar
4134 Mar 47
for sixty days, 4 6934(4)4 6934 for cheques and 4 69%(q)4 693 for cables. Waldorf System
1
42%
83
1
Commercial on Banks sight, 4 68%4l14 69, sixty days 4 6o34@4 6634. Worthington Dre A-10
M r 17
r 3 44
r 21 83 Mar 21 8134 Max 83% Mar
Ma
ninety days 4 0534044 6534 and documents for payment (sixty days)
Preferred I.3-.
1
300
69H Mar 23 69% Mar 22 6634 Jan 7134 Mar
Cotton for payment 4 68% ®4 69. and grain for pay- West El 7% otm pref 100
n
11114 Mar111454 Feb4 6634044 i3T
20011234 Mar 21 11234 Mar /7
ment 4 68% cs i 69.
,
Westinghouse El & Mfg
riday's) actual rates for Paris bankers' francs were 6.4604
Ja 78
2
3
7
Mar
To-day's
78 Mar 20 7 H msr 80
1st preferred
marks are Youngstown
6.52 for long and 6.4906.55 for short. Germany Bankers'
n AIar 2
78)4 Mar 2 74 Mar 21
1
512 3
Sheet & T
not yet quoted for long and short bills. Amsterdam Bankers' guilders
• No par value.
'were 39.03039.04 for long and 39.34039.35 for short.
-The review of the Curb
The Curb Market.
Exchange at l'aris on London, 71.65 francs; week's range, 69.95 francs
and 73.65 francs low.
high,
given this week on page 1245.
The range for foreign exchange for the week follows:
'
1.6
(1 =hers




azette

Market ie..

1256

New York Stock Exchange-Stock Record Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually lc/act/re, see preceding page.

HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
Monday,
Tuesday. Trfednesday.1 Thursday,
Friday
March 17. March 19. March 20. March 21. March 22. March 23.

Saks
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1 1923.
On Oasts of 100
-share tots

PER SHARE
Ranee for Previous
Year 1922.

Highest
Lowest j Highest
Lowest
$ per share 8 per share $ per share $ per share I $ per share S per share Sharss
.
Railroads
Par
per share , 8 per share $ per share $ per share
*38
*37
40
40
*38
41
43
44
4438 45
4413 4412 1,200 Ann Arbor preferred
100 32 Jae /0 45 Feb 23
27% Jan 52 Aug
12
10313 1033 1033 10114 10338 104
8
3
104 105
10312 10418 1033 1035* 10.700 Atch Topeka & Santa Fe_ _100 100 Jab 16 10518 Mar 3
8
91 4 Jan 10812 Swat
,
8912 897 *89
8
897 897
8
90
8 893 90
4
Do pref
8912 8912 8914 895
8 1,200
100 8814 Jan 173 90 8 Mar 6
3
84% Jan 954 Aug
23
4 23
4
23
8 23
27
8 27
4
23
4 23
8
234 23
23
4
54 Apr
25
113 Jan 3
84 Jan
3 14 Feb 21
4 1,400 Atlanta Birrn & Arlantio 100
1207 1207 120 121
8
8
120 121
1203 1223 12114 12114 1203 121
4
4
4,200 Atlantic Coast Line RR
4
100 11014 Jan 17, 127 Feb 26
83 Jan 124% Sept
5314 5313 537 547
8
5412 568 5511 Ws 533 5514 58,700 Baltimore & Ohio
4i 5414 543
100 4018 Jae 171 5418 Mar 21
4
334 Jan 6014 Aug
6013 6018 6014 6014 6013 603
4 607 607
8
e
6012 607 *60
Do pre(
8
100 573 Jan 24 607 Mar 21
4
601.2 1,400
524 Jan 664 Aug
8
714 7 8
814
71* 712
7
7
718 10,800 Brooklyn Rapid Translt
714
67a
718
7
67 Mar 12 1614 Jan 2
8
100
Jan 29 June
612 612
*63
4 714
614 613
6% 63
612 63
8
2
Certificates of deposit
614 6.12 1,800
8
53 Mar 9 13 Jan 12
4
5h Jan 247 June
147 14714 14712 14834 14812 149
149 150
1483 1493 148 14914 16,364 Canadian Pacific
4
100 14014 Jan 17, 150 Mar 21 11918 Jan 151% Aug
73
73
7318 73 4 7314 73% 7312 7418 73% 733
3
4 7212 733* 7,000 Chesapeake A Ohio
54
Jan 79 Aug
100 69 Jan 171 765* Jan 31)
1033 1033 *1033 104 *1033 104
4
4
4
4
1033 1033 1033 1033 .10352 1037
4
4
4
4
300
Preferred
*
8
8
/00 1017 Jan 22 1047 Feb 23 100% Dec 105% Oct
*27
8 3
204
*23
4 3
234
27
23
2%
1,100 Chicago A Alton
4 23
4 *25* 3
12 4 May
,
13 Jan
4
214 Jan 4
100
33 Feb 13
4
3
*43
4 5
45
43
4 4 4 *412 5
458 45
4%
Preferred
300
318 Jun 20% May
33 Jan 121
8
100
63* Feb 8
*43
4 5
377 3814 38
3814 38
38
37
375
8 37
2612 Jan 10 383 Feb 13
37
1214 Jan 43% Aug
4
363 363
4
4 2,800 Chic & East III RR (aew)
60 60
61
61
60 603
61
4 60
Do prat'
6118 6218 3,000
61
61
31 18 .lan 644 Aug
51 Jan 171 6218M tr 23
*53
4 614
6
6
3% Dee 1014 May
6
400 Chicago Great Western___100
6
6
6
*53
4 614
4 Jan 18,
53
7 Feb 7
4 53
4
1412 143
4 143 145
8
8 1434 15
*1412 143
15
15
Do pref
4 1413 145* 2,300
7 Dec 2412 May
812 Jan 18, 17 Feb 6
100
25
255* 254 2512 25
255* 2518 2614 247 253
,
18,100 Chicago Milt/ & St Paul 100 203 Jan 15 263 Mar 5
4 2438 25
,
8
8
1714 Jan 38 8 Aug
4314 44
43% 4412 433* 4414 4418 4512 44
Do pref
4434 43
15,600
44
100 3212 Jan 13 4512 Mar 5
Jun 5514 Sent
29
8.512 8613 86
87
8652 865
8 8613 873
8,600 Chicago A North Western.100 77 Jan 23 88 Mar 5
4 8612 87
857 86
8
Jan 954 Sept
59
*117 118
117 118
11612 11713 11818 11818 *11612 118 *116 118250
Do pref
Jan 128 Aug
100 115 Jan 4 11818 Mar 21 100
36 4 37
3
367 373
8
30 Dec 50 Sept
2
37
8 3718 375
375
8 3714 377
8 3614 3714 13,200 Chlo Rock 1s1 & Pat
8
100 3/12 Jan 15 377 Mar 21
4
9314 9412 9214 93
*93
94
7% preferred
3
948 947
8 04 4 9434 9212 95
100 8934 Jan 18 95 Feb 9
1,200
8314 Jan 105 Sept
8234 83
813 82
4
83
6% preferred
1,900
8412 84
8312 8418 8434 *83
8
100 8f7 Jan 24 85 Mar 5
84
7014 Jan 95 Sept
.74
*74
78
78
757 757 *76
8
78 .76
3
100 71 Jan 9 78 Mar 5
200 Chia St P Minn & 0m
78
51
Jan 90 Sept
7612 7612
*42
4212 42
42
4212 .42
4234 *4112 4213
423 4 3 '42
200 Colorado & Southern
4 24
100 40 Jan 11 4512 Feb 13
38 Jan 5313 Apr
11812 1193 119 1193 11913 119 4 11814 119
11614 120
4
3
4,200 Delaware & Hudson
117 117
.3
100 103 Jan II 1241? Feb 13 1063 Jan 1414 Sept
4
,12.53 1253 12612 128 *127 128
4
4
12612 12612 126 12612 2,700 Delaware Lack & Western_ 50 1223 Jan II 13012 Feb 8 108 Feb 143
12812 128
4
Oct
1212 125
8 123 123
8
12 8 1318 1212 13
7
127 13
8
8
4 125 13
18 4 May
,
100 1013 Jan 18 1312 Feb 13
10,200 Erie
7 Jan
1914 19 4 193 197
3
4
8 195* 2014 2018 20 8 204 203* 195* 2018 10.000
Do 1st pref
5
8
100 15 Jan 17 205 Mar 21
11% Jan 284 Aug
13
1318 *1318 1414 *1312 14
1412 1412 *13 4 15
Do 2d pref
100 11 18 Jan 22 15 Mar 5
13
1313 1.100
3
7% Jan 2014 May
77 8 7814 77 8 7812 78
3
3
7814 78
8
765 7714 6,000 Great Northern pre!
8
78
787
8 78
100 71 Jan 23 80 Mar 5
7014 Jan 957 Oct
2412 35
35
36
3512 36
2818 Nov 45% Apr
Iron Ore propel/1'1(.9.Na Par 30 Jan 18 36 Mar 19
355* 357
8 345* 353 16.200
4
355* 36
193 193
4
4 19
19 May
Jan
19
19
19
19
6
4
1,000 Gulf Mob & Nor tr etfa_100 123 Jan 12 20 Mar 5
19
19
19
*1814 19
*5712 5913 /5.58/ 5911 583 583* 583 58 4 *58
16
Jan 47
4
Do pre?
s
100 447 Jan 2 623 Feb 21
59300
583 *58
4
4
3
4
Oct
*11514 116
11513 116
13
1157 1163 1155 1153 11514 11513 3,400 Illinois Central
8
,
9711 Jan 115 4 Sept
8
8
4
11512 116
100 110 Jan 17 117 Feb 21
4 Dee
% Jan 4
18 Jan 17
800 Interboro Cons Corp__No par
Apr
5*
4
4
*18
14
14
14
14
14
*18
14
14
*3
8
12
8
2
*4
3
8
12
It
4
3
8
3
8
8 Des 1204 Apr
8
7 .lan 5
8
14 Mar 2
700
Do pref
100
204 217
8 22
173 Deo 3214 Aug
4
7
223* 213 2217 22
21
217 12,600 Interboro Rap Tran w 1_100 15 Jan 16 22 8Mar 14
8
2212 2112 22
4
8 8,100 Kansas City Southern
2313 2378 2313 24
17 Nov 30 Apr
/
1
4
8 2438 2438 2338 237
233 2414 2414 247
4
100 1812 Jan 12 2414 Mar 3
5712 *58
4
8
100
5712 *5612 5712
Do Pre/
100 527 Jan 11 573 Mar 5! 5214 Nov 594 Apr
*56
57
5712 *5612 5713 57
*56
8
3212 *30
10 Feb 397 June
3212 *30
4
200 Lake Erie & Western
3214 3212 3213 3212 3212
3214 *30
*30
100 313 Jan 30 34 Jan 2
2613 Feb 77 Sept
Do prat
100 66 Jan III 73 Mar 19
300
*72
75
*70
75
*71
73
73
7212 7213 73
*7013 73
8
50 8512 Jan 10 713 Feb 71 563 Jan 72 Sept
675
8 4,300 Lehigh Valley
67% 673
4 67
8
6812 677 6814 675 68
6712 6818 68
,8
Jan 144% Oct
1,700 Louisville & Nashville
14318 144
144 14414 144 214 *143 114
144 144
143 144
100 13013. Jan 30 156 Feb 26 108
Jan 88 Aug
35
1,300 Manhattan Ry auar
.554 5518 .55
100 4514 Jan 25 57 Feb 21
56
8
5514 5514 547 5512 5.5
543 56
4
65
4412 Aug 5512 Aug
Eq Tr Co of NY di dep_100 3518 Jun 25 44 Feb 13
*424 433
*4212 44
43
43
*423 43
*4212 43
300
4
43
4
43
318 Jan 11 Mar
2,500 Market Street RY
17
814 Jan 23 20 Mar 10
100
4
1714 *163 18
1714 18
19
19
*1714 18
19
18
Jan 5014 Apr
Do pref
54
17
100 39 Feb 27 6812 Mar 12
300
*50
*50
57
*54
60
56
56
*54
60
*54
56
Jan 76 Nov
Do Odor prat
1,500
35
8
100 667 Jan 10 87 Mar 12
8
78 4 783
3
4 773 78
79
80
80 80
80
80
80
80
53 Jan 82 Apr
8
Do 29 pref
4214 4214 41
100 2112 Jan 31 5614 Mar 12
4118 1,400
43
43
43
4513 4334 44
46
48
573
4 st.
144 Apr
/
1
Jan
912 Feb 13
801 MInneap & St L (new)
6
53 Jan 8
4
100
814 814
8 813
83
8 83
8 *83
8
8
8
814
0
65 June 75 4 Oct
800 Minn St P & S S Marle
100 6014 Jan 4 7312 Mar 5
7214 7314 *7112 7212 *7112 7212
72
72
72
.7114 72
*71
1514 Dee
% Jan
8
100 Missouri Kansas & Texas 100
8
*107 1113 *107 1112 *107 1113
8
11
97 Jun 12 12 Feb 6
8
1218 11
*11
1212 *11
712 Jan 19% Aug
1312 Jan 16 17 Feb 15
8 155 157 11,300 biro Kan & Texas(new)
155* 16
155* 157
8
, 1513 16
1512 153
4 155 161
2412 Jan 48% Aug
Do Net (new)
3.300
37 Jan 9 4512 Feb 14
43
43
8 427 43
425* 427
8
8
8 425 427
4218 4238 417 425
154 Nov 2514 Apr
8 6.100 Missouri Pacific trust ctfa_100 1512 Jan 18
3
183
8 177 18
1713 177
18
8
8 173 1814 175 18
195* Feb 14
8
173 177
4
411 Nov 63% Sept
8
Do pref trust etfs
100 413 Jan 9 49 Feb 10
8.500
47
475* 46
4
8
457 4612 467 4714 4678 4713 473 4814 47
8
23 Nov
8
43 Feb 15
4
238 Jan 17
100
714 May
3
33
4 4 .*3 4 418 1.500 Nat RYS of NI ex 29 pref
4
4
*313 4
37
s 37
8
*312 3 4
,
54% Jan 87% Dec
9914 100 4 9814 993 12,300 New Orl Tex & Mex v t o 100 84 Jan 16 101 .Mar 21
3
4
9512 95% 0512 96% 96 101
953 96
4
,
72 4 Jan 101 18 Oct
100 93 Jan 22 10014 Mar 5
9734 983 41,700 New York Central
8
4 985 99
4
8
9818 9812 9812 0918 9812 9912 085 993
100 NY Chicago & St L01118_100 78 Jan 22 84 Jan 29
70i2
704 *78
7913 78
5118 Jan 91% Oct
7914 4/78
*78
78
*7712 7912 78
613 Jan 03 Benz
4
Do 2d pref
90
100 7612 Jan 2 9013 Feb 17
*82
90 •82
90
*82
90 .82
*83
90
*85
90
124 Jan 38 Aug
100 1612 Jan 15 2212 Jan 30
19% 2014 2018 2012 20
8
1912 1912 197 20
2
014 1912 2018 10,700 N Y N H & Hartford
5 20
184 Dec 3012 Apr
21% Feb 13
N Y Ontario & Western
100 1918 Jan 17
600
*1913 20
1914 1914
3
8 194 1912 19 8
8
4
*193 193 *19 8 197
8 4 Jan 2212.11ine
,
18% Feb 9
Norfolk Southern
100 14 Feb 1
*16
18
*16
18
17
*16
•16
17
*16
18
18
/516
9614 Jan 12518 Sept
8
4,200 Norfolk & Western
4
100 1093 Jan I() 1173 Feb 9
4
7
1125 1133 11313 113 8 113 11312 11314 1133 11234 11314 113 113
8
4
Jan 82.
72
Do pref
200
100 7514 Mar 10 78 Jan 29
79
Oct
78
79 .75
*75
*75
78
78
80
*75
79
*75
73 Dec 90% Aug
100 72 Jan 23 81 12 Mar 5
79
78
7812 6.200 Northern Pacific
78% 79 4 79
78
79
,
78% 79
777 78
8
4034 Oct
3314 Jan
50 46 Feb 2 4788 Jan 29
8
8 4614 4617 10,300 Pennsylvania
8 463 465
465 463
8
3 4612 465
4 4613 463
4 4612 463
10 4 Jan 28% Aug
,
100 12 Jan 17 17 Mar 21
1,400 Peoria & Eastern
*15
17
17
17
1512 17
13
15
14
15
13
*13
8
Jan 405 Aug
19
41% Mar 22
100 36 Jan 11
4118 30,700 Pere Marquette
8 40
8 4012 417
3
3812 3812 387 3914 3913, 4012 4012 413
Jan 82 Aug
63
4
100 T212 Jan 2 763 Mar 5
Do prior prof
*73% 75
*733 75
4
75
*73
*734 7412 *73
7.5
*7312 75
,
8018 Jan 74 4 Aug
Do prof
100 65 Feb 1
7012 Jan 9
300
*6712 68
*6712 68
68
68
*66 4 6712 6712 6712 *6712 68
,
4158 Aug
Jan
23
8
8
100 337 Jan 17 397 Feb 6
38% 38 4 373 385* 8,400 Pittsburgh & West Va
,
7
383
8 3818 39
37 4 373
3
4 3711 378 33
Jan 95 Nov
76
Do Net
100 89 Jan 18 93 Jan 9
200
*8814 8914
*88
89
89
89
89
*88
89
8912 89
*89
7118 Jan 8718 Oct
8
60 763 Jan 17 81 18 Feb 7
8
, ,
8 79
793
3
78
785
8 783 793
8 7812 7912 78 8 78 4 773 7812 9,000 Reading
43 Mar 57 May
50 5018Mar 12 5612 Feb 7
800
76012 6112 51
Do 1st Prof
513
4
51% *51
6112 513 *51
51
5118 51
4
Jan 5913 May
46
4
8
Do 29 prat
50 517 Jan 5 563 Jan 30
600
51% 51% *5112 52
515 52
8
52
52
62
*52
5212 52
1712 Feb 83 June
/
1
4
4
100 3212 Jan 18 373 Jan 10
100 Rutland RR prof
34
*30
*30
35
*30
35
33
*30
35
33
36
/532
2014 Dec 82% Aug
4
10,000 St Louls-San Fran tr ctfs_100 21 Jan 12 267 Mar 6
8
25 4 2614 253 26
,
3
8
25
3514 2513 2618 255 2614 263 27
34% Nov 56 Aug
Do pref A trust efs
100 3213 Jan 3 50 Mar 5
*49
49 4 3,100
3
*4712 49
4912 4913 50
47
473
4612 47
4 48
20% Jan 368 Nov
8
7
4
100 283 Jan 12 363 Feb 10
3
8 3513 3614 3513 3614 343 3512 13,500 St Louis Southwestern
8 3411 353
333 345
.4
3312 34
32, Jan 597 Nov
Do pref
100 56 Jan 4 6373 Mar 21
8
6214 11,500
6312 61
637
8 63
4
615 613
8
4 613 62/8 6218 6338 63
712 Feb 10
10 Apr
2% Jan
100
514 Jan 2
7
73
8 7,300 Seaboard Air Line
*612 67
8
7
718
65
8 7
67
3 67
8
614 612
418 Jan 14% Apr
8% Jan 18 1318 Feb 11
1003
Do prof
4
,
4 123 12 4 1213 1314 6.200
1212 1212 1212 1212 123
012
1212 .12
784 Jan 98% Oct
100 87 Jan 9 9514 Feb 21
3 933 9312 16,800 Southern Pacific Co
4
4
934 93
52 933 9432 9314 937
927 9314 9312 94
3
1714 Jan 28% Aug
4
100 241 Jan 8 3514 Mar 20
34
3412 96,200 Southern Railway
3412 347
8
8 337 34% 344 35% 3484 353
335* 337
2
46
Jar. 71
4
100 643 Jan 8 707 Mar 22
4 9,700
Oct
Do Prof
8 7012 703
8
4 705 707
70
704 703* 703
4 894 693
6912 693
183 Nov 38 Apr
4
4
100 193 Jan 16 2913 Mar 21
287 28,200 Texas & Pacific
8
8
273 2914 285 2912 2712 285* 27
8
28
25
2514 26
1318 Nov
200 Third Avenue
25% May
100 1413 Jan 10 1914 Feb 1
16
3
4
153 15 4 15 4 153 *15
4
3
*1512 16
3
1612 •15 4 16
*15
Jan 19 64 Mar
34
Jan 8212 Sept
100 Twin City Rapid Transit...100 5814
.62
65
63 63
65
*63
*63
64
*63
65
65
*62
2
125
Jan 1504 Sept
3
100 175/438 ./Maran 2132 1447 Feb 2
4
1413 1437 14114 1123 14114 11214 9,900 Union Pacific
4
g
1407 1411g 14112 14312 14112 142
8
7612 Jan
Do pref
900
7414
71 14 Jan 80 Aug
7414 7412 7418 74
74
74
8 7417 7412 74
743 745
8
217g Mae
712 Jan 197 Apr
4
170 118 Jan
e
1612 1712 4.600 United Railways Inveet
4
4
173 1812 1678 1818 1712 1712 167g 1714 163 17
Do pref
2014 Jan 381 Apr
100 2612 Jan 17 62 Mar
4
/
4
49
5114 5012 523 12.200
483 52
4
5112 52
5414 524 54
53
11 12 Mar 2
6
Jan
113 16,900 Wabash
8
1112 11
113
3 11
14% May
g
2 107 1114 11
3
1038 103
8 10 4 107
3
3418 Mar
14 . ar
19
Jan 3512 Aug
Do pref A
Ig0 2; N L n
°
337 77,100
8
8 3418 33
4 32
8 32
3313 333
33
8 3112 323
3011' 315
Do pre! B
100 1612 Jan 18 2213 Mar 2
500
2212
1214 Jan 24% Aug
2212 *22
22
2112 2112 22
22
21
21
*2013 22
,
1234 133 10,700 Western Maryland (new)...100 10 8 Jan 18 15 Feb
8
13
814 Jan 1714 Aug
4 1312 14
1312 1312 133
4
4 123 131g
*1212 128
4
2
13
Jan 284 Dec
Do 2d pref
100 2218 Jan 12 263 Mar 22
263 26,100
4 25
8
3
/I 247 263
243
4 24 4 257
3
2314 23 4 '24
*2212 23
13 4 Jan
,
100 16 Jan 2 2014 Mar 5
*1814 1813 1,600 Western Pacific
Ws Apr
8
3
183 1812 1810 181t 1814 18 4 187 1914 *1814 19
8
8
Do pref
100 5613 Jan 8 633 Mar 5
1,200
60
514 Mar 6478 Sept
60 4 603
3
4 60
61
61
6218 63
8212 6214 63
0
62
814 Jan 18 1013 Feb 13
6 Feb 164 Juno
9% 1,700 Wheeling & Lake Erie 117_100
97
984 97
04 97
9 4 93
3
4
914 10
/593 10
8
7 Jan 17 19 Feb 13
k
100 14
Do prof
1,700
1713 1818 *1712 18
1734 18
,
914 Jan 29 3 June
8
1713 1712 177 18
17
17
100 26 Jan 10 3512 Feb 23
100 Wisconsin Central
32
32
34
25
3312 *32
Jan 334 Mar
3312 *32
3312 *33
/
1
334 *32
*32

17

Industrial & Miscellaneous
100
100 Adams Express
*7518 77
77
7512 7512 *75
77
*75
78
*75
78
*75
100
1812 185* 2,100 Advance RumelY
187 19
2
1814 1834 1812 19
8
7
,
*1814 18 4 187 18 s
100
400
.50
Do prof
50
50
*50
5018 50
5018 50 50
0
494 5914 *50
8 68
6912 1,200 Air Reduction, Ino____No Par
7014 691g 693
69
71
723
8 70
70
69 4 71
3
50
3
7
8 137 14
1414 13 8 143
7,300 Ajax Rubber, Inc
1312 14
143
8 14
1312 1312 14
14
10
14
h
h
800 Alaska Gold Minna
3
8
*14
3
8
,
s
*14
3
8
3
8
*14
8,700 Alaska Juneau Gold Min_ 10
15*
15*
13
114 114
14 114
14
111
113
*114 112
75 4 77
3
753 7614 14,034 Allied Chem & Dye.... __No par
8
755* 775
787
s 7714 78
7812 7878 78
100
Do prat
200
*11012 11113 *110 11114 11118 11114 110 11114 *110 111 *110 111
100
49
50
495
8 7,200 Allis-Chalmers Mfg
5014 50
8 50
483 505
4
483 49
4
*4812 49
100
Do pr f
9713 9718 *94
07500
97
951 9538 *95
8
95
95
*95
97
1,2 500 Amer Agricultural Chem 100
33
65
3312 3312 *331 34
335*
33
14
3418 34% 337 3412 33
100
Do pref
200
*6418
853 857g *6414 65
*6514 86
66
*68
8812 .65
60
200 American Bank Note
90
*9012 903
4 9012 9012 90
*9012 93 .9012 92
*9312 93
1
50
Am Bank Note pre:
5512 *54
55
5512 *54
5512 *54
5512 *54
*54
5512 *54
100
8
1
8 45.4 4613 455 4612 4414 4618 2,900 American Beet Sugar
8 4634 467
46
46% 4718 473
5512 5012 54
9,700 Amer Bosch Magneto__No par
5412 5613 55
*5514 5614
5614 58% 5612 67
82% 8234 793 803
83
82
4 2,600 Am Brake Shoe & F__-No par
81
80
8114 81
80
80
100
1073 110 *105 110
4
Do pref
100
4
109 109 *1073 110 *10814 110
*107% 109
100
8 993 10112 81,300 American Can
4
8
101 10212 102 103% 1017 10414 10213 10312 10113 1027
100
Do Pre(
300
8
8
*110 111
1117 1117 1113 1115 •110 11112 11112 11112 '11012 11112
8
3
2,900 American Car & Foundry_10o
183 1831g 183 18314 182 183
18212 183
183 18414
183 186
100
11914 11914 11914 11914
Do pref
300
011914 120
*11914 1203 •11914 12014 1197 1197
8
4
No par
400 tmerlertn (Nen.
*73
4 8
8
8
8
8
4 841
4 83
4' *73
818 818 *73
-dividend and rights.
than 100 snares, a E2
Less
•Bid and asked Prices: no sales on Ms aaY.
Ex-rights
game tor share to stock of Glen Alden Coal Co. at 55 per share and ex-dividend 100% in stoek (Aug. 221.




68 Jan 2
124 Jan 2
4618 Jan 18
574 ...an 10
121s Jan 9
14 Jan 4
I Feb 15
7112 Jan 16
109 Jan 30
45 Jan 10
94% Feb 2
294 Jan 18
58 4 Feb 1
,
77 Jan 6
54% Jan 16
36 Jan 31
37 Jan 9
70 Jan 3
10613 Jan 20
7312 Jan 2
11114 Jan 3
178 Jan 17
11914 Mar 22
,
5 4 Jan 30

82 Mar 3
48
Jan
1912 Mar 6
10% Jan
543 .lan 14
8
31% Jan
7238 Mar 19
4512 Jan
147 Mar 14
8
94 July
%Mar 9
15 Dec
13 Mar 9
4
Jan
80 Jan 2
55% Jan
112 Mar 2 101
Jan
61 14 Feb 16
37% Jan
97% Jan 271 864 Jan
367 Feb 21! 2714 Nov
8
687 Feb 21! 56
8
Jan
9112 Mar 7
58
Jan
65 Feb 7t
51 July
4913 Feb 13
81% Jan
60 Mar 6
3114 Jan
83 Mar 21. 61
Jan
110 Jan 14
981 Jan
/
4
106 Mar 6
3214 Jan
115 Feb 20
9314 Jan
189 Mar 7 141
Jan
1257 Jan 18 11512 Jan
8
5 Nov
93 Feb 24
4

83
Oct
23 Aug
901a Aug
86
Oct
18 4 Apr
1
7 May
4
2 May
913 Sept
4
1154 Sept
/
1
5914 Sept
104 Sept
it27 June
s
7214 Sept
Des
)1
5512 Dec
49 JUDO
Apr
49
8812 Bent
Oct
113
761s Nov
113% Dec
Oct
201
12618 Nov
14 May

a Ex-dividend. S Ex-rIghts (June 15) to subscribe

New York Stock Record -Continued-Page 2

1257

For sales during the week of stocks usually inactive. see second page preceding
HIGH AND. LOW SALE PRICES-PER SHARE. NOT PER CENT.
m outlay.
March 17. March 19.

adnesday. Thursday
Tuesday.
March 20. March 21. March 22.

Priday
March 23.

Sales
far
the
1Veck.

PER SII A RE
Range since Jan. I 1923.
On basis of 100-share lots

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

Highest

l'ER SI!ARE
Range for Previous
Year 1922.
Lowest

Htahest

per share
per Share $ Per share
Per share $ per share 3 per share Armes Indus. & Miscell. (Con.) Par $ per share
$ per share $ per share S per share
1514 Nov
3012 May
4
1414 Feb 5 203 Jan 4
10
154 1512 4,500 American Cotton 011
8 1518 16
8 1614 1614 1612 167
1614 1614 164 163
3313 Nov 61 May
4
4
253 Feb 5 333 Jan 4
Do prof
10
1,903
8
287 29
31
3013 2812 297
30
*30
31
31
32
*30
74 Aug
412 Jan
8
75 Feb 23
6 Mar 19
618 64 7,700 Amer Druggists Syndicate._ 10
618 618
614
6
6 12
6
612
6
*613 65
8
Oct
10 133 Feb 6 1434 Mar 2 128 June .162
700 American Express
137 13712 *135 13712 *135 137
133 13813 138 133
•13812 139
1018 Dee
1734 Apr
4
500 American Hide & Leather 100 II Jan 6 133 Mar 7
1212 1213 .1214 1212 12% 12% 1218 12,8 1213 1212
13
*1214
Jan 741 Sept
58
Do pref
100 6613 Jan 2 741 Star 7
'900
4
4
4
713 713 *7113 7212 7112 713
*7113 73
73
*7112 7212 72
Jan 122 Sept
78
:
100 9812 Jan 31 1101 Mir 23
:
1071 1101 12,700 American Ice
106 10814 10813 10918 109 111
.106 106% *105 106
Jan 9514 Aug
72
e
8512 Feb 1, 89 Fh21
Do pref
10
500
87
8713 87
87
87
"86
87
*86
8
*855 87
•85% 87
8
245* Dec 505 June
2414 Jan 30 317g Mar 15
3114 19,900 Amer International Corp_ _10
2912 29% 29
8 2913 30
303
3018 3012 30
3012 30
14 July
94 Jan
11 14 Jan 17 13 Mar 1
1,300 American La France F E__1
8 1214 121
8 1212 125
2
8 1213 125 *1213 12% *1212 125
1258 125
28 Nov 4212 Oct
10
30 Jan 2 33 Mar 5
341
2,600 American Linseed
*34
4 3518 3512 3412 3513
3514 353
3
3714 37% 35 4 36
48 Nov 6413 Oct
100 50 Jan 13 59 Feb 15
Do prof
300
57
*55
56
5712 5612 5612 5614 5614 56
•56
58
*56
Jan 136% Oct
8
10 12018 Jan 17 1393 Mar 19 102
42,800 American Locomotive
4
8
135 1363 133% 136
8
138 1393 13714 1345 13614 138
13512 138
Jan 12214 Dee
Do prof
. _100 1194 Jan 4 122 Feb 9 112
100
118 118 *117 120 *116 110 '116 119 *115 119 *115 113
44 Sept 5314 Dee
8
51 Jan 15 557 Mar 5
4 5313 541 20.030 Amer Metal temp ctfs_-No Pa
.5514 53% 543
54% 5412 5514 54
53% 53% 54
Oct
Jan 129
82
78 Jan 2 867g Mar 15
2
81
8 1,600 American Radiator
83 837
84
84
85
84
844 85
85
85% 84
38 Jan
8% Oct
94 Feb 19
8
87 Jan 6
2
84 814 7.700 American Safety Razor
84 814
8
8
8 12
8
8
8
8
8
512 Jan 244 May
1712 Feb 24 21% .lan 5
No pa
6.203 Am Ship & Comm
17% 18
18
1818 18
1818 18
8
18% 175 1814 18
1812
433 Jan 6713 May
65% 661* 134% 65% 16,000 Amer Smelting & Refining- 100 53 Jan 17 6912 Mar 2
66% 674 66% 67
654 65 3 6512 67
,
8
8818 Jan 10413 Oct
Do pref
100 7815 Jan 18 1023 Mar 8
1,103
1034 1037
4
4
10134 1013 101% 10113 10112 1013 *100 101
102 102
100 140 Jan 10 15214 Feb 14 10913 Jan 159 Sept
103 American Snuff
145 145 .145 147 *143 145 *142 145
*1421 147 *14212 117
302 Jan 464 Sept
14
39 401 26,030 Am Steel Fdry tern ctfs_33 1-3 3513 Jan 17 40% ar 21
8 4012 40%
4
383 39% 394 33% 3918 407
3
38 4 39
Feb 10814 Oct
91
,
Do pref torn ctfs
100 102 Jan 23 10514 Feb 9
2013
4
*10112 10412 •1014 103 *102 10212 *1013 10212 102% 10212 *102 1021
8
5418 Jan 857 Aug
5.300 American Sugar Refining. _100 76 Jan 17 85 Feb 13
4
8218 81
4 8014 8112 803 8112 7912 831
813
81%
8
*815 82
Jan 112 Aug
34
4
106 Mar 17 1033 Jan 3
Do prof
100
933
107 107
106 1064 10514 10312 10714 10714 31107 108
106 106
2314 Feb 47 May
8
1,403 Amer Sumatra Tobacco_.100 2414 Feb 1 363 Feb 14
4
313 33
32
32
32
324 •3112 3313 32
32
*3113 32
Jan
71
5214 Feb
Do pref
100 551 Jail 16 6534 Feb 13
6112 *63
6112 •62
611
62
63 '
'
6313 62
6414 *62
*62
, 8.200 Amer Telephone & Teleg 100 1215 Feb 1 12512 Star 5 11413 Jan 1244 Ang
8
122% 1227 12212 122
4
1223 123 I 122% 123
123 12318 122% 123
4
100 150 Jan 17 1613 Feb 13 1994 Jan 15012 Sept
3,403 American Tobacco
4
156 1.564 15.514 15514 15614 1551 15114 1551
15512 156
*155 156
9618 Jan 108% Oct
Do pref (new)
100 101 Star 16 10718 Feb 2
300
4
8
8
1017 1017 101 101
4 103 '10154 103 •10114 1013 101% 101%
Jan 1654 Sept
4
Do common Class B__.100 148 Jan 10 1593 Feb 9 126
4
4
1543 15518 1544 154%. 15118 151% 1534 15118 15312 1511 1521 1534 4,900
4
Jan 3314 Nov
6
2.703 Am Wat Wks & El•t o__..100 2712 Jan 29 311 Feb 19
31
3012 31
2913 20
29
3112 3013 30%
4 31
2914 303
8
Jan 937 Sept
67
1st pref(7%) v t 0.100 8.53 Jan 3 93 Jan 16
8
Do
203
9214 9214
8
*9112 9212 9213 9212' •9113 92781 *913 927 *911* 92
1714 Jan 5514 Oct
,
Do earth of (13%1 v t 0 100 4812 Jan 3 59 Mar 19
5734 571 10.903
4
5718 5413 5512 5612 5512 57
59
58
5334 58
Jan
Oct 95
100 9314 Jan 2 9814 Jan 31
86
93
103 Amer Wholesale, pref
*91
99
*94
4
'
*9612 9713 953 9514 .9112 99
97
96
Oct
7104 Jan 105
100 93 Jan 19 109% Star 21
10512 10714 95,100 Amer Wooien
8
103 10358 104% 1054 105 103's 10713 109% 1057 103
Jan 111 14 Dec
4
Do uref.
500
8
11158 1113
100 10958 Jan 25 1113 Jan 3 102
11112 111 12 *109 112
112
*11013 112 *11012 112 ,•11112
2213 Jan 5514 Sept
Amer Writing Paper pref 100 26 Jan 24 32 Mar 8
3018 30
30% 2,203
294 3058 30
: 2813 29
•28
2914 *2812 291
21 Sept
1218 Jan
1.5 Jan 23 1914 Feb 16
4
1714 1712 1712 1712 17, 1 714 1.100 Amer Zinc. Load & Smelt......25
1813 1812 1758 173
8 171 18
57 Sept
Jan
36
Do wet
25 484 Jan 29 5814 Feb 27
203
55
56
56
57 1 58
:
571 *56
5612 *55
31,55
58
*57
45 Nov
57 May
5312 Mar 6
504 514 65.933 Anaconda Copper Mining__50 4518 Jan 18
4 51 13 5218 5114 52141 5114 52
504 5118 5012 513
Jan 70% Dec
43
4
100 62, Jan 5 83 Mar 15
854 14,700 Associated Dry Goods
4 83
4, Sc', 853
873
86
4
8
89 1 857 883
8613 8813 83
Oct
Jan 86
75
Do 1st pref
100 8211 Jan 18 89 Feb 13
100
83
•83
83
*86
89
*87
89
•86
89
88% 88% 1383
Jan 91% Oct
76
Do 2d pre/
100 8918 Jan 9 9312 Feb 28
103
91
*93
94
9312 9312 *93
•9312 94
8
*9312 95 .935 94
Jan 13512 May
99
,
100 1204 Jan 3 133 Jan 12
12312 12312 1,200 Assoclated Oil
4
1 11233 125
12312 125 .
125 126
127
*125 12612 126
I13 Dec
558 Apr
312 Feb 14
4
13 .lan 17
303 Atlantic Fruit
No par
23g *214
214
212 •214 213
*218 212
_
214 214
8
195 Dec 434 May
8
3014 31% 297 314 13.203 Atl Gulf & W IS 0 Line___100 1818 Jan 30 3314 Mar 17
4
31% 32% 313 32
313 3314 327 34
4
15 Dec 3114 May
8
Do pre(
3.800
100 147 Feb 2 27 Mar 19
25
*24
•2413 26
25
26
2318 28
25
2614 2614 27
Oct
Dee 1575
1,100 Atlantic Refining
13112 133
100 119 Jan 2 15312 Jan 10 117
13314 136
136 136
139 139 *136 139
•139 141
Jan 11913 Dec
Do pref
100 117 Mar 3 120 Jan 18 113
*11713 119 *11712 119 •I17 118 "117 118 •116 113 •116 118
1312 Feb 2212 Stay
1.58 Jan 2 2012 Feb 14
No par
500 Atlas Tack
17
17
18
17%
19
*18
19
19
•18
.18
104 *18
%
12
914 Jan 401 Sept
30
30
30
30% 3012 3012 2918 2914 3,400 Austin Nichols & Co__ _No par 29 Feb 7 3512 .lan 23
30
30
30
30
Jan 01 Sept
68
Do pref
*9514 87
100 87 Feb 3 8912 Jan
a
'SS'a 87
8712
8712 •85
8712 *85
*85
4
9313 Jan 1423 Oct
Baldwin Locomotive Wks_100 12914 Jan 17 14414 Mar 19
4
8
4
4
4
1424 14414 14214 1431 1413 1433 141 14212 1393 1413 96,300
140 142
Oct
Jan 118
Do pre
100 113 Feb 28 116% Jan 4 104
*113 114 *113 114 *113 114 *113 114 *113 114 *113 114
Jan 671* Sept
40
Barnet Leather
50
•49
No par 47 Jan 12 55 Feb 16
50
*49
50
•49
1114) 50
50
.49
*49% 50
8
195 Jan 5658 Apt
35 Mar 23
10.100 Ramadan Corp. Class A____25 29 Jan 31'
35
3414 32
3113 3112 32
32
32
32
32
4
313 32
Apr
17 Nov 39
Do Class B
2112 3.100
25 18% Jan 19 22 Jan 2
20
8
2018 197 20
21 12 21
20 .20
20
20
20
I% Mar
14 Dec
% Jan 2
15
14 Feb 28
8 1.100 Batopllas Mining
3
2
3
20
5,
11
3
*14
s
,
*14
•14
as
11
4
iir 65 Sept
33
8
No par 5012 Feb 7 607 Jan 12
4 5714 5712 5714 574 1.600 Flayuk Bros
4
4 573 .573
8
557 5713 575 573
*5613 57
30 July 53% Dec
20 51 Jan 2 7514 Mar 23
4 6913 7414 7212 7514 29.403 Beech Nut Packing
604 6312 6914 713
668
66
66
65
Jan 79 May
51
400 Bethlehem Steel Corp. _ _ __I00 5912 Jan 22 70 Mar 3
*6512 63
67
6712 6712 6712 6712 6712 67
6712 *66
*66
5511 Jan 8214 May
8
Do Class B common_ __100 5014 Jan 16 717 Star 3
6912 6912 6758 634 24,200
8
6135 70
g
643 69
67% 68% 681g 69
90% Mar 106 Nov
Do pref
97
9314 Feb 1 961 p Jan 2
*94
97
100
*94
97
*91
97
*94
97
*91
*9313 96
8
Jan 1165 June
Do cum cony 8% pref_100 107% Feb 2 111 18 Feb 9 104
600
10318 10312
4
4
4
4
4
4
*108 109% 1093 1033 *103 1091 1093 1033 *1073 109
Oct
9712 Mar 9
vl 101
94
Preferred new
100 9312 Jan 31
9412 9412 9412 9112 1,300
95
9512 9134 9.5 I 95
95
947 95
1013 Aug
4
714 Jan 18
1,200 Booth Fisheries
6
6
5 Jan 3
.512 6
No par
61
*6
61
6
6
1,1
512 53
an 15 Sept
9% Star 2
813
100 British Empire Steel
713 Mar 23
100
2
713 7,
,
2 812 "711 841 "7% 8 2
,
'713 8 2 *7,
81
*8
4
68 Mar 763 Apr
Do 1st pref
300
100 6612 Feb 5 6912 Star 13
6813 6812 *6812 634 6813 6812 •6713 70 I 6712 6713 *6713 70
194 Mar 39 Sept
Do 2d pref
803
100 2312 Mat 23 2612 Feb 20
4
4
243 *2413 243 *2412 25 I 2412 2112 2413 2412 2312 21
•24
Jan 1241* Aug
3.500 Brooklyn Edison, Inc
4
8
100 109 Jan 23 121 12 Jan 9 100
4
11313 1143 1125 11313 112% 11312 11214 113% 1123 114
•11312 114
Jan 12412 Nov
100 10914 Jan 19 128 Feb 7, 70
*115 118 .115 1181.115 116 I 11613 11613 *11513 1171 117 11912 1,100 Brooklyn Union Gas
8
Jan 647 Sent
42
8
6114 61 13 2.300 Brown Shoe Inc
100 5912 Feb 27 637 Jan 19
62 I *6013 62
*6013 6214 6112 6241 *61 13 62121 *61
53 June
112 June
8
2% Jan 25
2%
100 Brunswick Term & Ry See 100
5 '214 2% *214 25
8 *214
, 25
2 Jan 25
258 '23
2%
8 25g
•23
4
144% 2,000 Burns Bros
Feb 23 1443 Star 23 11313 Jan 147 Dec
14113 14112 *139 1417 142
10C1 138
140 1411*; 142 142
138 133
Oct
Do new Class B cox'
28% Jan 53
2,600
39
3612 Mar 17 43 Jan 2
38
4
3841 373 38
4 384 3811 33
4
3612 3613 373 37
1018 Dec
514 Mar
II) 1014 978 10,4 21,200 Butte Copper At Zinc v t o...5 914 Jan 17 114 Feb 14
8 1034 10341 1014 loss in
1013 107
Feb
34
1914
15 Nov
21% Jan 4
1.300 Butterick
100 1712 Feb
1914
1912 1912 1912 1912 1914 1912 194 1914
19
19
20% Jan 354 Got
8
2,300 Butte & Superior Mining_ ...10 2912 Jan 171 377 Mar 1
33
35141 35
351* •3412 35
2
343 35% 34% 3534 3514 36
64 Dec 154 Apr
1.200 Caddo Central 011&Ref No par
918 Feb 16
24
814 *74 8
5 Jan
84
*8
4 74
7
4 834 *8
73
2
8,
8
Jan 8612 Sept
68
No par 7911 Jan 24 87 Feb 9
8312 8114 4.000 California Packing
8114 8112 84% 849
:
831 8414 8312 84
83
83
4318 Jan 71% Jan
8
4 9812 10218 1005 102% 994 1023, 114.100 California Ietroleum
100 6614 Jan 3 1023g Star 22
4 973 993
9714 983
98
97
Jan 9812 Apr
1
Do pref
83
105 10514 10412 10612 103 105, 105 10.5 1 3.400
100 94% Jan 2 110 Mar 2
8
10618 10612 1067 107
54 Feb
1134 May
8
107 113
10% ii
8 10% 11,
8
95 Jan 24 12% Feb 20
4 1014 10141 22,100 Callahan Zinc-Lead
10
4
1058 104 103 11
800 Calumet Arizona MinIng
63 1
6312 634 6312 61
Mar 1-5012 Nov 8813 June
2
, 634 •62
"62
63
10 52 Jan 23 68
62 62
3
614 Dec 183 Mar
*814 87
9
100 Carson Hill Gold
8
812 81:1 *8
I
s
9's Feb 19
..813 87
713 Jan 4
33
912 June
4 4
.33
4
33
4 33
33
3 Mar
*34 4
34 3,21 1.000 Case (J I) Plow
44 Feb 21
No par
3 Jan 2
4 4
.33
76
88 Feb 9314 Aug
79
•74
7612 7613 *7712 79 ;
6(1f) Case (J I) Thresh M,pf ctf 100 693 Jan 4 7912 Feb 26
76
79
*74
4
79
"74
4
8
293 Jan 444 Sept
5
8 7.900 Central Leather
Jan 4 4012 Mar 7
3813 3812 38% 39% 383t 3918 3.823 39181 3812 33 8 373 331
8 78
8
633 Jan 824 Sept
8 78
I3o prof.
783
78
4
4,400
794 793
4 783 7914 7812 787
79
g 115: Jan 8 79% Mar 7
'
79
4713 48% 471 484 4713 43
Cerro de Pasco CopPer_No par 4212 Jan 17 493 Mar 2
48
3214 Jan 4634 Dec
11.900
4734 48%
4
48
4858
48
Feb 53,8 June
8
45
.4413 445 1114118 46
.43
45
•42
600 Certain-Teed Prod.___No par 4014 Mar 1 45 Mar 14
44
34
4412 4412 44
8 7318 7312 713 7212 19,500 Chandler Motor Car__ _No par 617 Feb 1
8
474 Jan 7914 Apr
7318 7318 737
8 73
76 Mar 14
8
744 7412 74% 747
5
4 8714 833 12.700 Chicago Pneumatic Tool 100 82% Jan 10 904 Mar 211 60
4 8812 893
4
Jan 892 Sept
8
8 883 903
897
88
89
88
8
873 88
8
8
154 Jan 2914 Nov
8
8
25 27% Jan 2 303 Mar 111
287 2918 287 2914 294 2912 287 2914 287 294 2858 281s 22.200 Chile Copper
8 31
3158 30% 314 29% 3058 14.100 Chino Copper
313
2214 Nov 3334 June
8Mar 2
3013 3012
5 213g Jan 29 31 7
29% 30,8 30
73
Jan 704 Dee
6813 6812 69
723 7314 3,100 Cluett. Peabody & Co___ _100 8534 Jan 5 7314 Star 23
69
4
*68
43
69
69
•
1 6818 69
75
8
4
Jan 823 Oct
7,100 Coca Cola
41
763 7612 755g 7612 745 7512 75
No par 74 Jan 16 81 Jan 3
7614 77
7618 761
30
Jan 37 May
2912 29:2 2,700 Colorado Fuel & Iron
2918 2912 3012 30
24
:
281 28% 29
100 2514 Jan 17 31% Feb 15
4
283 283
2
8
4
8
634 Jan 1143 Sept
8
8
109 1091 1097g 1107 11012 1115* 11031 1113 11014 1113 1033 11112 15,300 Columbia Gas dr Electric_ _100 1027 Jan 17 113% Feb 15
I% Jan
534 June
213
214
212
24 214 11.700 Columbia Graphophone No par
238
2%
214
212 2%
8
27 Feb 6,
218 Jan 5
1 123
. 2 21
*912 10
300
5 Feb 21 June
Do prof
1012 1012 •913 1013 .913 10ft •94 11
83 Jan 2 12.2 Jan 15
100
*1012 11
*81% 82
8 804 823* 8012 8215
815
, 794 Apr
81
83 Star 19, 554 Jar
81% 83
Computing-Tab-RecordNo par 60 Jan
81% 821
12
1852 Feb 4234 Oct
347 357 10:201 Consolidated Cigar__ _No par 33 Jan 2
3512 351 .3513 353
8
36
36
2
393 Jan 3
35% 36
3514 351
*7914 80
Feb 8714 Nov
*7914 80
47
Do pref
8113 *7914 80
100 791 Mar 6 83 Feb 17
*80
*7914 81
•791.1 81
3 '
214 Mar
•%
Consol Distributors,Inc No par
13
3
•14
I.
11
3
58 Feb
14 Mar 7
14
4
3 Feb 20
*14
12
*14
314
4
8512 Jat 1453 Sent
Consolidated Gas
Jan
2
"8614 871 90,000 When Issued (N Y) _100 120 Jan 2 137 Feb 26 577 Dec 6234 Dec
7
No par 60 Jan
69%
4
16- 6311 -663- -Blis 165e
8
155 Apr
8
1314 135 23,400 Consolidated resin,. No par
9 July
4 1312 133
8
107 Jan 31' 1412 Feb 9
1313 133
1313 135
1313 13% 1312 133
4
45% Jan 11514 Dec
Continental Can, Inc
4
100 115 Jan 2 1313 Jan 31
k
477 483
No par 433 Jan 2 5018 Feb 19
-48" 414 -4734 4312 4712 4814 21,000 When Issued
49
, 4858
-4§- 48's
Jan 934 Aug
300 CAM thiental Insurance
*9912 100
66
100 100
25 92 Jan 6 10312 Feb 15
100 100
•01.1 100
11199 100
*99 100
97 104 7,600 Continental Motors__ No par
97
97
1114 Dec 18% Dec
8 9%
95
912 Feb 26
913 97
1214 Jan 19
8 9%
95
4
*912 93
3 Oct
8
130 1323 29.400 Corn Products RefinIng___100 1234 Jan 16 13914 Feb 6
9114 Jan 134
2
8
130 131 18 1307 13234 1307 133
8
13018 1313 1291g 131
4
Jan 1223 Nov
100
Do Prof
2
121 121 *120 121 •120 121
4
100 1183 Jan 5 1223 Feb 24 111
*121 122 *121 122 *121 122
5
313 Jan 54 Dec
2
8 5818 603 77.700 Cosden & Co
No par 5014 Jan 4 6314 Feb 17
5914 603
8
807 61% 603 6112 6014 6114 6018 61
52% Feb9834 Sent
83% 8112 823 46.800 Crucible Steel of Arnerica_100 684 Jun II 843 Mar 8
8 83
8
807 82
8
834 8214 833
81% 8212
82
Jan 100 Sept
92
Do pref
100
80
9213 9212 *91
100 8314 Jan 2 9413 Star 2
934 *9112 9212 *9112 921 •9112 9213 *91
:
Jan
19% Mar
171g 1734 12.800 Cuba Cane Sugar
173 1818 1713 1812 174 1713 1718 1712 174 173
No par
4
125 Jan 17 20 Feb 13
417 July
154 Jan
61
Do pref
42,100
4
8 6218 6314 603 6214 594 6114 595 6112 5913
8
615 627
8
100 3718 Jan 17 6414 Mar 15
1412 Jan 28 Aug
3414 353
35
347 35
34
4
3312 311 30,700 Cuban-American Sugar
3352 35
_10 2312 Jan 18 37% Feb 13
3334 34
7918 Jan 10212 Dec
500
Do pref
100 100
10013 10111 101 101 *100 101
101
•10112 102
10212 Feb 15
101
100 100% Jan 11
8
2318 Nov 655 Apr
36
3558 3558 36
35% 38
351* 3612 3412 3514 4.100 Davison Chemical v t c_No par 29 Feb 1 3812 Mar 6
355* 36
1513 Jan 2552 Sent
700 De Beers Cons Mines__No par 23% Jan 24 28 Star 1
8
*255 26
8
2558 2552 255 2558 2618 2518 .25% 2612
•255* 261
Mar 2 100% Jan 11814 Aug
200 Detroit Edison
10912 1091 •10612 108 "10613 107 2 10712 10712 10712 10712
810812 110
100 1067 Jan 8 III
8
,
1812 Jan 48% Nov
8
417 42
4
4
8
4418 Jan 4
42
414 4114 413 413
4214 424 4312 423 433 10.900 Dome Mines, Ltd
10 39% Feb 1
1
8
1113 1113 1114 11214 11213 11212 Ill% 111% 3,400 Eastman Kodak Co_
8
4
1137 Feb 28, 70 July 9012 Dec
4
11118 1113 111 ,112
No par 893 Jan
4
11814 119% 119 11978 118 119
5,100 El du Pont de 9/em & Co.100 106, Jan 17 12412 Feb 171 105 Dec 1694 Nov
11614 118
1172 1171 11812 120
s
4
4
*8713 88
100
8413 Feb 28, 80 June 90% Sept
6% cumul oreferred
8712 8713 *8712 83
•8712 873
*8713 873 *8713 83
100 8414 Jan 1
674 Mar 211 40's June 584 Dec
61% 631
6358 6412 64
6718 6512 6612 64% 6614 56,100 Electric Storage BatteryNo Par 54 Jan 1
6114 617
2413 Dec
1414 Jan
4
16
2,400 Elk Horn Coal Corp
203 Jan 2
161
16
16
16
1514 167
151 *16
8
167 17
*16
50 15 Mar
s
11 18 June
1
21 Jan
•6
200 Emerson-Brantingharn
712 Feb 20
8
8
*6
•6
7
8
3
7
*6
5 Feb 2
8513 63
100
8
764 Jan 947 Dec
76% 76
8 5,500 F.ndicott-Johnaon
757
75
7558 76
,
75
7513 76 4 7513 751
50 75 Mar 17 9414 Jan 2
76
TAP 119 Dec
DO nrer
201
4
1147 1147 115 115
8
8
100 112 Feb 71 118 Jan 3 104
*114 11612 *114 116 .114 115 *1143 116

12

.,
•Bid and asked prices; no sales on Ibis day. 4 Ea-414 and rights. I Assessment Paid. x Ex-rights. i Ex-div.




1E1-900% stock div. o Par value 310 Per snare.

New York Stock Record—Continued--Page 3

1258

For sales during the week of stocks usually Inactive, see
third page preceding.
HIGH AND LOW SALE PRICE—PER SHARE. NOT PER CENT.

PER SHARE
Range since Jan. 11923.
On basis of 100-share tots

PER SHARE
Range for Previous
Year 1922.
• •••••••..v.
• • ,,,,,y
....,
March 17. I March 19.March 20. March 21. March 22. March 23.
I
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share 5 per share 3 per share Shares
Indus.& Miscall.(Con.) Par $ per share
.28
29
28
28
.2713 2812 .2712 2813 *2712 2312 .2712 2812
$ Per share
per share $ per Share
101 Exchange Buffet
No par 26 Jan 4 31 Jan 10
8712 873
4 87
878 87
875
8 863 8718 853 8858 8734 885 17,301 Famous Players-L
4
Nis Dec 314 Oct
8
8
asky_No par 823
4
.963 967
4
8 97
97
97
97
97
97
7512 Jan 107 Sept
*99
974 97
Do preferred (8%)._ _ _100 944 Jan 19 93 Jan 2
97
50(
.1018 1012 1013 1012 *1018 1013
Jan 16 99% Feb 14
.8 1112 *8
914 Jan 10734 Sept
1112 .8
11
101 Federal Mining & Smelting 100
3 5212 524 52
83 Jan 23 12% Feb 16
5314 5314 528 532
53
9
*50
Jan
1023 May
52
*50
901
52
Do prof
100 44 Jan 23 604 Feb 13
924 9 4
3
912 9 4
3
93
4 9
3712 Mar 62% Sept
4
94 94
,
2
912 95
8
9
914 4,70 Fifth Avenue Bus
No par
73 Jan 17 103 Jan 2
•180 190 .180 185 *155 185
8
18814 18813 185 187 *181 188
8% Dec 105 Deo
8
1,401 Fisher Body Corp
No par 150 Feb 1 21214 Jan 11
*100 101
100 8 100 4 10012 10012 987 984 987 987
3
3
8
75
Jan 218 Dec
8 983 987
4
8
901 Fisher Body Oldo. pref._ _ _100 9818 Jan 24
8
8 14 8 14% 145 145
145 147
5
1014 Feb 19
8
8 143 15
4
145 15
7612 Jan 10314 June
8
*1438 145 11,901 Fisk Rubber
8
No pqr 1314 Jan 2 1612 Feb 13
2014 2012 2018 203
4 2014 2012 20
102g Nov
20% 19% 204 187 193 15,301 Freeport Texas Co
1912 Apr
4
No par
187 Feb 1 22 Jan 13
8
.683 698 *68% 69 8 6834 685
4
5
3
8 673 6812 *6712 6911 .67
4
1214 Jan 2714 Oct
401 Gen An,Tank Car
6914
No par 66 Jan 5 714 Feb 20
5118 5112 5124 523
8 514 515
8 50% 517
453 Jan 80
4
504 5114 48
Oct
503 21,202 General Asphalt
8
100 4112 Feb 1 54 Mar 7
•8013 8212 8212 823 .80
4
823 .81
4
823
4 81
3714 Nov 73% July
81
*79
82
501
Do pref
100 76 Feb 1 83 Mar 7
92
9312 9212 933
4 9213 93
92
09 Nov 111 July
9212 91
9112 904 9113 5,902 General Cigar. Inc
100 815 Jan 4 913 Mar 14
.109 10912 *109 10912.109 10922 *109 10912 *109 10923
8
8
65 Mar 835 Dec
*
10813 109
102
Debenture prat
100 10412 Jan 2 10913 Feb 24
18614 1873 18724 18714 187 1877 186 186
4
Jan 109
186 18614 18412 186
94
Oct
4,403 General Electric
100 179 Jan 10 19018 Feb 2 136
114 1128 1118 113
8 1112 1112 1112 113 .1124 1112 *113 1122
Jan 190 Dec
4
8
1,70(
Special
10 1118 Feb 21 12 Jan 2, 1012 Oct 12
147 154 144 154
148 15
147 1518 148 15
Sept
147 15
6,3901 General Motors Corp__No par
1318 Jan 17 1512 Feb 20;
*84
.84
85
85
843 844 *8312 85 .8313 8512 847 847
4
84 Jan
154 July
8
8
301
Do prof
100 83% Jan 20 8.5 Jan 161 69
Jan 86 Sept
84 4 843
3
4 844 843 *8313 8423 .8312 8412 84
4
84
845 85
8
1,502
Do Deb stock (6%)___100 834 Jan 9 86
.95 100 .95
9978 .95 100 I*97
Feb 271 673 Mar 9614 Ocl
4
99
*9514 100
99 100
301
Do Deb stock (7%)_ _ _100 967 Jan 10 101 Feb
8
4 4814 4822 477 48141 473 4814 47
473 473
4
28
7914 Mar 100 Sept
4
48 .46
47
3,801 Gimbel Bros
No pa
41 Jan 3 4823 Mar 15
11
114 113 113 .11
8
8
1114 *11
384 Oct 454 Oct
1114 .11
1111
11
11
402 Glidden Co
No pa
10 Jan 18 12% Feb 9
63
4 63
4
634 67
64 7'41
93 Nov 1814 June
4
6% 72
612 64
613 658 9,701 Goldwyn Pictures
No pa
44 Jan 2
3822 3918 3914 8913 39
77 Mar 9
8
41
4% Dec
39241 39
40
84 Oct
414 3812 40
11,702 Goodrich Co (11 F)_ __ _No pa
9158 915 •915 92
31 Jan 4 404 Mar 15
8
8
*9134 92
92
2812 Nov 447 May
92
8
897 894 .8934 90
401
Do pref
100 84 Jan 3 9212
29
29% 294 30'2 3014 30% 304 313
794 Nov 91
4 31
Apr
323
4 3118 33
18,002 Granby Cons M,Sin dr Pow100 23 Jan 25 33 Mar 6
.1412 14 4 14
3
1414 14
Mar 23
14 i *1312 1412 .13
22 Nov 35 May
14
.13
14
Gray & Davis Inc
501
No pa
11 Jan 23 155
30
31
3114 3112 32
8Mar 7
32
8 Nov
32
32
197 Mar
8
313 313
4
4 3114 3114
1,401 Greene Cananea Copper_ _100 2318 Feb 1 3418
12
1234 113 123
8
Mar 6
8 11
8
22 Nov 345 May
1134 11
1114 1013 11
1012
3.601 Guantanamo Sugar_ _ _ _No pa
9% Jan 5 1412 Feb
9738 98
98 10012 10012 10234 1017 104% 10113 10322 9914 11
7 Feb 14% Mar
1017 65,001 Gulf States Steel tr ctfs___100 78 Jan 10 1045 Mar 14
8
14 14 .1
8
21
114 *1
8
114 .1
447 Jan 947 Oct
1
2
*1
1
1
1
302 Harbishaw Elea Cab_ _No pa
4Mar 5
.91
92
24 Jan 12
9114 9114 91
91
91
rs Jan
37 Mar
91
8
9022 9012 9034 908
601 Hartman Corp
100 8312 Jan 4 954 Jan
2034 2088 21
21
804 July 103 Mar
21
21131 2114 2134 203 21
4
2012 205
8 1,402 Hendee Manufacturing_ _ _100 187 Jan 8 23% Feb 26
8
.69
698 *69
16
71
15
70
Jan
70 I 7012 7012 *69
2834 Sept
70
*68
7012
302 Homestake Mining
100 68 Mar 5 794 Jan 2
7014 7114 7118 72
55
71
Jan 82 Nov
7*i 704 7112 6812 707
6734 6912 14,802 Houston 011 of Texas
100 6924 Jan 10 78 Feb 16
304 3jl
31
3134 31
61, Nov 9154 Oct
4
3112 3112 32
3034 31
308 30,00 Hudson Motor Car__.
.510 pa
274 2734 2734 28 4 2822 2953 2812 2914 2812 2813 30
253 Jan 10 32% Mar 8
4
3
1912 Aug 263 Dec
8
2712 28
5,402 Hupp Motor Car Corp._
10 22% Jan 11 2912 Mar 10
44 4 4
2
43
47
412 44
10% Jan 21118 Dec
422 4341
413 434
434 412 5,101 Hydraulic Steel
No pa
44 Jan 29
17
1812 1814 19
613 Jan 8
1812 19 I 177 187
34 Feb 1418 June
8
17
18
1634 1718 15,102 Indiaboma Refining
5 13 Jan 3 19 Mar 19
56
7
*6
7
.6
314 Jan
7 I *6
15% Dec
612
64 64
618 618
202 Indian Refining
10
4018 4012 4034 4114 407 41141 40 4 418 41
5% Jan 24
712 Feb 8
Jan 115 June
5
8
3
4113 4014 4118 8,302 Inspiration Cons Copper
20 33 Jan 18 433 Mar 1
4
31 Nov 45 Jule
912 922 .
*914 97
12 *914 913 *914 912
8
924 9
94 914
201 Internal AgrIcul Corp
714 Jan 4 11 Feb 20
•35
38
*35
5% Dec 113 May
37
*35
4
37
3514 3514 *36
37
36
201
Do prat
36
100 31 Jan 22 394 Feb 23
42
4334 4314 44
284 Nov 434 Mel'
4318 43 4 423 4313 4214 4212 4112 4214 11,201 Internatlonal
3
4
Cement,
,No pa
3413 Jan 2 44 Mar 19
257 263
8
8 26
2614 254 26
26
Jan 38% May
26
2613 254 26
243 2534 6,001 Inter Combus Eng
4
No pa
24 Feb 3 26% Feb 19
9212 9213 9213 9212 92
2018 June 3013 Sept
9218 9228 924 98
98
*913 93
4
1,30 Internat. Harvester (new)_ _10
87% Jan 17 9813 Feb 7
•11412 ......_ '11434115
79% Jan 1154 Aug
115 115 .114 11512 .114 11512 *114 11513
10
Do Prof (new)
10 11414 Mar 1 11614 Jan 4 10512 Feb 119 Sept
11
11
.10 4 11
5
1034 11
3
10 4 10 4 11
3
11
*10
11
80 Int Mercantile Marine__ 100
8% Jan 13 115 Feb 14
*42
43
8
413 43
4
8% Dec 274 May
4112 4228 423 423
4
4 42
425
8 413 4334 4,20
4
Do pref
100 3713 Jan 29 47 Jan 5
15
1523 1524 153
41% De
8 15
1514 15
153
87% May
8 15
1514 15
15
8,00 International Nickel (Tile) 23 14 Jan 2 1624 Feb 16
*72
77 .74
76 .74
1114 Jan
76 '
1934 Apr
374
76 .74
76
.74
76
Preferred
100 69% Jan 4 783 Feb 14
55
55
4
5414 5524 543 55
60 Jan 85
4
55
563
55
Jan
56
5414 5422 3,30 International Paper
10
4912 Jan 22 585
.71
8Mar 6
72
*71
4313 Ma
72 .71
634 Oct
7222 72
72
*7112 7212 *71
7112
10
Do stamped pref
100 69% Feb 3 754 Jan 5
18
1818 184 1812 18
59 Ma
1812 1818 1834 1712 1822 1734 18% 28,20 Invincible 011 Corp
8018 Sept
5
1414 Jan 17 194 Mar 7
554 5612 5518 56
1218 July 2014 Apr
5514 56
55
56
5434 56
5422 5554 14,80 Iron Products Corp._..No pa
4122 Jan 17 5314 Mar 8
12
Jan 5318 Oct
'2
24
12
12
12
12
12
12
12
12
12
12 4,60 Island 011 & Transp v t 0._ 10
23
4 Jan 2
24
3 Feb 21
8
2314 2334 2213 22
2334 24
14 Nov
3
Jan
22
225
8 224 2334 6,70 Jewel Tea. Inc
100 17% Jan 24 24 Mar 15
77
77
77
77
10
77
Jan 224 May
77
.77
79
77
77
7712 79
90
Do pref
100 6924 Jan 29 82 Feb 26
6018 6218 614 6223 6113 6224 6112 623
3813 Jan 763 Dee
8
4 6034 6134 6024 607
8 6,901 Jones 'Bros Tea. Inc
•1063 107
100 50 Jan 17 63%Mar
4
107 108 .107 1073 .107 108 *107 108 .107 10712
3412 Feb 574 Sept
4
40 Jones & Laughlin St. pref.._100 107 Mar 19 109 Feb 16
2
2
2
2
23 10723 Dec 1093 Dee
17
8 218
2
8
24
2
2
178 2
7,80 Kansas & Gulf
10
*424 43
112 Jan 2
4213 4234 4218 4213 423 4312 4212 4314 4214
312 Jan 12
Da Dec
8
712 Jan
4212 2,20 Kayser (J) Co, (new)
..No par
.100 10012.103 104 .103 104 *103 104 .103 104
40 Jan 8 45% Feb 23
34 May 48% Aug
104 104
10
1st preferred (new)__No par 100 Jan 29 104 Mar 23
573 5818 573 5834 5834 61
574 58
94 May 106, June
3
6012 624 5912 613 86,50 Kelly-Springfield Tire
4
23 463 Jan 4 6228 Mar 22
4
3414 Jan 53% May
.104 107 *102 107 *102 107
107 10722 1053 1053 *100 107
4
4
301
Temporary 8% pref........100 102% Jan 2 108 Jan 18
•111 112 *111 113 .108 111
904 Jan 10754 May
1103 11112 *103 111 .108 110
4
30 Kelsey Wheel, Ins
100 101 Jan 23 114% Feb 20
4228 4212 4234 4312 4322 433
61 Fe 1154 Dec
4 4312 437
434 434 413 4228 41,99 Kennecott Copper
4
No par 35 Jan 18 445 Mar 3
9
918
8
9
91
934
254 Jan 395 May
918 9%
953
914 10341 1018 11
8
34,79 Keystone Tire & Rubber__ 10
5338 Jan 17 11 Mar 23
.192 197
19213 10212 192 195 .195 199
4% No
243 May
8
1993 19934 19512 202
4
97 Kresge (3 5) Co
100 177 Mar 2 24722 Feb 16 110 Jan 1894 Nov
.81
82 .81
8214 8214 8214 .82
83
2
101 Laclede Gas (St Louis)._. _100 8214 Mar 20 87 Feb 21
*3012 30 4 30 4 31
3
3
43 Jan 944 Aug
30
31
3012 3112 314 313
3122 3,69 Lee Rubber & The__ __No par 275 Jan 16 313 Mar 22
.205 215 *205 215 *205 215 .205 215 .205 210 4 31
8
4
2424 Nov 354 Mar
205 205
20 Liggett & Myers Tobacco.100 208 Jan 25 2223 Feb
•115 117 .115 117 *115 117 *115 117
4
9 15314 Fe 235
1163 1163 115 115
Oct
4
4
20
Do pre!
713 7322 7334 7 4 733 748 73
4
43
7434 723 734 704 723 45,20 Llma LocoWkstempctfsN 100 115 Mar 23 1184 Jan 8 108 Jan 12312 Nov
4
4
o par 58% Jan 17 74% Mar 20
2018 20 8 204 2012 2013 21
3
52 No 1174 May
2018 21
20
207
20
203 29,20 Loew's Incorporated._ No par
4
1814 Jan 17 21 Feb 15
813 83
83
4 87
8
4 87
10% Jan 233 Sept
83
8
813 834
4
834 83
4
823 83
4 2,80 Loft Incorporated ._ _ _ _No par
8 Mar 15 113 Jan 5
.5512 56
5612 583
8
4
4 59
Jar! 144 May
9
60
57 4 .583
4 573 .5814 563 58
4
4
2,50 Loose-Wiles Biscuit
100 517 Jan 4 6314Mar 2
*16912 170 *16913 172
8
1694 169 4 167 168 .168 170 .165 167
Jan 674 Sept
36
5
70 Lorillard (1')
100 16114 Jan 8 178% Feb 9 14714 Ja 180 Sept
.112 115 .112 115 .112 115 *112 115 .112 115 .112
115
Mackay Companies
100 105 Jan 22 121 Feb 6
*67% 6814 68
68
68 68
72
Jan 117 Dec
.68
69
68
68
*68
6812
30
Do pref
100 68 Mar 8 7023 Feb 16
864 8722 88
8834 868 8734 8412 87
57 Jan 70 110v
8412 8624 84
86
13,90 Mack Trucks, Ins
No par 5818 Jan 2 8938 Mar 15
9822 9812 9812 983 *963 97
4
94
254 Jan 617 Sept
963 *9512 97
4
2
*9513 963
90
Do 1st pref
100 9212 Jan 3 9914 Mar 12
.90
92
92
92
*8814 92
68 Feb 9412 Dec
*89
92
*88
91
.88
92
10
Do 2d pref
100 84 Jan 3 92 Mar 5
.6512 68
6722 673
4 6612 6734 6722 69% 683 698 68
54
Jan 873 Sept
4
4
6924 12.30 Macy
No par 6118 Jan 8 7112 Jan 20
3412 3412 3434 3412 344 3423 3414 347
59 Nov 62 Dec
8 35
3613 353 37
4
10,10 Stallinson(H 11) & Co No
723 723
4
4 72
734 72
154 Jan 40 Aug
72
Par 344 Jan 24 40 Jan 2
713 713
4
4 6912 71
67
69
4,70 Malian Sugar
100 4313 Jan 17 7524 Mar 14
.88
92 .83
90
*8"
90
30, Jan 52 Mar
.8.5
4
90
*8234 85
.8312 88
Preferred
100 82 Feb 3 90 Fob 28
7324 Apr 8414 Sent
*5523 57
*5614 57
57
63
6118 66
597 62
8
62
625 10,10 Manhattan Elea Supply No Dar 5118 Jan 3 66 Mar 21
3
4412 44
4412 4112 4512 454 443 443 *45
41 Ma
4
69 Apr
4
84
4512 4518 4518
70 Manhattan Shirt
25 4314 Feb 2 474 Jan 5
45
4612 4614 477
4814 4913 487 50
32 Mar 58% Oct
8
4934 531 1 524 5412 155,50 Harland 011
No par 2714 Jan 6 5412 Mar 23
4
143 144 .____ 1412 13
22% Jan 403 June
13 •13
14
8
*13
14
*1212 14
40 Marlin-Rockwell
No par
912 Feb 1
16 Feb 26
3118 3134 31
313
303 304 313 313
512 Ma
4
4
261 Mar
/
4
4 3234 333t 3218 3318 5,10 Martin-Parry
Corp_ _ _No Par 2712 Jan 31 333 Mar 22
4
4
613 6213 63
63
*6122 6222 613 63
2014 Jan 364 Juno
4
6114 6131 6014 613
4 2,30 Mathleson Alkali Works__ 50 497 Jan 2 6412 Mar 14
8
60% 59
59
6014 60
22
Jan 54 Nov
593
4 5912 6024 5834 593
4 57
59
10,09 Maxwell Mot Class A
100 433 Feb 2 6314 Mar 8
4
8
1888 19% 185 1912 183 19
4
414 Nov 74% May
185 187
8
1818 187
8
1714 133 18,30 Maxwell Mot Class IS.
4
.No par
1412 Feb 1 204 Mar
742j 7319 7512 7518 76
7414 7414 7414 7412 73
11
Fe
25% June
744 75 4 12,70 May Department Stores.
3
.100 67% Jan 5 7838 Jun 13
1812 1812 *1813 183
4 183 184 183 19
654 Dec 174% Dec
4
4
19
1913 197 11,20 McIntyre Por Mince
20
17% Feb 1 20 Mar 22
•275 295 .270 290 .272 285 .250 290
105 Jan 21%
8
270 270
270 270
20 Mexican Petroleum
100 265 Mar 2 293 Jan 2 1063 Jan 322 Mar
105 105 *100 108 *100 103 .100 108
.106 109 .105 108
4
Don
10
Preferred
100 10014 Feb 28 10514 Mar
1714 1714 1712 1934 19
7914 Jan 108 Deo
193
4 18
193
8 1818 1812 18
1812 27,60 Mexican Seaboard Oil._No par 1614 Jan 12 19% Mar 16
19
1714 1714 1714 187
15
183 193
4
8 18
Oct 3412 July
19
18
18
1712 1723 11,00
Voting trust Ws
1513 Jan 17 1934 Star 20
.283 294 2918 2918 283 2924 28% 2924 284 29
4
12
Oct 3218 July
2834 284 2.70 Miami Copper
4
5 263 Feb 1 3012 Feb 23
1138 1134 1112 113
4 1123 113
4 1134 12
25 Nov 31% May
113 12
4
113 12
4
77,60 Middle States 011 Corp
10 11 Jan 24 1214 Jan 12
31
3124 31, 313
8
3134 313
4 3134 32
11 Nov
3134 3122 3034 3114 14,50 Midvale Steel
16
Apr
& Ordnance. 50 27 Feb 1 32 Mar 3
.70 4 71
3
71
71
7012 71
2618 Dec 4514 May
70
70
70
70
70
70
1,40 Montana Power
100 6512 Jan 24 75 Star 8
23% 24
23% 24
63 Jan 76% Sept
2334 24
2338 233
2322 233
4 2314 2334 14,40 MontWard & 001113 Corp
8
10 205 Jan 17 26 Feb 13
4
24% 2412 243 2.53
0 2534 2712 27
12 Feb 253 Aug
283
4 275 29% 28
4
2812 42.70 Moon Motors
No par 17% Jan 17 29% Mar 22
1223 1288 123 1314 13
4
1314 13
13 Aug 19% Dec
134 13
133
8 123 134 31,80 Mother Lode Coalltion_No
4
Par 11 Jan 2 14 Feb 20
8 2924 2914 2822 29 .2723 29
*2914 2912 .2914 293
9% Nov
1214 Deo
*274 2812
201 Mullins Body
No par 22 Jan 24 297 Star 15
111 11112 11112 112
.110 112
174 Dec 34 Mar
11314 1137 112 11212 *110 112
2,302 Nash Motors Co
No par 754 Jan 2 11412 Jan 12
70 Deo 525 July
•98
9813 .98
9814 .98
9813 .98
984 •98
9812 .98
08 2
Preferred A
,
100 98 Mar 6 1013 Jan 17 1014 Aug
4
1412 1514 15
.144 143
8 1412 15
15
143 144 .14
4
108 De0
143
4 1,101 National Acme
50 11 Jan 30 1818 Feb 19
43
3
4314 4328 43 4 4334 4312 4314 433
922 Nov 2114 Apr
4 4318 434 4234 4314 15.20 National Biscuit
100 38 Jan 5 433 Mar 19
4
*12024 121 *12014 121 *12014 121 *12014 121 *12014 121
36%
12012 121
201
Do pre(
100 1203 Jan 15 125 Feb 2 11312 Des 270 Dec
4
64
*62
64
63 63
•63 ____ .62
.60
Jan 126
64 .60
Oct
63
102 National Cloak & Suit _ _ _ _100 60 Jan 17 6714
113 14 .1
Feb 21
*113 114
118
26
1
1
1
1
Jan 687 Sept
14
118
4
502 Nat Conduit & Cable_.No 71r
1 Jan 25
14 Feb 24
8 7134 723
71
707 71
4 713 7253 7018 7134 20,80 Nat Enum'g & Stamp'g
1 Dec
718 713 723
8
418 Apr
100 6514 Jan 9 73 Star 14
129 129
13412 1363 13312 136
4
130 135
13312 13414 13212 13312 10,001 National Lead
305 Jan 6812 Oct
4
100 1234 Jan 25 1361 1 Mar 20
.112 1123 112 112
112 112
112 11224 1113 1113 .112 11212
4
85 Jan 12924 Dec
4
4
801
Do prof
*163 17
4
17
174 17
16% 167
17
8 1612 164 1614 1613 3,701 Nevada Consol Copper_ _ _ _ 100 112 Mar 16 114 Jan 4 108 Jan 117
Oct
5 1428 Jan 29 18% Mar
*3013 383
3 3618 37
3718 3718 3734 38
134 Nov 1918 June
3712 377
3713 374 2,502 N Y Air Brake (now)
..No Par 265 Jan 2 3912 Feb 5
8
3g 4934 .49
50
13
50
4912 4912 4912 4912 43 4 484 49
3
2412 Nov 41% Sept
4912
701
No par 46 Jan 9 5112 Feb
2613 2613 *264 2612 2513 2614 .25
.2413 263
26
4518 Nov 5114 Oct
2124 2414
601 New York Dock
100 214 Jan 16 263 Mar 13
4
.51
58
*50 4 5112 .50 4 51, . , 5112 *5
16
3
2 50 2
3
20 Nov 46 June
0% 5112 *5034 5112
Do pref
100 46 Jan 31 5112 Star 15
11234113
112 113
112 11234 1113 113
11214 11214 11112 113
46 Nov 6812 June
4
2,901 North American Co
50 1004 Jan 16 11912 Feb 24
4714 4714 4714 4712 .4714 473
8 4714 4714 .4614 4714 4634 463
444 Jan 1064 Deo
4 1,001
Do prof
50 4413 Jan 17 4812 Feb
.25
29 .25
28
28
*2713 29
14
23
29 .25
38 Jan 474 Aug
*25
2712
101 Nova Scotia Steel & Coal_ _100 27 Jan 10 297
*912 10
8 Mar 3
*913 10
.94 10
*912 10
20% Feb 40 Sept
*912 10
*94 10
Nunnally Co (The)_ ___No par
912 Jan 5 1018 Feb 9
.713 8
•712 8
*722 8
.722 8
*712 8
*712 8
8 July 12% Star
Ohio Body dr Blow ____No par
6 3 Jan 2 1018 Jan 29
,
234 27
28
328
3
318
27
3
5 Nov
27
14 4 Apr
,
3
27
8 3
47,801 Oklahoma Prod & Ref of Am 5
17 Jan 2
8
34 Feb 8
*533 64 *53* 6 2 .512 6 4 *522 6
,
1% Dec
,
43 June
8
*54 52
4 *512 6
Ontario Silver Mlning
1(10
5 Jan 6
1913 1913 1912 195
614 Mar 8
9% Mar
19
413 Jan
1914 1822 19
18, 1812 1812 1812 3,801 Orpheum Circuit. Inc
2
1 174 Jan 5 2114 Feb 16
4 14A 14411,, 14.41. 1,4,41. 14 1!.. 1471., 14414 145
,
,
12% Jan 28
144 1444 143 144
Oct
1.701 Otis Elevator
100 143 Mar 23 153 Feb 10
116
Jan 1685 Oct
4
•Bid an salted priciest no sales this day. § Leas than 100
shares. a Ex-dividend and rights.
Ex-dividend. •• El-rights.
"Mg11 6(11I
,

' ..,, 0
.•. 1,

I




,
• wc. .(1

eurposw•v.
,
I

Sales
for

STOCKS
NEW YORK STOCK
EXCHANGE

New York Stock Record-Concluded-Page 4

For sales Awing the week of stocks usually inactive. see fourth page preceding.
HIGH AND LOW SAL!?

SH ARE, NOT PER CENT.

gatnraati.
tfondag.
Tuesday. Wednesday. Thursday.
Prirtay.
March 17. March 19. March 20. March 21. 2 March 22. March 23.

Sales
for
the
1Veek.

STOCKS
NEW YORK STOCK
EXCHANGE

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

1259
PER SHARE
Range for Previous
Year 1922.

Lowest
Highest
Lowest
Highest
$ per share S per share 3 per share S per share 5 per share $ per sahre Shares Indus.
St Miscall.(Con.) Par $ per share 5 per share 3 per share $ per share
1338• 135* 1324 133
4 131 141 1418 1434 142,
/
4
/
4
4
5
8 133 143 69,000 Otis Steel
4
77 Jan 4 143 Mar 21
No par
4
6 Nov
1612 Apr
4814 4812 48 4812 48
4814 475* 4814 475* 483
4824 51
29,600 Owens Bottle
25 365* Jan 2 51 Mar 23
24% Jan 423, Sept
1
1
1
11
/
4
114
112
114
13
114
8
114
124
13
8 3,000 Pacific
Jan
12 Dec 1418 Apr
807 81
8112 8112 81
817
8 80% 8118 8112 8112 81
8114 3,300 Pacific Development2 Ja 25 8214 M
Gas & Electric
100 78134 Jan 2
5 Jan 5
60
Jan 9112 Sept
*1114 1214 *1114 1214 *II
12 .11
12
.11
11
12
115
1,70 Pacific Mall SS
5 11 afar 23 1222 Feb 8
11
Jan
19 June
4412 45
4412 45% 4414 453
4 443 4514 445* 45
4
4422 4512 30,100 Pacific 011
4218 Jan 30 48% Jan 4
4212 Nov 613 May
2 8
9
1418 143
8 1418 143
8 141 14% 1414 1514
/
4
12 147 1514 58,000 Packard Motor Car
15
8
15
10 10122 Jan 8 1512 Mar 22
10 Dec
808 8112 8118 817
3 8114 8214 8114 823
4 803 813
4
4 7912 8112 41,700 Pan-Am Pet & Trans
50 7918 Feb 8 9322 Feb 7
487 Jan 100% Dec
8
743 743
4 74% 7514 7518 76
7528 757
8 75
753
.1 7312 758 99.400
Do 018,25 B
50 7024 Feb 14 86 Feb 7
4012 Feb 953 Dee
4
.43
8 412
414 412
414 414
414
412 45
.43. 5
45*
1.500 Panhandle Prod & Ref_No par
4 Jan 16
5 Jan 5
3 Dee 1212 Jan
14
15
14
14
1412 14
14
138 15
14
*133 14
4
1,600 Parish & Bingham
No par 118 Jan 25 1522 Mar 13
712 Nov
17
Apr
47
45
514 524
523 524
43
45 22,50 Penn-Seaboard St'l v t c No par
48 514
518
4%
212 Jan 2
28. Dec 135* May
57 Feb 16
8
•9034 9112 9114 92
9214 915g 92
92
917 92
8
9112 917
8 2,60 People's G. L & C (Chic)_ _100 90 Jan 16 9412 Jan 30
4
593 Jan 99 Sept
49
493
4 491 .5014 4922 5028 49
/
4
498 4822 4924 4812 49
27,60 Philadelphia Co (Pittsb)__ 50 4114 Jan 2 50 Mar 15
3112 Jan 458 Sept
*7114 74
*7114 72
*7114 72
*7114 74
74
.71
*7124 74
Phillip-Jones Corp
No pat 78 Jan 11 788 Jan 15
73
/ Oct 10518 Jan
1
4
62
623
4 62
65
65 14 663
4 658 663
4 6514 677 *653 66
82,900 Phillips Petroleum
No par 4712 Jan 2 67% Mar 22
2814 Jan 5914 June
1314 1312 133 1313 1314 1312 1314 133
4 1314 1312 13
1318 5,100 Pierce-Arrow M Car_ _ _No par
11 18 Jan 27 1514 Jan 14
8 July 245, Apr
32
3214 3212 33
*3112 32
3212 324 3212 33
*311 33
.
2,300
Do pref
100 375 Jan 27 355* Jan 9
48
8
187 July 49
Apr
412
412 514
8 518
47
48 5
43
4 47
8,200 Pierce 011 Corporation_
48 5
25
4 Jan 25
6 Feb 13
3% Dec 12
Jan
.38
1
40
39 4 4412 4312 4312 4 , 4212 *41
3
4224 4018 4018
22
800
Do pref
100 38 Jan 24 45 Jan 4
32 Sept 71
Jan
6524 72
70
724 743 124
/
1
4
27,900 Pleg Wigg Star Inc"A"No pa
551 Jan 17 124 Mar 20
/
4
39 Nov 5918 Dee
.65
66
66
66
66
6622 6612 675* 667 66% 6512 - 2 3,400 Pittsburgh Coal of Pa
8
6618
100 58 Jan 15 677 Mar 7
55 Nov 725* Sept
.983 99
4
99
99
*99
9914 *99
9914 *99
9914 *99
9924
100
Do pref
98 Feb 7 9922 Jan 4
10
9018 Feb 1005* Seal
.934 10
*9 4 10
3
9 4 93
3
4 *93 10
4
9 4 9% *934 9%
700 Pond Creek Coal
3
10
1414 Feb 41 Dec
924 Mar I 47% Feb 15
•12312 125
124 1247 125 125
125 126
124 124 .123 1242
1,100 Postum Cereal
No pa 113 Jan 6 134 Feb 6
Oct
•11124 112 *11124 112 .91114 112 .111 112 •111 112
655* Apr 120
112 112
100
8% preferred
100 11018 Jan 3 11414 Jan 25 10512 Apr 11228 Oct
70
70
*70
72
.70
72
7012 70% 70
7012 69
(391
1,000 Pressed Steel Car
100 58 Feb 2 8112 Jan 2
63 Jan 954 Sept
/
1
9112 923
4 9113 928 .91322 93 .915 93
*91
93
9122 911
709
Do pref
4
100 86 Jan 22 993 Jan 5
91
Feb 106 Sept
53
5414 5512 5712 583 5818 5614 575* 56
8
57% 553 57 262,300 Producers & Refiner.Corp_ 50 4714 Jan 16 5318 Mar 20
8
2418 Jan 51 Sept
99% 100
995* 10212 10222 1035* 1025* 104
10214 10314 10114 1022 32,400 Public Service Corp of N .L100 933 Jan 6 104 Mar 21
66
Jan 100 Nov
131 13212 132 1338 13112 13324 13112 13314 130% 133
129 1301 17,500 Pullman Company
4
100 1263 Jan 17 134 Mar 8 10512 Jan 13934 Sept
6628 6612 6614 687
8 6718 6814 6512 675* 6412 67
641 663 45,500 Punta Alegre Sugar
.
8
8
50 43 Jan 18 687 Mar 19
31
Jan 5314 June
293 3018 297 30
8
8
30
303
4 30
5
30 2 29% 3014 2918 291 27,700 Pure 011 (The)
,
27 Jan 24 32 Feb 13
2
2612 Nov 385* Jan
*9512 98
9712 98 .97
98
9712 9712 *9718 99
9712 971
400
8% preferred
100 97 Jan 25 100 Mar 9
94 July 1023 Apr
4
119 123
12112 1223 121 1213 121 121
4
4
121 1217 120 1202
8
3,700 Railway Steel Spring
100 11023 Jan 30 123 Mar 17
94
Jan 12614 Sept
.30% 34
*3012 313 .3114 3212 .311y 3223 *3114 3224 3124 31%
4
400 Rand Mines Ltd
No pa
3114 Mar 23 343 Feb 19
2
191 Jan 3812 Sept
/
4
15 4 16
3
157 16
16
1824
157 161 15% 1618 153 16
/
4
4
7,900 Ray Consolidated Copper., 10 1322 Jan 25 1714 Mar 1
1218 Nov
19 May
46 ' 4612 455 465* 46
1
46
46
48
47
463 *4512 46
4
3,200 Remington Typewriter v Igloo 3312 Jan 11 4818 Mar 6
24
Jan 42 Mar
•100 102% .100 103 900 103 .101 103 •101 103 *10112 102
1st preferred v t a
100 100 Mar 5 104 Feb 13
55
Jan 105 Dec
.87
90
*87
90
90
90
*90
9824 .90
9814 .90
9824
100
2d preferred
80 Jan 3 90 Mar 20
10
5012 Feb80 4 Dec
0
2712 27% 273 278 278 2924 284 295* 2824 29
8
27% 2818 21,000 Replogle Steel
2314 Jan 2 31% Feb 16
21 Nov 3822 May
6012 60% 60% 617
64% 6414 664 634 6624 623 641 45,000 Republic Iron & Steel No pa
* 61
/
1
4
47 Jan 31 663 Mar 21
4
10
434 Nov78 May
/
1
/
1
4
9512 95% *95
9512 96
983
8 9512 967
8 963 964 *95
4
96
1,000
Do pref
100 89 Jan 9 967 Mar 21
8
74 Feb 953 May
4
23% 24% 235* 25
243* 2528 2322 25
1922 2314 2112 221 43,000 Reynolds Spring
No pa
183* Jan 23 2714 Feb 21
1214 Nov 503 June
6014 611s 6022 815
* 6014 60% 601S 603
4 60
6012 60
61
13,000 Reynolds(R J) Tob Cl B__ 25 47 Jan 10 615. Mar
43 Mar 833 Nov
19
4
•11612 1171.2 *11512 11612 *11512 11622 91512 11612 *11522 11612 .1143 116
4
7% preferred
100 1147 Jan 19 118 Feb 9 11122 Apr 1183 Oct
8
4
52% 51% 52's 513 52
5123 .513
52
8
4 512 511, 50% 511
6,400 Royal Dutch Co(N Y 3hares1_
4222 Jan 31 55 Feb 16
473 Jan 67 June
21% 21% 21% 21% 213 22
21% 22
4
2112 217
8 2114 21% 4,400 St Joseph Lead
10 18 Jan 2 225* Mar 9
1212 JaO 204 Sept
/
1
*4
414
3% 4
3% 3%
3%
33
4 37
800 San Cecilia Sugar v t e_No par
2 Jan 17
5 Feb 14
112 Jan
61 Mar
/
4
27
2712 2722 283
8 28
28
2712 2378 2184 271
. 2612 272
4,100 Savage Arms Corp
100 1812 Jan 3 28 2Mar 7
10 Aug247 Apr
,
8
883 891 883 8924 88142 89
4
877 8814 88
/
4
8
4
88
88
887
4,500 Sears. Roebuck & CO
10
8312 Jan 17 923 Feb 13
593 Feb947 Aug
8
8
•11114 11414 .11114 11414 •11114 115 •11124 112
11124 11124 11024 1102
300
Preferred
10 11014 Mar 23 11312Mar 12
Jan 112 Aug
91
1012 11
1124 11% 1112 1122 1118 115* 1118 1124 1114 111
2,600 Seneca Capper
77 Jan 17 1212 Mar 3
3
No pa
6
Oct2324 Jan
*922 10
922 912 4.91, 912
9
912 10
/ 93
1
4
3 1,000 Shattuck Arizona
10
10
Copper__ 1
818 Jan 2 107 Mar 2
8
612 Nov12 June
393 39% 3912 3922 *3914 4012 .39
4
40
*39
393
39
4 :39
2,809 Shell Transp & Trading_ _ _ .£
3412 Dee 4812 May
345* Jan 31 4114 Mar 7
15%. 15% 15% 15% 1512 153
4 15% 155* 147 1512 153 153 36,609 Shell Union 011
8
8
4
No par 123 Jan 8 1614 Feb 14
8
1218 Deo 131 Dec
/
4
36
3828 3812 39% 31.4
38% 3714 383
4 367 388 3612 377 318,700 Sinclair Cons 011
8
Cerp_No par 317 Jan 19 395* Mar 19
8
4
183 Jan 383 June
1212 123
4 123 127
8
8 127 1322 1322 137
2
135* 1304 13% 133 72,600 Skelly 011 Co
4
10
9 8 Jan 2 137 Mar 21
3
117 Oct
83 Nov
8
5424 56
5422 5614 5412 55% 55
5714 5512 5512 54
54
4,800 Sloss-Sheffield Steel & Iron 100 42 Jan 3 5714 Mar 21
3412 Mar 5412 May
8722 89
88
88
88
88
•813
90
88
88 .83
88
700
Do pref
100 68 Jan 13 90 Mar 16
88 Mar 80 Aug
6118 61,
6414 63 63
8 62
60 • 633
60, 63
4 80
4
61
3,50 So Porto Rico Sugar
100 40 Jan 13 8414 Mar 19
24
33 NOT 5714 Mar
247
4 2412 25
8 241g 243
2412 243
2424 25
2412 8,300 Spicer Mfg Co
23
No par 19 Jan 17 2714 Feb 16
*95
1:2 Nov 24 June
9722 •9613 9712 •9512 9722 *9212 97
*9212 07
•93
9712
Preferred
100 80 Jan 3 973 Feb 2
*8214 8422 *82
8
8412 *8924 8422 82 4 8224 *82
84 Apr 96 Sept
8412
,
8422
100 Standard Milling
100 84 Mar 7 9012 Jan 23
6012 6118 6012 6118 603 61
84% Dec 141 Sent
4
5912 605* 583 5912 n
8
595* 43,600 Standard Oil of Cal
.15 543 Jan 25 12312 Jan 2
8
91% Jan 135
Oct
42% 423
4 4222 42% 424 423
/
1
4 42
423
411 424 403 412 59,500 Standard 011 of N J
/
4
/
1
4
25 3914 Feb 1 4424 Mar 31 3812 Dec 2504 Out
11612 1163 11622 1183 11622 11622 11612 117
/
1
4
4
11612 1167 11624 1165. 2,300
8
Do pref non voting_ _ _100 11524 Mar 23
102 10228 10228 10322 10112 10224 10112 10112 101 10124 9824 100
118 Feb 21 1133 Jan 11612 Nov
8
4,800 Steel & Tube of Am pref._ I00 85 Jan
64% 643
8 64% 64% 64
2 107% Jan 12
6412 (343 6422 638 6412 63 633
88 Mar 90 May
8
8 3,000 Sterling Products
No par 588 Feb 13 675s Mar 2
•110 114 .110 114 .110 114 .110 114 *110 114 *110 114
45 May 833 Dec
/
1
4
4
Stern Bros pref(8%)
11834 11912 11922 11922 119 11922 1193 123
100 10912 Jan 2 115 Jan 5: 81
Jan 109 Dec
4
12112 1227 1187 12322 11,800 Stewart
g
-Warn Sp Corp_No par
92
91
90
90
7914 Jan 2 12312Mar 23. 2412 Jan 79 Dec
8928 9024 89% 91.
89
90
85
89
13,100 Stromberg Carburetor_No pa
123% 12514 1243 12512 12424 12524 1243 12624 12438 1258 1225 12412
4
6224
8
3514 Jan 71 Dec
,
105.000 Studebaker Corp (The)_ _.100 11218 Jan 10 9414Mar 61
•113 11312 •113 113% *113 1133 •113 1133 913 1133 •113
Jan 16 12512Mar 19
8
7918 Jan 1413 Dea
4
s
8
11312
Do pref
1334 1418 133 13% 134 13% 1314 13%
4
112 Jan 4 113% Feb 16. 100 Feb 11824 Nov
/
1
1313 133
4 13
133 13.000 Submarine Boat
4
No pa
5% .5%
7 Jan 3 143 Mar 14'
52 52
,
8
512 522
,
3 Jan
512 512
/
1
4
8% Nov
55* 512
524 512 3,300 Superior Oil
47 Jan 23
No pa
*33
35
33% 33% *3312 34
63 Feb 15
4
3312 3312 3312 34
4 Nov 1024 June
34
34
800 Superior Steel
2
2
17
100 2924 Jan 3 34 Mar 221 26
s
17
8 98 2
7
1%
Jan 3912 Apr
17
8 •13
4 I%
18 1,600 Sweets Co of Amerlca
17
8
12% 1238 1214 1212 12% 12% 1224 12%
10
18 Feb 27
2% Jan 121
5 Mar
15* Nov
1221 12% 1218 125* 6,300 Tenn Copp & C Cr etts_No pa
50% 51% 5122 52% 52
105* Jan 2 123 Feb 21
527
4
8 513 52% 511 5214 507 52 107,700 Texas Company
8
85. Nov 12% May
/
4
8
(Tha)_
6112 6224 613 63
25 475* Jan 17 527 Mar 20, 42 Mar 52
8
61
6112 6128 627
/ Oct
1
4
8 62
627
8 61, 624 18,200 Texas Gulf Sulphur
8
21% 22
2134 23
10 587 Jan 10 65 Jan 151 3812 Jan 6718 Nov
2222 23
8
22
2212 2134 2218 215* 2214 9,900 Texas Pacific
Coal & 011
131 13212 1307 130% 128 129
1() 20 Jan 24 218 Feb 171
8
12924 12924 1285. 1285* 13018 135
1812 Nov 323 Juno
4
1,900 Tidewater 011
431 4322 43
/
4
43% 413 43 4 42% 43% 423 4312 42
4
,
8
Oct
3
427 19.600 Timken Roller BearIng_No 100 120 Jan 2 144 Mar 21 109 4 May 154
8
56% 07
par 3318 Jan 2 45 Mar 8, 2812 Sept 35 Oct
56
571s 5512 5612 56
5622 56
5818 5518 5622 12,500 Tobacco Products
Corp_ _ -100 5018 Jan 17 60 Mar 71 4914 Nov 841 June
8318 8322 823 8312 8222 8324 83
4
8312 828 83
/
4
823 8412 15,500
4
Do CIA (since July 15) 100 793 Feb
1222 123
8
; 12% 1222 124 1224 1212 113 1224 28,500 Transcontinen
4 123 1328 122
2 85 Mar 21 787 Aug 8912 Sept
tal OIL __No par
69
69
*69
*67
69
70
70
712 Mar 2018 May
7314 7412 7512 75
7614 8,000 Union Bag & Paper Corp _100 10% Jan 9 1422 Jan 5,,
633 Jan 18 7614 Mar 23 1 55 Mar 78 Sept
4
•
•28
14
/
1
4
.18
24
14
*18
23
24
•
/
1
4
24
100 Union 011
No par
94
9512 96
18 Jan 4
993
28 Dec 25 June
4 987 987 *96
8
8
99
*98
9834 08
14 Jan 3
98
112 112 .110 11218 11024 11024 11112 11122 11018 11018 •110 11114 1,800 Union Tank Car
100 81 Feb 1 993
4May 19
85 Dec 134% Dec
400
Preferred
*36
100 108% Jan 3 112 Jan 19 102 Feb 113 Sept
3612 3724 3724 371 3712 373 3912 3812 39
/
4
4
3712 38
6,400 United Alloy Steel
No par 331 Jan 5 3912 afar 21
81
/
4
81
82
82
83% 82
82
Jan 412* May
82% 81
25
8112 8022 81
3,400 United Drug
*473 48
100 78 Jan 24 85 Feb 23
4
48
48
*471 477 *4724 473 .4714 473
*4724 48
/
4
8
607 Mar 85
2
Oct
4
10(
4
1st preferred
18012 18012 180 180
50 461 Feb 14 48 Mar 1
/
4
178 179 •17824 180
180 180
411 Feb 51% Oct
/
4
17822 179
1,500 United Fruit
100 15222 Jan 17 183 Mar 2 119% Jan 162
8018 81
8012 813
80% 8118 79% 811_
4 8024 81
7912 81
Oct
10,300 United Retail Storen__ _No par (14%
*32
3222 32
Feb 1 84 Mar 3
32
321s 33
4312 Feb 87
3222 33
*3212 323
3222 32 2 1,000 US Cast Iron Pipe
/ Oct
1
4
,
& lody_100 29 Jan 31 3412 Mar 2
701 7014 939 • 71 ' 7024 7014 .
/
4
71
70
/
4
1618 Jan 39 Aug
701 702
70
70
700
Do prof
51 6%
100
/
4
522 622
512 5%
512 512
512 51
Jan 78 Aug
60
512 6
7,70 US Food Products Corp._100 69 Jan 25 72% Jan 3
19
3% Jan 30
1924 191 1914 •19
/
4
612 Mar 19
1924
1834 19
19
19
2% Feb 1018 Jan
1812 183
4
1,900 USIlottmanalachCorp No par
71
1812 Mar 23 25 Jan 27
71% 7024 71% 7012 71% 70% 7122 70% 721
1812 Nov 257 May
8
693 7112 26,503 II S Industrial Alcohol _.
8
. _100 62% Jan 22 7314 Mar 16
•100 102 *100 102 •100 102 •100 102 .10(1 102 •100 102
Jan 727 Oct
37
2
Do pre
100 98 Jan 2 10014 Mar 8
10034 1013 10022 1013 100 100% 100% 103
4
8
10124 1011
724 Dec 102
/
1
9912 10118 11,500 US Realty &
Oct
Improvement 100 8812 Jan 24 106 Mar 5
6134 6218 (12
63
6224 63
62% 631
Jan 937 Oct
56
631 647
/
4
62% 64% 46,500 Unite) States Rubber
8
*103 104
100 55 Jan 10 64% Mar 22
103 103
104 104 .104 105 •I04 105 .104 105
46 Nov 6712 Apr
400
Do hot pref
41
100 99 Jan 2 105 Jan 13
41
41
4114 41
4124 41
91 Sept 107 July
41
40
4024 407
40
1,300 U fil Smelting. Ref & M_
4.524 4514 *4514 46
*4524 46
50 34% Feb 5 433
8Mar 2
9521 46
•4514 46
*45% 46
33 Feb 484 Oct
/
1
100
Do pref
107% 1073 107% 10812 1073 10812 10824 109% 1081 1083 1063
511 45 Feb 9 4818 Jan 3
4
4
4214 Feb 49 Aug
/
4
,
119 11912 11912 no% 1183 11922 1183 119% .119 1191 119 4 108 4 173,200 United States Steel Corp /00 104 Jan 31 10938 Mar 21
4
4
82 Jan 11112 Oct
11924 2,500
Do pref
7228 73
100 119 Jan 31 12312 Jan 15 113% Feb 123 Sept
7214 74
741 7412 7422 743
/
4
72% 741 13,000 Utah Copper
7418 742
/
4
.21
2112 21
10 6212 Jan 18 76 2 Mar 5
2214 2121 2114 21
,
711 Sept
59 Nov
211
2024 21% 7.600 Utah Securities v t 0
2124 211
/
4
100 15% Jan 26 243 Feb 16
8
va Jan 2318 Set)
4138 41% 41% 4234 4212 44% 43% 44%
44
41% 43
43
34,300 Vanadium Corp
.92
Vo par
95
.92
337 Feb 1 44 Feb 16
8
95 .92
95
.92
304 Jan 53% Aug
/
1
.88
95
98
92
92
100 Van Raalte let pref
2212 223
4 2212 233
8 227 2338 223 231
8
Oct
4
92 Jan 100
2212 234 2228 22% 20,900 Virginla-Carolina Chem_ 100 92 afar 22 98 Jan 25
/
1
67
6718 6728 6718 6712 6712 66% 671
_ -100 21 Feb 2 2612 Feb 23
8
/
1
234 Nov 367 Mar
65% 2,700
6618 64
68
Do pref
.6314 68
100 61 Feb 5 69 Mar 15
*6324 68 •63
68 .
63
Oct
58 July 83
66
•63
63
65
63
100 Virginia Iron, C & C
.83
85 .83
100 5312 Jan 31 68 Mar 5
85
•83
85
933
43 Mar 9412 Jan
85 .
83
.83
85
8.5
Preferred
19% 19% 1922 1922 1922 2122 21
100 80 Jan 29 84 Mar 16 . 56 Mar 86
Oct
221
2224 23
21% 227 25,800 Vivaudou (V)
8
•14
1422 14% 1412 1412 1422 1424 143
No par
151 Jan 17 23 Mar 22
/
4
16 Den
6Is Jan
s 1418 1412 1414 14% 2,000 Weber dr Heilbroner
.4822 4922 4822 4812 483 49
No par 1214 Jan 27 153
4
.49
8Mar 8
10% Oct 17 Apr
491
49
4914 49
49
900 Wells Fargo Express
115 115
11512 1153 115 11512 115
100
4
s
662 Jan 98% Oct
4
8
4
3,000 Western Union Telegraph100 463 Mar 8 105 Mar 2
*11614 11822 11822 11812 *11624 11822 918 115% 1147 1153 •11324 114
109 Jan 22 11922 Feb 20
89 Feb 12114 Aug
1182
8
300 Westinghow e Air Brake_
8
,
6412 6478 643 5524 6422 6528 64% 65% *11711 11812 1187 1187
4
80 Mar 114 Dec
6412 6518 63% 64% 13,900 Westinghouse Elea & Mfg_ 50 107 Jan 20 120 Feb 17
283 2822 2822 29% 29
8
50 583 Jan 11 6712 Feb 16
30% 2924 3024 2924 29% 287 293
4
/
4
4918 Jan 651 Aug
8
4 25,200 White Eagle 011
No par 247 Jan 16 303 :gar 20
583 607
573 58
4
4
8 5824 6024 58
8
25 May 333 Nov
8
8
59
5728 58
5612 5712 27,700 White Motor
4
418
412 422
414 5
50 485* Jan 3 607 Mar 19
414 422
35122 Jun .54 Sept
41 412
/
4
412 4,700 White 011 Corporation_No
4
•11% 113
4 113 113
8
4 11% 12% 121 127
3 Jan 24
218 Dec 12 May
/
4
57 Feb 19
8
8 12% 127
8 1218 1212 6,500 Wickwire Spencer Steel_ _ _ Par
724 7%
71 714
/
4
5 10% Jan 2 135* Feb 17
724 7%
84 Nov 217 May
/
1
7 4 7%
8
,
724
714 8,400 WIllys-Overland (The)
7%
728
.5118 52% 5224 5318 53 5314 .52% 5212 523
25
67 Jan 2
814 Jan 5
412 Feb
10 May
4 523
4 5222 5222 2,900
Do Preferred (new) ••_100
4112 40
40% 40% 41
41
/
4
40
24 Feb 4922 July
/
4
4012 40
40
3822 39
2,500 Wilson & Co.Inc. v t e_No par 421 Jan 2 531 Mar 20
*85
86
86
.85
85
85
*8412 85 .
4Mar 7
36 Jan 10 423
3714 Jan 501 Sept
/
4
85
86
•82
86
100
Preferred
216 216
/
4
.2141 216 .215 217
100 85 Feb 2 87 Jan 3
2163 218 .213 219
4
66
Jan 91 Sept
21314 215
1,100 Woolworth Co (F W)
3524 3722 37
33
37
100 19912 Jan 24
3822 39
Jan
39
39
39
37
39 2 2,400 Worthington P & M v t c 100 30% Jan 30 22422 Feb 5 137 Jan 223 Nov
,
912 9%
10
398
17
.9
9% 9%
26% Nov 55% June
0,
2 9 4 *9
3
% 9%' 9% 9%
909 Wright Aeronautleal._ _ No nar
8
814 Jan 17
97 Mar 23
6
Jan
11 Aug
•Bid a d asked prices; no sales on this day.
Less than 100 shares. t Ex-rights. a Ex-dividend
and
k Range since merger (July 16) with United Retail
Ex-dividend. s Reduced to bads of $25 par.
Stores Corp. 8 Ex-dly. of 25% 111 common stook. rights.

I




1260

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

Jan. 1 1909 the Exehoh0- toethoO of glAttno Awnda was chanced ntse
'455

BONDS.
N. Y.STOCK EXCHANGE
Week ending Mar. 23

Price
Friday
Mar. 23
Bid

U. S. Government.
First Liberty Loan—
J D
%% of 1932-1947
ID
Cony 4% of 1932-1947
J D
Conv 44% of 1932-1947
26 cony 44% of 1932-1947„— J D
Zecond Liberty Loan
MN
41% of 1927-1942
MN
Cony 44% of 1927-1942
?bird Liberty Loan
MS
4114% of 1928
fourth Liberty Loan
AO
44% of 1933-1938
Victory Liberty Loan—
J D
% Notes of 1922-1923
Treasury 445 1947-1952
41930 Q
St consol registered
41930 Q J
SO 40neol coupon
1925 Q F
4e registered
1925 Q F
rie coupon
Panama Canal 10-30-yr 2s._81936 Q F
1961 QM
:Panama Canal 35 gold
1961 QM
Registered

I

Rang"
Since
Jan. 1

Week's
Range or
Last Sale

Ask Low
I

101.00 Sale 100.92
97,06 97.20 98 70
97,17 Sale 97 14
97.00 98 00 97.00
97.03 97.16 97.76
97.12 Sale 97.10
974
4
98.09 Sale
97.22 Sale 97.21
100.01 Sale 1 160.01
99.00 Sale 98 22
_--_ 10212
10314
---- 10212
:-:: 104 10318
100
.12 9512 95
94
931s

Foreign Government.
Argentine (Govt) 7s
1927 F A 10212 Sale 10238
78
Argentine Treasury 58 of 1909.. _ M S 7812
4
Belgium 25-yr ext 8 f 740 g_ _1945 J D 993 Sale 9814
945 owe 9414
8
5
-year 6% notee
Jan 1925 J J
99 Sale 14814
20
-year a f 88
1941 F A
106
.Bergen (Norway) a f 88
1945 M N 108 Sale 11213
11212 Sale
.Serne (City of) a 1 8a
1945 MN
9112 Sale 9112
.Bolivia (Republic of) 81
1947 M N
77 8 Sale 7513
,
"Bordeaux (City of) 15-ir 138 1934 MN
955 4ale 9514
8
ara311, II S external 88
1941 11 D
75
19523 D 82 Sale 82
10314 BA 10212
1952 A 0
7M8
100
Oanada (Dominion of) g 514_1926 A 0 100 Sale 100
do
do
lie
544_1931 A 0 10012 "(ale 10013
101.112 Sale
10
1929 F A
-year 5%t
983 Sale 9818
8
01
1952 M N
103
Chile (Republic) ext a f 85_1941 F A 104 Sale
4
4 AA,e 1013
External 5
-year a 08€
1926 A 0 1013 Sale 953
8
954
is
1942 M N
10312 Sale 10314
25
-years f Sa
1940 M N
4812
Chinese (Hukuang Ry) 58 of 1911 1 D 49 Sale 11158'
Christiania (City) 8 f 8e
1945 4 0 112% Sale 8812
Sale
.Colombla (Republic) 6%s_ 1927 A 0 9314
1/11i8 Sale 16.1
'Copenhagen 25
-years 1545 1944 J J
95%
96
Cuba 55
1944M S 95
88
91
89
Eater debt of 58 1914 Ser A.1949 F A
4
1949 F A 835 Sale 8312
External loan 434s
9914 dale 9914
10533 J
5%s
sale 88
Czechoslovak (Repub o.) 88._1951 A 0 90
10914
Danish Con Municipal 88"A"1948 F A 10914 Sale 10914
1946 F A 10914 Sale 109
Series B
1945 4 0 109 10914 97
Denmark external 8 f Se
9714 Sale
1942 J .1
20
-year de
57
98
99
Dominican Rep Cons Adaa a f 58'56 F A
87 Sic 8514
549
1942 M 8
8
945 Sale 9318
Dutch East Indies ext 68
1947 I J
4
1962 M F 94 Sale 933
60
-year 85
8
8
1953M 8 885 saw 875
545
French Republic 25-yr ext 83_1945 M 5 98 Sale 1)7
J D 9334 saw 9314
-year external loan 748_1941
20
Great Brit & Ireland(UK 01),
20
-year gold bond 540__1937 F A 103 4 Sale 10312
,
10
-year cony 5411
1929 F A 115 4 ',al- 11518
3
75 4 Sale 75
Greater Prague 740
1942 M N
8
Haiti (Republic) fls
1952 A 0 9714 Sale 967
9.414 9412
95
(Kingdom of) Ser A 6401945 F , A
Ma,
9514 9318
95
Japanese Govt—£ loan 440_1925 F A
0212
Second series 4348
1945 J 3 5 93% Sale
4
Sterling loan 44
1931 .1 .) 82 Sale 813
777 Sale, 7038
8
Lyons (City of) 15
-year 68_1934 M N
7714 Sale 7612
Marseilles (City of) 15-yr 68_1934 M N
3714 38
Mexican Irrigation 430
1943 M N 35
5512 Sale 5412
Mexico—Extern loan Z Se 00 1899 Q J
Gold debt 48 of 1904
1954 J D O 3518 Sale 351s
,
Montevideo 74
1952 .1 D 88 4 Sale 8814
9712
Netherlands Os (fat prises)_ _1972 M F 98 Sale 1113
8
4
Norway externals I as
1940 A 0 1123 Sale
98 Sale 974
Se
1952 A 0
8
Porto Alegre (City of) 88
1981 J D 9612 977 9612
107
QUeen4and (State) ext a 1 '78_1941 A 0 10714 Sale 101
25
-year 6a
1947 F A 101 Sale 964
Rio Grande Do Sul Ss
192 A 0 9614 9613 94
6
Sale
Rio de Janeiro 25
-year el 84._1946 A 0 94
9314
1947 A 0 933* 91
98 Sale 97%
San Paulo (City) s f 88
1952 M E
9914 swe 119
San Paulo (State) ext 8 f 8e....1938 J J
8512
Seine (France) ext 78
1942 J .1 86 Sale
Serbs. Croats & Slovenes Sa 1962 M N 66% Si,,' 6412
7812 7712
77
Solesons (City) 68
1936 M N
4
Sweden 20
-year Se
1939 J D 10414 Sale 1033
Swiss Conferer'n 20-yr if 88._1940 J .1 118 Sale 118
,
Tokyo City 5s loan of 1912
M S 73 8 Sale 7312
4
,
Uruguay Republic ext 8s.,__ 1046 F A 104 4 Sale 1043
112
Surleh (City of) e f 841
1945 A 0 112 11314
:

Mien art

High No• Low

High

11
,5.
101.30
100 92 101 10
Jan'23 -; 98.14 98 90
98.00 44 97.08 99.08
,..„,‘
97.00
97.00 99 00
I
Mar'23
97.46 98.60
97.80
97.10 98.88
1,
98.39 2358 97.44 99.18
97.88 2939 97.21 99.18
I „„1,
100.10
100.01 100.30
100.00 '2106 98.22 100.01
Apr'22 -Mar'22
Dec'22
-113 18
Jan'23
July'21
---Feb123 ---- 95 95
Feb 23 ---- 9312 94

now

,
and tnterest"—eteept to income .044 defaulted bond!.

BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 23

▪
4
37;z.

Price
Friday
Mar. 23

Week's
Range or
Last Sale

Bid
Ask bow
Atch Top & S Fe—( On
4
Cony 45 Issue of 1910
1960 J D 100 1053 10312
937
East Okla Div tot g 4s
1928 M S 935 95
4
Rocky Mtn Dtv lot 41
1965 J J 7714 7814 773
4
Trans
-Con Short L let 48 1958 J J 8213 83 , 823
Cal-Ariz let & ref 4 48"A" 19112 M s 873* 90 1 90
All & Birm 30-yr let g 4e_e 1933 M 8 65
6614 651y
4
At Knoxv & Cin Div 0
1955 M N 813 831 8234
8
1946 J 0 987 102 1 9912
All Knox & Nor lot g 58
8
1944 J J 883 9012 90
All & Chadl A L 1st A 440
let 3 -year 58 Ser B
0
1944 J 4 941e 9812 96
8
8
Ill Coast Line lot gold 44...k1952 M s 825 Sale 825
10
-year secured is
1930 M N 10612 Sale 10612
4
4
General unified 448
1984 J D 823 Sale 1 823
7812 73
L & N coil gold 45
41952 M s 78
1948 .2 .2 76 Sale 7512
AO & Danv let g 4s
4
2d 45
1948 3 j 6118 643 6112
1949 A 0 74
80
774
All & Yad let g guar 48
4
i 923 ---- 9512
A & N W let gu g 55
1941 J 4

I_II Snags
4, I Sinc4i
cilia I Jon. 1

High No. Low High
li
10414
9 100 10414
4
9414
9 933 984
79 I 11 7734 83
Mar'23 ---'1 823 864
4
Mar'23 ----1 8912 93
67 1
8 6513 681
'
2 8234 86
8234
2 994 9912
9912
913
4
I
6 90

91

93
84 41 67
6
1
2
0
1067
84 I 30
7912 15
2
76 1
pus 10
Feb'23 ---Jan'23----

82 8 189
9 , 00
6
108 10714
823 89 8
4
,
78
82
7378 77
6118 6514
774 7714
9512 9513

3
94% 62 93% 9512
1945 3 J 943* Sale 93
4
81925 Q J 9214 943 9313 Feb'23 -- - - 9312 934
7614 135 7514 80
,d .
7 14
9
75
: t
81948 A 0 993 :21ie 9514
787
4
784 Feb'23 -- " 77
Registered
81948 Q J -- - 77
8 90 774 8212
80 Sale 7912
803
10
-year cony 440
1933 M El
8'212 100 7812 85
Refund & gen 55 Series A 1995 J 0 81 13 Sale 7812
8
10011 235 9914 1017
10
-year 65
1929 J J
4
8 10 9114 923
,
937
P Juno AM Div lot g 340_1925 51 N 9318 Sale 92 8
,
7414 27 733* 79%
FL E dr W Va Sys ref 4s1941 MN 73 4 Sale 733*
Southw Div let gold 348_1925 J J 9312 Sale 93
6
11%
9
6
0
2 Sale 6238
64314 429-3 6111 (
93 4
Tol dc Cln Div let ref 48 A I959 J 1
60
60
1998 J 0
Battle Cr & Stur 1st gu 3s
1936 J J
Beech Creek let gu g 45
Fe6 22'- .4
2
6
86 3 2-141 8
1936 3 J 84118 -9 - 8958 pebc9 3 -.:-Registered
1936 J J 9412 ____134 Ma','16 ---2d guar gold 58
Beech Cr Ext let g 340._51051 A 0 7078 .___ I 60 Jul/22 ---__ 10018 Om' i'4 ---dellev & Car lot 65
1923 3 D 9918
Big Sandy lot 48
1944 J D 8012 88 I 8213 Mar'23 ---3 -82(2 -834
2 7512 7512
7513
BA NY Air Line lst 40
1955 F A 6212 7814, 7.' 13
89
Feb '23 ---- 89
I938 J J 8512 _ - __ I 89
Bruns & W let gu gold 48
8
1937 MN 1014 _,-101 18 Mar'23 --, 101 1015
Buffalo R dr P gen gold 58
8
6
92
14
3 8
86
99321 86,2
87
t19
)
t 734 19 9 ,2 9912
9
8
1957 M N 98
Consol 44s
1934 A 0
Burl C R & Nor lat 513
'I
3alt & Ohio prior 340
Re 50-y ed gold 48
122g1.8terear

103
1
12 100 10318
79 3
,
78
82
1083 1
0014
91% 102
4
983
2
944 '''?„'; 93
9414 101 14
'
11
10 10712 10913
1104 11314
11314
8134 94
9212
78 ., 6914 783
4
,
0
4
95%! 146 9414 99
83 I
81
8614
963 1044
1
10413
4
100% 112071 9912 101 12
00% ° 99% 102
101 4 412 10018 1023
,
4
987 294 818 102
”
10212 10412
104
10218 118 11)1 18 10278 Canada Sou cons gu A 518____1962 A 0
98 1 11(1 1?1 11?9
.:
117
1.4
13
45
Canadian North deb 8 f le___1940 J D 19512 Sale 1 19 8 11412 121
9612 7,
„ 933 1)7
8
4
4
1118
nos, 11314
8
2246 .2 2 1115 Sale 111
25-years I deb 6345
105
"' 111212 10412
Canadian Pao Ry deb 45 stock,,. J J n "
" 7612
1
7775 83 7613 81
5113 100 4812 523
4
8714 90
9 1 ,4 8eeo 24, _. .- -41, -. .:
7 2 Dpt 2 . I : 2
41
:
2
107.4 11212 .- arb & Shaw let gold 44
11212
70
75
193 M
42 J
9
4 Caro Cent lot con g 48
9312
; 8812 943
I,
)
90 I ,..' 8914 92
1938 j D 895s 90 8914
91
1 14 8812 9112 Car Clinch & Ohio 1st 3-yr 50
.
88
2,1 9014 9612
9512
19 2. D 97 Sa112 86 1 Dee612 --6 9612 --- 9 1 j o 7 112 n3
8 2
91 2
9 22 -!
9643
88
88
9314 Cart & Ad lot tug 48
- - 8
_5 _1_ 6
70 s
,
5 221---81 I".- 8 -5 - '
20 81,42 87
2 3
1 .1 .2 5 8 77
1948 2 13 66, 0 ,3 00,4 Dec7
Nr 0 olet g eo
C:ig B p.Z g le t45 22
84
,8
,
9914 27 1 9914 9912
4
1930 M s 93 ---- 933 Dee'22 ---- ____ - - ...
Central Ohio 440 1930
+., 75
2
90
90
7 10112 102
10112
t 107 10012 i.eutral of Us 1st gold 58_0945 F A 101 12 Sale 101 12
10912
4 925 9812
8
93 I
045 m N 023 9114 0258
4
Consol gold 55
10913 14 107 10912
8102
10012 Sale 10014,
101
33 995
7
409 8 110
10
-year temp secur(3a_June 19291.1 D
10912
..
.
.
.
8
9 154 Ja t 2 :4
713 8_0_ 86 sg pn:23 : _. _82 . _8_1
Chatt Div our money g 45.1951 j D 9 % .
5 4 99
9712 3
Mac & Nor Div let g 513_1940 J J
95 4 190
,
9718
9213 - --- 9512 Juns'42 ---- - - __ - - -171 84
19473 J
Mid Ga & A tl Div 5s
87
91
93 8 91
5
Cent RR & B of Ga coil g 58_1937 MN 93
9512
li
g
10514 A
4
4
92:1 9513 Central of NJ gen gold 58
92,
9
5
94
I987 J J 1013 1013 105
95
Registered
51987 Q J 10312 10.5 109 SePt.22 -. i
8918
-814 -g14 .3.
4
83 4 1
,
1949 F A 82 Sale 813
3471111 , 875812 89'3 Cent Pat let ref gu g 4s
88 98 8
983
8
,
90
91 2
7634 6
91 12
929 i 84
81929 J D 9112 Sale 91 12
94
Mort guar golti 344
95
80 Mar'23 — 11 _8 _ _8 - 4
0_
Throughso 4s _1904 A 0
St I, let
110s8 _ ___ 11412 cun'15 -1023 10412 Charleston & Savannah 75_ _.19362 J
8
10412
8 9438 9612
,,
,
95 8
8
Ones& onlo fund & Inapt 58_1929 J J 9511 Sale 95,
1153 649, 113 116
4 ,
101 I
4 100 10314
1939 m N 9714 100 100
929 mi
let consol gold 58
753
4
753 1va
4
1 971, 974
971,
9618 9712 974
Registered
973 244 9512 98 I
4
86%
82 I 112 81
1992 M B 81 sae' 81
8
General gold 448
951.4 33 914 983
86 Nov'21
19 2 M B 6- - -- 88
9
Registered
8912
80 189 85
8
8512 Sale 85
20
-year convertible 4301930 F A
9214 9312
9
2
94 %
93 4 238
8312 1 1
32
,
4
9114 419 90 96,
62. 611,4 83%2
8
0
7,
30
-year cony secured 5E1_19401A 0 9014 Sale 90
1
95
1940 J .1 161I4 -z-_
Craig Valley let g 58
7812
..„..
Potts Creek Branch let 45.194813 j Ibis /nal 79 June'22
4
Mar'23 --HI__- 783---- 783
4
8
774l :32' 69 3 3
3
8
32:2 7
8
9
R & A Dly 1st con R 49___ .1989 .1 J 7614 805 784
1089 .,.2 75
763 7712
4
565 119 49
8
5712
2d coneol gold 48
M S 90 ____ 803419
Warm Springs V let g 5s
37 1
14 33
36
521, 34 504 544
Sale
650 A 3
8' Chic Jr Alton RR ref g 3s.._.1949 .7 0
17 8814 915
89
2913
42 25
28
258112
le 2 :4
e 5 2
0
7
us% 29 974 1013
a t lien
l8Q—
0
2
3m.
794' 13 7pts 83
1
7 3_ 61_ 9900,44
.1 .1 : 7_9
33.45Div
1949 j .8 _55 4 _0 21 791s
4 03 109 1123
4 Chic Burl
1123
,
8513
6 8512 90 4
9852 117,1 9612 100
Illinois Division 45
9714
3 96
9612
1927 M N 9641 Sale I 961,
Nebraska Extension 48
1927 M N
2
RegLetered
10614 3 1054 10912
98 2
2 93'2 lU°
Sale
1958 M 8
General 48
19712 64 100 1023
01
8912
8
843 127 8318 101 4
9 41 60 97
15711 ir A
97 Sale 97
let & ref 5s
26 03 100
100
6243
6212
, 8018
I• 6
3
680313
1927 A 0
Chic City 44 Conn Rys 5s_
975
9414 18 90
105 -- -. 105 Mar'23---- 107
33 45
,,
94% 63 9014 9712 Chicago & East Illinois 1st 68_1934 A 0 78 Sale 78
8112
7912 137 78
54_1951 MN
9914 •- ez e.. 1111111 mew to) gen
90
.4
98
87%
1 873 974
4
4
4
1982 M N 803 9034 873
8 30 9512 10014 Chic &Erie let gold 58
995
51 Sale 503
4
5238 77 50
06
239 75
8712 Chicago Great West let 4e.,_. 1959 14 S 104%
8712
Jan'23 ---- 107 107
1073 107
4
7012 Chic Ind & Loulev—Ref 88..1947 J J
258 54
67
1947 .1 .1 94 Sale 94
785
Refunding gold 58
8 36 6612 78 8
,
6 99 2 8238
8
7914 82
1
973
82 81 2 72 4 974
Refunding 45 Series C...-1947 J J 834 8112 814
0 1 7 12 00,4
3
11432 8 103,4 116 1
08,4 4
7 81G 84
82 I
1966 MN
eneral 55 A
97
12 954 98
7112
c1966 J J 97 Sale 97
738
8 25 714 735
8
General Os B
78
Jan'23 ---- I 78
12 113 10774
7 01
13
Ind & Louisville let gu 48_1958 J J
105
15 81
85
8812 Feb'23 — - 6212 84:
71
68 8
3
Chic Ind & Sou 50-year 45_1958 J J 82
115
9112
1969 J D 8612 89
1st 448
Chic L S dc East
6212 S7172 6212
72
/12
CM & Puget Sd 1st gu 413....._1949 J J
7434
72
7238 37 72
Ch M & St P gen g 45 Ber A.41989 J J 62 Sale 62
State and City Securities.
3 62 6912
62 I
General gold 348 Sec B e1989 J .1
8018 46 7812 837
8
41989 J 1 7812 Sale 784
General 4 4s Series C
10034 11 1004 1004
10018
6214 160 50
6234
N Y City-440 Corp stook__1960181 8 100% 10012
61 12 Sale 60
1017 102%
8
Gen & ref Series A 4%8_02014 A 0 68 4 Sale 6818
3
8
430 Corporate stock
69t4 147 64
70
,
1984 M S 1013 1017 10218 Feb'23 ---412014 F A
1013 102%
Gen ref cony Ser B 58
4
2
8
4,41a Corporate stock
643 516 63 68
87 4 179 78
84
19813 A 0 1013 1017 1013 Mar'23
4
1932 J D 67, Sale 66%
- 66 .4 07
Convertible 445
Jan'23,..-4, 107 . 10818
4
641e Corporate stock
1971 J D 10614 1064 108
96
'4
1925 1 D 8338 Sale 81
45
106141
8
4.48 Corporate etockJuly 1987 J .11 10618 1065 10614
,
,
631
:
63121 97 6g58 675
6
7
6 5
1934 J 3 63 2 Sale 61 2
2 10014 1074
-year debenture 4s
25
106141
10618 1065 10614
8
44e Corporate stock
1985 J D
97
1928 J J
10618 1073*
Chic & Mo Riv Div 55
4
1140 Corporate stock
1983 M 8 106 1064 106, Mar'23
9514
5 9458 94
F A 95% 9814 9514
985 9914 9914 Mar'23 ----I; 9914 10014 Chick N'west Ext 4a-1888-1928 F A 943 ---- 934 Jan'23 ----1 934 933
8
4% Corporate stock
1959 M N
4
1888-1920
8
4
9914 103 2
Registered
,
98 3 995 9914 Mar'23
,
8
6% Corporate stook
1958 M N
7014 7112 7213
7212
1 7232 77
1987 M N
4
4
General gold 3 8
98 4
,
4 983 10014
9834 Sale I 983
6% Corporate stock
1957 M N
p1987 Q F ---- ----i 7318
Registered
9912
99
98
99 I 994 Mar'23
I.% Corporate stock reg_1906 M N
4
8112 35 8012 87
1987 M N 803 Sale 1 8012
General 48
5 108 107,
2
106
4
1957 M N 1053 10612 108
New 448
82 I
1 82
8714
Stamped 0
4
1, 1053 10714
1053
4
,
3
1957 NI N 105 4 Sale 105 4
44% Corporate stock
9 10278 10512
1V27
8
103
11 7
8
37
General 58 stamped
9114
4
8812
4
1954 MN 883 9012 903 Mar'23
11)i% Corporate etock
1 1034 108 4
10314
,
1879-1929 A 0 19314 105 10314
Sinking fund 68
6 10312 10312
103
_ 103
-48
1981 M 8
State
New York
1879-1929 A 0 10014 10413 101% Apr'22 ---Registered
10312 Jan'23,---- 10312 10312
1981 .1 J
' Canal ImprovementAa
1879-1929 A 0 118 --- -1 9812 Mar'23 ---- 984 99
fund 55
Sinking
111912 Apr'22
-Highway Improv't 445_1963 M S
1879-1929 A 0 9712
-I 9712 Mar'23 ---- 97% 9712
Registered
10412 Apr'22 -----------Highway Improvl 440_1985 M 8
2
1933 6I N 9814 994 99
9 M N
100 1 ._=. 99 101
Sinking fund deb 55
Ma07 2 zu j-6- Ho
ly 22
'
,
Registered
0
9413
193 m s 3
6
78 6
10 year secored 642 12_1 9 0 1 D 10512 Sale-1 1(16
r em u
Railroad.
106 Sale 10612
108 8 19 10612 11014
,
7712 82
795
8 22
96
Chic 12 I & P—Railway gen 4a 1988 .1 j 7712 78 I 7712
96
Jan'23 __-- 96
8
Ala Gt Sou let cons A 50-1943 3D 935 99
J J 74, __ _ 787 Jan 43 -,.._,' 7872 7873
8
8
Re
tglstered
995 9978
8
997 Mar'23 1928 MN
Ala Mid let guar gold 541
gold 8
g
1934 A () 77 Safe 763
4
773 3J5 763 8312
4
4
3 784
79
7
1946 AO 9 2 -7812 7812
• Alb &
cony 348
1951 J D 99 10212 10012 Feb 23 ---- 1004 10112
Refundingi
. N 0 gold 5s
N'3 Ch e
8914 83 Mar'23 83
1998 40 83
Alleg & West let g 48 fru
J D ---------119
90
Registered
Gold 33;is
897 Jan'23
2
894 6558
89
1942 MS 87
• Alley Val gen guar ads
1951 J D 78 _
7913 Mar'23 -..,1 f612 71112
5 6138
0112
6212 6112
41995 Q J 62
Ann Arbor 1st g 4a
9313 35 0214 974
8814 201 85
Joint let ref 55 Series A...1963 J II) 91% 9214 9214
9018
Sale 85
83
Atch Top & S Fe—Gen g 48__1995 40 854791st
84 I 81 Mar'23 ----11 81
1951 J 0 81
2 84
84
1995 40 84 Sale 84
Registered
100 May'22 ----; ....-- ---4
1932 A 0 10014
hP list gg _s
l S p v cons g :5s
7614
79
4 76% 272118 Ctte
2
7614
5 4
81990 Noy
1. Adjustment gold 48
7
1930 J D 104 10512 105 Mar'24 .--- 105 10712
Chic S
M &0
76
78% 29 767
8 27
773 78
4
18
81991 Nov
Stamped_
.
4
1930 .1 D 883 9212 9212 Mar'23 __-- 9218 31,4
Cons 6s reduced to 330
78 Mar'23
-1' 775 6212
8
D 7818 80
llonv gold 4. 1909
1945
8
8 023
4
923
943 9218
4
Debenture 51
1930 M 114 93
7912
9 7784 82
I" Cony 4s 1905
7818 Sale 78
1955
July. a Due Aug. a Due Oct p Due Nov. g Due Dec. 8Option gale.
.1.10 price Friday; latest bid and apked. a Due Jan 4 Due April. a Due May. a Due June. 1 Due




6927%

-W. -iii
''

9

;9
2

7

2171
112

18r8

12
II 'il AL'18112

New York Bond Record—Continued—Page 2

1261

.,
BONDS
N.Y.STOCK EXCHANGE
Week ending Mar 23

...:
07

Price
Friday
Mar 23

1Veek's
Range or
Last Sale

Z,..Il Range
gi 1
Since
ro, 1 Jan. 1
1
0Low
High No.
High
81
2 77
78
_
90
18 8912 9252
10012 24 9914 10012
11518 19 1127 1157
8
8
Feli23 ---- 105 105
73
56 72
757
8
10218
5 10112 1023
4
965
8 12 9618 98

Ask Low
MO
1
775
Chic T H & So East lot 581_1960 J D 771s 78
8
8912
Chic Un Stan 1st gu 444s A_19o3 J J 8912 90
58 B
1963 J J 8912 9914 0911
1963J 1 11414 Sale 11414
let Ser C 6448
Chic & West Ind gen g 68_81932 Q M 0
_1105
72 Sale 72
Consol 50
1952 J J
-year 48
8
15-years f 7428
1935 51 S 1023 10212 10218
8
Choc Okla & Gulf cons 55
1952 M N 953 9712 9618
C Find & Ft W 1st gu 48 g
1923 MN
8"
.Cln 1I& D 26 gold 444s
90
10373 J 89
- 885 893
8
4
0 I St L & C ist g 4s
4
4
P1936 Q F 663 ____ 863
4
863
4 10 863 863
4
9012 oei'22
Registered
51936 Q F
8114 ___- 853 Mar'23 ---- 85 4 853
Cin Leb Jr Nor gu 49 g
4
1942 M N
3
4
8
CM S & Ci cons 1st g 5s
19283 J 953 ____ 99 Aug'22
9312 Jan'22 ---5 _ii._
971
iii
Clear! & Mali 1st gu g 5s
_
_1943 J J
78
7712 77
Cleve Cie Ch & St L gen 49_1993 J 13
7
41 90-33 9312
,
9I
1931 J J 91 Sale 90 14
20-year deb 4558
8
4
General 56 Series B
963
4
1993 J D 9512 983 983
2 963 100
4
Ref & impt 65 Series A _ _ _ 102o 3 1 10034 Salo 10012 101
74 100 10218
.
600
10113 J 10013 ____ 10114 Mar'23 ---- 10114 101 14
70, 85 1 8612 Feb'23 ----I 851a 88
8
Cairo Div lot gold 48
4939 J
75,4 77 I 7612 Mar'23 ----' 7612 783
CM W & M Div isle 413_1991 .1
s
8
7414 7612 747
75140
St L Div let coil tr g 4s
5 747 813
8
1990 MN
8
1940 M S 83 --..! 8212 Jan zol---- 8212 8212
Syr & Col Div let g 4.3
8
W W Vol Div liii g 4s
1940 33 8033 . I 8.3 Nov'22
—_ - - - 3
CC C & I gen cons g 6s
8
1934 J J 10614 I, 712 1063 Feb'231 --- 10614 1068
:
Clay Lor & W con 1st g 5e.... 1933 40 9613 98 I 971 Feb 23'--- 963 9712
2
9212 951: 9..
Jan 23 ---- 95 95
CI & Mar Ist gu g 4449
11436 MN
4
Cleve & Mahon Vali g 64
1938 33 8512 943 93 Mar'23 ---- 93 94
9413 __-- 91 ISue21. -Ci & P gen gu 430 Ser A
1942
104 Dec'15;.._ . _ _ - _
---- _ —
Series B
1942 AG 9413
lot reduced to 3449
1942 A0 80 .___ 9812 Feb 12,— ____ __ _
1948 MN 8033 ____ 9018 Dee12,...
Series C 3423
Jan 21 --- _ _ _ _ __ __
793 __ _ 67
4
1950 F A
Series D 3 Sis
9312 90
9214
7 90
Cleve Shor Line lot gu 4;48_1901 * 0 91
98
Cleve Union Term 514e
1972 * 0 102 Sale 10113 10213 55 10112 106
0
63, Mar'23 -- I 83 8
4
83
Coal River Ry let gu es
D 78
1945
01's' 6 91
..1029 FA 90 8 9113 91
Colorado & South let g 4s.
9312
83 I 81 8178 8718
4
8
Refunding & eaten enc....1935 MN 823 Sale 817
8
8312 Nov'22
Col& II V let est g 4s
1948 40 793 88
____ 803 4 803
7914 85 4 803 Mar'23 ---.1-- - - --- d
4
,3
Col& Tol let ext es
1953 FA
853
83 1 31 82
Cuba RR 1st 50
-year 59 g
1952 J J 83 Sale 82
4
D 1033 106 10412 10118
let ref 7 he
2 10312 10513
1936
I
9234 ____I 923
4 Mar'23 -- I 9158 923
Day & Mich 1st eons 4450-1031 ii
4
Delaware & Hudson—
31 28
853
8514 90
1943 MN 8514 86 I 8514
let & ref 43
4
9212 6
1935 AO 9214 Sale I 913
80
4
,,
-year cony 55
0 913 98
99, ' 99 10212
2
1937 MN 9912 Sale I 99
8
find
4
1053
4 15 105 1113
1930 3D 1053 Sale 105
10
-year secured 70
4
9014
I 87 May 22 --,.., -___ .....
D R RR & Pdgelst go es g_1936 FA
8
7412 o7 1733 76
8
Den & Ft Or—let cons g 4e..1936 33 7333 7412 733
7712 Mar'23 .--„, 7712 80
78
1936 ii 77
Censol0 gold 4148
4
85 1 LI 82
Improvement gold 511
88
1928 J O 833 8412 8318
55 1 130 i 5034 57
8
4
1955 1r A 543 Sale , 523
let & refunding 53
47 _ __' 513 Mar 23 -- 1 48
4
53
Trust Co certlfs of deposIt_ __
4314 211 43
.
45
Dee M & Ft 0 Ist gu 4"
1935 J J 43 Sale 43
91
_ _
'221 .-__ I _
. 9314 Sept
Des Plaines Val 1st gu 444s _1947 M
i514 80
751s Feb'23 ---- 1 igla 75'8
Dot & Mack—let lien g 48_1095 3D
76
701s 0(0'22'--_ _ .
D i0
1995
()old 48
4
Dot Riv Tun 446s
1961 MN 8514 553 85
i -ii
45113
86 I
4
,
99 Mar'23 --__] 9833 09,
Dui Missabe & Nor gen 5s.. 1941 I J 98 8 ___
2
8
8
4
Dul & Iron Range 1st Es
1937 40 983 987 100 Mar'23 ----' 983
----------------9813 Jun 23 ----I 9812 100
Register
9812
77
7.
Dul Sou Shore Pc Atl g 58
1037 J J 75
80
5 75
77 I
R Minn Nor Div 181 4 40
1948 40
8 3
9
5
81
; 233
E Term reorg Ilan g 50
1938 MS 9 18 -IT,ii; 0934 Mar1 4 —5- 983 991 31
81 4 :
99 __ __I 09
Jan 23:----, 99 99
E T Va & Ga Div g 5s
1930 J
98
0612'
9612
4 9612 9912
Cons lot gold 58
1956 MN 97
9814
99 1
N 9814 99
, 9814 100
2
Elgin Joliet & East 1st g 5.3_1941
: 104
Erie let consold gold 78 ext 1930 51 S 10313 Salo 1031
2, 10314 1043
_8
4
57 Sale I 55'8
let eons g 4s prior
57
1996 • J
u*, 5458 587
8
e.__ 567 57 181ar'22 -- - I
8
___ _
1996 J J
Registered
14 195 97
let consol gen lien g 49._1996 J J 47 Sale 4612
iil- 49,
4
S
.
2
6
Aug'22 --- I
1996 33 ,__ 44
Registered
84 I
833
4
Penn coil trust gold 45_1951 FA 8214 84
4912
50-year cony es Ser A
1953 P.O 98 Sale 4712
49 49
513
4 '21 42: 82
do Series 13
482
11 525'4
1
1053 P.O 48
4
52 I 85 433 5412
Gen cony 45 Series D
1953 P.O 52 Salo 4812
8812
8914
Erie & Jersey lets f 68
2 87
807
8
1955 .1 .1 8812 89
8 Mar'23 ----1 933 832
4
4
83
4
Erie & Pitts gu g 3 Sis B
1940 J J
2 834 831i
83141
Series C
1940 J J 83 8712 8314
Apr'211---1
Evans & T H 1st gen g 5e
1942 P.O
---- 88
Mt Vernon let gold 69
1923 AO ---- ---- 8912 Apr'21 ---1
--_6912 Apr'211---1
Sul Co Branch lot g 5e__1930 AO ----

BONDS.
N. Y. STOCK EXCHANGE
Week ending Mar. 23

1
t
I
I

Price
Week's
Friday
Range or
Lan Sale
Mar.23
--Illinois Central (Concluded)
Nigh
Bid
Ask Law
el.11iteral trust gold 4s____1953 M N
787
8
78 Sale 78
Registered
1953 51 N
,
82 An 22
15
-year secured 53.4e
1934 J J inE3 Sate 100
101 14
8
15-year secured 6148 g
1936 J J 10658 109 109
109
Cairo Bridge gold 4s
1950 J 0 82
8212
8212
84
Litchfield Div lot gold 3s 1951 J J 69
7212 69 Mar'23
Louisa Div & Term R 3140.1953 J J
7318 737 7478 Mar'23
s
Omaha Div 13t gold 35,
1951 F P. 673
683 Mar'23
4
4
Ft Louis Div &'rerm g 3s....1951 J .11 6714 095 71
Feb'23
8
Gold 3140
1951 J J
7512
7512
7414 77
Spring( Div lot g 344s
7s1: July'22
1951 J
7483 78
Western Lines 1st g 48
1951 F A
83 Mar'23
85
89
Registered
1951 F A
ind 13 & W 1st pref 48
1940 A 0 855
8578 Mar'23
8
od (ilk tows let g 4s
1050 5 3 8318 84
851s Feb'23
Ind Union RI' 53 A
10653 J
£17
97
9618 99
i. ..al Nor Adiust 6s
,
ir. A
1953 J
46
J
478
8
4614 Ralf/
lot Mtge 6s
1952 J J 97 Sale 97
9718
TrustCo certificates 3
-year 53...
6112 Dec'22
Iowa Central let gold 53
1938 113 683 69
69
69
4
Refunding gold 4s
1951 M S 3714
3712
38
lames Frank .5 Clear let 45 1959 J 13 8218 38
8214 Mar'23
85

"

"g4

Range
Since
Jan, I

2
No.I Low Hob
25 78
83

103 iiki" 10278
'
12 109 111
4 823 87
8
____ 693 73
8
7312 797
8
6884 69 18
,
71
71
_-_
1 7512 80

857
8
85
97
41
97

8712
851s
100
4914
675
8
6 69
731.3
40
15 36
____; 8214 87
____
1
342
23

Eta A &
R 1st gu g 5s
.1
14 8
11
Kan & M let gu g 4s
*0
7584
797
4 74
7584
8
2d 20
-year 5s
1927 • J 95531 S-' 9 - 9633 Feb'23 ___1 963 97
7961 11 4
-11
8
1
C Ft& M cone g es
MN 174 s.. __ _ 101
0112 , io
1017
8
5 10012 10231
,
K C Ft S & M Ry ref g 4.5
74
192g 40
93
8
7412 149 • 735 791,
KC&MR&BIstgu 5s
1929 40 91 18 041: 945 Mar'23 _ _I 9258 95
8
Kansas City Sou tot gold 35..1950 * 0 67 8:12 6714
.
7614 6
6714 45 6614 887
7
6
3
Ref & impt 55
Apr 1950 J J 84 50, 83
84 8 128 83
,
893
3
tartsas City Term 1st 4s____1960
J
783
4
9 77
833
4
Kentucky Central gold is....
_1987 3 .1 82
82
83
83 1 10 82
837
s
Keok & Des Moines 1st 58_1923 A0 873
897
4 8912 8914
8
92
3 89
Knoxv Ohio 1st g 68
J J 1003 1007 1003 Mar'23 ____, 10034 1015
4
8
4
1
'ate Erie & West lot g 55
1025
937
91 14
J 91 1s 94
913
4
9 9114 97
26 gold 5s
8112 8312 82 Mar'23 ____ 1 82
1941 J
86
Lake Shore gold 314e
1997
D 6912 703 743
.4
4
743
4
2 721s 781
:
Registered
3D 71 18 7312 71 14 Dec'22 ... I ____ ____
Debenture gold 48
9384 57 92
4
4
11999287 M S 023 Sale 923
98
25
-year gold 48
MN 9133 Sale 907g
9153 23 907 9312
1931
8
Registered
1931 MN
.eh Val N Y let au g 4%s
3
(
92 2
,
194 1 .1 3 9213 Sale 9212
1, 9212 97
Registered
99
Jan'23 ___.1 90 90
1 J 9018
Lehigh Val (Pa) cone g 4s
N
2
1001
9
General cons 41.4s
8
r7
71e 77'2
2003 MN -- - Sa712 87
92 4 14 8712 82:4
771'2
4 77
91 2
Leh Term Ry lot gu g 52...._1941
1007 hiar'23 ____I 1007 10114
8
8
0 1007
8
Rein 'wed
0
.__. 113 Marl. -.I ____ ____
1941
Leh Val RR 10-yr coil 6s....s19
7 102 105
1021;
12S MS i11112 102 102
1
Leb & N Y let guar gold Is_1945 Al S 7712 8212 833 Mar'23 ____I
8
833 833
8
4
09.5 East lee Si
-or se Ra
97,
4
99
'965 a n 97
9818 24 9712. 9912
Little Miami 4s
1062 111 N 8018 ____ 70 Dec'20 -----------4 1
Long Dues COLIMA o on
5 * 0 10618 ____ 10812 -"u 22 -------Long leld let cons gold 58_81931 Q
98
2
-Oi
lot consol gold 4s
8318 _8.. 99 JJun'..
8932 _378 8714
81931 Q
22 .. __-_ ._ _ _
General gold 48
831:
8312
1938 3D
5 8312 8512
Gold 40
No '22
_ 81
,
1932 3D 81 18
____ __ __
Unified gold 4s
8
1949 MS 755 78
7514
76 2
,
4
4 753 81
Debenture gold 5s
95
92
94
Jan'23
pa; 3
94
94
20-year D m deb 5s
7 ,4 71e 77
,
85
MN 843 Sa712 8414
8
20 8312 8512
Guar refunding gold 4s____1949 al
77
3 77
83
Nor Sh 14 lot eon ego 5s__a1932
(
95 Nov'22 ....I
03 90 4 03
Louisiana & Ark 1st g 5e
94's
941:
2 937- 9413
1927 MS 9418 Sale 94
8
Lou & Jeff Hclite Co gu g 4s 1945 MS 75
7712 77 Mar'23 ---- 77
80
Louisville & Nashville—
Gold 5i
1937 MN 1021,1 __ 1013 Mar'23 ..7- 1013 103
4
4
Unified gold es
88 Sale 88
8878 18 es
1940
1)2
Registered
9018 Jun•'22
1040 J J
Collateral trust gold 5s
418
987 987
1931 MN
8
8
987
8
2 9817 idi
8
10-year secured 7s__
1930 MN 10718 108 104
1073
4 10 104 1083
4
let ref 5448
8
4
2003 * 0 1027 Sale IC23
103
50 1023 105
8
N 0 & M 1st gold
10112
_ 1013 Jan'23 ----1,10138 1013
1930 .1
4
-- 4
26 gold 65
_ 10113 Feb'23 ---- 10112 10142
1930 1 3 Ws _
Paducah & Stem Div 4s
84
85
88 Jull
1946 FA
,'22
_
_
--St Louis Div 26 gold 38...A980 MS
58
597 593
8
2
3 L438 63
593
8
L&N&M&M 1st g 430.1945 MS 97 ___ 96
Jan'23 ----I- 96
96
L & N South 1o1nt M 48
7612 7512
1952• .8 75
78
22 7512 808
4
Realstered
81952
96
Feh'05
Loulsv Cm & Lex gold 444s__1931 Q
945 ___ 9612 Mar'23 ---.1 MN
8
66i -67
.2
71
Aahon CI RR let 5s
9o%
7,
1934
993 Dec'22
71 4
Manila RR (Southern Liner)_1939 J J
M N
1 - - - 71
641
71
Manitoba Colonization So
95
98
1534
053
4
96
2 9534 9714
Man CI B & NW 1st 3 44s____1941 J D
3J 773 --__ 70 .4 21 —
4
Mex Internal 1st cons g 4e._.1977M S
77 Marl°
dichlgan Central Se
1031 M S
Vargo & Sou 6s
1924 3 J 981a ____ 9912 Dec'22 -Registered
1931 Q M 9812 0 .107 4
9912 Mar 23 ----1 -661; 100
7
ria cent A, Pea 1st eat 68_1023 J 1
9
S
70
:
4
:91 9734
9 4
:7:3:
45
19401.1 J 86
AO
88
2
. 93, ,, ,,'22 -90
lot land grant ext g 5s
Feb'23
88
88
1930 J J
_ -Registered
10403 J
3
Consol gold 50
1943 1 J 8612 9234 923 .Mar'23 ----, 913 93
8
.11 L & S let gold 334s
1951iM s 76
8012 80
833 87
87
87
8
3 851 89
rflorida E Coast let 4340.....1949 J 13
Feb'23
RO
80
:
1st gold 314o
1952 M N ---- 78
70
70
70
1 65
7812 Mar 23 ---- 7812 84
Fonda J & Cloy 434s
79
1952 Si N 69
20
-year debenture 48
1929 A 0 8912 9014 897
Fort St U D Co let. 4849..1941 1 2
79
8
1 79
9914 16 893 93
79
8
4id of NJ 1st est 5s
1940 A 0 86
94
Ft W& Den C 1st g 5 Sie. _1981 J D ; 0 , 10
95 Nov'22
) 8 --1- 73 Mar'23
11 1 1 8 9
7
-103
5111w L. 5.5 West imp g 513_1929 FA
9918 ____ 9918
Ft Worth & Rio Or let g 48_1928 3 3 8418 ___. 87 8 Feb'23 ----I 193
,
9918
---;,,, 85
I 9818 993
4
87 8
,
Ashlaud Div let glIs
•S 10188
1925
10112
107
From Elk & Mo V 151 68._ _1933 A 0 107 Sale 107
'22
107 109
Mich Div 1st gold 6s
9512 _ 953 Mar'23
1924 J 3 101 ____ 1007 18mar'23 _--- 1007 1007
8
CS 11 .58AM&Plet56
4
1931MN
953 9938
4
8
8
Milw & Nor Ist ext 440
1934 3D 86 _
96 Mar'23 ---- 95
90 2 Feb'23
97
2d exten 50 guar
,
8814 93
19313 J 93
97
Cons extended 4448
1934 3D 8 8 91
5 8514 8712
86
8533
8
65
Galv Hone & Hand let 50
895 Mar'23
8
1933 A 0 857 89
8633 02
'vlilSpar & NW 1st gu 4s
1947 MS 85
8611 85
37 82 s 8812
85
,
Geuessee River lot s f 60
85
10 85
89
19.57 13 J 82 8 Sale 825s
,
1111w & S t, let gu 344s
1941 J J
7633 86
•
Ga & Ala Ry ist con 58._o 1945 J 3 7812 8112 8012 Mar'23
6618 Aug'21 ...„
8012 81 18
Minn & St Louis 1st 78
101 __
1927 J
8
8
Ga Car & No let gu g Le
101
Feb'23 ____ 101 101
1929,2 3 863 9112 907 Mar'23 -- gol2 9078
lot consul gold 58
71
1934 MN
73
4
71
603
4
Ga Midland 1st 38
4
5 603 65
71
2 71
76
1946 A 0 603 Sale 603
4
lot & refunding gold 4s
1949 M S 39 Sale
011a V G & 187 1st an g 5s
983 -- -- 11912 Feb'23I--4
21 37
40
1924 M N
94/12 9913
Ref & ext 50-yr 55 Ser A
1962 Q F 3912 Sale 3812
Golly & Osewgatch 58
3912 32 35
1042 J D 9084 _
390
4
NI St P& 58 51 con g 43 int gul938 J
853 Sale 853
4
101l;
Grays Point Ter 58
8
86
9 8532 90
1947 J D 831s - - - 1st eons 5s
3I
3 -g6 4
1938 J J 98
tIr it & I ex 1st su is ens._1941 J J 894 92
98
804
Mar'23
98
9912
310-year roll trust 6448
1931 M S 10212 Sale 10112
Grand Trunk of Can deb 73_1940 A 0 114 Sale 1133
4
114 I
10284 53 1011 10
: 6
let Chicago Term s f 48_ _1941 MN 8914 94
228 112 115
104
9212 Dec'22
15-year e f 60
4
1936 111 S 1033 Sale 103
10214 105
St S 8141 &A lot g 48 int gu._1928 J
9618 9512 9612 Mar'23
Great Nor Gen 70 set A
10812 256 10618 11112
8
1938 J J 1063 Sale 10618
MI88198100 Central let 5s
1949 33 90 92
9018 Mar'23
let & ref 4 1(o Series•
8912
8
1061 .1 J 887 8913 8912
8914 92 2 SO E& Okla lot guar 5s_
,
_1942 MN 91
0213
Registered
Jan'23 ___ 9
1961 1 J •_ _ _ 93 8214 Oot'21
Mo Kan & Tel—lot gold 4s 1990 ID 7811( Sale 94
6128
78
s
8
78l2 75 75
604
1952 J J 965 Sale 983
94.4°6
. 7
102 8
84°611:
9960
4
3d gold 48
Green Bay & W Deb etre "A"____ Feb 65
p1990 FA
8814 Au,'22
Feb'23
80
75
75
70
Trust Co malts of deposit_
74
Debenture otts "B''
80
11
13 934 1314
1014 12
1012
Feb
3 7033 73
1st & refunding 4s
_
2004 MS
Greenbrier Fty let gu g 49.....1940 M N
9 2 Nov 95 2
730
1
Apr'21
8418 _
69
37'
'2
2
Trust Co certits of deposit_
7312 ____ 8912 Jan'23
(lull & 8 I 1st ref & t g 58_81952 J J 79
807 80
SO
8
1 -id - 'WI;
Gen sinking fund 434,
195 1-5
6412 June'22
Trust Co certlfs of deposit___
72 ____ 7212
Harlem R-Pr Chas let 4s____1954 MN
1 6812 7212
7212 Salo 7212
7212
75
,9 7212 7812
1
5% cents for notes "ext"_____
Hooking Val tot cone g 4340_1990 J
8234 Mar'23 --__' 8234 8333
8014 8114 so
8014 . 80
.
853
4
K &T 88—Pr 158 Ser A 1962 33 79
Registered
Salo 7/3
8
7912 176 773 8333
7312 June'18 -1999 J
s
40-year 48 Series B
II & T C lat g 5s Int gu
1962 33 65 sale 63
65141 76 63 8712
1.137 J J 9512 ____ 955 Mar'23 -- 955 975
8
10
-year Os Series C
Houston Belt & Term lot 50_1937 J 1 90 8 92
1932 3J 0414 Sale 923
95 1 252 923 963
4
4
3
9033 Feb'23 ----, 903 92
4
8
Cum adjust 5s Series A_ _ _1987 .p
Hone E & W T 1st g bs
623 Sale 61
8
623 1618 59
4
1933 MN 0514 9718 97(2
63
9712 ' : 98
971
Missouri Pacific (reorg Co)
lot guar 5s red
1933 MN
9614 ____ 9413 May'22 -1st & refunding 5sSer A__
8314 8538 84
Housatonic Ry cons g is
_1965 FA
8412, 6 84
1937 MN 843 115
8
8678
87
87
41 'if - "if 1
Ist & refunding 5s Ber C.__1926 F
8138 ,
9612 963 963 Nlar2 3 _2 1 68 63
Hod & Manhat 50 ser A
•o
4
,8 _4_ 9512 96
52
'
1957 P A
4
803 Sale 8038
.
8
8
8
793 847
::
141 be refunding 613 Ser D
Adjust income 5s
9413 Sale 9438
178 613 65
1949 FA
95 4 132 943 09
3
1957 40 63 Sale 6218
8
64
8
General 48
Illino18 Central lst, gold 48....1951 J J
1975 MS 58 Sale .58
801s 9112 9214 Mar'23 ---- 92 92,
2
Missouri Pacific
Regi8tered
1951 J J -- - 8912 831s Sept'21 ---__ _
.
3d 7s extended at 4%
1938 MN
7812 8012 7912
let gold 3540
81341
1a51
4 7912 8134
J
79
82
775 Mar'23 ---- 77 4 83
8
,
Mob & ltIr prior Ilen g 58
8
i 7314 Mar'23;____ , 7314 734
Registered
1945 3, 013
1951 33 8012 ____ 80
'
fn•L'22 ---Mortgage gold 4s
73 1 7334 Mar'23
1945 J , 72
Extended lot gold 334s
1951 * 0 79
7318 735
82
83 Feb'23 -- - - - -83 .
4
3
8
Mobile & Ohio new gold 59_1927 J O 101 18 1038 103 Mar'23
8
Registered
1951 * 0 78
10212 1043
8112 _
---4
let ext gold 65
10014 ---- 103 Mar'23
81927 G
1951 MS 573 72
let gold 3s sterling
10012 1037
4
8318 Mar'22 ---s
_ --- General gold 48
1938 181 S 7312 ----- .81, Mar'23
Collateral trust gold ea
1952 M
---- 8212 8213
8213
2 8218 857
8
4
Montgomery Div 1st g 55 1947 F A 913 9218 923 Mar'23 ____ 7512 78,
8
8
Registered
A ()
1962
9233 904
St Louis Div 5s
1927 J D 94181 ____ 95 4 Ma77 ._ ii 94
3
r231 _ _ 77
1955 MN 82
let refunding 4s
8284 821.
953
79 44
84
36 821
.
Mob A Ohio coil
1938 56 S
PurnhasN1 lines 3les
1952 .1 .1 763 7812 '75 Mar'23 --- 7714 8,34
4
8
79
%lob & Mal 1st gu g 4s
77
1991 MS 81% -78
--- 823 Feb'23 ___ 823
77 s
8 83 4
,
0 No price Friday; latest bid and asked this week. a Due Jan, 14 Due Feb. c Due
June, 8 Due Jul:. a Due Sept. o Due Oct. 8 Option
sale.




2

New York Bond Record-Continued-Page 3

1262
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 23

4Y.

19373 .1
Mont C 1st gu g 66
1937 .1 .4
Registered1937 J J
let guar gold 5e
2000.J D
M&Elstgu 33413
1928 A 0
Nashy Chatt & St L let 5s
1937 F A
NFla&SlstgUg 53
1957 J J
Nat Ry of Mex pr lien 439s
July coupon on
do off
1977 A 0
General 48 (Oct on)
April coupon on
off
do
Nat of Mex prior lien 939s___1926 J J
July coupon on
off
do
let consol 45 (Oct on)____1951 A 0
April coupon on
off
do
Naugatuck RR let 45
1954 M N
1945 J .1
New England cone 58
Consol4s
19453 .1
1986 F A
NJ Juno RR guar 1st 46
NO&NE1stref&imp4030A'52 J J
1953 .1 .1
New Orleane Term let 4s
N 0 Texas & Mexico let 68_1925 J D
Non-cum income 55 A
1935 A 0
19453 J
N & C Bdge gen gU 4396
NYB&MB1stcong5e_1935A 0
N Y Cent RR cony deb 6s1935 MN
Coneol 48 Series A
1998 F A
Ref az !mut 930"A"
2013A 0
Ref az Impt Es
2013 A 0
N Y Central & Hudson River
Mortgage 339s
1997 .1 J
Registered
39973 J
Debenture gold 42
1934 M N
Registered
1934 M N
110-year debenture 46
1942 J J
Lake Shore roll gold 339a 1998 F A
Registered
1998 F A
Mich Cent coil gold 13398_1998 F A
Registered
1998 F A
111 Y ChM & St L 1st g 45
1937 A 0
Registered
1937 A 0
Debenture 46
1931 MN
2d 6s A
1931 MN
26 6s B
1931 M N
X Y Connect let gu 434e A 1953 F A
N Y & Erie lst ext g 4s
1947 MN
BrO ext gold 4392
11123M S
4th ext gold 5s
1930 A 0
5th ext gold 48
1928 3 D
N Y & Green 1. gu g 58
1946 M N
NY&Harlemg3)4e
2000 M N
N Y Lack & Western ,Se
1923 F A
Terminal &Improve't481923 M N
N Y T. E dr W let 76 ext
1930 M II
Dock & Imp 5s
1543J J
Pt I & Jersey 1st Se
1932 F A
N•Y & Long Br gen g 4a
1041 M S
N Y N II & Hartford
Non-cony deben 46
1947 IVI S
Non-conv deben 3398
1947 M S
Non-cony deben 354e
1954 A 0
Non-cony deben 4s
1955 J J
Non-cony deben 4e
1956 M N
Cony debenture 3lie
1956 1 J
Cony debenture 6s
199F 1 J
1957 ZS N
411- debentures
Ti European Loan
1925 A 0
78 Franca
1925 A 0
Cons Ity non-cony 40
193(0 F A
Non-cony 4.9
1954 J J
Non-cony deben 48
1955 3 J
Non-cony deben 48
1956 .5 J
1927A 0
N Y & Northern let g 5e
BF Y 0& W ref let g 4s__81992 M 53
Registered 35.000 only__ 51992 M e
1955 1 D
General 49
1942 AC
N Y Prov & Boston 48
N Y & Pu lst cons gu g 48_1998 A 0
1927 M S
N Y & It B let gold 5s
14 Y Susq & W 1st ref 513
19173 J
1937 F A
2d gold 43411
1940 F A
General gold 5s
1943 hi N
Terminal let gold 58
NYW'cheadzB latSerI4396_'48 J J
1961 F A
Florfolk Sou let & ref A 55
1941 MN
Norfolk & Sou lst gold 5s
1931 MN
Noe dr Weet gen gold 6s
Improvement & extg
1934 F A
1932 A 0
New River let gold
N & W Ry let cons g 4a-1996 A 0
1996 A 0
Registered
Div'l let lien & gen g 45_1944 J .i
10-25 year cony 405s...._1938 M S
-year cony 68
1929 M $
10
Pocah C & C Joint 48
1941 J D
North Ohio let guar g 5s
1945 A 0
Northern Pacific prior lien rail1997 Q J
way & land grant g 411
1997 Q 3
Registered
General lien gold Ba
62047 Q F
Registered
a2047 Q F
2047 J .1
Ref & impt 6s ser B
20473 .1
Ref & imp 4.Sie SerA
.20473 J
SIC
2047 3 J
5s D
St Paul-Duluth Div if 4e . 1996 J 0
1931 Q F
St Paul & Duluth let 5s
1968 J D
let consol gold 48
1933 1 J
Nor Pee Term Co let g 6s
1938A 0
No of Cal guas g 58
1930 3 J
North Wisconsin let 66

Price
Friday
Mar. 23

I

'Week's
Range or
Last Sale

Range
Since
Jan. 1

High No. 1Low High
Bid
Ask Low
Jan'23 ---- 1111 114
109 11214 114
13614 May'06
1(56- 102 10034 Mar'23-- 110034 10132
7 7512 7814
7612
7512 Me 7513
5 993 101
100
100 Sale 100
4
98 ____ 0212 Nov'22
32
31 SePt'22 ____
10 26
-315 Sale 31
315
32
3 29
29
29
29
264 Jan'23
2618 2818
25 - 30
-373- 39
4

-2712 Feb'23 ---_
3314 June'22 -__
384 Feb'23

25 8 Feb'235
20
Feb'23 _2614 2712 28 Mar'23
87 July'14
6818 _
9212 8912 Jan'23 -___
89
70 Sept'17
76
82
8212
Jan'23
7812
767 7912 78/2
8
2
74 Sale 74
15
75
40
101
10012 Sale 100
82 Sale 814
79
83
8912 Jan'23
89%
90
97 964 Sept'22 -104'2 Sale 104
273
106
7712 26
7612 Sale 764
843 Sale 844
4
057 348
84
4 31
9314 Sale 93
72
78
87
8912
s
85ss 885- 883
8
4
0912 703 70
7112
- -- 76
7112 7212 7212
75
____ _ _
4
853 Sale- 853
4
8612
835 Sale 834
s
4
9914 Sale 983
983 99 -- - 4
5
85 Sale 87
80
9912
914
-6ils
943
4
78__
____ 8612
77
774
93 Sale 10014
893 100
993
4
s
1034
11_1314
98
984
9512
943 99
4
91
87
7212 Sale

8712 Sale

2712 23
351

89

8912

82 82
7812 8115
74
793
4
100 10118
7712 837
s
8914 894
103 ii564
763 824
8
8414 887
s
93
98%
72

Dec33
'2 65
7 24
8834 21
Nov'22
21
89
11
71
Feb'23
Mar'23
Jan'23 -87 1 21
Jan'23
85 1 20
9934 76
86 _1__
7
July'22
Jan'23
Nov'22 --Noy'15 _
Nov'22
Feb'234
10014
Feb'23 -- __
Jan'23 ---9818
3
Mar'23 ____
July'22 --__

77%

87

915
8

8714 9014
693 76
4
7112 72
7212 77
75
75
854 9014
864 864
835 877
8
s
983 1004
4
85

885
8

9914 9912

--

774 7712
9812 10014
994 . 993
4
10312 10312
94
9818
9512 984

49 Mar'23 --__ 49
57
47 Feb'23 ---- 40
447
42 2
,
43
6 40
47
45
4514
6 45
514
46
4614 22 43
51
43
4312 15 90
98
6714
6804 25 67
7314
40
3 39
39
434
72/2
4
7312 77 7014 813
7012
704
8 60
slit
,
42 Feb'23 ---- 4014 42
5012 Dec'22 --44 Mar'23 ---- 44
44
____ 49 Dec'22 --_
984 ____ 99
Oct'22 ---6514 65
2 -(TIF. - • 6512
*Ws
593 NoV20 - ___
2
-- 68 Mar'23 -"El- -i65;
5
782 _6_4
04
83 Mar'23_ A Wel3 ---8012 Sale 8012
8012
7 8012 82 4
3
9414 99
96 Dec'22
54
56
53
5612 11 52 60
48 Sale 48
48
4 42
495
8
4
457 Sale 45
454
3 45
49
8418 ___ 845s Mar'23 ---- 844 9328
44
4514 4414
454 34 4314 5014
67 Sale 6612
674 22
a 71
91
904 92
91
1 90 i 9312
1
10514 _ _ ._ 10812 Mar'23
10812 10812
10612 110 110 Mar'23
110854 110
10514 108 106% Mar'23
10684 1063
4
8812 Sale 884
884 15 87
9314
894 Feb'23
884 90
85
84
8412 844
9 844 865
4
108
10914
Jan'23 ---- 108 108
113 Sale 113
11414 73 111 1171
4
8512
852
4 14 8512 woe
8412 881,
77
8518 83
Jan'23 ----I 83 83
48
99
44
4512
43 Sale
454 47
454 9778
43 Sale
68 Sale
30
40
69 6912
73
7312

8314 128 8218 87
8214 Sale 8215
8112 got, 8112
8112
4 81
8313
21 5918 6214
60
5918 Sale 594
585 ____ 584 Mar'23
s
5812 5934
10612 Sale 106 4
,
107 TO 10618 1093
4
8314 8412 8415
847
8 22 844 904
96
17 94 100
9418 Sale 94
943 719 93
9318 Sale 93
9914
85
__ 89 Feb'23 ---- 89 89
993, ____ 100 June'22 --_:.
_ 7918
8414 Jan'23
141-giti -E 4
108 19912 110 Mar'23 ---- 110 110
100 ____ 102
Jan'23 ---- 102 102
100 ____ 118 NoV16 ---- ---- ---4

4
4
19483 J 66s 6812 663
Og & L Cham Ist gu 4s g
80
1943 M S
Ohio Conn Ry 98
1936.1 D 9588 9658 964
Ohio River RR 188 g 58
9512
1937 A 0 9112 95
General gold 58
1927 3 .8 9312 Sale 984
Ore & Cal Ist guar g 5s
8
1946J D 803 Sale 864
Ore RR & Nav eon g 48
Ore Short Line
997 100 100
8
1946 J J
1st consol g 58
19465 J 100 Sale 994
Guar con 55
7113
9 14
79811124
1929 J D
Guar refund 48
Sale
1961 .1 3
Oregon-Wash let & ref 9s
7912
D 794 88
1946 J
Pacific Coast Co let g 55
4
Pao RR of Mo 1st ext g 46-1938 F A 843 85 8618
9512
1938 J .1 9418 96
28 extended gold 58
1955 J J 894 9112 91
Paducah & Ills let s f 4398
4
1958 F A 7314 Sale 715
Parls-Lyons-Med RR 138
4
8
Pennsylvania RR let g 4e .1923 M N 993 _--- 993
9314 90
1943 M N 89
Congo'gold 4s
1948 M N ssas 9014 90
Consol gold 48
s
947 997
8
93
1960 F A
Conso1439s
s
1965 J D 893 89% 891s
General 41-58
General 5e
19683 D 9918 Sale 99
10
-year secured 7e
1930 A 0 1074 Sale 107
16
-year seoured 6048
1936 F A 10614 sale 10632

Mat'23
Sept'20
Mar'23
Feb'23
983
4
863
8

665 71
8
-__ - 9512 9814
9512 9512
63 983 100
8
874
6 86

10018
10014
97
711;

35 100 1041s
39 997 105
8

15
5 791 8313
6 95
9
1 9
2
795
8 11 76
794
Mar'23 ---- 864 885
8
1 9812 97
9512
Mar'23 ____ 9012 91
7384 375 6312 7311
4
Dec'22
90
2 - " "93166
4
90
3 89
91
9514 19 944 9828
907 201 8918 927
8
8
10078 258 994 1018
4
1083
4 85 107 110 g
5
108
150 106% Ill%

•No price Fridariatest DM and asked this week. aDue Jan. 1 Due Feb.




391

25 8 25
5
53
2412 2614
26
2712

BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 23

Price
Fridav
Afar. 23

Week's
Range or
Last Sale

z I

Range
Since
Jan. 1

Pennsylvania CoBid
Ask Low
High No. Low MoDo
Guar 3345 cell trust reg A_1937 M 5 834 -_-- 8412 Nov'22 ___- __ - _ :
Guar 3396 coil trust Ser B_1941 F A 8154 -4
813
4
813
1 8134 83
Guar 339s trust et/6 C____1942 J D 8112 85 83 July'22
-- --_ _
Guar 3398 trust ctfs D.._,1944 J D
9228 8 12 Nov'22 -9
3
2
1
-Guar 15-25
-year gold 4a__ 1931 A 0 9114
_
92
92
93
40
-year guar 48 cite Ser E__1952 MN 833, 86
85 Mar'23
85
87
Peoria & East let cons 4s____1940 A 0 72
73
724
73
3 7212 76
Income 45
29
28
1990 Apr. 26
28
7, 27
30
Pere Marquette 1st Ser A 58_1956 J J 9514 Sale 9334
954 38 93 4 974
3
let Series B 48
1956 J 1 78 Sale 78
Phila Balt & W 1st g 411
90 8814 Mar'23 1
1943 MN 89
8
8814 9 1
6
112
2
1
Philippine Ry let 30-yr e f 4s 1937 J J 47 Sale 47
48
2 464 49 5
7
PC C & St L gu 41-i5 A
1940 A 0 9414
947
8
947
8
1 94
9784
Series B 43911 guar
9412 Mar'23 ---- 9412 9478
1942 A 0 9418 98
Series C 439s guar1942 MN 04
94 Mar'23 ---- 94 94
Series D 4s guar
8
1945 M N 89% ---- 89% Feb'23 ---- 89 4 894
8912
1 8
Series E 3398 guar gold
9 8915
1949 F A 8912 ... _ 8912
912 89 2
Series F guar 48 gold
1953 J D 894 ___ 89 Feb'23
Series0 48 guar
s
8
895
8
1957 MN 895 ____ 895
11 8912 895&
Series I cone guar 439a
1963 F A 934 95
945 Feb'23
8
9412 95
Series J 43.58
60 in
9414 Nov'22 ---- _
1974 j
95
General 5s Series A
13 i94_ _1, i9_9_ D 9412 Sale 9414
N
-!
.
-3
4.
99 Nov'22 -Pitts & L Erie 2d g 5e--__o 1928 A 0
Pitts McK az Y let an 68
1932 J J 102'4 ____ 105 Dec'22 -__ __ _ __ __
2d guaranteed Os
1934 J .1 10018 ____ 9514 June 20 ---Pitts Sh & L E let g 58
4
1940 A 0 974 _ ___ 100 Mar'23 ---- -fifil- i56lat consol gold 52
100 Feb'23 ---- 100 100
1943 J J
Pitts Y & Ash 1st cons 58.. 1927 M N 9814 --__ 98 June'22 -- 5 ailiz_
t
8 7.8
Providence Scour deb 48
384 Mar'23 --- . ;_.is
1967 M N 35 52
.4
Providence Term let 4e
1956 M S 754 ____ 9133 Feb'18 --1997 x J 8318 Sale 827
s
8314 21
.
Reading Co gen gold 46
.
82 82 Mar'23
Registered
1997 J J 80
4
82 ---- 80 8414
6 2
8
6
Jersey Central coil g 45._ 1951 A 0 793 8312 8012
Reims Sr Saratoga 20-yr 66
1941 MN 112 115
3
92 8 m oc;2 -..-_-.: -;____._
7 7 Da 22
6
Rich & Dan Is
1927 A 0 974 99
EB -ii.Rich 9 34pck 180. g 58
,
1948 M N
. 100_
4
9814 Mar'23 ---- _99_ .
Rich Ter 5s
19525 3 973 99
8418 10 8418 873
zsio Or Juno let gu 55
1939 J D 8418 Sale 8418
4
1018 ____ 1012 Dec'22 -(110 Or Sou let gold 4.8
1940 J J
1212 -.... 1018 Feb'22 ---Uftrall
1040 J J
74
751s 744
754 11 77 81
7' 4 78
1
ltlo Or West let gold 48
1939 3 J
4
6414
7 63 671,
Mtge & roil trust 48 A_
1949 A 0 6312 6412 633
1
It Ark &I Louie let 435e__ 1934 AI S 77% Sale 77
734 70
Jan7 2 --3- 70
7 23 -9
'
70
1949 J J 66
Rut-Canada 1st gu g 48
82 80 Mar'23 ---- 80
804
Autland let con g 434s
1941 J J 78
7312 Mar'23 ---- 73
763,
St Jos & Grand Isl let g 48 _1947 .1 J 7218 74
it Lam.& &my 1st g 8
5
8
1996 J .1 907 9212 0214 Feb'23 ---- 9 12 9:
2
5
91
2
8
28 gold 68
1996 A 0 957 -_-- 9814 Mar'23 ---- 9814 984
90
_
0 13 ,
'2
87 Mar'23 __2 _ 87
1931 J J 864 89
St L & Cairo guar g 45
St L It NI dr S gen con g 58.-1931 A 0 9612 Salo 95
'4
e
Gen con stampngu 4a 59.._- _1931 A 0 --_ . -_102 July'14 ---- -- -- isif
a id g
n
:
4
833
4 97 82
Unified &
1929 J J 831 Sale 823
Riv &0 Div let g 48
7
:0
6
:
0
9
6
3
99
7712
7
9
3 97 8
-3 0
St L M Bridge Ter gu g 511_ 193 M N 951 7734 96% Mae23 - - 193 27
0
933 A O 76
St Louie & San Fran (reorg Co)
194 6614 707
67
1930 J 5 6612 Sale 6614
90
5
5
Prior lien Ser A 4s
47 804 8475
82
J J 8112 Sale 8012
Prior lien Sor B 56
97
89
9
9(414 34 89
88
93
5395
1942 1 1 ,914 Sale 8934
51
Prior lien Ser C 133
511992118
754 80 8
8
55980 A 0 78% Sale 77
Cum adjust Set A Ss
67
6. Sale 6414
6504 4
797 109 58
Oct
Income Series ASs
1
103
St Louis & San Fran gen 6e 1931 J J 1014 1033,103
8
8
General gold 58
1931 .1 .1 953 967 97 Mar'23 ---- Ms 994
_27:1:_
1 24 - 28 .
2
St L & 13 F RR cone g 48_ 1996 J ..§ 8212 _ _ _ _ 674 (R...774110-55- _7774;8 _887 i
Soutbw Div let g 58
A ...
1947 j 0
9912 167 Iola Y6'8 -- -4 i561- ifiii
9
10 252
0
8
St 1.. Peri& NOV lot an 5s
.
1948
4
7834
C 54
3
St Louis Sou a 4t gli nd4s
ls a an a nua
8
1939 M S 865 ____ 8612 0c7 22 ic, 7
91
m N 734 Sale 73
St L SW 1st
714 694
694
7, 6918 714
2d g 45 Income bond ctfa_61989 J J 67
Sale
Consol gold 48
77455142
e 7412
le 7
6
/
1st terminal & unifying 5s...195 . D
032 -1 J
754 Sale 753
8
777
8 37
St Paul& K C Sh L 1st 439a 1941 F A
I 9112 94
it Paul hi cfc Man 4e
3
- I081 6i
92
91,
2_ 91354 mar:22
9
8
i; .
193 .1,10 j 19714 1_9
93 .1 j 03 4 1_0 107 M ig 1114 iii.. i.5 1_093a
33
3
let consol a Be
99 Se9V20
Registered
1933 J X 10612 110
---4
8
J 953 971e 9614 Mar'23 -- -911- -oil;
Reduced to gold 4)4s
1933 J
Registered
/
1
4
4 8
0 M 23
, 88
Mont ext 1st gold 4e
307
19937 5 D 89 _9_0_1_ 894 m ar:21 -1194 1 O
Registered
8412 ---- 84 Mar'23 -.._I 84 if
Pacific ext guar 48
74
74
2 789
8 7931 739 34
7
: 808:
1
74
S A & A Pass let fru sr 951
1943 J J 71
Feb'23
1942 51 S 964 - _ _- 99
Santa Fe Pros & Ph Is
4
8
0
81
San Fran Terml let 48
1950 A 0 803 Sale 10
Say Fla & W 6s
1934 A 0 107 ____ 10812 Nov'22 ---2
'
875
:2
5s
6445 No68;22 -.4-, 'II" WI;
Ad. v & N E let gu g 48 1989 A O 86 Solo 86
34 m N
58 . 58 Mar'23 ----1 53
og
1950 A 0 44
Seaboard Air Line a 4s
Gold 48 stamped
533 Sale 26
3 4
0
5
9
31
51
22811 6 3 31,
2 4 68
2
Adjustment 58
Refunding 49
.61199948599° A 0A0 6465,142
FA
22 8 4 L
4 3
8 8%
a
Sale
1st & cons t3s Series A
1945 M 5
9
6 A n r,23 --- 46
Seaboard & Roan let 58
1926 J J 9614 ____ 4214 kiag 221___: 93 964
Sher 1314A So 1st gu g 58
1943 J 0
1030 F A 964 -10018 Mar'23 ---- - - i(illi
El & N Ala cons go g 5s
ii
964
97
5 9612 gii
Gen cons guar 50-yr 5/4._ 1963 A 0 98% 104
Southern Pacific Co
90
8 58
0
8124 84 8 3144 1988
9
Gold 48(Cent Pac coil).. __81949 J D 98011s
18 990 0388:4:
30
8
2
Sale
20
-year cony 48
81929 M 8
9258
20
10112 1210011
1934 .1 D 10112 Sale 01
-year cony 5s
0 4
8
-1- 0
9 jab 2
So Pac of Cal-Gu g 58
:3
M
8118
0
1937 5 111 181: -51 4 8118 Fen 2 -..::: 1 9 101
9
So Pat Coast let gu 48 g
84
202 17903 :
So Pao RR let ref 48
873038 1902_
4 _6
1955 J J 8312 Sale 83 4
3
1994 J J 92 4 Sale 9212
Southern-lst cons g 58
9314 57 9218 9814
Registered
1999 J J ---- 1)012 93% Feb'23
Develop & gen 48 Ser A-1956 A 0 67 Bale 664
6712 -Hi 6612 6912
lug A 0 10112 811115 07312
797311 79088
Temporary 6398
72
07;
1
9 7j 3
6
Stem piv 1v 1 et gee56----199 .1 5
M Loule d1 8 1g 4 s
So Car & Ga let ext 534e
1929 MN
69 Felaut:r..:1227 :; --3 .
4 F.12 2 3 _- --31
Spokane Internal 1st g 5s
1955 . 5 6678 9812 83 4 Meb 23338 I 2-- -_ - .318 4 _81
. 8 12 93
9
79
s
9
1943 .3 D 773 - - __ 8
0 ma'0 ____
2
Staten Island Ry 4345
Ocy. 2
t2
1
Sunbury dr Lew 48
19363 .
Superior Short L let 5s g___41930 M El 9.514 -- -- 95 May'lfl ---Term Assn of St L let g 440.1939 A 0 9318 95
93 Mar'23 ---- 93
9812
,
1944 9' A 9
51s 99
97
97
2 97 9
8
1st cons gold Se
1953
J 77
80
7712
79
22 7712 99396248
Gen refund s f g 48588,8......11994433 1 j 3858 _0_024_ 394014 Fjaenb:2233 .:..:;_;.. 983928r:444 82
Texas N0acon oau
ex & &0 ia l gold
$
13
3
820
2
%0 mar 8498,1311444 :.... ._ 980 ,4 j n81138
84 131
Texas & Pac 'at gold 56
a99.22 in 91
961e28 gold income 5a
4012 cps.
Sale
1931
La Div B L let g 58
4
Vol tic Ohio Cent let an Ss_ _1935 J .1 973 Sale 975
4
988
4 18 98% 985,
Western Div jet g 58
1935 A 0 89% 9212 3214
9
0
1935 J o 8618 91
General gold 5a
875
2
8758 10 875 8758.
8
1917 J J 30
33
Tol Pea & West 4s
Feb'23
4
2 26
32
55 A 1
0
Vol St L az W pr lien g 330_ 192 J 0
94 Mar'23 ---- 9318 944,
70 Sale 70
50-year gold 46
70
8 70
7514.
1931 .1 J 9112 9614 9518 Nov'22
Vol W V & 0 gu 4X8 A
1933 J J 9012 968 934 Dec'22 --Series B 4Sie
---1942 M S 86% __ .._ 867 Nov'22 -- - --Series C 4s
8
- --Tor Ham & Buff let a 48_81946 J D 79
82
7918
791e
-; 7111 -132
192 1 13 94
48
7
9512 94 Mar'23 ---- 94
Ulster & Del let cons g 55
9512,
1952 A 0 60
let refunding g 48
70
70 Mar'23
68
70
J J 89 Bale 8834
Union Pacific let a 411
8912 -ii6 88118 9514,
Registered
1947
.1 85% 94
908 Feb'23
897 92
4
20
-year cony 48
1927
93 51
1 9434 Sale 9414
9414 9 s,
8314 52 82',88
let & refunding 4a
02008 M 13 8112 83
8214
-year perm secured 6e___1928 5 .1 104% Sale 103
10
10412 28 103 105
8.,
RR & Can gen 48
UNJ
1944M El 91',____ 8012 Junell ---- ---- ----

_iiia
.

Due June. h Due July. k Due Aug. 0 Due Oct. v Due Nov. (Due Dec. 8 Option:sale..

1263

New York Bond Record—Continued—Page 4

4's'
Range
Week's
Price
Since
Range or
Friday
Jan. 1
Mar. 23
Lag Sale
_— --_
-Bid
Ask Low
High No. Low High
Bid
Ask Low •
1110h N o. Low High
116 855 94
,3
1926 J 1 9812 ____ 097 Jan'23
02
Utah & Nor gold 5s
91 Sale 91
0912 99% Cuba Cane Sugar cony 7s___1930 J .1
s
4
4
1933 J J 013 9212 913 Mar'23
let extended 45
Cony deben stamped 8%.,j930 .1 J
953 Sale 95
____ ____
2
91.118 174 9014 9814
86
Vendetta cons g 4e3 Ser A
1955 F A 8414
Apr'22-___ __._ Cuban Ant Sugar 1st coll 85_1931 M 8 10714 Sale 107
a
1074 60 10612 1077
9212
6 92
1957 NI N 8414 ____ 8514 Nov'22
Casual 40 Series 13
____ _.. _ _ Cumb T d. T let & gen 5s____1937 J J
92 Sale 92
9612
Vera Cruz & P 1st Cu 4 Hii._1934 J J --------3711 Mar'23
34 , 3712 Denver Cons Tram) 5
m)
,
1933 A 0 75 ____ 974 June'20
3418 3712 37 Mar'23
July coupon on
34
851 90
/
4
3712 Deny Gas'8 E L lot & ref id g 59'51 M N 81
86
8513 8518
987
8 28 85
2614 _
July coupon off
99
Dery Corp 00 7s
1942 M S 877 Sale 85
148 Sept'22
Verdi VI & W let g 5s
1926 M 9
utetrolt Edison let Coil tr 5s_1933 J J
-___ _ _ _ _
98
11 97% 10012
935 97 972
8
30 933 98
941 933
9814 Mar'23
Virginia Mid Ser 11 13
1926 M 8 9714 let & ref 53 set A
947
96
984
4
4
81940 M S 94
46 101 104
_
9612
/
4
General .,s
9812
1 9612 983
1936 MN 951
let & ref 138 series B
4
81940 M 8 10112 Sale
1 03 934 -_)at Milted let eons g 436s....1932 J
/
1
9412 93
Va & So'w'n st go be__ ___2003 J J 93
93
85
2
8312
8514
4
J 833 Sale 10119 12 15 82
7614
1958 A 0 7212 76
let cons 50-year 5a
761
/
4
14
3 7614 81
10713 '23 10518 10812
Diamond Match d t deb 748_1936 MN 107 Sale 1053
8
4
913
Virginian let Lo Series A___ _1962 M N
4
943
4 40 913 98
913 92
4
Distill Sec Cor cony lot g 5s_1927 A 0 55 Sale 56
4912 64
9414 9512 95
Wabash 1st gold 5e
1939 M N
953
4
3 9412 99
Trust certificates of deposit____ __ __
49
55 Sale 55
64
229
/
4
1939 F A 831 833 84 Mar'23 --- 84
2d gold 59
0214 Dominion Iron & Steel 5s1943 J J
808% 274 82
852
8213 Sale 8212
854
/
1
1 6812 69
lot lien 50-yr g term 4s_
69
1954 .1 .1 6812 ____ 69
Donner Steel 7s
84
93
1942 J .1 90 Sale 90
4 04
14 90 90
9
Det & Ch Ext let g 531941 J J 9212 97
94
91
0
9612 E I du Pont Powder 4SO__ 1936 J D 90 ___
94
3 Jan'23 ---- 734 732
Dee Moines Div let g 48_1930 J J 6518 79
73
du Pont de Nemours de Co 733s '31 M N 10814 Bale 108
10812 93 1071 108%
/
1
/
4
60 101 105
103
65
632 Mar'23 ____ 633 6614 Jauuemae Lt 1st & coil 69_1949 J .1 10773 sae 101
4
1941 A 0 64
Om Div let g 348
0 118 Sal c
4
l
61 10614 1083
4
/ Jan'23 —
1
4
108
Tot & Ch Div g Is
1911 M 9 7013 773 77
Deneu.are 733s
771 771
/
4
/
4
4
1936 J J 10718 Sale 107
7014 ____ 7412 Nov'22 __-_
1071 1093 428 93 11314
Warren let ref go g 33313
2000 F A
/
4
4
East Cuba Sag 15-yr s I g 73561937 M S
Wash Cent 1st gold 45
84% May'22
1948 Q M 79 84
---- ---- Ed El III Win let con g 4s1939 J J 86% Sale 8634
8
86%
5 867 91
W 0 & W 1st cy go 4s
___
__
1924 F A 97% _ __ 9714 Aug'22 --__---- ---- Ed Rice III lot cons g 58
1995 J J 9912 10118 10138 Feb'23 __-- 10114 101%
781 764
/
4
7612
2 7612 -ill% Elk Horn Coal cons' 68
„ 99 9912
Wash Term lot go 333s
1945 F A 75
99 Mar'23 -..
1925 J D 97% 99
1945 F A 8314 __ _ 848 Nov'22 ____
let 40-year guar 45
,tuolre Gas et Fuel 733s
9414 313 9318 9812
34 Sale 9312
1937 M N 9
87 2 Mar'23 ___ -gil- -i6" Eq G Light Is
,
W Min W A N W let gu 59...A930 F A 8012 87
4
1932 M 9 94 _ 95 Mar'23 _— 95 95
6138 195 60
/
1
653
4 Fisk Rubber lst 81 8s
est Maryla d 1st g 4s
1952 A 0 604 Sale 60
10734 54 106 10813
1941 31 5 1064 Safe 106
2 08 100
98 Sale 98
Jan'20 61
et Smith Lt a. Tr 1st g 5s ,,..1936 M S 71 ._ _ 58
98
est N Y & Ps let g 5s
1937 J J
77
1 77
"8314 -1514;
81
Frammic Ind & Dev 20-yr 7335'42 .1 J 88 Sale 88
Gen gold 4s
77
77
1943 A 0 75
/307
1024 13 100 103
8/
a 30 7934 85
91
Western Pao 1st Ser A Is,
1948 M 5 8014 8013 80
Francisco Sugar 73511
1942 M N 10214 Sale 1012
0381 8 J 79 Sale 78
80 ... 7
2_8 9
8 ,
89
3
West Shore let 45 guar
% Gee.8 El of Berg Co cons g Is .1919 J D
934 9312
/
1
4
763
4 29 7614 82
00 F531 4
03
'2 93
Registered
2361 J J 763 Sale 7614
General Baking lat 25-yr 6s__1936 J D 190 101: 93'2 Mar'23
93'2
1 99% 101
9712
9712
2 97
99
Wheeling & L E 1st g 5s
Gen Electric deb g 333s
1926 A 0 0713 09
78
8012
1942 F A
1170
8
Feb'23
Wheeling Div let gold 68..1928 J J 027 ____ 99
- ;; 100 1027
Debenture Is
8
1952 M $
32 8
7_
4 78
_
1930 F A 905 97% 94 Sept'22 ------------20-year deb 6s
Eaten & limit gold be
- Feb 1040 F A ..._8 :7 1055218 Jan'23 __ -8 105 1051s
.52
99
23 98 1015
544
GenRefr 1st 8 I g 6s Set A1952 F A 9812 Sale 98
Refunding 4355 Series A.__1968 M S
8
5814 41 '
30 100 102
101
10014 Sale 100
2
581 57,
/
4
2
5
RR lot come! 45
1949 M S 58 5323 571 88 Goodrich Co 614s
11713 169 114 11712
53
28 53
8
Wilk & East 1st itu g bs
60
Goodyear Tire & Rub let s I 89'47 j N 1167 Sale 116
1042 J 13 53 Sale 53
1941 M j
1938 a I) 995 ---- 101
8
1041 197 995 106
/
4
Jan'23---5 1v 101
WIII & SF 1st gold be
10-years f deb g 8s
i
8
e1931 F A 104 Sale 10328
80
82
80
31112 Granby Cons 51 S & P con (is A '28 M N 88 -__- 9112 Jan'23, _-- 911 9113
Winston-Salem 9 B let 4e___1960 J 1 80
/
4
,ii
7 4
71
4
92
WIe Cent 50-yr lat gen 4e_ _ __1949 J J __ 77,2 77 Mar'23 __-_ 763 82
Stamped
92
1928 MN 92 ____ 92 Feb'23
771 Mar'23 ____ 77
/
4
9934 :12 9614 100
80%
4
Cony deben 88
Sup & Dul div A term let 4o'31 M N
1925 M N 993 Sale 98
8
99
190 1 10 96 100
97 100
W & Con East 1st 435e
1943 J J 545 ____ 65 May'22 --__ .___ ---- Gray & Davis 75
4rept Falls Power lot e f 5E1_193 I' N
/
1
'
99
994 12 9812 100
/
4
2 1940 M A 991 100
83
82
62
Feb'23
Hackensack Water Is
8112 82
INDUSTRIALS
1 87
87
8014
87 I
8 80
8014 tiavana Eiec consol g 5s
91
Adams Esmesscoll tr g 4s._ _1948 M 5 8012 Sale 80
19 2 .7 j 83
932 F A
87
9714
8 96
994 Havana E Ry LA P gm n 5s A..,'54 M $ ---- 8334 82
81
8514
Ajax Rubber 88
1936 .1 D 0612 9634 963
8 Mar'23 .._—
7
9
614 8
97 100
Hershey Choc 1st s f g 65_____1942 MN 98 Sale
Alaska Gold M deb 435 A
1925 M S
612 8
6 Mar'23 ____
89 2
614 61 Holland-Amer Line 138 (ficr)_1947 MN 8412 Sale 97%
/
4
88 21 1239 871 92
931'4 17
9
0
0 % S_a_
9
/
4
1926 M S
Cony deb 138 series B
94
9734
9412
5 974 10012 Hudson Co Gas let g 59
3 927 9412
s
1928 A 0 9712 Sale 0712
Am Agric Chem let 5e
1949 M N
9 12
8
104
57 1023 104% Humble 011 es Refining 5348 _1932 .1 J 98 Sale 9813 occ32 __4_8_ 9712 99
4
1941 F A 1031 1 10312 1024
let rot s f 7338 g
71
8934' 27 89
35 65 8012 Illinois Steel deb 433s
9612
Am Cot 011 debenture 5s_. _. 1931 NI N 65 Sale 65
1940 A 0 89 Sale 89
s
8
8012 81
Ind Nat G & 0 5s
Am I)ock & luipt go Bs
1936 J J 1005 -___ 1057 Deo'22 1936 MN 76
100 I 51 -i6- kill:
9912 Sale 99
Indiana Steel let 5s
Am.8m & Riot 30-yr Laser A 1947 A 0 87% Sale
/
4
8
Ingersoll Rand let gold Ss__ _1935 .1 NJ 95 -,..,- 96 Nov'22, ..-,
American Sugar Refining 6e 1937 J J 101% Sale 10112 1031 115 013 104
19 9 1"
5
94 - 12 "
/
1
9218 1431 9118 923
Ili -fli4
ncerboro Nletrop coil 4 335_1956 A 0
Am Tele')& Tcleg coil tr 4s__1929 J J 0112 Sale 9114
81 1014 918
/
4
er% 912
912 Feb'23
86
3' 99
00
6
8
Certillcate3 of deposit
1936 M 8 -- - - 92
Convertible 4s
1933 Ai s 9912._ - - 102 Mar'23 —.-1100 10312 Mterboro Rap Tran let 5a___19136 J J ---..- ---- 6912
7012' 103 89
/
1
4
72%
-year cony 4345
20
Stamped6S 72
68%
06% 153 9453 101
69% 99
3
8
s
-year temp coil tr 5s, ,_1946 J D 9512 Sale 951s
30
70 I 65 66% 7318
11714 21 11412 1174
313°44 Sale8ale 6912
ttI
1925 F A 11618 Sale 116
10
-year 138
7
-year convertible Os
843
921 175
/
4
24 8214 85
4
90% Sale 90%
7e
1934 A 0 843 Sale 83
Am Wet Wks & Eleo bs
79
4
8V
24 8212 85 2 Int Agile Corp 1st 20-yr 59__1932 M N
94132 94 %
7 4 81
9
80
79
,
1939 1 .1 8412 Sale' 823
Am Writ Paper n 1 ,-(38
125 1 14 1:
89
1 854 127111
125
971 689 964 987 Internet Cement cony So,,,,.1926 J D
06% Sale 9612
/
1
9,4 8008 24
1953 F A
Anaconda Copper (is
1031 933 100 1043 Inter Mercan Marine 8 1 69_1941 A 0 -al- sale 807
8812 103 84'
4
8
1938 F A 103 Sale 103
86
70 843 90
8712 15
8612
885634
International Paper 55
Armour & Co lot real eel 4335 19,32 2 j1 8514 Sale 85
1947 1 J
40 Mar'23 _-__ 32
364 40
8412 883
Sale
4013
let & ref Fts B
Atlantic Fruit cony deb 7s A_1934 J D
1947 J .1
36 Mar 23 -___ 29
94'2
8 171 47
3514 39
'
394 Jett Clear C & I SS
___
Trust certificates of deposit
027 .1 D 10313 -- - - 85 June6
946 j j
40
4012 43
8014
423
81121-iii
4
9 29
44
Jurgen! Wks 68 (faf Price)_ 1
do
et:Ironed
951' 9 9414 8712
5f
72
,
93 4
_
,
t 9412
1947 J D 91 2 --- 98 Nov'22 _15. ._663 Kan G & El (35
Atlanta Gas Light be
1952 hi 5 V114 S
97 Sale 07
1054
/
1
' 4 10352 1071
8
Kay9er & Co 70
Atlantic itefg dob 58
1937 1 .1
1942 F A 1055 Sale 105%
10112
1003 1011 101
2, 10014 103
4
10812 199 I 60 1063 110
4
Kelly-Springfleld 'Fire 8s__1931 M N 109 Sale
Baldw Loco Works let 50_ ___1940 M N
1013
4 18 99% 10312 Keystone Tele') Co 1st 58___ _1935 3 J
/
4
9413 July'211_ _ __ ___ _ _ -Barn4dall Corps f cony 8% A.1031 1 J 1011 Sale 1003a
1l)712 54 10732 1083
8
99
953
4
8 98
4 Kings Co El LAP g 58
Bell Teleph of Pa s f 70 A
1945 A 0 1073 Sale 107%
1937 A 0 -9-6-3-4 -9-9-- 9
8
9612 359 054 9914
15
1 1105 111%
8
_
Purchase money 6s
be
1948 J J 96 Sale 9512
1997 A 0 11012 113 101,4 A 111 I
98
984 9813
9914 211 98
pr'22;__
994
/
1
Convertible deb f
4
/
1
4
Beth Steel let est 8 f Se
1926 J J
1925 M 8 1053 - 92
40 9012 974 Kings County E lot g 45...A949 F A
fi- -fi9012
02
93
7114 7313 73 Mar'23_-. 1942 M N
lst & ref 5s guar A
8812 15 88
9312
7312 Mar'231____ 7314 76
7114 73
Stamped guar 4s
1930 J .1 88 Sale 88
213-yr p m & imp a I 5
1949 F A
98
199 96
81
993
8018 Feb'23,,...!804 804
973 Sale 97
76
4
iø-it r A
Kings County Lighting bs.....1954 J .1
lls A
6413981 9712 9712
2
9212 188 9178 93
9214 Sale 914
9912
9713' 8 97
1953 F A
545
1954 J J
70%
11 703 70% Kinney Co 7338
70%
80
8
8 9914 1014
/
4
Booth Fisheries deb s f 6s_ ___1026 A 0 70
1936 J D 100% Sale 1001 100341
997
8
997
81
9918 34 977 1001 Lackawanna Steel let g as_ _1923 A' 0 99% 100
1 99% 100
s Salo 97%
8
977
/
4
Braden Cop M coil tr 8 1 68....1931 F A
/
4
/
4
91% b4 93 4 97
,
3
2
14: : 881 8214
3
: 63
,
414
2
8:
/
1
4
let cons 59 9erles A
2 l
Brier Hill Steel 1st 533s ----1942 A 0 1141 Sale 941
1950 M 8 8918 Sae 897
6812
3 62
/
1
69
Lac Gas L of St L ref & ext 5a 1934 A 0 947 Sole
B'way & 7th Av let o 8 58....1943 J 0 674 Sale 6712
89
1
4
91121
3 9112 9112
Brooklyn City RR Is
1941 J .1 -------- 8512 Mar'23 ----I 8512 8712 Lehigh CA Nays f 449 A.„1054 J J 05 10901/ 914
0612 49 05
Feb'23 _ ___ 100 102 4
98
100
Lehigh Valley Coal 5.9
Uklyn Edison Inc gen 55 A__1940 J J 0614 Sale 90
1933 J J
a 10114 1043
103
/
4
4
43
General 13s serle9B
1930 J J 10118 1021 10114
1933 J J 88 _ ,__ 8318 Oet'21 ___— -_ _ --- 106
14 105 10814 Lea Av & P F let Cu g Is,_1993 NI S 32
44
44
Feb'231____ 44
1930 J J 105 106 105
General 7s series C
48
1083
8 32 106 109
1155
81 21 115 117
/
1
4
LIggett & Myers Tobac 7s...1914 A 0 115 11514 115
General 7s series D
1940 J D 106 Sale 106
66
2 58
66
66
973
41 25 97
98 4
,
Bkin Qu Co & Sub eon gtd 59_1941 31 N -- 68
1951 F A 97 Sale 97
1141' 10 114 1164
/
4
81 ____ 7912 Nov'22
/
4
11313 1141 1144
Lorillard Co (1') 7e
let bs
1941 J J
1944 A 0
76
9612' 211 96
0 Ei
974
5s
A 96 Sale 96
Brumtlyu Rapid Tran g So.
..1945 A 0 76 Sale 74'
757
17 54
9 11812 119 I 11 112 120
79
Magma Cop 10-yr cony g 7s.,1132
Trust certificates
1 1
D
%
6412 661 54
72
1015 171- 06 102
75
68
8'
2 1le 10014
Marian Sugar 733/3
lot refund cony gold 4s.__ _2002 J J 6412 Solo 65
1942 A 0 1011112 L
924 118 87
/
1
96
8
62 1 13 6012 847
Moravec Ry(NY)cons g 4s.1990 A 0 6112 Sale 612
8
3-yr 7% secured notes_ _k1921 J
.
927 140 854 9512
8
9le 9112
/
1
12'28a212 9
92
9
2d 45.
Certificates of deposit _______
8812 102 82
4
8514
951 Manila Elea Ry et Lt 5! 55_2953 j D 88114 _8867
/
4
873 Sale 874
84 Mar'23'____ 84
65
/
1
4
Cents of deposit stamped __ _.
191 3 M 8 64,4
'
2
84
15 804 85
84 Salo 83
96%
95 I 63 91
Sale
Bkivn Un Ill let g 4-5e
Harket St By 1st cons 58____1024 M S
1050 i:-A
84
7, 8113 85
84 Sale 84
8
5-year 6% notes
Stamped guar 4-be
973
4' 49 947 97%
1956 F A
4
1924 A 0 9712 972 97%
96
9 95 100
96 Sale 96
.4 1
14441 31 1 5112 10772
077 ( 1, 0 1 4418
:
2
Msrland Oils t /38 with war'nte '31 A 0 1117144212 Sale 10 14
Bkiyn Un Gas let cone g 5a 1946 M N
s
1147
41 110 116%
78
without warrant attached_ A 0
1932 41 N 114 Sale 1147
104
2 1033 10514
8
116%
let lien & ref 0 Series A
132 I 743 108 132
733s Ser B
11144 M N 104 1043.8 104
4
g 21 4: 41 .1_0 _ ii_ _
1.4
7 18 !
6
ll7
75
do without warrants
96121 134 91% 974
1929 NI N 114 Sale 110
4 F
1931 j A 1N121alllee 912
..,. qal
Au
1
Buff & Sum Iron s t be
Merchants & Mfrs Exch 7s__10 2
1932 J 0 9112.-- 7
D 93
4
e 98 Mar'23 ---- 95
9911
78
88
80 Mar'23
Hush Terminal let 48
Metr Ed Istiref g 6s Ser 13_ - -1952 F A 9912 Sale 9913
99 41 92 98 100
2
1952 A 0
825
8
4
i 82% 8912 mexican Petroleum of 83____1936 M N 108 Sale
Contiol 5s
22 66% 69
4
%
1084 55 1003 106
9 1
9
1955 1 J 82% 853 82%
873 86
8
871
11 86
933
4 Mich State Teleph lot 58_ _1924 F A 99
8 997
Building ba guar tax ex__ _ _1060 A 0 86
9512 Sale 954
961
20 9513 981 Midvale Steel & 0cony a f 59_ 1036 1_31 11 88 Sale.' 1982
/
4
Cal CAR Corp 53
/
1
87%
8812 Cl) 874 907
8
1937 NI N
1 93
6
971
60 9512 98 2
,
Camaguey Sue lot o f g 7o, _ _1942 A 0 9712 Salo 97
Certificates of deposit
4
943
94% 933
20 9212 9712 titiw Elec Ry a. I.t cons g 58_1921 2- -A 074
Canada SS Lines let ooll 8 f 781942 3,1 N 94
1 5 F D
,
6
9887 8 82 : 15115r 7 ,1 - -9; 899 2 981,912
138 9
2 9 1 9'
9
989122
134
1 181 i
88382
1
1404
7 94
85
:
2
21 180 1034
3 314 0
1003 10013 101
Canada Gen Elec Co Gs
Refunding & oaten 43.4s,_.1931 1 J 891 Sale 891
/
4
8911
/
4
2 90
911
/
4
/
4
1042 F A 10014 _ 98 4
98
98
Cent Dist Tel 19t 30-year 59_1943 J 0 _
Gen 55 A
99 Mar'23 --..I 8812 091/4
6 100
Cent Foundry let a f 6s
1st bs 13
Sale
1031 A 0 6
991 .. 27 9812 10018 Milwaukee Gas L lot 45
Cent Leather 20-year g 5s_ _ _ _1025 A 0 99 saw 9812
933
933
4
11
9 j 1%3 22'1
1N M 1
4 9112 944
8 4
14434 113 130 149
Cerro de Fame° Cop 8s
Montana Power 151 55 A ._ __1943 J J 9312 Sale 93%
4
1931 J J 143 Sale 143
9534 49 9314 982
95
964 9
Ch G LA Coke 1st gu g Is.,,.1037 J 1 5
1 951 9618 Montreal Tram 1st & ref 5s__1041 J 1 8913 Sale 8914
/
4
894' 31 8818 91
821 101 761 837
/
4
4
Sale 802
Chicago Rya let be
,
Morrls & Co let 8 t 43.39
gi C8
1927 F A
13178 63 79% 88
19311 .1 J 8112 SAP 81
/
4
/
4
Chicago Tel Is
1923 J 0 997a 1001 0912 Mar'23 __ _ 904 1901 Mortgage Boud 4s
/
4
Chile Copper 10-yr cony 78_1923 M N 11514 Salo 1151 11734 52 113 1214
Is
Coll IF & cony 65 ser A .___1932 A 0 IgIlz sg 1 4
Mu Fuel Gas let Cu g be_ _1047 NI N -113 - - -- 2 093212
S
2 1D1 11:
:
8
7-3 9418
9932 21
'
11 993212 9952
Mein Gas& Flee 1st & ref Is 1956 A 0
Mut Un gid brls est5%.
7
/
4
1011 Sept'171.-- ---- - - - 9738
3 96
9812 Nassau Elec guar gold 49____.
6(3s Ser B due Jan 1
67%
1911 A 0 1)7 Sale 97
3 58
64 1
!Ill l 7
A 1 g- 12 gale- 61
2
4
1
13 8512 89
86
Cob F & I Co gen s f 5s
8512
87
80
1943 F A
Nat Foam & Stampg let ha _1929 J D
.
7714 79 7.5
777a Nat Starch 20-year deb 55......1930 J .1 9318
Col Indus let & coil 55 gU
1934 F A
754 754 78
_7
a
9
5 Bepu.23,- _ - _9 _ _9 _ _
7 j r22.:- _ _7
1927 2 . 9512 gale 9513
1
Columbia G & IL lot 513
96
68 054 97
10012
01
%rational Tube 1st Se
Stamped
9618 87 054 97
8
1927 .1 .3 953 Sale 9512
New England Tel & Tel 52
18 971'
97
9 %1 115 06 2
9
. 9 2
8
6
8I
J N 9 12 Sale 9 4
M o g(1
j
1512 gew Or! Ry & Lt gen 448..1935 1
Col & 9th Av lot au g 59_1993 NI S
151 Jan'23 __-- 14
/
4
1314 15
02
Columbus Gas lot gold bo._1932 J .1 9218 ---- 92
03
.
N Y Air Brake 1st cony 8s.._1928 M N 10012 101 10018
Feb 23 __
1004' 8 100 10412
7513 N Y Dock 50-yr 1st g 4s
10 72
Commercial Cable lot g 4s._ _2397 Q J 72 Sole 72
72
76 Mar'23 ____ 7612 79
7
4 51 864 8918 NY Edison 1st & ref 64e A _ Irl. F (':!.) IN Sale 107%
873
40 1073 112 2
1091
Power 88----1947 MN 87 Sale 8612
4
,
A
Companta Azlicarera Mumma
N Y 0 IL L & P g 58
983
27 97% 100
1949 .1 D 9814 Sale 97%
v i Cl ji
.
:
18114 24 i it lioIl
Jan
12
1937 J J 101 10112 101
let s f 15-year g 7338
Purchase money g 4s
81% 24 81
76
835
8
64
8/
j 4 811 Sale__ 81
F .1
Computing-Tab-Rm.a I 6s ___1941 J .1 9812 Sale 93
q Y MUnic Ry 1st a f bs A_1946
'23 ____ 76
76
19 9
0
87% 4,
Conn Ry & 1.181 & ref e 43.4s 1951 J .3 8214 - - . 84
99
Feb'23 _la 84
F !a
JI l p14 :12 13412 Feb'23 __ 99 99
412
1951 J J 8218 85
Stamped guar 44s
';( TC ?ti 1 18tIt h 1 e 4s _ _ al
8'3
D 11
/
4
.
g .4( .
s
/
4
4
Cone Coal of MO let & ref 544_1950 .1 D 863 Sale 851
CartMeates of deposit
31132 413 3018 31 ;
4
1
8
37i
/
4
9511 Mar'23 _ __ 9.512 951
Con 0 Coot Oh let gu g 53_1936 J .0 9314 96
50-year ad) Inc 50
2
618 32
5
9
6 Sales 57
..,12
.
a 1942 A 0
514
Consumers Power
5
873
41 44 8612 9312
Certificates of deposit
1952 MN 8712 Sale 8012
3 41 612
/
4
--- — 1931 M N 995 —_ 100 Deo'22:---653
4
horn Pro dRefg s t g Is
11 6512 Sale 1 65
20 65 69
- N l' State Rye let cons 448.1962 M11434 M N ol
1.
.1 y Steam 15t 25-yr 68 Ser A.1947 M NI 90
963 90
8
let 26.
9914 9912 Mar'23 ____' -59 2 i61
-years Ills
9612
- 52 06
98
1913 F A 9113 03
86 _
92
93 I
6 90
Crown Cork & Seal 62
•No mice Erldayi
.latest bld and milked. a Dila Jan I Due Apr11. 4 Due Mu• 8 Due Als7. 0 Due June A Due July. g DO•Ang *Due Oct. 8 Due Deg . Option ewe
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 23




ttl

Price
Friday
Mar.23

ll'eee
Range or
Last Sale

8758

ad I1,
10

Since
Jan. 1

BONDS.
N. Y. STOCK EXCHANGE
Week ending Mar. 23

Ai

89 i15, "ifs; -ilia

fi

1,11.: 12'4

l'

gle2 .A, L"

__1323

gig g a. 2i.'

Sale

1264

TILE CHRONICLE

New York Bond Record-Concluded-Page 5

[vol.. 116.

Quotations for Sundry Securities

All bond prices are "and interest" except where marked 'f.'
BONDS
Price
Week's
Standard 011 Stocks Par Bid. Ask. RR. Equipments
Range
-Per Cf. Basis
cp
s
Frtday
N.Y.STOCK EXCHANGE
Range Of
Since
Anglo-American Oil new. El
1634 17 Allan Coast Line Se
5.60 5.30
Mar 23
Last Sale
Week ending Mar. 23
Atlantic Refining new __100 131 135
Jan. 1
5.40 5.10
Equipment 610
Preferred
116 118 Baltimore & Ohio (is
5.75 5.35
Bid
Ask Low
High No. Low High Borne Scrymser Co
°00 147 152
1°
Equip 448 & 58
5.40 5.10
N Y Telep let & gene f 445_1939 MN 9214 Sale 92
9212 99 92
94
Buckeye Pipe Line Co_ _ _ 60 *
87
88 Buff Roch & Pitts equip 68.. 5.45 5.10
-year deben s f(is_ _Feb 1949 F A 104 Sale 103%
30
1052
87 1035 1083
8
8 Chesebrough Mfg new 100 230 235 Canadian Pacific 410 & 6e. 5.40 5.15
8
10414 259 1014 107%
-year refunding gold 65..1941 A 0 1027 Sale 1027
20
Preferred new
114 117 Central RR of N J 6s
5.60 5.25
Niagara Falls Power let 58.. A932 .1 .1 983 Sale 983
3 98's 101
99
Continental Oil new.. 0
25 46
4612 Chesapeake & Ohlo8s
5.75 5.40
Ref & gen 6e
a1932 A 0 10112 102 1014 10212
8 10112 106
Crescent Pipe Line Co
50 *22
23
5.40 5.10
Equipment 610
5g
97
Nlag Lock & 0 Pow let 56_1954 M N
- 9814 Mar'23
9712 984 Cumberland Pipe Line new
112 114
Equipment bs
5.40 5.00
923 Sale 92
8
No Amer Edison Ss
1952 111
93% 64 92
98
Eureka Pipe Line Co
100 112 114 Chicago Burl & Quincy 6s
5.60 5.25
92 Sale 92
Nor Ohio Tree & Light 68_1947 M
94
60 92
95
Galena Signal 011 corn_ 100 68
70 Chleage & Eastern III 549„ 6.00 5.50
4
Nor States Power 25-yr be A_1941 A 0 898 Sale 883
9018 37 881 93
Preferred old
100 113 114 Chicago & N W 430
5.25 5.00
let & ref 25
-year Se Ser B..1941 A 0 100, Sale 994 100
17 9912 102
Preferred new
100 107 110
Eq meat 6s
5.65 5.35
8
Northwest'n Bell T 1st 75 A_194I F A 1075 Sale 10712 1073
4 64 10714 108
Illinois Pipe Line
163 166
5.40 5.10
Equipment 610
94 Aug'22
NorthW T 1st fd g 449 Rtd-19514 J .1
Indiana Pipe Line Co_ 150 *91 101
0
0
Chic R I & Pac 410& 5s5.50 5.00
Ohio Public Service 7145
1946 A 0 10712 Sale 107
10712
7 101 108, International Petrol (no par) *223 23
4
5.75 6.40
Equipment 6s
9418 944 9514
Ontario Power N F let 56
1943 F A
96
10 95
9914 National Transit Co__12.50 *5 25 2 Colorado & Southern Es-- 5.65 5.30
,
9418 965 9418
8
Ontario Transmission 6
-l94 in N
9418
3 94
96
New York Transit Co__ _100 130 132
5.60 5.25
Hudson 65
Otis Steel 85
1941 F A 100% Snie 10012 101
34 974 10112 Northern Pipe Line Co_ _100 11,5 105
8.00 5.50
Erie 4145
1947 F A 9414 Sale 9312
let 25-yr s f g 710 Ser B
9414 29 92
953
4 Ohio Oil new
•
8
10 2
25 .9 81
6.20 5.75
Equipment Os
Pacific G & El gen & ref bs_ _ _1942 J .1 8912 dale .8914
9012 84 8914 9314 Penn Me: Fuel Co
25
5.60 5.25
Great Northern 69
917g 92% 89%
917
8 19 898 94
Pee Pow & Lt let & ref 20-yr be'30 F A
Prairie Oil & Gas new 100 243 247 Hocking Valley (113
5.75 5.40
Pacific Tel & Tel let 5e
9712 15 9514 995
1937 .1 .1 967 sale 9514
Prairie Pipe Line new _A00 113 114 Illinois Central 445& 55._ - 5.30 5.00
89 Sale 89
924 Solar Refining
58
1952 MN
903 118 89
4
100 200 205
5.60 5.35
Equipment Ss
Packard Motor Car 10-yr 88..1931 A 0 10712 1075 10712 1083
s
8
9 107 10812 Southern Pipe Line Co 100 112 114
5.40 5.10
Equipment 75 &
Pan-Amer P & T let 10-yr 78_1930 F A 10212 Sale 10212 103
23 102 1055
8 South Penn 011
100 169 172 Kana w ha tM chigan
5.85 5.35
Eauipm 4 414s
94 .Itul'23 __II 94 94
Pat& Passaic & Elcons g 5s 1949 M 8 9212 96
Southwest Pa Pipe LInes.100 85
87
5.50 5.15
peop Gas & C 1st cons g 6s 1943 A 0 1075 108 10712 Mar'23 --_-' 107 108
8
59 56 4
Standard 011 (California) 25 :6644 997 Louisville & Nashville 5s...._ 6.30 5.00
%
Refunding gold 5s
S 8912 Sale' 8912
94
1947 M
13 8912 9312 Standard Oil (Indiana)._ 2.3
5.85 5.35
Eq ulpment 84
E ip me
,
44
ale 98%
093 s
993
4 61 987 102
Philadelphia Co 6s A
1944 F A
8
Stanpard Oil (Kan) new 25 *5012 51
5.40 5.10
Pierce-Arrow Es
3
8218 251 76
1943 13f S 8118 Sale 80 4
82 4 Standard Oil (Kentucky) 25 9812 9912 Michigan Central 5s.(is-- 5.60 5.00
3
Pierce 011 a f8.1
9512
2, 94
98
1931 ..1 D __- 964 9512
Standard 011(Nebraska) 100 264 268 MInnStP& SS M 44e&bs 5.50 5.10
Pleasant Val Coal let get 58_1921 .1 .1 87 ___- 89 Feb'23 ..._ I 89
90
Standard 01101 New Jr.r_ 25 •414 414
Equipment 610 & 78,.... 5.70 5.35
95
92
Pocah Con Colliers let a f 58_1957 J .1 92
92
1 91
945
1612 Missouri Kansas & Texas En 5.60 5.25
100 116
Preferred
9512 Sale 9512
Portland Gen Elec 1st
9512
7, 92 954 Standard Oil of New Y'k. 25 54514 4512 Missouri Pacifica.; &
J
6345.. 5.75 5.25
Portland Ry 1st & ref 58.._ _ _1930 M N 87 8712 88 Mar'23
8414 88
21, 95 Mobile & Ohio 4 14s. 55
190
12
Standard Oil (Ohio) new._
5.60 6.10
8514 Sale 8412
Portland Ry Lt& P let ref be 1942 F A
8514 10 8334 87
Preferred100
32 New liorkene ae al44s.5s... 5.25 5.00
Eq, p m e tn rt
6a B
95
7 95
1947 M N 95 Bale 95
9612 Swan & Finch
100 30
5.70 5.35
let & refund 734s Ser A__ _1946 158 N 10512 10612 106
11..6
2 106 107,
4 Union Tank Car Co
5.45 5.20
983
100 98
4
Equipment 78
Porto Rican Am Tob tie
1931 11 1 N 10518 __ _ 104513 3,Iar'23 --- 103 1043
5
4
5.25 4.76
Preferred
100 110 11114 Norfolk & Western 43.48
131
3 123 131
Prod & Ref s 8e(wIth warnta)'31 J D 131 __ _ 130
5.40 5.10
Vacuum 011 new
25 '50
504 Northern Pacific 7s
without warrants attached... J D 10714 Sale 10612 10712 47 106 108 4 Washington 011
3
5.40 5.10
26 Pacific Fruit Express 7e
10 *43
8
8414 27 8118 86
Pub Serv Corp of N J gen 513_1959 A 0 84 Sale 833
5.55 5.05
Other 011 Stocks
Pennsylvania RR equip 68
124 619 1054 124
Punta Alegre Sugar 75
.1 118 Sale 118'
1937 .1
4 5 Pitts & Lake Erie 610
5.50 5.10
Atlantic Lobos 011 (no par) *43
Sale 93
9312
Remington Arms Se
94
6 93
1937 in N
9812
25
5.75 5.40
50 *18
Preferred
Equipment 611
_ - 9212 9014
Repub 1 & S 10-30-yr be s f 1940 A 0
935
5 11 9014 9614 Gulf Oil (new)
*6514 6512 Reading Co 434e
5.25 5.00
90 Sale 89
94
82 89
5325
94 4 Humble 011 & Ref new - 25 *38% 385 St Louis & San Francisco 55_ 5.60 5.20
3
8
e5 *119 120 Seaboard Air Line 410& 53. 6.00 5.50
Robbins dc Myers 1st 25
-year 5153
1°
j
Imperial Oil
7
97 '9812 9812
98 2
,
1 9778 99
old coupon 7s
g
Magnolia Petroleum_ _.,100 159 161 Southern Pacific Co 410.... 5.20 5.00
983 Jan'23
s
Rech & Pitts Coal& Iron 5a._ Mg
983 983
s
912 1012
8 Merritt 011 Corporation_ 10
5.35 5.10
Equipment 7.1
Rogers
-Brown Iron Co 20
-year gen
Mexican Eagle 011
5 *914 1014 Southern Ry 410 & 5e
5.60 5.20
90
9012 9012
9012
3 89% 93
& ref mtee gold 7s
2412 24%
5.80 5.40
Salt Creek Producers
Equipment as
4
Elt Joe Ry. L. H
50
j 1
14 1 753 -_-_ 7512 Sept 22 ,4
.
Public Utilities
5.75 5.30
Toledo & Ohio Central Os,.
8618
857 Dec'22
8
J
_ __
&Joseph Stk Yds 1st g 410. I93.
5.30 5.05
Amer Gas & Elec, corn.. 50 *100 192 UnionPacific 75
82
8012 81
82
5 82
St L Rook Mt & P 56 stmptl1955 J
85
Preferred
50 *444 4512
62 Mar'23 _-._ 62
St Louie Transit ba
62
19 4 m,
2
9512
1942 a 0
Deb
MAN 95
2014
Tobacco Stocks
10114 /31;1e- 1014 101 12
Saks Co 7s
9 10012 10214 Amer Light&'frac,corn _100 132 134
American war cuuunen.100 80 83
93
Jan'23 --- 93 93
St Paul City Cable 58
1937 J
oa
Preferred
100 93 95
100 90
Preferred
4- 9414
3 94
San Antonio Pub Ser 6s
9414
943
4 Amer Power & Lt,com_ _100 181 183
1952 J J 931
Amer Machine & Fdr7-100 125
9912 Sale 9912 100
31 9714 104
Sharon Steel Hoop let OoserAlS4J 11.1
84
100 .82
Preferred
American Tobacco scrip- _ •152 157
85
824
8212
2 8212 8711
Sierra & San Fran Power 5s. _1949 F A 82
21
412 9512 British-Amer Tobac ord. Cl *20
M&S 9
Deb Se 2016
1007 257 100 1014 Amer Public Utll, corn..100 27
8
Sinclair Cons 01115
-year 78_1937 M S 1001s Sale 100
21
30 Brit
-Amer Tobac, bearer El *20
8
99
189 975 100 4
in. A 0 983 sale 984
Sinclair Crude Oil 248..
k
53 Heinle(nee Avi Co,eom.100 236 246
3
Preferred
100 49
65
Feb 1926 F A 994 Sale 99
994 3 98
2
9912 Assoc Gas & El, pref(no par) *43 _
25 *60 63
Common new
8518 "ale 85
85
355 85
8912 Buteketorre Value,E,
Sinclair Pipe Line be
68
COW 60 566
10u 112 115
Preferred
1913 Sale__ __ 112
04
4
8
01
South Porto Rico !Sugar 7sIr1r1 .%
1013
4 67 99 102
1
1
19
74 Imperial Tob of0 B & Irel'd *18
Carolina Pow & Lt,corn _100 71
July'04 .-.
South Yuba Water 68
1923 / J
60 65
Cities Service Co, com_ _100 187 189 Int. CUL Machinery
914 93
924
9212
4
South Bell Tel & T let e I 55_1941 J J
-1:1E114
9% 69% Johnson Tin Foil & Met-100 80 90
Preferred
100 6
9912 99
99
6 967 99% Cities Service 13ankersShares *1812 19
Stand Gas& El cony s f 14_ _192( J 0 99
8
.100 129 132
MacAndrews & Forbes,.
9614 9712 96 Mar'23
Standard Milling let Se
953 973
4
4 Colorado Power, corn_ I00 2312 24i2
100 99 102
Preferred
10518 Sale 105
1057
8 56 103 10712
Standard 011 of Cal 7s
1
0_ 2
01 ;
35
100 92 95
Preferred
100 33
Mengel Co
102 Sale 1013
4 1023
4 41 101 106
Steel & Tube gen f
ear
1951
92
Com'w•th Pnw. Es'& Lt inn 35 3612 Porto Rican-Amer Tob,.-100 88
977
Sugar Estates (Orient!) 7a,_194w M S 975 Sale 9712
46 96
99
714
Com'w'th Pow.Corp.pref100 70
*90 100
Scrip
9355 ____ 9112 Jan'23
Syracuse Lighting let g 58___1951 3 13
9118 9112 Consumers Power pref.-100 8612 8811
Schulte Ret Stores_(no par) *82 85
56
86
86
1 8412 86% Elm: Bond & Snare, pref.
Light & Power Co col tr s f 56'54 J
_100 9812 9712
100 114 118
Preferred w 1
983 9912 9955 Mar'23
4
Tenn Coal I & RR een be_ _1951 1 J
9914 101
6512 Universal Leaf Tob oom-100 110 115
Federal Light & Trae
t *64
993 103 10014 Mar'23 -- 100 10012
4
Tennessee Cop let cony 6s _1925 1 N
71
73
Preferred
10
100 100 02
Preferred
93 4 Sale 93 2
3
,
9414 92 934 94%
Tennessee Elec Power 8e____1947 J
Lehigh Pow Sec___(no par) *2312 2412
100 10712 12
go% 32 58
Third Ave 1st ret .fie
J 6018 sate 5912
1961.
8212 Mississippi Riv Pow,com100 2312 25121 Young (38) Co
preferred
100 103
4
59
107 5614 634
AdjIncome 5s
0 5814 Saie 573
a196n
Preferred
100 81
83
Rubber Stocks (Cleve and Fr
60 6012 1.212
9212
1 9212 9514
Third Ave By let g ba
J
1937
aa
First Mtge 55, 1951 J&J 90
9112 Firestone Tire & Rub.com.10 82
1024 Sale 102
10212 35 102 105
Tide Water 011 810
8 I g deb 78 1935_ _M&N 100 0
100 9612 984
6% preferred
106
21 102% 106
A
Tobacco Products s f 75
I
IN1 1 D 104 Sale 194
,
100 9612 984
1087
8 33 10518 107% Nat Pow & L, com_(no par) 5412 55 2
7% preferred
106 time l05s
Toledo Edison 7s
1941 lAt
Preferred
(no par) 8712 89 Gen'l Tire & Rub,coin_ -50
9814 99
984
9824
6 984 9912
Tol Trac. L & P 8s
1925 F A
the 75 1972
92
Jea 91
100
Preferred
95
Jan'23
Trenton & El let g 5e
1949 M 8 91
95
96
Northern Ohio Elec (no par) *9
10 Goodyear Tire es R,oom.100 1514 1555
.3
9 3 Feb'23
94
Trl City Ry & Lt lots f fie-1923 A 0 997 100
993 10014
4
Preferred
34
100 32
100 4914 5012
93 4 9614 9314
Preferred
,
.1
Undergr of London 410
1933
9314
907 9314 North States
8
95
Pow, com_100 9712 100 Goody'r TAR of Can, pf-100 91
8814 -_ 8814 Mar'23 -- 8814 8814
Income
1941 J
Preferred
114
100 92
9612 9658 92
Miller Rubber
100 95
9714
8 96
Union Bag & Paper Os
99
•1942 MN
Nor Texas Elec Co,com_100 80
103 10422
83
Preferred
957
97
13 95
Union Else Lt & e let goB. 192 Ai • 95 96
9714
77
80 Mohawk Rubber
Preferred
100
86 Sept'22
Union Elev (Chic) be
- - -- -- moue 0ss&
1945 A 0 71
El. 1st ore 10° 90 9112
°0
1014 1013 95 Mar'23
_-4
Preferred
95
95
Union 011 bs
193 J
Power Secur, corn__(no par) *212 5 Swinehart Tire& Ro00m_100
It/13 Sale 101 1e
4
1C17
8 27 101 1025s
1942F
6s
*12
Second pre(
16
21 10212 104
Union Tank Car equip 7s___ _1930 F A 102% Sale 10212 104
Coll trust 13s 1949..1.1tli 71
1°o 11ar
..
77
112
85 110 11312
Sugar Stooks
D 1114 Sale 110
United Drug cony 8s
1941
Incomes June 1949__F&A
44 Caracas nutter
23
(
39
96%
50 *20
97
37 96
United Fuel Gas lets f
_193.
- Sale 9512 9734 112 8714 98 Puget Sound Pow & Lt_ -100 41) 51 Cent Aguirre Sugar corn,. 20 *9712 99
United Rys Inv 5s Pitts Issue 192 in N
9814
8% preferred
83 Central Sugar Corp.(no par)
100 80
"2 2
60's Sale 60 4
,
81% 46 6014 6318
United Rye St L let g 45 ._1934
J
7% preferred
4
1
103
Preferred
100
United SS Co Ltd (The) CopenGen M 730 1941_ __M&N 1°1 10512 Fajardo Sugar
10° 101
29 8612 91
100 118 120
8
91
hagen int rcts 15-yr at 60_193: M N 9012 907 8814
14
Republic By & Light...Am
15 Federal Sugar Ref, eom-100 67
70
99
9912 99
9912 24 99 10114
1942 A 0
United Stores Os
Preferred
46
100
3 10218 10312
Preferred
100 90 106
1932 3 .1 102 103 1024 10212
fl 11 Hoffman Mach 8e
24
103 Godchaux Sus, Inc.
4 997 10012 South Calif Edison,corn.
(no Par) *21
8
U 8 Realty & I con v deb a 6...1924 J J 99% 100 10012 10012
Preferred00 120 124
86% dale 8614
Preferred
100 89 95
874 185 8614 8912
U Rubber let & ref 5siser A_1947 J
Standard Gas & El (Del)1
90
32 GreatWestern Sue new25100 86
2 *31
108 4 33 107 109
,
193. F A 1074 108 10714
-year 734s
10
30
Preferred
5012 HoIlySugCorp,com.(nopar) .
36
preferred
100 8 11 100 102
5
S Smelt BetA M cony 68_1920 F A 100% Sale 10014
90
Tennessee Elec Pow (no par) • 9712 19
i7
*4
1
100 55
102% 150 102 104
d1963 MN 102 Sale 102
U S Steel Corpthoup
061
55 , Juncos Central Sugar_ _ _100 ao 100
2d preferred
(no par) .
- - 101% Mar'23
_ 101% 103
d1983 MN
e 10-66-yr 551reg
United Lt & Rys. corn..100 105 110 National Sugar Refining _100 103 106
8312 30 83 88
Utah Light & Traction 5s____1944 A 0 83 Sale 83
80 SantaCecillaSugCorp,pf.
18
IS
let preferred (6%) _100 78
.100
873 Salo 86%
.3
88% 21 86% 9214
1944 F A
Utah Power & Lt let ISs
60
35 Savannah
Western Power Corp........100 33
nahSug,com_(no par) 565
e
95 Marlit
Utica Elec L & Pow 1st e f be _1950 3 .1 95
85
85
Preferred
Preferred
100 v81
9114 913 92 Mar 23
4
-615; 9214 Short Term Securities 1
1957 J J
Utica Gas & Elec ref 55
°
01
2
-K C
Westlerr Sue Fin,com_100 40 60
ndia
70
56 Nos'22 -1953 .1 J 65
Victor Fuel Co 1st s f 55
30
100 44
100
Preferred
2 far 10014 Am Cot 01168 1924_ _M&S2 914 92
Va-Caro Chem let 16-yr 58_1923 J D 100 10018 100
8
1 99% 10012 Amer Tel & Tel68 1924-F&A 1004 0014 IndustrIal&MIscellaneous
99%
99%
61924 A 0 997 100
Cony deb (is
59
Anaconda Cop Min 88'29.1&J 10255 0258 American Hardware..._100 57
96
98
1947.1 0 96 Sale
97,4 63 96
7e
78
J&J 1034 034 Amer Typefounders.com.100 73
7e 1929 Series B
9312
96.2 82 91
4
9818
1937 J J 943 Sale 9414
12
-year e f 734e
O2
01173025 Aft° 10212 0211 Atlas errwd er
9212
Prefpo e
100 100
17 86
.1 93 Sale 9318
93
/2 Anglo-Amer
without warrants attached- _
55
9318
100 152
95 2
2 9212 954 Arm'r&Co7sJuly15'30.1&J15 105
,
Va Iron Coal & Coke 1st g 58_1949 MI El 92
--_ plies(EW)Co,new-(no Par) •23
28
Deb 69 J'ne 15'23 J&D15 100
18 84
87
J 864 Sale 8614
1934
87
Tally Pow lst & ref 55
53
Deb 65 J'ne 15'24..J&D15 100
50 *60
9712 65 96
Preferred
98
D 97 Sale 97
1942
Vertlentes Sugar 76
19
Beth St 7% July 15'23J&J15 10014 0013 Borden Company,corn,..,100 117
,
1043
4 42 10312 106
1941 .1 0 10414 Sale 104 4
Warner Sugar 7s
06
3
Canadian Par 65 1924 M&S2 100 4 01
Preferred
100 103
99 4 - - - 99% Mar'23
,
_ 9914 9912
1939.1 J
Wash Wat powers f 5e
5
100 93 98
964
94% 9714 94%
2 94% 9714 Federal Sue Ref6s'24_M&N 100 8 007 Celluloid Company
Westches Ltg g 5s stmpd lad -1950 J D 90 Sale 90
10
Hocking Valley 08 1924 M&S 10018 0055
100 108
Preferred
94
32 90 94
West Penn Power Ser A bs._ _1940 141
1
1
44
100 142
10112 Sale 10112 10112
6 10012 102% Interboro R T 8s 1922_M&S 98 2 99 2 Childs Co,COMIII011
1st 40
-year 13s Series C__ _ _ 1958 .1 D
11
K C Term Ry tis'23 M&N15 10011 00I2
Preferred
100 109
4
1057
8 47 104 106
c1946 F A 10 % 105 105
let aeries D 7s
J&J 103
06
0 12 Hercules d
94
3
610 July 1931
100 104
pr
owder
97
984 Mar'23
96
973 9912
4
Western Union coil tr cur be_ _ 1938 J
oo
104
Lehigh Pow See 6e '27.F&A 9212
Preferred
100
913 90
4
7 8113 9212
9018
4
Fund & real estate g 410_ _1950 M N 91 10712 107
97 International Salt
& :65'29.F&A
100 7812 91
10712 51 10612 1117
8 Sloss Sheff S 7348 1930_F&A 19614
108
1936 F A 1074
15
-year 6 315 g
0714
5
0 3 0814 International Sliver, pf 100 108
U S Rubber
107%
,
80 107 110
1931 MN 107 2 Sale
Westinghouse E & M 7s
83
Land Bk Bond,
Joint Stk
Lehigh Valley Coal Sales, 50 *81
97
9712 96%
13 96
97
98
_1935 J
Wickwire /then Steel let 7s_
4
85
Chic it Stk Land Bk 58_1951 1023 0312 Phelps Dodge Corp
100 175
99% 67 883 102
4
Wilson & Co 1st 25-yr at 68_1941 A 0 99 Sale 98%
102 4 11064 Royal Bakingaking Pow,corn..
0 03:2
43
130
bs 1952 opt 1932
r
n2
96 sale 96
971e 181 9214 974
10
-year cony e f Os
1928 J D
02
Preferred
100 99
54e 1951 opt 1931
,
,
10231 Sale 102 2 103 2 100 102 105
Temporary 74s
1931 F A
17
101 102 Singer Manufacturing,.,..100 114
44 1952 ont 1932
103 2 10 100% 104
,
Winchester Arnie 73411
19411A 0 103 Sale 102'4
• Per share. t No par value. S Basle. d Purchases also Faye iteerue.d dIvldend. s New Block I Flat Dries. ft Last sale. n Nominal. a Ex-d1v. Y
*No Price Friday;latest bid and asked a Due Jan. d Due Apr. c Due Mar. s Due
May. p Due June. S Due July t Due Au.g .Due Oct. •Due Dee. s Option Sale, righta. t Ex-etoek My. Is Ex cub and Mock dividends.
1a
,

,
r;•1

13313

o




BOSTON STOCK EXCHANGE-Stock RecordseeBnt
O
e7D:age
-PER SHARE, NOT PER CENT.
D1OH AND LOW SALB PRICE
laturday.
March 17.

Tuesdao
%landau.
W.dnesdati Thursday.
Friday,
March 19. March 20. March 21. March 22. March 23.

14612 147 *2145 ____ *2145 117
147 147
81
8012 80
8012 8012 80
8013 80
99
99
99
99
.9812 ____
9914 9914
121 121 .120 121 .119 12013 119 • 11912
1014 10112 •210113102
10112 102 .210113102
18
18
.
18
18
___
187
3 1812 184
____ .28
.
25
25
25 .26
30
30 •____ 30
3012 3012 30
2914 30
404 4012 4012 4013 4034 41
413 44,
4
4
40
40
39
39
*39
40
56
56
5614 5612 *56
5012 58
563
4
15712 15713
16012 16012 16012 18012 *2157 160
3112 33
30
3213 3312 32
32
35
70
70
70
71
70
71
72
71
64
64
65
63
*63
64
8312 6312
43
45
45
45
44
44
43
46
4212 4212 43
42
44
43
43
45
3712 38
*37, ---- .37 3 -- *3712 ____
2
,
.
1914 193 *193 20 4 *20
203
8 2014 204
4
4
,
7714 77)j

90
80

90
80

80

80

.295
80

147 147
8112
80
9912 9913
119 120
9912 102
18
18,
2
39
*37
2913 293
4
44
44
42
42
56
5612
15712 15713
3412
33
7114 7114
8312 6312
437 46
8
45
45
38
38
2013 204

STOCKS
BOSTON STOCK
EXCHANGE

Range since Jan. 1 1923.
Lowest

Mahal

Lowest

80

=i51- ---____

Miscellaneous
Amer Pneumatic Service
2.4 Dec
25
34 Jan 9
212 Feb21
Do pre:
50 16 Mar 7 20
Jan10
13 Feb
Amer Telephone & Teleg_100 1215 Jan31 1253 Mar14 1144 Jan
4
8
Amoskeag Mfg
No pat 288
Jan 8 112
Jan
Jan 5 104
Do pref
Jan 5
80 Nov
No par
813 JanI6 83
4
Art Metal Construe Inc___ 10 15 Mar I
1612 Mar14
14 Nov
Atlas Tack Corp
13 Jan
No par
17 Feb 2 2018 Feb14
Boston Cons Gas Co, prcf_100 105
Jan22 10812 Feb24 1014 Aug
Boston M ex Pet Trus_No pat .10
Jan25
JanI8 .30
.10 Sept
Connor (John T)
1534 Jan
Jan13 27 Marti)
10 20
East Boston Land
4
Jan 2
314 Mar 3
3
Jan
10
Eastern Manufacturing_ .._ 5
7 Dec
713 Jan25 1418 Mar 5
Eastern OS Lines Inc
3812 Jan
25 8118 Jan10 12712 Mar22
Do prof
42
Jan
50
484 Edison Electric Ilium
i
fegi4 i6§- 10814 168 1- 4 ia- 16814 16784 168 4 16713 168
6g1Jan 3 156 Mar
100 165 Feb23 172
,
*812 913 4 812 83
812 9
812 812
849 Elder Corporation
4
83
4 9
8 4 83
,
3 Mar
8
512 Mar 5 107 Jan 2
No par
2512 26
24
*24
2512 .24
2512 2512 .
26 •
26
24
100 Galveston-Houston Elee__100 25 Mar10 2912 Feb 5
26
28 Dec
1412 *14
143
8
•14
8 1414 1414 •14
1412 1438 143
200 Gardner Motor
8
9 Nov
No par
103 Jan 2 155 Mar 3
4
*19
20
20
20
20
20
20
1913 1912 19
390 Greenfield Tap & Die
Feb10
17 Dec
18 Mar13 24
25
82
0112 6112 61
822 Hood Rubber
61
61
61 12 62
6012 61
43 Mar
No par 54
Jan 8 6312 Mar13
4
-4214 W1433
4 423 4314 4212 43
815 Internat Cement Corp_A'o par 35
42
433
8 4313 44
4
43 4
3
Jan
28
Jan 2 44 Mar19
.17
20
20
____ •20_ *20
20
•20
--_102 Internat Cotton Mills
20 Nov
Jan 8 22 Feb19
50 20
69
.66
6912 70
•61) __ _. .66 W
____ ---*88
15
Do pref
60 Aug
100 8913 Mar12 7912 Jan10
*23
3
4 3 2 *212 3
*23
4 3
100 International Products_No pa/
---.
,
3
*234 3
1 14 Dec
3 Mar20
JanI5
2
*7
9
.613 8
.6
8
*8
713 8
8
Do pre!
120
54 Dee
8 Mar15
_100
5 Feb27
_
Island Oil& Transp Corp__ 10
.82 Apr
6 s -- 5T1 - 4 -- 3- 5
6
63 -8 PP
7
7
---129 Libby, McNeill & Libby__ 10
64
64
63
15 Apr
8
8
7 3 Jan 9
614 Jan 2
103 '1014
•10
'
4 1
1034 .10
10
46 Loew's Theatres
1014
8 July
4
25 10 Feb 8 103 Jan 4
8412 847 8612 8514 86
8413 84
*84
8412 84
84
84
8
1,281 Massachusetts Gas Cos_100 8212 Feb15 8712 Jan 2
Jan
63
71
71
4
703 7112 7012 71
4
703 71
70 4 71
3
564
7012 71
Do pref
Jan
62
Jan25
100 70
Jan 3 73
'z___173
.
166 1721 170 172 .2189 170
170 170 .170 172
38 Mergenthaler Linotype_ 100 166 Mar19 179
Jan
Jan 6 130
4 113 13
4
•1112 113
13
1212 1212 '12
1114 11,
4
4 103 1112 1,070 Mexican Investment Inc
11 Dec
4
10
73 Jan31 143 Feb19
4
2314 234 2312 233
4 237 237 .2312 237
8
2314 24
8
283 Mississippi River Power
8
3 2312 237
13
Jan
100 2314 Mar17 2814 Jan31
83 .281
83 .281
83 *282
.
282
83 .282
83
10
8112 8112
Do stamped prat
724 Jan
Feb14
Jan10 84
100 80
74 73
4
713 73
4
714
74
,
74
3
75
8
7 2 74
,
808 National Leather
712 712
63 Dec
4
83 Feb13
10
4
7 Jan 2
.27 .27 .
45
•.25 .45 0.25
0.25 .45 *.25 .45
60 New England Oil Corp
Jan24
.22 Dec
.25 Feb 3 .70
116 117
116 117 .2116 11612 1187 1167 11612 117
8
11612 117
8
268 New England Telephone- _100 116 Feb 1 122
Jan
Jan 3 109
193 193
8
1914 1914
8 19
1912 183 19 .1813 19
4
285 Orpheum Circuit Inc
13
Jan
Feb15
1 1713 Jan 8 21
9713 9712 0712 975
8 9712 9713 97
9712 97
-57- - 2 1,482 Pacific Mills
97
6714
295
Jan 2 1543 Oct
Jan 3 190
1713 *216
•1612 1712 .218
1713 .2163 17 .2163 17
4
4
Reece Button Hole
1212 Apr
10 1512 Jan 4 18 Mar14
*23
__ .
23
_ _ _ _ *23
Reece Folding Mach
158 Dec
34 Mar15
10
Janl 1
2
2
*1
112 *I
•114
11
Simms Magneto
1
.1
11
----.50 Nov
5
2 Feb20
2 Feb20
108 10614 1064 1063 106 10634 106 10613 106 1081 106 100)4
4
849 Swift & Co
9214 Jan
100 108 Marl 1094 Jan 6
49
•48
49 .248
49
49 .247
48
4712 471
30 Torrington
25 46
Jan 2 50 Mar 9 339 July
10
12
1012 11
.
*10
11
.10
11
10
10
308 Union Twist Drill
8 Mar
5
713 Jan19 11 Mar 7
534 544 533 54
532 54
25312 5412 53 4 5412 54
4
4
3
6.963 United Shoe Mach Corp
541
37 Jan
25 447 Jan 2 553 Mar 8
4
8
265 263
8
227
8
8 265 27
27
n5 25
27
27
263 27
4
258
27
Do pref
2712
25
Jan
Jan25 2814 Janl 1
28
2812 28
2812 2814 283
4 277 28 4 274 28
3.716 Ventura Consol 011 Fields_ 5 2718 Jan22 30
8
2714 28
,
217 Jan
8
Jan 2
4378 44
8
43 4 44,
8 43 433
3
4 433 435
8 4318 431
, 4212 4312 1,879 Waldorf SV8tCM Inc
2612 Jan
10 36
Jan10 4414 Mar19
11
1218 13
13
12
13
4,298 Waltham Watch dB comNopar
11
1218 11
11 14 1012 11
214 Nov
5 Feb15 13 Mar17
2634 2812 29
20
27
2912 28
P.cfcrred trust MN
28
27
2713 26
2712 1,676
11 Nov
100 1512 Mar 6 2912 Mar19
1612 1612 1612 17
1813 1612 163 17
272 Walwortb Manufacturing_ 20
8
4
163 163
4
4 163 1612
111* Jan
713 Feb
1712 Fr),)?
32
323 33 4 32
4
33
,
33
3213 33
303 313
4
3214 33
4 3.366 Warren Bros
3112 Mar14
50 2512 Jan31
1712 Jan
8
3814 3914 393 3912 393 3912 .38
506
8
Do 1st pref
39
39
39
50 33
Jan17 3912 Mar14
304 Jan
40
.
39
40
41
41
.38
.40
41
140
40
Do 2d pref
40
31
Feb
50 36
Jan25 42 Mar15
•1114 12
--.1112 12 .12
*1112 12
Wickwire Spencer Steel
1212 *1212 13
5 1118 Feb 0 1212 Feb21
84 Nov
Mining
•.80 .95 •.80 .95 .
Adventure Consolidated_ _ _ 25 .25 Feb16
5.80 .95 •
.80 .95 ..80 .95 ..80 .95
.50 Jan
Feb2S
1
80
8112 8112
81
84
690 Ahmeek
8014 82
84
8412 84
85 .83
25 58
Jan27 87 Mar 1
56 Nov
.
.20 .45 ..20
.20 .45 ..25 .45 ..25 .45
Algornah Mining
..20 .45 •
25 .30 Feb19 .50 Mar 2
.03 Sept
.29
2812 283
__ _
510 Allouz
31
30
2914 31
31
.30
31
4 29
25 19 Feb 5 34 Mar 1
19 Dec
31
314 31
312 3%
34 .314 34 1,867 Arcadian Consolidated
3
314 3 4
,
32
,
25
3 Mar21
2 Mar
414 Mar 5
1312 133
8 4,415 Arizona Commercial
1312 137
4
133 14
4
133 14
133 14
4
4 134 14
6
6 Nov
7
3a Jan 6 1412 Mar 2
*1712 18
•18
140 Bingham Mines
*1712 18
1812 173 18
4
.1713 18
*1712 18
101 1712 Feb 3 19 Feb19
13 Jan
385 390
288 Calumet & Heels
376 337
388 395
388 390
390 390
390 395
"5 285
Jan 9 420 Mar I 248 Nov
Si
8
8
8
275 Carson Hill Gold
81L 8'2
8
812 87
812 813
812
1
4
938 Feb13
712 Jan 2
67 Nov
12
12
___ 12
12
1112 1hz 12
310 Centennial
12
1212 1213 12
25
7
Jan18 15 Mar I
8 Nov
•-434 434 4312 441
1.943 Copper Range Co
4414 4312 44
44
433
4
445
8 4412 45
25 353 Jan20 463 Mar 1
3518 Dec
4
4
4
418
418 418
*4
41
4
*4
4
414
635 Davis-Daly Copper
4
4 18
10
23 Jan 5
8
218 Nov
5 Feb23
10
4 10 4 107
3
8 2.037 East Butte Copper kilning_ 10
10'2 10
1012 104 1012 103
11
104 11
73 Jan29 11 12 Mar 1
4
712 Nov
24 21
218
218
.218 21
23
8
214
214
212
590 Franklin
214 2,
4
25
Ja1318
1
Apr
25 Mar 5
8
1
33
4 33
4
3
3
3
33
8
*3
312
3
3
305 Hancock Consolidated
3
3
25
214 Jan10
4 Mar 5
114 Aug
'•.60
1
•
.85
1
.
45
1
I
. .65
.
1
•.65
1
..85 1
Helvetia
25 .80 Feb 2
.50 Dec
1 14 Feb20
10812 111
1074 108 2 103 109
109 110
4,655 Island Creek Coal
109 110
10834 110
)
I 10111 Jan 4 111 Mar23
8113 Jan
•95
98
95
96
.95
95
40
•95
96
9434 95
95
Do pre/
9.5
1 9312 Feb15 08
88 Feb
Janli
2913 3012
948 Isle Royale Copper
3013 31
3012 31
3013 311
31
313 313
8
4 31
25 21
Janll 334 Mar 3
18 Nov
312
313 .3
10 Kerr Lake
*3
31
*3
31
.3
312
314 34 *3
3 Feb 2
5
3 Feb
35 Jan 2
8
2
2
*2
2
•13
4
225 Keweenaw Copper
2
21
2
.134 214
2
2
25
1 18 Jan 5
214 Mar 5
1 Feb
414
412
41/ 413
*4
41
*4
41
.44 5
130 Lake Copper Co
434 43
4
25
3
Jan 9
24 Feb
514 Mar 1
23.1 27
8 .212 234
. 8 23
23
230 La Salle Copper
212 21
.212 2%
23
4 23
4
25
118 Jan29
1 Nov
314 Mar 1
.214 212 .214
*212 24
212 212
175 Mason Valley Mine
212
212
212
6
2% 23*
.
5
13 Jan 8
8
2% Mar21
13 Jan
8
43
3
3 18
318 312
185 Mass Consolidated
312
312 313 *3
312
34 314
25
113 Feb 1
14 Dec
414 Mar 3
518 54
514
512 1.822 Mayflower-Old Colony
312 Jan 2
5 2 512
,
5 4 54
,
54 64
5 2 534
,
25
7
Feb10
218 Dec
27
8 3
3
4
373 Michigan
27
8 3
*3
312 .3
312
23
4 23
4
25
2
Jan 8
4 Mar17
.75 July
6313 64
63 63
1,136 Mohawk
4
85
633 65
8513 65
8312 65
66
25 5414 Feb 1
71 Mar 2
52 Nov
22
22
1,590 New Cornelia Copper
23
23
24
2212 23
234 2212 23
2314 224
5 183 Jan 1 2412 Mar 2
8
151 Dec
4
.05 .05
.10
100 New Idris Quicksilver__
.10
_
5 .05 Mar23 .05 Mar23
.05 Dec
37
New River Company
37
37
37
100 38
Jan 9 3812 Jau I 8
37 Jan
280
4
'
175
85
82
Do pref
32
82
82
82
4
823
4 8 4 823 •8112 823
100 77 Mar 5 84 klar16
2
73 Jan
614 614
212 Niplasing Mines
0
6
614 0.4 63
6
0
4
6
6
8
5
63 Feb20
4
5 July
5 Jan 4
4
1012 10 4 1012 11 12 1114 1112 103 1112 1014 11
3
4 1,623 North Butte
1014 103
4
15
9 Jan 9 1234 Mar 1
812 Oct
014 213 .
171 Ojibway kilning
112 112 •113 2
13
8 2
2
24
14 218
114 Dec
25
114 Janll
23 Mar 5
8
2912 30
715 Old Dominion Co
30
30
2913 3013 30
3013 2912 2913 *2914 30
25 184 Jan 5 3212 Mar 1
16 Nov
40
41
40
462 Osceola
4212 427
41 12
05 2913 Jan27 46 Mar 1
2
4212 43
42
4113 42 .40
25 Nov
4314
33
4
100 Park City Min & Smelting_5
*23
3 3 *23
4
,
33
4
4
33
4 33 .23 4 33 *2314 33
4
4
Jan 9
21/3 June
4 Mar 5
3
45
841 Quincy
45
4538 4712 4712 4814 48
463 47
49
4
48
48
25 3212 Jan30 50 Mar 2
30 Nov
•49
52
330 St Mary's Mineral Land
*51 18 52
5(1
51
51
51
50
51
.51
52
37 Nov
25 39
5312 Mar 1
Janll
.91
1
580 Simnel.
•.90
1
1
.99 1
.80 1
.91 .91 ..91
.25 Mar
10 .40
Jan 9
112 Mar 5
•.70
1
1
200 South Lake
..70
•.70
..70
I
1
1
.50 .70 •.50
.22 D e
115 Dec
25 .45
Jan 5 .75 Feb20
•214 3
.214 3
10 Superior
•214 3
*214 3
23
4
17
2 .2
17
8
138 Jan20
314 Mar 3
25
25
2
238 24
2s
5
725 Superior & Boston Copper_ 10
•24 212 *214 252
if
214 2.
23
s
.90 Mar
2,4
2
Jan 3
33 Feb23
4
1.4'
1,740 Trinity Copper Corp
1
1
.1
114
4
1
13 14 •118
4 3
113
114
1 18 Dec
,
112 Feb15
5 .85
Jan24
.47 .47
.48 .48
•.45 .47 .
.45 .4' 2,325 Toulumne Copper
5.45 .50
.45 .45
.40 Nov
5 .45 Feb 5 .85 Feb16
413 43
4
414 434
2,415 Utah-Apex Mining
414 438
44 43
43
8 43
4
45
8 43
4
11 1 Oct
4
5 Feb28
234 Jan 9
5
8
212 23
23
8 •212 27
23
8
100 Utah Consolidated
•213 278 .213 378
8
25
8 25
8
1
Feb
3 Mar 5
112 Jan19
118 2,510 Utah Metal & Tunnel
114
118
112
13
8
112
112
•118
112
112
112
1 .85
.80 Dec
14 Feb27
Jan31
.13
4 2
100 Victoria
2
2
*13
4 2
*13
4 2
*13
4 2
*18
4
2
.75 Nov
25* Feb28
21
118 Feb 8
118
13
8 .114
112
•114
112 *114
112 *114
11
112
112
13 Mar 5
4
.25 Jan
Jan22
25- .65
•
8
.11 12 12
115 12
111
. 12
170 Wolverine
12
11
11
12
11
714 Nov
712 Jan30 13 Mar 11
25
•Bid and asked prices; no sales on thls day. 8Ex-rights. 6El-dividend and rights. 2E2-dividend. o Ex-stock dividend.
a Assessment pald.
24 23
2 4 24
3
4
1714 1714
*1714 18
1223 12312 1223 123
4
4
49712 99
9713 100
84
84
*154 16,
2 1612 1612
.18
18
18
19
107 107
-710 TiL ..10 .15
.
2814 2812 26
27
313 3 2 .312 4
,
1112 12
1112 1112
12412 12512 124 12513

212
174
12234
9712
84
*1612
.18

212
1714
123
9712
81
18
19

.8 3
23
3
3
23
4 3
.1714 18
8 175 175
8
17
8
183
1224 1227 12212 1227
12234 123
2
8
97
99
97
9712 97
99
8.5
85
---.
1613 18
*164 18
---- -- - *18
19
.18
19

740
781
2,673
79
15
93
50
5
--- 8- 255* 4,895
253
253 263
4 2514 2512
4
4 25
*312 4
*312 4
150
.312 4
8 11
8 1112 115
8
113 113
113
4
865
4
4 115 115
124 124
123 125
123 12712 12312 127
1,905




1034 3,101, 1034 *10 --i1034

Highest

Railroads
Boston & Albany
100 1443 Jan 3 149
Jan 9 13014 Jan 152 May
4
Boston Elevated
734 Feb 8913 Sept
100 SO Mar21 81
Jan 5
Do pref
100 97
Jan 9 100 Mar 6
9414 Mar 105 Sept
Do 1st pref
100 118
Jan 2 122 Mar 7 118 June 126 Sept
Do 2d pre!
100 9912 Mar22 108 Mar 5 10112 Noi, 109 Sept
3113 May
Boston & Maine
Jan
14
100 165 JanI9 2013 Mar 2
8
Apr
Do pre/
37
20
Jan
100 2113 Jan 2 27 Feb13
Do Series A lot pre1
100 2712 Jan24 3213 Mar I
444 Apr
Jan
22
Do Series 1316% pref
Jan 82 kW
100 40 JanI7 48
38
Feb 8
Do Series C 1st pref
300 36
54 May
Jan
Jan22 42 Mar22
30
771k May
Do Series D lot pref
100 58
40 Jan
Jan22 59 Feb 7
Boston & Providence
Jan
10 15712 Mar21 18012 Jan25 125
East M/1.49 Street By Co 10
68 .111l
3
18 July 12 4 .1ul y
18 Feb15 35 Mar22
Do 1st pref
88
Aug 77 July
100 87 Fcb24 72
Jan10
Do pref B
100 53 Feb21 65 Mar19
51 July 60 NO
Do adjustment
47 Aug
28 July
100 3412 Feb13 46 Mar22
East Mass St Ity (tr etfs)_1(6
29 July 47 A114
3412 Feb15 45 Mar21
Maine Central
m ey
j,us t
Ol
100 3712 Mar 7, 43
Jan 2
2713 J111:1
N Y N Fl & Hartford
124 Jan
100 163 JanI5 2213 Jan30
4
Northern New Hampshire_ 100 79 Feb23 84 Feb 3
356
Jan 9457s
69
13 Norwich & Worcester pref_100 90 Mar19 100
4
Jan 3
68 Jan 1033 Dee
80 Old Colony
Jan 9814 May
100 73
Feb14
Jan20 81
57
------ Rutland pref
Jan 527 June
100 32 Mar 9 3318 Feb20
8
15
Vermont & Ma.ssachusetts_100 05 Feb23 98
Janll
78 Jan 100 Aug

Shares
49
-- -g6iii
535
46
9912 100
120 120
91
114
10112 102
374
1812 185
8
11
27
27
128
147
45
245
159
32
3312 2.111
373
71
71
6313 64
771
433 433
4
399
4
44
44
953
25
20
339
20

-------

Sales
for
the
Week.

1265
PER SHARE.
Range for Pred""
Year 1922.

44 Jan
2014 Aug
12814 Aug
121 Des
91 Aug
204 May
22 May
107 De?
.50 May
307 Dec
4
Apr
ti
1414 Feb
8913 Oct
48 Sept
185 Sept
13 May
39 Aug
164 Apr
2714 Feb
548 Dee
8
333 May
. 8
32
Jan
85 Dee
84 Mar
17 Apr
3 Jan
2Juoe
g N nv
Jan
13
901g
74
Oct
Oct
181
273 June
8
34
Aug
8512 Oct
2
113 Jan
5 Jan
125 Sept
Oct
28
192 Del
16 July
Mar
713 Apr
11014 Sept
8112 June
1414 Feb
45 Mar
2712 July
3313 June
39 Dec
4
143 Apr
49 Apr
13

354 Sept
/
1
3814 Oet
4434 July
21 May
I
APT
68 May
.50 Apr
3213 Jan
44 May
1012 June
183 Bent
4
301 Aug
4
163 Mar
1312 Feb
4684 May
914 Jan
121* Jan
37 Apr
4
312 Mar
21 Apr
43
1165 June
8
9713 Nov
4
263 May
47 Apr
8
34 Apr
53 May
4
214 Apr
23 May
4
484 Apr
612 Apr
7 Apr
88 June
2012 Jute
218 Ma
40 Feb
Oct
85
7 Jan
15 May
415 Apr
Jan
27
3813 Aulif
33 Nov
4
50 May
4812 May
13 May
4
114 May
43 July
4
2114 Oct
318 Apr
92 May
4 Mar
312 June
212 Apr
212 Jan
23 Apr
4
18 May

THE CHRONICLE

Outside Stock Exchanges
Range since Jan. 1.
Low.

High.

3,000 91% Mar 92%
32,000 5134 Jan 62
11,000 81
Jan 84
1,000 93
Feb 95
2,000 69
Jan 72
10,300 73
Mar 7734
500 98
Jan 98%
6,000 10034 Jan 102%
1.000 944 Mar 9434
1.000 90
Mar 92
27,100 89% Mar 95
13,000 9231 Mar 98
9,500 105% Feb 115
3.000 94
Mar 98

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

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

7ft /6

7/144

American Gas of 11 J _ _100
_10
American Milling
*
American Stores
100
Brill(JO)Co
100
Preferred
Buff & Susq Corp v t 0.100
ao
Cambria Iron
50
Cambria Steel
•
Congoleum Co Inc
Consol Traction of N J.100
(NVm)& Sons--.100
Cramp
100
Eisenlohr (Otto)
Electric Storage Batt')_100
General Refractories- --_
Insurance Co of N A _ _ _ _10
Keystone Telephone__ _50
Lake Superior Corp- 100
50
Lehigh Navigation
Lehigh Val Trans pref.- -50
10
Lit Brothers
Penn Cent Light & Pow_ _ *
Pennsylvania Salt M fg_ _ 50
50
Pennsylvania RR
254
Penn Traffic
Philadelphia Co (Pltts) 50
50
Preferred (5%)
Preferred (curnul 6%)_50
Phila Electric of Pa
25
25
Preferred
Phila luau! Wire
*
Phila Rapid Transit_
50
Philadelphia Traction_ _ _50
Philo, & Western
NO
PrPtprrarl
;In




82
81
8
8
18631 194
7231 91
93
93
123 123
42
42
100 100
176 182
182
45
454
5534
55
79
79
6131 664
5934
57kC 56
444
4431 44
831
8
831 93.4
831
7154 7234
72
38
38
2134
21
('734
57
874 91
4631 4631
231 234
493-4 493.6
3534
35
4551
4514 45
3136 32
32
3131 303-4 3131
50
4934 48
314 3034 32
63
6231 62
10
9
SOW SOW
81
8
190
86
93

229
70
4,572
8,140
58
25
15
105
1,538
150
150
10
4,678
5,210
525
25
4,290
225
64
187
180
60
2,780
300
20
80
367
2,882
534
385
2,068
499
555
30

Range since Jan. 1.
Low.
78
8
163
49
8831
105
40
80
143
45
50
77
54
44
424
7
514
7134
35
20
55
82
4634
234
41
32
42
3034
3034
46
30
62
8
35

Feb
Mar
Jan
Jan
Feb
Feb
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Feb
Jan
mar
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Mar
Jan
Feb

90
7134
10254
80
99%
10251
73
101%
9334
103
103
10634
58
9834
99

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

Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Mar. 17 to Mar. 23, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Bonds
Pittsburgh Drew 65._ _1949

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

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

Am Wind Glass Mach_ _ 100
85
ssu
195
Preferred
100
95
95
65
Arkansas Nat Gas corn_ _10
834
834 9
1,790
Carnegie,Lead dr Zinc_ _ _ _5
5
5
534 1,090
431 44
Consolidated Ice,com_ _ _50
45
102 11634
Harb Walk Refrac corn 100
165
4
4
Indep Brewing corn
50
4
75
Jones & Laughlin Steel pref 10734 107 10734
100
Lone Star Gas
25 25
2454 2634
647
465
Mfrs Light it Heat 5s_ _ 100 56
5534 56
4631 4631
Marland 011 of Del
10
Nat Fireproofing com__ _50
8
8
50
Preferred
50 193-4 1951 20
880
Ohio Fuel 011
1 1731 16
1734
625
Ohio Fuel Supply (now)_25 3334 32
3631 5,197
Oklahoma Natural Gas_ _25 21
21
22
135
234 254
Oklahoma Prod & Refin_ _5
63
294 234
Pittsburgh Brew corn_ _50
45
Preferred
50
7
7
7
100
Pittsburgh Coal corn_ _100
6634 6634
10
Plttsb & Mt Shasta Cop_ _1 24c
24e 27c 118,500
831 10
Pittsburgh 011 & Gas_ _100 10
720
Pittsburgh Plate Glass_ _10
169 169
27
Pittsb Term W'h'se &Trans
30
30
25
13
1234 13
Salt Creek Consol 011
1,900
Tidal Osage Oil
* 12
124 12
370
Union Natural Gas_ _ _ _100 2634 26
2634 1,225
25
264
470
IJ 8 Glass
100
IT S Steel Corp com_ _ _ _100
109 109
500
11834 11931
West'house Air Brake__ _50 119
125
Whouse El & Mfg coin_ _50
65
65
10
78
35
West Penn Rys pre_ _ _100
7851
WestPenn Tr& W Pcom100 3634 36
3634
605

•No par value.

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

85
61
101%
76
99%
9954
71
1004
914
98
100
10334
57
88
99

804 804

1,000

Range since Jan. 1.
Low.
79
93
734
331
454
102
334
1064
24
5554
45
74
1834
1531
32
. 194
136
23-4
63.4
5834
22c
834
165
30
10
104
2334
2431
10634
10734
59
78
30

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

80

Feb

High.
95
97
10
6
7
1 163-4
4
10034
27
58
4631
834
21
1834
3631
27
234
23-4
100
6634
28c
1054
205
35
1631
1336
2754
27
109
120
6934'
8034
3734
81

Mar
Mar
Jan
Feb
Jan
Jan
Jan
mar
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Jan
Feb
Feb
Feb
Mar
Jan
mar
Feb
Mar
Jan
Mar
Jan

High.
Jan
82
Mar
8
194
Mar
Mar
91
93
Mar
Mar
123
45
Jan
Mar
100
183
Mar
Jan
49
5534 Mar
85
Jan
664 Mar
5934 Mar
Jan
46
831 Feb
1034 Feb
Jail
75
Feb
40
2234 Jan
Jan
58
01
Mar
4734 Jan
254 Feb
493-4 Mar
Feb
36
4554 Feb
333-4 Jan
333-4 Jan
5031 Jan
Feb
33
Jan
67
10 iMar
283.4 Jan

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

Stocks-

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

Amer Pub Sets', pref__ _100 8834
American Shipbullding_100
Amer Tel & Tel Co
Armour & Co (Del), p1-100 99
.
Armour & Co, pref.._ _100 8531
15
936
Armour Leather
100
Preferred
Bassick-Alemite Corp-. 3834
434
•
Beaver Board
First preferred
* 3034
Borg dr Beck
10
Bunte Brothers
Cent Pub Serv, pref _ _ _100
ChicCydrConRy pt sh coin*
*
Preferred
5
Chicago Elev Ry, pref.100
Chic Rys Part Ctt Series L 22
3
Part Ctf Series 2
Commonw'th Edison_100 13054
Consumers Co, com_ _ _100
100
Preferred
954
Continental Motors _ _ _ _10
11234
Crane Co, Preferred
Cudahy Pack Co, com_100 6234
Daniel Boone Wool M111525 4034
100 11731
Diamond Match
1
s
Earl Motors Co
Eddy Paper Corp (The)_ .... 2734
100 10431
Fair Corp (The)
Godchaux Sugar,corn----• 2431
Gossard, H W,pref _ - - -100 31
.
Great Lakes D & D_ _ _100 90
Hartman Corporation_ _100 9034
Elart,Schaff&Marx,com 100
* 40
Hayes Wheel Co
Holland-Amerlcan Sugar.10
10 274
Hupp Motor
100 2034
Hydrox Corp, pref
100 81
Illinois Brick
25 4831
inland Steel
Kuppenheimer & co,B Inc,-_,
100
Preferred
834
[Abby, McNeill& Libby _ 10
10
Lindsay Light
Lyon & Healy, Inc, pref.-- ......
NfcCord Had Mfg "A"._ -• 3734
%/fiddle West Util, com_100
100
Preferred
Prior lien preferred100%
2
Hitchcli Motor Co
•
734
gation al Leather, new.... _
10 2234
lack (Albett) & Co
Plgg WIgg Stoves.Inc "A".
Pub Ser of Nor III corn._ _* 102
Common
100 102
'dr...Taff

inn

8834 9(1
70
70
12234 123%
99
99
86
84
934 95-4
8754
87
35
399-4
4
434
153,1 16
30
3154
1034 1034
87
8934
1
1
834 9
5
534
24
22
3
3
130 1304
634 634
66
66
934 1031
112 113
6234 6234
4034 4631
117 118
34
1
26
29
10431 105
21
244
3034 3234
87
92
90
91
106 106
37
4054
54 534
27
2931
2031 2134
805-4 83
4734 4934

51)
130
204
2,114
1,980
293
94
49,350
135
110
9,285
10
469
25
515
575
295
25
996
25
20
8,855
230
120
35,675
259
22,375
5,810
100
4,660
2,985
1,045
175
25
965
100
33,060
1,147
1,045
1,000

93
93
25
63.4 734 2,742
334 4
170
100 101
390
3744 3834 4,210
49
50% 1,270
8554 86
160
994 10051
404
2
688
734
7u 241,835
2234 2334
85
90
101 102
10034 102
""
'
'

6,043
55
147
1,005

Range since Jan. 1.
Low.

7,tmm .tqa
-q."4"
m ;rnlv't:n",%ttm'"44`
4=04

'MU'

4,400
10,200
2,000
7,000
1,000
1,000
1,000
4,000
47,000
28,000
18,500
28,000
1,000
33,000
500

Stocks-

otioggggtigggitigggfai

1051

X
,
00Nb

11401.11. A

500 93
Mar
3,000 98
Mar
4,000 8731 Fen
32,500 10231 Mar
14,000 87
Jan
1,000 96
Feb
17,000 984 Mar
2,000 954 Jan
5,000 95
Feb
1,000 9734 Mar
1,000 8931 Mar
5,000 81
Mar
1,000 9731 Mar
2,500 9634 Jan
1,000 9734 Mar
3,000 72
Jan
11,000 5231 Jan
3,000 7354 Mar
14,500 9631 Mar
8,000 10034 Jan
R nrin
7i114 Mar

87
90
61
67
10134 10134
76
76
99% 99%
100 100
71
71
10134 10154
92% 9334
98
98%
10031 10134
10334 1044
58
58
96
9731
99% 99%

* No par value.
XXXX
XX
0000M0Aatt.0000.000

Urra IN.

93
98
9151
10331
8834
.97
9831
964
99
9734
8931
8331
974
974
9754
7351
5334
74
9731
101

Bonds
Amer Gas dr Elec 55_2007 90
Elec & Peop tr ctfs 45_1945 61
Equitable III Gas L 55_1928
Keystone Tel 1st 5s_ _ _1935 76
Lehigh Val cons 4348_ A923
Lehigh Val Coal 1st 55.1933
Peoples Pass tr etfs 45.1943
Phila Co 1st 55
1949
Stamped & cons.. _ _1951
Phila Elec 1st 55
1966 98
5345
1947
65
1941 10354
United Ry g tr etre 45.1949
United Rys Invest 55_1926 97
Welsbach Co 55
1930 9931
* No par value.

High.

000004=000000000tsWt-00b
1.4

Bonds93
Atl C L(Conn)ars 513_1920
98
Cleve Lor & Wheel 55_1933
91
Consol Gas E L & P 4345'35
1949 10234 10234
8.(Is Series A
87
Consal Coal ref 5s....1950
07
Davidson Sulph 6s_ _ _ _1927
9851
Elkhorn Coal Corp 66_1925
1931
0631
Fairmont Coal 58
99
Indlaboma Ref 85_ _1929
9734
Metro Street (Wash) 5s '25
Milw El Ry & Lt 4545_1931
8931
8334
Monon Valley Trac 55_1942
0731
North Bait Trac 55_ _1942
Penn W & Power 5s_ _ 1940 9731 9751
9734
dr Dant.deben 551927
Rich
7234
United Ry & El 4s_ _1949
53
1949
Income 45
7334
Funding 58
1936
1927 Nu 9631
P 68
ry 6
8
1949
10034

Mar
Jan
Jan
Feb
Feb
Mar
Jan

W.W. WW
WWWMW
00004 ..4.404WWWW
,

10714
19
15634

3831
234
404
54%
5634
43
3634

zg

7354
3751

Jan
Jan
Feb
Jan
Jan
Jan
Jan

.00. 0 w
0..WWWWWW000

254
8531

35%
2
3854
50
5551
33
35

==:

2531
117
105
118
9031
44

Mar
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
/an
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan

4 000.0NOW0MV=40NNO.n40n000.w

11031

Low.
60
60
40
4234
4
42
1731
46
3231
2534
.32
14
234
10831
58
2531
26
108
105
11531
90
25
80
120
384
8931
55
2534
25
83
1431
54
3554
76
1054
1834
147
11
29

VWWWN.

23

55
69
2,117
10
2,000
35
30
198
15
66
2,775
2,200
300
39
221
122
100
2,830
40
205
412
19
183
10
22
32
20
4
70
150
367
1,294
181
61
311
795
145
405
4

54
5631

150
300
204
2,140
365
50
30

WWWWw.0w

45

68
66
66
65
4334 4534
423-4 4234
5
5
424 424
23
23
54
55
3331 35
2634
26
.37 .39
2
234
4
434
11054 11031
5931 61
2534 26
2631 2634
11031117
105 10534
11531 11831
9131
90
44
44
99 100
133 133
444
44
8931 90
55
55
2531 2531
2531
25
8531 87
18
1931
71
739-4
3751
37
76
76
1054 10731
19
1031
156 15631
13
11
31
31

CC

68

XXXX
XXXX
XXX XXX XX
0
X
000.1,Nm301,0,010 CeoNVO.W00
0.0000OMb.b.MOV.M.

Alabama Co
100
2d preferred
100
Arundel Sand dr Gravel_100
Bait Amer Ins
25
Baltimore Brick
100
Bait Electric preferred-50
Baltimore Tube
100
Preferred
100
Benesch (I)common
•
Preferred
25
Celestine 011
1
Central Teresa Sug oom_10
Preferred
10
Ches dr Po Tel of Balt_100
Commercial Credit
25
Preferred
25
Preferred D
25
Consol Gas,E L dr Pow 100
7% preferred
100
8% 'referred
100
Consolidation Coal_ _ _ _ 100
Eastern Rolling Mill
•
100
8% preferred
60
Fidelity & Deposit
Finance Co of America_ _25
Houston Oil Pfd tretfs. _100
Manufacturers Flnance_25
25
F12st preferred
25
Second preferred
Maryland Casualty Co_ _25
Mt V-Woodb Mills v t r 100
100
Preferred v t r
(
New Amsterd'm a...Co 100
.50
Northern Central
Penna Water & Pon er_100
United Ry & Electric__ _50
US Fidelity dr Guar_ _ _ _50
50
Wash Bait dr Annan_
Preferred
50

Range since Jan. 1.

High.

384 3834
24
,3
3
39
39
534 54%
553i 5631
45
41
36
36

:4

Stocks-

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

Pitts & West Va
100
Tonopah Mining
1
Union Traction
50
United Gas Inapt
50
Preferred
50
West Jersey& Sea Shore.50
York Hallways pref
50

Range since Jan. 1.

,000W
WW.P.W0
.0.0w0.010.0.400=W

Bonds
-

91% 91%
Amer Tel Pc Tel 45_ _ _ _1929
59
61
Atl G & W I SS L 55_ _1959 59
82
Chic Jct dr US Yds 48_1940
8231
1940
93% 9334
55
69% 69%
E Mass St RR A 430_1948
1948 74
73
74
Series B 55
1925-29
98% 98%
Series SC
1936 101% 10131 10131
Hood Rubber 7s
9434 944
K C Mem RF Bdge 58-1929
1931
90
Mass Gas 4348
90
Miss River Power 55_ _1957 90% 8934 92
1944
9231 94
Swift & Co 58
109 11234
Warren Bros 7345_ _ _ A937 111
1932 95
94
Western Tel 58
95

Friday
Sales
Last Week's Range for
Bale.
of Prices.
Week.
Pries. Low. High. Shares.

Stocks (Concluded)

Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Mar. 17 to Mar. 23, both inclusive.
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High Week.

[Vox,. 116.

-'
-'
OVV040g4Pfik...0 '

1266

High.
97
74
12334
100
9634
10
8734
3934
454
17
32
11
8934
131
10
831
2431
331
131
64
70
12
115
6434
6234
121
134
3234
100
25
33
9434
0534
107
43
63.4
2934
2431
9654
4934

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

05
834
431
10134
3834
53
8694
104
234
8%
3634
90
102
104

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

no

Tan

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

Stocks (Concluded)-

•

100
Quaker Oats Co
100
Preferred
10
Reo Motor
Standard Gas & Elec _ _ _ _50
50
Preferred
Stew War Speed, com_ _100
100
Swift & Co
15
Swift International
Thompson (J It), cm_ _ _25
Union Carbide & Carb_ _10
United Iron Works v t 0_50
United Lt & Rye, com50
100
let preferred
Participating pref _ _ _100
United Paper B'd, com_100
20
U S Gypsum
100
Preferred
Vesta Batty Corp, corn_ _•
•
Wahl Co
Ward, Mont & Co, pf__100
20
When issued
•
Class "A"
Western Knitting Mills
•
Wolff Mfg Corp
Wrigley, Jr, common_ _ _25
Yellow Cab Mfg,Cl"B" 10
Yellow Taxi Co
Bond
Armour & Co of Del20-yr gold 515s_ _ _ _1943
Chic City & Con Rya 5s'27
1927
Chicago Rye Is
1027

1655
3231
5034
11915
10614
5954
4614
6415
12
110
78
93
1834
71
35
54
11115
234
8
34)4
1074
266
8435
96
5931

210 225
99
9951
174
15
2715 3231
5015
49
11831 12315
1054 10611
1915 204
4631 4734
64
6551
114 1251
108 110
78
79
9234 9931
1835 1815
70
71
10515 106
34
36
54
55
9915 111%
2331 2415
99 101
8
94
3434 3534
10714 10815
266 280
84
8731
96
5911
al
54

1,000
187
43,080
23,485
2,409
58,000
1,513
4,135
1,975
10,280
3,515
180
210
255
25
270
25
965
1,605
204
3,273
940
2,025
5,200
1.472
1,715
60,550

96 277,000
6215 50,000
82
24,000
54
2000

Range since Jan. 1.
Low.
210
9614
1154
1731
48
79
10511
18
45
62
6
71
75
91
16
61
104
26
534
9515
2031
93
7
2831
100
223
7054
96
47
77
44

High.

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

236
100
1714
324
5015
12331
1094
214
5134
6731
1311
110
80
9931
1815
7515
105
36
5834
11155
2511
101
1031
353.4
111
230
95

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

Feb
Jan
Jan
.Tan

96
6531
824
50

Feb
Mal
Mal
Mar

• No par value.

New York Curb Market.
-Official transactions in the
New York Curb Market from Mar.17 to Mar. 23, inclusive:
Friday
sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low, High. Shares.

Week ending March 23.
Stocks-

1267

THE CHBON7 LE
1

MAR. 21 1923.]

Indus. & Miscellaneous.
1
47c
Acme Coal Mining
Acme Packing
10
•
Aluminum Mfrs, corn_
Amalgam Learner, corn •
Preferred
100
Amalgamated Sugar
Voting trust certificates_
American Chain class A _
2534
111
Amer Drug Stores clam A _1
Amer Gas & Elec, com_ _ 50 195
Common,new, ve
• 39
American Hawaiian S S_10 22
Amer Light & Tr, corn_100
Amer Pub UM, pref_ _100
Am Vitrified Prod com_ _50
7
Armour & Cool Del. p1100 99
Armour & Co 01 111 01_100
Arnold, Constable & Co_.•
•
Atlantic Fruit Co
I Auto Knitter Hosiery_ •
Bassiek-Alernite corp._ _ _• 3944
Bethlehem St, new corn w
Borden Co. corn
100 11735
Preferred
100
Borg & Beck Co. corn__ •
Brit
-Amer Tob ord bear.£1
Ordinary
£1
Brit Internat Corp, Cl A 16
Brooklyn City RR
915
10
Buddy-Buds,Inc
115
•
Campbell Soup pref w 1_100
Caracas Sugar
50
Car Lighting & Power_ _ _25
144
Celluloid Co pref
100
Cent Teresa Sug. coin.
.10
Preferred
10
Central-Union Tr, N Y 100
Centrifugal Cast I Pipe_ _ _ • 134
Century Ribbon Mills com• 3115
Checker Cab Mfg, class A • 58
Chic Nipple Mfg t I A_ _1
331
Chicago Steel Wheel corn
234
7
10
Preferred
Cities Service corn
100 186
Preferred
100 6934
Preferred 11
10
64
Cities Serv, bankers' eh__
1831
Cleve Automobile, corn_ _
Colombian Emerald Synd
18c
Colorado Power, corn_.100 2434
Columbia Gas & El now _ _• 37
Columbian Carbon v t 0._• 4635
COm'w'Ith PRy&L,pf_ _100
Cox's Cash Stores
Curtiss Aeropl & M.corn_
834
Preferred
106
Cuyamel Fruit Co
6131
Del Lack & West Coal_ _5
8915
Dubiller Condenser & Rad .
915
Durant Motors, me
6131
Durant Motors of Ind_ _ _ I I 16
Eastern Steel Casting corn
Edm & Jones Corp, corn
Elec Bond & Share pref.
99
_10
Equitable Tr Cool NY lOtI x191
Fajardo Sugar
IIX1
Federal Tel & Tel
i
Ford Motor of Canada- 10) 460
Gardner Motor Co
a
1415
Garland Steamship
1
Gillette Safety Razor_ _ _ - a 2844
Glen Alden Coal
• 70
Goodyear Tire Sr It corn 10) 1515
Preferred
10 1 5031
at West Aug new corn wi 2 S
Griffith (I) NV), Inc, el A.'
a
4
GuiseTrust Cool N y.1 ) 280
Hayden Chemical
•
214
Hocking Val Products_ __1(
)
Hudson Cos pref
10
Bud & Manhat RR coml ) 1074
Hydros Corp. corn
• 2034
Imperial Tobacco of Can.5
ImperialTob of G 13 &
1
Industrial Fibre Corp... r
Intercontinental
101
) 534
Irving Ilk-Columbia Tr_ _
250
Kup'heimer(11)&Co, p1101
Lehigh Power Securities_ -• 2315
Lehigh Val Coal Sales.. 9 82
Libby, McNeill & 1.1bby_l)
Loulsv & Nruthv RR new I 90
Lupton(FM)Pub. CIA.r
McCryd Radiator class A_
Mercer Motors
•
14
Class A stock w
445
Mesabi Iron Co
• 1034

5




45e
Mc
25e 29e
2141 2151
1854
17
60
6015
445
4
351
351
2511 2531
85c
115
175 195
3474 3914
1715 25
13055 13231
48
48
7
7
99
993.4
85
87
16
16
214
255
2315 2435
33
3915
6754 68
11234 120
102 10234
3035 304
2031 2051
204 2045
1645
16
944 10
134
llf
107 1074
21
21
14
115
109 109
235
254
4
4
475 475
1234 134
3115 32
57
5931
34 345
255
2
711
7
184 187
6931 6931
611 635
1815 1834
324
31
24e
16c
2514
21
37
3754
4654 4755
69
72
431
434
1315
g
35
35
6111 64
8935
84
815 935
5944 6334
16
17
20
20
26
26
99
99
x191 194
120 120
54 515
452 460
14
147.4
720 800
283 285
69
7011
1431 1545
474 5011
01
DO
34 451
271 286
214
MI
231 244
17
17
1051 1131
2034 2131
6
614
1811 1854
714 8
514 6
250 250
92
92
2351 2434
81
82
615 634
8831 90
164 1654
3
7
3715
131
2
445 411
1034 1144

18,700
12,000
100
2,900
200
200
100
7,700
3,500
100
6,400
4,200
20
30
100
1,800
35
200
3,200
3,800
500
200
3,165
45
100
2,000
1,100
300
6,700
14.600
200
200
1,700
10
2,800
300
2.5
7,800
400
2,000
6,300
800
5,400
615
1,200
400
SOO
300
32,000
1,570
1,100
1,900
60
2.600
1,400
100
5,300
1,292
7.100
16,600
900
100
20
10
25
10
2,000
55
1,200
1,500
730
4,200
15,400
3,500
400
2,700
70
1.100
200
200
1,000
1,300
500
1,500
600
3.000
10
00
3
5,600
225
100
600
200
soo
17,300
2,400
2,600

Range since Jan. 1.
Low.
.15e
19c
2131
1415
4874
4
3%
2534
55e
165
324
1531
130
48
7
99
85
16
115
2231
31
67
110
1004
284
1931
1934
1534
734
15
4e
10634
17
75c
109
131
231
475
10
2434
544
234
155
7
173
67
64
1734
2931
120
22
3615
4934
69
34
5
21
554
82
441
40
1234
18
26
9734
191
110
5
400
1055
70e
259
56
935
2915
77
34
271
141
111
1434
015
20
6
17
714
411
250
92
18
804
6
8834
13
37
111
414
1014

Mar
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Jan
rqr,
Mar
Jan
Jan

Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jai
Ma
Star
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Feb

High.
85c
35c
2231
1931
64
434
351
2555
114
195
4635
25
140
48
7
9915
93
21
215
2451
3915
08
122
104
32
2031
2034
1711
1015
141
10934
21
144

my,

251
5
475
15
34
6631
431
315
915
195
6941
634
1941
344
45c
2534
3715
484
72
g
834
35
6434
3915
934
84
2534
2031
26
99
194
120
7
460
1 334
80c
287
724
164
51
91
5
281
24
314
174
1215
2434
631
1851
1031
6%
250
964
25
90
754
90
. 22
3715
4
454
1214

Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
FM
Jan
Feb
Feb
Mar
Jan
Mat
Mar
Fat
Mar
Felt
Feb
Feb
Felt
Felt
Felt
Feb
Mar
Mat
Feb
Fet
Jar
Mat
Mat
Mat
Mal
Ja,
Man
Mai
Fel
Sian
Ma
Jaz
jilt

Ma
Ma
Ma
Ma
Ma
Jam
Ma
Fe
Fe
Fe
Fe
Fe
Fe
Ma
Ma
Ma
Fe
Fe
Fe
Fe
Fe
Ma
Ma
Ja
la

Ma
Ja
/1.111
Ja
Ja
Ma
Jo
Ma
.1

Ms
Ja

Stocks (Coon.)-

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

Range since Jan. 1.
Low.

Miss Riv Pow,corn____100 233.4 2335 2414
60 2345 Mar
Motor Wheel Corp,com _10 II%
200 104 Mar
1034 1141
Preferred
Mar
100
96
100 96
96
Nat Dept Stores.Inc.corn_• 3534 34
Feb
384 8,900 33
First preferred
100 10014
Feb
100
700 100
National Leather new _ _ _10
300
715
74 Jan
735
715
NatSupp Co(of Del)corn 50 66
Jan
70
66
7,700 54
New Mexico & Ariz Land_l
Mar
3
3
3% 3,500
3
NY Canners, Inc,corn...' 324 3251 34
Jan
3,200 28
NY Tel 64% pref._ _100
Mar
109 110%
320 1C9
N Y Transportation_ _ _ _10 27
27
400 24
Feb
27
New York Trust Co_ _ _ 100 z346 x346 353
Mar
55 z316
Onyx Hosiery. common__• 4754 47% 50
Feb
2,000 40
Oaelda Corp
• 10
10
Mar
000 10
10
Palge-Det Motor Car_ _10
Feb
2151
20
600 14
Peerless Truck & Motor_50 61
Mar
5834 65% 4,000 57
Penna Coal Coke
50 4141
Feb
4015 4214 7,800 39
Prima Radio Corp
600 64c
1 63c
4.000 Mc Feb
Pub Serv Corp, NJ,new wi 51
Mar
5214
51
1.600 Si
Pyrene Mfg
10
Mar
94
10
9
2,700
9
Radio Corp of Amer com-•
4% 36,900
4
314 Jan
455
Preferred
5
37 . 334 5,100
%
*
21,'6 Jan
4
335
Rapid Tran Sec new WI... 1834
200 1845 Mar
1814 1
New preferred series A__
100 485.1 Mar
4831 48% 4344
Reo Motor Car
10 1645
1514 17% 22,000 1315 Feb
Repeal, Inc
5
115
% Jan
Republic Ry & Lt pref _100 44
44
44
10 44
Mar
Republic Rubber
• 100
100 10e
1.000 10e Mar
Rosenb'm Gr Corp, pf__50 5314 53% 5455
7,700 50
Feb
Safety Car Heat & Ltg_100
85
20 85
85
Mar
Saguenay Pulp & Pr
5
1
400
1
1
Mar
I
Schulte Retail Stores,com.• 8215 6215 8415 48,100 53
Jan
Shelton Looms, corn
•
300 2635 Mar
2615 264
Southern Coal & Iron_ __ _ 5 420
260 500 235,000 24c Mar
Springfield Body class A _ _ _
4951 45% 494 6.900 4534 Mar
Standard Slot Constr__ _ 10
34 7,900
3
245 Jan
3
Stutz Motor Car
1844 1914
• 1931
1,600 183.4 Mar
Swift & Co
20 105
100
105 106
Mar
Swift International
1,400 18
15 20
1911 2011
Feb
Technical Products Corp-5
7
8% 8%
1,000
Jan
Tenn Elec Power, corn_ •
1815
18
SOO 1474 Jan
Timken-Detrolt Axle__ _10 12
11
3,700 10
12
Jan
Title Guar & Trust Co 100
10 377
377 377
Mar
Tob Prod Exports Corp..'
5
535 3,000
434 Jan
545
Todd Shipyards Corp....' 5415 53
55
525 53
Mar
Torbenson Axle
25
26
26
300 24
Mar
Triangle Film Corp v t 0_5 340
310 36c 30,000
Se
Jan
Union Carbide & Carbon _ _
200 6334 Feb
6414 6415 644
United Profit Shaeg,new_l
600
44 Jan
MI 535
Un Retail Stores Candy..'
651 5,000
5
6
Jan
655
Founders shares
200
331 Jan
•
731 8
United Shoe Mach corn _25 54% 54
5434
600 49
Jan
Preferred
300 2651 Mar
25 27% 26% 2731
US Light & Heat, com 10
15 6 114 37,500
41
15
%
I
Jan
Preferred
145
3 1,680 non
134
10
Jan
Universal Leaf Tob, p1.100
103 103
200 103
Mar
Utah-Idaho Sugar
200
10
3
Jan
354 351
Wayne Coal
14 Mar
1% 245 37,800
5
234
Willys Corporation let pref
711 Jan
200
745 8
Ctrs of deposit
515 Mar
535 611
300
Yale ar Towne Site new_25
63
300 5815 Jan
6351
Yellow Taxi Corp. N Y___* 137
132 140
1,400 100
Feb
Former Standard Oil
Subsidiaries
Anglo-American 011_ _ _ _ £1
1674
1655 1745 8,100 1645 Mar
Buckeye Pipe Line
8814
50 8735 87
250 87
Ma
Continental 011, new_ _25
47
46
1,400 3851 Feb
Crescent Pipe L, new stk 25 214 2135 23
1.060 2115 Mar
Cumberland Pipe Line_ 101 113
113 114
170 rs5
Jan
Eureka Pipe Line
100
11215 113
145 95
Jan
Galena Signal Oil COrn__100 69
565 57% Jan
73%
69
Illinois Pipe Line
100 165
1644 166
180 16415 Ma
Indiana Pipe Line
50 100
100 101
185 95
Jan
National Transit_ _ _ _12.50 2534
1,700 25
Ma
100 130
New York Transit
130 1354
265 129
Jan
Northern Pipe Line_ -100
106 106
10 105
Feb
25 80
81%
Ohio 011, new
80
1,500 74
Jan
Penn alex Fuel 011
25
20
100 17
20
Jan
Prairie 011 & Gas
100 245
245 250
560 1222
Jan
100 1134 113 115
Prairie Pipe Line
795 11084
Solar Refining
100 203
203 20S
20 180
Jan
100 170
South Penn 011
168 173
205 166
Jan
Southern Pipe Line_ _ _100 112
112 11315
285 97
Jan
87
South West Pa Pipe L_100
87
87
20 6645 Jan
Standard 011 (Indiana).
.25 66% 6635 69
63,000 OuR, Jan
Standard 011(Kan)
25 5015 504 534 3.100 4115 Jan
Standard 011 (1(y)
25 984 9615 104% 5,910 tr80
Jan
Standard 011 (Nob)
25
270 270
10 186
Jan
Standard Oil of N Y_ _ _25 4514 45 '
14615 22,000 45
Mar
Vacuum 011
25 50
4911 5145 27,400 4341 Jan
Washington Oil
10
23
23
Mar
20 23
Other Oil Stocks.
Ark Natural Gas, coin_ _10
8% 8%
8,000
73.4 Jan
Atlantic Lobos Oil. corn..'
455r 54 3,600
655
5
Mar
Big Indian Oil & Gas
260
280 41.000 15e
23e
Jan
Boston-Wyoming Oil_ _I
14 1%
1,100
1
Jan
Brit Controlled Oil Fields_
2%, 2%
500
131 Feb
Cardinal Petroleum
200
7
Jan
7% 551
Carib Syndicate
5%
431 Jan
554 20,300
554
Columbia Petroleum
1
65c 65c
100 65c
Jan
Continental Oil
46% 4614 47
800 3934 Feb
Creole Syndicate
755
5
5% 7% 98,900
24 Jan
Engineers Petroleum Co_ _1
15c
13c
16c 23,000 1M Mar
Equity Petrol Corp pref.._ -----14% 14% 5,400 1411 Feb
Federal 011
5 880
Mc 92c 67,700 69e
Jan
Gilliland 011. corn
•
6
5%
754 23,900
3
Jan
Glenrock 011
lafs
10
154 1,15 33,100
1
Jan
Granada 011 Corp el A._10
2
1% 2
3,200
141 Jan
Gulf 011 Corp of Pa
25 65% 64
6815 15,800 553-4 Jan
Harris Consol Petrol Corp.
2
14 2
11,600
111 Jan
Hudson 011
1
17c
14e
17c 117.000 10e
Jan
Humble Oil de Ref
25 3835
3811 3951 4,800 2444 Jan
Humphreys Oil
35
35% 37
600 30
Feb
Imperial Oil (Canada) coup 119
119 123
6,403 imsi Jan
Independent 011 & G w I _• 13%
1351 144 10,400 133.4 Mar
International Petroleum... 22% 2215 23% 15,200 2031 Feb
Keystone Ranger Devel_ _1
27e
260 370 210,000 22e
Jan
Kirby Petroleum
•
234
1,800
2
214 3
Feb
I.ance Creek Royalties...I
30
3c 23,000
Jan
2e
Livingston Oil corn
9c 20c
0,000
9e Mar
Livingston Petroleum _ _ _•
24.500 75c
134 2
Jan
174
Lowry 011 Corp
1
5
80c
2
2.800 62e Mar
Lyons Petroleum
ins
99c
1% 7,200 Win
Magna 011 A Ref
1
61c 610
1,200 610 Fob
Magnolia Petroleum__ _100 160
16(1 162
155 155
Jan
Mammoth Oil, Class A
50
52
1,300 477.4 Jun
Maracaibo Oil Explor_ _ _• 1935
1444 1934 124,600
934 Jan
Margay Oil
•
134
111
154
GOO
Jan
1
Mariand 011
355
134 .Ist
2% 354 8,700
Marland Refining
5
331 Feb
600
315 441
Mexican Eagle 011
5
034
200
831 Jan
935 911
M.Clean Panne° 011_10
1% 75e
135 10,300 70e MO
Mexico 011 Coro
10
Jan
Oc
144 2 224.100
174
Midwest 011, pref
235 Mar
1
200
215
234
Midwest Texas Oil
1
1,000
Jan
50
180 180
Mountain & Gulf Oil
114 Jan
1
141 2,400
111
Mountain Producers__ _10 194
19
1934 9,600 16% Jan
Mutual Oil vol trust Ws._
1355 1434 73,600 1241 Feb
1341
New England Fuel 011_ ___
800 40
46
48
44
Feb
c
.
Newie( rb 011
N h Yo k F)
o
1,000,
Mar
16
1714
Oil & Gas_l 22e
2Ic 23c 48,0001 21c Mar
Preferred
1.000 ane
Feb
6.5c file
1

2

14 14 1,100

High.
Feb
27
1334 Feb
Jan
99
3815 Mar
1004 Mar
814 Feb
7035 Mar
345 Jan
Mar
34
Jan
112
3031 Mar
Mar
353
Mar
52
.lan
15
2154 Mar
Jan
80
4254 Mar
Jan
I
5214 Mar
Jan
.11
431 Mar
344 Mar
Mar
19
4811 !Mar
1715 mu
Jan
2
Mar
44
45c
Feb
5134 Mar
Mar
91
Jan
8:1 44 Mar
'
2734 Mar
50c Mar
4951 Mar
335 Jan
2434 Jan
109
Feb
Jan
21
974 Feb
19
Mar
12
Mar
377
Mar
634 Mar
594 Mar
28
Mar
360 Mar
6554 Mar
634 Mar
8
Mar
9
Mar
56
Mar
2734 Jan
134 Mar
24 Feb
103
Mar
374 Feb
24 Jan
1174 Jan
1045 Jan
64
Mar
14831 Feb
1954
94
60
2615
154
115
79%
171
103
29
137
110
8545
25
700
335
21214
193
116
88%
6915
57
133
285
4955
5511
28

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

Mar
10
734 Jar,
30e Mar
114 Feb
25
4 Mar
834 Mar
655 Feb
70c
Jan
47
Mar
715 Mar
250
Jan
Mar
15
Jan
1
734 Mar
24 Jan
,
Feb
3
6844 Mar
215 Mar
Jan
18c
4111 Mar
394 Mar
Feb
121
1534 Feb
2431 Feb
Jan
40o
Jan
4
4e Feb
20c Mar
Mar
2
141 Feb
Feb
134
610 Feb
Jan
168
Feb
59
1934 Mar
145 Jan
33.4 Feb
43.4 Feb
1055 Feb
114 Mar
21.5! Mar
215 Mar
302 Jan
135 Mar
2034 Feb
1515 Mar
52
Mar
2134 Pets
305
Jan
780
Jan

THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Other Oil
Stocks (Concluded) Par. Price. Low. High. Shares.
1
Northwest 011
1
Ohio Ranger
10
Omar 011 & Gas
•
Peer Oil Corp
10
Pennok 011
Pennsylvania-Beaver 011.1
Red Bank 011
Royal Can 011 Syndicate.*
•
Ryan Consolidated
Salt Creek Consol Oil
Salt Creek Producers___10
Santa Fe 011 de Rezlning_.5
5
Sapulpa Refining
6
Seaboard Oil & Gas
Southern 011 & Gas
South Petrol & Refining._1
Southern States Oil
1
Southwest Oil
1
Teton 011 de Land
5
Turman 011
Western States0& 0_ _ _ _
5
Wilcox Oil & Gas
1
"Y" 011 & Gas
Mining Stocks.
Alaska Brit-Col Metals__.1
_20
Alvarado Min &
Amer Comm
Anglo-Amer Corp S Afr...£1
Arizona Corn MIn
-__
Arizona Globe Coppee _I
Beaver Consolidated
10c
Belcher Divide
Belcher Extension
10c
Big Ledge COPPer Co
-6
Blackhawk Cons Mines_ _1
Boston & Montana Dev.6
Butte & West Mid Co_ 1
5
Calaveras Copper
Caledonia Mining
1
Calumet &Jerome Cop Col
Canada Copper Co
5
1.11
Canario Copper
1
Candalarla Silver
Chino Extension
Consol Copper Mines new5
Cone& Nevada Utah Corp
Continental Mines, Ltd_
Copper Range
Cork Province Mines_ __ _1
Cortes Silver
1
Cresson Con Gold M & M.1
Crown Reserve
1
Davis Daly Mining
10
1
Divide Extension
Dolores Esperanza
6
Dryden Gold Corporation_
El Salvador Silver Minea.1
Emma Silver
1
1
Eureka Croeaus
Fortuna Cons Mining
Forty Nine Mining
1
Gadsden Copper
1
Gold Coin Mining
Golden State Mining
Goldfield Consol Mines.10
Goldfield Deep Mines Co Sc
Goldfield Development ___
Goldfield Florence
1
Goldfield Jackpot
Goldfield Oro
1
Gold Zone Divide
Green Monster Mining_50e
Hard Shell Mining
1
Harmill Divide
10e
Hasbrouck Divide
1
flecla Mining
25e
Henrietta Silver
Hilltop-Nevada Mining_ _ _
Hollinger Con Gold Mines!,
Homestake Ext Mining..!
Howe Sound Co
Independence Lead Mln
Ron Blossom Cons M. _ I
Jerome Verde Devel
1
Jumbo Extension
1
Kerr Lake
5
Kewanus
1
Knox Divide
100
La Rose Mines
Lone Star Consolidated..
MacNamara CreseentDev I
MacNamara Mining
1
Mammoth Divide
Marsh Mining
Mason Valley Minim
5
McKinley-Darr-Say Mln_1
Mohican Copper
1
Montana Tonopah
Morington Mining
Motherlode Copper Mines
5oc
National Tin Corp
1
Nevada OPhIr
Nevada Silver Horn
New Cornelia
New Dominion Copper__ _5
New Jersey Zinc
100
N Y Porcupine Mining-- NIpissing Mines
5
Ohio Copper
I
Park Utah Mining
Ray Hercules, Inc
b
Red Hills Florence
Red Warrior
Rex Consolidated Mining-I
Richmond Cep M & Dev.
Rochester Silver Corp_ __1
St Anthony Gold M
Elan
1
M Ins
Sandstorm Kendall
Silver Dale Mining
Silver King Cons
Sliver King Divide Reorg
Silver Mines of America-.
Sliver Pick Consol
Silver Queen Mining Corp.
Silversmith Mining
Simon Silver Lead
1
South Amer Gold & Plat I
Spearhead
1
Stewart Mining
1
Success Mining
Superstition Cons
1
Teck-H ughes
I
Temiskaming Mining
Tonopah Belmont Der...l
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
1
Tuolumne Copper
1
United Eastern Mining...!
United Imperial M Ines.. _1




1%
13%
4%
16c
6
611
244
5%
41.4
344
2c
2244
45e
920
300
8%
Ile

520 12e
30
30
44i
1% 1 ,
84
12% 14%
35-1
160 170
54 6%
6% 6%
12% 134
24
25%
6
5%
4% 43.4
3
3%
60e 600
2c
50
204 26
600 60c
45c 480
1
90c
280 30c
831 94
120
10c

2%

13%
59e

2o
lle
17e
3%

270
500
3%

110
900
244
620
10c
70e
200
24e
27e
730
35e
110
140
460
49e
lc
6o
70
14
730
43.1
440
34e
3
6o

270
le
14e
2%
24o
460
100
2e
210
190
2244
4%
010
64
830
1%
5o
25e

780
130
230
490
330
3%
6e
40
Sc
144
380
74e
314
21
4
480
234
82e

2%

1,000
8,000
116,300
100
10,800
14,700
9,000
7,200
2,400
1,700
14,000
6.300
22,700
25,150
500
42.400
20,300
5.000
98,000
15,600
6,000
17.000
7,000

3,800
1,500
100
4,000
90
200
264 26%
100
13% 13%
50c 700 110,800
1,000
45e 45c
20
1,000
2c
3c
2,000
20
2c 32,000
lc
18.000
90 12e
17e 33,000
13e
9,100
144
354 34 4,900
Co
1,000
6c
18e
1.000
18e
Sc 24,000
30
2% 254 6.200
210 30e 346,000
500 750 26,500
9,200
3% 4
100
3,000
10e
54 5% 2,600
100
43% 433%
6,000
110 110
83e 900 50,900
254 24 2,700
9.000
48c 63c
4
300
1,000
100 100
9,100
23.4
19.400
670 71e
30
7,000
30
30 13,000
2e
20e 230 48.000
200 280 168,000
180 39e 31.000
2,000
80c 800
11,300
700 73e
350 50c 31,000
80
4,000
70
110 130 51,000
16,000
14e 160
45c 520 43,600
48e 520 54,000
20 17,000
lc
90
2,000
9c
80
1,000
Sc
70 23,000
130
3.000
Sc
7c
2.000
7e
70
94 1,200
5.000
190 220
24,200
154
300
1334 1334
65c 710 22,500
3% 43-1 29.200
360 47c 96.000
3,000
320 34c
1,300
2% 3
70
6,300
6c
1,300
3%
3
8,000
30
20
3,000
40
30
1,000
27c 270
80 26,000
40
8,000
20
IC
3.000
4o
4e
1,000
7e
7c
150 25,000
10c
2% 2% 16,100
230 240 16,000
430 470 22,000
5,000
100 120
5,000
20
lc
100
1%,
200 210 54,200
150 20c 29,000
2.000
lc
lc
1,600
24
22
15,100
3%
150
1784 180%
600 63e 48,100
64 3,100
6
830 940 95,600
500
3% 4
1% 23.1 57,700
6,000
60
50
40e 460 12,000
60 38,000
50
220 25c 20,000
1,000
160
16c
11,900
550 60e
2,000
40
3c
40 14,000
20
19,000
7c
Sc
17,400
710 90c
13c 116,000
10e
200 250 15,000
50
2,000
50
450 46c
8,000
7,400
48c 500
31c 330 10,000
3Si 344 5,700
6e 91,000
54,
Sc
4c
9,000
60e 62e
3,300
90 13,000
6c
1% 24,800
990
350 380
2,000
174s 1,600
,
1%
720 770 30,000
33.4 3I14 27,000
1,900
21
4 244
3,000
450 46e
24 251 13,500
3.900
790 820

Range since Jan. 1.
Low.
be
20
94
2
140
54i
44
10%
204
53.1
2%
2
60e
In
13%
60c
450
86c
23c
64
80
2
24
5c
26
13%
100
36e
2c
2e
Sc
9c
90
90e
2%
6c
11c
20
244
200
50c
34
8o
4%
36
Ile
710
24
32c
244
9c
14
63c
2e
20
190
20:
6e
60c
62e
30o
7e
90
40
29e
350
Sc
80
7c
3c
50
30
8
15c
144
11%
580
23.4
30c
280
2%
50
3
2e
2c
280
40
le
40
70
130
151
170
100
70
le
151
200
100
Sc

High.

Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
.frin
Mar
Jan
Inn
Mar
Mar
.tan
Mar
Feb
Mar
Jan
Jan
Jan

Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Mar
tan
60c Mar
Jae
i3e
Mar
26
600 Mar
89
, Feb
14 Jan
30c Feb
104 Jan
Jan
160

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

2% Mar
6% Mar
Ile Jan
2714 Feb
13% Mar
Feb
851
450 Mar
Sc Mar
Jan
6c
Jan
40
Jan
15e
Jan
17e
24‘ Mar
Mar
4
100 Feb
22e Feb
go Feb

Jan

Mar
Jan
Feb
Jae
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Jan

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

22e
70
1154
.
6
13
14%
5
200
754
6314
14
25%
6%
4%

Jan

360
750
41.1
15e
6%
43%
150
11.4
2%
63c
4
130
2%
81e
40
40
37c
740
390
970
730
500
Ito
240
340
760
570
60
Ile
10c
I3o
10
,
70
9%
662
154
14
710

Jan
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Inn

Mar
Mar
Jan
Jail
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Feb
eb
Feb
Feb
Mar
Feb
Mar
48
Ja
380
Feb
Jan
100
Jan
Jan
8o
ito Mar
40e Feb
Jan
8c
Jan
80
Jan
70
13o Feb
Jan
15o
Mar
24e Mar
40 Mar
120 Mar
Jan
4e
1% Mar

Jan
Jan
Jan
Jan
Mar
Jan
Feb 320
Jan 210 Mar
Jan
Jan
2c
mg Jan 2144 Mar
44 Mar
2% Jan
1681.1 Jan 1803.4 Mar
Jan 63c Mar
30o
5% Jan
63-1 Mar
11
4 Mar
370
Jan
4% Jan
3% Mar
Mar
Feb
1
70 Mar
Jan
2c
40o Mar 470 Mar
80 Feb
Jill,
50
Jen
Feb
29c
210
Feb
18e
Jan
160
460 Mar 60e Mar
Jan
40 F b
30
50 Jan
Jan
20
70 Mar
5c Mar
500 Mar Ole Mar
Feb
15e
13c
Feb
Jae
402 Feb
14e
Jan
90
50 Mar
500 Feb
Jan
350
Jon
45o
Feb 535
Jan
21e
Feb 360
3
Jan
414 Jan
Jan
13c
ba Mar
Jan
80
50
Jan
Jae
Ole
460
Jan
160 Feb
3c
Jan
ale
Jan
'51 Mar
30c Mar 350 Mar
1343 Jan
154 Feb
64e
Feb 892 Mar
Mar
2% Feb
4
154i Jan
2% Jan
45o Mar 67
, Feb
14
21
4 Feb
Jan
60.3 Mar 79e Mar

h relay
Sales
Last TVeek's Range for
of Prices
Sale.
Week.
Mining (Cona.)- Par. Price. Low. High Shares.

[Vora. 116.
Range since Jan. 1.
Low.

United Verde Extension 50: 374 35
3714 6,600 264 Jan
United Zinc Smelt
Feb
14 14
100 710
U S Cont Mines, new
15e 15c
1,000 15s. Mar
Unity Gold Mines
5
5%
5
54 11,300
3% Jan
Victory Divide
10c
Jan
lc
50 30.000
2e
West End Consolidated- -5
1%
154's
134 Feb
8,400
West End Extension Min.30
2c
2c
30 22,000
Feb
Western Utah Copper.35e 400
Jan
35c
2.000 20e
White Caps Mining_ __10c
Jan
11c
2c
lie
1,000
Wilbert Mining
Jan
5c
3c
50
1,000
Wolverine Copper
Mar
12
12
12
100 12
YerrIngton Cons
Jan
20
2c
20
2,000
Yukon Gold Co
5
92e 950
Jan
3,800 75e
Bonds
Allied Pack cony deb 13e '39 67
Mar
67
69 $14,000 66
Certificates of deposit_
Mar
47
47
1,000 47
8s Series B w I
1939
Mar
_-763.4 79 106,000 76
Aluminum Mfrs 75_ _1933 106% 106 106% 16.000 105% Jai
7s
1925 103
103 10354 2,000 1024 Ma
American Chain Os...1933 9744 9744 974 15.000 974 Mar
Amer Cotton 01165_ _1924
Feb
9144 9254 22,000 85
Amer & E deb 6s_ _2014 95311 95% 9654 19,000 95% Mar
Amer Lt & Trac is._1925
Without warrants
101% 1014 1014 7.000 10054 Mar
Am Republic Corp 68 w 1.'37 88
8844 90
Jai
19.000 88
Amer Rolling MIU 6s...1938 99% 993.4 9954 30,000 99
Ma
Am Sumatra Tub 7s_ _1938 98% 9744 98% 11,000 9551 .1a1
Amer Tel & Tel 65....1924 100% 1004 10031 37,000 10054 Ma
Anaconda Cop Mln 78.1929 103% 103% 103% 28.000 10331 Mar
6% notes Series A._I929 10234 102% 102% 60.000 101 4 Jill
Anglo-Amer 011 74s__1925
Mar
102% 103
42.000 102
Armour & Co of Del 51.4s'43 96
96 280.000 96
Jai
96
Armour & Co 7% notes-'30 105
Ma
105 105
71,000 105
Atl Gulf & WI SS L 5s1959
5954 6014 12,000 5154 Jai
Beaver Board 8a.....1933
76% 79
9,000 654 Feb
Bethlehem Steel 7s__ _1023 100% 1004 1024 4,000 100% Ma
1935 10254 1023-4102% 65.000 102
Equipment 7s
Canadian Nat Rya 70.1935
Feb
10344 109
15,000 108
Jan
1925 994 9954 994 9,000 99
5s
Canadian Pacific 69.__1924
100414 10014 32,000 10031 Feb
Feb
Central Steel 8s
1941 106
106 10)334 13,000 106
.13ii
Charcoal Iron of Am 88231
24,000 94
96% 97
Jan
Cities Serv 7s, Ser B_ _1966
1,000 124
130 130
Jan
1966 9544 9534 96
7s Series C
7,000 91
Feb
1066 9154 913.4 9144 9,000 901.4
78 Series D
Mar
Columbia Graphoph 8s.'25
2,000 20
20
25
Certificates of deposit......... 254 26
4.000 224 Jan
Mar
N Y Tr Co partic Ws__
24
10,000 24
24
24
.1 -In
Cons GEL&P Bait es '49 102
102 1024 33.000 1112
7s
1931 108
8.000 10534 Jan
108 103
J.,
Consol Textile 85
1941 1024 102% 1024 17,000 !IS
Jan
Cuban Tel 754s
1951
3.000 105
106
106
Mar
Deere & Co 74s
1931 1004 100 101% 10 000 KO
Mar
Detroit City Gas 6s__ _1947 1004 100 100% 33.000 100
Detroit Edison 6s
1952 103
103 1033.1 30.000 1024 JaiDunlop T& R of Am 78.1949 954 95
Feb
953.4 51,000 95
Fed'I Land Bank 443_1942
1003.4 1004 4,000 1004 Mar
Federal Sugar 6s
1924
1.000 10031 Mar
100% 100%
Fisher Body Corp 68..1924
1,000 99% Mar
1004 100 Si
Feb
6s
1925 9914 99
99% 53.000 99
6s
1926 98314 974 994 50.000 9714 Mar
1927 97
6s
95% 974 27,000 964 Feb
Mar
1928 96
Os
95% 96% 70.000 06
Gair (Robert) Co 78..1937 98
974 98% 25,000 9744 Mar
Oalena-Signal Oil 711_1930 105
105 105%
7.000 1113% Mar
General Asphalt 8s_ _1930
103% 10341 4,000 10344 Mar
Grand Trunk RY 648_1936 104% 10444 1054 33,000 li % Mar
Gulf 011 of Pa 5a
1937 9354 934 94% 152.000 934 Mar
Hocking Vail RR 6s..1924 10054 1004 1004 15.000 100% Mar
Hood Rubber 7% notes.'36 101
101 1014 16,000 10114
Hydraulic Steel 83_ _1930
Mar
86
86
1.000 86
III Cent RR 53 w I_ __ _1935 99
Feb
99
993.4 112.000 99
Interb R T 88 J PM rect,s_
9814 99% 6,000 95% Jan
Certificates of deposit..
974 9744 2.000 944 Jan
Kansas City Terml 68_1923
1004i 1004
1.000 100,4 mar
Kennecott Copper 78.1930 10454 104 1044i 25,000 103
Jai.
LibbyMcNelli& Libby7te31 100
99% 1004 39.000 • 99% Jai
L1ggett-Winche5ter 78_1942
101
1013.4
5.000 lel% Mar
Loulev Gas & Elec 5s. _1052 8744 864 8844 34.000 864 Mar
Maracelbo 011 Exp 7s 1925 188
150 188 122.000 135
Mar
Morris & Co 74s
1930 1034 103 10344 10.000 101
Mar
193I 9631 964 9754 36,000 954 Jan
Nat Acme Co 74s_
Nat Cloak & Suit 88..1930 106% 10644 106% 75,000 11V4i Jan
National Leather 88_1925 101
101 101
Mar
5,000 101
New Or) Pub Serv 5a...1052 89
89
Mar
89
12,000 89
N Y Chic & St L RR
1931
Series C 135
9934 99% 6.000 99% Jan
Ohio Power 5s
1952 85
84
Mar
87
69,000 84
Paulista RY 7s
1942
953.4 9544 6,000 9544 Mar
Penn Pow & Lt 5.9 B..1952
88
8844 15,000 87
Mar
Phila Electric 68
1941 103% 10331 10434 15.000 10354 Jan
Phillips Petrol 748_1931
131
132
Jan
10.000 120
Without warrants
10114 1024 14,000 10114 Mar
Public Sery Corp 75w 1.'41 10244 102 1023.4 48,000 102% Mar
Rapid Tran Sec 68 ser A '68 734 7334 7344 171,000 73% Mar
Sears. Roebuck de Co 75.'23
1003.4 101
3,000 10044 Mar
Shawsheen Mills 7s_ _ _1931 104% 1044 10144 9,000 134
Mar
Sheffield Farms 643..1942 100
100 100
18.000 994 Feb
Sloss-Sheffield S& I 681929
Feb
9631 97
9,000 96
Solvay dr Cie 138
1927
10444 105
7,000 104% M r
South Calif Edison 50_1944 89
89
92
Mar
26.000 8)
Southw Bell Telep 711.1925 102% 10214 10254 156,000 102
Feb
Stand 011 of N Y 6481933 1064 1054 106% 21,000 105% Mar
7% serial gold deb_ _1925
104 1014 7,000 1034 Jan
7% serial gold deb_ _1926
104 1044 8,000 101
Ma;
7% aerial gold deb.
.1927
10531 1064 16.000 1054 Mar
7% serial gold deb..1928 10744 107 1073.4 29,000 106% Jan
7% serial gold deb..1929 106
106 10644 10,000 106
Mar
7% serial gold deb..1930
10744 1084 6.000 101
Feb
7% serial gold deb..1931
1074 10844 7,000 1074 Mar
1931 1023.4 1024 102% 19.000 10144 Feb
Sun Co 7s
1929
6s
99
99
Jan
12.000 98
Swift & Co 5s. _Oct 15 1932 90
89% 91 176,000 8
Mar
Tidal Osage 011 M...1931 ...... 10234 10234 26.000 102% Mar
88..1931 103
United 0111:la:Mtn
103 10354 13,000 96% Jan
United Rye of Hay 744e '36 1044 1034 10154 23.000 101% Mar
1936 106% 1063-4 10754 28,000 106% Mar
Vacuum 011 7s
1937
Valvoline 01113s
1034 1034 7,000 1024 Jan
Wayne Coal 63
674 6754 69
2.000 6'3'4 Mar
Wickwire-Seen St'l 748'32
964 9941 6,000 96% Mar
Foreign Government
and Municipalities
Argentine Nation 7s_1923 10034 10034 1004 $95,000 100
Jan
French Victory 5s...1931
48% 484 2,000 484 Mar
1945 3954 38
Mexico 48
39% 150.000 364 Jan
58
Jan
16
16
2,000 15
-year series B
Os 10
554 564i 27,000 504 Jan
Series A
583.4 564 56% 6.000 55% Mar
(Kingd)
68B12 98514 97% 9851 247,000 9744 Mar
Netherlands
Peru(Republic) Ps w 1_1932 ...... 99
Feb
9941
4,000 97
Russian Govt6Sis--.1919 ...... 14
15
7,000
914 Jan
Certificates
144 144
Jan
9
1,000
_1921 ...... 14
Russian Govt 54s94 Jan
15
3.000
Switzerland Govt 544e 1929
1024 10344 293.000 1024 Mar

High.
3714 Mar
134 Mar
Jan
230
Mar
55 !Mar
154 Jan
Jan
60
550 Feb
Jan
12o
81, Feb
Mar
12
Jan
30
950 Feb
76% Jan
54
Jan
84% Jan
Feb
107
Jan
104
974 Mar
96% Jan
98% Mar
101%
904
10031
9954
101
1014
103%
103%
964
10514
62
81%
10554
104
1104
99%
101%
10741
07
130
96
93%
30
35
24
103%
1084
106
107
10314
10144
104
97
100%
100%
100%

wog
100

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

99%
9834
0954
105%
105
107
9734
100%
101
86
99%
914
98
101
105%
102%
103%
9154
183
126%
9714
101.514 Mar
Jan
102
89% Mar
100% Feb
90
Jan
Jan
97

'In;'

Jan

105314
132
10314
10441
73
1014
105
10054
98514
105%
974
103
10751
106%
10551
107%
1071.-I
110%
109%
110
103
984
94
1034
10341
107
10751
103%
734
99%

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

10014
4844
414
17
57%
5634
1004
994
1644
16%
16
104

Jelt
Mar
Jan
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Feb
Jan

t Odd lots. • No par va us. 9 Dollars per 1.000 marks. a Ex-100% stook dividend. g Marks. k Correction. m Dollars per 1,000 lire flat. I Listed on the Stock
Exchange this week, where additional transactions will be found. S Ex-special
dividend of $25. n Ex-extra dividend 01 821). o New stook. V Et-abed/0 dividend
of $80 and regular dividend of $3. r Ex-100% stock dividend. s Ex-50% stook
dividend. f Ex-200% stock dividend. u Ex-66 2-3% stook dividend. • Ex-stock
dly. Of 40%. ts When issued. s Ex-dividend. y Ex-rights. I Ex-stock dividend

Putstuxent anti Sailiroatt

gnielliffente.

1269

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of March. The table covers 20 roads and shows
5.76% increase over the same week last year.

Balance,
Gross
Net after
Fixed
Surplus.
Earnings.
Charges.
Taxes.
$
$
$
$
Phila & Western
Feb'23
9,037
14.961
61,853
23.998
Railway Co
4.702
'22
55,564
15,120
19,822
2 mos ending Feb 28 '23
21.388
29,951
128,610
51.339
'22
14,710
116,829
30,288
44.998
Second Week of March.
1923.
1922. I Increase. Decrease. Pine Bluff Co
Jan'23
15,138
67,652
10.366
25,504
'22
66,957
27.288
Ann Arbor
12 mos ending Jan 31 '23
75,141
101,4371
26,296
219',F35
9
833,136
101,ta
327,921
Buffalo Rochester & Pittsburgh
504,485
402,0971 102,388
'22
191,732
788,812
120.932
312.664
Canadian National Railways_ _ _ 1,951.130 2,148,701i
197,571 Republic Ry &
Jan'23
93.777
855,205
180.870
274,647
Canadian Pacific
2,922,000 3,121,000
199.000
Light Co
'22
94,846
698,128
172,572
267,418
Duluth South Shore & Atlantic_
69.1051 27,349
96,454
Texas Electric Ry Feb '23
Georgia & Florida Ry
35,647
201.954
37,109
72,756
37.700
28,800
8,900
Grand Think Ry System
'22
30.802
194,006
69,718
38.916
12 mos ending Feb 28 '23 2.715,677 1.057.903
Grand Trunk Western
600,489
457.414
2,103,056 1,988,401 114.655
Detroit Gr Haven & Milw__
'22 2,832.639 1,134.439
472.760
661.679
West Penn Co
Canada Atlantic
Jan '23 1.922.029
278,745
384.631
663.576
Minneapolis & St Louis
412,368
463,593
1,269,763
8,775
190,725
234,636
425,361
Iowa Central
12 mos ending Jan 31 '23 18,035,355 5.703,259 3,871.930 1.831,329
Mineral Range
9,499
2.905
'22 14,139.914 3,993.881 2,527,718 1,466.163
6,594
Mobile & Ohio
412.095
333.564
Virginia Ry &
78,531
Feb'23
124,110
834,780 *344,441
220,331
Nevada California & Oregon___
5.370
2.861
Power Co
2,509
'22
659,227 *200.522
219.235 -18,713
Southern Railway System
3,783,796 3,185,313 598,483
2 mos ending Feb 28 '23 1,744,219 *713,838
273.788
440.050
St. Louis
-San Francisco
1.659.163 1,537.220 121,943
'22 1,764,635 *428,626
-9,710
438,336
St Louis Southwestern
557,998
506,231
51,767
Texas Pacific
610,983
* Allowing for other income. a Including taxes. b Includes full
563,458
47.525
Western Maryland
437,587
Interest on adjustment income 5% bonds.
334,670 102.9171
Total
15,578,82514,729,356 1,272,336 422.867
Net increase (5.76%)
849,469

FINANCIAL REPORTS.

Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings with charges and
Financial Reports.
-An index: to amnial reports of
surplus of STEAM railroad and industrial companies railroads, street railway and miscellaneous companies steam
which
reported this week:
have been published during the preceding month will be given
-Grossfrom Railway- -Nei from Railway- -Net after Taxes
- on the last Saturday of each month. This index will not
1922.
9122.
1921.
1922.
1921.
1921.
include reports in the issue of the "Chronicle" in which it is
•
8
•
•
American Railway Express Co
published. The latest index will be found in the issue of
November -13,363,589 14,471,290
274,411
403,793
91,199
86,971 Feb. Zi. The next will appear in that of
March 31.
11 mos.end.
Nov. 31.138,570,323 174506,452 3.073,822 3,945,526 1,011,070 1,767,754
Norfolk & Western Railway Co.
Western Maryland Fly
February
349,902
1,705,616 1,504,040
385,073
279,902
335.073
(27th Ilrulutt/ Report
-Year Ending Dec. 31 1922.)
2mos.Feb.28 3,436,038 2.978,593
_696,585
755,555
566,585
655,555
The remarks of President N. D. Maher, together with a
1922.
1923.
1923. • 1922.
1923.
1922.
comparative income account, balance sheet and other statisFonda Johnstown & Gloversville RR
February __ 128.153
120,717
54,299. *47,184
55,316
*48,056 tical tables, will be found wader "Reports and Documents"
From Jan 1_ 263,114
106,550
237.846
100,931
*89,583
*88,199 on
a subsequent page.
Han City Southern Ry Co (Inc! Texarkana & Ft Smith)
-

COMMODITIES CARRIED FOR CALENDAR YEARS(REV.FREIGHT.)
Revenue
------Products of
Bituminous 0th. Min. Mfrs. &
Tons- Agriculture. Forests. Animals. Coal.
Products. Miscell.
ry Electric Railway and Other Public Utility Net 1922
1,243,028 1,544,598 188.257 28.120.614 2.42 . 19 3.836.962
1921
1.164,425 1,441.257 174,829 21.766.196 1,781.245 3.356,983
Earnings.
-The following table gives the returns of 1920
1.441,205 2.267.150 198.097 26.035.500 4.818.726 5.935.065
ELECTRIC railway and other public utility gross and net 1919
1.666,139 2.251.811 265,568 24.265.803 4,407.907 5.087.387
1918
1,768.919 2,506.500 306.356 27.505.962 7.137.992 7,576.191
earnings with charges and surplus reported this week:
1917
1,650,552 3.203.608 250.582 29.005.324 6.708.467 7.378.259
-Gross Earnings--Net Earnings
OPERATING STATISTICS FOR CALENDAR YEARS (U. S. RAILROAD
Previous
Current
Previous
Current
ADMINISTRATION IN 1919).
Year.
Year.
Year.
Year.
Companies.
1922.
1921.
1920.
1919.
Avge. mileage operated_
2.237
2,226
Alabama Power Co
2,200
395,618 *220,289 *216.584 Revenue
512,354
2,088
Feb
tons carried__ 37,357,078 29.684.935 40.685,743 37.944.625
Boston "L" Ry Co
Feb 2,703,077 2,531,452 *148,812
*40.595
do 1 mile (000 omit.) 10.422.301
8.482,095 11,063.033 10.026,871
Brazil Tr Lt & Pr Co....Jan 18,658,000 15,032.000 11,027,000 8,796.000
do 1 m. per m.road_ 4,657,220 3,810.568 5.027.897 4,801.957
Colorado Power Co-- Feb
82,098 *x41,891 *x42,067 Av.rev. per rev.ton mile .745 cts.
85,840
.793 as.
.668 cts.
.625 Ma.
AV.rev, per mile of road
Pub Seri of New Jersey_Feb 6,854,134 6,250,185
$34.692
$30.232
$33.594
$30.019
,
461.897 No.rev, passengers
577.545
carr_ 6.034.531
6.514.948 7.376.109
7.440.889
do one mile
261.756,223 292,222,528 346.264,412 422.628,754
•Net after taxes.
Av. rev, per pass
3.512 cts. 3.499 cts.
2.998 cts. 2.561 cts.
Balance, Av. pass. rev, per mile
Fixed
Gross
Net after
m.r'd
$5,556
$5.265
$6,146
$6,086
Earnings.
Charges.
Surplus. Net op. rev, per in. road
Taxes.
$9,982
$7,527
$1.611
$8.180
OPERATING RESULTS FOR CALENDAR YEARS.
Adirondack Pr &
45.314
137,322
92,008
570,531
Feb'23
Revenue
Light Co
86,848
'22
73.517
439,170
160,365
x1922.
z1921.
'4920.
z1919.
12 mos ending Feb. 28 '23 6.039,823 1,736,946 1,057,071
679,875 Freight
$77,637,431 867,294.972 873.918.301 $62,681,028
368,931 Passenger
952.922
'22 4.934,300 1,321.853
9.192,599 10,077.887 10,374.129 10,824.463
Mail
933,420
American Water
732,776
473,089
454,470 Express
1.471.607
995.687
Jan '23 2,855,255 1,187,246
1.204,964
Works & Electric Co '22 1.724,268
458,792
282.841
741,633
782.994
93.5.592 1.035.515
12 mos ended Jan 31 '23 25.481.173 10,263.329 6,809,958 3.453,371 Miscellaneous
1.346,329
1,609.049 1.789.776
1,911,50
'22 19.751.281 7,633,810 4,959.872 2,678.938
Total oper.
Arkansas Light &
20,959
20,310 Maint. of way revenue_ _890.314,742 $80,760,589 $88.489.356 876.925,599
104,012
41,269
Jan'23
& struc_ _$12,446.292 $11,778,983 $12.811.527 $10.660.872
Power Co
18.965
8,231 Maint. of equipment__
27.196
88,706
'22
23,524,892 19.342.536 29,703.859 23.089,001
12 mos ending Jan 31 '23 1,309,699
238,560
504,866
266,306 Traffic
933,096
843.043
771.310
445,584
188,293
345,962
157,669 Transportation
'22 1.110.545
29,139,207
28.323,932
Associated Gas &
45.218
49,210 General & miscellaneous 1,933,765 30.018.159 39.528,089
94,428
275.927
Jan '23
2.023.450 2,129,051
1,501,896
Electric Co
24,735
34.249
58,984
153,370
'22
12 mos ended Jan 31 '23 2,559,217
431,248
739.131
307,883
Not revenue
$22,337,540 $16.754,418 83,545.519 312.904.314
253,116
470,491
217,375
'22 1,651.944
x Includes Federal lap-overs. y Federal and company operations.
B'klyn City RR Co Feb '23
191,506
53.248
138,258
888,870
58.160
185,087
126,927 z U. S. Railroad Administration operations.
867,245
'22
-V. 116, p. 721. 609.
8 ntos ending Feb 28 '23 7,977.741 1.735,773
417.106 1,318,667
458.924
950.051
Feb3 7,695.403 1,408.975
:22
2
Boston 8c Maine Railroad.
City Gas Co of
a7,949
*23,595
15,646
81,672
(Preliminary Report for Fiscal Year ended Dec. 31 1922.)
Norfolk
a9,611
26,100
86,790
'22
2 mos ending Feb 28 '23
al7.036
*54,667
168,016
37,631
INCOME ACCOUNT FOR CALENDAR YEARS.
al8,339
*72.729
54,390
181,099
'22
1922.
1921.
1919.
1920.
Columbia Gas &
476,856
758,313 Total operating revenue-$79,720,084 878.289.750 586.652.745 $72,935,146
Feb '23 1.996.939 *1,235.169
Electric Co
465,298
597.694 Total operating expenses 67,164,593 73.833.472 90,989,432 67,144.063
'22 1,814,721 *1.062,992
2 mos ending Feb 28 '23 4.089,103 *2,570,767
953.574 1,617,193
937.365 1,267,470
'22 3.614,034 *2.204,835
Net operating revenue $12.555,492 34.456.278loss34336687 85,791,083
Detroit Edison Co Feb'23 2,760,054 *879,108
351,378
527.730 Taxes accrued
0
,571,276 2,668.424 3.001,087 3,043,387
(mncl all constit cos)
331,021
395.067 Uncollected revenue_
'22 2,225,041 *726.088
5.365
7.326
48,126
1,062
2 mos ending Feb 28 '23 5.638,420 *1,735.809
702.429 1,033.380
Operating income_ _ _ _ $9,978,851 $1.780.528loss$7385900 82,746,634
662,102
825,422
'22 4.563.883 *1,487.524
1.431,468
Eastern Mass
1,655.742 1,572.073
118,698
803,409
97.263 Other income
215,961
Feb '23
889,913
Street Ry Co
125.169
124.743
249.912
826,389
'22
Gross income
511,410,319 $3.436.270loss$5813827 63,550.043
2 mos ending Feb 28 '23 1.868,107
238,412
184,094 Interest,
422.506
rents, &c
11.283,898 10.784.356 11.318.654 6,605,059
257,840
229.223
487,063
'22 1,739,049
Hudson & Manhat Feb'23
63,430
887,011
402,069 6338,639
Net income
46,710 -V. 116, p. 1176, 720. $126,422df$7,318.086df$17132,481df$3,055,015
'22
386.127 6339,417
867.789
2 mos ending Fob 28 '23 1,846,231
161,048
838,725 12677,677
122,658
'22 1,800,793
801.348 6678,690
Maine Central Railroad.
Hans City Powr & Feb '23
326,987
76,341
807,255
403.328
& Light Co
255.204
'22
101,474
669,872
356.678
(62d Annual Report-Year Ended Dec. 31 1922.)
12 mos ending Feb '28 '23 8,129,796 3,774,590 1,046,732 2,727,858
INCOME ACCOUNT FOR CALENDAR YEARS.
'22 6,920.475 3,266,029 1,144,173 2,121,856
Market St Ry Co ',11, Feb'23
106,238
58,934
729,759
Combined
Federal
165,172
-Corporate
N
'22
46,744
679.795
63,058
109,802
1922.
1920.
1919.
1921.
2 mos ending Feb 28 '23 1,531,265 *328,985
205.922 Total operating revenue-$20,387,172 $20.590.064 $21.357,508 $17,525,178
123,063
Total operating expenses 16,443,382 19.533,352 22.675.123 17.520,064
'22 1,444,680
Municipal Service Jan '23
109.170
463,878
77,944
187.114
Net operating revenue $3,943,790 $1,056.712df$1.317 615
Co & Subs
$5,114
231,676
'22
56.774
39,468
.
98,242
1,263,982 1,163,288
12 mos ending Jan 31 '23 3,888.683 1,457,242
924,133
1.180,447
729.508 Taxes accrued
727,734
Uncollectible revenue__ _
4,426
2.909
502
2,097
'22 2,493.095
382,942
466,414
849,356
Now England Co
609,097
Jan '23
90,190
83,596
173,786
Railway oper.Income.. $2.761,245 def$210.180df$2,485,331 def$919.521
Power System
509,212
'22
68,262 Other income
70,284
138.546
623,037
581.104
166.233
232,691
12 mos ending Jan 31 '23 5,980.320 1.995,650
956,668 1,038,982
'22 5,448.924 1.346,635
481.098
865.537
Gross income
$412.857df$1,904.227 def$686.830
82,927.478
Philadelphia Rapid Feb'23 3,360.011 '957.674
122,119 Interest, rents, &c
835,555
2,367,454
2,376.320 2,578.219
487.984
Transit Co
'22 3,150,066 *935,568
116,476
819.092
2 mos ending Feb 28 '23 7,042,088 *2.043.111 1.670,892
372,219
Net income
$551.158df$2,165,362df$4,271,681df$1.174,814
'22 6,586.706 *1,989,227 1.638,351
350,876 -V. 115, p. 759.
February _ 1,669,082 1,548,599
442,817
FromJan I. 3,675.165 3,059.757 1,055,472




411,472
793,367

343,398
859.771

300,731
571,883

•

1270

Georgia Railway & Power Co.
(Report for Year ended Dec. 31 1922.)
The remarks of Chairman H. M. Atkinson and President
P. S. Arkwright, together with comparative income account
and balance sheet as of Dec. 31 1922, will be found under
"Reports and Documents" on a subsequent page.
BALANCE SHEET DECEMBER 31.
1921.
1922.
1922.
$
Assets•
Plant account____51,242,348 49,026,995 First pref. stock_ 2,500,000
Second pref. Stock 10,000,000
Equipment under
502.803 Common stock__ _15,000,000
758,803
trust
447,000 1st & Ref. M.bds-12,269,000
Sinking fund bonds 572,000
Underlying bonds_ 1,400,000
Sinking fund
13,499 Gen. mtge. bonds- 7,500,000
20,614
trustee
202,476 Equip, trust notes 460,000
330,623
Notes receivable
1,248,300
Notes payable_
Special deposit
Bond discount__ 1,295,013 1,008,947 x Ga.RY.& El.Co_ 465,679
114,439 y Atlanta C.D.Co_ 116.655
Suspense accounts
Cash advances- 1,945,566 1,509,547 Paving assessment
25,721
22,734
def. installment_ 132,345
Prepaid accounts_
352,000 1st pref.divs.accu_
Treasury bonds... 102,000
870,038
do payable__
Stocks and bonds_ 1,004,811
50,000
687,659 Reserve for depree. 5,239,210
Supplies on hand_ 723,046
Other res've accts. 291,734
Cash and accounts
1,236,695
799,577 Accounts payable_ 885,793
receivable
Interest payable__ 207,125
Suspense accounts
86,890
Taxes payable_ _ _ _ 387,666
Accr. rents (leased
companies) ____
119,622
Balance
3,390,834

1921.
2,000,000
10,000,000
15,000,000
12,519,000
1,400,000
4,000,000
316,000
1,049,280
465,679
116,654
610,000
30,000
3,637,876
Cr.61,734
625,530
203,366
545,817
136,872
2,966,460

Total
60,502,552 55,560,801
Total
60,502,552 55,560,801
x Net current assets turned over to Georgia Ry.& Power Co. by Georgia
Ry. & Electric Co. in accordance n ith terms of least, and not to be paid
back until expiration of the lease, 999 years from Jan. 1 1912.
y Net current assets turned over to Georgia Ry.& Power Co. by Georgia
Ry. & Electric Co. and Atlanta Gas Light Co. in accordance with terms
of leases, and not to be paid back until the expiration of the lease, 991
years from Jan. 1 1920.-V. 116, p. 1177, 934.

Hudson & Manhattan Railroad Co.
-Year ended Dec. 31 1922.)
(14th Annual Report
President Oren Root, New York, March 15, wrote in brief:
Income Bond Interest.
-At the beginning of the year there remained
2% of accumulated interest unpaid upon the Adjustment Income Mtge.
bonds. On Oct. 1 1922 there was paid the regular semi-annual installment
of 2H %. together with an additional 1% on account of the accumulated
unpaid interest. On Jan. 25 1923 directors declared as due and payable
% semi-annual payment and an additional
on April 1 1923 the regular
1 V,. being the final installment of the cumulative unpaid interest.
2
-Company's claim for the 6 months guaranty period
Guaranty Settlement.
under the Transportation Act, in the revised form required by the I.
-S. C.
Commission, was filed on May 311922. and is now in process of examination
by the Commission but as yet no settlement has been effected.
-Passenger revenue has shown a satisfactory increase (3.5%)
Results.
during 1922 and operating expenses have been slightly decreased. Tao
net return, however, is still very much less tha 1 the 5.75% which the
I.
-S. C. Commission has determined as a fair return upon the aggregate
value of the railway property of carriers.
Taxes continued to increase. Taxes on railroad operating .properties in
1922 increased $87,332. or 14.9% over 1921. The increase in 1921 over
1920 was 40.98% and in 1920 over 1919 was 12.48%.
Eauipment.-25 new cars of the same type as those already in service
were received from the builders in the fall of 1922 and placed in service.
The steady increase in traffic makes advisab e a further increase in the
rolling stock and the board has recently authorized the purchase of an
additional lot of 25 cars of the standard type. This equipment should
be ready for service in the latter part of 1923.
INCOME ACCOUNT YEAR ENDED DEC.31 (Incl. Hudson Term. Bldgs.).
1922.
Railroad Revenues1921.
y1920.
$7,495,846 $7,240,081 46.355,929
Passenger fares
Advertising
191,255
228,654
222,269
117,730
Other car and station privileges
163,216
147,487
30,100
Rent of buildings and other property.30,100
27.818
19,652
Miscellaneous transportation revenue
14,702
12,587
Other miscellaneous revenue
7,837
6.908
72.179
Total railway revenue
$7.862,420 $7.683,662 $6,838,269
Operating Expenses
Maintenance of way and structures
$628.087
$599,335
$635,508
481,518
. Maintenance of equipment
546,429
486,190
771.929
Power
828,989
875,958
Transportation expenses
1,509,211
1,487.625
1,546,767
General expenses
430,735
460,974
400,282
Total railroad operating expenses.- $3,821.480 $3.959,524 $3.908,532
Net revenue from railroad opera'n- $4.040,940 $3,724,138 $2,929,737
672,892
Taxes on railroad operating properties
585.560
415,354
Railroad operating income
$3,368,047 $3.138,578 $2,514,384
Net income, other than railroad oper- 1,291,356
1,029,192
1,032,432
Operating income
Non-operating income

$4,659,404 $4,167,770 $3,546.816
264,154
245,715
217,739

Gross income
24,923,558 $4,413.485 $3,764,555
Deduct-Int on real estate mortgages
$47,629
$44.144
943,774
Rentals of track, yards & terminals
73,317
63,164
68,456
Amortization of debt discount
38.762
38.762
39,537
Miscellaneous deductions
104.484
109,957
194,523
Int. on 1st lien & ref. 5s, 1st M.434s
and N. Y. & J. 55
2,168,535
2,168,535
2,168,535
Approp. to reserve for contingencies_
653,000
Int. on cumul. adjust. income 5s_ _ -- 1.655.100
1.655,100
1,655,100
Surplus or deficit
sur$835,731 sur$331,824dill,058,369
x The loss in passenger fares in 1920 on account of the strike in April
is estimated to be $260,000. y Two months Federal control, 6 months
guaranty period, 4 months private operation.
BALANCE SHEET AS OF DECEMBER 31.
1922.
1921.
1922.
1921.
3
$
LiabilitiesAssetsit
$
Common stock_ 39,994,890 39,994,890
Property accts.,
5,242,151
less reserve_ _x118,024,251 117,979,498 Preferred stock- 5,242,151
Investments ___ 2,203.650 2,203,650Stocksto redeem
sec. of old cosAmortiz'n funds 2,454,357 1,806,308
12.909
12,909
N.Y.& J.RR.5s 5,000,000 5,000,060
Bond disc.in pro944.000
cess of amort- 2,904,384 3,448,987 lst M.4%% bds
944,000
1,145,294
1,674,234 1st Lien & Ref.53 37,521,234 37,521,234
Cash
94,798
92,565 Adj. inc. M.bds 33,102,000 33,102,000
I. do for int., dtc.
286,221 Real estate Mtge
334,128
798,000
Current accts..
843,000
Readjus. reserve
180,000
Ins. & CBE Fund
477,922
lies, for conting 1,517,800 1,547,467
Depos.with pub14,186 Curr.acels pay_
14,186
345,898
308,359
lie departm'ts
Matured interest
97,890
Prepaid insure°,
96,258
60,690 Accrued interest 1,066,995
42,251
taxes, &c_ _ __
972,267
307,992 Oper. reserves__
247,410
693,515
539,966
Material & supp
Int. pay. April 1 1,158,570
Due from U. S.
1,158,570
323,942 Deferred interest
RR. Admin..
326.816
662,040
de1658,402 Unad.l. credits &
Profit and loss.
guar. period..
391,754
433,642
Profit & loss stir
183,018
Total
Total
128,071,525 128,856,675
128.071,525 123,856,675
x Property accounts, $122,670,915, eas reserve for amortization, $4,046.1,64.-V. 116, p. 410.




[Vora. 116.

THE CHRONICLE

•

Chicago Indianapolis & Louisville Railway Co.
(26th Annual Report
-Year Ended Dec. 31 1922.)
President H. R. Currie March 1 wrote in substance:
Capital Obligations
.-Early in 1922 company sold $3,000,000 1st &
Gen. Mtge. 6% Gold Bonds, Series "B" (V. 114, p. 77). On Sept. 15
company issued 15750,000 5% Equipment Trust, Series"D"(V.115, p. 1428)
In April 1922 Guaranty Trust Co., New York, trustee, certified and
made delivery to the company of $949.000 1st & Gen. M tge. 6% Gold
Bonds, Series "B," in reimbursement of capital expenditures made prior
to July 1 1921. Company now holds free in its treasury 31.209,000 of
Series "B" bonds.
Dividends.
-Dividends aggregating 4% on the Preferred stock and 331%
on the Common stock were declared payable out of the accumulated income
and were charged to profit and loss.
Federal Control Period.
-Company agreed on a settlement early in the
year 1923 of claims growing out of Federal control. In this settlement the
Railroad Administration paid to the company $350.000, of which $150:000
was paid in cash and $200,000 in demand notes, which the Administration
held as the result of loans to the company in Nov. 1918 and Jan. 1919.
This settlement briefly may be explained as follows:
At the commencement of Federal operation on Jan. 1 1918 the
Railroad Administration took the company's current cash and
collected its outstanding amounts receivable, and in this way the
Administration received
$1,414,235
Against this the Administration paid all of the company's
current obligations on that date, consisting of wages, supply
bills, &c. On these accounts the Administration paid out for the
company
2,757.454
As a result of these strictly cash transactions the company
owed the Administration a net balance of
1,343,219
The "Standard Return" claimed for the 26 months amounted
to 53.442,894. and of this the Administration paid to the company
for fixed charges, dividends, &c., $2,225,900, leaving due on
this account
1,216.994
so that down to this point the company awed the Administration126.225
The Railroad Administration completed all new work under
way on Jan. 1 1918, and the cost of it and of other additions and
betterments made and paid for by the Administration amounted to 664,632
The account as stated down to this point was practically undisputed on both sides, except for certain improvement charges
to which the company took exception. It is seen that the company owed the Railroad Administration
$790,857
Claims set up by the company and disputed in whole or in part
by the Railroad Administration, consisted of $1,499,392 for
undermaintenance, and $596,924 of bookkeeping items such as
depreciation on an equated basis,property retired on basis of cost
2,096.317
of replacement, material and supplies, &c., totaled
In settlement of which and by way of reparation the company
$659,890
has, in effect, received
This amount was paid as follows: For undermaintenance,&c.,$309.889.
In notes, $200.000. In cash, $150.000.
-During the year company also pursued its claim before
Guaranty Period.
the 1.-S. C. Commission for settlement of the guaranty period accounts,
and reached a practical agreement on all matters except the maintenance
allowance. Since the end of the year the Commission has held two hearings
in the matter of principles to be followed in determining the maintenance
allowance, and when a decision is rendered on the points involved the
settlement of the claim of this company will be brought to a conclusion.
-Notwithstanding the fact that on July 1 1922 reducOperating Results.
tions in rates to the extent of 10% on certain commodities were made on
-S. C. Commission, operating revenues were $16.031.586,
order of the I.
the largest in the history of the company, and were $868.716 in excess of
1921, an increase of 5.73%. Operating expenses were $12.161,144. being
$20,806 less than in 1921, a decrease of 0.17%. Maintenance of equipment
decreased $158,239, or 4.259", due to inability to maintain full forces
during the shopmen's strike, which began on July 1 and ended on Sept. jg
1922. Notwithstanding certain unproductive expenditures which were
incurred during the strike, the condition of power was better at the end
being in serviceable condition on
than at the beginning of the year, 86
Dec. 31 1922, compared with 79.5% in 1921, and the condition of the
freight cars was substantially the same in December as it had been in
the previous January.
Transportation costs increased $132,609. or 2.26%, the outstanding
feature of which, was an increase of 53 cents per ton, or 19.7%, in the
average cost per ton of coal, and this in turn was due to the miners strike.
The operating ratio for the year was 75.86%, as compared with 80.34%
In 1921 and 94.36% in 1920.
-Cross ties renewed during the year were 134,550, pracMaintenance.
-lb.
tically the same as in 1921. 3,400 tons, or about 2334 miles, of new 90
section steel rail was laid, replacing lighter rail. 57,068 cubic yards of new
ballast was placed in the track.
The average cost of repairs per locomotive, excluding renewals and
depreciation, was $9,548. as compared with $10,282 last year; per passenger
train car $1.939. compared with $2,121; and per freight train car $168.
compared with $212.
-Additions and betterments made during the
Adaitions & Betterments.
year amounted to $595,734.
-In the latter part of the year hearings were held
Federal Valuation.
-S. C. Commission, in the matter
before examiners representing the I.
to be placed upon the properties of the company, under the
of final value
valuation section of the Inter-State Commerce Act, and these hearings
have been continued into the year 1923. Our valuation case has been
conducted by our regular organization, with the exception of the employment
for a short time of an engineering expert in the preparation of the final
figures, and in giving expert testimony. We also received some assistance
from the President's Conference Committee.
General.
-Property has been well maintained during the year, and
aside from the bad order car situation was in a normal condition at the
end of the fiscal year. Company enjoyed a large volume of business in
the closing months of the year, which has continued up to the present time.
GENERAL STATISTICS, CALENDAR YEARS.
1921.
1922.
1920.
1919.
655
654
656
Average miles operated_
654
Operations
1,440,598
1,731,455
2,202,426
Passengers carried
1,991,204
Pass. carried one mile... 87,787.191 94.985,106 116.889,061 106,166,134
2.896 eta
Avge. per pass. per mile_ 3.471 cts.
3.397 eta.
2.724 cts.
5,673,977
7,519,803
Rev. fght. (tons) carried 6,543,175
5,759.540
do (tons) carr. 1 m--944,072,291 834,488,589 1143743,829 770,284,023
1.209 cts.
Avge. per ton per mile
1.273 cts.
0.986 cts.
1.086 eta.
545
Avge. train load (tons)- _
526
601
537
$2.24
Earn, per pass. train m_
$2.17
$2.31
$1.91
$6.59
do per fght. train mile
$6.70
$5.93
$6.83
$24,491
do per mile ofroad_ - $23,100
$24,848
$18,882
OPERATING ACCOUNT FOR CALENDAR YEARS.
-Corporate-- -Combined- -FederalEarnings
1922.
1921.
1920.
1919.
Passenger
$3.053,902 $3,226.886 $3,385,347 $2,891,919
Freight
11.411.186 10,623.369 11,282,667
8.366,515
Mail, express, &c
1,566.498
1,312,615
1,097.393
1,591,662
Total earnings
$16,031.586 $15,162,870 816.259.676 $12,355,827
Maintenance of way. &c 1,632,724
1,464,781
2.220.206
1.632,396
Maint. of equipment-- - 3.567.209
3,304,501
3,725,448
4,736,990
Traffic expenses
173,175
388,059
367,785
365,795
Transportation
5,384,032
5.990,877
5,858.268
7,383.267
General, &c.,expenses..
0
582,274
504,01
600,044
626.136
Total
$12,161.144 $12,181,950 $15,343,385 $10,830,499
1,525,327
Net earnings
016.291
3,870,443
2,980.920
513,085
Taxes and uncollectibles
562.453
775,302
138,000

Operating income

$3,095,141

$2,242,919

4
$363,839 81.012.2 2

MAR. 24 1923.]

THE CHRONICLE

INCOME ACCOUNT YEARS ENDED DEC. 31.
1921.
1922.
1921.
1922.
Oper. Revenues$
$
$
11,411,186 10.623.368 Rentfrom equip.Cr
Freight
11,449
3,249
3,053,902 3,226,886
Passenger
268,385
280,436
Mall
Net joint facility
328,563
211.091
Express
rents, Dr_ _ _ _ 681,479
726,208
106.995
Misc. pass. tr.rev_
118,687
Other transp. rev_ 205,781
Net ry. oper.Inc 1,809,847 1,278,587
157,747
Other oper. revs
558,703 Non-oper.income_
644,721
181,941
146,775
Guar.fr.U.S.Govt.
Total
16,031,586 15,162,870
under Tramp.
Oper. Expenses
Act of 1920_
459,751
Matta. of way &
1,632,723 1,832,395 Gross income
structures
1,956,622 1,920,279
Maint.of equip_ _ _ 3,587,209 3,725,448
Deduct
Traffic expenses
385,794 Rent for leased rds
388.059
39,111
38,396
Transport'n exp
5,990,877 5,858,267 Misc. rents & tax
Miscell. operations 175,600
180,003
accruals
150
678
General expenses- 426.182
423,919 Int.on funded debt 1,197,289 1,035,531
Transp.for Inv.,Cr
18.508
4,779 Int. on unfund. dt
17,628
114.566
Misc.inc. charges.
7.357
7.863
Total
12,181,144 12,181,950
Net rev, from ry.
Net income-- 694,768
723,564
operations
3,870.443 2,980,920 Previous surplus__ 2,400,423 2,883,761
Ry. tax accruals
736,814 Miscell. credits_ _ _
774,214
969,517
60,963
Uncolledt. ry. rev_
1,088
1,187
Total surplus... 4,064,708 3,668,288
Ry.oper. income 3,095,141 2,242,919 Preferred diva_ _(4%)199,652 (4)199.652
Deduct
Cora. diva._ _(35‘%)341,153(14)170573
Hire of fght cars.,
1,255,997
Miscell. debits_
897,640
Dr. balance_ ___ 607,063
249.576
P.&I.surplus__ 2,267,906 2,400,423
BALANCE SHEET DECEMBER 31.
1922.
1921.
1921.
1922.
Assets
Road & equipm't_44,229,684 43,633,950 Common stock_ __10,500,000 10,500,000
by.In affil cos..
'd
Preferred stock_ __ 5,000,000 5.000.000
Stocks pledged_ 417.500
417,500 Funded debt
26,243,900 24,641,200
do unpledged 331,511
331,511 Government grants
9,535
9,329
Bonds unpleciged 1,526,013 1,576.784 Equipment bonds_
200,000
100,000
Notes
51,671
74,981 Monon Realty Co.
Advances
591,278
626,654
16,310
15,540
notes assumed
Other investments. 167,901
262,972 U. S. Government 155,000
155,000
Misc. phys. prop
49.226
31,983 Non-negot'ble debt
Imp.leased prop...
16,216
18
13,405
to affiliated cos.
767
Dep.In lieu of mtg.
Loans & bills pay_ 200,000 2,095,000
property sold _ _
531,612
4,338
2,702 Traffic, &c., bals_ 587.564
Cash
464,399
236,503 Accounts & wages_ 1,744,639 1,975,070
Loans & bills red..
1.844
52 Net balance due
Material & suppl's 1,302,642 1,549.361
47,328
58,156
U. S. Govern't_
Special deposits_ _ _ 1,416.677
408,999 Miscell. accounts_ 307,843
313,329
Traffic, &c., bats. 282,586
55,492 Matured Int., dive.
U. S. Government
802,698
and funded debt 272,341
deferred assets
422,235 Unmatured int.__
432,595
65,387
70,289
Miscell. accounts_ 859.993
687,311 Deferred liabilities
53,074
44,595
Securities issued or
558,595
Taxes accrued_ _ _ _
646,969
assumed:
288,911
Operating reserves 269,913
Unpledged
1,225,300 1,173,900 Other unadj. items 573,479
559,429
964,000 3,064,000 Accrued deprec'n. 2.370,983 2,192,293
Pledged
Other unadjusted
U. S. Govt. add'ns 584.021
581,845
507,708
debits
757,049 Invest% in road &
equipment since
April 30 1916... 2,293.768 2,476,268
Profit and tem.__ _ 2,267,906 2,400,423
Total
54,865,648 55,270,320
-V. 116. p. 409.

Total

54,865,648 55,279,320

Bethlehem Steel Corporation.
(Annual Report Year Ended Dec. 31 1922.)
The remarks of Chairman C. M. Schwab and President
E. 0.• Grace, together with a comparative income account,
surplus account and consolidated balance sheet as of Dec.
31 1922 will be found under "Reports and Documents" on
subsequent pages.
CONSOLIDATED INCOME ACCOUNT FOR
x1922.
1921.

CALENDAR
1920.

YEARS.
1919.

Gross sales
131,816,111 147,794,353 274,431,236 281,641,908
Net, before deprec., &c.,
after all taxes
16,908,941 21.850,533 34,962,371 35,147,749
Other income
2,884,772
2,293.469
3,904,144
1,389,182
Total income
19,793,713 25,754,677 36,351,553 37,441.218
Deduct
interest, &c_ 8,689,193
9.518,206
9,419,158
7,951,203
Depreciation & depletion 6,499,189
6,002,715 13,941,514 12,566,152
Prof. dividends (8%)_ -- 2.400.000
2.400,000
2.400,000
2,400,000
Prof. dividends (7%)
1,262.310
1,043,560
1.043.560
1.043.560
Cora. dive., Class A--(5%)743,100 (5)743.100 (5)743,100(7)1.040.340
Com.
(Mrs., Class B-- %)2,532,606 (5)2,250,000(5)2,250,000(7)3,126,195
(5
Balance, surplus_ -- -def.2,332,685
3,896,144
8,022,176
7,746,765
Previous surplus
12,418,929 10.826,786 10,304,610 10,057,845
Total
10,086,244 14,722,930 18,326.786 17.804.610
Bal. of disc. on & exp. of
bond & note issues_
2,304,001
Approp. for and invest.
in add'ns to prop, and
working capital
35,569
7,500,000
7,500,000
Total surplus
10,050,674 12.418,929 10.826.786 10,304,610

1271

United States Steel Corporation.
(21st Annual Report-Year Ending Dec. 31 1922.)
The annual report, signed by Elbert H. Gary, Chairman
of the Board, will be found at length on subsequent pages
of to-day's "Chronicle" under "Reports and Documents,"
together with many important tables of operations, balance
sheet, &C.
INCOME ACCOUNT,INCLUDING SUBSIDIARY COMPANIES, CAL. YEARS.
1922.
1921.
1920.
1919.
$
$
Gross sales and earnings _1,092,697,772 986,749,719 1,755,477,025 1,448,557,835
Mfg. cost and oper. exp.- 926,591,343 837,664,039 1,402,488,960 1,140,988,637
Administration, selling &
general expenses, excl.
gen. exP• of trans. cos._
30,331,296
30,710.764
31,632,076
35,945,537
Taxes (ordinary)
35,798,450
37.683.727 j38,724,289
29.594,337
Estimated Federal tavesf
137,500.000
52,000,000
Commercial dIsc'ts & int.
6,854,030
5,756.375
9,062,142
10,849,880
Total expenses
999,575,119 911,814,904 1,525,508,666 1,263,277,192
Balance
93,122,654
74,934,815 229,968,359 185,280,642
Misc, net mfg. gains
3,232,606
3,109,971
5,726,4631
Adjustment inven. value_
2,840.839
deb14,385,8491
Rentals received
921,565
1,198,190
991,570
323.282
Compensation accrued_
2,179,000
15,582,724
Total net Income
97,276,824
79,240,976 224,479,742 204,027,288
Net profits of prop.owned
whose oper.are notincl.
198,570
175,554
381,795
321,346
Int., &c., on Investments
and on deposits, &e
13,493,163
12,392,439
16,199,187
12,764,361
Prey. reserve from profits of subsid. RR/
deb.459,078
Deprec. on book value of
U.S. bonds & securities
Dr.9,780,770
Total income
110,968,557
91,349,891 231,219,507 217,173.443
Net bal profits sub.cos_ _Deb.1,179,841 Cr.9,441,389 Deb.9,624,147 Cr.12.125,446
Total
109,788,916 .100,791,280 221,595.360 229,298,889
Deduct
Aeon est sum due U. S.
by subsid. railroads
4,500,000
Reserve for excessive cost
of Inventory
5.000,000
38,710.396
Propor. of extraordinary
cost of facil's installed
27,000,000
38,297,854
Int. on bonds & mortgages
subsidiary companies
8,259,606
8,065,222
8,408.461
8,701.577
Net earnings
101,529,310
92,726,058 178,680.899 143,589,062
Deduct Charges, Ac.Depr. & extraor. replac't,
also sink. Ida. on bonds
•
of subsidiary cos
33,382,624
27,905,045
38,245,602
37,608,819
Charged off for adlustm't Cr.920,038 Cr.1,086,230
Cr.632,586
Cr.194.219
Int. on U.S.St'l Corp.bda. 19,232,305
19,679,582
20,105,560
20,509,321
Sinking fund, &c., U. S.
Steel Corp
10,030,758
9,582,807
9,155,990
8,751,526
Prem.on bds.red.sub.cos_
150,206
27,838
118,104
119,032
Approp. for add'I prop'ty
construction
and
30,000,000
Preferred dividend (7%)- 25.219,677
25,219,677
25,219.677
25,219,677
Common dividend (5%)- 25,415,125
25.415,125
25,415,127
25,415,125
Total deductions
112,510,657 108,743,842 147,627,472 117.429,281
Balance
defI0,981,347 def14,017,784 sur29,059,427 sur28,159,781
GENERAL BALANCE SHEET OF UNITED STATES STEEL CORPORATION
AND ITS SUBSIDIARY COMPANIES DEC. 31.
1922.
1921.
1920.
1919.
Assets$
$
$
$
Prop. owned & oper. by
the several companies_ _1,631,579.206 1,844.795,075 1,606,758,546 1,573,661,547
Advanced min'g royalties 25,679,830
24,673,016
22,821,049
21,636,489
Deferred charges, future
operations, &c
3,125,509
3,196,380
3,007,805
2,220,398
Mining royalties
31,612,507
31,234,352
31,196.919
32,559,197
Cash held by trustees on
account of bond sinking
funds (In 1922, 3159,222,000 par value of redeemed bonds held by
trustees not treated as
an asset)
1,233,298
1,407,010
1,208,653
1,662,732
Deposits with trustee of
mtges. (proceeds from
sale of property)
93,297
Inv. outside real estate &
other property owned
13,731,332
14,172,688
14,059,825
8,745.227
Depr.& insur,fund assets
& purch, bonds availle
for future bond sinking
fund requirements,.._ 108,347,481
34,006,247
68,393,240
42,024,684
Inventories
220,707,251 241,504,370 258,383,497 226,796,678
Accounts receivable
87.230,932
63,643,028 138,724,743
88,192,692
Bills receitable
6,978,010
7,586,968
10,887,974
4.613.308
Agents' balances
1,475,433
1,452,567
1,750,563
1,271,397
Sundry marketable securities (incl. U. S. Liberty
bonds & Treas. ctfs.)
59,605,056 131,482.891 150,350,817 159,089.871
.
Time bank deposits & secured demand loans...
9,505,739
8,924,463
869,807
869,807
Due from U.S.RR.Adm.
17,962,307
24,755,028
Cash
126,700,132 118.856,843 123,660 955 166,726,806
Contingent fund & misc.. 13,241,518
16,189,212
10,730,461
10,983,420

1

Total assets
2,340,653,216 2,339,105,310 2,430,546,962 2.365,882,382
LtabtlitteeCommon stock
508,302,500 508,302,500 508,302,500 608,302,500
x Including the results of the operations of the properties of Lackawanna Preferred stock
360,281,100 360,281,100 360,281,100
Steel Co. from Oct. 10 1922 to Dec. 311922.
Bonds held by Public.... 539,582.081 540,708,581 654,828,231 360,281,100
668,727,932
Stocks sub. cos. not held
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31.
by U. S. Steel Corp.
1922.
1921.
1922.
(par value)
1921.
403,243
405,843
421.442
431,343
Assets
LiabilitiesNon-Int.-bearing notes of
$
,
Property acct_a304,205,071 238,285,995 7% cum. pr. stk. 20,367,400
subsidiary companies
31,612,507
31,234,352
31,198,919
32,559,197
Funds for mtge.,
7% non-cum. pf. 7,040,600 14,903,000 Mtges. of subsidiary cos_
158,207
158,207
200,402
171,153
&c., redemp'n 1,297,732
858,067 8% convertible
Treas. oblige. sub. cos..
See footnote "x" below
Contingent insPref. stock__ 30,000.000 30,000,000 Pur. Mon.obl's of sub.cos.
10,000
37.768
65,537
surance fund- 2,228,921
1,859,679 Common stock 614,862,000 14,862,000 Mining royalty notes
127,282
254,564
Investments __ 5,149,554 7,353,840 Class B common 67,608,500 45,000,000 Current accounts payable
Inventories
50,938.396 39,240,537 Funded & secur.
and pay-rolls
52,481.184
39,694,094
73,541,862
61,487,954
Unexp. bal.from
Employees' installments
debt
sale of scour__ 3,692,663 6,078.000 Mtgs.of sub.cos.156,611,612 146,163,892
on Liberty bonds
269,005
4,660,396
by. In & adv.
Accr. taxes not due (Incl,
Notes payable.. 1,502,000 2,000,000
to affil. cos_ _ _ 5,106,553
reserves for Fed'I taxes) 26,077,843
Accts. pay.(Incl.
24,446,945
63,063,930
70,574,346
Accts. & notes
Accrued interest and unadv. pay, on
receivable..._ 35,104,513 16,095,624
presented coupons, &c_
contracts,&c.) 23,777,969 18,507,506
7,535,857
7,448,816
7,480,702
7,689,867
Marketable see.,
Bond. Int. arced 1,863,104
1,961,450 Preferred stock dividend.
8,304,919
6,304,919
6,304,919
6,304,919
incl. Lib. bds.
Coups. payable_
1,178,677 Common stock dividend_
8,353,781
8,353,781
6,353,781
6,353,781
dr Treas. Ws_ 20,151,734 41,793,359 Contingent,
Appr. for add'ns & constr. 140,898,914 140,898,914 140,898,914 110,898,914
&c.,
Cash for coureserves
9,196,235 9,152,627 Insurance funds
28,184,229
22,310,268
26,580,280
20,629,084
pons payable
1,178.677 Approp.for & inContingent, misc. & other
Cash in banks,
vest, in add'ns
reserve funds
133,337,457 137,352.240 131,742,049 113,441,594
8,085,621 13.087,869
&c
to property &
Undiv. sur. of U. S. Steel
Deferred charges
590,439
859,336
Corp.& subsidiary cos_ 499.139,415 508,926,958 523,454.891 493,048,202
working cap
94,000,000 70.000,000
UnaDDrop. sup. 10,050,674 12,418,929
Total liabilities
2 340,653,216 2,339,105,310 2,430,548,960 2,365.882.382
Total
438,880,095 388,422.085
Total
436,880,095 386,422.085
Note.
-That part of the surplus of subsidiary companies representing
profits
accrued on sales
a Property account as at Jan. 1 1922 (less depletion). $335,683,607; hand in tatters' of materials and products to other subsidiary companies and on
additions during year. S91.143,106: ess reserve for depreciation, obsoles- of inventories inventories is In the above balance sheets deducted from the amount
included under current assets.
cence, relining of furnaces. &c., $122,621,642. b Common stock, 150,000
x Capital obligations of subsidiary companies aggregating $22,533,000 are
authorshares of $100 each, all authorized and Issued, less $138,000 held by cor- ized or created for
capital expenditures made and held in treasury subject to sale,
poration. V. 116, p. 1181, 724, 518, 413, 408.
buknot included in assets or Ilabilities.-V. 116, P. 1191. 949.




1272

THE CHRONICLE

[VoL. 116.

Consolidation Coal Company, Baltimore, Md.
Western Electric Company.
(Report for Fiscal Year Ending Dec. 311922.)
(Report for Fiscal Year Ending Dec. 311922.)
The remarks of President Charles G. Du Bois, together
The report of President C. W. Watson, together with
the income account and balance sheet, will be found under with the income account and balance sheet as of Dec. 31
1922, will be found under "Reports and Documents," on a
"Reports and Documents" on a subsequent page.
subsequent page of this issue.
INCOME ACCOUNT FOR CALENDAR YEARS.
Calendar Years1922.
1921.
1920.
1919.
$22,464,912 $25,179,347 $33,965,280 $23,507,556
Total earnings
Operating expenses, &c_$17,776,469 $20,095,303 $24,301,026 $17,357.856
Depreciation
1,453,508
1.258,762 1,200,498
1,170,563
Depletion
135,327
1,003,262 1,219,571
393,592

$3,099,608 $2,822,021 $7,244,186 $4,585,546
Net earnings
Profitfrom sale of capital
372,339
assets
194.119 3,588,879
111,122
Insr. fund surp. credit
1.017,029
1,055,273 1,294,785
Other income
Total
$4,600.097 $4,071,413 $12,127.850 $4,585.546
Int. on funded debt, &c- 1,866,652
1,332,819
1,330,043 1,398.173
Federal taxes
175,000
500,000 2,388,083
178,094
Surplus for year
$2,558,446 $2,238,594 $8,409,724 $3,009,279
Realization of appreciation of coal lands...._
935,691
917,892 1,150,756
198.143
Cash dividends (6%)

$1,622,755 $3,156,486 $9,560,480 $3,207,422
2,412,035 2.411,981
2,411,914 2,411,854

Balance to surplus_ _ _def$789.280
$744,505 $7,148,566
$795,567
Profit and loss surplus_ _$95,649,757 $96.149.628 $97,855,391 $56,923,728
BALANCE SHEET DECEMBER 31.
1922.
1921.
1921.
1922.
LiabilitiesAssets-s
S
$
15
Capital assets_ _150,149,097 133,096,130 Capital stock__ _x40,205,448 40,205,448
Inv. in oth. cos_ 3,041,590 3,801,587 Funded debt__ _ 34,427,500 22,199,500
Inv.in allied cos. 2,969,507 • 5,364,366 Act ts payable__ 1,322.630
696,120
Bond sink. fund
213,404
176,112 Bills payable_ _ _
800,000
Deferred charges 2,081,692 1,050,507 Pay-roll
234,048
358,729
2,497,006 Matur.int., &c..
40,774
U.S. bonds_
57,232
1,878,864 Accr'd bond int_
Inventories- - - 6,344,163
328.706
333,617
414,114 2,381,509 Accr. sink. fund.
Notes receivable
105,910
92,632
Ace'ts receivable 7,571,497 6,639,965 Ins. Id. def.cred.
2,456
Cash & call loans 8,933,260 7,209,409 Acer. Fed'l taxes 2,725,346 2,816,825
Res.for gen. tax.
98,900
Dividends
603,011
603,002
Due indiv. de cos. 1,027,788
439,376
Ins,fund reserve
400,531
289,409
Surplus
95,249,226 96,149,628
Total

181,718,324 164,095.466

Total

181,718,324 164,095,466

x Capital stock authorized, $50,000,000; less unissued and held in treasury, $1,753.333.-V. 116, D. 520.

RESULTS FOR CALENDAR YEARS.
(Including the Owned Subsidiaries, Western Electric Co., Inc., of Delaware,
and Western Electric Co., Inc., of California).
1922.
1921.
1920.
1919.
Sales
Other income

210.941,004 189.764,814 206,111.680 135.722,489
2,690,836 2,892,499
U747,077
854.578

Gross income
213,631,840 192,657,313 207,858,757 136.577,067
Cost of merchandise_ _ _ _189,418,973 168,565,875 183,511,734 118,420,440
Expenses
12,716,973 12.207,613 14,321,434 10,986,139
Taxes
1,860,004 1,717,488
1.748,175
1,518,399
Employees benefit fund_
400,000
Net income
9,235,890 10,166.337 8.277,414 5,652,089
Interest paid
3,904,097 5,842,340 4,037,645
1,263,180
Preferred dividends__ _(7%)686.857 Nopfstkout (6)x345,000(6)1,800,000
Common dividends($10) 3,500,000 3,500,000 3,000,000
1,500,000
Balance, surplus
1.144.936
823,997
894,769 1,088,909
x Dividends on Preferred stock to date of retirement March 9 1920.
BALANCE SHEET DECEMBER 31.
1922.
AssetsS
Real est. & bidgs 20,257,973
Mach'y & equip. 28.947,552
Merchandise_ _ _ 52,701,893
Cash
11,008,869
Tr. accepts. &
bills ree
1,200,838
Trus. & employ.
bond per. plan
Accts.receivable 36,419,141
166.040
Market'le see's_
Sundry invest'ts 2,150,392
Internet' West'n
Elec. Co., Inc 15,135,561
Prepaid charges..
205,802
Total

1921.
1922.
Liabilities-a
19,351,501 Pref. stock
24,679,600
26,215,335 Corn, stock (no
58,978,025
par value) a74,931,826
13,262,880 First Mtge. 5s
Bills payable__ 12,000,000
1,352,493 Cony. gold 78.
Interest & taxes
465,464
aeon not due_ 1,793,945
39,035,927 Accts. payable__ 16,820,749
833,268 Tr. accept., bills
618,563
rec., discount_
2,315,471
Res've for depr_ 30,431,368
17,988,058 Res've for empl.
benefit fund__ 2,000,000
Res've for cont_ 4,918,010

168,194,061 179,801,417

Total

1921.

$
58,773,450
15.000,000
29,050,000
28,600,000
13,586,093
448,456
27,924,413
1,600,000
4,819,005

168,194,061 179,801,417

a Common stock authorized and issued, 500.000 shares, no par value.
Note.
-a At Dec. 31 1922 there was in the hands of the trustees $7,513,056 to make payment of the balance due on 7% Cony. Gold bonds,
called for redemption Oct. 1 1922 not presented to the trustees for payment at Dec. 31 1922. These items are therefore not included in the
above balance sheet.
-V. 116, p. 1063, 732.

Columbian Carbon Company.
Canada Steamship Lines, Ltd.
(Annual Report Year Ended Dec. 31 1922.)
-Year Ended Dec. 31 1922.)
Annual Report
(9th
The remarks of President F. F. Curtze, together with
The remarks of President W. H. Coverdale, together with income account and balance sheet as of Dec. 31 1922, will be
the income and surplus accounts and balance sheet as at found under "Reports and Documents" on a subsequent page.
Dec. 31 1922, will be found under "Reports and Documents" -V.116, p. 620.
on a subsequent page.
Caddo Central Oil & Refining Corporation.
INCOME ACCOUNT FOR CALENDAR YEARS.
(Report for Year Ended Dec. 31 1922.)
1921.
1922.
1920.
1919.
$11.099.772 $12,337,418 $19,338,465 $14.495.658
Revenue: Vessels
The remarks of Vice-President Charles P. Clayton, to193,809
Docks and wharves_ _ _
176.104
210,713
238,426
balance sheet .as at
105,789
Miscellaneous
127.488
322,284
305,192 gether with the income account and
211,506
377,150
149.664
201.137 Dec. 31 1922, will be found under "Reports and Documents"
Other revenue
-V. 116, p. 1181, 940.
$11.614,871 $12.786.680 $20,248,612 $15,240.414 on a subsequent page.
Total revenue
9.574,123 10.434.101 16,220,338 10,660.141
Expenses
A. G. Spalding & Bros.
$2,040.748 $2,352,579 $4,028,274 $4,580,273
Net earnings
(Annual Report, Year Ended Dec. 31 1922.)
Reserve for depreciation 5808,524
$787.127 *1,349,245 $1,371,286
25,000
90.000
The income account for the year ended Dec. 31 1922,
400,000
Reserve for taxes
60,000
30,000
30.000
30.000
30,000 together with the balance sheet as at Dec. 31 1922, will be
Other reserves, &c
28.650
27,495
Directors' tees
34,400
33,675
-V. 115, p.
} 635,808
f 80,838
64.659 found in the advertising pages of to-day's issue.
82,547
Int. on mtge. bonds
1272.776
293.305 2168.
283,515
Int, on deb. stock
84.011
290,337
255,793
2.980
Other interest
Union Bag & Paper Corporation.
47,687
Bonus to employees
(7%)875,000
875,000
875,000
Divs., Preference
(Report for Year ended Dec. 311922.)
Common
(7%)840.000 (4)480.000
Divs ,
$429,911 deft102.150
$217.772
$981,679
Balance, surplus
*3.610,720 $8,611.147 $6,764,911 $5,009,630
Previous surplus
225,317
1.628,464
773,601
Profit on sale fixed assets loss2,490
$4,038,140 $8,734,314 $8,611.147 $6,764,910
Total surplus
Sur.fr.purch.of deb.stk- Cr.330,367
1.250,000
Transfer to deprec.res
3,873,596
Written off val,of vessels
Written off goodwill. &c 1,424,647
Bond disc. & exp. writ41,174
ten off
$2,902,685 $3.610,720 $8,611.147 $6,764,910
Surplus for year
-Cumulative Preference dividends in arrest', $875,000.
Note.
BALANCE SHEET DECEMBER 31.
1922.
Assets$
Ves'ls real est.,&ca24,624,861
Def. pay. on prop.
29,000
sold
828.433
Cash
Accts. roe. less res.. 1,008,155
806,542
Adjusted losses.,
4,742
Inter. rec. accr_ _
578.880
Inventories
Insurance, &c_ _ _ _ 1,304,866
2,707.123
Investments
Cash with trustees 221,507
dep. with
Funds
21,759
trus. for bds.,&c
Bond dlsc't & exp. 1,094,889
Leases, good-will,
8,048,618
&c
326,017
Deferred charges

1922.
1921.
Liabilities$
25,255,364 Pref. stock 7%.._ _12,500,000
Common stock__ _12,000,000
41.000 5% debenture stk. 4,923,179
1,039,324 let Mtge. bonds__ 6,000,000
1.362,466 7% deb. notes_ _ __ 850,000
1,030,166 Bank loans, &c.,.
8,996 Accrued interest__
171,150
458,288 Accts. payable_ 12,145,001
1,573,690 Govt. tax reserve..1
2,423.404 Dividend payable_
Adv. to affil. cos_
Notes payable.... 100,000
406,466 Reserves
13,376
153,415 Surplus
2,902,685

1921. •
$
12,500,000
12,000,000
5,319,390
2,542,500
1,944,319
163,011
12,479,943
I. 377,562
218,750
1,122,840
246,159
3,610,720

INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1921.
1919.
1922.
$797.192 $5,046,301 $2,335.255
41,744,389
Net earnings
428,173
266,978
415,848
348,221
Depreciation
Cr.140,625
Other income
25,3)6
Prop. of bd.disc & exp.._
146,461
160,245
273,281
181,812
Interest
982,956
Federal taxes
258,228
(6%)867,834(8)1,164.866(8)1,081.896(834)836.062
Dividends
$162,031 def$781,113 *2,393,031
Balance, surplus
5844,557
Profit & loss surplus.. _ -01,228,073 51.176.042 $1,874.306 $3,948,987
x Net earnings, including dividends from subsidiary companies and contingency reserves of 5212,858, provided in 1921 in excess a requirements,
and after deducting ordinary repairs and maintenance, but ioefore providing for depreciation. y After deducting $120,000 for taxes and contingencies.
CONSOLIDATED BALANCE SHEET DEC. 31.
1922.
Assets$
Plants,b1dgs.,&c.:12,428,311
St. Maurice Paper
Co.stock at par_ 4,879,100
Inventory, at or
'below cost.
885,775
Pulpwood
463,364
Supplies, fr-sMerchandise._ 2,740,017
Acc'ts receivable.,. y985,896
509,332
Cash
813,432
Prepaid ins., eze.

1921.
1922.
1921.
Liabilities$
$
$
12,409,471 z Capital stock..,.,l4,977.850 14,977,850
let M.6% bonds_ 6,500,000
4,879,100 let M.5% bonds_
2,195,000
Cheboygan 5s.
495,000
Allen Bros. 68_ _ .._
120,000
130,000
1,611,714 Acels payable_ ___ 472,903
692:8 4
6
441,323 Bills pay.
(bankers)
1,751,598 Interest accrued__
67,700
"
2,725
840,218 Res. for taxes and
802,599
contingencies _ _ _
120,000
582,159
86,617 Reserve for diva_
218,702
Surplus
1,228,073 1,186,042

23,705,227 22,822,640
Total
Total
23,705,227 22,822,640
-Contingent liabilities in respect of contractors' notes for $264,000
Note.

8,424.647
347,968

endorsed. x Mill and factory oulidings, machinery and equipment. dmberlands, real estate and water power, as at Jan. 1 1922. $14,599,493; additions
since (net), $309,057; total, $14,908.551; less depreciation reserve, $2,480.240. y Includes accounts and bills receivable, including (at cost) coma Fixed assets: Vessels, real estate, buildings, docks, wharves, plant, pany's stock purchased fix sale to employees. z Includes 250.5 shares reequipment, &c.. $32.251.627, less depreciation reserve. $7,626,766.- served for exchange for outstanding shares of Preferred and Common stock
V. 116, p. 1181, 619.
of Union Bag & Paper Co.. in accordance with consolidation plan; out-V.115, p. 1953, 984.
etandLug, 149,778 shares.
Total

41,605,392 42,525,193

Total

41,605,392 42,525,194

General Motors Corporation.
(Report for Fiscal Year ended Dec. 31 1922)
The report of President Pierre S. du Pont, together with
a comparative income account and balance sheet, and other
tables, will be found under "Report and Documents" on
subsequent pages. V. 116, p. 1184, 1057.




Wilson & Co., Inc., Chicago.
(Annual Report
-Year ended Dec. 31 1922.)
President Thos. E. Wilson, March 14, wrote in substance:
-Operationsfor the year show profits amounting to $1,122,924.
Results.
In connection with the annual financial statement of 1921 your attention was called to the fact that the investment in plants and equipment was

MAR. 24 1923.]

THE CHRONICLE

carried at figures below their real value. It is desirable to have our books
show the proper insurable value and the stockholders are entitled to know
what the present day sound values of our properties are as certified to by
independent outside appraisers. The figures of these certified reports have
therefore been given effect on our records and are reflected in our financial
statement of this year as an increase in our property values, but do not in
any way affect the company's profit on operations of the year 1922 previously mentioned. At the time of setting up these additions to our property values, we created a reserve for depreciation and obsolescence of 815,287.201 in arriving at the sound values as shown on the balance sheet,
having also materially reduced values of properties acquired during the war
periods which do not represent the earning value of the present day.
South American Plants. ,c.
-Our investment in South American plants,
while showing satisfactory results from operations of the year, required
further adjustments arising from the final sale of consignments on hand
In Europe at the end of 1921. These consignments were accumulated prior
to a period of complete stagnation of European markets, and their final
sale, although below the prices we had every reason to expect, relieved us
of the last remnants of stocks held over from the period following the ending
of the war. Of our reserves a substantial amount is against our South
American investments to reduce their value to current rates of exchange.
The business of our South American plants is conducted in the respective
currencies of the countries where the plants are located and the funds
located In these countries are required to be continued in currencies of same
for further and usual conduct of the business there. They are therefore
not in reality affected by the lower value of those funds In U. S. currency,
but in setting up this large reserve we are in effect converting these funds,
thus providing for this highly improbable requirement.
We acquired during the year full control of one of the South American
companies,of which we had held heretofore only a minority interest, thereby
assuring for our company its entire earnings. Directors felt that the extending and fortifying of our activities in that country was well justified
by the growing development of its live stock industry, and I am glad to
report that results so far this year indicate increased business with good
profits. South American meat products are increasing in favor in established
European markets and new markets are being continually developed.
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
•
1922.
1921.
1920.
1919.
Profits after deprecia-}
lion, Fed. tax, &c_
es
Not stated
$1,486,382 $5.165.889
Int. on bonded debt_ __
2,427.232
2,394,563
Net refit
$1,122,924loss$8462052 loss$940,850 $2,771,326
Pref, dividends (7%) 722,652
744,217
750.711
733,293
Corn. divs.(per share)($3 4
( )
Surplus
Previous surplus
Contrib. to empl.fund_
Reserve for conting-

E400.272df$9,206,269df$2,691,561 $1,288.032
7,129,435 16.335,703 21,027.264 19.789,233
50.000
y2,000,000

Profit & loss surplus-418,431,407 $7,129,435 $16.335,703 $21,027.264
x The latest cash div. paid on the Common shares was $1 25, paid Nov.
1920. On Mar. 1 1921 paid 13,1% in Common stock (amounting to about
2.500 shares) of no par value. y Reserved against contingencies arising
from fluctuations in exchange on the company's net interest in South
America, and for other contingencies. z As adjusted (see text above).

1273

Repairs.
-Reports filed to-day by the carriers with the Car Service
Division of the American Railway Association show that on March 1 last
215,552 freight cars or 934% of the cars on line were in need of repair.
This was an increase of 8,967 compared with the number on Feb. is. Of
the total number. 155,813 were in need of heavy repairs, an i ncrease of
2,272 since Feb. 15, and 59.739 were in need of light repair, an increase
within the same period of 6.695 cars.
New Equipment.
-The Car Service Division of the American Railway
Association authorizes the following:
From Jan. 1 1923 to March 1 last, 25,866 new freight cars were placed In
actual service on the railroads, while orders calling for the delivery of
102,912 additional cars have been placed. More new equipment is now on
order than ever before at this time of year in the history of the railroads.
From Jan 1 to March 1 last the railroads also placed in service 589 new
locomotives, while on March 1 reports showed 1,945 new locomotives on
order with deliveries being made daily
Of the 25,866 new freight cars placed in service up to March 1 last.
11.319 were box cars. 9,717 were coal cars and 1.748 were railroad-owned
refrigerator cars. Many other kinds of freight cars were also placed in
service during that period The total number of new cars installed in
service included 1,334 new refrigerator cars owned by private refrigerator
companies
Of the 102.912 new freight cars on order on March I last, 49.220 were
box cars. 35,989 coal cars and 4.012 railroad-owned refrigerator cars, as
well as many other classes offreight car equipment, while private refrigerator
companies had on order 9,147 refrigerator cars
Locomotive Repairs.
-Locomotives in need of repair on March 1 totaled
15,357. or 23.8% of the total number on line, according to reports just
filed by the carriers with the Car Service Division of the American Railway Association.
This was a decrease of 224 compared with the number in need of repair
on Feb. 15 last, at which time there were 15.581. or 24.1%.
Of the total number in need of repair on March 1 last, 13.423 were in
need of repairs requiring more than 24 hours. This was a decrease of 271
compared with the number in need ofsuch repairs on Feb. 15. Locomotives
In need of light repairs totaled 1,934, which was an increase of 47 within
the same period.
During the semi-monthly period from Feb. 15 to March 1 the railroads
repaired and turned out of their shops 17.207 locomotives. Reports showed
that the railroads had 49,199 serviceable locomotives on March 1,
which
was an increase of 265 over the number on Feb. 15.
Car Shortage.
-Reports Just filed by the railroads with the Car Service
Division of the American Railway Association show that the demand
freight cars in excess of the current supply amounted to 79.270 cars for
on
March 7, a decrease of 1,363 below that which existed on Feb. 28.
The shortage in box cars amounted to 36,202. increase 2,345 since
Feb. 28; coal cars. 34,642, decrease 4.129; stock cars, 840; decrease 108;
refrigerator cars. 2,882. increase 265.
Car Surplus.
-Surplus freight cars in good repair amounted to 13.229
on March 7, a decrease within a week of 2,590. Surplus box cars numbered 2,206, decrease 533; coal cars, 4.127, decrease 718; stock cars. 3,803.
decrease 590 refrigerator cars, 2,212, decrease 287.
Matters Covered in "Chronicle" March 17: (a) Railroad Foes
earnings for January. P. 1112 to 1115. (b) Loading of railroadand net
freight
the heaviest on record, p. 1116. (c) Locomotive shipments decline,
orders increase, p. 1117.
(cl) Freight embargoes lifted by Lehigh Valley and Jersey Central
roads. p. 1138. (a) Telegraphers denied petition for rehearing on wage
redtiction by U. S. RR. Labor Board, p. 1138. (f) Inter-State Commerce
Commission orders railroads in Southwest to readjust rates, p. 1138.
(g) Inter-State Commerce Commission postpones date of sale of interchangeable mileage books, p. 1139.

CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.) DEC. 31.
1921.
1922.
1922.
1921.
Assetss
a
Liabilities$
S
Plant & equip_ 44,485,117 31,674,987 Common stock_x20.000,000 :20,000,000
Androscoggin & Kennebec Ry.-Earnings.Trade-mks.,pat.,
Preferred stock_ 10,323,600 10,328,600
Calendar Years1921.
1922.
1920.
1919.
good-will, &c_ 11.219,696 11,350,879 Mortgage bonds 23,050,000 '23,047,000 Gross earnings
S1.236.027 81,284,674 81,157,530 81.087,094
Sa. Amer. cos_ 10,929,022 7,948,819 10-year convertOperating expenses
881.515
814.575
904,830
863,551
Inv. In cos, conible bonds._ 25,18,000 26,848,000 Taxes
52,876
63,794
31.100
22.239
trolled & aft%
Accrued interest
724,874
492.601 Interest
82,712
86,554
77,279
197.201
but not wholly
Notes payable__ 12,906,998 8,270,607 First preferred dividends_
88.110
88,110
owned
10,790,018 8,870,425 Accounts paySecond preferred dive_
42.705
Mdse., &c
18,167,404 15,219,762
able, &c
2,774,370 2,519,285 Depreciation
88,000
88.000
75,000
48.887
Acots.&notesree. 13,775,972 19,392,628 Reserve for conIL S. Govt. and
Surplus
tingencles and
$91,461
852.289
$69,321
edged. secure.
379,305
exchange ____ 3,740,836 3,524,431
304,084
Prior to Oct. 1 1919 are Lewiston Augusta & Waterville St. def$44.784
By.figures.
Cash
5,758.880 5.443,293 Surplus
- 18,431,407 7,129,432 -V. 111. p. 989; V. 112, p. 60.
Prepaid Ins., &c. 1,698,980 1,879,855
Total

117,130,074 102,159,957

Total

117,130,074 102,159,957

a Common stock outstanding, 202,181 shares, no par value (exclusive of
rights of stockholders to receive 319 shares on surrender of scrip certificates).
-V. 116, p. 1079, 838.

Baltimore & Ohio RR. -Orders Locomotives.
-

The company has just closed contracts for.75 additional
which it is expected will be delivered next fall. They will locomotivee,
mately $75,000 each. An order for 25 of them was placed cost approxiwith the Lima
Locomotive Works at Lima, Onto, and 50 with the Baldwin Locomotive
Works at Eddystone, Del.
-V.116, p. 284. 615.

Brooklyn Rapid Transit Co.
-Reorganization Man.
-A
definite plan for the reorganization of the B. R. T. System
GENERAL INVESTMENT NEWS
has been approved by the stockholders' committee and by
the several other committees representing the different
RAILROADS, INCLUDING ELECTRIC ROADS.
groups of security holders. A call for deposits of stocks and
The following news in brief form touches the high points bonds, necessary to put the plan into effect has been issued
in the railroad and electric railway world during the week (see advertising pages in to-day's issue).
just past, together with a summary of the items of greatest & The Chase Securities Corp., Hayden,Stone & Co., and J.& W.Seligman
Co. have agreed to form a syndicate to purchase
and stocks
interest which were published in full detail in last week's of the reorganized company as shall not have beensuch bonds for by the
subscribed
T. stockholders.
"Chronicle" either under "Editorial Comment" or "Current B. R. plan follows the
The
general outline of the one given in the "Chronicle'
Events and Discussions."
of Feb. 17 last. page 719. It Contemplates that the
properties when sold

Jersey Central Shopmen Refuse to Work as Individuals
not recognize
the employees' association formed by the railroad. Most of the 2,000 men
at the Elizabeth, N. J. shop who struck last July have obtained work in
other fields. About 150 are still on strike. "Philadelphia News Bureau"
March 19, p. 2.
U. S. Supreme Court Bars Stopping of Through Trains.
-Missouri Court
held that requiring inter-State through trains to stop at certain stations
does not interfere with inter-State commerce, but Supreme Court holds
such practice is a burden upon inter-State commerce and therefore invalid.
"Times" March 20. p. 29.
Short Railroads Operate Motor Cars at Less Expense.
-American Short Line
RR.Association finds many lines operate motor cars at cost of 10 to 25 cents
per mile, against 135 cents to $1 per mile for operation of steam cars. Small
motor cars costing I9c, per mile to operate seat 20 to 25 passengers and are
operated by one man. Larger ones seat 45 to 55, cost 25c. per mile, and
are operated by two men. 'Wall Street Journal" March 19, p. 8.
Pennsylvania RR. Plan of Employee Representation Arbitrates Disputes.During last year review committees (equal representation of officers and
employees) received 223 disputes; 100, or 44.9%, of which were decided in
favor of management: 55. or 24.6%. were decided in favor of employees,
and 68, or 30.5%, were withdrawn or remanded. Since review committees
'were established only one case has been referred to any other agency.
S. RR. Labor Board Rules That New York Central RR. Shops Must Place
Work on Hourly Basis.
-A. H. Smith, President of the Central. declares
shopmen asked for restoration of piecework through petitions. The labor
organizations contested the right of the management to act upon the petitions and the case was submitted to the Labor Board. "Times" March
23,0.11,.
Car Loadings.
-The record-breaking freight movement for this time of
year continues, according to the Car Service Division of the American
Railway Association, and exceeds the average of previous years by a wide
margin. Loading of revenue freight during the week which ended March 10
totaled 905,219 cars. This exceeded the corresponding week last year by
84,333 cars, and the corresponding week in 1921 by 204,779 cats. This
also was greatly in excess of the corresponding weeks in 1918, 1919 and 1920.
Due to adverse weather conditions in various parts of the country, the
total for the week of March 10 was a decrease of 12,677 cars, however,
compared with the week before.
Principal changes compared with week ended March 3 were:
Merchandise and miscellaneous freight, which includes manufactured
products, 543,715 cars, only 37 cars below the week before. Forest products, 75,548 cars, decrease 583 (during the week of Mrach 3 loadings of that
commodity were greater than ever before during any one week in the history
of the railroads); coal, 186,327 cars, decrease 7.224: grain and grain products,
41,532 cars, decrease 3.435; livestock, 31.039 cars, decrease 1,771: ore,
11,818 cars, increase 1,271; coke, 15.240 cars, decrease 898.




under foreclosure will be acquired by a successor corporation.
It is proposed to assess the old B. R. T.stockholders $35 a share,
upon payment of
which each holder will be entitled to receive
$21.875 new 6% bonds.813.125
new 6% Prof. stock and also one share of no par value
common stock.
The terms of exchange of securities to be offered
notes and bonds of the B. R. T. Co. outstanding in for the readjustment of
the hands of the public
by the issuance of now 6% bonds,6% pref. stock and
substantially unchanged from the outline given in cash payments remain
V. 116, p. 719. The
plan will be given fully another week.
Table of Proposed Readjustments of Old Securities
and Claims for New Securities.
Will Receive
Unpaid
Corn.5.15.
Held by Interest to New 6% 6% Prof. No Par
Cash
Existing Securities Public. July 1 '23. Bonds.
Stock.
Shares. Received.
and Claims$
B.R.T.50-yr.5s_. 6,963,000 1,653,712 6,266,700
870,375 11,315
348.180
Per $1,000 bds.
1,000
237.50 *
900
125 1.625
50
B.R.T.lst Ref.4s 3,433,000
617,040 2,471,760
343,300 10,986
137,320
Per 51.000 bds.
1.000
180
720
100
40
3.2
B.R.T.7%Ns.:21.57,253,700 20,038,795 62,979,070 10,305,666
4,007.759
Pen 1.000notes
1,000
350
1,100
180
70
B.R.T.5%nts.;18 465,000
116,250
511,500
46,500
23,250
Per$1,000notes
1.000
250
1,100
50
100
N.Y.M.Ry.Corp.
1st Mtge. 5s_ 1,997,000
499,250 2,196.700
99.850
199,700
Per $1,000 bds.
1,000
250
1,100
100
50
Bklyn. Hgts. RR.
1st Mtge. 5s_ _ 250,000
53,125
300,000
Per $1,000 bds.
1,000
212.50
1,200
B.11.T.bk. loans_ y3,300,000
937,166 1,991,468
1,991,468
254.230
(47%)
(47%)
(6%)
Tort claims (est.) 2,200,000
2,200,000
General contract
creditors (est.). 1.600,000
See note z
Receiver's eds. &
car lease wares12,397,044
12,397,044
B. It. T.stock on
payment of $35
per share
74,422,959
16,280,009 9,768,006 744,229
Per 100 shares.
2,187.50 1.312.50
100
Total
164,281,703 23,916,238 92,697,207 22,087,777 766,530 21,204,841
Interest on these obligation is paid currently by the receiver. y
Secured
by B. R. T. 4% Refunding bonds. a Provision for general
creditors and
for adjustment of other securities and claims: There are additional
creditors

THE CHRONICLE

1274

comand claimants whose claims against B. R. T. Co., or its subsidiary is not
panies, may not be paid by the receiver and the treatment of which
specifically set forth in the plan.including the holders of claims for materials.
supplies and other general unsecured claims. It is intended to make adjustments with holders of unsecured debt of B. R. T. Co. and (or) its subsidiary
companies when in the judgment of the committee the establishment of
claims in the creditors' marshalling suit now pending shall have proceeded
to a point making it practicable to do so. The committee may in its
discretion, at such time or times as it may determine, make adjustments
of or acquire any indebtedness of or claims against B. R. T. Co or its
receiver, or against any of its subsidiary companies, or the receiver of any
such company,and for such purpose, as well as for any other purpose of the
reorganization, the committee may use any available cash and (or) any of
the securities presently issuable in the reorganization and not required for
delivery to depositors, or in its discretion may procure the present issue
of and may use any additional securities of any class or character contemplated by the plan AU statements of capitalization in the plan omit
consideration of any additional securities which may be issued or used for
this purpose.
Data from Report of Lindley M. Garrison, Receiver.
Lindley M.Garrison,receiver,in a report to Albert H.Wiggin. Chairman
of the stockholders' committee, states that during the receivership there
has been expended $25,860.161 in connection with the construction and
equipping of the city and company-owned rapid transit lines. In addition,
the sum of$3,765,375 has been expended for the completion of the Williamsburg power station annex, the installation of equipment therein and incidental work in connection with the enlargement of the power-house facilities
of the system.
The completion of the annex to the Williamsburg Power Station and the
installation of the new electrical equipment required is now practically
completed. Two 35,000 k. w. turbine units have been installed in the
addiannex and the switchboard entirely reconstructed on account of the 6,600
tional units, and also because of the proposed change of voltage from five
be arranged to accommodate
to 11,000 volts. The annex can readily
35,000 k. w. units, being three units additional to those now installed.
now
The rates generator capacity of the Williamsburg power station is The
182,500 k. w., and that of the Central power station is 21.600 k. w.
Ninth Street power station provides a reserve capacity of approximately
5,000 k. w. The present peak load of the system is between 125,000 and
135000 k. w. The efficiency of the Williamsburg power station, as now
equipped, compares favorably with the other large power generating stations in New York City.
During the period of the receivership there has been a substantial increase in the total number of passengers carried annually on the system.
In the calendar year 1918 the total number of passengers carried on the
rapid transit lines was, in round numbers, 285.870.000, and on the surface
lines (exclusive of the lines of Brooklyn City RR.) was 239,192,000, making
1922
an aggregate annual total of 525,062,000. During the calendar year 460,the total number of passengers carried on the rapid transit lines was RR.)
City
682,000 and on the surface lines (exclusive of the lines of BrooklynThis shows
was 256.431.000, making an aggregate total of 717.113,000.
an increase of more than 192,000,000 passengers carried on all the receivership lines in 1922, as compared with 1918. Approximately 175,000.000 of
this increase was on the rapid transit lines.
For the fiscal year ended June 30 1918, the total street railway operating
revenues for the B. R. T.System (excluding Brooklyn City RR.lines) were
approximately $22,500,000, as compared with approximately $34,500,000
for the fiscal year ended June 30 1922, showing an increase in the annual
operating revenue during the receivership period of approximately $12,year
000,000. In conjunction with the increased revenues during the fiscal
ended June 30 1922, there was also a substantial reduction in operating
years previous. This improvement in
expenses as compared with the two
of
operating conditions is indicated by the operating ratio (percentage
ending June 30 1922
earnings used for operating expenses). For the yeardecreased to 63.80%
properties
the operating ratio for the receivership
from 85.32% in 1921 and 78.17% in 1920.
Earnings for Last Fiscal Year Ended June 30 1922.
The consolidated earnings of B. R.T.System (excluding Brooklyn City RR., but including Brooklyn Queens County &
Suburban RR.) for the last fiscal year ended June 30 1922,
after deducting all operating expenses, taxes and all fixed
charges (other than interest on bonds, notes and other debt
in hands of public) and after excluding interest accrued on
funds provided for construction and equipment of rapid
transit lines not in operation and interest on the claim against
Brooklyn City RR. Co. and on securities in the guaranty
$11,151,366
•
fund, amounted to
Deducting one year's interest on underlying bonds undisturbed 2,117,570
or reinstated
$9,033,796
Leaves
5,561,832
Deducting one year's interest on new 6% bonds
$3,471,964
Leaves available for sinking fund and dividend purposes
If deduction be made for one year's sinking fund payment of $617.981
on the New Preferred Stock of $1,437,324,
and one year's dividend of 6%
amounting in the aggregate to $2,055,305, there would remain $1.416,659.
lln an opinion filed in the U. S. District Court March 19, Judge Mayer
held valid $7,079,000 4% B. R. T. Ref. Mtge. bonds pledged with various
The
banks and trust companies prior to the receivership of the company. 1919,
loans, most of which were made In 1917, cover a period from 1914 to Trust
and are as follows: Corn Exchange Bank S600,000, Central Union
$400,000,
Co.$1,150.100. Brooklyn Trust Co.$300,000, Peoples''1 rust Co.$250,000,
Columbia Trust Co. $250,000, Title Guarantee & Trust Co.
Franklin Truss Co. $100,000, Hamilton Trust Co. $100.000. Nassau National Bank $100,000 and Lawyers' Title & Trust Co. $50,000.1-V. 116,
p. 719, 615.

-Dividends.
Bangor & Aroostook RR.

A dividend of 2% has been declared on the outstanding $3,860,000
March 29.
Common stock, par $100. payable April 1 to holders of recordon April 1
Dividends of like amount were paid on the Common stock
and July 1922; none since.
The regular quarterly dividend of 13i% has also been declared on the
Preferred stock, payable April 1 to holders of record March 15. On April
paid on the
33i
1 and Oct. 1 1922 semi-anual dividends of the % each were
Preferred stock has been
Preferred stock. Since the latter date,
paid
changed to a quarterly basis, and a quarterly dividend of 13(% was
Jan. 1 1923.-V. 116, p. 720. 175.

-Earns.(Incl. Controlled Cos.)
Bangor Ry.& Elec. Co.

1919.
1920.
1921.
1922.
Calendar Years
$1.488,936 $1,420,471 $1,262,779 $1,094,675
Gross earnings
519.172
625,544
655,407
631,893
Operating expenses
78,837
108,491
121,159
119,117,
Taxes
253,107
263.704
282,286
284,734
Interest
105,004
105,004
108,174
127,367
Preferred stock dividend_
54,999
Common stock dividend_
58,590
66,741
100,646
127,272
Depreciation
Surplus
-V. 116. p. 74.

$143,553

$152,799

$93.295

$79,965

-Plan for
Birmingham Railway Light & Power Co.
Sale of Notes. committee for the 6% 2-year gold notes, duo April 11919,

The protective
and adopted a plan for the
Thomas J. Walsh, Chairman, has approved
with the committee (or, at the election of
sale of all of the notes deposited
to receive whatever the committee or the holders
the purchaser. the right
in cash. securities, or other rights,
of the notes may be entitled to receive note) for a price which will net to
enforcement of the
as the result of the
dissent from the plan, $1,065 in cash for
each noteholder who does not purchaser being required to pay all the
each $1,000 note deposited, the that portion payable by depositors who
expenses of the committee except
dissent from the plan.
for the purchase of the notes
The committee has a binding agreement
is authorized on or before April 20
on these terms, provided the committee the notes on deposit with the comdeliver not less than 85% of Payment is to be made on April 1
to sell and
mittee or the rights pertaining thereto.
delivery.
or as soon thereafter as the committee is authorized to make such
liabilities, the
While the committee has incurred certain expenses and the committee
compensation of any kind and
committee has served without
is eminently fair. The
feels that the price to be paid under the offerto April 1
1923. had the
payment is equivalent to principal and interest
notes continued to bear 6% interest as originally issued.




[vol... 116.

The committee feels that it is to the best interest of each depositor not
to dissent, and therefore asks holders to forward their certificate of deposit
to the depositary, Equitable Trust Co., 37 Wall St., New York. Those
dissenting should, at the time of withdrawing their notes, pay to Equitable
Trust Co.,for account of the committee,a sum equal to $20 per $1,000 note
withdrawn as their pro rata share of the expenses of the committee.
The plan also provides that the committee shall continue for 6 months
without compensation substantially as at present constituted, or until
the notes, contracts and agreements shall have been enforced in accordance
with the direction of the purchaser. If the services of the committee shall
continue longer than 6 months from April 1 1923 an equitable adjustment
for compensation shall be made. The purchaser shall pay the expenses
and compensation of the committee up to April 1 1923, which are not to
exceed $17,000 in the aggregate, and the charges of the trustee and the
purchaser shall pay all expenses incurred by the committee after April 1
1923.-V. 116, p. 294.

Calumet & South Chicago Ry. Co.-'-Earnings.--

Balance,
Dividends
Bond
Total
Yrs. end. *Int. on
Other
Surplus.
Paid.
Jan 31. Capital Income. Income. Interest.
1922-23-4571,558 def$2,042 $569,516 $307,409 (15')$100,000 $162,107
74.411
(130175,000
1921-22_ 570,812 def4,101 566,711 317,299
26,768
1920-21-- 568,912 def 241 568,671 316,904 (2J0 225.000
* Representing company's proportion of 40% of Chicato Surface Lines'
•residue receipts pursuant to unification otdinance effective Feb. 1 1914.
-V. 107, p. 1286.

-Interest on 3% Bonds.
Chicago & Alton RR.

The protective committee for the 3% Refunding 50-year gold bonds
Charles A. Peabody, Chairman, has issued a notice to the effect that the
court has ordered the receivers to pay pier to April 1 1923 on the 3%
bonds the interest which became due on Oct. 11922, with interest thereon.
at 6%. The receivers have stated that they expect to make this payment
on March 24.
Depositors should present their certificates of deposit to New York Trust
Co., 100 Broadway, New York, depositary, or to Illinois Trust & Savings
Bank, Chicago, sub-depositary. Upon such presentation: (1) depositors
who have not received an advance of the Oct. 1 1922 Interest will receive
such interest with interest thereon at 6%, to the date of payment by the
receivers; (2) those who have already received an advance of the Oct. 1
1922 interest will be credited with the repayment thereof, and in addition
will receive interest at 6% on the amount of the Oct. 1 1922 interest from
Oct. 1 1922 to Feb. 20 1923; (3) as the company is about to default in •
payment of the April 1 1923 interest, any depositor who so requests may at
any time on or after April 1 receive an advance of the April 1 1923 interest.
In view of the impending default in the April 1 1923 interest, the committee has extended the time for the deposit of bonds to and including
May 11923. All persons depositing their bonds on or before May 1 1923
-V. 116, p. 1176, 822.
will be entitled to the advance above mentioned.

-Notes
Chicago North Shore & Milwaukee RR.
-Halsey, Stuart & Co., Inc. and National City
Offered.
-Year 63'%
Co. are offering at par and int., $1,000,000 3
Secured Sinking Fund Gold notes, Series "C."

p
Dated April 2 1923. Due April 1 1926. Interest layable A. & 0. in
New York or Chicago without deduction for normal Federal income tax
.
$500 and $100c5 Redeemable at
not in excess of 2%. Denom. $1,000,
any time, all or part, upon 30 days' notice at following prices and interest:
1924; on and from April 1 1924 to April 1 1925 at 100%;
at 101 to April 1
and on and after April 1 1925 at 100.
-Subject to Authorization of Illinois Commerce Commission
Issuance.
and Wisconsin RR. Commission.
Data from Letter of Pres. B. I. Budd, Chicago, March 17.
Cornpan.
-Owns the double track electric railroad connecting the cities
lease and traffic
of Milwaukee, Wis., and Evanston. Ill, and by into the Loop agreeDistrict
ments operates through trains from Milwaukee
and south to 63d St.
of Chicago,
Consolidated Funded Debt Statement (After Giving Effect to Securities Presently To Be Issued).
Authorized. Outstanding.
$10,000,000 44,060,000
Mtge. 5s, due July 1 1936
1st
Ser. A & B_ 2,000,000
1,826,300
Secured Sinking Fund Gold notes, 7%,
1,000,000
1,000,000
6% Series C (this issue)
(Closed) 1,661.500
Trust obligations
6% Equipment
1.500,000
460,000
Gen. Mtge. 5s, due Aug. 1 1936
Sinking Fend
x Exclusive of bonds pledged as security for the Secured
Gold notes.
-A plan for the recapitalization has been approved
Recapitalization Plan.
by the shareholders. Under the plan contemplated the new capitalization
would be $5,000,000 Pref. stock, 6% non-cumulative, and $5,000,000
non-interest
Common stock. There would also be issued $2,700,000the
company,
-Year notes payable at maturity, at the option of
bearing 5
-year interest-bearing notes, in 6% Non-cumulative Preferred
in new 5
Stock at par, or in cash.
The plan also contemplates the authorization of a new 1st & Ref.
is
mortgage and $10,000.000 Prior Lien 7% Preferred stock. Itto expected
presently sold
partially
that $1,500.000 of the Prior Lien stock will be
the treasury for capital expenditures made and to provide
reimburse
additional working capital. (Compare also V. 116, p. 615, 933.) •
-Proceeds will be used for capital expenditures and to partially
Purpose.
capital
reimburse the treasury on account of capital, expenditures made from
and for other corporate
Income, to provide additional working
purposes.
will be secured by 1st Mtge.5% Gold bonds
Security.-Series"C" notes
not less than $142,857, or,
in an aggregate principal amount equal to the company's 1st
thereof,
Mtge.6%
in lieu of 5% bonds, all or any part amount equal to not less than
$127,033
Gold bonds in an aggregate principal
for each $100 of the notes outstanding.
-Indenture provides for a sinking fund with semi-annual
Sinking Fund.
payments (J. & D.), amounting in each case to 2% of the notes of each
series then outstanding. This fund is to be used in the purchase and
cancellation of the pro rata amount of notes of each series not exceeding
the redemption price.
-Calendar Years,
Consolidated Statement of Earnings
1922.
1921.
$5,016,682 $4,507,367
Total operating revenue
990,153
maint. and taxes
840,760
Net after oper. expenses,
14.560
11,972
Miscellaneous income
$1,004,714
$852.734
Net income available for interest charges
Annual interest charges on 1st Mtge. bonds, Secured Gold notes, and
equipment obligations (including securities presently to be issued) outstanding in the bands of the ublic, will be $495,531.-V. 116, p. 1048.

-Abandonment.
Chicago Peoria & St. Louis RR.

-S.
The I. C.Commission on March 19 authorized the receivers to abandon
commerce,
as to inter-State and foreign to East St. the railroad of this company.
Louis, with branches therefrom
The road extends from Pekin
extending from Havana to Jacksonville and from Lock Haven to Grafton,
a total distance of 234.32 miles, all in Illinois, together with trackage rights
of about 12 miles.
Company was incorp. Nov. 29 1909 in Illinois, and on Jan. 1 1913, acquired the property of the Chicago Peoria & St. Louis By. Co. at foreclosure
sale. On July 31 1914 it was placed in the hands of Bluford Wilson and
William Cotter, as receivers, at the suit of the Bankers Trust Co., trustee
under its Gen. & Ref. Mtge. On July 1 1920 the Equitable Trust Co..
New York, trustee under a Prior Lien Mtge. filed a bill to foreclose. On
Oct. 20 1922 a committee of Prior Lien bondholders requested the receivers
to take the necessary proceedings to procure the discontinuance of operation
of the railroad. On the same day a committee, representing the Gen. &
Ref. Mtge. bondholders, joined in the above request. The receivers
applied to the Court for instructions, and on Dec. 9 1922 the Court entered
-S. C. Coman order directing the receivers to make application to the I.
mission and to any other commission having jurisdiction for leave to
abandon operation.
It is represented that from March 1 1920 to June 30 1922 the average
annual operating deficit, before bond interest or interest on receivers'
certificates was $605,000, and that if adequate charges for maintenance
averaged
and depreciation had been made the operating deficit would have
are
$832,000 per annum; the taxes for 1921, approximating $120,000 sell
that threats have been made by the taxing authorities to
unpaid, and
in paying
the property; that large penalties are accruing because of default

ISAR. 24 1923.]

THE CEIRONICLE

taxes, and that the taxes for 1922 will be due shortly and no funds are
available to pay them. Receivers' certificates to the amount of $295,000
are outstanding, of which $230,000 are past due and unpaid. Authority
has been granted the receivers to sell additional certificates to the amount
of $335,000, but it is claimed that they have been unable to dispose of
thorn after diligent effort. It Is stated that the Government lost $1,900,000
in operating the line during the Federal control period.
The general balance sheet as of Oct. 31 1922 showed: Capital stock,
$4.000,000, funded debt unmatured, $4,122,000; current liabilities, $2.666.974: unadjusted credits. $909,360; investment in road and equipment,
$8,271,566; investments in affiliated companies, $350,000; other investments, $13,100; current assets, $580.939: unadjusted debits, $433,010;
profit and loss debit balance, $2,049,927. Interest on the Prior Lien
bonds, to the amount of $450,000, is due and unpaid, while the interest on
the Gen.& Ref. bonds has been in default since 1914.-V. 116. p.720,409.

1275

Interborough Rapid Transit Co.
-Interest.
-

Guaranty Trust Co., New York. announces that the interest due April
1 1923 on the 10
-Year 6% notes due Oct. 1 1932, will be paid at its Coupon
Department upon presentation of the temporary notes for endorsement
of th;s payment thereon. It is expected that the definitive notes bearing
coupons due Oct. 1 1923 and subsequent will be ready for delivery shortly
after April 1.-V. 116, p. 1170. 1049.

Lake Erie & Western RR.
-Consolidation Plan.
--

See Now York, Chicago & St. Louis RR. below.
-V. 116, p. 176.

Long Island RR.
-1922 Results.
-

The "Information Bulletin," issued periodically by the management to
promote a better understanding of local and general railroad problems
among patrons and employees, reports under date of Feb. 20:
Chicago Railways.
-The railroad was able to earn the largest net surplus in
1922 Results.
-Suggest an Inquiry.
Charging that dividends are being withheld, some of the holders of the its history. Briefly stated, the three interests, viz., company, public and
securities have called a meeting of protest for March 26. when the subject employees, fared as follows:
Employees.
-On Dec. 31 1921 there were 8,424 men and women on the
of the formation of a protective committee will be taken up. The call for
the meeting is signed by Orville E. Babcock, John S. Baas, John B. Drake, pay-rolls. On Dec. 31 1922 the number was 8,584. an Increase of 160.
S. Courtney Campbell, George W. Dixon, Curtis N. Kimball, Dr. Thomas The total amount of money paid out for wages during 1922 was $14.702.543.
Earnings. &c.
-In return for these wages, which represent 47% of the
LI Lewis, Robert Mandel and Harry C. Edmonds. All holders of Series 1
certificates of the company are asked to attend. Among the. reasons total earnings and 63% of the total operating expenses, the officers and
employees of the company performed service which carried 79,656,891 pasgiven are:
(1) It is claimed that the agreement when the certificates were distributed sengers and 6.027.860 tons of freight. For this service the public paid a
was to the effect that when the company had accumulated a sinking fund total of $30,951,540.
of $250,000. holders of the certificates would receive dividends at the rate
How Each Dollar of Revenue Was Earned.
of $8 per certificate, annually. The company now has a surplus of about
$2,000,000 and yet no dividends have been paid since 1917. There Is an 1. From transportation of passengers, who paid company an
average of 1.56 cents per mile
68..91 Cents
2 12
2
unpaid accumulation of $48 a certificate, or a total of $1,384,000 on Series 1 2. From transportation of
freight
certificates.
The company has a nominal capital stock of $100,000, held under 3. From express, mail, newspapers, milk, baggage, parlor cars,
(2)
special train and switching service, ferries and steamboat
trust agreement, dated Aug. 1 1907. Four series of participating certifitransportation
4.94 "
cates have been issued, all of no par value. namely: Series 1 of 30,800 parts;
4. From car demurrage, storage, parcel rooms, advertising and
Series 2 of 124,300 parts; Series 3 of60,000 parts,and Series4 of50,000 parts.
other privileges, rents and miscellaneous
4.03 "
(3) Series 1. 2 and 3 are entitled in order of priority to cumulative dividends at the rate of $8 for each part per annum, and in distribution
100.00 cents
capital to $100 per part. Series 4 is entitled to any remaining profits of
of
How Each Dollar of Revenue Was Spent.
capital distributed.
-V. 114, p. 1650.
1. For train and station service
43.90 cents
2. For maintaining equipment
Chicago & State Line RR.
16.53 "
-Consolidation Plan.
3. For maintaining track, buildings,signals, electric lines, &c
See New York Chicago & St. Louis RR: below.
10.71 "
-V. 115, p. 2904.
4. For taxes
5.80 "
5. For advertising, outside agencies, industrial bureaus and
Cincinnati Traction Co.
-New Officer.
superintendence of the traffic depts
0.69 "
Joseph NV. Nicholson, formerly Assistant to the President, has been
6. For administration of all departments, legal valuation. Penelected Secretary, succeeding D. J. Downing.
-V. 116, p. 515.
sions and salaries of general officers
2.23 "
7. For amount paid other
Delaware Lackawanna & Western RR.
offreight
-Guaranty, &c. 8. For joint facility rents railroads for hirerevenue car equip_ 1.82 "
and uncollectible
1.50 "
See New York Lackawanna & Western RR. below.
-V. 116, p. 1049.
9. For miscellaneous expenses not otherwise classified
0.79 "

Denver & Rio Grande Western RR.
-Equipment Trusts
Offered.
-Kuhn,Loeb & Co. and Blair & Co., Inc.; are offering at 993i and dividend for average maturities to yield
about 5%%, $4,500,000 5% Equipment Trust Certifi'
cates.Dated March 1 1923; due $300,000 annually March 1
1924 to March 1'1938, both inclusive. (See advertising
pages). Compare also last week's "Chronicle" p. 1176.
Des Moines City Ry.-Franchise Case Up Again.
-

Total
$3.97 "
This leaves 16.03 cents out of every dollar taken in to pay interest on
bonds, equipment notes and other obligations and whatever is left provides
capital to carry on necessary improvements, purchase new equipment and
establish credit for future expansion.
Building Record.
-The 1922 building record on Long Island, outside of
the old city limits of Brooklyn and Long Island City, shows approximately
29,000 dwellings and miscellaneous buildings, as compared with 19,771 in
1921. 9.227 in 1920, 8,860 in 1919 and 1,615 in 1918. This tremendous
growth places an unusual responsibility on the railroad.
Expenditures.
-To meet the situation, the management expended in 1922
The Des Moines street car franchise case is again up for consideration in for equipment, $1,539.664, and for other improvements. $2,105,673, a
the Iowa Supreme Court. A petition for rehearing in the case of Van Horn total of $3,645,373. In the last part of the year appropriations were made
vs. the City of Des Moines was submitted to the Court March 15. The for passenger cars, locomotives and other important improvements aggreSupreme Court recently overruled the Polk County District Court, wnicn gating six millions of dollars, deliveries to be made and work performed in
Pad held that the franchise was invalid, but attorneys who represented 1923.
Transportation Problem.
Van Horn filed a notice of intention to ask for a rehearing. The case was
-The greater part of the new buildings recorded
submitted March 16 without argument. If the petition is denied, the street above were erected within the limits of Greater New York. This growth
car controversy will be settled, so far as the present action is concerned. within the city places a burden upon the railroad that it cannot satisfactorily
If the petition for a rehearing is granted, the validity of the franchise meet. About 60% of all the commuters handled by the entire system reside in the Boroughs of Queens and Brooklyn. The railroad management
again will be argued before the Court.
-V• 116, P• 176.
does not view this condition with the pleasure and satisfaction that usually
Detroit Bay City & Western RR.
-Protective Comm. &c. follows an increase in volume of business handled. The City of New York
must plan for subway extensions which will help the Long Island System
The Committee (see below) for the 1st Mtge. 5% 20
-year Sinking Fund
'
gold bonds, dated Oct. 1 1912 in a notice to the holders of the bonds says handle this great increase in the population of the nearby communitics.
The managementfirmly believes that the city will make proper and adequate
in substance:
The company having made default in the payment of the interest due plans for these rapid transit lines, as the City Fathers must realize the
on Oct. 1 1922, to the 1st Mtge. 5% 20-Yeat Sinking Fund gold bonds, necessity of relieving the Long Island of this inter-city traffic se that it can
properly function as a trunk line and distribute the thousands of carloads
and having made default in the payment into the sinking fund required to of
freight, which includes food supplies, fuel and building material, as well
be made on July 11922, a receiver was appointed on Sept. 2t) 1922. by the
as give proper transportation facilities to the steadily growing population
U. S. District Court for the Eastern District of Michigan.
-V. 116. p. 296.
The Bondholders' Protective Committee have requested the trustees in Nassau and Suffolk counties.
under the mortgage to cause the mortgage to be foreclosed; the trustees
Louisville Railway.
-Resumes Dividends.
on March 6 flied their bill of complaint to foreclose the mortgage in the
A dividend of 387,500, or
will be paid April 1 on the 53,500.000
District Court.
5% Cumul. Pref. stock, to 23%, of record Mar. 15. Accumul. diviholders
The holders of the major part of the bonds now outstanding have deposited '
their bonds wita the First Trust & Savings Bank, Chicago, depositary dends on the Preferred stock, after payment of the above 2X %.will amount
designated in Bondnolders' Protective Agreement dated Oct. 2 1922, and to 20%. A dividend of 1X % was paid on the Pref. stock in Oct.. 1918;
the time for the deposit of bonds under this agreement has been Limited to none since.
Samuel G. Boyle, Secretary and Treasurer of the company, says: "No
the period ending March 311923.
dividends are likely to
Bondholders who have not yet deposited their bonds should forward for two years, as this be paid on the Common stock next year or possibly
Preferred issue must be cleared up first, before the
their bonds at once to the depositary.
Common stock can be dealt with."
-V. 116. p. 822.
Protective Committee.
-A. Lawrence Mills, Chairman, Chicago; George
F. Oberge, Colorado Springs; John R. Gray, Arthur G. Schmitt and Charles
Louisville & Nashville RR.
-Guaranty Settlement.
W. Hess, Chicago, with Robert 0, Fermi', Sec., Ill West Monroe bt.,
The I.
-S. C. Commission recently announced guaranty settlement with
Chicago, and Chapman. Cutler & Parker, Counsel, Chicago.
-V. 115. P. the company. It reported to the Secretary
of the Treasury that the whole
1837.
amount due the company was $8,931,061, of which all but $2.181,061 had
been paid.
-V. 116, p. 935. 1178.
Dubuque (Iowa) Electric Co.
-New President, &c.
I. C. Elston, Jr., of Chicago, President of the company, has retired from
Maine Central RR.
-Equip. Trusts Offered.
-Kidder,
that position and is succeeded by Albert Emanuel of New York. 0. H.
Simonds, who has been Gen. Mgr. of the company at Dubuque. will retain Peabody & Co. and Harris, Forbes & Co. are offering at
that position, and in addition will be a Vice-President and a director and prices to
yield 5.40% $1,200,000 Equip. Trust 53.% certifiwill conduct the financial and technical operation of the properties.
The change, it is stated, will not affect the local personnel or policies of cates. Issued under the Philadelphia Plan.
tho company.
-V. 116, p. 822.
Dated April 2 1923. Maturing in equal semi-ann. Installments from
Oct. 1 1923 to April 1 1938. both incl. Dividends payable A.
Fort Wayne Cin. & Louisville RR.
-Consolidation Plan. office of State Street Trust Co., Boston. trustee. Principal and & 0. at
interest
Sec New York, CnIcago & St. Louis RR. below.
unconditionally guaranteed by endorsement by the company.
-V. 115, P. 2905.
These certificates are issued to provide for part of the cost of the standGulf Colorado & Santa Fe RR.
-New Director.
ard new railway equipment, costing $1,584,016, as follows: 350 box cars,
Dr. Arthur T. Hadle, ,v of New Haven, has been elected a director to 100 rack cars, 59 gondola
cars. 10 dairy cars, 7
succeed the late T. De Witt Cuylor.-V. 48, p. 67.
and mail cars, and 8 locomotives. Class "0." combination all-steel baggage
These certificates represent
Practically 76% of the above stated cost, the remaining 24% being
ProIllinois Power Co.
vided by the company.
-Capital Increased-Earnings, &c
-V. 115, p. 759.
The company on March 14 flied a certificate showing an increase in its
Manchester (N. H.) Traction, Light & Power Co.
authorized Capital stock from $5,025,000 to $5,625,000. At Dec. 31 1922
the annual report shows that the company had outstanding $1,500,000 6% Stock Offered.
Cumul. Prof. stock, $1.075,000 7% Cumul. Pref. stock (of which 205,400
was fully paid but unissued and $244,600 was subscribed but unissued) onStockholders of record March 13 are given the right to subscribe at par
or before April 3 to $708,300 of new stock in the proportion
of one share
and $2,900,000 Common stock.
of
stock
From Feb. 15 1922 to Dec. 31 1922 the company received subscriptions at new office for each six shares of stock held. Subscriptions are payable
the
of Tucker, Anthony & Co., transfer
for $256,600 of 7% Preferred stock.
Boston, Mass., either in full on or before April 3 oragents, 74 State St..
in three installments
Results for Calendar Yensas follows: $40 each on April 3 and July 3 1923
1920.
1922.
1921.
and $20 on Oct. 2 1923,
Electric sales (k. w. h.)
17.890,441 18,077,016 19,548.266 with adjustment of interest and dividends.
Gas sales (cu. ft.)
The proceeds will be used to reimburse the treasury for expenditures
338.056,800 345,091,100 367,895,000
Revenue passengers carried
12,349.615 12,165,400 11,431,799 already made, and to be made, for additions and extensions to plants and
Gross earnings
$2,197,812 $2,313,701 $2,177,595 facilities.
Operating expenses and taxes
Earnings for the Year ending Dec. 311922.
1.580,642
1.627,951
1,593,050
Gross earnings
$2,297,871 Interest charges
3296,467
Gross income
$617,170
$549.644 Operating exp. and taxes_ 1,499,192 Dividends paid
$720,651
340.000
Interest and other fixed charges_ _ _ _
342,304
272,241
295,662
Dividends on Preferred stock
133.750
Net earnings
x90,000
x90,000
$798.679
Balance for res. & surp- $162.212
-V. 114. p. 2717.
Bal. available for deprec. & surp_ _
g$141,116
$187,403
$334,989
Montana Railway Co.
Dividend on preferred stock of Springfield Gas & Electric Co., a predex
See Middle States Oil Corp. under "Industrials" below -V.116, P. 77.
cessor company. y Before deducting $136,000 for provision for depreciation.
-Profit and loss surplus Dec. 31 1922 was $49.293.
Note.
New York Chicago & St. Louis RR.
-Consolidation Plan.
In Dec. 1922 the company issued and sold $500,000 of 1st Mtge. 5%
The plan for the consolidation of (1) the New York Chicago & St. Louis
gold bonds, Series"A," due June 11933, the proceeds of which were used RR.,(2) Chicago & State Line RR..(3) Lake Erie & Western RR.,(4) Fort
reimburse the company's treasury for the cost of construction Wayne Cincinnati & Louisville
to partly
RR. and (5) Toledo St. Louis & Western
-V. 115. P. 759.
RR. into a single corporation, to be known as "The New York Cnicago &
work during the year.




1276

[Vox,. 116.

THE CHRONICLE

St Louis RR.," has been anproved by the stockholders of all the roads.
(See plan in V. 116. p. 721.1-V. 116, p. 1050. 1178.

New York Lackawanna & Western Ry.-Guaranteed
-J. P..Morgan & Co. are offering, at 963'
Bonds Offered.
and interest, to yield about 4.70%, $10,000,000 First &Ref.
Mtge. 43'% Gold Bonds, Series B. linconditionall guaranteed by endorsement, both as to' principal and interest, by
Delaware Lackawanna & Western RR.(see adv. pages).

Dated May 11923; due May 1 1973. Interest payable M.& N. in New
York City without deduction for Federal income tax not exceeding 2%.
Farmers Loan & Trust Co., New York, trustee. Denom. $1,000 c*.
Bonds, upon completion of this financing, will be, in the opinion of counsel,
a legal investment for savings banks in New York, New Jersey and Connecticut, as well as for life insurance companies in the State,of New York.
Data from Letter of W.H. Truesdale, Pres. Delaw. Lack. & West. RR.
-Proceeds will provide funds for the payment and cancellation
Purpose.
of the $5,000,000 Terminal& Improvement 4% Bonds and the $5,000,000
Construction 5% Bonds of New York Lack. & Western Ry., due in May
and in August 1923.
-Upon the retirement of these two underlying issues the First
Security.
& Ref. Mtge.43% Bonds will be secured by a direct first mortgage on the
main line of the Lackawanna System from Binghamton. N. Y., to Buffalo,
N. Y.,compristng 208 miles of road, all of which is double-tracked, together
with important terminal properties in Buffalo. The mileage covered constitutes approximately one-half of the Lackawanna System's main line.
-Authorized, $30,000,000. Upon the completion of the
This Issue.
presentfinancing, there will.be outstanding under the Mortgage $23,639,000
consisting of the present issue of $10,000,000 Series B Bonds and
bonds
$13.639,000 5% Gold Bonds, Series A, all of which Series A Bonds are
held in the treasury of Del. Lack.& Western RR. The balance. $6,361,000,
may be issued for extensions, additions and betterments or for other corporate purposes.
-The New York Lack. & Western By. property is leased to
Property.
Del. Lack.& Western RR.for the full term of the corporate existence of the
former company. Under the terms of the lease the D. L. & W. assumes
all the funded debt and other liabilities of the N.Y.Lackawanna & Western,
and also agrees to pay dividends at the rate of 5% per annum on the capital
stock of the latter company.
-Has no funded debt outstanding,
Delaware Lackawanna & Western RR.
with the exception of $320,000 Bangor & Portland By. 1st Mtge. 6 o
from 1930 to 1936. It guarantees the payment of $25,129,0 0
Bonds, due
Morris & Essex First Mtge. 3%% Bonds, due 2000, as well as $1,394,000
Warren RR. First Ref. 3%% Bonds, due 2000, and $668,000 Oswego &
Syracuse RR. 5% Bonds due may 1 1923.
Since the lease was made of the property of N.Y. L. & W.to the D.L.&
W. RR., dividends paid by the latter company on its own stock have in
no year been less than 7% per annum, the average rate during the last 15
years having been 22%. Based on current quotations, the stock outstanding has a market value of over 5211,000.000.-V. 116, p. 410.

Philadelphia & Western Ry.-Earnings.Calendar YearsOperating revenue
Operating expenses

1922.
$825.459
440,517

1921.
$812.240
486,647

1920.
$801,162
492,907

1919.
$732.302
431,910

Net operating income_
Interest and tax accruals

$384,942
x163,626

$325,593
166,201

$308,255
176,663

$300,392
170,184

Net income
Miscall, deductions
Pref. dividends (5%)___
Federal taxes

$221,316

$159,392
100,000
14,780

$131,592
Cr.2,623
100,000
28,000

8130,209

100,000
19,800

100,000

$30,209
$6,216
$44,612
$101,516
Balance, surplus
x Interest on bonds in 1922 amounts to $131,500; other interest, 51.599;
tax accruals, $30,453; hire of equipment, 573.-V. 114, p. 1652.

-Earnings.
Portland Railway, Light & Power Co.
1919.

1920.
1921.
1922.
510.120,898 $9,922,241 $9,564,615 $8,591.001
4,854.510
5,376,579
5.442,970
5,439,499
534,472
657,576
831.969
881,757
2.114,757
2,101,615
2,107,733
2,126,892
Net income
$1,672,750 51,539,569 $1.428,845 $1,087,262
32,543
Prior preferred dividends
300,000
300.000
318,750
375,000
First preferred dividends
717.386
717,386
717,386
717,386
Depreciation

Calendar YearsGross earnings
Operating expenses
Taxes
Interest

Surplus
-V. 116, p. 1051.

$547.821

5503.433

5411.459

$69,876

Portsmouth Dover 8c York St. Ry.-To Discontinue.-

Jusge Peters in the U. S. Circuit Court at Portland, Ore., has handed
down a decision ordering receiver W. G. Meloon, of Portsmouth. N. H.,
to discontinue operations. It is understood that for some months now there
has been a movement for a reorganization, the plan being to raise $130,000,
which would take care of the _present obligations and at the same time
extend the lines across the Memorial Bridge into Portsmouth, N. H.,
thereby doing away with the ferry service which has been a very expensive
part of the road.
[This road was part of the Atlantic Shore By.. which was recently reorganized as the York (Me.) Utilittbs Co. Compare V. 116. p. 615.]-V 82,
p. 629.

-To Increase Capital and
Public Service Corp. of N. J.
Create No Par Value Common Shares-Exchange to be Made
on Basis of 2 No Par Value Common Share for Each $100
Par Share.

The stockholders will vote April 2 on increasing the authorized Capital
stock to $100,000,000 Preferred stock (par $100), and 2,000,000 shares of
Common stock of no par value.
Of the Preferred stock, $25,000,000, shall be 8% Cumul. Pref. stock,
be
$50,000.000 shall be 7% Cumul. Pref. stock, and 325,000,000 shall
Consider Lease.
-To
Pennsylvania RR.
Cumul. Pref. stock.
At the annual neeting April 10, the stockholders will consider the pro- 67 the event of the dissolution or liquidation, or of any distribution of
In
posed lease of the railroad, property and franchises of the Pennsylvania- the capital, the holders of the respective series of Preferred stock shall be
and the
Detroit 1111.-V. 166, p. 1178. 1050.
entitled to be paid in full both the tax amount of their shares amount
before any
amount of accumulated and unpaid dividends thereon,
the holders of any other stock.
Marquette Ry.-Annual Report.
Pere
shall be paid to
shall be
Combined
The present Common stock issued and outstandingvalue, for exchanged
Corporate
1 share of
1919.
y1920.
at the rate of 2 shares of Common stock, without par
1920.
1921.
1922.
the present Common stock.
Cal. Years
38,303.029 35,022,787 40,372,814 35,443.136
March 20, says:
Total oper. rev_ _38,397,933
President Thomas N. McCarter,
the part of many largo
Total oper.exp_ _28,911.265 30,036,300 30,350,542 36,731,955 26,848,728
Of late it has been considered very desirable on value. Shares without
Common stock without par
8,266,729 4,672,245 3,640,859 8,594,408 corporations to havemore clearly the proportionate interest of the stockNet oper. rev_ _ 9,486,669
par value represent
159,276
708.302
690,654 1,761.120
possesses an interest
Non-oper.income 623,396
holders than shares with a par value. A stockholder
that the number
in the entire net assets of the corporation in the proportion
Gross income_ 10,110,064 8,957,383 6,433,365 4,349,161 8,753,684 of shares that he holds bears to the total number of shares outstanding in
Int., &c., charges 5,759,503 5,191,502 5,039,392 5,841,672 3,887,069 any case, but by issuing stock without par value the confusion which exists
fixed par value is avoided.
Divs. Prior Pref.
(5)560,000 with shares of Common stock having a
x
a
stock into two
(5%)560,000 (5)560,000
stock
It is believed the division of the present shares of Common the Common
without par value will make
4,306.615 shares of the new Common stock also more available for the small investor.
Balance, surp_ 3.790,561 3,205,880 1,393,973df1,492.511
more readily marketable and
stock
o
this company makes it
x During year ending Dec. 31 1920 quarterly dividends of 1 w/ were
The growth of the business of the subsidiaries of
regularly paid on Prior Preference stock. Payments were made out of desirable that provision should be made for future financing by increasing
surplus on Dec. 31 1919 and amounted to $560,000.
Capital stock, both Preferred and Common. At the
the authorized
y The figures shown for year 1920 represent results of operations for the present time the issuance and sale of Preferred stock is limited by the
period March 1 1920 to Dec.31 1920,inclusive, also proportion of"Standard present issue of Common stock and to provide for additional sales of Pre-V.116, p.1051
the period Jan. 1 1920 to Feb. 29 1920, during which ferred stock, will require an increase in the Common stock.
Return" assignable to
As
time the property was operated by the U. S. RR. Administration. 29 the
--Tenders.
1920
operating revenues, expenses, &c., for the two months ended Feb. during
Puget Sound Power & Light Co. St., Boston, Mass., will
are not included in the above tabulation, the results from operation
The Old Colony Trust Co., trustee, 17 Court
Mtge. Gold bonds'
the year 1921 are not comparable with the 10 months' period during which until April 6 receive bids for the sale to it of Gen. & Ref.
116, p. 1051,
the road was operated by the company in 1920.-V. 116, p. 823, 77.
due May 11911, to an amt.sufficient to exhaust $400,000.-V.

-Dominick &
-Common Stock Sold.
Philadelphia Co.
Dominick announce the sale of 30,000 shares of Common
stock (par $50) at $49 per share. A circular shows:

San Francisco Ry.-Merger of Lines in Texas.

St. Louisthe roads owned by the
A bill providing for the consolidation of all
Legislature. The bill procompany has passed both houses of the Texas lines of the 'Frisco System
consolidation of the following Texas
vides for the
San Francisco & Texas By., Fort Worth & Rio Grande
York Stock
Outstanding stock is listed on the Newou tal rresfExchange, and into the St. Lodis North & South RR. Paris & Great Northern RR.,
. Igic
o w cigoirg the By.. Brown Wood
dittna tu
hwinliade t6i213116tilisese
e s oc
amlicat'onkhas been
4,000 Quanah, Acme & Pacific By. The bill also provides for the merger of the
shares
are now International-Great Northern RR. if the Inter-State Commerce ComRailways Investment Co.
pending before that body.
shares are owned by the United of that company's bonds. and
mission will act favorably on the petition now
pledged as collateral for an issue Owns or controls through subsidiaries, The purpose of the consolidation, it is said, is to effect economies in the
The bill
-Organized in 1884.
Company.
and distributing system in cost of operation and particularly in organization. the other empowers the
properties by
an extensive gas producing, transporting and distributing the greater St. Louis Texas & San Francisco Ry. to acquire
Pennsylvania and West Virginia, furnishing Pittsburgh. It owns securi- purchase, which will be done in the case of all the smaller lines and in that
of the City of
port of the entire gas supply
in the railway of the International-Great Northern if the 'Frisco gets that property.
equity
ties of the Pittsburgh Railways, representing the
p. 1051. 823.
controls through entire common
system in Pittsburgh and vicinity. ItCo., which does substantially all -V. 116,
Traction
-Tenders.
stock ownership, the Duquesne Light in Pittsburgh and in the greater
Santiago Electric Light & 37 Wall St., Co. City, will until
N. Y.
electric light and power business Pa., a territory of approximately
the
Co., trustee,
The
part of Allegheny and Beaver Counties, capital stock of the Philadelphia March Equitable Trustfor the sale to it of First Mtgo. 50-year 6% bonds,
receive bids
26,
entire
1.000 square miles. Also owns the
business.
due Jan. 1 1959, to an amount sufficient to exhaust 519,979.-V. 106, P.
Oil Co.. doing an oil producing and marketing
customers, 2,246 miles 1037.
The company in its gas department has 156,296
miles of gas distribution mains within
-Ladenof transportation lines and 1,493 service. The company system controls
Seaboard Air Line Ry.-Equip. Trusts Offered.
the City, with holders, meters and and oil lands. Operations at present
burg, Thalmann & Co., Redmond & Co., Kissel, Kinnicutt
under lease 342,519 acres of gas
lands, and there have been
are offering at 100 and div.
are being conducted on 160,432 acres of these
171 producing oil wells. & Co. and Freeman & Co.
drilled on them 1,749 producing gas wells and as reserve acreage. It
Equip. Trust Gold certificates, Series "V."
being held
The land not operated at present isaggregate of 36,240 h. p. It also 36,600,000 6%
an
owns 17 pumping stations withwith a capacity of 24,000,000 Cu. ft. per Issued under Philadelphia Plan (see advertising pages).
owns a manufactured gas plant
Principal and dive. unconditionally guaranteed by the company. Chase
connection with the operation of'these properties, 922 miles National Bank, New York, trustee. Dated April 1 1923. Payable
day. In
of telephone lines are owned and used.the Common stock during the 83i- $275,000 semi-annually Oct. 1 1923 to April 1 1935, both incl. Denom.
Earnmps.-Earnings applicable to
and divs. Dividends payable
.
or $4 04 per share $1,000c5 Red, on any hit, date at 105
year period ended Dec. 31 1922 averaged $3.753,934, outstanding. In A.& 0. without deduction of normal Federal income tax not in excess of 2%.
presently
on the 928.860 shares of Common stock to belarge equities in the undiscertificates are to be issued in part payment for standard railway
These
addition to these earnings the company has
equipment consisting of 1,000 new steel underframe ventilated box cars.
tributed earnings of its subsidiaries.
lbs. capacity; 1,000 new steel underframe gondola cars, 100,000
mail
-Company has paid dividends on its Common stock without 80,000
Dividends.
lbs. capacity; 25 new steel underframe caboose cars; 4 new all-steel
interruption for 37 years from 1885 to date (except for one year. 1897). and baggage cars; 20 now Mikado type freight lbcomotives with boosters;
Total dividends
The total distributed during that period is $55,966,242.
steel underframe. steel upperframe, ventilated box cars;
during this period 1,100 rebuilt
400
distributed, including those on the Preferred stock,
on the Common 500 rebuilt steel center sill reinforced ends ventilated box cars, and
were $66,233,758. During this entire period, the dividends
dividend has rebuilt steel underframe hopper-bottom gondola cars.
stock have averaged over 6% per annum. Since 1900 the
consideration actual cost of the
The value of this equipment, taking into
rate being 6%. The stock now
ranged from 5% to 7M %, the present75 cents per share, payable April new equipment and a minimum valuation of the rebuilt equipment,_ is
offered carries a quarterly dividend of 116,
384450,000, giving a present equity in this trust of $2,350,000. or over 35%
p. 1178, 1050.
stockholders of record April 2.-V
30 to
-V. 115. P. 2657.
in excess of the face value of these certificates.
-New Directors, &c.
. Philadelphia Rapid Transit Co. Jewell, Vice-President in
held March 21 Leon

At the annual meeting
of finance, and
charge of traffic; W. K. Myers, Vice-President in chargeWelfare AssociaR. R. Nyman,newly elected President of the Co-operative of New York;
Robinson
tion, were elected directors, succeeding NelsonCo.of Buffalo, N. Y., and
H. G.Tulley,President of the International Ry.
J. W.McElroy. former President of the Co-operative Welfare Association.
The stockholders authorized a renewal of the co-operative wage dividend
of 10% of the annual wages to be paid at the end of the year after a divi-V. 116, p. 1050.
dend of 6% has been paid to stockholders.




Texas & Pacific Ry.-New Directors.

Matthew C.
Oren Root, President of the Hudson & Manhattan RR.,and
elected
Brush, President of the American International Corp., have been
directors. V. 116, p. 722.

Pay Bonds.

-To
Tr -City Railway & Light Co.
1923 will
The outstanding Coll. Trust First Lien 57. bonds, due April 1 N.
off at office of New York Trust Co , 100 Broadway.
be paid
V. 116, p. 411.

-Consolidation Plan.
Toledo St. Louis & Western RR.
-V. 116. p. 296.
See Neu York Chicago & St. Louis RR. above.

-Annual Report.
Union Traction Co. of Indiana.
Calendar YearsGross earnings
Operating expenses
Taxes
Net oper. revenue
Other income
Interest, rentals, &c_ -

1277

THE CHRONICLE

11AR. 24 1923.]

1919.
1920.
1921.
1922.
$3,835,747 $3,710,606 $4,095,755 $3,781,554
2.695,868
2,949,805
2,531,941
2,459,744
186,499
211,434
240,000
264,000
899,186
934,516
938,664
1,112,003
17,518
13,114
21,281
15,337
898,669
917,550
917,674
917,176

$18,035
$30,080
$42,271
Balance, surplus
$210,164
The Oct. 1 1914 1st Pref. dlv. was passed and no div. on this stock has
-V.115,p.1533.
since been paid. No dirs, have been paid on 2d Pref.stock.

United Light & Rys.-Bonds Offered.-Bonbright & Co.,
Inc., New York, are offering at 97 and int., to yield over
6.20%, $1,000,000 1st Lien & Consol. Mtge. Gold bonds,
Series "A," 6% (see advertising pages).

Dated April 1 1922. Due April 1 1952. Int. payable A. & 0. at the
Office or agency of company in New York or Chicago. Red, all or part
on 30 days notice at any time on or after April 1 1947 up to April 1 1948
at 103; thereafter at 1% less each year up to April 1 1950, and thereafter
at 100: plus int. Denom. c* $1,000,$500 and $100 and r* $1,000 and multiples. Company will pay the normal Federal income tax, deductible at
the source, up to 2%, and will refund Penn. and Conn. 4-mills tax. New
York Trust Co., New York, trustee.
Data from Letter of President Frank T. Hulswit, Chicago, March 19.
Company.-Incorp. in Maine in July 1910. Controls and operates
Properties furnishing a diversified public utility service in 77 prosperous
andy growing communities located in the heart of the Middle West, principally Iowa and Illinois, supplying in all. a population of over 600.000.
Physical properties include 10 electric central stations with a total generating capacity of 103,650 h, p., of which 7,215 h. p. is water power:
659 miles of high-tension transmission lines; 3,653 miles of distributing lines
with sub-stations of ample capacity; 11 gas plants, 9 of which are equipped
with coal as and water gas apparatus, permitting operation of whichever
Is more advantageous under prevailing conditions. The gas plants with
their holders are of ample capacity for the annual output of over 2,500,000,000 cubic feet. The distributing mains are 750 miles in length. Street
railway properties include 147 miles of track. Interurban lines which have
a trackage totalling 123 miles are located on private right of way.
Combined Capitalization Outstanding After Present Financing.
x$11,000,000
First and Refunding Mortgage 5s, 1932
9,038,500
First Lien & Cons. Mtge. Gold bonds (including this issue)y9,884,398
Divisional bonds and securities on portions of property
2,000,000
6% Convertible debentures, 1926
2,500,000
Series "A" 607 debentures. 1973
2,000,000
Prior Preferred 7% stock (Delaware company)
10,133,100
Preferred stock 6% cumulative
3,407,300
Participating Preferred 7% cumulative (now paying 8%)
3,558,300
Common stock, now paying 5% and extras
x Not incl. bonds pledged as collateral to this issue of bonds. y Not incl.
bonds and securities pledged with the trustee of 1st & Ref. Mtge. or underlying mortgages.
Of the issued securities of the subsidiary companies, United Light & Rye.
owns over 70% of bonds and notes, over 84% of Pref. and Common stocks
combined, and over 99% of the Common stocks.
Purpose,
-Proceeds will partially reimburse company for expenditures
for additions and improvements.
Security.
-Secured by a direct mortgage lien upon important properties
and by pledge of all securities of subsidiary companies, as defined in the
mortgage, now or hereafter owned, subject only to existing liens. Further
secured by an equal amount of lst & Ref. Mtge. 507 Gold bonds, or, in lieu
thereof, cash or obligations of the U. S. Govt. The outstanding issue of
$2,000,000 Convertible debentures due 1926 share with the bonds of this
Issue in the lien on the property and assets of the company.
Consolidated Earnings, 12 Months Ended Dec. 31.
1922.
1921.
1920.
$11,956,516 $11,372,982 $11,826,643
Gross earnings
Net earns., after exp., maint. 8c taxes $3,275,251 $3,370,240 $3,835,138
539,523
Annual charges prior to int. on secured debt
Annual int. on $11,000,000 1st & Ref. 5s, $550,000; $9.038,500
let Lien & Consol. Series "A" 6s, $542,310; $2,000,000 6%
1.751,833
Convertible debentures. $120,000
82,083,305
Balance
Nearly 80% of the net earnings are derived from the electric and gas
business. The city railway lines furnish about 12% and the interurban
-V. 116, p. 1179, 1051.
lines about 9% of the net earnings.

-Deposits, ecc.,
United Railways Investment Co.
Under Plan.-Ladenburg, Thalmann & Co., managers of a
plan affecting the company (V. 116, p. 1179), in a notice
to holders of the Collateral Trust 20-Year Sinking Fund 5%
Gold bonds, Pittsburgh issue (see advertising pages) offer
on or before May 1 1923, unless this date be extended, but
not later than on July 1 1923, to pay to the holders the
face amount of their bonds with interest, provided the plan
shall be declared operative to the effect that 480,000 shares
of the Common stock of Philadelphia Co. shall be transferred
to a new corporation free from the lien of the agreement
under which the bonds are issued.

Only bondholders who shall on or before April 15 1923 deposit their
bonds under the terms of the deposit agreement between the holders of
such bonds and the bankers, dated March 16 1923, may avail themselves
of this offer. The managers may, however, extend the operation of this
offer in individual cases or otherwise after April 15 but to a date not later
than June 30, but shall in no case be required to do so.
It will be observed that the plan may be carried into effect, if sufficient
bondholders do not deposit their bonds by transferring to the new company
the shares ofstock of Philadelphia Co.subject to a portion of the outstanding
bonds. Unless a minimum of 9507 of the outstanding bonds are deposited,
the managers contemplate the adoption of this alternative, in the event
that the plan becomes operative.
The deposit of bonds, and the obtaining of cash in lieu thereof if the
plan becomes operative, will be without charge or expense of any kind to
the bondholders. Holders are invited promptly to deposit their bonds
under the deposit agreement with First National Bank, New York, or
Pennsylvania Co. of Ins. on Lives & Granting Annuities, Philadelphia, Pa.,
or British & Foreign Trust,Ltd.,London,Eng. See plan in V.116,9.1179.

Washington Water Power Co.
-Stock Increased.

The stockholders on March 12 increased the authorized capital stock from
$20,000,000 ($17,346,909 outstanding) to.$35.000,000, par $100.-V. 116.
p. 1052, 936.

Waterloo Cedar Falls & Northern Ry.-Deposits.-

The protective committee for the $5,775,000 1st Mtge. Sinking Fund
5% bonds, due Jan. 1 1940, E. V. ICane, Chairman (V. 114. 1:0• 1768),
in a notice to the bondholders states that a substantial majority of the
Issue has been deposited with the Pennsylvania Co. for Ins. on Lives &
Granting Annuities, Phila. Holders of undeposited bonds are urged to
deposit their bonds before a time limit is fixed, after which bonds will
be received only on payment of penalty (see also advertising pages).
To represent the interests of the First Mtge. bondholders, Edward V.
Kane of Philadelphia, Chairman of the protective committee, has been
-V.116. p. 937, 517.
elected a director.

West Virginia Utilities Co.
-New Director.," Adam1P. Barrett, of A. P. Barrett & Co., Baltimore,

has been
elected to serve on the board of directors for ensuing year. Md.. p. 1179.
-V.116,

Winnipeg Electric Ry.-BondIssue Approved-Earnings.
The;stockholders have approved the issuance of $3,250,000 20
-year Gen.
dated March 1 1923,offered in February
Mtge.!& Coll. Trust6% gold be
(See V. 116. p. 824.)
last.I,




Earnings Years Ended December 31.
1919.
1920.
1922.
1921. '
$5,395,224 $5,418,024 $5,233,700 $4.284,479
3,526,715 3,559,380 3,428,897 3.019,495
Cr.121,854 Cr.161,407 Cr.76,700 Cr.58,639

Gross earnings
Expenses
Miscellaneous income_ _

Gross income
$1,990,362 $2,020,050 $1,881,503 $1,323,623
696.490
716,215
Deduct
-Interest
633,331
643,028
273,156
308,488
percent. & taxes
City
347.384
339,675
18,450
Other charges
33,438
57,844
56,283
37,672
Ext. of discount
26,786
52,526
16,000
201,050
201.050
Depreciation
201,050
201.050
60,000
Sinking fund
60.000
56,550
57.420
Dividends, Pref._-(7%)210,000
4,444
182,367
Balance, surplus
Total surplus Dec.31_ _
-V. 116, p. 824.

$36,805
$531,082
$488,128
$467,775
$2,377,106 $2,131,574 $1,845,502 $1,279,172

Wyoming North & South RR.
-New Company.
See Middle States Oil Corp. under "Industrials" below.

INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial worls during the past week, together with a summary of similar news published in full
detail in last wek's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
The "Iron Age" March 22 said in brief:
Output.
-"There is a lessened rate of new bookings by steel mills, due
chiefly to the fact that most producers will not sell farther ahead in the
face of higher costs, under the general expectation of wage Increases to iron
and steel workers. However, in spite of circumstantial reports, no such
announcements have been made.
"The ability of leading works to make a further slight increase in output
the past week has strengthened the belief that all the steel required will be
produced. There is also the probability that outdoor work will draw as
many men from plants consuming steel as from those making it.
"On their face all the week's price developments indicate a stronger
market situation. Some of the advances, notably in sheets, are due to
the effort of the automotive industry to get hold of more steel within a given
time than the mills can deliver, especially in view of recent plant additions
at Detroit. The Ford program for March is 156,000 cars and the average
for Detroit plants is 12,000 a day.
Prices.
-"On the heavier products
-plates, shapes and bars
-there are
wider variations this week in the prices of various mills and the deliveries
they can make, but 2.50c. material and higher is still in the premium class.
with the contract basis for third quarter largely undetermined. Plates in
particular show high prices for early delivery, Eastern mills asking as much
as 2.90c.
"Blue-annealed sheets are in notably short supply. Mills that can
deliver quickly are getting 3.25c. Galvanized sheets also are distinctly
higher. There is a sharp advance also in tin plates, as high as $6 being
paid for a round lot.
"In the Central West current demand for sheet bars is quite in excess
of available supply, pending inquiries, including one for 10,000 tons. After
making further sales at $45, Youngstown, an important producer, has
withdrawn from the market.
"Cleveland reports this week, as-did Chicago last week, that some construction is being postponed because of high costs, but at Detroit, where
wage advances have been less, building is not affected as yet.
'Higher prices for pig iron are reflected in the'Iron Age'composite figure,
which is $30 86 against $29 96 last week. $27 38 last month and $18 38
one year ago.
"Finished steel remained at 2.710c. per lb., according to the 'lion Age'
composite price. This compares with 2.446c. Jan. 2.
Orders.
-"A total of over 40,000 tons of new fabricated steel inquiries.
not including 10.000 tons for oil tanks for the Navy at Honolulu, shows
sustained activity, and 26,000 tons was awarded for 20 of the larger jobs.
The New York Central, the Chesapeake & Ohio and the Seaboard bought
a total of 8,000 cars and the Louisville & Nashville entered the market
for 8,000. Eastern car plants are not so heavily booked as those of the West.
"Pig iron buying, while perhaps not so brisk as in the preceding week,
has been active and prices have again advanced 81 in the principal Northern
centres and Virginia, while in Alabama $27, Birmingham, continues to be
the prevailing price. Purchases include 20,000 tons of Southern for third
quarter for a sanitary company and 10,000 tons for an Indiana automobile
company, of which 4.000 tons will come from Canada,and 6,000 from
Buffalo. Virginia iron is selling over a much wider territory than in several
years and is an important factor in the Chicago market. Ohio and Buffalo
irons are selling freely in Michigan and Indiana. The basic market in
Cleveland and Pittsburgh shows decidedly increased interest of melters.
Charcoal grades have been marked up from $1 50 to $2. Indications are
that pig iron production will be sharply increased at an early date, provided
requirements for coke can be met.
.
Foreign Situation .-"France and Germany have agreed to waive export
licenses on 120,000 tons of steel from the Ruhr on British shipbuilding
contracts. Another new development is the starting up of plants in
Czechoslovakia to supply steel to Germany.
"Sales of domestic coke for export to France. Belgium and Germany
are now estimated at 100.000 tons. Already there is car congestion at
the Eastern seaboard due to shipments on these orders.
"Since placing rails with Germany in 1922 at bargain prices for 110
miles of South Manchurian Ry. extensions, Japan has failed to get deliveries. Already rails for 30 miles of this track have been bought in this
country for early delivery, and now further inquiry has come for 6,900 tons.
or 40 miles."
Canadian Steel Workers' Demand 30% Wage Increase.
-Steel Workers'
Union at Sydney. N. S. passes resolution to demand from British Empire
Steel Corp. a 301% wage increase, 8
-hour day, recognition of union and
institution of check-off system. Answer demanded by April 1. Alternative is strike. "Wall Street Journal" March 22, p. 11.
Coal Production, Prices, &c.
The United States Geological Survey, March 17 1923, estimated production as follows:
Present estimates of soft coal production for the week ended March 10
Indicate a total output of 10,609,000 net tons, including coal shipped, mine
fuel, local sales, and coal coked. This is a decrease of 337,000 tons as
compared with the revised estimate of 10,946,000 for the week preceding.
Preliminary reports of cars loaded in the present week, March 12-17.
indicate a further decline in production. Loadings on Monday were
38,654 cars as compared with 41,669 cars on Monday of the week before.
On Tuesday of the present week loadings dropped to 31,550 cars. Wednesday's report showed a slight pick-up, but on Thursday loadings fell to 27.955
cars. The total output thus indicated for the week is between 10,400,000
and 10,500,000 tons.
The trend of output for the last six weeks is shown in the following
statement of cars loaded daily:
Feb.
Mar.
Feb.
Feb.
far.
Feb. 26
5-20.
12-17.
12-17.
5-10.
19-24.
Mar. 3.
Monday
41,080
41,516
38,654
40,151
38.761
41,669
Tuesday_ -.31.596
31,550
33,080
33,068
33,331
30.337
Wednesdai...30,626
30,604
31.835
30,892
31,345
32,372
Thursday -.29,772
28,700
27,955
28.155
28,156
26.282
Friday
30,464
28,634
30,117
---26,918
30,349
Saturday_ _28,092
26,481
28,446
25.866
27,464
The cumulative production of soft coal for the calendar year 1922-1923
to March 10 stands at 388,425,000 tons. As compared with recent coal
years the present year is 3.407 behind 1921-1922, 23 0% behind 1920-1921.
.
14.3% behind 1919-1920, and 26.7% behind 1918-1919: The cumulative
totals to corresponding datefor the last four years are as follows(In net tons):
1918-1919
529,553,00011920-1921
504,339,000
1919-1920
452,556,00011921-1922
401,994,000
The production of anthracite in the week ended March 10 is estimated,
on the basis of 39.170 cars loaded, at 2,048,000 net tons, including coal
shipped. mine fuel, local sales, and dredge and washery output. This is
a little less than the output during the week preceding.

1278

THE CHRONICLE

[voL. 116.

Other woolen and worsted mills followed American Woolen wage advance
of 124% effective April 30, among them being Guerin Mills, Inc.; Philmont Worsted, Lippitt Woolen, Barnai Worsted, Perseverance Worsted,
Dunn Worsted (all of Woonsocket, R. I.). Windham Mfg. Co.
(South
Windham, Me.). Sanford Mills, Maine Alpaca, Minerva Mills (Sanford.
Me.), Goodall Worsted Co.(at Sanford, Kennebunk and Waterboro,
Me.).
"Times" March 23. p. 27.
Saxon and Spartan Cotton mill employees of Spartanburg, So.
Caro..
receive 10% wage increase. "Financial America" March 22, p. S.
Germania Mills at Holyoke, Mass., advance wages about 10%. "Financial America" March 19. p. 8.
Hadley Mills at South Hadley. Mass., advance wages about 10%.
"Financial America" March 19. P. 8.
Wickwire Spencer Steel Corp. advances wages of 700 employees,
April 2. amount unannounced. "Boston New Bureau" March 12, effetcive
P. 3.
Tin mill workers' wages advance 24 to 26% above base for March-April,
according to bi-monthly agreement of Amalgamated Association of Iron,
Steel & Tin Workers. Sheet mill wages remain the same. "Iron Trade
Review" March 15.
Utah Copper Co. miners get 35 25 and muckers $4 75 per 8
-hour day,
a 40
-to-50 cent per day advance. "Boston News Bureau" March 21, p. 2.
Miners in Coeur d'Alene district (Washington) get increase of 50 cents
Ver day; miners now receive $5 50 and muckers $5 per 8
-hour day. "Financial America" March 20, p. 7.,
Michigan copper district nuts into effect the following wage scale:
miners, $4 15 to $425 (company account); miners, $4 50 (contract):
underground laborers. $3 75 to $3 80, approximately 20% increase per
8
-hour day. "Engineering-Mlning Journal-Press" March 17.
Wage Increases Demanded.
-Bigelow-Hartford employees demand 20%
increase and decrease from 55 to 48
-hour week. "Boston News Bureau"
March 23, p. 3.
Massachusetts Association of Bricklayers and Stone Masons at Lynn
adopt resolution to urge $10 per day wage. The rate Is now $9 per day
"Boston Financial News" March 16, p. 7.
Textile Situation -Representatives oTFall River Textile Council, asking
15% wage advance on March 23, met representatives of Fall River Cotton
Manufacturers' Association, prepared to offer 10% increase. A compromise at 124% seems probable. "Boston News Bureau" March 23, p. I.
Strike for "Open Shop."
-200 employees of fire-door department of
Coburn 'Trolley Track Co. in Willimantsett (Mass.) struck for "open
shop" policy and reduction from 50 to 98
-hour week when, they allege,
they were told by a foreman they would have to join a union or be discharged. "Times" March 23. p. 21.
"Pottery Trust" Trial Is On.
-Suit by Government under anti-trust
laws against 23 corporations and 23 individuals begins. It is alleged
82% of the domestic business was controlled by this combine and that
their business amounted to 326.000,000 a year. "Times" March 23, p. 11.
Matters Covered in "Chronicle" March 17: (a) Fail River textile workers
ask 15% wage increase, p. 1117. (b) Steel furniture enipments increase.
p. 1117. (c) New York State Legislature passes bill for regulation of
Exchanges, "blue sky" bill, etc. Brief of N. Y. Stock Exchange in opposition, p. 1123 to 1126.
(d) Prize for best down town building erected in New York during 1922
awarded to the New York Stock Exchange. p. 1126. (a) Amendment
to constitution of New York Stock Exchange affecting Liberty bond
trading. p. 1126. (f) New York Stock Exchange expels Frank D. Lackey
of F. D. Lackey & Co.. Wilmington, Del., 10. 1126.
Receiver appointed for investment firm of Beazall & Chatfield,
Cincinnati, p. 1127. (h) Dissolution of Lamborn & Co., 7 Wall St.
and 131 Front St., New York-New firms organized. p. 1127.
(i) U. S. Treasury Certificates of Indebtedness oversubscribed-books
closed, p. 1131. (j) Called Victory notes still outstanding-redemption
of uncalled Victory notes. p. 1132. (k) Se reary of Treasury Mellon
onirrations governing payment of uncalled Victory notes at maturity,
p.
(I) Rubber Association of America, Inc. to aid Department of Commerce in rubber inquiry-appropriation ' Congress for investigation,
by
p. 1135. (m) Winston Churchill in defense of British rubber restrictions
p. 1136. (n) Report of La Follette Committee charging domination or
oil industry by Standard companies
-W. C. Teagle further answers
Senator La Follette. p. 1136.

Abitibi Power & Paper Co., Ltd.
-Annual Report.
-

Total

1.807,150
1.801.800
1,795,400
1.452.750
Petroleum Production in 1922.
The American Petroleum Institute estimates the world's petroleum production in 1922 at 851,540,000 barrels, compared with 765,065.000 barrels
reported by the U. S. Geological Survey for 1921. The increase in 1922
amounted to 84,475.000 barrels, or 11.3%.
The United States produced 551.197.000 barrels in 1922. or 64.7% of
the total world production. In 1921 the United States produced 472,183,000 barrels, or 61.7% of the world production in that year. The increase
in the United States production in 1922 amounted to 79,014,000 barrels,
or 16.7%.
Mexico produced 185,057.000 barrels in 1922, amounting to 21.7% of
the world production. In 1921 Mexico produced 193,397,587 barrels, or
25.3% of the total production that year. The decrease for Mexico in 1922
amounted to 8,340.587 barrels, or 4.3%•
In 1922 the United States and Mexico combined produced 86.4% of the
world production and in 1921 87%.
In the following table wherever possible 1922 production figurer are
official final figures or official estimates. In converting the figures of certain countries from tons to barrels equivalents are stated In U. S. barrels
of 42 gallons, based upon the average specific gravity of the oil of each
country. All the figures shown for 1921 are these reported by the U. S.
Geological Survey.
Estimated World Petroleum Production.
In Barrels. 1922.
In Barrels.
*1921.
1922.
*1921.
tin. States. _551,197.000 472,183,000 Trinidad ..- 2.445.000 2,354,000
Mexico ----185,057,000 193,397,587 Venezuela.... 2,335,000 1,433,000
Russia
35,091,000 29,150,000 Japan Ss For. 2,004,000 2,447,000
Persia
21.154.000 16.672,540 Egypt
1.188,000 1,255,000
Dutch E. I.. 16,000,000 16,958,105 France
494,000
392.000
Rumania..-- 9,817,000 8,368,000 Colombia
323,000
7,980,000 8,000,000 Germany_ _ _
India
200,000
200,000
5,332,000 3,699,280 Canada ___ _
Peru
179,000
190,338
Poland(Gal.) 5,110,000 5,167,000 Italy
31,000
34,400
Sarawak ___ 2,915,000 1.411,000 Algeria
9,000
2.688
Argentina _ - 2,674,000 1.747,410 Others
5,000
2,652
Total for 1922, 851,540,000; for 1921, 765,065,000.
*Figures for 1921 are those of the U. S. Geological Survey.
Gasoline Prices.
-Independent and Standard Oil companies institute price
war in Kansas City, Mo., in which price of retail gas was cut to 174c. a
gallon. "Financial America" March 21. p. 1.
Prices, Wages and Other Trade Matters.
Refined Sugar Prices -On March 21 American and National Sugar
Refining companies and Pennsylvania Sugar Co. reduced price 30 pts. to
9c. a pound. On March 22 Arbuckle Bros. reduced price 25 pts. to 8.75c.
a pound. Revere Sugar Refinery reduced price 15 pts. to 9c. a pound
inquiry on Sugar Prices Begun -Department of Commerce started
investigation on March 4 concerning situation in Cuba Yroduction
exceeds consumption. states Secretary Hoover. and price rise seems emjustified "Times" March 23. p 21.
High Copper Price -Brings 171ic. a pound-highest since October
1920. "Financial America" March 23. p. 2.
-As predicted, Hood and Goodrich 'companies
Tire Price Advance.
raised prices 10%. They also raised tubes 74%. The Goodyear and
Miller companies also announced 10% advance effective March 19 and
74% advance in tube prices. Fisk Rubber also advanced tire prices 10%.
Advance in Motor Prtce.-Columbia Motors Co. of Detroit to increase
prices $75 on all models, effective April 1. "Fin. Am." March 21. p. 2.
Price Advance ip Radiators
.-The American and U. S. RadiatorMarcr
comnies
advanced prices on all radiators 5%• 'Financial America"
20.
p. 1, and March 21, P. 1.
Nail Price Advances.
-Wire nails now $3 25 a keg and $2 75 a keg on
coated nails, 15c. advance each. "Financial America" March 19, P. 1.
Wage Increases
.-Amerlcan Woolen Co. advances wages of 36.000
employees 124%, adding about $4,000.000 a year to pay roll. effective
April 30. "Times" March 22, p. 8.




Calendar Years
1922.
1921,
1920.
1919.
Gross sales
$9,461,299 $8,861,810 $10,580,142 $6,029,353
Expenses
5,846,462
4,183,637
5,537,009 3,903.635
Interest
929.123
849,743
501,946
454,319
Deprec.& depletion, &c_
803,391
959,763
793.018
527.704
Business profits tax_
64,576
79,463
Preferred dividends_ _ _ _(7'
170,000 (7)70,000 (7)70,000 4)262500
(26
Common dividends
($2)500,000 (31)250,000 a1,500,000 (6)300.000
Balance, surplus
$1.312,323 32.518.666 32,113,592
Previous surplus
3.548,093
3,688,571
1,574,979
Res've for depr. of inv_
2,177,145
Adjust. Govt. taxes......
53,177
482,000

3501.730
1.073,249

Profit and loss surplus $4,807,239 $3,548,093 $3.688.571

$1,574,979

a Dividends paid for the year 1920 on the Common stock wore as follows,
viz.: $1 50 per share each in July and Oct. 1920 and in Jan. 1921 on the
outstanding 250.000 shares of no par value stock, and in April 1920 74
on the then outstanding 35,000.000 Common stock, par $100. Th
compares with 44% paid in Jan. 1920 and an initial distribution of 134%
made in Oct. 1919.-V. 115, p. 1535.

a

Alms & Doepke Co. (Department Store), Cincinnati, 0.
-Capital Increase.
The stockholders will vote April 16 on chanting the par value of the
present $1,200,000 capital stock from $500 to 100 Der share and on increasing the authorized capital stock from $1, 00,000 (all Common) to
$3,600,000, to consist of $2,400,000 Preferred stock and $1,200,000 Common stock, par $100.
It is stated that an agreement has been filed in the Probate Court of
Cincinnati, 0., ending the litigation involving the will of the widow of F. H
Alms founder of the firm. William and Robert Doepke will assume
executive management of the store by exchanging Preferred stock for
Common stock, now in the hands of the Alms interests.

Amalgamated Sugar Co.
-Admitted to Trading.
-

The New York Curb Market has admitted to trading the Series "A"
voting trust certificates for 724,624 Common shares of no par value.
-V. 115, p. 547.

American Agricultural Chemical Co.
-New Director.
-

James II. Brodie has been elected a director,succeeding T. D. Darlington.
-V. 115. p. 1431.

American Brake & Foundry Co.
-Annual Report.
1922.
Calendar Years1921.
1920.
1919.
$2,120,540 $1,329,371 $2,042,300 $2,587,471
*Net profits
Settlemlwith U.S.Govt.
542,293
Interest (net)
deb.9,100 deb.12,745 Cr.99,700
Sale of plants
71.165
32,120,540 $1,320,271 $2,571,848 $2,758,336
Net profits
Contingent, &c., reserve
150,000
Loss on Liberty bonds
337,131
110,290
Federal taxes (estimated) See note
See note
See note
419,474
Dividends: Old Preferred
(6)296,292
New preferred
(7%)667.725 (7)664,024(34)329,955 (12)592.584
Old Common
(334)155,844 (i)311:4A5
New Common
(34)620,496 (34)594,222 (34)592,848
Employees' Common_
15,179
Divs, paid by sub. cos__
216
110
3,835
4,910
Balance, surplus
$832,103
$46.737
$855,943 $1.169.388
•Net profits from operation of plants ate shown after deducting manufacturing, administration and selling expenses and depreciation of plants
and equipment (and in 1921 and 1920 after reduction of inventories to
market value) and including dividends received on stocks of associated
companies whose earnings are not incorporated herein and other income
(net) less estimated Federal taxes.
-V. 116, p. 723. 179.

MAR. 24 1923.]

THE CHRONICLE

American Bosch Magneto Co.
-Annual Report.
Calendar YearsNet operating profit
Reserve for taxes
Sundry adjustments
Dividends
Balance, surplus
-V. 116, p. 938, 723..

•1922.
1921.
1920.
$25,913 def./3236,176 $1,595,962
126,089
23,581
1,813,815
524,173
120.000
880,000
$2,332df$2.169.991

$65,700

American Chain Co., Inc.
-Listing.
-

There has been placed on the Boston Stews Exchange list temporary
certificates for 350,000 shares (par $25) 8% Cumulative Participating Class
A stock,"when issued." Shares are transferrable either in Boston or New
York. The transfer agents are American Trust Co.. Boston; Chemical
National Bank, New York. Registrars. Old Colony Trust Co.. Boston
American Exchange National Bank, New York. Compare V. 116, p. 1180:

American Gas Co., Phila.-To Create Preferred Stock.
The stockholders will vote April 3 on creating an issue of 100,000 shares
of non-voting Cumul. Pref. stocks or no par value, entitled to dividends at
the rate of $7 per annum.
-V. 116, p. 1053. 938.

American Gas & Electric Co.
-Exchange of Stock.
-

An exchange of the company's old Common stock, par $50, for new
Common stock, no par value, at the ratio of 5 for 1, is being effected,
and the Guaranty Trust Co. of New York has been appointed transfer
agent of the new issue, consisting of 765.760 shares.
Officers of the company are: S. Z. Mitchell, Chairman of the executive
committee; R. E. Breed (formerly President), Chairman of the board:
George N. Tidd (formerly Vice-President and General Manager), President;
Frank B. Ball(formerly Secretary and Treasurer), Vice-President and Secretary, and F. W. Drager (formerly Assistant Treasurer), Treasurer.
V. 116, p. 825.

American-Hawaiian Steamship Co.
-Div. Decreased.
A dividend of 15 cents per share has been declared on the outstanding
$5,000,000 Capital stock. par $10, payable April 2 to holders of record
March 21. On Jan. 2 last, a dividend of 25 cents per share was paid, while
In April, July and Oct. 1922, quarterly dividends of 37% cents per share
each, were paid.
-V. 115. p. 2796.

-Production-Earnings, &c.
American Metal Co., Ltd.
It is reported that company's copper refinery at Chrome, N.J., is running
at capacity and producing at the rate of 240,000.000 lbs. of refined copper
annually. Connected with the refinery is a copper smelter capable of
treating 200,000 tons of ore a year. Net profits for the current quarter
are at a rate well in excess of earnings for the last quarter of 1922. The
zinc smelting plants in Oklahoma and Pennsylvania are at present producing at the rate of 72,000 tons ofzinc spelter annually.
-V. 116, p. 825.

-Annual Report.
American Radiator Co.
Income Account of American Companies.
Cal. Year
Cal. Year
11 Months
Cal. Year
1920.
1919.
1922.
1921.
Net profits a
$5.683,772 $3,178,777 $5,106,347 y$2,774,410
109,816
Divs, from for. constits_ 1.141,463
261,836
666,030
79,680
16,674
18,865
Other income
Period-

1279

The company's answer to the complaint of the Federal Trade Commission
flatly denies charges of retail prices by "conspiracy and concerted agreement."
-V. 116, p. 1172.

•
American Water Works & Electric Co.
-Initial Div.

An Initial dividend of 1% has been declared on the 6% Participating
Preferred stock, together with the regular quarterly dividend of 1%%
on the 7% Cumulative 1st Preferred stock, both payable May 15 1923 to
holders of record May 1 1923.-V. 116, p. 724, 618.

Arizona Power Co. Prescott, Ariz.
-Bonds Offered.Stephens & Co., San Francisco, are offering at 97 and int.,
to yield about 6%,$800,000 1st Lien & Unifying Mtge.
6% Gold bonds, Series "A."
Dated Nov. 1 1922. Due Nov. 1 1947. Int. payable M. & N. at
Union Trust Co., San Francisco, trustee, and National Bank of Commerce.
New York. Denom. $1,000 and $500 c*. Int. payable without deduction for normal Federal income tax not exceedin; 2%. Penn. and Conn.
personal property taxes refunded. Red. after Nov. 1 1932, all or part. on
any int. date upon 30 days' notice, at 105 and int. to and incl. May 1 1937:
thereafter at 104 and int, to and incl. May 1194?; thereafter at 101 and int.
less 1% for each year to and incl. May 1 1944; thereafter at 101 and int. to
and incl. May 1 1946; thereafter to maturity at par and int.
Data from Letter of Pres. F. S. Viele, Presc3tt, Ariz., March 1.
Company.
-Owns and operates 2 modern hydro-electric power plants with
an installed capacity of 11.500 h. p.. located on Fossil Creek, about 65 miles
east of Prescott. Ariz., and supplies electricity, without competition. to
City of Prescott and to Jerome. Humboldt, Mayer, Clarkdale and Cottonwood. Ariz.; also supplies electricity for power purposes to Cie copper mining district of Yaw pa County. Company also sunplE•s power under a
long-term and favorable contract to the Central Arizona Light & Power
Co.. which serws the City of Phoenix and surrounding territory. Company recently purchased the entire properties and assets of the Prescott
Gas & Electric Co.(V. 112, p. 2643). consisting of the ele-tric light and gas
generating systems serving the City of Presmtt and vicinity, and all of the
properties of the Arizona Steam Generating Co., which operates a modern
steam electric plant with a capacity of 9.1300 h. p., located at Clarkdale.
CapitalizatunAuthorized. Outstand'g.
First Lien & Unifying 6s (including this issue)
34.000.000 $2,079.00
0
First Mortgage 6s, 1933
Closed
720,000
Prescott Gas & Electric Co. 1st Mtge. es. 1940
Closed
181,590
Arizona Steam Generating Co. 1st 6s, 1933
Closed
236,500
Preferred stock
1.000,000
1,000,000
Common stock
3,000,000
3.000,000
Underlying first mortgage ponds of Arizona Power Co., Prescott Gas &
Electric Co., and the Arizona Stem Generating Co. in the amount of
$1,279,000 will be deposited with the trustee as collateral security to the
First Lien & Unifying Series "A" 6s.
Purpose.
-Proceeds will be used to reimburse company for expenditures
heretofore made for additions and improvements to the properties; to retire
on or before Jan. 1 1924 $340,400 7% notes now outstanding, and for other
corporate purposes.
-Calendar Years
12 Mos.end.
Earnings1919.
1920.
1921.
Jan. 31 '23.
Gross operating
$687.620
3587,552
$560,364
3647.094
Oper. exps. & texas
305,731
399,977
279,015
314,283

Net oper.
$251,633
$287,643
3308.537
$332.811
$6,841,909 $3,863,672 $5,295,843 $3,036,247 -V. 108. earnings..
Total income
p. 1823.
176,037
$256,564
$56,482
Deduct-Int. & disc_ _-Loss on bonds on for.
Armour & Co.
-Merger Hearing Postponed.
:346,643
exchange, &c
Postponement of the Government's hearings in the Armour-Morris pack589,851
Inv. adj. (less res.)ing merger case has been granted the companies by Secretary Wallace
75,000
50,000
50,000
Res.for pens., &c.,fd_
The time has been extended to April 30, the defendants to make answer
690,989
685.068
See y
950,757
Depree. ,ilz depletion
Prof. dividends (7%)
210,000
210,000
210,000
210,1300 by April 23.
It is stated
2.516.235
2.208.996
1,964,544 the formality that the merger of Armour & Co. and Morris & Co.lacks only
2,208,996
Common dividends
of payment for and transfer of the Morris properties. The
original agreement,
$3,501,235 $3,236,022 $4,654,361 $2.174,544 $10,000,000 cash, it is said, called for payment to the Morris interests of
Total deductions
$10,000,000 Armour Preferred stock and $10,000,000
$627,650
$641.482
$861.703
Bal., sur., American cos_ $3,340,674
-V. 116, 0. 939, 179.
P. & L. surplus
x$7,761,884 $11,324,335 $10,696,686 $7.763,466 Armour Common.

Austin Machinery Corp., Chicago.
-Depositary.
a Total consolidated profit from operations of American Radiator Co..
The Metropolitan Trust Co. has been appointed depositary under
Humphreys Coal & Coke Co., Ideal Supply Co. and Arco Transportation
Corp., after dedutting all ordinary and necessary expenses and reserve voting trust agreement with respect to Common stock and 2d Prof. stock.
for estimated Federal taxes, but before deducting the annual provision -V. 116, p. 1054.
for pension and benefit fund and depreciation and depletion of properties.
Baldwin Locomotive Works.
-Locomotive Order.
x In 1922 does not include the surplus of foreign companies, and is after
See Baltimore & Ohio RR.under"Railroads" above.
-Y. 116. p. 1054.
deducting a 50% stock dividend amounting to $6,903,125 on Common
stock in December 1922. y After depreciation.
Bay Sulphite Co., Ltd.
-New Director.
Income of Foreign Subsidiaries for Calendar Years.
it. 0. Sweezey has been elected a director.
-V. 115, p. 1811.
1921.
1922.
1920.
Bayuk Bros., Inc.
-Redemption of Stock.
Total profit from open after ded. all
The Guaranty Trust Co. of N. Y. has been appointed agent for the comord. exps.& res, for est. Govt. taxes,
pany to handle the redemption of all of their outstanding 8% 1st Pref.stck.
but before ded.for depr. ofinvents.,
which stock has been called for redemption April 15 at 110 and dividends.
doprec. of prop. & reserves, calcuCompare V. 116, p. 039, 826.
lated at rates of exchange current
$925,343 $1.598,505
Dec. 31 1922
41,529,656
6,530
12,025
Rentals
3,083
Bethlehem Steel Corp.
-Companies Answer Complaints.
Other income
73.891
12.207
85.654
Answer to the complaint of the Federal Trade Commission against the
Lackawanna Steel
Total income
31,618,393 $1,005,764 $1,622,737 proposed merger of the Bethlehem, Midvale and the Bethlehem and comMid15,644 panies was filed with the Commission March 22 by
Deductions-Int., disc. & exchange_
37,649
413,076 vale companies. The proposed combination, the answer of the two comInventory depreciation
61,820
Bad debts
6,906
120,966 panies said, would in no way violate the Trade Commission Act. It was
Res. for deprec. of inventory
64,903 declared further that the Commission had acted beyond its authority in
Res. for deprec. of property
173,499
171,223
79,970 issuing its complaint.
The Lackawanna company filed no answer, but a letter from its former
691.823
Dividends paid parent company--- 1,260,292
109,816
attorneys informed the Commission that the company was dissolved
Balance, surplus, foreign cos
$125,057
$95,887
$818,362 Oct. 13 1922 and no longer had any corporate existence.
The Bethlehem and Midvale companies denied flatly that the proposed
x Subsidiary companies include: National Radiator Co., Ltd., England; merger would result in the elimination of competition.
The complaint of the CommLssion charges 65 separate violations of the
National Radiator Co., Ltd.,
Compagnie Nationale des Radiateurs, France;
Belgium; Societa Nazionale del Radiatori, Italy; American Radiator Co. of Federal Trade Act and the answers deny each of them separately. No date
Canada, Ltd., Canada; Nationale Radiator Gesellschaft. in, b. h. Ger- has yet been set by the Commission for hearings in this case.
The adjourned meeting of the stockholders scheduled for March 21 to
many; Nationale Radiator Gesellschaft, m. b. h., Austria; Compania de
consider the taking over the properties of the Midvale Sted & Ordnance
Radiadores. Spain.
Co.. has again been adjourned until March 29.
Note.
-In 1920 a stock dividend of $421,608 was paid by the foreign
The Cambria Iron Co. stockholders also approved the proposed assignsubsidiaries.
-V. 116, p. 179.
ment of the lease of their property from Cambria Steel Co.to the Bethlehem
-New Director.
interests. The meeting of the stockholders of the Cambria Steel Co. was
American Ship & Commerce Corp.
also adjourned until March 29 for the purpose of giving the minority stockWalter Camp Jr. has boon elected a director -V. 114, p. 2357, 2362.
holders the financial statement covering the company's position as of the
American Stores Co. Philadelphia.
-700% Stock Div.- close of last year.-V. 116, p. 1181.
The directors have declared a 700% stock dividend, payable June 15.
Books close May 28 and reopen June 16. The stockholders on March 21
(E. W.) Bliss Co., Brooklyn, N. Y.
-Dividends Reduced.
Increased the authorized Capital stock from 390,000 shares to 1,800,000
A quarterly dividend of 25 cents per share has been declared on the outshares of no par value.
standing 300.000 snares of capital stock, no
payable April 2 to
The annual report for the year ending Dec. 31 1922 shows a surplus, holders of record Mar. 19. This comparespar value.
with 55 cents per share paid
after deducting taxes, dividends, and other adjustments, of 33,215.705, quarterly on this issue since Jan. 3 1921.
compared with $1,406,888 in 1921. Total profit and loss surplus Dec. 31
Income Account for Calendar Years.
1922 amounted to $10,067,453.
1919.
1920.
1922.
1921.
John Eagleson has resigned as Vice-President, but remains as a director. Net earns, after
deprec.
116, p. 825.
and Federal taxes_ _1°841,535,794 32,925.125 32.376.338 31.855,524
Preferred dividends__ __($4)149.765
114,500
100,000
141.365
American Surety Co., New York.
-Extra Dividend.
615.000
562,500
660,000
660,000
The directors have declared an extra dividend of 1% in addition to the Common diva. (cash)_ __
regular quarterly 23. %. both payable March 31 to holders of record
Surplus
def.$2,345,559 $2,123,760 $1,646.838 31.193,024
Marcia 24.-V. 116, p. 80.
Previous surplus
19,368,409 18.925.133 17,274,080 16,131,879
*Amort. of plants
deb1,680.483
American Tel. & Tel. Co.
-Acquires Radio Patents.
Adjustments, &c
Cr.4,215 deb.50,823
Cr.130,376
See Radio Corp. of America below.
-V. 116, p 1181, 1054, 1044.
Total p. &I.surplus -317,153,226 $19,368,409 $18.925.133 $17.274,080
American Tobacco Co.
-Federal Complaint.
* Charges made against surplus for amortization of plants covering years
The Federal Trade Commission, in a complaint issued March 19 against 1918 to 1921, incl., less $678,832 unamortized portion of torpedo patents.
the American Tobacco Co., the Beaten Dillon Co., the Tobacco Products -V. 115, p. 305.
Corp. the Midwest Tobacco Co. Jobbers Association, its officers and
-Sub. Co.
members, and 0. F. Adams and Harry F. Sloan, President and Secretary, • (S. F.) Bowser Co., Inc., Fort Wayne, Ind.
respectively, of the Missouri-Kansas Wholesale Groceries, charges conThe S. F. Bowser & Co., Milwaukea, have been incorporated in Wisspiracy and tacit agreement in fixing the resale price of tobacco. It is consi_n_with an authorized capital of $6.000,000 by the Indiana corporation.
further alleged the defendant companies agreed not to sell dealers unless The Wisconsin corporation will take over the Milwaukee properties acquired
they agreed to sell at standard prices fixed by the respondents, and to sell about 18 months ago and consisting of the plant and business of the
Richardson-Phenix Co., manufacturing automatic lubricating devices, 01
only to certain agreed upon sub-jobbers at sub-jobbers' prices.




TUE CHRONICLE

1280

separators, &c. Until now the Milwaukee interest has been known as the
Richardson-Phenix Division.
-V. 115, p. 2796.

-Sale Completed, ctc.Brier Hill Steel Co.
A bill of sale and deeds for the preperty of the company have been
delivered to the Youngstown Sheet & Tube Co., thereby completing the
sale and transfer. Over $15,000 revenue stamps were required for the
deed, which covered 96 printed pages. The Youngstown company has
delivered to Brier Hill Steel Co. 187,606 shares of its Common stock to be
given to holders of Brier Hill Steel Common on basis of one share of Tube
for four shares of Brier Hill. Brier Hill will receive the April dividend on
these shares, amounting to $197,606 which will be distributed to present
holders of Brier Hill stock.
Defmitive 1st Ktge. 5 4% Gold bonds duo Oct. 1 1942 will be delivered
in exchange for trust receipts now outstanding upon presentation of the
140 Broadway, N.Y. City. (For offerlatter at the Guaranty Trust
ing of bonds, see V. 115, p.Co..
1636.)-V. 116, P. 939.

[VoL. 116.

Commercial Cable Co.
-New Director.
-

Kenneth O'Brien has been elected a director.
-V. 115. P. 1537
.

Commercial Solvents Corp.
-Dividend Action Deferred.

The directors have voted to defer action on the quarterly dividend
due April 1 on the Class "A" stock. Dividends of $1 per share have
been paid quarterly since July 11922.
President P. G. Alurnford says in substance: "Operating results for the
first quarter of this year (last halfof March estimated)show a gain/of $76,397
compared with the preceding quarter. Current cash position is satisfactory,
but directors decided,in view of the cost of certain important plant improvements, to postpone payment of the current dividend."
Results for Year Ended Dec. 31 1922.
The company's operations for the year ended Dec. 31 1922 showed
10.164.074 lbs. of finished solvents manufactured and 10,812,457 lbs.
shipped.
Unfilled contracts and orders for the 6 months ending June 30 1923
British Empire Steel Corp.
-Capital Reduction.
amount to 7,580,000 lbs., which compares with 5,350,000 lbs. on order in
The stockholders have approved a reduction in authorized capital from July 1922. and 4,450.000 lbs. in Jan. 1922.
$500.000,000 to $250.000,000, as outlined in V. 116, p. 1055.
Net profits for the calendar year 1922
a$212,766
George Campbell, Pres. of Bank of Nova Scotia, and Senator J. P. B. Interest on bonds (cancelled June 23 1922)
33,176
Gasgrain have been elected directors.
-V. 116, p. 1055.
Preferred dividends to June 23 1922 (cancelled June 23 1922)
28,385
Dividends on Class "A" stock June 23 to Dec. 31 1922
83,111
Brooklyn Borough Gas Co.
-To Offer Stock.
Reserve for Federal income tax
22.600
The stockholders will vote March 29 on authorizing an issue of $500,000
634% cumulative participating preferred stock (par $50). The proceeds
Balance, surplus
$45,494
will be used to reimburse the treasury for additions and betterments.
a After all deductions including a depreciation charge of $24,685 against
It is the intention of the company to offer the stock to consumers and factory operations and $40,681 against idle property expense.
-V. 116.
employees.
-V. 115. p. 2796.
p. 725.

Caddo CentraVOil & Refining Corp.
-To Issue Stock.
-

Continental Grocery Stores of Penn., Inc.

-Receiver.
The stockholders on March 21 authorized the directors to issue and
The Pennsylvania Trust
Pittsburgh, has been appointed receiver
sell 31,500 shares of capital stock of no par value, at present unissued, with authority to take over Co.,business of the company, which conducts
the
but heretofore offered to the stockholders for subscription and not sub- 45 grocery stores in Pennsylvania.
scribed by them.
James D. Williams has been elected a director succeeding William S.
Continental Oil Co.
-Annual Report.
Rhoades.
-V. 116, p. 1181.
Calendar Years1922.
1921.
1920.
Earnings after expenses, depreciation.
California Petroleum Co.
-Annual Report.
& Federal
$1,394,478 $1,129,518 $2,487.025
It is stated that the annual report will show net profits of 83.655,593 Federal taxestaxes (estimated)
paid
y19,429
314,761
after.all expenses, taxes, interest and other charges.
-V. 116. p. 519.
Reserve for annuities
81,280
8,964
140,362
Cash dividends
(8%)800,000 (8)796.268 (9)647,764
Callahan Zinc-Lead Co.
-Annual Report.
Calendar Years1922.
1920.
1921.
Balance. surplus
$513,198
3304,858 $1,384.138
Net value ofshipments
x$149,129
$1,411,544 Previous surplus
4,316,490
4,011,631
8,627,493
Miscellaneous income
19,065
12.986 Capital surplus
10,118
x2,122,499
Stock dividend (20%)
6,000,000
Total income
$168,194
$10,118 $1,424,530
Expenditures
318,455
166,396
1,158.282
P. & L. surplus
$6,952,187 $44,316,489 $4,011,631
x Capital surplus based on revaluation reflecting appreciation and
Operating deficit
$150,261
$156,279 prof$266,248 depreciation of investments in other companies. y Federal taxes paid in
x Sis weeks' production, total output of lead and zinc concentrates, 4,284 1921. $599,429, less estimated Fed. taxes 1920, 3580,000.-V.
116, P.
tons.
-V. 116, p. 1055. 725.
620, 415.
Canadian Brill Co., Ltd.
-To Be Dissolved.
See J. G. Brill Co. under "Annual Reports" in V. 116, p. 1173.-V.
113, p. 1363.

Canadian Western Natural Gas Lt., Ht. & Pow. Co.
Earns. Years Ended Sept.30.
Sales of gas
Interest
Profit on exchange

1921-22. 1920-21. 1919-20.
1918,19.
$891.566 $653,371 $760,420 $829,843
13,530
9,307
13,452
9,713
20,382
25,522
45.350
33,688

Totalincome
Gas purchased
Exp.of maint. & business
App!. of incr. gas rate exp
Bad debts written off
Prof. of deb. interest
Deprec. & depletion
Miscellaneous

$930,540 8712.251 $803.821 $859,532
74,043
225,711
365.431
255,133
217.426
12,566
59,570
1,212
28
136,311
137,339
123,876
125,589
240,717
524,581
431,566
381,181
114.218
5.880
113,745

Loss
*Profit.
-V. 112, p. 2194.

$183,602 $163,802

$34,121 '1141,548

Car Lighting & Power Co.
-Decision.
-The U. S. Circuit Court of Appeals has dismissed the appeal of Fred
F. Schilling in the case against the company. The appeal was brought
in an endeavor to restrain the company from issuing and selling its Preferred stock, which was authorized by the stockholders in 1922.
The statement of the company as of Dec. 31 1922 shows a profit and
oss surplus of $72,426.
Elihu B. Frost and Gregory C. Davison have been elected directors to
succeed Arthur Levis and John P. Levis.
-V. 115, p. 1324

-Acquisition.
Conveyors Corp.of America Chicago, 111.
The company on Feb. 1 1923 acquired by purchase all the rights, titles
'
and patents pertaining to the "Green" steam Jet ash conveyor. This line
of conveyors has been manufactured by the Green Engineering Co.. East
Chicago, Ind.

Corn Products Refining Co.
-No Extra Dividend.

The directors have declared the regular quarterly dividend of
on
the Common stock, payable April 20 to holders of record April 3. On
Jan. 20 last an extra dividend of 3% was paid on the Common stock in
addition to a quarterly dividend of 13.6%. An extra of 34 of 1% has been
paid quarterly in addition to regular dividends of 1% each from Jan. 1920
to Oct. 1922, inclusive.
-V. 116, p. 928.

Crowell & Thurlow Steamship Co.-Obituarv.Capt. Peter Henry Crowell, a director of this company, and President of
Cape Cod Steamship Co., died at Wilbur-by-the-Sea, Fla., March 19.V. 116, p. 620.

Derby Oil & Refining Corp.
-New Financing.
A syndicate of New York banking houses, it is stated, has arranged for
the purchase and plans to offer shortly a new issue of Cumulative Preferred
stock. The corporation is being formed in New Jersey for the purpose of
acquiring the capital stock of the Derby Oil CO. of Kansas, owning oil lands
In Kansas with more than 70 producing wells, pipe lines, refinery, storage
facilities, wholesale and distributing stations and a fleet of tank cars.

Devoe & Raynolds Inc., N. Y. City (Paints, &c.).Preferred Stock Offered.-Hayden, Stone & Co., Bond &
Goodwin, Inc., and Redmond & Co. are offering at 98 and
div•f to yield 7.14%, $2,000,000 7% Cumul. 1st Pref.
Chalmers Knitting Co., Amsterdam, N. Y.
-Receiver.
David W. Chalmers, President, and John B. Johnston of New York (a. & d.) stock.

.have been appointed receivers.
-V. 109, p. 2359.sis

Chicago Ry. Equipment Co.-Divs. on New Stock.
-

The directors have declared quarterly dividends of 50 cents a share on the
new Common stock, par $25, and of 15i% on the new 7% Preferred stock,
both payable Mar. 31 to holders of record Mar. 20.
On Dec. 30 last, stockholders received 4 shares of new 7% Preferred stock
par $25, and 2 shares of new Common stock par $25, in exchange for each
share of $100 stock held. Quarterly distributions of 2% were paid on the
old capital stock, par $100, up to Dec. 30 1922, incl. (Compare V. 115.
p. 2585).-V. 116. p. 1182, 725.

Chino Copper Co.
-Obituary.
See Utah Copper Co. below.
-V. 116, p. 1055.

'Cities Service Co.
-Dividends.
The directors have declared the regular monthly cash dividends of 34 of
1% on its Preferred and Preference "B" stocks and h of 1% in cash scrip
and 134% in stock scrip on the Common stock, all payable May 1 to
holders of record April 15. Like amounts are also payable April 1.-V. 116
. 1182, 826.

Cleveland Brass & Copper Mills.
-War Contract Suits.
The Government has obtained a judgment of $514,558 against the company as a result of a war contract suit.
-V. 116, p. 826.

Cleveland-Cliffs Iron Co.
-Offering to Employees.
The company, it is reported has offered employees an opportunity to
subscribe for $1,400,000 6% bonds which have been set aside for this
-V. 116, p. 181.
purpose.

Clinchfield Coal Corporation.
-Annual Report.
The annual report for the year ended Dec. 31 1922 shows: Net earnings,
before fixed charges, $1,041,695: fixed charges, $124,384: leaving income of
$917,311. Of this amount $54,765 was paid into the sinking fund to retire
preferred stock: 389,816 paid as dividends on preferred stock: $545,535
paid as dividends on common stock: $137.597 set aside as reserve for 1922
income taxes, leaving a surplus for the year of $89,598.-V. 116, p. 1056.
826.

-New Officer.
Colorado Fuel & Iron Co.
F' Arthur Woods of New York has been elected a Vice-President, succeeding
-V. 116. p. 1172.
Raymond B. Fosdick.

-To Amend Charter.
Colt's Patent Fire Arms Mfg. Co.

The company has asked the Connecticut State Legislature for authority
to amend its charter so as to give it general manufacturing powers instead
of limiting it to the manufacture of arms and munitions. It also asks
permission to buy up 5% of its outstanding stock for resale to employees.
-V. 114, p. 2121.

-75% of Stock Deposited.
Columbia Gas & Electric Co.

The change in the capital structure of the company, as recommended
recently by the directors, it is stated, is now assured, as more than 75%
of the total outstanding stock has been deposited. The stockholders will
vote April 10 on changing the stock from 500.000 shares, par $100, to
-Compare V. 116. p. 826, 940.
1,500,000 shares, no par value.




-J. Red, all or part at 115 and div. on 30 days'
Dividends payable Q.
notice. Cumulative sinking fund at the rate of not less than $60,000 per
annum, payable semi-annually each year beginning with April 15 1924.
Transfer agent, Irving Bank-Columbia Trust Co., New York; registrar,
National Bank of Commerce, New York.
Data from Letter of Pres. E. H. Raynolds, New York, March 21.
Company.-BusIness,created by Wm.Post in 1754, has been continuously
operated for 168 years and enjoys the distinction of being one of the oldest
established enterprises in New York City. In 1917 business was reincorporated in New York under the above title. Company is one of the
largest manufacturers in its line in the country. Products comprise a full
line of interior, exterior and industrial paints, varnishes, brushes, insecti,
cides, artists' supplies and school paints. Goods are nationally advertised
under the name "Devoe.' Company has warehouses or branch stores in
20 of the principal cities of the country and selling agencies in about 4,000
other cities and towns throughout the United States. Also owns the
entire Capital stock of three sales subsidiaries. Company and its subsidiaries own in fee 4 factories. 3 warehouses and an office building.
Sales.
-Net sales in 1922 reached a volume of $10,077,924.
Capitalization Upon Completion of Present Financing (No Bonds).
7 Cumul. 1st Prof. stock (par $100) auth. and issued
$2,000,000
7% Cumul.2d Pref. stock (par $100) auth., $1,000,000, issued
935,500
Conunon stock (par $100) authorized and issued
4,000,000
Purpose.-Procoeds will be used for the purpose of paying off $359,583
mortgage debt and the reduction of floating debt incurred to meet the
demands of the expanding volume of business.
Balance Sheet Dec. 31 1922 (after present financing).
Liabilities
AssetsCash
1384.859 7% Cumul. 1st Prof. stock$2.000,000
Notes receivable
124,221 7% Ciunul, 2d Pref. stock 935,500
Accts. receiv., less reserve 1,932,696 Common stock
4,000,000
Inventories
2,971,291 Notes payable (banks)_-_
267,334
48,241 Accounts payable
Prepaid ins., taxes, &e_ -297,120
2,500 Accrued charges
Investments
60,256
Real est., bldgs., &c
2,546,563 Res. for 1922 Fed. tax-- _
100,714
Good-will
366.755 Other reserves
65,551
Deferred charges
353,530 Surplus
1,004,181
Total (each side)
18,730.654
Net Profits, after Depreciation & Federal Taxes, but Before Interest Charges
Eliminated by Presen Financing Calendar Years.
$404.03611918
1915
2176,176
$368,5921921
381,792 1919
1916
818,127
51953)1922
,
146721 1920
1917
5416
-V. 105. P. 2001.

Diamond Match Co.
-Annual Report.
-

Calendar Years
1922.
1919.
1921.
1920.
Net profits, all sources_ _ $4,732,787 $4,603,498 $4,026,603 $3.356 399
.
882,883
Deprec., repairs, res., Szc 2,733,310
2,672,089
1,429.302
500,000
Federal taxes
300,000
450,000
260,000
1,357,208
Dividends (8%)
1,357,208
1,357,208
1,357,208
$816,308
Surplus
$790,093
$342,269
$314,201
Profit and loss surplus- _ $3.712,350 $3,370,081 $3,055,881 $2,265,787
-V. 115, p. 1946.

1281

T-FrE CHRONICLE

MAR. 24 1923.]

factory'

automobile
erect a
company
-Brown Brothers & atThePaul on a proposes to tract p power lant and an (compare V. 112.
-Notes Offered.
last January
Eastern Steel Co.
16734-acre
St.
Co. are offering at 100 and int., $1,000,000 6% Gold notes p. 183).-V. 116. p. 1057.
dated April 2 1923; due Feb. 1 1924.
-Balance Sheet March 31.Foster & Kleiser Co.
-Company holds an important position in the steel industry
Business.
of the East and produces structural shapes, beams, angles and channels
used in the construction of buildings and bridges. It also has a large
output of all grades of pig iron, a part of which is used in its steel works
and the remaining large tonnage is sold in the open market.
-Annual net earnings after deducting all operating expenses,
Earnings.
depreciation and interest on all mortgagct and floating debt, but before
deducting Federal taxes, during the 10 years ended Dec. 31 1922. averaged
$715,510. This is equivalent to nearly 12 times the annual interest
and.
iy .
l un Thitla in t e ee
no
thegbi otesfavora everair Includes the years
c w
requirements
.
1172comid
a
were
1922
-V,106, p. 301.
pany.like many others, suffered losses during these years.

AssetsCash, acc'ts rec., inventories and investmentsUnexpired contracts
Fixed assets
Deferred expenses
Franchises & leaseholds_ _
Common stock discount_ _
Total
-V. 110, p. 767.

--Trustee.
Eastman Marble Co.

The Guaranty Trust Co. of New York has been appointed trustee of an
Issue of $525,000 1st Mtge. 7% serial gold bonds dated Nov. 1 1922. See
offering in V. 115, p. 2483.

-Initial Dividend-Bonds, &c.
Electric Auto-Lite Co.

An initial dividend of $1 per snare has been declared on the outstanding
202.500 shares of capital stock, no par value, payable April 2 to holders of
record March 20.
We have been informed that of the $3,000,000 1st Mtge. 10-Year 736%
sinking fund gold bonds offered in June of last year (V. 115, p. 79). $1,002.000 have been retired up to Dec. 311922. leaving outstanding Jan. 1 1923
$1,998,000 of said bonds.
Earnings for the year 1922 (one month estimated), it is stated, were
-V. 115, p. 2385.
at the rate of $13 a share on tne stock.

Electric Light & Power Co. of Abington & Rockland,
Mass.
-Stock Application.

The company has applied to the Massachusetts Department of Publi.
Utilities for authority to issue $113.400 additional capital stock, pro rata,
to present shareholders at $120 roer share. The proceeds, it is stated, will be
applied towards the payment of the coupon notes, due July 1,and to pay for
cost of additions and improvements. The stockholders on March 13 increased the stock from $340,200 to $453,600, par $100.-V. 116, p. 1057.

-Tenders.
Electrical Development Co.

The National Trust Co., Ltd.. trustee. Toronto. Can., will, until Apri110,
-year gold bonds, dated
receive bids for the sale to it of First Mtge. 5% 30
March 1 1903, to an amount sufficient to exhaust $94,430.-V. 111, p.2428.

-Bankers
-Bonds Offered.
Electrical Securities Corp.
Trust Co., Jackson & Curtis, and Parkinson & Burr are
offering at 94 and int., $1,000,000 Collateral Trust Sinking
Fund Gold 5% bonds, 16th series.
.
Dated Feb. 1 1923. Due Feb. 1 1953. Denom. $1,000c5 Interest
payable F. & A. without deduction for normal Federal income tax up to
Co., New York, trustee. Red. all or part at 103
2% at Guaranty Trust
and int. on any int. date on 21 days' notice. Sinking fund provides for
the retirement of $950,000 bonds out of the total issue of $1,000,000 before
maturity by lot at 103 and int. unless purchase is made at or below this price.
Data from Letter of Pres. C. N. Mason, New York, March 13.
-Incorporated in 1904. Is a subsidiary of the General Electric
Company.
co., evening, among other public utility securities, the mortgage bonds
of various electric light, power and railway companies.
-From time to time, the corporation has issued series of
Capitalization.
Collateral Trust Sinking Fund bonds, collaterally secured by pledge of
public utility bonds. Including this issue. 16 series have been issued to
date with an aggregate par value of $11,500,000. Of these, three series,
aggregating 163,000,000, have been retired by funds received from the
sale of underlying collateral, and of the remaining, twelve series issued
to an amount of $7,500,000 par value have, through the sale of underlying
bonds and the operation of the sinking fund, been reduced to a present
outstanding amount of $44,598.000.
Corporation has outstanding $1,000.000 5% Cumul. Pref. stock on which
full dividends have been paid annually since May 1905, and $2.500,000
Common stock, all owned by General Electric Co., on which dividends
of 8% annually have been paid since January 1909.
Security.
-As security for the $1,000,000 16th series bonds, there will
be pledged with Guaranty Trust Co. of New York, trustee, $1.275,000
securities of companies whose operations have been conducted successfully.
Earnings have been sufficient In each instance to cover total interest requirements with a substantial margin.
-Years ended Dec. 31.
Earnings
Bal.for
Int. on
Expense et Avail.
Gross
for Int. Bonds, A.c. Divs.
Tax.
Earnings.
Year
$82,292 $929,616 $213,068 $716,548
1917
$1.011.908
210,785 300.120
510.905
623,506 112,601
1918
325,355
208.553
533.908
97,343
1919
631,251
313,180
206,370
519.550
1920
619,721 100,171
479,951
205.098
685.049
77,652
1921
762,701
465,943
224,903
690,846
1922
803,027 112.181
Balance Sheet as of Dee. 31 1922 (Before New Financing).
I Liabilities
AssetsInvestments(at market). $7,557,997 5% Cum. pref. stock_ -- $1,000,000
2,500,000
140,389 Common stock
Treasury bonds
4.598,000
Cash
582,630 Collateral Trust58
2,324
Accounts payable
11.8, ctfs. (par value)_....
500,000
91.617
Accrued interest rec- 96,106 Accrued interest pay_ __Accountsreceivable97,290
10.684 Reserve for taxes
1,727,244
Com'l installm't centre
1.128.668 Surplus
Total
-V. 116, p. 726.

$10.016.474

Total

$8,154,361

Liabilities
Acc'ts & notes pay., accels
Res. for unaccr. liabils_ _ _
Common stock subscrips_
Common stock
Preferred stock
Surplus
Surplus deferred
Total

3269.956
20,700
3.623
3,136.00
1,500,000
1.094,043
2,130.039

$8,154.361

-Balance Sheet Dec. 31 1922.Gaston & Co., Inc.
Liabilities
Assets
$169,223
$10,580 Capital stock y
Cash
46,378
6,005 Accounts payable
Accounts receivable
9,354
assets
6,937 Demand loan
Other current
284
Gaston, Ltd., accounts_ ___ 83,359 Int. accr. on loans & accts
208.085
Capital Stk. of Gaston, Ltd_ 200.559 Reserves z
47,932
8 Surplus
Stock of other affil. cos.._ __
169,541
Liquidation account x
$481.256
Total (each side)
4,265
Deferred charges
x Assets, the value of which has been definitely determined (realized
In cash prior to March 1 1923). y Capital stock subscribed: Management
sto ck, 10.000 shares, no par value, $50,000; ordinary stock. 25.000 shares.
no par value, $125,000; total, $125,000, less due subscribers, $5,777.
Issued and outstanding, $167,965; not issued, $1,258; total, $169,223.
z Reserve for liquidation of Gaston, Williams & Wigmore, Ltd., London,
$31.736; res. agt. investment in Gaston. Ltd., liability under purchase
agreement and other contingencies, $176,349.
The stockholders on March 14 adopted a resolution authorizing the
directors to utilize all or any part of the surplus funds of the company inpurchasing the outstanding ordinary shares at $5 50 per share, and to
resell the same from time to time under certain conditions. The adoptionof the resolution, it is stated, will offer a limited market for the ordinary
shares to those of the stockholders who can not or do not care to retain
-V. 113, p. 2620.
their stock under existing conditions.

-New Construction, &c.General Electric Co.

The company has announced that it will erect in Detroit a five-story
be
concrete building costing approximately $250,000. which will theused for
Detroit
warehouse purposes, service shop, garage and will also house
local office of the company. Construction of this new building will be
started about April 15 and, it is expected, the structure will be completed'
about Sept. 1 1923. This is the second building of this type to be erected
in Atlanta,
by the company. The first is now nearing completion company, it Ga.
is anTo care for the increased transformer business of the
of the comnounced that arrangements have been made for the Erie works built at the
pany to manufacture transformers of the same type as those be started
Pittsfield, Mass., works. It is expected that production will
some time next month. Erie-built transformers will be manufactured
will
along the engineering lines directed from the Pittsfield works. Theyvoltaverage in sizes from 1,000 k. w. to 5,000 k.w. in capacity and for
-V. 116, p. 828.
ages as high as 66,000 volts.

General Gas & Electric Corp.-Pref. Stock Offered.ehon.& Co., New York,&c. are offering at 100 per share
and div. 10,000 shares Cum. Pref. (a. & d.) stock, Class
"A" (no par value); non-callable. (See adv. pages.)

-J. Class "A" shares preferred
Annual dividends $8 per share payable Q.
with Class"B" Prof. stock over all junior stocks in liquidation or dissolution
to the amount of $100 per share and such further amounts as are provided
a
by terms of certificate of organization. Class "A" shares carry also of
participating privilege in that after tae payment in any calendar year
stocks and at the rate of 36 per share
all dividends provided for the Prof.
on the Common stock any additional amounts declared in that year as dividends shall be divided pro rata among the stocks of each class then outstanding.
Data from Letter of Pres. W. S. Barstow, New York, March 12
Company.-Incorp. in 1922 in Maine for the purpose of acquiring the
assets heretofore the property of General Gas & Electric Co. Tnrough the
ownership of practically the entire Common stocks the corporation controls.
20 companies serving important comrnunities in the Eastern section of the
United States with electric light and power. gas and(or) interurban and
street railway service. Properties controlled, direct or through subsidiaries, are mainly electric light and power and are located in Pennsylvania.
New Jersey. New York, Ohio, Vermont, New Hampshire and West Virginia. Sections served have a population of 1,000,000.
The combined physical properties of the subsidiary companies include
20 electric generating plants with an installed capacity of 139.865 k.w..
with 40,000 k.w, additional capacity in process of installation; 835 miles of"
high-tension transmission lines; 52 substations with 1,914 miles of distribution lines; 4 gas properties having sales of 840,000,000 cu. ft. of gas in
1922. Electric railway properties include 280 miles of track.
Outstanding.
Authorized.
Capitalization (After This Financing)55,852.550;
Funded debt outstanding
27,7983i shs.
Cum.Pref.stock, Class A (diva,$8 p.sh.an.)130,000 shs.
12.500• shs.
70,000 shs.
Cusp. Pref. stock. Class B
40,259 abs.
100,000 abs.
Convertible Pref. stock
45.274 shs.
150,000 abs.
Common stock
Earnings Calendar Years (Incl. Income of Subsidiary & Affiliated Co's).
1922.
1921.
1920.
Operating revenue
$11,364,566 $11,456,294 $13,099,359
$6,770,877 $6,081,803 $6,788,446
Operating expenses and taxes
2.377.387
1,904,957
$10,016.474 Maintenance and depreciation
1.807.616
399.354
401,083
401,929
Rentals

-Dividends.Falcon Steel Co. Niles, 0.

Tne company has declared a quarterly dividend of 1% on the Common
and the regular quarterly of% on the "B" Pref. stock, both payable
April 2 to laolders of record March 20. A dividend of the same amount
-V. 113, P. 188.
was paid on the Common stock in January last.
-Directors, &c.
Federal Adding Machines, Inc.

The following officers and directors were elected March 10 1923: Christian
F. Long (President), Arlington Hall (Vice-Pres.), John L. Leithead (Sec.
-V. 116, p. 416.
& Treas.), A. Alexander, Wm,J. Hoffmann.

-Notes Called.
-Rights
Fisher Body Corporation.

The corporation announces that holders of Common steick may subscribe
to the additional issue of 100,000 shares of new Common stock of no par
value on or before May 1 1923 at the rate of 1-5 of one share of new stock
for each share of Common stock of record on the books March 29 next, at
$75 a share. Subscriptions are payable at the option of the subscriber
either in full on or before May 1 next, or in five equal installments of $15
each payable on or before May 1, June 15. Aug. 1, Sept. 15 and Nov. 1
next, respectively. (See also V. 116, p. 1057. 416.)
All of the outstanding 6% Serial Gold notes, Series "D" and "E,"
dated Aug. 1 1919, have been called for redemption Aug. 1 at 101 and
Interest and 10134 and interest, respectively, at the Bankers Trust Co..
-V. 116. p. 1057.
trustee, 16 Wall St., N. Y. City.

Ford Motor Co., Detroit.
-Production, &c.

$817,917
2,130,039
1,629,833
194.120
3,240.452
142,000

Operating income
Other income

$2,384.143 $3.068.450 $3,534,171
160,358
163.411
185,249

42,569,392 $3,231.861 $3,694,529
Total income
Deductions from income of sub. co's,
and diviincl. int. on funded debt
2,483.641
2,020,144
dends on stocks held by public- _ - _ 1,830,546
3738,846 $1,211,717 $1,210,887
Balance
Consolidated net earnings after payment of hit. & divs, on sub.
co's securities not held by Gen. G.&E. Corp. for year 1922_ _ $1,210,883
General G. & E. Corp.: Exp. & taxes, $36,201; annual interest
395,883
on funded debt now outstanding. $359,682
$815,004
Balance
222.386.
Ann. div.on 27.79834 shares Cum.Prof.stock, Class A,requires
Earnings of York Haven Water & Power Co. (in which company Metropolitan Edison Co. acquired a controlling interest in Nov. 1922) are included in the above statement only for 1922.
Purpose.
-Proceeds from sale of stock now offered are to be used for a
portion of the cost of the construction of two modern steam-generating
plants, one to be located on the Delaware River near Easton, Pa., and the
other on the Susquehanna River at Middletown, Pa., and for other corporate purposes.
-V. 116. p. 828.

General Refractories Co.
-75 Cents Dividend.

A quarterly dividend of 75 cents per share has been declared on the
Final figures for February show that the company in that month produced 130,577 cars and trucks in American plants. Total production for capital stock, no par value, payable April 14 to holders of record March 21.
1922. -V. 116, p. 417.
the first 2 months of 1923 amounted to 250,090, against 99.722 in
Foreign production in February totaled 7,753. against 8.368 in January
Globe Rubber Tire Mfg. Co.
-Note Issue.
1923. Total tractors built in February was 7.908. against 7,904 for January.
The Coal & Iron National Bank of N. Y., has been appointed trustee
The company on March 2 received a preliminary permit from the Federal
-year 6% notes.
Power Commission to develop power at the high dam erected across the under the mortgage securing $600,000 3
Mississippi River between St. Paul and Minneapolis by the Government as
-Tenders.
Great Western Power Co.
an aid to navigation.
The Bankers Trust Co.. trustee, 10 Wall St., N. Y. City, will until
Under terms of the grant the company has four months in which to
April 6, receive bids for the sale to it of 1st & Ref. Mtge. Sinking Fund
complete and file with the Commission its plans for the project, which
Gold bonds, Series"A,""B" and "C." to an amount sufficient to exhaust
were shown not yet fully developed, and also its plan for disposal of surplus $,83,036 at not
exceeding the following prices and accrued intermit: Series
power. The company will be required to pay a reasonable price to the
Government, which charge will be fixed in agreement with the Commission. "A," 103; Series "B,' 110, and Series C, 106.-V. 115. p. 1638.




1282

THE CHRONICLE

[VOL. 116.

Greelock Co.
Data from Letter of Pres. R. M. Hollingshead, Camden, N. J., Mar. 12.
-Notes Called.
All of the outstanding 5
-Year 7% Coll. Trust Cony. notes, dated Jan.
Company.
-Business was started in 1890 and company incorp. Dec.
1 1920, have been called for redemption July 1 at 101 and interest at the 1897 in New Jersey. Business comprises manufacture and distribution 31
of
offices of Lee, Higginson & Co., either in Boston, Mass., N. Y. City, or in over 98 different chemirai products, chiefly for
automoolle and household
Chicago, Ill.
uses, such as soaps, body polishes, greases, radiator stop-leaks, enamels,
Prior to the redemption date (July 1 1923) holders of said notes may metal polishes, leather dressings, &c.
obtain payment of the principal thereof, 1% premium, and accrued interest
To supply the jobbing trade, company controls through stock ownership
to date of delivery.
-V. 116, p. 942. 829.
the Frank Miller Co. of Brooklyn, established in 1838. This company
manufactures a similar line of products, but sells only to ipboers.
Gustafson-Spencer Tank Car Corp.
-Retirement.
-Capitalization After This FinancivAuthorized. Outstand'g.
Certain Equipment Trust Gold certificates, dated April 1 1921. aggre- First Mortgage 7% bonds (this
issue)
3750,000
31,000,000
gating 3135,000, have been called for redemption April 1 at the Union Pref. stock 8% non-cumul.(par
148,200
$100)
Trust Co.. trustee, Chicago,
112. D. 2088.
Common stocs (Class A), par $50
779,700
1,000.000
Common stock (Class 13), par $50
779,700
2,000,000
Hamilton-Brown Shoe Co., St. Louis.
-1% Dividend.
- Founders' stock, no par value
1,000 shs. 1,000 shs
A cash dividend of 1% has been declared on the stock, payable April 2
Income Statement Calendar Years.
to holders of record Mar. 24. A like amount was also paid Feb. 1 and
Sales.
Mar. 1 1923. (See also V. 115. p. 2911, 2691.)-v. 116, p. 302, 942.
aProfits.
Sales.
aProfits.
1916
3833,850
3179,650 1920
$2,644,381
3193.734
1917
Hamilton (Ont.) By-Product Coke Ovens, Ltd.
1,404,036
191.581 1921
2,553,630
156,616
- 1918
2 535.376
965,312 1922
3,567.230
435.211
Guaranteed Bonds Offered.
-Central Trust Co. of Ill., Powell, 1919
2,291,286
284.0331
X Before interest and Federal taxes.
Garard & Co. and A. C. Allyn & Co., Chicago, are offering
Without considering the effect of the new financing, the sales
at 100 and int. $1,690,000 1st Mtge. 7% 20
-Year Sinking 1923 is estimated at 35.000,000 and the net profits $600,000. quota for
Fund Gold bonds, unconditionally guaranteed, principal
Purpose.
-Proceeds will be used for additional working capital to expand
the business. It is proposed to construct an additional warehouse from the
and interest, by United Gas & Fuel Co. of Hamilton, Ltd.
earnings of 1923, which additions will be subject to the lien of the mortgage
Dated Feb. 11923. Due Feb. 1 1943. Int. payable F.& A. in Chicago, securing this issue of bonds.
New York, Toronto and Montreal in U. S. gold coin without deduction for
normal Federal income tax not In excess of 2%. Red. on any int. date at
Holly Sugar Co.
-Holly Oil Initial Dividend.
100 and int., plus following premiums: Up to and incl. Feb. 1 1928. 5%;
An initial dividend of $1 per share has been declared on the
thereafter to Feb. 1 1931. 4%; thereafter to Feb. 1 1934, 3%; thereafter capital stock, no par value, of the Holly 011 Co., payable outstanding
June 10.-to Aug. 1 1937. 2%; and thereafter to Aug. 1 1942. 1%. Denom. $100. V. 116, P. 0
43.
$500 and $1,000 c*. Central Trust Co. of Illinois. Chicago, and H. J.
Daly, Toronto, trustees.
Holt, Renfrew & Co., Ltd.
-To Discontinue Dividends.- It is announced that owing to the depression in the fur trade, the regular
Data from Letter of President P. V. Byrnes, March 15.
Company.
-Organized by the controlling interests of the United Gas & quarterly Preferred dividend will be discontinued until further notice.
Fuel Co. of Hamilton. Ltd., to construct a by-products gas and coke oven Dividends on the 7% Curnul. Preferred stock have been paid quarterly
plant in order to assure an adequate gas supply for the City of Hamilton. since July 1 1919. No dividends have been paid on the Common stock.
Company owns a valuable 35
-acre site adjacent to the plant of the gas com- -V. 115, p. 874.
pany,
.forheconstru:tlonofamodern the
which
with
Huntington Development & Gas Co.
-Earnings.
Sen g gas
yprodusSol and
ovenl
Ig Co.ofa=gl
Calendar Years1922.
with an original installation of 25 ovens of a maximum daily rapacity of
1921.
5,159.298.000 4,665,997,000
6.564,000 Cu. ft. of gas and an approximate annual output of 9,3440 tons Sales of gas (cubic feet)
17.07c.
17.03c.
of coke. The plant, with working capital of $250,000. will represent an Average price per cubic foot
1922.
investment of over $2,100,000.
1921. 1
1922.
1921.
Contracts.
-Company has entered into a 20
Cr.5,656
-year contract with the United Gas revenue__ 3881.348 3796.766 Misc. adjustla
Gas & Fuel Co. for the sale of its entire output of gas. This contract has Oil, &c., rev__
313,445
268.824 Previous sum_
52.763
92,185
been assigned to the trustee as additional security for the bond issue.
Total
$1,194,793 31.065,590 Total sure_ _ $195,104 $214,141
Company has further entered into contracts with responsible concerns for
624,115
the entire output of coke, tar and ammonia sulphate; the coke and tar Op.exp.& tax_
740,388 Preferred dIvs. 390,000
$90,000
196,110 Depr.ofequip.
contracts extending over a 10
218,347
73,202
-year period, and the ammonia sulphate con- Int. on bonds_
71,378
Other interest_
9,990
tract over a 5
12.792
-year period.
Net income_ $142.340 5116.299 Balance. sur $31,002
Guaraniy.-The United Gas & Fuel Co. of Hamilton, Ltd., operates
$52,763
under a franchise unlimited as to duration and conducts the entire gas busi- -V. 110, p. 470.
ness of the City of Hamilton (population 130,000). Hamilton has the right
Hutchinson Lumber Co. of California.
-Bonds Offered.
to purchase the properties upon the basis of an appraisal made in 1919.
plus additions and improvements. Upon this basis, the present purchase -Blyth, Witter & Co., San Francisco and New York;
price, exclusive of current assets, is substantially $4,000,000. It Is provided that, in the event of purchase by the city, the proceeds after pro- Detroit Co., Chicago and Detroit, and Bank of Italy,
vision for retirement of the funded debt of the guarantor, shall imme- San Francisco, are offering at 973-f and int., to yield 63 %,
4
diately become available for the redemption of bonds of the present issue.
At the present time there would be available in the anew event substan- $2,000,000 1st Mtge. 63% Sinking Fund gold bonds.
tially 32.100,000. or considerably in excess of the principal of the present Dated April 1 1923; due April 11938.
bond issue.
Earnings.
-In no year during the past 10 years have the surplus earnings
Illinois Electric Power Co., Peoria, III.
-Guaranteed
of the guarantor, after all charges, been less than the intorest require- Bonds Offered.-Federal
Securities Corp., Chilago; Ames,
ment upon the present bond issue. For the year ended Jan. 31 1923, surplus earnings of the Gas company were nearly twice the annual interest Emerich & Co. and Hodenpyl, Hardy & Co., Inc. New
requirements upon the present bond Issue. Annual net earnings of the York, are offering at 97
and mt., to yield 63,4%, $3,500,000
Hamilton company, after operating expenses, maintenance and taxes,
are estimated at approximately 4 times interest requirements upon the bond 1st Mtge. S. F. Gold bonds, Series "A' 6%,due 1943. GuarIssue.
anteed by Commonwealth Power Corp. (see adv. pages).
Sinking Fund.
-An annual sinking fund equivalent to 6% of the princiDated April 11923. Due April 11943. Red., all or part. upon any int.
pal amount of bonds at any time authenticated by the trustees begins Dec. 1 date upon
60 days' notice at 105 and int, up to and incl. Aprfl 1 1928. at
1928.
103 and int. up
Purpose.
-To provide 80% of the cost. Including working capital, of the April 1 1938, and to and incl. April 11933, at 102 and int. up to and incl.
thereafter at 101 and int., but prior to maturity. Int.
new by-products gas and coke oven plant now under construction (as above
payaale A.& 0.at Bankers Trust Co.. trustee, New York,or First National
stated).
Bank. Chicago, without deduction for any normal Federal income tax not
Company is owned by the principal stockholders of United Gas & Fuel .n excess of
2%. Penna. and Conn. 4 mills tax refunded. Denorn.
Co. of Hamilton, Ltd.
31,000, 3500 and $100c*.
CapitalizationAuthorized.
Issued.
Data from Letter of President B. C. Cobb, Peoria, III., March 1$.
First Mortgage 7% 20
-Year bonds
33,500,000 $1,690,000
Common stock
Company.-Incorp.
Maio's. Will engage in the manufacture, trans1.000.000
1,000,000
mission and sale or electricity. Contracts have been entered into with
Hammermill Paper Co.
-Bonds Called.
Central Illinois Light Co. and Illinois Power Co. to furnish them with a
Fifty ($50,000) 2d Mtge. bonds, dated May 1 1913, have been called substantial portion of their power requirements, and it is planned that
for redemption May 1 at the Erie Trust Co., trustee, Erie, Pa.
-V. 116, similar arrangeinents will be made with other large consumers and disp. 183.
tributors. The companies named serve the rich agricultural anti manufacturing sections of central Illinois, supplying electric energy to 46 cities
Hammonton & Egg Harbor City Gas Co.
and towns having an estimated population in excess of 215,000.
The plant of this company, which went into receivership in September
Company has acquired property rights and will immediately begin the
last, has been sold to a syndicate which operates the Atlantic City Electric construction ofa super-electric generatingstation to be located on the Illinois
Co. It is stated that, under the management of Joseph Thompson, River opposite Peoria. The initial capacity of Lila station will be 53,300
receiver, the assets of the company turned into cash amounted to $256,218 h.p. Company will also construct more than 65 miles of high-tension
and disbursements to creditors to $125.131. leaving a balance for the transmission lines connecting the distributing systems of Central Illinois
stockholders of about $125,000 after expenses have been paid. The Light Co. at Peoria and Illinois Power Co. at Springfield, forming physical
outstanding stock amounts to 1,400 shares (par $50), so that each share- Interconnection of these three properties. With the added capacity of the
holder will receive about $90 a share -V. 115, p. 1539.
new station the combined companies will have a generating capacity in
their central stations equal to over 102.000 h.p.
Hawaiian Commercial & Sugar Co.
-Proceeds will be used in the construction of the 53,300 h.p.
-Div. Increased.
- Purpose.
A monthly dividend of 25 cents per share has been declared payable station and necessary equipment, transmission lines, &c.
April 5 to holders of record March 25. This compares with monthly
Capitalization After Completion of This Financing,
dividends of 15 cents per share paid since January last.
-V. 115. p. 2800. 1st Mtge. Sinking Fund Gold bonds, Series "A," 68, 1943
$3,500,000
7% Preferred stock (par $100)
800,000
Hayes Wheel Co., Jackson, Mich.
-Sales.
Common stock, no par value (all owned by Commonw.Pr.Corp.)25,000 shs
Gross sales in January were approximately $1.350,000. against $500,178
Guaranly.-Conunonwealth Power Corp. will unconditionally
guarantee
a year ago; and in February 31.430,000. against $734,000. Total gross by endorsement on each bond the payment of principal, interest and
last year was 313.483.916.-Y. 116. p. 829, 727.
fund requirements. The Commonwealth Power Co. also owns sinking
all
Common stock of Central Illinois Light Co. and Illinois Power Co. the
Harbison-Walker Refractories Co.
-Annual Report.
-The terms of the contracts with Central Illinois Light Co
Earnings.
1922.
1921.1920.
and with Illinois Power Co. will provide for payments to Illinois Electric
1910.
Net earns., after all taxes 53.037.333 32,117,300 $3,719.786 $3,981.122 Power Co. of an annual minimum amount available for bond
Interest equal
Deprec.,deple'n. &c_. _ _
557,794
365,865
849.791
866,645 to twice all annual interest c.iarges on these bonds or in an amount of not
Pref. dividends (6%)... _
167,832
196,494
495.538
576,000 lees than 3420.000. from which will be paid the annual interest charges
Common dividends__(6%)1,508,136 (6)1.494,411(6)1,242,1J50(12)2160,000 on these bonds amounting to 3210,000. For the year ended
Dec.
1922
the contracting companies showed the following total statements:31Gross
Balance, surplus
$803,571
$60,539 $1,132,409
3378,477 earnings of $5.235.767; operating expenses and taxes,
Previous surplus
54,943,457 34,882.918 312,750,509 312,372,032 coarges. $751,251. leaving a balance of $1,038,237. $3,446,278: interest
Total, surplus
35,747,028 $4,943,457 313,882.018 312.750,509
-Mortgage provides for semi-annual cash sinking
Sinking Fund.
Gammon div. (50%)payments to the trustee commencing April 1 1925 equivalent to 2% perfund
9,000,000
ann.
oasis on Lie amount of bonds outstanding at respective dates of payment.
Management -Under supervision of Hodenpyl, Hardy &
Profit It loss surplus- - 35.747,028 $4,943,457 $4,882,918 $12,750,509
Co., Inc.
-V. 115. p. 175.
-Preferred Stock Reduced.
Hart Schaffner & Marx.
-

The company has filed a certificate showing a decrease in its Preferred
stock from 33,160,700 to 31,554,400.-V. 116. p. 417. 408.

(R. M.) Hollingshead Co., Camden, N. J.
-Bonds Of-John Nickerson & Co., New York, are offering at
fered.
-Year 7% Sinking Fund
par and int. $750,000 1st Mtge. 15
Gold bonds.
Dated Feb. 11923. Due Feb. 11938. Int. payable F. & A. at Bank of
America, New York, without deduction for the normal Federal income tax
UP to 2%. Red. all or part on any int. date upon 30 days' notice at 105
and int, to and incl. Feb. 11028; at 103 and int. to and incl. Feb. 11933;
at 102 and hat, to and incl. Feb. 1 1937, and at 100 and int. thereafter.
Denom. $1,000 and $500 c*. Bank of America, New York, and Howard
B. Smith, trustees. Penn. and Conn. 4-mills tax and Mass, tax not ox6% per ann. refunded. A sinking fund becomes operative May
1 1925.




Illinois Pipe Line Co.
-Balance Sheet Dec. 31.-

1922.
1921.
1922.
1921.
Assets
pipe line property_21,049,256 21,907,081 Capital stock
20,000,000 20. 00.
0 000
Other Investments 442,000
450,000 Fed,tax liability
886.49111
Cash & accts. rec. 3,399,293 2,063 989 Accounts payable. 983.715
122.476
294,386
Mat'is & supplies_ 713,817
905,915 Surplus
4,326,265 4,318.010
Total
25,604,366 25,326,985 Total
25,604,366 25,326,985
-V. 116, p. 417.
Indiahoma Refining:Co.-Earnings.-

The company reports for the year ended Dec. 31 1922. net income after
all charges. including depreciation and depletion, of $214.847, compared
with a deficit of $1,104.027 In 1921.-V. 115, p. 2053.

Indianapolis Water Co.
-Bonds Offered.
-Drexel & Co.,
Phila., and Brown Brothers & Co., New York, are offering
at 96 and int., to yield about 5.80%, $4,500,000 1st Lien &

MAR. 24 1923.]

THE CHRONICLE

Ref. Mtge. gold bonds 53'% Series of 1923. Dated Mar. 1
1923. Due Mar. 1 1953, but red. as a whole or in part on any
int, date on not less than 4 weeks' notice at 105 and int.,
to and incl. Mar. 1 1933; thereafter at 102M and int., to
and incl. Mar. 1 1943; thereafter at 101 and int, prior to
maturity. See also advertising pages and compare last
week's "Chronicle" p. 1184.
[The company, in its petition to the Indiana P. S. Commission for
authority to issue $4,500,000 1st Lien & Ref. 534s, sets forth that the
bonds are to be sold at 9134 and the proceeds used as follows: (1) Call of
$2.339.000 Gen. Mtge. 5% bonds at par, 82.339,000:(2) Call of 81,017,000
7% Preferred stock at 103. 11,047.510; (3) to reimburse company for
moneys expended for additions and betterments from Jan. 1 1922 to
Jan. 31 1923, 8310,619: balance for additions and betterments to be made,
8420,371J-1r. 116. p. 1184.

International Cement Corp.
-Conversion of Notes.
The corporation on March 21 announced that all of its 5
-year 8% Convertible notes have been converted into Common stock. The original issue
of notes amounted to $1.500.000.-V. 116, p. 829.

Kalamazoo (Mich.) Vegetable Parchment Co.
-Bonds
Offered.
-Union Trust Co., Chicago, and A. B. Leach &
Co., Inc., New York, are offering at 98M and int., to yield
about 6.15%, $1,750,000 1st Mtge. 15-Year 6% Sinking
Fund Gold bonds, Series A.
Dated March 11923. Due March 11938. Int. payable M. & S. without deduction for normal Federal income tax up to 27 at Union Trust Co..
Chicago. Callable, all or part, on any hit, date on 60 days' notice at 105
during 1923 to 1928 Incl., at 103 from 1929 to 1933 incl., and thereafter at
101. Denom. 81,000 and 8500c5 Union Trust Co., Chicago, trustee:
.
Rufus F. Chapin. Chicago. co-trustee.
Issuance -Authorized by the Michigan Securities Commission.
Data from Letter of Pres. Jacob Kindleberger, Kalamazoo. March 1.
Compang.-Incorp. in Mich. in 1909. Now occupies a mill site of approximately 130 acres in Kalamazoo County, Mich., and is one of the
largest producers of parchment. waxed paper. bond and ledger paper and
household specialties in U. S. Products are distributed throughout world.
Purpose.
-To finance the completion of a new mill unit and power plant
and provide additional working capital.
Sinking Fund.
-Mortgage provides for the following sinking fund beginning Sept. 1 1923 to be used In purchase of bonds in the open market or to
call bonds by lot at the retirement premium: 825.000 each six months
beginning Sept. 1 1923 until March 1 1928 incl $50.000 each 6 months
from Sept. 1 1928 until Sept. 1 1937 incl.; the balance, if any. payable
March 1 1938.
Earnings.
-Average annual net earnings of the present plant alone available for interest, alter both State and Federal taxes, depreciation, &c., for
the 5 years ended Dec. 31 1922 were more than $244.000. or over 2t times
the greatest annual interest requirements of the bonds now being issued.
The present earning rate will, it is estimated, be doubled by the greatly increased production and economies resulting from the new mill unit.
Balance Sheet Dec. 31 1922 (After Present Financing).
AssetsLiabilities
Cash
$163,302 Accounts payable
$113.806
United States securities._
62.801 Accr. empl. liabil. insur
1,111
Notes & accounts reedy._
470.111 Reserve for Federal taxes..
38.000
Inventories
616,928 list mortgage 6s
1,750,000
Land contracts, &c., not
Reserve for contingencies..
6,936
used, &c
400,355 Capital stock
3,000,000
Land, buildings. &c
4,167,333 Surplus
1,109,577
Deferred charges
Total
138,597
86,019.431

Kaufmann Department Stores, Inc.
-New Officer.
-

Edgar J. Kaufmann has been elected a Vice-President.
--V. 115. p. 2588.

Kelly-Springfield Tire Co.
-New President.
-

Thomas C. Marshall, Vice-President in charge of manufacturing, has
been elected President, succeeding Alfred B. Jones.
-w:116, P. 1185.

Kelsey Wheel Co.
-Earnings.
-

Earnings, cat. Years- 1922.
1921.
1920.
1919.
Sales less returns, &c--$16,938,924 $17.487,598 $25.200,913 *21.843,160
Cost ofsales, administration, &c., expenses__ _ 15.065,786 14,057,142 21,875.109 19,232,134
Balance
*1,873.138 $3,430.456 *3,325,804 $2,611,026
Miscellaneous income.-173,208
124,475
154,988
281.709
Total
$2,046,345 $3,554,931 *3,480.792 12.892.735
Reserved for depreciation
8418,740
$1,130.997
$663.867
Provision for Fed. taxes
244,833
781,090
527,614
700,000
Int. on borrowed money- ____
66.318
103,458
200,917
Preferred dividend (7%)
- 178,211
199,780
191,902
186,753
Common dividends_ _ _ _(6%)600,000(134)150,000
Balance, surplus
----V. 114, p. 1186.

$1,023,301

81.456,109 *1,724,107 $1,426,807

Kroger Grocery & Baking Co.
-To Change Par.

The stocknolders will vote April 11 on changing the par value of the Common stock from $100 to $10 aer share.
The company, late in 1922, increased its authorized Common stock from
*3.000.000 to $6,000,000 and paid a 100% stocit dividend in Common stock.
-V. 115, D. 2912.

Lima Locomotive Works, Inc.
-Locomotive Order.
-

See Baltimore & Ohio RR.under "Railroads" above.
-V.116, p. 1058.

Live Poultry Transit Co.
-Notes Offered.

1283

Mac Andrews & Forbes Co., Phila.-Usual Dividends.Tha directors have declared a quarterly dividend of 134% on the Preferred
and 23 % on the Common stock, both payable April 14 to holders of record
Mar. 31. On Jan. 15 last, an extra dividend of 2% was paid on the Common stock in addition to the regular disbursement of 23%. V. 115. P.
2801.

McIntyre Porcupine Mines, Ltd.
-Dividend.
-

A dividend of 25 cents per share has been declared on the capitalstock.
par $5. payable May 1 to holders of record April 1.-V. 116, p. 1186.

Marland Oil Co.(Dela.).-Oil Contract.
-

See Standard Oil Co. of New Jersey below -V. 116, p. 1186.

Marlin-Rockwell Corp.
-Earns. Year ended Dec. 311922.

Net sales (incl. inter-co. sales) and $58.635 other income
$4,188,246
Mfg.cost ofsales before deducting Idle plant exps.& extr. charges 2.687,520
Generrl and selling expenses
780.30)
Interest
165.660
Adjustment ofinventories
412.729
Idle plant expenses
1,014.967
Exps. on electric furnace charged off (net). $53,689; loss on investments. claims. &c., $122.548
176,237
Excess provision written back
Cr.64.277
Loss for year
-V. 115. p. 876.

1989.900

Martin-Parry Corporation.
-Annual Report.
-

Calendar Years1922.
1920.
1921.
Net sales
$4,327,685 $2,424,879 83,725,434
Cost of goods sold
1 3,881,911 J1,898,359 2,984,171
Selling. admin. and general expenses-/
415,508
I 461,810
Discount on purchases & other income Cr.53,356
Cr.77,120
Cr.63,353
Miscellaneous charges
39,417
25,886
12,350
Federal taxes
57,464
65.635
10.791
Inventory adjustment
104.102
Dividends
9
00.000
200,000
200,000
Balance
Profit and loss surplus
-V. 115, p. 1844.

sur$202,248 def$190,180 sur$111,354
$350,217
$160,016
$367,661

May Department Stores Co.& Subsid.-Annual Report.
Years end. Jan. 31- 1922-23.
1921-22.
1920-21.
1919-20.
Net sales
861,685.253 858,981,639 $68,254.715 $57,962,444
Cost of goods sold
55.602,059 53,997,148 62.272.273 50,147,568
Deprec. & amortization_
366,253
414.078
303,914
312,354
Net profits
Other income

85,669,116 $4,618,238 85.670.088 $7,510,962
489,546
610,116
359.587
337,142

Total
86.279,233 15.107,784 $6,029,675 $7,848.104
Federal taxes (est.)_ ___._
$775,000 $1,100,000 $1,400,000 82,400.000
Res,for shrink, in val. of
(riven. & acc'ts receiv_
Cr1,250,000
1.250,000
Preferred dividends(7%)
424,375
406,875
437.500
459,638
Common dividends_ _(8%)1.599.748 (8)1.599.648(73-4)1362166 (6)900,000
Balance, surplus
$3,497,610 $3,233.761 $2,830,009 $2,838,466
Previous surplus..
7,956,003
5,557,990
8.572.674
5.998,253
Divs.on Pf.stk.re-acq'd_
37,991
31,213
19.488
6,125
Total surplus
$12,089.772 $8,822,964 $10.824,003 18.842.844
To special surplus
250,000
250,000
250,000
265.000
Adjustment of valuation
567.239
Prem. on Pref. stock
16,013
'
200
54.603
8,480
Stock dividend
b5,000.000
a6,000.000
Profit & loss surplus._ $5,831,292 88.572,674 15.557,990 87.956,002
a 30%. b 33 1-3%.---V. 116, p. 945. 522.

Mennen Co.
-Upheld in Test Case.
Another decision of far-reaching importance to trade and commerce
operating under the Federal Trade Commission Act has been handed
down by the U. S. Circuit Court of Appeals in the test case brought by the
company against the Federal Trade Commission. The gist of the decision.
which was written by Judge Henry Wade Rogers, is that the company
may sell its products to the wholesalers at one price and to retailers at a
relatively higher price, making a discount to the wholesalers for service
rendered. It is further decided that the company is in no sense a monopoly,
and that it might oven refuse to sell to retailers if it so desired (compare
N.Y."Times" March 15 and 16).

Mercantile Stores Co., Inc.
-Annual Report.
Jan. 31 Years1922-23.
1921-22.
1920-21.
Profit from operations
*2,665.561 *2,291.955 82.680,577
Less
-Unearned profit on installment
sales, deferred until collected
197,725
176.625
78.953
$2,467,836 12,115.330 82,601.624
Deduct-Prov. for doubtful acc'ts in
excess of amt, written off during year 838,962
$116,223
$149,873
Depr.of equip.,fix.,bidg.,impts.,&c_
260,294
249,623
244,784
Reserve for merchandise
447,132
471,787
612,782
Reserve for Fed'I taxes & conting's
351.934
321.198
490.737
Net profit of subsidiaries
Profit parent company

81,369,512
64.088

$956,498 *1,103.448
111,753
29,871

Total
81,433,601 $1.068.251 $1,133,319
The profit and loss surplus Dec. 31 1922. amounting to 87,036,349.
includes $503.300 transferred during the year from accumulated merchandise reserve, less an initial semi-annual dividend of $134,873 (234%) paid
Feb. 15 1923.-V. 115, p. 434.

Merchants' & Miners' Transportation Co.
-Stock.
The Illinois Trust & Savings Bank, Chicago, is offering at 100 and int.
The stockholders on Mar. 21 approved the issuance of1200,000 additional
$200,000 634% Equip. Serial Gold notes. Series "J," Dated March 15
1923. Due serially to Serit. 151933. Int. payable M.St S. Denom.$100, capital stock, pr 8100. The company has an authorized issue of86,000.000
8500 and 81.000 c*. Callable in reverse of numerical order on any int. date capital stock, of which $4,800,000 is outstanding.
-V.115, p. 2589. 2485.
upon 60 days' notice at par and int. plus a premium of 34% for each 6
Merck & Co.
months or fraction thereof between date of redemption and date of maturity.
-Annual Report.
Interest payable without deduction for normal Federal income tax not exPeriods end. Dec. 31- Year 1922, Year 1921. Year 1920. 6 Mes.1919.
ceeding 2%. Illinois Trust & Savings Bank, Chicago, trustee.
Net profits after deprec_ 8360,606 loss$699.521
$323,561
$409,866
Company.
-Business has been successfully conducted since 1888, the Other income
51,037
39,491
17,216
35,606
company now owning and operating about 1,975 care for the shipment of
hve poultry and being the only company owning such equipment or engaged
Total income
$411.6431oss$660.030
$445,472
$340,777
in this business. These cars are leased to the railroads upon a mileage and Preferred dividends(4%)127,900 (8)280,000 (4)13.967
rental basis under tariffs regulated by the I.
Other deductions
183,682
-S. C. Commission.
72.969
140.000
66,908
Security.-Secured by 100 new cars of modern all-steel type,title to which
remains in Illinois Trust & Savings Bank, trustee, until all notes are paid.
Balance.sur.or der- _
8227.961 def$870,899
def$6,131 sur$291.505
Earnings.
Note.
-Earnings have been substantial and constantly increasing,
-Cumulative Preferred dividends unpaid at Dec.31 1922 amounted
being limited at all times only by the amount of equipment available.
to 12% -V. 114, p. 1293.
Ouarantg.-Payment of
oar Co., manufacturer ofinterest and principal guaranteed by New City
Michigan State Telephone Co.
the equipment, which has plants in Chicago,
-Dividends Resumed.
Buffalo and Kankakee.
A dividend of 114% has been declared on the outstanding 86.000,000
Common stock, par $100, payable March 30 to holders of record March 15.
A quarterly dividend of 114% was paid on this issue in September 1914:
Loft, Inc. New York.
-Leases Building.none since.
-See also V. 116. p. 1186. 83.
'
The company has leased a 3
-story building and
at 1225 Market St.,
Philadelphia, Pa., for the sale of Loft candles. store announcement is in
This
Michigan Tanning & Extract Co., Petoskey, Mich.
line with the expansion policy of the company announced last week. See
V. 116. D. 1186.
Bonds Offered.-Geo. H.Burr & Co.,New York,and Chicago
Abraham S. Gilbert has been elected a director succeeding S. S. Menken. Trust
Co., Chicago, are offering at 96M and int., to yield
-V. 116, p. 1186.
over 6 2%, $1,000,000 1st (Closed) Mtge. 63% Sinking
/
Louisville Gas & Electric Co.
-Buys Sitefor New Plant. Fund Gold bonds.

The company has purchased a 75-acre tract of land on the Ohio River,
Dated March 1 1923. Due
Int. payable M. & S. at
just east of Louisville, on which it soon will begin construction of a new Bankers Trust Co., New York,March 1 1938.
Chicago,
or at Chicago Trust
water-gas manufacturing plant. This plant, it is believed, in addition to without deduction of normal Federal income tax Co.,in excess trustee,
not
of
the company's present facilities, will make ample provision for the gas re- Penn. and Conn. 4 mills tax and Mass, income tax not exceeding 652%;
quirements of Louisville for some time to come. The new plant will be funded. Denom. 11.000, $500 and $100 c*. Red. all or part on 30 redays'
in such a way that its capacity may be increased at any time.
designed
- notice at 105 on any int, date to March 1 1928, and thereafter at 103.
V. 115, p. 2275.
Tax exempt in Michigan,




'Data from Letter of Pres. W. S. Shaw, Petoskey, Mich., March 12.
-Organized in Michigan in 1911 as successor to Boyne City
Company.
Rice Leather Co., Fremont Leather Co.and Escanaba
Tanning Co., W. W.
Extract Co. Business established 37 years ago, consists in the tanning of
sole leather. Has a capacity of 26,000,000 pounds of sole leather per ann.
-Average annual net profits for 11 years ending Dec. 31 1922.
Earnings.
after deduction of losses and Federal taxes, available for interest and depreciation, were $342,437, over 5X, times interest on this issue. Net
profits for 1922, after taxes and available for interest and depreciation.
were $189,516. Profits for Jan. 1923, similarly arrived at, were approximately $34,000. During the 11-year period depreciation charges amounted
to $1,038,962.
-A semi-annual sinking fund commencing July 15 1923
is Sinking,Fund.
of $50,000 per annum until March 11933. and $100,000 per annum thereafter, will pay off the entire issue by final maturity date.
-Proceeds will be applied in the payment of current obligations
Purpose.
and will provide additional working capital.
Listing.-Application,has been made to list bonds on Chicago Stock Exch.
Bal. Sheet Dec.31 1922(After This Financing. incl. Sale of Pref. & Corn. Stk.).
Liabilities
Assets
$2,630,913 7% Oumul.Pref. stock- _ _$1,370.700
Properties
Stocks of merchandise,&c. 967,879 Common stock (par val.)_ 1,430,600
Common stock (6,000 shs.,
Notes and accounts receiv30,000
n par)
97,686
e. able, less reserves
1,000,000
27,000 1st 1\Mtge. 634s
Sundry accts.receivable__
162,735
286,796 Current liabilities
Cash
50,000
32,424 Reserve for contingencies_
Prepaid ins.. int. & taxes_
142,857
Deferred charges
144.194 Net surplus
Total

$4.186.893

$4,186,893

Total

-Lets Contract for WyomingMiddle States Oil Corp.
Montana Road.

Negotiations begun by the company last December for the building of a
north-and-south railroad to connect the oil fields of Wyoming and Montana
now have been completed. Working relations have been arranged with the
Chicago & Northwestern, and a construction contract has been let calling
for the running of cars from a Junction with the latter road into Salt Creek
by June 20 and for full completion of the entire line by Nov. 1 next. Similar
connections are afforded with the Union Pacific at the extreme southern
-year
terminus of its railroad. A northern outlet is provided through its 25
contract with the C. M.& St. P.
[The road operated in Wyoming will be known as the Wyoming North et
South RR.(authorized capital. $7.000,000. par $100). and the road operated
in Montana as the Montana Railway Co., with an authorized capital of
$5,000,000, par 5100.]--V. 116, p. 1186.

-Tenders.
Mississippi Glass Co.

The Mississippi Valley Trust Co., trustee. St. Louis. Mo., will until
March 31 receive bids for the sale to it of 6% Sinking Fund bonds, dated
May 2 1904, to an amount sufficient to exhaust 525,000.-V. 89, p. 474.

-Sale.
Modern Glass Co., Toledo.

The plant of this company, which has been in the hands of receivers
Frank P. Kennison and J. W. Lyons since Dec. 6 1920, has been ordered
sold by Judge Killits in Federal Court. No bid of leas than $300,000 will
be accepted.

-Larger Dividends.
Monomac Spinning Co.

A quarterly dividend of $2 per share has been declared on the stock.
payable April 2 to holders of record Mar. 20. This compares with $1 50
-V. 110, p. 1977.
per share paid Jan. 2 last.

-Dividend Increased, &c.
Moon Motor Car Co.

A quarterly dividend of 50 cents per share has been declared on the
outstanding Common stock, no par value, payable, it is understood,
May 1 to holders of record Anril 16. On Feb. 1 last, a quarterly dividend
of 37% cents per share and an extra dividend of 1234 cents were paid
while in August and November last, the company paid quarterly dividends
of 25 cents per share.
The directors have formally voted to retire the 3.114 shares of Prof. stock
now outstanding at $105 per share on March 311923. The regular quarterly Preferred dividend of 1 h %. payable April 11923. has been declared.
Holders of Pref. stock are notified to present their stock certificates at the
-Laclede National Bank, St. Louis, Mo., for payment. The
Merchants
retirement will leave only the 180,000 shares of Common stock, no par
-V.116, p. 1060, 945.
'value, as the company has no bonds or funded debt.

-Resignation.
Morris & Co., Chicago.
On March 1 Charles M. Macfarlane became Vice-President, Treasurer
and director of Wilson & Co. Mr. Macfarlane has long been holding the
same positions with Morris & Co. It is announced that he will continue
-V.115, p.2694.
to look after the banking interests of the Morris family.

-Merger.
Morris & Somerset Electric Co.
This company and the Commonwealth Electric Co. have petitioned the
New Jersey P. U. Commissioner for permission to be merged under a new
name. Permission is also sought for the new company to issue $2,250.000
-V. 116, p. 419.
of bonds and about $900,000 of stock.

-Plant Sold.
(Leonard) Morton & Co., Chicago.
A Chicago dispatch states that this bankrupt mail order house was sold
March 21 for $410,000 to Michael Tauber & Co.and Samuel L. Winternitz.
Fred E. Hummel of the Central Trust Co., receiver, appraised the property
at $730,085.-V. 116. p. 1187.

-Acquisition.
Mutual Oil Co. (of Maine).

The company recently acquired the distributing stations of the Bankers
Petroleum Co. (of Washington). These stations are located in Garfield.
-V. 116. p. 523, 304.
Palouse, Oakesdale and Pomeroy, Wash.

-Feb. Sales, &c.
National Acme Co., Cleveland, 0.
Month of FebruarySales
Net profits, before interest charges
Compare V. 116, p. 1187.

1923.
$856,870
161,226

1922.
$226,937
114,832

-Bonds Offered.
-Moore,
National Motors Corporation.
Leonard & Lynch, New York, and Win. H. Colvin & Co.,
'Chicago, and Stroud & Co., Inc., Phila., are offering at N
and int., to yield about 7.70%, $3,000,000 1st Mtge.7%
-Year Convertible Gold bonds Series A.
Sinking Fund 10

Dated-Julyl 1922. Due July 11932. Interest payable J'& J at office of
Union Trust Co.. Chicago, trustee, and Bankers Trust Co., New York,
without deduction for any Federal income tax not to exceed 2%. Penn.
-mill tax refundable. Denom. $1,000. $500 and $100 c*. Redeemable as
4
a whole or for sinking fund upon 60 days' notice on any interest date at
110 and interest.
-Convertible either for par into 8% cumulative Pref. Stock
Convertible.
or into no par value common stock on the basis of two shares of common for
$100 of bonds. Voting trust certificates deliverable if conversion
each
privilege exercised prior to Jan. 1 1926.
-Indenture provides for an annual sinking fund of not less
Sinking Fund.
than $500.000, of which $250.000 must be applied solely to redemption of
these bonds in the following manner: (a) To the purchase of bonds in the
'open market at a price less than the redemption price. (h) to redeem by lot
on 60 days' notice sufficient bonds to exhaust the available sinking fund on
a basis of 110 and interest. The remaining $250.000 is to be applied under
the terms of the indenture to the retirement of the Series"B" bonds pledged
to secure $2,700,000 of Collateral Trust Notes.
Data from Letter of Chairman Will I. Ohmer, New York City.
-Until recently named the Associated Motor Industries, Inc.
Company.
V. 116. p. 299), was incorp. In Delaware in Sept. 1921. Company was
organized to take over in fee simple the manufacturing plants of
primarily
the following companies: National Motor Car & Vehicle Corp., Indianapolis,
Traffic Motor Truck Corp.. St. Louis. Kentucky Wagon Manufacturing
Co., Louisville, Covert Gear Co., Inc., Lockport, N. Y., Recording &
Computing Machines Co., Dayt,on, 0., Jackson (Mich.) Motors Corp.,
Saginaw (Mich.) Sheet Metal Works, and Murray & Tregurtha Corp.,
Quincy, Mass. Plants of foregoing companies contain a combined manufacturing floor space of approximately 43 acres. (Compare also statement of
Associated Motor Industries. Inc., in V. 115, p. 1535.)




[voL. 116.

THE CHRONICLE

1284

The facilities of the organization will be used primarily in quantity production of a complete passenger car line of"Sixes" ranging from a light Six
.t
to a De Luxe Six, and all marketed under the established trade name
"National.' Company also manufactures for domestic and export consumption the well-known line of "traffic trucks" ranging from 1 ton to 334
tons in capacity.
Security.
-Specifically secured by a closed first mortgage lien upon the
property now owned and also upon similar property hereafter acquired
(subject to possible purchase money mortgages and mortgages existing at
date of acquisition).
-Results of combining average annual net earnings of each of
Earnings.
the:companies comprising the National Motors Corp. (exclusive of Murray
& Tregurtha Corp.)for the period during which they operated shows annual
average net earnings applicable to Federal taxes and bond interest for the
five years preceding 1921 of $2,330,401, or 10.3 times interest charges on
these bonds. The average annual earnings for the respective individual
companies upon which the above figures are based are obtained by averaging
the earnings for their fiscal years over the five-year period prior to 1921 (or
such part thereof as the company in question operated).
The average annual earnings similarly calculated over the six-year period
including 1921, aggregated $1,618,320. or 7.2 times the interest charges on
these bonds. Taking into account interest charges on all outstanding
funded obligations, including the interest on the Collateral Trust Notes
secured by the Series B Bonds the ratios for the same periods are, respectively, 5.4 and 3.8 times the maximum interest requirements.
The Murray & Tregurtha Corp. is not included lest the changed conditions in its business attendant on its transfer should result in a misleading
statement. If its average earnings were included the above profits for
the five and six-year periods would be higher.
Authorized. Outstanding.
Capitalization4313.000,0001 83.000.000
First Mortgage 75.6s, Series A
1 3,000,000
do Series"B" (deposited as collateral)
2,700.000
2,700,000
Trust Notes
7% Collateral
9.847.500
40.000,000
8% Preferred Stock (par $100)
800,000 shs. 181,796 shs.
Common Stock (no par value)
Financial Condition as of Sept. 30 1922 (After Present Financing).
Liabilities
Assets$566,904
$2,167,338 Notes payable
Cash
457,827
80.558 Accounts payable
Notes rec. & trade aecep_
152.222
856,398 Accrued liabilities
Accounts receivable
y1,937.405
6.835,396 Other notes payable
Inventories
69,410
Dealer's deposits
R. A.Crandall & Co. pre444.600 73 V., Coll, trust notes,
ferred stock
z2,700,000
400 1932
Liberty bonds
3,000.000
19,691 1st mtge. 734s. 1932
Prepaid int.. insur. & tax
9.847,500
Preferred stock
x Land, buildings, machinory & equipment_ _ 10.047.978 Common stock, 181.796
333.013 shIres. no par value_ _ _ 2.078.265
Deferred charges
$20,809,533
24,160 Total (each side)
Investments
x Based bn appraisals by Day & Zimmerman. Inc., Coats & Burchard,
Western Appraisal Co.. Manufacturers Appraisal Co., American Appraisal
Co.. and Ksselstyn-Murphy. at various dates from May 28 1921 to May 1
-sound value. y Includes $360,067 maturing on or before April 30
1922
1922. 8941.910 maturing after May 1 1923 and on or before Sept. 30 1923.
and 5635,428 maturing after Sept. 30 1923. z Agreements of the company
exist to repuschase from their holders $1,965,600 of Collateral Trust Notes
in certain installments during 1923. 1924 and 1927. Company expects to
retire these obligations through the sale of its Preferred Stock. These
notes are secured by deposit of 33,000 000 7[4% sinking fund gold bonds.
"
Series B."
-To provide company with additional working capital and rePurpose.
funding certain existing fixed obligations. Company does not require
capital for betterments, as it is amply providedwith complete plant equip-V. 116. p. 10130.
ment for any normal extension of its business.

-Initial Dividend.
National Power & Light Co.

An initial quarterly dividend of $1 75 per share has been declared on the
Preferred stock, payable April 16 to holders of record Mar. 31. (See
reorganization plan under "American Cities Co." in V. 114. p.76.)-V. 115,
p. 2485.

-Balance Sheet Dec. 31.National Transit Co.
1922.
1921.
1921.
1922.
$
$
Liabilities-$
Assets6,362,500 6,362,500
Pipe line plant.... _ 8,390,422 8,398,807 Capital dock
163,401
Other investments 7,467,088 7,257,572 Current liabilities. 192,973
314,069 Deprec., tax gab.,
366,740
Cash
Accts.receivable 1,725,633 1,958,175 Insurance, dm__ 6,800,293 6,921.315
123,094 Corporate surplus_ 4,646,338 4,607,785
47,256
Deferred (*sets._ _
3,287
4,965
Unadjusted debits
Total (ea. side) 18,002,103 18,055,006
usual income account was published in V. 116, p. 1187.
The

-Bonds.
New Bedford Gas & Edison Light Co.

The directors have recommended a further issue of $1,145.000 6%
1st Mtge. bonds, the proceeds to be used to pay for recent additions to the
plant now nearing completion.
Month of 12 Mos.end.
Month of 12 Moe end,
Dec. 1922.Dec.31 '22.
Dec. 1922.Dec.31 '22. Resultsfor
ResultsforTotal open rev__ _ $344,548 $3,342,051 Interest on bonds_ $16,558 $204,920
8,540
99,976
168,839 1,847,477 Int. on notee, em__
x Total op. exps__
542
7,734
335,266 Amort. charges- 69,349
Taxes
29,155 x213,354
Depreciation
$106,361 $1,159,308
Net oper.Income
15,181
2,983
Non-op. Income__
$54,550 $648,504
Net Income_
Gross Income... $109,343 $1,174,489
-Depreciation prior to April 1922 charged against profit and loss.
Note.
months had been included in
x If depreciation charges for the full 12
expenses, on present basis, this item would have been $268,410.-V. 115.
1:). 1950.

-Earnings.
New England Co. Power System.

The report for the year ended Dec.31 1922 shows gross earnings of55,880,
436compared with $5,412,780 in 1021. Balance,surplus,after providing for
expenses, taxes. interest, &c., was $1,017,154, against $465,616 in 1921.
-V. 114. p. 1772.

-Acquisition.
New Jersey Power & Light Co.

The stockholders on Mar. 14 approved the acquisition by the company
--V. 116, p. 831,
of the properties of the Hackettstown Electric Light Co.
304.

Newton Steel Co., Youngstown, 0.-60c. Dividend.

The directors have declared a dividend of 60c. a share on new no par
Common stock, payable April 2. This is at the annual rate of $15 per
share on the old stock, par $100, and compares with a quarterly dividend
-V. 116, p. 1187.
of 2% paid Dec. 30 last on that issue.

-Dividend Increased.
New York Title & Mortgage Co.

A quarterly dividend of 234% has been declared on the stock, payable
April 2 to holders of record March 22. This is an increase of 34 or 1%
over the previous rate.

-Earnings.
New York Transportation Co.
1922,
Calendar Years1921.
1920,
1919.
$5,701,455 $5,441,854 $4,800,783 $4,222,907
Gross earnings
Net after oper.expenses_ 51,600,369 $1,754,833 $1,557,306 $1,245,447
82,948
165,521
Other income
139,976
109,029
Total income
$1,765,890 $1,894,809 $1,666,335 31,328.395
562.600
Charges and all taxes
624,830
899,516
779,744
Dividends
(20%)470000 (20)470.000 (15)411,250(734)176,250
Balance, surplus
-V. 115, P. 2913.

$671.060

$645.065

$355,569

$589,545

Nipissing Mines Co., Ltd.
-Dividend, Cash, &c.

The directors have declared the usual oivarterly dividend of 3% on the
outstanding $6,000,000 capital stock, par $5. In Jan.last an extra dividend
of 3% was paid together with the usual dividend of 3% payable April 20
to holders of record March 31.

MAR. 24 1923.]

VIE

1285

CFPONICLE

Financial Statement March 19 1923, Showing Total Cash. &c..$4.575,657
Mar.19 1923. Dec.9 1922
Cash in bank, incl. Canadian war bonds, &c----$3.941,873 $3,836,005
711,107
633,784
transit and on hand
Bullion and ore in
-V. 116, p. 1060, 185.

-Par Value of Common Stock Reduced
North American Co.
-Capital Stock Increased-Listing.

The stockholders on March 21(1) changed the par value of the shares of
Common stock from $50 to $10 per share, and (2) increased the authorized
capital stock from $60,000,000 (consisting of $330,000.000 6% Cum. Pref.
stock and $330.000.000 of Common stock, to $120,000.000. to consist of
$60,000,000 6% Cum.Pref. stock, par $50, and $60,000,000 Common stock.
pax $10. Holders of outstanding shares of Common stock, par $50. shall
receive, in exchange for each such share. 5 shares of Common stock, par $10.
(Compare V. 116. p. 831.)
James F.Fogarty and Frederick W.Doolittle have been elected additional
Vice-Presidents. Mr. Fogarty will continue as Secretary of the company.
The New York Stock Exchange has authorized the listing of $25,882,920
Common stock (auth. $60,000.000), par $10 each, on official notice of
issuance: $22,256,300 in exchange for outstanding Common stock, par
$50; $298,750 in exchange for outstanding stock, par $100; $2,764,000 on
official notice of issuance and payment in full upon exercise of subscription
rights evidenced by outstanding Option Warrants of Series B and Series C,
with authority to add on or after April 2 1923. $563,870 on official notice
of issuance as dividend, payable on April 2 1923 on the Common stock.
making the total amount applied for $25,882.920.-V. 116, p. 1060, 928.

-Permanent Certificates.
Ohio Public Service Co.

Temporary certificates covering the 7% Cumul. 1st Pref. stock, series
"A," can now be exchanged for permanent engraved certificates at any of
the following transfer agents: Henry L. Doherty & Co.,60 Wall St., N. Y.
City; National Bank of the Republic, Chicago, 111.1 Ohio Public Service Co..
Box 693, Cleveland, 0. (See offering in V. 115, p. 1541.)-V. 116, P.
1188. 729.

-Offer to ExOklahoma Producing & Refining Co.
change Stock for Stock of Pure Oil Co.
The directors have submitted an offer to sto^kholders in which they are
given an opportunity of exchanging their holdings for Common stock of
the Pure 011 Co. The Pure Oil Co. already owns all of the outstanding
Preferred and a large blo^k of the Common stock of the Oklahoma company.
The offer made to Oklahoma Common stockholders provides for an exchange on the lyisis of 10 sly res of their Common stock for 1 share of the
Common stock of Pure Oil Co. Holders making the exchange are asked to
deposit their stock with the Gurranty Trust Co. of New York pending the
delivery of Pure 011 Co. Common stock. Dividends on Pure Oil Co.
Common stock have been paid continuously since the organization of that
company in 1914, the present rate of dividend being 8% per annum.
The stockholders of the Oklahoma corporation will have until April 25
to deposit their shares and avail themselves of the offer for an exchange of
stock. Pure 011 Co. Common stock and fractional warrants will be issued
against all such deposits as soon as possible and application is to be made to
the New York Stock Exchange to list a sufficient amount of Pure 011 Co.
-V. 116, p. 832.
Common stock to cover this exchange.

-Extra Dividend.
Ohio Fuel Supply Co.

Balance Sheet Dec. 31 1922.
Liabilities
Assets
$841,064 Class A stock (200,000 sh.)57,600,000
Cash
5.000
3,440.117 Class"B"stk.(50,000 all.)
Merchandise
1,082,591
430.832 Accounts payable
Accounts receivable
2.445.000
439,352 Notes payable
Variety stores,fact'y, &c.
94.258
2,510,798 Reserve for Fedl taxes__
Contract rights
350,000
3,461,787 xSpecial surplus
Store equipment, &c
407,007
859,909 Surplus & undiv. profits_
Prepaid insur., taxes, zc..
Total

$11,983,857

$11.983,857

Total

xTo equalize dividends on Class A stock. The usual income account for
1922 was given in V. 116, p. 823. 1189.

-Rights, &c.
(Albert) Pick & Co.

The stockholders of record March 3 were given the right to subscribe at
par ($10) to 150.000 shares of Common stock. This issue was authorized
by the stockholders March 3 and will bring the total authorized and outstanding up to 300,000 shares. The stockholders who notified the corporation in writing on or before March 19 1923 of their acceptance of the offer
were given the privilege to pay for the stock in quarterly installments, the
first installment to be paid on or before April 2 and the remaining three to be
paid respectively on July 3 and Oct. 3 1923 and Jan. 3 1924.
Earnings Years ended Jan. 31.
1919-20.
x1922-23.
x1921-22.
1920-21.
Net sales aft. allowances $11,658,135 510,460,290 $14,066,563 $10,419,139
9,496,845
9,867,479 13,492,399
Cost ofsales and oper_-_ 10,893,016
$922,295
160,150

$765,119
y

$592,811
y

$574,165
241.781

$765,119
Gross income
Deductions
Not stated
Federal taxes (est.)
Pref. divs. (7%) -(approx.)237,895
240.000
Common diva. (16%)-

$592.811

$8815,946 $1.082,445
63,020
200,000
100,000
42.490
245,000
240,000
172.500

Net earnings
Other income

60,000
245,000
240,000

$604,435
$47,811
$230,946
Balance, surplus
$287.224
1.690.815
1,374.168
2.612,732
Profit and loss, surplus_ 2,899,190
.Albert Pick & Co.. Chicago,and Albert Pick & Co. of Bridgeport, Conn.
x
y Other income added before deduction of operating cod's and expenses.
Consolidated Balance Sheet Jan. 31 1922.
[After giving effect to the sale of $1,500,000 new Common stock at par.
Liabilities
Assets
$3,251,400
Land, buildings & equipment_31,499,998 Preferred stock
3,000,000
10,917 Common stock
Patents
4,975,000
251,533 Notes payable
Good-will
721,889
516,730 Accounts payable
Cash
U.S. Govt.sec.& seer.Int. 482,756 Customers' credit balanoes__ _ 304,081
75,035
Notes, accts. receivable, &c__ 5,953,041 Accr. wages,commissions,,to.
47,052
4,484,701 Accrued local taxes (est.)
Merchandise inventories
19,824
27,892 Preferred dividends
Advances to manufacturers_ _ _
60.000
Common dividends
Subscriptions to new stock..__ 1,500,000
167,998
Sundry stocks, &c., Investrnis 342,248 Res. for Fed. tax & conting
42,469
Employees' welfare fund Inv__
40,618 Res.for employees' well.fund_
2,899,190
Sundry accts. receivable, &c__ 259.317 Surplus
214,185
Deferred charges

An extra dividend of 1% in 434 %.I.Aberty bonds has been declared on the
capital stock, in addition to a quarterly dividend of 1 %%. both payable
$15,563,941
Total
April 14 to holders of record Mar. 31. The directors early this month
$15,563,941
Total
declared a 100% stock dividend payable to holders of record Mar. 17. -V. 116, p. 1061.
From Oct. 1921 to Jan. 1923, incl., the company paid qusrterlv 2 Si%
-Securities Sold.
-V. 116, p. 1060, 305.
Pierce-Arrow Motor Car Co.
regular in cash and 2% extra in Liberty bonds.
Chase Securities Corp.
J. & W. Seligman & Co., Hayden, Stone &
-Annual Report. and O'Brien,Potter & Co.,syndicate managers,Co..
Parish & Bingham Corp., Cleveland.
announce that the securities
1920.
1921.
1922.
Calendar Yearsbought by the syndicate that underwrote the recent offer to shareholders
$4,707,601 $44,201,124 $9,128,443 of 8% 20
Net sales
-year Debenture and 8% Prior Prof. stock, have all been disposed
$4,293,096 $4,037,469 $9,089.813 of.
Cost of sales, depreciation, &c
-V. 116, p. 1189.
203.492
184,770
214,190
Selling, general and admin. expenses_
-Resumes Div.
192,727
146,289
Other charges
Pioneer (Sugar) Mill Co., Ltd. Hawaii.
103,879
188,676
67,494
Inventory adjustment
A dividend of 10 cents per share has been declared payable April 1.
1921, when a like amount was
26.728
Special charges
This is the first distribution since June
($3)450,000 paid.
Dividends
-V. 112, p. 379.
Balance, surplus
Profit and loss surplus
-V. 116. p. 524, 84.

$2.213def.$356,080 def.$807,589
$1.843.186 $1,888,283 $2,332,363

-Dividend Increased.
Peerless Truck & Motor Corp.

The directors have declared a quarterly dividend of 2% ($1 per share)
on the outstanding $10,000,000 Capital stock, par $50, payable Mar. 31
to holders of record Mar. I. This compaies with 1 % paid quarterly in
1922.-V. 116. p. 730.

-Stock Inc-Listing.
Penn Central Light & Power Co.

The stockholders on March •19 increased the Prof. stock from 58.600
shares to 150.000 shares of no Par value. The present 61,140 shares of
Common stock, no par value, will remain unchanged.
The Phila. Stock Exchange on March 17 listed 2.945 additional no par
value Preference shares, being part of 5.468 shares applied for Jan. 19 1923
to be listed upon official notice of issuance full paid, making a total of 56,077
shares listed at March 17.-V. 116, p. 1061, 420.

-Bonds.
Pennsylvania Power & Light Co.

The Guaranty Trust Co., 140 Broadway N, Y. City, is now prepared
to exchange outstanding temporary 1st 65'Ref. Mtge. 5% Gold bonds,
Series "B," due Oct. 11952. for definitive bonds. (For offering of bonds,
see V. 115. p. 1542.)-V. 116, p. 624.

-Extra Dividend.
Pennsylvania Salt Mfg. Co.

An extra dividend of 1% has been declared on the outstanding $7,500,000
Opiltal stock, par $100, in addition to the regular quarterly dividend of
both payable April 14 to holders of record March 31.-V. 115, P.
16 8.

-Stricken from New York
Piggly Wiggly Stores, Inc.
Stock Exchange List.
Following the suspension of trading in the 200,000 shares of no par value
Class "A"stock on the New York Stock Exchange on March 20 the Governing Committee of the Exchange adopted the following resolution on
March 23:
"Resolved. That Piggly Wiggly Stores. Inc.. Class "A," Common stock
be and the same is hereby stricken from the list.
"This action was taken as it has became evident to the Committee on
stock lists, which so reported to the Governing Committee, that there was
such a concentration a holdings of Piggly Wiggly Stores. Inc.. Class "A"
Common stock as to make impossible a free market for the stock.
"Earlier action of the Committee on Securities and the stock clearing
corporation has been taken to give the sellers of stock coming from distant
points time to obtain the same for purposes of delivery."
The stock of the company has been in the speculative limelight in Wall
Street for the last four months, as a result of the campaign carried on by
Clarence Saunders. Pros, of the company, against the so-called Wall Street
professional element. Investigation was started by the Exchange authorities last week, and, while no statement was issued by the Governors, action
was hastened March 20 as a result of the wide fluctuations in the quotations
when the shorts tried to cover their commitments.
Opening at 75
the stock jumped sharply, advances of one to six points
being recorded between sales, to a peak of 124, at which level it scored a
net gain of 52 points for the day. From that level it reacted 42 points,
to 82. where it closed, recording a net gain of 10 points for the day.
The shorts yesterday were given an opportunity to settle commitments
at $100 a share. The announcement was made by attorneys for President
Saunders. The National Dank of Commerce later announced that it had
been authorized to deliver stock at this price. President Saunders said:
"I propose for a full settlement to-day (March 23) of all accounts of
Piggly Wiggly Stores, Inc., Class "A" stock and that I will furnish this
stock upon application for same to the National Bank of Commerce in
New York and upon payment of $100 a share.'
National Bank of Commerce issued the following statement: "We are
authorized by a bank correspondent at Memphis to deliver up to 3 P• m.
(March 23) an amount of shares of Piggly Wiggly stock which we are
holding for its account, against payment at $100 a share. We are advised
by the Memphis bank that It is not interested in the stock in any way."




-To Pay Coupons.
Pittsburgh & Allegheny Telep. Co.

The Maryland Trust Co.. Baltimore. trustee, in a notice to the holders
of the First Mtge. 5% bonds, dated Dec. 1 1899. states that it has had
deposited with it funds with which to pay all overdue coupons, with interest
at 6% from the due date thereof to April 1 1923. The total of overdue
coupons, with interest tnereon, will amount to $106 50 upon each $1,000
bond. The Maryland Trust Co. will issue non-negotiable receipts for such
bonds as may be deposited with it, in order that the same may be held
pending their guarantee, both as to principal and interest, by the'Bell
Telephone Co. of Pennsylvania, by endorsement thereon.-V. 115, p. 2167.

Pittsburgh Plate Glass Co.
-Annual Report.

1919.
1920.
Calendar Years1921.
1922.
Earnings after Federal
taxes, &c
y$9,869,532 $10,858,096
49.275.804
Earns, before deprecia$11,560,635
tion & Fed. taxes_
1.650,517
2,262.180
Deprec.,&c.,chgd.off_
3,126.656
Fed. taxes paid for pre1.445.220
2.896.490
vious year
Net earnings for year
Cash dividends

$9,275,804 $6,742,876 $5.699.426 $8,464.898
1,810.559
3.355.964
2,948,490
4,805,288

Surplus for year
$44,470,516 $3,794.386 $2.343,462 $6,654.339
Sun). beginning of year. 20,159,587 16.287.426 19,491.616 12,825,166
Total surplus
$24,630,103 $20.081.812 $21.835,078 $19.479.505
6,154.640
Stk. divs.from prior sur_
Cr12.110
Cr77.775 Cr606.989
Misc. adjustments, &c.._
Cr73,939
Total profit & loss surplus end of year,_ _ _$24.704,041 $20,159,587 $16.287,426 S19.491.615
x Earnings for 1922 less depreciation, obsolescence and reserve for estimated Federal taxes payable in 1923. y The report for 1921 states that
these earnings are shown after deducting a reserve of $1.150,000 for estimated Federal taxes of 1921.-V. 116. p. 1189.

-Dividend Increased.
Plymouth Cordage Co.

A quarterly dividend's:if 1.34% has been declared on the outstanding Common stock, par $100, payable Apr. 20 to holders of record Apr. 2. This
compares with 1 % paid Jan. 20 last. Prior to the payment on Dec. 20
last of the 100% stock dividend, the company paid 2.S.6% quarterly. Compare V. 116, p. 625.
•

Port Arthur Canal & Dock Co.
-Bond Application.

The co. has applied to the I.
-d. C. Commission for authority to issue
$2.000.000 1st Mtge. bonds. The proceeds,of the issue are to be used in
paying off outstanding debt of $1,000,000 and for additions and betterments. The Kansas City & Southern RR. and the Texarkana & Fort
Smith Ry. applied to the Commission for permission to guarantee the
principal and interest on the issue. At the same time, the Canal company
sought permission to lease its dock facilities to the Texarkana & Fort Smith
Ry. for a period of 30 years.
-V.83, p. 498
.
.

-Bonds.
Port Arthur (Ont.), Shipbuilding Co., Ltd.
See Western Dry Dock & Shipbuilding Co. below.
-V. 111. p. 195.

Porto Rican-American Tobacco Co.
-Change in Stock
Tobacco Products Corp. to Acquire Interest.
-

The stockholders willjvote Apr. 11 on resolutions adopted by the directors which provide for amending the charter as follows: (1) Converting
100,000 shares of stock, which is now all of one class and of $100 par value.
into a 7% Cumulative Preferred stock of $100 par, share for share, the
Preferred stock to participate share for share with the Common stock after
dividends in the amount of $7 per share have been paid on each class of
stock;(2) authorizing a total issue of 150,000 shares ofsuch Preferred stock:
and (3) creating an issue of 150,000 snares of Common stock vritnout nominal or par value.

1286

THE CHRONICLE

[VOL. 116.

The Preferred stock will have voting power at the rate of one vote for alone sold 438,581 barrels, valued at $893,282.
Total gasoline sales were
eacn share. The Common stock will have no voting power.
2,433,630 gallons. valued at $335.813.
President L. Toro in a letter to the stockholders Mar. 22 says:
Net oil production by the company for Jan. was 566.053 barrels, or a
Recently Tobacco Products Corp.. which had for some time manifested daily average of 18,260 barrels of an approximate
worth of $942,000.
a purpose to enter the field of Porto Rican cigars, made an offer to invest duction of raw casinghead gasoline for January was 990.000 gallons, Proover $1,500.000 in cash in this company on substantially the following daily average of 31.930 gallons of an approximate value of $124,900. or a
At
basis: (1) The present stock to be converted into a full voting 7% Cumu- present gasoline production is at
the rate of 130,000 gallons per day, and
lative Preferred stock of the same par value as the present stock, namely within the next three months this
output
$100 per share, and to participate with the Common stock after dividends creased to 225.000 gallons daily through of gasoline is expected to be inplant additions.
of$7 per share have been paid on each class of stock:(2) an issue of Preferred
The company and its
stock to be created for this purpose: and (3) a further issue of non-voting of 3,710,000 gallons. subsidiaries own 415 tank cars with a total capacity
Contracts have
Common stock without nominal or Dar value to be created. whereof Tobacco additional tank cars, of a total capacity been entered into to acquire 70
of 560.000 gallons -V. 116, p.947.
Products Corp. would buy as many as 64,566 shares at $25 per share, being
equal to the number of shares of existing stock now outstanding, plus the
Southern States Oil Corp.
-Acquisition.
number of shares necessary to redeem outstanding dividend warrants.
The company has acquired
This proposition commended itself as being in the interest of the stockhold- on basis of $15.000 per acre. additional acreage northwest of Smackover
ers because it would add $25 of security to each share of stock without any well on this new acquisition. The company has started drilling its No. 1
-V. 116. p. 1190.
loss of control on the part of the stockholders, and at the same time would
servo to put the stock on a regular and permanent dividend paying basis.
Springfield Light, Heat & Power Co.
-Resignation.
116, p. 1189.
-V.
The State Savings Bank & Trust Co.. Columbus, Ohio, has resigned as
trustee of an issue of 1st Mtge. 5% gold bonds dated Feb. 1 1909 and due
Prescott (Ariz.) Gas & Electric Co.
-Merger.
Feb. 1 1929.-V. 114. p. 1899.
See Arizona Power Co. above.
-V. 112. p. 2649.

Princess Iron Corp., Phila.-Extension of Bonds.
-

Standard Oil Co., Indiana.
-New Officer.
-

Holders of 1st Mtge. 7% Serial Gold bonds dated Feb. 1 1918 will vote
April 18 on extending the date of maturity of bonds numbered 301 to 500,
both incl., from Feb. 1 1923 to Feb. 11925. The Bank of North America
& Trust S.of Phila. is trustee.

John D. Clark, Vice-President and general counsel of Midwest Refining
Co. has been elected a director, Vice-President and Assistant to the Chairman.
-V. 116, P. 1191.

Standard Oil Co. (Kansas).
-Annual Report.
-

Calendar Years1922.
Public Service Gas!Co.-Improvements.1921.
1920.
1919
$1,232,154
$207,789 $2,043,449 $1.661,614
The company has begun improvements on four plants in Hudson County, Net earning
(15%)300,000 (24)480,000 (24)480,000 (24)480,000
N. J., including installation of exhauster with a capacity of 10.500,000 Dividends paid
Cu. ft. and a 350
-ft. dock on the Hackensack River front, both at the West
Balance, surplus
"$932,154 def$272,211 $1,563,449 $1,181,614
End works.
-V. 115, p.2278.
Previous surplus
6.768,408
7,040 619
5,477,170
4,295,556
Stock dividend
x6,000,000
Pure Oil Co.
-Offer to Okla. Producing & Ref. Co.
See Oklahoma Producing & Refining Corp. above.
-V. 116. P. 1189.
Profit and loss surplus_$1,700,562 86,768,408 $7,040,619 $5,477,170
Radio Corp. of America.
-Acquires Radio Patents.
x On Dec. 30 1922 a 300% stock dividend was paid on the then outstandIt is reported that radio devices developed by John Hays Hammond Jr.
primarily for wartime use by the Government. which include methods of ing $2,000,000 capital stock.
Balance Sheet December 31
operating aerial and marine torpedoes and maneuvering battleships without
personnel for tartot nraetice, have been sold to the Radio Corp of America
1922.
1921.
1922.
1921.
and the American Telep. & Teleg. Co. The Government, however, will
A ssetsLiabilities-$
$
retain an option on all of the devices for military use and for experimenta- Real estate& plant 5,822,773 5,780,455 Capital stock
8,000,000 2,000,000
tion with aircraft bombing. Mr. Hammond and his assistants. It is said, Raw material, &e_ 2,958,248 3,235,385 Accounts payable_ 761,271
910.563
will be retained as consulting engineers by the Radio Corporation. Ap- Cash
100,488 Depreciation
115,832
1,290,102 1,057,689
proximately 200 separate patents have been conveyed.
Securities
1,081,249 1,201,800 Tax reserve
-V. 116. p. 1062.
168,859
17,006
Ace'ts receivable__ 1,942,893
435,778 Surplus
1,700,562 6,768,408
(Robert) Reis & Co.
-Sales, &c.
Total
11,020,793 10,753,666
Total
The percentage of increase in sales of the company and subsidiary cor11,920,793 10,753,666
porations for Jan. and Feb. 1923 over the same months of 1922 is as follows: -V. 116, P. 731.
Jan. 1923,56X% above Jan. 1922, and Feb. 1923. 35 2-3% over Feb. 1922.
Standard Oil Co. (Kentucky).
-Annual Report.
Booking of advanced orders for fall of 1923, it is stated, are considerably
Calendar Years1922.
in excess of last year for same period.
1921.
1920.
1919.
-V. 116. p. 833.
Net profits
$5,086,875 $3,377,542 $6,020,260 83,726,033
Cash dividends
Y3,763,725 (12)720.000 (12)720,000 (12)720.000
Replogle Steel Co.
-New Directors.
Res. Fed,
625,000
660,000 2,250,000
1.500,000
Leroy W. Baldwin and S. H. Bell have been elected directors succeeding Insurance taxes cur. year
fund
100,000
Mortimer L. Schiff and the late Charles M. MacNeill, respectively.
V. 116, p. 947.
Balance, surplus
$698,150 $1,997,542 $3,050,260 $1,406,033
Previous surplus
9.288.442
7,290,900 4,240,640
2,834,607
Republic Iron & Steel Corp.
-New Director.
Stock dividends
x9,000,000
Matthew C. Brash. President American International Corp., has been Adjustments,&c
Cr.386.621
elected a director to succeed the late George W. Watts.
-V.116, p.611. 525.
P. & L. surplus
$1,373,213 $9.288,442 $7,290,900 $4,240,640
St. Regis Paper Co.
-Bonds Called.
An of the outstanding First & Ref. Mtge. 6%.gold bonds, dated Dec. 1
x The company in April 1922 paid a 33 1-3% stock dividend and again
1913. have been called for redemption June 1 at the Northern Now York In December 1922 paid a 66 2-3% stock dividend. y Includes dividends
Trust Co., Watertown, N. Y., or at the First National Bank, 2 Wall St.. of 6% on the old $100 stock and $8 50 per share on the new $25 stock.
New York City.
-V. 115. p. 2057.
Balance Sheet December 31.
1922.
1922.
1921.
1921.
Safety Car Heating & Lighting Co.
Assets-Earnings.
$
Liabilities-$
$
$
Calendar YearsPlant, improvem't
1922.
1921.
16,715,221 6,000,000
Capital stock
1920.
Net profits
and equipment _13,901,127 11,987,725 Accounts payable_ 1,452,445 2,673,884
$1.579,388 $1.349,992 $1,453,488
Depreciation, &c
642.945
6,037,496 7,426,542 Depreen reserve 3,973,075 3,211,405
631,753
390,769 Merchandise
Federal taxes
137.600
Insurance fund_ _ _ 349,825
200,000 Cash, accounts re329,354
Dividends
ceivable & other
591.720
Reserve Fedi tax_ 1,044,966 1,000,777
591,720
591,720
investments_
4,970,122 3,089595 Surplus
1,373,213 9.288,442
Surplus
-v.114, p.2249; V. 115, p. 2695 $207.123 $126,519 $270,999
Total
24,908,745 22,503,862
Tots!
24.908,745 22,503,862
-V.116, 1). 1190, 947.

Salina Light, Power & Gas Co.
-Bonds Offered.
-Henry
L. Doherty & Co. and Taylor, Ewart & Co., Inc., New
York, are offering, at 96% and interest, to yield about
6.30%, $950,000 First Mtge.6% Sinking Fund Gold Bonds,
Series "A" (see advertising pages).
Dated April 2 1923. Due April 11943. Int. payable A. & 0.in Chicago
at Union Trust Co., trustee, and In New York at office of company, without
deduction for Federal normal income tax not exceeding 2%. Denom.
$1,000. $500 and $100 c.o. Redeemable, all oe part, on any interest date
upon .30 days'notice: until April 1 1928 at 115: thereafter until April 1 1933
at 110; thereafter until April 1 1935 at 108: thereafter until April 1 1937 at
106; and thereafter and until April 1 1942 at 106 Inas 1% for each year or
fraction thereof expired between date of redemption and April 1 1937: and
after April 1 1942 at par plus interest.
Data from Letter of R. E. Burger,President of the Company,Mar. 17.
Company.
-Owns and operates, free from competition, the gas, electric
light and power systems in the City of Salina, Kan. Population. about
17,000. Properties include a modern and efficient power station having a
rated capacity of 8,150 k. w. Distribution system, consisting of about 61
miles of pole line and 26 miles of gas mains,covers all parts of the city and
serves a number of consumers outside the city limits.
•
Capitalization Outstanding upon Completion of Present Financing.
1st Mtge.6% Gold Bonds,Ser."A,"due 1943(auth.$55,000,000)-4950,000
7% Cumulative Preferred Stock
172,900
Common Stock (owned by Cities Service Co.)
500,000
Purpose -Proceeds will be used to retire the First Mtge. 7% Gold
.
Bonds. due May 1 1923, and for extensions and improvements now nearing
completion.
-Commencing March 1 1924. company will annually pay
Sinking Fund.
to the trustee an amount sufficient to retire 1%% of the total amount of
bonds theretofore certified. Funds will ba used by trustee to purchase
bonds in the open market at not to exceed par and interest.
11Mos.end. Year end. Year end.
EarningsJan.31'21. Jan.31'22. Jan.31'23.
Total gross earnings
$412,697 $472,812 $507,480
Oper. expenses, maintenance and taxes
278.193
279,032
298,562
Net earnings before depreclatio
134.504 $193,780 $208,918
Bond interest (upon completion of this financing)
57,000
-Henry L. Doherty & Co.
Management.
-V. 110. p. 2082.

Standard Oil Co. of Nebraska.-Bal. Sheet Dec. 31.1922.
1921.
1922.
1921.
Assets$
Liabilities$
$
$
Plant(less deprec.)._2,505,269 2,261,838 Capital stock
3 000,000 3,000,000
Merchandise
1 029,446 1,179,973 Awls payable
421,397 342,511
Cash
1,127,537 1,093,192 Reserve for Federal
Acc'ts receivable_ __ _ 385,035 420,706
taxes
118,450
94,395
Investments
685,410 428,971 Surplus
2,192,868 1,947.772
Total
5 732.897 5.384,680
Total
5,732,697 5,384,680
-V. 115, p. 2279.

(L. R.) Steel Co., Inc., Buffalo, N. Y.
-Obituary.
--

Leonard R: Steel Jr., head of.the Steel enterprises, died March 22.V. 116. p. 1063.

Stern Bros. (Dry Goods), N. Y. City.
-To Reduce Pref.

The stockholders will vote April 11 on reducing the Pref. stock from
$3,851,400 to $2,837,800.
Jan. 31 Years1922-23.
1921-22.
1920-21.
1919-20.
Gross income
Not
f $1,491,834 $1,686,388 $2,226,466
Gen., admin.. &c , exp_ f shown
1
457,450
489.003
329,356
Net profit
$1,014,717 $1.034,384 $1,197,385 $1,897,110
Federal taxes
160,000
105,000
305,000
530,052
Net prem. & expense on
purchase of Pref. stk.
85,769
Preferred dividends_ _ _(8%)258,398(7 14)257.581 (14)420,000 (1 h)52.500
Prof. dly.(stk.)(33Si%)
x997,500

1

Balance, surplus
$510.550 def$325.697
8472,385 $1.314,558
x Stock dividends, covering accumulstiona unpaid to Sept. 1
1921,
3311%; paid in 8% Preferred stock, $981,900: cash fractions. $15,600.V. 114, p 2833.

Submarine Boat Corp.
-Annual Report.
Calendar Years1922.
1921.
1920.
Gross earnings from con-

1919.
struction and sales-$10,505,516 $5,855.591 $35,179,794 $93,991,824
Cost of constr. & exps
9,472,492
7,830,217 31,341,570 80,706,860
Net income
81,033.024 loss$1974626 $3,838.223 $4,284,964
Other income
1,160,747 8.410,504
3,276.761
712,731
-Stockholders' Committee.
Silversmiths Co.
Gross income
$2,193,771 $6,435,878 $7,114,985 $4,997,694
The stockholders have been requested to deposit their stock with a
577,938
stockholders' protective committee, the object of which is to protect the Other deductions
8,635,354
5,248,991
2,934,133
stockholders' interests and to represent them In the event that any plan
Balance, surplus
$1.615,833df$2,199.475 $1,865.995 $2,063,561
may be presented for the refinancing or the reorganization of the company.
5,760,096
The formation of the committee was brought about by the default In Previous surplus
8,472,324
8,025,677
5,921,995
payment of $724,000 certificates of indebtedness and $245.000 secured Adjustments
Cr.40,123
notes, both due July 1 1922. The company has been in difficulties since Federal taxes. prior years
1e0.092
653,498
Dividends paid
1920.-V. 115, P. 3
352,660
765,850
16.
Profit & loss surplus-- $7,375,929 $5,760,096 $8.472,324 $8,025,679
Simmons Co., Kenosha Wisc.-Sales.-V. 115. p. 2805.
current fiscal year were $6,592.687.
Gross sales for the first quarter of
an increase of more than 100% over the same period last year.
Standard Oil Co. of New Jersey.
-V. 116. p.
-Oil Contract.
731.
The company has entered into a contract with the
calling for the delivery of crude oil and gasoline during Marland Oil Co.
the current year.
-Production.
Skelly Oil Co.
-Sales
with a value ranging between $30,000.000 and $35,000,000.
It is reported that the company and Its subsidiaries sold 451,762 barrels
An official statement says: "The
of crude oil in Feb., valued at $918.276. It is stated that the company announces the closing of a transaction Standard Oil Co. of New Jersey
whereby Marland Oil Co. has sold




MAR. 24 1923.]

THE CHRONICLE

6,000,000 barrels of crude oil to the Carter Oil Co., subsidiary of the
Standard 011 Co. of New Jersey, for delivery in the Osage; also 2,000.000
barrels of gasoline, which it has sold to the Standard Oil Co. of New Jersey.
This will insure an ample supply of high-gravity crude for the New Jersey
company's needs in 1923.
"Total amount involved in this transaction is between $30,000,000 and
$35,000,000. Deliveries will commence at once, continuing for a period
of a year."
-V. 116, P. 1063.

Superior Steel Corp.
-New Officers.
R. Edson Emory, recently elected a director, has been elected President,
succeeding James H. Hammond, who has been elected Chairman of the
Board. Charles H. Forster has been elected Treasurer, C. D. Clancy
Secretary and D. M. Liddell Assistant Secretary and Treasurer.
-V. 116.
p. 1063.

Temple Coal Co.
-Bonds Called.
-

1287

United Oil Producers Corp.
-Tenders.
The Coal & Iron National Bank, trustee, will until April 23 receive bids
for the sale to it of 8% Guaranteed and Participating Production bonds
to an amount sufficient to exhaust $46,843 in the sinking fund. On April 2
the trustee also receives tenders to exhaust $45,368 in the sinking fund.
To date the sinking fund has redeemed $509,800 of these bonds. See also
V. 116, p. 1063, 1191.

United States Shoe Co., Cincinnati, 0.
-Stocks Sold.
-'W. E. Hutton & Co., New York and Cincinnati, have
sold in units, 11,802 shares 7% Cumulative Preferred
Stock (par $100), and 53,997 shares Common Stock (no par
value), as follows: One share of pref. stock and 4M shares of
com. stock at $187 per unit.

Dividends on Prof. stock payable Q.
-J., beginning July 11923. Redeemable, all or part, on any dividend date on 60 days' notice, at 110 and dividends. Annual retirement fund of Prof. stock beginning 1925, of 10% net
earnings of preceding years, after payment of Pref, dividend, but not to
exceed in any one year 4ti% of the par amount of the total Preferred Stock
Texas Co.
-New General Counsel.
Judge C. B. Amos has been elected general counsel, succeeding Edwin outstanding at any time. Fund to be used for purchase of Prof. stock at
not exceeding redemption price. Transfer agent, Union Savings Bank &
B. Parker.
-V. 116, p. 1173.
Trust Co., Cincinnati; registrar. First National Bank, Cincinnati.
Tide Water Oil Co.
-Annual Report.
Data from Letter of President John C. Holters, Cincinnati, March 17.
Calendar Years1922.
1921.
1919.
1920.
Company.
-A recent merger of the following companies: Holters Co..
Gross earnings
$52,426,025 $46,255,290 $60,077,032 $46,828,784 Keohn-Fechheimer Co., Val Duttenhofer Sons Co., Robert Wise Co..
Operating expenses
45,752,291 45,294,444 45,195,335 32.145,519 Scheiffele Shoe Mfg. Co. Tha constituent companies manufacture women's.
misses'and children's shoes in welts, turns and McKays. The plants have
Operating income_ _ _ _ $6,673,734
$960,846 514,881,697 $14,683,265 a daily capacity of 10,150 Pairs.
Other income
2.128,294
952,493
1,295,029
668,881
Sales.
-Sales for the five years to the close of the season ending October
1922, and tne period from October 1922 to Jan. 20 1923, amounted to
'Total income
58,802.028 $1,913,339 $16,176.726 $15,352,146 340.476.866.
Deprec. di depletion
4,080.975
3,826,060
4.880,132
3,933,727
Earnings.
-Average net earnings of the constituent companies for the
Federal taxes
2,298,211 period 1917 to Jan. 20 1923, after giving effect to Fedeeal income taxes at
2.190,592
1922 rates, amounted to $458.000 per annum, or over three times the annual
Net
$4,975,968df$2,020,388 $9,106,002 $8,973,020 dividend requirements of $150,500 on the Preferred Stock. This 5
-year
Outside stockholders'
average annual rate of $458,000 is net after giving effect to all losses inciproportion
52,651
5,516
6,442
66,350 dent to the deflation period of 1921-22 and including a severe strike.
Uncle. normal conditions annual net earnings of the separate companies
Tide Water Oil stockshould oe in excess of $600,000 after Federal income taxes. Through
holders' proportion_ $4,923,317 e$2,026,830 $9.100.486 $8.906.670 economies resulting from the consolidation, the orobabie net income of the
Dividends
(10)4171,534(16)5859,060(16)5246,412 new company should be from 3700.000 to $750,000, or in excess of 84 59
per share or 20% on the common after providing for the preferred dividend.
Balance, surplus
lt4,923,317df36.198,364 $3,241,426 $3,660,258
Capitalization.
-After consolidation company will have outstanding
Profit & loss surplus- ---$17,320.881 $12.067,825x318,660,087 $17.659.919 $2,150,000 Cumul. 7% Prof. stock (inclusive of $203,100 set aside to proe Less. x In previous annual report Federal income taxes are shown as vide for Preferred Stock of Hollers Co.), and 152,500 shares of no par value
$2.190,592: this amount was later reduced by $497,363, which added a like Common stock. No funded debt.
amount to the surplus at end of year.
-V. 116, p. 1191, 86.
Directors.
-John Duttenhofer, Marcus Fechheimer, John G. Miters.
James M. Hutton, Irwin M. Krohn, It. IC. LeBlend, James P. Orr, Frank
Tobacco Products Corp.
-Federal Complaint.
X. O'Brien, Marcus S. Rice, Edwards Rite-le, Lewis S. Rosensteli, Wm. Hi.
See American Tobacco Co. above.
-V. 116, p. 1191, 1174.
Schelffele, Robert Wise,
Balance Sheet January 20 1923 (After Financing).
Tonopah (Nev.) Mining Co.
-76% Dividend.
Liabilities
AssetsThe directors have declared a dividend of 7 t4 % on the capital stock,
31,946,900
payable April 21 to holders of record Mar. 31. The company in April and Land.bldgs.,4easeh'd, &c_83.138,260 Preferred stock
Prof. stock of subsidiaries.. 203,100
Oct. 1922 paid regular semi-annual dividends of 5%. together with extras Goodwill,trademarks, patents, &c
3,050,000
500,000 Common (surplus)
of 2 ti% each. An extra dividend of 15% was paid in Jan. last.
-V. 116,
Cash & negotiable recurs.. 213,131 Notes payable284,949
p. 1063.
Secured loan
25.000 Accounts payaole
334,269
Notes rec., customers__ _ _
Torrington Co.
34,481 Accrued items
25.818
-Usual Quarterly Dividend.
607.i53
The directors have declared the regular quarterly dividend of 62.See cents Acc'ts receiv'le, customers 874,283 Reserves
1,295.677
a share on the Common stock, payable April 2 to holders of record March Inventories
371.958 Total (each side)
$6,452,789
20. Last quarter, the company paid an extra cash dividend of $3 75 a Other assets
share on the Common stock in addition to the usual quarterly dividend of
United States Trucking Corp.
-Directors, &c.
6231 cents a share.
-V. 115, p. 2488. 1438.
President J. J. Riordan has been elected acting Chairman. succeeding
Turman Oil Co.
Gov. Alfred E. Smith, who resigned. Harry M. Taylor hes been elected
-Earnings Increase.
Officials say that daily earnings from oil production during February a director. E. T. Haggerty and S. M. Schatzkin have resigned as direc-V. 115. p. 2805.
showed an increase of $960 a day as comp aced with the previeue month. tors.
Due to the completion of new wells within the past two weeks. March is
Utah Copper Co.
-Obituary.
expected to show another substantial increase in e
The increase
Charles M. MacNeill. President of this company and of the Chino Copin earnings is expected to result in extra compensation to stoekholders.per Co., Vice-President of the Replogle Steel Co.and a director of a number
V. 115, p. 2391.
of other corporations, died in N. Y. City on Mar. 17.-V.11.16, p. 1063.
Thirty-one 1st & Coll. Trust Mtge. Sinking Fund bonds dated July 1
1914 have been called for payment April 1 at 101 and int. at the Pennsylvania Co. for Insurance, &c., Phila., Pa., trustee.
-V. 115. p. 1438.

Union Natural Gas Corp. 4% Dividend.
-13
-

A quarterly dividend of 151% has been declared on the outstanding
$19,680,000 capital stock, par 825, payable April 15 to holders of record
March 31. This compares with 2% paid quarterly from April 1919
to January 1923 incl., on the $9,840.000 stock outstanding prior to the
payment on Dec. 30 1922 of the 100% stock dividend. (See V. 115.
p. 2488.)-V. 116. p. 1047.

Union Tank Car Co.
-Annual Report.
Calendar Years1922.
1919.
1921.
1920.
Earns, after oper. oxp- - $8,097,781 $5,903.574 $7,224,982 $6,694.169
Depreciation & amort'n- 3,895,782
2,545,43e
1,858.826
3,817,350
Fed. taxes (prey. year).
1,017,054
249,562
1.286,491
1,001.115
Res. for taxes 1922
570,000
Res, for annuities
_
200.000
79,577
82,485
Preferred dividend_ _ _ -(7%)840.000 (7)840,000(51)503,433 Pf.stk.iss.'20
Common dividends_ _ --(7%)840,000 (7)840.000 (7)840.000 (7)840.000
Balance, surplus
Previous surplus

$1,622,859 def$677,376 $2,049,620 $2,778,289
9,398.694 6.620,405
10,815,177 11,492,553

Total
$12,438,036 $10,815,177 $11.448,314 89,398.694
Adj. Federal taxes
Cr.44,239
50% Com, stock dividend 6,000,000
Profit & loss surplus- - $6,438,036 $10,815,177 $11,492,553 $9.398,694
Balance Sheet December 31.
1922.
1922.
1921.
1921.
Assets
$
Tank ear equip_ _x38,223,628 41,802,527 Preferred stock_ _12,000,000 12,000,000
Real estate
47,106
47,189 Common stock__ _18,000,000 12,000,000
Office furniture
12,076
21,127 Car trust notes... 6,500,000 9,012,000
Shop Investment
235,477
85,938 Accounts payable. 620,095
563,082
Cash A securities_ 3,880,518 1,714,681 Res. for annuities_ 276,011
226,520
Material
331,043
192,250 Reserve for taxes_ 570,000
Accts. receivable 1,673,397
6,438,036 10,815,177
753,058 Surplus
Total

44,404,142 44,616,779
44,404,142 44,616,779
Total
x Leae depreciation.
The stockholders will vote AprIl 11 on authorizing the directors to
acquire Conunon stock for employees. It is provided in the plan that
about 10,000 shares of the Common stock of a total unissued amount of
70.000 shares shall be issued and sold to the trustees on behalf of its employees and those actively engaged in the conduct of its business. The
plan will be in operation for five years from July 1 1923 and shall be
administered by three trustees. Employees, officers and directors who
have been in the service of the company continuously for one year or
more may buy the Common stock under the plan. The stock may be
paid for in installments.
-V. 116, p. 189.

United Gas & Fuel Co. of Hamilton, Ltd.-Guar'y, &c.

See Hamilton By-Products Coke Ovens. Ltd.. above.
-V. 115. D. 2915.

United States Gypsum Co.
-Annual Report.- •
Calendar Years-

1922.
1921.
1919.
1920.
Net earnings
$4,370,771 $2,639,553 $2,126,778 $1,288,110
Depreciation
470,216
271,418
Not shown
Contingencies
300.000
200,000
Federal taxes
481.522
478,169
212.000
421,567
Preferred dividends(7%)
418,881
417,785
397.567
417.321
-Coin. dividends(14%)419,659(9%)374,670(9%)355,115 (1%)39,049
Balance, surplus
$2,080,403
$910,587
3639.494
$932,774
Profit and loss surplus $5,615.795 $3.535.302 $2,624,715 $1 498871
x Includes stock dividend of 10% and 4 regular quarterly dividends of
1% each. In Dec. 1921 and 10205% was paid in Common stock besides
the regular cash dividends. These are included in the above amounts
-V. 116. P. 919.
:shown.




-Bonds Offered.
Van Camp Sea Food Co., Inc.
-Bond &
Goodwin & Tucker, Inc., and Carstens & Earles, Inc., Los
Angeles, are offering at 99 and int., to yield about 7.10%,
$850,000 1st (closed) Mtge. 7% Sinking Fund Gold bonds.
Dated Feo. 15 192.3. Due Feo. 15 1937. Interest payable F. & A. at
Pacific Southwest Trust et Savmgs Bank, Los Angeles, trustee, without
deduction of normal Federal income tax up to 2%. Denom. $500 and
$1.000c*. Callable on any int. date on 60 days' notice at 107 up to Feb.
15 1931 and at 1% per year less for each year thereafter.
Data from Letter of Pres. Frank Van Camp, Los Angeles, Calif.j
March 1.
Company.
-Consolidation of the Van Camp Sea Food Co., International
Packing Corp., Neilsen & Kittle Canning Co., Ltd., and White Star Canning Co. Plants of the White Star Canning Co. and the International
Packing Corp. (through predecessors) have been in operation since 1912:
the Van Camp plant since 1914 and the Neilsen & Kittle plant since 1918.
Company is the largest packer of tuna in the world. In addition to Its
operations in packing the several varieties of tuna, albacore and sardines,
company has rounded out its seasonal operations by becoming packers of
other California food products. Plants are located in Los Angeles Harbor
and on San Diego Bay. Owns or controls through mortgages a large fleet
of deep sea fishing boats.
Purpose -Proceeds will be used to discharge current debt and supply
.
additional working capital.
Capitalization Outstanding After This Financing.
1st Mtge. bonds
$850,00017% Cumul. Pref. stock_ __ _$.598,500
Prior Pref. 8% Cumul. stk. 665,000 Common stock
800,000
Earnings.
-Consolidated net earnings of the constituent companies for
the 5
-year period ending Dec. 31 1920, after depreciation, averaged over
$385,000 per annum, or more than 6.4 times the interest charges on these
bonds. After deducting all inventory and other losses incurred through
post-war adjustments, average net earnings for 7 years ending Dec. 31 1922
have been over 3 times the int, charges on these bonds. It is expected that
unified operation will effect other important economies and result in substantially increased earnings.
Sinking Fund -Beginning Feb. 15 1924 company will pay to the trustee
for the purpose of retiring bonds an amount equal to 15% of net earnings
as defined in the trust indenture. Moneys in the sinking fund will be applied to the purchase of bonds in the open market up to the redemption
price, and if net exhausted by such purchases, will be used to call bonds by
lo

Waltham Watch Co.
-To Redeem Bonds.
-

The directors have voted to call for payment and to redeem on Aug. 1
1923 at 102 and int, the entire issue of $3,000.000 5
-Year 6%notes due
Aug.'11024.
The First National Bank of Boston is now prepared to redeem any or all
of the above notes at 102 and int,to date of presentation.
-V.116, p.834.

Warner Sugar Refining Co.
-Annual Report.
-

Calendar Years1921.
1920.
1922.
Gross sales
x$55,831,829 $45,429,645$113,049,828
Profit from operations
$2,289,542 $1,392,896 $1,437.689
Interest charges
457,179
651.262
Depreciation
452.286
Federal taxes
96,720
Reserve for bad accounts
326,589
418,434
627,372
Pref. dividends(7% per annum)
10,507
10.297
10.507
Surplus
$752,407
$506,776
$799,809
Profit and loss surplus
$8,396,029 $7,643.621 37.136.845
x During the calendar year 1922 975,465.124 lbs. of sugar were sold, as
compared with 717.455,761 lbs. during the calendar year 1921.-V. 116.
p. 1192. 1083.
For oth.r Investment. News, see page 1317.

THE CHRONICLE

1288

[Vol.. 116.

11cl:forts anti Ilonnnents.
UNITED STATES STEEL CORPORATION
TWENTY-FIRST ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1922.

Office of United States Steel Corporation,
51 Newark Street, Hoboken, New Jersey,
March 20 1923.
To the Stockholders:
The Board of Directors submits herewith a combined
report of the operations and affairs of the United States
Steel Corporation and Subsidiary Companies for the fiscal
year which ended December 31, 1922, together with a
statement of the condition of the finances and property at
the close of that year.
INCOME ACCOUNT FOR THE YEAR 1922.
The total earnings were, after deducting all expenses incident to operations, including ordinary repairs and maintenance (approximately $88,000,000)and taxes(including
reserve for Federal income taxes), per General Profit
and Loss Account
$109,788.916 32
Less. Interest on outstanding bonds and mortgages of the
subsidiary companies
8.259.605 93
Balance of Earnings in the year 1922
$101,529,310 39
Less, Charges and Allcwances for Depletion and Depreciaapplied as follows, viz.:
tion
To Depreciation and Replacement Reserves and Sinking Funds on Bonds
of Subsidiary Companies
133.382,624 09
To Sinking Funds on Bonds of U. S.
Steel Corporation
9,305,884 70
42,688,508 79
Net Income in the year 1922
$58.840.801 60
Deduct:
Interest on U.S. Steel Corporation Bonds
outstanding, viz.:
Fifty Year 5 per cent. Gold Bonds
110.698,238 20
Ten-Sixty Year 5 per cent. Gold Bonds_
8,534,066 67
S19.232,30487
Premium paid on Bonds redeemed, viz.:
On Subsidiary Companies'
Bonds
1150.205 98
On U. S. Steel Corporation
Bonds
724,873 04
875,079 02
20,107,383 89
Balance
$38,733,417 71
Add—Net balance of sundry receipts and charges,including
adjustments of various accounts
920,037 52
Balance
$39,653.455 23
Dividends for the year 1922 on U. S. Steel Corporation
Stocks, viz.:
Preferred, 7 per cent
125,219.677 00
Common,5 per cent
25,415.125 00
50,634,802 00
Balance provided from Undivided Surplus

$10,981,346 77

UNDIVIDED SURPLUS OF U. S. STEEL CORPORATION AND
SUBSIDIARY COMPANIES.
(Since April 1. 1901.)
Surplus or Working Capital provided in organization
$25,000,000 00
Balance of Surplus accumulated by all companies from April 1, 1901. to December
31, 1921, exclusive of subsidiary companies' inter-company profits in inventories, per Annual Report for year 1921-$483,926.957 59
Add adjustment of previous years' allowances for depreciation and of other
accounts, not applicable to 1922 operations
1.193,804 04
$485,120,761 63
Less provision from Undivided Surplus for
excess of dividends over Income for year
1922, as above
10.981,346 77
474,139,414 86
Total Undivided Surplus, December 31, 1922, exclusive
of Profits earned by subsidiary companies on intercompany sales of products on hand in Inventories at
that data (see note below)
$499,139,414 86
Note.—Surplus of Subsidiary Companies amounting to $33,294,418 82,
and representing Profits accrued on sales of materials and products to




other subsidiary companies which are on hand in latters' Inventories
December 31, 1922, is deducted from the amount of Inventories included
under Current Assets in Consolidated General Balance Sheet.
COMPARATIVE INCOME ACCOUNT FOR THE FISCAL YEARS.
ENDING DECEMBER 31, 1922 AND 1921.
1922.
Earnings—Before charging
interest on Bonds and
Mortgages of Subsidiary Companies:
First Quarter
Second Quarter
Third Quarter
Fourth Quarter

1921.

21,303,631 59
29,330.255 01
29,596,455 29
29,558,574 43

+Increase
—Decrease
$

34,342,006 44 —13,038,374 85.
23,911,921 99 +5,418.333 02
20,916,498 75 +8,679,956 54
21,620,852 32 +7,937,722 11

Total for year
*109.788,916 32*100,791.279 50
Less, Interest on outstanding Bonds and Mortgages
of the Subsidiary Companies
8,259,605 93 8,065.221 58

+8,997,636 82*

Balance of Earnings_ _101,529,310 39 92.726,057 92
Less, Charges and Allowances for Depletion and
Depreciation applied as
follows,Ariz.:
To Depreciation and Replacement
Reserves
and Sinking Funds on
Bonds of Subsidiary
Companies
33,382,624 09 27,905,045 44
To Sinking Funds on U.
S. Steel Corporation
Bonds
9,305,884 70 8,863,180 35

+8,803.25247

NetIncome in the year 58,840,801 60 55,957,832 13
Deduct:
Interest on U. S. Steel
Corporationnondsoutstanding
19,232,304 87 19,679,582 49
Premium paid on Bonds
redeemed, viz.:
On Subsidiary Companies' Bonds
27,835 57
150,205 98
On U. S. Steel Corporation Bonds
719,626 39
724,873 04

+2,882,96947

Balance
38,733,417 71 35,530,787 68
Add: Net Balance ofsundry
receipts and charges, including adjustments of
various accounts
920.037 52 1,086,229 51

+3.202,630 03

39,653.455 23 36,617,017 19

+3,036,43804

Dividends on U. S. Steel
Corporation Stocks, viz.:
Preferred, 7%
25,219,677 00 25,219,677 00
Common,5%
25,415,12500 25,415.12500

+194.384 35
-

+5.477.578 65.

+442.704 35.

—447.27782

+122,370 41
+5,246 65.

—166,191 99

Deficit provided from
Undivided Surplus-- 10,981,346 77 14,017,784 81

—3.036 438 04
*Balance of Earnings after making allowances for estimated amount of
Federal income taxes.
MAINTENANCE, RENEWALS AND EXTRAORDINARY
REPLACEMENTS.

The expenditures made during the year 1922, for current
maintenance and renewals of the properties of the subsidiary companies, for blast furnace relinings and for extraordinary replacements, in comparison with expenditures
for the same purpose in 1921, were as follows:
1922.

1921.

Inc. (+) or Dec. (—)•

Ordinary Repairs and
Maintenance
84,056,163 37 88,703,378 67 —4,647,215 30 —5.24
Blast Furnace Relinings
1,926,857 34 3,776,747 34 —1,849,80000 —48.98
Extraordinary Replacements
4,295,186 77 2.361,581 52 +1.933,60528 +81.88
Total

90,278,20748 94.841.70783 —4.563.50005 —4.
81

The foregoing expenditures were charged to current
operating expenses and to depreciation and replacement
reserves provided from earnings.

1289

THE CHRONICLE

ifAil,. 24 1923.]

The following table shows a classification of the amount of the expenditures made during the year for above purposes.
on the respective groups of operating properties:
'EXPENDITURES DURING THE YEAR 1922.
Ordinary Maintenance and Repairs, including Extraordinary
Blast Furnace Replacements.*
Relinings.

EXPENDED ON

Manufacturing Properties—
Total, except Blast Furnace Relining and Renewals
Blast Furnace Relining and Renewals
Coal and Coke Properties
Iron Ore Properties
Transportation Properties—
Railroads
Steamships and Docks
Miscellaneous Properties

Total.

Total
Expenditures
in
1921.

Decrease
in
1922.

19,085.697 16
926.571 19
1,325,000 11

$1.368.17084 $54,584,241 22 356.897,593 22 12,313,352 03
1,849,89000
3.776.74734
1,926,857 34
7,705,967 53 Inc. 378,9213 20
281,949 05
8,084,895 73
1.769.345 96 Inc. 26,796 03'
96.264 14
1,796,141 99
2.224,764 71
147,460 14 19.233,157 30 21,457.922 011
,
1.743,275 44 1nc.1,569,044 40
3,312,319 84
2,385,748 65
150,261 97
1.490.856 03,
15,593 95
1,340,594 06

$85,983,020 71

34.295.186 77 $90,278,207 48 394.841.707 53! 34,563,500 0

353,216,070 38
1,926.857 34
7,802,946 68
1,699,877 85

Total

*These expenditures were charged to reserves provided from earnings to cover requirements of the character included herein, as see page 10lrenorti
DEPLETION, DEPRECIATION AND REPLACEMENT RESERVES.

Summary of allowances made during the year 1922, from Earnings and through charges to current operating expenses,
for these reserves and the credits to the same from other sources; also charges made thereto and the application thereof and
adjustments therein during the year, together with balances to credit of the reserves at December 31 1922.
(Balances shown at close of year do not include depreciation allowances reserved from Income. which have been transferred to Trustees of Bond Sinking Funds
and used or to be used in retiring bonds)
•
Balances
December 31
1921.

RESERVES.
,

CREDITS TO RESERVES CHARGES TO, APPLICATION
DURING THE
OF AND ADJUSTMENT OF
RESERVES.
YEAR.
•
Set Aside DurTransfers and
in 1922 from Other Credits Expenditures
Adjustments of
during 1922
Income and
and Charges
Reserves in
including
to Reserves
by charges to
1922.
Current
Salvage.
in 1922.
Expenses.

Balances
to Credit of
Reserves
December 31
1922.

$
$
$
3
3
Depletion and Depreciation other than amounts specifio,
263061.855 59 33,382,624 09 3,556,863 86 a10,316,082 18 62,010,063 87 287,682.197 49
ally applied to Bond Sinking Funds
15,385.151 28
1,926,857 34
911,638 17 4.400,370 45
12.
Blast Furnace Relining
Reserve applicable for Sinking Fund on U. S. Steel
•
4,123,955 11
c9.180,562 92
3,998.633 33 9.305,884 70
Corporation Bonds
47.088,87924 3.556.863 861 12.242.93952 11.190.62679 307,191,303 88
279.979.127 09
TrItml
a Includes $4,295,186 77 of expenditures made in 1922 for extraordinary replacements and $6,019,670 94 charged off and credited Property account
(see page 17, pamphlet report) for investment in improvements and equipment dismantled and retired.
b Covers transfer of this amount to Depletion and Depreciation Reserves invested in Bond Sinking Funds of subsidiary companies.
c Covers transfer of this amount to Depletion and Depreciation Reserves invested in Bond Sinking Funds for U. S. Steel Corporation Bonds.

CAPITAL STOCK.
The amount of outstanding capital stock of the United
States Steel Corporation on December 31 1922 was the same
as at the close of the preceding fiscal year, viz.:
Common Stock
Preferred Stock

$508,302,5130 00
360,281,100 00

BONDED. DEBENTURE AND MORTGAGE DEBT.
The total bonded, debeature and mortgage debt of the
United States Steel Corporation and Subsidiary Com$540,864.767 74
panies outstanding on January 1, 1922, was
Issues were made during the year as follows:
Indiana Steel Co. First Mortgage Bonds----$7,000,000 00
The National Tube Co. First Mortgage Bonds 3,000,000 00
Bessemer & Lake Erie RR.Co. Osgood Equip270,000:00
ment Trust Bonds
Duluth Missabe & Northern Ry. Co. General
Mortgage Bonds (sold to sinking fund
82.000 00
trustees)
St. Clair Terminal RR. Co. First Mortgage
1.129.00000
Bonds
Monongahela Southern RR.Co. issues, viz.:
1.800,000 00
First Mortgage Bonds
2,500.000 00
General Mortgage Bonds
15.781.000 00
3556.645,767 74
Bonds were retired during the year as follows, viz.:
Clairton Steel Co. Issues, viz.:
St. Clair Furnace Co. First Mortgage Bonds $110,000 00
100,000:00
St. Clair Steel Co. First Mortgage Bonds—
American Sheet & Tin Plate Co.—W. Dewees
100,000 00
Wood Co. First Mtge. Bonds
T. C. I. & RR. Co.—Cahaba Coal Mining
213,000 00
Co. First Mtge. Bonds
H.0. Frick Coke Co.—Pittsburgh-Monongahela First Lien Purchase Money Mortgage
Bonds
588,000 00
Union RR. Co. issues, viz.:
115,000 00
Duquesne Equipment Trust Bonds
Mifflin Equipment Trust Bonds
120,000_00
Bessemer & Lake Erie RR. Co. issues, viz.:
110.000-00
Bessemer Equipment Trust Bonds
Girard Equipment Trust Bonds
240,000 00
Erie Equipment Trust Bonds
1,220.000 00
Meadville Equipment Trust Bonds
55.000 00
Duluth Missabe & Northern Ry. Co. 1st Division First Mtge. Bonds
1,174,000 00
Total
$4.145,000 00
Bonds were redeemed by Trustees of Sinking
Funds viz.:
-Year
U.S. Steel Corporation 50
36,944.000 00
5% Bonds
-60
U. S. Steel Corporation 10 Year 5% Bonds
2.194,00000




Sundry Bonds of Subsidiary
Companies
3,614,000 00
12,752.000 00
316,897,000 00
Potter Oro Co. First Mortgage Bonds retired
by that company(T.C.,I.& RR.Co.'s proportion)
8.50000
16,905.50000
Total Bonded, Debenture and Mortgage Debt. December 31 1922
3539,740.267 74
Net Decrease during the year 1922

$1,124,500 00

A detailed schedule of the various issues of bonds outstanding on December 31 1922, also of bonds held by Trustees of
Sinking Funds, will be found on page 38 [of pamphlet report]. The following is a summary by general classes of the
total bonded, debenture and mortgage debt:
Less Redeemed
Total
Including
and held by
Bonds in
. Trustees of
Sinking Funds. Sinking Funds.

Balance
Outstanding.

U. S. Steel Corporation 50
Year 5% Bonds
304.000,00000 93,138,000 00 210,862.000 00
U. S. Steel Corporation 10-Year 5% Bonds
60
200.000,00000 29.955.000 00 170.045.000 00
Total U. S. Steel Corporation Bonds
504.000,000 00 123,093,000 00 380,907.000 00
SubsidiaryCompanies'Bonds
—Guaranteed by U. S.
Steel Corporation
135,242,000 00 30.878,000 00 104.364,000 00
SubsidiaryCompanies'Bonds
—Not Guaranteed by
U. S. Steel Corporation
59.548.900 00 5,251,000 00 *54.297.90000
Debenture Scrip, Illinois
Steel Company
13,161 24
13,161 24
Total Subsidiary Companies' Bonds
194,804,061 24 36,129,000 00 158,675.061 24
Total Bonded and Debenture Debt
698,804,061 24 159,222,000 00 539,582,061 24
Sundry Real Estate Mortgages
158,206 50
158,206 50
Grand Total Bonded, Debenture and Mortgage
Debt
698.962,267 74 159,222.000 00 539.740,267 74
*Includes only 52.179% of the outstanding bonds of P. B. & L. E. RR.
Co., being the same proportion of the total bonds as the stock of P. B. &
L. E. RR. Co. owned by U. S. Steel Corporation bears to the total issue
of stock.

1290

THE CHRONICLE

(Vol,. 116.

PRODUCTION OF RAW. SEMI-FINISHEMAND FINISHED PRODCAPITAL EXPENDITURES.
UCTS BY SUBSIDIARY COMPANIES IN THE YEARS
The expenditures made during the year 1922 by all companies
1922 AND 1921.
for the acquisition of additional property, for additions
Productsand extensions to the plants and properties and for net
1922.
1921. -1922 Increase
Tons.
outlays for stripping and development work at ore mines,
Ores Mined:
Tons.
Tons.
%
Region
less credits for property sold, equaled the net sum of_ _ _$29,571,662 84
In11the Lake Superior
:
(Iron Ore)
Less, amount written off to Depreciation and Replacement
missabe & Vermilion Ranges 16,549,588 12,065,390 4,484,198 37.2
Reserves for investment cost of improvements and equipment dismantled and retired
Gogebic. Menominee and Mar6,019.670 94
quette Ranges
2.477,672 2,415.802
61.870 2.6
Net addition to Capital investment account during the
In the:Southern Region-Alabama
year
(Iron Ore)
2,545,242 1,941,490
603,752 31.1
$23,551,991 98
In Brazil, S. A.(Manganese Ore)_ 205.677
225,199
*19.522 *8.7
The following is a classification of the total expenditures by property
Total
21,778,179 16,647,881 5.130.298 30.8 groups, viz.:
Manufacturing Properties
$16,076,739 39
Limestone Quarried
5,633,186 4,607,486 1,025,700 22.3 Coal and Coke Properties
5,987.116 98
Iron Ore Properties
234,528 16
Coal Mined:
Transportation Properties:
For use In the manufacture of
Railroads and docks
$2,709,613 68
coke
16,778,413 14,546.103 2.232.310 15.3
Great Lakes and ocean-going
For steam, gas and all other pursteamers
1,051,611 20
poses
6.515,058 7.081,836 *566,778 *8.0
3.761.22488
Limestone, natural gas, water and land comTotal
23.293.471 21.627,939 1,665,532 7.7
panies
784.698 13
$26,844,307 54
Stripping and development work at mines and
Coke Manufactured:
for additional logging and structural erecIn Bee-Hive Ovens
3,431,846 1,698,178 1,733,668 102.1
tion equipment
$5,966,400 43
In By-Product Ovens
9.805,212 8,127,086 1.678.126 20.6
Less, credit for expenditures absorbed in
in 1922 in operating expenses
3,2391045 13
Total
13,237.058 9.825,264 3,411,794 34.7
2,727,355 30
Blast Furnace Production:
11.885.179 8.547.199 3,337.980 39.1
Pig Iron
Spiegel. Ferromanganese and
Ferrosilicon
141.984
131.063
10.921
8.3
Total

12.027,163 8,678,262 3.348,901 38.6

Steel Ingot Production:
Bessemer Ingots
Open Hearth Ingots

4.068.578 2.950.897 1,117,681 37.9
12,013,807 8,015,450 3,998,357 49.9
16.082.385 10,966.347 5.116.038 46.7

Total

Rolled and Other Finished Steel
Products for Sale:
Steel Rails (Heavy and Light
Tee and Girder)
1,225,999 1.480,049 *254,050 *17.2
Blooms. Billets, Slabs,Sheet and
Tinplate Bars
673,099
409,767
263,332 64.3
Plates
1.410,414
723.355
687,059 95.0
Structural Shapes
Heavy
936,733
439,762
496.971 113.0
Merchant Bars, Hoops, Skelp,
Light Shapes. Etc
2.456.915 1,125.961 1,330.954 118.2
1.178,611
Tubing and Pipe
984,285
194,326 19.7
158.495
Wire Rods
88,232
70,263 79.6
Wire and Wire Products
1,404,663
915.651
489,012 53.4
Sheets (Black and Galvanized)
and Tinplates
1,504.121 1.024,542
479.579 46.8
301,248
Finished Structural Work
272,621
28,627 10.5
Other
Angle Splice Bars and All
Rail Joints
218,538
198,397
20.141 10.2
Spikes, Bolts, Nuts and Rivets72,531
60,291
12,240 20.3
Axles
96.403
22,567
73.836 327.2
78,247
Steel Car Wheels
35,101
43.146 122.9
69,314
Sundry Steel and Iron Products
79,753
*10,439 *13.1
Total

11,785.331 7,860,334 3,924,997 49.9

Miscellaneous Products:
Zinc
Sulphate of Iron
Fertilizer-"Duplex Basic Phosphate"
Fertilizer-Sulphate of Ammonia
Ammonia (as Liquor)
Benzol Products
Universal Portland Cement-

59.818
32,389

33,426
24.499

26,392 79.0
7,890 32.2

16,513
14.528
123,118
117,496
3,816
3,620
119,373
113,354
BEMs.
BB1s.
_13,168,000 12,499,000

1,985 13.7
5,622 4.8
196 5.4
6.019 5.3
Rigs.
669.000 5.4

* * Decrease.
INVENTORIES OF MANUFACTURING AND OPERATING MA-FINISHED AND FINTERIALS AND SUPPLIES AND SEMI
ISHED PRODUCTS, INCLUDING NET ADVANCES ON
CONTRACT WORK, ETC.

The net book valuation of the inventories of the above
classes of assets for all the subsidiary companies equaled at
Dec. 31 1922 the sum of $220,707,251, a decrease of $20,797,1/8 in comparison with the total at close of preceding
year. The valuation as stated is the net after allowing credit
for a reserve of $49,460,082 set aside from earnings of previous years to absorb deflation in value from war period
prices which may from time to time develop in respect of
inventory items.




Total expenditures
$29,571,662 84
Less, written off to Depreciation and ReplacementReserves
to cover investment cost of improvements and equipment
retired
6,019,670 94
Net addition to Capital Investment account in year

$23,551,991 90

The total amount expended from April 1 1901 (the date
of organization of United States Steel Corporation), to
January 1 1923, including expenditures by T. C. I. & RR.
Co. from November 1 1907 only, for additional property
and construction, and for net unabsorbed outlays for stripping and development work at mines, etc., less credits for
original investment cost of improvements and equipment
dismantled and retired, equaled the net sum of $1,084,901,345 87.
EMPLOYEES AND PAY ROLLS.

The average number of employees in the service of all
companies during the year, and the total salaries and wages
paid in comparison with corresponding results for the preceding year, were as follows:
Employees of
Manufacturing Properties
Coal and Coke Properties.
Iron Ore Properties
Transportation Properties
Miscellaneous Properties

1922.
Number.
150.847
26,856
11.906
21.523
3,799

1921.
Number.
133.963
22,451
11.183
20,010
4,093

214.931
Total
191.700
$322,678,130 8332.887.505
Total salaries and wages paid
Average Earnings per Employee per day for Year:
All employees, exclusive of General Adminis$4.78
trative and Selling force
$5 61
Total employees, Including General AdminisSellingforce$491
trative and
45 73
Average Earnings per Employee per'Day in
$5 59
Months of December 1922 and 1921
$4 09

GENERAL
The steel industry in the United States in the year 1922
showed a substantial recovery from the unusually low
volume of 1921, both in respect of new business offered
and production output. The aggregate tonnage of orders
booked by the subsidiary companies of the Corporation
during the year was slightly over 90 per cent of their estimated maximum annual capacity. But the greater part
of this tonnage was entered during the second six months
of the year, when, owing tb the extended strike at the coal
mines and of the railroad shopmen, operations wore conducted under difficulties. As a result the output of the
steel making subsidiary companies for the entire year
averaged only 71.3 per cent of their capacity, exceeding
materially, however, the output in 1921, in which year
the average was 47.51per cent of capacity. During the first

MAR. 24 1923.]

THE CHRONICLE

quarter of 1922 the output was but 57 per cent of capacity.
The interruptions in operations caused by the strikes mentioned, as well as the increased cost of coal, together with an
increase of about 20 per cent in wage rates effective on
September 1st, resulted in increasing costs of operation to
an extent which was not balanced by the slight advances
which took place in selling prices during the year. Consequently the earnings for the year as shown by this report
were relatively small for the volume of operations conducted and were not commensurate with the investment
employed. At the close of 1922 the tonnage of unfilled
orders of the subsidiary companies for the various classes
of steel products was 6,745,703 tons in comparison with
4,268,414 tons at the close of the preceding year. Up to the
(late of the writing of this report the new business booked
in 1923 has exceeded the rated maximum capacity of the
subsidiary companies. There has also been some improvement in the selling prices secured.
PRODUCTION.

The total production during the year 1922, in comparison
with results for the preceding year, of basic raw materials
and of semi-finished and rolled steel and other products for
sale, was:

1922.

1921. -Increase--

Tons. . Tons.
Tons. P.Ct.
Iron and Manganese Ore Mined_ -21,778.179 16,647,881 5.130.298 30.8
Limestone Quarried
5,633,186 4,607,486 1.025,700 22.3
Coal Mined: For use in making coke-16,778.413 14,546,103 2.232,310 15.3
For steam, gas and other purposes - 6.515,058 7.081.836 566,778 *8.0

1291

The prices received in 1922 for the total tonnage of rolled
and other finished steel products shipped, netted in respect
of domestic shipments $13 52 per ton less than the average
price received per ton for an equivalent tonnage of similar
products respectively shipped in 1921; and in respect of
export shipments there were received $19 70 per ton less than
the average price obtained in the preceding year.
The expenditures made during the year for general maintenance and upkeep of the properties, and the further provisional allowances for depletion of minerals and accruing
deterioration and obsolescence of improvements, equipment
and facilities, in comparison with similar expenditures and
charges in 1921, were as follows:

Expended for-

1921.
892.480,126
2.361.582
$90.278,207 894,841.708
1922.

Ordinary repairs and maintenance
885,983,020
Extraordinary replacements 4,295,187
Total expended
Net allowances made from
earnings (being the excess ofsame over amount
expended and included
in above) for exhaustion
of minerals and depreciation of plants and properties

(+)orDec.(-).
Amount. Per Cent.
86.497.106 -7.03
1,933.605 +81.88
84.563401 -4.81

40,866.835 33,934,444 6.932,391 +20.43

Total expended and appropriated for maintenance, depletion and depreciation
8131,145.042

8128.776.152 82.368.890 +1.84

The aggregate amount of inventories at the close of the
year, valued at cost of market price (whichever was the
lower) was $270,167,333, compared with a valuation of
$302,214,624 at the close of 1921. During the year there was
written off for shrinkage in inventory values the sum of
$11,250,173. This amount of depreciation in values was
charged to the Inventory Reserve set aside from earnings of
* Decrease.
previous years to absorb any marked deflation of values from
SHIPMENTS.
war period prices. Of the amount so charged to the InvenThe shipments of all classes of products in comparison with
tory Reserve, $2,792,131 were used in writing down to
shipments during the preceding year were as follows:
market prices at December 31, 1922, the values of various
1922.
1921.
Increase
Domestic ShipmentsTons.
Tons.
Tons. PerCent. inventory materials and products then in stock, and the
Rolled Steel and Other Fin!shed Products
10.708.022 6,832,038 3,875,984 56.73 balance, $8,458,042, was similarly applied at various times
Pig Iron,Ingots, Ferro and
during the year in respect of materials used in the manuScrap
273.963
142,715
131.248 91.97 facture of products shipped within
Iron Ore, Coal and Coke- the year. At December
740,380
618,729
121.651 19.66
Sundry Materials and By31 1922 the balance remaining in the Inventory Reserve
Products
109,082
103,265
5,817 5.63
Fund was $49,460,082. This balance of Inventory Reserve
Total tons all kinds of
Fund is stated in the Consolidated Balance Sheet as a rematerials, except Cement
11,831.447 7,696,747 4,134.700 53.72 duction in the total value for Inventories as carried in curUniversal Portland Cement
(Bbls.)
13.548,544 12,211,285 1,337.259 10.95 rent assets.

23,293.471 21.627.939 1,665,532 7.7
Coke Manufactured
13,237.058 9,825,264 3,411,794 34.7
Pig Iron, Ferro and Spiegel
12,027,163 8,678.262 3,348,901 38.6
Steel Ingots (Bessemer and Open
Hearth)
16,082,385 10.966,347 5,116,038 46.7
Rolled and Other Finished Steel
Products for Sale
11.785,331 7.860,334 3.924,997 49.9
(For classification see below.)
Barrels.
Barrels.
Barrels.
Universal Portland Cement
13,168.000 12,499,000 669,000 5.4

CAPITAL EXPENDITURES.

Export Shipments
Rolled Steel and Other
Finished Products
Pig Iron. Ferro and Scrap_
Sundry Materials and ByProducts

1.203,882
3,377
90,894

1,126,795
978
80,384

77,087 6.84
2,399 245.30
10.510 13.07

Total tons all kinds of
materials

1,298.153

1.208,157

89.996

Aggregate tonnage of
Rolled Steel and Other
Finished Products
shipped to both Domestic and Export
Trade

11,911,904
1922.

Total Value of Business
(Covering all of above
shipments, including cement and completed
steamships delivered and
other business not measured by the ton unit)
Domestic (not including
inter-company sales) $846.592,293
Export
75,311,489
Total

7.45

7,958,833 3,953.071 49.67
1921.

Inc.(+)or Dec.(-)
Amount. Per Cent.

The expenditures made by the Corporation and the subsidiary companies during the year for the acquisition of
additional property, new plants, extensions and improvements, including net stripping and development expense at
mines, equalled the sum of $29,571,662, classified generally
as follows:
Manufacturing properties
$16.076.739
Coal and Coke properties
5.987.117
Ore properties, including net additional expenditures
for mine
stripping and development
2.961,88E
Railroads and Lake Docks
2,709,614
Great Lakes and Ocean Steamers
1.051.611
Limestone. Gas and Water properties. Land Companies,etc_
784.698
Total expended

$29.571.662

On pages 18 to 21 of this [pamphlet] report is a statement
showing in considerable detail the various additions and improvements for which the above outlays were made. Except
for the following relatively more important items, the expenditures covered a wide range of miscellaneous additions
8563.093.812 883,498.481 +14.83
92.313,756 17,002,267 -18.42 and new construction work, principally in finishing up im$721,903.782 8655,407,568 866,496,214 +10.15 provements commenced in previous years or the initial expenditures on new work authorized in the latter part of 1922.




1292

THE CHRONICLE

At the Duluth Plant of Minnesota Steel Company there
was completed and placed in operation during the year a
new rod and wire mill.
At the Gary Plant of Indiana Steel Company the new 12inch and 20-inch mills for rolling strip steel were completed.
At the South Works of the Illinois Steel Company the construction of a new gas engine driven electric power station
was completed; and at the Joliet Works of the same company
four batteries of the by-product coke plant were reconstructed.
At Gary, Indiana, active work was commenced on the
construction of a new tube plant, to consist of 5 butt
weld mills,4lap weld mills and 1 seamless mill, with necessary
auxiliary departments and facilities. The plant is being
constructed by the Gary Tube Company, a subsidiary of
National Tube Company.
At Clairton, Pa., work proceeded during the year with the
construction of a second battery of 366 by-product coke
ovens with by-product recovery departments. It is expected
the addition will be completed for operation by Jan. 1 1924.
At the Fairfield Works of Tennessee Coal ,Iron & Railroad
Company work progressed on the construction of a new steel
foundry, a wood car fabricating and repair shop, and of a
new 11-inch merchant bar mill. These additions will be
completed during 1923. At the Ensley Plant of the same
company large outlays were made for improving blast
furnaces and added boiler capacity at the steam plant.
During the year further payments were made by the coal
and coke companies for purchase of additional acreage of
steam coal in Greene County, Pa., contracted for in pre.
vious years. In the western Pennsylvania district expenditures totalling $2,302,503 were made in the opening and
developing of new coal properties. Further expenditures
of large amounts will be made in 1923-4 in the development
of these coal properties with the view of furnishing from the
coal reserves of the Corporation so far as practicable the
coal requirements of the subsidiaries.
The expenditures made by the iron ore mining companies
include a net outlay of $2,727,355 for mine stripping.
There was added to the fleet of ocean-going steamers
operated by the subsidiaries, one cargo steamer built at
the shipyard of the Corporation. Payments aggregating
$966,500 were made during the year on account of the construction of two 12,000-ton capacity lake cargo steamers.
These vessels are being built to replace carrying capacity of
lake vessels requisitioned by the Government during the
war. Outlays totalling $17,313,905 were made in reconstruction and improvement of a number of the vessels operating
on the Great Lakes in the transportation of iron ore and coal.
During the year the subsidiary railroad companies and the
manufacturing companies added to their complement of
standard railroad equipment 6 locomotives and 397 cars of
various kinds. There were added to the marine equipment
of the subsidiaries operating on the Monongahela and Ohio
Rivers, transporting coal and freight for their own uses,
1 river steamer.
In the latter part of 1922 a program was authorized covering construction and improvement involving the expenditure of a large sum. The additions and improvements
included cover to some extent new capacity both for the
production and finishing of steel, but more particularly
the reconstruction with modern type of old and obsolete
mills and facilities, including the building of by-produccoke ovens to substitute for bee-hive ovens, the introduct
tion of improved and more economically operated equipment,
and the development of the reserve natural resources of the
Corporation, especially of coal. At the close of the year,




[VOL. 116.

together with some important authorizations made shortly
after Jan. 1 1923, the unexpended balance on appropriations was about $93,000,000. It is expected that approximately $65,000,000 of this will be expended in 1923.
During the year $16,907,000 of bonds and purchase money
obligations of the Corporation and the subsidiary companies
were paid off. Of this total $12,752,000 were retired through
the sinking funds for the respective mortgages. Issues
of bonds were made by the subsidiary companies during the
year for account of capital expenditures in amount of $15,781,000. Of the total so issued $10,352,000 were sold,
and $5,429,000 were exchanged for United States Steel Corporation 50-year bonds acquired for sinking fund purposes.
There were issued during the year $1,761,946.85 of noninterest bearing mining royalty notes of the subsidiary
companies in substitution of previously existing royalty
obligations under mining leases, and there were paid off
during the year $1,383,791 87 of such non-interest bearing
notes which matured, making a net increase in the amount
outstanding at close of 1922, compared with previous year,
of $378,154 98.
On Sept. 1 1922, an increase was made of about 20 per
cent in the common labor rates paid employees of the subsidiary companies other than those of the railway companies,
the rates for other classes of employees being advanced
equitably. On basis of this advance the average daily
earnings per employee per day in December, 1922, was
$5 59, which compared with a similar average of $4 60 in
December, 1921, an increase of 21.5 per cent.
The average number of employees in the service of the
Corporation and the subsidiary companies during the year
1922 was 214,931. The largest number in any one month
was 235,360 in November, and the smallest, 186,542 in
February.
The total amount of the pay rolls for the year was $322,678,130. Based on the number of employees in service in
month of November, 1922, the total payroll was at the rate
per annum of $403,229,000.
The employees of the Corporation and the subsidiary companies were in January, 1923, offered the privilege of subscribing for shares of Common stock of the United States
Steel Corporation at the price of $107 per share, under terms
and conditions substantially the same as those under which
similar offerings have been made in previous years. To the
date of this writing subscriptions have been received from
41,950 employees for a total of 100,730 shares, in comparison
with subscriptions in 1922 from 34,009 employees for an
aggregate of 93,645 shares.
Pensions. Pensions were paid during the year by the
trustees of the United States Steel and Carnegie Pension
Fund to retire employees to the amount of $1,266,661,
compared with $947,879 disbursed for similar purpose in
the preceding year. Pensions were granted during the
year to 745 retiring employees. At the close of the
year there were 3,886 names on the pension rolls, a net increase of 449 during the year. Since the inauguration of
the plan in 1911, an aggregate of $8,095,122 has been paid
in pensions.
Accident Prevention. Expenditures amounting to $1,175,171 were made during the year for accident prevention
and safety work, in comparison with $1,061,685 expended
in the preceding year. The number of serious and fatal
accidents in 1922 per 100 employees was 7.94 per cent less
than in 1921, and 56.88 per cent less than in 1906. The
total number of disabling accidents of all kinds per 100 employees was 18.83 per cent less than in 1921, and 71.07 per
cent less than in 1912.

Man. 21 1923.]

THE CHRONICLE

Accident Relief. The subsidiary Tcompaniesrdisbursed
during the year for work accidents (including accruals not
yet actually payable under State compensation laws) a total
of $4,170,945, compared with an outlay of $4,409,211 in
the previous year. Of the total disbursed in 1922 ,upwards
of 90 per cent was paid or is payable directly to:the injured
employees or their families.
Sanitation. During the year there were expended by
the subsidiary companies $2,252,975 in providing modern
sanitary facilities for the comfort and health of employees
at plants, mines and other operating departments. At
the close of the year there were in and about the plants and
works 2,074 comfort stations with adequate toilet facilities,
equipped with 23,016 washing faucets and basins; also 5,416
showers, 152,806 lockers and 4,435 sanitary drinking fountains.
Housing and Welfare. At the close of 1922 the subsidiary
companies had advanced or loaned employees the net sum
of $8,143,005 on contracts or mortgages, carrying interest
at 5 per cent and payable in installments over a period of
years, to assist them in acquiring homes under the Corporation's Home-Owning Plan. The activities of the subsidiary
companies in conducting work and efforts for the general
welfare of employees and their families, to which references
have been made in previous reports, have been consistently
continued. The Corporations' Bureau of Safety, Sanitation
and Welfare has recently issued its Bulletin No. 9 describing
and illustrating the wide range of activities conducted for
the benefit of employees and the betterment of their conditions generally. A copy of this bulletin will be sent stockholders on request.
The Board takes pleasure in expressing its grateful appreciation to the officers and employees of the Corporation and
the several subsidiary companies for the loyal and efficient
services rendered by them during the past year.
By order of the Board of Directors.
ELBERT H. GARY, Chairman.

1293

UNITED STATES STEELNCORPORATION AND- SUBSIDIARY
COMPANIES CONDENSED GENERAL PROFIT AND LOSS
ACCOUNT FOR THE YEAR ENDING DECEMBER 31 1922.
Gross Receipts—Gross Sales and Earnings (see Page
23, pamphlet report)
81,092.697.772 36
Operating Charges, Viz.—
Manufacturing and Producing Cost and
Operating Expenses,including ordinary
maintenance and repairs and provisional
charges by subsidiary companies for
depreciation
1959,973.966 88
Administrative, Selling and General Expenses (not including general expenses
of transportation companies)
30,331.295 78
Taxes (including reserve for Federal income taxes)
35,798,449 97
Commercial Discounts and Interest
6,854,030 13
11,032,957,742 76
Less, Amount included in above charges
for allowances for depletion and depreciation here deducted for purpose of
showing same in separate item of charge,
as see below
33,382,624 09
999,575,118 67
Balance
Sundry Net Manufacturing and Operating
Gains and Losses, including idle plant
expenses, royalties received, &c
$3,232,606 13
Rentals Received
921.564 67

$93.122,653 69

4,154,170 80
Total Net Manufacturing, Producing and Operating
Income before deducting provisional charges for
depreciation
Other Income and Charges—
Net Profits of properties owned, but whose
operations (gross revenue, cost of product, expenses, &c.) are not classified in
thisstatement
$198,569 72
Income from sundry investments and interest on deposits, &c
13,493,163 37

$97,276,824 4a

13,691,733719
Balance
$110.968.557 58
Less, Net balance of Profits earned by subsidiary companies on sales made and service rendered account of
materials on hand at close of year in purchasing companies' inventories and which profits have not yet
been realized in cash from the standpoint of a combined statement of the business of all companies
1.179,641 26
Total Earnings in the Year 1922 per Income Account
(page 31, pamphlet report)
$109.788.916 32
Less, Interest Charges on Subsidiary Companies' Bonds
and Mortgages
8,259,605 93
Balance of Earnings for the year before deducting provisional charges for depreciation
$101,529,310 39
Less, Charges and Allowancesfor Depletion and Depreciation, Viz.—
By Subsidiary Companies
$33.382.624 09
By U. S. Steel Corporation
9,305.884 70
42,688.508 79
Net Income in the year 1922
$58,840,801 60

PROPERTY INVESTMENT ACCOUNTS DECEMBER 31 1922.
Gross Fixed Property Investment. Account December 311921. exclusive of Stripping and
Mine Development, Structural Erection and
Logging Plants. per Annual Report
$2.038,576,260 40
Sundry adjustments during 1922 in the foregoing balance
1,636,167 31
Capital Expenditures on Property Account In 1922
Less. Amount written off to Depreciation and Replacement Reserves for investment cost
of improvements and
equipment dismantled and retired

$2.040.212,427 71
326,844,307 54
6,019,670 94
20.824,636 60

Less, Property values written off to Depletion Reserves

12.061,037,064 31
6.399 76

Gross Fixed Property Investment Account December 31 1922
Less, Depletion and Depreciation Reserves December 31 1922:

$2,061,030,664 55

Balances in various Reserve Accounts, per table on page 10 [pamphlet report)
Specifically applied for redemption of bonds through Bond Sinking Funds

$307,191.303 88
154,406,430 65
461,597,734 53

Net Fixed Property Investment Account December 31 1922
Investment in Stripping ana Development
at Mines and in Structural Erection and Logging Plants, viz.:
Balance at December 31 1921
Expended during the year 1922
$5,966.400 43
Less, Charged off in 1922 to operating
expenses
3.239.045 13
Net Increase in the year 1922

81.599.432,93002
$29.418,921 06

2,727.35530
32.146,27636

Total of Property Investment Account

December 31 1922, per Consolidated General Balance Sheet

$1.631,579,206 38

APPROPRIATED SURPLUS TO COVER CAPITAL EXPENDITUR
ES DECEMBER 31 1922.
Amount of appropriations made from Surplus Net Income
prior to January 1 1908, applied in payment of capital expenditures, and in the
Consolidated General Balance Sheet formally
written off to credit of the Property Investment Account
8162,795,509 45
Amount of appropriations made from Surplus Net Income
since January 11908, applied in payment of same class of expenditures, but
In the Consolidated General Balance Sheet carried in the account "Appropriated
Surplus to cover Capital Expenditures"
140,898,914 10
Total
$303,694,423 55




,

[Vol.. 116.

THE CHRONICLE

1294

CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1922.
ASSETS,
Property Accounts—

•

Properties Owned and Operated Si' the Several Companies—
Balance of this account as of December 31 1922, less Depletion and Depreciation Reserves, per details above

81.631,579,206 38

Advanced Mining Royalties—
Payments for Advanced Mining Royalties
Less, Reserved from Surplus to cover possible failure to realize all of the foregoing

832,579,830 41
7.000,000 00
26,579,830 41
31,612,507 22

Mining Royalties—In resloect to which non-interest-bearing notes of the subsidiary companies have been issued—See Contra__ _ _
Deferred Charges (Applying to future operations of the properties)—
Mine exploration expenses and other charges
Discount on subsidiary companies' bonds sold (Net)

22.009,985 11
1,115,523 90

investments—
Outside Real Estate and Investments in sundry securities, including Real Estate Mortgages
Employees' Land Sales Contracts and Mortgages under Home-owning Plan

$5,588,326 16
8.143,005 59

3.125.509 01

13,731,331 75

Sinking and Reserve Fund Assets—
81.233,29821
Cash resources held by Trustees account of Bond Sinking Funds
(In addition Trustees hold $159.222,000 of redeemed bonds, which are not treated as an asset.)
13,241,518 07
Contingent Fund and Miscellaneous Assets
Insurance and Depreciation Fund Assets and purchased bonds available for future bond sinking
fund requirements, viz.:
$125.876.888 84
Securities
2.847,993 22
Cash
8128.724.882 06
Less, Amount of foregoing investment represented by capital obligations of Subsidiary Com20,377,421 00
panies not included as liabilities in this Consolidated Balance Sheet

108.347,461 06
122,822.277 84

Current Assets—
Inventories, less credit for Reserve and for amount of inventory values representing Profits earned by subsidiary
06
companies on Inter-Ocanpany sales of products on hand in Inventories December 31 1922 (See Note below)--8220,707.251
87,230,932 44
Accounts Receivable
6,978,010 35
Bills Receivable
1,475.433 06
Agents' Balances
59.605.056 45
Sundry Marketable Securities (including part of U. S. Government Securities owned)
9.505,739 26
Time and other Special Bank Deposits
126,700,131 69
Cash (in hand and on deposit with Banks. Bankers and Trust Companies, subject to cheque)

512,202.554 31

a Includes $76.000.000(par) of U.S.Liberty Loan Bonds reported in previous year's Balance Sheet under "Current
Assets" in Sundry Marketable Securities.
52,340,653,216 42
LIABILITIES.
Capital Stock of United States Steel Corporation—
Common
Preferred

8508,302,500 00
360.281.10000
5868,583,600 00
403,242 50

Capital Stocks of Subsidiary Companies Not Held bY United States Steel Corporation (Par Value)
Bonded. Mortgage and Debenture Debt Outstanding—
United States Steel Corporation 50-Year 5% Bonds
United States Steel Corporation 10-60-Year 5% Bonds
Subsidiary Companies'Bonds, guaranteed by U. S. Steel Corporation
Subsidiary C'ompayies' Bonds, not guaranteed by U. S. Steel Corporation
Subsidiary Compani:.‘s• Real Estate Mortgages

$210,862,000 00
170.045,000 00
2380,907.000 00
104.364.000 00
54.311,061 24
158,206 50
539,740,267 74

for previously existing
Subsidiary Companies' Non-interest Bearing Notes—Maturing over a period of 35 years, substituted
mining royalty obligations—Guaranteed by United States Steel Corporation (See Contra)
Current Liabilities—
Current Accounts Payable and Pay-Rolls
Accrued Taxes, not yet due, including reserve for Federal Income Tax
Accrued Interest, Unpresented Coupons and Unclaimed Dividends
Preferred Stock Dividend No. 87, payable February 27 1923
Common Stock Dividend No. 74, payable March 30 1923
Total Capital and Current Liabilities
Sundry Reserves—
Contingent, Miscellaneous Operating and Other Reserves
Insurance Reserves

852,481.183 97
26,077.842 66
7,535,856 57
6.304.919 25
6,353,781 25
98,753.583 70
$1,539,093,201 16
8133,337,457 02
28,184.229 28
161,521,686 30

Appropriated Surplus to Cover Capital Expenditures—
' Invested in Property Account—Additions and Construction
Undivided Surplus of United States Steel Corporation and Subsidiary Companies—
Capital Surplus provided in organization
31 1922
Balance of Surplus accumulated by all companies from April 1 1901 to December

31,612,507 22

140,898,914 10
825,000,000 00
474,139.414 86

on hand in Inventories DecemTotal, exclusive of Profits earned by Subsidiary Companies on Inter-Company sales of products
________________________________________________________________________________
ber 31 1922 (see Note below)

499,139,414 86

82,340,653,216 42
.—That part of the Surplus of Subsidiary Companies representing Profits accrued on sales of materials and products to other subsidiary companie,
Note
from the amount ot Inventories included under Current Assets.
on hand in latter's Inventories is, in this Balance Sheet, deducted
and

show the
We have audited the above Balance Sheet, and certify that in our opinion it is properly drawn up so as to
the United States Steel Corporation and Subsidiary Companies on December 31 1922.
financial position of
PRICE, WATERHOUSE & CO.. Auditors.

New York, March 10 1923.




1295

THE CHRONICLE

MAR. 24 1923].

NORFOLK AND WESTERN RAILWAY COMPANY

TWENTY-SEVENTH ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 31 1922.

Increase (4-) or
Roanoke, Va., March 14 1923.
Decrease (-).
Deductions from
1921.
1922.
Gross Income
To the Stockholders of the
+1.817 32 1.84
98,802 63
Rent for Leased Roads 100.619 95
Norfolk and Western Railway Company:
+338 35 41.72
811 05
Miscellaneous Rents_
1,149 40
Interest on Funded
Your Board of Directors submits the following report for
Debt:
.78
-28.384 57
Mortgage Bonds..__ 3,589,540 00 3.617,924 57
the year ending December 31 1922.
-91,510 03 8.67
963,639 50 1,055,149 53
Convertible Bonds_

MILEAGE OF ROAD AND TRACK IN OPERATION.
Dec. 31 1922.
Miles.
Main Line
1,542.69
Branchesf Operated as 2d track 127.28
10ther branches
531.28
658.56

Dec. 31 1921. Increase.
Miles.
Miles.
1,542.69
127.28
531.28
658.56

Secured Notes
Equipment Oblig'ns
Interest on Unfunded
Debt
Miscellaneous Income
Charges

2.201.25
21.03

Total miles
Lines operated under lease_
Lines operated under trackage
rights

2,201.25
21.03
15.60

15.60

Total miles of road in oper'n
Second track
Third track
Sidings and yard tracks__ _

2.237.88
556.95
11.41
1,530.44

2,237.88
556.95
11.41
1,522.37

4,336.68

4,328.61

50.000 00
454.609 40

150,000 00
536,088 75

-100.00000 66.67
-81,479 35 15.20

14,141 77

7.837 98

+6.303 79 80.43

45,477 56

80.324 32

-34.846 76 43.38

Total Deductions-- 5,219,177 58 5.546,93883
14.554,988 91 10.043,181 21
Net Income
Dividends on Adjust919,692 00
ment Pref. Stock- _ 919,692 00

+4.511,807 70 44.92

Income Balance:
Transferred to Profit
13.635.296 91 9.123,489 21
and Loss
8.07

-327,761 25

5.91

+4.511,807 70 49.45

PROFIT AND LOSS STATEMENT.

Increase(-F) or Per
Decrease (-). Cent.
1921.
1922.
Credits3
1- _ _35,524,370 63 34,989.688 99 +534,681 64 1.53
11.94 Balance. January from
2,225.94
2.237.88
Average miles of road oper.
47.08 Credit Balance
4,284.11
.
4,331.19
Averagemilesoftrack oper.
13,635.296 91 9.123.489 21 +4.511.807 70 49.45
Income
OverUnrefundable
+4,05297
4.052 97
charges
INCOME STATEMENT.
Repayment by Pocahontas Coal & Coke
combined Company and Federal
(Corporate figures only; for
Co.. Advances for
Mortgage Bond Inoperating results, see page 39 [pamphlet report]).
-50.000 00 41.87
120.000 00
70,000 00
terest
Increase (-I-) or
Profit on Road and
-28.842 68 83.87
Decrease (-).
65
45.298
1921.
1922.
16.455 97
Equipment Sold_
Railway Operating
$
$
%
:
IncomeDonations for Con382.038 49 -340.241 02 89.06
:
41,797 47
Sidings_
Rail Operations-Revenues
struction of
-18,876,87 24.21
77.985 30
77,672.461 13 67.221,43591 +10.451.02522 15.55 Miscellaneous Credits_
59,108 43
Freight
-886.09988 8.79
9,191.620 31 10,077,720 19
Passenger
+4.612.581 74 10.31
-62,269 05 6.25
995,688 57
933.419 52
49,351.082 38 44.738,50064
Mail
Total Credits
+421.96948 53.89
782,994 43
1,204,963 91
Express
+6,036 24 1.26
479.691 31
485,727 55
All Other Transp
Charges
Dividend AppropriaTotal Transportations of Surplus,
9,960.778 50 8,506,19000 +1.484.58850 17.10
tion Revenues__ _89.488.192 42 79.557.53041 +9,930,662 01 12.48
Common Stock
Revenue from OperSurplus Appropriated
in
ation other than
for Investment
-296,576 97 25.54
449,905 72 +1,591.891 75 353.83
2,041.797 47
864,694 77 1,161,271 74
Physical Property
Transportation
Loss on Retired Road
-92.121 89 70.16
131.297 19
39.175 30
Total Railway Opand Equipment
-93,42564 73.72
136.737 10
33,311 46
erating Revenues 90,352,887 19 80,718,80215 +9.634.08504 11.94 Miscellaneous Debits- _
Total miles of all tracks in
operation

•

Railway Operating Expenses
Maintenance of Way
and Structures_ _- _12.564.606 25 11,783.698 54
Maintenance of
23.514.618 47 19.841,34492
Equipment
843.160 53
933,056 58
Traffic
29,106.712 27 29,849,425 89
Transportation
331.028 56
Miscellan's Operation 278,149 63
1,773.753 61 1,842,026 29
General
Transportation for In143,827 63
118,098 29
vestment
--Credit
Total Railway Operating Expenses 68,052.803 52 64.346,857 10
Ratio ofExpensesto
Total Operating
Revenues

75.32%

79.72%

Net Revenue from
Railway Operations22,300,083 67 16.371,945 05

8.07

12.075.062 73 9,214,130 01 +2.860,932 72 31.05
Balance, Dec. 31s2........37,276.019 65 35,524.370 83 +1.751.64902 4.93
Total Charges

+780,907 71

6.63

+3,673,273 55 18.51
+89,896 05 10.66
-742,713 62 2.49
-52,878 93 15.97
-68,272 68 3.71
-25,734 34 17.89
+3,705.946 42

DETAIL OF DIVIDEND PAYMENTS.
Stock of
Record.
No. Payable.
Adjustment Preferred Stock:
75 May 19 1922 April 29 1922
76 Aug. 19 1922 July 31 1922
77 Nov. 18 1922 Oct. 31 1922
78 Feb. 19 1923 Jan. 31 1923

5.76

-4.40%
+5.928,138 62 36.21

Deduct
Railway Tax Accruals 6,000,000 00 4,730,000 00
Uncollectible Railway
27.981 40
Revenue
7,93882

+1.270,000 00 26.85

Railway Operating
Income
16.292,14485 11,613.963 65

Per
Cent.
1
1
1
1

Outstanding
Stock.

Amount of
Dividend.

222,992,300
22,992.300
22.992 300
22,992 300

2229,923 00
229.923 00
229,923 00
229.923 00
2919.692 00

4
Common Stock:
67 Mar. 18 1922
68 June 19 1922
69 Sept. 19 1922
70 Dec. 19 1922
Extra
3 Dec. 19 1922

Feb. 28 1922
May 31 1922
Aug. 31 1922
Nov. 29 1922

1,4
1,4
1,4
1

Nov. 29 1922

1

3121.521.700 22.126.629 75
121.906.900 2,133.370 75
123.395,900 2,159,428 26
127,802 900 2.236,550 75
127.802.900

1.278.02900

$9.934,008 50
8
Dividend adjustment on Common Stock issued in exchange
26.77000
Bonds
for Convertible
89,960.778 50

+4.678.181 20 40.28

Add Non-Operating Income
Hire of Freight Cars-Net
2.161,00185 2.680.685 41
Hire of Other Equipment
-Net
5,935 95
42,566 66
Joint Facility Rents-Net
180,109 21
191,124 19

-20.042 58 71.63

CAPITAL STOCK.
The aggregate amounts of Adjustment Preferred and Common capital stock authorized and issued, including 77 shares
-519,683 56 19.39 ($7,700) of Adjustment Preferred stock and 24 shares
Company's treasury,
+38.629 71 616.98 ($2,400) of Common stock held in the
were as follows:
-11.014 98

5.76

2,298,544 40 2.865.872 65

-567,328 25 19.80

Net Railway Operating Income
18.590.689 25 14.479,836 30

+4.110,852 95 28.39

Other Non-Operating Income
-Income from Lease of
Road
1,11000
Miscellaneous Rent
Income
72.632 23
Miscellaneous NonOperating Physical
82,880 66
Property
Dividend Income_ _ _ _
3.64865
Income from Funded
753.145 36
Securities
Income from Unfunded Securities
269,876 49
and Accounts
183 85
Miscellaneous,income

1,11000
146.977 94

-15,180 58 15.48
+1.981 99 118.92

482,387 33

+270,758 03 56.13

379,578 30
502 29

-109.701 81 28.90
-318 44 63.40

19,774.166 49 15,590,120 04




50.58

98,061 22
1,66666

Total other nonoperating income 1,18.3.47724 1,110.283 74
Gross Income

-74,345 71

+73,193 50

6.59

+4.184.046 45 26.84

Adjustment Preferred Stock
Common Stock

Authorized.
523,000.000
250,000,000

Issued
Shares.
Par Value.
230.000
523,000.000
12/.829,300 1.278.293

Totals, December 31st, 1922- -- 3273.000,000 3150,829.300 1,508.293
144.522,100 1.445.221
Totals. December 31st. 192L___ 273.000.000
63.072
56,307.200
Increase (all Common Stock)

The additional 63,072 shares of Common stock were issued
in exchange for $6,307,200. Convertible bonds, surrendered
for conversion, as follows:
$312,000 Convertible 10-20 Year 4 per cent Gold Bonds of
1912;
,i
1,019,000 Convertible 10-25 Year 41 per cent Gold Bonds of
1913;
4,976,200 Convertible 10-Year 6 per cent Gold Bonds of 1919.
Of •the $122,170,700 authorized but unissued Common
stock, $13,011,700 was reserved for the conversion at par of
a like amount of outstanding Convertible bonds.
On December 31 1922 your Company's stockholders numbered 13,504, an increase in the year of 694, or 5.4 per cent.

1296

THE CHRONICLE

[VOL. 116.

FUNDED DEBT.
The temporary agreement of lease from the Virginia HoldThe aggregate Funded Debt actually outstanding was as ing Corporation, covering 8 mallet freight locomotives and
500 all-steel flat bottom gondola cars, 200,000 lbs. capacity,
follows:
Dec. 31 1922. Dec. 31 1921. Decrease. of the approximate aggregate value of $2,409,000, was canMortgage Bonds
582,622.500 $83,183,000
$560,500 celed as of March 31 1922 and the 500 gondolas and 2 of the
Convertible Bonds ($326,000 not
now convertible)
13,337,700
18,162.900 4,825.200 locomotives (the remaining 6 not having been constructed)
Collateral Trust Notes
2.500,000 2.500.000 were purchased from the Virginia Holding Corporation for
Equipment Trust Obligations— 7,257,500
9,266,000 2,008,500
the sum of $1,852,080.
5103,217.700 5113,111,900 59.894.200
Under date of May 1 1922 an Equipment Trust Agreement,
The decrease in the amount of Mortgage Bonds outstand- Series of 1922, was executed, covering 4,000 all-steel hopper
ing was due to the payment at maturity—January 1 1922— coal cars, 140,000 lbs. capacity, and 7 dining cars, of an apof outstanding First Mortgage Bonds of The Columbus Con- proximate aggregate value of $7,385,690. This equipment
necting and Terminal Railroad Company, $554,500 (the re- forms security for the issue of $6,700,000 Equipment Trust
mainder of the total issue of $600,000 having been acquired 4% per cent Certificates, payable in ten annual installments
by the Company prior to December 31 1921) and to the re- of $670,000 each from May 1 1923 to May 1 1932 inclusive,
tirement by purchase of $6,000 Norfolk and Western Rail- and guaranteed, principal and dividends, under authority of
road Company's General Mortgage Bonds, the par of Which the Interstate Commerce Commission, by the Norfolk and
was paid by the Trustee of that mortgage out of the proceeds Western Railway Company. The maturities of 1924 to 1932
of sale of the Company's Experimental Farm at Ivor, Vir- inclusive were sold in January 1923.
ginia, the premium and accrued interest on the bonds being
Your Company has leased from the Virginia Holding Corpaid by your Company. The purchase price of the property poration 1,000 steel underframe box cars, 100,000 lbs. caat Ivor, Va., was $20,000, payable in three installments, all pacity, 2,000 all-steel hopper coal cars, 140,000 lbs. capacity,
of which have now been paid.
12 mountain type passenger locomotives and 30 mallet
The net decrease in the amount of Convertible Bonds out- freight locomotives, of the approximate aggregate value of
standing was due to the sale of $269,000 Convertible 10-20 $9,250,000. Of this equipment 1,503 of the hopper coal cars
Year 4% Gold Bonds of 1912 and $1,213,000 Convertible had been delivered to December 31 1922. A temporary agree10-25 Year 4%% Gold Bonds of 1913, held in the Company's ment of lease with the Virginia Holding Corporation coverTreasury, and the conversion into Common stock of $6,307,- ing this equipment has been executed under date of October
200 of Convertible bonds as described under the head of 1 1922. This will later be replaced by an equipment trust
"Capital Stock." The proceeds of the sale of Convertible agreement in the usual form, to be known as Equipment
bonds were applied to reimburse the Company in part for Trust, Series of 1923, covering an issue of $8,000,000 4% per
capital expenditures previously made.
cent certificates.
The decrease in the amount of Collateral Trust Notes was
The new equipment received during the year was as foldue to the redemption on May 1 1922 of the entire issue of lows:
Four Year 6 per cent Secured Notes at 101 per cent of par
1 freight locomotive (steam) (rebuilt as switching locomotive).
5.503 all-steel hopper cars, 140.000 lbs. capadty.
and accrued interest.
318 all-steel side dump hopper cars, 100,000 lbs. capacity (rebuilt).
The decrease in the amount of Equipment Trust Obliga29 steel underframe cabin cars.
3 maintenance of way camp cars (built with second-hand material).
tions outstanding was due to payment at maturity of $309,000
6 maintenance of way flat cars (built with second-hand material).
Equipment Trust Notes, Equipment Trust No. 54 and $990,2 tool cars (built with second-hand material).
4 automobile trucks.
000 Equipment Trust Certificates, Series of 1914, and to the
acquisition by the Company of $694,500 Equipment Trust
Of the new equipment, 1 freight locomotive (rebuilt as
Notes, Equipment Trust No. 54 and $15,000 Equipment Trust switching locomotives), 29 steel underframe cabin cars, 3
Certificates, Series of 1914. $150,000 of the Equipment maintenance of way camp cars, 6 maintenance of way flat
Trust Notes and POPO of the Equipment Trust Certificates cars and 2 tool cars were built at your Roanoke shops.
had been acquired prior to December 31 1921.
ADDITIONS AND BETTERMENTS TO WAY AND
The right of the holders of Convertible 10-40 Year 4 per
STRUCTURES.
cent Gold Bonds to convert their bonds into Common stock
ceased on August 31 1922. All of the bonds of said issue
70.49 miles of track were laid with 130-lb. rail, making
have been converted except $41,000, which will mature for the total amount of track now laid with this weight of rail
payment September 1 1932, unless earlier redeemed.
114.93 miles.
The right of the holders of Convertible 10-25 Year 4% per
221.46 miles of track were laid with 100-lb. rail, making
cent Gold Bonds and of Convertible 10-Year 6 per cent Gold the total amount of track now laid with this weight of rail
Bonds to convert their bonds into Common stock will ter- 1,515.65 miles.
minate August 31 1923, and August 31 1929, respectively.
201,366 cubic yards of stone were used in standard balThe following bonds were held in the treasury:
lasting on the main line.
$13,000 First Consolidated Mortgage 4 per cent Bonds.
A spur track 7,925 feet long with passing track and run15,000 Equipment Trust 4% per cent Certificates, Series ning track was constructed on Lambert Point Branch to permit development of water front property in Atlantic City
of 1914.
694,500 Equipment Trust 6 per cent Notes, Equipment Trust Ward, Norfolk, Va.
No. 54.
Passenger and freight stations were built or enlarged at
On January 1st 1922 the Columbus Connecting and Ter- Luray and Bassett, Va., Adanac, W. Va., and Wheelersburg,
minal Railroad Company's First Mortgage 5 per cent Bonds Ohio. A transfer shed with platforms was constructed at
matured and were paid. 'Pursuant to the terms of your Walton, Va.
A 1,500-ton capacity coaling station of reinforced concrete
Company's First Consolidated Mortgage, bonds secured by
that mortgage were drawn from the Trustee in the propor- and steel, with sand storage and drying plant, was erected
tion of $1,000 First Consolidated Mortgage Bonds for each at Williamson, W. Va. Coaling stations of Norfolk type
$900 The Columbus Connecting and Terminal Bonds paid, were erected at Lynchburg and South Boston, Va.
A compressor house was erected at Lynchburg and a storthe bonds so drawn aggregating $666,000. Authority has
been secured from the Inter-State Commerce Commission to age shed at Roanoke, Va. An electric ash hoist was installed
sell as many of these bonds as will realize as near as may be at Bluefield, W. Va. Yard office was extended at Ironton,
but not more than $600,000. Any surplus of bonds will be material wharf was enlarged and three engine inspection
returned to the Trustee. No sale of these bonds has as yet pits were constructed at Portsmouth, Ohio. Also a large
number of buildings used for bunk houses,and dining rooms
been made.
•
Pursuant to the terms of Equipment Trust Argeement of were erected at terminal points during the strike of the shopJanuary 15 1920, between the Director-General of Railroads, men, many of which will be used permanently for other purthe Norfolk and Western Railway Company and the Guar- poses.
A 400,000-gallon water tank was erected at Shenandoah,
anty Trust Company of New York, Trustee, your Company
under date of November 1 1922 called for payment on Janu- Va., and 50,000-gallon tanks were erected at White Post, Va.,
ary 15 1923 at 103 and interest all the outstanding Equip- Dennis, N. C., and Columbus, Ohio.
Power house charging stations were erected at Mohawk
ment Trust 6 per cent Gold Notes issued under the said
agreement, being the maturities of January 15 1924 to Janu- and Vulcan, W. Va.
Electric pumping plants were installed at Farmville and
ary 15 1935, inclusive, aggregating $5,508,000. The notes
Lowry, Va.
were paid in accordance with this call.
Alternating current track circuits were installed between
ROAD AND EQUIPMENT.
Tug and Wilmore, W. Va. Signal control wires between
The additions to cost of road and equipment during the Naugatuck and Kenova, W. Va., were completed.
The east end of Grayson Tunnel, located west of Fries
year, as shown in detail on page 22 [pamphlet report], were
Junction, Va., was lined with timber.
$10,733,606 66.
A flood defense levee was constructed at Petersburg, Va.,
From the commencement of operations October 1st 1896 to
December 31st 1922 the charges to your Company's
to protect railway yards and property from the overflow of
property accounts for investment in road and equip---------------ment were_ - --------$196 265 738 90 Appomattox River.
------ charges to Income for additions and
There were also 2.18 miles of fencing were erected.
12,856,272 67
betterments before June 30th 1907 aggregating
32 feet of light steel bridges were replaced by fit steel
$209,122.011 57 doubled.
Total additions to coot of road and equipment
Undergrade crossings were constructed at Rice, Farmville
Of this total the sum of $43,259,787 28 was provided by appropriations from Surplus Income since June 30 1907, and and Glade Spring, Va.
$12,856,272 67 was provided by direct charges to Income.
Six highway grade crossings were eliminated during the
The mileage of double track line in operation was un- year, four by change of county road and two by undergrade
crossings.
changed from the preceding year.




MAR. 24 1923.]

1297

THE CHRONICLE

measure due to the heavy coal movement in the early months
MAINTENANCE EXPENDITURES.
unionized bituThe expenses for Maintenance of Way and Structures of the year, resulting from the strike in the
minous coal fields, the mines on your Company's line being
were as follows:
in continuous operation.
Increase.
1922.
1921.
The tonnage of revenue coal carried in the year increased
$
$
$
%
Total Expenses
12,446,292 12 11,778,982 61 667.309 51 5.66 6,347,784 tons, or 29.15 per cent, and other revenue freight
Average per mile of road
operated
5,26346
298 18 5.66 showed an increase of 1,324,359 tons, or 16.75 per cent. Rev5,561 64
Average per mile of track
enue passengers decreased 480,417, or 7.37 per cent, and the
operated
2,721 19
152 45 5.60
2,873 64
average haul of passengers decreased 3.28 per cent.
The expenses for Maintenance of Equipment were as folOperating expenses, which had been held down to a ratio
lows:
.
of 67.07 per cent in the first six months, were greatly inIncrease(±)or
creased in the closing months of the year largely as a conDecrease(-).
1922.
1921.
$
$
$
sequence of the shopmen's strike, and this despite the re
%
Total Maintenance of
Equipment Expenses-23,524,842 33 19,342.536 26 +4,182.306 07 21.6 ductions in wages authorized by the United States Labor
In which are included:
Board; they reached a ratio of 83.88 per cent for the six
Steam Locomotives
months July to December, inclusive. Mainly from this cause
(Freight): Repairs,
operating expenses for the year increased from $64,346,857 10
retirements & de8.431,03095 6.127.087 02 +2,303,943 93 37.2 in 1921 to $68,052,803 52 in 1922, or 5.76 per cent. The net
preciation
2.591 92 38.6
6,792 78
Average per locomotive
9.384 70
revenue from railway operations, $22,300,083 67, was a gain
Average per 1,000
71 56 15.7 of $5,928,138 62, or 36.21 per cent over the corresponding
locomotive miles_ _ _
455 85
527 41
Electric Locomotives
figures for 1921.
(Freight): Repairs,
retirements and deThe following comparison of operating revenues and ex492,337 27 -180,883 75 36.7
preciation
311.453 52
15,073 65 36.7 penses by quarters will be of interest, the figures used being
41,028 11
Average per locomotive 25,954 46
Average per 1,000
those of Corporate operation only:
64763 46.2
1.39998
locomotive miles_ _ _
752

35
Operating
Jan.-March. April-June.
July-Sept
.
Oct.
-Dec.
Steam Locomotives
Revenues$
(Passenger): Repairs,
Freight
17.205.04689 23.114.88557 19,931,023 32 17.421,50535
retirements and de1,514,620 70 1,221,756 95 +292.863 75 24.0 Passenger, Mail
preciation
and Express 2.354,572 58 2,716,753 22 3.077,21908 3,181.458 88
1,864 12 24.7
Average per locomotive
7.541 71
9,405 83
Other
295,388 06
340.008 62
329.193 15
385,832 49
Average per 1.000
Totals
62 17 25.9
239 33
19,855.007 03 26,171,647 41 23.337.435 53 20,988,796 72
301 50
locomotive miles_ _ _
Operating ExFreight Train Cars: Repensespairs,retirements &
10.697,974 82 9,327.135 26 +1.370.839 56 14.7 Maintenance of
depreciation
Way & Struc40 76 20.9
194 70
Average per freight car
235 46
tures
2,598.460 08 3,025,979 55 3.341,010 71 3,599,155 91
Average per 1,000 tons
07 6.4 Maintenance of
110
1 03
one mile
Equipment4,853,409 97 5,598,403 11 5,453.750 52 7,609,054 87
Passenger Train Cars:
Transportation 6,539,884 92 6,819,899 66 7,610.927 84 8,135.999 85
Repairs,retirements
+235,071 73 30.7 Other
697.190 23
733.840 56
723.488 06
764,545 97
712,347 68
and.depreciation.. _ _ 999.617 70
Average per passenger
Totals
38 17,102,879 30 20,078,051 19
475 17 34.7 Net Railway Op-14,704,102 65 16,167,770
1.36915
1.843 46
Mr
Average per 1,000
erating Rev002 0.5
379
3 81
passengers one mile.
910.745 53
enues
5.150,904 88 10.003.877 03 6.234.556 23
Work Equipment: ReRatio of Operatpairs,retirements &
ing Expenses_
95.86%
73.29%
61.78%
74.06%
+51.88665 34.3
151.308 29
203,194 94
depreciation

There were in the shops undergoing and awaiting repairs
at the close of the year, 109 locomotives, or 10.0 per cent (55
needing only light repairs), 26 passenger cars, or 4.6 per
cent, and 1,318 freight and work equipment cars, or 2.7 per
cent.
TRAFFIC AND OPERATING REVENUE COMPARISONS.
Comparison of traffic and operating revenue figures with
those of the preceding year shows the following interesting
changes:

In the operating expenses for 1922, as compared with 1921,
payrolls increased 8.1 per cent, cost of fuel decreased 24.1
per cent, and cost of other materials increased 25.1 per cent.

TAXES.
The charge to Revenues for taxes was $6,000,000, the
largest amount in the history of the Company, and an increase of $1,270,000, or 26.85 per cent over the year 1921, this
Increase being due to greater net earnings in 1922, a higher
rate of income tax and an increase in the assessment of your
Company's property in West Virginia. The charges for taxes
7.37
and the yearly percentages of increase or decrease for the
3.28
8.78
last seven years were as follows:
1.83 •
Comparison with
Charges

480.417
Number of passengers, 6,034.531_decreased
1.47 miles
Av'ge haul of passengers,43.38 m_decreased
8885,288 07
Rev.from pass. fares, $9,192.599_decreased
0.063 cents
Av'ge rate per pass. perm.,3.512c.increased
tons 25.85%
Rev.fgt. carried, 37,357.078 tons_incres,sed 7,672,143
6.75 miles 2.38%
Average haul of freight, 278.99 m_decreased
15.37%
Rev.frigt.trans'n.$77,637.430 88_increased $10,342,459 16
0.048 cents 6.05%
Avge. rate per ton per m.. 0.745c_decreased
Average tons ofrevenuefreight Per
3.57%
36.20 tons
increased
train mile. 1,049.49
tons
29.15%
Shipm'ts of coal, 28,126.196 tons_increased 6,347,784
tons 17.68%
56.671
Shipm'ts of coke. 377,185 tons increased
tons 217.42%
366.252
Shipments of ore, 534,703 tons_ _ _increased
Shipments of pig and bloom iron,
tons 52.97%
69.619
increased
201,044 tons
tons 14.48%
132,418
ShIP'ts of lumber, 1,048,754 tons_increased

Year Ending
December 31 1916
1917
1918
1919
1920
1921
1922

for Taxes.
82,480,000
5.095.000
4,620,000
4,976,000
4.400.000
4,730,000
6,000,009

Preceding Year.
Increase 22.597
Increase 105.44 •
Decrease 9.32 •
7,71%
Increase
Decrease 11.58%
Increase
7.50%
Increase 26.85%

The charge for taxes for the year 1922 was 141.94 per cent
greater than for the year 1916.
The percentage of Net Operating Revenues consumed by
taxes for the year ending December 31 1922 was 26.86 per
THE SHOPMEN'S STRIKE.
On July 1, following a decision of the United States Labor cent. This compares with a percentage of taxes to Net OpBoard making reductions of from seven to nine cents per erating Revenues of 9.56 per cent in 1916.
hour in the wages of the shop crafts, which, after this reRETURN UPON INVESTMENT.
duction ranged from 64.4 cents to 70.3 cents per hour, a genThe following table shows for the last twelve and one-half
eral strike of shopmen was called, in response to which
years the percentage ratio of Net Railway Operating Income
practically all of your Company's shopmen left the Company's service. The places of these men were gradually to Railway Property Investment, including in Railway Propfilled, partly from the ranks of the strikers, but more largely erty Investment expenditures for Additions and Betterments
with new men, and the situation at the close of the year was charged directly to Income or to reserves created from Inclose to normal. New shop organizations, composed of your come before July 1 1907, from which date the accounting
Company's own employees, have been formed, with which classifications of the Interstate Commerce Commission have
agreements have been made, and it is confidently believed required all similar expenditures to be charged to Property
that increased efficiency and more harmonious relations will Investment accounts, and also including the value of Mate
rial and Supplies on hand at the close of each year. The Net
result.
The Norfolk and Western Railway, for the most part, is Railway Operating Income upon which the percentages are
not located in an industrial section. There was therefore based follows the definition in the Transportation Act and
a large labor turnover before a regular, competent working is made up of Net Revenue from Railway Operations deductforce was secured. This involved extra cost, which reduced ing Railway Tax Accruals and Uncollectible Railway Revenues and adding Equipment and Joint Facility Rents.
net revenue materially in the last few months of the year.
For 1918 and subsequent years the table includes operatSETTLEMENT WITH UNITED STATES GOVERNMENT. ing results of or for account of the Federal Government.
Ratheap Property
No settlement has been made with the United States GovReturn
Net Railway
on InInvestment, InOperating
ernment for the Federal Control and Guaranty Periods and
mania/U.
cluding Material
Income.
FOR
no payments have been made by the Government on either
and Supplies.*
Fiscal years ending:
account during the year. It is expected that settlements for
June 30 1911
5.14
812,120.548 83
8235,850,555 46
June 30 1912
both periods will be reached during the year 1923, but no
5.63
13,668.435 17
242,656,045 04
June 30 1913
5.82
14,855,906 73
255,414,078 05
close estimate can be made of the amounts which will be
June 30 1914
14,020.688 16
5.21
269,100,666 12
June 30 1915
received.
5.22
15,359,734 84
275,329,352 26
June 30 1916
24.045,710 03
8.48%
283,39,4,811 71
OPERATING RESULTS.
Calendar years ending:
Dec. 31 1916
24,866.782 43
8.65%
287.406.380 10
Effective July 1 1922, a reduction of ten per cent in freight
Dec. 31 1917
21.928,00574
7.23
303,327,414 78
rates was ordered by the Interstate Commerce Commission,
Dec. 31 191
8317.950,58216,450.087 35
Dec. 31 1919
8,176,537 94
326.047.11671
HI 0
which was reflected in the earnings of the last half of the
Dec. 31 1920
3,612,843 10
1.05
342,544,618 29
year. Notwithstanding these reduced rates, total railway
Dec. 31 1921
14,870,020 43
348.091.04554
4.27
Dec. 31 1922
18.624,467 57
357,551,19945
operating revenues for the year were $90,352,887 19, the
5.21%
a
Minas, which produce fuel
largest in the history of the Company, and $9,634,085 04, or use Includes Investment in CompanyCompany only, but does coal for
of Norfolk and Western Railway
not include
11.94 per cent, in excess of 1921. This increase was in large any Working Capital.




1298

THE CHRONICLE

FEDERAL VALUATION.
The physical valuation of your Company's property under
the Federal law, including the prescribed record of property
changes under Valuation Order No. 3, has cost your Company since June 30 1916, the date of Valuation, to December
31 1922, $720,428.13.
Conferences between the representatives of your Company and the Government are in progress, and it is expected
that the completed report of the Government will be received
during the first part of April, to be soon followed by its tentative valuation.
INSURANCE RESERVE.
With the return of your Company's property by the United
States Railroad Administration on March 1 1920 an insurance reserve was inaugurated to provide in part for property
losses by fire. Under the plan adopted your Company hssumes the entire risk on all insurable items under $1,000, 50
per cent of the risk on insurable items in excess of $1.000 of
limited exposure and 10 per cent of all items in excess of
$1,000 where because of large or congested Items the risk is.
greater. It also assumes 50 per cent of the risk on all rolling
stock and on merchandise in transit.
The following table shows the results of the operation of
the Insurance Reserve since its inauguration.
Debits •
Fire
Re-Ins.
Net
Credits. Premiums. Losses.
Total.
Credit.

10 months ending
Doc. 31 1920-460,094 91 $19,286 70 430,217 16 $49.503 86
12 months ending
Dec. 31 1921.- 69,69571
1,263 81 19.034 43 20,298 24
12 months ending
Dec. 31 1922-- 63.83928
1.31090 20,480 47 21,791 37
Net Credit Dec.
31 1922

$10,591 05
39,397 47
34,067 91
$84,056 43

POCAHONTAS COAL AND COKE COMPANY.
Under the sinking fund provision of the Pocahontas Coal
and Coke Company Purchase Money First Mortgage, dated
December 2 1901, the sum of $318,735 31 accrued from royalties on coal mined during the calendar year 1922. From the
beginning of the operation of the sinking fund in 1906 to
December 31 1922, the accruals from royalties have aggregated $4,347,848 14 and those from sales of lands $147,095 00,
a total of $4,494,943 14 applicable to the purchase and retirement of mortgage bonds. Through this fund 4,738,000 of
bonds had been purchased and canceled to December 31 1922.
Additional bonds amounting to $390,000 were purchased
and canceled in February 1923.
A further payment of $105,000 has been made on account
of indebtedness incurred in previous years to meet fixed
charges.
The consolidation of the Company's properties through
purchases of interior tracts and exchanges of lands with
other companies, and the work of completing titles, surveying monumenting and mapping, continue.

[VOL. 116.

TIMBER PRESERVING PLANT.
The timber preserving plant completed last year at East
Radford, Va., is in successful operation and the results obtained are very satisfactory. The method used is what is
known as the Rueping process and the cross-ties, which are
the principal item of treatment, receive a good average penetration of about two inches. An average of about twothirds of your Company's annual requirement for ties is
being treated.
The following timber was treated during the year:
745,931
1,545
1.700,000
26,388
5,170

cross-ties.
bridge ties.
tie plugs.
feet switch timber.
lineal feet piling.

INDUSTRIES.
Among the new local industries are the following:
16 manufactories of mineral, metal and other products,
39 manufactories of lumber products,
24 manufactories of farm implements and farm products,
15 coal mines.

At the close of the year there were 221 companies organized for producing coal and coke on your Company's lines,
with a total of 328 separate mines, of which 324 were in
actual operation.
Of the 9,731 coke ovens, 1,052 were in blast.
Of the 17 iron furnaces with a total daily capacity of 3,555
tons of pig,8 having a total daily capacity of 2,200 tons were
in blast.
CHANGE IN BOARD OF DIRECTORS.
•
At the annual meeting of stockholders held April 13 1922,
the vacancy in the. Board of Directors occasioned by the
death of Joseph Wood was filled by the election of S. P.
Bush of Columbus, Ohio.
CHANGES IN ORGANIZATION.
On February 15 1923, pursuant to the Company's Pension
Regulations, E. A. Blake, General Superintendent, Eastern
Division, was retired.
J. E. Crawford, formerly Chief Engineer, was appointed
Assistant General Manager; J. T. Carey, formerly General
Superintendent, Western Division, was appointed General
Superintendent, Eastern Division; H. C. Weller formerly
Superintendent of the Scioto Division, was appointed General Superintendent, Western Division; W. P. Wiltsee, formerly Principal Assistant Engineer, was appointed Acting
Chief Engineer, these changes all being effective February
16 1923.
By order of the Board of Directors,
N. D. MAHER, President.
ADDITIONS TO COST OF ROAD AND EQUIPMENT.
Hato Payable
From
From
Appropriated Capital
Road and General Expenditures- Surplus. Obligations.
Totais.
Branches

RELIEF AND PENSION DEPARTMENT.
and Extensions
At tile end of the year the Relief Fund had 14,131 memLow Grade Line, Burkeville to
bers, equivalent to 51.15 per cent of the total number of emPamplin. Va
$26 20
$25 20
Lewis Creek Branch, Va
7,855 72
ployees, a decrease in the year in number of members of 86
7,855 72
Lenore Branch, W. Va
10,060 82
10,060 82
and in percentage of members to employees of 11.39 per cent.
Tug River & Kentucky RR.
W. Va
300
The Fund paid during the year in accident death benefits
300
Williamson & Pond Creek 1211.16,000 00, in sick death benefits $107,215 50, in accident disW. Va
300
300
ability benefits $58,339 85 and in sickness disability benefits
Total Branches and Extensions
$17,936 74
$17,936 74
$245,048 65, a total of $426,604 00.
Right of Way and Station Gr'nds
212,990 14
212,990 14
Protection ofBanksand Drainage $10000
10,091 30
In the same period the Company paid for maintenance ex10,191 30
Tunnel Improvements
9,779 19
9,779 19
penditures of the Relief and Pension Department the sum of
Bridges, Trestles and Culverts_
13,476 67
13,476 67
Rails and Fastenings
$95,484 44 and the members of the Fund contributed the sum
1,277,153 78 1,277,153 78
Improved Ballast
251,864 10251864 10
of $509,105 75. Interest on monthly balances in the hands
Additional Main Tracks
100.530 05
100,530 05
Sidings and Spur Tracks
of the Treasurer of the Company amounted to $2,44385 and
41,697 47
48,867 55
90,565 02
Terminal Yards
225,043 13
225.043 13
interest from investments $9,324 33. A full financial state-of
Fencing Right -Way
819 47
819 47
ment of the Relief Fund, which has been audited by a ComElimination of Grade Crossings
148.41999
148,41999
Block & Other Signal Apparatus
113,078 58
113,078 58
mittee from the contributing members, will be found on
Stations, Office Bldg. & Fixtures
136,815 53
136,815 53
Shops.Enginehouses&Turntables
page 27 of this [pamphlet] report.
80.107 21
80,107 21
Shop Machinery & Tools
70,797 87
70,797 87
From the date of organization of the Relief Fund, July 1
Water & Fuel Stations
222,379 16
222,379 16
total amount of $2,086,199 98 has been paid out for
1917, a
Dock & Wharf Property
93,801 26
93.801 24
Electric Power Transmission_
13,337 44
13,337 44
death and disability benefits and in the same period the
Roadway Buildings
15,965 52
15,965 52
Company has paid the sum of $499,518 48 for maintenance
Roadway Machines
31,022 06
31,022 06
Tie Treating Plant
36,298 90
expenditures of the Departtnent.
36,298 90
Flood Defense
19,267 24
19,267 24
On December 31 the number of employees on the Pension
Other Additions & Betterments_
64,480 98
64,480 98
43,212,907 99
(Road
Roll was 453. The total amount paid in pensions for the Total_ _IGen'l Expen. 43,213 34441,797
47 $3,214,323 86 43,256,121 32
year ending December 31 was $200,742 27.
Equipment
TRACKAGE AGREEMENT WITH CHESAPEAKE AND Expenditures for New Equipment under contracts completed within the year or under
construction at the end of the year
OHIO RAILWAY COMPANY.
$132,548 35
Equipment under Equipment Trust 1922
7.122,052 80
Under agreement dated July 21 1915, The Chesapeake and Equipment under Equipment Trust 1923
2,895,461 29
Cost of rebuilding Freight Equipment
930,232 19
Ohio Northern Railway Company was granted trackage Cost of change in classification of Equipment
85,594 18
rights for through freight trains over your Company's line Application of improved parts
Locomotives
53,81205
between Waverly, Ohio, and Valley Crossing, Ohio, a disCars
Freight Train
49,67679
Passenger Train Cars
tance of 61.86 miles. This arrangement has operated to the
48,983 99
Work Equipment
4,74087
mutual satisfaction of the two companies, but in order to
Total
adjust certain provisions to meet changed conditions, a new
411.201,914 20
Equipment destroyed,sold or retired:
for
agreement was entered into between your Company and The Deductvalue
Net
$1,351,712 37
Salvage
Chesapeake and Ohio Railway Company, successor to The
696,023 44
Depreciation
1,676.693 06
Northern Railway Company, under
Chesapeake and Ohio
3.724,428 87
date of September 16 1922. The new agreement runs for five
Total Equipment
7,477,485 36
years and may be terminated at that time or thereafter by
either party upon two years' notice.
Total Road and Equipment
410.733,606 196




MAR. 24 1923.]

THE CHRONICLE

1299

NORFOLK AND WESTERN RAILWAY COMPANY
CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1922.
Comparison with
Dec. 31 1921.

ASSETS.
Investments:
Investment in Road and Equipment:
Road
Equipment

+33.256,121 33
+7,477.48533

$237,044,607 82
91,778,257 11
3328.822.864 93
19.652 25
3.692,076 03

Deposits in lieu of mortgage Property sold
Miscellaneous Physical Property
Investments in Affiliated Companies:
Stocks
Bonds
Advances

1.454.171 42
323.441 25
13.496,078 34

Other Investments:
Stocks
Bonds

—273 43
+127.299 27

4,696 40
15.953.301 15

+1.70000
+112.31925
+9,892.18861
315.273.691 03
+3.556.332 17
15,957.997 55

Total Investments

•

3363.766.281 711

Ourrent Assets
281.232 28
1.892.225 89
868,297 61

—2.688,050 69
—600.000 00
—397,401 58
—571.538 89
+219.493 91

13.682.938 05
11,291.187 33
51.548 34
34,561 62

—1.126.69382
—1,411,5240
7
+4,696 08
—3,321 38

32.903.576 18
Special Deposits
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balances Receivable from Agents and Conductors
Miscellaneous Accounts Receivable:
Due from U. 8, RR. Administration
Due from U. S. Government under Sec. 209, Trans. Act 1920
Other Accounts

87,152.440 65
4,225,593 98
2,304,903 42

Material and Supplies
Interest and Dividends Receivable
Other Current Assets
Total Current Assets

11.005,66730

Deferred Assets—
Working P'und Advances
Norfolk & Western Railway Company and Pocahontas Coal & Coke Company Joint Purchase
Money Mortgage Bonds
Securities held in trust for Relief and Pension Department
Temporary Advance to Virginia Holding Corporation
Other Accounts

_________________________________ .! ____________________________________

8,69043

—6.181 44

15,262,000 00
325.000 00

—305,000 00
+104.00000
—1,852.080 00
+13.000 00

13.000 00

Total Deferred Assets

15,608,590 43

Unadjusted Debits—
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
Securities Issued or Assumed—Unpledged—
Par value of holdings at close of year
Total Unadjusted Debits

34.783 34
1,009.647 81

+17,99877
--45.481 20

31.398.600 00

______________________________________

1,044.431 15
8411.424,87067

Capital Stock—
Adjustment Preferred
Held in Treasury
Common
Hold in Treasury

LIABILITIES
823,000.000 00
7,700 00
$22,992.300 00
3127,829.300 00
2,400 00
127,826,900 00

+36.307,200 00
$150,819.200 00

Long Term Debt—
Mortgage Bonds______________________________________________________ 883,301.500 00
Held in Treasury
679,000 00

Secured Notes
Equipment Obligations
Held in Treasury

82,622.500 00

—560,50000

13,337,700 00

Convertible Bonds

—4,825,200 00
—2,500.000 00

$13.337.700 00
37.967,000 00
709.500 00

7,257,500 00
Current Liabilities—
Loans and Bills Payable
32.250.000 00
Traffic and Car Service Balances Payable
263,217 20
Audited Accounts and Wages Payable
5,227.084 76
Miscellaneous Accounts Payable
488,041 96
Interest Matured Unpaid
520.510 50
Dividends Matured Unpaid
10,360 50
Funded Debt Matured Unpaid
6,000 00
Unmatured Dividends Declared
229.923 00
Unmatured Interest Accrued
1.124.376 50
Totol Current Liabilities
Deferred Liabilities—
Duo U. S. RR. Administration—Material and Supplies
1,948,404 52
Securities held in Trust for Relief and Pension Department
325,000 00
Liability for Equipment received under Temporary Leases
Liability for Equipment under Equipment Trust "1922"
7,122,052 80
Liability for Equipment under Equipment Trust "1923"
2.895,461 29
Other Accounts
40,611 62
Total Deferred Liabilities
Joint Liabilities—
Norfolk & Western Railway Company and Pocahontas Coal & Coke Company Joint Purchase
Money Mortgage Bonds
Unadjusted Credits—
Tax Liability
3,256.227 76
Insurance and Casualty Reserves
654,650 23
Accrued Depreciation—Road
9,102.064 90
Accrued Depreciation—Equipment
24.880,372 97
Accrued Depreciation—Miscellaneous Physical Property
247,990 99
Other Unadjusted Credits
997.812 24
Total Unadjusted Credits
Corporate Surplus—
Additions to Property through Income and Surplus:
Road ___________________________________________________________ $19,954,761 01
Equipment ______________________________________________________ 23.305,026 27
43,259,787 28
Profit and Loss Balance
37.276.019 65
Total Corporate Surplus




—2.008,500 00
103.217.70000
+2.250.000 00
+155,857 72
+2,367.734 51
+66,171 77
—3,85800
—10.565 5
0
—153,619 83
10.119.514 42
—7,446 99
+104.00000
—1,852.080 00
+7.122.05280
+2,895.461 29
+33.668 20
12,331.530 23

15.262.00000

—305.000 00
+1,210,70220
+167,936 92
+833.859 89
+873.503 28
+75,375 22
—255.111 75

39,139,119 09

+2,041.797,47
+1.751.64902
80,535,806 93
3411,424.870 57

THE CHRONICLE

1300

[VOL. 116.

GENERAL MOTORS CORPORATION
REPORT TO THE STOCKHOLDERS FOR THE CALENDAR YEAR ENDED DECEMBER 31 1922.
New York, March 19 1923.
To the Stockholders:
The automobile industry is notable in having passed
through three distinct phases in a brief period of three years
and at the same time having transformed itself from a member of the luxury class to that of a prime necessity. To many
the culmination of the period of inflated prices in the latter
months of 1920 marked also the probable culmination of the
wide demand for automobiles then commonly known as
"pleasure cars." At that time growth in the use of automobiles was compared with and attributed to the period of inflation and extravagance brought about by the redistribution of wealth in the war years and those immediately following. Two years ago the term "pleasure car" applied to
all Oars excepting commercial vehicles, and properly described the then popular conception of the position of the
automobile in modern life. The year 1920 witnessed the development of the automobile to its limit, as a supposed luxury, with the natural accompaniment of careless and extravagant production and sales methods.
Deflation, following in the year 1921, furnished two lessons: first, that the automobile, no longer a pleasure vehicle,
had become a necessary tool—on which, as measured by its
use in gasoline consumed, is not to be lessened in utility by
the pinch of a severe financial and industrial readjustment;
and, also, that the automobile, as shown by the registrations
of 1921 and 1922, may be repaired and continued in use
longer than normally expected. This first lesson was delivered not only to manufacturers but to the public in general.
The second lesson applied more strictly to those catering to
the public. It was to the effect that the manufacture and
sale of the automobile as a commercial necessity must follow the same careful economic and resourceful methods as
those found necessary in other standardized industries.
The development of the year 1922—a natural outcome of
the year preceding—has dealt with the re-establishment of
the automobile industry along sane lines and with the same
aims that mark the successful conduct of other industries.
To be sure, the effects of the past are not yet wholly blotted
out, but the wave of reform has nearly overcome the mistakes of prior years. The future will have its problems, its
inflations and depressions, but it is impossible to forecast a
return to the critical conditions that have marked the regeneration of the industry during the three years now happily
passed.
General Motors Corporation has followed the trend of the
industry; its regeneration was necessary and it has been
complete. Facilities for manufacture and sale have been revised, bettered and made more economical. Cars are more
carefully designed, with a view to longer life, and greater
economy in maintenance and operating costs. The aesthetic
and useful have been studied in combination. System in
management and control has been developed. In the year
1920 the Corporation may properly have been considered a
maker of pleasure cars, to-day it furnishes economical transportation with appropriate comfort and appearance. To
many this period of transformation has been one of doubt,
fear and misgiving, confused by large and unfinished developments, but to those of clearer vision the possibilities of a
greater, stronger and more useful and prosperous corporation have been constantly in mind. To them the period of
regeneration is distinct from and independent of the development of the Corporation as planned in earlier years.
DEVELOPMENT PROGRAM.
The Annual Report for 1920 made mention of the construction and expansion program of the years 1918,1919 and 1920.
At that time plans were not wholly completed and working
capital requirements were not determined. It is now possible to give account of the expenditures of this development
period and the sources of capital provided. With the exception of the final payments on the General Motors Building
In Detroit, for which funds are held in reserve, the program
Is now finished, so that further construction or expansion
will be determined entirely from current and future needs
of the business independent of plans and commitments laid
down prior to the year 1921.




On January 1 1918 General Motors Corporation had total
assets of $133,789,724, including $11,971,603 good-will, patents and copyrights. On January 1 1923 assets total $522,335,034, including $22,370,811 good-will, patents and copyrights. At the earlier date the Corporation consisted of the
four passenger car manufacturing divisions—Buick, Cadillac, Oakland and Oldsmobile—and the General Motors Truck
Division, having a capacity of about 223,000 cars and trucks
per annum, as measured by maximum quarterly sales prior
to 1918. The Corporation owned no plant manufacturing
small cars, had no owned supply of accessories, such as lighting, starting and ignition sets, roller bearings, ball bearings,
etc.; it had no central experimental or development laboratories. Since January 1 1918 the construction and expansion
program has brought the Corporation to a manufacturing
capacity of 750,000 passenger cars and trucks per annum, has
placed it in position to manufacture all of its electrical equipment, including spark plugs and warning signals, all radiators, anti-friction bearings, wheel rims, steering gears, transmissions, engines, axles and open bodies. Through its stock
holdings in Fisher Body Corporation, it controls the manufacture of its supply of closed bodies. The program was not
developed as a whole, but resulted from the constructive
planning of three years. Confidence in the future was not
misplaced, as sales in the last nine months of 1922 were at
the rate of 515,000 units per annum, or 70% of the present
manufacturing capacity and single months have reached
80% of capacity. Estimates for the future indicate that the
full manufacturing output will be required at no distant
date.
The total cost of carrying out this program may be summed
us as follows:
Real Estate. Plant and Equipment. Tools. etc.. acquired three
8214.605,825
years. 1918 to 1920. inclusive
Invested in allied and accessory companies
66,950,279
$281,556,104

Total

The cash for carrying out this work was supplied from
several sources as follows:
From Earnings:
Net earned income,three years. 1918 to
1920, exclusive of extraordinary
_947,274,7509193,801,804 r00
write'offs of year
24
Less: Federal taxes paid-57.386,370
192030e
Dividends paid
Balance of earned income available for
89,140,684( 46%)
program
Net amount available from reserve ac13,394.246
counts
Total cash available for construction
and expansion program, from op9102,534,930( 27%)
erations of 1918 to 1920. inclusive_
Prom Sale of Securities:
Proceeds from sale of Common Stock- 898,494.835
Proceeds from sale of 6% Debenture
25.425.000
Stock
Proceeds from sale of 7% Debenture
10,998.700
Stock
Total cash due for construction and
expansion program from sale of se*134.918,535( 35%)
curities, 1918 to 1920. inclusive__
From Fund for Bonus. Etc.:
From funds set aside in cash for bonus, etc., but
13,569.144( 3%)
paid in newly issued stock
*8251.022,609
Total cash available from all sources
Securities Issued In Payment for Properties Were:
9122,141,520
Debenture and Common Stock
Purchase notes for part payment Fisher
9,840,000
Body Corp stock
rzes assumed on properties purh
Mgt
1,629,070
Total value of securities issued

133.610,590 (.35%)

Total amount available for construction and expansion program
$384,633,199 (100%)
•Of this total 93,881,879 only remained uncollected on January 11921.
SUMMARY.
Total funds, provided
9384,633,199
Total expended on capital account
281.556.104
Balance available for working capital
$103.077.095
Net working capital, January 1 1918
65.605,969
Net working capital provided under program
$168.683.064

As the net working capital requirement of to-day, operating under a schedule almost identical with that laid down
for the year August 1920 to August 1921 is about $126,000,000, the net working capital available under the original program, about $168,000,000, should have been much more than
sufficient for the lesser operations of the year 1921. From
the above it is clear that full provision for the construction
and expansion program of the years 1918 to 1920, including
working capital, was made prior to the end of the year 1920.
Therefore, this program was in no wise responsible for the

MAR. 24 1923.]

THE CHRONICLE

1301

financial difficulties under which the Corporation labored ommendation the Executive and Finance Committees voted
during the latter part of 1920 and the year 1921. Explana- appropriations for permanent investment in the Tractor
tion of these difficulties lies in another quarter.
Division amounting to $10,428,416, afterwards increased by
$3,021,034, principally to cover overrun expenditures, and,
OPERATIONS OF THE YEARS 1920, 1921 AND 1922.
in May 1920 allotted to the division $7,000,000 for inventoAt the close of the year 1920 the net working capital, ex- ries. At the close of the year 1919 the Division's new faciliclusive of notes payable, in use prior to the write-off of in- ties for the production of 100,000 tractors per annum were
ventories, was $242,830,271 or $116,354,034 above the amount reported practically complete. (At that time the total inrequired (December 1922) to carry more than double the vestment amounted to $7,485,346.) On October 31 1920 the
production of the earlier period. This made it necessary to fixed investment in the Tractor Division amounted to $10,borrow a maximum of $82,784,824 (on October 31 1920). 905,927, and working capital to $18,595,144, a total of $29,The reduction of the surplus materials purchased at high 501,071. The operating losses prior to December 31 1920,
prices, and of inventory and other commitments made prior and exclusive of extraordinary write-offs of that year were:
to December 1920, resulted in a total liquidation loss of
1917
$24,467
$84,869,893.
1,868.988
1918
1919
1,823,883
This condition of affairs was not reached without antici- 1920
8.228.958
patory warning. In the month of March 1920 the President
$11,946,292
presented to the Executive Committee a schedule of proposed
After the tractor was fully developed and priced at $650,
production made possible by the construction and expansion it was found that it could not be marketed profitably. Prices
program then well on toward completion. He proposed that were raised only to discover that sales could not be made in
this schedule be adopted for the year August 1920 to August competition with more cheaply designed tractors. In the
1921. Though approved at the time, the schedule was re- meantime, numerous commitments for materials had been
vised in the month of May 1920 to a proposed production al- entered into, with a view to producing 70,000 tractors of this
most identical with that in force during the last nine months class; and, in addition, materials for producing 60,000 tracof 1922. At this early date (May 13 1920) the Executive tors of another class. This was the situation as it appeared
Committee and Finance Committee noted the continued in- December 1 1920. The loss in liquidating inventories and
crease of inventories (to $167,965,641 on April 30 1920). The commitments of this Division amounted to $21,293,752, in adChairman of the Finance Committee explained fully to those dition to the operating losses above noted of $11,946,292,
In charge of operations of the Corporation the necessity of making a total loss incurred of $33,240,044. To-day the plant
control, and, at his suggestion, a committee was appointed of the tractor division has been turned, in greater part, to
to allot among the Divisions of the Corporation the $150,- other uses. As the liquidation of this Division has been com000,000 considered available for inventories. The Chairman pleted, no further operating loss is to be expected.
also stated that it was necessary not to increase inventories
The localization of the troubles in 1920-1921 makes it posbeyond this amount during the succeeding twelve months.
sible to present a fair comparison of the Corporation's earnThe report of the Inventory Allotment Committee was pre- ings of the years 1919-1922 inclusive:
sented and approved before June 1 1920. It was unfortunate
1921.4
1919.
1920.
1922.
that the rulings of the Executive and Finance Committees Gross capital employed
tt
year
and their cautions remained unheeded. As a result, inven- Earningsend ofbe e divi 469,737,345 804,806,868 404.914,312 522,335.034
dends
tories reached a total of $209,000,000 at the end of October Federal & Federal Taxes 90.517,519 67,779.710 21,116,697 82,811.244
Taxes
30,000,000 3.o94.000
6.250.000
1920, exceeding by $60,000,000 the allotments of the ExecuEarnings for Stockholders
tive and Finance Committees and by $100,000,000 the amount
before write-offs
60,517,519 83.885,710 21,118,697 56 361.244
in actual use during the active summer of 1922. This excess Write-offs of inventories
and commitments_
26,002,188 889.796,490
4,553,796
accounted for about 70% of the borrowings at that time.
Net earnings as per
It was doubly unfortunate that the spirit of the committee
annual statements_ _ 60,517.519 37,883,522 c38,679.793 51.807,448
Sales,cars and trucks_ __
391.738
393,075
4109.396
456.783
rulings was totally disregarded by a few of the Divisions,
a Group I Divisions only. b Includes losses of Group II Divisions.
the losses of which, due to expanded inventories and com- c Loss. d Sales Group I Divisions only.
mitments for the future, amounted to $48,579,872, or much
The earnings of these four years, 1919 to 1922 inclusive,
more than the total operating deficit of the whole Corpora- as shown above, may be summarized as follows:
tion during the year 1921. The operating losses of these
SUMMARY.
Earnings—
Divisions during the liquidation and reconstruction period Total earnings four years. 1919-1922 before taxes
(including Group I Divisions only for 1921)
of 1921 added $15,330,938, making a total of $63,910,810 on
8242,025.170
Less extraordinary losses (Group I Divisions 1920,
their account.
1921, 1922)
36.290.020
Though the losses above enumerated were enormous, it
1205.735 150
Disposition—
should be fully realized that they were not typical of the Cash Dividends, Debentures and Preferred Stocks _ $22,572,176
65.863,224
operations of the Corporation as a whole; in fact, they re- Cash Dividends, Common Stock
lated to ten Divisions only out of a total of thirty-four. The
Total Cash Dividends
888.435.400 43
12,940.435
8
sales and profits of the twenty-four normally operated Divi- Stock Dividends paid on Common Stock
Federal Tax Provision
40,144,000 20
83,910,810 31
sions are shown below in Group I; the sales and profits of Total Losses, Group II Divisions
Surplus
304.505 00/
the ten unsatisfactory Divisions are shown in Group II. Of
$205,735 150 100%
these ten, five were of small importance and were liquidated
Thus has General Motors Corporation, in the brief period
in 1921. Another, the Samson Tractor Division, is dealt with of
five years, expanded its plant investment five times under
separately. The remaining four Divisions of Group II have a program that was completely financed as work progressed.
since been restored to more normal conditions and to an The wisdom of the plan is shown by the fact that there is
earning power in line with the Divisions classed as Group I. now demand for 80% of the facilities provided with promise
The following tabulation will better illustrate the relative of full use of these facilities at an early date. The plan is
one that calls for no apologies for its inception and developimportance of the two groups:
ment, but it should be a source of satisfaction and pride to
Group I.
Group
those who were responsible therefor.
Divisions involved
24
10
Net Sales:
Excepting for the year 1921, earnings of the Corporation
1920
$362.409,005 1204.911,599 have been satisfactory.
1921
The year 1921 showed a shrinkage
208,438,291
96,048,952
1922
298.758,778 a181,713.088 of 45% in numbr of cars produced, and 44% in volume of
Net Profits:
sales, when compared with an average of the two preceding
1920
168,525,545 118,336.890
1921
22,802.537
b15,330,938 years, a record not in itself abnormal, considering the genc11.007.517 eral trend of economic conditions at that time. The greater
Extraordinary write-offs, inventory adjust- 59,078,448
ments and liquidation losses. 1920-1921part (68%) of the Corporation's business in 1921 was satis1922
48,579,872 factory though suffering losses through the rapid decline In
Extraordinary write-offs compared to 1920- 36 290,020
1921-1922 sales
4.2%
10.5% value, but these losses, if averaged into the Period in which
a Does not include liquidating sales of Tractor Division. b Loss. c Does they justly belong, leave a satisfactory profit for these years
not include $5,688,091 liquidating loss of Tractor Division.
as a whole.
Narrowing now to the smaller part (32%) of the business
TRACTOR INVESTMENT.
of 1921, involving only four Divisions now active, we find
In the year 1917 General Motors Corporation purchased conditions accounting for 70% of the loans that were a matthe otock of tUe Samson Sieve Grip Tractor Company of ter of great concern during the winter of 1920-1921, and acCalifornia. This company and its product had been under counting for losses of $63,000,000. This localization of the
Investigation by the President, and the purchase was made source of trouble is a comfort, for it reduces the likelihood
of recurrence. There seems to have been no real
by him. He became General Manager of the Samson Trac- for the management of the Divisions involved in necessity
losses to
tor Division of the General Motors Corporation. On his rec- have faced greater troubles than those experienced in other




1302

THE CHRONICLE

Divisions of the Corporation where conditions were satisfactory.
Three considerations make recurrence of the 1920-1921
disaster seem unlikely, if not impossible. First, it is very
doubtful if the sharp decline in prices witnessed during that
period will recur. The extreme rise was due to the war and
deflation was more precipitate than ever before known.
Second, a complete system of inventory and purchase control has been established in the Corporation. This system
embraces a monthly statement of inventories and future
commitments beyond which the Divisions are not permitted
to proceed without specific authority. Under this system a
shrinkage in business such as occurred in the years 1920-1921
could not result in a repetition of the inventory troubles of
those years. Third, the system of consolidated cash control
installed during the year 1922 makes possible more effective
use of the funds of the Corporation.
The purpose of the above recital is to show definitely that
the troubles of past years were not related to an ill-financed
expansion program or to delay in receiving the proceeds of
financing. It is quite certain that the funds provided before
the close of the year 1920 were sufficient to carry out the
whole program and also to finance new business offered during the year 1921 and the first half of the year 1922. It is
equally certain that disregard for control of inventories and
purchase commitments cost the Corporation a very large
sum of money, of which the greater part might have been
saved by proper safeguards in Divisions now differently
managed. Further, it is important to the stockholders to
know that the financial misfortunes of the Corporation in
the past were only slightly related to the manufacure and
sale of its products, but that these misfortunes were directly
related to loose and uncontrolled methods which are now
corrected.
CAR, TRUCK, ACCESSORY AND PARTS DIVISION.
Buick Motor Co. Division, Flint, Mich.
Cadillac Motor Car Co. Division, Detroit, Mich.
Chevrolet Motor Division, Detroit, Mich.
General Motors of Canada, Ltd. Oshawa, Ont.
General Motors Truck Co. Division, Pontiac, Mich.
Oakland Motor Car Co. Division. Pontiac, Mich.
Olds Motor Works Division, Lansing Mich.
A C Spark Plug Company. Flint. Mich.; spark plugs and speedometers.
Brown-Lipe-Chapin Company, Syracuse, N. Y.; differentials and gears.
Dayton Engineering Laboratories Co., Dayton. Ohio; starting, lighting
and ignition sets.
Harrison Radiator Corporation, Lockport, N. Y.; radiators.
Hyatt Roller Bearing Company. Newark, N. J.; roller bearings.
Jaxon Steel Products Company, Jackson, Mich.; wheels, rims, tire
carriers and rim parts.
Klaxon Company, Newark, N. J.; warning signals.
Lancaster Steel Products Corporation, Lancaster, Pa.; special steels.
Muncie Products Company, Muncie, Ind.; transmissions and steering
gears.
New Departure Manufacturing Co., Bristol, Conn.; ball bearings,
coaster brakes, bells and bicycle hubs.
Northway Motor & Mfg. Co., Detroit, Mich.; motors and transmissions.
Remy Electric Company, Anderson, Ind.; starting, lighting and ignition
sets.
Saginaw Malleable Iron Company, Saginaw. Mich.; malleable castings.
Saginaw Products Company, Saginaw, Mich.; motors, steering gears
and grey iron castings.

All of these divisions are active and in satisfactory shape
for the production of high grade products at minimum cost.
The Divisions are well balanced and need comparatively little further capital expenditure at present.
FISHER BODY CORPORATION.
In the year 1919 General Motors Corporation purchased
for $27,600,000 three hundred thousand shares (00%) of the
common stock of Fisher Body Corporation. The latter is
now capable of producing all the closed car bodies needed by
the several divisions of General Motors Corporation. The
product is of the highest quality of workmanship and of
durability. Design and finish are most acceptable, so that
the emblem with words "Body by Fisher" is now well appreciated by customers and is proving a very valuable asset.
To meet the growing demands of the industry, Fisher
Body Corporation has recently sold an issue of $20,000,000
notes and offered for sale $7,500,000 of common stock at $75
per share. The latter has been underwritten without commission. These funds will permit the retirement of underlying bonds, bank loans and preferred stocks, approximately
$15,500,000, leaving $12,000,000 for extension of Fisher Body
Corporation facilities, including working capital.
The Corporation is in very good position financially, Its
products are the best of their kind and its business is in very
satisfactory condition.
At the close of 1921, General Motors Corporation had outstanding on account of its original acquisition of Fisher
Body Corporation stock, Purchase Money notes in the sum
of $4,000,000, maturing at the rate of $1,000,000 annually,
August 1 1922 to August 1 1925. During the year 1922 General Motors anticipated its notes maturing beyond 1923 in
the sum of $3,000,000, thus leaving outstanding at the close
of 1922 $1,000,0000, which will be met at maturity August
1 1923.
RESEARCH LABORATORIES.
The Research Laboratories of the Corporation at Dayton,
Ohio, are subject to generous appropriation for development
and research in the field of the Corporation's operations.
The result of this work is encouraging.
One development, the result of several years' study, has
been introduced to the public as the "copper cooled" car of
the Chevrolet Division. The engine of this car is cooled by




[Vora. 116.

means of copper fins brazed directly to the cylinder walls,
thus doing away with radiator, water, pump and water
Jacket. This feature attains great value in winter, as the
engine is free from troubles incident to cold weather and
freezing; and also in summer or on heavy roads, where the
water cooled car is subject to overheating and consequent
loss of water, the "copper cooled" car does not overheat or
lose power. In addition, the engine is light and powerful
and shows great fuel economy.
DELCO-LIGHT COMPANY.
This Division of General Motors Corporation is quite seperate from the Dayton Engineering Laboratories Division
that manufactures ignition, lighting and electrical starting
equipment for automobiles. The Delco-Light Company devotes its energies primarily to production and sale of lighting sets for houses, barns, etc., in districts not reached by
public service corporations or other sources of electric current. The Company maintains 53 distributors and 3,163
dealers. There are in use 175,000 Delco-Light Plants. The
Company also manufactures and sells electrically driven
pumps for both deep and shallow wells, and has taken over
and brought to satisfactory development the "Frigidaire,"
electrically operated, iceless household refrigerator, formerly a separate division of General Motors Corporation.
The Company has also developed a washing machine of very
simple design. This machine, as well as Frigidaire, is satisfactorily operated from the power and lighting sets furnished by the Company or from public service current, direct or alternating.
The Company is doing good and profitable work and its
products are increasing in popularity.
GENERAL MOTORS ACCEPTANCE CORPORATION.
This Corporation was organized in the year 1919 in order
to assist dealers in financing their purchases and sales of
General Motors Corporation products. The success of the
plan is best measured by the volume of business done. From
inception to December 31 1922 the Corporation has extended
to GMC dealers over $337,000,000 of financial accommodation and by so doing has financed the purchase by dealers of
165,782 cars, trucks and tractors and the sale by dealers of
274,775 cars, trucks and tractors exclusive of other General
Motors products and export shipments. The retail value of
all products financed is in excess of $440,000,000. The Corporation has financed its business by the sale of its obligations, in every State of the Union, to over 1,500 banking institutions; numbered among these is nearly every important
financial institution of the country. The loss experience
of this Corporation is indicative of the care exercised in extending credits. Actual losses sustained, plus reserve to cover
possible additional losses, show a loss ratio of about 3-10ths
of 1%. The General Motors Corporation subscribed for and
holds the entire capital stock of the General Motors Acceptance Corporation amounting to $4,800,000. The surplus and
undivided profits are $1,509,250. However, the Acceptance
Corporation is in fact an independent banking institution,
managing Its own affairs and operating at a profit under
principles consistent with sound banking practice and with
the one actuating purpose of promoting a maximum distribution of General Motors Corporation products.
GENERAL MOTORS BUILDING, DETROIT.
In the last Annual Report attention was called to the sale
of $12,000,000 bonds of this Building for the purpose of repaying in part to General Motors Corporation the investment
already made and for finishing the Building. The half of
the Building first completed is now fully occupied and the
non-occupied space is almost finished and ready for lease.
HOUSING PLANS.
During the war period the Corporation was obliged to
build a number of dwelling houses at several points in order
to accommodate its employees. A total of 1,633 houses were
finished, of which 1.039 have been sold. The investment
now stands at $0,274,782, consisting of 2,547 lots, 774 acres of
residential real estate, and 521 houses. Of the latter 239
were rented December 31 1922.
ACQUISITION OF BROWN-LIPE-CHAPIN COMPANY
STOCK.
General Motors Corporation has for some years past held
a 22% stock interest in the Brown-Lipe-Chapin Jompany,
Syracuse, New York, the largest manufacturers of differential gears in the world, and for years a source of supply for
General Motors Divisions. At the close of 1922 the Corporation acquired the outstanding capital stock not already
owned, paying therefor $1,725.200 in cash and $5,250,000 in
Seven Per Cent Debenture Stock of the par value of $100.
The increase in outstanding Seven Per Cent Debenture Stock
appearing on the balance sheet December 31 1922 is on account of this purchase.
INSTITUTIONAL ADVERTISING.
Two years ago the General Motors Corporation began a
systematic effort to give publicity to its affairs through a
series of communications to its stockholders.
The time has arrived to reach out to another audience—
the employees of General Motors and its dealers, the 3,000
companies from which materials are purchased and the more

than two million users of General Motors products. The
most effective means of reaching this audience, and the general public of which it is a part, is through national advertising.
Accordingly, after much thought and study, a campaign
was prepared for advertising in monthly publications having a nation-wide circulation and a second series of advertisements in business and financial publications. This institutional advertising appeared January 1923 and will continue monthly. It tells the story of General Motors and is
of a different character from the advertising of the maufactiring divisions.
Like every other important force, advertising works
slowly; good-will and public understanding are not won in
a day. But as the months go by and the story of General
Motors unfolds itself chapter by chapter, the average man
and woman will have a much clearer understanding of the
scope of General Motors Corporation, and of the force and
logic in the union of its varying activities.
BONUS PLAN.
To induce employees of exceptional merit to remain with
the Corporation over a period of years a Bonus Plan was
adopted in 1918. As amended effective for the year 1922
and subsequent years, the Directors each year, after deducting 7% on capital employed, are authorized to set aside an
amount equal to not more than 10% of net earnings to be
placed in a Bonus Fund and invested in stock of the Corporation.
From this Bonus Fund employees of exceptional merit are
awarded bonus in stock. At the time of award one-fourth of
the stock is delivered and the remaining three-fourths held
in trust to be delivered in equal installments at the end of
each of the three following years. Dividends declared upon
the stock held in trust are paid to the employees. Awards
made under the Bonus Plan during the years 1918, 1919, 1920
and 1922 have been as follows: (No amount was available
for distribution for the year 1021.)
20,530 shares
767.079 shares
15.886

7% Debenture Stock awarded
Common Stock awarded
Number of bonuses awarded

NUMBER OF EMPLOYEES.
The number of employees of the Corporation for 1922 and
prior years has been as follows:
1913
20.042 1918
49.118
1914
14.141 1919
85.980
1915
21.599 1920
25,333
1916
25.666 1921
35.931
1917
25,427 1922
75.214
These figures do not include the employees of the affiliated companies.

1909
1910
1911
1912

14.250
10,000
11.474
16,584

SAVINGS PLAN.
The continued response by employees to the opportunity
for thrift under the Corporation's Savings and Investment
Plan, inaugurated in 1919, is gratifying.
Employees are permitted to pay in 10% of their wages or
salaries not to exceed $300 in any year. Interest is credited
semi-annually at 6%. Employees may withdraw their savings and interest at any time. Under the original plan the
Corporation agreed that if savings remain undisturbed for
a period of five years it would match dollar for dollar the
savings of the employees. Under the amended plan the Corporation agrees to contribute fifty cents for every dollar
paid in by the employees. A summary of the results of this
savings fund follows:
Accumulation of InYear
Amount
Amount west cc: InEnded Paid in by Paid in by come from
Agoregate
Dec. 31. Employees. Corporation. Investment. Receipts.
1922 1021 _
1920 ___

32,598,090 $1,143,977
2,603,090 2,162,565
4,502,185 4,502,185
1919 _..,. 2,249.065 2,249,065

$644.576 34.386,643
603,801 5,369,456
*382,476 9.386,846
22,907 4,521,037

Withdrawls by
Employees.

Net
Amount

is Fund.

$849,898 $3,536,747
2,376,157 2,993,299
2,758,781 6,628,064
179,382 4,341,654

$11,952,430 510.057.792 31.653.760 323.663.982 36.164.218 317 400 764
•In addition to this amount, which was received In cash, there was also received
as a stock dividend 12,604 39-40th shares of General Motors Corporation Common
Stock.

This net amount, $17,499,764, is the accumulated "Savings" of employees now interested in the plan.
NUMBER OF STOCKHOLDERS.
At the end of 1922 there were 65,665 stockholders. Of the
44,000 common stockholders, 37,000 owned less than 100
shares and 13,000 owned 10 shares or less. One-fourth or
11,244 of the stockholders are women.
A comparison of the total number of stockholders of all
classes by quarters follows:
Year ended Dec. 31—
1917
1918
1919
1920
1921
1922

First

Quarter.
1.927
3,918
8,012
24,148
49,035
70,504

Second
Quarter.
2,525
3.737
12,523
*26,136
59.059
72,665

Third
Quarter.
2.669
3.615
12,358
31,029
65,324
71,331

Fourth
Quarter.
2,920
4,739
18,214
36,894
66,837
65,665

* In January 1920 stockholders authorized the
exchange of one
Common stock, par value $100, for .10 shares of Common stock share of
without
par value, the first exchange having been made
March 1 1920.

PROGRESSIVE GROWTH.
The growth of the Corporation during recent years is not
shown completely in the total of cars and trucks sold, as the
sales of accessories and other goods, and the manufacture
of parts for its own consumption have added greatly to the




1303

THE CHRONICLE

MAR. 24 1923.1

volume of business. On the other hand, the net volume of
sales does not give a very accurate measure of increased
business due to the recession of prices during the two years
past; however, both records are given below:
NUMBER OF PASSENGER CARS, COMMERCIAL CARS,
TRUCKS AND TRACTORS SOLD.
214,799
456.763

246,83411921
391.738 1922
393,075

1918
1919
1920

NET SALES, ALL PRODUCTS MANUFACTURED.
$304.487.243
463,706,733

$269,796.83011921
509.676.695 1922
567,320.604

1918
1919
1920

DIVIDENDS.
The regular dividends on the Debenture and Preferred
stocks have been paid during the year 1922. A detailed record of the quarterly dividend payments during the year
ended December 31 1922 is as follows:
7%
Debenture

6%
Debenture

6%
Preferred

Stock.

Stock.

Stock.

$1 75
1 75
1 75
1 75

$1 50
1 50
1 50
1 50

$1 50
1 50
J. 50
1 50

Dais
of
Payment.
Feb. 1st
May 1st
Aug. 1st
Nov. let

Stock
of
Record.
Jan. 14th
Apr. 7th
July 3rd
Oct. 9th

Dividends on the Debenture and Preferred stocks have
been paid regularly since the stocks were issued, as follows:
The 6% Preferred has paid $1 50 a share quarterly, $6 a
share a year, since February 1 1917. The 6% Debenture has
paid $1 50 a share quarterly, $6 a share a year, since February 1 1919. The 7% Debenture has paid $175 a share quarterly, $7 a share a year, since May 1 1920.
The initial dividend on the no par value common stock was
25 cents cash and a stock dividend of 1-40th of a share of
common paid May 1 1920, which rate was also paid on August 2 and November 1 1920. During 1921 the dividend was
at the rate of $1 per share per annum, payable 25 cents quarterly upon the first of February, May, August and November. During 1922 no quarterly dividends were paid, but at
a meeting of Directors held November 16 1922 there was declared a "special" dividend of 50 cents a share on the common stock payable December 20 1922 to stockholders of record November 27 1922.
PRESENT POSITION.
The present position of the Corporation is one of great
strength. The plants are, with few exceptions, modern, and
the greater part new. Machinery is quite up to date. Each
of the six car manufacturing divisions has sufficient capacity to operate at lowest cost and the sales organizations
are in strong position. The Corporation owns complete
plants for manufacturing essential accessories and has a research and development division extraordinarily well
equipped, both as to apparatus and personnel. Working
capital is sufficient for present production. The organization is well developed and is operating with great harmony
and co-operation.
Financially the situation is satisfactory. The current and
working assets as of•December 31 1922 amounted to $180,239,160, consisting of cash, sight drafts, notes and accounts
receivable, materials, etc., substantially all of which liquidate in four months or less. • Against these assets there is
no indebtedness in the form of notes or bank loans, and the
only fixed indebtedness consists of $2,279,750 purchase
money notes and mortgages. Current liabilities amount to
$53,762,923, of which $16166,564 is for accrued taxes, payrolls and sundries not due. Debenture and preferred stocks,
of which there is a total outstanding at the close of the year
of $109,166,000, are secured by net current and working
assets (i. e. current assets with all liabilities deducted, including purchase money notes and mortgages) of $124,196,487. In addition there is $291,267,967 permanent investment,
exclusive of plant depreciation fund, or a total of assets less
liabilities of $415,464,454, equal to 3.8 times the par value of
the debenture and preferred stocks outstanding. Inciden.
tally it may be remarked that the annual dividend on the
present total issue of Debenture and Preferred Stocks has
been earned every calendar year from 1912 to date, a period
of eleven years, excepting the year 1921, when the earnings,
exclusive of extraordinary adjustments, of the normally operated divisions were equal to more than three times the
present Debenture and Preferred dividend requirements.
The earnings of four years, 1919 to 1922 inclusive, even after
all extraordinary adjustments and losses, average four times
the present Debenture and Preferred dividend charge.
The financial statement of the Corporation may be considered remarkably clean. Current assets are, undoubtedly,
liquid and written at conservative values. Investments are
worth more than cost (the latter figure is used in this statement). Plant values were subject to appraisal and adjusted
in 1919.
GOOD-WILL, PATENTS, COPYRIGHTS, ETC.
The item of "Good-will, Patents, Copyrights, Etc.," has
increased only $2,046,922 since 1919 to a present total of $22,370,811. From this it must not be concluded that this account is considered of small or doubtful value; in fact, these
intangible values might be rated, conservatively, equal to
the manufacturing plants, for of the two items it would be
much easier to replace the latter than to build up the good-

1304

[vol.. 116.

THE CHRONICLE

will and organization now enjoyed and controlled by Gen- the balance sheet, after several years of painstaking develeral Motors Corporation. The co-ordination of departments opment.
and facilities, the development of accounting practice and
PERSONNEL.
prompt reporting on all subjects, the systematizing of manuIn closing it is appropriate and just to pay tribute to the
facture and sales, the selection of a sufficient and capable
personnel, the loyalty and effectiveness of sales and manu- zealous co-operation, loyalty and hard work of the organizafacturing organizations, all developed during recent years, tion as a whole. While much has been accomplished, partly
have added greatly to the good-will value of the tangible as- under adverse circumstances, the way is now paved for
sets; in fact, the latter would quickly return to lifeless mate- greater accomplishment and to this end all are turning their
rials were it not for the livening influence of the intangible best efforts.
By Order of the Board of Directors.
values classed as good-will. However, these intangibles remain without material increase in their expressed values on
PIERRE S. DU PONT, President.
GENERAL MOTORS CORPORATION AND SUBSIDIARY COMPANIES.
CONDENSED COMPARATIVE CONSOLIDATED BALANCE SHEET OF GENERAL MOTORS CORPORATION AND
SUBSIDIARY
COMPANIES AS OF DECEMBER 31 1922 AND 1921.
ASSETS.
LIABILITIES, RESERVES AND CAPITAL.
Current and Working Assets—
Dec. 31 1922.
Current Liabilities—
Dec. 311921.
Dec. 311922.
Dec. 311921.
Cash in banks and on hand
*2,872.722 92 $40,057.401 53 Accounts payable
$34,812,441 20 $15,640,429 41
United States Government Bonds
5,228 04 Notes payable
3,950 00
48.974,996 29
Marketable securities
29.618 10
27.009 31 Taxes, payrolls and sundries accrued
Sight drafts against B-L attached and
not due
16.166.563 70
15,894,778 40
C. O. D
13,179.664 05
4.677,241 39 Federal taxes
1,650,821 93
Notes receivable
4.455.042 33
4,794,978 99 Accrued dividends on preferred and debenAccounts receivable and trade acceptances,
ture stock, payable February 1
1.133,096 23
1,043,763 07
less reserve for doubtful accounts (in
1922. $1,431,143 55; in 1921, $1,078.Total Current Liabilities
$53.762,923 06 $81,553,967 17
772 26)
15,921,934 93
17,866,071 83
Inventories at cost or market, whichever
Purchase money mortgages ($100,602 12
Is lower
due in 1923)
*117,417.823 05 108,762.625 35
$1,279,750 12 $1,475,592 82
Prepaid expenses
1,944,988 35 Purchase money notes, account Fisher
1,358,404 98
Body Corporation stock purchase ($1.000,000 00 due August I)
1,000,000 00
4,000,000 00
Total Current and Working Assets._ _1180,239,160 36 1178,135.544 79
$2.279,750 12 $5,475.592 82
Reserves—
For depredation of real estate, plants and
equipment
$50.827 907 11 $37,527.774 94
For employees' investment fund
1.143,962 50
2.171.885 00
For sundry contingencies
7,016.667 35
3,139,579 72
For bonus to employees
1,344,098 70
17,630 87
For anticipated losses and unforeseen contingencies of prior years
14.000,000 00
For completion of office building
2,499,261 00
Total Reserves
$60,332,635 66 $59,356,131 53
Fixed Assets—
Investments in allied and accessory companies, &c
$57,293,864 72 156,377,031 68
General Motors Corporation common and
debenture stock held in treasury
3,275,432 65
3.889.799 51
255,207.970 82 248.593,751 60
Real estate, plants and equipment
3.947,794 49
Deferred expenses
4.609.677 87
Goodwill, patents, copyrights, &c
22,370,811 06 22,438,401 22

Total Fixed Assets

$342,095,873 74 $335,908,661 88

Total Assets

$522,335,034 10 $514.044,206 67

Capital Stock—
Debenture stock 77
*32.181.60000 $26,931.600 00
Debenture stock 6%
60,801.000 00 60,801,000 00
Preferred stock 6%
16,183,400 00 16,183,400 00
Common stock, no par value:.
20,557,750 shares issued and outstanding
at $10 00 per share
205,577,500 00 208,458.575 25
700 00
Common stock Moo par value)
7.400 00
Total Capital Stock
$314,744,200 00 $310.379,975 25
Interest of minority stockholders in subsidiary companies with respect to capital
and surplus
1,278,662 18
1.464,379 44
Surplus over and above $10 00 per share of
no par value common stock
89.936,863 08 55,814,160 48
Total Capital Stock and Surplus
$405.959,725 26 $367,658,515 15
Total Liabilities, Reserves and Capital-$522.335.034 10 $514,044,206 67

* At some plants demand for product precluded shut
-down for taking physical inventory. At such points book values are used, careful scrutiny
haying led to the conclusion that these values are conservative.
GENERAL MOTORS CORPORATION AND SUBSIDIARY COMPANIES.
Statement 2.

Statement 3.

INCOME ACCOUNT
Year Ended
Year Ended
Dec. 311922.
Dec. 311921.
Net earnings for year before deducting
Interest. but after all expenses of manufacturing (including maintenance), selling and administration, as well as
ordinary taxes. insurance, depreciation
(*13,584.788 95 in 1922; 36,750,674 54
166.781,613 52 $13,246,523 30
In 1921) of plant and equipment

SURPLUS ACCOUNT.
Year Ended
Year Ended
Dec. 31 1922.
Dec. 31 1921.
Surplus over and above $10 00 per share
of outstanding no par value Common
stock at the beginning of the year
S55,814,160 46 $121,273,217 00
Additions through acquisition of properties
117,111 93
Deduction account of cancellation of
delinquent Common stock subscriptions
884,200 00
Amount earned on Common stock as per
Income account above
45.066.907 69 *$44,990,779 64
$100.113,980 08 $76,282,437 36

Less—Provision for employees' bonus-- $1,341,997 52
Provision for employees' savings and
1,477,216 28
Investment fund
Interest on notes and accounts payable1,351,155 40

*2.174,080 00
5,281,084 67

*4.170,369 20

87.455,164 67

$62,611,24432

$5,791,358 63

Less—Write-down of inventories to cost or
market, whichever is lower (in 1922
carried direct to operations in accordance with usual practice)
316,603.073 25
Employees' housing development
5,600 00
Provision for refunds due dealers and
distributors on account of price reduction effective January 1 1922
2,441,376 07
Adjustments and losses in excess of
reserve created at the close of previous
11,421.102 78
$4,553,796 10
years
14,553.796 10 130,471.152 10
Lem—Provision for Federal taxes and
extraordinary expenses
Less—special reserve established December
31 1921 to cover anticipated losses and
unforeseen contingencies

158,057.448 22 *124,679,793 47
6,250.000 00
651,807,448 22 *824,679,793 47
14.000,000 00
851,807,448 22 *338,679,793 47

General Motors Corporation proportion
651,496,135 65 *338,680,770 05
thereof
$1.860.936 41
$1,807,490 09
Debenture dividends at rate of 7
3,597,570 05
3.531,515 50
Debenture dividends at rate of 6%
970,721 50
971,004 00
Preferred dividends at rate of 6%
36,429.227 96

$6,310,009 59

Amount earned en Common stock-- $45,066,907 69 *$44,990,77964
•Deficit.




Less—Cash dividends paid on Common stock—
Feb. 1,10.25 share
May I, .25 share
Aug. 1, .25 share
Nov. 1. .25 share
Dec. 20, .50 share
$10,177,117 00

$5,087.110 40
5.143,83600
5,119,159 25
5,118,171 25

810.177,117 00 $20,468,276 90
Surplus over and above $10 00 per share of
outstanding no par value Common stock
December 31
$89,936,863 08 155,814,160 46
* Deficit.
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Dallas
Denver
Detroit

Saint Louis
Salt Lake City
San Francisco
Seattle
Tulsa
Watertown
Havana
Kansa-s City
Newark
Philadelphia
London
Los Angeles
New Orleans
Pittsburgh
Paris
Minneapolis
New York
Portland
Shanghai
General Motors Corporation, Detroit, Michigan.
We have audited your general accounts and those of your
subsidiary manufacturing companies for the year ended December 31 1922 and, subject to our not having examined the
minutes of your governing bodies,
We Hereby Certify that, in our opinion, the accompanying
Condensed Consolidated Balance Sheet, December 31 1922,
and related Summaries of Income and Surplus for the year
ended that date, are correct.
HASKINS & SELLS.
New York, February 23 1923.
HASKINS & SELLS
Certified Public Accountants
New York

MAR. 24 1923.]

THE CHRONICLE

1305

WESTERN ELECTRIC COMPANY
INCORPORATED
REPORT TO STOCKHOLDERS FOR THE YEAR ENDING DECEMBER 31 1922.
its inception as far back as 1882, and it has steadily but
March 19 1923.
gradually evolved into its present form, which is similar to
To the Stockholders:
The following report on the business of Western Electric that of a department of the Bell System in every respect exCompany, Incorporated,for the year 1922 is respectfully sub- cept legal status. About 98% of the Common (voting) Stock
of your Company is owned by the American Telephone and
mitted.
SALES.
Telegraph Company. The relationships between your ComThe total sales of your Company billed during 1922 were pany and the Bell Telephone Companies are established and
$210,941,000, which compares with 1921 as follows:
defined by contracts; yet it is clear that successful opera1922.
1921.
Companies
$135.560.000 $158,614,000 tion under these contracts through many years could only
Bell Telephone
To Other Domestic Customers
50,340,000 have been maintained by a continued effort on the part of
47,503,000
To
1,987,000
6,702.000
To I. W. E. Co. for Export
your Company
service needed promptly, effi$189,765,000 $210,941,000 ciently and at a to give thecost.
reasonable
Under sales there is included the merchandise not of WestIt is always to be remembered that the Bell Telephone
ern Electric manufacture which the Company procures for Companies are under no obligation to purchase continuously
and furnishes to telephone companies as their purchasing from your Company, but so long as your Company recognizes
agent and storekeeper.
and fully meets its obligations toward them they are likely
The sales to the Company's subsidiary, the International to continue to take advantage of the highly organized and
Western Electric Company, Inc., are for export exclusively specialized service your Company furnishes them.
These contracts have been carefully scrutinized by many
and are further referred to in this report under the heading
of the Public Utility Commissions charged with the regulaForeign Department.
tion of telephone companies and have been repeatedly apSales to Other Domestic Customers represent an increase proved. In no case have they been disapproved.
6% and to Bell Telephone Companies an increase of 17%
of
The Telephone Department comprises four organization
groups, viz.:
over 1921.
Engineering—which operates the Bell System Laboratories
The aggregate is considerably more than was estimated at
the beginning of the year and represents the largest volume located in the building at 463 West Street, New York, with
about 3,300 employees.
of business ever reached by your Company in any year of
Manufacturing—which at present is almost wholly concenhistory.
Its
trated at the Hawthorne Plant, comprising some 207 acres of
The sales for the past several years have been as follows: ground on the western edge of Chicago, with modern fireproof factory buildings in which are employed some 25,000
1913---- $77,533,000 1918----$145,226,000
1914-_-- 66,409,000
Total for ten years, men and women.
1915-- 63,852,000 1919-- 206,112.000
1920-- 135,722,000
$1.352,860.000
1916---- 106.987,000 1921.— 189,765,000
Installation—which prepares the specifications and draw1917-- 150,340,000 1922-- 210,914,000
ings for switchboard equipments and installs the switchboards in telephone buildings. At December 31 there were
EARNINGS.
some 16,000 employees working on 1,250 different installaThe earnings were sufficient to provide for the usual de- tion jobs in
various cities throughout the country.
preciation of plant, for all taxes and fixed charges and for
Sales and Distribution—which is responsible for the serdividends on the Preferred Stock at the rate of 7% per an- vice to the Bell Telephone Companies and which operates
thirty distributing warehouses for them, covering every secnum and on Common Stock at the rate of $10 per share.
The net earnings for the year available for interest and tion of the country, together with central warehouses containing large stocks of merchandise at Hawthorne. There
dividends, after the appropriation of $400,000 for increasing are about
4,500 employees on this work.
the Reserve for Employees' Benefit Fund, were as shown in
The Telephone Department's total billings for the year
the Comptroller's statement appended hereto__ $9,235,890 were $168,300,000, including $8,350,000 to the Supply and Foreign Departments. Its average capital employed during the
Out of which were paid:
year was $96,900,000 and its net earnings were $6,900,000, or
Interest and amortization of bond
7.2%, on its investment.
discount
$3,904,097
Judged by the usual mercantile and manufacturing standDividends—
ards, this return is a narrow one but it is at present suffiOn Preferred Stock
686,857
3,500,000 8,090,954 cient, together with the earnings from the other departOn Common Stock
ments, to enable your Company to pay fair dividends on its
$1,144,936 very conservative capitalization. The telephone companies
Balance carried to Common Stock
are public utilities and should obtain their equipment at the
The net earnings as stated above, $9,235,890, were 7.7% on lowest possible
prices consistent with a fair return to the
the average investment for the year, which was $120,272,000. producers of that equipment. It is to the interest of your
Company that it should co-operate in every way to that end.
PROSPECT.
It should, therefore, seek a moderate return on a stable busiThe unfilled orders of your Company at December 31 1922 ness rather
than the maximum profit possible in years of
aggregated $62,069,0000, as compared with $75,525,000 at the heavy demand with the corresponding losses possible in
end of 1921 and $82,655,000 at the end of 1920. This does not years of depression.
During the past year many substantial reductions in the
mean, as might be supposed, a declining volume of business,
but is directly due to greater expedition in the completion of prices of telephone apparatus have been made as lower costs
were
orders by reason of the Company's larger manufacturing and obtained. Prices of raw materials are now advancing
labor costs show some increasing tendency, so that it is
facilities.
probable the trend of telephone apparatus prices will not conA careful survey of the prospects indicates that the bill- tinue downward and may turn upward
during the current
ings in 1923 will somewhat exceed those for 1922.
year.
The system of mechanical switching known as the panel
GENERAL ORGANIZATION.
type, which was developed in the Bell
Laboratories
The general organization of your Company and its sub- operated by your Company, has been System
completely installed
sidiary companies comprises four main departments, the and successfully put into operation in eight central offices,
having a capacity of about 50,000 lines. This is in addition
head of each of which reports to the President.
The General Staff Department, through several depart- to the earlier type of panel, known as the semi-mechanical,
which had previously been installed in three central offices,
ments—Legal, Accounting, Treasury, Purchasing and Traffic having
18,700 lines, and which will later be converted into
and Publicity—provides the specialized services indicated the full
mechanical panel type. There have also been manuby their names for the three main operating departments:
factured, and are now in process of installation, switchboards of this later type for 52 central offices, having a caThe Telephone Department.
pacity of 270,000 lines.
The Supply Department.
Another form of mechanical switching, known as the
The Foreign Department.
Strowger type, is used by the Bell Telephone Companies in
TELEPHONE DEPARTMENT.
various cities and is manufactured for your Company by the
The function of this Department is to serve the Bell Tele- Automatic Electric Company of Chicago. Equipments of
phone Companies in the development and manufacture of this type providing for about 65,000 lines, were furnished in
their equipment and the warehousing and distribution of 1922.
Thus far,
their supplies throughout the country. This relationship had ing has nothowever, the new demand for mechanical switchresulted in any decreased demand for manual




[VOL. 116.

TB 114 CHRONICLE
switchboards. The average number of sections of manual
switchboards delivered annually during the past three years
has, in fact, exceeded the average of the three years preceding the war.
The form of telephone instrument in most general use,
known as the desk stand, is familiar to everyone. Of these
your Company produced 643,565 in 1922. The many other
kinds of apparatus now used in modern telephone plants
cannot be enumerated here, but it may be said that your
Company manufactures hundreds of different kinds with
different varieties of each, running up, as in the case of relays, to as many as 5,000 varieties.
Besides telephone apparatus, the other principal product
of your Company is lead covered cable, both aerial and underground, which is used by telephone companies for their
telephone lines. The total production of such cables during
the year contained nineteen billion feet of wire, an amount
far in excess of any previous year's production.
In the present period of unprecedented additions to telephone plants throughout the country, which seems likely to
continue for several years, the manufacturing and other facilities of your Company are being utilized to their utmost
capacity. During the past four years there have been added
to the Hawthorne plant ten buildings having 764,500 square
feet of floor space, which makes the present floor space at
Hawthorne 3,455,500 square feet, or 79 acres. Some further
additions at Hawthorne are now being constructed, and still
others are under consideration with a view to rounding out
and balancing the comprehensive facilities there.
But the outlook for growth of the Bell Telephone System
is such that after careful consideration it has seemed necessary and desirable to prepare for an auxiliary manufacturing plant which should be located on the eastern seaboard.
Accordingly, we have purchased a plot containing about 55
acres on the Passaic River at Kearny, New Jersey, about
half way between Newark and Jersey City. Our first construction there will be a factory for the manufacture of lead
covered cable, the demand for which exceeds the capacity
at Hawthorne.
SUPPLY DEPARTMENT.

The function of this department is the merchandising of
electrical supplies of every kind throughout the United
States, and it operates for that purpose forty-eight distributing houses in the principal cities. These houses carry
stocks of all the materials used in electrical construction
work—such as wires, cables, conduits, poles, cross
-arms, insulators, line hardware and tools, electrical apparatus and
supplies—such as motors, batteries, lamps, cords, switches
and'electric fittings, and a complete line of electric household appliances--such as washing machines, diswashers, flat
irons, sewing machines, heating devices and vacuum cleaners.
This business is highly competitive but your Company has
steadily maintained and strengthened its position in it by
striving to give a service complete as to lines of merchandise
and national as to territory, publicity and organization.
As stated in last year's report, the year 1921 was generally
unprofitable to those engaged in the merchandising of electrical supplies. Recovery from this depression began in the
late spring of 1922 and each succeeding month has shown an
improvement. There are indications that this improving
condition will continue during 1923. Building permits are
at a high mark, particularly for residence building, but business building is also active. Industrial concerns, having absorbed their surplus electrical supplies, are again in the market and public utilities are making the much needed extensions.
Your Company's average investment in its Supply Department during 1922 was about $8,300,000, on which it earned
approximately 8.4%, as compared with an average of 10%
over the previous six years.
FOREIGN DEPARTMENT.

The export and foreign business of your Company is conducted through the International Western Electric Company,
Incorporated, to which, upon its organization in 1918, your
Company sold and conveyed all of its export and foreign
business and assets. All of the issued capital stock of the
International Company-55,000 shares of Preferred having
a par value of $100 per share and 100,000 shares of Common
without par value—is owned or controlled by your Company.
Such additional capital as has been required fo? its expansion, either permanent or temporary, has been advanced by
your Company, the total capital and advances being shown
in the Balance Sheet. This amount, representin.; your ComPany's investment in its Foreign Department. was at the
close of the year $15,135,561, a reduction of $2,852,492 during
the year.
The International Company and the numerous affiliated
companies in wLich it owns interests or with which it has
contractual relationships conduct in nearly all foreign countries a business generally similar to that of your Company
in the United States.
During 1922 the economic and industrial conditions in foreign countries with few exceptions showed little or no improvement. The principal buyers of telephone equipments
abroad are Governments aud the necessity of drastic reduction of Governmental expenditures has prevented even the




needed development of such economic utilities as the telephone and telegraph. Notwithstanding these adverse conditions, the sales of the International Company and its principal foreign affiliated companies, excluding all inter-company
sales, were in 1922 approximately $35,000,000, reckoning
them into dollars at the current rates of exchange. This
compares with $41,000,000 sales for 1921.
The export billings from the United States show in 1922 a
considerable decrease from the previous year, as was foreshadowed in the report made a year ago. While it may be
expected that exports from this country will vary from year
to year, depending on the economic conditions in foreign
countries, this Company has for many years safeguarded its
position in foreign trade by the establishment of factories in
certain foreign countries and by investment in and contractual relations with foreign manufacturers of telephone apparatus and of cables. Its policy is, accordingly, to encourage
the trade in these commodities into and through the channels of least economic resistance and to shape its course to
meet the varying conditions that arise. This policy has
proved especially wise during the past few years of extraordinary instability in world conditions.
There is an increasing recognition of the important part
that better comnuarication must play in the rehabilitation of
industry throughout Europe and in the readjustment of international relations. Although progress in these directions
is at the moment slow and obscure, yet the best opinion seems
to be that the underlying trend is toward peaceful settlements of political disputes and a rebuilding of the productive processes on which civilization depends. As such a period of reconstruction develops the opportunity and responsibility of.all who are concerned with electrical communication will likewise develop. The International Company and
Its affiliated companies, by reason of the technical assistance
furnished them from America, are in a position to do a large
part in the improvement of electrical communication whenever and wherever there may be opportunity.
The International Company's net earnings in 1922 were approximately $1,958,000, which amount was sufficient to provide for interest, for dividends at the rate of 7% on its Preferred Stock, and for a dividend of $700 per share on the
Common Stock, leaving a small balance. For the period since
its incorporation in 1918, the International Company has
now paid to your Company in the form of interest and dividends approximately 7% per annum on its investment.
RECENT NEW ACTIVITIES.

It may be of interest to the stockholders to mention briefly
a few of the new lines of activity which your Company has
recently been developing, more with a view to the future than
for any immediate volume of sales or profits.
Radio Telephony. During the past year your Company
has manufactured and sold a number of equipments for radio
telephone broadcasting and, so far as permitted by its patent
and license rights, has manufactured and sold other radio
telephone apparatus. This business has not reached large
proportions nor is it expected to, but its technical side is so
closely related to the Company's technical work in other directions that it seems desirable to keep in touch in every way
with the general progress of radio development.
Public Address Systems. Important progress has been
made in the development of electrical devices by which the
voice of a speaker can be plainly heard by very large audiences in one place and through wire connection by other
audiences in distant places.
It may fairly be claimed that your Company has been foremost in this field and numerous demonstrations of its equipments for this purpose now on the market have been made
throughout the country during the past year. One of these
demonstrations of special interest occurred on June 14 1922,
when 27,000 employees at Hawthorne assembled at the noon
hour in the yards surrounding the factory buildings, were
addressed by the Company's local officers and by wire connection heard plainly and without effort brief addresses by
the Company's executives in their New York offices and
similarly heard a speaker in San Francisco. This was the
first occasion where the employees of a single industry ever
assembled together to be addressed in this way.
Submarine Cables. For several years your Company's engineers have been studying the fundamental problems relating to telegraphy by submarine cables and improved construction of such cables with a view to increasing their capacity for carrying traffic. These studies and experiments
have ripened into inventions covering a type of deep sea
cable believed to be capable of carrying a traffic several
times as great as any existing cable. An experimental length
of about 120 miles, made to our specifications, is now
being
manufactured for the Western Union Telegraph
Company by
a prominent English company, The Telegraph Construction
and Maintenance Company, Ltd., which has been given,
on
suitable terms, a non-exclusive license to use
these Inventions. This experimental length is part of a proposed
cable
connecting the United States with northern
and southern
Europe, and, if successful, it is probable that several other
long cables will be wanted in the near future.
In the meantime our project for the manufacture of submarine cables in the United States is held in abeyance. Your
Company is in a position to nndertake this line of manufacture whenever the conditions for it seem favorable.

M. 1923.]
24

THE CHRONICLE

1307

FINANCE.

pany affecting employees are based on principles of fairness
At the end of 1922 your Company's capitalization was as and good-will and, furthermore, that the door of opportunity
follows:
is kept open to all who are in its service.
Common Stock. No par value. 500,000 shares, of which the
The Company's success during the more than fifty years
book value was
$74,931,826
Preferred Stock. 7% cumulative. Par value $100 per share.
of its history has been largely due to this traditional policy
Redeemable at $110 per share
24,679,600 and practice with respect to employees. It has thereby enTotal
$99,611.426 listed the loyalty and devotion of all ranks in its service and
The Company has now no bonds or debentures outstand- their labors have made the Company what it is.
The past year has been characterized by the unusual efing. A year ago it has outstanding $15,000,000 First Mortgage Bonds and $28,600,000 Convertible Bonds. The Mort- forts necessary to meet the aggregate requirements of cusgage Bonds were paid off on December 30 1922, the funds be- tomers far in excess of their estimates and this has been acing obtained by the sale of 150,000 shares of Common Stock complished with a lessened ratio of expense and a smaller
at $100 per share to the common stockholders. The Conver- amount of capital used. A fine spirit of co-operation and
tible Bonds were called for redemption at 102 on October 1 active interest in the Company's work has been manifest
1922 but the holders of these bonds had the option of con- throughout the entire organization and we enter the current
verting them into the 7% Preferred Stock of the Company year with confidence that this will continue and that even
and $24,679,600 were so converted and the balance was paid higher standards of efficiency can be attained.
off. This Preferred Stock is owned by 8,698 shareholders,
• For the Directors,
living in nearly all the States of the Union and in several
CHARLES G. DU BOIS, Preaident.
foreign countries, the average holding being twenty-eight
shares.
WESTERN ELECTRIC COMPANY, INC.
During the year the general bills payable were reduced
from $29,050,000 to $12,000,000, which was the amount out- Including the owned subsidiaries, Western Electric Company.Incorperated.
of Delaware; Western Electric Company, Incorporated, of California.
standing December 31 1922. This $12,000,000, together with EARNINGS FOR
TWELVE MONTHS ENDING DECEMBER 31 1922.
$618,563 of trade acceptances and bills receivable discounted Sales
$210,941,004
Other Income
at banks, represent the total amount of interest-bearing ob2,6,10.836
$213,631,840
ligations of your Company at the end of the year. The cur- Cost of Merchandise
8189,418,973
Expenses
rent accounts payable, $16,820,749, are for current purchases
12,716,973
1.860.004
and expenses not due and represent a normal amount for the Taxes
Appropriated for Reserve for Employees Benefit
Fund
volume of business in process.
400.000
204,395.950
Following is a comparison of the net working capital at the
Available for Interest and Dividends
beginning and end of the year:
$9.235.890
Dee. 311921.
$113,462.593
43,084.549

Working Assets
Current Liabilities
Net Working Capital

$70,378,044
EMPLOYEES.

Dec.311922. Interest Paid and Amortization of Bond Discount 83.904,097
Dividends—
$101,702,583
On Preferred Stock 7% Per
31,233,257
annum from date
Issued to Dec. 31 1922
686,857
On Common Stock. $10 00 per share. 350,000
$70.469.326
shares issued prior to Dec. 30 1922
3,500,000

8,090,954

The growth in recent years of the Company's business,
Balance Carried to Common Stock
$1,144,936
both in volume and complexity, has required a corresponding
increase in the number of employees and in their technical
R. H. GREGORY. Comptroller.
proficiency throughout all departments. This has created
WESTERN ELECTRIC COMPANY, INC.
many entirely new responsibilities and has opened many
Western Electric Company,
opportunities for promotion from within the organization at Including the owned subsidiaries, Company, Incorporated, Incorporated.
of Delaware; Western Electric
of Cailfbrnls.
the same time that it has provided employment to many new
BALANCE SHEET DECEMBER 31 1922.
employees.
ASSETS.
Following is a comparison of the total number of your Land. Buildings and Permanent Fixtures
$20,257.973
Machinery, Tools and Other Equipment
Company's employees at the end of several years:
28,947,552

849.205.525
45,243 Investment in and Advances to International Western Electric Company, Incorporated
51,162
15.135,561
(These figures do not include employees of the Interna- Other Investments
2,150.392
Merchandise, Materials
852.701,893
tional Western Electric Company, Inc., which with its com- Trade Acceptances and and Supplies
Bills Receivable
1.200,838
pletely owned subsidiaries had at the end of 1922 approxi- Accounts Receivable
36,419.141
Prepaid Charges
205,802
mately 6,500 employees.)
Marketable Securities
166.040
The Employees' Benefit Fund, maintained entirely at the Cash
11,008.869
Company's cost, provides for payments in cases of accident,
Total Working Assets
101.702.583
1915
1916

17,13511917
26,87811918

30,73711919
26,12611920

27,58411921
39,65011922

sickness, retirement for age or disability, and death. The
total payments from this fund in 1922 amounted to $707,293
and were made to 8,763 beneficiaries, including pensioners,
who numbered 133 at the end of the year.
The employees of your Company have been enabled to participate in the successive plans offered by the American Telephone and Telegraph Company for the purchase of its stock
by installment payments. Up to December 31 1922 about
14,000 employees had thus acquired and paid in full for 72,500 shares and 8,400 employees were making regular payments on 45,500 shares.
Of the 7% Preferred Stock of your Company about 11,000
shares are owned by some 1,800 employees, acquired chiefly
under an installment plan for purchase of its 7% bonds and
converted into stock.
It is and always has been your Company's aim to pay the
highest wages consistent with the market and to provide the
best possible working conditions. This fundamental policy
has been supplemented, but never supplanted, by various
undertakings, such as provision for pensions, sickness and
accident payments, and death benefits, facilities for social,
recreational, educational and athletic activities, plans for
financial assistance in cases of emergency need and investment of savings.
All such plans are helpful so far as they develop the
morale of the organization and the self-respect of its individual members. But it is also the earnest endeavor of your
Company to maintain among all its employees that spirit of
loyalty and good-will which can be easily attained in a small
industry by personal contacts but which is no less necessary
and is certainly attainable by suitable methods in a large industry. During the past year much progress has been made
in this direction, especially in the Manufacturing and Installation Departments, by increasing the number of activities
of those assistants to the executives known as personnel men.
Their duties include the proper introduction of new employees, the negotiation of transfers between departments, the
use of records to show the ability, training, characteristics
and progress of individual employees, the outlining of training courses, the suggesting of employees qualified for promotion and a variety of personal services which deal with the
cases of individuals in trouble or in need of advice.
Your directors feel themselves to be charged with a high
responsibility to see that all policies and actions of the Com-




Grand Total ________________________ _ ________________ 8168,194,061
LIABILITIES.
Common Stock, no Par Value. 500,000 Shares
Authorized and Issued
$74,931,826
Preferred Stock, 7% Cumulative, Par Vajue $100 24,679,600
Total Capital Stock
599,611.426
Bills Payable
512,000.000
Trade Acceptances and Bills Receivable Discounted
618,563
Interest and Taxes accrued not due
1,793,945
Accounts Payable
16,820,749
Total Current Liabilities
Reserve For Depreciation on Plant and Equipment$30.431.368 31,233.257
For Employees' Benefit Fund
2.000,000
For Contingencies
4.918,010
Total Reserves
Grand Total

37,349.378
$168.194.061

NOTE.—At December 31 1922 there was in the hands of the Trustees
$7,513,056 to make payment of the balance due on 7% Convertible Gold
Bonds called for redemption October 1 1922, and 5% First Mortgage Bonds
matured December 31 1922 not presented to the Trustees for payment at
December 31 1922. These items are therefore not included in the above
balance sheet.
The stated capital of the Company as shown in its Certificate of Incorporation includes $5 00 for each share of common stock.
R. H. GREGORY. Comptroller.
PRICE, WATERHOUSE & 00.,
United States, Canada, Mexico, Great Britain.
Continental Europe. &c.
Also, Great Britain
Price, Waterhouse. Peat & Co.
W. B. Peat & Co.
South America
Price, Waterhouse, Faller & Co.

56 Pine Street, New York, March 15 1923.
We have examined the books and accounts of the Western
Electric Company,Incorporated (and the owned subsidiaries,
Western Electric Company, Incorporated, of Delaware, and
Western Electric Company, Incorporated, of California), at
its general offices in New York, at its Hawthorne Plant and
at Boston, Philadelphia, Atlanta, Cleveland, Chicago, St.
Louis and San Francisco for the year 'ending December 81
1922, and have inspected the returns from all other branches
and owned or controlled companies, and
We certify that the foregoing balance sheet and relative
income account are correctly prepared therefrom, and in our
opinion fairly set forth the financial position of the company
at December 31 1922, and the results of its operations for the
year.
PRICE, WATERHOUSE & CO.

TIRE CHRONICT

1308

[VOL. 116.

BETHLEHEM STEEL CORPORATION
IGEETEENTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1922.
UNAPPROPRIATED SURPLUS ACCOUNT.
Office of Bethlehem Steel Corporation.
Balance at December 31 1921
$12,418,928 98
755 Broad Street, Newark, N. J., March 10 1923.
Net income for year
4,605.330 54
Stockholders:
$17,024,259 52
The Board of Directors submits herewith the following Less—Dividends:
8% Cumulative convertible preferred
report of the business and operations of the Corporation and
stock
$2,400,000 00
7% preferred stocks
1,262,310 00
its subsidiary companies for the fiscal year ended Dec. 31
Common and Class B common stock_3.275,706 25
6,938,016 25
1922 and of the condition of its properties and finances at
$10.086,243 27
the close of that year.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1922.
ASSETS.
Caplital Assets:
Property Account:
As at January 1 1922 (less depletion)- 4335,683.606 52
Additions during year
91,143.106 27
$426,826.712 79
Less
---Reserve for depreciation, obsolescence. relining of furnaces, &c_-_ 122,621.641 65
$304.205.071 14
investments in and advances to affiliated companies
5.106,552 93
Special funds in hands of trustees:
For payment or redemption of bonds or
notes
$1,080,312 20
Proceeds of mortgaged property released
217,421 27
Unexpended balance of proceedsfrom sale
of securities
3,692,662 56
4.990,39603
Contingent and insurance fund assets
2,228,920 83
Stocks and sundry securities,including real estate mortgages 5,149,554 08
Current Assets:
Inventories:
Raw materials and supplies on hand and in
transit
$30.661.497 18
Worked materials, and
contracts in progress,
less bills rendered on
20,276,899 1()
account
$50,938,396 28
Accounts and notes receivable
35,164,512 88
U. S. Government securities
19,668,120 30
Marketable securities
483,613 62
Cash in banks and on hand
8.085,621 12
114,340,264 10
Deferred charges to operations
859,335 82
$436,880,094 93
LIABILITIES.
Capital Liabilities:
Capital Stock:
Cumulative convertible
7 u lzet r
1.fi:hgrlilae
sthcir .000,000 00
8d
3
707 Cumulative preferrei1
7,000,
:
000 00
Outstanding (exclusive of $92,000 in
Treasury)
20,367,400 00
7% Non-cumulative preferred stock:
.Authorized
$27,500,000 00
Outstanding
Common Stock:
Authorized

7.040.600 00
$57.408.000 00
$15,000.000 00

Outstanding (exclusive of $138,000
in Treasury)
$14.862,000 00
Class B common stock:
Authorized
$135.500.000 00
Outstanding

67,608,500 00
82.470,50000

$139,878.500 00
Funded and secured debt including mortgages payable-- 156,611,611 68
$296,490,111 68
Current liabilities:
Notes payable
$1,502.000 00
Accounts payable, including advance
payments on contracts, pay-rolls and.
accruing liabilities
23,777,969 33
Bond interest accrued
1,863,104 24
27,143,073 57
Sundry reserve funds:
Contingent and miscellaneousfperating
funds
$7,150,825 79
Insurance funds
2,045.409 60
9,196,235 39
Appropriated surplus:
Appropriated for and invested In additions to property
and working capital
94,000,000 00
Unappropriated surplus
10,050,674 29
8436.880.094 93
COMPARATIVE INCOME ACCOUNT FOR YEARS ENDED
DECEMBER 31 1922 AND 1921.
1922.
1921.
Increase -F) or
(
Amount.
Amount.
Decrease (—).
$
Gross Sales and Earnings-131,866,111 39 147,794,352 77 —15.928,
241 38
Less—Manufacturing cost,
administrative, selli n g
and general expense, and
114,957,170 61 125,943,819 40 —10,986,648 79
taxes
Net Manufacturing Profit 16,908,940 78 21.850,53337 —4,941,69259
Interest, dividends & other
miscellaneous income__ _ 2,884,771 92 3.904.144 26 —1.019,37234
19,793,712 70 25,754.677 63 —5,960,964 93
Total Net Earnings
Less—Interest charges, including proportion of discount on and expense of
8,689.193 32 9,419,158 18
bond and note issues_—729,96486
11,104,519 38 16.335,51945 —5,231,00007
Balance
Provision for depreciation.
obsolescence & depletion 6.499,188 84 6,002.715 11
+496.473 73
Net Income for the Year.. 4,605,330 54 10,332.804 34 —5.727,473 80




Less;
Appropriated for and invested in additions to property
and working capital
Balance December 31 1922

35.568 98
$10,050,674 29

APPROPRIATED SURPLUS ACCOUNT.
Amount December 31 1921
$70,000,000 00
through purchase of properties of
Acquired
Lackawanna Steel Company
$23,964,431 02
Transferred from Unappropriated Surplus
35,568 98
24,000.000 00
Amount December 31 1922

$94.000,000 00

GENERAL.

The value of shipments and deliveries by your Corporation
during the year, as represented by Gross Sales and Earnings
was $131,866,111 39, as compared with $147,794,352 77 for the
preceding year. The net income of $4,605,330 54 for the year
compares with $10,332,804 34 for the preceding year.
Full dividends were paid during the year upon the Eight
Per Cent Cumulative Convertible Preferred Stock and the
Seven Per Cent Preferred Stocks, and regular quarterly
dividends of one and one-quarter per cent were paid upon the
Common Stock and Class B Common Stock.
The value of orders booked during the year, including
$7,525,255 orders on the books of Lackawanna Steel Company at the date of the acquisition of its properties, aggregated $149,211,500 as compared with $52,672,334 for the year
1921. The unfilled orders on December 31 1922 amounted to
$67,510,007 as compared with $50,164,619 on December 31
1921.
During the year $9,691,000, face amount, of the Secured
Serial Seven Per Cent Gold Notes were exchanged for Consolidated Mortgage Thirty-Year Sinking Fund Six Per Cent
Gold Bonds, Series A, leaving $11,767,000, face amount, of
Notes outstanding on December 31 1922. Through the recent
sale of $25,000,000, face amount, of Consolidated Mortgage
Thirty-year Sinking Fund Five and One-Half Per Cent Gold
Bonds, Series B, provision has been made to pay at maturity,
July 15 1923, any Notes not so exchanged, and also to pay
$10,862,000, face amount, of First Mortgage Bonds of Lackawanna Steel Company maturing April 1 1923, which were
assumed in connection with the Lackawanna purchase.
Your Corporation, through one of its subsidiaries, Bethlehem Iron & Steel Corporatlion, purchased during the year all
of the properties and assets of Lackawanna Steel Company,
In consideration of the assumption of the liabilities and obligations of Lackawanna and the delivery of $12,500,000, par
amount, of Seven Per Cent Non-Cumulative Preferred Stock
and $22,608,500, par amount, of the Class B Common Stock
of your Corporation and $473,509 45 in cash. This purchase,
and the increase of capital stock of your Corporation required therefor, were approved at the special meeting of the
stockholders of your Corporation held September 18 1922 and
the properties were transferred on October 10 1922. There
has thus been added to the Bethlehem properties important
raw material properties and a large steel plant at Lackawanna, near Buffalo, having a steel ingot capacity of 1,840,000 gross tons per annum, well located for assembling raw
materials, manufacturing and distributing its products to
the important markets in the Middle West and Canada. The
steel ingot capacity of your Corporation is now 4,890,000
gross tons per annum.
At the special meeting above referred to, the stockholders
also approved a plan submitted by the Board of Directors
for the simplification of the capital stock structure of your
Corporation, involving certain amendments to its
Certificate
of Incorporation. The plan provided for the creation of a
new class of stock known as Seven Per Cent. Cumulative
Preferred Stock with full voting powers, which, it is expected, eventually will be the only class of preferred stock
outstanding. To this end the holders of the Seven Per Cent
Non-Cumulative Preferred Stock were given the privilege of
exchanging their stock for the new preferred stock share for

Man. 24 1923.]

THE CHRONICLE

share for a limited period, and the holders of the Eight Per
Cent Cumulative Convertible Preferred Stock were also
given the privilege effective January 1 1923 of exchanging
their stock for the new preferred stock until April 1 1923 on
the basis of $115, par amount, of the new preferred stock for
each share of the Eight Per Cent Preferred Stock and thereafter, subject to termination of the privilege, on such basis,
not exceeding that specified, as shall be fixed by your Board
of Directors.
Provision was also made to confer full voting powers upon
the Class B Common Stock (thus eliminating the distinction between it and the Common Stock) when 80% of the
largest par-amount of the Seven Per Cent Non-Cumulative
Preferred Stock theretofore issued shall have been exchanged in the exercise of the privilege above referred to or
otherwise retired. The consummation of this plan will,
therefore, result in your Corporation having only one class
of common stock and one class of preferred stock, each with
full voting powers. This simplification in its capital stock
structure will, in the opinion of your Board of Directors, be
advantageous both to your Corporation and to its stockholders.
In the exercise of the privilege of exchange thus granted
to the holders of the Seven Per Cent Non-Cumulative Preferred Stock, Lackawanna Steel Company elected to take
$12,500,000, par amount, of the Seven Per Cent Cumulative
Preferred Stock instead of a like amount of the Seven Per
Cent Non-Cumulative Preferred Stock by the contract of
purchase agreed to be issued to it, and $7,959,400, par
amount, of the previously issued Seven Per Cent Non-Cumulative Preferred Stock was also exchanged prior to December
31 1922, leaving only $7,040,600, par amount, of the Seven
Per Cent Non-Cumulative Preferred Stock outstanding on
that date. Since that date additional exchanges of the Seven
Per Cent Non-Cumulative Preferred Stock have been made,
and the holders of a substantial amount of the Eight Per
Cent Cumulative Convertible Preferred Stock have also exchanged their stock for the new preferred stock.
Under date of November 24 1922 agreements were entered
into covering the purchase by your Corporation, directly or
through subsidiaries, of all the properties and assets of Midvale Steel and Ordnance Company (except the plant at Nicetown, Pennsylvania, and certain assets appurtenant thereto
and the stock owned by it in Cambria Steel Company) and
all the properties and assets of Cambria Steel Company, in
consideration of the assumption of all liabilities and obligations of the Midvale and Cambria companies (except certain
thereof pertaining to the Nicetown Plant), including outstanding Twenty-Year Five Per Cent Convertible Sinking
Fund Gold Bonds of the Midvale Company, and the delivery
of $97,681,400, par amount, of the Common Stock of your
Corporation. Your Corporation has also agreed to issue its
Common Stock against the surrender and cancellation of
said bonds on the basis of $500, par amount, of stock for each
$1,000, face amount, of bonds.
The consummation of the proposed Midvale and Cambria
purchases which is subject to the approval of the stockholders of the companies interested will, in the opinion of your
Board, prove exceptionally advantageous to your Corporation. Not only will it increase the steel capacity of your
Corporation to 7,600,000 gross tons of steel ingots per annum,
equal to about 15% of the steel ingot capacity of this Country, but it will add many important lines of products which
your Corporation does not now manufacture. With the addition of these products your Corporation will be a producer
of all the important commercial steel products except pipe
and seamless tubes. Moreover, the acquisition of very valuable developed iron ore and coal properties included in the
purchase, and their operation in conjunction with properties now owned by your Corporation will permit of more economical assembling and better mixtures of raw materials,
while the unifying of the operations of the manufacturing
properties will permit of a more advantageous allocation of
orders. Through these important advantages as well as by
a reduction of overhead expense and the elimination of duplications in distributing costs, the position of your Corporation in competition with other commercial steel producers will be materially improved.
In order to extend its facilities for ship repair work in the
harbor of Boston and to supplement the operations of your
Fore River Shipbuilding Plant, your Corporation during the
year purchased the plant and property of Simpson's Patent
Dry Dock Company at Boston, the consideration being the
assumption of $318,652 88 of indebtedness and delivery of




1309

$182,000, face amount, of the Consolidated Mortgage ThirtyYear Sinking Fund Six Per Cent Gold Bonds, Series A, of
your Corporation. Title to the properties was taken on January 3 1923.
The first of the five 20,000 ton cargo vessels of your subsidiary, Ore Steamship Corporation, which was completed in
February 1922, delivered the first cargo of iron from your
Chilean mines at New York on June 6 1922. Two more of
these vessels were delivered and put in operation later in the
year and the remaining two, it is expected, will be completed
and put in operation before June of this year. Contracts
were made during the year with Swedish operators under
which they have agreed to construct two 20,600-ton cargo
vessels to be operated in transporting Chilean ore for your
Corporation for a term of twenty years at a fixed freight
rate. These seven vessels will be able to transport approximately 1,000,000 tons of Chilean ore per annum.
During the year the Consolidated Steel Corporation,
through which your Corporation conducted its export business, in conjunction with other steel manufacturers, discontinued business and is in process of dissolution, and Bethlehem Steel Export Corporation, a new subsidiary company,
was formed to handle the export business of your Corporation.
All contracts made with the Emergency Fleet Corporation
during the War have been completed, and progress is being
made in the adjustment of balances due thereon.
At the beginning of the year the steel plants of your
Corporation were operated at about 30% of capacity, the
lowest operating rate for many years past, and selling prices
were correspondingly depressed. Commencing in March the
rate of production gradually increased until at the end of the
year the volume of new business warranted full operations.
Selling prices also improved gradually, but at the end of the
year were still too low to afford a fair profit. The improvement in prices has continued, and present indications are
that your steel plants will operate throughout the current
year to the capacity permitted by labor and transportation
conditions.
In the shipbuilding industry conditions continued poor
throughout the year. There was, however, a fair amount of
ship repair business which increased substantially toward
the end of the year. The steel passenger coach department
of your Harlan Plant operated practically at full capacity
throughout the year and has a sufficient volume of orders
on hand to assure continued full operation for at least another six months.
While the subsidiary companies of your Corporation have
for many years paid pensions to old employees, no definite
uniform pension plan was in force. After a careful study of
the plans of other corporations, the subsidiary companies of
your Corporation have formulated and put into operation,
effective January 1 1923, a Pension Plan making a definite
provision for old age pension based upon the length of service and average compensation of the employee.
On October 26 1922 Messrs. H. G. Dalton, 0. G. Jennings
Moses Taylor and Alvin Untermyer were elected directors of
your Corporation to fill vacancies.
Your Board of Directors takes pleasure in acknowledging
the loyal and efficient services of the officers and employees
of your Corporation and its subsidiary companies.
By order of the Board of Directors.
C. M.SCHWAB, Chairman of the Board of Directors.
E. G. GRACE, President.
CERTIFICATE OF INDEPENDENT AUDITORS.

New York, March, 10 1923.
To the President and Directors of the
Bethlehem Steel Corporation:
We have examined the books and accounts of the Bethlehem Steel Corporation and its subsidiary companies for the
year ended December 31 1922 and find that the balance sheet
at that date and the relative profit and loss account are correctly prepared therefrom.
During the year only actual additions have been charged
to property account, and the provision for depreciation, obsolescence and depletion is, in our opinion, fair and reasonable.
The inventories of stocks on hand, as certified by the responsible officials, have been valued at prices not in excess
of cost or market, and the accounts and bills receivable are
In our opinion good and collectible. Full provision has been
made for all ascertainable liabilities, and we have verified
the cash and securities by actual inspection or by certificates
from the depositaries.
The deferred charges represent expenditures reasonably
and properly carried forward to the operations of subsequent
years.
We certify that, in our opinion, the balance sheet is properly drawn up so as to show the financial position of the
combined companies on December 31 1922, and the relative
profit and loss account fairly states the results for the fiscal
year ended at that date.
PRICE. WATERHOUSE & 00.

1310

THE CHRONICLE

[VOL. 116.

GEORGIA RAILWAY & POWER COMPANY
ANNUAL REPORT FOR THE YEAR 1922.

This issue of $3,500,000 00 25-year 6% General Mortgage
Atlanta, Georgia, January 30 1923.
Gold Bonds were sold and $631,700 00 of the proceeds were
To the Stockholders:
Statements are hereto attached showing the earnings, ex- used in paying off the balance due on account of the purpenses and disbursements for the year 1922, with compara- chase price of the Tugalo Power plant equipment and mative figures for the year 1921, of the Georgia Railway and chinery. The balance of proceeds, namely $2,553,300 00, was
Power Company, including the Atlanta Gas Light Company deposited with the Trustee to be used exclusively for the
and other leased properties, together with a statement of purpose of completing the Tugalo Development, increasing
the assets and liabilities of the Georgia Railway and Power the capacity of the Morgan Falls Plant, and other items of
new construction necessary for the transmission, distribuCompany as of December 31 1922.
After payments of operating expenses, taxes, rentals and tion and delivery of electrical energy, all as authorized by
Interest, the balance of the year's operations amounted to the Georgia Public Service Commission of Georgia.
Pursuant to authorization of the stockholders of the Com$1,917,043 84, and after the payment of sinking funds, to
pany as contained in resolution adopted at a special meet$1,666,253 64.
Reserves for maintenance, damages and contingencies are ing of the stockholders on August 29 1922, the Company ischarged to operating expenses. In 1921 the actual expendi- sued during the year $2,500,000 First Preferred 8% Cumulatures on these accounts amounted to $9,556 71 less than the tive Stock, Series of 1922. The sum of $2,000,000 par value
amount charged in operating expenses and credited to re- of this new stock was used in retiring the $2,000,000 First
serves. In 1922 the expenditures on these accounts amounted Preferred 6% Cumulative Stock of the Company, together
to $364,06683 less than the amount charged in operating ex- with the accrued and unpaid dividends thereon aggregating
penses and credited to reserves. Therefore, in order to make $8050 per share. The remainder of $500,000 par value of the
a true comparison on the basis of actual expenditures for new First Preferred 8% Cumulative Stock, Series of 1922,
operations between the "Net Income" of 1921 and the "Net was sold for cash at par, and the proceeds placed in the
Income" of 1922, there should be added to "Net Income" for treasury of the Company to be used or applied only for the
the year 1922 as shown in the statement the sum of $354,- acquisition or construction of new and additional property,
or reimbursing the company for expenditures already made
51012.
The rentals due under the lease of the Georgia Railway for new construction.
Dividends on the new First Preferred 8% Cumulative
and Electric Company and the Atlanta Gas Light Company
Stock, Series of 1922, began to accrue from October 1 1922.
were duly and promptly paid.
As part payment, in accordance with the terms of the The 2% quarterly installment of dividend for the period endlease, on account of expenditures made for additions and ing December 31 1922 was paid on January 20 1923 to the
betterments to the property of the Georgia Railway and stockholders of record as at the close of business January
Electric Company during the year 1921, and not theretofore 10 1923.
In accordance with the sinking fund provisions of the repaid, $199,000 00 par value of the Refunding and Improvement Mortgage Bonds of the Georgia Railway and Electric spective mortgages, $25,000 00 par value of the First MortCompany were issued. $60,000 00 of these bonds were used gage Bonds of the Atlanta Consolidated Street Railway
in providing for the 1922 sinking fund requirements of the Company, $50,000 00 par value of the First Consolidated
Refunding and Improvement Mortgage of the Georgia Rail- Mortgage Bonds of the Georgia Railway and Electric Comway and Electric Company, and the balance of $139,00000 pany, and $60,000 00 par value of the Refunding and Implaced in the treasury, making $939,000 00 par value of Geor- provement Mortgage Bonds of the Georgia Railway and
gia Railway and Electric Company bonds in the treasury on Electric Company were redeemed and canceled. The sum of
$7,590 00 was paid into the sinking fund under the First
December 31 1922.
During the year 1922, pursuant to an order of the Railroad Mortgage of the Atlanta Gas Light Company and the sum of
.Commission of Georgia, the Atlanta Gas Light Company $20,452 00 was paid into the sinking fund under the Refundissued, under its Refunding and Improvement Mortgage ing and Improvement Mortgage of the Atlanta Gas Light
dated October 1 1920, $393,000 00 par value Refunding and Company. The sum of $5,000 00 was paid into the sinking
Improvement Mortgage 6% Sinking Fund Gold Bonds. fund under the mortgage of the Atlanta Northern Railway
These bonds were issued to reimburse the treasury for cap- Company; the sum of $10,000 00 was paid into the sinking
ital expenditures for new and additional property acquired fund under the mortgage of the Atlanta Water and Electric
between October 1 1920 and December 31 1921. $20,000 00 Power Company, and the sum of $75,000 00 was paid into the
par value of these bonds were used in providing for the 1922 sinking fund under the First Refunding Mortgage of the
sinking fund requirements of the Refunding and Improve- Georgia Railway and Power Company, the total of these
ment Mortgage of the Atlanta Gas Light Company, leaving sinking fund requirements being $253,042 00.
$1,003,000 00 par value of bonds in the treasury.
RAILWAY.
Pursuant to the provisions of the General Mortgage of
On December 31 1922 the total mileage of railroad tracks.
Georgia Railway and Power Company dated November 1 (on a single track basis) owned or leased and controlled and
1921 and to an order of the Railroad Commission of Georgia operated by this Company, including the mileage in Gainesdated June 7 1922, the Company issued during the year $3,- ville, Ga., was 247.303.
-year 6% General Mortgage Gold Bonds, Series . During the year 1922 the Company placed an order for
500,00000 25
of 1922, secured by a general mortgage on the property, sub- twenty city-type electric railway double end pre-payment
ject to the First and Refunding Mortgage dated April 1 1914 passenger cars with seating capacity of 48 passengers each
and the mortgage of the Atlanta Water and Electric Power at an aggregate cost of $256,000 00. These cars have all been
Company, and also secured by a depOsit with the Trustee of delivered and are now in service.
The Company transported during the year 1922 94,208,490
$3,500,000 00 par value First and Refunding Mortgage 5%
Bonds, which latter, owing to the low interest rate, were un- passengers, as against 93,557,131 passengers in 1921.
salable under current market conditions at a price the ComLIGHT AND POWER.
pany could afford to take. Inasmuch as bonds can only be
On December 31 1922 the Company had inside the 7
-mile
issued under the General Mortgage to the extent that First zone, that is the City of
Atlanta and vicinity, 34,656 electric
and Refunding Mortgage Bonds are deposited with. the light and power customers,
being an increase of 4,786 cusTrustee of the General Mortgage as collateral, the issuance tomers over December 1921.
The total combined number of
and sale of this $3,500,00000 25-year 6% General Mortgage light and power customers on December 31 1922, both inside
Gold Bonds, Series of 1922, did not increase the bonded debt and outside the 7
-mile zone, was 38,295, being an increase of
of the Company.
4,815 customers over December 1921.




THE CHRONICLE

MAR. 24 1923.]

-mile zone are thirtyAmong the customers outside the 7
four municipalities to which the Company furnishes power
wholesale, these municipalities in turn distributing and delivering it to the light and small power consumers within
their respective borders. The light and power consumers so
served by the municipalities are in addition to the 38,295
customers served directly by the Company.
The following figures give the total output of electrical
energy by the Company in kilowatt-hours for each of the past
ten years and show the growth of the electrical business:

1311

ties and throughout North Georgia. The entire population
of the territory served by the Company is in excess of 730,000.
Respectfully,
P. S. ARKWRIGHT, President.
H. M. ATKINSON, Chairman.
GEORGIA RAILWAY & POWER COMPANY BALANCE SHEET
DECEMBER 31 1922.

RESOURCES (Condensed).
Plant Account (including new construction)
$51,242,348 22
•
Kilowatt Hours. Cash advances to leased companies for new construction,
net balance due:
1913 (Tallulah operated 3 months)
100,479,902
Georgia Railway ,Sc Electric Company
$1,254,128 35
1914 (Tallulah partially operated entire year)
145.692.403
Atlanta Gas Light Company
691,437 54
1915 (Tallulah partially operated entire year)
179,976,596
1.945.565 89
1916 (Tallulah fully operated entire year)
211,872.638
Supplies on hand
723,045 79
1917
258,607.882
gash and Accounts Receivable
1,236.694 52
1918
238,489.012
Special Deposit
1,248,300 00
1919
262.834,541
Notes Receivable:
1920
293.721,290
Atlanta Northern Railway Co
$112,500 00
282.084,977
1921
Others
218,122 80
1922
317,068,699
330,622 80
22.733 57
Construction work on the Tugalo Development has been Prepaid accounts
Stocks and Bonds owned
1.004,811 23
actively under way since January 2 1922, and the Company Treasury Bonds •
102.000 00
plans to push this work forward to completion. It is ex- Equipment under trust
758.803 22
Sinking Fund Bonds
572,00000
pected that the first unit will be in operation on or about
Sinking Fund Trustees
20,61363
August 1 1923, and the entira installation by January 1 1924. Bond Discount
1,295,013 31

This plant will have a generating capacity of 50,000 kilowatts (an increase of more than 50% in the water power
generating capacity of the Company) and an estimated annual output of 140,000,000 kilowatt-hours. This development, which is located on Tugalo River, approximately two
miles below the present Tallulah Falls generating station,
consists of the construction of a dam, reservoir, power house
and other necessary structures, and the installation of hydroelectric machinery and electrical equipment and appliances
and the construction of a transmission line approximately
three miles in length to a connection with the present Tallulah Falls transmission system.
Included in the 1923 budget of construction expenditures
is the Mathis
-Tallulah Development. It is contemplated in
this development to use the 190 feet head between the elevation of the Mathis Reservoir and the Tallulah Reservoir on
the Tallulah River in Rabun County, Georgia. This development involves the construction of a tunnel from the Mathis
Dam one-half mile in length and a penstock one-half mile in
length to a power house to be constructed at the head of the
Tallulah Reservoir and in which is to be installed two water
wheels of 11,000 horse power capacity each, together with
their electric generating equipment.
This plant will receive the benefit of the Burton and
Mathis storage reservoirs and it is estimated that the average annual output will be 63,800,000 kilowatt-hours.
GAS.

The Atlanta Gas Light Company has approximately 297
miles of gas mains in the City of Atlanta and vicinity. The
property of the Gas Company is leased to and operated by
Georgia Railway and Power Company. During the year 1922
the gas output was 1,404,233,571 cubic feet. The number of
gas customers served as of December 31 1922 was 34,333, an
increase of 1,294 for the year.
Atlanta's population inside corporate limits increased from
89,872 in 1900 to 200,616 in 1920. The population of Atlanta
as of December 31 1922 is estimated at 220,000.
Atlanta's real population inside and outside the corporate
limits, which is the population served by the street railway
system, is probably 250,000.
The City of Atlanta is growing more rapidly than at any
time in its history. The following is a detailed statement of
building permits issued by the City of Atlanta for the year
1922:

Total

$8,345,951
3.638,450
212.292
2,692.777
4.055.403
1,638.861
$20,583.734

In addition to the City of Atlanta, the Company supplies
51 other municipalities in Georgia with electrical energy for
lighting and for the operation of city pumping stations. It
also supplies various industries located in these municipali-




$2,500,000 00
10,000,000 00
15,000,000 00

$27.500,000 00
First and Refunding Mortgage Bonds
$19,769,00000
Less Deposited as collateral for General
Mortgage Bonds
7.500,000 00
12,269,000 00
Underlying Bonds
1,400.000 00
General Mortgage Bonds
7,500,000 00
Equipment Trust Notes
460,000 00
Accounts Payable (current)
885.792 67
Paving Assessment deferred installments
132.344 67
Interest Payable
207.125 05
Taxes Payable
387.666 06
Dividends Payable, 1st Preferred
50.000 00
Accrued Rentals (leased companies)
119.622 00
Reserves for depreciation
5,239.209 97
Other Reserve Accounts
291.734 11
Suspense Accounts
86.890 26
*Georgia Railway & Electric Company
465.678 82
xAtlanta Gas Light Company
'116,654 61
Balance
3.390,833 96
Total Liabilities
$60.502.552 18
* Net current assets turned over to Georgia R.& Power Co. by Georgia
Ry. & Electric Co. in accordance with terms of lease, and not to be paid
back until expiration of the lease, 999 years from January 1st 1912.
x Net current assets turned over to Georgia Ry. & Power Co. by Georgia
R.& Electric Co. and Atlanta Gas Light Co. in accordance with terms
ofleases, and not to be paid back until the expiration of the lease, 991 years
from January 1st 1920.
GEORGIA RAILWAY & POWER COMPANY AND LEASED AND
SUBSIDIARY COMPANIES INCOME STATEMENT
1921.
1922.
Operating Revenues
$14,080,903 74 $14.449,497 50
8,476,795 67 9.130,345 17
Operating Expenses
Net Operating Revenue
Lees Taxes

$5,604,108 07 $5,319,152 33
916,764 84
952,188 11

Other Income

GENERAL.

Brick and Frame Dwellings
Apartment Houses
Churches
Business Houses, Factories, etc
Public Buildings
Alterations, etc

$60,502,552 18
LIABILITIES (Condensed).
Capital Stock, 1st Preferred
Capital Stock, 2nd Preferred
Capital Stock. Common

$4,687.343 23 $4,366,964 22
350,921 15
417.190 15

Gross Income
$5,038,264 38 $4,784,154 37
Bond Interest and Rental Dividends of
Leased and Subsidiary Companies
1.679,227 71
1,694,310 64
$3,359,036 67 $3,089,843 73
Other Interest of Leased and Subsidiary
Companies
Extinguishment of Discount on Securities of
Leased and Subsidiary Companies

$158,126 57

$185,869 59

Bond Interest Georgia Railway & Power
Company

9,286 84

9,660 89

$167.413 41

195,53048

$3,191,623 26 $2,894,313 25
655,016 67

888,350 00

$2,536,606 59 $2,005,963 25
Interest on Notes Georgia Railway &
Power Company
Extinguishment of Discount on Securities
Georgia Railway & Power Company

$221,239 89

$26,743 76

88,90230

62,175 65

310.142 19

88.919 41

Net Income for the Year before Depreciation
and Dividends
$2,226,464 40 $1,917,043 84
Note.—As stated in the fourth paragraph of this report,$354,510 12 must
be added to the "Net Income" for 1922, as shown above, to make a true
comparison with 1921, resulting in "Net Income" for 1922 on the basis of
actual expenditures for operations of 12,271,553 96 compared to $2,226,46440 for 1921.

1312

THE CHRONTCLE

[VoL. 116.

CANADA STEAMSHIP LINES
LIMITED
ANNUAL REPORT 1922
To the Stockholders:
Your Directors submit the Company's Ninth Annual
Report and Statement of Accounts. The net earnings for
the year before interest depreciation and taxes were $2,040,748 44, and the profit for the year after all charges and
reserves was $429,910 72.
Total revenue decreased $1,171,808 75 from previous
year; due largely to loss of 569,365 tons of coal traffic caused
by coal miners' strike; to loss of passenger traffic caused by
railroad strikes, and also to serious port congestion which
prevented prompt dispatch.
Pursuant to authority granted at meeting of shareholders
-Year Serial First
held on May 16 1922, the Company's 10
Mortgage Bonds, which had been issued in amount of
$6,000,000, were cancelled, and an equivalent amount of
-Year First Mortgage Collateral Sinking
the Company's 20
Fund 7% Gold Bonds were issued and sold.
The Company also sold an issue of its 4-5-Year Notes in
amount of $850,000.
Through operation of Sinking Fund, the Company's
Five Per Cent Debenture Stock was retired in amount of
$376,210 88 during the year.
The Company purchased on July 1 1922, 4,266 shares of
capital stock and 30,000 First Mortgage Bonds of Century
Coal Company Limited, and paid off bank loans of that
Company aggregating $700,000, thereby discharging the
Company's contingent liability of $1,000,000 on account of

notes endorsed for allied Company. All bonds and shares
of Century Coal Company Limited are now owned by this
Company.
During the year underlying First Mortgage Bonds, against
which cash had been deposited for redemption, were reduced
from $523,046 71 to $59,460 06.
The condition of the Company's physical property is
satisfactory; and one large new passenger Steamship, to be
named "Richelieu," will be in operation about July 11923.
The whole respectfully submitted.
W. H. COVERDALE, President.
CERTIFICATE OF AUDITORS.

We have audited the accounts of the Canada Steamship
Lines Limited and its Subsidiary Companies for the year
ended 31st December 1922 and have obtained all the information and explanations which we have required. We certify that the accompanying Consolidated Balance Sheet and
relative Operating and Surplus Accounts are, in our opinion,
properly drawn up so as to exhibit a true and correct view
of the state of the Company's affairs as at 31st December
1922, and of its operations for the year ended at that date,
according to the best of our information and the explanations
given to us, and as shown by the books of the Company.
MARWICK, MITCHELL & Co., Chartered Accountants.

Montreal, Que., 28th February 1923.

CANADA STEAMSHIP LINES, LIMITED. AND SUBSIDIARY COMPANIES—
CONSOLIDATED BALANCE SHEET AS AT DEC.31 1922
ASSETS.
Fixed Assets:
Vessels, Real Estate, Buildings. Docks and Wharves,
$32,251,626 82
Plant, Equipment. &c
7,626,766 08
Less Reserve for Depreciation

LIABILITIES.
Capital Stock:
125,000 Shares Cumulative Preference 7% Stock of
$100 each
$12,500,000 00
120.000 Shares Common Stock of $100 each
12,000,000 00

$24,624,860 74
324.500,000 00
29.000 00 Funded Debt:
Deferred Payments on Property Sold
First Mortgage Bonds
359.460 00
Assets:
Current and Working
59.460 00
Less—Cash Deposited for Redemption
Cash in Banks and on Hand
$828,433 46
Accounts Receivable,less Reserve for Doubt$14,922,106 66
5% Debenture Stock
ful Accounts
1.008,15540
Less Amount Retired by
Adjusted Losses due by Underwriters
697,029 64
Operation of Sinking Fund_ _$1.578.927 29
Insurance and Other Claims—Estimated
Deposited with Trustees as
Amount Recoverable
1,304,865 61
Security for issue of $6,000.Interest Receivable Accrued
4,741 50
000 00 1st Mortgage ColInventories of Stores and Supplies
578,880 39
lateral Gold Bonds
8,400,000 00
4.422.106 00
Held in Treasury
20.000 00
Charges Deferred to Future Operations
326,017 14
9,098.927 29
2,707,123 29
Investments, less Reserve
$4,923,179 37
Funds Deposited with Trustees for Mortgage
Twenty-Year 1st Mortgage Collateral Sinking
$21,75931
Bonds and Debenture Stock
6,000.000 00
Fund 7% Gold Bonds
Cash in Hands of Trustees for Debenture
850,000 00
7% Debenture Notes
Holders for Replacement of Assets Lost and
11.773,179 37
Sold
221,50651
Current and Accrued Liabilities:
Adjusted Losses due by Underwriters Payable
$99,999 99
Notes Payable
109,511 80
to Trustees
Accounts Payable, including provision for
352.777 62
Government Taxes
2,145,000 81
832,461.884 79
Bond and Other Interest Accrued
171.150 11
1.094,88893
Bond Discount and Expense
2,416,150 91
Reserves:
87,000,00000
Leases, Contracts and Goodwill
For Freight and Other Claims
$12,50000
Goodwill—Subsidiary
Leases, Contracts and
For Premium on Redemption of Bonds of
1.048,61842
Companies
8,048.618 42
Richelieu & Ontario Navigation Co
876 45
13,376 45
Surplus
2,902.685 41
Contingent Liabilities:—None.
Note:—Cumulative Preference Dividends in
Arrear
3875,000 00
W. H. COVERDALE, Director.
$41,605.392 14 ,
841,605,392 14
J. W. NORCROSS, Director.
OPERATING ACCOUNT FOR THE YEAR ENDED 31st DEC. 1922.
Operating Revenue:•
Vessels
$11,099.772 20
176,104 42
Docks and Wharves
Miscellaneous
127,488 32
Other Revenue

$11,403,364 94
211.506 03

$11,614,870 97
Total Revenue
Expenses--------------------------------------------- 9,574,122 53
Net Earnings------------------------------------- $2,040.748 44
From which Deduct:
$635,807 94
Interest on Funded Debt
84,010 62
Other Interest
808,524 16
Reserved for Depreciation •
and Claims__ _
30.000 00
Reserved for Doubtful Debts
27,495 00
Directors'Fees
25.000 00
Reserved for Income Tax
1.610,837 72
Profit for Year




$429,910 72

SURPLUS ACCOUNT AS AT 31st DECEMBER 1922.
Balance as at 31st December 1921
$3.610,719 52
Add:
Profit for Year ended 31st December 1922,
as per Operating Aocount
$429,910 72
Less:
Net Loss on Sales, &c., of Fixed
Assets
$2,490 23
Bond Discount and Expense
written off
41.174 33
43,664 56
386,246 16
Add:
Surplus arising from Sinking Fund Purchases of Debenture
Stock, transferred

$3.996,965 68
330,366 52
$4,327,332 20

Deduct:
Amount written off Leases, Contracts and Goodwill
Surplus as per Balance Shell

1,424,646 79
82.902,68541

THE CHRONICLE

MAR. 24 19231

1313

CADDO CENTRAL OIL AND REFINING CORPORATION
REPORT FOR THE YEAR ENDING DECEMBER 31st 1922.

To the Stockholders:
The Board of Directors submits herewith the Consolidated Balance Sheet of the Caddo Central Oil & Refining
Corporation and Caddo Tank Car Corporation as of December 31 1922 and the Consolidated Profit and Loss Statement
for the year 1922, duly certified by Messrs. Price, Waterhouse & Co.
Business in the early part of the year was dull, but grew
steadily and the volume of sales for last May and June
equalled the very best records of your Company, made in
1920 at a time when prices were somewhat higher.
Your directors at that time, therefore, anticipated that
the results of the year would be of an exceptionally gratifying character, but the prolonged strikes of rail shopmen,
which began July 1st and which were accompanied by sharp
cuts in the price of oil and gasoline, seriously hampered your
Company's operations.
The effects of this are very clearly seen in the results for
the year showing an operating profit of $344,000, which,
however, has been more than offset by the necessary charges
for depletion and depreciation.
On December 31 1922 your current assets were, in round
figures, $821,273, against current liabilities of $235,512, or
a ratio of about three and one-half to one, and this was after
payment to the respective Trustees of interest due January 1
1923 on bonds of the Corporation.
Your Corporation has, during the year, paid off out of
its current earnings $135,000 on account of the principal
of Equipment Trust 8% Gold Certificates covering the
tank cars used by your Company, thus reducing the principal sum to $540,000.
It is the hope of your officers and directors that the very
trying period of deflation which extended through the years
1921 and 1922 has now come to an end and that the earnings of your Corporation may reflect this year the increased
, general prosperity of the country at large.
Respectfully submitted,
By Order of the Board of Directors,
CHARLES P. CLAYTON,
March 9 1923.
Vice-President.

CADDO CENTRAL OIL & REFINING CORPORATION
and
CADDO TANK CAR CORPORATION.
PROFIT AND LOSS ACCOUNT YEAR ENDING DECEMBER 31 1922
Departmental profit before providing for depreciation and
depletion
81,037.925 74
Deduct
General and administrative expenses:
Salaries, officers
834,791 63
Salaries, others
26,698 33
Engineering expenses and supplies
4.688 34
Automobile expense
17,086 42
Storeroom expense
7,377 87
Insurance
23.858 55
Rent
6,922 50
Land and lease department
8.486 08
Special service expense
529 13
Legal expenses
2,584 78
Stationery and office supplies
8,694 81
Telephone and telegraph
11.394 99
Bad debts
26,505 61
Taxes
79,408 17
New York office expenses
5.616 .56
Miscellaneous
15,946 58
Less--Miscellaneous income

8278,590 35
22,502 56
256,087 79

Deduct
Interest and other charges:
Interest on bonded indebtedness
$405,868 16
Interest on notes payable
1,644 64
Amortization of discount on Caddo Tank Car
Corporation 8% equipment trust certificates 15,525 00
Cost of drilling dry holes
14,840 63

$781,837 95

437,87843
Net profit for year before providing for depreciation, depletion and abandoned leases
8343.959 52
Deduct
Depreciation
8413.042 24
Depletion
95,223 83
Abandoned leases
19,785 21
528,051 28
Net loss for the year carried to balance sheet
$184.091 76

We have examined the books of Caddo Central Oil &
Refining Corporation and Caddo Tank Car Corporation
for the year ending December 31 1922 and we certify that,
in our opinion, the above balance sheet and the relative
profit and loss account fairly set forth the financial position
of the combined companies and the results of the operations
for the year.
PRICE, WATERHOUSE & CO.,

March 1 1923.

56 Pine Street, New York,

CADDO CENTRAL OIL & REFINING CORPORATION
and
CADDO TANK CAR CORPORATION.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1922.
ASSETS.

LIABILITIES.
Capital Assets
Capital and Capital Surplus
Property acquired March 31 1919 at appraised values, with
Capital stock:
subsequent additions, amounting to $3,559,688 27 at
Authorized-200,000 shares of no par or declared value.
cost: Oil lands and leases, including development and
Issued-150,000 shares of no par value in
equipment
817,108.517 11
exchange for a like number of shares hereTank cars
1,345,000 00
tofore issued and having a par value of.. __815,000,000 00
Refineries, pipe lines, &c
3,168.730 31
(The exchange of shares had not been fully
completed as at December 311922)
821.622.247 42
Issued-18,500 shares of no par value for
Less
cash
185,000 00
Reserve for depletion of oil resources
$675,194 89
$15.185,000 00
Reserve for depreciation of plant and equipm't 1,073.829 17
1.749.024 06 Deduct-Capital losses at December 31 1921 on sale of capital
assets and abandpned leases
1,439,104/45
$19.873,22336
Sinking Fund Assets
813.745,895 55
Bonded Indebtedness
Cash in hands of trustees of bond issues
$523 58 Caddo
011 & Refining Company: let mortgage
Note.
-Sinking fund installments on the first consolidated
sinking fund 67 gold bonds, due 1927
mortgage gold bonds were in arrears at December 31
$1.540,000 00
Caddo Central Oil & Refining Corporation: 1st
1922 to the amount of $216,830 00.
consolidated mortgage sinking fund 6% gold
Additional installments will become payable as follows:
bonds. due 1930
February 1 1923 on let consolidated mortgage sinking fund 6% gold bonds
Authorized
84,625,600 00
$108,415 00
April 1 1923 on 1st mortgage sinking fund
Less
-In treasury
289,000 00
6% gold bonds
4,336,600 00
38,500 00
Caddo Tank Car Corporation: Equipment
trust gold certificates 8%, duo serially to
8146.91500
Working Assets and Deferred Charges
September 1926
540,000 00
Materials and supplies for construction and
6.416,600 00
operations
Current Liabilities
$46,49328
Prepaid insurance and deferred expense
Accounts Payable
9,05223
8199,859 48
Discount on Caddo Tank Car Corporation 8%
Accrued wages and salaries
13,453 59
equipment trust gold certificates
Duo to officials and employees
46,57500
539 25
102,120 51 Accrued interest and taxes
21,659 78
Current Assets
235.512 10
('rude and refined oils on hand:
Capital Reserve arising from purchase of bonds at less than
Crude oil at approximate-market
par for redemption
75,361 65
values at December 31 1922_8194,203 49
Fuel and refined oils at average
Revenue Surplus
selling pica
Surplus at December 31 1921
319.487 87
$507,863 30
Less
-Loss for year ending December 31 1922
Notes Receivable (less reserve for doubtful 8513,691 36
per Exhibit H
184,091 76
notes)
323.771 54
17,128 98
Accounts Receivable (less reserve for doubtful
Contingent Liability
accounts)
An appeal has been taken from a decision giving
119.626 81
officials and employees
Duo from
judgment in a suit for damages against Caddo
5.292 95
Cash in banks
Central Oil & Refining Corporation in the
165.533 29
821.273 39
amount of
814,000 00




*20,797.14084

$20,797,140 84

[VOL. 116.

T1TE CHRONICLE

1314

CONSOLIDATION COAL CO., INC.
FIFTY-NINTH ANNUAL REPORT
-FOR THE YEAR ENDING/DECEMBER 31 1922.
Office of The Consolidation Coal Company,
New York, N. Y., March 21 1923.
To the Shareholders:
The President and Board of Directors beg to submit the
following report of operations of the Company for the year
ending December 31 1922:
INCOME.
Earnings from Operations
$22,464,911 76
Operating Expenses, Taxes, Insurance and
Royalties, exclusive of Federal Income Tax
$17,776,468 64
Depreciation
1,453,507 76
Depletion at Cost
135.327 40
19,365,303 80
Net Earnings from Operations
$3,099,607 96
Profitfrom sale of Real Estate, Stocks, Bonds
and Other Capital Assets
372,338 70
Insurance Fund Surplus Credit
111,121 64
Income from Other Sourceq
1,017,028 90
Interest

$4,600,097 20
1,866,651 54

Net Earnings for the year, before deducting Federal Income
Tax
2,733,445 66
Less Reserve for Federal Income Tax
175,000 00
Surplus Net Income for the Year
Less Cash Dividends declared for the year 1622

$2,558,445 66
2,412,034 50

The above one hundred and twenty-three Bonds plus
two hundred and twenty-one Bonds cancelled through the
operations of the Sinking Fund of the Cumberland and
Pennsylvania Railroad Company and thirteen hundred and
eighty-three Bonds purchased in prior years make a total
of one million, seven hundred and twenty-seven thousand
dollars par value of Bonds cancelled by the operations of the
Sinking Fund to December 31 1922.
Refunding Mortgage 43/i Per Cent Bonds, Due May 1 1934.
Under the operation of and in accordance with the provisions
of the Deed of Trust of May 1 1904 there have been applied
to the Fund during the year the following amounts:
Balance in hands of Trustee December 31 1921
$71031
Balance due Fund December 31 1921
25,735 05
Three cents per ton on 194,887 gross tons output 1922 $5,846 61
Three cents per ton on 271,593 gross tons mined by
Lessees on Royalty Leases 1922
8.147 79
13,994 40
$40,439 76
Twenty-eight Bonds, purchased for the Fund, cost_ $25,616 58
828 78
In Fund, Uninvested, December 31 1922
Due Fund for the year ending December 31 1922
13,994 40
(paid February 28 1923)

$40,439 76

The above twenty-eight Bonds, plus nine hundred and
twenty-eight Bonds purchased in prior years, make a total
of nine hundred and fifty-six thousand dollars par value of
$96,585,447 83 Bonds held by the Trustee of the Sinking Fund, December
Total
Adjustments of Appreciation of Coal Lands March 1 1913 and
935,690 83 31 1922.
Accounts for previous years
Fairmont Coal Co. First Mortgage 5 Per Cent. Bonds,
Profit and Loss Account,Insurance Fund Surplus, and CapiDue July 1 1931.
tal Surplus, December 31 1922, as shown in Balance Sheet
-Under the operation of and in accordance
$95,649,757 00 with the provisions of the Deed of Trust of June 27 1901
on a subsequent page
there have been applied to the Fund during the year the
BONDED DEBT AND SINKING FUNDS.
following amounts:
The aggregate outstanding Bonded Debt of the Com- Balance in
$80,126 26
hands of Trustee December 31 1921
pany, as of December 31 1922, is $34,427,500 exclusive of Balance due Fund December 31 1921
14,784 40
Treasury. In January 1922 the Company Two cents per ton on 1,707,103 gross tons, outBonds held in the
put 1922
$34,142 06
reacquired $2,000 par value of its First and Refunding Mort- Two cents per ton on
300,747 gross tons, mined by
gage Bonds, and in February 1922 issued and sold $12,500,Lessees on Royalty Leases 1922
6,014 94
40,157 00
000 par value of its First and Refunding Mortgage Bonds, Interest accretions to the Fund for the year
2,790 67
the proceeds of which were used in the acquisition of the
$137,858 33
Rivesville and Stafford Mines of the Monongahela Power Sz Seventeen Bonds, purchased and cancelled, cost_ $16,099 34
105,162 63
Railway Company, the minority stock interest of the North In Fund, Uninvested, December 31 1922
Due Fund for quarter ending December 31 1922
Western Fuel Company and the property of the Carter Coal
(paid January 31 1923)
16.596 36
$137,858 33
Company in McDowell County, W. Va., Buchanan and
Tazewell Counties, Virginia, and Knox and Bell CounThe above seventeen Bonds, plus thirteen hundred and
ties, Ky.
fifty-three Bonds purchased in prior years, make a total
Provision has been made for the payment of $3,939,500
of one million three hundred and seventy thousand dollars
par value Six Per Cent Convertible Bonds, maturing Febpar value of Bonds cancelled by the operations of the Sinking
ruary 1 1923.
Fund to December 31 1922. Of the amount in and due the
Of the authorized issue of $40,000,000 First and RefundFund,$109,518 01 is applicable to the purchase of additional
ing Mortgage Bonds, dated December 1 1910, there have
coal-bearing lands.
been issued:
Carter Coal Co. First Mortgage 6 Per Cent Bonds, Due
$21,918,000 which are included in the above amount of outstanding bonds.
1,727,000 since purchased and retired by the Sinking Fund.
February 1 1947.
-Under the operation of and in accordance
pledged under the Ten-Year Six Per Cent Convertible Mortgage.
2,259,000
with the provisions of the Deed of Trust of February 1 1922
595.000 purchased and held by the Company.
there have been applied to the Fund during the year the
1,602,000 held in the Treasury.
following amounts:
There have been reserved for future requirements:
$146,411 16
Net Surplus for the year carried to Profit and Loss
Profit and Loss Account, Insurance Fund Surplus, and
96,439,036 67
Capital Surplus, December 31 1921

$10,443,000 to provide for the retirement of an equal amount of other bond
issues of the Company.
1,456,000 to provide for future development and additions to the property.

Balance in hands of Trustee December 31 1921
Four cents per ton on 622,390 net tons output 1922

None
$24,895 60

Due Fund for year ending December 31 1922

$24.895 60

The following are the details of the Sinking Fund Account
for each issue of bonds:
The combined Sinking Fund Account for the year under
First and Refunding Mortgage 5 Per Cent Bonds, Due the various mortgages is as follows:
-Under the operation of and in accordance Balance in and due Funds December 31 1921
December 1 1950.
$176,111 60
with the provisions of the Deed of Trust of December 1 Accrued Sinking Funds for the year
183,914 23
Interest accretions and other receipts for the year
3,540 60
1910 there have been applied to the Fund during the year
Total
6363,566 43
the following amounts:
$1,933 31
Balance In hands of Trustee December 31 1921
52.112 22
Balance Due Fund December 31 1921
Three cents per ton on 4,528.452 gross tons,
$135,853 56
output 1922
Three cents per ton on 772,169 gross tons, mined
23,165 07
on Royalty Leases 1922
by Lessees
$159,018 63
Less Sinking Fund requirements of prior mortgages- 54,151 40
Interest accretions to the Fund for the year

104,
867 23
728 48

$159,641 24
One hundred and twenty-three Bonds, purchased
$108,446 25
and cancelled, cost
In Fund. Uninvested, December 31 1922
771 15
Balance due Fund December 31 1922 (paid January
311923)
50,423 84
$159,641 24




Less $168,000 par value of Bonds purchased during the year
at a cost of
$150,162 17
Balance in and due Funds December 31 1922
6213,404 26

The above one hundred and sixty-eight Bonds plus two
hundred and twenty-one Bonds cancelled through the
operations of the Sinking Fund of the Cumberland and
Pennsylvania Railroad
and three thousand six
hundred and seventy-eight Bonds purchased in prior years,
make a total of four million and sixty-seven thousand
dollars par value of Bonds retired by the various Sinking
Funds December 311922.
By order of the Board.
C. W. WATSON, President.

company

MAR. 24 1923.]

THE CHRONICLE

T ABLE SHOWING THE PRODUCTION IN NET TONS MINED
FROM THE PROPERTIES OF THE CONSOLIDATION
COAL COMPANY SINCE 1864.
Mined by
Mined by
Year—
the Company.
Lessees.
Total.
1864
37,678
37,678
1865
65,068
65.068
1866
104,798
104,798
1867
213,148
213,148
1868
205,494
205,494
1869
287,605
287.605
1870
429,751
429.751
1871
566,190
566,190
1872
564,627
564,627
1873
614,302
614,302
1874
523.545
523,545
1875
502.794
502,794
1876
L
399,635
399,635
1877
390,191
390.191
1878
452,497
452.497
1879
541,735
541.735
1880
636.433
636.433
1881
844,368
844.368
1882
472,048
472,048
1883
510,987
510,987
1884
771,917
771.917
1885
795,272
795,272
1881
756.730
756,730
1887
1,049,215
1,049,215
1888
1,146.151
1.146,151
1869
976.039
976,039
1890
1,070,755
1,070,755
1891
1,020,294
1,020,294
1892
1,051,338
1,051,338
1893
1,016,466
1,016,466
1894
999.602
999,602
1895
1.034,494
1,034,494
1896
1,296,064
1,296.064
1897
1,417,748
__._
1.417,748
1898
1,607,668
1,607,668
1899
1,720,844
1,720.844
1900
1,299,374
1,299,374
1.101
4.421,033
498,409
4.919.442
1902
8,356,798
584,460
8,941,258
1903
8,437,109
516,424
8.953.533
1904
8,491,745
432,494
8,924,239
1905
9,395,117
457,983
9,853,100
1906
10,385,256
529,012
10,914.268
1907
10,660,972
604,322
11,265,294
1908
8.018,631
575.558
8.594.186
1909
8,204,138
522,028
8,726.166
1910
10,495.110
587,841
11,082.951
1911
9,219,732
529,769
9,749.501
1912
10,347.100
600,769
10.947.869
1913
11,154,987
537,871
11,692,858
1914
10.710,016
537.557
11,247,583
1915
11,722,384
479,475
12,201,859
1916
11,107,684
583.372
11,691,056
1917
9,533.543
835,355
10,368,898
1918
8,053,010
792.947
8,845,957
1919
7,200,333
714,562
7.914.895
1920
8.100,437
1,088,844
9,189.281
1921
6,668,858
1,071,820
7,740,678
*1922
5,694,256
864,929
6,559,185
223.771.114
13,945.811
237,716.925
•Note.—The decreased production for the year is due to strike April
1
1922 to September 11922.
SCHEDULE"B"—MATERIAL ON HAND,INCLUDING MERCHANDISE STOCK IN STORES FOR WEST VIRGINIA. MILLERS
CREEK, ELKHORN AND POCAHONTAS-NEW RIVER
DIVISIONS.
Maryland Division
$51,900 81
Pennsylvania Division
201,322 34
West Virginia Division
311,516 70
Millers Creek Division
100,626 96
Elkhorn Division
412,137 00
Pocahontas
-New River Division
162,979 47
Stationery
2,19646
North Western Fuel Company
80,292 15
Cumberland & Pennsylvania Railroad Company
155,388 03
Canal Towage Company
7,575 81
Fairmont Supply Company
171,392 22
$1,657,327 95

1315

SCHEDULE "A"—PLANT AND EQUIPMENT OF THE
CONSOLIDATION COAL COMPANY.
Mine Openings and Gradings
$4,716,734 47
Tipples and Equipment
1,750.631 24
Power Plant Buildings
407,224 08
Sub-Station Buildings
70,045 23
Buildings for Haulage Equipment
152,910 25
Buildings for Ventilating Equipment
177,302 92
Repair Shops
188,833 32
Supply Buildings
73.793 32
Stables
144,092 22
Office Buildings
151.223 81
Other Mine Buildings
183.832 61
Power Plant Equipment
1.570.693 31
Sub-Station Equipment
440,485 82
Transmission System
217,494 52
Ventilating Equipment
384.418 43
Haulage Equipment
713,757 68
48,461 07
2,107,637 97
Mine Pumps and Motors
358.254 79
Copper Wire
255,434 26
Trolley Wire and Equipment
306,771 92
Mining Machines
812.077 44
Locomotives
1.005,508 95
Mine Cars
1,841,988 98
Live Stock
196.119 67
Water Works
786.402 82
Repair Shop Equipment
112,796 50
Other Mine Equipment
182.916 93
Coke Ovens
210.273 78
Coke Equipment
46,770 14
Tenement Houses
5.958.152 26
Recreation and Amusement Buildings
257,782 12
Recreation and AmnsAment Equipment
66.575 63
Hospitals
62 93 63
6:6621 01
Hospital E uipment
Store Buildings
539.529 63
Store Fixtures
123,475 11
Farm Buildings
129,204 25
Farm Equipment
10.786 22
Stone Crushers and Equipment
6,135 18
Lighting System
63.078 36
Telephone System
22.741 77
Office Equipment
180.713 40
Engineering Equipment
23,553 64
Laboratory Equipment
9,573 21
Outside Operations--Buildings
186,621 14
Outside Operations
--Equipment
387,981 72
36,869 11
Branch agelqnle
ern
p ulpTient
344.126 53
Drainage Tunnel
289,121 50
Improvements (Not Completed):
pennsylvania Division
14.681 37
West Virginia Division
33,727 05
Millers Creek Division
14,641 33
Elkhorn Division
143.748 93
Pocahontas
-New River Division
505.113 32
Total
$29,032,135 78
Depreciation to December 31 1922
12,754.225 00
Depreciated Value to December 31 1922
516.277,910 78

rtz, Li.:

ARTHUR ANDERSEN & CO.
Accountants and Auditors.
Members American Institute of Accountants.
National City Building, 17 East Forty-Second Street, New York.

To the Shareholders of The Consolidation Coal Company:
We have audited the books and accounts of The Consolidation Coal Company and its Affiliated Companies for
the two years ended December 31 1922, and, accepting the
book values of Coal Lands and Other Real Estate as at January 1, 1921, which are subject to final adjustment as of
March 1 1913, for Federal Tax purposes, we hereby certify
that, in our opinion, the Combined General Balance Sheet
at December 31 1922 (as is shown above) and the Combined
Income and Surplus Account (shown above) correctly set
forth the financial position of the companies at December 31
1922, and the results from coal mining and allied operations
for the year ended that date.
ARTHUR ANDERSEN & CO.,

New York, March 10 1923.

Accountants and Auditors.

SUMMARY OF SINKING FUNDS.
Interest AcPar Value of
Par Value
cretions and
Bonds
Discounts Cash and in
of Bonds
Other ReRedeemed by on Bonds Balance Due Redeemed
ceipts for
Trustees
Redeemed Funds Dec. to Dec. 31
Year 1922.
Total.
The Consolidation Coal Co. 4%% Refunding
During 1922. During 1922. 311922.
1922.
Mortgage Bonds
$440,439 76 $28,000 00 $2,383 42 $14.823 18 $956,000 00
The Consolidation Coal Co. 5% First and Re- $26,445 36 $13,994 40
funding Mortgage Bonds
54,045 53 .104.86723
728 48 159.641 24 123.000 00
Fairmont Coal Co.5% First Mortgage Bonds
14,553 75 51.194 99 1,727.000 00
2,79067 137,858 33 17,000 00
Southern Coal & Transportation Co. 5% First 94.910 66 40.157 00
90066 121,758 99 1,370,000 00
Mortgage Bonds
710 05
21 45
731 50
Carter Coal Co.6% First Mortgage Bonds
731 50
14,000 00
24,895 60
24,895 60
24.895 60
Total
$176,111 60 $183,914 23 $3.540 60 4;363,566 43 $168,000 00
517.837 83 5213.404 26 54.067.000 00
SUMMARY OF FUNDED DEBT, DECEMBER 31 1922.
Pledged as
Reserved for Pledged as Pledged as Collateral
Reserved
Collateral Collateral Under 6% Retired by for Future Par Value
Retiring
In Hands
Bonds of Under 131 to Secure Convertible Operations Development Bonds
Authorized.
.
& Refdg. Pref. Stock. Secured Gold of Sinking & Additions Purchased Issued and of the Public
Prior
and
Held in
Dec. 31
Mortgages. Mortgage. Obligations. Bonds.
Funds, to Property.
The Consolidation Coal Co. 435% Issue.
Held.
Treasury.
1922.
Refunding Mortgage
57.500.000 51,750.000 $494.000
5956.000
The Consolidation Coal Co. 5%
54.300,000
First & Refunding Mortgage- —40.000.000
10,443,000
$2,259,000 $1,727,000 $1,456,000 5595,000
The Consolidation Coal Company
51,602.000 21,918,000
Converted
6% Convertible Secured Gold
into Stock
Bonds
6,500.000
2,467,500
Fairmont Coal Co. 5% First Mtge. 6,000,000
93,000
3.939,500
*3600(5)
1,370,000
Southern Coal & Transportation
4.270.000
Co. 5% First Mortgage
500,000
486,000
14.000
Somerset Coal Co. 5% First Mortgage of 1910
3,585,000
.585.000
Carter Coal Co.6% First Mortgage
of 1922
12,000.000
5.000.000
7,000,000
Total
576.085.000512.193,000 54925000 55,000.000 $4,726,500 54.067,000 $1,456,000
$688.000 58,602.000 534.427,500
•Includes 590.000 unissued bonds which were previously reserved to retire outstanding Briar
Hill Coal & Coke Co. bonds. Under Article 3. Sectton 4, of the First and Refunding Mortgage these bonds cannot be issued.
PrOV1810111 has been made for the payment of $3,939,500 par value Six Per Cent Convertible
Bonds, maturing Feb. 1 1923.




Balance in
and Due Sinking Fund
Funds Dec. Accrued for
Year 1922.
311921.

1316

THE CHRONICLE

[Vol.. 116.

949,205,448 49
Brought forward
THE CONSOLIDATION COAL COMPANY
34,427,500 00
Funded Debt Outstanding in Hands of the Public
COMBINED GENERAL BALANCEPHEET, DECEMBER 31 1922. Carter Coal Co. 6% Preferred Stock (Outstanding)
4,000,000 00
ASSETS.
Current Liabilities:
$800,000 00
Bills Payable
Net Value.
Gross Value. Less Reserves.
Capital Assets:
1,322,630 08
Accounts Payable
Coal Lands and Other Real
Pay Roll
358,728 52
144,218,882 86 19.509,392 90'124,709,489 96
Estate
Interest Coupons and Dividend Checks not
Mining Plant and Equip57,232 00
presented for payment
29,032,135 78 12.754,225 00 16,277,910 78
ment (Schedule "A")
333,616 67
Bond Interest Accrued
Cumberland &Pennsylvania
105,910 20
Sinking Funds Accrued
Co -Road.. _ 3,388,068 67 1,211,800 46 2.176,268 21
Railroad
2,456 00
Insurance Fund Deferred Credits
Cumberland &Pennsylvania
Reserve for Federal Income and Profits
1.687,090 51
Railroad Co.-Equipm't 3,011,799 51 1.324.709 00
Tax (Subject to Review by Treasury
North Western Fuel Co.
2,725,346 11
1,005.748 73
Department)
1,005,748 73
Real Estate
98,900 35
Reserve for Taxes (General)
North Western Fuel Co.
603,010 50
,Dividend No. 100-Payable Jan. 31 1923_
Docks and Equipment_ _ 4,563,042 63 1,730,975 55 2,832,067 08
1,027,788 12
Due to Individuals and Companies
36,589 84
43,327 55
6,737 71
Floating Equipment
7.435,618 65
Advance Payments on Coal
1.423,931 77 Surplus:
1,423,931 77
Purchases (Unmined)
$5.442,955 36
Profit and Loss
400,530 67
Insurance Fund Surplus
186,686,937 50 36,537,840 62 150,149,096 88
Capital Surplus-Arising from Revalua2,969,507 00
Investments in Allied Companies
tion of Coal Lands and Surplus of AffilOther Bonds and Stocks:
Investments89,806,270 97
iated Companies at date of control
$534,317 31
Bonds
95,649.757 00
2,507,272 48
Stocks
3,041,589 79
$181,718,32404
Assets in Hands of Trustees of Bond Sinking
Funds:
* Depleted Cost Value, $34.903,218 99. Difference between Cost and
$107.494 06
Cash
Appraised Value Credited to Capital Surplus per Contra.
105,910 20
Accrued (per Contra)
213,404 26
Deferred Charges:
CAPITAL STOCK OF COMPANIES THE ENTIRE AUTHORIZED
Bond Discount In Process of Amortlzation-$2,008,191 50
AND OUTSTANDING ISSUES OF WHICH ARE OWNED
73,500 71
Sundry Debit Items
BY THIS COMPANY.
2,081.692 21
Pledged Under
Current Assets:
First and
Pledged Under
Cash and Cash Resources:
Refunding
Refunding
Cash:
Mortgage of Mortgage of
$3,809,453 33
Subject to check
May 1 1904. Dec. 1 1910.
Par Value.
Companies.
Shares.
348,74887
Call Loans
15,000 Cumberland & Penna.
Deposited with Fiscal
$1,500,000 00 $1,500,000 00
RR.Co
163.982 00
Agents
5,000 08
$4,999 92
10,000 00
100 Fairmont Coal Co
4,000,000 00 2,000,100 00 1.999.90000
40,000 Somerset Coal Co
$4.322,184 20
Coal Co.. Com50,000 Carter
Due from sale of Liberty
No Par
mon Stock
Loan Bonds and Securi25,000 North Western Fuel Co.
ties (Cash received in
2,500,000 00
(Preferred)
4,611,075 62
1023)
42,000 North Western Fuel Co.
8,933,259 82
4.200,000 00
(Common)
414.11440
Notes Receivable
250,000 00
2,500 Fairmont Supply Co__
08
7.571,497
Accounts Receivable
6,500 ConsolidationCoastwise
Inventories:
650,000 00
650,000 00
Co
$4,686,834 65
Coal and Coke
1,000 Monongah Service Co_ 100.000 00
Materials. Supplies and
Cassvil le & Mononga200
Stores(Schedule"B") 1.657.327 95
20,000 00
hela RR.Co
6,344,16260
5,000 00
50 Canal Towage Co
23,263,033 90
50 Pennmont Coal Mining
5,000 00
5,000 00
Co
181,718,324 04
5 Maryland Construction
LIABILITIES.
500 00
& Contracting Co__ _
Capital Stock:
350.000,000 00
Authorized
182,405 dindilarlifitineTh $13,240,500 00 34.155,100 08 $2,009,899 92
Less:
$8,041,218 18
Unissued
Ife The Values represented by the above capital stock are
Issued and held in Treas1,753,333 33
ury
eliminated from both the assets and liabilities in the General
9,794,551 51
$40,205,448 49 Balance Sheet on Pages 14 and 15 [pamphlet report].

COLUMBIAN CARBON COMPANY
-MARCH 15 1923.
ANNUAL REPORT
PRESIDENT'S REPORT.
Consolidated earnings of the company and subsidiaries for
1922, after all charges except depreciation, depletion and
Federal income tax, amounted to $3,160,366 36.
From this sum $1,032,724 96 was reserved for depreciation
and depletion and $250,000 for income tax, leaving a net
profit, after depreciation, depletion and estimated income
tax, of $1,877,641 40, which was equivalent to $5 65 per
share on the 331,846 shares of stock outstanding at the
close of the year.
Current assets on December 31 1922 were $2,696,829 06,
of which $1,135,878 96 consisted of cash in bank.
Total liabilities, including estimated income tax on 1922
earnings, amounted to $1,043,936 16. Of this sum, however, only $282,454 03 represented ordinary operating expenses, the greater part of the balance being attributable to
the extensive program of factory construction then in full
progress.
The year was signalized by important steps in the development of the business of the company.
The output of carbon black was approximately twenty per
cent greater than in 1921. The increase was readily absorbed by the rubber industry.,
Natural gas gasoline production was 4,720,594 gallons, as
compared with 2,895,368 gallons in the previous year. At the
close of 1922 it had reached a rate exceeding 600,000 gallons
per month. This increase necessitated installation of further
tankage and purchase of seventy-five more tank cars, fortyfive of which have been delivered.
Natural gas sales were slightly increased over the previous
year.
Twenty producing wells were completed in 1922 in Louisiana and five in West Virginia.
In August the company acquired over ninety per cent of
the stock of La Del Oil Properties, Inc. and The Amalgamated Company,thus adding about ten thousand acres to its
holdings in the productive Monroe (La.) gas field. Our total
acreage in this field now aggregates thirty-six thousand
acres, of which the greater part is owned in fee.
In the concluding months of the year the directors decided
that market conditions demanded a substantial increase in
production of carbon black.
Accordingly, a program was adopted providing, among
other things, for enlargement of the carbon black factories




at Spyker and Swartz, Louisiana, erection of a new factory
at Fowler, Louisiana, erection of a factory at Riverton,
Wyoming, and construction of two new gasoline plants. Approximately a half million dollars was paid out on account of
construction before the close of the year. The work has proceeded with such celerity and success that a part of the new
factories are already in actual operation. Much credit is due
the superintendents and construction staff for this accomplishment.
It is anticipated that these plants will be fully completed
by July 1 1923.
A contract was signed in December to lay a pipe line to
Alexandria, Louisiana, and to supply natural gas to that city
for a period of ten years, all distribution of gas to consumers
being undertaken by the municipality through its own street
mains. The city obligates itself to pay for gas at a minimum
rate averaging one thousand dollars per day. Construction
of the pipe line has not yet commenced.
The subsidiaries of the company conduct manufacturing
operations- in five States: Pennsylvania, West Virginia,
Louisiana, Wyoming and Oklahoma. The facilities include
fourteen carbon black factories, six natural gas gasoline
plants,five factories for manufacture of lamp black, vegetable
black, engraving black, bone char and bone black, and one
dehydrating plant.
The mineral properties comprise approximately sixty-six
thousand acres of land leased or owned in West Virginia,
Louisiana, Kentucky and Wyoming, the bulk of which is in
.
proven gas territory. On these properties there are now two
hundred and two producing gas or oil wells and ten wells
drilling.
Other assets include about one hundred and ninety miles of
pipe and gathering lines, over two hundred dwellings for employees, warehouse capacity for fifteen million pounds of
black, tank storage for six hundred thousand gallons of
gasoline and six hundred and fifty thousand gallons of oil,
besides tank cars and other transportation equipment.
The company also owns half of the stock of the United
Lamp Black Works, Ltd., which manufactures lamp black
near Birmingham and London, England, the other half of the
stock being owned by the General Electric Company of
Great Britain.
Attention is called to the substantial reserves established
for depreciation and depletion, which amount to approxi-

MAR. 24 1923.]

THE CHRONICLE

mately ninety per cent of the total dividends paid during
the past five years.
The company closed the year with many unfilled orders on
its books, and with orders offered for 1923 in excess of its
present capacity to supply.
The excellent market for its principal products, carbon
blacks, lamp blacks, engraving blacks, and natural gas
gasoline, and the actual and prospective increase in its output warrant the anticipation that 1923 will be decidedly
more profitable than any previous year.
Respectfully yours,
F. F. CURTZE,
March 15 1923.
President.

1317

COLUMBIAN CARBON COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET AT DECEMBER 31 1922.

ASSETS.
Current:
Cash
$1,135,878 96
Notes and Accounts Receivable-Trade
994,607 25
Investments
-(at cost):
U. S. Liberty Bonds & War
Savings Stamps
Bonds of Foreign Governments_ $64,420 00
25
Other Marketable Securities_ _ _ 33,835 50
17,802
116,057 75
Inventory:
Finished Products, Materials and Supplies
(Lower of cost or market)
450,285 1082.696,829
06
Property:
Plants, Pipe Lines, Equipment, Real Estate, Leases, Wells
COLUMBIAN CARBON COMPANY AND SUBSIDIARIE S
and Mineral Rights (per Schedule"B")
11,260,851 93
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED DECEMBER 31 1922.
Other Assets:
Sales (Net)
Deferred Notes and Accounts Receivable_ _
$6,848,065 23
$50,721 15
(Note-All inter-company sales have been eliminated.)
Loans
163,590 89
Deduct
Stocks of Other Companies:
Cost of Sales:
Labor, Material and Other Charges
United Lamp Black Works,Ltd-2127,320 37
22.645.326 10
Depreciation and Depletion for year
Monroe Gas Company
1,032,724 96
98,400 00
Arkansas Louisiana & Missouri
3,678.051 06
RR. Co
70,000 00
Gross Profit
Miscellaneous
23,170,014 17
197,000 00
Deduct
492,720 37
Selling, Administrative and General Expense
796,268 41
707,032 41
Net Profit on Sales
$2,373,745 76 Copyrights, Trade-Marks, Goodwill, &c
504,508 19
Add
Deferred Charges
Other Income:
70,635 93
Interest, Rentals, Dividends from Stocks of Other Companies, Royalties, Discounts, Tank Car Mileage, &c_ 104,796 08
$15,239.857 52
22,478.541 84

Deduct
Other Charges:
Property Sold or Abandoned
Miscellaneous

2324,795 38
26.105 06
350.900 44

Net Profit from Operations for Year
Deduct
Federal Taxes on 1922 Earnings (Estimated)
Net Profit After Taxes
Deduct
Dividends Paid in 1922

$2,127,641 40
250.000 00
$1.877,641 40
1,119,973 50

Balance of Net Profit Credited to Surplus Account
$757.667 90
COLUMBIAN CARBON COMPANY AND SUBSIDIARIES
PROPERTY AND RESERVES DECEMBER 31 1922.
Reserves for
Depreciation.
Depletion &
Plants, Pipe Lines and Equipment:
Obsolescence.
Plants and Equipment
$5,561,371 60 $2,348.925 34
Pipe and Gathering Lines
951,632 73
369,962 14
Dwellings
332,730 36
90,860 29
Land (Surface values only)
297.450 38
Transportation Equipment
153,876 60
14,258 25
Drilling Equipment
10,768 96
10.768 96
Water Lines
80.676 44
19,560 98
Material
207,525 28
18.759 37
Miscellaneous
368,201 60
190.564 55
Reserve for Amortization
156,666 67
37.964,233 95 $3,220,326 55
Oil and Gas Territory, Leases and Wells:
Leases (011 and Gas)
Wells (Oil and Gas)
Gas Contracts
Mineral Rights in Fee

LIABILITIES.
Current:
Note Payable
Accounts Payable:
For Construction
For Operation

5428,682 13
282,454 03
Estimated Federal Taxes on 1922 Earnings--

$6,000 00

711,136 16
250.000 00
8967,136 16

Mortgages:
Purchase Money Mortgage on 2,700 acres of land:
Due 1923
$25,000 00
Due 1924
25,000 00
Due 1925
25,000 00
Mortgage on j'acony Dwelling

275,000 00
1,800 00
76,800 00

21.043,936 16
Minority Stockholders' Interests in Subsidiary Companies--59,468 00
Reserve for Depreciation and Depletion (Schedule "B")_ _ 4,495.268 40
Capital and Surplus:
331,846 shares of no par value
9,641,184 96
Contingent Liabilities:
Notes Receivable discounted 2416,800 00 (since paid by
maker at maturity).
British Excess Profits Duty e8,995-13s. 5d., against which
there is a large contra claim. It is stated by the London
Auditors that it is unlikely that any part of said amount
will ever be paid.

215,239,857 52
Having audited the accounts of the Columbian Carbon Company and
Subsidiaries for the year 1922, We Hereby Certify that, in our opinion, the
foregoing Balance Sheet is a full and fair statement of the Assets and
23,296,617 98 $1,274,941 85 Liabilities at December 31 1922.
$11,260,851 93 $4,495,268 40
LESLIE, BANKS & CO., Auditors.
February 17 1923.
$742.597 50
1,420.650 79
105,427 43
1.027,942 26

$364,462 07
511,475 18
78,250 00
320,754 60

Welsbach Company.
-Annual Report.
-

-Alvin H. Frank & Co., Los Angeles, announce the appointment of
Ronald Tilton as Vice-President of their organization with headquarters
at their San Francisco office. Mr. Tilton was formerly Manager of the
bond department of the Anglo California Trust Co.
Reinhart.& Bennet, members New York Stock Exchange. 52 Broadway, New York, have prepared for distribution to investors, a descriptive
* Balance, surplus- __ $108.524 analysis on the New York Central Convertible Debenture 6% bonds, due
$2,916
$114,091
26.030
•Excess profit and income taxes for year to be deducted when ascertained. May 1 1935.
-V. 116. p.834.
-Schlbener, Boenning & Co., Philadelphia, have announced that John
Colgate Jessup of Hartford, will represent them in the State of Connecticut,
Westinghouse Air Brake Co.
-Annual Report.
Calendar Yearsand that Robert Morris of Bellefonte, Pa., will represent them in central
1922.
1920.
1919.
1921.
Net profits, all sources__ -28,051,800 x$1,412,490 $6,580,904 $7,912,569
Pennsylvania.
Inventory adjustment__
706,944
Federal taxes (estimated) 960,000
-Guaranty Trust Company of New York, has been appointed trustee
1.250,000
1.625,000
Divs, paid in cash_ _(13%)3,789.882(14)9081,974(14)4081,282(14)9072,492 under the Eastman
Marble Co. mortgage dated as of Nov. 1 1922, securing
an issue of $525,000 First Mortgage 7% Serial gold bonds, dated
Balance,end of year -23,301,918 ydf$3375928 21,249.122 22,215,077
Nov. 1
1922.
x Exclusive of loss duo to shrinkage in inventory prices,amotmting to
Seasongood & Mayer of Cincinnati and New York, dealers in municipal
$2,307,854, charged against reserves created for that purpose. y This and other high-grade
securities, have opened an office in the Harris Trust
deficit is before adding sundry reserves transferred to surplus, amounting
to $187,692: and deducting sundry adjustments of prior years, $21,191.- Building, Chicago, under the management of W.
E. Baird.
V 116. p. 1063.
-Dean W. Glaspell, formerly with Bonbright & Co., and Webb
Richards, previously with Lee, Higginson & Co.. have become
White Eagle Oil & Refining Co.
-Production.
-associated with
The company reports crude production for
the Portland, Ore., office of G. E. Miller & Co.
year
rels, compared with 540,088 barrels for 1921. the Jan. 1922of 627,426 bar-A. D. Converse & Co. announce the removal
was 73 000 barrels and in Feb. 78.000 barrels.InThe 1923 net production
of their Philadelphia
has 76
producing wells with an average daily gross productioncompany nowbarrels, offices to large quarters in the Commercial Trust
of Over 5,000
Buidling. A. W.Morton
and net production of 3,700 barrels.
Is manager of this branch.
-V. 116, p. 1079.
Ralph E. Cropley, formerly a member of the firm
Will & Baumer Candle Co.
-Resignation.
of 8. N. Bond &
F. R. Russell has resigned as a director.
Co., has become associated with Prince & Whitely in their investment de-V.112, p. 1875.
partment.
Wilson & Co., Chicago.
-New Officer.
William J. Hammerslough, formerly with Scholle Bros., has become
See Morris & Co., Chicago, above.
-V.116, p. 1079.
associated with the firm of Lehman Bros. as manager of their sales departYale & Towne Mfg. Co.
-New Officer.
ment.
Edward C. Waldvogol, Gen. Mgr. of the company, has been elected
Vice-Prosident.-V. 116, p. 1079.
-S. B. Lottimer, formerly with J. M. Byrne & Co., and Simmons
&
Slade, is now associated with Gilbert Ellett & Co.in their sales department.
Youngstown Sheet & Tube Co.
-Acquires Brier Hill.
Bee Brier 11111 Steel Co. above.
-V: 116. p. 1192.
-McGuire & Co., 27 Pine St., New York City, announce that they have
formed a partnership for the purpose of dealing in investment securities.
CURRENT NOTICES.
.....John B. Fiery, formerly of the American Express Securities
Corp., is
-At a mooting of the board of directors of G. Amsinck & Co., Inc., on now associated with Seasongood & Mayer in their sales department.
Bankers Trust Co. has been appointed registrar for Preferred
Mar. 211923, E. A. Canalize was elected a Vice-President. Mr. Canalize
and Comhas had charge of the imports of G. Amsinck & Co., Inc., for about two mon stock of Missouri-Kansas
-Texas Railroad Company.
years. ,Previous to that he was manager of the San Francisco branch of G.
-Pinchon & Company have installed a direct private wire to theyidelity
Ainsinck & Ce.,Inc.
Trust company, Buffalo, New York.
Results
-Calendar Years 199.
Total Income,afterdeprec. 2613,276
Bond int.& sink.fd.chgs__ 454,610
Preferred dividends (7%)
85,750
Common dividend (2%)_
70,000
Working capital reserve__




1921.
$616.390
459.610
85,750
70,000

1920.
2974.451
454,610
85,750
70,000
250,000

1919.
2868,884
454.610
85,750
70,000
150,000

Vxt Commercial gimes.
COMMERCIAL EPITOME
(The introductory remarks usually appearing here will be found
to-day in an earlier part of the paper, immediately following the
editorial matter, in a new department headed "INDICATIONS
OF BUSINESS ACTIVITY.")

COFFEE on the spot quiet; No. 7 Rio 12% ®13c.; No. 4
Santos 153@15c.; fair to good Cucuta 163©163'c.
Futures, after advancing on covering and trade buying,
turned downward. Bears, it is stated, have been hammering
the Brazilian markets and New York receded even when the
cables became better and the clearances from Brazil last
week turned out to be rather small. Santos and Rio advanced possibly as a natural rally after the recent decline.
Here the market has been dull. It has been for the most
part a purely trading affair. The stock at Santos is only
2,001,000 bags, against 2,732,000 a year ago;at Rio 1,118,000
bags, against 1,865,000 bags last year. The stock at Brazil
in New York is 579,679 bags, against 715,223 a year ago.
But New Orleans has 337,120 bags, against 182,813 a year
ago, and the United States 916,799 bags, against 898,036
last year. On the 21st inst. futures fell 30 to 40 points on
very weak cables and heavy liquidation partly on stop
orders, especially in July. Rio was 50 to 75 reis lower late
on Tuesday, closed 275 to 375 lower, and dropped further
on Wednesday. Santos was unchanged to 150 reis lower
late on Tuesday and closed 25 lower to 75 higher and was
unchanged to 200 lower early on Wednesday.
On the decline on Mar. 21 trade interests became free buyers, causing a recovery of 23 to 25 points, which was again
largely lost when the bad cables were confirmed, i. e., 425
reis in May at Rio. The transactions that day were estimated at 70,000 bags. Yet people of experience identified
with the purely commercial as distinguished from the speculative side of the trade take the ground that the decline
in futures in New York and Santos in no way invalidates the
soundness of the position of spot coffee, partly, they contend,
because the bulk of the Santos and Rio stock is owned by
the Brazilian Government, and with perhaps only 500,000
bags more to come from the interior of Brazil during the rest
of the crop year. They think that as long as the Brazilian
Government retains its stock after having sold over 2,000,000
bags of the 4,000,000 bags, it is improbable that they will
market the balance at a sacrifice. A few days ago speculators tried to depress the Santos "term" market, and the
Government countered by supporting the March and April
positions. On the 22d inst. March provided a mild sensation as 11th-hour shorts tried to cover in March and put it
up a matter of 57 points. To-day March trading ended.
To-day prices broke 25 to 33 points with heavy liquidation
on weak cables. Rio shippers, it is said, offered present
crop No. 7 at 11.95c., c. & f. There were rumors that the
Brazilian Government has been selling actual coffee heavily
in Europe of late. This is mentioned for what it is worth.
It had a rather bad effect here. Final prices show a decline
for the week of 55 to 63 points. The Exchange here will be
closed on Good Friday, March 30, and Saturday, March 31.
agmofficial)
Sjo
7612

irp;

10.70010.71 September-9.05@9
.07
9.89@6.60 I December__ _8.78(8.80

-Spot raws have been quiet and lower with big
SUGAR.
Cuban exports to Atlantic ports last week, i.e., some 120,200
tons. Atlantic receipts were some 126,800 tons. For
several weeks they have been large. Of course this has not
escaped refiners' notice. Rumors of very large offerings
early in the week at 5 9-16e. seemed to be unfounded but
subsequently small sales of Cuban due were reported at
5 7-16c., and other offerings in all positions at 5%e. Futures
declined with Cuban and trade interests selling and reports
that spot raws were offered freely at 53c. on the 20th inst.
Refined too was dull. Chicago wired that second-hand lots
were being sold at 8.80c. and dull even at that price. Here
the prices were 8.90 to 9.30c. On the 21st inst. Cuban raws
sold at 5 7-16e. In England Cuban 27s. 3d. elf. United
Kingdom, or 5.40c. f.o.b. New York. The receipts at
Cuban ports for the week were 214,418 tons, against 198,326
in the previous week,220,458 last year and 157,174 two years
ago; exports 174,639, against 158,391 in the previous week,
149,383 last year and 91,169 two years ago; stocks 537,723,
against 497,944 in the previous week, 667,041 last year and
678,556 two years ago. Centrals grinding numbered 179,
against 180 in the previous week, 178 last year and 191 two
years ago. This week's exports included 120,192 tons to
U. S. Atlantic ports, 8,643 to New Orleans, 8,713 to Sa-




[VOL.. 116.

THE CHRONICLE

1318

vannah, 5,285 to Galveston, 3,000 to Canada and 28,806
to Europe.
On the 21st inst. San Francisco cut refined cane sugar
40c. per 100 lbs. to $9 20. Some 80,000 bags of Cuban for
April shipment sold here on that day at 5 7-16o. The selling
was mostly by operators. One refiner reduced refined to
8.75c. prompt shipment on the 22d. On the 22d inst.
there was a rumor that a Department of Commerce estimate
of the Cuban crop put the probable outturn at between
3,500,000 and 3,600,000 tons, or 200,000 to 300,000 tons
under the lowest private forecasts. Washington cfficials
denied the report. But the trading ran up to nearly 85,000
tons, of which 25% were switches. It was especially large
in July and September. Receipts at Atlantic ports for the
week were 126,811 tons, 'against 109,692 in the previous
week, 100,409 in the same week last year and 56,473 two
years ago; meltings, 78,000, against 79,000 in the previous
week,90,000 in the same week last year and 70,000 two years
ago; total stock, 177,469 tons, against 128,658 in the previous
week, 189,658 in the same week last year and 113,060 in the
same week two years ago. To-day spot raws were firmer at
.
5
5%c.,a rise of %c. after sales at 53'2c. But there was actual
business to the amount of 15,000 bags or more April shipment to New York at 55 c. for Cuba. Refined was quiet;
%
various quotations were 8.75 to 8.90e. Futures were sluggish. Final prices show a decline for the week of 20 points.
The New York Coffee and Sugar Exchange will be closed on
March 30 and 31. A United States Government investigation of the price of sugar has begun. Complaints have been
made that it is too high.

sa
logunoificial)5% II July
May
-

L5505.56 September... 5.9005.01
5.7505.76 I December--- 5.7205.73

LARD lower; prime Western.12.45 ®12.55c.; refined to
Continent, 13.50c.; South America, 13.750.; Brazil, in kegs,
14.75e. Futures fell on the 17th inst. on profit-taking, with
hogs lower and cash and foreign demand smaller. Yet
clearances for foreign markets were large and still cut into
stocks. A reaction after the recent advance was not unnatural. Liverpool lard was unchanged to 1 shilling higher.
At the close on the 17th inst. Chicago lard dropped 17 to 20
points lower and ribs 10 to 12. On the 19th inst. prices advanced with hogs higher andi some buying of lard against
sales of cottonseed oil. But later came a reaction on reports of re-selling abroad below the American basis of prices
and a drop in grain. Besides, Liverpool was 9d. to is.
lower. Exports of finished product last week included 41,218,000 lbs. of lard and 18,940,000 lbs. of bacon, of which
29,282,000 and 13,549,000, respectively, were shipped from
New York. On March 20 deliveries at Chicago were 550,000
lbs. of lard. Hogs rose 5 to 10c. Liverpool was unchanged
to 3d. higher. To-day prices were lower with grain and they
end at a decline for the week of 70 points.
DAILY CLOSING PRICES OF LARD FUTIT RES
Wed.
Tues.
Mom
Sat.
May delivery
cts_12.15
12.20 12.17 11.90
July delivery
12.30
12.32 12.30 12.05
September delivery.. _ --12.42
12.15
12.42
12.45

IN CHICAGO.
Fri.
Thurs.
11.65
11.75
11.77
11.90
11.92
12.05

PORK quiet; mess, $27@$27 50; family, $32@$33; short
clear,$22 ®829. Beef steady; mess,$17 50(018 50; packet,
$16 50@$17 50; family, $2(i@$21 50; extra India mess,
$32®$34; No. 1 canned roast beef, $3 25; No. 2, $5 25;
6 lbs., $15; sweet pickled tongues, $55®$65 nom. per bbl.
Cut meats firmer; pickled hams, 10 to 24 lbs., 153, ®18e.;
pickled bellies, 6 to 12 lbs., 143' ®15c.
BUTTER, creamery, firsts to high scoring, 49H ®51c.
Cheese, flats, 25 ®29%c. Eggs, fresh gathered seconds to
extra, 24@31c.
OILS.
-Linseed higher; spot, carloads, $1 01 ®81 04;
tanks 96c.; less than carloads $1 04; less than 5 bbls. $1 07.
Spot oil is very scarce. Production is much below requirements. Western mills, it is reported, are running at 50%
capacity. Futures have also been firmer. Cocoanut oil,
Ceylon, bbls., 10X ®10Mc.; Cochin, 10%c.; corn, crude,
103 c.; refined, 13(4)13%c. Olive, $1 15(01 17. Lard,
4
strained, 14 Xe.; extra, 14c. Cod, domestic, 65c.; Newfoundland, 65 ®66c. Spirits of turpentine, $1 57. Rosin,
§6 15®$8 00. Cottonseed oil sales to-day, 18,100 bbls.,
including switches. Crude, S. E., 10.50@10.75c. Prices
closed as follows:
Spot

11.90012.50May
June
April
11.90011.91
Mnreh____12.00012.25IJuly

11.82011.831teAugust____11.95011.98
87
11.90011.93 Sepmber.11.86011.
11.98011.97 October___10.90otto.ob

-A feature of the week was the cut of
PETROLEUM.
ei to*. per gallon in gasoline by Oil City refiners in Pennsylvania. Stocks there are very liberal and the demand is
not what might be expected. On the whole, however, gasoline prices are pretty well maintained and export business is
quite active. Yet there are rumors of a possible cut in the
tank wagon prices. And sellers, it is said, are more inclined
to make recessions. Kerosene dull and weak; 45-150 in
tank cars, it is reported, could be had at 7%c. per gallon.
Gas oil in rather better demand at 53.4c. for 36-40. Bunker
oil steady at $1 60 ber bbl. f.o.b. New York Harbor refiner.
Stocks of this oil are fairly large. New York prices: Gasoline, cases, cargo lots, 29.75c.; U. S. Navy specifications,
bulk, 163'c.; export naphtha, cargo lots, 19c.; 63-66-deg.,
22c.; 66-68-deg., 23c. Kerosene, cases, cargo lots, 16%c.;
motor gasoline, garages (steel bbls.), 24Mc. The Maryland
Oil Co. has sold 6,000,000 bbls. of crude to the Carter Oil
Co. (Standard Oil), also 2,000,000 bbls. of gasolien to the
Standard Oil Co. of New Jersey. The crude output is larger.

THE CHRONICLE

MAR. 24 1923.]
Penn

$400
.Corning
2 30
Cabe11
2 76
Somerset
2 55
Somerset. light --- 2 80

Ragland
Wooster
Lima
Indiana
Princeton

Si 10
2 50
2 58
2 38
2 37

Illinois
Ciichton
Currie
Plymouth
Meals

52 37
1 85
2 60
1 75
2 20

RUBBER quiet but firmer early in the week. Cables
were better and offerings were scarce. The demand, though
comparatively small, is confined to near positions. Factories
are not interested for the moment. First latex crepe and
ribbed smoked sheets, March, 33%@33%c.; April, 33%©
3
8
34c.; May, 34@343/2c.; June, 343.c.; July-Sept., 343/0.;
Oct.
-Dec., 35Xc. In London on March 22 rubber was
steady at 163'd. for plantations on spot and nearby, with
sales at that price.
HIDES were rather steadier early in the week; gird
frigorifico cows sold at 15%@16c. Stocks of frigorifico
3
hides were called not very large. Common dry hides:were
steady; Bogata quoted 20 to 22c. Some 1,000 San Dominos
sold, it is reported, at 15c. selected. Chicago last week sold
300,000 big packer hides. Spready native steers suitable
for automobile leathers brought 20c. per lb., and narrow
spreads 19c. Large Eastern calf tanners, it seems, bid
16c.for Chicago city calfskins, with recent business at 17c.
Extreme weight country hides reported in brisk demand at
Ohio points; hides with some grubs were 13Mc. Calf
leathers in women's weights sold at 37c. per foot for blacks.
Later it was said there was some export demand here.
Rumor even mentioned 65,000 heavy-weight supposdly for
Germany. And a sale is reported of 1,650 Antioquias at
28 to 30 lbs. average at 22c., an advance of a cent over the
last previous sale. Bogotas 20 to 22c. Wet salted hides
are quiet. River Plate hides sold slowly later. Sales were
reported of 4,000 Sansinena steers at 21 13-16c. and.4,000
Swift La Plata steers at 22 13-16c. Salted calfskins in
Chicago were firm at 17c.; horse,$6 to $625 apiece. Sole leather, 57c. for tannery run heavy oak steer backs, and 60c. for
special heavies. Later Germany was buying River Plate
hides; 7,000 cows sold at 16 to 16%e. German buyers took
2,500 Santa Anna cows at 16c., 2,000 Swift Rosario cows at
16c., 500 Santa Anna cows at 16c. and 2,000 Rio Grande
cows at 163c. In Chicago heavy native cowhides sold atl5c.
-Berth rates were firmer early.
OCEAN FREIGHTS.
Coal rates weakened as demand fell off. Later coal charters
became firmer at $3 30 to the Continent and $4 to Italy.
Grain tonnage was also stronger. Of course this meant a
larger demand for both. Later coal and coke rates became
easier for April shipment. Later coal fates were braced by
the strike of British miners. To the River Plate American
coal was up to $4 75. Still later coal shippers offered $3 40
to the French Atlantic, $4 to Italy. Coke went at $5 50
to Dunkirk-Rotterdam range. On the 22d inst. coke rates
were $5 50 to the Continent. Grain was 20c. for Italy.
Charters included coal from Hampton Roads to French-Atlantic. $340
prompt; from Hampton Roads to River Plate, 20s. April; from Atlantic
range to Antwerp-Hamburg range, $3 65 prompt; coal from Hampton
Roads to Antwerp-Hamburg range, $3 30 April 10; coke from Baltimore to
Antwerp direct,$5 40 March-April; coal from Newport. E.,or Port Talbot
to &aspen. Me., 12s, prompt; coke from Philadelphia or Baltimore to
Antwerp. $5 50 April; coke from Philadelphia to Dunkirk-Hamburg range,
$5 25 prompt; coke from Philadelphia or Baltimore to Antwerp, $5 25
April: coal from Atlantic range to Antwerp-Hamburg range, $3 65 prompt
(full Welsh); coke from Atlantic range to French Atlantic,$5 50 April; from
Atlantic range to Antwerp-Hamburg range, $5 25 May 5; coal from Hampton Roads to Luela, $3 75 April; from Hampton Roads to RotterdamHamburg range, $3 50 April; from Hampton Roads to Continent, $3 50
-May;sugar
April; coke from Atlantic range to French Atlantic. $5 25 April
from Cuba to United Kingdom. 218. April; coke from Atlantic range to
Hampton Roads to
Dunldrk-Rotterdam range, $5 50 April: coal from
Marseilles, $4 25 April 10, canceling; coke from Baltimore to BordeauxHamburg range, $5 50 April; sulphur from Gulf to Marseilles or Cette, $6
April; nitrate from Chile to Galveston-Boston range, $5 50 April-May;
pitch from Gulf to United Kingdom, 188. prompt.

COAL declined for a time, with export trade dull. Independents have had many cancellations; $10 has been the top
on prepared sizes. Talk of a coming strike of 15,000 to 25,000 Welsh miners had no effect; on the 20th English colliery
owners cabled that they expected no stoppage of output.
On the 22d inst. prices advanced here, however, though
trade remained quiet. Coke was up with a big export demand; it lifted prices of coke 50 to 75c. for furnace. No. 1
Pool Bituminous Navy Standard, $7 50 to $7 75 f.o.b. New
York piers. Many are holding off from anthracite, owing to
the mild weather. Chicago cut it 90 cents late last week.
New prices were issued, putting lump, furnace, small egg
and stove at $3 85, against $4 75 recently; chestnut at $3 50,
pea at $3 20 to $3 30, carbon at $2 25 against $2 60 recently,
and mine run at $3 25 against $3 50 recently. An event
which may yet affect the American coal trade is the fact that
the South Wales Miners' Federation voted unanimously on
March 20 to give the three-months 'notice called for by the
terms of the present wage agreement in case of a desire to
terminate the same. The
Federation at its conference to be held next week is expected to confirm this action,
s
with a view to insisting on a higher minimum wage. Such
action, if taken, will be virtually equivalent to declaring a
strike effective July 1 next, and will directly affect nearly
60,000 men. British mine owners cabled that they did not
look for any stoppage of production.
TOBACCO has met with the ordinary demand pending
further developments which may throw light on the probable
course of prices. The coming of the new drop will, of course,
be an interesting event. During the past year there has been,
it is pointed out, a gradual rise of prices and some grades
of Pennsylvania and Ohio tobacco are at the war peak.
And Havana, Porto Rican, Wisconsin, Connecticut and




1319

Florida tobacco is also well above the price level of a year
ago. Are such prices going to be maintained this year?
That is a question uppermost in the minds of many.
Naturally the answer depends largely on the size of the
forthcoming crop. Buying power is high in this country
except in the grain belt. It remains to be seen how the
interaction of supply and demand will affect future prices.
COPPER active and higher; electrolytic, 17%c. Some
sellers, it is reported, who are not inclined to sell for the
moment are quoting %c. above buyers' bids. Higher
London prices, shortage of labor and the failure of production
to keep apace with consumption were the principal factors
in the advance. And the demand for higher wages will not
help production very much. In fact, it is believed, it will
do much to further decrease the labor supply. Producers,
it is said, are well booked ahead.
TIN of late has declined with London. traits, 49%c.
Arrivals too have been the heaviest for some while
back. On Monday they amounted to 2,135 tons. Straits
shipments to the United States for the first half of March
were 1,635 tons greater than the same period in February.
They totaled 3,995 tons. And predictions are made by some
that the total shipments for March will be 6,000 tons.
LEAD quiet and lower; spot, Now York, 8.25@8.35c.•
East St. Louis, 8.25@8.30e. Mexican output it is reported
is about double that of last year, while on the other hand
Spanish production is only about one-half normal and
Australian about three-quarters. The London market has
been very weak.
ZINC higher on the favorable statistical position and
good buying by galvanizers and brass makers. Spot New
York, 8.25@8.30o.; East St. Louis, 7.95@843.
STEEL has been in sharp demand and steady. The business would be larger if the steel could be supplied. New
bookings have fallen off somewhat but it is significant that
a larger output is planned. Some additional 15 blast
furnaces will start up in the next month if fuel and labor can
be had. New business is still good; that is, for anything like
satisfactory deliveries. Far-off shipments are another matter. A conservative spirit is still apparent. Meanwhile,
it seems that France and Germany have agreed to waive
export licenses on shipments of 120,000 tons of steel from the
Ruhr on British shipbuilding contracts. In Czecho slovakia
plants have resumed work, it is stated in order to supply
steel to Germany. Steel bars here are in good demand and
cannot be supplied. Builders and railroads want large quantities. For prompt plates in the East, some mills, it is
stated, ask 2.90e. Rails are wanted. Japan bought German rails but has not got delivery. Now it has bought in
this country for 30 miles of track and wants rails for 40
miles more.
PIG IRON has been in good demand,even if here and there
trade has fallen off somewhat. Prices havt been very firm
and in fact $1 higher at most Northern centres. And in
Virginia iron, by the way,is steadily widening its field. It is
far wider than for some years past. In Chicago it is a familiar
factor. In Michigan and Indiana, on the other hand,
Buffalo iron has a quick market. The output of pig iron
plainly shows a tendency to increase heavily if adequate
supplies of coke can be had. And there would seem there
should be no very great difficulty on that score, although
Europe is taking a good deal of American coke and some
Eastern car congestion is reported. In the next 30 days a
big increase in steel output is projected. Some 15 furnaces
will resume work if they can get fuel and labor. Meanwhile
most Virginia makers of iron are reported on a $29 base,
though one furnace is still selling at $28. Virginia iron
will be available for export and it seems one carload of Virginia for export was sold on trial. At Chicago prices are
now about $32 minimum, it is said. Iron makers are
awaiting announcements of Lake Superior ore prices for 1923.
They will be 50c. per ton higher than a year ago, according
to the general notion; possibly 75c. more. For there is a
big demand for iron and ore stocks are rapidly disappearing.
Usually prices are fixed by April 1; then comes the Eastern
schedule. At Youngstown, Ohio, demand is persistent for
pig iron and offerings small. Heavy melting is $28; Bessemer and basic, $31 valley.
WOOL has been quiet and now and then prices have been
eased to promote business. Mills seem fairly well supplied.
They have not shown any eagerness to buy. In Londoff on
March 16 10,000 bales of free wools were offered. Demand
good but high limits caused many withdrawals. Prices
steady. Sydney, 2,285 bales; greasy merino, 21d. to
273d.; scoured, 35d. to 483/2d. Victoria, 3,113 bales;
greasy crossbred, 8d. to 223'd.; comeback, 2430. to 29d.
,
New Zealand, 2,273 bales; greasy crossbred, 8%d. to 23d.;
slipe, 103 d. to 24d. Cape, 732 bales; best greasy, 24d.;
4
snow-white, 48/d. In Auckland, N. Z., on March 17
1
7,575 bales were offered and 6,100 sold. Compared with
Feb. 12 super wools were rather lower; other grades unchanged to 5% higher. The Continent was the chief buyer.
At Melbourne, Australia, on March 19 the selection mostly
crossbreds. Demand sharp and prices firm.
In London on March 19, 13,000 bales were offered and
considerable sold to British buyers. Prices steady. Withdrawals numerous on the limits. Sydney, 2,240 bales:
greasy merino, 203 . to 3934(1.; crossbred, 830. to 18d.
,
0

1320

THF CHRONICLE

Queensland, 2,678 bales; greasy merino, 21d. to 283'd.;
pieces, 173%d. to 243d. Victoria, 2,435 bales; greasy
merino, 20d. to 283'd.; scoured, 293'd. to 50d. Adelaide,
360 bales; greasy ]nerino, 21 Md. to 303'd. West Australia,
466 bales; greasy merino, 173'd. to 263d. New Zealand,
4,833 bales; chiefly greasy crossbreds; all selections active
at 83d. to 24d. In London on March 20 joint offerings
were 14,500 bales. Demand good from America and the
Continent. Prices firm; sometimes above the January
level for the best qualities of greasy crossbreds. Sydney,
2,165 bales; greasy merino, 193'd. to 313%d. Queensland,
2,750 bales; greasy merino, 15d. to 29d.; scoured, 463'd. to
53d. Victoria, 2,892 bales; greasy merino, 233.d. to 34d.;
comeback, 263'd. to 31 Md.; crossbred, 83 d. to 23d. New
%
Zealand, 4,769 bales; crossbreds, best greasy, 20d.; slipe,
253/2d., scoured, 323d. Pinatas, 1,031 bales; the bulk to
Continent; the best greasy merino 22d.; crossbred, 213d.
,
At Wanganui, N. Z., on March 20, 10,750 bales were
offered and 9,900 sold.. Selections medium to inferior.
Continental and British buyers took the most. America,
held off from a lack of suitable grades. Compared with the
sales held at Wellington, N. Z., Feb. 26, greasy crossbreds,
medium and inferior grades were Xd. higher. Pieces and
bellies were firm; lambs irregular.
In London on March 21 10,350 bales were offered. Demand good. Prices firm. Some Australian speculative
holdings and most of the Cape wools were withdrawn,
owing to strictness of the limits. Sydney, 3,022 bales;
greasy merino, 20d. to 283'd. Queensland, 861 bales;
scoured merino, 383d. to 53d. Victoria, 418 bales; scoured
merio, 313d. to 48d. West Australia, 1,436 bales;;
greasy merino, 19d. to 293'd. New Zealand, 3,590 bales;
crossbreds, best greasy, 23d.; slipe, 24d. Cape, 669 bales
greasy merino, about 200 bales sold, 173/2d. to 233/2d.
In London on March 22 joint offerings were 14,000 bales.
Demand brisk. Prices steady. A few withdrawals. Sydney, 1,242 bales; greasy merino, 21d. to 32d. Queensland,
140 bales; scoured merino, 323'd. to 49d. Victoria, 3,541
bales, chiefly greasy crossbreds, best, 273'd. New Zealand,
6,332 bales, chiefly greasy crossbreds; best, 233'd. West
Australia, 1,667 bales; greasy merino, 22d. ot 31d. Cape,
478 bales; greasy, about 200 sold; 203'd. to 2334d. Auctions
close to-morrow. London cabled that the British Australian
Wool Realization Association reports stock in hand and
afloat on Feb. 28 at 752,284 bales of Australian and New
Zealand grades. This compares with 817,332 bales on
Jan. 31. At Bradford the woolen market last week was
firmer with more doing. The curtailment of• the London
wool sales and the cancellation of that scheduled for Liverpool imparted a generally better felling. Tops were stronger;
yarns more active. Firm prices prevailed for piece goods.
French competition in dress goods continued. Heavy
woolens are improving.
Boston sales have recently been small or very moderate,
with prices rather weak on foreign wools. Worsted wools
were firm. Arizona in the grease sold at 50 to 52c., or $1 35
clean landed Boston. Southern California sold at around
$1 32 clean landed Boston. Ohio and Pennsylvania fleecesDelaine unwashed, quoted 56 to 570.; fine unwashed, 50 to
51c.; M blood combing, 57 to 58c.; % blood combing, 55 to
560. Michigan and New York fleeces-Delaine unwashed,
55c.; fine unwashed, 48 to 50c.; 34 blood unwashed, 53 to
54c.; % blood unwashed,54 to 55c.; X blood unwashed,52c.
Wisconsin, Missouri and average New England-One-half
blood, 50 to 52c.; % blood, 55 to 56c.; X blood, 50 to 51c.
-Fine 12 months, $1 38 to $1 42; fine 8
Scoured, Texas
months, $1 25 to $1 28. California-Northern, $1 35 to
$1 40; Middle County,$1 20 to $1 25;Southern, $1 to $1 05
Oregon-Eastern No. 1 staple, $1 40 to $1 42; fine and fine
medium combing, $1 25 to $1 35; Eastern clothing, $1 20
to $1 25; Valley No. 1, $1 20 to $1 25. Territory-Fine
staple choice, $1 42 to $1 45; M blood combing, $1 30;
% blood combing, $1 to $1 10; X blood combing, 90 to 95c.
Pulled-Delaine, $1 40 to $1 45; AA, $1 25 to $1 35; A
supers, $1 15 to $1 25. Mohairs-Best combing, 78 to 83c.;
best carding, 70 to 75e.

Friday Night, March 23 1923.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
68,644 bales, against 82,005 bales last week and 83,369 bales
the previous week, making the total receipts since Aug. 1
1922 5,095,088 bales, against 4,511,050 bales for the same
period of 1921-22, showing an increase since Aug. 1 1922 of
584,038 bales.
Sat.

Mon.

Tues.

Wed.

5,100
---5,540
114

2,041
---3.416
260

1,878
ns3:578
10

Totals this week..

9,325 11.016 17.678 10.854




Thurs. I Fri.

Total.

1,786 15.639
10
10
4,718 25,025
788
404
710
_
3
3
-:
-,.
--- ----------------- 15,143
570
o04
3
,136
,280
,500
305
819
766 1,087 4,343
596
770
17 1,110
708
234
43I,
102
6
815
386
523 3.323
352:
664
583
63 2,345
3
816
195 1,268'
---2,844
---4,527
----

Galveston
Texas City
New Orleans_ --Mobile
Pensacola
Jacksonville ---Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore

The following table shows the week's total receipts, the
total since Aug. 1 1922 and stocks to-night, compared with
the last year:
Receipts to
Mar. 23.

1922-23.

1921-22.

Stock.

This Since Aug This Since Aug
Week. 1 1922. Week. 1 1921.

Galveston
15,639 2,199,360 39.5402,040,305
Texas City
10
69,092
996
20,818
Houston
672,097
331,632
Port Arthur, &c
--_
2.000
---10,305
New Orleans
25,025 1,159,023 21,843 867,780
Gulfport
8,123
788
Mobile
76,691 3,022 107,460
Pensacola
8,58.3
710
1,070
3
Jacksonville
9,004
127
3.109
15,143 357,709 19.339 552,317
Savannah
Brunswick
27,706
16,976
550
4,343
Charleston
99,602 4,100
66.992
Georgetown
1,110
Wilmington
88,158 2,153
80,427
3,323 254,040 5,071 274,569
Norfolk
N'port News, 6cc_
583
New York
5,760 3,533
16,791
2,345
Boston
46,911 1,564
33,738
205
Baltimore
147
14,481
49,428
Philadelphia
4,871
706
28,627
68.644 5.095.088 102.691 4.511 050

Totals

1,990
- __ _ I
3,2471
__- - I

9,802' 9,969 68.644

.
1923.

1922.

192,923 307.496
2,827
8,854
169,038 233.555
6,989

9,866

7,016
51,274
174
47.256

1,713
124,716
1,335
75,814

31,630
78.283

35,829
124,774

55,296
13,744
2,281
4,725

94,691
6,859
2,188
6.896
Mil 4nfl I nz‘t Kfic

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-

1923.

1922.

1921.

1920.

15,639
Galveston_ _ _ _
39,540
996
Houston, &a_
New Orleans.
21,843
25,025
788
3,022
Mobile
19,339
15,143
Savannah__ _ _
Brunswick_....550
4,100
4,343
Charleston_
Wilmington....
2.153
1,110
5.071
3,323
Norfolk
N'port N., &c
6.077
3.273
All others_ ___

28,878
12,981
17,561
672
4,976

Total this wk_

68,644

102,691

1919.

969
1,881
4,000
37
943

34.304
6,013
31,847
3,929
20,713
6,000
3,032
3,259
5,601
38
4,232

24,512
1,196
24,617
1,924
20,526
2,300
2,699
2.825
6,628

72,898

118,968

1918.

87,657

430

22.472
6,910
20.393
978
1•7,690
2,042
2,176
1,125
183
2,851

76,820
Since Ana. 1_ _ 5.095.088 4.511.050 4.715.477 5.824.227 4.067.664 4.R06 75in

The exports for the week ending this evening reach a total
of 44,078 bales, of which 9,509 were to Great Britain, nil
to France and 34,569 to other destinations. Below are the
exports for the week and since Aug. 1 1922.
Week ending March 23 1923.
Exported toExports
from-

From Atso.1 1922t0 March 23 1923.
Exported to
-

Great
Great
Britain. France. Other. Total. Britain. France.

22,47$ 22.4701
Galveston
I
Houston
Texas City_
I
New Orleans 2,44$
0,22, 8,6701
Mobile
I
Jacksonville
71'
Pensacola _ _
7101
Savannah
I
Brunswick
2,928
Charleston _ 2,928
I
Wilmington.
4,641 5,3401
Norfolk...... 1,31$
1,084 2,938i
New York.. 1,854
I
Boston
Baltimore
Philadelphia
$I
58
2721
272
Los Angeles.
San Fran7'' 7001
Seattle

I

Other.

Total.

412,459 280,487 962.4631,655,389
234,633 135,069 299,636 669,338
3,76
3,765
185,815 57,918 394,943 638,676
4,645 25,506 53,578
23,427
311
75
375
7,92$
8,780
86,
4,269 74,699 205,981
127,013
21,257
6,8,1
27,907
30,171
1,094
13,490
44,754
11,61$
49,800 61,400
92,354
923 30,431 123,708
48,594 40,28$ 127,634 216,508
2,712
3,63
6,346
1,479
167
1,646
6
604
1,97
3,802 17,793
12,014
68,337 68,337
8,282
8,282

34,56? 44,07811,211,522 526,642 2,075,0033,813,167
Total'22-'23 9,509
Total'21-22 16,88$ 27,691 54,033 98.59211.068,392 518,7842,509,3554,096,531
Total'20-'21 7,58 $ 7,747 62,498 77.83411,227,060 4274)27 2,030,8623,685,849
-It has never been our practice to include In the
-Exports o Canada.
NOTE.
above table exports of cotton to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matte:, we will say that for
the crop year from Aug. 1 to Feb.28(no later returns are as yet available) the exports
to the Dominion the present season have been 131,941 bales. In the corresponding
Period of the preceding season the exports were about 118,000 bales.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
GerGreat
Other CoastMar.23 at
- Britain.' France. many. Cont'nt. wise.

COTTON

Receipts at-

[VOL. 116.

Galveston
New Orleans
Savannah
Charleston_ _
Mobile
Norfolk
Other ports *-

2.000
977

3,000
3,268

---172 ------

-1;656 - 1,000

6,000 23,300
2,370 11,005
2,500

Total.

5,000 39,300
5,750 23,370
500 3,000

------

2,368 ---866 -3,040
-2,000 -1,666

Leaving
Stock.
153,623
145,668
48,274
47,256
3,949
78,283
109,493

- a:M6
Total 1923.._ 6,149 7,268 10,370 41,173 11,950 76,910 586.546
27,741 15,342 18,284 29,553 3,659 94,479 940.107
Total1922
Total 1921..- 15.555 15.110 13,463 21,958 5,600 71.686 1,299,749
* Estimate.

Speculation in cotton for future delivery has been very
active, with sharp changes in prices resulting on the 21st
Inst. in a break of 60 to 70 points on the old crop and some 30
to 35 on the next crop. That was due to heavy Wall Street
and other selling. The market had a tired look. What are
termed "stale" long accounts came out in large number. And
there was very little demand. The trade took very little.
Many well-known operators had left town for the Dallas
convention. Not a few of them have been bullish. Also,
spot cotton was still dull. That hit the market hard.
It has been dull, for that matter,for weeks past. Strange as

THE CHRONICLE

MAR. 24 1923.]

1321

it sounds, daily sales of late have dropped to around 2,000 to
MARKET AND SALES AT NEW YORE..
2,500 bales a day for the whole South so far as the reported
Spot
SALES.
Futures
markets are concerned. This looks trivial indeed by comMarket
Market
parison with the business early in the season. What was
Closed.
Spot. Contr. Total.
Closed.
i.
more, goods have been quiet both at home and abroad. LivSaturday_ _ _
---erpool was depressed. Its advices told of big selling there by Monday __ - Steady, 25 pts. adv.. Steady steady- ---- ---- ---Quiet. 10 pts. dee_ _ _ Barely
the Continent, selling there by straddlers and others. Bulls Tuesday _ _Quiet,10 pts. dec___ Steady
700
700
Wednesclai_ Quiet.
Easy
6,700 6,700
there for the moment at least lost confidence. Liverpool Thursday _- Quiet.55 pts.dec___ Firm
15 pts. adv_
---Friday
Quiet. 50 pts. dec Easy
was as tired as New York and New Orleans, after a pro---longed bull campaign, or for what passed as such. Many
Total---___- • 7.400 7.400
would call it the economic evolution of the price under the
THE VISIBLE SUPPLY OF COTTON to-night, as made
power of very bullish facts of supply and demand. But for
all that the outstanding feature for a time this week was up by cable and telegraph, is as follows. Foreign stocks, as
that there was little support when Wall Street operators sold well as the afloat, are this week's returns, and consequently
out something like 100,000 bales. That was on Wednesday. all foreign figures are brought down to Thursday evening.
And this selling was not all for long account. That was the But to make the total the complete figures for to-night
judgment of keen observers. Also, some of the so-called (Friday), we add the item of exports from the United States,
Wall Street selling was by people who have little to do with including in it the exports of Friday only.
March 231923.
1922.
1921.
1920.
Wall Street, but are closely identified with the cotton trade. Stock at Liverpool •
bates_ 797.000 941,000 1.027.000 1.082,000
They have been bullish, but seeing the market hesitate, they Stock at London
5,000
1,000
2.000
10,000
Manchester
77.000
62,000
95.000 180,000
concluded that for the time being, at any rate, the advance Stock at
had culminated. They therefore sold out their long holdings
Total Great Britain
879.000 1,004,000 '1.124.000 1.272.000
Hamburg
46,000
and took the short side. The understanding is that they Stock at Bremen
27,000
68,000 243,000 177.600
hoped to cover at a good set-back and again take hold for an Stock at Havre
Stock at
125,000 141,000 185,000 362.000
upward turn. Meanwhile the South, and at one time Liver- Stock at Rotterdam
10.000
8,000
12.000
at
106.000 146,000 102,000
76,000
pool, sold freely. Liverpool sold heavily even on the 22nd Stock at Barcelona
Genoa
Stock
21.000
22.000
46,000 195.000
Inst. at differences called the narrowest since 1914. Japan- Stock at Antwerp
4.000
Stock at Ghent
16,000
6.000
30,000
ese interests have also sold to some extent. And from time
Total Continental stocks
to time have come reports of a weakening of the spot basis
341.000 621,000 579,000 633,000
from different parts of the South.
Total European stocks
1 220,000 1,625,000 1.703,000 1,905,000
Another factor was the labor situation at home and India cotton afloat for Europe_ _ 162.000 93,000
57,000
78.000
American cotton afloatfor Europe 232.000 312,000 227,416 496.676
abroad. A conference at Fall River to-day may decide the Egypt,Brazil, &c.,afloat for Eur'e 96,000 82.000 69,000
62,000
in Alexandria, Egypt
wage scale there for perhaps another year. Meanwhile, big Stock
267,000 307,000 235,000 139,000
Stock
887,000 1,119.000 1,205,000 983.000
strikes have occurred in England, i. e. among the coal min- Stock in Bombay.India
in U. S. ports
663,456 1,034,586 1.371,435 1,279.250
ers, electric workers and farm laborers. And the condition Stock in U. S. interior towns
775.517 1.230.152 1.666,593 1,214.228
14,786
7,077
48,117
of things on the Continent is still much disturbed whatever U. S. exports to-day
the rumors to the effect that there is a possibility of the GerTotal visible supply
4,302,973 5.817,524 6,541.521 '6.185.271
Of the above totals of American and other descriptions are as follows:
man and French Governments coming to some agreement.
American
Also, there were reports at one time that retail trade in gen- Liverpool stock
bales.. 451,000 521,000 633,000 879.000
eral business in the United States was not responding with Manchester stock
51,000
46,000
82,000 153.000
Continental stock
283,000 506.000 488.000 523.000
any great enthusiasm to the recent expansion in many line American afloat for Europe
232,000 312,000 227,416 496,676
U.S. port stocks
of wholesale trade.
663,456 1.034,586 1,371,435 1.259.250
U. S.
775.517 1,230,152 1,666.593 1,214.228
But it turned out that down underneath the constructive IT. S. interior stocks
exports to-day
14,786
7.077
48,117
forces of the cotton market were still unimpaired. At any
Total American
2,455,973 3,664,524 4.475,521 '4,573.271
rate that was the general judgment on the 22nd inst. For
East Indian. Brazil, &c.
on a sudden, after an early decline of some 20 to 35 points Liverpool stock
346,000 420,000 394.000 203,000
5.000
1,000
2,000
10.000
prices began to mount until a rise of 45 to 50 points was, London stock
Manchester stock
26,000
16,000
13,000
27.000
reached under the impulse of a sharp demand to cover, when Continental stock
58.000 115,000
91.000 110,000
India afloat for Europe
162,000
93.000
57,000
78,000
liquidation died down. Contracts, in fact, became scarce • Egypt. Brazil, &c., afloat
96,000
82,000
69,000
62,000
Shorts took the alarm. It was the old story. That is to say, Stock in Alexandria, Egypt
267,000 307.000 235,000 139.000
887,000 1,119,000 1,205,000 983.000
it was a new illustration of the wonderful rallying power Stock in Bombay.India
of the cotton market this season, even after very sever
Total East India. &c
1.847,000 2,153,000 2,066,000 1,612,000
Total American
2.455 973 3,664.524 4.475,521 4.573,271
breaks. Recently the price had dropped 100 to 120 points •
That, to be sure, on the face of it certainly discounted a goo [
Total visible supply
4,302,973 5,817,524 6.541,621 6,185,271
Middling
deal in the way of slow trade in raw cotton and goods an ,I Middling uplands,Liverpool
16.08d. 10.69d.
8.05d. 28.38d.
uplands,
30.20c.
17.85c.
12.35c. 41.50c.
the other factors more or less inimical to the price. 01 [ Egypt, good sakel.New YorkLiverpool
20.40d.
Peruvian, rough good. Liverpool- 18.75d. 21.00d. 19.066. 84.00d.
bulls who had turned bears for the time being covered withI Broach fine,
13.00d. 14.004. 49.093.
Liverpool
13.606.
9.654.
7.15d. 22.85d.
celerity. They rapidly marked up the price on themselves. Tinnevelly, good, Liverpool
14.75d. 10.55d.
7.654. 23.104.
Spot markets, too, became stronger. Many dispatches in.
Continental imports for past week have been 83,000 bales.
stated that the amount of unhedged cotton offering at th!
The above figures for 1923 show a decrease from last week
South was often very small. Retail trade in this country, of 119,593 bales, a loss of 1,514,551 bales
from 1922,a decline
it is believed, will improve with better weather. Any laggin ; of 2,238.648 bales from 1921
and a decrease of 1,882,298
has been due to bad weather, bad roads, etc., rather than t) from 1920.
,
lack of buying power, especially in the great towns an i
AT THE INTERIOR TOWNS
cities of the country. Meanwhile stocks are small and rap
Idly disappearing. The consumption is on a large scale. Th
!
Mourns* to March 23 1923.
Movement to March 24 1922.
ginning report early in the week turned out to be 235,00)
Towns.
bales smaller than the Government crop estimate of 9,964,0 )
Receipts.
Ship- Stocks
Receipts.
Ship- cots
menu. Mar.
I menu. mar.
bales earlier in the season. And latterly the weather ha 3
Week. Season. Week. 23.
Week. Season. Week. 24.
been threatening. The season is late in some parts
of tin?
3
286 5,295
341
27,188 1,420' 9,898
South by two weeks or more. The weather has been col , Ala..Birming'm ___. 39,011
Eufaula
8,43
200 3,900
21
5,718
50 3,270
.,
and even freezing at times, in the Southwest, and
Montgomery
50
55,288
8 1 9,083
311
44,448 1,555 26,308
latterl ,
Selma
4. 53,021
.51 2,904
rainy in the southern and eastern sections of the belt.
29
38,581
891 11,838
- Ark., Helena
B
34,459
531 12,385
111
30,367
334 13,395
sides, the size of the next crop is purely conjectural, wherea„
Little Rock
28
168,02
2,08 34,758 1,914 181,580 3,835 57,789
.
3
Pine Bluff_ 2,22
124,152 3,89: 43,717
scarcity of the old crop is a fact beyond dispute. Yet
339 110,295 2.420 54,167
ne 7 Ga., Albany._ _
2
6,244
318 2,158
19
5,982
303 3,270
crops are 4 to Sc. under the old.
Athens
51
41,913
909 22.553 1,081
84,735 1,600 41,138
Atlanta
4,06 261,54
To-day prices fell 45 to 67 points, the latter on October•
5,69 67,701 5,509 197,705 4,489 42,780
Augusta
8,211 289,223 7,797 45,192 6,395 292,929 8.658118.852
with "spots" dull, goods quiet, cables listless or
Columbus_ 1.7 1 112,44
1,273 5,052
weak an i
273 47,18
1,138 20,026
Macon
258 39,441
bears aggressive in dislodging long holdings in the
686 12,555
841
31.3501 1,210 13.128
Sout 11
Rome
641
41,318
625 5,507
88 29.058j
345 10,540
and elsewhere. Old crop was in fair demand and
, La., Shreveport
41
72,301 4,111 4,700
less freel 7 MisS..Columbu3
57,813
700 40,000
offered than the new. Prices end not far from
1
24,776
20
2,599
__
18,289
__ 5,053
where the r
Clarksdale__4
2 125,778 2,060 37,909
511
128,388 4,353 49,447
• were a week ago, after violent fluctuations during
.
Greenwood
10
108,46
the weelt2
.509 34,603
342 83,1971 1,0021 3.5,622
Meridlan___.p
that is May closed 8 points
241
33,249
291 5,958
386
30.5511
991 14,245
higher
Natchez--11' 32,320
1.
4,241
other months 2 to 7 points lower than last Friday, an 1
578 30,1241
3831 11,133
Vicksburg_
33 22,95.
448 6,312
25,827
__ 10,891
ended at 30.20c., a decline to-day than then. Spot cotto a
Yazoo City
18 28,30
283 15,415
- -10 29,
of
181 13.924
9471
Mo.,
down for the week. The New York 50 points, or 85 point13 N.C.St. Louis..1 12,0061 812,103 12,009 16.154 12,583 889,879 13,0371 27,328
.
Gr'nsborej 2.4291 92,863 1.455 30,014 1,259 46,797 2,
20,940
Exchanges will be closed on Good and New Orleans Cotto a
Raleigh
96
10,718
III
23
8,591
335
470
250
Friday, Mar. 30, and o 11 Okla., Altu5_
821 60,998 1,59
Saturday, Mar. 31.
5,42
86: 78,973
925 10,198
Chlcka.s1ia_l
251 81,233
903 2.634
8261 7,962
540 58,001
Oklahoma.._.i
1741 77.978
641 6,567
250 58,208 1,0241 18,511
The official quotation for middling
upland cotton in th,._ S.C.,Greenville 4,15 153,222 2,962 59,98 2,778 129,085 3,872 30,291
Ild
Greenwood- New York market each day for the past
--_
9 42
,01.
62 12,243
77 8,001
Tenn..Memphl41 15 35111, 08,978 21,88: 97,5.58
week has been:
March 17 to March 23.
0
12,606 754,298 20,798
hat. Mon.
. Wed.
31.30 31.20 Tu68 30.55 Thur..Frib
31.10
30.70 30.

Middling uplands

1923
1922
1921
1920
1919
1918
1917
1916

NEW YORK QUOTATIONS FOR
32 YEARS.
30.20c. 1915
9.20c. 1907
17.80c.
12.55c.
43.25c.
27.65c.
34.40c.
19.20e.
12.00c.

1914
1913
1912
1911
1910
1909
1908

13.50c.
12.60c.
10.65c.
14.554.
15.154.
9.70c.
10.45c.




1906
1905
1904
1903
1902
1901
1900

IOU

11:2g:
8.15c. 1897
14.00c. 1896
10.05c. 1895
9.00c. 1894
8.38e. 1893
9.88c. 1892

6.31
6.06
7.3
7.88
6.31
7.56
9.00
6.81 :*

187,016
Nashville
____
128
____
320
___
721
Texas. Abilene_
521 45,759 7 __ _ 1.003
79,068
29
253
957
Brenham
-1
--_
19,408
____ 4,052
12;451
271
257 4,089
.4.ustin
38,081
_
829
_ _
28,342___
341
Dallas
256 58,06
761 158,271 4,131 37,294
275 8,388
Honey Grove
_ ___
___
110
19,700
___
11.403
Houston
11,6362,810,857 13,421 144,842 36.9212,241,326 35,81 241,475
6
Paris
20 71,557
I
386 1,049
336 49,254 1,450 6,970
San Antonio_
_-__
57,922
___
213 1,821
45,347 3,079 1,488
Fort Worth I
333 81,500 1,032 4.451
884
58,019 1,081 10.223
Total. 41 town 86,4728,788393 90,239775,517 91,7856,040,170
123.2041230152

1322

THE CHRONICLE

[Voi.. 116.

FUTURES.
-The highest, lowest and closing prices at
WEATHER REPORTS BY TELEGRAPH.
-Reports to
New York for the past week have been as follows:
us by telegraph from the South this evening denote that field
work was hindered by rain and wet soil and that young cotton
Saturday, Monday,' Tuesday Wedday, Thursd'y, Friday,
was damaged by low temperatures in Texas. Our Mobile
Mar. 17. Mar. 19. Mar. 20. Mar. 21 Mar. 22. Mar. 23 Week.
correspondent adds that farm work is progressing fairly well
March
although the rain in the early part of the week caused a slight
30.80-111 30.97-128 30.70-.88 30.35-.75 30.13-.50 30.20-.45 30.13-128
Range
set back. Some early planting seems likely not to germinate
Closing
31.11 -30.97-.98 30.85-.87 30.35 -30.50
on account of the freeze.
Range

Rain. Rainfall,
Thermometer
Closing
31.25 -31.11 -31.03 -30.42 -30.54 -30.10 -- Galveston, Texas
4 days 0.88 in. high 74 low 31 mean 53
May
dry
high 78 low 14 mean 46
Range
30.85-131 31.10-.48 30.93-115 30.40-.95 30.07-A8 30.10-.53 30.07-148 Abilene
1 day 0.24 in. high 84 low 40 mean 62
Closing
31.25-.28 31.11-.13 31.03-.05 30.42-45 30.54-.58 30.10-.14- - Brownsville
Corpus Christi
June
3 days 0.40 in. high 76 low 34 mean 55
Dallas
dry
high 80 low 16 mean 48
Range
29.90 29.90 - Delrio
dry
Closing
low 28
30.83 -30.70 -30.63 -29.98 -30.11 -29.67 -- - Palestine
dry
high 68 low 20 mean 44
July
dry
high 82 low 30 mean 56
Range
30.14-45 30.32-.55 30.18-.38 29.54-e15 29.27-.73 29.25-.65 29.25 e55 San Antonio
Taylor
dry
low 24
Closing
30.42-.45 30.32-.33 30.24-.27 29.54-60 29.70-.73 29.25-.28--Shreveport
2 days 0.84 in. high 76 low 21 mean 49
August
Mobile,
3 days 3.44 In. high 74 low 30 mean 43
29.18 -29.25-.35 29.06-.20 28.90 -28.19 -Range
28.19 p35 Selma Ala
3 days 1.65 in. high 80 low 22 mean 51
Closing
29.40 -29.25 -29.05 -28.40 -28.55 -- 28.10 - Savannah, Ga
4 days 0.52 in. high 80 low 32 mean 58
September
C
3 days 0.56 in. high 79 low 33 mean 56
Range
27.25 -26.95-/25
26.95/25 Charleston, S.C
7 days 1.77 in. high 74 low 23 mean 49
Closing __-- 27.45 -27.45 -27.35 -26.70 -26.90 -26.45 ---- Charlotte, N.
October
zsThe following statement we have also received by tele26.88-96 26.84-110 26.65-.94 26.42-.83 26.12-.45 25.67-135 25.67-110
Range
graph, showing the height of rivers at the points named
Closing
26.82-.91 26.85-.87 26.75-.78 26.42-46 26.34-A6 25.67-169
November
at 8 a. m. of the dates given:
Range
26.51-.52
26.51-.52
March 23 1923. March 24 1922.
Closing. 26.55 -26.46 126.33 -26.20 -26.00 -25.35 - -Feet.
Feet.
December
New Orleans
Above zero of gauge.
13.2
16.2
Range
26.15-42 26.30-.5226.13-.34 25.82-124 25.55-.85 25.10-.79 25.10-130 Memphis
Above zero of gauge_
35.3
39.5
Closing
26.35-40 26.30 -,26.17-.18 25.82-.86 25.75-.76 25.10-.13-- -Nashville
Above zero of gauge_
28.8
22.7
January
Shreveport
Above zero of gauge_
19.8
14.6
Range
25.86-112 26.05-.25125.93403 25.75-.96 25.35-.50 24.80 v45 24.80-125 Vicksburg
Above zero of gaug&
40.3
42.9
Closing
26.05-.10 26.05 -25.92 -25.55 -25.42 -24.88-.89- - WORLD'S SUPPLY AND TAKINGS OF COTTON.
£31c. t26c. /27e. e 30e. o 25e. P 29e.

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1922-23--Since
Week. Aug. 1.
12.009 616.432
1.880 208.868

Mar. 23ShippedVia St. Louis
Via Mounds, Sic
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c

766
3,541
6,543

Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c_
Between interior towns
Inland, &c.,from South
Total to be deducted

50:07
5
127.057
324,510

24,763 1,335.019
2,550
589
7,126

71,943
19,646
404,107

Cotton Takings.
1922-23.
-1921-221921-22.
Week and Season.
Since
Week.
Season.
Week.
Week. Aug. 1.
Season.
13,037 671.305 Visible supply March
4,422,566
5.849.215_
5.148 299.293 Visible supply Aug. 1 16
3,760,450
6:111.6
7.719
61.446 American Insight to March 23,, 133,041 8,931.997 150,064 8.057,239
2:i5§
77,000 2,229,000
5.268 184,278 Bombay receipts to March 22__ 121,000 2,413,000
Other India ship'ts
224,550
6,000
4,000
126,000
4.491 304,018 Alexandria receiptsto March 22_
to March 21
14,000 1,216.800
11,000
589,950
14,000
238,000
12.000
251,000
30,082 1,528,059 Other supply to March 21 *b___
5,950
623
4,697

133.564
20,110
298,100
451,774

10,265

495,696

11.270

Leaving total net overland*_ _ _..14,498

839,323

18.812 1,076,285

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 14,498 bales, against 18,812 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 236,962 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Mar.23
Net overland to Mar. 23
South'n consump'n to Mar.23 a

-1922-23------- -1921-22
Since
Since
Week.
Aug. 1. Week.
Aug. 1.
68.644 5,095.088 102,691 4,511.050
14,498
839,323
18,812 1.076,285
75,000 2,738,000 60.000 2,357,000

Total marketed
Interior stocks in excess

158,142 8,672.411 181,503 7.944,335
*25,101
112,904
259,586 *31,439

Came into sight during week-133,041
150.064
Total in sight Mar.23
8,931.997
8.057.239
North.spinn's' takings to Mar.23 47,990 1.875,165

14.392 1,730.785

* Decrease during week. a These figures are consumption; takings not
available.

Movement into sight in previous years:
Week1921-Mar, 26
-Mar, 27
1920
1919
-Mar. 28

Since Aug. 1Bales.
126.921 1920
-21-Mar. 26
206,825 1919 -Mar. 27
-20
200.603 1918 -Mar. 28
-19

Bales.
8.316.194
9,808,238
8,675.566

QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton onSaturaay, Monday, Tuesday, Wed'dag. Thursd'y. Friday.
Galveston
31.25
31.15
30.10
30.45
31.05
30.55
New Orleans- _ 31.00
31.00
30.88
30.25
30.25
30.50
Mobile
30.50
30.50
30.50
30.00
30.25
30.25
Savannah
30.84
30.70
30.65
29.60
30.15
30.05
Norfolk
30.75
30.63
30.50
30.00
30.00
29.75
Baltimore
31.50
31.50
30.75
31.25
30.75
5611
Augusta
30.63
30.50
29.75
29.88
30.06
Memphis
31.00
31.00
31.00
30.50
31.00
30.75
31.35
Houston
31.20
31.10
30.50
30.15
30.60
30.50
Little Rock
30.50
30.50
30.25
30.45
30.25
30.50
30.65
Dallas
30.50
29.80
29.90
29.90
30.50
Fort Worth
30.40
29.80
29.45
29.90
Week ending
March 23.

NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:

1

Saturday, I Monday. Tuesday, I Wednesday, Thursday, Friday.
March 17. Mooch 19. March 20. March 21. March 22. March 23.
-30.55 bid 29.75 bid 29.82 bid 29.32 bid
March_ 30.75-30.78 30.78May
30.71-30.75 30.61-30.65 30.40-30.42 29.77-29.80 29.92-29.94 29.42-29.45
30.35-30.37 30.27-30.29 30.13-30.15 29.50-29.53 29.58-29.60 29.11-29.15
July
October
26.47-26.48 26.45-26.48 26.32-28.34 25.94-25.98 25.88-25.90 25.17-25.23
December_ 128.01 bid 25.98-26.00 25.85 bid 25.53-25.54 25.44-25.45 24.73-24.75
25.65 bid 25.33 bid 25.20 bid 24.48 bid
January 25.78-25.80 25.78,nri
ToneSpot
Quiet I Steady
Quiet
Quiet liStestly
Stead."'
Options
Steady Rarely st'Y Very ste'dy Bar 1 v Kt',
Steady
Steady
•




The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.

Total supply
Deduct
Visible supply March 23

4,710,607 16.784,797 6,103,279 17,364,439
4,302,973 4,302.9735,817,524 5.817,524
Total takings to March 23 a
407,634 12,481.824 285.75511,546,915
Of which American
253,634 8,440,274 210.755 8.466,945
Of which other
154.000 4.041.550
75.000 3.070.07n
*Embraces receipts in Europe from Brazil.'Smyrna. West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2.738.000 bales in 1922-23 and 2,357,000 bales in 1921-22
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 9.743 824 bales in 1922-23 and 9.189.915 bales in
1921-22. of which 5.702,274 bales and 6,109.945 bales American.
b Estimated.

CENSUS BUREAU'S REPORT ON COTTON 11
-17NING.-The Division of Manufactures in the Census Bureau
completed and issued on March 20 the final report on cotton
ginning (excluding linters) the present season as follows,
in running bales, counting round as half-bales:
COTTON GINNED IN 1922-23, 1921-22. 1920-21 AND 1919-20,
EXPRESSED IN RUNNING DALES.
1920-21.
1922-23. 1921-22.
1919-20.
Alabama
587,409
670.330
819,870
716,655
Arizona
42,926
105.191
44,132
58.472
Arkansas
1,010,428
787.974
1,182,010
867,177
California
28,473
34,809
77,892
59,082
Florida
12,201
12,443
27.428
17.317
Georgia
822,585
735,874
1,447,159 1,678.758
Louisiana
345,407
284,276
389,569
303,035
Mississippi
900.371
950,907
985.707
816,806
Missouri
68.145
139.881
76,328
62,667
North Carolina
803,602
878,997
949.484
857.253
Oklahoma
637,003
477.777 1,302,610 1,002,178
South Carolina
786.029 1,652,177 1,462,277
517.601
Tennessee
297,554
385.860
314.811
301,408
Texas
3,125,752 2,129.155 4,148,399 2,960,335
Virginia
27,011
16,680
21,898
23,076
All others
19,544
7,737
13,298
4,935
United States
9,729.048 7.976.665 13.270.970 11,32_5532
The subjoined table gives the quantity of cotton ginned from the grcArit,
of the crop of the past three years, equivalent 500-1b. bales, exclusive of
linters:
1922.
1921.
1920.
Alabama
823,498
580,222
662.699
Arizona
46,749
45.323
103,121
Arkansas
1,017.928
796,936
1,214,448
California
28,243
34,109
75,183
Florida
25.021
10.905
18,114
Georgia
714,998
787.084
1,415.129
Louisiana
343,274
278.858
387,663
Mississippi
989,273
813.014
895,312
Missouri
142,529
69.931
78.856
North Carolina
851.640
766,222
924,761
Oklahoma
627.419
481.286 1,336,298
Carolina
South
492.535
754.560 1,623,076
Tennessee
390.994
301,950
325,085
Texas
3,221,891
2,198,158 4,345,282
Virginia
26.515
16,368
21.337
All other States
19,310
8.715
13,239
Total
9,761.817 7,953,641 13,439,603
Included in the figures for 1922 are 8,864 bales which gtnners estimated
would be turned out after the March canvass. Round bales included are
172.182 for 1922, 123,791 for 1921 and 206.534 for 1920. Included in the
above are 32,786 bales of American Egyptian 1922; 37,094 for 1921 and
92,561 for 1920. The number of Sea Island bales included is 5,125, 1922;
3.316 for 1921, and 1,868 for 1920.
The average gross weight of bales for the crop, counting round as half
bales, and excluding linters, Is 501.7 lbs. for 1922, 498.5 lbs. for 1921 and
506.4 lbs. for 1920. The number of ginneries operated for the crop of 1922
is 15,418. compared with 16,192 for 1921.
The statistics for 1922 are subject to slight corrections.
si seN

INDIA COTTON MOVEMENT FROM ALL PORT
Thereceipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:

MAR. 24 1923.]

THE CHRONICLE
1922-23.

March 22.
Receipts at
-

Week.
Bombay

1921-22.

Since
Aug. 1.

1920-21.

Since
Aug. 1.

Week.

Since
Aug. 1.

Week.

121,000 2,413,000 77,000 2.229,000 61,000 1,631.000
Since August 1.

Great 'Conti- '
Japan&
Great I ContiBritain. neat. 'China. Total. Britain. I flint.

Bombay-1922-23..
1921-22_ _
1920-21_
Other Ind!
1922-23_ _
1921-22_ _
1920-21_

Sales

Japan &
China.

Total.

1

6,0001 8,0001 14,
2,000 31,000 36,000
5,000 10,000 15,000
6,000/1
4,0001
7,000

Total all
1922-23_ _
1921-22_ _
1920-21_ _

87.000 434,5001.207,1)3011.723,000
22,000 304,000 1,17(3,000 1,502,000
17,000, 371,000 528,000 916,000
54,0001 170,5501
5,000, 113,000
19,000, 147,000

____

6,000
4,000
7,000

___ 224,550
8,000 126,000
20,00
186,000

1
12,0001 8,000 20,000 141,0001 605,0 01,207.5001,953,550
6,000, 31,000 40,01,, 27,000, 417,0001.184,000 1,628,000
12,000' 10,000 22,0001 36,000 518,000 548,
1,102,000

1922-23.

1921-22.

Receipts (cantors)
-'This week
Since An
1

70,000
8.094.771

80,000
4.542.866

Exports (bales)-

Since
Week. Aug. 1.

Since
Week. Aug. 1.

Since
Week. Aug. 1.

191,510
8,010 134.921
8.10 1 234 28c
8,0k.0 t90,737

3.500 125.119
____ 100.967
7.300 159,503
2,500 159,193

200
2,000
4,600
600

To Liverpool
To Mancnester,am
To Continent and India
To America

1920-21.

1

55,000
3 370.664

75,326
61,972
95,691
31,959

Total exports
24.0'0 751 4c3 13 390 535.779 7.40° 264 98
Note.
-A canter is 99 lbs Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending March 22
were 70,000 cantars and the foreign shipments 24,000 bales

MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloth and yi...rns is quiet. There is a more general
resort to short time. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison:
1922-23.
32s Cop
Twist.
Jan. d.
19 21%
26 2234
Feb.
2 22
9 22
16 2134
23 22
Mar.
2 22
9 2234
16 23
23 2334

0
0
0

23
23
2234
0 2234

0
0
0
0

1921-22.

814 lbs. Shirt- Corn
i ingo, Common Mid.
Uprs
I
to Ftnest.

32s Cop
Twist.

d. s. d.
s. d. d. d.
2234 16 5 017 0 16.20 17%
2334 17 2 017 5 16.3217

®

2234
2334
24
2434

0
0

834 lbs. Shirt- Corn
inn, Common Mid.
to Finest.
Upl's

d. s. d.
s. d. d.
1934 15 5 @16 5 10.18
19 15 3 @16 3
9.26

17 2
17 0
17 0
17 0

017 5
017 4
017 4
017 4

15.28 1631 ® 1834
15.74 164 0 1734
15.93 1634 4 18
16.34 17
0 1834

15 3 ®16 3
15 0 0.16 0
14 9 015 9
15 0 016 0

9.35
9.47
10.01
10.25

7
1
1
1

017 3
017 6
017 6
017 6

16.44 17
16.6017
16.5517
16.0817

15 114016
15 134016
15 54 ©16
15 434(516

9.98
10.57
10.76
10.69

16
17
17
17

0
0
0
0

1834
1834
1834
1834

134
134
3
3

-Shipments in detail:
SHIPPING NEWS.
Total Bales.
NEW YORK
-To Liverpool
-March 16-Baltic, 628_ --March 20,
Megantic, 1,226
1,854
To Bremen-March 16-Pres. Roosevelt, 700
700
To Danzig-March 20
-Estonia, 98
98
To Antwerp
-March 19-Huronian, 100March 20
-Mercier, 186
286
NEW ORLEANS
16-Jomar, 100
-To Barcelona-March
100
To Liverpool
-March 21-Philadelphia, 2,445
2,445
To Japan-March 21-Hanover. 550
550
To China-March 21-Hanover, 400
400
To Genoa
-March 22-Fert, 4,725
4.725
To Rotterdam-March 22
-Tripp, 450
450
GALVESTON-To Bremen-March 16-Saucon, 1,782__ _March
16-Danzitr, 1,700
0,482
To Rotterdam-March 16-Saucon, 1,175
1,175
To Venice
-March 17-Higho, 2.265
2,265
To Japan-March 17-Frogner, 8,663- _March 19
-Panama
aru, 4,000
12.663
To Gothenburg-March 20
-America, 1,485
1.485
To Christiania-March 20
300
-America, 300
To Barcelona-March 20-Jomar, 1,100
1.100
CHARLESTON-To Liverpool-March 22
-West Imboden, 2,928 2,tra8
NORFOLK
-To Bremen-March 17
-Springfield, 3,290
3.290
To Manchester
-March 21-Manchester Port, 1,300
1,300
To Japan-March 22-M. S. Dollar, 500
500
To China-March 22-M. S. Dollar,
250
250
PENSACOLA-To Liverpool
-March 14-Antinous, 710
710
PHILADELPHIA-To Antwerp
50
-March 7-Nitonlan, 50
SAN FRANCISCO
-To China
700
SAN PEDRO-To Liverpool -March 19-Taiyo Maru, 700--March 10
272
-Dramatist,272
44,078

•
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of tho week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American

Mar. 2. Mar. 9. Mar. 16. Mar. 23.
25.000
22.000
29.000
33,000
10,000
12,000
12.000
15,000
2.000
3,000
3.000
3,000
62,000
56.003
41,000
48,000
797,000 804,000 803,000 797.00 3
463,000 462,000 448,000 45 ,, 00
54,000
;7 OX)
56.000, 53,000
40,000
35.000
29,000
14,000
229,000 219,000 216.000
169.000
86,000
56,090
76,000
80.000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:




.lfonday.
Quiet.

Tuesday. 'Wednesday. Thursday.
Quiet.

More
demand.

Quiet.

Friday.
Quiet.

16.56

16.40

16,35

15.04

16.08

5,000

HOLIDAY

6,000

4,000

5,000

4,000

Futures.
openedMarket }

Quiet but
steady, 10
pts. adv.

Quiet, Barely st'y Steady,
12 to 17 14 to 21 8 to 13
pts. dec. pts. dec. pts. dec.

Market, {
4
P.M.

Steady,
4 to 19
pts. adv.

Firm,
5 to 11
Pte. dec.

Quiet,
2(55 pts.
advance.

Weak,
Quiet but
Quiet,
32 to 38 st'dy, 11 to 1(411 pt.&
131.9. dec. 17 pts. dec. decline.

Prices of futures at Liverpool for each day are given below:
March 17
to
March 23.
March
April
May
June
July
August
September.. October
November
December.___.
January
1'ebruary

Sat.
Mon.
Tues.
Wed.
Thurs. I
Fri.
,
1234 12 M 1234 4:00 1234. 4:00 1234 4
1234 4:00 124 4:00
p. m p. tap.tap. m.p. m.p. m. p. m.p. m. p. m.p. m.'p. m.p. m.
d.
d.
d. I d.
d. d.
d.
d.
d.
16.26 16.24 16.1016.19 16.05 15.85 15.74 15.7315.7'
16.18 16.17 16.00 16.06 15.91 15.73 15.60 15 5715 1
16.14 16.13 15.97 16.04 15.88 5.69 15.56 15.53115.58
16.04 16.04 15.88 15.95 15.76 15.5 15.44 15.4015.45
15.96 15.0015.81 15.87115.715.50 15.37 5.34 15.38
HOLI- 15.58 15.61 15.45 15 51 15.34 15.16 15.03 5.00 15.02
DAY
15.08 15.18 15.04 15.09 14.89 14.76 14.65 4.62 14.61
14.68 14.78 14.65 14.70 14.50 4.38 14.3014.27 14.25
14.47 14.57 14.44 14. 14.30 14.18 14.1014.07 14.05
14.33 14.41 14.28 14.34 14.13 14.0k 13.94 13.89 13.8
14.23 14.31 14.19 14.24 14.04 13.92 13.84 13.7913.78
14.1'. 11 2,1 14 14 14 1 1 13 AA 13.87 13.71413.74 13.73

d.

d.

.n41.1olelo.o..onoR,
c

According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
44,000 bales. Exports from all India ports record a decrease
of 20,000 bales during the week, and since Aug. 1 show an
increase of 325,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
Mar. 22.

Saturday.

Market, {
12:15
P.M.
Mld.Upl'ds

For the Week.
Exports.

Spot.

1323

BREADSTUFFS
Friday Night, Mar. 23 1923.
Flour was quiet but firm in the trading early in the week.
Not that there was any real life to the business. But with
wheat rising, flour certainly did not hang back. Some mills,
indeed, advanced prices 10 to 15 cents. Buyers were cautious, whether they acted for the domestic trade or for Europe. New export business was small. But the political
situation in Europe, it was believed, showed signs of clearing. It is hoped that increased European purchases of wheat
are the precursor of larger buying of flour. There was some
inquiry for Manitoba wheat from Turkey, a fact which of
itself, it is true, afforded no great encouragement, for it
showed that buyers, to get around the high Turkish duties
on flour, were buying wheat instead. But it may, after all,
prove the entering wedge for flour purchases later, especially if the Ruhr troubles are settled. And some think the
drift of events is towards their solution. Prices have been
firm at Minneapolis, with fair business reported by mills.
The market was helped by the advance in wheat. The movement held up well in spite of car shortage. Best family patents, f. o. b. carlots, were quoted at $660 to *7 10; first patents, $650 to $6 70; bakers', $640 to $6 60; first clears, $520
to $5 45; second, $340 to $360; graham, $640 to $6 80. Rye
flour, white, $450 to $480; medium, $425 to $4 50; dark,
$3 75 to $4: Durum, 10c. higher. No. 2 semolina, $5 75; No.
3, $5 65. At Kansas City prices have advanced 10c. owing
to the rise in wheat, but business was quiet. Reports come
from Constantinople that the holdings of American flour
there coming within the purview of the new duties has been
sold to the Red Crescent and other Government agencies.
That would obviate the possibility of losses by American
owners.
Wheat advanced early on export buying by the Continent,
a cold wave in the Canadian Northwest, low temperatures in
the West, covering of shorts and generally more confident
tone. People looked for crop scares and not improbably
European buying on a noteworthy scale. There came a reaction on the 19th inst. on realizing in a "long" market. Yet
early on that day an advance occurred, owing partly to
higher Liverpool cables, reports of crop damage, the fact
that world's shipments for the week were only 10,062,000
bushels and that the quantity on passage fell off 3,400,000
bushels, things which seem to hint of a better export demand
coining. But Europe buys Manitoba rather than American
wheat. Omaha was to ship wheat freely, too, to Chicago.
The American visible supply decreased only 112,000 bushels,
against 674,000 bushels in the same week last year.
The
total Is 46,469,000 bushels, against 38,178,000 a year
ago.
The Winnipeg market was weak. Farmers were disposed
to sell cash wheat and futures. On the 20th prices advanced
on small foreign stocks, rumors of export demand, a light
Chicago supply, fears of damage from the Southwestern
freeze and covering. The Department of Agriculture says
stocks in mills and elevators are 91,546,000 bushels, against
75,076,000 a year ago. With farm reserves and the visible
supply, this makes 295,401,000, against 252,877,000 a year ago.
On the 22nd inst. 400,000 bushels of Manitoba and durums
were sold to exporters, and it was said that Germany
had
taken 2,000,000 bushels in Argentina. Cash interests
at the
West, it was said, sold May ill Chicago against purchases
in
Winn.peg. The rainfall over much of the belt has recently
been heavy. The soil is in much better condition. To
-day
prices broke 1% to 1%c. on long liquidation;
Argentine
clearances reached 4,562,000 bushels. Tired longs let
go.
The ending was only % to %c. lower for the week,
however.
The Chicago Board of Trade will be closed on Good
Friday.
Mar. 30.

1324

[VOL. 116.

THE CHRONICLE
YORK.

DAILY CLOSING PRICES OF WHEAT IN NEW Thurs. Fri.
Sat. Mon. Tues. Wed.
148
146%
147% 148
147
ets_147
No. 2 red
IN CHICAGO.
DAILY CLOSING PRICES OF WHEAT FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
120%
122
122
121
121
cts_122
May delivery in elevator
116% 116% 115%
116% 116% 116
July delivery in elevator
114% 114
114% 114% 115
September delivery in e1evator_1144

The following are closing quotations:
GRAIN
Oats
WheatNo.2 white
8146%
No. 2 red
No.3 white
1 35%
No.2 hard winter
BarleYCorn93g
Feeding
No. 2 yellow
Malting
92%
Rye
-No.2

56
54%
Nominal
81082

Indian corn has fluctuated within narrow limits. At one
FLOUR
turned Spring patents
-$6 508457 00 Barley goods
time somewhat higher, it reacted later as wheat
heavy liquidation. Winter straights, soft.- 5 9084 6 25 No. 1,, 1-0. 2-0 pearl_8575
downward. There has at times been
650
Nos. 2.3 and 4
winter straights-- 59084840
freely. It mat- Hard spring clears
550
Nos. 3-0.
5 5084 6 00
Well-known commission houses have sold
First
reported Ryeflour
Nos. 4-0 and 5-0_.--- 600
5 15
4 9084
tered little that cash markets at the West were
on the Corn goods, 100 lbs.: 1 osa'205 Oats goods-carload: 22214630235
Spot delivery
firm, that receipts were small, and that exporters
Yellow meal
1 900 200
Corn flour
21st inst. bought 500,000 bushels. Profit-taking impressed
price
The statements of the movements of breadstuffs to market
very many as the best course. That has held back the
by
all week. On the 22nd inst. exporters took 200,000 bushels. indicated below are prepared by us from figures collected
stocks are large; so are those at the seaboard, the New York Produce Exchange. The receipts at Western
But Chicago
offer- lake and river ports for the week ending last Saturday and
and as against all these facts the smallness of country
been since Aug. 1 for each of the last three years have been:
ings have had less influence than would otherwise have
interior
the case. Yet, no doubt the firm attitude of the
Rye.
Earley.
Oats.
Corn.
Wheat.
holder has not been without a certain influence in sustain- Receipts at- Flour.
h.foelbs.
60 lbs.bush.56 lbs. bush. 32 lbs.bush.48Ihs.
powerless to advance them. The visible
,b13.106lbs.bush.
ing prices, if it was
58.000
209,01
352,000 2,409,000 1,273,00
288,0;1
311,000
supply in the United States increased last week only 818,000 Chicago
261,0
1 o;
126,041
2,121.111
Minneapolis_
423,000
31,001
5,111
7,000
last year. The total is still only Duluth
614, I
bushels, against 1,450,000
49,000
191,00
220,it i
267,000
72,011
14,111
Milwaukee
30,548,000 bushels, against 49,509,000 last year. Later came Toledo
2,000
100,0001
102,000
52,011
78,004
44,1 I
41,001
a decline on the 19th inst. in sympathy with a drop in wheat, Detroit
209,'''
381.000
40,111
at the West that would be IndianapolLs.
4,000
,/ I I
despite a cold, stormy weather
830 II i
629,001
564,001
85 1 1 4
St. Louis_ __ _
III
429,111
431,000
35,000
29 II i
likely to check the corn crop movement and increase feeding Peoria
1543,111
389,000
627.000
supply increased last week Kansas City_
to stock. The American visible
300,00'
303,000
282,004
Omaha
26,'''
102,011
87,000
818,000 bushdls, and although this was noticeably less than St. Joseph_
the increase was 1,450,000
in the same week last year, when
747,000
725,6
5,190.0'' 3,942,
Tot. wk.
is even now Same week '23 416 .ii 4,887,000 6,463,000 3,480,000 *45,4,5 1,074,000
bushels, it hurt the market. True, the total
'22 464,# I 4,863,000
605,000
813.
ago. But Same week '21 370,000 5.166,001 6,570 1 II 3,710,
only 30,548,000 bushels, against 49,509,000 a year
demand was slack. Exporters were doing little. On Mon- Since Aug.1
16,380,III329,170000230,894,000160,310,00029,364,00439,345,000
1922-23
day they took 100,000 bushels. Prices advanced on the 20th
1921-22_ _ _ _ 14,436,000263,443,000289,159,000149,175.00020,809.01115,151,000
on small receipts, a good feeding demand and the rise in
1920-2L_ _ 19.706.141 254.701.011 155.780.000 138,362.000 20,267,4 s o 12,886.000
wheat. But Chicago stocks were large and export business
Total receipts of flour and grain at the seaboard ports for
poor. The Chicago stocks increased again last week and are
Saturday March 17 1923 follow:
now put at 17,260,000 bushels, the largest on record at this the week ended
Rye.
time of year and 10,400,000 above the average for the past Receipts at- Flour.
Barter,.
ows.
Corn.
Wheal.
seven years. To-day prices declined in sympathy with a
Bushels.
Bushels.
Bushels.
drop in other grain. The final changes show a loss for the New York __ _ Barrels. i Bushels. Bushels.
110,000
274,00071,0
423,000
1,334,'''
305 I I
48,111
17,004
301,011
week of % to lc.
14 ; 1 o
Portland, Me_

YORK.

648,001
279,00#

294,111
428,'''

86,1'4
50,000
198,011
272,44'
78,000

119,001

102 111

DAILY CLOSING PRICES OF CORN IN NEW
Sat. Mon. Tues. Wed. Thurs. Fri.
93% 93% 93% 93% 933(
cts 92
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts_ 75% 74% 74% 7414 74H 73q
May delivery in elevator
76
76
4 76
77% 76% 767
July delivery in elevator
77%
77
77
78% 77% 78
September delivery in elevator

60,111
Philadelphia__
26,111
Baltimore._ _ _
Norfolk
68 i 1 o
New Orleans*
Galveston_
Montreal..._30,111
11,11'
St.John.N.D
24,111
Boston

Oats at one time were rather firmer with other grain.
But the rise was slight. There was the same absence of snap
and life in the trading which has been so noticeable for
weeks past. It will be curious to see what will lift it out of
its rut and infuse more animation and interest into it; something that will recall former years, when the trading had
not fallen on adverse times and activity and strength were
almost a daily commonplace. Later prices fell with wheat
and corn, though the receipts were moderate and the American visible supply decreased last week 883,000 bushels
against only 461,000 in the same week last year. The total,
too, is now only 25,325,000 bushels, against 67,382,000 a year
ago. On tbe 20th prices advanced on covering, a decrease in
stocks and a fear of damage by the Southwestern freeze.
2c.
To-day prices fell with other grain and end % to Y lower
for the week.

Total week '23 547,114 3,247,001 1,278,4'4
SinceJan.1'23 5,874,111 51,731,001 22,301,004

951,000
4
5
9
561,004
7,605,011 1,586,00011,511,000

Same week '22 621,11' 3,202.000 4,005,000
SinceJan.1'22 5.363,011 40,708,011 53,365,000

82,000
199,000
1,173.001
1.825.100 2,719,000
8,082.4

YORK.

DAILY CLOSING PRICES OF OATS IN NEW
Sat. Mon. Tues. Wed. Thurs. Fri.
56
56
56
56
56
cts 56
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAG O.
Sat. Mon. Tues. Wed Thurs. Fri.
45
45% 45% 44%
cts_ 4534 45
May delivery in elevator
443/ 45
44
44%, 44
45
July delivery in elevator
433.2 43% 4284,
September delivery in elevator_ _ _ _ 43% 4333 43

Rye was firmer on the 17th inst., though there were reports that Germany had bought in all some 4,000,000 bushels
of Russian rye. That sounded unpromising as regards German buying of American rye at this time. But it is conceivable that available Russian supplies may not be so large as
some seem to apprehend. The rise in wheat on the 17th inst
In any case offset the Russian reports and prices made at
least a small net rise, following the advance on the 16th inst.,
of 1% to 2c., with export sales of 100,000 bushels of American. That was small, but Europe is evidently nibbling at
American stock. Later there were reports of further large
sales of Russian rye to Germany and prices in this country,
from the disappointment, gave way on the 19th inst. 1% to
2c. And the American visible supply increased last week
1,213,000 bushels, against only 773,000 in the same week last
year. This makes the total 17,518,000 bushels, against 8,525,000 a year ago. On the 20th liberal export sales were made,
including one cargo to Norway for June shipment. Rotterdam also bought and Russia, queer as it sounds, was asking
for offerings at White Sea ports, where it is impossible to
ship Russian rye. German inquiries appeared, but bids were
too low. Later the sales were estimated as 300,000 to 350,000
bushels to Norway, Rotterdam and France. Europe, it was
said, was turning from Russian rye to American. To-day
prices were down 1%c., with trade dull. The decline for the
4c.
week amounts to 2 to 2Y
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
843's 82
84l.
83% 843
cts_ 85
May delivery in elevator
8.3% 824
83
84% 82% 83
July delivery in elevator




2, 'I

17.111

641,000
300,000

73,'''p2,''

5,001
,411

27,

* 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, March 17 1923, are shown in the annexed
statement:
Rye. Bane/. Peas
Flour. II Oats.
Corn.
Wheal.
Bushels. Bushels. Barrels) Buihels. Bushels, Bushels. Bushels
761,238 514,763 303,619 185,841 12,8011 67,003
New York
-- ---__-_
48,000
301,000
Portland, Me
17,000 14,000
a,000
1
Boston
81,000
--:
606.000
Philadelphia
43,000
17,0
Baltimore
741,000 537,000 9,000
I
200,
Norfolk
16,000 43,0011
New Orleans
220,000 231,000 52;i5oo
-- Galveston
248,000_-St. John, N. B.... 273,000
11,660
Exports from-

Total week 1923- 3,231,238 1,342,763 389,619
Week 1922
3,076,6842,899,607 350,929

252,841 272,861 67,003
694,101 56,100 228,179

8,900

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

Since
July 1
1922.

Week
Mar.17
1923.

Cern.

Wheat.

Flour.

Week
Mar. 17
1923.

Since
July 1
1922.

Week
Mar. 17
1923.

Since
July 1
1922.

Bushels. Bushels.
Bushels.
Barrels.
Bushels.
4,002,455 1,809,254 74,162,216 283,220 24.268,278
4,904,661 1,421,984 171,434.717 936,04346,681.839
39,000
2,000
402,332
233,000
1,022,800
31,000 117,000 1,344,700
20,700
3,000
18,000
4,500
1,864,705
655,145

United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit. No. Am.Col
Other Countries

Barrels.
51,450
129,279
78,000
108,000
1,000
21,890

Total 1923
Total 1922

389,619 10.990,393 3,231,238 247,725,638 1,342,763 72.370,517
350.929 10,124,641 3,076,684 223,062,424 2,899.607 104827468

The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, March 16, and since July 1 1922 and 1921,
are shown in the following:
Corn.

Wheat.
Experts.

1922-23,
Week 1
March 16.

Since
July 1.

1922-23.

1921-22.
Since
July 1.

Week
March 18.

Bushels. I Bushels,
Bushels.
Bushels.
. 87 0
North Amer_ 4 5 . 00337,350,003320,763,000 1.222,
__I 4,623,,,, 3,296,
391,
92,0
Argentina__ 3,467,000l 86,559,00 58,65,3,
Australia __ .. 1,736,000; 31,548,111 78,024,
272,000 6,996,1 s i
712.
India
0th. countr'

RUSS.Sr Dan_

Total

10,062.000467.076,

461.453.

1,705

Shwa
July 1.

1921-22.
Sines
July 1.

Bushels. Bushels.
113.862,000
76,125
11,199,000
4,482 111
93,822.000
93,880,
4,521

9,690,000

179.008,000228.573.0041

MAR. 24 1923.]

THE CHRONICLE

The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, March 17, was as follows:

1325

THE DRY GOODS TRADE.

Friday Night, Mar. 23 1923.
Despite the fact that wage disputes have restricted buying
Rye,
Barley, in markets for textiles to some extent during
United Staresthe past week,
bush.
bush.
New York
256,000
221,000 mills manufacturing cotton and woolen goods continued to
Boston
run on a greater variety of merchandise than ever before
Philadelphia
26,000
4,000
Baltimore
2,925,000
65.000 known. The wool industry, particularly, taken as a whole,
Newport News
Is more active than ever before, and while the volume of
New Orleans
107,000
12,000
Galveston
cotton consumption may not be as great now as in some other
165,000
Buffalo
1,049,000
387,000 periods, it is going into a greater variety of consuming chan" afloat
250,000
Toledo
19.000
1 000 nels than ever before. The wage disputes at present are ocDetroit
16,000
cupying the attention of cotton goods merchants, who are preChicago
382,000
247,000 paring to cope
" afloat
with demands for higher prices on goods in
306,000
Milwaukee
380.000
190,000 order to meet the higher production costs due to the inDuluth
8,110.000
276,000 creased wage scales
St. Joseph, Mo
in sight. Advances of 121
A% in wages
8,000
4,000
Minneapolis
3,019,000
948 000 have already been granted in many mills in Massachusetts,
St. Louis
13,000
10,000 Connecticut, Rhode Island and
Kansas City
Maine, while the demand for
143,000
Peoria
a 15% increase at Fall River mill centres is expected to be
•
Indianapolis
4,000
quickly settled. The hands of cotton manufacturers have been
Omaha
534,000
12,000
Sioux City
46,000
14,000 forced by the action of the leading woolen mills, who foreOn canal and river
10,000
32,000 stalled labor difficulties by establishin
g a new and higher
Total March 17 1923__46,469,000 30,548,000 25,325,000 17,518,000 2,673,000 wage scale to become effective April
30. There appears to
Total March 10 1923_46,581,000 29,730,000 26,208,000 16,305.000 2,693,000
Total March 18 1922..38,178,000 49,509,000 67.579,000 8,525,000 1,607.000 be a growing feeling that the higher wages granted in parts
of the textile field will be followed by advances in other inCanadian
Note -Bonded grain not included above: Oats, New York, 309,000 bushels; dustries, which
will mean an increase of purchasing power
Baltimore, 57,000; Buffalo. 1.307.000: Duluth, 30,000; Toledo afloat, 587.000;
total, 2,290,000 bushels, against 925,000 bushels In 1922. Barley, New York, by the consuming masses. Therefore, notwithstanding the
212,000 bushels; Buffalo, 910.000: Buffalo afloat, 402,000; Duluth, 65,000; total, fact that there is considerabl
e talk about increases in prices
1.589,000 bushels, against 94,000 bushels in 1922. Wheat. New York. 1,310,000
bushels; Boston. 205,000; Philadelphia, 991,000; Baltimore, 1.631.000: Buffalo, for dry goods checking demand, it remains to be seen whether
6,408 000: Buffalo afloat, 2,992,000; Duluth, 212,000; Toledo, 276,000; Toledo or not this will prove to be the case.
The present lull in
afloat, 1,297,000; Chicago, 262,000; total, 15.584,000 bushels, against 4,037,000
buying is called seasonable, and if fall trade is to develop
bushels in 1922.
Canadian
healthfully, merchants claim that the quiet period in priMontreal
1.145,00
260,000
401,000
151,000
133,000 mary markets should continue from two to three weeks more.
Ft. William & Pt. Arthrir..29,217,000
3,738,000
2,974,000
" afloat
163,000
DOMESTIC COTTON GOODS: Markets for, domestic
Other Canadian
5,307,000
786,000
734,000 cottons
have maintained a steady undertone during the week,
Total Marela 17 1923_35.832.000
260,000 4,925,000
151.000 3,841,000 but demand has been quiet and confined to small lots.
The
Total March 10 1923_35,915,000
284,000 5,007,000
155.000 3,829,000 decline
in the raw cotton market tended to make buyers bid
Total March 18 1922..29,215,000 1,000,000 7,306,000
36,000 2,648,000
Summary
more firmly at slightly lower prices, but mills did not apAmerican
46,469,000 30,548,000 25,325,000 17,518,000 2,673,000 pear to be willing
to sell at concessions. The quieter buying
Canadian
35,832,000
260,000 4,925.000
151,000 3,841,000
on many cotton goods at this period, however, is considered
Total March 17 1923_82,301,000 30,808,000 30,250,000 17,669,000 6,514,000 seasonable by
most merchants. There are still a great many
Total March 10 1923_82,496,000 30,014.000 31,215,000 16,460.000 6,522,000
Total March 18 1922_67,393,000 50,509,000 74,688,000 44,525,000 4,255.000 goods on order to be delivered, but owing to transportation
difficulties traceable to storms, distribution has not been
WEATHER BULLETIN FOR THE WEEK ENDING
MARCH 20.
-The general summary of the weather bulletin as active as usual. The advent of spring, however, should
issued by the Department of Agriculture, indicating the go a great way toward relieving the traffic situation. The
influence of the weather for the week ending March 20, is wage disputes and announcements of increases granted have
also been against the market during the week. Sellers have
as follows:
Decidedly unfavorable weather for agricultural interests prevailed during been reluctant about entering into commitments very far
the week ended March 20 In very nearly all sections of the United States. ahead ,as price readjustments will be necessary
to offset the
There were two rather intensive areas which moved across the country
higher cost of production. On the other hand, prices on many
from West to East, but the dominating features was an extensive
cold cottons
wave which moved from the Canadian Northwest, southeastwar
in first hands are already so high that merchants
d to the
Gulf and Atlantic coast, reaching the Atlantic coast States on the morning
hesitate about marking them up on lines that are underof the 20th. It was accompanied by temperatures lower than ever
before priced for fear
recorded so late in season in many central districts, and caused freezing
that it will bring about a restriction of disweather to the Gulf and Atlantic coast except in extreme southern Texas
and tribution and consumption. The heavy storms that
most of Florida.
swept
Cold and stormy weather was detrimental to stock in the Rocky Mountain over the country during the early part of the week hurt
the
and Great Plains States and a freezing temperature killed early truck and pre-Easter
trade temporarily, but the weather has again
field crops in the South, and greatly damaged early fruit in the States from
turned favorable and the nearness of spring is too well asMexico eastward to the lower Atlantic coast except in Florida. There
is
fear of some damage to fruit in southern Illinois and Missouri, but there sured to do anything
more than delay the normal increase of
was evidently no injury in the other Central States to the westward
or business in retail channels. An
eastward of this region.
improved demand has been
High winds caused some injury in Central districts. Rain was needed noted for Solithern cotton cheviots,
and it is believed that
at the close of the week in Carolina and most of Florida, but there was
the scarcity of denims for immediate shipment has been
generally heavy precipitation in the upper Mississippi Valley and in some
central Rocky Afountain regions. Cool weather held vegetation in check largely responsible for the increased
call for the goods from
on the North Pacific coast.
Field work was delayed by heavy rain and wet soil from lower Mississippi working suit manufacturers. Handlers of wash fabrics reValley northeastward to middle Atlantic coast and by heavy rain or snow port a satisfactory business with
most of the West Indies
in central and upper Mississippi Valley. Plowing was delayed in
Cali- except Porto _Rico. Print cloths, 28-inch,
fornia by dry soil.
64 x 64's construcDirt roads were in bad condition in most southern districts except
in tion, are quoted at 8%c., and the 27-inch, 641 60's, at 814c.
/
Texas and were impassable during most of the week in Ohio and
Central Gray goods in the 39-inch, 68 x 72's,
Mississippi Valleys, Roads were mostly open though poor in northern
are quoted at 12%c., and
New
York, but continued impassable in northern Michigan, due to heavy
the 39-inch, 80 x 80's, at 143,c.
All traffic was seriously delayed and movement of farm products snow.
stopped
In Wisconsin by heavy snow. Traffic was suspendesi in Iowa.
WOOLEN GOODS: Markets for woolen and worsted
Rail
traffic was delayed by snowdrifts in Iowa. Wyoming and Colorado.
goods have been moderately active during the week. ClothSome corn was planted during the week in the Gulf States and
slight
amount Was planted in extreme southwest Arkansas, but very
little field ing manufacturers who have named new prices report a
work was possible to Oklahoma eastward to North Carolina due
to
rain and wet soil. Freezing weather at the close of the week caused heavy steady volume of new orders coming in, due to the fact that
severe
damage to corn that was up in the Southern sections and most of
they named close prices in order to give buyers confidence
Florida.
Cotton planting continued in southern Texas and northern
Florida. In placing future business. According
Planting was begun in South Carolina. Young cotton was
to reports, this policy
damaged by
low temperatures In Texas. Field work was hindered by rain
of conservatism in prices will be followed by the larger garsoil in the Southern States from Missipppi Valley eastward, exceptand wet
in much ment manufacturers when the time
of Florida whore dry weather prevailed.
arrives for them to go
It was too early at the close of the week to determine whether
material after initial manufacturing orders. While the buying of
damage was done to wheat crop by the severe freeze but apparently
some serves has not been as brisk as sellers thought
'was done east of the Mississippi Valley and in Texas while little
it would be,
detrimental buyers
effect was apparent in the largo producing trans-Mississippi States.
only taking a few pieces at a time, it is generally exFurther
injury was reported to late wheat in Kentucky
and there was considerable pected that a more active demand will
apprehension as to the result in Illinois and
develop later on. The
the crop appeared to continue satisfactory Indiana, but the condition of wage situation in the clothing
industry is quiet for the moWheat was slightly injured on some thin in Ohio. Missouri
ment. It is generally understood that a demand
ground in
but otherwise it continued in satisfactory condition,
for a 10%
while there was an ample snow increase will
cover in Iowa to protect the fields. Heavy
be made on May 1, but conservative merchants
in western Nebraska which will prove very snow fell in eastern, and light do not
beneficial to wheat as moisture
believe there will be any trouble, as both sides will
was badly needed in that State and from
two
in Kansas, except in the southeast portion, to seven inches fell generally find a plan for a satisfactory
settlement.
left many fields bare in the western part.although it drifted badly and
FOREIGN DRY GOODS: Activity continues
damaged by tha cold in any part of Kansas. Wheat was apparently not
in
Heavy damage was done to oats in
for linens, and importers appear to be convinced markets
which was benefited by the increasedOklahoma but little or none to wheat
that the
moisture and showed improvement. present healthy
Snows in the Rocky Mountain States were also
condition of the market will continue into
beneficial but the soil
moisture conditions in Montana continued
spring months. Salesmen now on the
some sections to excellent in others. Grain uneven, ranging from poor in
road are sending in a
fields
in Minnesota. Wisconsin and northern Michigan, were protected by snow good business covering many lines, and wherever they go
southern Michibut
gan the fields became bare and winter cereals suffered in
severely. Reports they find it an easy matter to secure orders. The rush for
on winter wheat from Washington were generally favorable except for some
dress linens is attributed to manufacturers entering the
complaints of necessary reseeding but moisture was
marneeded east of the
cades in Oregon. In California the high northerly winds, warm Cas- ket two months ahead
of schedule. There is also an active
days
and absence a rainfall was detrimental to all grain crops and more moisture demand
for housekeeping linens, which are moving in a
was badly needed in all parts of the State.
libThe week was generally unfavorable for tho preparation of the soil and eral way. Burlaps have ruled quIet, but
owing to the scarcseeding spring oats although some seeding was done. This work was nehrly ity of
offerings, prices have maintained a steady undertone.
Kansas where germination was.fair and some seeding was
completed in
done In the Ohio Valley. Rice planting was begun in Louisiana but was Light weights are quoted at 7.40 to 7.45c., and
heavies at
retarded the latter part of the week by unfavorable weather.
8.90 to 9.00c.
GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush.
bush.
bush,
681,000 2,443,000 1,227,000
2,000
12,000
23.000
905,000
350.000
884,000
394,000 1,270,000
372,000
144,000
1,518,000
442,000
118,000
1,609,000
2,382,000
450,000 1,129,000
249,000
665,000
169,000
255,000
21,000
47,000
130,000
1,428,000 17,269,000 5,668,000
752,000
181,000
302,000
890,000
950,000
9,687,000
184,000
589,000
1,011,000
581.000
141,000
15,583,000
457,000 10,118,000
721,000
937,000
500,000
5,599,000 1,759,000
730,000
2,000
353,000
240,000
266,000
416,000
428,000
2,034,000 1,746,000 1,376,000
377,000
629,000
262,000
381,050




THE CHRONICLE

1326

ffitate mut Titg pepartment
NEWS ITEMS.

ivoL. 116.

In its decree the Court embodied in definite language toe effect of its
several separate decisions.
In declaring that the boundary is along the south cut bank as it existed
In 1821. the Court decreed that where "intervening changes" have occurred
"through the natural and gradual processes known as erosion and accretion
the boundary has followed the change: but where the stream has left its
former channel and made for itself a new one through adjacent upland by
the process known as avulsion the boundary has not followed the change,
but has remained on and along what was the south bank before the change
occurred.
Where the river has cut a secondary or additional channel through adjacent upland on the south side and has thus formed what are known as islands,
the Court decreed that the boundary in such cases shall be "along that part
of the south bank as heretofore existing wnicn by the change became tne
northerly bank of the island and whereby accretion ot erosion there have
been subsequent changes in that bank tho boundary has changed with
them."
The rules stated by tne Court with reference to these cnangos were made
applicable by the decree "to such changes as may occur in the future."

-Port Amendment Goes to Voters
Michigan (State of).
-The constitutional amendment proposing to give
Again.
the Legislature power to incorporate port districts, which on
the basis of early returns of the vote cast on Nov. 7 last,
seemed to have carried,but was shown to have been defeated
when the official count was completed, is to be voted on
again at the spring elections, April 2. This is in accord
with a joint resolution to that effect passed by the present
-The
Legislature. The amendment, if ratified, will add to Arti-Legislature Adjourns.
Washington (State of).
cle VIII the following new section:
Legislature adjourned sine die on March 8.
provide for the incorporation of ports and
Sec. 30. The Legislature may
in
port districts, and confer power and authority upon them to engage
work of internal improvements in connection therewith.

BOND PROPOSALS AND NEGOTIATIONS
-On March 3
-Legislature Adjourns.
Montana (State of).
the Legislature adjourned sine die after having been in this week have been as follows:
-Sealed
ABERDEEN, Brown County, Sn. Dak.-BOND OFFERING.
session since Jan. 1. Among the measures passed was a bids will be received until 10 a. m. Mar. 26 by Lydia W. Kohlhoff, City
new soldier bonus bill to take the place of the bonus measure Auditor, for $300,000 more or less 6% special assessment bonds. Denom.
Bonds
Due 2to
declared invalid by the State Supreme Court on Feb. 10 $1.000 or majorfraction thereof. Int.semi-ann. Simpson,9 years. Dorsey
Jtmell &
will be sold subject to
(V. 116, p. 741). The new bill provides for the payment of of Minneapolis, whichlegal opinion of Lancaster,by the city. A cert.check
opinion will be furnished
the bonus by an amendment to the constitution creating for 2% of amount bid required.
Article 23. Other bills limit the issuance of bonds by cities
ABERDEEN SEPARATE SCHOOL DISTRICT (P. 0. Aberdeen),
-J. M. Acker, Mayor, will
-BOND OFFERING.
Monroe County, Miss.
and counties, levy a 2% tax on crude oil, and provide for an receive sealed bids until 3 p.in. April 4 for $125,000 school bonds. Denom.
inheritance tax.
April 1 Ion, Principal and semi-annual interest (A. & 0.)
$500. Date
or at the First
Hanover National
-Act Exempting New Building From p_ayable at the of Aberdeen. DueBank, New York City,$2,500, 1924 to
New York State.
on April 1 as follows:
National Bank
4-b, added to Chapter 62 of the 1928, inclusive; $5.000, 1929 to 1938. Inclusive; $5.500, 1939 to 1947,
-Section
Taxation Void.
Inclusive; and
Laws of 1909 by Chapter 949 of the Laws of 1920, and payable to the$4.000. 1948. A certified check for 10% of bonds bid for,
Mayor, required. Interest rat) not to exceed 0%.
amended by Chapter 444 of the Laws of 1921, granting to
-F. A. Parme-BOND OFFERING.
AKRON,
power to exempt from taxation, lee, DirectorSummit County, Ohio.bids until 12 m. April 2 for the purlocal governing bodies
of Finance, will receive
(with
erected for dwelling pur- chase at not less than par and interest of the following couponbonds: priviuntil Jan. 1 1932, new buildings
as to either principal ot_ interest, or both)
poses, has been declared invalid by Supreme Court Justice lege of registration assessment North Mala_St. impt. bonds. Denom,
$68,000 4H % special
,$1,000. Date March 11923. Duo $4010 on Oct. 1 in each
John M. Tierney. Further details of the decision and its
of the years 1924, 1926, 1929. 1932, 1935, 1938. 1941 and
expected effects may be found in our Department of "Cur1943. and $3,000 on Oct. 1 in each of the other years from
1925 to 1942, incl.
rent Events and Discussions."
$1.000. Date March 1 1923. Due
50,000 4H% street bonds.
-The General
I as follows: $3,000, 1924, $2,000, 1925 to
yearly on Oct.Denom'
-Legislature Adjourns.
North Carolina.
1946, incl., and $3,000. 1947.
6. A number of measures
Assembly adjourned on Mar.
7.100 5% special assessment Clifton Ave. impt. bonds. Denoms.
111,000 and 1 for $100. Date March 1 1923. Due yearly
affecting the State's credit were passed during the session.
on Oct. 1 as follows: $1,100. 1924, $2,000. 1925. $1,000,
a twoA road bond issue of $15,000,000, to be payable from
1926, $2,000, 1928, and 41.000. 1929.
660 6% special assessment Medsker St. impt. bonds Denoms.
cent gasolikie tax, was authorized. Another bill authorizes
X200, $100 and $160. Date March 1 1923. Duo yearly on
more
the State to construct a railroad at an expense of not
Oct. 1 as follows: 5160, 1924, $100, 1925 and 1926, $200,
than $10,000,000. There were four propositions authorized
1927, and 5100, 1928.
5% special assessment Bank Alley impt. bonds. Denoms. $300.
2,700
to be submitted to the voters at the general election in 1924.
Date April 1 1923. Due $3300 yearly on Oct. 1 from 1924
One is a bond issue of $2,500,000 for loans on homes to World
to 1932, incl.
8,600 5% special assessment Marion Place impt. bonds. Denoms.
War veterans. The other three are constitutional amend$1,000 and $600. Date March 1 1923. Due yearly on
of the property valuaments which would (1) place at 7
Oct. 1 as follows: $600, 1924. and $1,000. 1925 to 1932, incl.
3,900 5% special assessment Lee Drive impt. bonds. Denoms. $500
tion the limit on State bond issues; (2) make inviolable the
and $400. Date March 1 1923. Due $500 on Oct. 1 in
sinking funds to retire the State debt; and (3) exempt from
each of the years 1924. 1927 and 1930, and $400 on Oct. 1
In each of the other years from 1925 to 1932, incl.
taxation one-half of farm and residential property under
22,300 5% special assessment Fifth Ave. impt. bonds. Denoms. $1,000
mortgage and one-half of the mortgage not to exceed $8,000.
and $300. Date March 1 1923. Due yearly on Oct. 1 as
follows: $2.300, 1924. 52.000. 1925. $3,000. 1926 and 1927
The Raleigh "News and Observer" on Mar. 11 published the
$2.000, 1928 and 1929, $3,000. 1930 and 1931, and $2,000,
ollowing as a list of important legislation of the 1923 session:
Highway bond issue, providing an additional fund of N15.000,000 for the
continuance of the present road-building program, and the levy of an addi-cent gasoline tax.
tional 2
Permanent improvement bond issue for State institutions and the completion of work now under way, totaling $30,667,500.
Appropriations bill carrying a total of $15.000.000 for the maintenance
of State institutions and departments for the biennial period.
The Revenue Act, re-enacting the 1921 schedule of license and privilege
taxes, and the 1921 schedule of taxes on incomes and inheritances and also
exempting stocks in foreign corporations held by citizens of this State from
ad valorem taxation.
The Machinery Act, providing for the valuation of all property under the
direction of the County Commissioners and strengthening the power of the
State Revenue Commission to maintain a uniformity of values between the
counties.
The Townssnd Educational Bill, providing for the repeal of the mandamus to compel the levy of taxes, and requiring the County Boards of Education to sit Jointly with the County Commissioners in preparing the county
school budget. Power of the board to contract debt is limited to the amount
of the budget.
Mothers Aid Bill, appropriating $50,000 a year to be matched by the
counties for aid to worthy mothers deprived of the support of their husbands
Permitting two Sr more adjoining counties to build county homes together.
Providing for State-wide eradication of ticks by the counties with State
and Federal aid.
The Grist bill, submitting to popular vote the question of issuing $2,500,000 in bonds for loans on homes to veterans of the World War,
The Turlington codification of the State liquor laws, to establish conformity of State laws to the Volstead Act.
The MooroWarren Sollcitobe Salary bill, placing the solicitors on a
salary of $4,500 annually, with an expense account not to exceed $750.
The "Lost Provinces" railroad bill, pledging the credit of the State not
to exceed $10.000.000 for building a railroad across the Blue Ridge Mountains into Alleghany and Ashe counties.
Three constitutional amendments, providing for the (I) limitation of
the State debt to 7)i% of the assessed property valuation; (2) the inviolability of sinking funds to retire the State debt; and (3) to exempt from
taxation one-half farm and residential property under mortgage and onehalf of such mortgage, not to exceed $8,000.

-The
-Decree in Boundary Dispute.
Oklahoma-Texas.
United States Supreme Court on March 12 issued its decree
in the Red River boundary dispute between Oklahoma and
Texas, giving effect to former decisions by which the southern
cut bank of the river was made the dividing line-V. 116,
13 pubp. 316 The Philadelphia "Record" on March
lished the following Washington dispatch:

giving
Toe Supreme Court issued its decree to-day in the Red River case, was
which the southern cut bank of the river
effect to several decisions byOklahoma and Texas. Oklahoma was deeded
between
made the boundary
front of
title to the bed of the river except to the middle of the channel in Kiowa,
certain land granted the State formerly comprising a part of the
Indian Reservation.
Comaacno and Apache
line
The Court granted the request that in marking the boundary the
be run only along tnat portion of the receivership area where it may be
determined by the Court to be necessary and at such places as the boundary
had been fixed by avulsions occurring since 1821.
Referring to the area known as the Big Bend, where most of the valuable
oil deposits are located. the Court in its decree declared that that portion
which "had been since before 1821 fast upland on the southerly side of the
river, is within the State of Texas and never was owned by the United
States."




1932.
Prin. and semi-ann. Int.(A. & 0.) payable. In lawful money of the U. S.,
at the National Park Bank, N. Y. The $50.000 4H% street bonds are
Issued under authority of Section 3939, Gen. Code, the others, all special
assessment, under Section 3914. Gen. Code. Certified check for 2% of
amount of bonds bid for, payable to the Director of Finance, required.
Bonds to be delivered to purchaser at Akron.
ALPENA UNION SCHOOL DISTRICT (P. 0. Alpena), Alpena
-An election will be held on Apr. 16
-BOND ELECTION.
County, Mich.
-year school bonds.
to vote on the proposition of issuing $200,000 5% 30
-An elec-BOND ELECTION.
ARVADA, Jefferson County, Colo.
to vote on issuing sewer bonds, amounting to
tion will be held on April 3
$20,000. Hazel M. Garlick, Town Clerk,
BAD AXE SCHOOL DISTRICT (P. 0. Bad Axe), Huron County,
-Sealed bids will be received by Arthur
-BOND OFFERING.
Mich.
Dundee. District Secretary, until 7 p. m. April 6 for the purchase of
$150.000 4)i% school bonds voted on Feb. 21 by 282 to 123. Dated
April 1 1923. Interest A. & 0., payable at the District Treasurer's office. Due Apr. 1 1948. Legality approved by Miller, Canfield, Paddock
& Stone of Detroit. Cert. check on a Michigan bank for 2% of the bid
required. Purchaser to pay accrued interest. Official announcement
says: "No proceedings are pending to contest the legality of the issue or
the title to any office or involving the district in any way; no Judgments
outstanding: taxes are promptly paid; no former indebtedness or bond Issues of the district or the city have ever defaulted or been contested in any
way." Notice that the above bonds had been voted was given in V. 116,
P. 1090, but under the caption of "Bad Axe. Mich.'
-The $4,200
BARBERTON, Summit County, Ohio.-I30ND SALE.
6% paving bonds, bids for which were asked until March 20 (V. 116, p.
1090) were taken by the State Industrial Commission at par and interest.
Date'
April 1 1923. Due on Oct. I as follows: $400, 1924; $500. 1925:
$400, 1926; 3500. 1927: $400. 1928. and $500, 1929 to 1932, inclusive.
-BOND SALE.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-The $1,500 5% bridge bonds which were offered for sale on Mar.'15 (V.
116, p. 1090) were awarded to Gus Burbrink for $1,523, equal to 101.53, a
basis of about 4.83%. Date Mar. 15 1923. Due $500 May 15 1934,
Nov. 15 1934 and May 15 1935. The City Trust Co. of Indianapolis,
submitted a bid of $1,521.
A block of $35.000 5% Sawyer Road, Harrison Twp. bonds, offered at
the same time. was awarded to the J. F. Wild & Co. State Bank of Indianapolis, for $35,625, equal to 101.785.
-An election
BAYARD, Morrill County, Neb.-BOND ELECTION.
will be held on April 3 to vote on the question of issuing $1,500 park bonds.
James Burns, City Clerk.
BELLE CENTER VILLAGE SCHOOL DISTRICT (P. 0. Belle
-BOND OFFERING -Sealed proposals
Center), Logan County, Ohio.
will be received by H. A. Sickles. Clerk, Board of Education, until 1 p. m.
the purchase at not less than par and interest of $10.000 5%
April 2 for
coupon school bonds. Auth., Section 5656 of the General Code. Denom.
$1,000. Date May 1 1923. Interest semi-annually. Due $1,000 yearly
on Sept. 1 from 1924 to 1933, inclusive. A certified check for $100, payable to the Board of Education, is required.
BERTHA, Todd County, Minn.
-BONDS DEFEATED.-Tho $16,000
water works bond issue failed to carry at the election held on Mar. 13 (V.
116, p. 1090) by a count of 41 "for" to 164"against."
-BOND SALE.
-BIDS REJECTED
BILOXI, Harrison County, Miss.
-Picayune" of Mar. 16 all sealed
-According to the New Orleans "Times
bids received for the $350,000 street impt.. $100,000 school, $80,000 park.
playground and pier, and $20,000 library 5H% bonds offered on Mar. 15
(V. 116. p. 1090) were rejected and the bonds awarded at public auction
6 to
to Marx & Co. of Birmingham. Due $11,000 1 to 5 years; $22,000
15 years, and $27,500 16 to 25 years.

MAR. 24 1923.]

THE CHRONICLE

BIRMINGHAM, Oakland County, Mich.
-BONDS
At an election held on Mar. 12 and issue of $40,325 trunk DEFEATED.
sewer bonds was
defeated.
•
BOISE CITY INDEPENDENT SCHOOL DISTRICT NO.
1 (P. O.
Boise), Ada County, Ida.
-BOND SALE.
-The Child Bond
Co. of Boise, has _purchased $200,000 4H % refunding bons & Mortgage
at par. Date
'about June 1 1923.'
Financial Statement.
Assessed valuation
$19,677,292 71
Bonded debt
972.500 00
District population, approximately, 25.000.
BOWIE,Montague County, Tex.
-BONDS REGISTERED.
Comptroller of Texas registered $20,000 54% serial water -The State
works bonds
on March 15.
BOYCE CITY, Ellis County, Texas.
-BOND ELECTION.
-On
April 24 an election will be held to vote on issuing
$40,000 sewerage and
$45,000 water-extension bonds.
BROKEN ARROW, Tulsa County, Okla.
-An
election will be held on April 6 to vote on the -BOND ELECTION.
question of issuing $50,000
municipal building bonds.
BROWN COUNTY (P. 0. Georgetown), Ohio.
-BOND SALE.
Kauffman, Smith, Emert & Co., Inc., of St. Louis. bidding
$92,177 50,
equal to 102.87.a basis of about 4.90%. acquired
on March 19 the following
two issues of 53.5% road-improvement bonds, offered
on that date (V. 116,
p. 1090):
$66.300 Fayetteville-Blanchester road bonds. Denom.
1 for
for $1,000 each. Due yearly on Sept. 1 as follows: $300 and 66
$7.300. 1924:
57,000. 1925 to 1929,inclusive, and $8.000, 1930
23,300 Five Points Murystown road bonds. Denom. to 1932. inclusive.
1 for
for $1,000 each. Due yearly on Sept. 1 as follows: $300 and 26
$3,000, 1925 to 1929„inclusive, and 52.000. 1930 to $2,300. 1924:
1932. inclusive.
Date March 1 1923.

1327

CRAWFORD COUNTY (P. 0. Gerard), Kan.
-The
Fidelity National Bank & Trust Co. of Kansas -BOND SALE.
City, has
$70,000 road improvement and the $90.000 road improvem purchased the
ent 4H% bonds.
registered by the State Auditor of Kansas on Feb.
par. Denom.81.000. Date Feb. 5 1923. Int. 20-V. 116. p. 1091-at
F.
-A. Due 1 to 10 years.
CRITTENDEN COUNTY ROAD IMPROVEMENT DISTRI
CT NO.4,
Ark.
-BOND OFFERING.-Blds will be received
by the Board of Commiestoners until 2 p. m. April 2 at the office
Building, Memphis, Tenn., for 8125.000 of L. C. Going, 1412 Exchange
5:i% 5 -year serial road bonds.
-20
Successful bidder will be required to accept Icon&
immediately.
CROWLEY DRAINAGE DISTRICT
(P. 0. Crowley), Crowley
County, Colo.
-BONDS VOTED.
-By
5100.000 drainage bonds were voted. a vote of 66 "for" to 9 "against,
DAVENPORT, Thayer County, Neb.-B
OND SALE.
-The State of
Nebraska has purchased the following
March 20 (V. 116, p. 1191) as 5s at par: two issues of bonds offered on
55.000 water extension bonds. Date Jan.
1 1923. Due June 1 1943;
optional after ten years.
21,000 water-works bonds. Date March 1 1923.
Due March 1 1943,
optional after five years.

DAYTON, Ohio.
-BOND SALE.
-On
Fund Trustees purchased at par an issueFeb. 29 the Board of Sinking
of
repair bonds. Denom. $1,0001. Date April $35,000 5% asphalt street
1 1923. Int. A. & 0. Due
Oct. 1 1932.
DAYTON SCHOOL DISTRICT (P. 0.
Dayton), Montgomery
County, Ohio.
-BOND SALE.
-The
bonds which were offered for sale on Mar.$650.000 434% coupon school
15(V. 116. p. 967) were awarded
to a syndicate composed of A. B. Leach & Co.
Co. of N. Y. City, and the Merchants' Loan &of Chicago, Barr Bros. &
Trust Co. of Chicago at
a bid of $657.605. equal to 101.15. a basis of about
1923. Due $28,000 Sept. 15 1935 and 1947 and 4.38%. Date Mar. 15
527,000 on Sept. 15 in
each of the other years from 1924 to 1946 incl. Thn
bonds are now being
offered to investors at prices to
about 4.20%,
The following is a complete list ofyieldbids received: 4.25% and 4.30%•
the
NamePremium.
Eldredge & Co.. New York
$7,592 00
Sessongood & Mayer. Cincinnati; Oglesby & Austin,
N. Y. C.;
Watkins & Co., N.Y.C.,and B.J. Van Ingen
7.47500
Ames,Emerich & Co.. Chicago,and Hornblower& Co., N.Y.C
Hr llgarten & Co., N. Y.C., and Kountze Bros.,& Weeks,N.Y_.. 7.34500
7.34500
Wm.R.Compton Co.. Chicago, and First TrustN. Y.C
& Savings Bank,
Chicago
7.065 65
Fifth-Third Nat. Bank, Cincinnati; Detroit Trust Co.,
Detroit:
Mississippi Valley Trust Co.. St. Louis. and Minton, Lamport
& Co. Chicago
7.16300
Stacy & Braun. Toledo. and Halsey, Stuart & Co.. Chicago
'
& Co.,Estabrk
N. Y. C.; Hannahs, Bailin & Lee, N. Y. C.: 6,981 00
Curtis & Sanger, N. Y. C., and Otis
6,245 01
Richards, Parish & Lamson, Cincinnat& Co, Cleveland
i
Bankers Trust Co., N.Y.C.,and Tillotson & Wolcott Co..
Cleve_ 6 0 (1°
6.038 00
' 68
W.A. Harriman & Co., Inc.. N. Y. C.: Keane. Higibe &
Co.. Detroit: City Nat. Bank, Columbus, and N. S. Talbott Co., Dayton
Harris. Forbes__ Co..
____ ffationalCity Co.. Sf.- - and 5,830 50
1d..
Hayden, Miller & Co.. Cleveland
4,950 00
R. L. Day & Co.. Boston
2,86000
Winters National Bank, Dayton
2,710 50
E. II. Rollins & Sons. Chicago; Northern Trust Co., Chicago,
and
Taylor, Ewart & Co..
2,275 00
Prudden & Co., Toledo Chicago
2,103 00
Blodgett & Co., N. Y. C.: Continental & Commercial Trust
&
Savings Bank, Chicago, and Blyth. Witter & Co.. Chicago
1,88550
Lampert, Barker & Jennings, Inc.. N. Y. City
1,040 00
DE KALB COUNTY (P. 0. Auburn), Ind.
-BOND OFFERING.
Bids will be received by Carrie P. Weaver, County Treasurer
. until 10
a. m. April 4 for the purchase at not less than
par of $36,000 5% Edward
Kelham et al. Keyser Township
April 4 1923. Denom. $900. Int.highway improvement bonds. Date
and
each six months from May 15 1924 to May 15 1933 Nov. 15. Due $1,800
Nov. 15
inclusive.
DELAWARE COUNTY (P. 0. Delaware), Ohio.
-BOND SALE.
-An
Issue of $18.600 534% Columbus-Worster road impt. bonds
was bought up
by the State Industrial Commission at par
Mar. 1 1923. Int. M.& S. Due Sept. 1 and int. Denom.$1,000. Date
1932.
DELHI, Richland Parish, La.
-MATURITY.
-The 540.000 6%
coupon sewer bonds to be offered on March 27, notice of which
was given
in V. 116. p. 967. mature on April 1
follows: 5500. 1924 to 1927 incl.;
51,000. 1928 to 1933 incl.; $1.500, as
1934 to 1938 incl.; $2.000. 1939 to
1942 incl.: 82,500, 1943 to 1945 incl., and $3,000. 1946
bonds are issued on behalf of Sewerage District No. 1.to 1948 incl. These
Assessed valuation of property in district (1922)
Actual value
5 75..088
90 0
6 0
Population,___________

BURLINGTON, Chittenden County Vt.-BOND
-An issue
of $50,000 414% street impt. bonds, dated April 1 1923 SALE.
'
and
1 1938, was awarded to the Chittenden County Trust Co. maturing April
of Chittenden, at
107.57, a basis of about 4.10%. Int. A. & O.
BUTLER TOWNSHIP RURAL SCHOOL DISTRI
CT (P. 0. Vandalia), Montgomery County, Ohio.
-BOND OFFERING.
-Ralph Demmitt, Clerk, Board of Education, will receive sealed
bids until 12 m.April 4
for $30,000 6% coupon refunding bonds. Denom.
1923. Prin. and semi-ann. int. (M. & S.). payable$1,000. Date Mar. 1
at the Vandalia State
Bank, Vandalia. Due $2,000 yearly on
Cert.check for 5% of the bonds bid for, Sept. 1 from 1924 to 1938, incl.
required. Auth.. Secs., 5656 and 5658 payable to the Board of Education,
of the General Code.
CAMPBELL COUNTY (P. 0. Newport), Ky.-BO
ND SALE.
-Well.
Roth & Irving, of Cincinnati. have been awarded the
$250,000 5% coupon
bonds offered on March 19 (V. 116. p. 742) at a premium
of $3,825. equal
to 101.53. Date May 1 1923.
CANYON COUNTY (P. 0. Caldwell Idaho.
-BOND
Our Western correspondent advises us in ),special telegraph ELECTIONa
an election is to be held shortly to vote on issuing $300,000 ic dispatch that
highway bonds.
CARBON COUNTY SCHOOL DISTRICT
BONDS VOTED -A special telegraphic dispatch(P. 0. Price), Utah.
from
spondent advises us that an issue of $225.000 4 % 20 our Western corre-year
voted. These bonds had been purchased by the Hanchett bonds has been
of Chicago at 95 55, subject to being voted at said election Bond Co , Inc..
Notice of this
election and sale was given in V. 116. p. 847.
CASTANA,Monona County, Iowa.
-BOND ELECTION.
-On April 9
an election will be held to vote on issuing 115.500 water-im
provement bonds.
CEDARBURG, Oxankee County, Wisc.-BOND
OFFERING-Sealed
bids will be received until 7 p. m. Mar. 30 for $26,000
5%
by F. G. Schuette, City Clerk. Denom. $1,000. Due municipal bonds
1940 to 1943. incl.
CHESTER, Thayer County, Nob.
-BOND EL ECTION -A specie
election will be held on April 10 to vote on the following
$6,000 bonds Date July 1 1923 Due July 1 1943 propositions:
25,000 bonds. Date May 11923. Due May
11943.
Denom. $500. Principal and semi-annual interest
payable at the office
of the County Treasurer at Hebron. Internet
rate not to exceed 6%.
E. A. Garvin,'Village Clerk.
CHICAGO SOUTH PARK DISTRICT,
111.
-BOND SALE.
-On
March 21 the following three ISSU(S
were sold to the National city Co.. of 4% bonds, aggregating $2,046,000,
Harris Trust & Sayings Bank and the
Merchants Loan & Trust CO.. all of Chicago,
at 97.782, a basis of about
$1,000,000 public park purchrse and
improvement bonds. Due $50,000
yearly on April 1 from 1924 to
1943. innusive.
1.000,000 stadium construction bonds, Due
$50,000 yearly on April 1
from 1924 to 1943, inclusive.
46,000 parkway improvement bonds. Due
May 1 1924.
CHILLICOTHE, Livingston County,
Mo.-BONDS VOTED.
DELTA, Delta County, C-10.
-By a
vote of 1721"for" to 793"against" the $300,000
-BONDS
bond issue,for the erection BEING AUTHORI7ED BY ORDINANCE. PURCHASED SUBJECT TO
of a new school, carried at the election held
-The International Trust Coon Mar. 16-V. 116, p. 1091.
ol' Denver, has purchased $50,000 6% special grading
and paving bonds
subject to being authorized by ordinance
CHINOOK, Blaine County, Mont.
-BOND AWARD MADE.
.
The issue of $17.200 5% coupon water
bonds, bids for which were opened
DEPORT, Lamar County, Tex.
on Feb.23(V. 116, p. 1211) was awarded to
-BONDS REGISTERED.
-On March
W.L. Slayton & Co. of Toledo. 14 the State Comptroller of Texas
registered $10,000 5% 20 -year
-40
CHIPPEWA COUNTY (P. 0. Sault Sainte Marie),
school bonds.
Mich.
-BOND
SALE.
-The $100.000 5% -coupon memorial bonds, which
DESCHUTES COUNTY MUNICIPAL IMPROVEMENT
were offered
for sale on March 14 (V. 116. _ps ,538). were
DISTRICT
.
awarded to the Wells
-Dickey (P. 0. Tumalo) Ore.
?
Co. of Minneapolis, for $101,300,
-BOND OFFERING.
-Sealed bids will be received
Dated April 10 1923. Due in 1 toequal to 101.30, a basis of about 4.80%. until 12 m. April 14 by C. P. Becker, Secretary Board of Directors, for
15 years from date. The following bids $100,000 6% improvem
were also received:
ent bonds. Denom. $1,000 and $500. Date
Jan. 11923. Int. J. & J.
Name
Premium.
Detroit Trust Co.. Detroit
DES MOINES, Polk County, lowa.-BOND
$513 00
SALE.
-The $252,000
W. L. Slayton & Co., Toledo
% park
1.04000 to Keane, bonds offered on March 15-V. 116, p. 1092-were awarded
Iligbie & Co. of New York at a premium of
CLACKAMAS COUNTY (P. 0. Oregon City), Ore.
- 103.89. a basis of about 4.29%. Date March 1 1923. $9,820, equal to
A special wire from our Western representative advises -BOND SALE.
Due on Nov. 1
us that the $246.070 as follows: 51.000. 1926
5% road bonds offered on March 19-V.
to 1930 incl.: 82.000. 1931 to 1935 incl..• $3,000,
116, p.
-were awarded to 1936 to 1943 incl.:
Stacy & Braun of Toledo at a premium of $5,659, 966
54.000. 1944 and 1945: $6,000, 1946
of about 4 79%. Date March 1 1923 Denomequal to 102 30, a basis 87.000. 1951 to 1955 incl.: 510,000, 1956 to 1960 incl., and to 1950 incl.:
March 1 as follows: to 1966 incl.
$15,000, 1981
$46,070, 1937, and $50,000. 1938 to 1941, incl.
DILLSBORO, Jackson County No. Caro.
CLOVIS, Fresno County, Calif.
-BOND OFFERING.-BOND OFFERING-Sealed pro- S. W. Enloe, Town
posals will be received until 8 p. m. April 3
Clerk will receive sealed bids
for $42,405 7% coupon improvement bonds.by I. M. Bridges. City Clerk, for $15,000 6% water bonds. Denom. $500. Dateuntil 8 1p. m. April 2
Denom. $3,000, $1,000 and and semi-ann. int. payable
Sept. 1922. Prin.
$240 50. Date March 6 1923. Int. (J.
at the National City Bank, N Y. City. Due
-J. 2), payable at
urer's office. A certified check for 10% of amount bid, the City Treas- $500 yearly. 1925 to 1954. Preparation and sale of bonds under superpayable to the vision of Bruce Craven of Trinity.
city of Clovis, required.
Legality approved by Hawkins.
Delafield & Longfellow, N. Y. City.
COLFAX COUNTY SCHOOL DISTRI
42
DIXON COUNTY SCHOOL DISTRI
Valley), N. Mex.-BONDS VOTED -At the CT NO.held (P. 0. Kiowa
CT NO.70(P.O.
election
V. 116, p. 966
-An election will be held on April Allen), Neb.-the $20.000 6% 10 -year (opt.) school on March 10- BOND ELECTION.
-30
to vote
were voted by a count of 66 to 46. J. Manly Morgan. building bonds question of issuing $23,800 514% school-building bonds.3 .1. R. on the
Graham.
County Superin- Director.
tendent of Schools.
DOUGLAS COUNTY SCHOOL
CONCORD, Merrimack County, N. H.
DISTRICT NO. 33 (P. 0. Valley),
-TEMPORARY LOAN-The Nab.
-BOND OFFERING.
Old Colony Trust Co., of Boston, has been awarded a temporar
-Bids evil
y loan of Secretary Board of School Trustees, lbe received by Anthony Parsons.
$50.000 on a 4.50% discount basis plus a $2 premium.
until 8 p as. April 2 for $85.000
5% registered school bonds. Denom.
81.000. Prin. and sand-ann. int.
CONCORD TOWNSHIP SCHOOL DISTRICT NO. 7 (P.
(M, & S.)
0. Con- as follows: payable at the County Treasurer's °lice. Due on March 1
cord), Elkhart County, Ind.
-BOND OFFERING.
$2,000. 1924 to 1926 incl.; $3.000.
-Proposals will be
1027 to 1930 incl.; *4.000.
received by William J. Sigerfoos, Township Trustee,
1931 and 1932: $5.000. 1933 to 1939
until 7:30 p. m. A certified
incl., and 55,000,1940 to 1943 incl.
April 2 for the purchase at not less than par of $90,000 5.5i7
coupon school of 146 "for"check for 2% required. These bon•is were voted by a count
bonds. Denom. $1,000. Date June 1 1922. Int. J. &
to 100 "against" at the eleztion heio on Feb.5-V.
D. Due $6,000
116, p.538.
yearly on June 1 from 1923 to 1937. inclusive. Bonds
payable at the date
DUNDY COUNTY
of their maturity at the First National Bank of Elkhart.
Neb.-BOND SALE. SCHOOL DISTRICT NO. 16(P.O. Benkelman),
-Our western representative advises us by wire
CONDE, Spink County, So. Dak.-BOND OFFERI
NG-Coo. S. that the $60,000
% 10-30 year (opt.) school bonds, offered on March
Percy. City Auditor, will receive sealed bids until April 13 for $35,000 6% 21-V. 116,
1212
-were awarded to the United States Trust Co of
water-works bonds. Date April 1 1923. Due 1 to 20 years.
Omaha at 101 55.
p.
CORPUS CHRISTI, Nueces County., Tex.
-BONDS OFFERED.
DUNKIR
-BOND OFFERING.
Bids were received until 5 p. m. yesterday (March 23) by John T. Bartlett, Proposals K, Chautauqua county, N. Y.
City Secretary, for $350,000 5% gas plant construction bond:- These Treasurer,will be received until 8 p. m. April 3 by S. T. Colman, City
for $38.000 434%
motorizat
bonds were voted on March 5-V. 116. p. 1211.
Denom. $1.000. Date April coupon fire department semi-ann ion bonds.
1 1923. Principal and
ual interest
(A. & 0.) payable at any bank in Dunkirk. Due yearly on
CORVALLIS CITY SCHOOL DISTRICT (P. 0. Corvallis),
April 1 as folBanton
-BONDS VOTED.
County, Ore.
-By a vote of 444 to 87 the voters lows: $3,000. 1924 to 1933. Inclusive, and 54,000. 1934 and 1935. Certified
check
authorized the issuance of $70.000 school building site purchase and erection The for 5% of amount of bid, payable to the City of Dunkirk. required.
official circular states that the city has
defaulted in the payment
bonds.
of any of the municipality's obligations; andnever there
that
are no controversies




1328

THE CHRONICLE

(VOL. 116.

or litigation pending or threatened concerning the validity of this issue, the 1923. Int. A. & 0. 2. Due $3,000 yearly on April 2 from 1924 to 1933.
corporate existence or boundaries of the municipality, or the title of the Inclusive. A certified check for 5% of the amount of bonds, payable to
V. J. Niday, County Treasurer, is required.
present officers to their respective offices.
Financial Statement March 1 1923.
GANADO INDEPENDENT SCHOOL DISTRICT (P. 0. Ganado),
$204,565 70 Jackson County, Texas.
debt, exclusive of this issue
Total bonded
-By a count of 161 "for" to
-BONDS VOTED.
38,000 00 43"against," a proposition to issue $40,000 school-building bonds carried.
This issue
SCHOOL DISTRICT NO. 26-1
$242,565 70
GARDEN PRAIRIE INDEPENDENT
Total
-A
35.000 00 (P. 0. Verdon), Brown County, So. Dak.-BOND ELECTION.
Municipal water bonds (not included in above)
special election will be held to-day (March 24) to vote on issuing $5,000
Street improvement bonds, payable from assessments against
72.808 53 20
-year school bonds. Date March 1 1923. Interest rate not to exceed
abutting properties
$12 01
6%. August Erdmann, President Board of Education.
1922 city tax rate
4 11
1922 water tax rate
-BOND OFFERGARFIELD HEIGHTS, Mahoning County, Ohio.
10 78
1922 town and county tax rate
ING.
-Sealed proposals will be received by Herman Bohning, Village
23 02
1922 school tax rata
Clerk, until 8 p. m. April 10 for the purchase at not less than par and
Assessed Valuations, 1922.
assessment
$10,426,570 00 Interest of the following two issues of 534% coupon specialthe General
Real estate
477.970 00 bonds, issued under the authority of Sec. 3812 and 3914 of
Special franchises
Code:
79,900 00
Personal
$1,046 80 East 126th St. water main construction bonds. Denom. $100
and $46 80. Date April 1 1923. Due on Oct. 1 as follows:
$10,984,440 00
Total
346 80, 1924: $100. 1925 to 1932 incl., and $200, 1993.
Exempt,$1.485,535 00. Incorporated 1880.
7,410 00 Rexwood Ave. sewer construction bonds. Denom. $740 and
EAGLE COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Minturn),
750. Date Oct. 1 1922. Due on Oct. 1 as follows: $750.
-BOND SALE.
-Subject to being voted at an •
-BOND ELECTION
Colo.
1923: $740. 1924 to 1932 incl.
A certified check for I% of the amount of bonds bid for, payable to the
election to be held soon. $10.000 school building bonds have been awarded
Village Treasurer, is required with each issue. Bonds to be delivered
to Benwell-Phillips Sr Co. of Denver.
-BOND SALE.- and paid for within 10 days from time of award.
EAST CLEVELAND, Cuyahoga County, Ohio.
-The
GARRARD COUNTY (P. 0. Lancaster), Ky.-BOND SALE.
The issue of $52,000 5% water works bonds offered for sale on March 17
-was awarded to the Guardian Savings & Trust Co. of $70,000 county bonds offered on March 21 (V. 116, p. 1212) were awarded
V. 116, p. 1092
on a bid of $52.837 20 (101.61) and interest, a basis of about to the Security Trust Co. of Lexington, as 5s at a premium of $2,336. equal
Cleveland
%
4.75. Date April 1 1923. Due $4,000 yearly on Oct. 1 from 1924 to 103.33.
to 1936 inclusive.
-On March 12
-BOND SALE.
GENEVA, Ontario County, N. Y.
EAST CLEVELAND CITY SCHOOL DISTRICT (P. 0. East Cleve- $15,000 43,4% refunding bonds were awarded to Sherwood & Merrifield of
-BOND OFFERING.
-Sealed bids N. Y., at 100.483, a basis of about 4.19%. Denom. $1,000. Date April
land), Cuyahoga County, Ohio.
will be received by Chas. Anunerman, Clerk Board of Education, until 1 1923. Due April 11933.
7:30 p. m. April 2 for the purchase at not less than par and interest of
-LOAN OF $500,000 MADE TO STATE BY
GEORGIA (State
875,000 5% coupon serial -bonds. Auth., Sec. 7627-28 of the General ATLANTA BANK. of). Atlanta "Constitution" of March 8 had the
-The
Code. Denom. $1,000. Date April 1 1923. Int. A. & 0. Prin. and
following to say regarding a loan of $500,000 obtained by the State of
int. payable at the Guardian Savings & Trust Co. of Cleveland. Due
the Citizens & Southern Bank of Atlanta:
• $5.000 yearly on Oct. 1 from 1924 to 1930 incl. A certified check for 2% Georgia from the striking banking development and growth in the State
"Illustrating
of the amount of bonds bid for, drawn on a solvent bank or trust company,
the convenience with which large State transactions can be handled
and
payable to the Board of Education, is required.
under the present banking facilities, Governor Hardwick yesterday drew
-BOND OFFER- an executive order directing Treasurer W. J. Speer to make a temporary
EAST PROVIDENCE, Providence County, R. I.
until8 p. m.April3for the purchase of$105.000 loan of half a million dollars. to be used in meeting 'claims made upon the
ING.
-Bids will be received
434% serial highway bonds. Date May 1 1923. Int. semi-ann. Due school department by the various counties and towns' and the 'urgent
and pressing obligations due by the State,'
610,500 yearly on May 1 from 1924 to 1933. inclusive.
"In approximately 30 minutes Treasurer W. J. Spear conducted a
ELECTRA INDEPENDENT SCHOOL DISTRICT (P. 0. Electra), conference with W. W.
Banks,executive manager of the Citizens & Southern
-An election will be held.
-BOND ELECTION.
Wichita County, Tex.
which the half million dollars was placed to the credit of the
Bank
on April 9 to vote on the question of issuing $196,000 school bonds. These State here, in
of Georgia, and the disbursement of the funds to meet the claims
but
bona were scheduled to be voted upon on Mar. 10 (V, 116,p. 1212)
made upon the State Treasury was begun as soon as Mr. Spear returned
the election was postponed.
to his office.
-BOND SALE.
-The $117."The rate of interest on which the loan was made to the State is 434%,
ELLINWOOD, Barton County, Kan.
456 81 5% paving bonds registered by the State Auditor of Kansas on which in itself is significant in that it is the identical percentage at which
-were purchased by the Fidelity National Bank loans are made by the Federal Reserve Bank.
Feb. 10-V. 116. p. 1092
The striking feature of the transaction lies in the fact that a couple of
& Trust Co. of Kansas City, at par.
was made to the State, negotiations were
years ago,
-BONDS VOTED -Our western in progress when a similar loan
EL PASO, El Paso County, Texas.
several days and wero concluded only by the participation of
correspondent advises us by wire that at an election held on March 19 three Atlanta banks in the transaction, which, at that time, was a consider$50.000 fire station bonds were voted. At the same time an issue of able financial deal to be handled locally from resources of the home banks.
Notice
6230.000 flood protection and $360.000 park bonds was defeated
"For years the State has been negotiating what are termed 'temporary
of this election was given in V. 116, p. 743.
loans,' which the law provided should not be in excess of half a million
-BOND SALE -The dollars, but the common practice through all those years was to negotiate
ELWOOD DRAINAGE DISTRICT, Utah.
Palmer Bond & Mortgage Co of Salt Lake City has been awarded an issue those loans with the aid of Eastern financial institutions. This transaction,
however, brings forcibly to attention of business and commercial enterprises
of $67,500 6% 1-20-year serial drainage bonds.
of the state, the growth and stability reached by banking in Georgia in
-BOND ELECTION.- a way not heretofore presented, which is conspicuously true In respect to
EMMET COUNTY (P. 0. Estherville), Iowa.
A special election will be held on April 19 to vote on the question of Issuing the Citizens & Southern. It is reca.led that this institution discounted the
$20,000 county home construction bonds. J. J. Klopp, County Auditor.
rental notes on the Western & Atlantic RR. for the State last year. which
-The $100,000 amounted to $2,700,000, in addition to discounting the State's 'advance
EMPORIA, Greensville County, Va.-BOND SALE.
impt. bonds offered on Mar. 15 (V. 116, p. 967) were awarded to school warrants,' amounting to $3,000.000."
public
-W. L. Slayton
Seasongood & Mayer of Cincinnati. Date Mar. 1 1923. Due Mar. 11958.
-BOND SALE.
GLADSTONE, Delta County, Mich.
-On & Co. of Toledo have purchased $55.000 5% refunding bonds at par and
ESCONDIDO, San Diego County, Calif.
-BONDS VOTED.
were
March 9 an issue of $15,000 water bonds was voted by a count of 505"for" Interest, plus a premium of $638, equal to 101.16. These bonds
mentioned in V. 116, p. 319.
to 90 "against."
-BOND OFERING.Hartford County, Conn.
GLASTONBURY,
-NOTE OFFERING.ESSEX COUNTY (P. 0. Lawrence), Mass.
3 p. m.
Proposals will be received until 12 m March 27 by Walter P.Bobb, County R. 0. Rider, Town Treasurer, will receive sealed proposals until
Trust Co. for the purchase of $175,000
Glastonbury
Treasurer, for the purchase on a discount basis of $1,600,000 tuberculosis April 4 at the school bonds.Bank &Jan, 11923. Int.). & J. Due $5,000
Date
hospital renewal loan and $60,000 tuberculosis hospital loan notes, issued 434% coupon
in the denomination of $10,000 each, dated April 2 1923 and yearly on Jan. 1 from 1924 to 1958. inclusive
-Sherwood & Merpayable Dec. 1 1923. Official announcement states that the notes
-BOND SALE.
GLEN,Montgomery County, N.Y.
are authorized by Section 82 of Chapter 111 of the General Laws rifield of New 'York, were awarded on March 19 the $22,000 434% bridge
and Acts in amendment thereof and in addition thereto, and by vote of bonds, offered on that date (V. 116, P. 1092) at 100.44 and int., a basis of
the County Commissioners; that they are exempt from taxation in Massa- of about 4.456%. Date Feb. 11923. Due $1.000 yearly on Feb. 1 from
chusetts; that they are prepared under the supervision of and certified as to 1925 to 1946, incl. Other bidders were:
Bid.
Name.
Bid.
their geniuneneas by the Commonwealth Trust Co. of Boston, and that the
Name.
100.16
100.31 Parson Son & Co
said trust company will further certify that the legality of these issues has Union National Corp
*100.698
100.10 *O'Brian,Potter &Co
been approved by Ropes. Gray, Boyden & Perkins, a copy of whose opinion Clinton H. Brown & Co
will be furnished the purchaser. Purchaser will have the notes delivered Geo. B. Gibbons & Co., Inc.,, 100.32
to him at the Commonwealth Trust Co., Boston.
* Received too late for consideration.
NOTE OFFERING.
-Essex County will receive proposals, according to
-TEMPORARY LOAN -The
GLOUCESTER, Essex County, Mass.
a discount
newspaper reporte, until 11 a. m. March 30 for the purchase on
Guaranty Co of New York has purchased $150,000 revenue notes on a
basis of $100,000 highway renewal notes. dated April 2 and payable 4 15% discount basis
July 1 1923.
GOODING COUNTY INDEPENDENT SCHOOL DISTRICT NO. 10
-The
-CORRECTION.
ESSEX COUNTY (P. 0. Salem), Mass.
-BOND OFFERING -Sealed bids will be received
(P. D. Gooding), Ida.
amount of the temporary loan awarded on March 15 1923 to the Sagamore until 8 p. in. Mar. 31 by the Clerk, Board of Trustees, for $60,000 534%
Trust Co. of Lynn on a 4.02% discount basis, was $20,000, not $200,000, school bonds. Due 11 to 20 years. A cert. check for $3,000. required.
dated
as incorrectly stated in last week's Issue, page 1212. The loan is
GRANADA DRAINAGE DISTRICT (P. 0. Lamar), Prowers
March 15 1923 and matures Aug. 15 1923.
-Sealed proposals will be received
-BOND OFFERING.
County, Colo.
FAIRBURY SCHOOL DISTRICT (P. 0. Fairbury), Jefferson until 11 a. m. April 9 for $90.000 bonds by E. H. Gereche, Secretary
Omaha. has
County, Nebr.-BOND SALE.
-The Peters Trust Co. of
Board of Directors. A certified check, payable ico the Granada Drainage
-V.
purchased $150,000 of the $200.000 school bldg. bonds recently voted.
District, for $1,000, required.
116, p. 1092. Interest rate 435%•
GRAND ISLAND SCHOOL DISTRICT (p. 0. Grand Island),
Hancock
FINDLAY CITY SCHOOL DISTRICT (P. 0. Findlay),
-The 6144,000 5% school bonds
Hall County, Neb.-BOND SALE.
-BOND SALE.
County, Ohio.
-The $665,000 4N % school bonds which offered on March 15-V. 116, p. 1093
-were awarded to the First National
were offered for sale on Mar. 16 (V. 116, p. 1092) were awarded to a syndi- Bank of Grand Island at par. Denom. $1,000. Date July 1 1919. Int.
cate composed of A. G. Becker & Co.. A. B. Leach &Co. and Halsey. J. & J. Due July 1 1934, subject to call July 11924.
Stuart & Co., all of Chicago, for a premium of $10,512 50, equal to 101.58.
-Bids
-BOND OFFERING.
GRANT COUNTY (P. 0. Marion), Ind.
a basis of about 4.53%. Date Mar. 1 1923. Due on Sept. 1 as follows:
$33,000 1924 to 1928 incl.; $34.0b0 1929 to 1938 incl.; 832.000 1939 to 1943 will be received by Geo. B. Nottingham, County Treasurer, until 9 a. m.
Mar. 26 for the purchase at not less than par and int. of $20,600 5% Dempincl. The following is a complete list of the bids received:
Premium. sey Seybold et al., Center Twp. free asphalt road bonds. Date Feb. 15
NameA. G. Becker & Co.. A.B.Leach & Co., Inc., and Halsey, Stuart
1923. Denom. $1,030. Int. semi-ann. Duo $1,030 each 6 months
610,512 50 from May 15 1924 to Nov. 15 1933, Inclusive.
& Co., Inc., Chicago
Northern Trust Co., First Trust & Sayings Bank and Ames,
GRAPELAND INDEPENDENT SCHOOL DISTRICT (P. 0. Grape9,233 75
Emerich & 0o., Chicago
-BOND SALE.-Breg, Garrett & Co. of
land), Houston County, Texas.
Estabrook & Co., Curtis & Sanger. Hannahs, Bailin & Lee and
8,379 00 Dallas have purchased $25,000 6% school bonds at a premium of 5500.
Otis & Co.. Cleveland
-V. 116, p. 1093.
equal to 102. These bonds were recently voted.
Stacy & Braun, Toledo; Prudden & Co., Toledo, and Detroit
7,534 45
-BOND SALE The WellsGREAT FALLS, Cascade County, Mont.
Trust Co., Detroit
Loan & Trust Co., Second Ward Securities Co., and
Merchants'
Dickey Co , of Minneapolis, has purchased $3350,000 5% funding bonds at
6,184 50 par plus a premium of $350, equal to 100.10.
Taylor, Ewart & Co., Chicago
Richards, Parish & Lamson, Cleveland; Keane. Higbie & Co..
-On
-BOND SALE.
GREENFIELD, Highland County, Ohio.
4,194 00
Detroit, and Seasongood &Mayer, Cincinnati
March 17 the 615,000 534% sower bonds, offered on that date (V. 116,
Hanchett Bond Co.. Chicago; Provident Savings Bank & Trust
p. 968) were sold to Poor & Co. of Cincinnati, at 104, a basis of about
Cincinnati; Well. Roth & Irving Co., Cincinnati; Sidney
Co.,
3,813 00 4.929'. Date Sept. 1 1923 Due $1,000 yearly on Sept 1 from 1924
Spitzer & Co.. Toledo, and A. F. Bell & Co., Toledo
to 1938, incl. A list of the bids rece ved follows:
Security Trust Co., Detroit; E. H. Rollins & Sons, Chicago. and
815,271 00
2,261 00 Breed, Elliott & Harrison-$15,380 00 Milliken & York Co
Chicago
Wm. R. Compton Co..
15,562 50
Poor & Co15,60000 N. S Hill & Co
Harris, Forbes & Co., National City Co. and Hayden, Miller
15,338 55
15,390 00 Kinsey & McMahon
513 00 W. L Slayton & Co
& Co., Cleveland
15,121 50
Mayer-- - 15,377 00 Title Guar. & Trust Co
(P. 0. Seasengeed &
FOSSTON INDEPENDENT SCHOOL DISTRICT NO. 142 election Prov. Says Bk.& Tr. Co- 15.487 50 Tucker, Robison & Co_ - _ 15,414 00
-BOND ELECTION.
-A special
Ryan. Bowman & Co__-.. 15,343 50
Fosston), Polk County, Minn.
to vote on issuing $10,000 434% refunding bonds.
will be held on April 3
GREGORY INDEPENDENT SCHOOL DISTRICT (P. 0. GregorY),
I. G. Hancock, District Clerk.
Gregory County,So. Dak.-BONDS VOTED -An issue of $70,000 school"
-BOND OFFERING.- building bonds has been voted by a count of 305 to 135.
GALLIA COUNTY (P. 0. Gallipolis), Ohio.
E. E. Scarberry, County Auditor, will receive sealed bids until 1:30 P. rn.
GUNNISON COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Crested
April 2 for the purchase at not less than par and interest of all or any part
-Este & Co..tof Den-BOND SALE.
-BOND ELECTION
of $30,000 534% coupon highway bonds. Denom. $1,000. Date April 2 Butte), Colo.




MAR. 24 1923.]

THE CHRONICLE

1329

vet', have purchased $10,000 school-building bonds, subject to being voted April 16 for 322,000.000
4i1% State Soldiers' Bonus bonds. Denom.
at an election to be,held soon.
$1,000. Date Dec. 1 1922. Due $1,000,000 yearly on Dec. 1 from 1923 to
1942,
GUTHRIE TOWNSHIP, Hubbard County, Minn.
-D.), payable at the State Treas-BONDS VOTED urer's incl. Prin. and semi-ann. int. (J.
office. A cert. check for 2% of amount of bonds bid for, payable to
-BOND SALE.
-By a vote of 42 "for" to 9 "against" the proposition to
issue $5,000 bonds to pay up outstanding warrants carried at the election the above official, required. The State of Iowa, will prepare the bonds and
held on March 13-V. 116. p. 1093. Interest rate 43i%. A. M. Marks, agrees to deliver the same on datekof sale and agrees to furnish the opinion of
Wood & Oakley of Chicago, as to the validity of said bonds. These bonds
Town Clerk, says: "Negotiated sale of bonds with State of Minnesota."
were offered on Jan. 9 (V.
HADDONFIELD SCHOOL DISTRICT (P. 0. Haddonfield), Cam- the issue was questioned. 116, p. 204) but were not sold as the validity of
The bonds were declared valid by the Iowa
den County, N. J.
-BOND SALE.
-On March 15 an issue of $113,500 State Supreme Court
436% school bonds was awarded to the Haddonfield Safe Deposit & Trust actual value and the on Mar. 13. (See V. 116,p. 1209). The assessed
taxable value of the real and personal property in the
Co. at 100.221, a basis of about 4.48%. Denom. 31,000 and $500. Date State of Iowa, is as follows:
March 15 1923. Due yearly on March 15 as follows: $4,000. 1924 to The assessed actual value
of real and personal property of the
1950, incl., and 55.500, 1951.
State of Iowa,subject to taxation as equalized for the year
1922
HADDON HEIGHTS, Camden County, N. J.
$4,353,858,120
-BOND OFFERING.
- • Taxable value or
POSTPONED.
;,1 of the actual value of the real and per-The sale of the issue of $14,04)0 5% White Horse Pike Impt.
sonal property of the State of Iowa, as equalized for the
bonds, which was to have taken place on March 21 (V. 116, p. 1213) was
purposes of taxation for the year 1922. except public utillPostponed.
ties and moneys and credits
997,850,084
HAGERSTOWN, Washington County, Md.-BOND OFFERING.
- Taxable value or ;,1 of the actual value of Public Utilities not
Until 12 m. April 3 Daniel E. Downin, Tax Collector, will receive sealed
included in the foregoing
90,614,446
bids for the purchase of $450,000 43.5% coupon (with privilege of registra- Actual value of moneys
and credits not included in the foretion as to principal) sewerage-system and disposal-plant bonds Denom.
going
645,695.400
31,000. Date April 1 1923. Int. J. & J., payable at the office of the Tax Bonded debt of the State
of Iowa,including this issue
22.000.000
Collector. Due yearly on April 1 as follows: $20,000, 1964 to 1985, inclusPopulation, 1920, U. S. Census, 2,403,630.
ive, and $10,000, 1986. Certified check for 2% of the whole amount of
JAMESTOWN, Chautauqua County, N. Y.
each bid, payable to Daniel E. Downin, Tax Collector, required. It is
-On
-BOND SALE.
stated that these bonds are exempt from all State, county and municipal Mar. 2 Sherwood & Merrifield, Inc., of New York were awarded 350,000
4 i% refunding sewer bonds at 100.091 and interest,a basis of about 4.23%
taxation. Purchaser to pay accrued interest.
Denom. 31,000. Date Mar. 1 1923. Int. M.& S. Due $5,000 yearly on
HAMILTON, Butler County, Ohio.
-BOND SALE -The
Mar. 1 from 1924 to 1933 incl.
5% funding bonds, which were offered for sale on March 20-V 396.511 70
116, p 744
JASPER COUNTY (P. 0. Jasper), Texas.
-wet e awarded to Seasongood & Mayer of Cincinnati, at 101 03, a basis
-W. L.
-BOND SALE.
Slayton & Co. of Toledo have purchased the two issues of bonds offered
of about 4 80%. Date Dec. 1 1922. Due $9,651 17 yearly on Dec.
1 on March 13-V. 116,
from 1924 to 1933, inclusive.
p. 1093
-as follows:
3150,000 5 Si% road bonds issued for Road District No. 1 at 97, a basis
HAMILTON COUNTY COMMON SCHOOL DISTRICT NO. 15,
of about 5.71%
. Date Feb. 10 1923. Due Feb. 10 1953
Tex.
-BONDS REGISTERED
.-The State Comptroller of Texas registered
Int. F. & A.
310,000 6% 40
-year school bonds on March 13.
125,000 5% road bonds issued for Road District No. 4 at 96. a basis
of about 5.25%. Date Oct. 10 1923. Due Oct. 10 1952.
HAMMOND,St. Croix County, Wisc.-BOND ELECTION.
-A
Int. A.& O.
election will be held on April 3 to vote on the question of issuing special
$9,500
village-hall erection bonds. F. E. Hartwig, Village Clerk.
JAY COUNTY (P. 0. Portland), Ind.
-BOND OFFERING.
-Pro
posals will
HARRIS COUNTY (P. 0. Houston), Texas.
-BOND SALE.
-The a. m. Mar.be received by 0. Leroy Morrow, County Treasurer, until 10
26 for
three issues of 6% drainage bonds offered on March 19-V. 116, p. 1093
- C. May et al., inthe purchase at not less than par of $12,000 43-% Geo.
were disposed of at_par asfollows:
Green Twp., road impt. bonds. Date Mar. 15 1923.
375.000 Drainage District No. 1 bonds, awarded to Kauffman-Smith-Emert Denom. $600. Int. M.& N. 15. Due 5600 each 6 months from May 15
& Oe., Inc,. of St. Louis. Date March 1 1923. Due 3,000 yearly. 1924 to Nov. 15 1933, inclusive.
16.000 protease District No. 10 bonds, awarded to the State National
JEFFERSON DAVIS PARISH SCHOOL DISTRICT NO. 1
(P. 0
Bank of Houston. Die $2.000 1949 to 1956, incl.
Jennings), La.
-BOND OFFERING.
-W.P. Arnette. Secretary-Treasurer
28,000 Drainage District No. 2 bonds awarded to the City of Houston. of the Parish School
Board, will receive sealed proposals until 10:30 a. m.
Date Feb. 1 1923. buo $1,000 1925 to 1972, incl.
April 5 for $78.000 school building bonds. Denom. $1,000. Date April
1 1923. Interest
HARTFORD, Minnehaha County, So. Dak.-BONDS VOTED.
-An 32.000. 1924 to rate not to exceed 6%. Due on April 1 as follows:
issue of $10,000 water bonds was voted at an election held on March 7.
1927 incl.• 33,000. 1928 to 1931 incl.; $4,000. 1932 to
BONDS DEFEATED.
-A proposition to issue $21,000 sewer bonds failed 1936 incl.; $5,000, 1937 to 1940 incl., and 56,000. 1941 to 1943 incl. Prin.
and semi-ann. int, payable at the Mechanics & Metals National Bank.
to carry at a recent election by a count of 74 "for" to 100 "against."
N. Y. City. A deposit of 31,500 required. The official circular offering
HAYS, Ellis County, Kans.-BOND SALE.
-The $14.000 5% coupon these bonds states
sewer bonds offered on Feb. 1 (V. 116, p. 203) were awarded to the Guaran- threatened affectingthat there is no controversy or litigation pending or
the
tee Title & Trust Co. of Wichita, at par. Date Feb. 1 1923. Due on or the title of its present corporate existence or boundaries of said district
officials to their respective offices, or the validity
Feb. 1 from 1924 to 1933, inclusive.
of these bonds, and the district has never defaulted in the payment of
principal or interest. Notice of this offering was given in V. 116,
HEMINGFORD,Box Butte County,Neb.-BOND ELECTION
p. 744;
-DATE.
--The date on which the voters will decide whether or not they are favorable it is given again as additional data have come to hand.
to the issuance of $5,000 6% 10 -year (opt.) water bonds is April 3.
Statement of District.
-20
Total assessed valuation for taxes for 1922
These bonds have been sold, subject to being voted on said election
$919.200
to Benwell, Phillips & Co. of Denver. Notice of this election anddate. Real valuation (estimated)
1,600.000
sale Total bonded debt (including
was given in V 116, p. 1093.
this issue)
78.000
Population, 819.
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
-BOND SALE.
JOHNSON COUNTY (P. 0. Cleburne), Texas.
The $500,000 4 % tuberculosis hospital impt. bonds offered on March
-BOND ELECTION-V. 116, p. 1093
-were purchased by Stacy & Braun of New York 19 -on April 14 an election will be held to vote on issuing $40.000 Karma
101. 57. Date April 1 1923. Due on April 1 from 1927 to 1941, incl. at Road District bonds.
KALAMAZOO, Kalamazoo County, Mich.
HERINGTON, Dickenson County, Kan.
-BOND SALE.
-The two
-BONDS VOTED.
-At the issues of 44% special
election held en March 12-V. 116, p. 968
assessment bonds aggregating 3195,000, which were
-the proposition to issue
McKinley school building bonds carried by a large majority. 319.000 offered for sale on Mar. 19 (V. 116, p. 1213), were awarded to Keanft,
F. M. Hiebie & Co. of Detroit
Thompson, Clerk of Board of Education.
as 4I4s at par. The bonds are described
$170,000 street impt. bonds. Due 317.000 yearly for 10 years. as follows
HIDALGO COUNTY COMMON SCHOOL DISTRICT NO.
25,000 sanitary sewer bonds. Due 35.000 yearly
for 5 years-BONDS REGISTERED -On Mar 14 the State Comptroller5, Texas.
Date Apr. 15 1923.
of Texas
registered $5,000 5% 10 -year bonds.
-40
KEENE, Cheshire County, N. H.
-TEMPORARY LOAN.
-A temHIGHLAND PARK, Dallas County, Texas.
porary loan of $100.000,
-BOND SALE.
$25,000 park purchase and construction; $100,000 road, street and -The Old Colony Trust Co. of maturing Dec. 8 1923, has been awarded to the
bridge
Boston on a 4.40% discount basis.
bonds, and $125,000 water works bonds, registered by the State Comptroller of Texas on Feb. 21-V. 116, p. 968
KEESVILLE, Essex County, N. Y.
-were awarded on
-BOND OFFERING.
-The Village
Edwin Hobby & Co. of Dallas at 102.50. Denom. $1,000. Jan. 20 to Clerk will receive sealed bids until 7:30 p. m. Mar.
Date Feb.
29 for 3100.000 water
bonds, it is stated.
1 1923. Int. F. & A. Due serially.
HIGHLANDS COUNTY (P.O.Sebring), Fla.
-BOND OFFERING.
KINDERHOOK, Columbia County, N. Y.
-BOND OFFERING.
William King, Chairman of Board of County Commissioners, will receive Sealed proposals will be
sealed bids until 11 a. in. March 27 for 3525,000 6% road bonds. Due on 10 a. in. April 2 for the received by Harry S. New, Town Supervisor. until
purchase
registered
June 1 as follows: $5,000, 1924 to 1933, incl.; $25,000, 1935. 1937, and bonds. Denom. $1.000. Date of all or any part of 315.0005% semi-ann.
Sept. 1 1922. Principal
1939 to 1951, and 350.000, 1952 and 1953.
interest (M. & S.) payable at the National Union Bank of and
Kinderhook in
N. Y exchange. Due $1,000 yearly on March
HORNELL,Steuben County, N. Y.
1 from 1924 to 1938, incl.
-BOND
-O'Brian. Potter A certified check
& Co. of Buffalo, have been awarded $65,475.69 SALE.
for 2% of the amount of bonds bid for, drawn on an
% coupon street impt.
bonds at 100.253. a basis or.ahout 4.45%. Date Feb. 1 1923. Prin. and incorporated bank or trust company and payable to the above official,
sezni-ann. int. payable in New,York exchange in New York City. Duo is required. Bonded debt, $27,000.
yearly on Feb. 1 as follows: $4.475 69. 1924, 34,000, 1925 to 1927, incl.;
KOKOMO SCHOOL CITY (P. 0. Kokomo), Howard County,
35,000, 1928; $11.000, 1929 to 1932,inclusive.
Ind.
-BOND SALE.
-The $125.000 school bonds which were offered
HUNTERSVILLE,Mecklenburg County, No. Caro.
-BOND SALE.
- for sale on March 15-V. 116, p. 969
-were awarded to the FletcherThe $12,000 6% coupon sidewalk gold bonds offered on Mar. 21 (V. 116. p. American Bank of Indianapolis
for 3125.666
1093) were awarded to Durfee, Niles & Co.of Toledo, at a premium of $226, a basis of about 4.66% to maturity. Due 75. equal to 100.53 for 45(s.
$12,500 yearly from 1926 to
equal to 101.88. a basis of about 5.78%. Date Jan. 11923. Due yearly on 1935 incl.: optional after 8 years. The following
bids were also received:
Jan. 1 as follows: $500. 1924 to 1937. incl., and 31,000, 1938 to 1942, incl. J. F. Wild & Co.. Indianapolis
$2,525 for 5
Fletcher Savings & Trust Co., Indianapolis
HUNTINGTON PARK CITY SCHOOL DISTRICT, Los Angeles Bonbright
2,528 for 5
& Co., Chicago
County, Calif.
-BONDS VOTED.
3.465 for 5
-On March 2 an issue of 390.000 5%
school-building bonds was voted at an election held on that date, by a vote
KRESS INDEPENDENT SCHOOL DISTRICT, Texas.
-BONDS
of 514 "for" to 27 "against."
REGISTERED.
-The State Comptroller of Texas registered $30,000 6%
serial bonds on Mar. 12.
IDAHO (State of).
-NOTES OFFERED.
-D.F. Banks, State Treasurer
(P. 0. Boise) offered for sale on Mar. 22 at 10 a. In. (Mountain Time)
LAKE CITY, Wabash County, Minn.
-BOND SALE.
-The $35,000
the following:
sower and $57,000 water bonds offered
$750,000 treasury notcs. Date April 1 1923. Int. rate not to exceed were awarded to the Minnesota Loan on March 16-V. 116, p. 1094
& Trust Co. of St. Paul as 58, at a
6%. Denom. to suit purchaser.
premium of 31,487, equal to 101.60. Date April 1
1923.
IDAHO (State of).
-BOND SALE -A special telegraphic dispatch
LAKE TOWNSHIP SCHOOL DISTRICT
NO. 1, Macomb County,
from our western representative advises us that an issue of $776,000 coupon Mich.
-BOND SALE.
-An issue
refunding bonds was awarded on March 22 to a syndicate composed of snrially from 1926 to 1953 incl., of $125,000 43 % sohool bonds, maturing
was awarded to the Detroit Trust Co. of
Stacy & Braun, Kisol. Kinnicutt & Co., Anglo-London-Paris Co • and Detroit recently.
Ralph Schneeloch Co.. at 101 44 for 43is, a basis of about 432% if
LAWRENCE COUNTY (P. 0. Bedford), Ind.
at optional date, and 4 39% if allowed to run to full maturity. called
-BOND SALE.
Date The two issues of 4%% county
April 1 1923. Duo April 1 1943; optional April 1 1933.
were offered for sale on March road bonds, aggregating $13,000, which
-were awarded to
INDEPENDENCE, Cuyahoga County, Ohio.
H. D. Martin at par and interest.15-V. 116, p. 969
-BOND SALE.
The bonds are described as follows:
$8,977 26 535% coupon Chestnut road kept. bonds, which were -The $3,500 FayettevilIe and
,
Springville Road
for sale on Mar. 13 (V. 116. p. 968) were awarded to the Guardian offered
Due $175 each six months from May bonds in Marshall Township.
Saving
Nov. 15
& Trust Co.of Cleveland, at par plus a premium of$107 72,equal to 101.19,
9,500 Guthrie and Bartlettsville Road 15 1924 toMarshall1933 incl.
Township.
a basis of about 5.20%. Date Jan. 1 1923. Duo on Oct. 1 as follows:
Due $475 each six months from Maybonds in
15 1924 to Nov. 15 1933 incl.
3977 26. 1924. and $1,000, 1925 to 1932. inclusive. The following
bids
LEESBURG SPECIAL ROAD AND BRIDGE DISTRICT,Lake Counwere also received:
ty, Fla.
-BOND
Name.
Premium. Name.
Premium, April 9 by T. C.OFFERING.-Sealed bids will be received until 10 a.m.
W.L.Slaton & Co., Toledo-329 62 Tucker, Robison
Smyth, Clerk. Board of County Commissioners, (P.O.
Ryan,Bowman & Co., Toledo. 35 91 N. S. Hill & Co.,Co., Toledo470 72 Tavares) for $750.000 6% road and bridge bonds. Denom.$1.000. Date
Cincinnati__
Millildn & York Co-Cleveland 16 00 Durfeo, Niles & Co., Toledo- 93 00 Jan. 1 1923. Prin. and semi-ann. int.
DaYable in gold at the
&
- 62 50 National City Bank, N.
Otis & Co., Cleveland
Y. City. Due
36,00
A cert. check on
an incorporated bank or trust company, Jan. 1 1052. Chairman,
payable to the
Board
INDIANA (State of).
-BOND SALE.
-The $1,000,000 4%% tax-free of County Commissioner
State fair ground bonds, which were offered for sale on Mar. 20 (V. 116, p. approved by Caldwell &s, for 2%, of amount bid for, required. Legality
Raymond, N. Y. City, whose approving opinion
1213). have been purchased by the Northern Trust Co. of Chicago and the will be furnished the successful
bidder free of charge. The bonds will be
Fletcher American Bank of Indianapolis at 97.00. subject to the approval delivered in Tavares or
N. Y. City,
as soon thereafter as bonds may be at purchaser's option on April 20, or
of the entire State Board of Agriculture. Due in 18 annual installments.
prepared.
INKSTER, Grand Forks County, No. Dak.-BOND ELECTION.
LEHIGH COUNTY (P. 0. Allentown), Pa.
-BOND SALE.
On April 2 an election will be held to vote on the question of issuing $8,000 5300.000 4;1% Coupon improvement bonds which were offered -The
for sale
on March 19 (V. 116, p. 1094) were awarded to Walter
-year bonds. Denom. $1,000. C. H. Crittenden, City Auditor.
6% 15
Stokes & Co., of
Philadelphia,
-BOND OFFERING.
IOWA (State of).
-Sealed bids will be received Date April 2 for $308,064 63. equal to 102.68-a basis of about 4.00%.
1923. Due on April 2 as follows: 353,000, 1928; 566,000,
by W. J. Burbank, State Treasurer, (P. 0. Des Moines) until 11 a. In. 1933; 381.000.
1938; 3100,000, 1943.




1330

THE CHRONICLE

LEONIA SCHOOL DISTRICT (P. 0. Leonia), Bergen Counts',
-The $200,000 •D‘% school -bonds offered
-BONDS NOT SOLD.
N. J.
-were not sold. Date April 1 1923. Due
on March 13-V. 116. D. 969
yearly on April 1 as follows: $4.000, 1925 to 1938 incl.; $5,000, 1939 to
incl., and $6,000, 1945 to 1963 incl.
1944
-On Jan. 2 the
-BOND SALE.
LEWISTOWN, Mifflin County, Pa.
Russell National Bank of Lewistown was awarded 135,000 43. % street
7
Improvement bonds for $35,190. equal to 100.54, a basis of about 4.43°
to optional date and a basis of about 4.468% if allowed to run full term
of years. Denom. $500. Date Jan. 1 1923. Int. J. & J. Due Jan. 1
1953; optional after 10 years.
-The
-BOND SALE.
LEXINGTON, Davidson County, No. Caro.
following 2 issues of coupon (with privilege of registration as to prin. only)
bonds offered on Mar. 20 (V. 116. p. 1094) were awarded to Well, Roth &
Irving of Cincinnati, as 5s at a premium of $225, equal to 100.10, a basis of
about 4,99%:
$150,000 water and sewer bonds. Due on Jan. 1 as follows: $3,000, 1925
to 1949. incl., and $5,000. 1950 to 1964, inclusive.
75,000 sidewalk bonds. Due on Jan. 1 as follows: $3,000, 1924 to 1938,
incl., and $5.000. 1939 to 1944, inclusive.
Date Jan. 1. 1923.
-Sealed
LINCOLN, Lancaster County, Neb.-BOND OFFERING.
bids will be received until 2 p. m. April 12 by Theo. H. Berg, City Clerk,
for the following bonds:
3192,790 issued for paying for improvements in several paving Districts.
Denom. to suit purchaser. Int. rate not to exceed 5%. Due
1-10th yearly on April 1 beginning 1924. Cert. check for $5,000,
required.
46.110 issued for paying cost of improvements in several water Districts.
Denom. to suit purchaser. Int. rate not to exceed 536%. Due
1-5th yearly on April 1 beginning 1924. Cert. check for 31.000.
required.
Date April 11923. Prin. and int. nayable at the City Treasurer's office
or at the County Treasurer's office of Lancaster County, who is the fiscal
agent for the City of Lincoln. The official circular states that the principal and interest on all bonds previously issued has been paid promptly.
It also states that there is no controversy or litigation pending or threatening, affecting the corporate existence or boundaries of the municipality,
or the title of its present officials to their respective offices or the validity
of these bonds.
LINCOLN COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Hugo).
-At an election held on March 12 $448.000 434%
-BONDS VOTED.
Colo.
school building bonds were voted by a count of 167 to 70. These bonds
had been purchased jointly by Crosby, McConnell & Co. and the United
States National Bank, both of Denver, subject to being voted at said
election. Notice of this election and sale was given in V. 116. p. 745.
LINCOLN COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Limon),
-The $30,000 536% school building bonds,
-DESCRIPTION.
Colo.
awarded to Boettcher. Porter & Co. of Denver as stated in V. 116. p. 969,
are described as follows: Denom. $500. Date March 1 1923. Int.
M. & 5) payable at Kountze Bros.. N Y City Due $2,000 yearly on
March 1 from 1939 to 1953 inclusive
-BOND SALE.
LINDLEY(P.O. Corning),Steuben County, N. Y.
-was
-V. 116, p. 1094
On March 17 the issue of $20,000 5% bridge bonds
awarded to the First National Bank of Addison for $20,136 (100.68) and
Interest, a basis of about 4.75%. Denom. $1,000. Date March 1 1923.
Interest annually on March 1. Due $4,000 yearly on March 1 from 1924
to 1928, inclusive.
-BOND OFFERINO.-Unitl 12 m.
LOGAN, Hocking County, Ohio.
March 31 sealed bids will be received by W. I. Kretg, City Auditor, for
$27,000 5% storm sewer bonds. Denom. $500. Date March 1 1923.
Prin. and semi-ann. int. (M. & S.) payable at the City Treasurer's office.
Due $1,500 yearly on March 1 from 1924 to 1941 incl. Certified check
for 5% of the amount of bonds bid for, payable to the City Treasurer,
required.
-BOND OFFERING.
LOS ANGELES, Los Angeles County, Calif.
John S. Myers, City Auditor, will receive sealed bids until April 17 for
$2,000,000 sewage disposal and $2,500,000 fire protection bonds. Interest
rate not to exceed 434%•
-On
-BOND ELECTION.
LOVELAND, Larimer County, Colo.
Apr. 3 an election will be held to vote on issuing $12,000 park bonds.
G. W. Foster, Mayor.
-A
-TEMPORARY LOAN.
LOWELL, Middlesex County, Mass.
temporary loan of $500.000, issued in anticipation of taxes. dated March
12 1923 ancl maturing Nov. 11923, has been awarded to Salomon Bros. &
Hutzler Co. of Boston on a 4.14% discount basis.
McKEES ROCKS SCHOOL DISTRICT (P. 0. McKees Rocks),
-At an election held on
-BONDS VOTED.
Allegheny County, Pa.
Mardi 20 the following bond issues were carried:
$50,000 Hamilton school completion bonds. Vote, 945 to 301.
75,000 bonds to provide funds for the acquirement of a site for a new
building and its construction, or the enlargement of Curtin school.
Vote, 948 to 334.
50.000 refunding bonds. Vote. 914 to 320.
It is stated that about half of the registered voters of the borough turned
out for the election.
-BOND SALE.
-The 2
McMINNVILLE, Yamhill County, Ore.
-were
issues of improvement bonds offered on March 6-V. 116. p. 969
awarded to the Lumbermens Trust Co of Portland as follows:
91 improvement bonds, series 1923, issued under Bancroft Bonding
$12,704
Act at a premium of $635 24. equal to 100.42. Due March
1 1923. subject to call at city's option at one year after date.
6.000 00 general street improvement bonds at a premium of 3384, equal
to 106.40. Due $2,000 yearly on March 1 from 1938 to 1940
inclusive.
Date March 11923.
-The
-BOND SALE.
MADISON COUNTY (P. 0. Anderson), Ind.
$15,0005% free concrete road bonds, which were offered for sale on March
-were awarded to J. F. Wild & Co., Indianapolis.
15-V. 116, p. 969
for $15,273. equal to 101.82, a basis of about 4.66%. Date March 15
1923. Due $750 each six months from May 15 1924 to Nov. 15 1933 incl.
The following bids were received:
Prem.
NamePrem.
Name
3273
$240 J. F. Wild & Co., Ind
Bankers Trust Co., Ind
247
City Trust Co., Ind
-The City
-BOND OFFERING.
MALDEN, Middlesex County, Mass.
Treasurer will receive sealed bids until 8 p. m. March 26 for the following
4 h % bonds:
/MAO paving bonds. Date _Jim° 1 1922. Due $4,000 yearly from
1923 to 1932 inclusive.
35,000 surface drain bonds. Date July 1 1922. Due yearly as follows:
$2,000, 1923 to 1927 incl., and $1,000, 1928 to 1952 incl.
-The International
-BOND SALE.
MANITOU,El Paso County, Colo.
Trust Co. of Dcnver has purchased $60.000 431% refunding water bonds
at 100.27.
-The $73,000
-BOND SALE.
MARION, Marion County, So. Caro.
sidewalk and street improvement, $7,000 sewerage and $20,000 drainage
on March 15--V. 116. p. 851-were awarded to the
59' bonds offered
Farmers & Merchants Bank, Marion. at 100.850, a basis of about 4.96%.
Date March 1 1923. Due $5,000 yearly on March 1 from 1933 to 1952,incl.
-An
-BOND ELECTION.
MARSHALL, Calhoun County, Mich.
election will be held on April 2 to vote on the proposition of issuing $30,000
paving bonds.
-Sealed bids
-NOTE OFFERING.
MEMPHIS, Shelby County, Tenn.
will be received by C. C. Pasby. City Clerk, until 2.30 p. m. April 10 for
of $1.500,000) revenue notes, series
$500.000 (part of an authorized issue 11923. Due
Sept. 11923. The
of 1923. Denom. $10,000. Date Jan.
rate of interest will be 6% and will be evidenced by one coupon for six
in
months' interest, due Sept. 1 1923. Prin. and int, will be payable, of
lawful money of the United States, at the fiscal agency of the city of
City Hall in Memphis, at option
Memphis in New York City, or at the
holder. Certified check on a solvent bank or trust company for 35,000,
payable to the city of Memphis required. The offkial announcement states:
'In the preparation and sale of these notes, the legal steps have been
taken under the direction of Jno. C. Thomson, attorney-at-law. 120 Broadway, N. Y. City. His full and final approving opinion that these notes,




[Vol,. 116.

when sold and delivered pursuant to the terms of aforesaid legislation,
will 'constitute valid and legally binding obligation of said city of Memphis,
Tennessee,' will be furnished by the city of Memphis, together with the
Treasurer's receipt for proceeds of sale, certificates of genuineness of
signatures on notes attested by the Union & Planters Bank & Trust Co..
Memphis. Tenn.. and a full transcript of proceedings by the Board of
Commissioners, in passing ordinance and selling these notes.
"These notes will be delivered in Memphis.in New York,or the equivalent
of New York, at the option of the purchaser. Payment shall be made in
Memphis or New York funds. Delivery will be made promptly after sale."
MARTINS FERRY SCHOOL DISTRICT (P. 0. Martins Ferry),
-The $41,000 5% school bonds
-BOND SALE.
Belmont County, Ohio.
-were awarded
which were offered for sale on March 15-V. 116, p. 745
to the Detroit Trust Co. of Detroit, for $41,977. equal to 102.38, a basis
of about 4.74%. Denom. $1,000. Due yearly on March 1 as follows:
$2,000 1925 to 1943, incl., and $1,000 1944 to 1946, incl. The following
is a complete list of the bids received:
Premium.
Name3935 00 and furnish bonds
Spitzer, Rorick & Co.. Toledo
988 10
W. L. Slayton & Co., Toledo
631 40
Bohmer. Reinhart & Co., Cincinnati
977 00 and furnish bonds
Detroit Trust Co., Detroit
925 00
Seasongood & Mayer. Cincinnati
675 00
A. E. Aub & Co., Cincinnati
287 00
Title Guarantee & Trust Co.. Cincinnati
881 50
Channer & Sawyer, Cincinnati
265 70
Citizens Trust & Savings Bank, Columbus
664 30
N. S. Hill $s Co., Cincinnati
Well. Roth & Irving, Cincinnati
263 00
Par and interest
Commercial Bank, Martins Ferry
MERCHANTVILLE SCHOOL DISTRICT (P. 0. Merchantville),
-BOND OFFERING.
-Sealed proposals will he
Camden County, N. J.
received by R. G. Jest, School District Clerk, until 8 p. m. March 31 for
the purchase of $16.600 431% school bonds. Denoms. $500 and $300.
Interest annually. Due on .Tan. 1 as follows: $500. 1924 to 1946. inclusive:
$300. 1947 to 1963, inclusive. A certified check for 2% of bonds bid for,
payable to the Custodian of School Moneys, is required.
-On Apr. 17
-BOND ELECTION.
MERKEL, Taylor County, Texas.
a proposition to issue $60,000 sanitary sewer bonds will be submitted to a
vote of the people. Interest rate not to exceed 6%. G. W. Johnson,
City Secretary.
MESA COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Palisades),
-The price paid by Boettcher, Porter
-DESCRIPTION.
-PRICE
Colo.
& Co. of Denver, for the $12.000 534% 10-20-year (opt.) funding bonds.
-was par. The bonds are
awarded to them as stated in V. 116, p 1095
-S.)
described as follows: Denom.$1.000. Date March 11923. Int. (M.
payable at the County Treasurer's office 111 Grand Junction or at Kountze
Bros., N. Y. City. Due March 1 1943: optional March 11933.
-The issue of $2,000,000
-BOND SALE.
MICHIGAN (State of).
434% coupon or registered highway bonds offered on Mauch 20-V. 116.
-was awarded to Kissel, ICinnicutt & Co. Redmond & Co..
p 1095
'
Eldredge & Co. and the First National Bank, all of New York, for $2.033,800, equal to 101.69, a basis of about 4.15%. Denom. $1,000. Date
April 15 1923. Prin. and aerni-ann, int. payable at the State Treasurer's
office, or in New York. Due April 15 1943. The bonds are now being
offered to investors at a price to yield 4.05%•
MIDDLEBURY SCHOOL CITY (P. 0. Middlebury), Elkhart
-Dr. B. F. Fetus. President of the
-BOND OFFERING.
County, Ind.
School Board, will receive bids until 4 D. m. March 27 for the purchase
at not less than par of $7,000 436% school gymnasium bonds. Denom.
$500. Due $500 yearly in from 1 to 14 years. Payable at the First State
Bank.
-BONDS AUTHPRIZED BY
-ST. PAUL, Minn.
MINNEAPOLIS
-The Minneapolis "Journal" of March 17 had the followLEGISLATURE.
ing to say regarding the authorization of$1,600.000 bonds by the Legislature:
"With only one dissenting vote. the House of the Minnesota Legislature
to-day passed the bill authorizing Minneapolis and St. Paul to issue 3800.000
each in bonds for the construction of a bridge across the Mississippi River at
the site of the proposed Ford factory at the high dam. The vote was 87
to 1, Representative S. A. Stockwell voting against it because it did not
provide for a referendum. Under the provisions of the bill, a committee
of five, consisting of two Aldermen from each City Council and C. M.
Babcock, State Highway Commissioner, will receive bids for construction
of the bridge. The maximum rate of interest at which bonds could be sold
was fixed at 5% instead of 6%. according to an amendment introduced by
Representative Otto D. Nellermoe, Minneapolis.
'Although Ford has concluded definite arrangements with officials of the
Chicago Milwaukee & St. Paul RR,to serve the high dam property, executives of eight railroads entering the Twin Cities are seeking a conference
with him to submit plans for providing transportation and terminal facilities
at the plant by means of a branch line operated by the Minnesota Transfer
Railway company."
-BOND OFFERING.
MISHAWAKA, St. Joseph County, Ind.
Until 12 m. April 2 the City Comptroller will receive sealed bids for $125.000
43'% coupon water and light bonds. Denom. $1,000. Date April 1
1923. Prin. and semi-ann. int. (J. & J.) payable at the City Treasurer's
office. Due serially in from 1 to 30 years. Legality, it is stated, by the
Public Service Commission of Indiana.
-BOND
MOHAWK (P. 0. Fonda), Montgomery County, N. Y.
-On March 19 Sherwood & Merrifield of New York were awarded
SALE.
bonds, aggregating $49,000, offered on
the following 4 issues of 436%
that date
-at 100.928, a basis of about 3.997%:
-V. 116, p. 1214
$22,000 Series A bonds. Denom. $1,000. Due $1,000 yearly on Feb. 1
from 1925 to 1946 inclusive.
11,000 Series B bonds. Denom. $500. Due $500 yearly on Fob. 1
from 1925 to 1946 inclusive.
10.000 Series C bonds. Denom. $500. Due $500 yearly on Feb. 1
from 1925 to 1944 inclusive.
6,000 Series D bonds. Denom. $500. Due $500 yearly on Feb. 1
from 1925 to 1936 inclusive.
Date Feb. 11923.
-BOND SALE.
MONMOUTH COUNTY (P. 0. Freehold), N. J.
The three issues of 436% coupon bonds offered on March 21-V. 116,
-were awarded to a syndicate composed of Barr Bros. & Co..
p 970
Chase Securities CO. and Curtis & Sanger, of New York, on a bid of
$1.214,469 82 for $1,191,000 bonds, equal to 101.97, a basis of about
4.30%. The bonds awarded, and which are now being offered to investors
at _prices to yield 4.20%. 4.15% and 4.10%. are described as follows:
$909,000 road bonds. 1:Me yearly on March 15 as follows: $40,000, 1925
to 1932 incl.; $55,000. 1933 to 1942 incl., and $39,000, 1943.
242,000 bridge bonds. Due yearly on March 15 as follows: $6,000, 1925
to 1028 incl.: $8.000, 1929; $9,000, 1930 to 1952,and $3,000, 1953.
40,000 tuberculosis hospital bonds. Due yearly on March 15 as follows:
$3,000. 1925 to 1937 incl., and $1,000, 1938.
Denom. $1.000. Date March 15 1923. Prin. and semi-ann. int.
(M. & S.) payable at the County Treasurer's office. Other bidders were:
No. Bonds.
Price Bid.
Name$1,213,505 00
1,208
Red Bank Trust Co
1,194
1,214,865 00
J. S. Rippel & Co.. Newark
1,203
1,213,496 60
Harris, Forbes & Co.. New York
1,1119
1,213,898 50
H. L. Allen & Co.. New York
1,204
1,213,68000
Estabrook & Co.. New York
National Freehold Banking Co
1,194
1.213,928 01
MONTGOMERY COUNTY (P. 0. Conroe), Tex.
-BOND SALE.
-were
The $120,000 536% road bonds offered on March 14-V. 116, p. 970
awarded to M. W. Elkins dc Co. of Little Rock. at a premium of $6,910,
equal to 105.75. Denom. $1,000. Date April 11923. Int. A.-0. Due
serially 1927 to 1952.
MOSCOW INDEPENDENT SCHOOL DISTRICT (P. 0. Moscow),
-BONDS VOTED.
Polk County, Texas.
-An issue of $15,000 school
building bonds has been voted.
MOUNT LEBANON TOWNSHIP SCHOOL DISTIkICT, Allegheny
-BOND SALE.
County, Pa.
-On March 20 the $50,000 431% coupon
school bonds offered on that date
-V. 116, p. 851-were awarded to the
First National Bank and J. H. Holmes & Co. of Pittsburgh for $50,602 50.
equal to 101.205. a basis of about 4.169'. Date Jan.'1 1923. Due $10,000
on Jan. 1 in each 31 the years 1929. 1935, 1941, 1947 and 1953.

MAR. 241923.]

THE CHRONICLE

MURFREESBORO, Rutherford County, Tenn.
-BOND SALE.
J, W. Jakes & Co. of Nashville, have purchased the two issues of 5%
bonds offered on March 15-V. 116, p. 970
-at a premium of $177, equal
to 100.84. a basis of about 4.81%.
$7,000 coupon bonds. Due Oct. 1 1942.
14.000 bonds. Due yearly on Oct. 1 as follows: $1,000 1923 to
1928,
Inclusive, and $2,000 1929 to 1932, inclusive.
Date Oct. 1 1922.
MUSKEGON, Muskegon County, Mich.
-BOND ELECTION.
-An
Issue of $275,000 sower bonds will be submitted to electors
on April 2,
It is stated, for a third time.
MUSKEGON HEIGHTS, Muskegon County, Mich.
-ADDITIONAL
DATA.
-The purchasers of the $25,000 6% 5
-year Jefferson St.
ment bonds, reported sold in V. 116. P. 540. were Paul R. improveBeardsbY
and Geo. Deuttenhoffer. The bonds were purchased
at
described as follows: Denom. $1,000. Date .Jan. 1 1923. par and are
Int. J. & J.
Due Jan. 11928.
MUSKEGON HEIGHTS,Muskegon County,
-BONDS VOTED.
-At the election held on March 7-V. 116. p. Mich.
540
Issue $35,000 bonds for storm water sewers carried. -the proposition to
MYAKKA SPECIAL ROAD AND BRIDGE DISTRICT, Manatee
County, Fla.
-BOND SALE-The $150,000
road and
struction bonds offered on March 15-V. 116.6% 851-were bridge conawarded to
B. Sawyers & Co. of Jacksonville at 99.67,p. basis of about
0
.03%.
Date March. 11923. Due on March 1 as follows: a $15,000.
1926;
1929; $25,000, 1932; $20,000, 1935. 1938 and 1943, and $25,000, $20,000,
1948.
NACOGDOCHES COUNTY (P. 0. Nac-gdoches), Tex.s.-P
ONDS
REGISTERED.
-The State Comptroller of Texas registered
$225,000 5%
serial street and bridge bonds on March 16.
NATIONAL PARK SCHOOL DISTRICT (P. 0. National
Park),
Gloucester County, N. J.
-BOND OFFERING
-The sale
of the issue of $29.350 6% coupon school bonds, POSTPONED.
place on Mar. 19(V. 116, p. 1215) was postponed.which was to have taken
NATRONA COUNTY HIGH SCHOOL DISTRICT (P. 0. Casner)
Wyn.-BOND OFFERING.
-Bids will be received until 2 p.
for $500,000 5% school building bonds. Date Jan. 1 1923. m. April 14
Due $2,500
yearly. A certified check for S10,000 required. County to furnish
approving opinion of Wood & Oakley of Chicago.
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.
A temporary loan of 3500.000, issued in
to S. N. Bond & Co. of Boston on a anticination of taxes, was awarded
4.13% discount basis, plus *225
premium. The notes are dated Mar. 22 and mature Nov.22
bids, all of which are on a discount basis, were: Guaranty 1923. Other
Company of
New York, 4.15%; New Bedford Safe Deposit & Trust
Co.. 4.17% and a
premium of $11: Old Colony Trust Co., 4.20% and a premium
a al 25:
Salomon Bros. & Hutzler. 4.21%; National Shawmut
Corporation, 4.39%;
Grafton Company, 4.79%.

1331

3100.000
% coupon bonds offered on that date (V. 116. p.
awarded to the Citizens Deposit & Trust Co. of Sharpsburg 970), were
and
Holmes & Co., of Pittsburgh, at 103.166, a basis of about 4.23%. J. H.
Date
April 2 1923. Due on April 2 as follows: $4,000, 1928
to 1939. inclusive;
$5.000, 1940 to 1942, inclusive; $6,000. 1943 to 1947. inclusive, and $7,000,
1948.
OKTIBBEHA COUNTY SUPERVISORS DISTRICT
NO. 1 (P. 0.
Starkville), Miss.
-BOND SALE-The
Memphis purchased on Feb. 6 $50.000 Central State National Bank of
534% road construction bonds
at 101 plus expenses. Denom. $1,000. Date Aug. 1922.
Int. F. & A.
Due as follows: $1.000. 1923 to 1927 inclusive; 1
$2.000, 1928 to 1937
Inclusive; $3.000. 1938 to 1945 inclusive, and $1,000,
1946.
OMAHA, Douglas County, Neb.-BO
Co., of Los Angeles, and the Continental &ND SALE.-Blyth. Witter &
Bank of Chicago, Jointly, were awarded the Commercial Trust & Savings
$500,000 sewer and $100,000
park 4M % 20
-year bonds offered on March 20
premium of $15,513, equal to 102.58-a basis (V. 116. p. 1215) at a
of about 4.31%. Date
March 1 1923. Due March 1 1943.
ONEONTA COMMON SCHOOL DISTRICT NO. (P.O.
Oneonta),
6
Otsego County, N. Y.
-BOND SALE.
Issues of 6% school bonds were awarded -On Mar. 22 the following four
to
York at 104.49, a basis of about 4.34%: Sherwood & Merrifield of New
$20,400 school bonds. Denom. $200. Date July
1 1919. Due $1.200
July 1 from 1923 to 1939 incl.
4,200 school bonds. Denom. $200. Date July 1 1919. Due
$300
yearly on July 1 from 1923 to 1936 incl.
3,800 school bonds. Denom. $200. Date July 1 1921.
Due $200
July 1 from 1923 to 1941 incl.
2,375 school bonds. Denom. $125. Date July
1 1921. Due $125
yearly on July 1 from 1923 to 1941 incl.
Prin. and semi-ann. int. payable at the Citizens' National
Bank, Oneonta.
In New York exchange.
OSBORN, Greene County, Ohio.
-BOND SALE.
-On March 15
Channer & Sawyer, of Cincinnati, bidding $15.450 50 (103.003)
and interest
-a basis of about 5.08%, were awarded the $15,000 5%
bonds offered on that date (V. 116, P. 970). Date March % water-works
$1,000 yearly on March 15 from 1925 to 1939, inclusive. 15 1923. Due
OUTLOOK IRRIGATION DISTRICT, Wash.
At an election held on March 3 an issue of $61,000-BONDS VOTED.
6% bonds was voted
by a count of 31 "for" to 19 "against." Clinton F. Price, Secretary.
PASADENA, Los Angeles County, Calif.
-BOND ELECTION.
According to the Los Angeles "Times" of March
election has been
called by the City Board of Directors for April 5 to15 anon the
vote
question of
Issuing $255,000 improvement bonds.
PAW PAW, Van Buren County, Mich.
-BOND ELECTION.
An election will be held on March 27 to vote on the proposition of
issuing
$200,000 school bonds.

NEW BOSTON, Portsmouth County, Ohio.
PEND OREILLE COUNTY(P.O. Newport), Wash.
-BIDS.
-The following
is a list of the bids received for $55,000 5
The $40,000 funding_bonds offered on March 12-V. -BOND SALE.
street-impt. bonds on Mar.3:
116, p. 970
-were
Citizens' Trust & Savings Bank, Columbus
awarded to Blyth, Witter & Co. of Portland as 4qs at 100.25.
$56,111 00 $4.000 1934
Due
The Hanchett Bond Co., Inc., Chicago
to 1943 incl. The following is a list of the bids received:
56.295 O0
Kinsey & McMahon. Toledo
Interest
55,896 50
BidderPortsmouth Banking Co., Portsmouth
Rate Bid.
Price Bid.
55,11) 40 Vermont Loan &
Ryan, Bowman Az Co., Toledo
'Pr.
*1.00080 per thousand and accrued int.
55.973 50 Cyrus Peirce & Co Co- _5%
Seasongood & Mayer,
5%
$100 761 and interest.
55.595 00 State Board of Finance5
Channer & Sawyer. Cincinnati
M % Par.
55.325 00 Wm.P. Harper
Durfee. Niles & Co., Toledo
5%% Par and accrued int. and $92 premium.
55.931 00 Blyth, Witter & Son
Well. Roth & Irving, Cincinnati
&
454% $10025 and accrued interest.
56,115 00 Union Trust Co Co
N. S. Hill & Co., Cincinnati
5 % Par,accr.int. and $16 70 for each $1.000
56,265 00 Lumbermen's
Sidney Spitzer & Co., Toledo
Trust Co 53.i% $101 90 for each $100 and interest.
55.608 50 Ralph Schneeloch Co_
W. L. Slayton & Co.. Toledo
% $1,002 21 and interest.
56.281 AO Murphy-Favre & Co Bolger, Mossier & Willaman. Chicago
53.1% Par, interest and $625.
.55.04400 Clark,Kendall & Co.,Inc_5%
Spitzer, Rorick & Co., Toledo
Par, interest and $12 premium.
55.731 00 John E. Price & Co
Successful bid: for previous reference to same see V. 116. p. 1095.
54% *1.01820 and accrued interest.
Ferris & Hardgrove
5%
Par and accrued interest plus $37 50.
NEWELL INDEPENDENT SCHOOL DISTRICT (P. 0.
G.E. Miller & Co
Newell),
For each $1,000, $1,006 86 and accr. int.
5%
Butte County, So. Dak.-BOND SALE.
-The Lincoln Trust & Savings
PETERSBURG, Monroe
Bank of Minneapolis, purchased on Jan. 27 $37,000 6% bonds
-BOND ELECTION.
-An
at par. election will be held on April 7County, Mich.
Denom. $1.000 and $.500. Date Feb. 1 1922. Int. M.
to vote on the proposition of isSuing $15,000
-N. Due on
Nov. 1 as follows: $1.000 1923. $1,500 1924
to 1926, incl.: $2,000 1927 road bonds.
and 1928, $2,500 1929 to 1933, incl., and
PHELPS UNION FREE SCHOOL DISTRICT NO.8 (P. 0. Phelps),
$3,000 1934 to 1938, incl.
Ontario County,
NEWPORT, Newport County, R. I.
-BOND SALE.
-The $175,000 4 % coupon
-LOAN OFFERING.
-The City (registerable as to N. Y.
Treasurer will receive bids until 5 p. m. Mar. 29, it
principal) school-house
is stated, for $100,000 (V. 116, p. 1215), were awarded to Keane, bonds offered on March 20
notes dated April 2 and maturing Sept.
Higbie & Co., of New York, at
4 1923.
-a basis of about 4.20%. Date April 1 1923. Due
103.30 and interest
NEW ROCKFORD, FArly C ninty, No.
,,
on April
On April 3 an election will be held to vote Dak.-BOND FLECTION.- yearlyinclusive;1 as follows: $4,000. 1924 to 1928, inclusive; *6.000. 1929 to
on issuing $35,000 bonds to Pay 1933
$7,000, 1934 to 1938, inclusive: $8.000. 1939 to 1943.
outstanding city warrants.
inclu:sive; and $10,000, 1944 to 1948, inclusive. Other bidders were:
NEWTON,Catawba County, No. Caro.
NameNameBid.
-BOND OFFERING.
Bid.
-Sealed
bids will be received until 2 p. m. April 6 by Clarence
Clapp, Clerk Board Union National Corp., N.E-100.596 C. W.Whitis & Co., N.Y--_100.647
of Aldermen, for the following coupon (registerab
,N.Y-101.26 Sherwood & Merrifield, N.Y.101.882
le as to principal only) Clinton H.Brown &Co.
gold bonds:
Farson, Son & Co., N. Y---100.567 Sage, Wolcott & Steele
102.578
$100,000 street-improvement bonds. Derwin.
Geo. B. Gibbons & Co., N.Y.101.67
$1,000.
as follows: $8,000, 1924 to 1933, inclusive, andDue on April 1
PITTSBURGH, Pa.
$2,000, 1934 to
-BOND SALE.
-This city on March 16 awarded
1943. inclusive.
an issue of $192,000 4h'% Sixteenth Street bridge approach bonds to
15,000 water bonds. Denom. $500. Due $500 yearly
on April 1 from Lewis & Snyder, of Philadelphia, for $197,126 40, equal to 102.67. a basis
1925 to 1954. inclusive.
of about 4.00%. Denoms. $1,000 and $100. Date Sept. 1 1922. Int.
Date April 1 1923. Bidder to name rate of interest.
semi-annual interest (A. & 0.), payable in New York. A Principal and M.& S. Due $6,400 yearly on Sept. 1 from 1923 to 1952. inclusive. The
ceritfied check following is a complete list of the olds received: Lewis & Snyder, Philadelon an incorporated bank or trust company (or cash) for
bonds bid for, payable to the mown Treasurer, required. 2% of amount of phia, $197,126 40; Clover & McGregor, Pittsburgh, $196,857 60: First
to be prepared under the supervision of the United States These bonds are National Bank and J. H. Holmes & Co., Pittsburgh, $195,613 44; Mellon
Mortgage & Trust National Bank, Pittsburgh, $195,576 96; Union Trust
Co.. New York City, which will certify as to the
Co.. Pittsburgh.
tures of the town officials signing same and the seal genuineness of the signa- $195.373 44: Peoples Savings & Trust Co., Pittsburgh, $195,111111111; Graham.
impressed
The
luratee ,oglignms
r iring
gz Itagi
e er egsl, N pelyge re thereon. .J. L. Parsons & Co., Philadelphia, $194,624 64.
theew
tCityba id
ell ve
N.
will
PLAQUEMINE PARISH ROAD DISTRICT NO. 1 (P. 0. Pointe a
or about April 26 . in New York City;
a1923
eleswhere
-BOND OFFERING.
.at purchail P la Huche), La.
-Sealed bids will be received until
:
rr
expense, including New York exchange. deliverybe
Bids to
made on blank forms 12 m. April 10 by G. V. Groleau, Secretary of the Police Jury, for $50,000
to be furnished by the above official or said trust company.
6% road bonds. Denom. $1,000. Date Sept. 2 1922. Prin. and semiNORFOLK, Norfolk County, Va.-BOND OFFERING
ann. int. (May 2 and Sept. 2)
.
-Sealed pro- Savings Bank. New Orleans. payable at the Whitney-Central Trust &
posals will be received until 12 m. March 27 by
Due serially 5 to 14 years. A certified
Charles E. Ashburner, check
City Manager, for the following bonds:
(or cash) on a bank located in New Orleans for 23i% of bid, payable
$1,500,000 5% water bonds. Date May 1 1922. Due
to the Police Jury, required.
1,144,000 414% public improvement bonds. Date May 1 1952.
PLATTSBURGH, Clinton County, N. Y.
March 15 1923.
Due March 15 1945.
-BOND OFFERING Harriett D. Bell, City Chamberlain, will receive sealed bids until 4 .
385,000
% land purchase bonds. Date March
15 1923. Due March 30 for $12,000 5% special appropriation bonds. Denom. p. m.
March 15 1973.
Date April 1 1923. Int. A. & 0. Due $1.000 yearly on April 1 from$5111.
Denom. $1,000. Prin. and semi-ann. Int. payable at the
1924
Bankers Trust to 1935. inclusive. Certified check for 10% of the amount bid, required.
Co., N. Y. City. A certified check for $30.000 required.
The bonds
will be approved as to legality by Reed, Dougherty &
POCAHONTAS COUNTY (P. 0. Pocahontas), Iowa.
Hoyt, N. Y. City,
-BOND
whose opinion will be furnished the successful bidder.
OFFERING.
-Sealed bids will be received
Bowers. County Treasurer. for $74.000 until 1 p. m. April 4 by Bertha
NORFOLK COUNTY (P. 0. Dedham), Mass.
% county funding bonds.
-NOTE OFFERING.
- Date April 1 1923. Int. M. & N. Due on May 1 as follows: $10,000
Bids will be received until 11 a. m. Mar. 27 for the purchase
at a
1928 and
of a $45,000 temporary loan. Date Mar. 27 1923. Due Mar. 26discount check on 1929;$15.000, 1931; 319.000. 1932. and $20.000 1933. A certified
a State or national bank for $1,500. required. The printed
1924.
NORTH BEND, Coos County, Ore.
bonds and approving opinion of Chapman, Cutler
-BOND SALE.
& Parker of Chicago
-The First
National Bank of North Bend has purchased $26,604 16
6% improvement will be furnisned by the county.
bonds at par plus a premium of $101 85, equal to 103.82.
POLAND, Herkimer County, N. Y.
Denom.
-BOND VOTED.
Date Dec. 11922. Int. J. & D. Due in 10 years; optional after one $500. held on March 20 an
-At
issue of $10,000 community hall purchasean election
year.
bonds was
NORWICH, New London County, Conn.
-BOND SALE-The voted. Out of the 102 votes cast, 72 were cast in favor of the bond issue.
$259.000 coupon school-house bonds offered for sale on March 20
PORT HURON, St. Clair County, Mich.
(V. 116,
p._1095), were awarded to E. H. Rollins & Sons, of Boston,
-BOND OFFERING.as 4tis, at Sealed bids will bereceived by Clinton J. Rathfon,Commissioner Finance,
100.62 and interest, a basis of about 4 19%. Due yearly
of
until 11
follows: $10,000, 1924 to 1939, inclusive; and $11,000, 1940on March 15 as sidewalk a. m. April 3 for the purchase of $12,432 5% serial public impt.
bonds. Denom. 12 for $1,000 and 3 for
to 1948, inclusOther bidders were:
ive.
1923. Int. semi-annually. Principal and interest$144. Date March 1
Name
Bid.
payable at the City
NameTreasurer's office. Due84.144 yearly on March
Bid.
1 from 1924 to 1926.incl.
Norwich Say. Co., Norwich__100.579 Harris, Forbes & Co., N. Y_ _100.071
PORTLAND WATER DISTRICT (P. 0.
Uncas Nat. Bank. Norwich100.56 Redmond & Co.. N. Y
Portland), Cumberland
100.21
County, Me.
-BOND SALE.
Putnam & Co., Hartford_ _ _ _100.46 R. L. Day & Co., Boston...- _ 99.529
-The issue of $300,000 4% water bonds.
which was offered for sale on March 19 (V. 116,
Merchants Nat. Bank, Bos_ _100.42 R. M. Grant & Co., Boston
1923 and maturing March 1 1943. was awardedp. 1096). dated March 1
National City Co., N. Y-_--100.339
to Brandon, Gordon &
(for 4tis)
100.785 Waddell of New York at 98.41,a
basis of about 4.13%. Denom. 81,000.
OAKMONT SCHOOL DISTRICT (P. 0. Oakmont), Allegheny Interest M. & S.
-BOND ELECTION.
County, Pa.
-At an election to be held on May 5
PORT OF COOS BAY, Ore.
-BOND SALE-The First National
a proposition to increase the bonded indebtedness $235,000 with which V> Bank of Marshfield purchased
$50,000 dock bonds on
build a high school will be voted upon. Present actual indebtedness of premium of $2,114, equal to 104.22. These bonds were March 12 at a
recently voted
(excluding this issue), $134.000; assessed valuation of taxable V. 116. p. 852.
district
proper. $5,
827 130. Carl H. Frey, Secretary.
ty.
PREBLE COUNTY (P. 0. Eaton), Ohio.
-BOND OFFERING.
O'HARA TOWNSHIP SCHOOL DISTRICT (P. 0. Sharpsburg, Sealed proposals will be received until
12 an. April
-BOND SALE.
-On March 16 the Auditor, for the purchase at not less than par 7 by S. C. Hunt, County
Box 51), Allegheny County, Pa.
and interest of $91,000




1332

• THE CHRONICLE

[VOL. 116.

-On March 7
Md.-BOND SALE.
534% Eaton-Hamilton Road 1.0.11.No. 180, Section D, bonds. Denom. anST. MICHAELS, Talbot County,
issue of 520.000 57 coupon street improvement bonds was awarded to
2500. Dated May 1 1923. Principal and semi-annual interest, payable
Eastern Shore Trust
Treasury on or before May 1 1923. Due $4,500 on Nlay 1 the St. Michaels Bank, the Citizens Bank and the J. & J. Due $500
at the County
Date July 1 1923. Int.
par. Denom.
and $5.000 on Nov. 1 from 1924 to 1932, incl., and $5,500 May 1 1933. Co. at on July 1 from$500. to 1963 incl. Issues of $10,000 water works
1924
Yearly
Authority: Section 1223 of the General Code, and in accordance with a and
$20,000 electric light bonds, also bearing 5%, offered at the same
1923. A certified check for $1,000 on a
resolution adopted on March 5
time, were not sold.
local bank, payable to the County Treasurer is required.
-The following
-BIDS.
ST. PETERSBURG, Pinellas County, Fla.
-BIDS -The following
PROVIDENCE, Providence County, R. I.
12 issues of 53(% bonds
are the bids received on Mar. 8 for the $700,000 4% coupon or registered is a complete list of the bids received for the
aggregating $1,037,000 on March 5:
school bonds:
Caldwell & Co., Nashville, and R. M. Grant & Co., Inc..
R. I. Hospital Trust Co
*98.96
Eldredge & Co
*550,709 30
New York
Miller & George
*98.31
Harris, Forbes & Co
49,00000
Steiner Bros., Birrringham
Brown, Lisle & Marshall
The Bankers Trust Co_ ___
43,657 70
Farmers Bank & Trust Co., West Palm Beach
*97.6405
White & Co
W. W.
97.36
41,983 33
E.H.Rollins & Sons
Marx & Co., Birmingham
C.A. Kilvery & Co
Guaranty Company
40.836 83
A. T. Bell & Co., Toledo
*97.654 Bodell & Co
Blake Bros. & Co
W. L. Slayton & Co. and Ryan, Bowman & Co., Toledo, and
Richardson & Clark
Heidelbach, Ickelheimer &
40,028 51
& Trust Co., Cincinnati
Title Guarantee
*97.8373 R.L. Day & Co
Co
Lewis It. Rosentiel & Co. and A. E. Aub & Co.. Cincinnati__ f 38,900 00
Merrill. Oldham & Co_ - 98.099
Barr Bros.& Co.,Inc
,
1 3100 00
Blodget & Co
C. W.Whitis & Co
36,917 00
Blanchett. Thornburgh & Vandersall, Toledo
98.167
*97.6673 Curtis & Sanger
Clark, Williams & Co
Stacey & Braun, Greensboro; Blodgett & Co., Kissel, Kinnicutt
97.330
98.39
Hornblower & Weeks
Redmond & Co
34,131 00
& Co. and W. A. Harriman & Co., Inc., New York
The National City Co---97.38
Stacy & Braun
Keane, Higbie & Co., Detroit; Redmond & Co., New York;
97.041
Old Colony Trust Co
*98.55
Estabrook & Co
Richards,Parish & Lamson. Cleveland; Stifel-Nichalaus & Co.,
Edmunds Brothers
32,045 00
Inc., St. Louis, and Fifth-Third National Bank, Cincinnati
29,658 25
* For all or none. Notice that the bid submitted by Eldredge & Co.
B. Tigrett & Co., Jackson, Tenn
was the successful one was given in last week's issue on page 1096.
Bohmer, Rienhart & Co., Toledo; Parson, Son & Co., New York; .
Flanchett Bond Co. and John Nuveen & Co., Chicago: 3. C.
-BOND OFFERING.
(P. 0. Winamac), Ind.
PULASKI COUNTY
23,954 70
and Sidney Spitzer & Co., Toledo
Mayer &
Proposals will be received by A. B. Diggs, County Treasurer, unt 13 p. m. Seasongood Co., Cincinnati,
22,285 00
& Mayer, Cincinnati
Apr. 10 for the purchase at not less than par of $13,200 5% William Koin Prudden & Co., Toledo
22,088 00
Date Mar. 15
et al. in Cass Township highway bonds. Denom. $660.
1923. Int. M.& N. 15. Due $660 each 6 months from May 15 1924 to y F Stkronds id; for previous reference to same, Dee V. 116. p. 1096.
.
*r
f
b ul b
Nov. 15 1933 incl.
-BOND OFFERING.
RED SPRINGS, Robeson County, No. Caro.
ST. PETERSBURG SPECIAL TAX SCHOOL DISTRICT NO. 3
A. P. Spell, Town Clerk, will receive sealed bids until 2 p. m. Apr. 11 for Pinellas
-Sealed bids will be re-BOND OFFERING.
County,
the following coupon (registerable as to principal) bonds bearing interest ceived until 11 a m Fla. 10 by C. C. Carr, Chairman Board of Trustees
April
at a rate not to exceed 6%:
for $180.000 54% school bonds. Denom. $1,000.
$50.000 street impt. bonds. Denom. $1,000. Due on Apr. 1 as follows: (p. 0. Clearwater) Prin. and semi-ann. int. playable in New York. Due
Date April 11923.
53,000 1924 to 1933 incl., and $2,000 1934 to 1943 incl.
check for 25,000 on an incorporated bank.
April 1
6,000 electric light bonds. Denom. $500. Due $500 yearly on Apr. 1 payable 1953. A certified Public Instruction, required. Bonds will be
to the Board of
from 1926 to 1937 incl.
together with the unto the
in N.Y.City. printed, executed and delivered Storey, purchaser, Palmer & Dodge of
Date Apr. 1 1923. Prin. and int.(A.& 0.)payable in gold
Thorndike,
qualified approving opinion of
Preparation and sale of bonds under supervision of the U.S. Mtge.& Trust Boston. without expense to the purchaser. The official circular states
by Chester B. MasslIch, N. Y. City, that
Co., N. Y. City. Legality approved
never defaulted in the payment of either principal
this district
and J. L. Morehead of Durham. Bids to be made on forms to be furnished or interest of any has bonds.
of its
by above Clerk or said trust company.
-At
SADDLE BUTTE SCHOOL DISTRICT NO. 1, Golden Valley
-BONDS DEFEATED.
REED CITY, Osceola County, Mich.
-W. G. McConkey, County
-the issue of $20,000 water County, No. Dak.-BOND OFFERING.
an election held on March 12-V 116, p 1096
Treasurer and Treasurer of the School Board (P. 0. Beach). will receive
bonds was defeated by 100 votes.
bids until 3 p. in. Apr. 7 for 21,500 funding bonds. Int. rate not to exceed
RENO SCHOOL DISTRICT NO. 10 (P. 0. Reno), Washoe County, 7%2.
112 0
check for $200, payable to the above official, required. Due
-An election will be held on Mar. 26 to vote on
Nev.-BOND ELECTION.
years.
issuing $30,000 school bonds. M. W. Clark, District Treasurer.
-In Y. 115. p. 2715
-PURCHASER.
SALEM, Marion County, Ore.
RICHARDSON COUNTY SCHOOL DISTRICT NO. 102 (P. 0. we gave a list of the bids received for the $13,500 6% bonds offered on Dec.
-On Apr. 3 an election will be held 4. We are now Informed that the bonds were awarded to Ladd & Bush
Shubert), Neb.-BOND ELECTION.
to vote on issuing $40,000 school building bonds.
of Salem, at par plus a premium of $14,580, equal to 108. The bonds
-BOND OFFERING. were issued for the purchase of fire equipment.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-BONDS
-Sealed proposals will be received by A. B. Cunningham, Clerk Board of
SALEM SCHOOL DISTRICT NO,24 Marion County, Ore.
Commissioners, until 2 p. in. (Eastern standard time) Apr. 12 for the pur- VOTED.
-At an election held on Mar. 12 an issue of $500,0110 school bldg.
chase of 586,700 53% funding bonds. Auth. Section 5656-5658 and 5659 bonds was voted.
of the General Code. Denoms. $700 and 51,000. Dated Apr. 1 1923.
-The
-BOND SALE.
SAN GABRIEL, Los Angeles County, Calif.
Int. A. & 0. Principal and interest payable at the County Treasurer's
5% city-hall bonds offered
office. Due on Apr. 1 as follows: 59.700 1924. 510,000 1925 to 1929 incl., Bank of San Gabriel has purchased the $50,000 $1,575, equal to 103.15.
for 3% of the par value of the bonds, on March 13(V. 116, p. 1096) at a premium of
$9,000 1930 to 1932 incl. A cert. check
drawn on some bank in Mansfield or on some national bank, payable to the
DISTRICT, Sonoma County, Calif.
SANTA ROSA
County Auditor, is required. Purchaser to pay accrued interest. The -BOND SALE. HIGH SCHOOL school bonds offered on March 16-The $375,000 5%
bonds shall be delivered to the purchaser at the office of the Treasurer of V. 116 p. 1096
to Wm. R. Compton 00. and the First
-were awarded
Richland County, at Mansfield, Ohio, as soon after the sale thereof as the Securities Co., both of Los Angeles. jointly, at a premium of $24.187 50.
same are prepared.
equal to 106.45. a basis of about 4.55%. Date Aug. 11922. Due $10,000
(P. 0. Rayville), yearly from 1928 to 1957, incl., and $15,000 1958 to 1962. incl.
RICHLAND PARISH SCHOOL DISTRICT NO. 18
-Sealed bids will be received by E. B. Keobler,
-BOND OFFERING.
La.
-Jo. Gill.
-BOND OFFERING.
SARASOTA, Sarasota County, Fla.
Secretary of the School Board, until 11 a. m. April 17 for $100,000 6%
City Clerk, will receive sealed bids until 5 p. m. April for $60.000 5%
school building bonds. A certified check for $2,500 required.
coupon Payne Terminal and Basin bonds. Denom. 5500. Principal and
-NOTE OFFERING.
-Sealed bids will be received semi-annual interest (M. & N.) payable at the Ira/lover National Bank,
ROCHESTER, N. Y.
by J. C. Wilson, City Comptroller, until 2:30 p. m. March 28 for $200.000 New York City. Due on May 1 as follows: $1,000, 1929 to 1931, inclusive:
overdue tax notes, as per ordinance of the Common Council of Oct. 10 1922. 51,500. 1932 to 1936, inclusive; $2,000, 1937 to 1940, inclusive; $2,500.
Notes will be made payable eight months from April 2 1923 at the Central 1941 to 1944, inclusive; $3.000, 1945 to 1947. inclusive; 53.500, 1948 to
Union Trust Co., _Now York City, will be drawn with interest and will be 1951. inclusive: $4,000, 1952, and 54,500, 1953. A certified check for
delivered at the CEntral Union Trust Co., New York. Bidders to state
$1,000 required.
rate of interest designated, denomination desired and to whom (not bearer)
-On Mar. 21
-BOND SAL.
notes shall be made payable.
SAYREVILLE, Middlesex County, N. J.
bonds maturing
-C. C. the $75,000 temporary water and $75,000 temporary sewersold to the First
ROCKFORD, Mercer County, Cihio.-BOND OFFERING.
were
116. p. 1216).
Paler, Village Clerk, will receive bids until 7.30 p. in. April 3 for the Dec. 15 1923, offered on that date (V. and int. for 530, a basis of about
National Bank of South River at 101
purchase at not loss than par and Interest of the following two blocks of 4.15%. A bid of par for 5s was received from T. P. Testifier St Co.
6% coupon bonds:
-On Mar. 22
-BOND SALE.
°
$8,500 water works bonds. Denom. $500. Due yearly on Sept. 1 as
SCOTTSVILLE, Monroe County, N. Y.
follows: $1,000 1924 to 1931. Inclusive, and 5500 1932.
the following two Issues of coupon bonds. aggregating 5121.500, which were
7,000 refunding bonds. Denom. $1,000. Due $1,000 yearly on Sept. 1 offered on that date (V. 116. p. 1216). were awarded to Keane, Higbie &
from 1924 to 1930. inclusive.
Co. of New York on a bid of 100.19 for 44s,a basis of about 4.23%:
Date Jan. 1 1923. Prin. and semi-ann. Int. (M. & S.). payable at the $54,000 sewer-system bonds. Due 22,000 yearly on Aug. 1 from 1923 to
First National Bank of Rockford. Certified check for 5% of amount of
1949 inclusive.
bonds bid for, payable to the Village Treasurer, required. Bonds to be
67.500 water-works bonds. Due $2,500 yearly on Aug. 1 from 1923 to
delivered and paid for within 10 days from date of award.
1949 inclusive.
Nov. 28 1922.
Financial Statement
Denom. $500. Date Feb. 1 1923. Int. A.& 0. Prin, and int. payable
$10,200
-General
exchange.
Bonded debt
14,284 at the Union Trust Co. of Rochester in New York
Special assessment
-The First
-BOND SALE.
SEA GIRT, Monmouth County, N. J.
$24,484 National Bank of Spring Lake was awarded at par and interest the issue
Total (excluding present issues)
$1,705.050 of$65,00057 beach improvement and funding bonds offered on March 20Assessed valuation
0
$23.80 V. 116, p. 1096. Date May 1 1923. Duo annually beginning May 11924.
Total tax rate (per 21,000)
-BOND
ROCK RIVER, Albany County, Wyo.-BOND ELECTION.
-BOND SALE.-DurIng the month of January the
SEATTLE, Wash.
Trust Co. of Denver has purchased an issue of
-The International
SALE.
City of Seattle sold the following 6% bonds:
Date of
Date When
230,000 6% water and electric light bonds subject to being voted at an elec- Dist. Amount
Due.
tion to be held soon.
Purpose of
No. of Bonds.
Jan. 21923 Jan, 2 1935
Bonds.B°" .
7
Edgecombe County, No..Caro7- BOND OFFER- 3490 51,580 87 Walks
ROCKY MOUNT,
Jan. 2 1923 Jan. 2 1935
-Sealed bids will be received until 8:30 p. m. April 5 by C. H. Harris, 3505 13,914 00 Grading
ING.
Jan. 2 1923 Jan. 2 1935
616 98 Paving
City Clerk, for $100,000 coupon, registerable as to principal, sewerage, 3534
Jan. 2 1923 Jan. 2 1935
1.15008 Paving
water supply, paving and light bonds. Denom. $1,000. Date April 1 3544
Jan. 4 1923 Jan, 4 1935
1,877 78 Gmde and paving
1923. Principal and semi-annual interest (A. & 0.) payable in lawful 3492
Jan. 4 1923 Jan, 4 1935
937 11 Grade and paving
at the Hanover National Bank, New York 3511
money of the United States
Jan. 4 1923 Jan. 4 1935
Paying
City. Bidder to name rate of interest not to exceed 6%. Due on April 1 3512 13,411 39 Paving
Jan. 4 1923 Jan. 4 1935
1,127 52
follows: $3,000, 1924 to 1948. inclusive, and $5.000, 1949 to. 1953, 3546
as
Ja . 5 35
5 9
5
2.365 50 Condemnation for street_ ,...Jan. 8 1923 Jan 8 193
or trust company 3527
Inclusive. A certified check on an incorporated bank
2,796 50 Paving
(or cash) for 2% of amount of bonds bid for, payable to the City Treasurer, 3530
Jan. 8 1923 Jan. /3 1935
2,617 33 Water mains
accrued interest from date of bonds to date of 3531
required. Purchaser to pay
Jan. 9 1923 Jan, 9 1935
Walks
delivery. The successful bidder will be furnished with the opinion of 3541 10,544 32 Paving
Jan. 11 1923 Jan. 11 1935
and
9.205 78
Reed, Dougherty & Hoyt, Now York City, that the bonds arc valid pre- 3520
Jan. 23 1923 Jan. 23 1935
8,358 95 Paving
will be
binding obligations of the City of Rocky Mount. The bonds New York 3523
Jan. 23 1923 Jan. 23 1935
1,853 83 Grade
3537
under the supervision of the U. S. Mortgage & Trust Co.,
pared
Jan. 25 1923 Jan. 25 1935
17,064 20 Grade
officials
City, which will certify as to the genuineness of the signatures of the of the 3510
Jan. 25 1923 Jan. 25 1935
733 12 Grade
office
3538
and the seal impressed thereon. Delivery of bonds at the
Jan. 29 1923 Jan. 29 1935
3495 66,850 11 Paving
above trust company.
Jan. 29 1923 Jan. 29 1935
7,457 33 Paving
3524
Jan. 29 1923 Jan. 29 193$
2.484 23 Paving
-BOND ELECTIOn 3552
ROYAL OAK, Oakland County, Mich.
$50,000
Bonds are subject to call yearly.
election will be held on April 2 to vote on the proposition of issuing $50,000
paving, $100,000 storm sewer, $150,000 main trunk sewer and
-W.
-BOND OFFERING.
SELMA, Johnston County, No. Caro.
water main bonds.
Hare, Town Clerk, will receive scaled bids until 2 D. m. April 10 for $18,000
Mich.-BONDVOFFER/NG.- 6% coupon sidewalk bonds. Denom. $1,000. Date April 11923. Prin.
" ST. 1GNACE, Mackinac County, bids until 7.30 p.m. March 26, and semi-ann. Int. (A. & 0.) payanle in gold in N. Y. City, Due 51,000
Margaret McGrath, City Clerk, will receive
were yearly on April 1 1924 to 1941 incl. The bonds will be prepared under
bonds,
for the purchase of the 527,500 5% electric light plant Denom.which $500 the supervision of the U. S. Mtge. & Trust Co.. New York, which will
1 for
voted at the election hold Dec. 12-V. 115, p. 2608.
and the seal
April 11923. Prin. and semi-ann. int. (A. & O.). certify as to the genuineness of the signatures of the officalsapproved by
and 27 for $1,000. Date
and impressed thereon, and the validity of the bonds will be
ayable at the First National Bank. St. Ignace. Due $500 Oct. 1 1924
Durham. Bids
incl., and the remainder Oct. 1 Chester .6. Masslich. N. Y. City and J. L. Morehead,
1,000 yearly on Oct. 1 from 1925 to
trust company.
and
1928.
938. except that the city may redeem at 101 on any interest date on the to be on forms furnished oy the above Clerk or said
-The
after Oct. 1 1928 any of the bonds that are outstanding on that date, the
SEVIER COUNTY (P. 0. Richfield), Utah.-130ND SALE.
made in the City Council's resolution that
further provision being
has purchased 5100,000
City must pay off at least one bond every year beginning Oct. 1 1929. Palmer Bond & Mortgage Co. of Salt Lake City
road bonds.
Certified check for $500, required.

!




MAR. 24 1923.]

THE CHRONICLE

SHELBY, Octane County, Mich.
-BOND SALE.
-The $3,000 5%
street-improvement bonds, voted the latter part of last year (V.
2076), were awarded on Dec.22 to the Michigan Trust Co.of Grand 115, p.
Rapids
at par. Denom. $500. Date Jan. 1 1923. Int. M. & S.
Due $500
yearly on Sept. 1.
SHELBYVILLE, Bedford County, Tenn.
-BOND SALE.
-The
$20,000 school bonds offered on Mar. 15 (V. 116, p. 971) were awarded
to
.1. W. Jakes & Co. of Nashville, as 5s, at a premium of $167.
equal to
100.835. Date April 1 1923. Due $4,000 in each of the years
1928, 1933,
1938. 1943 and 1948.
SILVER BOW COUNTY (P. 0. Butte), Mont.
Ferris tz Hardgrove of Spokane, have purchased -BOND SALE.
$100,000 5% 6 -year serial (opt.) bonds at 400.05.$150,000 43.1% and
-20
SNIPES MOUNTAIN IRRIGATION DISTRICT, Wash.
-BONDS
VOTED
-BOND SALE.
-On Feb. 17
bonds was voted by a count of 14 to 0. an issue of $30,200 6% irrigation
Since being voted the bonds have
been sold.
SPRUCE PINE, Mitchell County, No.
-BOND OFFERING.W. W. Bailey, Town Clerk, will sell at 8 Care.
p. in. April 23.
Improvement ponds. Denom. $1.000. Date April 1 1923.575.000 6%
Prin. and
int. payable at the U. S. Mtge. & Trust Co., N. Y.
$2,000, 1926 to 1946, and 53,000. 1947 to 1957. City. Due as follows:
Legality approved by
Storey, Thorndike, Palmer & Dodge.
$1,500 required. Preparation and sale Boston. A certified check for
Bruce Craven of Trinity. The notice ofof bonds under supervision of
sale
by public auction at the office of the Mayor. states: "The sale will be
Sealed proposals may be
submitted by mall or otherwise and must be unconditional
ly on this statement. The first auction bid must raise the highest
least $200 and each subsequent raise must be at least sealed proposal at
$25. If there are
no sealed bids, the bidding wlll start at par."
STANTON, Montcalm County, Mich.
-On
April 2 taxpayers will vote upon a proposition -BOND ELECTION.
to issue $3,500 fire apparatus
purchase bonds.

1333

40,000 00 creek improvement and culvert bonds. Denom. 31.000. Due
$2,000 yearly on March 15 from 1924 to 1943 inclusive.
30,000 00 sanitary sewer bonds Denom. $1,000 and $500. Due $1,500
yearly on March 15 from 1924 to 1943 inclusive.
36,313 03 paving bonds. Denom. $1,000, $52 17 and $52 18. Due
• yearly on March 15 as follows: $6,052 17, 1924 to 192.0
inclusive, and 56.052 18, 1929.
Date March 15 1923. Int. semi-ann.
Other bidders, all of New York, were:
Sherwood & Merrifield,
Roosevelt& Son
5186,292 55
Inc
$186,442 62 Keane, Higbie & Co-__ 186,189 34
Geo. B. Gibbons St Co
186,424 43 Barr Bros. & Co
185,859 42
Stacy & Braun
186,414 20 Stephens & Co
185,652 00
VALIER, Pondera County, Mont.
-BOND OFFERING.
-T. Durwell.
Town Clerk, will sell at public auction at 8 p. in. April 25 $35,000 water
works and water supply bonds. Date Feb. 15 1923. Prin. and semi-ann.
in (J.
-J.) payable at the N. Y.Trust Co.in N.Y.C. A certified check for
53.500, payable to the Town Treasurer required. The first choice of the
town will be for the sale of bonds payable on the amortization plan, bearing
not to exceed 6% interest, if bonds in this form can be sold and disposed
of at a reasonable rate of interest, bonds payable on this plan being defined
as meaning that kind of bonds on which part of the principal is required
to be paid each time interest becomes due and payable, which part payment
on the principal increases at each succeeding installment in the same amount
that interest payment decreases so that the combined amount due on
principal and interest on each succeeding due date remains the same until
the bond is paid in full. If amortization bonds cannot be negotiated at a
reasonable rate of interest advantageous to the town, thew In such case
second choice will be for sale of serial bonds to the bidder offering the
highest price for them, such serial bonds to be in the denomination of
$1.000 each, bearing interest at the rate of 6%. and to mature 53.000 On
Feb. 15 in each of the years 1934. 1936. 1938. 1940 and 1942, and $4,000
on Feb. 15 in each of the years 1935, 1937, 1939, 1941 and 1943.
VALLEY JUNCTION INDEPENDENT SCHOOL DISTRICT, Polk
County, Iowa.
-BONDS VOTED.
-At an election held on March 13 a
riAlt
re t 2 . issue $59.000 school-building bonds carried by a vote of
ns
o

STURGIS, St. Joseph County, Mich.
-An election will be held on April 2 to vote on -BOND ELECTION.
the question of issuing $75,000
hospital bonds.
VAN BUREN COUNTY(P.O.Paw Paw), Mich.
-BOND SALE.
-The
SULLIVAN COUNTY (P. 0. Monticello), N. Y.
-BOND SALE.
-An Detroit Trust Co. of Detroit, has been awarded an Issue of $84.100 5%
issue of $75,000 4 34% coupon road bonds was awarded
0
Meier Road District
on
Sherwood & Merrifield. of New York, at 100.675-a basis of March 1 to The bonds run from No.47 bonds at a premium of 5647, equal to 101.009.
about
1 to 10 years.
Denom.$500. Date March 1 1923. Int. M.& S. Due $2,500 4.44%.
yearly.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND OFF'
SUMMIT COUNTY (P. 0. Akron), Ohio.
BRING.-Bids will be received by Walter Smith, County Treasurer, until
-BOND SALE.
-The
588,0005% road bonds mentioned In V. 116. p. 1097 were awarded together 10 a. in. April 12 for the purchase at not less than par and
int. of $16,400
with issues of $47,700 and $49.500 5% road bonds, offered
on March 21, 431% Chas. E. Brand's et al., E. Q. Smith road in Peary Twp., impt.
to Hayden, Miller & Co. of Cleveland, who offered
to pay $187,330 for bonds. Denom. $410. Int. M.& N. 15. Due $410 each 6 months from
the three issues.
May 15 1924 to Nov. 15 1943, inclusive.
SUPERIOR SCHOOL DISTRICT NO. 9, Eddy County,
BOND OFFERING.-Bids will be received by Walter Smith until 10 a.
No.
BOND ELECTION.
-On Mar. 20 an election will be held to vote onDak.- m. Mar. 31 for the purchase at not less than par and Int. of 522.200414%
issuing
p.0004% 15
-year school bonds. N.L. Treffry, District Clerk(P.O. New Geo. Hitch et al., Covert and Hodge Road Knight Twp., road inlet. bonds.
Rockford).
Denom.51,110. Int. M.& N. 15. Due $1,110 each 6 months from May
15 1924 to Nov. 15 1933, inclusive.
SWAMPSCOTT, Essex County, Mass.-ThMPORARY
LOAN.-Th BOND OFFERING.
City Treasurer has sold 5100,000 notes payable Dec.
-Proposals will be received by W alter Smith, Count
5
lecturers' National Bank of Lynn. at a 4.16% discount,1923 to the Menne Treasurer, until 10 a. in. April 16 for the purchase at not less than par and
it is reported.
interest of 3212.0005% Geo. Saunders et al., Henderson Road improvement
TACOMA, Wash.-130ND SALE.
-During the month
bonds. Denom. $1,060.
City of Tacoma issued the following 6% improvement of February the May 15 from 1924 to 1943.Int. M. & N. 15. Due $10,600 yearly on
inclusive.
District bonds:
Dist. No
Amount.
Purpose.
Date.
Due.
VIGO COUNTY (P. 0. Terre Haute), Ind.
'
4120
-BOND OFFERING.
$1,079 10
Paving
Feb. 21 1923
Feb. 21 1935 Sealed bids will be received by Geo. A. Scheel, County Treasurer, until
444
2,9158 05
Paving
Feb. 8 1923
Feb 8 1935 10 a. in. March 28 for the purchase at not less than par of 58.000 5%
1288
1.032 00
Sidewalk
Feb. 3 1923
Feb. 3 1935 Harry .T. Reynolds et al. Prairieton Township road improvement bonds(
Bonds are subject to call yearly in February.
Dated March 15 1923. Denom. $400. Int, May 15 and Nov. 15. Due
TALPA ROAD DISTRICT NO.3(P.O. Coleman),
Coleman County, $400 each six months from May 15 1924 to Nov. 15 1933 inclusive.
Tex.
-BOND SALE.
-The Coleman National Bank, of Coleman,
purWALSTONBURG,Greene County, No. Caro.
chased on March 3 $30,000 534% road bonds at
-BOND OFFERING.par and
Denom. $1,000. Date Feb. 15 1923. Int. F. & A. accrued interest. W. E. Lang, Town Clerk, will receive sealed bids until, 8 p. in. April 2 for
Duo serially.
510,0006% electric light bonds. Denom. $500. Date Jan. 1 1923. Prin.
TEKONSHA, Calhoun County,
-BONDS VOTED.
-At the and int, payable at the National City Bank, N. Y. City. Due $500 1926
election held on March 12(V. 116, p. Mich.
, the
-year to 1945. A certified check for 2% of issue, payable to the town, required.
street bonds was voted. The result 971) 146 issue of 59.0005% 1-4
Legality approved by Storey, Thorridike, Palmer & Dodgelef Boston.
was
"for" to 9 "against."
TENNESSEE (State of).
WALWORTH COUNTY (P. 0. Elkhorn), Wis.-BOND SALE.
-BOND SALE.
-The $250,000 coupon or
registered Deaf and Dumb School bonds offered
The 5430,000 5% highway bonds offered on March 15--V. 116, p. 645
on March 21-V. 116,
-p. 10,17-were awarded to Geo. B. Gibbons
& Co., Inc., of N. Y. City, were awarded to A. B. Leach & Co., Inc., of Chicago, at a premium of
at a premium of 531, equal to 100.01.
taking $75,000 as 4;is and 5175.000 514.706, equal to 100.39, a basis of about 4.95%. Due on April 1 as
as 44s, a basis of about 4.41%. Date
April 1 1923. Due April 1 1948. follows: 5150.000, 1924 and 1933. and 5130,000, 1937. The following
TEXAS (State of).
-BONDS REGISTERED -The following bonds, all bids were received:
First Wisconsin Co., Milwaukee
bearing 5% interest excepting those marked .
314,362 00
with an asterisk, which bear Continental & Commercial Trust & Savings Bank, Chicago6% interest, have been registered by the
14,016 00
State Comptroller of Taxes:
Harris Trust & Savings Bank, Chicago
Amount.
13.87200
Place.
Due.
Date Reg. Minton, Lampert & Co.. Chicago
$1,200 Dawson County Com. Sch. Dist.
13,805 00
No. 14
10-20 years Mar.14 Northern Trust Co., Chicago
1,500*Dawson County Com. Sch Dist No 20
13,600 00
10-20 years Mar.14 Blyth, Witter & Co., Chicago
500 Delta County Coin. Sch. Dist. No.
13,379 88
5-20 years Mar. 14 Stacy tc Braun, Chicago
500 Delta County Com. Sch. Dist. No. 41
13.308 50
17
5-20 years Mar. 14 William R. Compton Co., Chicago
2,600 Fisher County Com. Sch.
13.033 00
20 years Mar. 14
3,400 Fisher County Com. Sch. Dist. No. 31
WASHINGTON, Fayette County, Ohio.
-BOND SALE.
-On March
20 years Mar. 14
3,500*Gaines County Com. Sch.Dist. No. 36
% refunding bonds offered on that date
Dist. No.8
-V. 116. p
20 years Mar. 14 17 the 514.100
1,500 Hale County Corn. Sch. Dist.
-were awarded to Well. Roth & Irving of Cincinnati for $14,392
10-20 years Mar. 14 972
1,400 Henderson County Com. Sch. No 31
Dist
40 years Mar. 14 equal to 102.07, a basis of about 5.09%. Date March 1 1923. Due
3,000 Navarro County Com. Sch. Dist. No. 66
No. 114Mar. 14 yearly on March 1 as follows: 51.400. 1924 to 1932 incl., and 51.500, 1933.
4,000 Parker County Com,Sch, Dist.
10-20 years Mar. 15
WASHINGTON COUNTY (P. 0. Marietta), Ohio.
1,200 Parker County Com. Sch. Dist. No.21
-BOND OFFERNo.
10-20 years Mar. 15 /NO.
-Sealed proposals will be received
1,500 Runnels County Com.'Veh. Dist, 33
10-20 years Mar.15 Commissioners until 12.30 p. in. April 2by the Clerk of Board of County
1,200 Runnels County Corn. Sch. Dist, No.8
for the purchase at not less than
1,000 Runnels County Com. Sch, Dist. No. 25-10-20 years Mar. 15 par and interest of $77.000 536% coupon road bonds. Auth. Sec. 1223
No. 36-.-10-20 years Mar. 15 of the General Code. Denom.
2,850 San Saba County Com. Sch. Dist.
$1,000. Date
20 years Mar. 15 semi-annually. Principal and interest payable at March 15 1923. Int.
1,800 Taylor County Com. Sch. Dist. No. 32
the County Treasurer's
No. 18
10-20 years Mar. 15 office. Due on Sept. 15 as follows: 58.000
800*Upshur County Com, Sch. Dist. No.
1924 to 1932,
6
20 years Mar. 15 1933. Bidders will be required to satisfy themselves of incl., and 55.000
800 Upshur County Corn, Sch. Dist, No.
the legality of the
20 years Mar. 15 issue of said bonds, but full transcript
22
1.200 Upshur County Com. Sch. Dist.
will be furnished the successful
No. 31
20 years Mar. 15 bidder as provided by law.
1,000 Wheeler County Coin. Sch. Dist.
5-20 years Mar. 16
2.000 Wheeler County Corn. Sch. Dist, No. 1
WAYNE COUNTY (P. 0. Richmond), Ind.
-BOND SALE.
No.
10-20 years Mar. 16
-The
2,000 Wheeler County Corn, Sch. Dist. No.8
issue of 594.000
% coupon Richmond and Middleboro Turnpike bonds
1,700 Wheeler County Com. Sch. Dist, No. 15-10-20 years Mar. 16 offered on March 17-V. 116, p. 1097
-was
31_
4,125 Wise and Parker County Cora, S. D.No. _10-20 years Mar. 16 Bank of Richmond, for 594,250 (100.266) awarded to the First National
and interest, a basis of about
102_ 40 years Mar. 16
4.45%. Date March 5 1923. Due $4,700 each six months from May 15
TIIORP INDEPENDENT CONSOLIDA
NO. 4, Clark County, So. Dak.-BOND TED SCHOOL DISTRICT 1924 to Nov. 15 1933, inclusive.
SALE.
-The 510,000 school
bonds offered on Jan. 6-V. 116, p. 100
WEBB, Tallahatchie County, Miss.
-BOND BLECTION.-On
--were awarded to Drake
-Ballard April
Co. of Minneapolis as 6s at a premium
of $400, equal to 104. Date school14 an election will be held to vote on the question of Issuing $50.000
Jan. 1 1923,
bonds. C. G. Cossar, Mayor.
WESTBORO, Worcester County, Mass.
THREE FORKS, Gallatin County, Mont.
-TEMPORARY LOAN.
-BOND SALE.-Benwell- A temporary loan of $50,000. issued
Phillips & Co., of Denver, have purchased
in anticipation of taxes, dated March
-20
funding bonds. Date March 1 1923. Int. $15,485 6% 10 -year (opt.) 9 1923 and maturing 530.000 Nov. 15 1923, $10,000. Dee. 15 1923 and
J. & J.
510,000, Jan. 15 1924. was awarded to Bond & Goodman of Boston. On
THREE LAKES, Oneida County, Minn.
-BONDS VOTED.
-At a a 4.20% discount basis.
special election the voters authorized the issuance of
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
bonds for the construc-BOND
tion of an electric light and power line (amount
OFFERING.
-Sealed bids will be received until 12 in. March 27 by George
not stated).
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 9
S. Edie,
(P. 0. Tilla - $234,000County Comptroller, for the following two issues of 43(% bonds:
'nook), Ore.
-BOND OFFERING.
registered highway bonds. Due yearly on April 1 as follows:
-Bids will be received until 7 p. m.
March 26 by C. A. McGhee, District
$4,000. 1924. and 523,000, 1925
1934, incl.
Date May 15 1923. Interest rate not Clerk, for $95,000 school bonds.
304,000 coupon Bronx Parkway bonds.toDue on April 1 as follows:
$4,000, May 15 1924: $4,000, Nov. 15 to exceed 5l%. Due as follows:
$17,000. 1977; S21,000. 1978 to 1985,incl.;$40,000, 1986; 360,000.
1924. and then yearly on Nov. 15
as follows: $8,500, 1925; 59.000, 1926; 59,500, 1927, and
1987, and
, 1988.
$10,000, 1928
to 1933 incl. A deposit of $4,750 required. The
Denom. 31,000. Dat$19,000e April 2 1923. Prin. and semi-ann. int.(A. &
official circular states
that the principal and interest on all previous issues have
payable at the County Treasurer's office, required. Certified check on a
been paid promptly State
and no previous issue has ever been contested. It
or national bank or trust company for 3% of amount of bonds bid for
is no controversy or litigation pending or threatened also states that there required. Bonds to be delivered
County
of this district, the titles of the present officials to affecting the boundaries Comptroller's office. Bonds wilt and paid for on April 3 at theof U. S.
supervision
their respective offices, Mtge. &
or the validity of the bonds.
Trust Co., N. Y.; legalitybe prepared under Hawkins, Delafield
will be approved by
& Longfow. N. Y.
ell
UPSHUR COUNTY COMMON SCHOOL DISTRICT
NO. 50, Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas
Financial Statement.
registered Assessed value, real __________________ 5730,588.111
-20-year school bonds on March 15.
56.000 5% 5
00
Assessed value, personal
2.418,958 00
UTICA, Oneida County, N. Y.
-BOND SALE.
Per cent of assessed value supposed
-On March 19 the
following five issues of 43(% coupon or registered
bonds, aggregating Value of real estate owned by county 100%.
3.000,000 00
$184,313 03, the notice of offering of four of which was given
11.405.375 51
1097, were awarded to Clark, Williams & Co. of New York in V. 116. Total bonded debt, excluding these issues
for $186,791 Floating debt
1'01.344) and interest, a basis of about 4.07%:
1,139,909 04
Population, 344.437.
8.000 00 hospital bonds. Denom. $1,000 and $400. Due $1,400 yearly
WEST HICKORY, Catawba County, No. Caro.
on March 15 from 1924 to 1943 inclusive.
-BOND OFFERING.
50,000 00 storm water sewer bonds. Denom. $1,000 and $500. Due -P.0. Moore, Town Clerk, will sell at 7.30 p. in. April 4 $40,000
%
water bonds. Denom.51.000. Date April 1 1923. Principal and
$2,500 yearly on March 15 from 1924 to 1943 inclusive.
interest
payable at the National Park Bank, N. Y. City. Due as follows.
$1.000

t

12




1334

THE CHRONICLE

from 1926 to 1961, and $2,000 1962 and 1963. Legality approved by
Storey, Thornelike, Palmer & Dodge, Boston. A certified check for $800
required. The notice of the offering of these bonds states that the sale
will be by public auction in the office of R. H. Shuford In Hickory. Sealed
proposals may be submitted by mail or otherwise and must be unconditional.
The first auction bid must raise the highest sealed proposal at least $100
and each subsequent raise must be at least $25. If there are no sealed
bids, the bidding will start at par.
WEST VIEW Allegheny County, Pa.
-BOND SALE.
-The $15,000
43(t% bonds which were offered for sale on March 20 (V. 116. p. 1097).
were awarded to RenoIds & Co.,for $15,051. equal to 100.34, and accrued
interest, a basis of about 4.23%. Date March 11923. Due March 11943.
WHITLEY COUNTY (P. 0. Columbia City), Ind,
-BOND SALE.
The following four issues of 5% coupon highway impt. bonds offered on
March 7-V. 116, p. 972
-were sold, the first three issues going to the
Meyer-Kiser Bank of Indianapolis and the other issue to the City Trust
Co. of Indianapolis.
al.,
$13,700 A. L. McCrea et al. Richland Twp, bonds for $13,250 50. equal to
101.82, a basis of
4.65%. Denom. $685. Due $685 each
6 months from May 15 1924 to Nov. 15 1933, inclusive.
8,000 J. E. Plummer et al.. Richland and Columbia Twos.. bonds for
$8,139. equal to 101.73, a basis of about 4.665%. Denom. $400.
Bette $400 each 6 monthsfrom May 15 1924 to Nov. 15 1933, incl.
38.000 Roy Bayman, Aaron Mishler et al., Cleveland and Richland Twps.
bondsfor $38.690,equal to 101.81, a basis ofabout 4.65%. Denom.
$900 and $1.000. Due in 10 years.
17,000 Austin Hively et al., Thorncreek Twp. bonds for $17,277, equal to
102.21. a basis of about 4.675%. Denom. $850. Due $850
each six months from May 15 1924 to Nov. 15 1933, inclusive.
Date Feb. 15 1923.
WILMINGTON, New Castle County, Del.
-The
-BOND SALE.
$110,000 434% sinking fund water bonds offered March 19-V. 116, 13.
-were awarded to Stephens & Co. and J. S. Bache & Co. of New
1098
York for $115,054, equal to 104.594. a basis of about 4.25%. The bonds
are now being offered to investors at a price to yield 4.15%. Date April 1
1923. Due $45,800 April 1 1957 and $64,200 Oct. 1 1957.
WINCHESTER, Middlesex County, Man.
-NO BIDS RECEIVED.
No bids were received for an issue of $540,000 4% school bonds, which
was offered for sale on March 16.
-BOND
WINDSOR SCHOOL DISTRICT, Tulare County Calif.
SALE.
-The $40,000 534% school bonds offered on March 20-V. 116,
p. 1098
-were awarded to the Bank of Italy of San Francisco, at a premium
of $1,922, equal to 104.80. a basis of about 4.92%. Date Feb. 20 1923.
Due $2,000 on Feb. 20 from 1924 to 1943, inclusive.
WINNEBAGO SCHOOL DISTRICT (P. 0. Winnebago), Faribault
-A special election will be held on
County, Minn.
-BOND ELECTION.
March 27 to vote on the question of issuing $30,000 434% school-building
bonds. E. F. Arndt, Clerk Board of Education.
WINNER SCHOOL DISTRICT, Tripp County, So. Dak.-BONDS
VOTED
-At the election held on March 14 (V. 116,
-BOND OFFERING.
p. 972) the $70,000 school-building and funding bonds ($45,000 school and
$25,000 funding) were voted by a count of 237 "for" to 20 "against." Bids
will be received until March 30 for these bonds. Interest rate 53.1. %•
Due April 1 1943. W. M. Sheehan, President Board of Education.
WINTER GARDEN, Orange County, Fla.
-BOND OFFERING.
Sealed bids will be received until 12 m. April 5 by S. C, Carmack, Town
Clerk,for $40,0006% municipal imot. bonds (composed of $3,000 fire dept.
bldg. bonds, $35,000 paving bonds and $2,000 water works construction
bonds). Denom. $100 and $500. Date March 15 1923. Due March 15
1953. Prin. and semi-ann. int.(M.& S.) payable at the Hanover National
Bank. N. Y. City. A certified check for 1% of amount bid for, payable to
the Town of Winter Garden, required. The purchaser will be furnished
with an opinion of John C. Thomson, N. Y. City, as to the validity of issue.
Bids to be made on printed form to be furnished by town.
WOODLAWN SCHOOL DISTRICT (P. 0. Woodlawn), Beaver
-BIDS REJECTED
-BONDS RE
County, Pa.
-OFFERED.
-All bids received on March 15 for the $439,000 4349" coupon (registerable as to
principal) school bonds offered on that date
-V.116, p.972
-were rejected.
The bonds are being re-offered on April 2. Proposals will be received
,
until 1 p. m. on that date by John T. Bell, Secretary of Board of School
Directors, for the bonds. Denom. $1.000. Date April 7 1923. Int.
A. & 0. Due $55,000, April 1 1929, and $16,000 yearly on April 1 from
1930 to 1953 incl. Certified check for $5,000, payable to the district,
required. Purchaser to pay for printing of bonds. Legality approved
by Burgwin, Scully & Burgwin. No bid for less than par and interest
will be considered.
WORCESTER COUNTY (P. 0. Worcester), Mass.
-LOAN OFFERING.
-The County Treasurer will receive bids until 12 m. March 27 for a
temporary loan of $100,000, dated March 27 and maturing Oct. 25 1923,
1t, is stated.
-BOND OFFERING.
XENIA, Greene County, Ohio.
-Until 12 m.
April 2 T. H. Zell, City Auditor, will receive sealed bids for $18,000 534%
special assessment sanitary sewer bonds. Denom. $1,000. Date March 1
1923. Int. semi-ann. Due $2,000 yearly on Sept. 1 from 1924 to 1932.
Incl. Certified check for 3% of the amount of' bonds bid for, payable to
the City Treasurer, required.

CANADA, its Provinces and

Municipalities.

BRADFORD, Ont.-DEBENTURE SALE.
-An issue of $8,000 6%
-year installment debentures has been awarded to the Municipal Bankers'
15
Corp. of Toronto, at 103.50. The bonds are guaranteed by the County
of Simcoe. The following bids were also received: W. L. McKinnon &
Co.. 103.07; A. E. Ames & Co., 102.414; Wood, Gundy & Co., 101.56.
and R. C. Matthews & Co., 100.87.
-The $181.000 534% 20-year
COBOURG,Ont.-DEBENTURE SALE.
installment pavement debentures which were offered for sale on March

NEW LOANS

We Specialize in

City of Philadelphia
3s
/
31 28
45
4148
41 2
/8
5s
pAs
51s
/
2

Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8437




[VOL. 116.

15-V. 116, p. 973
-were awarded to Hausser, Wood & Co. of Toronto
at 100.713. Date April '1 1923. Denom. $1,000 and odd amounts.
Int. A. & 0.
EDMONTON,Alta.
-BOND SALE.
-A syndicate composed of Aemillus
Jarvis & Co.. Gairdner, Clarke & Co. and McLeod, Young. Weir & Co..
allof Toronto, has purchased $751,400 534% 30
-year and $37,500 6% 30
Other bids were
installment bonds at 95.771, a basis of about 5.82%.
as follows: Wood, Gundy & Co.. 95.371. and A. E. Ames & Co., 93.04.
The bonds were re-offered to the public at a price to yield 5.65%•
FORD CITY, Ont.-DEBENTURE SALE.
-An issue of $178.303 6%
15
-year installment debentures was awarded to Mackay-Mackay of Toronto,
at 98.50, a basis of about 6%.
GEORGETOWN, Ont.-DEBENTURE SALE -An issue of $40,000
6% 20
-year installment debentures was awarded to the Municipal Bankers
Corp. of Toronto. at 103.37, a basis of about 5.60%. The following
bids were received:
103.00
Municipal Bankers Corp
103.371A. E. Ames & Co
Wood, Gundy & Co
103.25
election will
-An
LETHBRIDGE, Alta.
-DEBENTURE ELECTION.
be held on March 29 to vote on a by-law authorizing the issuing of $155,000
-year installment debentures. Int. rate not to exceed 8%•
40
MERRITTON,Ont.-DEBENTURE SALE -According to the Toronto
"Globe, an issue of 350,000 6% 20
-year installment debentures has been
awarded to Dyment, Anderson & Co. of Toronto, at 102.11. The following bids were also received: Wood, Gundy & CO., 101.58; Harris, Forbes
& Co., 100.77, and Bell, Gouinlock & Co., 100.65.
MONTREAL PROTESTANT SCHOOL COMMISSION (P. 0. Mon-A syndicate composed of the
treal), Que.-DEBENTURE SALE.
United Financial Corp., Ltd., R. C. Matthews & Co. and R. A. Daly
& Co., all of Toronto, on Mar. 16 was awarded an issue of $1,500,000 5%
gold bonds on a bid of 95.83, a basis of about 5.28%. Date Jan. 1 1922.
Due Jan. 1 1952. The following bids were also received: McLeod,Young,
Weir Ric Co.. Ltd.; Gardner, Clarke & Co. and Nesbitt, Thomson & Co.,
Ltd., 95.177; Royal Securities Corp., with G. H. Burgess & Co. and Macneill, Graham & Co.. 95.217; National City Co., with A. Aemillus Jarvis
& Co. and Greenshields & Co., 95.07; Dominion Securities Co., Ltd., with
Harris, Forbes & Co., Ltd., 95.17; Wood, Gundy & Co., with A. E.
& Co. and Hanson Bros., 95.133.
-An issue of $58,000 534%
NEW TORONTO, Ont.-BOND SALE.
bonds has been awarded to Bain, Snowball & Co. at 98.456. Other bids
were: C. H. Burgess & Co., 97.52: Murray & Co.. 97.42, and Wood-,
Gundy & Co., 97.38.
-Issues of $8.000 and $950
NOKOMIS, Sask.-DEBENTURE SALE.
8% 15
-year debentures were sold by this town, it is stated, to C. C.Cross
& Co. and to local investors, respectively.
-At a meeting held
OSHAWA, Ont.-DEBENTURES AUTHORIZED.
on March 5 the Council passed a by-law authorizing the Issuance of$200,000
housing debentures.
POINTE AUX TREMBLES, Que.-DEBENTURE OFFERING.
Tenders will be received by Joseph Jean, Secretary-Treasurer of School
Commissioners, until 11 a. m. March 25 for the purchase of $39,300 6%
10
-year installment debentures. Date Jan. 1 1922.
-At a meeting
PRESTON, Ont.-DEBENTURES AUTHORIZED.
held on March 6 the Council passed several by-laws authorizing the issuance
of 310,000 sidewalk debentures. $40,000 electric and water extension
debentures and $35,000 sewer debentures.
-An issue of $73,672 535%
SARNIA, Ont.-DEBENTURE SALE.
and 6% 5- and 15-year installment debentures has been awarded to R. C.
100.383, a basis of about 5.66%. The folMatthews & Co. of Toronto, at
lowing bids were also received: C. H. Burgess & Co.. 100.24; Macneill.
Graham di Co., 100.23; Dyment, Anderson & Co., 100.21; Housser, Wood
& Co., 100.14; Wood, Gundy & Co., 100.09; McLeod, Young, Weir &
9.88;
Co., 100.05: Galrdner, Clarke & Co.. 100.039; A. E. Ames &
Co..49.70.
Municipal Bankers' Corp., 99.62, and Dominion Securties Corp..
Sask.-DEBENTURES
SASKATCHEWAN SCHOOL DISTRICTS,
AUTHORIZED.
-The following, according to the "Monetary Times" of
Toronto, is a list of authorizations granted by the Local Government Board
from Feb. 10 to March 3: Not exceeding 8%: Assinibola, $15,000 25 years;
New Deloraine,$3,500, 10 installments; Lawson,$4,000, 10 years; Wheaton,
$3,000, 10 installments; Bruce, $4,300, 20 years; Grace, $3,200, 15 years
annuity: Obthorpe, $2,800, 15 years annuity; Dubuc, $8,000, 20 years
annuity; Thorneycroft. $2,900. 15 years annuity; Carrot River. $500, 15
installments; Ashdown, $4,300, 15 installments; Saskatoon, $3,300, 15
installments.
DEBENTURE SALES.
-The following, we learn from the same source, is
a list of debentures, reported sold from Feb. 24 to March 3: St. Mary.
$3,500 7% 15 years, to R. T. Billett & Co.; Grasswood, $4,700 7% 20
years, to C. C. Cross & Co.: Ode!,*6257% 10 years, locally; Regina, $12,000 6% 10 years. to Nay & James.
-According to the To
SHERBROOKE, Que.-DEBENTURE SALE.
ronto "Globe" of Mar. 22. Gardner, Clarke & Co. have purchased two
bearing interest at 33i% and maturing
blocks of bonds, one of $50,000,
Nov. 1 1940, for Canadian payment only, and the other for $125,000,
bearing interest at 5%, due Nov. 1 1943, payable New York. The money
is costing the city approximately 5.28%. These are bonds for which bids
were recently rejected (V. 116. D. 973)•
-A.E. Ames & Co. of Toron
TRENTON,Ont.-DEBENTURE SALE.
to, have been awarded an issue of $306,359 534% 20-year installment
street paving debentures at 99.78. Other bids were as follows: Macneill,
Graham & Co., 99.37: McLeod, Young, Weir & Co., 98.87, and Gairdner,
Clarke & Co., 98.39.
-It is
-DEBENTURE SALE.
VANCOUVER, British Columbia.
stated in the Toronto "Globe" that Wood, Gundy & Co. of Toronto, have
40-year sinking fund
been awarded an issue of $275.000 535%, 15- and
debenture at 99.947, a basis of about 5.50% •

FINANCIAL

BALLARD 8c COMPANY

A BUSINESS
EXECUTIVE

Members New York Stock Exchange
HARTFORD

Connecticut Securities

United States and Canadian
Municipal Bonds

151
00)0160101
0*
WADDELL
Ground Floor Singer Building
New York
89 Liberty Street
Telephone Cortiandt 3183

and capable head for any
one of your Departments
can be obtained through
the Financial Chronicle
Classified Department
(opposite inside back
cover).
Use and Consult It.